thFiscal Period ReportFebruary 1, 2016 - July 31, 2016

Realization of Stable Distribution of
Earnings over the Long Term

Unit-holder Memo

Annual Schedule

Fiscal period-end

January 31 and July 31 of every year

Oct. 2016

General meeting of unitholders

Held at least once every 2 years

Date for determining unitholders exercising voting
rights at meeting Ƥ 

Publication of 12th Fiscal PeriodƤ 
Payment of 12th Fiscal Period
dividend

Nov. 2016 Ƥ
unit-holders

Record date for determining January 31 and July 31 of every year
dividend payments(Dividends will be paid within 3 months of the record date for determining
payments.)

Jan. 2017

End of 13th Fiscal Period

Mar. 2017

Unit listing

Tokyo Stock Exchange (Securities Code: 3269)

Announcement of 13th Fiscal Period
results

Newspaper for public notice

The Nikkei

Apr. 2017

Publication of 13th Fiscal PeriodƤ 

Transfer agent

Mizuho Trust & Banking Co., Ltd. 1-2-1 Yaesu, Chuo-ku, Tokyoƥ   ǡƥ ƬǤǡǤ
1-2-1 Yaesu, Chuo-ku, Tokyo

Contact

Stock Transfer Agency Department

Mailing address

Mizuho Trust & Banking Co., Ltd.
2-8-4 Izumi, Suginami-ku, Tokyo 168-8507

Phone

Phone 0120-288-324 (toll-free in Japan)

Payment of 13th Fiscal Period
dividend
May 2017

 Ƥ
unit-holders

Jul. 2017

End of 14th Fiscal Period

C-23 RESIDIA Sasazuka

To Our Unit-holders

We would like to report on the resultsof Advance Residence Investment
Corporation (ADR) for its 12th Fiscal
Period, or the six months ended July
31, 2016.
Due to the surge of interest in the
J-REIT market triggered by the Bankof Japan's adoption of a negativeinterest rate policy in January
2016, ADRʼs unit price during the
fiscal period remained mostly firm.
Although it fell temporarily to 251,600

yen in June, following the decision by
the United Kingdom to leave the EU,
the unit price recovered quickly andhad reached 284,600 yen by the endof the period, helped by favorable
domestic financial markets.
With regard to managing assetsof the fund, we acquired a total of
five properties (totaling 8.6 billion
yen) and sold one property (800
million yen). The period averageoccupancy rate hit a record high of
96.8%, while at the same time wewere able to continue to increase
rents due to a favorable rental
market environment. Additionally, by
optimizing restoration work we wereable to reduce construction costs
and improve the profitability of theportfolio.
On the financing front, amid asignificant decline in long-term
interest rates, we successfully
lowered payable interest rates while
aggressively seeking longer durations
for borrowings and bond issuance.
We believe that these actions have
led to a further strengthening of
ADR’s financial foundation.

As a result, the dividend per unit forthe period under review exceeded
forecast dividends of 4,590 yen by
184 yen, reaching 4,774 yen.
Moreover,
ADR
resolvedon
September 6, 2016 to conduct apublic offering. By utilizing theadditional
acquisition
capacitygained through this offering, we willcontinue to steadily achieve further
improvements in dividends per unit.
I, therefore, humbly request ourunitholders’ continued warm support.
Thank you.

Advance Residence Investment Corporation
Executive director
AD Investment Management Co., Ltd.
President

Price Movement of Investment Units

Price of investment units (yen)350,000

300,000

250,000ơ 

Mar. 1, 2010

Great East
Great
East Japan
Japan
Earthquake
Mar. 11, 2011

Launched the 1st follow-onơ
Jun. 4, 2010
Jun

Launched
Launched the 3rd fol
followlow-ononơ
Jan. 8, 2013

Launched
Launched the 4th fol
follow
low-ononơ
Jan. 9, 2014Ja

ADR Price ofinvestment units

Tokyo Stock
Exchange REIT
Residential Index

Launched
Launched the 22n
nd folfollowlow-ononơ

Jan. 12, 20122

200,000

Tokyo Stock
Exchange REIT
Index

TOPIX

150,000

100,000

50,0002010/07 2011/01 2011/07 2012/01 2012/07 2013/01 2013/07 2014/01 2014/07 2015/01 2015/07 2016/01 2016/07* The Tokyo Stock Exchange REIT Index, the Tokyo Stock Exchange REIT Residential Index, and TOPIX are re-indexed using ADR’s March 2, 2010 unit price of 112,500 yen as the base.

2

Fiscal Highlights  ǡƤ      ǡ 
DPU

4,774 yen (+184 yen from initial forecast) Ǧ  ǡ   

96.8% (+0.3 pps from initial forecast)Rent increased for 4 consecutive periods +0.45% (+0.32 pps over the previous FP)
Period average occupancy rate  

4 properties valued at 8 billion yen)
Negotiated third-party acquisition (1 property, 600 million yen)

Acquisition of recently built properties from sponsor (a total ofǦǡǦ 
ǦǦ    
Average funding interest rate

0.42%

(average interest rate payable at end of period 1.05%)
Average initial duration of debt raised during the period

9.5 years(average remaining duration of debt at end of period 4.3 years)    ͖͔͕͛  ͖͔͕͛

3

FP January 2017

4,859 yen (+85 yen compared to FP July 2016 DPU)

FP July 2017

4,979 yen (+205 yen compared to FP July 2016 DPU)As of July 31, 2016 Ǧ ȗ
No. of properties

Total assets

Number of leasable units ƪ

255 properties 433.6 billion yen 20,455 units

766,881 m

2Ƥ ƤǦ
NOI yield*

Unrealized gains*

5.7%

88.9 billion yen* “Largest among residential J-REITs” is based on portfolio valuation derived from publicly disclosed materials by each residential J-REIT as of August 26, 2016.
ȗ  ǣ   Ǥ   ǣǲǳȂǲǳΪǲ ǳΪǲƤǳǢ   ǣǲ ǳήǲƤ Ǥǳ   ǡ     
number of operating days.
ȗ Ƥ Ƥ Ǥ

P-109 RESIDIA Ochanomizu II

C-84 RESIDIA Bunkyo-Hongo III

C-85 RESIDIA Shin-Okachimachi II

S-33 RESIDIA Funabashi III

Newly acquired properties

P-108 RESIDIA Nakanobu II

Investment Region

Building Age

Walking Minutes to Train Station(% based on acquisition price)(% based on acquisition price)(% based on acquisition price)

Major Regional
Cities
19% Tok
Tokyo Central
Tokyo
7 Wards
Metropolitan
ropolita
Areaa 9%39%

Over 10 yrs

10 to
o 15 mmin.

6%

Average 10.5 yrs
Over 5 yrs
to 10 yrs

32%

72%

Under 10 yrs

Student

9%951%

Unit Type (% based on no. of units)
Dormitory 2%
Large 2%ƥ Ȁ 1%

Individual

47%

32%

Pass-through type

35%

Under 5 min.

57%

76%

“Student” indicates the proportion of contracts forstudent dormitories and student apartments.

15%

Compact

25%

93%

Under 10 min.

Rents (% based on no. of units)
Under 500K yen 1%
Under 300K yen 3%

Over 500K yen 0.4%

Under
250K yen

FamilyCorporate

5 to 10 min.

47%

Tenant Category (% based on no. of units)

Guaranteed
rent 13%

1%

5%

49%
49

Tokyo 23 Wards

Tokyo 23 Wards

Over 15 min.

Under 5 yrs

Single56%

Single and compact

81%

21%

Under 100K yen

Under 150K yen

23%

Under 250K yen

52%

96%

4

͘   
Rent Change (covers units occupied at both the beginning and end of the period)

0%+0.13%+0.12%+0.08%-0.09%-0.12%+0.45%

  
Overall Portfolio

100%■ Tokyo Central 7 Wards■ Tokyo 23 Wards■ Tokyo Metropolitan Area

■ Major Regional Cities

95%

90%
7th FP

8th FP

96.4%

9th FP

96.4%

10th FP

96.1%

11th FP

96.6%

12th FP

96.5%

96.8%

Propertiespslated for acquisition
q

16

/0

7

5

20

/0
16

3
/0
16
20

20

1
/0
20

16

11
15
/

9
/0
15
20

R-72 RESIDIA Senri-Fujishirodai

20

7
/0
15

5
15

C-87 RESIDIA Koenji

20

/0

3

20

20

15

/0

1
/0
15

14
20

20

/11

9
14
20

14
20

C-86 RESIDIA Kameari

/0

7
/0

5
/0

/0

20

14
20

P-110 RESIDIA Mishuku

14

3

1
/0
20

14

13
20

20

13

/0

/11

9

85%

R-73 RESIDIA Senri-Banpakukoen  Ƥ
210 properties

No. of properties

5.5%
NOI yield

401.8 billion yen

Major Regional Cities

221 properties

240 properties

5.6%

5.6%

417.6 billion yen

410.5 billion yen

424.1 billion yen

20%

19%

10%

5.6%

255 properties

5.7%

425.8 billion yen

433.6 billion yen

19%

19%

10%

10%

9%

17%
10%

29%

29%

31%

32%

31%

32%

45%

44%

39%

40%

40%

39%

FP 01-2014

FP 07-2014

FP 01-2015

FP 07-2015

FP 01-2016

FP 07-2016

Tokyo 23 Wards

5

5.7%

251 properties

15%
11%
Tokyo Metropolitan Area
Tokyo Central 7 Wards

249 properties 
While Maintaining Strong Financial Foundation

Average Interest Rate
Debt Duration
Fixed Interest Ratio(excluding short-term borrowings)

1.26%

93%

1.23%

95%

3.8 yrs

4.1 yrs

FP 01-2014

FP 07-2014

1.21%

1.16%

100%

1.14%

99%

1.05%

98%

93%

4.1 yrs

4.1 yrs

3.9 yrs

4.3 yrs

FP 01-2015

FP 07-2015

FP 01-2016

FP 07-2016 ȗ͘ǡ͙͔͔
Drawdown from Dividend Reserve
Dividend Paid from Net Income(in yen per unit)

5,130
4,615

4,593

4,415

4,523

FP 01-2014

FP 07-2014

4,774

4,572

4,578

Including
503 yenfrom anet gainon sales

4,572

4,577

4,773

FP 01-2015

FP 07-2015

FP 01-2016

FP 07-2016

5,070

( )

ȗ   Ƥ Ǥ

6   
 

For properties with high occupancy, we will not only work to raise rents at the time of tenant replacements, butalso at the time of contract renewals. Furthermore, we will aim to maintain and improve property revenues byactively securing key money and reducing leasing-related expenses. In addition, we will continue to enhance thecompetitive advantages of our properties by systematically conducting timely large-scale renovations, as well as
implementing upgrades appropriate to the age of the building and the property characteristics.

    ƥ  ǡ
           Ƥ  ǯ  
acquiring them mainly from our sponsor or by utilizing information collected by ADR to acquire properties fromthird parties through negotiated transactions. Meanwhile, we will continue to seek opportunities arising from the ƤǯǤǡ ơ ͚ǡ͖͔͕͚ǡ   Ƥ   Ƥ ǡ   (Note) of LTV. Therefore, going
forward we intend to leverage this capacity to achieve further growth in the portfolio.
ȋȌ  ǦƤ ǡǣ͙͗Ψ͙͔Ψ
value basis.

    ǦǡǡƤ ǡ 
ƤǡƤ foundation that is resilient to future market volatility. At the same time, because the long-term interest rate remains
very low, we will continue to strive to further reduce its average payable interest rate.

     ͖͔͕͛ ȋ͕͗ Ȍǡ         ơ  
ȋȌǤ Ƥ ǡ
RTDA as of end of FP January 2017 in equal amounts or more for the maximum 50 years (Note). The amount will be
259 yen for FP January 2017 (13th FP) and 249 yen for FP July 2017 (14th FP).
In the event that the DPU of a period is to be less than 4,500 yen even with the additional distribution describedabove, ADR will, in principle, increase the payout from RTDA to maintain the DPU at 4,500 yen.
(Note)  ǡ Ƥ  
͖͔͕͛ǡ͙͔ǤǦƤ ǡ Ǥ
Ƥ   ͕͔͔Ǥ 
approximately 335 million yen as of end of FP July 2016. However, draw downs may exceed this amount on occasion in order to stabilize the level ofdividends.

7

Sustainability
Contribute to Building a Sustainable Society
and Increase Unit-holders’ Value
Measures Taken During the Fiscal Period Ended July 2016
Environmental Considerations
Installation of LED lighting

Lighting for common areas of 2 properties was replaced with energy-conserving LED lighting.
(LED lighting installed in 29 properties in total by the end of July 2016).

Large-Scale Repairs and Equipment Renewals and Upgrades
Properties’ asset value retained, economic life extended and carbon foot print reduced throughrepairs, renewals and upgrades.
During the Fiscal Period ended July 2016, large-scale repairs were done on 2 properties andupgrades were done on 41 units of 13 properties .
(Track record since the merger*: Large-scale repairs on 19 properties, upgrades on 178 unitsof 21 properties.)

C-34 RESIDIA Kinshicho II*As of August 26, 2016. Excluding properties that have already been sold.

Contribution to Local Communities

AED

Emergency Map  ƤȋȌ

AEDs that are open to public use were newly installed in 9 properties*.
* AEDs were available in 40 properties in total as of the end of July 2016.

Posting Emergency Maps
Emergency maps* showing evacuation routes are posted in common areas of all of our properties.
Emergency Kits

* Maps indicate locations of wide-area evacuation centers to be used in case of a disaster. Maps were available in 255 properties in total
as of the end of July 2016.

Distributing Emergency Kits

Distributed an additional 121 emergency kits* to tenants.
* A cumulative total of 1,155 emergency kits containing rations, helmets, and portable toilets were distributed as of the end of July 2016.

  Ƥ 

No. 1* Highest Number of Residential Properties Awarded  Ƥ 5 properties

P-55 RESIDIA TOWER
Meguro-FudomaeǦ͖͔ Ƥ 
Minatomirai Ocean Tower*Based on materials published by Development Bank of Japan as of June 30, 2016, and compiled by AD Investment Management Co., Ltd.

Participated in the GRESB Survey 2016
Continued to participate in the GRESB Survey after being the first residential J-REIT to participate in 2014.
ADR obtains its first ever“Green Star”

2016 GRESB Survey Result

GRESB is an industry-driven organization committed to assessing the sustainability performance of real estate portfolios (public, private and direct) around the globe. The dynamic benchmark isused by institutional investors to engage with their investments with the aim to improve the sustainability portfolio, and the global property sector at large.

8

I. Fiscal Period ReportManagement’s Discussion and Analysis
1    
Fiscal Period
Operatingresults

BalanceƤ

Per unitƤ

Financial
indicators

Reference
information

Operating revenues(Rental revenue)a(Gain on real estate sales)b
Total operating expenses(Rental business expenses)c(Loss on real estate sales)d(Impairment loss)e
Operating income
Ordinary incomef
Net incomegTotal assetshInterest-bearing liabilitiesi
Net assetsjPaid-in Capitalk
Total dividendslPayout ratiol/g
Total number of units issued and outstandingm
Net assets per unit
j/m
Note 2
Net income per unit
Dividend per unit
l/m
Dividend from earnings per unit
Dividend in excess of earnings per unit
Note 3
Annualized dividend yield
Return on investment (Paid-in Capital)(g+q)/(k+i) Note 3
Return on investment (market capitalization) (g+q)/(m×r+i) Note 3ȋΫΪΪΪȌȀ
FFO per unit
Note 3
Annualizedn
FFO per unit
r/nNote 4
Ratio of ordinary income to total assets
f/hNote 3
Annualized
Equity ratioj/hNote 5Return on equity
g/jNote 3
Annualized
Ratio of interest-bearing liabilities to total assets
i/h
DSCR
o/p
Net income before interest and depreciationoInterest expensespNote 6NOIΫ Ϊ
Note 3, 7
Annualized NOI yield
Note 8Depreciation and amortizationq
Number of properties under management
Number of leasable units at end of period
Note 9ƪ
Note 10
Occupancy rate at end of period
Unit price at end of periodr

8th FP

9th FP

10th FP

11th FP

12th FP

units

From: Feb. 1, 2014
To: Jul. 31, 2014

From: Aug. 1, 2014
To: Jan. 31, 2015

From: Feb. 1, 2015
To: Jul. 31, 2015

From: Aug. 1, 2015
To: Jan. 31, 2016

From: Feb. 1, 2016
To: Jul. 31, 2016

million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
%
Units
yen
yen
yen
yen
yen
%
%
%
yen
yen
times
%
%
%
%
%
%
times
million yen
million yen
million yen%
million yen
–
Units
m2
%
yen

14,668
14,590
–
7,164
5,749
–
–
7,504
5,880
5,880
435,215
221,799
207,757
114,9365,970
101.6
1,300,000
159,813
4,526
4,593
4,593
0
3.8
5.0
3.1
6,413
12,932
19.0
1.4
2.8
47.7
2.9
5.9
51.0
7.2
9,686
1,349
11,295
5.5
2,457
221
19,078719,838.71
95.9
245,500

15,633
14,738
839
7,474
5,817
185
–
8,158
6,591
6,591
430,509
215,799
208,378
114,936
6,669
101.2
1,300,000
160,290
5,070
5,130
5,130
0
3.4
5.5
3.0
6,504
12,903
23.4
1.5
3.0
48.4
3.2
6.3
50.1
7.7
10,476
1,365
11,438
5.3
2,519
240
19,572740,021.39
96.5
301,500

14,998
14,964
–
7,497
5,974
–
–
7,501
5,945
5,944
440,991
227,486
207,653
114,936
5,943
100.0
1,300,000
159,733
4,572
4,572
4,572
0
3.4
5.0
2.9
6,497
13,103
20.6
1.4
2.8
47.1
2.9
5.8
51.6
7.5
9,756
1,309
11,491
5.5
2,502
249
20,122757,856.84
96.4
270,500

15,082
15,082
–
7,593
6,024
–
–
7,489
5,951
5,951
440,108
226,280
207,661
114,936
5,951
100.0
1,300,000
159,739
4,577
4,578
4,578
0
3.5
4.9
3.0
6,524
12,942
20.1
1.4
2.7
47.2
2.9
5.7
51.4
7.4
9,803
1,321
11,588
5.4
2,531
251
20,231
760,453.15
96.7
260,500

15,444
15,444
–
7,716
6,092
3
–
7,727
6,206
6,205
448,160
233,864
207,915
114,936
6,206
100.0
1,300,000
159,935
4,773
4,774
4,774
0
3.4
5.1
2.9
6,752
13,579
21.0
1.4
2.8
46.4
3.0
6.0
52.2
8.0
10,024
1,250
11,920
5.6
2,568
255
20,455
766,881.60
96.6
284,600 ͕Ǥ    Ǥ ƤǤ ƤƤ  Ǥ
 ƤǤ
2. The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
͗Ǥ Ƥ     ͕͕͜͜  ǡ͕͘͜͝  ǡ͕͕͜͕͔  ǡ184 days for the 11th Fiscal Period and 182 days for the 12th Fiscal Period.
4. Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
5. Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
6. In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
7. Annualized NOI yield = Total annualized NOI ÷ Total property acquisition price(The annualized NOI yield is calculated by taking into account the actual number of days of operation for each property.)
8. Depreciation and amortization includes amortization of intangible assets in addition to depreciation of property, plant and equipment.
͝Ǥ ǲƪǳƪ Ǥ ƪȋȌ
indicated on the lease agreement or applicable drawings is stated.
͕͔Ǥ ǲ  ǳ  ǣǲƪǳήǲƪǳέ͕͔͔Ǥ9

2  
The basic policy governing ADR’s investment strategy is the realization of a stable distribution of earnings over the long term,with the aim of steadily increasing earnings per unit (EPU). In accordance with that policy, the initiatives listed below were Ƥ ǡ Ǥ
1. Internal growth driven by maintaining high occupancy rates, increasing rents and reducing restoration costs
ADR maintained high occupancy rates, which averaged 96.8% during the period, while also increasing rents. Moreover,restoration costs were reduced by optimizing the details of restoration work at tenant changeovers. We also proactively
implemented upgrade work in order to maintain or strengthen the competitiveness of our properties.
2. Achieving steady external growth by acquiring recently constructed properties developed by the sponsor
  Ƥȋ  ͜Ǥ͚Ȍǡ     ̵Ǥ ǡ Ƥ
the portfolio, we divested an aged property for 800 million yen.
͗Ǥ Ƥ Ǧ ǡǦǤ ǡ ƤJ-REIT to issue a 15-year investment corporation bond. As a result we not only extended the average remaining duration ofdebt, but also made steady reductions in the average payable interest rate.
ơ ƪ  Ƥ Ǥ

Item

Previous FP
Results

Initial forecast Note 1͕͖ ȋ ͖͔͕͚Ȍ(million yen)ơ   ơ  
+361
+80

Operating revenues

15,082

15,363

15,444

Operating income

7,489

7,509

7,727

+238

+217

Ordinary income

5,951

5,967

6,206

+254

+238

Net income

5,951

5,967

6,205

+254

Earnings Per Unit

4,577 yen

4,590 yen

4,773 yen+196 yen+183 yenNote 2

Dividend Per Unit

4,578 yen

4,590 yen

4,774 yen+196 yen+184 yen+238
Note 2

Notes 1. The initial forecast refers to the earnings forecasts for the 12th Fiscal Period disclosed in the “Brief Summary of Kessan Tanshin” for the 11th Fiscal Period, dated March 11, 2016.
The same holds true hereafter.
͖Ǥ  ƤǤ ǡ Ƥ   ǡ  Ǣ  Ǣ
reduction in funding costs due to lower interest rates. As a result, the EPU was 4,773 yen, so we increased the dividend per unit
(DPU) by 184 yen over the initial 4,590 yen forecast to 4,774 yen.
a) Internal growth driven by maintaining high occupancy rates, increasing rents and reducing restoration costs— Highest average occupancy rate since the merger and steady increases in rent —Ƥ   (Note 3) and, against a backdrop of tight supply in rental housing, the averageoccupancy rate recorded a post-merger high of 96.8%. We not only endeavored to raise rents at tenant replacements andcontract renewals, but revised the master lease contracts for number of properties (from a guaranteed rent contract to apass-through contract), which contributed to the 0.45% increase in total portfolio rent (Note 4) since the beginning of the period.
ǡƪǡ ͖͗
of Tokyo, and the major regional cities is forecast to continue, while new supply of rental housings that might compete with
ADR’s properties continues to be limited. Therefore we expect the rental housing market to continue to be favorable for us
going forward.
— Reducing restoration costs and implementing upgrades —Ƥ    
through optimization of the work. We also continued to implement upgrades of individual units, such as renewing appliancesand changing the layout of the rooms. During this period, we implemented upgrades of 41 units, of which 18 (Note 5) attracted
new tenants. For those units, we managed to raise rents by 16.9% (Note 5) on average over the previous rent. We will continue   Ƥǯ
properties.

10I. Fiscal Period Report— Sustainability —We are taking steps to respond to environmental concerns, to improve tenant satisfaction and to contribute to local
communities. During this period, we continued to change common area lighting to LED lighting, install AED units on our
properties and distribute emergency kits to tenants.
ǡ           Ƥ       Ǥ Ƥ        Ƥ   ǡ  Ƥ  
  ǡ ǡ Ƥ Ǥ
measures to increase the number of awarded properties, and at the end of this period, with the addition of the two awardedǡƤ Ƥ Ǥ ͗Ǥ ǲǳ ǡǤ ǡƤ   
season.
4. This is calculated as the total rent at the end of the period divided by the total rent at the beginning of the period for all units that were held by ADR and occupied by tenants at boththe beginning and the end of the period.
5. Figures are as of August 26, 2016.

b) Steady external growth through acquisition of recently constructed properties developed by the sponsor
The property acquisition environment remains challenging, with a lack of new supply and soaring property prices. Despiteǡ  Ƥ
of the portfolio, by utilizing the sponsor’s pipeline and by acquiring properties from third parties in negotiated transactions.
Ƥ ǡ ǡ  ǡ   Ǧ
properties (at a total acquisition price of 8 billion yen). ADR also acquired a property (acquisition price: 600 million yen) froma third party through a negotiated transaction. Additionally, the decision was made to acquire from another third party, aproperty currently in construction, after its scheduled completion in March 2017 (acquisition price: 1.4 billion yen, scheduledacquisition date: March 29, 2017), also in a negotiated deal. As you can see, even though the property acquisition market was
extremely competitive and the properties were all “hard-to-get properties” within their location, ADR was able to achieve
steady external growth. Meanwhile, we took advantage of the current buoyant real estate market as described above to sellǡ ƥ   ǤǡƤ ǡ͖͙͙͗͗͘Ǥ͚  ǡ
continues to maintain the largest portfolio among residential J-REITs.
c) Financing in a low-interest rate environment Ƥ   ǡƤƤǡ 
͖͘Ǥ͗Ƥ ͝Ǥ͙͔Ǥ͖͘Ψ (Note 6)(Note 7)during this period.
With the long-term interest rates falling further during the period, we actively sought to raise longer term debt while pursuingǤǡ Ƥ Ǧ ͕͙Ǧ
bond, as well as raise a 12-year loan.
ǡƤǡ Ƥ 
 ͖͔ǡƤ ǡ 
to future market volatility.
Ƥ  ǡ͖͗͗Ǥ͜ǡwith an average initial debt duration of 7.3 years, average remaining duration of 4.3 years and an average interest rate of
1.05% (Note 7).
Furthermore, ADR is committed to maintaining its LTV so that it is under the upper guideline limit of 53% on a total asset basis
and 50% on an appraisal basis. At the end of the period, the LTV stood at 52.2% on a total asset basis (Note 8) and 46.0% on an
appraisal basis (Note 8).
 ͚Ǥ Ƥ ͛Ǥ ǡƤ   Ǥ
8. The formulas for calculating total asset LTV and appraisal LTV are below.
Total Asset LTV = Outstanding Interest Bearing Debts ÷ Total Assets
Appraisal LTV = (Loans + Bonds) ÷ Total Appraisal Value of Property Holdings113.    
ADR aims to achieve steady EPU growth by implementing the strategies outlined below.
a) Internal Growth
For properties with high occupancy, we will not only work to raise rents at the time of tenant replacements, but also at thetime of contract renewals. Furthermore, we will aim to maintain and improve property revenues by actively securing key
money and reducing leasing-related expenses. In addition, we will continue to enhance the competitive advantages of ourproperties by systematically conducting timely large-scale renovations, as well as implementing upgrades appropriate to theage of the building and the property characteristics.
b) External Growth   ƥ  ǡ 
          Ƥ  ǯ      
from our sponsor or by utilizing information collected by ADR to acquire properties from third parties through negotiatedtransactions. Meanwhile, we will continue to seek opportunities arising from the buoyant property market to replaceƤǯǤ͚ǡ͖͔͕͚ǡ  ơǤ  Ƥ 
a total of four properties (planned total acquisition price: 7.6 billion yen), of which three were developed by its sponsor,
ITOCHU Corporation. The three properties scheduled to be acquired from the sponsor are all recently constructed properties
in the 23 Tokyo wards and for which stable rental demand can be expected over the long term, while the other remaining
property will be acquired from a third party through negotiated transaction at which we believe to be a reasonable price.
  ơǡƤ  ǡ
͙͗Ψ͙͔Ψ ǡ Ƥ  Ǥǡgoing forward we will focus on utilizing this borrowing capacity to achieve further growth in ADR’s portfolio.
c) Finance Policy(Debt Finance) ǦǡǡƤ ǡ 
ƤǡƤ 
resilient to future market volatility. At the same time, because the long-term interest rate remains very low, we will continue
to strive to further reduce its average payable interest rate.
(Equity Finance)ǡ  ơ͚ǡ͖͔͕͚Ǥ ǡ 
properties as well as pay back debts. As a result, ADR will be able to achieve steady external growth, as well as generateborrowing capacity by lowering its total asset base LTV and securing the potential for further external growth.
d) Dividend Payout Policyȋơ ȋȌƤ    ͖͔͕͛Ȍ       Ƥ     ͖͔͕͛ ȋ͕͗   Ȍǡ 
accordance with the partial revision of the Regulations Concerning Accounting of Investment Corporations, in addition to thebylaws of The Investment Trust Association, the Regulations on Real Estate Investment Trusts and Real Estate Investment
Corporations.
 Ƥ ǡ (Note 9) or more for the maximum 50
years.
In the event that the DPU of a period is less than 4,500 yen even with the above supplemental payout, ADR will, in principle,
increase the payout from the reserve to maintain the DPU at 4,500 yen. (Note 10) ͝Ǥ   ǡƤ  ͖͔͕͛ǡ͕͔͔Ǥ
Ƥ ͙͗͗Ƥ ǡ͙͔Ǥ ǡ ADR, with an aim of stabilizing the dividend, might increase the drawdown amount.
10. However, this does not constitute a guarantee of actual amount of dividend payment. The actual amount of dividend payment will need to be decided ultimately by ADR’s Board of
Directors.

12

I. Fiscal Period Report
4   
The following are changes in paid-in capital and total number of units issued and outstanding over the last 5 years.







Date

Remarks

February 1, 2012Ǧơ

February 29, 2012

Third-party allotment

February 1, 2013Ǧơ

February 27, 2013

Third-party allotment

February 3, 2014Ǧơ

February 26, 2014

Third-party allotment

Total number of units issued and outstanding
Increase
Balance
110,000
1,090,000
10,0001,100,000
135,000
1,235,000
5,000
1,240,000
58,0001,298,000
2,000
1,300,000

Paid-in Capital (million yen)
Notes
Increase
Balance
14,23178,7931
1,293
80,087
2
21,667
101,7543
802
102,557
4
11,967
114,5245
412
114,9366͕Ǥ   ơơ ͕͗͗ǡ͔͛͛ȋǦǣ͕͖͝ǡ͗͛͝Ȍ  Ǥ
2. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 129,379 yen per unit to procure funds for new property
acquisitions and for other purposes.
͗Ǥ  ơơ ͕͚͙ǡ͙͘͝ȋǦǣ͕͚͔ǡ͘͜͝Ȍ  Ǥ
4. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 160,498 yen per unit to procure funds for new property
acquisitions and for other purposes.
͙Ǥ  ơơ ͖͕͗ǡ͔͗͗ȋǦǣ͖͔͚ǡ͖͗͜Ȍ  Ǥ
6. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 206,328 yen per unit to procure funds for new property
acquisitions and for other purposes.

 
The following are the highs and lows of ADR’s unit closing prices on the Tokyo Stock Exchange.
8th FP
July 2014
263,600 yen
206,500 yen

Fiscal Period
Period-end
High
Low

9th FP
January 2015
321,000 yen
245,800 yen

10th FP
July 2015
305,000 yen
269,300 yen

11th FP
January 2016
281,400 yen
229,600 yen

12th FP
July 2016
299,400 yen
251,700 yen

Overview of the Investment Corporation
1 Major Unit-holders
The following are the major unit-holders as of July 31, 2016.
Name

Address

Number of units
held (units)

Percentage ofissued units (%)

Japan Trustee Services Bank, Ltd. (Trust Account)

1-8-11 Harumi, Chuo-ku, Tokyo

335,096

25.77

The Master Trust Bank of Japan, Ltd. (Trust Account)

2-11-3 Hamamatsucho, Minato-ku, Tokyo
1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Squareƥ 

129,942

9.99

78,1986.01

2-2-2 Otemachi, Chiyoda-ku, Tokyo

47,015

3.61

2-5-1 Kita-Aoyama, Minato-ku, Tokyo
1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Squareƥ 
1-18-11 Minamisenba, Chuo-ku, Osaka-city, Osaka
P.O. Box 351 Boston,
Massachusetts 02101 U.S.A.
1776 Heritage Drive, North
Quincy, MA 02171 U.S.A.
1-2-1 Yaesu, Chuo-ku, Tokyo

34,8002.67

15,862

1.22

14,382

1.10

14,373

1.10

13,773

1.05

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)
The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)
ITOCHU Corporation
Trust & Custody Services Bank, Ltd.
(Money Trust Tax Account)
Fuji Fire and Marine Insurance Co., Ltd.
State Street Bank and Trust Company
State Street Bank - West Pension Fund Clients Exempt
Mizuho Trust & Banking Co., Ltd.
Total

11,257

0.86

694,698

53.43

Note “Percentage of issued units” (number of units held as a percentage of total number of units issued and outstanding) is rounded down to two decimal places.

132   
1. The executive director, supervisory directors, and independent auditor as of July 31, 2016, are as follows.

Title
Executive
director

Kenji Kousaka Note 1

Supervisory
director

Hidejiro Matsuda

Supervisory
director
Independent
auditorPrimary concurrent positions

Total amount of compensationƤ 
(thousand yen)

President, AD Investment Management Co., Ltd.

–

Name

Yoshiki Oshimaǡ ƥ 

Note 2

1,800

Auditor, TYO Inc.

1,800ǡƥ ǤǤǤDeloitte Touche Tohmatsu LLC

19,500 Note 3

Notes 1. Kenji Kousaka concurrently serves as president of ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM) and executive director of ADR. The Commissioner of    Ƥ   ͙ǡ͖͔͔͜ ͕͗Ǧ͘ǡ͘   
Exchange Act (as of the date of this document, Article 31-4, Paragraph 1 of the said Act) prior to its revision made by the provisions of Article 1 of the Act for Amendment to the Financial
Instruments and Exchange Act. (Act No. 65 of 2008).
2. The executive director does not receive compensation from ADR.
͗Ǥ       ͖ǡ͕Ƥ   ȋ͖ǡ͙͔͔
thousand yen).

2. Policy for dismissal or refusal of reappointment of independent auditor
The Board of Directors of ADR shall consider the dismissal of independent auditors pursuant to the provisions of the Act on ȋ Ǥ͕͜͝͕͙͕͝ǢȌǡ 
comprehensively taking into account the quality of the audit, audit compensation, and other factors.

3 ǡǡ
The following is the list of the asset management company, asset custodian, and administrative agents as of July 31, 2016.

Delegation
Asset management company

AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited
Management of register ofunit-holders
Management of special
accounts

Administrative agent

Name

Accounting, taxation,
institutional operations
Administration of investment
corporation bonds

Mizuho Trust & Banking Co., Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Trust Bank Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited
Mizuho Bank, Ltd.

14

I. Fiscal Period Report
Real Estate Portfolio
The following are the itemized assets held by ADR as of July 31, 2016.

Propertyno.

Name of real estate

2,414

3,060

1

93.8 87,822

0.6

195.8 87,485

0.6

1,451

1,990

1

100.0 47,2560.3

1100.0 47,256

0.3

1,147

1,220

1

96.8 34,064

0.2

192.5 35,854

0.2

1,174

1,350

1

100.0 35,783

0.2

188.6 36,236

0.2

2,065

2,540

1

100.0 71,374

0.5

193.6 71,647

0.5

1,078

1,190

1

91.0 30,741

0.2

195.4 31,134

0.2

1,073

1,250

1

97.9 33,986

0.2

192.7 32,599

0.2

2,577

2,920

1

100.0 75,463

0.5

1100.0 75,456

0.5

713

718

1

94.1 20,480

0.1

182.4 18,435

0.1

731

855

1

100.0 23,703

0.2

197.5 24,447

0.2

567

695

1

100.0 17,958

0.1

1100.0 17,944

0.1

1,320

1,610

1

95.3 42,877

0.3

198.8 46,370

0.3

P-26 RESIDIA MeguroƤ 
in trustƤ 
Meguro-ku, Tokyo
in trustƤ 
Setagaya-ku, Tokyo
in trustƤ 
Setagaya-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Shibuya-ku, Tokyo
in trustƤ 
Setagaya-ku, Tokyo
in trustƤ 
Shinagawa-ku, Tokyo
in trustƤ 
Shibuya-ku, Tokyo
in trustƤ 
Shinjuku-ku, Tokyo
in trustƤ 
Shibuya-ku, Tokyo
in trustƤ 
Shinjuku-ku, Tokyo
in trustƤ 
Shinjuku-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Minato-ku, Tokyo
in trustƤ 
Shibuya-ku, Tokyo
in trustƤ 
Shinagawa-ku, Tokyo
in trust

739

737

1

83.8 17,432

0.1

184.7 18,309

0.1

P-29 RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estate

1,551

2,040

1

94.1 53,704

0.4

195.3 53,905

0.3P-30 Pianetta Shiodome

Minato-ku, Tokyo

1,827

2,200

1

98.7 63,199

0.4

193.3 63,269

0.4

P-31

Setagaya-ku, Tokyo

314

381

1

83.9 11,029

0.1

185.4 10,249

0.1

312

391

1

100.0 11,1390.1

192.7 10,823

0.1

348

431

1

100.0 12,2110.1

194.3 12,495

0.1

269

334

1

100.0

0.1

1

87.2

0.1

P-2

RESIDIA Shimazuyama

P-3

RESIDIA Nakameguro

P-4

RESIDIA Setagaya-Tsurumaki

P-7

RESIDIA Ikejiriohashi

P-9

RESIDIA Kudanshita

P-10 RESIDIA Hatagaya
P-13

RESIDIA Sakurajosui

P-14 RESIDIA Kita-Shinagawa
P-15

RESIDIA Yoyoginomori

P-16 RESIDIA Shinjuku-East III
Leopalace Udagawacho
P-19
Mansion
P-21

RESIDIA Shinjuku-East II

P-22 RESIDIA Shinjuku-East
P-23 RESIDIA Kanda-Iwamotocho
P-24 RESIDIA Azabujuban II
P-25 RESIDIA Ebisu

15

Location

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2

Shinagawa-ku, Tokyo

P-32 RESIDIA Yoyogi

Shibuya-ku, Tokyo

P-33 RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

P-34 RESIDIA Kyodo

Setagaya-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

RESIDIA Komazawadaigaku

938

1,090

1

98.0 30,653

0.2

192.2 31,227

0.2

1,422

2,010

1

100.0 57,402

0.4

195.2 57,247

0.4

890

1,000

1

97.1 25,784

0.2

192.1 27,709

0.2

572

644

1

93.9 18,089

0.1

182.3 17,452

0.1

9,564

9,779

P-35 RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

884

1,120

1

97.8 32,9280.2

185.3 33,286

0.2

P-36 RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,234

2,770

1

97.7 84,694

0.6

195.0 74,220

0.5P-37 RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,111

1,420

1

89.1 41,5120.3

197.6 41,602

0.3

P-38 RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,940

2,370

1

92.6 66,405

0.4

197.6 68,942

0.4

P-39 RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,151

1,330

1

95.9 36,193

0.2

197.7 35,916

0.2

P-40 RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,257

1,520

1

100.0 41,052

0.3

198.4 41,486

0.3

P-41 RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,111

1,460

1

100.0 40,245

0.3

193.9 38,443

0.2

P-42 RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

877

1,040

1

96.3 30,057

0.2

190.8 30,240

0.2P-43 RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

1,002

1,280

1

95.2 35,739

0.2

185.8 35,228

0.2

P-45 RESIDIA Jiyugaoka

Meguro-ku, TokyoƤ 
in trust

989

1,180

1

85.5 34,4620.2

1100.0 34,751

0.2

P-47 RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,179

2,610

1

92.8 74,008

0.5

194.9 73,727

0.5

P-48 RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,475

3,740

1

95.4 102,8880.7

196.7 101,095

0.7

P-49 RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,118

1,370

1

97.7 37,521

0.2

196.9 40,045

0.3P-50 RESIDIA Nishi-Azabu

Minato-ku, TokyoƤ 
in trust

6,459

7,420

1

97.7 207,530

1.4

194.6 206,193

1.3

Propertyno.

Name of real estate

Location

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2

Minato-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trust

Shinagawa-ku, Tokyo

Real estate

15,285 18,200

1100.0 454,115

3.0

1100.0 454,376

2.9

P-56 RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,571

1

98.2 88,1410.6

198.3 88,102

0.6

P-58 RESIDIA Minami-Aoyama

Minato-ku, Tokyo

Real estate

708

492

1

100.0 15,017

0.1

189.2 17,964

0.1

P-59 RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,517

2,050

1

98.5 57,1200.4

195.6 55,956

0.4

P-60 RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,358

1,430

1

90.7 39,750

0.3

196.4 39,961

0.3

P-61 RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,954

2,150

1

97.9 55,822

0.4

197.6 57,904

0.4

P-51

RESIDIA Daikanyama

P-52 RESIDIA Ichigaya
RESIDIA RoppongiP-53
Hinokichokoen
RESIDIA TOWER MeguroP-55
Fudomae

Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo

2,015

2,050

1

93.6 56,853

0.4

1100.0 57,732

0.4

2,363

2,860

1

100.0 76,365

0.5

195.5 78,013

0.5

3,583

4,150

1

85.0 103,956

0.7

191.3 113,315

0.7

3,380

P-62 RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,015

5,990

1

90.4 185,133

1.2

192.1 179,916

1.2

P-63 RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,212

1,510

1

97.4 41,529

0.3

195.4 39,875

0.3

P-64 RESIDIA Nakanobu

1,783

2,280

1

96.9 62,1610.4

195.4 63,144

0.4

1,555

1,760

1

90.9 48,1610.3

195.9 46,821

0.3

P-66 RESIDIA Shibadaimon IIƤ 
Shinagawa-ku, Tokyo
in trustƤ 
Minato-ku, Tokyo
in trustƤ 
Minato-ku, Tokyo
in trust

1,689

1,800

1

97.9 48,285

0.3

195.9 49,982

0.3

P-67 RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,097

1,390

1

97.9 38,460

0.3

194.6 38,753

0.3

P-68 RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,228

1,450

1

94.3 39,357

0.3

197.0 40,434

0.3

P-69 RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,732

2,130

1

97.1 57,818

0.4

196.5 59,999

0.4

P-70 RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

880

987

1

100.0 26,695

0.2

186.7 28,074

0.2

Ƥ 
in trustƤ 
in trust

927

1,060

1

89.9 33,2070.2

1100.0 32,213

0.2

4,450

5,460

1

94.7 160,889

1.1

196.8 168,597

1.1

P-65 RESIDIA Azabudai

P-72 RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

P-73 RESIDIA Shibaura

Minato-ku, Tokyo

P-74 RESIDIA Gotenyama

Shinagawa-ku, Tokyo

Real estate

891

914

1

86.6 29,223

0.2

1100.0 28,693

0.2

P-75 RESIDIA Yutenji

Meguro-ku, Tokyo

5,083

5,810

1

91.2 151,607

1.0

196.5 153,572

1.0Park Tower Shibaura Bayward
P-76
Urban Wing

Minato-ku, Tokyo

9,048 10,900

195.0 317,872

2.1

197.2 310,273

2.0

P-79 RESIDIA Kamimeguro

Meguro-ku, Tokyo

P-81 Windsor House Hiroo

Shibuya-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trust
Real estate andleasehold rights toreal estate

P-84 RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

P-85 RESIDIA Komazawa

Setagaya-ku, Tokyo

P-86 RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

P-87 RESIDIA Ichigaya-Yakuoji

851

963

1

100.0 29,700

0.2

1100.0 30,410

0.2

1,656

1,440

1

100.0 51,239

0.3

184.2 47,240

0.3Real estate

1,390

1,590

1

88.5 44,806

0.3

184.6 43,169

0.3

844

1,170

1

100.0 28,095

0.2

1100.0 28,095

0.2

2,367

2,920

1

95.1 78,806

0.5

197.0 82,193

0.5

Shinjuku-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trust

2,028

2,480

1

100.0 59,834

0.4

196.4 61,544

0.4

P-88 RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,571

1,810

1

93.1 47,799

0.3

192.4 48,297

0.3

P-89 RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,373

4,230

1

90.4 111,515

0.7

194.4 112,564

0.7

P-90 RESIDIA Sasazuka II

Shibuya-ku, Tokyo

3,757

4,430

1

96.4 116,625

0.8

197.5 119,094

0.8

968

1,250

1

100.0 32,041

0.2

194.2 33,936

0.2

787

949

1

77.9 25,998

0.2

196.7 26,487

0.2

1,250

1,610

1

98.4 43,4280.3

195.0 44,102

0.3

1,631

2,050

1

94.9 52,039

0.3

195.9 56,664

0.4

1,492

1,920

1

93.0 45,058

0.3

1100.0 52,489

0.3

3,806

4,230

1

94.8 111,581

0.7

195.6 117,591

0.8

1,133

1,350

1

95.8 35,649

0.2

188.1 35,880

0.2

1,743

1,880

1

97.0 53,2270.4

195.5 51,521

0.3

2,118

2,690

1

96.1 83,397

0.6

198.9 82,142

0.5

P-91 RESIDIA Meguro III
P-92 RESIDIA Jiyugaoka II
P-93 RESIDIA Kudanshita II
P-94 RESIDIA Omori II
P-95 RESIDIA Shirokane-Takanawa
P-96 RESIDIA Nakaochiai
P-97 RESIDIA Nakameguro II
P-98 Artis Court Minamiaoyama
P-99 RESIDIA Yotsuya SanchomeƤ 
in trustƤ 
Meguro-ku, Tokyo
in trustƤ 
Setagaya-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Shinagawa-ku, Tokyo
in trustƤ 
Minato-ku, Tokyo
in trustƤ 
Shinjuku-ku, Tokyo
in trustƤ 
Meguro-ku, Tokyo
in trustƤ 
Minato-ku, Tokyo
in trustƤ 
Shinjuku-ku, Tokyo
in trust

16

I. Fiscal Period Report

Propertyno.

Name of real estate

P-100 RESIDIA Takanawa Katsurazaka

Minato-ku, TokyoƤ 
in trust

952

1,030

1

95.8 28,674

0.2

193.5 28,047

0.2

P-101

RESIDIA Ebisu III

Shibuya-ku, Tokyo

Real estate

654

727

1

96.7 18,491

0.1

190.9 18,220

0.1

P-102

RESIDIA Shinjukugyoen

728

819

1

97.5 22,8780.2

187.4 23,501

0.2

P-103

RESIDIA Minami Shinagawa

1,217

1,320

1

95.9 39,675

0.3

1100.0 35,574

0.2

3,185

3,760

1

92.8 100,002

0.7

194.7 101,900

0.7

1,317

1,520

1

98.3 40,732

0.3

193.7 42,699

0.3

P-106 RESIDIA ShinagawaƤ 
Shinjuku-ku, Tokyo
in trustƤ 
Shinagawa-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Shinagawa-ku, Tokyo
in trust

1,010

1,150

1

87.9 30,473

0.2

194.8 32,349

0.2

P-107

Shibuya-ku, Tokyo

903

936

1

93.4 17,664

0.1

197.4 25,112

0.2

952

980

–

–

–

–

1

95.7 16,826

0.1

853

885

–

–

–

–

1

94.6 12,701

0.1

1,611

2,370

1

99.3 67,053

0.4

198.4 67,396

0.4

2,181

3,420

1

97.6 96,472

0.6

197.3 101,750

0.7

1,414

1,730

1

100.0 45,936

0.3

1100.0 45,952

0.3

1,576

2,070

1

100.0 51,091

0.3

1100.0 51,072

0.3

952

1,350

1

97.0 40,143

0.3

197.5 39,199

0.3

921

1,080

1

94.7 36,515

0.2

196.8 36,578

0.2

2,905

3,580

1

94.1 98,456

0.7

196.3 100,127

0.6

1,561

1,800

1

97.8 48,177

0.3

1100.0 48,405

0.3

861

1,120

1

100.0 32,5610.2

1100.0 32,387

0.2

5,078

5,480

1

100.0 136,751

0.9

1100.0 136,866

0.9

3,005

3,590

1

97.1 98,1020.7

198.7 99,773

0.6

1,866

1,980

1

97.9 56,813

0.4

195.7 57,059

0.4

4,054

4,460

1

94.9 119,360

0.8

199.5 121,156

0.8

828

899

1

96.5 26,717

0.2

196.6 28,375

0.2

1,779

2,200

1

90.9 61,1370.4

197.9 64,000

0.4

553

683

1

92.9 21,087

0.1

197.4 22,136

0.1

360

477

1

96.7 14,735

0.1

1

90.1 14,412

0.1

941

1,150

1

98.4 33,664

0.2

195.3 34,496

0.2

100.0 51,372

0.3

197.7 51,740

0.3

P-104 Chester Court Ochanomizu
P-105

RESIDIA Kanda-Iwamotocho II

RESIDIA Yoyogi II

P-108 RESIDIA Nakanobu II
P-109 RESIDIA Ochanomizu II
C-1

RESIDIA Mitsukoshimae

C-2

RESIDIA Kamata

C-3

RESIDIA Ikebukuro

C-4

RESIDIA Bunkyo-Hongo

C-5

RESIDIA Asakusabashi

C-6

Maison Eclairee Ekoda

C-7

RESIDIA Ueno-Okachimachi

C-8

RESIDIA Bunkyo-Hongo II

C-9

RESIDIA Ryogoku

C-10 RESIDIA Higashi-Ginza
C-12

RESIDIA Nihonbashi-Ningyocho
II

C-13

RESIDIA Omori-Higashi

C-15

RESIDIA Kinshicho

C-16 RESIDIA Negishi
C-17

RESIDIA Shinkawa

C-18 RESIDIA Kamiikebukuro
C-19 RESIDIA Shin-nakano
C-21

RESIDIA Bunkyo-Yushima II

Real estateƤ 
Shinagawa-ku, Tokyo
in trustƤ 
Chiyoda-ku, Tokyo
in trustƤ 
Chuo-ku, Tokyo
in trustƤ 
Ota-ku, Tokyo
in trustƤ 
Toshima-ku, Tokyo
in trustƤ 
Bunkyo-ku, Tokyo
in trustƤ 
Taito-ku, Tokyo
in trustƤ 
Nerima-ku, Tokyo
in trustƤ 
Taito-ku, Tokyo
in trustƤ 
Bunkyo-ku, Tokyo
in trustƤ 
Sumida-ku, Tokyo
in trustƤ 
Chuo-ku, Tokyo
in trustƤ 
Chuo-ku, Tokyo
in trustƤ 
Ota-ku, Tokyo
in trustƤ 
Sumida-ku, Tokyo
in trustƤ 
Taito-ku, Tokyo
in trustƤ 
Chuo-ku, Tokyo
in trustƤ 
Toshima-ku, Tokyo
in trustƤ 
Nakano-ku, Tokyo
in trustƤ 
Bunkyo-ku, Tokyo
in trust
Real estate

1,349

1,780

1

Ƥ 
in trust

1,814

2,090

1

93.7 56,225

0.4

1

99.1 63,159

0.4

Chuo-ku, Tokyo

Real estate

1,137

1,460

1

100.0 38,847

0.3

1100.0 38,847

0.3

C-25 RESIDIA Tamagawa

Ota-ku, Tokyo

1,198

1,590

1

100.0 41,973

0.3

198.0 43,677

0.3

C-26 RESIDIA Korakuen

Bunkyo-ku, Tokyo

C-27 RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

C-28 RESIDIA Oji

Kita-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

C-29 RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

989

1,210

1

95.3 35,373

0.2

192.7 35,181

0.2

C-31

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,033

1,270

1

100.0 35,772

0.2

195.6 36,931

0.2

C-32 RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,289

1,610

1

96.5 46,217

0.3

194.1 45,890

0.3

C-33 RESIDIA Tsukishima II

Chuo-ku, TokyoƤ 
in trust

2,322

2,880

1

95.4 78,532

0.5

195.7 79,718

0.5

C-34 RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

2,264

2,590

1

94.0 70,480

0.5

197.0 75,407

0.5

Bunkyo-ku, TokyoƤ 
in trust

3,161

3,920

1

94.2 108,668

0.7

191.0 112,364

0.7

C-22 RESIDIA Tsukiji

Chuo-ku, Tokyo

C-23 RESIDIA Sasazuka

Suginami-ku, Tokyo

C-24 RESIDIA Kyobashi

C-35 RESIDIA Bunkyo-Otowa

17

Location

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2

558

740

1

97.2 20,743

0.1

1100.0 21,322

0.1

1,867

2,400

1

100.0 60,444

0.4

199.2 63,452

0.4

793

1,020

1

100.0 34,5840.2

1100.0 34,002

0.2

Propertyno.

Name of real estate

Location

C-36 RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2Ƥ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

647

857

1

96.6 25,2150.2

1100.0 25,314

0.2

969

1,270

1

100.0 38,572

0.3

1

94.2 37,387

0.2

351

404

1

93.9 12,820

0.1

191.0 13,662

0.1

512

727

1

100.0 21,4440.1

196.3 22,066

0.1

C-37 RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

C-38 RESIDIA Ikegami

Ota-ku, Tokyo

C-39 RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

C-40 RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,364

1,600

1

97.5 44,044

0.3

195.2 45,481

0.3

C-41 RESIDIA Iriya

Taito-ku, TokyoƤ 
in trust

899

1,120

1

96.0 36,7140.2

1100.0 36,994

0.2

C-42 RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,260

1,520

1

93.4 41,066

0.3

191.3 40,760

0.3

C-43 RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,773

2,080

1

96.7 56,404

0.4

197.6 57,708

0.4

C-44 RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,221

1,390

1

96.7 43,982

0.3

195.0 44,061

0.3

C-45 RESIDIA Shinkawa II

Chuo-ku, Tokyo

1,218

1,510

1

95.1 42,403

0.3

198.5 43,976

0.3

C-46 RESIDIA Mejiro

Toshima-ku, Tokyo

6,167

7,380

1

95.4 218,709

1.5

193.5 220,569

1.4

C-47 RESIDIA Kasai

Edogawa-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trust

675

803

1

93.4 25,957

0.2

196.7 27,549

0.2

C-48 RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

C-49 RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

C-50 RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

C-51

Koto-ku, TokyoRESIDIA Kiba

Real estate

5,167

6,800

1

100.0 165,484

1.1

198.2 177,876

1.2

Ƥ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

3,688

5,280

1

100.0 136,532

0.9

1100.0 136,656

0.9

864

1,190

1

100.0 29,739

0.2

1100.0 29,739

0.2

1,933

2,850

1

97.4 77,920

0.5

1100.0 84,206

0.5

1,109

1,450

1

96.9 37,666

0.3

196.9 37,146

0.2

C-52 RESIDIA Bunkyo-Yushima III

Bunkyo-ku, TokyoRESIDIA BunkyoC-53
Honkomagome

Bunkyo-ku, Tokyo

Real estate

2,324

2,850

1

100.0 81,055

0.5

196.8 83,820

0.5

C-54 RESIDIA Tsukishima III

Chuo-ku, Tokyo

2,518

3,510

1

94.1 90,722

0.6

1100.0 93,427

0.6

C-55 RESIDIA Minami-senjyu

Arakawa-ku, TokyoƤ 
in trustƤ 
in trust

2,512

3,460

1

100.0 160,168

1.1

198.6 161,437

1.0C-56 RESIDIA Ogikubo

Suginami-ku, Tokyo

Real estate

1,771

2,170

1

97.0 60,251

0.4

1100.0 61,876

0.4

C-57 RESIDIA Monzennakacho

Koto-ku, Tokyo

C-58 RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

C-59 RESIDIA Omori

Ota-ku, Tokyo

C-60 RESIDIA Nakamurabashi

Nerima-ku, Tokyo

C-61 RESIDIA Kachidoki

Chuo-ku, Tokyo

C-62 RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

C-63 RESIDIA Kinshicho III

Koto-ku, Tokyo

C-64 RESIDIA Kamata III

Ota-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

987

1,240

1

98.5 36,258

0.2

198.5 36,412

0.2

2,078

2,730

1

95.4 73,972

0.5

192.0 74,334

0.5

1,142

1,420

1

97.4 41,031

0.3

1100.0 41,670

0.3

1,060

1,310

1

90.5 37,008

0.2

197.3 38,647

0.3

1,786

2,350

1

92.8 64,992

0.4

1

96.1 63,942

0.4

2,316

2,870

1

96.4 79,375

0.5

195.6 81,434

0.5

664

802

1

100.0 25,4140.2

1100.0 25,432

0.2

945

1,200

1

95.2 32,8700.2

195.2 33,919

0.2

197.5 704,896

4.7

197.6 708,438

4.6

Real estate

529

600

1

100.0 16,880

0.1

1100.0 16,422

0.1

Itabashi-ku, Tokyo

Real estate

611

684

1

100.0 18,084

0.1

1100.0 18,084

0.1

C-68 RESIDIA Shimura-Sakaue II

Itabashi-ku, TokyoƤ 
in trust

1,139

1,330

1

100.0 35,940

0.2

1100.0 35,562

0.2

C-69 RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

434

492

1

100.0 13,6080.1

1100.0 13,608

0.1

C-70 RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

1,131

1,320

1

89.4 40,857

0.3

195.6 42,488

0.3

C-71

Koto-ku, Tokyo

1,299

1,530

1

98.9 43,681

0.3

1100.0 44,647

0.3

1,201

1,270

1

98.1 40,911

0.3

196.7 40,813

0.3

1,795

1,900

1

98.3 51,804

0.3

193.5 54,369

0.4

521

623

1

100.0 18,060

0.1

1100.0 18,060

0.1

402

456

1

100.0 14,3880.1

1100.0 14,354

0.1

697

749

1

100.0 22,007

0.1

192.4 21,783

0.1

C-65 RESIDIA TOWER Kamiikebukuro Toshima-ku, Tokyo
C-66 RESIDIA Takashimadaira

Itabashi-ku, Tokyo

C-67 RESIDIA Shimura-Sakaue

C-72 RESIDIA Machiya

Arakawa-ku, Tokyo

C-73 RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

C-74 RESIDIA Nerima

Nerima-ku, Tokyo

C-75 RESIDIA Higashi-Nihonbashi

Chuo-ku, TokyoƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

C-76 RESIDIA Nakano

Nakano-ku, Tokyo

Real estate

RESIDIA Ojima

8,257 10,800

18

I. Fiscal Period Report

Propertyno.

Name of real estate

Real estate

495

541

1

100.0 13,620

0.1

1100.0 13,620

0.1

Ƥ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

1,374

1,490

1

93.6 42,517

0.3

197.5 42,853

0.3

1,010

1,150

1

94.8 32,645

0.2

195.4 33,355

0.2

908

1,080

1

96.7 32,378

0.2

198.3 31,879

0.2

1,437

1,560

1

88.1 39,892

0.3

198.6 41,432

0.3

2,037

2,280

1

98.3 58,949

0.4

198.3 64,285

0.4

Ƥ 
Chuo-ku, Tokyo
in trustƤ 
Bunkyo-ku, Tokyo
in trustƤ 
Taito-ku, Tokyo
in trust
Kawaguchi-shi,Ƥ 
in trust
SaitamaƤ 
Matsudo-shi, Chiba
in trust
Yokohama-shi,Ƥ 
in trust
KanagawaƤ 
Chofu-shi, Tokyo
in trustƤ 
Wako-shi, Saitama
in trustƤ 
Kokubunji-shi, Tokyo
in trust
Yokohama-shi,Ƥ 
in trust
Kanagawa
Yokohama-shi,Ƥ 
in trust
Kanagawa

1,894

2,170

1

100.0 61,1820.4

194.5 60,386

0.4

1,714

1,750

–

–

–

–

1

100.0 33,695

0.2

4,834

4,990

–

–

–

–

1

98.8 92,863

0.6

716

741

1

92.3 27,681

0.2

1100.0 28,931

0.2

1,046

1,180

1

97.7 43,760

0.3

197.7 43,958

0.3

1,798

1,940

1

100.0 61,5030.4

1100.0 61,415

0.4

1,089

1,170

1

97.5 33,2320.2

196.1 33,263

0.2

689

731

1

100.0 26,182

0.2

1100.0 26,182

0.2

C-77 RESIDIA Ogikubo II

Suginami-ku, Tokyo

C-78 RESIDIA Minamiyukigaya

Ota-ku, Tokyo

C-79 RESIDIA Akihabara

Taito-ku, Tokyo

C-80 RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

C-81 RESIDIA Omori III

Ota-ku, TokyoRESIDIA Nihonbashi-Bakurocho
C-82
II
RESIDIA Nihonbashi-Bakurocho
C-83
III
C-84 RESIDIA Bunkyo-Hongo III
C-85 RESIDIA Shin-Okachimachi II
S-2

Chester House Kawaguchi

S-4

RESIDIA Higashi-Matsudo

S-5

RESIDIA Shin-Yokohama

S-7

RESIDIA Chofu

S-11

Tokyo Student-House WAKO

S-12

RESIDIA Kokubunji

S-14

RESIDIA Yokohama-Kannai

S-15

RESIDIA Okurayama

S-16 RESIDIA Musashikosugi
S-17

RESIDIA Funabashi I
RESIDIA Funabashi II

S-19 RESIDIA Kichijoji
S-20 Ƥ 
Minatomirai Ocean Tower

Chuo-ku, Tokyo

512

595

1

97.0 18,769

0.1

190.7 18,944

0.1

1,551

1,840

1

95.6 55,593

0.4

1

99.1 56,162

0.4

725

910

1

100.0 27,2350.2

1100.0 27,087

0.2Real estate

1,505

1,890

1

97.8 55,922

0.4

193.0 55,650

0.4

Funabashi-shi, ChibaƤ 
in trust

2,572

3,060

1

100.0 94,1280.6

1100.0 94,086

0.6

Musashino-shi,TokyoƤ 
in trust

1,431

1,590

1

98.0 46,700

0.3

195.7 49,519

0.3

Yokohama-shi,
Kanagawa

Real estate andleasehold rights toreal estate

12,152 15,900

1100.0 566,075

3.8

1100.0 569,920

3.7

Real estate

1,565

2,250

1

100.0 70,704

0.5

1100.0 70,704

0.5Ƥ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

781

1,090

1

100.0 32,7600.2

1100.0 32,760

0.2

2,112

2,810

1

95.5 81,774

0.5

198.3 88,433

0.6

835

1,020

1

96.5 35,498

0.2

197.6 36,249

0.2

815

981

1

93.2 30,702

0.2

189.2 31,950

0.2

771

922

1

97.3 33,012

0.2

198.7 33,926

0.2

1,654

2,150

1

91.1 58,815

0.4

194.6 61,624

0.4

1,034

1,190

1

100.0 45,0000.3

1100.0 45,000

0.3

1,094

1,230

1

100.0 42,9240.3

1100.0 43,521

0.3

782

1,110

1

94.5 24,8660.2

1100.0 32,322

0.2

656

683

1

96.2 23,9990.2

198.1 24,078

0.2

Kawasaki-shi,
Kanagawa

S-23 College Court Tanashi

Yokohama-shi,
Kanagawa
Nishi-Tokyo-shi,Tokyo

S-24 RESIDIA Urayasu

Urayasu-shi, Chiba

S-25 RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

S-26 RESIDIA Urayasu II

Urayasu-shi, Chiba

S-27 RESIDIA Gyotoku

Ichikawa-shi, Chiba

S-28 RESIDIA Kawasaki

S-32 RESIDIA Hon-Atsugi

Kawasaki-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Sagamihara-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Atsugi-shi,
Kanagawa

S-33 RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

669

679

–

–

–

1

100.0 13,840

0.1

R-2

RESIDIA Imadegawa

Kyoto-shi, Kyoto

1,509

1,720

1

100.0 62,3790.4

1100.0 61,919

0.4

R-4

RESIDIA Higashizakura

Nagoya-shi, Aichi

1,071

1,390

1

89.9 45,989

0.3

1

98.9 47,365

0.3

R-5

RESIDIA Kameyama

Kameyama-shi, Mie

1,556

1,190

1

97.1 59,905

0.4

1100.0 59,512

0.4

R-6

RESIDIA Ryokuchikoen

Toyonaka-shi, OsakaƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

907

963

1

86.0 29,2460.2

188.1 29,935

0.2

S-22 Life & Senior House Kohoku II

S-29 Cocofump Hiyoshi
S-30 RESIDIA Sagamihara
S-31

19

Location

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2RESIDIA Yokohama-Bashamichi

Real estate–Propertyno.

Name of real estate

Location

R-8

RESIDIA Kobe Port IslandȋǤǢǤȌRESIDIA Kobe Port Island(North Bldg.)

Kobe-shi, Hyogo

R-10 RESIDIA Hakata

Fukuoka-shi,
Fukuoka

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2Ƥ 
in trust

3,496

4,070

1

100.0 125,4450.8

1100.0 125,359

0.8Real estate

1,153

1,400

1

98.8 50,258

0.3

198.7 51,736

0.3

RESIDIA Tenjinbashi

Osaka-shi, OsakaƤ 
in trust

868

1,120

1

96.3 35,407

0.2

198.4 35,976

0.2

R-12 RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

2,000

2,760

1

98.4 90,246

0.6

193.9 89,941

0.6

R-11

R-13 KC21 Building

Sendai-shi, Miyagi

Real estate

891

1,020

1

91.8 35,169

0.2

192.4 37,038

0.2

R-14 RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

1,070

1,420

1

100.0 46,639

0.3

1

94.3 46,896

0.3

R-15 RESIDIA Kyoto-ekimae

Kyoto-shi, KyotoƤ 
in trust

1,814

2,390

1

99.4 75,393

0.5

198.7 77,052

0.5

R-16 RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,173

3,020

1

98.0 99,947

0.7

1

94.3 98,500

0.6

R-17 RESIDIA Hibino

Nagoya-shi, Aichi

1,177

1,460

1

98.4 65,997

0.4

1

95.1 68,261

0.4

R-19 RESIDIA Tenjin-Minami

851

1,160

1

94.6 39,100

0.3

191.1 39,127

0.3

R-20 RESIDIA Hakataeki-Minami

Fukuoka-shi,
Fukuoka
Fukuoka-shi,
FukuokaƤ 
in trustƤ 
in trustƤ 
in trust

288

390

1

92.6 15,590

0.1

197.4 15,928

0.1

R-21 RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

Real estate

621

807

1

94.8 25,673

0.2

192.6 25,819

0.2

R-24 RESIDIA Minami-Ichijo

Real estate

1,493

1,970

1

98.4 75,414

0.5

199.6 75,932

0.5Real estate

1,225

1,440

1

100.0 57,708

0.4

198.7 57,648

0.4

R-26 RESIDIA Kita-Sanjo

Sapporo-shi,
Hokkaido
Sapporo-shi,
Hokkaido
Sapporo-shi,
Hokkaido

Real estate

1,024

1,360

1

100.0 50,577

0.3

197.8 50,691

0.3

R-27 RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

771

890

1

97.2 33,249

0.2

194.6 31,937

0.2

R-25 RESIDIA Odori-Nishi

R-29 RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

657

743

1

94.0 31,545

0.2

189.6 34,764

0.2

R-30 RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,398

4,290

1

93.4 142,886

0.9

195.1 142,146

0.9

R-31 RESIDIA Maruyama Kita-Gojo

Sapporo-shi,
Hokkaido

Real estate

971

1,200

1

91.3 44,124

0.3

192.9 45,402

0.3

R-32 RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

702

868

1

92.6 29,296

0.2

192.2 28,505

0.2

R-34 RESIDIA Odori-Koen

Sapporo-shi,
Hokkaido

Real estate

1,862

2,450

1

96.9 93,339

0.6

1

98.1 94,650

0.6

R-35 RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,120

1,560

1

90.3 45,815

0.3

198.3 47,251

0.3

R-36 RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

645

915

1

90.9 29,914

0.2

1

95.1 30,699

0.2

R-37 RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

518

723

1

100.0 23,9140.2

1100.0 25,951

0.2

R-38 RESIDIA Hirosedori

Sendai-shi, MiyagiƤ 
in trustƤ 
in trustƤ 
in trust

486

656

1

100.0 21,8470.1

1100.0 21,839

0.1

R-39 RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,424

1,840

1

95.4 58,955

0.4

197.7 59,754

0.4

R-40 RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

1,023

1,320

1

97.8 41,840

0.3

199.0 43,318

0.3

R-41 RESIDIA Esaka

Suita-shi, Osaka

983

1,270

1

93.0

39,845

0.3

1

95.3

40,5450.3

R-42 RESIDIA Nishijin

Fukuoka-shi,
Fukuoka

2,329

2,940

1

96.3 105,589

0.7

198.3 106,334

0.7

1,185

1,620

1

96.9

55,702

0.4

1

96.9

55,760

0.4

2,682

3,640

1

97.7 121,384

0.8

197.3 122,012

0.8

889

1,110

1

98.3

41,917

0.3

1

96.4

42,073

0.3

1,919

2,400

1

97.0

72,660

0.5

1

96.4

73,774

0.5

974

1,220

1

93.1

40,276

0.3

1

95.5

40,597

0.3

1,477

2,100

1

97.1

74,550

0.5

1

98.0

76,646

0.5

1,227

1,530

1

96.1

48,191

0.3

1

90.2

45,3820.3

R-43 RESIDIA Tsurumai

Nagoya-shi, Aichi

R-44 RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

R-45 RESIDIA Kita-Nijyo-East

Sapporo-shi,
HokkaidoR-46 RESIDIA Shinsaibashi West

Osaka-shi, Osaka

R-47 RESIDIA Marunouchi

Nagoya-shi, Aichi

R-48 RESIDIA Sapporo-Ekimae

Sapporo-shi,
Hokkaido

R-49 RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

R-50 RESIDIA Rakuhoku

Kyoto-shi, KyotoƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

875

1,010

1

93.0

33,461

0.2

1

93.6

35,0370.2

R-51 RESIDIA Miyakojima I & II

Osaka-shi, Osaka

Real estate

3,310

4,570

1

97.7 153,844

1.0

195.7 153,678

1.0

R-52 RESIDIA TOWER Sendai

Sendai-shi, MiyagiƤ 
in trust

1,777

2,000

1

97.0

0.5

1

91.8

0.5

68,74269,65020

I. Fiscal Period Report

Propertyno.

Name of real estate

11th Fiscal Period
12th Fiscal Period(Aug. 1, 2015 ~ Jan. 31, 2016)(Feb. 1, 2016 ~ Jul. 31, 2016)
Appraisal
Book value
Total number
value at end Total number Occupancy
RentalOccupancy
RentalType ofat end ofof period of tenants rate at end of revenue Percentage of tenants rate at end of revenue Percentage
ownership
period
at
end
of
of
total
rent
at
end
of
of total rent
(million yen)period(thousandperiod(thousand(million yen)periodrevenueperiodrevenue(Note 1)
(%)
yen)
(%)
yen)
(tenants)(%)(tenants)(%)
Note 3Note 4Note 3Note 4Note 2
Note 2

Location

R-61 RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

R-62 RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

R-63 RESIDIA Kita-Nijyo-East II

R-69 RESIDIA Kego

Sapporo-shi,
Hokkaido
Fukuoka-shi,
Fukuoka
Sapporo-shi,
Hokkaido
Fukuoka-shi,
Fukuoka
Fukuoka-shi,
Fukuoka
Fukuoka-shi,
Fukuoka
Fukuoka-shi,
Fukuoka

R-70 RESIDIA Shirakabe

Nagoya-shi, AichiƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trustƤ 
in trust

Nagoya-shi, Aichi

Real estate

R-53 RESIDIA Higashizakura II

Nagoya-shi, Aichi

R-54 RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

R-55 RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

R-56 RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

R-57 RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

R-58 RESIDIA Minami-Ichijo East

Sapporo-shi,
Hokkaido

R-59 RESIDIA Shin-Osaka

Osaka-shi, Osaka

R-60 RESIDIA Okayama-Ekimae

Okayama-shi,
Okayama

R-64 RESIDIA Takamiya
R-65 RESIDIA Soen
R-66 RESIDIA Tenjin
R-67 RESIDIA Yakuin-Oodori
R-68 RESIDIA Hakata II

R-71 RESIDIA Sakae
Total

2,894

3,660

1

93.5 121,224

0.8

194.7 123,207

0.8

1,808

2,310

1

98.1

82,483

0.5

1

94.4

83,308

0.5

1,066

1,340

1

97.8

46,248

0.3

1

84.3

42,585

0.3

1,130

1,590

1

100.0

53,182

0.4

1

95.0

53,530

0.3

600

857

1

100.0

30,718

0.2

1

97.6

31,236

0.2

1,079

1,330

1

100.0

48,052

0.3

1

95.9

48,891

0.3

2,814

3,420

1

100.0

90,428

0.6

1

100.0

90,400

0.6

806

934

1

100.0

35,094

0.2

1

100.0

35,144

0.2

239

301

1

100.0

9,760

0.1

1

100.0

9,761

0.1

1,124

1,340

1

100.0

42,606

0.3

1

100.0

43,448

0.3

566

715

1

100.0

26,698

0.2

1

97.8

26,978

0.2

508

568

1

97.7

19,069

0.1

1

96.9

18,971

0.1

407

523

1

100.0

20,851

0.1

1

90.0

20,498

0.1

1,159

1,290

1

93.2

40,902

0.3

1

90.9

40,843

0.3

1,157

1,310

1

97.8

43,083

0.3

1

90.1

41,444

0.3

1,401

1,530

1

93.8

47,780

0.3

1

98.1

50,208

0.3

872

1,080

1

90.2

33,794

0.2

1

97.7

36,346

0.2

969

1,070

1

86.9

33,975

0.2

1

92.6

34,848

0.2

944

955

1

92.2

1,567

0.0

1

87.0

27,4390.2

419,232 508,185

250

96.7 15,041,423

100.0

255

96.6 15,430,919

100.0

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting of Investmentǳƥ ǡ ͕͗ǡ͖͔͕͚Ǥ
2. “Total number of tenants,” is counted as “1” if the property is leased under a master lease agreement to a master lessee.
Because all properties held by ADR as of July 31, 2016 are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates the total number of master
lease agreements, which were concluded with 13 master lessees.
͗Ǥ ǲ  ǳ  ǣǲƪǳήǲƪǳέ͕͔͔Ǥ͘Ǥ ǲǳ Ƥ Ǥ
Assets scheduled to be acquired related to forward commitments (Note 5)
Property
Name of real estate (Note 6)
Location
Type of ownership
no.
R-72

RESIDIA Senri-Fujishirodai (Note 7)

Suita-shi, OsakaƤ 

Real estate appraisal value(million yen)
1,580

Notes 5. This is a forward-dated sales contract in which settlement and delivery of property will be made at least one month after the date of contract or other similar contracts.
6. The assets scheduled to be acquired are listed by the name scheduled at the time of acquisition by ADR (March 2017: after completion). The same applies for the rest of this report unless ƤǤ͛Ǥ   Ƥ      ͖͝ǡ͖͔͕͚Ǥ  ͕Ǥ͗͘  
is March 29, 2017.

21

Capital Expenditures
1 
The following table lists the major capital expenditures for renovations currently planned for the real estate and the underlyingƤ Ǥ  
expenses for accounting purposes.
(million yen)

Estimated amounts
Name of real estate(Location)

PurposeEstimated duration

RESIDIA Bunkyo-Otowa(Bunkyo-ku, Tokyo)

Major repair work

From: Mar. 2016
To: Sep. 2016

109

13

13

RESIDIA Hakata(Fukuoka-shi, Fukuoka)

Major repair work

From: Aug. 2016
To: Jan. 2017

86

–

–

RESIDIA Okayama-Ekimae(Okayama-shi, Okayama)

Major repair work

From: Jul. 2016
To: Jan. 2017

68

–

–

RESIDIA Hakataeki-Minami(Fukuoka-shi, Fukuoka)

Major repair work

From: Aug. 2016
To: Dec. 2016

39

–

–

RESIDIA Mejiro(Toshima-ku, Tokyo)

Renovation work on individual
units

From: Jul. 2016
To: Jan. 2017

34

–

–

Total
amounts

Payment for
Cumulative
the current
amount paid
period2 
The following table lists the major capital expenditures for renovations ADR conducted in the current period. The total capital   Ƥ    ͕͕͗       ǡ     maintenance cost of 505 million yen, the cost of construction work totals 816 million yen.
(million yen)

Name of real estate(Location)

Purpose

Implementation period

Amount paid

RESIDIA Shin-nakano(Nakano-ku, Tokyo)

Major repair work

From: Apr. 2016
To: Jul. 2016

30

RESIDIA TOWER Sendai(Sendai-shi, Miyagi)

Improvements to intercom
equipment

From: Apr. 2016
To: May 2016

8

RESIDIA Kameyama(Kameyama-shi, Mie)ƪplot

From: May 2016
To: Jun. 2016

6

Other real estate

Renovations
Total

265
311

22

I. Fiscal Period Report
3 
Based on medium- to long-term upgrades and renovation plans for each property, ADR sets aside the following cash reserves, ƪ ȋ ȌǡǦ repair work and upgrades.
(million yen)

Fiscal Period

9th FP

10th FP

11th FP

12th FP

From: Feb. 1, 2014
To: Jul. 31, 2014

From: Aug. 1, 2014
To: Jan. 31, 2015

From: Feb. 1, 2015
To: Jul. 31, 2015

From: Aug. 1, 2015
To: Jan. 31, 2016

From: Feb. 1, 2016
To: Jul. 31, 2016

Balance of reserves at
beginning of period

1,684

1,618

1,614

1,423

1,658

Amount of reserves
during period

524

565

534

584

605

Reversal of reserves
during period

590

569

725

349

292

1,618

1,614

1,423

1,658

1,970

Amount carried forward
to next period

P-73 RESIDIA Shibaura

23

8th FPAcquisitions and Disposals in the 12th Fiscal Period
1  Ǧ  
Acquisition

Disposition

Propertyno.

Name of real estate

Acquisitiondate

Acquisition
Price Note
(million yen)

C-84

RESIDIA Bunkyo-Hongo III

Mar. 24, 2016

1,655

–

C-85

RESIDIA Shin-Okachimachi II

Mar. 24, 2016

4,650

S-33

RESIDIA Funabashi III

Mar. 30, 2016

620

P-108

RESIDIA Nakanobu II

Apr. 14, 2016

P-109

RESIDIA Ochanomizu II

S-21

Maison Yachiyodai

Gain (Loss)on sales(million yen)

–

–

–

–

–

–

–

917

–

–

–

–

Apr. 14, 2016

821

–

–

–

–

–

–

Mar. 24, 2016

840

818

(3)

–

840

818

(3)

Total
Note

Disposition
price Note
(million yen)Book value(million yen)

Disposition date

8,663

“Acquisition price” or “Disposition price” is the purchase or sale price entered in the transaction agreements, and does not include various expenses, such as broker commission,and taxes and duties, required in the acquisition or in the disposition of the concerned real estate.

2   
1) Transactions  Ƥ͕͖Ƥ Ǥ
Purchase/Sales amountƤ 
Total amount (12th FP)

Purchase amount

Sales amount

8,663,000 thousand yen

840,000 thousand yen

Breakdown of transaction with interested parties
ITOCHU Corporation

8,043,000 thousand yen / 92.8%- thousand yen / -%2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 12th Fiscal Period.

Ƥ 

Total amount ofcommission fees(A)(thousand yen)

Breakdown of transaction with interested parties
Payee

Amount paid(B)(thousand yen)Share(B)/(A)(%)

1,367,407

ITOCHU Urban Community Ltd.

802,000

58.7

Other rental expenses

110,865

ITOCHU Urban Community Ltd.

66,427

59.9

Advertising expenses

4,410

ITOCHU Urban Community Ltd.

3,210

72.8

ITOCHU Urban Community Ltd.

31,666

21.9

91

0.1

Property management fees

Other fees

144,764

ITOCHU Human Resources & Generalơ   Ǥ

Notes 1. Transactions are not disclosed if the nominal counter party is an interested party but the actual counter party is clearly a third party.
͖Ǥ   ǡ  Ǥ    Ƭ ơ   Ǥ 
signed an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article 123 of the Enforcement
Order thereof, with which ADR engaged in transactions in the 12th Fiscal Period.

24

I. Fiscal Period Report

R-52 RESIDIA TOWER Sendai

25

26

III. Financial Statements 
(Thousands of yen)
As of January 31, 2016
AssetsCurrent assets
Cash and deposits (Notes 8 and 10)
Cash and deposits in trust (Notes 8 and 10)
Operating accounts receivable
Securities (Notes 10, 11 and 22)
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment (Notes 14, 18, 19, 21 and24)
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, netǡƤ
Accumulated depreciationǡƤǡLand
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, netǡƤ
Accumulated depreciationǡƤǡLand in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets (Note 24)
Leasehold rights (Note 19)
Leasehold rights in trust (Note 19)
Other
Total intangible assets

27

As of July 31, 2016

11,812,806
9,080,483
245,5483,000,000
362,493
8,847(14,118)
24,496,061

16,504,881
9,348,598
206,960
390,904
5,594(12,475)
26,444,463

74,103,220(9,043,821)
65,059,399
20,853(4,041)
16,812
44,987(6,513)38,473
170,233(87,158)
83,07569,855,727
146,530,944(17,059,396)
129,471,548
176,255(81,155)
95,100175,759(75,263)
100,496
586,038(368,861)
217,176
145,036,252
409,974,062

74,345,036(9,865,584)
64,479,451
21,301(4,732)
16,56850,117(8,576)
41,540186,106(96,914)
89,19270,312,696
149,040,113(18,628,703)
130,411,409
178,208(85,271)
92,936
170,953(80,238)
90,715
628,040(390,915)
237,124
150,205,767
70,264
416,047,668

1,071,902
2,147,139
130
3,219,173

1,071,902
2,112,702
111
3,184,717

(Thousands of yen)
As of January 31, 2016
Investments and other assets
Long-term prepaid expenses
Guarantee deposits
Guarantee deposits in trust
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds(Notes 10 and 26)
Current portion of long-term loans payable(Notes 10, 12, 23 and 27)
Accounts payable – other (Note 14)
Accrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds (Notes 10 and 26)
Long-term loans payable (Notes 10, 12, 23 and 27)
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity (Notes 6 and 21)
Paid-in capital
SurplusCapital surplus
Reserve for dividends (Note 7)
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets (Notes 4 and 20)
Total liabilities and net assets

As of July 31, 2016

765,499
511,275
1,026,585
1,632
2,304,993
415,498,228

820,670
517,397
1,026,585
1,632
2,366,284
421,598,670

2,719
111,024
113,743
440,108,033

1,359
115,523
116,883
448,160,017

289,552

343,3058,000,000

12,000,000

27,725,822

24,500,000

1,249,304
193,799
40,69065,84327,90737,592,920

1,314,314
170,320
42,49857,126
26,37438,453,939

30,500,000
160,054,329
1,220,344
3,079,261
194,853,935
232,446,856

29,500,000
167,864,329
1,229,004
3,197,112
201,790,445
240,244,385

114,936,698

114,936,698

53,220,279
33,552,162

53,220,279
33,552,162

5,952,037

6,206,491

92,724,479
207,661,177
207,661,177
440,108,033

92,978,933
207,915,632
207,915,632
448,160,017

28  (Thousands of yen)

Operating revenue (Note 18)
Rental revenue – real estate (Notes 5 and 9)
Total operating revenue
Operating expenses
Expenses related to rent business (Notes 5 and 9)
Loss on real estate sales (Note 5)
Asset management fees (Note 14)
Asset custody fees
Administrative service fees
Directors’ compensation
Taxes and dues
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Interest on securities
Reversal of distribution payable
Penalty income
Other
Total non-operating income
Non-operating expenses
Interest expense (Notes 10, 12 and 23)
Interest expense on investment corporation bonds
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuancecostsơ   
investment units
Borrowing-related expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current (Note 15)
Total income taxes
Net income (Note 20)
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

29

For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

15,082,493
15,082,493

15,444,051
15,444,051

6,024,756
1,039,662
9,609
63,032
3,600
260,119
1,205
191,3077,593,292
7,489,201

6,092,317
3,837
1,116,385
9,670
60,6283,600
239,631
3,883

11,066
1,552
2,912
41
22,623

10,182
728
1,712
372
12,996

1,112,068
209,135
3,316

1,037,562
212,764
1,359

16,90817,634-

1,421

218,609133
1,560,172
5,951,652
5,951,652
605
605
5,951,047

260,255
3,355
1,534,354
6,206,459
6,206,459
605
605
6,205,854
637
6,206,491

7,050

989

5,952,037

90

186,187
7,716,233
7,727,818
For the six months ended January 31, 2016
(Thousands of yen)
Unitholders’ equity
Surplus

Total net
assetsTotal surplus

Totalunitholders’equityCapital surplus

Reserve fordividends

Unappropriatedretained earnings(undisposed loss)

53,220,279

33,552,162

5,944,589

92,717,032

207,653,730

207,653,730

Dividends from surplus(5,943,600)(5,943,600)(5,943,600)(5,943,600)

Net income

5,951,047

5,951,047

5,951,047

5,951,047

Paid-in capital
Balance at the beginningof period
Changes in items during
the period

Total changes in items
during the period
Balance at the end of
period114,936,698

-

-

-

7,447

7,447

7,447

7,447

114,936,698

53,220,279

33,552,162

5,952,037

92,724,479

207,661,177

207,661,177

For the six months ended July 31, 2016
(Thousands of yen)
Unitholders’ equity
Surplus

Total net
assetsTotal surplus

Totalunitholders’equityCapital surplus

Reserve fordividends

Unappropriatedretained earnings(undisposed loss)

53,220,279

33,552,162

5,952,037

92,724,479

207,661,177

207,661,177

Dividends from surplus(5,951,400)(5,951,400)(5,951,400)(5,951,400)

Net income

6,205,854

6,205,854

6,205,854

6,205,854

Paid-in capital
Balance at the beginningof period
Changes in items during
the period

Total changes in items
during the period
Balance at the end of
period114,936,698

-

-

-

254,454

254,454

254,454

254,454

114,936,698

53,220,279

33,552,162

6,206,491

92,978,933

207,915,632

207,915,632

30



For the six months ended
January 31, 2016
I. Unappropriated retained earnings
II. Reversal of reserve for dividends
III. Dividends
Dividend per investment unit
IV. Voluntary reserve
Provision of reserve for temporaryơ 
V. Retained earnings carried forward
Dividend Policy

C-72 RESIDIA Machiya

31

For the six months ended
July 31, 2016

5,952,037,047 yen
5,951,400,000 yen
4,578 yen

6,206,491,705 yen
33,552,162,785 yen
6,206,200,000 yen
4,774 yen-

33,552,162,785 yen

637,047 yen
In accordance with the distribution
policy set forth in Article 32, Item 1of ADR’s Articles of Incorporation,
ADR distributes in excess of 90% ofǯƤ
for dividends as stipulated in Article
67-15 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be usedin order to maintain stable payouts
into the future.
Based on this policy, ADR has
decided to distribute 5,951,400,000
yen in total, which is the maximum
integral multiples of 1,300,000
investment units issued andoutstanding, and not exceeding theunappropriated retained earnings͙ǡ͙͖͝ǡ͔͗͛ǡ͔͛͘ǡƤ 
period.
ADR does not distribute dividends ƤƤ
Article 32, Item 2 of its Articles ofIncorporation.

291,705 yen
In accordance with the distribution
policy set forth in Article 32, Item 1of ADR’s Articles of Incorporation,
ADR distributes in excess of 90% ofǯƤ
for dividends as stipulated in Article
67-15 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserves will be used in order tomaintain stable payouts into the
future.
Based on this policy, ADR has
decided to distribute 6,206,200,000
yen in total, which is the maximum
integral multiples of 1,300,000
investment units issued andoutstanding, and not exceeding theunappropriated retained earnings͚ǡ͖͔͚ǡ͕͘͝ǡ͔͙͛ǡƤ 
period.
ADR does not distribute dividends ƤƤ
Article 32, Item 2 of its Articles ofIncorporation.

 (Thousands of yen)ƪ 
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuancecostsơ   investment units
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expense
Interest expense on investment corporation bonds
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease in sales of property, plant and equipment in trust
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Net cash provided by (used in) operating activitiesƪ 
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from sales of securities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits intrust, net
Net cash provided by (used in) investing activities

For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

5,951,652
2,531,042
3,316

6,206,459
2,568,795
1,359

16,90817,634

-

1,421

708
(12,619)
1,112,068
209,135
23,805
134,504
31,284
56(26,892)
21,013
4,836
78,9683,043
10,082,833
6,365(1,302,970)
6,355
8,792,584(1,642)(10,910)
1,037,562
212,764
38,587(28,410)
1,808
70,751
76,902(23,822)(8,717)
818,381(55,170)
5,068
10,928,825
5,957(1,249,984)(266)
9,684,532(6,000,000)
6,000,000(3,000,000)
3,000,000(1,971,743)(412,978)(2,955)(9,000,000)
6,000,000
3,000,000(757,844)(8,703,965)
8,659

335,176

117,850(2,052,501)(9,335,299)

32

(Thousands of yen)ƪƤ  
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of investment corporation bonds
Payments for investment corporation bond issuance costs
Dividends paid ȋȌƤ  
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period (Note 8)

For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

6,800,000(11,006,750)
3,000,000(20,006)(5,948,760)(7,175,517)(435,435)
15,328,724
14,893,289

21,310,000(16,725,822)
3,000,000(22,133)(5,951,086)
1,610,957
1,960,190
14,893,289
16,853,480

P-73 RESIDIA Shibaura

P-73 RESIDIA Shibaura

33

IV.   
Notes to Financial Statements1ADR (Securities Code: 3269) is a listed Residential Japan Real Estate Investment Trust (J-REIT) that mainly invests in residential
properties. It was established through a consolidation-type merger between the former Advance Residence Investment Corporation
and Nippon Residential Investment Corporation on March 1, 2010, and was listed on the Real Estate Investment Trust (REIT)
Securities Section of the Tokyo Stock Exchange (TSE) on March 2, 2010.
The merger made ADR the largest residential J-REIT in terms of asset size, enabling it to upgrade its portfolio while ensuring its
Ƥ Ǥ͗͘Ǥ͖ȋ͗͗Ǥ͙Ƥ ȌƤǡ
the long term.
ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM), is wholly owned by the Itochu Group and theGroup’s key entity, Itochu Corporation, a leading Japanese trading house, is its main sponsor.

2  
 Ƥ  Ƥ Ƥ
 Ƥ   ǡ   
Financial Instruments and Exchange Act and its related accounting regulations and in accordance with accounting principles  ȋǲ  ǳȌǡ ơ    
from the International Financial Reporting Standards.
Ƥ ǡ  Ƥ Ƥ 
issued domestically in order to present them in a form which is more familiar to readers outside Japan. Moreover, the notes to thefinancial statements include certain information which might not be required under Japanese GAAP but is presented herein as
supplementary information.
 Ƥ Ǥ Ƥǡ
ǤǡƤ  
the sum of the individual amounts.
ǯǦƤ   Ǥ
P-79 RESIDIA Kamimeguro34

3Ƥ   (1) Valuation basis and methods forsecurities(2) Depreciation and amortization
methods of non-current assets(3) Accounting for deferred assets(4) Basis of recording allowances(5) Basis of recording revenue andexpenses(6) Hedge accounting(7) Scope of funds in the ƪ

35

Held-to-maturity debentures
Carried at amortized cost (the straight-line method).
1) Property, plant and equipment (including assets in trust)
Depreciated using the straight-line method.
Useful lives of major categories of property, plant and equipment are as follows:
Buildings: 3 to 46 years
Structures: 6 to 50 years
Machinery and equipment: 10 to 15 yearsǡƤǣ͖͕͙
2) Intangible assets
Amortized using the straight-line method.
Useful lives of major categories of intangible assets are as follows:
Leasehold rights in trust: 23 to 65 years
3) Long-term prepaid expenses
Amortized using the straight-line method.
1) Investment unit issuance expenses
Amortized using the straight-line method (more than three years).
2) Investment corporation bond issuance costs
Amortized using the straight-line method over the period up to redemption of theinvestment corporation bonds.
Allowance for doubtful accounts
Estimated uncollectible amounts are recorded for possible losses arising from default
on receivables based on the historical performance of general receivables and a caseby-case evaluation of the collectibility of certain receivables, such as receivables withdefault possibility.
Method of accounting for property taxes
For property taxes, urban planning taxes, and depreciable asset taxes on real estate
properties held, ADR records the amount of taxes imposed corresponding to theƤ  Ǥ
Furthermore, for the pro rata portion of property taxes ADR paid to the transferor(seller) upon acquisition of real estate properties, ADR treats the amount as acquisition
costs of real estate properties, instead of recording it as an expense for the property
leasing activities. The amount of property taxes treated as acquisition costs of real Ƥ ͖͔ǡ͙͙͜Ǥ1) Method of hedge accounting
Special accounting treatment is applied.
2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Loans
3) Hedging policy
ADR conducts derivative transactions to hedge risks stipulated in ADR’s Articles of   Ƥ  Ǥ͘Ȍơ 
ơ 
transactions satisfy the requirements for special accounting treatment.
ȋ  Ȍ ƪ   ǢǢǦ
investments that are readily convertible into cash, carry minimal risk of change in value,
and are due for redemption in three months or less from the acquisition date.

ȋ͜ȌƤ 
that serve as a basis for theƤ statements͕Ȍ Ƥ  
Ƥ ǡ
the trust assets, as well as revenue and income earned from, and expenses incurred
for the trust assets are recorded under the respective account in the balance sheets
and statements of income.
Of the accounts used to record the above trust assets, the following accounts areƤ    Ǥ
A. Cash and deposits in trustǤǢ Ǣ ǢǡƤǢǢ  Ǣ
leasehold rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security deposits in trust2) Accounting for consumption taxes
Consumption taxes and local consumption taxes are excluded from business
transaction amounts. However, accounting for non-current assets and deferredassets is inclusive of consumption taxes and local consumption taxes.

4 
(1) Minimum net assets as stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of yen)

As of January 31, 2016

As of July 31, 2016

50,00050,000(2) Commitment line agreements
ADR has executed commitment line agreements with its banks.
(Thousands of yen)

As of January 31, 2016
Total commitment line of credit
Amount used
Unused balance

As of July 31, 2016

20,000,000

20,000,000--

20,000,000

20,000,000(3) Contingent liabilities
For the six months ended January 31, 2016
Not applicable.



For the six months ended July 31, 2016   Ƥ   Ǧ ǡ
that the purchase agreement for this asset is rescinded for reasons attributable to ADR (the purchaser), the purchaser shall
pay to the seller damages for breach of contract equivalent to 10% of the transaction price of 1,430 million yen.

36

5  (1) Breakdown of operating income (loss) from property leasing activities(Thousands of yen)

For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

A. Revenue from property leasing activities
Rental revenue – real estate
Rent income

13,504,694

13,727,850

Facility charges

654,669

687,268

Parking fees

446,853

14,606,218

442,620

14,857,738

Other revenue related to property leasing
Income from leasing rights

63,202

Other

413,073

72,903476,275

513,409

15,082,493

Total revenue from property leasing activities

586,312
15,444,051

B. Expenses from property leasing activities
Expenses related to the rent business
Property taxes
Property management fees

811,888823,752

1,024,528

1,087,353

Utilities

252,971

243,723

Repairs and maintenance576,129

505,055

Property-casual insurance

24,82824,758Trust fees

70,966

73,123

Other rental expenses

732,420765,773

Depreciation and amortization
Total expenses from property leasing activities
C. Operating income from property leasing activitiesȋΫȌ

2,531,022

6,024,756

2,568,776

6,092,317

6,024,756

6,092,317

9,057,737

9,351,734(2) Breakdown of loss on real estate sales
For the six months ended January 31, 2016
Not applicable.
For the six months ended July 31, 2016
(Maison Yachiyodai)(Thousands of yen)

37

Income from sales of real estate properties

840,000

Cost of sales of real estate properties

818,381

Other sales expenses

25,456

Loss on real estate sales

3,837

6
(1) Total number of units authorized and total number of units issued and outstanding(Unit)For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

Total number of units authorized

6,000,000

6,000,000

Total number of units issued and outstanding

1,300,000

1,300,0007
ȋ͕Ȍ ơ 
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting of Investmentȋ͖͔͕͙ǡƥ  Ǥ͖͛Ȍ ǡ
for dividends of 33,552,162,785 yen, which is the remaining portion of the amount subdivided into gains on negative goodwill inƤ ǡơ Ǥ 
period in which the transfer to the reserve was made, a portion of the reserve equal to at least the 50-year average is scheduled
to be used every period.

8 ȋ͕Ȍ    ƪ 
reported in the balance sheets(Thousands of yen)
For the six months ended
January 31, 2016
Cash and deposits

11,812,806

For the six months ended
July 31, 2016
16,504,881

Cash and deposits in trust

9,080,483

9,348,598

Time deposits held over three months(6,000,000)(9,000,000)

Cash and cash equivalents

14,893,289

16,853,480

9 Leases(1) Finance leases (as a lessee)
Finance leases that do not transfer ownership of the leased property to the lessee
Finance leases that do not transfer ownership of the leased property to the lessee with a commencement date of July 1, 2008 or
before are accounted for as operating leases. The details are as follows:

38

A. Acquisition value equivalent, accumulated depreciation equivalent, and the period-end balance of the leased properties(Thousands of yen)
As of January 31, 2016
Acquisition
value
equivalentǡƤ
in trust
Total

Accumulated
depreciationequivalent

As of July 31, 2016
Period-end
balanceequivalentAcquisition
value
equivalent

Accumulated
depreciationequivalent

Period-end
balanceequivalent

6,974

6,028

945

6,974

6,383

591

6,974

6,028

945

6,974

6,383

591

ȗ͕Ǥ  Ǧ Ƥ  ǡ
equipment.

B. Period-end balance equivalent of unexpired leases(Thousands of yen)

As of January 31, 2016

As of July 31, 2016

Due within one year

709

591

Due after one year
Total

236
946

591

C. Lease payments and depreciation expense equivalent(Thousands of yen)
For the six months ended January 31, 2016
Lease payments
Depreciation expenseequivalent

For the six months ended July 31, 2016

354

354

354

354

D. Calculation method of depreciation equivalent
Depreciated using the straight-line method over the lease term, assuming a zero residual value.
(2) Operating leases (as a lessee)
Future lease payments are as follows:(Thousands of yen)
As of January 31, 201639

As of July 31, 2016

Due within one year

729,540

729,540

Due after one year

14,069,939

13,705,169

Total

14,799,479

14,434,709

 ƤǤ

(3) Operating leases (as a lessor)
Future lease receivables are as follows:(Thousands of yen)
As of January 31, 2016

As of July 31, 2016

Due within one year

4,463,420

4,127,414

Due after one year

10,482,622

11,220,072

Total

14,946,042

15,347,486

10 Financial Instrumentsȋ͕Ȍ Ƥ 
͕Ȍ  Ƥ 
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through loans,  ȋ Ǧ ǢȌǡ ǡƤ  Ǥ    ƪ 
liabilities.
ǡǡǡǡǡ Ƥ 
deposit, and government bonds for emphasizing sound and stable portfolio management.
͖Ȍ  Ƥ ǡ
 Ƥ  ǡ
repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity risk in that it may not beƤ  Ǥ 
exposures through the preparation of a funding plan on a monthly basis, and seeking and procuring funds through various
sources, such as securing the level of funds in hand, spreading out the loan repayment and bond redemption dates,Ƥ ǡ ǡǤǡƪ  
ƪǤ   ȋ
transactions).
  Ƥ  Ǥ ǡơ    
Ƥ   ǡ Ƥ Ǥ͗Ȍ Ƥ  Ƥ  Ǥ  ǡ
estimate of fair value is used. Certain assumptions are applied in the fair value measurements and therefore could result in aơơǤ ǡ   
presented in “Derivative Transactions” below do not represent the market risk exposure of those derivative transactions.
ȋ͖Ȍ Ƥ 
 ǡƤ ǡȋȌǤAs of January 31, 2016

(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

11,812,806

11,812,806–

2) Cash and deposits in trust

9,080,483

9,080,483–

3) Securities

3,000,000

3,000,000–

4) Current portion of investment corporation
bonds

8,000,000

8,060,314(60,314)5) Current portion of long-term loans payable

27,725,822

27,826,502(100,680)

6) Investment corporation bonds

30,500,000

31,439,033(939,033)

7) Long-term loans payable

160,054,329

162,393,599(2,339,270)–(3,016,877)(3,016,877)

8) Derivative transactions40

As of July 31, 2016
(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

16,504,881

16,504,881–

2) Cash and deposits in trust

9,348,598

9,348,598

–

–

–

–

4) Current portion of investment corporation bonds

12,000,000

12,062,017(62,017)5) Current portion of long-term loans payable

24,500,000

24,668,897(168,897)

6) Investment corporation bonds

29,500,000

30,614,815(1,114,815)

7) Long-term loans payable

167,864,329

170,992,358(3,128,029)–(3,559,153)(3,559,153)

3) Securities

8) Derivative transactionsȗ͕ǤƤ 

1) Cash and deposits and 2) Cash and deposits in trust
These instruments are stated at their book values because the book values approximate fair value due to their short maturities.
3) Securities   Ƥ 
approximate fair value due to their short maturities.
Please refer to “Securities” below for details on securities by their holding purposes.
4) Current portion of investment corporation bonds and 6) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan Securities Dealers
Association. However, if a reference value is not available, the fair value is deemed to be the present value of future cashƪ ǡ Ǥ5) Current portion of long-term loans payable and 7) Long-term loans payable Ƥ  ƪ 
interests, discounted at the assumed interest rate for similar borrowings.
8) Derivative transactions
Please refer to “Derivative Transactions” below for details.
(3) Redemption schedules of monetary claims and securities after January 31, 2016 and July 31, 2016
As of January 31, 2016
(Thousands of yen)
Due after one Due after two Due after three Due after four
Due in one yearƤ
year through years through years through years throughor lessyears
two years
three years
four yearsƤCash and deposits

11,812,806

–

–

–

–

–

Cash and deposits in trust

9,080,483

–

–

–

–

–

Securities

3,000,000

–

–

–

–

–

23,893,289

–

–

–

–

–

Total

As of July 31, 2016
(Thousands of yen)
Due after one Due after two Due after three Due after four
Due in one yearƤ
year through years through years through years throughor less
years
three years
four yearsƤ
two years
Cash and deposits

16,504,881

–

–

–

–

–

Cash and deposits in trust

9,348,598

–

–

–

–

–

25,853,479

–

–

–

–

–

Total

41

(4) Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after January 31, 2016
and July 31, 2016
As of January 31, 2016
(Thousands of yen)
Due after one Due after two Due after three Due after four
Due in one yearƤ
year through years through years through years throughor lessyears
two years
three years
four yearsƤ
Current portion of investment
corporation bonds
Current portion of long-termloans payable
Investment corporation
bonds

8,000,000

–

–

–

–

–

27,725,822

–

–

–

–

–

–

12,000,000

2,000,000

4,000,000

1,500,000

11,000,000–

22,956,329

26,690,000

18,900,000

21,370,000

70,138,000

35,725,822

34,956,329

28,690,000

22,900,000

22,870,000

81,138,000

Long-term loans payable
Total

As of July 31, 2016
(Thousands of yen)
Due after one Due after two Due after three Due after four
Due in one yearƤ
year through years through years through years throughor lessyears
two years
three years
four yearsƤ
Current portion of investment
corporation bonds
Current portion of long-termloans payable
Investment corporation
bonds

12,000,000

–

–

–

–

–

24,500,000

–

–

–

–

–

–

8,000,000

2,000,000

4,000,000

1,500,000

14,000,000–

28,646,329

22,660,000

20,870,000

17,918,000

77,770,000

36,500,000

36,646,329

24,660,000

24,870,000

19,418,000

91,770,000

Long-term loans payable
Total

C-83 RESIDIA Nihonbashi-Bakurocho III

42

11 Securities(1) Held-to-maturity debentures
As of January 31, 2016
(Thousands of yen)TypeƤ 

Fair value exceeds the book
value

–

–

2) Corporate bonds

–

–

–

3) Other

–

–

–

–

–

–

1) Government bonds andlocal government bonds

–

–

–

2) Corporate bonds

–

–

–

3,000,000

3,000,000–

3,000,000

3,000,000–

3,000,000

3,000,000–

3) OtherTotal

P-106 RESIDIA Shinagawa

43ơ –

Subtotal

As of July 31, 2016
Not applicable.

Fair value

1) Government bonds andlocal government bonds

Subtotal

Fair value does not exceed thebook value

Book value12 
(1) Derivative transactions to which hedge accounting is not applied
As of January 31, 2016
Not applicable.
As of July 31, 2016
Not applicable.
(2) Derivative transactions to which hedge accounting is applied    Ƥ   
January 31, 2016 and July 31, 2016 are as follows:
As of January 31, 2016
(Thousands of yen)

Method of hedge accounting

Type of derivativetransaction

Main hedged
item

Special accounting
treatment forinterest rate swaps

Interest rate swaps(Fixed rate payment,ƪ ȌLong-term loans
payableContract amount (*1)
Contract
amount due
after one year
163,625,488

142,098,000

Fair value(*2)(3,016,877)(*3)

As of July 31, 2016
(Thousands of yen)

Method of hedge accounting

Type of derivativetransaction

Main hedged
item

Special accounting
treatment forinterest rate swaps

Interest rate swaps(Fixed rate payment,ƪ ȌLong-term loans
payableContract amount (*1)
Contract
amount due
after one year
148,598,000

127,198,000

Fair value(*2)(3,559,153)(*3)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard for Financial Instruments” (issued by the Accounting Standards ȋ Ȍ ͕͔ǡ͖͔͔͜Ǣ Ǥ͕͔Ȍ Ǥ13Ƥ  
For the six months ended January 31, 2016 ƥ ǤFor the six months ended July 31, 2016 ƥ Ǥ

44

14 
(1) Parent company and major corporate unitholders
For the six months ended January 31, 2016
Not applicable.
For the six months ended July 31, 2016
Not applicable.
ȋ͖Ȍ ƥ 
For the six months ended January 31, 2016
Not applicable.
For the six months ended July 31, 2016
Not applicable.
(3) Fellow subsidiaries
For the six months ended January 31, 2016
Not applicable.
For the six months ended July 31, 2016
Not applicable.
(4) Directors and major individual unitholders
For the six months ended January 31, 2016

Type ofrelated party

Directors
and their
immediatefamilymembers

Name ofrelated
party

Kenji
Kousaka

Capitalstock orBusinessamountPercentage Relationships
Location invested description or of voting with related
occupation rights heldin capital
parties(Thousandsof yen)––Executive
Director of
ADR and thePresident of
ADIM–

Nature of transactions

Management
fee 1

Accounts
444,616
payable –
(*2)
other

480,185(*3)

Management
fee 2

Accounts
347,662
payable –
(*2)
other

375,475(*3)

Accounts
247,383
payable –
(*2)
other

267,174(*3)

18,450 Accounts(*3) payable –(*4) other

9,383
(*3)

Paymentof asset
Asset
management management Managementfee 3company fees to ADIM(*1)
Acquisition
fee

45

Period-end
Transaction
amount Account balance(Thousands name (Thousandsof yen)of yen)For the six months ended July 31, 2016

Type ofrelated party

Name ofrelatedparty

Capital stockor amount
Business
Percentage Relationships
invested
description or of voting with related
Locationin capital
occupation rights held
parties(Thousandsof yen)Nature of transactions

Management
fee 1
Directors
and their
immediatefamilymembers

Kenji
Kousaka––

Executive
Director of
ADR and thePresident of
ADIM–

Management
Payment
fee 2
of asset
Asset
management managementcompany fees to ADIM Management
(*1)
fee 3

Period-end
Transaction
amount Account balance(Thousands name (Thousandsof yen)of yen)Accounts
438,902
payable –
(*2)
other

474,014(*3)

Accounts
357,615
payable –
(*2)
other

386,224(*3)

Accounts
319,867
payable –
(*2)
other
Disposition fee 4,200 (*2)–
93,560Acquisition
(*3)
–
fee
(*4)

345,457(*3)–

Terms and conditions of transactions and policy on determining the terms and conditions*1. ADR Executive Director Kenji Kousaka executed the transactions acting as a representative of a third party (ADIM) and respective amounts of remuneration in the form of asset
management fees are determined in accordance with the terms set forth in ADR’s Articles of Incorporation.
*2. The transaction amount does not include consumption taxes.
*3. The transaction amount includes consumption taxes.
*4. The transaction amount is included in the acquisition cost of the relevant real estate properties.

15ơ  
(1) The breakdown of deferred tax assets and liabilities by major item are as follows:(Thousands of yen)
As of January 31, 2016

As of July 31, 2016

Deferred tax assets
4,561

3,941

ơ  

10,676,489

10,288,385

Tax loss carryforwards

1,402,812

1,371,552

67,50676,880

Excess provision of allowance for doubtful accounts

Other
Subtotal

12,151,369

11,740,758

Less valuation allowance(12,151,369)(11,740,758)

Total deferred tax assets

–

–

–

–

Net deferred tax assetȋ͖Ȍ  ơ  ơ  
(Unit: %)As of January 31, 2016
Statutory tax rate

As of July 31, 2016

32.31

32.31

(0.74)(6.62)(Adjustments)
Increase (decrease) in valuation allowance

–

3.78

(31.81)(29.99)

Other

0.24

0.52

ơ  ơ  

0.01

0.01

Increase (decrease) due to tax rate changes
Deductible dividends

46

16ƤFor the six months ended January 31, 2016  ƤǤFor the six months ended July 31, 2016  ƤǤ17
For the six months ended January 31, 2016
Not applicable.
For the six months ended July 31, 2016
Not applicable.

18 
(1) Segment information
Disclosure is omitted because ADR’s business comprises a single reportable segment engaged in the property leasing
business.
(2) Related information
For the six months ended January 31, 2016
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services of thesingle segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of the total
operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceed 90% of the total property, plantand equipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than 10% of
the total operating revenue reported in the statements of income.
For the six months ended July 31, 2016
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services of thesingle segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of the total
operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceed 90% of the total property, plantand equipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than 10% of
the total operating revenue reported in the statements of income.

47

19ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during the period,and fair value of these properties:(Thousands of yen)
For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

Book value(*1)

Balance at the beginningof period

Changes during the period (*2)
Balance at the endof period
Fair value at the end of period (*3)

413,396,619

413,193,105(203,514)

6,039,169

413,193,105

419,232,274

493,245,000

508,185,000*1. The book value is cost of acquisition less accumulated depreciation.
*2. Of the changes in the value of rental properties during the period, the main element of increase in the previous period was the acquisition of two real estate properties (1,847,267
Ȍǡ   Ǥ  Ƥ   
ȋ͚͔͛ǡ͚͚͝Ȍ Ƥ ȋ͜ǡ͗͛͛ǡ͚͙͖Ȍǡ 
Ƥ ȋ͕͜͜ǡ͕͗͜Ȍ Ǥ*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.

Please refer to the Note 5 “Statements of Income” above for the details of the operating income from property leasing.

20 (Yen)
For the six months ended
January 31, 2016

For the six months ended
July 31, 2016

Net assets per unit

159,739

159,935

Net income per unit

4,577

4,773

*1. Net income per unit is computed by dividing net income by the day-weighted average number of units issued and outstanding for the period. Diluted net income per unit is notdisclosed as there are no diluted investment units.
*2. The basis for the computation of net income per unit is as follows:

For the six months ended
January 31, 2016
Net income (Thousands of yen)Amount not attributable to common unitholders(Thousands of yen)
Net income attributable to common unit
(Thousands of yen)
Average number of units during the period(Units)For the six months ended
July 31, 2016

5,951,047

6,205,854––

5,951,047

6,205,854

1,300,000

1,300,00048

21Ƥ 
 ͕͗ǡ͖͔͕͚
1. Acquisition of asset and conclusion of agreements on the acquisition of assets
Following the basic policies prescribed in its Articles of Incorporation, ADR acquired the following asset.
RESIDIA MishukuǣƤ 
Acquisition price: 1,159 million yen
Acquisition date: October 3, 2016
Location: 2-27-13 Shimouma, Setagaya-ku, Tokyo
Area: 425.42m2 in land and 1,302.63m2 in buildings ǣ    ƪ͕͖ƪConstruction completion date: April 2015
*The acquisition price does not include the amount required to settle property taxes, urban planning taxes anddepreciable asset taxes or consumption taxes and local consumption taxes.
Following the basic policies prescribed in its Articles of Incorporation, ADR concluded agreements on the acquisition of thefollowing assets:(1) RESIDIA Senri-BanpakukoenǣƤ 
Acquisition price: 2,124 million yen
Date of conclusion of agreement: August 25, 2016
Scheduled date of acquisition: On November 11, 2016 or a date agreed separately with the seller (but the aim shall be tocomplete by the end of November).
Location: 8-28 Yamada-kita, Suita-shi, Osaka
Area: 2,786.85m2 in land and 5,590.94m2 in buildings ǣ    ƪ͕͔ƪ
Construction completion date: October 2005
(2) RESIDIA KameidoǣƤ 
Acquisition price: 2,988 million yen
Date of conclusion of agreement: September 6, 2016
Scheduled date of acquisition: On March 29, 2017 or a date agreed separately with the seller (but the aim shall be tocomplete by April 18, 2017)
Location: 5-14-8 Kameido, Koto-ku, Tokyo
Area: 623.73m2 in land and 4,266.16m2 in buildings ǣ    ƪ͕͘ƪ
Construction completion date: October 2013
(3) RESIDIA KoenjiǣƤ 
Acquisition price: 1,380 million yen
Date of conclusion of agreement: September 6, 2016
Scheduled date of acquisition: On March 29, 2017 or a date agreed separately with the seller (but the aim shall be tocomplete by April 18, 2017)
Location: 5-7-5 Koenji-minami, Suginami-ku, Tokyo
Area: 443.92m2 in land and 2,114.11m2 in buildings ǣ    ƪ͜ƪ
Construction completion date: March 2015
*1 The acquisition price does not include the amount required to settle property taxes, urban planning taxes anddepreciable asset taxes or consumption taxes and local consumption taxes.
*2 In the event that the purchase agreement for this asset is rescinded for reasons attributable to ADR (the purchaser),the purchaser shall pay to the seller damages for breach of contract equivalent to 20% of the transaction price.

49

2. Issuance of new investment units
At a meeting of the board of directors held on September 6, 2016, it was resolved that new investment units would be ȋ Ƥ ȌǤ ơ
the issuance of new investment units, the payment completed on September 23, 2016 and the payment for issuance of
new investment units by third-party allotment ended on October 19, 2016.
Accordingly, the total unitholders’ capital is 127,690,098,304 yen and the total number of investment units issued is
1,350,000.
ȏ   ơȐ
Number of new investment units issued: 47,500
Issuance price: 263,445 yen per unit
Total value of issue: 12,513,637,500 yen
Issuance price (underwriting price): 255,068 yen per unit
Total value of issue: 12,115,730,000 yen
Payment date: September 23, 2016
ȏ  ǦȐ
Number of new investment units issued: 2,500 units
Issuance price: 255,068 yen per unit
Total value of issue: 637,670,000 yen
Application period (application date): October 18, 2016
Payment date: October 19, 2016
Allottees: Mizuho Securities Co., Ltd.

22  
Not applicable.

23   
   (Thousands of yen)

Category

TypeInterest rate swaps (Fixedǡƪ
receipt)
Total

Transactions other thanmarket transactions

Contract amount (*1)
Contract amount due
after one year

Fair value (*2 and *3)

148,598,000

127,198,000(3,559,153)

148,598,000

127,198,000(3,559,153)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard for Financial Instruments” (issued by the Accounting Standards ȋ Ȍ ͕͔ǡ͖͔͔͜Ǣ Ǥ͕͔Ȍ Ǥ50

24
For the six months ended July 31, 2016

(Thousands of yen)

Property, plant and equipment

Balance
Increaseat theduring the
beginning
periodof period

Balance atthe end of
periodAccumulated depreciation

Book value
Depreciation at the endorfor theaccumulatedof period
periodamortization

74,103,220

241,815-

74,345,036

9,865,584

821,763

64,479,451*1Structures

20,853447-

21,301

4,732

691

16,568–

Machinery and equipment

44,9875,130-

50,117

8,576

2,062

41,540–Tools, furniture andƤ

170,233

16,215

342

186,106

96,914

9,797

89,192–

Land

69,855,727

456,969-

70,312,696--

70,312,696*1

Buildings in trust

146,530,944

3,019,290

510,122

149,040,113

18,628,703

1,665,171

130,411,409*1*2Structures in trust

176,255

2,093

140

178,208

85,271

4,157

92,936*2

175,759

4,590

9,396

170,953

80,2386,284

90,715*2

586,038

46,754

4,752

628,040

390,915

24,410237,124*2

145,036,252

5,567,925

398,410150,205,767--

150,205,767

*1
*2

-

70,264-70,264--70,264–

Subtotal

436,700,274

9,431,496

923,165445,208,605

29,160,937

2,534,339

416,047,668

Leasehold rights

1,071,902--

1,071,902--

1,071,902–

Leasehold rights in trust

2,356,072--

2,356,072

243,369

34,437

2,112,702–

19,506--

19,506

19,39519

111–

Subtotal

3,447,482--

3,447,482

262,764

34,456

3,184,717

Total

440,147,756

9,431,496

923,165448,656,087

29,423,702

2,568,795

419,232,385

Machinery and equipmentin trust
Tools, furniture andƤ

Construction in progress in
trust

Other

*1. The increase in property, plant and equipment for the six months ended July 31, 2016, primarily represents the acquisitions of the properties listed below.
RESIDIA Nakanobu II
RESIDIA Ochanomizu II
RESIDIA Bunkyo-Hongo III
RESIDIA Shin-Okachimachi II
RESIDIA Funabashi III*2. The decrease in property, plant and equipment for the six months ended July 31, 2016, primarily represents sale of the property below.
Maison Yachiyodai25  Ƥ
Not applicable.

51

Notes

Buildings

Land in trust

Intangible
assetsDecreaseduring theperiod26  
For the six months ended July 31, 2016

(Thousands of yen)

Series (*1)

Issue date

Balanceat thebeginningof period

ADR Bond #13 (Unsecured)

September
12, 2011

8,000,000-

8,000,000

ADR Bond #14 (Unsecured)

September
12, 2011

2,000,000-

ADR Bond #16 (Unsecured)

April 26,2012

4,000,000

ADR Bond #17 (Unsecured)

September
12, 2012

ADR Bond #18 (Unsecured)

Balance atInterest Redemption
the end of
rate (%)
date
periodUse

Collateral

1.27

September
12, 2016(*3)

Unsecured

2,000,000

1.68

September
12, 2018(*3)

Unsecured-

4,000,000

1.08

April 26,
2017

(*2)

Unsecured

8,000,000-

8,000,000

0.87

September
12, 2017(*3)

Unsecured

September
12, 2012

4,000,000-

4,000,000

1.23

September
12, 2019(*3)

Unsecured

ADR Bond #19 (Unsecured)

April 25,2013

3,000,000-

3,000,000

1.32

April 25,
2023

(*2)

Unsecured

ADR Bond #20 (Unsecured)

November
14, 2013

2,000,000-

2,000,000

1.41

November
14, 2025(*2)

Unsecured

ADR Bond #21 (Unsecured)

April 28,2014

2,500,000-

2,500,000

1.04

April 26,
2024

(*2)

Unsecured

ADR Bond #22 (Unsecured)

April 23,2015

2,000,000-

2,000,000

0.726

April 23,
2025

(*3)

Unsecured

ADR Bond #23 (Unsecured)

October 21,
1,500,000
2015-

1,500,000

0.326

October 21,
2020

(*2)

Unsecured

ADR Bond #24 (Unsecured)

October 21,
1,500,000
2015-

1,500,000

0.846

October 21,
2025

(*2)

Unsecured-

3,000,000

0.900

June 20,
2031

(*2)

Unsecured

-

-

-

-

ADR Bond #25 (Unsecured)

June 21,
2016

Total

-

Decreaseduring theperiod38,500,000- 41,500,000ȗ͕Ǥ  Ƥ Ǥ*2. The funds are used for the repayments of existing loans.
*3. The funds are used for the redemption of existing investment corporation bonds.
ȗ͘Ǥ   Ƥǣ(Thousands of yen)Due in one year or
less
Investment
corporation bond

12,000,000

Due after one year Due after two years
through two years through three years
8,000,000

2,000,000

Due after three
Due after four years
yearsƤ
through four years
4,000,000

1,500,00052

27 
For the six months ended July 31, 2016
(Thousands of yen)Ƥ 
Lenders
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

Current portion of long-term loans payable

Balance at theend of period

Interest rate Repayment
(*1)
date

Use

Notes

198,334-

198,334

-

-

(*8)

(*6)

Unsecured
Unguaranteed

1,083,029-

1,083,029--

Feb. 29, 2016(*3)

Unsecured
Unguaranteed-

Feb. 29, 2016(*3)

Unsecured
Unguaranteed-

Feb. 29, 2016(*3)

Unsecured
Unguaranteed

1.75%
(*2)

Apr. 28, 2017(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

492,286-

492,286-

Sumitomo Mitsui Trust Bank Limited

492,286-

492,286-

Sumitomo Mitsui Banking Corporation

2,264,516-

2,264,516-

Shinsei Bank, Limited

295,371-295,371-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000-

500,000-

Sumitomo Mitsui Trust Bank Limited

500,000-

500,000-

Shinsei Bank, Limited

700,000-

700,000-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-3,500,000-

3,500,000

Mitsubishi UFJ Trust and Banking Corporation-

3,700,000-

3,700,000

Sumitomo Mitsui Trust Bank Limited-

2,000,000-

2,000,000

2,500,000-

2,500,000--

Feb. 29, 2016(*3)

Unsecured
Unguaranteed-

2,700,000-

2,700,000

1.59%
(*2)

Jun. 30, 2017(*5)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

1.31%
(*2)

Jan. 31, 2017(*5)

Unsecured
Unguaranteed

2,000,000--

2,000,000

1.31%
(*2)

Jan. 31, 2017(*3)

Unsecured
Unguaranteed

1.31%
(*2)

Jan. 31, 2017(*3)

Unsecured
Unguaranteed

1.17%
(*2)

Nov. 30, 2016(*5)

Unsecured
Unguaranteed

1.21%

Nov. 30, 2016(*5)

Unsecured
Unguaranteed-

Jul. 29, 2016(*5)

Unsecured
Unguaranteed-

Jul. 29, 2016(*6)

Unsecured
Unguaranteed

Resona Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank Limited

750,000--

750,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

300,000--

300,000

Sumitomo Mitsui Trust Bank Limited

300,000--

300,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Mizuho Bank, Ltd.

450,000--

450,000

The Norinchukin Bank

2,500,000--

2,500,000

Mitsui Sumitomo Insurance Co., Ltd.

1,000,000--

1,000,000

Taiyo Life Insurance Company

1,500,000--

1,500,000

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.

450,000-

450,000-

1,550,000-

1,550,000-

Resona Bank, Limited

900,000-

900,000-

Resona Bank, Limited

1,000,000-

1,000,000-

The Bank of Fukuoka, Ltd.

2,000,000-

2,000,000-

The Yamaguchi Bank, Ltd.

500,000-

500,000-

The Tokyo Tomin Bank, Ltd.

500,000-

500,000-

The Iyo Bank, Ltd.

300,000-

300,000-

The Kagawa Bank, Ltd.

500,000-

500,000--

Apr. 28, 2016(*6)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

-

600,000-

600,000

0.74%

May 31, 2017(*6)

Unsecured
Unguaranteed

Tokio Marine & Nichido Fire Insurance Co., Ltd.

-

1,000,000-

1,000,000

0.72%

Mar. 31, 2017(*5)

Unsecured
Unguaranteed

27,725,822

13,500,000

16,725,822

24,500,000

Total

53

Balance at the
Increase during Decrease during
beginning of period
the period
the periodƤ 
Lenders
Development Bank of Japan Inc.

956,329--

Balance at theend of period
956,329

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

3,500,000-

3,500,000-

Mitsubishi UFJ Trust and Banking Corporation

3,700,000-

3,700,000-

Interest rate Repayment
(*1)
date

Use

Notes

Nov. 24,
2017

(*5)

Unsecured
Unguaranteed-

Apr. 28, 2017(*5)

Unsecured
Unguaranteed

1.90%

Sumitomo Mitsui Trust Bank Limited

2,000,000-

2,000,000-

Sumitomo Mitsui Banking Corporation

2,700,000-

2,700,000--

Jun. 30, 2017(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

890,000--

890,000

1.76%
(*2)

Jun. 29, 2018(*5)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation

1,000,000--

1,000,000

1.62%
(*2)

Sep. 28, 2018(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,300,000--

1,300,000

Sumitomo Mitsui Trust Bank Limited

1,300,000--

1,300,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

1.57%
(*2)

Nov. 30, 2018(*5)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation

1,900,000

1.43%
(*2)

Jul. 31, 2018(*5)

Unsecured
Unguaranteed

1.42%
(*2)

Jul. 31, 2018(*6)

Unsecured
Unguaranteed

1.23%

Feb. 28, 2018(*3)

Unsecured
Unguaranteed

1.10%
(*2)

Aug. 31, 2017(*5)

Unsecured
Unguaranteed

1.20%
(*2)

Apr. 27, 2018(*5)

Unsecured
Unguaranteed

1.25%
(*2)

Jun. 28, 2019(*5)

Unsecured
Unguaranteed

1,900,000--

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

Sumitomo Mitsui Banking Corporation

650,000--

650,000

Mizuho Bank, Ltd.

500,000--

500,000

900,000--

900,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

Shinsei Bank, Limited

Mitsubishi UFJ Trust and Banking Corporation

Long-term loans payable

Balance at the
Increase during Decrease during
beginning of period
the period
the period

1,500,000--

1,500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

Shinsei Bank, Limited

1,000,000--

1,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,850,000--

2,850,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank Limited

800,000--

800,000

Sumitomo Mitsui Banking Corporation

2,800,000--

2,800,000

Mitsubishi UFJ Trust and Banking Corporation

1,600,000--

1,600,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,500,000--

1,500,000

Sumitomo Mitsui Trust Bank Limited

2,100,000--

2,100,000

Sumitomo Mitsui Banking Corporation

800,000--

800,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,200,000--

1,200,000

Sumitomo Mitsui Trust Bank Limited

800,000--

800,000

Aozora Bank, Ltd.

700,000--

700,000

1,500,000--

1,500,000

0.94%

Sep. 29, 2017(*7)

Unsecured
Unguaranteed

The Kagawa Bank, Ltd.

500,000--

500,000

0.92%
(*2)

Sep. 29, 2017(*6)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

450,000--

450,000

1.16%

Sep. 30, 2019(*6)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

450,000--

450,000

1.16%

Sep. 30, 2019(*6)

Unsecured
Unguaranteed

1,000,000--

1,000,000

1.03%
(*2)

Nov. 29, 2019(*6)

Unsecured
Unguaranteed

500,000--

500,000

0.79%
(*2)

Nov. 30, 2017(*6)

Unsecured
Unguaranteed

Taiyo Life Insurance Company

Mitsubishi UFJ Trust and Banking Corporation
The Hiroshima Bank, Ltd.
Sumitomo Mitsui Banking Corporation

1,200,000--

1,200,000

Mizuho Bank, Ltd.

1,200,000--

1,200,000

0.95%
(*2)

Nov. 29, 2019(*6)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

600,000-

600,000--

May 31, 2017(*6)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

2,200,000--

2,200,000

1.23% Nov. 29, 2020(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

2,200,000--

2,200,000

1.40%

Nov. 29, 2021(*5)

Unsecured
Unguaranteed

Tokio Marine & Nichido Fire Insurance Co., Ltd.

1,000,000-

1,000,000--

Mar. 31, 2017(*5)

Unsecured
Unguaranteed54Ƥ 
Lenders

Interest rate Repayment
(*1)
date

Use

Notes

(*5)

Unsecured
Unguaranteed

2,703,000--

2,703,000

Sumitomo Mitsui Trust Bank Limited

3,595,000--

3,595,000

Mitsubishi UFJ Trust and Banking Corporation

1,799,000--

1,799,000

903,000--

903,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,200,000--

1,200,000

0.81% Mar. 24, 2020(*3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

1,200,000--

1,200,000

0.82% Mar. 24, 2020(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,300,000--

1,300,000

0.81% Mar. 24, 2020(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

1,300,000--

1,300,000

0.82% Mar. 24, 2020(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

1,150,000--

1,150,000

1.08%

Mar. 24, 2021(*4)

Unsecured
Unguaranteed

0.88%
Mar. 24, 2020
(*2)

(*5)

Unsecured
Unguaranteed

0.79%
(*2)

Feb. 28, 2018(*3)

Unsecured
Unguaranteed

1.25%
(*2)

Oct. 29, 2021(*5)

Unsecured
Unguaranteed

1.63%
(*2)

Dec. 22, 2021(*5)

Unsecured
Unguaranteed

1.54%
(*2)

Jun. 25, 2021(*5)

Unsecured
Unguaranteed

920,000--

920,000

Aozora Bank, Ltd.

1,830,000--

1,830,000

Resona Bank, Limited

1,370,000--

1,370,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank Limited

2,600,000--

2,600,000

Sumitomo Mitsui Banking Corporation

1,500,000--

1,500,000

Mizuho Bank, Ltd.

2,160,000--

2,160,000

Aozora Bank, Ltd.

1,379,000--

1,379,000

919,000--

919,000

Sumitomo Mitsui Trust Bank Limited

Resona Bank, Limited
Long-term loans payable

Balance at theend of period

The Bank of Tokyo-Mitsubishi UFJ, Ltd

Aozora Bank, Ltd.

1.28%
(*2)

Jul. 25,
2019

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

The Norinchukin Bank

1,000,000--

1,000,000

1.07%
(*2)

Sep. 30, 2020(*3)

Unsecured
Unguaranteed

The Nishi-Nippon City Bank Ltd

500,000--

500,000

0.92%
(*2)

Sep. 30, 2019(*3)

Unsecured
Unguaranteed

The Nishi-Nippon City Bank Ltd

500,000--

500,000

The 77 Bank, Ltd.

500,000--

500,000

0.77%
(*2)

Sep. 28, 2018(*3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

2,600,000--

2,600,000

1.47%
(*2)

Nov. 15, 2023(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

3,550,000--

3,550,000

1.37%
(*2)

Nov. 15, 2022(*5)

Unsecured
UnguaranteedAozora Bank, Ltd.

1,800,000--

1,800,000

1.16%
(*2)

Nov. 26, 2021(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited

1,000,000--

1,000,000

1.32%
(*2)

Jun. 17, 2022(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited

700,000--

700,000

1.10%
(*2)

Jun. 18, 2021(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.93%
(*2)

Jun. 18, 2020(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.85%
(*2)

Dec. 18, 2019(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

1.59%
(*2)

Feb. 14, 2025(*5)

Unsecured
Unguaranteed

1.44%
(*2)

Feb. 16, 2024(*5)

Unsecured
Unguaranteed

1.28%
(*2)

Feb. 16, 2023(*5)

Unsecured
Unguaranteed

1.08%
(*2)

Feb. 16, 2022(*5)

Unsecured
Unguaranteed

0.89%
(*2)

Feb. 16, 2021(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

455,000--

455,000

Sumitomo Mitsui Trust Bank Limited

455,000--

455,000

Sumitomo Mitsui Banking Corporation

1,120,000--

1,120,000

Mizuho Bank, Ltd.

1,630,000--

1,630,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,200,000--

1,200,000

Sumitomo Mitsui Trust Bank Limited

2,100,000--

2,100,000

Mizuho Bank, Ltd.

2,000,000--

2,000,000

500,000--

500,000

Mizuho Bank, Ltd.

2,900,000--

2,900,000

Mizuho Trust & Banking Co., Ltd.

1,500,000--

1,500,000

270,000--

270,000

Mizuho Trust & Banking Co., Ltd.

Mitsubishi UFJ Trust and Banking Corporation

55

Balance at the
Increase during Decrease during
beginning of period
the period
the periodƤ 

Long-term loans payable

Lenders

Balance at the
Increase during Decrease during
beginning of period
the period
the period

Balance at theend of period

Mizuho Bank, Ltd.

2,900,000--

2,900,000

Mizuho Trust & Banking Co., Ltd.

2,350,000--

2,350,000

Interest rate Repayment
(*1)
date

Use

Notes

0.74%
(*2)

Feb. 14,
2020

(*5)

Unsecured
Unguaranteed

0.58%
(*2)

Jan. 29, 2021(*3)

Unsecured
Unguaranteed

0.82%
(*2)

Jul. 29, 2022(*3)

Unsecured
UnguaranteedAozora Bank, Ltd.

900,000--

900,000

The Nishi-Nippon City Bank Ltd

400,000--

400,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

707,000--

707,000

Sumitomo Mitsui Trust Bank Limited

393,000--

393,000

The Nishi-Nippon City Bank Ltd

400,000--

400,000

Development Bank of Japan Inc.

1,500,000--

1,500,000

1.02%
(*2)

Sep. 29, 2023(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

1,850,000--

1,850,000

1.18%
(*2)

Sep. 30, 2024(*5)

Unsecured
UnguaranteedAozora Bank, Ltd.

1,000,000--

1,000,000

0.85%
(*2)

Oct. 31, 2022(*5)

Unsecured
UnguaranteedAozora Bank, Ltd.

700,000--

700,000

0.76%
(*2)

Apr. 28, 2022(*5)

Unsecured
UnguaranteedAozora Bank, Ltd.

700,000--

700,000

0.42%
(*2)

Oct. 31, 2019(*5)

Unsecured
Unguaranteed

0.57%
(*2)

Jan. 29, 2021(*5)

Unsecured
Unguaranteed

0.63%
(*2)

Jun. 30, 2021(*5)

Unsecured
Unguaranteed

0.89%
(*2)

Jan. 31, 2023(*5)

Unsecured
Unguaranteed

Resona Bank, Limited

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

600,000--

600,000

Resona Bank, Limited

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,000,000--

1,000,000

Aozora Bank, Ltd.

700,000--

700,000

Resona Bank, Limited

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000

1.05%
(*2)

Mar. 19, 2025(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

1.00%
(*2)

Apr. 14, 2025(*3)

Unsecured
Unguaranteed

Nippon Life Insurance Company

1,000,000--

1,000,000

1.00%
(*2)

Apr. 14, 2025(*3)

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.

1,400,000--

1,400,000

0.88%
(*2)

Apr. 12, 2024(*3)

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000

The Norinchukin Bank

1,500,000--

1,500,000

0.75%
(*2)

Apr. 14, 2023(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.73%
(*2)

Apr. 14, 2023(*3)

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000

0.69%
(*2)

Oct. 14, 2022(*3)

Unsecured
Unguaranteed

0.62%
(*2)

Apr. 14, 2022(*3)

Unsecured
Unguaranteed

0.50%
(*2)

Apr. 14, 2021(*3)

Unsecured
Unguaranteed

0.20%

Apr. 13, 2018(*3)

Unsecured
Unguaranteed

The Tokyo Tomin Bank, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

700,000--

700,000

The 77 Bank, Ltd.

500,000--

500,000

The Norinchukin Bank

1,000,000--

1,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

Mizuho Bank, Ltd.

1,500,000--

1,500,000

The Gunma Bank, Ltd.

1,000,000--

1,000,000

0.63%
(*2)

May 27, 2022(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

2,300,000--

2,300,000

1.04%
(*2)

Jun. 25, 2025(*5)

Unsecured
Unguaranteed

Resona Bank, Limited

1,000,000--

1,000,000

The Nishi-Nippon City Bank Ltd

800,000--

800,000

0.73%
(*2)

Aug. 31, 2023(*5)

Unsecured
Unguaranteed

0.20%

Feb. 28, 2019(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

400,000--

400,000

0.92%

Aug. 29, 2025(*3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited

400,000--

400,000

0.85%
(*2)

Aug. 29, 2025(*3)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation

1,000,000--

1,000,000

0.84%
(*2)

Dec. 18, 2025(*5)

Unsecured
Unguaranteed56Ƥ 

Balance at the
Increase during Decrease during
beginning of period
the period
the period

Long-term loans payable

Lenders

Balance at theend of period

Interest rate Repayment
(*1)
date

Use

Notes

The Norinchukin Bank

1,000,000--

1,000,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

0.61%
(*2)

Dec. 18,
2023

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-

990,000-

990,000

0.55%

Feb. 28, 2026(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited-

990,000-

990,000

Mizuho Bank, Ltd.

-1,080,000-

1,080,000

0.39%

Feb. 28, 2026(*5)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation-

2,500,000-

2,500,000

0.34%

Feb. 28, 2025(*5)

Unsecured
Unguaranteed

Shinsei Bank, Limited-

990,000-

990,000

0.29%

Feb. 29, 2024(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation-

2,260,000-

2,260,000

0.18%

Nov. 30, 2018(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited-

1,000,000-

1,000,000

0.77%
Mar. 24, 2028
(*2)

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-

1,000,000-

1,000,000

0.54% Mar. 24, 2026(*3)

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

-

900,000-

900,000

Mizuho Trust & Banking Co., Ltd.

-

750,000-

750,000

0.36% Mar. 24, 2026(*3)

Unsecured
Unguaranteed

Resona Bank, Limited-

1,150,000-

1,150,000

0.29%

Mar. 24, 2025(*3)

Unsecured
Unguaranteed

Mitsubishi UFJ Trust and Banking Corporation-

1,150,000-

1,150,000

Shinsei Bank, Limited-

500,000-

500,000

0.25% Mar. 24, 2024(*3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank Limited-

500,000-

500,000

0.75%
Mar. 24, 2028
(*2)

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-

500,000-

500,000

0.51% Mar. 24, 2026(*3)

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

-

400,000-

400,000

0.36% Mar. 24, 2026(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited-

350,000-

350,000

0.25% Mar. 24, 2024(*3)

Unsecured
Unguaranteed

The Kagawa Bank, Ltd.

-

500,000-

500,000

0.25%

Apr. 28, 2024(*5)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

-

500,000-

500,000

0.36%

Jul. 29, 2026(*5)

Unsecured
Unguaranteed

The Bank of Fukuoka, Ltd.

-

1,000,000-

1,000,000

0.36%

Jul. 29, 2026(*5)

Unsecured
Unguaranteed

The Bank of Fukuoka, Ltd.

-

1,000,000-

1,000,000

0.26%

Jul. 29, 2025(*5)

Unsecured
Unguaranteed

The Iyo Bank, Ltd.

-

300,000-

300,000

0.20%

Jul. 29, 2024(*5)

Unsecured
Unguaranteed

The Chugoku Bank, Ltd.

-

500,000-

500,000

0.20%

Jul. 29, 2024(*5)

Unsecured
Unguaranteed

Bank of Kyoto, Ltd.

-

500,000-

500,000

0.20%

Jul. 29, 2024(*5)

Unsecured
Unguaranteed

160,054,329

21,310,000

13,500,000

167,864,329

Totalȗ͕Ǥ ǲ ǳȋ Ƥ Ȍ ǡ decimal place.
ȗ͖Ǥ  ƪ ǡƤǡƪ 
ơ  Ǥȗ͗Ǥ   ƤǤȗ͘Ǥ  ƤǤ*5. The funds are used for the repayment of the existing loans.
*6. The funds are used for the redemption of the existing investment corporation bonds.
*7. The funds are used for the repayment of the existing loans and redemption of the existing investment corporation bonds.
ȗ͜Ǥ Ƥ͖͔͕͕Ǣ ǡǡ  ǡeach in the amount of 3,375 thousand yen of principal and lump-sum repayment of the remaining principal is on February 17, 2016.
*9. The balances are rounded down to the nearest one thousand yen. Accordingly, the “Total” amounts are not necessarily equal to the sum of individual amounts.
ȗ͕͔Ǥ ǦƤ ǣ(Thousands of yen)

Long-term loans
payable57

Due in one year or
less

Due after one year
through two years

24,500,000

28,646,329

Due after two years Due after three years Due after four years
through three years through four years Ƥ
22,660,000

20,870,000

17,918,000

C-50 RESIDIA Shin-Itabashi

58

66
69

Itabashi-ku

67

68

Adachi-ku
28

Kita-ku

50

Nerima-ku

70

18
74

60

6

33

19
69
32

10

Shinjuku

107
15

23 90 Shibuya-ku

50

Shibuya34
7
68

Setagaya-ku
88

56
79

4

101
51
81
36 25 29
89 3 61
97 26 70
39
91
75

Meguro

31

41

73
58
21
37 52

109

22 27

82 83
57

10
40
30
65 60
66
62

Chuo-ku 31

915

Edogawa-ku

Kinshicho
34

63
71

Koto-ku
51

54

33
61

76

24

80

Sumida-ku

Ueno

7 43
79 85 5105
93 104
99
23
52
47 41
59
67
9
48 75
1 39 42
Chiyoda-ku
45
24
12
Tokyo
17

49
98
58 48 53

19
63

13

Taito-ku

26
4 8
84

62

87

21 102
22 16

84

85

16

Shinjuku-ku 42

76
56

49

36
40
29 46 35

Katsushika-ku
55

Bunkyo-ku

Ikebukuro

53

96 72
37

Nakano-ku

Suginami-ku

Arakawa-ku

3

Toshima-ku

77

72

65

47

Minato-ku 73
86

95
100

Shinagawa

2

106
14
Meguro-ku
38
92
103
Shinagawa-ku 94
45
43
35
108
64
74

55

78
81
59
13

44

: Tokyo Central 7 Wards

38

Ota-ku2: Tokyo 23 Wards

32

Fukuoka 
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69

42

Chuo-ku

1067

68 Hakata-ku
20

Sawara-ku
64

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4

11

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23

Tokyo
Tachikawa

19

12

17

: Major Regional Cities

33

Kichijyoji

25

7

27

26
24

Hachiojihi ji

SapporoKita-kuMusashikosugi
16
22

Kawasaki29

Shin-Yokohama

JRA Sapporo
Racecourse

28

15

Yokohama

32

48 26
31 Clock Tower
63 45
34 25 24 58

20
31
14

Chuo-ku

Shiroishi-ku
kod
ate
Ma
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Yokkaichi

Kameyama
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Suzuka Circuit

Kameyama
Kisei
Main
Line

Sendai
Sen

Tsu

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37

Aoba-ku

Lin

e

38

ok

ku

o
oh

T

56
Aobayama Park

h
To

a
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57

62

Sendai52
13

Sendai City
Athletic Stadium

Wakabayashi-ku

Hotel Nagoya

aido
Main

Higashi-ku

453

Naka-ku 43

Line

i
nsa e
Ka in Lin
a
M

16

71

Tok

46

11
39 14
40 35

Nagoya Internationaleaido
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51

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Osaka

6
41
59

Nara L8

12 Tokaido Main Line
44

achi
Katam
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ShinkaMt. Rokko

Kyoto

Nagoya
Dome

27 32

70

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Mt. Myoken

21 30
36

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47

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Nagoya Castle

49 15

55

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29
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50 61

Mt. Kenpi

Kobe

sen

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ka

Sh

Taihaku-ku

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54

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30

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

Tokyo Central 7 Wards

Investment Property
regionno.

61

Name of property

As of July 31, 2016
Location

Construction
completion dateƪ
Number ofarea
leasable units(m2)

AcquisitionPrice(million yen)

Investment
ratio

PML

P-2

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

12/24/2004

3,474.37

115

2,860

0.7%

4.3%

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

2/10/2005

1,694.18

88

1,730

0.4%

2.6%

P-4

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

3/11/2002

1,769.67

28

1,229

0.3%

7.3%

P-7

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

8/19/2005

1,423.38

42

1,230

0.3%

3.1%

P-9

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

3/9/2004

2,845.89

86

2,270

0.5%

2.9%

P-10

RESIDIA Hatagaya

Shibuya-ku, Tokyo

2/9/2006

1,129.72

35

1,130

0.3%

7.3%

P-13

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

7/7/2006

1,201.37

39

1,120

0.3%

7.0%

P-14

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

2/23/2007

2,897.99

120

2,720

0.6%

4.3%

P-15

RESIDIA Yoyoginomori

Shibuya-ku, Tokyo

3/8/2007

723.10

22

732

0.2%

4.4%

P-16

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

2/23/2009

818.74

39

750

0.2%

4.3%

P-19

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

8/7/2001

623.80

30

588

0.1%

8.2%

P-21

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

2/6/2004

1,743.06

54

1,380

0.3%

4.8%

P-22

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

8/1/2000

1,219.08

48

941

0.2%

5.3%

P-23

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

2/12/2004

2,354.20

65

1,520

0.4%

4.1%

P-24

RESIDIA Azabujuban II

Minato-ku, Tokyo

2/14/2001

1,018.71

37

874

0.2%

3.1%

P-25

RESIDIA Ebisu

Shibuya-ku, Tokyo

1/31/2001

653.04

26

554

0.1%

3.0%

P-26

RESIDIA Meguro

Shinagawa-ku, Tokyo

10/13/1999

701.01

20

722

0.2%

6.2%

P-29

RESIDIA Hiroo II

Shibuya-ku, Tokyo

11/1/2005

1,733.63

76

1,660

0.4%

2.9%

P-30

Pianetta Shiodome

Minato-ku, Tokyo

2/18/2005

2,274.19

67

1,950

0.4%

5.3%

P-31

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

10/22/2004

488.51

18

333

0.1%

8.5%

P-32

RESIDIA Yoyogi

Shibuya-ku, Tokyo

2/24/2005

464.64

16

326

0.1%

11.0%

P-33

RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

2/18/2005

478.57

19

363

0.1%

9.9%

P-34

RESIDIA Kyodo

Setagaya-ku, Tokyo

2/23/2005

509.66

15

286

0.1%

10.6%

P-35

RESIDIA Oimachi

Shinagawa-ku, Tokyo

12/16/2005

1,249.56

48

947

0.2%

4.3%

P-36

RESIDIA Ebisu II

Shibuya-ku, Tokyo

1/31/2006

2,194.56

61

2,280

0.5%

3.4%

P-37

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

9/5/2006

1,740.50

70

1,180

0.3%

4.8%

P-38

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

8/1/2006

2,588.01

122

2,040

0.5%

4.0%

P-39

RESIDIA Meguro II

Meguro-ku, Tokyo

1/31/2006

1,448.84

34

1,190

0.3%

6.5%

P-40

RESIDIA Toranomon

Minato-ku, Tokyo

9/22/2006

1,353.41

63

1,320

0.3%

3.3%

P-41

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

3/17/2006

1,422.45

52

1,160

0.3%

2.8%

P-42

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

8/4/2006

1,182.34

52

918

0.2%

2.1%

P-43

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

7/2/2007

1,321.76

40

1,050

0.2%

4.8%

P-45

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

3/19/2002

1,435.93

28

1,050

0.2%

7.3%

P-47

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

12/22/2004

3,039.14

65

2,310

0.5%

2.3%

P-48

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

8/31/2004

3,485.00

68

3,660

0.8%

3.5%

P-49

RESIDIA Akasaka

Minato-ku, Tokyo

5/21/2004

1,352.02

37

1,180

0.3%

8.3%

P-50

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

7/15/2004

7,078.64

125

6,780

1.6%

2.8%

P-51

RESIDIA Daikanyama

Shibuya-ku, Tokyo

7/23/2004

2,067.08

42

2,150

0.5%

4.0%

P-52

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

8/20/2004

3,003.34

85

2,500

0.6%

3.6%

P-53

RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

9/16/1999

4,863.22

89

3,570

0.8%

6.8%

P-55

RESIDIA TOWER Meguro-Fudomae

Shinagawa-ku, Tokyo

1/7/2007

21,019.77

358

16,500

3.8%

1.8%

P-56

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

1/11/2005

2,847.19

78

2,760

0.6%

2.7%

P-58

RESIDIA Minami-Aoyama

Minato-ku, Tokyo

3/14/2005

782.33

13

728

0.2%

2.0%

P-59

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

10/29/2003

2,544.25

64

1,620

0.4%

3.4%

P-60

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

4/17/2006

1,582.54

31

1,430

0.3%

3.2%

P-61

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

3/6/2007

2,023.88

39

2,020

0.5%

7.1%

P-62

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

1/9/2003

7,207.18

113

6,190

1.4%

0.7%

P-63

RESIDIA Shibuya

Shibuya-ku, Tokyo

6/22/2006

1,285.42

40

1,250

0.3%

3.5%

P-64

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

11/16/2005

2,855.06

65

1,880

0.4%

3.4%

P-65

RESIDIA Azabudai

Minato-ku, Tokyo

2/28/2006

1,732.06

47

1,610

0.4%

4.6%

P-66

RESIDIA Shibadaimon II

Minato-ku, Tokyo

8/24/2006

2,023.20

48

1,740

0.4%

3.3%

P-67

RESIDIA Kanda

Chiyoda-ku, Tokyo

6/1/2006

1,534.57

43

1,140

0.3%

4.9%

P-68

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

3/13/2006

1,933.54

34

1,280

0.3%

4.4%

P-69

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

5/16/2007

2,478.31

74

1,830

0.4%

10.9%

P-70

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

8/30/2007

1,035.75

26

923

0.2%

2.8%

P-72

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

12/10/2002

1,679.94

19

974

0.2%

4.9%

P-73

RESIDIA Shibaura

Minato-ku, Tokyo

9/30/1991

8,455.30

153

4,670

1.1%

2.8%

P-74

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

1/29/2007

1,228.15

16

930

0.2%

7.9%

P-75

RESIDIA Yutenji

Meguro-ku, Tokyo

8/24/2006

5,423.36

118

5,260

1.2%

7.8%

P-76

Park Tower Shibaura Bayward Urban Wing

Minato-ku, Tokyo

5/24/2005

13,490.67

191

9,570

2.2%

3.6%

P-79

RESIDIA Kamimeguro

Meguro-ku, Tokyo

1/27/1993

1,473.68

16

878

0.2%

7.7%

P-81

Windsor House Hiroo

Shibuya-ku, Tokyo

6/13/2003

2,172.91

12

1,750

0.4%

4.8%

P-84

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

2/26/1997

2,173.62

26

1,460

0.3%

8.8%

P-85

RESIDIA Komazawa

Setagaya-ku, Tokyo

10/17/2008

1,182.47

59

870

0.2%

10.0%

P-86

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

1/6/2010

3,898.10

72

2,400

0.6%

4.4%

P-87

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

8/19/2008

2,169.57

98

2,070

0.5%

3.0%

P-88

RESIDIA Yoga

Setagaya-ku, Tokyo

6/3/2008

1,996.81

66

1,523

0.4%

10.3%

P-89

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

3/30/2007

3,989.13

70

3,300

0.8%

2.4%

As of July 31, 2016

Tokyo 23 Wards

Tokyo Central 7 Wards

Investment Property
regionno.

Name of property

Location

Construction
completion dateƪ
Number ofarea
leasable units(m2)

AcquisitionPrice(million yen)

Investment
ratio

PML

P-90

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

1/21/2011

4,548.96

167

3,760

0.9%

4.2%

P-91

RESIDIA Meguro III

Meguro-ku, Tokyo

1/29/2010

1,206.38

31

950

0.2%

2.6%

P-92

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

10/31/2007

1,127.78

17

778

0.2%

5.4%

P-93

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

1/6/2012

1,612.65

48

1,240

0.3%

2.6%

P-94

RESIDIA Omori II

Shinagawa-ku, Tokyo

3/2/2012

2,171.74

90

1,620

0.4%

2.2%

P-95

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

3/15/2012

1,888.07

53

1,480

0.3%

6.7%

P-96

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

3/3/2008

5,529.19

187

3,656

(Building A)
2.9%(Building B)
0.8%
2.9%
(Building C)
3.0%

P-97

RESIDIA Nakameguro II

Meguro-ku, Tokyo

8/10/2006

1,259.45

50

1,119

0.3%

2.7%

P-98

Artis Court Minamiaoyama

Minato-ku, Tokyo

7/30/2008

1,717.68

23

1,720

0.4%

3.9%

P-99

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

5/8/2009

2,915.94

90

2,090

0.5%

3.8%

P-100

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

3/7/2006

1,037.58

45

900

0.2%

5.4%

P-101

RESIDIA Ebisu III

Shibuya-ku, Tokyo

3/9/2006

644.36

26

611

0.1%

3.3%

P-102

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

10/31/2006

844.76

38

687

0.2%

5.2%

P-103

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

10/9/2013

1,515.01

50

1,177

0.3%

8.7%

P-104

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

3/15/2007

3,756.36

118

3,117

0.7%

2.4%

P-105

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

4/24/2007

1,841.16

48

1,280

0.3%

2.8%

P-106

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

6/22/2007

1,224.18

36

980

0.2%

4.0%

P-107

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

1/1/2008

875.22

31

839

0.2%

8.4%

P-108

RESIDIA Nakanobu II

Shinagawa-ku, Tokyo

4/23/2014

1,006.02

44

917

0.2%

3.9%

P-109

RESIDIA Ochanomizu II

Chiyoda-ku, Tokyo

3/1/2015

932.90

28

821

0.2%

4.1%

C-1

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

2/7/2005

2,552.07

105

1,920

0.4%

3.3%

C-2

RESIDIA Kamata

Ota-ku, Tokyo

3/9/2005

4,110.54

166

2,640

0.6%

4.7%

C-3

RESIDIA Ikebukuro

Toshima-ku, Tokyo

3/15/2005

2,207.63

60

1,520

0.4%

7.1%

C-4

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

7/23/2005

2,165.35

65

1,680

0.4%

4.6%

C-5

RESIDIA Asakusabashi

Taito-ku, Tokyo

8/27/2005

1,816.14

47

1,060

0.2%

2.9%

C-6

Maison Eclairee Ekoda

Nerima-ku, Tokyo

3/31/1993

1,616.64

94

953

0.2%

9.2%

C-7

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

2/20/2006

4,009.27

127

3,160

0.7%

2.1%

C-8

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

1/27/2006

1,960.40

70

1,623

0.4%

3.6%

C-9

RESIDIA Ryogoku

Sumida-ku, Tokyo

2/10/2006

1,378.84

48

913

0.2%

9.1%

C-10

RESIDIA Higashi-Ginza

Chuo-ku, Tokyo

9/1/2006

4,871.02

169

5,251

1.2%

4.3%

C-12

RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

1/17/2007

3,541.09

137

3,180

0.7%

4.6%

C-13

RESIDIA Omori-Higashi

Ota-ku, Tokyo

8/6/2007

1,928.71

81

1,980

0.5%

3.8%

C-15

RESIDIA Kinshicho

Sumida-ku, Tokyo

11/13/2007

4,326.80

157

4,200

1.0%

7.2%

C-16

RESIDIA Negishi

Taito-ku, Tokyo

12/2/2005

1,571.54

28

856

0.2%

7.7%

C-17

RESIDIA Shinkawa

Chuo-ku, Tokyo

2/10/2003

2,764.70

83

1,880

0.4%

5.3%

C-18

RESIDIA Kamiikebukuro

Toshima-ku, Tokyo

12/21/2001

979.04

44

558

0.1%

6.4%

C-19

RESIDIA Shin-nakano

Nakano-ku, Tokyo

6/7/2002

615.28

24

352

0.1%

3.8%

C-21

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

3/1/2004

1,368.01

63

1,010

0.2%

5.3%

C-22

RESIDIA Tsukiji

Chuo-ku, Tokyo

12/6/2005

2,043.00

54

1,460

0.3%

3.4%

C-23

RESIDIA Sasazuka

Suginami-ku, Tokyo

3/15/2000

2,855.98

96

1,800

0.4%

6.9%

C-24

RESIDIA Kyobashi

Chuo-ku, Tokyo

1/18/2005

1,440.11

52

1,220

0.3%

3.4%

C-25

RESIDIA Tamagawa

Ota-ku, Tokyo

9/29/2004

2,137.41

98

1,300

0.3%

5.9%

C-26

RESIDIA Korakuen

Bunkyo-ku, Tokyo

10/18/2004

770.11

31

603

0.1%

3.5%

C-27

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

9/7/2004

2,824.17

94

2,000

0.5%

4.0%

C-28

RESIDIA Oji

Kita-ku, Tokyo

2/15/2005

1,659.09

61

867

0.2%

3.2%

C-29

RESIDIA Mejiro II

Toshima-ku, Tokyo

7/13/2005

1,450.16

63

1,050

0.2%

2.3%

C-31

RESIDIA Tsukishima

Chuo-ku, Tokyo

2/27/2006

1,694.38

40

1,100

0.3%

6.8%

C-32

RESIDIA Kamata II

Ota-ku, Tokyo

9/3/2006

1,929.24

78

1,360

0.3%

4.0%

C-33

RESIDIA Tsukishima II

Chuo-ku, Tokyo

9/22/2006

3,074.47

105

2,440

0.6%

3.8%

C-34

RESIDIA Kinshicho II

Sumida-ku, Tokyo

1/29/2008

3,394.21

99

2,380

0.5%

4.7%

C-35

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

8/4/2003

5,970.11

104

3,380

0.8%

4.7%

C-36

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

2/19/2003

1,104.50

33

707

0.2%

5.0%

C-37

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

2/20/2003

1,623.62

39

1,050

0.2%

6.9%

C-38

RESIDIA Ikegami

Ota-ku, Tokyo

7/2/2003

764.84

19

378

0.1%

8.5%

C-39

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

3/3/2004

848.24

25

557

0.1%

5.6%

C-40

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

4/15/2005

2,117.47

45

1,440

0.3%

4.1%

C-41

RESIDIA Iriya

Taito-ku, Tokyo

12/8/2004

1,826.54

49

990

0.2%

5.4%

C-42

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

8/31/2006

1,915.92

45

1,310

0.3%

4.5%

C-43

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

3/16/2007

2,531.81

69

1,860

0.4%

3.0%

C-44

RESIDIA Chidoricho

Ota-ku, Tokyo

9/5/2006

2,105.15

60

1,290

0.3%

5.0%

C-45

RESIDIA Shinkawa II

Chuo-ku, Tokyo

2/26/2003

2,119.34

36

1,320

0.3%

3.9%

C-46

RESIDIA Mejiro

Toshima-ku, Tokyo

1/12/1999

13,069.70

162

6,280

1.4%

2.6%

C-47

RESIDIA Kasai

Edogawa-ku, Tokyo

1/18/2000

2,177.89

29

683

0.2%

7.0%

C-48

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

2/15/2007

8,502.12

132

5,500

1.3%

2.4%

C-49

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

2/26/2009

6,953.96

194

3,834

0.9%

4.3%

62



Major
Regional
CitiesTokyo Metropolitan Area

Tokyo 23 Wards

Investment Property
regionno.

63

Name of property

Location

Construction
completion dateƪ
Number ofarea
leasable units(m2)

As of July 31, 2016

AcquisitionPrice(million yen)

Investment
ratio

PML

C-50

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

8/4/2009

1,413.22

67

888

0.2%

8.6%

C-51

RESIDIA Kiba

Koto-ku, Tokyo

3/13/2008

3,255.00

155

1,950

0.4%

7.2%

C-52

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

12/18/2008

1,296.27

52

1,129

0.3%

4.4%

C-53

RESIDIA Bunkyo-Honkomagome

Bunkyo-ku, Tokyo

3/6/2008

3,488.24

98

2,340

0.5%

3.5%

C-54

RESIDIA Tsukishima III

Chuo-ku, Tokyo

2/25/2008

3,152.45

119

2,570

0.6%

4.0%

C-55

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

3/3/2007

10,097.88

175

2,580

0.6%

5.3%

C-56

RESIDIA Ogikubo

Suginami-ku, Tokyo

3/7/2003

2,830.20

101

1,710

0.4%

4.5%

C-57

RESIDIA Monzennakacho

Koto-ku, Tokyo

2/24/2005

1,458.45

68

970

0.2%

7.6%

C-58

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

9/7/2005

3,164.96

80

2,090

0.5%

4.2%

C-59

RESIDIA Omori

Ota-ku, Tokyo

3/15/2006

1,528.00

75

1,150

0.3%

1.8%

C-60

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

2/21/2008

1,501.41

66

1,075

0.2%

4.5%

C-61

RESIDIA Kachidoki

Chuo-ku, Tokyo

2/25/2008

2,750.82

55

1,805

0.4%

4.9%

C-62

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

2/26/2008

3,063.83

89

2,268

0.5%

4.0%

C-63

RESIDIA Kinshicho III

Koto-ku, Tokyo

2/21/2005

1,072.75

51

651

0.2%

9.6%

C-64

RESIDIA Kamata III

Ota-ku, Tokyo

3/2/2007

1,404.35

53

948

0.2%

3.5%

(Tower Bldg.)
2.9%(Park Bldg.)
1.9%
5.4%
(Annex Bldg.)
5.7%

C-65

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

3/26/2009

31,250.61

472

8,250

C-66

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

2/22/2007

977.96

45

502

0.1%

4.8%

C-67

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

2/28/2007

995.37

44

580

0.1%

3.4%

C-68

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

3/6/2007

2,066.19

94

1,093

0.3%

5.6%

C-69

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

3/6/2007

796.76

36

411

0.1%

5.4%

C-70

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

10/31/2007

1,996.47

72

1,115

0.3%

3.0%

C-71

RESIDIA Ojima

Koto-ku, Tokyo

11/20/2007

1,824.39

87

1,282

0.3%

6.1%

C-72

RESIDIA Machiya

Arakawa-ku, Tokyo

8/11/2009

2,640.34

55

1,168

0.3%

3.2%

C-73

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

2/29/2004

2,426.47

71

1,700

0.4%

3.8%

C-74

RESIDIA Nerima

Nerima-ku, Tokyo

3/16/2005

1,073.44

34

502

0.1%

3.9%

C-75

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

4/28/2006

631.56

22

378

0.1%

5.8%

C-76

RESIDIA Nakano

Nakano-ku, Tokyo

11/15/2006

825.84

30

652

0.2%

4.1%

C-77

RESIDIA Ogikubo II

Suginami-ku, Tokyo

3/5/2007

735.10

36

460

0.1%

5.1%

C-78

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

3/3/2008

2,031.36

58

1,299

0.3%

4.4%

C-79

RESIDIA Akihabara

Taito-ku, Tokyo

4/18/2007

1,415.80

40

977

0.2%

5.1%

C-80

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

9/20/2007

1,323.50

60

876

0.2%

3.5%

C-81

RESIDIA Omori III

Ota-ku, Tokyo

12/14/2012

1,586.48

65

1,395

0.3%

3.1%

C-82

RESIDIA Nihonbashi-Bakurocho II

Chuo-ku, Tokyo

4/15/2014

2,412.99

77

1,975

0.5%

3.8%

C-83

RESIDIA Nihonbashi-Bakurocho III

Chuo-ku, Tokyo

3/17/2008

2,735.04

55

1,833

0.4%

3.7%

C-84

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

7/11/2014

1,631.73

48

1,655

0.4%

4.7%

C-85

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

3/5/2015

5,392.13

100

4,650

1.1%

1.9%

S-2

Chester House Kawaguchi

Kawaguchi-shi, Saitama

3/7/1991

2,023.11

39

770

0.2%

5.5%

S-4

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

4/23/2007

3,431.44

44

1,100

0.3%

4.6%

S-5

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

1/30/2007

3,277.62

131

1,920

0.4%

5.6%

S-7

RESIDIA Chofu

Chofu-shi, Tokyo

3/7/2007

1,750.49

41

1,143

0.3%

5.0%

S-11

Tokyo Student-House WAKO

Wako-shi, Saitama

4/30/1990

1,684.02

127

675

0.2%

10.2%

S-12

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

2/10/2003

879.44

33

518

0.1%

2.9%

S-14

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

8/17/2004

2,359.60

102

1,700

0.4%

8.4%

S-15

RESIDIA Okurayama

Yokohama-shi, Kanagawa

3/2/1998

1,334.56

64

755

0.2%

5.3%

S-16

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

2/26/2007

2,560.40

68

1,580

0.4%

7.2%

S-17

RESIDIA Funabashi I & II

Funabashi-shi, Chiba

3/1/2007

4,567.44

172

2,730

0.6%

(I) 3.6%(II) 3.4%

S-19

RESIDIA Kichijoji

Musashino-shi, Tokyo

3/20/1995

2,214.73

48

1,380

0.3%

9.1%

S-20

 Ƥ  

Yokohama-shi, Kanagawa

11/6/2007

26,082.53

416

14,000

3.2%

4.5%

S-22

Life & Senior House Kohoku II

Yokohama-shi, Kanagawa

10/31/2003

5,433.40

78

1,670

0.4%

6.4%

S-23

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

2/18/2010

1,136.09

91

810

0.2%

7.7%

S-24

RESIDIA Urayasu

Urayasu-shi, Chiba

9/18/2009

3,692.76

146

2,115

0.5%

6.7%

S-25

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

2/16/2005

1,785.00

85

823

0.2%

6.6%

S-26

RESIDIA Urayasu II

Urayasu-shi, Chiba

2/25/2005

1,554.00

74

802

0.2%

7.5%

S-27

RESIDIA Gyotoku

Ichikawa-shi, Chiba

2/25/2005

1,569.74

75

761

0.2%

6.1%

S-28

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

3/6/2007

2,644.73

104

1,670

0.4%

4.7%

S-29

Cocofump Hiyoshi

Yokohama-shi, Kanagawa

1/29/2010

5,247.90

85

1,050

0.2%

7.5%

S-30

RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

5/27/2004

2,913.01

111

1,050

0.2%

6.8%

S-31

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

9/26/2005

1,793.05

28

735

0.2%

11.5%

S-32

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

1/16/2008

1,215.90

49

606

0.1%

11.0%

S-33

RESIDIA Funabashi III

Funabashi-shi, Chiba

10/4/2006

972.21

43

620

0.1%

5.0%

R-2

RESIDIA Imadegawa

Kyoto-shi, Kyoto

2/26/1999

3,714.11

154

1,671

0.4%

10.9%

R-4

RESIDIA Higashizakura

Nagoya-shi, Aichi

2/20/2006

3,084.03

91

1,290

0.3%

3.4%

R-5

RESIDIA Kameyama

Kameyama-shi, Mie

2/20/2007

6,065.11

182

1,610

0.4%

4.2%

R-6

RESIDIA Ryokuchikoen

Toyonaka-shi, Osaka

5/7/2007

2,391.35

44

979

0.2%

5.7%

Major Regional Cities

Investment Property
regionno.

Name of property

Location

Construction
completion dateƪ
Number ofarea
leasable units(m2)

AcquisitionPrice(million yen)

As of July 31, 2016
Investment
ratio

PML

(South Bldg.; Centre Bldg.)
6.8%(North Bldg.)
6.7%
0.3%
3.4%

R-8

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

9/1/2007

9,708.00

404

3,740

R-10

RESIDIA Hakata

Fukuoka-shi, Fukuoka

3/12/2002

3,955.24

155

1,220

R-11

RESIDIA Tenjinbashi

Osaka-shi, Osaka

2/15/2000

2,113.91

78

871

0.2%

8.3%

R-12

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

11/7/2005

5,698.03

161

2,220

0.5%

3.2%

R-13

KC21 Building

Sendai-shi, Miyagi

3/12/1997

2,716.11

79

900

0.2%

2.4%

R-14

RESIDIA Utsubokoen

Osaka-shi, Osaka

1/11/2006

2,741.46

94

1,170

0.3%

6.6%

R-15

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

2/28/2006

4,010.85

116

1,970

0.5%

9.9%

R-16

RESIDIA Takaoka

Nagoya-shi, Aichi

8/20/2007

5,944.56

198

2,330

0.5%

3.5%

R-17

RESIDIA Hibino

Nagoya-shi, Aichi

4/10/1992

7,598.40

124

1,340

0.3%

3.9%

R-19

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

1/15/2004

3,179.96

56

936

0.2%

4.9%

R-20

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

1/14/2003

1,606.29

39

324

0.1%

2.7%

R-21

RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

2/2/2005

1,930.70

38

685

0.2%

5.0%

R-24

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

12/19/2006

5,928.51

179

1,640

0.4%

0.9%

0.9%

R-25

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

12/5/2006

4,512.24

103

1,320

0.3%

1.1%

R-26

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

1/25/2007

3,867.60

100

1,130

0.3%

1.4%

R-27

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

5/25/2005

2,709.97

33

831

0.2%

4.1%

R-29

RESIDIA Uzumasa

Kyoto-shi, Kyoto

1/17/2000

3,201.93

48

701

0.2%

13.5%

R-30

RESIDIA Izumi

Nagoya-shi, Aichi

11/17/2005

9,715.22

122

3,700

0.9%

3.1%

R-31

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

2/2/2007

3,920.00

56

1,050

0.2%

1.2%

R-32

RESIDIA Tokugawa

Nagoya-shi, Aichi

12/19/2006

2,282.49

27

751

0.2%

3.9%

R-34

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

8/2/2007

6,230.49

109

2,010

0.5%

0.9%

R-35

RESIDIA Tanimachi

Osaka-shi, Osaka

8/22/2008

2,655.18

108

1,100

0.3%

7.5%

R-36

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

2/1/2007

1,684.19

57

652

0.2%

4.8%

R-37

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

1/30/2008

2,005.48

67

529

0.1%

2.5%

R-38

RESIDIA Hirosedori

Sendai-shi, Miyagi

2/22/2010

1,564.29

63

494

0.1%

2.8%

R-39

RESIDIA Edobori

Osaka-shi, Osaka

2/11/2007

3,369.51

127

1,400

0.3%

8.7%

R-40

RESIDIA Kyomachibori

Osaka-shi, Osaka

3/6/2007

2,398.90

84

1,000

0.2%

7.8%

R-41

RESIDIA Esaka

Suita-shi, Osaka

7/31/2007

2,177.04

68

989

0.2%

4.8%

R-42

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

1/22/2008

7,282.78

173

2,380

0.5%

2.6%

R-43

RESIDIA Tsurumai

Nagoya-shi, Aichi

2/7/2008

3,116.98

122

1,206

0.3%

3.6%

R-44

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

3/17/2008

6,714.74

196

2,740

0.6%

3.6%

R-45

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

3/1/2006

3,808.98

56

894

0.2%

1.1%

R-46

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

2/21/2007

4,243.06

97

1,921

0.4%

9.1%

R-47

RESIDIA Marunouchi

Nagoya-shi, Aichi

1/16/2007

2,349.52

86

972

0.2%

2.8%

R-48

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

2/8/2007

6,088.03

168

1,483

0.3%

0.7%

R-49

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

9/4/2007

2,601.26

57

1,227

0.3%

8.9%

R-50

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

3/19/2008

2,101.83

75

874

0.2%

12.4%

R-51

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

9/3/2006

12,724.11

178

3,232

0.7%

7.1%

R-52

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

1/25/2008

5,088.45

67

1,705

0.4%

2.3%

R-53

RESIDIA Higashizakura II

Nagoya-shi, Aichi

2/27/2006

8,467.67

127

2,862

0.7%

3.1%

R-54

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

11/11/2006

5,415.90

168

1,796

0.4%

(EAST)
2.6%(WEST)
2.7%

R-55

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

1/31/2007

2,373.77

85

1,052

0.2%

5.8%

R-56

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

6/20/2007

3,143.80

105

1,117

0.3%

2.3%

R-57

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

9/12/2007

2,111.76

72

593

0.1%

2.1%

R-58

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

1/22/2008

4,063.96

85

1,062

0.2%

1.1%

R-59

RESIDIA Shin-Osaka

Osaka-shi, Osaka

2/16/2014

5,300.36

208

2,644

0.6%

6.2%

R-60

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

3/21/2004

3,063.96

108

772

0.2%

1.7%

R-61

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

3/19/2005

621.98

23

227

0.1%

14.1%

R-62

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

3/1/2006

3,184.61

103

1,083

0.2%

2.4%

R-63

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

2/16/2007

2,296.58

51

538

0.1%

1.2%

R-64

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

2/11/2007

1,556.02

51

488

0.1%

6.1%

R-65

RESIDIA Soen

Sapporo-shi, Hokkaido

2/14/2007

1,944.70

60

384

0.1%

1.4%

R-66

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

5/16/2007

3,175.04

88

1,122

0.3%

3.4%

R-67

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

6/15/2007

3,221.40

91

1,123

0.3%

4.5%

R-68

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

9/10/2007

3,592.60

124

1,358

0.3%

1.8%

R-69

RESIDIA Kego

Fukuoka-shi, Fukuoka

1/10/2008

2,293.82

86

834

0.2%

2.3%

R-70

RESIDIA Shirakabe

Nagoya-shi, Aichi

3/3/2008

2,449.20

70

907

0.2%

4.4%

R-71

RESIDIA Sakae

Nagoya-shi, Aichi

12/7/2007

1,805.98

77

868

0.2%

4.2%

766,881.60

20,455433,635

100.0%

2.4%

Total

 ͕Ǥ  ǲ ǳ ǡǲ͛ǳ ǡǡǡǡǡǢǲ͖͗ǳ 
͖͗͛Ǣǲǳ ȋ ͖͗Ȍǡ Ǣǲgional Cities” indicates designated and similar major cities excluding cities in the Tokyo Metropolitan Area.
͖Ǥ  ǲ  ǳ ǡ ơǡ    ǯ ǯƪ Ǥ͗Ǥ  ǲ  ǳ ǡǤ ǡƤ ǲǳ
amount entered in the foregoing table.

64Ƥ
AD Investment Management Co., Ltd.

As of July 31, 2016

Jinbocho Mitsui Building 17F, 1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo  

President

Kenji Kousaka

Executive Director

Takeshi Takano

Managing Director

Junichi Shoji

Director

Tomoyuki Kimura

Director

Hiroshi Kawakami

Director (non-executive)

Yusuke Takasaka

Director (non-executive)

Kazuhito Akamatsu

Director (non-executive)

Masatoshi Sano

Statutory Auditor

Hiromasa Yamamoto

Statutory Auditor (non-executive) Kaori Iwasawa 




Investment management businessFeb. 2, 2005

Established as Japan Residential Management Co., Ltd.

Apr. 9, 2005

Obtained real estate agent license (Tokyo Governor License (2) No. 84325)

May 17, 2005

Changed trade name to AD Investment Management Co., Ltd.

June 23, 2005

Mar. 1, 2010

Obtained discretionary transaction agent approval under Building Lots and Buildings Transaction Business Act(Minister of Land, Infrastructure, Transport and Tourism Approval No. 37)
Obtained investment trust settlor business approval under Act on Investment Trusts and Investment
Corporations(Prime Minister Approval No. 49)
Ƥ ȋ Ǧ    
(Kinsho) Registration No. 309)
 Ƥ 

Aug. 5, 2013 Ǧ  ƥ ȋǤ͙͙͚͜͜Ȍ

Sep. 8, 2005
Sep. 30, 2007

Shareholder
composition

65



Ǥ

ȋΨȌ

ITOCHU Corporation

4,980

80.6

ITOCHU Property Development, Ltd.

1,200

19.4

Total

6,180

100.0

(Note) “Voting Rights (%)” in the table above is the shareholding (number of shares held) as a percentage of total number of shares issued
and outstanding.

 
Ǧ

As of July 31, 2016

No. of unit-holders

FP 01-2011
FP 07-2011
FP 01-2012
FP 07-2012
FP 01-2013
FP 07-2013
FP 01-2014
FP 07-2014
FP 01-2015
FP 07-2015
FP 01-2016
FP 07-2016

50.3%
53.3%
49.6%
51.2%
55.0%
57.4%
62.8%
65.1%
70.0%
71.1%
71.1%
69.6%

0%

25%
(share)No. of unit-holders

23.0%
19.2%
22.8%
16.9%
26.5%
17.1%
24.7%
17.3%
22.1%
16.2%
23.2%
13.4%
5.6%
19.6%
12.0%
5.5%
18.3%
11.1%
5.0%
15.0%
9.9%
5.0%
14.7%
9.2%
5.0%
15.1%
8.9%
4.9%
17.3%
8.2%

50%

Japanese Financial Institutions Other Japanese(including Securities Companies) Corporations

No. of Units

7.5%
7.0%
6.8%
6.8%
6.6%
6.0%

(share)75%

Foreign Corporations
and Individuals(share)22,882
21,293
21,57023,14723,01523,413
21,98022,11820,44019,246
18,63917,560100%

Domestic Individuals
and Others

Total(share)(share)904,295

69.6%

63,2914.9%

225,31617.3%

107,098

8.2%

1,300,000 100.0%

189

1.1%

267

1.5%

276

1.6%

16,82895.8%

17,560 100.0%

Inquiries

For the following inquiries, please contact the securities
company where you have your trading account.
• Change in account address, name and otherregistered details• Designation or change of dividend transfer account• Requests for documents required for the
aforementioned procedures

Dividends can be collected by bringing the “unit-holder
dividend receipt” to your nearest Japan Post Bank office
or a bank agent post office in Japan. If the collection
period has elapsed, please make your collection by
designating the collection method on the back of the“unit-holder dividend receipt” and mailing it to Mizuho
Trust & Banking’s Stock Transfer Agency Department orbringing it to a Mizuho Trust & Banking, Mizuho Bank
main or branch office. If you wish to designate a banktransfer for future dividend payments, please contact
your securities company.


For information on ADR, please visit ADR’s website at
the address shown below, or directly contact the asset
management company, AD Investment Management
Co., Ltd
Website:www.adr-reit.co.jp
Email:
ir@adr-reit.co.jp
Investor relations (phone): +81-3-3518-0432
Fax:+81-3-3518-0481

66

www.adr-reit.com

1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo