8th Fiscal Period ReportFebruary 1, 2014 ~ July 31, 2014

Advance Residence Investment Corporation

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P-91 RESIDIA Meguro III

Realization of Stable Distribution of
Earnings over the Long-term~by consistently earning above 4,500 yen per unit in net income~

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To Our Unit-holders

We would like to report on the
management results and performanceof Advance Residence Investment
Corporation (ADR) for its 8th Fiscal
Period, or the six months ended July
31, 2014.
During the current fiscal period, ADR
generated earnings per unit (EPU)of 4,523 yen, thereby exceeding
our medium-term EPU target of
4,500 yen for the first time since themerger. This was mainly attributable

to initiatives undertaken by ADR thatinvolved: 1) enhancing profitability ofthe portfolio with a focus on external
growth; 2) maintaining and improving
the occupancy rate, and streamlining
management expenses; and 3)
strengthening ADR’s financial base.
During the current fiscal period, in
addition to acquisitions of 11 properties(15.8 billion yen) through a follow-on
offering launched early in the period,
we maintained high rates of occupancy
with our property holdings (averageoccupancy rate of 96.4% during theperiod) and continued efforts tostrengthen our financial base byextending debt duration, increasing theratio of fixed-interest-rate loans, andreducing financing costs. Consequently,
EPU exceeded the initial forecast of
4,430 yen by 93 yen, and we accordingly
increased dividends per unit by the sameamount to 4,593 yen, from the 4,500
yen estimated at the beginning of theperiod.

from the consumption tax hike thattook effect in April of the current year.
Going forward, ADR will steadfastly
implement the initiatives describedabove to consistently earn above
4,500 yen per unit, and set our sights
on our next stage of development.

However, we anticipate EPU of
4,470 yen in both the 9th and 10th
fiscal periods (ending January 31 andJuly 31, 2015, respectively), in part
given the impact of higher tax burdens

Kenji Kousaka

In the current fiscal period, ADR'sunit price rose sharply from 217,200
yen at the end of the previous fiscal
period to 245,500 yen at the end of
this fiscal period (a 13.0% increase overthe previous period) as a result offavorable conditions brought about byheightened expectations for domestic
economic recovery.
We would like to take this opportunity
to sincerely thank all of our shareholders
for their support.

Advance Residence Investment Corporation
Executive director

AD Investment Management Co., Ltd.
President

Changes in Price of Investment Units
Trading volume(unit)

60,000Eﬀective date of merger
Mar. 1, 2010

First trading day of
new units in the 1st
follow-on oﬀering
Jun. 29, 2010

Great East Japan
Earthquake
Mar. 11, 2011

First trading day of
new units in the 2nd
follow-on oﬀering
Feb. 2, 2012

First trading day of
new units in the 3rd
follow-on oﬀering
Feb. 4, 2013

Launching of the 4th
follow-on oﬀering
Jan. 9, 2014

Price of investment units(yen)

300,000

225,000

45,000150,000

30,000ADR Price of investment units
Tokyo Stock Exchange REIT Index
TOPIX

15,0000

ADR Trading volume

2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
/03/0 010/06/ 010/09/ 010/12/0 011/03/1 011/06/1 011/09/1 011/12/16 012/03/2 012/06/2 012/09/2 012/12/2 013/03/2 013/07/0 013/10/0 014/01/0 014/04/0 014/07/1
02
04
0
1
3
5
0
7
1
1
9
7
0
1
1
9
2

2010

75,0000* The Tokyo Stock Exchange REIT Index and the Tokyo Stock Exchange REIT Residential Index are re-indexed using ADR’s March 2, 2010 unit price of 112,500 yen as the base.

2
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Fiscal Highlights
EPU Exceeded 4,500 yen for the First Time Since the Merger
EPU of

4,523 yen (+108 yen from previous FP)

93 yen Increase in Dividends from Initial Forecast

4,593 yen dividend per unit (-22 yen from previous FP)
Solid External Growth
Acquired

12 profit-improving properties (@ approx. 18.4 Billion Yen)
(Includes the property acquired on

August 1, 2014)

Favorable Investment Environment
High average occupancy rate maintained at

96.4% (0.2% over initial forecast)Financing with Fixed-Rate Debts and Longer Maturities
Fixed-rate debt ratio:

95% Remaining duration: 4.1 yrs

Earnings Forecasts for FP Ending January 2015 and July 2015
Forecast for both fiscal periods

4,470 yen
Dividend Per Unit: 4,500 yen
EPU:

3
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The Largest Portfolio Among Residential J-REITs
As of August 1, 2014

No. of properties

Number of leasable units

222 properties

19,286 units

5.6%

Total assets

Leasable floor area

420.2 billion yen

725,139m(Based on acquisition price)

Unrealized gain*

NOI yield*

35.2 billion yen
Average amount invested
per property

1.89 billion yen

2* NOI: NOI stands for Net Operating Income as a function of revenues and expenses from the real estate business, calculated using the formula: “Revenue from property leasing” – “Expenses from property
leasing” + “Depreciation and amortization” + “Loss on retirement of fixed assets”* NOI yield is calculated using the formula: “Annualized NOI” ÷ “Book value at the end of fiscal period” Annualized NOI amounts to total actual NOI for the fiscal period ended July 31, 2014, adjusted on an annualizedbasis according to the number of operating days during the period. NOI yield for the property acquired on August 1, 2014 is calculated using the appraisal value report's annual NOI value at the time of acquisition
for the annualized NOI value, and using the acquisition price of the property for the book value at the end of the fiscal period.
* Unrealized gain (loss) is calculated with respect to the 221 properties held as of July 31, 2014, using the formula: “Appraisal value at fiscal period end” – “Book value at fiscal period end”

Investment Location

Building Age

Walking Minutes to Train Station

Tenant Category(% based on acquisition price)(% based on acquisition price)(% based on acquisition price)(% based on no. of units as of July 31, 2014)

Over 15 min. 1%

Under 5 yrs
Major Regional
CitiesOver 10 yrs

10 to 15 min.

13%

38%

29%

55%

Individual

71%

Tokyo 23 Wards Total

73%

Under 10 yrs

28%

16%

Under 5 min.

Over 5 yrs to 10 yrs

Corporate

Guaranteed
rent

5 to 10 min.

Average 9.3 yrs

44%

Student

6%

24%

17%
Tokyo
Tokyo Central
Metropolitan Area
7 Wards
10%
Tokyo 23 Wards

5%

43%

under 5 min.

76%

under 10 min.

55%
93%

Pass-through type71%

“Student” indicates the proportion ofcontracts for managed dormitory-type andstudent apartment contracts

Unit Type (% based on no. of units)

Rents (% based on no. of units as of July 31, 2014)
51.9% (10,016 units)

Single22.5% (4,336 units)Compact

15.6% (3,009 units)

Family2.5% (488 units)

Large

0.7% (141 units)

Oﬃce/retail0Tokyo Central
7 Wards

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2,500
Tokyo
23 Wards

Under 150K yen

22.0% (4,191 units)

Under 250K yen

20.8% (3,967 units)
2.7% (520 units)

Under 300K yen

6.7% (1,296 units)

Dormitory

52.1% (9,948 units)

Under 100K yen

5,000

7,500

Tokyo
Metropolitan Area

Under 500K yen

1.6% (310 units)

Over 500K yen

0.7% (142 units)

10,000Major Regional
CitiesSingle0%15.0%Compact

Family

30.0%
Large

Dormitory

45.0%

60.0%

Oﬃce/retail4
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Steady External Growth173

No. of properties

190

properties

204

properties

5.4%

5.3%

NOI yield to book value

190

properties

210

222

properties

properties

properties

5.5%

5.5%

5.6%*

393.8
billion yen

401.8
billion yen

420.2
billion yen

5.3%

367.9
billion yen

12.2%
10.9%

13.3%
11.2%

367.9
billion yen

13.3%
11.2%

15.1%
10.7%

15.2%
10.5%

17.2%
10.1%

28.1%

29.1%

29.1%

29.3%

29.3%

28.6%

48.9%

46.4%

46.4%

44.9%

44.9%

44.1%

As of
January 31, 2012

As ofJuly 31, 2012

As ofJanuary 31, 2013

As ofJuly 31, 2013341.8
billion yen
Major Regional Cities
Tokyo Metropolitan Area
Tokyo 23 Wards
Tokyo Central 7 Wards

As of
As of
January 31, 2014 August 1, 2014
* Book value NOI yield of the 8th FP ended July 31, 2014

High Occupancy Rate
Overall portfolio

Tokyo Central 7 Wards

Tokyo 23 Wards

Tokyo Metropolitan Area

Major Regional Cities

100%

95%

90%

3rd FP

4th FP

96.4%

5th FP

96.2%

6th FP

95.9%

7th FP

96.6%

8th FP

96.4%

96.4%
14
/0
7
20

14
/0
5
20

1

14
/0
3
20

4/
0
20
1

13
/11
20

9
13
/0
20

/0
7
13
20

3

/0
5
20
13

20

13
/0

1
/0
13
20

12
/11
20

9
12

/0

7
20

5

/0
12
20

3

/0
12
20

12
/0

1
20

/0
12
20

11
11/
20

20

11/

09

85%

5
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Financial Base that Withstands Financial Volatility
Average interest paid
Average years remaining to maturity

1.63%

long-term ﬁxed-rate debt ratio

1.46%

82%

78%
2.5 yrs

3rd FP(ended January 2012)

2.9 yrs

4th FP(ended July 2012)

1.35%

87%
3.4 yrs

5th FP(ended January 2013)

1.28%

1.26%

93%

93%
3.8 yrs

6th FP(ended July 2013)

1.23%

3.8 yrs

7th FP(ended January 2014)

4.1 yrs95%

8th FP(ended July 2014)

Stable Dividends
Drawdown of reserve for dividends
Dividends from net income(in yen per unit)

4,500
420

4,079

3rd FP(ended January 2012)

4,724
531

4,192

4th FP(ended July 2012)

4,505

4,597

4,615

4,593

249

329

4,255

4,267

4,415

4,523

5th FP(ended January 2013)

6th FP(ended July 2013)200

7th FP(ended January 2014)

69

8th FP(ended July 2014)

6
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Future Investment Strategy

Realization of Stable Distribution of Earnings over the Long term

External GrowthInternal Growth

Finance Policy

Even though the supply of properties
remains very tight, we aim to
improve the profitability and asset
value of our portfolio by using all thetools in our toolbox.

We will aim to maintain and improve
revenues from properties withhigher occupancy rates by increasing
key money and reducing leasing
expenses.

▶ Sourcing properties from sponsors

We will also keep working to maintaina n d e n h an c e t h e c o mpe t i t i v eadvantages of our properties byimplementing timely upgrades andlarge-scale renovations.

As we closely monitor interest-rate
trends, we maintain our policy tofurther diversify debt maturities
while continuing to finance in fixedrate debts with longer durations.
This policy will strengthen thefinancial base of ADR and enable it
to respond more readily to futurefinancial market volatilities.

▶ Direct sourcing from the open
market based on a wealth of
trading information that we areable to collect▶ Exercising rights of first refusal withrespect to properties managed
under our existing bridge funds▶ Through property replacement

Dividend Payout Strategy
We will maintain our pay-out policyof using the dividend reserve to topup the dividend forecast to 4,500
yen per unit until we are able toconsistently earn above 4,500 yen
per unit in net income.
We hope to shortly announce a newpolicy as we attain the net income
level mentioned above.

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I. Asset Management ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
Fiscal Period
Operating Operating revenues
results(Rental revenue)(Gain on real estate sales)

6th FP

7th FP

8th FP

From: Feb. 1, 2013
To: Jul. 31, 2013

From: Aug. 1, 2013
To: Jan. 31, 2014

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

12,21912,194

13,493

13,794

14,668million yen

12,193

12,155

13,462

13,756

14,590b

million yen

–

–

–

–

–

million yen

5,660

5,773

6,517

6,658

7,164

(Rental business expenses)cmillion yen

4,551

4,557

5,343

5,366

5,749

(Loss on real estate sales)dmillion yen

–

–

–

–

–

(Impairment loss)emillion yen

–

–

–

–

–

million yen

6,559

6,420

6,976

7,136

7,504
5,880

Ordinary incomefmillion yen

4,612

4,681

5,292

5,475

Net incomegmillion yen

4,611

4,681

5,291

5,475

5,880

Total assetshmillion yen

384,091

383,476

410,989

418,785

435,215Interest-bearing liabilities

imillion yen

206,359

206,166

210,269

218,116

221,799

Net assets

jmillion yen

173,155

172,640

195,446

195,220

207,757

Paid-in Capitalkmillion yen

80,08780,087

102,557

102,557

114,936

Total dividendslmillion yen

5,196

4,955

5,700

5,722

5,970

Payout ratio
Total number of units issued andoutstanding
Net assets per unit

l/g

%

112.7

105.9

107.7

104.5

101.6

m

units

1,100,000

1,100,000

1,240,000

1,240,000

1,300,000

yen

157,413

156,945

157,617

157,436

159,813

yen

4,198

4,255

4,270

4,415

4,526

yen

4,724

4,505

4,597

4,615

4,593

Dividend from earnings per unit

yen

4,724

4,505

4,597

4,615

4,593

Dividend in excess of earnings per unit

yen

0

0

0

0

0

(Note 3)

%

6.2

4.7

4.7

4.2

3.8

(g+q)/(k+i)(Note 3)

%

4.7

4.7

4.9

4.8

5.0

(g+q)/(m×r+i)(Note 3)

%

3.6

3.2

3.4

3.2

3.1

j/m

Net income per unit
Dividend per unit

Financial
indicators

5th FP
From: Aug. 1, 2012
To: Jan. 31, 2013

million yen

Operating income

Per unit
figures

4th FP
From: Feb. 1, 2012
To: Jul. 31, 2012aTotal operating expenses

Balancesheet
figuresunits

Annualized dividend yield
Return on investment(Paid-in Capital)
Return on investment(market capitalization)
FFO per unit
Annualized(Note 2)l/m

(g-b+d+e+q)/mn

FFO multiple
Ratio of ordinary income to total
assetsAnnualized

r/nEquity ratio

j/hReturn on equity

g/j

f/h

yen

6,075

6,152

6,109

6,298

6,413

yen

12,184

12,203

12,321

12,494

12,932

times

12.5

15.6

16.1

17.4

19.0

(Note 4)

%

1.2

1.2

1.3

1.3

1.4

(Note 3)

%

2.5

2.4

2.7

2.6

2.8

%

45.1

45.0

47.6

46.6

47.7

(Note 5)

%

2.8

2.7

2.9

2.8

2.9

(Note 3)

%

5.6

5.4

5.8

5.6

5.9

%

53.7

53.8

51.2

52.1

51.0

(Note 3)

Annualized
Ratio of interest-bearing liabilities tototal assets
DSCR
Net income before interest anddepreciation
Interest expenses

o/p

times

5.3

5.6

6.6

6.7

7.2

o

million yen

8,241

8,243

8,940

9,177

9,686

million yen

1,558

1,476

1,364

1,367

1,349

NOI

a-c+q

(Note 6) million yen

9,711

9,681

10,401

10,722

11,295

Depreciation and amortizationq(Note 8) million yen

Unit price at end of period

r

i/h

p

Annualized NOI yield(Note 3,7)

%
yen

5.4

5.2

5.4

5.3

5.5

2,071

2,085

2,284

2,335

2,457

152,900

190,100

198,100

217,200

245,500

Notes 1. Operating revenues do not include consumption tax. Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place. The
same applies for the rest of this report unless otherwise specified.
2. The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
3. The annualized figures are calculated based on 1 year being 365 days, with accounting calculation periods of 182 days for the 4th Fiscal Period, 184 days for the 5th Fiscal Period,
181 days for the 6th Fiscal Period, 184 days for the 7th Fiscal Period, and 181 days for the 8th 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 is the sum of per property NOI annualized by taking into account the actual number of days of operation for each property.)
8. Depreciation and amortization includes depreciation and amortization of intangible assets in addition to depreciation of property, plant and equipment.

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I. Asset Management Report
2 Investment Environment and Operating Performance

During the current fiscal period, ADR generated earnings per unit (EPU) of 4,523 yen, thereby exceeding our medium-term
EPU target of 4,500 yen for the first time since the merger. This was mainly attributable to the following initiatives
undertaken with the aim of achieving the aforementioned EPU goal.
(i) Enhancing profitability of the portfolio by expanding assets under management
During the current fiscal period, we acquired 11 properties (total acquisition price of 15.8 billion yen) through the followon offering launched early in the fiscal period.
(ii) Maintaining and improving the occupancy rate, and streamlining management
During the current fiscal period, ADR maintained a high average occupancy rate of 96.4% and also achieved
improvements in terms of leasing-related income and expenses.
(iii) Strengthening ADR’s financial foundation
During the current fiscal period, ADR maintained the policy of financing with longer duration and fixed interest rates
while managing to lower financing cost.
The results of these initiatives in the current fiscal period are outlined below.

(million yen)

(Reference)

Operating revenues

8th FP Results
Difference from the Difference from thePrevious FP Results Initial forecast (Note 1) (ended July 31, 2014)previous FP
initial earnings forecast
13,794
14,542+873+126
14,668Operating income

7,136

7,388

Ordinary income

5,475

5,760

Net income

5,475

5,759

Net income / Unit

4,415 yen

4,430 yen

Dividend Per Unit

4,615 yen

4,500 yen

7,504
5,880
5,880

4,523 yen

+368

+115

+405

+120

+405
+108 yen

4,593 yen

(Note 2)-22 yen+120+93 yen(Note 2)+93 yenNotes 1. The initial forecast refers to the earnings forecasts for the 8th Fiscal Period disclosed in the “Brief Summary of Kessan Tanshin” for the 7th Fiscal Period, dated March 12, 2014. The
same holds true hereafter.
2. Net income / Unit is calculated by dividing net income by the number of units issued and outstanding as of the end of the fiscal period. Differences of Net income / Unit andDividend Per Unit figures from the previous fiscal period and Initial earnings forecast figures do not take into account decimals.

Despite an increased tax burden (Note 3) beginning this fiscal period due to the consumption tax hike and our expensing ofproperty taxes on properties acquired in 2013, Earnings Per Unit (EPU) increased by 108 yen over the previous period to4,523 yen partially as a result of the initiatives described above, as well as from the one-off income that included closing
dividends from the redemptions of TK property funds. As the actual EPU results exceeded the initial EPU forecast of 4,430
yen by 93 yen, dividends per unit were accordingly increased by 93 yen over the initial 4,500 yen forecast to 4,593 yen,based on our disclosed dividend payout policy.
3. The aforementioned expenses impacted earnings of the current fiscal period as outlined below.
		 The consumption tax hike: 50 million yen (tax burden incurred due to the tax hike over the 4 months from April to July 2014)
		 Expensing property taxes: 41 million yen (the property taxes were recognized as expenses over the 3 months from May to July 2014)a) External growth
Despite an extremely competitive environment in the property acquisition market, we acquired 11 properties(15.8 billion yen) during this fiscal period, in conjunction with the follow-on offering launched early in the current fiscal
period. The average assumed NOI yield (Note 4) for the 11 properties newly acquired was 6.2%, thereby exceeding the 5.5%
actual book value NOI yield of our existing portfolio as of January 31, 2014 (Note 4). As such, ADR has once again succeeded inacquiring properties that will boost the profitability of the portfolio. In addition, in April 2014 we concluded a transaction
agreement for the acquisition of RESIDIA Shin-Osaka (Acquisition price: 2.64 billion yen; Acquisition date: August 1, 2014;
Assumed NOI yield (Note 4): 6.3%; Completion: February 2014). Consequently, as of September 8, 2014, ADR continues tomaintain the largest portfolio among the residential J-REITs, with holdings of 222 properties valued at 420.2 billion yen.
Since the merger, ADR has persisted in acquiring properties that will boost the profitability of the portfolio. As of the date of thisreport, ADR holds rights of first refusal acquired with respect to 19 properties (tax-inclusive rights of first refusal valued at 19.9
billion yen, and average assumed NOI yield (Note 4) of 6.0%), through its acquisition of TK property fund equity interests. Goingforward, we aim to continue acquiring properties that will improve the profitability and asset value of our portfolio by drawing on
multiple approaches to making acquisitions. This will entail using the rights of first refusal mentioned here, as well as sourcing
sponsor-developed properties from sponsors and direct market acquisitions.
4. The average assumed NOI yield for the acquired properties is calculated by dividing the total NOI listed in the appraisal report at the time of acquisition by the total acquisition price.
The actual book-value NOI yield is calculated by dividing the total annualized NOI of the fiscal period by the total book value as of the end of the fiscal period. The average assumed
NOI yield on the properties for which ADR holds the right of first refusal is calculated by dividing the total NOI listed in the appraisal report at the time of acquisition of equity interestin the TK property fund by the total right-of-first-refusal price (if the right-of-first-refusal price in the contract includes tax, the NOI yield is calculated based on the price excluding tax
assuming an 8% tax rate). The same holds true hereafter.

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b) Internal growth
We continued to maintain a high average occupancy rate of 96.4% during the fiscal period.
In addition to maintaining a high occupancy rate, we worked on improving prospects for future property revenues by taking
an active approach to ensuring key money receipts, particularly from properties with higher occupancy rates, and also
through cost-cutting efforts that included installing LED lighting in selected properties and reviewing power contracts
applicable to common areas of properties, by introducing electronic circuit breakers.
We also carried out on nine properties, large-scale renovations on common areas, room fixture replacement and roomlayout changes on several residential units with the aim of maintaining and strengthening the competitive advantages ofthe properties. These improvements will play a part in keeping facilities from becoming outdated, while also helping toensure that we can attract new tenants at significantly higher rent levels than would otherwise have been the case.
Although we face the prospect of an aging property portfolio as assets are held longer, ADR is committed to maintaining
and enhancing the value of such assets by ensuring that work is adequately performed on our properties.
c) Financial Strategy<Debt financing>
During the fiscal period, besides reducing financial costs, we put emphasis on refinancing loans and investment corporation
bonds (hereinafter, “loans and bonds”) with longer maturities, diversified repayment dates and fixed interest rates toassure a stable distribution of earnings over the long term.
The average duration for the 19.6 billion yen in loans repaid in the fiscal period was 2.5 years (this includes only loans withbalances outstanding as of the end of the previous fiscal period) and the average interest rate as of the date of repaymentof respective loans (Note 5) was 1.39%. Whereas the average duration for the 23.3 billion yen in loans and bonds arranged
during the fiscal period (excluding loans repaid within the fiscal period) was 7.9 years, at an average interest rate of 1.02%.
Consequently, as of the end of the current fiscal period, the average number of years remaining on loans and bonds (Note 6)
stood at 4.1 years, ratio of fixed-rate debt (Note 7) was 94.8%, and average interest rate was 1.23%. Therefore, in comparison to
the end of the previous fiscal period, we have made strides across the board with respect to extending debt duration,
increasing our proportion of fixed-rate debt, and reducing average interest rates. In addition, by diversifying the debt
repayment dates, we achieved keeping all the repayment amounts for each fiscal period below the committed line of creditof 20 billion yen.
Also, considering the prevailing low interest rates on financing, we opted to mitigate the risk of any further interest rate
volatility by concluding refinancing agreements in July 2014, for all borrowings coming due in the fiscal period ending
January 31, 2015 (Amount of financing: 11.0 billion yen; Refinancing dates: the dates of respective loan repayments; Averageloan duration: 7.8 years; Average interest rate: 0.85%, fixed-rate).
5. The fixed interest rate after the application of interest-rate swap is used in calculating the average interest rate. The same holds true hereafter.
6. Calculations are made on the assumption that the entire balance of the borrowings is repaid in lump sums on the final repayment dates, including the amortized loans. The same
holds true hereafter.
7. If floating interest-rate loans are hedged using interest-rate swaps, the loans are treated as fixed interest-rate loans for the principal amount of the swap. The same holds true
hereafter.

<Equity finance>
During the fiscal period, we obtained financing amounting to 12.3 billion yen, through a follow-on offering launched in
January 2014, and partly funded the acquisition of the aforementioned 11 properties using the proceeds.
The paid-in amount of the follow-on offering on a per-unit basis stood at 206,328 yen, thereby greatly exceeding NAV per
unit (Note 8) of 171,850 yen at the end of the previous fiscal period. Thereby succeeding in raising unit-holder value throughgrowth in NAV per unit.
Along with favorable pricing of the follow-on offering mentioned above, the acquisition of the 11 properties at less than theappraisal value, and to an increase in unrealized gains as of the end of the current fiscal period stemming in part fromincreases in appraisal values of existing property holdings, the NAV per unit as of the end of the fiscal period increased to
182,367 yen (Note 8).
Moreover, as a result of the follow-on offering, our ratio of interest-bearing liabilities to total assets as of the end of thecurrent fiscal period decreased to 51.0%, as compared to 52.1% at the end of the previous fiscal period. This has afforded us a
more stable financial footing, while at the same time enabling us to maintain and secure capacity to acquire properties thatfacilitate future external growth.
8. In this report, NAV per unit is defined as after-dividend net assets per unit, plus unrealized gains (losses) on property holdings per unit. NAV per unit as of the end of the current fiscal
period is calculated as follows.
		 NAV per unit of 182,367 yen = (207,757,958,862 yen in net assets at end of current fiscal period - 5,970,900,000 yen in dividends to be paid for the current fiscal period + 35,290,145,558
yen in unrealized gains at end of current fiscal period) ÷ (1,300,000 outstanding number of investment units at end of current fiscal period)

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I. Asset Management Report
3 Management Policies and Challenges Going Forward

ADR’s financial results in the next fiscal period (the fiscal period ending January 31, 2015) and thereafter will be impacted by
an absence of the one-off gains, along with higher tax burdens due to the consumption tax hike and increase in expensingof property taxes (Note 9) on properties acquired in 2013 onward. Amid those circumstances, we aim to consistently achieveearnings per unit (EPU) of 4,500 yen by steadily pursuing the strategies outlined below.
9. Expensing of property taxes assessed on properties acquired in 2013 were recognized for 3 months for this fiscal period. And it will be recognized for the full 6 months from next
fiscal period onward. The property taxes for properties acquired in 2014 will start to be expensed from the fiscal period ending July 31, 2015, recognizing for 3 months, and 6 months
for the fiscal period ending January 31, 2016 and onward.

a) External Growth
The property acquisition environment continues to be highly competitive. Nevertheless, we remain committed to achieving
external growth, without foregoing opportunities to acquire properties that will enhance the profitability of our portfolio.
To that end, we will draw on multiple means of making acquisitions such as by sourcing sponsor-developed properties fromsponsors, as well as by exercising rights of first refusal with respect to properties managed under our existing bridge funds
and direct sourcing from the open market based on a wealth of trading information that we are able to collect.
All the while, we hope to take advantage of the opportunities created by the booming property market by seeking property
replacements, thereby enhancing the quality and strengthening the competitive advantages of the portfolio.
b) Internal Growth
We will aim to maintain and improve revenues from properties with higher occupancy rates by increasing key money andenhancing the efficiency of leasing expenses.
We will also keep working to maintain and enhance the competitive advantages of our properties through continuous
implementation of upgrades and large-scale renovations.
c) Financial Strategy
As we closely monitor interest-rate trends, we maintain our policy to further diversify the debt maturities while continuing
to finance in fixed rate debts with longer durations. This policy will further strengthen the financial foundation of ADR andenable it to respond more readily to future financial market volatilities.
d) Dividend Payout Strategy
We will maintain our pay-out policy of using the dividend reserve to top-up the dividend forecast to 4,500 yen per unit until
we are able to consistently earn above 4,500 yen per unit in net income. We hope to announce shortly a new policy as wereach the net income level mentioned above.

C-53 RESIDIA Bunkyo-Honkomagome

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4 Equity Finances

The following are changes in paid-in capital and number of units issued and outstanding over the last 5 years.
Number of units issued andoutstanding (units)

Paid-in Capital (million yen)

Increase

Increase

Date

Description

March 1, 2010

Consolidation-type merger

722,306

722,306

36,26236,262

1

June 28, 2010

Follow-on offering

240,000

962,306

26,35562,6182

July 30, 2010

Third-party allotment

17,694980,000

1,943

64,561

3

February 1, 2012

Follow-on offering

110,000

1,090,000

14,23178,793

4February 29, 2012

Third-party allotment

10,0001,100,000

1,293

80,087

5

February 1, 2013

Follow-on offering

135,000

1,235,000

21,667

101,754

6

February 27, 2013

Third-party allotment

5,000

1,240,000

802

102,557

7

February 3, 2014

Follow-on offering

58,0001,298,000

11,967

114,524

8

February 26, 2014

Third-party allotment

2,000

1,300,000

412

114,936

9

Balance

Balance

Notes

Notes 1. ADR was established through the consolidation-type merger between former Advance Residence Investment Corporation (the “former ADR”) and Nippon Residential Investment
Corporation (NRI) on March 1, 2010. Upon its establishment, ADR allotted and delivered 3 ADR units per 1 former ADR unit and allotted and delivered 2 ADR units per 1 NRI unit.
2. ADR issued new units through public offering at an offer price of 113,684 yen (paid-in amount: 109,816 yen) per unit to procure funds for new property acquisitions as well as partly
funding repayment of loans and redemption of investment corporation bonds.
3. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 109,816 yen per unit to procure funds for new property
acquisitions as well as partly funding repayment of loans and redemption of investment corporation bonds.
4. ADR issued new units through public offering at an offer price of 133,770 yen (paid-in amount: 129,379 yen) per unit to procure funds for new property acquisitions and for other purposes.
5. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 129,379 yen per unit to procure funds for new property
acquisitions and for other purposes.
6. ADR issued new units through public offering at an offer price of 165,945 yen (paid-in amount: 160,498 yen) per unit to procure funds for new property acquisitions and for other purposes.
7. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 160,498 yen per unit to procure funds for new property
acquisitions and for other purposes.
8. ADR issued new units through public offering at an offer price of 213,330 yen (paid-in amount: 206,328 yen) per unit to procure funds for new property acquisitions and for other purposes.
9. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 206,328 yen per unit to procure funds for new property
acquisitions and for other purposes.

Market Price of Units
The following are the highs and lows of ADR’s unit closing prices on the Tokyo Stock Exchange.
Fiscal Period
Period-end

4th FP

5th FP

6th FP

7th FP

8th FP

July 2012

January 2013

July 2013

January 2014

July 2014

High

159,400 yen

190,100 yen

257,900 yen

229,800 yen

263,600 yen

Low

135,800 yen

150,500 yen

182,200 yen

194,300 yen

206,500 yen

C-18 RESIDIA Kami-Ikebukuro

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I. Asset Management Report
5 Distribution to Unit-holders

In accordance with the distribution policy provided in Article 32, Item 1 of ADR’s Articles of Incorporation, we shall deliver
dividends in excess of an amount equivalent to 90% of the amount of ADR’s earnings available for dividends as stipulated in
Article 67-15 of the Act on Special Measures Concerning Taxation. In addition, ADR may use the reserve for dividends inorder to provide stable dividend payouts going forward, and shall decide to increase dividends in accordance with thebetter-than-expected results.
Based on the policy above, ADR decided that the unappropriated retained earnings of 5,880,040 thousand yen plus
90,859 thousand yen drawdown of reserve for dividends to arrive at 5,970,900 thousand yen will be distributed as
dividends of earnings, which is 4,593 yen per unit.
(thousand yen)

Fiscal Period
Total amount of
unappropriated retained
earnings
Accumulated amount of
earnings
Total amount of dividends
of cash(Dividend Per Unit)
Of which, total amount ofdividends of earnings(Dividend from earnings per unit)
Of which, total amount of
capital reimbursement(Capital reimbursement per unit)

4th FP

5th FP

6th FP

7th FP

8th FP

From: Feb. 1, 2012
To: Jul. 31, 2012

From: Aug. 1, 2012
To: Jan. 31, 2013

From: Feb. 1, 2013
To: Jul. 31, 2013

From: Aug. 1, 2013
To: Jan. 31, 2014

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

4,611,435

4,681,376

5,291,809

5,475,039

5,880,040

34,651,095

34,376,971

33,968,500

33,720,940

33,630,081

5,196,400

4,955,500

5,700,280

5,722,600

5,970,900(4,724 yen)

(4,505 yen)

(4,597 yen)

(4,615 yen)

(4,593 yen)

5,196,400

4,955,500

5,700,280

5,722,600

5,970,900(4,724 yen)

(4,505 yen)

(4,597 yen)

(4,615 yen)

(4,593 yen)

–

–

–

–

–

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)6 Significant Subsequent Events
Not applicable.

P-83 RESIDIA Daikanyama Sarugakucho/
Daikanyama Parkside Village

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Overview of the Investment Corporation
1 Paid-in Capital

The total number of units authorized, total number of units issued and outstanding, paid-in capital and number of unitholders as of July 31, 2014 are as follows.
Fiscal Period
Period-end

5th FP

4th FP

July 2012

Total number of units
authorized
Total number of units
issued and outstanding
Paid-in capital (Note)

January 2013

6th FP

7th FP

July 2013

8th FP

January 2014

July 2014

6,000,000 units

6,000,000 units

6,000,000 units

6,000,000 units

6,000,000 units

1,100,000 units

1,100,000 units

1,240,000 units

1,240,000 units

1,300,000 units

80,087 million yen

80,087 million yen

102,557 million yen

102,557 million yen

114,936 million yen

23,14723,01523,413

21,98022,118

Number of unit-holders(Note) The paid-in capital on the balance sheets as of July 31, 2014 includes capital surplus of 53,220 million yen.

2 Major Unit-holders

The following are the major unit-holders as of July 31, 2014.

Name

Address

Number of units Percentage ofheld (units)
issued units (%)

Japan Trustee Services Bank, Ltd.
(Trust Account)

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

341,278

26.25

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

2-11-3 Hamamatsucho, Minato-ku, Tokyo

102,676

7.89

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Square Office Tower Z

69,475

5.34

The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)

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

58,622

4.50

ITOCHU Corporation

2-5-1 Kita-Aoyama, Minato-ku, Tokyo

34,8002.67

NOMURA BANK (LUXEMBOURG) S.A.

BATIMENT A, 33, RUE DEGASPERICH, L-5826, LUXEMBOURG

23,802

1.83

Mizuho Trust & Banking Co., Ltd.

1-2-1 Yaesu, Chuo-ku, Tokyo

18,464

1.42

Trust & Custody Services Bank, Ltd.
(Money Trust Tax Account)

1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Square Office Tower Z

16,991

1.30

PICTET AND CIE (EUROPE) S.A.

15A, AVENUE
J.F. KENNEDY L-1855 LUXEMBOURG

13,3291.02

Fuji Fire and Marine Insurance Co., Ltd.

1-18-11 Minamisenba, Chuo-ku, Osaka-city,
Osaka

13,278

1.02

692,715

53.28

Total

(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.

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I. Asset Management Report
3 Directors and Independent Auditor

1. The executive director, supervisory directors and independent auditor as of July 31, 2014 are as follows.

Title

Name

Executive
director

Kenji Kousaka (Note 1)

Supervisory
director

Hidejiro Matsuda

Supervisory
director
Independent
auditorYoshiki Oshima

Primary concurrent positions

Total amount of compensationfor each title during the fiscal
period (thousand yen)

President, AD Investment Management Co., Ltd.

– (Note 2)

President, Hidejiro Matsuda CPA Office

1,200

Auditor, TYO Inc.
President, Akasaka Law Office L.P.C.

1,200

Deloitte Touche Tohmatsu LLC

19,230 (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 the Financial Services Agency was notified of the concurrent holding of positions on March 5, 2008 pursuant to the provisions of Article 31-4, Paragraph 4 of the
Financial Instruments and Exchange Act (Article 31-4, Paragraph 1 of the said Act as of the date of this document) 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.
3. The compensation paid to the independent auditor includes compensation for services other than those prescribed in Article 2, Paragraph 1 of the Certified Public Accountants
Act (3,230 thousand yen).

2. Policy for dismissal or refusal of reappointment of independent auditor
The Board of Directors of ADR shall investigate the dismissal of independent auditors pursuant to the provisions of the Act
on Investment Trusts and Investment Corporations (Act No. 198 of 1951; as amended), and consider refusal of its
reappointment by comprehensively taking into account the quality of audit, audit compensation and other factors.

4 Asset Management Company, Asset Custodian and Administrative AgentsThe following is the list of the asset management company, asset custodian and administrative agents as of July 31, 2014.
Delegation

Name

Asset management company

AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited

Administrative agent

management of register of unit-holders

Administrative agent

management of special accounts

Administrative agent

accounting, taxation, institutional operations

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

Administrative agent

administration for investment corporation bonds

Sumitomo Mitsui Trust Bank Limited
Mizuho Bank, Ltd.

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Assets Under Management
1 Composition of the Investment Corporation’s Assets
7th Fiscal Period (as of January 31, 2014) 8th Fiscal Period (as of July 31, 2014)
Type of asset

Investment regions
Tokyo Central 7 wards

Real estate in Tokyo 23 Wards
trust (Note 1)
Tokyo Metropolitan Area
Major Regional Cities

Total amount held(million yen) (Note 6)

Total amount held(million yen) (Note 6)

As a % of total
assets (Note 7)(Note 2)

103,755

24.8

108,49424.9(Note 3)90,933

21.7

92,91921.4(Note 4)

24,594

5.9

24,4205.6(Note 5)32,667

7.8

41,275

9.5

SubtotalRealestate (Note 1)

As a % of total
assets (Note 7)

251,95160.2

267,110

61.4

Tokyo Central 7 wards(Note 2)

72,60517.3

72,294

16.6

Tokyo 23 Wards(Note 3)25,094

6.0

24,975

5.7

Tokyo Metropolitan Area

(Note 4)

15,9983.8

15,835

3.6

Major Regional Cities(Note 5)27,780

6.6

27,5896.3

141,47833.8

140,695

32.3

Subtotal
TK property fund equity interests

1,031

0.2

546

0.1

Deposits and other assets

24,323

5.8

26,863

6.2

Sum total of total amount of assets

418,785100.0

435,215100.0(Note 8)Notes 1. The real estate in trust and real estate are mainly apartment buildings.
2. “Tokyo Central 7 Wards” represents the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa Wards of Tokyo.
3. “Tokyo 23 Wards” represents the Tokyo 23 wards other than the Tokyo Central 7 Wards.
4. “Tokyo Metropolitan Area” represents Tokyo (excluding the 23 wards of Tokyo) and Kanagawa, Saitama and Chiba prefectures.
5. “Major Regional Cities” represents major cities designated by government ordinance and similar cities excluding those in the Tokyo Metropolitan Area.
6. “Total amount held” is based on the amount recorded on the balance sheet (total amount of book value after depreciation in the case of real estates) as of the date of closing ofaccounts, and is rounded down to the nearest million yen.
7. “As a percentage of total assets” is the balance sheet amount of the applicable real estates expressed as a percentage of the total amount of assets, rounded to one decimal place.
8. “TK property fund equity interests” owned in the 7th Fiscal Period are the equity interests in the TK property funds with Godo Kaisha RISING, Godo Kaisha RISING2, Godo Kaisha
RISING3 and Godo Kaisha RISING4 as the operators.
		 “TK property fund equity interests” owned in the 8th Fiscal Period are the equity interests in the TK property funds with Godo Kaisha RISING3 and Godo Kaisha RISING4 as theoperators.
9. Amounts less than the specified unit are rounded down and percentages are rounded off. Due to this, the sum total of respective figures does not necessarily add up to the sum
total indicated in the table above. The same applies for the rest of this report unless otherwise specified.

P-96 RESIDIA Nakaochiai

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I. Asset Management Report
2 Principal Assets Held

The following summarizes the principal assets held by ADR as of July 31, 2014 (the top 10 properties with the highest bookvalue at the end of the fiscal period).

Book value Leasable floor Leased floorarea (m2)(million yen)area (m2)Name of real estate

Occupancy
rate (%)

As a % of total
revenue fromPrimary usage
property(Note)
leasing

RESIDIA TOWER Meguro-Fudomae

15,65921,019.77

21,019.77

100.0

3.1 Apartments

Pacific Royal Court Minato Mirai
Ocean Tower

12,711

26,082.53

25,934.50

99.4

3.9 Apartments

Park Tower Shibaura Bayward
Urban Wing

9,212

13,490.67

12,545.52

93.0

2.0 Apartments

RESIDIA TOWER Kami-Ikebukuro

8,702

31,250.61

30,129.42

96.4

4.8 Apartments

Motoazabu Place

8,298

7,382.62

6,502.65

88.1

1.2 Apartments

RESIDIA Daikanyama Sarugakucho/
Daikanyama Parkside Village

7,234

5,977.18

5,532.58

92.6

1.2 Apartments

RESIDIA TOWER Roppongi

6,816

5,978.20

5,436.85

90.9

1.1 Apartments

RESIDIA Nishi-Azabu

6,555

7,078.64

6,528.84

92.2

1.4 Apartments

RESIDIA TOWER Azabujuban

6,072

7,207.18

6,243.34

86.6

1.2 Apartments

RESIDIA Mejiro

6,066

13,069.70

12,617.62

96.5

1.5 Apartments

87,329138,537.10

132,491.09

–

Total

21.5

–

(Note) “As a percentage of total revenue from property leasing” is the percentage arrived at by dividing the revenue from property leasing of respective properties by the total revenue
from property leasing of the entire portfolio.

3 Real Estate Portfolio

The following are the itemized assets held by ADR as of July 31, 2014.

Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at
value
at
end
number
Total
Total
numberType of the end of the
Occupancy
RentalOccupancy
RentalPercentage of tenants at
Percentage
ownership fiscal period of period of tenants at rate at end of revenue(million yen) end of periodof total rent end of period rate at end of revenue of total rent
(million yen)period(%)(thousandyen)
period(%)(thousandyen) revenue (%)(Note 1)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

(Note 2)RESIDIA Yoyoginomori

Shibuya-ku, Tokyo

P-16 RESIDIA Shinjuku East III

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Leopalace Udagawacho
P-19
MansionShibuya-ku, Tokyo

Beneficiaryinterests in trust

574

650

P-21

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,335

1,500

1

94.6

44,413

0.3

1

90.3

42,683

0.3

907

973

1

94.1

30,638

0.2

1

94.1

30,066

0.2

1,454

1,830

1

93.0

53,463

0.4

1

97.1

55,981

0.4

P-2

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

P-4

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

P-5

RESIDIA Azabujuban

Minato-ku, Tokyo

P-7

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

P-9

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

P-10 RESIDIA Hatagaya

Shibuya-ku, TokyoRESIDIA Sakurajosui

Setagaya-ku, Tokyo

P-14 RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

P-13
P-15

RESIDIA Shinjuku East II

P-22 RESIDIA Shinjuku East

Shinjuku-ku, Tokyo

P-23 RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

2,486

2,910

1

95.9

88,803

0.6

1

88.7

86,370

0.6

1,502

1,850

1

100.0

47,256

0.3

1

100.0

47,256

0.3

1,169

1,150

1

93.7

35,653

0.3

1

100.0

35,842

0.2

1,972

1,840

1

98.0

52,248

0.4

1

95.8

51,804

0.4

1,203

1,250

1

95.7

36,766

0.3

1

95.0

36,659

0.3

2,115

2,250

1

94.9

68,544

0.5

1

98.9

71,002

0.5

1,091

1,070

1

100.0

30,829

0.2

1

98.1

32,007

0.2

1,090

1,170

1

100.0

34,093

0.2

1

96.0

34,476

0.2

2,628

2,720

1

100.0

75,888

0.6

1

100.0

75,888

0.5

723

620

1

97.1

18,654

0.1

1

97.0

19,062

0.1

747

753

1

100.0

23,206

0.2

1

92.5

23,586

0.2

1

100.0

17,944

0.1

1

100.0

17,9440.1

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Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

(Note 2)

P-24 RESIDIA Azabujuban II

Minato-ku, Tokyo

P-25 RESIDIA Ebisu

Shibuya-ku, Tokyo

P-26 RESIDIA Meguro

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

731

694

1

96.0

20,538

0.1

1

92.4

19,634

0.1

P-29 RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estate

1,586

1,850

1

97.7

52,631

0.4

1

95.1

53,6690.4

Minato-ku, Tokyo

1,864

2,040

1

97.3

61,255

0.4

1

97.4

63,061

0.4

320

363

1

100.0

10,745

0.1

1

88.3

11,751

0.1

316

355

1

100.0

11,171

0.1

1

100.0

10,901

0.1

352

391

1

75.7

11,610

0.1

1

91.3

11,550

0.1

275

306

1

100.0

9,079

0.1

1

93.8

9,981

0.1

P-33 RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

P-34 RESIDIA Kyodo

Setagaya-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

P-30 Pianetta Shiodome
P-31

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

P-32 RESIDIA Yoyogi

Shibuya-ku, Tokyo

844

912

1

90.0

25,671

0.2

1

94.6

27,377

0.2

558

605

1

90.0

17,747

0.1

1

93.9

18,0680.1

P-35 RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

903

992

1

81.0

30,195

0.2

1

93.8

32,925

0.2

P-36 RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,233

2,560

1

93.6

70,676

0.5

1

68.4

69,131

0.5

P-37 RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,132

1,300

1

98.8

41,779

0.3

1

96.4

42,034

0.3

P-38 RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,971

2,230

1

94.1

67,307

0.5

1

96.6

67,9300.5

P-39 RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,163

1,250

1

94.7

36,264

0.3

1

89.4

35,3980.2

P-40 RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,275

1,400

1

98.4

40,582

0.3

1

93.7

40,368

0.3

1,127

1,230

1

98.4

36,239

0.3

1

96.9

37,895

0.3

P-41 RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

P-42 RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

891

956

1

98.1

30,585

0.2

1

87.2

28,3800.2

P-43 RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

1,017

1,170

1

97.7

36,286

0.3

1

94.9

34,1670.2

P-45 RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,010

1,090

1

89.8

33,438

0.2

1

97.1

33,282

0.2

P-47 RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,222

2,400

1

93.2

72,292

0.5

1

89.8

73,3580.5

P-48 RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,536

3,410

1

89.8

94,242

0.7

1

91.1

95,8200.7

P-49 RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,139

1,220

1

92.7

38,117

0.3

1

95.5

38,0500.3

P-50 RESIDIA Nishi-Azabu

Minato-ku, Tokyo

6,555

6,750

1

95.2 201,841

1.5

192.2 203,194

1.4

RESIDIA Daikanyama

Shibuya-ku, Tokyo

2,053

1,930

1

86.9

56,504

0.4

1

94.9

55,104

0.4

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

2,405

2,660

1

95.6

74,848

0.5

1

90.6

75,2470.5

Minato-ku, Tokyo

Beneficiaryinterests in trust

3,537

3,740

1

88.4 102,1320.7

192.1 108,071

0.7

Shinagawa-ku, Tokyo

Real estate

15,65916,9001

100.0 459,176

3.3

1100.0 455,394

3.1

P-56 RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,631

3,080

1

99.1

88,592

0.6

1

95.2

87,983

0.6

P-58 RESIDIA Minami-Aoyama

Minato-ku, Tokyo

Real estate

722

492

1

89.2

14,917

0.1

1

84.1

15,1700.1

P-59 RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,550

1,800

1

96.2

55,456

0.4

1

98.0

57,084

0.4

P-60 RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,381

1,320

1

86.8

36,937

0.3

1

93.2

37,025

0.3

P-61 RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,977

1,980

1

85.7

53,947

0.4

1

90.7

53,115

0.4

P-62 RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,072

5,560

1

89.1 168,640

1.2

186.6 172,709

1.2

P-63 RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,224

1,360

1

90.7

36,482

0.3

1

95.4

37,095

0.3

P-64 RESIDIA Nakanobu

Shinagawa-ku, Tokyo

1,813

2,110

1

95.4

60,273

0.4

1

98.3

63,821

0.4

1,572

1,650

1

94.8

46,774

0.3

1

93.3

46,377

0.3

1,693

1,680

1

93.7

47,885

0.3

1

93.9

49,401

0.3

P-51

P-52 RESIDIA Ichigaya
RESIDIA RoppongiP-53
Hinokichokoen
P-55

RESIDIA TOWER MeguroFudomae

P-65 RESIDIA Azabudai

Minato-ku, Tokyo

P-66 RESIDIA Shibadaimon II

Minato-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

P-67 RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,111

1,250

1

98.0

37,632

0.3

1

100.0

38,284

0.3

P-68 RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,245

1,350

1

97.2

39,990

0.3

1

94.3

40,145

0.3

P-69 RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,764

1,980

1

93.6

58,590

0.4

1

93.1

57,341

0.4

P-70 RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

894

917

1

96.2

27,036

0.2

1

100.0

26,4700.2

P-72 RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

941

998

1

96.3

32,432

0.2

1

89.1

33,2200.2

P-73 RESIDIA Shibaura

Minato-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust

4,501

5,020

1

90.3 153,755

1.1

194.1 164,233

1.1

P-74 RESIDIA Gotenyama

Shinagawa-ku, Tokyo

Real estate

902

839

1

100.0

0.2

1

91.7

0.2

29,97625,55618
8th FiscalPeriodReport.indb 18

2014/10/30 14:29

I. Asset Management Report

Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

(Note 2)Meguro-ku, Tokyo

Beneficiaryinterests in trust

5,137

5,470

1

94.1 151,359

1.1

191.7 150,272

1.0Park Tower Shibaura Bayward Minato-ku, Tokyo
P-76
Urban Wing

Beneficiaryinterests in trust

9,212

9,970

1

94.3 301,481

2.2

193.0 295,328

2.0

P-77 Motoazabu Place

Minato-ku, Tokyo

Beneficiaryinterests in trust

8,298

6,110

1

96.4 178,107

1.3

188.1 181,033

1.2

P-78 RESIDIA TOWER Roppongi

Minato-ku, Tokyo

Real estate

6,816

5,790

1

87.4 166,295

1.2

190.9 165,295

1.1

P-79 RESIDIA Kamimeguro

Meguro-ku, Tokyo

871

881

1

94.5

28,373

0.2

1

92.7

29,1700.2

P-80 RESIDIA Yoyogikoen

Shibuya-ku, Tokyo

1,065

752

1

100.0

28,790

0.2

1

100.0

28,9500.2

P-81 Windsor House Hiroo

Shibuya-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate andleasehold rights toreal estate

1,686

1,340

1

100.0

49,320

0.4

1

100.0

49,3200.3

RESIDIA Daikanyama
P-83 Sarugakucho/
Daikanyama Parkside Village

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

7,234

6,040

1

92.2 173,118

1.3

192.6 172,162

1.2

P-84 RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

Real estate

1,414

1,450

1

80.8

38,280

0.3

1

92.3

40,3690.3

P-85 RESIDIA Komazawa

Setagaya-ku, Tokyo

865

1,080

1

100.0

28,095

0.2

1

100.0

28,0950.2

P-86 RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

2,417

2,930

1

98.9

98,139

0.7

1

97.7

92,738

0.6

P-87 RESIDIA Ichigaya-yakuoji

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

2,075

2,360

1

100.0

61,307

0.4

1

100.0

60,9500.4

P-88 RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,603

1,720

1

95.0

49,525

0.4

1

94.5

49,9390.3

P-89 RESIDIA TOWER Nakameguro Meguro-ku, Tokyo

Real estate

3,435

3,790

1

93.7 102,8870.7

197.0 109,809

0.8P-90 RESIDIA Sasazuka II

Shibuya-ku, Tokyo

3,822

4,020

1

91.6 115,689

0.8

1

95.1 120,090

0.8

983

1,090

1

94.2

31,174

0.2

1

85.8

32,132

0.2

796

924

1

91.3

28,987

0.2

1

94.9

28,616

0.2

1,272

1,440

1

96.0

41,789

0.3

1

92.9

44,809

0.3

1,663

1,870

1

96.9

54,995

0.4

1

96.9

60,866

0.4

1,518

1,760

1

97.3

50,380

0.4

1

82.0

52,341

0.4

3,844

4,040

1

95.6

89,8730.7

194.6 116,463

0.8

1,149

1,230

–

–

–

–

1

91.9

0.2

1,757

1,790

–

–

–

–

1

95.2

40,512

0.3

2,154

2,480

–

–

–

–

1

93.0

79,622

0.5

1,672

2,220

1

95.2

64,931

0.5

1

95.4

66,831

0.5

2,283

3,190

1

95.2

96,264

0.7

1

96.9

99,378

0.7

1,441

1,620

1

100.0

46,833

0.3

1

100.0

46,547

0.3

1,604

1,920

1

100.0

50,273

0.4

1

100.0

50,527

0.3

979

1,250

1

97.5

38,136

0.3

1

100.0

39,092

0.3

935

975

1

100.0

35,977

0.3

1

97.8

36,134

0.2

2,972

3,350

1

97.8

98,2010.7

196.4 101,609

0.7

1,590

1,640

1

97.8

49,686

0.4

1

100.0

49,081

0.3

877

1,000

1

100.0

31,609

0.2

1

100.0

32,2320.2

P-75 RESIDIA Yutenji

C-7

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

C-8

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

C-9

RESIDIA Ryogoku

Sumida-ku, Tokyo

C-10 RESIDIA Higashi-Ginza

Chuo-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

5,147

5,050

1

100.0 136,862

1.0

1100.0 136,764

0.9

Chuo-ku, Tokyo

Beneficiaryinterests in trust

3,065

3,340

1

98.2

97,375

0.7

1

100.0

99,0300.7

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,911

1,810

1

92.6

57,965

0.4

1

98.9

56,399

0.4

4,120

3,990

1

95.8 116,410

0.8

193.0 119,942

0.8

850

832

1

100.0

26,963

0.2

1

100.0

27,659

0.2

1,812

1,950

1

92.6

55,575

0.4

1

91.4

58,061

0.4

P-91 RESIDIA Meguro III

Meguro-ku, Tokyo

P-92 RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

P-93 RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

P-94 RESIDIA Omori II

Shinagawa-ku, Tokyo

P-95 RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

P-96 RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

P-97 RESIDIA Nakameguro II

Meguro-ku, Tokyo

P-98 Artis Court Minamiaoyama

Minato-ku, Tokyo

P-99 RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

C-1

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

C-2

RESIDIA Kamata

Ota-ku, Tokyo

C-3

RESIDIA Ikebukuro

Toshima-ku, Tokyo

C-4

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

C-5

RESIDIA Asakusabashi

Taito-ku, Tokyo

C-6

Maison Eclairee Ekoda

Nerima-ku, Tokyo

C-12

RESIDIA NihonbashiNingyocho II

C-13

RESIDIA Omori-Higashi

Ota-ku, Tokyo

C-15

RESIDIA Kinshicho

Sumida-ku, Tokyo

C-16 RESIDIA Negishi
C-17

RESIDIA Shinkawa

Taito-ku, Tokyo
Chuo-ku, Tokyo

35,45319
8th FiscalPeriodReport.indb 19

2014/10/30 14:29

Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

528

641

1

97.9

20,820

0.2

1

93.5

22,491

0.2

335

430

1

100.0

14,636

0.1

1

100.0

15,1780.1

Bunkyo-ku, Tokyo

966

1,080

1

93.3

31,858

0.2

1

92.0

32,9770.2

Chuo-ku, Tokyo

Real estate

1,383

1,620

1

98.5

50,700

0.4

1

96.3

50,6560.3

C-18 RESIDIA Kami-Ikebukuro

Toshima-ku, Tokyo

C-19 RESIDIA Shin-nakano

Nakano-ku, Tokyo

C-21

RESIDIA Bunkyo-Yushima II

C-22 RESIDIA Tsukiji(Note 2)

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

C-23 RESIDIA Sasazuka

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,731

1,910

1

95.4

60,243

0.4

1

86.3

60,4480.4

C-24 RESIDIA Kyobashi

Chuo-ku, Tokyo

Real estate

1,160

1,330

1

100.0

38,001

0.3

1

100.0

38,001

0.3

C-25 RESIDIA Tamagawa

Ota-ku, Tokyo

1,230

1,470

1

100.0

40,381

0.3

1

100.0

40,911

0.3

C-26 RESIDIA Korakuen

Bunkyo-ku, Tokyo

572

663

1

100.0

21,176

0.2

1

100.0

21,6160.1

C-27 RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

1,906

2,240

1

100.0

58,395

0.4

1

100.0

59,4590.4

C-28 RESIDIA Oji

Kita-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

817

950

1

100.0

34,584

0.3

1

100.0

34,5840.2

C-29 RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

1,008

1,090

1

98.1

36,281

0.3

1

93.6

36,157

0.2

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,054

1,180

1

95.4

35,231

0.3

1

80.7

34,1390.2

C-32 RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,312

1,480

1

96.5

46,737

0.3

1

95.0

45,922

0.3

C-33 RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,358

2,710

1

97.5

80,386

0.6

1

93.8

80,205

0.5

C-34 RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

2,300

2,410

1

96.2

71,441

0.5

1

91.7

75,274

0.5

3,177

3,520

1

100.0 107,8460.8

1100.0 107,463

0.7

665

780

1

90.4

22,246

0.2

1

87.8

23,990

0.2

995

1,160

1

96.9

37,606

0.3

1

100.0

36,987

0.3

C-31

C-35 RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

C-36 RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

C-37 RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

C-38 RESIDIA Ikegami

Ota-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

359

375

1

93.7

14,371

0.1

1

86.9

14,145

0.1

RESIDIA NihonbashiC-39
Ningyocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust

527

664

1

100.0

21,072

0.2

1

91.6

20,7690.1

C-40 RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,388

1,500

1

91.8

43,677

0.3

1

100.0

45,3780.3

Taito-ku, Tokyo

Beneficiaryinterests in trust

928

1,080

1

89.2

34,152

0.2

1

97.7

36,472

0.2

C-42 RESIDIA Nihonbashi-Hamacho Chuo-ku, Tokyo

Real estate

1,276

1,440

1

91.2

42,146

0.3

1

93.3

40,3270.3

C-43 RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,801

1,890

1

98.2

56,349

0.4

1

92.8

56,546

0.4

C-44 RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,244

1,320

1

88.5

42,074

0.3

1

88.3

42,730

0.3

1,249

1,350

1

92.9

40,518

0.3

1

92.8

41,107

0.3

6,066

6,410

1

94.2 217,583

1.6

196.5 218,529

1.5

645

729

1

96.7

26,727

0.2

1

89.4

28,156

0.2

C-41 RESIDIA Iriya

C-45 RESIDIA Shinkawa II

Chuo-ku, Tokyo

C-46 RESIDIA Mejiro

Toshima-ku, Tokyo

C-47 RESIDIA Kasai

Edogawa-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

RESIDIA NihonbashiC-48
Bakurocho

Chuo-ku, Tokyo

Real estate

5,274

6,280

1

100.0 164,070

1.2

1100.0 164,014

1.1

C-49 RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

3,790

4,840

1

100.0 137,171

1.0

1100.0 137,073

0.9

C-50 RESIDIA Shin-Itabashi

Itabashi-ku, TokyoRESIDIA Kiba

Koto-ku, Tokyo

C-52 RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

RESIDIA BunkyoC-53
Honkomagome

Bunkyo-ku, Tokyo

Real estate

2,379

2,700

1

97.2

79,753

0.6

1

94.4

83,222

0.6

C-54 RESIDIA Tsukishima III

Chuo-ku, Tokyo

2,580

3,230

1

96.0

89,387

0.6

1

95.4

93,722

0.6

97.6 158,351

1.2

194.6 160,180

1.1

C-51

885

1,090

1

100.0

29,739

0.2

1

100.0

29,739

0.2

1,987

2,570

1

96.1

76,957

0.6

1

94.8

82,572

0.6

1,133

1,360

1

100.0

39,018

0.3

1

87.6

36,471

0.2

C-55 RESIDIA Minamisenjyu

Arakawa-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust

2,640

3,350

1

C-56 RESIDIA Ogikubo

Suginami-ku, Tokyo

Real estate

1,801

2,020

1

98.9

62,186

0.5

1

98.0

61,956

0.4

C-57 RESIDIA Monzennakacho

Koto-ku, Tokyo

1,011

1,150

1

100.0

35,526

0.3

1

100.0

35,562

0.2

C-58 RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

2,125

2,520

1

97.8

74,653

0.5

1

85.5

73,1280.5

C-59 RESIDIA Omori

Ota-ku, Tokyo

1,167

1,330

1

100.0

42,086

0.3

1

97.4

41,513

0.3

C-60 RESIDIA Nakamurabashi

Nerima-ku, Tokyo

1,088

1,240

1

97.3

38,235

0.3

1

91.8

38,487

0.3

C-61 RESIDIA Kachidoki

Chuo-ku, Tokyo

1,828

2,140

1

96.7

65,488

0.5

1

95.5

65,426

0.4

C-62 RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

2,364

2,610

1

100.0

80,418

0.6

1

97.1

81,356

0.6

20
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I. Asset Management Report

Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

(Note 2)

C-63 RESIDIA Kinshicho III

Koto-ku, Tokyo

C-64 RESIDIA Kamata III

Ota-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust

Toshima-ku, Tokyo

Beneficiaryinterests in trust

8,702

9,760

1

96.6 709,350

5.2

196.4 704,785

4.8

C-66 RESIDIA Takashima-Daira

Itabashi-ku, Tokyo

Real estate

535

574

1

100.0

3,991

0.0

1

100.0

16,8800.1

C-67 RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

615

646

1

100.0

4,277

0.0

1

100.0

18,0840.1

C-68 RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,154

1,270

1

100.0

8,498

0.1

1

100.0

35,9380.2

C-69 RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

438

464

1

100.0

3,225

0.0

1

100.0

13,6080.1

C-70 RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

1,155

1,210

–

–

–

–

1

93.4

43,011

0.3

C-71

RESIDIA Ojima

Koto-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,328

1,380

–

–

–

–

1

95.6

43,0880.3

S-1

Tokyo Student-HouseHIYOSHIDAI

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

2,974

3,800

1

100.0 174,072

1.3

1100.0 174,072

1.2

738

705

1

94.9

28,667

0.2

1

87.2

28,026

0.2

1,077

1,080

1

100.0

42,601

0.3

1

97.7

43,617

0.3

1,843

1,840

1

100.0

61,170

0.4

1

100.0

61,357

0.4

1,111

1,100

1

96.3

34,495

0.3

1

93.8

34,683

0.2

714

697

1

100.0

26,182

0.2

1

100.0

26,182

0.2

489

547

1

100.0

19,308

0.1

1

94.1

19,705

0.1

1,597

1,760

1

99.1

57,187

0.4

1

94.0

55,7800.4

C-65

RESIDIA TOWER KamiIkebukuro

681

773

1

100.0

25,414

0.2

1

100.0

25,437

0.2

964

1,090

1

92.3

33,351

0.2

1

94.6

33,447

0.2

S-12

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

S-14

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

S-15

RESIDIA Okurayama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

745

849

1

100.0

27,006

0.2

1

100.0

27,037

0.2

S-16

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

Real estate

1,526

1,670

1

96.8

55,080

0.4

1

99.0

56,516

0.4

Funabashi-shi, Chiba

Beneficiaryinterests in trust

2,614

2,860

1

100.0

95,134

0.7

1

100.0

93,1600.6

Beneficiaryinterests in trust
Real estate andYokohama-shi, Kanagawa leasehold rights toreal estate
Beneficiary
Yachiyo-shi, Chibainterests in trust

1,442

1,470

1

89.8

47,090

0.3

1

89.8

45,8360.3

12,71114,8001

99.4 572,962

4.2

199.4 570,340

3.9

833

819

1

87.7

41,651

0.3

1

86.0

39,9890.3

Yokohama-shi, Kanagawa

Real estate

1,597

1,790

1

100.0

70,704

0.5

1

100.0

70,704

0.5

S-23 College Court Tanashi

Nishi-Tokyo-shi, Tokyo

803

1,010

1

100.0

32,760

0.2

1

100.0

32,7600.2

S-24 RESIDIA Urayasu

Urayasu-shi, Chiba

2,168

2,510

1

90.9

78,816

0.6

1

98.9

84,2600.6

S-25 RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

858

980

1

94.1

35,035

0.3

1

98.8

35,6570.2

S-26 RESIDIA Urayasu II

Urayasu-shi, Chiba

838

947

1

100.0

32,008

0.2

1

97.3

31,912

0.2

S-27 RESIDIA Gyotoku

Ichikawa-shi, Chiba

793

902

1

97.3

32,680

0.2

1

98.7

33,3190.2

S-28 RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

1,697

1,960

1

98.2

61,677

0.4

1

99.2

63,621

0.4

S-29 Cocofump Hiyoshi

Yokohama-shi, Kanagawa

1,077

1,120

1

100.0

45,000

0.3

1

100.0

45,000

0.3

1,565

1,550

1

100.0

65,323

0.5

1

100.0

63,767

0.4

1,128

1,280

1

99.0

47,643

0.3

1

94.4

47,263

0.3

1,587

1,150

1

97.1

61,499

0.4

1

97.1

60,378

0.4

932

885

1

94.3

32,166

0.2

1

98.0

32,682

0.2

3,605

3,640

1

100.0 125,4510.9

1100.0 125,458

0.9

S-2

Chester House Kawaguchi

Kawaguchi-shi, Saitama

S-4

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

S-5

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

S-7

RESIDIA Chofu

Chofu-shi, Tokyo

S-11

Tokyo Student-House WAKO

Wako-shi, Saitama

S-17

RESIDIA Funabashi I
RESIDIA Funabashi II

S-19 RESIDIA Kichijoji
Pacific Royal Court Minato
S-20
Mirai Ocean Tower
S-21

Maison YachiyodaiLife & Senior House
S-22
Kohoku II

Musashino-shi, Tokyo

R-2

RESIDIA Imadegawa

Kyoto-shi, Kyoto

R-4

RESIDIA Higashi-Sakura

Nagoya-shi, Aichi

R-5

RESIDIA Kameyama

Kameyama-shi, Mie

R-6

RESIDIA Ryokuchikoen

Toyonaka-shi, Osaka

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Kobe-shi, Hyogo

Beneficiaryinterests in trust

R-8

RESIDIA Kobe Port Island(South Bldg.; Centre Bldg.)
RESIDIA Kobe Port Island(North Bldg.)

21
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Propertyno.

Name of real estate

Location

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)(Note 2)

R-10 RESIDIA Hakata
R-11(Note 2)

Fukuoka-shi, Fukuoka

Real estate

1,178

1,240

1

98.8

50,185

0.4

1

100.0

51,587

0.4

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

820

993

1

93.8

37,278

0.3

1

96.3

36,5600.3

R-12 RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

2,068

2,510

1

95.4

89,425

0.7

1

95.5

90,736

0.6

R-13 KC21 Building

Sendai-shi, Miyagi

Real estate

919

1,020

1

99.0

42,543

0.3

1

97.1

42,2890.3

R-14 RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

1,102

1,350

1

97.8

47,474

0.3

1

91.9

46,6740.3

R-15 RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,861

2,210

1

98.9

77,529

0.6

1

99.3

77,1860.5

R-16 RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,223

2,740

1

100.0

89,599

0.7

1

100.0

89,350

0.6

1,229

1,390

1

97.0

67,587

0.5

1

96.7

67,641

0.5

879

1,040

1

100.0

39,965

0.3

1

100.0

39,7440.3

R-17 RESIDIA Hibino

Nagoya-shi, Aichi

R-19 RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

R-20 RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

300

356

1

94.8

15,989

0.1

1

96.4

15,9970.1

R-21 Mare

Nagoya-shi, Aichi

Real estate

638

741

1

88.8

25,747

0.2

1

88.8

25,811

0.2

R-24 RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,539

1,810

1

98.5

74,772

0.5

1

98.6

75,2690.5

R-25 RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,260

1,290

1

97.0

57,389

0.4

1

100.0

58,3090.4

R-26 RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,055

1,230

1

98.6

50,013

0.4

1

100.0

50,4630.3

R-27 RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

788

848

1

100.0

33,592

0.2

1

96.7

32,203

0.2

710

1

95.8

34,860

0.3

1

91.3

36,902

0.3

R-29 RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate674

R-30 RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,491

3,890

1

93.6 138,478

1.0

196.0 140,880

1.0R-31 RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

995

1,070

1

94.9

44,036

0.3

1

98.4

44,6920.3

R-32 RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

717

792

1

92.6

30,053

0.2

1

95.9

28,9260.2

R-34 RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,910

2,250

1

100.0

93,265

0.7

1

99.0

95,2250.7

R-35 RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,154

1,470

1

99.0

48,881

0.4

1

86.0

47,1820.3

R-36 RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

661

840

1

98.6

30,384

0.2

1

93.4

30,103

0.2

536

697

1

100.0

23,986

0.2

1

100.0

25,975

0.2

502

615

1

100.0

21,842

0.2

1

100.0

21,8390.1

R-37 RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

R-38 RESIDIA Hirosedori

Sendai-shi, Miyagi

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-39 RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,463

1,740

1

95.4

61,009

0.4

1

97.0

58,6640.4

R-40 RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

1,053

1,220

1

95.2

42,365

0.3

1

94.8

42,142

0.3

1,008

1,180

1

96.5

40,824

0.3

1

100.0

42,731

0.3

2,407

2,820

1

94.5 104,469

0.8

195.0 105,534

0.7

1,224

1,490

1

98.4

0.4

1

96.9

0.4

R-43 RESIDIA Tsurumai

Nagoya-shi, Aichi

R-44 RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

R-45 RESIDIA Kita-Nijyo East

Sapporo-shi, Hokkaido

R-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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-51 RESIDIA Miyakojima I&II

Osaka-shi, Osaka

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-41 RESIDIA Esaka

Suita-shi, Osaka

R-42 RESIDIA Nishijin

Fukuoka-shi, Fukuoka

R-52 RESIDIA TOWER Sendai

Sendai-shi, Miyagi

R-53 RESIDIA Higashi-Sakura II

Nagoya-shi, Aichi

R-54 RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

R-55 RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

55,341

56,642

2,774

3,390

1

98.7 121,444

0.9

193.3 122,277

0.8

921

1,020

1

98.1

42,269

0.3

1

97.9

42,578

0.3

1,967

2,230

1

96.0

74,470

0.5

1

94.5

75,448

0.5

1,001

1,110

1

90.8

40,324

0.3

1

92.1

40,863

0.3

1,528

1,900

1

99.0

75,919

0.6

1

100.0

77,227

0.5

1,258

1,370

1

93.5

46,444

0.3

1

93.6

47,859

0.3

898

922

1

94.7

34,478

0.3

1

85.1

34,735

0.2

3,354

3,920

1

97.8 155,669

1.1

196.8 152,360

1.0

1,815

1,790

1

98.4

23,344

0.2

1

98.4

68,464

0.5

2,975

3,420

–

–

–

–

1

92.8 118,996

0.8

1,872

2,080

–

–

–

–

1

99.0

78,727

0.5

1,097

1,230

–

–

–

–

1

97.6

45,0900.3

22
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I. Asset Management Report

Propertyno.

Name of real estate

7th Fiscal Period
8th Fiscal Period(Aug. 1, 2013 ~ Jan. 31, 2014)(Feb. 1, 2014 ~ Jul. 31, 2014)
Appraisal
Book value at value
at
end
Total
numberTotal
numberType of the end of the
Occupancy
RentalRentalPercentage of tenants at Occupancy
Percentage
ownership fiscal period of period of tenants at rate at end of revenue
revenue of total rentyen) end of periodof total rent end of period rate at end of (thousand(million yen) (million(thousandyen)
yen)
period(%)
period(%)(Note 1)revenue(%)(tenants)
revenue(%)(tenants)(Note 3)(Note 4)(Note 3)(Note 4)

Location(Note 2)

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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Total(Note 2)

1,167

1,390

–

–

–

–

1

96.2

49,678

0.3

626

742

–

–

–

–

1

100.0

29,296

0.2

1,117

1,200

–

–

–

–

1

100.0

46,0740.3

407,805

443,096210

96.5 13,756,780

100.0

221

95.9 14,590,450

100.0

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value provided by a real estate appraiser as of July 31, 2014, the valuation date, pursuant to ADR’s Articles
of Incorporation and the “Regulations Concerning Accounting of Investment Corporations” issued by the Cabinet Office.
2. “Total number of tenants,” tenants that have executed a master lease agreement with a master lessee are counted as 1.
The “Total” column for “Total number of tenants” indicates the sum total number of master lease agreements, concluded with 13 master lessees, as a master lease agreement
is executed for all assets held by ADR as of July 31, 2014.
3. “Occupancy rate” is calculated by using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
4. “Rental revenue” is the rental revenue of respective real estate for the fiscal period under review.

4 Securities Portfolio

The following are securities held by ADR as of July 31, 2014.

Name

Type of asset Quantity

Equity interests in TK property
fund with Godo Kaisha RISING3 as
operator (Note 2)
Equity interests in TK property
fund with Godo Kaisha RISING4 as
operator (Note 3)

TK property
fund equity
interests
TK property
fund equity
interests

Total

–

Book value(thousand yen)
Unit
price

AmountAssessed value(thousand yen) (Note 1)
Unit
price

AmountGain (Loss)on valuation Notes(thousand yen)––

302,828–

298,979-3,849–––243,513–240,956-2,557–––546,342–539,935-6,407–

Notes 1. The “Assessed value” is the value quoted by the operator of TK property fund pursuant to regulations provided by The Investment Trusts Association, Japan.
2. TK property fund owns the real estate beneficiary interests in trust for “Lifesta Kego,” “Bebless Sapporo-Eki,” “Bebless Souen,” “Grand E’terna Okayama,” “Grand E’terna
Kyoto-Okazaki,” “Grand E’terna Nerima,” “Grand E’terna Sagamihara,” “Grand E’terna Sendai-Ichibancho,” “Lumiere Yokohama-Bashamichi,” “Preminente Park Yakuin-Odori,”“Preminente Park Hakata East,” “Preminente Park Maizuru II,” and “Preminente Park Takamiya.”
3. TK property fund owns the real estate beneficiary interests in trust for “Chester Court Ochanomizu,” “Chester House Iwamotocho,” “Chester House Shinagawa,” “Chester Court
Asakusabashi,” “Chester House Akihabara” and “Chester House Azumabashi.”
4. Other than the above, ADR holds real estate beneficiary interests in trust that are securities as defined in Article 2, Paragraph 2, Item 1 of the Financial Instruments and ExchangeAct. For convenience of reference, however, the underlying real estate in trust of those beneficiary interests in trust is included in “3. Real Estate Portfolio.”

5 Specified Transactions
The following is the status of ADR’s specified transactions as of July 31, 2014.
(thousand yen)Contract amount (Note 1)

Account

Type

Of which, exceeding
1 yearFair value (Notes 2, 3)

Transaction other than Interest rate swap transaction
market transaction
Payable fixed; Receivable floating

160,225,488

153,925,488-1,926,145

Total

160,225,488

153,925,488-1,926,145

Notes 1. The contract amount is based on notional principal.
2. The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate of interest.
3. Special provisions for interest-rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments” (issued by the AccountingStandards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, the fair value is not reflected on the balance sheets.

23
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6 Other Assets

Real estate and real estate beneficiary interests in trust are all listed in “3. Real Estate Portfolio.” As of July 31, 2014, there
are no major specified assets in the portfolio that are key investment targets of ADR other than those listed in that sectionand earlier in “4. Securities Portfolio.”

7 Assets Held by Country and Region
All assets are held in Japan.

S-20 Pacific Royal Court Minato Mirai Ocean Tower

24
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I. Asset Management Report
Capital Expenditures
1 Planned Capital Expenditures

The following table lists the major capital expenditures for renovations currently planned for the real estate and real estate
beneficiary interests in trust ADR owns. The estimated amount includes portions that are to be recorded as expenses foraccounting purposes.
(million yen)

Name of real estate(Location)

PurposeEstimated
Duration

Estimated amounts
Payment for the Cumulative
current period amount paid

Totalamounts

RESIDIA Mejiro(Toshima-ku, Tokyo)

Major repair work
(phase 2)

From: Jun. 2014
To: Dec. 2014

164

18

18

RESIDIA Sasazuka(Suginami-ku, Tokyo)

Major repair work

From: Aug. 2014
To: Jan. 2015

79

–

–

RESIDIA Azabujuban(Minato-ku, Tokyo)

Value-enhancement work on
individual units

From: Aug. 2014
To: Jan. 2015

12

–

–

RESIDIA Roppongi-Hinokichokoen Value-enhancement work on(Minato-ku, Tokyo)
individual units

From: Aug. 2014
To: Jan. 2015

8

–

–

RESIDIA Kichijoji(Musashino-shi, Tokyo)

From: Aug. 2014
To: Jan. 2015

7

–

–

Value-enhancement work on
individual units

2 Capital Expenditures for the Current Period

The following table lists the major capital expenditures for renovations ADR conducted in the current period. The total
capital expenditures during this fiscal period were 364 million yen for the entire portfolio and, when combined with repairs
and maintenance cost of 451 million yen, were 816 million yen.
(million yen)

Name of real estate(Location)

Purpose

Implementation period

Amount paid

RESIDIA Roppongi-Hinokichokoen(Minato-ku, Tokyo)

Major repair work

From: Nov. 2013
To: Mar. 2014

67

RESIDIA Mejiro(Toshima-ku, Tokyo)

Major repair work (phase 1)

From: Jun. 2014
To: Jul. 2014

61

RESIDIA Ebisu(Shibuya-ku, Tokyo)

Major repair work

From: Jan. 2014
To: Mar. 2014

22

Other real estate

Renovations
Total

212
364

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3 Cash Reserves for Upgrades and Renovations
Based on medium- to long-term upgrades and renovation plans for each property, ADR sets aside the following cash
reserves, derived from cash flows of depreciation and amortization (including those accompanying retained earnings), tofund large-scale repair work and upgrades.
(million yen)

Fiscal Period

4th FP

5th FP

6th FP

7th FP

8th FP

From: Feb. 1, 2012
To: Jul. 31, 2012

From: Aug. 1, 2012
To: Jan. 31, 2013

From: Feb. 1, 2013
To: Jul. 31, 2013

From: Aug. 1, 2013
To: Jan. 31, 2014

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

1,748

1,704

1,671

1,625

1,684

Amount of reserves during period

261

320

357

455

524

Reversal of reserves during period

304

353

403

397

590

1,704

1,671

1,625

1,684

1,618

Balance of reserves at beginning of period

Amount carried forward to next period

R-47 RESIDIA Marunouchi

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I. Asset Management Report
Expenses and Liabilities
1 Entrustment Expenses(thousand yen)item

7th FP(a) Asset management fee (Note 1)

8th FP

894,492 (Note 2)

949,870 (Note 3)(b) Asset custody fee

9,207

9,478

(c) Administrative service fees

64,47962,733(d) Directors’ compensations

2,400

2,400

321,194

390,097

1,291,773

1,414,581(e) Other
Total

Notes 1. The asset management fee for the 7th fiscal period is the sum total amount of the base fee and incentive fee, and the asset management fee for the 8th fiscal period is the sum
total of management fee 1, management fee 2, and management fee 3.
2. Aside from the amounts indicated above, a total of 84,756 thousand yen has been paid as acquisition fee and included in the price of properties acquired.
3. Aside from the amounts indicated above, a total of 160,954 thousand yen has been paid as acquisition fee and included in the price of properties acquired.

2 Loans
The following lists the outstanding investment corporation bonds issued by ADR as of July 31, 2014.
Classification
Lenders
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited
Short-termloans payable

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

Drawdown date

January 31, 2014
February 6, 2014

Subtotal

1,080

–

1,480

–

–

–

–

–

2,560

–

–

Interest
rate

Repayment date

(Note 1)–February 17, 2014–

February 17, 2014

2,304

2.70%

June 25, 2015

Repayment
methodLump-sum
repayment
at maturity

Lump-sum
repayment
at maturity

Use

Unsecured
Unguaranteed(Note 3)June 25, 2008

Development Bank of Japan Inc.

October 22, 2009

3,554

3,429

3.10%

(Note 8)Development Bank of Japan Inc.

February 17, 2011

13

13

1.86%

(Note 9)

8,664

–

4,332

–

–

February 17, 2014

(Note 6)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

443–

Sumitomo Mitsui Trust Bank Limited

443

–

354

–

–

February 17, 2014

(Note 6)

January 31, 2015

(Note 5)

Mizuho Trust & Banking Co., Ltd.

Sumitomo Mitsui Banking Corporation

February 17, 2011

February 17, 2011

Mitsubishi UFJ Trust and Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Limited

August 31, 2011

The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.

265

–

1,600

1,600

2,000

2,000

1,000

1,000

700

700

1.01%
(Note 2)

Installment

Lump-sum
repayment
at maturity(Note 5)(Note 6)(Note 6)

Aozora Bank, Ltd.

November 18, 2011

2,400

2,400

0.70%

October 31, 2014

Mizuho Trust & Banking Co., Ltd.

February 8, 2012

–

1,000

0.72%

July 31, 2015

–

500

–

500

0.78%

July 31, 2015

(Note 6)

0.64%

March 31, 2015

(Note 3)

May 29, 2015

(Note 5)June 30, 2014

(Note 5)The Yamaguchi Bank, Ltd.
The Tokyo Tomin Bank, Ltd.

February 8, 2012

The Iyo Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
The Gunma Bank, Ltd.

April 3, 2012
May 31, 2012

–

300

–

2,700

–

1,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

657–

Sumitomo Mitsui Trust Bank Limited

343

–

800

–

Aozora Bank, Ltd.
The Nishi-Nippon City Bank Ltd.
SubtotalJune 25, 2012

700–

28,271

19,4480.84%(Note 2)–

Remarks(Note 5)Development Bank of Japan Inc.

Mizuho Bank, Ltd.

Current
portion of
long-termloans payable

Balance at start Balance at endof the 8th FPof 8th FP(million yen) (million yen)Unsecured
Unguaranteed(Note 6)(Note 6)27
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Classification
Lenders

Drawdown date

Interest
rate

June 25, 2008

2,304

–

–

Development Bank of Japan Inc.

November 25, 2010

956

956

1.90%

Development Bank of Japan Inc.

February 17, 2011

211

205

1.86%

March 1, 2011

1,083

1,083

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

492

492

Sumitomo Mitsui Trust Bank Limited

492

492

2,264

2,264

Shinsei Bank, Limited

295

295

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

500

500

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank Limited

March 1, 2011

March 10, 2011

Shinsei Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation

April 28, 2011

Sumitomo Mitsui Trust Bank Limited

700

700

3,500

3,500

3,700

3,700

2,000

2,000

Mitsubishi UFJ Trust and Banking
Corporation

May 31, 2011

2,500

2,500

Sumitomo Mitsui Banking Corporation

June 30, 2011

2,700

2,700

Sumitomo Mitsui Trust Bank Limited

June 30, 2011

890

890

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

1,000

1,000

The Norinchukin Bank

1,000

1,000

The Bank of Fukuoka, Ltd.

1,000

1,000

Mitsubishi UFJ Trust and Banking
Corporation

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank LimitedAozora Bank, Ltd.

August 31, 2011

August 31, 2011

500

500

500

500

2,000

2,000

1,000

1,000

2,000

2,000

750

750

750

750

1,000

1,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,300

1,300

Sumitomo Mitsui Trust Bank Limited

1,300

1,300

1,000

1,000

1,900

1,900

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

Mizuho Bank, Ltd.

August 31, 2011
August 31, 2011
September 1, 2011
September 29, 2011

November 30, 2011

Mitsubishi UFJ Trust and Banking
Corporation
The Norinchukin Bank

December 26, 2011

2,000

2,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

300

300

Sumitomo Mitsui Trust Bank Limited

300

300

Sumitomo Mitsui Banking Corporation

450

450

450

450

The Norinchukin Bank

2,500

2,500

Mitsui Sumitomo Insurance Co., Ltd.

1,000

1,000

1,500

1,500

450

450

1,550

1,550

900

900

Mizuho Bank, Ltd.

Taiyo Life Insurance Company

December 26, 2011

December 26, 2011

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

January 25, 2012

Repayment date

(Note 1)Development Bank of Japan Inc.

Mizuho Bank, Ltd.

Long-termloans payable

Balance at start Balance at endof the 8th FPof 8th FP(million yen) (million yen)

1.68%
(Note 2)

1.68%
(Note 2)

1.69%
(Note 2)1.75%
(Note 2)

1.52%
(Note 2)

1.59%
(Note 2)

1.76%
(Note 2)

1.16%
(Note 2)

1.31%
(Note 2)

1.16%
(Note 2)

1.31%
(Note 2)

1.31%
(Note 2)

1.62%
(Note 2)

1.57%
(Note 2)

0.76%

1.17%
(Note 2)

1.21%
1.11%
(Note 2)

Repayment
methodLump-sum
repayment
November 24, 2017 at maturity
June 25, 2015

(Note 9)Installment

Use(Note 5)(Note 5)(Note 6)

February 29, 2016

(Note 3)February 29, 2016

(Note 3)February 29, 2016

(Note 3)

April 28, 2017

(Note 5)February 29, 2016

(Note 3)June 30, 2017

(Note 5)June 29, 2018

(Note 5)

December 18, 2015

(Note 5)January 31, 2017

Lump-sum
repayment
at maturity

Remarks

Unsecured
Unguaranteed(Note 5)

December 18, 2015

(Note 3)January 31, 2017

(Note 3)January 31, 2017

(Note 3)September 28, 2018

(Note 3)

November 30, 2018

(Note 5)

December 18, 2015

(Note 5)

November 30, 2016

(Note 5)

November 30, 2016

(Note 5)

July 29, 2016

(Note 5)28
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I. Asset Management Report

Classification
Lenders

Drawdown date

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

Sumitomo Mitsui Banking Corporation

650

650

Mizuho Bank, Ltd.

500

500

Mitsubishi UFJ Trust and Banking
Corporation

900

900

Development Bank of Japan Inc.

1,000

1,000

Shinsei Bank, Limited

1,500

1,500

Mizuho Trust & Banking Co., Ltd.

January 25, 2012

February 8, 2012

The Yamaguchi Bank, Ltd.
The Tokyo Tomin Bank, Ltd.

February 8, 2012

1,000

–

500

–
–

300

–

Resona Bank, Limited

1,000

1,000

The Bank of Fukuoka, Ltd.

2,000

2,000

500

500

The Tokyo Tomin Bank, Ltd.

500

500

The Iyo Bank, Ltd.

300

300

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

500

500

1,000

1,000

February 28, 2012

2,850

2,850

April 3, 2012

2,700

–

800

800

The Yamaguchi Bank, Ltd.

Sumitomo Mitsui Trust Bank Limited

February 8, 2012

February 8, 2012

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

800

800

2,800

2,800

Mitsubishi UFJ Trust and Banking Corporation

1,600

1,600

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,500

1,500

April 27, 2012

2,100

2,100

800

800

May 31, 2012

1,000

–

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

700

700

Sumitomo Mitsui Trust Bank Limited

500

500

1,000

1,000

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank Limited

April 27, 2012

Sumitomo Mitsui Banking Corporation
The Gunma Bank, Ltd.

Resona Bank, Limited

June 25, 2012

The Nishi-Nippon City Bank Ltd.

800

800

1,200

1,200

June 29, 2012

800

800

700

700

September 19, 2012

1,500

1,500

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank LimitedAozora Bank, Ltd.
Taiyo Life Insurance Company

Interest
rate

Repayment date

(Note 1)

1.43%

Repayment
methodUse

July 31, 2018

(Note 5)–

July 31, 2015

(Note 6)–

July 31, 2015

(Note 6)

July 29, 2016

(Note 6)

July 31, 2018

(Note 6)

1.23%

February 28, 2018

(Note 3)–

March 31, 2015

(Note 3)

August 31, 2017

(Note 5)(Note 2)500

The Iyo Bank, Ltd.

Long-termloans payable

Balance at start Balance at endof the 8th FPof 8th FP(million yen) (million yen)

1.11%
(Note 2)1.42%
(Note 2)1.10%
(Note 2)1.20%
(Note 2)–0.85%
(Note 2)

1.25%
(Note 2)

0.94%
0.77%

April 27, 2018

Lump-sum
repayment
at maturity(Note 5)

May 29, 2015

(Note 5)

August 31, 2015

(Note 5)June 28, 2019

(Note 5)September 29, 2017

(Note 7)

April 28, 2016

(Note 6)

September 29, 2017

(Note 6)

The Kagawa Bank, Ltd.

September 21, 2012

500

500

The Kagawa Bank, Ltd.

September 21, 2012

500

500

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

September 21, 2012

450

450

1.16%

September 30, 2019

(Note 6)

Sumitomo Mitsui Trust Bank Limited

September 21, 2012

450

450

1.16%

September 30, 2019

(Note 6)

November 29, 2019

(Note 6)

November 30, 2015

(Note 6)

November 30, 2017

(Note 6)

November 29, 2019

(Note 6)

Mitsubishi UFJ Trust and Banking
Corporation

November 20, 2012

1,000

1,000

The Hiroshima Bank, Ltd.

November 20, 2012

500

500

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

November 20, 2012
November 20, 2012

500

500

1,200

1,200

1,200

1,200

(Note 2)0.92%
(Note 2)

1.03%
(Note 2)

0.50%
0.79%
(Note 2)0.95%
(Note 2)Development Bank of Japan Inc.

November 30, 2012

600

600

0.74%

May 31, 2017

(Note 6)Development Bank of Japan Inc.

November 30, 2012

2,200

2,200

1.23%

November 29, 2020

(Note 5)Development Bank of Japan Inc.

November 30, 2012

2,200

2,200

1.40%

November 29, 2021

(Note 5)Tokio Marine & Nichido Fire Insurance Co., Ltd.

December 28, 2012

500

500

0.60%

December 18, 2015

(Note 5)Tokio Marine & Nichido Fire Insurance Co., Ltd.

December 28, 2012

1,000

1,000

0.72%

March 31, 2017

(Note 5)

Remarks

Unsecured
Unguaranteed29
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Classification
Lenders

Drawdown date

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,703

2,703

Sumitomo Mitsui Trust Bank Limited

3,595

3,595

1,799

1,799

Mitsubishi UFJ Trust and Banking
Corporation

January 25, 2013

Aozora Bank, Ltd.

Interest
rate

Repayment date

(Note 1)1.28%
(Note 2)

Repayment
methodUse

July 25, 2019

(Note 5)(Note 3)903

903

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

March 29, 2013

1,200

1,200

0.81%

March 24, 2020

Sumitomo Mitsui Trust Bank Limited

March 29, 2013

1,200

1,200

0.82%

March 24, 2020

(Note 3)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

March 29, 2013

1,300

1,300

0.81%

March 24, 2020

(Note 5)

Sumitomo Mitsui Trust Bank Limited

March 29, 2013

1,300

1,300

0.82%

March 24, 2020

(Note 5)Development Bank of Japan Inc.

March 29, 2013

1,150

1,150

1.08%

March 24, 2021

(Note 4)920

920

March 29, 2013

1,830

1,830

March 24, 2020

(Note 5)

1,370

1,370

April 19, 2013

1,000

1,000

February 28, 2018

(Note 3)

2,000

2,000

April 30, 2013

2,600

2,600

October 29, 2021

(Note 5)

1,500

1,500

2,160

2,160

December 22, 2021

(Note 5)

1,379

1,379

919

919

June 25, 2021

(Note 5)September 30, 2020

(Note 3)September 30, 2019

(Note 3)

Sumitomo Mitsui Trust Bank LimitedAozora Bank, Ltd.
Resona Bank, Limited
The Bank of Fukuoka, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Aozora Bank, Ltd.
Resona Bank, Limited
Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank
The Nishi-Nippon City Bank Ltd.
Long-termloans payable

Balance at start Balance at endof the 8th FPof 8th FP(million yen) (million yen)

The Nishi-Nippon City Bank Ltd.
The 77 Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

June 25, 2013
June 25, 2013
September 13, 2013
September 13, 2013
September 13, 2013
September 24, 2013

1,000

1,000

1,000

1,000

500

500

500

500

500

500

1,140

1,140

570

570

Sumitomo Mitsui Trust Bank Limited

November 15, 2013

2,600

2,600

Sumitomo Mitsui Banking Corporation

November 15, 2013

3,550

3,550

Aozora Bank, Ltd.

November 29, 2013

1,800

1,800

Shinsei Bank, Limited

December 19, 2013

1,000

1,000

Shinsei Bank, Limited

December 19, 2013

700

700

The Yamaguchi Bank, Ltd.

December 19, 2013

500

500

The Yamaguchi Bank, Ltd.

December 19, 2013

500

500

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

February 17, 2014

–

500

–

500

–

500

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

February 17, 2014

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

–

455

Sumitomo Mitsui Trust Bank Limited

–

455

–

1,120

Mizuho Bank, Ltd.

–

1,630

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

–

1,200

Sumitomo Mitsui Trust Bank Limited

–

2,100

–

2,000

–

500

Sumitomo Mitsui Banking Corporation

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

February 17, 2014

February 17, 2014

0.88%
(Note 2)0.79%
(Note 2)

1.25%
(Note 2)

1.63%
(Note 2)

1.54%
(Note 2)

1.07%
(Note 2)0.92%
(Note 2)

(Note 2)Lump-sum
repayment
September 28, 2018 at maturity

0.30%

November 30, 2015

(Note 5)

November 15, 2023

(Note 5)

November 15, 2022

(Note 5)

November 26, 2021

(Note 3)June 17, 2022

(Note 3)June 18, 2021

(Note 3)June 18, 2020

(Note 3)

December 18, 2019

(Note 3)February 14, 2025

(Note 5)February 16, 2024

(Note 5)February 16, 2023

(Note 5)February 16, 2022

(Note 5)

0.77%

1.47%
(Note 2)

1.37%
(Note 2)

1.16%
(Note 2)

1.32%
(Note 2)1.10%
(Note 2)0.93%
(Note 2)0.85%
(Note 2)

1.59%
(Note 2)

1.44%
(Note 2)

1.28%
(Note 2)

1.08%
(Note 2)

(Note 3)

Remarks

Unsecured
Unguaranteed30
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I. Asset Management Report

Classification

Drawdown dateLenders

Balance at start Balance at endof the 8th FPof 8th FP(million yen) (million yen)Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Long-termloans payable

February 17, 2014

Mitsubishi UFJ Trust and Banking Corporation
Mizuho Bank, Ltd.

February 17, 2014

Mizuho Trust & Banking Co., Ltd.
Subtotal
Total

–

2,900

–

1,500

–

270

–

2,900

–

2,350

152,278

164,846

183,109184,295

Interest
rate

Repayment date

(Note 1)

0.89%
(Note 2)0.74%
(Note 2)February 16, 2021

Repayment
methodLump-sum
repayment
at maturity

February 14, 2020

Use

Remarks(Note 5)

Unsecured
Unguaranteed(Note 5)

Notes 1. “Interest rate” is the borrowing interest rate (weighted average of balance at the end of the fiscal period) for each loan agreement, rounded to the second decimal place.
2. For loans where an interest-rate swap transaction has been made for the purpose of hedging the risk of interest-rate fluctuations, the fixed rate resulting from the swap
transaction is listed.
3. The funds are used for acquiring specified assets.
4. The funds are used for acquiring specified assets and repaying existing loans.
5. The funds are used for repaying existing loans.
6. The funds are used for redeeming existing investment corporation bonds.
7. The funds are used to repay existing loans and redeem existing investment corporation bonds.
8. The loan contract requires that the first repayment shall be on the last day of February 2010 and subsequent repayments shall be at the end of every February, May, August andNovember thereafter, each in the amount of 62,500 thousand yen of principal, until lump-sum repayment of the remaining principal on September 30, 2014.
9. The loan contract requires that the first repayment shall be on the last day of April 2011 and subsequent repayments shall be at the end of every January, April, July and October
thereafter, each in the amount of 3,375 thousand yen of principal, until lump-sum repayment of the remaining principal on February 17, 2016.

3 Investment Corporation Bonds

The following lists the outstanding investment corporation bonds issued by ADR as of July 31, 2014.
Balance atBalance at end Interest
start of the
Redemptionof 8th FP
rate
8th FPdate(million yen)(%)(million yen)

Series (Note 1)

Issue
Date

Redemption
methodUse

Description

ADR Bond #13 (Unsecured)

2011
Sep. 12

8,000

8,000

1.27

2016
Sep. 12

Lump-sum repayment
at maturity(Note 3)

Unsecured

ADR Bond #14 (Unsecured)

2011
Sep. 12

2,000

2,000

1.68

2018
Sep. 12

Lump-sum repayment
at maturity(Note 3)

Unsecured

ADR Bond #15 (Unsecured)

2012
Apr. 26

4,000

4,000

0.86

2015
Apr. 24

Lump-sum repayment
at maturity(Note 2)

Unsecured

ADR Bond #16 (Unsecured)

2012
Apr. 26

4,000

4,000

1.08

2017
Apr. 26

Lump-sum repayment
at maturity(Note 2)

Unsecured

ADR Bond #17 (Unsecured)2012
Sep. 12

8,000

8,000

0.87

2017
Sep. 12

Lump-sum repayment
at maturity(Note 3)

Unsecured

ADR Bond #18 (Unsecured)2012
Sep. 12

4,000

4,000

1.23

2019
Sep. 12

Lump-sum repayment
at maturity(Note 3)

Unsecured

ADR Bond #19 (Unsecured)

2013
Apr. 25

3,000

3,000

1.32

2023
Apr. 25

Lump-sum repayment
at maturity(Note 2)

Unsecured

ADR Bond #20 (Unsecured)

2013
Nov. 14

2,000

2,000

1.41

2025
Nov. 14

Lump-sum repayment
at maturity(Note 2)

Unsecured

ADR Bond #21 (Unsecured)

2014
Apr. 28

–

2,500

1.04

2024
Apr. 26

Lump-sum repayment
at maturity(Note 2)

Unsecured

35,00037,500Total

Notes 1. The bonds come with pari passu clause among specified investment corporation bonds.
2. The funds are used for repaying existing loans.
3. The funds are used for redeeming existing investment corporation bonds.

4 Short-Term Investment Corporation Bonds
Not applicable.

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Acquisitions and Disposals in the 8th Fiscal Period
1 Acquisitions and Disposals of Properties and Asset-Backed Securities
Acquisition

Disposition

Propertyno.

Name of real estate

P-97

RESIDIA Nakameguro II

February 6, 2014

1,119

–

–

–

–

P-98

Artis Court Minamiaoyama

February 6, 2014

1,720

–

–

–

–

P-99

RESIDIA Yotsuya Sanchome

February 6, 2014

2,090

–

–

–

–

C-70

RESIDIA Ikebukuro West

February 6, 2014

1,115

–

–

–

–

C-71

RESIDIA Ojima

February 6, 2014

1,282

–

–

–

–

R-53

RESIDIA Higashi-Sakura II

February 6, 2014

2,862

–

–

–

–

R-54

RESIDIA Tsutsujigaoka

February 6, 2014

1,796

–

–

–

–

R-55

RESIDIA Kobe-Motomachi

February 6, 2014

1,052

–

–

–

–

R-56

RESIDIA Sendai-Honcho

February 6, 2014

1,117

–

–

–

–

R-57

RESIDIA Sendai-Haranomachi

February 6, 2014

593

–

–

–

–

R-58

RESIDIA Minami-Ichijo East

February 6, 2014

1,062

–

–

–

–

15,808––––Acquisition date

Disposition
Gain (Loss)
Acquisition
Disposition
Book value
price (Note)on salesPrice (Note)
date(million yen)(million yen)(million yen)(million yen)

Total

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

2 Acquisitions and Disposals of Other Assets

Not applicable. Major assets other than the above-mentioned properties and asset-backed securities are mostly bankdeposits or bank deposits within trust assets.

P-98 Artis Court Minamiaoyama

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I. Asset Management Report
3 Appraisal Values of Specified Assets
1) Real Estate

Acquisition orAppraisal
disposition
value
price
(million yen)(million yen)Priceappraisaldate

Acquisition
Type of Property
or
no.
asset
disposition

Name of property

Acquisition
date

P-97

RESIDIA Nakameguro II

2014
Feb. 6

1,119

1,210 Japan Real Estate Institute2013
Dec. 1

P-98

Artis Court Minamiaoyama

2014
Feb. 6

1,720

1,790

Morii Appraisal &Investment Consulting, Inc.

2013
Dec. 1

P-99

RESIDIA Yotsuya Sanchome

2014
Feb. 6

2,090

2,430

DAIWA REAL ESTATEAPPRAISAL Corporation2013
Dec. 1

C-70

RESIDIA Ikebukuro West2014
Feb. 6

1,115

1,180 Japan Real Estate Institute2013
Dec. 1

C-71

RESIDIA Ojima

2014
Feb. 6

1,282

1,340

Morii Appraisal &Investment Consulting, Inc.

2013
Dec. 1

R-53

RESIDIA Higashi-Sakura II

2014
Feb. 6

2,862

3,380

DAIWA REAL ESTATEAPPRAISAL Corporation2013
Dec. 1

R-54

RESIDIA Tsutsujigaoka

2014
Feb. 61,796

2,000 Japan Real Estate Institute2013
Dec. 1

R-55

RESIDIA Kobe-Motomachi

2014
Feb. 6

1,052

1,140 Japan Real Estate Institute2013
Dec. 1

R-56

RESIDIA Sendai-Honcho

2014
Feb. 61,117

1,330 Japan Real Estate Institute2013
Dec. 1

R-57

RESIDIA Sendai-Haranomachi

2014
Feb. 6593

708 Japan Real Estate Institute2013
Dec. 1

R-58

RESIDIA Minami-Ichijo East

2014
Feb. 6

1,062

1,150 Japan Real Estate Institute2013
Dec. 1

Real
Acquisition estatein trust

Appraisal institution

Notes 1. “Acquisition price” or “Disposition price” is the purchase or sale price entered in the transaction agreements, and does not include the various expenses, such as broker
commission, and taxes and duties, required in the acquisition or disposition of the concerned real estate.
2. With the Act on Investment Trusts and Investment Corporations revised on November 24, 2011, price assessment is no longer necessary in cases where a real estate appraisal
is carried out prior to the acquisition or disposition of specific assets (land, buildings, rights to land or buildings, or anything deemed to be an asset by government ordinance).
Therefore, the price assessment for the properties listed above is not carried out.

2) Others
For transactions conducted by ADR other than the transactions listed above in “1) Real Estate” that require assessments
pursuant to the provisions of Article 201 of the Act on Investment Trusts and Investment Corporations, ADR entrusts
Deloitte Touche Tohmatsu LLC with the assessment.

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4 Transactions with Interested Parties
1) Transactions
Not applicable.

2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 8th Fiscal Period.

Classification
Property management fees

Total amount ofcommission fees(A)(thousand yen)

Breakdown of transaction with interested parties
Amount paid
(B)
Payee
(thousand yen)Share(B)/(A)(%)

1,292,742

ITOCHU Urban Community Ltd.

738,408

57.1

Other rental expenses

121,976

ITOCHU Urban Community Ltd.

65,031

53.3

Advertising expenses

4,441

ITOCHU Urban Community Ltd.

3,210

72.3

ITOCHU Urban Community Ltd.

39,737

29.3

90

0.1

Other fees

135,584

ITOCHU Human Resources & General
Affairs Services Inc.

Notes 1. Transactions are not disclosed if by form or name the transactions went through interested parties but where the actual counterparty is clearly a third party.
2. ITOCHU Urban Community Ltd. and ITOCHU Human Resources & General Affairs Services Inc. are interested parties of the asset management company that have 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 8th Fiscal Period.

5 Transactions with the Asset Management Company Pertaining to Business Operated by the
Asset Management Company as Subsidiary Business

There are no such transactions, as the asset management company conducts no concurrent operations in the area of type I
financial instruments business, type II financial instruments business, building lots and buildings transaction business or realestate specified joint enterprise.

C-7 RESIDIA Ueno-Okachimachi

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I. Asset Management Report
Accounts
1 Assets, Liabilities, Principal, Income and Losses

Please refer to the accompanying “II. Balance Sheets,” “III. Statements of Income,” “IV. Statements of Changes in Unitholders’ Equity,” “V. Notes to Financial Statements” and “VI. Statements of Cash Distributions.”

2 Change in Depreciation Calculation Method
Not applicable.

3 Change in Method of Valuation of Properties
Not applicable.

4 Beneficiary Certificates of Self-Managed Investment Trust
Not applicable.

S-20 Pacific Royal Court Minato Mirai Ocean Tower Sky Lounge

35
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Other
1 Notice

Board of Directors meeting
Major issues related to the execution and modification of major agreements approved at ADR’s board of directors meetings
in the fiscal period are summarized below.
Approval date
March 20, 2014

Item
Entrustment of administration
associated with issuance ofinvestment corporation bonds

Overview
Agent selected for entrustment of administration associated with
the issuance of ADR Unsecured Bond #21.

2 Other

Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded to the nearest
specified unit in this document.

P-25 RESIDIA Ebisu

36
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II. Balance Sheets(thousand yen)

7th Fiscal Period (Reference)
January 31, 2014
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Securities
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress including trust accounts
Total property, plant and equipment
Intangible fixed assets
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Paid tenant guarantees
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets

8th Fiscal Period
July 31, 2014

13,836,485
7,600,752
293,941–
330,726
17,393-16,468
22,062,830

7,592,567
8,134,558
285,946
8,000,000
449,187
28,567-29,547
24,461,279

74,935,612-6,044,931
68,890,681
16,632-1,72914,902
20,787-1,407
19,379112,632-59,741
52,891
71,429,166
128,425,812-11,952,196
116,473,616
152,279-65,860
86,418140,691-53,944
86,747533,098-339,351
193,746
133,305,012
54,101
390,606,665

74,963,255-6,869,192
68,094,062
17,665-2,25915,406
27,666-2,41525,250125,748-65,935
59,812
71,429,166
137,491,244-13,507,775
123,983,468
159,233-71,119
88,114
144,303-58,914
85,388563,615-361,207
202,407
141,013,941
23,452405,020,472

1,071,902
1,751,777
7,188
2,830,868

1,071,902
1,717,340
4,162
2,793,405

1,031,787
642,400
463,559
995,717
1,602
3,135,067
396,572,601

546,342
783,105
469,288995,717
1,602
2,796,056
410,609,935

19,544130,496
150,040
418,785,472

15,036
129,162
144,198435,215,413

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(thousand yen)

7th Fiscal Period (Reference)
January 31, 2014
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bondLong-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Long-term deposits received
Other
Total noncurrent liabilities
Total liabilities
Net assets
Unit-holders’ equity
Paid-in Capital
SurplusCapital surplus
Reserve for dividends
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unit-holders’ equity
Total net assets
Total liabilities and net assets*1

8th Fiscal Period
July 31, 2014

211,104
2,560,000–
28,271,133
1,147,912
206,116
33,246
64,13540,43832,534,086

218,944–4,000,000
19,448,195
1,214,306
190,194
11,11976,36435,56025,194,685

35,000,000
152,278,462
1,248,074
2,498,350
4,300
1,360
191,030,548
223,564,634

33,500,000
164,846,901
1,251,239
2,664,629––
202,262,769
227,457,454

102,557,018

114,936,698

53,220,279
33,968,500
5,475,039
92,663,819
195,220,837
195,220,837
418,785,472

53,220,279
33,720,940
5,880,040
92,821,260
207,757,958*1207,757,958
435,215,413

P-5 RESIDIA Azabujuban

38
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III. Statements of Income(thousand yen)

7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

Operating revenues
Rental revenue – real estate*1

Dividends income
Total operating revenue

13,756,780*1 

14,590,450

37,871

78,198

13,794,651

14,668,649

Total operating expenses
Expenses related to rent business
Asset management fee*1

5,366,603*1 

5,749,489

894,492

949,870

Asset custody fee

9,207

9,478

Administrative service fees

64,47962,733

Directors’ compensations

2,400

2,400

134,167

178,510–

18,158329

296

Other operating expenses

186,697

193,132

Total operating expenses

6,658,377

7,164,070

7,136,274

7,504,578

Interest income

10,137

10,862

Interest on securities

1,231

2,600

Claim compensation income–

22,838

Reversal of distribution payable

16

3,281

1,050

–

249

3,863

12,68543,446

1,173,832

1,145,316

Interest expenses on investment corporation bonds

193,786

204,167

Amortization of investment unit issuance expenses

4,324

5,684

Amortization of investment corporation bond issuance costs
Other offering costs associated with the issuance ofinvestment units

17,18918,047

6,836

11,587

Borrowing-related expenses

256,629

280,430

Other

20,7162,145

1,673,315

1,667,379

Ordinary income

5,475,644

5,880,645

Income before income taxes

Taxes and dues
Provision of allowance for doubtful accounts
Bad debts expenses

Operating income
Non-operating income

Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses

Total non-operating expenses

5,475,644

5,880,645

Income taxes – current

605

605

Total income taxes

605

605

Net income

5,475,039

5,880,040

Unappropriated retained earnings (undisposed loss)

5,475,039

5,880,040

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IV. Statements of Changes in Unit-holders’ Equity
7th Fiscal Period (Reference) (from August 1, 2013 to January 31, 2014)

(thousand yen)

Unit-holders’ equity
Surplus
Paid-in
CapitalBalance at the
beginning of current
periodChanges of items
during the period
Reversal of reservefor dividends
Dividends fromsurplus102,557,018

Total net
assetsCapitalsurplusReserve fordividends

53,220,279

34,376,971

5,291,809

92,889,059

195,446,078

195,446,078-408,470

408,470–––-5,700,280-5,700,280-5,700,280-5,700,280

5,475,039

5,475,039

5,475,039

5,475,039

Net income
Total changes of items
during the period
Balance at the end ofcurrent period

Total
surplusTotal
unit-holders’equityUnappropriatedretained earnings(undisposed loss)––-408,470

183,230-225,240-225,240-225,240

102,557,018

53,220,279

33,968,500

5,475,039

92,663,819

195,220,837

195,220,837

8th Fiscal Period (from February 1, 2014 to July 31, 2014)

(thousand yen)

Unit-holders’ equity
Surplus
Paid-in
CapitalBalance at the
beginning of current
periodChanges of items
during the period
Issuance of new
investment units
Reversal of reservefor dividends
Dividends fromsurplus102,557,018

CapitalsurplusReserve fordividends

Unappropriatedretained earnings(undisposed loss)

53,220,279

33,968,500

5,475,039

Total net
assets

92,663,819

195,220,837

195,220,837

12,379,680

12,379,680

12,379,680-247,560

Net income
Total changes of items
during the period
Balance at the end ofcurrent period

Total
surplusTotal
unit-holders’equity247,560–––-5,722,600-5,722,600-5,722,600-5,722,600

5,880,040

5,880,040

5,880,040

5,880,040

12,379,680–-247,560

405,001

157,440

12,537,120

12,537,120

114,936,698

53,220,279

33,720,940

5,880,040

92,821,260

207,757,958

207,757,958

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V. Notes to Financial Statements
Notes on Matters Concerning Significant Accounting Policies
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

1. Standards and method ofvaluation of securities(1) Held-to-maturity debentures
Carried at amortized cost (straight-line basis).
(2) Available-for-sale securities
Non-marketable securities
Stated at cost determined by the moving
average method.
For investments in TK property fund, ADR
adopts the method of factoring in the net
amount of TK property fund income (loss) inproportion to its equity interests.

(1) Held-to-maturity debentures
Carried at amortized cost (straight-line basis).
(2) Available-for-sale securities
Non-marketable securities
Stated at cost determined by the moving
average method.
For investments in TK property fund, ADR
adopts the method of factoring in the net
amount of TK property fund income (loss) inproportion to its equity interests.

2. Method of depreciationof noncurrent assets(1) Property, plant and equipment(including assets in trust)Calculated on a straight-line basis.
The useful life of the main items of property,
plant and equipment are as follows:
5~46 years
Buildings
Structures
6~50 years
Machinery and equipment
10~15 years
Tools, furniture and fixtures
2~15 years(2) Intangible assets
Calculated on a straight-line basis.
The useful life of the main items of intangible
assets are as follows:
23~65 years
Leasehold rights in trust
Software3~5 years(3) Long-term prepaid expenses
Calculated on a straight-line basis.

(1) Property, plant and equipment(including assets in trust)Calculated on a straight-line basis.
The useful life of the main items of property,
plant and equipment are as follows:
5~46 years
Buildings
Structures
6~50 years
Machinery and equipment, net 10~15 years
Tools, furniture and fixtures, net 2~15 years(2) Intangible assets
Calculated on a straight-line basis.
The useful life of the main items of intangible
assets are as follows:
23~65 years
Leasehold rights in trust
Software3~5 years(3) Long-term prepaid expenses
Calculated on a straight-line basis.

3. Method of accounting fordeferred assets(1) Unit issuance expenses
Amortized on a straight-line basis(over 3 years).
(2) Investment corporation bond issuance costs
Amortized on a straight-line basis over theperiod up to redemption of the investment
corporation bonds.

(1) Unit issuance expenses
Amortized on a straight-line basis(over 3 years).
(2) Investment corporation bond issuance costs
Amortized on a straight-line basis over theperiod up to redemption of the investment
corporation bonds.

4. Standards of recording
allowances

Allowance for doubtful accounts
For allowance for doubtful accounts against
possible losses arising from default on
receivables, uncollectable amount is estimatedand recorded by investigating collectability
based on historical loan loss ratios for general
receivables and on a case-by-case examination
for doubtful and other specific receivables.

Allowance for doubtful accounts
For allowance for doubtful accounts against
possible losses arising from default on
receivables, uncollectable amount is estimatedand recorded by investigating collectability
based on historical loan loss ratios for general
receivables and on a case-by-case examination
for doubtful and other specific receivables.

5. Standards of recording
revenue and expenses

Method of accounting for property taxes
For property, urban planning and depreciable
asset taxes on real estate held, ADR adopts themethod of charging the corresponding amountsof assessed taxes in the fiscal period underreview as expenses related to rent business.
Furthermore, for the pro rata portion ofproperty taxes ADR paid to the sellers uponacquisition of real estate properties, ADR
includes the amount in the acquisition cost
instead of recording it as expenses related torent business. The amount equivalent toproperty taxes included in the acquisition costof real estate properties in the fiscal period
under review is 4,763 thousand yen.

Method of accounting for property taxes
For property, urban planning and depreciable
asset taxes on real estate held, ADR adopts themethod of charging the corresponding amountsof assessed taxes in the fiscal period underreview as expenses related to rent business.
Furthermore, for the pro rata portion ofproperty taxes ADR paid to the sellers uponacquisition of real estate properties, ADR
includes the amount in the acquisition cost
instead of recording it as expenses related torent business. The amount equivalent toproperty taxes included in the acquisition costof real estate properties in the fiscal period
under review is 68,716 thousand yen.

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7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

6. Method of hedge accounting(1) Method of hedge accounting
Exemption accounting is applied.
(2) Hedging instruments and hedged items
Hedging instruments
Interest-rate swap transaction
Hedged items
Loans(3) Hedging policy
ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its
financial policy.
(4) Method for assessing the effectiveness ofhedging
Assessment of the effectiveness isomitted as the relevant transactions meetthe requirements for special accounting.

(1) Method of hedge accounting
Exemption accounting is applied.
(2) Hedging instruments and hedged items
Hedging instruments
Interest-rate swap transaction
Hedged items
Loans(3) Hedging policy
ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its
financial policy.
(4) Method for assessing the effectiveness ofhedging
Assessment of the effectiveness isomitted as the relevant transactions meetthe requirements for special accounting.

7. Other significant matters that serveas basis for preparing financial
statements(1) Method of accounting for beneficiaryinterests in trust in real estate properties
For beneficiary interests in trust in realestate, all accounts of assets and liabilities
within trust assets as well as all accountsof revenue and expenses incurred fromthe trust assets are recorded in therelevant account titles on the balance
sheets and statements of income.
The following material titles of the trust
assets recorded in the relevant accounttitles are separately stated on the balance
sheets.
(i) Cash and deposits in trust(ii) Buildings in trust; structures intrust; machinery and equipment intrust; tools, furniture and fixturesin trust; land in trust; constructionin progress including trust
accounts; and leasehold rights intrust(iii) Paid tenant guarantees(iv) Tenant leasehold and security
deposits in trust(2) Method of accounting for consumption
taxes.
National and local consumption taxes are
excluded from business transaction
amounts. However, accounting for fixed
assets and deferred assets includes
national and local consumption taxes
levied on them.

(1) Method of accounting for beneficiaryinterests in trust in real estate properties
For beneficiary interests in trust in realestate, all accounts of assets and liabilities
within trust assets as well as all accountsof revenue and expenses incurred fromthe trust assets are recorded in therelevant account titles on the balance
sheets and statements of income.
The following material titles of the trust
assets recorded in the relevant accounttitles are separately stated on the balance
sheets.
(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust;machinery and equipment in trust;
tools, furniture and fixtures in trust;land in trust; construction in progressincluding trust accounts; and leasehold
rights in trust(iii) Paid tenant guarantees(iv) Tenant leasehold and security deposits
in trust(2) Method of accounting for consumption
taxes.
National and local consumption taxes are
excluded from business transaction
amounts. However, accounting for fixed
assets and deferred assets includes
national and local consumption taxes
levied on them.

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V. Notes to Financial Statements
Notes to Balance Sheets
7th Fiscal Period (Reference)
January 31, 2014

8th Fiscal Period
July 31, 2014

*1 Minimum net assets as stipulated in Article 67, Paragraph 4 of
the Act on Investment Trusts and Investment Corporations
50,000 thousand yen*1 Minimum net assets as stipulated in Article 67, Paragraph 4 of
the Act on Investment Trusts and Investment Corporations
50,000 thousand yen

2. ADR has signed term loan commitment agreements with its
banks of account.
Revolving line of credit
20,000,000 thousand yenLine of credit used
2,560,000 thousand yenLine of credit left unused
17,440,000 thousand yen

2. ADR has signed term loan commitment agreements with its
banks of account.
Revolving line of credit
20,000,000 thousand yenLine of credit used
- thousand yenLine of credit left unused
20,000,000 thousand yen

Notes to Statements of Income
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

*1 Breakdown of operating income (loss) from property leasing
activities(thousand yen)

*1 Breakdown of operating income (loss) from property leasing
activities(thousand yen)

A. Revenue from property leasing
Rental revenue – real estate
Rent income
Facility charge
Parking fee
Subtotal
Other revenue related to property
leasing
Income from leasing rights
Other
Subtotal
Total revenue from property
leasing
B. Expenses from property leasing
Rental expenses
Expenses related to rent business
Property taxes
Property management fees
Utilities
Repairs and maintenanceInsurance
Trust fee
Other rental expenses
Depreciation and amortization
Total expenses from property
leasing
C. Operating income from property
leasing (A−B)

12,411,796
526,733
413,966
13,352,496

36,533367,750
404,283
13,756,780

659,792
937,336
262,130
387,545
25,52258,352703,9092,332,014
5,366,603
8,390,176

A. Revenue from property leasing
Rental revenue – real estate
Rent income
Facility charge
Parking fee
Subtotal
Other revenue related to property
leasing
Income from leasing rights
Other
Subtotal
Total revenue from property
leasing
B. Expenses from property leasing
Rental expenses
Expenses related to rent business
Property taxes
Property management fees
Utilities
Repairs and maintenanceInsurance
Trust fee
Other rental expenses
Depreciation and amortization
Total expenses from property
leasing
C. Operating income from property
leasing (A−B)

13,049,054
574,352
436,819
14,060,226

50,519479,705
530,224
14,590,450

705,517
1,023,492
269,552
451,538
26,55965,122753,6112,454,095
5,749,489
8,840,961

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Notes to Statements of Changes in Unit-holders’ Equity
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

Total number of units authorized and total number of units
issued and outstanding
Total number of units authorized
6,000,000 units
Total number of units issued and1,240,000 units
outstanding

Total number of units authorized and total number of units
issued and outstanding
Total number of units authorized
6,000,000 units
Total number of units issued and1,300,000 units
outstanding

Notes on Tax-Effect Accounting
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

1. Breakdown of primary causes for occurrence of deferred tax
assets and deferred tax liabilities(thousand yen)

1. Breakdown of primary causes for occurrence of deferred tax
assets and deferred tax liabilities(thousand yen)
(Deferred tax assets)
Amount in excess of provision of
10,093
allowance for doubtful accounts
Valuation difference on amount
12,977,171
received at merger
Deficit brought forward
1,483,134
Other
37,687
Subtotal
14,508,086
Allowance for valuation-14,508,086
Total deferred tax assets–
Net deferred tax assets–(Deferred tax assets)
Amount in excess of provision ofallowance for doubtful accounts
Valuation difference on amountreceived at merger
Deficit brought forward
Other
Subtotal
Allowance for valuation
Total deferred tax assets
Net deferred tax assets

5,625
13,090,534
1,483,134
31,176
14,610,470-14,610,470––

2. Breakdown of significant components that caused a difference
between statutory income tax rate and effective income tax
rate after application of tax-effect accounting(%)
Statutory income tax rate
(Adjustments)
Increase (decrease) in allowance forvaluation
Deductible dividend amount
Other
Effective income tax rate after
application of tax-effect accounting

36.59
-1.83
-34.770.03
0.01

2. Breakdown of significant components that caused a difference
between statutory income tax rate and effective income tax
rate after application of tax-effect accounting(%)
Statutory income tax rate
36.59
(Adjustments)
Increase (decrease) in allowance for-1.74
valuation
Increase (decrease) from tax rate change
0.18
Deductible dividend amount-35.06Other
0.03
Effective income tax rate after
0.01
application of tax-effect accounting

R-55 RESIDIA Kobe-Motomachi, entrance lobby

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V. Notes to Financial Statements
Notes on Fixed Assets Used Under Lease
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased property
Intangible fixed asset
Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.
Of the finance lease transactions without ownership transfer
to lessee, those with the lease transaction start date fallingon a date earlier than July 1, 2008 are subject to accounting
in accordance with the method adopted for ordinary rental
transactions. The details are as follows:

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased property
Intangible fixed asset
Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.
Of the finance lease transactions without ownership transfer
to lessee, those with the lease transaction start date fallingon a date earlier than July 1, 2008 are subject to accounting
in accordance with the method adopted for ordinary rental
transactions. The details are as follows:(As lessee)(1) Acquisition value equivalent, accumulated depreciationequivalent and period-end balance equivalent of the leased
properties(thousand yen)
Acquisition Accumulated Period-end
balancedepreciation
value
equivalentequivalentequivalent
Tools, furnitureand fixtures in
6,974
4,610
2,364
trust
Subtotal
6,974
4,610
2,364

(As lessee)(1) Acquisition value equivalent, accumulated depreciationequivalent and period-end balance equivalent of the leased
properties(thousand yen)
Acquisition Accumulated Period-end
balancedepreciation
value
equivalentequivalentequivalent
Tools, furnitureand fixtures in
6,974
4,964
2,009
trust
Subtotal
6,974
4,964
2,009

(Note) Acquisition value equivalent is calculated using theinclusive-of-interest method, as the period-end
balance of future lease payments payable accounts
for only a small proportion of the period-end balanceof property, plant and equipment.
(2) Period-end balance equivalent of future lease payments
Payable(Note) Acquisition value equivalent is calculated using theinclusive-of-interest method, as the period-end
balance of future lease payments payable accounts
for only a small proportion of the period-end balanceof property, plant and equipment.
(2) Period-end balance equivalent of future lease payments
PayableDue within 1 year
Due after 1 year
Total

709 thousand yen
1,655 thousand yen
2,365 thousand yen

Due within 1 year
Due after 1 year
Total

709 thousand yen
1,300 thousand yen
2,010 thousand yen(3) Lease payments paid and depreciation equivalent
Lease payments paid
354 thousand yen
Depreciation equivalent
354 thousand yen(3) Lease payments paid and depreciation equivalent
Lease payments paid
354 thousand yen
Depreciation equivalent
354 thousand yen(4) Calculation method of depreciation equivalent
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.

(4) Calculation method of depreciation equivalent
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.

2. Operating lease transactions(As lessee)
Future lease payments payable
Due within 1 year
Due after 1 year
Total

706,812 thousand yen
15,045,423 thousand yen
15,752,235 thousand yen

2. Operating lease transactions(As lessee)
Future lease payments payable
Due within 1 year
Due after 1 year
Total

706,812 thousand yen
14,692,017 thousand yen
15,398,829 thousand yen

Furthermore, estimated amounts are used for transactions inwhich the lease amount is not finalized.
(As lessor)

Furthermore, estimated amounts are used for transactions inwhich the lease amount is not finalized.
(As lessor)

Future lease payments payable
Due within 1 year
Due after 1 year
Total

Future lease payments payable
Due within 1 year
Due after 1 year
Total

4,497,229 thousand yen
9,979,534 thousand yen
14,476,763 thousand yen

4,365,492 thousand yen
8,838,258 thousand yen
13,203,751 thousand yen

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Notes on Financial Instruments
7th Fiscal Period (from August 1, 2013 to January 31, 2014) (Reference)
1. Matters concerning status of financial instruments(1) Policy for financial instruments usage
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through debt financing, issuance ofinvestment corporation bonds (including short-term investment corporation bonds; same for below), issuance of units and other means offinance upon such occasions as purchasing real estate properties and repaying debts.
ADR may use derivatives only for the purpose of hedging the risk of interest rate fluctuations and other risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits and Japanese Government Bonds as arule, in consideration of safety and stability.
(2) Description of financial instruments and associated risks, and risk management structure
Funds from debt financing and investment corporation bonds are used primarily to fund the acquisition of real estate properties, repay
existing debts or redeem existing investment corporation bonds. With regard to such funds, ADR is exposed to liquidity risks where it may
not be able to find alternative financing means upon repayment or redemption maturity. ADR manages the risks through monthly review of
payment schedules to monitor the cash positions, and limits the risks by securing cash reserves, spreading out the debt repayment and bondredemption dates, diversifying the lending financial institutions, signing term loan commitment agreements, and procuring funds throughvarious means including issuance of units.
In addition, ADR limits the risk of interest rate fluctuations to which debt financing and investment corporation bonds with floating interest
rates are exposed, by utilizing derivatives (interest-rate swap transactions).
Deposits are exposed to the risk of failure of the financial institutions holding the deposits and other credit risks. ADR limits the risks by
setting certain limits to the duration of deposits and a minimum credit rating for the financial institutions holding the deposits, and by
diversifying the financial institutions holding the deposits.
(3) Supplementary explanation on fair value of financial instruments
The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when
there is no market price. Certain assumptions are adopted in calculating those values, and there may be cases where the values will vary
when different assumptions are adopted. As for the contract value and other conditions of derivatives transactions, the value itself is not anindicator showing the market risks related to such transactions.
2. Fair values of financial instruments
The following are the book values recorded on the balance sheets, fair values and their difference as of January 31, 2014.
(thousand yen)Book value

Fair value

Difference(1) Cash and deposits

13,836,485

13,836,485–(2) Cash and deposits in trust

7,600,752

7,600,752–(3) Short-term loans payable(2,560,000)(2,560,872)

872(4) Current portion of long-term loans payable(28,271,133)(28,394,918)

123,785(5) Investment corporation bond

(35,000,000)(35,641,013)

641,013(6) Long-term loans payable(152,278,462)(154,792,579)

2,514,117–-1,056,142-1,056,142(7) Derivative transactions (Note 2)

Notes 1. Items that are charged to liabilities are shown in parentheses ( ).
2. Special provisions for interest-rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments”(issued by the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, the fair value is notreflected to the balance sheets.
3. Calculation method for fair value of financial instruments(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately equal to book value and is thus stated at that book value.
(3) Short-term loans payable; (4) Current portion of long-term loans payable; (6) Long-term loans payable
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal and interest by theinterest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(5) Investment corporation bond
The fair value of these is calculated based on the reference value quoted by the Japan Securities Dealers Association. However, when there
is no reference value, the fair value of these is calculated based on the present value found by discounting the sum total amount of principal
and interest by the interest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(7) Derivative transactions(i) Transactions for which hedge accounting is not applied
Not applicable.
(ii) Transactions for which hedge accounting is applied
The following is the contract amount or amount equivalent to the principal provided in the contract, etc. as of the closing of accounts foreach method of hedge accounting.

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V. Notes to Financial Statements(thousand yen)
Method of hedge
accounting
Special provisions
for interest-rate
swaps

Type of derivativetransaction

Contract amount (*1)

Main hedged
itemInterest-rate swap transaction
Long-term
Payable fixed; Receivableloans payable
floating

Fair value (*2, 3)

Of which, exceeding 1 year
140,225,488

120,195,488-1,056,142(*1) The contract amount is based on notional principal.
(*2) The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate ofinterest.
(*3) Special provisions for interest-rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial
Instruments” (issued by the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, thefair value is not reflected to the balance sheets.
4. Financial instruments for which discerning of fair value is recognized to be extremely difficult
		 Investment securities
		 TK property fund equity interests (carrying amount: 1,031,787 thousand yen) are not subject to disclosure of fair value because discerning of fairvalue is recognized to be extremely difficult since there is no market price for them.
5. Amount of redemption of monetary claims and securities scheduled to be due after closing of accounts

Due within 1 year
Cash and deposits
Cash and deposits in trust
Total

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years

13,836,485
7,600,752

–
–

–
–

–
–

–
–

–
–

21,437,238

–

–

–

–

–

6. Amount of repayment of investment corporation bonds, loans payable, and other interest-bearing loans scheduled to be due after closing ofaccounts

Due within 1 year
Short-term loans payable
Current portion of long-termloans payable
Investment corporation bondLong-term loans payable
Total

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years

2,560,000

–

–

–

–

–

28,271,133

–

–

–

–

–

–
–

4,000,000
23,028,311

8,000,000
27,725,822

12,000,000
22,956,329

2,000,000
24,190,000

9,000,000
54,378,000

30,831,133

27,028,311

35,725,822

34,956,329

26,190,000

63,378,000

8th Fiscal Period (from February 1, 2014 to July 31, 2014)
1. Matters concerning status of financial instruments(1) Policy for financial instruments usage
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through debt financing, issuance ofinvestment corporation bonds (including short-term investment corporation bonds; same for below), issuance of units and other means offinance upon such occasions as purchasing real estate properties and repaying debts.
ADR may use derivatives only for the purpose of hedging the risk of interest rate fluctuations and other risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits and Japanese Government Bonds as arule, in consideration of safety and stability.
(2) Description of financial instruments and associated risks, and risk management structure
Funds from debt financing and investment corporation bonds are used primarily to fund the acquisition of real estate properties, repay
existing debts or redeem existing investment corporation bonds. With regard to such funds, ADR is exposed to liquidity risks where it may
not be able to find alternative financing means upon repayment or redemption maturity. ADR manages the risks through monthly review of
payment schedules to monitor the cash positions, and limits the risks by securing cash reserves, spreading out the debt repayment and bondredemption dates, diversifying the lending financial institutions, signing term loan commitment agreements, and procuring funds throughvarious means including issuance of units.
In addition, ADR limits the risk of interest rate fluctuations to which debt financing and investment corporation bonds with floating interest
rates are exposed, by utilizing derivatives (interest-rate swap transactions).
Deposits are exposed to the risk of failure of the financial institutions holding the deposits and other credit risks. ADR limits the risks by
setting certain limits to the duration of deposits and a minimum credit rating for the financial institutions holding the deposits, and by
diversifying the financial institutions holding the deposits.
(3) Supplementary explanation on fair value of financial instruments
The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when
there is no market price. Certain assumptions are adopted in calculating those values, and there may be cases where the values will vary
when different assumptions are adopted. As for the contract value and other conditions of derivatives transactions, the value itself is not anindicator showing the market risks related to such transactions.
2. Fair values of financial instruments
The following are the book values recorded on the balance sheets, fair values and their difference as of July 31, 2014.

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(thousand yen)Book value(1) Cash and deposits

Fair value

7,592,567

Difference

7,592,567–(2) Cash and deposits in trust

8,134,558

8,134,558–(3) Securities

8,000,000

8,000,000–(4) Current portion of investment corporation bonds(4,000,000)(4,016,400)

16,400(5) Current portion of long-term loans payable(19,448,195)(19,574,644)

126,449(6) Investment corporation bond

(33,500,000)(34,325,650)

825,650(7) Long-term loans payable(164,846,901)(167,604,802)

2,757,901–-1,926,145-1,926,145(8) Derivative transactions (Note 2)

Notes 1. Items that are charged to liabilities are shown in parentheses ( ).
2. Special provisions for interest-rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments”(issued by the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, the fair value is notreflected to the balance sheets.
3. Calculation method for fair value of financial instruments(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately equal to book value and is thus stated at that book value.
(3) Securities
As these are negotiable deposits and settled within a short period of time, the fair value is approximately equal to book value and is thusstated at that book value.
(5) Current portion of long-term loans payable; (7) Long-term loans payable
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal and interest by theinterest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(4) Current portion of investment corporation bonds, (6) Investment corporation bonds
The fair value of these is calculated based on the reference value quoted by the Japan Securities Dealers Association. However, when there
is no reference value, the fair value of these is calculated based on the present value found by discounting the sum total amount of principal
and interest by the interest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(8) Derivative transactions(i) Transactions for which hedge accounting is not applied
Not applicable.
(ii) Transactions for which hedge accounting is applied
The following is the contract amount or amount equivalent to the principal provided in the contract, etc. as of the closing of accounts foreach method of hedge accounting.

Method of hedge
accounting
Special provisions
for interest-rate
swaps

Type of derivativetransaction

Contract amount (*1)

Main hedged
item

Of which, exceeding 1 year

Interest-rate swap transaction
Long-term
Payable fixed; Receivableloans payable
floating

160,225,488

153,925,488

Fair value (*2, 3)-1,926,145(*1) The contract amount is based on notional principal.
(*2) The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate ofinterest.
(*3) Special provisions for interest-rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial
Instruments” (issued by the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, thefair value is not reflected to the balance sheets.
4. Financial instruments for which discerning of fair value is recognized to be extremely difficult
Investment securities
TK property fund equity interests (carrying amount: 546,342 thousand yen) are not subject to disclosure of fair value because discerning of fairvalue is recognized to be extremely difficult since there is no market price for them.
5. Amount of redemption of monetary claims and securities scheduled to be due after closing of accounts

Due within 1 year
Cash and deposits
Cash and deposits in trust
Securities
Total

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years

7,592,567
8,134,558
8,000,000

–
–
–

–
–
–

–
–
–

–
–
–

–
–
–

23,727,125

–

–

–

–

–

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V. Notes to Financial Statements(thousand yen)
6. Amount of repayment of investment corporation bonds, loans payable, and other interest-bearing loans scheduled to be due after closing ofaccounts

Due within 1 year

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years

Current portion of investment
corporation bonds

4,000,000

–

–

–

–

–

Current portion of long-termloans payable

19,448,195

–

–

–

–

–

Investment corporation bondLong-term loans payable–––
31,442,572

12,000,000
24,500,000

8,000,000
26,146,329

2,000,000
19,200,000

11,500,000
63,558,000

23,448,195

31,442,572

36,500,000

34,146,329

21,200,000

75,058,000

Total

Notes on Value of Rental Properties
7th Fiscal Period (from August 1, 2013 to January 31, 2014) (Reference)
ADR mainly owns rental residential properties in Tokyo and other regions. The following are the book value, amount of change during the period
and fair value of these properties.
(thousand yen)Book value (Note 1)
Balance at the beginning ofcurrent period
386,990,304

Amount of change during
the period (Note 2)
6,440,041

Balance at the end of current
period393,430,346

Period-end fair value (Note 3)
417,027,000

Notes 1. The book value is cost of acquisition less accumulated depreciation.
2. The amount of change during the period is mainly attributable to increase from the acquisition of three real estate properties (1,596,575 thousandyen) and the acquisition of three real estate beneficiary interests in trust (6,853,471 thousand yen); the decrease is mainly a result of posting ofdepreciation.
3. The period-end fair value is the appraisal or assessment value provided by an outside real estate appraiser.

For the 7th Fiscal Period operating income from property leasing, please refer to the aforementioned “Notes to Statements of Income.”
8th Fiscal Period (from February 1, 2014 to July 31, 2014)
ADR mainly owns rental residential properties in Tokyo and other regions. The following are the book value, amount of change during the period
and fair value of these properties.
(thousand yen)Book value (Note 1)
Balance at the beginning ofcurrent period
393,430,346

Amount of change during
the period (Note 2)
14,379,369

Balance at the end of current
period407,809,716

Period-end fair value (Note 3)
443,096,000

Notes 1. The book value is cost of acquisition less accumulated depreciation.
2. The amount of change during the period is mainly attributable to increase from the acquisition of 11 real estate beneficiary interests in trust(16,499,601 thousand yen); the decrease is mainly a result of posting of depreciation.
3. The period-end fair value is the appraisal or assessment value provided by an outside real estate appraiser.

For the 8th Fiscal Period operating income from property leasing, please refer to the aforementioned “Notes to Statements of Income.”

49
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Notes on Transactions with Related Parties
7th Fiscal Period (from August 1, 2013 to January 31, 2014) (Reference)

Classification

Business
Share of units
Name of related
description orheld in ADR
party
occupation

Nature oftransaction

Transaction
amount(thousand yen)Assetcustodian

Sumitomo
Mitsui Trust
Bank Limited

Bankingbusiness
and trustbusiness

Borrowing(repayment)of funds (Note 1)

4,080,000(4,310,781)–

Account

Period-end
balance(thousand yen)

Short-term loans payable
Current portion of
long-term loans payable

1,480,000

Long-term loans payable

25,097,286

Account

Period-end
balance(thousand yen)

786,057

Transaction terms and conditions, and policy on determining transaction terms and conditions
Note 1. Interest rates on borrowings are reasonably determined based on market interest rates.

8th Fiscal Period (from February 1, 2014 to July 31, 2014)

Classification

Business
Share of units
Name of related
description orheld in ADR
party
occupation

Interested
parties

Real estate
ITOCHU Urban
leasing
Community Ltd.
businessAssetcustodian

Sumitomo
Mitsui Trust
Bank Limited

Bankingbusiness andtrust business–

Nature oftransaction
Expenses forbuilding
management

Transaction
amount(thousand yen)
738,408

Operating accounts
payable55,221(Note 1)–

Borrowing(repayment)of funds (Note 2)

4,980,000(4,191,097)

Long-term loans
payable28,152,286

Transaction terms and conditions, and policy on determining transaction terms and conditions
Notes 1. Transaction terms and conditions are negotiated and decided based on market price.
2. Interest rates on borrowings are reasonably determined based on market interest rates.

Notes on Per Unit Information
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

Net assets per unit
157,436 yen
Net income per unit
4,415 yen
The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding
for the fiscal period.
The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

Net assets per unit
159,813 yen
Net income per unit
4,526 yen
The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding
for the fiscal period.
The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

(Note) The following numbers were used to calculate the earnings per unit.

7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014
Net income (thousand yen)Amount not attributable to common unit-holders(thousand yen)
Net income attributable to common unit
(thousand yen)
Average number of units during the period (units)

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

5,475,039

5,880,040––

5,475,039

5,880,040

1,240,000

1,299,083

Significant Subsequent Events
8th Fiscal Period (from February 1, 2014 to July 31, 2014)
Not applicable.

50
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VI. Statements of Cash Distributions(yen)
8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014
I. Unappropriated retained earnings

5,475,039,805

II. Reversal of reserve for dividends

247,560,195

90,859,001

5,722,600,000

5,970,900,000(4,615)(4,593)00

In accordance with the distribution policy
provided in Article 32, Item 1 of ADR’s Articles
of Incorporation, we shall deliver dividends inexcess of an amount equivalent to 90% of theamount of ADR’s earnings available fordividends as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation.
In addition, ADR may use reserve fordividends in order to make stable dividend
payouts into the future, and shall investigate
an increase in dividends in accordance withthe performance when it has achieved good
operating results.
Based on the policy above, ADR decided on
dividends of earnings totaling
5,722,600,000 yen for the 7th Fiscal Period,
which was arrived at by adding reversal ofreserve for dividends of 247,560,195 yen to
the unappropriated retained earnings of
5,475,039,805 yen.
Furthermore, ADR does not distribute cash inexcess of earnings, as provided in Article 32,
Item 2 of its Articles of Incorporation.

In accordance with the distribution policy
provided in Article 32, Item 1 of ADR’s Articles
of Incorporation, we shall deliver dividends inexcess of an amount equivalent to 90% of theamount of ADR’s earnings available fordividends as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation.
In addition, ADR may use reserve fordividends in order to make stable dividend
payouts into the future, and shall investigate
an increase in dividends in accordance withthe performance when it has achieved good
operating results.
Based on the policy above, ADR decided on
dividends of earnings totaling
5,970,900,000 yen for the 8th Fiscal Period,
which was arrived at by adding reversal ofreserve for dividends of 90,859,001 yen to theunappropriated retained earnings of
5,880,040,999 yen.
Furthermore, ADR does not distribute cash inexcess of earnings, as provided in Article 32,
Item 2 of its Articles of Incorporation.

III. Amount of dividends(Amount of dividends per unit)
IV. Retained earnings carried forward
Method of calculation of amount ofdividends

5,880,040,999

R-53 RESIDIA Higashi-Sakura II

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VII. Independent Auditor’s Report
This is a copy of the independent auditor’s report issued originally for the Japanese statutory report, presenting the opinion that it presents fairly,
in all material respects, the financial position and the results of operations for the period for which it was prepared.

Disclaimer

This financial report is an English translation of a Japanese financial report originally made available in Japan in accordance with the Act on Investment Trusts and Investment
Corporations of Japan. This English-language financial report has been prepared solely for the convenience of readers outside Japan and is not intended to constitute a
document for an offer to sell, or seeking an offer to buy, any securities of Advance Residence Investment Corporation.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of the equivalent Japanese terms. With
respect to any and all terms herein, including without limitation, financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal Japanese documents and English translation contained herein, the original Japanese documents will always govern the meaning and interpretation.
Although every effort is made to provide accurate translation, neither Advance Residence Investment Corporation, AD Investment Management Co., Ltd. nor any of theirrespective directors, officers, employees, partners, unit-holders, agents, affiliates nor their advisors shall be responsible or liable for the completeness, appropriateness, or
accuracy of English translations or the selection of the portion(s) of any document(s) translated into English.
The financial statements of Advance Residence Investment Corporation have been prepared in accordance with generally accepted accounting principles in Japan (JapaneseGAAP), which may materially differ in certain respects from the generally accepted accounting principles of other jurisdictions.
This fiscal report contains forward-looking statements. These statements appear in a number of places in this fiscal report and include statements regarding the intent,
belief, or current and future expectations of Advance Residence Investment Corporation or AD Investment Management Co., Ltd. with respect to its business, financial
condition and results of operations. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,”“anticipate,” “believe,” ”estimate,” “predict,” “potential,” or the negative of these terms or other similar terminology. These statements are not guarantees of future
performance and are subject to various risks and uncertainties. Actual results, performance or achievements, or those of the industries in which we operate, may differ
materially from any future results, performance or achievements expressed or implied by these forward‐looking statements. In addition, these forward-looking statements
are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. Accordingly,
readers of this document should not interpret the forward-looking statements included herein as predictions or representations of future events or circumstances.
Potential risks and uncertainties also include those identified and discussed in this document. Given these risks and uncertainties, readers of this document are cautioned not toplace undue reliance on forward‐looking statements, which are only valid as of the date of the information published herein. We disclaim any obligation to update or, except in
the limited circumstances required by the Tokyo Stock Exchange, announce publicly any revisions to any of the forward-looking statements contained in these documents.

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VIII. (Reference Information) Statements of Cash Flows(thousand yen)

7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs
Other offering costs associated with the issuance of investment units
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expenses
Interest expenses on investment corporation bonds
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable–other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
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 in trust, net
Purchase of investment securities
Proceeds from reimbursement of investment securities
Repayments of long-term deposits received
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Payments for investment corporation bond issuance costs
Proceeds from issuance of investment units
Payments for investment unit issuance expenses
Other offering costs associated with the issuance of investment units
Repayments of finance lease obligations
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

5,475,644
2,335,039
4,324
17,1896,836-6,454-11,368
1,173,832
193,786
23,32845,609127,049
33,246
6,323
62,17324,174-3,1569,660
246
9,517,486
3,942-1,359,588
1,941
8,163,781

5,880,645
2,457,120
5,684
18,047
11,587
13,079-13,462
1,145,316
204,167
7,994–-118,460-22,127
4,264
98,402-19,712
12,229-140,705
1,901
9,545,973
6,911-1,345,693-9,442
8,197,748-5,000,000––
5,200,000-1,685,706-7,063,782-5,927
15,227-126,557
25,715-6,348-8,647,378-4,001,500
5,000,000-8,000,000–-62,725-16,784,737
3,164
166,278–
478,436-4,300-23,205,384

2,560,000–
15,860,000-12,570,716
2,000,000-14,444––-744-2,721-5,694,952
2,136,421
1,652,825
14,784,412*116,437,238

3,850,000-6,410,000
20,880,000-17,134,499
2,500,000-16,713
12,379,680-8,158-17,679-2,721-5,723,884
10,296,023-4,711,612
16,437,238*111,725,625(Note) The Statements of Cash Flows has been prepared based on the “Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements” (Ministry of
Finance Regulation No.59, 1963), and is attached as reference information. The Statements of Cash Flows has not been audited by the independent auditor, as it is not subject toaudit by an independent auditor under the provisions of Article 130 of the Act on Investment Trusts and Investment Corporations.

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Notes on Matters Concerning Significant Accounting Policies

Scope of funds in Statements of CashFlows

7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

The funds (cash and cash equivalents) in theStatements of Cash Flows consist of cash on
hand and cash in trust; deposits that can bewithdrawn at any time and deposits in trust;and short-term investments with a maturityof 3 months or less from the date ofacquisition, which are readily convertible tocash and bear only an insignificant risk ofprice fluctuation.

The funds (cash and cash equivalents) in theStatements of Cash Flows consist of cash on
hand and cash in trust; deposits that can bewithdrawn at any time and deposits in trust;and short-term investments with a maturityof 3 months or less from the date ofacquisition, which are readily convertible tocash and bear only an insignificant risk ofprice fluctuation.

Notes to Statements of Cash Flows
7th Fiscal Period (Reference)
From: Aug. 1, 2013
To: Jan. 31, 2014

8th Fiscal Period
From: Feb. 1, 2014
To: Jul. 31, 2014

*1 Relationship between the cash and cash equivalents at end of
period in the Statements of Cash Flows and the amounts of thecorresponding accounts on the Balance Sheets(thousand yen)
Cash and deposits
13,836,485
Cash and deposits in trust
7,600,752
Time deposits with holding period over 3 months-5,000,000
Cash and cash equivalents
16,437,238*1 Relationship between the cash and cash equivalents at end of
period in the Statements of Cash Flows and the amounts of thecorresponding accounts on the Balance Sheets(thousand yen)
Cash and deposits
7,592,567
Cash and deposits in trust
8,134,558
Time deposits with holding period over 3 months-4,001,500
Cash and cash equivalents
11,725,625

C-49 RESIDIA Suginami-Honancho

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Portfolio Map

66
69

Itabashi-ku

68

67

Adachi-ku
28

Nerima-ku

70
6

60

50

Kita-ku
18

3

96 72
37

Nakano-ku

29 46 35

49

Suginami-ku

84

19

21
22 16

33

32

10

13

68

85

Setagaya-ku
88

4

56

7

79
31
92

93
47

52

15

9

41

67

Tokyo

41

7 43

59

Sumida-ku
5

9

83 51
36
25 29
89 3 61
97 26 70
39
91
75

48
1 39 4224 12 45
17

63

71

Koto-ku
51

47

86

95

Shinagawa2

55

Meguro-ku

Edogawa-ku

Kinshicho
34

Minato-ku 73

Meguro

45

15

23

49
22 27
98
57
10
58 48 53
54
40
78
31
30
65 60
Chuo-ku
50
66
62
77
33
5
61
76
24
81

Shibuya34

99

Chiyoda-ku

90 Shibuya-ku
80
19
63

16

58
26
21
4 8 37 52

42
87

55

Taito-ku

Ueno

Shinjuku

69

23

36
Bunkyo-ku
40
53

62

Shinjuku-ku
56

Arakawa-ku

Ikebukuro

Toshima-ku

Katsushika-ku

65

43

14

74

38

F

94
35

Shinagawa-ku

64

42
59

44

25

RESIDIA Shimazuyama
RESIDIA Nakameguro
RESIDIA Setagaya-Tsurumaki
RESIDIA Azabujuban
RESIDIA Ikejiriohashi
RESIDIA Kudanshita
RESIDIA Hatagaya
RESIDIA Sakurajosui
RESIDIA Kita-Shinagawa
RESIDIA Yoyoginomori
RESIDIA Shinjuku East III
Leopalace Udagawacho Mansion
RESIDIA Shinjuku East II
RESIDIA Shinjuku EastRESIDIA Kanda-Iwamotocho
RESIDIA Azabujuban II
RESIDIA Ebisu
RESIDIA Meguro
RESIDIA Hiroo II
Pianetta Shiodome
RESIDIA Komazawadaigaku
RESIDIA Yoyogi
RESIDIA Nishi-Shinjuku

P-34
P-35
P-36
P-37
P-38
P-39
P-40
P-41
P-42
P-43
P-45
P-47
P-48
P-49
P-50
P-51
P-52
P-53
P-55
P-56
P-58
P-59
P-60

RESIDIA Kyodo
RESIDIA Oimachi
RESIDIA Ebisu II
RESIDIA Kamiochiai
RESIDIA Higashi-Shinagawa
RESIDIA Meguro II
RESIDIA Toranomon
RESIDIA Shin-Ochanomizu
RESIDIA Kagurazaka
RESIDIA Oimachi II
RESIDIA Jiyugaoka
RESIDIA Suidobashi
RESIDIA TOWER Nogizaka
RESIDIA Akasaka
RESIDIA Nishi-Azabu
RESIDIA Daikanyama
RESIDIA Ichigaya
RESIDIA Roppongi-Hinokichokoen
RESIDIA TOWER Meguro-Fudomae
RESIDIA Sangenjaya
RESIDIA Minami-Aoyama
RESIDIA Kanda-Higashi
RESIDIA Higashi-Azabu

P : Tokyo Central 7 Wards

38
64

Kamata

P-2
P-3
P-4
P-5
P-7
P-9
P-10
P-13
P-14
P-15
P-16
P-19
P-21
P-22
P-23
P-24
P-25
P-26
P-29
P-30
P-31
P-32
P-33

13

2
32

C : Tokyo 23 Wards

Ota-ku

P-61
P-62
P-63
P-64
P-65
P-66
P-67
P-68
P-69
P-70
P-72
P-73
P-74
P-75
P-76

RESIDIA Ebisu-Minami
RESIDIA TOWER Azabujuban
RESIDIA Shibuya
RESIDIA Nakanobu
RESIDIA Azabudai
RESIDIA Shibadaimon II
RESIDIA Kanda
RESIDIA Sangenjaya II
RESIDIA Nishi-Shinjuku II
RESIDIA Hiroo-Minami
RESIDIA Mejiro-Otomeyama
RESIDIA Shibaura
RESIDIA Gotenyama
RESIDIA Yutenji

P-77
P-78
P-79
P-80
P-81
P-83

Motoazabu PlaceRESIDIA TOWER Roppongi
RESIDIA Kamimeguro
RESIDIA Yoyogikoen
Windsor House Hiroo

Park Tower Shibaura Bayward
Urban Wing

RESIDIA Daikanyama Sarugakucho/
Daikanyama Parkside Village

P-84
P-85
P-86
P-87
P-88
P-89
P-90
P-91
P-92
P-93
P-94
P-95
P-96
P-97
P-98
P-99
C-1
C-2
C-3
C-4
C-5
C-6
C-7

RESIDIA Kita-Shinjuku
RESIDIA Komazawa
RESIDIA Shibaura KAIGANRESIDIA Ichigaya-Yakuoji
RESIDIA Yoga
RESIDIA TOWER Nakameguro
RESIDIA Sasazuka II
RESIDIA Meguro III
RESIDIA Jiyugaoka II
RESIDIA Kudanshita II
RESIDIA Omori II
RESIDIA Shirokane-Takanawa
RESIDIA Nakaochiai
RESIDIA Nakameguro II
Artis Court Minamiaoyama
RESIDIA Yotsuya Sanchome
RESIDIA Mitsukoshimae
RESIDIA Kamata
RESIDIA Ikebukuro
RESIDIA Bunkyo-Hongo
RESIDIA Asakusabashi
Maison Eclairee Ekoda
RESIDIA Ueno-Okachimachi

C-8
C-9
C-10
C-12
C-13
C-15
C-16
C-17
C-18
C-19
C-21
C-22
C-23
C-24
C-25
C-26
C-27
C-28
C-29
C-31
C-32
C-33
C-34

RESIDIA Bunkyo-Hongo II
RESIDIA Ryogoku
RESIDIA Higashi-Ginza
RESIDIA Nihonbashi-Ningyocho II
RESIDIA Omori-Higashi
RESIDIA Kinshicho
RESIDIA Negishi
RESIDIA Shinkawa
RESIDIA Kami-Ikebukuro
RESIDIA Shin-nakano
RESIDIA Bunkyo-Yushima II
RESIDIA Tsukiji
RESIDIA Sasazuka
RESIDIA Kyobashi
RESIDIA Tamagawa
RESIDIA Korakuen
RESIDIA Ginza-Higashi
RESIDIA Oji
RESIDIA Mejiro II
RESIDIA Tsukishima
RESIDIA Kamata II
RESIDIA Tsukishima II
RESIDIA Kinshicho II

55
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Sawaraku

Tokyo Metropolitan Area
SaitamaKita-ku

SapporoKashiwa

JRA Sapporo Yanaga Hokkaido
MuseumRacecourse

2
11

Kawaguchi

Chiba

4

SapporoNishi-ku

Higashi-Matsudo

31

23

Tokyo
Tachikawa

19
25

Hachioji

21

27

24

Musashikosugi

Sendai16

22

Shin-Yokohama

29

1

15

Sen

zan
37

Aoba-ku

28 Kawasaki

5

Kanagawa

38

Aobayama Park

Yokohama

ine

e

26

Chuo-ku

26

24 58

Lin

7

45

25

Shiroishi-ku
Ha
ko
da
te
Ma
in L

Clock Towerseito

Kichijyoji

34

48

Ch

12

17

14 20

in
Ma

u
ok

h
To

Lin
e

56

54
52
13

Sendai City
Athletic Stadium

Wakabayashi-ku

Chuo-ku

10

Hakata-ku

47

21

30 36

International
Hotel Nagoya

RESIDIA Ochanomizu
RESIDIA Omori
RESIDIA Nakamurabashi
RESIDIA Kachidoki
RESIDIA Bunkyo-Otowa II
RESIDIA Kinshicho III
RESIDIA Kamata III
RESIDIA TOWER Kami-Ikebukuro
RESIDIA Takashima-DairaRESIDIA Shimura-Sakaue
RESIDIA Shimura-Sakaue II
RESIDIA Shimura-Sakaue III
RESIDIA Ikebukuro WestRESIDIA Ojima
Tokyo Student-House HIYOSHIDAI
Chester House Kawaguchi
RESIDIA Higashi-Matsudo
RESIDIA Shin-Yokohama
RESIDIA Chofu
Tokyo Student-House WAKORESIDIA Kokubunji
RESIDIA Yokohama-Kannai
RESIDIA Okurayama

46

11
39 14
40 35

K
Ma ansain L iinenKa

Kameyama

e

Lin

16
4
53

27 32

Higashi-ku

Naka-ku

43

ine

C-58
C-59
C-60
C-61
C-62
C-63
C-64
C-65
C-66
C-67
C-68
C-69
C-70
C-71
S-1
S-2
S-4
S-5
S-7
S-11
S-12
S-14
S-15

Osaka

51

in
Ma
sai

L
Main
aido

TokaidoMain Line

Tok

44

ine

a
im
sh inego n L
Ka ai
M

Kobe 55 12

41
59

Nara LSanyo
Mt. Rokko
Mt. Maya
Shinkansen Line 6

8

RESIDIA Bunkyo-Otowa
RESIDIA Bunkyo-Sengoku
RESIDIA Bunkyo-Yushima
RESIDIA Ikegami
RESIDIA Nihonbashi-Ningyocho
RESIDIA Bunkyo-Sengoku II
RESIDIA Iriya
RESIDIA Nihonbashi-Hamacho
RESIDIA Shin-Okachimachi
RESIDIA Chidoricho
RESIDIA Shinkawa II
RESIDIA Mejiro
RESIDIA Kasai
RESIDIA Nihonbashi-Bakurocho
RESIDIA Suginami-Honancho
RESIDIA Shin-Itabashi
RESIDIA Kiba
RESIDIA Bunkyo-Yushima III
RESIDIA Bunkyo-Honkomagome
RESIDIA Tsukishima III
RESIDIA Minamisenjyu
RESIDIA Ogikubo
RESIDIA Monzennakacho

Nagoya Castle

Nagoya20

Fukuoka City
Botanical Garden

C-35
C-36
C-37
C-38
C-39
C-40
C-41
C-42
C-43
C-44
C-45
C-46
C-47
C-48
C-49
C-50
C-51
C-52
C-53
C-54
C-55
C-56
C-57

Kyoto

e

42

Sawaraku

Sanin Main LineLin

19 Hakata

Nagoya Dome

50
49 15

e
ido Linka n
To anseink

Mt. Myoken

Hakata Ward Oﬃce

Nagoya2

29

Mt. Kenpi

uo
M
ain

Osaka

Sh

Fukuoka
Prefectural
Government
Oﬃce

Sh 57

ku

Ch

e

o Lin
ny n
Sa nse
ka
in
Sh

ine

nL

nse

a
ink

ho
To

Taihaku-ku

FukuokaeLinSendaiTohokuUniversity

achi
Katam eLins

Major Regional Cities

517

Tsu City

S-16
S-17
S-19
S-20

RESIDIA Musashikosugi
RESIDIA Funabashi I&II
RESIDIA Kichijoji

S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
R-2
R-4
R-5
R-6
R-8

Maison YachiyodaiLife & Senior House Kohoku II
College Court Tanashi
RESIDIA Urayasu
RESIDIA Minami-Gyotoku
RESIDIA Urayasu II
RESIDIA Gyotoku
RESIDIA Kawasaki
Cocofump Hiyoshi
RESIDIA Imadegawa
RESIDIA Higashi-Sakura
RESIDIA Kameyama
RESIDIA Ryokuchikoen
RESIDIA Kobe Port Island

R-10
R-11
R-12

RESIDIA Hakata
RESIDIA Tenjinbashi
RESIDIA Sannomiya-Higashi

Pacific Royal Court Minato Mirai
Ocean Tower

R-13
R-14
R-15
R-16
R-17
R-19
R-20
R-21
R-24
R-25
R-26
R-27
R-29
R-30
R-31
R-32
R-34
R-35
R-36
R-37
R-38
R-39
R-40

KC21 Building
RESIDIA Utsubokoen
RESIDIA Kyoto-Ekimae
RESIDIA Takaoka
RESIDIA Hibino
RESIDIA Tenjin-Minami
RESIDIA Hakataeki-Minami
Mare
RESIDIA Minami-Ichijo
RESIDIA Odori-Nishi
RESIDIA Kita-Sanjo
RESIDIA Shirakabe-Higashi
RESIDIA Uzumasa
RESIDIA Izumi
RESIDIA Maruyama Kita-Gojo
RESIDIA Tokugawa
RESIDIA Odori-Koen
RESIDIA Tanimachi
RESIDIA Hisaya-Oodori
RESIDIA Sendai-Miyamachi
RESIDIA Hirosedori
RESIDIA Edobori
RESIDIA Kyomachibori

R-41
R-42
R-43
R-44
R-45
R-46
R-47
R-48
R-49
R-50
R-51
R-52
R-53
R-54
R-55
R-56
R-57
R-58
R-59

RESIDIA Esaka
RESIDIA Nishijin
RESIDIA Tsurumai
RESIDIA Kobe-Isogami
RESIDIA Kita-Nijyo EastRESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-Ekimae
RESIDIA Gosho-Higashi
RESIDIA Rakuhoku
RESIDIA Miyakojima I&II
RESIDIA TOWER Sendai
RESIDIA Higashi-Sakura II
RESIDIA Tsutsujigaoka
RESIDIA Kobe-Motomachi
RESIDIA Sendai-Honcho
RESIDIA Sendai-Haranomachi
RESIDIA Minami-Ichijo EastRESIDIA Shin-Osaka… Properties acquired on August 1, 2014

56
8th FiscalPeriodReport.indb 56

2014/10/30 14:29

Portfolio List
As of July 31, 2014

Tokyo Central 7 Wards

57

Leasable floor
Number ofarea
leasable units(m2)

Acquisition
Investment
Price
ratio
(million yen)
2,860
0.68%
1,730
0.41%
1,229
0.29%
1,987
0.48%
1,230
0.29%
2,270
0.54%
1,130
0.27%
1,120
0.27%
2,720
0.65%
732
0.18%
750
0.18%
588
0.14%
1,380
0.33%
941
0.23%
1,520
0.36%
874
0.21%
554
0.13%
722
0.17%
1,660
0.40%
1,950
0.47%
333
0.08%
326
0.08%
363
0.09%
286
0.07%
947
0.23%
2,280
0.55%
1,180
0.28%
2,040
0.49%
1,190
0.28%
1,320
0.32%
1,160
0.28%
918
0.22%
1,050
0.25%
1,050
0.25%
2,310
0.55%
3,660
0.88%
1,180
0.28%
6,780
1.62%
2,150
0.51%
2,500
0.60%
3,570
0.85%
16,500
3.95%
2,760
0.66%
728
0.17%
1,620
0.39%
1,430
0.34%
2,020
0.48%
6,190
1.48%
1,250
0.30%
1,880
0.45%
1,610
0.39%
1,740
0.42%
1,140
0.27%
1,280
0.31%
1,830
0.44%
923
0.22%
974
0.23%
4,670
1.12%
930
0.22%
5,260
1.26%
9,570
2.29%
8,430
2.02%
7,040
1.69%
878
0.21%
1,100
0.26%
1,750
0.42%
7,360
1.76%
1,460
0.35%
870
0.21%
2,400
0.57%
2,070
0.50%
1,523
0.36%
3,300
0.79%
3,760
0.90%
950
0.23%
778
0.19%
1,240
0.30%
1,620
0.39%
1,480
0.35%

Name of property

Location

Construction
completion date

P-2
P-3
P-4
P-5
P-7
P-9
P-10
P-13
P-14
P-15
P-16
P-19
P-21
P-22
P-23
P-24
P-25
P-26
P-29
P-30
P-31
P-32
P-33
P-34
P-35
P-36
P-37
P-38
P-39
P-40
P-41
P-42
P-43
P-45
P-47
P-48
P-49
P-50
P-51
P-52
P-53
P-55
P-56
P-58
P-59
P-60
P-61
P-62
P-63
P-64
P-65
P-66
P-67
P-68
P-69
P-70
P-72
P-73
P-74
P-75
P-76
P-77
P-78
P-79
P-80
P-81
P-83
P-84
P-85
P-86
P-87
P-88
P-89
P-90
P-91
P-92
P-93
P-94
P-95

RESIDIA Shimazuyama
RESIDIA Nakameguro
RESIDIA Setagaya-Tsurumaki
RESIDIA Azabujuban
RESIDIA Ikejiriohashi
RESIDIA Kudanshita
RESIDIA Hatagaya
RESIDIA Sakurajosui
RESIDIA Kita-Shinagawa
RESIDIA Yoyoginomori
RESIDIA Shinjuku East III
Leopalace Udagawacho Mansion
RESIDIA Shinjuku East II
RESIDIA Shinjuku EastRESIDIA Kanda-Iwamotocho
RESIDIA Azabujuban II
RESIDIA Ebisu
RESIDIA Meguro
RESIDIA Hiroo II
Pianetta Shiodome
RESIDIA Komazawadaigaku
RESIDIA Yoyogi
RESIDIA Nishi-Shinjuku
RESIDIA Kyodo
RESIDIA Oimachi
RESIDIA Ebisu II
RESIDIA Kamiochiai
RESIDIA Higashi-Shinagawa
RESIDIA Meguro II
RESIDIA Toranomon
RESIDIA Shin-Ochanomizu
RESIDIA Kagurazaka
RESIDIA Oimachi II
RESIDIA Jiyugaoka
RESIDIA Suidobashi
RESIDIA TOWER Nogizaka
RESIDIA Akasaka
RESIDIA Nishi-Azabu
RESIDIA Daikanyama
RESIDIA Ichigaya
RESIDIA Roppongi-Hinokichokoen
RESIDIA TOWER Meguro-Fudomae
RESIDIA Sangenjaya
RESIDIA Minami-Aoyama
RESIDIA Kanda-Higashi
RESIDIA Higashi-Azabu
RESIDIA Ebisu-Minami
RESIDIA TOWER Azabujuban
RESIDIA Shibuya
RESIDIA Nakanobu
RESIDIA Azabudai
RESIDIA Shibadaimon II
RESIDIA Kanda
RESIDIA Sangenjaya II
RESIDIA Nishi-Shinjuku II
RESIDIA Hiroo-Minami
RESIDIA Mejiro-Otomeyama
RESIDIA Shibaura
RESIDIA Gotenyama
RESIDIA Yutenji
Park Tower Shibaura Bayward Urban Wing
Motoazabu PlaceRESIDIA TOWER Roppongi
RESIDIA Kamimeguro
RESIDIA Yoyogikoen
Windsor House Hiroo
RESIDIA Daikanyama Sarugakucho/ Daikanyama Parkside Village
RESIDIA Kita-Shinjuku
RESIDIA Komazawa
RESIDIA Shibaura KAIGANRESIDIA Ichigaya-yakuoji
RESIDIA Yoga
RESIDIA TOWER Nakameguro
RESIDIA Sasazuka II
RESIDIA Meguro II
RESIDIA Jiyugaoka II
RESIDIA Kudanshita II
RESIDIA Omori II
RESIDIA Shirokane-Takanawa

Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo
Setagaya-ku, Tokyo
Chiyoda-ku, Tokyo
Shibuya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Setagaya-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinagawa-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Setagaya-ku, Tokyo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Meguro-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Meguro-ku, Tokyo
Shibuya-ku, Tokyo
Meguro-ku, Tokyo
Setagaya-ku, Tokyo
Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo
Minato-ku, Tokyo

December 2004
February 2005
March 2002
November 1999
August 2005
March 2004
February 2006
July 2006
February 2007
March 2007
February 2009
August 2001
February 2004
August 2000
February 2004
February 2001
January 2001
October 1999
November 2005
February 2005
October 2004
February 2005
February 2005
February 2005
December 2005
January 2006
September 2006
August 2006
January 2006
September 2006
March 2006
August 2006
July 2007
March 2002
December 2004
August 2004
May 2004
July 2004
July 2004
August 2004
September 1999
January 2007
January 2005
March 2005
October 2003
April 2006
March 2007
January 2003
June 2006
November 2005
February 2006
August 2006
June 2006
March 2006
May 2007
August 2007
December 2002
September 1991
January 2007
August 2006
May 2005
February 2001
February 2006
January 1993
July 1998
June 2003
January 1998
February 1997
October 2008
January 2010
August 2008
June 2008
March 2007
January 2011
January 2010
October 2007
January 2012
March 2012
March 2012

3,474.37
1,694.18
1,769.67
1,986.76
1,423.38
2,845.89
1,129.72
1,201.37
2,897.99
723.10818.74623.801,743.06
1,219.08
2,354.20
1,018.71
653.04701.01
1,733.63
2,274.19
488.51464.64478.57509.66
1,249.56
2,194.56
1,740.50
2,588.01
1,448.84
1,353.41
1,422.45
1,182.34
1,321.76
1,435.93
3,039.14
3,485.00
1,352.02
7,078.64
2,067.08
3,003.34
4,803.29
21,019.77
2,847.19
782.332,544.25
1,582.54
2,023.88
7,207.18
1,285.42
2,855.06
1,732.06
2,023.20
1,534.57
1,933.54
2,478.31
1,035.75
1,679.94
8,508.36
1,228.15
5,423.36
13,490.67
7,382.62
5,978.20
1,473.68
1,545.36
2,172.91
5,977.18
2,173.62
1,182.47
3,898.10
2,169.57
1,996.81
3,989.13
4,548.96
1,206.38
1,127.78
1,612.65
2,171.74
1,888.07

115
88
28
44
42
86
35
39
120
22
39
30
54
48
65
37
26
20
76
67
18
16
19
15
48
61
70
122
34
63
52
52
40
28
65
68
37
125
42
85
88
358
78
13
64
31
39
113
40
65
47
48
43
34
74
26
19
154
16
118
191
41
83
16
6
12
77
26
59
72
98
66
70
167
31
17
48
90
53

P-96

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

March 2008

5,529.19

187

3,656

0.88%

P-97
P-98
P-99

RESIDIA Nakameguro II
Artis Court Minamiaoyama
RESIDIA Yotsuya Sanchome

Meguro-ku, Tokyo
Minato-ku, Tokyo
Shinjuku-ku, Tokyo

August 2006
July 2008
May 2009

1,259.45
1,717.68
2,915.94

50
23
90

1,119
1,720
2,090

0.27%
0.41%
0.50%

Investment Property
regionno.

8th FiscalPeriodReport.indb 57

PML
4.3%
2.6%
7.3%
4.2%
3.1%
2.9%
7.3%
7.0%
4.3%
4.4%
4.3%
8.2%
4.8%
5.3%
4.1%
3.1%
3.0%
6.2%
2.9%
5.3%
8.5%
11.0%
9.9%
10.6%
4.3%
3.4%
4.8%
4.0%
6.5%
3.3%
2.8%
2.1%
4.8%
7.3%
2.3%
3.5%
8.3%
2.8%
4.0%
3.6%
6.8%
1.8%
2.7%
2.0%
3.4%
3.2%
7.1%
0.7%
3.5%
3.4%
4.6%
3.3%
4.9%
4.4%
10.9%
2.8%
4.9%
2.8%
7.9%
7.8%
3.6%
9.7%
1.5%
7.7%
5.1%
4.8%
6.7%
8.8%
10.0%
4.4%
3.0%
10.3%
2.4%
4.2%
2.6%
5.4%
2.6%
2.2%
6.7%
2.9%
2.9%
3.0%
2.7%
3.9%
3.8%

2014/10/30 14:29

As of July 31, 2014

Tokyo Metropolitan Area

Tokyo 23 Wards

Investment Property
regionno.

Name of property

Location

Construction
completion date

Leasable floor
Number ofarea
leasable units(m2)

Acquisition
Investment
Price
ratio
(million yen)
1,920
0.46%
2,640
0.63%
1,520
0.36%
1,680
0.40%
1,060
0.25%
954
0.23%
3,160
0.76%
1,623
0.39%
913
0.22%
5,251
1.26%
3,180
0.76%
1,980
0.47%
4,200
1.01%
856
0.20%
1,880
0.45%
558
0.13%
352
0.08%
1,010
0.24%
1,460
0.35%
1,800
0.43%
1,220
0.29%
1,300
0.31%
603
0.14%
2,000
0.48%
867
0.21%
1,050
0.25%
1,100
0.26%
1,360
0.33%
2,440
0.58%
2,380
0.57%
3,380
0.81%
707
0.17%
1,050
0.25%
378
0.09%
557
0.13%
1,440
0.34%
990
0.24%
1,310
0.31%
1,860
0.45%
1,290
0.31%
1,320
0.32%
6,280
1.50%
683
0.16%
5,500
1.32%
3,834
0.92%
888
0.21%
1,950
0.47%
1,129
0.27%
2,340
0.56%
2,570
0.62%
2,580
0.62%
1,710
0.41%
970
0.23%
2,090
0.50%
1,150
0.28%
1,075
0.26%
1,805
0.43%
2,268
0.54%
651
0.16%
948
0.23%

C-1
C-2
C-3
C-4
C-5
C-6
C-7
C-8
C-9
C-10
C-12
C-13
C-15
C-16
C-17
C-18
C-19
C-21
C-22
C-23
C-24
C-25
C-26
C-27
C-28
C-29
C-31
C-32
C-33
C-34
C-35
C-36
C-37
C-38
C-39
C-40
C-41
C-42
C-43
C-44
C-45
C-46
C-47
C-48
C-49
C-50
C-51
C-52
C-53
C-54
C-55
C-56
C-57
C-58
C-59
C-60
C-61
C-62
C-63
C-64

RESIDIA Mitsukoshimae
RESIDIA Kamata
RESIDIA Ikebukuro
RESIDIA Bunkyo-Hongo
RESIDIA Asakusabashi
Maison Eclairee Ekoda
RESIDIA Ueno-Okachimachi
RESIDIA Bunkyo-Hongo II
RESIDIA Ryogoku
RESIDIA Higashi-Ginza
RESIDIA Nihonbashi-Ningyocho II
RESIDIA Omori-Higashi
RESIDIA Kinshicho
RESIDIA Negishi
RESIDIA Shinkawa
RESIDIA Kami-Ikebukuro
RESIDIA Shin-nakano
RESIDIA Bunkyo-Yushima II
RESIDIA Tsukiji
RESIDIA Sasazuka
RESIDIA Kyobashi
RESIDIA Tamagawa
RESIDIA Korakuen
RESIDIA Ginza-Higashi
RESIDIA Oji
RESIDIA Mejiro II
RESIDIA Tsukishima
RESIDIA Kamata II
RESIDIA Tsukishima II
RESIDIA Kinshicho II
RESIDIA Bunkyo-Otowa
RESIDIA Bunkyo-Sengoku
RESIDIA Bunkyo-Yushima
RESIDIA Ikegami
RESIDIA Nihonbashi-Ningyocho
RESIDIA Bunkyo-Sengoku II
RESIDIA Iriya
RESIDIA Nihonbashi-Hamacho
RESIDIA Shin-Okachimachi
RESIDIA Chidoricho
RESIDIA Shinkawa II
RESIDIA Mejiro
RESIDIA Kasai
RESIDIA Nihonbashi-Bakurocho
RESIDIA Suginami-Honancho
RESIDIA Shin-Itabashi
RESIDIA Kiba
RESIDIA Bunkyo-Yushima III
RESIDIA Bunkyo-Honkomagome
RESIDIA Tsukishima III
RESIDIA Minamisenjyu
RESIDIA Ogikubo
RESIDIA Monzennakacho
RESIDIA Ochanomizu
RESIDIA Omori
RESIDIA Nakamurabashi
RESIDIA Kachidoki
RESIDIA Bunkyo-Otowa II
RESIDIA Kinshicho III
RESIDIA Kamata III

Chuo-ku, Tokyo
Ota-ku, Tokyo
Toshima-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Nerima-ku, Tokyo
Taito-ku, Tokyo
Bunkyo-ku, Tokyo
Sumida-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Sumida-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Nakano-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Suginami-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Kita-ku, Tokyo
Toshima-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Sumida-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Taito-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Edogawa-ku, Tokyo
Chuo-ku, Tokyo
Suginami-ku, Tokyo
Itabashi-ku, Tokyo
Koto-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Arakawa-ku, Tokyo
Suginami-ku, Tokyo
Koto-ku, Tokyo
Bunkyo-ku, Tokyo
Ota-ku, Tokyo
Nerima-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Koto-ku, Tokyo
Ota-ku, Tokyo

February 2005
March 2005
March 2005
July 2005
August 2005
March 1993
February 2006
January 2006
February 2006
September 2006
January 2007
August 2007
November 2007
December 2005
February 2003
December 2001
June 2002
March 2004
December 2005
March 2000
January 2005
September 2004
October 2004
September 2004
February 2005
July 2005
February 2006
September 2006
September 2006
January 2008
August 2003
February 2003
February 2003
July 2003
March 2004
April 2005
December 2004
August 2006
March 2007
September 2006
February 2003
January 1999
January 2000
February 2007
February 2009
August 2009
March 2008
December 2008
March 2008
February 2008
March 2007
March 2003
February 2005
September 2005
March 2006
February 2008
February 2008
February 2008
February 2005
March 2007

2,552.07
4,110.54
2,207.63
2,165.35
1,816.14
1,591.71
4,009.27
1,960.40
1,378.84
4,871.02
3,541.09
1,928.71
4,326.80
1,571.54
2,764.70
979.04615.281,368.01
2,043.00
2,855.98
1,440.11
2,137.41
770.112,824.17
1,659.09
1,450.16
1,694.38
1,929.24
3,074.47
3,394.21
5,970.11
1,104.50
1,623.62
764.84848.24
2,117.47
1,826.54
1,915.92
2,531.81
2,105.15
2,119.34
13,069.70
2,177.89
8,502.12
6,953.96
1,413.22
3,255.00
1,296.27
3,488.24
3,152.45
10,097.88
2,830.20
1,458.45
3,164.96
1,528.00
1,501.41
2,750.82
3,063.83
1,072.75
1,404.35

105
166
60
65
47
93
127
70
48
169
137
81
157
28
83
44
24
63
54
96
52
98
31
94
61
63
40
78
105
99
104
33
39
19
25
45
49
45
69
60
36
162
29
132
194
67
155
52
98
119
175
101
68
80
75
66
55
89
51
53

C-65

RESIDIA TOWER Kami-Ikebukuro

Toshima-ku, Tokyo

March 2009

31,250.61

472

8,250

1.98%

C-66
C-67
C-68
C-69
C-70
C-71
S-1
S-2
S-4
S-5
S-7
S-11
S-12
S-14
S-15
S-16

RESIDIA Takashima-DairaRESIDIA Shimura-Sakaue
RESIDIA Shimura-Sakaue II
RESIDIA Shimura-Sakaue III
RESIDIA Ikebukuro WestRESIDIA Ojima
Tokyo Student-House HIYOSHIDAI
Chester House Kawaguchi
RESIDIA Higashi-Matsudo
RESIDIA Shin-Yokohama
RESIDIA Chofu
Tokyo Student-House WAKORESIDIA Kokubunji
RESIDIA Yokohama-Kannai
RESIDIA Okurayama
RESIDIA Musashikosugi

Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Koto-ku, Tokyo
Yokohama-shi, Kanagawa
Kawaguchi-shi, Saitama
Matsudo-shi, Chiba
Yokohama-shi, Kanagawa
Chofu-shi, Tokyo
Wako-shi, Saitama
Kokubunji-shi, Tokyo
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Kawasaki-shi, Kanagawa

February 2007
February 2007
March 2007
March 2007
October 2007
November 2007
March 1969
March 1991
April 2007
January 2007
March 2007
April 1990
February 2003
August 2004
March 1998
February 2007

977.96995.372,066.19
796.76
1,996.47
1,824.39
8,552.00
2,023.11
3,431.44
3,277.62
1,750.49
1,684.02
879.442,359.60
1,334.56
2,560.40

45
44
94
36
72
87
920
39
44
131
41
127
33
102
64
68

502
580
1,093
411
1,115
1,282
3,420
771
1,100
1,920
1,143
675
518
1,700
755
1,580

0.12%
0.14%
0.26%
0.10%
0.27%
0.31%
0.82%
0.18%
0.26%
0.46%
0.27%
0.16%
0.12%
0.41%
0.18%
0.38%

S-17

RESIDIA Funabashi I&II

Funabashi-shi, Chiba

March 2007

4,567.44

172

2,730

0.65%

S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29

RESIDIA Kichijoji
Pacific Royal Court Minato Mirai Ocean Tower
Maison YachiyodaiLife & Senior House Kohoku II
College Court Tanashi
RESIDIA Urayasu
RESIDIA Minami-Gyotoku
RESIDIA Urayasu II
RESIDIA Gyotoku
RESIDIA Kawasaki
Cocofump Hiyoshi

Musashino-shi, Tokyo
Yokohama-shi, Kanagawa
Yachiyo-shi, Chiba
Yokohama-shi, Kanagawa
Nishi-Tokyo-shi, Tokyo
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Kawasaki-shi, Kanagawa
Yokohama-shi, Kanagawa

March 1995
November 2007
August 1989
October 2003
February 2010
September 2009
February 2005
February 2005
February 2005
March 2007
January 2010

2,214.73
26,082.53
3,506.54
5,433.40
1,136.09
3,692.76
1,785.00
1,554.00
1,569.74
2,644.73
5,247.90

48
416
39
78
91
146
85
74
75
104
85

1,380
14,000
882
1,670
810
2,115
823
802
761
1,670
1,050

0.33%
3.35%
0.21%
0.40%
0.19%
0.51%
0.20%
0.19%
0.18%
0.40%
0.25%

8th FiscalPeriodReport.indb 58

PML
3.3%
4.7%
7.1%
4.6%
2.9%
9.2%
2.1%
3.6%
9.1%
4.3%
4.6%
3.8%
7.2%
7.7%
5.3%
6.4%
3.8%
5.3%
3.4%
6.9%
3.4%
5.9%
3.5%
4.0%
3.2%
2.3%
6.8%
4.0%
3.8%
4.7%
4.7%
5.0%
6.9%
8.5%
5.6%
4.1%
5.4%
4.5%
3.0%
5.0%
3.9%
2.6%
7.0%
2.4%
4.3%
8.6%
7.2%
4.4%
3.5%
4.0%
5.3%
4.5%
7.6%
4.2%
1.8%
4.5%
4.9%
4.0%
9.6%
3.5%
5.7%
5.4%
2.9%
4.8%
3.4%
5.6%
5.4%
3.0%
6.1%
7.1%
5.5%
4.6%
5.6%
5.0%
10.2%
2.9%
8.4%
5.3%
7.2%
3.6%
3.4%
9.1%
4.5%
5.4%
6.4%
7.7%
6.7%
6.6%
7.5%
6.1%
4.7%
7.5%

58

2014/10/30 14:29

Portfolio List
As of July 31, 2014

Major Regional Cities

Investment Property
regionno.

Name of property

R-2
R-4
R-5
R-6

RESIDIA Imadegawa
RESIDIA Higashi-Sakura
RESIDIA Kameyama
RESIDIA Ryokuchikoen

Construction
completion date

Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Kameyama-shi, Mie
Toyonaka-shi, Osaka

February 1999
February 2006
February 2007
May 2007

Leasable floor
Number ofarea
leasable units(m2)
3,714.11
3,084.03
6,065.11
2,391.35

154
91
182
44

Acquisition
Investment
Price
ratio
(million yen)
1,671
0.40%
1,290
0.31%
1,610
0.39%
979
0.23%

PML

R-8

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

September 2007

9,708.00

404

3,740

0.90%

R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-19
R-20
R-21
R-24
R-25
R-26
R-27
R-29
R-30
R-31
R-32
R-34
R-35
R-36
R-37
R-38
R-39
R-40
R-41
R-42
R-43
R-44
R-45
R-46
R-47
R-48
R-49
R-50
R-51
R-52
R-53

RESIDIA Hakata
RESIDIA Tenjinbashi
RESIDIA Sannomiya-Higashi
KC21 Building
RESIDIA Utsubokoen
RESIDIA Kyoto-ekimae
RESIDIA Takaoka
RESIDIA Hibino
RESIDIA Tenjin-Minami
RESIDIA Hakataeki-Minami
Mare
RESIDIA Minami-Ichijo
RESIDIA Odori-Nishi
RESIDIA Kita-Sanjo
RESIDIA Shirakabe-Higashi
RESIDIA Uzumasa
RESIDIA Izumi
RESIDIA Maruyama Kita-Gojo
RESIDIA Tokugawa
RESIDIA Odori-Koen
RESIDIA Tanimachi
RESIDIA Hisaya-Oodori
RESIDIA Sendai-Miyamachi
RESIDIA Hirosedori
RESIDIA Edobori
RESIDIA Kyomachibori
RESIDIA Esaka
RESIDIA Nishijin
RESIDIA Tsurumai
RESIDIA Kobe-Isogami
RESIDIA Kita-Nijyo EastRESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-Ekimae
RESIDIA Gosho-Higashi
RESIDIA Rakuhoku
RESIDIA Miyakojima I&II
RESIDIA TOWER Sendai
RESIDIA Higashi-Sakura II

Fukuoka-shi, Fukuoka
Osaka-shi, Osaka
Kobe-shi, Hyogo
Sendai-shi, Miyagi
Osaka-shi, Osaka
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Nagoya-shi, Aichi
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Osaka-shi, Osaka
Nagoya-shi, Aichi
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Osaka-shi, Osaka
Osaka-shi, Osaka
Suita-shi, Osaka
Fukuoka-shi, Fukuoka
Nagoya-shi, Aichi
Kobe-shi, Hyogo
Sapporo-shi, Hokkaido
Osaka-shi, Osaka
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Kyoto-shi, Kyoto
Kyoto-shi, Kyoto
Osaka-shi, Osaka
Sendai-shi, Miyagi
Nagoya-shi, Aichi

March 2002
February 2000
November 2005
March 1997
January 2006
February 2006
August 2007
April 1992
January 2004
January 2003
February 2005
December 2006
December 2006
January 2007
May 2005
January 2000
November 2005
February 2007
December 2006
August 2007
August 2008
February 2007
January 2008
February 2010
February 2007
March 2007
July 2007
January 2008
February 2008
March 2008
March 2006
February 2007
January 2007
February 2007
September 2007
March 2008
September 2006
January 2008
February 2006

3,955.24
2,113.91
5,698.03
2,716.11
2,741.46
4,010.85
5,944.56
7,598.40
3,179.96
1,606.29
1,930.70
5,928.51
4,512.24
3,867.60
2,709.97
3,201.93
9,715.22
3,920.00
2,282.49
6,230.49
2,655.18
1,684.19
2,005.48
1,564.29
3,369.51
2,398.90
2,177.04
7,282.78
3,116.98
6,714.74
3,808.98
4,243.06
2,349.52
6,088.03
2,601.26
2,101.83
12,724.11
5,088.45
8,467.67

155
78
161
79
94
116
198
124
56
39
38
179
103
100
33
48
122
56
27
109
108
57
67
63
127
84
68
173
122
196
56
97
86
168
57
75
178
67
127

1,220
871
2,220
900
1,170
1,970
2,330
1,340
936
324
685
1,640
1,320
1,130
831
701
3,700
1,050
751
2,010
1,100
653
529
494
1,400
1,000
990
2,380
1,206
2,740
894
1,921
972
1,483
1,227
874
3,232
1,705
2,862

0.29%
0.21%
0.53%
0.22%
0.28%
0.47%
0.56%
0.32%
0.22%
0.08%
0.16%
0.39%
0.32%
0.27%
0.20%
0.17%
0.89%
0.25%
0.18%
0.48%
0.26%
0.16%
0.13%
0.12%
0.34%
0.24%
0.24%
0.57%
0.29%
0.66%
0.21%
0.46%
0.23%
0.36%
0.29%
0.21%
0.77%
0.41%
0.69%

R-54

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

November 2006

5,415.90

168

1,796

0.43%

R-55
R-56
R-57
R-58

RESIDIA Kobe-Motomachi
RESIDIA Sendai-Honcho
RESIDIA Sendai-Haranomachi
RESIDIA Minami-Ichijo East
Total

Kobe-shi, Hyogo
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Sapporo-shi, Hokkaido

January 2007
June 2007
September 2007
January 2008

2,373.77
3,143.80
2,111.76
4,063.96

85
105
72
85
19,078

1,052
1,117
593
1,062
417,637

0.25%
0.27%
0.14%
0.25%
100.00%

10.9%
3.4%
4.2%
5.7%
6.8%
6.7%
3.4%
8.3%
3.2%
2.4%
6.6%
9.9%
3.5%
3.9%
4.9%
2.7%
5.0%
0.9%
1.1%
1.4%
4.1%
13.5%
3.1%
1.2%
3.9%
0.9%
7.5%
4.8%
2.5%
2.8%
8.7%
7.8%
4.8%
2.6%
3.6%
3.6%
1.1%
9.1%
2.8%
0.7%
8.9%
12.4%
7.1%
2.3%
3.1%
2.6%
2.7%
5.8%
2.3%
2.1%
1.1%
2.7%

Osaka-shi, Osaka

February 2014

5,300.36

208

2,644

100.00%

6.2%

Property acquired on August 1, 2014
R-59 RESIDIA Shin-Osaka
Notes

Location

1. 	In the “Investment region” column, “Tokyo Central 7 Wards” indicates the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa wards of Tokyo; “Tokyo 23 Wards”
indicates the Tokyo 23 wards other than the Tokyo Central 7 Wards; “Tokyo Metropolitan Area” indicates Tokyo (excluding the Tokyo 23 wards) and Kanagawa, Saitama and Chiba
prefectures; and “Major Regional Cities” indicates cabinet order-designated and similar cities excluding cities in the Tokyo Metropolitan Area.
2.	In the “Construction completion date” column, if there are multiple buildings in a property where the completion dates differ, the listed completion date is calculated by averaging
each building’s completion date weighted by the respective building’s total floor space.
3.	In the “Acquisition price” column, monetary amounts are rounded down to the nearest million yen. Accordingly, the sum total of the itemized figures does not necessarily add up to
the “Total” amount entered in the foregoing table.

59
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Asset Management Company Profile
AD Investment Management Co., Ltd.
Hitotsubashi SI Building 9F, 3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo
Executive Director

Description ofbusiness
Company history

President
Executive Director

Kenji Kousaka
Takeshi Takano

Managing Director
Director

Junichi Shoji
Tomoyuki Kimura

Director
Director

Hiroshi Kawakami
Masato Kawanishi

Director (non-executive)
Director (non-executive)

Yoshinori Komoto
Kouji Fukaki

Director (non-executive)
Statutory Auditor
Statutory Auditor (non-executive)

Masatoshi Maki
Hiromasa Yamamaoto
Kaori Iwasawa

Investment management businessFeb. 2, 2005

Established as Japan Residential Management Co., Ltd.

Apr. 9, 2005

Obtained building lots and buildings transaction business license (Tokyo Governor License (2) No. 84325)

May 17, 2005

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

June 23, 2005
Sep. 8, 2005
Sep. 30, 2007

Obtained discretionary transaction agent and other 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)
Registered as financial instruments business operator (Director-General of Kanto Local Finance Bureau(Kinsho) Registration No. 309)

Mar. 1, 2010

Merged with Pacific Residential Corporation in absorption-type merger

Aug. 5, 2013

Registered as first-class authorized architect office (Tokyo Metropolitan Registration No. 58856)

Shareholder
composition

Name

No. of Shares

Voting Rights (%)

ITOCHU Corporation

4,080

66.0

ITOCHU Property Development, Ltd.

1,200

19.4

Aozora Bank, Ltd.

180

2.9

Mizuho Trust & Banking Co., Ltd.

180

2.9

Sumitomo Mitsui Banking Corporation

180

2.9

Sumitomo Mitsui Trust Bank Limited

180

2.9

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

180

2.9

6,180

100.0

Total

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

60
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Investor Information
Unit-holder Memo
Fiscal period end

January 31 and July 31 of every year

General meeting of unit-holders

Held at least once every 2 years

Date for determining unit-holders
exercising voting rights at meeting

The date will be publicly notified in advance

Record date for determining
dividend payments(Dividends will be paid within 3 months of the record date for determining payments.)

January 31 and July 31 of every year

Unit listing

Tokyo Stock Exchange (Securities Code: 3269)

Newspaper for public notice

The Nikkei

Transfer agent

Mizuho Trust & Banking Co., Ltd. 1-2-1 Yaesu, Chuo-ku, Tokyo

Business office of transfer agent

Stock Transfer Agency Department, Main Office Mizuho Trust &Banking Co., Ltd. 1-2-1 Yaesu, Chuo-ku, Tokyo

Contact
Mailing address

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

Phone

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

Unit-holder Composition
As of July 31, 2014

(ended January 2011)

1st FP

50.3%

2nd FP

53.3%(ended July 2011)

19.2%

23.0%

7.5%

16.9%

22.8%

7.0%

(ended January 2012)

3rd FP

49.6%

6.8%

26.5%

17.1%

4th FP

51.2%

6.8%

24.7%

17.3%

5th FP

55.0%

6th FP

57.4%(ended July 2012)(ended January 2013)(ended July 2013)

6.0%

7th FP

62.8%

8th FP

65.1%(ended January 2014)(ended July 2014)

0%

50%

No. of unit-holders(share)

13.4%

19.6%

12.0%

18.3%

11.1%

5.5%

25%
(share)No. of Units

23.2%
5.6%

Japanese Financial Institutions Other Japanese(including Securities Companies) Corporations

16.2%

22.1%

6.6%

75%

Foreign Corporations
and Individuals(share)100%

Domestic Individuals
and Others

Total(share)(share)846,33965.1%

71,0455.5%

238,31218.3%

144,30411.1%

1,300,000

100.0%

175

0.8%

322

1.5%

244

1.1%

21,377

96.6%

22,118100.0%

61
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Annual Schedule
2014.10

Delivery of 8th Fiscal Period financial report
Payment of 8th Fiscal Period dividend

2014.11

Investment performance briefing for unit-holders

2015. 1

End of 9th Fiscal Period

2015. 3

Announcement of 9th Fiscal Period results2015. 4

Delivery of 9th Fiscal Period financial report
Payment of 9th Fiscal Period dividend

2015. 5Investment performance briefing for unit-holders

2015. 7

End of 10th Fiscal Period

2015. 9Announcement of 10th Fiscal Period results

Inquiries

Dividends

Please direct any inquiries concerning ADR’s units(changes to address, name, dividend transfer accountdesignation, etc.) to the securities company where you
have your trading account.

Dividends can be collected by bringing the “unit-holder
dividend receipt” to your nearest Japan Post Bank mainor branch office, sub-branch office or post office (bankagent) 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 or bringing it to a Mizuho Trust &Banking, Mizuho Securities main or branch office.
(Note: Depending on the office, when the payment
processing does not take place on the premises, it may
take a few days to collect.) If you wish to designate abank transfer for future dividend payments, pleasecontact your securities company.

Disclosures
ADR strives to provide information to unit-holders in atransparent and timely manner by uploading an arrayof information and data on the ADR website, including
documents that must be disclosed by law, press
releases, information on business performance (kessan
tanshin, presentation materials for analyst meetings,etc.) and information on portfolio assets. ADR willremain dedicated to providing easy-to-understand andtimely information by continually enriching the content
of the website.

62
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3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo

8th FiscalPeriodReport.indb 1

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