CRR 3282

Lifestyles, living spaces and environments—a step ahead

Semi-Annual Reportfor the27th Fiscal Period

From August 1, 2023 to January 31, 2024

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

I. Overview of the Investment Corporation

Highlights
11th Public Offering for the 10th Consecutive Year, a J-REIT Record

Greetings
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment Corporation”) successfully closed all accounts for the 27th Fiscal Period(from August 1, 2023 to January 31, 2024). We would like to thank all of our unitholders and stakeholders for their continued support and cooperation.
We would like to express our deepest condolences to those who lost theirlives in the 2024 Noto Peninsula Earthquake. We also extend our deepest sympathies to the victims, and hope for a rapid recovery of the areas affected.
In the 27th Fiscal Period, the J-REIT market continued to be volatile due to factors such as global inflation and rising interest rates, both of which still continuing, as well as the risk of the Bank of Japan modifying its monetary policy
and a sense of uncertainty in the office market, but the Investment Corporation’s portfolio remains in a favorable status in terms of both occupancy rate
Comforia Residential REIT, Incand rent change on tenant turnover, backed by significant net increases in thenumber of population net inflow into Tokyo's 23 wards due to a tendency of
Kentaro Yoshikawa“returning to Tokyo” and the number of foreigners immigrating.
Executive Director
In August 2023, we raised funds through 11th public offering for the 10th consecutive year since our listing and, together with borrowings, acquired COMFORIA TAKASHIMADAIRA and two other properties from our sponsor, Tokyu Land Corporation. As a result, our asset sizeas of the end of the period is 160 properties with a total acquisition price of ¥307.3 billion, surpassing our medium-term
AUM target of ¥300 billion.
With regard to the status for the 27th Fiscal Period and thereafter, we acquired one operational rental residence LUXASTAKATSUKI and three rental residences including COMFORIA NISHIOGIKITA through our asset management company's
original route in February and March 2024. We will also acquire newly constructed rental residence COMFORIA KAMIMEGURO in August 2024. Due to these, our asset size is expected to be 165 properties with a total acquisition price of¥316.7 billion.
In the next fiscal period onward, we will continue to aim to achieve stable earnings, ensure the steady growth of ourmanaged assets, utilize sponsor support to acquire excellent assets, and conduct asset replacements aimed at improving our portfolio quality in order to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

Financial Highlights
Operating revenue¥10,664 million

Operating profit¥4,915 million

Acquisition priceProfit¥4,173 million

Distribution per unit (DPU)¥5,650Appraisal value
Occupancy rate at the 27th
Fiscal Period-end
Average occupancy rate

Total loan to value (LTV)

50.6 %

Number of properties

160 properties¥ 307.3 billion¥ 403.9 billion

Following its 10th public offering for the 10th consecutive year in February 2023, the Investment Corporation implemented 11th public offering in August, and surpassed an AUM of ¥300 billion as it acquired ¥24.6 billion of properties intotal in 2023. Taking into account the acquisition of five new properties since then, it expects to reach an AUM of ¥316.7
billion (about 4.4 times its size at listing).
The Investment Corporation will keep promoting external growth by continuing to invest selectively in high-quality
properties mainly in Tokyo 23 wards, focusing on the collaboration with our sponsor group, as well as original sourcing
by TLC REIT Management Inc. (the “Asset Management Company”), while seeking expansion of the asset size and stable
distribution levels.
Approximately
consecutive
10
years of public
4.4 -foldofferings(billions of yen)

350.0

300.0
250.0

71.2

200.0 ¥
billion150.0 Listed

in 2013

1st POin 201410th PO
9th PO in 2023
8th PO in 2022
7th PO in 2021
6th PO in 2020
5th PO in 2019
4th PO in 2018
3rd PO in 2017
2nd PO in 2016
in 2015

50.0
0

6th FP 7th FP 8th FP 9th FP 10th FP11th FP12th FP 13th FP14th FP15th FP16th FP17th FP18th FP19th FP20th FP 21st FP22nd FP23rd FP24th FP25th FP26th FP27th FP
Feb. 6, Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Aug. 28,
2013 Jul. 2013 Jan. 2014 Jul. 2014 Jan. 2015 Jul. 2015 Jan. 2016 Jul. 2016 Jan. 2017 Jul. 2017 Jan. 2018 Jul. 2018 Jan. 2019 Jul. 2019 Jan. 2020 Jul. 2020 Jan. 2021 Jul. 2021 Jan. 2022 Jul. 2022 Jan. 2023 Jul. 2023 Jan. 2024 2024

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

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of Aug. 28, 2024)(As of Aug. 28, 2024)

Tokyo Other major cities
metropolitan area 5.1%
Central Tokyo
4.5%

34.1%

Contents
I. Overview of the Investment Corporation

AUM growth

100.0

97.1 %
97.0 %

Statement of Income

44

Highlights

1

Statement of Changes in Unitholders’ Equity

45

External Growth Results

2Statement of Cash Distributions

46

Internal Growth Results

3

Statement of Cash Flows47

Portfolio Map

4

Notes

48

II. Asset Management Report

7

Supplementary Schedules

60

III. Financial Section

42

Independent Auditor’s Report

67

Balance Sheet

42

11th PO
316.7
billion in 2023¥

Over 10 min.
5 to 10 min.

5.8%

Within 5 min.

52.4%

41.8%

Tokyo 23
wards

Average minutes
on footPrimarily Tokyo 23 wards

Primarily properties nearstations

90.3%

5.7 min.

Sub-central
Tokyo

56.3%

1

External Growth Results
The Investment Corporation acquired three rental residences located in the Tokyo 23 Wards from our sponsor withfunds including those raised through the public offering implemented in August 2023. After that, the Investment Corporation acquired three rental residences and one operational rental residence during the 28th Fiscal Period with borrowings and cash on hand through our asset management company's original route and will acquire one newly constructed rental residence during the 29th Fiscal Period.

End of 26th FP

29th FP (Through to Aug. 28, 2024)

157 properties / ¥299.9 billion

165 properties / ¥316.7 billion

COMFORIA TAKASHIMADAIRA

Sub-central Tokyo

Sponsorrenovated

169

Address

175

Other major cities

Address

Otecho, Takatsuki-shi,
Osaka

COMFORIA NISHINOMIYA

Warehousing

Other major cities

Rokutanjicho,
Nishinomiya-shi, Hyogo

Address

Rentable units 58 units

Rentable units 71 units

Completion date March 2008

Completion date January 2020

Acquisition price ¥1, 095 million

Acquisition price ¥1, 782 million

Properties to be Acquired in the 29th Fiscal Period
COMFORIA KAMIMEGURO

Sub-central Tokyo

AM’s Original
Route

COMFORIA MORISHITA SOUTH

Sponsordeveloped

LUXAS TAKATSUKI

AM’s Original
Route

176

Properties Acquired in 27th Fiscal Period (Upon public offering)
171

172

Kamimeguro, Meguro-ku, Tokyo

Address

Sub-central Tokyo

Rentable units 43 units
Completion date March 2024 (scheduled)

Shinohashi, Koto-ku,
TokyoAcquisition price ¥2, 070 million (scheduled)

Rentable units 62 units
Completion date November 2021

Internal Growth Results

Acquisition price ¥2, 180 million

Portfolio Occupancy Rates
The average occupancy rate for the 27th fiscal period was high at 97.0%.
Total portfolio

(%)

100

170

COMFORIA OJIMA DEUX

Sponsordeveloped

Sub-central Tokyo

Address

Ojima, Koto-ku,TokyoRentable units 50 units

96.8%

97.3%

96.9%

Feb.
2023

Mar.

Apr.

96.9%

Total portfolio (previous year)

97.0%

97.0%

96.6%

97.1%

97.1%

Jun.

Jul.

Aug.

Sep.

Oct.

97.2%

97.1%

97.1%

Dec.

Jan.
2024

95
90

26th FP

27th FPMay

Nov.

Completion date February 2022
Acquisition price ¥1, 350 million

Address

Rental Residence Rent Change on Tenant Turnover and Per Tsubo
Net inflow into Tokyo 23 wards and an influx of foreign residents have significantly improved the rental market supply
and demand balance, creating an even larger increase in the rental residence portfolio's rent change on tenant turnoverfrom the previous period.
6.9%
6.6% 6.5%
Increase rate in period-end rent of rental residence (vs 13th FP)
6.1% 5.9% 6.1%
5.6%
Rent change on tenant turnover
4.9%

Shingashi, Itabashi-ku, Tokyo

Rentable units 77 units
Completion date September 1995
Acquisition price ¥3, 900 million

Rent change on tenant renewal

4.0%

Properties to be Acquired in the 28th Fiscal Period
173

COMFORIA NISHIOGIKITA

AM’s Original
Route

2

Address

Sub-central Tokyo

Nishiogikita, Suginami-ku,
Tokyo

174

2.7%

COMFORIA HIKIFUNE

AM’s Original
Route

Rent change on tenant
turnover has increased
even further due to thetightened supply anddemand balance

Address

1.9%

Sub-central Tokyo

Oshiage, Sumida-ku,
Tokyo

0.2%

0.7%

3.4%

3.7%

1.3%
4.6%

5.7%

6 .8 %

7.9%

8.3%
3 .0 %

0.6%

Rentable units 45 units

Rentable units 26 units

Completion date February 2000

Completion date March 1995

0.4%

0.6%

0.5%

0.8%

0 .8 %

1.1%

0.9%

0 .5 %

0.4%

Acquisition price ¥3, 220 million

Acquisition price ¥1, 164 million

14th FP

15th FP

16th FP

17th FP

18th FP

19th FP

20th FP

21st FP

22nd FP0.2%▲ 1 .4 %23rd FP

0 .8 %

2.5%

4 .6 %

6.4%

0 .3 %

0.3%

0 .5 %

0.5%

24th FP

25th FP

26th FP

27th FP

3

Portfolio Map (As of August 28, 2024)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Acquired in the 27th Fiscal Period (Upon public offering)Tokyo metropolitan area

Other major cities

169

48 properties

Tokyo metropolitan area

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

11 properties

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

95

118
142 158

COMFORIA
TAKASHIMADAIRA

Adachi-ku

AkabaneItabashi-ku

163
Kita-ku

94
11

Nerima-ku

Toshima-ku

Kichijoji

Tokyo

Arakawa-ku

134

Katsushika-ku

45

27
164
41
64 168131 167
Taito
Ikebukuro2275
147 114 -ku
106
Sumida-ku
138
141 76
Nakano-ku
Bunkyo-ku
3
174 55
Ueno
21 5
6
8
33
4 20 139
62 143 127 34
17340
135 98
63
74
2
32 29
87
155
81
104 51 119
73 93
120
83
Suginami-ku
84
56
124
43
123
103
52
Shinjuku 72
126
Shinjuku
Chiyoda-ku 57 49 144 65
99 17092 -ku 80
35
1
169
Tokyo
69
12
Shibuya-ku
121
36
58
108
71
137 145 88
59
26 18
156
14
9
70
66 Koto-ku
50
133
15
157
ShibuyaChuo-ku 148
125
17
86 96 16
53
82
23
30 60
48 105 61
115
38
Setagaya-ku
176
Minato 113
67-ku 85 31
153
116
13
39 Meguro-ku
91
Shinagawa
146
37
97
90
Shinagawa-ku 89

Ota-ku

159
132

149
130 140

Nishifunabashi
Edogawa-ku

Chiba
112
151

128

Kanagawa

44
100
129

10 107
Properties to be Acquired in the 28th Fiscal Period

122

172

LUXAS TAKATSUKI

173

COMFORIANISHIOGIKITA

174

COMFORIA
HIKIFUNE

175

COMFORIANISHINOMIYA

101

Total

165

properties77

14 properties

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

171

160
161

171

150

Other major cities

COMFORIA
OJIMA DEUX

47

92 properties

5 COMFORIA BUNKYOKASUGA
43 COMFORIA RYOGOKU DEUX
99 COMFORIA OJIMA
142 COMFORIA NARIMASU
6 COMFORIA ASAKUSAMATSUGAYA 44 COMFORIA OMORI DEUX
100 COMFORIA OMORI TROIS
143 COMFORIA SHIN-OKACHIMACHI
8 COMFORIA NAKANO
45 COMFORIA MACHIYA
106 COMFORIA BUNKYOHAKUSAN
144 COMFORIA MORISHITA WEST
9 COMFORIA SHIMOKITAZAWA
51 COMFORIA ASAKUSABASHI
107 COMFORIA KAMATA
145 COMFORIA TOYOCHO
10 COMFORIA NISHIKAMATA
52 COMFORIA RYOGOKU SOUTH
108 COLLEGE COURT HACHIMANYAMA 146 COMFORIA FUDOMAE
11 COMFORIA OYAMA
53 COMFORIA TOYOSU
114 COMFORIA UENOIRIYA
147 COMFORIA TAITONEGISHI
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 55 COMFORIA SUMIDA-TACHIBANA 115 COMFORIA IKEJIRI
148 COMFORIA MONZENNAKACHO SOUTH
13 COMFORIA KOMAZAWA
62 COMFORIA UENOHIROKOJI
116 COMFORIA SETAGAYAKAMIUMA 149 COMFORIA MAGOME
21 COMFORIA KOISHIKAWA
63 COMFORIA KASUGATOMISAKA 118 COMFORIA AKABANEIWABUCHI 153 GRANCREER BAJIKOEN (LAND)
22 COMFORIA SENGOKU
64 COMFORIA HONKOMAGOME
119 COMFORIA RYOGOKU TROIS
155 COMFORIA AKIHABARA NORTH
23 COMFORIA DAIKANYAMAAOBADAI 65 COMFORIA MORISHITA
121 COLLEGE SQUARE HACHIMANYAMA 156 COMFORIA SAKURAJOSUI
27 COMFORIA IKEBUKURO
66 COMFORIA KIBAKOEN
123 COMFORIA KINSHICHO DEUX
157 COMFORIA KITAZAWA
29 COMFORIA RYOGOKUISHIWARA 67 COMFORIA MEGURO CHOJAMARU 124 COMFORIA KAMEIDO SOUTH
158 CAMPUS VILLAGE AKATSUKA-SHINMACHI
32 COMFORIA ASAKUSABASHI DEUX 75 COMFORIA HIGASHIIKEBUKURO EAST 125 COMFORIA SHIBUYA WEST
163 NEIGHBORS HIGASHI-JUJO
33 COMFORIA OSHIAGE
76 COMFORIA HIGASHIIKEBUKURO 127 COMFORIA ASAKUSAKOMAGATA 164 COMFORIA NIPPORI
34 COMFORIA HONJOAZUMABASHI 82 COMFORIA KOMABA
128 COMFORIA OMORIKASHIMA
167 COMFORIA KANAMECHO
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 87 COMFORIA KINSHICHO
129 COMFORIA OMORIMACHI
168 COMFORIA HONKOMAGOME 1-CHOME
36 COMFORIA MONZENNAKACHO 88 COMFORIA MINAMISUNAMACHI 130 COMFORIA KAMIIKEDAI
169 COMFORIA MORISHITA SOUTH
37 COMFORIA HIMONYA
89 COMFORIA HIGASHISHINAGAWA 131 CAMPUS VILLAGE SHIINAMACHI 170 COMFORIA OJIMA DEUX
38 COMFORIA MISYUKU
90 COMFORIA MEGUROYAKUMO
134 COMFORIA TAKINOGAWA
171 COMFORIA TAKASHIMADAIRA
39 COMFORIA GAKUGEIDAIGAKU
91 COMFORIA YOGA
137 COMFORIA KIBASHINSUIKOEN
173 COMFORIA NISHIOGIKITA
40 COMFORIA HIGASHINAKANO DEUX 94 COMFORIA ITABASHINAKAJUKU 140 COMFORIA NISHIMAGOME HILLSIDE 174 COMFORIA HIKIFUNE
41 COMFORIA HIGASHIIKEBUKURO WEST 97 COMFORIA SHINAGAWA EAST
141 COMFORIA IKEBUKURO DEUX
176 COMFORIA KAMIMEGURO

170

Saitama

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

COMFORIA
MORISHITA SOUTH

Yokohama

Properties to be Acquiredin the 29th Fiscal Period

176 COMFORIA
KAMIMEGURO

152 165 166

154
175

102 109 110 111
117 136 162 172

45

II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 27th Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

23rd
Fiscal Period

24thFiscal Period

25thFiscal Period

26th
Fiscal Period

27thFiscal PeriodBusiness period

FromAug. 1, 2021 toJan. 31, 2022

From
Feb. 1, 2022 toJul. 31, 2022

From
Aug. 1, 2022 toJan. 31, 2023

From
Feb. 1, 2023 toJul. 31, 2023

From
Aug. 1, 2023 toJan. 31, 2024

From August 1, 2023 to January 31, 2024

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

Operating revenue(millions of yen)

9,433

9,785

10,194

10,680

10,664[Rent revenue - real estate](millions of yen)

[9,433][9,785][9,997][10,472][10,664]

Operating expenses(millions of yen)

5,210

5,399

5,567

5,833

5,748

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

[4,267][4,438][4,552][4,805][4,672]

Operating profit(millions of yen)

4,223

4,386

4,626

4,846

4,915

Ordinary profit(millions of yen)

3,622

3,771

3,995

4,147

4,182

Profit(millions of yen)

3,616

3,704

3,986

4,138

4,173

Total assets(millions of yen)282,277

300,510

303,392

318,577

326,106[Period-on-period change](%)

Net assets(millions of yen)

[Period-on-period change]

II.
III.

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

(%)

[6.5]

[1.0]

[5.0]

[2.4]

142,063

142,230

148,121

154,697[-0.3]

[5.0]

[0.1]

[4.1]

[4.4]

(millions of yen)

129,791

136,744

136,744

142,425

148,969

Number of investment units issued(units)692,994

715,982

715,982

736,982

757,842

Net assets per unit

(yen)

195,149

198,417

198,650

200,983

204,128

Total distributions(millions of yen)

3,831

3,819

3,928

4,141

4,281

Distribution per unit

(yen)

5,529

5,334

5,487

5,620

5,650

[Earnings distribution per unit](yen)[5,529][5,334][5,487][5,620][5,650][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.3

1.3

1.3

1.3

1.3

Return on unitholders’ equity(Note 2)

(%)

2.7

2.7

2.8

2.9

2.8

Unitholders’ equity ratio(Note 3)

(%)

47.9

47.3

46.9

46.5

47.4

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

Interest-bearing debt

(millions of yen)[-0.1][-0.6][-0.4][-0.4][0.9]

141,630

152,429

155,029

164,010

164,859

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

(%)

50.2

50.7

51.1

51.5

50.6

Payout ratio

(%)

105.9

103.0

98.5

100.0

102.5

(Note 5)

Number of properties(properties)

Total leasable area(m2)

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

6[-0.2]
135,237

140

147

148

157

160

389,430.80

418,546.86

421,273.09

442,363.79

451,104.67

(%)

96.0

95.9

96.2

97.0

97.1

(millions of yen)

1,400

1,451

1,483

1,533

1,567

(millions of yen)

398

619

(millions of yen)

6,566
6,797
Ordinary profit ÷ [(Total assets at beginning of period + Total assets at end of period) ÷ 2] × 100
Profit ÷ [(Net assets at beginning of period + Net assets at end of period) ÷ 2] × 100
Net assets at end of period ÷ Total assets at end of period × 100
Interest-bearing debt at end of period ÷ Total assets at end of period × 100
Total distributions ÷ Profit × 100
Payout ratio is rounded down to the first decimal place.
Income from real estate rental business + Depreciation(Note 6)

－

1

－

802

682

685

6,928

7,200

7,559

7

2. Asset Management Status for the 27th Fiscal Period

3. Capital Increases(1) History of the Investment Corporation
Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporationthat invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations”
of Japan (Act No. 198 of 1951, as revised; hereinafter referred to as the “Investment Trusts Act”), with registration by thePrime Minister completed as of June 30, 2010 under Article 187 of the Investment Trusts Act (registration number: Director of
Kanto Finance Bureau No. 71). Investments by the Investment Corporation commenced in August 2010. The Investment
Corporation issued new investment units through a public offering on February 6, 2013 and was listed on the real estate
investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3282).
Managed assets of the Investment Corporation at the commencement of operations totaled 11 properties, acquired for a totalof ¥15,508 million. As a result of additional acquisition and sale of properties under the basic policy of asset management (tomanage assets with the aim of achieving stable earnings and ensuring the steady growth of our managed assets based on
medium- to long-term perspectives to maximize our unitholders’ value) stipulated in the Articles of Incorporation of theInvestment Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 27th Fiscal Period includes 160
properties, acquired for a total of ¥307,390 million.

Date

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

Balance

June 8, 2010

Establishment throughprivate placement

200

200

100

100

(Note 1)

August 30, 2010

Capital increase throughprivate placement

7,800

8,000

3,900

4,000

(Note 2)

March 18, 2011

Capital increase throughprivate placement

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

Capital increase throughprivate placement

16,40048,6708,200

24,040(Note 4)

February 5, 2013

Capital increase throughpublic offering

18,691

67,361

9,935

33,975(Note 5)February 3, 2014

Capital increase throughpublic offering

31,90099,261

21,96055,936(Note 6)

February 26, 2014

Capital increase throughthird-party allotment

1,401

100,662964

56,900(Note 7)

August 1, 2014

Investment unit split

301,986

402,648–

56,900(Note 8)February 2, 2015

Capital increase throughpublic offering

70,000472,648

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

Capital increase throughthird-party allotment

1,156

473,804297

February 1, 2016

Capital increase throughpublic offering

37,800511,604

7,159

February 26, 2016

Capital increase throughthird-party allotment

1,900

513,504359

82,743 (Note 12)

February 1, 2017

Capital increase throughpublic offering

47,800561,304

11,251

93,995 (Note 13)

February 22, 2017

Capital increase throughthird-party allotment

2,390

563,694562

94,557 (Note 14)

February 1, 2018

Capital increase throughpublic offering

22,190585,884

5,006

99,563 (Note 15)

February 15, 2018

Capital increase throughthird-party allotment

1,110

586,994250

99,814 (Note 16)(3) Overview of funding
During the 27th Fiscal Period, the Investment Corporation conducted funding based on its financial strategy of focusing on
stability, flexibility, and efficiency as the basis of its finance operations and reducing funding costs in an effort to maximize its
unitholders’ value.

February 1, 2019

Capital increase throughpublic offering

51,270638,264

13,551

113,366 (Note 17)

February 20, 2019

Capital increase throughthird-party allotment

2,570

640,834

679

114,045 (Note 18)

Consequently, as of the end of the 27th Fiscal Period (January 31, 2024), unitholders’ capital was ¥148,969 million, interestbearing debt was ¥164,859 million, the ratio of interest-bearing debt to total assets (LTV) was 50.6%, the average maturity ofinterest-bearing debt was 4.1 years, the ratio of long-term debt was 85.6%, and the fixed rate ratio was 93.3%.

February 3, 2020

Capital increase throughpublic offering

29,330670,164

9,432

123,477(Note 19)

February 19, 2020

Capital increase throughthird-party allotment

1,460

671,624469

123,947(Note 20)

February 1, 2021

Capital increase throughpublic offering

20,360691,984

5,568

129,515(Note 21)

February 17, 2021

Capital increase throughthird-party allotment

1,010

692,994276

129,791(Note 22)

February 1, 2022

Capital increase throughpublic offering

22,960715,954

6,944

136,736(Note 23)

February 16, 2022

Capital increase throughthird-party allotment

28

715,9828

136,744(Note 24)

February 1, 2023

Capital increase throughpublic offering

20,000735,982

5,410

142,154(Note 25)

February 8, 2023

Capital increase throughthird-party allotment

1,000

736,982

270

142,425(Note 26)

August 16, 2023

Capital increase throughpublic offering

19,870756,852

6,233

148,658(Note 27)

September 1, 2023

Capital increase throughthird-party allotment

990

757,842310

148,969(Note 28)(2) Investment performance(i) Investment environment
During the 27th Fiscal Period, the Japanese economy remained solid due to robust capital investment by companies andresilient consumer spending backed by increasing wages. Under such circumstances, the residential rental market saw the
supply and demand situation heading for further tightening, given the continuous increases in net migration into the Tokyo
23 wards caused by a larger number of new job openings, etc., and in foreign arrivals over departures due to relaxation of
restrictions on entering Japan, among other factors. The occupancy rate of the Investment Corporation’s properties was
also kept at a high level in a stable manner in the fiscal period under review. In the real estate investment market, there isa growing awareness of the potential exit from the Bank of Japan's negative interest rate policy, and it is becoming
increasingly necessary to pay close attention to its impact. Despite these considerations, investors in and outside Japan
show strong willingness to acquire properties, especially for residential properties that are expected to perform well andare managed stably, and the level of transaction prices continues to stay at a high price range.
(ii) Acquisition of assets
During the 27th Fiscal Period, the Investment Corporation acquired COMFORIA MORISHITA SOUTH and anotherproperty in October 2023. Subsequently, the Investment Corporation acquired COMFORIA TAKASHIMADAIRA in
December 2023. As a result, assets owned by the Investment Corporation as of the end of the 27th Fiscal Period totaled
160 properties with a total acquisition price of ¥307,390 million.
(iii) Operation management of assets owned by the Investment Corporation
The Investment Corporation consigns property management operations mainly to Tokyu Housing Lease Corporation,
which has an extensive track record in managing the Comforia series of properties. Under the Comforia series, theInvestment Corporation promotes unified management and strives to improve operational efficiency and shorten periodsof vacancy.

The Investment Corporation obtained the following rating as of the end of the 27th Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA

Stable(4) Overview of performance and distributions
As a result of investment during the 27th Fiscal Period, the Investment Corporation posted operating revenue of ¥10,664
million, operating profit of ¥4,915 million, ordinary profit of ¥4,182 million, and profit of ¥4,173 million.
The Investment Corporation carries out distributions so that the Special Provisions for Taxation on Investment Corporations(Article 67-15 of the Act on Special Measures Concerning Taxation [Act No. 26 of 1957, as revised; hereinafter referred to as
the “Act on Special Measures Concerning Taxation”]) would be applied. For the 27th Fiscal Period, the Investment Corporation
decided to distribute the entire amount obtained by adding the reversal of reserve for reduction entry (¥107 million) tounappropriated retained earnings. As a result, the distribution per unit (DPU) was ¥5,650 for the period.

(Note 1)

8

Type

－

2

－

75,224 (Note 10)
82,383(Note 11)

Established at an issue price of ¥500,000 per investment unit.

－

3

－

9

(Note 2)(Note 3)Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
(Note 4) Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
(Note 5) Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 6) Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 7) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥688,413 per investment unit.
(Note 8) Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
(Note 9) Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥189,400 per investment unit.
(Note 13) Issued investment units at an issue price of ¥243,252 (subscription price of ¥235,393) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties andto repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥225,600 per investment unit.
(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥321,591 per investment unit.
(Note 21) Issued investment units at an issue price of ¥282,623 (subscription price of ¥273,492) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 22) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥273,492 per investment unit.
(Note 23) Issued investment units at an issue price of ¥312,555 (subscription price of ¥302,457) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 24) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥302,457 per investment unit.
(Note 25) Issued investment units at an issue price of ¥279,532 (subscription price of ¥270,500) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 26) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥270,500 per investment unit.
(Note 27) Issued investment units at an issue price of ¥324,187 (subscription price of ¥313,713) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 28) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥313,713 per investment unit.

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

23rd Fiscal Period

Closing month/year
HighestLowest10

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

26th Fiscal Period

27th Fiscal PeriodBusiness period

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

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

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

From Feb. 1, 2023
to Jul. 31, 2023

From Aug. 1, 2023
to Jan. 31, 2024

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]¥3,616,868 thousand ¥3,704,781 thousand ¥3,986,198 thousand ¥4,138,609 thousand ¥4,173,937 thousand¥– thousand[¥5,529][¥5,334][¥5,487][¥5,620][¥5,650][¥5,487][¥5,620][¥5,650]¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Return on unitholders’ capitalper unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

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

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

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

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Jul. 2023

Jan. 2024¥347,000¥284,500¥287,500¥303,000(Note) Figures above are rounded down to the nearest unit.

¥304,000¥– thousand[¥5,334]¥355,000¥296,300¥368,653 thousand[¥5,529]

Of which, total return on
unitholders’ capital¥341,500¥345,000¥352,506 thousand¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand ¥4,141,838 thousand ¥4,281,807 thousand

Jan. 2023

Jul. 2022¥358,500¥– thousand¥3,831,563 thousand ¥3,819,047 thousand ¥3,928,593 thousand ¥4,141,838 thousand ¥4,281,807 thousand[Of the return on unitholders’capital per unit, the distribution
payments from investments andother decreased distribution
under tax laws]

Jan. 2022－

Fiscal period

27th Fiscal Period

25th Fiscal Period

4

The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 27th Fiscal Period, the Investment Corporation decided to distribute the entire amount obtained byadding the reversal of reserve for reduction entry (¥107 million) to unappropriated retained earnings. As a result, the DPU for the
27th Fiscal Period was ¥5,650.

26th Fiscal Period

24th Fiscal Period－

4. Performance of Distributions

－

5

－

11

5. Future Investment Policy and Issues to Address(Note 1)

Founded on our basic policies of investment management, the Investment Corporation has carried out investment and management
based on the concept and expertise incorporated into the urban rental residence Comforia series, which Tokyu Land Corporation(hereinafter referred to as “Tokyu Land”) has been producing. Going forward, we aim to achieve medium- to long-term growth bycontinuing to carry out investment and management based on our basic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from the AssetManagement Company.
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of the Tokyu Fudosan Holdings Group other than the sponsor, to acquire quality residential properties, achieve stable
operation and enhance profitability. Based on this perspective, the Asset Management Company has entered into a support
agreement with each of the seven support companies of the Tokyu Fudosan Holdings Group (Tokyu Livable, Inc., Tokyu
Community Corp., Tokyu Housing Lease Corporation, National Students Information Center Co., Ltd., Tokyu E-Life Design
Inc., Ewel Inc. and Tokyu Sports Oasis, Inc.,) for managed assets of the Investment Corporation.
(2) Internal growth strategy
With the aim of maximizing portfolio value and cash flows from individual properties from a medium- to long-term perspective
and to make the most of the experience and comprehensive strength of the Tokyu Fudosan Holdings Group in property
management, we will consign property management operations mainly to the Tokyu Fudosan Holdings Group, which has
extensive experience in the management of J-REITs and the Comforia series. In addition, we will strive for efficientmanagement by examining the adequacy of building management specifications and costs.
Furthermore, we will actively utilize the expertise of the Tokyu Fudosan Holdings Group in asset and fund management toachieve higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on theissues of environmental and social considerations and reinforced governance, among other matters, should contribute to theprogress of a sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management
based on such thinking.
In the 28th Fiscal Period and onwards, we will continue to aim to maintain and improve occupancy rates by closely monitoring
the property management situation, as we did in the 27th Fiscal Period.
(3) Financial strategy
In consideration of addressing future interest rate risk and refinance risk, we will carry out funding activities by paying attention
to financial soundness and earnings stability. With regard to debt, we will efficiently combine short-term funding that focuseson agility with long-term stable funding. Furthermore, we will consider the issuance of new investment units in accordancewith financing needs for property acquisition and the financial situation of the Investment Corporation, while paying attention
to the market development and distribution level, with the upper limit of the ratio of interest-bearing debt to total assets (LTV)
at around 60%.

(Note 2)

The acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property tax, city planning tax,
consumption tax and local consumption tax.
The sales agreement for the property falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment
and asset delivery shall be made at least one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervisionof Financial Instruments Business Operators, etc.” established by the Financial Services Agency, the Japanese Government. The appraisal value of each
property as of January 31, 2024 provided by real estate appraisers is as follows.
Appraisal value
Property name(thousands of yen)
LUXAS TAKATSUKI(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

1,100,000

COMFORIA NISHIOGIKITA
3,330,000
Although the current property name is “Hamahaitsu Sumida”, the Investment Corporation plans to change the name to “COMFORIA HIKIFUNE” inabout a month after acquiring it.
Although the current property name is “Perfect Life Nishinomiya”, the Investment Corporation plans to change the name to “COMFORIANISHINOMIYA” in about a month after acquiring it.
Although the current property name is “Residence Nishiogikubo”, the Investment Corporation plans to change the name to “COMFORIANISHIOGIKITA” in about a month after acquiring it.
Although the current property name is “Evergreen hatagaya”, the Investment Corporation plans to change the name to “COMFORIA HATAGAYA” inabout a month after acquiring it.
Although the current property name is “COSMOS REID Shinnakano”, the Investment Corporation plans to change the name to “COMFORIA SHINNAKANO II” in about a month after acquiring it.

The Investment Corporation plans to acquire the following property:
Property name

Type of specified
asset

Location

Plannedacquisition price(thousands of yen)
(Note)

COMFORIA KAMIMEGURO

Property

Meguro-ku, Tokyo

2,070,000(Note)

Main usage

Planned acquisition
date

Apartment building August 28, 2024

The planned acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property tax, city planning tax,
consumption tax and local consumption tax.

(2) Property Sale
The Investment Corporation sold the following property:
Property name

Type of specified
asset

Location

Sale price(thousands of yen)
(Note)

Main usage

Sale date

COMFORIA KOISHIKAWA

Property in trust

Bunkyo-ku, Tokyo

922,000

Apartment building

April 11, 2024

(Note) The sale price is the amount (transaction price of the property or property in trust indicated in the transaction agreement)
excluding miscellaneous expenses (transaction brokerage fees, tax and public dues, etc.) required for the sale of theproperty.

6. Significant Subsequent Events
Not applicable(Reference Information)(1) Property Acquisition
The Investment Corporation acquired the following properties:
Property name

Type of specified
asset

Location

Acquisition price(thousands of yen)
(Note 1)

LUXAS TAKATSUKI(Note 2)

Property in trust

Takatsuki-shi, Osaka

1,095,000

Apartment building February 6, 2024

COMFORIA HIKIFUNE(Note 3)

Property in trust

Sumida-ku, Tokyo

1,164,000

Apartment building

March 27, 2024

COMFORIA NISHINOMIYA(Note 4)

Property in trust

Nishinomiya-shi,
Hyogo

1,782,000

Apartment building

March 27, 2024

COMFORIA NISHIOGIKITA(Note 2) (Note 5)

Property in trust

Suginami-ku, Tokyo

3,220,000

Apartment building

March 28, 2024

Property

Shibuya-ku, Tokyo

1,073,500

Apartment building

March 28, 2024

Property in trust

Nakano-ku, Tokyo

1,610,900

Apartment building

March 28, 2024

COMFORIA HATAGAYA(Note 6)
COMFORIA SHIN-NAKANOII (Note 7)

12

－

6

－

Main usage

Acquisition date

－

7

－

13

Overview of the Investment Corporation
Overview of the Investment Corporation
1. Unitholders’ Capital
23rd Fiscal
Period24th Fiscal
Period25th Fiscal
Period26th Fiscal
Period27th Fiscal
PeriodAs ofJan. 31, 2022

As ofJul. 31, 2022

As ofJan. 31, 2023

As ofJul. 31, 2023

As ofJan. 31, 2024

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

8,000,000

8,000,000

8,000,000

8,000,000

Total number of investment
units issued(units)692,994

715,982

715,982

736,982

757,842

Unitholders’ capital(millions of yen)

129,791

136,744

136,744

142,425

148,969

Number of unitholders(people)

5,317

5,429

5,479

5,336

5,540

(2) Policy for decisions on dismissal or non-reappointment of Independent Auditor
The Board of Directors shall, with the consent of all its members, dismiss the Independent Auditor if it is deemed that it falls
under any of the grounds set forth in each item of Paragraph 1 of Article 105 of the Investment Trusts Act, and when it isdetermined that there is no hope for improvement.
In addition, when it is determined that an Independent Auditor is not fit for his or her role, upon comprehensive examinationof their execution of duties as the Independent Auditor and other various circumstances, the Board of Directors shall dismissor not reappoint said Independent Auditor with the consent of all of its members, and forward a proposal for the appointmentof a new Independent Auditor to the unitholders’ meeting.

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

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

2. Matters concerning Investment Units
Major unitholders as of January 31, 2024 are as follows.
Number of investment units
owned (units)

Name

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

All Executive Director andSupervisory Directors

The Investment Corporation has concluded a directors and officers liability insurance agreement
to cover such losses as compensation payment and dispute costs to be borne by the insured to acertain extent when they receive a claim for compensation for the actions they have taken as an
officer of the Investment Corporation.
[Burden ratio of insurance premium]

Custody Bank of Japan, Ltd. (trust account)

175,341

23.13

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

119,089

15.71

The insurance agreement contains the special provision concerning the unitholder lawsuit, andthe Investment Corporation shall bear the insurance premium.

Tokyu Land Corporation

68,8609.08[Measures to ensure the appropriateness of the execution of duties]

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

33,659

4.44

The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)When the insured suffers damages by actions which they executed while recognizing that it may
constitute criminal act or violate the laws and regulations, the loss is not subject to the protection.

13,137

1.73

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

12,765

1.68

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

10,6791.40

SMBC Nikko Securities Inc.

9,743

1.28

STICHTING PENSIOENFONDS ZORG EN WELZIJN(Standing proxy: Citibank, N.A., Tokyo Branch)

9,123

1.20

JP MORGAN CHASE BANK 385781(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)

8,803

Total

461,199(Note)

1.16
60.85

5. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of January 31, 2024 are as follows.
Consignment segment

Name

Asset management company

TLC REIT Management Inc.

Asset custodian

Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

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

General administration (tax service)Reiwakaikeisha Tax Corporation

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

General administration (corporation bond service)

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

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

3. Matters concerning Directors, etc.
(1) Name of directors, etc.
The names of directors, etc. during the 27th Fiscal Period are as follows.
Position

Name of director, etc.

Executive Director(Note 1)

Kentaro Yoshikawa

Main concurrent posts
General Manager, Asset Management
Department of Comforia Management
Division, TLC REIT Management Inc.

Total amount of remuneration
paid during the period(thousands of yen)–Supervisory Director
Koji Yamamoto(Note 1)

Partner, WAKABA PARTNERS Law andAccounting Office

1,800Supervisory Director
Masamichi Ohshima(Note 1)

Kataoka & Kobayashi

1,800

–

17,838

Independent Auditor

Ernst & Young
ShinNihon LLC(Note 2)

(Note 1) None of the Executive Director or Supervisory Directors own investment units in the Investment Corporation, either in their own name or insomeone else’s name. Furthermore, although Supervisory Directors may be officers of a corporation other than those mentioned above, neither
one has an interest in the Investment Corporation.
(Note 2) The amount includes the fees pertaining to the production of an “Auditor’s Comfort Letter to Lead Underwriting Firm” related to the issuanceof new investment units conducted in August 2023.

－

8

－

14
－

9

15
－

Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation
1. Composition of Assets of the Investment Corporation
Type ofasset

26th Fiscal Period(as of July 31, 2023)

Area

Real
estate3. Statement of Properties Incorporated in the Portfolio

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

The overview of assets under management of the Investment Corporation as of January 31, 2024 is as follows.

27th Fiscal Period(as of January 31, 2024)

Percentage of total
assets (%) (Note 2)

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

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,113

0.3

1,110

0.3

Sub-central Tokyo

9,581

3.0

9,556

2.9

Area

Property name

Address

Ownership form

(Note 1)COMFORIA NIHONBASHININGYOCHO

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

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

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

COMFORIA HIGASHINAKANO

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

Tokyo metropolitan area

6,046

1.9

6,002

1.8

Central Tokyo

94,222

29.6

94,00328.8

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

150,69147.3

157,87348.4

18,0005.7

17,912

5.5

17,300

5.4

17,201

5.3

Subtotal

296,955

93.2

303,661

93.1

Deposits and other assets

21,621

6.8

22,445

6.9

Total assets

318,577

100.0

326,106

100.0

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo“Total amount owned” indicates the amount posted on the Balance Sheet as of the closing of accounts (the carrying value after depreciation for realestate and properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

COMFORIA AZABUDAI

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

COMFORIA SHIBAKOEN

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

COMFORIA NISHIAZABU

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

COMFORIA MINAMIAOYAMA

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

COMFORIA NISHIWASEDA

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

COMFORIA HARAJYUKU

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

COMFORIA MITA NORTH

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

COMFORIA SHIBAURABOWHOUSE

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

COMFORIASHIROKANETAKANAWA

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

Other major cities(Note 1)
(Note 2)

2. Major Assets Owned

Carrying value(millions of yen)

Rentable area(m2)

Rented area(m2)

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

COMFORIA SHINJUKUEASTSIDE TOWER

11,752

48,267.61

46,184.34

95.7

Apartment
15.7
building

COMFORIA KAMATA

5,611

6,027.98

5,893.61

97.8

1.4

Apartment
building

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,592

4,080.10

4,001.65

98.1

1.3

Apartment
building

Central Tokyo

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

COMFORIA SHIBUYA WEST

5,400

4,278.52

4,147.49

96.9

Apartment
1.3
building

COMFORIA KOMABA

5,033

5,342.38

5,264.14

98.5

1.4

Apartment
building

COMFORIA OMIYA

4,600

6,527.59

6,341.82

97.2

1.3

Apartment
building

GRANCREER BAJIKOEN(LAND)

4,591

7,799.15

7,799.15

100.0

0.8

Homes forthe elderly

COMFORIA NIHONBASHININGYOCHO EAST

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

COMFORIA
MINAMISUNAMACHI

4,489

6,216.78

6,068.10

97.6

1.3

Apartment
building

COMFORIA ATAGO

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

COMFORIA AKIHABARA
EAST

4,344

4,582.07

4,518.90

98.6

1.2

Apartment
building

COMFORIA KUDAN

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

COMFORIA KITASANDO

4,144

4,957.71

4,769.48

96.2

1.3 Residence

55,561

98,079.89

94,988.68

96.8

27.0

COMFORIA NIHONBASHININGYOCHO NORTH

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

COMFORIA SHINKAWA

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

COMFORIA AKASAKA

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

COMFORIA MITA EAST

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

COMFORIA SHIBAURA CANAL

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

COMFORIA KITASANDO

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

Total

－

16

10

－

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)－11－

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

2,730

1,490

3,030

1,782

2,030

1,087

875

516

5,280

2,813

999

536

2,400

1,319

1,330

739

2,170

1,081

2,460

1,580

6,800

3,469

1,210

838

4,490

2,514

2,080

1,299

3,200

2,020

1,130

820

1,950

1,258

1,680

1,050

2,650

1,767

3,440

1,843

4,400

2,921

2,220

1,477

5,880

4,144

17

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

(Note 1)COMFORIA SASAZUKA

2-31-5 Uehara, Shibuya-ku, Tokyo
1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA SHINJUKUGYOEN
II

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

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

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

COMFORIA KANDAJINBOCHO

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

COMFORIA NIHONBASHI

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

COMFORIA TAMACHI

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

COMFORIA AZABUJUBAN

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

Central Tokyo

COMFORIA SHINJUKUGYOEN I 1-10-4 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA KAGURAZAKA
DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

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

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

COMFORIA ICHIGAYAYAKUOJI 5-50 Ichigayayakuojimachi, Shinjuku-ku, Tokyo
COMFORIA AKIHABARA EAST

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

COMFORIA MITA TROIS

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

COMFORIA SHIBAURA

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

COMFORIA SHINJUKU

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

COMFORIAHIGASHINIHONBASHI

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

COMFORIA GINZA EASTNIBANKAN

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

COMFORIA HIGASHISHINJUKU
7-27-12 Shinjuku, Shinjuku-ku, Tokyo
STATION FRONT18

COMFORIA NAKAOCHIAI

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

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

－

12

－

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

2,380
2,560
2,400
2,240

1,548
1,769

2,640

1,638

2,230

1,629

2,020

1,495

2,620

1,946

4,850

3,382

1,800

1,456

3,940

17,900

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

COMFORIAASAKUSAMATSUGAYA

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

COMFORIA NAKANO

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

COMFORIA SHIMOKITAZAWA

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

COMFORIA NISHIKAMATA

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

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,548
709

1,710

COMFORIA BUNKYOKASUGA

1,733

1,010

1,570

(Note 1)

Subtotal

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

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

COMFORIA KOISHIKAWA

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

COMFORIA SENGOKU

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

COMFORIA
DAIKANYAMAAOBADAI

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

COMFORIA IKEBUKURO

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

COMFORIA
RYOGOKUISHIWARA

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

COMFORIA ASAKUSABASHI
DEUX

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

COMFORIA OSHIAGE

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

COMFORIA
HONJOAZUMABASHI

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

COMFORIA
KIYOSUMISHIRAKAWA TROIS

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

1,412
1,200
1,856

11,752

1,050

961

6,040

4,344

988

944

1,120

1,110

2,410

Sub-central Tokyo

COMFORIA YOYOGIUEHARA

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

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

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

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

2,227

COMFORIA MISYUKU

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

1,530

1,280

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

2,560

2,535

COMFORIA HIGASHINAKANO
DEUX

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

5,850

5,592

COMFORIAHIGASHIIKEBUKURO WEST

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

1,650

1,552

COMFORIA RYOGOKU DEUX

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

1,160

1,108

COMFORIA OMORI DEUX

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

－

13

－

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

140,662

95,113

2,380

1,355

1,340

767

1,320

848

4,040

2,355

2,330

1,354

2,640

1,874

1,140

637

2,170

1,194

809

525

2,110

1,252

1,710

915

842

572

1,020

605

1,350

817

992

675

1,180

691

1,270

783

3,820

2,456

1,880

1,159

2,720

1,780

2,140

1,109

1,320

759

5,880

3,536

1,640

985

1,780

1,147

19

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

20

COMFORIA MACHIYA

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

COMFORIA ASAKUSABASHI

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

COMFORIA RYOGOKU SOUTH

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

COMFORIA TOYOSU

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

COMFORIA SUMIDATACHIBANA

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

COMFORIA UENOHIROKOJI

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

COMFORIA
KASUGATOMISAKA

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

COMFORIA HONKOMAGOME

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

COMFORIA MORISHITA

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

COMFORIA KIBAKOEN

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

COMFORIA MEGUROCHOJAMARU

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

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

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

COMFORIA KOMABA

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

COMFORIA KINSHICHO

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

COMFORIA
MINAMISUNAMACHI

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

COMFORIAHIGASHISHINAGAWA

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

COMFORIA MEGUROYAKUMO

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

COMFORIA YOGA

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

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA SHINAGAWA EAST

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

COMFORIA OJIMA

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

COMFORIA OMORI TROIS

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

COMFORIA BUNKYO
HAKUSAN

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

COMFORIA KAMATA

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

COLLEGE COURTHACHIMANYAMA

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

－

14

－

(Note 1)COMFORIA UENOIRIYA

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

2,396

COMFORIA IKEJIRI

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

1,640

1,118

COMFORIA
SETAGAYAKAMIUMA

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

4,350

2,785

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

1,110

884

COLLEGE SQUAREHACHIMANYAMA

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

1,480

1,029

COMFORIA KINSHICHO DEUX

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

4,130

2,693

COMFORIA KAMEIDO SOUTH

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

2,220

1,291

COMFORIA SHIBUYA WEST

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

2,080

1,446

COMFORIAASAKUSAKOMAGATA

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

1,280

888

COMFORIA OMORIKASHIMA

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

2,830

1,961

COMFORIA OMORIMACHI

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

3,000

1,554

COMFORIA KAMIIKEDAI

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

1,780

1,070

CAMPUS VILLAGESHIINAMACHI

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

7,070

5,033

COMFORIA TAKINOGAWA

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

1,550

990

5,290

4,489

2,370

1,541

1,180

587

3,700

Sub-central Tokyo

Sub-central Tokyo(Note 1)

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

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

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

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

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

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

COMFORIA SHINOKACHIMACHI

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

1,130

820

1,260

1,037

COMFORIA MORISHITA WEST

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

4,990

3,769

COMFORIA TOYOCHO

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

1,710

1,329

COMFORIA FUDOMAE

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

Real estate

2,270

2,147

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

1,110

906

COMFORIA TAITONEGISHI

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

1,600

1,406

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

7,160

5,611

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

1,340

1,216

GRANCREER BAJIKOEN(LAND)

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

－

15

－

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

2,460

2,136

1,620

1,372

3,460

2,593

3,270

2,777

1,840

1,725

1,010

877

2,710

2,206

2,360

2,044

7,470

5,400

1,580

1,372

1,030

917

1,360

1,156

2,280

1,949

3,370

2,725

4,290

3,461

1,460

1,353

1,470

1,410

2,110

1,952

1,540

1,641

1,410

1,251

1,320

1,237

4,360

3,715

1,970

1,638

3,350

3,087

1,700

1,457

3,140

3,011

4,860

4,591

21

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

(Note 1)1-1-13 Taito, Taito-ku, Tokyo

COMFORIA SAKURAJOSUI

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

COMFORIA KITAZAWA

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

Sub-central Tokyo

CAMPUS VILLAGE AKATSUKA2-10-8 Akatsuka-shinmachi, Itabashi-ku, TokyoSHINMACHI
NEIGHBORS HIGASHI-JUJO

2-14-13 Higashijujo, Kita-ku, Tokyo

COMFORIA NIPPORI

2-7-17 Nishinippori, Arakawa-ku, Tokyo

COMFORIA KANAMECHO

5-27-9 Nishiikebukuro, Toshima-ku, Tokyo

COMFORIA HONKOMAGOME 1- 1-6-7 Honkomagome, Bunkyo-ku, Tokyo
CHOME
COMFORIA MORISHITA SOUTH 2-2-8 Shinohashi, Koto-ku, Tokyo
COMFORIA OJIMA DEUX

8-5-3 Ojima, Koto-ku, Tokyo

COMFORIA TAKASHIMADAIRA 2-1-40 Shingashi, Itabashi-ku, Tokyo

Tokyo metropolitan area

Subtotal
COMFORIA YATSUKA

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

COMFORIA SHINKOYASU

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

COMFORIA GYOTOKU

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

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

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

COMFORIA OMIYA

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

CAMPUS VILLAGE URAYASU

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

GRANCREER TACHIKAWACOMFORIA SAGINUMA 3CHOME

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

NICHII HOME KAWAGUCHI

2-11-1 Honcho, Kawaguchi-shi, Saitama

COMFORIA KAWAGUCHIHONCHO

2-11-2 Honcho, Kawaguchi-shi, Saitama

COMFORIA KITASANJO

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

COMFORIA SAPPOROSHOKUBUTSUEN

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

COMFORIA OGIMACHI

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

COMFORIA SHINSAIBASHI
EAST

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

Other major cities

Subtotal

22

－

16

－

Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust(Note 1)

1,970

1,904

COMFORIA KYOMACHIBORI

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

4,260

3,843

COMFORIA AWAZA

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

4,230

4,053

COMFORIA KITAHAMA

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

2,430

2,370

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

2,010

1,927

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho, Fushimi-ku, Kyotoshi, Kyoto

2,940

2,736

COMFORIA NISHITENMA

3-9-1 Nishitenma, Kita-ku, Osaka-shi, Osaka

2,060

2,032

1,700

1,724

CAMPUS VILLAGE KYOTOICHIJOJI

6-109 Takanoizumicho, Sakyo-ku, Kyoto-shi,
Kyoto

2,250

2,240

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

44 Tanakanishiuracho, Sakyo-ku, Kyoto-shi,
Kyoto

1,390

1,394

4,050

3,964

217,543

167,430

890

604

1,550

1,001

1,190

997

4,720

4,085

2,310

2,406

5,450

4,600

1,660

1,545

Other major cities

COMFORIA AKIHABARA
NORTH

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust(Note 1)

3,060

3,211

2,660

2,791

1,500

1,504

1,140

1,165

26,13023,914

1,050

605

1,530

1,275

1,520

1,435

2,310

1,930

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

(Note 2)

Subtotal
Total

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

1,900

1,521

1,690

1,243

2,030

1,691

1,870

1,716

1,100

1,121

1,530

1,518

1,760

1,796

1,320

1,344

19,610403,945

17,201
303,661“Appraisal value at end of period” indicates the appraisal value by a real estate appraiser (based on real estate appraisal reports or research reports
prepared by the Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Valuers Co., Ltd., with the account closing date as the date of value estimate), pursuant to the method of asset appraisal
stipulated in the Articles of Incorporation of the Investment Corporation as well as the “Ordinance on Accountings of Investment Corporations”(Cabinet Office Ordinance No. 47 of 2006).
“Carrying value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 27th Fiscal Period(January 31, 2024) minus accumulated depreciation.

－

17

－

23

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

Central Tokyo

Area

24

Property name

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

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

27th Fiscal Period(From August 1, 2023 to January 31, 2024)

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

1

95.3

60,769

0.6

1

95.9

59,987

0.6

1
1
1
1
1
1
1
1
1
1
1

95.1
100.0
97.6
97.2
96.1
98.4
95.8
93.9
92.9
93.5
93.8

68,27049,821
22,162
116,758
22,47352,81529,67945,052
62,031130,969
33,803

0.7
0.5
0.2
1.1
0.2
0.5
0.3
0.4
0.6
1.3
0.3

1
1
1
1
1
1
1
1
1
1
1

97.9
93.5
100.0
100.0
95.7
94.8
83.6
100.0
89.6
94.6
100.0

68,28349,644
21,348
119,106
22,39753,51826,47045,48560,443
131,988
31,306

0.6
0.5
0.2
1.1
0.2
0.5
0.2
0.4
0.6
1.2
0.3

1

93.3

103,762

1.0

1

98.6

104,042

1.0

1

100.0

46,558

0.4

1

100.0

47,750

0.4

1

96.2

66,905

0.6

1

96.1

68,580

0.6

1
1

97.5
93.9

30,23243,027

0.3
0.4

1
1

97.5
100.0

29,341
42,626

0.3
0.4

1

100.0

37,093

0.4

1

97.2

37,842

0.4

1
1
1
1
1
1
1
1

96.7
97.5
98.8
93.7
94.6
97.2
100.0
95.5

62,22971,837
105,830
53,927
132,716
52,592
68,90757,347

0.6
0.7
1.0
0.5
1.3
0.5
0.7
0.5

1
1
1
1
1
1
1
1

95.0
97.5
96.1
94.7
96.2
96.8
92.9
98.7

61,59374,121106,089
52,256
137,119
52,40567,79758,448

0.6
0.7
1.0
0.5
1.3
0.5
0.6
0.5

1

93.5

51,365

0.5

1

96.1

51,700

0.5

1
1
1
1
1
1
1
1
1
1

97.5
92.9
100.0
90.5
94.2
96.4
90.9
100.0
100.0
95.8

23,58051,614
48,80944,12066,686103,680
42,02844,283
41,687
77,273

0.2
0.5
0.5
0.4
0.6
1.0
0.4
0.4
0.4
0.7

1
1
1
1
1
1
1
1
1
1

97.0
96.0
97.0
97.6
98.5
97.9
96.4
100.0
96.0
98.1

23,28948,00048,19044,78966,025104,059
41,94345,04841,75579,792

0.2
0.5
0.5
0.4
0.6
1.0
0.4
0.4
0.4
0.7

1

94.2

1,692,928

16.2

1

95.7

1,672,763

15.7

1
1
1
1
1

100.0
98.1
94.2
100.0
97.2

26,013
125,594
22,28828,03656,380

0.2
1.2
0.2
0.3
0.5

1
1
1
1
1

96.0
98.6
96.9
95.0
98.6

26,265
126,20924,531
28,00955,189

0.2
1.2
0.2
0.3
0.5

1

100.0

35,566

0.3

1

92.5

36,360

0.3

1

96.6

52,834

0.5

1

94.5

53,467

0.5

1

98.3

142,795

1.4

1

98.1

143,082

1.3

1
1
1

98.6
94.5
95.7

39,59725,937
4,471,162

0.4
0.2
42.7

1
1
1

97.0
96.4
96.4

38,77025,435
4,454,679

0.4
0.2
41.8

－

18

－

Area

Property name

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

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

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

(Note 2)27th Fiscal Period(From August 1, 2023 to January 31, 2024)

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

1

96.4

65,132

0.6

1

96.2

63,695

0.6

1

96.5

46,754

0.4

1

91.6

45,876

0.4

1
1
1
1

92.4
96.8
96.4
99.0

32,56896,04066,50777,512

0.3
0.9
0.6
0.7

1
1
1
1

97.2
95.4
94.7
99.3

33,64396,68465,781
75,124

0.3
0.9
0.6
0.7

1

100.0

28,586

0.3

1

97.8

28,798

0.3

1
1
1

97.9
93.0
95.4

45,631
20,92457,350

0.4
0.2
0.5

1
1
1

96.6
93.0
95.4

43,99820,97958,022

0.4
0.2
0.5

1

88.8

38,712

0.4

1

97.4

39,639

0.4

1

100.0

22,014

0.2

1

85.5

23,315

0.2

1

100.0

25,596

0.2

1

100.0

25,590

0.2

1

97.2

31,917

0.3

1

97.2

32,053

0.3

1

97.4

26,230

0.3

1

100.0

25,491

0.2

1

96.5

29,334

0.3

1

96.5

29,026

0.3

1

100.0

32,132

0.3

1

100.0

30,717

0.3

1
1
1
1

97.9
91.1
96.7
97.2

91,28943,744
69,26942,907

0.9
0.4
0.7
0.4

1
1
1
1

98.6
91.8
98.3
98.0

90,88545,68967,901
43,606

0.9
0.4
0.6
0.4

1

97.9

31,796

0.3

1

100.0

31,172

0.3

1

96.6

172,402

1.6

1

95.4

169,578

1.6

1
1
1
1
1
1

98.7
100.0
100.0
96.6
96.5
97.0

37,38940,67027,598105,279
50,336
101,569

0.4
0.4
0.3
1.0
0.5
1.0

1
1
1
1
1
1

100.0
100.0
100.0
96.9
97.4
98.2

38,39640,17927,580105,063
50,041
101,697

0.4
0.4
0.3
1.0
0.5
1.0

1

97.7

32,231

0.3

1

100.0

33,239

0.3

1
1
1
1
1

100.0
98.8
100.0
98.7
98.3

36,164
95,206
51,202
48,521
32,161

0.3
0.9
0.5
0.5
0.3

1
1
1
1
1

92.9
100.0
97.2
97.6
98.3

35,832
94,19348,75650,34732,232

0.3
0.9
0.5
0.5
0.3

1

93.7

70,889

0.7

1

95.6

70,777

0.7

1

96.8

70,863

0.7

1

96.8

70,835

0.7

1

100.0

40,138

0.4

1

96.6

39,037

0.4

1
1

98.1
98.2

144,128
35,499

1.4
0.3

1
1

98.5
100.0

144,484
36,461

1.4
0.3

1

97.4

137,384

1.3

1

97.6

138,391

1.3

1

95.5

62,546

0.6

1

100.0

62,012

0.6

1
1

91.8
100.0

26,70633,293

0.3
0.3

1
1

94.9
100.0

25,91233,149

0.2
0.3

1

99.2

130,489

1.2

1

97.1

133,157

1.2

1

100.0

77,021

0.7

1

97.2

75,443

0.7

－

19

－

25

Property name

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

Sub-central Tokyo(Note 1)COMFORIA OJIMACOMFORIA OMORI TROISCOMFORIA BUNKYOHAKUSANCOMFORIA KAMATA
COLLEGE COURTHACHIMANYAMA
COMFORIA UENOIRIYACOMFORIA IKEJIRICOMFORIA
SETAGAYAKAMIUMACOMFORIA
AKABANEIWABUCHICOMFORIA RYOGOKU TROISCOLLEGE SQUAREHACHIMANYAMA
COMFORIA KINSHICHO DEUXCOMFORIA KAMEIDO SOUTH
COMFORIA SHIBUYA WEST
COMFORIAASAKUSAKOMAGATACOMFORIA OMORIKASHIMACOMFORIA OMORIMACHICOMFORIA KAMIIKEDAICAMPUS VILLAGESHIINAMACHICOMFORIA TAKINOGAWACOMFORIA KIBASHINSUIKOENCOMFORIA NISHIMAGOMEHILLSIDE
COMFORIA IKEBUKURO DEUXCOMFORIA NARIMASUCOMFORIA SHINOKACHIMACHICOMFORIA MORISHITA WEST
COMFORIA TOYOCHOCOMFORIA FUDOMAECOMFORIA TAITONEGISHICOMFORIA MONZENNAKACHO
SOUTH
COMFORIA MAGOMEGRANCREER BAJIKOEN (LAND)COMFORIA AKIHABARANORTHCOMFORIA SAKURAJOSUICOMFORIA KITAZAWACAMPUS VILLAGE AKATSUKASHINMACHINEIGHBORS HIGASHI-JUJO
COMFORIA NIPPORICOMFORIA KANAMECHOCOMFORIA HONKOMAGOME 1CHOME
COMFORIA MORISHITA SOUTH
COMFORIA OJIMA DEUXCOMFORIA TAKASHIMADAIRA
Subtotal(Note 2)

26th Fiscal Period(From February 1, 2023 to July 31, 2023)

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

1
1
1
1

100.0
98.0
94.3
95.5

58,531
26,29537,170151,028

0.6
0.3
0.4
1.4

1
1
1
1

99.0
100.0
97.0
97.8

57,942
26,16537,760150,362

0.5
0.2
0.4
1.4

1

100.0

30,222

0.3

1

100.0

30,222

0.3

1
1

97.2
94.5

63,644
34,593

0.6
0.3

1
1

95.8
95.6

63,81334,402

0.6
0.3

1

97.9

75,923

0.7

1

100.0

76,155

0.7

1

95.1

75,845

0.7

1

96.4

76,069

0.7

1

96.5

42,907

0.4

1

98.6

44,831

0.4

1

100.0

20,976

0.2

1

100.0

20,976

0.2

1
1
1

95.9
100.0
96.9

62,86759,258141,005

0.6
0.6
1.3

1
1
1

96.8
100.0
96.9

62,91858,864
140,577

0.6
0.6
1.3

1

96.3

35,881

0.3

1

96.3

36,171

0.3

1
1
1

86.4
93.5
97.7

24,41531,62056,886

0.2
0.3
0.5

1
1
1

100.0
98.1
98.1

24,67830,94457,360

0.2
0.3
0.5

1

100.0

66,171

0.6

1

100.0

66,157

0.6

1
1

97.4
100.0

96,02432,209

0.9
0.3

1
1

98.0
96.3

93,761
32,078

0.9
0.3

1

100.0

30,323

0.3

1

98.0

31,090

0.3

1
1

100.0
95.1

51,58635,345

0.5
0.3

1
1

93.7
88.6

50,61832,609

0.5
0.3

1

100.0

30,190

0.3

1

96.2

32,218

0.3

1
1
1
1

97.8
99.0
93.0
95.9

30,581
90,16539,46871,448

0.3
0.9
0.4
0.7

1
1
1
1

97.8
100.0
96.4
93.6

30,606
92,38239,65575,791

0.3
0.9
0.4
0.7

1

94.0

34,149

0.3

1

100.0

33,021

0.3

1
1

98.4
100.0

71,734
86,610

0.7
0.8

1
1

94.8
100.0

70,92586,610

0.7
0.8

1

100.0

49,439

0.5

1

97.6

48,217

0.5

1
1

96.6
96.0

97,644
82,375

0.9
0.8

1
1

93.0
97.3

93,503
91,120

0.9
0.9

1

100.0

35,248

0.3

1

100.0

54,695

0.5

1
1
1

100.0
91.4
95.4

29,58939,68232,557

0.3
0.4
0.3

1
1
1

100.0
98.9
86.2

43,68065,272
41,810

0.4
0.6
0.4

1

92.2

26,400

0.3

1

93.0

39,858

0.4

－

－

－

－

1

98.5

32,259

0.3

－

－

－

－

1

98.0

19,344

0.2

－
4

－
97.3

－
4,869,196

－
46.5

1
4

94.9
97.2

19,084
5,021,087

0.2
47.1

Area

Property name

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

Tokyo metropolitan area

Area

27th Fiscal Period(From August 1, 2023 to January 31, 2024)

Other major cities

26th Fiscal Period(From February 1, 2023 to July 31, 2023)(Note 2)27th Fiscal Period(From August 1, 2023 to January 31, 2024)

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

COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYACAMPUS VILLAGE URAYASUGRANCREER TACHIKAWA

1
1
1
1
1
1
1
1

98.4
97.1
98.3
100.0
97.4
99.1
100.0
100.0

28,066
42,10530,166
120,300
59,683135,090
37,079114,990

0.3
0.4
0.3
1.1
0.6
1.3
0.4
1.1

1
1
1
1
1
1
1
1

98.4
100.0
100.0
100.0
100.0
97.2
100.0
100.0

27,55842,693
28,839120,300
59,645
136,296
37,078114,990

0.3
0.4
0.3
1.1
0.6
1.3
0.3
1.1

COMFORIA SAGINUMA 3CHOME

1

100.0

35,798

0.3

1

100.0

57,3000.5

NICHII HOME KAWAGUCHI

1

100.0

(Note 3)(Note 3)－－

COMFORIA KAWAGUCHIHONCHO

1

Subtotal
COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHOCAMPUS VILLAGE
KYOTOFUSHIMICOMFORIA NISHITENMACAMPUS VILLAGE KYOTOICHIJOJI
CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI
Subtotal
Total(Note 1)

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

－

－

1

100.0

97.1

26,179

0.2

1

100.0

25,871

0.2

4
1

99.4
97.7

664,092
37,039

6.3
0.4

4
1

99.6
96.6

685,205
36,4931

97.6

45,408

0.4

1

95.3

44,191

6.4
0.3
0.4

1

93.0

40,970

0.4

1

93.2

40,8281

98.2

56,661

0.5

1

93.1

57,757

1
1
1

98.8
96.5
96.6

45,33643,08153,191

0.4
0.4
0.5

1
1
1

90.5
97.6
94.1

45,073
43,272
53,682

0.4
0.4
0.5

1

100.0

48,772

0.5

1

93.7

48,922

0.5

1

100.0

29,940

0.3

1

100.0

29,940

0.3

1

98.0

21,563

0.2

1

94.2

31,517

0.3

1

100.0

26,469

0.3

1

100.0

41,072

0.4

1

100.0

19,546

0.2

1

100.0

30,330

0.3

2
5

98.0
97.0

467,980
10,472,431

4.5
100.0

2
5

95.7
97.1

503,081
10,664,053

4.7
100.0

0.4
0.5

“Total number of tenants” indicates the total number of tenants under a direct lease relationship with the Investment Corporation or the trustee (including
tenants planned to have lease relationships). Therefore, in cases where the Investment Corporation or trustee comprehensively leases all of the apartments
for rent from each managed property to the master lease company (hereinafter referred to as the “introduction of a master lease”), and said master lease
company subleases each room for rent to end tenants, the total number of tenants will be shown as “1,” and will not include the number of end tenants
related to the said sublease. Tokyu Housing Lease Corporation, MAINICHICOMNET Co., Ltd., Tokyu Land Corporation, Shigma Japan K. K. andNichii Carepalace Company are the five master lease companies hired by the Investment Corporation for its assets under management; therefore, thesum of the total number of tenants is set as “5,” which is the total number of master lease companies. Even for managed assets where a master lease isintroduced, end tenants who do not accept the introduction of a master lease will be under a direct lease relationship with the Investment Corporation
or trustee. However, the number of said end tenants is not included in the total number of tenants. For GRANCREER BAJIKOEN (LAND), theInvestment Corporation has concluded a contract to establish a general fixed-term lease contract with its lessee, and the number of the said lessee as“1”.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
Not disclosed as no consent to disclosure has been obtained from the tenant.

4. Statement of Renewable Energy Power Generation Facilities
Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

6. Statement of Securities Incorporated in the Portfolio
Not applicable

26

－

20

－

－

21

－

27

7. Details of Specified Transactions
The amount of specified derivative transactions entered into by the Investment Corporation and fair value as of January 31, 2024
are as follows.
Segment
Over-the-countertransactions

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

Over 1 year

(Note 1)

Fair value(millions of yen)
(Note 2)

24,50516,095–24,50516,095–The contract amount of the interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value is omitted
for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

8. Other Assets
Trust beneficial interests in properties owned by the Investment Corporation are listed on the aforementioned “3. Statement of
Properties Incorporated in the Portfolio.” As of the end of the 27th Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

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

28

－

22

－

29

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

3. Funding Reserved for Long-Term Repair Plans

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

PurposeCOMFORIA TOYOSU(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA KOMABA(Setagaya-ku, Tokyo)

Large-scale repair work

COMFORIA MITA EAST
(Minato-ku, Tokyo)

Large-scale repair work

COMFORIA
KASUGATOMISAKA(Bunkyo-ku, Tokyo)

Large-scale repair work

COMFORIA KANAMECHO(Toshima-ku, Tokyo)

Large-scale repair work

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA IKEJIRI(Setagaya-ku, Tokyo)

Large-scale repair work

Scheduled period
From Sep. 2023
to May 2024
From Mar. 2024
to Nov. 2024
From Mar. 2024
to Nov. 2024
From Mar. 2024
to Nov. 2024
From Mar. 2024
to Nov. 2024
From Sep. 2023
to May 2024
From Mar. 2024
to Nov. 2024

From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to be appropriatedfor repairs in the medium to long term.
(Thousands of yen)

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid
108,200－－

91,600－－79,800－－79,300－－57,000－－52,000－－50,800－－Fiscal period
Balance of reserves at the
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period(Note)

23rd Fiscal Period

24th Fiscal Period

25th Fiscal Period

26th Fiscal Period

27th Fiscal Period

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

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

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

From Aug. 1, 2023
to Jan. 31, 2024

494,005448,320

501,148564,146

409,088615,869

823,472

919,364

744,619

835,961

661,555

770,644856,366

899,677

609,575

448,320

501,148564,146

409,088635,474

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

2. Capital Expenditure during the Period
The overview of main construction work corresponding to capital expenditure that took place in the 27th Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 27th Fiscal Period was ¥685,095
thousand. Together with repair expenses of ¥480,666 thousand that were classified as expenses for the 27th Fiscal Period,
construction work totaling ¥1,165,762 thousand was carried out.
Property name(location)
COMFORIA MONZENNAKACHO(Koto-ku, Tokyo)
COMFORIA NIHONBASHININGYOCHO(Chuo-ku, Tokyo)
COMFORIA NIHONBASHININGYOCHO EAST
(Chuo-ku, Tokyo)

PurposeFrom Mar. 2023
to Oct. 2023

Large-scale repair work

From Mar. 2023

Large-scale repair workto Oct. 2023
From Mar. 2023

Large-scale repair workto Oct. 2023
From Mar. 2023
to Oct. 2023

COMFORIA NIBANCHO(Chiyoda-ku, Tokyo)

Large-scale repair work

COMFORIA KIBAKOEN(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA KAGURAZAKA(Shinjuku-ku, Tokyo)

Large-scale repair work

Other properties, etc.

Replacement of air conditioners, etc.

From Mar. 2023
to Oct. 2023
From Mar. 2023
to Sep. 2023

Total

－

30

23

PeriodFrom Aug. 2023
to Jan. 2024

Construction cost(thousands of yen)
95,02462,506
46,60535,34826,88624,752393,972
685,095

－
－

24

－

31

Status of Expenses and Liabilities

Status of Expenses and Liabilities

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

26th Fiscal Period
From Feb. 1, 2023 to Jul. 31, 2023

Asset management fee (Note)

27th Fiscal Period
From Aug. 1, 2023 to Jan. 31, 2024

629,250

678,052

Asset custody fee

9,874

10,206

Administrative service fees

30,641

31,581

Directors’ compensations
Other expenses
Total

3,600

3,600

355,186

352,862

1,028,552

1,076,303

Type

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

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

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

-

333

-

333

-

333

1,240

1,240

620

620

620

620

620

620

Sumitomo Mitsui Banking Corporation

310

310

MUFG Bank, Ltd.

840

-

420

-

420

-

420

-

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Dec. 13,2023

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

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

Feb. 3,2015

Feb. 2,
2016

Averageinterest
rate (%)(Note 2)0.25457

Development Bank of Japan Inc.
Maturity
date

Repayment
methodUse offunds

Mizuho Bank, Ltd.

Remarks

Sumitomo Mitsui Trust Bank, Limited

Apr. 5,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.
Mizuho Bank, Ltd.

0.34771

Dec. 13,2024

Sumitomo Mitsui Trust Bank, Limited

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

910

910

910

910

910

910

0.62460

450

450

1,140

1,140

570

570

570

570

570

570

Jan. 31,2025

Aug. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

300

300

1,040

1,040

520

520

520

520

520

520

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation

260

260

2,700

2,700

1,350

1,350

600

600

500

-

500

-

1,000

1,000

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

MUFG Bank, Ltd.

1.04200-

Sep. 29,
2017

MUFG Bank, Ltd.

-

580

1,820

Sumitomo Mitsui Banking Corporation

Long-term borrowings (Note 1)

Short-term borrowings

LenderBalance at the Balance at the
beginning of
end of theDrawdown
the period
perioddate(millions of(millions of
yen)
yen)
1,520
1,520
Apr. 5,
1,520
1,520
2023
760
760

-

580
290

Feb. 2,2017

MUFG Bank, Ltd.

580

1,820

Sumitomo Mitsui Banking Corporation

The status of loans as of January 31, 2024 is as follows.

Long-term borrowings (Note 1)

Feb. 2,2017

MUFG Bank, Ltd.

2. Loan Status

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

Sumitomo Mitsui Trust Bank, Limited

Aug. 31,2018
Aug. 31,2018

Sep. 25,
2018

230

-

275

275

MUFG Bank, Ltd.

980

980

Sumitomo Mitsui Banking Corporation

275

275

Development Bank of Japan Inc.

490

490

Mizuho Bank, Ltd.

670

670

490

490

670

670

490

490

670

670

320

320

670

670

700

700

700

700

350

350

350

350

700

700

Mizuho Bank, Ltd.

1,000

1,000

Sumitomo Mitsui Trust Bank, Limited

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

Mizuho Bank, Ltd.

970

970

Sumitomo Mitsui Trust Bank, Limited

970

970

970

970

485

485

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

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

Mar. 23,
2016

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

220

220

2,000

2,000

2,000

2,000

1,000

1,000

1,160

1,160

580

580

580

580

580

580

290

290

Aug. 1,
2016

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

1,800
Aug. 1,
2016

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

Mar. 30,
2018

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

0.67745

Feb. 29,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

900

900

900

900

900

450

450

MUFG Bank, Ltd.

－

25

－

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
0.61950

Mar. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Development Bank of Japan Inc.

MUFG Bank, Ltd.
0.46655

Jul. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65518

Jul. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2019

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

1,800

900

Sumitomo Mitsui Trust Bank, Limited

Apr. 5,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

MUFG Bank, Ltd.

MUFG Bank, Ltd.

32

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)
yen)
yen)
1,160
-

Sumitomo Mitsui Banking Corporation(Note) In addition to the amount stated above, asset management fees came to ¥127,887 thousand and ¥37,150 thousand in the 26th Fiscal Period and 27th
Fiscal Period, respectively, related to the acquisition of properties that were incorporated in the carrying value of each property and asset management
fees came to ¥6,375 thousand in the 26th Fiscal Period related to the sale of property.

TypeLenderDrawdown
date

Apr. 5,
2019Mar. 25,
2019

Mar. 25,
2019

Sumitomo Mitsui Banking Corporation

－

26

－

Maturity
date

Repayment
methodUse offunds

0.62938

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.79571Jan. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.77571

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65428

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62188

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.55126

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.73497

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.85667

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39950

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.49994

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54500

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.45215

Sep. 30,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.60810

Sep. 30,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks33

Lender

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)yen)
yen)

Shinkin Central Bank
The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 20,2019

Mizuho Trust & Banking Co., Ltd.

525

525

525

525

525

Repayment
methodUse offunds

Mar. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Type

Lender

0.42850

The Norinchukin Bank

1,500

1,000

1,000

500

500

Daishi Hokuetsu Bank, Ltd.

500

500

Development Bank of Japan Inc.

735

735

Mizuho Bank, Ltd.

735

735

735

735

The 77 Bank, Ltd.

525
1,350

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

Sumitomo Mitsui Banking Corporation

375

375

The 77 Bank, Ltd.

460

460

Shinkin Central Bank

460

460

460

460

460

460

Mizuho Trust & Banking Co., Ltd.

460

460

MUFG Bank, Ltd.

Development Bank of Japan Inc.

820

820

Mizuho Bank, Ltd.

820

820

820

820

820

820

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Mar. 2,2020

Mar. 31,2020

Jun. 30,
2020

Sumitomo Mitsui Banking Corporation

0.546930.47366

Mar. 31,2028

Aug. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

MUFG Bank, Ltd.

0.67532

Sep. 30,2026

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,
2022

735

735

360

360

Mizuho Bank, Ltd.

320

-

320

-

160

-

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Trust Bank, Limited

800

800

800

800

Sumitomo Mitsui Banking Corporation

400

400

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

MUFG Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2022

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
0.46156

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)
yen)
yen)
2,000
2,000
1,500

The Bank of Fukuoka, Ltd.

525
Sep. 30,
2019

Drawdown
date

Mizuho Trust & Banking Co., Ltd.

1,350

Development Bank of Japan Inc.

Long-term borrowings (Note 1)

525

Maturity
date

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Mar. 29,2022

Mar. 31,2022

Apr. 4,
2022

420

420

1,000

1,000

Sumitomo Mitsui Banking Corporation

375

375

1,000

1,000

Development Bank of Japan Inc.

1,110

1,110

1,000

1,000

1,110

1,110

500

500

1,110

1,110

Sumitomo Mitsui Banking Corporation

500

500

MUFG Bank, Ltd.

1,110

1,110

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Banking Corporation

560

560

800

800

1,000

1,000

800

800

1,000

1,000

1,000

1,000

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

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Sep. 29,
2020

Sep. 30,
2020

Sumitomo Mitsui Banking Corporation

0.56815

0.57308

Sep. 29,
2029

Sep. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Long-term borrowings (Note 1)

Type

Drawdown
date

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Jun. 30, 2022

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

Jul. 1,
2022

400

400

Development Bank of Japan Inc.

1,220

1,220

The 77 Bank, Ltd.

500

500

Mizuho Bank, Ltd.

1,220

1,220

The Nishi-Nippon City Bank, Ltd.

500

500

1,220

1,220

Development Bank of Japan Inc.

700

700

1,220

1,220

Mizuho Bank, Ltd.

700

700

620

620

700

700

Development Bank of Japan Inc.

1,920

1,920

MUFG Bank, Ltd.

700

700

Sumitomo Mitsui Trust Bank, Limited

1,135

1,135

Sumitomo Mitsui Banking Corporation

350

350

1,000

Development Bank of Japan Inc.

650

650

Mizuho Bank, Ltd.

650

650

650

650

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 29,2021

Sumitomo Mitsui Banking Corporation

Kiraboshi Bank, Ltd.
Mizuho Bank, Ltd.

Mar. 31,
2021

1,000
350

350

0.68068

Jan. 29,
2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

0.40488

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sep. 30,
2022

Nov. 25,2022

MUFG Bank, Ltd.

350

350

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Banking Corporation

170

170

MUFG Bank, Ltd.

325

325

The 77 Bank, Ltd.

500

500

Sumitomo Mitsui Banking Corporation

325

325

Daishi Hokuetsu Bank, Ltd.

500

500

Development Bank of Japan Inc.

760

760

500

500

Mizuho Bank, Ltd.

760

760

500

500

Sumitomo Mitsui Trust Bank, Limited

760

760

500

500

MUFG Bank, Ltd.

760

760

500

500

The Nishi-Nippon City Bank, Ltd.

Mar. 31,2021

The Higo Bank, Ltd.
The 77 Bank, Ltd.
Daishi Hokuetsu Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

Oct. 29,2021

500

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

Oct. 29,
2021

500

500

500

1,000

1,000

1,000

1,000

0.42632

0.39270

Mar. 31,2028

Oct. 29,
2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Banking Corporation

370

370

Development Bank of Japan Inc.

920

920

920

920

920

920

460

460

Mizuho Bank, Ltd.
0.47703

Apr. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2023

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Mar. 29,2023

Sumitomo Mitsui Banking Corporation

34

－

27

－

460

－

28

Maturity
date

Repayment
methodUse offunds

0.42000

Jan. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.58600

Jan. 31,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.17999

Sep. 29,
2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.20457

Mar. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.70725

Apr. 4,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.90850

Jun. 30,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.76500

Jul. 1,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.95725

Sep. 30,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.92600

Nov. 25,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1.36625

Jan. 31,2032

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.95225

Mar. 29,
2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

460

－

35

Type

LenderDrawdown
date

Balance at the Balance at the
Average
beginning of
end of theinterest
the period
periodrate (%)(millions of(millions of(Note 2)yen)
yen)

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

Mar. 31,2023

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

Mar. 31,2023

Mizuho Trust & Banking Co., Ltd.
Daishi Hokuetsu Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Long-term borrowings (Note 1)

MUFG Bank, Ltd.

Apr. 4, 2023

440

440

440
240
1,300

1,300

1,300

1,300

1,300

1,000

1,000

1,000

1,000

600

600

600

600

300

300

550

550

Apr. 5,2023

0.662500.61750

0.70573

0.20457

550

550

300

300

Development Bank of Japan Inc.

-

510

Mizuho Bank, Ltd.

-

510

-

510

-

510

-

290

-

800

-

480

-

480

-

240

-

710

-

710

-

710

-

710

-

500

1.09750-500

1.09750

145,910

147,759

MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

Aug. 31,2023

Sep. 29,2023

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

Dec. 21,2023

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

Jan. 31,2024

MUFG Bank, Ltd.
Taiyo Life Insurance Company
Nippon Life Insurance Company
Total

Jan. 31,2024
Jan. 31,2024

Remarks

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

The status of investment corporation bonds as of January 31, 2024 is as follows.

Mar. 31,2028
Oct. 4,2028
Apr. 5,2025

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

0.95725

Jul. 31,2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.91000

Aug. 31,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.18921

Sep. 29,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.20170

Dec. 21,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1.01750

Jan. 31,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2031
Jan. 31,2031

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

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

Maturity
date

Repayment
methodUse offunds

SecurityJul. 16, 2027

Lump-sum
repayment(Note 2)

Unsecured

0.23000 Dec. 14, 2023

Lump-sum
repayment(Note 2)

Unsecured

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment(Note 2)

Unsecured

1,000

1,000

0.23000

Jul. 18, 2024

Lump-sum
repayment(Note 2)

Unsecured

Jul. 18, 2019

1,500

1,500

0.90000

Jul. 18, 2034

Lump-sum
repayment(Note 2)

Unsecured

8th Unsecured Bond
(Green Bonds)

Jul. 30, 2020

1,500

1,500

0.55000

Jul. 30, 2030

Lump-sum
repayment(Note 2)

Unsecured

9th Unsecured Bond

Jul. 8, 2021

2,000

2,000

0.18000

Jul. 8, 2026

Lump-sum
repayment(Note 2)

Unsecured

10th Unsecured Bond
(Green Bonds)

Jul. 8, 2021

3,000

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment(Note 2)

Unsecured

11th Unsecured Bond

Jul. 8, 2021

1,600

1,600

0.73000

Jul. 8, 2036

Lump-sum
repayment(Note 2)

Unsecured

12th Unsecured Bond Mar. 8, 2023
(Note 1)

3,000

3,000

0.73000

Mar. 8, 2028

Lump-sum
repayment(Note 2)

Unsecured

Total

18,10017,100Issue

Issue date

3rd Unsecured Bond

Jul. 18, 2017

2,000

2,000

4th Unsecured Bond

Jun. 14, 2018

1,000

-

5th Unsecured Bond

Jun. 14, 2018

1,500

6th Unsecured Bond

Jul. 18, 2019

7th Unsecured Bond

(Note 1)

(Note 1)
(Note 1)

(Note 1)
(Note 1)

(Note 1)

550

Jul. 31,2023

Use offunds(Note 1)550

Sumitomo Mitsui Trust Bank, Limited

Mar. 31,2028

Repayment
method(Note 1)

550

Resona Bank, Ltd.

36

440

440
240

Sumitomo Mitsui Banking Corporation(Note 3)

440

550

MUFG Bank, Ltd.

(Note 1)
(Note 2)

440

1,300

Development Bank of Japan Inc.
Mizuho Bank, Ltd.

440

3. Investment Corporation Bonds
Maturity
date(Note 1)

(Note 1)
(Note 2)0.52000

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

4. Short-Term Investment Corporation Bonds
Not applicable

5. Investment Unit Acquisition Rights
Not applicable

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

－

29

－

－

30

－

37

Purchase and Sale during the Period
Purchase and Sale during the Period(2) Amount of commission paid

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

Purchase

Sale

Purchase date

Purchase price(millions of yen)

COMFORIA
MORISHITA SOUTH

Oct. 3, 2023

2,180

COMFORIA OJIMA
DEUXOct. 3, 2023

1,350

－

－

－

－

COMFORIA
TAKASHIMADAIRA

Dec. 21, 2023

3,900

－

－

－

Total

－

7,430

－

－

－

Sale date

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

－

－

－

－

5.0

Utilities expenses

132,104 Tokyu Community Corp.

42,66032.3－

Marketing-related
expenses

173,570 Tokyu Livable, Inc.

1,130

0.7

－

Other expenses related
to rent business

206,345

Tokyu Sports Oasis, Inc.

12,574

6.1

Tokyu Community Corp.

2,066

1.0

Purchase
Purchase
Purchase

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

Real estate appraisal
Appraisal value(millions ofyen)

Appraisalcompany

Date ofvaluation(Note 2)

Property management
entrustment costs

768,624(Note)

59.8

The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association, Japan.
Descriptions are included with regard to a related party that falls under any of these and that had transactions or paid commissions, etc. during the27th Fiscal Period.

(3) Major payments to other related parties
Ewel Inc.
¥4,684 thousand (system usage, etc.)
Tokyu Community Corp.
¥820 thousand (repair work)(1) Real estate, etc.
Purchase priceor sale price(millions ofyen) (Note 1)

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

38,607

3. Appraisals of Specified Assets

Purchase orsale dateAmount of payment(B)(thousands of yen)459,627

Main assets other than the above properties and asset backed securities are bank deposits or bank deposits within trust assets.

Property namePayee

Tokyu Community Corp.

2. Purchase and Sale of Other Assets

Type of asset

Breakdown of transaction with related parties

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

Purchase or
sale

Category

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

COMFORIA
MORISHITA SOUTH

Oct. 3, 2023

2,180

2,250

(1)

Apr. 30, 2023

COMFORIA OJIMA
DEUXOct. 3, 2023

1,350

1,390

(1)

Apr. 30, 2023

COMFORIA
TAKASHIMADAIRA

Dec. 21,
2023

3,900

4,050

(2)

Apr. 30, 2023

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

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

(2) Other
Of the transactions carried out by the Investment Corporation, there were no other transactions than those shown in the
aforementioned “(1) Real estate, etc.” that were deemed to require an appraisal pursuant to the provisions of Article 201 of theInvestment Trusts Act.

4. Transactions with Related Parties(1) Information on transaction
Purchase and sales amount

Category

Purchase amount

Sales amount¥7,430,000 thousand¥－ thousand

Tokyu Land Corporation¥7,430,000 thousand (100.0%)¥－ thousand (－%)

Total

¥7,430,000 thousand (100.0%)¥－ thousand (－%)

Total amount
Breakdown of transactions between related parties

－

38

31

－
－

32

－

39

Accounting Status

Accounting Status

1. Assets, Liabilities, Principal and Profit/Loss

Accounting
Please referStatus
to “1. Balance Sheet,” “2. Statement of Income,” “3. Statement of Changes in Unitholders’ Equity,” “4. Statement of
Cash Distributions,” “5. Statement of Cash Flows,” and “6. Notes” in III. Financial Section.

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

Please refer to “1. Balance Sheet,” “2. Statement of Income,” “3. Statement of Changes in Unitholders’ Equity,” “4. Statement of
Not
Cashapplicable
Distributions,” “5. Statement of Cash Flows,” and “6. Notes” in III. Financial Section.

3.
Methodof Real Estate, etc.
2. Changes in the Appraisal
Depreciation
MethodNot applicable

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

Other
Not applicable

Other

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

Other
Not applicable2.
1. Notices
Beneficiary Certificates of Investment Trusts Established by the Investment Corporation(1) Not
Unitholders’Meeting
applicableNot applicable

2. Notices(2) Board of Directors of the Investment Corporation(1) Unitholders’ Meeting
The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
Not applicable
Corporation
during the period are as follows.
Approval
date of the InvestmentMatter
Overview(2) Boardof Directors
Corporation
Conclusionof a new investment
unit
A new investment
unit underwriting
contractwith Mizuho
Securities
The main overviews of
the major conclusionand changeof contracts
that were approvedby the Boardof Directorsof the Investment
underwriting
contract
pertaining toCo., Ltd. and four other companies (Note) for the issuance of new
Corporation during theperiod are as
follows.
the issuance of new investment units investment units and the secondary offering of investment units that
Approval date
MatterOverview
and the secondary offering of
were approved at the Board of Directors' meetings held on August 4,
August 4, 2023
Conclusionofanewinvestment
unit
A
new
investment
unit
underwriting
with Mizuho
investment units, and the conclusion 2023 and August 9, 2023, as well as contract
a new investment
unitSecurities
purchase
underwriting
contractunit
pertaining
toCo.,
Ltd.pertaining
and four other(Note)
forwith
the issuancenewof a new investment
purchase
contract
to thecompanies
Green Shoe
optionthe book of
runnerinvestment
units andCo.,
the Ltd.)
secondaryoffering ofasinvestment
that
the issuance
new investment
contract
withofregard
to the Greenunits (Mizuho
Securities
were concludedof Augustunits
9, 2023,
were approved at the Board of Directors' meetings held on August 4,
and thesecondary offering of
Shoe
optionrespectively.
August 4, 2023
2023Securities
and August2023,
as well
as a newinvestment
units, andconclusion(Note) Other than Mizuho
Securities
Co.,theLtd.,
SMBC Nikko
Inc.9,and
Daiwa
Securities
Co.investment
Ltd., whichunit
arepurchaseco-leadcontract
theLtd.
Green
optionwith theof companies
a new investment
unit purchase
managers, theare Mitsubishi
UFJ Morgan
Stanleypertaining
SecuritiestoCo.,
and Shoe
NomuraSecurities
Co.,book
Ltd. runner(Mizuho Securities Co., Ltd.) were concluded as of August 9, 2023,
contract with regard to the Green
Shoe option
respectively.
3. Disclosure on Overseas Property-Owning Corporations(Note) Other than Mizuho Securities Co., Ltd., SMBC Nikko Securities Inc. and Daiwa Securities Co. Ltd., which are co-lead
Not applicablemanagers, the companies are Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Nomura Securities Co., Ltd.

4.
EstateOwned by Overseas
Property-Owning Corporations
3. Disclosure on Real
Overseas
Property-Owning
Corporations
Not applicable

5.
4. OtherDisclosure on Real Estate Owned by Overseas Property-Owning Corporations
Figuresin this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
Not applicableindicated.

5. Other

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

－

33

－

－

33

－

40

41

III. Financial Section
III. Financial Section
1. Balance Sheet(Thousands of yen)
26th Fiscal Period(As of July 31, 2023)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets(Thousands of yen)

27th Fiscal Period(As of January 31, 2024)

9,181,404
9,107,028
6,717
514,50752
18,809,709

9,722,710
9,519,765
5,855
473,6025,601
19,727,535

6,199,144(420,951)
5,778,193
122,509(18,547)
103,962
17,687(3,929)13,7585,020(3,444)
1,575
8,948,694
119,432,764(21,051,887)
98,380,876
1,649,649(592,062)
1,057,587
1,678,770(509,221)
1,169,549
794,119(466,493)
327,625
178,181,520
293,963,343

6,209,414(488,515)
5,720,899
122,509(21,840)
100,668
17,687(4,203)
13,483
7,386(3,782)
3,603
8,942,122
121,210,284(22,409,142)
98,801,141
1,667,173(631,276)
1,035,896
1,678,770(538,831)
1,139,939
912,878(520,790)
392,088
184,533,216
300,683,059

1,894,589
1,097,786
2,040
2,994,416

1,889,124
1,089,220
1,283
2,979,629

1,564,415
1,108,323
16,9142,689,653
299,647,413

1,564,450
1,012,569
20,136
2,597,156
306,259,844

32,08088,223
120,303
318,577,426

39,094
79,973
119,067
326,106,448

26th Fiscal Period(As of July 31, 2023)
Liabilities
Current liabilities
Operating accounts payable
Short-term borrowings
Current portion of investment corporation bonds
Current portion of long-term borrowings
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term borrowings
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Reserve for reduction entry under special
provisions for property replacement
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

27th Fiscal Period(As of January 31, 2024)

801,0483,800,000
2,000,000
15,980,000
69,573395,201
9,750
16,9301,667,784
16
24,740,304

820,573
4,799,000
1,000,000
17,930,000
25,552422,453
9,508
6,995
1,718,469
16
26,732,568

16,100,000
126,130,000
174,749
3,031,246
215,682
64,440145,716,118
170,456,423

16,100,000
125,030,000
174,450
3,091,286
217,117
63,870144,676,724
171,409,293

142,425,113

148,969,166

919,455*2

637,824

1,169,510*2

384,539

1,557,280

1,554,050

4,138,609

4,173,937

5,695,889
148,121,002*1 148,121,002
318,577,426

5,727,988
154,697,155*1 154,697,155
326,106,448- 28 -

42

43

2. Statement of Income(Thousands of yen)
26th Fiscal Period(From February 1, 2023
to July 31, 2023)

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

27th Fiscal Period(From August 1, 2023
to January 31, 2024)*1 10,065,727*1
406,704*2
207,577
10,680,009*1 10,314,344*1
349,708
10,664,053*1*1

4,805,425
629,250
3,600
15,1389,874
30,641
340,048
5,833,9784,846,031
98
168
267

4,672,240
678,052
3,600
15,138
10,206
31,581
337,724
5,748,543
4,915,509
95
270
363
638
40
1,408

447,235
183,929
48,565474,038
187,050
50,852

8,070

8,249

10,940698,741
4,147,557
4,147,557
9,765
(817)
8,947
4,138,609
4,138,609

13,836734,027
4,182,890
4,182,890
9,522
(569)
8,952
4,173,937
4,173,937

3. Statement of Changes in Unitholders’ Equity
26th Fiscal Period (From February 1, 2023 to July 31, 2023)(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof the period
Changes of items
during period
Issuance of new
investment units
Reserve for
reduction entry
Reversal of reserve
for reduction entry
Reversal of reserve
for reduction entry
under special
provisions forproperty
replacement
Dividends ofsurplus136,744,613

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

618,498

881,175

1,499,674

Total net assets

Total surplus

Totalunitholders'equity5,485,873

142,230,486

142,230,486

5,680,500

5,680,500

5,680,500
352,506

352,506(352,506)–––(51,549)(51,549)

51,549–––(243,351)

243,351–––(3,928,593)(3,928,593)(3,928,593)(3,928,593)

4,138,609

4,138,609

4,138,609

4,138,609(243,351)*1

5,680,500

300,957(243,351)

57,605

152,410210,016

5,890,516

5,890,516

142,425,113

919,455

637,824

1,557,280

4,138,609

5,695,889

148,121,002

148,121,002

27th Fiscal Period (From August 1, 2023 to January 31, 2024)(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof the period
Changes of items
during period
Issuance of new
investment units
Reserve for
reduction entry
Reversal of reserve
for reduction entry
Reversal of reserve
for reduction entry
under special
provisions forproperty
replacement
Dividends ofsurplus142,425,113

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

919,455

637,824

1,557,280

Unappropriatedretainedearnings(undisposed
loss)

Total
unitholders'equityTotal net assets

Total surplus

4,138,609

5,695,889

148,121,002

148,121,002

6,544,053

6,544,053

6,544,053
368,653368,653(368,653)–––(118,598)(118,598)

118,598–––(253,284)

253,284–––(4,141,838)(4,141,838)(4,141,838)(4,141,838)

4,173,937

4,173,937

4,173,937

4,173,937(253,284)

Profit- 30 -

3,986,198

ProfitTotal changes of
items during period
Balance at end of
the period

Total changes of
items during period
Balance at end of
the period

44

Unappropriatedretainedearnings(undisposed
loss)

*1

6,544,053

250,054(253,284)(3,229)35,32832,0986,576,152

6,576,152

148,969,166

1,169,510

384,539

1,554,050

4,173,937

5,727,988

154,697,155

154,697,155- 31 -

45

5. Statement of Cash Flows

4. Statement of Cash Distributions
Category

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

26th Fiscal Period(From February 1, 2023
to July 31, 2023)

27th Fiscal Period(From August 1, 2023
to January 31, 2024)¥4,138,609,320¥4,173,937,795¥118,598,997¥107,869,505¥253,284,370¥–¥4,141,838,840¥4,281,807,300[¥5,620][¥5,650]¥368,653,847¥–[Distribution per unit]
IV. Voluntary retained earnings
Provision of reserve for reduction
entry
V. Retained earnings carried forward
Method for calculating distributions

46¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥4,141,838,840 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry and reversal of reserve for
reduction entry under special provisions
for property replacement and deducting
provision of reserve for reduction entry
pursuant to Article 65-7 of the Act on
Special Measures Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

- 32 -¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥4,281,807,300 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
26th Fiscal Period(From February 1, 2023
to July 31, 2023)

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

27th Fiscal Period(From August 1, 2023
to January 31, 2024)

4,147,557
1,534,673
183,929
8,070
10,940(98)(168)
495,800
875(43,579)(9,938)112,977
1,568
7,423
64,792
7,010

4,182,890
1,568,068
187,050
8,249
13,836(95)(270)
524,891861
39,658(9,935)(55,963)(3,862)
31,42350,6849,399

421,961-(2,360)6,941,435
98(487,337)(7,300)6,446,896(5,549)6,541,338
95(524,875)(9,764)
6,006,793(621,177)(17,094,979)(1,164,084)(489)
21,072(6,225)384,234(295,997)(2,420)(18,780,066)(24,825)(8,208,469)
(35)
5,356
(6,592)
302,646(244,062)(3,819)(8,179,801)

3,800,000(2,999,000)
15,393,328(10,400,000)
2,981,615
5,660,978(3,928,429)(13,004)
10,495,488(1,837,682)
20,126,114*1 18,288,432

999,000
8,078,540(7,320,000)(1,000,000)
6,523,203(4,141,515)(12,176)
3,127,051
954,043
18,288,432*1 19,242,476

47

6. Notes

5.

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

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

Method of depreciation andamortization of non-current
assets(1) Property, plant and equipment (including trust assets)
Property, plant and equipment are depreciated by the straight-line method over theestimated useful lives as follows:
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures

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

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.

The funds (cash and cash equivalents) on the Statement of Cash Flows consist of cash on
hand and cash in trust, deposits and deposits in trust that are readily available, and shortterm investments with maturities of three months or less from the date of purchase which
are readily convertible to cash and with insignificant risk of market value fluctuation.
(1) Accounting method for beneficial interests in real estate trust and other assets
Regarding trust beneficiary interests in real estate, all assets and liability accounts of
entrusted properties as well as revenue and expense accounts generated by the property
in trust are recorded in relevant accounts on the Balance Sheet and Statement of Income.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s Balance Sheet are as follows:(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method over three
years.
(1) Standards for revenue recognition
Details of major performance obligations and typical time to fulfil the performanceobligations (typical time to recognize revenue) with regard to the Investment
Corporation’s revenue from contracts with customers are as follows.
(i) Sale of real estate properties
For sale of real estate properties, revenue is recorded at a point in time when thebuyer, a customer, obtains control of the real estate property, etc., as a result of theInvestment Corporation fulfilling its delivery obligation set forth in the agreement
for the sale of the real estate property.
(ii) Utilities income
For utilities income, revenue is recorded in accordance with the supply ofelectricity and water, etc. to the tenant, a customer, based on the lease contract of
the real estate property, etc. and any accompanying agreement. Of the utilities
income, for such income for which the Investment Corporation is considered to bean agent, the net amount of the amount received as charges for electricity and gas,etc. supplied by other parties less the amount paid to the other parties is recognized
as revenue.
(2) Accounting treatment of property tax, city planning tax, and depreciable asset tax
For property tax, city planning tax, and depreciable asset tax (“property tax”) for realestate properties held, the amounts to be paid for the current fiscal period are expensed
as expenses related to rent business out of the tax amounts decided to be levied.
Of the amounts paid for the acquisition of real estate property or beneficial interests inreal estate trust, the amounts equivalent to property tax settled with the seller of theproperty are capitalized as part of the acquisition cost of the relevant property rather
than being charged as expenses.
(1) Method of hedge accounting
The deferred hedge method is applied.
However, the special accounting treatment is applied for interest-rate swap transactions
that meet certain criteria.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest expenses on borrowings(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its investment
management guidelines with the objective of hedging interest rate fluctuation risks andother risks pertaining to borrowings, etc.
(4) Method of evaluating the effectiveness of hedging
As for the method of assessing the effectiveness of the hedge, the cumulative changes
in cash flow of the hedged items and hedging instruments are compared and a judgment
is made by verifying the ratio of the changed amount. However, an assessment of theeffectiveness of hedging activities is omitted in the case of interest-rate swap
transactions that meet the requirements for the special treatment.

48- 34 -- 35 -

49

<Notes to the Balance Sheet>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
26th Fiscal Period(As of July 31, 2023)
50,000(Thousands of yen)

27th Fiscal Period(As of January 31, 2024)
50,000*2. Breakdown of reserve for reduction entry under special provisions for property replacement defined in Article 2, Paragraph 2,
Item 28 of the Regulations on Accounting of Investment Corporations is as follows.
Relevant properties

Item

Reason for recognition and amount
Policy for reversal
Description of reversal in the period
Amount (thousands of yen)
Balance before provision or reversal in the
periodReversal in the Statement of Income
Balance on the Balance Sheet
Provision in the Statement of CashDistributions
Reversal in the Statement of CashDistributions
Balance after provision or reversal in the
period3.

Breakdown
COMFORIA HIGASHINAKANO and COMFORIA NAKANO
Gain on sale of ¥1,350,205 thousand due to sale of COMFORIA SHINOSAKA in March 2021
Reversal into retained earnings is made when it becomes taxable inaccordance with tax regulations.
Not applicable
26th Fiscal Period
27th Fiscal Period(As of July 31, 2023)(As of January 31, 2024)
637,824

384,539－
637,824－
384,539－－

253,284－

384,539

384,539

Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of July 31, 2023) and three of the banks(as of January 31, 2024), respectively.
(Thousands of yen)

Credit limit
Outstanding debt
Unused commitment line

26th Fiscal Period(As of July 31, 2023)
13,500,000－
13,500,000

27th Fiscal Period(As of January 31, 2024)
13,500,000
999,000
12,501,000<Notes to the Statement of Income>*1. Breakdown of real estate rental revenues and expenses

A. Real estate rental revenue
Lease business revenue(Rental revenues and common service charges)(Parking revenues)
Other lease business revenue(Key money and contract renewal fees)(Other revenues)
Total real estate rental revenues
B. Real estate rental expenses
Expenses related to rent business(Property management fees and facility
management fees)(Repairs and maintenance)(Land rent)(Tax and public dues)(Insurance)(Utilities)(Marketing-related expenses)(Trust fees)(Depreciation)(Other expenses related to rent business)
Total real estate rental expenses
C. Income from real estate rental business(A - B)(Thousands of yen)
26th Fiscal Period(From February 1, 2023
to July 31, 2023)

27th Fiscal Period(From August 1, 2023
to January 31, 2024)

9,901,572
164,154

10,148,854
165,490234,817
171,887

10,065,727
406,704
10,472,431

203,148
146,560

811,800

768,624564,695
736,646
522,019
10,737
144,663
236,30252,967
1,533,382
192,210

480,666
737,335
539,991
11,109132,104
173,570
53,9091,567,312
207,616

4,805,425
5,667,006

10,314,344
349,708
10,664,053

4,672,240
5,991,812*2. Breakdown of gain on sales of real estate properties
26th Fiscal Period (February 1, 2023 to July 31, 2023)(Thousands of yen)

COMFORIA NISHIOI(51% quasi co-ownership interest)
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

421,961
7,960

637,500
429,922
207,577

27th Fiscal Period (From August 1, 2023 to January 31, 2024)
Not applicable<Notes to the Statement of Changes in Unitholders’ Equity>*1. Total number of authorized investment
units and total number of investment
units issued and outstanding
Total number of authorized investment units
Total number of investment units issued andoutstanding50- 36 -

26th Fiscal Period(From February 1, 2023
to July 31, 2023)- 37 -

27th Fiscal Period(From August 1, 2023
to January 31, 2024)

8,000,000 units

8,000,000 units

736,982 units

757,842 units

51

<Notes to the Statement of Cash Flows>*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the Statement of Cash Flows(Thousands of yen)

Cash and deposits
Cash and deposits in trust
Cash and cash equivalents

26th Fiscal Period(From February 1, 2023
to July 31, 2023)
9,181,404
9,107,028
18,288,432<Notes to lease transactions>
1. Operating lease transactions (Lessee)
Future minimum lease payments under non-cancelable operating lease transactions

Due within 1 year
Due after 1 year
Total

26th Fiscal Period(As of July 31, 2023)
1,439,550
75,002,436
76,441,986

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

Due within 1 year
Due after 1 year
Total

26th Fiscal Period(As of July 31, 2023)
1,556,598
19,447,645
21,004,244

27th Fiscal Period(From August 1, 2023
to January 31, 2024)
9,722,710
9,519,765
19,242,476(Thousands of yen)
27th Fiscal Period(As of January 31, 2024)
1,439,550
74,300,166
75,739,716(Thousands of yen)
27th Fiscal Period(As of January 31, 2024)
1,572,724
20,431,619
22,004,343<Notes to financial instruments>
1. Status of financial instruments(1) Policies for financial instruments
With a focus on stability, flexibility and efficiency as the basis of its financial policy, the Investment Corporation procures
funds through borrowings as well as the issuance of investment corporation bonds (including short-term investment corporation
bonds; the same shall apply hereinafter) and investment units among other means with the aim of growing its investment assets
through their acquisition.
The Investment Corporation may enter into derivatives transactions, which shall be executed solely for the purpose of hedging
against interest-rate fluctuations and other risks pertaining to borrowings, etc.
(2) Characteristics and risk profile of each financial instrument and risk management system
The funds from borrowings and investment corporation bonds are mainly appropriated for the acquisition of investment assets
and repayment of borrowings, etc. With regard to liquidity and interest rate fluctuation risks associated with these financing
activities, the Investment Corporation endeavors to manage and limit them by considering and implementing multifaceted
funding methods including the utilization of surplus funds and raising funds, etc. from capital markets through issuance ofinvestment units, etc. while diversifying funding sources. Although loans with floating interest rates are exposed to a risk offluctuation in interest rate, the Investment Corporation employs derivative transactions (interest-rate swap transactions) as
hedging instruments in order to avoid interest rate fluctuation risks and fix payment of interest expenses. For more detailed
information on the method of hedge accounting, hedging instruments, hedged items, hedging policy and the evaluation method
for hedge effectiveness, please refer to the previous section “6. Notes: Summary of Significant Accounting Policies, 4. Methodof hedge accounting.”(3) Supplementary note regarding fair value of financial instruments
Since certain assumptions are used in calculating the fair value of financial instruments, there can be cases where the values
may vary when different assumptions are used. Moreover, with regard to the contract amount, etc. related to derivativetransactions stated in the following section entitled “Notes to derivative transactions,” the amount itself should not be
considered indicative of the market risk associated with derivative transactions.

2.

Fair value of financial instruments
The carrying values of financial instruments on the Balance Sheet, their fair values and the differences between them as of July 31,
2023 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term borrowings” are omitted as they aresettled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold
and security deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value- 38 -

Difference(Note 1)

(1) Current portion of investment corporation
bonds

2,000,000

2,002,573

2,573(2) Current portion of long-term borrowings

15,980,000

15,999,741

19,741(3) Investment corporation bonds

16,100,000

15,767,038(332,961)(4) Long-term borrowings

126,130,000

125,605,750(524,249)(5) Derivative transactions

―

―

―

The carrying values of financial instruments on the Balance Sheet, their fair values and the differences between them as of January
31, 2024 are as follows. Notes on “cash and deposits,” “cash and deposits in trust” and “short-term borrowings” are omitted as they
are settled in cash and in a short period of time and therefore the carrying value approximates the fair value. Notes on “Tenantleasehold and security deposits” and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)

Difference(Note 1)

(1) Current portion of investment corporation
bonds

1,000,000

1,000,626

626(2) Current portion of long-term borrowings

17,930,000

17,961,743

31,743(3) Investment corporation bonds

16,100,000

15,673,969(426,030)(4) Long-term borrowings

125,030,000

124,036,675(993,324)(5) Derivative transactions

―

―

―

(Note 1)

(Note 2)

Methods to determine the fair value of financial instruments:(1) Current portion of Investment corporation bonds and (3) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount of principal
and interest at a rate that takes into account the term to maturity and credit risk.
(2) Current portion of long-term borrowings and (4) Long-term borrowings
For loans with floating interest rates, since the interest rates on such loans reflect market rates reasonably well over the short term and theircarrying values are good approximations of their fair value, the carrying values are presented as their fair values. (However, the fair values offloating-rate long-term borrowings and current portion of long-term borrowings hedged by interest-rate swap transactions subject to special
accounting treatment (refer to the following section entitled “Notes to derivative transactions”) are calculated by discounting the aggregatedprincipal and interest on such loans, after taking into account the effect of said interest-rate swap transactions, using reasonable estimates of
the rates that would be applicable in a similar borrowing.)(5) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Repayment and redemption schedule for borrowings and investment corporation bonds (Thousands of yen)
26th Fiscal Period (As of July 31, 2023)

Current portion of
long-term
borrowings
Long-term
borrowings
Current portion of
investment
corporation bonds
Investment
corporation bonds
Total

52

Fair value(Note 1)

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

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

15,980,000

―

―

―

―

―

―

20,420,000

15,550,000

16,375,000

21,145,000

52,640,000

2,000,000

―

―

―

―

―

―

―

2,000,000

2,000,000

3,000,000

9,100,000

17,980,000

20,420,000

17,550,000

18,375,000

24,145,000

61,740,000- 39 -

53

27th Fiscal Period (As of January 31, 2024)

Current portion of
long-term
borrowings
Long-term
borrowings
Current portion of
investment
corporation bonds
Investment
corporation bonds

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

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

17,930,000

―

―

―

―

―

―

21,650,000

16,300,000

18,020,000

14,250,000

54,810,000

1,000,000

―

―

―

―

―

―

―

2,000,000

2,000,000

3,000,000

9,100,000

18,930,000

21,650,000

18,300,000

20,020,000

17,250,000

63,910,000

Total<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities
26th Fiscal Period(As of July 31, 2023)
Deferred tax assets
Nondeductible enterprise tax payable
Amortization of leasehold rights
Asset retirement obligations
Subtotal of deferred tax assets
Valuation allowance
Total deferred tax assets<Notes to investment securities>
26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable

Deferred tax liabilities
Property, plant and equipment
corresponding to asset retirement
obligations
Total deferred tax liabilities
Deferred tax assets (liabilities), net<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable2.

2.

26th Fiscal Period (As of July 31, 2023)
Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-term
borrowings
(*1)

Total

800
49,812
74,626125,239(124,438)
800

778
54,66775,122
130,567(129,789)
778(65,240)(64,648)(65,240)(64,440)(64,648)(63,870)

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

26,835,000

21,835,000

26,835,000

21,835,000

―

(*2)

―

―

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

Contract amount

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-term
borrowings(*1)

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

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

27th Fiscal Period (As of January 31, 2024)

24,505,000

16,095,000

24,505,000

16,095,000

―

(*2)

―

―

*1 Long-term borrowings include the current portion of long-term borrowings.
*2 Interest-rate swap transactions for which the special treatment is applied are accounted for together with long-term borrowings and the underlying
hedged items. As a result, their fair value is included in the fair value of items listed under “(2) Current portion of long-term borrowings” and “(4)Long-term borrowings” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instruments.”<Notes to retirement benefits>
26th Fiscal Period (As of July 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
27th Fiscal Period (As of January 31, 2024)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.

54

27th Fiscal Period(As of January 31, 2024)(%)

26th Fiscal Period(As of July 31, 2023)

Transactions subject to hedge accounting

Total(Thousands of yen)

- 40 -

27th Fiscal Period(As of January 31, 2024)
34.60

34.60

(34.55)(3.08)
0.99(35.42)
－
0.89

2.11

－

0.13
0.01
0.22

0.13
0.01
0.21

<Notes to equity in net earnings (losses) of affiliated companies>
26th Fiscal Period (As of July 31, 2023)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
27th Fiscal Period (As of January 31, 2024)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable2.

Affiliated companies and other26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable3.

Fellow subsidiary companies and other26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable4.

Directors, major individual unitholders and other26th Fiscal Period (As of July 31, 2023)
Not applicable
27th Fiscal Period (As of January 31, 2024)
Not applicable- 41 -

55

<Notes to asset retirement obligations>
1. Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts for COMFORIA SHINAGAWA EAST, which it acquired in
February 2016, and other properties with their landlords, and recognizes asset retirement obligations concerning the duty of
restoration upon the expiry of the lease period with regard to such assets.
2.

Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years - 68 years and 3 months)
as the expected period of use and 1.2% - 1.4% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
26th Fiscal Period(From February 1, 2023
to July 31, 2023)
Balance at beginning of period
Increase due to purchase of property, plant andequipment

27th Fiscal Period(From August 1, 2023
to January 31, 2024)

214,256

Adjustment due to passage of time
Balance at end of period

215,682

―

―

1,425

1,434

215,682

217,117<Notes to investment and rental properties>
The Investment Corporation owns real estate for rental purposes (including land) in the Tokyo metropolitan area and other regional
areas. The carrying value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)
26th Fiscal Period(From February 1, 2023
to July 31, 2023)

27th Fiscal Period(From August 1, 2023
to January 31, 2024)

Carrying value
Balance at beginning of period

279,998,988

296,955,719

Changes during period

16,956,730

6,705,685

Balance at end of period

296,955,719

303,661,404

Fair value at end of period

394,803,000

403,945,000(Note 1)
(Note 2)

(Note 3)<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
26th Fiscal Period (From February 1, 2023 to July 31, 2023)
1. Information about each product and service
Disclosure is omitted because net sales to other sources for a single product/service category account for over 90% of theoperating revenues on the Statement of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to other sources in Japan account for over 90% of the operating revenues on theStatement of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheet.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statement of Income.
27th Fiscal Period (From August 1, 2023 to January 31, 2024)
1. Information about each product and service
Disclosure is omitted because net sales to other sources for a single product/service category account for over 90% of theoperating revenues on the Statement of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to other sources in Japan account for over 90% of the operating revenues on theStatement of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheet.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statement of Income.

The carrying value excludes accumulated depreciation from acquisition cost.
Among changes in the carrying value of real estate for rental purposes that occurred during the 26th Fiscal Period, the principal increase consistedof the acquisition of 10 properties (COMFORIA NIPPORI and other 9 properties; ¥18,228,671 thousand), while the principal decrease consistedof the disposition of 1 property (COMFORIA NISHIOI (51% quasi co-ownership interest); ¥421,961 thousand) and depreciation of ¥1,531,956
thousand. During the 27th Fiscal Period, the principal increase consisted of the acquisition of 3 properties (COMFORIA TAKASHIMADAIRA
and other 2 properties; ¥7,608,323 thousand), while the principal decrease consisted of depreciation of ¥1,565,877 thousand.
The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Income and loss related to real estate for rental purposes, etc. for the 26th Fiscal Period (From February 1, 2023 to July 31, 2023)
and 27th Fiscal Period (From August 1, 2023 to January 31, 2024) are listed in “Notes to the Statement of Income.”

56- 42 -- 43 -

57

<Notes to revenue recognition>
1. Information on disaggregation of revenue from contracts with customers
26th Fiscal Period (From February 1, 2023 to July 31, 2023)<Notes to significant subsequent events>
Not applicable(Thousands of yen)

Revenue from contracts with customers *1
Sales of real estate properties

637,500

Utilities income

Revenues from other sources*2 207,577

24,691

24,691Others―10,447,740

Total

662,191

10,680,009*1

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

*2

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

27th Fiscal Period (From August 1, 2023 to January 31, 2024)(Thousands of yen)
Revenue from contracts with customers *1
Sales of real estate properties

Revenues from other sources―

Utilities income―

22,83522,835

Others―10,641,218

Total

22,835

10,664,053*1

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

2.

Information for understanding the amount of revenue for the current and subsequent fiscal periods
26th Fiscal Period (From February 1, 2023 to July 31, 2023)
Not applicable
27th Fiscal Period (From Augst 1, 2023 to January 31, 2024)
Not applicable<Notes to per unit information>

Net assets per unit

26th Fiscal Period(From February 1, 2023
to July 31, 2023)¥200,983

27th Fiscal Period(From August 1, 2023
to January 31, 2024)¥204,128¥5,615¥5,520

Profit per unit
(Note 1)

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

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

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

58

26th Fiscal Period(From February 1, 2023
to July 31, 2023)
4,138,609

27th Fiscal Period(From August 1, 2023
to January 31, 2024)
4,173,937――

4,138,609

4,173,937

736,943756,055- 44 -- 45 -

59

7. Supplementary Schedules(iv) Supplementary schedule of other specified assets
Not applicable(i) Supplementary schedule of investment securities
Not applicable(v) Supplementary schedule of investment corporation bonds(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJanuary 31, 2024 is as follows.
(Thousands of yen)Classification

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Contract amount (Note 1)
Maturing after 1
year

Total
(Note 1)
(Note 2)

Fair value(Note 2)The Investment
Corporation
July 18, 2017
3rd unsecured bonds

Increaseduringperiod(Thousands of yen)

Decrease
Balance at end Coupon
duringof the period rate (%)
periodRedemption
date

Use offunds

Security

0.52000 July 16, 2027

(Note 2)

Unsecured

December 14,
2023(Note 2)

Unsecured

2,000,000――

2,000,000

1,000,000―

1,000,000―

1,500,000――

1,500,000

0.95000 June 14, 2033

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000 July 18, 2024

(Note 2)

Unsecured1,500,000――

1,500,000

0.90000 July 18, 2034

(Note 2)

Unsecured1,500,000――

1,500,000

0.55000 July 30, 2030

(Note 2)

Unsecured

2,000,000――

2,000,000

0.18000 July 8, 2026

(Note 2)

Unsecured

3,000,000――

3,000,000

0.46000 July 8, 2031

(Note 2)

Unsecured

1,600,000――

1,600,000

0.73000 July 8, 2036

(Note 2)

Unsecured

3,000,000――

3,000,000

0.73000 March 8, 2028

(Note 2)

Unsecured

18,100,000―

1,000,000

17,100,000(Note 1)

24,505,000

16,095,000―

24,505,000

16,095,000―

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

(iii) Condensed supplementary schedule of real estate properties

Bond name

Balance at
Issuance date beginning of
the period(Thousands of yen)

The Investment
Corporation
June 14, 2018
4th unsecured bonds

0.23000(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds(Note 1)The Investment
Corporation
July 18, 2019
6th unsecured bonds(Note 1)

Balance at
beginning of
the period

Asset type

Intangible assets

Property, plant and equipment

Buildings

6,199,144

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

Increaseduringperiod15,742

DecreaseduringperiodAccumulated depreciationorDepreciation
Balance at end
orof the period accumulated
amortization amortization
at end of theduringperiodperiod5,471

6,209,414

488,515

67,564

Net balance at
end of theRemarks
period5,720,899

122,509――

122,509

21,8403,293

100,668

17,687――

17,687

4,203

274

13,483The Investment
Corporation
July 18, 2019
7th unsecured bonds(Note 1)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)(Note 1)The Investment
Corporation
9th unsecured bonds

July 8, 2021

(Note 1)

5,020

2,365

―

7,386

3,782

338

3,603

8,948,694

―

6,572

8,942,122――

8,942,122

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

119,432,764

1,794,733

17,213

121,210,284

22,409,142

1,357,255

98,801,141(Note)

1,649,649

17,523―

1,667,173

631,276

39,214

1,035,896(Note)

1,678,770――

1,678,770

538,831

29,610(Note 1)The Investment
Corporation
July 8, 2021
11th unsecured bonds(Note 1)The Investment
Corporation
March 8, 2023
12th unsecured bonds

1,139,939(Note 1)

794,119

118,759―

912,878

520,790

54,296

Total

392,088

178,181,520

6,351,696―

184,533,216――

184,533,216

Total
LeaseholdrightsLeaseholdrights in trust
Other

317,029,880

8,300,820

29,257

325,301,443

24,618,384

1,551,847

300,683,059

1,910,074――

1,910,074

20,9495,465

1,889,124

1,226,269――

1,226,269

137,048

8,565

1,089,220

12,076

―

9,026

3,049

1,765

756

1,283

Total

3,148,419

―

9,026

3,139,393

159,763

14,7862,979,629(Note)(Note 1)
(Note 2)
(Note 3)The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.
The total amount of redemption of investment corporation bonds for each year during the five years following the balance sheet date is as shown
below.
(Thousands of yen)
Due within 1 year
or less
1,000,000

Due after 1 year
to 2 years―

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

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

Due after 4 years
to 5 years
3,000,000

Due after 5 years
9,100,000(Note) Increases and decreases during the 27th Fiscal Period are due primarily to the acquisition of rental residences. The details are as follows.
(Thousands of yen)
Property name60

Increase during period

Decrease during period

COMFORIA MORISHITA SOUTH

2,244,221―

COMFORIA OJIMA DEUX

1,397,577―

COMFORIA TAKASHIMADAIRA

3,966,524―- 46 -- 47 -

61

(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of January 31, 2024 is as follows:
Classification
LenderBalance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodClassification
LenderUse offunds

Remarks

MUFG Bank, Ltd.

Balance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)
1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

1,040,000--

1,040,000

Development Bank of Japan Inc.

520,000--

520,000

Mizuho Bank, Ltd.

520,000--

520,000
520,000

Mizuho Bank, Ltd.

1,520,000--

1,520,000

Sumitomo Mitsui Trust Bank, Limited

1,520,000--

1,520,000

MUFG Bank, Ltd.

760,000--

760,000

Short-term
Mizuho Bank, Ltd.
borrowings-

333,000-

333,000

Sumitomo Mitsui Trust Bank, Limited-

333,000-

333,000

MUFG Bank, Ltd.

-

333,000-

333,000

3,800,000

999,000-

4,799,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

1,240,000--

1,240,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

Development Bank of Japan Inc.

620,000--

620,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

Mizuho Bank, Ltd.

620,000--

620,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

Nippon Life Insurance Company

500,000-

500,000-

MUFG Bank, Ltd.

840,000-

840,000-

Taiyo Life Insurance Company

500,000-

500,000-

Development Bank of Japan Inc.

420,000-

420,000-

1,000,000--

1,000,000

Subtotal
MUFG Bank, Ltd.

0.25457 April 5, 2024

0.34771

1.04200

December 13, Lump-sum
2024
repayment

January 31, Lump-sum
2025
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

MUFG Bank, Ltd.

Resona Bank, Ltd.

420,000-

420,000-

Development Bank of Japan Inc.

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

420,000-

420,000-

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

230,000-

230,000-

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

980,000--

980,000

MUFG Bank, Ltd.

275,000--

275,000

Development Bank of Japan Inc.

490,000--

490,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

Mizuho Bank, Ltd.

490,000--

490,000

Mizuho Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

MUFG Bank, Ltd.

670,000--

670,000

2,000,000--

2,000,000

320,000--

320,000

670,000--

670,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

0.677450.61950

February 29, Lump-sum
2024
repayment

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

Development Bank of Japan Inc.

0.62460

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Long-term
borrowings Sumitomo Mitsui Banking Corporation(Note 1)Development Bank of Japan Inc.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

700,000--

700,000

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

1,160,000--

1,160,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

580,000--

580,000

MUFG Bank, Ltd.

350,000--

350,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Development Bank of Japan Inc.

700,000--

700,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

1,800,000--

1,800,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

Development Bank of Japan Inc.

900,000--

900,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

900,000

Mizuho Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

1,160,000-

1,160,000-

MUFG Bank, Ltd.

970,000--

970,000

Development Bank of Japan Inc.

580,000-

580,000-

Sumitomo Mitsui Banking Corporation

485,000--

485,000

Mizuho Bank, Ltd.

580,000-

580,000-

Shinkin Central Bank

525,000--

525,000

Sumitomo Mitsui Trust Bank, Limited

580,000-

580,000-

The Norinchukin Bank

525,000--

525,000

Sumitomo Mitsui Banking Corporation

290,000-

290,000-

The Bank of Fukuoka, Ltd.

525,000--

525,000

1,820,000--

1,820,000

Mizuho Trust & Banking Co., Ltd.

525,000--

525,000

910,000--

910,000

Development Bank of Japan Inc.

1,350,000--

1,350,000

MUFG Bank, Ltd.

MUFG Bank, Ltd.

MUFG Bank, Ltd.
Development Bank of Japan Inc.

62

0.46655

0.655180.62938

July 31,2026

Lump-sum
repayment

Lump-sum
repayment

January 31, Lump-sum
2024
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

910,000--

910,000

Development Bank of Japan Inc.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

MUFG Bank, Ltd.

375,000--

375,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000- 48 -

0.79571

July 31,2024- 49 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

0.77571

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

Unsecured
Unguaranteed

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

Unsecured
Unguaranteed

0.62188

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.55126

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

Unsecured
Unguaranteed

0.73497

August 31, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.85667

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

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

Unsecured
Unguaranteed

0.49994

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

Unsecured
Unguaranteed

0.54500

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

Unsecured
Unguaranteed

0.57826

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

Unsecured
Unguaranteed

0.45215

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

Unsecured
Unguaranteed

0.60810

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

Unsecured
Unguaranteed

Maturity
date

0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.47366

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

Unsecured
Unguaranteed63

Classification
LenderAverageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Classification
Remarks

LenderBalance atBalance atIncrease
Decrease
beginning of
end of theduring period during period
the period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

The 77 Bank, Ltd.

460,000--

460,000

Development Bank of Japan Inc.

735,000--

735,000

Shinkin Central Bank

460,000--

460,000

Mizuho Bank, Ltd.

735,000--

735,000

The Norinchukin Bank

460,000--

460,000

Sumitomo Mitsui Trust Bank, Limited

735,000--

735,000

The Bank of Fukuoka, Ltd.

460,000--

460,000

MUFG Bank, Ltd.

735,000--

735,000

Mizuho Trust & Banking Co., Ltd.

460,000--

460,000

Sumitomo Mitsui Banking Corporation

360,000--

360,000

Development Bank of Japan Inc.

820,000--

820,000

Mizuho Bank, Ltd.

320,000-

320,000-

Mizuho Bank, Ltd.

820,000--

820,000

Sumitomo Mitsui Trust Bank, Limited

320,000-

320,000-

0.46156

September 30, Lump-sum
2026
repayment

Lump-sum
0.67532 June 30, 2029
repayment(Note 3)

Unsecured
Unguaranteed

820,000--

820,000

MUFG Bank, Ltd.

160,000-

160,000-

MUFG Bank, Ltd.

820,000--

820,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Development Bank of Japan Inc.

750,000--

750,000

Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

MUFG Bank, Ltd.

375,000--

375,000

420,000--

420,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Development Bank of Japan Inc.

1,220,000--

1,220,000

Mizuho Bank, Ltd.

1,220,000--

1,220,000

Sumitomo Mitsui Trust Bank, Limited

1,220,000--

1,220,000

1,220,000--

1,220,000

620,000--

620,000

Development Bank of Japan Inc.

1,920,000--

1,920,000

Sumitomo Mitsui Trust Bank, Limited

1,135,000--

1,135,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

350,000--

350,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

170,000--

170,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Higo Bank, Ltd.

500,000--

500,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Norinchukin Bank

1,000,000--

1,000,000

Resona Bank, Ltd.

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

2,000,000--

2,000,000

The Norinchukin Bank

1,500,000--

1,500,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

Long-term
borrowings MUFG Bank, Ltd.
(Note 1)
Sumitomo Mitsui Banking Corporation- 50 -

0.56815

0.573080.68068

September 29, Lump-sum
2029
repayment

September 30, Lump-sum
2029
repayment

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

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Banking Corporation

64

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

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

375,000--

375,000

Development Bank of Japan Inc.

1,110,000--

1,110,000

Mizuho Bank, Ltd.

1,110,000--

1,110,000

Sumitomo Mitsui Trust Bank, Limited

1,110,000--

1,110,000

MUFG Bank, Ltd.

1,110,000--

1,110,000

560,000--

560,000

1,000,000--

1,000,000

1,000,000--

1,000,000

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

Development Bank of Japan Inc.

700,000--

700,000

Mizuho Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

MUFG Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Development Bank of Japan Inc.

650,000--

650,000

Mizuho Bank, Ltd.

650,000--

650,000

Sumitomo Mitsui Trust Bank, Limited

650,000--

650,000

MUFG Bank, Ltd.

325,000--

325,000

Sumitomo Mitsui Banking Corporation

325,000--

325,000

Development Bank of Japan Inc.

760,000--

760,000

Mizuho Bank, Ltd.

760,000--

760,000

Sumitomo Mitsui Trust Bank, Limited

760,000--

760,000

MUFG Bank, Ltd.

760,000--

760,000

Sumitomo Mitsui Banking Corporation

370,000--

370,000

Development Bank of Japan Inc.

920,000--

920,000

Mizuho Bank, Ltd.

920,000--

920,000

Sumitomo Mitsui Trust Bank, Limited

920,000--

920,000

MUFG Bank, Ltd.

460,000--

460,000

Sumitomo Mitsui Banking Corporation

460,000--

460,000

Sumitomo Mitsui Banking Corporation
Shinkin Central Bank

Long-term
borrowings Daishi Hokuetsu Bank, Ltd.
(Note 1)
Mizuho Trust & Banking Co., Ltd.

0.40488

0.42632

0.39270

March 31,2027

March 31,2028

Lump-sum
repayment

October 29, Lump-sum
2027
repayment

0.47703 April 30, 2029

0.42000

Lump-sum
repayment

Lump-sum
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed- 51 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

0.58600

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

Unsecured
Unguaranteed

0.17999

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

Unsecured
Unguaranteed

MaturitydateMarch 31,2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.70725 April 4, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.90850 June 30, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.76500

July 1, 2029

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.95725

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

Unsecured
Unguaranteed

0.92600

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

Unsecured
Unguaranteed

1.36625

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

Unsecured
Unguaranteed

0.95225

March 29,2031

(Note 3)

Unsecured
Unguaranteed

0.20457

Lump-sum
repayment65

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

Classification
LenderAverageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

0.66250

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

440,000--

440,000

Mizuho Bank, Ltd.

440,000--

440,000

Sumitomo Mitsui Trust Bank, Limited

440,000--

440,000

MUFG Bank, Ltd.

440,000--

440,000

Sumitomo Mitsui Banking Corporation

240,000--

240,000

Shinkin Central Bank

1,300,000--

1,300,000

The Norinchukin Bank

1,300,000--

1,300,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

Daishi Hokuetsu Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

600,000--

600,000

Sumitomo Mitsui Trust Bank, Limited

600,000--

600,000

MUFG Bank, Ltd.

300,000--

300,000

Development Bank of Japan Inc.

550,000--

550,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

Long-term MUFG Bank, Ltd.
borrowings
Sumitomo Mitsui Banking Corporation(Note 1)550,000--

550,000

300,000--

300,000

Development Bank of Japan Inc.

-

510,000-

510,000

Mizuho Bank, Ltd.

-

510,000-

510,000

Sumitomo Mitsui Trust Bank, Limited-

510,000-

510,000

MUFG Bank, Ltd.

-

510,000-

510,000

Sumitomo Mitsui Banking Corporation-

290,000-

290,000

Resona Bank, Ltd.

-

800,000-

800,000

Mizuho Bank, Ltd.

-

480,000-

480,000

Sumitomo Mitsui Trust Bank, Limited-

480,000-

480,000

MUFG Bank, Ltd.

-

240,000-

240,000

Development Bank of Japan Inc.

-

710,000-

710,000

Mizuho Bank, Ltd.

-

710,000-

710,000

Sumitomo Mitsui Trust Bank, Limited-

710,000-

710,000

MUFG Bank, Ltd.

-

710,000-

710,000

Taiyo Life Insurance Company-

500,000-

500,000

1.09750

Nippon Life Insurance Company-

500,000-

500,000

1.09750

142,110,000

8,170,000

7,320,000

142,960,000

145,910,000

9,169,000

7,320,000

147,759,000

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

Independent Auditor’s Report
0.61750

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.70573

October 4,
2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.20457 April 5, 2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.95725 July 31, 2031

Lump-sum
repayment

August 31, Lump-sum
repayment
2029

0.91000(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

0.18921

September 29, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.20170

December 21, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

1.01750January 31, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

January 31,
2031
January 31,
2031

Lump-sum
repayment
Lump-sum
repayment(Thousands of yen)

17,930,000

OpinionWe have audited the accompanying financial statements of Comforia Residential REIT, Inc. (theInvestment Corporation), which comprise the balance sheet as at January 31,2024, and thestatements of income, changes in unitholders’ equity, cash distributions and cash flows for thesix-month period then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Investment Corporation as at January 31,2024, and its financial
performance and its cash flows for the six-month period then ended in accordance withaccounting principles generally accepted in Japan.
Basis for Opinion(Note 3)(Note 3)

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Long-term borrowings include the current portion of long-term borrowings.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interestrate swap transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The use of funds is mainly for the acquisition of real estate in trust and repayment of existing borrowings, etc.
The total amount of repayment of long-term borrowings for each year during the five years following the balance sheet date is as shown below.

Due within 1
year or less

The Board of Directors
Comforia Residential REIT, Inc.

Due after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

21,650,000

16,300,000

18,020,000

14,250,000

54,810,000

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of theInvestment Corporation in accordance with the ethical requirements that are relevant to our auditof the financial statements in Japan, and we have fulfilled our other ethical responsibilities inaccordance with these requirements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion.
Other Information
The other information comprises the information included in the Annual Report that contains
audited financial statements but does not include the financial statements and our auditor’sreport thereon. Management is responsible for preparation and disclosure of the otherinformation. Supervisory Directors are responsible for overseeing the Investment Corporation’sreporting process of the other information.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact.
We have nothing to report in this regard.
Ernst & Young ShinNihon LLC

66- 52 -

67

Responsibilities of Management, and the Supervisory Directors for the Financial
Statements
Management is responsible for the preparation and fair presentation of these financial statementsin accordance with accounting principles generally accepted in Japan, and for such internal
control as management determines is necessary to enable the preparation of financial statementsthat are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Investment
Corporation’s ability to continue as a going concern and disclosing, as required by accounting
principles generally accepted in Japan, matters related to going concern.
Supervisory Directors are responsible for overseeing the Investment Corporation’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
・ Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
・ Consider internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances for our risk assessments, while the purpose of the audit of
the financial statements is not expressing an opinion on the effectiveness of the Investment
Corporation’s internal control.
・ Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
・ Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Investment
Corporation’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Investment Corporation
to cease to continue as a going concern.

We communicate with the Executive Director regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.
We also provide the Executive Director with a statement that we have complied with the ethicalrequirements regarding independence that are relevant to our audit of the financial statements inJapan, and to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence, and where applicable, actions taken to eliminate threats or
safeguards applied.
Fee-related Information
The fees paid or payable to us and other EY Member Firms for the audits of the financial
statements of the Investment Corporation and other non-audit fees charged in the audit period to
the Investment Corporation are 15 million yen and 8 million yen, respectively.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Investment
Corporation which is required to be disclosed pursuant to the provisions of the Certified Public
Accountants Act of Japan.

Ernst & Young ShinNihon LLC
Tokyo, JapanMay 24, 2024

板谷秀穂
Hideho Itaya

Designated Engagement Partner
Certified Public Accountant

新田浩史
Hirofumi Nitta

Designated Engagement Partner
Certified Public Accountant

・ Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation in accordance with accounting
principles generally accepted in Japan.
Ernst & Young ShinNihon LLC

68

Ernst & Young ShinNihon LLC

69