Ⅰ. Fiscal Period Report

27th Fiscal Period ReportAugust 1, 2023 - January 31, 2024

Securities code: 3269

1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo―1―

Ⅰ. Fiscal Period ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
23rd FP
Fiscal Period

Operatingresults

Units

Operating revenues

17,313

17,253

17,86818,523

18,689million yen

16,871

17,253

17,357

17,683

17,814(Gain on real estate sales)bmillion yen

442

—

511

840

875

million yen

8,603

8,941

8,917

9,723

9,764

(Rental business expenses)cmillion yen

6,715

6,995

7,007

7,732

7,794

(Loss on real estate sales)dmillion yen

—

—

—

—

—

(Impairment loss)emillion yen

—

—

—

—

—

million yen

8,710

8,312

8,950

8,800

8,925
8,029

Ordinary incomefmillion yen

7,813

7,488

8,074

7,939

Net incomegmillion yen

7,812

7,488

8,074

7,939

8,029

Total assetshmillion yen

459,988464,898

469,629471,288

480,599

Interest-bearing liabilities

imillion yen

222,709

227,809

231,309

233,309

227,509

Net assets

jmillion yen

230,562

230,253

231,357

230,784

246,110

Paid-in Capitalkmillion yen

139,034

139,034

139,034

139,034

154,298

Total dividendslmillion yen

7,883

8,013

8,088

8,102

8,454

Payout ratio

l/g

%

100.9

107.0

100.2

102.1

105.3

Total number of units issued andoutstanding

m

Units

1,385,000

1,385,000

1,385,000

1,385,000

1,433,000

Net assets per unit

j/m

yen

166,470

166,248

167,044

166,631

171,744

yen

5,640

5,406

5,829

5,732

5,662

yen

5,692

5,786

5,840

5,850

5,900

yen

5,692

5,786

5,840

5,850

5,900

yen

0

0

0

0

0

Note 3

%

3.3

3.2

3.6

3.4

3.6

(g+q)/(k+i)

Note 3

%

5.9

5.7

5.9

6.1

6.0

(g+q)/(m×r+i)

Note 3

%

3.1

2.8

3.3

3.2

3.3

yen

7,390

7,504

7,596

7,558

7,405

Dividend per unit

Note 2l/m

Dividend from earnings per unit
Dividend in excess of earnings per
unit
Annualized dividend yield
Return on investment (Paid-in
Capital)Return on investment (market
capitalization)
FFO per unit

(g−b+d+e+q)/m

Annualizedn

FFO multiple

r/nRatio of ordinary income to total
assetsf/hAnnualized
Equity ratio

j/hReturn on equity

g/jAnnualized

Note 3yen

14,66015,13315,06915,242

14,690

times

23.1

24.3

21.1

22.7

22.1

Note 4

%

1.7

1.6

1.7

1.7

1.7

Note 3

%

3.4

3.3

3.4

3.4

3.3

%

50.1

49.5

49.3

49.0

51.2

Note 5

%

3.4

3.2

3.5

3.4

3.4

Note 3

%

6.7

6.6

6.9

6.9

6.7

%

48.4

49.0

49.3

49.5

47.3

Ratio of interest-bearing liabilities tototal assets

i/h

DSCR

o/p

times

o

million yen

Net income before interest anddepreciation
Interest expenses
NOI

p
a−c+q

Annualized NOI yield
Depreciation and amortization
Reference
informationq

Note 6

16.6

17.1

18.0

18.3

11,05911,716

11,976

12,152

million yen

712

666

683

667

664

million yen

13,02013,163

13,307

13,31913,478

%

5.6

5.7

5.6

5.7

5.6

Note 8million yen

2,865

2,905

2,958

3,369

3,458

–

272

277

277

277

283

Units

21,643

21,85322,021

21,994

22,392
835,770.34

Number of properties undermanagement

Leasable floor area at end of period

Note 9m2

807,050.70

814,648.31

824,479.81

825,254.29

Occupancy rate at end of period

Note 10

%

96.9

96.6

96.7

96.4

97.0

yen

338,500

367,000

317,500

346,500

325,000

Unit price at end of period

4.
5.
6.

16.0
11,390Note 3, 7

Number of leasable units

Notes 1.
2.
3.

27th FP

million yen

Net income per unit

Financial
indicators

26th FPaOperating income

Per unit
figures

25th FP(Rental revenue)

Operating expenses

Balancesheet
figures

24th FP

From: August 1, 2021 From: February 1, 2022 From: August 1, 2022 From: February 1, 2023 From: August 1, 2023
To: January 31, 2022
To: July 31, 2022
To: January 31, 2023
To: July 31, 2023
To: January 31, 2024r

Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place. The same applies hereafter.
The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
The annualized figures are calculated using 184 days for the 23rd FP, 181 days for the 24th FP, 184 days for the 25th FP, 181 days for the 26th FP, and 184 days for the
27th FP.
Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.

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Ⅰ. Fiscal Period Report
7.
8.
9.
10.

Annualized NOI yield = Total annualized NOI ÷ Total property acquisition price(The annualized NOI yield is calculated by taking into account the actual number of days of operation for each property.)
Depreciation and amortization include amortization of intangible assets in addition to depreciation of property, plant and equipment.
“Leasable floor area at end of period” refers to the leasable floor area for each building as stated on the lease agreement or indicated on its official floor plan. The leasable
floor area of land such as parking lots is not included.
“Occupancy rate at end of period” is calculated by using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.

2 Investment Environment and Operating PerformanceWith the aim of realizing a stable distribution of earnings over the long term, we carried out the following initiatives
during the 27th Fiscal Period (FP).
1. Internal Growth
While maintaining high occupancy rates (the average occupancy rate for the FP under review was 96.7%),
Advance Residence Investment Corporation (hereafter, “ADR“) increased the rent level, improved the balance of
earnings and expenses related to its offering, raised rents at the time of contract renewal, and strengthened its
property competitiveness through living room remodeling project.
2. External Growth
ADR acquired five properties developed by its sponsor group (acquisition price of 8.6 billion yen) and two properties
from third parties (acquisition price of 1.8 billion yen) and sold one property (acquisition price of 0.8 billion yen).
3. Finance Policy
ADR carried out its first public offering, etc. in four years, which is its seventh since the merger (hereinafterreferred to as the “Public Offering, etc.”), to reduce its loan to value ratio (hereinafter referred to as the “LTV”) andstrengthen its financial base.
4. Sustainability
As a result of its ongoing efforts to reduce greenhouse gas emissions at its properties, ADR has been selected asa Sector Leader in the listed residential sector in Asia in the 2023 GRESB Real Estate Assessment for the fourthconsecutive year and as Asian Sector Leader for all listed and unlisted participants for the first time.
By executing these initiatives, we were able to attain the following FP results.

Item

Previous FP
Results(million yen)
The 27th FP
Initial Forecast
Results (ended Difference from Difference from
Note 1January 31, 2024) the Previous FP the Initial Forecast

Operating revenues

18,523

18,623

18,689+166+66

Operating income

8,800

8,861

8,925

+125

+64

Ordinary income

7,939

7,944

8,029

+89

+85

Net income

7,939

7,944

8,029

+89

+85
+60 yen Note 2+30 yen

Earnings per unit

5,732 yen

5,543 yen

5,603 yen(129 yen) Note 2

Dividend per unit

5,850 yen

5,870 yen

5,900 yen

+50 yenNotes 1. The initial forecast refers to earnings forecast for the 27th FP disclosed in the “Brief Summary of Kessan Tanshin” for the 26th FP, dated
September 12, 2023. The same applies hereafter.
2. The numbers less than one are discarded in EPU figures.

Earnings per unit (EPU) decreased by 129 yen from the previous FP to 5,603 yen. This was mainly due to the impactof the increased number of investment units associated with the Public Offering, etc. although sales and profits increased
from the previous FP largely due to contributions to earnings by acquired new properties.
The dividend per unit (DPU) was 5,900 yen, reflecting the reversal of the reserve for temporary difference adjustments(582 yen per unit) and dividends paid using retained earnings (325 yen per unit) after ADR had retained part of the gainon sales of properties generated during the FP under review (611 yen per unit).
1. Internal Growth— Maintaining High Occupancy Rates and Raising Rent Levels —ITOCHU REIT Management Co., Ltd., ADR’s asset management company, collaborated appropriately with property
management companies to manage and operate properties. As a result, ADR managed to maintain a high level of an
average fiscal period occupancy rate at 96.7%.

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Ⅰ. Fiscal Period Report
Meanwhile, taking advantage of the favorable supply–demand environment for rental condominiums resulting fromthe normalization of social and economic activities after the easing of restrictions on activities due to the COVID-19
pandemic and the increase in the influx of new residents in Tokyo’s 23 wards, ADR made all-out efforts to raise rents
at the time of the replacement of tenants and the renewal of rent contracts. Consequently, of the entire portfolio, thechange in the replacement rent increased by 5.0% (up by 1.0 percentage points from the previous FP) and the change
in the renewal rent increased by 1.2% (up by 0.4 percentage points from the previous FP), marking a record high level.
– Strengthening the Competitiveness of Our Properties Through Living Room Remodeling Project –ADR conducts large-scale repairs of its properties on a scheduled basis to maintain their functionality and freshen
their appearance. In addition, for individual units in properties that have recently undergone large-scale repairs, ADR
conducts remodeling work to maintain and enhance competitiveness in the leasing market. These entail equipment
upgrades and floor plan changes, and are implemented when tenants are being replaced.
We conducted large-scale repairs on 8 properties during the FP under review at a cost of 756 million yen, including
taxes. Moreover, we renovated 161 units at the cost of 786 million yen, excluding taxes.
Of the residential units that underwent remodeling during the FP under review, 136 signed new rental contracts as ofJanuary 31, 2024. These units saw increases in rent of 20.7% on average compared with the rents under previous
contracts. Our remodeling work effectively contributed to internal growth. In the future, ADR will endeavor to further
enhance the competitive advantages of its properties through such measures.
2. External Growth– Steadily Acquiring Properties –We recognize that conditions for acquiring properties in the real estate trading market continue to be harsh, andtransaction prices remain at high levels. Even in such an environment, ADR selected and invested in properties that
contribute to the improvement in the quality and profitability of its portfolio, by utilizing the sponsor pipe lines andpromoting the negotiation basis transactions in acquiring properties from third parties.
Under such circumstances, of the 12 properties that ADR decided to acquire between the end of the previous FP
and the date of this document (estimated total acquisition price of 24.7 billion yen), ADR acquired seven properties intotal (total acquisition price of 10.4 billion yen) during the FP under review, namely five properties developed by its
sponsor group (total acquisition price of 8.6 billion yen) and two properties from third parties (total acquisition price of
1.8 billion yen). During the next six months ending July 31, 2024, ADR plans to acquire five properties developed byits sponsor group that it has already decided to acquire (estimated acquisition price of 14.2 billion yen) on April 18,
2024. Each of the properties are rare in the area they are located, and we consider that we managed to steadily acquire
excellent properties even in the fiercely competitive real estate acquisition market.
ADR disposed of RESIDIA Azabudai (51% quasi-co-ownership interest) for the sales price of 1.6 billion yen andrecorded a gain in property sales of 0.8 billion yen in total in the FP under review. During the next six months ending
July 31, 2024, on April 1, 2024, ADR plans to dispose of RESIDIA Kitashinagawa, which it has already decided todispose of for the estimated sales price of 2.9 billion yen.
This gain in property sales will be used to realize a stable distribution of earnings.
3. Finance Policy– Strengthening Stable Financial Base –In the FP under review, ADR carried out the first public offering, etc. in four years, which is the seventh since themerger. After completing the acquisition of the properties through the Public Offering, etc., it is expected to have lower
LTV based on total assets and larger acquisition power. At the end of the FP under review, LTV stood at 47.3%, downby 2.2% from 49.5% at the end of the previous FP.
As for financing through interest-bearing debt during the FP under review, ADR executed debt financing to the tuneof 7.3 billion yen in total (at an average interest rate Note 3 of 0.78% and an average initial duration of 5.3 years).
Consequently, the average interest rate at the end of the FP under review was 0.57%, which is the same as that in theprevious FP. In addition, the average remaining duration changed from 4.8 years to 4.6 years.
ADR’s issuer credit ratings as of the end of the FP under review are as follows.
Credit rating agency
Japan Credit Rating Agency, Ltd. (JCR)
Rating and Investment Information, Inc. (R&I)

CoverageLong-term issuer
ratingIssuer rating

RatingAA(Outlook: Stable)
AA(Outlook: Stable)

Note 3. The “average interest rate” is the weighted-average interest rate on loans and bonds as of their respective borrowing or issuance date andas of the end of the FP under review. If the interest rates on the debts have been converted to fixed interest rates using swap agreements―4―

Ⅰ. Fiscal Period Reportin order to hedge the risk of interest rate volatility, the average interest rate is calculated based on the interest rates reflecting the effects ofsuch swap agreements.

4. Sustainability– Sustainability Measures –ADR works together with the asset management company to realize a sustainable society and to further increase
its unit-holder value.
As for our environmental efforts, to improve the result coverage ratio of electricity consumption at our properties inorder to achieve reduction targets for energy consumption and greenhouse gas emissions, we installed an electricity
measuring system at 143 properties (representing 61.7% of the portfolio based on total floor area) as of the end of the
FP under review and has since measured electricity consumption even in exclusively owned areas of such properties.
In addition, as part of its energy-saving measures, ADR has introduced LED lighting in common areas of its properties
on an ongoing basis. During the FP under review, ADR installed LED lighting in 15 properties and, at the end of theperiod, has completed the installation of LED lighting in 145 properties (representing 51.2% of its portfolio based on
number of properties). ADR is also taking various measures to help tenants raise awareness in relation to energy
saving.
As of the end of the FP under review, 27 properties (representing 32.2% of the portfolio based on total floor area)
have obtained environment and/or energy-saving certifications.
In recognition of the above efforts in particular, ADR has been selected as a sector leader in the listed residential
sector in Asia in the 2023 GRESB Real Estate Assessment for the fourth consecutive year and as “Asian Sector Leader”
for all listed and unlisted participants for the first time. Further, in the GRESB rating that provides comparative
assessment based on the global ranking of overall scores, ADR received a “4 star” rating, a higher rating on the scaleof one to five for the second consecutive year.

3 Management Policies and Challenges Going Forward
By diligently implementing the strategies outlined below, ADR aims to achieve solid EPU growth.
1. Internal Growth
Keeping a close eye on trends of the rental housing market, ADR will prioritize the maintenance and improvement of
the occupancy ratio through measures such as the relaxation of leasing terms.
Meanwhile, we will keep raising rents associated with residential units that hold promise in that regard.
However, we expect rents to decline due to age-related degradation in exclusively owned areas as owned properties
become older Note 4. ADR will endeavor to maintain and improve its competitiveness by living room remodeling projectwith the intention of increasing rent on a scheduled basis.
Note 4. The average building age is 17.0 years as of January 31, 2024. The average building age is the weighted average of the building agesof the owned properties based on their acquisition prices.

2. External Growth
ADR aims to acquire properties that will contribute to improving the quality and profitability of its portfolio. This will
involve acquiring sponsor properties and utilizing information gained through sourcing initiatives of the AssetManagement Company. In addition, ADR will keep tenants and geographic diversification in mind when undertaking
investment and, accordingly, will not be susceptible to temporary market trends.
3. Finance Policy
ADR will procure funds considering fixed interest rates, while keeping a close eye on interest rate trends and striving
to realize low funding costs and diversified borrowing maturities. In doing so, we will endeavor to establish strong
financial foundations that can weather future financial market volatility.
4. Sustainability
ADR will promote measures for energy-saving and reduction of greenhouse gas emissions in its properties to realize
a sustainable society and further increase its unitholder value.
5. Dividend Payout Policy
In accordance with its basic policy of realizing a stable distribution of earnings over the long term, ADR will―5―

Ⅰ. Fiscal Period Reportfundamentally pay out distributions of nearly the entire amount of earnings for the current FP. Meanwhile, ADR willcontinue to draw down the reserves for temporary difference adjustments (RTA), which is based on retained earnings
derived from profit from negative goodwill. It will draw down the RTA in equal amounts or more in every FP within 50
years Note 5, in accordance with partial amendments of the “Regulations Concerning Accounting of Investment
Corporations” and the Investment Trusts Association of Japan’s “Regulations Concerning Real Estate Investment
Trusts and Real Estate Investment Corporations.”
Moreover, in principle, ADR is to maintain a DPU of at least 5,000 yen. To such ends, ADR is to additionally draw down
the reserve if the total amount of DPU and the fixed drawdown amount of the RTA for the given FP do not reach 5,000
yen Note 6.
Furthermore, when temporary gains or losses arise owing to gains or losses in property sales, expansion/promotion ofliving room remodeling project, increases in depreciation and amortization arising from changes in accounting policies
and other reasons, ADR will stabilize distributions by retaining or drawing down gains on sales while also drawing
down the RTA.
Notes 5. The RTA drawdown amount per FP is calculated by dividing by 100, the outstanding amount of the RTA that has been transferred fromthe reserve for dividends as of the end of the FP ended January 31, 2017 (50 year × 2 FPs = 100 periods). As of the date of thisdocument, the RTA drawdown amount per FP is approximately 335 million yen. However, ADR may increase the amount of thedrawdown indicated above in order to stabilize dividend levels.
6. This does not constitute a guarantee of actual amount of dividend payment. The actual amount of dividend payment will need to be
decided ultimately by ADR’s Board of Directors.

4 Equity Finances
The following are changes in paid-in capital and total number of units issued and outstanding over the last 5 years.
Date

Remarks

Total number of units issued andoutstanding
Increase
BalancePaid-in Capital (million yen)
Increase

Notes

Balance

September 26,
2019

Public offering

33,0001,383,000

10,696

138,3861

October 21, 2019

Third-party
allotment

2,000

1,385,000

648

139,0342

September 26,
2023

Public offering

45,6001,430,600

14,500

153,535

3

October 19, 2023

Third-party
allotment

2,400

1,433,000

763

154,298

4

Notes 1. ADR issued new units through public offering at an offer price of 334,425 yen (paid-in amount: 324,135 yen) per unit to procure funds for new property acquisitions and forother purposes.
2. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 324,135 yen per unit to procure funds for new
property acquisitions and for other purposes.
3. ADR issued new units through public offering at an offer price of 328,087 yen (paid-in amount: 317,992 yen) per unit to procure funds for new property acquisitions and forother purposes.
4. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 317,992 yen per unit to procure funds for new
property acquisitions and for other purposes.

Market Price of Units
The following are the highs and lows of ADR’s unit closing prices on the Tokyo Stock Exchange.
Fiscal Period

23rd FP

24th FP

25th FP

26th FP

27th FP

Period-end

January 31, 2022

July 31, 2022

January 31, 2023

July 31, 2023

January 31, 2024

High
Low

381,000 yen
318,500 yen

369,000 yen
318,500 yen

370,000 yen
317,500 yen

361,500 yen
307,000 yen

361,500 yen
311,500 yen

5 Dividend Distribution
In accordance with the distribution policy set forth in Article 32, Item 1 of ADR’s Articles of Incorporation, ADR
distributes the amount in excess of 90% of the ADR’s profit available for dividends as stipulated in Article 67-15 of the Act
on Special Measures Concerning Taxation. In the event of weak performance by investments, reserve for temporary
difference adjustments will be used in order to maintain stable payouts into the future.
Based on this policy, ADR has decided to distribute dividends of 8,454,700,000 yen. The figure was derived by―6―

Ⅰ. Fiscal Period Reportretaining 1,689,721,588 yen from the unappropriated retained earnings of 9,309,989,349 yen for the fiscal period, plus
the drawdown of reserve for temporary difference adjustments (RTA) of 834,432,239 yen. The amount of 1,689,721,588
yen was retained to achieve a more consistent dividend distribution.
ADR does not distribute dividends in excess of the profits as defined in Article 32, Item 2 of its Articles of Incorporation.
23rd FP
Fiscal Period
Total amount of net
incomeRetained earnings
Total amount of cash
distribution(Distribution per unit)
Of which, total amount ofdividends from earnings(Dividend from earnings
per unit)
Of which, total amount ofreturn of capital(Return of capital per unit)
Of total amount of returnof capital, total amountof distribution fromreserve for temporary
difference adjustments(Of return of capital per
unit, distribution fromreserve for temporary
difference adjustments
per unit)
Of total amount of returnof capital, total amountof distribution from
distribution after
reducing unitholders’capital for tax purposes(Of return of capital per
unit, distribution from
distribution after
reducing unitholders’capital for tax purposes)

24th FP

25th FP

26th FP

27th FP

From: August 1, 2021 From: February 1, 2022 From: August 1, 2022 From: February 1, 2023 From: August 1, 2023
To: January 31, 2022
To: July 31, 2022
To: January 31, 2023
To: July 31, 2023
To: January 31, 2024

7,812,651
thousand yen
30,396,095
thousand yen
7,883,420
thousand yen(5,692 yen)

7,488,124
thousand yen
29,870,610
thousand yen
8,013,610
thousand yen(5,786 yen)

8,074,243
thousand yen
29,856,453
thousand yen
8,088,400
thousand yen(5,840 yen)

7,939,373
thousand yen
29,693,576
thousand yen
8,102,250
thousand yen(5,850 yen)

8,029,255
thousand yen
29,268,133
thousand yen
8,454,700
thousand yen(5,900 yen)

7,883,420
thousand yen

8,013,610
thousand yen

8,088,400
thousand yen

8,102,250
thousand yen

8,454,700
thousand yen(5,692 yen)

(5,786 yen)

(5,840 yen)

(5,850 yen)

(5,900 yen)

—

—

—

—

—

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)

—

—

—

—

—

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)

—

—

—

—

—

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)6 Significant Subsequent Events
Asset Acquisition Decision
ADR has decided to acquire the following assets in accordance with its basic asset management policies set forthin its Articles of Incorporation and other rules and has executed agreements accordingly:
RESIDIA Bunkyo-Hongo IV
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,252,000 thousand yen
Date of contract: February 28, 2024
Scheduled acquisition date: April 18, 2024
Location: 7-2-2 Hongo, Bunkyo-ku, Tokyo
Area size: 315.43 m2 (land); 1,633.73 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 15 stories
Constructed: January 2018
Notes 1. The estimated acquisition price does not include any settlement amount equivalent to a fixed property tax,
city planning tax, depreciable asset tax, and/or national and local consumption taxes.
2. If the transaction contract of this property is terminated due to any reason attributable to ADR (the―7―Ⅰ. Fiscal Period Reportpurchaser), ADR will pay the seller 20% of the purchase price as a penalty for such termination.

―8―

Ⅰ. Fiscal Period Report
Overview of the Investment Corporation
1 Status of Investments in Capital
Total number of units authorized, total number of units issued and outstanding, paid-in capital, and the number ofunitholders as of January 31, 2024 are as follows.
Fiscal Period

23rd FP

24th FP

25th FP

26th FP

27th FP

Period-end

January 31, 2022

July 31, 2022

January 31, 2023

July 31, 2023

January 31, 2024

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

1,385,000

1,385,000

1,385,000

1,385,000

1,433,000

139,034 million
yen
12,846

139,034 million
yen
12,731

139,034 million
yen
12,738139,034 million
yen12,492

154,298 million
yen
13,922

Total number of units
authorized
Total number of units
issued and outstanding
Paid-in capital (Note)
Number of unitholders
Note

Other than paid-in capital, capital surplus of 53,220 million yen was recorded on the balance sheet as of January 31, 2024.

2 Major Unit-holders
The following are the major unitholders as of January 31, 2024.

Number ofunits held
(units)Percentage of
number of units
held over total
number of units
issued (%)

1-8-12 Harumi, Chuo-ku, Tokyo

365,60725.51

2-11-3 Hamamatsucho, Minato-ku,
Tokyo212,750

14.84

2-2-2 Otemachi, Chiyoda-ku, Tokyo

68,832

4.80

45,5883.18

34,8002.42

26,742

1.86

22,8091.59

21,121

1.47

17,6901.23

Name

Address

Custody Bank of Japan, Ltd. (Trust
Account)
The Master Trust Bank of Japan, Ltd(Trust Account)
The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)
STICHTING PENSIOEN FONDS ZORGEN WELZIJN
ITOCHU Corporation

UTRECHTSEWEG 91 ZEIST NL 3702
AA
2-5-1 Kita-Aoyama, Minato-ku, Tokyo

SMBC Nikko Securities Inc.
SSBTC CLIENT OMNIBUS ACCOUNTSTATE STREET BANK WEST CLIENT TREATYSTATE STREET BANK AND TRUSTCOMPANY
Mizuho Securities Co., Ltd.

3-3-1, Marunouchi, Chiyoda-ku, TokyoONE CONGRESS STREET, SUITE 1,
BOSTON MASSACHUSETTS
1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.
P.O. BOX 351 BOSTONMASSACHUSETTS 02101 U.S.A.
1-5-1, Otemachi, Chiyoda-ku, Tokyo

Total
Note

15,1001.05

831,039

57.99“Percentage of issued units” (number of units held as a percentage of total number of units issued and outstanding) is rounded down to two decimal places.

―9―Ⅰ. Fiscal Period Report
3 Directors and Independent Auditor
1. The executive director, supervisory directors, and independent auditor as of January 31, 2024, are as follows.

Title
Executive
Director
Supervisory
Director
Supervisory
Director
Supervisory
Director
Independent
Auditor
Note

Name

Wataru Higuchi

Primary concurrent positions

Total amount ofcompensation during the FP(thousand yen)

Senior partner, Ootemon Law andAccounting—

Yoshitsugu Oba

2,700
1,800

Satoru Kobayashi

President, Esperanza Law Office

1,800

Aiko Kanayama

Partner, Miura&Partners

1,200

Deloitte Touche Tohmatsu LLC

19,000

The remunerations paid to Deloitte Touche Tohmatsu LLC include 4,000 thousand yen, which is remuneration for services other than those prescribed in Article 2,paragraph 1 of the Certified Public Accountant Act. The remuneration paid to persons belonging to the same network as Deloitte Touche Tohmatsu LLC for services otherthan those prescribed in Article 2, paragraph 1, of the Certified Public Accountant Act was 5,634 thousand yen.

2. Policy for dismissal or refusal of reappointment of independent auditor
The board of directors of ADR shall consider the dismissal of independent auditors pursuant to the provisions of the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951; as amended), and consider refusal ofreappointment by comprehensively taking into account the quality of the audit, audit compensation, and other factors.

4 Matters Concerning Directors and Officers Liability Insurance Policy
As of January 31, 2024, ADR has concluded the following directors and officers liability insurance policy.
Scope of insureds

All executive directors andsupervisory directors

Outline of the content of directors and officers liability insurance policy(Outline of insurance incidents covered)
The insurance policy covers any damages including compensation for damages andlegal expenses to be borne by the insureds within a certain range, in the event that aclaim for damages is made against the insureds arising from acts in the course of theirduties as directors and officers of ADR.
(Proportion of insurance premiums paid)
The premiums are fully paid by ADR.
(Measures to ensure that the appropriateness of execution of duties is not impaired)
The insurance policy does not cover any damages to be borne by the insureds arisingfrom criminal acts or acts committed with the knowledge that they violate laws andregulations.

―10―Ⅰ. Fiscal Period Report
5 Asset Management Company, Asset Custodian, and Administrative AgentsThe following is a list of ADR’s asset management company, asset custodian, and administrative agents as of January
31, 2024.
Delegation

Name

Asset managementcompany

ITOCHU REIT Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited
Management of register of unitholders

Mizuho Trust & Banking Co., Ltd.

Management of special accounts

Mizuho Trust & Banking Co., Ltd.

Accounting, taxation
Administrative agent

Institutional operations

Sumitomo Mitsui Trust Bank Limited
ITOCHU REIT Management Co., Ltd.
ITOCHU REIT Management Co., Ltd.
MUFG Bank, Ltd.

Administration of investment
corporation bonds

Sumitomo Mitsui Trust Bank Limited
Mizuho Bank, Ltd.
DBJ Securities Co., Ltd.

―11―

Ⅰ. Fiscal Period Report
Status of Assets under Management of the Investment
Corporation
1 Composition of Assets of the Investment Corporation
Type of Asset

Real estate intrust(Note 1)

Investedarea

Invested regions, etc.

Tokyo 23
Tokyo 23
wards
wards
Total of Tokyo 23 wards
Tokyo
metropolitan(Note 3)Otherarearegions
Government‐(Note 2)
designated(Note 4)
cities, etc.

26th FP as of July 31, 2023

27th FP as of January 31, 2024

Total amountheld(million yen)
(Note 5)Percentage of
total assets(%)(Note 6)

Total amountheld(million yen)
(Note 5)Percentage of
total assets(%)(Note 6)214,255

45.5

221,92346.2

214,255

45.5

221,923

46.2

20,325

4.3

20,272

4.2

57,56612.2

59,177

12.3

77,892

16.5

79,45016.5

292,14862.0

301,373

62.7

96,68920.5

96,73520.1

96,68920.5

96,73520.1

15,231

3.2

15,2603.2

35,402

7.5

35,3607.4

50,633

10.7

50,621

10.5

Total of other regions
Subtotal
Tokyo 23
wards

Tokyo 23
wards

Total of Tokyo 23 wards
Real estate(Note 1)

Other
regions(Note 2)Tokyo
metropolitan(Note 3)area
Government‐
designated(Note 4)
cities, etc.

Total of other regions

147,323

31.3

147,357

30.7

Deposits and other assets

Subtotal

31,816

6.8

31,868

6.6

Total assets

471,288100.0

480,599

100.0

Notes 1. The main use of real estate in trust and real estate is for the apartment house.
2. “Other regions” refer to the Tokyo metropolitan area and the government‐designated cities, etc.
3. “Tokyo metropolitan area” in this table refers to Tokyo Metropolis, excluding the Tokyo 23 wards, and three prefectures consisting of Kanagawa, Saitama, and Chiba
Prefectures.
4. “Government‐designated cities, etc.” refer to the government‐designated cities and similar cities located in the regions other than the Tokyo metropolitan area.
5. “Total amount held” is based on the book value (for real estate, etc., the total amount of book value after depreciation and amortization) as of the balance sheet date, rounded
down to the nearest million yen.
6. “Percentage of total assets” is the percentage of the book value of the real estate, etc. of the total assets, rounded to the first decimal place.
7. As monetary figures are rounded down and percentage figures are rounded, the sum of individual figures does not necessarily equal to the “total” presented in the above table.
The same applies hereafter unless otherwise specified.

―12―

Ⅰ. Fiscal Period Report
2 Major Assets Held
The following summarizes the major assets held by ADR (the top 10 properties in terms of the book value at the end of
the period) as of January 31, 2024.

Leasable floor Leased floor Occupancy
area
area
rate
(m2)
(m2)
(%)

Percentage of
total rent
Main userevenue(%) Note

Name of real estateBook value(million yen)

RESIDIA TOWER MeguroFudomae

14,56021,019.77

20,020.10

95.2

3.2

Pacific Royal Court Minatomirai
Ocean Tower

10,18426,082.53

26,082.53

100.0

3.1

Park Tower Shibaura Bayward
Urban Wing

8,807

13,490.67

13,108.79

97.2

2.0

RESIDIA TOWER Kamiikebukuro

7,129

31,250.61

30,420.90

97.3

4.5

RESIDIA Nishi-Azabu

6,335

7,078.64

6,841.21

96.6

1.3

RESIDIA TOWER Azabujuban

5,971

7,207.18

6,807.36

94.5

1.2

RESIDIA Mejiro

5,712

13,083.40

12,918.40

98.7

1.5

RESIDIA Yutenji

5,065

5,423.36

5,195.65

95.8

0.9

RESIDIA Nihonbashi-Bakurocho

5,005

8,502.12

8,195.61

96.4

1.2

RESIDIA Shin-Okachimachi II

4,566

5,392.13

5,350.24

99.2

0.9

73,338

138,530.41

134,940.79

Total

—

19.9

Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house—

Note “Percentage of total rent revenue” is the percentage of the real estate rental revenue of each property divided by the total amount of the rent revenue of all properties.

―13―

Ⅰ. Fiscal Period Report
3 Real Estate Portfolio
The following lists the real estate held by ADR as of January 31, 2024.

Propertyno.

Name of real estate

Location

Type ofownership

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

T-001

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,349

4,480

T-002

RESIDIA Nakameguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,351

2,860

T-003

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,121

1,510

T-004

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,091

1,860

T-005

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,952

3,140

T-006

RESIDIA Hatagaya

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,083

1,600

T-007

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,004

1,640

T-008

RESIDIA Kita-Shinagawa Note 2

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,356

2,900

T-009

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

678

1,190

T-010

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

575

831

T-011

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,342

2,470

T-012

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

902

1,540

T-013

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,413

2,620

T-014

RESIDIA Azabujuban II

Minato-ku, Tokyo

Beneficiaryinterests in trust

867

1,340

T-015

RESIDIA Ebisu

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

532

879

T-016

RESIDIA Meguro

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

710

883

T-017

RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estate

1,517

2,620

T-018

Pianetta Shiodome

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,691

2,670

T-019

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

308

450

T-022

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

878

1,320

T-023

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,228

3,440

T-024

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,093

1,790

T-025

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,819

2,680

T-026

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,156

1,650

T-027

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,259

2,090

T-028

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,123

1,950

T-029

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

826

1,280

―14―

Ⅰ. Fiscal Period Report
Property
no.

T-030

Name of real estate

RESIDIA Oimachi II

Location

Shinagawa-ku, Tokyo

Type ofownership

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

Real estate

946

1,590

969

1,630

T-031

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

T-032

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,137

3,640

T-033

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,428

5,220

T-034

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,095

1,880

6,335

9,820

1,939

2,680

2,327

3,940

3,476

6,020

T-035

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

T-036

RESIDIA Daikanyama

Shibuya-ku, Tokyo

T-037

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

T-038
T-039

RESIDIA RoppongiHinokichokoen
RESIDIA TOWER MeguroFudomae

Minato-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Shinagawa-ku, Tokyo

Real estate

14,56023,900

T-040

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,473

4,360

T-041

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,460

2,680

T-042

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,367

1,930

T-043

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,878

2,680

T-044

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

5,971

10,400

T-045

RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,183

1,930

1,792

2,980

1,620

2,340

Beneficiaryinterests in trust
Beneficiaryinterests in trust

T-046

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

T-048

RESIDIA Shibadaimon II

Minato-ku, Tokyo

T-049

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,142

1,840

T-050

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,248

2,080

T-051

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,629

2,640

T-052

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

840

1,410

932

1,540

4,152

7,480

864

1,200

5,065

7,610

8,807

16,000

815

1,470

1,371

2,330

T-053

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

T-054

RESIDIA Shibaura

Minato-ku, Tokyo

T-055

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

T-056

RESIDIA Yutenji

Meguro-ku, Tokyo

T-057

Park Tower Shibaura Bayward
Urban Wing

Minato-ku, Tokyo

T-058

RESIDIA Kamimeguro

Meguro-ku, Tokyo

T-059

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

765

1,540

2,192

3,520

1,857

2,980

T-060

RESIDIA Komazawa

Setagaya-ku, Tokyo

T-061

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

T-062

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

T-063

RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,465

2,200

T-064

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,383

5,890

―15―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

T-065

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

T-066

RESIDIA Meguro III

Meguro-ku, Tokyo

T-067

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

T-068

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

T-069

RESIDIA Omori II

Shinagawa-ku, Tokyo

T-070

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

T-071

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

T-072

RESIDIA Nakameguro II

Meguro-ku, Tokyo

T-073

Artis Court Minamiaoyama

Minato-ku, Tokyo

T-074

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

T-075

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

T-076

RESIDIA Ebisu III

Shibuya-ku, Tokyo

T-077

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

T-078

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

T-079

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

T-080

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

T-081

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

T-082

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

Type ofownership
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

3,502

5,810

915

1,840

754

1,110

1,166

2,380

1,508

2,710

1,402

2,370

3,672

5,450

1,145

2,030

1,709

2,270

1,983

3,250

917

1,360

635

963

698

1,140

1,149

1,880

3,136

4,890

1,262

2,200

960

1,600

880

1,170

906

1,290

814

1,310

1,148

1,650

1,964

2,590

4,224

5,720

1,689

2,550

T-083

RESIDIA Nakanobu II

Shinagawa-ku, Tokyo

T-084

RESIDIA Ochanomizu II

Chiyoda-ku, Tokyo

T-085

RESIDIA Mishuku

Setagaya-ku, Tokyo

T-086

RESIDIA Ichigaya II

Shinjuku-ku, Tokyo

T-087

RESIDIA Ichigaya-Sadohara

Shinjuku-ku, Tokyo

T-088

RESIDIA Nishi-Koyama

Meguro-ku, Tokyo

T-089

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,173

3,070

T-090

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,139

1,690

1,551

2,000

1,526

3,500

1,968

4,480

1,383

2,350

1,593

3,010

940

1,960

T-091

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

T-092

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

T-093

RESIDIA Kamata

Ota-ku, Tokyo

T-094

RESIDIA Ikebukuro

Toshima-ku, Tokyo

T-095

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

T-096

RESIDIA Asakusabashi

Taito-ku, Tokyo―16―

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

T-097

Maison Eclairee Ekoda

Nerima-ku, Tokyo

T-098

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

T-099

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

T-100

RESIDIA Ryogoku

Sumida-ku, Tokyo

T-101

RESIDIA Nihonbashi-NingyochoII

Chuo-ku, Tokyo

T-102

RESIDIA Omori-Higashi

Ota-ku, Tokyo

T-103

RESIDIA Kinshicho

Sumida-ku, Tokyo

T-104

RESIDIA Negishi

Taito-ku, Tokyo

T-105

RESIDIA Shinkawa

Chuo-ku, Tokyo

T-107

RESIDIA Shin-nakano

Nakano-ku, Tokyo

T-108

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

T-109

RESIDIA Tsukiji

Chuo-ku, Tokyo

Type ofownership
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

854

1,170

2,760

5,010

1,524

2,610

872

1,690

2,900

5,250

1,696

2,570

3,799

5,910

827

1,190

1,757

3,120

326

651

897

1,490

1,291

2,550

1,740

2,500

1,077

1,850

551

920

1,804

3,160

720

1,160

T-110

RESIDIA Sasazuka

Suginami-ku, Tokyo

T-111

RESIDIA Tamagawa

Ota-ku, Tokyo

T-112

RESIDIA Korakuen

Bunkyo-ku, Tokyo

T-113

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

T-114

RESIDIA Oji

Kita-ku, Tokyo

T-115

RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

993

1,460

T-116

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,014

1,630

T-117

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,316

2,050

2,304

3,710

2,131

3,480

2,899

5,410

616

1,180

940

1,790

341

535

499

1,050

T-118

RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

T-119

RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

T-120

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

T-121

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

T-122

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

T-123

RESIDIA Ikegami

Ota-ku, Tokyo

T-124

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

T-125

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,367

2,160

797

1,340

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

T-126

RESIDIA Iriya

Taito-ku, Tokyo

Beneficiaryinterests in trust

T-127

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,301

2,040

T-128

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,694

2,770

T-129

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,144

1,680

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,212

2,290

T-130

RESIDIA Shinkawa II―17―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

T-131

RESIDIA Mejiro

Toshima-ku, Tokyo

T-132

RESIDIA Kasai

Edogawa-ku, Tokyo

T-133

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

T-134

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

T-135

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

T-136

RESIDIA Kiba

Koto-ku, Tokyo

T-137

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

T-138

RESIDIA
Honkomagome

Bunkyo-ku, Tokyo

T-139

RESIDIA Tsukishima III

Chuo-ku, Tokyo

T-140

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

T-141

RESIDIA Ogikubo

Suginami-ku, Tokyo

Bunkyo-Type ofownership

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

5,712

10,700

595

904

5,005

9,280

3,486

7,390

784

1,510

1,733

3,650

1,023

1,940

2,155

3,610

2,290

4,420

2,068

4,310

1,731

3,060

960

1,680

2,047

3,850

1,117

1,880

956

1,470

1,660

3,250

2,164

3,790

658

1,020

946

1,480

7,129

14,200

T-142

RESIDIA Monzennakacho

Koto-ku, Tokyo

T-143

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

T-144

RESIDIA Omori

Ota-ku, Tokyo

T-145

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

T-146

RESIDIA Kachidoki

Chuo-ku, Tokyo

T-147

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

T-148

RESIDIA Kinshicho III

Koto-ku, Tokyo

T-149

RESIDIA Kamata III

Ota-ku, Tokyo

T-150

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

T-151

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

Real estate

494

696

T-152

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

582

811

T-153

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,087

1,620

T-154

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

463

596

1,040

1,680

1,190

1,860

1,132

1,560

1,796

2,450

487

764

381

598

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

T-155

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

T-156

RESIDIA Ojima

Koto-ku, Tokyo

T-157

RESIDIA Machiya

Arakawa-ku, Tokyo

T-158

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

T-159

RESIDIA Nerima

Nerima-ku, Tokyo

T-160

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

T-161

RESIDIA Nakano

Nakano-ku, Tokyo

Real estate

670

1,030

T-162

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Real estate

467

652

Beneficiaryinterests in trust

1,305

1,790

T-163

RESIDIA Minamiyukigaya

Ota-ku, Tokyo―18―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

T-164

RESIDIA Akihabara

Taito-ku, Tokyo

T-165

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

T-166

RESIDIA Omori III

Ota-ku, Tokyo

T-167
T-168

RESIDIA Nihonbashi-Bakurocho
II
RESIDIA Nihonbashi-BakurochoIII

Chuo-ku, Tokyo
Chuo-ku, Tokyo

Type ofownership
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

951

1,460

843

1,420

1,368

2,040

1,946

3,030

1,791

2,870

1,634

2,490

4,566

7,080

2,965

4,170

1,368

2,040

T-169

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

T-170

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

T-171

RESIDIA Kameido

Koto-ku, Tokyo

T-172

RESIDIA Koenji

Suginami-ku, Tokyo

T-173

RESIDIA Kamata V

Ota-ku, Tokyo

Real estate

2,292

2,940

T-174

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,285

4,300

Beneficiaryinterests in trust

1,088

1,530

T-175

RESIDIA Ikegami II

Ota-ku, Tokyo

T-176

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,400

1,920

1,802

2,150

745

890

1,530

1,840

2,454

2,850

1,210

1,360

1,043

1,140

1,907

2,130

1,831

2,000

3,433

3,660

723

780

659

849

925

1,470

1,626

2,560

995

1,380

453

747

1,432

2,040

663

1,030

Real estate

1,420

2,330

Beneficiaryinterests in trust

2,386

3,800

T-177

RESIDIA Nakano-Fujimidai

Nakano-ku, Tokyo

Beneficiaryinterests in trust

T-178

RESIDIA Bunkyo-Koishikawa

Bunkyo-ku, Tokyo

Real estate

T-179

RESIDIA Kanda-Awajicho

Chiyoda-ku, Tokyo

T-180

RESIDIA Ogikubo III

Suginami-ku, Tokyo

T-181

RESIDIA Setagaya-Wakabayashi

Setagaya-ku, Tokyo

T-182

RESIDIA Shirokane-Takanawa II

Minato-ku, Tokyo

T-183

RESIDIA Meguro IV

Meguro-ku, Tokyo

T-184

RESIDIA Bunkyo Koishikawa II

Bunkyo-ku, Tokyo

T-185

RESIDIA Shinagawa Seaside

Shinagawa-ku, Tokyo

T-186

Share Place Shimo-kitazawa

Setagaya-ku, Tokyo

S-002

Chester House Kawaguchi

Kawaguchi-shi, Saitama

S-004

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

S-005

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

S-007

RESIDIA Chofu

Chofu-shi, Tokyo

S-012

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

S-014

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

S-015

RESIDIA Okurayama

Yokohama-shi, Kanagawa

S-016

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

S-017

RESIDIA Funabashi I RESIDIA
Funabashi II

Funabashi-shi, Chiba―19―

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

S-019

RESIDIA Kichijoji

Musashino-shi, Tokyo

S-020

Pacific Royal Court Minatomirai
Ocean Tower

Yokohama-shi, Kanagawa

S-022

BRANCHEILE Kohoku II

Yokohama-shi, Kanagawa

S-023

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

S-024

RESIDIA Urayasu

Urayasu-shi, Chiba

S-025

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

S-026

RESIDIA Urayasu II

Urayasu-shi, Chiba

S-027

RESIDIA Gyotoku

Ichikawa-shi, Chiba

S-028

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

S-029

Cocofump Hiyoshi

Yokohama-shi, Kanagawa

S-030

RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

S-031

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

S-032

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

S-033

RESIDIA Funabashi III

Type ofownership
Beneficiaryinterests in trust
Real estate andleasehold rights
to real estateAppraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

1,388

2,110

10,184

16,100

1,567

2,360

694

1,340

1,909

3,350

804

1,270

784

1,270

732

1,170

1,588

2,610

874

1,200

1,045

1,460

718

1,200

Real estate

590

794

Funabashi-shi, Chiba

Real estate

643

836

587

671

853

937

1,375

1,900

995

1,550

3,119

5,190

Real estate

1,154

1,610

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

S-034

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

S-035

RESIDIA Kunitachi II

Kunitachi-shi, Tokyo

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-002

RESIDIA Imadegawa

Kyoto-shi, Kyoto

R-004

RESIDIA Higashizakura

Nagoya-shi, Aichi

R-008

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

R-010

RESIDIA Hakata

Fukuoka-shi, Fukuoka

R-011

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

747

1,210

R-012

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,843

3,400

R-013

KC21 Building

Sendai-shi, Miyagi

Real estate

808

1,030

R-014

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

965

1,690

1,749

3,110

1,998

3,430

1,025

1,640

827

1,240

283

431

R-015

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

R-016

RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

R-017

RESIDIA Hibino

Nagoya-shi, Aichi

R-019

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

R-020

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

R-021

RESIDIA Hisaya-Odori II

Nagoya-shi, Aichi

Real estate

546

897

R-024

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,589

2,420

R-025

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,357

1,720

R-026

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,031

1,620

―20―

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

R-027

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

691

1,020

R-029

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

663

761

R-030

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,234

4,710

R-031

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

884

1,350

R-032

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

674

973

R-034

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,715

3,230

R-035

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

997

1,820

R-036

RESIDIA Hisaya-Odori

Nagoya-shi, Aichi

594

978

R-037

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

453

837

R-038

RESIDIA Hirosedori

Sendai-shi, Miyagi

430

778

R-039

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,274

2,250

R-040

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

921

1,680

937

1,500

2,020

3,470

1,045

1,720

2,345

4,060

920

1,270

1,763

2,850

858

1,240

1,441

2,410

1,118

1,950

795

1,310

3,309

6,230

1,632

2,210

2,761

3,960

1,722

3,010

971

1,590

994

1,860

505

960

933

1,520

2,587

4,080

746

1,120

225

355

Location

R-041

RESIDIA Esaka

Suita-shi, Osaka

R-042

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

R-043

RESIDIA Tsurumai

Nagoya-shi, Aichi

R-044

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

R-045

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

R-046

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

R-047

RESIDIA Marunouchi

Nagoya-shi, Aichi

R-048

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

R-049

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

R-050

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

R-051

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

R-052

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

R-053

RESIDIA Higashizakura II

Nagoya-shi, Aichi

R-054

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

R-055

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

R-056

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

R-057

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

R-058

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

R-059

RESIDIA Shin-Osaka

Osaka-shi, Osaka

R-060

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

R-061

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto―21―

Type ofownership

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

R-062

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

R-063

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

R-064

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

R-065

RESIDIA Soen

Sapporo-shi, Hokkaido

R-066

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

R-067

RESIDIA Yakuin-Odori

Fukuoka-shi, Fukuoka

R-068

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

R-069

RESIDIA Kego

Fukuoka-shi, Fukuoka

R-070

RESIDIA Shirakabe

Nagoya-shi, Aichi

R-072

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

R-073

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

R-074

RESIDIA Sapporo-eki North

Sapporo, Hokkaido

Type ofownership
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

1,130

1,530

489

796

463

629

432

622

1,061

1,600

1,073

1,590

1,288

2,000

763

1,270

877

1,210

1,465

1,880

2,137

2,570

769

693

666

861

420

428

R-075

RESIDIA Hijiyama-Koen

Hiroshima-shi, Hiroshima

R-076

RESIDIA Kita-Nijyo-East III

Sapporo, Hokkaido

R-077

RESIDIA Shin-Osaka II

Osaka-shi, Osaka

Real estate

679

750

R-078

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

740

818

R-079

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate

1,457

1,860

1,285

1,440

660

684

Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-080

RESIDIA Shirokitakoen-dori

Osaka-shi, Osaka

R-081

RESIDIA Kyoto-Mibu

Kyoto, Kyoto

R-082

RESIDIA Nishi-tenma

Osaka-shi, Osaka

Real estate

3,260

3,270

R-083

RESIDIA Hakata-Higashi

Fukuoka-shi, Fukuoka

Real estate

913

926

R-084

RESIDIA Kotoen

Nishinomiya-shi, Hyogo

Real estate

544

536

R-085

RESIDIA Tamatsukuri

Osaka-shi, Osaka

Real estate

2,074

2,060

R-086

RESIDIA Kumamoto-Karashima

Kumamoto-shi, Kumamoto

4,288

4,110

R-087

RESIDIA Kyudai-Gakkentoshi

Fukuoka-shi, Fukuoka

1,128

1,200

R-088

RESIDIA Kyusandaimae

Fukuoka-shi, Fukuoka

870

916

448,730

713,876

Total

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting ofInvestment Corporations” issued by the Cabinet Office, provided by a real estate appraiser as of January 31, 2024.
2. ADR concluded an agreement to dispose of the beneficiary interests in RESIDIA Kita-Shinagawa on November 29, 2023, and conducted the disposition on April 1, 2024. The
appraisal value at end of period is presented at the disposition price.

―22―

Ⅰ. Fiscal Period Report
The following is the status of the rental business for the assets held by ADR as of January 31, 2024
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1Name of real estate

T-001 RESIDIA Shimazuyama

1

98.0

92,157

0.5

1

89.7

91,253

0.5

T-002 RESIDIA Nakameguro

1

100.0

47,256

0.3

1

100.0

47,256

0.3

T-003 RESIDIA Setagaya-Tsurumaki

1

95.6

41,947

0.2

1

92.0

40,6000.2

T-004 RESIDIA Ikejiriohashi

1

95.7

38,986

0.2

1

100.0

38,597

0.2

T-005 RESIDIA Kudanshita

1

96.6

78,082

0.4

1

97.5

77,433

0.4

T-006 RESIDIA Hatagaya

1

95.4

31,836

0.2

1

97.4

33,265

0.2

T-007 RESIDIA Sakurajosui

1

96.2

34,922

0.2

1

100.0

35,428

0.2

1

100.0

76,080

0.4

1

100.0

76,077

0.4

T-009 RESIDIA Shinjuku-East III

1

100.0

25,894

0.1

1

97.5

26,5100.1

T-010 Leopalace Udagawacho Mansion

1

100.0

16,185

0.1

1

100.0

16,1850.1

T-011 RESIDIA Shinjuku-East II

1

88.2

48,222

0.3

1

95.2

48,723

0.3

T-012 RESIDIA Shinjuku-East

1

90.1

33,043

0.2

1

95.8

34,3690.2

T-013 RESIDIA Kanda-Iwamotocho

1

94.4

59,616

0.3

1

100.0

61,5390.3

T-014 RESIDIA Azabujuban II

1

94.6

28,857

0.2

1

97.5

30,0290.2

T-015 RESIDIA Ebisu

1

100.0

20,309

0.1

1

97.0

21,3500.1

T-016 RESIDIA Meguro

1

84.4

21,997

0.1

1

100.0

21,0340.1

T-017 RESIDIA Hiroo II

1

97.5

56,341

0.3

1

95.2

56,492

0.3

T-018 Pianetta Shiodome

1

96.7

63,515

0.4

1

100.0

65,173

0.4

T-019 RESIDIA Komazawadaigaku

1

90.3

11,120

0.1

1

100.0

11,147

0.1

T-022 RESIDIA Oimachi

1

97.8

32,121

0.2

1

93.8

32,095

0.2

T-023 RESIDIA Ebisu II

1

98.7

74,912

0.4

1

97.7

74,4280.4

T-024 RESIDIA Kamiochiai

1

97.5

43,248

0.2

1

98.8

43,445

0.2

T-025 RESIDIA Higashi-Shinagawa

1

99.2

68,972

0.4

1

99.2

67,871

0.4

T-026 RESIDIA Meguro II

1

100.0

38,001

0.2

1

95.4

37,7980.2

T-027 RESIDIA Toranomon

1

96.8

43,791

0.2

1

96.8

43,897

0.2

T-028 RESIDIA Shin-Ochanomizu

1

96.9

41,244

0.2

1

98.4

41,425

0.2

T-029 RESIDIA Kagurazaka

1

100.0

32,591

0.2

1

96.4

31,0080.2

T-030 RESIDIA Oimachi II

1

100.0

36,222

0.2

1

100.0

37,1690.2

T-031 RESIDIA Jiyugaoka

1

94.0

37,578

0.2

1

93.1

37,557

0.2

T-032 RESIDIA Suidobashi

1

95.6

80,319

0.5

1

100.0

82,2800.5

T-033 RESIDIA TOWER Nogizaka

1

98.8

113,533

0.6

1

94.4

113,305

0.6

T-034 RESIDIA Akasaka

1

95.5

43,745

0.2

1

97.7

43,803

0.2

T-035 RESIDIA Nishi-Azabu

1

95.5

226,760

1.3

1

96.6

229,943

1.3

T-036 RESIDIA Daikanyama

1

94.0

62,361

0.4

1

91.0

62,525

0.4

T-037 RESIDIA Ichigaya

1

94.0

82,134

0.5

1

96.7

83,234

0.5

1

96.3

140,252

0.8

1

94.7

140,246

0.8

1

94.2

566,832

3.2

1

95.2

574,865

3.2

T-008 RESIDIA Kita-Shinagawa

Note 4RESIDIA
RoppongiT-038
Hinokichokoen
RESIDIA
TOWER
MeguroT-039
Fudomae―23―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-040 RESIDIA Sangenjaya

1

98.2

94,287

0.5

1

93.5

92,768

0.5

T-041 RESIDIA Kanda-Higashi

1

97.4

61,369

0.3

1

98.4

61,576

0.3

T-042 RESIDIA Higashi-Azabu

1

93.5

42,334

0.2

1

97.1

45,1080.3

T-043 RESIDIA Ebisu-Minami

1

95.9

61,416

0.3

1

97.3

62,664

0.4

T-044 RESIDIA TOWER Azabujuban

1

95.1

216,419

1.2

1

94.5

217,328

1.2

T-045 RESIDIA Shibuya

1

100.0

41,703

0.2

1

98.0

42,685

0.2

T-046 RESIDIA Nakanobu

1

94.0

64,791

0.4

1

94.1

66,397

0.4

T-048 RESIDIA Shibadaimon II

1

100.0

55,643

0.3

1

93.9

57,135

0.3

T-049 RESIDIA Kanda

1

93.9

41,530

0.2

1

91.4

40,166

0.2

T-050 RESIDIA Sangenjaya II

1

97.6

44,281

0.3

1

90.5

45,406

0.3

T-051 RESIDIA Nishi-Shinjuku II

1

97.2

60,920

0.3

1

97.7

59,3980.3

T-052 RESIDIA Hiroo-Minami

1

96.2

29,283

0.2

1

96.2

30,2500.2

T-053 RESIDIA Mejiro-Otomeyama

1

95.2

35,581

0.2

1

82.3

33,1080.2

T-054 RESIDIA Shibaura

1

89.5

187,980

1.1

1

96.3

193,470

1.1

T-055 RESIDIA Gotenyama

1

78.4

27,199

0.2

1

85.7

30,273

0.2

T-056 RESIDIA Yutenji

1

95.8

159,825

0.9

1

95.8

162,9400.9Park Tower Shibaura Bayward
T-057
Urban Wing

1

94.9

352,737

2.0

1

97.2

358,966

2.0

T-058 RESIDIA Kamimeguro

1

94.5

37,707

0.2

1

93.2

37,316

0.2

T-059 RESIDIA Kita-Shinjuku

1

100.0

50,735

0.3

1

96.2

49,504

0.3

T-060 RESIDIA Komazawa

1

100.0

28,095

0.2

1

100.0

28,095

0.2

T-061 RESIDIA Shibaura KAIGAN

1

99.3

91,512

0.5

1

97.4

90,138

0.5

T-062 RESIDIA Ichigaya-Yakuoji

1

96.4

65,329

0.4

1

95.5

66,365

0.4

T-063 RESIDIA Yoga

1

97.5

52,740

0.3

1

98.7

52,036

0.3

T-064 RESIDIA TOWER Nakameguro

1

89.2

127,222

0.7

1

93.3

128,399

0.7

T-065 RESIDIA Sasazuka II

1

100.0

128,670

0.7

1

95.9

123,646

0.7

T-066 RESIDIA Meguro III

1

100.0

36,163

0.2

1

100.0

36,0680.2

T-067 RESIDIA Jiyugaoka II

1

100.0

26,338

0.1

1

96.7

27,364

0.2

T-068 RESIDIA Kudanshita II

1

100.0

50,220

0.3

1

100.0

50,7080.3

T-069 RESIDIA Omori II

1

93.5

57,684

0.3

1

98.0

56,892

0.3

T-070 RESIDIA Shirokane-Takanawa

1

96.2

52,691

0.3

1

98.7

51,714

0.3

T-071 RESIDIA Nakaochiai

1

96.5

122,435

0.7

1

98.7

123,175

0.7

T-072 RESIDIA Nakameguro II

1

95.8

37,376

0.2

1

94.1

37,193

0.2

T-073 Artis Court Minamiaoyama

1

100.0

54,760

0.3

1

89.6

54,0690.3

T-074 RESIDIA Yotsuya Sanchome

1

98.4

84,235

0.5

1

95.9

83,8590.5

T-075 RESIDIA Takanawa Katsurazaka

1

95.8

30,231

0.2

1

95.7

29,395

0.2

T-076 RESIDIA Ebisu III

1

100.0

21,988

0.1

1

100.0

21,3690.1

T-077 RESIDIA Shinjukugyoen

1

100.0

27,205

0.2

1

95.0

26,136

0.1

T-078 RESIDIA Minami Shinagawa

1

96.8

38,665

0.2

1

100.0

39,534

0.2

T-079 Chester Court Ochanomizu

1

97.8

109,089

0.6

1

96.7

110,278

0.6

T-080 RESIDIA Kanda-Iwamotocho II

1

95.7

43,188

0.2

1

98.0

46,3300.3―24―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-081 RESIDIA Shinagawa

1

93.0

33,900

0.2

1

93.0

31,963

0.2

T-082 RESIDIA Yoyogi II

1

100.0

25,465

0.1

1

100.0

26,2430.1

T-083 RESIDIA Nakanobu II

1

98.0

27,170

0.2

1

95.8

27,7330.2

T-084 RESIDIA Ochanomizu II

1

94.6

27,013

0.2

1

100.0

26,912

0.2

T-085 RESIDIA Mishuku

1

100.0

35,140

0.2

1

97.9

34,766

0.2

T-086 RESIDIA Ichigaya II

1

95.0

57,277

0.3

1

98.3

56,191

0.3

T-087 RESIDIA Ichigaya-Sadohara

1

87.4

142,210

0.8

1

94.7

141,694

0.8

T-088 RESIDIA Nishi-Koyama

1

100.0

49,210

0.3

1

100.0

51,372

0.3

T-089 RESIDIA Minami-Shinagawa II

1

100.0

60,758

0.3

1

99.0

64,253

0.4

T-090 RESIDIA Kagurazaka II

1

95.7

30,597

0.2

1

97.1

30,715

0.2

T-091 RESIDIA Otemachi-Kita

1

97.7

42,314

0.2

1

96.9

41,977

0.2

T-092 RESIDIA Mitsukoshimae

1

93.7

70,433

0.4

1

96.8

69,7690.4

T-093 RESIDIA Kamata

1

96.9

104,193

0.6

1

99.5

101,719

0.6

T-094 RESIDIA Ikebukuro

1

96.8

51,920

0.3

1

96.8

52,144

0.3

T-095 RESIDIA Bunkyo-Hongo

1

98.6

59,778

0.3

1

97.2

61,515

0.3

T-096 RESIDIA Asakusabashi

1

91.4

41,429

0.2

1

92.5

41,5280.2

T-097 Maison Eclairee Ekoda

1

100.0

36,457

0.2

1

96.8

36,321

0.2

T-098 RESIDIA Ueno-Okachimachi

1

95.7

103,542

0.6

1

100.0

105,616

0.6

T-099 RESIDIA Bunkyo-Hongo II

1

100.0

52,304

0.3

1

96.7

53,384

0.3

T-100 RESIDIA Ryogoku

1

94.8

33,744

0.2

1

92.6

33,8600.2

RESIDIA Nihonbashi-Ningyocho
T-101
II

1

98.3

109,346

0.6

1

97.1

105,251

0.6

T-102 RESIDIA Omori-Higashi

1

100.0

59,552

0.3

1

97.9

58,097

0.3

T-103 RESIDIA Kinshicho

1

99.5

126,557

0.7

1

98.1

126,942

0.7

T-104 RESIDIA Negishi

1

100.0

29,862

0.2

1

100.0

30,835

0.2

T-105 RESIDIA Shinkawa

1

96.0

67,306

0.4

1

98.8

72,457

0.4

T-107 RESIDIA Shin-Nakano

1

100.0

16,658

0.1

1

100.0

16,674

0.1

T-108 RESIDIA Bunkyo-Yushima II

1

98.4

36,071

0.2

1

100.0

36,151

0.2

T-109 RESIDIA Tsukiji

1

98.8

52,616

0.3

1

98.5

53,1390.3

T-110 RESIDIA Sasazuka

1

93.1

66,724

0.4

1

95.2

64,8490.4

T-111 RESIDIA Tamagawa

1

100.0

48,094

0.3

1

95.9

47,1780.3

T-112 RESIDIA Korakuen

1

97.2

21,967

0.1

1

100.0

21,184

0.1

T-113 RESIDIA Ginza-Higashi

1

95.5

73,334

0.4

1

97.7

72,734

0.4

T-114 RESIDIA Oji

1

100.0

33,726

0.2

1

100.0

33,742

0.2

T-115 RESIDIA Mejiro II

1

97.8

37,499

0.2

1

98.3

37,7080.2

T-116 RESIDIA Tsukishima

1

94.4

38,654

0.2

1

92.6

38,092

0.2

T-117 RESIDIA Kamata II

1

95.3

46,969

0.3

1

98.8

46,6100.3

T-118 RESIDIA Tsukishima II

1

97.0

85,029

0.5

1

98.7

85,6700.5

T-119 RESIDIA Kinshicho II

1

98.5

79,483

0.4

1

95.7

81,046

0.5

T-120 RESIDIA Bunkyo-Otowa

1

97.4

123,088

0.7

1

95.6

126,365

0.7

T-121 RESIDIA Bunkyo-Sengoku

1

100.0

26,828

0.2

1

91.3

27,1850.2―25―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-122 RESIDIA Bunkyo-Yushima

1

94.4

38,460

0.2

1

98.1

40,0200.2

T-123 RESIDIA Ikegami

1

93.7

13,301

0.1

1

100.0

14,101

0.1

T-124 RESIDIA Nihonbashi-Ningyocho

1

96.4

21,874

0.1

1

96.7

22,7780.1

T-125 RESIDIA Bunkyo-Sengoku II

1

91.3

47,119

0.3

1

95.1

49,036

0.3

T-126 RESIDIA Iriya

1

100.0

39,137

0.2

1

100.0

40,915

0.2

T-127 RESIDIA Nihonbashi-Hamacho

1

97.7

45,634

0.3

1

95.5

44,493

0.2

T-128 RESIDIA Shin-Okachimachi

1

97.6

61,954

0.4

1

94.4

63,576

0.4

T-129 RESIDIA Chidoricho

1

100.0

43,250

0.2

1

95.2

44,721

0.3

T-130 RESIDIA Shinkawa II

1

95.6

49,356

0.3

1

100.0

49,747

0.3

T-131 RESIDIA Mejiro

1

99.4

266,471

1.5

1

98.7

273,859

1.5

T-132 RESIDIA Kasai

1

93.7

27,164

0.2

1

96.0

27,3100.2

T-133 RESIDIA Nihonbashi-Bakurocho

1

97.3

211,850

1.2

1

96.4

211,602

1.2

T-134 RESIDIA Suginami-Honancho

1

96.3

160,608

0.9

1

97.9

154,998

0.9

T-135 RESIDIA Shin-Itabashi

1

100.0

29,739

0.2

1

100.0

29,7390.2

T-136 RESIDIA Kiba

1

99.4

83,750

0.5

1

100.0

82,896

0.5

T-137 RESIDIA Bunkyo-Yushima III

1

96.9

44,801

0.3

1

100.0

39,888

0.2

RESIDIA BunkyoT-138
Honkomagome

1

96.8

84,795

0.5

1

99.2

86,1800.5

T-139 RESIDIA Tsukishima III

1

97.4

97,221

0.6

1

95.9

94,7000.5

T-140 RESIDIA Minami-senjyu

1

97.8

175,422

1.0

1

94.1

176,0811.0

T-141 RESIDIA Ogikubo

1

96.0

67,012

0.4

1

96.9

66,3100.4

T-142 RESIDIA Monzennakacho

1

98.5

38,461

0.2

1

97.1

37,5440.2

T-143 RESIDIA Ochanomizu

1

92.8

78,743

0.4

1

97.6

78,756

0.4

T-144 RESIDIA Omori

1

100.0

43,147

0.2

1

97.4

42,5990.2

T-145 RESIDIA Nakamurabashi

1

98.6

37,339

0.2

1

100.0

37,797

0.2

T-146 RESIDIA Kachidoki

1

95.1

68,638

0.4

1

98.5

68,947

0.4

T-147 RESIDIA Bunkyo-Otowa II

1

99.3

87,905

0.5

1

98.6

86,454

0.5

T-148 RESIDIA Kinshicho III

1

100.0

25,468

0.1

1

100.0

25,4040.1

T-149 RESIDIA Kamata III

1

98.4

34,198

0.2

1

92.9

33,742

0.2

RESIDIA TOWER
T-150
Kamiikebukuro

1

97.0

803,615

4.5

1

97.3

803,553

4.5

T-151 RESIDIA Takashimadaira

1

100.0

16,192

0.1

1

100.0

16,192

0.1

T-152 RESIDIA Shimura-Sakaue

1

100.0

18,084

0.1

1

100.0

18,0840.1

T-153 RESIDIA Shimura-Sakaue II

1

100.0

36,530

0.2

1

100.0

36,646

0.2

T-154 RESIDIA Shimura-Sakaue III

1

100.0

13,617

0.1

1

100.0

13,6080.1

T-155 RESIDIA Ikebukuro West

1

97.6

45,201

0.3

1

95.6

45,842

0.3

T-156 RESIDIA Ojima

1

97.8

46,384

0.3

1

95.4

44,8180.3

T-157 RESIDIA Machiya

1

100.0

47,449

0.3

1

96.6

47,8180.3

T-158 RESIDIA Ueno-Ikenohata

1

95.8

57,447

0.3

1

97.2

57,775

0.3

T-159 RESIDIA Nerima

1

100.0

18,225

0.1

1

100.0

18,0600.1

T-160 RESIDIA Higashi-Nihonbashi

1

100.0

15,406

0.1

1

96.2

14,741

0.1

T-161 RESIDIA Nakano

1

100.0

24,820

0.1

1

100.0

23,2100.1―26―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-162 RESIDIA Ogikubo II

1

100.0

13,620

0.1

1

100.0

13,6200.1

T-163 RESIDIA Minamiyukigaya

1

95.3

44,506

0.3

1

95.8

44,2890.2

T-164 RESIDIA Akihabara

1

100.0

35,917

0.2

1

97.8

37,2900.2

T-165 RESIDIA Asakusa-Azumabashi

1

98.3

33,239

0.2

1

100.0

33,465

0.2

T-166 RESIDIA Omori III

1

100.0

41,974

0.2

1

95.3

41,543

0.2

1

96.9

62,525

0.4

1

99.0

64,094

0.4

1

98.5

68,622

0.4

1

96.8

69,683

0.4

T-169 RESIDIA Bunkyo-Hongo III

1

96.9

49,870

0.3

1

92.0

50,653

0.3

T-170 RESIDIA Shin-Okachimachi II

1

99.5

151,714

0.9

1

99.2

152,160

0.9

T-171 RESIDIA Kameido

1

98.5

88,499

0.5

1

98.5

89,5090.5

T-172 RESIDIA Koenji

1

97.1

43,904

0.2

1

98.2

43,441

0.2

T-173 RESIDIA Kamata V

1

99.2

67,820

0.4

1

99.2

65,367

0.4

T-174 RESIDIA Kamata IV

1

100.0

94,473

0.5

1

97.7

91,747

0.5

T-175 RESIDIA Ikegami II

1

100.0

32,169

0.2

1

100.0

32,517

0.2

T-176 RESIDIA Sasazuka III

1

95.2

40,144

0.2

1

100.0

39,7000.2

T-177 RESIDIA Nakano-Fujimidai

1

91.8

44,888

0.3

1

99.0

46,5290.3

T-178 RESIDIA Bunkyo-Koishikawa

1

100.0

16,173

0.1

1

100.0

18,342

0.1

T-179 RESIDIA Kanda-Awajicho

1

95.7

39,877

0.2

1

100.0

40,075

0.2

T-180 RESIDIA Ogikubo III

1

97.9

61,058

0.3

1

98.8

62,581

0.4

RESIDIA SetagayaT-181
Wakabayashi

1

78.5

26,104

0.1

1

91.2

26,5190.1

T-182 RESIDIA Shirokane-Takanawa II

－

－

－

－

1

100.0

20,272

0.1

T-183 RESIDIA Meguro IV

－

－

－

－

1

89.5

31,212

0.2

T-184 RESIDIA Bunkyo Koishikawa II

－

－

－

－

1

100.0

30,404

0.2

T-185 RESIDIA Shinagawa Seaside

－

－

－

－

1

98.5

58,054

0.3

T-186 Share Place Shimo-kitazawa

－

－

－

－

1

100.0

11,7160.1

S-002 Chester House Kawaguchi

1

100.0

30,962

0.2

1

97.4

30,3890.2

S-004 RESIDIA Higashi-Matsudo

1

100.0

45,138

0.3

1

92.6

47,3160.3

S-005 RESIDIA Shin-Yokohama

1

97.7

70,731

0.4

1

98.5

70,184

0.4

S-007 RESIDIA Chofu

1

95.7

34,171

0.2

1

95.8

33,7660.2

S-012 RESIDIA Kokubunji

1

97.0

21,506

0.1

1

96.8

20,6170.1

S-014 RESIDIA Yokohama-Kannai

1

93.8

53,433

0.3

1

99.0

53,591

0.3

S-015 RESIDIA Okurayama

1

100.0

26,885

0.2

1

100.0

26,8870.2

S-016 RESIDIA Musashikosugi

1

96.8

59,390

0.3

1

93.1

58,297

0.3

1

96.3

106,165

0.6

1

98.4

103,572

0.6

1

98.0

51,666

0.3

1

98.0

53,134

0.3

1

100.0

554,753

3.1

1

100.0

555,790

3.1

S-022 BRANCHEILE Kohoku II

1

100.0

70,879

0.4

1

100.0

70,704

0.4

S-023 College Court Tanashi

1

100.0

32,760

0.2

1

100.0

32,7600.2

S-024 RESIDIA Urayasu

1

96.6

86,117

0.5

1

97.7

84,958

0.5

RESIDIA Nihonbashi-Bakurocho
T-167
II
RESIDIA Nihonbashi-Bakurocho
T-168
III

S-017

RESIDIA Funabashi I RESIDIA
Funabashi II

S-019 RESIDIA Kichijoji
S-020

Pacific Royal Court Minatomirai
Ocean Tower―27―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

S-025 RESIDIA Minami-Gyotoku

1

95.3

36,837

0.2

1

97.6

35,281

0.2

S-026 RESIDIA Urayasu II

1

98.6

33,054

0.2

1

95.9

33,0190.2

S-027 RESIDIA Gyotoku

1

100.0

37,252

0.2

1

98.7

33,4770.2

S-028 RESIDIA Kawasaki

1

96.2

63,718

0.4

1

93.7

62,574

0.4

S-029 Cocofump Hiyoshi

1

100.0

45,000

0.3

1

100.0

45,0000.3

S-030 RESIDIA Sagamihara

1

100.0

43,112

0.2

1

100.0

43,112

0.2

S-031 RESIDIA Yokohama-Bashamichi

1

100.0

41,635

0.2

1

100.0

42,1400.2

S-032 RESIDIA Hon-Atsugi

1

96.2

24,144

0.1

1

98.1

23,7990.1

S-033 RESIDIA Funabashi III

1

100.0

19,675

0.1

1

100.0

20,6040.1

S-034 RESIDIA Funabashi IV

1

100.0

19,356

0.1

1

93.0

18,2150.1

S-035 RESIDIA Kunitachi II

1

97.4

22,692

0.1

1

100.0

21,4890.1

R-002 RESIDIA Imadegawa

1

100.0

60,910

0.3

1

100.0

60,8160.3

R-004 RESIDIA Higashizakura

1

92.8

42,424

0.2

1

92.8

41,2160.2

R-008 RESIDIA Kobe Port Island

1

100.0

128,771

0.7

1

100.0

129,7880.7

R-010 RESIDIA Hakata

1

98.7

55,363

0.3

1

95.7

54,2440.3

R-011 RESIDIA Tenjinbashi

1

94.7

35,655

0.2

1

97.6

35,7260.2

R-012 RESIDIA Sannomiya-Higashi

1

98.0

91,806

0.5

1

96.5

89,7770.5

R-013 KC21 Building

1

98.1

37,055

0.2

1

97.1

37,3090.2

R-014 RESIDIA Utsubokoen

1

95.2

44,673

0.3

1

97.7

45,5680.3

R-015 RESIDIA Kyoto-ekimae

1

98.2

82,167

0.5

1

94.0

80,0110.4

R-016 RESIDIA Takaoka

1

93.6

91,796

0.5

1

96.8

91,7840.5

R-017 RESIDIA Hibino

1

96.0

64,772

0.4

1

99.2

65,2180.4

R-019 RESIDIA Tenjin-Minami

1

100.0

40,688

0.2

1

98.2

41,2090.2

R-020 RESIDIA Hakataeki-Minami

1

100.0

16,997

0.1

1

100.0

17,0070.1

R-021 RESIDIA Hisaya-Odori II

1

97.8

26,862

0.2

1

97.8

26,6990.1

R-024 RESIDIA Minami-Ichijo

1

95.9

77,958

0.4

1

96.2

78,1870.4

R-025 RESIDIA Odori-Nishi

1

92.6

59,809

0.3

1

100.0

60,3730.3

R-026 RESIDIA Kita-Sanjo

1

91.3

50,786

0.3

1

97.2

50,1930.3

R-027 RESIDIA Shirakabe-Higashi

1

100.0

33,122

0.2

1

100.0

32,9150.2

R-029 RESIDIA Uzumasa

1

93.8

33,436

0.2

1

91.6

32,6500.2

R-030 RESIDIA Izumi

1

92.8

142,060

0.8

1

97.7

144,3530.8

R-031 RESIDIA Maruyama Kita-Gojo

1

96.9

47,906

0.3

1

100.0

47,4490.3

R-032 RESIDIA Tokugawa

1

84.0

28,670

0.2

1

95.9

30,0020.2

R-034 RESIDIA Odori-Koen

1

90.5

96,992

0.5

1

98.5

96,5820.5

R-035 RESIDIA Tanimachi

1

95.4

46,443

0.3

1

95.1

45,9320.3

R-036 RESIDIA Hisaya-Odori

1

95.7

27,470

0.2

1

92.4

26,5540.1

R-037 RESIDIA Sendai-Miyamachi

1

100.0

25,357

0.1

1

100.0

23,0560.1

R-038 RESIDIA Hirosedori

1

100.0

21,944

0.1

1

100.0

21,9470.1

R-039 RESIDIA Edobori

1

98.5

58,200

0.3

1

97.6

57,461

0.3

R-040 RESIDIA Kyomachibori

1

94.5

42,305

0.2

1

92.7

42,0050.2―28―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

R-041 RESIDIA Esaka

1

98.8

38,609

0.2

1

95.3

38,1190.2

R-042 RESIDIA Nishijin

1

96.1

109,266

0.6

1

96.6

109,791

0.6

R-043 RESIDIA Tsurumai

1

92.2

52,038

0.3

1

96.9

52,4890.3

R-044 RESIDIA Kobe-Isogami

1

90.9

111,332

0.6

1

94.2

108,2420.6

R-045 RESIDIA Kita-Nijyo-East

1

90.8

42,380

0.2

1

96.8

42,2290.2

R-046 RESIDIA Shinsaibashi West

1

94.7

75,058

0.4

1

97.0

74,6240.4

R-047 RESIDIA Marunouchi

1

94.2

35,896

0.2

1

97.8

36,3370.2

R-048 RESIDIA Sapporo-Ekimae

1

95.7

75,406

0.4

1

95.8

75,2280.4

R-049 RESIDIA Gosho-Higashi

1

97.2

47,405

0.3

1

95.2

46,4320.3

R-050 RESIDIA Rakuhoku

1

97.5

37,651

0.2

1

95.3

35,9990.2

R-051 RESIDIA Miyakojima I & II

1

99.4

169,421

1.0

1

97.8

169,902

1.0

R-052 RESIDIA TOWER Sendai

1

95.4

72,440

0.4

1

98.7

72,4740.4

R-053 RESIDIA Higashizakura II

1

91.1

112,564

0.6

1

91.6

112,068

0.6

R-054 RESIDIA Tsutsujigaoka

1

96.3

85,427

0.5

1

97.8

82,6230.5

R-055 RESIDIA Kobe-Motomachi

1

93.2

44,241

0.3

1

93.3

41,6300.2

R-056 RESIDIA Sendai-Honcho

1

95.0

53,530

0.3

1

94.2

51,0860.3

R-057 RESIDIA Sendai-Haranomachi

1

98.8

31,289

0.2

1

93.6

29,6450.2

R-058 RESIDIA Minami-Ichijo East

1

96.7

49,104

0.3

1

98.3

48,371

0.3

R-059 RESIDIA Shin-Osaka

1

93.9

106,528

0.6

1

93.7

104,2360.6

R-060 RESIDIA Okayama-Ekimae

1

100.0

35,220

0.2

1

100.0

35,1660.2

R-061 RESIDIA Kyoto Okazaki

1

100.0

9,649

0.1

1

100.0

9,616

0.1

R-062 RESIDIA Sendai-Ichibancho

1

100.0

43,095

0.2

1

100.0

43,0950.2

R-063 RESIDIA Kita-Nijyo-East II

1

95.4

26,569

0.2

1

95.4

27,241

0.2

R-064 RESIDIA Takamiya

1

96.1

20,313

0.1

1

100.0

20,0470.1

R-065 RESIDIA Soen

1

98.3

20,468

0.1

1

98.4

21,1970.1

R-066 RESIDIA Tenjin

1

92.0

42,016

0.2

1

93.2

42,2860.2

R-067 RESIDIA Yakuin-Oodori

1

94.5

42,797

0.2

1

98.9

43,3680.2

R-068 RESIDIA Hakata II

1

98.1

53,950

0.3

1

97.4

52,4030.3

R-069 RESIDIA Kego

1

95.5

37,714

0.2

1

94.3

36,2030.2

R-070 RESIDIA Shirakabe

1

94.3

33,600

0.2

1

99.0

33,771

0.2

R-072 RESIDIA Senri-Fujishirodai

1

100.0

45,128

0.3

1

100.0

45,0000.3

R-073 RESIDIA Senri-Banpakukoen

1

98.5

70,228

0.4

1

98.5

70,7100.4

R-074 RESIDIA Sapporo-eki North

1

86.8

22,636

0.1

1

95.9

22,5830.1

R-075 RESIDIA Hijiyama-Koen

1

94.2

26,530

0.2

1

97.7

26,3710.1

R-076 RESIDIA Kita-Nijyo-East III

1

87.6

13,839

0.1

1

94.9

13,8910.1

R-077 RESIDIA Shin-Osaka II

1

94.1

20,016

0.1

1

95.1

19,8440.1

R-078 RESIDIA Tsutsujigaoka-Koen

1

98.6

27,699

0.2

1

95.8

27,1690.2

R-079 RESIDIA Sendai-Kamisugi

1

94.9

47,931

0.3

1

96.9

44,7870.3

R-080 RESIDIA Shirokitakoen-dori

1

98.6

39,721

0.2

1

100.0

38,7970.2

R-081 RESIDIA Kyoto-Mibu

1

100.0

20,292

0.1

1

97.8

21,3490.1―29―

Ⅰ. Fiscal Period Report
26th (Feb. 1, 2023 to Jul. 31, 2023)
Propertyno.

Name of real estate

27th (Aug. 1, 2023 to Jan. 31, 2024)

Total
Total
number of Occupancy
number of Occupancy
Rental revenue Percentage
Rental revenue Percentage
tenants at rate at end
tenants at rate at end
during the period of total rent
during the period of total rent
end ofof periodend ofof period(thousands of yen) revenue(thousands of yen) revenue
period(%)
period(%)
Note 3(%)
Note 3(%)(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

R-082 RESIDIA Nishi-tenma

1

85.3

76,545

0.4

1

89.0

76,4050.4

R-083 RESIDIA Hakata-Higashi

1

98.4

25,974

0.1

1

93.6

25,9380.1

R-084 RESIDIA Kotoen

1

92.1

13,615

0.1

1

94.0

13,7750.1

R-085 RESIDIA Tamatsukuri

1

100.0

50,469

0.3

1

94.0

48,2640.3

R-086 RESIDIA Kumamoto-Karashima

1

92.2

134,407

0.8

1

93.6

130,5390.7

R-087 RESIDIA Kyudai-Gakkentoshi

－

－

－

－

1

100.0

20,1590.1

R-088 RESIDIA Kyusandaimae

－

－

－

－

1

100.0

16,357

0.1

277

96.4

17,670,360

100.0

283

97.0

17,814,162

100.0

Total

Notes 1. “Total number of tenants” is counted as “1” if the property is leased under a master lease agreement to a master lessee.
Because all properties held by ADR as of January 31, 2024 are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates thetotal number of master lease agreements that were concluded with 11 master lessees.
2. “Occupancy rate” is calculated using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
3. “Rental revenue” is the rental revenue of respective real estate for the FP under review.
4. ADR has executed the beneficiary interests transfer agreement on November 29, 2023, for the purpose of disposition of RESIDIA Kitashinagawa on the scheduled dispositiondate, April 1, 2024.
5.RESIDIA Azabudai was disposed of on August 1, 2023

Real estate planned to be acquired under the forward commitment (Note 6)
Property no.

Name of real estate

T-187

RESIDIA Ochanomizu III(Note 7)

2-5-6 Sotokanda, Chiyoda-ku, Tokyo

T-188

RESIDIA Sangenjaya III(Note 8)

2-19-7 Sangenjaya, Setagaya-ku,
Tokyo

T-189 RESIDIA Sendagi (Note 9)

Location

3-7-9 Yanaka, Taito-ku, Tokyo

S-036

Tokyo Student-House
Musashi-Kosugi (Note 10)399-1 Ichinotsubo, Nakahara-ku,
Kawasaki, Kanagawa

T-190

RESIDIA Bunkyo-Hongo IV(Note 11)

7-2-2 Hongo, Bunkyo-ku, Tokyo

Notes 6

Type ofownership
Beneficiaryinterests intrust
Beneficiaryinterests intrust
Beneficiaryinterests intrust
Beneficiaryinterests intrust
Beneficiaryinterests intrust

Real-estate appraisal
value(million yen)
1,460

2,300

3,270

6,320

2,480

The forward commitment is defined as a post-dated transaction agreement in which the settlement and delivery of property will be made one or more months after theconclusion of the agreement or other similar agreements.
7 ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Ochanomizu III. ADR is scheduled toacquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 1,279 million yen. The appraisal value is as at January
31, 2024.
8 ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Sangenjaya III. ADR is scheduled toacquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 2,016 million yen. The appraisal value is as at January
31, 2024.
9 ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Sendagi. ADR is scheduled to acquire theproperty on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 2,912 million yen. The appraisal value is as at January 31, 2024.
10 ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of Tokyo Student-House Musashi-Kosugi. ADR isscheduled to acquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 5,835 million yen. The appraisal value is as
at January 31, 2024.
11. ADR has executed the beneficiary interests transfer agreement on February 28, 2024, for the purpose of acquisition of RESIDIA Bunkyo-Hongo IV. ADR is scheduled toacquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 2,252 million yen. The appraisal value is as at December
1, 2023.

―30―

Ⅰ. Fiscal Period Report
4 Table of Status of Contract Amount, etc. and Fair Value of Specified Transactions
The status of the contract amount, etc. and the fair value of specified transactions at ADR as of January 31, 2024 are as
follows.
(Thousands of yen)Contract amount (Note 1)
Category
Type
Contract amount due Fair value (Note 2, 3)
after one year
Transactions otherthan market
transactions

Interest rate swap
transactions(fixed rate payment,
floating rate receipt)

49,129,000

44,879,000

842,389

Total

49,129,000

44,879,000

842,389

Notes 1. The contract amount is based on the notional principal.
2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
3. Special accounting treatment for interest rate swaps is applied to the fair value amount of negative 26,429 thousand yen in accordance with the “Accounting Standard for
Financial Instruments.” Interest rate swaps are therefore not stated at fair value in the balance sheets.

5 Status of Other Assets
Real estate and beneficiary interests in trust that have real estate as the assets in trust, etc. are listed all at once in “3.
Real Estate Portfolio” presented earlier in this document. Other than those listed there in the portfolio, there are no main
specified assets invested by ADR as primary investment targets as of January 31, 2024.

6 Status of Holding of Assets by Country and Region
Not applicable, because there are no assets in countries or regions other than Japan.

―31―

Ⅰ. Fiscal Period Report
Capital Expenditures
1 Planned Capital Expenditures
The following table lists the major capital expenditures for renovations currently planned for the real estate and theunderlying real estate of the beneficiary interests in trust ADR owns. The estimated amount includes portions that are to berecorded as expenses for accounting purposes.
(million yen)
Estimated amounts
Payment
Name of real estate
Cumulative
PurposeEstimated duration
Total
for the(Location)amountamounts current
paid
periodRESIDIA Bunkyo-Honkomagome
From: June 2023
Major repair work
131
24
24
(Bunkyo-ku, Tokyo)
To: July 2024
Pacific Royal Court Minatomirai Ocean
From: September
Tower
Major repair work
2022
608
211
300
(Nishi-ku, Yokohama, Kanagawa)
To: June 2024
RESIDIA Izumi
From: March 2022
Major repair work
303
167
176
(Higashi-ku, Nagoya, Aichi)
To: March 2024

2 Capital Expenditures for the Current Period
The following table lists the major capital expenditures for renovations ADR conducted in the current period. The total
capital expenditures during the FP under review were 2,245 million yen for the entire portfolio. When combined with repairs
and maintenance cost of 975 million yen, the cost of construction work totals 3,220 million yen.
(million yen)
Name of real estate
Purpose
Implementation period
Amount paid
(Location)
From: April 1, 2023
RESIDIA Ochanomizu
Major repair work
129
To: September 30, 2023
(Bunkyo-ku, Tokyo)
RESIDIA Kawasaki
From: August 7, 2023
(Kawasaki-ku, Kawasaki,
Major repair work
107
To: January 31, 2024
Kanagawa)
RESIDIA NihonbashiFrom: July 18, 2023
Major repair work
105
Ningyocho II
To: December 29, 2023
(Chuo-ku, Tokyo)
Other real estate properties
Major repair work
376
Other real estate properties
Renovations
1,526
Total

2,245

Note Figures have been rounded down to the nearest million yen. Accordingly, the “Total” amounts are not necessarily equal to the sum of individual amounts.

―32―

Ⅰ. Fiscal Period Report
3 Cash Reserves for Value Enhancement Works and Renovations
Based on medium- to long-term renovation plans for each property, ADR sets aside the following cash reserves, derived
mostly from cash flows of depreciation and amortization (including earnings that are retained), to fund large-scale repair
work and value enhancement works.
(million yen)
23rd FP
Fiscal Period
Balance ofreserves at
beginning of
periodAmount ofreserves during
periodReversal ofreserves during
periodAmount carriedforward to next
period24th FP

25th FP

26th FP

27th FP

From: August 1, 2021 From: February 1, 2022 From: August 1, 2022 From: February 1, 2023 From: August 1, 2023
To: January 31, 2022
To: July 31, 2022
To: January 31, 2023
To: July 31, 2023
To: January 31, 2024

2,147

2,804

2,450

2,096

—

1,106

1,134

1,120

—

—

450

1,489

1,473

2,096

—

2,804

2,450

2,096

—

—

Note ADR decided not to set aside cash reserves for long-term renovation plans from the 26th FP onward.

―33―

Ⅰ. Fiscal Period Report
Status of Expenses and Liabilities
1 Details of Expenses Pertaining to Asset Management, etc.
(Thousands of yen)Item

26th FP

27th FP

1,296,720(Note 2)
10,05253,802

1,304,699(Note 3)
10,17557,773(a)Asset management fees (Note 1)

(b)
(c)

Asset custody fees
Administrative service fees

(d)
(e)

Directors’ compensation
Other

6,300
623,8627,500
590,295

Total

1,990,737

1,970,444

Notes 1. The asset management fees are the total amount of the management fees 1 and the management fees 2.
2. Other than the amount stated above, there were acquisition fees of 21,120 thousand yen (including consumption taxes) treated as acquisition costs of real estate properties,
and disposition fees of 12,655 thousand yen treated as gains on sales of real estate properties.
3. Other than the amount stated above, there were acquisition fees of 115,472 thousand yen (including consumption taxes) treated as acquisition costs of real estate properties,
and disposition fees of 8,384 thousand yen treated as gains on sales of real estate properties.

2 Status of Borrowings
The status of loans payables of ADR as of January 31, 2024 is as follows.
Category
Lenders
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedShort–termloans payable Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedMizuho Bank, Ltd.

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date method Use Remarksof period
periodrate(million yen) (million yen)
*1
Apr. 24, 2023

Apr. 24, 2023

Current
portion of
long-term
loans
payableThe Nishi-Nippon City Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedDevelopment Bank of Japan Inc.
Sumitomo Mitsui Trust Bank
LimitedMitsui Sumitomo Insurance Co.,
Ltd.
Sumitomo Mitsui Banking
Corporation
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedMizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking
Corporation
The Iyo Bank, Ltd.

2,000

375

-

375

-

250

-

-

1,125

-

1,125

Sep. 29, 2023

0.18%

Apr. 24, 2024-

Oct. 24, 2023

*6

*6
Bulletrepayment

Unsecured
Unguaranteed

0.37%

Sep. 27, 2024

*3-

Aug. 31, 2023

*5

-

750

3,000

5,000

1,000

-

800

-

Sep. 11, 2020

500

-

-

Sep. 11, 2023

*5

Sep. 30, 2014

1,500

-

-

Sep. 29, 2023

*5

Nov. 15, 2013

2,600

-

-

Nov. 15, 2023

*5

Nov. 30, 2016

1,000

-

-

Nov. 30, 2023

*5

Dec. 1, 2020

1,500

-

-

Dec. 1, 2023

*3

1,000

-

1,000

-

-

Dec. 18, 2023-

Dec. 25, 2023

*5

1.44%
*2

Feb. 16, 2024

*5

SubtotalResona Bank, Limited

2,000

Aug. 31, 2015

Dec. 18, 2015
Dec. 25, 2020

Bulletrepayment

*5

1,200

-

500

500

500

500

Apr. 14, 2015

1,400

1,400

0.88%
*2

Apr. 12, 2024

*3

Nov. 30, 2018

700

700

0.30%

May 31, 2024*5

Feb. 17, 2014

Jul. 29, 2016

300

300

0.20%

Jul. 29, 2024

*5

The Chugoku Bank, Ltd.

Jul. 29, 2016

500

500

0.20%

Jul. 29, 2024

*5Bank of Kyoto, Ltd.

Jul. 29, 2016

500

500

0.20%

Jul. 29, 2024

*5

―34―

Unsecured
UnguaranteedⅠ. Fiscal Period Report
Category
Lenders

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date method Use Remarksof period
periodrate(million yen) (million yen)
*1
1,850

1.18%
*2

-

500

-

1,000

Nov. 30, 2016-

Mar. 24, 2016
Jul. 31, 2018

Sep. 30, 2024

*5

0.23%

Oct. 31, 2024

*5

0.38%

Nov. 29, 2024

*5

1,500

0.24%

Nov. 29, 2024

*5

-

1,150

0.45%

Jan. 31, 2025

*3

-

650

0.37%

Jan. 31, 2025*5

Jan. 31, 2025*5

Jan. 31, 2025

*5

Development Bank of Japan Inc.

Sep. 30, 2014-

Sumitomo Mitsui Banking
Corporation
The Norinchukin Bank

Oct. 29, 2021
Nov. 30, 2016

Taiyo Life Insurance Company
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking
Corporation
SubtotalJul. 31, 2018

-

1,000

0.36%
*2

Feb. 26, 2021

-

2,800

0.19%

16,50014,850―35―

Ⅰ. Fiscal Period Report
Category
Lenders
MUFG Bank, Ltd.

Feb. 17, 2014

500

500

Development Bank of Japan Inc.

Sep. 30, 2014

1,850

-

Mizuho Trust & Banking Co., Ltd.

Mar. 19, 2015

1,200

1,200

The Yamaguchi Bank, Ltd.

Apr. 14, 2015

500

500

Nippon Life Insurance Company

Apr. 14, 2015

1,000

1,000

Development Bank of Japan Inc.

Jun. 25, 2015

2,300

2,300

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited

Sep. 14, 2015

400

400

Sep. 14, 2015

400

400

MUFG Bank, Ltd.

Dec. 18, 2015

1,000

1,000

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

Feb. 29, 2016

990

990

990

990

1,080

1,080

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

Feb. 29, 2016

2,500

2,500

Mar. 24, 2016

1,000

1,000

Mar. 24, 2016

1,000

1,000

900

900

750

750

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

Long-term
loans
payableBalance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1

Feb. 29, 2016

Mar. 24, 2016

1.59%
*2
1.05%
*2
1.00%
*2
1.00%
*2
1.04%
*2
0.92%
0.85%
*2
0.84%
*2
0.55%

Feb. 14, 2025

*5

Sep. 30, 2024

*5

Mar. 19, 2025

*3

Apr. 14, 2025

*3

Apr. 14, 2025

*3

Jun. 25, 2025

*5

Aug. 29, 2025

*3

Aug. 29, 2025

*3

Dec. 18, 2025

*5

Feb. 28, 2026

*5

0.66%

Jan. 31, 2027

*5

0.57%
0.77%
*2
0.54%

Jan. 31, 2026

*5Mar. 24, 2028

*3

Mar. 24, 2026

*3

0.63%

Jan. 31, 2027

*3

Resona Bank, Limited

Mar. 24, 2016

900

900

0.52%

Jan. 31, 2026

*3

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

Mar. 24, 2016

1,150

-

Jan. 31, 2025

*3

Apr. 14, 2016

500

500

Mar. 24, 2028

*3

Apr. 14, 2016

500

500

0.75%
*2
0.51%

Mar. 24, 2026

*3

Mizuho Bank, Ltd.

Apr. 14, 2016

400

400

0.63%

Jan. 31, 2027

The Yamaguchi Bank, Ltd.

Jul. 29, 2016

500

500

0.36%

Jul. 29, 2026

The Bank of Fukuoka, Ltd.

Jul. 29, 2016

1,000

1,000

0.36%

Jul. 29, 2026

*5

The Bank of Fukuoka, Ltd.

Jul. 29, 2016

1,000

1,000

0.26%

Jul. 29, 2025

*5

The Norinchukin Bank

Nov. 30, 2016

1,500

1,500

0.45%

Nov. 28, 2025

*5

The Norinchukin Bank

Nov. 30, 2016

1,000

-

-

Nov. 29, 2024

*5

Taiyo Life Insurance Company

Nov. 30, 2016

1,500

-

-

Nov. 29, 2024

*5

MUFG Bank, Ltd.

Jan. 31, 2017

1,250

1,250

0.41%

Jan. 29, 2027

*5

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

Jan. 31, 2017

1,000

1,000

0.58%

Jan. 29, 2027

*5

Jan. 31, 2017

1,000

1,000

0.63%

Jan. 29, 2027

*5

1,250

1,250

0.61%

Jan. 29, 2027

*5

1,000

1,000

Resona Bank, Limited

Jan. 31, 2017

1,000

1,000

0.50%

Jan. 30, 2026

*5

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedDevelopment Bank of Japan Inc.

Apr. 25, 2017

1,200

1,200

0.43%

Feb. 25, 2026

*6

Apr. 25, 2017

1,000

1,000

0.67%

Apr. 25, 2028

*6

Apr. 25, 2017

1,400

1,400

0.56%

Apr. 23, 2027

*6

MUFG Bank, Ltd.

Apr. 28, 2017

2,500

2,500

0.52%

Feb. 26, 2027

*5

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

Apr. 28, 2017

1,000

1,000

0.47%

Aug. 31, 2026

*5

2,000

2,000

0.60%

Apr. 30, 2027

*5

2,000

2,000

Jan. 31, 2017

Apr. 28, 2017

Bulletrepayment*3*5

MUFG Bank, Ltd.

Apr. 28, 2017

1,700

1,700

0.54%

Oct. 30, 2026

*5

Development Bank of Japan Inc.

May 31, 2017

1,000

1,000

0.57%

May 31, 2027

*7

500

500

500

500

500

500

0.55%

Aug. 31, 2027

*6

Bank of Kyoto, Ltd.

500

500

Shinkin Central Bank

500

500

The Nishi-Nippon City Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Iyo Bank, Ltd.

Sep. 11, 2017―36―

Unsecured
UnguaranteedⅠ. Fiscal Period Report

Category
Lenders

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1

The Nishi-Nippon City Bank, Ltd.

500

500

The Bank of Fukuoka, Ltd.

500

500

500

500

500

500

500

500

500

500

500

500

1,000

1,000

The Iyo Bank, Ltd.

Sep. 11, 2017

The Chugoku Bank, Ltd.
Shinkin Central Bank

Feb. 27, 2026

*6

0.51%

Aug. 31, 2027

*6

0.55%

Aug. 31, 2027

*6

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedJapan Post Insurance Co., Ltd.

Sep. 11, 2017

Taiyo Life Insurance Company

Sep. 29, 2017

1,500

1,500

0.42%

Sep. 30, 2025

*5

MUFG Bank, Ltd.

Feb. 28, 2018

2,850

2,850

0.54%

Sep. 30, 2027

*5

The Bank of Fukuoka, Ltd.

Feb. 28, 2018

500

500

0.38%

Feb. 28, 2025

*5

The Bank of Fukuoka, Ltd.

Feb. 28, 2018

500

500

0.63%

Feb. 29, 2028

*5

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

Mar. 20, 2018

500

500

0.56%

Mar. 17, 2028

*3

500

500

Mar. 20, 2018

1,000

1,000

0.61%

Mar. 17, 2028

*3

500

500

Sep. 11, 2017

The Yamaguchi Bank, Ltd.
Shinkin Central Bank

500

500

Mizuho Bank, Ltd.

Apr. 13, 2018

1,500

1,500

0.60%

Apr. 13, 2028

*5

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

Apr. 27, 2018

1,500

1,500

0.50%

Mar. 31, 2028

*5

Apr. 27, 2018

2,100

2,100

0.38%

Apr. 30, 2025

*5

Jun. 29, 2018

890

890

0.70%

Jun. 29, 2029

*5

Jul. 31, 2018

1,000

1,000

0.49%

Mar. 31, 2028

*5

1,000

1,000

900

900

0.66%

Jul. 31, 2028

Development Bank of Japan Inc.
Long-term
loans
payable0.42%

The Nishi-Nippon City Bank, Ltd.

Jul. 31, 2018

Mizuho Bank, Ltd.

Jul. 31, 2018

500

500

SBI Shinsei Bank, Limited

Jul. 31, 2018

1,000

1,000

Jul. 31, 2018

650

Jul. 31, 2018

1,000

Nippon Life Insurance Company

Sep. 11, 2018

The Nishi-Nippon City Bank, Ltd.
The 77 Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited
MUFG Bank, Ltd.

Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

*5
Bulletrepayment

0.47%
0.47%
*2

Jul. 31, 2026
Jul. 31, 2026

*5

-

-

Jan. 31, 2025

*5

-

-

Jan. 31, 2025

*5

1,000

1,000

0.67%

Sep. 11, 2028

*6

Sep. 28, 2018

500

500

0.70%

Sep. 29, 2028

*5

Sep. 28, 2018

500

500

0.70%

Sep. 29, 2028

*5

Nov. 30, 2018

2,200

2,200

0.64%

Nov. 30, 2028

*5

Nov. 30, 2018

1,300

1,300

0.60%

Nov. 30, 2028

*5

1,000

1,000

1,000

1,000

0.62%

Nov. 30, 2028

*5

Jun. 28, 2019Nov. 30, 2018

*5

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedThe Nishi-Nippon City Bank, Ltd.

1,300

1,300

0.36%

Jun. 29, 2029

*5

Jun. 28, 2019

800

800

0.39%

Jun. 29, 2029

*5

Sep. 30, 2019

500

500

0.31%

Sep. 28, 2029

*5

Sumitomo Life Insurance Company

Oct. 31, 2019

700

700

0.55%

Oct. 29, 2032

*5Mizuho Bank, Ltd.

Nov. 29, 2019

1,200

1,200

0.39%

Nov. 30, 2029

*5

SBI Shinsei Bank, Limited

Nov. 29, 2019

1,000

1,000

0.44%

Nov. 30, 2029

*5

The Yamaguchi Bank, Ltd.

Dec. 18, 2019

500

500

0.32%

Dec. 18, 2029

*5

Mizuho Bank, Ltd.

Feb. 14, 2020

1,000

1,000

0.46%

Feb. 14, 2031

*5Mizuho Bank, Ltd.

Feb. 14, 2020

1,900

1,900

0.39%

Feb. 14, 2030

*5Mizuho Trust & Banking Co., Ltd.

Feb. 14, 2020

2,350

2,350

0.39%

Feb. 14, 2030

*5

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedShinkin Central Bank

Mar. 24, 2020

2,000

2,000

0.41%

Mar. 22, 2030

*5

2,000

2,000

0.44%

Mar. 22, 2030

*5

1,000

1,000

Mar. 24, 2020―37―

Unsecured
UnguaranteedⅠ. Fiscal Period Report
Category
Lenders
Resona Bank, Limited

Mar. 24, 2020

1,370

1,370

0.40%
*2

Mar. 22, 2030

*5

The 77 Bank, Ltd.

Mar. 27, 2020

1,000

1,000

0.40%

Mar. 27, 2030

*3

The Yamaguchi Bank, Ltd.

Jun. 18, 2020

500

500

0.39%

Jun. 18, 2030

*5Mizuho Trust & Banking Co., Ltd.

Sep. 30, 2020

1,000

1,000

0.38%

Sep. 30, 2030

*5The Norinchukin Bank

Sep. 30, 2020

1,000

1,000

0.23%

Sep. 29, 2028

*5

Mizuho Bank, Ltd.

Oct. 20, 2020

1,500

1,500

0.39%

Oct. 18, 2030

*6Development Bank of Japan Inc.

Nov. 30, 2020

2,200

2,200

0.39%

Nov. 29, 2030

*5

The Chiba Bank, Ltd.

Nov. 30, 2020

1,000

1,000

0.18%

Nov. 30, 2027

*5

MUFG Bank, Ltd.

Jan. 29, 2021

600

600

0.32%

Jan. 31, 2031

*5

500

500

400

400

0.40%

Jan. 31, 2031

*5

500

500

The Bank of Fukuoka, Ltd.
The Nishi-Nippon City Bank, Ltd.

Jan. 29, 2021

Resona Bank, Limited

Jan. 29, 2021

MUFG Bank, Ltd.

Feb. 16, 2021

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

Long-term
loans
payableBalance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1

0.36%
*2
0.35%

Jan. 31, 2031

*5Feb. 14, 2031

*5

0.44%

Feb. 14, 2031

*5

270

270

2,900

2,900

1,500

1,500

Feb. 26, 2021

2,800

-

-

Jan. 31, 2025

*5Mar. 24, 2021

1,150

1,150

0.49%

Mar. 24, 2031

*5

Apr. 14, 2021

1,000

1,000

0.32%

Apr. 13, 2029

*5

Feb. 16, 2021

The Norinchukin Bank
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

Apr. 30, 2021

800

800

0.18%

Apr. 30, 2025

*5

Jun. 18, 2021

700

700

*5

Jun. 25, 2021

919

919

Jun. 25, 2031

*5

Aozora Bank, Ltd.

Jun. 25, 2021

1,000

1,000

0.43%
0.29%
*2
0.28%

Jun. 18, 2031

Resona Bank, Limited

Jun. 25, 2029

*5

MUFG Bank, Ltd.

Jun. 30, 2021

700

700

0.38%

Mar. 31, 2031

The Bank of Fukuoka, Ltd.

Jun. 30, 2021

500

500

Jun. 30, 2031

Resona Bank, Limited

Jun. 30, 2021

500

500

0.44%
0.25%
*2

Jan. 31, 2031

*5Aug. 31, 2021

1,200

1,200

0.18%

Aug. 29, 2025

*5Oct. 29, 2021

2,000

2,000

0.37%

Mar. 31, 2031

*5Oct. 29, 2021

1,000

1,000

0.25%

Oct. 31, 2025

*5Oct. 29, 2021

500

-

-

Oct. 31, 2024

*5

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

Bulletrepayment*5*5Nov. 26, 2021

1,800

1,800

0.49%

Nov. 26, 2031

*5Development Bank of Japan Inc.

Nov. 29, 2021

2,200

2,200

Nov. 28, 2031

*5Mizuho Bank, Ltd.

Dec. 22, 2021

2,160

2,160

Dec. 22, 2031

*5

SBI Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank
LimitedJan. 31, 2022

500

500

Jan. 30, 2032

*5

Jan. 31, 2022

2,600

2,600

Jan. 30, 2032

*5

The Iyo Bank, Ltd.

Feb. 1, 2022

700

700

Jan. 30, 2032

*3

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedFeb. 16, 2022

1,300

1,300

Feb. 16, 2032

*5Feb. 16, 2022

2,100

2,100

Feb. 16, 2032

*5Mizuho Bank, Ltd.

Feb. 16, 2022

2,000

2,000

Feb. 16, 2032

*5Mizuho Trust & Banking Co., Ltd.

Feb. 16, 2022

500

500

0.49%
0.37%
*2
0.57%
0.47%
*2
0.47%
*2
0.49%
0.55%
*2
0.55%
*2
0.55%
*2

Feb. 16, 2032

*5

500

500

500

500

0.79%

Apr. 14, 2032

*5

700

0.68%
*2

Apr. 14, 2032

*5

0.67%
*2

Apr. 16, 2032

*3

Kiraboshi Bank, Ltd.
The 77 Bank, Ltd.

Apr. 14, 2022

The Iyo Bank, Ltd.

Apr. 14, 2022

700

Sumitomo Mitsui Trust Bank
LimitedShinkin Central Bank

500

500

Apr. 18, 2022

1,000

1,000

1,000

1,000

The Chugoku Bank, Ltd.

―38―

Unsecured
UnguaranteedⅠ. Fiscal Period Report
Category
Lenders

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1

Apr. 28, 2022

700

700

0.58%
*2
0.50%
*2
0.65%

Oct. 31, 2030

*5

May 31, 2022

1,560

1,560

0.34%

May 29, 2026

*5

Jun. 17, 2022

1,000

1,000

Jun. 15, 2029

*5

The Bank of Fukuoka, Ltd.

Jul. 6, 2022

900

900

Jul. 6, 2032

*3

The Nishi-Nippon City Bank, Ltd.

Jul. 29, 2022

400

400

0.67%
0.74%
*2
0.46%

Jul. 31, 2029

*5

MUFG Bank, Ltd.

Jul. 29, 2022

800

800

0.73%

Jul. 30, 2032

*5

MUFG Bank, Ltd.

Jul. 29, 2022

300

300

Jul. 31, 2029

*5

The Norinchukin Bank

Aug. 16, 2022

1,000

1,000

Aug. 16, 2032

*6

Bank of Kyoto, Ltd.

Sep. 28, 2022

500

500

Sep. 28, 2032

*3

The Keiyo Bank, Ltd.

Sep. 30, 2022

1,000

1,000

Sep. 30, 2032

*5Mizuho Trust & Banking Co., Ltd.

Oct. 14, 2022

1,200

1,200

0.45%
0.66%
*2
0.60%
0.91%
*2
0.89%
*2

Oct. 14, 2032

*5

Aozora Bank, Ltd.

Oct. 31, 2022

1,000

1,000

0.82%

Oct. 31, 2031

*5

The Chiba Bank, Ltd.

Oct. 31, 2022

1,000

1,000

0.68%
*2

Oct. 31, 2029

*5

1,000

1,000

1,000

1,000

0.75%
*2

Nov. 8, 2029

*3

1,000

1,000

Nov. 15, 2022

1,550

1,550

0.39%

Apr. 30, 2026

Nov. 15, 2022

2,000

2,000

0.42%

Nov. 13, 2026

Resona Bank, Limited

Jan. 31, 2023

1,000

1,000

Resona Bank, Limited

Jan. 31, 2023

1,000

1,000

Aozora Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedSumitomo Mitsui Trust Bank
LimitedJan. 31, 2023

700

700

Feb. 1, 2023

1,000

1,000

Feb. 1, 2023

500

500

The Yamaguchi Bank, Ltd.

Feb. 1, 2023

500

500

MUFG Bank, Ltd.

Feb. 16, 2023

910

910

Mizuho Bank, Ltd.

Feb. 16, 2023

1,630

1,630

Feb. 16, 2023

1,120

1,120

Mar. 24, 2023

920

920

Mizuho Trust & Banking Co., Ltd.

Apr. 14, 2023

1,200

1,200

The Norinchukin Bank

Apr. 14, 2023

1,500

The Yamaguchi Bank, Ltd.

Apr. 14, 2023

500

The Nishi-Nippon City Bank, Ltd.

Aug. 31, 2023

Development Bank of Japan Inc.
Mitsui Sumitomo Insurance Co.,Ltd.
The Bank of Fukuoka, Ltd.

Dec. 18, 2023

Resona Bank, Limited
Mitsui Sumitomo Insurance Co.,
Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

Apr. 18, 2022

500

500

Apr. 18, 2022

500

500

Mizuho Trust & Banking Co., Ltd.
Shinkin Central Bank
Long-term
loans
payableAozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Banking
Corporation

Sumitomo Mitsui Banking
Corporation
Kansai Mirai Bank, Limited

Nov. 8, 2022

1.08%
*2
0.99%
*2
1.00%
0.98%
*2
0.83%
*2
0.98%
*2
1.23%
0.78%
*2

Oct. 18, 2030

*3

Apr. 18, 2029

*3

Bulletrepayment*5

Jan. 31, 2031

*5Jan. 31, 2030

*5Jan. 31, 2031

*5Jan. 31, 2033

*3

Jan. 31, 2031

*3

Jan. 31, 2033

*3

Feb. 16, 2033

*5Aug. 16, 2030

*5

0.44%

Feb. 16, 2027

*5

Sep. 24, 2030

*5

Apr. 14, 2033

*5

1,500

0.67%
1.04%
*2
0.88%

Oct. 14, 2031

*5

500

0.77%

Oct. 11, 2030

*5

-

800

0.76%

Aug. 31, 2029

*5

Sep. 29, 2023

-

1,500

Sep. 30, 2033

*5

Nov. 30, 2023

-

1,000

1.32%
0.99%
*2
1.06%
*2

Nov. 29, 2030

*5Dec. 17, 2032

*5

-

1,000

Subtotal

182,209

176,059

Total

201,709

195,909

Unsecured
Unguaranteed*5*1. “Interest rate” represents the borrowing interest rate (the weighted average of the balance at the end of the fiscal period) for each loan agreement, rounded to the second decimal
place.
*2. For loans where an interest rate swap transaction is used to manage exposures to fluctuations in interest rate, the interest rate presented in the above table is fixed, reflecting theeffects of interest rate swap transactions.
*3. The funds are used for acquisition of specified assets.
*4. The funds are used for acquisition of specified assets and repayment of the existing loans.
*5. The funds are used for repayment of the existing loans.
*6. The funds are used for redemption of the existing investment corporation bonds.
*7. The funds are used for repayment of the existing loans and redemption of the existing investment corporation bonds.

―39―

Ⅰ. Fiscal Period Report
3 Status of Investment Corporation Bonds
The balances of investment corporation bonds issued by ADR as of January 31, 2024 are as follows.

Series (*1)

ADR Bond #20 (Unsecured)
ADR Bond #21 (Unsecured)
ADR Bond #22 (Unsecured)
ADR Bond #24 (Unsecured)
ADR Bond #25 (Unsecured)
ADR Bond #27 (Unsecured)
ADR Bond #28 (Unsecured)
ADR Bond #29 (Unsecured)
ADR Bond #30 (Unsecured)
ADR Bond #31 (Unsecured)
ADR Bond #32 (Unsecured)
ADR Bond #33 (Unsecured)
ADR Bond #34 (Unsecured)
ADR Bond #35 (Unsecured)
Total

Balance atBalance atthethe end of Interest
beginning
Redemption Redemption
Issue dateperiodrate
Use Remarksof period
datemethod(million(%)(millionyen)
yen)
Nov. 14,2013
Apr. 28,
2014
Apr. 23,2015
Oct. 21,2015
Jun. 21,2016
Jul. 18,
2017
Nov. 24,2017
Apr. 24,2018
Oct. 19,2018
Jul. 24,
2019
Jul. 25,
2019
Dec. 24,2020
Oct. 25,
2021
Oct. 25,
2021

2,000

2,000

1.410

2,500

2,500

1.040

2,000

2,000

0.726

1,500

1,500

0.846

3,000

3,000

0.900

3,000

3,000

0.500

1,000

1,000

0.5663

1,500

1,500

0.690

2,000

2,000

0.704

5,000

5,000

0.220

3,000

3,000

0.3485

2,500

2,500

0.730

1,000

1,000

0.400

1,600

1,600

0.660

31,60031,600*1. The bonds have a pari passu clause among specified investment corporation bonds.
*2. The funds are used for repayment of the existing loans.
*3. The funds are used for redemption of the existing investment corporation bonds.

4 Status of Short-term Investment Corporation Bonds
Not applicable.

5 Status of Investment Unit Acquisition Rights
Not applicable.

―40―

Nov. 14,2025
Apr. 26,
2024
Apr. 23,2025
Oct. 21,2025
Jun. 20,
2031
Jul. 16,
2027
Nov. 24,2027
Apr. 24,2030
Oct. 19,2028
Jul. 24,
2024
Jul. 25,
2029
Dec. 24,2035
Oct. 24,2031
Oct. 24,
2036

Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment
Bulletrepayment*2 Unsecured*2 Unsecured*3 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured*2 Unsecured

Ⅰ. Fiscal Period Report
Acquisitions and Disposals in the 27th FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition
Property
no.

T-047
T-182
T-183
T-184
T-185
T-186
R-087
R-088

Name of real estate

RESIDIA Azabudai(51 % quasi-coownership interest)
RESIDIA Shirokane
Takanawa II
RESIDIA Meguro IV
RESIDIA Bunkyo
Koishikawa II
RESIDIA Shinagawa
SeasideShare Place
Shimokitazawa
RESIDIA Kyudai
Gakkentoshi
RESIDIA Kyusandaimae
Total

Disposition

AcquisitionPrice
Acquisition date
Disposition dateNote
(million yen)——Sep. 29, 2023

1,009

Sep. 29, 2023

1,853

Sep. 29, 2023

1,772

Sep. 29, 2023

3,315

Sep. 29, 2023

694

Sep. 29, 2023

1,048

Sep. 29, 2023

806
10,497

Aug. 1, 2023

Disposition
Price
Gain (Loss)
Book value
Note
on Sales(million yen)(million(million yen)
yen)
1,676

801

875

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

1,676

801

875

Note “Acquisition price” or “disposition price” is the purchase or sale price entered in the transaction agreements, and does not include various expenses, such as broker commission,and taxes and duties, required in the acquisition or in the disposition of the concerned real estate.

2 Acquisitions and Disposals of Other Assets
Not applicable. Main assets other than real estate, etc. and asset-backed securities, etc. presented above are generallybank deposits and bank deposits within assets in trust.

―41―

Ⅰ. Fiscal Period Report
3 Survey on Value, etc. of Specified Assets
1) Real Estate, etc.

Acquisition/
Disposition

Type of
Asset

Property
Name of propertyno.

Beneficiary
RESIDIA Azabudaiinterests in(51 % quasi-coDisposition
T-047
ownership interest)
trust
Note 3
Beneficiary
RESIDIA Shirokane
Acquisition interests in T-182
Takanawa II
trust
Acquisition Beneficiaryinterests in T-183 RESIDIA Meguro IV
trust
Acquisition Beneficiary
RESIDIA Bunkyo
interests in T-184
Koishikawa II
trust
Acquisition Beneficiary
RESIDIA
interests in T-185
Shinagawa Seaside
trust
Acquisition Beneficiary
Share Placeinterests in T-186
Shimokitazawa
trust
Acquisition Beneficiary
RESIDIA Kyudaiinterests in R-087
Gakkentoshi
trust
Acquisition Beneficiary
RESIDIA
interests in R-088
Kyusandai-mae
trust

Acquisition
price/
Acquisition/
Appraisal
Disposition
Disposition
value
price
date
(million yen)(*1)
(million yen)Appraisal
institution

Appraisal
date

1,676

DAIWA REALESTATE
1,127
APPRAISAL
CO., LTD.

Jul. 31,2023

Sep. 29,
2023

1,009

1,140

Japan Real
Estate InstituteJun 1,
2023

Sep. 29,
2023

1,853

2,090

Japan Real
Estate InstituteAug. 1,
2023

Sep. 29,
2023

1,772

2,000

Japan Real
Estate InstituteAug. 1,
2023

Sep. 29,
2023

3,315

3,660

Japan Real
Estate InstituteAug. 1,
2023

694

780

Japan Real
Estate InstituteAug. 1,
2023

Sep. 29,
2023

1,048

1,210

Japan Real
Estate InstituteAug. 1,
2023

Sep. 29,
2023

806

918

Japan Real
Estate InstituteAug. 1,
2023

Aug. 1,
2023

Sep. 29,
2023

Notes 1. “Acquisition price / Disposition price” is the purchase or sale price entered in the transaction agreements, and does not include various expenses, such as broker commission,and taxes and duties, required in the acquisition or in the disposition of the concerned real estate.
2. As the Act on Investment Trusts and Investment Corporations was amended on November 24, 2011, the survey on prices, etc. of specified assets (limited to land and buildings
or rights and assets pertaining thereto, which are designated by a government ordinance) came to be no longer required in case that a real estate appraisal is conducted inadvance of acquisition or disposition of the assets. Accordingly, for the assets presented above, we did not conduct the survey on prices, etc. of specified assets.
3. The appraisal value of RESIDIA Azabudai stated the ADR’s quasi-co-ownership interest (51%) out of the total appraisal value of the property.

2) OtherOf the transactions conducted by ADR for which the survey on prices, etc. is required pursuant to the provisions ofArticle 201 of the Act on Investment Trusts and Investment Corporations, there are no applicable transactions during
the FP under review, except those presented in “1) Real Estate, etc.” above.

―42―

Ⅰ. Fiscal Period Report
4 Transactions with Interested Parties
1) Transactions
The following table details the status of transactions with interested parties in the 27th FP.
Purchase and sale amount, etc.
Category
Purchase amount, etc.
Total amounts

Sale amount, etc.

10,502,966 thousand yen

1,676,880 thousand yen

Breakdown of transactions with interested parties
ITOCHU Corporation

2,862,000 thousand yen(27.2%)—(-%)

ITOCHU Property
Development, Ltd.

5,781,000 thousand yen(55.0%)—(-%)

2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 27th FP.

Category

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

Breakdown of transactions with interested parties
Payee

Amount paid(B) (thousandsof yen)Share(B)/(A)(%)

Property managementfees

1,519,123

ITOCHU Urban Community Ltd.

978,691

64.4

Other rental expenses

162,391

ITOCHU Urban Community Ltd.

115,676

71.2

Advertising expenses

10,976

ITOCHU Urban Community Ltd.

2,214

20.2

ITOCHU Urban Community Ltd.

17,537

12.4

Other fees

141,48391

0.1

ITOCHU Human Resources & General
Affairs Services Inc.

Notes 1. Transactions are not listed here if the nominal counterparty is an interested party but the actual counterparty is clearly a third party.
2. ITOCHU Corporation, ITOCHU Property Development, Ltd., ITOCHU Urban Community Ltd., and ITOCHU Human Resources & General Affairs Services Inc. are theinterested parties of the asset management company that have signed an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on
Investment Trusts and Investment Corporations and Article 123 of the Enforcement Order thereof, with which ADR engaged in transactions in the 27th FP.

5 Transactions with Asset Management Company Pertaining to Concurrent Business
Engaged in by Asset Management Company, etc.
Although the Asset Management Company engages in the type II financial instruments business and the investment
advisory and agency business as concurrent businesses, there are no applicable transactions pertaining to suchbusinesses. In addition, the Asset Management Company does not engage in any type I financial instruments business,real estate transaction business, or real estate specified joint venture as a concurrent business. Accordingly, there are no
applicable transactions.

―43―

Ⅰ. Fiscal Period Report
Accounting
1 Status of Assets, Liabilities, Principal, and Gain and Loss
Please refer to “II. Balance Sheets,” “III. Statements of Income,” “IV. Statements of Changes in Net Assets,” “V. Notes
to Financial Statements,” and “VI. Statements of Cash Distributions” presented below.
Information on the previous FP in the Balance Sheets, Statements of Income, Statements of Changes in Net Assets,
Notes to Financial Statements, and Statements of Cash Distributions has been prepared as a reference, and is not
subject to the independent auditor’s audit stipulated in the provisions of Article 130 of the Act on Investment Trusts andInvestment Corporations in the FP under review.

2 Changes in Method of Calculation of Depreciation and Amortization
Not applicable.

3 Changes in Method of Valuation of Real Estate, etc. and Infrastructure Assets, etc.
Not applicable.

4 Status, etc. of Beneficiary Certificates of Investment Trust Established by ADR, etc.
Not applicable.

5 Disclosure Pertaining to Corporation Holding Overseas Real Estate and Real Estate,etc. Thereof
Not applicable.

Other
1 Notice
The outline of major contracts entered into and relevant changes, etc. approved by the Board of Directors of ADR during
the FP under review is as follows:
Date of approval

September 20, 2023

Item
Execution of underwriting
agreement for new investment
units

Description
ADR has selected an administrative agent concerning
offering of investment units for new issuance, andsecondary offering was passed at the board of directors
meeting held on September 12, 2023.

2 Other
Unless otherwise specified, monetary figures are rounded down and percentage figures are rounded to the nearest
specified unit in this document.

―44―

Ⅱ. Balance Sheets(Thousands of yen)
As of July 31, 2023
(Reference)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Allowance for doubtful accounts
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
LandConstruction in progress
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Guarantee deposits
Guarantee deposits in trust
Derivative assets
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―45―

As of January 31, 2024

17,666,099
10,015,087
144,545496,823
7,393(48)
28,329,900

17,547,308
10,266,058
141,098
368,057
10,54682,176,589(20,589,388)
61,587,200
460,153(264,986)
195,166
1,994,689(1,034,863)
959,826
666,440(411,186)
255,253
84,227,464
98,329161,580,260(41,699,931)
119,880,329
862,619(406,823)
455,795
1,936,402(900,841)
1,035,560
1,291,318(837,470)
453,848
168,540,412
151,886
437,841,073

82,849,440(21,584,693)
61,264,747
462,222(278,638)
183,584
1,999,676(1,095,378)
904,297
723,366(448,159)
275,207
84,227,464
502,182
165,714,428(43,796,258)
121,918,170
906,117(437,231)
468,886
1,949,402(971,179)
978,223
1,423,365(894,273)
529,092
175,866,719
16,638447,135,213

1,630,581
1,315
1,631,896

1,596,144
797
1,596,941

976,417621,997
1,053,448
733,218
1,074
3,386,155
442,859,126

890,977
628,119
1,053,448
869,574
1,074
3,443,193
452,175,348—
99,09099,090471,288,116

3,282
87,875
91,158
480,599,575—

28,333,069

Ⅱ. Balance Sheets(Thousands of yen)
As of July 31, 2023
(Reference)
Liabilities
Current liabilities
Operating accounts payable
Short–term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Derivative liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Paid-in Capital
SurplusCapital surplus
Voluntary retained earnings
Reserve for temporary difference adjustments
Total voluntary retained earnings
Unappropriated retained earnings (undisposed
loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gain or loss on hedging instruments
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

*3

*1

―46―

As of January 31, 2024

735,0423,000,000
7,500,000
16,500,000
1,603,668
50,064
77,921
74,585
13,91829,555,201

593,759
5,000,000
7,500,000
14,850,000
1,548,306
75,073
9,034
68,545
12,82729,657,546

24,100,000
182,209,000
1,319,288
3,320,477—
210,948,765
240,503,967

24,100,000
176,059,000
1,312,673
3,359,227
756
204,831,657
234,489,204

139,034,823

154,298,439

53,220,279

53,220,279

29,172,703
29,172,703*328,412,844
28,412,844

8,623,124

9,309,989

91,016,107
230,050,930

90,943,112
245,241,552

733,218
733,218
230,784,148
471,288,116

868,818
868,818
246,110,370
480,599,575*1

Ⅲ. Statements of Income(Thousands of yen)
For the six months ended July
31, 2023(Reference)
Operating revenues
Rental revenue – real estate
Gain on sales of real estate properties

For the six months ended
January 31, 2024

*1

17,683,277*1

17,814,376*2

840,532*2

875,601

Total operating revenue

18,523,810

18,689,977

Operating expenses
Expenses related to the rent business
Asset management fees

*1

7,732,805
1,296,720*1

7,794,121
1,304,699

Asset custody fees
Administrative service fees

10,05253,802

10,17557,773

Directors’ compensation
Taxes and dues

6,300
397,166

7,500
397,466

Bad debt expenses
Other operating expenses

157
226,538—
192,828

Total operating expenses

9,723,543

9,764,565

8,800,266

8,925,412

Interest income
Compensation received

6,880
1,822

6,961
—

Reversal of distribution payable
Reversal of allowance for doubtful accounts

1,168
324

1,193
48

Operating income
Non-operating income

Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest expense on investment corporation bonds
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuancecosts
Offering costs associated with issuance of investment
units
Borrowing -related expenses

503

347

10,6988,551

554,783

559,838

112,364—

104,437
529

11,558

11,214—

28,689192,279

178,898—

20,495870,986

904,102

Ordinary income

7,939,9788,029,860

Income before income taxes

7,939,9788,029,860

Income taxes – current

605

605

Total income taxes

605

605

7,939,373

8,029,255

683,750

1,280,733

8,623,124

9,309,989

Other
Total non-operating expenses

Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)―47―

Ⅳ. Statements of Changes in Net Assets
For the six months ended July 31, 2023 (Reference)(Thousands of yen)
Unitholders’ equity
Surplus

Voluntary retained earnings
Paid-in Capital
Capital surplus

Balance at the
beginning of
periodChanges in items
during the period
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus139,034,823

53,220,279

Reserve fortemporarydifference
adjustments

UnappropriatedTotal voluntary retained earnings
retained earnings (undisposed loss)

29,508,224

29,508,224

8,436,629

91,165,133

230,199,956(335,521)(335,521)

335,521——(8,088,400)(8,088,400)(8,088,400)

7,939,373

7,939,373

7,939,373

Net income
Net changes in
items otherthanunitholders’equity during
the period
Total changes in
items during theperiodBalance at theend of period

Balance at the
beginning of
periodChanges in items
during the period
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus——(335,521)(335,521)

186,495(149,026)(149,026)

139,034,823

53,220,279

29,172,703

29,172,703

8,623,124

91,016,107

230,050,930

Valuation and translation
adjustments
Deferred gain or Total valuation
loss on hedging and translation
instruments
adjustments

Total net assets

1,157,100

1,157,100

231,357,056—(8,088,400)

Net income
Net changes in
items otherthanunitholders’equity during
the period
Total changes in
items during theperiodBalance at theend of period

Total surplus

Total unitholders’equity7,939,373(423,882)(423,882)(423,882)(423,882)(423,882)(572,908)

733,218

733,218

230,784,148―48―

Ⅳ. Statements of Changes in Net Assets
For the six months ended January 31, 2024

(Thousands of yen)
Unitholders’ equity
Surplus
Voluntary retained earnings

Paid-in Capital
Capital surplus

Balance at the
beginning of
periodChanges in items
during the period
Issuance of
new investment
units
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus139,034,823

53,220,279

Reserve fortemporarydifference
adjustments

UnappropriatedTotal voluntary retained earnings
retained earnings (undisposed loss)

29,172,703

29,172,703

Balance at the
beginning of
periodChanges in items
during the period
Issuance of
new investment
units
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus

Total unitholders’equity230,050,930

15,263,616(759,858)(759,858)

759,858——(8,102,250)(8,102,250)(8,102,250)

8,029,255

8,029,255

8,029,255

15,263,616—(759,858)(759,858)

686,864(72,994)

15,190,621

154,298,439

53,220,279

28,412,844

28,412,844

9,309,989

90,943,112

245,241,552

Valuation and translation
adjustments
Deferred gain or Total valuation
loss on hedging and translation
instruments
adjustments

Total net assets

733,218

733,218

230,784,148

15,263,616—(8,102,250)

Net income
Net changes in
items otherthanunitholders’equity during
the period
Total changes in
items during theperiodBalance at theend of period

91,016,107

15,263,616

Net income
Net changes in
items otherthanunitholders’equity during
the period
Total changes in
items during theperiodBalance at theend of period

8,623,124Total surplus

8,029,255

135,600

135,600

135,600

135,600

135,600

15,326,222

868,818

868,818

246,110,370―49―

Ⅴ. Notes to Financial Statements
Significant Accounting Policies(1) Depreciation andamortization methods of noncurrent assets(2) Accounting for deferredassetsFor the six months ended
July 31, 2023 (Reference)

For the six months ended
January 31, 2024

1) Property, plant and equipment(including assets in trust)
Amortized using the straight-line
method.
Useful lives of major categories ofproperty, plant and equipment are
as follows:
Buildings
1 to 71 years
Structures
1 to 50 years
Machinery and
2 to 29 years
equipment
Tools, furniture
2 to 20 years
and fixtures

1) Property, plant and equipment(including assets in trust)
Amortized using the straight-line
method.
Useful lives of major categories ofproperty, plant and equipment are
as follows:
Buildings
1 to 71 years
Structures
1 to 50 years
Machinery and
2 to 29 years
equipment
Tools, furniture
2 to 20 years
and fixtures

2) Intangible assets
Amortized using the straight-line
method.
Useful lives of major categories ofintangible assets are as follows:
Leasehold rights in trust: 23 to 65
years2) Intangible assets
Amortized using the straight-line
method.
Useful lives of major categories ofintangible assets are as follows:
Leasehold rights in trust: 23 to 65
years3) Long-term prepaid expenses
Amortized using the straight-line
method.

3) Long-term prepaid expenses
Amortized using the straight-line
method.

1) Investment corporation bond issuancecosts
Amortized using the straight-line
method over the period up to
redemption of the investment
corporation bonds.

1) Investment corporation bond issuancecosts
Amortized using the straight-line
method over the period up to
redemption of the investment
corporation bonds.
2) Investment unit issuance expenses
Amortized using the straight-line
method (three years).

(3) Basis of recording
allowances

Allowance for doubtful accounts
Estimated uncollectible amounts arerecorded for possible losses arisingfrom default on receivables based on
the historical performance of general
receivables and a case-by-caseevaluation of the collectability ofcertain receivables, such asreceivables with default possibility.

Allowance for doubtful accounts
Estimated uncollectible amounts arerecorded for possible losses arisingfrom default on receivables based on
the historical performance of general
receivables and a case-by-caseevaluation of the collectability ofcertain receivables, such asreceivables with default possibility.

(4) Basis of recording revenue
and expenses

1) Method of accounting for property
taxes
For property taxes, urban planningtaxes, and depreciable asset taxes onreal estate properties held, ADR
records the amount of taxes imposedcorresponding to the current fiscal
period as an expense for the property
leasing activities.
Furthermore, for the pro rata portion ofproperty taxes ADR paid to thetransferor (seller) upon acquisition ofreal estate properties, ADR treats theamount as acquisition costs of real

1) Method of accounting for property
taxes
For property taxes, urban planningtaxes, and depreciable asset taxes onreal estate properties held, ADR
records the amount of taxes imposedcorresponding to the current fiscal
period as an expense for the property
leasing activities.
Furthermore, for the pro rata portion ofproperty taxes ADR paid to thetransferor (seller) upon acquisition ofreal estate properties, ADR treats theamount as acquisition costs of real―50―

Ⅴ. Notes to Financial Statements
For the six months ended
July 31, 2023 (Reference)
estate properties instead of recording
it as an expense for the property
leasing activities. The amount ofproperty taxes treated as acquisition
costs of real estate properties was
6,901 thousand yen in this FP.

(5) Method of hedge accounting

For the six months ended
January 31, 2024
estate properties instead of recording it
as an expense for the property leasing
activities. The amount of property
taxes treated as acquisition costs ofreal estate properties was 9,099
thousand yen in this FP.

2) Basis of recording revenue
Major contents of performanceobligations relating to revenue arisingfrom agreements with customers of
ADR and the general timing ofsatisfying such performanceobligations (the general timing ofrecognizing revenue) are as follows:2) Basis of recording revenue
Major contents of performanceobligations relating to revenue arisingfrom agreements with customers of
ADR and the general timing ofsatisfying such performanceobligations (the general timing ofrecognizing revenue) are as follows:

Sales of real estate properties, etc.
Revenue from sales of real estate
properties is recorded at the time apurchaser of real estate property as acustomer obtains control over the realestate property, etc. by ADR’s fulfillingthe delivery obligations as stipulated in
the agreement regarding the sale of
the real estate property.

Sales of real estate properties, etc.
Revenue from sales of real estate
properties is recorded at the time apurchaser of real estate property as acustomer obtains control over the realestate property, etc. by ADR’s fulfillingthe delivery obligations as stipulated in
the agreement regarding the sale of
the real estate property.

1) Method of hedge accounting
In principal, deferred hedge accounting
is applied. Note that special treatment
is applied for interest rate swaps that
fulfill certain requirements.

1) Method of hedge accounting
In principal, deferred hedge accounting
is applied. Note that special treatment
is applied for interest rate swaps that
fulfill certain requirements.

2) Hedging instruments and hedged items 2) Hedging instruments and hedged items
Hedging instruments
Hedging instruments
Interest rate swap transactions
Interest rate swap transactions
Hedged items
Hedged items
Loans payable
Loans payable3) Hedging policy
ADR conducts derivative transactions
to hedge risks stipulated in ADR’s
Articles of Incorporation in accordancewith its financial policy.

3) Hedging policy
ADR conducts derivative transactions
to hedge risks stipulated in ADR’s
Articles of Incorporation in accordancewith its financial policy.

4) Method for assessing the hedge
4) Method for assessing the hedge
effectivenesseffectivenessThe effectiveness of hedges is
The effectiveness of hedges isassessed by comparing the cumulative
assessed by comparing the cumulativechange in cash flows of both hedging
change in cash flows of both hedging
instruments and corresponding hedged
instruments and corresponding hedged
items, and then verifying the ratio of
items, and then verifying the ratio ofchange for both.
change for both.
However, evaluation of effectiveness is
However, evaluation of effectiveness isomitted for interest rate swaps thatomitted for interest rate swaps thatsatisfy the requirements for special
satisfy the requirements for special
accounting treatment.
accounting treatment.
(6) Other significant matters thatserve as a basis for the
preparation of the financial
statements

1) Accounting for trust beneficiaryinterests in trust assets such as realestate properties
For trust beneficiary interests in realestate properties, all assets andliabilities of the trust assets, as well as
revenue and income earned from, andexpenses incurred for the trust assets
are recorded under the respective
account in the balance sheets and―51―1) Accounting for trust beneficiaryinterests in trust assets such as realestate properties
For trust beneficiary interests in realestate properties, all assets andliabilities of the trust assets, as well as
revenue and income earned from, andexpenses incurred for the trust assets
are recorded under the respective
account in the balance sheets andⅤ. Notes to Financial Statements
For the six months ended
July 31, 2023 (Reference)statements of income.
Of the accounts used to record theabove trust assets, the following
accounts are significant and disclosed
separately on the face of the balance
sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures intrust; machinery andequipment in trust; tools,
furniture and fixtures in trust;land in trust; construction inprogress in trust; and leasehold
rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security
deposits in trust

For the six months ended
January 31, 2024
statements of income.
Of the accounts used to record theabove trust assets, the following
accounts are significant and disclosed
separately on the face of the balance
sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures intrust; machinery and equipmentin trust; tools, furniture andfixtures in trust; land in trust;construction in progress intrust; and leasehold rights intrust
C. Guarantee deposits in trust
D. Tenant leasehold and security
deposits in trust2) Accounting for non-deductible
consumption taxes
Accounting for non-current assets anddeferred assets is inclusive ofconsumption taxes and local
consumption taxes.

2) Accounting for non-deductible
consumption taxes
Accounting for non-current assets anddeferred assets is inclusive ofconsumption taxes and local
consumption taxes.

―52―

Ⅴ. Notes to Financial Statements
Changes in Accounting Estimate
For the six months ended July 31, 2023 (Reference)(Changes in Accounting Estimate)(Changes in useful lives of property, plant and equipment)
ADR decided on the policy of conducting living room
remodeling project for exclusively owned areas on ascheduled basis and reviewed its long-term renovationplans to maintain and improve the profitability of its owned
properties as the properties become older over time. In
such efforts, it examined the estimated economic useful
lives of property, plant, and equipment and found that forsome there was a divergence between the conventional
useful life and estimated economic useful life. Therefore,
it reviewed and revised the useful lives for the period andbeyond.
Consequently, compared to the previous method,
depreciation and amortization increased by 350 million
yen while operating income, ordinary income, and income
before income taxes decreased by the same amount forthe period.

For the six months ended January 31, 2024—

Balance Sheets
As of July 31, 2023 (Reference)

As of January 31, 2024

(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(2) ADR has executed commitment line agreements with
(2) ADR has executed commitment line agreements withbanks.
banks.
Total commitment line of
Total commitment line of
20,000,000 thousand yen 20,000,000 thousand yen
20,000,000 thousand yen
creditcreditAmount used
1,000,000 thousand yen
Amount used －3,000,000 thousand yen
Unused balance
19,000,000 thousand yen 20,000,000
Unusedthousandbalanceyen
17,000,000 thousand yen(3) Provision and reversal of the reserve for temporary
difference adjustments
Reserve for dividends (Note)(Thousands of yen)
Initial amount33,552,162
Balance at the beginning of period
29,508,224
Funds drawn down during the 26th FP
335,521
Balance at the end of period
29,172,703
Reasons for setting aside and drawing down funds(3) Provision and reversal of the reserve for temporary
difference adjustments
Reserve for dividends (Note)(Thousands of yen)
Initial amount33,552,162
Balance at the beginning of period
29,172,703
Funds drawn down during the 27th FP
759,858
Balance at the end of period
28,412,844
Reasons for setting aside and drawing down funds

Note that the reserve for dividends is the remaining
amounts of gains on negative goodwill which wererecorded in past fiscal periods. The outstanding
amount is scheduled to be fully drawn down in equalamounts or more every fiscal period within 50 years,
starting from the end of the fiscal period ended
January 31, 2017 (13th FP).

Note that the reserve for dividends is the remaining
amounts of gains on negative goodwill which wererecorded in past fiscal periods. The outstanding
amount is scheduled to be fully drawn down in equalamounts or more every fiscal period within 50 years,
starting from the end of the fiscal period ended
January 31, 2017 (13th FP).

―53―

Ⅴ. Notes to Financial Statements
4. Contingent liabilities
As of July 31, 2023
Not applicable.
As of January 31, 2024
ADR has executed the beneficiary interests transfer agreement for the purpose of acquisition of the following four
properties, and if the transaction contract of these properties is terminated due to any reason attributable to ADR (thepurchaser), ADR will pay the seller the amount equivalent to 20% of each purchase price as a penalty for such termination.
Acquisition
Property no.

(Thousands of yen)
Name of property to be acquired

Purchase price

T-187

RESIDIA Ochanomizu III

1,279,000

T-188

RESIDIA Sangenjaya III

2,016,000

T-189

RESIDIA Sendagi

2,912,000

S-036

Tokyo Student-House Musashi-Kosugi

5,835,000

ADR has executed the beneficiary interests transfer agreement for the purpose of disposition of RESIDIA Kitashinagawa,and if the transaction contract of this property is terminated due to any reason attributable to ADR (the seller), ADR will
pay the purchaser the amount equivalent to 20% of the purchase price, 2,900 million yen as a penalty for such termination.

―54―

Ⅴ. Notes to Financial Statements
Statements of Income
For the six months ended July 31, 2023 (Reference)

For the six months ended January 31, 2024

(1) Breakdown of operating income (loss) from property(1) Breakdown of operating income (loss) from property
leasing activities
leasing activities(Thousands of yen)(Thousands of yen)
A. Revenue from property leasing
A. Revenue from property leasing
activities
activities
Rental revenue – real estate
Rental revenue – real estate
Rent income
15,388,285
Rent income
15,594,510
Facility charges
992,862
Facility charges
1,011,872
Parking fees
472,202
Parking fees
473,871
Subtotal
16,853,350
Subtotal
17,080,255
Other revenue related to property
Other revenue related to property
leasingleasing
Income from leasing rights
138,308
Income from leasing rights
128,217
Other
691,618
Other
605,903
Subtotal
829,927
Subtotal
734,120
Total revenue from property
Total revenue from property
17,683,277
17,814,376
leasing activities
leasing activities
B. Expenses from property leasing
B. Expenses from property leasing
activities
activities
Expenses related to the rent
Expenses related to the rent
businessbusiness
Property taxes
935,190
Property taxes
946,861
Property management fees
1,318,167
Property management fees
1,288,117
Utilities
331,090
Utilities
256,735
Repairs and maintenance
929,854
Repairs and maintenance975,173
Property-casual insurance
23,638Property-casual insurance
24,202Trust fees
73,944
Trust fees
67,223
Other rental expenses
751,947
Other rental expenses
777,819
Depreciation and amortization
3,368,972
Depreciation and amortization
3,457,988
Total expenses from property
Total expenses from property
7,732,805
7,794,121
leasing activities
leasing activities
C. Operating income (loss) fromC. Operating income (loss) from9,950,472
10,020,255
property leasing activities (A−B)
property leasing activities (A−B)(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Azabudai (49 % quasi-co-ownership interest))
Revenue from sales of real estate
1,611,120
property
Cost of sales of real estate property
738,055
Other sales expenses
34,694Gain on sales of real estate
838,370
properties(RESIDIA Sakae)
Revenue from sales of real estate
919,975
property
Cost of sales of real estate property
893,018
Other sales expenses
24,794Gain on sales of real estate
2,162
properties(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Azabudai (51% quasi-co-ownership interest))
860,000
Revenue from sales of real estate
1,676,880
property
503,709
Cost of sales of real estate property
767,879
22,269Other sales expenses
33,398Gain on sales of real estate
334,021875,601
properties―55―

800,000
615,627
7,043
177,329

1,611,120
738,055
34,694
838,370

Ⅴ. Notes to Financial Statements
Statements of Changes in Net Assets
For the six months ended July 31, 2023 (Reference)

For the six months ended January 31, 2024

Total number of units authorized and total number of units
issued and outstanding
Total number of units authorized
6,000,000
Total number of units issued and1,385,000
outstanding

Total number of units authorized and total number of units
issued and outstanding
Total number of units authorized
6,000,000
Total number of units issued and1,433,000
outstanding

Tax Eﬀect Accounting
As of July 31, 2023 (Reference)

As of January 31, 2024

(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance15
for doubtful accounts
Valuation difference on assets
8,851,422
acquired through merger, etc.
Other
228,242
Subtotal
9,079,680
Less valuation allowanceassociated with total of(9,079,680)
deductible temporary
differences, etc.
Subtotal(9,079,680)
Total deferred tax assets—
Net deferred tax assets—(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance—for doubtful accounts
Valuation difference on assets
8,657,614
acquired through merger, etc.
Other
239,100
Subtotal
8,896,714
Less valuation allowanceassociated with total of(8,896,714)
deductible temporary
differences, etc.
Subtotal(8,896,714)
Total deferred tax assets—
Net deferred tax assets—(2) Reconciliation between the statutory tax rates and theeffective tax rates after the application of tax effectaccounting(Unit: %)Statutory tax rate
31.46
(Adjustments)
Increase (decrease) in valuation(0.96)
allowance
Deductible dividends(29.75)
Other(0.74)
Effective tax rate after the application
0.01
of tax effect accounting(2) Reconciliation between the statutory tax rates and theeffective tax rates after the application of tax effectaccounting(Unit: %)Statutory tax rate
31.46
(Adjustments)
Increase (decrease) in valuation(2.28)
allowance
Deductible dividends(29.97)Other
0.80
Effective tax rate after the application
0.01
of tax effect accounting

Financial Instruments
For the six months ended July 31, 2023 (Reference)(1) General information on financial instruments
1) Policy on financial instruments
In order to secure stable earnings and steady growth of assets under management, ADR procures funds throughloans, issuance of investment corporation bonds (including short-term investment corporation bonds; the same
applies below), issuance of units, and other means of financing for the purpose of purchasing real estate properties
and repaying its debts.
ADR conducts derivative transactions solely for the purpose of hedging against the risk of interest rate fluctuations
and other risks arising from liabilities.
In addition, ADR, in general, manages surplus funds by investing only in bank deposits, savings, negotiablecertificates of deposit, and government bonds for emphasizing sound and stable portfolio management.
2) Description and risks of financial instruments and risk management―56―

Ⅴ. Notes to Financial Statements
Funds obtained through loans and investment corporation bonds are used primarily to finance the acquisition of realestate properties, repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity
risk in that it may not be able to raise funds through alternative financing sources by the repayment date or at theredemption. ADR controls the risk exposures through the preparation of a funding plan on a monthly basis and seeking
and procuring funds through various sources, such as securing the level of funds in hand, spreading out the loan
repayment and bond redemption dates, diversifying borrowing financial institutions, entering into commitment line
agreements, and issuing investment units.
Meanwhile, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum credit
rating for the financial institutions with which deposits are placed, and by placing deposits with various financial
institutions.
3) Supplementary explanation on fair value of financial instruments
Certain assumptions are applied in measurement of the fair value of financial instruments. Therefore, the fair value
could vary if different assumptions are applied. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk exposure of those derivative transactions.
(2) Fair values of financial instruments
The book values in the balance sheets, fair values, and unrealized gain (loss) of financial instruments as of July 31,
2023 are presented below.
Notes for “cash and deposits,” “cash and deposits in trust,” and “short-term loans payable” are omitted, as their bookvalues approximate fair values due to their short maturities.
Book value(Thousands of yen)
1) Current portion of investment
corporation bonds2) Current portion of long-termloans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special accounting treatment
for interest rate swaps)*26) Derivative transactions(Basic treatment for interest
rate swaps)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

(7,500,000)(7,512,410)

12,410(16,500,000)(16,516,428)

16,428(24,100,000)(23,665,375)(434,624)(182,209,000)(182,784,800)

575,800—(76,476)(76,476)

733,218

733,218—

Notes 1. The items posted in liabilities are stated in parentheses.
2. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard
for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in the balance sheets.
3. Matters concerning the methods of determining the fair value of financial instruments
1) Current portion of investment corporation bonds and 3) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan
Securities Dealers Association. However, if a reference value is not available, the fair value is deemed to be thepresent value of future cash flows of principal and interest, discounted at the assumed interest rate for similarborrowings.
2) Current portion of long-term loans payable and 4) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of July 31, 2023 are as follows:―57―

Ⅴ. Notes to Financial Statements

Method of hedge
accounting

Type of derivativetransaction

Main hedged
itemInterest rate swap
Special accounting
transactions
Long-term loans
treatment for(fixed rate payment,
payableinterest rate swaps
floating rate receipt)
Interest rate swap
Basic accounting
transactions
Long-term loans
method(fixed rate payment,
payablefloating rate receipt)(Thousands of yen)Contract amount (*1)
Contract
Fair value (*2)
amount due
after one year
20,550,000

10,250,000(76,476)(*3)

34,479,000

34,479,000

733,218*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailinginterest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “AccountingStandard for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in thebalance sheets.
4. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after
balance sheet date(Thousands of yen)
Due after
Due after one Due after two
Due after four
Due in one
three years
Due after five
year through years throughyears throughyear or lessthrough fouryears
two years
three years
five years
years
Short–term loans payable
3,000,000—————
Current portion of
investment corporation
7,500,000
—
—
—
—
—
bonds
Current portion of long-term
16,500,000
—
—
—
—
—
loans payable
Investment corporation—
2,000,000
3,500,000
3,000,000
1,000,000
14,600,000
bonds
Long-term loans payable—
20,350,000
23,700,000
24,340,000
20,250,000
93,569,000
Total

27,000,000

22,350,000

27,200,000

27,340,000

21,250,000

108,169,000

For the six months ended January 31, 2024
(1) General information on financial instruments
1) Policy on financial instruments
In order to secure stable earnings and steady growth of assets under management, ADR procures funds throughloans, issuance of investment corporation bonds (including short-term investment corporation bonds; the same applies
below), issuance of units, and other means of financing for the purpose of purchasing real estate properties and repaying
its debts.
ADR conducts derivative transactions solely for the purpose of hedging against the risk of interest rate fluctuations
and other risks arising from liabilities.
In addition, ADR, in general, manages surplus funds by investing only in bank deposits, savings, negotiablecertificates of deposit, and government bonds for emphasizing sound and stable portfolio management.
2) Description and risks of financial instruments and risk management
Funds obtained through loans and investment corporation bonds are used primarily to finance the acquisition of realestate properties, repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity
risk in that it may not be able to raise funds through alternative financing sources by the repayment date or at theredemption. ADR controls the risk exposures through the preparation of a funding plan on a monthly basis and seeking
and procuring funds through various sources, such as securing the level of funds in hand, spreading out the loan
repayment and bond redemption dates, diversifying borrowing financial institutions, entering into commitment line
agreements, and issuing investment units.
Meanwhile, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum credit
rating for the financial institutions with which deposits are placed, and by placing deposits with various financial―58―

Ⅴ. Notes to Financial Statements
institutions.
3) Supplementary explanation on fair value of financial instruments
Certain assumptions are applied in measurement of the fair value of financial instruments. Therefore, the fair value
could vary if different assumptions are applied. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk exposure of those derivative transactions.
(2) Fair values of financial instruments
The book values in the balance sheets, fair values, and unrealized gain (loss) of financial instruments as of January
31, 2024 are presented below.
Notes for “cash and deposits,” “cash and deposits in trust,” and “short-term loans payable” are omitted, as their bookvalues approximate fair values due to their short maturities.
Book value(Thousands of yen)
1) Current portion of investment
corporation bonds2) Current portion of long-termloans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special accounting treatment
for interest rate swaps)*26) Derivative transactions(Basic treatment for interest
rate swaps)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

(7,500,000)(7,504,007)

4,007(14,850,000)(14,875,133)

25,133(24,100,000)(23,541,439)(558,560)(176,059,000)(176,360,191)

301,191—(26,429)(26,429)

868,818

868,818—

Notes 1. The items posted in liabilities are stated in parentheses.
2. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard
for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in the balance sheets.
3. Matters concerning the methods of determining the fair value of financial instruments
1) Current portion of investment corporation bonds and 3) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan
Securities Dealers Association. However, if a reference value is not available, the fair value is deemed to be thepresent value of future cash flows of principal and interest, discounted at the assumed interest rate for similarborrowings.
2) Current portion of long-term loans payable and 4) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of January 31, 2024 are as follows:(Thousands of yen)Contract amount (*1)
Method of hedge
Type of derivative
Main hedged
Contract
Fair value (*2)
accounting
transaction
item
amount due
after one year
Interest rate swap
Special accounting
Long-term loans(26,429)transactions
12,650,000
8,400,000
treatment for(fixed rate payment,
payable(*3)
interest rate swaps
floating rate receipt)
Interest rate swap
Long-term loans
Basic accounting
transactions
36,479,000
36,479,000
868,818
payablemethod(fixed rate payment,
floating rate receipt)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using theprevailing interest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting―59―

Ⅴ. Notes to Financial Statements
Standard for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in thebalance sheets.
4. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after
balance sheet date(Thousands of yen)
Due after
Due after one Due after two
Due after four
Due in one
three years
Due after five
year through years throughyears throughyear or lessthrough fouryears
two years
three years
five years
years
Short–term loans payable
5,000,000—————
Current portion of investment
7,500,000—————
corporation bonds
Current portion of long-term
14,850,000
—
—
—
—
—
loans payable
Investment corporation—
5,500,000—
4,000,000
2,000,000
12,600,000
bonds
Long-term loans payable—
21,300,000
26,620,000
18,370,000
20,400,000
89,369,000
Total

27,350,000

26,800,000

26,620,000

22,370,000

22,400,000

101,969,000

Value of Rental Properties
For the six months ended July 31, 2023 (Reference)
ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during
the period, and fair value of these properties:(Thousands of yen)Book value (*1)
Fair value at the end of period
Balance at the beginning of
Changes during the period(*3)
Balance at the end of period
period(*2)
440,325,038(853,383)
439,471,655
700,062,880*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The increase during the period was mainly attributable to the acquisition of one real estate property (2,087,421 thousandyen), and the decrease was mainly attributable to the sale of one real estate property (893,018 thousand yen) and thereal estate beneficiary interests in trust for one property (738,055 thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
For RESIDIA Azabudai, the fair value is the disposition price of its 51 % quasi-co-ownership interest.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended July 31, 2023.
For the six months ended January 31, 2024
ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during
the period, and fair value of these properties:(Thousands of yen)Book value (*1)
Fair value at the end of period
Balance at the beginning of
Changes during the period(*3)
Balance at the end of period
period(*2)
439,471,655
9,259,702
448,731,357
713,876,000*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The increase during the period was mainly attributable to the acquisition of real estate beneficiary interests in trust forseven properties (10,971,526 thousand yen), and the decrease was mainly attributable to the sale of real estate
beneficiary interests in trust for one property (767,879 thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
For RESIDIA Kitashinagawa, the fair value is the (estimated) disposition price.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended January 31, 2024.

―60―

Ⅴ. Notes to Financial Statements
Revenue Recognition
For the six months ended July 31, 2023 (Reference)
Information on breakdown of revenue arising from agreements with customers
For the information on breakdown of revenue arising from agreements with customers, please refer to “*1. Breakdownof operating income (loss) from property leasing activities” and “*2. Breakdown of gain on sales of real estate properties”
in the Notes to Financial Statements (Statements of Income).
“(1) Breakdown of operating income (loss) from property leasing activities” includes revenue from the rental business,
etc. for which the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) is applied. Major revenue
arising from agreements with customers is revenue from sales of real estate properties.
For the six months ended January 31, 2024
Information on breakdown of revenue arising from agreements with customers
For the information on breakdown of revenue arising from agreements with customers, please refer to “*1. Breakdownof operating income (loss) from property leasing activities” and “*2. Breakdown of gain on sales of real estate properties”
in the Notes to Financial Statements (Statements of Income).
“(1) Breakdown of operating income (loss) from property leasing activities” includes revenue from the rental business,
etc. for which the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) is applied. Major revenue
arising from agreements with customers is revenue from sales of real estate properties.

Transactions with Related Parties
For the six months ended July 31, 2023 (Reference)

Attribute

Name ofcompany

Contents ofbusiness or
occupation

Interested
party

ITOCHU Urban
Community
Ltd.

Real estate
rentalbusinessAssetcustodian

Sumitomo
Mitsui Trust
Bank Limited

Banking andtrust
businessUnitholdingratio(*1)

Transaction
contents

Transaction
amount(thousands ofyen)—

Building
management fees, etc.
(*3)

977,254—

Borrowing of
funds(repayment)(*4)

Account

Operatingaccounts
payableShort–termloans payable
Current
1,875,000 portion of(1,375,000) long-termloans payable
Long-termloans payable

Balance at theend of period(thousands ofyen)
92,167(*2)
375,000

3,600,000

23,830,000

Transaction terms and policy on determination of transaction terms*1. The unit holding ratio is rounded down to two decimal place.
*2. Consumption taxes are included.
*3. The transaction terms are determined through price negotiations based on actual market conditions.
*4. Regarding the borrowing of funds, interest rates are reasonably determined considering the market interest rates.

―61―

Ⅴ. Notes to Financial Statements
For the six months ended January 31, 2024

Attribute

Name ofcompany

Interested
party

ITOCHU
Corporation

Interested
partyInterested
party

Asset
custodian

ITOCHU
Property
Development,
Ltd.
ITOCHU Urban
Community
Ltd.

Sumitomo
Mitsui Trust
Bank Limited

Contents ofbusiness or
occupation
Generaltradingcompany

Unitholdingratio(*1)
Direct2.42%
Indirect0.10%

Transaction
contents

Transaction
amount(thousands ofyen)

Account

Balance at theend of period(thousands ofyen)

Acquisition ofreal estate(*2)

2,912,001

—

—

—

—

Developmentof real estate

Indirect0.00%

Acquisition ofreal estate(*2)

Real estate
rentalbusiness—

Building
management
fees, etc. (*6)

Banking andtrust business—Borrowing of
funds(repayment)(*7)(*3 and *4)

5,917,910(*4 and *5)

Operatingaccounts
payableShort–termloans payable
Current
1,125,000 portion of(3,475,000) long-termloans payable
Long-termloans payable
978,691

91,978(*4)
1,125,000

500,000

23,830,000

Transaction terms and policy on determination of transaction terms*1. The unit holding ratio is rounded down to two decimal place.
*2. Purchase of real estate is determined through negotiations referring to prevailing transactions in the neighborhoodand the appraisal value by a real estate appraiser.
*3. The transaction amount for purchase of the real estate includes the settlement money of property tax, etc. of 1,956
thousand yen.
*4. Consumption taxes are included.
*5. The transaction amount for purchase of the real estate includes the settlement money of property tax, etc. of 3,976
thousand yen.
*6. The transaction terms are determined through price negotiations based on actual market conditions.
*7. Regarding the borrowing of funds, interest rates are reasonably determined considering the market interest rates.

―62―

Ⅴ. Notes to Financial Statements
Per Unit Information
For the six months ended July 31, 2023 (Reference)
Net assets per unit

For the six months ended January 31, 2024

166,631 yen

Net assets per unit

Net income per unit
5,732 yen
Net income per unit is computed by dividing net income by
the day-weighted average number of units issued andoutstanding for the period.
Diluted net income per unit is not disclosed as there are no
diluted investment units.
Note

171,744 yen

Net income per unit
5,662 yen
Net income per unit is computed by dividing net income by
the day-weighted average number of units issued andoutstanding for the period.
Diluted net income per unit is not disclosed as there are no
diluted investment units.

The basis for the computation of net income per unit is as follows:
For the six months ended July 31,
2023 (Reference)

Net income (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Net income attributable to common unit
(thousands of yen)
Average number of units during theperiod (units)

For the six months ended January 31,
2024

7,939,373

8,029,255——

7,939,373

8,029,255

1,385,000

1,418,091

Significant Subsequent Event
Asset Acquisition Decision
ADR has decided to acquire the following assets in accordance with its basic asset management policies set
forth in its Articles of Incorporation and other rules and has executed agreements accordingly:
RESIDIA Bunkyo-Hongo IV
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,252,000 thousand yen
Date of contract: February 28, 2024
Scheduled acquisition date: April 18, 2024
Location: 7-2-2 Hongo, Bunkyo-ku, Tokyo
Area size: 315.43 m2 (land); 1,633.73 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 15 stories
Constructed: January 2018
Notes 1. The estimated acquisition price does not include any settlement amount equivalent to a fixed property tax,
city planning tax, depreciable asset tax, and/or national and local consumption taxes.
2. If the transaction contract of this property is terminated due to any reason attributable to ADR (the purchaser),
ADR will pay the seller 20% of the purchase price as a penalty for such termination.

―63―

Ⅵ. Statements of Cash Distributions(yen)
For the six months ended July 31, 2023 For the six months ended January 31,(Reference)2024
I. Unappropriated retained earnings
II. Reversal of reserves during period
Reversal of reserve for temporary
difference adjustments
III. Dividends

8,623,124,867*1

759,858,747

Dividend Policy*1

834,432,239

8,102,250,000

8,454,700,000（5,850）（5,900）1,280,733,614

1,689,721,588

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes the amount in excess of
90% of the ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
8,102,250,000 yen. The figure wasderived by retaining 1,280,733,614
yen from the unappropriated retained
earnings of 8,623,124,867 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 759,858,747
yen. The amount of 1,280,733,614
yen was retained to achieve a moreconsistent dividend distribution.
ADR does not distribute dividends
in excess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes the amount in excess of
90% of the ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
8,454,700,000 yen. The figure wasderived by retaining 1,689,721,588
yen from the unappropriated retained
earnings of 9,309,989,349 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 834,432,239
yen. The amount of 1,689,721,588
yen was retained to achieve a moreconsistent dividend distribution.
ADR does not distribute dividends
in excess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

(Dividend per investment unit)
IV. Retained earnings carried forward

9,309,989,349

Statements of Cash Distributions(1) Reserve for temporary difference adjustments
For the six months ended July 31, 2023 (Reference)
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied, and in the statements of cash
distributions for the fiscal period ended July 31, 2016 (12th FP), the reserve for dividends of 33,552,162,785 yen, whichis the remaining portion of the amount subdivided into gains on negative goodwill in previous fiscal periods, wastransferred to the reserve for temporary difference adjustments. ADR is required to draw down an equal amount or an
amount greater than the said equal amount (335,521,628 yen or more) in each fiscal period for 50 years starting fromthe fiscal period ended January 31, 2017 (13th FP), which was the period following the period in which the transfer to thereserve was made. Based on this requirement, ADR drew down 759,858,747 yen during the fiscal period ended July 31,
2023 (26th FP).

―64―

Ⅵ. Statements of Cash Distributions
For the six months ended January 31, 2024
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied, and in the statements of cash
distributions for the fiscal period ended July 31, 2016 (12th FP), the reserve for dividends of 33,552,162,785 yen, whichis the remaining portion of the amount subdivided into gains on negative goodwill in previous fiscal periods, wastransferred to the reserve for temporary difference adjustments. ADR is required to draw down an equal amount or an
amount greater than the said equal amount (335,521,628 yen or more) in each fiscal period for 50 years starting fromthe fiscal period ended January 31, 2017 (13th FP), which was the period following the period in which the transfer to thereserve was made. Based on this requirement, ADR drew down 834,432,239 yen during the fiscal period ended January
31, 2024 (27th FP).

―65―

Ⅶ. Independent Auditor's Report(TRANSLATION)
INDEPENDENT AUDITOR'S REPORTMarch 14, 2024

To the Board of Directors of
Advance Residence Investment Corporation:

Deloitte Touche Tohmatsu LLC
Tokyo office

Designated Engagement Partner,
Certified Public Accountant:
Masashi Tsurumi

Designated Engagement Partner,
Certified Public Accountant:
Kyoko Nosaka<Audit of Financial Statements>
OpinionPursuant to Article 130 of the Act on Investment Trusts and Investment Corporations, we have audited thefinancial statements of Advance Residence Investment Corporation (the "Investment Corporation"),namely, the balance sheet as of January 31, 2024, the statement of income and statement of changes in
net assets for the 27th fiscal period from August 1, 2023 to January 31, 2024, and the related notes, andfiscal period report and statement of cash distributions for the six months ended January 31, 2024, as wellas the annexed detailed statements (with regard to the fiscal period report and the annexed detailed
statements thereof, limited to the part related to accounting) (hereafter referred to as "financial
statements"). The part related to accounting that was the subject of the audit opinion on the fiscal period
report and its annexed detailed statements is the portion of the matters stated in the fiscal period report andits annexed detailed statements that is based on the records in the accounting books.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the Investment Corporation as of January 31, 2024, and its financial performance for the six
months then ended in accordance with accounting principles generally accepted in Japan.
Basis for Opinion
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 the Investment Corporation inaccordance with the provisions of the Code of Professional Ethics in Japan, and we have fulfilled our otherethical responsibilities as auditors. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

- 66 -

Ⅶ. Independent Auditor's Report(TRANSLATION)

Other Information
Management is responsible for the other information. The Supervisory Director is responsible foroverseeing the Executive Directors' execution of duties relating to the design and operating effectiveness ofthe controls over the other information. The other information comprises the information included in thefiscal period report and its annexed detailed statements other than the part related to accounting coveredby the audit opinion.
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 other information
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 be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Supervisory Director for the Financial Statements
Management's responsibility is to prepare and present its financial statements in accordance withaccounting principles generally accepted in Japan. This includes developing and operating internal controlsthat management deems necessary to prepare and properly present financial statements, etc., free frommaterial misstatement 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, disclosing, as applicable, matters related to going
concern in accordance with accounting principles generally accepted in Japan.
The Supervisory Director is responsible for overseeing the Executive Directors' execution of duties relating
to the design and operating effectiveness of the controls over 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 a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis 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. The procedures selected
depend on the auditor's judgment. In addition, we obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion.
• Obtain, when performing risk assessment procedures, an understanding of internal control relevant tothe audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Investment Corporation's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

- 67 -

Ⅶ. Independent Auditor's Report(TRANSLATION)• Conclude on the appropriateness of management's use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions 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 thedate of our auditor's report. However, future events or conditions may cause the Investment Corporation
to cease to continue as a going concern.
• Evaluate whether the overall presentation and disclosures of the financial statements are in accordancewith accounting principles generally accepted in Japan, as well as the overall presentation, structure andcontent 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.
We communicate with the Executive Director regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide the Executive Director with a statement that we have complied with relevant ethicalrequirements regarding independence, and communicate with it all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
<Fee-Related Information>
Fees paid or payable to our firm and to other firms within the same network as our firm for the audit andnon-audit services charged to the Investment Corporation are disclosed in 3 Directors and Independent
Auditor included in "Overview of the Investment Corporation" of the fiscal period report.
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 ofJapan.

Notes to the Readers of Independent Auditor's Report
This is an English translation of the independent auditor's report as required by the Act on Investment
Trusts and Investment Corporations of Japan for the convenience of the reader. "The annexed detailed
statements" referred to in the "Opinion" section of this English translation are not included in the attachedfinancial documents. In addition, the other information in "the annexed detailed statements" referred to in
the "Other Information" section of this English translation is not translated.

- 68 -

Ⅷ. Statements of Cash Flows (Reference Information)(Thousands of yen)
For the six months ended July
31, 2023
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bondissuance costs
Offering costs associated with issuance ofinvestment units
Increase (decrease) in allowance for doubtful
accounts
Interest income
Interest expenses
Interest expense on investment corporation bonds
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 in property, plant and equipment by sales
Decrease in property, plant and equipment in trust bysales
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security
deposits, net
Proceeds from tenant leasehold and security
deposits in trust, net
Cash flows from investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans
Repayments of long-term loans
Redemption of investment corporation bonds
Proceeds from issuance of investment units
Expenditure of investment unit issuance expenses
Expenditure of offering costs associated withissuance of investment units
Dividends paid
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period―69―

7,939,9783,369,491

For the six months ended
January 31, 2024—

8,029,860
3,458,506
529

11,558

11,214—

28,689(2,067)(48)(6,880)554,783
112,364
4,270(142,047)(8,430)(24,626)
79,232(27,469)(7,167)893,018(6,961)559,838
104,437
3,446
128,765(68,887)
22,292(56,510)
24,456(6,040)738,055

767,879

40,101(704)
13,523,461
991(678,467)(679)
12,845,306

85,439(3,979)13,082,929
624(663,722)(548)
12,419,282(8,000,000)
6,000,000(2,990,135)(928,891)(7,000,000)
7,000,000(1,226,640)(12,421,639)

11,880(6,614)(8,874)38,750(5,916,021)(13,616,144)

3,000,000

3,000,000(1,000,000)
4,300,000(12,100,000)—

9,780,000(7,780,000)(3,000,000)
—

—

—

—

15,263,616(3,811)(28,689)(8,087,793)(6,087,793)
841,490
18,839,696(8,102,072)
1,329,042
132,180
19,681,186—

Ⅷ. Statements of Cash Flows (Reference Information)
Cash and cash equivalents at the end of period*119,681,186*119,813,367

Note ADR has prepared the Statements of Cash Flows pursuant to the Regulation on Terminology, Forms, and Preparation Methods of Financial Statements (Ministry of Finance
Order No. 59 of November 27, 1963) and attached it as reference information. This Statement of Cash Flows is not subject to the independent auditor’s audit stipulated in theprovisions of Article 130 of the Act on Investment Trusts and Investment Corporations and has therefore not been audited by an independent auditor.

―70―

Ⅷ. Statements of Cash Flows (Reference Information)
Significant Accounting Policies

For the six months ended July 31, 2023 For the six months ended January 31, 2024

Scope of funds in thestatements of cash flows

The funds (cash and cash equivalents)
in the statements of cash flows consist of
cash on hand and cash in trust; demand
deposits and deposits in trust; and shortterm investments that are readily
convertible into cash, carry minimal riskof change in value, and are due forredemption in three months or less fromthe acquisition date.

The funds (cash and cash equivalents) in
the statements of cash flows consist of
cash on hand and cash in trust; demand
deposits and deposits in trust; and shortterm investments that are readily
convertible into cash, carry minimal riskof change in value, and are due forredemption in three months or less fromthe acquisition date.

Statements of Cash Flows

For the six months ended July 31, 2023

For the six months ended January 31, 2024

*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
17,666,099
Cash and deposits in trust
10,015,087
Time deposits held over three(8,000,000)
monthsCash and cash equivalents
19,681,186*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
17,547,308
Cash and deposits in trust
10,266,058
Time deposits held over three(8,000,000)
monthsCash and cash equivalents
19,813,367―71―