24th Fiscal Period ReportFebruary 1, 2022 - July 31, 2022

Securities code: 3269
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo

ʊ1ʊϨ. Fiscal Period ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
Fiscal Period
Operatingresults

units

Operating revenues

24th FP
From: February 1, 2022

To: July 31, 2020

To: January 31, 2021

To: July 31, 2021

To: January 31, 2022

To: July 31, 2022

million yen

17,357

17,014

16,884

17,313

17,253
17,253

16,851

16,71816,884

16,871(Gain on real estate sales)bmillion yen

506

295

—

442

—

million yen

9,062

8,500

8,659

8,603

8,941

(Rental business expenses)cmillion yen

6,707

6,630

6,791

6,715

6,995

(Loss on real estate sales)dmillion yen

511

—

—

—

—

(Impairment loss)emillion yen

—

—

—

—

—

million yen

8,294

8,513

8,224

8,710

8,312
7,488

Ordinary incomefmillion yen

7,321

7,549

7,294

7,813

Net incomegmillion yen

7,320

7,548

7,294

7,812

7,488

Total assetshmillion yen

457,568

458,579

457,829459,988464,898

Interest-bearing liabilities

imillion yen

219,588

220,788

220,509222,709

227,809

Net assets

jmillion yen

231,225

230,966

230,491

230,562

230,253

Paid-in Capitalkmillion yen

139,034

139,034

139,034

139,034

139,034

Total dividendslmillion yen

7,804

7,756

7,819

7,883

8,013

Payout ratio

l/g

%

106.6

102.7

107.2

100.9

107.0

Total number of units issued and outstanding

m

Units

1,385,000

1,385,000

1,385,000

1,385,000

1,385,000

Net assets per unit

j/m

yen

166,950

166,763

166,420

166,470

166,248

yen

5,285

5,450

5,266

5,640

5,406

yen

5,635

5,600

5,646

5,692

5,786

Dividend from earnings per unit

yen

5,635

5,600

5,646

5,692

5,786

Dividend in excess of earnings per unit

yen

0

0

0

0

0

Note 3

%

3.3

3.6

3.0

3.3

3.2

Dividend per unit

Note 2l/m

Annualized dividend yield

Note 3

%

5.7

5.7

5.7

5.9

5.7

(g+q)/(m×r+i) Note 3

%

2.9

3.2

2.8

3.1

2.8

FFO per unit

JíEGHT P

yen

7,310

7,261

7,314

7,390

7,504

Annualizednyen

14,70014,403

14,74914,66015,133

FFO multiple

r/nReturn on investment (Paid-in Capital)
Return on investment (market
capitalization)

Ratio of ordinary income to total assets(g+q)/(k+i)

f/hAnnualized
Equity ratio

j/hReturn on equity

g/jAnnualized

Note 3

times

23.2

21.5

25.3

23.1

24.3

Note 4

%

1.6

1.6

1.6

1.7

1.6

Note 3

%

3.2

3.3

3.2

3.4

3.3

%

50.5

50.4

50.3

50.1

49.5

Note 5

%

3.2

3.3

3.2

3.4

3.2

Note 3

%

6.4

6.5

6.4

6.7

6.6

%

48.0

48.1

48.2

48.4

49.0

Ratio of interest-bearing liabilities to total
assets

i/h

DSCR

o/p

times

o

million yen

Net income before interest anddepreciation
Interest expenses
NOI

p
DíFT

Annualized NOI yield
Depreciation and amortization
Reference
information

23rd FP
From: August 1, 2021

million yen

Net income per unit

Financial
indicators

22nd FP
From: February 1, 2021a

Operating income

Per unit
figures

21st FP
From: August 1, 2020

(Rental revenue)

Operating expenses

Balancesheet
figures

20th FP
From: February 1, 2020

qNote 6

14.0

14.4

14.7

16.0

16.6

10,897

11,125

10,868

11,39011,059million yen

779

773

737

712

666

million yen

12,941

12,891

12,92813,02013,163Note 3, 7%Note 8million yen

5.7

5.6

5.7

5.6

5.7

2,798

2,802

2,835

2,865

2,905

Number of properties under management

—

271

271

272

272

277

Number of leasable units

Units

21,402

21,552

21,56921,643

21,853
814,648.31

Leasable floor area at end of period

Note 9m2

797,152.25

800,789.34

802,185.16

807,050.70

Occupancy rate at end of period

Note 10

%

96.3

96.0

95.9

96.9

96.6

yen

341,000

310,000

373,500

338,500

367,000

Unit price at end of periodrNotes 1. Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place. The same applies hereafter.
2. The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
3. The annualized figures are calculated using the number of days of period of 182 days for the 20th FP, 184 days for the 21st FP, 181 days for the 22nd FP, 184 days for the
23rd FP, and 181 days for the 24th FP, respectively.
4. Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
5. Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
6. In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
7. 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.)ʊ2ʊϨ. Fiscal Period Report
8. Depreciation and amortization include amortization of intangible assets in addition to depreciation of property, plant and equipment.
9. “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.
10. “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 24th Fiscal Period (FP).
1. Internal Growth
While maintaining high occupancy rates (the average occupancy rate for the FP under review of 96.7%), Advance
Residence Investment Corporation (hereafter, “ADR”) promoted to raise the rent level, improve the balance of
earning and expense related to its offering, raise rents at the time of contract renewal, and strengthen its property
competitiveness through value enhancement works.
2. External Growth
ADR acquired a total of five properties (total acquisition price of 6.5 billion yen), consisting of two sponsor-developed
properties and three properties from third parties.
3. Finance Policy
ADR promoted its efforts to strengthen the financial foundation, such as reducing the average interest rate andextending the remaining duration of its interest-bearing liabilities.
4. Sustainability
ADR purchased the FIT (Fuel-in-Transit) Non-Fossil Certificate with tracking for fiscal year 2021 in the renewableenergy value trading market, having 100% of the electricity used in common areas of its properties derived from real
renewable energy for fiscal year 2021 (from April 2021 to March 2022). As a result, we achieved the reduction ofgreenhouse gas emissions arising from the electricity in common areas of its properties.
We have 9 properties, 10 buildings, awarded the CASBEE Certification, of which 3 buildings obtained the highest“S” Rank.
By executing these initiatives, we were able to attain the following FP results.
(million yen)
The 24th FP
Results (ended
July 31, 2022)

Previous FP
Results

Initial Forecast

Operating revenues

17,313

17,17817,253(60)+75

Operating income

8,710

8,209

8,312

(398)

+102

Ordinary income

7,813

7,369

7,488

(324)

+119

Net income

7,812

7,368

7,488

(324)

+119
+86 yen Note 2+86 yen

Item

Note 1

Difference from Difference fromthe Previous FP the Initial Forecast

Earnings per unit

5,640 yen

5,320 yen

5,406 yen(234) yen Note 2

Dividend per unit

5,692 yen

5,700 yen

5,786 yen

+94 yenNotes 1. The initial forecast refers to the earnings forecast for the 24th FP disclosed in the “Brief Summary of Kessan Tanshin” for the 23rd FP,
dated March 17, 2022. The same applies hereafter.
2. The numbers less than one are discarded in the EPU figures.

Earnings per unit (EPU) decreased by 234 yen from the previous FP to 5,406 yen. This was mainly due to absence ofgain on sales of properties that had been recorded during the previous FP, despite an increase in NOI resulting from theproperty acquisition and the improved occupancy rate as well as a decrease in interest expenses.
Dividend per unit (DPU) was 5,786 yen, reflecting the reversal of the reserve for temporary difference adjustments(242 yen per unit) and dividends paid using retained earnings (137 yen per unit).
1. Internal Growth– Maintaining High Occupancy Rate –ITOCHU REIT Management Co., Ltd., ADR’s asset management company, appropriately collaborated with property
management companies in managing and operating properties. As a result, ADR managed to record an average fiscal
period occupancy rate of 96.7% (up 0.8 percentage points year on year). The occupancy rate has recovered to theʊ3ʊϨ. Fiscal Period Reportsame level as in the periods before the COVID-19 pandemic.
While continuing to relax the leasing terms for single-type units in the 23 wards of Tokyo, ADR was able to raise
rents for new contracts at the same level as in the past, thanks to a continued solid demand for family-type units,
including in central Tokyo. As a result, the replacement rent change was an increase of 1.5% (up 2.2 percentage
points from the previous FP), an improvement from the decrease in the previous FP to an increase.
– Strengthening Competitiveness of Our Properties by Carrying out Value Enhancement Works –ADR conducts large-scale repairs of its properties on a scheduled basis in order to maintain functionality and to
freshen up their appearance. In addition, for individual units in properties that have recently had large-scale repairs,
ADR carries out value enhancement work to maintain and enhance competitiveness in the leasing market. These
entail equipment upgrades and floor plan changes and are implemented at the time when tenants are being replaced.
We conducted large-scale repairs on 8 properties during the FP under review at a cost of 1,134 million yen, including
tax. Moreover, we performed value enhancement works on 49 properties at a cost of 205 million yen, excluding tax.
Of the residential units that underwent value enhancement works during the FP under review, new rental contracts
had been signed for 24 units as of July 31, 2022. Those units saw increases in rent of 24.8% on average comparedto the rents under the previous contracts. As such, our value enhancement works effectively contributed to internal
growth, as was the case during the previous fiscal periods. Going forward, ADR will endeavor to further enhance thecompetitive advantages of its properties through such measures.
2. External Growth– Steadily Acquiring Properties –We recognize that recent conditions in acquiring properties in the real estate trading market continue to be harsh
and the transaction prices are soaring. 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 pipelines andpromoting the negotiation basis transactions in acquiring properties from third parties.
ADR acquired a total of five properties (total acquisition price of 6.5 billion yen), consisting of two recently constructedsponsor-developed properties and three properties from third parties, during the FP under review. Each of theproperties has a high level of scarcity in the area where it locates. As such, ADR steadily achieved its external growth
despite severe competition in acquiring properties.
3. Finance Policy– Lowering the Average Interest Rates and Extending Remaining Durations –ADR’s principal finance policy is to lower the interest rates of interest-bearing liabilities, to extend remaining
durations, to fix interest rates and to diversify maturities. During the FP under review, ADR managed to execute debt
financing to the tune of 18.4 billion yen in total (at the average interest rate Note 3 of 0.58% and average initial durationof 8.6 years). As a result, ADR lowered the average interest rate to 0.59% as of the end of the FP under review, from
0.61% in the previous FP. It also extended the remaining duration to 5.1 years from 5.0 years, further enhancing its
financial foundation.
ADR’s issuer credit ratings as of the end of the FP under review are as follows.
Credit rating agency

Coverage

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer
ratingRating and Investment Information, Inc. (R&I)

Issuer 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
in order to hedge the risk of interest rate volatility, the fixed rates are used in calculating the average.

4. Sustainability– Sustainability Measures –ADR works together with the asset management company to realize a sustainable society and to increase its unitholder value. To that end, we engage in the following ESG (environmental, social and governance) initiatives.
• Environmental initiatives
To contribute to realizing the decarbonized society, ADR purchased the FIT (Fuel-in-Transit) Non-Fossil Certificate
with tracking for fiscal year 2021 in the renewable energy value trading market, having 100% of the electricity used incommon areas of its properties derived from real renewable energy for fiscal year 2021 (from April 2021 to March
2022). As a result, we achieved the reduction of greenhouse gas emissions arising from the electricity in common

ʊ4ʊϨ. Fiscal Period Reportareas of its properties. As such, we reduced approximately 99% of Scope 2 greenhouse gas emissions.
ADR has also acquired the DBJ Green Building Certification and the CASBEE Certification with respect to 23
properties, constituting 28.9% of its portfolio on the basis of total floor area, as of the end of the FP under review.
As part of its energy-saving measures, ADR has been introducing LED lighting in the common areas of its properties.
During the FP under review, ADR newly installed LED lighting in 6 properties. As of the end of the FP under review,
ADR had completed installation of LED lighting in 115 properties (representing 41.5% of its portfolio).
ADR has been striving to include green lease clauses Note 4 in its lease agreements, and as of the end of the FP
under review, ADR has introduced such clauses in its lease agreements pertaining to approximately 63.0% of its total
number of residential units.
Note 4. Green lease clauses are provisions included in lease agreements with tenants and are designed to reduce environmental footprints throughenergy-saving and other measures concerning real estate.

• Social initiatives
ADR conducts educational activities for energy-saving by utilizing the digital signage installed in the common areasof its properties.
5. Merger of Asset Management Company
ADR’s asset management company (hereinafter referred to as the “Asset Management Company”) concluded anabsorption-type merger agreement with former ITOCHU REIT Management Co., Ltd. (hereinafter referred to as “former
IRM”) on January 27, 2022, and the Asset Management Company conducted a merger by absorption of former IRM(hereinafter referred to as the “Merger”) effective June 1, 2022. While the Merger is an absorption-type merger with
the Asset Management Company as the surviving company and former IRM as the absorbed company, the AssetManagement Company changed its corporate name from “AD Investment Management Co., Ltd.” to “ITOCHU REITManagement Co., Ltd.” after the Merger.


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.
And for value-enhancement works, we strive to maintain and improve the competitive strengths of our properties byidentifying changing needs through tenant satisfaction surveys and other such means, and reflecting those results insuch work.
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 tenant and geographic diversification in mind in undertaking
investment, and accordingly will not be susceptible to temporary market trends.
3. Finance Policy
With respect to its finance policy, ADR will continue procuring funds mainly through long-term and fixed-rate debts
while keeping a close eye on interest rate trends and striving for lower funding costs and diversified maturities. In sodoing, we will endeavor to establish 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 torealize 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
fundamentally 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 every FP within 50
years Note 5, in accordance with partial amendments of the “Regulations Concerning Accounting of Investment

ʊ5ʊϨ. Fiscal Period Report
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 due to gains or losses on sales of properties, ADR will stabilize
distributions by additionally drawing down the RTA while also retaining or drawing down gain on sales.
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

September 26, 2019 Follow-on offering
October 21, 2019 Third-party allotment

Total number of units issued andoutstanding
Increase
Balance
33,0002,000

1,383,000
1,385,000

Paid-in Capital (million yen)
Increase

Notes

Balance

10,696648

138,386
139,0341
2

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.

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

20th FP

21st FP

22nd FP

23rd FP

24th FP

Period-end

July 31, 2020

January 31, 2021

July 31, 2021

January 31, 2022

July 31, 2022

High

350,500 yen

342,000 yen

390,500 yen

381,000 yen

369,000 yen

Low

209,000 yen

290,000 yen

300,000 yen

318,500 yen

318,500 yenʊ6ʊϨ. Fiscal Period Report
5 Dividend Distribution
In accordance with the distribution policy set forth in Article 32, Item 1 of ADR’s Articles of Incorporation, ADR
distributes in excess of 90% of the amount of 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 8,013,610,000 yen. The figure was derived byretaining 362,385,561 yen from the unappropriated retained earnings of 8,040,473,933 yen for the fiscal period, plus thedrawdown of reserve for temporary difference adjustments (RTA) of 335,521,628 yen. The amount of 362,385,561 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.
20th 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)

21st FP

22nd FP

23rd FP

24th FP

From: February 1, 2020 From: August 1, 2020 From: February 1, 2021 From: August 1, 2021 From: February 1, 2022
To: July 31, 2020
To: January 31, 2021
To: July 31, 2021
To: January 31, 2022
To: July 31, 2022

7,320,824
thousand yen
31,199,226
thousand yen
7,804,475
thousand yen(5,635 yen)

7,548,967
thousand yen
30,992,194
thousand yen
7,756,000
thousand yen(5,600 yen)

7,294,380
thousand yen
30,466,864
thousand yen
7,819,710
thousand yen(5,646 yen)

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)

7,804,475
thousand yen

7,756,000
thousand yen

7,819,710
thousand yen

7,883,420
thousand yen

8,013,610
thousand yen(5,635 yen)

(5,600 yen)

(5,646 yen)

(5,692 yen)

(5,786 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)ʊ7ʊϨ. Fiscal Period Report
6 Significant Subsequent Events
Disposition and its Decision
ADR disposed of the following property pursuant to its basic asset management policy stipulated in the Articles ofIncorporation.
RESIDIA Kamiikebukuro: Beneficiary interests in real estate trust
Type of Asset
Disposition Price : 860,000 thousand yen
Disposition Date : September 1, 2022
Location: 4-12-12 Kami-ikebukuro, Toshima-ku, TokyoArea: Land 383.70 sq. m.; building 1,183.89 sq. m.
Structure: Eight-story RC flat-roofed building
Built: December 2001
Note: The disposition price does not include the settlement amounts of property tax, city planning tax, and tax on depreciable assets, consumption
taxes, and local consumption taxes.

ADR decided to dispose of the following property pursuant to its basic asset management policy stipulated in the Articles
of Incorporation, and concluded an agreement to dispose of the property.
Tokyo Student-House WAKO
: Beneficiary interests in real estate trust
Type of Asset
Scheduled Disposition Price : 800,000 thousand yen
Agreement Date
: August 24, 2022
Scheduled Disposition Date : September 30, 2022
Location: 1-2-9 Chuo, Wako-shi, Saitama
Area: Land 1,728.40 sq. m.; building 3,434.07 sq. m.
Structure: Five-story RC building with stainless steel roofing
Built: April 1990
Notes 1. The scheduled disposition price does not include the settlement amounts of property tax, city planning tax, and tax on depreciable
assets, consumption taxes, and local consumption taxes.
2. In case that the property transaction agreement is cancelled for reasons attributable to ADR (the seller), ADR shall pay to the buyer 20%of the transaction price as a penalty for cancellation.

ʊ8ʊϨ. 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 July 31, 2022 are as follows.
Fiscal Period

20th FP

21st FP

22nd FP

23rd FP

24th FP

Period-end

July 31, 2020

January 31, 2021

July 31, 2021

January 31, 2022

July 31, 2022

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

1,385,000

139,034 million
yen
13,576

139,034 million
yen
13,842139,034 million
yen
13,103139,034 million
yen
12,846

139,034 million
yen
12,731

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 July 31, 2022.

2 Major Unit-holders
The following are the major unitholders as of July 31, 2022.

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

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

372,977

26.93

2-11-3 Hamamatsucho, Minato-ku, Tokyo

217,20215.68

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

62,126

4.49

2-5-1 Kita-Aoyama, Minato-ku, Tokyo

34,8002.51

Mizuho Securities Co., Ltd.

1-5-1, Otemachi, Chiyoda-ku, Tokyo

21,993

1.59

STATE STREET BANK WEST CLIENTTREATY

1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.

18,941

1.37

SMBC Nikko Securities Inc.

3-3-1, Marunouchi, Chiyoda-ku, Tokyo
ONE LINCOLN STREET㸪BOSTON MA
USA 02111

18,5501.34

17,1301.24

2-7-3, Marunouchi, Chiyoda-ku, Tokyo

15,535

1.12

14,865

1.07

794,119

57.34

Name

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)
ITOCHU Corporation

SSBTC CLIENT OMNIBUS ACCOUNT
JPMorgan Securities Japan Co., Ltd.
JP MORGAN CHASE BANK

Address

25 BANK STREET, CANARY WHARF,LONDON, E14 5JP,
UNITED KINGDOM
Total

Note “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.

ʊ9ʊϨ. Fiscal Period Report
3 Directors and Independent Auditor
1. The executive director, supervisory directors, and independent auditor as of July 31, 2022, are as follows.

Title
Executive
Director
Supervisory
Director
Supervisory
Director
Independent
AuditorName

Primary concurrent positions

Total amount ofcompensation during the FP(thousand yen)

Senior partner, Ootemon Law andAccounting

Wataru Higuchi
Yoshitsugu Oba—

Satoru Kobayashi

President, Esperanza Law Office

Deloitte Touche Tohmatsu LLC

2,700
1,800
1,800
16,5002. 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 July 31, 2022, 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.

ʊ10ʊϨ. 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 July 31,
2022.
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

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

Institutional operations

ITOCHU REIT Management Co., Ltd.

Administration of investment
corporation bonds

Sumitomo Mitsui Trust Bank Limited

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
DBJ Securities Co., Ltd.

ʊ11ʊϨ. Fiscal Period Report
Status of Assets under Management of the Investment
Corporation
1 Composition of Assets of the Investment Corporation
23rd FP as of January 31, 2022
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
Government̺
(Note 2)
designated(Note 4)
cities, etc.

Percentage of
total assets(%)(Note 6)

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

212,32846.2

216,85146.6

212,32846.2

216,851

46.6

21,396

4.7

21,250

4.6

53,94011.7

53,806

11.6

75,33716.4

75,05616.1

287,665

62.5

291,908

62.8

95,81920.8

96,47020.8

95,81920.8

96,47020.8

15,6803.4

15,513

3.3

32,7287.1

33,805

7.3

48,40910.5

49,318

10.6

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
Government̺designated(Note 4)
cities, etc.

Total of other regions
Subtotal

24th FP as of July 31, 2022

Total amountheld(million yen)
(Note 5)144,22931.4

145,78931.4

Deposits and other assets

28,093

6.1

27,2005.9

Total assets

459,988100.0

464,898

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 government̺designated 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. “Government̺designated cities, etc.” refer to the government̺designated 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.

ʊ12ʊϨ. 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 July 31, 2022.
Percentage of
Leasable floor Leased floor Occupancy
Book value
total rent
area
Main use
rate
Name of real estatearea(million yen)revenue
(m2)
(%)
(m2)
(%) Note
RESIDIA TOWER MeguroFudomae

14,36021,019.77

20,314.74

96.6

3.2

Pacific Royal Court Minatomirai
Ocean Tower

10,362

26,082.53

26,082.53

100.0

3.2

Park Tower Shibaura Bayward
Urban Wing

8,944

13,490.67

13,139.22

97.4

2.0

RESIDIA TOWER Kamiikebukuro

7,421

31,250.61

30,471.11

97.5

4.5

RESIDIA Nishi-Azabu

6,391

7,078.64

6,689.34

94.5

1.3

RESIDIA TOWER Azabujuban

6,002

7,207.18

6,914.66

95.9

1.2

RESIDIA Mejiro

5,840

13,083.40

12,599.66

96.3

1.5

RESIDIA Yutenji

5,092

5,423.36

5,313.02

98.0

0.9

RESIDIA Nihonbashi-Bakurocho

4,965

8,502.12

8,096.90

95.2

1.2

RESIDIA Shin-Okachimachi II

4,626

5,392.13

5,180.23

96.1

0.8

74,007

138,530.41

134,801.41

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.

ʊ13ʊϨ. Fiscal Period Report
3 Real Estate Portfolio
The following lists the real estate held by ADR as of July 31, 2022.

Propertyno.

Name of real estate

Location

T-001

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

T-002

RESIDIA Nakameguro

Meguro-ku, Tokyo

T-003

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

T-004

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

T-005

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

T-006

RESIDIA Hatagaya

Shibuya-ku, Tokyo

T-007

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

T-008

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

T-009

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

T-010

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

T-011

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

T-012

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

T-013

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

T-014

RESIDIA Azabujuban II

Minato-ku, Tokyo

T-015

RESIDIA Ebisu

Shibuya-ku, Tokyo

T-016

RESIDIA Meguro

Shinagawa-ku, Tokyo

T-017

RESIDIA Hiroo II

Shibuya-ku, Tokyo

Appraisal
Book value at value at end ofType of ownership end of period
period(million yen) (million yen)
Note 1
Beneficiary
2,376
4,200
interests in trust
Beneficiary
1,376
2,690
interests in trust
Beneficiary
1,121
1,440
interests in trust
Beneficiary
1,098
1,730
interests in trust
Beneficiary
1,986
3,000
interests in trust
Beneficiary
1,027
1,510
interests in trust
Beneficiary
1,020
1,550
interests in trust
Beneficiary
2,408
3,080
interests in trust
Beneficiary
688
1,120
interests in trust
Beneficiary
581
808
interests in trust
Beneficiary
1,343
2,240
interests in trust
Beneficiary
912
1,440
interests in trust
Beneficiary
1,331
2,460
interests in trust
Beneficiary
873
1,270
interests in trust
Beneficiary
549
839
interests in trust
Beneficiary
717
836
interests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,447

2,440

1,715

2,590

314

436

T-018

Pianetta Shiodome

Minato-ku, Tokyo

T-019

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

T-022

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

825

1,260

T-023

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,251

3,310

T-024

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,105

1,750

T-025

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,843

2,630

T-026

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,116

1,560

T-027

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,265

2,010

T-028

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,062

1,850

T-029

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

833

1,290

T-030

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

956

1,560

983

1,540

T-031

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

T-032

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,160

3,440

T-033

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,464

5,100

T-034

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,103

1,690

ʊ14ʊ

Ϩ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
6,391
9,910
interests in trust
Beneficiary
1,966
2,640
interests in trust
Beneficiary
2,336
3,760
interests in trust
Beneficiary
3,523
5,690
interests in trust

T-035

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

T-036

RESIDIA Daikanyama

Shibuya-ku, Tokyo

T-037

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

T-038

RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

T-039

RESIDIA TOWER MeguroFudomae

Shinagawa-ku, Tokyo

Real estate

14,36022,500

T-040

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,506

4,090

T-041

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,483

2,590

T-042

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,314

1,790

T-043

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,893

2,640

T-044

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,002

9,710

T-045

RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,190

1,920

1,729

2,820

1,513

2,200

1,634

2,260

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

T-046

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

T-047

RESIDIA Azabudai

Minato-ku, Tokyo

T-048

RESIDIA Shibadaimon II

Minato-ku, Tokyo

T-049

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,094

1,760

T-050

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,254

1,880

T-051

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,648

2,620

T-052

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

845

1,360

T-053

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

941

1,400

T-054

RESIDIA Shibaura

Minato-ku, Tokyo

4,201

7,130

T-055

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

859

1,140

5,092

7,220

8,944

14,700

825

1,390

1,317

2,060

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

783

1,460

2,228

3,440

1,891

2,950

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

1,484

2,140

T-064

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,416

5,670

3,556

5,470

925

1,710

760

1,070

1,183

2,240

1,535

2,570

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

ʊ15ʊ

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trustϨ. Fiscal Period Report

Propertyno.

Name of real estate

Location

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

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

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
1,417
2,270
interests in trust
Beneficiary
3,703
5,340
interests in trust
Beneficiary
1,142
1,910
interests in trust
Beneficiary
1,713
2,190
interests in trust
Beneficiary
2,011
3,130
interests in trust
Beneficiary
922
1,320
interests 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

642

938

702

1,120

1,164

1,790

3,145

4,610

1,272

2,010

970

1,510

886

1,100

916

1,250

822

1,210

1,159

1,560

1,973

2,450

4,224

5,250

1,706

2,420

T-089

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,198

2,880

T-090

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,148

1,570

T-091

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

1,561

1,960

T-092

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

1,546

3,250

T-093

RESIDIA Kamata

Ota-ku, Tokyo

2,019

4,280

T-094

RESIDIA Ikebukuro

Toshima-ku, Tokyo

1,392

2,240

T-095

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

1,496

2,790

T-096

RESIDIA Asakusabashi

Taito-ku, Tokyo

879

1,750

T-097

Maison Eclairee Ekoda

Nerima-ku, Tokyo

866

1,170

T-098

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

2,805

4,710

T-099

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

1,536

2,450

T-100

RESIDIA Ryogoku

Sumida-ku, Tokyo

807

1,500

T-101

RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

2,820

4,750

ʊ16ʊ

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Ϩ. Fiscal Period Report

Propertyno.

Name of real estate

Location

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-106

RESIDIA Kamiikebukuro (Note 2)

Toshima-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

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
1,732
2,440
interests in trust
Beneficiary
3,852
5,660
interests in trust
Beneficiary
768
1,130
interests in trust
Beneficiary
1,764
2,980
interests in trust
Beneficiary
505
860
interests in trust
Beneficiary334
627
interests in trust
Beneficiary
918
1,430
interests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,306

2,400

1,753

2,390

1,103

1,920

560

902

1,832

3,150

740

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

938

1,350

T-116

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

970

1,490

T-117

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,266

1,910

2,255

3,480

2,156

3,340

2,947

5,090

628

1,110

958

1,660

348

517

505

999

T-118

RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

T-119

RESIDIA Kinshicho II

Sumida-ku, Tokyo

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

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

1,364

2,100

818

1,310

T-126

RESIDIA Iriya

Taito-ku, Tokyo

Beneficiaryinterests in trust

T-127

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,217

1,930

T-128

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,712

2,550

T-129

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,160

1,690

1,233

2,110

5,840

9,650

612

882

4,965

8,680

3,541

6,930

804

1,430

T-130

RESIDIA Shinkawa II

Chuo-ku, Tokyo

T-131

RESIDIA Mejiro

Toshima-ku, Tokyo

T-132

RESIDIA Kasai

Edogawa-ku, Tokyo

T-133

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

T-134

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

T-135

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

ʊ17ʊ

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trustϨ. Fiscal Period Report

Propertyno.

Name of real estate

Location

T-136

RESIDIA Kiba

Koto-ku, Tokyo

T-137

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

T-138

RESIDIA Bunkyo- Honkomagome

Bunkyo-ku, Tokyo

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
1,772
3,560
interests in trust
Beneficiary
1,040
1,850
interests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust

2,169

3,600

2,341

4,400

2,168

4,190

1,737

2,870

982

1,610

1,931

3,470

1,142

1,800

979

1,450

1,679

3,010

2,198

3,630

611

944

892

1,450

7,421

13,600

T-139

RESIDIA Tsukishima III

Chuo-ku, Tokyo

T-140

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

T-141

RESIDIA Ogikubo

Suginami-ku, Tokyo

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

504

698

T-152

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

590

810

1,099

1,600

471

585

1,058

1,630

1,219

1,860

1,145

1,640

1,791

2,440

495

751

385

586

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

T-153

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

T-154

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate
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

678

978

T-162

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Real estate

472

637

1,317

1,740

961

1,490

855

1,390

1,381

1,980

1,963

3,020

1,815

2,770

T-163

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

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

RESIDIA Nihonbashi-Bakurocho II

Chuo-ku, Tokyo

T-168

RESIDIA Nihonbashi-Bakurocho III

Chuo-ku, Tokyo

ʊ18ʊ

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trustϨ. Fiscal Period Report
Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
1,649
2,390
interests in trust
Beneficiary
4,626
6,610
interests in trust
Beneficiary
2,998
4,060
interests in trust
Beneficiary
1,384
1,910
interests in trust

Propertyno.

Name of real estate

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

2,320

2,900

T-174

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,323

4,280

T-175

RESIDIA Ikegami II

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,099

1,460

T-176

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,413

1,800

1,800

2,060

748

862

1,541

1,730

2,475

2,700

1,169

1,290

667

801

943

1,370

1,670

2,400

1,015

1,450

617

800

465

754

1,477

2,020

674

1,000

1,432

2,240

2,417

3,710

1,405

2,010

10,362

17,200

1,599

2,310

715

1,280

1,952

3,310

829

1,240

807

1,260

754

1,160

1,520

2,500

Location

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

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-011

Tokyo Student-House WAKO
(Note 3)

Wako-shi, Saitama

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

S-019

RESIDIA Kichijoji

Musashino-shi, Tokyo

S-020

Pacific Royal Court Minatomirai
Ocean Tower

Yokohama-shi, Kanagawa

S-022

BRANCHEILE Kohoku II (Note 4)

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

ʊ19ʊ

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
Real estate andleasehold rights toreal estate
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trustϨ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
913
1,230
interests in trust
Beneficiary
1,072
1,470
interests in trust
Beneficiary
737
1,150
interests in trust

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

Real estate

605

807

S-033

RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

649

795

S-034

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

593

672

S-035

RESIDIA Kunitachi II

Kunitachi-shi, Tokyo

Real estate

863

901

1,420

1,830

934

1,430

3,208

5,130

Real estate

1,185

1,690

775

1,280

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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-011

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

R-012

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,901

3,340

R-013

KC21 Building

Sendai-shi, Miyagi

Real estate

817

1,020

R-014

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

987

1,690

1,786

2,970

2,031

3,490

1,038

1,580

857

1,280

288

416

563

872

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-Oodori II

Nagoya-shi, Aichi

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

R-024

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,590

2,330

R-025

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,264

1,690

R-026

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,051

1,570

R-027

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

707

973

R-029

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

684

847

R-030

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,127

4,520

R-031

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

898

1,320

R-032

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

685

967

R-034

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,748

3,100

R-035

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,022

1,780

606

971

469

806

441

748

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-036

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

R-037

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

R-038

RESIDIA Hirosedori

Sendai-shi, Miyagi

R-039

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,311

2,130

R-040

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

940

1,590

Suita-shi, Osaka

Beneficiaryinterests in trust

962

1,440

R-041

RESIDIA Esaka

ʊ20ʊϨ. Fiscal Period Report

Propertyno.

Name of real estate

Location

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

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-Oodori

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-071

RESIDIA Sakae

Nagoya-shi, Aichi

R-072

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

R-073

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

ʊ21ʊ

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Beneficiary
2,086
3,340
interests in trust
Beneficiary
1,075
1,720
interests in trust
Beneficiary
2,417
3,970
interests in trust
Beneficiary
940
1,250
interests in trust
Beneficiary
1,785
2,730
interests in trust
Beneficiary
884
1,240
interests in trust
Beneficiary
1,313
2,200
interests in trust
Beneficiary
1,139
1,850
interests in trust
Beneficiary
815
1,220
interests 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
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

3,334

5,980

1,656

2,260

2,794

3,940

1,778

2,860

989

1,570

1,026

1,820

527

962

968

1,540

2,641

4,090

771

1,130

228

349

1,152

1,500

508

786

474

653

359

580

1,084

1,550

1,094

1,560

1,314

1,950

789

1,270

895

1,200

900

952

1,491

1,820

2,170

2,480

Ϩ. Fiscal Period Report

Propertyno.

Name of real estate

R-074

RESIDIA Sapporo-eki North

Location

Sapporo, Hokkaido

Appraisal
Book value at value at end of
periodType of ownership end of period(million yen) (million yen)
Note 1
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust

788

709

679

839

428

443

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

688

729

758

805

1,485

1,760

1,307

1,390

664

683

3,170

3,150

R-078

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

R-079

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate
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

R-083

RESIDIA Hakata-Higashi (Note 5)

Fukuoka-shi, Fukuoka

Real estate

Total

918

930

437,697

672,995

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 July 31, 2022.
2. ADR concluded an agreement to dispose of the beneficiary interests in RESIDIA Kamiikebukuro on August 23, 2022, and conducted the disposition on September 1, 2022.
The appraisal value at end of period is presented at the disposition price.
3. ADR concluded an agreement to dispose of the beneficiary interests in Tokyo Student-House WAKO on August 24, 2022, and the disposition was scheduled on September
30, 2022. The appraisal value at end of period is presented at the scheduled disposition price.
4. Regarding S-022 BRANCHEILE Kohoku II, the name of the property was changed from Life & Senior House Kohoku II to BRANCHEILE Kohoku II on October 1, 2022. In
this document, the new name of the property is presented regardless of the actual name as of the balance sheet date. The same applies hereafter.
5. Regarding R-083 RESIDIA Hakata-Higashi, the name of the property was changed from Belle Face Hakata-Higashi to RESIDIA Hakata-Higashi on September 1, 2022. In
this document, the new name of the property is presented regardless of the actual name as of the balance sheet date. The same applies hereafter.

ʊ22ʊϨ. Fiscal Period Report
The following is the status of the rental business for the assets held by ADR as of July 31, 2022.
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod
(%)
(%)
(%)
(%)
Note 3Note 3Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

T-001 RESIDIA Shimazuyama

1

96.6

92,012

0.5

1

92.5

91,862

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

96.8

39,242

0.2

1

92.8

38,521

0.2

T-004 RESIDIA Ikejiriohashi

1

97.2

36,893

0.2

1

95.6

38,2440.2

T-005 RESIDIA Kudanshita

1

97.9

75,317

0.4

1

98.9

77,432

0.4

T-006 RESIDIA Hatagaya

1

100.0

32,332

0.2

1

97.4

33,0680.2

T-007 RESIDIA Sakurajosui

1

100.0

34,105

0.2

1

96.3

33,956

0.2

T-008 RESIDIA Kita-Shinagawa

1

100.0

76,075

0.5

1

100.0

76,075

0.4

T-009 RESIDIA Shinjuku-East III

1

100.0

24,936

0.1

1

97.5

26,0870.2

Leopalace Udagawacho
T-010
Mansion1

100.0

17,358

0.1

1

100.0

16,2090.1

T-011 RESIDIA Shinjuku-East II

1

96.4

48,275

0.3

1

95.4

48,411

0.3

T-012 RESIDIA Shinjuku-East

1

91.7

31,496

0.2

1

98.0

32,967

0.2

T-013 RESIDIA Kanda-Iwamotocho

1

97.7

59,542

0.4

1

97.2

59,946

0.3

T-014 RESIDIA Azabujuban II

1

97.5

28,279

0.2

1

97.1

31,132

0.2

T-015 RESIDIA Ebisu

1

88.9

19,603

0.1

1

100.0

21,0690.1

T-016 RESIDIA Meguro

1

100.0

20,686

0.1

1

96.0

20,9700.1

T-017 RESIDIA Hiroo II

1

95.3

55,470

0.3

1

98.9

57,2790.3

T-018 Pianetta Shiodome

1

97.4

64,726

0.4

1

97.3

64,215

0.4

T-019 RESIDIA Komazawadaigaku

1

95.1

10,278

0.1

1

88.3

11,2940.1

T-022 RESIDIA Oimachi

1

95.8

32,176

0.2

1

95.8

33,217

0.2

T-023 RESIDIA Ebisu II

1

97.7

73,546

0.4

1

96.2

74,565

0.4

T-024 RESIDIA Kamiochiai

1

95.1

42,235

0.3

1

100.0

43,8990.3

T-025 RESIDIA Higashi-Shinagawa

1

98.4

66,299

0.4

1

97.5

68,306

0.4

T-026 RESIDIA Meguro II

1

89.6

35,587

0.2

1

97.6

38,336

0.2

T-027 RESIDIA Toranomon

1

96.8

42,979

0.3

1

96.8

44,092

0.3

T-028 RESIDIA Shin-Ochanomizu

1

100.0

41,000

0.2

1

100.0

41,435

0.2

T-029 RESIDIA Kagurazaka

1

98.2

31,652

0.2

1

98.1

31,1780.2

T-030 RESIDIA Oimachi II

1

100.0

34,795

0.2

1

100.0

35,7590.2

T-031 RESIDIA Jiyugaoka

1

100.0

37,579

0.2

1

100.0

37,2090.2

T-032 RESIDIA Suidobashi

1

98.6

76,842

0.5

1

100.0

79,677

0.5

T-033 RESIDIA TOWER Nogizaka

1

93.9

112,233

0.7

1

96.8

112,240

0.7

T-034 RESIDIA Akasaka

1

97.6

43,016

0.3

1

92.4

41,0800.2

T-035 RESIDIA Nishi-Azabu

1

92.8

216,257

1.3

1

94.5

221,531

1.3

T-036 RESIDIA Daikanyama

1

95.7

60,679

0.4

1

98.5

61,8180.4

T-037 RESIDIA Ichigaya

1

97.5

80,824

0.5

1

96.8

82,505

0.5

1

95.3

130,951

0.8

1

93.5

134,945

0.8

1

96.6

548,739

3.3

1

96.6

554,037

3.2

RESIDIA RoppongiT-038
Hinokichokoen
RESIDIA TOWER MeguroT-039
FudomaeT-040 RESIDIA Sangenjaya

1

99.1

91,607

0.5

1

97.3

93,964

0.5

T-041 RESIDIA Kanda-Higashi

1

97.7

60,209

0.4

1

96.3

61,7250.4

ʊ23ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

T-042 RESIDIA Higashi-Azabu

1

96.8

41,725

0.2

1

100.0

45,5490.3

T-043 RESIDIA Ebisu-Minami

1

100.0

57,950

0.3

1

100.0

62,582

0.4

T-044 RESIDIA TOWER Azabujuban

1

95.1

213,087

1.3

1

95.9

214,604

1.2

T-045 RESIDIA Shibuya

1

95.4

38,718

0.2

1

98.0

42,101

0.2

T-046 RESIDIA Nakanobu

1

93.7

64,293

0.4

1

92.3

63,6100.4

T-047 RESIDIA Azabudai

1

94.3

49,777

0.3

1

97.4

50,507

0.3

T-048 RESIDIA Shibadaimon II

1

95.9

54,514

0.3

1

97.9

54,714

0.3

T-049 RESIDIA Kanda

1

94.8

38,987

0.2

1

91.0

40,7190.2

T-050 RESIDIA Sangenjaya II

1

100.0

41,867

0.2

1

91.4

41,846

0.2

T-051 RESIDIA Nishi-Shinjuku II

1

91.3

58,291

0.3

1

92.3

59,9000.3

T-052 RESIDIA Hiroo-Minami

1

92.5

29,793

0.2

1

96.2

29,333

0.2

T-053 RESIDIA Mejiro-Otomeyama

1

100.0

34,251

0.2

1

100.0

35,362

0.2

T-054 RESIDIA Shibaura

1

97.5

187,902

1.1

1

96.0

193,214

1.1

T-055 RESIDIA Gotenyama

1

100.0

31,367

0.2

1

93.8

30,957

0.2

T-056 RESIDIA Yutenji

1

98.2

155,425

0.9

1

98.0

159,7320.9

Park Tower Shibaura Bayward
T-057
Urban Wing

1

95.8

335,837

2.0

1

97.4

343,188

2.0

T-058 RESIDIA Kamimeguro

1

100.0

34,789

0.2

1

87.3

34,537

0.2

T-059 RESIDIA Kita-Shinjuku

1

100.0

49,427

0.3

1

100.0

50,2090.3

T-060 RESIDIA Komazawa

1

100.0

28,095

0.2

1

100.0

28,095

0.2

T-061 RESIDIA Shibaura KAIGAN

1

98.9

88,127

0.5

1

97.7

89,0290.5

T-062 RESIDIA Ichigaya-Yakuoji

1

98.2

64,582

0.4

1

93.7

64,133

0.4

T-063 RESIDIA Yoga

1

98.7

50,259

0.3

1

92.7

49,5480.3

T-064 RESIDIA TOWER Nakameguro

1

96.8

126,784

0.8

1

96.5

129,6210.8

T-065 RESIDIA Sasazuka II

1

98.5

119,443

0.7

1

98.0

126,183

0.7

T-066 RESIDIA Meguro III

1

93.4

33,074

0.2

1

100.0

34,954

0.2

T-067 RESIDIA Jiyugaoka II

1

100.0

27,142

0.2

1

95.0

27,183

0.2

T-068 RESIDIA Kudanshita II

1

97.8

45,120

0.3

1

96.0

47,945

0.3

T-069 RESIDIA Omori II

1

98.0

56,619

0.3

1

96.1

56,991

0.3

T-070 RESIDIA Shirokane-Takanawa

1

100.0

51,478

0.3

1

94.6

51,543

0.3

T-071 RESIDIA Nakaochiai

1

94.3

117,461

0.7

1

96.0

117,390

0.7

T-072 RESIDIA Nakameguro II

1

96.0

32,812

0.2

1

90.1

35,482

0.2

T-073 Artis Court Minamiaoyama

1

85.2

53,233

0.3

1

100.0

55,744

0.3

T-074 RESIDIA Yotsuya Sanchome

1

98.4

81,366

0.5

1

96.2

82,975

0.5

T-075 RESIDIA Takanawa Katsurazaka

1

100.0

30,810

0.2

1

93.4

30,306

0.2

T-076 RESIDIA Ebisu III

1

100.0

20,764

0.1

1

96.5

21,6700.1

T-077 RESIDIA Shinjukugyoen

1

100.0

25,577

0.2

1

92.5

25,5890.1

T-078 RESIDIA Minami Shinagawa

1

93.8

38,268

0.2

1

100.0

37,4490.2

T-079 Chester Court Ochanomizu

1

92.9

106,258

0.6

1

97.2

106,008

0.6

T-080 RESIDIA Kanda-Iwamotocho II

1

96.0

44,701

0.3

1

94.0

43,8080.3

T-081 RESIDIA Shinagawa

1

100.0

32,106

0.2

1

93.0

32,812

0.2

T-082 RESIDIA Yoyogi II

1

100.0

24,174

0.1

1

96.5

24,7340.1

T-083 RESIDIA Nakanobu II

1

85.3

26,517

0.2

1

91.8

26,7820.2

ʊ24ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

T-084 RESIDIA Ochanomizu II

1

100.0

25,933

0.2

1

100.0

25,1670.1

T-085 RESIDIA Mishuku

1

95.8

32,616

0.2

1

100.0

34,1230.2

T-086 RESIDIA Ichigaya II

1

96.7

54,317

0.3

1

89.4

55,1290.3

T-087 RESIDIA Ichigaya-Sadohara

1

89.5

135,401

0.8

1

97.2

142,236

0.8

T-088 RESIDIA Nishi-Koyama

1

91.3

49,064

0.3

1

93.8

49,397

0.3

T-089 RESIDIA Minami-Shinagawa II

1

100.0

63,241

0.4

1

98.0

59,721

0.3

T-090 RESIDIA Kagurazaka II

1

97.1

29,820

0.2

1

97.1

30,244

0.2

T-091 RESIDIA Otemachi-Kita

1

98.1

44,076

0.3

1

90.9

40,935

0.2

T-092 RESIDIA Mitsukoshimae

1

94.4

64,548

0.4

1

97.6

68,378

0.4

T-093 RESIDIA Kamata

1

97.9

97,626

0.6

1

95.3

101,327

0.6

T-094 RESIDIA Ikebukuro

1

97.5

52,910

0.3

1

95.8

52,784

0.3

T-095 RESIDIA Bunkyo-Hongo

1

100.0

59,861

0.4

1

92.6

59,606

0.3

T-096 RESIDIA Asakusabashi

1

95.5

40,157

0.2

1

90.5

41,785

0.2

T-097 Maison Eclairee Ekoda

1

95.3

35,720

0.2

1

94.7

35,882

0.2

T-098 RESIDIA Ueno-Okachimachi

1

95.7

101,379

0.6

1

95.3

101,100

0.6

T-099 RESIDIA Bunkyo-Hongo II

1

100.0

51,662

0.3

1

90.1

52,1000.3

T-100 RESIDIA Ryogoku

1

100.0

33,998

0.2

1

96.3

34,011

0.2

RESIDIA Nihonbashi-Ningyocho
T-101
II

1

99.4

103,413

0.6

1

97.0

101,064

0.6

T-102 RESIDIA Omori-Higashi

1

98.9

58,154

0.3

1

97.9

57,9480.3

T-103 RESIDIA Kinshicho

1

99.1

122,914

0.7

1

95.3

123,282

0.7

T-104 RESIDIA Negishi

1

100.0

28,371

0.2

1

96.3

30,347

0.2

T-105 RESIDIA Shinkawa

1

90.5

64,444

0.4

1

94.2

65,324

0.4

RESIDIA Kamiikebukuro (Note
T-106
4)

1

97.9

21,970

0.1

1

97.9

22,8180.1

T-107 RESIDIA Shin-Nakano

1

96.6

15,481

0.1

1

96.6

16,453

0.1

T-108 RESIDIA Bunkyo-Yushima II

1

96.9

35,011

0.2

1

91.0

35,5900.2

T-109 RESIDIA Tsukiji

1

98.5

51,158

0.3

1

100.0

53,824

0.3

T-110 RESIDIA Sasazuka

1

94.4

61,579

0.4

1

91.0

64,962

0.4

T-111 RESIDIA Tamagawa

1

95.0

46,979

0.3

1

97.0

48,217

0.3

T-112 RESIDIA Korakuen

1

97.2

21,664

0.1

1

96.7

20,711

0.1

T-113 RESIDIA Ginza-Higashi

1

95.6

68,376

0.4

1

98.1

70,368

0.4

T-114 RESIDIA Oji

1

100.0

33,734

0.2

1

100.0

33,723

0.2

T-115 RESIDIA Mejiro II

1

98.6

36,875

0.2

1

92.0

36,227

0.2

T-116 RESIDIA Tsukishima

1

94.8

37,462

0.2

1

94.8

38,164

0.2

T-117 RESIDIA Kamata II

1

98.8

48,219

0.3

1

98.8

45,976

0.3

T-118 RESIDIA Tsukishima II

1

95.8

84,823

0.5

1

95.3

82,818

0.5

T-119 RESIDIA Kinshicho II

1

96.2

77,801

0.5

1

95.1

77,2700.4

T-120 RESIDIA Bunkyo-Otowa

1

97.6

122,010

0.7

1

96.2

127,065

0.7

T-121 RESIDIA Bunkyo-Sengoku

1

93.7

26,102

0.2

1

94.3

27,091

0.2

T-122 RESIDIA Bunkyo-Yushima

1

91.4

38,558

0.2

1

94.7

38,905

0.2

T-123 RESIDIA Ikegami

1

100.0

13,982

0.1

1

100.0

14,2290.1

T-124 RESIDIA Nihonbashi-Ningyocho

1

92.5

21,257

0.1

1

80.9

20,4880.1

T-125 RESIDIA Bunkyo-Sengoku II

1

100.0

48,038

0.3

1

95.8

50,3340.3

ʊ25ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

T-126 RESIDIA Iriya

1

96.0

38,569

0.2

1

96.7

38,345

0.2

T-127 RESIDIA Nihonbashi-Hamacho

1

95.6

42,811

0.3

1

97.7

45,651

0.3

T-128 RESIDIA Shin-Okachimachi

1

98.3

58,602

0.3

1

95.1

60,4380.4

T-129 RESIDIA Chidoricho

1

100.0

42,037

0.2

1

93.3

42,9170.2

T-130 RESIDIA Shinkawa II

1

93.6

47,740

0.3

1

94.3

48,2880.3

T-131 RESIDIA Mejiro

1

97.1

247,391

1.5

1

96.3

254,215

1.5

T-132 RESIDIA Kasai

1

100.0

27,322

0.2

1

96.7

27,5090.2

T-133 RESIDIA Nihonbashi-Bakurocho

1

95.7

203,680

1.2

1

95.2

208,675

1.2

T-134 RESIDIA Suginami-Honancho

1

97.2

151,816

0.9

1

96.7

154,5140.9

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

80,521

0.5

1

98.7

83,014

0.5

T-137 RESIDIA Bunkyo-Yushima III

1

96.9

40,036

0.2

1

100.0

40,093

0.2

RESIDIA BunkyoT-138
Honkomagome

1

97.8

84,410

0.5

1

94.6

84,436

0.5

T-139 RESIDIA Tsukishima III

1

98.0

93,304

0.6

1

92.8

94,6730.5

T-140 RESIDIA Minami-senjyu

1

95.0

169,842

1.0

1

97.1

176,343

1.0

T-141 RESIDIA Ogikubo

1

98.1

64,161

0.4

1

98.8

65,431

0.4

T-142 RESIDIA Monzennakacho

1

100.0

37,000

0.2

1

98.5

36,762

0.2

T-143 RESIDIA Ochanomizu

1

96.7

78,381

0.5

1

97.2

76,4680.4

T-144 RESIDIA Omori

1

98.7

39,657

0.2

1

100.0

42,211

0.2

T-145 RESIDIA Nakamurabashi

1

98.7

39,211

0.2

1

97.2

36,865

0.2

T-146 RESIDIA Kachidoki

1

93.8

65,192

0.4

1

94.1

66,2690.4

T-147 RESIDIA Bunkyo-Otowa II

1

94.9

79,519

0.5

1

95.6

82,1700.5

T-148 RESIDIA Kinshicho III

1

100.0

25,414

0.2

1

100.0

25,4160.1

T-149 RESIDIA Kamata III

1

90.3

33,559

0.2

1

95.0

33,931

0.2

RESIDIA TOWER
T-150
Kamiikebukuro

1

97.3

762,095

4.5

1

97.5

777,318

4.5

T-151 RESIDIA Takashimadaira

1

100.0

16,191

0.1

1

100.0

16,191

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

36,298

0.2

1

100.0

36,294

0.2

T-154 RESIDIA Shimura-Sakaue III

1

100.0

13,608

0.1

1

100.0

13,6080.1

T-155 RESIDIA Ikebukuro West

1

96.3

44,837

0.3

1

95.8

45,3780.3

T-156 RESIDIA Ojima

1

98.9

43,441

0.3

1

95.4

45,4180.3

T-157 RESIDIA Machiya

1

93.7

45,931

0.3

1

100.0

47,655

0.3

T-158 RESIDIA Ueno-Ikenohata

1

94.4

56,447

0.3

1

93.2

57,707

0.3

T-159 RESIDIA Nerima

1

100.0

18,060

0.1

1

100.0

18,0600.1

T-160 RESIDIA Higashi-Nihonbashi

1

88.9

14,486

0.1

1

96.2

14,8280.1

T-161 RESIDIA Nakano

1

100.0

22,694

0.1

1

100.0

22,435

0.1

T-162 RESIDIA Ogikubo II

1

100.0

13,620

0.1

1

100.0

13,6200.1

T-163 RESIDIA Minamiyukigaya

1

100.0

43,390

0.3

1

93.4

43,976

0.3

T-164 RESIDIA Akihabara

1

100.0

35,289

0.2

1

92.4

35,216

0.2

T-165 RESIDIA Asakusa-Azumabashi

1

96.7

32,602

0.2

1

100.0

32,953

0.2

T-166 RESIDIA Omori III

1

98.7

42,611

0.3

1

91.3

41,8570.2

ʊ26ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

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

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

1

96.9

61,449

0.4

1

91.9

61,620

0.4

1

100.0

64,268

0.4

1

87.6

65,226

0.4

T-169 RESIDIA Bunkyo-Hongo III

1

100.0

50,732

0.3

1

92.9

50,2600.3

T-170 RESIDIA Shin-Okachimachi II

1

98.7

142,411

0.8

1

96.1

142,633

0.8

T-171 RESIDIA Kameido

1

97.8

87,614

0.5

1

97.1

87,973

0.5

T-172 RESIDIA Koenji

1

100.0

39,942

0.2

1

98.5

41,1040.2

T-173 RESIDIA Kamata V

1

95.8

63,559

0.4

1

94.1

64,235

0.4

T-174 RESIDIA Kamata IV

1

98.2

90,829

0.5

1

98.8

99,475

0.6

T-175 RESIDIA Ikegami II

1

100.0

31,843

0.2

1

96.0

31,3380.2

T-176 RESIDIA Sasazuka III

1

93.3

37,876

0.2

1

94.4

38,145

0.2

T-177 RESIDIA Nakano-Fujimidai

1

91.8

42,944

0.3

1

95.9

46,374

0.3

T-178 RESIDIA Bunkyo-Koishikawa

—

—

—

—

1

100.0

17,444

0.1

T-179 RESIDIA Kanda-Awajicho

—

—

—

—

1

100.0

21,8530.1

T-180 RESIDIA Ogikubo III

—

—

—

—

1

100.0

35,335

0.2

RESIDIA SetagayaWakabayashi

—

—

—

—

1

85.7

17,4180.1

S-002 Chester House Kawaguchi

1

97.4

29,493

0.2

1

100.0

29,7950.2

S-004 RESIDIA Higashi-Matsudo

1

100.0

45,542

0.3

1

100.0

45,1880.3

S-005 RESIDIA Shin-Yokohama

1

100.0

68,960

0.4

1

91.6

67,396

0.4

S-007 RESIDIA Chofu

1

98.5

36,440

0.2

1

97.5

36,7590.2

Tokyo Student-House WAKO
S-011
(Note 5)1

100.0

26,182

0.2

1

100.0

24,4360.1

S-012 RESIDIA Kokubunji

1

91.1

18,456

0.1

1

94.1

20,1840.1

S-014 RESIDIA Yokohama-Kannai

1

93.1

50,315

0.3

1

89.8

51,6100.3

S-015 RESIDIA Okurayama

1

100.0

26,974

0.2

1

100.0

26,831

0.2

S-016 RESIDIA Musashikosugi

1

98.0

58,103

0.3

1

100.0

59,3190.3

RESIDIA Funabashi I RESIDIA
S-017
Funabashi II

1

96.3

101,050

0.6

1

98.4

105,528

0.6

S-019 RESIDIA Kichijoji

1

98.0

50,242

0.3

1

95.5

51,845

0.3

Pacific Royal Court Minatomirai
S-020
Ocean Tower

1

100.0

566,170

3.4

1

100.0

558,246

3.2

T-181

S-022 BRANCHEILE Kohoku II

1

100.0

71,004

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

98.3

83,551

0.5

1

97.2

86,931

0.5

S-025 RESIDIA Minami-Gyotoku

1

98.8

34,390

0.2

1

97.6

35,2200.2

S-026 RESIDIA Urayasu II

1

98.6

31,864

0.2

1

95.9

32,753

0.2

S-027 RESIDIA Gyotoku

1

100.0

33,191

0.2

1

96.0

34,2390.2

S-028 RESIDIA Kawasaki

1

96.1

61,558

0.4

1

89.8

61,422

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

43,121

0.3

1

100.0

43,112

0.2

S-031 RESIDIA Yokohama-Bashamichi

1

100.0

35,219

0.2

1

100.0

37,503

0.2

S-032 RESIDIA Hon-Atsugi

1

92.5

22,907

0.1

1

96.2

24,8200.1

S-033 RESIDIA Funabashi III

1

100.0

20,127

0.1

1

100.0

20,332

0.1

S-034 RESIDIA Funabashi IV

1

100.0

17,762

0.1

1

97.7

18,6410.1

ʊ27ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

S-035 RESIDIA Kunitachi II

1

100.0

13,541

0.1

1

100.0

21,6620.1

R-002 RESIDIA Imadegawa

1

100.0

60,787

0.4

1

100.0

60,9360.4

R-004 RESIDIA Higashizakura

1

95.6

44,315

0.3

1

97.7

43,8770.3

R-008 RESIDIA Kobe Port Island

1

100.0

127,402

0.8

1

100.0

127,5420.7

R-010 RESIDIA Hakata

1

96.3

51,291

0.3

1

98.1

55,0160.3

R-011 RESIDIA Tenjinbashi

1

98.8

35,432

0.2

1

93.8

34,9020.2

R-012 RESIDIA Sannomiya-Higashi

1

99.0

90,279

0.5

1

98.0

90,1320.5

R-013 KC21 Building

1

98.1

36,459

0.2

1

97.4

37,6620.2

R-014 RESIDIA Utsubokoen

1

97.0

45,499

0.3

1

96.1

46,9280.3

R-015 RESIDIA Kyoto-ekimae

1

96.1

81,039

0.5

1

96.2

80,3380.5

R-016 RESIDIA Takaoka

1

94.2

94,802

0.6

1

90.8

92,1250.5

R-017 RESIDIA Hibino

1

95.8

66,273

0.4

1

98.5

66,4990.4

R-019 RESIDIA Tenjin-Minami

1

98.2

38,992

0.2

1

98.2

40,1240.2

R-020 RESIDIA Hakataeki-Minami

1

100.0

16,465

0.1

1

97.5

16,7180.1

R-021 RESIDIA Hisaya-Oodori II

1

100.0

25,053

0.1

1

97.4

26,411

0.2

R-024 RESIDIA Minami-Ichijo

1

94.7

73,922

0.4

1

97.0

76,5670.4

R-025 RESIDIA Odori-Nishi

1

97.2

59,627

0.4

1

97.0

60,5760.4

R-026 RESIDIA Kita-Sanjo

1

97.6

49,635

0.3

1

98.3

50,1430.3

R-027 RESIDIA Shirakabe-Higashi

1

100.0

32,753

0.2

1

100.0

33,2100.2

R-029 RESIDIA Uzumasa

1

95.9

33,035

0.2

1

100.0

33,6270.2

R-030 RESIDIA Izumi

1

93.9

142,227

0.8

1

99.3

145,397

0.8

R-031 RESIDIA Maruyama Kita-Gojo

1

96.9

45,055

0.3

1

96.9

47,1650.3

R-032 RESIDIA Tokugawa

1

81.5

28,954

0.2

1

92.6

29,701

0.2

R-034 RESIDIA Odori-Koen

1

96.6

91,475

0.5

1

94.7

94,6720.5

R-035 RESIDIA Tanimachi

1

96.4

46,022

0.3

1

96.5

46,741

0.3

R-036 RESIDIA Hisaya-Oodori

1

98.3

27,692

0.2

1

96.9

27,6360.2

R-037 RESIDIA Sendai-Miyamachi

1

100.0

23,138

0.1

1

100.0

25,3690.1

R-038 RESIDIA Hirosedori

1

100.0

21,951

0.1

1

100.0

21,9440.1

R-039 RESIDIA Edobori

1

95.5

55,609

0.3

1

96.2

57,851

0.3

R-040 RESIDIA Kyomachibori

1

96.2

42,668

0.3

1

96.0

42,6800.2

R-041 RESIDIA Esaka

1

96.5

37,502

0.2

1

90.3

37,3970.2

R-042 RESIDIA Nishijin

1

93.8

106,547

0.6

1

94.9

108,2240.6

R-043 RESIDIA Tsurumai

1

93.0

52,079

0.3

1

95.3

52,7020.3

R-044 RESIDIA Kobe-Isogami

1

98.7

109,508

0.6

1

96.0

111,875

0.6

R-045 RESIDIA Kita-Nijyo-East

1

100.0

42,329

0.3

1

100.0

42,9680.2

R-046 RESIDIA Shinsaibashi West

1

97.3

74,780

0.4

1

95.8

75,5330.4

R-047 RESIDIA Marunouchi

1

94.3

38,919

0.2

1

90.9

36,951

0.2

R-048 RESIDIA Sapporo-Ekimae

1

94.2

75,248

0.4

1

95.2

74,9630.4

R-049 RESIDIA Gosho-Higashi

1

98.0

48,560

0.3

1

91.1

46,641

0.3

R-050 RESIDIA Rakuhoku

1

100.0

35,167

0.2

1

96.2

36,7590.2

R-051 RESIDIA Miyakojima I & II

1

97.2

160,410

1.0

1

96.7

163,1090.9

R-052 RESIDIA TOWER Sendai

1

95.8

68,092

0.4

1

98.7

73,7550.4

ʊ28ʊ

Ϩ. Fiscal Period Report
23rd (Aug. 1, 2021 to Jan. 31, 2022)
Propertyno.

Name of real estate

24th (Feb. 1, 2022 to Jul. 31, 2022)

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 ofend ofof periodof period(thousands of yen) revenue(thousands of yen) revenue
periodperiod(%)(%)
Note 3Note 3(%)(%)
Note 2
Note 2(tenants)(tenants)
Note 1
Note 1

R-053 RESIDIA Higashizakura II

1

93.3

121,959

0.7

1

92.4

119,7530.7

R-054 RESIDIA Tsutsujigaoka

1

94.2

81,517

0.5

1

98.4

84,0790.5

R-055 RESIDIA Kobe-Motomachi

1

91.1

43,416

0.3

1

96.9

43,8090.3

R-056 RESIDIA Sendai-Honcho

1

95.4

52,292

0.3

1

97.1

54,5350.3

R-057 RESIDIA Sendai-Haranomachi

1

95.2

29,780

0.2

1

100.0

30,851

0.2

R-058 RESIDIA Minami-Ichijo East

1

95.4

46,656

0.3

1

95.9

48,6690.3

R-059 RESIDIA Shin-Osaka

1

95.1

103,277

0.6

1

96.0

104,635

0.6

R-060 RESIDIA Okayama-Ekimae

1

100.0

35,234

0.2

1

100.0

35,2740.2

R-061 RESIDIA Kyoto Okazaki

1

100.0

9,644

0.1

1

100.0

9,604

0.1

R-062 RESIDIA Sendai-Ichibancho

1

100.0

43,095

0.3

1

100.0

43,0950.2

R-063 RESIDIA Kita-Nijyo-East II

1

96.9

26,365

0.2

1

95.5

26,2930.2

R-064 RESIDIA Takamiya

1

100.0

19,939

0.1

1

96.9

20,0090.1

R-065 RESIDIA Soen

1

95.0

20,054

0.1

1

95.0

20,6520.1

R-066 RESIDIA Tenjin

1

97.7

42,186

0.3

1

97.7

41,8880.2

R-067 RESIDIA Yakuin-Oodori

1

97.8

42,861

0.3

1

98.9

43,1330.2

R-068 RESIDIA Hakata II

1

97.2

51,996

0.3

1

95.6

52,8550.3

R-069 RESIDIA Kego

1

100.0

36,180

0.2

1

97.9

37,8450.2

R-070 RESIDIA Shirakabe

1

97.3

34,172

0.2

1

98.0

34,8770.2

R-071 RESIDIA Sakae

1

92.2

27,149

0.2

1

96.1

28,4120.2

R-072 RESIDIA Senri-Fujishirodai

1

100.0

46,117

0.3

1

100.0

45,2620.3

R-073 RESIDIA Senri-Banpakukoen

1

100.0

62,136

0.4

1

100.0

63,4530.4

R-074 RESIDIA Sapporo-eki North

1

95.7

22,117

0.1

1

93.9

23,3110.1

R-075 RESIDIA Hijiyama-Koen

1

97.7

26,160

0.2

1

95.4

27,0080.2

R-076 RESIDIA Kita-Nijyo-East III

1

87.5

13,802

0.1

1

92.4

14,4000.1

R-077 RESIDIA Shin-Osaka II

1

97.5

19,640

0.1

1

92.6

19,0500.1

R-078 RESIDIA Tsutsujigaoka-Koen

1

94.5

26,229

0.2

1

96.5

27,6760.2

R-079 RESIDIA Sendai-Kamisugi

1

94.9

45,379

0.3

1

98.0

48,1040.3

R-080 RESIDIA Shirokitakoen-dori

1

100.0

37,936

0.2

1

100.0

38,7730.2

R-081 RESIDIA Kyoto-Mibu

1

97.8

19,216

0.1

1

97.8

19,7260.1

R-082 RESIDIA Nishi-tenma

1

93.8

45,330

0.3

1

84.0

68,6590.4

R-083 RESIDIA Hakata-Higashi

-

-

-

-

1

95.3

3,551

0.0

272

96.9

16,862,511

100.0

277

96.6

17,253,650

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 July 31, 2022 are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates the total
number of master lease agreements that were concluded with 9 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 concluded an agreement to dispose of the beneficiary interests in RESIDIA Kamiikebukuro on August 23, 2022, and conducted the disposition on September 1, 2022.
5. ADR concluded an agreement to dispose of the beneficiary interests in Tokyo Student-House WAKO on August 24, 2022, and the disposition was scheduled on September
30, 2022.

ʊ29ʊ

Ϩ. 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 July 31, 2022 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)

56,309,000

40,999,000(101,849)

Total

56,309,000

40,999,000(101,849)

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 216,491 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 July 31, 2022.

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

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)
Name of real estate(Location)
RESIDIA Nakanobu(Shinagawa-ku, Tokyo)
RESIDIA Kanda(Chiyoda-ku, Tokyo)
RESIDIA Kamata II(Ota-ku, Tokyo)
RESIDIA Tsukishima II(Chuo-ku, Tokyo)
RESIDIA Nihonbashi-Bakurocho(Chuo-ku, Tokyo)

PurposeEstimated duration

From: November 2021
To: October 2022
From: November 2021
To: October 2022

Major repair work
Major repair work

From: November 2021
To: October 2022
From: November 2021
To: September 2022

Major repair work
Major repair work

From: November 2021
To: November 2022

Major repair work

ʊ30ʊ

Estimated amounts
Payment
Cumulative
Total
for theamountamounts current
paid
period
95

29

29

74

36

36

95

8

8

75

12

12

171

79

79

Ϩ. Fiscal Period Report
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 1,694 million yen for the entire portfolio. When combined with repairs
and maintenance cost of 797 million yen, the cost of construction work totals 2,490 million yen.
(million yen)
Name of real estate
Purpose
Implementation period
Amount paid
(Location)
RESIDIA Miyakojima I & II
(Osaka-shi, Osaka)
RESIDIA Yutenji(Meguro-ku, Tokyo)
RESIDIA SuginamiHonancho(Suginami-ku, Tokyo)
Other real estate properties
Other real estate properties
Note

From: February 10, 2021
To: June 30, 2022
From: December 24, 2021
To: June 30, 2022

Major repair work
Major repair work

251
152

From: December 20, 2021
To: March 31, 2022

Major repair work

143

Major repair work
Renovations
Total

522
624
1,694

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

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)
20th FP
Fiscal Period

21st FP

22nd FP

23rd FP

24th FP

From: February 1, 2020 From: August 1, 2020 From: February 1, 2021 From: August 1, 2021 From: February 1, 2022
To: July 31, 2020
To: January 31, 2021
To: July 31, 2021
To: January 31, 2022
To: July 31, 2022

Balance of reserves at
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period

1,972

2,130

2,233

2,147

2,804

1,035

1,369

1,402

1,106

1,134

876

1,267

1,487

450

1,489

2,130

2,233

2,147

2,804

2,450

Status of Expenses and Liabilities
1 Details of Expenses Pertaining to Asset Management, etc.
Item
(a)
(b)

Asset management fees (Note 1)
Asset custody fees

(c)
(d)

Administrative service fees
Directors’ compensation

(e)

Other
Total

23rd FP(Thousands of yen)
24th FP

1,259,681 (Note 2)
9,869

1,278,946 (Note 3)
9,920

56,6766,300

53,1346,300

554,842
1,887,370

597,966
1,946,267

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 41,195 thousand yen (including consumption taxes, etc.) treated as acquisition costs of real estate propertiesand disposition fees of 5,450 thousand yen treated as gain on sales of real estate properties.
3. Other than the amount stated above, there were acquisition fees of 71,695 thousand yen (including consumption taxes, etc.) treated as acquisition costs of real estate properties.

ʊ31ʊϨ. Fiscal Period Report
2 Status of Borrowings
The status of loans payables of ADR as of July 31, 2022 is as follows.
Category
Lenders
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Short–termloans payable Sumitomo Mitsui Trust Bank
LimitedMizuho Bank, Ltd.

Balance attheBalance at
Repayment
Use Remarks
Borrowing date beginning the end of Interest Repayment datemethodof period
periodrate(million yen) (million yen)
*1
Oct. 7, 2021

—

375

—

250

100

1,000

1,200

—

2,100

—
—

Mizuho Trust & Banking Co., Ltd.

500—

Kiraboshi Bank, Ltd.

500

—

700

—

500

—

Feb. 17, 2014

Apr. 14, 2015

The 77 Bank, Ltd.

—

Oct. 7, 2022

*3
BulletMay 26, 2023 repayment*5—Feb. 16, 2022

*5—

Apr. 14, 2022

*3
*5

0.58%

Aozora Bank, Ltd.

Oct. 31, 2014

700

—

—

Apr. 28, 2022

The Gunma Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Shinsei Bank, Limited

May 29, 2015

1,000

—

—

May 27, 2022

*5

Nov. 30, 2018

1,560

—

—

May 31, 2022

*5

Dec. 19, 2013

1,000

—

—

Jun. 17, 2022

*3

707

—
—

Jul. 29, 2022

*3

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

Aug. 1, 2014

Mizuho Trust & Banking Co., Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Aozora Bank, Ltd.

393

—

400

—

Apr. 14, 2015

1,200

1,200

Oct. 31, 2014

1,000

1,000

Nov. 15, 2013

3,550

3,550

1,000

1,000

700

700

1,000

1,000

—

455

—

455

—

1,120

—

1,630

—

Jan. 30, 2015

Resona Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedSumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedMizuho Trust & Banking Co., Ltd.
The Norinchukin BankThe Yamaguchi Bank, Ltd.

Feb. 17, 2014

Mar. 24, 2020

0.89%
*2

Jan. 31, 2023

*5

1.28%
*2

Feb. 16, 2023

*5

920

0.23%

Mar. 24, 2023

*5

0.75%
*2

Apr. 14, 2023

*3

0.73%
*2

Apr. 14, 2023

*3

Nov. 15, 2023

*5

Feb. 14, 2025

*5

Feb. 16, 2024

*5

1,200
1,500

—

500

21,710

16,230

2,600

2,600

MUFG Bank, Ltd.

Feb. 17, 2014

500

500

500

500

500

500

455

—

455

—

1,120

—

1,630

—

1,500

1,500

Development Bank of Japan Inc.

Feb. 17, 2014

Sep. 30, 2014

ʊ32ʊ

*3

*5

Nov. 15, 2013

Feb. 17, 2014

Bulletrepayment

Nov. 15, 2022

Sumitomo Mitsui Trust Bank
Limited

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

Oct. 14, 2022

*5—

Apr. 14, 2015

0.69%
*2
0.85%
*2
1.37%
*2

Oct. 31, 2022—

Apr. 14, 2015

SubtotalLong-term
loans
payable

375

2,000

The Iyo Bank, Ltd.

Current
portion of
long-term
loans
payable——May 27, 2022

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

100

1.47%
*2
1.59%
*2
1.44%
*2

Bulletrepayment

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed—

Feb. 16, 2023

*5

1.02%
*2

Sep. 29, 2023

*5Ϩ. Fiscal Period Report

Category
Lenders
Development Bank of Japan Inc.

Sep. 30, 2014

1,850

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

Mizuho Trust & Banking Co., Ltd.

Apr. 14, 2015

1,400

1,400

1,200

—

1,500

—

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

Apr. 14, 2015

1.18%
*2
1.05%
*2
1.00%
*2
1.00%
*2
0.88%
*2

Sep. 30, 2024

*5

Mar. 19, 2025

*3

Apr. 14, 2025

*3

Apr. 14, 2025

*3

Apr. 12, 2024

*3—

Apr. 14, 2023

*3

—
1.04%
*2

Apr. 14, 2023

*3

Jun. 25, 2025

*5

Aug. 31, 2023

*5

Aug. 29, 2025

*3

Aug. 29, 2025

*3

Dec. 18, 2025

*5

The Yamaguchi Bank, Ltd.

Apr. 14, 2015

500—

Development Bank of Japan Inc.

Jun. 25, 2015

2,300

2,300

1,000

1,000

800

800

Sep. 14, 2015

400

400

Sep. 14, 2015

400

400

Dec. 18, 2015

1,000

1,000

1,000

1,000

1,000

1,000

0.61%
*2

Dec. 18, 2023

*5

990

990

0.55%

Feb. 28, 2026

*5

0.66%

Jan. 31, 2027

*5

0.57%
0.77%
*2
0.54%

Jan. 31, 2026

*5Mar. 24, 2028

*3

BulletMar. 24, 2026
repayment

*3

0.63%

Jan. 31, 2027

*3

Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited
MUFG Bank, Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Long-term
loans
payableBalance attheBalance at
Repayment
Use Remarks
Borrowing date beginning the end of Interest Repayment datemethodof period
periodrate(million yen) (million yen)
*1Aug. 31, 2015

Dec. 18, 2015

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

Feb. 29, 2016

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

990

990

1,080

1,080

Feb. 29, 2016

2,500

2,500

Mar. 24, 2016

1,000

1,000

Feb. 29, 2016

Mar. 24, 2016
Mar. 24, 2016

1,000

1,000

900

900

750

750

0.73%
*2
0.92%
0.85%
*2
0.84%
*2

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

1,150

Jan. 31, 2025

*3

Apr. 14, 2016

500

500

Mar. 24, 2028

*3

Apr. 14, 2016

500

500

0.45%
0.75%
*2
0.51%

Mar. 24, 2026

*3

Mizuho Bank, Ltd.

Apr. 14, 2016

400

400

0.63%

Jan. 31, 2027

*3

The Yamaguchi Bank, Ltd.

Jul. 29, 2016

500

500

0.36%

Jul. 29, 2026

*5

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 Iyo Bank, Ltd.

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

The Norinchukin Bank

Nov. 30, 2016

1,500

1,500

0.45%

Nov. 28, 2025

*5

The Norinchukin Bank

Nov. 30, 2016

1,000

1,000

0.38%

Nov. 29, 2024

*5

Taiyo Life Insurance Company
Mitsui Sumitomo Insurance Co.,Ltd.
MUFG Bank, Ltd.

Nov. 30, 2016

1,500

1,500

0.24%

Nov. 29, 2024

*5

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

Nov. 30, 2016

1,000

1,000

0.32%

Nov. 30, 2023

*5

Jan. 31, 2017
Jan. 31, 2017

1,250

1,250

1,000

1,000

0.41%
0.58%

Jan. 29, 2027
Jan. 29, 2027*5*5Jan. 31, 2017

1,000

1,000

0.63%

Jan. 29, 2027

*5

0.61%

Jan. 29, 2027*5*5Jan. 31, 2017

1,250

1,250

1,000

1,000

Resona Bank, Limited

Jan. 31, 2017

1,000

1,000

0.50%

Jan. 30, 2026

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedApr. 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

Development Bank of Japan Inc.

ʊ33ʊ

Unsecured
UnguaranteedϨ. Fiscal Period Report

Category
Lenders

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

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

2,000

2,000

0.60%

Apr. 30, 2027

*5

Apr. 28, 2017

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

0.55%

Aug. 31, 2027

*6

0.42%

Feb. 27, 2026

*6

0.51%

Aug. 31, 2027

*6

0.55%

Aug. 31, 2027

*6
*5

The Nishi-Nippon City Bank, Ltd.

500

500

The Bank of Fukuoka, Ltd.

500

500

The Iyo Bank, Ltd.

500

500

Bank of Kyoto, Ltd.

500

500

Shinkin Central Bank

500

500

The Nishi-Nippon City Bank, Ltd.

500

500

The Bank of Fukuoka, Ltd.

500

500

The Iyo Bank, Ltd.

Sep. 11, 2017

Sep. 11, 2017

The Chugoku Bank, Ltd.
Shinkin Central BankMUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedJapan Post Insurance Co., Ltd.

Long-term
loans
payableSep. 11, 2017
Sep. 11, 2017

500

500

500

500

500

500

500

500

500

500

1,000

1,000

Taiyo Life Insurance Company

Sep. 29, 2017

1,500

1,500

0.42%

Sep. 30, 2025

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

500

500

0.61%

Mar. 17, 2028 repayment

*3

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

The Yamaguchi Bank, Ltd.
Shinkin Central Bank

Development Bank of Japan Inc.
The Nishi-Nippon City Bank, Ltd.

BulletJun. 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

*5

0.47%
0.47%
*2

Jul. 31, 2026

*5

Jul. 31, 2026

*5

0.37%

Jan. 31, 2025

*5

Jul. 31, 2018

Mizuho Bank, Ltd.

Jul. 31, 2018

500

500

Shinsei Bank, Limited

Jul. 31, 2018

1,000

1,000

Sumitomo Mitsui Banking
Corporation

Jul. 31, 2018

650

650

Jul. 31, 2018

1,000

1,000

Nippon Life Insurance Company

Sep. 11, 2018

1,000

1,000

0.36%
*2
0.67%

Sep. 11, 2028

*6

The Nishi-Nippon City Bank, Ltd.

Sep. 28, 2018

500

500

0.70%

Sep. 29, 2028

*5

The 77 Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited
MUFG Bank, Ltd.

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

Nov. 30, 2018

700

700

0.30%

May 31, 2024

*5

Jun. 28, 2019

1,300

1,300

0.36%

Jun. 29, 2029

*5

Jun. 28, 2019

800

800

0.39%

Jun. 29, 2029

The Nishi-Nippon City Bank, Ltd.

Sep. 30, 2019

500

500

0.31%

Sep. 28, 2029

Sumitomo Life Insurance
Company

Oct. 31, 2019

700

700

0.55%

Oct. 29, 2032

Shinsei Bank, Limited

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedNov. 30, 2018

ʊ34ʊJan. 31, 2025

*5

*5
*5
*5

Unsecured
UnguaranteedϨ. Fiscal Period Report

Category
Lenders
Mizuho Bank, Ltd.

Nov. 29, 2019

1,200

1,200

0.39%

Nov. 30, 2029

*5

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

0.44%

Mar. 22, 2030

*5

0.40%
*2

Mar. 22, 2030

*5*5Resona Bank, Limited
Sumitomo Mitsui Trust Bank
LimitedThe 77 Bank, Ltd.

Long-term
loans
payableBalance attheBalance at
Repayment
Use Remarks
Borrowing date beginning the end of Interest Repayment datemethodof period
periodrate(million yen) (million yen)
*1Mar. 24, 2020
Mar. 24, 2020

2,000

2,000

1,000

1,000

1,370

1,370

Mar. 24, 2020

920

—

—

Mar. 24, 2023

Mar. 27, 2020

1,000

1,000

0.40%

Mar. 27, 2030

*3

Jun. 18, 2020

500

500

0.39%

Jun. 18, 2030

*5Sep. 11, 2020

500

500

0.23%

Sep. 11, 2023

*5

The Yamaguchi Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedMizuho 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.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.

Nov. 30, 2020

1,000

1,000

0.18%

Nov. 30, 2027

*5

Dec. 1, 2020

1,500

1,500

0.14%

Dec. 1, 2023

*3

Dec. 25, 2020

1,200

1,200

0.14%

Dec. 25, 2023

*5

Jan. 29, 2021

600

600

0.32%

Jan. 31, 2031

*5

500

500

400

400

0.40%

Jan. 31, 2031

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.

Bulletrepayment

*5

0.36%
*2
0.35%

Feb. 14, 2031

*5

0.44%

Feb. 14, 2031

*5Jan. 31, 2031

*5

270

270

2,900

2,900

1,500

1,500

Feb. 26, 2021

2,800

2,800

0.19%

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
Shinsei Bank, Limited

Apr. 30, 2021

800

800

0.18%

Apr. 30, 2025

*5

Jun. 18, 2021

700

700

Jun. 18, 2031

*5Resona Bank, Limited

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. 25, 2029

*5

MUFG Bank, Ltd.

Jun. 30, 2021

700

700

0.38%

Mar. 31, 2031

*5

The Bank of Fukuoka, Ltd.

Jun. 30, 2021

500

500

Jun. 30, 2031

*5Resona 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

*5

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

Oct. 29, 2021

500

500

0.23%

Oct. 31, 2024

*5

Nov. 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

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

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

Jan. 30, 2032

*3

ʊ35ʊ

Unsecured
UnguaranteedϨ. Fiscal Period Report

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

—

1,300

Feb. 16, 2022

—

2,100

Mizuho Bank, Ltd.

Feb. 16, 2022

—

2,000

Mizuho Trust & Banking Co., Ltd.

Feb. 16, 2022

—

500

—

500

—

500
700

Kiraboshi Bank, Ltd.
The 77 Bank, Ltd.

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

Apr. 14, 2022

The Iyo Bank, Ltd.

Apr. 14, 2022—

Sumitomo Mitsui Trust Bank
LimitedShinkin Central Bank—

500

Apr. 18, 2022

—

1,000

—

1,000

Apr. 18, 2022—

500

Apr. 18, 2022—

500

Apr. 28, 2022—

700

The Chugoku Bank, Ltd.
Resona Bank, Limited

0.49%
0.55%
*2
0.55%
*2
0.55%
*2

Feb. 16, 2032

*5Feb. 16, 2032

*5Feb. 16, 2032

*5Feb. 16, 2032

*5

0.79%

Apr. 14, 2032

*5

0.68%
*2

Apr. 14, 2032

*5

0.67%
*2

Apr. 16, 2032

0.58%
*2
0.50%
*2
0.65%

Bulletrepayment*3

Oct. 18, 2030

*3

Apr. 18, 2029

*3

Oct. 31, 2030

*5

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

May 31, 2022

—

1,560

0.34%

May 29, 2026

*5

Jun. 17, 2022

—

1,000

Jun. 15, 2029

*5

The Bank of Fukuoka, Ltd.

Jul. 6, 2022—

900

Jul. 6, 2032

*3

The Nishi-Nippon City Bank, Ltd.

Jul. 29, 2022

—

400

0.67%
0.74%
*2
0.46%

Jul. 31, 2029

*5

MUFG Bank, Ltd.

Jul. 29, 2022

—

800

0.73%

Jul. 30, 2032

*5

MUFG Bank, Ltd.

Jul. 29, 2022

—

300

0.45%

Jul. 31, 2029

*5

Subtotal

164,299

173,979

Total

186,109191,209

Unsecured
Unguaranteed*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.

ʊ36ʊϨ. Fiscal Period Report
3 Status of Investment Corporation Bonds
The balances of investment corporation bonds issued by ADR as of July 31, 2022 are as follows.

Series (*1)

ADR Bond #19 (Unsecured)
ADR Bond #20 (Unsecured)
ADR Bond #21 (Unsecured)
ADR Bond #22 (Unsecured)
ADR Bond #24 (Unsecured)
ADR Bond #25 (Unsecured)
ADR Bond #26 (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 Redemption Redemption
beginning
Issue date
Use Remarks
rate
periodof period
datemethod(million(%)(millionyen)
yen)Apr. 25,
BulletApr. 25,*2 Unsecured
3,000
3,000
1.320
2023
repayment
2013
Nov. 14,
BulletNov. 14,*2 Unsecured
2,000
2,000
1.410
2025
repayment
2013
Apr. 26,
BulletApr. 28,*2 Unsecured
2,500
2,500
1.040
2024
repayment
2014
Apr. 23,
BulletApr. 23,*3 Unsecured
2,000
2,000
0.726
2025
repayment
2015
Oct. 21,
BulletOct. 21,*2 Unsecured
1,500
1,500
0.846
2025
repayment
2015
Jun. 20,
BulletJun. 21,*2 Unsecured
3,000
3,000
0.900
2031
repayment
2016
Aug. 17,
BulletFeb. 17,*2 Unsecured
2,000
2,000
0.180
2022
repayment
2017
Jul. 16,
BulletJul. 18,*2 Unsecured
3,000
3,000
0.500
2027
repayment
2017
Nov. 24,
BulletNov. 24,*2 Unsecured
1,000
1,000
0.56632027
repayment
2017
Apr. 24,
BulletApr. 24,*2 Unsecured
1,500
1,500
0.690
2030
repayment
2018
Oct. 19,
BulletOct. 19,*2 Unsecured
2,000
2,000
0.704
2028
repayment
2018
Jul. 24,
BulletJul. 24,*2 Unsecured
5,000
5,000
0.220
2024
repayment
2019
Jul. 25,
BulletJul. 25,*2 Unsecured
3,000
3,000
0.34852029
repayment
2019
Dec. 24,
BulletDec. 24,*2 Unsecured
2,500
2,500
0.730
2035
repayment
2020
Oct. 24,
BulletOct. 25,*2 Unsecured
1,000
1,000
0.400
2031
repayment
2021
Oct. 24,
BulletOct. 25,*2 Unsecured
1,600
1,600
0.660
2036
repayment
2021
36,60036,600*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.

ʊ37ʊϨ. Fiscal Period Report
Acquisitions and Disposals in the 24th FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition
Property
no.

T-178
T-179
T-180
T-181
R-083

Name of real estate

RESIDIA BunkyoKoishikawa
RESIDIA KandaAwajicho
RESIDIA Ogikubo III
RESIDIA SetagayaWakabayashi
RESIDIA Hakata-Higashi

Acquisitiondate

Acquisition
Price
Note
(million yen)Feb. 1, 2022

694

—

—

—

—

Apr. 18, 2022

1,490

—

—

—

—

Apr. 18, 2022

2,388

—

—

—

—

Mar. 30, 2022

1,100

—

—

—

—

Jul. 6, 2022

845

—

—

—

—

6,517

—

—

—

—

Total
Note

Disposition
Disposition
Gain (Loss)
Price
Book value
on SalesNote(million(million(million
yen)
yen)
yen)

Disposition
date“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.

3 Survey on Value, etc. of Specified Assets
1) Real Estate, etc.

Acquisition/
Disposition

Type ofassetsAcquisition Real estate
Beneficiary
Acquisition interests intrust
Beneficiary
Acquisition interests intrust
Beneficiary
Acquisition interests intrust
Acquisition Real estate

Acquisition
price/
Acquisition
Appraisal
Disposition
Appraisal
Appraisal/Disposition
value
price
institution
date
date
(million yen)(*1)
(million yen)Feb. 1,
Japan RealNov. 1,
694
830
2022
Estate Institute2021

Propertyno.

Name of property

T-178

RESIDIA BunkyoKoishikawa

T-179

RESIDIA KandaAwajicho

Apr. 18,
2022

1,490

1,630

Japan Real
Estate InstituteJan. 1,
2022

T-180

RESIDIA Ogikubo
III

Apr. 18,
2022

2,388

2,570

Japan Real
Estate InstituteJan. 1,2022

Mar. 30,
2022

1,100

1,290

Japan Real
Estate InstituteFeb. 1,
2022

Jul. 6, 2022

845

929

Japan Real
Estate InstituteApr. 1,
2022

T-181
R-083

RESIDIA
SetagayaWakabayashi
RESIDIA HakataHigashi

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.

ʊ38ʊϨ. Fiscal Period Report2) 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 .

4 Transactions with Interested Parties
1) Transactions
The following table details the status of transactions with interested parties in the 24th FP.
Purchase and sale amount, etc.
Category
Purchase amount, etc.
Total amounts

Sale amount, etc.

6,517,773 thousand yen—

Breakdown of transactions with interested parties
ITOCHU Corporation

1,490,000 thousand yen(22.9%)——

ITOCHU Property
Development, Ltd.

2,388,000 thousand yen(36.6%)——

2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 24th FP.

Category

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

Breakdown of transaction with interested parties
Payee

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

Property managementfees

1,525,126

ITOCHU Urban Community Ltd.

970,379

63.6

Other rental expenses

122,616

ITOCHU Urban Community Ltd.

82,27867.1

Advertising expenses

2,941

ITOCHU Urban Community Ltd.

1,741

59.2

ITOCHU Urban Community Ltd.

15,770

10.3

95

0.1

Other fees

152,375

ITOCHU Human Resources & General
Affairs Services Inc.

Notes 1. Transactions are not listed here if the nominal counter party is an interested party but the actual counter party 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 the interested
parties of the asset management company that have signed an asset management agreements 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 24th 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.

ʊ39ʊϨ. 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 toFinancial Statements,” and “VI. Statements of Cash Distributions” presented below.

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.
ThereofNot applicable.

Other
1 Notice
There are no major contracts entered into and relevant changes, etc. approved by the Board of Directors of ADR during
the FP under review.

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

ʊ40ʊϩ. Balance Sheets(Thousands of yen)
As of January 31, 2022
(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

ʊ41ʊ

As of July 31, 2022

15,034,065
9,886,934
132,744344,569
12,180(9,090)25,401,403

13,775,732
10,094,041
142,295
378,814
6,719(7,127)
24,390,477

80,953,723(18,958,667)
61,995,055
27,424(12,945)
14,478
174,432(58,130)
116,302564,888(313,147)
251,740
81,846,339
8,362
158,992,389(36,982,082)
122,010,307
208,485(130,617)
77,868316,187(162,113)
154,073
1,240,247(819,351)
420,895
163,125,721
143,111430,164,255

82,013,337(19,882,895)
62,130,442
27,834(13,757)
14,076
181,715(66,019)
115,695
598,898(344,775)
254,123
83,038,151
236,811
160,942,369(38,822,908)
122,119,460
209,640(134,035)
75,604
331,868(171,896)
159,972
1,306,975(871,021)
435,954
167,360,481
57,695435,998,469

1,733,893
2,870
1,736,763

1,699,455
2,838
1,702,294

861,922603,634
1,053,448
28,201
1,122
2,548,328
434,449,347

905,159
609,755
1,053,448
114,641
1,122
2,684,126
440,384,891

1,289
136,171
137,461
459,988,212

184
122,897
123,081464,898,449

ϩ. Balance Sheets(Thousands of yen)
As of January 31, 2022
(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
Derivatives 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

ʊ42ʊ

As of July 31, 2022

425,112
100,000
2,000,000
21,710,000
1,484,713
89,13552,512
63,864
17,791
25,943,130

489,327
1,000,000
5,000,000
16,230,000
1,508,173
69,20725,55879,967
14,89824,417,133

34,600,000
164,299,000
1,304,421
3,278,840
504
203,482,766
229,425,896

31,600,000
173,979,000
1,308,371
3,339,979—
210,227,351
234,644,485

139,034,823

139,034,823

53,220,279

53,220,279

30,179,267
30,179,267*3

29,843,746
29,843,746

8,100,248

8,040,473

91,499,795
230,534,618

91,104,499
230,139,322

27,697
27,697
230,562,316
459,988,212

114,641
114,641
230,253,964
464,898,449*1

Ϫ. Statements of Income(Thousands of yen)
For the six months ended
January 31, 2022 (Reference)
Operating revenues
Rental revenue – real estate
Gain on sales of real estate properties*1*2

Total operating revenue

16,871,595

For the six months ended
July 31, 2022
*1

17,253,650

442,130—

17,313,726

17,253,650

Operating expenses
Expenses related to the rent business
Asset management fees

*1

6,715,899
1,259,681*1

6,995,214
1,278,946

Asset custody fees
Administrative service fees

9,869
56,676

9,920
53,134

Directors’ compensation
Taxes and dues

6,300
365,5796,300
392,803

Provision of allowance for doubtful accounts
Other operating expenses

1,249
188,012—205,162

8,603,269

8,941,482

8,710,456

8,312,167

Interest income
Reversal of distribution payable

6,913
53

6,908
2,492

Reversal of allowance for doubtful accounts
Miscellaneous income

—
2,377

38
39,002

2

2,070

9,346

50,512

Total operating expenses
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 issuance
costs
Borrowing -related expenses
Other
Total non-operating expenses

589,752

541,305

122,784
1,105

124,797
1,105

12,971

13,274

177,433
2,500

193,467—

906,546

873,950

Ordinary income

7,813,256

7,488,729

Income before income taxes

7,813,256

7,488,729

605

605

Income taxes – current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

ʊ43ʊ

605

605

7,812,651

7,488,124

287,596552,349

8,100,248

8,040,473

ϫ. Statements of Changes in Net Assets
For the six months ended January 31, 2022 (Reference)(Thousands of yen)
Unitholders’ equity
Surplus

Voluntary retained earnings
Paid-in Capital

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

Capital surplus

53,220,279

Reserve fortemporarydifference
adjustments

Unappropriatedretainedearnings
Total voluntary
retained earnings (undisposed
loss)

30,514,789

30,514,789

7,771,784

91,506,853

230,541,676(335,521)(335,521)

335,521——(7,819,710)(7,819,710)(7,819,710)

7,812,651

7,812,651

7,812,651

Net income
Net changes in
items other thanunitholders’equity during theperiodTotal changes in
items during theperiodBalance at the endof period

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

328,463(7,058)(7,058)139,034,823

53,220,279

30,179,267

30,179,267

8,100,248

91,499,795

230,534,618

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

Total net assets(49,790)(49,790)

230,491,886—(7,819,710)

Net income
Net changes in
items other thanunitholders’equity during theperiodTotal changes in
items during theperiodBalance at the endof period

Total surplus

Totalunitholders’equity7,812,651

77,487

77,487

77,487

77,487

77,48770,42927,697

27,697

230,562,316

ʊ44ʊϫ. Statements of Changes in Net Assets

For the six months ended July 31, 2022

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

Paid-in Capital

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

Capital surplus

53,220,279

Reserve fortemporarydifference
adjustments

Unappropriatedretainedearnings
Total voluntary
retained earnings (undisposed
loss)

30,179,267

30,179,267

8,100,248

91,499,795

230,534,618(335,521)(335,521)

335,521——(7,883,420)(7,883,420)(7,883,420)

7,488,124

7,488,124

7,488,124

Net income
Net changes in
items other thanunitholders’equity during theperiodTotal changes in
items during theperiodBalance at the endof period

Balance at the
beginning of period
Changes in items
during the period
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus——(335,521)(335,521)(59,774)(395,295)(395,295)

139,034,823

53,220,279

29,843,746

29,843,746

8,040,473

91,104,499

230,139,322

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

Total net assets

27,697

27,697

230,562,316—(7,883,420)

Net income
Net changes in
items other thanunitholders’equity during theperiodTotal changes in
items during theperiodBalance at the endof period

Total surplus

Totalunitholders’equity7,488,124

86,94386,94386,94386,94386,943(308,351)

114,641

114,641

230,253,964

ʊ45ʊ

Ϭ. Notes to Financial Statements
Significant Accounting Policies
For the six months ended
January 31, 2022 (Reference)

For the six months ended
July 31, 2022

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
3 to 46 years
Structures
6 to 50 years
Machinery and
10 to 15 years
equipment
Tools, furniture and
2 to 20 years
fixtures1) 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
3 to 46 years
Structures
6 to 50 years
Machinery and
10 to 15 years
equipment
Tools, furniture and
2 to 20 years
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.

(2) Accounting for deferredassets1) Investment unit issuance expenses
Amortized using the straight-line
method (three years).
2) Investment corporation bond issuancecosts
Amortized using the straight-line
method over the period up to
redemption of the investment
corporation bonds.

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

(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
1) Method of accounting for property
taxes
taxes
For property taxes, urban planning
For property taxes, urban planningtaxes, and depreciable asset taxes ontaxes, and depreciable asset taxes onreal estate properties held, ADR
real estate properties held, ADR
records the amount of taxes imposed
records the amount of taxes imposedcorresponding to the current fiscal
corresponding to the current fiscal
period as an expense for the property
period as an expense for the property
leasing activities.
leasing activities.
Furthermore, for the pro rata portion of
Furthermore, for the pro rata portion ofproperty taxes ADR paid to theproperty taxes ADR paid to thetransferor (seller) upon acquisition oftransferor (seller) upon acquisition ofreal estate properties, ADR treats thereal estate properties, ADR treats theamount as acquisition costs of realamount as acquisition costs of realestate properties, instead of recording it
estate properties instead of recording it
as an expense for the property leasing
as an expense for the property leasing
activities. The amount of property taxes
activities. The amount of property taxes
treated as acquisition costs of realtreated as acquisition costs of real

(1) Depreciation andamortization methods of noncurrent assets

ʊ46ʊ

Ϭ. Notes to Financial Statements
For the six months ended
January 31, 2022 (Reference)
estate properties was 3,016 thousand
yen in this FP.

For the six months ended
July 31, 2022
estate properties was 13,246 thousand
yen in this FP.

2) Basis of recording revenue2) Basis of recording revenue
Major contents of performance
Major contents of performanceobligations relating to revenue arisingobligations relating to revenue arisingfrom agreements with customers offrom agreements with customers of
ADR and the general timing of
ADR and the general timing ofsatisfying such performance obligations
satisfying such performance obligations(the general timing of recognizing(the general timing of recognizing
revenue) are as follows:
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 thereal estate property.
(5) Method of hedge accounting

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 thereal estate property.

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

ʊ47ʊ1) 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 andstatements 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.

Ϭ. Notes to Financial Statements
For the six months ended
January 31, 2022 (Reference)
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
July 31, 2022
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 consumption taxes
Consumption taxes and local
consumption taxes are excluded frombusiness transaction amounts.
However, accounting for non-current
assets and deferred assets is inclusiveof consumption 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.

ʊ48ʊϬ. Notes to Financial Statements


Changes in Accounting Policies
For the six months ended January 31, 2022 (Reference)

For the six months ended July 31, 2022

Application of Accounting Standard for Revenue
Recognition, etc.
ADR has applied the “Accounting Standard for Revenue
Recognition” (Accounting Standards Board of Japan(ASBJ) Statement No.29, March 31, 2020; hereinafterreferred to as the “Revenue Recognition Standard”), etc.
from the beginning of the FP under review. ADR
recognizes revenue at the time of transfer of control overpromised goods or services to customers in an amountthat ADR expects to receive in exchange for those goods
or services. The effect of this change on the financial
statements for the FP under review was immaterial.
Application of Accounting Standard for Fair Value
Measurement, etc.
ADR has applied the “Accounting Standard for Fair
Value Measurement” (ASBJ Statement No. 30, July 4,
2019; hereinafter referred to as the “Fair Value
Measurement Standard”), etc. from the beginning of the
FP under review. The new accounting policies as
stipulated in the Fair Value Measurement Standard, etc.
are applied prospectively in accordance with thetransitional treatment as stipulated in paragraph 19 of the
Fair Value Measurement Standard and paragraph 44-2 ofthe “Accounting Standard for Financial Instruments”(ASBJ Statement No. 10, July 4, 2019). The effect of thischange on the financial statements for the FP underreview was immaterial.

—

Balance Sheets
As of January 31, 2022 (Reference)

As of July 31, 2022

(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) Commitment line agreements ADR has executedcommitment line agreements with banks.
Total commitment line of
20,000,000 thousand yen
creditAmount used
100,000 thousand yen
Unused balance
19,900,000 thousand yen(2) Commitment line agreements ADR has executedcommitment line agreements with banks.
Total commitment line of
20,000,000 thousand yen
creditAmount used
1,000,000 thousand yen
Unused balance
19,000,000 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
30,514,789
Funds drawn down during the 23rd FP
335,521
Balance at the end of period
30,179,267
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
30,179,267
Funds drawn down during the 24th FP
335,521
Balance at the end of period
29,843,746
Reasons for setting aside and drawing down funds

ʊ49ʊϬ. Notes to Financial Statements

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).

ʊ50ʊ

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).

Ϭ. Notes to Financial Statements
Statements of Income
For the six months ended January 31, 2022 (Reference)

For the six months ended July 31, 2022

(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
14,931,355
Rent income
15,126,269
Facility charges
900,240
Facility charges
939,202
Parking fees
440,250
Parking fees
450,288
Subtotal
16,271,847
Subtotal
16,515,760
Other revenue related to property
Other revenue related to property
leasingleasing
Income from leasing rights
101,477
Income from leasing rights
118,764
Other
498,270
Other
619,125
Subtotal
599,748
Subtotal
737,889
Total revenue from property
Total revenue from property
16,871,595
17,253,650
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
907,901
Property taxes
915,823
Property management fees
1,205,333
Property management fees
1,260,873
Utilities
212,372
Utilities
246,833
Repairs and maintenance695,063
Repairs and maintenance797,018
Property-casual insurance
25,455
Property-casual insurance
25,208Trust fees
66,163
Trust fees
74,945
Other rental expenses
738,753
Other rental expenses
769,658
Depreciation and amortization
2,864,856
Depreciation and amortization
2,904,852
Total expenses from property
Total expenses from property
6,715,899
6,995,214
leasing activities
leasing activities
C. Operating income (loss) fromC. Operating income (loss) from
10,155,695
10,258,435
SURSHUW\OHDVLQJDFWLYLWLHV $í%
SURSHUW\OHDVLQJDFWLYLWLHV $í%(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Yoyogi)
Revenue from sales of real
504,000
estate property
Cost of sales of real estate
302,587
property
Other sales expenses
4,386
Gain on sales of real estate
197,025
properties(RESIDIA Nishi-Shinjuku)
Revenue from sales of real
586,000
estate property
Cost of sales of real estate
336,021property
Other sales expenses
4,873
Gain on sales of real estate
245,105
properties

ʊ51ʊ

—

Ϭ. Notes to Financial Statements
Statements of Changes in Net Assets
For the six months ended January 31, 2022 (Reference)

For the six months ended July 31, 2022

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 and1,385,000
outstanding

7D[(ႇHFW$FFRXQWLQJAs of January 31, 2022 (Reference)

As of July 31, 2022

(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance
2,859
for doubtful accounts
Valuation difference on assets
9,112,891
acquired through merger
Other
195,737
Subtotal
9,311,489
Less valuation allowanceassociated with total of(9,311,489)
deductible temporary
differences, etc.
Subtotal(9,311,489)
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
2,242
for doubtful accounts
Valuation difference on assets
9,032,387
acquired through merger
Other206,607
Subtotal
9,241,236
Less valuation allowanceassociated with total of(9,241,236)
deductible temporary
differences, etc.
Subtotal(9,241,236)
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(1.38)
allowance
Deductible dividends(30.08)Other
0.01
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(0.94)
allowance
Deductible dividends(30.52)
Other
0.01
Effective tax rate after the application
0.01
of tax effect accounting

Financial Instruments
For the six months ended January 31, 2022 (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
Funds obtained through loans and investment corporation bonds are used primarily to finance the acquisition of realʊ52ʊϬ. Notes to Financial Statements
estate 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.
In addition, 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 in 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 January 31,
2022 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 forinterest rate swaps)*26) Derivative transactions(Basic treatment for interest rate
swaps)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

(2,000,000)(1,999,200)(800)(21,710,000)(21,733,740)

23,740(34,600,000)(34,840,607)

240,607(164,299,000)(165,896,582)

1,597,582—-330,729-330,729

27,697

27,697—

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 (Basic treatment
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, 2022 are as follows:ʊ53ʊϬ. Notes to Financial Statements

Method of hedge
accounting

Type of derivativetransaction(Thousands of yen)Contract amount (*1)
Contract
Fair value (*2)
amount due
after one year

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)

47,560,000

27,410,000(330,729)(*3)

10,749,000

10,749,000

27,697*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
three years
Due after five
year through years throughyears throughthrough fouryears
two years
three years
five years
years
100,000—————

Due in one
year or less
Short–term loans payable
Current portion of
investment corporation
bonds
Current portion of long-termloans payable
Investment corporationbonds
Long-term loans payable
Total

2,000,000

—

—

—

—

—

21,710,000

—

—

—

—

—

—

3,000,000

7,500,000

5,500,000—

18,600,000—

19,880,000

14,850,000

21,300,000

21,510,000

86,759,000

23,810,000

22,880,000

22,350,000

26,800,000

21,510,000

105,359,000

For the six months ended July 31, 2022
(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.
In addition, 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

ʊ54ʊϬ. Notes to Financial Statements
rating for the financial institutions in 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 and therefore, it could resultin a different fair value if different assumptions are applied. Furthermore, the contractual amounts of derivativetransactions 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,
2022 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 forinterest rate swaps)*26) Derivative transactions(Basic treatment for interest rate
swaps)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

(5,000,000)(5,030,780)

30,780(16,230,000)(16,251,981)

21,981(31,600,000)(31,687,378)

87,378(173,979,000)(175,989,878)

2,010,878—-216,491-216,491

114,641

114,641—

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 (Basic treatment
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, 2022 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(216,491)
transactions
Long-term loans
treatment for
35,860,000
20,550,000(*3)(fixed rate payment,
payableinterest rate swaps
floating rate receipt)
Interest rate swap
Basic accounting
transactions
Long-term loans
20,449,000
20,449,000
114,641
method(fixed rate payment,
payablefloating 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 the prevailinginterest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting

ʊ55ʊϬ. 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)

Short–term loans payable
Current portion of
investment corporation
bonds
Current portion of long-termloans payable
Investment corporationbonds
Long-term loans payable
Total

Due after
Due after one Due after two
Due after four
three years
Due after fiveDue in one
year through years throughyears throughthrough four
years
year or lesstwo years
three years
five years
years
1,000,000—————
5,000,000

—

—

—

—

—

16,230,000

—

—

—

—

—

—

7,500,000

2,000,000

3,500,000

3,000,000

15,600,000—

16,500,000

20,350,000

22,150,000

21,220,000

93,759,000

22,230,000

24,000,000

22,350,000

25,650,000

24,220,000

109,359,000

Value of Rental Properties
For the six months ended January 31, 2022 (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)
430,031,724
1,866,424
431,898,148
649,820,000*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The main element of increase in the previous fiscal period was the acquisition of two real estate properties (4,002,017
thousand yen), and the decrease was mainly attributable to the sale of real estate beneficiary interests in trust for two
properties (638,609 thousand yen).
*3. The fair value at the end of the current fiscal period is the appraisal or assessment value provided by an external realestate appraiser.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended January 31, 2022.
For the six months ended July 31, 2022
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)
431,898,148
5,799,776
437,697,925
672,995,000*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The main element of increase in the fiscal period under review was the acquisition of two real estate properties(1,668,459 thousand yen) and real estate beneficiary interests in trust for three properties (5,185,214 thousand yen),and the decrease was mainly attributable to depreciation cost (2,904,852 thousand yen).
*3. The fair value at the end of the current fiscal period is the appraisal or assessment value provided by an external realestate appraiser. The fair values of RESIDIA Kamiikebukuro and Tokyo Student-House WAKO at the end of period arestated at the (scheduled) disposition price.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended July 31, 2022.

ʊ56ʊ

Ϭ. Notes to Financial Statements
Revenue Recognition
For the six months ended January 31, 2022 (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) Breakdown ofoperating 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 arisingfrom agreements with customers is revenue from sales of real estate properties.
For the six months ended July 31, 2022
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” 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 January 31, 2022 (Reference)

Attribute

Name ofcompany

Interested
party

ITOCHU
Urban
Community
Ltd.

Asset
custodian

Sumitomo
Mitsui Trust
Bank Limited

Contents of Unit holding
business or
ratio
occupation(*1)

Transaction
contents

Transaction
amount(thousands ofyen)Real estate
rentalbusiness

Building
management
fees, etc. (*2)

940,587

Banking
and trustbusiness——

Borrowing offunds(Repayment)(*4)

3,612,000(4,112,000)

Account

Balance at theend of period(thousands ofyen)

Operatingaccounts
payableShort–termloans payable
Current
portion of
long-termloans payable
Long-termloans payable

87,586(*3)—
2,493,000
24,705,000

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

ʊ57ʊϬ. Notes to Financial Statements
For the six months ended July 31, 2022
Contents of Unit holding
ratiobusiness or(*1)
occupation

Attribute

Name ofcompany

Interested
party

ITOCHU
Corporation

Generaltradingcompany

ITOCHU
Property
Development, Ltd.
ITOCHU
Urban
Community
Ltd.

Development ofreal
estateRealestaterentalbusiness

Interested
partyInterested
party

Asset
custodian

Sumitomo
Mitsui Trust
Bank Limited

Banking
and trustbusiness

Direct2.51%
Indirect
0.11%

Acquisition ofreal estate(*2)

Indirect0.00%

Acquisition ofreal estate(*2)—

Building
management
fees, etc. (*6)—

Transaction
amount(thousands ofyen)Transaction
contents

1,519,332(*3 and *4)

2,445,129(*4 and *5)

970,379

Borrowing offunds(Repayment)(*7)

2,975,000(2,493,000)

Account

Balance at theend of period(thousands of
yen)

—

—

—

—

Operatingaccounts
payable83,399(*4)

Short–termloans payable
Current
portion of
long-termloans payable
Long-termloans payable

375,000
1,375,000
25,930,000

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 by reference 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 3,257
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 4,593
thousand yen.
*6. Transaction terms are determined through price negotiations based on actual market conditions.
*7 Regarding the borrowing of funds, interest rates are reasonably determined considering market interest rates.

Per Unit Information
For the six months ended January 31, 2022 (Reference)
Net assets per unit

166,470 yen

For the six months ended July 31, 2022
Net assets per unit

Net income per unit
5,640 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.

166,248 yen

Net income per unit
5,406 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 The basis for the computation of net income per unit is as follows:
For the six months ended January 31,
2022 (Reference)

For the six months ended July 31,
2022

7,812,651

7,488,124——

7,812,651

7,488,124

1,385,000

1,385,000

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)ʊ58ʊϬ. Notes to Financial Statements
Significant Subsequent Event
Disposition and its Decision
ADR disposed of the following property pursuant to its basic asset management policy stipulated in the Articles ofIncorporation.
RESIDIA Kamiikebukuro: Beneficiary interests in real estate trust
Type of Asset
Disposition Price : 860,000 thousand yen
Disposition Date : September 1, 2022
Location: 4-12-12 Kami-ikebukuro, Toshima-ku, TokyoArea: Land 383.70 sq. m.; building 1,183.89 sq. m.
Structure: Eight-story RC flat-roofed building
Built: December 2001
Note: The disposition price does not include the settlement amounts of property tax, city planning tax, and tax on
depreciable assets, consumption taxes, and local consumption taxes.
ADR decided to dispose of the following property pursuant to its basic asset management policy stipulated in the Articles
of Incorporation, and concluded an agreement to dispose of the property.

Tokyo Student-House WAKO
: Beneficiary interests in real estate trust
Type of Asset
Scheduled Disposition Price : 800,000 thousand yen: August 24, 2022
Agreement Date
Scheduled Disposition Date : September 30, 2022
Location: 1-2-9 Chuo, Wako-shi, Saitama
Area: Land 1,728.40 sq. m.; building 3,434.07 sq. m.
Structure: Five-story RC building with stainless steel roofing
Built: April 1990
Notes 1. The scheduled disposition price does not include the settlement amounts of property tax, city planning tax, andtax on depreciable assets, consumption taxes, and local consumption taxes.
2. In case that the property transaction agreement is cancelled for reasons attributable to ADR (the seller), ADR
shall pay to the buyer 20% of the transaction price as a penalty for cancellation.

ʊ59ʊϭ. Statements of Cash Distributions(yen)
For the six months ended
January 31, 2022 (Reference)
I. Unappropriated retained earnings

For the six months ended
July 31, 2022

8,100,248,028

8,040,473,933

II. Reversal of reserves during period
Reversal of reserve for temporary
difference adjustments
III. Dividends*1

335,521,628

335,521,628

7,883,420,000

8,013,610,000(5,692)(5,786)552,349,656

362,385,561

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes in excess of 90% of theamount of 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
7,883,420,000 yen. The figure wasderived by retaining 552,349,656 yenfrom the unappropriated retained
earnings of 8,100,248,028 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. The amount of 552,349,656 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 in excess of 90% of theamount of 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
8,013,610,000 yen. The figure wasderived by retaining 362,385,561 yenfrom the unappropriated retained
earnings of 8,040,473,933 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. The amount of 362,385,561 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
Dividend Policy*1

Statements of Cash Distributions(1) Reserve for temporary difference adjustments
For the six months ended January 31, 2022 (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 335,521,628 yen during the fiscal period ended January
31, 2022 (23rd FP).

ʊ60ʊϭ. Statements of Cash Distributions

For the six months ended July 31, 2022
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 335,521,628 yen during the fiscal period ended July 31,
2022 (24th FP).

ʊ61ʊϮ. Independent Auditor's Report(TRANSLATION)
INDEPENDENT AUDITOR'S REPORT
September 14, 2022
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:Takeshi Shimoiizaka
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 July 31, 2022, the statement of income and statement of changes in net
assets for the 24th fiscal period from February 1, 2022 to July 31, 2022, and the related notes, and asset
investment report and statement of cash distributions for the six months ended July 31, 2022, as well as
the annexed detailed statements (with regard to the asset investment 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 asset
investment report and its annexed detailed statements is the portion of the matters stated in the asset
investment report and its 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 July 31, 2022, 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.
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 theasset investment report and its annexed detailed statements other than the part related to accounting
covered by the audit opinion.

ʊ62ʊϮ. Independent Auditor's Report(TRANSLATION)
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.
• 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.
ʊ63ʊϮ. Independent Auditor's Report(TRANSLATION)
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, related safeguards.
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.

ʊ64ʊϯ. Statements of Cash Flows(Reference Information)(Thousands of yen)
For the six months ended
January 31, 2022
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bondissuance costs
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 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
Payments for lease and guarantee deposits in trust
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
Proceeds from issuance of investment corporation
bonds
Payments of investment corporation bond issuancecosts
Dividends paid
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period*1

For the six months ended
July 31, 2022

7,813,256
2,865,375
1,105

7,488,729
2,905,379
1,105

12,971

13,274

1,249(1,963)(6,913)589,752
122,784(6,908)541,305
124,797

31,512(9,551)

14,45533,794(37,389)
9,765
25,084
6,319(34,245)(26,954)(5,330)23,459(25,292)
16,102637,942—(6,584)(4,289)12,110,192
412(711,286)(590)
11,398,729(43,237)
3,042
10,963,713
1,167(660,739)(720)
10,303,421(5,000,000)
5,000,000(4,677,319)(772,653)(6,000,000)
6,000,000(2,478,948)(6,158,001)

5,128

3,950

(24,204)

61,138(846)(5,469,894)—(8,571,861)

2,700,000(3,100,000)
13,960,000(13,960,000)
2,600,000

1,000,000(100,000)
17,460,000(13,260,000)—(22,967)—(7,822,174)(5,645,141)
283,692
18,637,307
18,920,999(7,882,786)(2,782,786)(1,051,225)
18,920,999
17,869,773*1*1. ADR has prepared the Statements of Cash Flows pursuant to the Regulation on Terminology, Forms, and Preparation Methods of Financial Statements (Ministry of Finance OrderNo. 59 of November 27, 1963) and attached it as reference information. This Statement of Cash Flows is not subject to the accounting auditors’ audit stipulated in the provisions ofArticle 130 of the Act on Investment Trusts and Investment Corporations and has therefore not been audited by accounting auditors.

ʊ65ʊϯ. Statements of Cash Flows(Reference Information)
Significant Accounting Policies

Scope of funds in thestatements of cash flows

For the six months ended
January 31, 2022

For the six months ended
July 31, 2022

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 January 31, 2022

For the six months ended July 31, 2022

*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows and theaccounts reported in the balance sheets(Thousands of yen)
Cash and deposits
15,034,065
Cash and deposits in trust
9,886,934
Time deposits held over three(6,000,000)
monthsCash and cash equivalents
18,920,999*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows and theaccounts reported in the balance sheets(Thousands of yen)
Cash and deposits
13,775,732
Cash and deposits in trust
10,094,041
Time deposits held over three(6,000,000)
monthsCash and cash equivalents
17,869,773

ʊ66ʊ