MIRAI Corporation
Semi Annual Report
For the Fiscal Period ended April 30, 2024 (The 16th Period)

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1 Overview of Asset Management(1) Operating Results of MIRAI Corporation (hereinafter “MIRAI”)
The 12th Period
From Nov. 1, 2021
to Apr. 30, 2022

PeriodThe 13th Period
From May 1, 2022
to Oct. 31, 2022

The 14th Period
From Nov. 1, 2022
to Apr. 30, 2023

The 15th Period
From May 1, 2023
to Oct. 31, 2023

The 16th Period
From Nov. 1, 2023
to Apr. 30, 2024

Operating revenue(Million yen)

5,275

5,666

6,308

5,744

5,887

Operating expenses(Million yen)

2,727

3,054

3,488

3,276

3,227

Operating income(Million yen)

2,547

2,611

2,820

2,467

2,660

Ordinary income(Million yen)

2,245

2,324

2,521

2,160

2,273

Net income(Million yen)

2,244

2,324

2,447

2,153

2,244

Total assets(Million yen)

171,982

172,792

174,479

174,746

187,562[Changes from the previous period]
Net assets[Changes from the previous period](%)(Million yen)
(%)

[6.7]

[0.5]

[1.0]

[0.2]

[7.3]

80,74381,02881,077

81,39386,986

[7.2]

[0.4]

[0.1]

[0.4]

[6.9]

Interest-bearing debt

(Million yen)

84,00084,00085,50085,50091,900Unitholders’ capital (Note 3)(Million yen)

78,49978,49978,49978,49984,066

Total number of outstanding investment units(Units)

1,771,440

1,771,440

1,771,440

1,771,440

1,907,440

Net assets per unit

(Yen)

45,58045,74145,76945,94745,603

Total distributions(Million yen)

2,244

2,325

2,311

2,152

2,193

Distributions per unit

(Yen)

1,267

1,313

1,305

1,215

1,150

Of which, profit distribution per unit

(Yen)

1,267

1,313

1,305

1,215

1,150

Of which, distributions in excess of earnings per unit

(Yen)

-

-

-

-

-

Ordinary income to total assets (Note 4)

(%)

1.3

1.3

1.5

1.2

1.3

Net income to net assets (Note 4)

(%)

2.9

2.9

3.0

2.7

2.7

Net assets to total assets at end of period (Note 4)

(%)

46.9

46.9

46.5

46.6

46.4

(%)

[0.2]

[(0.1)][(0.4)][0.1][(0.2)]

(%)

100.0

100.1

94.4

100.0

97.7

[Changes from the previous period]
Payout ratio (Note 4)(Note 1) The fiscal period of MIRAI is six months from May 1 to October 31 and from November 1 to April 30 of the following year.
(Note 2) Unless otherwise stated, all figures are rounded down to the nearest million yen, and percentages are rounded to the first decimal place.
(Note 3) Unitholders’ capital does not take into account changes in unitholders’ capital due to the implementation of distributions in excess of earnings related to the reserve for adjustment of temporary differences, etc.
(Note 4) Calculated based on the following formula.
Ordinary income to total assets

Ordinary income / {(Total assets at beginning of period + Total assets at end of period) / 2} * 100

Net income to net assets

Net income / {(Net assets at beginning of period + Net assets at end of period) / 2} * 100

Net assets to total assets at end of period (%)

Net assets at end of period / Total assets at end of period * 100

Payout ratio

Total distributions (excluding distributions in excess of earnings) / Net income * 100(2) Summary of Operating Results for the Fiscal Period under Review(i) Main History of MIRAIMIRAI is diversified J-REIT. Based on the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951;
including revisions enforced thereafter) (hereinafter “AITIC”), MIRAI was founded on December 4, 2015 with a capital contribution of
150 million yen (750 units), by Mitsui Bussan & IDERA Partners Co., Ltd. (hereinafter the “Asset manager”) as the founding planner
and was listed on the REIT section of the Tokyo Stock Exchange on December 16, 2016 (securities code: 3476). During the fiscal period
under review, MIRAI conducted a public offering in November 2023 and a third-party allotment in December 2023. As of April 30,
2024, the total number of outstanding investment units are 1,907,440 and MIRAI owns 43 properties (total acquisition price of 178,217
million yen).
MIRAI positions assets located in the three major metropolitan areas of Japan with high population concentrations as its main investment
targets and aims to obtain mid-to-long term stable cash flows and sustained growth in unitholders’ value by building a portfolio centeredon its “Core Assets” (Note).
(Note) “Core Assets” means the assets that constitute the core of MIRAI’s portfolio. Specifically, among traditional investment properties such as offices, retail properties, hotels, residential and logistics properties. Occupancy
rates of 80% or more must be secured in principle (including cases where such occupancy rates are expected) with MIRAI to determine a stable rental income to be expected.

(ii) Operating Environment and Business Performance
Real GDP growth in the January-March period of 2024 declined by 0.5% from the previous year due to special factors such as asignificant decrease in production by some automakers as a result of the certification fraud issue, as well as a reactionary decline in some
service exports from the previous year. However, in line with the improving trend in corporate earnings, there were signs of improvementin the employment situation, and consumer prices rose moderately. In MIRAI’s operations, In addition to a further recovery in the hotel
sector due to the inbound effect, we have also succeeded in increasing rents in the retail facility sector for urban properties with a highlevel of prosperity, and we are strengthening management of properties that are expected to have upside toward the arrival of full-fledged
inflation. In the office leasing market, there was a trend of rent recovery in the three major metropolitan areas, and backfilling progressed
steadily even in large-scale offices in the Tokyo area where a large tenant had moved out.
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Under such circumstances, MIRAI acquired “MI Terrace Hamamatsu (acquisition price: 2,603 million yen), “Kuretake Inn Premium
Nagoya Nayabashi (acquisition price: 2,470 million yen), “Hotel Wing International Select Nagoya Sakae (acquisition price: 1,700
million yen)” and “Hotel Kuretakeso Hiroshima Otemachi (acquisition price: 2,540 million yen) on December 1, 2023, and “MI Cube
Shinsaibashi (acquisition price: 2,644 million yen) on March 1, 2024.
As a result, as of the end of this fiscal period, MIRAI had 43 properties under management, with a total acquisition price of 178,217
million yen, a total leasable area of 393,899.17 sqm, and occupancy rate of 98.3%.
(iii) Overview of Fund Procurement
During this fiscal period under review, MIRAI raised 5,300 million yen by issuance of new investment units through a public offering(129,500 units) on November 28, 2023 and 266 million yen by a third-party allotment (6,500 units) on December 26, 2023. As a result,the balance of unitholders’ capital as of the end of this fiscal period was 84,066 million yen and the total number of outstanding
investment units was 1,907,440 units.
MIRAI borrowed the short-term debt of 500 million yen and the long-term debt of 11,500 million yen on November 30, 2023 to repay
12,000 million yen in loans maturing on the same date, and borrowed the long-term debt of 1,000 million yen on January 31, 2024 to
repay 1,000 million yen in loans maturing on the same date, and the long-term debt of 3,500 million yen on April 30, 2024 to repay
3,500 million yen in loans maturing on the same date. In addition, MIRAI borrowed the long-term debt of 3,500 million yen on December
1, 2023 and 2,500 million yen on March 1, 2024 to fund the acquisition of real estate trust beneficiaries, and borrowed the long-term
debt of 400 million yen on April 30, 2024 to fund cash reserves reduced by the acquisition of a real estate trust beneficiary in March2024.
The balance of borrowings and investment corporation bonds as of the end of this fiscal period was 91,900 million yen (of which 500
million yen was the short-term debt, 11,000 million yen was the current portion of the long-term debt, 74,200 million yen was the longterm debt and 6,200 million yen was investment corporation bonds).
For the purpose of securing flexible and stable fund procurement and structuring an even stronger financial base, MIRAI has established
a commitment line with a maximum borrowing amount of 3,000 million yen (the balance of unexercised credit line as of the date of thisdocument is 2,500 million yen).
(iv) Operating Results and Distributions
As a result of the above operation, MIRAI recorded operating revenue of 5,887 million yen, operating income of 2,660 million yen,ordinary income of 2,273 million yen and net income of 2,244 million yen for this fiscal period.
Profit distributions for the current fiscal period (excluding distributions in excess of earnings) shall be made in accordance with the
distribution policy set forth in the Articles of MIRAI and in accordance with Article 67.15 of the Act on Special Measures Concerning
Taxation (Law No. 26 of 1957, including subsequent amendments. Hereinafter the “Act on Special Measures Concerning Taxation”),
188,765,096 yen is retained internally to stabilize future distributions per unit, and 2,193,556,000 yen, which is the total amount of
unappropriated retained earnings after deduction of the amount equivalent to internal reserves, as distributions from earnings, will be
paid as distribution (exclusive of distributions in excess of earnings), in an attempt to make profit distributions tax-deductible. As a resultof the above, the distributions per investment units for the fiscal period under review (excluding distributions in excess of earnings) was
1,150 yen.
(3) Status of Capital Increase, etc.
Changes in the total number of outstanding investment units and unitholders’ capital over the past five years are as follows.
Date

Summary

Total number of outstanding investment units(units)Changes

BalanceUnitholders' capital (Thousand yen) (Note 1)
Remarks
Changes

Balance

May 1, 2019

Split of investment units

1,186,230

1,581,640-

69,074,546(Note 2)

December 24,
2019

Capital increase through public offering

76,5001,658,140

4,215,609

73,290,155(Note 3)January 21, 2020

Capital increase through third-party allotment

4,100

1,662,240

225,934

73,516,089(Note 4)

December 24,
2021

Capital increase through public offering

104,000

1,766,240

4,746,456

78,262,545(Note 5)January 25, 2022

Capital increase through third-party allotment

5,200

1,771,440

237,32278,499,868(Note 6)

November 28,
2023

Capital increase through public offering

129,500

1,900,940

5,300,305

83,800,173(Note 7)

December 26,
2023

Capital increase through third-party allotment

6,500

1,907,440

266,038

84,066,212(Note 8)(Note 1) Changes in unitholders’ capital due to the implementation of distributions in excess of earnings related to the reserve for adjustment of temporary differences, etc. have not been taken into account.
(Note 2) MIRAI conducted a four-for-one unit split with April 30, 2019 as the record date and May 1, 2019 as the effective date.
(Note 3) New investment units were issued at the price of 57,037 yen per unit (paid-in amount of 55,106 yen) through a public offering for the acquisition of new properties, etc.
(Note 4) New investment units were issued at the price of 55,106 yen per unit through third-party allotment in connection with a public offering for the acquisition of new properties, etc.
(Note 5) New investment units were issued at the price of 47,238 yen per unit (paid-in amount of 45,639 yen) through a public offering for the acquisition of new properties, etc.
(Note 6) New investment units were issued at the price of 45,639 yen per unit through third-party allotment in connection with a public offering for the acquisition of new properties, etc.
(Note 7) New investment units were issued at the price of 42,363 yen per unit (paid-in amount of 40,929 yen) through a public offering for the acquisition of new properties, etc.
(Note 8) New investment units were issued at the price of 40,929 yen per unit through third-party allotment in connection with a public offering for the acquisition of new properties, etc.

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<Changes in Market Prices of Investment Securities>
The market price of MIRAI’s investment securities listed on the Tokyo Stock Exchange REIT Market changed during each fiscal period
as follows:
PeriodThe 12th Period
From Nov. 1, 2021
to Apr. 30, 2022

The 13th Period
From May 1, 2022
to Oct. 31, 2022

The 14th Period
From Nov. 1, 2022
to Apr. 30, 2023

The 15th Period
From May 1, 2023
to Oct. 31, 2023

The 16th Period
From Nov. 1, 2023
to Apr. 30, 2024

Maximum (Yen)

56,100 yen

51,700 yen

48,350 yen

47,750 yen

46,500 yen

Minimum (Yen)

46,650 yen

46,550 yen

42,750 yen

45,150 yen

42,550 yen(4) Results of Distributions, etc.
In accordance with the distribution policy set forth in Article 36 (1) of the Articles of Incorporation of MIRAI, the distribution amountis to exceed 90% of the distributable income of MIRAI as stipulated in Article 67.15 Paragraph (1) of the Act on Special Measures
Concerning Taxation. Based on this policy, 188,765,096 yen is retained internally to stabilize future distributions per unit, and2,193,556,000 yen, which is the total amount of unappropriated retained earnings after deduction of the amount equivalent to internal
reserves, as distributions from earnings, will be paid as distribution (exclusive of distributions in excess of earnings), in an attempt tomake profit distributions tax-deductible.
PeriodThe 12th Period
From Nov. 1, 2021
to Apr. 30, 2022

The 13th Period
From May 1, 2022
to Oct. 31, 2022

The 14th Period
From Nov. 1, 2022
to Apr. 30, 2023

The 15th Period
From May 1, 2023
to Oct. 31, 2023

The 16th Period
From Nov. 1, 2023
to Apr. 30, 2024

2,597,360

2,328,117

2,448,202

2,289,760

2,382,321

Unappropriated retained earnings(Thousand yen)

Retained earnings(Thousand yen)

3,984

445

136,473

137,460

188,765

Total amount of cash distributions(Thousand yen)

2,244,414

2,325,900

2,311,729

2,152,299

2,193,556[Distributions per unit]
Of which, total amount of profit distributions[Profit distributions per unit]
Of which, total amount of investment refunds(Yen)[1,267][1,313][1,305][1,215][1,150](Thousand yen)

2,244,414

2,325,900

2,311,729

2,152,299

2,193,556(Yen)[1,267][1,313][1,305][1,215][1,150](Thousand yen)

-

-

-

-

-

(Yen)

[-]

[-]

[-]

[-]

[-]

Total amount of distributions from the allowance fortemporary differences out of the total amount ofrefunds of investments(Thousand yen)

-

-

-

-

-

[Distribution of allowance for temporary differences
per unit out of refund of investment per unit]

(Yen)

[-]

[-]

[-]

[-]

[-]

(Thousand yen)

-

-

-

-

-

(Yen)

[-]

[-]

[-]

[-]

[-]

[Refund of investment per unit]

Total amount of distributions from distribution for
reduction of investment, etc. under the tax law out of
total amount of withdrawal of investment[Distribution from reduction of investment, etc. under
the tax law out of the amount of refund of investment
per unit](5) Future Management Policy and Other Issues(i) Future Management Environment
Going forward, the Japanese economy is expected to continue to grow faster than its potential growth rate, supported by moderate growthin overseas economies and an accommodative financial environment, as the positive cycle from income to spending strengthens.
Consumer prices are expected to be in the upper 2% range year-on-year in FY2024, and the underlying price inflation rate is expected
to gradually increase due to the improvement in the macro supply-demand gap and the strengthening of the virtuous cycle between
wages and prices, as prices are pushed up by the rise in oil prices and the reaction to the government’s economic stimulus measures. As
for risk factors, uncertainties surrounding the Japanese economy, such as trends in overseas economies and prices, resource prices, andcorporate wage and pricing behavior, remain high, and we need to closely monitor developments in the financial and foreign exchange
markets and their impact on the economy and prices.
(ii) Future Management Policy and Other Issues
MIRAI has implemented specific measures, such as strategic asset replacements and acquisition of Growth Assets with high profitability
and land assets with defensiveness, with the aim of increasing unitholders’ value based on sustainable growth in distributions per unit
and strategic management of the portfolio. In November 2023, MIRAI acquired prime assets with high unrealized gains through theissuance of new investment units for the first time in two years. MIRAI plans to promote the following measures going forward that willcontribute to growth, aiming to achieve the quantitative targets set forth in the Mid-term Management Plan "Smart Defense & Offensewith Aligned Interest" through 2025, while continuing to be conscious of progress in risk diversification and securing profitability andstability, under the theme of “Smart Defense & Offense with Aligned Interest”.
⚫
External growth strategy
Since the formulation of this Mid-term Management Plan, MIRAI has continued to closely monitor the characteristics of asset
classes and trends in the real estate leasing market, and has continued to consider acquisitions of various asset types in line withthe “Smart Defense & Offense with Aligned Interest” concept. Going forward, we intend to build a portfolio not only by
investment ratio by asset type, but also by being aware of the cash flow characteristics of lease agreements with a view toresponding to rising interest rates and cost inflation, and increase the ratio of variable rent and short-term contracts that can be
expected to have upside.
⚫
Portfolio management
In the office leasing market, vacancy rates in central Tokyo have peaked out and rents are bottoming out. With the convergenceof the COVID-19 disaster, a trend toward a return to offices is becoming apparent, and a shift from cautious management that
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placed the highest priority on maintaining and improving occupancy rate to a phase of raising rents in light of inflation trends is
expected in the future.
In the retail sector, we will continue our efforts to improve the performance of some Neighborhood type properties with saleslinked contracts, and we will also aggressively aim to increase rents in urban retail facilities, where demand is increasing
significantly due to inflation and the expansion of inbound consumption.
Hotels are also expected to continue to serve as growth drivers, as fixed rent hotels whose contracts have expired have beenswitched to variable rents, increasing upside potential, and some existing properties have recorded variable rents that exceed those
before COVID-19.
Financial strategy
MIRAI’s interest-bearing debt financing is partially managed at floating interest rates in light of the recent rise in interest rates,
while taking into consideration the balance between stabilizing the level of distributions per unit for the time being and increasing
costs over the long term. We intend to continue sound financial management while controlling the risk of long-term cost increases
and being aware of a certain fixed ratio. In addition, we are aiming for continuous external growth to achieve the AUM target set
in the Mid-term Management Plan, and will consider conducting a public offering if we judge that it will contribute to improving
unitholder value, based on the level of NAV multiple, growth rate of distribution per unit, and other factors.

(6) Significant Events after the Balance Sheet Date

Not applicable.

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2 Overview of MIRAI(1) Status of Unitholders’ Capital
PeriodThe 12th Period(Apr. 30, 2022)

The 13th Period(Oct. 31, 2022)

The 14th Period(Apr. 30, 2023)

The 15th Period(Oct. 31, 2023)

The 16th Period(Apr. 30, 2024)

Total number of investment units authorized(Units)

20,000,000

20,000,000

20,000,000

20,000,000

20,000,000

Total number of investment units outstanding(Units)

1,771,440

1,771,440

1,771,440

1,771,440

1,907,440

Total unitholders’ capital(Million yen)

78,49978,49978,49978,49984,066

Number of unitholders(Persons)

33,48536,01538,09937,058

41,116(2) Matters Concerning Investment Units
Major unitholders as of April 30, 2024 are as follows:
Number of units owned(Units)Name

Ratio to total units outstanding (%)

Custody Bank of Japan, Ltd. (Trust account)

266,324

13.96

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

229,090

12.01

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

94,461

4.95

STATE STREET BANK WEST CLIENT-TREATY 505234

30,856

1.62

JP MORGAN CHASE BANK 385771

30,753

1.61

SSBTC CLIENT OMNIBUS ACCOUNT

22,104

1.16

THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF
REPURCHASE AGREEMENT MOTHER FUND

21,600

1.13

MITSUI & CO. ASSET MANAGEMENT HOLDINGS LTD.

20,0001.05

IDERA Capital Management Ltd.

20,0001.05

STATE STREET BANK AND TRUST COMPANY 505103

18,4280.97

753,616

39.51

Total

(3) Matters Concerning Officers, etc.
(i) The Executive Director, Supervisory Director and Accounting Auditor for the current period are as follows:
Title

Executive Director

Name

Major concurrent posts outside MIRAI (Note 1)

Michio Suganuma

Representative Director, Mitsui Bussan & IDERA Partners Co., Ltd.

Takehiko Negishi

Lawyer, Vanderfalke Law Office

Hidetomo Nishii

CEO of Accel Partners, Inc.
Certified Public Accountant, Tax Accountant

Ernst & Young ShinNihon LLC-

Supervisory Directors

Accounting Auditor

Total compensation or fee forsix-month period ended April
30, 2024(Thousand yen)
-

3,676

14,800(Note 1) The Executive Director and Supervisory Directors do not own investment units of MIRAI under their own name or other names.
(Note 2) Supervisory Directors may be directors of other corporations not listed above, but do not have any interest in MIRAI including the above.
(Note 3) Remuneration for the accounting auditor includes remuneration for audit of financial statements in English (1,600 thousand yen) and remuneration for the preparation of the comfort letter in connection with theissuance of investment units (3,000 thousand yen). There are no amounts paid to persons belonging to the same network as the accounting auditor for non-audit services.

(ii) Policy on Dismissal and Non-reappointment of the Accounting Auditor
The dismissal of the accounting auditor shall be in accordance with the provisions of the AITIC, and the non-reappointment of theaccounting auditor shall be considered by the Board of Directors of MIRAI in comprehensive consideration of the quality of the audit,
the amount of audit fees and other various circumstances.

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(4) Matters Concerning Directors’ Liability Insurance Contracts
The directors’ liability insurance policies that MIRAI has in place are as follows:
Scope of Insured

Summary of Contract

Executive Director andSupervisory Directors(Summary of insured accidents to be covered)
MIRAI has concluded a directors’ liability insurance policy with an insurance company as stipulated in Article 116-3, Paragraph 1 of the AITIC, and the policy
will cover certain damages to be borne by the insured due to claims for damages arising from acts committed by the insured in the course of their duties as directorsof MIRAI(Percentage of premiums paid)
The policy includes an insurance rider pertaining to unitholders’ representative lawsuits, and the premiums for the rider portion are borne by the insured, whileother premiums are borne by MIRAI.
(Measures to ensure that the appropriateness of the execution of duties is not compromised)
The coverage does not apply to damages, etc. incurred by the insured due to criminal acts or acts committed while being aware of the violation of laws andregulations.

(5) Asset Management Company, Asset Custodian and General Administrators
The asset management company, asset custodian and general administrators as of April 30, 2024 are as follows:Business

Name

Asset management company

Mitsui Bussan & IDERA Partners Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank, Limited

Transfer agent

Sumitomo Mitsui Trust Bank, Limited

General administrator (institutional administration)

Mizuho Trust & Banking Co. Ltd.

General administrator (accounting)Reiwa Accounting Holdings Co., Ltd.

General administrator (tax payment)

Reiwakaikeisha Tax Corporation

General administrator related to investment corporation bonds

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

3 Status of MIRAI’s Assets under Management(1) Composition of Assets of MIRAIMIRAI’s assets composition is as follows:
Asset type

Category

Real estate

Real estate in trust

The 15th Period
As of October 31, 2023

The 16th Period
As of April 30, 2024

Total amount held
(Million yen)

Ratio to total assets(%)

Total amount held
(Million yen)

Ratio to total assets(%)

Office

2,274

1.3

2,288

1.2

Industrial

2,423

1.4

2,423

1.3

Total of real estate

4,697

2.7

4,712

2.5

Office86,25449.4

89,272

47.6

Retail

35,63420.4

38,273

20.4

Hotel

25,71814.7

32,873

17.5

Residence

2,300

1.3

2,291

1.2
4.8

Industrial

9,084

5.2

9,032

Educational

4,109

2.4

4,099

2.2

Total of real estate in trust

163,101

93.3

175,843

93.8

Deposits and other assets

6,947

4.0

7,007

3.7

Total assets

174,746

100.0

187,562100.0(Note) Total amount held is based on the balance sheet carrying amount (book value after depreciation in the case of real estate in trust) as of the end of the period.

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(2) Major Assets
The outline of major assets owned by MIRAI (top 10 assets in terms of book value) as of April 30, 2024 is as follows:
Name of real estate, etc.

Book value(Million yen)

Leasable area(sqm) (Note 1)

Leased area(sqm) (Note 2)

Occupancy rate(%) (Note 3)

Portion of real estateleasing businessrevenue (%)

Primary use

Kawasaki Tech Center

24,20922,737.07

22,449.98

98.7

16.6

OfficeShinagawa Seaside Parktower

19,983

22,205.78

22,205.78

100.0

11.9

OfficeTokyo Front Terrace

11,047

9,703.87

9,020.73

93.0

4.5

OfficeShinjuku Eastside Square

9,637

5,774.45

5,774.45

100.0

4.6

OfficeRetailOfficeAEON Kasai

9,577

28,338.45

28,338.45

100.0

Not disclosed(Note 4)MI Terrace Nagoya Fushimi

8,844

11,625.38

11,625.38

100.0

5.2

Rokko Island DC

7,518

15,563.37

15,563.37

100.0

Tsurumi Fuga 1

5,489

9,578.60

9,578.60

100.0

Mi-Nara

5,045

43,383.01

40,299.08

92.9

9.5

Not disclosed(Note 4)Not disclosed(Note 4)

Tokyo Eiseigakuen Senmongakko

4,099

4,220.46

4,220.46

100.0

Not disclosed(Note 4)

Total

105,451

173,130.44

169,076.28

97.7

65.4

Industrial
RetailRetail
Educational(Note 1) For “Leasable area”, the area that is rentable based on the lease contract or the building drawings of the building pertaining to each asset is stated. In case of land asset, the area of the land is listed. However, thearea of incidental areas such as parking lots and warehouses is not included.
(Note 2) For "Leased area" is the total area actually leased for each asset. However, the area of incidental areas such as parking lots and warehouses is not included.
(Note 3) “Occupancy rate” is calculated based on the formula of leased area divided by leasable area. The figures are rounded to one decimal place.
(Note 4) Not disclosed due to the absence of a tenant’s consent.

－

8

－

(3) Details of Real Estate and Other Assets
The following is a summary of the assets owned by MIRAI as of April 30, 2024.
Name of real estate, etc.

Location(Note 1)

Type of ownership

Leasable area(sqm)
(Note 2)

Book value at
end of period(Million yen)Appraisal value
at end of period(Million yen)
(Note 3)

Shinagawa Seaside Parktower

4-12-4, Higashi-Shinagawa, Shinagawa-ku, Tokyo

Trust beneficiaries

22,205.78

19,98322,063

Kawasaki Tech Center

580-16, Horikawa-cho, Saiwai-ku, Kawasaki-shi, Kanagawa

Trust beneficiaries

22,737.07

24,20925,000Shinjuku Eastside Square

6-27-30, Shinjuku, Shinjuku-ku, Tokyo

Trust beneficiaries

5,774.45

9,637

10,900Tokyo Front Terrace

2-3-14, Higashi-Shinagawa, Shinagawa-ku, Tokyo

Trust beneficiaries

9,703.87

11,047

10,692MI Terrace Nagoya Fushimi

1-10-1, Nishiki, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaries

11,625.38

8,844

10,800Hiroshima Rijo-dori Building

3-1-9, Otemachi, Naka-ku, Hiroshima-shi, Hiroshima

Trust beneficiaries

3,611.85

2,358

2,520

BizMiiX Yodoyabashi

3-1-6, Hirano-machi, Chuo-ku, Osaka-shi, Osaka

Trust beneficiaries

1,005.20

1,977

2,230

TCA Building

2-3-19, Motomachi, Naniwa-ku, Osaka-shi, Osaka

Real estate

3,212.81

2,288

2,210

Ehime Building/Hiroshima

2-10, Naka-ku Mikawa-cho, Hiroshima-shi, Hiroshima

Trust beneficiaries

4,700.45

2,947

3,040

MI Terrace Sendai Hirose-dori

1-6-9, Kokubuncho, Aoba-ku, Sendai-shi, Miyagi

Trust beneficiaries

3,804.07

2,036

2,320

MI Terrace Kita-Ueno

2-18-4, Kita-Ueno, Taito-ku, Tokyo

Trust beneficiaries

3,551.61

3,597

4,100

MI Terrace Hamamatsu

312-32, Tenma-cho, Chuo-ku, Hamamatsu-shi, Shizuoka

Trust beneficiaries

4,977.55

2,631

2,770

Shibuya World East Building

1-23-18, Shibuya, Shibuya-ku, Tokyo

Trust beneficiaries

1,701.55

3,364

5,640

THINGS Aoyama

4-10-15, Minami-Aoyama, Minato-ku, Tokyo

Trust beneficiaries

997.62

2,971

3,330

MI Cube Sendai Clisroad

2-2-30, Chuo, Aoba-ku, Sendai-shi, Miyagi

Trust beneficiaries

1,023.76

1,375

1,450

MI Cube Machida East

4-5-8, Haramachida, Machida-shi, Tokyo

Trust beneficiaries

2,176.15

1,997

2,250

MI Cube Shinsaibashi

1-1-16, Shinsaibashisuji, Chuo-ku, Osaka-shi, Osaka

Trust beneficiaries

833.58

2,688

2,850

AEON Kasai

3-9-19, Nishi-Kasai, Edogawa-ku, Tokyo

Trust beneficiaries

28,338.45

9,577

9,540

CAINZ MALL Hikone (land)

2-1-1, Bamba, Hikone-shi, Shiga

Trust beneficiaries

85,323.95

3,675

4,290

MaxValu Takatori (land)

3-16-18, Takatorikita, Asaminami-ku, Hiroshima-shi, Hirosima

Trust beneficiaries

5,748.81

987

1,070

Tsurumi Fuga 1

2-1, Tsurumi-ku Toyooka-cho, Yokohama-shi, Kanagawa

Trust beneficiaries

9,578.60

5,489

5,760

BIGMOTOR Ginan (land)

7-12, Ginan-cho Yatsurugi, Hashima-gun, Gifu

Trust beneficiaries

6,544.89

1,101

1,200

Hotel Sunroute Niigata

1-11-25, Higashi-Odori, Chuo-ku, Niigata-shi, Niigata

Trust beneficiaries

8,254.80

2,110

2,330

Daiwa Roynet Hotel Akita

2-2-41, Omachi, Akita-shi, Akita

Trust beneficiaries

7,439.36

1,825

2,210

Super Hotel Sendai/Hirose-dori

2-9-23, Chuo, Aoba-ku, Sendai-shi, Miyagi

Trust beneficiaries

3,283.95

1,207

1,660

Smile Hotel Osaka Tennoji (Note4)

2-3-3, Osaka, Tennoji-ku, Osaka-shi, Osaka

Trust beneficiaries

2,486.39

1,252

1,750

Super Hotel Saitama/Omiya

1-12-6, Sakuragi-cho, Omiya-ku, Saitama-shi, Saitama

Trust beneficiaries

2,946.55

1,038

1,330

Smile Hotel Kyoto Karasumagojo(Note 5)396-3, Osaka-cho, Gojo-sagaru, Karasuma-dori, Shimogyo-ku,
Kyoto-shi, Kyoto

Trust beneficiaries

2,144.02

1,015

1,550

EN HOTEL Ise

2-5-11, Fukiage, Ise-shi, Mie

Trust beneficiaries

4,099.31

1,994

1,910

Comfort Hotel Kitakami(1) (Hotel) 1-2-1 Kawagishi, Kitakami-shi, Iwate(2) (Retail Store) 1-2-8, Kawagishi, Kitakami-shi, Iwate

Trust beneficiaries

2,961.06

766

821

Hotel Wing International SelectUeno/Okachimachi

2-18-4, Higashi-ueno, Taito-ku, Tokyo

Trust beneficiaries

3,079.33

3,761

4,190

Smile Hotel Naha City Resort

2-32-1, Kume, Naha-shi, Okinawa

Trust beneficiaries

9,698.44

4,058

4,090

Smile Hotel Hakataeki-Mae

3-8-18, Hakataeki-mae, Hakata-ku, Fukuoka-shi, Fukuoka

Trust beneficiaries

2,432.72

3,757

3,710

Smile Hotel Nagoya Sakae

4-10-5, Sakae, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaries

2,909.20

2,942

2,960

1-2-12, Meieki Minami, Nakamura-ku, Nagoya-shi, Aichi

Trust beneficiaries

3,818.74

2,625

2,900

3-12-23-2, Sakae, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaries

2,823.74

1,824

2,200

3-7-3, Otemachi, Naka-ku, Hiroshima-shi, Hiroshima

Trust beneficiaries

4,401.26

2,692

3,010

Fiel Johoku

1-9-20, Johoku, Chuo-ku, Hamamatsu-shi, Shizuoka

Trust beneficiaries

8,747.08

2,291

2,510

Mi-Nara1-3-1, Nijo-oji-Minami, Nara-shi, Nara

Trust beneficiaries

43,383.01

5,045

3,300

Rokko Island DC

6-2-12, Koyo-cho-Nishi, Higashinada-ku, Kobe-shi, Hyogo

Trust beneficiaries

15,563.37

7,518

9,150

Real estate

16,529.10

2,423

2,550

36-19, Tsurumi-ku Daikoku-cho, Yokohama-shi, Kanagawa

Trust beneficiaries

3,499.83

1,514

1,590

4-1-1, Omorikita, Ota-ku, Tokyo

Trust beneficiaries

4,220.46

4,099

4,360

Kuretake Inn Premium Nagoya
Nayabashi
Hotel Wing International SelectNagoya Sakae
Hotel Kuretakeso Hiroshima
Otemachi

Odawara Material Storage andDelivery Center (land)
Yokohama-Daikokucho
Maintenance Center (land)Tokyo Eiseigakuen Senmongakko

2842-2 Sakaikyu, Kozu, Odawara-shi, Kanagawa

－

9

－

Name of real estate, etc.

Location(Note 1)

Type of ownership

Total

Leasable area(sqm)
(Note 2)

Book value at
end of period(Million yen)Appraisal value
at end of period(Million yen)
(Note 3)393,899.17

180,555

196,106(Note 1) “Location” shows the residence indication of the property.
(Note 2) For “Leasable area”, the area that is rentable based on the lease contract or the building drawings of the building pertaining to each asset is stated. The area of incidental areas such as parking lots and warehouses
is not included. If Asset to be Acquired is a co-ownership or quasi-co-ownership, it is calculated based on the proportion of ownership.
(Note 3) “Appraisal value at end of period” is the appraisal value provided by Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation & Advisory K.K., Japan Real Estate Institute, Japan Valuers Co., Ltd. and Tanizawa
Sogo Appraisal Co., Ltd. in accordance with the Article of MIRAI and the rules set forth by The Investment Trusts Association, Japan.
(Note 4) Due to the termination of the lease agreement with the previous tenant on February 13, 2024, “Property Name” was changed from “Super Hotel Osaka/Tennoji” to “Smile Hotel Osaka Tennoji”, the current
tenant's hotel brand, on February 14, 2024. The same applies hereinafter.
(Note 5) Due to the termination of the lease agreement with the previous tenant on February 19, 2024, “Property Name” was changed from “Super Hotel Kyoto/Karasumagojo” to “Smile Hotel Kyoto Karasumagojo”,
the current tenant's hotel brand, on February 20, 2024. The same applies hereinafter.

－

10

－

The leasing status of real estate properties owned by MIRAI is as follows:
The 15th Period(From May 1, 2023 to Oct. 31, 2023)

The 16th Period(From Nov. 1, 2023 to Apr. 30, 2024)

Total number oftenants[as of end of
period](Note 1)

Occupancy rate
[as of end of
period](%)(Note 1)
(Note 2)

Real estateleasingbusiness
revenue[during theperiod](Million yen)
(Note 3)

Total number oftenants[as of end of
period](Note 1)

Occupancy rate
[as of end of
period](%)(Note 1)
(Note 2)

Real estateleasingbusiness
revenue[during theperiod](Million yen)
(Note 3)

Portion of realestate leasing
business
revenue (%)

Portion of realestate leasing
business
revenue (%)

Shinagawa Seaside Parktower

24

91.4

708

12.3

27

100.0

699

11.9

Kawasaki Tech Center

26

100.0

999

17.4

25

98.7

975

16.6

Shinjuku Eastside Square

43

100.0

258

4.5

43

100.0

267

4.6

Tokyo Front Terrace

31

94.1

281

4.9

31

93.0

262

4.5

MI Terrace Nagoya Fushimi

8

100.0

311

5.4

8

100.0

305

5.2

Hiroshima Rijo-dori Building

13

100.0

86

1.5

13

100.0

85

1.5

BizMiiX Yodoyabashi

40

85.1

55

1.0

48

93.6

66

1.1

TCA Building

8

100.0

73

1.3

8

100.0

72

1.2

Ehime Building/Hiroshima

21

100.0

101

1.8

20

75.8

100

1.7

MI Terrace Sendai Hirose-dori

18

92.1

78

1.4

18

86.4

72

1.2

MI Terrace Kita-Ueno

7

100.0

96

1.7

7

100.0

95

1.6

MI Terrace Hamamatsu

-

-

-

-

33

98.6

75

1.3

Shibuya World East Building

8

100.0

121

2.1

8

100.0

120

2.0

Not disclosed(Note 4)1

100.0

Not disclosed(Note 4)Not disclosed(Note 4)

Name of real estate, etc.

THINGS Aoyama

1

100.0

Not disclosed(Note 4)

MI Cube Sendai Clisroad

3

100.0

41

0.7

3

100.0

43

0.7

MI Cube Machida East

9

85.9

63

1.1

9

85.9

58

1.0

MI Cube Shinsaibashi

-

-

3

100.0

-

-

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

AEON Kasai

1

100.0

CAINZ MALL Hikone (land)

1

100.0

MaxValu Takatori (land)

1

100.0

Tsurumi Fuga 1

1

100.0

BIGMOTOR Ginan (land)

1

100.0

Hotel Sunroute Niigata

1

94.6

70

Daiwa Roynet Hotel Akita

1

100.0

Super Hotel Sendai/Hirose-dori

1

Smile Hotel Osaka Tennoji

21

0.4

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

1

100.0

1

100.0

1

100.0

1

100.0

1

100.0

1.2

1

94.6

75

1.3

69

1.2

1

100.0

69

1.2

100.0

44

0.8

1

100.0

44

0.8

1

100.0

37

0.7

1

100.0

28

0.5

Super Hotel Saitama/Omiya

1

100.0

35

0.6

1

100.0

35

0.6

Smile Hotel Kyoto Karasumagojo

1

100.0

1

100.0

31

0.5

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

EN HOTEL Ise

1

100.0

Comfort Hotel Kitakami

2

100.0

Hotel Wing International SelectUeno/Okachimachi

1

100.0

Smile Hotel Naha City Resort

1

100.0

62

Smile Hotel Hakataeki-Mae

1

100.0

Smile Hotel Nagoya Sakae

1

100.0

Kuretake Inn Premium Nagoya
Nayabashi
Hotel Wing International SelectNagoya Sakae
Hotel Kuretakeso Hiroshima
OtemachiFiel Johoku

0.8
Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

1

100.0

2

100.0

1

100.0

1.1

1

100.0

55

1.0

62

1.1

1

100.0

83

1.4

54

1.0

1

100.0

-

-

-

-

1

100.0

-

-

-

-

1

100.0

-

-

-

-

1

100.0

1

100.0

67

1.2

1

100.0

－

44
Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

11

－

65

1.1

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)67

1.1

The 15th Period(From May 1, 2023 to Oct. 31, 2023)

Name of real estate, etc.

Total number oftenants[as of end of
period](Note 1)

Occupancy rate
[as of end of
period](%)(Note 1)
(Note 2)

59

95.3

Mi-NaraRokko Island DC

1

100.0

1

100.0

1

100.0

Tokyo Eiseigakuen Senmongakko

1

100.0

Total

342

98.5

Odawara Material Storage andDelivery Center (land)
Yokohama-Daikokucho
Maintenance Center (land)

Real estateleasingbusiness
revenue[during theperiod](Million yen)
(Note 3)

The 16th Period(From Nov. 1, 2023 to Apr. 30, 2024)

Portion of realestate leasing
business
revenue (%)

Total number oftenants[as of end of
period](Note 1)

Occupancy rate
[as of end of
period](%)(Note 1)
(Note 2)

62

92.9

647

11.3

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

5,744

100.0

1

100.0

1

100.0

1

100.0

1

100.0

393

98.3

Real estateleasingbusiness
revenue[during theperiod](Million yen)
(Note 3)

Portion of realestate leasing
business
revenue (%)

560

9.5

Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)Not disclosed(Note 4)

5,887

100.0

(Note 1) The figures are as of the end of the period.
(Note 2) “Occupancy rate” is calculated based on the formula of leased area divided by leasable area. The figures are rounded to one decimal place.
(Note 3) “Real estate leasing business revenue [during the period]” indicates the leasing business revenue of each asset for the period, rounded down to the nearest million yen.
(Note 4) Not disclosed due to the absence of a tenant’s consent.

(4) Outstanding Contract Amounts, etc. and Current Price of Specified Transactions
The outstanding contract amounts, etc. and current price of specified transactions as of April 30, 2024 is as follows:
Contract amount, etc. (Thousand yen) (Note 1)

ClassificationType

Non-market transactions

Interest rate swap transactions
Receive variable, pay fixed

Amount that exceeds 1 year
58,500,000

Market value (Thousand yen)
(Note 2) (Note 3)

51,500,000

537,921(Note 1) The contract amount, etc. is based on the notional principal.
(Note 2) For items that meet the requirements for special treatment under the Accounting Standard for Financial Instruments, the market value is omitted.
(Note 3) The market value is calculated based on the price provided by the financial institutions with which MIRAI has transactions.

(5) Other Assets
As of the end of the current fiscal period, there are no other specified assets as investment targets other than those listed in (3) Details
of Real Estate and Other Assets.
(6) Assets in Overseas
There is no asset investment outside Japan.
4 Capital Expenditure(1) Schedule of Capital Expenditure
The following is a list of major scheduled capital expenditures for renovations, etc. planned with respect to the assets owned by MIRAI
as of the end of the current fiscal period. Please note that some portions of the scheduled construction amount may be classified as
expenses for accounting purposes as a result.
Estimated construction cost (Thousand yen)
Name of real estate, etc.
(Location)

TotalamountPayment
for thecurrent
periodFrom May 2024
to October 2024

165,223--

From April 2024
to October 2024

138,183--

From September 2023
to September 2024

64,768--From May 2024
to October 2024

55,841--

From May 2024
to October 2024

41,401--

From November 2023
to April 2024

34,436---

166,407--

PurposeScheduled period

Kawasaki Tech Center(Kawasaki-shi, Kanagawa)Electrical installation work, elevator renewal
work, air-conditioning equipment work, etc.

Ehime Building/Hiroshima(Hiroshima-shi, Hiroshima)

Lease area maintenance work, airconditioning equipment work, etc.

Total
amountpaid

After Fiscal period ending October 31, 2024 (17th period)

Shinagawa Seaside Parktower(Shinagawa-ku, Tokyo)
Smile Hotel Naha City Resort(Naha-shi, Okinawa)

Emergency broadcasting equipment renewal
work, electrical installation work, lighting
equipment renewal work, etc.
Water supply and drainage systemconstruction, central monitoring equipment
renewal work, etc.

Mi-Nara(Nara-shi, Nara)

Compartment repair work, control panel
renewal work, etc.

Tokyo Front Terrace(Shinagawa-ku, Tokyo)

Compartment repair work, lighting
equipment installation, etc.

Others

-

－

12

－

(2) Capital Expenditure for the Current Fiscal Period
The following is a summary of major construction work, etc. that fell under the category of capital expenditure conducted during thecurrent fiscal period with respect to the assets owned by MIRAI as of the end of the current fiscal period. The total amount of construction
works applicable to capital expenditures for all assets owned during the current fiscal period was 1,042,494 thousand yen, and together
with 89,020 thousand yen in repair expenses classified as expenses for the current fiscal period, a total of 1,131,514 thousand yen in
construction work was conducted.
Name of real estate, etc.
(Location)

PurposeConstruction cost(Thousand yen)

Construction period

Kawasaki Tech Center(Kawasaki-shi, Kanagawa)Heat source renewal work, elevator renewal work,
compartment repair work, air-conditioning equipment
work, compartment repair work, electrical installation
work, etc.

From September 2023
to April 2024

510,034

Ehime Building/Hiroshima(Hiroshima-shi, Hiroshima)

Elevator renewal work, air-conditioning equipment work,
multi-level parking lot renovation, etc.

From December 2023
to April 2024

79,947

From April 2023
to April 2024

71,691

From July 2023
to April 2024

61,514

Electrical installation work, lighting equipment
installation, air-conditioning equipment work,
compartment repair work, etc.
Elevator renewal work, air-conditioning equipment work,
lighting equipment installation, electrical installation
work, etc.

Shinagawa Seaside Parktower(Shinagawa-ku, Tokyo)
Tokyo Front Terrace(Shinagawa-ku, Tokyo)
Smile Hotel Naha City Resort(Naha-shi, Okinawa)

Bathroom repair work, fire door repair work, etc.

From November 2023
to April 2024

55,250Mi-Nara(Nara-shi, Nara)

Lighting equipment installation, electrical installation
work, Water supply and drainage system construction, etc.

From November 2023
to April 2024

53,270--210,785

OthersTotal

1,042,494(3) Reserve for Long-Term Repair Plan
Not applicable.
5 Expenses(1) Details of Expenses Related to Asset Management, etc.
(Thousands of yen)

The 15th Period
From May 1, 2023
to October 31, 2023

Item

Asset management fee (Note)

The 16th Period
From November 1, 2023
to April 30, 2024
472,932

469,970

Asset custody fee

9,499

10,208Administrative service fees

23,034

20,861

Remuneration for directors

3,676

3,676

Other operating expenses

64,801

56,746573,945

561,463

Total(Note) In addition to the above, there are acquisition fee of 119,570 thousand yen that are included in the book value of individual assets in the 16th fiscal period.

6 Trading during the Fiscal Period under Review(1) Status of Real Estate, Asset-Backed Securities, Infrastructure Assets and Infrastructure-Related Assets etc.
Acquisition

Disposition

Acquisition date

Acquisition price(Million yen)
(Note)MI Terrace Hamamatsu

December 1, 2023

2,603

-

-

-

-

Kuretake Inn Premium Nagoya Nayabashi

December 1, 2023

2,470

-

-

-

-

Hotel Wing International Select Nagoya Sakae

December 1, 2023

1,700

-

-

-

-

Hotel Kuretakeso Hiroshima Otemachi

December 1, 2023

2,540

-

-

-

-

March 1, 2024

2,644

-

-

-

-

-

11,957----

Name of real estate, etc.

MI Cube Shinsaibashi
Total

Disposition date

Disposition price(Million yen)Book value(Million yen)

Gain/loss on sales(Million yen)

(Note) The acquisition price does not include miscellaneous expenses, property tax, city planning tax, consumption tax and local consumption tax required for the acquisition of the relevant real estate, etc.

(2) Other Assets
Not applicable.
(3) Investigation of the Price of Specified Assets(i) Real Estate, etc.
－

13

－

Acquisition/
Disposition

Acquisition

Transaction date

Type of assets

Acquisition/
Disposition
price(Million yen)

MI Terrace Hamamatsu

December 1,
2023

Real estate
trust
beneficiary

2,603

Kuretake Inn Premium Nagoya Nayabashi

December 1,
2023

Real estate
trust
beneficiary

Hotel Wing International Select Nagoya
Sakae

December 1,
2023

Hotel Kuretakeso Hiroshima Otemachi

MI Cube Shinsaibashi

Name of Real Estate, etc.

Appraisal value(Million yen)Appraiser

Appraisal date

2,770Japan Valuers
Co., Ltd.

October 1,
2023

2,470

2,900

Japan Valuers
Co., Ltd.

October 1,
2023

Real estate
trust
beneficiary

1,700

2,200

Japan Valuers
Co., Ltd.

October 1,
2023

December 1,
2023

Real estate
trust
beneficiary

2,540

3,010

Japan Valuers
Co., Ltd.

October 1,
2023

March 1, 2024

Real estate
trust
beneficiary

2,644

2,830

Daiwa Real
Estate Appraisal
Co., Ltd.

October 31,
2023(Note 1) For transactions that require appraisal of real estate, etc. pertaining to specified assets in accordance with Article 201, Paragraph 1 of the AITIC, the appraisal is conducted in accordance with Chapter 3, “Appraisalof the Value of Real Estate Subject to Securitization” of the respective sections of the Real Estate Appraisal Standards, and MIRAI has been notified of the results of such appraisal.
(Note 2) The acquisition price does not include miscellaneous expenses, property tax, city planning tax, consumption tax and local consumption tax required for the acquisition of the relevant real estate, etc.

(ii) Others
Not applicable.
(4) Status of Transactions with Interested Parties, etc.
(i) Sales and Purchases with Interested Parties, etc.
Not applicable.
(ii) Amount of fees to be paid
Not applicable.
(5) Status of Transactions with the Asset Manager Pertaining to Its Business Other than Asset Management
As of the end of the current fiscal period, the Asset Manager concurrently engages in the business of building lots and buildings
transaction, but there are no applicable transactions.
7 Status of Accounting(1) Status of Assets, Liabilities, Principal, Profit and Loss, etc.
Please refer to “Balance Sheet”, “Statements of Income”, “Statements of Changes in Net Assets”, “Notes” and “Distribution Information”
below.
(2) Change in the Method of Calculating Depreciation
Not applicable.
(3) Change in Valuation Method for Real Estate and Infrastructure Assets, etc.
Not applicable.
8 Disclosures Related to Beneficiary Certificates of Investment Trusts, etc. Established by MIRAI
Not applicable.
9 Disclosure Regarding Overseas Real Estate Holding Corporation
Not applicable.
10 Disclosure Regarding Real Estate Held by Overseas Real Estate Holding Corporation
Not applicable.
11 Others(1) Notice(i) General Meeting of Unitholders
Not applicable.
(ii) Board of Directors
The following is a summary of the major agreements and amendments approved by the Board of Directors of MIRAI during the current
fiscal period.

－

14

－

Approval dateNovember 14, 2023

Item
Execution of new investment unit
underwriting agreement, etc.

Overview
With respect to the issuance of new investment units and secondary offering of investment units approved at the Board of Directors
meeting held on the same day, MIRAI executed a certificate of agreement for underwriting new investment units between Nomura
Securities Co, Ltd., SMBC Nikko Securities Inc., Mizuho Securities Co, Ltd. and Mitsubishi UFJ Morgan Stanley Securities Co,
Ltd.

(2) Fractional Amounts and Percentages
In this document, unless otherwise stated, figures less than the stated amount are rounded down to the nearest million yen and percentages
are rounded to the nearest million yen.

－

15

－

－

16

－

－

17

－

－

18

－

Financial Statements(1) Balance Sheet(Thousands of yen)
As of October 31, 2023
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Income taxes refund receivable
Consumption taxes refund receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Guarantee deposits
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets
－

19

－

As of April 30, 2024

2,999,870
2,642,403
255,782
138,4603
21
6,036,541

2,634,983
2,861,830
259,360
135,568
211,91787
6,103,747

494,930(37,401)
457,528
564
(534)
30
4,770
(755)
4,014
288
(24)
263
4,235,946*1 39,163,201(6,815,786)
32,347,414
260,160(74,303)
185,857
259,599(93,681)
165,918*1 400,846(147,650)
253,196130,149,310
167,799,480

500,478(45,924)454,553564(564)
023,156(1,300)21,856288(48)
239
4,235,946*1 42,572,316(7,527,564)
35,044,752
283,058(80,243)
202,815
284,554(103,713)
180,841*1 448,524(181,599)
266,925
140,147,895
180,555,825

11,208231
11,439

9,063
231
9,295

182,918
11,006
659,927
853,851
168,664,772

244,201
2,474
11,006594,055
851,737
181,416,858

45,27045,270174,746,584

42,27942,279187,562,886

(Thousands of yen)
As of October 31, 2023
Liabilities
Current liabilities
Operating accounts payable
Distributions payable
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term borrowings
Leasehold and guarantee deposits received
Leasehold and guarantee deposits received in trust
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Unappropriated retained earnings (undisposed
loss)
Total surplus
Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

－

20

－

As of April 30, 2024

739,858
8,517
18,000,000
551,975
1,311
605
81,355698,930
698
5,404
20,088,656

632,6388,488
500,000
11,000,000
539,233
1,515
30,751
757,547
5,599
23,832
13,499,607

6,200,000
61,300,000
147,499
5,499,837
117,168
73,264,506
93,353,162

6,200,000
74,200,000
149,526
6,057,157
470,140
87,076,824
100,576,431

78,499,868

84,066,212

2,289,760

2,382,321

2,289,760
80,789,628

2,382,321
86,448,533

603,792
603,792*3 81,393,421
174,746,584

537,921537,921*3 86,986,454
187,562,886

(2) Statement of Income and Retained Earnings(Thousands of yen)
For the six-month
period ended
October 31, 2023
Operating revenue
Leasing business revenue
Other leasing business revenue
Total operating revenue
Operating expenses
Expenses related to leasing business
Asset management fee
Asset custody fees
Administrative service fees
Remuneration for directors (and other officers)
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Gain on forfeiture of unclaimed distributions
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuance
costs
Borrowing related expenses
Investment unit issuance expenses
Other
Total non-operating expenses
Ordinary income
Net income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

－

21

－

For the six-month
period endedApril 30, 2024

*1 4,740,629*1 5,002,253*1 1,003,523*1 885,250

5,744,152

5,887,503*1 2,702,512*1 2,665,610

472,932
9,499
23,034
3,676
64,801
3,276,457
2,467,695

469,970
10,20820,861
3,676
56,746
3,227,073
2,660,429

25
957
982

22
617
640

231,086
23,300264,791
23,300

2,990

2,990

50,811
308,188
2,160,489
2,160,489
605
6,597
7,202
2,153,286
136,473
2,289,760

71,07722,7693,000
387,928
2,273,141
2,273,141
30,755△2,47428,2802,244,860
137,460
2,382,321

(3) Statement of Changes in Net Assets
The Fiscal Period ended October 2023 (The 15th period from May 1, 2023 to October 31, 2023)(Thousands of yen)
Unitholders’ equity
Surplus
Unitholders' capital
Balance at beginningof period
Changes during
periodDividends ofsurplus

Unappropriated retained
earnings (undisposed
loss)

78,499,868

2,448,202

2,448,202

80,948,070(2,311,729)(2,311,729)(2,311,729)

2,153,286

2,153,286

2,153,286-(158,442)(158,442)(158,442)*1 78,499,868

2,289,760

2,289,760

80,789,628

Net income
Net changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
periodTotal unitholders’ equity
Total surplus(Thousands of yen)
Valuation and translation adjustments
Total valuation and translation
adjustments

Deferred gains or losses on hedges
Balance at beginningof period
Changes during
periodDividends ofsurplus129,904

129,904

81,077,975(2,311,729)

Net income
Net changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
periodTotal net assets

2,153,286
473,888473,888473,888473,888473,888

315,446

603,792

603,792

81,393,421

－

22

－

The Fiscal Period ended April 2024 (The 16th period from November 1, 2023 to April 30, 2024)(Thousands of yen)
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders' capital
Balance at beginningof period
Changes during
periodIssuance of new
investment units

Allowance for temporary
difference adjustment

78,499,868

Total deduction fromunitholders' capital

2,289,760

2,289,760

5,566,344

Unitholders’ capital, net
80,789,628

5,566,344

Dividends of surplus(2,152,299)(2,152,299)(2,152,299)

Net income

2,244,860

2,244,860

2,244,860

5,566,344

92,561

92,561

5,658,905*1 84,066,212

2,382,321

2,382,321

86,448,533

Net changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
period(Thousands of yen)
Valuation and translation adjustments
Total valuation and translation
adjustments

Deferred gains or losses on hedges
Balance at beginningof period
Changes during
periodIssuance of new
investment units
Dividends ofsurplus603,792

603,792

81,393,421

5,566,344(2,152,299)

Net income
Net changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
periodTotal net assets

2,244,860(65,871)(65,871)(65,871)(65,871)(65,871)5,593,033

537,921537,92186,986,454

－

23

－

(4) Statement of Cash Distributions(Yen)
Fiscal Period ended October 2023
(The 15th period from May 1, 2023
to October 31, 2023)
Ⅰ

Unappropriated retained earnings(undisposed loss)
Ⅱ
Distributions[Distributions per unit]
Ⅲ
Retained earnings to be carried forward(retained loss)
Method of calculation of distributions

Fiscal Period ended April 2024
(The 16th period from November 1, 2023
to April 30, 2024)

2,289,760,022

2,382,321,096

2,152,299,600[1,215]2,193,556,000[1,150]137,460,422

188,765,096

In accordance with the distribution policy set
forth in Article 36 (1) of the Articles ofIncorporation of MIRAI, the distribution
amount is to exceed 90% of the distributable
income of MIRAI as stipulated in Article 67.15
Paragraph (1) of the Act on Special Measures
Concerning Taxation. Based on this policy,
2,152,299,600 yen, which is the amount of
unappropriated retained earnings for the fiscal
period less 136,473,234 yen retained prior to theprevious period due to gain on sales of realestate, etc. and the remaining amount, excluding
a fraction of one yen in distribution perinvestment unit, will be paid as distribution(exclusive of distributions in excess ofearnings).

In accordance with the distribution policy set
forth in Article 36 (1) of the Articles ofIncorporation of MIRAI, the distribution
amount is to exceed 90% of the distributable
income of MIRAI as stipulated in Article 67.15
Paragraph (1) of the Act on Special Measures
Concerning Taxation. Based on this policy,
188,765,096 yen is retained internally tostabilize future distributions, and 2,193,556,000
yen, which is the total amount of unappropriatedretained earnings after deduction of the amountequivalent to internal reserves, as distributions
from earnings, will be paid as distribution(exclusive of distributions in excess ofearnings).

－

24

－

(5) Statement of Cash Flows(Thousands of yen)
For the six-month
period ended
October 31, 2023
Cash flows from operating activities
Net income before income taxes
Depreciation
Amortization of investment corporation bond issuancecosts
Investment unit issuance expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other, net
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Refund of leasehold and guarantee deposits received
Proceeds from leasehold and guarantee deposits
received
Refund of leasehold and guarantee deposits received intrust
Proceeds from leasehold and guarantee deposits
received in trust
Payments for restricted bank deposits held in trust
Proceeds from restricted bank deposits held in trust
Other payments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of investment units
Distributions paid
Other payments
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

－

25

－

For the six-month
period endedApril 30, 2024

2,160,489
709,471

2,273,141
773,665

2,990

2,990

(25)
254,386
32,217
12,90722,769(22)
288,091(3,577)2,891-(211,917)(8,625)
10,063
21,86011,55945,946
7,706
3,260,948
25(256,815)(80,307)2,923,850(118,438)(12,741)(81,355)
58,616(61,283)
38,8402,971,670
22(287,887)(604)
2,683,201(26,811)(623,921)-(26,120)(13,143,606)(1,200)-3,227(115,036)(116,346)

94,433

673,666(182,000)
182,103(671,233)(700)(12,611,081)(1,500,000)
5,000,000(3,500,000)(2,313,021)(1,331)(2,314,352)(61,735)
5,522,009*1 5,460,273

500,000
22,400,000(16,500,000)
5,543,574(2,151,711)(9,442)
9,782,420(145,459)
5,460,273*1 5,314,813

(6) Notes to the financial statements[Notes on Assumption of Going Concern]
Not applicable to the 16th Period.
[Organization]
MIRAI Corporation (hereinafter “MIRAI”) is diversified REIT. Based on AITIC, MIRAI was founded on December 4,2015 with a capital contribution of 150 million yen (750 units), by Mitsui Bussan & IDERA Partners Co., Ltd. (hereinafter
the “Asset manager”) as the founding planner and was listed on the REIT section of the Tokyo Stock Exchange on
December 16, 2016 (securities code: 3476). As of April 30, 2024, the numbers of investment units issued and outstandingare 1,907,440 units and MIRAI owns 43 properties (total acquisition price of 178,217 million yen).
MIRAI positions assets located in the three major metropolitan areas of Japan with high population concentrations as its
main investment targets and aims to obtain mid-to-long term stable cash flows and sustained growth in unitholders’ value
by building a portfolio centered on its “Core Assets” (Note).
(Note) “Core Assets” means the assets that constitute the core of MIRAI’s portfolio, which is composed by specificallytraditional investment properties such as offices, retail properties, hotels, residential and logistics properties. Occupancy
rates of 80% or more must be secured in principle (including cases where such occupancy rates are expected) with MIRAI
to determine a stable rental income to be expected.
[Basis of Presenting Financial Statements]
MIRAI maintains its accounting records and prepares its financial statements in accordance with the Japanese Generally
Accepted Accounting Principles (Japanese GAAP), including provisions set forth in the Financial Instrument and Exchange
Act of Japan, the AITIC, the Companies Act of Japan and the related regulations, which are different in certain respects as
to the application and disclosure requirements of International Financial Reporting Standards.
The accompanying financial statements are prepared from the Japanese financial statements of MIRAI, which wereprepared in accordance with Japanese GAAP and were presented in the Securities Report of MIRAI filed with the Kanto
Local Finance Bureau of the Ministry of Finance. The amounts in the financial statements originally prepared in Japanese
have been rounded off to the nearest thousand in the accompanying financial statements unless otherwise specified. MIRAI
does not prepare consolidated financial statements as MIRAI has no subsidiaries.

－

26

－

1.

2.

3.

4.

[Summary of Significant Accounting Policies]
Depreciation
A. Property, plant, and equipment (including trust assets)method for nonThe straight-line method is used.
current assets
The useful lives of property, plant and equipment are listed below.
Buildings
2 to 64 years
Structures
2 to 40 years
Machinery and equipment
5 to 29 years
Tool, furniture and fixtures 2 to 15 years
B. Intangible assets
As for software (for internal use), the straight-line method is used with an expected useful lifeof 5 years.
C. Leased assets
Leased assets related to finance lease transactions that transfer ownership
The same depreciation method is applied as that applied to owned fixed assets.
D. Long-term prepaid expenses
The straight-line method is used.
A.
Investment
corporation bond issuance costs
Accounting forInvestment
corporation bond issuance costs are amortized by the straight-line method over thedeferred assets
period through redemption.
B. Investment unit issuance expenses
Investment unit issuance expenses are fully expensed as incurred.
A. Accounting for property taxes
Accounting for
Property tax, city planning tax, depreciable asset tax, and the like levied on real estate assets andincome andother properties are accounted for as expenses related to rent business at the amounts
expensescorresponding to the fiscal period.
The amount of property tax, etc. paid to the seller as part of settlement for acquisition of realestate and real estate in trust is not accounted for as expenses but included in acquisition cost of
the respective real estate, etc. In the 15th Period, the property tax, etc. included in the acquisition
cost of real estate was none and 13,644 thousand yen in the 16th Period.
B. Accounting standards for revenue
The main performance obligations related to revenue arising from MIRAI’s contracts withcustomers and when it typically satisfies its performance obligations (the ordinary time at whichrevenue is recognized) are as follows.
(a) Disposition of real estate assets and other properties
For disposition of real estate assets and other properties, MIRAI recognizes revenue when
the customer-buyer obtains control of the real estate and other assets by fulfilling the delivery
obligations stipulated in the sales and purchase agreement.
(b) Utility revenue
Utility revenue is recognized based on the supply of electricity, water, etc. to the customerlessee in accordance with the real estate lease contract and related agreements. As to utilities
charges in cases where MIRAI is acting as an agent, the net amount derived by deducting
the amount to be paid to other parties supplying the electricity, gas, etc. from the amountreceived by MIRAI as utilities charges from the customer is recognized as revenue.
Hedge accounting A. Hedge accounting method
methodDeferred hedge accounting is applied.
For interest rate swaps transactions that meet the requirements for special treatment, special
treatment is applied.
B. Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest on borrowings
C. Hedging policy
MIRAI utilizes derivative transactions to hedge the risks specified in the Articles ofIncorporation of the Investment Corporation based on its risk management policy.
D. Method of assessing hedge effectivenessHedge effectiveness is assessed by making a comparison between the cumulative total of cash
flow fluctuations attributable to hedged items and the cumulative total of cash flow fluctuations
attributable to hedging instruments, and examining the ratio of these totals of fluctuations.
Interest rate swaps that meet the requirements for special treatment are omitted from assessmentof the effectiveness.

－

27

－

5.

6.

Scope of cash andcash equivalentsin the statement ofcash flows
Other significant
basis forpreparation offinancialstatements

Cash and cash equivalents consist of cash on hand, cash in trust, deposits and deposits in trust
withdrawable on demand, and short-term investments, which are easily convertible into cash, withlow risk of price fluctuation and with a maturity of less than three months.
A. Accounting for trust beneficiary right for real estate, etc. as trust asset
With regard to trust beneficiary right for real estate, etc. held as trust asset, all assets andliabilities as well as all revenue and expense items associated with trust assets are accounted forunder the respective account items of the Balance Sheet and Statement of Income and Retained
Earnings.
Of the trust assets accounted for under the respective account items, the following items withsignificance are separately indicated on the Balance Sheet.
(a) Cash and deposits in trust(b) Buildings in trust, Structures in trust, Tools, furniture and fixtures in trust and Land in trust(c) Leasehold and guarantee deposits received in trust
B. Method of accounting for consumption taxes unqualified for deduction
Consumption taxes unqualified for deduction for tax purposes for noncurrent assets, etc. are
included in acquisition cost for each asset.

[Notes to Financial Statements][Notes to Balance Sheet]*1. The reduction entry amount of the tangible fixed assets
The reduction entry amount of the tangible fixed assets acquired by government subsidies

The 15th Period(as of October 31, 2023)
Buildings in trust
Tools, furniture, and fixtures in trust(Thousands of yen)
The 16th Period(as of April 30, 2024)

213,030

213,030328

328*2. Commitment line contracts

MIRAI has the commitment line contracts with the banks.
th

The 15 Period(as of October 31, 2023)
Total amount specified in thecommitment line contracts
Borrowing balance at end of period
Outstanding loan commitments at
end of period(Thousands of yen)
The 16th Period(as of April 30, 2024)

3,000,000

3,000,000-

500,000

3,000,000

2,500,000*3. Minimum amount of net assets prescribed in Article 67, Item 4 of the Investment Trusts Actth

The 15 Period(as of October 31, 2023)(Thousands of yen)
The 16th Period(as of April 30, 2024)

50,00050,000－28－

[Notes to Statement of Income and Retained Earnings]*1. Breakdown of income from real estate leasing business(Thousands of yen)

A. Real estate leasing business revenue
Rent revenue-real estate
Rent income
Land rents received
Facility charges
Other lease business revenue
Utilities charges
Other operating income

The 15th Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

4,305,666
249,0444,566,842
249,044

185,917

4,740,629

746,253

186,366

5,002,253

679,370

257,269

1,003,523

Total real estate leasing business revenue

205,879

5,744,152

885,250
5,887,503

B. Real estate leasing business expenses
Expenses related to rent businessOutsourcing service expenses
Utilities expenses

391,723

402,730

681,291
452,865

575,513464,297

Depreciation

127,289
708,494

89,020772,688

Other expenses related to rent business

340,848

361,360

Taxes and dues
Repair expenses

Total real estate leasing business expenses

C. Income from real estate leasing
business (A - B)

－

29

－

2,702,512

2,665,610

3,041,640

3,221,893

[Notes to Statement of Changes in Net Assets]*1. Total number of investment units authorized and total number of investment units issued and outstanding
The 15th Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

Total number of investment units
authorized
Total number of investment units
issued and outstanding

20,000,000 units

20,000,000 units

1,771,440 units

1,907,440 units[Notes to Statement of Cash Flows]*1. Relationship between cash and cash equivalents at end of period and the amount on the balance sheet(Thousands of yen)
The 15th Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

Cash and deposits

2,999,870

2,634,983

Cash and deposits in trust

2,642,403

2,861,830

Restricted deposits held in trust(Note)(182,000)(182,000)

Cash and cash equivalents

5,460,273

5,314,813(Note) These are deposits that are reserved for the return of security deposits from tenants.
[Notes to Lease Transactions]1. Finance lease transactions (as a lessee)
Finance lease transactions that transfer ownership(i) Details of leased assets
It is mainly Buildings in trust.
(ii) Depreciation method
The depreciation method for such assets is the same as the depreciation method applied to proprietary fixed assets.
2. Operating lease transactions (as a lessor)(Thousands of yen)th

The 15 Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

Future lease payments receivable
Due within one year
Due after one year

3,948,382
31,370,345

4,444,550
36,661,497

Total

35,318,727

41,106,048[Notes to Financial Instruments]
1. Matters concerning the status of financial instruments

A. Policies on financial instruments
MIRAI procures funds mainly by additionally issuing investment units, borrowing funds, or issuing investment
corporation bonds for the purpose of securing funds required for acquisition of assets, repair and other maintenancecosts, payments of dividends, and operation of MIRAI or repayment of debts.
With respect to borrowing of funds and issuance of investment corporation bonds, we consider the balance between
flexibility of financing and financial stability. Specifically, we consider, among other things, the long-term ratio, fixedinterest ratio, diversification of maturities, financing method (borrowings and/or investment corporation bonds) andestablishment of commitment lines.
MIRAI uses derivative transactions for the purpose of hedging interest rate fluctuation risk and other risks anddoes not enter into derivative transactions for speculative or trading purpose.
MIRAI invests surplus funds in securities and monetary claims with a focus on safety and liquidity, and does notengage into speculative investment.
－

30

－

B. Description of financial instruments and associated risks, and the risk management system
Deposits are one means of investing the surplus funds of MIRAI and are exposed to credit risk such as thebankruptcy of deposit financial institutions. MIRAI carefully manages deposits by limiting the term of deposits toa short period of time, taking into consideration safety, liquidity, and other factors, and giving due consideration
to the financial environment and cash flow.
Borrowings and investment corporation bonds are used primarily for acquisition of assets and repayments of debts,
and are exposed to liquidity risk at the time of repayment/redemption. MIRAI strives to mitigate liquidity risk by
diversifying lenders, repayment periods, and means of funds procurement and by securing liquidity on hand by
setting commitment lines and manages liquidity risk by preparing cash flow management sheet and other methods.
Variable interest rate borrowings are exposed to the risk of interest rate fluctuations. Derivative transactions areused to hedge the risk of fluctuations in the interest rate payable for a portion of the borrowings. See “4. Hedge
accounting method” above under “Summary of Significant Accounting Policies” for details about the hedging
instruments, hedged items, hedging policy, and method of assessing hedge effectiveness, etc. in hedge accounting.
C. Description of financial instruments
Fair value of financial instruments comprises value based on market prices or rationally calculated value in thecase the market prices are not available. As certain assumptions are applied in performing calculation of suchvalue, the value may differ if different assumptions are used. In addition, the contract value of derivativetransactions, which is presented in the following section entitled “Notes to Derivatives” is not an exact
representation of market risk attributable to derivative transactions.
2. Matters concerning fair value, etc. of financial instruments

Amounts on the Balance Sheet, fair value and their difference as of October 31, 2023 are as follows;
The fair values of “Cash and deposits” and “Cash and deposits in trust” are omitted because their fair value approximates
their book value due to cash and short term maturities.

(Thousands of yen)Amounton the balance sheet(i)Current portion of long-term(ii)borrowings
Investment corporation bonds(iii)

Long-term borrowings(iv)

Total liabilities
Derivative transactions *Fair value

18,000,000

Difference

17,998,105(1,894)6,200,000

5,815,300(384,700)

61,300,000

61,256,849(43,150)

85,500,000

85,070,254(429,745)

603,792

603,792-

Amounts on the Balance Sheet, fair value and their difference as of April 30, 2024 are as follows;
The fair values of “Cash and deposits”, “Cash and deposits in trust” and “Short-term borrowings” are omitted because theirfair value approximates their book value due to cash and short term maturities.

(Thousands of yen)Amounton the balance sheet(i)Current portion of long-term(ii)borrowings
Investment corporation bonds(iii)

11,000,000

Long-term borrowings
Total liabilities

Fair value

Difference

10,995,235(4,764)6,200,000

5,821,820(378,180)

74,200,000

74,090,482(109,517)

91,400,000

90,907,537(492,462)(iv)

Derivative transactions *537,921537,921*Net amounts are shown for credits and liabilities attributable to derivative transactions, and the total of the items
that constitute net liabilities is shown in [ ].

(Note 1) Matters concerning the method of calculating the Fair value of financial instruments and derivativetransactions.
(i) Current portion of long-term borrowings and (iii) Long-term borrowings
The fair value of these is calculated by discounting such borrowings at rates that would be applied if new
borrowings with the same amount are made under similar terms and conditions. However, the fair valueof long-term borrowings with floating interest rate, to which special treatment for interest rate swaps is
－

31

－

applied, is calculated by discounting such borrowings, which are treated in combination with the saidinterest rate swaps, at reasonably estimated rates that would be applied if new borrowings are made.
(ii) Investment corporation bonds
The fair value of these is based on the reference values disclosed by the Japan Securities Dealers
Association.
(iv) Derivative transactions
See “Notes to Derivatives” below.
(Note 2) Leasehold and guarantee deposits received and leasehold and guarantee deposits received in trust are omitted
due to immateriality.
(Note 3) Repayment schedule for borrowings and Investment corporation bonds after the closing date (as of October
31, 2023)(Thousands of yen)
WithinAfter
1-2 years
2-3 years
3-4 years
4-5 years
1 year
5 years
Investment
corporation bonds
Long-term
borrowings
Total

-

-

-

-

1,000,000

5,200,000

18,000,000

16,500,000

5,500,000

16,000,000

13,700,000

9,600,000

18,000,000

16,500,000

5,500,000

16,000,000

14,700,000

14,800,000

Repayment schedule for borrowings and Investment corporation bonds after the closing date (as of April 30,
2024)(Thousands of yen)
WithinAfter
1-2 years
2-3 years
3-4 years
4-5 years
1 year
5 years
Investment
corporation bonds

-

-

-

-

1,000,000

5,200,000

Long-term
borrowings

11,000,000

8,500,000

18,000,000

13,400,000

17,300,000

17,000,000

Total

11,000,000

8,500,000

18,000,000

13,400,000

18,300,000

22,200,000[Notes to Investment Securities]

The 15th Period (as of October 31, 2023)
Not applicable.
The 16th Period (as of April 30, 2024)
Not applicable.

－

32

－

[Notes to Derivatives]

The 15th Period (as of October 31, 2023)
1. Transactions not applicable to hedge accounting
Not applicable.
2. Transactions applicable to hedge accounting
The following table shows the contract amount on the closing date for derivative transactions, or the amountcorresponding to the principal specified in the contract.
Contract amount
Fair value
Method used
Hedge
(Thousandsof yen)Type of derivative Primary hedged
accounting(Thousands
to calculate
Amounttransactions
items
methodof yen)the fair value
over one year

Deferredhedgeaccounting

Specialtreatment
for interest
rate swaps

Interest rate swap
transactions
Receive variable, pay
fixedLong-term
borrowings

61,100,000

51,100,000

603,792

Interest rate swap
transactions
Receive variable, pay
fixedLong-term
borrowings

3,500,000

3,500,000*

Based onprices andotherconditions
presented byfinancial
institutions-*The fair value of interest rate swaps that qualify for special treatment is included in the fair value of the relevant longterm borrowings because they are accounted for as an integral part of the long-term borrowings that are hedged. (Pleaserefer to “Notes to Financial Instruments” 2. “Matters concerning fair value, etc. of financial instruments” (Note 1) (iii)
above.)
The 16th Period (as of April 30, 2024)
1. Transactions not applicable to hedge accounting
Not applicable.
2. Transactions applicable to hedge accounting
The following table shows the contract amount on the closing date for derivative transactions, or the amountcorresponding to the principal specified in the contract.
Contract amount
Fair value
Method used
Hedge
(Thousands of yen)Type of derivative Primary hedged
accounting(Thousands
to calculate
Amounttransactions
items
methodof yen)the fair value
over one year

Deferredhedgeaccounting

Specialtreatment
for interest
rate swaps

Interest rate swap
transactions
Receive variable, pay
fixedLong-term
borrowings

53,600,000

46,600,000

537,921

Interest rate swap
transactions
Receive variable, pay
fixedLong-term
borrowings

4,900,000

4,900,000*

Based onprices andotherconditions
presented byfinancial
institutions-*The fair value of interest rate swaps that qualify for special treatment is included in the fair value of the relevant longterm borrowings because they are accounted for as an integral part of the long-term borrowings that are hedged. (Pleaserefer to “Notes to Financial Instruments” 2. “Matters concerning fair value, etc. of financial instruments” (Note 1) (iii)
above.)－

33－

[Notes to Retirement Benefits]

The 15th Period (as of October 31, 2023)
Not applicable.
The 16th Period (as of April 30, 2024)
Not applicable.
[Notes to Tax Effect Accounting]
1. Breakdown of major causes of deferred tax assets and deferred tax liabilities(Thousands of yen)th

The 16th Period(as of April 30, 2024)

The 15 Period(as of October 31, 2023)
Deferred tax assets
Enterprise tax not deductible

-

2,474

Subtotal deferred tax assets
Total deferred tax assets

-

2,474

-

2,474

-

2,474

Deferred tax assets, net

2. Breakdown by major cause of material difference between the effective statutory tax rate and the effective tax rate

after applying tax effect accounting(%)
th

The 15 Period(as of October 31, 2023)
Effective statutory tax rate
(Adjustments)
Deductible cash distributions
Other
Effective tax rate after applying tax effect accounting[Notes to Equity in Earnings of Affiliates]

The 15th Period (as of October 31, 2023)
Not applicable.
The 16th Period (as of April 30, 2024)
Not applicable.
[Transactions with Related Parties]
1. Parent company and principal corporate unitholders

The 15th Period (from May 1, 2023 to October 31, 2023)
Not applicable.
The 16th Period (from November 1, 2023 to April 30, 2024)
Not applicable.
2. Subsidiaries and affiliates

The 15th Period (from May 1, 2023 to October 31, 2023)
Not applicable.
The 16th Period (from November 1, 2023 to April 30, 2024)
Not applicable.
3. Sister companies

The 15th Period (from May 1, 2023 to October 31, 2023)
Not applicable.
－

34

－

th

The 16 Period(as of April 30, 2024)

31.46

34.59

(31.15)0.03(33.38)
0.03

0.33

1.24

The 16th Period (from November 1, 2023 to April 30, 2024)
Not applicable.
4. Directors and principal individual unitholders

The 15th Period (from May 1, 2023 to October 31, 2023)
Paid-inName ofBusiness
Nature of relationshipcapital or
description Voting rights
Classify- company
Address investmentoror
holding ratio Concurrent Businesscation(Thousands
individual
occupation
posts
relationshipof yen)Nature oftransaction

Executive
director of
MIRAI andPresident of
Mitsui Bussan& IDERA
PartnersCo., Ltd.

Payments ofasset
management
fee to Mitsui
Bussan &IDERAPartners Co.,
Ltd.
(Note 1)
(Note 2)

Directoror theMichioclose Suganuma
relative--

Executive
director of
Asset
MIRAI andPresident of management
Mitsui Bussan company of& IDERAMIRAIPartnersCo., Ltd.

-Balance atTransaction
end ofamountAccount
period(Thousands(Thousandsof yen)of yen)472,932

Accounts
payable other520,225(Note 1) This is a transaction executed by Michio Suganuma as President of a third party (Mitsui Bussan & IDERA Partners Co.,
Ltd.), and the fee is in line with the Articles of Incorporation of MIRAI.
(Note 2) Of the above amounts, the transaction amount does not include consumption taxes while the balance at the end of fiscal
period does.
The 16th Period (from November 1, 2023 to April 30, 2024)
Paid-inName ofBusiness
Nature of relationshipcapital or
description Voting rights
Classify- company
Address investmentoror
holding ratio Concurrent Businesscation(Thousands
individual
occupation
posts
relationshipof yen)Nature oftransaction

Executive
director of
MIRAI andPresident of
Mitsui Bussan& IDERA
PartnersCo., Ltd.

Payments ofasset
management
fee to Mitsui
Bussan &IDERAPartners Co.,
Ltd.
(Note 1)
(Note 2)

Directoror theMichioclose Suganuma
relative--

Executive
director of
Asset
MIRAI andPresident of management
Mitsui Bussan company of& IDERAMIRAIPartnersCo., Ltd.

-Balance atTransaction
end ofamountAccount
period(Thousands(Thousandsof yen)of yen)589,540(Note 3)

Accounts
payable other516,967(Note 1) This is a transaction executed by Michio Suganuma as President of a third party (Mitsui Bussan & IDERA Partners Co.,
Ltd.), and the fee is in line with the Articles of Incorporation of MIRAI.
(Note 2) Of the above amounts, the transaction amount does not include consumption taxes while the balance at the end of fiscal
period does.
(Note 3) Asset management fee includes acquisition fee of 119,570 thousand yen, which were included in the book value of theacquired properties.
[Notes to Asset retirement obligations]

The 15th Period (as of October 31, 2023)
Not applicable.
The 16th Period (as of April 30, 2024)
Not applicable.

－

35

－

[Notes to Lease Properties]
MIRAI holds offices, retails, hotels, a residence, industrial assets and an educational asset in Tokyo and other regions. The

amounts on the Balance Sheet changes during the fiscal period, and fair value of lease properties are as follows.
(Thousands of yen)
The 15th Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

Amount on the balance sheet
Balance at the beginning of
the period
Changes during the period
Balance at the end of theperiod167,832,421

167,799,480(32,940)

12,756,345

167,799,480

180,555,825

Fair value at the end of the period
182,547,000
196,106,800(Note 1) The amount on the balance sheet is acquisition cost less accumulated depreciation.
(Note 2) The amount on the balance sheet does not include the amount of the construction in progress in trust.
(Note 3) Of the amount of increase (decrease) of the lease properties during the 15th period, the reason of increase ismainly attributable to capital expenditure (673,720 thousand yen) and the reasons of decrease are mainly
attributable to depreciation (706,661 thousand yen). During the 16th period, the reason of increase is mainly
attributable to acquisition of 5 real estate trust beneficiary rights (12,484,671 thousand yen) and the reason of
decrease is mainly attributable to depreciation (770,820 thousand yen).
(Note 4) The fair value at the end of the fiscal period is the appraisal value provided by an outside real estate appraiser.
The income concerning lease properties, etc. for the 16th Periods is indicated under “Notes to Statement of Income
and Retained Earnings” above.
[Notes to Revenue Recognition]
1. Disaggregated information on revenue from contracts with customers

The 15th Period (from May 1, 2023 to October 31, 2023)(Thousands of yen)
Sales to external customers

Revenue from contracts withcustomers (Note)--

746,253746,253-

4,997,898

Disposition of real estate, etc.
Utility revenue
OthersTotal
746,253
5,744,152(Note) Leasing business revenue, etc. subject to ASBJ Statement No. 13 “Accounting Standard for Lease Transactions”
is not included in “Revenue from Contracts with Customers” as it is not subject to the Accounting Standard for
Revenue Recognition. The main revenue from contracts with customers is from the gain on sale from real estate
properties and utility revenue.
The 16th Period (from November 1, 2023 to April 30, 2024)(Thousands of yen)
Sales to external customers

Revenue from contracts withcustomers (Note)-

Disposition of real estate, etc.
Utility revenue
Others-679,370679,370-

5,208,133

Total
679,370
5,887,503(Note) Leasing business revenue, etc. subject to ASBJ Statement No. 13 “Accounting Standard for Lease Transactions”
is not included in “Revenue from Contracts with Customers” as it is not subject to the Accounting Standard for
Revenue Recognition. The main revenue from contracts with customers is from the gain on sale from real estate
properties and utility revenue.
－

36

－

2. Information that provides a basis for understanding revenue from contracts with customers

The 15th Period (from May 1, 2023 to October 31, 2023)
As stated in the Summary of Significant Accounting Policies.
The 16th Period (from November 1, 2023 to April 30, 2024)
As stated in the Summary of Significant Accounting Policies.
3. Information on relationship between the fulfillment of performance obligations under contracts with customers andcash flows from such contracts and the amount and timing of revenue expected to be recognized from contracts withcustomers that exist at the end of the current period in the subsequent period(1) Balance of contract assets and contract liabilities, etc.
The 15th Period

The 16th Period(from May 1, 2023 to October 31, 2023)(from November 1, 2023 to April 30, 2024)

143,415 thousand yen

123,776 thousand yen

123,776 thousand yen

127,492 thousand yen- thousand yen- thousand yen- thousand yen- thousand yen- thousand yen- thousand yen- thousand yen- thousand yen

Receivables arising from contracts
with customers (at beginning of fiscal
period)Receivables arising from contracts
with customers (at end of fiscal period)

Contract assets (at beginning of fiscal
period)Contract assets (at end of fiscal
period)Contract liabilities (at beginning offiscal period)

Contract liabilities (at end of fiscal
period)(2) Transaction price allocated to remaining performance obligations
The 15th Period (from May 1, 2023 to October 31, 2023)
In accordance with Paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, MIRAI
recognizes utility revenues at the amount it has the right to charge, because MIRAI has the right to receive from thecustomer the amount of consideration that directly corresponds to the value to the customer, the lessee, of the portionof the performance completed by the end of the fiscal period. Accordingly, MIRAI has applied the provisions ofparagraph 80-22 (2) of the Accounting Standard for Revenue Recognition and has not included in the notes thetransaction price allocated to the remaining performance obligations.
The 16th Period (from November 1, 2023 to April 30, 2024)
In accordance with Paragraph 19 of the Guidance on Accounting Standard for Revenue Recognition, MIRAI
recognizes utility revenues at the amount it has the right to charge, because MIRAI has the right to receive from thecustomer the amount of consideration that directly corresponds to the value to the customer, the lessee, of the portionof the performance completed by the end of the fiscal period. Accordingly, MIRAI has applied the provisions ofparagraph 80-22 (2) of the Accounting Standard for Revenue Recognition and has not included in the notes thetransaction price allocated to the remaining performance obligations.
[Segment Information](ⅰ) Segment information
The 15th Period (from May 1, 2023 to October 31, 2023)
Description is omitted as MIRAI engages in a single segment of the real estate leasing business.
The 16th Period (from November 1, 2023 to April 30, 2024)
Description is omitted as MIRAI engages in a single segment of the real estate leasing business.
(ii) Related information
The 15th Period (from May 1, 2023 to October 31, 2023)
－

37

－

A.

B.

C.

Information by product and service
Description is omitted as net sales for external customers in a single product/service category exceed 90% of
the operating revenue on Statement of Income and Retained Earnings.
Information by region(a) Net sales
Description is omitted as net sales for external customers in Japan exceed 90% of the operating revenue on
the Statement of Income and Retained Earnings.
(b) Property, plant, and equipment
Description is omitted as the amount of property, plant, and equipment located in Japan exceeds 90% of theproperty, plant, and equipment on the Balance Sheet.
Information by major tenant
Description is omitted as net sales for all single external customers are less than 10% of the operating revenue
on the Statement of Income and Retained Earnings.

The 16th Period (from November 1, 2023 to April 30, 2024)
A. Information by product and service
Description is omitted as net sales for external customers in a single product/service category exceed 90% of
the operating revenue on Statement of Income and Retained Earnings.
B. Information by region(a) Net sales
Description is omitted as net sales for external customers in Japan exceed 90% of the operating revenue on
the Statement of Income and Retained Earnings.
(b) Property, plant, and equipment
Description is omitted as the amount of property, plant, and equipment located in Japan exceeds 90% of theproperty, plant, and equipment on the Balance Sheet.
C. Information by major tenant
Description is omitted as net sales for all single external customers are less than 10% of the operating revenue
on the Statement of Income and Retained Earnings.
[Per Unit Information]
The 15th Period

The 16th Period(from May 1, 2023 to October 31, (from November 1, 2023 to April 30,
2023)
2024)

Net assets per unit

45,947 yen

45,603 yen

Net income per unit

1,215 yen

1,190 yen

(Note 1) Net income per unit was calculated by dividing net income by average number of investment units during
period. Diluted net income per unit is not stated as there are no dilutive investment units.
(Note 2) The calculation of net income per unit is based on the following.
The 15th Period

The 16th Period(from May 1, 2023 to October 31, (from November 1, 2023 to April 30,
2023)
2024)

Net income

2,153,286 thousand yen

2,244,860 thousand yen--

Net income pertaining to common investment units

2,153,286 thousand yen

2,244,860 thousand yen

Average number of investment units during period

1,771,440 units

1,886,264 units

Amount not attributable to common unitholders[Notes to Significant Subsequent Events]
Not applicable.

－

38

－

[Annexed Table](i) Securities
Not applicable.
(ii) Contract Amount and Fair Value of Derivative Transactions and Forward Exchange Contracts(Thousands of yen)Type of derivativetransactions

Contract amount (Note 1)
Amount over one
year

Interest rate swap
transactions
Receive variable,
pay fixed

58,500,000

51,500,000

537,92158,500,000

51,500,000

537,921Classification

Non-market transaction

Total

Fair value(Note 2) (Note 3)(Note 1) Contract amounts are based on notional principal.
(Note 2) Fair values are calculated based on the amount provided by counterparty financial institutions.
(Note 3) Of the market value amounts, transactions to which the special treatment of interest rate swaps is applied based on the “Accounting Standard for
Financial Instruments” (ASBJ Statement No. 10, July 4, 2019) are not marked to market on the balance sheet.

(iii) Real Estate, etc.
(Thousands of yen)Type of assets

Balance at
beginning of
periodAccumulated depreciation

Amount ofAmount ofBalance at end
increase during decrease during
Depreciationof periodor Accumulated
periodperiodandamortizationamortization

Net balance at
Remarks
end of period

Building

494,930

5,548-

500,478

45,924

8,522

454,553

Structures

564

-

-

564

564

30

0

4,770

18,386-23,1561,300

544

21,856

288

-

-

288

48

24

239

Machinery andequipment
Tools, furniture andfixtures(Note)(Note)

Land
Total
property,plant and Building in trust
equipment
Structures in trust

4,235,946--

4,235,946--

4,235,946

39,163,201

3,409,115-

42,572,316

7,527,564

711,778

35,044,752(Note)

260,160

22,897-

283,058

80,243

5,939

202,815(Note)

Machinery andequipment in trust

259,599

24,955-284,554

103,713

10,031

180,841(Note)

Tools, furniture andfixtures in trust

400,846

47,677-448,524

181,599

33,948

266,925(Note)

130,149,310

9,998,584-

140,147,895--

140,147,895(Note)

174,969,617

13,527,165-

188,496,783

7,940,957

770,820

180,555,825

31,304700-

32,00422,940

2,845

9,063

231

-

-

231

-

-

231

31,535700-

32,236

22,940

2,845

9,295

175,001,153

13,527,866-

188,529,019

7,963,898

773,665

180,565,121

Land in trust
Subtotal
SoftwareIntangible
Other
assetsSubtotal
Total(Note) The increase in property, plant and equipment during the period is due to acquisition of 5 real estate trust beneficiary rights, etc.

(iv) Other Specified Assets
Not applicable.

－

39

－

(v) Investment Corporation Bonds(Thousands of yen)
Brand name

Balance at
Amount ofAmount ofInterest
Balance at end
Redemption
beginning of increase during decrease during
rateof period
date
periodperiodperiod(%)

Issuance date

First Series ofUnsecured Investment-

1,000,000

0.640 July 26, 2028

July 13, 2020

1,000,000--

1,000,000

0.800

July 12,2030

Repaymentofborrowings(Note 1)

September 28,
2021

2,000,000--

2,000,000

0.700

September
26, 2031

Repaymentofborrowings(Note 1)

September 28,
2021

1,000,000--

1,000,000

0.980

September
26, 2036

Repaymentofborrowings(Note 1)

November 30,
2021

1,200,000--

1,200,000

0.700

November28, 2031

Repaymentofborrowings(Note 1)-6,200,000--

6,200,000-

Corporation Bonds
Fourth Series ofUnsecured Investment
Corporation Bonds
Fifth Series ofUnsecured Investment
Corporation Bonds(Note 1)-

Corporation Bonds

Unsecured Investment

Repaymentofborrowings

1,000,000

Second Series ofThird Series ofCollateral

July 26, 2018

Corporation Bonds

Unsecured Investment

Usage(Green bond)
Total

-

-

-

(Note 1) With special pari passu conditions among the specified investment corporation bond.
(Note 2) The total scheduled repayment amount of the investment corporation bonds after the balance sheet date is as follows.
(Thousands of yen)Over 1 year andwithin 2 years

Within 1 year
Investment
corporation bonds-

Over 2 years but
within 3 years-

Over 3 years but
within 4 years
-

－

40

－

Over 4 years but
within 5 years-

1,000,000

Over 5 years
5,200,000

(vi) Borrowings(Thousands of yen)Classification

Short-termborrowings

LenderDrawdown
date

MizuhoBank, Ltd.

November 31,
2023

Subtotal
Sumitomo
Mitsui
December 16,
2016
Banking
Corporation
ResonaDecember 16,
Bank,
2016
Limited.
The Bank ofDecember 16,
Fukuoka,2016
Ltd.
Development
December 16,
Bank of2016
Japan Inc.
MizuhoMarch 1,
2018
Bank, Ltd.
Current
portion of
long-term
borrowings

MizuhoTrust &
April 28,
2017
Banking Co.,
Ltd.
MUFG
April 30,
2021
Bank, Ltd.
MUFGOctober 29,
2021
Bank, Ltd.
Sumitomo
Mitsui Trust December 16,
2016
Bank,
Limited
MUFG
January 12,
2022
Bank, Ltd.
Sumitomo
Mitsui
May 15, 2018
Banking
Corporation
MizuhoMay 15, 2018
Bank, Ltd.
Subtotal
Sumitomo
Mitsui
December 16,
2016
Banking
Corporation
ResonaDecember 16,
Bank,
2016
Limited.
Sumitomo
Mitsui Trust December 16,
2016
Bank,

Long-term
borrowings

LimitedSumitomo
Mitsui Trust
Bank,
LimitedSBI Shinsei
Bank,
LimitedThe Nanto
Bank, Ltd.
ResonaBank,
LimitedAverageAmount ofAmount ofBalance atBalance at interest rate
beginning ofincreasedecrease(Note 1)end of period
periodduring period during period(Note 2)

Repayment Repayment
Usage Description
datemethodBulletNovember 29, repayment (Note Unguaranteed/
0.78665
2024
Unsecuredon3)
maturity-

500,000-

500,000-

500,000-

500,000

6,500,000-

6,500,000-

0.49960

November 30,
2023

1,500,000-

1,500,000-

0.49960

November 30,
2023

2,000,000-

2,000,000-

0.49960

November 30,
2023

2,000,000-

2,000,000-

0.62125

November 30,
2023

1,000,000-

1,000,000-

0.48000

January 31,2024

2,000,000-

2,000,000-

0.45000

April 30,2024

1,500,000-

1,500,000-

0.45000

April 30,2024

1,500,000--

1,500,000

0.38000

October 31,
2024-

5,000,000-

5,000,000

0.59470

November 29,
2024-

1,000,000-

1,000,000

0.38000

December 30,
2024-

2,000,000-

2,000,000

0.52770

April 30,2025-

1,500,000-

1,500,000

0.56000

April 30,2025

18,000,000

9,500,000

16,500,000

11,000,000

7,500,000--

7,500,000

0.74500

November 30,
2026

500,000--

500,000

0.74500

November 30,
2026

5,000,000-

5,000,000-

0.59470

November 29,
2024

Bulletrepayment (Note Unguaranteed/on3)
Unsecuredmaturity

October 26,
2017

2,000,000--

2,000,000

Bulletrepayment (Note Unguaranteed/3)
Unsecuredon
0.54375 July 31, 2025 maturity

October 26,
2017

1,000,000--

1,000,000

0.54375 July 31, 2025

October 26,
2017

1,000,000--

1,000,000

0.54375 July 31, 2025

October 26,
2017

1,000,000--

1,000,000

0.70900 July 30, 2027

－

41

－

Classification

LenderDrawdown
date

Sumitomo
Mitsui
October 31,
2017
Banking
Corporation
The Bank of
October 31,
Fukuoka,
2017
Ltd.
SBI Shinsei
March 1,Bank,
2018
LimitedResonaMarch 1,Bank,
2018
LimitedSumitomo
Mitsui
May 15, 2018
Banking
Corporation
MizuhoMay 15, 2018
Bank, Ltd.
MizuhoTrust &
August 1,
2018
Banking Co.,Ltd.
MizuhoNovember 1,
2018
Bank, Ltd.
Sumitomo
MitsuiNovember 1,
2018
Banking
Corporation
MizuhoNovember 30,
2021
Bank, Ltd.
Long-term
borrowings

MizuhoNovember 30,
2021
Bank, Ltd.
MizuhoBank, Ltd. November 30,
2021(GreenLoan)
MUFG
January 12,
2022
Bank, Ltd.
Sumitomo
Mitsui Trust January 12,
2022
Bank,
LimitedSBI Shinsei
January 12,
Bank,
2022
LimitedSumitomo
MitsuiJanuary 12,
2022
Banking
Corporation
MizuhoMarch 25,
2022
Bank, Ltd.
ResonaMarch 25,
Bank,
2022
LimitedSumitomo
Mitsui Trust November 30,
2022
Bank,
LimitedSBI Shinsei
November 30,
Bank,
2022
LimitedThe Juhachi- November 30,
2022
Shinwa Bank
The Bank ofJune 19, 2023
Fukuoka,Ltd.

AverageAmount ofAmount ofBalance atBalance at interest rate
beginning ofincreasedecrease(Note 1)end of period
periodduring period during period(Note 2)

Repayment Repayment
Usage Description
datemethod4,000,000--

4,000,000

0.72750

October 29,
2027

1,000,000--

1,000,000

0.72750

October 29,
2027

1,000,000--

1,000,000

0.57350January 30,
2026

500,000--

500,000

0.57350January 30,
2026

2,000,000-

2,000,000-

0.52770

April 30,2025

1,500,000-

1,500,000-

0.56000

April 30,2025

1,700,000--

1,700,000

0.62000 July 31, 2028

2,500,000--

2,500,000

0.68000

October 30,
2026

3,000,000--

3,000,000

0.56800

October 31,
2025

1,500,000--

1,500,000

0.39900

October 30,
2026

3,300,000--

3,300,000

0.46240

November 30,
2028

4,000,000--

4,000,000

1,000,000-

1,000,000-

0.38000

December 30,
2024

1,000,000--

1,000,000

0.37950

December 30,
2026

1,000,000--

1,000,000

0.42950

December 30,
2026

1,000,000--

1,000,000

0.47850

December 29,
2028

1,000,000--

1,000,000

0.61500

February 28,
2029

300,000--

300,000

0.59500

February 28,2029

3,500,000--

3,500,000

0.72000

November 30,
2027

2,000,000--

2,000,000

0.72000

November 30,
2027

1,500,000--

1,500,000

0.72000

November 30,
2027

1,500,000--

1,500,000

0.67500 May 31, 2028

－

42

－

Bulletrepayment (Note Unguaranteed/on3)
Unsecured
November 30, maturity
0.509002029

Classification

LenderDrawdown
date

Sumitomo
Mitsui Trust October 31,
2023
Bank,
LimitedSBI Shinsei
October 31,
Bank,
2023
LimitedKansai Mirai
October 31,
Bank,
2023
LimitedThe Chiba
October 31,
2023
Bank, Ltd.
Sumitomo
MitsuiNovember 30,
2023
Banking
Corporation
The Bank ofNovember 30,
Fukuoka,2023
Ltd.
Sumitomo
MitsuiNovember 30,
2023
Banking
Corporation
AozoraNovember 30,
2023
Bank, Ltd.

Long-term
borrowings

Ogaki
November 30,
kyoritsu
2023
Bank
Sumitomo
MitsuiNovember 30,
2023
Banking
Corporation
ResonaNovember 30,
Bank,
2023
LimitedDevelopment
November 30,
Bank of2023
Japan Inc.
MUFG
December 1,
2023
Bank, Ltd.
SBI Shinsei
Bank,
December 1,
2023
Limited(Green loan)
Sumitomo
Mitsui
December 1,
2023
Banking
Corporation
The 77
December 1,
2023
Bank, Ltd.
MizuhoJanuary 31,
2024
Bank, Ltd.
The NishiMarch 1,
Nippon City
2024
Bank,Ltd.
MizuhoMarch 1,
2024
Bank, Ltd.
MizuhoTrust &March 1,
2024
Banking Co.,Ltd.
Kansai Mirai
April 30,
Bank,
2024
Limited
MUFGApril 30,
2024
Bank, Ltd.

AverageAmount ofAmount ofBalance atBalance at interest rate
beginning ofincreasedecrease(Note 1)end of period
periodduring period during period(Note 2)

Repayment Repayment
Usage Description
datemethod500,000--

500,000

1.05000

October 31,
2028

1,000,000--

1,000,000

1.05000

October 31,
2028

1,000,000--

1,000,000

1.05000

October 31,
2028

1,000,000--

1,000,000

1.05000

October 31,
2028-

500,000-

500,000

0.67160

November 30,
2026-

2,000,000-

2,000,000

0.67160

November 30,
2026-

2,300,000-

2,300,000

0.35351

November 30,
2028-

1,000,000-

1,000,000

0.35351

November 30,
2028-

200,000-

200,000

0.35351

November 30,
2028-

2,800,000-

2,800,000

0.39351

November 29,
2030-

1,200,000-

1,200,000

November 29,
0.393512030-

1,500,000-

1,500,000

1.24375

November 29,
2030-

1,000,000-

1,000,000

0.90250

November 30,
2028-

1,000,000-

1,000,000

0.38474

November 29,
2030-

1,000,000-

1,000,000

1.12125

November 29,
2030-

500,000-

500,000

1.17125

November 29,
2030-

1,000,000-

1,000,000-

500,000-

500,000

0.35417

February 28,
2029-

1,000,000-

1,000,000

0.39417

February 28,2031-

1,000,000-

1,000,000

0.39417

February 28,
2031-

400,000-

400,000-

1,500,000-

1,500,000

－

43

－

1.18770 July 31, 2031

0.82345 May 31, 2027
0.82000

April 30,
2027

Bulletrepayment (Note Unguaranteed/on3)
Unsecuredmaturity

Classification

LenderDrawdown
dateLong-term
borrowings

MizuhoTrust &
Banking Co.,Ltd.

April 30,
2024

AverageAmount ofAmount ofBalance atBalance at interest rate
beginning ofincreasedecrease(Note 1)end of period
periodduring period during period(Note 2)-2,000,000-

2,000,000

Subtotal

61,300,000

22,400,000

9,500,000

74,200,000

Total

79,300,000

32,400,000

26,000,000

85,700,000

0.56726

Repayment Repayment
Usage Description
datemethodApril 30,
2031

Bulletrepayment (Note Unguaranteed/on3)
Unsecuredmaturity(Note 1) The average interest rate indicates a weighted average of interest rates for the period by the number of days.
(Note 2) MIRAI enters into interest rate swaps to avoid the risk of interest rate fluctuations, and the interest rate after taking into account the effect of the interest
rate swaps (fixing the interest rate) is stated.
(Note 3) The funds were used for the purchase of real estate and trust beneficiary rights of real estate, refinancing of borrowings, working capital, etc.
(Note 4) The total scheduled repayment amount of long-term borrowings after the balance sheet date is as follows.
(Thousands of yen)
Within 1 year
Long-term
borrowings

11,000,000

Over 1 year andwithin 2 years

Over 2 years but
within 3 years

Over 3 years but
within 4 years

Over 4 years but
within 5 years

18,000,000

13,400,000

17,300,000

8,500,000

－

44

－

Over 5 years
17,000,000