Semi-Annual Report for the23

r d Fi s c a l Pe r i o d

From August 1, 2021 to January 31, 2022

For a Superior Level of
Living Comfort

21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo https://www.comforia-reit.co.jp/en/

I. Overview of the Investment Corporation
Greetings
We would like to express our deepest sympathies to those affected by COVID-19
infections, as well as our sincere hope for their earliest possible recovery.
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment
Corporation”) successfully closed all accounts for the 23rd Fiscal Period (from August 1, 2021 to January 31, 2022). We would like to thank all of our unitholders
and stakeholders for their continued support and cooperation.
We hereby report on the asset management overview and results for the 23rd
Fiscal Period. Our portfolio as of the end of the 23rd Fiscal Period stood at 140
properties, with a total acquisition price of ¥ 261. 5 billion. The average occupancy rate for the 23rd Fiscal Period remained generally stable at 96.1%. The Investment Corporation had ¥ 9, 433 million in operating revenue, ¥ 4, 223 million in
operating profit, and ¥ 3, 616 million in profit, all of which exceeded our forecasts,
resulting in a distribution per unit (DPU) of ¥ 5, 529.

For a Superior Level of Living Comfort
COMFORIA is the name we have given to the urban rental residences
produced by the Tokyu Land Corporation. The word COMFORIA is a compound that
we coined from "comfort," and "ia," a Latin suffix meaning "place."
The idea that residences are not just containers has given birth to
our COMFORIA series of rental residences made specifically for people
who wish to live freely and affluently in urban communities.
We invest in and manage the urban exclusive rental residence COMFORIA series,
which Tokyu Land Corporation has produced, to maximize our unitholders’ value.

Comforia Residential REIT, Inc

Takehiro Izawa

Executive Director (center)

Koji Yamamoto

Furthermore, after the end of the 23rd Fiscal Period, we also acquired COMFORIA
Supervisory Director (left)
SAKURAJOSUI and five other properties from February to April 2022 through a
Masamichi Ohshima
public offering, conducted for the ninth consecutive year since listing, as well as
Supervisory Director (right)
borrowings and cash on hand. Furthermore, we will acquire COMFORIA KITAZAWA through borrowings and cash on hand in July 2022, resulting in an asset size of 147 properties with a total acquisition price of ¥ 281 billion (as of July 2022). We intend to continue to make selective investments in high-quality properties mainly in the Tokyo 23 wards.
Under our basic policies of "investments in residential properties with stable earnings and high growth potential" and"utilization of the Tokyu Fudosan Holdings Group," we are carrying out investment in and management of rental residences, mainly in the Tokyo metropolitan area, targeting singles and small families, based on the concept and knowhow of the urban rental residence Comforia series, which Tokyu Land Corporation has produced. In the next fiscal period onward, we will continue to aim to achieve stable earnings and ensure the steady growth of our managed assets
based on medium- and long-term perspectives to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

Financial Highlights
Operating revenue¥ 9, 433 million

Number of properties

Operating profit¥ 4, 223 million

Acquisition price¥ 261. 5 billion

Profit¥ 3, 616 million

Appraisal value¥ 334. 4 billion

Distribution per unit (DPU)¥ 5, 529

Occupancy rate at the 23rd
Fiscal Period-end

96. 0 %

Average occupancy rate

96. 1 %

Total loan to value (LTV)

50. 2 %

140 properties

Contents
I.

II.

Asset Management Report

Overview of the Investment Corporation
Greetings/Financial Highlights

1III. Financial Section

19
48

Sustainable Growth in Asset Size and DPU

2Balance Sheets48

Asset Management with Portfolio Quality and Stability in Mind

4

Statements of Income

50

External Growth Results

6

Statements of Changes in Unitholders’ Equity

51

Internal Growth Results

8Statements of Cash Distributions

52

Financial Strategy

9Statements of Cash Flows53

Sustainability Initiatives

10

Notes

54

Portfolio Map

14

Supplementary Schedules

64

Basic Policies

16

Independent Auditor’s Report70 verview of the Investment Corporation andO
Asset Management Company

171

Sustainable Growth in Asset Size and DPU
During the 24th Fiscal Period, a public offering was implemented in February 2022, and six properties were acquiredwith funds procured through the public offering as well as borrowings and cash on hand. In addition, one property isscheduled to be acquired through borrowings and cash on hand in July 2022.

24th Fiscal Period

The Investment Corporation will keep promoting external growth by continuing to invest selectively in high-quality
properties mainly in Tokyo 23 wards, focusing on the collaboration with our sponsor group, as well as original sourcing
by TLC REIT Management Inc. (the "Asset Management Company"), while seeking expansion of the asset size and stable
distribution levels.

Acquired COMFORIA SAKURAJOSUI and six other properties

Future Strategy
Aim for an asset size o
f¥ 300 billion while
maintaining a portfoliowith properties mainly
in the Tokyo 2
 3 wards

Selective Investments Mainly in Tokyo 23 Wards (As of July 2022 (Planned))
Historical Asset Size
(Billions of yen)

300
Over around250

9.5 years since listing,
3.9-fold growth

225.9

187.4

146.5

150
116.2

100
71.2
Tokyo
23 wards
96.3％
Listed(Feb. 6, 2013)

Credit RatingTokyo
23 wards

92.5％

Tokyo
23 wards

94.0％

93.6％

Tokyo
23 wards

94.3％

Tokyo
23 wards

Tokyo
23 wards

91.7％

91.7％

“End of 22nd
Fiscal Period”“End of 23rd
Fiscal Period”

226.6

168.0

146.7

Tokyo
23 wards

261.5

188.5

122.8
Tokyo
23 wards

261.5

206.0

202.1

164.4

252.1

245.9

achieved approximately

200

0

281.0

Tokyo
23 wards

92.8％

Tokyo
23 wards

Tokyo
23 wards

90.4％

90.4％

Tokyo
23 wards

Tokyo
23 wards

90.9％

90.4％

Tokyo
23 wards

Tokyo
23 wards

90.9％ 90.9％

Tokyo
23 wards

Tokyo
23 wards

Tokyo
23 wards

Tokyo
23 wards

91.0％

91.8％

“End of 18th
Fiscal Period”

End of 19th
Fiscal Period

91.8％

92.2％

“End of 20th
Fiscal Period”

End of 21st
Fiscal PeriodTokyo
23 wards

92.0％

92.9％

“End of 8th “End of 9th “End of 10th “End of 11th “End of 12th “End of 13th “End of 14th “End of 15th “End of 16th
Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period”“End of 17th
Fiscal Period”(Ended Jul. 2014) (Ended Jan. 2015) (Ended Jul. 2015) (Ended Jan. 2016) (Ended Jul. 2016) (Ended Jan. 2017) (Ended Jul. 2017) (Ended Jan. 2018) (Ended Jul. 2018)(Ended Jan. 2019) (Ended Jul. 2019)

A+ (Stable)

A+ (Positive)(Ended Jan. 2020) (Ended Jul. 2020)(Ended Jan. 2021) (Ended Jul. 2021) (Ended Jan. 2022)

July 2022(Planned)

Futurestrategy

AA– (Stable)
June 2018

FTSE EPRA/NAREIT Global Real Estate Index Series - Asia

Inclusion in
Indices

June 2020

Tokyo Stock Exchange REIT Core Index

September 2020

FTSE Global Equity Index

Distribution per¥ 4,268 ¥ 4,296 ¥ 4,403 ¥ 4,339
Unit (DPU) (Note 1)

4,487

4,549 ¥ 4,681 ¥ 4,788 ¥ 4,985¥ 5,180¥ 5,180¥ 5,295¥ 5,309¥ 5,410¥ 5,872¥ 5,529

Aim to improvestabilized DPU

Occupancy Rate
at End of Period

96.3％

96.5％

96.4％

97.0％

96.7％

95.0％

95.9％

95.7％

96.0％

Consistently stable
occupancy rate

94.8％

95.2％

95.5％

96.2％

96.1％

96.7％

96.6％

(Note 1) Since a four-for-one split of investment units was carried out effective August 1, 2014, the figures for DPU prior to the split are divided by four and rounded off to the nearest whole number.
(Note 2) Ratio of Tokyo 23 wards denotes ratio among rental residences.

2

3

Asset Management with Portfolio Quality and Stability in Mind
Portfolio Focusing on "Tokyo 23 Wards" and "Near Stations"

Property Development by Tokyu Land Corporation (As of March 15, 2022)

With “in Tokyo 23 wards” and “near stations” as the focus, the Investment Corporation continues to acquire rental residences developed by sponsors and to use its Asset Management Company’s original property acquisition channels to
selectively invest in high-quality properties.

There is a pipeline of 22 properties containing 2, 848 units located primarily within Tokyo 23 wards.
Properties developed by TLCTokyo 23 wards Tokyo metropolitan area

Rental residence

Operational rental residence(no specific plans for acquisition by the Investment Corporation)

Asset Size (Acquisition price basis)

AkabaneSuita-shi

Itabashi-ku

140 properties / ¥ 261. 5 billion

Kita-ku

IkebukuroBunkyo-ku

Ueno

Kichijoji

Tachikawa

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of the end of 23rd FP)(As of the end of 23rd FP)

Suginami-ku

Shin-Osaka

Arakawa-ku

Toshima-ku
Nakano-ku

Taito
-ku

Sumida-ku
Nishifunabashi

Shinjuku

Chiyoda-ku
TokyoShibuya-ku

Nishi-kuChuo-ku

Shibuya

Kita-ku

Koto-ku

Kyoto

Chuo-ku

Minato-ku

Setagaya-ku
Meguro-ku

ShinagawaShinagawa
-ku

Other
major
major
citiescitiesTokyo
Tokyo Other
metropolitan
metropolitan
area
area 4.6
％％
4.6
％％
3.7
3.7

Over
Over
1010
min.
min.
％％
4.5
4.5

CentralCentralTokyo
Tokyo 5 to
5 to
1010
min.
min.
％％
38.9
38.9

Ota-kuWithinWithin
5 min.
5 min.

％％
37.5
37.5

ShinOsaka

Shin-Kobe

％％
58.0
58.0

Other major cities

Tokyo
Tokyo
2323
wards
wards

Yokohama

Average
Averageminutesminutes
onon
foot
foot

91.7
91.7％％

Number of properties

min.
5.0
5.0min.

Tokyo 23 wards

17

2, 026

Tokyo metropolitan area

1

81

Other major cities

4

741

Total

22

2, 848(Completed)15

1, 925Sub-central
Sub-central
Tokyo
Tokyo
％％
52.8
52.8

Primarily Tokyo 23 wards

Primarily properties near stations

Number of units

LTV Control with Stability of Financial Base in Mind
Promote external growth with total LTV of around 50% in mind while focusing on stability of financial base.

Trends in asset size and total LTV
Investment Target
Operational
rental residence

3.4％

京都心

.4％

Rentalresidence

96.6％

Building Age

Unit Type (Rental residence)
Large

Under
5 yearsOver
15 years

Family13.0％

11.9 years

Single

52.0％

90.3％

Feb. 2018
5th PO

Feb. 2019
6th PO

Feb. 2020
7th PO

Feb. 2021
8th PO

Feb. 2022
9th PO

250

0.5％Single /Compact

Avg. building age

96.6％

Stores

8.9％

34.6％

Rentalresidence

0.3％(Billions of yen)
300

LTV

Asset size

51.8%
200

50.5%

50.8%

51.4%

51.0%
50.1%

50.0%

225.9

226.6

50.4%

50.1%

50.2%

261.5

261.5

50.8%

150
100

187.4

188.5

202.1

206.0

245.9

252.1

281.0

50

4

10 to
15 years

5 to
10 years

35.2％

17.2％

Compact

38.3％

0“End of 14th FP” “End of 15th FP” “End of 16th FP” “End of 17th FP” “End of 18th FP” “End of 19th FP” “End of 20th FP” “End of 21st FP” “End of 22nd FP” “End of 23rd FP” As of July 2022
(Ended Jul. 2017) (Ended Jan. 2018) (Ended Jul. 2018) (Ended Jan. 2019) (Ended Jul. 2019) (Ended Jan. 2020) (Ended Jul. 2020) (Ended Jan. 2021) (Ended Jul. 2021) (Ended Jan. 2022)(Planned)5External Growth Results
During the 24th Fiscal Period, the Investment Corporation acquired six properties from the sponsor at the time of the
public offering. In July, the Investment Corporation will acquire one property from a third party.

154

GRANCREER TACHIKAWA

Tokyo metropolitan area

Sponsordeveloped

End of 23rd FP

24th FP (Plan up to July 2022)

140 properties / ¥ 261. 5 billion

147 properties / ¥ 281 billion

2- 3- 21 Fujimicho, Tachikawa-shi, Tokyo
Address
Nearest station/ 11-minute walk from Tachikawa Station
Distance (on foot) on the JR Chuo Line and 3 other lines
Land/Fixed-term leasehold
Ownership
Building/Ownership
Completion date May 2020
Residential units 131 rooms
Acquisition date March 29, 2022
Acquisition price ¥ 2, 933 million

151

Properties Acquired in 24th Fiscal Period (Through public offering)Sponsordeveloped

155

Sponsor-developed
properties

Original
Route

Acquisition through original routeof the Asset Management Company

COMFORIA AKIHABARA NORTH

Sponsordeveloped

Sponsordeveloped

Sub-central Tokyo

Address

1- 1- 13 Taito, Taito-ku, Tokyo

8-minute walk from Asakusabashi
Nearest station/ Station on the JR Chuo Sobu Local Line
Distance (on foot) and the Toei Asakusa Line
Ownership

CAMPUS VILLAGE URAYASU

Ownership

Tokyo metropolitan area

2- 13- 2 Kitazakae,
Urayasu-shi, Chiba
8-minute walk from
Nearest station/ Urayasu Station on the
Distance (on foot) Tokyo Metro Tozai
Line
Ownership
OwnershipCompletion date March 2020
Rentable units 98 units
Acquisition date February 1, 2022
Acquisition price ¥ 1, 500 million
Address152

CAMPUS VILLAGE KYOTOFUSHIMI

Sponsordeveloped

Other major cities

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto
4-minute walk from
Nearest station/ Kuinabashi Station on
Distance (on foot) the Kyoto Municipal
Subway Karasuma Line
Ownership
OwnershipCompletion date February 2020
Rentable units 95 units
Acquisition date March 25, 2022
Acquisition price ¥ 1, 075 million
Address

Completion date July 2020
Rentable units

55 units

Acquisition date April 4, 2022
Acquisition price ¥ 1, 850 million

156

COMFORIA SAKURAJOSUI

Sponsordeveloped

Sub-central Tokyo

Address

4- 6- 4 Shimotakaido, Suginami-ku,
Tokyo

Nearest station/ 7-minute walk from Kamikitazawa
Distance (on foot) Station on the Keio Line
Ownership

Properties to be Acquired in 24th Fiscal Period
157

COMFORIA KITAZAWA

Sub-central Tokyo

Original
Route

Address

Ownership

Nearest station/
Distance (on foot)Completion date March 2020
Rentable units

130 units

OwnershipCompletion date
Rentable units
Acquisition date
Acquisition price

Acquisition date April 4, 2022
Acquisition price ¥ 3, 750 million

153

GRANCREER BAJIKOEN (LAND)

Sub-central Tokyo

Address

1- 22- 23 Kamiyoga, Setagaya-ku, Tokyo

Nearest station/ 15-minute walk from Yoga Station on
Distance (on foot) the Tokyu Denentoshi LineEnd of 23rd FP

Acquisition date March 29, 2022

Other major cities

37. 5 %
52. 9 %
5. 2 %
4. 4 %

Acquisition price ¥ 4, 546 million

Ratio of Tokyo 23 wards(Rental residence)

91. 7 %

Ownership

6

Investment Ratio by Area

Ownership

Central Tokyo
Sub-central Tokyo
Tokyo metropolitan area

1- 506 Kitazawa, Setagaya-ku, Tokyoand 4 other lots
4-minute walk from Higashikitazawa
Station on the Odakyu Odawara Lineand the Keio Inokashira Line
Ownership
June 2022
76 units
July 1, 2022 (scheduled)¥ 3, 816 million

24th FP(- July 31, 2022 (scheduled))

34. 9 %
54. 2 %
6. 4 %
4. 5 %
92. 0 %

Difference– 2. 6 pt+ 1. 3 pt+ 1. 2 pt+ 0. 1 pt+ 0. 3 pt
7Internal Growth Results

Financial Strategy

By setting appropriate leasing conditions and conducting active leasing efforts, stable occupancy rates have been continuously realized.

Occupancy Rates

The Investment Corporation will carry out equity financing (additional issuance of investment units) and debt financing(borrowings of funds and issuance of investment corporation bonds) while paying attention to financial soundness andearnings stability. Furthermore, the Investment Corporation will control its Balance Sheets by maintaining an LTV (interest-bearing debt) (%) level to secure funds.

The average occupancy rate for the 23rd Fiscal Period was stable at 96.1%.

Refinancing Results in 23rd FP
Total portfolio

（%）

100

95.6%
95

95.9%

96.3%

95.7%

94.5%

95.7%

95.6%

96.5%

Total portfolio (previous year)

96.7%

96.3%

95.7%

96.0%

95.0%

Before refinancing
Loan amount

Central Tokyo

Sub-central Tokyo

Tokyo metropolitan area

End of 23rd FP(January 31, 2022)

After refinancing¥ 12, 800 million

Loan amount

4. 3 years

Avg. Borrowingterm

6. 8 years

0. 47%

Weighted avg.
Interest rate

0. 47%

Avg. Borrowing
term
Weighted avg.
Interest rate

90

Interest-Bearing Debt
¥ 12, 800 million

LTV (Note)

50. 2%
89. 2%
98. 0%
4. 6 years
0. 58%

Long-term debt ratio
Fixed-interest debt ratio
Average maturity
Weighted avg. interest rate

Other major cities(Note) Interest-bearing debt balance/total assets

100

Diversification of Repayment Dates

95

The expected repayments of debt and investment corporation bonds as of January 31, 2022 are as follows:90


21st FPJan.
2021

22nd FP
Feb.

Mar.

Apr.

May

■ Existing loans ■ New borrowings in 23rd FP ■ [Existing] 2nd ~ 11th unsecured bonds

Amount of credit limit in commitment line: ¥13.5 billion

23rd FP
Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.
2022



Rent Change on Tenant Turnover and Total Portfolio
Since the number of turned over units has remained in the low 10% range relative to the total number of units, the impact of the rent change at the time of tenant turnover on the entire portfolio is minor.
Rental Residence

14th FP(Jul. 17)

15th FP(Jan. 18)

16th FP(Jul. 18)

17th FP(Jan. 19)

18th FP(Jul. 19)19th FP(Jan. 20)20th FP(Jul. 20)

21st FP(Jan. 21)

22nd FP(Jul. 21)

23rd FP(Jan. 22)

Total Number ofUnits

8, 0568, 0958, 4938, 487

8, 9868, 9039, 5489, 7079, 9259, 925

Turned Over Units(% of Total Units)963( 12. 0%)843
( 10. 4%)

1, 087( 12. 8%)858
( 10. 1%)

1, 101( 12. 3%)912
( 10. 2%)958
( 10. 0%)1, 151( 11. 9%)1, 308( 13. 2%)

1, 133( 11. 4%)

Renewed Units(% of Total Units)

1, 374( 17. 1%)

1, 151( 14. 2%)

1, 991( 23. 4%)

1, 191( 14. 0%)1, 525( 17. 0%)1, 255( 14. 1%)2, 070( 21. 7%)

1, 443( 14. 9%)1, 606( 16. 2%)

1, 298( 13. 1%)

5.6%

6.1%

5.9%

4.9%

Increase rate in period-end rent of rental residence (vs 13th FP)



7,800



1,000

9,270 9,650

9,400
6,560



6,520 5,860







8,500 7,050

3,300

2,000

2,000

1,000

7,500
9,250

2,000

7,125







  



0.2%

0.7%

3.4%

3.7%

4.6%

5.7%

6.8%

0.4％
0.7％
1.1％
1.4％
1.6％
2.7％
2.8％
3.4％

11.4％
21.3％

14.7％

14.3％

8.3%
3.0%
0.6%

8

0.4%

0.6%

0.5%

0.8%

0.8%

1.1%

0.9%

0.5%

0.4%

14th FP

15th FP

16th FP

17th FP

18th FP

19th FP

20th FP

21st FP

22nd FP

0.2%









3,000
1,500





Lender

1.9%
7.9%



5,500



1,500

1,600





The Investment Corporation’s loan balances as of January 31, 2022 are as follows:

2.7%
1.3%



1,500

Loan Balances

14.3％

Rent change on tenant renewal

6,800

3,395 3,350 3,000 3,700

7.2％

4.0%

Rent change on tenant turnover 1,000

Credit Rating (As of April 26, 2021)

Loan balance(millions of yen)

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
The Norinchukin Bank
Mizuho Trust & Banking Co., Ltd.
The Bank of Fukuoka, Ltd.
Shinkin Central Bank
Resona Bank, Ltd.
The 77 Bank, Ltd.
Daishi Hokuetsu Bank, Ltd
Kiraboshi Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.
Taiyo Life Insurance Company
Nippon Life Insurance Company
The Higo Bank, Ltd.
Corporate bonds
Total

30, 215
20, 750
20, 315
20, 315
10, 135
4, 7853, 985
3, 7852, 2852, 0001, 9601, 5001, 0001, 000500
500
500
16, 100
141, 630-1.4%

Rating agency

Rating category

RatingOutlook

23rd FPJapan Credit Rating Agency, Ltd.

Long-term issuer rating

AA-

Stable9

Sustainability Initiatives
Topics of 23rd FP

Environment

Initiatives of Asset Management Company
Support for TCFD Recommendations
The asset management company has announced its support
for the recommendations of the Task Force on Climate-related
Financial Disclosures (“TCFD”) in February 2022 and also joined
the TCFD Consortium, a group of domestic companies that
supports TCFD recommendations.

The Signing of the Principles for Responsible Investment (PRI)
The asset management company signed the PRI,
which is six principles proposed in 2006 by then
Secretary General of the United Nations as a guidefor members of the financial sector, and the international network of investors working toward the fulfillment of the principles.

Goal

7

Relevant SDG Goals

Goal

Affordable andClean Energy

Responsible

and12 Consumption
Production

Status/Initiatives
Initiatives for Improvement in Energy Efficiency■ Installation of Electric Power Measuring System

In conformity to the Act on the Rational Use of Energy (Energy Conservation Law), we set an annual average cutting target of 1% in energy
use intensity for the entire portfolio and also for each property in themedium- to long-term.

In order to increase the actual electric
power consumption coverage rate atowned properties, electric power measuring systems have been installed at 2 properties (equivalent to 15.3% of the portfolio)
as of the end of January 2022. The installation makes it possible to measure power
consumption at exclusive areas. Furthermore, activities to raise awareness forenergy saving among tenants are being
carried out.

■ Switching to LED Lights in Common Areas/ Replacing Air Conditioners in Ex-

clusive Areas

The Investment Corporation is making progress in reduction of power
consumption and environmental impact.

Establishment of Environment Management System (EMS)

Donation to Hokkaido Prefecture Through Regional Revitalization Support
Tax System

Implementation of LED lighting

Continuing from 2020, through the regional revitalization support tax system, the asset
management company made a donation to a fundraising program in order to support the
project in Hokkaido Prefecture, where the Investment Corporation owns a property, for
the working environments of the medical and healthcare workers in contact with patientswith fever at clinics, testing and medical institutions.

The Asset Management Company established a unique environment
management system (EMS) which applies PDCA cycle to continuously
cope with environmental challenges.

Replacing air conditioners■ Green-lease Provisions

From the perspective of environmental friendliness, to reduce environmental load in collaboration with residents, we insert green-leaseprovisions in lease agreements, which are related to energy use andappropriate disposal of waste.
■ Green Procurement Standards

Initiatives of the Investment Corporation
CASBEE Certification for Real Estate

Issuance of Sustainability Report

First to achieve ”S Rank” of
CASBEE Certification forReal Estate among residential J-REITs.

The Investment Corporation has
issued its first sustainability report in October 2021.

The Investment Corporation will promote the reduction of the environmental load in cooperation with suppliers, etc. by establishing theGreen Procurement Standards which are related to the procurementof environment-friendly materials, etc.

Society

GoalManagement review
Evaluation and instruction forimprovement

Validation of environmental
performance
Validation of execution ofenvironmental practice plan
Actual vs. budget comparison
Put corrective and preventive measures into practice

Act

Plan

Check

Do

Review･
improvement

Inspection･
Budget control

Sustainable Cities

11 and Communities

Relevant SDG Goals

Goal

Set target for environmental performance
Establish environmental
practice plan

Execute plan
Recognize actual performance
Provide trainings

Responsible

and12 Consumption
Production

Status/Initiatives“ 2 stars”

GRESB Real Estate Assessment“Green Star”

COMFORIA WASEDACOMFORIA WASEDA, COMFORIA NIHONBASHININGYOCHONORTH, COMFORIA SHINKAWA, COMFORIA MITA EAST, COMFORIA SHINAGAWA EAST, COMFORIA GINZA EAST NIBANKAN
10

Number of properties
5

Gross floor area
93, 361. 92 m

Survey

2017

2018

2019

2020

2021

Satisfied

73%

68%

72%

73%

74%

Neutral

14%

18%

15%

13%

12%

Unsatisfied

13%

14%

13%

14%

14%

Building Management & Service

DBJ Green Building Certification■ Installed properties (as of March 15, 2022)■ Installation of Donation-type Vend-

Building Cleaning (Common Areas)

Evaluation and Certification of External Organizations

Electric kickboard sharing services “LUUP” areavailable in six properties.

Initiatives in Local Communities■ Conduct Tenant Satisfaction Survey

Every year the management company carries out a questionnaire
survey among the residents of the Comforia series, on the residents’satisfaction and requests. Based on the opinions and requests of residents, we take action with the aim of providing better services.

COMFORIA SHINJUKU EASTSIDE
TOWER

Shared Bicycles

Initiatives to Improve Tenant Satisfaction

2

Acquisition ratio(on a gross floor areabasis)
19. 2%

ing Machines

We have installed disaster response
vending machines at some of theproperties owned by the Investment Corporation. These machines
can provide drinks to victims oflarge-scale disasters.
■D isaster Provision Warehouse andManhole Toilets

Established a disaster provision
warehouse and manhole toilets forneighboring residents and workers
in preparation for a disaster.

Survey

2017

2018

2019

2020

2021

Satisfied

68%

67%

69%

68%

69%

■ Security of the Local Community

Neutral

26%

22%

24%

24%

21%

There is a police box contributing to the security of the local community.

Unsatisfied

6%

11%

7%

8%

10%

■ Open Space

Used as a walkway for neighboring residents and commuters.

11

Sustainability Initiatives

Governance

Goal

Goal

Responsible

and12 Consumption
Production

Relevant SDG Goals

Peace, Justice and

16 Strong Institutions

Status/Initiatives
Change in Asset Management Fee System
Introduce incentives for further improvement of unitholders' value and enhance linkage with the interests of unitholders.
Calculation method
Management fee Ⅰ(fee linked to total assets)

Total assets at the end of previous fiscal period
× 0. 2% (annual rate)

Management fee Ⅱ(fee linked to profit)

Ordinary CF × 5. 4%

Management fee Ⅲ(acquisition and disposition fee)

Property acquisition/disposition price×1. 0%( 0. 5% in the case of transactions with related parties (excluding warehousing))

Management fee Ⅴ(incentive)

Ordinary CF × growth rate of ordinary CF per unit × 10%
However, no fee will occur when the value is negative

Decision-making Flow in Acquisition of Assets
The asset management company of the Investment Corporation has built a governance framework that gives priority to compliance and is pouring its efforts in prevention of conflict ofinterest, risk management and legal compliance.
Proposal by responsible department▼

Approval by compliance officer
In case of related-party transactions and other necessary cases

▼

▼
▼
▼

Compliance Committee deliberation and resolution (Note 1)▼

Investment Committee deliberation and resolution (Note 2)▼

Approval by each Chief Division Officer
In case of related-party transactions and other necessary cases▼

Prior approval by the investment
corporation’s board of directors (Note 1)▼▼

Aligning Interests Between Unitholders
and the Sponsor
In the public offering held in February 2022,
the sponsor acquired 2,410 units, which is
10% of the number of issuing units.

Even in terms of capital relationship,
the Investment Corporation aims to
make a strong relationship with thesponsor and to achieve mutualinterests improvement by aligning
the interests of the unitholders tothat of the sponsor.

Sponsor’s investment ratio

Report to Investment
Corporation▼

Report to the Board of Directors(Note 1) Deliberation and resolution by the Compliance Committee as well as prior approval by the Investment Corporation’s board of directors will be required for acquiring assets, etc. in case of related-party transactions andother necessary cases.
(Note 2) If the candidate acquisition asset is a healthcare facility, advisory from external experts related to healthcare
facilities shall be sought. Furthermore, discussions shall be held upon receiving a report on the content of reports, etc. created by external experts related to healthcare facilities and, if necessary, the Investment Committee shall be attended by the concerned external experts as observers and their opinions shall be heard.

Sustainability information disclosure and GRI Index
Our sustainability disclosure is prepared with reference to GRI Standards (GRI stands for
Global Reporting Initiative, which is one of the most commonly used sustainability reporting framework).

12

9. 0%

(As of Mar. 15, 2022)

Portfolio Map (Forecast as of July 1, 2022)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Tokyo metropolitan area

Other major cities

48 properties

Saitama
47

1 COMFORIA NIHONBASHI NINGYOCHO 31 COMFORIA SHIBAURA BOWHOUSE 71 COMFORIA SASAZUKA
96 COMFORIA AZABU EAST
2 COMFORIA WASEDA
48 COMFORIA SHIROKANETAKANAWA 72 COMFORIA SHINJUKUGYOENⅡ 98 COMFORIA SHINJUKU EASTSIDE TOWER
3 COMFORIA SHIMOOCHIAI
49 COMFORIA NIHONBASHI NINGYOCHO EAST 73 COMFORIA ICHIGAYAYANAGICHO 103 COMFORIA ICHIGAYAYAKUOJI
4 COMFORIA HIGASHINAKANO
50 COMFORIA ATAGO
74 COMFORIA KAGURAZAKA
104 COMFORIA AKIHABARA EAST
14 COMFORIA GINZA EAST
56 COMFORIA KUDAN
80 COMFORIA NIBANCHO
105 COMFORIA MITA TROIS
15 COMFORIA AZABUDAI
57 COMFORIA NIHONBASHI NINGYOCHO NORTH 81 COMFORIA NISHISHINJUKU
113 COMFORIA SHIBAURA
16 COMFORIA SHIBAKOEN
58 COMFORIA SHINKAWA
83 COMFORIA KANDAJINBOCHO
120 COMFORIA SHINJUKU
17 COMFORIA NISHIAZABU
59 COMFORIA AKASAKA
84 COMFORIA NIHONBASHI
126 COMFORIA HIGASHINIHONBASHI
18 COMFORIA MINAMIAOYAMA
60 COMFORIA MITA EAST
85 COMFORIA TAMACHI
133 COMFORIA GINZA EAST NIBANKAN
20 COMFORIA NISHIWASEDA
61 COMFORIA SHIBAURA CANAL
86 COMFORIA AZABUJUBAN
135 COMFORIA HIGASHISHINJUKU STATION FRONT
26 COMFORIA HARAJYUKU
69 COMFORIA KITASANDO
92 COMFORIA SHINJUKUGYOENⅠ 138 COMFORIA NAKAOCHIAI
30 COMFORIA MITA NORTH
70 COMFORIA YOYOGIUEHARA
93 COMFORIA KAGURAZAKA DEUX 139 COMFORIA WASEDA DEUX
Sub-central Tokyo

47 COMFORIA YATSUKA
77 COMFORIA SHINKOYASU
112 COMFORIA GYOTOKU
122 GRANCREER CENTER-MINAMI
Other major cities

8 properties

132 COMFORIA TAMA-PLAZA
150 COMFORIA OMIYA
151 CAMPUS VILLAGE URAYASU
154 GRANCREER TACHIKAWA

14

Itabashi-ku

Kita-ku13441

131 Ikebukuro

Nakano-ku

138

141 76

3

Katsushika-ku

45
22

75

64

Taito

147 114 -ku

106

Bunkyo-ku

Sumida-ku

Ueno

55
6
33
143
127 29 3432
87
155 51
81
119
104
73 93
120
83
84
56
43 52
123 124
103
126
Shinjuku 72
Shinjuku 80 Chiyoda-ku 57 49 144
99
92 -ku
65 35
1
Tokyo
69
12
Shibuya-ku
58
36
88
71
59
18
137 14526
14
9
Minato70
66 Koto-ku
133
50
15
-ku
157
ShibuyaChuo-ku 148
96 16
125
17
53
86
82
60
23
30
61
48 105
115
38
113
67
85 31
13 11639 Meguro-ku
8

Kichijoji
Suginami-ku

Tokyo
108

Arakawa-ku

11

Toshima
27
-ku

121

Chiba

94

Nerima-ku

156

Setagaya-ku
153
91

4

40

37

21

20
139
135
2
98

5

63

74

62

Nishifunabashi
Edogawa-ku
112

151

Shinagawa

146

97

90

89

Shinagawa-ku
7
149
130
140

Kanagawa

132

128
44

10

Acquired in the 24th Fiscal Period

100

Ota-ku

129
107

151

CAMPUS VILLAGE
URAYASU152

CAMPUS VILLAGE
KYOTOFUSHIMI

153

GRANCREERBAJIKOEN (LAND)

155

COMFORIA
AKIHABARA NORTH

156

COMFORIA
SAKURAJOSUI

157

COMFORIAKITAZAWA

122

Total

147

properties

154

GRANCREERTACHIKAWA

77

150

Yokohama

9 properties

95 COMFORIA KITASANJO
111 COMFORIA AWAZA
101 COMFORIA SAPPORO SHOKUBUTSUEN 117 COMFORIA KITAHAMA
102 COMFORIA OGIMACHI
136 COMFORIA ESAKAHIROSHIBACHO
109 COMFORIA SHINSAIBASHI EAST 152 CAMPUS VILLAGE KYOTOFUSHIMI
110 COMFORIA KYOMACHIBORI

Adachi-ku

Akabane142

82 properties

5 COMFORIA BUNKYOKASUGA
39 COMFORIA GAKUGEIDAIGAKU
89 COMFORIA HIGASHISHINAGAWA 129 COMFORIA OMORIMACHI
6 COMFORIA ASAKUSAMATSUGAYA 40 COMFORIA HIGASHINAKANO DEUX 90 COMFORIA MEGUROYAKUMO
130 COMFORIA KAMIIKEDAI
7 COMFORIA NISHIOI
41 COMFORIA HIGASHIIKEBUKURO WEST 91 COMFORIA YOGA
131 CAMPUS VILLAGE SHIINAMACHI
8 COMFORIA NAKANO
43 COMFORIA RYOGOKU DEUX
94 COMFORIA ITABASHINAKAJUKU 134 COMFORIA TAKINOGAWA
9 COMFORIA SHIMOKITAZAWA
44 COMFORIA OMORI DEUX
97 COMFORIA SHINAGAWA EAST 137 COMFORIA KIBASHINSUIKOEN
10 COMFORIA NISHIKAMATA
45 COMFORIA MACHIYA
99 COMFORIA OJIMA
140 COMFORIA NISHIMAGOME HILLSIDE
11 COMFORIA OYAMA
51 COMFORIA ASAKUSABASHI
100 COMFORIA OMORI TROIS
141 COMFORIA IKEBUKURO DEUX
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 52 COMFORIA RYOGOKU SOUTH
106 COMFORIA BUNKYOHAKUSAN
142 COMFORIA NARIMASU
13 COMFORIA KOMAZAWA
53 COMFORIA TOYOSU
107 COMFORIA KAMATA
143 COMFORIA SHIN-OKACHIMACHI
21 COMFORIA KOISHIKAWA
55 COMFORIA SUMIDA-TACHIBANA 108 COLLEGE COURT HACHIMANYAMA 144 COMFORIA MORISHITA WEST
22 COMFORIA SENGOKU
62 COMFORIA UENOHIROKOJI
114 COMFORIA UENOIRIYA
145 COMFORIA TOYOCHO
23 COMFORIA DAIKANYAMAAOBADAI 63 COMFORIA KASUGATOMISAKA 115 COMFORIA IKEJIRI
146 COMFORIA FUDOMAE
27 COMFORIA IKEBUKURO
64 COMFORIA HONKOMAGOME
116 COMFORIA SETAGAYAKAMIUMA 147 COMFORIA TAITONEGISHI
29 COMFORIA RYOGOKUISHIWARA 65 COMFORIA MORISHITA
118 COMFORIA AKABANEIWABUCHI 148 COMFORIA MONZENNAKACHO SOUTH
32 COMFORIA ASAKUSABASHI DEUX 66 COMFORIA KIBAKOEN
119 COMFORIA RYOGOKU TROIS
149 COMFORIA MAGOME
33 COMFORIA OSHIAGE
67 COMFORIA MEGURO CHOJAMARU 121 COLLEGE SQUARE HACHIMANYAMA 153 GRANCREER BAJIKOEN (LAND)
34 COMFORIA HONJOAZUMABASHI 75 COMFORIA HIGASHIIKEBUKURO EAST 123 COMFORIA KINSHICHO DEUX
155 COMFORIA AKIHABARA NORTHI
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 76 COMFORIA HIGASHIIKEBUKURO 124 COMFORIA KAMEIDO SOUTH
156 COMFORIA SAKURAJOSUI
36 COMFORIA MONZENNAKACHO 82 COMFORIA KOMABA
125 COMFORIA SHIBUYA WEST
157 COMFORIA KITAZAWA
37 COMFORIA HIMONYA
87 COMFORIA KINSHICHO
127 COMFORIA ASAKUSAKOMAGATA
95 10138 COMFORIA MISYUKU
88 COMFORIA MINAMISUNAMACHI 128 COMFORIA OMORIKASHIMATokyo metropolitan area

118

152

154
102 109 110 111 117 136

15

Basic Policies

Overview of the Investment Corporation and Asset Management Company

We invest intensively in rental residences for singles and small families, mainly in the Tokyo metropolitan area, based on
our basic policies of "investments in residential properties with stable earnings and high growth potential" and "utilization of the Tokyu Fudosan Holdings Group," with the aim of ensuring stable earnings over the medium and long term
and maximizing our unitholders’ value.

COMFORIA Series
We will invest in and manage rental residences, fully utilizing the concept and expertise of the urban rental residence
COMFORIA series, which Tokyu Land Corporation has produced.

Overview of the Investment Corporation (As of January 31, 2022)
Name of the investment corporation Comforia Residential REIT, Inc
Representative

Takehiro Izawa, Executive Director

Address

21-1 Dogenzaka 1-chome,
Shibuya-ku, Tokyo 150-0043, Japan

COMFORIA is the name we have given to the urban rental residences produced by the Tokyu Land Corporation.
The word COMFORIA is a compound that we coined from “comfort,” and “ia,” a Latin suffix meaning “place.”
The idea that residences are not just containers has given birth to our “COMFORIA” series of rental residences madespecifically for people who wish to live freely and affluently in urban communities.
COMFORIA offers living comfort beyond expectation and surpasses the level of mere convenience in many ways.

June 8, 2010

Registration of incorporation, and foundation under Article 166 of the Act on Investment Trusts and Investment Corporations

June 30, 2010

Implementation of registration by the prime minister under Article 187 of the Act on Investment Trusts and Investment
Corporations (registration number: Director of Kanto Finance Bureau No. 71)

Structure
Sponsor

The Investment Corporation

TOKYU LAND CORPORATION

2

6Asset Management Company

1

Comforia Residential REIT, Inc

TLC REIT Management Inc.

COMFORIA knows
how residents feel.

We have concluded sponsor support agreements, support agreements and property management agreements for managed assets with the Asset Management Company and the Tokyu Fudosan Holdings Group companies to fully utilize thevalue chain and expertise of the Tokyu Fudosan Holdings Group. With the support of the Tokyu Fudosan Holdings Group
companies through such agreements, we aim to expand our asset size (external growth), and maintain and increase asset
value (internal growth).

TOKYU LAND CORPORATION

Rental residence management
Property information
Supportagreement

Supportagreement/
PM contract

TOKYU LIVABLE, INC.

TLC REIT Management Inc.

Services for residents
Supportagreement
Supportagreement

16

EWEL, Inc.

TOKYU SPORTS OASIS, Inc.

4

Asset management agreement
Tax administrative agreement

Supportagreement

Mitsubishi UFJ Trust and Banking Corporation
General Administration (accounting, etc.)
Reiwa Accounting Holdings Co., Ltd.

Auditor5

Ernst & Young ShinNihon LLC

General Administration (tax)4

Reiwakaikeisha Tax Corporation

General Administration (corporation bonds)
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Asset custody agreement, Administrative service agreement, Transfer agency agreement 3 Accounting service agreement
Fiscal, issuing and payment agency agreement 6 Sponsor support agreement 7 Support agreement

Overview of the Asset Management Company (As of January 31, 2022)
Shareholder

Tokyu Land Corporation 100%

Registrations/
LicensesFinancial Instruments Business Firm, granted by the Director of the Kanto
Regional Finance Bureau (Financial Instruments) Registration No. 2370
Discretionary Transaction Agent granted by the Minister of Land, Infrastructure, Transport and Tourism, Registration No. 65
Building Lots and Building Transactions Business License, granted by theGovernor of Tokyo (3) No. 91139

Organization
Shareholders’ Meeting
Corporate Auditor

Tokyu Housing Lease Corporation

Board of Directors
Investment Committee

Compliance Committee
President & CEO

TOKYU COMMUNITY CORP.
Sustainability Promotion Council

Acquisition Priority Review Meeting

Internal Audit Dept.

Compliance Dept.

Management of operational rental residences
Support agreement(condominiums
for students)
National Students Information Center Co., Ltd.
Support agreement(housing for theelderly)

2
5

Executive Director: Takehiro Izawa
Supervisory Director: Koji Yamamoto
Supervisory Director: Masamichi Ohshima

Trade name
TLC REIT Management Inc.
Representative Masaoki Kanematsu, President & CEO
21-1 Dogenzaka 1-chome,
Address
Shibuya-ku, Tokyo 150-0043, Japan
Established
October 2009
Capital¥200 million

Sponsor support
Sponsorsupportagreement

1

Asset Custodian General Administration(operation of the administrative instrument)
Transfer Agent

Board of Directors

Supporting Companies
TOKYU LIVABLE, INC.
TOKYU COMMUNITY CORP.
Tokyu Housing Lease Corporation
National Students Information Center Co., Ltd.
TOKYU E-LIFE DESIGN Inc.
EWEL, Inc.
TOKYU SPORTS OASIS, Inc.

Value Chain of the Tokyu Fudosan Holdings Group

3

Unitholders’ Meeting

7

COMFORIA knows
where peace of mind
comes from.

January 31 and July 31 of each year

History

Four Advantages COMFORIA Offers

COMFORIA knows
what high quality
feels like.

Fiscal period-end

February 6, 2013 Listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange

For a Superior Level of Living Comfort

COMFORIA knows
how valuable time is.

TLC REIT Management, Inc.
Tel: +81-3-6455-3388

Inquiries

TOKYU E-LIFE DESIGN Inc.



Corporate
Planning
Dept.

Human
Resources
Dept.

Finance &Accounting
Dept.

Sustainability
Dept.

Asset
Investment
Dept.

Environmental
Engineering
Dept.



 



Strategy
Dept.

Strategy
Dept.

Strategy
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

17

II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 23rd Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

19th
Fiscal Period

20thFiscal Period

21stFiscal Period

22nd
Fiscal Period

23rd
Fiscal PeriodBusiness period

FromAug. 1, 2019 toJan. 31, 2020

From
Feb. 1, 2020 toJul. 31, 2020

From
Aug. 1, 2020 toJan. 31, 2021

From
Feb. 1, 2021 toJul. 31, 2021

From
Aug. 1, 2021 toJan. 31, 2022

From August 1, 2021 to January 31, 2022

Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,
Tokyo 150-0043, Japan

Operating revenue(millions of yen)

8,790

9,028

9,565

10,7709,433[Rent revenue - real estate](millions of yen)

[8,579][9,028][9,064][9,420][9,433]Operating expenses(millions of yen)

4,683

4,947

5,080

5,180

5,210

[Expenses related to rent business](millions of yen)

[3,862][4,092][4,176][4,263][4,267]

Operating profit(millions of yen)

4,106

4,081

4,484

5,590

4,223

Ordinary profit(millions of yen)

3,568

3,529

3,895

4,995

3,622

Profit(millions of yen)

3,562

3,523

3,889

4,950

3,616

Total assets(millions of yen)

246,861

268,935

275,495

282,839282,277[Period-on-period change](%)

Net assets(millions of yen)

[Period-on-period change]

II.
III.

Asset Management Report
Financial Section
Balance Sheets
Statements of Income
Statements of Changes in Unitholders’ Equity
Statements of Cash Distributions
Statements of Cash Flows
Notes
Supplementary Schedules
Independent Auditor’s Report

(%)

[8.9]

[2.4]

[2.7]

[-0.2]

128,204

128,528

135,689

135,237

[0.2]

[8.5]

[0.3]

[5.6]

[-0.3](millions of yen)

114,045

123,947

123,947

129,791

129,791

Number of investment units issued(units)

640,834

671,624

671,624

692,994

692,994

Net assets per unit

(yen)

184,403

190,886

191,369

195,802

195,149

Total distributions(millions of yen)

3,393

3,565

3,633

4,069

3,831

Distribution per unit

(yen)

5,295

5,309

5,410

5,872

5,529

[Earnings distribution per unit](yen)[5,295][5,309][5,410][5,872][5,529][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.4

1.4

1.4

1.8

1.3

Return on unitholders’ equity(Note 2)

(%)

3.0

2.9

3.0

3.7

2.7

Unitholders’ equity ratio(Note 3)

(%)

47.9

47.7

46.7

48.0

47.9

Unitholders’ capital[Period-on-period change](%)

Interest-bearing debt

(millions of yen)

[0.0][-0.2][-1.0][1.3][-0.1]

123,530

135,420

141,650

141,630

141,630

Interest-bearing debt ratio (LTV) (Note 4)

(%)

50.0

50.4

51.4

50.1

50.2

Payout ratio

(%)

95.2

101.1

93.4

82.2

105.9

(Note 5)

Number of properties(properties)

Total leasable area(m2)

Occupancy rate at end of period
Depreciation
Capital expenditure
NOI(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)18

[0.1]
118,172(Note 6)

126

135

137

140

140

357,279.84

377,108.20

381,721.10

389,457.28

389,430.80

(%)

96.7

95.0

95.9

95.7

96.0

(millions of yen)

1,296

1,341

1,374

1,398

1,400

(millions of yen)

417

310

137

406

398

(millions of yen)

6,012

6,277

6,262

6,555

6,566

Ordinary profit ÷ [(Total assets at beginning of period + Total assets at end of period) ÷ 2] × 100
Profit ÷ [(Net assets at beginning of period + Net assets at end of period) ÷ 2] × 100
Net assets at end of period ÷ Total assets at end of period × 100
Interest-bearing debt at end of period ÷ Total assets at end of period × 100
Total distributions ÷ Profit × 100
Payout ratio is rounded down to the first decimal place.
Income from real estate rental business + Depreciation－ 1 －

19

2. Asset Management Status for the 23rd Fiscal Period

3. Capital Increases(1) History of the Investment Corporation
Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporationthat invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations”
of Japan (Act No. 198 of 1951, as revised; hereinafter referred to as the “Investment Trusts Act”), with registration by thePrime Minister completed as of June 30, 2010 under Article 187 of the Investment Trusts Act (registration number: Director of
Kanto Finance Bureau No. 71). Investments by the Investment Corporation commenced in August 2010. The Investment
Corporation issued new investment units through a public offering on February 6, 2013 and was listed on the real estate
investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3282).
Managed assets of the Investment Corporation at the commencement of operations totaled 11 properties, acquired for a totalof ¥15,508 million. As a result of additional acquisition and sale of properties under the basic policy of asset management (tomanage assets with the aim of achieving stable earnings and ensuring the steady growth of our managed assets based on
medium- to long-term perspectives to maximize our unitholders’ value) stipulated in the Articles of Incorporation of theInvestment Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 23rd Fiscal Period includes 140
properties, acquired for a total of ¥261,534 million.
(2) Investment performance(i) Investment environment
During the 23rd Fiscal Period, the Japanese economy continued to face a harsh situation due to the re-spread of the novel
coronavirus infection (COVID-19). Under such circumstances, the residential rental market saw the supply and demandsituation stay on a somewhat weak note, and the occupancy rate of the Investment Corporation’s properties also decreasedslightly. However, a recovery trend is observed for the moment. In the real estate investment market, on the other hand,
the level of transaction prices continues to stay at a high price range, with investors in and outside Japan showing strong
willingness to acquire properties, amid an ongoing low interest rate environment resulting from the fiscal policies of thegovernment and monetary policies of the Bank of Japan (BOJ).
(ii) Operation management of assets owned by the Investment Corporation
The Investment Corporation consigns property management operations mainly to Tokyu Housing Lease Corporation,
which has an extensive track record in managing the Comforia series of properties. Under the Comforia series, theInvestment Corporation promotes unified management and strives to improve operational efficiency and shorten periodsof vacancy.
(3) Overview of funding
During the 23rd Fiscal Period, the Investment Corporation borrowed funds (¥4,000 million) to be appropriated for the
repayment funds (¥4,000 million) for borrowings made in September 2020. Subsequently, the Investment Corporation
borrowed funds (¥8,800 million) in January 2022 to be appropriated for the repayment funds (¥5,500 million and ¥3,300
million) for borrowings made in January 2017 and February 2015, respectively.
Consequently, as of the end of the 23rd Fiscal Period (January 31, 2022), unitholders’ capital was ¥129,791 million, interestbearing debt was ¥141,630 million, the ratio of interest-bearing debt to total assets (LTV) was 50.2%, the average maturity ofinterest-bearing debt was 4.6 years, the ratio of long-term debt was 89.2%, and the fixed rate ratio was 98.0%.

Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA–

Stable(4) Overview of performance and distributions
As a result of investment during the 23rd Fiscal Period, the Investment Corporation posted operating revenue of ¥9,433 million,
operating profit of ¥4,223 million, ordinary profit of ¥3,622 million, and profit of ¥3,616 million.
The Investment Corporation carries out distributions so that the Special Provisions for Taxation on Investment Corporations(Article 67-15 of the Act on Special Measures Concerning Taxation [Act No. 26 of 1957, as revised; hereinafter referred to as
the “Act on Special Measures Concerning Taxation”]) would be applied. For the 23rd Fiscal Period, the Investment Corporation
decided to deliver the entire amount obtained by adding the reversal of reserve for reduction entry (¥214 million), which wasreserved in application to the Special Provisions on Taxation in the case of advance acquisition of land and such in 2009 and2010 (Article 66-2 of the Act on Special Measures Concerning Taxation), to unappropriated retained earnings. As a result, thedistribution per unit (DPU) was ¥5,529 for the period.

－ 2 －

June 8, 2010
August 30, 2010
March 18, 2011
February 2, 2012Type
Establishment throughprivate placement
Capital increase throughprivate placement
Capital increase throughprivate placement
Capital increase throughprivate placement

Number of investment units
issued (units)
ChangeBalanceUnitholders’ capital(millions of yen)
ChangeBalance

Remarks

200

200

100

100

(Note 1)

7,800

8,000

3,900

4,000

(Note 2)

24,27032,27011,84015,840(Note 3)

16,40048,6708,200

24,040(Note 4)

February 5, 2013

Capital increase throughpublic offering

18,691

67,361

9,935

33,975(Note 5)February 3, 2014

Capital increase throughpublic offering

31,90099,261

21,96055,936(Note 6)

1,401

100,662964

56,900(Note 7)

301,986

402,648–

56,900(Note 8)70,000472,648

18,02574,926(Note 9)1,156

473,804297

February 26, 2014
August 1, 2014
February 2, 2015
February 27, 2015

Capital increase throughthird-party allotment
Investment unit split
Capital increase throughpublic offering
Capital increase throughthird-party allotment

75,224 (Note 10)

February 1, 2016

Capital increase throughpublic offering

37,800511,604

7,159

February 26, 2016

Capital increase throughthird-party allotment

1,900

513,504359

82,743 (Note 12)

February 1, 2017

Capital increase throughpublic offering

47,800561,304

11,251

93,995 (Note 13)

February 22, 2017

Capital increase throughthird-party allotment

2,390

563,694562

94,557 (Note 14)

February 1, 2018

Capital increase throughpublic offering

22,190585,884

5,006

99,563 (Note 15)

1,110

586,994250

99,814 (Note 16)

51,270638,264

13,551

113,366 (Note 17)

2,570

640,834

679

114,045 (Note 18)

29,330670,164

9,432

123,477 (Note 19)

1,460

671,624469

123,947 (Note 20)

20,360691,984

5,568

129,515 (Note 21)

1,010

692,994276

129,791 (Note 22)

February 15, 2018
February 1, 2019

The Investment Corporation obtained the following rating as of the end of the 23rd Fiscal Period.

20

Date

February 20, 2019
February 3, 2020
February 19, 2020
February 1, 2021
February 17, 2021

Capital increase throughthird-party allotment
Capital increase throughpublic offering
Capital increase throughthird-party allotment
Capital increase throughpublic offering
Capital increase throughthird-party allotment
Capital increase throughpublic offering
Capital increase throughthird-party allotment

82,383(Note 11)

(Note 1)
(Note 2)
(Note 3)

Established at an issue price of ¥500,000 per investment unit.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
(Note 4) Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
(Note 5) Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 6) Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 7) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥688,413 per investment unit.
(Note 8) Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
(Note 9) Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥189,400 per investment unit.

－ 3 －

21

(Note 13) Issued investment units at an issue price of ¥243,252 (subscription price of ¥235,393) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties andto repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥225,600 per investment unit.
(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥321,591 per investment unit.
(Note 21) Issued investment units at an issue price of ¥282,623 (subscription price of ¥273,492) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 22) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥273,492 per investment unit.

[Fluctuation in market price of the investment securities]
The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, Inc., where theInvestment Corporation is listed, by fiscal period are as follows.
Fiscal period
Closing month/year

19th Fiscal Period
Jan. 2020

20th Fiscal Period
Jul. 2020

21st Fiscal Period
Jan. 2021

22nd Fiscal Period
Jul. 2021

23rd Fiscal Period
Jan. 2022

HighestLowest¥360,500¥322,500¥355,500¥198,100¥341,000¥278,400¥379,000¥290,700¥358,500¥296,300

4. Performance of Distributions
The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 23rd Fiscal Period, the Investment Corporation decided to distribute the entire amount obtained byadding the reversal of reserve for reduction entry (¥214 million) to unappropriated retained earnings. As a result, the DPU for the
23rd Fiscal Period was ¥5,529.
Fiscal period

19th Fiscal Period

20th Fiscal Period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal PeriodBusiness period

From Aug. 1, 2019
to Jan. 31, 2020

From Feb. 1, 2020
to Jul. 31, 2020

From Aug. 1, 2020
to Jan. 31, 2021

From Feb. 1, 2021
to Jul. 31, 2021

From Aug. 1, 2021
to Jan. 31, 2022

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]¥3,562,889 thousand ¥3,523,532 thousand ¥3,889,688 thousand ¥4,950,436 thousand ¥3,616,868 thousand¥172,904 thousand¥– thousand¥256,202 thousand¥881,175 thousand¥– thousand¥3,393,216 thousand ¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand[¥5,295][¥5,309][¥5,410][¥5,872][¥5,529]¥3,393,216 thousand ¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand[¥5,295][¥5,309][¥5,410][¥5,872][¥5,529]¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Return on unitholders’ capitalper unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments from theallowance for temporary
difference adjustment¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the return on unitholders’capital per unit, the distribution
payment from the allowance fortemporary difference adjustment
per unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments frominvestments and other decreased
distribution under tax laws¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the total return on
unitholders’ capital per unit, thedistribution payments frominvestments and other decreased
distribution under tax laws]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of which, total return on
unitholders’ capital

5. Future Investment Policy and Issues to Address
Founded on our basic policies of investment management, the Investment Corporation has carried out investment and management
based on the concept and expertise incorporated into the urban rental residence Comforia series, which Tokyu Land Corporation(hereinafter referred to as “Tokyu Land”) has been producing. Going forward, we aim to achieve medium- to long-term growth bycontinuing to carry out investment and management based on our basic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from TLC REITManagement Inc., its asset management company (hereinafter referred to as the “Asset Management Company”).
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of the Tokyu Fudosan Holdings Group other than the sponsor, to acquire quality residential properties, achieve stable
operation and enhance profitability. Based on this perspective, the Asset Management Company has entered into a support
agreement with each of the seven support companies of the Tokyu Fudosan Holdings Group (Tokyu Livable, Inc., Tokyu
Community Corp., Tokyu Housing Lease Corporation, National Students Information Center Co., Ltd., Tokyu E-Life Design
Inc., Ewel Inc. and Tokyu Sports Oasis, Inc.,) for managed assets of the Investment Corporation.
(2) Internal growth strategy
With the aim of maximizing portfolio value and cash flows from individual properties from a medium- to long-term perspective
and to make the most of the experience and comprehensive strength of the Tokyu Fudosan Holdings Group in property
management, we will consign property management operations mainly to the Tokyu Fudosan Holdings Group, which has
extensive experience in the management of J-REITs and the Comforia series. In addition, we will strive for efficientmanagement by examining the adequacy of building management specifications and costs.
Furthermore, we will actively utilize the expertise of the Tokyu Fudosan Holdings Group in asset and fund management toachieve higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on theissues of environmental and social considerations and reinforced governance, among other matters, should contribute to theprogress of a sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management
based on such thinking.
In the 24th Fiscal Period and onwards, we will continue to aim to maintain and improve occupancy rates by closely monitoring
the property management situation, as we did in the 23rd Fiscal Period.
(3) Financial strategy
In consideration of addressing future interest rate risk and refinance risk, we will carry out funding activities by paying attention
to financial soundness and earnings stability. With regard to debt, we will efficiently combine short-term funding that focuseson agility with long-term stable funding. Furthermore, we will consider the issuance of new investment units in accordancewith financing needs for property acquisition and the financial situation of the Investment Corporation, while paying attention
to the market development and distribution level, with the upper limit of the ratio of interest-bearing debt to total assets (LTV)
at around 60%.

6. Significant Subsequent Events
Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on January 5, 2022 and January 13, 2022 concerning
the issuance of new investment units as described below. Based on the resolution, payments completed on February 1, 2022 forthe new investment units issued through public offering and on February 16, 2022 for the new investment units offered by way ofthird-party allotment, respectively. As a result, unitholders’ capital increased to ¥136,744,613,618, with the number of investment
units issued and outstanding at 715,982 units.
Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
22,960 units
Issue price:¥312,555 per unit
Total issue amount:¥7,176,262,800
Paid-in amount (issue value):¥302,457 per unit
Total paid-in amount (issue value):¥6,944,412,720
Payment date:February 1, 2022
Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
28 units
Paid-in amount (issue value):¥302,457 per unit
Total paid-in amount (issue value):¥8,468,796
Payment date:February 16, 2022
Allottee:Mizuho Securities Co., Ltd.

(Note) Figures above are rounded down to the nearest unit.

22－ 4 －

－ 5 －

23

Overview of the Investment Corporation

Overview of the Investment Corporation(Reference Information)
Property Acquisition
The Investment Corporation acquired the following properties:
Property name

Type of specified
asset

Location

1. Unitholders’ Capital
Acquisition price(thousands of yen)
(Note)

Main usage

Plannedacquisition price(thousands of yen)
(Note 1)Main usage

Planned acquisition
dateType of specified
asset

Location

CAMPUS VILLAGE KYOTO
FUSHIMI

Property in trust

Kyoto-shi, Kyoto

1,075,000

Boarding house

March 25, 2022

GRANCREER BAJIKOEN(LAND)

Property in trust

Setagaya-ku, Tokyo

4,546,000–

March 29, 2022

GRANCREER TACHIKAWA

Real estate

Tachikawa-shi,Tokyo2,933,000

Apartment building

March 29, 2022

COMFORIA AKIHABARA
NORTH

Property in trust

Taito-ku, Tokyo

1,850,000

Apartment building

April 4, 2022

COMFORIA SAKURAJOSUI

Property in trust

Suginami-ku, Tokyo

3,750,000

Apartment building

April 4, 2022

COMFORIA KITAZAWA(Note 2)

Property in trust

Setagaya-ku, Tokyo

3,816,000

Apartment building

July 1, 2022

Property name20th Fiscal
Period21st Fiscal
Period22nd Fiscal
Period23rd Fiscal
PeriodAs ofJan. 31, 2020

As ofJul. 31, 2020

As ofJan. 31, 2021

As ofJul. 31, 2021

As ofJan. 31, 2022

(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000(units)

640,834

671,624

671,624

692,994

692,994

Unitholders’ capital(millions of yen)

114,045

123,947

123,947

129,791

129,791

Number of unitholders(people)

5,096

5,352

5,650

5,320

5,317

Acquisition date

CAMPUS VILLAGE
Property in trust Urayasu-shi, Chiba
1,500,000
Boarding house
February 1, 2022
URAYASU(Note) The acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property
tax, city planning tax, consumption tax and local consumption tax.
The Investment Corporation plans to acquire the following properties:

19th Fiscal
Period(Note 1) The planned acquisition price does not include miscellaneous expenses required for the acquisition of the properties,
fixed property tax, city planning tax, consumption tax and local consumption tax.
(Note 2) COMFORIA KITAZAWA is the planned name after the Investment Corporation acquires it, as the property is scheduled
for completion in June 2022.

Total number of authorized
investment units
Total number of investment
units issued

2. Matters concerning Investment Units
Major unitholders as of January 31, 2022 are as follows.
Number of investment units
owned (units)

Name

Ratio to the total number ofinvestment units issued (%) (Note)

Custody Bank of Japan, Ltd. (trust account)

125,159

18.06

The Master Trust Bank of Japan, Ltd. (trust account)
Tokyu Land Corporation

100,115
62,264

14.44
8.98

The Nomura Trust & Banking Co., Ltd. (trust account)
STICHTING PENSIOENFONDS ZORG EN WELZIJN(Standing proxy: Citibank, N.A., Tokyo Branch)
Custody Bank of Japan, Ltd. (securities trust investment
account)

28,965

4.17

23,461

3.38

21,957

3.16

Custody Bank of Japan, Ltd. (taxable trust money account)
The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)
Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)
Mizuho Securities Co., Ltd.

13,374

1.92

11,544

1.66

11,457

1.65

10,030

1.44

Total

408,326

58.92(Note)The ratio of investment units owned to the total number of investment units issued is rounded down to the second decimal place .

3. Matters concerning Directors, etc.
(1) Name of directors, etc.
The names of directors, etc. during the 23rd Fiscal Period are as follows.
Position
Executive Director(Note 1)Name of director, etc.
Takehiro Izawa

Supervisory Director
Koji Yamamoto(Note 1)Supervisory Director
Masamichi Ohshima(Note 1)
Ernst & Young
Independent Auditor ShinNihon LLC(Note 2)Main concurrent posts
Executive Director, Chief Division Officerof Comforia Management Division, TLC
REIT Management Inc.
Partner, WAKABA PARTNERS Law andAccounting OfficeTotal amount of remuneration
paid during the period(thousands of yen)–
1,800

Kataoka & Kobayashi

1,800

–

17,838(Note 1) None of the Executive Director or Supervisory Directors own investment units in the Investment Corporation, either in their own name or insomeone else’s name. Furthermore, although Supervisory Directors may be officers of a corporation other than those mentioned above, neither
one has an interest in the Investment Corporation.
(Note 2) The amount includes the fees pertaining to the production of an “Auditor’s Comfort Letter to Lead Underwriting Firm” related to the issuanceof new investment units conducted in February 2022.

(2) Policy for decisions on dismissal or non-reappointment of Independent Auditor
The Board of Directors shall, with the consent of all its members, dismiss the Independent Auditor if it is deemed that it falls－ 7 －

24

－ 6 －

25

Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation
under any of the grounds set forth in each item of Paragraph 1 of Article 105 of the Investment Trusts Act, and when it isdetermined that there is no hope for improvement.
In addition, when it is determined that an Independent Auditor is not fit for his or her role, upon comprehensive examinationof their execution of duties as the Independent Auditor and other various circumstances, the Board of Directors shall dismissor not reappoint said Independent Auditor with the consent of all of its members, and forward a proposal for the appointmentof a new Independent Auditor to the unitholders’ meeting.

4. Matters concerning Directors and Officers Liability Insurance Agreement
The Investment Corporation has entered into a directors and officers liability insurance agreement as follows.
Scope of the insured

All Executive Director andSupervisory Directors

Overview of agreement[Overview of insured event covered by the insurance]
The Investment Corporation has concluded a directors and officers liability insurance agreement
to cover such losses as compensation payment and dispute costs to be borne by the insured to acertain extent when they receive a claim for compensation for the actions they have taken as an
officer of the Investment Corporation.
[Burden ratio of insurance premium]
The insurance agreement contains the special provision concerning the unitholder lawsuit. The
Executive Director and the Supervisory Directors shall bear the insurance premium in relation
to special provision (10% of all insurance premium), and the Investment Corporation shall bearother insurance premium (90%).
[Measures to ensure the appropriateness of the execution of duties]
When the insured suffers damages by actions which they executed while recognizing that it may
constitute criminal act or violate the laws and regulations, the loss is not subject to the protection.

Type ofasset

The asset management company, asset custodian and general administration as of January 31, 2022 are as follows.
Name

Asset management company
Asset custodian

TLC REIT Management Inc.
Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)
General administration (accounting service)
General administration (tax service)

Mitsubishi UFJ Trust and Banking Corporation
Reiwa Accounting Holdings Co., Ltd.
Reiwakaikeisha Tax Corporation

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

General administration (corporation bond service)

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

22nd Fiscal Period(as of July 31, 2021)

Area

Total amount owned(millions of yen) (Note 1)
1,122

Central TokyoReal
estateSub-central Tokyo
Central Tokyo
Properties Sub-central Tokyo
in trust Tokyo metropolitan area

Percentage of total
Total amount owned
assets (%) (Note 2)(millions of yen) (Note 1)
0.4
1,120

7,943
95,370129,511
13,880

Other major cities

23rd Fiscal Period(as of January 31, 2022)

2.8
33.7
45.8
4.9

Percentage of total
assets (%) (Note 2)
0.4

7,945
95,015
128,999
13,815

2.8
33.7
45.7
4.9

11,696

4.1

11,626

4.1

Subtotal
Deposits and other assets

259,524
23,314

91.8
8.2

258,525
23,751

91.6
8.4

Total assets

282,839100.0

282,277100.0(Note 1)
(Note 2)

“Total amount owned” indicates the amount posted on the Balance Sheets as of the closing of accounts (the carrying value after depreciation for realestate and properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

2. Major Assets Owned
The overview of major assets owned by the Investment Corporation (top 10 properties in terms of period-end carrying value) is asfollows.
Ratio to total
Occupancy rate
rental revenues Main usage(%)(%)

Carrying value(millions of yen)

Rentable area(m2)

Rented area
(m2)

COMFORIA SHINJUKUEASTSIDE TOWER

12,384

48,267.61

46,339.73

96.0

COMFORIA KAMATA

5,698

6,027.98

5,911.28

98.1

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,650

4,080.10

4,027.56

98.7

1.4

COMFORIA SHIBUYA WEST

5,447

4,278.52

4,147.79

96.9

1.5

COMFORIA KOMABA

5,086

5,342.38

5,116.90

95.8

COMFORIA OMIYA

4,603

6,527.59

6,385.51

97.8

COMFORIA
MINAMISUNAMACHI

4,552

6,141.98

5,968.52

97.2

4,405

4,582.07

4,465.85

97.5

4,169

18,235.67

18,235.67

100.0

4,120
56,1184,960.44
108,444.34

4,762.08
105,360.89

96.0
97.2

Property name

5. Asset Management Company, Asset Custodian and General Administration
Consignment segment

1. Composition of Assets of the Investment Corporation

COMFORIA AKIHABARAEAST
GRANCREER CENTERMINAMICOMFORIA KITASANDO
Total

Apartment
building
Apartment
1.7
building

17.1

Apartment
building

Apartment
building
Apartment
1.5
building
Apartment
building
Apartment
1.4
building
1.4

Apartment
building
Homes for1.3
the elderly
1.4 Residence
30.0
1.3

－ 9 －

26－ 8 －

27

3. Statement of Properties Incorporated in the Portfolio
Area

The overview of assets under management of the Investment Corporation as of January 31, 2022 is as follows.
Area

Property name

Address

Property name

Address

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10 Nakaochiai, Shinjuku-ku, Tokyo

COMFORIA HIGASHINAKANO

4-34-2 Kita-Shinjuku, Shinjuku-ku, Tokyo

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

COMFORIA MINAMIAOYAMA

4-1-12 Minami-Aoyama, Minato-ku, Tokyo

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku, Tokyo

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA SHIBAURABOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

COMFORIA NIHONBASHININGYOCHO EAST

3-6-3 Nihonbashi Ningyocho, Chuo-ku, Tokyo

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA KUDAN

2-6-12 Kudan Minami, Chiyoda-ku, Tokyo

COMFORIA NIHONBASHININGYOCHO NORTH

1-1-6 Nihonbashi Horidomecho, Chuo-ku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

COMFORIA YOYOGIUEHARA

2-31-5 Uehara, Shibuya-ku, Tokyo

2,500

1,466

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

2,800

1,814

COMFORIA SHINJUKUGYOEN
II

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

1,860

1,105

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

796

528

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

4,960

2,869

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

913

539

COMFORIA NISHISHINJUKU

1-20-12 Kita-Shinjuku, Shinjuku-ku, Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kanda Jinbocho, Chiyoda-ku, Tokyo

2,220

1,337
COMFORIA NIHONBASHI

1-2-2 Nihonbashi Bakurocho, Chuo-ku, Tokyo

1,230

740
COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku, Tokyo

1,970

1,090
COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

2,320

1,601
COMFORIA SHINJUKUGYOEN I 1-10-4 Shinjuku, Shinjuku-ku, Tokyo

6,060

3,490

1,160

840

3,970

2,553

Central Tokyo

Central Tokyo

3-5-10 Nihonbashi Ningyocho, Chuo-ku, Tokyo

COMFORIA KAGURAZAKA
DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1 Higashi-Azabu, Minato-ku, Tokyo

COMFORIA SHINJUKUEASTSIDE TOWER(Tower Building)
6-27-29 Shinjuku, Shinjuku-ku, Tokyo(Annex Building)
6-27-28 Shinjuku, Shinjuku-ku, Tokyo(Gate Building)
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

1,930

1,269

2,900

2,012

COMFORIA ICHIGAYAYAKUOJI

74-23 Ichigayayakuojimachi, Shinjuku-ku, Tokyo

1,090

826

COMFORIA AKIHABARA EAST

2-9-19 Higashikanda, Chiyoda-ku, Tokyo

1,780

1,282

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

1,530

1,038

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

COMFORIA SHINJUKU

5-8-20 Shinjuku, Shinjuku-ku, Tokyo

2,440

1,739

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku, Tokyo

3,180

1,874

COMFORIA GINZA EASTNIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

4,300

2,990

COMFORIA HIGASHISHINJUKU
7-27-12 Shinjuku, Shinjuku-ku, Tokyo
STATION FRONT

2,060

1,508

COMFORIA NAKAOCHIAI

2-16-29 Nakaochiai, Shinjuku-ku, Tokyo

5,460

4,120

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Subtotal28－ 10 －Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)
(Note 1)

Appraisal value
Carrying value
at end of period
Ownership form
(millions of yen)(millions of yen)
(Note 2)
(Note 1)COMFORIA NIHONBASHININGYOCHO

Ownership form－ 11 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,150

1,569

2,510

1,707

2,280

1,716

2,150

1,578

991

698

2,350

1,615

2,040

1,656

1,900

1,506

2,440

1,979

4,410

3,311

1,760

1,475

1,570

1,381

1,610

1,220

3,570

1,882

16,00012,384

1,030

972

5,530

4,405

969

918

1,200

1,120

2,430

2,250

1,410

1,293

2,570

2,522

5,840

5,650

1,560

1,566

1,120

1,111

130,819

96,13729

Area

Property name

Address

Ownership form

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

(Note 1)

1-15-12 Nishikata, Bunkyo-ku, Tokyo

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

COMFORIA NISHIOI

6-6-1 Nishi-Oi, Shinagawa-ku, Tokyo

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku, Tokyo

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

COMFORIA NISHIKAMATA

6-37-3 Nishi-Kamata, Ota-ku, Tokyo

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

Sub-central Tokyo

COMFORIA
3-2-13 Miyoshi, Koto-ku, Tokyo
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku, Tokyo

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku, Tokyo

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku, Tokyo

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIA ASAKUSABASHI
DEUX

5-24-10 Asakusabashi, Taito-ku, Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

COMFORIA MONZENNAKACHO 16-8 Fuyuki, Koto-ku, Tokyo
COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

COMFORIA GAKUGEIDAIGAKU 6-46-6 Shimouma, Setagaya-ku, Tokyo
COMFORIA HIGASHINAKANO
DEUX

30

4-2-19 Higashi-Nakano, Nakano-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo－ 12 －

2,270

1,328

1,310

(Note 1)COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

793

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

1,180

839

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku, Tokyo

1,230

870

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

3,810

2,302

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

2,310

1,391

COMFORIA SUMIDATACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

2,450

1,877

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

1,080

656

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

1,990

1,228

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku, Tokyo

804

534

COMFORIA MORISHITA

3-6-8 Shin-Ohashi, Koto-ku, Tokyo

1,930

1,232

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

1,620

896

COMFORIA MEGUROCHOJAMARU

2-6-25 Kami-Osaki, Shinagawa-ku, Tokyo

812

576

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashi-Ikebukuro, Toshima-ku, Tokyo

964

623

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashi-Ikebukuro, Toshima-ku, Tokyo

1,230

807

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

958

662

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

1,110

710

COMFORIA
MINAMISUNAMACHI

4-4-20 Minamisuna, Koto-ku, Tokyo

1,210

802

COMFORIAHIGASHISHINAGAWA

3-22-11 Higashi-Shinagawa,Shinagawa-ku, Tokyo

3,590

2,428

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

1,740

1,145

COMFORIA YOGA

3-24-3 Yoga, Setagaya-ku, Tokyo

2,630

1,800

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

1,920

1,114

COMFORIA SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku, Tokyo

1,290

777

COMFORIA OJIMA

4-8-10 Ojima, Koto-ku, Tokyo

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo
1-3-2 Honkomagome, Bunkyo-ku, Tokyo
4-21-2 Kamata, Ota-ku, Tokyo

Sub-central Tokyo

COMFORIA BUNKYOKASUGA

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)

5,860

3,606

COMFORIA BUNKYO
HAKUSAN

1,550

973

COMFORIA KAMATA－ 13 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,610

1,175

1,050

603

3,700

2,464

1,730

1,145

4,190

2,854

1,080

902

1,400

1,049

4,050

2,750

2,060

1,314

1,880

1,411

1,270

885

2,710

1,921

2,830

1,601

1,630

1,098

6,410

5,086

1,410

1,013

5,130

4,552

2,150

1,502

1,030

833

1,240

1,061

4,680

3,826

1,690

1,398

Real estate

2,320

2,185

Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,070

923

1,540

1,413

7,140

5,698

31

Area

Property name

Address

Ownership form

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

1-15-1 Kamitakaido, Suginami-ku, Tokyo

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku, Tokyo

COMFORIA KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

COMFORIA KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

COMFORIA SHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

COMFORIA OMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

CAMPUS VILLAGESHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

COMFORIA KIBASHINSUIKOEN 3-11-13 Kiba, Koto-ku, Tokyo
COMFORIA NISHIMAGOMEHILLSIDE

1-30-8 Nishimagome, Ota-ku, Tokyo

COMFORIA IKEBUKURO DEUX 2-19-14 Minami-Ikebukuro, Toshima-ku, Tokyo
COMFORIA NARIMASU

3-18-13 Asahi-cho, Nerima-ku, Tokyo

COMFORIA SHINOKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

COMFORIA MORISHITA WEST

1-3-5 Shin-Ohashi, Koto-ku, Tokyo

COMFORIA TOYOCHO

2-26-11 Minamisuna, Koto-ku, Tokyo

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku, Tokyo

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

COMFORIA MONZENNAKACHO
1-13-6 Botan, Koto-ku, Tokyo
SOUTH
COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo
Subtotal32－ 14 －Real estate
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,310

1,239

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

2,440

2,176

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

1,560

1,380

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi, Chiba

3,060

2,631

GRANCREER CENTER-MINAMI

40-3 Chigasaki Chuo, Tsuzuki-ku, Yokohama-shi,
Kanagawa

2,900

2,799

COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku, Yokohama-shi,
Kanagawa

1,840

1,743

979

890

COMFORIA OMIYA

3-36-1 Nakacho, Omiya-ku, Saitama-shi, Saitama

Tokyo
metropolitan area

COLLEGE COURTHACHIMANYAMA(Note 1)

Subtotal

2,450

2,238

COMFORIA KITASANJO

2-2-51 Kita-Sanjo Higashi, Chuo-ku,
Sapporo-shi, Hokkaido

2,280

2,075

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijo-Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

6,740

5,447

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osaka-shi, Osaka

1,460

1,309

COMFORIA SHINSAIBASHI
EAST

2-6-8 Bakuromachi, Chuo-ku, Osaka-shi, Osaka

959

904

COMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku, Osaka-shi,
Osaka

1,260

1,173

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osaka-shi, Osaka

2,130

1,970
COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi, Osaka

3,110

2,764

3,950

3,510

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

1,390

1,368

1,460

1,429

1,980

1,965

1,570

1,663

1,360

1,268

1,320

1,254

4,020

3,769

1,850

1,655

3,230

3,131

1,620

1,476

3,080

3,051

175,156

136,945

Other major cities

Sub-central Tokyo(Note 1)

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)

(Note 1)

(Note 2)

Subtotal
Total

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

794

622

1,400

988

1,170

1,014

4,340

4,169

2,270

2,417

4,840

4,603

14,814

13,815

992

630

1,470

1,250

1,580

1,466

2,270

1,971

1,890

1,554

1,650

1,276

1,980

1,723

1,800

1,754

13,632
334,421

11,626
258,525“Appraisal value at end of period” indicates the appraisal value by a real estate appraiser (based on real estate appraisal reports or research reports
prepared by the Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Valuers Co., Ltd., with the account closing date as the date of value estimate), pursuant to the method of asset appraisal
stipulated in the Articles of Incorporation of the Investment Corporation as well as the “Ordinance on Accountings of Investment Corporations”(Cabinet Office Ordinance No. 47 of 2006).
“Carrying value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 23rd Fiscal Period(January 31, 2022) minus accumulated depreciation.

－ 15 －33

The overview of the rental business by assets under management of the Investment Corporation is as follows.

Area

Property name

Central Tokyo

COMFORIA NIHONBASHININGYOCHOCOMFORIA WASEDACOMFORIA SHIMOOCHIAICOMFORIA HIGASHINAKANOCOMFORIA GINZA EASTCOMFORIA AZABUDAICOMFORIA SHIBAKOENCOMFORIA NISHIAZABUCOMFORIA MINAMIAOYAMACOMFORIA NISHIWASEDA

34

22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

Ratio toRatio toTotal number Occupancy rate Rental revenue
Total number Occupancy rate Rental revenue
total
total
(at end of period)(at end of period)of tenantsof tenants(during period) rental(during period) rental(%)(%)(at end of period)(at end of period)(thousands of yen) revenues(thousands of yen) revenues(Note 1)
(Note 2)
(Note 1)
(Note 2)
(%)
(%)

1

93.3

60,259

0.6

1

91.3

58,669

0.6

1
1
1
1
1
1
1
1
1

97.2
96.5
100.0
95.2
91.4
98.4
100.0
83.5
91.0

67,462
48,83021,691
116,305
21,10650,831
27,321
41,69059,068

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.4
0.6

1
1
1
1
1
1
1
1
1

95.5
98.2
97.6
92.2
90.4
93.2
92.0
89.6
97.8

66,20746,44021,353
115,249
22,51849,776
27,74340,65361,604

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.4
0.7

COMFORIA HARAJYUKU

1

95.5

131,348

1.4

1

95.3

129,960

1.4

COMFORIA MITA NORTHCOMFORIA SHIBAURABOWHOUSECOMFORIASHIROKANETAKANAWACOMFORIA NIHONBASHININGYOCHO EASTCOMFORIA ATAGOCOMFORIA KUDANCOMFORIA NIHONBASHININGYOCHO NORTHCOMFORIA SHINKAWACOMFORIA AKASAKACOMFORIA MITA EASTCOMFORIA SHIBAURA CANALCOMFORIA KITASANDOCOMFORIA YOYOGIUEHARACOMFORIA SASAZUKACOMFORIA SHINJUKUGYOEN II
COMFORIA
ICHIGAYAYANAGICHOCOMFORIA KAGURAZAKACOMFORIA NIBANCHOCOMFORIA NISHISHINJUKUCOMFORIA KANDAJINBOCHOCOMFORIA NIHONBASHICOMFORIA TAMACHICOMFORIA AZABUJUBANCOMFORIA SHINJUKUGYOEN I
COMFORIA KAGURAZAKA DEUXCOMFORIA AZABU EASTCOMFORIA SHINJUKUEASTSIDE TOWERCOMFORIA ICHIGAYAYAKUOJI
COMFORIA AKIHABARA EASTCOMFORIA MITA TROISCOMFORIA SHIBAURACOMFORIA SHINJUKUCOMFORIAHIGASHINIHONBASHICOMFORIA GINZA EASTNIBANKAN
COMFORIA HIGASHISHINJUKUSTATION FRONTCOMFORIA NAKAOCHIAICOMFORIA WASEDA DEUX
Subtotal

1

96.6

30,260

0.3

1

97.1

31,502

0.3

1

97.8

101,893

1.1

1

96.4

101,055

1.1

1

92.2

47,282

0.5

1

94.8

46,768

0.5

1

96.4

63,482

0.7

1

92.9

64,948

0.7

1
1

97.5
100.0

29,47043,069

0.3
0.5

1
1

97.5
91.0

29,39941,148

0.3
0.4

1

97.2

36,793

0.4

1

91.7

36,099

0.4

1
1
1
1
1
1
1
1

98.3
92.5
92.7
95.8
89.8
92.9
99.0
94.9

63,612
67,649102,30253,434
130,798
52,082
68,17057,637

0.7
0.7
1.1
0.6
1.4
0.6
0.7
0.6

1
1
1
1
1
1
1
1

91.7
95.0
93.0
92.7
96.0
95.9
89.3
95.2

60,17364,439103,335
52,854
128,726
50,02966,00755,704

0.6
0.7
1.1
0.6
1.4
0.5
0.7
0.6

1

93.8

51,378

0.5

1

93.3

50,251

0.5

1
1
1
1
1
1
1
1
1
1

91.3
98.0
90.5
98.4
91.7
99.2
85.5
95.8
97.9
97.8

24,05652,60948,36343,88963,355103,251
40,53343,02040,60076,314

0.3
0.6
0.5
0.5
0.7
1.1
0.4
0.5
0.4
0.8

1
1
1
1
1
1
1
1
1
1

94.2
92.9
98.5
100.0
95.0
94.4
98.2
96.5
91.1
94.3

23,67649,581
46,032
46,80664,272104,292
39,37142,36039,58878,790

0.3
0.5
0.5
0.5
0.7
1.1
0.4
0.4
0.4
0.8

1

95.7

1,573,251

16.7

1

96.0

1,611,828

17.1

1
1
1
1
1

100.0
95.6
90.9
97.7
96.4

26,586
119,918
24,481
27,666
51,947

0.3
1.3
0.3
0.3
0.6

1
1
1
1
1

100.0
97.5
94.1
93.1
93.0

26,453
124,075
22,92327,15753,172

0.3
1.3
0.2
0.3
0.6

1

95.2

33,627

0.4

1

93.6

33,553

0.4

1

96.5

51,871

0.6

1

96.2

53,123

0.6

1

98.1

135,670

1.4

1

98.7

136,650

1.4

1
1
1

97.8
96.4
95.5

37,59825,2894,289,143

0.4
0.3
45.5

1
1
1

92.9
96.4
95.1

37,57825,535
4,309,447

0.4
0.3
45.7

－ 16 －Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)Sub-central Tokyo

22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOICOMFORIA NAKANOCOMFORIA SHIMOKITAZAWACOMFORIA NISHIKAMATACOMFORIA OYAMACOMFORIA
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWACOMFORIA KOISHIKAWACOMFORIA SENGOKUCOMFORIA
DAIKANYAMAAOBADAICOMFORIA IKEBUKUROCOMFORIA
RYOGOKUISHIWARA
COMFORIA ASAKUSABASHI
DEUX
COMFORIA OSHIAGE
COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWA TROISCOMFORIA MONZENNAKACHOCOMFORIA HIMONYACOMFORIA MISYUKUCOMFORIA GAKUGEIDAIGAKUCOMFORIA HIGASHINAKANODEUXCOMFORIAHIGASHIIKEBUKURO WEST
COMFORIA RYOGOKU DEUXCOMFORIA OMORI DEUXCOMFORIA MACHIYACOMFORIA ASAKUSABASHICOMFORIA RYOGOKU SOUTH
COMFORIA TOYOSUCOMFORIA SUMIDATACHIBANACOMFORIA UENOHIROKOJI
COMFORIA KASUGATOMISAKACOMFORIA HONKOMAGOMECOMFORIA MORISHITACOMFORIA KIBAKOENCOMFORIA MEGUROCHOJAMARUCOMFORIAHIGASHIIKEBUKURO EASTCOMFORIAHIGASHIIKEBUKUROCOMFORIA KOMABACOMFORIA KINSHICHOCOMFORIA
MINAMISUNAMACHICOMFORIAHIGASHISHINAGAWACOMFORIA MEGUROYAKUMOCOMFORIA YOGACOMFORIA
ITABASHINAKAJUKUCOMFORIA SHINAGAWA EASTCOMFORIA OJIMA(Note 2)23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1

99.1

62,765

0.7

1

100.0

62,789

0.7

1

92.9

45,348

0.5

1

98.6

46,809

0.5

1
1
1
1
1

96.6
97.5
95.1
89.5
95.4

31,87932,673
94,95263,75077,558

0.3
0.3
1.0
0.7
0.8

1
1
1
1
1

96.6
89.5
95.7
96.4
99.0

32,19332,884
95,14964,92976,910

0.3
0.3
1.0
0.7
0.8

1

97.8

28,844

0.3

1

91.1

29,358

0.3

1
1
1

93.7
97.4
95.6

42,422
20,93555,206

0.5
0.2
0.6

1
1
1

92.6
97.4
97.8

43,157
21,94754,945

0.5
0.2
0.6

1

100.0

39,195

0.4

1

95.4

40,541

0.4

1

94.0

23,047

0.2

1

88.9

22,733

0.2

1

100.0

25,596

0.3

1

100.0

25,590

0.3

1

95.3

33,399

0.4

1

94.4

30,795

0.3

1

98.0

25,646

0.3

1

100.0

26,067

0.3

1

98.2

29,085

0.3

1

94.3

30,020

0.3

1

97.9

30,516

0.3

1

89.9

31,167

0.3

1
1
1
1

97.9
91.8
90.7
97.4

91,855
44,10769,062
43,349

1.0
0.5
0.7
0.5

1
1
1
1

96.5
94.4
97.3
97.3

90,71643,26668,431
42,833

1.0
0.5
0.7
0.5

1

95.7

31,550

0.3

1

93.6

30,543

0.3

1

97.6

168,982

1.8

1

96.2

169,507

1.8

1
1
1
1
1
1

91.0
96.9
100.0
95.4
97.4
97.5

37,39439,002
27,265
101,361
49,670101,972

0.4
0.4
0.3
1.1
0.5
1.1

1
1
1
1
1
1

94.9
100.0
97.0
93.0
96.2
94.5

36,87838,62026,990102,296
49,028100,511

0.4
0.4
0.3
1.1
0.5
1.1

1

100.0

32,519

0.3

1

93.1

32,702

0.3

1
1
1
1
1

100.0
91.1
97.2
94.7
95.0

36,122
93,99348,56748,06632,449

0.4
1.0
0.5
0.5
0.3

1
1
1
1
1

94.3
95.7
100.0
97.3
96.7

35,62588,71047,13049,05333,075

0.4
0.9
0.5
0.5
0.4

1

95.5

73,241

0.8

1

94.6

72,138

0.8

1

94.6

71,247

0.8

1

96.7

70,267

0.7

1

98.3

39,014

0.4

1

92.0

38,369

0.4

1
1

91.9
93.5

141,397
35,323

1.5
0.4

1
1

95.8
96.1

139,492
35,597

1.5
0.4

1

95.4

136,993

1.5

1

97.2

135,584

1.4

1

98.2

54,955

0.6

1

98.2

54,747

0.6

1
1

97.3
97.4

26,402
31,585

0.3
0.3

1
1

94.6
95.0

25,89032,580

0.3
0.3

1

96.5

125,878

1.3

1

96.4

124,676

1.3

1
1

93.9
97.0

76,07956,756

0.8
0.6

1
1

97.3
99.0

75,06457,0840.8
0.6－ 17 －35

22nd Fiscal Period(From February 1, 2021 to July 31, 2021)
Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)

Other major cities

Tokyo metropolitanarea

Sub-central Tokyo(Note 1)

36

COMFORIA OMORI TROISCOMFORIA BUNKYOHAKUSANCOMFORIA KAMATA
COLLEGE COURTHACHIMANYAMA
COMFORIA UENOIRIYACOMFORIA IKEJIRICOMFORIA
SETAGAYAKAMIUMACOMFORIA
AKABANEIWABUCHICOMFORIA RYOGOKU TROISCOLLEGE SQUAREHACHIMANYAMA
COMFORIA KINSHICHO DEUXCOMFORIA KAMEIDO SOUTH
COMFORIA SHIBUYA WEST
COMFORIAASAKUSAKOMAGATACOMFORIA OMORIKASHIMACOMFORIA OMORIMACHICOMFORIA KAMIIKEDAICAMPUS VILLAGESHIINAMACHICOMFORIA TAKINOGAWACOMFORIA KIBASHINSUIKOENCOMFORIA NISHIMAGOMEHILLSIDE
COMFORIA IKEBUKURO DEUXCOMFORIA NARIMASUCOMFORIA SHINOKACHIMACHICOMFORIA MORISHITA WEST
COMFORIA TOYOCHOCOMFORIA FUDOMAECOMFORIA TAITONEGISHICOMFORIA MONZENNAKACHO
SOUTH
COMFORIA MAGOME
Subtotal
COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYA
Subtotal
COMFORIA SHIN-OSAKA(Note 3)
COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHO
Subtotal
Total(Note 2)

1
1
1

90.0
91.7
92.4

25,90937,258151,820

1

100.0

30,222

1
1

93.6
98.0

62,51333,758

1

96.7

1
1

(Note 1)23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

0.3
0.4
1.6

1
1
1

96.0
97.3
98.1

26,64237,593
161,745

0.3
0.4
1.7

0.3

1

100.0

30,222

0.3

0.7
0.4

1
1

90.3
92.3

58,88332,3500.6
0.3

75,461

0.8

1

95.7

73,7960.8

93.1

73,490

0.8

1

96.9

72,8420.8

87.8

40,892

0.4

1

93.8

40,713

0.4

1

100.0

20,976

0.2

1

100.0

20,976

0.2

1
1
1

95.9
100.0
96.3

61,85857,956
139,481

0.7
0.6
1.5

1
1
1

95.6
100.0
96.9

59,71658,405
141,260

0.6
0.6
1.5

1

93.2

34,733

0.4

1

95.9

34,758

0.4

1
1
1

91.2
92.7
93.0

25,234
31,211
52,038

0.3
0.3
0.6

1
1
1

91.9
98.2
97.7

24,39831,32453,856

0.3
0.3
0.6

1

100.0

66,196

0.7

1

100.0

66,221

0.7

1
1

99.4
85.2

94,452
29,760

1.0
0.3

1
1

97.4
96.3

93,93829,288

1.0
0.3

1

96.8

29,985

0.3

1

98.0

31,107

0.3

1
1

96.7
96.7

50,39636,234

0.5
0.4

1
1

98.4
96.7

50,00635,669

0.5
0.4

1

96.2

31,625

0.3

1

100.0

30,472

0.3

1
1
1
1

97.8
93.3
94.1
95.9

28,49990,321
39,614
71,662

0.3
1.0
0.4
0.8

1
1
1
1

95.7
100.0
86.7
81.2

30,534
88,63737,44873,719

0.3
0.9
0.4
0.8

1

94.0

31,727

0.3

1

96.0

36,834

0.4

1
3
1
1
1
1
1
1
2

90.0
95.4
98.4
97.7
96.6
100.0
97.4
99.1
99.2

70,0934,354,382
27,76140,371
29,579120,300
56,696
91,416366,124

0.7
46.2
0.3
0.4
0.3
1.3
0.6
1.0
3.9

1
3
1
1
1
1
1
1
2

93.5
96.1
98.4
91.9
94.9
100.0
100.0
97.8
98.7

67,9484,346,723
27,70939,951
27,275
120,300
55,300131,449
401,986

0.7
46.1
0.3
0.4
0.3
1.3
0.6
1.4
4.3

－

－

30,245

0.3

－

－

－

－

1

98.9

36,316

0.4

1

97.7

37,048

0.4

1

97.7

43,933

0.5

1

100.0

43,810

0.5

1

94.8

43,279

0.5

1

97.5

40,406

0.4

1

93.4

60,476

0.6

1

95.4

59,398

0.6

1
1
1

85.7
97.7
97.5

47,67443,49955,639

0.5
0.5
0.6

1
1
1

98.8
95.3
100.0

46,31843,091
55,206

0.5
0.5
0.6

1

96.3

49,926

0.5

1

98.2

49,845

0.5

1
4

95.5
95.7

410,990
9,420,641

4.4
100.0

1
4

97.9
96.0

375,125
9,433,283

4.0
100.0

－ 18 －(Note 2)
(Note 3)

“Total number of tenants” indicates the total number of tenants under a direct lease relationship with the Investment Corporation or the trustee (including
tenants planned to have lease relationships). Therefore, in cases where the Investment Corporation or trustee comprehensively leases all of the apartments
for rent from each managed property to the master lease company (hereinafter referred to as the “introduction of a master lease”), and said master lease
company subleases each room for rent to end tenants, the total number of tenants will be shown as “1,” and will not include the number of end tenants
related to the said sublease. Tokyu Housing Lease Corporation, MAINICHICOMNET Co., Ltd., Tokyu Land Corporation and Sigma Japan are the four
master lease companies hired by the Investment Corporation for its assets under management; therefore, the sum of the total number of tenants is set as“4,” which is the total number of master lease companies. Even for managed assets where a master lease is introduced, end tenants who do not accept
the introduction of a master lease will be under a direct lease relationship with the Investment Corporation or trustee. However, the number of said end
tenants is not included in the total number of tenants.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
This property was sold to a third party as of March 30, 2021.

4. Statement of Renewable Energy Power Generation Facilities
Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

6. Statement of Securities Incorporated in the Portfolio
Not applicable

7. Details of Specified Transactions
The amount of specified derivative transactions entered into by the Investment Corporation and fair value as of January 31, 2022
are as follows.
Segment
Over-the-countertransactions

Contract amount (millions of yen)

Type

Total
(Note 1)
(Note 2)

Over 1 year

(Note 1)

Receive floating, pay
fixed interest-rate swap
transactions

Fair value(millions of yen)
(Note 2)

37,24528,835–37,24528,835–The contract amount of the interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value is omitted
for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

8. Other Assets
Trust beneficial interests in properties owned by the Investment Corporation are listed on the aforementioned “3. Statement of
Properties Incorporated in the Portfolio.” As of the end of the 23rd Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

9. Ownership of Assets by Country and Region
Not applicable for countries and regions other than Japan－ 19 －37

Capital Expenditure for Properties Owned
Capital Expenditure for Properties Owned
1. Expected Capital Expenditure

2. Capital Expenditure during the Period

Major capital expenditure that accompanies repair work currently planned for assets already acquired (includes assets undermanagement that were acquired after the account closing date) is as follows. The following expected amount of construction work
includes portions that are separately accounted under expenses.
Property name(location)

PurposeScheduled period
From Oct. 2021

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid

Large-scale repair work

107,000－－

COMFORIA NISHIWASEDA(Shinjuku-ku, Tokyo)

Large-scale repair work

From Mar. 2021
to Dec. 2021

56,730－－

COMFORIA HIGASHINIHONBASHI(Chuo-ku, Tokyo)

Large-scale repair work

From Mar. 2021
to Sep. 2021

44,59485,518－－

COMFORIA AZABUJUBAN(Minato-ku, Tokyo)

Large-scale repair work

From Mar. 2021
to Oct. 2021

38,39382,600－－

COMFORIA OMORI TROIS(Ota-ku, Tokyo)

Large-scale repair work

COMFORIA GAKUGEIDAIGAKU(Setagaya-ku, Tokyo)

Large-scale repair work

From May 2021
to Oct. 2021

27,791Other properties, etc.

Replacement of air conditioners, etc.

From Aug. 2021
to Jan. 2022

143,904

From Apr. 2022
to Nov. 2022

COMFORIA
SHIMOKITAZAWA(Setagaya-ku, Tokyo)

Large-scale repair work

From Mar. 2022
to Oct. 2022

100,300

COMFORIA KITASANDO(Shibuya-ku, Tokyo)

Large-scale repair work

From Mar. 2022
to Nov. 2022

COMFORIAASAKUSAKOMAGATA(Taito-ku, Tokyo)

Large-scale repair work

COMFORIA SAPPOROSHOKUBUTSUEN(Sapporo-shi, Hokkaido)
COMFORIAHIGASHISHINAGAWA(Shinagawa-ku, Tokyo)
COMFORIA
SHINJUKUGYOEN II(Shinjuku-ku, Tokyo)
COMFORIA MEGUROCHOJAMARU(Shinagawa-ku, Tokyo)
COMFORIA SHINKOYASU(Yokohama-shi, Kanagawa)

Large-scale repair work

From Nov. 2021
to Apr. 2022

81,000－－Large-scale repair work

From May 2022
to Oct. 2022

73,992－－Large-scale repair work

From Mar. 2022
to Oct. 2022

66,200－－Large-scale repair work

From Apr. 2022
to Nov. 2022

53,800－－52,600－－50,000－－Large-scale repair work
Large-scale repair work

From Oct. 2021
to Apr. 2022
From Nov. 2021
to Apr. 2022

From Apr. 2021

COMFORIA MISYUKU(Setagaya-ku, Tokyo)

Large-scale repair work

COMFORIA MORISHITA(Koto-ku, Tokyo)

Construction cost(thousands of yen)

Period－COMFORIA TAMACHI(Minato-ku, Tokyo)

to May 2022

Purpose－Large-scale repair work

From Dec. 2021

Property name(location)

112,000

COMFORIA SASAZUKA(Shibuya-ku, Tokyo)

to Apr. 2022

The overview of main construction work corresponding to capital expenditure that took place in the 23rd Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 23rd Fiscal Period was ¥398,682
thousand. Together with repair expenses of ¥375,342 thousand that were classified as expenses for the 23rd Fiscal Period,
construction work totaling ¥774,025 thousand was carried out.

to Dec. 2021

From May 2021
to Dec. 2021

Total

57,56629,701

398,682

3. Funding Reserved for Long-Term Repair Plans
From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to be appropriatedfor repairs in the medium to long term.
(Thousands of yen)
Fiscal period
Balance of reserves at the
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period(Note)

19th Fiscal Period

20th Fiscal Period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

From Aug. 1, 2019
to Jan. 31, 2020

From Feb. 1, 2020 From Aug. 1, 2020 From Feb. 1, 2021
to Jul. 31, 2020
to Jan. 31, 2021
to Jul. 31, 2021

From Aug. 1, 2021
to Jan. 31, 2022

398,483

386,748

639,150

381,851

494,005

559,814921,967

330,220

640,850

615,869

571,549

669,566

587,519

528,696

661,555

386,748

639,150

381,851

494,005448,320

For certain managed assets with sectional ownership, the Investment Corporation pays reserves for repairs to the management associations each month,
but such amounts are not included in the table above.

－ 20 －38－ 21 －39

Status of Expenses and Liabilities

Status of Expenses and Liabilities

1. Statement of Expenses Related to Investments
Item
Asset management fee (Note)(Thousands of yen)

22nd Fiscal Period
From Feb. 1, 2021 to Jul. 31, 2021
587,345

23rd Fiscal Period
From Aug. 1, 2021 to Jan. 31, 2022
583,640

9,156

9,349

27,9943,600
288,970917,066

27,6333,600
318,301
942,524

Asset custody fee
Administrative service fees
Directors’ compensations
Other expenses
Total

Type

Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited(Note) In addition to the amount stated above, asset management fees came to ¥95,548 thousand in the 22nd Fiscal Period related to the acquisition of properties
that were incorporated in the carrying value of each property and asset management fees came to ¥36,000 thousand in the 22nd Fiscal Period related tothe sale of property.

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Jun. 30,
2014

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.

Long-term loans payable (Note 1)

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

Sumitomo Mitsui Banking Corporation

1,820

1,820

910

910

910

910

910

910

450

450

1,200

-

600

-

600

-

600

-

300

-

1,240

1,240

620

620

620

620

620

620

310

310

1,240

1,240

620

620

620

620

620

620

Sumitomo Mitsui Banking Corporation

310

310

MUFG Bank, Ltd.

720

720

Development Bank of Japan Inc.

360

360

360

360

360

360

Sumitomo Mitsui Banking Corporation

200

200

MUFG Bank, Ltd.

840

840

Development Bank of Japan Inc.

420

420

420

420

420

420

Sumitomo Mitsui Banking Corporation

230

230

MUFG Bank, Ltd.

980

980

490

490

490

490

490

490

220

220

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation

Feb. 3,2015

Feb. 2,
2016

Feb. 2,
2016

Feb. 2,2016－ 22 －40

Remarks

Jun. 30,
2022

900
900

900

900

450

450

Mizuho Trust & Banking Co., Ltd.

2,000

-

The Norinchukin Bank

1,500

-

1,000

-

500

-

The 77 Bank, Ltd.

Lump-sum
Unsecured(Note 3)
Unguaranteed
repayment

Jan. 31,2017

Daishi Hokuetsu Bank, Ltd.
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.69250

0.79875

Jan. 31,2022

Jan. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

Jan. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

1.04200

Sumitomo Mitsui Trust Bank, Limited

Sep. 29,2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.58430

Mar. 31,2023

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Sumitomo Mitsui Trust Bank, Limited

Sep. 29,2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.62460

Aug. 31,2023

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation

1,160

580

580

580

580

580

580

290

290

1,820

1,820

910

910

910

910

910

910

450

450

1,140

1,140

570

570

570

570

570

570

300

300

1,140

1,140

570

570

570

570

570

570

300

300

1,040

1,040

520

520

520

520

520

520
260
1,300

1,300

1,300

1,300

1,300

Mizuho Trust & Banking Co., Ltd.

1,000

1,000

MUFG Bank, Ltd.

2,700

2,700

1,350

1,350

600

600

500

500

500

500

The Bank of Fukuoka, Ltd.
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

-

1,160

1,300

The Norinchukin Bank

Feb. 29,
2024

500

260

Shinkin Central Bank

0.67745580

900

The Bank of Fukuoka, Ltd.
0.90100

580

900

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation

Long-term loans payable (Note 1)

Lender580
290

Sumitomo Mitsui Trust Bank, Limited
Use of
funds

580

580

1,800

Mizuho Bank, Ltd.

Repayment
method

1,160

580

1,800

Development Bank of Japan Inc.

Maturity
date

1,160

290

MUFG Bank, Ltd.

The status of loans as of January 31, 2022 is as follows.
Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)yen)
yen)Aug. 1,
2016

Sumitomo Mitsui Banking Corporation

2. Loan Status

Type

LenderBalance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)
yen)
yen)
2,000
2,000
Mar. 23,2,000
2,000 0.61950
2016
1,000
1,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Nippon Life Insurance Company
Taiyo Life Insurance Company

Mar. 30,
2018

Mar. 30,
2018
Aug. 31,2018－ 23 －Maturity
date

Repayment
methodUse offunds

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.46655

Jul. 31,2024

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.65518

Jul. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.46691

Jan. 31,2022

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.62938

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.79571Jan. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.49054

Sep. 30,
2022

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.77571

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65428

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.45804

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62188

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.55126

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks41

Lender

Resona Bank, Ltd.
Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

275

275

Sumitomo Mitsui Banking Corporation

275

275

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

550

550

Sumitomo Mitsui Banking Corporation

300

300

Mizuho Bank, Ltd.

670

670

670

670

670

670

320

320

670

670

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sep. 25,
2018

Jan. 31,2019

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Jan. 31,2019

Mizuho Bank, Ltd.

700

700

700

700

350

350

350

350

700

700

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Trust Bank, Limited

800

800

800

800

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Apr. 5,2019

Long-term loans payable (Note 1)

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

MUFG Bank, Ltd.

Apr. 5,
2019Mar. 25,
2019

Sumitomo Mitsui Banking Corporation

Repayment
methodUse offunds

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Type

LenderDevelopment Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

0.85667

Mar. 31,2027

MUFG Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mizuho Bank, Ltd.
MUFG Bank, Ltd.

0.39950

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54500

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.26204

Mar. 31,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sep. 29,
2020

820

820

820

820

820

820

420

420

1,600

-

1,600

-

800

-

1,000

1,000

1,000

1,000

1,000

1,000

500

500

Sumitomo Mitsui Banking Corporation

500

500

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Trust Bank, Limited

800

800

800

800

MUFG Bank, Ltd.
0.49994

Sep. 29,2020

Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited

Jan. 31,2025

Jun. 30,
2020

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.

0.43105

Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)
yen)
yen)
820
820

Sep. 30,
2020

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 29,2021

Sumitomo Mitsui Banking Corporation

400

400

1,220

1,220

1,220

1,220

1,220

1,220

1,220

1,220

620

620

1,920

1,920

1,135

1,135

1,000

1,000

350

350

MUFG Bank, Ltd.

350

350

Sumitomo Mitsui Banking Corporation

170

170

The 77 Bank, Ltd.

500

500

Daishi Hokuetsu Bank, Ltd.

500

500

500

500

Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited
Kiraboshi Bank, Ltd.

Mar. 31,2021

Mizuho Bank, Ltd.

400

400

1,000

1,000

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

The Nishi-Nippon City Bank, Ltd.

Mizuho Bank, Ltd.

970

970

The Higo Bank, Ltd.

500

500

Sumitomo Mitsui Trust Bank, Limited

970

970

The 77 Bank, Ltd.

-

500

970

970

-

500

Sumitomo Mitsui Banking Corporation

485

485

The Nishi-Nippon City Bank, Ltd.

-

500

Shinkin Central Bank

525

525

The Bank of Fukuoka, Ltd.

The Norinchukin Bank

525

525

525

525

525

525

1,350

1,350

Development Bank of Japan Inc.

750

750

The 77 Bank, Ltd.

Mizuho Bank, Ltd.

750

750

Daishi Hokuetsu Bank, Ltd.

750

750

375

375

Sumitomo Mitsui Banking Corporation

375

375

Sumitomo Mitsui Trust Bank, Limited

The 77 Bank, Ltd.

460

460

MUFG Bank, Ltd.

460

460

460

460

460

460

460

460

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

MUFG Bank, Ltd.

The Bank of Fukuoka, Ltd.

Mar. 25,
2019

Mar. 25,
2019

Mar. 20,2019

Mizuho Trust & Banking Co., Ltd.
Development Bank of Japan Inc.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Shinkin Central Bank
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Mizuho Trust & Banking Co., Ltd.

42

MaturitydateLong-term loans payable (Note 1)

Type

Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)yen)
yen)Aug. 31,1,000
1,000 0.73497
2018

Sep. 30,
2019Mar. 2,2020

Mar. 31,2020－ 24 －0.45215

0.608100.42850

0.546930.47366

Sep. 30,
2025

Sep. 30,2027

Mar. 31,2026
Mar. 31,2028

Aug. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Daishi Hokuetsu Bank, Ltd.

500

-

1,000

-

1,000

Mizuho Trust & Banking Co., Ltd.

-

2,000

The Norinchukin Bank

-

1,500

-

1,000

-

500

-

500

Development Bank of Japan Inc.

-

735

Mizuho Bank, Ltd.

-

735

-

735

-

735

Resona Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The Bank of Fukuoka, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Banking Corporation
0.46156

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Total(Note 1)
(Note 2)
(Note 3)Oct. 29,2021-

The Norinchukin Bank

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mar. 31,2021

Oct. 29,2021

Jan. 31,2022

Jan. 31,
2022

-

360

125,530

125,530

Maturity
date

Repayment
methodUse offunds

0.67532

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.28545

Oct. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.56815

Sep. 29,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57308

Sep. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.68068

Jan. 29,
2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.40488

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42632

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39270

Oct. 29,
2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.47703

Apr. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42000

Jan. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.58600

Jan. 31,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Long-term loans payable include the current portion of long-term loans payable.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interest-rate swap
transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of existing borrowings.

－ 25 －43

Purchase and Sale during the Period

Purchase and Sale during the Period

1. Purchase and Sale of Properties and Asset Backed Securities

3. Investment Corporation Bonds

Not applicable

The status of investment corporation bonds as of January 31, 2022 is as follows.
Balance at theBalance at the end
Coupon rate
beginning of currentof current period(%)
period (millions of yen) (millions of yen)

Issue

Issue date

2nd Unsecured Bond

Jul. 18, 2017

1,000

1,000

3rd Unsecured Bond

Jul. 18, 2017

2,000

2,000

(Note 1)
(Note 1)Maturity
date

Repayment
methodUse offunds

Security

0.23000

Jul. 15, 2022

Lump-sum
repayment(Note 2)

Unsecured

0.52000

Jul. 16, 2027

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured

4th Unsecured Bond

Jun. 14, 2018

1,000

1,000

0.23000 Dec. 14, 2023

Lump-sum
repayment

5th Unsecured Bond

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured(Note 1)
(Note 1)

6th Unsecured Bond

Jul. 18, 2019

1,000

1,000

0.23000

Jul. 18, 2024

Lump-sum
repayment

7th Unsecured Bond

Jul. 18, 2019

1,500

1,500

0.90000

Jul. 18, 2034

Lump-sum
repayment(Note 2)

Unsecured

8th Unsecured Bond
(Green Bonds)

Jul. 30, 2020

1,500

1,500

0.55000

Jul. 30, 2030

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured(Note 2)

Unsecured(Note 1)
(Note 1)

(Note 1)

9th Unsecured Bond

Jul. 8, 2021

2,000

2,000

0.18000

Jul. 8, 2026

Lump-sum
repayment

10th Unsecured Bond
(Green Bonds)

Jul. 8, 2021

3,000

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment

Jul. 8, 2036

Lump-sum
repayment(Note 1)

(Note 1)

11th Unsecured Bond
(Note 1)

Jul. 8, 2021

Total
(Note 1)
(Note 2)

1,600

1,600

16,100

16,1000.73000(Note 2)The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.

4. Short-Term Investment Corporation Bonds
Not applicable

5. Investment Unit Acquisition Rights
Not applicable

Unsecured

2. Purchase and Sale of Other Assets
Main assets other than the above properties and asset backed securities are bank deposits or bank deposits within trust assets.

3. Appraisals of Specified Assets(1) Real estate, etc.
Not applicable(2) Other
Of the transactions carried out by the Investment Corporation, there were no other transactions than those shown in the
aforementioned “(1) Real estate, etc.” that were deemed to require an appraisal pursuant to the provisions of Article 201 of theInvestment Trusts Act.

4. Transactions with Related Parties(1) Information on transaction
Not applicable(2) Amount of commission paid
Category

Total amount ofcommission paid(A)
(thousands of yen)

Breakdown of transaction with related parties
Amount of payment
Payee
(B)
(thousands of yen)

Percentage of total
amount (B/A)(%)

Property management
entrustment costs

Tokyu Housing Lease Corporation
713,748 Tokyu Community Corp.
Community One Co., Ltd.

432,639
26,68860.6
3.7

12,768

1.8

Utilities expenses

119,090 Tokyu Community Corp.

90,37275.9

Marketing-related
expenses

193,478 Tokyu Livable, Inc.

964

0.5

Other expenses related
to rent businessTokyu Sports Oasis, Inc.

11,714

5.6

207,730 Tokyu Community Corp.

3,290

1.6

Community One Co., Ltd.

507

0.2

(Note 1) The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association,
Japan. Descriptions are included with regard to a related party that falls under any of these and that had transactions or paid commissions, etc.
during the 23rd Fiscal Period.
(Note 2) Tokyu Community Corp. conducted an absorption-type merger with Community One Co., Ltd. as of October 1, 2021.

(3) Major payments to other related parties
Ewel Inc.
¥4,243 thousand (system usage, etc.)

5. Transactions with Asset Management Company related to Concurrent Operations Carried Out by the AssetManagement Company
The Asset Management Company is not concurrently engaged in type I financial instruments business, type II financial instruments
business, realty business or specified real estate cooperative business.

－ 27 －44－ 26 －45

Accounting Status

Accounting Status

1. Assets, Liabilities, Principal and Profit/Loss
Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statementsof Cash Distributions,”
Accounting
Status “5. Statements of Cash Flows,” and “6. Notes.”

2.
ChangesLiabilities,
in the Depreciation
Method
1. Assets,
Principal andProfit/Loss

Not applicable
Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statementsof Cash Distributions,” “5. Statements of Cash Flows,” and “6. Notes.”

3. Changes in the Appraisal Method of Real Estate, etc.
2. Changes
in the Depreciation Method
Not applicableNot applicable

Other
3. Changes in the Appraisal Method of Real Estate, etc.
applicableCertificates of Investment Trusts Established by the Investment Corporation
1. NotBeneficiary
Not applicable
Other

Other

2. Notices
1.
Certificates of Investment Trusts Established by the Investment Corporation(1) Beneficiary
Unitholders’ Meeting
Not applicableapplicableNot(2) Boardof Directors of the Investment Corporation2.
Notices

The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment(1) Corporation
Unitholders’during
Meeting
current period are as follows.
NotApproval
applicable
date
MatterOverview
of a Corporation
new investment unit A new investment unit underwriting contract with Mizuho Securities(2) Board of Directors ofConclusion
the Investment
underwriting
contract
toof contracts
Co., Ltd.
fourother companies(Note)
for theofissuanceof new
The main overviews of the major conclusionpertaining
and change
thatandwere
approved
by the Boardof Directors
the Investment
the issuanceinvestment units investment units and the secondary offering of investment units that
Corporation during current
period ofarenew
as follows.
and the secondary offering of
were approved at the Board of Directors' meetings held on January 5,
January
5, 2022
Approval
date investment units,
Matterand the conclusion 2022 and January 13, 2022, asOverview
well as a new investment unit purchaseof a new investment
purchase
contract
pertainingunit
to theGreen Shoe
optionwith
withMizuho
the bookrunnerConclusionof a new unit
investment
unit A
new investment
underwriting
contract
Securities
contract with contract
regard topertaining
the Greento(Mizuho
were concluded
as theof January
underwriting
Co.,
Ltd. Securities
and four Co.,otherLtd.)
companies(Note) for
issuance13,of2022,
new
Shoe
option of new investment units respectively.
investment units and the secondary offering of investment units thatthe issuance(Note) Other than Mizuho
Securities Co.,
Ltd.,ofSMBC Nikko
andBoard
DaiwaLtd., whichco-lead5,
wereSecurities
approvedInc.
at theof Securities
Directors' Co.
meetings
held onare
January
and the secondaryoffering
January 5, 2022
managers, thecompanies
are Mitsubishi
UFJ Morgan
Stanley
Securities
Ltd.
Co.,
Ltd.
2022
and January
13,Co.,
2022,
as andwellNomura
as a newSecurities
investment
unit
purchase
investment
units,and the conclusion
contract pertaining to the Green Shoe option with the book runnerof a new investment unit purchase(Mizuho Securities Co., Ltd.) were concluded as of January 13, 2022,
contractProperty-Owningwith regard to the Green
3. Disclosure on Overseas
Corporations
Shoe option
respectively.
Not applicable(Note) Other than Mizuho Securities Co., Ltd., SMBC Nikko Securities Inc. and Daiwa Securities Co. Ltd., which are co-leadmanagers, the companies are Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Nomura Securities Co., Ltd.

4. Disclosure on Real Estate Owned by Overseas Property-Owning Corporations
3. NotDisclosure
on Overseas Property-Owning Corporations
applicableNot applicable

5. Other
4. Figures
Disclosure
ondocument
Real Estate
Owned down
by Overseas
Corporationsin thisare rounded(values) Property-Owningand rounded to the nearest
decimal place (percentages) unless otherwise
indicated.
Not applicable

5. Other
Figures in this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
indicated.

－ 28 －46

III. Financial Section
III. Financial Section
1. Balance Sheets(Thousands of yen)(Thousands of yen)
22nd Fiscal Period(As of July 31, 2021)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
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
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets

22nd Fiscal Period(As of July 31, 2021)

23rd Fiscal Period(As of January 31, 2022)

11,890,312
8,320,754
8,757
452,856
20,672,680

12,201,414
8,420,733
9,001
422,018
59,164
21,112,332

2,744,823(212,127)
2,532,695
65,937(8,805)
57,131
17,687(2,832)
14,854
3,519(2,219)1,300
6,459,596
108,330,702(16,043,097)
92,287,604
1,383,068(456,344)
926,724
1,654,748(393,484)
1,261,264
544,110(276,031)
268,079
154,583,365–
258,392,616

2,776,634(242,018)
2,534,616
65,937(10,247)
55,68917,687(3,107)
14,5804,107(2,522)
1,585
6,459,596
108,641,426(17,296,587)
91,344,838
1,384,367(489,391)
894,975
1,660,282(422,672)
1,237,610
592,838(319,595)
273,243
154,583,365
1,925
257,402,027

1,132,048
7,192
1,139,240

1,123,482
5,595
1,129,078

1,546,456
942,308
7,233
2,495,998
262,027,855

1,546,426
954,455
9,653
2,510,535
261,041,641

39,792
99,167
138,960
282,839,496

31,40991,748123,158
282,277,132

Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Reserve for reduction entry under special
provisions for property replacement
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

23rd Fiscal Period(As of January 31, 2022)

524,170
1,000,000
20,600,000
31,214
372,811
20,942
105,163
1,509,947
2,807
24,167,058

566,390
1,000,000
14,360,000
27,711
349,622
4,418–
1,518,815
107
17,827,064

15,100,000
104,930,000
42,8102,782,885
100,031
27,081
122,982,809
147,149,867

15,100,000
111,170,000
42,9422,770,950
100,654
28,282
129,212,830
147,039,895

129,791,732

129,791,732

947,460

947,460–*2

881,175

947,460

1,828,636

4,950,436

3,616,868

5,897,897
135,689,629*1 135,689,629
282,839,496

5,445,504
135,237,236*1 135,237,236
282,277,132- 28 -

48

49- 29 -

2. Statements of Income

3. Statements of Changes in Unitholders’ Equity(Thousands of yen)
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

Operating revenue
Lease business revenue
Other lease business revenue
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Directors' compensations
Audit fee
Asset custody fee
Administrative service fees
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Gain on forfeiture of unclaimed dividends
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)

22nd Fiscal Period (From February 1, 2021 to July 31, 2021)

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)*1 9,057,604*1
363,037*2 1,350,205
10,770,846*1 9,126,700*1
306,583–
9,433,283*1 4,263,478
587,345
3,600
14,4909,156
27,994274,480
5,180,545
5,590,301*1 4,267,663
583,640
3,600
15,138
9,349
27,633
303,163
5,210,187
4,223,095

100
137
–
283
521

98
304
8,997
32
9,432

372,793
163,001
37,940377,412
168,685
41,294

6,366

7,419

15,214595,315
4,995,507
4,995,507
20,957
24,11245,0704,950,436–
4,950,436

15,214610,026
3,622,502
3,622,502
4,432
1,201
5,634
3,616,868–
3,616,868(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Issuance of new
investment units
Reserve for
reduction entry
Dividends ofsurplus123,947,208

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

691,258–

691,258

Total net assets

Total surplus

Totalunitholders'equity4,580,946

128,528,154

128,528,154

5,844,524

5,844,524

5,844,524
256,202

256,202*1(256,202)–––(3,633,485)(3,633,485)(3,633,485)(3,633,485)

4,950,436

4,950,436

4,950,436

4,950,436

5,844,524

256,202–

256,2021,060,748

1,316,950

7,161,474

7,161,474

129,791,732

947,460–

947,460

4,950,436

5,897,897

135,689,629

135,689,629

23rd Fiscal Period (From August 1, 2021 to January 31, 2022)(Thousands of yen)
Unitholders' equity

Total net assets

Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Reserve for
reduction entry
under special
provisions forproperty
replacement
Dividends ofsurplus129,791,732*1Unappropriatedretainedearnings(undisposed
loss)

Total surplus

Totalunitholders'equityReserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

947,460–

947,460

4,950,436

5,897,897

135,689,629

135,689,629

881,175

881,175(881,175)–––(4,069,260)(4,069,260)(4,069,260)(4,069,260)

3,616,868

3,616,868

3,616,868

3,616,868

Profit- 30 -

3,889,688

ProfitTotal changes of
items during period
Balance at end ofcurrent period

Total changes of
items during period
Balance at end ofcurrent period

50

Unappropriatedretainedearnings(undisposed
loss)

–

–

881,175

881,175(1,333,568)(452,392)(452,392)(452,392)

129,791,732

947,460

881,175

1,828,636

3,616,868

5,445,504

135,237,236

135,237,236- 31 -

51

4. Statements of Cash Distributions
Category

I. Unappropriated retained earnings
II. Reversal of voluntary retained
earnings
Reversal of reserve for reduction
entryIII. Distributions[Distribution per unit]
IV. Voluntary retained earnings
Reserve for reduction entry of special
provisions of replaced property
V. Retained earnings carried forward
Method for calculating distributions

52

5. Statements of Cash Flows
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)¥4,950,436,649¥3,616,868,003¥–¥214,695,823¥4,069,260,768¥3,831,563,826[¥5,872][¥5,529]¥881,175,881¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥4,069,260,768 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
deducting the provision of reserve for
reduction entry of special provisions ofreplaced property pursuant to Article 662 of the Act on Special Measures
Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

- 32 -¥–¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥3,831,563,826 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

Cash flows from operating activities
Profit before income taxes
Depreciation
Borrowing related expenses
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Gain on forfeiture of unclaimed dividends
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in consumption taxes receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment in trust due to sales
Other, net
SubtotalInterest income received
Interest expenses 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
Purchase of intangible assets
Proceeds from refund of leasehold and security deposits
Payments for leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Proceeds from issuance of investment units
Dividends paid
Other, net
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- 33 -

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

4,995,507
1,400,090
163,001
6,366
15,214(100)(137)
410,733(1,719)(30,306)–
58,247(6,589)(17,181)
28,125
43,6216,724
2,208,862
3,950
9,284,409
100(411,094)(5,942)
8,867,473

3,622,502
1,401,983
168,685
7,419
15,214(98)(304)
418,707(244)
35,005(59,164)(105,163)
52,307
6,136(17,109)
8,867
(40)
–
(2,700)5,552,003
98(420,645)(20,957)
5,110,498(11,594)(12,742,107)(2,667)–(21,210)
8,920(7,675)374,531(323,344)(2,420)(12,727,567)(30,264)(392,927)
–
30
–
4,996
(6,074)
246,905(259,379)(2,420)(439,134)

6,835,844(10,545,000)
6,554,546(3,000,000)
5,823,045(3,632,735)(11,116)
2,024,585(1,835,507)
22,046,575*1 20,211,067

12,623,039(12,800,000)–––(4,070,720)(12,602)(4,260,283)
411,080
20,211,067*1 20,622,148

53

6. Notes<Summary of Significant Accounting Policies>
1. Method of depreciation and(1) Property, plant and equipment (including trust assets)
amortization of non-current
Property, plant and equipment are depreciated by the straight-line method over theassetsestimated useful lives as follows:
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures

2–70 years
2–69 years
10–38 years
2–15 years(2) Intangible assets (including assets in trust)Intangible assets are amortized by the straight-line method.

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.
(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method over three
years.
(1) Standards for revenue recognition
Details of major performance obligations and typical time to fulfil the performanceobligations (typical time to recognize revenue) with regard to the Investment
Corporation’s revenue from contracts with customers are as follows.
(i) Sale of real estate properties
For sale of real estate properties, revenue is recorded at a point in time when thebuyer, a customer, obtains control of the real estate property, etc., as a result of theInvestment Corporation fulfilling its delivery obligation set forth in the agreement
for the sale of the real estate property.
(ii) Utilities income
For utilities income, revenue is recorded in accordance with the supply ofelectricity and water, etc. to the tenant, a customer, based on the lease contract of
the real estate property, etc. and any accompanying agreement. Of the utilities
income, for such income for which the Investment Corporation is considered to bean agent, the net amount of the amount received as charges for electricity and gas,etc. supplied by other parties less the amount paid to the other parties is recognized
as revenue.

5.

Scope of funds (cash andcash equivalents) on theStatements of Cash Flows6.

Other significant accounting
policies applied in the
preparation of financial
statements

The funds (cash and cash equivalents) on the Statements of Cash Flows consist of cash on
hand and cash in trust, deposits and deposits in trust that are readily available, and shortterm investments with maturities of three months or less from the date of purchase which
are readily convertible to cash and with insignificant risk of market value fluctuation.
(1) Accounting method for beneficial interests in real estate trust and other assets
Regarding trust beneficiary interests in real estate, all assets and liability accounts of
entrusted properties as well as revenue and expense accounts generated by the property
in trust are recorded in relevant accounts on the Balance Sheets and Statements ofIncome.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s Balance Sheets are as follows:(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Revenues and expenses in the Statements of Income do not include consumption taxes.
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

<Notes on Changes in Accounting Policies>
1. Application of Accounting Standard for Fair Value Measurement, Etc.
The Investment Corporation has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, issued
on July 4, 2019) and relevant ASBJ guidance from the beginning of the 23rd Fiscal Period, and decided to adopt the new accounting
policies set forth by the said Accounting Standard, etc. prospectively, in accordance with the transitional measures as stipulated in
Paragraph 19 of the Accounting Standard For Fair Value Measurement and Paragraph 44-2 of the “Accounting Standard for
Financial Instruments” (ASBJ Statement No. 10 (revised 2019), issued on July 4, 2019). The impact of this change on the financial
statements of the fiscal period is immaterial.
2.

Application of Accounting Standard for Revenue Recognition, Etc.
The Investment Corporation has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 (revised2020), issued on March 31, 2020) and the “Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ
Guidance No. 30 (revised 2021), issued on March 26, 2021) from the beginning of the 23rd Fiscal Period, and decided to recognize
revenue at the amount expected to be received in exchange for the promised goods or services when control of the goods or services
is transferred to the customer. The impact of the application of the Accounting Standard, etc. on financial statements of the fiscal
period is immaterial. In accordance with the transitional measures provided for in Paragraph 89-3 of the Accounting Standard for
Revenue Recognition, the note on "Revenue Recognition" for the previous fiscal period is not provided.

(2) Accounting treatment of property tax, city planning tax, and depreciable asset tax
For property tax, city planning tax, and depreciable asset tax (“property tax”) for realestate properties held, the amounts to be paid for the current fiscal period are expensed
as expenses related to rent business out of the tax amounts decided to be levied.
Of the amounts paid for the acquisition of real estate property or beneficial interests inreal estate trust, the amounts equivalent to property tax settled with the seller of theproperty are capitalized as part of the acquisition cost of the relevant property rather
than being charged as expenses.
(1) Method of hedge accounting
The deferred hedge method is applied.
However, the special accounting treatment is applied for interest-rate swap transactions
that meet certain criteria.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest expenses on loans payable(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its investment
management guidelines with the objective of hedging interest rate fluctuation risks andother risks pertaining to borrowings, etc.
(4) Method of evaluating the effectiveness of hedging
As for the method of assessing the effectiveness of the hedge, the cumulative changes
in cash flow of the hedged items and hedging instruments are compared and a judgment
is made by verifying the ratio of the changed amount. However, an assessment of theeffectiveness of hedging activities is omitted in the case of interest-rate swap
transactions that meet the requirements for the special treatment.

54- 34 -- 35 -

55

<Notes to the Balance Sheets>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
22nd Fiscal Period(As of July 31, 2021)
50,000(Thousands of yen)
23rd Fiscal Period(As of January 31, 2022)
50,000*2. Breakdown of reserve for reduction entry of special provisions of replaced property defined in Article 2, Paragraph 2, Item 28 of
the Regulations on Accounting of Investment Corporations is as follows.
Item
Relevant properties
Reason for recognition and amount
Policy for reversal
Description of reversal in the period
Amount (thousands of yen)
Balance before provision or reversal in the
periodReversal in the Statements of Income
Balance on the Balance Sheets
Provision in the Statements of CashDistributions
Reversal in the Statements of CashDistributions
Balance after provision or reversal in the
period3.

Breakdown
COMFORIA HIGASHINAKANO, COMFORIA NISHIOI and COMFORIA
NAKANO
Gain on sale of ¥1,350,205 thousand due to sale of COMFORIA SHINOSAKA in March 2021
Reversal into retained earnings is made when it becomes taxable inaccordance with tax regulations.
Not applicable
22nd Fiscal Period
23rd Fiscal Period(As of January 31, 2022)(As of July 31, 2021)－

881,175－－－
881,175

881,175－－－

881,175

881,175

Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of July 31, 2021) and three of the banks(as of January 31, 2022), respectively.
(Thousands of yen)
22nd Fiscal Period
23rd Fiscal Period(As of July 31, 2021)(As of January 31, 2022)
Credit limit
13,500,000
13,500,000
Outstanding debt––
Unused commitment line
13,500,000
13,500,000<Notes to the Statements of Income>*1. Breakdown of real estate rental revenues and expenses

A. Real estate rental revenue
Lease business revenue(Rental revenues and common service charges)(Parking revenues)
Other lease business revenue(Key money and contract renewal fees)(Other revenues)
Total real estate rental revenues
B. Real estate rental expenses
Expenses related to rent business(Property management fees and facility
management fees)(Repairs and maintenance)(Land rent)(Tax and public dues)(Insurance)(Utilities)(Marketing-related expenses)(Trust fees)(Depreciation)(Other expenses related to rent business)
Total real estate rental expenses
C. Income from real estate rental business(A - B)

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

8,896,044
161,559

8,964,096
162,604

212,943
150,093

9,057,604
363,037
9,420,641

165,853
140,729

760,938

713,748

354,094
713,683
469,403
7,167
109,658
240,754
50,8201,398,353
158,604

375,342716,859
481,802
7,266
119,090
193,478
50,7951,400,386
208,894

4,263,478
5,157,163

9,126,700
306,583
9,433,283

4,267,663
5,165,619*2. Breakdown of gain on sales of real estate properties
22nd Fiscal Period (From February 1, 2021 to July 31, 2021)(Thousands of yen)
(1) COMFORIA SHIN-OSAKA
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

2,208,862
40,9323,600,000
2,249,794
1,350,205

23rd Fiscal Period (From August 1, 2021 to January 31, 2022)
Not applicable<Notes to the Statements of Changes in Unitholders’ Equity>*1. Total number of authorized investment
units and total number of investment
units issued and outstanding
Total number of authorized investment units
Total number of investment units issued andoutstanding

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

8,000,000 units

8,000,000 units

692,994 units

692,994 units<Notes to the Statements of Cash Flows>*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the Statements of Cash Flows(Thousands of yen)
22nd Fiscal Period
23rd Fiscal Period(From February 1, 2021
(From August 1, 2021
to July 31, 2021)
to January 31, 2022)
Cash and deposits
11,890,312
12,201,414
Cash and deposits in trust
8,320,754
8,420,733
Cash and cash equivalents
20,211,067
20,622,14856- 36 -- 37 -

57

<Notes to lease transactions>
1. Operating lease transactions (Lessee)
Future minimum lease payments under non-cancelable operating lease transactions

Due within 1 year
Due after 1 year
Total

(Thousands of yen)
23rd Fiscal Period(As of January 31, 2022)
1,401,960
76,967,604
78,369,564

22nd Fiscal Period(As of July 31, 2021)
1,401,960
77,668,584
79,070,544

2. Operating lease transactions (Lessor)
Future minimum lease payments receivable under non-cancelable operating lease transactions

Due within 1 year
Due after 1 year
Total

22nd Fiscal Period(As of July 31, 2021)
668,105
5,031,837
5,699,943(Thousands of yen)
23rd Fiscal Period(As of January 31, 2022)
670,863
4,870,934
5,541,798<Notes to financial instruments>
1. Status of financial instruments(1) Policies for financial instruments
With a focus on stability, flexibility and efficiency as the basis of its financial policy, the Investment Corporation procures
funds through borrowings as well as the issuance of investment corporation bonds (including short-term investment corporation
bonds; the same shall apply hereinafter) and investment units among other means with the aim of growing its investment assets
through their acquisition.
The Investment Corporation may enter into derivatives transactions, which shall be executed solely for the purpose of hedging
against interest-rate fluctuations and other risks pertaining to borrowings, etc.
(2) Characteristics and risk profile of each financial instrument and risk management system
The funds from borrowings and investment corporation bonds are mainly appropriated for the acquisition of investment assets
and repayment of borrowings, etc. With regard to liquidity and interest rate fluctuation risks associated with these financing
activities, the Investment Corporation endeavors to manage and limit them by considering and implementing multifaceted
funding methods including the utilization of surplus funds and raising funds, etc. from capital markets through issuance ofinvestment units, etc. while diversifying funding sources. Although loans with floating interest rates are exposed to a risk offluctuation in interest rate, the Investment Corporation employs derivative transactions (interest-rate swap transactions) as
hedging instruments in order to avoid interest rate fluctuation risks and fix payment of interest expenses. For more detailed
information on the method of hedge accounting, hedging instruments, hedged items, hedging policy and the evaluation method
for hedge effectiveness, please refer to the previous section “6. Notes: Summary of significant accounting policies, 4. Methodof hedge accounting.”(3) Supplementary note regarding fair value of financial instruments
Since certain assumptions are used in calculating the fair value of financial instruments, there can be cases where the values
may vary when different assumptions are used. Moreover, with regard to the contract amount, etc. related to derivativetransactions stated in the following section entitled “Notes to derivative transactions, the amount itself should not be considered
indicative of the market risk associated with derivative transactions.
2.

Fair value of financial instruments
The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as of July
31, 2021 are as follows. Notes on “cash and deposits” and “cash and deposits in trust” are omitted as they are settled in cash and ina short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold and security deposits”
and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)1,000,000

1,001,975

1,975(2) Current portion of long-term loans payable

20,600,000

20,649,620

49,620(3) Investment corporation bonds

15,100,000

15,341,097

241,097(4) Long-term loans payable

104,930,000

106,260,760

1,330,760―――(5) Derivative transactions

58

Difference(Note 1)

(1) Current portion of investment corporationbonds- 38 -

The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as of January
31, 2022 are as follows. Notes on “cash and deposits” and “cash and deposits in trust” are omitted as they are settled in cash and ina short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold and security deposits”
and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)

Difference(Note 1)

(1) Current portion of investment corporation
bonds

1,000,000

1,001,068

1,068(2) Current portion of long-term loans payable

14,360,000

14,400,773

40,773(3) Investment corporation bonds

15,100,000

15,207,826

107,826(4) Long-term loans payable

111,170,000

111,904,384

734,384―――(5) Derivative transactions(Note 1)

(Note 2)

Methods to determine the fair value of financial instruments:(1) Current portion of Investment corporation bonds and (3) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount of principal
and interest at a rate that takes into account the term to maturity and credit risk.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
For loans with floating interest rates, since the interest rates on such loans reflect market rates reasonably well over the short term and theircarrying values are good approximations of their fair value, the carrying values are presented as their fair values. (However, the fair values offloating-rate long-term loans payable and current portion of long-term loans payable hedged by interest-rate swap transactions subject tospecial accounting treatment (refer to the following section entitled “Notes to derivative transactions”) are calculated by discounting theaggregated principal and interest on such loans, after taking into account the effect of said interest-rate swap transactions, using reasonableestimates of the rates that would be applicable in a similar borrowing.)(5) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Repayment and redemption schedule for loans payable and investment corporation bonds (Thousands of yen)
22nd Fiscal Period (As of July 31, 2021)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

20,600,000

―

―

―

―

―

―

15,960,000

12,380,000

18,920,000

15,550,000

42,120,000

1,000,000

―

―

―

―

―

―

―

2,000,000―

2,000,000

11,100,000

21,600,000

15,960,000

14,380,000

18,920,000

17,550,000

53,220,000

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

14,360,000

―

―

―

―

―

―

15,920,000

15,130,000

18,150,000

16,300,000

45,670,000

1,000,000

―

―

―

―

―

―

1,000,000

1,000,000―

2,000,000

11,100,000

15,360,000

16,920,000

16,130,000

18,150,000

18,300,000

56,770,000

23rd Fiscal Period (As of January 31, 2022)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total<Notes to investment securities>
22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable- 39 -

59

<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable2.

2.

Significant differences between the statutory tax rate and the effective tax rate
22nd Fiscal Period(As of July 31, 2021)

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable
(*1)

Total

(Thousands of yen)Calculation
Contract amountmethod for
Fair value
applicable fair
Maturing after 1 yearvalue
40,545,000

32,245,000

40,545,000

32,245,000

23rd Fiscal Period (As of January 31, 2022)

―

(*2)

―

―

(Thousands of yen)Calculation
method for
Fair value
applicable fair
Maturing after 1 year
value

Contract amount

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable

Total

(*1)

37,245,000

28,835,000

37,245,000

28,835,000

―

(*2)

―

<Notes to retirement benefits>
22nd Fiscal Period (As of July 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
23rd Fiscal Period (As of January 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities(Thousands of yen)
22nd Fiscal Period(As of July 31, 2021)

Deferred tax assets
Nondeductible enterprise tax payable
Amortization of leasehold rights
Asset retirement obligations
Subtotal of deferred tax assets
Valuation allowance
Total deferred tax assets

23rd Fiscal Period(As of January 31, 2022)
1,824
32,60034,61069,035(67,211)
1,824

Deferred tax liabilities
Property, plant and equipment
corresponding to asset retirement
obligations
Total deferred tax liabilities
Deferred tax assets (liabilities), net

312
35,56334,82670,702(70,390)312(28,905)(28,595)(28,905)(27,081)(28,595)(28,282)

34.60(28.18)(36.60)(6.10)

－

－
0.59
0.90

2.05
0.10
0.16

<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable2.

Affiliated companies and other22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable3.

Fellow subsidiary companies and other22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable4.

Directors, major individual unitholders and other22nd Fiscal Period (As of July 31, 2021)
Not applicable
23rd Fiscal Period (As of January 31, 2022)
Not applicable<Notes to asset retirement obligations>
1. Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts with certain landlords, and recognizes asset retirement
obligations concerning the duty of restoration upon the expiry of the lease period with regard to some of these assets.
2.

Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years) as the expected periodof use and 1.2% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)
Balance at beginning of period

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

99,412100,031

Increase due to purchase of property, plant andequipment――

Adjustment due to passage of time

619

623

100,031100,654

Balance at end of period- 40 -

34.60<Notes to equity in net earnings (losses) of affiliated companies>
22nd Fiscal Period (As of July 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
23rd Fiscal Period (As of January 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.

―*1 Long-term loans payable include the current portion of long-term loans payable.
*2 Interest-rate swap transactions for which the special treatment is applied are accounted for together with long -term loans payable and the underlying
hedged items. As a result, their fair value is included in the fair value of items listed under “(2) Current portion of long-term loans payable” and “(4)Long-term loans payable” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instrument s.”

23rd Fiscal Period(As of January 31, 2022)

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry of
special provisions of replaced property
Reversal of reserve for reduction entry
Other
Effective tax rate

Transactions subject to hedge accounting
22nd Fiscal Period (As of July 31, 2021)

60

(%)

- 41 -

61

<Notes to investment and rental properties>
The Investment Corporation owns real estate for rental purposes (including land) in the Tokyo metropolitan area and other regional
areas. The carrying value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)<Notes to Revenue Recognition>
Information on disaggregation of revenue from contracts with customers
23rd Fiscal Period (From August 1, 2021 to January 31, 2022)(Thousands of yen)

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

Revenue from contracts with customers *1
Utilities income

Carrying value
Balance at beginning of period

250,370,490

259,524,665

Changes during period

9,154,174(999,154)

Balance at end of period

259,524,665

258,525,510

Fair value at end of period

327,648,000

334,421,000(Note 1)
(Note 2)

(Note 3)The carrying value excludes accumulated depreciation from acquisition cost.
Among changes in the carrying value of real estate for rental purposes that occurred during the 22nd Fiscal Period, the principal increase consistedof the acquisition of 4 properties (COMFORIA OMIYA and other 3 properties; ¥12,353,252 thousand), while the principal decrease consisted ofthe disposition of 1 property (COMFORIA SHIN-OSAKA: ¥2,208,862 thousand) and depreciation of ¥1,397,733 thousand. During the 23rd
Fiscal Period, the principal decrease consisted of depreciation of ¥1,399,763 thousand
The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Income and loss related to real estate for rental purposes, etc. for the 22nd Fiscal Period (From February 1, 2021 to July 31, 2021)
and 23rd Fiscal Period (From August 1, 2021 to January 31, 2022) are listed in “Notes to the Statements of Income.”<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
22nd Fiscal Period (From February 1, 2021 to July 31, 2021)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of theoperating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on
the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.
23rd Fiscal Period (From August 1, 2021 to January 31, 2022)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of theoperating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on
the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.

62- 42 -*1

Revenues from external customers

18,547

18,547

Others―9,414,736

Total

18,547

9,433,283

Lease business revenue, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) and sale of real estate properties
subject to the “Practical Guidelines on Accounting by Transferors for Derecognition of Real Estate Securitized by means of Special Purpose Companies”(Accounting System Committee Report No.15 of the Japanese Institute of Certified Public Accountants) are not subject to the Accounting Standard for
Revenue Recognition, and therefore are not included in the above amount. Revenue from contracts with customers mainly represents revenue fromsales of real estate properties and utilities income.

<Notes to per unit information>

Net assets per unit

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)¥195,80223rd Fiscal Period(From August 1, 2021
to January 31, 2022)¥195,149¥7,144¥5,219Profit per unit
(Note 1)

Profit per unit was calculated by dividing profit for the period by the daily weighted average number of investment units issued and out standing.
Profit per unit after adjusting for diluted units is not included because there were no diluted investment units.

(Note 2)The basis for calculating profit per unit is as follows:

Profit (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Profit attributable to common
investment units (thousands of yen)
Average number of investment units
for the period (units)

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)
4,950,436

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)
3,616,868――

4,950,436

3,616,868

692,904

692,994<Notes to significant subsequent events>
Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on January 5, 2022 and January 13, 2022 concerning
the issuance of new investment units as described below. Based on the resolution, payments completed on February 1, 2022 forthe new investment units issued through public offering and on February 16, 2022 for the new investment units offered by way ofthird-party allotment, respectively. As a result, unitholders’ capital increased to ¥136,744,613,618, with the number of investment
units issued and outstanding at 715,982 units.
Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
22,960 units
Issue price:¥312,555 per unit
Total issue amount:¥7,176,262,800
Paid-in amount (issue value):¥302,457 per unit
Total paid-in amount (issue value):¥6,944,412,720
Payment date:February 1, 2022
Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
28 units
Paid-in amount (issue value):¥302,457 per unit
Total paid-in amount (issue value):¥8,468,796
Payment date:February 16, 2022
Allottee:Mizuho Securities Co., Ltd.

- 43 -

63

7. Supplementary Schedules(v) Supplementary schedule of investment corporation bonds(i) Supplementary schedule of investment securities
Not applicable

Bond name(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJanuary 31, 2022 is as follows.
(Thousands of yen)Classification

Contract amount (Note 1)
Maturing after 1
year

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Total(Note 1)
(Note 2)

Fair value(Note 2)

37,245,000

28,835,000―

37,245,000

28,835,000―(iii) Condensed supplementary schedule of real estate properties(Thousands of yen)

Asset type

Intangible
assetsProperty, plant and equipment

Buildings
Structures
Machineryand equipment
Tools,
furniture andfixtures
Land
Buildings in
trust
Structures intrust
Machineryand equipmentin trust
Tools,
furniture andfixtures intrust
Land in trust
Constructionin progress in
trust
Total
Leaseholdrights in trust
Other
Total

Decreaseduringperiod(Thousands of yen)

Decrease Balance at end
Couponduringof current
rate (%)
periodperiodRedemption
date

Use offunds

Security

1,000,000――

1,000,000

0.23000 July 15, 2022

(Note 2)

Unsecured

2,000,000――

2,000,000

0.52000 July 16, 2027

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000

December 14,
2023(Note 2)

Unsecured1,500,000――

1,500,000

0.95000 June 14, 2033

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000 July 18, 2024

(Note 2)

Unsecured1,500,000――

1,500,000

0.90000 July 18, 2034

(Note 2)

Unsecured1,500,000――

1,500,000

0.55000 July 30, 2030

(Note 2)

Unsecured

2,000,000――

2,000,000

0.18000 July 8, 2026

(Note 2)

Unsecured

3,000,000――

3,000,000

0.46000 July 8, 2031

(Note 2)

Unsecured

1,600,000――

1,600,000

0.73000 July 8, 2036

(Note 2)

Unsecured

16,100,000――

16,100,000(Note 1)The Investment
Corporation
July 18, 2017
3rd unsecured bondsorBalance at end
Depreciation
accumulatedof currentoramortization
periodamortization
at end ofduringcurrent
periodperiodThe Investment
Corporation
June 14, 2018
4th unsecured bonds(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds(Note 1)The Investment
Corporation
July 18, 2019
6th unsecured bonds(Note 1)

Accumulated depreciation
IncreaseduringperiodThe Investment
Corporation
July 18, 2017
2nd unsecured bonds

Increaseduringperiod(Note 1)

The contract amount of interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Di sclosure of fair value
is omitted for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

Balance at
beginning ofcurrent period

Balance at
Issuance date beginning ofcurrent period

Net balance at
end of current Remarks
period2,744,823

31,811―2,776,634

242,018

29,8902,534,616

65,937――65,937

10,247

1,441

55,68917,687――

17,687

3,107

274

14,580The Investment
Corporation
July 18, 2019
7th unsecured bonds(Note 1)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)(Note 1)The Investment
Corporation
9th unsecured bonds

July 8, 2021

(Note 1)

3,519

588

―

4,107

2,522

302

1,585

6,459,596――

6,459,596――

6,459,596

108,330,702

310,723―

108,641,426

17,296,587

1,253,489

91,344,838

1,383,068

1,298

―

1,384,367

489,391

33,047894,975

1,654,748

5,533

―

1,660,282

422,672

29,1881,237,610

The Investment
Corporation
10th unsecured bonds July 8, 2021
(Green Bonds)(Note 1)The Investment
Corporation
July 8, 2021
11th unsecured bonds(Note 1)

Total
(Note 1)
(Note 2)
(Note 3)The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.
The total amount of redemption of investment corporation bonds for each year during the five years following the balance shee t date is as shown
below.
(Thousands of yen)

544,110

48,727―592,838

319,595

43,563

273,243

154,583,365――

154,583,365――

154,583,365

Due within 1 year
or less

―

1,925

―

1,925

―

―

1,925

1,000,000

275,787,560

400,608―

276,188,169

18,786,141

1,391,197

257,402,027

1,226,269――

1,226,269

102,786

8,565

1,123,482

17,370―3,520

13,849

8,254

1,596

5,595

1,243,639

―

3,520

1,240,118

111,040

10,162

1,129,078

Due after 1 year
to 2 years
1,000,000

Due after 2 years
to 3 years
1,000,000

Due after 3 years
to 4 years

Due after 4 years
to 5 years

02,000,000

Due after 5 years
11,100,000(iv) Supplementary schedule of other specified assets
Not applicable64- 44 -- 45 -

65

(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of January 31, 2022 is as follows:
Classification
Lender
MUFG Bank, Ltd.

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

1,200,000-

1,200,000-

Development Bank of Japan Inc.

600,000-

600,000-

Mizuho Bank, Ltd.

600,000-

600,000-

Sumitomo Mitsui Trust Bank, Limited

600,000-

600,000-

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

300,000-

300,000-

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

310,000--

310,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

MUFG Bank, Ltd.

Averageinterest rate(%)
(Note 2)

Maturity
date

0.90100 June 30, 2022

Repayment
methodLump-sum
repayment

Use offunds(Note 3)

LenderRemarks

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.

2,000,000-

2,000,000-

The Norinchukin Bank

1,500,000-

1,500,000-

The Bank of Fukuoka, Ltd.

1,000,000-

1,000,000-

The 77 Bank, Ltd.

500,000-

500,000-

Daishi Hokuetsu Bank, Ltd. (Note 5)

500,000-

500,000-

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

1,140,000--

1,140,000

MUFG Bank, Ltd.

0.69250January 31, Lump-sum
2022
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

0.79875

January 31, Lump-sum
2023
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

1.04200

January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
periodcurrent period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

310,000--

310,000

Development Bank of Japan Inc.

570,000--

570,000

MUFG Bank, Ltd.

720,000--

720,000

Mizuho Bank, Ltd.

570,000--

570,000

Development Bank of Japan Inc.

360,000--

360,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Mizuho Bank, Ltd.

360,000--

360,000

300,000--

300,000

360,000--

360,000

Long-term Sumitomo Mitsui Banking Corporationloans
payable MUFG Bank, Ltd.
(Note 1)Development Bank of Japan Inc.

1,040,000--

1,040,000

Long-term
Sumitomo Mitsui Trust Bank, Limitedloans
payable Sumitomo Mitsui Banking Corporation(Note 1)200,000--

200,000

MUFG Bank, Ltd.

840,000--

840,000

Development Bank of Japan Inc.

420,000--

420,000

Mizuho Bank, Ltd.

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

420,000--

420,000

Sumitomo Mitsui Banking Corporation

230,000--

MUFG Bank, Ltd.

980,000--

Development Bank of Japan Inc.

490,000--

490,000

Mizuho Bank, Ltd.

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

Sumitomo Mitsui Banking Corporation

0.58430

March 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

520,000--

520,000

Mizuho Bank, Ltd.

520,000--

520,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

Shinkin Central Bank

1,300,000--

1,300,000

230,000

The Norinchukin Bank

1,300,000--

1,300,000

980,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

490,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Nippon Life Insurance Company

500,000--

500,000

Taiyo Life Insurance Company

500,000--

500,000

1,000,000--

1,000,000

0.62460

0.67745

August 31,
2023

Lump-sum
repayment

February 29, Lump-sum
2024
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

220,000--

220,000

Development Bank of Japan Inc.

2,000,000--

2,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

Resona Bank, Ltd.

MUFG Bank, Ltd.

Development Bank of Japan Inc.

550,000--

550,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

0.61950

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

MUFG Bank, Ltd.

275,000--

275,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

1,800,000--

1,800,000

Development Bank of Japan Inc.

550,000--

550,000

Development Bank of Japan Inc.

900,000--

900,000

Mizuho Bank, Ltd.

550,000--

550,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

900,000

MUFG Bank, Ltd.

550,000--

550,000

450,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

66

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
periodcurrent period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

Classification

450,000--- 46 -

0.46655

0.65518

July 31,2024

July 31,2026

Lump-sum
repayment

Lump-sum
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed- 47 -

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

0.46691

January 31, Lump-sum
2022
repayment(Note 3)

Unsecured
Unguaranteed

0.62938January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.79571

January 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.49054

September 30, Lump-sum
2022
repayment(Note 3)

Unsecured
Unguaranteed

0.77571

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.65428January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.45804

March 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.62188

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.55126

January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.73497

August 31,
2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.85667

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.43105

July 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed67Classification
LenderAverageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

Classification
Remarks

LenderMizuho Bank, Ltd.

670,000--

670,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

670,000--

670,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

320,000--

320,000

Development Bank of Japan Inc.

670,000--

670,000

Mizuho Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Development Bank of Japan Inc.

700,000--

700,000

Mizuho Bank, Ltd.

800,000--

Sumitomo Mitsui Trust Bank, Limited

800,000--

MUFG Bank, Ltd.

800,000--

800,000

0.39950January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.49994

January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed(Note 3)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Development Bank of Japan Inc.

1,220,000--

1,220,000

Mizuho Bank, Ltd.

1,220,000--

1,220,000

Sumitomo Mitsui Trust Bank, Limited

1,220,000--

1,220,000

MUFG Bank, Ltd.

1,220,000--

1,220,000

620,000--

620,000

Development Bank of Japan Inc.

1,920,000--

1,920,000

800,000

Sumitomo Mitsui Trust Bank, Limited

1,135,000--

1,135,000

800,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

350,000--

350,000

September 30, Lump-sum
0.54500
2026
repayment

Sumitomo Mitsui Banking Corporation
0.57826

0.26204

September 30, Lump-sum
2026
repayment

March. 31,
2022

Lump-sum
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

400,000--

400,000

MUFG Bank, Ltd.

350,000--

350,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

170,000--

170,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

500,000--

500,000

Mizuho Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

MUFG Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Banking Corporation

485,000--

485,000

Shinkin Central Bank

525,000--

525,000

The Norinchukin Bank

525,000--

525,000

525,000--

525,000

Sumitomo Mitsui Banking Corporation

Long-term
The Bank of Fukuoka, Ltd.
loans
payableMizuho Trust & Banking Co., Ltd.
(Note 1)0.45215

September 30, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

Long-term
The Nishi-Nippon City Bank
loans
payableThe Higo Bank, Ltd.
(Note 1)0.608100.42850

September 30, Lump-sum
2027
repayment(Note 3)

March 31,2026

Lump-sum
repayment(Note 3)

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

500,000--

500,000

The 77 Bank, Ltd.

-

500,000-

500,000

Daishi Hokuetsu Bank, Ltd.

-

500,000-

500,000

The Nishi-Nippon City Bank, Ltd.

-

500,000-

500,000

The Bank of Fukuoka, Ltd.

-

500,000-

500,000

The Norinchukin Bank-

1,000,000-

1,000,000

Resona Bank, Ltd.

-

1,000,000-

1,000,000

Mizuho Trust & Banking Co., Ltd.

-2,000,000-

2,000,000

The Norinchukin Bank-

1,500,000-

1,500,000

The Bank of Fukuoka, Ltd.

-

1,000,000-

1,000,000

The 77 Bank, Ltd.

-

500,000-

500,000

Daishi Hokuetsu Bank, Ltd.

-

500,000-

500,000

525,000--

525,000

Development Bank of Japan Inc.

1,350,000--

1,350,000

Development Bank of Japan Inc.

750,000--

750,000

Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

MUFG Bank, Ltd.

375,000--

375,000

Development Bank of Japan Inc.

-

735,000-

735,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000

Mizuho Bank, Ltd.

-735,000-

735,000

The 77 Bank, Ltd.

460,000--

460,000

Sumitomo Mitsui Trust Bank, Limited-

735,000-

735,000

Shinkin Central Bank

460,000--

460,000

MUFG Bank, Ltd.

-735,000-

735,000

The Norinchukin Bank

460,000--

460,000

Sumitomo Mitsui Banking Corporation-

360,000-

360,000

The Bank of Fukuoka, Ltd.

460,000--

460,000

125,530,000

12,800,000

12,800,000

125,530,000

Mizuho Trust & Banking Co., Ltd.

460,000--

460,000

125,530,000

12,800,000

12,800,000

125,530,000

Development Bank of Japan Inc.

820,000--

820,000

Mizuho Bank, Ltd.

820,000--

820,000

Sumitomo Mitsui Trust Bank, Limited

820,000--

820,000

MUFG Bank, Ltd.

820,000--

820,000

Sumitomo Mitsui Banking Corporation

420,000--

420,000

Mizuho Bank, Ltd.

1,600,000-

1,600,000-

Sumitomo Mitsui Trust Bank, Limited

1,600,000-

1,600,000-

800,000-

800,000-

Development Bank of Japan Inc.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

MUFG Bank, Ltd.

68

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

- 48 -

0.546930.47366

0.46156

August 31,
2028

Lump-sum
repayment

September 30, Lump-sum
2026
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Subtotal
Total(Note 1)
(Note 2)Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

October 31, Lump-sum
2021
repayment(Note 3)

Unsecured
Unguaranteed

0.67532 June 30, 2029

0.28545(Note 3)(Note 4)(Note 5)September 29, Lump-sum
2029
repayment(Note 3)Maturity
date

Repayment
methodUse offunds

Remarks

0.57308

September 30, Lump-sum
2029
repayment(Note 3)

Unsecured
Unguaranteed

0.68068

January 29, Lump-sum
2031
repayment(Note 3)

Unsecured
Unguaranteed

0.40488

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.42632

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.39270

October 29, Lump-sum
2027
repayment(Note 3)

Unsecured
Unguaranteed

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.42000

January 31, Lump-sum
2028
repayment(Note 3)

Unsecured
Unguaranteed

0.58600

January 31, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

0.47703 April 30, 2029

Long-term loans payable include the current portion of long-term loans payable.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interestrate swap transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest -rate swap transactions.
The use of funds is mainly for the acquisition of real estate in trust and repayment of existing borrowings, etc.
The Investment Corporation made early repayments of the entire amount on July 14, 2021.
The total amount of repayment of long-term loans payable for each year during the five years following the balance sheet date is as shown below.
(Thousands of yen)
Due within 1
year or less
14,360,000

0.56815

Averageinterest rate(%)
(Note 2)

Due after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

15,920,000

15,130,000

18,150,000

16,300,000

45,670,000

Unsecured
Unguaranteed- 49 -

69

70

71

72

73