17th Fiscal Period Results(from Jul. 1, 2011 to Dec. 31, 2011)

Invincible Investment Corporation

http://www.invincible-inv.co.jp/eng/(Feb. 23, 2012)1

Table of Contents
Section 1:
Highlights of Performancefor the 17th Fiscal Period

( )
(P.3)

Section 3:
Overview of Operations(P.15)- Financial Highlights- Historical Operating Results- Financial Metrics- Forecast for the 18th Fiscal Period- Portfolio History- Portfolio MAP- Portfolio Diversification- Overview of Occupancy Rates- Leasing of Mortgages of Shinsei Trust Loan A- Overview of Substantial Occupancy Ratesof Mortgages of Shinsei Trust Loan B- Overview of Borrowings- Overview of Borrowing Mortgages- Overview of unitholders- Overview of Historical Unit Price

Section 2:
Financial Statements
for the 17th Fiscal Period

Section 4:
Activities to Improve
the financial standing and the profitability (P.29)- Income Statement- Balance Sheet- Cash Flow Statement / Financial Statements
pertaining to Distribution of Monies(P.9)- Series of Transactions with Calliope Godo Kaisha- Full repayment of Securitized Loanby the sale of New Edobashi Building- Additional Debt Financing and Repayment of Borrowing- Various Activities to Improve the Profitability- Activities and Medium- and Long-Term Plans■Disclaimer(Appendix)- Performance by Properties in the 17th Fiscal Period- Appraisal Values & Book Values of the 17th Fiscal Period- Portfolio List

2

Section 1 Highlights of Performancefor the 17th Fiscal Period

3Financial Highlights (1)Third Party Allotment& Refinance

Borrowing (Note1)

JPY 42,596 million

LTV based on
Unitholders’Capital(Note 3)

Balance of Jul. 29,
2011 (Note 2)

Balance as of Jun. 30, 2011

Additional Debt Financing& Repayment of Partial Borrowing& Full Payment of Securitized Loan

Balance of Dec. 31, 2011

JPY 36,915 million

JPY 31,734 million* Got rid of the cross default on each of borrowingsg

As of Jun. 30, 2011

As of Jul. 29, 2011

-9.3%

62 6%
62.6%

-3.8%

As of Dec. 31, 2011
49 5%
49.5%

53 3%
53.3%

(LTV based on Appraisal Value (Note 4): 65.8%)(LTV based on Appraisal Value: 54.5%)

As of Jun. 30, 2011

+3.8%

As of Dec. 31, 2011

91.2%

Averaged Occupancy Rates
during the 17th fiscal period:94.0%

95.0%

Occupancy Rates

Portfolio

As of Jun. 30, 2011
55 properties

Sale of New Edobashi Building(Acquisition(A
i iti P
Price:
i
JPY 7
7,410
410 million)
illi )(Total Acquisition Price: JPY 70,528 million)(Total Appraisal Value: JPY 64,708 million)

Balance of Earned Surplus
After the Distribution
for the fiscal period
ended December 2011

Forecastin the Financial Summary(Kessan-Tanshin)

as of Aug. 26, 2011
JPY 18 million

Due to the Reduction of
all kinds of Costs& Finance Related Costs etc.
: increase of JPY 280 million

As of Dec. 31, 2011
54 properties(Total Acquisition Price: JPY 63,118 million)(Total Appraisal Value: JPY 58,199 million)

Actualin the Financial Summary(Kessan-Tanshin)

as of Feb. 22, 2012
JPY 299 million(Note 1) Please refer to the page : 23 for the overview of borrowings as of Jan. 31, 2012.
(Note 2) In this page, <Jul. 29, 2011> means <the day of the execution of series of transactions> related to the invitation of New Sponsor, which is Calliope Godo Kaisha (hereinafter,“Calliope”), and to Third Party Allotment and Refinance.
(Note 3) The LTV based on Unitholders’ Capital is calculated using the following formula: LTV based on Unitholders’ Capital = Interest-bearing debt / (Interest-bearing debt + unitholders’capital (including retained earnings on unitholders’ capital)) x 100(Note 4) The LTV based on Appraisal Value is calculated using the following formula: LTV based on Appraisal Value = Interest-bearing debt / Appraisal Value x100
(Note 5) Figures are rounded down to the indicated unit and percentages are rounded down to the first decimal place.

4

Financial Highlights (2)17th Fiscal Period Results against Forecasts and Historical Results
16th Fiscal Period 17th Fiscal Period 17th Fiscal Period(Results) (1)(Initial Forecast)(2) (Results) (3)(2011/1/12011/6/30)(2011/7/12011/12/31)(2011/7/12011/12/31)

Compared to 16th Fiscal
Period (3)-(1)Changes(%)

Compared to the Initial 18th Fiscal Period
Forecast (3)-(2)(Forecast)
Changes(2012/1/12012/6/30)(%)

Days of
Operation

181

184

184

3

－

－

－

182

OperatingOti
Revenues(ths JPY)

2,277,374

2,274,000

2,202,448-74,925-3.3-71,000-3.2

2,176,000

Operating
Income (ths JPY)

800,343-516,000-409,968-1,210,311－

106,000－

803,000

Ordinary Income(ths JPY)-52,342-3,716,000-3,466,417-3,414,075－

250,000－

33,000-1,308,522-2,756,000-2,476,155-1,167,633－

280,000－

32,000Distribution per
Unit (JPY)

200

200

200

－

－

－

－

200

Earned Surplus
after theDistributions foreach of fiscal
period (ths JPY)

3,044,985

18,000299,171-2,745,814-90.2

280,000－

62,000IssuedInvestment Unit

636,695

1,348,292

1,348,292

711,597

111.8

－

－

1,348,292

Net Income(ths JPY)(Note 1) In conjunction with the Third-Party Allotment conducted on July 29, 2011, number of investment units issued and outstanding increased from 636,695 units to 1,348,292 units.
(Note 2) Figures are rounded down to the indicated unit s and percentages are rounded to one decimal place.
Furthermore, figures of “17th Fiscal Period (Initial Forecast) (2)” ,”18th Fiscal Period (Forecast)” and ”Compared to 16th Fiscal Period ” are rounded down to the million JPY.

5

Historical Operating Results(unit: ths JPY)

<Property Related Expenses><Operating Revenues>
The fiscal period ending Jun. 2012 (forecast): JPY 2,176,000 ths(Compared to the fiscal period ended Dec. 2011 (Actual): decrease of JPY 26,448 ths (-1.2 %))The fiscal period ending Jun. 2012 (forecast): JPY 1,106,000 ths（Compared to the fiscal period ended Dec. 2011 (Actual): decrease of JPY 31,994 ths (-2.8 %))2,277,374
2,159,892

2011.6 ((2011.6))(Actual)(Note 1)2,202,448
2,125,544

2011.12 ((2011.12))(Actual)(Note 1)

2,176,000

2012.6(Forecast)1,151,606
1,088,954

1,137,994
1,088,560

2011.6 (2011.6)

2011.12 (2011.12)

2012.6(Actual)(Actual)(Forecast)(Note 1)<NOI><Net Income>The fiscal period ending Jun. 2012 (forecast): JPY 1,485,000 ths(Compared to the fiscal period ended Dec. 2011 (Actual): decrease of JPY1,538,
ths (-0.1％))())

2011.6 (2011.6)(Actual)The fiscal period ending Jun. 2012 (forecast): JPY 32,000 ths(Compared to the fiscal period ended Dec. 2011 (Actual): increase of JPY 2
2,508,155
508 155 ths (( %))2011.6

1,554,015
1,478,589(Note 1)

1,486,538
1,447,491

2011.12 (2011.12)(Actual)(Note 1)

1,106,000(Note 1)

1,485,000

2012.6(Forecast)(Actual)2011.122012.6(Actual)(Forecast)

32,000－ 1,308,522
ᇞImpairment Loss (JPY 1,249,817 ths)of New Edobashi Building is included.

“Loss from sales of properties (JPY 1,012,716 ths)
due to the disposition of New Edobashi Building
as of Oct. 21, 2011”, “fees to Calliope(JPY 336.5 million*) & exit fees (JPY 1,436 million*)
relating to the series of transactions
as of Jul. 29, 2011” are included.
* Those are onetime costs of this fiscal period.
－ 2,476,155
ᇞ(Note 1) The portion outlined by the red border：□ is calculated excluding operating revenues or property related expenses or NOI relating to New Edobashi Building which was soldas of Oct. 21, 2011.
(Note 2) Figures are rounded down to the indicated unit s and percentages are rounded to one decimal place.
Furthermore, the figures of “the fiscal period ending Jun. 2012 (Forecast) are rounded down to the million JPY.

6

Financial Metrics
14th Fiscal Period
Items

Return on Asset (ROA)
annualized
Return on Equity (ROE)
annualized
Loan-to-Value (LTV 1)

15th Fiscal Period 15th Fiscal Period
16th Fiscal Period 17th Fiscal Period(Results)(Adjusted Results)

2009/7/1-

2010/1/1-

2010/1/1-

2011/1/1-

2011/7/1-

2009/12/31

2010/12/31

2010/12/31

2011/6/30

2011/12/31

0.6%

-9.0%

0.4%

-0.1%

-4.8%

1.2%

-9.0%

0.4%

-0.1%

-9.6%

1.4%

14.8%

0.9%

-4.4%

-7.1%

2.7%

14.8%

0.9%

-8.8%

-14.0%

56.0%

62.8%

62.8%

62.6%

49.5%

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

54.0%

56.6%

56.6%

58.2%

46.6%

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

43.0%

39.8%

39.8%

39.1%

48.4%

Net Operating Income (NOI) (ths JPY)

1,063,865

3,754,420

3,754,420

1,554,015

1,486,538

4.9%

5.0%

5.0%

4.4%

4.4%

Depreciation Expense (ths JPY)

284,802964,612964,612428,247

422,084

Funds from Operation (FFO) (ths JPY)

550,436

1,241,586

1,241,586

369,542-600,801

annualized NOI yield

・ ROA＝ Ordinary Income / Weighted Average Total Assets during the period x 100
・ ROE＝ Net Income / Weighted Average Net Assets during the period x100
・ LTV(1)＝ End-of-period Interest-Bearing Debt / (End-of-period Interest-Bearing Debt + Unitholders’ Capital (including retainedg on unitholders’ capital)p ) ))x100
earnings
・ LTV(2)＝ End-of-period Interest-Bearing Debt / End-of-period Total Assets x 100
・ NOI＝ Rental Revenue - Property Related Expenses + Depreciation Expenses
・Annualized NOI yield=((Rental Revenues - Property Related Expenses + Depreciation Expenses)/ days x 365) / Acquisition Price
・FFO= Net Income + Depreciation Expenses + Other Amortization – Gain on Sales of Properties + Loss from Sales of Properties(Note 1) Figures of the15th Fiscal Period (Adjusted results) are calculated excluding the effect from “Loss from sales of properties” and “gain on negative goodwill”.
(Note 2) FFO is calculated excluding the effects of “gain on negative goodwill” in the 15th Fiscal Period , of “Impairment Loss” in the 16th Fiscal Period , and of “exit fees unpaid”
in the 17th Fiscal Period .
(Note 3) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

7

Forecast for 18th Fiscal Period (As of Feb. 22, 2012)
17th Fiscal Period (Results)

18th Fiscal Period (Forecast)

2011/7/12011/12/31

2012/1/12012/6/30

Ths JPY

Operating revenues
Rental revenues (1)OOperatingti expenses

Ths JPY%

Ths JPY%%

2,202,448

100.0

2,176,000

100.0-26,4482,202,448

100.0

2,176,000

100.0-26,448

2 612 417
2,612,417

118 6
118.6

1 373 000
1,373,000

63 1
63.1

-1,239,417
1 239 417

Property related expenses (2)1,137,994

1,106,000-31,994

Facilities management fees

395,669

411,000

15,331

Taxes and other public charges

150,901

148,000-2,901

4,245

4,000

-245

165,093

128,000-37,093

Insurance expenses
Other expenses
Depreciationp
expensesp((3))

422,084,

415,000,-7,084,

NOI (1)-(2)+(3)1,486,538

1,485,000-1,538

Rental income (1)-(2)1,064,454

1,070,000

5,546

Loss from sales of properties

1,012,716--1,012,716

Asset management fees

150,055

150,000-55

Other operating expenses

311,651

117,000-194,651

Operating income

Non-operating revenues
Non-operating expenses
Ordinary income
Extraordinary income
Gain on forgiveness of debts
Extraordinary loss
Loss due to disaster
Income before income taxes
Income and other taxes
Net income(Note 2)
(Note 3)

-1.2
-47.4
47 4

-409,968-18.6

803,000

36.9

1,212,968

-

4,523

0.2

0

0.0

-4,523-100.03,060,972

139.0

770,000

35.4-2,290,972-74.8-3,466,417-157.433,0001.5

3,499,417-

1,000,197

45.4

-

-

-1,000,197-100.01,000,197

45.4

-

-

-1,000,197

9,330

0.4

-

-

-9,330-100.0

9 330
9,330

04
0.4

-

-

-9 330-9,330-2,475,550-112.433,0001.5

2,508,550

605

0.0

0

0.0

-605

-

-2,476,155-112.432,0001.5

2,508,155-

Assumptions for Forecast: Assets: 54 properties
 Issued Investment Units: 1,348,292 units Reversal of earned surplus: JPY 237 mn(Balance of earned surplus after the distribution
for the fiscal period ending Jun. 2012: JPY 62 mn)(Note 1)

＜Scheduled CAPEX and Repair Costs
for the fiscal period ending Jun. 2012＞- Total CAPEX: JPY 184 million- Total Repair Costs: JPY 53 million

Changes

Forecasted Distribution
for the 18th
JPY 200 per unit (Note 3)(Note 4)

Figures are rounded down to the indicated unit and percentages are rounded to one decimal place
place.
Furthermore, figures of the 18th Fiscal Period (Forecasts) are rounded down to the million JPY.
If INV decides to acquire or dispose a property, INV will review and revise the forecast and will disclose the revised
forecast in compliance with the rules of Tokyo Stock Exchange.
Regarding forecasted distribution for the 18th Fiscal Period, it is the premise that the total distribution amount will be
JPY 269 million by utilizing JPY 237 million out of the earned surplus of JPY 299 million.

-(Ref.) Scheduled Major CAPEX
B14 Lexington Plaza Nishigotanda: JPY 46,500 ths (1・2・5F Air conditioning renewal)
B16 Ohki Aoba Building: JPY 25,000 ths (Air conditioning renewal)
A26 Nisshin Palacestage Daitabashi: JPY 18,000 ths (Replacement of equipment
for hot water supply and heat source)＜Actual CAPEX and Repair Costs
for the fiscal period ended Dec. 2011＞- Total CAPEX: JPY 53 million- Total Repair Costs: JPY 49 million- Loss from the Great East Japan Earthquake: JPY 9 million
Conducted total of JPY 111 million of construction＜Breakdown of scheduled non- operating expenses
for the fiscal period ending Jun. 2012＞- InterestI tt exp.
JPY 693 mn
JPY 75 mn- Finance related costs- Other non-operating exp.
JPY 1 mn
Total

JPY 770 mn＜Breakdown of actual non-operating expenses
for the fiscal period ended Dec. 2011＞- Interest exp.
JPY 766 mn
JPY 2,155 mn- Finance related costs(of which, fees to Calliope)(JPY 336 mn)(of which, exit fees)(JPY1,436 mn)- Other non-operating exp.
JPY 138 mn
Total

JPY 3,060 mn

8Section 2 Financial Statements
for the 17th Fiscal Period9Income Statement

Operating revenues
Rental revenues (1)OOperatingti expenses
Property related expenses (2)Depreciation expenses (3)NOI(1)-(2)+(3)Loss from sales of properties
Directors' remuneration
Asset management fees
Asset custodian fees
Administrative service fees
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Operating income / loss
Non-operating revenues
Interest revenues
Other non-operating revenues
Non-operating expenses
Interest expenses
Finance related costs
New investment unit issue costs
Public listing related costs
Other non-operating expenses
Ordinary income / loss
Extraordinary income
Gain on forgiveness of debts
Extraordinary loss
Impairment loss
Loss on disaster
Income / loss before income taxes
Corporate tax, resident tax and business tax
Net income / loss
Retained earnings at the beginning of the period
Unappropriated retained earnings / loss at the end of the period

17th Fiscal Period( 6 months
Ended Jun. 30, 2011)( 6 months
Ended Dec. 31, 2011)

Ths JPY%

Ths JPY%

Ths JPY%

2,277,374
2,277,374
1 477 031
1,477,031
1,151,606
428,247
1,554,015
2,700
150,256
7 435
7,435
41,316561
123,155
800,343
5,698
887
4,811
858,384
598,410258,318
1,265
390-52,342
1,255,574
1,249,817
5,757-1
1,307,917
307 917605-1,308,522
4,480,847
3,172,324

100.0

2,202,448
2,202,448
2 612 417
2,612,417
1,137,994
422,084
1,486,538
1,012,716
4,200
150,055
3 541
3,541
35,379311
220
267,998-409,968
4,523
540
3,983
3,060,972
766,171
2,155,844
137,569
1,265
122-3,466,417
1,000,197
1,000,197
9,330
9,330
-2
2,475,550
475 550605-2,476,155
3,044,985
568,830100.0-74,925-74,925
1 135 385
1,135,385-13,612-6,162-67,476
1,012,716
1,500
-200
-3,894
3 894-5,937311-340
144,843-1,210,311-1,174
-346
346
-828
2,202,588
167,760
1,897,525
137,569-267-3,414,075
1,000,197
1,000,197-1,246,244-1,249,817
3,572-1
1,167,633
167 633-1,167,633-1,435,861-2,603,494

-3.3

64 9
64.9

35.1
0.3

37.7

-2.3
55.1

-57
57.4
4
-57.5
139.3

118 6
118.6

-18.6
0.2

139.0

-157.4
45.4
0.4

-112
112.4
4
-112.425.8

Changes

76 9
76.9■Operating revenues: JPY 2,202 mn(Compared to the previous fiscal period: decrease of JPY 74 mn)⇒ Rental revenues etc. decreased due tothe sale of New Edobashi Building
as of October 21, 2011
■Operating■Oti expenses: JPY 2,612
2 612 mn(Compared to the previous fiscal period: increase of JPY1,135 mn）<Sales of properties>→The fiscal period ended Jun. 2011
: No sales or purchases→The fiscal period ended Dec. 2011
: Sold of New Edobashi Building- Acquisition price: JPY 77,410
410 mn- Sale price: JPY 5,165 mn- Book Value: JPY 6,128 mn (Note)- Costs related to sale: JPY 49 mn- Gain/ Loss from sales of properties: JPY 1,012 mn(Note) As of the sales dated Oct. 21, 2011
<Cost Reduction>→ Asset custodian fees
: decrease of JPY 3 mn
→ Administrative service fees
: decrease of JPY 5 mn

New Edobasshi
Building

Items

16th Fiscal Period

-20.6

256.6

-99.3

-82.1

■Non-operating expenses: JPY 3,060 mn(Compared to the previous fiscal period: increase of JPY 2,202 mn)<Execution
Execution of the series of transactions(Third Party Allotment / Refinance etc.)
as of Jul. 29, 2011>→ Interest expenses increased by JPY 167 mn
due to the refinance etc.
→ Finance related costs (Note 1) increased by
JPY 1,897 mn due to such series of transactions→ Recorded new investment unit issue costsof JPY 137 mn due to Third Party Allotment(N t 1) Th(Note
The ffollowing
ll i onetimeti
expenses are iincluded
l d din finance related costs for the fiscal period
ended Dec. 2011.
- of which, fees to Calliope
JPY 336 mn- of which, exit fees (Note 2)
JPY 1,436 mn
Total of the above onetime costs(Note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

JPY 1,772 mn(Note 2) JPY 93 mn is deducted from theinitial-assumed exit fees of JPY 1,530 mn
at this point in time so the exit fees is
expected to be JPY 1,436 mn.
(Note 3) Exit fees in the amount of JPY 1,436 mn
is recorded on an accrual basis in the fiscal
period ended Dec. 2011.
(The amount of accrued exp.: JPY 1,372mn)

10Balance Sheet - Assets
Items

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

16th Fiscal Period

17th Fiscal Period( As of Jun. 30, 2011)( As of Dec. 31, 2011)

Ths JPY

Ths JPY

2,478,178
2,203,864
23,893776
57,499204,972
4,969,185%

Changes%Ths JPY%

6.8

3,147,282
2,056,083
15,380422
647,357
181,805-311
6,048,020

2,599,824
35,487
3,005
2,713,620
22,970,455
3,568,098
193,267
55,25636,018,054
68,157,070

93.2

2,572,218
32,5132,866
2,713,620
21,690,590
3,349,929
185,142
56,44331,056,639
61,659,964

90.6-27,605-2,973-139-1,279,864-218,168-8,125
1,186-4,961,414-6,497,105

1,706
1,706

0.0

1,046
1,046

0.0

-660
-660

-38.7

0.1
93.2
100.0

10,000336,563
27,991
374,555
62,035,566
68,083,586

0.6
91.1
100.0

336,563694
337,258-6,160,507-5,081,671

904.2
-9.0
-6.9

10,00027,29737,297
68,196,073
73,165,258

8.9

669,104-147,781-8,512-354
647,357
124,305-204,972-311
1,078,835

21.7

-9.5

■Property, plant and equipment: JPY 61,659 mn(Compared to the previous fiscal period: decrease of JPY 6,497 mn )→ Sale of New Edobashi Building
dated Oct. 21, 2011(No.of properties as of the end of
th fiscalthefil period:
i d 54 )(Note ) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

11

Balance Sheet – Liabilities/Net Assets
Items

16th Fiscal Period

17th Fiscal Period( As of Jun. 30, 2011)( As of Dec. 31, 2011)

Ths JPY

Ths JPY%

Changes%Ths JPY%

16
1.6

13,229-25,796,425
25 796 425-16,538,000
174
80,85731
59,401-11,047
1,156-42,190,620
42 190 620

-97.4
97 4

50.0
51 6
51.6

20,472,500
11,000,000-183,147
1,423,111
32,712,463-9,478,156
9 478 156

-21.3
21 3

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

109,999
25,796,425
25
796 425
16,800,000
8,617
284,308
465
292,6114,466
43 296 894
43,296,894
1,113,610
183,579
1,297,190
44 594 084
44,594,084

59 2
59.2

123,229
262,000
8,791
365,166497
59,401
281,564
5,623
1 106 273
1,106,273

1.8
60.9
60
9

20,472,500
11,000,000
930,462
183,579
1,423,111
34,009,654
35 115 928
35,115,928

19,134,417

26,134,396

6,999,979

6,264,432
3,172,324
9,436,756
28 571 173
28,571,173
28,571,173
73,165,258

6,264,432
568,830
6,833,262
32 967 658
32,967,658
32,967,658
68,083,586-2,603,494-2,603,494
4 396 485
4,396,485
4,396,485-5,081,671

12.9
39 1
39.1
39.1
100.0

10.0
48 4
48.4
48.4
100.0

-27.6
15 4
15.4
15.4
-6.9

The 17th fiscal period
Net assets per unit: JPY 24,451(Issued investment units: 1,348,292 units)■Borrowing amount as of the end of
the 17th fiscal period: JPY 31,734 mn(Compared to the previous fiscal period: decrease of JPY 10,861 mn)◇Current-portion of long-term debts:JPY 262 mn◇Long-term debts and long-term debts in trust: JPY 31,472
31 472 mn◇Loan to Value (LTV): 46.6%(LTV= End-of-period Interest-Bearing Debt
/ End-of-period Total Assets x 100)
<Repayments of the existing borrowings(JPY 42
42,061061 mn in total) / New borrowings(JPY 32,200 mn in total)>→ Execution of Third-Party Allotment(JPY 6,999 mn) and repayments of theexisting borrowings (JPY 36,006 million)
by utilizing new borrowings (JPY 31,300 mn)
as of Jul. 29,, 2011.
→ Repayment in full of the securitized loan
(JPY 5,615 million) by utilizing the proceeds(JPY 5,165 mn) from the sale of New Edobashi
Building dated Oct. 21, 2011
and the amount (JPY 25 million) of debt waiverby the lender.
→ Additional borrowing (JPY 900 mn) to
Syndicated Loan A as of Oct. 31, 2011
for the partial repayments (JPY 200 mn each
(JPY 400 mn in total)) both in Shinsei Trust
Loan A and Shinsei Trust Loan B before
the maturity dates associated with such
additional borrowing
borrowing.
→ Part of repayments (JPY 37.5 mn and
JPY 28 mn (JPY 65.5 mn in total))ofSyndicated Loan A and Shinsei Trust Loan B
as of Oct. 31, 2011.

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

12

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

Cash flows from operating activities
Net income (loss) before taxes
Depreciation expenses
Impairment loss
Gain on forgiveness of debts
Loss due to disaster
Public listing related costs
Finance related costs
Amortization of tenant leasehold and security deposits in trust
Interest received
Interest paid
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in accounts receivable
Decrease (increase) in deposit payments
Decrease (increase) in consumption tax receivable
Decrease (increase) in guarantee money paid
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Decrease due to sale of tangible assets in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of loss due to disaster
Payment of corporate taxes etc.
Cash flows from operating activities
Cash flows from investment activities
Payment for acquisition of tangible assets in trust
Payment of tenant leasehold and security deposits in trust
Proceeds of tenant leasehold and security deposits in trust
Cash flows from investment activities
Cash flows from financing activities
Repayment of short-term debt
Proceeds of short-term debt
Repayment of long-term debt
Proceeds of long-term debt in trust
Public listing related costs
Finance related costs
Payment of distributions
Proceeds of new investment unit issue
Cash flows from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Closing balance of cash and cash equivalents

16th Fi
Fiscall Period
P i d

17th Fiscal
Fi
l Period
P i d( 6 months
Ended Jun. 30, 2011)( 6 months
Ended Dec. 31, 2011)

Ths JPY

Ths JPY(1,307,917)
428,907
1 249 817
1,249,817
5,757
1,265
258,318(4,324)(887)
598,410(56)(1,523)(204,972)
60(593,170)(95)(3,252)116 936
116,936(3,047)(1,213)
3,631
542,644887(601,703)(2 714)(2,714)(139)(61,025)(2,475,550)
422,744(1,000,197)
9,330
1,265
2,155,844(1,279)(540)
766,171311
8,512(647,357)
204,972
59,401
10,3871,600(176 415)(176,415)(34,165)
1,156
6,128,165(17,968)
5,416,389
540(527,019)(8 706)(8,706)(573)
4,880,630(143,414)(365,062)
150,878(357,598)(50,925)(213,763)
55,012(209,676)(369,060)(1,265)(167,190)(276,877)(814,392)(1,233,017)
5,915,060
4,682,043(25,796,425)
21,200,000(16,265,302)
11,000,000(1,265)(1,159,018)(127,599)
6 999 979
6,999,979(4,149,631)
521,323
4,682,043
5,203,366

Items

16th Fiscal Period

17th Fiscal Period(6 months Ended(6 months Ended

Jun. 30, 2011)

Dec. 31, 2011)

Unappropriated retained earnings(Ths JPY)

3,172,324

568,830

Distributions(Ths JPY)

127,339

269,658

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

200

200

3 044 985
3,044,985

299 171299,171(Note) Figures are rounded down to the indicated unit.

13

Memo

14

Section 3 Overview of Operations

15

Portfolio History (Asset Size)
Sold 49 properties(Total acquisition price : JPY 40 bn)(unit: JPY 100 million)

1,200

Sold New Edobashi Building(Acquisition price: JPY 7.4 bn)

1,106

1,000

922

925

884

875

875

875

800

705

705
631

600

455

377

400
200

516

117

138

210

228

392

448

448

440

430

旧TGR
Former TGR
旧LCPFormer LCP

430

INV (former TGR)
INV（旧TGR）

240

0'04/06 '04/12 '05/06 '05/12 '06/06, '06/12, '07/06, '07/12, '08/06, '08/12, '09/06, '09/12 '10/02 '10/12 '11/06 '11/12(Fiscal Period)'06/08 '07/02 '07/08 '08/02 '08/08 '09/02 '09/08
Fiscal Periods of former LCP
INV (former TGR)
pNo.of Properties
Former LCP
No.of Properteis

17

20

28

29

29

42

47

56

57

62

61

33

36

46

46

44

43

43

61

104

55

55

54

(Note 1) Asset value is calculated by the acquisition price.
However, the acquisition price of the properties which former LCP held before the effective date of the Merger (Feb. 1, 2010) is calculated in principle by the acquisition price at which
former LCP bought such properties and it is different from the actual acquisition price of INV.
((Note 2)) Figuresgare rounded down to the indicated unit.

16

Portfolio MAP
Tokyo 23 wards

Tokyo (except for 23 wards)& its surrounding area
SaitamaItabashi-ku

Adachi ku
Adachi-ku
North

Tokyo

Kita-ku

Katsushika-ku

Nerima-ku
Toshima-ku
Nakano-kuWestBunkyo-ku

Arakawa-ku

Taito-ku Sumida-ku

Chiyoda-ku
Shibuya ku
Shibuya-ku
Central 5
wards

Setagaya-ku

East
Edogawa-ku

Shinjuku-ku

Suginami-ku

Chiba
Kanagawa

Chuo kuChuo-ku

Koto-ku

Minato-ku

Hokkaido
Meguro-ku
Shinagawa-ku

SouthMiyagiOta-kuCentral 5 wards: Shibuya-ku, Shinjuku-ku, Chuo-ku, Chiyoda-ku and Minato-ku
East: Edogawa-ku, Katsushika-ku, Koto-ku, Sumida-ku and Taito-ku
West: Suginami-ku, Nakano-ku and Nerima-ku
South: Ota-ku, Shinagawa-ku, Setagaya-ku and Meguro-ku
North: Adachi-ku, Arakawa-ku, Itabashi-ku, Kita-ku, Toshima-ku and Bunkyo-ku

Hyogo

Fukushima

Aichi
Residences
Offices etc.
Hotels, Seniors etc.

17

Portfolio Diversification
As of the end of
14th Fiscal Period (Dec. 31, 2009)

By Geograp
phyTohoku 1.8%

As of the end of
15th Fiscal Period (Dec. 31, 2010)

Chugoku,
Shikoku 0.7%

Saitama 1.9%
Chiba 3.0%

Saitama
0.9%
Kyushu10.2%

Central 5
wards 19.1%

Kanagawa
7.5%
Tokyo otherthan 23 wards
3.8%

East 9.3%
West 8.3%

North 12.8%

Chubu 1.9%
Hokkaido
1.7%

Chiba 0.8%
Kanagawa
5 5%
5.5%Tokyo otherthan 23 wards
2.6%
North 9.0%

South 21.7%

As of the end of
17th Fiscal Period (Dec. 31, 2011)

Kansai 0.7%

Tohoku10.2%
Central 5
wards 38.1%

Kansai 0.8%

Chubu 2.1%
Saitama 1.0% Hokkaido
1.9%
TohokuChiba 0.9%
11.3%
Kanagawa
6 2%
6.2%
Tokyo otherthan 23 wards
2.9%

Central 5
wards 30.9%

North 10.1%
East 8.1%

South 13.5%

East 7.3%

South 15.1%

West 8.7%

West 7.8%

Byy Property Tyype

Greater Tokyo Area: 87.3 % (Tokyo 23 wards: 71.1 %)Seniors 6.5%

Parking lots
6.8%
Commercial
Facilities 4.0%

Residences
62.4%

0-4 years
11.9%

5-9 years
8.2%
10-14 years
14 0%
14.0%

Weighted average age: 13.2 years

Parking lots
0.2%

Seniors 7.3%

Of f ices 13.9%

Of f ices 22.9%

0-4
04 years
24.8%

Greater Tokyo Area: 84.0 % (Tokyo 23 wards: 73.0 %)Commercial
Facilities 8.9%

Residences70.1%

15-19 years
34.3%

Parking lots
0.1%

Commercial
Facilities 7.9%

Of f ices 19.1%

20- years
18 7%
18.7%

By AgeGreater Tokyo Area: 85.6 % (Tokyo 23 wards: 75.8 %)20- years20
24.1%

15-19 years
23.5%

5-9 years
36.3%

10-14
10
14 years
4.1%

Weighted average age: 12.8 years(Note 1) For the classification of “Central 5 wards”, “East”, “West”, “South” and “North”, please see P.17 (Portfolio MAP).
(Note 2) “Tokyo”, "Kanagawa, Chiba, and Saitama prefectures" are defined as “Greater Tokyo Area“.
(Note 3) Pie chart of “As of the end of 14th Fiscal Period (Dec. 31, 2009) ” used the data of former TGR (INV before the Merger).
(Note 4) Percentages are calculated based on acquisition price and are rounded to one decimal place.

Residences
69.8%

0-4 years
1.9%
20- yyears
20.9%

15-19 years
20.5%

5-9 years
51.2%

10-14 years
5.5%

Weighted average age: 12.5 years

18Overview of Occupancy Rates(1) OccupancyO
off Offices
Offi& Commercial
Ci l facilities
f iliti: 90.4%→91.8%■B14 Lexington Plaza Nishi Gotanda
1 floor became occupied due to a new tenant
moved inOccupancy Rate: 82.1%→92.0% (+9.9%)

Occupancy rate (95.4%) of the total portfolio of the end of Nov. 2011
has achieved the highest rate since the Merger
100.0%
98.0%(2) O
Occupancy off Offi
Offices & C
Commercial
i l ffacilities
iliti: 91.7%→94.0%

(4)

96.0%

■B13 New Edobashi Building
Sold as of Oct. 21, 2011

94.0%

(2) (3)

92.0%<(Ref.) Occupancy Data of New Edobashi Building
as of the end of Sep. 2011>- Leasable Area: 5,695.70 ㎡(12.7% of total Offices & Commercial facilities)- Occupancy Rate as of the end of Sep.: 75.6%

(1)

90.0%
88.0%

(3) Occupancy of Residences: 91.7%→93.5%

86.0%■A40 City Heights Kinuta
Occupancy Rate: 8989.2%→100.0%
2%→100 0% (+10.8%)(+10 8%)

84.0%
Jul.

Aug.

Residences

Sep.

Oct.

Offices &Commercial facilities

Nov.

■A41 Acseeds Tower Kawaguchi Namiki
Occupancy Rate: 91.2%→98.3% (+7.1%)

Dec.

Parking lots &Hotels & Seniors

Total■A56 Casa Eremitaggio
Occupancy Rate: 80.5%→90.5% (+10.0%)

Residences

Offi
Offices&Commercial facilities

P ki llots &Parking
Hotels & Seniors

Total

End of Dec. 2011

94.1%

94.0%

100.0%

95.0%

End of Nov. 2011

94.8% (4)94.0%

100.0%

95.4%

End of Oct. 2011

93.5%

(3)

94.0%

100.0%

94.7%

End of Sep. 2011

91.7%

91.7%

100.0%

93.0%■A45 Wacore TsunashimaⅠ
Occupancy Rate: 84.2%→94.1% (+9.9%)

End of Aug. 2011

91.5%

91.8%

100.0%

92.9%■A47 Growth Maison Kaijin
Occupancy Rate: 91.9%→97.4% (+5.5%)

End of Jul. 2011

92.1%

90.4%

100.0%

92.8%■A63 Towa City Coop Sengencho
Occupancy Rate: 91.3%→97.0% (+5.7%)(Note 1) Total averaged occupancy rate during the period: 94.0%(Note 2) Occupancy rate = total leased area / total leasable area x100
(Note 3) Percentages are rounded to one decimal place.

(2)

(1)

■A75 Spacia Ebisu
Occupancy Rate: 90.1%→95.9% (+5.8%)(4) Occupancy of Residence: 93.5%→94.8%■A27 Nisshin Palacestage Higashi-Nagasaki
Occupancy Rate: 86
86.0%→91.4%
0%→91 4% (+5.4%)(+5 4%)■A66 Visconti Kakuozan
Occupancy Rate: 77.0%→89.7% (+12.7%)

19

Memo

20

Leasing of Mortgages of Shinsei Trust Loan A
B14

A75

A75 Spacia Ebisu

Rank ofthose properties

B14 Lexington Plaza Nishigotanda

Spacia Ebisu is the flagship luxury
Lexington Plaza Nishigotanda is theproperty whose rent per month isbiggest property out of 5 offices of INV
JPY 285,437 and occupies 12.7% of and is the flagship property whose total
total rental revenues of 39 residences leasable area occupies 48.9% of total
leasable area of such offices.
(Note).
(Note) Av eraged rent per month and share of rental rev enues are calculated based on the contract
rents (including monthly rents f or common areas) as of the end of Dec. 2011.

Situation
until the 16th
fiscal period

A75 Spacia Ebisu<Location> 3-6-22 Higashi, Shibuya-ku,
Tokyoy<Access> About 9 minute walk from Ebisu
Station on JR Line
<Structure> Reinforced concrete, roof deck, 8
stories with basement<Total Floor Space> 10,367.03 ㎡<Total Leasable Units> 109

B14 Lexington Plaza Nishigotanda<Location> 5-2-4 Nishigotanda, Shinagawaku Tokyoku,<Access> About 4 minute walk from
Situation
until the 17th
Fudomae Station on Tokyu Meguro Line
<Structure> Steel-reinforced concrete, steel, fiscal periodroof deck, 11 stories with basement<Total Floor Space> 7,994.43 ㎡

After Lehman Shock, luxury properties After a key tenant moved out, as
has showed reduced demand andtenants continued to move in or out, its
Spacia Ebisu had been in a seesawing occupancy rates had been unstablesituation whose occupancy rate wasand had continued to vary from the levelmoving at the level of 80 %.
of 60% to the one 70%.

Inclination to reconstruction of occupancy
rate of Spacia Ebisu is remarkable and its
occupancy
occupacy rateate issa
alwaysays keeping
eep g tthee levele eof 90 % ( it recoverd to 95.9% in Oct.). The
averaged occupancy rate also increased
from 89.1% in the previous fiscal period to92.5%.This property has a big impact on
the total rental revenues of INV. So
continuous and stable contribution isrequired.

The area where Lexington Plaza
The area where Lexington Plaza
Nishigotanda places in is referred to
Nishigotandagpplaces in is referred to asasa office
ffibattlegrould.
battlegrould.
b ttl
ld occupancyIt
Its occupancy
a office
Its
rate
rate
has
recovered
to 92.0%
byhas recovered to 92.0%
by supporting
supporting
flexiblyoftheneedsThereof
flexibly
the needs
tenants.
isonefloorThereleft to thefully-occupied
tenants.
is onefloor left to theoperationand hopes
for aandstablehighforfully-occupied
operation
hopes
occupancyis placedon thisproperty.
a stable highoccupancyis placedon

Overview of Occupancy Rates (Jan. 2011 to Dec. 2011)
Spacia Ebisu

100.0%

17th Fiscal Period (Dec. 2011)

16th Fiscal Period (Jun. 2011)

95.0%

91.4%

90.5%

90.0%
85.0%

89 7%
89.7%

89 7%
89.7%
87.8%

75.0%

72.3%

91.2%

90.1%

95.9%

92.0%

92.0%

92.0%

82.1%

Lexington Plaza
Nishigotanda

91.3%
AveragedAeraged Occ
Occupancy
panc Rate from
Jul. 2011 to Dec. 2011: 92.5%

Occupancy Rates of
two of flagshipproperties whose types
are residence andoffice, are clearlyrecovered

Averaged Occupancy Rate from
Jul. 2011 to Dec. 2011: 90.4%

72.3%
Averaged Occupancy Rate from
Jan. 2011 to Jun. 2011: 65.7%

70.0%
65.0%
60.0%
11/1

92.0%

88 7%
88.7%

87 4%
87.4%
Averaged Occupancy Rate from
Jan. 2011 to Jun. 2011: 89.1%

80.0%

92.0%

95.9%

62.4%
11/2

11/3

62.4%

62.4%

62.4%

11/4

11/5

11/6

11/7

11/8

11/9

11/10

11/11

11/12

(Year/Month)21

Overview of Substantial Occupancy Ratesof Mortgages of Shinsei Trust Loan B
 Averaged substantial occupancy rates (from Feb
Feb. 2011 to Jan
Jan. 2012) of 6 properties out of 7 properties for seniorsenior, which are mortgages ofShinsei Trust Loan B, are beyond 90.0% and high level.
 Expecting demand for rising trend in properties for seniors.
100.0%

90 0%
90.0%

80.0%

Bon Sejour Chitose Funabashi
Bon Sejour Yotsugi
70.0%

Bon Sejour Hino
Bon Sejour Musashi Shinjo
Bon Sejour Komaki

60.0%

Bon Sejour Hadano Shibusawa
Bon Sejour Itami

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
Sep.

Dec.

Mar.

Jun.

Sep.

Dec.

2008

Mar.

Jun.

Sep.

2009

Property

Substantial
Occupancy Rateas of the end of
Jan. 2012

Averagedg
Substantial
Occupancy Ratefrom Feb. 2011
to Jan. 2012

C21 Bon Sejour Chitose Funabashi

92.9 %

95.8 %

C22 Bon Sejour Yotsugi

88.7 %

C23 Bon Sejour Hino
C24 Bon Sejour Musashi-Shinjo

Dec.

Mar.

Jun.

Sep.

Dec.

2010

Mar.

Jun.

2011

Sep.

Dec.

2012

Substantial
Occupancy Rateas of the end of
Jan. 2012

Averagedg
Substantial
Occupancy Ratefrom Feb. 2011 toJan. 2012

C25 Bon Sejour Komaki

48.0 %

48.2 %

93.4 %

C26 Bon Sejour Hadano Shibusawa

94.0 %

95.8 %

85.7 %

93.9 %

C27 Bon Sejour Itami

100.0 %

96.2 %

93.5 %

98.0 %

Property(Note 1) Occupancy rate = total leased units / total leasable units x100
(Note 2) There are direct lease agreements between INV and tenants(There are no Master Lease Companies)
on 7 properties for senior and under such agreements, INV receives fixed rents regardless of situation ofutilization of those properties.
(Note 3) Percentages are rounded to one decimal place.

22

Overview of Borrowings (1) (As of Jan. 31, 2012)
Loan Name

LenderBorrowing date

Outstanding
Borrowing

Interest Rate(per annum)etc.

Maturity date

JPY 10,925 mn

2.43643%(Note 2)
Variableinterest rate
(Three-month
JPY TIBOR +spread
(2.1%))

Jul. 29, 2014

Shinsei Bank, Limited
Citibank Japan Ltd.
Syndicate
Loan A

Jul. 29, 2011

The Chuo Mitsui Trust andBanking Company,
LimitedThe Bank of New York
Mellon Trust (Japan), Ltd.

Oct. 31, 2011

Resona Bank, Limited

Jul. 29, 2011

Shinseii TrustShi
T t
Loan A

Shinseii TrustShi
T t & Banking
B kiCo., Ltd.

Jul. 29, 2011

JPY 7,100 mn

8.50000%
Fixed
interest rate

Jan. 30, 2015

Shinsei Trust
Loan B

Shinsei Trust & Banking
Co., Ltd.

Jul. 29, 2011

JPY 2,644 mn

9.50000%
Fixed
interest rate

Jan. 30, 2015

Subtotal of long-term debt (Note 1)
Prudential
LPS Loan(Note 3)Prudential Mortgage Asset
Holdings 1 Japan
Investment Limited
Partnership

JPY 20,669 mn
JPY 3,750 mn
Jul. 29, 2011

JPY 3,620 mn
JPY 3,630 mn

Subtotal of long-term debt in trust

JPY 11,000 mn

Total debt

JPY 31,669 mn

2.50000%
Fixed
interest rate

Jan. 25, 2017
Jan. 25, 2018
Jan. 25, 2019

(Note 1) “Current
Current portion of long
long-term
term debts of “Syndicate
Syndicate Loan A”
A and “Shinsei
Shinsei Trust Loan B
B”” are included in “Subtotal
Subtotal of long
long-term
term debt
debt” .
Furthermore, parts of the principals, of Syndicate Loan A of JPY 150 million a year (JPY 37.5 million every three months) and of Shinsei Trust Loan B of JPY 112 million a year
(JPY 28 million every three months), are repaid in the form of the scheduled repayments.
(Note 2) The interest rates are applicable for the period from February 1, 2012 through April 27, 2012.
(Note 3) Regarding each Prudential LPS Loans, on each principal and interest payment date (every three months) after three years have passed since the borrowing date,
INV will pay the amount calculated on the assumption that the remaining principal as of the date is repaid in equal installments of the principal and the interest over 20 years(80 times in total).
(Note 4) The outstanding of borrowing is rounded down to the indicated unit.

23

Overview of Borrowings (2) (As of Jan. 31, 2012)
Extension of loan periods

Diversification of maturity dates on loans<As of Jul. 28, 2011 (Note 1)>

As ofJul. 28, 2011

(mn JPY)(Note 1)As of
Jan 31
Jan.
31, 2012

Short-term Debt

Long-term Debt (Note 2)
Jul. 29,2011
Securitized Loan

Other than Securitized Loan

<As of Jan.
Jan 31,31 2012>(mn JPY)

Jul. 29,
2014

Jan. 30,
2015

Jan. 25,
2017

Jan. 25,
2018

Jan. 25,
2019

Syndicate Loan A

Shinsei Trust Loan A

Prudential LPS Loan

Shinsei Trust Loan B(Note 1) In this page, <Jul. 28, 2011> means the day before the execution day of the Third-Party Allotment, the new borrowings and the repayments of the existing borrowings.
(Note 2) “Current portion of long-term debts of “Syndicate Loan A” and “Shinsei Trust Loan B” are included in “Long-term debt”.
Furthermore, parts of the principals, of Syndicate Loan A of JPY 150 million a year (JPY 37.5 million every three months) and of Shinsei Trust Loan B of JPY 112 million a year
(JPY 28 million every three months), are repaid in the form of the scheduled repayments.

24

Overview of Borrowing Mortgages(As of Dec. 31, 2011)
Loan Name

BorrowingAmount as ofDec. 2011

Maturity Date

Mortgages

No. ofProperties

Appraisal
Values as ofDec. 201121

JPY 24,310 mn

Syndicate Loan A

JPY 10,962 mn

Jul. 29, 2014

City House Tokyo Shinbashi, Winbell Kagurazaka,
Nishiwaseda Cresent Mansion,
Mansion Lexington Square
Akebonobashi, Casa Eremitaggio, Towa City Coop Shinotsuka
II, Bichsel Musashiseki, Lexel Mansion Ueno Matsugaya, Towa
City Coop Sengencho, Royal Park Omachi, Lexington Square
Haginomachi, Visconti Kakuozan, Lexington Square Daitabashi,
Lexington Square Honjo Azumabashi, AMS TOWER Minami 6Jo, Cross Square NAKANO, Ohki Aoba Building, Lexington
Plaza Hachiman , AEON TOWN Sukagawa (Note), Shinjuku
Island and Stop Parking Kanda-Sudacho

Shinsei Trust
Loan AJPY 7,100 mn

Jan. 30, 2015

Spacia Ebisu and Lexington Plaza Nishigotanda

2

JPY 10,900 mn

Shinsei Trust
Loan BJPY 2,672 mn

Jan. 30, 2015

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

7

JPY 4,708 mn

JPY 3,750 mn

Jan. 25, 2017

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

8

JPY 6,288 mn

JPY 3,620 mn

Jan. 25, 2018

Growth Maison Gotanda, Growth Maison Kameido, Emerald
House, Growth Maison Ikebukuro, Route Tachikawa, College
Square Machida, Belair Meguro and Wacore Tsunashima I8

JPY 5,880 mn

JPY 3,630 mn

Jan. 25, 2019

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

8

JPY 6,113 mn

JPY 31,734 mn

-

-

54

JPY 58,199 mn

Prudential LPS
Loan

Total

(Note) Loc development Co., Ltd., the tenant of the property: AEON TOWN Sukagawa (former name: Loc Town Sukagawa) changed its company name to “AEON TOWN Co., Ltd. as of Sep. 1, 2011.
Accordingly, the name of this property is also changed from “Loc Town Sukagawa” to “AEON TOWN Sukagawa”.

25Overview of unitholders (1)Major Unitholders (Top 10)
16th Fiscal Period (As of Jun. 30, 2011)

17th Fiscal Period (As of Dec. 31, 2011)
Number ofunits held

Name

Number ofunits held

Name

(%)

(%)

1 New Mission Funding G.K.

129,400

20.32

1 Calliope Godo Kaisha

609,94245.23

2 GOLDMAN SACHS INTERNATIONAL

90,255

14.17

2 New Mission Funding G.K.

129,400

9.59

3 PROSPECT JAPAN FUND LIMITED

52,452

8.23

3 PROSPECT JAPAN FUND LIMITED

87,231

6.46

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

35 77035,7705 61
5.61

4 THE CHASE MANHATTAN BANKBANK, NN.A.
A LONDON SPECIAL ACCOUNT NO
NO.1
1

67 277
67,2774 98
4.98

5 Japan Trustee Services Bank, Ltd. (investment trust account)

21,6683.40

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

61,674

4.57

6 BBH FOR OPPENHEIMER QUEST INTERNATIONAL VALUE FUND

14,6062.29

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

36,573

2.71

7 BBH FOR OPPENHEIMER MASTER INTERNATIONAL VALUE FUND, LLC

11,244

1.76

7 CGML - IPB CUSTOMER COLLATERAL ACCOUNT

33,7372.50

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

9,085

1.42

8 MELLON BANK TREATY CLIENTS OMNIBUS

20,834

1.54

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

8,058

1.26

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

17,065

1.26

10 CGML-IPB CUSTOMER COLLATERAL ACCOUNT

7,552

1.18

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

14,1041.04

380,09059.69

1,077,837

79.94

Issued investment units

636,695

Issued investment units

1,348,292

Total

Total

(Note 1) Percentages (%) are rounded to two decimal places.
(Note 2) As a result of issuance of 711, 597 of new investment units of INV by way of Third-Party Allotment whose payment has been completed as of July 29, 2011, its numberof units held became 1,348,292 units.

<(Ref.) Major Unitholding Report>
Firm nameSubmitted on

Number of units held

Ratio (%)

Calliope Godo Kaisha

g 3, 2011
Aug.

609,94245.24

Prospect Asset Management, Inc.

Sep. 16, 2011

199,274

14.78(Note 1) According to the major unitholding report submitted by Prospect Asset Management, Inc. as of Jan. 17, 2012, the number of units held by this company is 213,937 units andthe ratio of unitholding is 15.87%(Note 2) Percentages are rounded to two decimal places.

26

Overview of unitholders (2)Breakdownby number of unitholders
所有者別投資主数
Other domestic companies
1.1% (126 persons)Foreign investors
0.5% (53 persons)FinancialFii l iinstitutions
tit ti(incl. securities companies)
0.3% (32 persons)

Other domestic companies
1.1% (118 persons)Financial institutions(incl. securities companies)
0.3% (29 persons)Individual & Others
98.1% (10,592 persons)Individual & Others
98.1% (10,940 persons)

As of the end of 16 th fiscal period (Jun. 2011)
Number of total unitholders: 11,151 persons

Foreign investors
0.5% (54 persons)

As of the end of 17 th fiscal period (Dec. 2011)(Note) Percentages are rounded to one decimal place. The same shall apply hereinafter.

Number of total unitholders: 10,793 persons

Breakdown by number of units held

Foreign investors
30.9%(196 421 units)(196,421

Individual & Others
32.7%(207,947 units)

Financial institutions
Other domestic companies (incl. securities companies)
22.1%
14.4%
(140,712 units)(91,615 units)

Individual & Others
Foreign investors 14.7%(198,120 units)
18.5%(250,033 units)
Financial institutions(incl. securities companies)
11.1% (149,378 units)
Other domestic companies
55.7%((750,761,
units))

As of the end of 16 th fiscal period (Jun. 2011)

As of the end of 17 th fiscal period (Dec. 2011)

Issued investment units: 636,695 units

Issued investment units: 1,348,292 units

27

Overview of Historical Unit Price
4th
(JPY)

May.31,
2004

5th

6th

7th

8th

9th

10th

11th

12th

13th

14th

Dec.31, Jun.30, Dec.31, Jun.30, Dec.31, Jun.30, Dec.31,
2007
2008
2008
2006
2007
2005
2006

16th

17th
(Volume)

Unit Price of OSE
Unit Price of TSE
VolumeDec.31, Jun.30,
2004
2005

15th

Jun.30,2009

Dec. 31,2009

Dec. 31, Jun. 30, Dec.31,
2011
2011
2010

(Note 1) Regarding the volume of transaction from Aug. 1, 2006 to Oct. 6, 2007, total volume of the Tokyo Stock Exchange (TSE) and the Osaka Securities Exchange(OSE) is used in the above chart.
(Note 2) Regarding unit prices above, the closing prices of OSE are used until July 31, 2006 and those of TSE are used since August 1, 2006.
(Note 3) In order to focus trading on one securities exchange and reduce administrative tasks and costs accompanying cross listing, TGR (INV) was delisted from the OSE on October 6, 2007.
Consequently, INV is listed only on the TSE as of today.
(Note 4) TGR (INV) merged with LCP effective on Feb. 1, 2010 and split its investment units with one investment unit into five unit.
(Note 5) For the purpose of providing continuity to the unit prices
prices, the unit prices on or before Jan
Jan. 31
31, 2010 as indicated in the above chart are the figures adjusted by dividing the actual unit
prices by five.

28

Section 4 Activities to Improvep
the financial
standing and the profitability

29

Series of Transactions
with Calliope Godo Kaisha (Jul. 29, 2011)<Business Environment and issues of INV> Fear of actualizing the bankruptcy risk / Credit uncertainty
1. The future refinance of / further extension of the maturity date for, the existing borrowings has been uncertain
2. The event of default occurred for part of INV’s borrowings
 As a result of the above 1., INV made a note on matters regarding the going concern basis since the date when INV submitted the semiannual
report for the interim period ended June 20102010. Also
Also, since that time
time, aversion of the risk of bankruptcy by refinancings and extension of the maturity
dates of all the borrowings of INV, was all urgent and material business issues<Overview of the transactions as of July 29, 2011> Third-Party Allotment by a new sponsor and RefinanceInvitation of New Sponsor
 Invited Calliope, an affiliate of Fortress Investment Group (hereinafter, “FIG”) which is the first publicly listed alternative investment
manager in the U.S. and a global investment firm as a new sponsor
Issued new investment units (711,597 units) by way of Third-Party Allotment
 Procured the equity financing (JPY 6,999 mn) through Third-Party Allotment with Calliope as the main allottee
Conducted new borrowings and repayment /modification of terms, of borrowings
 INV conducted the new borrowings (JPY 31,300 mn) and repayment of the existing borrowings (JPY 36,006 mn) except for part of
the Securitized Loan and the modification of terms of the Securitized Loan through the strong relationship of Fortress (Note 1) withfinancial institutions both in Japan and abroadabroad. This provided INV with a certain expectation of realizing the repayment of the
Securitized Loan.
(Note 1) Calliope, FIG and its affiliates collectively referred to as “Fortress”(Note 2) Regarding the Securitized Loan, the repayment in full was made by utilizing the proceeds from the sale of New Edobashi Building as of October 21, 2011 andby the debt waiver of the lender as of the same date.

<Reasons for the transactions> Aversion of Bankruptcy Risk
/ Removal of an event of default (Cross Default) occurred for part of INV’s borrowings（as of Jul 29, 2011）
Foundation for the improvement / normalization of financial standing A certain expectation of realizing the repayment of all of the existing borrowings ⇒ Removal of the Cross Default ⇒ Removal ofstatement on “Note regarding the Going Concern Basis”
 Lengthening loan periods: Weighted average period of new loans=4
loans 4.4
4 years
 Improvement of Loan to Value (LTV) (Note): from 62.6% to 53.3%(Note) LTV = Interest-bearing debt / (Interest-bearing debt + unitholders’ capital (including retained earnings on unitholders’ capital)) x 100

Improvement of INV’s creditworthiness Enabling activities for internal and external growth etc and plans/implementation for strategies of the medium-to-long term

30

Full repayment of Securitized Loanby the sale of New Edobashi Building (Oct. 21, 2011)
Sale of New Edobashi Building

Full repayment of Securitized Loan

 Considering the future profitability and the outlook of cash
flow of New Edobashi Building (hereinafter, the “Property”),
INV judged that to sell the Property during the 17th Fiscal
Period Ended December 31, 2011 may contribute to the
maximization returns to its unitholders, and decided to sell theProperty as of October 21, 2011.

 The repayment before the maturity date of part of borrowing
was made by utilizing the proceeds from the sale of theProperty and by allocating the proceeds held in the reserve
account
account.
 Regarding the rest of debt, the lender, Shinsei Trust &Banking Co., Ltd., waived its claim (JPY 25 mn) under thecontents of the contract changed by the amendment loan
agreement as of July 27, 2011 regarding the Securitized
Loan.

Details of Sale
Property
ope ty Type
ype

Trust
ust bebeneficiarye c a y interest
te est in realea estate

Property NameNew Edobashi Building

Acquisition Date

February 1, 2010 (Note 1)

Lender

Shinsei Trust & Banking Co., Ltd.

Sale Price,million (Note(2))
JPY 5,165

Borrowing amountoutstanding

JPY 5,615 million ((Note 5))

Acquisition Price

JPY 7,410 million (Note 2)

JPY 5,589 million (Note 5)

Book ValueJPY 6,128 million(as of October 21, 2011)

Repayment amount ofpart of borrowing (Note 4)
Amount of debt waiverby the lender

JPY 25 million (Note 5)

C t related
Cost
l t d tot SaleS l

JPY 49 million
illi

Loss from sale of theproperty

JPY 1,012 million

JPY 0 million (Note 5)

Sale Date

October 21, 2011

Borrowing amountoutstanding after the
repayment before thematurity date and the debt
waiver by the lender

Buyer

Domestic corporation (Note 3)

Repayment date before thematurity date

October 21, 2011

Details of repayment of Securitized Loan

Date of debt waiver by the(Note 1) The effective date of the merger with LCP was recorded.
October 21, 2011
lender(Note 2) Sale price and acquisition price exclude adjusted amount of real property tax andcity planning tax, as well as consumption tax and local consumption tax.
(N t 3) Th
(Note
The d
detailst il are nott indicatedi di t d as consentt ffor didisclosureloff ththe name andd otherth iinformationfti h
has nott bbeen obtained
bt i d ffrom theth buyerbwhichhi h iis a ddomestic
ti corporation.
ti
Furthermore, INV and CSNT have no capital relationships or personal relationships or business relationship to be mentioned with the said buyer.
(Note 4) This amount includes the proceeds held in the reserve account.
(Note 5) Following upon the sale of the Property, the repayment in full before the maturity date of the borrowing under the contents of the contract was made by utilizing the proceeds from thesale of the Property and at the same time, allocation of the proceeds held in the reserve account was also conducted. In addition, for the remainder after such repayment andallocation, the lender shall waiver its claim.
(Note 6) Figures are rounded down to the indicated unit.

31Additional Debt Financing andRepayment of Borrowing (Oct. 21, 2011) Conducted the additional debt financing (JPY 900 million) to Syndicate Loan A for the partial repayments (JPY 200 million each (JPY
400 million in total)) both in Shinsei Trust Loan A and Shinsei Trust Loan B, and for the allocation to cash on hand (JPY 500 million)
for the purpose of future external growth etc.
Partial repayments of principals of
Shinsei Trust Loan A and Shinsei Trust Loan B

Additional Debt Financing to Syndicate Loan A
Details of Additional Borrowing
Lender of additional
The Bank of New York Mellon Trust (Japan),borrowing
Ltd.
Additional borrowing
amountJPY 900 million

Additional borrowing
date

October 31, 2011

Details of Syndicate Loan A<Before Additional Borrowing>
Citibank Japan Ltd.
Shinsei Bank, Limited
Lenders
The Chuo Mitsui Trust and Banking Company,
LimitedResona Bank, Limited
Borrowingg amount

JPY 10,100 million

Interest rate, etc.

Variable rate: three-month JPY TIBOR + 2.1 %Maturity dateJuly 29, 2014

<After Additional Borrowing>
Shinsei Bank, Limited
Citib k JJapan Ltd
CitibankLtd.
The Chuo Mitsui Trust and Banking Company,
Lenders
LimitedThe Bank of New York Mellon Trust (Japan), Ltd.
Resona Bank, Limited
JPY 10,962.5 million
Borrowing amount(The borrowing(Thb
i amountt iis th
the fifigure after
ft partial
ti l repaymenttof principal (JPY 37.5 million) in the form of the scheduled
repayment as of October 31, 2011)

Interest rate, etc.

Variable rate: three-month JPY TIBOR + 2.1 %Maturity dateJuly 29, 2014

Partial repayment of principal of Shinsei Trust Loan A
Lender

Shinsei Trust & Banking Co., Ltd.

Borrowing amount
before repayment

JPY 7,300 million

Repayment amountJPY 200 million

Borrowing amountafter repayment

JPY 7,100 million

Interest rate, etc. /Maturity date

Fixed rate: 8.5 % / January 30, 2015

Partial repayment of principal of Shinsei Trust Loan B
L dLender

Shi
Shinseii TrustT t & Banking
B ki Co.,
C Ltd
Ltd.

Borrowing amount
before repayment

JPY 2,900 million

Repayment amountJPY 200 million
JPY 2,672 million

Borrowing amountafter repayment(The borrowing amount is the figure after partial
repayment of principal (JPY 28 million) in the form of
the scheduled repayment as of October 31, 2011)

Interest rate, etc.
/Maturity
y dateFixed rate: 9.5% / January 30, 2015

(Note) Please refer to the page: 23 for overview of borrowings as of January 31, 2012.

32

Various Activities to Improve the Profitability
 In order to realize the idea of which INV provides stable medium-and long-term cash flow to its investors, INV has worked on all kindsof measures for establishing its stable financial base and growth strategy. As one part of such measures, INV has conducted various
activities etc. for cost reductions and external growth of INV.
 Total of cost reductions etc. during the fiscal period ended December 2011 (Reductions of the following fees, Decrease of several expenses related
to the sale of New Edobashi Building and reduction of interest expenses): Approximately JPY 158 million
 Earned Surplus after the distributions for the fiscal period ended December 2011: JPY 299 million (Initial forecast as of August 26, 2011: JPY 18
million)Reductions of various feesDecrease of several expenses related to the sale of New Edobashi Building

For the purpose of cost reductions on operating costs of INV
INV,
INV has worked on reductions of fees/ compensations in the chart
below.

Sold New Edobashi Building as of October 21, 2011.
As a result of negotiations with the people concerned in theprocess of the sale, the several expenses related to the sale ofsuch property decreased.



<Items of cost reductions conducted during the fiscal period ended December 2011>
16th Fiscal
Period ended
Jun. 2011

17th Fiscal
Period ended
Dec. 2011

Amount of
cost
reduction

Rate of cost
reduction

(1)

(2)

(3)
: (2) – (1)(3) / (1)Fees foradministrative
agent

,
ths
JPY 7,435

JPY 3,541,
thsJPY-3,894,
ths-52.4%

Fees forcustody ofassets

JPY41,316 ths

JPY 35,379 ths

JPY-5,937 ths-14.4%

Insurance
expensesrelating toproperties

JPY 5,785 ths

JPY 4,245 ths

JPY-1,539ths-26.6%



Total

JPY54,537 ths

JPY 43,166ths

JPY-11,370ths-20.8%

Activity for external growth

R d ti
Reductions
off iinteresttt expenses<Ab t th<Aboutthe costt reduction
d ti dduringi th
the fiscalfi
l period
i d ending
di JuneJ2012>
INV will continue to work on further cost reductions on various fees etc.
during the fiscal period ending June 2012 and aims to conduct cost reductions ofmore than JPY 5 million on “fees for administrative agent”, “Fees for professional
accounting auditor and licensed tax counselor”, “Fees of Engineer Report etc.”,“Compensation for Executive Director” and “Expenses relating to Investor Relations”.







Following upon the repayment of JPY 5,165 million on the
Securitized Loan by the sale of New Edobashi Building as of
October 21, 2011, the interest expenses relating to the
Securitized Loan for the fiscal period ending December 2011
decreased.
Since the partial repayments (JPY 200 million each (JPY 400
million in total)) in Shinsei Trust Loan A (fixed interest rate:8.5%) and in Shinsei Trust Loan B (fixed interest rate: 9.5%)
were made by allocating funds from the additional borrowing
to Syndicate Loan A (JPY 900 million, variable interest rate:
three-month JPY TIBOR + 2.1%), the interest expenses forsuch repayments
p ydecreased.
As a result, the total interest expenses of INV for the fiscal
period ended December 31, 2011 decreased.

As
s for
o JJPY 500 million
o out oof JJPY 900 million
o whichc iss ttheeadditional borrowing to Syndicate Loan A, INV considers
allocating such JPY 500 million to partial funds for acquiring afuture property.
INV continues to gather specific information of candidate
properties.

33

Activities and Medium- and Long-Term Plans(Term)STEP 1Term

Feb. 2010～
Jul. 2011

Improvement of Financial Standing<Activities><Results>

 Feb. 1, 2010
Merged with LCP Jul.
Jul 2929, 2011
Invitation of new sponsor (Calliope), procurement of
the equity financing through Third-Party Allotment
and implementation of new long-term borrowings
and repayment /modification of terms, of borrowings

 Extension of loan periods
 Diversification of maturity dates on loans
 Resolve of the event of default
 Removal of the cross default on each of borrowings
 Aversion of bankruptcy risk ⇒ Removal ofstatement on “Note regarding the going concern
basis”STEP 2

I
Improvementt off Profitability
P fit bilit<Activities>

Aug. 2011～
Dec. 2011

Jan. 2012～ Execution of reductions of various fees
 Additional debt financing to Syndicate Loan A
 Partial repayments of principals of Shinsei Trust
Loan A and Shinsei Trust Loan B
 Full repayment of Securitized Loan by the sale of
New Edobashi Building Various activities to improve the profitability ofthe existing properties<Current and Future Activities>
 Planning / Considering the execution of reductions ofvarious fees Considering the acquirement of new properties
 Further improvement of profitability of both the existingand new properties (cost reductions related to its
properties, and maintenance and enhancement of its
occupancy rates etc.)

STEP 3Medium-and LongTerm～(Note1)<Results>
 Reductions of fees for the custody of assets and theadministrative agent relating to the organizational
management and accounting etc.
 Reductions of interest expensesp
on ppart of Shinsei
Trust Loan A and Shinsei Trust Loan B and on the
Securitized Loan Reduction of expenses relating to the sale of New
Edobashi Building Occupancy rate of the total portfolio of the end of
Nov. 2011 has achieved the highest rate(95.4%)
since the Merger (Feb.
(Feb 2010)<Target Results>
 Reductions of fees for the administrative agent
relating to administrator of Unitholder Registry,for executive director and for professional
 Increase of revenues by acquiring new properties Increase of revenues by Internal Growth

Further Enhancement of Unitholder Value<Future Activities>
 Execution of activities for the continuous Internal
Growth Expansion of its asset size
 Further improvement in borrowing condition<Target Results>
 Payment of stable distributions
 Return to growth strategy
 Reductions of interest expenses and financerelated costs(Note 1) Suppose “Medium-and Long-Term” is “After refinancing of Shinsei Trust Loan A and Shinsei Trust Loan B”.
(Note 2) The above items mentioned in the black flame show the matters which have already been done and the ones in the red flame show the issues which should be considered .

34

Activities and Medium- and Long-Term Plans(Category)

EPS//
DPU

Internnal Growth

Borrowwing

Portfolio

STEP 1 Improvement of Financial Standing(Note 2)

STEP 2

Improvement of profitability

Feb. 2010～Jul. 2011

Aug. 2011～

Asset Size: JPY 70,528 mn (based on theacquisition
i iti price)i )/N
No. off properties:
ti 55(as of the end of Jul. 2011)
 Sold 49 properties out of 104 properties
hold- Total Sale Price: JPY 32,544 mn- Repayment amount of the existing
borrowingg by
y utilizing
g the pproceeds of thesale of the properties etc.: JPY 32,688 mn

Asset Size: JPY 63
63,118118 mn (based on the acquisition price)/ No. of properties: 54 (as of the end of Dec. 2011)
 Sold New Edobashi Building which is the mortgage of
the Securitized Loan (Sale Price: JPY 5,165 mn)
 Consideringg the acquirementqof new p
propertiespwhich mayy
contribute to the increase of revenues of INV

JPY 36,915 mn (as of the end of Jul. 2011) Conducted the repayment of the existing
borrowings (JPY 36,006 mn) except forthe ppart of the Securitized Loan ((JPY5,615 mn), and the modification of termsof the Securitized Loan
 Conducted the new borrowings (JPY31,300 mn)

JPY 31,734 mn (as of the end of Dec. 2011) Full repayment of the Securitized Loan
 Additional debt financing of JPY 900 mn
 Partial repayments (JPY 200 mn each (JPY 400 mn
in total)) of principals of Shinsei Trust Loan A and
Shinsei Trust Loan B

 Leasing activities for stable
occupancy rates and rents
 Cost reductions related to its
properties

Jun. 2011 (Actual):
EPS: JPY -2,055 / DPU: JPY200

 Reductions of fees for the custodyy of assets and theadministrative agent relating to the organizational
management and accounting etc
 Reductions of interest expenses on the part of Shinsei
Trust Loan A and Shinsei Trust Loan B, and on the
Securitized Loan Reduction of expenses relating to the sale of New
Edobashi Building Planning / Considering of the execution of reductions ofvarious fees
 Further improvement of profitability of both the existing andnew properties (cost reductions related to its properties, andmaintenance and enhancement of its occupancy rates etc.)
Dec. 2011 (Actual):
EPS: JPY -1,997 / DPU JPY 200
Jun. 2012～:Net income: Going into the black

STEP 3 Further
F th Enhancement
E h
t off
Unitholder Value
Medium-and Long-Term～(Note 1)

 Considering further
acquirement of new
properties

 Further improvement inborrowing condition: Reductions
R d ti
off iinterestttexpenses and financerelated costs

 Execution of activities forthe continuous Internal
GrowthMedium and long-term～
Medium-andlong term: Net income: Being into the black
ordinarily
Stable EPS / DPU(Note 1) Suppose “Medium-and Long-Term” is “After refinancing of Shinsei Trust Loan A and Shinsei Trust Loan B”.
(Note 2) EPS＝Earnings per Share, DPU＝Distribution per Unit
(Note 3) The above items mentioned in the black flame show the matters which have already been done and the ones in the red flame show the issues which should be considered .

35

Disclaimer◆ This material is for informational purposes only and not for solicitation to invest in, or recommendation to buy,
certain products of Invincible Investment Corporation (INV). You should consult with securities firms if you intend topurchase investment units of INV.
◆ This material does not constitute or form a part of any disclosure document or an asset management reportrequired by the Financial Instruments and Exchange Act of Japan or regulations thereunder, the Investment Trustand Investment Corporation Act of Japan or regulations thereunder, or the listing rules of the Financial Instruments
Exchanges or other related rules and regulations.
◆ This material contains forward-looking statements and these statements are based on certain assumptions andjudgments in consideration of currently available information; therefore there may be currently unknown risks anduncertainties in such statements. The contents of forward-looking statements are subject to such risks,
uncertainties, assumptions and other factors. Accordingly, there is no assurance as to actual business performance,
results of operations or financial conditions.
◆ INV has given its attention that the information provided herein does not contain mistakes or omissions.
However, there is no assurance given as to the accuracy, certainty or completeness, validity or fairness of any
such information and such information is subject to revision or retraction without prior notice.

INQUIRIES:
Consonant Investment Management Co., Ltd. (Asset Manager of INV)
Planning & Finance Department
Tel. +81-3-3272-7314 (Investor Relations)36

Appendix

(Appendix) Performance by Properties in the 17th Fiscal Period(unit:JPY ths)

No.

Property Name

RentalRevenues ①

Rents andCommonExpenses

Property
Other Income
Related
Expenses ②

Facilities
Management
Fees

Taxes and
Other Public
Charges

Insurance
Expenses

Other
Expenses

Depreciation
Expenses ③

①－②

ＮＯＩ
(①－②+③)

NOI Yield(Acquisition
Price Basis(%))(Note 1)

NOI Yield(Appraisal
Value Basis(%)) (Note 2)

A26 Nisshin Palacestage Daitabashi

39,582

36,593

2,989

24,579

8,977

1,546

74

6,068

7,912

15,002

22,915

3.6

4.2

A27 Nisshin Palacestage Higashi-Nagasaki

42,80938,253

4,556

29,863

10,779

2,792

102

5,172

11,017

12,94523,963

3.9

4.2

A28 Growth Maison Gotanda

27,63826,772866

12,158

2,741

1,417

34

3,613

4,350

15,48019,831

4.4

4.4

A29 Growth Maison Kameido

33,39229,893

3,499

16,441

3,973

1,814

47

4,740

5,865

16,951

22,816

4.2

4.5

A30 Emerald House

43,48440,703

2,781

22,485

6,793

2,774

105

3,367

9,443

20,99930,443

4.0

5.2

A31 Harmonie Ochanomizu

38,08835,1272,960

18,052

5,006

1,937

72

4,210

6,824

20,036

26,860

3.7

4.6

A32 Suncrest Shakujii Koen

35,36732,7192,648

19,035

5,370

3,257

105

4,140

6,161

16,332

22,4934.1

4.5

A33 Growth Maison Shin Yokohama

34,116

31,2892,826

16,235

4,570

2,562

73

3,101

5,928

17,88023,8094.5

4.6

A34 Belle Face Ueno Okachimachi

30,17230,10368

15,609

5,275

1,802

46

3,130

5,355

14,563

19,9183.9

4.3

A35 Grand Rire Kameido

26,61926,619-11,265

170

1,916

49

3,642

5,487

15,354

20,841

4.6

4.7

A36 Growth Maison Ikebukuro

21,91521,014901

12,423

3,006

1,138

42

3,087

5,148

9,492

14,6403.5

4.3

A37 Growth Maison Yoga

19,911

19,103808

11,067

2,666

1,430

42

3,147

3,781

8,843

12,6243.1

4.2

A38 Route Tachikawa

21,80020,777

1,023

11,920

3,189

1,114

43

3,826

3,746

9,880

13,626

4.0

4.5

A39 Shibuya Honmachi Mansion

18,333

17,426906

11,308

3,763

927

37

4,617

1,963

7,024

8,988

2.7

3.2

A40 City Heights Kinuta

16,163

15,481

682

11,692

4,142

941

37

4,934

1,636

4,471

6,107

1.9

2.7

A41 Acseeds Tower Kawaguchi Namiki

24,32723,223

1,103

13,934

3,281

1,210

40

4,363

5,038

10,393

15,431

4.9

4.9

A42 Capital Heights Kagurazaka

18,917

18,461

456

9,812

3,082

1,136

40

3,631

1,920

9,105

11,026

3.6

4.1

A43 College Square Machida

18,26818,268

-

8,325

1,215

1,035

30

3,515

2,527

9,943

12,4704.2

4.8

A44 Belair Meguro16,462

15,338

1,123

9,135

2,201

868

23

3,839

2,202

7,326

9,529

3.2

3.6

A45 Wacore Tsunashima Ⅰ

18,246

17,313932

13,372

3,628

947

33

4,619

4,143

4,873

9,016

3.1

3.5

A46 Foros Nakamurabashi

18,256

16,404

1,851

12,354

3,040

1,046

37

4,016

4,212

5,901

10,114

3.5

3.9

A47 Growth Maison Kaijin

22,576

19,866

2,709

18,054

6,385

2,182

89

4,329

5,067

4,522

9,589

3.4

4.4

A48 College Square Machiya

14,706

14,706

-

7,680

-

1,014

30

3,086

3,549

7,025

10,575

4.1

4.3

A51 City House Tokyo Shinbashi

80,99876,492

4,505

37,141

14,176

5,252

90

4,557

13,06443,85656,921

4.5

4.6

A52 Winbell Kagurazaka

103,567

95,177

8,389

37,262

10,601

6,708

166

4,271

15,51566,304

81,820

5.0

5.1

A53 Nishiwaseda Cresent Mansion

69,07764,356

4,720

24,501

10,832

3,686

128

3,838

6,015

44,57550,591

5.3

5.2

A54 Lexington Square Akebonobashi

45,065

43,105

1,959

19,340

4,554

2,289

64

3,760

8,670

25,72534,395

4.7

4.8

A56 Casa Eremitaggio

28,891

26,363

2,528

17,749

4,875

1,861

55

2,150

8,805

11,142

19,948

3.7

4.0

A59 Towa City Coop Shin-otsukaⅡ

34,25732,295

1,962

13,334

4,805

1,475

47

2,041

4,964

20,92325,8875.9

5.7

A61 Bichsel Musashiseki

22,034

21,439594

12,882

6,478

1,232

44

2,392

2,734

9,151

11,886

4.1

4.3

A62 Lexel Mansion Ueno Matsugaya

33,72930,443

3,286

16,539

4,456

2,082

64

1,727

8,209

17,18925,3995.2

5.2

A63 Towa City Coop Sengencho

60,707

57,1003,606

35,38918,919

3,258

99

4,116

8,995

25,31734,3136.1

5.8

A64 Royal Park Omachi

22,92019,567

3,353

13,055

5,776

867

62

1,876

4,471

9,865

14,336

6.9

7.2

A65 Lexington Square Haginomachi

16,933

15,037

1,896

7,203

2,066

624

41

1,066

3,404

9,730

13,134

7.9

8.0

A66 Visconti Kakuozan

10,037

8,333

1,704

8,557

3,458

983

20

2,313

1,782

1,480

3,263

2.5

3.0

A71 Lexington Square Daitabashi

29,62928,846783

14,161

3,039

1,426

42

1,649

8,002

15,46823,471

4.8

4.9

A72 Lexington Square Honjo-Azumabashi

16,552

16,205

346

9,184

2,627

870

30

765

4,890

7,367

12,2584.8

4.9

A73 AMS TOWER Minami 6-Jo

48,13845,607

2,531

33,203

7,082

4,487

127

7,238

14,267

14,93429,201

4.9

5.8

191,905

172,486

19,41973,596

15,374

9,224

286

12,11336,598118,308

154,907

4.4

4.6

Subtotal of Residences

1,415,608

1,318,322

97,285709,915

212,390

83,142

2,614

148,085

263,682

705,693

969,376

4.4

4.7

B8 Kindai Kagaku Sha Building

34,64429,908

4,736

25,826

8,440

4,595

78

4,372

8,338

8,818

17,157

2.6

3.4

2.3

3.4

A75 Spacia Ebisu

B9 Shinjuku Island(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)(Note 3)

B14 Lexington Plaza Nishigotanda

124,460

108,097

16,36386,24828,07313,080209

2,486

42,39838,21180,6103.3

3.7

B15 Cross Square NAKANO

26,11921,533

4,585

18,558

9,521

4,072

78

1,269

3,616

7,560

11,176

2.1

2.3

B16 Ohki Aoba Building

42,291

34,6007,691

28,01912,008

2,110

94

1,462

12,344

14,271

26,616

6.5

8.9

B17 Lexington Plaza Hachiman

147,803

119,103

28,69973,99842,934

6,206

176

4,711

19,96973,805

93,7745.7

6.0

144,044

144,044-

91,03256,124

4,500

224

744

29,43853,01282,4517.0

7.9

536,562

474,485

62,076334,231

162,544

37,771940

15,067

117,907

202,330

320,238

4.4

5.1

B18 AEON TOWN Sukagawa(Note 4)

Subtotal of Offices etc.
C1 Stop Parking Kanda-Sudacho

2,443

2,443

-

267

-

254

-

-

13

2,176

2,189

4.4

4.8

C21 Bon Sejour Chitose Funabashi

23,903

22,538

1,364

5,571

234

1,886

58

-

3,393

18,331

21,724

6.3

5.9

C22 Bon Sejour Yotsugi

22,52622,526

-

4,931

225

1,128

49

-

3,529

17,594

21,123

6.4

6.2

C23 Bon Sejour Hino

21,402

21,402

-

4,201

214

1,262

46

-

2,678

17,20019,8796.9

6.2

C24 Bon Sejour Musashi-Shinjo

17,745

17,745

-

2,826

167

489

40

-

2,129

14,91817,0487.0

6.2

C25 Bon Sejour Komaki

45,58445,575

9

13,343

201

5,134

198

-

7,810

32,24040,050

7.6

7.5

C26 Bon Sejour Hadano Shibusawa

23,80023,470

330

8,023

213

2,002

83

-

5,723

15,776

21,500

6.3

6.9

C27 Bon Sejour Itami

15,96815,968

-

5,246

145

1,408

54

-

3,638

10,722

14,360

5.9

6.6

Subtotal of Parking lots etc.

173,373

171,670

1,703

44,413

1,401

13,563532-

28,916

128,960

157,877

6.7

6.5

Total

2,125,544

1,964,479

161,065

1,088,560

376,336

134,477

4,086

163,152

410,507

1,036,984

1,447,491

4.5

4.9

76,904

69,2337,670

49,434

19,332

16,424159

1,940

11,577

27,46939,0471.7

76,904

69,2337,670

49,434

19,332

16,424159

1,940

11,577

27,46939,0471.72,202,448

2,033,712

168,736

1,137,994

395,669

150,901

4,245

165,093422,084

1,064,454

1,486,538

B13 New Edobashi Building
Total of Property Sold
Total Including Properties Sold

4.4 -(Note 1) NOI Yield (%) (Acquisition Price Basis)= (( Rental Revenues - Property Related Expenses + Depreciation Expenses)/ Operation Days * 365)/ Acquisition Price(Note 2) NOI Yield (%) (Appraisal Value Basis)= (( Rental Revenues - Property Related Expenses + Depreciation Expenses)/ Operation Days * 365)/ Appraisal Value(Note 3) Figures are not written since the tenants do not give approvals to disclose them in public.
(Note 4) Since "LOC Development Co., Ltd.", which is the tenant of the property, changed its company name into "AEON TOWN Co., Ltd." as of September 1, 2011, the property name was also changed from "Loc Town Sukagawa" to "AEON TOWN Sukagawa".

The same shall apply hereinafter.
(Note 5) Accounting period: from Jul. 1, 2011 to Dec. 31, 2011.
(Note 6) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

1/3

(Appendix) Appraisal Values & Book Values of the 17th Fiscal Period

Appraisal ValueNo.

Property NameCap Rate

Book Valueas of Dec.
2011

As of
Acquisition

As of Dec.
2010 (INV)

As of Jun.
2011 (INV)

As of Dec.
2011 (INV)(ths JPY)(ths JPY)(ths JPY)(ths JPY)(ths JPY)

Compared toJun. 2011
(INV)

(%)

As of Jun.
2011 (INV)

As of Dec.
2011 (INV)

Changes

(%)

(%)

(%)

A26 Nisshin Palacestage Daitabashi

1,150,673

1,300,000

1,100,000

1,100,000

1,090,000

-0.9

5.4

5.4

-

A27 Nisshin Palaistage Higashi-Nagasaki

1,118,627

1,300,000

1,130,000

1,130,000

1,120,000

-0.9

5.4

5.4

-

A28 Growth Maison Gotanda

868,438

991,000

888,000

899,000

891,000

-0.9

5.0

5.0

0.0

A29 Growth Maison Kameido

1,041,943

1,110,000

995,000

996,000

1,000,000

0.4

5.1

5.1

0.0

A30 Emerald House

1,461,941

1,570,000

1,170,000

1,160,000

1,160,000

-

5.3

5.3

-

A31 Harmonie Ochanomizu

1,405,282

1,710,000

1,160,000

1,150,000

1,160,000

0.9

5.1

5.1

-

A32 Suncrest Shakujii Koen

1,058,868

1,220,000

990,000

989,000

990,000

0.1

5.2

5.2

-

A33 Growth Maison Shin Yokohama

1,022,345

1,110,000

1,050,000

1,020,000

1,020,000

-

5.2

5.2

-

A34 Belle Face Ueno Okachimachi

1,009,901

1,100,000

975,000

926,000

922,000

-0.4

5.0

5.0

-

A35 Grand Rire Kameido

882,680930,000

882,000

889,000

889,000

-

5.1

5.2

0.1

A36 Growth Maison Ikebukuro

801,949

856,000

667,000

682,000

682,000

-

5.1

5.1

-

A37 Growth Maison Yoga

781,982

831,000

656,000

596,000

597,000

0.2

5.1

5.1

-

A38 Route Tachikawa

661,708

749,000

629,000

604,000

607,000

0.5

5.4

5.4

-

A39 Shibuya Honmachi Mansion659,714

678,000

590,000

588,000

564,000

-4.1

5.2

5.2

-

A40 City Heights Kinuta

645,254707,000

476,000

468,000

457,000

-2.4

5.3

5.3

-

A41 Acseeds Tower Kawaguchi Namiki

596,783

698,000

621,000

631,000

627,000

-0.6

6.0

6.0

-

A42 Capital Heights Kagurazaka

621,903

647,000

539,000

532,000

536,000

0.8

5.2

5.2

-

A43 College Square Machida583,652

597,000

514,000

514,000

514,000

-

5.8

5.8

-

A44 Belair Meguro

582,317608,000

544,000

535,000

519,000

-3.0

4.9

4.9

0.0

A45 Wacore Tsunashima Ⅰ

562,255

665,000

506,000

506,000

507,000

0.2

5.5

5.5

-

A46 Foros Nakamurabashi

547,212634,000

526,000

516,000

518,000

0.4

5.1

5.1

-

A47 Growth Maison Kaijin

531,770

603,000

429,000

429,000

434,000

1.2

5.8

5.8

-

A48 College Square Machiya

495,323

521,000

494,000

484,000

484,000

-

5.2

5.2

-

A51 City House Tokyo Shinbashi

2,470,666

2,790,000

2,480,000

2,470,000

2,470,000

-

5.4

5.3

-0.1

A52 Winbell Kagurazaka

3,201,879

3,690,000

3,270,000

3,190,000

3,200,000

0.3

5.2

5.2

-

A53 Nishiwaseda Cresent Mansion

1,862,051

2,190,000

1,880,000

1,880,000

1,930,000

2.7

5.4

5.4

-

A54 Lexington Square Akebonobashi

1,417,774

1,600,000

1,430,000

1,410,000

1,430,000

1.4

5.4

5.3

-0.1

A56 Casa Eremitaggio

1,036,821

1,240,000

1,010,000

987,000

999,000

1.2

5.3

5.2

-0.1

848,878

937,000

871,000

901,000

908,000

0.8

5.7

5.6

-0.1

A59 Towa City Coop Shin-otsukaⅡ
A61 Bichsel Musashiseki571,673703,000

570,000

572,000

552,000

-3.5

5.7

5.6

-0.1

A62 Lexel Mansion Ueno Matsugaya

940,454

1,130,000

971,000

965,000

966,000

0.1

5.5

5.4

-0.1

1,081,390

1,240,000

1,090,000

1,140,000

1,170,000

2.6

6.3

6.2

-0.1

407,776

564,000

401,000

391,000

394,000

0.8

7.6

7.0

-0.6
-0.1

A63 Towa City Coop Sengencho
A64 Royal Park Omachi
A65 Lexington Square Haginomachi

324,257

411,000

330,000

309,000

326,000

5.5

7.3

7.2

A66 Visconti Kakuozan

248,730

397,000

243,000

234,000

218,000

-6.8

6.1

6.1

-

A71 Lexington Square Daitabashi

946,758

1,019,000

960,000

950,000

948,000

-0.2

5.4

5.3

-0.1
-0.1

492,631525,000

505,000

505,000

492,000

-2.6

5.5

5.4

A73 AMS TOWER Minami 6-Jo

A72 Lexington Square Honjo-Azumabashi

1,126,125

1,400,000

1,070,000

1,070,000

994,000

-7.1

6.4

6.4

-

A75 Spacia Ebisu

6,871,559

9,140,000

6,740,000

6,540,000

6,620,000

1.2

5.1

5.0

-0.1

42,941,963

50,111,000

41,352,000

40,858,000

40,905,000

0.1

-

-

-

1,230,052

1,340,000

987,000

983,000

993,000

1.0

5.2

5.2

-

721,301

871,000

501,000

501,000

488,000

-2.6

5.4

5.4

-

B14 Lexington Plaza Nishigotanda

4,855,108

7,160,000

4,690,000

4,460,000

4,280,000

-4.0

5.3

5.2

-0.1

B15 Cross Square NAKANO

1,047,935

1,038,000

1,020,000

1,040,000

981,000-0.1

771,772

847,000

726,000

676,000

593,000

3,253,531

4,760,000

3,170,000

3,120,000

3,090,000

Subtotal of Residences
B8 Kindai Kagaku Sha Building
B9 Shinjuku Island

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

*

-5.7

5.6

5.5

-12.3

6.5

6.5

-

-1.0

6.8

6.7

-0.1
-

2,238,381

2,563,000

2,320,000

2,220,000

2,070,000

-6.8

7.3

7.3

Subtotal of Offices

14,118,082

18,579,000

13,414,000

13,000,000

12,495,000

-3.9

-

-

-

C1 Stop Parking Kanda-Sudacho

100,892

100,000

90,60091,20091,200

-

5.1

4.7

-0.4

C21 Bon Sejour Chitose Funabashi

672,938

791,000

735,000

735,000

734,000

-0.1

5.9

5.9

-

C22 Bon Sejour Yotsugi

638,735

765,000

681,000

681,000

681,000

-

6.2

6.2

-

C23 Bon Sejour Hino

563,930

699,000

641,000

641,000

641,000

-

6.2

6.2

-

C24 Bon Sejour Musashi-Shinjo

477,982

610,000

543,000

543,000

543,000

-

6.1

6.1

-

1,020,063

1,940,000

1,060,000

1,060,000

1,060,000

-

7.6

7.6

-

C26 Bon Sejour Hadano Shibusawa

659,061

962,000

616,000

616,000

616,000

-

7.0

7.0

-

C27 Bon Sejour Itami

466,314748,000

433,000

433,000

433,000

-

6.7

6.7

-

Subtotal of Parking lots etc.

4,599,918

6,615,000

4,799,600

4,800,200

4,799,200

0.0

-

-

-

Total

61,659,964

75,305,000

59,565,600

58,658,200

58,199,200

-0.8

-

-

-

C25 Bon Sejour Komaki(note) Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.
* Properties whose appraisal values are different more than 10 % compared to the previous fiscal period and the reasons of the differences.
B16 Ohki Aoba Building Capital Expenditure increased by 65.5% due to the increase of long-term repair costs. As a result, net cash flow decreased by 12.5 % on this property.

2/3

(Appendix) Portfolio List

(As of Dec. 31, 2011)
No.

Acquisition
Price(JPY mn)

Location

Property Name

Appraisal
Value(JPY mn)

Acquisition
Date

Completion
Date

PropertyAge (years)

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

23 wards

Suginami, Tokyo

1,251

1,090

Jul. 2005

Dec. 1992

19

98

1,771.13

A27 Nisshin Palacestage Higashi-Nagasaki 23 wards

Toshima, Tokyo

1,229

1,120

Jul. 2005

Mar. 1989

22

60

2,681.94

95.3

A28 Growth Maison Gotanda

23 wards

Shinagawa, Tokyo

888

891

Jan. 2006

Jul. 2005

6

48

1,051.50

100.0

A29 Growth Maison Kameido

23 wards

Koto, Tokyo

1,070

1,000

Mar. 2006

Oct. 2005

6

66

1,367.96

89.4

A30 Emerald House

23 wards

Itabashi, Tokyo

1,505

1,160

Aug. 2006

Feb. 1995

16

96

2,152.31

98.9

A31 Harmonie Ochanomizu

23 wards

Bunkyo, Tokyo

1,428

1,160

Aug. 2006

Mar. 1997

14

65

1,748.24

88.5

A32 Suncrest Shakujii Koen

23 wards

Nerima, Tokyo

1,088

990

Aug. 2006

Mar. 1990

21

29

3,029.16

95.4

A33 Growth Maison Shin Yokohama

Surrounding

Yokohama, Kanagawa

1,059

1,020

Aug. 2006

Mar. 2006

5

68

1,858.44

100.0

A34 Belle Face Ueno Okachimachi

23 wards

Taito, Tokyo

1,023

922

Aug. 2006

Feb. 2006

564

1,351.11

93.4

A35 Grand Rire Kameido

23 wards

Koto, Tokyo

906

889

Aug. 2006

Mar. 2006

5

72

1,562.26

100.0

A36 Growth Maison Ikebukuro

23 wards

Toshima, Tokyo

825

682

Aug. 2006

Jan. 2006

542952.89100.0

A37 Growth Maison Yoga

23 wards

Setagaya, Tokyo

795

597

Aug. 2006

Mar. 2006

539

1,015.34

100.0

A38 Route Tachikawa

Surrounding

Tachikawa, Tokyo

676

607

Aug. 2006

Mar. 1997

14

24

1,368.57

93.2

A39 Shibuya Honmachi Mansion

23 wards

Shibuya, Tokyo

651

564

Aug. 2006

Dec. 1986

25

25

1,167.50

96.5

A40 City Heights Kinuta

23 wards

Setagaya, Tokyo

646

457

Aug. 2006

Mar. 1983

28

19

1,235.93

94.6

A41 Acseeds Tower Kawaguchi Namiki

Surrounding

Kawaguchi, Saitama

620

627

Aug. 2006

Feb. 2006

557

1,210.74

100.0

A26 Nisshin Palacestage Daitabashi

94.8

A42 Capital Heights Kagurazaka

23 wards

Shinjuku, Tokyo

604

536

Aug. 2006

May. 1987

24

26

1,126.65

85.7

A43 College Square Machida

Surrounding

Machida, Tokyo

589

514

Aug. 2006

Mar. 1984

27

62

1,047.75

100.0

A44 Belair Meguro

23 wards

Meguro, Tokyo

589

519

Aug. 2006

Oct. 2005

625

557.05100.0

A45 Wacore Tsunashima Ⅰ

Surrounding

Yokohama, Kanagawa

572

507

Aug. 2006

Feb. 1991

2050

908.9998.0

A46 Foros Nakamurabashi

23 wards

Nerima, Tokyo

566

518

Aug. 2006

Sep. 2001

1037

815.7689.3

A47 Growth Maison Kaijin

Surrounding

Funabashi, Chiba

557

434

Aug. 2006

Oct. 1993

18

34

2,040.27

97.4

A48 College Square Machiya

23 wards

Arakawa, Tokyo

510

484

Aug. 2006

Mar. 2006

543871.35100.0

A51 City House Tokyo Shinbashi

23 wards

Minato, Tokyo

2,520

2,470

Feb. 2010

Aug. 2004

786

3,364.00

88.5

A52 Winbell Kagurazaka

23 wards

Shinjuku, Tokyo

3,260

3,200

Feb. 2010

Feb. 2004

7

118

4,032.70

96.1

A53 Nishiwaseda Cresent Mansion

23 wards

Shinjuku, Tokyo

1,880

1,930

Feb. 2010

Jul. 1987

24

69

4,310.77

90.7

A54 Lexington Square Akebonobashi

23 wards

Shinjuku, Tokyo

1,450

1,430

Feb. 2010

Dec. 2004

7

88

1,987.88

91.3

A56 Casa Eremitaggio

23 wards

Meguro, Tokyo

1,070

999

Feb. 2010

Dec. 2003

8

17

1,197.19

90.5

A59 Towa City Coop Shin-otsukaⅡ

23 wards

Toshima, Tokyo

866

908

Feb. 2010

May. 1993

18

58

1,627.13

90.1
90.0

A61 Bichsel Musashiseki

23 wards

Nerima, Tokyo

577

552

Feb. 2010

Feb. 1992

19

70

1,220.24

A62 Lexel Mansion Ueno Matsugaya

23 wards

Taito, Tokyo

970

966

Feb. 2010

Jan. 2005

629

1,969.45

93.2

A63 Towa City Coop Sengencho

Surrounding

Yokohama, Kanagawa

1,110

1,170

Feb. 2010

Oct. 1992

19

154

3,426.36

96.3

A64 Royal Park Omachi

TohokuSendai, Miyagi

415

395

Feb. 2010

Feb. 1993

18

51

1,929.59

89.0

A65 Lexington Square Haginomachi

TohokuSendai, Miyagi

330

326

Feb. 2010

Aug. 2005

6

39

1,528.58

97.4

A66 Visconti Kakuozan

Chubu

Nagoya, Aichi

255

218

Feb. 2010

Sep. 2003

8

8

705.7589.7

A71 Lexington Square Daitabashi

23 wards

Suginami, Tokyo

977

948

Feb. 2010

Nov. 2006

543

1,430.64

97.2

A72 Lexington Square Honjo-Azumabashi 23 wards

Sumida, Tokyo

511

492

Feb. 2010

Oct. 2006

5

33

784.74

87.9

A73 AMS TOWER Minami 6-Jo

Hokkaido

Sapporo, Hokkaido

1,180

994

Feb. 2010

Feb. 2007

4120

4,460.56

96.1

A75 Spacia Ebisu

23 wards

Shibuya, Tokyo

7,010

6,620

Feb. 2010

Feb. 2003

8

109

7,794.91

91.3

44,04040,906

-

11.4

2,241

74,663.33

94.1

1,301

993

Aug. 2006

20

13

1,451.54

85.5

Subtotal of Residences-

B8

Kindai Kagaku Sha Building

23 wards

B9

Shinjuku Island

Shinjuku, Tokyo

Jun. 1991

23 wards

Shinjuku, Tokyo

715

488

Mar. 2007

Jan. 1995

161

526.43100.0

B14 Lexington Plaza Nishigotanda

23 wards

Shinagawa, Tokyo

4,880

4,280

Feb. 2010

Jun. 1993

18

11

6,033.58

92.0

B15 Cross Square NAKANO

23 wards

Nakano, Tokyo

1,060

981

Feb. 2010

Jan. 1993

18

45

2,145.00

44.3

B16 Ohki Aoba Building

TohokuSendai, Miyagi

816

593

Feb. 2010

Jul. 1997

14

13

2,178.41

100.0

B17 Lexington Plaza Hachiman

TohokuSendai, Miyagi

3,280

3,090

Feb. 2010

Dec. 2005

618

8,419.15

94.6

B18 AEON TOWN Sukagawa

TohokuSukagawa, Fukushima

2,320

2,070

Feb. 2010

Oct. 2005

6

1

18,440.58

100.0

-

13.2

102

39,194.69

94.0

1

81.04

100.0

14,372

12,495C1 Stop Parking Kanda-Sudacho

23 wards

Chiyoda, Tokyo

97

91

Jan. 2007

C21 Bon Sejour Chitose Funabashi

23 wards

Setagaya, Tokyo

685

734

Feb. 2010

Mar. 1988

2342

2,342.17

100.0

C22 Bon Sejour Yotsugi

23 wards

Katsushika, Tokyo

652

681

Feb. 2010

Mar. 1989

22

62

1,962.87

100.0

C23 Bon Sejour Hino

Surrounding

Hino, Tokyo

574

641

Feb. 2010

May. 1990

21

56

1,984.17

100.0

C24 Bon Sejour Musashi-Shinjo

Surrounding

Kawasaki, Kanagawa

486

543

Feb. 2010

Feb. 1985

26

46

1,710.43

100.0

C25 Bon Sejour Komaki

Chubu

Komaki, Aichi

1,050

1,060

Feb. 2010

Mar. 1991

20

123

8,858.49

100.0

C26 Bon Sejour Hadano Shibusawa

Surrounding

Hadano, Kanagawa

681

616

Feb. 2010

Jul. 1991

20

100

3,435.79

100.0

C27 Bon Sejour Itami

Kansai

Itami, Hyogo

480

433

Feb. 2010

Mar. 1989

22

62

2,129.87

100.0

Subtotal of Parking lots etc.

-

-

4,705

4,799

-

-

21.7

492

22,504.83

100.0

Total

-

-

63,11858,200

-

-

12.5

2,835

136,362.85

95.0

Subtotal of Offices etc.

-

-

-

-

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

3/3