Asset Management Report for the 20th Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

16th
Fiscal Period

17th
Fiscal Period

18th
Fiscal Period

19th
Fiscal Period

20thFiscal PeriodBusiness period

FromFeb. 1, 2018 toJul. 31, 2018

From
Aug. 1, 2018 toJan. 31, 2019

From
Feb. 1, 2019 toJul. 31, 2019

From
Aug. 1, 2019 toJan. 31, 2020

From
Feb. 1, 2020 toJul. 31, 2020

From February 1, 2020 to July 31, 2020

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

Operating revenue(millions of yen)

8,147

8,128

8,652

8,790

9,028

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

[7,771][7,869][8,484][8,579][9,028]Operating expenses(millions of yen)

4,444

4,425

4,673

4,683

4,947

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

[3,745][3,687][3,928][3,862][4,092]

Operating profit(millions of yen)

3,703

3,702

3,978

4,106

4,081

Ordinary profit(millions of yen)

3,204

3,178

3,453

3,568

3,529

Profit(millions of yen)

3,191

3,172

3,448

3,562

3,523

Total assets(millions of yen)219,211

223,829

246,498

246,861

268,935[Period-on-period change](%)

Net assets(millions of yen)

[Period-on-period change]

II.
III.

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

(%)

[6.3]

[2.1]

[10.1]

[0.1]

[8.9]

103,043

103,289

117,928

118,172

128,204

[5.9]

[0.2]

[14.2]

[0.2]

[8.5]

(millions of yen)

99,814

99,814

114,045

114,045

123,947

Number of investment units issued(units)586,994586,994

640,834

640,834

671,624

Net assets per unit

(yen)

175,544

175,964

184,023

184,403

190,886

Total distributions(millions of yen)

2,926

3,040

3,319

3,393

3,565

Distribution per unit

(yen)

4,985

5,180

5,180

5,295

5,309

[Earnings distribution per unit](yen)[4,985][5,180][5,180][5,295][5,309][Distribution in excess of earnings
per unit]

(yen)

[

[

[

[

[

Return on assets(Note 1)(%)

1.5

Return on unitholders’ equity(Note 2)

(%)

3.2

3.1

3.1

3.0

2.9

Unitholders’ equity ratio(Note 3)

(%)

47.0

46.1

47.8

47.9

47.7

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

Interest-bearing debt

(millions of yen)

]

]

1.4

]

1.5

]

1.4

[ 0.2][ 0.9]

[1.7]

[0.0]

[-0.2]

111,730

116,030

123,530

123,530

135,420

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

(%)

51.0

51.8

50.1

50.0

50.4

Payout ratio

(%)

91.6

95.8

96.2

95.2

101.1

(Note 5)

Number of properties(properties)

Total leasable area(m2)

Occupancy rate at end of period
Depreciation
Capital expenditure
NOI(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

117

117

126

126

135

318,999.87

336,786.72

358,677.21

357,279.84

377,108.20

(%)

96.6

96.4

97.0

96.7

95.0

(millions of yen)

1,200

1,223

1,288

1,296

1,341

(millions of yen)

281

279

509

417

310

(millions of yen)

]

1.4

5,843
6,012
6,277
5,227
5,405
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
The Investment Corporation applied the Partial Amendments to Accounting Standard for Tax Effect Accounting (The Accounting Standards Board ofJapan Statement No. 28 issued on February 16, 2018) from the beginning of the 17th Fiscal Period, and the reclassified amount due to the change wasreflected to the total assets for the 16th Fiscal Period. Furthermore, the application poses no impact on the financial indicators.
(Note 6)

2. Asset Management Status for the 20th Fiscal Period(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 the prime
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 regulations of the Investment
Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 20th Fiscal Period includes 135 properties,
acquired for a total of ¥245,991 million.
(2) Investment performance(i) Investment environment
During the 20th Fiscal Period, the Japanese economy fell into a harsh situation as socio-economic activities were stagnatedunder the influence of the novel coronavirus infection (COVID-19). Under such circumstances, the residential rental
market saw the occupancy rate drift on a somewhat weak note as a result of leasing activities temporarily stalled in theface of the government’s request for self-restraint on moving across prefectures. In the real estate investment market, on
the other hand, the level of transaction prices continues to stay at a high price range amid an ongoing low interest rateenvironment resulting from the fiscal policies of the government and monetary policies of the Bank of Japan (BOJ).
(ii) Acquisition of assets
During the 20th Fiscal Period, the Investment Corporation acquired COMFORIA HIGASHISHINJUKU STATIONFRONT and two other properties in February 2020, followed by the acquisition of COMFORIA NAKAOCHIAI and threeother properties in March 2020 as well as the acquisition of COMFORIA IKEBUKURO DEUX and another property inJune 2020. As a result, assets owned by the Investment Corporation as of the end of the 20th Fiscal Period totaled 135
properties with a total acquisition price of ¥245,991 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 20th Fiscal Period, the Investment Corporation undertook additional issuance of investment units (¥9,901 million)
and borrowing of funds (¥9,090 million) for the acquisition of COMFORIA HIGASHISHINJUKU STATION FRONT and six
other properties conducted in February and March 2020 and for the repayment of borrowings (¥2,300 million) made in March
2019. Subsequently, the Investment Corporation borrowed funds (¥7,300 million) in June 2020 to be appropriated for theacquisition of COMFORIA IKEBUKURO DEUX and another property and for the repayment funds (¥3,700 million) for
borrowings made in June 2014. Moreover, in July 2020, the Investment Corporation issued its first green bonds (unsecured
investment corporation bonds) totaling ¥1,500 million to be appropriated for the repayment funds (¥1,770 million) for
borrowings made in February 2020, in order to further promote its initiatives on sustainability and expand the investor base bystimulating demand from new investors who are interested in ESG investment.
Consequently, as of the end of the 20th Fiscal Period (July 31, 2020), unitholders’ capital was ¥123,947 million, interestbearing debt was ¥135,420 million, the ratio of interest-bearing debt to total assets (LTV) was 50.4%, the average maturity ofinterest-bearing debt was 4.0 years, the ratio of long-term debt was 82.6%, and the fixed rate ratio was 90.4%. Moreover, theInvestment Corporation executed a Line of Credit Loan Master Agreement (on an uncommitted basis) as of February 7, 2020,in case the need for funding arises to purchase assets for future investments or other purposes.
The Investment Corporation obtained the following rating as of the end of the 20th Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA–

Stable(4) Overview of performance and distributions
As a result of investment during the 20th Fiscal Period, the Investment Corporation posted operating revenue of ¥9,028 million,
operating profit of ¥4,081 million, ordinary profit of ¥3,529 million, and profit of ¥3,523 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 20th Fiscal Period, the Investment Corporation
decided to deliver the entire amount obtained by adding the reversal of reserve for reduction entry (¥42 million), which wasreserved in application to the Special Provisions on Taxation in the case of advance acquisition of land and such in 2009 and2010 (Article 66-2 of the Act on Special Measures Concerning Taxation), to unappropriated retained earnings. As a result, thedistribution per unit (DPU) was ¥5,309 for the period.

3. Capital Increases
Date

Type

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

Balance

June 8, 2010

Establishment throughprivate placement(Note 1)

August 30, 2010

Capital increase throughprivate placement(Note 2)

March 18, 2011

Capital increase throughprivate placement(Note 3)February 2, 2012

Capital increase throughprivate placement(Note 4)

February 5, 2013

Capital increase throughpublic offering(Note 5)February 3, 2014

Capital increase throughpublic offering(Note 6)

February 26, 2014

Capital increase throughthird-party allotment

August 1, 2014

Investment unit split

February 2, 2015

Capital increase throughpublic offering(Note 9)February 27, 2015

Capital increase throughthird-party allotment(Note 10)February 1, 2016

Capital increase throughpublic offering(Note 11)February 26, 2016

Capital increase throughthird-party allotment(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)(Note 1)
(Note 2)
(Note 3)(Note 7)(Note 8)–Established at an issue price of ¥500,000 per investment unit.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
(Note 4) Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
(Note 5) Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 6) Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 7) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥688,413 per investment unit.
(Note 8) Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
(Note 9) Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as alottee 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
and repay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties
and to repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥225,600 per investment unit.

(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥321,591 per investment unit.

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

16th Fiscal Period

17th Fiscal Period

18th Fiscal Period

19th Fiscal Period

Closing month/year

Jul. 2018

Jan. 2019

Jul. 2019

Jan. 2020

Jul. 2020¥298,000¥332,500¥360,500¥355,500¥258,000¥280,100¥322,500¥198,100HighestLowest¥20th Fiscal Period

5. Future Investment Policy and Issues to Address
Founded on our basic policies of investment management, the Investment Corporation acquired 9 properties during the 20th Fiscal
Period, and 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. Goingforward, we aim to achieve medium- to long-term growth by continuing to carry out investment and management based on ourbasic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from TLC REITManagement Inc., its asset management company (hereinafter referred to as the “Asset Management Company”).
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of Tokyu Fudosan Holdings Group companies, who are not our sponsors, to acquire quality residential properties,
achieve stable operation and enhance profitability.

4. Performance of Distributions
The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 20th Fiscal Period, the Investment Corporation decided to distribute the entire amount obtained byadding the reversal of reserve for reduction entry (¥42 million) to unappropriated retained earnings. As a result, the DPU for the
20th Fiscal Period was ¥5,309.
Fiscal period

16th Fiscal Period

17th Fiscal Period

18th Fiscal Period

19th Fiscal Period

20th Fiscal PeriodBusiness period

From Feb. 1, 2018
to Jul. 31, 2018

From Aug. 1, 2018
to Jan. 31, 2019

From Feb. 1, 2019
to Jul. 31, 2019

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

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

Unappropriated retained earnings
Retained earnings¥– thousand

Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]
Of which, total return on
unitholders’ capital¥– 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][¥–](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 Tokyu Fudosan Holdings Group companies, whichhave 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 Tokyu Fudosan Holdings Group in asset and fund management to achieve
higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on the issues ofenvironmental and social considerations and reinforced governance, among other matters, should contribute to the progress ofa sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management based onsuch thinking.
In the 20th 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 19th 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
Not applicable

[¥–]

[¥–]

[¥–]

[¥–]

(Reference Information)
The Investment Corporation plans to acquire the following properties:

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

Type of specified
asset

Location

Plannedacquisition price(thousands of yen)
(Note)

Main usage

COMFORIA SHINOKACHIMACHI

Property in trust

Taito-ku, Tokyo

1,237,000

Apartment building

September 29,
2020

COMFORIA MORISHITA
WEST

Property in trust

Koto-ku, Tokyo

1,222,000

Apartment building

September 29,
2020

COMFORIA TOYOCHO

Property in trust

Koto-ku, Tokyo

3,674,000

Apartment building

September 29,
2020

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

¥– thousand[¥–]¥– thousand[¥–]¥– thousand[¥–]¥– thousand[¥–]

Acquisition date

Shinagawa-ku,
September 29,
1,622,000
Apartment building
Tokyo
2020
(Note) The planned acquisition price does not include miscellaneous expenses required for the acquisition of each property, fixed
property tax, city planning tax, consumption tax and local consumption tax.

COMFORIA FUDOMAE

Property in trust1. Unitholders’ Capital(Note 2) Yoshihiro Kataoka resigned as Supervisory Director on May 31, 2020, and Masamichi Ohshima was appointed as a new Supervisory Director
on June 1, 2020.
(Note 3) The amount includes the fees pertaining to the production of an “Auditor’s Comfort Letter to Lead Underwriting Firm” related to the issuanceof investment corporation bonds conducted in July 2020.

16th Fiscal
Period17th Fiscal
Period18th Fiscal
Period19th Fiscal
Period20th Fiscal
PeriodAs ofJul. 31, 2018

As ofJan. 31, 2019

As ofJul. 31, 2019

As ofJan. 31, 2020

As ofJul. 31, 2020

8,000,000

8,000,000

Total number of authorized
investment units(units)Total number of investment
units issued(units)

640,834

640,834

671,624

Unitholders’ capital(millions of yen)

114,045

114,045

123,947

Number of unitholders(people)

5,674

5,096

5,352

2. Matters concerning Investment Units(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. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of July 31, 2020 are as follows.
Consignment segment

Major unitholders as of July 31, 2020 are as follows.
Number of investment units
owned (units)

Name

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

Name

Asset management company

TLC REIT Management Inc.

Asset custodian

Mitsubishi UFJ Trust and Banking Corporation

Custody Bank of Japan, Ltd. (trust account)

132,078

19.66

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

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

117,176

17.44

General administration (accounting service)Reiwakaikeisha Tax Corporation (Note)

Tokyu Land Corporation

60,127

8.95

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

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

31,997

4.76

General administration (corporation bond service)

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

Custody Bank of Japan, Ltd. (securities trust investment
account)

16,679

2.48

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

13,1901.96

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

12,3291.83

Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)11,4571.70

Mizuho Securities Co., Ltd.

10,801

1.60

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

9,210

1.37

Total

415,044

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

3. Matters concerning Directors, etc.
(1) Name of directors, etc.
The names of directors, etc. during the 20th Fiscal Period are as follows.
Position

Name of director,
etc.

Main concurrent posts

Executive
Director(Note 1)

Takehiro Izawa

Executive Director, Chief Division Officer ofComforia Management Division, TLC REITManagement Inc.

Supervisory
Director(Note 1)

Yoshihiro
Kataoka (Note 2)

Head of Kataoka & Kobayashi
Outside Audit & Supervisory Board Member,
The Higo Bank, Ltd.

Supervisory
Director(Note 1)

Koji Yamamoto

Partner, WAKABA PARTNERS Law andAccounting Office

Supervisory
Director(Note 1)

Masamichi
Kataoka & Kobayashi
Ohshima (Note 2)

Independent
AuditorErnst & Young
ShinNihon LLC(Note 3)

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

(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.

3. Statement of Properties Incorporated in the Portfolio

1. Composition of Assets of the Investment Corporation
Type ofasset

19th Fiscal Period(as of January 31, 2020)

Area

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

The overview of assets under management of the Investment Corporation as of July 31, 2020 is as follows.

20th Fiscal Period(as of July 31, 2020)

Percentage of total
assets (%) (Note 2)

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

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,130

0.5

1,127

0.4

Sub-central Tokyo

4,896

2.0

7,999

3.0

Central Tokyo

88,34035.8

96,22535.8

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

109,306

44.3

115,79443.1

Real
estate

9,866

4.0

9,901

3.7

12,371

5.0

14,073

5.2

Subtotal

225,91191.5

245,122

91.1

Deposits and other assets

20,9508.5

23,812

8.9

Total assets

246,861

100.0

268,935

100.0

Other major cities(Note 1)
(Note 2)Area

Property name

Address

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

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

COMFORIA GINZA EAST

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

COMFORIA AZABUDAI

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

COMFORIA SHIBAKOEN

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

COMFORIA NISHIAZABU

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

Rentable area(m2)

Rented area
(m2)

COMFORIA SHINJUKUEASTSIDE TOWER

12,88648,267.61

44,496.00

92.2

17.2

Apartment
building

COMFORIA MINAMIAOYAMA

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

COMFORIA KAMATA

5,764

6,027.98

5,774.56

95.8

1.8

Apartment
building

COMFORIA NISHIWASEDA

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

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,696

4,080.10

4,026.37

98.7

1.4

Apartment
building

COMFORIA HARAJYUKU

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

COMFORIA SHIBUYA WEST

5,481

4,278.52

3,941.46

92.1

1.5

Apartment
building

COMFORIA MITA NORTH

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

COMFORIA KOMABA

5,126

5,342.38

4,849.54

90.8

1.5

Apartment
building

COMFORIA SHIBAURABOWHOUSE

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

COMFORIA
MINAMISUNAMACHI

4,639

6,141.98

5,929.10

96.5

1.5

Apartment
building

COMFORIASHIROKANETAKANAWA

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

95.6

Apartment
1.4
building

COMFORIA NIHONBASHININGYOCHO EAST

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

COMFORIA ATAGO

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

COMFORIA KUDAN

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

COMFORIA NIHONBASHININGYOCHO NORTH

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

COMFORIA SHINKAWA

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

COMFORIA AKASAKA

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

COMFORIA MITA EAST

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

COMFORIA SHIBAURA CANAL

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

COMFORIA KITASANDO

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

4,452

4,582.07

4,381.29

GRANCREER CENTERMINAMI

4,232

18,235.67

18,235.67

100.0

Homes for1.3
the elderly

COMFORIA KITASANDO

4,161

4,963.81

4,606.44

92.8

1.5 Residence

COMFORIA
ITABASHINAKAJUKU

3,887

6,965.57

6,573.83

94.4

1.4

56,329108,885.69

102,814.26

94.4

30.6

Total

Apartment
building

Central Tokyo

Book value(millions of yen)

COMFORIA AKIHABARAEASTAppraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)
(Note 1)

“Total amount owned” indicates the amount posted on the balance sheets as of the closing of accounts (the book value after depreciation for real estateand properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

Property name

Ownership form
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

2,340

1,496

2,690

1,841

1,720

1,129

751

537

4,440

2,922

865

547

1,950

1,359

1,070

718

1,630

1,091

2,310

1,571

5,430

3,527

1,130

848

3,690

2,519

1,830

1,289

2,730

2,039

1,040

832

1,650

1,301

1,420

1,057

2,300

1,768

2,860

1,897

4,130

3,045

1,980

1,539

5,220

4,161

Area

Property name

Address

Ownership form

Appraisal value
Book 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

Subtotal

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)

1,950

1,583

COMFORIA BUNKYOKASUGA

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

2,400

1,733

COMFORIAASAKUSAMATSUGAYA

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

2,270

1,742

COMFORIA NISHIOI

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

2,050

1,606

COMFORIA NAKANO

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

938

709

COMFORIA SHIMOKITAZAWA

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

2,110

1,628

COMFORIA NISHIKAMATA

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

1,880

1,679

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,810

1,473

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

2,350

2,008

COMFORIA KOMAZAWA

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

4,000

3,347

COMFORIA KOISHIKAWA

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

1,680

1,454

COMFORIA SENGOKU

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

1,560

1,396

COMFORIA
DAIKANYAMAAOBADAI

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

1,470

1,236

COMFORIA IKEBUKURO

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

3,420

1,901

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

16,90012,886

1,000

977

5,100

4,452

962

927

1,170

1,127

2,380

2,267

1,300

1,259

2,510

2,523

5,700

5,696

1,510

1,577

1,090

1,112

124,686

97,352Sub-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
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)

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

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

COMFORIA MISYUKU

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

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

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

COMFORIAHIGASHIIKEBUKURO WEST

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

COMFORIA RYOGOKU DEUX

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

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

2,170

1,352

1,300

814

1,120

856

1,130

885

3,600

2,352

2,240

1,419

2,530

1,904

1,020

672

1,800

1,253

712

545

1,820

1,241

1,490

907

724

554

867

602

1,090

826

900

677

1,010

726

1,120

818

3,430

2,478

1,660

1,158

2,550

1,770

1,670

1,100

1,200

788

5,580

3,668

1,430

991

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

(Note 1)

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

COMFORIA NISHIMAGOME

2-35-8 Nishi-Magome, Ota-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 OJIMA

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

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA BUNKYO
HAKUSAN

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

1,500

1,199

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

953

616

COLLEGE COURTHACHIMANYAMA

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

3,680

2,517

COMFORIA UENOIRIYA

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

1,700

1,168

COMFORIA IKEJIRI

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

3,900

2,913

COMFORIA
SETAGAYAKAMIUMA

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

1,040

919

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

1,340

1,065

COLLEGE SQUAREHACHIMANYAMA

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

3,820

2,797

COMFORIA KINSHICHO DEUX

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

1,800

1,340

COMFORIA KAMEIDO SOUTH

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

1,810

1,443

COMFORIA SHIBUYA WEST

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

1,200

905

COMFORIAASAKUSAKOMAGATA

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

2,580

1,944

COMFORIA OMORIKASHIMA

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

1,110

956

COMFORIA OMORIMACHI

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

2,580

1,629

COMFORIA KAMIIKEDAI

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

1,500

1,120

CAMPUS VILLAGESHIINAMACHI

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

5,810

5,126

COMFORIA TAKINOGAWA

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

1,290

1,030

4,920

4,639

1,850

1,522

934

842

1,150

1,079

4,450

3,887

1,640

1,452

Real estate

2,300

2,212

Real estate
Beneficial
interest in realestate trust

1,010

907

1,460

1,430

Sub-central Tokyo

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

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

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

Tokyo metropolitan area

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
Beneficial
interest in realestate trust

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

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

COMFORIA
ICHIKAWAMYODEN

1-9-10 Shioyaki, Ichikawa-shi, Chiba

COMFORIA YATSUKA

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

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku, Yokohamashi, 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
Subtotal

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

6,850

5,764

1,270

1,256

2,390

2,206

1,440

1,388

2,840

2,659

2,650

2,758

1,720

1,758

910

900

2,300

2,263

2,180

2,098

6,050

5,481

1,350

1,319

890

911

1,200

1,186

2,010

1,987

2,860

2,793

3,620

3,546

1,330

1,381

1,400

1,443

1,960

1,973

1,580
150,290

1,678
123,794

766

589

739

640

1,280

1,018

1,070

1,028

4,220

4,232

2,270

2,392

10,345

9,901

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
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)19th Fiscal Period(from August 1, 2019 to January 31, 2020)

COMFORIA SHIN-OSAKA

1-21-24 Higashi-Nakajima, Higashi-Yodogawaku, Osaka-shi, Osaka

COMFORIA KITASANJO

2-2-51 Kita-Sanjo Higashi, Chuo-ku, Sapporoshi, 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
Subtotal
Total(Note 1)

(Note 2)

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

2,960

2,238

1,030

649

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)

1,370

1,280

1,560

1,490

2,070

2,003

1,740

1,579

1,440

1,301

1,870

1,746

1,740

1,783

15,780301,101

14,073245,122“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 S g 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).
“Book value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 20th Fiscal Period(July 31, 2020) minus accumulated depreciation.

Central Tokyo

Other major cities(Note 1)

(Note 2)20th Fiscal Period(From February 1, 2020 to July 31, 2020)

Ratio toRatio toTotal number Occupancy rate Rent 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)(%)(%)

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

93.6

58,4460.7

100.0

60,534

0.7

95.9
94.6
91.3
97.8
89.0
98.4
95.8
100.0
98.6

68,177
47,161
22,138
119,580
22,16550,73927,31943,96060,951

0.8
0.5
0.3
1.4
0.3
0.6
0.3
0.5
0.7

97.9
95.5
94.5
96.7
100.0
98.3
100.0
93.8
87.9

68,09147,53021,700119,982
22,77851,27627,152
44,93262,270

0.8
0.5
0.2
1.3
0.3
0.6
0.3
0.5
0.7

COMFORIA HARAJYUKU

96.3

128,786

1.5

87.4

124,561

1.4

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

96.2

30,716

0.4

93.4

29,5430.3

100.0

99,1691.2

92.0

100,639

1.1

89.7

46,5550.5

97.4

48,415

0.5

COMFORIA WASEDA DEUX
Subtotal

1

96.4

69,0100.8

93.8

68,727

0.8

100.0
100.0

29,08640,015

0.3
0.5

95.0
96.7

30,10941,679

0.3
0.5

94.5

35,5740.4

97.2

38,993

0.4

98.3
95.0
95.8
99.0
94.5
98.2
100.0
96.8

61,001
66,928103,425
54,875
135,841
51,92368,717
58,167

0.7
0.8
1.2
0.6
1.6
0.6
0.8
0.7

93.3
97.5
94.1
98.9
92.8
90.4
99.0
93.7

61,196
68,315
104,435
56,475136,027
49,771
68,16858,679

0.7
0.8
1.2
0.6
1.5
0.6
0.8
0.6

98.7

52,7270.6

92.5

51,967

0.6

97.0
100.0
91.8
97.6
97.1
98.5
98.2
98.3
94.1
96.7

24,062
51,121
46,26744,77965,469102,376
43,25544,17041,891
76,853

0.3
0.6
0.5
0.5
0.8
1.2
0.5
0.5
0.5
0.9

91.4
91.2
94.4
97.7
97.0
93.1
90.9
91.5
94.0
100.0

23,53951,39645,651
44,721
65,42999,80345,732
46,184
41,296
77,766

0.3
0.6
0.5
0.5
0.7
1.1
0.5
0.5
0.5
0.9

95.5

1,537,891

17.9

92.2

1,551,528

17.2

91.9
94.7
100.0
100.0
97.2

23,673
119,216
25,41028,01356,191

0.3
1.4
0.3
0.3
0.7

100.0
95.6
96.9
93.1
90.2

27,139129,605
24,94827,26559,449

0.3
1.4
0.3
0.3
0.7

98.2

35,4430.4

94.1

35,6240.4

93.8

35,1400.4

91.2

50,7960.6

98.7

130,765

1.4

87.3

30,180

0.3

94.5
93.8

21,205
4,293,989

0.2
47.6

4,054,390

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)COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOICOMFORIA NAKANOCOMFORIA SHIMOKITAZAWACOMFORIA NISHIKAMATACOMFORIA OYAMACOMFORIA
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWACOMFORIA KOISHIKAWACOMFORIA SENGOKUCOMFORIA
DAIKANYAMAAOBADAICOMFORIA IKEBUKUROCOMFORIA
RYOGOKUISHIWARA
COMFORIA ASAKUSABASHI
DEUX
COMFORIA OSHIAGE
COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWA TROISCOMFORIA MONZENNAKACHOCOMFORIA HIMONYACOMFORIA MISYUKUCOMFORIA GAKUGEIDAIGAKUCOMFORIA HIGASHINAKANODEUXCOMFORIAHIGASHIIKEBUKURO WEST
COMFORIA RYOGOKU DEUXCOMFORIA OMORI DEUXCOMFORIA MACHIYACOMFORIA ASAKUSABASHICOMFORIA RYOGOKU SOUTH
COMFORIA TOYOSUCOMFORIA SUMIDATACHIBANACOMFORIA UENOHIROKOJI
COMFORIA KASUGATOMISAKACOMFORIA HONKOMAGOMECOMFORIA MORISHITACOMFORIA KIBAKOENCOMFORIA MEGUROCHOJAMARUCOMFORIA NISHIMAGOMECOMFORIAHIGASHIIKEBUKURO EASTCOMFORIAHIGASHIIKEBUKUROCOMFORIA KOMABACOMFORIA KINSHICHOCOMFORIA
MINAMISUNAMACHICOMFORIAHIGASHISHINAGAWACOMFORIA MEGUROYAKUMOCOMFORIA YOGACOMFORIA
ITABASHINAKAJUKUCOMFORIA SHINAGAWA EAST

(Note 2)

Ratio toRatio toTotal number Occupancy rate Rent 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

97.3

60,320

0.7

1

94.5

64,030

0.7

1

91.5

45,565

0.5

1

95.0

46,6290.5

131,82831,07098,75965,62879,314

0.4
0.4
1.2
0.8
0.9

1

1
1
1

93.2
85.0
97.7
97.4
95.8

1
1
1

98.3
92.3
97.4
99.1
94.6

32,76032,307
95,05968,576
79,789

0.4
0.4
1.1
0.8
0.9

1

93.3

28,358

0.3

1

97.8

28,421

0.3

1
1
1

97.9
100.0
97.9

42,455
20,61656,091

0.5
0.2
0.7

1
1
1

97.6
97.4
100.0

43,88822,81257,356

0.5
0.3
0.6

1

1

97.4

36,131

0.4

1

1

96.0

37,947

0.4

1

100.0

23,525

0.3

1

89.2

22,826

0.3

1

100.0

26,715

0.3

1

100.0

25,597

0.3

1

97.2

30,786

0.4

1

91.1

30,087

0.3

1

95.4

26,172

0.3

1

94.3

27,314

0.3

1

98.2

28,906

0.3

1

98.2

28,493

0.3

1

98.1

31,639

0.4

1

100.0

32,557

0.4

1
1
1
1

98.6
95.1
94.8
97.3

93,51943,712
66,882
40,669

1.1
0.5
0.8
0.5

1
1
1
1

97.2
95.6
98.4
90.9

95,39042,764
67,66741,708

1.1
0.5
0.7
0.5

1

94.1

30,902

0.4

1

87.9

29,796

0.3

1

98.1

164,969

1.9

1

92.7

170,487

1.9

1
1
1
1
1
1

95.5
100.0
100.0
96.9
97.8
92.4

37,85540,80827,537
102,936
49,179102,330

0.4
0.5
0.3
1.2
0.6
1.2

1
1
1
1
1
1

94.0
100.0
87.8
94.8
95.7
96.9

38,56742,391
26,430103,752
49,750105,491

0.4
0.5
0.3
1.1
0.6
1.2

1

92.3

31,704

0.4

1

93.9

32,025

0.4

1
1
1
1
1

93.1
97.6
97.3
96.2
96.7

34,961
93,071
46,407
49,68533,363

0.4
1.1
0.5
0.6
0.4

1
1
1
1
1

88.3
99.4
100.0
98.7
96.7

34,69596,524
46,52150,72734,268

0.4
1.1
0.5
0.6
0.4

1

94.6

73,539

0.9

1

93.7

71,380

0.8

1

97.6

31,944

0.4

1

100.0

34,225

0.4

1

94.0

69,358

0.8

1

95.5

70,510

0.8

1

95.7

37,085

0.4

1

95.3

37,870

0.4

1
1

95.6
100.0

139,200
35,890

1.6
0.4

1
1

90.8
96.3

132,374
36,583

1.5
0.4

1

97.4

133,063

1.6

1

96.5

137,388

1.5

1

100.0

53,842

0.6

1

98.2

52,286

0.6

1
1

94.2
100.0

26,93030,470

0.3
0.4

1
1

94.7
97.8

26,25432,613

0.3
0.4

1

97.0

125,144

1.5

1

94.4

126,555

1.4

1

99.1

76,303

0.9

1

90.7

75,911

0.8

16

Area

Property name

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

Area

19th Fiscal Period(from August 1, 2019 to January 31, 2020)

20th Fiscal Period(From February 1, 2020 to July 31, 2020)

Other major cities

19th Fiscal Period(from August 1, 2019 to January 31, 2020)

COMFORIA OJIMACOMFORIA 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 NARIMASU
Subtotal
COMFORIA ICHIKAWAMYODENCOMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZA
Subtotal
COMFORIA SHIN-OSAKACOMFORIA SHINSAKAE (Note 3)
COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHO
Subtotal
Total(Note 1)

(Note 2)
(Note 3)(Note 2)20th Fiscal Period(From February 1, 2020 to July 31, 2020)

Ratio toRatio toTotal number Occupancy rate Rent 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
1
1
1

97.0
88.7
98.5
96.4

58,99324,87238,874
163,071

0.7
0.3
0.5
1.9

1
1
1
1

96.0
92.1
87.7
95.8

60,613
26,582
38,119163,073

0.7
0.3
0.4
1.8

1

100.0

30,222

0.4

1

1
1

96.3
100.0

63,84935,284

0.7
0.4

1
1

100.0

30,222

0.3

93.0
95.7

64,38935,175

0.7
0.4

1

100.0

73,462

0.9

1

98.9

74,253

0.8

1

96.1

70,239

0.8

1

96.3

71,867

0.8

1

97.3

1

100.0

42,707

0.5

1

91.6

40,0870.4

20,976

0.2

1

100.0

20,976

1
1
1

0.2

99.0
100.0
97.5

60,79358,436
134,620

0.7
0.7
1.6

1
1
1

91.8
100.0
92.1

59,772
58,168
138,674

0.7
0.6
1.5

1

100.0

35,167

0.4

1

94.9

37,724

0.4

1
1
1

97.2
100.0
100.0

24,88530,77752,614

0.3
0.4
0.6

1
1
1

91.2
92.0
95.1

26,061
30,52855,094

0.3
0.3
0.6

1

100.0

63,228

0.7

1

100.0

66,178

0.7

1
1

98.1
96.3

88,81925,620

1.0
0.3

1

94.1

21,308

0.2

1
1
3
1
1
1
1
1
1
2
1

96.0
82.0
95.3
97.8
96.8
100.0
96.6
100.0
95.6
99.1
98.3

9,703
6,221
3,968,614
24,04228,01041,322
29,410120,300
54,655
297,742
92,019

0.1
0.1
44.0
0.3
0.3
0.5
0.3
1.3
0.6
3.3
1.0

1

92.3

36,901

0.4

3
1
1
1
1
1
1
2
1

97.0
95.4
96.8
94.7
89.6
100.0
94.8
98.1
96.6
98.9

3,770,234
24,522
27,677
39,21027,669120,300
53,285
292,665
91,451
43,91436,496

43.9
0.3
0.3
0.5
0.3
1.4
0.6
3.4
1.1
0.5
0.4

1
1

92.9

40,831

0.5

1

92.9

42,694

0.5

1

92.9

42,943

0.5

1

95.0

43,121

0.5

1

97.6

61,706

0.7

1

96.6

61,442

0.7

1
1
1

97.6
98.6
95.4

47,87742,94653,863

0.6
0.5
0.6

1
1
1

92.8
95.1
91.1

47,39042,71552,558

0.5
0.5
0.6

1

98.3

49,489

0.5

1
4

96.4
96.7

462,030
8,579,321

5.4
100.0

1
4

95.1
95.0

468,333
9,028,680

5.2
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.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
This property was sold to a third party as of December 25, 2019.

1. Expected Capital Expenditure

4. Statement of Renewable Energy Power Generation Facilities

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.

Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

Property name(location)

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 July 31, 2020 are
as follows.
Segment

Type

Over-the-countertransactions
Total(Note 1)
(Note 2)

(millions of yen)Over 1 year

(Note 1)

Fair value(millions of yen)
(Note 2)50,97040,545–50,97040,545–The contract amount of the interest-rate swap transactions is based on the notional principal.
The fair value was calculated by the counterparty of the relevant transaction based on the actual market interest rate. The fair value is omitted fortransactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

COMFORIA SHIBAURABOWHOUSE(Minato-ku, Tokyo)
COMFORIA
AKABANEIWABUCHI(Kita-ku, Tokyo)
COMFORIA
KANDAJINBOCHO(Chiyoda-ku, Tokyo)
COMFORIA
RYOGOKUISHIWARA(Sumida-ku, Tokyo)

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

COMFORIA NISHIAZABU(Minato-ku, Tokyo)

Large-scale repair work

COMFORIA IKEBUKURO(Toshima-ku, Tokyo)

Large-scale repair work

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 20th Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

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

Scheduled period
From Feb. 2021
to Jul. 2021
From Feb. 2021
to Jul. 2021
From Feb. 2021
to Jul. 2021
From Feb. 2021
to Jul. 2021
From Feb. 2021
to Jul. 2021
From Feb. 2021
to Jul. 2021

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid
74,80068,00053,30040,40034,50034,0002. Capital Expenditure during the Period
The overview of main construction work corresponding to capital expenditure that took place in the 20th Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 20th Fiscal Period was ¥310,684
thousand. Together with repair expenses of ¥385,794 thousand that were classified as expenses for the 20th Fiscal Period,
construction work totaling ¥696,479 thousand was carried out.
Property name(location)

PurposeCOMFORIA KAMIIKEDAI(Ota-ku, Tokyo)

Large-scale repair work

COMFORIA KOMAZAWA(Setagaya-ku, Tokyo)

Large-scale repair work

COMFORIA YATSUKA(Soka-shi, Saitama)

Large-scale repair work

COMFORIA TAMA-PLAZA(Yokohama-shi, Kanagawa)

Large-scale repair work

COMFORIA OMORIMACHI(Ota-ku, Tokyo)

Large-scale repair work

Other properties, etc.

Replacement of air conditioners, etc.

Total

PeriodFrom Jan. 2020
to Jul. 2020
From Dec. 2019
to Jul. 2020
From Jan. 2020
to Jun. 2020
From Jan. 2020
to Jul. 2020
From Feb. 2020
to Jun. 2020
From Feb. 2020
to Jul. 2020

Construction cost(thousands of yen)
52,84650,62345,80036,86130,972
93,581
310,684

1. Statement of Expenses Related to Investments

From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to beappropriated for 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

16th Fiscal Period

17th Fiscal Period

18th Fiscal Period

19th Fiscal Period

20th Fiscal Period

From Feb. 1, 2018
to Jul. 31, 2018

From Aug. 1, 2018
to Jan. 31, 2019

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

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

328,884

357,243

396,925

398,483

386,748

508,774

477,118

624,729559,814921,967

480,415

437,436

623,170

571,549

669,566

357,243

396,925

398,483

386,748

639,150(Thousands of yen)Item

19th Fiscal Period
From Aug. 1, 2019 to Jan. 31, 2020

Asset management fee (Note)

20th Fiscal Period
From Feb. 1, 2020 to Jul. 31, 2020

522,018

525,333

Asset custody fee

8,395

8,405

Administrative service fees

26,312

27,584

Directors’ compensation
Other expenses
Total

3,600

3,600

260,436

290,016

820,762

854,939(Note) In addition to the amount stated above, asset management fees came to ¥23,800 thousand and ¥111,005 thousand in the 19th Fiscal Period and 20th
Fiscal Period, respectively, related to the acquisition of property that were incorporated in the book value of each property and asset management fees
came to ¥18,700 thousand in the 19th Fiscal Period related to the sale of property.

2. Loan Status
The status of loans as of July 31, 2020 is as follows.

Type

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

MUFG Bank, Ltd.

2,000

2,000

Development Bank of Japan Inc.

1,000

1,000

1,000

1,000

Sumitomo Mitsui Trust Bank, Limited

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

1,340

-

670

-

670

-

Sumitomo Mitsui Trust Bank, Limited

670-

Sumitomo Mitsui Banking Corporation

350

-

1,820

1,820

910

910

910

910

Sumitomo Mitsui Trust Bank, Limited

910

910

Sumitomo Mitsui Banking Corporation

450

450

1,200

1,200

600

600

600

600

Sumitomo Mitsui Trust Bank, Limited

600

600

Sumitomo Mitsui Banking Corporation

300

300

1,240

1,240

620

620

620

620

Sumitomo Mitsui Trust Bank, Limited

620

620

Sumitomo Mitsui Banking Corporation

310

310

1,240

1,240

620

620

620

620

Sumitomo Mitsui Trust Bank, Limited

620

620

Sumitomo Mitsui Banking Corporation

310

310

Mizuho Bank, Ltd.

Feb. 4,2014

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

Jun. 30,
2014

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

3. Funding Reserved for Long-Term Repair Plans

Mizuho Bank, Ltd.

Jun. 30,
2014

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

Feb. 3,2015

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

Feb. 3,2015

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

Feb. 3,2015

Maturity
date

Repayment
methodUse offunds

0.88240

Jan. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.60150

Jun. 30,
2020

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.90100

Jun. 30,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.69250

Jan. 31,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.79875

Jan. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1.04200

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Lender

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

Repayment
methodUse offunds

Remarks

Type

Lender

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

MUFG Bank, Ltd.

420

420

420

420

Sumitomo Mitsui Banking Corporation

230

230

MUFG Bank, Ltd.

980

980

490

490

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

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

Feb. 2,
2016

Feb. 2,
2016

Feb. 2,
2016

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

Mar. 23,
2016

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

MaturitydateMar. 23,2016

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

Aug. 1,
2016

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

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation
Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Jan. 31,2017

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

Feb. 2,
2017

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

Feb. 2,
2017

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

Sep. 29,2017

0.58430

0.62460

Mar. 31,2023

Aug. 31,
2023

1,140

1,140

570

570

570

570

Sumitomo Mitsui Trust Bank, Limited

570

570

Sumitomo Mitsui Banking Corporation

300

300

1,040

1,040

520

520

520

520

Sumitomo Mitsui Trust Bank, Limited

520

520

Sumitomo Mitsui Banking Corporation

260

260

1,300

1,300

1,300

1,300

1,300

1,300

Mizuho Trust & Banking Co., Ltd.

1,000

1,000

MUFG Bank, Ltd.

2,700

2,700

1,350

1,350

600

600

500

500

500

500

1,000

1,000

550

550

550

550

550

550

MUFG Bank, Ltd.

275

275

Sumitomo Mitsui Banking Corporation

275

275

MUFG Bank, Ltd.

550

550

Mizuho Bank, Ltd.

550

550

550

550

Development Bank of Japan Inc.

550

550

Sumitomo Mitsui Banking Corporation

300

300

MUFG Bank, Ltd.

670

670

Mizuho Bank, Ltd.

670

670

670

670

320

320

670

670

Mizuho Bank, Ltd.

700

700

Sumitomo Mitsui Trust Bank, Limited

700

700

350

350

350

350

700

700

MUFG Bank, Ltd.

800

800

Mizuho Bank, Ltd.

800

800

800

800

Development Bank of Japan Inc.

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Mizuho Bank, Ltd.

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Mizuho Bank, Ltd.

0.67745

Feb. 29,2024

Lump-sum
Unsecured
repayment (Note 3) Unguaranteed

490
490

The Norinchukin Bank

220

220

The Bank of Fukuoka, Ltd.

1,570

1,570

1,570

1,570

1,000

1,000

785

785

2,000

2,000

2,000

2,000

1,000

1,000

1,160

1,160

580

580

580

580

580

580

290

290

1,800

1,800

900

900

900

900

900

900

450

450
2,000

1,500

1,500

1,000

1,000

500

500

500

500

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

1,140

570

570

570

570

570

570

300

300

Mar. 31,2021

Feb. 2,
2018

Shinkin Central Bank490

0.27125

Sep. 29,
2017

Development Bank of Japan Inc.

490

2,000

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)

MUFG Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mizuho Bank, Ltd.

Mar. 30,
2018

Mar. 30,
2018

Sumitomo Mitsui Banking Corporation
0.61950

Mar. 31,2025

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

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

0.46655

0.65518

Jul. 31,2024

Jul. 31,2026

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2022

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Development Bank of Japan Inc.

Sumitomo Mitsui Trust Bank, Limited
0.62938

Jan. 31,2024

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

0.79571

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

MUFG Bank, Ltd.

0.49054

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Jan. 31,2019

Jan. 31,2019

Jan. 31,2019

Apr. 5,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Sep. 30,
2022

Sep. 25,
2018

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Jan. 30,2026

Aug. 31,2018

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited
0.46691

Aug. 31,2018

Mizuho Bank, Ltd.
Long-term loans (Note 1)

Type

Sumitomo Mitsui Trust Bank, Limited

Apr. 5,
2019Mar. 25,
2019

Sumitomo Mitsui Banking Corporation

400

400

MUFG Bank, Ltd.

800

800

Mizuho Bank, Ltd.

800

800

800

800

400

400

Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation

Mar. 25,2019

Maturity
date

Repayment
methodUse offunds

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

0.43105

Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39950

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.49994

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54500

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.20128

Sep. 30,
2020

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.24628

Mar. 31,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Type

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

MUFG Bank, Ltd.

Remarks

The status of investment corporation bonds as of July 31, 2020 is as follows.
Issue

Issue date

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

MUFG Bank, Ltd.

970

970

970

970

970

970

Sumitomo Mitsui Banking Corporation

485

485

5th Unsecured Bond

Mizuho Trust & Banking Co., Ltd.

525

525

(Note 1)

525

525

525

525

525

525

2,300

-

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 25,
2019

Mar. 25,
2019

Mar. 20,
2019

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

Mar. 20,
2019
Sep. 30,
2019

1,350

1,350

-

590

-

590

-

295

Sumitomo Mitsui Banking Corporation-

295

Mizuho Bank, Ltd.

-

210

-

210

-

100

Sumitomo Mitsui Banking Corporation-

100

Development Bank of Japan Inc.

-

750

Mizuho Bank, Ltd.

-

750

-

750

MUFG Bank, Ltd.

-

375

Sumitomo Mitsui Banking Corporation

-

375

-

1,400

The 77 Bank, Ltd.

-

460

Shinkin Central Bank

-

460

-

460

The Bank of Fukuoka, Ltd.

-

460

Mizuho Trust & Banking Co., Ltd.

-

460

Mizuho Bank, Ltd.

-

660

-

660

MUFG Bank, Ltd.

-

330

Mizuho Bank, Ltd.

-

780

-

780

MUFG Bank, Ltd.

-390

Development Bank of Japan Inc.

-

820

Mizuho Bank, Ltd.

-

820

-

820

MUFG Bank, Ltd.

-

820

Sumitomo Mitsui Banking Corporation-

420

112,530

122,920

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

Long-term loans (Note 1)

Use of
funds

1,000

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2020

Mar. 2,2020

Mar. 2,2020

Mar. 30,
2020

MUFG Bank, Ltd.

The Norinchukin Bank

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited

Total(Note 3)

Repayment
method1,000

Mizuho Bank, Ltd.

(Note 1)
(Note 2)

3. Investment Corporation Bonds
MaturitydateMar. 31,2020

Jun. 26,
2020

Jun. 26,
2020

Jun. 30,2020

0.45215

Sep. 30,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

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

0.608100.42850

Mar. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.546930.26556

Mar. 31,2020
Mar. 31,2028

Feb. 26,
2021

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

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mar. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.47366

Aug. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.26514Mar. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.46156

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.26143

Jul. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.26143

Jul. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.67532

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Long-term loans include the current portion of long-term loans payable.
Average interest rates consist of the borrowing rates for each loan agreement rounded to the fifth decimal place. Furthermore, the stated rate for loans
for which interest-rate swap transactions were carried out to avoid interest rate risk takes into account the effect of the interest-rate swap.
The use of funds includes purchasing properties in trust and the repayment of existing borrowings.

Security

3,000

0.64000

Jul. 30, 2021

Lump-sum
repayment(Note 2)

Unsecured

2nd Unsecured Bond Jul. 18, 2017

1,000

1,000

0.23000

Jul. 15, 2022

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured

3rd Unsecured Bond Jul. 18, 2017

2,000

2,000

0.52000

Jul. 16, 2027

Lump-sum
repayment

4th Unsecured Bond

Jun. 14, 2018

1,000

1,000

0.23000 Dec. 14, 2023

Lump-sum
repayment(Note 2)

Unsecured

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment(Note 2)

Unsecured

Jul. 18, 2019

1,000

1,000

0.23000

Jul. 18, 2024

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured(Note 2)

Unsecured(Note 1)
(Note 1)

6th Unsecured Bond
(Note 1)

7th Unsecured Bond
8th Unsecured Bond
(Green Bonds)

Jul. 18, 2019

1,500

1,500

0.90000

Jul. 18, 2034

Lump-sum
repayment

Jul. 30, 2020

-

1,500

0.55000

Jul. 30, 2030

Lump-sum
repayment

11,00012,500(Note 1)

Total
(Note 1)
(Note 2)The bonds are subject to theclause 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

0.26710

Use of
funds

3,000

(Note 1)

(Note 1)0.26909

Repayment
method

1st Unsecured Bond Jul. 30, 2014
(Note 1)

Sep. 30,
2027

Maturitydate

5. Investment Unit Acquisition Rights
Not applicable1. Purchase and Sale of Properties and Asset Backed Securities
Acquisition
Property name

Sale

Acquisitiondate

Acquisition price(millions of yen)

COMFORIA
TAKINOGAWA

Feb. 3, 2020

3,430

COMFORIAHIGASHISHINJUKUSTATION FRONT

Feb. 3, 2020

5,540

COMFORIA
ESAKAHIROSHIBACHO

Feb. 3, 2020

1,700

COMFORIAKIBASHINSUIKOEN

Mar. 2, 2020

1,294

COMFORIA
NAKAOCHIAI

Mar. 2, 2020

1,489

COMFORIA WASEDA
DEUXMar. 2, 2020

1,056

COMFORIANISHIMAGOMEHILLSIDE

Mar. 30, 2020

1,330

COMFORIA IKEBUKURO
DEUXJun. 26, 2020

1,930

COMFORIA NARIMASU

Jun. 26, 2020

Total

Sale date

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

1,551
19,320(Note) The acquisition price and sale price do not include miscellaneous expenses required for the acquisition or sale of said property, 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.
Acquisitionor saleAcquisition

Acquisition

Acquisition

Acquisition

Acquisition

Acquisition

Type of asset

Property nameBeneficial
interest in real COMFORIA TAKINOGAWA
estate trust

Real estate appraisal

Acquisition
price or saleprice (millionsof yen) (Note 1)

Appraisal value(millions ofyen) (Note 2)

Feb. 3, 2020

3,430

3,540

Feb. 3, 2020

5,540

5,700

Oct. 31, 2019

Acquisition orsale date

Appraisalcompany(Note 3)

(1)

Date ofvaluation
Oct. 31, 2019

COMFORIA
Beneficial
interest in real HIGASHISHINJUKU
estate trust
STATION FRONT
Beneficial
COMFORIA
interest in real
ESAKAHIROSHIBACHO
estate trust
Beneficial
COMFORIA
interest in real
KIBASHINSUIKOEN
estate trust
Beneficial
interest in real COMFORIA NAKAOCHIAI
estate trust
Beneficial
COMFORIA WASEDA
interest in real
DEUX
estate trust

Feb. 3, 2020

1,700

1,740

Oct. 31, 2019

Mar. 2, 2020

1,294

1,320

Oct. 31, 2019

Mar. 2, 2020

1,489

1,500

Oct. 31, 2019

Mar. 2, 2020

1,056

1,090

Oct. 31, 2019

Acquisition

Real estate

COMFORIANISHIMAGOME HILLSIDE

Mar. 30, 2020

1,330

1,400

Jan. 1, 2020

Acquisition

Beneficial
COMFORIA IKEBUKURO
interest in real
DEUX
estate trust

Jun. 26, 2020

1,930

1,960

May 31, 2020

Acquisition

Real estate

Jun. 26, 2020

1,551

1,580

May 31, 2020

COMFORIA NARIMASU(Note 1) The acquisition price and sale price do not include miscellaneous expenses required for the acquisition or sale of said property, fixed property
tax, city planning tax, consumption tax and local consumption tax.
(Note 2) Appraisal value indicates appraisal value or investigated value.
(Note 3) The real estate appraisers handling the real estate appraisal or research reports of each property are: (1) Japan Real Estate Institute, (2) Daiwa
Real Estate Appraisal Co., Ltd. and (3) Japan Valuers Co., Ltd.

(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. Assets, Liabilities, Principal and Profit/Loss(1) Information on transaction

Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statementsof Cash Distributions,” “5. Statements of Cash Flows,” and “6. Notes.”

Purchase and sales amount

Category

Purchase amount

Total amount

Sales amount¥¥19,320,000 thousand

2. Changes in the Calculation Method of Depreciation
Not applicable

thousand3. Changes in the Appraisal Method of Real Estate, etc.

Breakdown of transactions between related parties
Tokyu Land Corporation¥10,670,000 thousand (55.2%)¥

thousand ( %)Godo Kaisha Residence 5¥3,839,000 thousand (19.9%)¥thousand ( %)Tokyu Housing Lease Corporation¥1,930,000 thousand (10.0%)¥

thousand ( %)Total
(Note)¥16,439,000 thousand (85.1%)

The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association, Japan.
Descriptions are included with regard to related parties that fall under any of these and that had transactions or paid commissions, etc. during the20th Fiscal Period. (The same shall apply in “(2) Amount of commission paid” and “(3) Major payments to other related parties” below.)

1. Beneficiary Certificates of Investment Trusts Established by the Investment Corporation(2) Amount of commission paid

Category

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

Breakdown of transaction with related parties
Payee
Tokyu Housing Lease Corporation

Amount of payment(B)(thousands of yen)

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

470,157

65.1

Property management
entrustment costs

722,535 Community One Co., Ltd.

35,811

5.0

Tokyu Community Corp.

3,808

0.5

Utilities expenses

110,118 Tokyu Community Corp.

56,03750.9

Marketing-related
expenses

169,330 Tokyu Livable, Inc.

1,953

1.2

Other expenses related
to rent business

162,047

Tokyu Sports Oasis, Inc.

9,546

5.9

Community One Co., Ltd.

1,294

0.8

Warehousing fees (Note)

127,199 Godo Kaisha Residence 5

127,199

100.0(Note)

Not applicableNot applicable

2. Notices
Unitholders’ Meeting
The 6th Unitholders’ Meeting of the Investment Corporation was held on April 22, 2020. The overview of matters approved at theUnitholders’ Meeting are as follows.
Proposal

Proposal 1: Partial Amendments to the
Articles of Incorporation

Proposal 2: Appointment of One (1)Executive Director

Takehiro Izawa was appointed Executive Director.

Proposal 3: Appointment of One (1)Alternate Executive Director

Kentaro Yoshikawa was appointed Alternate Executive Director.

Proposal 4: Appointment of Two (2)Supervisory Directors

Koji Yamamoto and Masamichi Ohshima were appointed Supervisory Directors.

Proposal 5: Appointment of One (1)Alternate Supervisory Director

Hiroko Chiba was appointed Alternate Supervisory Director.

"Warehousing fees" represent the amount exclusive of the acquisition price, such as due diligence expenses and brokerage fees, agreed on anddetermined with Godo Kaisha Residence 5 upon acquiring the relevant properties.

(3) Major payments to other related parties
Tokyu Livable, Inc.
¥1,953 thousand (brokerage fees, etc.)
Ewel Inc.
¥1,827 thousand (system usage, etc.)
Tokyu Community Corp.
¥ 616 thousand (repair work, etc.)

Overview
Amendments were made to the Articles of Incorporation regarding to the following
matters.
The head office of the Investment Corporation shall be relocated from Minatoku, Tokyo to Shibuya-ku, Tokyo on the date for relocating the head office thatwill be determined at the meeting of the Board of Directors to be held by July
31, 2020.
With regard to the asset management fee system for the Asset Management
Company, the Investment Corporation shall review the balance of the type 1
management fee (based on total assets) and the type 2 management fee (basedon ordinary cash flow), lower the maximum rate of the type 1 management fee
from 0.3% to 0.2% and raise the maximum rate of the type 2 management fee
from 3% to 5.4% as well as newly establish the type 5 management fee (basedon ordinary cash flow per unit). In addition, the Articles shall be amended torequire that, upon the acquisition of properties from third parties, based on thefact that the effect of transactions and the actual obtainment of information are
acquisitions from third parties, it must be clearly stipulated that the fee rate forthe acquisition from third parties will be applied.
Since the calculation method of the new asset management fee described in (2)above will be introduced from August 1, 2020, the first day of the Investment
Corporation’s operating period for the 21st fiscal period, necessary provisions
on the effective date of the amendments of the Articles of Incorporation willbe established in the supplementary provision.
The notation of calendar year in the Articles of Incorporation shall be changed
to the Gregorian calendar year from the current Japanese calendar in order toavoid the impact of the change in the Japanese era name used in Japanesecalendar.

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.

Board of Directors of the Investment Corporation
The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
Corporation during current period are as follows.
Approval date

MatterOverview

April 24, 2020

Comprehensive resolution forissuance of investment corporation
bonds and entrustment of generaladministrative duties

A comprehensive resolution for the issuance of investment corporation
bonds with an aggregate maximum amount of issuance of ¥25 billion
and a period of issuance from May 9, 2020 to May 8, 2021 wasresolved. To entrust the administrative duties concerned in offering
investment corporation bonds and general administrative duties,
including issuing, financial and paying agent, a candidate company wasapproved and other necessary matters to be decided were left to thediscretion of the Executive Director.

June 17, 2020

Amendments to the asset
management agreement andconclusion of a memorandum
regarding asset management fees

As amendments to the Articles of Incorporation regarding asset
management fees were approved by the 6th Unitholders' Meeting of theInvestment Corporation, it was approved to partially amend the asset
management agreement (as amended) concluded between theInvestment Corporation and the Asset Management Company as ofJune 14, 2010.

Other
Based on the resolution made by its board of directors’ meeting held on April 24, 2020, the Investment Corporation relocated its
headquarters to 21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo as of May 1, 2020.

3. Disclosure on Overseas Property-Owning Corporations
Not applicable

4. Disclosure on Real Estate Owned by Overseas Property-Owning Corporations
Not applicable

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

1. Balance Sheets(Thousands of yen)
19th Fiscal Period(As of January 31, 2020)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Lease and guarantee 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)

20th Fiscal Period(As of July 31, 2020)

10,360,147
7,750,633
7,828
391,121–10
18,509,741

12,443,042
8,371,2029,128
428,911
63,6807,194
21,323,159

1,875,340(127,013)
1,748,327
22,374(4,610)17,763
17,687(2,010)15,6773,179(1,403)
1,775
4,243,040
99,268,657(12,770,889)
86,497,767
1,244,370(374,764)
869,606
1,572,740(322,400)
1,250,340
425,184(173,630)
251,554
129,857,804
224,753,657

2,742,924(152,660)
2,590,263
65,937(5,783)60,153
17,687(2,284)
15,403
3,179(1,658)1,520
6,459,597
103,786,264(13,978,934)
89,807,329
1,306,663(407,671)
898,992
1,677,915(351,832)
1,326,083
466,331(208,229)
258,102
142,556,041
243,973,486

1,157,744
10,5681,168,313

1,149,179
8,153
1,157,333

1,525,188803,617–
2,328,805
228,250,776

1,525,188
840,2392,392
2,367,819
247,498,639

44,25256,890101,143
246,861,660

47,456
66,236113,692
268,935,492

19th Fiscal Period(As of January 31, 2020)
Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

20th Fiscal Period(As of July 31, 2020)

804,874–
14,300,000
23,619181,018
5,924
93,021
1,376,835
2,443
16,787,736

812,357
3,000,000
20,615,000
55,353
191,785
5,925–
1,422,850
1,387
26,104,660

11,000,000
98,230,000
29,0152,541,118
98,184
3,589
111,901,909
128,689,645

9,500,000
102,305,000
40,4052,679,231
98,796
3,279
114,626,713
140,731,373

114,045,421

123,947,208

563,704
563,704

733,377
733,377

3,562,889

3,523,532

4,126,593
118,172,015*1 118,172,015
246,861,660

4,256,910
128,204,118*1 128,204,118
268,935,492

2. Statements of Income

3. Statements of Changes in Unitholders’ Equity(Thousands of yen)
19th Fiscal Period(From August 1, 2019
to January 31, 2020)

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

19th Fiscal Period (From August 1, 2019 to January 31, 2020)(Thousands of yen)

20th Fiscal Period(From February 1, 2019
to July 31, 2020)

Unitholders' equity
Surplus*1 8,268,232*1
311,089*2
211,086
8,790,408*1 8,637,606*1
391,073–
9,028,680*1 3,862,940
522,018
3,600
14,4908,395
26,312245,946
4,683,703
4,106,704*1

4,092,317
525,333
3,600
14,4908,405
27,584
275,526
4,947,257
4,081,423

82
738
13
833

81
184
133
399

341,368
144,250
32,161

349,571
150,192
32,123

5,417

5,540

15,823539,020
3,568,518
3,568,518
5,936
(308)
5,628
3,562,889–
3,562,889

15,234
552,6633,529,159
3,529,159
5,937
(310)
5,627
3,523,532–
3,523,532

Voluntary retained
earnings

Unitholders'
capitalUnappropriatedretainedearnings(undisposed
loss)

Total net assets

Total surplus

Totalunitholders'equityReserveforreduction
entry

Total
voluntary
retainedearnings

434,888434,888

3,448,336

3,883,224

117,928,645

117,928,645

149,456

149,456(149,456)–––(20,640)(20,640)

20,640–––

Dividends of surplus(3,319,520)(3,319,520)(3,319,520)(3,319,520)

Profit

3,562,889

3,562,889

3,562,889

3,562,889

Balance at beginningof current period

114,045,421

Changes of items
during period
Reserve for
reduction entry
Reversal of reserve
for reduction entry

Total changes of items–

128,816

128,816

114,553

243,369

243,369

243,369

114,045,421

563,704

563,704

3,562,889

4,126,593

118,172,015

118,172,015

during period
Balance at end ofcurrent period*1

20th Fiscal Period (From February 1, 2020 to July 31, 2020)(Thousands of yen)
Unitholders' equity
Surplus
Unitholders'
capitalBalance at beginningof current period

114,045,421

Voluntary retained
earnings
Reserveforreduction
entry

Total
voluntary
retainedearnings

563,704

563,704

Unappropriatedretainedearnings(undisposed
loss)
3,562,889

Total net assets

Total surplus

Totalunitholders'equity4,126,593

118,172,015

118,172,015

9,901,786

9,901,786

Changes of items
during period
Issuance of new

9,901,786

investment units
Reserve for
reduction entry

172,904

172,904(172,904)–––(3,231)(3,231)

3,231

–

–

–

Dividends of surplus(3,393,216)(3,393,216)(3,393,216)(3,393,216)

Profit3,523,532

3,523,532

3,523,532

3,523,532

Reversal of reserve
for reduction entry

Total changes of items
during period
Balance at end ofcurrent period*19,901,786

169,673

169,673(39,357)

130,316

10,032,103

10,032,103

123,947,208

733,377

733,377

3,523,532

4,256,910

128,204,118

128,204,118

4. Statements of Cash Distributions
Category

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

5. Statements of Cash Flows
19th Fiscal Period(From August 1, 2019
to January 31, 2020)

20th Fiscal Period(From February 1, 2020
to July 31, 2020)¥3,562,889,656¥3,523,532,301¥3,231,017¥42,119,515¥3,393,216,030¥3,565,651,816[¥5,295][¥5,309]¥172,904,643¥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¥3,393,216,030 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 deducting the provision ofreserve for reduction entry pursuant to
Article 66-2 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.

¥–¥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¥3,565,651,816 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
19th Fiscal Period(From August 1, 2019
to January 31, 2020)

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

20th Fiscal Period(From February 1, 2020
to July 31, 2020)

3,568,518
1,299,833
144,250
5,417
15,823(82)(738)
373,529
2,405
30,660–92,836(83,148)(24,196)
7,211
16,8705,368
1,636,630
4,795
7,095,983
82(373,493)(5,966)
6,716,606

3,529,159
1,343,923
150,192
5,540
15,234(81)(184)
381,695(1,300)(31,604)(63,680)(93,021)120,152(2,136)
7,488
46,015
6,205–(8,240)5,405,360
81(381,696)(5,936)
5,017,808(551)(2,848,365)
4,101(4,408)242,841(226,752)–(2,833,135)(3,108,043)(17,516,262)
15,344(3,280)367,449(234,674)(1,989)(20,481,455)

1,308,105(1,350,000)
–
(749)
–
(3,319,921)(10,884)(3,373,450)
510,020
17,600,759*1 18,110,780

16,206,289(6,000,000)
1,489,954–
9,874,925(3,393,031)(11,025)
18,167,111
2,703,464
18,110,780
20,814,244*1

6. Notes

6.

<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

Other significant accounting
policies applied in the
preparation of financial
statements

2–70 years
2–69 years
10–38 years
2–15 years(2) Accounting method for consumption taxes
Revenues and expenses in the Statements of Income do not include consumption taxes.
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(2) Intangible assets (including assets in trust)Intangible assets are amortized by the straight-line method.

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.
(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method overthree years.
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 and other risks pertaining to borrowings, etc.

5.

Scope of funds (cash andcash equivalents) on theStatements of Cash Flows(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.
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:
Cash and deposits in trust
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
Tenant leasehold and security deposits in trust<Notes to the Balance Sheets>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations(Thousands of yen)
19th Fiscal Period(As of January 31, 2020)
50,0002.

20th Fiscal Period(As of July 31, 2020)
50,000Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of January 31, 2020) and three of thebanks (as of July 31, 2020), respectively.
(Thousands of yen)

Credit limit
Outstanding debt
Unused commitment line

19th Fiscal Period(As of January 31, 2020)
10,500,000

20th Fiscal Period(As of July 31, 2020)
10,500,000

10,500,000

10,500,000

<Notes to the Statements of Income>*1. Breakdown of real estate rental revenues and expenses<Notes to the Statements of Changes in Unitholders’ Equity>
19th Fiscal Period(From August 1, 2019
to January 31, 2020)(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)

19th Fiscal Period(From August 1, 2019
to January 31, 2020)

20th Fiscal Period(From February 1, 2020
to July 31, 2020)

8,112,015
156,216

8,485,088
152,517

171,831
139,258

8,268,232
311,089
8,579,321

251,961
139,112654,679

722,535

293,954
707,193424,540
6,635
116,606
143,078
48,542
1,296,283
171,424

385,794
707,285
436,009
6,821
110,118
169,330
49,708
1,341,509
163,205

8,637,606
391,073
9,028,680

640,834 units

671,624 units

19th Fiscal Period(From August 1, 2019
to January 31, 2020)
10,360,147
7,750,633
18,110,780

20th Fiscal Period(From February 1, 2020
to July 31, 2020)
12,443,042
8,371,202
20,814,244(Thousands of yen)
4,092,317

4,716,381

4,936,362

19th Fiscal Period (From August 1, 2019 to January 31, 2020)(Thousands of yen)

20th Fiscal Period (From February 1, 2020 to July 31, 2020)
Not applicable.

8,000,000 units<Notes to lease transactions>
1. Operating lease transactions (Lessee)
Future minimum lease payments under non-cancelable operating lease transactions

3,862,940

Due within 1 year
Due after 1 year
Total

1,658,913
211,086

19th Fiscal Period(As of January 31, 2020)
1,382,628
78,671,533
80,054,161

20th Fiscal Period(As of July 31, 2020)
1,382,904
77,995,785
79,378,689

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

1,870,000
1,636,630
22,2838,000,000 units<Notes to the Statements of Cash Flows>*1. Reconciliation of balance sheets 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 equivalents*2. Breakdown of gain on sales of real estate properties(1) COMFORIA SHINSAKAE
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties*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

20th Fiscal Period(From February 1, 2020
to July 31, 2020)

Due within 1 year
Due after 1 year
Total

19th Fiscal Period(As of January 31, 2020)
798,3215,860,245
6,658,566

20th Fiscal Period(As of July 31, 2020)
825,936
5,617,704
6,443,641<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 ofhedging 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.”
Supplementary note regarding fair value of financial instruments
The fair values of financial instruments presented in this report is based on their market value, and in cases where market value
is not available, reasonably estimated values are presented. Since the estimation of fair value is based on certain assumptions,fair value could differ depending on the assumptions used.

2.

Fair value of financial instruments
The carrying value of financial instruments on the balance sheet, their fair value and the differences between them as of January
31, 2020 are as follows.
(Thousands of yen)
Carrying value

Fair value(Note 1)

(Note 1)

(Note 4)

Due within
1 year or lessDifference

Cash and deposits

10,360,147

10,360,147

Cash and deposits in trust

7,750,633

7,750,633

Current portion of long-term loans payable(14,300,000)(14,340,060)

40,060Investment corporation bonds(11,000,000)(11,184,614)

184,614Long-term loans payable(98,230,000)(99,449,777)

1,219,777

Current portion of investment corporation
bonds

The carrying value of financial instruments on the balance sheet, their fair value and the differences between them as of July 31,2020 are as follows.
(Thousands of yen)

10,360,147

Deposits in trust

7,750,633

Total

18,110,780

Due within
1 year or less

Carrying value

Fair value(Note 1)

(Note 1)

(Note 5)

Deposits

12,443,042

Deposits in trust

8,371,202

Total

20,814,244

Repayment and redemption schedule for loans payable and investment corporation bonds (Thousands of yen)
19th Fiscal Period (As of January 31, 2020)
Due within
1 year or lessDifference
Current portion of
long-term loans
payableLong-term loans
payableInvestment
corporation bonds

Cash and deposits

12,443,042

12,443,042

Cash and deposits in trust

8,371,202

8,371,202

Current portion of investment corporationbonds(3,000,000)(3,017,824)

17,824Current portion of long-term loans payable(20,615,000)(20,636,383)

21,383

Investment corporation bonds(9,500,000)(9,684,812)

184,81220th Fiscal Period (As of July 31, 2020)(102,305,000)(103,457,314)

1,152,314

Due within
1 year or lessLong-term loans payable
Derivative transactions(Note 3)

Deposits

20th Fiscal Period (As of July 31, 2020)

Derivative transactions(Note 1)
(Note 2)

Redemption schedule for monetary claims (Thousands of yen)
19th Fiscal Period (As of January 31, 2020)

Figures in parentheses indicate liabilities.
Methods to determine the fair value of financial instruments:(1) Cash and deposits and (2) Cash and deposits in trust
Due to their short tenors, the carrying values of these assets are reasonable approximations of their present value and hence are used as theirfair value.
(3) Current portion of Investment corporation bonds and (5) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount ofprincipal and interest at a rate that takes into account the term to maturity and credit risk.
(4) Current portion of long-term loans payable and (6) 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 value. However, the fair value 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.
(7) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Carrying value of financial instruments whose fair value cannot be reliably measured(Thousands of yen)
19th Fiscal Period(As of January 31, 2020)(1) Tenant leasehold and security deposits(2) Tenant leasehold and security deposits in trust

20th Fiscal Period(As of July 31, 2020)(29,015)(40,405)(2,541,118)(2,679,231)(1)(2) Fair values of tenant leasehold and security deposits and leasehold and security deposits in trust are not subject to disclosure of fair value,as these items have no market value and their future cash flows are difficult to reasonably estimate given the fact that although a predetermined
period for each lease contract exists, the actual deposit period cannot be calculated due to possible contract termination, renewal or extension.
(3) Figures in parentheses indicate liabilities.

Total

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

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

13,725,000

14,360,000

15,920,000

15,130,000

39,095,000

3,000,000

1,000,000

1,000,000

1,000,000

5,000,000

16,725,000

15,360,000

16,920,000

16,130,000

44,095,000

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

16,600,000

15,960,000

12,380,000

18,920,000

38,445,000

14,300,000

14,300,000

20,615,000

3,000,000
1,000,000
23,615,000<Notes to investment securities>
19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable

17,600,000

2,000,000
15,960,000

14,380,000

6,500,000
18,920,000

44,945,000

2.

Transactions subject to hedge accounting

2.

Significant differences between the statutory tax rate and the effective tax rate(%)

19th Fiscal Period (As of January 31, 2020)(Thousands of yen)
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

54,670,000

45,470,000

54,670,000

45,470,000(*2)

20th Fiscal Period (As of July 31, 2020)(Thousands of yen)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

Maturing after 1 year
50,970,000

40,545,000

50,970,000

40,545,000

Fair value

Calculation
method for
applicable fair
value

(*2)

(*1)

*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 “(4) Current portion of long-term loans payable” and “(6)Long-term loans payable” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instruments.”<Notes to retirement benefits>
19th Fiscal Period (As of January 31, 2020)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
20th Fiscal Period (As of July 31, 2020)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities(Thousands of yen)
19th Fiscal Period(As of January 31, 2020)

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

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry
Other
Effective tax rate

(*1)

Total

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

19th Fiscal Period(As of January 31, 2020)

Calculation
method for
Fair value
applicable fair
Maturing after 1 year
value

Contract amount20th Fiscal Period(As of July 31, 2020)

450
23,70933,971
58,131(57,681)450

450
26,672
34,18361,306(60,856)450(4,040)(3,729)(4,040)(3,589)(3,729)(3,279)20th Fiscal Period(As of July 31, 2020)
34.60

34.60

(32.90)(1.68)
0.13
0.16(34.96)0.52
0.16<Notes to equity in net earnings (losses) of affiliated companies>
19th Fiscal Period (As of January 31, 2020)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
20th Fiscal Period (As of July 31, 2020)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable2.

Affiliated companies and other19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable3.

Fellow subsidiary companies and other19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable4.

Directors, major individual unitholders and other19th Fiscal Period (As of January 31, 2020)
Not applicable
20th Fiscal Period (As of July 31, 2020)
Not applicable<Notes to asset retirement obligations>
Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts with certain landlords, and recognizes asset retirement
obligations concerning the duty of restoration upon the expiry of the lease period with regard to some of these assets.
Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years) as the expected periodof use and 1.2% as the discount rate.
Changes in the total amount of asset retirement obligations(Thousands of yen)
19th Fiscal Period(From August 1, 2019
to January 31, 2020)
Balance at beginning of period

20th Fiscal Period(From February 1, 2020
to July 31, 2020)

97,57698,184

Increase due to purchase of property, plant andequipment
Adjustment due to passage of time
Balance at end of period

608

611

98,184

98,796

<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 book value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)
19th Fiscal Period(From August 1, 2019
to January 31, 2020)

20th Fiscal Period(From February 1, 2020
to July 31, 2020)

Book value
Balance at beginning of period

225,905,543

225,911,402

Changes during period

5,858

19,211,263

Balance at end of period

225,911,402

245,122,666

Fair value at end of period

279,308,000

301,101,000(Note 1)
(Note 2)

(Note 3)The book value excludes accumulated depreciation from acquisition cost. The book value does not include construction in progress andconstruction in progress in trust.
Among changes in the book value of real estate for rental purposes that occurred during the 19th Fiscal Period, the principal increase consisted of
the acquisition of a property (COMFORIA GINZA EAST NIBANKAN: ¥2,520,269 thousand), while the principal decrease consisted of thedisposition of a property (COMFORIA SHINSAKAE: ¥1,636,630 thousand) and depreciation of ¥1,295,675 thousand. During the 20th Fiscal
Period, the principal increase consisted of the acquisition of 9 properties (COMFORIA HIGASHISHINJUKU STATION FRONT and other 8
properties; ¥20,241,476 thousand), while the principal decrease consisted of depreciation of ¥1,340,897 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 19th Fiscal Period (From August 1, 2019 to January 31,2020) and 20th Fiscal Period (From February 1, 2020 to July 31, 2020) are listed in “Notes to the Statements of Income.”<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
19th Fiscal Period (From August 1, 2019 to January 31, 2020)
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
the operating 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
the amount of property, plant and equipment on the Balance Sheet.
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.

20th Fiscal Period (From February 1, 2020 to July 31, 2020)
1. Information about each product and service
Disclosure is omitted because net sales to external customers of a single product/service category account for over 90% of
the operating 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 Statement 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
the amount of property, plant and equipment on the Balance Sheet.
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.
<Notes to per unit information>

Net assets per unit
Profit per unit

19th Fiscal Period(From August 1, 2019
to January 31, 2020)¥184,403

20th Fiscal Period(From February 1, 2020
to July 31, 2020)¥190,886¥5,559¥5,249(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)

19th Fiscal Period(From August 1, 2019
to January 31, 2020)
3,562,889

20th Fiscal Period(From February 1, 2020
to July 31, 2020)
3,523,532

3,562,889

3,523,532

640,834

671,157(thousands of yen)
Profit(thousands of yen)(units)<Note to significant subsequent events>
Not applicable7. Supplementary schedules(Thousands of yen)(i) Supplementary schedule of investment securities
Not applicable

Property name(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJuly 31, 2020 is as follows.
(Thousands of yen)Classification

Contract amount (Note 1)
Maturing after 1
year

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Total(Note 1)
(Note 2)50,970,000

40,545,000

50,970,000

40,545,000

Fair value(Note 2)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.

Increase during period

COMFORIA TAKINOGAWA

3,558,843

COMFORIA HIGASHISHINJUKU STATION FRONT

5,710,224

COMFORIA ESAKAHIROSHIBACHO

1,792,313

COMFORIA KIBASHINSUIKOEN

1,384,581

COMFORIA NAKAOCHIAI

1,580,697

COMFORIA WASEDA DEUX

1,113,132

COMFORIA NISHIMAGOME HILLSIDE

1,447,154

COMFORIA IKEBUKURO DEUX

1,974,194

COMFORIA NARIMASU

1,680,333

Decrease during period(Supplementary schedule of other specified assets
Not applicable(iii) Condensed supplementary schedule of real estate properties(Thousands of yen)Supplementary schedule of investment corporation bonds(Thousands of yen)

Accumulated depreciation
Asset type

Intangible
assetsProperty, plant and equipment

Buildings
Structures
Machineryand equipment
Tools,
furniture andfixtures
Land
Buildings in
trust
Structures intrust
Machineryand equipmentin trust
Tools,
furniture andfixtures intrust
Land in trust

Balance at
beginning ofcurrent period

IncreaseduringperiodDecreaseduringperiodorBalance at end
Depreciation Net balance ataccumulatedof current
end of currentoramortization
periodperiodamortization
at end ofduringcurrent
periodperiodBond name
Remarks

867,583

2,742,924

152,660

25,6472,590,263

Note

22,37443,56265,937

5,783

1,173

60,153(Note)

17,687

17,6872,284

274

15,403

3,179

3,179

1,658

255

1,520

2,216,557

6,459,597

6,459,597

The Investment
Corporation
July 30, 2014
1st unsecured bonds

IncreaseduringperiodDecreaseduringperiodBalance at end
Couponof current
rate (%)
periodRedemption
date

Use offunds

Security(Note 3)0.64000 July 30, 2021

(Note 2)

Unsecured

3,000,000

3,000,000(Note 1)

1,875,340

4,243,040

Balance at
Issuance date beginning ofcurrent period

The Investment
Corporation 2nd
unsecured bonds

July 18, 2017

1,000,000

1,000,000

0.23000 July 15, 2022

(Note 2)

Unsecured

July 18, 2017

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)

Unsecured1,500,000

12,500,000(Note 1)The Investment
Corporation 3rd
unsecured bonds(Note 1)

Note

99,268,657

4,517,607

103,786,264

13,978,934

1,208,045

89,807,329(Note)

1,244,370

62,292

1,306,663

407,671

32,906

898,992(Note)The Investment
Corporation
June 14, 2018
4th unsecured bonds(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds(Note 1)

1,572,740

105,174

1,677,915

351,832

29,431

1,326,083(Note)The Investment
Corporation
July 18, 2019
6th unsecured bonds(Note 1)

425,184

41,146466,331208,229

34,598The Investment
Corporation
July 18, 2019
7th unsecured bonds

258,102129,857,804

12,698,237

142,556,041

Total
Leaseholdrights in trust
Other

238,530,380

20,552,161

259,082,541

15,109,055

1,332,331

142,556,041
243,973,486

1,226,269

1,226,269

77,0898,565

1,149,179

35,49635,49627,342

2,414

8,153

Total

1,261,765

1,261,765

104,432

10,9801,157,333(Note 1)

(Note)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)(Note 1)

(Note) Increases and decreases during the 20th Fiscal Period are due primarily to the acquisition and sale of rental residences. The details are as follows.

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

11,000,000

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 bonds are shown as current portion of investment corporation bonds in the balance sheets.
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
3,000,000

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

Due after 2 years
to 3 years

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

Due after 4 years
to 5 years

Due after 5 years
6,500,000

(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of July 31, 2020 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)

Classification
Maturity
date

Repayment
methodUse offunds

Remarks
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)

MUFG Bank, Ltd.

2,000,000--

2,000,000

Development Bank of Japan Inc.

1,570,000--

1,570,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,570,000--

1,570,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

1,340,000-

1,340,000-

Development Bank of Japan Inc.

670,000-

670,000-

Mizuho Bank, Ltd.

670,000-

670,000-

Sumitomo Mitsui Trust Bank, Limited

670,000-

670,000-

Sumitomo Mitsui Banking Corporation

350,000-

350,000-

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

MUFG Bank, Ltd.

MUFG Bank, Ltd.

MUFG Bank, Ltd.
Development Bank of Japan Inc.

1,200,000--

1,200,000

600,000--

600,000

0.88240January 31, Lump-sum
2021
repayment(Note 3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

0.60150 June 30, 2020

0.90100 June 30, 2022

Lump-sum
repayment

Lump-sum
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

785,000--

785,000

Development Bank of Japan Inc.

2,000,000--

2,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

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

1,800,000--

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

MUFG Bank, Ltd.

Mizuho Bank, Ltd.

600,000--

600,000

450,000--

450,000

Sumitomo Mitsui Trust Bank, Limited

600,000--

600,000

Mizuho Trust & Banking Co., Ltd.

2,000,000--

2,000,000

The Norinchukin Bank

1,500,000--

1,500,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

500,000--

500,000

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

300,000--

300,000

1,240,000--

1,240,000

620,000--

620,000

0.69250(Note 3)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

Long-term
The 77 Bank, Ltd.
loans
payableThe Daishi Bank, Ltd.
(Note 1)

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

0.79875

January 31, Lump-sum
2023
repayment(Note 3)500,000--

500,000

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

310,000--

310,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

310,000--

310,000

MUFG Bank, Ltd.

720,000--

720,000

Development Bank of Japan Inc.

360,000--

360,000

Mizuho Bank, Ltd.

360,000--

360,000

Sumitomo Mitsui Trust Bank, Limited

360,000--

360,000

Sumitomo Mitsui Banking Corporation

200,000--

200,000

MUFG Bank, Ltd.

840,000--

840,000

Development Bank of Japan Inc.

420,000--

420,000

Mizuho Bank, Ltd.

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

420,000--

420,000

Sumitomo Mitsui Banking Corporation

230,000--

230,000

MUFG Bank, Ltd.

980,000--

980,000

MUFG Bank, Ltd.

Development Bank of Japan Inc.

490,000--

490,000

Mizuho Bank, Ltd.

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

1.04200

0.58430January 31, Lump-sum
2025
repayment

March 31,2023

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

290,000--

290,000

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

MUFG Bank, Ltd.

0.62460

August 31,
2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

0.67745

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

Unsecured
Unguaranteed

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

0.27125

March 31,2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.61950

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.46655

July 312024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.65518

July 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.46691

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

Unsecured
Unguaranteed

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

Unsecured
Unguaranteed

0.79571

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

Unsecured
Unguaranteed

0.49054

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

Unsecured
Unguaranteed

0.77571

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

Unsecured
Unguaranteed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)

Classification
Maturity
date

Repayment
methodUse offunds

Remarks

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)

1,040,000--

1,040,000

MUFG Bank, Ltd.

800,000--

800,000

Development Bank of Japan Inc.

520,000--

520,000

Mizuho Bank, Ltd.

800,000--

800,000

Mizuho Bank, Ltd.

520,000--

520,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Shinkin Central Bank

1,300,000--

1,300,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

The Norinchukin Bank

1,300,000--

1,300,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

MUFG Bank, Ltd.

970,000--

970,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

Mizuho Bank, Ltd.

970,000--

970,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Sumitomo Mitsui Banking Corporation

485,000--

485,000

Nippon Life Insurance Company

500,000--

500,000

525,000--

525,000

MUFG Bank, Ltd.

0.654280.45804

Taiyo Life Insurance Company

500,000--

500,000

Resona Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

Development Bank of Japan Inc.

550,000--

550,000

MUFG Bank, Ltd.

275,000--

275,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

MUFG Bank, Ltd.

550,000--

550,000

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

550,000--

550,000

550,000--

550,000

550,000--

550,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

MUFG Bank, Ltd.

670,000--

670,000

Mizuho Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

Sumitomo Mitsui Banking Corporation

320,000--

320,000

0.62188670,000--

670,000

Mizuho Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

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

350,000
350,000
700,000
800,000--

700,000

Unsecured
Unguaranteed(Note 3)

Unsecured
Unguaranteed

The Norinchukin Bank

525,000--

525,000

0.73497

August 31,
2026(Note 3)

Unsecured
Unguaranteed

The Bank of Fukuoka, Ltd.

525,000--

525,000

Shinkin Central Bank

525,000--

525,000

Mizuho Trust & Banking Co., Ltd.

2,300,000-

2,300,000

Development Bank of Japan Inc.

1,350,000-

Mizuho Bank, Ltd.

-

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

0.85667

0.43105

0.49994

March 31,2027

July 31,2023

Lump-sum
repayment

Lump-sum
repayment

Lump-sum
repayment

January 31, Lump-sum
2025
repayment

January 31, Lump-sum
2025
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

September 30, Lump-sum
0.57826
2026
repayment(Note 3)

Unsecured
Unguaranteed

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000--(Note 3)350,000

800,000

400,000

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

January 31, Lump-sum
2024
repayment

350,000

Mizuho Bank, Ltd.

Sumitomo Mitsui Banking Corporation

March 31,2025

Lump-sum
repayment

Unsecured
Unguaranteed

0.551260.54500
MUFG Bank, Ltd.

March 31,2023

(Note 3)

Mizuho Trust & Banking Co., Ltd.

0.39950Development Bank of Japan Inc.

January 31, Lump-sum
2025
repayment

0.20128400,000

September 30, Lump-sum
2020
repayment(Note 3)

Unsecured
Unguaranteed

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks0.24628

March. 31,
2022

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.45215

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

Unsecured
Unguaranteed

0.60810

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

Unsecured
Unguaranteed

0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed-

0.26909

March 31,2020

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed-

1,350,000

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

590,000-

590,000-

590,000-

590,000
0.26556

295,000-

295,000

February 26, Lump-sum
2021
repayment(Note 3)-

Unsecured
Unguaranteed-

295,000-

295,000-

210,000-

210,000-

210,000-

210,000
0.26710-100,000-

100,000

March 31,2021

Lump-sum
repayment(Note 3)

MUFG Bank, Ltd.

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation-

100,000-

100,000

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

0.47366

August 31,
2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

-375,000-

375,000

Sumitomo Mitsui Banking Corporation-

375,000-

375,000

MUFG Bank, Ltd.

-

1,400,000-

1,400,000

0.26514

March 31,2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

The 77 Bank, Ltd.

-

460,000-

460,000

Shinkin Central Bank-

460,000-

460,000

The Norinchukin Bank-

460,000-

460,000

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

Unsecured
Unguaranteed

The Bank of Fukuoka, Ltd.

-

460,000-

460,000

Mizuho Trust & Banking Co., Ltd.

-

460,000-

460,000

Mizuho Bank, Ltd.

-

660,000-

660,000

Sumitomo Mitsui Trust Bank, Limited-

660,000-

660,000

0.26143 July 31, 2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

-

330,000-

330,000

Mizuho Bank, Ltd.

-

780,000-

780,000

Sumitomo Mitsui Trust Bank, Limited-

780,000-

780,000

0.26143 July 31, 2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

MUFG Bank, Ltd.

-

390,000-

390,000

Development Bank of Japan Inc.

-

820,000-

820,000
0.67532 June 30, 2029-

820,000-

820,000

Lump-sum
repayment(Note 3)

Mizuho Bank, Ltd.

Unsecured
Unguaranteed

Long-term Sumitomo Mitsui Banking Corporationloans
payable Mizuho Bank, Ltd.
(Note 1)
Sumitomo Mitsui Trust Bank, Limited

0.46156

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
LenderSumitomo Mitsui Trust Bank, Limited-

820,000-

820,000-

820,000-

820,000-

420,000-

420,000

112,530,000

16,390,000

6,000,000

122,920,000

112,530,000

16,390,000

6,000,000

122,920,000

Long-term
MUFG Bank, Ltd.
loans
payable(Note 1) Sumitomo Mitsui Banking Corporation
Subtotal
Total(Note 1)
(Note 2)
(Note 3)(Note 4)

Averageinterest rate(%)
(Note 2)

Maturity
date

0.67532 June 30, 2029

Repayment
methodUse offunds

Remarks

Lump-sum
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
20,615,000

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

16,600,000

15,960,000

12,380,000

18,920,000

38,445,000