(Reference) SUMMARY OF FINANCIAL RESULTS (REIT)
For the 17th Fiscal Period Ended February 29, 2024
April 17, 2024
REIT securities issuer:

Nomura Real Estate Master Fund, Inc. (“NMF”)

Stock exchange listing:

Securities code:
Representative:

3462
Shuhei Yoshida, Executive Director

URL:

Tokyo Stock Exchange

https://www.nre-mf.co.jp/en/

Asset Management Company: Nomura Real Estate Asset Management Co., Ltd.
Representative:
Inquiries:

Masaomi Katayama, President and Chief Executive Officer
Hiroyuki Masuko, Head of NMF Investment Management Group

Scheduled date of filing of securities report:

May 29, 2024

Scheduled date of commencement of distribution payout:
Preparation of supplementary materials on financial results:
Holding of briefing session on financial results:

May 24, 2024
Yes
Yes

TEL: +81-3-3365-8767[Amounts less than one million yen are truncated]

1.

Financial Results for the 17th Fiscal Period (from September 1, 2023 to February 29, 2024)(1) Operating Results[figures are the rate of increase (decrease) compared with the previous period]

Operating revenues
Period ended
February 29, 2024
August 31, 2023

million yen
39,37543,645

%
(9.8)
9.2

Net income
per unit
Period ended
February 29, 2024
August 31, 2023

Operating profit
million yen
15,172
18,931

Ordinary income%(19.9)
17.5

million yen
12,95816,729Ratio ofordinary income
to total assets

Return on unitholders’equity
yen

%

2,748
3,551

Net income%(22.5)
19.9

%

2.1
2.7

1.1
1.4

million yen
12,95816,746%(22.6)
20.1

Ratio ofordinary income
to operating revenues
%
32.9
38.3

(2) Distributions
Distribution
per unit(excluding
distribution
in excess of
net income)

Period ended
February 29, 2024
August 31, 2023

Total
distributions(excluding
distribution
in excess of
net income)yen million yen
2,890
13,626
3,402
16,041

Distribution
in excess of
net income per
unit

Total
distributions
in excess of
net income

Distribution
per unit(including
distribution inexcess of net
income)yen million yen
524
2,470
0
－

Total
distributions(including
distribution
in excess of
net income)yen million yen
3,414
16,097
3,402
16,041

Distribution
payout ratio

Ratio ofdistributions
to net assets

%
105.1
95.7

%
2.2
2.6

(Note 1) There was no distribution in excess of net income for the period ended August 31, 2023.
Of the ¥524 distribution in excess of net income per unit in the fiscal period ended February 29, 2024, ¥511 is a distribution of the allowance fortemporary difference adjustments and ¥13 is other distributions in excess of net income. Furthermore, the ratio of decreasing surplus is 0.001.
(Note 2) Distribution Payout Ratio is calculated using the below formula and truncated at the first decimal place.
Distribution Payout Ratio = Total Distributions (excluding distribution in excess of Net Income) / Net Income × 100(Note 3) Ratio of Distributions to Net Assets is calculated using the below formula and truncated at the first decimal place.
Ratio of Distributions to Net Assets = Distribution Per Unit (excluding distribution in excess of Net Income) / {(Net Assets per Unit at the
beginning of the fiscal period + Net Assets per Unit at the end of the fiscal period) / 2} × 100(3) Financial Position
Total assets
Period ended
February 29, 2024
August 31, 2023

million yen
1,187,285
1,192,127

Net assets
million yen
611,611614,690

Net assets to total assets

Net assets per unit

%
51.5
51.6

yen
129,710130,363(4) Status of Cash Flows

Period ended
February 29, 2024
August 31, 2023

Net cashprovided by (used in)operating activities
million yen
22,41437,549Net cashprovided by (used in)investing activities
million yen(12,267)(27,926)

Net cashprovided by (used in)financing activities
million yen(16,082)(11,682)

Cash andcash equivalents
at end of period
million yen
45,09951,034

2. Earnings Forecasts for the 18th Fiscal Period (from March 1, 2024 to August 31, 2024) and the 19th Fiscal
Period (from September 1, 2024 to February 28, 2025)[figures are the ratio of increase (decrease) compared with the previous period]

Operatingrevenues

Operating profit

Ordinary income

million yen% million yen% million yen
Period ending
August 31, 2024
40,541 3.0
15,513
2.2
13,273February 28, 2025
39,850 (1.7)
15,361 (1.0)
13,043(Reference) Forecasted net income per unit
For the fiscal period ending August 31, 2024: ¥2,814
For the fiscal period ending February 28, 2025: ¥2,765

Distribution
per unit Distribution(excluding in excess of
distribution net income
in excess of
per unit
net income)Net income

Distribution
per unit(including
distribution
in excess of
net income)%million yen

%

yen

yen

yen

2.4
(1.7)

13,272
13,042

2.4
(1.7)

2,810
2,766

492
612

3,302
3,378

*Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatements① Changes in accounting policies accompanying amendments to accounting standards, etc.:② Changes in accounting policies other than those in ①:③ Changes in accounting estimates:④ Retrospective restatements:

None
None
None
None

(2) Number of Investment Units Issued and Treasury Investment Units① Number of investment units issued (including treasury investment units)
As of February 29, 2024:
4,715,200 units
As of August 31, 2023:
4,715,200 units② Number of treasury investment units
As of February 29, 2024:– units
As of August 31, 2023:– units(Note) For the number of investment units used as the basis for calculation of net income per unit, please refer to“Notes on Per Unit Information”.
* This summary of financial results is not subject to audit procedures by a certified public accountant or an audit
firm.
* Forward-looking statements
The earnings forecasts and other forward-looking statements contained in this document are based on
information currently available to and certain assumptions deemed reasonable by NMF. Accordingly, actual
earnings performance and other results may differ materially due to a variety of factors. Furthermore, suchforward-looking statements do not constitute a guarantee of future distributions. For more information on
the assumptions underlying forward-looking statements and the use of such statements, please refer to“Assumptions Underlying Earnings Forecasts for the Fiscal Period Ending August 31, 2024 (18th fiscal
period: March 1, 2024 to August 31 2024) and the Fiscal Period Ending February 28, 2025 (19th fiscal
period: September 1, 2024 to February 28 2025)” .
This is an English language translation of the original Japanese announcement of the financial statements(“Kessan Tanshin”). This translation is provided for information purpose only. Should there be any discrepancy
between this translation and the Japanese original, the Japanese original shall prevail.

Attachment

Table of Contents
1.

Management Status …………………………………………………………………………………………
(1) Management Status…………………………………………………………………………………………

2.

Financial Statements………………………………………………………………………………………… 12(1) Balance Sheet ……………………………………………………………………………………………… 1222(2) Statement of Income and Retained Earnings ……………………………………………………………… 16(3) Statement of Changes in Net Assets ……………………………………………………………………… 17(4) Statement of Cash Distributions …………………………………………………………………………… 22(5) Statement of Cash Flows…………………………………………………………………………………… 24(6) Notes Concerning the Going Concern Assumption ……………………………………………………… 26(7) Notes Concerning Significant Accounting Policies ……………………………………………………… 26(8) Notes to Financial Statements……………………………………………………………………………… 29(9) Increase (Decrease) in Total Number of Investment Units Issued and Outstanding …………………… 41
3. Reference Information ………………………………………………………………………………………… 43(1) Investment Status ………………………………………………………………………………………… 43(2) Investment Assets ………………………………………………………………………………………… 44

- 1 -

1.

Management Status(1) Management Status① Outline of Fiscal Period under Review
NMF’s basic policy is to manage its assets mainly as investments in real estate, etc. (meaning the assets
specified in the Ordinance for Enforcement of the Act on Investment Trusts and Investment Corporations(Prime Minister’s Office Ordinance No. 129 of 2000, including subsequent amendments)), specificallyreal estate, leaseholds of real estate, surface rights, and the beneficial interests of trusts formed by
entrustment of only these assets, to secure stable income over the medium to long term and steady growth(Note)of assets under management. In order to realize this basic policy, NMF adopts an investment strategy
that centers on the Greater Tokyo area (Tokyo, Kanagawa, Chiba and Saitama prefectures), which offers
strong tenant demand, while also considering regional diversification through investment in all of Japan’s
three major metropolitan areas and other major cities. By combining the “diversified type strategy” whichenables sustainable growth by investing in a variety of facilities, such as offices, retail facilities, logistics
facilities, residential facilities and other facilities, the “large-scale REIT strategy” which increases
portfolio stability through property and tenant diversification, the “portfolio centered on the Greater
Tokyo area” which is expected to improve cash flow stability through investment area diversification, anda strong property supply and operation support system based on the “leasing value chain” with theSponsor, Nomura Real Estate Development Co., Ltd. which is one of the group company of the Nomura
Real Estate Group (Nomura Real Estate Holdings, Inc. and its consolidated subsidiaries etc. The same
shall apply hereinafter.), NMF aims to increase unitholder value by securing stable income over the
medium to long term and the steady growth of assets under management.
(Note)

A.

Throughout this document, “assets under management” refers to assets that belong to NMF.
Furthermore, “Real estate, etc.” refers to assets defined in Article 29, Paragraph 1 (1) or (2) of NMF’s Articles
of Incorporation, and “real estate backed securities” refers to assets defined in Article 29, Paragraph 1 (3) of
NMF’s Articles of Incorporation (“Real estate, etc.” and “real estate-backed securities” are hereinaftercollectively referred to as “real estate-related assets”). Real estate and the underlying real estate of real estaterelated assets are together referred to as the “real estate under management” or “properties.”

Investment Environment(Japanese Economy)
During the fiscal period under review, although Japan’s real GDP registered negative growth in theJuly to September 2023 quarter, underscoring vulnerabilities in the Japanese economy, it returned to a
positive growth trajectory in the October to December 2023 quarter. Looking ahead, gradual recovery
is expected due in part to improvement in employment and income conditions and the effects of special
tax breaks. However, close attention needs to be paid to economic downside risk triggered by overseas
factors, such as the greater-than-expected delays in monetary policy shift in Europe and the UnitedStates and protectionist policies adopted in major countries.
(Real Estate Leasing Market)
The situation in the real estate leasing market during the fiscal period under review was as described
below.
The office sector had seen a rising vacancy rate in Tokyo starting in the second half of 2020 as officedemand decreased due to concerns about recession and an increase in remote work associated with
COVID-19. However, the vacancy rate is gradually declining, backed by an increase in the number of
employees and a recovery in office attendance rates. This has helped stem the fall in advertised rents,and signs of a rise are appearing. Meanwhile, in regional cities, on the back of stable demand for officespace, those with low office supplies are seeing vacancy rates fall, stabilizing advertised rents overall.
In the retail facility sector, business continued to be robust at retailers like supermarkets that provide
daily necessities, but recovery in restaurant sales varied by area due to changes in people’s behavior.
In the logistics sector, demand from providers of third-party logistics (3PL) (Note), NMF’s main
logistics tenants, and e-commerce-related operators continues to be strong. In the Greater Tokyo area,
the vacancy rate is rising due to a large supply of logistics facilities despite strong demand.
(Note) Third-party logistics (3PL) refers to logistics services outsourced by shippers for part or all of their logistics- 2 -functions.

In the rental apartment sector, there had been a net outflow of people in Tokyo since July 2020 as
more people moved out due to the increase of remote work and fewer people moved in due to changes
in employment conditions. However, since 2022, the impact of COVID-19 has lessened and a net
inflow returned, bolstering the occupancy rate as of late, with rents on a recovery trend. Regional cities
are also showing generally strong occupancy rates.
The hotel sector is showing a continuous recovery trend in the occupancy rate and RevPAR(Revenue Per Available Room), backed by higher numbers of domestic tourists and recovery in thenumber of tourists from other countries in response to eased restrictions on entry into Japan. On theother hand, some hotels are being forced to limit reservations due to labor shortages, and securing laborhas become an issue.
(Real Estate Transaction Market)
The trading volume of commercial real estate in the second half of 2023 increased year on year due
to factors such as active acquisition of hotels by J-REITs. In addition, real estate prices remained high,in particular for housing and logistics facilities.
(J-REIT Market)
Further downsides in the REIT Index have continued to be expected since the second half of 2023
due to concerns about rising interest rates associated with the end of monetary easing by the Bank ofJapan. The index temporarily turned upward in the beginning of 2024, but fell in February due toconcerns about rising interest rates, as well as the spread of moves to sell Japanese REITs, especiallyamong overseas investors, in conjunction with the deterioration of the commercial real estate market in
the United States. As a result, the index fell from 1,892.25 points as of the end of August 2023 to
1,698.87 points as of the end of February 2024.
B.

Management Performance
Under the circumstances described above in A. Investment Environment, during the fiscal period
under review (17th fiscal period) NMF acquired 4 properties (Hotel Wing International Premium
Kyoto-Sanjo, PROUD FLAT Shibuya Sasazuka, PROUD FLAT Asakusa DIAGE, and Irise Urayasu)
and disposed of 3 properties (PRIME URBAN Kanayama, PRIME URBAN Kamimaezu, and PRIMEURBAN Chihaya). As a result, at the end of the fiscal period under review (as of February 29, 2024),
NMF held 291 properties (total acquisition price: ¥1,103,573 million), the ratio of investment in the
Greater Tokyo area was 84.2%, the gross leasable area of the portfolio was 2,184,580.02m2, and theportfolio remained highly diversified.
In terms of property and facility management, as described above in A. Investment Environment,
revenues are on a recovery trend for retail facilities and rental apartments. In particular, the market forrental apartments is booming against the backdrop of the penetration of remote work and the inflow ofstudents from abroad, and this has led to increase in the occupancy rate and improvement in rents. On
the other hand, the office sector continued to see a rise in the vacancy rate and a decline in advertised
rents in the market as a whole. For NMF’s owned properties, it is also expected to take some time
before rents improve, although an improvement trend in demand is gradually appearing. As a result, theoccupancy rate of the whole portfolio at the end of the fiscal period under review remained flat fromthe end of the previous fiscal period at 98.9%.
In February 2019, NMF set ESG materiality issues that are of high importance to be addressed by
NMF in order to contribute to the realization of a sustainable society by resolving social issues throughits business activities. Based on the policies, targets and key performance indicators (KPI) set for eachmateriality, NMF engages in investment in environmentally friendly properties while working toenhance the efficiency of its energy use by, for example, introducing eco-friendly and energy-saving
countermeasures at its properties, striving for building a portfolio with low environmental impact.
NMF promotes acquisition of Green certification (Note 1) under such policy. Furthermore, as of theend of the fiscal period under review, the progress toward the newly established KPI, “Achieving 70 ofgreen certification with three stars or more or equivalent up to fiscal year 2030”, reached at 56.8(Note2). With momentum towards solving social issues through real estate investment growing further in theindustry as a whole following the announcement of the “Practical Guidance for ‘Social Impact Real- 3 -Estate’” by the Ministry of Land, Infrastructure, Transport and Tourism in March 2023, NMF also
considered fundamental initiatives for solving social issues with the aim of further strengthening
efforts, and revised its materiality issues in the Society (S) field in April 2024.
In addition, based on the recommendations of the Task Force on Climate-related Financial
Disclosure (“TCFD”) for which Nomura Real Estate Asset Management Co., Ltd. ("NREAM"), theasset management company to which NMF entrusts management of its assets, expressed its support on
July 14, 2020, NMF summarized policies and initiatives of NMF and NREAM according to the four
disclosure items recommended by the TCFD—Governance, Strategy, Risk Management, and Metrics
and Targets— and disclosed them on NMF’s official website on February, 2021. Note that in analyzing
and verifying the financial impact in Strategy, NMF first assessed the risks and opportunities thatclimate change risks bring to NMF Then, based on future climate forecasts published by various
international organizations such as die International Energy Agency (IEA) and the Intergovernmental
Panel on Climate Change (IPCC) as the main information sources, three possible scenarios—the 4℃,
2℃, and 1.5℃ Scenarios— were set as assumptions in conducting scenario analysis, and the financial
impact was qualitatively analyzed and disclosed for each of the identified risks and opportunities. In
April 2024, the financial impact was also quantitatively analyzed and disclosed for each of theidentified risks and opportunities. Furthermore, to achieve the net-zero GHG emissions target by 2050,
NMF has set an 80% reduction in total GHG emissions (from the FY2019 level) as an interim target for
FY2030 and is actively implementing various measures. NMF’s policy is to undertake initiatives
intended to support the shift to a low-carbon society and increase NMF’s revenue opportunities throughGHG emissions reduction and other efforts, while adequately managing physical and transition risks
associated with climate change.
(Note 1) Green certification refers to either DBJ Green Building Certification, BELS Certification, or CASBEE for Real Estate.
(Note 2) The percentage of properties which certified either DBJ Green Building Certification (three stars or more), BELS Certification (threestars or more), or CASBEE for Real Estate (B+ or higher) are calculated based on total floor areas subject to properties excluding land
owned by NMF.

C.

Status of Fund Procurement
During the fiscal period under review, NMF refinanced ¥26,550 million in interest-bearing liabilities
that came due.
As a result, the balance of interest-bearing liabilities at the end of the fiscal period under review was¥521,334 million, and the ratio of interest-bearing liabilities to total assets (LTV) was 43.9%.
NMF's ratings at the end of the fiscal period under review are shown below. These ratings do not
represent judgments on NMF investment units. Concerning NMF investment units, there are no credit
ratings that credit rating agencies have provided or made available for inspection, nor are there credit
ratings that credit rating agencies are scheduled to provide or make available for inspection at therequest of NMF.
Credit rating agency

D.

Rating description

Note

Japan Credit Rating Agency, Ltd. (JCR) Long-term issuer rating:AA

Rating outlook:

StableRating and Investment Information,
Inc. (R&I)

AA－

Rating outlook:

StableIssuer rating:Business Performance and Distributions
In the 17th fiscal period, operating revenues totaled ¥ 39,375 million, operating profit reached ¥ 15,172
million, ordinary income totaled ¥12,958 million, and net income came to ¥ 12,958 million.
NMF calculates cash distributions in accordance with the cash distribution policies specified in Article
36, Paragraph 1 and Paragraph 2 of NMF’s Articles of Incorporation.
For the fiscal period under review, NMF decided to distribute ¥16,097 million (¥3,414 per investmentunit), which is the amount obtained by adding amortization of goodwill, amortization of fixed-term landleasehold, and amortization associated with recognition of asset retirement obligations, as well as the
portion of the gain on sales of real estate deducted in the previous fiscal period and reversal of reserves
for reduction entry, etc. as stipulated in Article 65-7 of the Act on Special Measures Concerning
Taxation, to net income and deducting a portion of the gain on sale of real estate for the fiscal period
under review.
Total distributions comprise distribution of earnings and distribution in excess of net income.
- 4 -Distribution of earnings as stipulated in Article 136, Paragraph 1 of the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951 as amended, hereinafter the Investment Trust Act) cameto ¥13,626 million (¥2,890 per investment unit). Distribution in excess of net income comprises a
distribution of ¥2,409 million (¥511 per investment unit) as allowance for temporary difference
adjustment and ¥61 million (¥13 per investment unit) in other distribution in excess of net earnings.

②

Outlook for Next Fiscal Period
Under the conditions described above in ① Outline of Fiscal Period under Review /A. Investment
Environment, NMF will continue to target external growth through property acquisition pipelines byleveraging the Nomura Real Estate Group's property development capabilities and internal growth bymaking maximum use of the property management pipeline with a focus on strengthening its property
brands. By doing so, with both the external growth and the internal growth, NMF aims to secure thegrowth of distribution and increase further unitholder value.

③

Forecasts of the Financial Results
Forecasts of the Financial Results for the fiscal period ending August 31, 2024 (18th fiscal period:
March 1, 2024 to August 31, 2024) and the fiscal period ending February 28, 2025 (19th fiscal period:
September 1, 2024 to February 28, 2025) are stated below. Assumptions for forecasts of the financial
results are referred to the following “Assumptions Underlying Earnings Forecasts for the Fiscal PeriodEnding August 31, 2024 (18th fiscal period: March 1, 2024 to August 31, 2024) and the Fiscal PeriodEnding February 28, 2025 (19th fiscal period: September 1, 2024 to February 28, 2025)”.

Operating Revenues
Operating Profit
Ordinary Income
Net Income
Net Income Per Unit
Distribution Per Unit
(Excluding Distribution in Excess of Net Income)Distribution in Excess of Net Income Per Unit
Total Distributions Per Unit
(Including Distribution in Excess of Net Income)④

18th fiscal period ending 19th fiscal period ending
August 31, 2024
February 28, 2025
¥ 40,541 million¥ 39,850 million¥ 15,513 million¥ 15,361 million¥ 13,273 million¥ 13,043 million¥ 13,272 million¥ 13,042 million¥ 2,814¥ 2,765¥ 2,810¥ 2,766

¥ 492

¥ 612

¥ 3,302¥ 3,378

Significant Subsequent Events
A. Transfer of the asset(a)NMF sold the following asset after the end of the 17th fiscal period (February 29, 2024).
Impact on 18th
fiscal period
TransferTypeearnings
Property
Contract
Transfer
Price
of
Use
Buyer
(Scheduled)
Name
date
date
(millionsasset(millions ofof yen)yen)（Note）
Nomura RealNRE Ueno Real
January
April
EstateOffice6,930
281
Building
estate26, 2024
1, 2024Development
Co., Ltd.
(Note) The impact on earnings for 18th fiscal period (March 1, 2024 to August 31, 2024) will be recorded asgain on sales of real estate under operating revenues.

- 5 -(Additional Information)(a)NMF decided to sell the following asset after the end of the 17th fiscal period (February 29, 2024).
Impact on
18th fiscal
Transfer
Transfer
periodPrice(ScProperty
Type ofContract
date
Buyer
earnings
Use
heduled)
Name
asset
date
(Schedul(Scheduled)(Scheduled)(millionsed)(millions ofof yen)yen)（Note1）
Trust
Nomura RealPRIME
beneficiary
February
April
EstateURBANinterest in Residential
2,244
340
7, 2024
24, 2024 Development
Iidabashi mainly realCo., Ltd.
estate(Note 1) The impact on earnings for 18th fiscal period (March 1, 2024 to August 31, 2024) will be recorded
as gain on sales of real estate under operating revenues.
(Note 2) With regard to the disposal of the above property, the precondition to the execution of purchase andsale is the definite execution of the purchase and sale of the assets to be acquired stated in(Reference) A.(b).
(Reference)
A. Property acquisition(a) NMF decided to acquire the assets referred to below and completed the acquisition.
Property name

Hotel Wing International Premium Kanazawa EkimaeType of Asset

Real estate(Note 1)

Use

HotelsLocation (Note 2)（Registry）
75 Horikawashinmachi, Kanazawa City, Ishikawa（Street）
8-13 Horikawashinmachi, Kanazawa City, Ishikawa

Structure (Note 2)

Thirteen-floor steel-framed reinforced structure with a flat roof

Land Area (Note 2)

498.06㎡

Floor area (Note 2)

3,099.88㎡

Type of Ownership（Land ）Ownership（Building）Ownership

Completion Date (Note 2)

February 10, 2018

Acquisition Price（Note 3）¥2,161 million

Date of Agreement

February 29, 2024

Date of Acquisition

March 1, 2024

SellerHyakumangoku Property Godo Kaisha- 6 -Property name

MIMARU SUITES Tokyo Asakusa

Type of Asset

Real estate

Use

HotelsLocation (Note 2)（Registry）
1-5-2 (and nine other parcel of land) Hanakawado, Taito Ward,
Tokyo（Street）
1-10-13 Hanakawado, Taito Ward, Tokyo

Structure (Note 2)

Thirteen-floor steel reinforced concrete structure with flat roof

Land Area (Note 2)

483.65㎡

Floor area (Note 2)

2,993.94㎡

Type of Ownership（Land ）Land lease right（Note 4）（Building）Ownership

Completion Date (Note 2)

February 7, 2022

Acquisition Price（Note 3）¥2,360 million

Date of Agreement

December 14, 2023

Date of Acquisition

April 3, 2024

SellerCOSMOS INITIA Co.,Ltd.
(Note 1) The seller holds the Asset to be Acquired as a beneficial interest in trust of real property, however,through consultation with the seller, the seller will cancel the trust agreement on the same date ofthe date of acquisition and transfer the asset to be Acquired of as an actual real property.
(Note 2) Location (excluding Street), Structure, Land Area, Floor area and Completion Date are based on theinformation in the real estate registry.
(Note 3) The acquisition price indicates the amount, excluding the various expenses required to acquire theproperty such as taxes and public dues, etc. (the amount of the transaction payment described in thereal estate sale agreement).
(Note 4) Land leasehold contract Lessor: Undisclosed as consent has not been obtained from the lessor and
The Lessor is not considered a related party under the Act on Investment Trusts and Investment
Corporations
Type of leasehold: business periodic subleasehold interest in land
Leasehold period: From June 30, 2020 to May 30, 2070

- 7 -(b)NMF decided to acquire the assets referred to below on February 6, 2024.
Property name

MEFULL CHITOSEKARASUYAMA

Type of Asset

Real estate

Use

RetailLocation (Note 1)（Registry）
5-645-16 (and one other parcel of land) Minami Karasuyama,
Setagaya Ward, Tokyo（Street）
5-19-11 Minami Karasuyama, Setagaya Ward, Tokyo

Structure (Note 1)

Seven-floor steel reinforced concrete structure with flat roof

Land Area (Note 1)

264.66㎡

Floor area (Note 1)

1,348.55㎡

Type of Ownership（Land ）Ownership（Building）Ownership

Completion Date (Note 1)

January 21, 2021

Anticipated Acquisition
Price（Note 2）¥1,880 million

Date of Agreement

February 7, 2024

Scheduled Date of Acquisition

April 24, 2024

Seller
Nomura Real Estate Development, Co., Ltd.
(Note 1) Location (excluding Street), Structure, Land Area, Floor area and Completion Date are based on theinformation in the real estate registry.
(Note 2) Anticipated acquisition price indicates the amount, excluding the various expenses required toacquire the property such as taxes and public dues, etc. (the amount of the transaction payment
described in the real estate sale agreement).
(Note 3) With regard to the acquisition of the above property, the precondition to the execution of purchaseand sale is the definite execution of the purchase and sale of the assets to be disposed of stated in(④Significant Subsequent Events) A.(b).

- 8 -Assumptions Underlying Earnings Forecaststhfor the Fiscal Period Ending August 31, 2024 (18 fiscal period: March 1, 2024 to August 31, 2024) and the FiscalthPeriod Ending February 28, 2025 (19 fiscal period: September 1, 2024 to February 28, 2025)
Item

Assumptionsth

Fiscal period ending August 31, 2024 (18 fiscal period): March 1, 2024 toAugust 31, 2024
Calculation periodth・ Fiscal period ending February 28, 2025 (19 fiscal period): September 1, 2024 to
February 28, 2025
・ The 292 properties held by NMF as of this document’s publication assumes that
MEFULL CHITOSEKARASUYAMA was acquired and PRIME URBAN
Assets Under
Iidabashi was disposed of on April 24, 2024, and that there will be no changes inManagement
assets under management (new property acquisitions or sales of portfolio
properties) through the end of the February 28, 2025 (19th) fiscal period.
・ The forecasts may be revised due to actual changes in the portfolio.
・ Rental revenues are estimated based tenant trends, the presence of competing
properties nearby, real estate market conditions and other factors, with theassumption that there will be no delays in payment or failure to pay on the part ofOperating revenues
tenants.
・ NMF expects to recognize ¥622 million as gain on sales of properties in theAugust 31, 2024 (18th) fiscal period and does not expect to recognize such gainin the February 28, 2025 (19th) fiscal period.
・ Real estate rental expenses are expected to be ¥18,221 million in the August 31,thth2024 (18 ) fiscal period and ¥17,733 million in the February 28, 2025 (19 ) fiscal
period.
・ Regarding property and other taxes, it is estimated that ¥3,625 million in thethAugust 31, 2024 (18 ) fiscal period and ¥3,602 million in the February 28, 2025th(19 ) fiscal period will be recorded as real estate rental expenses. In general, thefixed asset taxes and urban planning taxes that will be imposed, relevant to the
Operating expenses
year in which such properties will be acquired, will be divided between the seller(excluding amortizationand the purchaser on a pro-rata basis based on holding period and settled at theexpenses for goodwill)time of acquisition, and such taxes are deemed as acquisition costs and, are notincluded in the expenses. Therefore, the fixed asset taxes and urban planning taxesthregarding the assets will not be recorded as expenses in the August 31, 2024 (18 )fiscal period.
・ Estimated property management costs (including building management fees andthproperty management fees) of ¥3,003 million in the August 31, 2024 (18 ) fiscal
thperiod and ¥2,883 million in the February 28, 2025 (19 ) fiscal period are
expected to be recorded as real estate rental expenses.
・

- 9 -

Item

Assumptions
・

・

・

・

Amortization expenses
・
for goodwill

・Non-operating expenses
・・Interest-bearing
liabilities

・

Expenses for building repairs and maintenance required for the fiscal period arerecorded as real estate rental expenses calculated based on the mid-to-long term
repair plans that NMF’s Asset Management Company has established. However,
the actual expenses for repairs and maintenance for the fiscal period may differ
significantly from estimates due to expenses for urgent repairs of damage tobuildings caused by difficult to foresee factors, significant year-on-year
fluctuations in costs or non-periodic repair expenses. Furthermore, expenses forrepairs and maintenance are estimated at ¥1,748 million in the August 31, 2024thth(18 ) fiscal period and ¥1,766 million in the February 28, 2025 (19 ) fiscal
period.
thDepreciation of ¥5,765 million in the August 31, 2024 (18 ) fiscal period andth¥5,584 million in the February 28, 2025 (19 ) fiscal period is expected to berecorded as real estate rental expenses.
Other operating expenses (including asset management fees, asset custody fees
and general administration fees) are estimated at ¥4,184 million in the August 31,thth2024 (18 ) fiscal period and ¥4,132 million in the February 28, 2025 (19 ) fiscal
period.
Goodwill is scheduled to be amortized using the straight-line method over 20
years pursuant to the Business Combination Accounting Standards. Goodwill
amortization expenses are expected to be ¥2,622 million in each the August 31,thth2024 (18 ) and the February 28, 2025 (19 )fiscal periods.
Amortization of goodwill causes a difference between accounting and tax
treatment and may result in the imposition of corporation tax or other tax. NMF
intends to make distributions in excess of net income for the purpose of securing
tax relief during the goodwill amortization period, and it is expected that NMF
will be able to avoid such taxation.
Interest expenses and other borrowing-related expenses are estimated to be ¥th2,226 million in the August 31, 2024 (18 ) fiscal period and ¥2,306 million in thethFebruary 28, 2025 (19 )fiscal period.
As of this document’s publication, the outstanding interest-bearing liabilities of
NMF are ¥521,334 million, consisting of ¥487,334 million in outstanding
borrowings and ¥34,000 million in investment corporation bonds.
Regarding the ¥23,342 million in borrowings that will come due by the end of theAugust 31, 2024 (18th) fiscal period, the ¥27,467 million in borrowings that will
come due in the February 28, 2025 (19th) fiscal period, and ¥9,000 million in
investment corporation bonds (¥59,810 million in total), it is assumed that NMF
will make scheduled, partial repayments of ¥42 million in each of the August 31,
2024 (18th) fiscal period and the February 28, 2025 (19th) fiscal period using cashon hand, while refinancing the remainder.
It is assumed that there will be no changes in the amount of the outstanding
interest-bearing liabilities other than those stated above through the end of the
February 28, 2025 (19th) fiscal period.

- 10 -

Item

Assumptions

Forecasts are based on the number of investment units issued and outstanding asof this document’s publication, 4,715,200 units. NMF assumes that there will be
Investment units
no additional issuance of new investment units through February 28, 2025 (theend of the 19th fiscal period).
・ The distribution per unit is calculated according to the distribution policy outlined
in NMF’s Articles of Incorporation.
Distribution per unit ・ The per-unit distribution may vary due to various factors, including changes in theinvestment portfolio, changes in rent income caused by tenant replacements, andunforeseen repairs.
・ Distribution in excess of net income per unit is calculated in accordance with thepolicy stipulated in NMF’s Articles of Incorporation.
・ The forecasts made this time assume that distribution in excess of net income(distribution of temporary difference adjustments and other distributions in excess
of net income (repayment of unitholders’ capital)) will be made by adding
amortization of fixed-term land leasehold and the amount recognized as asset
retirement obligations, as well as reversal of temporary difference adjustments, toDistribution per unit in
the amount equivalent to amortization of goodwill. However, it is assumed that
excess of earnings per
gains on sale of real estate, etc. partially will reduce other distributions in excess
unitof net income.
・ The distribution in excess of net earnings per unit for the August 31, 2024 (18th)
fiscal period is expected to be ¥492, comprising ¥186 in distributions of ATA and¥306 in other distributions in excess of net earnings.The distribution in excess of
net earnings per unit for the February 28, 2025 (19th) fiscal period is expected tobe ¥612, comprising ¥452 in distributions of ATA and ¥160 in other distributions
in excess of net earnings.
・ It is assumed that there will be no amendments in legislation, taxation, accounting
principles, listing requirements, the regulations of the Investment Trusts
Association, Japan, or other laws or regulations that would affect the above
Other
forecasts.
・ It is assumed that there will be no unexpected material changes in general
economic conditions and real estate markets.
・- 11 -

2.

Financial Statements(1) Balance Sheet
As of August 31, 2023

Thousands of Yen
As of February 29, 2024

37,831,177
13,203,633
781,218
963,344666,152
53,445,524

32,540,055
12,559,612
749,351
878,85034
751,072
47,478,976

163,316,777(31,026,231)
132,290,546
966,533(517,854)

163,577,577(32,850,023)
130,727,553
1,044,373(551,456)

448,678

492,917

1,134,785(706,837)

1,163,409(723,306)

427,948917,119(422,466)
494,652

440,1021,028,500(482,318)
546,181

323,187,364
211,355,515(47,710,735)
163,644,780

325,877,255
214,247,815(50,856,905)
163,390,909

AssetsCurrent assets
Cash and bank deposits
Cash and bank deposits in trust
Rental receivables
Prepaid expenses
Income taxes receivable
Other
Total current assets
Noncurrent assets
Property and equipment
Buildings
Less accumulated depreciation
Buildings, net
Structures
Less accumulated depreciation
Structures, net
MachineryLess accumulated depreciation
Machinery, net
Tools, furniture and fixtures
Less accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Less accumulated depreciation
Buildings in trust, net*3

Structures in trust
Less accumulated depreciation
Structures in trust, net*3

Machinery in trust
Less accumulated depreciation
Machinery in trust, net
Tools, furniture and fixtures in trust
Less accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Leased assets in trust
Less accumulated depreciation
Leased assets, net
Construction in progress*3*3

Total property and equipment

1,381,468(979,514)
401,953
1,319,864(458,486)
861,378
1,336,250(861,219)
475,030
431,159,406
10,869(4,484)
6,385
131,451
1,053,529,575- 12 -

*3

*3

*3
*3

1,424,323(1,005,000)
419,3221,400,188(532,287)
867,901
1,347,775(923,309)
424,465
433,843,789
10,869(6,064)
4,805
439,315
1,057,474,521

Intangible assets
Goodwill
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Long-term deposits
Security deposits
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets- 13 -

As of August 31, 2023

Thousands of Yen
As of February 29, 2024

64,609,037
8,392,012
8,445,761
42,143
81,488,955

61,986,794
8,366,583
8,434,603
36,20778,824,189

2,097,045
377,214
1,048,372
3,522,633

1,942,522
395,944
1,038,372
3,376,839

1,138,541,164

1,139,675,550

140,367

131,305

140,367
1,192,127,056

131,305
1,187,285,832

Thousands of Yen
As of August 31, 2023

As of February 29, 2024

3,113,216
2,000,000
47,935,600
3,476
3,237,588
363,992
567
567,900
5,634,159
2,324
4,094
26,97462,889,893

1,930,580
9,000,000
50,810,600
3,476
2,886,403
355,543605
540,550
5,606,791
13,334
71,147,884

34,000,000
437,442,000
3,548
14,651,063
28,067,537
382,713514,546,862
577,436,756

25,000,000
436,524,200
1,809
14,411,627
28,203,326
385,407504,526,371
575,674,255

Liabilities
Current liabilities
Trade accounts payable
Short-term debt
Current portion of investment corporation bonds
Current portion of long-term debt
Lease obligations in trust
Other accounts payable
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Rent received in advance
Unearned revenue
Derivatives liabilities
Other current liabilities
Total current liabilities
Long-term liabilities
Investment corporation bonds
Long-term debt
Lease obligations in trust
Security deposits from tenants
Security deposits from tenants in trust
Asset retirement obligations
Total long-term liabilities
Total liabilities*3

Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital Surplus
Deductions from capital surplus
Allowance for temporary difference
adjustments
Other deductions from capital surplus
Total deduction from capital surplus
Capital surplus, net*4Voluntary retained earnings
Reserve for tax purpose reduction entry of
replacement assets
Total voluntary retained earnings
Retained earnings
Total surplus
Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Valuation and translation adjustments- 14 -*3

245,067,403

245,114,136

394,012,959

394,012,959(23,672,034)*4(23,625,301)(17,486,361)(17,533,094)(41,158,395)
352,854,563(41,158,395)
352,854,563-

82,32916,772,428
369,626,991

82,32913,560,547
366,497,440

614,694,394

611,611,576(4,094)(4,094)-

Total net assets
Total liabilities and net assets*2- 15 -

614,690,300
1,192,127,056*2

611,611,576
1,187,285,832

(2) Statement of Income and Retained Earnings
Thousands of Yen

Operating revenues
Rental revenues
Other rental revenues
Gain on sales of real estatePrevious period
from Mar. 1, 2023

Current period
from Sep. 1, 2023

to Aug.31, 2023

to Feb.29, 2024

*1
*135,801,394
3,137,925*1*1

35,631,155
3,202,103*2

4,706,215*2

542,158

Total operating revenues

43,645,535

39,375,417

Operating expenses
Real estate rental expenses
Asset management fees
Asset custody fees
Administrative service fees
Directors' compensation
Amortization of goodwill*1

Other operating expenses
Total operating expenses

17,622,483
3,658,994
57,120175,5366,900
2,622,242*1

17,404,131
3,451,062
57,549164,8257,800
2,622,242

570,763495,564

24,714,040

24,203,176

18,931,494

15,172,240

Interest income
Reversal of dividends payable

849
4,378

227
2,792

Other non-operating revenues
Total non-operating revenues

137

5,006

5,365

8,025

1,588,858
174,755

1,576,088
180,813

8,367

9,137

433,074

453,024

2,296

2,305

2,207,352

2,221,369

16,729,508

12,958,897

17,909-17,909-16,747,418

12,958,897

Income taxes—current

605

605

Total income taxes

605

605

16,746,813

12,958,292

Retained earnings brought forward

25,614602,255

Retained earnings at end of period

16,772,428

13,560,547

Operating profit
Non-operating revenues

Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Loan arrangement fees
Other non-operating expenses
Total non-operating expenses
Ordinary income
Extraordinary gain
Reversal of provision for loss on disaste
Total extraordinary gain

*3

Income before income taxes

Net income- 16 -

(3) Statement of Changes in Net Assets
Previous period (from March 1, 2023 to August 31, 2023)
Thousands of Yen

Unitholders'
capitalUnitholders' equity
SurplusCapital surplus
Total deduction from capital surplus
Allowance for
Total
Deduction
temporary
deductionfrom other
difference
from capital
capital surplus
adjustment
surplusCapitalsurplus

Balance at the beginning
245,043,416 394,012,959
of the period
Changes of items during
the period
Distributions ofretained earnings
Reversal of allowancefor temporary
23,986
difference
adjustments
Distributions inexcess of net earnings
from allowance fortemporary difference
adjustments
Other distributions inexcess of net earnings
Net income-(22,140,004) (17,349,209) (39,489,214) 354,523,744

-

-

-

-

23,986(23,986)--(1,556,016)-(1,556,016)(1,556,016)-(113,164)(113,164)(113,164)

-

-

-

-

-

-

-

-

(1,532,029)(137,151)(1,669,180)(1,669,180)-

Net changes of items
other thanunitholders’ equity
Total changes of items
23,986during the period
Balance at the end of the
245,067,403 394,012,959
periodNet capitalsurplus(23,672,034) (17,486,361) (41,158,395) 352,854,563- 17 -

Thousands of Yen
Valuation and translation
Unitholders' equity
adjustments
Total net
Surplus
Total
Deferred gains Valuation andassetsunitholders' or losses ontranslation
Retained
Total
equityhedgesadjustments
earnings
surplus
Balance at the beginning
13,997,163 368,520,907 613,564,324
of the period
Changes of items during
the period
Distributions of(13,947,561) (13,947,561) (13,947,561)
retained earnings
Reversal of allowancefor temporary(23,986)(23,986)
difference
adjustments
Distributions inexcess of net earnings
from allowance for- (1,556,016) (1,556,016)
temporary difference
adjustments
Other distributions in(113,164)(113,164)
excess of net earnings
Net income
Net changes of items
other thanunitholders’ equity
Total changes of items
during the period
Balance at the end of theperiod(23,838)(23,838) 613,540,485-- (13,947,561)

-

-

-

-

-

(1,556,016)--(113,164)

16,746,813

16,746,813

16,746,813--

16,746,813

-

-

-

19,744

19,744

19,744

2,775,264

1,106,083

1,130,070

19,744

19,744

1,149,815

16,772,428 369,626,991

614,694,394(4,094)(4,094) 614,690,300- 18 -

Current period (from September 1, 2023 to February 29, 2024)

Unitholders'
capitalThousands of Yen
Unitholders' equity
SurplusCapital surplus
Total deduction from capital surplus
Allowance forTotal
Net capital
Deduction
temporary
deduction
surplusfrom other
difference
from capital
capital surplus
adjustment
surplusCapitalsurplus

Balance at the beginning
245,067,403 394,012,959
of the period
Changes of items during
the period
Distributions ofretained earnings
Provision of reserve
for tax purpose
reduction entry of
replacement assets
Reversal of allowancefor temporary
46,732difference
adjustments
Distributions inexcess of net earnings
from allowance fortemporary difference
adjustments
Other distributions inexcess of net earnings
Net income-(23,672,034) (17,486,361) (41,158,395) 352,854,563-

Net changes of items
other thanunitholders’ equity
Total changes of items
46,732during the period
Balance at the end of the245,114,136 394,012,959
period

-

-

-

-

-

-

-

-

46,732(46,732)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

46,732(46,732)--(23,625,301) (17,533,094) (41,158,395) 352,854,563- 19 -

Thousands of Yen
Unitholders' equity
Surplus
Voluntary retained earnings
Reserve for tax
purposereduction entryof replacement
assetsBalance at the beginningof the period
Changes of items during
the period
Provision of reserve
for tax purpose
reduction entryof
replacement assets
Distributions ofretained earnings
Reversal of allowancefor temporary
difference
adjustments
Distributions inexcess of net earnings
from allowance fortemporary difference
adjustments
Other distributions inexcess of net earnings
Net income
Net changes of items
other thanunitholders’ equity
Total changes of items
during the period
Balance at the end of theperiodRetainedearnings

Total
voluntary
retainedearnings

Total
unitholders'equityTotal surplus--

16,772,428

369,626,991

614,694,394

82,32982,329(82,329)

-

-

-

-

(16,041,110)(16,041,110)(16,041,110)--(46,732)(46,732)

-

-

-

-

-

-

-

-

-

-

-

-

-

12,958,292

12,958,292

12,958,292

-

-

-

-

-

82,32982,329(3,211,880)(3,129,550)(3,082,817)

82,32982,32913,560,547

366,497,440

611,611,576- 20 -

Thousands of Yen
Valuation and translation
adjustments
Deferred gains Valuation andor losses ontranslation
hedgesadjustments
Balance at the beginningof the period
Changes of items during
the period
Provision of reserve
for tax purpose
reduction entry of
replacement assets
Distributions ofretained earnings
Reversal of allowancefor temporary
difference
adjustments
Distributions inexcess of net earnings
from allowance fortemporary difference
adjustments
Other distributions inexcess of net earnings
Net income
Net changes of items
other thanunitholders’ equity
Total changes of items
during the period
Balance at the end of theperiod(4,094)

Total net
assets(4,094) 614,690,300

-

-

-

- (16,041,110)

-

-

-

-

-

-

-

-

-

-

-

12,958,292

4,094

4,094

4,094

4,094

4,094

(3,078,723)--- 611,611,576- 21 -

4) Statement of Cash Distributions
Yen
Previous period
from Mar. 1, 2023
to Aug. 31, 2023
16,772,428,024

Current period
from Sep. 1, 2023
to Feb. 29, 2024
13,560,547,559-

82,329,695

III. Distributions in excess ofretained earnings
Of which, allowance fortemporary difference adjustment
Of which, other distributions inexcess of net income-

2,470,764,800-

2,409,467,200-

61,297,600

IV.Incorporation into unitholders’capitalOf which, reversal of allowancefor temporary difference
adjustments

46,732,799

13,640,395

46,732,799

13,640,395

V. Distributions[Distributions per unit]
Of which, distributions ofearnings[Of which, distributions ofearnings per unit]
Of which, allowance fortemporary difference
adjustments[Of which, allowance fortemporary difference
adjustments per unit]
Of which, other distributions inexcess of net income[Of which, other distributions inexcess of net income per unit]

16,041,110,400[3,402]
16,041,110,400

16,097,692,800[3,414]
13,626,928,000[3,402][2,890]-2,409,467,200

[-]

[511]

-

61,297,600

[-]

[13]

82,329,695-

602,255,130

2,308,859

I. Retained earnings at end of period
II. Reversal of voluntary retained
earnings
Reversal of reserve for tax
purpose reduction entry of
replacement assets

Ⅵ.Voluntary retained earnings
Provision of reserve for tax
purpose reduction entry of
replacement assets
Ⅶ. Retained earnings carriedforward- 22 -

Calculation method for distributions

Previous period
from Mar. 1, 2023
to Aug. 31, 2023
NMF calculates distributions inaccordance with the cash
distribution policies as specified in
Article 36, paragraphs 1 and 2 of
NMF’s Articles of Incorporation.
For the fiscal period underreview, NMF decided to distribute¥16,041,110,400 (¥3,402
perinvestment unit), which is theamount obtained by adding
amortizationofgoodwill,
amortization of fixed-term landleasehold andamortization
associated with recognition ofasset retirement obligations, etc. to
net income, and deducting a
portion of the gain on sale of realestate and provision of reserves for
reduction entry as stipulated in
Article 65-7 of the Act on Special
Measures Concerning Taxation.
Note that, for the fiscal period
under review, the distribution
consists entirely of the distributionof earnings, and there is no
distribution in excess of earnings
as defined in Article 36, Paragraph
2 of NMF’s Articles ofIncorporation.

- 23 -

Current period
from Sep. 1, 2023
to Feb. 29, 2024
NMF calculates distributions inaccordance
with
the
cash
distribution policies as specified in
Article 36, paragraphs 1 and 2 of
NMF’s Articles of Incorporation.
For the fiscal period underreview, NMF decided to distribute¥16,097,692,800 (¥3,414 perinvestment unit), which is theamount obtained by adding
amortizationofgoodwill,
amortization of fixed-term landleasehold,andamortization
associated with recognition ofasset retirement obligations, aswell as the portion of the gain on
sales of real estate deducted in theprevious fiscal period and reversalof reserves for reduction entry, etc.
as stipulated in Article 65-7 of theActonSpecialMeasures
Concerning Taxation, to net
income and deducting a portion of
the gain on sale of real estate forthe fiscal period under review.
Total distributions comprise
distribution of earnings anddistribution in excess of net
income. Distribution of earnings
asstipulatedin
Article136,paragraph 1 of the Investment
TrustsAct
came
to¥13,626,928,000 (¥2,890 per
investment unit). Distribution inexcess of net income comprises a
distribution of ¥2,409,467,200(¥511 per investment unit) as
allowance
for
temporarydifference
adjustment
and¥61,297,600(¥13 per investmentunit) in other distribution in excess
of net income.

(5) Statement of Cash Flows
Thousands of Yen
Previous period
from Mar. 1, 2023
to Aug. 31, 2023
Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Amortization of investment corporation bond issuance costs
Increase (decrease) in provision for loss on disaster
Interest income
Interest expenses
Loss on disposal of property and equipment
Decrease (increase) in rental receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Decrease (increase) in long-term deposits
Increase (decrease) in trade accounts payable
Increase (decrease) in other accounts payable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in rent received in advance
Decrease in property and equipment due to sales
Decrease in property and equipment in trust due to sales
Other
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

Current period
from Sep. 1, 2023
to Feb. 29, 2024

16,747,418
5,780,887
2,622,242
8,367(20,370)(849)
1,763,613
17,887(57,880)(91,717)
14,470(7,707)
1,148,781
202,451(320,452)
50,762
4,676,702
6,851,573(94,520)

12,958,897
5,776,440
2,622,242
9,137
(227)
1,756,901
32,981
31,83484,493
154,523(18,719)(1,182,636)(223,011)(27,349)(27,368)
2,337,451(102,719)

39,291,661

24,182,872

849(1,740,984)(1,957)227(1,767,674)(602)

37,549,568

22,414,822(13,755,678)(10,543,257)(2,807,364)(834,317)(631,926)
1,051,763(1,236,620)
1,003,662(172,644)
45-(6,096,365)(6,071,464)(5,791)(460)(850,690)
611,287(753,774)
889,562
10,000(10)(27,926,338)(12,267,706)

4,000,000(2,000,000)
30,800,000(30,842,800)
2,000,000(23,100)(13,945,956)(2,000,000)
26,550,000(24,592,800)(122)(16,038,393)(1,556,390)(211)

Cash flows from investing activities
Payments for purchase of property and equipment
Payments for purchase of property and equipment in trust
Payments for purchase of intangible assets
Payments for purchase of intangible assets in trust
Reimbursement of security deposits to tenants
Proceeds from security deposits from tenants
Reimbursement of security deposits to tenants in trust
Proceeds from security deposits from tenants in trust
Reimbursement of security deposits
Proceeds from security deposits
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from investment corporation bond issuance
Reimbursement of investment corporation bond issuanceDistributions of earnings to unitholders
Distributions in excess of net earnings from allowance fortemporary difference adjustments
Other distributions in excess of net earnings
Net cash provided by (used in) financing activities- 24 -(114,178)(730)(11,682,426)(16,082,257)

Thousands of Yen
Previous period
from Mar. 1, 2023
to Aug. 31, 2023

Current period
from Sep. 1, 2023
to Feb. 29, 2024

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period(2,059,196)(5,935,142)

53,094,006

51,034,810

Cash and cash equivalents at end of period

51,034,810

45,099,668- 25 -

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

(7) Notes Concerning Significant Accounting Policies
1.

Depreciation of
noncurrent assets

Accounting method fordeferred assets
3. Allowance for doubtful
accounts

2.

4.

5.

Revenue and expenses
recognition

Hedge accounting(1) Property and equipment (including trust assets)
The straight-line method is adopted.
The useful lives of major property and equipment are as follows:
Buildings
3–70 years
Structures
3–45 years
Machinery
6–17 years
Tools, furniture and fixtures 2–20 years(2) Intangible assets
The straight-line method is adopted.
Goodwill is amortized using straight-line method over 20 years.
Fixed-term land leasehold is amortized using the straight-line method overthe contractual period.
(3) Long-term prepaid expenses
The straight-line method is adopted.
Deferred investment corporation bond issuance costs
The straight-line method over the respective terms of the bonds.
To be ready for possible losses arising from defaults on receivables, theuncollectable amount is estimated and recorded by investigating collectability
based on historical loan loss ratios for general receivables and on case-bycase examinations for doubtful receivables.
(1) Accounting for fixed asset tax, etc.
Of the tax amount assessed and determined for fixed asset tax, city planningtax, depreciable asset tax, etc. on real estate, etc. held by NMF, the method of
charging the amount corresponding to the concerned fiscal period to expenses
as real estate rental expenses is adopted.
The amount equivalent to fixed asset tax, etc. for the fiscal year in which theacquisition date falls paid to the seller as reimbursement upon acquisition ofreal estate or trust beneficiary interests in real estate is included in the cost of
acquisition of the concerned real estate and not recorded as expenses. The
amount equivalent to fixed asset tax, etc. included in the cost of acquisition ofreal estate, etc. was ¥70,541 thousand in the previous fiscal period and ¥4,793
thousand in the current fiscal period.
(2) Revenue recognition
Main performance obligations concerning revenues from contracts with
NMF’s customers and normal points in time when the obligations are satisfied(normal points in time when revenues are recognized) are as follows:① Disposition of real estate
Gains on sale of real estate are recorded at the points in time whencustomers or the buyers acquire control over the real estate by NMF
satisfying delivery obligations stipulated in the contracts on real estate
disposition.
② Utility expense revenues
Utility expense revenues are recorded according to the supply of electricity,water, etc. to customers or the tenants based on the lease contracts andattached agreements.
Among utility expense revenues, when judged that NMF is applicable as anagent, it is NMF’s policy to recognize net amounts as revenues after
deducting the amounts paid to the suppliers of electricity, gas, etc. from theamounts NMF received as utility charges.
(1) Method of hedge accounting
Deferred hedge accounting is adopted. For interest-rate swap transactions
that meet the requirements for special treatment, special treatment is adopted.

- 26 -

(2) Hedging instruments and hedged items
Hedging instruments
Interest-rate swap transactions
Hedged items
Interest on loans(3) Hedging policy
NMF conducts derivative transactions for the purpose of hedging risksprescribed in the Articles of Incorporation in accordance with the Basic Policy
on Risk Management.

6.

Other bases for
preparing financial
statements

7.

Cash and cash
equivalents as stated in
the Statement of Cash
Flows(4) Method for assessing effectiveness of hedging
The effectiveness of hedging is assessed by the correlation between changes
in the fair value of hedging instruments and hedged items.
(1) Method of accounting for trust beneficiary interests in real estate, etc.
Concerning trust beneficiary interests in real estate, etc., held by NMF, allassets and liabilities within the trust assets as well as all revenues andexpenses generated by the trust assets are recorded under the corresponding
items of the Balance Sheet and Statement of Income and Retained Earnings.
Of the trust assets thus recorded, the following major items are listed as
separate items on the balance sheet.
① Cash and bank deposits in trust② Buildings in trust; Structures in trust; Machinery in trust; Tools, furnitureand fixtures in trust; Land in trust; Leased assets in trust③ Leasehold rights in trust④ Lease obligations in trust⑤ Security deposits from tenants in trust(2) Method of accounting for non-deductible consumption tax, etc.
Non-deductible consumption tax, etc., on such items, as noncurrent assets is
included in the acquisition costs of individual items.
Cash and cash equivalents in the statement of cash flows consist of cash on
hand and cash in trust; deposits and deposits in trust that can be withdrawn at any
time; and short-term investments with a maturity of three months or less from thedate of acquisition that are readily convertible to cash and bear only an
insignificant risk of price fluctuation.

- 27 -

(Additional Information)(Notes Concerning Increases in and the Reversal of Allowance for Temporary Difference Adjustments)
Previous period
Current period
from Mar. 1, 2023
from Sep. 1, 2023
to Aug. 31, 2023
to Feb. 29, 2024
1．Reasons, related assets and amounts of allowance
1．Reasons, related assets and amounts of reversals
Thousands of Yen
Thousands of Yen
Allowance for
Allowance for
Relatedtemporary
Relatedtemporary
ReasonReasonassets, etc.
difference
assets, etc.
difference
adjustment
adjustment
Sale and(26,988)
Goodwill
Amortization of
2,622,242
depreciation of
goodwillLand,
properties for
Buildings,
Asset retirement
7,428
buildings,
which mergeretc.
obligations
etc.
expenses wereLeaseholdAmortization of
36,586
recordedrights, etc.
Leasehold rights
Deferred
Changes in fair
(19,744)Land
Cost of sales of
150,750
gains
value ofland
or losses onderivatives
Subtotal
2,817,008
hedges(404,010)(2) Merger expenses

Buildings,
Depreciation
facilities, etc. deficiency
equivalent
Unearned
Write-down ofrevenueloss on interest
rate swap due tomerger
Othet
-

Item

Subtotal(407,541)

Total

2,409,467(46,732)

Total

2. Method of reversal(1) Amortization of goodwill
In principle, amortization of goodwill is notreversed.

Method of reversal

Upon depreciation and sale, thecorresponding amounts are scheduled
to be reversed.
Land
Upon sale, etc., the corresponding
amount is scheduled to be reversed.
Buildings,
Upon depreciation and sale, theetc., in trust corresponding amounts are scheduled
to be reversed.
Land in trust Upon sale, etc., the corresponding
amount is scheduled to be reversed.
LeaseholdrightsLeaseholdrights in trust

Buildings,
etc.

(3) Long-term deposits
In principle, long-term deposits are not reversed.
(4) Deferred gains or losses on hedges
The amount corresponding to changes in the fairvalue of derivatives used as hedging instruments isscheduled to be reversed.

(2,324)(1,206)

2．Reasons, related assets and amounts of reversals
Thousands of Yen
Allowance for
Related assets,
temporary
Reasonetc.
difference
adjustment
Land,
Sale and(9,546)
buildings,
depreciation of
etc.
properties forwhich merger
expenses wererecordedDeferred
Changes in fair
(4,094)gains
value ofor losses on derivatives
hedges(13,640)
Total(*) The amount of reversal during current period (¥17,648 thousand) is
included in “Depreciation deficiency equivalent” on “1. Reasons, related
assets and amounts of allowance”.

- 28 -

3. Method of reversal(1) Amortization of goodwill
In principle, amortization of goodwill is notreversed.

(2) Merger expenses and Asset retirement
obligations
Item

Method of reversal

Upon depreciation and sale, thecorresponding amounts are scheduled
to be reversed.
Land
Upon sale, etc., the corresponding
amount is scheduled to be reversed.
Buildings,
Upon depreciation and sale, theetc., in trust corresponding amounts are scheduled
to be reversed.
Land in trust Upon sale, etc., the corresponding
amount is scheduled to be reversed.
LeaseholdrightsLeaseholdrights in trust

Buildings,
etc.

(3) Long-term deposits
In principle, long-term deposits are not reversed.
(4) Deferred gains or losses on hedges
The amount corresponding to changes in the fair valueof derivatives used as hedging instruments isscheduled to be reversed.

(8) Notes to Financial Statements(Notes to Balance Sheet)*1. Commitment line agreement① NMF has concluded a commitment line agreement with two lending financial institutions for both previous
period and current period as follows.
Thousands of Yen
Previous period
Current period(Aug. 31, 2023)(Feb. 29, 2024)
Committed line of credit
10,000,000
10,000,000
Balance of used line
Balance of unused line
10,000,000
10,000,000② NMF has concluded a commitment line agreement with four lending financial institutions for both previous
period and current period as follows.
Thousands of Yen
Previous period
Current period(Aug. 31, 2023)(Feb. 29, 2024)
Committed line of credit
40,000,000
40,000,000
Balance of used line
2,000,000
Balance of unused line
38,000,000
40,000,000- 29 -

*2. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations
Thousands of Yen
Previous period(Aug. 31, 2023)

Current period(Feb. 29, 2024)

50,00050,000*3. Asset offered as collateral and liabilities secured with collateralThousands of Yen
Current period(Feb. 29, 2024)

Previous period(Aug. 31, 2023)
Assets offered as collateral are as follows.

Assets offered as collateral are as follows.

Buildings in trust

3,099,226

Buildings in trust

3,057,257

Land in trust

6,096,368

Land in trust

6,096,368

Structures in trust

4,798
2,192

Total

4,678

Tools, furniture andTools, furniture andfixtures in trust

Structures in trust

9,202,585

fixtures in trust
Total

1,827
9,160,131

Liabilities secured by collateral are as follows.

Liabilities secured by collateral are as follows.

Security deposits fromSecurity deposits fromtenants in trust

726,648

tenants in trust

726,648

Total

726,648

Total

726,648- 30 -

*4. Allowance for temporary difference adjustments
Previous period (from March 1, 2023 to August 31, 2023)
1. Reasons, related assets and amounts

Related assets,
etc.

ReasonInitialamountBalance atthe end of
previous
periodAmortization
33,089,311 20,812,776
of goodwill
Land,
Merger
4,029,135 1,279,402
buildings, etc.
expenses
Loss on interestDeferred gains
rate swaps
or losses onrecognized at
2,867,594
47,825
hedgesthe end of the
fiscal period
Increase –- 22,140,004
subtotal
Goodwill

Total- 22,140,004

Allowance
set aside
duringperiodThousands of Yen
Balance atthe end of Reason for
current
reversal
periodReversalduringperiod

1,573,664- 22,386,440-(17,648)---(23,986)

1,261,754

Changes infair value of
23,838derivativetransactions

1,556,016(23,986) 23,672,034-

1,556,016(23,986) 23,672,034-

2. Method of reversal(1) Amortization of goodwill
In principle, amortization of goodwill is not reversed.

(2) Merger expenses
Item

Method of reversal

Buildings, etc.

Upon depreciation and sale, the corresponding amount is scheduled to be reversed.

Land

Upon sale, the corresponding amount is scheduled to be reversed.

Buildings intrust, etc.
Land in trust

Upon depreciation and sale, the corresponding amount is scheduled to be reversed.
Upon sale, the corresponding amount is scheduled to be reversed.

Leasehold rights
Leasehold rights
in trust(3) Deferred gains or losses on hedges
Based on changes in the fair value of derivatives used as hedging instruments, the corresponding amount isscheduled to be reversed.

- 31 -

Current period (from September 1, 2023 to February 29, 2024)
1. Reasons, related assets and amounts

Related assets,
etc.

ReasonGoodwill

Amortizationof goodwill

Land,buildings, etc.

Deferred gains
or losses onhedgesMergerexpenses

Balance atthe end of
previous
periodInitialamount33,089,311 22,386,440

4,029,135

Loss on interestrate swaps
recognized at
2,867,594
the end of the
fiscal period

1,261,754

Allowance
set aside
duringperiodThousands of Yen
Balance atthe end of Reason for
current
reversal
periodReversalduringperiod--- 22,386,440-(26,988)

Sales anddepreciatio
n ofproperties
1,234,766 for whichmergerexpenses
wererecorded
Changes infair value of
4,094
derivativetransactions

23,838-(19,744)

Increase –subtotal- 23,672,034-(46,732) 23,625,301

-

Total

- 23,672,034-(46,732) 23,625,301-

2. Method of reversal(1) Amortization of goodwill
In principle, amortization of goodwill is not reversed.

(2) Merger expenses
Item

Method of reversal

Buildings, etc.

Upon depreciation and sale, the corresponding amount is scheduled to be reversed.

Land

Upon sale, the corresponding amount is scheduled to be reversed.

Buildings intrust, etc.
Land in trust

Upon depreciation and sale, the corresponding amount is scheduled to be reversed.
Upon sale, the corresponding amount is scheduled to be reversed.

Leasehold rights
Leasehold rights
in trust(3) Deferred gains or losses on hedges
Based on changes in the fair value of derivatives used as hedging instruments, the corresponding amount isscheduled to be reversed.

- 32 -

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of real estate rental revenues and expenses
Thousands of Yen
Current period
from Sep. 1, 2023
to Feb. 29, 2024

Previous period
from Mar. 1, 2023
to Aug. 31, 2023
A.

Property related revenues
Rental revenues
Rent revenues
Common area charges

33,613,117
2,188,276

Other rental revenues
Parking revenues

631,156

Incidental income

213,215C.

35,631,155

631,871

2,293,552

Other miscellaneous revenues
Property related revenues
B.

35,801,394

33,456,338
2,174,817

2,298,042
3,137,925

272,189

38,939,320

3,202,103
38,833,259

Property related expenses
Real estate rental expenses
Property management costs
Property management fees

1,888,952
1,109,248

1,898,421
966,131

Property and other taxes

3,467,680

3,427,452

Utility expenses
Casualty insurance

1,993,696
63,957

1,903,255
65,171

Repairs and maintenanceLand rents
Depreciation

1,699,739
231,108
5,780,256

1,843,267
262,295
5,775,315

Other rental expenses
Property related expenses

1,387,844

Real estate rental profits [A-B]

17,622,483

1,262,821

17,404,131

17,622,483

17,404,131

21,316,836

21,429,127*2. Breakdown of gain on sales of real estatePrevious period (from March 1,2023 to August 31, 2023)
Thousands of Yen
NRE Higashi-nihonbashi Building(Quasi co-ownership of 50%)
Proceeds from sales of real estate
Cost of sales of real estate
Other related sales expenses

2,260,000
1,881,159
27,606

Gain on sales of real estate351,234

Thousands of Yen
PRIME URBAN Yoyogi, PRIME URBAN Nishi Shinjuku II , PRIME URBAN Sangen Jaya III, PRIME URBAN Shinagawa Nishi,
PRIME URBAN Komagome, PRIME URBAN Kasai II , PRIME URBAN Asakusa, PRIME URBAN Gyotoku Ekimae
Proceeds from sales of real estate
6,283,000
Cost of sales of real estate
Other related sales expenses

4,454,711
274,345

Gain on sales of real estate

1,553,942

Although the transfer is based on a single sales contract to the same transferee, the sales prices are undisclosed as consent has notbeen obtained from the transferee to disclose the sale price of each property.

- 33 -

Thousands of Yen
NMF Nagoya Yanagibashi Building
Proceeds from sales of real estate

4,410,000

Cost of sales of real estate

2,527,792

Other related sales expenses
Gain on sales of real estate

177,969
1,704,237

Thousands of Yen
NMF Tenjin-Minami Building
Proceeds from sales of real estate

3,040,000

Cost of sales of real estate
Other related sales expenses
Gain on sales of real estate

2,001,814
37,0991,001,085

Thousands of Yen
PRIME URBAN Otsuka Building
Proceeds from sales of real estate
Cost of sales of real estate
Other related sales expenses
Gain on sales of real estate

772,000
662,798
13,486
95,714Current period (from September 1, 2023 to February 29, 2024)
Thousands of Yen
PRIME URBAN Kanayama Building
Proceeds from sales of real estate
Cost of sales of real estate

610,000
460,506

Other related sales expenses
Gain on sales of real estate

11,265
138,228

Thousands of Yen
PRIME URBAN Kamimaezu Building
Proceeds from sales of real estate
Cost of sales of real estate

1,754,000
1,358,571

Other related sales expenses

22,141Gain on sales of real estate373,287

Thousands of Yen
PRIME URBAN Chibaya Building
Proceeds from sales of real estate

560,000

Cost of sales of real estate

518,373

Other related sales expenses
Gain on sales of real estate

10,98330,642*3.Breakdown of Extraordinary Gain
Previous period (from March 1, 2023 to August 31, 2023)
A reversal of the allowance of ¥17,909 thousand concerning restoration work from the 2021 Fukushima earthquake disaster isrecorded.
Current period (from September 1, 2023 to February 29, 2024)
Not applicable.

- 34 -

(Notes on Asset Retirement Obligations)
Asset retirement obligations that are reported on the balance sheet
1.Overview of the asset retirement obligations
The asset retirement obligations represent restoration obligations under fixed-term land leases.
2. Calculation method of the asset retirement obligations
Asset retirement obligations are calculated using the expected period of use, which is the fixed-termland lease term(41 to 42
years), and a discount rate of 1.412%.
3. Changes in total asset retirement obligations
Thousands of Yen

Previous period
from Mar. 1, 2023
to Aug. 31, 2023
Balance at beginning of period
Increase due to purchase of property,
plant and equipment
Adjustments for passage of time
Balance at end of period- 35 -

Current period
from Sep. 1, 2023
to Feb. 29, 2024-

382,713

381,341

-

1,371

2,694

382,713385,407(Notes on Investment and Rental Properties)
NMF owns leasable offices, leasable retail facilities, leasable logistics facilities, leasable residential facilities
and leasable hotels, etc. (including land) in Greater Tokyo area and other areas for the purpose of earning
revenue from leasing.
The following are the carrying amount, amount of increase (decrease) during the fiscal period and fair value ofthese investment and rental properties at the end of the fiscal period.
Thousands of Yen

Carrying amount
Balance at beginning of period
Amount of increase (decrease) during
periodBalance at end of period
Fair value at end of period

Previous period
from Mar. 1, 2023
to Aug. 31, 2023

Current period
from Sep. 1, 2023
to Feb. 29, 2024

1,059,060,348

1,070,367,349

11,307,001

3,908,358

1,070,367,349
1,314,382,000

1,074,275,708
1,325,449,000(Note 1)
(Note 2)Carrying amount is the cost of acquisition less accumulated depreciation.
The increase during the previous period is mainly attributable to the acquisition of Landport Shinonome / Yasuda Soko(¥5,812,531 thousand), MEFULL Chayamachi (¥3,778,120 thousand), PROUD FLAT Kikukawa (¥2,826,454 thousand),
PROUD FLAT Asakusa (¥2,516,055 thousand), PROUD FLAT Kinshicho II (¥2,117,673 thousand), SOMPO CARE La
vie Re Residence Yoga (¥3,074,703 thousand), Grapes Tsujido Nishi-Kaigan (¥2,017,070 thousand), SOMPO CARE
Sompo no ie Omori-Nishi (¥1,560,133 thousand), SOMPO CARE La vie Re Residence Shonan Tsujido (¥1,267,917
thousand). The decrease during the previous period is mainly attributable to the sale of NRE Higashi-nihonbashi
Building (¥1,881,159 thousand), NMF Nagoya Yanagibashi Building (¥2,527,792 thousand), NMF Tenjin-Minami
Building (¥2,001,814 thousand), PRIME URBAN Yoyogi (¥340,458 thousand), PRIME URBAN Nishi Shinjuku II(¥802,288 thousand), PRIME URBAN Sangen Jaya III (¥706,752 thousand), PRIME URBAN Shinagawa Nishi(¥502,410 thousand), PRIME URBAN Otsuka (¥662,798 thousand), PRIME URBAN Komagome (¥440,807 thousand),
PRIME URBAN Kasai II (¥849,171 thousand), PRIME URBAN Asakusa (¥379,701 thousand), PRIME URBAN
Gyotoku Ekimae (¥433,120 thousand), as well as depreciation (¥5,771,728 thousand).The increase during the current
period is mainly attributable to the acquisition of Hotel Wing International Premium Kyoto-Snjo (¥3,339,800 thousand),Proud Flat Shibuya Sasazuka (¥2,287,467 thousand), PROUD FLAT Asakusa DIAGE (¥1,357,724 thousand), Irize
Urayasu (¥1,173,266 thousand). The decrease during the current period is mainly attributable to the sale of PRIMEURBAN Kanayama (¥460,506 thousand), PRIME URBAN Kamimaezu (¥1,358,571 thousand), PRIME URBAN
Chihaya (¥518,373 thousand), as well as depreciation (¥5,765,827 thousand).
(Note 3) Fair value at the end of the period is the appraisal value or investigation value determined by investigation, found by anoutside real estate appraiser. However, in the previous period, transfer price is used as the fair value for PRIME URBAN
Kanayama, PRIME URBAN Kamimaezu, PRIME URBAN Chihaya.In the current fiscal period, transfer price is used as
the fair value for NMF Ueno Building, the scheduled transfer price isused as the fair value for PRIME URBAN
Iidabashi.

The income (loss) in the previous period (March 1, 2023 to August 31, 2023) and current period (fromSeptember 1, 2023 to February 29, 2024) for investment and rental properties is as presented in “Notes toStatement of Income and Retained Earnings” earlier in this report.

- 36 -

(Notes Concerning Revenue Recognition)

1. Information classifying revenues from contracts with customers
Previous period (from March 1, 2023 to August 31, 2023)
Thousands of Yen

Proceeds from sales of real estate
Utility expense revenues
Other
Total

Revenues from contracts with(Note 1)
customers
6,072,000
1,493,677
7,565,677

Sales to external customers(Note 2)

4,706,215
1,493,677
37,445,642
43,645,535(Note 1) Leasing business revenues, which are subject to the Corporate Accounting Standard No. 13, “Accounting Standard for Lease Transactions,” andreal estate transfers, which are subject to the “Practical Guidelines Concerning Accounting for the Transferors in Securitization of Real Estate Using
SPCs” of the JICPA Accounting System Committee Report No. 15, are not applicable to the Accounting Standard for Revenue Recognition, and arethus not included in the above amount. Note that the main revenues from contracts with customers are gains on sale of real estate and utilities
expense revenues.
(Note 2) Gains on sale of real estate are recorded as profits/losses on sale of real estate (the amount after deducting real estate disposition costs and otherdisposition costs from gains on sale of real estate) in the statement of income and retained earnings. Since NMF records gains on sale of real estate
as operating revenues and losses on sale of real estate as operating expenses, only the amounts of gains on sale of real estate are described in theabove table.

Current period (from Sep. 1, 2023 to Feb. 29, 2024)
Thousands of Yen
Revenues from contracts with(Note 1)
customers
Proceeds from sales of real estate
Utility expense revenues
Other
Total

1,502,532
1,502,532

Sales to external customers(Note 2)542,158
1,502,532
37,330,726
39,375,417(Note 1) Leasing business revenues, which are subject to the Corporate Accounting Standard No. 13, “Accounting Standard for Lease Transactions,” andreal estate transfers, which are subject to the “Practical Guidelines Concerning Accounting for the Transferors in Securitization of Real Estate Using
SPCs” of the JICPA Accounting System Committee Report No. 15, are not applicable to the Accounting Standard for Revenue Recognition, and arethus not included in the above amount. Note that the main revenues from contracts with customers are gains on sale of real estate and utilities
expense revenues.
(Note 2) Gains on sale of real estate are recorded as profits/losses on sale of real estate (the amount after deducting real estate disposition costs and otherdisposition costs from gains on sale of real estate) in the statement of income and retained earnings. Since NMF records gains on sale of real estate
as operating revenues and losses on sale of real estate as operating expenses, only the amounts of gains on sale of real estate are described in theabove table.

2. Basic information for understanding revenues from contracts with customers
Previous period (from Mar 1, 2023 to Aug 31, 2023)
Refer to the description in the notes concerning matters pertaining to significant accounting policies
Current period (from September 1, 2023 to February 29, 2024)
Refer to the description in the notes concerning matters pertaining to significant accounting policies.

- 37 -

3. Information on the satisfaction of performance obligations based on contracts with customers, relationships
with cash flows arising from the contracts, and the amounts of revenues which arise from outstanding contracts
with customers as of the end of the accounting period under review and will be recognized in the next accounting
period onwards, as well as the timing to recognize the revenues(1) Balances of contract assets and liabilities
Thousands of Yen
Current period
from Sep. 1, 2023
to Feb. 29, 2024

Previous period
from Mar. 1, 2023
to Aug. 31, 2023
Receivables from contracts with customers (balance asof the beginning of the fiscal period)

466,028

463,189

Receivables from contracts with customers (balance asof the end of the fiscal period)

463,189

396,112Contract assets (balance as of the beginning of the
fiscal period)--

Contract assets (balance as of the end of the fiscal
period)--Contract liabilities (balance as of the beginning of the
fiscal period)--

Contract liabilities (balance as of the end of the fiscal
period)--(2) Transaction prices allocated to remaining performance obligations
Previous period (from March 1, 2023 to August 31, 2023)
Not applicable.
Concerning utility expense revenues, NMF recognizes them with the amounts for which it has the right to claim according
to item 19 of the Implementation Guidance on the Accounting Standard for Revenue Recognition. This is because NMF has
the right to receive the amounts of consideration, which directly correspond to the value for customers or tenants, from
customers for the portions where the obligations are satisfied before the end of a fiscal period. Accordingly, adopting the
stipulation of item 80-22 (2) of the Accounting Standard for Revenue Recognition, utility expense revenues are not includedin the note on transaction prices allocated to remaining performance obligations.

Current period (from Sep. 1, 2023 to Feb. 29, 2024)
As of February 29, 2024, the transaction price allocated to remaining performance obligations relating to the sale of realestate and other assets was ¥9,174,000 thousands for real estate for which a purchase and sale agreement was concluded on
Janualy 26, 2024 and February 7, 2024.
Of the remaining performance obligations, NMF completed the transfer of ¥6,930,000 thousands of the relevant real estateand other assets and plan to complete the transfer of ¥2,244,000 thousands of the relevant real estate and other assets on
April 24, 2024 and expect to recognize a gain in the August 31, 2024 (18th) fiscal period.
Concerning utility expense revenues, NMF recognizes them with the amounts for which it has the right to claim according
to item 19 of the Implementation Guidance on the Accounting Standard for Revenue Recognition. This is because NMF has
the right to receive the amounts of consideration, which directly correspond to the value for customers or tenants, from
customers for the portions where the obligations are satisfied before the end of a fiscal period. Accordingly, adopting the
stipulation of item 80-22 (2) of the Accounting Standard for Revenue Recognition, utility expense revenues are not includedin the note on transaction prices allocated to remaining performance obligations.

- 38 -

(Notes on Per Unit Information)
Yen
Previous period
from Mar. 1, 2023
to Aug. 31, 2023

Current period
from Sep. 1, 2023
to Feb. 29, 2024

Net assets per unit

130,363

129,710Net income per unit

3,551

2,748

(Note 1)
(Note 2)

Net income per unit is calculated by dividing net income by the average number of investment units during the period.
In addition, the diluted net income per unit is not stated, since there are no dilutive investment units.
The following is the basis for calculation of net income per unit.

Previous period
from Mar. 1, 2023
to Aug. 31, 2023

Current period
from Sep. 1, 2023
to Feb. 29, 2024

16,746,813

12,958,292

Amount not attributable to ordinary unitholders (Thousands of
Yen)

-

-

Net income attributable to ordinary investment units(Thousands of Yen)

16,746,813

12,958,292

Average number of investment units during period (Units)

4,715,200

4,715,200

Net income (Thousands of Yen)

(Notes on Significant Subsequent Events)
Transfer of the asset(1)NMF sold the following asset after the end of the 17th fiscal period (February 29, 2024).

Property Name

Type
of
asset

Use

Contract
date

Transfer
date

Buyer

TransferPrice(millionsof yen)Impact on 18th
fiscal period
earnings(Scheduled)(millions ofyen)（Note）

Nomura Real
EstateOffice6,930
281
Development
Co., Ltd.
(Note) The impact on earnings for 18th fiscal period (March 1, 2024 to August 31, 2024) will be recorded asgain on sales of real estate under operating revenues.

NRE
Ueno BuildingRealestateJanuary
26, 2024

April
1, 2024- 39 -

(Additional Information)(1)NMF decided to sell the following asset after the end of the 17th fiscal period (February 29, 2024).
Impact on
Transfer
18th fiscal
Transfer
Priceperiod(ScheduleType ofContract
date
Buyer
earnings
Property Name
Use
(Schedule(Scheduled)
d)
asset
date
(Scheduled)d)(millions (millions ofof yen)yen)（Note1）
Trust
Nomura RealPRIME
beneficiary
February
April
EstateURBANinterest in Residential
2,244
340
7, 2024
24, 2024 Development
Iidabashi
mainly realCo., Ltd.
estate(Note 1) The impact on earnings for 18th fiscal period (March 1, 2024 to August 31, 2024) will be recorded asgain on sales of real estate under operating revenues.
(Note 2) With regard to the disposal of the above property, the precondition to the execution of purchase andsale is the definite execution of the purchase and sale of the assets to be acquired stated in(1.Management Status ④Significant Subsequent Events)(Reference) A.(b).

[Disclosure Omissions]
A disclosure of notes concerning Statement of Changes in Net Assets, Statement of Cash Flows, Lease Transactions,
Financial Instruments, Securities, Derivative Transactions, Retirement Benefit Plans, Tax Effect Accounting, Equity Method
Income and Retained Earnings, etc., Transactions with Related Parties, Asset Retirement Obligations and Segment Information isomitted because such disclosure in this summary of financial results is judged to be unnecessary.

- 40 -

(9) Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
The following is the increase (decrease) in unitholders’ capital and total number of investment units
issued and outstanding during the period from the date of incorporation of NMF through the end of the 17th
fiscal period (February 29, 2024).

Date

Description

Total number ofinvestment units
issued and outstanding(Units)Increase
Balance(Decrease)

Unitholders’ capital(Millions of Yen) (Note 1)
Increase(Decrease)

Note

Balance

October 1, 2015

Consolidation typemerger3,722,010

3,722,010

161,120

161,120(Note 2)September 1, 2016

Absorption type merger

461,120

4,183,130－

161,120(Note 3)－4,183,130

763

161,883(Note 4)－4,183,130

708

162,592(Note 4)－4,183,130

198

162,791(Note 4)132,000

4,315,130

17,572

180,363(Note 5)6,670

4,321,800

887

181,251(Note 6)－

4,321,800

478

181,730(Note 4)－4,321,800

321

182,051(Note 4)

214,760

4,536,560

31,241

213,293(Note 7)

10,7404,547,300

1,562

214,855(Note 8)－4,547,300

91

214,947(Note 4)

159,900

4,707,200

27,845

242,792(Note 9)8,000

4,715,200

1,393

244,185(Note 10)－

4,715,200

122

244,307(Note 4)－

4,715,200

299

244,606(Note 4)－

4,715,200

132

244,739(Note 4)－

4,715,200

154

244,893(Note 4)－

4,715,200

102

244,996(Note 4)

October 14, 2016

April 14, 2017

October 13, 2017
March 1, 2018
March 20, 2018
April 13, 2018

October 15, 2018
March 1, 2019
March 26, 2019
October 15, 2019
December 20, 2019
January 21, 2020
April 14, 2020

October 14, 2020

April 14, 2021

October 13, 2021

April 19, 2022

Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Public offering
Third party allotment
increase
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Public offering
Third party allotment
increase
Reversal of allowancefor temporary difference
adjustments
Public offering
Third party allotment
increase
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments- 41 -

October 18, 2022

April 18, 2023

October 18, 2023

Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments
Reversal of allowancefor temporary difference
adjustments－

4,715,200

46

245,043(Note 4)－

4,715,200

23

245,067(Note 4)－

4,715,200

46

245,114(Note 4)(Note 1)Figures have been truncated at the nearest million yen.

(Note 2)

NMF was established through the consolidation type merger of the former Nomura Real Estate Master Fund (hereinafter “former NMF”),
Nomura Real Estate Office Fund (hereinafter “NOF”) and Nomura Real Estate Residential Fund (hereinafter” NRF”) on October 1, 2015
(hereinafter “the Merger of the Three REITs”). Upon its establishment, NMF allotted 1 NMF unit per former 1.00 NMF unit, 3.60 NMF units(Note 3)per 1.00 NOF unit and 4.45 NMF units per 1.00 NRF unit.
On September 1, 2016, as part of the absorption type merger, with NMF as the surviving corporation and TOP REIT, Inc. (hereinafter “TOP”)
as the absorbed corporation (hereinafter “the Absorption Type Merger with TOP”), NMF issued 2.62 NMF units per 1.00 TOP unit, resulting(Note 5)in the issue of 461,120 new units. There was no change in the total amount of unitholders’ capital due to this absorption type of merger.
NMF’s Board of Directors resolved to reverse the allowance for temporary difference adjustments and incorporate the amounts of said
reversals into unitholders’ capital at the Board of Directors meeting on each said date.
NMF issued new investment units through public offering at an issue price of ¥137,474 per unit (issue value: ¥133,125 per unit ) for the(Note 6)

purpose of procuring funds to acquire new properties.
NMF issued new investment units through third-party allotment at an issue value of ¥133,125 per unit together with the issuance of new(Note 4)

investment units through public offering.
(Note 7)

NMF issued new investment units through public offering at an issue price of ¥150,223 per unit (issue value: ¥145,471 per unit ) for the
purpose of procuring funds to acquire new properties.

(Note 8)

NMF issued new investment units through third-party allotment at an issue value of ¥145,471 per unit together with the issuance of new(Note 9)investment units through public offering.
NMF issued new investment units through public offering at an issue price of ¥179,830 per unit (issue value: ¥174,141 per unit ) for the(Note 10)

purpose of procuring funds to acquire new properties.
NMF issued new investment units through third-party allotment at an issue value of ¥174,141 per unit together with the issuance of new
investment units through public offering.

- 42 -

3.

Reference Information(1) Investment Status

Subtotal
Deposits and other assets
Total amount of assets

16th fiscal period
17th fiscal period
As of August 31, 2023
As of February 29, 2024
As a percentage
As a percentage
Total amount held
Total amount heldof total amount ofof total amount of(Millions of Yen)
(Millions of Yen)
assets (%)
assets (%)(Note 2)
(Note 2)
(Note 3)(Note 3)
145,77612.2
145,525
12.3
21,274
1.8
21,5211.8
167,05114.0
167,046
14.1
28,385
2.4
28,306
2.4
21,852
1.8
21,847
1.8
50,237
4.2
50,153
4.2
62,944
5.3
62,686
5.3
62,944
5.3
62,686
5.3
149,424
12.5
153,677
12.9
26,853
2.3
24,3032.0
176,27714.8
177,980
15.0
3,630
0.3
3,623
0.3
3,630
0.3
3,623
0.3
5,136
0.4
5,136
0.4
5,136
0.4
5,136
0.4
465,27839.0
466,62739.3
258,67821.7
258,58021.8
45,963
3.9
45,891
3.9
304,64125.6
304,472
25.6
79,577
6.7
79,596
6.7
44,9063.8
44,993
3.8
124,484
10.4
124,589
10.5
141,36211.9
140,776
11.9
3,243
0.3
3,231
0.3
144,606
12.1
144,00712.1
28,652
2.4
28,5372.4
28,652
2.4
28,537
2.4
2,703
0.2
6,040
0.5
2,703
0.2
6,040
0.5
605,08850.8
607,64751.2
1,070,367
89.8
1,074,275
90.5
121,759
10.2
113,0109.5
1,192,127
100.0
1,187,285
100.0

Total amount of liabilities
Total amount of net assets

16th fiscal period
17th fiscal period
As of August 31, 2023
As of February 29, 2024
As a percentage
As a percentage
AmountAmountof total amount ofof total amount of(Millions of Yen)
(Millions of Yen)
assets (%)
assets (%)(Note 4)(Note 4)(Note 3)(Note 3)
577,43648.4
575,67448.5
614,69051.6
611,61151.5

Type of asset

Use

Officeproperties
Retailproperties

Real estate

Logistics
properties
Residential
properties
Hotelproperties
Other
Properties

Officeproperties
Retailproperties
Real estatein trust

Logistics
properties
Residential
properties
Hotelproperties

Area(Note 1)

Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Subtotal
Greater Tokyo area
Other areas
Subtotal
Other areas
Subtotal
Greater Tokyo area
Subtotal
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Subtotal
Other areas
Subtotal
Subtotal(Note 1) “Greater Tokyo area” refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Other areas” refers to cabinet-order-designatedcities, prefectural capitals, and cities with a population of 100,000 persons or more as well as surrounding areas of these cities that are not included in the
Greater Tokyo area. The same shall apply hereinafter.
(Note 2) Total amount held is the carrying amount (in the case of real estate and real estate in trust, the sum total amount of book value, after depreciation).
(Note 3) The figures are rounded off to first decimal place. Accordingly, the sum may not be exactly 100.0.
(Note 4) Total amount of liabilities and total amount of net assets are the amounts as stated in the balance sheet as total liabilities and total net assets.

- 43 -

(2) Investment Assets①

Major Investment Securities
Not applicable.

②

Investment Real Estate Properties
Real estate is listed together with beneficial interests in real estate trusts in ③ Other Major Investment
Assets, below.

③

Other Major Investment Assets
The following summarizes the real estate, etc. (291 properties) held as of February 29, 2024, (the endof the 17th fiscal period) by NMF (this real estate and the beneficiary interests of trusts in which realestate properties are the principal trust properties or the real estate that constitutes the underlying assets
thereof are hereinafter referred to as the “assets held at the end of the 17th fiscal period”). Unlessotherwise stated, the figures in the tables below are the figures as of February 29, 2024.

- 44 -

A. Overview of Portfolio and Leasing Status and Changes in Occupancy Rate(a) Overview of Portfolio and Leasing Status
The following is an overview of the portfolio and leasing status for the assets held at the end of
the 17th fiscal period.
Number of properties

291
2 (Note 1)

2,184,580.02

Gross leasable area (m )2 (Note 2)

2,160,006.41

Gross leased area (m )Total number of tenants(Note 3)

1,312

Total of all contracted rent (Thousands of Yen)

(Note 4)

5,975,036(Note 1) The sum total of the “leasable area” of each of the assets held at the end of the 17th fiscal period. “Leasable area” is the sum total areaof office buildings, retail facilities, logistics facilities, residential facilities, or hotels etc. leasable in each asset (including the area ofcommon-use space, etc., if leased). Leasable area is calculated based not on that presented in the registry, but the area stated in the lease
contract and the area calculated based on building completion drawings, etc. Accordingly, the leasable area may not be the same as thefloor area based on that presented in the registry and may exceed the floor area. In the case of land with leasehold right, the land area
based on that presented in the registry is used as contracted area. For the Shinjuku Nomura Building, NEC Head Office Building andMusashiurawa Shopping Square, the leasable area is the area calculated by multiplying the building’s overall leasable area by the quasi
co-ownership ratio of the beneficial interest in real estate trust owned by NMF as of the end of the fiscal period. For NRE Tennozu
Building, since the rent under the master lease agreement is calculated as the building’s overall rent multiplied by the ownership ratioof the common areas, the leasable area is calculated as the building’s overall leasable area multiplied by the ownership ratio of thecommon areas. For PMO Hatchobori Shinkawa and PROUD FLAT Togoshi-ginza, upon the master lease agreement, the rent paid toeach compartmentalized owner is the sum of (i) the rent to be earned from the leasable exclusive area of the entire building (excluding
the exclusive area subject to the selfuse by other compartmentalized owners; the same shall apply hereinafter for PMO Hatchobori
Shinkawa and PROUD FLAT Togoshi-ginza) multiplied by the ratio of the area of the exclusive area owned by eachcompartmentalized owner, and (ii) the rent to be earned from the common area, etc. of the building multiplied by the share interest inownership of the common area, etc.. Therefore, the leasable area of PMO Hatchobori Shinkawa and PROUD FLAT Togoshi-ginza is
the sum of (i) the leasable area of the exclusive area owned by NMF and (ii) the leasable area of the common area, etc. of the entire
building multiplied by NMF’s share of ownership interest of the common area.
(Note 2) The sum total of “leased area” of each of the assets held at the end of the 17th fiscal period. “Leased area” is the area that is actuallyleased to an end-tenant (The area stated in the lease contract; provided, however, that such be limited to the area of office properties,
retail properties, logistics properties, residential properties, or hotel properties etc. (if all rental units are collectively leased, then thearea of the entire rental units) and not include the leased area of parking space, etc. However, if the master lessee has a rent-guaranteed
master lease for some or all rental units, the space is included in leased area regardless of whether or not there is a lease agreement withan end-tenant.) in each asset. In the case of land with leasehold right, the leased area of the land is shown. For the Shinjuku Nomura
Building, NEC Head Office Building and Musashiurawa Shopping Square, the leased area is the area calculated by multiplying thebuilding’s overall leased area by the quasi co-ownership ratio of the beneficial interest in real estate trust owned by NMF as of the endof the fiscal period. For the NRE Tennozu Building, since the rent under the master lease agreement is calculated as the building’s
overall rent multiplied by the ownership ratio of the common areas, the leased area is calculated as the building’s overall leased areamultiplied by the ownership ratio of the common areas. For PMO Hatchobori Shinkawa, upon the master lease agreement, the rent paid
to each compartmentalized owner is the sum of (i) the rent to be earned from the leasable exclusive area of the entire building
multiplied by the ratio of the area of the exclusive area owned by each compartmentalized owner, and (ii) the rent to be earned from thecommon area, etc. of the building multiplied by the share interest in ownership of the common area, etc.. Therefore, the leased area of
PMO Hatchobori Shinkawa is the sum of (i) the leased area of the leasable exclusive area of the entire building multiplied by the ratioof the area of the exclusive area owned by NMF and (ii) the leased area of the common area, etc. of the entire building multiplied by
NMF’s share of ownership interest of the common area.
(Note 3) The sum total of “total number of tenants” of each of the assets held at the end of the 17th fiscal period. In the calculation of “numberof tenants,” when some or all rental units are collectively leased for the purpose of subleasing and the lessee in the lease agreement(master lease agreement) has concluded an agreement with an end-tenant (sublessee that is the actual user) for subleasing the rental
units, the lessee of the master lease agreement is counted as one tenant. However, in the case of assets with a so-called pass-throughmaster lease agreement, where the rent received from the lessee in the master lease agreement is the same amount as the rent that thelessee receives from the end-tenant, the total number of end-tenants is shown. In addition, if multiple rental units in a specific asset areleased to a specific tenant, this is counted as one tenant for the asset and, if multiple assets are leased to a specific tenant, these arecounted separately and the total of that number of tenants is shown. For residential facilities or residential portions of “other” sector
facilities, when some or all rental units are collectively leased for the purpose of subleasing and the lessee in the lease agreement(master lease agreement) has concluded an agreement with an end-tenant for subleasing the rental units, regardless of pass-throughmaster lease agreement, the lessee of the master lease agreement is counted as one tenant, and the total number of tenants for thebuilding as whole is shown.
(Note 4) The total amount of “total contracted rent” for February 2024 of each of the assets held at the end of the 17th fiscal period (amounts
less than one thousand are truncated). “Total contracted rent” for February 2024 refers to the sum total of monthly rent and common
area charges in lease agreements actually concluded with end-tenants that are valid as of the last day of February 2024 (This does not- 45 -

include parking space or other fees stated in parking space lease agreements or other such agreements signed in addition to the tenantlease agreement. If common-use space, etc. is leased based on the lease agreement, the rent for such is included. In addition, if themaster lessee has a rent-guaranteed master lease for some or all rental units, the rent for the space is based on the rent, etc., in the leaseagreement concluded with the master lessee.). Furthermore, regarding tenants who have been exempt from rent payment for a certain
period of time in their agreements, such exemption period is not considered in the table above, and the rent is calculated based on themonthly rent and common area charges payable immediately after the exemption period ends. In addition, the standard level of rent isused for tenants with sales-based rent and for tenants with variable rent including cases in which a part of rent is variable rent. For the
Shinjuku Nomura Building, NEC Head Office Building and Musashiurawa Shopping Square, the total contracted rent is calculated bymultiplying the building’s overall rent revenues by the quasi co-ownership ratio of the beneficial interest in real estate trust owned by
NMF as of the end of the fiscal period. For the NRE Tennozu Building, the the total contracted rent is calculated as the building’s
overall rent revenues multiplied by the ratio of the common areas that NMF owns through the trustee. For PMO Hatchobori Shinkawa
and PROUD FLAT Togoshi-ginza, the total contract rent is calculated by summing (i) the rent revenues earned from the leasable
exclusive area of the entire building multiplied by the ratio of the area of the exclusive area owned by NMF, and (ii) the rent revenues
earned from the common area, etc. of the building multiplied by NMF’s share of ownership interest of the common area, etc..

(b) Changes in Occupancy Rate
The following is the changes in the occupancy rate of real estate under management held by NMF.

Portfolio occupancy rate
(at end of fiscal period)(%)

February 28, 2022
(end of 13th fiscal
period)August 31, 2022
(end of 14th fiscal
period)February 28, 2023
(end of 15th fiscal
period)August 31, 2023
(end of 16th fiscal
period)February 29, 2024
(end of 17th fiscal
period)

98.7

98.7

98.7

98.9

98.9

- 46 -

B. Price and Investment Share
The following is an overview of the assets held at the end of the 17th fiscal period (acquisition price,
carrying amount, opinion of value at end of period, investment share and appraiser).
Use

Area

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

Shinjuku Nomura Building (Note 5)

43,90046,72350,500

3.8

NRE Tennozu Building

20,50020,507

21,700

1.6

Kojimachi Millennium Garden

26,70026,26630,8002.3

10,00010,125

13,400

1.0

NMF Shibuya Koen-dori Building

10,40010,494

10,6000.8

Secom Medical Building

11,10010,50012,4000.9

NMF Shiba Building

7,040

7,079

7,460

0.6

Nishi-Shinjuku Showa Building

8,140

8,162

8,110

0.6

NRE Shibuya Dogenzaka Building

5,310

5,364

6,080

0.5

Iwamoto-cho Toyo Building

4,050

4,134

4,810

0.4

NMF Surugadai Building

4,690

4,688

5,220

0.4

PMO Nihonbashi Honcho

4,320

4,041

4,970

0.4

PMO Nihonbashi Kayabacho

5,010

4,684

6,860

0.5

NMF Gotanda Ekimae Building

4,430

4,507

5,370

0.4

PMO Akihabara

4,240

3,961

5,800

0.4

Hatchobori NF Building

2,480

2,433

2,530

0.2

NMF Kanda Iwamoto-cho Building

4,160

4,158

4,630

0.3

NMF Takanawa Building

2,830

2,844

3,610

0.3

PMO Hatchobori

2,880

2,628

3,540

0.3

PMO Nihonbashi Odenmacho

2,210

2,038

3,130

0.2

PMO Higashi-nihonbashi

1,690

1,520

2,060

0.2

NRE Ueno Building

6,470

6,604

6,900

0.5

NF Hongo Building.

4,890

4,976

5,110

0.4

Crystal Park Building

3,390

3,277

3,490

0.3

NMF Kichijoji Honcho Building

1,780

1,832

2,240

0.2

Faret Tachikawa Center Square

3,850

3,788

4,490

0.3

The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Appraisal Firm A
Square Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Appraisal Firm A
Square Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.

NMF
Kawasaki
Building
NMF
Yokohama
Building

Higashiguchi

7,830

8,028

9,480

0.7

Japan Valuers Co., Ltd.

Nishiguchi

5,460

5,512

8,730

0.7

NMF Shin-Yokohama Building

2,620

2,782

2,900

0.2

PMO Tamachi

6,210

6,065

8,760

0.7

PMO Ginza Hatchome

3,970

3,892

5,370

0.4

PMO Shibakoen

3,900

3,787

5,480

0.4

NEC Head Office Building (Note 6)

44,10044,51150,000

3.8

Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.

NMF
Shinjuku
Building

Greater
Office Tokyo
area

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property nameMinamiguchi- 47 -

Use

Area

GreaterTokyo
area

Property name

Office subtotal

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

Harumi Island Triton Square OfficeTower Y18,20017,867

17,400

1.3

NMF Aoyama 1-chome Building

10,40010,602

13,400

1.0

NMF Takebashi Building

8,330

8,448

8,980

0.7

Harumi Island Triton Square OfficeTower Z

8,180

7,979

8,360

0.6

NMF Kayabacho Building

6,070

5,973

8,440

0.6

NMF Shinjuku EAST Building

5,710

5,754

6,390

0.5

NMF Shiba-Koen Building

3,620

3,761

4,670

0.4

NMF Ginza 4-chome Building

1,850

1,961

2,230

0.2

Faret East Building

1,850

1,783

2,150

0.2

PMO Shinnihonbashi

4,440

4,312

5,620

0.4

PMO Hirakawacho

3,410

3,325

4,360

0.3

PMO Nihonbashi Mitsukoshi-mae

4,310

4,270

5,910

0.4

PMO Shibadaimon

2,130

2,121

2,660

0.2

PMO Tamachi Ⅱ

10,90010,76013,200

1.0

PMO Hatchobori Shinkawa

3,805

3,733

4,510

0.3

PMO Hatchobori Ⅲ

2,880

2,846

3,420

0.3

PMO Ochanomizu

3,890

3,832

4,700

0.4

PMO Akihabara Kita

8,450

8,298

9,530

0.7

PMO Higashi-Shinbashi

4,730

4,711

5,580

0.4

PMO Hamamatsucho

4,380

4,338

5,320

0.4

PMO Hamamatsucho II

5,500

5,494

6,100

0.5

Sapporo North Plaza

6,250

6,842

9,110

0.7

NRE Sapporo Building

4,140

3,627

5,510

0.4

NMF Sendai Aoba-dori Building

2,030

2,197

2,180

0.2

NMF Nagoya Fushimi Building

2,240

1,918

2,650

0.2

Omron Kyoto Center Building

18,30018,106

20,700

1.6

Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
JLL Morii Valuation &Advisory K.K.
Japan Real Estate
InstituteJapan Real Estate
Institute

SORA Shin-Osaka 21

12,10012,293

13,200

1.0

Japan Valuers Co., Ltd.

NRE Osaka Building

6,100

7,505

7,800

0.6

NRE Nishi-Umeda Building

3,450

3,681

3,950

0.3

NRE Yotsubashi Building

4,000

4,591

5,460

0.4

NRE Hiroshima Building

2,280

2,462

2,940

0.2

NMF Hakata Ekimae Building

4,210

4,184

6,210

0.5

The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
Institute468,685

471,518

549,170

41.4

Office

Other
areas

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)- 48 -

Use

RetailArea

GreaterTokyo
area

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property name

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

Yokosuka More’s City

13,64013,63914,800

1.1

The Tanizawa Sogo
Appraisal Co., Ltd.

Recipe SHIMOKITA

10,407

10,073

10,700

0.8

Japan Valuers Co., Ltd.

Kawasaki More’s

6,080

6,602

8,570

0.6

EQUINIA Shinjuku

4,260

4,374

5,260

0.4

EQUINA Ikebukuro

3,990

4,009

4,560

0.3

covirna machida

3,440

3,828

4,010

0.3

Nitori Makuhari

3,080

2,538

4,040

0.3

Konami Sports Club Fuchu

2,730

2,497

3,380

0.3

FESTA SQUARE

2,600

2,114

3,810

0.3

GEMS Shibuya

2,490

2,311

2,880

0.2

EQUINIA Aobadai

1,560

1,533

2,890

0.2

Megalos Kanagawa

1,000

932

1,560

0.1

Mitsubishi Motors Meguro (Land)

2,740

2,764

3,630

0.3

Mitsubishi Motors Chofu (Land)

1,760

1,776

1,720

0.1

Mitsubishi Motors Nerima (Land)

1,240

1,251

1,550

0.1

Mitsubishi Motors Kawasaki (Land)

950

959

1,300

0.1

Mitsubishi Motors Takaido (Land)

850

859

850

0.1

Mitsubishi
Motors
Katsushika(Land) (Note 7)
Mitsubishi Motors Higashikurume(Land)

762

770

888

0.1

800

808

937

0.1

Mitsubishi Motors Setagaya (Land)

770

779

1,240

0.1

Mitsubishi Motors Sekimachi (Land)

600

606

766

0.1

Mitsubishi Motors Higashiyamato(Land)
Mitsubishi Motors Motosumiyoshi(Land)

450

455

538

0.0

370

375

457

0.0

Welcia Kawagoe Shinmeicho (Land)

350

355

438

0.0

Mitsubishi Motors Edogawa (Land)

200

204

176

0.0

Mitsubishi Motors Sayama (Land)

160

163

188

0.0

NRE Kichijoji Building

10,41010,021

11,400

0.9

GEMS Ichigaya

2,080

2,001

2,130

0.2

6,840

6,662

7,530

0.6

2,720

2,501

2,850

0.2

Summit Store Naritahigashi (Land)

700

747

843

0.1

GEMS Daimon

2,060

1,974

2,070

0.2

GEMS Shin-Nihonbashi

1,500

1,443

1,530

0.1

The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

Summit Store Mukodaicho

5,100

5,001

5,370

0.4

Japan Valuers Co., Ltd.

GEMS Shinbashi

2,810

2,777

2,790

0.2

Daiwa Real EstateAppraisal Co., Ltd.

Sagamihara Shopping Center
Musashiurawa(Note 6)

Shopping

Square- 49 -

Use

Property nameArea

GreaterTokyo
area

Retail

Other
areas

Retail subtotal

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

GEMS Kayabacho

2,594

2,516

2,630

0.2

Summit Store Honamanuma

2,160

2,140

3,000

0.2

GEMS Shin-Yokohama

1,820

1,736

1,820

0.1

GEMS Sangenjaya

1,815

1,790

1,810

0.1

Daiwa Real EstateAppraisal Co., Ltd.
JLL Morii Valuation &Advisory K.K.
Daiwa Real EstateAppraisal Co., Ltd.
JLL Morii Valuation &Advisory K.K.

Universal CityWalk Osaka

17,63916,836

18,600

1.4

Japan Valuers Co., Ltd.

Izumiya SC Senrioka

8,930

8,401

12,600

1.0

Izumiya SC Yao

4,406

3,936

5,790

0.4

Izumiya SC Obayashi

3,020

3,078

3,910

0.3

EQUINIA Aobadori

1,640

1,326

1,830

0.1

MEL Building

1,060

1,069

1,210

0.1

nORBESA

8,500

8,962

8,460

0.6

The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute

Nakaza Cui-daore Building

11,60012,1379,780

0.7Japan Valuers Co., Ltd.

NMF Kobe Myodani Building

3,560

3,566

3,670

0.3

Japan Valuers Co., Ltd.
JLL Morii Valuation &Advisory K.K.
Japan Real Estate
Institute

GEMS Namba

3,800

3,750

4,210

0.3

MEFULL Chayamachi

3,735

3,775

4,190

0.3

177,779

174,743

201,161

15.2- 50 -

Use

Area

GreaterTokyo
Logist
area
ics

Other
areas
Logistics subtotal

Property nameAcquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

Landport Urayasu

17,40015,57125,5001.9

Landport Itabashi

15,71014,166

22,6001.7

Landport Kawagoe

13,70011,16920,1001.5

Landport Atsugi

11,4109,599

13,900

1.0

Sagamihara Tana Logistics Center

10,6009,248

14,500

1.1

Sagamihara Onodai Logistics Center

8,700

8,033

12,800

1.0

Landport Hachioji

8,250

6,864

11,3000.9

Landport Kasukabe

7,340

5,850

9,860

0.7

Atsugi Minami Logistics Center B
Tower

4,590

3,994

6,720

0.5

Hanyu Logistics Center

3,810

3,090

5,290

0.4

Kawaguchi Logistics Center B
Tower
Kawaguchi Logistics Center A
Tower
Atsugi Minami Logistics Center A
Tower

3,750

3,463

5,100

0.4

2,830

2,699

4,000

0.3

2,690

2,477

3,950

0.3

Kawaguchi Ryoke Logistics Center

10,79010,382

17,000

1.3

The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
JLL Morii Valuation &Advisory K.K.

Landport Kashiwa Shonan II

10,800

10,32912,900

1.0

Japan Valuers Co., Ltd.

Landport Kashiwa Shonan I

9,900

9,457

11,600

0.9

Japan Valuers Co., Ltd.

Landport Hachioji II

9,230

9,186

11,900

0.9

Japan Valuers Co., Ltd.

Landport Iwatsuki

6,090

5,924

6,930

0.5

Japan Valuers Co., Ltd.

Landport Ome I

13,64013,34015,300

1.2

Japan Valuers Co., Ltd.

Landport Higashi-Narashino

11,872

11,45017,300

1.3

Japan Valuers Co., Ltd.

Landport Ome II

14,62014,447

17,000

1.3

Japan Valuers Co., Ltd.

Landport Ome III

17,00016,93420,000

1.5

Japan Valuers Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

Landport Shinonome / Yasuda Soko
(Note 8)

5,750

5,780

6,200

0.5

Hirakata Kuzuha Logistics Center

3,460

3,231

4,530

0.3

223,932

206,693296,280

22.4- 51 -Use

Area

Investment
share
(%)
(Note 4)

Appraiser

3,400

3,109

4,170

0.3

PROUD FLAT Yoyogi Uehara

989

935

1,160

0.1

PROUD FLAT Hatsudai

713

669

836

0.1

750

688

813

0.1

PROUD FLAT Gakugei Daigaku

746

684

930

0.1

PROUD FLAT Meguro Gyoninzaka

939

864

1,200

0.1

PROUD FLAT Sumida Riverside

2,280

2,020

2,950

0.2

PROUD FLAT Kagurazaka

1,590

1,418

1,880

0.1

PROUD FLAT Waseda

1,110

990

1,370

0.1

932

833

1,180

0.1

PROUD FLAT Sangen Jaya

1,190

1,060

1,390

0.1

PROUD FLAT Kamata

1,160

997

1,430

0.1

PROUD FLAT Kamata II

3,320

2,894

3,800

0.3

PROUD FLAT Shinotsuka

623

540

615

0.0

PROUD FLAT Kiyosumi Shirakawa

928

810

1,060

0.1

PROUD FLAT Monzen Nakacho II

652

577

704

0.1

PROUD FLAT Monzen Nakacho I

1,030

891

1,060

0.1

PROUD FLAT Fujimidai

1,470

1,305

2,090

0.2

PROUD FLAT Asakusa Komagata

1,920

1,639

2,700

0.2

PROUD FLAT Yokohama

2,090

1,826

2,690

0.2

PROUD FLAT Kamioooka

2,710

2,361

3,070

0.2

PROUD FLAT Tsurumi II

1,650

1,432

2,230

0.2

PRIME URBAN Azabu Juban

1,100

1,088

1,130

0.1

PRIME URBAN Akasaka

938

917

1,080

0.1

PRIME URBAN Tamachi

972

911

1,130

0.1

Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.

PRIME URBAN Shibaura LOFT

1,830

1,669

2,180

0.2

Japan Valuers Co., Ltd.

PRIME URBAN Ebisu II

1,140

1,095

1,720

0.1

PRIME URBAN Bancho

1,090

1,038

1,220

0.1

PRIME URBAN Chiyoda Fujimi

679

644

715

0.1

PRIME URBAN Iidabashi

2,040

1,882

2,090

0.2

PRIME URBAN Ebisu

1,260

1,227

1,400

0.1

PRIME URBAN Naka Meguro

1,410

1,347

1,550

0.1

PRIME URBAN Gakugei Daigaku

775

711

909

0.1

PRIME URBAN Senzoku

474

442

529

0.0

PRIME URBAN Meguro Riverside

414

373

472

0.0

Japan Real Estate
Institute
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

PROUD
Kawadacho

GreaterTokyo
area

Opinion of value
at end of period(Millions of Yen)
(Note 3)

PROUD FLAT Shirokane Takanawa

PROUD
Sakuragaoka

ResidentialAcquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property name

FLAT

FLAT
(Note 7)

Shibuya

Shinjuku- 52 -

Use

Area

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property nameResidentialInvestment
share
(%)
(Note 4)

Appraiser

PRIME URBAN Meguro Ohashi
Hills

2,970

2,730

3,500

0.3

Japan Valuers Co., Ltd.

PRIME URBAN Meguro Aobadai

1,310

1,237

2,200

0.2

PRIME URBAN Gakugei Daigaku
II

1,080

1,020

1,520

0.1

PRIME URBAN Naka Meguro II

2,850

2,788

3,810

0.3

PRIME URBAN Kachidoki

2,570

2,565

2,910

0.2

Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
Chuo
Real
EstateAppraisal Co., Ltd.

PRIME URBAN Shinkawa

2,100

2,083

2,730

0.2

Japan Valuers Co., Ltd.

PRIME
URBAN
Yokoyamacho
PRIME
URBAN
HamachoNihonbashi

4,220

3,785

5,360

0.4

Japan Valuers Co., Ltd.

Nihonbashi

1,550

1,436

2,290

0.2

Japan Real
Institute

PRIME URBAN Hongo Ikizaka

557

511

680

0.1

Japan Valuers Co., Ltd.

EstatePRIME URBAN Hakusan

866

742

994

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Yotsuya Gaien
Higashi

1,490

1,424

1,570

0.1

PRIME URBAN Nishi Shinjuku I

1,090

1,014

1,370

0.1

PRIME
URBAN
Naitomachi

430

421

503

0.0

PRIME URBAN Nishi Waseda

421

372

517

0.0

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

PRIME URBAN Shinjuku Ochiai

594

594

642

0.0

Japan Valuers Co., Ltd.

Shinjuku

1,430

1,346

1,910

0.1

2,900

2,620

4,080

0.3

717

726

749

0.1

PRIME URBAN Sangen Jaya

724

668

784

0.1

Japan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

PRIME
URBAN
Minami
Karasuyama
PRIME
URBAN
Karasuyama
Galleria

667

598

842

0.1

Japan Valuers Co., Ltd.

549

493

673

0.1

PRIME URBAN Karasuyama Court

338

307

415

0.0

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

PRIME URBAN Chitose Funabashi

746

678

780

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Yoga

1,390

1,275

1,910

0.1

PRIME URBAN Osaki

1,860

1,740

1,920

0.1

PRIME URBAN Oimachi II

1,040

1,111

1,420

0.1

PRIME URBAN Yukigaya

951

932

798

0.1

PRIME URBAN Omori

905

816

981

0.1

Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

PRIME
URBAN
Denenchofu
Minami
PRIME
URBAN
Nagahara
Kamiikedai
PRIME
URBAN
NakanoKamitakada

774

682

706

0.1

Japan Valuers Co., Ltd.

1,720

1,608

2,120

0.2

Japan Real
Institute

498

443

563

0.0

Japan Valuers Co., Ltd.

PRIME URBAN Nishi Ogikubo

414

388

483

0.0

PRIME URBAN Nishi Ogikubo II

1,790

1,702

2,240

0.2

Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
Institute

PRIME URBAN Mejiro
GreaterTokyo
area

Opinion of value
at end of period(Millions of Yen)
(Note 3)PRIME URBAN Kagurazaka
PRIME
URBAN
Karasuyama

Chitose- 53 -

EstateUse

Area

Greater
Residen
Tokyo
tial
area

Acquisition
price(Millions of
Yen)(Note 1)

Carrying
amount(Millions of
Yen)(Note 2)PRIME URBAN Ikebukuro

3,800

3,455

5,380

0.4

PRIME URBAN Monzen Nakacho

2,420

2,222

2,740

0.2

PRIME URBAN Kameido

779

680

784

0.1

PRIME URBAN Sumiyoshi

632

557

594

0.0

PRIME URBAN Kinshi Koen

1,290

1,118

1,370

0.1

PRIME URBAN Kinshicho

758

680

812

0.1

PRIME URBAN Hirai

722

642

732

0.1

PRIME URBAN Kasai

640

563

679

0.1

Property name

Opinion of value
Investment
at end of period
share(Millions of Yen)(%)
(Note 3)(Note 4)

Appraiser

PRIME URBAN Kasai East

1,140

993

1,430

0.1

Japan Real Estate
Institute
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Chuo
Real
EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.

PRIME
URBAN
Itabashi
Kuyakushomae
PRIME URBAN Machiya South
Court

1,080

950

1,430

0.1

Japan Valuers Co., Ltd.

1,910

1,783

2,520

0.2

Japan Real
Institute

PRIME URBAN Musashi Koganei

1,910

1,950

1,970

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Musashino Hills

1,280

1,306

1,440

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Koganei Honcho

791

734

947

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Kumegawa

1,520

1,260

1,730

0.1

Japan Real
Institute

PRIME URBAN Musashi Kosugi
comodo

1,940

1,903

2,660

0.2

Japan Valuers Co., Ltd.

PRIME URBAN Kawasaki

962

944

1,080

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Shinyurigaoka

1,020

896

1,390

0.1

Japan Valuers Co., Ltd.

PRIME URBAN Tsurumi Teraya

493

483

516

0.0

PRIME URBAN Urayasu

804

727

836

0.1

PRIME URBAN Gyotoku I

633

583

717

0.1

PRIME URBAN Gyotoku II

730

674

783

0.1

PRIME URBAN Gyotoku Ekimae II

469

439

668

0.1

PRIME URBAN Gyotoku III

747

702

1,070

0.1

Japan Real
InstituteJapan Real
InstituteJapan Real
InstituteJapan Real
InstituteJapan Real
InstituteJapan Real
Institute

PRIME URBAN Kawaguchi

1,580

1,444

1,850

0.1

Japan Valuers Co., Ltd.

EstateEstateEstateEstateEstateEstateEstateEstatePROUD FLAT Hatchobori

920

895

1,320

0.1

PROUD FLAT Itabashi Honcho

720

670

995

0.1

Japan Real
InstituteJapan Real
Institute

PRIME URBAN Meguro Mita

1,058

1,100

1,180

0.1

Japan Valuers Co., Ltd.

Fukasawa House Towers H&I

7,140

6,878

9,160

0.7

PRIME URBAN Toyosu

5,290

4,917

6,660

0.5

2,850

2,719

3,560

0.3

1,320

1,226

1,560

0.1

Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.

PRIME
URBAN
Kayabacho
PRIME URBAN Yoga II

Nihonbashi- 54 -

EstateEstateUse

Area

Greater
Tokyo
area

Resid
ential

Other
areas

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property name

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Investment
share
(%)
(Note 4)

Appraiser

PRIME URBAN Musashi Koganei
II
PRIME URBAN Gakugei daigaku
parkfront

1,310

1,196

1,660

0.1

1,300

1,346

1,580

0.1

PROUD FLAT Omori Ⅲ

1,110

1,085

1,520

0.1

PROUD FLAT Kinshicho

785

756

1,060

0.1

PROUD FLAT Sangenjaya II

2,750

2,798

3,190

0.2

PROUD FLAT Sotokanda

2,280

2,261

2,970

0.2

PROUD FLAT Noborito

1,216

1,186

1,570

0.1

PROUD FLAT Yoyogi Hachiman

966

964

1,220

0.1

PROUD FLAT Nakaochiai

844

833

1,040

0.1

PROUD FLAT Shibuya Tomigaya

3,960

3,971

5,310

0.4

PROUD FLAT Miyazakidai

1,390

1,407

1,740

0.1

PROUD FLAT Asakusabashi III

1,230

1,244

1,450

0.1

PROUD FLAT Togoshi-Koen

2,580

2,618

3,040

0.2

PROUD FLAT Togoshi-Ginza

2,550

2,605

2,900

0.2

PRIME URBAN Higashi Nakano
Court

7,020

7,248

8,760

0.7

PROUD FLAT Nezu Yanaka

1,400

1,450

1,710

0.1

PROUD FLAT Kikukawa

2,720

2,806

3,040

0.2

PROUD FLAT Asakusa

2,410

2,495

2,870

0.2

PROUD FLAT Kinshicho II

2,030

2,101

2,250

0.2

PROUD FLAT Shibuya Sasazuka

2,200

2,281

2,470

0.2

PROUD FLAT Asakusa DIAGE

1,300

1,353

1,460

0.1

PROUD FLAT Itsutsubashi

652

526

632

0.0

PROUD FLAT Kawaramachi

735

587

553

0.0

PROUD FLAT Shin Osaka

1,620

1,308

2,200

0.2

PRIME URBAN Kita Juyo Jo

274

234

286

0.0

PRIME URBAN Odori Koen I

502

420

457

0.0

PRIME URBAN Odori Koen II

334

284

266

0.0

PRIME URBAN Kita Juichi Jo

547

446

595

0.0

Japan Valuers Co., Ltd.

PRIME URBAN Miyanosawa

475

382

477

0.0

Japan Valuers Co., Ltd.

PRIME URBAN Odori Higashi

394

326

431

0.0

Japan Valuers Co., Ltd.

PRIME URBAN Sapporo Idaimae

616

515

637

0.0

Japan Valuers Co., Ltd.

PRIME URBAN Sapporo Riverfront

4,480

3,808

4,870

0.4

Japan Valuers Co., Ltd.

PRIME URBAN Kita Sanjo Dori

1,730

1,440

2,020

0.2

Japan Valuers Co., Ltd.

1,140

958

989

0.1

Japan Valuers Co., Ltd.

466

370

353

0.0

Japan Valuers Co., Ltd.

949

928

1,040

0.1

Japan Real
Institute

3,770

3,189

3,800

0.3

Japan Valuers Co., Ltd.

0.2

Japan Real
Institute

PRIME
IcchomeURBAN

Nagamachi

PRIME URBAN Yaotome Chuo
PRIME
URBAN
AmamiyaTsutsumidori

PRIME URBAN Izumi
PRIME
Honmachi

URBAN

Sakaisuji

1,810

1,535

- 55 -

2,390

The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
JLL Morii Valuation &Advisory K.K.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
Daiwa Real EstateAppraisal Co., Ltd.
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
InstituteJapan Real Estate
Institute
Daiwa Real EstateAppraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute
The Tanizawa Sogo
Appraisal Co., Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute

EstateEstate

Use

Area

Other
areas

Resid
entialGreaterTokyo
area

Acquisition price Carrying amount(Millions of Yen) (Millions of Yen)
(Note 1)
(Note 2)

Property name

Hotels

Other

496

626

0.0

PRIME URBAN Yakuin Minami

265

221

283

0.0

PRIME URBAN Kashii

398

317

299

0.0

PRIME URBAN Hakata Higashi

622

508

514

0.0

Serenite Shinsaibashi Grande

5,567

5,494

6,410

0.5

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

SOMPO CARE La vie Re Residence
Yoga
Grapes Tsujido Nishi-Kaigan (Note9)
SOMPO CARE Sompo no ie OmoriNishi
SOMPO CARE La vie Re Residence
Shonan Tsujido

2,850

3,218

3,350

0.3

Japan Valuers Co., Ltd.

1,820

2,110

2,270

0.2

Japan Valuers Co., Ltd.

1,462

1,552

1,830

0.1

Japan Valuers Co., Ltd.

1,150

1,265

1,580

0.1

Japan Valuers Co., Ltd.

Irise Urayasu

1,085

1,169

1,150

0.1

Japan Valuers Co., Ltd.

218,826

206,518

263,104

19.9

Hotel Vista Sapporo Odori

3,600

3,623

3,850

0.3

Japan Valuers Co., Ltd.

Comfort Inn Naha Tomari Port

2,650

2,711

2,540

0.2

Japan Valuers Co., Ltd.

Hotel Wing International Premium
Kyoto-Sanjo

3,200

3,328

3,580

0.3

Japan Valuers Co., Ltd.

9,450

9,664

9,970

0.8

4,900

5,136

5,580

0.4

4,900

5,136

5,580

0.4

1,103,573

1,074,275

1,325,265

100

Ryotokuji
University
UrayasuCampus (Land)

Other subtotal
Total(Note 1)

Appraiser

588

Hotel subtotal
GreaterTokyo
area

Investment
share
(%)
(Note 4)PRIME URBAN Hakata

Residential subtotal

Other
areas

Opinion of value
at end of period(Millions of Yen)
(Note 3)

Shin-

Japan Real
Institute

Estate“Acquisition Price” refers to the following. Of the assets succeeded as a result of the merger of three REITs, the appraisal value as of September 30,
2015 for NRE Shibuya Dogenzaka Building and as of April 30, 2015 for other assets succeeded from NOF; and the appraisal value as of September
30, 2015 for PRIME URBAN Shinyurigaoka and as of May 31, 2015 for other assets succeeded from NRF are recorded as said assets’ respective
acquisition prices. Furthermore, the appraisal value as of March 31, 2016 or April 1, 2016 for other assets succeeded from TOP are recorded as said

assets’ respective acquisition prices. For all other assets, “Acquisition price” indicates the amount, excluding the various expenses required to acquire
the property, including transaction brokerage fees, taxes and public dues, etc. (the amount of transaction payment for real estate, etc., described in thesales agreement).
(Note 2)“Carrying amount” is the sum total amount of the acquisition price (including various expenses required for the acquisition) of land, buildings,

structures, tools, furniture and fixtures, construction in progress, and leasehold rights (including these assets in trust), less accumulated depreciation.
(Note 3)

“Opinion of value at end of period” is the appraisal or investigation value provided by the respective real estate appraiser (the value calculated by therespective real estate appraiser with the date of the 17th fiscal period-end (February29, 2024) as the effective date of value and the value indicated by
the income approach as a standard) in accordance with NMF’s Articles of Incorporation and the Regulations Concerning Accounting of Investment
Corporations.
The appraisal or investigation value of real estate is no more than an indication of the opinion of the value of the appraised real estate at the time ofappraisal by the respective real estate appraiser, etc., conducted in accordance with the Act on Real Estate Appraisal (Act No. 152 of 1963, including
subsequent amendments), and real estate appraisal standards, etc. Reappraisal of the same real estate may result in a different appraisal orinvestigation value, depending on the real estate appraiser conducting the appraisal and the method or timing of the appraisal. In addition, the appraisalof real estate is not a guarantee or promise of the possibility of transactions at present or in the future at the appraised value.
Furthermore, the cost approach and income approach (direct capitalization approach and discounted cash flow approach) are used in appraisal
calculations. The appraisal value is determined by the income approach if the subject real estate’s price is estimated with an emphasis on investment
profitability in the market and it is seen as an investment target for qualified institutional investors, etc. The value indicated by the cost approach isused as an index to verify the value indicated by the income approach.
The “direct capitalization approach” is a method where the net revenue in a certain period is capitalized by the capitalization rate. It is a method ofseeking the value indicated by the income approach (a method of seeking the estimated value of real estate by seeking the sum of the present value ofthe net revenue the real estate is expected to generate in the future).
The “discounted cash flow (DCF) approach” is a method where the net income and terminal value arising in multiple successive periods are

discounted to present value according to their periods and totaled. It is also a method of seeking the value indicated by the income approach.
(Note 4)

“Investment share” is the period-end opinion of value of the respective asset as a percentage of the total amount of the period-end opinion of value ofthe entire portfolio (291 properties in total). The figures are rounded to the first decimal place. Accordingly, the sum total may not be exactly 100.0.

(Note 5)

NMF holds quasi co-ownership of 50.1% of beneficial interest in real estate. For the opinion of value and carrying price in the table above, price of- 56 -

this quasi co-ownership interest ratio is stated for opinion of value and carrying price.
(Note 6)

NMF holds quasi co-ownership of 50.0% of beneficial interest in real estate. For the opinion of value and carrying price in the table above, price of

this quasi co-ownership interest ratio is stated for opinion of value and carrying price.
(Note 7)

NMF has sold a part of land area of the property. Therefore, the acquisition price given represents the acquisition price of the entire asset less theamount equivalent to the book value of the transferred portion at the time of execution of the transfer.
(Note 8)

NMF holds quasi co-ownership of 51.0% of beneficial interest in real estate. For the opinion of value and carrying price in the table above, price of

this quasi co-ownership interest ratio is stated for opinion of value and carrying price.
(Note 9)As of April 1, 2024, Grapes Tsujido Nishi-Kaigan has been renamed as SOMPO CARE La vie Re Residence Tsujido Nishi-Kaigan.The same shall beapplied throughout this documents.

- 57 -

C. Status of Capital Expenditures(a)

Schedule of Capital Expenditures
Of the scheduled amount of capital expenditures associated with renovation and other work
planned (or completed) as of the date of this document’s publication for the assets held at the endof the 17th fiscal period, the following are the major capital expenditures. Please note that thescheduled construction cost listed below include the portion charged to expenses in accounting.

Name of real estate, etc.
(Location)

NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NRE Tennozu Building(Shinagawa Ward, Tokyo)
NF Hongo Building(Bunkyo Ward, Tokyo)
NF Hongo Building(Bunkyo Ward, Tokyo)
Sapporo North Plaza(Sapporo City, Hokkaido)
NMF Sendai Aoba-dori Building(Sendai City, Miyagi）
NRE Nishi-Umeda Building(Osaka City, Osaka)
NRE Yotsubashi Building(Osaka City, Osaka)
NRE Yotsubashi Building(Osaka City, Osaka)
NRE Yotsubashi Building(Osaka City, Osaka)
EQUINIA Aobadori(Sendai City, Miyagi)

PurposeRepair of restroom (phase
Ⅲ/IX)
Repair of restroom (phase
Ⅳ/IX)
Repair of restroom (phase
Ⅴ/IX)
Repair of restroom (phase
Ⅵ/IX)
Repair of restroom (phase
Ⅶ/IX)
Repair of restroom (phase
Ⅷ/IX)
Repair of restroom (phase
IX/IX)
Renewal of elevator on thenorth side (phase Ⅰ/Ⅵ)
Renewal of elevator on thenorth side (phase Ⅱ/Ⅵ)
Renewal of elevator on thenorth side (phase Ⅲ/Ⅵ)
Renewal of elevator on thenorth side (phase Ⅳ/Ⅵ)
Renewal of elevator on thenorth side (phase Ⅴ/Ⅵ)
Renewal of elevator on thenorth side (phase Ⅵ/Ⅵ)
Renewal of air conditioning(phase Ⅱ/III)
Renewal of air conditioning(phase III/III)
Renewal of emergency
power generator
Renewal of emergency
power generator
Renewal of electric board
for 9~12 floors
Renewal of AHU (phase Ⅲ/V)
Renewal of AHU (phase
IV/V)
Renewal of AHU (phase
V/V)
Renewal of air conditioner
system (phase Ⅲ/Ⅳ)

- 58 -

Scheduled construction cost(Thousands of Yen)
AmountTotal
Scheduled period
paidamountTotal amount during thealready
17th fiscal
paid
periodFrom Mar. 2024
95,915
To Aug. 2024
From Sep. 2024
83,923
To Feb. 2025
From Mar. 2025
51,860To Aug. 2025
From Sep. 2025
75,237
To Feb. 2026
From Mar. 2026
118,757
To Aug. 2026
From Sep. 2026
105,408
To Feb. 2027
From Mar. 2027
19,770To Jun. 2027
From Mar. 2024
35,118To Aug. 2024
From Sep. 2024
112,480
To Feb. 2025
From Mar. 2025
77,362
To Aug. 2025
From Sep. 2025
43,770To Feb. 2026
From Mar. 2026
87,541
To Aug. 2026
From Sep. 2026
50,896
To Feb. 2027
From Sep. 2023
99,900To Mar. 2024
From Mar. 2024
97,300To Sep. 2024
From Oct. 2023
128,518
To Apr. 2025
From Nov. 2023
104,000
To Feb. 2025
From Dec. 2023
42,000To Aug. 2024
From Mar. 2024
51,550To Aug. 2024
From Sep. 2024
51,417
To Feb. 2025
From Mar. 2025
52,739To Aug. 2025
From Mar. 2024
39,000To Aug. 2024

EQUINIA Aobadori(Sendai City, Miyagi)
PROUD FLAT Sangen Jaya
(Setagaya Ward, Tokyo)
PROUD FLAT Yokohama(Yokohama City, Kanagawa)
PROUD FLAT Hirai(Edogawa Ward, Tokyo)

Renewal of air conditioner
system (phase Ⅳ/Ⅳ)
Repair of exterior wall
Repair of exterior wall
Repair of exterior wall

From Sep. 2024
To Dec. 2024
From Oct. 2023
To Mar. 2024
From Oct. 2024
To Feb. 2025
From Oct. 2023
To Mar. 2024

20,000--37,400--52,000--29,900--(Note) Total amount already paid does not include the amount paid during the 17th fiscal period.

(b)Capital Expenditures during the 17th Fiscal Period
The following is an overview of the major construction work falling under the category of capital
expenditures that was conducted during the 17th fiscal period for the assets held as of the end of
the 17th fiscal period. Capital expenditures during the 17th fiscal period were ¥3,524,595
thousand and, when combined with the ¥1,843,267 thousand repair expenses classified as
expenses during the 17th fiscal period, a total of ¥5,367,863 thousand in construction work was
implemented. The following construction cost shows the amount equivalent to capital
expenditures.

Name of real estate, etc.
(Location)
NORBESA(Sapporo City, Hokkaido)
NMF Shin-yokohama Building(Yokohama City, Kanagawa)
EQUINIA Shinjuku(Shinjuku Ward, Tokyo)
PROUD FLAT Sangen Jaya Ⅱ(Setagaya Ward, Tokyo)
NRE Sapporo Building(Sapporo City, Hokkaido)
NRE Yotsubashi Building(Osaka City, Osaka)
Iwamoto-cho Toyo Building(Chiyoda ward, Tokyo)
NMF Shibakoen Building(Minato Ward, Tokyo)
EQUINIA Aobadori(Sendai City, Miyagi)
PRIME URBAN Sapporo Idaimae(Sapporo City, Hokkaido)
PRIME URBAN Kita Juyo Jo(Sapporo City, Hokkaido)
Other real estate, etc.

Purpose

PeriodFrom Oct. 2023
To Nov. 2023
Renewal of elevator (control system From Sep. 2023
renewal of 3 units)
To Oct. 2023
Renewal of Packged air Conditioning
From Oct. 2023
Equipment (2nd, 4th and 8th floor)
To Jan. 2024
From Dec. 2023
Floor plans change
To Feb. 2024
Renewal of air conditioner outdoor unit
From Aug. 2023
(phase Ⅲ/Ⅲ)
To Nov. 2023
From Sep. 2023
Renewal of AHU (phase Ⅱ/V)
To Jan. 2024
From Jun. 2023
Renewal of generator
To Feb. 2024
From Sep. 2023
Renewal of elevator
To Oct. 2023
From Sep. 2023
Renewal of air conditioning (phase Ⅱ)
To Feb. 2024
From Nov. 2023
Renewal of intercom system
To Feb. 2024
From Oct. 2023
Renewal of intercom system
To Oct. 2023
From Sep. 2023
Improvement of features
To Feb. 2024
Renewal of GHP outside unit

Total

Construction cost(Thousands of Yen)
104,331
71,27066,954
63,172
56,71549,06242,472
38,24232,644
11,056
2,729
2,985,944
3,524,595- 59 -