Semi-Annual Reportfor the25th Fiscal Period

From August 1, 2022 to January 31, 2023

For a Superior Level of Living Comfort

CRR 3282

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

I. Overview of the Investment Corporation

Highlights
10th Consecutive Year with Public Offering, a J-REIT Record

Greetings
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment Corporation”) successfully closed all accounts for the 25th Fiscal Period(from August 1, 2022 to January 31, 2023). We would like to thank all of our unitholders and stakeholders for their continued support and cooperation.
In the 25th Fiscal Period, the J-REIT market was volatile due to factors such as
global inflation, rising interest rates and the Bank of Japan's modification of its
yield curve control operations last December, but the rental residence market
surrounding the Investment Corporation continued to recover due to improvement in the number of population net inflow into Tokyo's 23 wards andsignificant net increase in the number of foreigners immigrating as COVID-19 restrictions on socioeconomic activities were relaxed.
We hereby report on the asset management overview and financial results for
Comforia Residential REIT, Inc
the 25th Fiscal Period.
As of the end of the period, our asset size was 148 properties with a total acKentaro Yoshikawa
Executive Director
quisition price of ¥ 283.1 billion, the average occupancy rate during the period
remained stable at 96. 0%, and we had ¥10,194 million in operating revenue,¥ 4, 626 million in operating profit, ¥ 3, 986 million in profit and a distribution
per unit (DPU) of ¥ 5, 487.
With regard to the status for the 25th Fiscal Period and thereafter, at the beginning of 2023, we raised funds through apublic offering for the 10th consecutive year since our listing and, together with borrowings and cash on hand, acquired
COMFORIA NIPPORI and seven other properties from our sponsor, Tokyu Land Corporation, and others from February to
April 2023. In addition, we acquired two properties, COMFORIA KANAMECHO and COMFORIA HONKOMAGOME 1-CHOME,
in March 2023 through our asset management company's original route. As a result, our asset size as of April 5, 2023, is 157
properties with a total acquisition price of ¥ 299.9 billion, putting us on track to achieve our previous medium-term AUM
target of ¥ 300 billion AUM.
In the next fiscal period onward, we will continue to aim to achieve stable earnings, ensure the steady growth of ourmanaged assets, utilize sponsor support to acquire excellent assets, and conduct asset replacements aimed at improving our portfolio quality in order to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

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.
Approximately
consecutive
10
years of public
4.2 -foldofferings(billions of yen)

299.9
billion¥AUM growth

10th PO

350.0
300.0
250.0
200.0

¥71.2
billion

150.0

Listedin 2013

1st POin 2014

2nd POin 2015

3rd POin 2016

4th POin 2017

5th POin 2018

6th POin 2019

7th POin 2020

8th POin 2021

9th PO in 2023
in 2022

100.0
50.0
0

6th FP 7th FP 8th FP 9th FP 10th FP 11th FP12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP 22nd FP23rd FP 24th FP 25th FP
Feb. 6, Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Apr. 5,
2013 Jul. 2013 Jan. 2014 Jul. 2014 Jan. 2015 Jul. 2015 Jan. 2016 Jul. 2016 Jan. 2017 Jul. 2017 Jan. 2018 Jul. 2018 Jan. 2019 Jul. 2019 Jan. 2020 Jul. 2020 Jan. 2021 Jul. 2021 Jan. 2022 Jul. 2022 Jan. 2023 2023

Portfolio Focusing on "Tokyo 23 Wards" and "Near Stations"

Financial Highlights
Operating revenue¥ 10,194 million

Operating profit¥ 4,626 million

Acquisition priceProfit¥ 3,986 million

Distribution per unit (DPU)¥ 5,487

Appraisal value
Occupancy rate at the 25th
Fiscal Period-end
Average occupancy rate

Total loan to value (LTV)In February 2023, the Investment Corporation implemented a public offering, its 10th consecutive year since listing, andexpects to reach an AUM of ¥ 299. 9 billion (about 4. 2 times its size at listing) taking into account the acquisition of two
new properties in March.

51.1 %

Number of properties

148 properties¥ 283.1 billion¥ 375.2 billion
96.2 %
96.0 %

With “in Tokyo 23 wards” and “near stations” as the focus, the Investment Corporation continues to selectively invest in
high-quality properties and manages its portfolio with an awareness of portfolio quality and stability.

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of April 5, 2023)(As of April 5, 2023)

Tokyo Other major cities
metropolitan area 4.8%
Central Tokyo
4.8%

36.0%

Over 10 min.
5 to 10 min.

5.4%

Within 5 min.

53.7%

41.0%

Contents
I. Overview of the Investment Corporation

Statements of Income

44

Highlights

1

Statements of Changes in Unitholders’ Equity

45

External Growth Results

2Statements of Cash Distributions

46

Internal Growth Results

3

Statements of Cash Flows47

Portfolio Map

4

Notes

48

II. Asset Management Report

7

Supplementary Schedules

59

III. Financial Section

42

Independent Auditor’s Report

67

Balance Sheets

42

Tokyo 23
wards

Average minutes
on footPrimarily Tokyo 23 wards

Primarily properties nearstations

90.4%

5.5 min.

Sub-central
Tokyo

54.4%

1

External Growth Results
In the 25th Fiscal Period, the Investment Corporation executed an asset replacement through the acquisition of COMFORIA SAGINUMA 3-CHOME and the sale of COMFORIA NISHIOI to improve portfolio quality, return gain on sale and secureinternal reserves. In addition, it acquired seven properties with capital raised through a public offering in February 2023,
borrowings and cash on hand, and two more properties in March 2023.

End of 24th FP

147 properties / ¥ 281 billion

158

CAMPUS VILLAGE AKATSUKA-SHINMACHI

Sub-central Tokyo

Sponsordeveloped

Akatsuka-shinmachi, Itabashi-ku, Tokyo

Address

Rentable units 127 units

26th FP ( Through to April 5, 2023)

Completion date February 2021

157 properties / ¥ 299. 9 billion

Acquisition price ¥ 2, 280 million

Properties Acquired in 26th Fiscal Period
Property Acquired in 25th Fiscal Period

Property Sold in 25th, 26th Fiscal Periods

159

7

COMFORIA SAGINUMA 3-CHOME

AM’s Original
Route

Tokyo metropolitan area

Saginuma, Miyamae-ku,
Kawasaki-shi, Kanagawa
Rentable units 38 units
April 2009
Completion date (renovated when acquired)
Acquisition price ¥ 2, 620 million
Address

COMFORIA NISHIOI

Sub-central Tokyo167

COMFORIA KANAMECHO

AM’s OriginalRoute

Address

Nishi-Oi,
Shinagawa-ku,
Tokyo¥ 1, 250 million
Sale priceAppraisal value ¥ 1, 200 million
Completion date January 2007

Replaced

Address*Sold quasi co-ownership interests on December 1, 2022 ( 49%) andFebruary 1, 2023 ( 51%) respectively.

Sub-central Tokyo168

COMFORIA
HONKOMAGOME 1-CHOME

AM’s Original
Route

Nishiikebukuro,
Toshima-ku, Tokyo

Sub-central Tokyo

Honkomagome,
Bunkyo-ku, Tokyo

Address

Rentable units 65 units

Rentable units 46 units

Completion date March 2007

Completion date February 2022

Acquisition price ¥ 1, 950 million

Acquisition price ¥ 1, 600 million

Internal Growth Results

Properties Acquired in 26th Fiscal Period (Upon public offering)163

NEIGHBORS HIGASHI-JUJO

Sub-central Tokyo

Sponsordeveloped

Address

Portfolio Occupancy Rates
The average occupancy rate for the 25th Fiscal Period was stable at 96. 0%.

Higashijujo, Kita-ku, Tokyo

96.7%

Completion date February 2020

COMFORIA NIPPORI

Sponsordeveloped

162

161

COMFORIA KAWAGUCHI HONCHO

AM’s OriginalRoute

Address

Tokyo metropolitan area

Honcho, Kawaguchi-shi,
SaitamaRentable units 56 units

Rentable units 29 units

Completion date July 2021

Completion date February 2016

Acquisition price ¥ 2, 660 million

Acquisition price ¥ 1, 082 million

Address

Other major cities

Nishitenma, Kita-ku,
Osaka-shi, Osaka

160

NICHII HOME KAWAGUCHI

AM’s OriginalRoute

Address

Tokyo metropolitan area

Honcho, Kawaguchi-shi,
SaitamaRentable units 52 units

Rentable units 74 rooms

Completion date March 2020

Completion date April 2016

Acquisition price ¥ 1, 400 million

Acquisition price ¥ 1, 395 million

CAMPUS VILLAGE KYOTO ICHIJOJI

Sponsordeveloped

2

Nishinippori, Arakawa-ku,
Tokyo

COMFORIA NISHITENMA

Warehousing

165

Address

Sub-central Tokyo

Address

Other major cities

Takanoizumicho, Sakyo-ku,
Kyoto-shi, Kyoto

166

Address

95.8%

95.8%

96.3%

95.9%

90

95.6%
96.2%

96.5%

Sep.

Oct.

24th FP
Feb.
2022

Mar.

Apr.

May

Total portfolio (previous year)

96.2%

Dec.

Jan.
2023

25th FP
Jun.

Jul.

Aug.

Nov.

Rental Residence Rent Change on Tenant Turnover and Per Tsubo
As the pandemic subsides, net migration to Tokyo's 23 wards and an influx of foreign residents have improved the rental
market supply and demand balance, continuing to increase the portfolio's rental residence rent change on tenant turnover from the previous period.
Increase rate in period-end rent of rental residence (vs 13th FP)

5.6%

Rent change on tenant turnover

6.1%

5.9%

0.7%

3.4%

3.7%

1.3%
4.6%

6.6%

4.0%
Rent change on tenant
turnover has recovered
significantly sincebottoming in the 23rd FP

1.9%
0.2%

6.1%

4.9%

Rent change on tenant renewal

Other major cities

Tanakanishiuracho,
Sakyo-ku, Kyoto-shi, Kyoto

95.6%
95.7%

2.7%

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

Sponsordeveloped

96.8%

95

Acquisition price ¥ 1, 860 million

164

Total portfolio

(%)

100

Rentable units 104 units

5.7%

6 .8 %

7.9%

8.3%
3.0%

0 .6 %

Rentable units 115 units

Rentable units 81 units

Completion date March 2020

Completion date January 2021

0.4%

0.6%

0.5%

0.8%

0 .8 %

1.1%

0.9%

0.5%

0 .4 %

Acquisition price ¥ 1, 722 million

Acquisition price ¥ 1, 289 million

14th FP

15th FP

16th FP

17th FP

18th FP

19th FP

20th FP

21st FP

22nd FP

0.2%
-1.4%

23rd FP

0 .8 %

2.5%

0 .3 %

0.3%

24th FP

25th FP

3

Portfolio Map (As of April 5, 2023)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Acquired in the 25th Fiscal PeriodTokyo metropolitan area

Other major cities

159

48 properties

Saitama47

96 COMFORIA AZABU EAST
1 COMFORIA NIHONBASHI NINGYOCHO 31 COMFORIA SHIBAURA BOWHOUSE 71 COMFORIA SASAZUKA
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

160
161
118
142 158

47 COMFORIA YATSUKA
77 COMFORIA SHINKOYASU
112 COMFORIA GYOTOKU
122 GRANCREER CENTER-MINAMI
132 COMFORIA TAMA-PLAZA
150 COMFORIA OMIYA

11 properties

151 CAMPUS VILLAGE URAYASU
154 GRANCREER TACHIKAWA
159 COMFORIA SAGINUMA 3-CHOME
160 NICHII HOME KAWAGUCHI
161 COMFORIA KAWAGUCHI HONCHO

95

4

11

134

Tokyo

Chiba
Arakawa-ku

45

Toshima-ku

Katsushika-ku

16441
64 168131 167
Taito
22
75
Ikebukuro
147 114 -ku
106
Sumida-ku
138
141 76
Nakano-ku
Bunkyo-ku
3
Ueno
55
21 5
6
8
33
4 20 139
62 143 127 3440
135 98
63
74
2
32 29
87
155
81
104 51 119
73 93
120
83
Suginami-ku
84
56
124
43
123
103
52
Shinjuku 72
126
Shinjuku
Chiyoda-ku 57 49 144
99
92 -ku 80
35
65
1
Tokyo
69
12
Shibuya-ku
121
36
58
108
71
137 145 88
59
26 18
156
14
9
Minato70
66 Koto-ku
50
133
15
-ku
157
ShibuyaChuo-ku 148
125
17
86 96 16
53
82
23
30 60
Setagaya-ku
48 105 61
115
38
113
67
85 31
153
116
13
39 Meguro-ku
91
Shinagawa
146
37
97
90
89

Nishifunabashi
Edogawa-ku

112
151

Shinagawa-ku

149
130 140
159
132

Kanagawa

128

Ota-ku44
100
129

10 107
Acquired in 26th Fiscal Period (Upon public offering)

122

158

CAMPUS VILLAGEAKATSUKA-SHINMACHI160

NICHII HOME
KAWAGUCH

161

COMFORIA
KAWAGUCHI HONCHO

162

COMFORIANISHITENMA

163

NEIGHBORSHIGASHI-JUJO

164

COMFORIA NIPPORI165

CAMPUS VILLAGE
KYOTO ICHIJOJI

166

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

101

Total

157

properties77

12 properties

95 COMFORIA KITASANJO
117 COMFORIA KITAHAMA
101 COMFORIA SAPPORO SHOKUBUTSUEN 136 COMFORIA ESAKAHIROSHIBACHO
102 COMFORIA OGIMACHI
152 CAMPUS VILLAGE KYOTOFUSHIMI
109 COMFORIA SHINSAIBASHI EAST 162 COMFORIA NISHITENMA
110 COMFORIA KYOMACHIBORI
165 CAMPUS VILLAGE KYOTO ICHIJOJI
111 COMFORIA AWAZA
166 CAMPUS VILLAGE KYOTO SHIMOGAMOHIGASHI

Kita-ku

27

150

Other major cities

163
94

Nerima-ku

Kichijoji

Tokyo metropolitan area

Adachi-ku

AkabaneItabashi-ku

86 properties

5 COMFORIA BUNKYOKASUGA
41 COMFORIA HIGASHIIKEBUKURO WEST 94 COMFORIA ITABASHINAKAJUKU 137 COMFORIA KIBASHINSUIKOEN
6 COMFORIA ASAKUSAMATSUGAYA 43 COMFORIA RYOGOKU DEUX
97 COMFORIA SHINAGAWA EAST 140 COMFORIA NISHIMAGOME HILLSIDE
8 COMFORIA NAKANO
44 COMFORIA OMORI DEUX
99 COMFORIA OJIMA
141 COMFORIA IKEBUKURO DEUX
9 COMFORIA SHIMOKITAZAWA
45 COMFORIA MACHIYA
100 COMFORIA OMORI TROIS
142 COMFORIA NARIMASU
10 COMFORIA NISHIKAMATA
51 COMFORIA ASAKUSABASHI
106 COMFORIA BUNKYOHAKUSAN
143 COMFORIA SHIN-OKACHIMACHI
11 COMFORIA OYAMA
52 COMFORIA RYOGOKU SOUTH
107 COMFORIA KAMATA
144 COMFORIA MORISHITA WEST
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 53 COMFORIA TOYOSU
108 COLLEGE COURT HACHIMANYAMA 145 COMFORIA TOYOCHO
13 COMFORIA KOMAZAWA
55 COMFORIA SUMIDA-TACHIBANA 114 COMFORIA UENOIRIYA
146 COMFORIA FUDOMAE
21 COMFORIA KOISHIKAWA
62 COMFORIA UENOHIROKOJI
115 COMFORIA IKEJIRI
147 COMFORIA TAITONEGISHI
22 COMFORIA SENGOKU
63 COMFORIA KASUGATOMISAKA 116 COMFORIA SETAGAYAKAMIUMA 148 COMFORIA MONZENNAKACHO SOUTH
23 COMFORIA DAIKANYAMAAOBADAI 64 COMFORIA HONKOMAGOME
118 COMFORIA AKABANEIWABUCHI 149 COMFORIA MAGOME
27 COMFORIA IKEBUKURO
65 COMFORIA MORISHITA
119 COMFORIA RYOGOKU TROIS
153 GRANCREER BAJIKOEN (LAND)
29 COMFORIA RYOGOKUISHIWARA 66 COMFORIA KIBAKOEN
121 COLLEGE SQUARE HACHIMANYAMA 155 COMFORIA AKIHABARA NORTH
32 COMFORIA ASAKUSABASHI DEUX 67 COMFORIA MEGURO CHOJAMARU 123 COMFORIA KINSHICHO DEUX
156 COMFORIA SAKURAJOSUI
33 COMFORIA OSHIAGE
75 COMFORIA HIGASHIIKEBUKURO EAST 124 COMFORIA KAMEIDO SOUTH
157 COMFORIA KITAZAWA
34 COMFORIA HONJOAZUMABASHI 76 COMFORIA HIGASHIIKEBUKURO 125 COMFORIA SHIBUYA WEST
158 CAMPUS VILLAGE AKATSUKA-SHINMACHI
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 82 COMFORIA KOMABA
127 COMFORIA ASAKUSAKOMAGATA 163 NEIGHBORS HIGASHI-JUJO
36 COMFORIA MONZENNAKACHO 87 COMFORIA KINSHICHO
128 COMFORIA OMORIKASHIMA
164 COMFORIA NIPPORI
37 COMFORIA HIMONYA
88 COMFORIA MINAMISUNAMACHI 129 COMFORIA OMORIMACHI
167 COMFORIA KANAMECHO
38 COMFORIA MISYUKU
89 COMFORIA HIGASHISHINAGAWA 130 COMFORIA KAMIIKEDAI
168 COMFORIA HONKOMAGOME 1-CHOME
39 COMFORIA GAKUGEIDAIGAKU
90 COMFORIA MEGUROYAKUMO
131 CAMPUS VILLAGE SHIINAMACHI
40 COMFORIA HIGASHINAKANO DEUX 91 COMFORIA YOGA
134 COMFORIA TAKINOGAWACOMFORIA SAGINUMA 3-CHOME

Yokohama
152 165 166

154
102 109 110 111 117 136 162

5II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 25th Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

21stFiscal Period

22nd
Fiscal Period

23rd
Fiscal Period

24thFiscal Period

25thFiscal PeriodBusiness period

FromAug. 1, 2020 toJan. 31, 2021

From
Feb. 1, 2021 toJul. 31, 2021

From
Aug. 1, 2021 toJan. 31, 2022

From
Feb. 1, 2022 toJul. 31, 2022

From
Aug. 1, 2022 toJan. 31, 2023

From August 1, 2022 to January 31, 2023

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

Operating revenue(millions of yen)

9,565

10,770

9,433

9,785

10,194[Rent revenue - real estate](millions of yen)

[9,064][9,420][9,433][9,785][9,997]

Operating expenses(millions of yen)

5,080

5,180

5,210

5,399

5,567

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

[4,176][4,263][4,267][4,438][4,552]

Operating profit(millions of yen)

4,484

5,590

4,223

4,386

4,626

Ordinary profit(millions of yen)

3,895

4,995

3,622

3,771

3,995

Profit(millions of yen)

3,889

4,950

3,616

3,704

3,986

Total assets(millions of yen)

275,495

282,839282,277

300,510

303,392[Period-on-period change](%)

Net assets(millions of yen)

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[-0.2]

[6.5]

[1.0]

135,237

142,063

142,230

[0.3]

[5.6]

[-0.3]

[5.0]

[0.1]

123,947

129,791

129,791

136,744

136,744

Number of investment units issued(units)671,624

692,994

692,994

715,982

715,982

Net assets per unit

(yen)

191,369

195,802

195,149

198,417

198,650

Total distributions(millions of yen)

3,633

4,069

3,831

3,819

3,928

Distribution per unit

(yen)

5,410

5,872

5,529

5,334

5,487

[Earnings distribution per unit](yen)[5,410][5,872][5,529][5,334][5,487][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.4

1.8

1.3

1.3

1.3

Return on unitholders’ equity(Note 2)

(%)

3.0

3.7

2.7

2.7

2.8

Unitholders’ equity ratio(Note 3)

(%)

46.7

48.0

47.9

47.3

46.9

(%)

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

Interest-bearing debt

(millions of yen)[-1.0][1.3][-0.1][-0.6][-0.4]

141,650

141,630

141,630

152,429

155,029

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

(%)

51.4

50.1

50.2

50.7

51.1

Payout ratio

(%)

93.4

82.2

105.9

103.0

98.5

Number of properties(properties)

137

140

140

147

148

Total leasable area

(m2)

381,721.10

389,457.28

389,430.80

418,546.86

421,273.09(Note 5)

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

[2.7]
135,689(millions of yen)

[Period-on-period change]

II.
III.

[2.4]
128,528

(%)

95.9

95.7

96.0

95.9

96.2

(millions of yen)

1,374

1,398

1,400

1,451

1,483

(millions of yen)

137

406

(millions of yen)

6,262
6,555
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(Note 6)

－ 1 －

398

619

802

6,566

6,797

6,928

7

2. Asset Management Status for the 25th 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 25th Fiscal Period includes 148
properties, acquired for a total of ¥283,182 million.
(2) Investment performance(i) Investment environment
During the 25th Fiscal Period, the Japanese economy continued to show a pickup, with restrictions on socio-economic
activities due to the spread of the novel coronavirus infection (COVID-19) being relaxed. Under such circumstances, theresidential rental market saw the supply and demand situation turning toward tightening, given the recovery trend of net
migration into the Tokyo 23 wards and a significant increase in foreign arrivals over departures due to relaxation of
restrictions on entering Japan, among other factors. The occupancy rate of the Investment Corporation’s properties was
also kept at a high level in a stable manner in the fiscal period under review. In the real estate investment market, the levelof 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 the government
and monetary policies of the Bank of Japan (BOJ).
(ii) Acquisition and sale of assets
During the 25th Fiscal Period, the Investment Corporation acquired COMFORIA SAGINUMA 3-CHOME in November
2022, followed by the sale of COMFORIA NISHIOI (49% quasi co-ownership interest) in December 2022. As a result,assets owned by the Investment Corporation as of the end of the 25th Fiscal Period totaled 148 properties with a totalacquisition price of ¥283,182 million.
(iii) 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 25th Fiscal Period, the Investment Corporation borrowed funds (¥3,150 million) in September 2022 to beappropriated for the repayment funds (¥3,150 million) for borrowings made in September 2017. Subsequently, it borrowed
funds (¥2,600 million) in November 2022 for the acquisition of COMFORIA SAGINUMA 3-CHOME. This was followed by
the borrowing of funds (¥3,410 million) in January 2023 to be appropriated for the repayment funds (¥3,410 million) for
borrowings made in February 2015.
Consequently, as of the end of the 25th Fiscal Period (January 31, 2023), unitholders’ capital was ¥136,744 million, interestbearing debt was ¥155,029 million, the ratio of interest-bearing debt to total assets (LTV) was 51.1%, the average maturity ofinterest-bearing debt was 4.4 years, the ratio of long-term debt was 86.0%, and the fixed rate ratio was 95.1%.
The Investment Corporation obtained the following rating as of the end of the 25th Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA–

Positive(4) Overview of performance and distributions
As a result of investment during the 25th Fiscal Period, the Investment Corporation posted operating revenue of ¥10,194
million, operating profit of ¥4,626 million, ordinary profit of ¥3,995 million, and profit of ¥3,986 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 25th Fiscal Period, the Investment Corporation
decided to internally reserve ¥352 million from the amount obtained by adding the reversal of reserve for reduction entry (¥51
million) and reversal of reserve for reduction entry under special provisions for property replacement (¥243 million) tounappropriated retained earnings, in application of the Special Provisions on Taxation in the Case of Repurchase of Specified
Assets (Article 65-7 of the Act on Special Measures Concerning Taxation). As a result, the distribution per unit (DPU) was¥5,487 for the period.

8－ 2 －

Date

Type

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

Balance

June 8, 2010

Establishment throughprivate placement

200

200

100

100

(Note 1)

August 30, 2010

Capital increase throughprivate placement

7,800

8,000

3,900

4,000

(Note 2)

March 18, 2011

Capital increase throughprivate placement

24,27032,27011,84015,840(Note 3)February 2, 2012

Capital increase throughprivate placement

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)

February 26, 2014

Capital increase throughthird-party allotment

1,401

100,662964

56,900(Note 7)

August 1, 2014

Investment unit split

301,986

402,648–

56,900(Note 8)February 2, 2015

Capital increase throughpublic offering

70,000472,648

18,02574,926(Note 9)February 27, 2015

Capital increase throughthird-party allotment

1,156

473,804297

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)

February 15, 2018

Capital increase throughthird-party allotment

1,110

586,994250

99,814 (Note 16)

February 1, 2019

Capital increase throughpublic offering

51,270638,264

13,551

113,366(Note 17)

February 20, 2019

Capital increase throughthird-party allotment

2,570

640,834

679

114,045(Note 18)

February 3, 2020

Capital increase throughpublic offering

29,330670,164

9,432

123,477(Note 19)

February 19, 2020

Capital increase throughthird-party allotment

1,460

671,624469

123,947(Note 20)

February 1, 2021

Capital increase throughpublic offering

20,360691,984

5,568

129,515(Note 21)

February 17, 2021

Capital increase throughthird-party allotment

1,010

692,994276

129,791(Note 22)

February 1, 2022

Capital increase throughpublic offering

22,960715,954

6,944

136,736(Note 23)

February 16, 2022

Capital increase throughthird-party allotment

28

715,9828

136,744(Note 24)(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)75,224 (Note 10)
82,383(Note 11)

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.
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.
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.
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.
Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥688,413 per investment unit.
Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
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.

－ 3 －

9

(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as allottee 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 allottee at an issue value of ¥189,400 per investment unit.
(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 allottee 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 allottee 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 allottee 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 allottee 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 allottee at an issue value of ¥273,492 per investment unit.
(Note 23) Issued investment units at an issue price of ¥312,555 (subscription price of ¥302,457) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 24) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥302,457 per investment unit.

4. Performance of Distributions[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.

[Earnings distribution per unit]

Fiscal period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

Closing month/year

Jan. 2021

Jul. 2021

Jan. 2022

Jul. 2022

Jan. 2023

Highest¥341,000¥379,000¥358,500¥345,000¥341,500

Lowest¥278,400¥290,700¥296,300¥304,000¥284,500

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 25th Fiscal Period, the Investment Corporation decided to internally reserve ¥352 million from theamount obtained by adding the reversal of reserve for reduction entry (¥51 million) and reversal of reserve for reduction entry under
special provisions for property replacement (¥243 million) to unappropriated retained earnings, in application of the Special
Provisions on Taxation in the Case of Repurchase of Specified Assets (Article 65-7 of the Act on Special Measures Concerning
Taxation). As a result, the DPU for the 25th Fiscal Period was ¥5,487.
Fiscal period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal PeriodBusiness period

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

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

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

From Feb. 1, 2022
to Jul. 31, 2022

From Aug. 1, 2022
to Jan. 31, 2023

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions
Of which, total return on
unitholders’ capital¥3,889,688 thousand ¥4,950,436 thousand ¥3,616,868 thousand ¥3,704,781 thousand ¥3,986,198 thousand¥256,202 thousand¥881,175 thousand¥– thousand¥– thousand¥ 352,506 thousand¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand[¥5,410][¥5,872][¥5,529][¥5,334][¥5,487]¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand[¥5,410][¥5,872][¥5,529][¥5,334][¥5,487]¥– 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]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

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

10－ 4 －

－ 5 －

11

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 the AssetManagement 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 26th 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 25th 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(1) Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on January 5, 2023 and January 12, 2023
concerning the issuance of new investment units as described below. Based on the resolution, payments completed on February
1, 2023 for the new investment units issued through public offering and on February 8, 2023 for the new investment units
offered by way of third-party allotment, respectively. As a result, unitholders’ capital increased to ¥142,425,113,618, with thenumber of investment units issued and outstanding being 736,982 units.

(2) Issuance of Investment Corporation Bonds
Based on the comprehensive resolution for the issuance of investment corporation bonds made at the Board of Directors’
meeting held on April 26, 2022, the Investment Corporation issued investment corporation bonds on March 8, 2023,as
described below.
Name:

Comforia Residential REIT, Inc 12th unsecured bonds (with pari passu clause among
specified investment corporation bonds) (hereinafter, the “Investment Corporation Bonds”)
Total amount of bonds:¥3,000 million
Coupon rate:
0.730% per annum
Collateral/Guarantee:
Neither collateral nor guarantee is provided for the Investment Corporation Bonds, and no
assets are reserved as security specifically for the Investment Corporation Bonds.
Redemption method and date: The entire principal shall be redeemed on March 8, 2028.
The Investment Corporation Bonds may be purchased and cancelled at any time on or after
the day following the payment date unless otherwise stipulated by the depository.
Credit rating:AA- (Japan Credit Rating Agency, Ltd. (JCR))
Use of funds:
The Investment Corporation appropriated the funds for early repayment or partial early
repayment of existing loans.
(3) Change of Executive Director
On March 15, 2023, the Investment Corporation received from Takehiro Izawa, its Executive Director, a notification of
resignation as of March 31, 2023. In accordance with this, Kentaro Yoshikawa, the Alternate Executive Director, took officeas the new Executive Director on April 1, 2023. The profile of the new Executive Director is as follows.
Name(Date of birth)

Brief biography
April 1993
July 1995
November 1996
October 1997
July 2001
February 2004
March 2005

KentaroYoshikawa(December 18, 1970)

June 2009
October 2010
April 2016
April 2017
April 2021
April 2023

Joined Sony Music Entertainment (Japan) Inc.
Joined Yoshikawa Architectural Survey Office
Joined Shimamura Real Estate Appraisal Co., Ltd.
Joined The Seiyo Corporation
Joined TEMPSTAFF CO., LTD.
Joined Asset Managers Co., Ltd.
Seconded to Asset Realty Managers Co., Ltd.
Transferred to Asset Realty Managers Co., Ltd.
Appointed as Director, General Manager of Investment Management
Department
Joined DAIWA REAL ESTATE APPRAISAL CO., LTD.
Joined Tokyu Land Capital Management Inc.
Seconded to Finance Department, TLC Realty Management Inc. (current TLC
REIT Management Inc.) (Finance Department)
Appointed as General Manager, Finance Department
Appointed as General Manager, Strategy Department, Comforia Management
Division, TLC REIT Management Inc.
Appointed as General Manager, Asset Management Department, Comforia
Management Division (to present)
Scheduled to take office as Executive Director, Comforia Residential REIT, Inc.

Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
20,000 units
Issue price:¥279,532 per unit
Total issue amount:¥5,590,640,000
Paid-in amount (issue value):¥270,500 per unit
Total paid-in amount (issue value):¥5,410,000,000
Payment date:February 1, 2023
Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
1,000 units
Paid-in amount (issue value):¥270,500 per unit
Total paid-in amount (issue value):¥270,500,000
Payment date:February 8, 2023
Allottee:Mizuho Securities Co., Ltd.

12－ 6 －

－ 7 －

13

(Reference Information)(1) Property Acquisition(2) Borrowing of Funds

The Investment Corporation acquired the following properties:
Property name

Type of specified
asset

NICHII HOME KAWAGUCHI

Location
Kawaguchi-shi,

Property in trust

COMFORIA KAWAGUCHIHONCHO

Property in trust

COMFORIA KANAMECHO

Property in trust

COMFORIA
HONKOMAGOME 1-CHOME
COMFORIA NISHITENMA(Note 2)

Saitama
Kawaguchi-shi,

Acquisition price(thousands of yen)
(Note 1)
1,395,000

Main usage
Homes for theelderly

Acquisition dateFebruary 1, 2023

Apartment building February 1, 2023

Toshima-ku, Tokyo

1,950,000

Apartment building

March 20, 2023

Property

Bunkyo-ku, Tokyo

1,600,000

Apartment building

March 29, 2023

Property in trust

Osaka-shi, Osaka

1,400,200

Apartment building

March 30, 2023

NEIGHBORS HIGASHI-JUJO(Note 2)

Property in trust

Kita-ku, Tokyo

1,860,000

Boarding house

April 5, 2023

COMFORIA NIPPORI(Note 2)

Property in trust

Arakawa-ku, Tokyo

2,660,000

Apartment building

April 5, 2023

CAMPUS VILLAGE KYOTOICHIJOJI (Note 2)

Property in trust

Kyoto-shi, Kyoto

1,722,000

Boarding house

April 5, 2023

Property in trust

Kyoto-shi, Kyoto

1,289,000

Boarding house

April 5, 2023

Property in trust

Itabashi-ku, Tokyo

2,280,000

Boarding house

April 5, 2023

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI(Note 2)
CAMPUS VILLAGEAKATSUKA-SHINMACHI(Note 2)

(Note 1)
(Note 2)

14

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 sales agreement for the property falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment
and asset delivery shall be made at least one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervisionof Financial Instruments Business Operators, etc.” established by the Financial Services Agency, the Japanese Government. The appraisal value of each
property as of January 31, 2023 provided by real estate appraisers is as follows.
Appraisal value
Property name(thousands of yen)
1,500,000

NEIGHBORS HIGASHI-JUJO

2,020,000

COMFORIA NIPPORI

2,940,000

CAMPUS VILLAGE KYOTO ICHIJOJI

1,780,000

CAMPUS VILLAGE KYOTO SHIMOGAMOHIGASHI

1,330,000

CAMPUS VILLAGE AKATSUKA-SHINMACHI

2,440,000－ 8 －

Principal repayment
date

Mizuho Bank, Ltd.
Long-term
loans

Sumitomo Mitsui Trust Bank, Limited

Short-term
loans

Sumitomo Mitsui Trust Bank, Limited

Long-termloans

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.

3,680,000

0.95225%

March 29, 2023

March 29, 2031

3,800,000

Base rate (Note)+0.20%

April 5, 2023

April 5, 2024

1,500,000

Base rate (Note)+0.15%

April 5, 2023

April 5, 2025

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

(Note) The base rate applicable to the interest to be paid on interest payment dates is the JBA (Japanese Bankers Association) 1month Yen TIBOR on the day two business days before the interest payment date immediately preceding each interest
payment date.
(3) Property Sale
The Investment Corporation sold the following property:

COMFORIA NISHITENMA

Drawdown date

Development Bank of Japan Inc.

1,082,000

SaitamaThe Investment Corporation undertook the following borrowings of funds.
Loan amountApplicable(thousands ofType
Lenderinterest rateyen)

Property name

Type of specified
asset

Location

Sale price(thousands of yen)
(Note)

Main usage

Sale date

COMFORIA NISHIOI (51%Shinagawa-ku,
Property in trust
637,500
Apartment building February 1, 2023
quasi co-ownership interest)
Tokyo(Note) The sale price does not include miscellaneous expenses (transaction brokerage fees, tax and public dues, etc.) required
for the sale of the property.

－ 9 －

15

Overview of the Investment Corporation

Overview of the Investment Corporation
1. Unitholders’ Capital

21st Fiscal
Period22nd Fiscal
Period23rd Fiscal
Period24th Fiscal
Period25th Fiscal
PeriodAs ofJan. 31, 2021

As ofJul. 31, 2021

As ofJan. 31, 2022

As ofJul. 31, 2022

As ofJan. 31, 2023

Total number of authorized
investment units(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Total number of investment
units issued(units)671,624

692,994

692,994

715,982

715,982

Unitholders’ capital(millions of yen)

123,947

129,791

129,791

136,744

136,744

Number of unitholders(people)

5,650

5,320

5,317

5,429

5,479

(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
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

2. Matters concerning Investment Units

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.

Major unitholders as of January 31, 2023 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)

173,663

24.25

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

110,137

15.38

Tokyu Land Corporation

64,674

9.03

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

29,193

4.07

SMBC Nikko Securities Inc.

12,586

1.75

The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)12,291

1.71

Custody Bank of Japan, Ltd. (taxable trust money account)

12,015

1.67

SSBTC CLIENT OMNIBUS ACCOUNT(Standing proxy: Tokyo Branch, The Hongkong and Shanghai
Banking Corporation Limited)

8,732

1.21

State Street Bank and Trust Company 505103(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)

8,630

1.20

Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)

8,527

1.19

440,448

61.51

Total
(Note)

Overview of agreement[Overview of insured event covered by the insurance]

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

All Executive Director andSupervisory Directors[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.

5. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of January 31, 2023 are as follows.
Consignment segment

Name

Asset management company

TLC REIT Management Inc.

Asset custodian

Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

General administration (accounting service)Reiwa Accounting Holdings Co., Ltd.

General administration (tax service)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.

3. Matters concerning Directors, etc.
(1) Name of directors, etc.
The names of directors, etc. during the 25th Fiscal Period are as follows.
Position

Name of director, etc.

Main concurrent posts

Total amount of remuneration
paid during the period(thousands of yen)

Takehiro Izawa

Executive Director, Chief Division Officerof Comforia Management Division, TLC
REIT Management Inc.

–

Supervisory Director
Koji Yamamoto(Note 1)

Partner, WAKABA PARTNERS Law andAccounting Office

1,800Supervisory Director
Masamichi Ohshima(Note 1)

Kataoka & Kobayashi

1,800

–

17,838

Executive Director(Note 1)

Independent Auditor

Ernst & Young
ShinNihon LLC(Note 2)

(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 2023.

－ 10 －16－ 11 －17

Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation

3. Statement of Properties Incorporated in the Portfolio

1. Composition of Assets of the Investment Corporation
Type ofasset

24th Fiscal Period(as of July 31, 2022)

Area

Real
estateTotal amount owned(millions of yen) (Note 1)

The overview of assets under management of the Investment Corporation as of January 31, 2023 is as follows.

25th Fiscal Period(as of January 31, 2023)

Percentage of total
assets (%) (Note 2)

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

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,117

0.4

1,115

0.4

Sub-central Tokyo

7,916

2.6

7,887

2.6

Area

Property name

Address

COMFORIA NIHONBASHININGYOCHO

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

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

3,280

1.1

6,078

2.0

Central Tokyo

94,654

31.5

94,51631.2

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

143,19947.7

142,39646.9

15,3695.1

15,306

5.0

12,714

4.2

12,698

4.2

Subtotal

278,252

92.6

279,998

92.3

Deposits and other assets

22,258

7.4

23,393

7.7

Total assets

300,510100.0

303,392

100.0

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo“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.

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(Note 1)
(Note 2)

2. Major Assets Owned

Carrying value(millions of yen)

Rentable area(m2)

Rented area(m2)

Ratio to total
Occupancy rate
rental revenues Main usage(%)(%)

COMFORIA SHINJUKUEASTSIDE TOWER

12,05848,267.61

46,305.93

95.9

Apartment
16.5
building

COMFORIA KAMATA

5,654

6,027.98

6,002.86

99.6

1.6

Apartment
building

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,620

4,080.10

4,052.53

99.3

1.4

Apartment
building

97.1

Apartment
1.4
building

COMFORIA SHIBUYA WEST

5,423

4,278.52

4,153.01

Central Tokyo

The overview of major assets owned by the Investment Corporation (top 10 properties in terms of period-end carrying value) is asfollows.
Property name

COMFORIA KOMABA

5,060

5,342.38

5,106.60

95.6

Apartment
1.4
building

GRANCREER BAJIKOEN(LAND)

4,591

7,799.15

7,799.15

100.0

0.9

Homes forthe elderly

COMFORIA OMIYA

4,561

6,527.59

6,213.40

95.2

1.4

Apartment
building

COMFORIA NIHONBASHININGYOCHO EAST

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

COMFORIA
MINAMISUNAMACHI

4,541

6,216.78

6,092.88

98.0

1.4

Apartment
building

COMFORIA ATAGO

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

COMFORIA AKIHABARA
EAST

4,374

4,582.07

4,483.25

97.8

1.3

Apartment
building

COMFORIA KUDAN

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

COMFORIA KITASANDO

4,169

4,959.50

4,824.84

97.3

1.3 Residence

56,05698,081.68

95,034.45

96.9

28.4

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, TokyoTotal－ 12 －18

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)
(Note 1)

Tokyo metropolitan area

Other major cities

Ownership form－ 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
Beneficial
interest in realestate trust

2,710

1,446

3,020

1,800

2,020

1,097

868

522

5,260

2,837

999

539

2,330

1,331

1,330

738

2,080

1,081

2,370

1,585

6,720

3,478

1,200

842

4,410

2,529

2,050

1,260

3,140

1,989

1,110

827

1,830

1,268

1,670

1,062

2,510

1,719

3,480

1,859

4,410

2,954

2,220

1,491

5,800

4,169

19

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)

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

COMFORIA SASAZUKA

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

COMFORIA SHINJUKUGYOEN
II

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

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

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

COMFORIA KANDAJINBOCHO

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

COMFORIA NIHONBASHI

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

COMFORIA TAMACHI

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

COMFORIA AZABUJUBAN

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

Central Tokyo

COMFORIA SHINJUKUGYOEN I 1-10-4 Shinjuku, Shinjuku-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

COMFORIA ICHIGAYAYAKUOJI 74-23 Ichigayayakuojimachi, Shinjuku-ku, Tokyo
COMFORIA AKIHABARA EAST

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

COMFORIA MITA TROIS

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

COMFORIA SHIBAURA

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

COMFORIA SHINJUKU

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

COMFORIAHIGASHINIHONBASHI

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

COMFORIA GINZA EASTNIBANKAN

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

COMFORIA HIGASHISHINJUKU 7-27-12 Shinjuku, Shinjuku-ku, Tokyo
STATION FRONTCOMFORIA NAKAOCHIAI

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

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Subtotal20－ 14 －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(Note 1)

2,350

1,558

COMFORIA BUNKYOKASUGA

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

2,560

1,785

COMFORIAASAKUSAMATSUGAYA

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

2,350

1,748

COMFORIA NISHIOI (Note 3)

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

2,180

1,562

COMFORIA NAKANO

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

999

691

COMFORIA SHIMOKITAZAWA

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

2,600

1,610

COMFORIA NISHIKAMATA

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

2,230

1,642

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,950

1,497

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

2,540

1,958

COMFORIA KOMAZAWA

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

4,790

3,377

COMFORIA KOISHIKAWA

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

1,800

1,462

COMFORIA SENGOKU

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

1,570

1,422

COMFORIA
DAIKANYAMAAOBADAI

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

1,700

1,211

COMFORIA IKEBUKURO

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

3,920

1,869

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

17,50012,058Sub-central Tokyo

COMFORIA YOYOGIUEHARA

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)

1,050

965

6,030

4,374

979

949

1,110

1,115

2,430

2,238

1,520

1,285

2,570

2,519

5,850

5,620

COMFORIA HIGASHINAKANO
DEUX

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

1,650

1,559

COMFORIAHIGASHIIKEBUKURO WEST

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

1,150

1,109

COMFORIA RYOGOKU DEUX

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

138,915

95,632

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－ 15 －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

2,350

1,311

1,340

780

642

422

1,320

858

4,070

2,376

2,330

1,372

2,620

1,866

1,130

645

2,170

1,211

811

528

2,110

1,230

1,690

886

831

576

990

614

1,340

829

982

654

1,170

700

1,290

792

3,810

2,394

1,820

1,138

2,680

1,791

2,130

1,116

1,320

768

5,860

3,570

1,650

962

21

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

22

COMFORIA OMORI DEUX

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

COMFORIA MACHIYA

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

COMFORIA ASAKUSABASHI

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

COMFORIA RYOGOKU SOUTH

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

COMFORIA TOYOSU

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

COMFORIA SUMIDATACHIBANA

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

COMFORIA UENOHIROKOJI

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

COMFORIA
KASUGATOMISAKA

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

COMFORIA HONKOMAGOME

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

COMFORIA MORISHITA

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

COMFORIA KIBAKOEN

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

COMFORIA MEGUROCHOJAMARU

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

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

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

COMFORIA KOMABA

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

COMFORIA KINSHICHO

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

COMFORIA
MINAMISUNAMACHI

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

COMFORIAHIGASHISHINAGAWA

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

COMFORIA MEGUROYAKUMO

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

COMFORIA YOGA

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

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA SHINAGAWA EAST

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

COMFORIA OJIMACOMFORIA OMORI TROIS

4-8-10 Ojima, Koto-ku, Tokyo
3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA BUNKYO
HAKUSAN

1-3-2 Honkomagome, Bunkyo-ku, Tokyo

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo－ 16 －(Note 1)

COLLEGE COURTHACHIMANYAMA

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

COMFORIA UENOIRIYA

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

2,428

COMFORIA IKEJIRI

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

1,750

1,131

COMFORIA
SETAGAYAKAMIUMA

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

4,500

2,817

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

1,110

892

COLLEGE SQUAREHACHIMANYAMA

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

1,450

1,038

COMFORIA KINSHICHO DEUX

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

4,160

2,718

COMFORIA KAMEIDO SOUTH

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

2,270

1,303

COMFORIA SHIBUYA WEST

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

1,940

1,469

COMFORIAASAKUSAKOMAGATA

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

1,300

871

COMFORIA OMORIKASHIMA

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

2,790

1,960

COMFORIA OMORIMACHI

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

3,050

1,577

COMFORIA KAMIIKEDAI

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

1,770

1,084

CAMPUS VILLAGESHIINAMACHI

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

7,010

5,060

COMFORIA TAKINOGAWA

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

1,540

1,001

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

5,310

4,541

COMFORIA NISHIMAGOMEHILLSIDE

2,350

1,549

1,790

1,161

1,180

594

3,790

Sub-central Tokyo

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

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

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

1,130

826

1,250

1,048

4,810

3,783

1,710

1,362

2,250
1,100

2,166
914

1,580

1,411

7,160

5,654

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

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, TokyoGRANCREER BAJIKOEN(LAND)

1-22-23 Kamiyoga, Setagaya-ku, Tokyo－ 17 －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
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
Beneficial
interest in realestate trust

1,340

1,228

2,460

2,156

1,620

1,375

3,220

2,612

3,140

2,790

1,950

1,733

1,040

884

2,560

2,222

2,310

2,059

7,410

5,423

1,590

1,381

1,020

922

1,360

1,164

2,270

1,958

3,370

2,745

4,290

3,486

1,470

1,359

1,500

1,420

2,060

1,958

1,550

1,652

1,390

1,260

1,320

1,246

4,360

3,742

1,970

1,647

3,350

3,109

1,700

1,467

3,130

3,031

4,860

4,591

23

Area

Property name

Address

Ownership form

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

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)24th Fiscal Period(From February 1, 2022 to July 31, 2022)

COMFORIA AKIHABARA
NORTH

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

COMFORIA SAKURAJOSUI

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

COMFORIA KITAZAWA

1-24-8 Kitazawa, Setagaya-ku, Tokyo

Other major citiesTokyo
metropolitan area

Subtotal
COMFORIA YATSUKA

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

COMFORIA SHINKOYASU

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

COMFORIA GYOTOKU

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

GRANCREER CENTER-MINAMI 40-3 Chigasaki Chuo, Tsuzuki-ku, Yokohama-shi,
Kanagawa
COMFORIA TAMA-PLAZA

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

COMFORIA OMIYA

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

CAMPUS VILLAGE URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWACOMFORIA SAGINUMA 3CHOME

2-3-21 Fujimicho, Tachikawa-shi, Tokyo
3-13-2 Saginuma, Miyamae-ku, Kawasaki-shi,
Kanagawa
Subtotal

COMFORIA KITASANJO

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

COMFORIA SAPPOROSHOKUBUTSUEN

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

COMFORIA OGIMACHI

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

COMFORIA SHINSAIBASHI
EAST

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

COMFORIA KYOMACHIBORI

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

COMFORIA AWAZA

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

COMFORIA KITAHAMA

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

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho, Fushimi-ku, Kyotoshi, Kyoto(Note 1)

(Note 2)
(Note 3)24

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
Real estate
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

1,940

1,917

4,020

3,870

4,190

4,093

198,266

150,284

892

610

1,490

1,022

1,190

1,005

4,540

4,127

2,310

2,417

5,320

4,561

1,680

1,559

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)

3,100

3,279

2,660

2,798

23,182

21,384

1,000

617

1,510

1,302

1,510

1,451

2,310

1,949

1,950

1,537

1,690

1,260

2,020

1,707

1,830

1,735

1,090

1,137

14,910375,273

12,698279,998“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 25th Fiscal Period(January 31, 2023) minus accumulated depreciation.
For COMFORIA NISHIOI, figures equivalent to 51% quasi co-ownership interest of the Investment Corporation are indicated.

－ 18 －Area

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

Central Tokyo

Sub-central Tokyo(Note 1)COMFORIA HARAJYUKUCOMFORIA 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(Note 2)

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

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

1

100.0

59,602

0.6

1

96.3

60,279

0.6

1
1
1
1
1
1
1
1
1

95.1
100.0
97.6
98.0
100.0
100.0
87.7
100.0
91.2

66,64849,44921,923
113,719
22,507
51,83627,19441,501
62,083

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

98.5
98.2
100.0
97.0
97.1
100.0
100.0
100.0
98.3

66,382
48,677
20,548
117,600
22,70453,33627,98746,42660,145

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.5
0.6

1
1

95.4
96.2

130,645
29,095

1.3
0.3

1
1

95.5
97.1

131,620
31,193

1.3
0.3

1

96.4

103,027

1.1

1

93.3

100,664

1.0

1

92.2

46,612

0.5

1

92.3

43,898

0.4

1

97.3

67,213

0.7

1

95.2

67,392

0.7

1
1

100.0
95.6

29,05240,474

0.3
0.4

1
1

100.0
91.0

29,74940,050

0.3
0.4

1

97.2

36,475

0.4

1

97.2

35,288

0.4

1
1
1
1
1
1
1
1

100.0
100.0
97.9
94.8
92.7
100.0
94.3
98.7

60,972
68,540105,02953,000134,392
51,45063,351
56,597

0.6
0.7
1.1
0.5
1.4
0.5
0.6
0.6

1
1
1
1
1
1
1
1

95.0
97.5
96.5
93.7
97.3
98.2
100.0
98.7

61,46371,495
101,12152,339133,204
52,92966,83257,436

0.6
0.7
1.0
0.5
1.3
0.5
0.7
0.6

1

98.8

51,990

0.5

1

95.7

51,457

0.5

1
1
1
1
1
1
1
1
1
1

87.9
92.4
92.6
92.9
98.6
90.0
92.7
90.6
100.0
94.7

22,09447,951
46,927
46,25164,143
101,115
42,87542,932
39,25076,901

0.2
0.5
0.5
0.5
0.7
1.0
0.4
0.4
0.4
0.8

1
1
1
1
1
1
1
1
1
1

97.1
91.3
94.1
95.2
98.5
97.7
96.4
100.0
97.0
95.9

21,65849,581
46,35046,20964,667
98,971
41,674
42,77642,75377,543

0.2
0.5
0.5
0.5
0.6
1.0
0.4
0.4
0.4
0.8

1

95.2

1,637,664

16.7

1

95.9

1,646,460

16.5

1
1
1
1
1

92.2
98.9
97.1
88.5
94.4

25,208
127,530
23,602
27,35357,445

0.3
1.3
0.2
0.3
0.6

1
1
1
1
1

91.8
97.8
96.9
95.4
97.2

25,253126,01223,94927,98956,291

0.3
1.3
0.2
0.3
0.6

1

97.2

35,309

0.4

1

100.0

36,496

0.4

1

95.3

51,858

0.5

1

98.0

53,123

0.5

1

99.3

138,639

1.4

1

99.3

139,068

1.4

1
1
1

94.9
94.5
95.8

36,86825,7344,362,047

0.4
0.3
44.6

1
1
1

98.4
100.0
96.6

38,46325,502
4,383,023

0.4
0.3
43.8

－ 19 －25

Property name

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

Sub-central Tokyo(Note 1)

26

COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOI (Note 3)
COMFORIA 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)24th Fiscal Period(From February 1, 2022 to July 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

95.6

63,057

0.6

1

97.0

64,651

0.6

1

97.2

46,607

0.5

1

97.1

46,428

0.5

1
1
1
1
1

93.2
93.8
97.0
95.0
97.8

31,96831,91096,96264,06678,024

0.3
0.3
1.0
0.7
0.8

1
1
1
1
1

83.0
100.0
94.4
98.2
99.0

24,94032,28093,41964,901
79,715

0.2
0.3
0.9
0.6
0.8

1

88.9

28,266

0.3

1

97.8

27,702

0.3

1
1
1

95.5
95.0
98.6

43,52222,08357,745

0.4
0.2
0.6

1
1
1

91.9
90.3
97.8

45,506
21,68656,311

0.5
0.2
0.6

1

92.8

39,015

0.4

1

91.3

37,461

0.4

1

89.2

22,166

0.2

1

88.7

23,505

0.2

1

100.0

28,736

0.3

1

100.0

25,590

0.3

1

87.9

30,326

0.3

1

95.3

31,232

0.3

1

100.0

25,785

0.3

1

95.5

25,291

0.3

1

96.0

29,296

0.3

1

100.0

29,004

0.3

1

98.0

32,210

0.3

1

95.9

32,050

0.3

1
1
1
1

98.6
100.0
98.4
97.2

91,281
48,394
68,27541,900

0.9
0.5
0.7
0.4

1
1
1
1

97.2
87.9
95.5
92.4

90,02545,62370,01841,759

0.9
0.5
0.7
0.4

1

98.1

31,654

0.3

1

95.7

31,190

0.3

1

98.7

170,749

1.7

1

98.5

172,031

1.7

1
1
1
1
1
1

92.3
87.9
100.0
97.0
94.4
98.3

38,281
38,297
27,373
100,771
49,764
100,616

0.4
0.4
0.3
1.0
0.5
1.0

1
1
1
1
1
1

91.9
98.6
100.0
98.8
100.0
96.0

35,053
37,114
27,168102,078
49,863
103,684

0.4
0.4
0.3
1.0
0.5
1.0

1

95.4

31,976

0.3

1

100.0

33,383

0.3

1
1
1
1
1

98.3
96.2
94.4
96.2
98.3

36,054
92,03048,83550,242
32,347

0.4
0.9
0.5
0.5
0.3

1
1
1
1
1

96.5
100.0
100.0
98.6
95.0

37,32594,42849,62247,52032,847

0.4
0.9
0.5
0.5
0.3

1

94.7

68,873

0.7

1

96.3

71,765

0.7

1

96.8

69,651

0.7

1

96.6

72,051

0.7

1

94.2

36,911

0.4

1

98.3

37,727

0.4

1
1

97.3
95.2

140,724
36,802

1.4
0.4

1
1

95.6
100.0

140,01136,827

1.4
0.4

1

94.6

136,257

1.4

1

98.0

135,606

1.4

1

87.3

52,680

0.5

1

97.3

57,167

0.6

1
1

100.0
95.3

26,007
31,689

0.3
0.3

1
1

92.4
100.0

26,55732,582

0.3
0.3

1

97.0

127,864

1.3

1

97.0

129,573

1.3

1
1

99.1
95.0

75,36056,759

0.8
0.6

1
1

98.3
98.0

74,12458,2600.7
0.6－ 20 －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

Area

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

Tokyo metropolitan area

24th Fiscal Period(From February 1, 2022 to July 31, 2022)

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 MAGOMEGRANCREER BAJIKOEN (LAND)COMFORIA AKIHABARANORTHCOMFORIA SAKURAJOSUICOMFORIA KITAZAWA
Subtotal
COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYACAMPUS VILLAGE URAYASUGRANCREER TACHIKAWACOMFORIA SAGINUMA 3CHOME
Subtotal(Note 2)

1
1
1

86.8
93.1
95.4

1
1
1

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

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)(%)(%)

25,717
34,699157,581

0.3
0.4
1.6

1
1
1

94.0
97.0
99.6

25,47736,608155,403

0.3
0.4
1.6

100.0

30,222

96.3
97.3

60,85632,757

0.3

1

100.0

30,226

0.3

0.6
0.3

1
1

99.1
94.5

62,66434,013

0.6
0.3

1

95.7

73,580

0.8

1

92.5

74,454

0.7

1
1

94.7

74,260

0.8

1

95.6

72,1850.7

98.6

42,777

0.4

1

93.2

41,456

0.4

1
1
1
1

100.0

20,976

0.2

1

100.0

20,976

0.2

94.9
100.0
93.7

62,06558,505
143,539

0.6
0.6
1.5

1
1
1

96.9
100.0
97.1

62,001
65,249140,996

0.6
0.7
1.4

1

98.2

37,308

0.4

1

96.8

36,749

0.4

1
1
1

97.1
98.2
97.4

25,96029,75256,439

0.3
0.3
0.6

1
1
1

94.3
95.9
100.0

26,784
31,66054,418

0.3
0.3
0.5

1

100.0

66,190

0.7

1

100.0

66,188

0.7

1
1

95.5
96.3

92,75329,564

0.9
0.3

1
1

94.8
100.0

96,88731,322

1.0
0.3

1

100.0

31,869

0.3

1

98.0

30,359

0.3

1
1

94.2
93.5

49,23836,895

0.5
0.4

1
1

95.2
93.5

47,82334,810

0.5
0.3

1

96.4

29,969

0.3

1

92.5

31,846

0.3

1
1
1
1

100.0
97.3
98.0
94.7

30,342
91,98135,934
71,975

0.3
0.9
0.4
0.7

1
1
1
1

100.0
93.0
100.0
92.9

30,01289,54939,221
71,945

0.3
0.9
0.4
0.7

1

96.0

34,274

0.4

1

96.0

32,631

0.3

1
1

92.7
100.0

71,64959,136

0.7
0.6

1
1

95.1
100.0

69,41986,610

0.7
0.9

1

100.0

30,268

0.3

1

93.3

50,617

0.5

1
1
4
1
1
1
1
1
1
1
1

96.9
14.1
95.1
100.0
100.0
98.2
100.0
95.6
97.0
100.0
100.0

63,040202
4,522,477
27,38740,41729,269120,300
56,478135,134
37,081
58,778

0.6
0.0
46.2
0.3
0.4
0.3
1.2
0.6
1.4
0.4
0.6

1
1
4
1
1
1
1
1
1
1
1

95.3
83.8
96.7
96.8
94.8
98.3
100.0
98.2
95.2
100.0
100.0

97,06539,595
4,651,908
27,69041,40327,129120,300
56,663
135,347
37,080114,990

1.0
0.4
46.5
0.3
0.4
0.3
1.2
0.6
1.4
0.4
1.2

－

－

－

－

1

13.2

605

0.0

3

99.2

504,848

5.2

3

92.6

561,211

5.6－ 21 －27

24th Fiscal Period(From February 1, 2022 to July 31, 2022)
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(Note 1)COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHOCAMPUS VILLAGE
KYOTOFUSHIMI
Subtotal
Total(Note 1)

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

25th Fiscal Period(From August 1, 2022 to January 31, 2023)

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

100.0

37,261

0.4

1

96.6

36,430

0.4

1

100.0

43,942

0.4

1

97.6

44,044

0.4

1

93.8

42,615

0.4

1

90.1

40,887

0.4

1

97.4

59,455

0.6

1

98.0

58,577

0.6

1
1
1

91.7
96.3
91.7

46,45043,00852,149

0.5
0.4
0.5

1
1
1

96.4
97.7
91.6

46,73043,31352,981

0.5
0.4
0.5

1

97.7

50,197

0.5

1

97.2

48,290

0.5

1

100.0

21,096

0.2

1

100.0

29,940

0.3

2
4

96.8
95.9

396,176
9,785,549

4.0
100.0

2
4

96.3
96.2

401,197
9,997,340

4.0
100.0

“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. For GRANCREER BAJIKOEN (LAND), the Investment Corporation has concluded a contract toestablish a general fixed-term lease contract with its lessee, and the number of the said lessee as “1”.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
The Investment Corporation sold its 49% quasi co-ownership interest in COMFORIA NISHIOI on December 1, 2022. Accordingly, the value equivalent
to 51% quasi co-ownership interest is indicated for the period after the sale date.

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, 2023
are as follows.
Segment
Over-the-countertransactions

Contract amount (millions of yen)Type
Receive floating, pay
fixed interest-rate swap
transactions
Total(Note 1)
(Note 2)

Over 1 year

(Note 1)

Fair value(millions of yen)
(Note 2)

28,83524,505–28,83524,505–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 25th 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 Japan28－ 22 －29

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)

PurposeCOMFORIAMONZENNAKACHO(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA OMIYA(Saitama-shi, Saitama)

Large-scale repair work

COMFORIA SHINKAWA(Chuo-ku, Tokyo)

Large-scale repair work

COMFORIA NIHONBASHININGYOCHO(Chuo-ku, Tokyo)
COMFORIA
BUNKYOKASUGA(Bunkyo-ku, Tokyo)
COMFORIASHIROKANETAKANAWA(Minato-ku, Tokyo)
COMFORIA NIHONBASHININGYOCHO EAST
(Chuo-ku, Tokyo)

Large-scale repair work
Large-scale repair work
Large-scale repair work
Large-scale repair work

Scheduled period
From Mar. 2023
to Oct. 2023
From Oct. 2022
to May 2023
From Oct. 2022
to May 2023
From Mar. 2023
to Oct. 2023
From Oct. 2022
to May 2023
From Oct. 2022
to May 2023
From Mar. 2023
to Oct. 2023

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

The overview of main construction work corresponding to capital expenditure that took place in the 25th Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 25th Fiscal Period was ¥802,724
thousand. Together with repair expenses of ¥433,632 thousand that were classified as expenses for the 25th Fiscal Period,
construction work totaling ¥1,236,356 thousand was carried out.
Property name(location)

PurposeFrom Mar. 2022

115,000－－

COMFORIA SHIMOKITAZAWA(Setagaya-ku, Tokyo)

Large-scale repair work

99,700－－

COMFORIA TAMACHI(Minato-ku, Tokyo)

Large-scale repair work

80,700－－

COMFORIA KITASANDO(Shibuya-ku, Tokyo)

Large-scale repair work

63,100－－

COMFORIA SAPPOROSHOKUBUTSUEN(Sapporo-shi, Hokkaido)

Large-scale repair work

61,300－－

COMFORIA HIGASHISHINAGAWA(Shinagawa-ku, Tokyo)

Large-scale repair work

58,300－

COMFORIA SHINJUKUGYOEN II(Shinjuku-ku, Tokyo)

Large-scale repair work－

COMFORIA SHINJUKUGYOEN I(Shinjuku-ku, Tokyo)

Large-scale repair work

COMFORIA NIHONBASHININGYOCHO NORTH(Chuo-ku, Tokyo)

Large-scale repair work

Other properties, etc.

Replacement of air conditioners, etc.

54,850－－Construction cost(thousands of yen)

Periodto Dec. 2022
From Apr. 2022
to Nov. 2022
From Mar. 2022
to Dec. 2022
From May 2022
to Oct. 2022
From May 2022
to Oct. 2022
From Apr. 2022
to Nov. 2022
From Apr. 2022
to Dec. 2022
From Apr. 2022
to Nov. 2022
From Aug. 2022
to Jan. 2023

Total

102,696
87,682
83,51565,965
58,11849,88443,08033,540278,240
802,724

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)

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

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

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

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

From Aug. 1, 2022
to Jan. 31, 2023

639,150

381,851

494,005448,320

501,148

330,220

640,850

615,869

823,472

919,364

587,519

528,696

661,555

770,644856,366

381,851

494,005448,320

501,148564,146

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.

－ 23 －30－ 24 －31

Status of Expenses and Liabilities

Status of Expenses and Liabilities

1. Statement of Expenses Related to Investments
Item(Thousands of yen)

24th Fiscal Period
From Feb. 1, 2022 to Jul. 31, 2022

Asset management fee (Note)

25th Fiscal Period
From Aug. 1, 2022 to Jan. 31, 2023

593,291

624,617

Asset custody fee

9,334

9,811

Administrative service fees

29,347

29,057

Directors’ compensations
Other expenses
Total

3,600

3,600

324,660

348,562

960,234

1,015,648

Type

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

2. Loan Status

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

Jul. 14,2022

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

Feb. 3,
2015

333

333

333

333

333

333

1,240

-

620

-

620

-

620

-

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

Development Bank of Japan Inc.

490

490

490

490

490

490

220

220

2,000

2,000

2,000

2,000

1,000

1,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

Feb. 2,
2016

Feb. 2,
2016

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

Mar. 23,
2016

Averageinterest
rate (%)(Note 2)0.26706

Development Bank of Japan Inc.
Maturity
date

Repayment
methodUse offunds

Mizuho Bank, Ltd.

Remarks

Sumitomo Mitsui Trust Bank, Limited

Apr. 4,2023

MUFG Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.36706

Jul. 14,2023

Sumitomo Mitsui Trust Bank, Limited

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

0.79875

1.04200

Jan. 31,2023

Jan. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

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

Sep. 29,2017

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

Sep. 29,2017

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

0.58430

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation

0.62460

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mar. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

290
1,800

900

900

900

900

900

900

450

450

1,160

1,160

580

580

580

580

580

580

290

290

1,820

1,820

910

910

910

910

910

910

450

450

1,140

-

570

-

570

-

570

-

300

-

1,140

1,140

570

570

570

570

570

570

300

300

1,040

1,040

520

520

520

520

520

520

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

1,000

1,000

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

275

275

275

275

Nippon Life Insurance Company
Taiyo Life Insurance Company
Resona Bank, Ltd.

0.61950

290
1,800

1,300

The Bank of Fukuoka, Ltd.

Sumitomo Mitsui Banking Corporation
Feb. 29,
2024

580

260

Mizuho Bank, Ltd.

0.67745

580

580

1,300

The Norinchukin Bank
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

580

580

1,300

Shinkin Central Bank

Aug. 31,
2023

580

260

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

－ 25 －Feb. 2,
2017

Sumitomo Mitsui Banking Corporation

Long-term loans payable (Note 1)

Short-term loans payable

Lender

MUFG Bank, Ltd.

Balance at the Balance at the
beginning of end of current
Drawdown
current period
perioddate(millions of(millions of
yen)
yen)
800
800
Apr. 4,
800
800
2022
400
400

MUFG Bank, Ltd.

Long-term loans payable (Note 1)

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation

The status of loans as of January 31, 2023 is as follows.

32

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation(Note) In addition to the amount stated above, asset management fees came to ¥116,430 thousand and ¥26,200 thousand in the 24th Fiscal Period and 25th
Fiscal Period, respectively, related to the acquisition of properties that were incorporated in the carrying value of each property and asset management
fees came to ¥6,125 thousand in the 25th Fiscal Period related to the sale of property.

TypeLenderBalance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)
yen)
yen)
1,160
1,160

Sumitomo Mitsui Banking Corporation

Mar. 30,
2018

Mar. 30,
2018
Aug. 31,2018
Aug. 31,2018

Sep. 25,2018－ 26 －Maturity
date

Repayment
methodUse offunds

0.46655

Jul. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65518

Jul. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

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

0.73497

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.85667

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks33

LenderDevelopment Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

550

550

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 31,2019

Use offunds

Remarks

Type

LenderMizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

0.43105

Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

MUFG Bank, Ltd.

300

300

Mizuho Bank, Ltd.

670

670

Mizuho Bank, Ltd.

670

670

Sumitomo Mitsui Trust Bank, Limited

670

670

320

320

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Jan. 31,2019

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

Apr. 5,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Apr. 5,2019

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

Mar. 25,
2019

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.

670

670

700

700

700

700

350

350

350

350

700

700

1,000

1,000

1,000

1,000

1,000

1,000

500

500

0.39950

Jan. 31,2025

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)
800
800
Sep. 30,
2020

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

Long-term loans payable (Note 1)

Repayment
methodDevelopment Bank of Japan Inc.

Sumitomo Mitsui Trust Bank, Limited

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

MUFG Bank, Ltd.

Jan. 29,2021

Sumitomo Mitsui Banking Corporation
0.49994

Jan. 31,2025

0.54500

0.57826

0.45215

Sep. 30,
2026
Sep. 30,
2025

1,220

1,220

1,220

1,220

1,220

1,220

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

500

500

500

500

The Higo Bank, Ltd.

500

500

The 77 Bank, Ltd.

500

500

Oct. 29,
2021

500

500

500

500

500

500

Oct. 29,
2021

1,000

1,000

1,000

1,000

Mizuho Trust & Banking Co., Ltd.

2,000

2,000

The Norinchukin Bank

1,500

1,500

1,000

1,000

500

500

Daishi Hokuetsu Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

400
1,220

620

Mizuho Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

400
1,220

1,920

Sumitomo Mitsui Trust Bank, Limited

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

800

1,920

Kiraboshi Bank, Ltd.
Sep. 30,
2026

800

800

620

Development Bank of Japan Inc.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

800

Daishi Hokuetsu Bank, Ltd.

Mar. 31,2021

Mar. 31,
2021

970

970

970

970

970

970

485

485

525

525

525

525

525

525

525

525

1,350

1,350

Daishi Hokuetsu Bank, Ltd.

500

500

Development Bank of Japan Inc.

750

750

Development Bank of Japan Inc.

735

735

Mizuho Bank, Ltd.

750

750

Mizuho Bank, Ltd.

735

735

750

750

735

735

Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

Mar. 25,
2019

Sumitomo Mitsui Banking Corporation
Shinkin Central Bank
The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 20,2019

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

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sep. 30,
2019Mar. 2,
2020

375

375

Sumitomo Mitsui Banking Corporation

375

375

The 77 Bank, Ltd.

460

460

Shinkin Central Bank

460

460

460

460

460

460

Mizuho Trust & Banking Co., Ltd.

460

460

Development Bank of Japan Inc.

820

820

Mizuho Bank, Ltd.

820

820

820

820

820

820

420

420

Development Bank of Japan Inc.

1,000

1,000

Mizuho Bank, Ltd.

1,000

1,000

1,000

1,000

500

500

500

500

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Mar. 31,2020

Jun. 30,
2020

Sumitomo Mitsui Banking Corporation

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

34

Maturity
date

Sep. 29,2020－ 27 －0.608100.42850

0.546930.47366

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
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The Nishi-Nippon City Bank, Ltd.
Long-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)

The Bank of Fukuoka, Ltd.
The Norinchukin Bank
Resona Bank, Ltd.

The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

735

735

360

360

Mizuho Bank, Ltd.

720

720

720

720

360

360

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Trust Bank, Limited

800

800

800

800

Sumitomo Mitsui Banking Corporation

400

400

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

MUFG Bank, Ltd.

MUFG Bank, Ltd.

0.67532

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

0.56815

Sep. 29,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2022

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
0.46156

Jan. 31,2022

Mar. 29,2022

Mar. 31,2022

Apr. 4,2022

Sumitomo Mitsui Banking Corporation

375

375

Development Bank of Japan Inc.

1,110

1,110

1,110

1,110

1,110

1,110

MUFG Bank, Ltd.

1,110

1,110

Sumitomo Mitsui Banking Corporation

560

560

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Jun. 30, 2022

－ 28 －Maturity
date

Repayment
methodUse offunds

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

0.20206

Sep. 29,
2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.21706

Mar. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.70725

Apr. 4,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.90850

Jun. 30,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks35

Type

LenderShinkin Central Bank
Daishi Hokuetsu Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

Long-term loans payable (Note 1)

The 77 Bank, Ltd.

1,000

1,000

1,000

1,000

500

500

500

500

Development Bank of Japan Inc.

-

700

-

700

-

700

-

700

Sumitomo Mitsui Banking Corporation-

350

Development Bank of Japan Inc.

-

650

Mizuho Bank, Ltd.

-

650

-

650

-

325

Sumitomo Mitsui Banking Corporation-

325

Development Bank of Japan Inc.

-

760

Mizuho Bank, Ltd.

-

760

-

760

-

760

-

370

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

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation(Note 3)

Jul. 1,
2022

The Nishi-Nippon City Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited(Note 1)
(Note 2)

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)
1,000
1,000

Sep. 30,
2022

Nov. 25,
2022

Jan. 31,2023

0.76500

3. Investment Corporation Bonds
MaturitydateJul. 1,
2029

Repayment
methodUse offunds

Remarks

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The status of investment corporation bonds as of January 31, 2023 is as follows.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1.36625

Total
137,329
139,929
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.

Lump-sum
repayment(Note 2)

Unsecured

0.23000 Dec. 14, 2023

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured

0.52000

4th Unsecured Bond

Jun. 14, 2018

1,000

1,000

5th Unsecured Bond

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment

6th Unsecured Bond

Jul. 18, 2019

1,000

1,000

0.23000

Jul. 18, 2024

Lump-sum
repayment(Note 2)

Unsecured

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

9th Unsecured Bond

Jul. 8, 2021

2,000

2,000

0.18000

Jul. 8, 2026

Lump-sum
repayment(Note 2)

Unsecured

10th Unsecured Bond
(Green Bonds)

Jul. 8, 2021

3,000

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment(Note 2)

Unsecured

11th Unsecured Bond

Jul. 8, 2021

1,600

1,600

0.73000

Jul. 8, 2036

Lump-sum
repayment(Note 2)

Unsecured

15,10015,100(Note 1)

(Note 1)

(Note 1)

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jul. 16, 2027

2,000

(Note 1)

Jan. 31,
2032

Security

2,000(Note 1)

Nov. 25,
2030

Use offunds

Jul. 18, 2017

(Note 1)

(Note 1)0.92600

Repayment
method

3rd Unsecured Bond

(Note 1)

Sep. 30,
2030

Maturity
dateIssue date

(Note 1)

0.95725

Balance at theBalance at the end
Coupon rate
beginning of currentof current period(%)
period (millions of yen) (millions of yen)

Issue

Total
(Note 1)
(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 applicable36－ 29 －－ 30 －37

Purchase and Sale during the Period
Purchase and Sale during the Period
1. Purchase and Sale of Properties and Asset Backed Securities
Property name

Purchase

Sale

Purchase date

Purchase price(millions of yen)

COMFORIA
Nov. 25, 2022
SAGINUMA 3-CHOME

2,620

－

Sale priceBook value
Gain on sale(millions of yen) (millions of yen) (millions of yen)

Sale date－－－

COMFORIA NISHIOI(49% quasi co-ownershipinterest)－－

Dec. 1, 2022

612

406

197

Total

－

2,620

－

612

406

197

(3) Major payments to other related parties
Ewel Inc.
¥4,328 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.

(Note) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, etc., fixed property tax, city
planning tax, consumption tax and local consumption tax.

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.
Purchase or
sale

Purchase
Sale

Type of asset

Purchase orsale date

Property nameReal estate appraisal

Purchase priceor sale price(millions ofyen) (Note 1)

Appraisal value(millions ofyen)

Appraisalcompany

Date ofvaluation(Note 2)

COMFORIA
SAGINUMA 3-CHOME

Nov. 25, 2022

2,620

2,660

(1)

Aug. 31,2022

COMFORIA NISHIOI
Beneficial
interest in real (49% quasi co-ownership
estate trustinterest)

Dec. 1, 2022

612

588
(Note 3)

(2)

Jul. 31, 2022

Real estate(Note 1) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, fixed property tax,
city planning tax, consumption tax and local consumption tax.
(Note 2) The real estate appraisers handling the real estate appraisal or research reports of each property are: (1) Japan Valuers Co., Ltd. and (2) Japan Real
Estate Institute.
(Note 3) The transaction is a sale agreement under which 49% of the quasi co-ownership interest was sold on December 1, 2022, and the remaining 51%
quasi co-ownership interest is to be sold on February 1, 2023. Accordingly, the real estate appraisal value indicates the figure calculated bymultiplying ¥1,200 million, which is the figure equivalent to 100% of the equity interest with July 31, 2022 as the appraisal date, by 49%.

(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
Payee

Amount of payment(B)(thousands of yen)

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

Tokyu Housing Lease Corporation

468,504

Tokyu Community Corp.

39,318

5.2

Utilities expenses

169,044 Tokyu Community Corp.

105,341

62.3

Marketing-related
expenses

227,502 Tokyu Livable, Inc.

2,343

1.0

Other expenses related
to rent business

175,178

Tokyu Sports Oasis, Inc.

12,2477.0

Tokyu Community Corp.

1,798

1.0

Property management
entrustment costs

762,950

61.4(Note) The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts and Investment
Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of the Regulations
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 25th Fiscal
Period.

－ 31 －38－ 32 －39

Accounting Status

Accounting Status

1. Assets, Liabilities, Principal and Profit/Loss

Accounting
Please referStatus
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.”

1. Assets, Liabilities, Principal and Profit/Loss
2. Changes in the Depreciation Method

Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. StatementsofDistributions,” “5. Statements of Cash Flows,” and “6. Notes.”
NotCashapplicable2.
Depreciation
Method3. Changes in the Appraisal
Methodof Real Estate, etc.
Not applicable

3. Changes in the Appraisal Method of Real Estate, etc.

Other
Not applicable

Other

1. Beneficiary Certificates of Investment Trusts Established by the Investment Corporation

Other
Not applicable

1.
Certificates of Investment Trusts Established by the Investment Corporation
2. Beneficiary
Noticesapplicable(1) Not
Unitholders’Meeting
Not applicable

2. Notices(2) Boardof Directorsof the Investment Corporation(1)
Unitholders’Meeting
The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
Not
applicable
Corporation during current period are as follows.
Approval
date of the InvestmentMatter
Overview(2) Boardof Directors
Corporation
The main overviews of
the major conclusionand changeof contracts
that were approvedby the Boardof Directorsof the Investment
Conclusionof a new investment
unit
A new investment
unit underwriting
contractwith Mizuho
Securities
Corporation during current
period are
as follows.
underwriting
contract
pertaining toCo., Ltd. and four other companies (Note) for the issuance of new
investment units investment units and the secondaryoffering of investment units that
Approval date the issuance of new
MatterOverview
and the secondary offering of
were approved at the Board of Directors' meetings held on January 5,
January 5, 2023
Conclusionof a newunit A
newandinvestment
unit2023,
underwriting
with Mizuho
investment units,
andinvestment
the conclusion
2023
January 12,
as well ascontract
a new investment
unitSecurities
purchase
underwriting
contractunit
pertaining
toCo.,
Ltd.pertaining
and four other(Note)
forwith
the issuancenewof a new investment
purchase
contract
to thecompanies
Green Shoe
optionthe book of
runnerunits and
theLtd.)secondaryoffering ofasinvestment
thattheissuance
new investment
contract
withofregard
to the Greenunits investment(Mizuho Securities
Co.,
were concludedof January units
12, 2023,
wereapproved at the Board of Directors' meetings held on January 5,
andsecondary offering of
Shoetheoptionrespectively.
January 5, 2023
investment units, and the conclusion 2023 and January 12, 2023, as well as a new investment unit purchase(Note) Other than Mizuho Securities Co., Ltd., SMBC Nikko Securities Inc. and Daiwa Securities Co. Ltd., which are co-leadcontract pertaining to the Green Shoe option with the book runnerof a new investment unit purchase
managers, the companies are Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Nomura Securities Co., Ltd.
(Mizuho Securities Co., Ltd.) were concluded as of January 12, 2023,
contract with regard to the Green
Shoe option
respectively.
(Note) Other than Mizuho Securities Co., Ltd., SMBC Nikko Securities Inc. and Daiwa Securities Co. Ltd., which are co-lead
3. Disclosure
on Overseas Property-Owning Corporations
managers, the companies are Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Nomura Securities Co., Ltd.
Not applicable3.
Overseas
Property-Owning
Corporations
4. Disclosure on Real
EstateOwned by Overseas
Property-Owning Corporations
Not applicable

4.
Disclosure on Real Estate Owned by Overseas Property-Owning Corporations
5. OtherNotapplicable
Figuresin this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
indicated.

5. Other

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

－ 33 －40

41－ 33 －III. Financial Section
III. Financial Section
1. Balance Sheets(Thousands of yen)
24th Fiscal Period(As of July 31, 2022)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights
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(Thousands of yen)

25th Fiscal Period(As of January 31, 2023)

10,201,857
8,779,894
7,347
480,877473
19,470,449

11,396,439
8,729,675
7,592
458,112
5,734
20,597,555

5,305,869(295,070)
5,010,798
100,411(12,488)
87,923
17,687(3,381)
14,306
4,237(2,865)
1,371
6,459,596
113,319,149(18,566,681)
94,752,467
1,520,066(524,018)
996,047
1,681,419(452,249)
1,229,170
656,393(366,062)
290,330
167,552,436
1,925
276,396,375

5,635,547(354,501)
5,281,045
115,511(15,273)
100,237
17,687(3,655)
14,032
4,564(3,168)1,396
8,948,694
113,828,707(19,791,313)
94,037,394
1,516,570(556,912)
959,658
1,679,965(480,788)
1,199,176
721,339(415,985)
305,354
167,309,084
590
278,156,665

741,436
1,114,917
4,658
1,861,012

735,970
1,106,351
3,331
1,845,654

1,563,926
1,087,965
12,074
2,663,965
280,921,353

1,563,926
1,107,806
14,4942,686,227
282,688,547

34,66984,471
119,141
300,510,944

28,281
77,908106,189
303,392,292

24th Fiscal Period(As of July 31, 2022)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
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

25th Fiscal Period(As of January 31, 2023)

632,524
2,999,000–
15,960,000
38,674374,233
31,705
13,855
1,573,466
36
21,623,496

641,257
2,999,000
1,000,000
17,720,000
95,764
374,717
7,285
26,8681,602,991
8,059
24,475,945

15,100,000
118,370,000
158,272
2,919,384
212,840
63,614
136,824,112
158,447,608

14,100,000
119,210,000
159,728
2,936,616
214,256
65,257
136,685,860
161,161,805

136,744,613

136,744,613

732,764*2

881,175

618,498*2

881,175

1,613,940

1,499,674

3,704,781

3,986,198

5,318,722
142,063,336*1 142,063,336
300,510,944

5,485,873
142,230,486*1 142,230,486
303,392,292- 28 -

42

43- 29 -

2. Statements of Income(Thousands of yen)
24th Fiscal Period(From February 1, 2022
to July 31, 2022)

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

3. Statements of Changes in Unitholders’ Equity
24th Fiscal Period (From February 1, 2022 to July 31, 2022)(Thousands of yen)
Unitholders' equity
SurplusOperating 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
Compensation received for damage
Gain on forfeiture of unclaimed dividends
Interest on refund
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)*1 9,408,485*1
377,064–
9,785,549*1 9,623,473*1373,867*2
197,170
10,194,511*1*1

4,438,992
593,291
3,600
15,1389,334
29,347309,522
5,399,226
4,386,322

4,552,304
624,6173,600
15,1389,811
29,057
333,424
5,567,953
4,626,557

102
–
123
167
393

99
21,505524–
22,128382,191
172,219
40,985

417,648
176,980
40,143

7,276

6,563

12,208614,881
3,771,835
3,771,835
31,72135,331
67,053
3,704,781–
3,704,781

12,208653,5433,995,142
3,995,142
7,300
1,642
8,943
3,986,198–
3,986,198

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Issuance of new
investment units
Reversal of reserve
for reduction entry
Dividends ofsurplus129,791,732

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

947,460

881,175

1,828,636

Total net assets

Total surplus

Totalunitholders'equity5,445,504

135,237,236

135,237,236

6,952,881

6,952,881

6,952,881(214,695)(214,695)*1

214,695–––(3,831,563)(3,831,563)(3,831,563)(3,831,563)

3,704,781

3,704,781

3,704,781

3,704,781

6,952,881(214,695)–(214,695)

87,913(126,782)

6,826,099

6,826,099

136,744,613

732,764

881,175

1,613,940

3,704,781

5,318,722

142,063,336

142,063,336

25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Reversal of reserve
for reduction entry
Dividends ofsurplus136,744,613

Unappropriatedretainedearnings(undisposed
loss)

Total
unitholders'equityTotal net assets

Total surplus

1,613,940

3,704,781

5,318,722

142,063,336

142,063,336(114,266)

114,266–––(3,819,047)(3,819,047)(3,819,047)(3,819,047)

3,986,198

3,986,198

3,986,198

3,986,198

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

732,764

881,175(114,266)

Profit- 30 -

3,616,868

ProfitTotal changes of
items during period
Balance at end ofcurrent period

Total changes of
items during period
Balance at end ofcurrent period

44

Unappropriatedretainedearnings(undisposed
loss)

*1

–

(114,266)–(114,266)

281,417

167,150

167,150

167,150

136,744,613

618,498

881,175

1,499,674

3,986,198

5,485,873

142,230,486

142,230,486- 31 -

45

4. Statements of Cash Distributions
Category

I. Unappropriated retained earnings
II. Reversal of voluntary retained
earnings
Reversal of reserve for reduction
entry
Reversal of reserve for reduction
entry under special provisions forproperty replacement
III. Distributions

5. Statements of Cash Flows
24th Fiscal Period(From February 1, 2022
to July 31, 2022)

25th Fiscal Period(From August 1, 2022
to January 31, 2023)¥3,704,781,782¥3,986,198,783¥114,266,206¥51,549,057¥–¥243,351,649¥3,819,047,988¥3,928,593,234[¥5,334][¥5,487]¥–¥352,506,255[Distribution per unit]
IV. Voluntary retained earnings
Provision of reserve for reduction
entry
V. Retained earnings carried forward
Method for calculating distributions

46¥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¥3,819,047,988 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.

- 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¥3,928,593,234 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 and reversal of reserve for
reduction entry under special provisions
for property replacement and deducting
provision of reserve for reduction entry
pursuant to Article 65-7 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.

(Thousands of yen)
24th Fiscal Period(From February 1, 2022
to July 31, 2022)

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 tosales
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
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 short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
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 -

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

3,771,835
1,452,393
172,219
7,276
12,208(102)(123)
423,176
1,653(45,396)
59,164
13,855
11,066(5,199)16,33554,651(83,747)

3,995,142
1,484,751
176,980
6,563
12,208(99)(524)
457,792(244)
28,624–13,013
12,8896,910
9,398
29,525
9,851–

406,339(543)
5,860,723
102(418,945)(4,433)
5,437,447

2,760
6,651,884
99(461,978)(31,721)
6,158,283(2,455,030)(17,790,367)(745,990)(17,500)
121,276(5,197)422,938(273,194)(2,420)(20,745,486)(2,759,598)(827,000)
(382)
–
7,863
(6,389)274,186(263,137)(2,420)(3,576,878)

2,999,000
16,380,162(7,800,000)(1,000,000)
6,931,675(3,831,001)(12,193)
13,667,642(1,640,395)
20,622,148*1 18,981,752–
8,954,651(6,560,000)––(3,818,742)(12,951)(1,437,042)
1,144,362
18,981,752*1 20,126,114

47

6. Notes

5.

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

Other significant accounting
policies applied in the
preparation of financial
statements<Summary of Significant Accounting Policies>
1.

Method of depreciation andamortization of non-current
assets(1) Property, plant and equipment (including trust assets)
Property, plant and equipment are depreciated by the straight-line method over theestimated 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.

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
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(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.
(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.

48- 34 -- 35 -

49

<Notes to the Balance Sheets>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
24th Fiscal Period(As of July 31, 2022)
50,000(Thousands of yen)

25th Fiscal Period(As of January 31, 2023)
50,000*2. Breakdown of reserve for reduction entry under special provisions for property replacement 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.
Reversal into retained earnings was made in accordance with the sale of
COMFORIA NISHIOI (49% quasi co-ownership interest) in December 2022.
24th Fiscal Period
25th Fiscal Period(As of July 31, 2022)(As of January 31, 2023)
881,175

881,175－
881,175－
881,175－－－

243,351

881,175

637,824

Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of July 31, 2022) and three of the banks(as of January 31, 2023), respectively.
(Thousands of yen)

Credit limit
Outstanding debt
Unused commitment line

24th Fiscal Period(As of July 31, 2022)
13,500,000
999,000
12,501,000

25th Fiscal Period(As of January 31, 2023)
13,500,000
999,000
12,501,000<Notes to the Statements of Income>*1. Breakdown of real estate rental revenues and expenses(Thousands of yen)

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)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

9,245,958
162,527

9,462,942
160,530

216,989
160,075

9,408,485
377,064
9,785,549

207,815
166,052

786,003762,950

397,035
729,232
497,264
7,400
134,944
201,349
51,914
1,451,074
182,773433,632
734,994
502,060
10,589169,044
227,50251,7381,483,424
176,367

4,438,992
5,346,557

9,623,473
373,867
9,997,340

4,552,304
5,445,035*2. Breakdown of gain on sales of real estate properties
24th Fiscal Period (From February 1, 2022 to July 31, 2022)
Not applicable
25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)

COMFORIA NISHIOI(49% quasi co-ownership interest)
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

406,339
8,989

612,500
415,329
197,170<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

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

8,000,000 units

8,000,000 units

715,982 units

715,982 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)

Cash and deposits
Cash and deposits in trust
Cash and cash equivalents50- 36 -

24th Fiscal Period(From February 1, 2022
to July 31, 2022)
10,201,857
8,779,894
18,981,752- 37 -

25th Fiscal Period(From August 1, 2022
to January 31, 2023)
11,396,439
8,729,675
20,126,114

51

<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)

24th Fiscal Period(As of July 31, 2022)
1,438,230
76,335,168
77,773,398

25th Fiscal Period(As of January 31, 2023)
1,438,230
75,633,558
77,071,788

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

24th Fiscal Period(As of July 31, 2022)
1,212,627
19,339,983
20,552,611(Thousands of yen)
25th Fiscal Period(As of January 31, 2023)
1,190,354
18,785,831
19,976,186<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, 2022 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term loans payable” are omitted asthey are settled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenantleasehold 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)―――

(2) Current portion of long-term loans payable

15,960,000

15,986,144

26,144(3) Investment corporation bonds

15,100,000

15,061,016(38,983)(4) Long-term loans payable

118,370,000

118,627,209

257,209―――(5) Derivative transactions

52

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, 2023 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term loans payable” are omitted asthey are settled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenantleasehold 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

1,001,208

1,208(2) Current portion of long-term loans payable

17,720,000

17,736,206

16,206(3) Investment corporation bonds

14,100,000

13,601,882(498,117)(4) Long-term loans payable

119,210,000

117,868,069(1,341,930)

―

―

―

(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)
24th Fiscal Period (As of July 31, 2022)

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

15,960,000

―

―

―

―

―

―

16,980,000

18,920,000

15,550,000

16,375,000

50,545,000

―

―

―

―

―

―

―

2,000,000―

2,000,000

2,000,000

9,100,000

15,960,000

18,980,000

18,920,000

17,550,000

18,375,000

59,645,000

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

17,720,000

―

―

―

―

―

―

17,930,000

18,150,000

16,300,000

18,020,000

48,810,000

1,000,000

―

―

―

―

―

―

1,000,000―

2,000,000

2,000,000

9,100,000

18,720,000

18,930,000

18,150,000

18,300,000

20,020,000

57,910,000

25th Fiscal Period (As of January 31, 2023)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total<Notes to investment securities>
24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable- 39 -

53

<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable2.

2.

Significant differences between the statutory tax rate and the effective tax rate

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry
Reversal of reserve for reduction entry
Reversal of reserve for reduction entry
under special provisions for property
replacement
Changes in valuation allowance
Other
Effective tax rate

Transactions subject to hedge accounting
24th Fiscal Period (As of July 31, 2022)
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
32,245,000

26,835,000

32,245,000

26,835,000

25th Fiscal Period (As of January 31, 2023)

―

(*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)

28,835,000

24,505,000

28,835,000

24,505,000

―

(*2)

―

―

*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 instruments.”<Notes to retirement benefits>
24th Fiscal Period (As of July 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
25th Fiscal Period (As of January 31, 2023)
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

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

25th Fiscal Period(As of January 31, 2023)
2,809
40,10373,642
116,556(113,746)
2,809

574
44,95874,132
119,665(119,090)
574(66,424)(65,832)(66,424)(63,614)(65,832)(65,257)

34.60

34.60

(35.03)―1.05(34.02)(3.05)
0.45

―

2.11

1.15
0.01
1.78

0.13
0.01
0.22

<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable2.

Affiliated companies and other24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable3.

Fellow subsidiary companies and other24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable4.

Directors, major individual unitholders and other24th Fiscal Period (As of July 31, 2022)
Not applicable
25th Fiscal Period (As of January 31, 2023)
Not applicable<Notes to asset retirement obligations>1.

Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts for COMFORIA SHINAGAWA EAST, which it acquired in
February 2016, and other properties with their landlords, and recognizes asset retirement obligations concerning the duty of
restoration upon the expiry of the lease period with regard to such 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 - 68 years and 3 months)
as the expected period of use and 1.2% - 1.4% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
24th Fiscal Period(From February 1, 2022
to July 31, 2022)
Balance at beginning of period
Increase due to purchase of property, plant andequipment
Adjustment due to passage of time
Balance at end of period- 40 -

25th Fiscal Period(As of January 31, 2023)<Notes to equity in net earnings (losses) of affiliated companies>
24th Fiscal Period (As of July 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
25th Fiscal Period (As of January 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.

(Thousands of yen)
24th Fiscal Period(As of July 31, 2022)

54

(%)

24th Fiscal Period(As of July 31, 2022)- 41 -

25th Fiscal Period(From August 1, 2022
to January 31, 2023)

100,654

212,840

110,908

―

1,277

1,415

212,840

214,256

55

<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.
24th Fiscal Period(From February 1, 2022
to July 31, 2022)(Thousands of yen)
25th Fiscal Period(From August 1, 2022
to January 31, 2023)<Notes to revenue recognition>
1. Information on disaggregation of revenue from contracts with customers
24th Fiscal Period (From February 1, 2022 to July 31, 2022)(Thousands of yen)
Revenue from contracts with customers
Utilities income

Carrying value
Balance at beginning of period

258,525,510

278,252,729

Changes during period

19,727,218

1,746,259

Balance at end of period

278,252,729

279,998,988

Fair value at end of period

360,339,000

375,273,600(Note 1)
(Note 2)

(Note 3)<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)
24th Fiscal Period (From February 1, 2022 to July 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.
25th Fiscal Period (From August 1, 2022 to January 31, 2023)
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.

56- 42 -

19,877

19,877

Others―9,765,672

Total

19,877

9,785,549

25th Fiscal Period (From August 1, 2022 to January 31, 2023)(Thousands of yen)
Revenue from contracts with customers *1

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 24th Fiscal Period, the principal increase consistedof the acquisition of 7 properties (GRANCREER BAJIKOEN (LAND) and other 6 properties; ¥20,446,234 thousand), while the principal decrease
consisted of depreciation of ¥1,449,797 thousand. During the 25th Fiscal Period, the principal increase consisted of the acquisition of 1 property(COMFORIA SAGINUMA 3-CHOME; ¥2,800,315 thousand), while the principal decrease consisted of the disposition of 1 property(COMFORIA NISHIOI (49% quasi co-ownership interest); ¥406,339 thousand) and depreciation of ¥1,482,008 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 24th Fiscal Period (From February 1, 2022 to July 31, 2022)
and 25th Fiscal Period (From August 1, 2022 to January 31, 2023) are listed in “Notes to the Statements of Income.”

Revenues from external customers

Sales of real estate properties

612,500

Utilities income

Revenues from external customers*2 197,170

28,60528,605

Others―9,968,735

Total

641,105

10,194,511*1

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.

*2

As sales of real estate properties are recorded as gain (loss) on sales of real estate properties in the Statement of Income, the amount obtained bydeducting cost of sales of real estate properties and other sales expenses from revenue from sales of real estate properties is indicated for revenues fromexternal customers.

2.

Information for understanding the amount of revenue for the current and subsequent fiscal periods
24th Fiscal Period (From February 1, 2022 to July 31, 2022)
Not applicable
25th Fiscal Period (From August 1, 2022 to January 31, 2023)
Transaction value allocated to remaining performance obligations
As of January 31, 2023, the transaction value allocated to the remaining performance obligations related to sales of realestate properties is ¥637,500 thousand for the real estate property for which sale agreement was concluded on November
17, 2022. The Investment Corporation anticipates to recognize revenue for the remaining performance obligations on
February 1, 2023 upon delivery of the relevant real estate property.

<Notes to per unit information>

Net assets per unit

24th Fiscal Period(From February 1, 2022
to July 31, 2022)¥198,417

25th Fiscal Period(From August 1, 2022
to January 31, 2023)¥198,650¥5,174¥5,567

Profit 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 outstanding.
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)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)
3,704,781

25th Fiscal Period(From August 1, 2022
to January 31, 2023)
3,986,198――

3,704,781

3,986,198

715,979

715,982- 43 -

57

<Notes to significant subsequent events>
Issuance of New Investment Units
The Investment Corporation resolved at the Board of Directors’ meetings held on January 5, 2023 and January 12, 2023 concerning
the issuance of new investment units as described below. Based on the resolution, payments completed on February 1, 2023 forthe new investment units issued through public offering and on February 8, 2023 for the new investment units offered by way ofthird-party allotment, respectively. As a result, unitholders’ capital increased to ¥142,425,113,618, with the number of investment
units issued and outstanding being 736,982 units.
Issuance of New Investment Units through Public Offering (Primary Offering)Number of investment units issued:
20,000 units
Issue price:¥279,532 per unit
Total issue amount:¥5,590,640,000
Paid-in amount (issue value):¥270,500 per unit
Total paid-in amount (issue value):¥5,410,000,000
Payment date:February 1, 2023
Issuance of New Investment Units Offered by Way of Third-Party Allotment
Number of investment units offered:
1,000 units
Paid-in amount (issue value):¥270,500 per unit
Total paid-in amount (issue value):¥270,500,000
Payment date:February 8, 2023
Allottee:Mizuho Securities Co., Ltd.

7. Supplementary Schedules(i) Supplementary schedule of investment securities
Not applicable(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, 2023 is as follows.
(Thousands of yen)Classification

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Contract amount (Note 1)
Maturing after 1
year

Total
(Note 1)
(Note 2)

Fair value(Note 2)

28,835,000

24,505,000―

28,835,000

24,505,000―

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. Disclosure of fair value
is omitted for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

(iii) Condensed supplementary schedule of real estate properties(Thousands of yen)

Intangible assets

Property, plant and equipment

Accumulated depreciation
Balance at
beginning ofcurrent period

Buildings

5,305,869

329,677―

5,635,547

354,501

59,4355,281,045(Note)

100,411

15,100―115,511

15,273

2,785

100,237(Note)

17,687――

17,6873,655

274

14,032

4,237

326

―

4,564

3,168

302

1,396

6,459,596

2,489,098―

8,948,694――

8,948,694(Note)

113,319,149

734,777

225,218

113,828,707

19,791,313

1,289,570

94,037,394(Note)

1,520,066

―

3,495

1,516,570

556,91235,598959,658(Note)

1,681,419

1,294

2,749

1,679,965

480,788

29,666

1,199,176(Note)

656,393

65,669723

721,339

415,985

50,344

305,354(Note)

167,552,436―

243,351

167,309,084――

167,309,084(Note)

1,925

―

1,335

590

―

―

590

296,619,194

3,635,943

476,873

299,778,264

21,621,598

1,467,978278,156,665

745,990――745,990

10,0195,465

735,970

1,226,269――

1,226,269

119,917

8,565

1,106,351

13,512―360

13,151

9,820

1,327

3,331

1,985,771―

360

1,985,411

139,756

15,357

1,845,654

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
LeaseholdrightsLeaseholdrights in trust
Other
Total

IncreaseduringperiodDecreaseduringperiodorBalance at end
Depreciation
accumulatedof currentoramortization
periodamortization
at end ofduringcurrent
periodperiodAsset typeNet balance at
end of current Remarks
period(Note) Increases and decreases during the 25th Fiscal Period are due primarily to the acquisition and disposition of rental residences. The details are as
follows.

58- 44 -- 45 -

59

(Thousands of yen)
Property name

Increase during period

Decrease during period

2,800,315――

406,339

COMFORIA SAGINUMA 3-CHOME
COMFORIA NISHIOI(49% quasi co-ownership interest)(iv) Supplementary schedule of other specified assets
Not applicable(v) Supplementary schedule of investment corporation bonds
Bond name

Balance at
Issuance date beginning ofcurrent period

The Investment
Corporation
July 18, 2017
3rd unsecured bonds

Increaseduringperiod(Thousands of yen)

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

Use offunds

Security

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

15,100,000――

15,100,000(Note 1)The 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)The 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)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 sheet date is as shown
below.
(Thousands of yen)
Due within 1 year
or less
1,000,000

60- 46 -

Due after 1 year
to 2 years

Due after 2 years
to 3 years―

1,000,000- 47 -

Due after 3 years
to 4 years
2,000,000

Due after 4 years
to 5 years
2,000,000

Due after 5 years
9,100,000

61

(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of January 31, 2023 is as follows:
Classification
LenderBalance 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)

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodClassification
LenderUse offunds

Remarks

MUFG Bank, Ltd.

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)
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.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.
Short-term
loans
Mizuho Bank, Ltd.
payableSumitomo Mitsui Trust Bank, Limited

400,000--

400,000

333,000--

333,000

333,000--

333,000

333,000--

333,000

2,999,000--

2,999,000

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-

Mizuho Bank, Ltd.

570,000-

570,000-

Sumitomo Mitsui Banking Corporation

310,000-

310,000-

Sumitomo Mitsui Trust Bank, Limited

570,000-

570,000-

1,240,000--

1,240,000

Sumitomo Mitsui Banking Corporation

300,000-

300,000-

Development Bank of Japan Inc.

620,000--

620,000

1,140,000--

1,140,000

Mizuho Bank, Ltd.

620,000--

620,000

Development Bank of Japan Inc.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Mizuho Bank, Ltd.

570,000--

570,000
570,000

MUFG Bank, Ltd.
Subtotal
MUFG Bank, Ltd.

MUFG Bank, Ltd.

0.36706 July 14, 2023

0.79875

1.04200

Lump-sum
repayment

Lump-sum
repayment

January 31, Lump-sum
2023
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

MUFG Bank, Ltd.

MUFG Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

310,000--

310,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

MUFG Bank, Ltd.

720,000--

720,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

Development Bank of Japan Inc.

360,000--

360,000

MUFG Bank, Ltd.

1,040,000--

1,040,000

Mizuho Bank, Ltd.

360,000--

360,000--

520,000

360,000--

360,000

520,000--

520,000

Sumitomo Mitsui Banking Corporation

200,000--

200,000

Long-term Development Bank of Japan Inc.
loans
Mizuho Bank, Ltd.
payable(Note 1) Sumitomo Mitsui Trust Bank, Limited

520,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

MUFG Bank, Ltd.

840,000--

840,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

Development Bank of Japan Inc.

420,000--

420,000

Shinkin Central Bank

1,300,000--

1,300,000

Mizuho Bank, Ltd.

420,000--

420,000

The Norinchukin Bank

1,300,000--

1,300,000

420,000--

420,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

Long-term
Sumitomo Mitsui Trust Bank, Limitedloans
payableSumitomo Mitsui Banking Corporation(Note 1)0.58430

0.62460

March 31,2023

Lump-sum
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

230,000--

230,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

MUFG Bank, Ltd.

980,000--

980,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

Development Bank of Japan Inc.

490,000--

490,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

Mizuho Bank, Ltd.

490,000--

490,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Nippon Life Insurance Company

500,000--

500,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

Taiyo Life Insurance Company

500,000--

500,000

Development Bank of Japan Inc.

2,000,000--

2,000,000

1,000,000--

1,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Development Bank of Japan Inc.

550,000--

550,000

1,000,000

Mizuho Bank, Ltd.

550,000--

550,000

1,160,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

275,000--

275,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

580,000

Development Bank of Japan Inc.

550,000--

550,000

290,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

1,000,000
1,160,000

-

-

-

-

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

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

62

0.26706 April 4, 2023

580,000
290,000
1,800,000

-

-

-

-

-

-

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

Unsecured
Unguaranteed

Resona Bank, Ltd.
0.61950

0.46655

March 31,2025

July 31,2024

Lump-sum
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

1,800,000

Development Bank of Japan Inc.

900,000--

900,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

900,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000- 48 -

0.677450.65518

July 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed- 49 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

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, Lump-sum
2026
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
Unguaranteed

Maturitydate

63

Classification
LenderBalance 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)

Mizuho Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

MUFG Bank, Ltd.

670,000--

670,000

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.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

500,000--

Mizuho Bank, Ltd.

970,000-

Sumitomo Mitsui Trust Bank, Limited

970,000-

MUFG Bank, Ltd.

970,000

Sumitomo Mitsui Banking Corporation

Averageinterest rate(%)
(Note 2)

Classification

Use offunds

Remarks

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

Unsecured
Unguaranteed

0.49994

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

Unsecured
Unguaranteed

Maturity
date

Repayment
methodLenderDevelopment 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

Sumitomo Mitsui Trust Bank, Limited

1,135,000--

1,135,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

350,000--

350,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

170,000--

170,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000-

970,000

The Higo Bank, Ltd.

500,000--

500,000-

970,000

The 77 Bank, Ltd.

500,000--

500,000--

970,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

485,000--

485,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

Shinkin Central Bank

525,000--

525,000

The Norinchukin Bank

525,000--

525,000

The Bank of Fukuoka, Ltd.

525,000--

525,000

Mizuho Trust & Banking Co., Ltd.

525,000--

525,000

1,350,000--

1,350,000

750,000--

750,000

Long-term Development Bank of Japan Inc.
loans
payable Development Bank of Japan Inc.
(Note 1)
Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

MUFG Bank, Ltd.

375,000--

Sumitomo Mitsui Banking Corporation

375,000-

The 77 Bank, Ltd.

460,000

Shinkin Central Bank
The Norinchukin Bank

0.54500

0.57826

0.45215

0.60810

September 30, Lump-sum
2026
repayment

September 30, Lump-sum
2026
repayment

September 30, Lump-sum
2025
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

The Bank of Fukuoka, Ltd.
0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

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

1,000,000--

1,000,000

Long-term
The Bank of Fukuoka, Ltd.
loans
payable The 77 Bank, Ltd.
(Note 1)500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

375,000

Development Bank of Japan Inc.

735,000--

735,000-

375,000

Mizuho Bank, Ltd.

735,000--

735,000--

460,000

Sumitomo Mitsui Trust Bank, Limited

735,000--

735,000

460,000--

460,000

MUFG Bank, Ltd.

735,000--

735,000

460,000--

460,000

Sumitomo Mitsui Banking Corporation

360,000--

360,000

The Bank of Fukuoka, Ltd.

460,000--

460,000

Mizuho Bank, Ltd.

720,000--

720,000

Mizuho Trust & Banking Co., Ltd.

460,000--

460,000

Sumitomo Mitsui Trust Bank, Limited

720,000--

720,000

Development Bank of Japan Inc.

820,000--

820,000

MUFG Bank, Ltd.

360,000--

360,000

Mizuho Bank, Ltd.

820,000--

820,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

820,000--

820,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

820,000--

820,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

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

Sumitomo Mitsui Banking Corporation

375,000--

375,000

Development Bank of Japan Inc.

1,110,000--

1,110,000

Mizuho Bank, Ltd.

1,110,000--

1,110,000

Sumitomo Mitsui Trust Bank, Limited

1,110,000--

1,110,000

MUFG Bank, Ltd.

1,110,000--

1,110,000

560,000--

560,000

Sumitomo Mitsui Banking Corporation

420,000--

420,000

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

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

0.47366

0.46156

August 31, Lump-sum
2028
repayment

September 30, Lump-sum
2026
repayment

0.67532 June 30, 2029

0.56815

0.57308

Lump-sum
repayment

September 29, Lump-sum
2029
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

64

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)

- 50 -- 51 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

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

0.20206

September 29, Lump-sum
2023
repayment(Note 3)

Unsecured
Unguaranteed

Maturity
date

0.47703 April 30, 2029

March 31,2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.70725 April 4, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.90850 June 30, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.2170665

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
LenderShinkin Central Bank

1,000,000--

1,000,000

Daishi Hokuetsu Bank, Ltd.

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

Development Bank of Japan Inc.

-

700,000-

700,000

Mizuho Bank, Ltd.

-

700,000-

700,000

Sumitomo Mitsui Trust Bank, Limited-

700,000-

700,000

MUFG Bank, Ltd.

-

700,000-

700,000

Long-term Sumitomo Mitsui Banking Corporation
loans
Development Bank of Japan Inc.
payable(Note 1) Mizuho Bank, Ltd.

-

350,000-

350,000-

650,000-

650,000-

650,000-

650,000

Sumitomo Mitsui Trust Bank, Limited-

650,000-

650,000

MUFG Bank, Ltd.

-

325,000-

325,000

Sumitomo Mitsui Banking Corporation-

325,000-

325,000

Development Bank of Japan Inc.

-

760,000-

760,000

Mizuho Bank, Ltd.

-760,000-

760,000

Sumitomo Mitsui Trust Bank, Limited-

760,000-

760,000

MUFG Bank, Ltd.

-760,000-

760,000

Sumitomo Mitsui Banking Corporation-

370,000-

370,000

134,330,000

9,160,000

6,560,000

136,930,000

137,329,000

9,160,000

6,560,000

139,929,000

Subtotal
Total(Note 1)
(Note 2)
(Note 3)(Note 4)

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

0.76500

July 1, 2029

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.95725

September 30, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

0.92600

November 25, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

1.36625

January 31, Lump-sum
2032
repayment(Note 3)

Unsecured
Unguaranteed

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 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
17,720,00066

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

17,930,000

18,150,000

16,300,000

18,020,000

48,810,000- 52 -

67

68

69