July 12, 2021

Financial Report for the Fiscal Period Ended May 31, 2021
(December 1, 2020 – May 31, 2021)

Activia Properties Inc.
Listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange3279
https://www.activia-reit.co.jp/en/
Kazushi Sato, Executive Director

Investment management company:
TLC REIT Management Inc.
Representative: Masaoki Kanematsu, President & CEO
Contact:
Kazuyuki Murayama, General Manager of Strategy Department,
Activia Management Division
TEL: +81-3-6455-3377
Scheduled date to file Securities Report:
Scheduled date to start distribution payments:
Supplementary material on financial report:
Financial report presentation meeting:

August 24, 2021
August 18, 2021
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)1.

Summary of financial results for the fiscal period ended May 31, 2021
(December 1, 2020 – May 31, 2021)(1) Operating results(Percentages show changes from the corresponding amounts for the previous period.)
Operating revenue

Fiscal period ended
May 31, 2021
Fiscal period ended
November 30, 2020

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

14,715

(2.4)

8,101

(1.5)

7,250

(1.5)

7,249

(1.5)

15,073

0.6

8,228

0.3

7,363

0.4

7,363

0.4

Basic earnings per unit

Return on unitholders’equity (ROE)%

Ordinary profit tototal assets

Ordinary profit tooperating revenue

Yen%%
Fiscal period ended
9,400
2.8
1.4
49.3
May 31, 2021
Fiscal period ended
9,547
2.9
1.4
48.9
November 30, 2020
(Note) Basic earnings per unit is calculated by dividing profit by the day-weighted average number of investment units for theperiod (771,224 units for the fiscal period ended November 30, 2020 and for the fiscal period ended May 31, 2021).

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(2) Cash distributions
Cash
distributions
per unit

Total
distributions(excluding excessof earnings)(excluding excessof earnings)

Cashdistributions
in excess ofearnings
per unit

Yen Millions of yen
Fiscal period ended
May 31, 2021
Fiscal period ended
November 30, 2020

Total
distributions
in excess ofearnings

Cashdistributions
per unit(including excessof earnings)

Yen Millions of yen

Total
distributions(including excessof earnings)

Yen Millions of yen

9,386

7,238

15

11

9,401

7,250

9,514

7,337

33

25

9,547

7,362

Payout ratio

Distribution
ratio tounitholders’equity%%Fiscal period ended
99.8
2.8
May 31, 2021
Fiscal period ended
99.7
2.9
November 30, 2020
(Note 1) The ¥15 in cash distributions in excess of earnings per unit for the fiscal period ended May 31, 2021 comprises ¥15 inallowance for temporary difference adjustments. There are no distributions on reduction of unitholders’ capital for tax
purposes.
(Note 2) The ¥33 in cash distributions in excess of earnings per unit for the fiscal period ended November 30, 2020 comprises¥33 in allowance for temporary difference adjustments. There are no distributions on reduction of unitholders’ capitalfor tax purposes.

(3) Financial position

As of May 31, 2021

Total assets

Net assets

Millions of yen
525,379

Millions of yen
255,581525,378

255,705

As of November 30, 2020
(Reference) Unitholders’ equity
As of May 31, 2021:
As of November 30, 2020:

Unitholders’ equity tototal assets%
48.6

Net assets per unit

48.7

331,558

Yen
331,397¥255,581 million¥255,705 million(4) Cash flows

Fiscal period ended
May 31, 2021
Fiscal period ended
November 30, 2020

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

8,745

(566)

(7,847)

17,881

8,874

(713)

(7,366)

17,551-2-

2.

Forecasts of results for the fiscal period from June 1, 2021 to November 30, 2021 andthe fiscal period from December 1, 2021 to May 31, 2022
(Percentages show changes from the corresponding amounts for the previous period.)
Operatingrevenue

Fiscal period ending
November 30, 2021
Fiscal period ending
May 31, 2022

OperatingprofitOrdinary
profitMillionsof yen% Millionsof yen% Millionsof yen15,299

4.0

8,190

1.1

14,660

(4.2)

8,023

(2.0)

(excluding excessof earnings)

Cashdistributions
in excess ofearnings
per unitCashdistributions
per unit

Profit% Millionsof yen

%

Yen

Yen

7,212

(0.5) 7,211

(0.5)

9,350

–

7,019

(2.7) 7,018

(2.7)

9,100

–

(Reference) Forecasted profit per unit (forecasted profit / total projected number of investment units issued at end of period)
for the fiscal period ending November 30, 2021:¥9,350for the fiscal period ending May 31, 2022:¥9,100* Other(1) Changes in accounting policies, changes in accounting estimates, and restatement of priorperiod financial statements
a.
b.
c.
d.

Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement of prior period financial statements: None

(2) Total number of units issueda.

b.

Total number of units issued at end of period (including treasury units)
As of May 31, 2021

771,224 units

As of November 30, 2020

771,224 units

Number of treasury units at end of period
As of May 31, 2021

– units

As of November 30, 2020

– units(Note) Please refer to “Per Unit Information” on page 37 for the number of investment units used as the basis
for calculating basic earnings per unit.

* Financial reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Other special items
Forward-looking statements presented in this financial report including forecasts of results are based on
information currently available to us and on certain assumptions we deem to be reasonable. As such, actual
operating and other results may differ materially due to a number of factors. Furthermore, these forecasts arein no way a guarantee of any distribution amount. Please refer to “Assumptions for Forecasts of Investment
Performance for the 20th Fiscal Period from June 1, 2021 to November 30, 2021 and the 21st Fiscal Period
from December 1, 2021 to May 31, 2022” on pages 12 through 13 for information on assumptions for theforecasts.

This English version is a translation of the original Japanese document and is only for reference purposes. In
the case where any differences occur between the English version and the original Japanese version, theJapanese version will prevail.

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Index
1. Asset Management Status ......................................................................................................................... - 5 (1) Asset Management Status ................................................................................................................. - 5 2. Financial Statements ............................................................................................................................... - 14 (1) Balance Sheet .................................................................................................................................. - 14 (2) Statement of Income ....................................................................................................................... - 16 (3) Statement of Unitholders’ Equity.................................................................................................... - 17 (4) Statement of Cash Distributions ..................................................................................................... - 19 (5) Statement of Cash Flows................................................................................................................. - 21 (6) Notes on Assumption of Going Concern ........................................................................................ - 22 (7) Notes on Important Accounting Policies ........................................................................................ - 22 (8) Notes to Financial Statements ......................................................................................................... - 24 (9) Changes in Total Number of Investment Units Issued and Outstanding ........................................ - 38 3. Reference Information ............................................................................................................................ - 40 (1) Composition of Invested Assets ...................................................................................................... - 40 (2) Investment Assets ........................................................................................................................... - 41 --4-

1. Asset Management Status(1) Asset Management Statusi) Summary of Results for the Current Fiscal Period(A) Transition of Investment Corporation
Activia Properties Inc. (hereinafter referred to as the “Investment Corporation”) was established on
September 7, 2011, with unitholders’ capital of ¥200 million (400 units) and TLC Township Inc. (onApril 1, 2017, an absorption-type merger took place with current TLC REIT Management Inc.
(hereinafter referred to as the “Asset Manager”) as a surviving company and TLC Activia Investment
Management Inc. (its trade name was changed from TLC Township Inc. on April 1, 2012) as anabsorbed company) as the organizer under the Act on Investment Trusts and Investment Corporations(Act No. 198 of 1951, including subsequent revisions; hereinafter referred to as the “Investment TrustAct”), and completed its registration in the Kanto Local Finance Bureau on September 20, 2011
(Director-General of the Kanto Local Finance Bureau No. 73).
After that, the Investment Corporation was listed on the real estate investment trust securities marketof Tokyo Stock Exchange, Inc. (Securities code 3279) on June 13, 2012. On December 19, 2018, theInvestment Corporation carried out a publicly offered capital increase for the sixth consecutive year,
and on January 7, 2019, it carried out a third-party allotment.
“Activia” of “Activia Properties,” the name of the Investment Corporation, has been coined from thewords “activate” and “ia,” a suffix meaning “place.” By investing in and managing real estate
appropriate to its name, the Investment Corporation seeks to become an entity capable of broadlyenergizing society. The Investment Corporation will also select real estate capable of sustaining
customer demand as a location for both corporate activities and urban recreation in popular areas,
with the aim of maximizing the medium- and long-term value of unitholders, supported by its
proactive management (management to improve the circumstances by taking initiatives and acting forthe future).
The Investment Corporation has continued to carefully select investment assets with a focus on
location and quality since having concluded its IPO, and consequently held 44 properties (with thetotal acquisition price of ¥509,185 million) at the end of the fiscal period under review.
(B) Investment Environment in the Fiscal Period Under Review
In the Japanese economy in the fiscal period under review, there was increasing weakness mainly inpersonal consumption expenditures related to the service industry despite the continuing trends ofrecovery in some areas amid the lingering difficult environment caused by the impact of COVID-19.
With respect to the environment surrounding retail properties, although we had seen signs of recovery
in consumer sentiment, due to a state of emergency having been declared twice, there has been adecline recently in travel, leisure and other service consumption as well as in expenditures for
clothing, cosmetics and other items related to going out.
In the rental office market, both occupancy rates and rents have held to high levels particularly in thefive central wards of Tokyo (Chiyoda-ku, Minato-ku, Chuo-ku, Shibuya-ku and Shinjuku-ku).
Nevertheless, there is a continuing trend of office consolidations and relocations to smaller offices dueto the stagnant economic activity caused by COVID-19. Meanwhile, the average vacancy rate in thefive central wards of Tokyo as of May 31, 2021, according to data published by Miki Shoji Co., Ltd.,was 5.90% an increase of 1.57 percentage points from the period ended November 30, 2020. Rent
levels have dropped for ten consecutive months starting in August 2020. The average rent per tsubo(about 3.3 square meters) in the five central wards of Tokyo as of May 31, 2021, was ¥21,249. Even
in major cities outside Tokyo, vacancy rates are trending upward and rent levels have fallen
moderately or remain unchanged.
Despite remaining concerns regarding the COVID-19 pandemic, the J-REIT market is maintaining an
upward trend based on the solid financial results overall of each security.
(C) Investment Performance
The Investment Corporation has continued to maintain and improve its portfolio in accordance withthe basic asset management policy set forth in the Articles of Incorporation. Consequently, total assets
held by the Investment Corporation at the end of the fiscal period under review were 44 properties(with the total acquisition price of ¥509,185 million) with the total leasable area of 425,493.08 m2(128,709 tsubo).
-5-

The trend of monthly average occupancy rate (Note) during the fiscal period under review is asfollows:
December31, 2020

January 31, February 28,
2021
2021

March 31,2021

April 30,2021

May 31,2021

Urban Retail
Properties

98.8%

98.4%

98.3%

98.1%

97.9%

97.8%

Tokyo Office
Properties

97.4%

96.8%

97.8%

96.5%

95.9%

96.7%

Activia
Account
Properties

99.3%

99.3%

99.3%

99.0%

98.7%

99.2%

Total

98.6%

98.3%

98.6%

98.0%

97.6%

98.1%

(Note)

Figures for occupancy rates are rounded to the nearest tenth.

(D) Initiatives Regarding Sustainability
In order to build a portfolio consisting of “real estate capable of sustaining customer demand” withthe aim of maximizing medium- and long-term unitholder value, the Investment Corporation has beenpromoting various initiatives with its sights set on lowering environmental loads and contributing toour nearby surroundings and local communities, thereby extending beyond considerations such as
location, use, size and qualities. In July 2019, as material issues that the Investment Corporation needs
to address, we released quantitative targets encompassing a wider range of performance benchmarks
from an environmental standpoint, and also clearly stated practical management policy to such ends.
In addition, we are striving daily to achieve our basic objective of cutting unit energy consumption,etc. by an annual average of 1% over the medium to long term. Initiatives carried out in the fiscal
period under review include the creation of an environmental management system operation manualin December 2020 for the asset management company TLC REIT Management Inc. and efforts of theInvestment Corporation to continually lower environmental loads by establishing environmental
targets (Plan), understanding the results (Do), analyzing the differences between the actual andexpected results (Check) and implementing measures and improvements (Act). In addition, thelighting was upgraded to LED lighting at common areas of Luogo Shiodome and A-PLACE Ebisu
Higashi, some common areas of DECKS Tokyo Beach, A-PLACE Shinagawa and Ebisu Prime
Square, and some private areas of A-PLACE Ebisu Minami, A-PLACE Shinagawa Higashi, Ebisu
Prime Square, A-PLACE Bashamichi and EDGE Shinsaibashi. Furthermore, the elevator at A-FLAG
SHIBUYA was replaced with an elevator that uses the latest control system and highly efficient
motors using permanent magnets, and the energy-saving performance was improved by upgrading to
LED ceiling lighting.
Moreover, we continue to engage in annual initiatives geared to acquiring green building
certifications, and during the fiscal period under review, we have acquired the BELS certifications for
Q plaza EBISU (two stars). As such, a total of 28 of our properties have acquired green building
certification, which amounted to 65.8% of our holdings calculated on the basis of gross floor area (asof May 31, 2021).
In addition, electric bicycle sharing was newly introduced at Q plaza SHINSAIBASHI while a “Social
Art Museum” exhibit of art drawn by residents of a welfare facility in the city was held at
Commercial Mall Hakata utilizing a temporarily enclosed area after a tenant had moved out. The
Investment Corporation will contribute to achieving a sustainable society by engaging in suchinitiatives geared to the environment and society.
(E) Overview of Financing
In the fiscal period under review, with the aims of diversifying repayment dates on debt, extending the
average maturity, and diversifying means of financing, the Investment Corporation issued unsecured
investment corporation bonds of ¥1,300 million on February 9, 2021, and used the funds to cover
repayment of short-term borrowings. The Investment Corporation also borrowed ¥12,200 million
largely in order to cover repayment of borrowings that had come due, and worked to otherwise
maintain a stable financial base through ongoing moves that have included diversifying repayment
dates. As a result, as of the end of the fiscal period under review, the balance of interest-bearing debt
was ¥244,150 million (borrowings of ¥221,350 million and investment corporation bonds of ¥22,800-6-

million). The ratio of interest-bearing debt to total assets (LTV = Balance of interest-bearing debt /Total assets x 100) was 46.5% as of the end of the fiscal period under review. The long-term debt
ratio and the ratio of fixed-interest debt to total interest-bearing debt were 100.0% and 92.6%,
respectively.
The credit rating the Investment Corporation has obtained as of the end of the fiscal period underreview is as follows. This investment unit does not have a credit rating provided or made available forinspection by a credit rating agency or one scheduled to be provided or made available for inspection
by a credit rating agency at the Investment Corporation’s request.
Credit Rating Agency

Rating

Forecast

Japan Credit Rating Agency (JCR)

Long-term issuer rating: AA

Stable(F) Overview of Financial Results and Distributions in the Fiscal Period Under Review
As a result of the above-mentioned investments, operating revenue, operating profit, and ordinary
profit were ¥14,715 million, ¥8,101 million, and ¥7,250 million, respectively, for the fiscal period
under review, and profit was ¥7,249 million.
In accordance with the distribution policy set forth by the Investment Corporation (Article 35 of the
Articles of Incorporation), the decision was made with respect to paying distributions of profits of¥7,238,708,464, which is the entire amount of the net profit defined in Article 136, Paragraph 1 of theInvestment Trust Act, with such amount excluding a fraction of less than ¥1 of distributions perinvestment unit, with the aim that as greatest as possible distributions of profits would be included intax deductible expenses under Article 67-15 of the Act on Special Measures Concerning Taxation(Act No. 26 of 1957, including subsequent revisions; hereinafter referred to as the “Special Taxation
Measures Act”). In addition, distributions in excess of earnings shall be made in an amount decided
by the Investment Corporation and equivalent to a deduction in net assets (refers to stipulations ofArticle 2, Paragraph 2, Item 30 (b) of the Regulations on Accountings of Investment Corporations),
taking into account effects of the deduction in net assets on distribution amounts. During the fiscal
period under review, the Investment Corporation has accordingly decided to distribute ¥11,568,360 as
distributions related to allowance for temporary difference adjustments, calculated as the amountequivalent to ¥11,111,618, which is calculated by deducting ¥28,535,288 of temporary difference
adjustments (refers to stipulations of Article 2, Paragraph 2, Item 30 of the Regulations on
Accountings of Investment Corporations) from deferred losses on hedges of ¥39,646,906.
Consequently, distributions per investment unit resulted in ¥9,401.

-7-ii) Outlook for the Next Fiscal Period(A) Investment Environment for the Next Fiscal Period
Although the level of economic activity is expected to recover as the impact of COVID-19 graduallyeases, there is great uncertainty regarding the outlook as it may change depending on the increase or
decrease of the number of new infection cases and its impact on the economies in Japan and overseas.
With respect to the environment surrounding retail properties, despite the continuing difficult
conditions due to the recent requests to reduce operating hours, the decrease in numbers of overseas
visitor arrivals to Japan, etc., a modest recovery trend is expected due to increased vaccinations, etc.
In the rental office market, despite concerns that vacancy rates will continue to rise and rent levels
will continue to fall, there has been a drop in the supply of new office properties in 2021. Therefore,
we believe that property in prime locations will continue to be resilient. Despite lingering uncertainty
concerning the outlook for the economy and conditions in the real estate leasing market, we expect
long-term inflow of funds into the J-REIT market due to its relatively stable earnings, high financial
soundness and attractive dividend yield level.
Amid this environment, the Investment Corporation will fulfill its social responsibility in preventing
the spread of infections, etc. while minimizing the impact of the COVID-19 pandemic through its
abundant management expertise, and in line with its medium- to long-term portfolio strategy of asset
replacement, etc., it will aim to return to the path of improving unitholder value through external
growth by leveraging sponsor support and through internal growth by utilizing the strength of its
properties focused on location and quality.
(B) Investment Policy and Developments to Be Addressed in the Next Fiscal Perioda. Basic Policy
The Investment Corporation’s basic policies are to invest in assets, with targeted investments in
Urban Retail and Tokyo Office properties; utilize the Tokyu Fudosan Holdings Group’s value chain
based on the comprehensive support system; and a governance structure that maximizes unitholder
value.
b. External Growth Strategy
The Investment Corporation will invest in Urban Retail and Tokyo Office properties as a main
target. It will make its investment decisions carefully, concentrating on selecting properties in
excellent locations, including surrounding areas, and thoroughly considering individual factors suchas use, size, specifications and other qualities of properties, and credibility and name recognition oftenants, in order to construct a competitive portfolio in the medium to long term.
To acquire these competitive assets on an ongoing basis, the Investment Corporation will work tomaintain and improve the quality of its portfolio by rigorously selecting investment assets based on
the information it receives under its sponsor support agreement with Tokyu Land Corporation
regarding the Investment Corporation and its support agreement with five group companies in the
Tokyu Fudosan Holdings Group. It will also acquire properties through the exclusive know-how
and information-gathering network of the Asset Manager.
c. Internal Growth Strategy
The Investment Corporation will operate, manage, and refurbish its portfolio to maintain andimprove the competitiveness of its facilities through a comprehensive understanding of the featuresof its overall portfolio and its individual assets under management, based on the unique expertise of
its Asset Manager. The Investment Corporation will also seek to manage its portfolio in a stablemanner and strengthen its earnings by establishing appropriate operational and management
systems tailored to the specific characteristics of the assets it has invested in, and through regularand non-regular inspections by the property management company that has considerable experiencein the operation and management of real estate.
The Investment Corporation will also maintain and improve the value of its assets through its
expertise in internal growth through operating and managing properties. It will maximize thecompetitiveness of its assets through the ongoing assistance of Tokyu Land Corporation and othersupport companies, which, through their face-to-face business with consumers, have richinformation regarding consumer needs and developments in industries such as retail and services.

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With respect to the property management business for the assets under management, leasing support
has been provided from Tokyu Land Corporation, Tokyu Land SC Management Corporation or
Tokyu Community Corp.
d. Financial Strategy
Having a sound financial strategy in an effort to conservatively control LTV as well as make stablelong-term borrowings and diversify maturities (diversifying repayment dates), the Investment
Corporation will endeavor to build a stable financial base with a solid bank formation based ongood relationships with major financial institutions. In addition, with the aim of diversifying meansof raising funds, the Investment Corporation will issue investment corporation bonds while paying
close attention to trends in financial markets. Concerning the issuance of new investment units,
moreover, the Investment Corporation will prudently and flexibly carry out such issuance while
paying appropriate attention to various environmental factors with the aim of achieving long-termand stable growth.
(C) Significant Subsequent Events
Not applicable.
< Reference Information >a. Acquisition of Properties
The Investment Corporation plans to use the funds from the property transfer in “b. Transfer of
Properties” to acquire property listed below in accordance with the basic asset management policy
set forth in the Articles of Incorporation.
(TO-19) Tamachi East Building
Type of assets

Beneficial interests in trust

Acquisition price¥6,800 million

Scheduled acquisition date (Note)
October 29, 2021
Location

2-16, Shibaura 3-chome, Minato-ku, Tokyo

Use

Office, residence, parking

Land area

970.13 m2

Gross floor area

6,065.08 m2

Structure

Steel frame, steel-framed reinforced concrete / 10 floors above and1 floor undergroundMonth and year of completion
April 2003
Ownership

Land:
Owned
Building: Owned(Note) The contract for the sale of beneficial interests in trust falls under a forward
commitment, etc. as provided in the “Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc.” by Financial Services Agency(forward commitment, etc. refers to a postdated sales contract under which payment
and delivery shall be made at least one month after the conclusion of the contract, or
any other contract similar thereto).

-9-b. Transfer of Properties
The Investment Corporation plans to transfer property listed below in accordance with the basic
asset management policy set forth in the Articles of Incorporation.
(UR-2) Tokyu Plaza Akasaka
Type of assets

Beneficial interests in trust

Scheduled transfer price¥11,800 million
Scheduled delivery date (Note)
October 29, 2021
Location

14-3, Nagata-cho 2-chome, Chiyoda-ku, Tokyo

Use

Hotel, office, retail and parking lots

Land area

5,103.57 m2

Gross floor area

51,491.66 m2

Structure

SRC/ 14 floors above and 3 floors undergroundMonth and year of completion
September 1969
Ownership

Land:
Owned (50% co-ownership interest)
Building: Owned (50% co-ownership interest)(Note) The contract for the sale of beneficial interests in trust falls under a forward
commitment, etc. as provided in the “Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc.” by Financial Services Agency(forward commitment, etc. refers to a postdated sales contract under which payment
and delivery shall be made at least one month after the conclusion of the contract, or
any other contract similar thereto).

- 10 -

(D) Outlook of Investment Performance
For the fiscal period ending November 30, 2021 (20th fiscal period: June 1, 2021 to November 30,2021), investment performance is estimated as follows. For the assumptions used for the estimation of
investment performance, please refer to “Assumptions for Forecasts of Investment Performance forthe 20th Fiscal Period from June 1, 2021 to November 30, 2021 and the 21st Fiscal Period from
December 1, 2021 to May 31, 2022” on pages 12 through 13.
Operating revenue¥15,299 million

Operating profit¥8,190 million

Ordinary profit¥7,212 million

Profit¥7,211 million

Cash distributions per unit

¥9,350Cash distributions in excess of earnings per unit¥–

If it is assumed that there are no changes in “Assumptions for Forecasts of Investment Performancefor the 20th Fiscal Period from June 1, 2021 to November 30, 2021 and the 21st Fiscal Period from
December 1, 2021 to May 31, 2022” on pages 12 through 13, the outlook of investment performancefor the fiscal period ending May 31, 2022 (21st fiscal period: December 1, 2021 to May 31, 2022) isestimated as follows.
Operating revenue¥14,660 million

Operating profit¥8,023 million

Ordinary profit¥7,019 million

Profit¥7,018 million

Cash distributions per unit

¥9,100Cash distributions in excess of earnings per unit¥–

(Note) The above estimation is determined based on certain assumptions at the time of preparing
the financial statements. Due to changes in the circumstances surrounding the Investment
Corporation including acquisition or disposition of properties, the trend of real estatemarket, etc. in the future, actual operating revenue, operating profit, ordinary profit, profit
and cash distributions per unit may change. Furthermore, this estimation does notguarantee the amount of distributions.

- 11 -

Assumptions for Forecasts of Investment Performance for the 20th Fiscal Period from June 1, 2021 toNovember 30, 2021 and the 21st Fiscal Period from December 1, 2021 to May 31, 2022
Item
PeriodInvestment
portfolio

Assumptions
・ 20th fiscal period (June 1, 2021 to November 30, 2021) (183 days)
・ 21st fiscal period (December 1, 2021 to May 31, 2022) (182 days)
・ Our forecasts of investment performance take into account the following property
acquisitions and dispositions associated with the 44 properties that the Investment
Corporation holds as of today (the “Assets Currently Held”).
・ 20th fiscal period (June 1, 2021 to November 30, 2021)
We plan to acquire Tamachi East Building and transfer Tokyu Plaza Akasaka on
October 29, 2021, and, accordingly, we assume the total number of properties willbe 44 subsequent to the aforementioned scheduled date of acquisition and transfer.
・ Our forecasts, however, may change due to any changes to the composition of ourinvestment portfolio.

・ We have calculated our real estate leasing business revenues from the Assets
Currently Held taking into account the relevant lease agreements effective as oftoday, market trends, etc.
・ Operating revenue is based on our assumption that there will be no delinquencies or
non-payment of rents by tenants.
・ We expect to record gains on sales amounting to ¥260 million in the 20th fiscal
Operating revenue
period (June 1, 2021 to November 30, 2021), in association with the transfer of
Tokyu Plaza Akasaka. This may change, however, depending on outcomes of thesales, transfer prices, transfer dates and other conditions.
・ In addition to the above, a certain amount of the expected lower leasing businessrevenue, etc. due to the impact of the COVID-19 pandemic has been factored into
the calculations.

Operatingexpenses・ Expenses related to leasing business (other than depreciation), which are ourprincipal operating expenses, were calculated based on the historical information
and upon considering variable factors. Expenses for Tamachi East Building, whichis scheduled to be acquired on October 29, 2021, are calculated based on theinformation provided by the former owner (seller) and upon considering variablefactors and others.
・ In general, property tax and city planning tax of properties acquired are settled at thetime of acquisition between the former owner (seller) and the purchaser based on
their respective periods of ownership in relation to the relevant tax year. However,any of these taxes allocated to the purchaser are not expensed at the time ofacquisition because they are treated as a part of the acquisition cost for accounting
purposes. The total amount of property tax and city planning tax on assets planned
for acquisition that are treated as a part of the acquisition cost is assumed to be ¥5
million. For property tax and city planning tax, ¥1,383 million and ¥1,270 million
for the Assets Currently Held will be expensed in the fiscal period ending November
30, 2021 (20th fiscal period) and in the fiscal period ending May 31, 2022 (21stfiscal period), respectively.
・ Repair and maintenance expenses of buildings are estimated at the amount required
for each of the fiscal periods based on the medium- and long-term repair andmaintenance plans formed by the Asset Manager. However, the actual repair andmaintenance expenses for the fiscal periods may significantly differ from theestimates since (i) an unforeseeable event may cause serious damage to a building
requiring emergent repair expenditure, (ii) in general, amounts vary according to thefiscal period, and (iii) certain types of repair and maintenance expenses are notrequired in every fiscal period.
・ We calculate depreciation expenses (including incidental expenses) by the straightline method, assuming ¥1,364 million and ¥1,354 million for the 20th fiscal period
ending November 30, 2021 and the 21st fiscal period ending May 31, 2022,
respectively.
- 12 -

Item

Assumptions

Non-operating
expenses・ We expect interest expense and other borrowing-related expenses of ¥978 million in
the fiscal period ending November 30, 2021 (20th fiscal period) and ¥1,003 million
for the fiscal period ending May 31, 2022 (21st fiscal period).

・ As of today, the Investment Corporation has a balance of interest-bearing debt of¥244,150 million (borrowings of ¥221,350 million and investment corporation
bonds of ¥22,800 million).
・ We assume that there will be refinancing of all interest-bearing debt due by the endof the fiscal period ending November 30, 2021 (20th fiscal period) and the fiscal
period ending May 31, 2022 (21st fiscal period) (20th fiscal period: long-term
Interest-bearing
borrowings of ¥13,750 million; 21st fiscal period: long-term borrowings of ¥14,100
debt
million).
・ We assume the LTV ratios as of November 30, 2021 and May 31, 2022 are both tobe approximately mid-46%.
・ The LTV ratio is obtained by the following formula:
LTV = Balance of interest-bearing debt / Total assets × 100

Units

・ The number is based on our assumption of total of 771,224 units issued as of today.
We assume that there will be no additional issuance of new investment units before
the end of the 21st fiscal period (May 31, 2022).
・ The cash distributions per unit for the 20th fiscal period ending November 30, 2021
and the 21st fiscal period ending May 31, 2022 have been calculated in accordancewith the total projected number of investment units issued as of the end of each of
the fiscal periods which is 771,224 units.

・ Cash distributions (cash distributions per unit) are calculated based on the cash
distribution policy stipulated in our Articles of Incorporation.
・ The cash distributions per unit may change due to various factors, including changes
Cash distributions
to the composition of our investment portfolio, changes in rental revenues
per unit
accompanying changes in tenants, and unexpected maintenance and repairs.
・ Deferred losses on hedges, which arise from interest rate swaps and are counted as adeduction in net assets, are calculated assuming no fluctuation.
・ As stated above, deferred losses on hedges, which are counted as a deduction in net
assets, are calculated assuming no fluctuation. Accordingly, we do not anticipate
distributions in excess of earnings (allowance for temporary difference adjustments)
Cash distributions
for the 20th fiscal period ending November 30, 2021 or the 21st fiscal period ending
in excess of
May 31, 2022.
earnings per unit
・ Among cash distributions in excess of earnings, we currently do not anticipate
distributions deemed as distributions on reduction of unitholders’ capital for tax
purposes.
・ We assume that there will be no amendments in legislation, taxation, accounting
standards, listing regulations or regulations of the Investment Trusts Association of
Other
Japan that affect the above forecasts.
・ We assume that there will be no material changes in general economic conditions orreal estate markets.

- 13 -

2. Financial Statements(1) Balance Sheet(Unit: Thousands of yen)
As of November 30, 2020
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Land leasehold interests in trust
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets- 14 -

As of May 31, 2021

14,125,013
3,426,066
645,887
349,034
5,694
18,551,695

14,227,970
3,653,881
601,413569,141
6,566
19,058,973

85,235,526(15,209,363)
70,026,162
741,007(233,660)
507,346
1,397,285(425,855)
971,430
282,268(161,686)
120,582
424,862,322
34,458496,522,302

85,760,008(16,450,302)
69,309,705
805,357(252,555)
552,8021,422,969(462,948)
960,021302,469(181,133)
121,335
424,862,322
163,000
495,969,188

9,055,086
932
9,056,018

9,055,086
678
9,055,764

1,102,057
16
38,322
1,140,397
506,718,718

1,144,625
2
38,322
1,182,950
506,207,903

108,108
108,108525,378,522

112,210112,210525,379,087

(Unit: Thousands of yen)
As of November 30, 2020
Liabilities
Current liabilities
Operating accounts payable
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term borrowings
Leasehold and guarantee deposits received intrust
Derivatives liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Allowance for temporary difference
adjustments
Total deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Unappropriated retained earnings (undisposed
loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets*3*2- 15 -

As of May 31, 2021

1,033,314
6,518,000
26,250,000
86,271
945,284941
318,300
538,488575
35,691,175

1,078,246–
27,850,000
13,719918,728637
263,790695,615753
30,821,491

21,500,000
190,100,000

22,800,000
193,500,000

22,353,035

22,636,356

28,584
233,981,620
269,672,796

39,646238,976,003
269,797,494

248,370,846

248,370,846(3,084)*3(28,535)(3,084)
248,367,761(28,535)
248,342,311

7,366,549

7,278,928

7,366,549
255,734,310

7,278,928
255,621,239(28,584)(28,584)
255,705,726
525,378,522(39,646)(39,646)
255,581,592
525,379,087*2

(2) Statement of Income(Unit: Thousands of yen)Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)*1, *3 14,009,287*1, *3 1,037,494*2
26,732
15,073,515*1, *3 13,765,352*1, *3
950,325–
14,715,678*1*1

Operating revenue
Leasing business revenue
Other leasing business revenue
Gain on sale of real estate properties
Total operating revenue
Operating expenses
Expenses related to leasing business
Asset management fees
Asset custody fees
Administrative service fees
Remuneration for directors (and other officers)
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Reversal of distributions payable
Insurance claim income
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Financing fees
Other
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)- 16 -

5,588,521
1,120,034
14,90537,2803,300
81,227
6,845,268
8,228,246

5,369,825
1,104,682
14,88437,0153,300
84,835
6,614,543
8,101,135

78
1,158
7,334
8,570

85
1,188
–
1,273

634,346
46,159598,377
57,807

7,684

8,841

184,162500
872,851
7,363,965
7,363,965
953
(5)
947
7,363,018
3,530
7,366,549

186,412500
851,939
7,250,469
7,250,469
650
14
665
7,249,804
29,124
7,278,928

(3) Statement of Unitholders’ Equity
Previous fiscal period (From June 1, 2020 to November 30, 2020)(Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

Unitholders’capitalBalance at beginningof period
Changes during
periodDividends ofsurplusDistributions inexcess of earnings
from allowance fortemporarydifference
adjustments

248,370,846

Surplus

Deduction from unitholders’capital
Total
Allowance fordeduction
temporaryfromdifference
unitholders’adjustments
capital–(3,084)–(3,084)

Unitholders’capital, net

Unappropriatedretainedearnings(undisposed
loss)

Total surplus

Totalunitholders’equity248,370,846

7,333,243

7,333,243

255,704,090(7,329,712)(7,329,712)(7,329,712)(3,084)

ProfitNet changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
period7,363,018

7,363,018(3,084)(3,084)(3,084)33,30533,30530,220248,370,846(3,084)(3,084)

248,367,761

7,366,549

7,366,549

255,734,310(Unit: Thousands of yen)

(3,443)(3,443)

Total net
assets255,700,646(7,329,712)(3,084)

ProfitNet changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
period7,363,018–

Valuation and translation
adjustments
Total
Deferredvaluation
gains or losses
andon hedges
translation
adjustments

Balance at beginningof period
Changes during
periodDividends ofsurplusDistributions inexcess of earnings
from allowance fortemporarydifference
adjustments(3,084)

7,363,018(25,141)(25,141)(25,141)(25,141)(25,141)

5,079(28,584)(28,584)

255,705,726- 17 -

Current fiscal period (From December 1, 2020 to May 31, 2021)(Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital

Unitholders’capitalBalance at beginningof period
Changes during
periodDividends ofsurplusDistributions inexcess of earnings
from allowance fortemporarydifference
adjustments

248,370,846

Deduction from unitholders’capital
Total
Allowance fordeduction
temporaryfromdifference
unitholders’adjustments
capital(3,084)(25,450)(3,084)(25,450)

Surplus

Unitholders’capital, net

Unappropriatedretainedearnings(undisposed
loss)

Total surplus

Totalunitholders’equity248,367,761

7,366,549

7,366,549

255,734,310(7,337,425)(7,337,425)(7,337,425)(25,450)

ProfitNet changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
period7,249,804

7,249,804(25,450)(25,450)(25,450)(87,620)(87,620)(113,071)

248,370,846(28,535)(28,535)

248,342,311

7,278,928

7,278,928

255,621,239(Unit: Thousands of yen)

(28,584)(28,584)

Total net
assets255,705,726(7,337,425)(25,450)

ProfitNet changes in
items other thanunitholders’ equity
Total changes during
periodBalance at end of
period7,249,804–

Valuation and translation
adjustments
Total
Deferredvaluation
gains or losses
andon hedges
translation
adjustments

Balance at beginningof period
Changes during
periodDividends ofsurplusDistributions inexcess of earnings
from allowance fortemporarydifference
adjustments(25,450)

7,249,804(11,062)(11,062)(11,062)(11,062)(11,062)(124,133)(39,646)(39,646)

255,581,592- 18 -

(4) Statement of Cash Distributions
Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)

AmountAmountI

Unappropriated retained
earnings¥7,366,549,137¥7,278,928,158

II

Additional amount of cash
distributions in excess ofearnings¥25,450,392¥11,568,360

Of which, allowance fortemporary difference
adjustments¥25,450,392¥11,568,360¥7,362,875,528¥7,250,276,824[¥9,547][¥9,401]

Of which, distributions ofprofits¥7,337,425,136¥7,238,708,464[Of which, distributions ofprofits per unit][¥9,514][¥9,386]

Of which, allowance fortemporary difference
adjustments¥25,450,392¥11,568,360[Of which, cash
distributions in excess ofearnings per unit
(Related to allowance fortemporary difference
adjustments)]

[¥33]

[¥15]

IV Earnings carried forward¥29,124,001¥40,219,694

III Distributions[Cash distributions per unit]- 19 -

Calculation method for
distributions

Based on the distribution policy
Based on the distribution policy
set forth in Article 35, Paragraph set forth in Article 35, Paragraph
1 of the Articles of Incorporation 1 of the Articles of Incorporationof the Investment Corporation,of the Investment Corporation,
distributions shall be limited to
distributions shall be limited tothe amount of net profit in excess the amount of net profit in excess
of an amount equivalent to ninety of an amount equivalent to ninety
hundredths (90/100) of
hundredths (90/100) of
distributable profits, as stipulated distributable profits, as stipulated
in Article 67-15, Paragraph 1 ofin Article 67-15, Paragraph 1 of
the Act on Special Measures
the Act on Special Measures
Concerning Taxation. In
Concerning Taxation. In
consideration of this policy, we
consideration of this policy, we
will pay distributions of profits of will pay distributions of profits of¥7,337,425,136, which is the¥7,238,708,464, which is theamount of the net profit defined
amount of the net profit definedin Article 136, Paragraph 1 of the in Article 136, Paragraph 1 of the
Act on Investment Trusts andAct on Investment Trusts andInvestment Corporations, except a Investment Corporations, except afraction of less than ¥1 of
fraction of less than ¥1 of
distributions per investment unit. distributions per investment unit.
Based on the policy on
Based on the policy on
distribution of cash exceeding net distribution of cash exceeding net
profit set forth in Article 35,
profit set forth in Article 35,
Paragraph 2 of the Articles ofParagraph 2 of the Articles ofIncorporation of the Investment
Incorporation of the Investment
Corporation, distributions in
Corporation, distributions inexcess of earnings shall be made excess of earnings shall be madein an amount decided by thein an amount decided by theInvestment Corporation and
Investment Corporation andequivalent to a deduction in net
equivalent to a deduction in net
assets (refers to stipulations ofassets (refers to stipulations ofArticle 2, Paragraph 2, Item 30
Article 2, Paragraph 2, Item 30(b) of the Regulations on(b) of the Regulations on
Accountings of Investment
Accountings of Investment
Corporations), taking into account Corporations), taking into accounteffects of the deduction in net
effects of the deduction in net
assets on distribution amounts.
assets on distribution amounts.
During the fiscal period underDuring the fiscal period underreview, the Investment
review, the Investment
Corporation has accordingly
Corporation has accordingly
decided to distribute ¥25,450,392 decided to distribute ¥11,568,360
as distributions related toas distributions related toallowance for temporary
allowance for temporary
difference adjustments, calculated difference adjustments, calculated
to exclude a fraction of less than as the amount equivalent to¥1 of distributions in excess of¥11,111,618, which is calculated
earnings per investment unit from by deducting ¥28,535,288 of
the amount equivalent totemporary difference adjustments¥25,499,775, which is calculated (refers to stipulations of Article 2,
by deducting ¥3,084,896 of
Paragraph 2, Item 30 of thetemporary difference adjustments Regulations on Accountings of(refers to stipulations of Article 2, Investment Corporations) from
Paragraph 2, Item 30 of thedeferred losses on hedges ofRegulations on Accountings of¥39,646,906. As a result,Investment Corporations) from
distributions are to amount todeferred losses on hedges of¥7,250,276,824 for the fiscal¥28,584,671. As a result,period under review.
distributions are to amount to¥7,362,875,528 for the fiscal
period under review.
- 20 -

(5) Statement of Cash Flows(Unit: Thousands of yen)Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)

7,363,965
1,335,856
9,230

7,250,469
1,352,409
7,860

7,684

8,841

(78)
680,505
184,162
33,319(11,743)
206,899
68,498(852)(311,338)
16,948(27,019)9,556,036
78(680,318)(829)
8,874,966(85)
656,185
186,41244,474(54,509)(205,702)
18,685(19,264)
157,127
15,412(1,979)9,416,336
85(670,357)(954)
8,745,109(757,118)(850,086)(640,820)(1,191,268)

684,397

1,474,589(713,542)(566,765)

1,517,316(5,998,000)–––(6,518,000)
17,268,352(12,500,000)

4,474,498

1,286,500(7,328,580)(32,130)(7,366,894)
794,529
16,756,549
17,551,079(7,364,538)(19,887)(7,847,572)
330,772
17,551,079
17,881,851

Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on retirement of non-current assets
Amortization of investment corporation bondissuance costs
Interest income and interest on securities
Interest expenses
Financing fees
Decrease (increase) in operating accounts receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other, net
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment in trust
Refund of leasehold and guarantee deposits received
in trust
Proceeds from leasehold and guarantee deposits
received in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of investment corporation
bonds
Distributions 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*1- 21 -*1

(6) Notes on Assumption of Going Concern
Not applicable.
(7) Notes on Important Accounting Policies
1. Method ofdepreciation of noncurrent assets(1) Property, plant and equipment (including trust assets)
The straight-line method is used.
The useful lives of major property, plant and equipment are listed below.
Buildings
2 to 70 years
Structures
2 to 66 years
Machinery and equipment
2 to 33 years
Tools, furniture and fixtures
2 to 15 years(2) Intangible assets
Internal use software is amortized by the straight-line method over the
expected useful life (5 years).
(3) Long-term prepaid expenses
The straight-line method is used.

2. Accounting methodfor deferred assets(1) Investment unit issuance expenses
The full amount is recorded as expenses when incurred.
(2) Investment corporation bond issuance costs
Amortized by the straight-line method over the period until maturity.

Property-related taxes
3. Accounting forincome and expenses
For property tax, city planning tax, depreciable asset tax for real properties
held, the amount of tax levied corresponding to the calculation period isrecorded as expenses related to leasing business.
The settlement money for property tax that is paid to the disposing entity
for acquisition of real properties (so-called “amount equivalent to propertytax”) is not recorded as expenses related to leasing business but included in
the acquisition costs for the related properties. There is no amountequivalent to property tax included in acquisition cost for properties for thecurrent fiscal period.
4. Method of hedge
accounting(1) Method of hedge accounting
Deferred hedge accounting is applied. For interest rate swaps that satisfy
the requirements for special treatment, special treatment is applied.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swaps transactions
Hedged items: Long-term borrowings(3) Hedging policy
Based on the management policy of financial market risks, the Investment
Corporation makes interest rate swaps for the purpose to hedge risks set
forth in the Articles of Incorporation of the Investment Corporation.
(4) Method of assessing hedge effectiveness
The Investment Corporation assesses hedge effectiveness by comparing
the cumulative total changes in the cash flows of the hedged items withthose of the hedging instruments, and then verifying the ratio of thechanges in both amounts. However, hedge effectiveness is deemed tohave been ensured with respect to interest rate swaps that satisfy therequirements for special treatment.

- 22 -

5. Scope of cash (cash Cash and cash equivalents include cash on hand, cash in trust, demandand cash equivalents) deposits, deposits in trust, and highly liquid short-term investments that arein the statement ofreadily convertible, bear little risk in price fluctuations, and mature withincash flows
three months of the date of acquisition.
6. Other matters related (1) Accounting method for beneficial interests in trust with real estate, etc. as
trust asset
to the preparation offinancial statements
With regard to beneficial interests in trust with real estate, etc. in holding
as trust asset, all assets and liabilities as well as all revenue and expense
items associated with all trust assets are accounted for under the respective
account items of the balance sheet and statement of income.
Of the trust assets accounted for under the respective account items, thefollowing items with significance are separately indicated on the balance
sheet.
i) Cash and deposits in trustii) Buildings in trust; structures in trust; machinery and equipment intrust; tools, furniture and fixtures in trust; land in trust; construction inprogress in trust; and land leasehold interests in trustiii) Leasehold and guarantee deposits received in trust(2) Accounting method for consumption tax and local consumption tax
Consumption tax and local consumption tax are accounted for by the taxexclusion method. Consumption taxes unqualified for deduction for tax
purposes for non-current assets, etc. are included in acquisition cost foreach asset.
Additional information
Notes on Provision and Reversal of Allowance for Temporary Difference Adjustments
Previous fiscal period (From June 1, 2020 to November 30, 2020)
1.

2.

Reason for Provision, Related Assets, etc. and Amount of Provision

Related assets, etc.

Reason for provision

Deferred gains or losses on hedges

Recognition of loss on valuationof interest rate swaps(Unit: Thousands of yen)
Allowance fortemporary difference
adjustments
25,450Specific Method of Reversal
Deferred gains or losses on hedges
The reversal is to accord with changes in fair value of derivative transactions that are the hedging
instruments.

Current fiscal period (From December 1, 2020 to May 31, 2021)
1.

Reason for Provision, Related Assets, etc. and Amount of Provision

Related assets, etc.

Reason for provision

Deferred gains or losses on hedges

Recognition of loss on valuationof interest rate swaps- 23 -(Unit: Thousands of yen)
Allowance fortemporary difference
adjustments
11,568

2.

Specific Method of Reversal
Deferred gains or losses on hedges
The reversal is to accord with changes in fair value of derivative transactions that are the hedging
instruments.

(8) Notes to Financial Statements
Notes to Balance Sheet
1. Commitment Line Contracts
The Investment Corporation has the commitment line contracts with three of the banks with which it does
business.
As of November 30, 2020
Total amount specified in the commitmentline contracts¥21,000,000 thousand¥21,000,000 thousand––¥21,000,000 thousand¥21,000,000 thousand

Loan balance
Net balance

As of May 31, 2021

*2. Minimum Net Assets Stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
As of November 30, 2020
¥50,000 thousand

As of May 31, 2021
¥50,000 thousand*3. Allowance for Temporary Difference Adjustments
Previous fiscal period (From June 1, 2020 to November 30, 2020)
1.

Reason for Provision and Reversal, Related Assets, etc. and Amount of Provision(Unit: Thousands of yen)
Balance at Amount of Amount of Balance at
Reason for
RelatedReason for
Initialbeginning provision reversal
end ofreversal
assets, etc.
provisionamountof period for period for period period
Recognition
Deferredof loss on
gains orvaluation of
3,084
–
3,084
–
3,084
–
losses oninterest rate
hedgesswaps

2.

Specific Method of Reversal
Deferred gains or losses on hedges
The reversal is to accord with changes in fair value of derivative transactions that are the hedging
instruments.

- 24 -

Current fiscal period (From December 1, 2020 to May 31, 2021)
1.

Reason for Provision and Reversal, Related Assets, etc. and Amount of Provision(Unit: Thousands of yen)
Balance at Amount of Amount of Balance at
Reason for
RelatedReason for
Initialbeginning provision reversal
end ofreversal
assets, etc.
provisionamountof period for period for period period
Recognition
Deferredof loss on
gains orvaluation of
28,535
3,084
25,450–28,535–losses oninterest rate
hedgesswaps

2.

Specific Method of Reversal
Deferred gains or losses on hedges
The reversal is to accord with changes in fair value of derivative transactions that are the hedging
instruments.

- 25 -

Notes to Statement of Income*1. Breakdown of Profit (Loss) from Real Estate Leasing Business
Previous fiscal period(From June 1, 2020
to November 30, 2020)(Unit: Thousands of yen)
Current fiscal period(From December 1, 2020
to May 31, 2021)

12,889,168

12,674,111

Common service fees

739,267

712,876

Parking lot fees

285,349

281,003

Other rent revenue

95,500

A. Real estate leasing businessrevenues
Leasing business revenue
Rent

14,009,287

97,361

13,765,352

Other leasing business revenue

1,037,494

950,325

Total real estate leasing businessrevenues

15,046,782

14,715,678

B. Real estate leasing business
expenses
Expenses related to leasing
business
Management operation
expenses

1,278,062

1,325,956

Utilities expenses

892,089

722,712

Tax and public dues

1,268,968

1,281,248

Insurance

12,985

13,031

Repair and maintenanceexpenses

441,806

384,062

1,335,601

1,352,155

Loss on retirement of noncurrent assets

9,230

7,860

Other expenses related toleasing business

349,775

Depreciation

Total real estate leasing business
expenses
C. Profit (loss) from real estateleasing business (A – B)

- 26 -

5,588,521

282,7975,369,825

5,588,521

5,369,825

9,458,260

9,345,853

*2.

Breakdown of Gain (Loss) on Sale of Real Estate Properties
Previous fiscal period (From June 1, 2020 to November 30, 2020)(Unit: Thousands of yen)
EDGE Shinsaibashi (structures)
Income from sale of real estate properties
Costs of sale of real estate properties
Other costs of sale
Gain on sale of real estate properties

29,000–2,267
26,732Current fiscal period (From December 1, 2020 to May 31, 2021)
Not applicable.
*3.

Transactions with Major Unitholders
Previous fiscal period(From June 1, 2020
to November 30, 2020)(Unit: Thousands of yen)
Current fiscal period(From December 1, 2020
to May 31, 2021)

Operating transactions
Operating revenue

2,124,905

1,863,166

Notes to Statement of Unitholders’ Equity
Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)*1. Total number of authorized investment units
and total number of investment units issued
Total number of authorized investment units
Total number of investment units issued

4,000,000 units

4,000,000 units

771,224 units

771,224 units

Notes to Statement of Cash Flows*1. Reconciliation between Cash and Cash Equivalents at End of Period and the Amount on the Balance
Sheet
Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)

Cash and deposits¥14,125,013 thousand¥14,227,970 thousand

Cash and deposits in trust¥3,426,066 thousand¥3,653,881 thousand

Cash and cash equivalents¥17,551,079 thousand¥17,881,851 thousand- 27 -

Notes on Financial Instruments
1. Matters Regarding Financial Instruments(1) Policy for Financial Instruments
The Investment Corporation raises funds by borrowing, issuing investment corporation bonds, or issuinginvestment units for the purpose of acquiring real estate-related assets and repaying interest-bearing debt.
When raising funds, the Investment Corporation aims to sustain stable financing capability for a long time
at low cost by enhancing its capital adequacy and maintaining conservative interest-bearing debt, looking
for attributes such as extended borrowing periods for interest-bearing debt, fixed interest rates, anddiversified due dates to ensure financial stability and avoid the risk of interest-rate hikes.
We also invest temporary excess funds in deposits in general, taking safety and liquidity, etc. into accountand carefully considering the interest-rate environment and our cash management.
We may carry out derivatives transactions for the purpose of hedging the interest-rate risk of borrowings
and other risks, but do not engage in speculative transactions.
(2) Content and Risks of Financial Instruments and Risk Management System
As the excess funds of the Investment Corporation are invested in deposits, they are exposed to credit
risks such as the insolvency of the financial institutions in which the excess funds are deposited. However,
we deposit excess funds carefully by limiting the period of deposits to the short term, taking safety andliquidity, etc. into account and carefully considering the financial environment and our cash management.
Borrowings and investment corporation bonds are mainly for the purpose of acquiring real estate andrefinancing of existing borrowings. Leasehold and guarantee deposits received are deposits provided bytenants. Borrowings, investment corporation bonds, leasehold and guarantee deposits received are
exposed to liquidity risks at the time of repayment or redemption. However, these risks are managed
through management of liquidity in hand by preparing a monthly funding plan, efforts to reduce liquidity
risk on borrowings and investment corporation bonds by diversifying repayment periods, etc., and othermeans.
Floating-rate borrowings are also exposed to the risk of fluctuations in interest-rates. However, these risks
are managed through derivative transactions (interest rate swaps) as hedging instruments in certain
floating-rate borrowings.
(3) Supplemental Remarks on the Fair Value of Financial Instruments
The fair value of financial instruments is based on market prices or reasonably calculated value if it has nomarket price. As certain assumptions are made in calculating these values, if different assumptions, etc.
are used, these values could vary.
2. Matters Regarding Fair Values of Financial Instruments
Carrying amounts, fair values, and the differences between the two values as of November 30, 2020, are asshown below. Financial instruments whose fair value is considered to be extremely difficult to determine
are not included in this table (please refer to (Note 2)).
(Unit: Thousands of yen)
Carrying amount
Fair value
Difference(1) Cash and deposits

14,125,013

14,125,013–(2) Cash and deposits in trust

3,426,066

3,426,066–

Total assets

17,551,079

17,551,079–(1) Short-term borrowings

6,518,000

6,518,000–(2) Current portion of long-termborrowings

26,250,000

26,309,036

59,036(3) Investment corporation bonds

21,500,000

21,661,272

161,272(4) Long-term borrowings

190,100,000

192,679,568

2,579,568

Total liabilities

244,368,000

247,167,878

2,799,878(28,584)(28,584)–

Derivative transactions- 28 -

Carrying amounts, fair values, and the differences between the two values as of May 31, 2021, are as shown
below. Financial instruments whose fair value is considered to be extremely difficult to determine are notincluded in this table (please refer to (Note 2)).
Carrying amount(Unit: Thousands of yen)
Difference

Fair value(1) Cash and deposits

14,227,970

14,227,970–(2) Cash and deposits in trust

3,653,881

3,653,881–

Total assets

17,881,851

17,881,851–(1) Short-term borrowings

–

–

–

(2) Current portion of long-termborrowings

27,850,000

27,891,765

41,765(3) Investment corporation bonds

22,800,000

22,975,707

175,707(4) Long-term borrowings

193,500,000

195,464,522

1,964,522

Total liabilities

244,150,000

246,331,994

2,181,994(39,646)(39,646)–

Derivative transactions(Note 1) Measurement Methods for Fair Values of Financial Instruments
Assets(1) Cash and deposits, (2) Cash and deposits in trust
The book value is used as the fair value of these assets, given that the fair value is almost the same as
the book value, as it is settled in a short time.
Liabilities(1) Short-term borrowings
The book value is used as the fair value of these liabilities, given that the fair value is almost the sameas the book value, as it is settled in a short time.
(2) Current portion of long-term borrowings, (4) Long-term borrowings
These fair values are determined by discounting the total of principal and interest at the rate assumed
when a new loan is made corresponding to the remaining period. The book value is used as the fairvalue of those borrowings with floating interest rate, given that the fair value is almost the same as thebook value, as their interest rates are reviewed on a short-term interval to reflect market interest rates(however, for long-term borrowings with floating interest rate to which special treatment for interest
rate swaps is applied, the fair value is the value calculated by discounting the sum of principal andinterest, which are treated in combination with the said interest rate swap, at a reasonable rateestimated for a similar new loan).
(3) Investment corporation bonds
These fair values are determined by discounting the total of principal and interest at a rate taking into
account the remaining period and credit risk of the said investment corporation bonds.
Derivative transactions
Please refer to “Notes on Derivative Transactions” on pages 31 and 32.

- 29 -

(Note 2) Carrying Amounts of Financial Instruments Whose Fair Value Is Considered to Be Extremely
Difficult to Determine
Category

As of November 30, 2020

Leasehold and guarantee
deposits received in trust **(Unit: Thousands of yen)
As of May 31, 2021

22,353,035

22,636,356

As there are no market prices for leasehold and guarantee deposits received in trust from tenants forleasehold properties and the actual period of deposit from move-in of the tenant to move-out isdifficult to determine, it is extremely difficult to reasonably estimate the cash flow. Therefore, the fairvalue for leasehold and guarantee deposits received in trust is not subject to the disclosure of fairvalue.

(Note 3) Expected Amounts of Redemption of Monetary Claims after the Account Closing Date
(November 30, 2020)
Within1 year

1–2 years

2–3 years(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Deposits

14,125,013

–

–

–

–

–

Deposits in trust

3,426,066

–

–

–

–

–

Total

17,551,079

–

–

–

–

–

Expected Amounts of Redemption of Monetary Claims after the Account Closing Date
(May 31, 2021)
Within1 year

1–2 years

2–3 years(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Deposits

14,227,970

–

–

–

–

–

Deposits in trust

3,653,881

–

–

–

–

–

Total

17,881,851

–

–

–

–

–

(Note 4) Expected Amounts of Repayment of Borrowings and Investment Corporation Bonds after the
Account Closing Date (November 30, 2020)
Within1 year

1–2 years

2–3 years(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Short-term borrowings

6,518,000

–

–

–

–

–

Investment corporation
bonds

–

1,000,000–

5,000,000

2,000,000

13,500,000

26,250,000 26,100,000 29,750,000 29,500,000 26,000,000

78,750,000

32,768,000 27,100,000 29,750,000 34,500,000 28,000,000

92,250,000

Long-term borrowings
Total- 30 -

Expected Amounts of Repayment of Borrowings and Investment Corporation Bonds after the
Account Closing Date (May 31, 2021)
Within1 year

1–2 years

2–3 years(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Short-term borrowings

–

–

–

–

Investment corporation
bonds

–

1,000,000–

7,000,000

Long-term borrowings
Total

–

–

2,000,000 12,800,000

27,850,000 26,500,000 32,750,000 24,500,000 27,500,000 82,250,000
27,850,000 27,500,000 32,750,000 31,500,000 29,500,000 95,050,000

Notes on Derivative Transactions
1. Derivative Transaction to Which Hedge Accounting Is Not Applied(As of November 30, 2020)
Not applicable.
(As of May 31, 2021)
Not applicable.
2. Derivative Transaction to Which Hedge Accounting Is Applied(As of November 30, 2020)
The following table shows contract amount or principal amount, etc. set forth in the contract as of theaccount closing date by method of hedge accounting.
(Unit: Thousands of yen)Hedge
accounting

Type ofderivativetransactions

Deferred hedge
accounting

Interest rate
swaps
Receive floating
Pay fixed

Interest rate
Special treatment
swaps
for interest rate
Receive floating
swaps
Pay fixed

Major
hedgeditems

Amount of contract
Fair value

Calculation
method forfair value

Long-term
12,000,000 12,000,000
borrowings(28,584)

Based onprices, etc.
indicated bypartnerfinancial
institutions

Long-term
18,140,000 18,140,000
borrowings*–- 31 -

Portion due
after 1 year

(As of May 31, 2021)
The following table shows contract amount or principal amount, etc. set forth in the contract as of theaccount closing date by method of hedge accounting.
(Unit: Thousands of yen)Hedge
accounting

Type ofderivativetransactions

Deferred hedge
accounting

Interest rate
swaps
Receive floating
Pay fixed

Major
hedgeditems

Amount of contract
Portion due
after 1 year

Long-term
12,000,000 12,000,000
borrowings

Fair value

Calculation
method forfair value(39,646)

Based onprices, etc.
indicated bypartnerfinancial
institutions

Interest rate
Special treatment
Long-term
swaps
for interest rate
18,140,000 18,140,000*–
Receive floating borrowings
swaps
Pay fixed* Interest rate swap transactions to which special treatment is applied are accounted for as an integral
part of long-term borrowings, a hedged item. Thus, their fair values are included in the fair value of
long-term borrowings. (Please refer to the preceding “Notes on Financial Instruments, 2. Matters
Regarding Fair Values of Financial Instruments, (Note 1) Liabilities (4)” on page 29.)
Notes on Tax Effect Accounting
1. Components of Deferred Tax Assets and Deferred Tax Liabilities
As of November 30, 2020

As of May 31, 2021

Deferred tax assets
Non-deductible amount for tax purposesof enterprise tax payable¥16 thousand¥2 thousand

Deferred gains or losses on hedges¥8,992 thousand¥12,472 thousand

Subtotal of deferred tax assets¥9,009 thousand¥12,475 thousand

Valuation allowance¥(8,992) thousand¥(12,472) thousand¥16 thousand¥2 thousand¥16 thousand¥2 thousand

Total deferred tax assets
Net deferred tax assets

2. Reconciliation of Significant Difference between Effective Statutory Tax Rate and Effective Income Tax
Rate after Application of Tax Effect Accounting
As of November 30, 2020
Effective statutory tax rate

As of May 31, 2021

31.46%

31.46%(31.46)%(31.46)%

0.01%

0.01%

0.01%

0.01%

Adjustments
Distributions paid included indeductibles
Other
Effective income tax rate after applicationof tax effect accounting- 32 -

Notes on Transactions with Related Parties
1. Parent Company and Major Corporate Unitholders
Previous fiscal period (From June 1, 2020 to November 30, 2020)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
21-1
Major
Dogenzaka 1Tokyu Land
unit
chome,
Corporation-holder
Shibuya-ku,
Tokyo

57,551

Real estatebusiness

10.52%None

Major
Refund ofunitholder, leasehold andand rent
guarantee
anddeposits
manage- received
ment ofproperties
Rentalrevenues, etc.

Account
title

Balance at
end ofperiod(Thousandsof yen)9,635 Leasehold
andguarantee
deposits
received in
67,322 trust

2,384,566

Operatingaccounts
2,124,905 receivable

103,980

Advances
received

61,221

Transaction
amount(Thousandsof yen)Current fiscal period (From December 1, 2020 to May 31, 2021)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
21-1
Major
Dogenzaka 1Tokyu Land
unit
chome,
Corporation-holder
Shibuya-ku,
Tokyo

57,551

Real estatebusiness

10.52%None

Major
Refund ofunitholder, leasehold andand rent
guarantee
anddeposits
manage- received
ment ofproperties
Rentalrevenues, etc.

Transaction
amount(Thousandsof yen)Balance at
end ofAccount
periodtitle(Thousandsof yen)170,771 Leasehold
andguarantee
deposits
received in
95,433 trust

2,459,904

Operatingaccounts
1,863,166 receivable

48,685

Advances
received

196,033(Note 1)Of the amounts above, the transaction amount does not include consumption taxes, and the balance at end of period
includes consumption taxes.

(Note 2)The transaction terms are based on current market practices.

2. Associates, etc.
Previous fiscal period (From June 1, 2020 to November 30, 2020)
Not applicable.
Current fiscal period (From December 1, 2020 to May 31, 2021)
Not applicable.

- 33 -

3. Sister companies, etc.
Previous fiscal period (From June 1, 2020 to November 30, 2020)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Account
title

Balance at
end ofperiod(Thousandsof yen)18,195 Leasehold
andguarantee
deposits
received in
62,410 trust

6,239,918

Operatingaccounts
receivable

261,364

Advances
received

45,557358,920 Leasehold
andguarantee
deposits
received in
437,397 trust

9,224,589

Operatingaccounts
6,064,036 receivable

209,203

Advances
received

42,623

Real estate
management
fee

Operating
866,295 accounts
payable183,422

Payment of
asset
management
fee

Other
1,120,034 accrued
expenses

507,238

Transaction

Receipt ofleasehold andguarantee
deposits
Tokyu
Land SC
Subsidiary
Manageof majormentunitholder
Corporation

16-3,
Dogenzaka
1-chome,
Shibuya-ku,
Tokyo

100

Real estate
managementbusiness–

None

Rent andmanagement ofproperties

Refund ofleasehold andguarantee
deposits
received

Rentalrevenues, etc.

Receipt ofleasehold andguarantee
deposits

10-1, Yoga
Subsidiary Tokyu
4-chome,of major Community
Setagayaunitholder Corp.
ku, Tokyo

1,653

Real estate
managementbusiness–

None

Rent andmanagement ofproperties

Refund ofleasehold andguarantee
deposits
received
Rentalrevenues, etc.

21-1,
Subsidiary TLC REIT Dogenzaka
of major Manage1-chome,unitholder ment Inc. Shibuya-ku,
Tokyo(Note 1)
(Note 2)200

Investment
managementbusiness

–

None

Asset
Manager

Transaction
amount(Thousandsof yen)3,939,335

Of the amounts above, the transaction amount does not include consumption taxes, and the ending balance includes
consumption taxes.
The transaction terms are based on current market practices.

- 34 -

Current fiscal period (From December 1, 2020 to May 31, 2021)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Account
title

Balance at
end ofperiod(Thousandsof yen)16,924 Leasehold
andguarantee
deposits
received in
61,835 trust

6,195,007

Operatingaccounts
receivable

186,630

Advances
received

42,441

1,066,671 Leasehold
andguarantee
deposits
received in
845,808 trust

9,445,453

Operatingaccounts
5,914,339 receivable

204,877

Advances
received

38,366

Real estate
management
fee

Operating905,983 accounts
payable194,553

Payment of
asset
management
fee

Other
1,104,682 accrued
expenses494,734

Transaction

Receipt ofleasehold andguarantee
deposits
Tokyu
Land SC
Subsidiary
Manageof majormentunitholder
Corporation

16-3,
Dogenzaka
1-chome,
Shibuya-ku,
Tokyo

100

Real estate
managementbusiness–

None

Rent andmanagement ofproperties

Refund ofleasehold andguarantee
deposits
received

Rentalrevenues, etc.

Receipt ofleasehold andguarantee
deposits

10-1, Yoga
Subsidiary Tokyu
4-chome,of major Community
Setagayaunitholder Corp.
ku, Tokyo

1,653

Real estate
managementbusiness–

None

Rent andmanagement ofproperties

Refund ofleasehold andguarantee
deposits
received
Rentalrevenues, etc.

21-1,
Subsidiary TLC REIT Dogenzaka
of major Manage1-chome,unitholder ment Inc. Shibuya-ku,
Tokyo(Note 1)
(Note 2)200

Investment
managementbusiness

–

None

Asset
Manager

Transaction
amount(Thousandsof yen)3,968,534

Of the amounts above, the transaction amount does not include consumption taxes, and the ending balance includes
consumption taxes.
The transaction terms are based on current market practices.

- 35 -

Notes on Investment and Rental Properties
The Investment Corporation holds Urban Retail and Tokyo Office properties, etc. in Tokyo and other regions
for rental revenue. The carrying amounts on the balance sheet, changes during the fiscal period, and fairvalues of investment and rental properties are as follows.
(Unit: Thousands of yen)
Current fiscal period
Previous fiscal period(From December 1, 2020
(From June 1, 2020
to May 31, 2021)
to November 30, 2020)

Use
Carrying amount on the balance sheet
Balance at beginning of period
Urban Retail
Properties

198,791,882

198,465,968

Changes during period(325,913)(270,294)

Balance at end of period

198,465,968

198,195,674

238,636,000

232,977,000

204,916,612

204,673,488

Changes during period(243,123)(41,185)

Balance at end of period

204,673,488

204,632,303

245,780,000

246,570,000

102,563,571

102,437,930

Changes during period(125,640)(241,903)

Balance at end of period

102,437,930

102,196,027

122,490,000

122,380,000

506,272,066

505,577,388

Changes during period(694,677)(553,383)

Balance at end of period

505,577,388

505,024,005

606,906,000

601,927,000

Fair value at end of period
Carrying amount on the balance sheet
Balance at beginning of periodTokyo Office
Properties

Fair value at end of period
Carrying amount on the balance sheet
Activia
Account
Properties

Balance at beginning of period

Fair value at end of period
Carrying amount on the balance sheet
Balance at beginning of period
Total

Fair value at end of period(Note 1) The carrying amount on the balance sheet is the acquisition cost less accumulated depreciation.
(Note 2) The main reason for the decrease in the current fiscal period is the provision of depreciation worth¥1,352,155 thousand.
(Note 3) The fair value at end of period is the appraisal value provided by an outside real estate appraiser. As
for Tokyu Plaza Akasaka, the value is based on the transfer price (¥11,800,000 thousand) in thesales contract concluded on May 21, 2021.
The profit/loss concerning investment and rental properties for the current fiscal period is indicated under“Notes to Statement of Income.”- 36 -

Per Unit Information
Previous fiscal period(From June 1, 2020
to November 30, 2020)
Net assets per unit
Basic earnings per unit

Current fiscal period(From December 1, 2020
to May 31, 2021)¥331,558¥331,397¥9,547¥9,400(Note 1) Basic earnings per unit is calculated by dividing profit by the day-weighted average number ofinvestment units for the period (previous fiscal period 771,224 units; current fiscal period 771,224
units). Diluted earnings per unit is not stated, as there is no potential investment unit.
(Note 2) The basis for calculating basic earnings per unit is as follows:
Previous fiscal period(From June 1, 2020
to November 30, 2020)

Current fiscal period(From December 1, 2020
to May 31, 2021)

7,363,018

7,249,804––

Profit attributable to common investment units(Thousands of yen)

7,363,018

7,249,804

Average number of investment units for theperiod (Units)771,224

771,224

Profit (Thousands of yen)Amount not attributable to common
unitholders (Thousands of yen)

Significant Subsequent Events
Not applicable.
Omission of Disclosure
As the need for disclosing notes on lease transactions, securities, retirement benefits, equity in earnings ofaffiliates, asset retirement obligations, and segment information in this financial report is not considered to be
substantial, the disclosure of these items is omitted.

- 37 -

(9) Changes in Total Number of Investment Units Issued and Outstanding
There are no capital increases, etc. for the current fiscal period. The overview of capital increases, etc. inand before the previous fiscal period is as follows:

Date

Summary

Total investments(Thousands of yen)
ChangeBalance

Total number ofinvestment units
issued(Units)ChangeRemarks

Balance

September 7, 2011

Establishment
through private
placement

200,000

200,000400

400 (Note 1)

June 12, 2012

Capital increase
through public
offering

90,834,705

91,034,705

204,100

204,500 (Note 2)

July 10, 2012

Capital increase
through thirdparty allotment

339,128

91,373,833

762

205,262 (Note 3)

December 16,
2013

Capital increase
through public
offering

32,636,569 124,010,403

43,100248,362 (Note 4)

January 15, 2014

Capital increase
through thirdparty allotment

2,044,518 126,054,921

2,700

251,062 (Note 5)

December 17,
2014

Capital increase
through public
offering

22,800,626 148,855,547

24,050275,112 (Note 6)

January 8, 2015

Capital increase
through thirdparty allotment

1,915,063 150,770,610

2,020

277,132 (Note 7)

October 1, 2015

Investment unit
split

– 150,770,610

277,132554,264 (Note 8)

December 15,
2015

Capital increase
through public
offering

19,152,091 169,922,702

41,870596,134 (Note 9)

January 6, 2016

Capital increase
through thirdparty allotment

1,610,111 171,532,813

3,520

599,654 (Note 10)

December 1, 2016

Capital increase
through public
offering

28,583,994 200,116,808

61,040660,694 (Note 11)

December 15,
2016

Capital increase
through thirdparty allotment

2,116,639 202,233,447

4,520

665,214 (Note 12)

December 13,
2017

Capital increase
through public
offering

13,793,296 216,026,743

31,090696,304 (Note 13)

December 26,
2017

Capital increase
through thirdparty allotment

1,064,776 217,091,520

2,400

698,704 (Note 14)

December 19,
2018

Capital increase
through public
offering

29,036,462 246,127,982

67,320766,024 (Note 15)

January 7, 2019

Capital increase
through thirdparty allotment

2,242,864 248,370,846

5,200

771,224 (Note 16)- 38 -

(Note 1) The Investment Corporation was established with an offering price per unit of ¥500,000.
(Note 2) New investment units were issued by public offering with an offering price per unit of ¥460,000(paid-in amount of ¥445,050 per unit) in order to raise funds for the acquisition of new
properties, etc., and then investment operations were commenced.
(Note 3) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥445,050 per unit.
(Note 4) New investment units were issued by public offering with an offering price per unit of ¥782,925(paid-in amount of ¥757,229 per unit) in order to raise funds for the acquisition of new
properties, etc.
(Note 5) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥757,229 per unit.
(Note 6) New investment units were issued by public offering with an offering price per unit of ¥979,020(paid-in amount of ¥948,051 per unit) in order to raise funds for the acquisition of new
properties.
(Note 7) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥948,051 per unit.
(Note 8) A two-for-one split of the investment units has been implemented, with September 30, 2015 as
the record date and October 1, 2015 as the effective date.
(Note 9) New investment units were issued by public offering with an offering price per unit of ¥472,360(paid-in amount of ¥457,418 per unit) in order to raise funds for the acquisition of new
properties, etc.
(Note 10) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥457,418 per unit.
(Note 11) New investment units were issued by public offering with an offering price per unit of ¥483,326(paid-in amount of ¥468,283 per unit) in order to raise funds for the acquisition of new
properties.
(Note 12) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥468,283 per unit.
(Note 13) New investment units were issued by public offering with an offering price per unit of ¥458,150(paid-in amount of ¥443,657 per unit) in order to raise funds for the acquisition of new
properties.
(Note 14) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥443,657 per unit.
(Note 15) New investment units were issued by public offering with an offering price per unit of ¥445,410(paid-in amount of ¥431,320 per unit) in order to raise funds for the acquisition of new
properties.
(Note 16) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥431,320 per unit.
(Note 17) The above does not take into account the changes in unitholders’ capital arising from theimplementation of distributions in excess of net earnings from allowance for temporary
difference adjustments.

- 39 -

3. Reference Information(1) Composition of Invested Assets

Type ofassetsPrevious fiscal period

Current fiscal period(As of November 30, 2020)(As of May 31, 2021)

Total amount
held(Millions ofyen)(Note 1)

Percentage tototal assets

Total amount
held(Millions ofyen)(Note 1)

Percentage tototal assets

Urban Retail Properties

–

–

–

–

Tokyo Office Properties

–

–

–

–

Activia Account Properties

–

–

–

–

The five central wards ofTokyo (Note 3)

–

–

–

–

Wards of Tokyo other than
the five central wards

–

–

–

–

Three major metropolitan
areas (Note 4)

–

–

–

–

Other locations

–

–

–

–

Subtotal

–

–

–

–

Urban Retail Properties

198,46537.8

198,195,674

37.7

Tokyo Office Properties

204,67339.0

204,632,303

38.9

Activia Account Properties

102,437

19.5

102,196,027

19.5

The five central wards ofTokyo (Note 3)

323,908

61.7

323,822,226

61.6

Wards of Tokyo other than
the five central wards

32,858

6.3

32,821,188

6.2

Three major metropolitan
areas (Note 4)

137,677

26.2

137,310,234

26.1

Other locations

11,132

2.1

11,070,355

2.1

Subtotal

505,57796.2

505,024

96.1

Total real estate assets

505,57796.2

505,024

96.1

Deposits and other assets

19,801

3.8

20,354

3.9

Total assets (Note 5)525,378100.0

525,379

100.0

Category(%)(Note 2)(%)
(Note 2)

By property type

By locationRealestateBy property type

By locationRealestate intrust- 40 -

Amount(Millions ofyen)

Percentage tototal assets(%)(Note 2)

Amount(Millions ofyen)

Percentage tototal assets(%)(Note 2)

Total liabilities (Notes 5, 6)

269,672

51.3

269,797

51.4

Total net assets (Note 5)

255,705

48.7

255,58148.6(Note 1) The total amount held is based on the carrying amounts on the balance sheet as of the end ofeach fiscal period (for real estate and real estate in trust, book value less depreciation expenses),in accordance with the asset valuation method set forth in the Articles of Incorporation of theInvestment Corporation.
(Note 2) Figures are rounded to the nearest tenth.
(Note 3) “The five central wards of Tokyo” refers to Chiyoda ward (Chiyoda-ku), Chuo ward (Chuo-ku),
Minato ward (Minato-ku), Shinjuku ward (Shinjuku-ku) and Shibuya ward (Shibuya-ku) inTokyo.
(Note 4) “Three major metropolitan areas” refers to the Tokyo area (Tokyo, Kanagawa Prefecture,
Saitama Prefecture and Chiba Prefecture), the Chukyo area (Aichi Prefecture) and the Kinki
area (Osaka Prefecture, Kyoto Prefecture and Hyogo Prefecture); the same shall apply
hereinafter.
(Note 5) Total assets, total liabilities and total net assets represent the amounts reported in the balance
sheet as of the end of each fiscal period.
(Note 6) Total liabilities include the obligation to refund leasehold and guarantee deposits.
(2) Investment Assetsi) Major investment securities
Not applicable.
ii) Investment properties
Properties in trust held by the Investment Corporation are included in the below section “iii) Other
investment assets.”- 41 -

iii) Other investment assets(A) Overview of real estate and beneficial interests in real estate trust
The following table shows property name, acquisition price, book value at the end of the fiscal period,
assessed value at the end of the fiscal period, return price and investment ratio related to the assets
held by the Investment Corporation as of the end of the 19th fiscal period. Figures shown in the table
are as of May 31, 2021 unless otherwise provided.
a. Overview of assets held (1)(As of May 31, 2021)

Urban Retail Properties

Category

Return price (Note 4)
Property
number(Note 1)

Property name

Direct capitalization
DCF method
methodBook value Assessed
Acquisition
Investment
at end ofvalue at Price based
price
ratio
on
directDirectPrice
based
Terminal
periodend ofDiscount
capitaliza- capitaliza- on DCF
capitalizaperiod
rate
tion
tion rate
methodtion rate
method(Millionsof yen)(Note 2)

(Millionsof yen)(Note 3)

(Millionsof yen)(Note 4)

(Millionsof yen)UR-1

Tokyu Plaza Omotesando
Harajuku (Note 6)

45,00044,573

61,27562,0252.7

60,450

2.4

2.8

8.8

UR-2

Tokyu Plaza Akasaka(Note 6)

11,45011,57010,80011,0004.3

10,700

4.2

4.3

2.2

UR-3

Q plaza EBISU (Note 7)

8,430

8,160

11,70011,9003.2

11,6003.4/3.3

3.4

1.7

UR-5

Kyoto Karasuma Parking
Building

8,860

8,660

10,40010,400

4.7

10,400

4.7

4.9

1.7

UR-7

Kobe Kyu Kyoryuchi
25Bankan

21,33020,20926,80027,3003.8

26,200

3.6

4.0

4.2

UR-8

A-FLAG SAPPORO

4,410

4,780

7,670

7,690

5.4

7,660

5.2

5.6

0.9

UR-9

A-FLAG SHIBUYA(%)(Millionsof yen)

(%)

(%)

(%)
(Note 5)

6,370

6,358

7,910

7,970

3.9

7,890

3.7

4.1

1.3

UR-10 Q plaza SHINSAIBASHI

13,35013,38014,30014,2003.6

14,400

3.4

3.8

2.6

UR-11 A-FLAG KOTTO DORI

4,370

4,388

4,850

4,860

3.4

4,850

3.1

3.5

0.9

A-FLAG BIJUTSUKAN
UR-12
DORI

4,700

4,708

4,860

4,950

3.5

4,770

3.3

3.7

0.9

A-FLAG DAIKANYAMA
UR-13
WEST

2,280

2,433

2,300

2,320

3.9

2,270

3.7

4.1

0.4

A-FLAG KITA
UR-14
SHINSAIBASHI

4,725

4,830

4,670

4,750

3.9

4,580

3.6

4.0

0.9

DECKS Tokyo Beach
UR-15(Note 6)

12,74012,932

12,642

12,8874.0

12,348

3.8

4.2

2.5

UR-16

Tokyu Plaza Ginza (Land)(Notes 6, 8)

37,50037,89539,00038,7002.6

39,000

2.5

–

7.4

UR-17

Q plaza HARAJUKU(Note 6)

13,20013,31312,80013,0203.0

12,660

2.7

3.1

2.6

198,715

198,195

231,977

233,972–

229,778

–

–

39.0

Subtotal- 42 -

Tokyo Office Properties

Category

Return price (Note 4)
Property
number(Note 1)

Direct capitalization
methodProperty name(Millionsof yen)(Note 2)

(Millionsof yen)(Note 3)

(Millionsof yen)(Note 4)

(Millionsof yen)(%)(Millionsof yen)

(%)

(%)

(%)
(Note 5)

TO-1

TLC Ebisu Building

7,400

7,160

11,90012,2003.6

11,700

3.7

3.8

1.5

TO-2

A-PLACE Ebisu Minami

9,640

9,449

15,90015,3003.5

16,100

3.6

3.7

1.9

TO-3

A-PLACE Yoyogi

4,070

3,832

4,880

4,950

3.9

4,800

3.7

4.1

0.8

TO-4

A-PLACE Aoyama

8,790

8,535

10,70010,8003.9

10,700

3.7

4.1

1.7

TO-5

Luogo Shiodome

4,540

4,349

6,390

6,480

3.5

6,350

3.3

3.7

0.9

TO-6

TAMACHI SQUARE(Land)

2,338

2,362

2,840

2,970

3.4

2,790

3.8

3.6

0.5

TO-7

A-PLACE Ikebukuro

3,990

3,654

5,470

5,560

3.9

5,380

3.7

4.1

0.8

TO-8

A-PLACE Shinbashi

5,650

5,751

7,330

7,390

3.7

7,270

3.4

3.8

1.1

TO-9

A-PLACE Gotanda

5,730

5,401

8,180

8,250

3.5

8,100

3.3

3.7

1.1

TO-10 A-PLACE Shinagawa

3,800

3,773

6,250

6,380

3.4

6,110

3.2

3.6

0.7

TO-11 OSAKI WIZTOWER

10,69010,471

14,60014,8003.3

14,500

3.0

3.4

2.1

Shiodome Building(Note 6)

71,60070,502

78,05081,5503.3

76,300

3.1

3.5

14.1

TO-13 A-PLACE Ebisu Higashi

7,072

7,013

7,670

7,780

3.7

7,550

3.5

3.9

1.4

4,810

4,921

5,700

5,660

3.6

5,730

3.3

3.7

0.9

7,280

7,617

7,810

7,810

3.8

7,800

3.5

3.9

1.4

18,80018,79021,60021,9003.8

21,300

3.6

4.0

3.7

30,70031,04431,30031,8243.4

30,651

3.2

3.6

6.0

TO-12

A-PLACE Shibuya
KonnohA-PLACE Gotanda
TO-15
EkimaeA-PLACE Shinagawa
TO-16
HigashiEbisu Prime Square (Note
TO-18
6)
TO-14

Subtotal

Activia Account Properties

DCF method
Book value Assessed
Acquisition
Investment
at end ofvalue at Price based
price
ratio
Direct Price based
Terminal
on direct
periodend ofDiscount
capitalizaon
DCF
capitalizacapitalizaperiod
ratetion rate
methodtion ratetion
method206,900

204,632

246,570

251,604–

243,131

–

–

40.6

AA-1

Amagasaki Q’s MALL
(Land)

12,00012,113

14,20014,4004.2

14,000

3.9

4.4

2.4

AA-2

icot Nakamozu (Note 9)

8,500

7,977

10,60010,9004.8

10,500

4.7
/4.8
/4.9

5.0

1.7

AA-4

icot Mizonokuchi

2,710

2,587

3,240

3,310

5.4

3,160

5.2

5.8

0.5

AA-5

icot Tama Center

2,840

2,558

3,950

3,960

5.0

3,940

4.6

5.2

0.6

AA-6

A-PLACE Kanayama

6,980

6,132

8,600

8,710

5.1

8,480

4.9

5.3

1.4

AA-7

Osaka Nakanoshima
Building

11,100

11,133

16,70017,0003.8

16,400

3.6

4.0

2.2

AA-8

icot Omori

5,790

5,676

6,860

6,940

4.3

6,780

4.1

4.5

1.1

AA-9

Market Square Sagamihara

4,820

4,591

5,010

5,030

5.3

4,990

5.1

5.5

0.9

AA-10 Umeda Gate Tower

19,00019,107

21,40021,5003.7

21,400

3.4

3.8

3.7

AA-11 A-PLACE Bashamichi

3,930

4,036

4,760

4,850

4.8

4,670

4.5

5.0

0.8

AA-12 Commercial Mall Hakata

6,100

6,289

5,960

5,980

4.8

5,940

4.5

4.9

1.2

AA-13 EDGE Shinsaibashi

19,80019,991

21,10021,4003.8

20,700

3.6

4.0

3.9

Subtotal

103,570

102,196

122,380

123,980–

120,960

–

–

20.3

Total

509,185

505,024

600,927

609,556–

593,869

–

–

100.0

(Note 1)

(Note 2)

(Note 3)(Note 4)

A property number is assigned to each of assets held by the Investment Corporation, which are divided into the three
categories: UR (meaning Urban Retail Properties), TO (meaning Tokyo Office Properties) and AA (meaning Activia
Account Properties).
Acquisition price represents trading value of beneficial interests in trust stipulated in each beneficiary interest sales
agreement in relation to the assets held (excluding consumption tax and local consumption tax, and expenses such as
trading commissions, rounding down to the nearest million yen).
Book value at end of period represents book value for each property less depreciation expenses as of May 31, 2021,
rounding down to the nearest million yen.
The appraisal of properties is commissioned to Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd.,The Tanizawa Sōgō Appraisal Co., Ltd., Japan Valuers Co., Ltd. or JLL Morii Valuation & Advisory K.K. Assessedvalue at end of period and return price show value described in each real estate appraisal report with the date of value
estimate of May 31, 2021.
- 43 -

(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)Investment ratio is calculated by dividing the acquisition price for each property by the total acquisition price(excluding consumption tax and other acquisition-related expenses). Figures are rounded to the nearest tenth.
As for Tokyu Plaza Omotesando Harajuku, Tokyu Plaza Akasaka, DECKS Tokyo Beach, Tokyu Plaza Ginza (Land),Q plaza HARAJUKU, Shiodome Building, and Ebisu Prime Square, the figures are in proportion to the pro rata shareof our trust beneficiary co-ownership interests (jun kyōyū-mochibun) (75%, 50%, 49%, 30%, 60%, 35% and 51%,
respectively).
The discount rates of Q plaza EBISU represent 3.4% from the first year to the second year and 3.3% in and after thethird year.
The price based on direct capitalization method stated for Tokyu Plaza Ginza (Land) has been calculated by means of
the fixed term capitalization method.
The discount rates of icot Nakamozu represent 4.7% in the first year, 4.8% from the second year to the sixth year and4.9% in and after the seventh year.

- 44 -

b. Overview of assets held (2)Category(As of May 31, 2021)
Property
number

Property nameLocation

Date ofconstruction(Note 1)

(Note 2)

(Millions of (Millions of
yen)
yen)
(Note 3)(Note 4)

Total
Total leased
leasable area
area

Occupancy
rate

(m2)
(Note 5)(m2)
(Note 6)(%)(Note 7)

UR-1

Tokyu Plaza
Omotesando
Shibuya, Tokyo
Harajuku (Note 8)

March 14, 2012

32

1,954

1,636

4,918.43

4,891.23

99.4

UR-2

Tokyu Plaza
Akasaka (Note 8)

Chiyoda, Tokyo

September 10,
1969

90

898

347

16,609.75

16,077.98

96.8

UR-3

Q plaza EBISU

Shibuya, Tokyo

August 20, 2008

4

485

475

4,024.88

4,024.88

100.0

UR-5

Kyoto Karasuma
Parking Building

Kyoto, Kyoto

July 24, 2006

2

(Note 9)(Note 9)21,616.04

21,616.04

100.0

Kobe, Hyogo

January 31, 2010

7

1,206

1,431

19,653.90

19,653.90

100.0

Kobe Kyu
UR-7 Kyoryuchi
25Bankan

Urban Retail Properties

Number Contractedof
rent
tenants(Annual)Leaseholdandguarantee
deposit

UR-8

A-FLAGSAPPORO

Sapporo,Hokkaido

May 23, 1980

12

588

98

21,229.16

20,374.55

96.0

UR-9

A-FLAGSHIBUYA

Shibuya, Tokyo

June 29, 1988

2

420

179

3,403.07

3,403.07

100.0

UR-10

Q plaza
SHINSAIBASHI

Osaka, Osaka

November 16,
2007

6

673

433

2,820.23

2,820.23

100.0

UR-11

A-FLAG KOTTO
DORI

Minato, Tokyo

January 22, 1992

7

195

157

2,656.53

2,362.46

88.9

A-FLAG
UR-12 BIJUTSUKAN
DORI

Minato, Tokyo

December 1, 1998

4

239

241

1,994.65

1,994.65

100.0

A-FLAG
UR-13 DAIKANYAMA
WEST

Shibuya, Tokyo

April 21, 1992

1

(Note 9)(Note 9)2,579.08

2,579.08

100.0

UR-14

A-FLAG KITASHINSAIBASHI

Osaka, Osaka

March 25, 2008

5

186

129

2,538.13

2,538.13

100.0

UR-15

DECKS Tokyo
Beach (Note 8)

Minato, Tokyo

June 20, 1996

77

595

453

16,119.47

15,296.74

94.9

UR-16

Tokyu Plaza Ginza
Chuo, Tokyo(Land) (Note 8)

1

1,162

572

1,130.04

1,130.04

100.0

14

430

323

3,378.49

3,216.91

95.2

264

–

–

124,671.85

121,979.89

97.8

Q plaza
UR-17 HARAJUKU (Note Shibuya, Tokyo
8)
Subtotal–March 5, 2015–

- 45 -

CategoryTokyo Office Properties

Property
number

Property nameLocation

Number Contractedof
rent
tenants(Annual)(Note 1)

(Note 2)

Leaseholdandguarantee
deposit(Millions of (Millions of
yen)
yen)
(Note 3)(Note 4)

Total
Total leased
leasable area
area

Occupancy
rate

(m2)
(Note 5)(m2)
(Note 6)(%)(Note 7)

TO-1

TLC Ebisu
Building

Shibuya, Tokyo

March 5, 1993

11

575

496

7,342.60

6,513.11

88.7

TO-2

A-PLACE Ebisu
MinamiShibuya, Tokyo

January 31, 1995

10

833

784

7,950.49

7,950.49

100.0

TO-3

A-PLACE Yoyogi Shibuya, Tokyo

February 22, 2007

4

258

238

3,106.17

3,106.17

100.0

TO-4

A-PLACE Aoyama Minato, Tokyo

September 6,
1966

8

592

578

7,303.69

7,303.69

100.0

TO-5

Luogo Shiodome

Minato, Tokyo

July 30, 2004

6

310

279

4,476.35

3,908.74

87.3

TO-6

TAMACHISQUARE (Land)

Minato, Tokyo

–

1

125

–

1,287.96

1,287.96

100.0

TO-7

A-PLACE
Ikebukuro

Toshima, Tokyo

October 13, 20111

(Note 9)(Note 9)3,409.73

3,409.73

100.0

TO-8

A-PLACE
Shinbashi

Minato, Tokyo

March 4, 1999

10

377

314

5,054.19

5,054.19

100.0

TO-9

A-PLACE Gotanda

Shinagawa,Tokyo

February 27, 2012

11

385

354

4,028.69

4,028.69

100.0

TO-10

A-PLACE
ShinagawaMinato, Tokyo

September 20,
1991

8

271

256

2,986.36

2,986.36

100.0

TO-11

OSAKI
WIZTOWER

Shinagawa,Tokyo

January 10, 2014

6

680

680

7,193.28

7,193.28

100.0

TO-12

Shiodome Building
Minato, Tokyo(Note 8)December 14,
2007

36

3,225

2,663

28,136.05

27,993.23

99.5

TO-13

A-PLACE Ebisu
Higashi

Shibuya, Tokyo

January 10, 1992

7

354

266

4,010.69

4,010.69

100.0

TO-14

A-PLACE Shibuya
Shibuya, Tokyo
KonnohMarch 18, 1992

4

285

225

3,010.53

3,010.53

100.0

TO-15

A-PLACE Gotanda Shinagawa,EkimaeTokyo

November 30,
1993

11

394

336

4,333.64

4,333.64

100.0

TO-16

A-PLACE
Minato, Tokyo
Shinagawa Higashi

August 31, 1985
(main building)
September 13,
1999 (annex)

7

1,033

937

14,658.98

13,956.02

95.2

TO-18

Ebisu Prime Square
Shibuya, Tokyo(Note 8)January 31, 1997

103

1,370

1,058

18,063.03

16,176.70

89.6

–

244

–

–

126,352.43

122,223.22

96.7

AA-1

Amagasaki Q’s
MALL (Land)

–

1

714

341

27,465.44

27,465.44

100.0

AA-2

icot Nakamozu

Sakai, Osaka

June 27, 2007

2

620

430

28,098.02

28,098.02

100.0

AA-4

icot Mizonokuchi

Kawasaki,Kanagawa

July 15, 1998

1

(Note 9)100

14,032.05

14,032.05

100.0

AA-5

icot Tama Center

Tama, Tokyo

March 7, 2006

10

240

237

5,181.58

5,181.58

100.0

AA-6

A-PLACE
Kanayama

Nagoya, Aichi

February 10, 2009

21

541

445

9,314.90

9,314.90

100.0

AA-7

Osaka
Nakanoshima
Building

Osaka, Osaka

March 5, 1984

38

1,000

711

20,226.77

20,125.63

99.5

Ota, Tokyo

March 6, 2007

8

388

357

6,209.78(Note 10)

6,209.78(Note 10)

100.0

Sagamihara,
Kanagawa

June 13, 2014

3

(Note 9)(Note 9)15,152.42

15,152.42

100.0

AA-10 Umeda Gate Tower Osaka, Osaka

January 15, 2010

17

963

719

13,566.95

13,566.95

100.0

A-PLACE
AA-11
Bashamichi

Yokohama,
Kanagawa

May 31, 1975

36

352

248

9,710.91

9,710.91

100.0

Fukuoka,
Fukuoka

November 3, 2005

17

297

147

9,612.88

8,365.59

87.0

Subtotal

Activia Account Properties

Date ofconstruction

AA-8 icot Omori
AA-9

AA-12

Market Square
Sagamihara

Commercial Mall
HakataAmagasaki,
Hyogo

AA-13 EDGE Shinsaibashi Osaka, Osaka

21

1,048

853

15,897.10

15,897.10

100.0

Subtotal

April 22, 1986
–

175

–

–

174,468.80

173,120.37

99.2

Total

–

683

–

–

425,493.08

417,323.48

98.1- 46 -

(Note 1)

Date of construction of the main building, as described in the property registry. For properties with several mainbuildings, the construction date of the oldest building is listed. The construction date is omitted in case of acquisitionof land only (Land represents the part of site on which the building is established under a land lease right; the same
shall apply hereinafter). However, for A-PLACE Shinbashi and A-FLAG SHIBUYA, the date of inspection
confirming completion of construction written on the certificate of inspection is provided.
(Note 2) At each property, the number of tenants is equal to the aggregate number of tenants as of May 31, 2021 described in
the lease agreements in relation to buildings, except that for properties with master lease agreements, the total numberof end-tenants is listed. For properties for which we acquire only land, the total number of tenants of the land is listed.
(Note 3) The contracted rent (annual) for each property other than properties for which we acquire only land is calculated bymultiplying the aggregate anticipated monthly rent (limited to rent for rooms which were occupied by tenants as of
May 31, 2021), including common service fee and excluding usage fee for warehouses, signboards and parking lots,
and also excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductions of rent as of
May 31, 2021, as indicated in the lease agreements in relation to buildings as of May 31, 2021 by 12 (for wheremultiple lease agreements are concluded in relation to buildings, the aggregate anticipated monthly rent for all leaseagreements) (excluding consumption tax) and rounding to the nearest million yen. For properties for which we
acquire only land, it is calculated as the annual contracted rent (excluding consumption tax) as indicated in the leaseagreement for such land as of May 31, 2021, rounding to the nearest million yen. For properties with master leaseagreements, the annual contracted rent is calculated by multiplying the aggregate anticipated monthly rent (limited torent for rooms; including common service fees and excluding usage fees for warehouses, signboards and parking lots,
and also excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductions of rent as of
May 31, 2021), as indicated in the relevant sublease agreement with end-tenants by 12.
(Note 4) The leasehold and guarantee deposit is calculated as the total amount on the lease agreement for each property as of
May 31, 2021 (limited to leasehold and guarantee deposit based on the lease agreement for leased property that was
occupied by the tenant as of May 31, 2021), rounding to the nearest million yen. For properties with master leaseagreements, the leasehold and guarantee deposit is calculated as the total amount required based on the subleaseagreements with end-tenants, rounding to the nearest million yen.
(Note 5) The total leasable area represents the total of gross floor area considered to be leasable based on the lease agreements
for building or floor plans as of May 31, 2021 of each property other than properties of which we acquire only land,
and gross land area considered to be leasable based on the lease agreement for land or land plans as of May 31, 2021
of each property of which we acquire only land.
(Note 6) The total leased area is equal to the total of leased area presented in each lease agreement for properties held as of
May 31, 2021. For properties with master lease agreements, counted is the total of the area of properties for which
sublease agreements are concluded with end-tenants and that are actually subleased.
(Note 7) The occupancy rate is calculated by dividing total leased area for each property by the total leasable area as of May
31, 2021, rounding to the nearest tenth. The subtotal and total are calculated by dividing aggregate leased area by
aggregate leasable area, rounding to the nearest tenth.
(Note 8) As for Tokyu Plaza Omotesando Harajuku, Tokyu Plaza Akasaka, DECKS Tokyo Beach, Tokyu Plaza Ginza (Land),Q plaza HARAJUKU, Shiodome Building, and Ebisu Prime Square, the figures are in proportion to the pro rata shareof our trust beneficiary co-ownership interests (jun kyōyū-mochibun) (75%, 50%, 49%, 30%, 60%, 35% and 51%,
respectively). However, the numbers of tenants provided are the numbers for each whole building.
(Note 9) Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
(Note 10) The calculation of total leasable area and total leased area for icot Omori includes part of an external bicycle parking
lot (approximately 21 m2) and part of a common area on the second floor (approximately 28 m2).
(Note 11) For lease agreements with end-tenants that have been asked to be terminated or cancelled, or for which the rent has
not been paid, number of tenants, contracted rent (annual), leasehold and guarantee deposit, total leased area andoccupancy rate are shown in the above table if these agreements continued as of May 31, 2021, assuming that thelease agreements with the end-tenants remained effective; the same shall apply hereinafter.

- 47 -

(B) Capital expenditure for assets under managementa. Scheduled capital expenditure
The following table shows major estimated capital expenditure for renovation work, etc. that theInvestment Corporation plans to conduct for assets held in the 19th fiscal period as of May 31,
2021. The estimated construction cost below includes the portion expensed for accounting purposes.
Name of real
property(Location)

Estimated construction cost
(Millions of yen)
PurposeScheduled period

TotalamountPayment
for theperiodTotalamountpaid

Replacement of
A-FLAG SAPPORO
substation equipment(Sapporo, Hokkaido)(First period)

From March 2022
to November 2022

560

–

–

Replacement of
A-FLAG SAPPORO
substation equipment(Sapporo, Hokkaido)(Second period)

From November 2022
to May 2023

470

–

–

A-PLACE Ebisu
Minami(Shibuya, Tokyo)

Large-scale repair
From December 2020
work (First period andto November 2021
Second period)

281

112

112

icot Nakamozu(Sakai, Osaka)

Large-scale repair
work (SC Building)

From May 2021
to October 2021

189

–

–

Luogo Shiodome(Minato, Tokyo)

Replacement of air
conditioning units(Second period)

From December 2020
to November 2021

140

–

–

From July 2021
to November 2022

140

–

–

A-FLAG SHIBUYA
From January 2022
Renewal of escalators(Shibuya, Tokyo)
to March 2022

74

–

–

Renovation work for
TLC Ebisu Building
mechanical parking(Shibuya, Tokyo)
facility

From May 2022
to May 2022

59

–

–

Maintenance of
mechanical parking
EDGE Shinsaibashi equipment (vertical(Osaka, Osaka)rotary equipment)
Replacement of main
chainsFrom February 2021
to November 2021

27

–

–

26
(Note)––

Osaka Nakanoshima
Replacement of two
Building
emergency elevators(Osaka, Osaka)

Shiodome Building(Minato, Tokyo)

Installation of LED
lighting (Second
period)From April 2021
to August 2021

A-PLACE Ebisu
Minami(Shibuya, Tokyo)

Replacement ofhorizontal drainage
piping of air
conditioning units(Second period)

From April 2021
to November 2021

24

–

–

A-PLACE Yoyogi(Shibuya, Tokyo)

Installation of LED
lighting

From June 2021
to August 2021

20

–

–

- 48 -Name of real
property(Location)

Estimated construction cost
(Millions of yen)
PurposeScheduled period

TotalamountPayment
for theperiodTotalamountpaid

17(Note)––

Tokyu Plaza
Akasaka(Chiyoda, Tokyo)

Corrective actions
based on matterspointed out during
legally required
inspections

Kobe Kyu
Kyoryuchi
25Bankan(Kobe, Hyogo)

Renovation of
From November 2021
multilevel car parksystem (drive section) to November 2021

11

–

–

A-FLAG KITASHINSAIBASHI(Osaka, Osaka)

Replacement of
substation equipment

10

–

–

(Note)

From October 2021
to October 2021

From November 2021
to November 2021

The shown estimated construction cost with regard to Shiodome Building and Tokyu Plaza Akasaka is theamount equivalent to the ratio of the Investment Corporation’s co-ownership beneficial interests in realestate trust (35% and 50%, respectively).

- 49 -

b. Capital expenditure during the fiscal period
For assets held by the Investment Corporation in the 19th fiscal period, construction work
conducted by the Investment Corporation during the fiscal period ended May 31, 2021 that falls into
capital expenditure is as follows. The capital expenditure for the fiscal period ended May 31, 2021
amounted to ¥678 million, and repair and maintenance expenses that were accounted for as expensein the fiscal period ended May 31, 2021 came to ¥384 million. On aggregate, construction work of¥1,062 million was carried out during the fiscal period.
Name of real property(Location)
Luogo Shiodome(Minato, Tokyo)

PurposeReplacement of air
conditioning units (First
period)PeriodConstruction cost
(Millions of yen)

From December 2020
to May 2021

124

A-PLACE Bashamichi
Large-scale repair work
(Yokohama, Kanagawa)

From June 2020
to January 2021

103

A-PLACE Gotanda
Ekimae(Shinagawa, Tokyo)

Large-scale repair work

From July 2020
to February 2021

82

DECKS Tokyo Beach(Minato, Tokyo)

Renovation of 3rd floor
Seaside Deck

From January 2021
to May 2021

49
(Note)

Shiodome Building(Minato, Tokyo)

Installation of LED lighting(First period)

From October 2020
to March 2021

26
(Note)

Luogo Shiodome(Minato, Tokyo)

Installation of LED lighting in From February 2021
private areas
to May 2021

21

A-FLAG SAPPORO(Sapporo, Hokkaido)

Repair of mechanical parking From March 2021
equipment No. 3
to April 2021

20

Osaka Nakanoshima
Building(Osaka, Osaka)

Repair work of substationequipment according tofacility planning

From October 2020
to March 2021

16

Ebisu Prime Square(Shibuya, Tokyo)

Replacement of residential
tower’s calorimeter

From October 2020
to March 2021

12
(Note)

Tokyu Plaza
Omotesando Harajuku(Shibuya, Tokyo)

Renovation work for roof
deck (Second period)

From February 2021
to March 2021

10
(Note)A-FLAG SHIBUYA(Shibuya, Tokyo)

Renewal of elevator controls

From January 2021
to January 2021

10

Other

200
Total

(Note)

678

The shown estimated construction cost with regard to DECKS Tokyo Beach, Shiodome Building, Ebisu
Prime Square and Tokyu Plaza Omotesando Harajuku is the amount equivalent to the ratio of theInvestment Corporation’s co-ownership beneficial interests in real estate trust (49%, 35%, 51% and 75%,
respectively).

- 50 -

(C) Information concerning major tenants
a. Summary of major tenants
For assets held in the 19th fiscal period, the table below shows tenants whose leased area accounts
for 10% or more of the total leased area in the entire portfolio (major tenants) based on the data asof May 31, 2021. The forms of agreements with the tenants in the table are ordinary leaseagreements.
As for certain assets held, the Investment Corporation has entered into lease agreements (master
lease agreements) with Tokyu Community Corp. and Tokyu Land SC Management Corporation
with the objective of allowing them to be master lease companies and sublease the leased assets to
end-tenants. The table below shows information on the major tenants with master lease agreements
based on the data as of May 31, 2021. Rents received by the Investment Corporation from themaster lease companies are equal to the rents received by these companies from sublessees (endtenants) (pass-through master lease), and such rents are not guaranteed.

TenantTokyu Community
Corp.

Business

Property nameLeased area (m2)(Note 1)

Contracted rent
(Annual)(Millions ofyen)(Note 2)

Leasehold andguarantee
deposit(Millions ofyen)(Note 3)

Expiration date
(Note 4)

A-FLAG KOTTO DORI

2,362.46

195

157

December 31, 2026

TLC Ebisu Building

6,513.11

575

496

May 31, 2025

A-PLACE Ebisu Minami

7,950.49833

784

May 31, 2025

A-PLACE Yoyogi

3,106.17

258

238

May 31, 2025

A-PLACE Aoyama

7,303.69

592

578

May 31, 2025

Luogo Shiodome

3,908.74

310

279

May 31, 2025

A-PLACE Ikebukuro

3,409.73(Note 5)(Note 5)

May 31, 2025

A-PLACE Shinbashi

5,054.19377

314

May 31, 2025

A-PLACE Gotanda

4,028.69

385

354

May 31, 2025

A-PLACE Shinagawa

2,986.36

271

256

May 31, 2025

OSAKI WIZTOWER

7,193.28680

680

May 31, 2025

4,010.69

354

266

May 31, 2025

A-PLACE Shibuya Konnoh

3,010.53285

225

September 30, 2025

A-PLACE Gotanda Ekimae

4,333.64

394

336

June 30, 2026

A-PLACE Shinagawa
Higashi

13,956.02

1,033

937

March 31, 2027

Ebisu Prime Square (Note 6)

12,996.29

1,189

1,030

January 31, 2030

A-PLACE Kanayama

9,314.90

541

445

May 31, 2025

Osaka Nakanoshima Building

20,125.63

1,000

711

November 30, 2024

Umeda Gate Tower

13,566.95

963

719

April 30, 2028

A-PLACE Bashamichi

9,710.91

352

248

October 31, 2026

Commercial Mall Hakata

8,365.59

297

147

March 31, 2027

153,208.05

–

–

–

Real EstateManagement A-PLACE Ebisu Higashi

Total- 51 -

Tenant

Tokyu Land SC
Management
Corporation(Note 1)
(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)

Business

Property nameLeased area (m2)(Note 1)

Contracted rent
(Annual)(Millions ofyen)(Note 2)

Leasehold andguarantee
deposit(Millions ofyen)(Note 3)

Expiration date
(Note 4)

June 30, 2022

Q plaza EBISU

4,024.88

485

475

Kyoto Karasuma Parking
Building

21,616.04(Note 5)(Note 5)

November 30, 2024

Kobe Kyu Kyoryuchi
25Bankan

19,653.90

1,206

1,431

August 31, 2023

A-FLAG SAPPORO

20,374.55

588

98

December 31, 2023

A-FLAG SHIBUYA

3,403.07

420

179

December 31, 2023

Q plaza SHINSAIBASHI

2,820.23

673

433

December 31, 2025

A-FLAG BIJUTSUKAN
DORI

1,994.65

239

241

December 31, 2026

A-FLAG DAIKANYAMA
WEST

2,579.08(Note 5)(Note 5)

December 31, 2026

2,538.13

186

129

June 30, 2027

DECKS Tokyo Beach(Note 6)

15,296.74

595

453

January 31, 2028

Q plaza HARAJUKU(Note 6)

3,216.91430

323

January 31, 2029

icot Nakamozu

28,098.02

620

430

June 30, 2022

icot Mizonokuchi

14,032.05(Note 5)100

June 30, 2022

Real Estate
A-FLAG KITAManagement
SHINSAIBASHI

icot Tama Center

5,181.58

240

237

November 30, 2024

icot Omori

6,209.78

388

357

December 31, 2023

Market Square Sagamihara

15,152.42(Note 5)(Note 5)January 31, 2025

Total

166,192.01

–

–

–

The leased area is the leased area to end-tenants in respect to the leased area provided in the master lease agreement
as of May 31, 2021 where the tenant is the master lease company and sublessor, rounding to the nearest hundredth.
Under master lease contracts concluded with tenants, for properties of which the master lease rent payable by thetenant equals to the rent payable by the end-tenant to the tenant, the contracted rent (annual) for each property is
calculated by multiplying the monthly rent (limited to rooms which were occupied by tenants as of May 31, 2021),
including common service fee and excluding usage fee for warehouses, signboards and parking lots, and also
excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductions of rent as of May 31,
2021, as indicated in the sublease agreement concluded with the end-tenant as of May 31, 2021 by 12, rounding to thenearest million yen.
The leasehold and guarantee deposit is calculated as the total amount on the sublease agreement with the end-tenant
as of May 31, 2021 (limited to leasehold and guarantee deposit based on the lease agreement for leased property thatwas occupied by the tenant as of May 31, 2021), rounding to the nearest million yen, where the tenant is the master
lease company and sublessor.
The expiration date is the date provided in the lease agreement where the tenant is the lessee, including where thetenant is a sublessor and master lease company under a sublease agreement. Concerning the method of renewing themaster lease agreement entered into with the above-mentioned major tenant who is the master lease company,
assuming that the lessor or lessee has not expressed in writing their intention to refuse renewal at a time that is at least
three full months before the expiry of the lease agreement, the agreement shall be renewed for a further two years
under the same conditions, and the same will apply thereafter.
Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
As for Ebisu Prime Square, DECKS Tokyo Beach and Q plaza HARAJUKU, the figures are in proportion to the pro
rata share of our trust beneficiary co-ownership interests (jun kyōyū-mochibun) (51%, 49% and 60%, respectively).

- 52 -

b. End-tenants in the top 10 in terms of total leased area
For assets held by the Investment Corporation, the following table shows end-tenants ranked in the
top 10 in terms of total leased area in the entire portfolio as of May 31, 2021.
End-tenants

Property name

Total leased area (m2)(Note 1)

Lease expiration date

Form of agreement(Note 2)
Fixed-term building leaseagreement
General fixed-termleasehold land agreement
Ordinary leasehold land
agreement
Fixed-term business-use
lease agreement
Fixed-term building leaseagreement
Fixed-term building leaseagreement–
Fixed-term building leaseagreement
Fixed-term building leaseagreement

Tokyu Hotels Co., Ltd.

Tokyu Plaza Akasaka
A-FLAG SAPPORO

30,182.69

October 31, 2021
(Note 3)

Sumitomo Mitsui Trust
Bank, Limited (Note 4)

Tokyu Plaza Ginza (Land)
TAMACHI SQUARE (Land)
Amagasaki Q’s MALL (Land)

29,883.44(Note 5)January 9, 2089
May 31, 2074
January 31, 2042

Kohnan Shoji Co., Ltd.

icot Nakamozu

26,529.03

July 11, 2027

Times24 Co., Ltd.

Kyoto Karasuma Parking Building

21,224.14–

Plan Do See Inc.

Kobe Kyu Kyoryuchi 25Bankan

14,195.42–

Room’s-Taishodo

icot Mizonokuchi

14,032.05

July 24, 2023

K’S HOLDINGSCORPORATION

Market Square Sagamihara

11,863.92

June 30, 2034

NTT Communications
Corporation

Shiodome Building

10,336.62

June 30, 2022
(Note 6)

Fixed-term building leaseagreement

Swing Corporation

A-PLACE Shinagawa Higashi

6,488.78

April 30, 2022

Ordinary building leaseagreement

MUFG Bank, Ltd.

icot Nakamozu
icot Tama Center
A-PLACE Kanayama

5,609.11––(Note 1)

(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

The total leased area is equal to the total leased area in each property under the lease agreement with the end-tenant asof May 31, 2021. As for Tokyu Plaza Akasaka, Tokyu Plaza Ginza (Land) and Shiodome Building, the figure isbased on the amount in proportion to the pro rata share of our trust beneficiary co-ownership interests (jun kyōyūmochibun) as of May 31, 2021 (50%, 30% and 35%, respectively).
The form of agreement is equal to the form of agreement described in the lease agreement with the end-tenants as of
May 31, 2021.
As of March 31, 2020, a fixed-term building lease agreement with a lease period of November 1, 2021 to March 31,
2027 was entered into for A-FLAG SAPPORO. As of May 21, 2021, a fixed-term building lease agreement with alease period of November 1, 2021 to October 31, 2023 was entered into for Tokyu Plaza Akasaka.
Tenant is the trustee of the building on the land; SPADE HOUSE Limited Liability Company is the trust beneficiaryunder such trust of Tokyu Plaza Ginza (Land); Tokyu Land Corporation is the trust beneficiary under such trust of
TAMACHI SQUARE (Land) and Amagasaki Q’s MALL (Land).
Total leased area for Tokyu Plaza Ginza (Land), TAMACHI SQUARE (Land) and Amagasaki Q’s MALL (Land) isin respect of the land.
NTT Communications Corporation is scheduled to vacate upon expiration of contract on June 30, 2022.
Since we have not obtained permission from the tenant of the properties to release the information, the information
missing from this table is not disclosed.

- 53 -

(D) Overview of lease and profit and loss
19th fiscal period (From December 1, 2020 to May 31, 2021)
Property number

UR-1

UR-2

UR-3

UR-5

(Unit: Thousands of yen)
UR-7

Property name

Tokyu Plaza
Omotesando
Harajuku(Note 1)Tokyu Plaza
Akasaka(Note 1)

Q plaza EBISU

Kyoto Karasuma
Parking Building

Kobe Kyu Kyoryuchi
25Bankan

182

182

182

182

182

Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

934,488509,391

270,470(Note 2)

691,126

Leasing business revenue

886,891

439,110

242,944(Note 2)645,159

Other leasing business revenue

47,59670,28027,526(Note 2)45,967b. Expenses related to leasing business

236,097

223,608

58,02649,828

182,010

Management operation expenses

87,93980,937

16,3773,930

75,457

Utilities expenses

18,27439,51320,013–40,723

Tax and public dues

68,962

69,9898,989

39,11048,866

253

562

101

211

892

5,076

25,079

1,277

5,600

10,615

Insurance
Repair and maintenance expenses
Other expenses related to leasing
business

55,5907,526

11,266975

5,455

c. NOI (a – b)

698,390285,782

212,443(Note 2)

509,116d. Depreciation, etc. (Note 3)

52,21438,733

18,29015,825123,051

Profit (loss) from leasing business(c – d)646,175

247,049

194,153(Note 2)

386,064

UR-8

UR-9

UR-10

UR-11

Q plaza
SHINSAIBASHI

A-FLAG KOTTO
DORI

Property number
Property name
Number of business days in the 19th
fiscal period

A-FLAG SAPPORO A-FLAG SHIBUYA(Unit: Thousands of yen)
UR-12
A-FLAG
BIJUTSUKAN
DORI

182

182

182

182

182

396,817

215,721345,493

116,753

124,526

Leasing business revenue

334,045

209,911334,368

112,782

119,079

Other leasing business revenue

62,772

5,809

11,124

3,970

5,446

b. Expenses related to leasing business

192,078

41,92046,74730,86330,485a. Real estate leasing business revenues

Management operation expenses

99,42812,525

9,970

8,541

3,947

Utilities expenses

47,076

5,575

9,830

4,613

4,214

Tax and public dues

24,911

11,496

16,943

13,982

2,170

852

70

89

99

49

Repair and maintenance expenses

14,624

11,197

5,960

1,618

1,503

Other expenses related to leasing
business

5,184

1,054

3,953

2,007

18,601c. NOI (a – b)

204,739

173,800

298,745

85,88994,040d. Depreciation, etc. (Note 3)

77,238

9,637

16,863

5,215

7,199

Profit (loss) from leasing business(c – d)127,500

164,163281,881

80,674

86,841

Insurance- 54 -

(Unit: Thousands of yen)
UR-17

Property number

UR-13

UR-14

UR-15

UR-16

Property name

A-FLAGDAIKANYAMA
WEST

A-FLAG KITASHINSAIBASHIDECKS Tokyo
Beach (Note 1)

Tokyu Plaza Ginza(Land) (Note 1)

Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

182

182

Q plaza
HARAJUKU(Note 1)

182

182

182

(Note 2)

94,199440,509581,063

229,327

Leasing business revenue(Note 2)

87,161

343,080

581,063

216,115

Other leasing business revenue(Note 2)

7,038

97,429–13,212b. Expenses related to leasing business

31,16921,166

297,757

105,51067,800Management operation expenses

18,932

8,034

5,472

107,156–

Utilities expenses

300

7,030

74,950–9,197

Tax and public dues

14,412

6,672

56,992

105,203

36,921

Insurance

82

59

614

–

105

Repair and maintenance expenses

4,381

–

14,503–681

Other expenses related to leasing
business

3,958

1,932

43,539306

1,962(Note 2)73,032

142,752

475,553

161,526

4,956

5,573

27,376–

6,719(Note 2)67,459115,376475,553

154,807

Property number

TO-1

TO-2

TO-3

TO-4

Property name

TLC Ebisu Building

A-PLACE
Ebisu Minami

A-PLACE
YoyogiA-PLACE
Aoyama

182

182

182

182

c. NOI (a – b)d. Depreciation, etc. (Note 3)
Profit (loss) from leasing business(c – d)Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

182(Unit: Thousands of yen)
TO-5
Luogo Shiodome

319,044361,515

127,614

299,819

172,609

Leasing business revenue

305,914350,749

122,725

287,725

164,327

Other leasing business revenue

13,13010,766

4,888

12,094

8,282

b. Expenses related to leasing business

73,011

134,617

39,02966,312

69,921
16,043

Management operation expenses

24,93555,35715,80523,624

Utilities expenses

10,614

15,382

6,699

13,6587,238

Tax and public dues

17,43233,391

10,722

23,496

20,435

Insurance

264

337

114

248

213

Repair and maintenance expenses

9,774

20,922

4,212

1,182

24,016

Other expenses related to leasing
business

9,989

9,224

1,475

4,103

1,974

c. NOI (a – b)

246,033

226,898

88,584

233,507

102,687

d. Depreciation, etc. (Note 3)

43,89632,29015,45523,45536,476

Profit (loss) from leasing business(c – d)202,137

194,608

73,129210,051

66,211

Property number

TO-6

TO-7

TO-8

TO-9

(Unit: Thousands of yen)
TO-10

Property name

TAMACHISQUARE (Land)

A-PLACE
Ikebukuro

A-PLACE
Shinbashi

A-PLACE
GotandaA-PLACE
Shinagawa

182

182

182

182

Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

182
62,502(Note 2)

207,491

201,888

142,576

62,502(Note 2)

195,823

193,556

137,740–(Note 2)

11,668

8,331

4,835

9,387

31,97051,351

41,04630,163

Management operation expenses–

11,172

16,957

15,351

9,886

Utilities expenses

–

7,988

10,550

7,592

4,858
11,829

Leasing business revenue
Other leasing business revenue
b. Expenses related to leasing businessTax and public dues

9,130

10,80815,71014,192

Insurance

–

112

189

152

104

Repair and maintenance expenses

–

361

2,171

1,456

2,118

Other expenses related to leasing
business

256

1,526

5,773

2,300

1,366

53,114(Note 2)

156,140

160,842

112,412–

20,68523,02526,967

9,139

53,114(Note 2)

133,115

133,875

103,272c. NOI (a – b)d. Depreciation, etc. (Note 3)
Profit (loss) from leasing business(c – d)- 55 -

(Unit: Thousands of yen)
TO-15

Property number

TO-11

TO-12

TO-13

TO-14

Property nameOSAKI
WIZTOWER

Shiodome Building(Note 1)

A-PLACE Ebisu
HigashiA-PLACE Shibuya
KonnohNumber of business days in the 19th
fiscal period
a. Real estate leasing business revenues

182

182

A-PLACE Gotanda
Ekimae

182

182

182

372,519

1,506,716

188,603

134,969

170,092

Leasing business revenue

329,325

1,443,523

180,640

130,250

164,799

Other leasing business revenue

43,19363,192

7,962

4,718

5,292

b. Expenses related to leasing business

104,701

325,877

37,60130,58657,552

Management operation expenses

72,110105,571

12,668

12,164

20,741

Utilities expenses

5,172

49,900

7,034

5,278

7,627

Tax and public dues

23,616125,023

14,007

9,692

18,259Insurance

445

895

138

106

158

Repair and maintenance expenses

1,415

23,184

2,147

1,673

5,469

Other expenses related to leasing
business

1,941

21,301

1,604

1,671

5,295

c. NOI (a – b)

267,817

1,180,838

151,001

104,382

112,539

d. Depreciation, etc. (Note 3)

48,275

153,595

23,711

13,392

14,126

Profit (loss) from leasing business(c – d)219,541

1,027,243

127,289

90,99098,413

Property number

TO-16

TO-18

AA-1

AA-2

(Unit: Thousands of yen)
AA-4

Property name

A-PLACE
Shinagawa Higashi

Ebisu Prime Square(Note 1)

Amagasaki Q’s
MALL (Land)

icot Nakamozu

icot Mizonokuchi

182

182

182

Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

182

182

563,387

804,180

356,784

310,917(Note 2)537,386

699,925

356,784

310,887(Note 2)Other leasing business revenue

26,001

104,255–

30(Note 2)b. Expenses related to leasing business

124,671

235,765

56,41644,08920,880Management operation expenses

46,91264,963

–

5,988

2,555

Utilities expenses

21,031

87,883–30–

Tax and public dues

49,544

3,832

56,15930,266

10,071

Insurance

627

856

–

306

133

Repair and maintenance expenses

2,851

66,549

–

6,585

7,359

Other expenses related to leasing
business

3,704

11,679

256

912

760

c. NOI (a – b)

438,716

568,415300,368

266,827(Note 2)d. Depreciation, etc. (Note 3)

31,11744,741–35,147

8,345

Profit (loss) from leasing business(c – d)407,598

523,674

300,368

231,680(Note 2)

Property number

AA-5

AA-6

AA-7

AA-8

Property nameicot Tama Center

A-PLACE
Kanayama

Osaka Nakanoshima
Building

icot Omori

Market Square
Sagamihara

182

182

182
(Note 2)

Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

182

182

(Unit: Thousands of yen)
AA-9142,367

288,978

548,868

220,833

135,075

272,662

527,508

197,800(Note 2)Other leasing business revenue

7,291

16,316

21,36023,033(Note 2)b. Expenses related to leasing business

39,24084,868167,733

49,62636,026

Management operation expenses

16,53926,76055,905

10,131

16,039

Utilities expenses

9,036

18,412

31,693

20,901

3,975

Tax and public dues

Leasing business revenue

11,72027,552

56,101

12,471

13,595

Insurance

216

341

1,018

143

179

Repair and maintenance expenses

635

7,715

17,206

4,528

100

Other expenses related to leasing
business

1,093

4,085

5,808

1,450

2,135

c. NOI (a – b)103,126

204,110381,134

171,206(Note 2)d. Depreciation, etc. (Note 3)

19,16952,453

92,633

18,39023,638

Profit (loss) from leasing business(c – d)83,957

151,657

288,501

152,816(Note 2)- 56 -

(Unit: Thousands of yen)
Property number
Property name
Number of business days in the 19th
fiscal period
a. Real estate leasing business revenues

AA-10

AA-11

AA-12

AA-13

Umeda Gate Tower

A-PLACE
Bashamichi

Commercial Mall
HakataEDGE Shinsaibashi

182

182

182

182

460,478

196,191

192,092

578,890

Leasing business revenue

432,371

181,868

159,124

512,234

Other leasing business revenue

28,106

14,32232,96866,655b. Expenses related to leasing business

105,542

58,82965,585

202,332

Management operation expenses

36,947

20,234

20,66751,268

Utilities expenses

23,195

15,323

20,22230,095

Tax and public dues

35,38017,21912,554

61,403

501

400

165

614

Repair and maintenance expenses

5,484

2,888

4,603

55,327

Other expenses related to leasing
business

4,032

2,762

7,370

3,622

c. NOI (a – b)354,935

137,362

126,507376,558

d. Depreciation, etc. (Note 3)

67,93834,146

15,957

22,949Profit (loss) from leasing business(c – d)286,997103,215

110,550

353,609

Insurance(Note 1)

(Note 2)
(Note 3)

As for Tokyu Plaza Omotesando Harajuku, Tokyu Plaza Akasaka, DECKS Tokyo Beach, Tokyu Plaza Ginza (Land),Q plaza HARAJUKU, Shiodome Building and Ebisu Prime Square, the figures are in proportion to the pro rata shareof our trust beneficiary co-ownership interests (jun kyōyū-mochibun) (75%, 50%, 49%, 30%, 60%, 35% and 51%,
respectively).
Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
“Depreciation, etc.” includes loss on retirement of non-current assets.

- 57 -