25th Fiscal Period ReportAugust 1, 2022 - January 31, 2023

Securities code: 3269
1-105 Kanda-Jinbocho, Chiyoda-ku, TokyoⅠ. Fiscal Period ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
21st FP
Fiscal Period
Operatingresults

Units

Operating revenues

17,014

16,884

17,313

17,253

17,868million yen

16,71816,884

16,871

17,253

17,357(Gain on real estate sales)bmillion yen

295

—

442

—

511

million yen

8,500

8,659

8,603

8,941

8,917

(Rental business expenses)cmillion yen

6,630

6,791

6,715

6,995

7,007

(Loss on real estate sales)dmillion yen

—

—

—

—

—

(Impairment loss)emillion yen

—

—

—

—

—

million yen

8,513

8,224

8,710

8,312

8,950
8,074

Ordinary incomefmillion yen

7,549

7,294

7,813

7,488

Net incomegmillion yen

7,548

7,294

7,812

7,488

8,074

Total assetshmillion yen

458,579

457,829459,988464,898

469,629

Interest-bearing liabilities

imillion yen

220,788

220,509222,709

227,809

231,309

Net assets

jmillion yen

230,966

230,491

230,562

230,253

231,357

Paid-in Capitalkmillion yen

139,034

139,034

139,034

139,034

139,034

Total dividendslmillion yen

7,756

7,819

7,883

8,013

8,088

Payout ratio

l/g

%

102.7

107.2

100.9

107.0

100.2

Total number of units issued andoutstanding

m

Units

1,385,000

1,385,000

1,385,000

1,385,000

1,385,000

Net assets per unit

j/m

yen

166,763

166,420

166,470

166,248

167,044

yen

5,450

5,266

5,640

5,406

5,829

yen

5,600

5,646

5,692

5,786

5,840

Dividend from earnings per unit

yen

5,600

5,646

5,692

5,786

5,840

Dividend in excess of earnings per unit

yen

0

0

0

0

0

Note 3

%

3.6

3.0

3.3

3.2

3.6

(g+q)/(k+i)

Note 3

%

5.7

5.7

5.9

5.7

5.9

(g+q)/(m×r+i)

Note 3

Dividend per unit

Note 2l/m

Annualized dividend yield
Return on investment (Paid-in Capital)
Return on investment (market
capitalization)
FFO per unit

(g−b+d+e+q)/m

Annualizedn

FFO multiple

r/nRatio of ordinary income to total assets

f/hAnnualized
Equity ratio

j/hReturn on equity

g/jAnnualized
Ratio of interest-bearing liabilities to total
assets

i/h

DSCR

2.8

3.1

2.8

3.3

7,314

7,390

7,504

7,596

yen

14,403

14,74914,66015,13315,069

times

21.5

25.3

23.1

24.3

21.1

Note 4

%

1.6

1.6

1.7

1.6

1.7

Note 3

%

3.3

3.2

3.4

3.3

3.4

%

50.4

50.3

50.1

49.5

49.3

Note 5

%

3.3

3.2

3.4

3.2

3.5

Note 3

%

6.5

6.4

6.7

6.6

6.9

%

48.1

48.2

48.4

49.0

49.3

times

14.4

14.7

16.0

16.6

17.1

o

million yen

11,125

10,868

11,39011,05911,716

Interest expensespmillion yen

773

737

712

666

683

million yen

12,891

12,92813,02013,163

13,307a−c+qAnnualized NOI yieldq

Note 6Note 3, 7%Note 8million yen

Number of properties under management

5.6

5.7

5.6

5.7

5.6

2,802

2,835

2,865

2,905

2,958

271

272

272

277

277

Units

21,552

21,56921,643

21,85322,021
824,479.81–

Number of leasable units
Leasable floor area at end of period

Note 9m2

800,789.34

802,185.16

807,050.70

814,648.31

Occupancy rate at end of period

Note 10

%

96.0

95.9

96.9

96.6

96.7

yen

310,000

373,500

338,500

367,000

317,500

Unit price at end of period

4.
5.
6.
7.

3.2
7,261

o/p

Depreciation and amortization

Notes 1.
2.
3.

Note 3%yen

Net income before interest anddepreciation
NOI

Reference
information

25th FP

million yen

Net income per unit

Financial
indicators

24th FPaOperating income

Per unit
figures

23rd FP(Rental revenue)
Operating expenses

Balancesheet
figures

22nd FP

From: August 1, 2020 From: February 1, 2021 From: August 1, 2021 From: February 1, 2022 From: August 1, 2022
To: January 31, 2022
To: January 31, 2023
To: January 31, 2021
To: July 31, 2021
To: July 31, 2022r

Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place. The same applies hereafter.
The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
The annualized figures are calculated using 184 days for the 21st FP, 181 days for the 22nd FP, 184 days for the 23rd FP, 181 days for the 24th FP, and 184 days for the
25th FP.
Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
Annualized NOI yield = Total annualized NOI ÷ Total property acquisition price―2―

Ⅰ. Fiscal Period Report
8.
9.
10.

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

2 Investment Environment and Operating PerformanceWith the aim of realizing a stable distribution of earnings over the long term, we carried out the following initiatives
during the 25th Fiscal Period (FP).
1. Internal Growth
While maintaining high occupancy rates (the average occupancy rate for the FP under review was 96.6%),
Advance Residence Investment Corporation (hereafter, “ADR”) increased the rent level, improved the balance of
earnings and expenses related to its offering, raised rents at the time of contract renewal, and strengthened its
property competitiveness through renovation.
2. External Growth
ADR decided to acquire three properties during the FP under review and acquired two of the three from third
parties (total acquisition price of 4.5 billion yen); in addition, it disposed of an additional two properties (totalacquisition price of 1.2 billion yen).
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
To contribute to the achievement of a sustainable and decarbonized society, ADR set targets and KPIs concerning
sustainability and raised targets to realize carbon neutrality by 2050.
By executing these initiatives, we were able to attain the following FP results.

Item

Previous FP
Results(million yen)
The 25th FP
Initial Forecast
Results (ended Difference from Difference from
Note 1January 31, 2023) the Previous FP the Initial Forecast

Operating revenues

17,253

17,72817,868+614+140

Operating income

8,312

8,779

8,950

+638

+170

Ordinary income

7,488

7,911

8,074

+586

+163

Net income

7,488

7,910

8,074

+586

+163
+118 yen Note 2+115 yen

Earnings per unit

5,406 yen

5,711 yen

5,829 yen+423 yen Note 2

Dividend per unit

5,786 yen

5,725 yen

5,840 yen

+54 yenNotes 1. The initial forecast refers to the earnings forecast for the 25th FP disclosed in the “Brief Summary of Kessan Tanshin” for the 24th FP,
dated September 14, 2022. The same applies hereafter.
2. The numbers less than one are discarded in the EPU figures.

Earnings per unit (EPU) increased by 423 yen from the previous FP to 5,829 yen. This was mainly because of therecording of gains in property sales and an increase in NOI resulting from property acquisition.
The dividend per unit (DPU) was 5,840 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) after ADR had retained
the gain on sales of properties generated during the FP under review (369 yen per unit).
1. Internal Growth– Maintaining High Occupancy Rate –ITOCHU REIT Management Co., Ltd., ADR’s asset management company, collaborated appropriately withproperty management companies to manage and operate properties. As a result, ADR managed to record an
average fiscal period occupancy rate of 96.6% (up to 0.3 percentage points year-on-year).
By controlling the relaxation of leasing terms for single-type units in the 23 wards of Tokyo, ADR was able to raise―3―

Ⅰ. Fiscal Period Report
rents for new contracts to one level higher than the previous FP, thanks to a solid demand for family type units,
including in central Tokyo. As a result, the change in the replacement rent increased by 2.5% (up to 0.9 percentage
points from the previous FP).
– Strengthening the Competitiveness of Our Properties by Renovating –ADR conducts large-scale repairs of its properties on a scheduled basis to maintain their functionality and freshen
their appearance. In addition, for individual units in properties that have recently undergone large-scale repairs, ADR
conducts renovation work to maintain and enhance competitiveness in the leasing market. These entail equipment
upgrades and floor plan changes, and are implemented when tenants are being replaced.
We conducted large-scale repairs on 11 properties during the FP under review at a cost of 1,190 million yen,including taxes. Moreover, we renovated 41 properties at the cost of 148 million yen, excluding taxes.
Of the residential units that underwent renovation during the FP under review, 20 signed new rental contracts as ofJanuary 31, 2023. These units saw increases in rent of 25.5% on average compared with the rents under previous
contracts. Our renovation work effectively contributed to internal growth, as was the case during the previous FPs. In
the future, ADR will endeavor to further enhance the competitive advantages of its properties through suchmeasures.
2. External Growth－ Steadily Acquiring Properties －We recognize that conditions for acquiring properties in the real estate trading market continue to be harsh, andtransaction prices remain at high levels. Even in such an environment, ADR selected and invested in properties that
contribute to the improvement in the quality and profitability of its portfolio, by utilizing the sponsor pipe lines andpromoting the negotiation basis transactions in acquiring properties from third parties.
Of the three properties (total acquisition price of 6.4 billion yen) that ADR decided to acquire during the FP underreview, two were acquired from third parties (total acquisition price of 4.5 billion yen). In addition, in the following FP,
the ADR acquired one property from a third party (acquisition price of 1.9 billion yen) on February 1, 2023. Each ofthese properties offers excellent convenience for living, with good access to the main cities and major terminal
stations in the areas in which they are located. In addition, ADR disposed of two properties at a total sales price of
1.6 billion yen and recorded a gain on sales of properties of 0.5 billion yen in total. This gain in property sales will be
used to realize a stable distribution of earnings.
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, extend remaining
durations, fix interest rates, and diversify maturities while considering the financial environment. During the FP underreview, ADR executed debt financing to the tune of 15.9 billion yen in total (at an average interest rate Note 3 of 0.69%
and an average initial duration of 6.8 years). Consequently, the average interest rate at the end of the FP underreview was 0.59%, which is the same as that in the previous FP. In addition, the average remaining duration
changed from 5.1 years to 5.0 years.
ADR’s issuer credit ratings as of the end of the FP under review are as follows.
Credit rating agency
Japan Credit Rating Agency, Ltd. (JCR)
Rating and Investment Information, Inc. (R&I)

CoverageLong-term issuer
ratingIssuer rating

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

Note 3. The “average interest rate” is the weighted-average interest rate on loans and bonds as of their respective borrowing or issuance date andas of the end of the FP under review. If the interest rates on the debts have been converted to fixed interest rates using swap agreements
in order to hedge the risk of interest rate volatility, the average interest rate is calculated based on the interest rates reflecting the effectsof such swap agreements.

4. Sustainability– Sustainability Measures –ADR works together with the asset management company to realize a sustainable society and to further increase
its unit-holder value. To that end, we engage in the following ESG (environmental, social and governance) initiatives.
• Environmental initiatives―4―

Ⅰ. Fiscal Period Report
ADR identified and established ten material items and their KPIs as important issues to be solved in promoting
sustainability and enhancing the effectiveness of such initiatives. Of the targets and KPIs regarding environmental
performance, ADR raised targets to realize carbon neutrality by 2050.
In the GRESB real estate assessment, which was established primarily by European pension funds and is abenchmark to assess the consideration for the sustainability of real estate companies and management institutions,
ADR was awarded the “Green Star” in 2022 for the seventh consecutive year. ADR was also chosen as the “sector
leader” in the Asian listed housing sector for the third consecutive year. In addition, in the GRESB rating that
presents comparative assessment based on the global ranking of overall scores, ADR received a “4 star” rating, ahigh rating on the scale of one to five. ADR was the first housing-related J-REIT to receive the “4 star” rating.
ADR also acquired the DBJ Green Building Certification, CASBEE Certification, and BELS with respect to 24
properties, constituting 28.7% of its portfolio based on total floor area, as of the end of the FP under review.
As part of their energy-saving measures, ADR has introduced LED lighting in common areas of their properties.
During the FP under review, ADR installed LED lighting in nine properties. At the end of the FP under review, ADR
had completed the installation of LED lighting in 124 properties (representing 44.8% 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 approximately 64.4% of its lease agreements.
Note 4. Green lease clauses are provisions included in lease agreements with tenants and are designed to reduce environmental footprints
through energy-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.

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.
In addition, because the average building age for the entire portfolio is 16.3 years Note 5, rent declines due todegradation over time in individual apartment units are anticipated for the future. ADR will endeavor to maintain andimprove its competitiveness by renovating with the intention of increasing rent on a scheduled basis.
Note 5. The building age presented is as of January 31, 2023. The average building age is the weighted average of the building ages of theowned properties based on their acquisition prices.

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

Ⅰ. Fiscal Period Reportfundamentally pay out distributions of nearly the entire amount of earnings for the current FP. Meanwhile, ADR willcontinue to draw down the reserves for temporary difference adjustments (RTA), which is based on retained earnings
derived from profit from negative goodwill. It will draw down the RTA in equal amounts or more in every FP within 50
years Note 6, in accordance with partial amendments of the “Regulations Concerning Accounting of Investment
Corporations” and the Investment Trusts Association of Japan’s “Regulations Concerning Real Estate Investment
Trusts and Real Estate Investment Corporations.”
Moreover, in principle, ADR is to maintain a DPU of at least 5,000 yen. To such ends, ADR is to additionally draw
down the reserve if the total amount of DPU and the fixed drawdown amount of the RTA for the given FP do not reach
5,000 yen Note 7.
Furthermore, when temporary gains or losses arise due to gains or losses in property sales, renovations, and otherreasons, ADR will stabilize distributions by retaining or drawing down gains on sales while also drawing down the RTA.
Notes 6. 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.
7. 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

Balance

10,696648

Notes

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

21st FP

22nd FP

23rd FP

24th FP

25th FP

Period-end

January 31, 2021

July 31, 2021

January 31, 2022

July 31, 2022

January 31, 2023

High
Low

342,000 yen
290,000 yen

390,500 yen
300,000 yen

381,000 yen
318,500 yen

369,000 yen
318,500 yen

370,000 yen
317,500 yen

5 Dividend Distribution
In accordance with the distribution policy set forth in Article 32, Item 1 of ADR’s Articles of Incorporation, ADR
distributes the amount in excess of 90% of the ADR’s profit available for dividends as stipulated in Article 67-15 of the Act
on Special Measures Concerning Taxation. In the event of weak performance by investments, reserve for temporary
difference adjustments will be used in order to maintain stable payouts into the future.
Based on this policy, ADR has decided to distribute dividends of 8,088,400,000 yen. The figure was derived byretaining 683,750,915 yen from the unappropriated retained earnings of 8,436,629,287 yen for the fiscal period, plus thedrawdown of reserve for temporary difference adjustments (RTA) of 335,521,628 yen. The amount of 683,750,915 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.

―6―

Ⅰ. Fiscal Period Report

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

25th FP

From: August 1, 2020 From: February 1, 2021 From: August 1, 2021 From: February 1, 2022 From: August 1, 2022
To: January 31, 2021
To: January 31, 2022
To: January 31, 2023
To: July 31, 2021
To: July 31, 2022

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)

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

7,756,000
thousand yen

7,819,710
thousand yen

7,883,420
thousand yen

8,013,610
thousand yen

8,088,400
thousand yen(5,600 yen)

(5,646 yen)

(5,692 yen)

(5,786 yen)

(5,840 yen)

—

—

—

—

—

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

—

—

—

—

—

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

—

—

—

—

—

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)6 Significant Subsequent Events
Not applicable.

―7―Ⅰ. Fiscal Period Report
Overview of the Investment Corporation
1 Status of Investments in Capital
Total number of units authorized, total number of units issued and outstanding, paid-in capital, and the number ofunitholders as of January 31, 2023 are as follows.
Fiscal Period

21st FP

22nd FP

23rd FP

24th FP

25th FP

Period-end

January 31, 2021

July 31, 2021

January 31, 2022

July 31, 2022

January 31, 2023

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

139,034 million
yen
12,731

139,034 million
yen
12,738

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

Note Other than paid-in capital, capital surplus of 53,220 million yen was recorded on the balance sheet as of January 31, 2023.

2 Major Unit-holders
The following are the major unitholders as of January 31, 2023.

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
SMBC Nikko Securities Inc.
SSBTC CLIENT OMNIBUS ACCOUNT
Mizuho Securities Co., Ltd.
STATE STREET BANK WEST CLIENT TREATY
JP MORGAN CHASE BANKSTATE STREET BANK AND TRUSTCOMPANY

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

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

376,932

27.21

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

217,266

15.68

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

63,6144.59

2-5-1 Kita-Aoyama, Minato-ku, Tokyo
3-3-1 Marunouchi, Chiyoda-ku, Tokyo
ONE LINCOLN STREET，BOSTON MA
USA 02111
1-5-1 Otemachi, Chiyoda-ku, Tokyo

34,80029,4022.51
2.12

25,6381.85

22,311

1.61

19,731

1.42

17,2901.24

16,627

1.20

823,61159.46

Address

1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.
25 BANK STREET, CANARY WHARF,LONDON, E14 5JP,
UNITED KINGDOM
P.O. BOX 351 BOSTONMASSACHUSETTS 02101 U.S.A.
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.

―8―Ⅰ. Fiscal Period Report
3 Directors and Independent Auditor
1. The executive director, supervisory directors, and independent auditor as of January 31, 2023, 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 refusalof reappointment by comprehensively taking into account the quality of the audit, audit compensation, and otherfactors.

4 Matters Concerning Directors and Officers Liability Insurance Policy
As of January 31, 2023, 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
their duties 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
arising from criminal acts or acts committed with the knowledge that they violate
laws and regulations.

―9―Ⅰ. Fiscal Period Report
5 Asset Management Company, Asset Custodian, and Administrative AgentsThe following is a list of ADR’s asset management company, asset custodian, and administrative agents as of January
31, 2023.
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.

―10―

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

Real estate intrust(Note 1)

Investedarea

Invested regions, etc.

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

24th FP as of July 31, 2022

25th FP as of January 31, 2023

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

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

216,85146.6

215,59645.9

216,85146.6

215,59645.9

21,250

4.6

20,502

4.4

53,806

11.6

58,041

12.4

75,056

16.1

78,54416.7

291,908

62.8

294,14162.6

96,47020.8

96,45520.5

96,47020.8

96,45520.5

15,513

3.3

15,335

3.3

33,805

7.3

34,386

7.3

49,318

10.6

49,721

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
Government‐
designated(Note 4)
cities, etc.

Total of other regions

145,78931.4

146,176

31.1

Deposits and other assets

Subtotal

27,2005.9

29,311

6.2

Total assets

464,898

100.0

469,629

100.0

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

―11―

Ⅰ. Fiscal Period Report
2 Major Assets Held

The following summarizes the major assets held by ADR (the top 10 properties in terms of the book value at the end of
the period) as of January 31, 2023.
Percentage of
Leasable floor Leased floor Occupancy
Book value
total rent
area
Name of real estate
area
rate
Main use(million yen)revenue
(m2)
(m2)
(%)
(%) Note
RESIDIA TOWER MeguroFudomae

14,32621,019.77

20,628.02

98.1

3.2

Pacific Royal Court Minatomirai
Ocean Tower

10,21326,082.53

26,082.53

100.0

3.2

Park Tower Shibaura Bayward
Urban Wing

8,899

13,490.67

13,206.71

97.9

2.0

RESIDIA TOWER Kamiikebukuro

7,322

31,250.61

30,534.34

97.7

4.6

RESIDIA Nishi-Azabu

6,363

7,078.64

6,927.24

97.9

1.3

RESIDIA TOWER Azabujuban

5,977

7,207.18

6,687.27

92.8

1.3

RESIDIA Mejiro

5,801

13,083.40

12,355.17

94.4

1.5

RESIDIA Yutenji

5,076

5,423.36

5,289.22

97.5

0.9

RESIDIA Nihonbashi-Bakurocho

5,041

8,502.12

8,418.22

99.0

1.2

RESIDIA Shin-Okachimachi II

4,608

5,392.13

5,190.58

96.3

0.9

73,630138,530.41

135,319.30

Total

－

Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house
Apartment
house

20.1

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.

―12―

–

Ⅰ. Fiscal Period Report
3 Real Estate Portfolio
The following lists the real estate held by ADR as of January 31, 2023.

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

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

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1
2,367

4,420

1,368

2,870

1,121

1,480

1,091

1,840

1,972

3,060

1,023

1,560

1,015

1,630

2,394

2,870

684

1,190

580

832

1,336

2,380

904

1,510

1,324

2,520

866

1,300

543

860

713

861

1,526

2,580

1,707

2,620

312

445

T-018

Pianetta Shiodome

Minato-ku, Tokyo

T-019

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

T-022

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

819

1,280

T-023

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,244

3,390

T-024

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,099

1,790

T-025

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,835

2,670

T-026

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,112

1,600

T-027

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,258

2,010

T-028

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,058

1,900

T-029

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

829

1,290

T-030

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

953

1,640

Beneficiaryinterests in trust

976

1,630

T-031

RESIDIA Jiyugaoka

Meguro-ku, Tokyo―13―

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Type ofownership

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

T-032

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,148

3,640

T-033

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,447

5,110

T-034

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,098

1,760

T-035

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

6,363

9,920

T-036

RESIDIA Daikanyama

Shibuya-ku, Tokyo

1,956

2,680

T-037

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

2,327

3,780

3,501

5,850

T-038
T-039

RESIDIA RoppongiHinokichokoen
RESIDIA TOWER MeguroFudomae

Minato-ku, Tokyo

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

Shinagawa-ku, Tokyo

Real estate

14,326

23,600

T-040

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,490

4,210

T-041

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,475

2,640

T-042

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,307

1,790

T-043

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,886

2,710

T-044

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

5,977

10,300

T-045

RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,187

1,970

T-046

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

1,798

2,900

T-047

RESIDIA Azabudai

Minato-ku, Tokyo

1,510

2,200

T-048

RESIDIA Shibadaimon II

Minato-ku, Tokyo

1,629

2,260

T-049

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,133

1,830

T-050

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,253

2,000

T-051

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,642

2,750

T-052

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

842

1,440

T-053

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

935

1,520

T-054

RESIDIA Shibaura

Minato-ku, Tokyo

4,174

7,180

T-055

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

Real estate

858

1,170

5,076

7,460

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Beneficiaryinterests in trust

T-056

RESIDIA Yutenji

Meguro-ku, Tokyo

Beneficiaryinterests in trust

T-057

Park Tower Shibaura Bayward
Urban Wing

Minato-ku, Tokyo

Beneficiaryinterests in trust

8,899

15,600

T-058

RESIDIA Kamimeguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

820

1,380

T-059

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

Real estate

1,310

2,190

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

778

1,540

2,221

3,440

1,880

2,960

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

1,478

2,140

T-064

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,397

5,710

―14―

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

T-065

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

T-066

RESIDIA Meguro III

Meguro-ku, Tokyo

T-067

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

T-068

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

T-069

RESIDIA Omori II

Shinagawa-ku, Tokyo

T-070

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

T-071

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

T-072

RESIDIA Nakameguro II

Meguro-ku, Tokyo

T-073

Artis Court Minamiaoyama

Minato-ku, Tokyo

T-074

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

T-075

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

T-076

RESIDIA Ebisu III

Shibuya-ku, Tokyo

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

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1
3,540

5,780

921

1,810

758

1,090

1,180

2,380

1,527

2,710

1,413

2,250

3,693

5,670

1,141

2,010

1,711

2,190

2,002

3,240

919

1,320

639

939

699

1,110

1,160

1,840

3,142

4,890

1,269

2,130

967

1,600

884

1,170

912

1,320

819

1,290

1,155

1,650

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

Beneficiaryinterests in trust

1,971

2,590

T-087

RESIDIA Ichigaya-Sadohara

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

4,218

5,550

T-088

RESIDIA Nishi-Koyama

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,700

2,550

T-089

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,191

3,070

T-090

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,145

1,680

T-091

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,558

1,960

T-092

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,537

3,470

T-093

RESIDIA Kamata

Ota-ku, Tokyo

1,997

4,500

T-094

RESIDIA Ikebukuro

Toshima-ku, Tokyo

1,386

2,340

―15―

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

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

T-095

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

T-096

RESIDIA Asakusabashi

Taito-ku, Tokyo

T-097

Maison Eclairee Ekoda

Nerima-ku, Tokyo

T-098

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

T-099

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

T-100

RESIDIA Ryogoku

Sumida-ku, Tokyo

T-101

RESIDIA Nihonbashi-NingyochoII

Chuo-ku, Tokyo

T-102

RESIDIA Omori-Higashi

Ota-ku, Tokyo

T-103

RESIDIA Kinshicho

Sumida-ku, Tokyo

T-104

RESIDIA Negishi

Taito-ku, Tokyo

T-105

RESIDIA Shinkawa

Chuo-ku, Tokyo

T-107

RESIDIA Shin-nakano

Nakano-ku, Tokyo

T-108

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

T-109

RESIDIA Tsukiji

Chuo-ku, Tokyo

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

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1
1,602

3,020

873

1,860

862

1,170

2,787

5,000

1,530

2,590

870

1,640

2,811

5,030

1,722

2,570

3,838

5,880

763

1,130

1,759

3,070

331

659

911

1,500

1,297

2,540

1,739

2,440

1,095

1,910

556

919

1,819

3,150

732

1,180

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

1,004

1,450

T-116

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

967

1,540

T-117

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,320

2,000

2,311

3,640

2,147

3,560

2,920

5,420

622

1,180

950

1,760

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

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

Beneficiaryinterests in trust

345

537

T-124

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust

501

1,050

T-125

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,357

2,100

Taito-ku, Tokyo

Beneficiaryinterests in trust

811

1,330

T-126

RESIDIA Iriya―16―

Ⅰ. Fiscal Period Report

Type ofownership

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

Propertyno.

Name of real estate

T-127

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,214

1,980

T-128

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,706

2,750

T-129

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,155

1,750

T-130

RESIDIA Shinkawa II

Chuo-ku, Tokyo

1,222

2,220

T-131

RESIDIA Mejiro

Toshima-ku, Tokyo

5,801

9,890

T-132

RESIDIA Kasai

Edogawa-ku, Tokyo

607

894

T-133

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

5,041

9,040

T-134

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

3,515

7,370

T-135

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

798

1,510

T-136

RESIDIA Kiba

Koto-ku, Tokyo

1,758

3,560

T-137

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

1,034

1,940

T-138

RESIDIA BunkyoHonkomagome

Bunkyo-ku, Tokyo

2,155

3,600

T-139

RESIDIA Tsukishima III

Chuo-ku, Tokyo

2,328

4,300

T-140

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

2,136

4,350

T-141

RESIDIA Ogikubo

Suginami-ku, Tokyo

1,729

3,050

T-142

RESIDIA Monzennakacho

Koto-ku, Tokyo

977

1,620

T-143

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

1,919

3,650

T-144

RESIDIA Omori

Ota-ku, Tokyo

1,135

1,880

T-145

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

972

1,440

T-146

RESIDIA Kachidoki

Chuo-ku, Tokyo

1,670

3,210

T-147

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

2,189

3,630

T-148

RESIDIA Kinshicho III

Koto-ku, Tokyo

606

944

T-149

RESIDIA Kamata III

Ota-ku, Tokyo

887

1,440

T-150

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

7,322

14,100

T-151

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

Real estate

501

714

T-152

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

588

832

1,096

1,640

469

601

1,052

1,730

1,211

1,860

1,140

1,640

1,793

2,450

Location

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

T-153

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

T-154

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

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―17―

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

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

T-159

RESIDIA Nerima

Nerima-ku, Tokyo

T-160

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

T-161

RESIDIA Nakano

Nakano-ku, Tokyo

T-162

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Type ofownership
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Appraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1
492

751

384

587

Real estate

676

974

Real estate

470

637

1,313

1,740

960

1,460

851

1,440

1,376

2,090

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

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-BakurochoII

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,960

3,190

T-168

RESIDIA Nihonbashi-BakurochoIII

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,808

2,780

T-169

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

1,644

2,560

T-170

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

4,608

7,030

T-171

RESIDIA Kameido

Koto-ku, Tokyo

2,988

4,170

T-172

RESIDIA Koenji

Suginami-ku, Tokyo

1,379

2,030

T-173

RESIDIA Kamata V

Ota-ku, Tokyo

Real estate

2,313

2,980

T-174

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,314

4,490

T-175

RESIDIA Ikegami II

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,095

1,540

T-176

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,409

1,910

1,799

2,170

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

T-177

RESIDIA Nakano-Fujimidai

Nakano-ku, Tokyo

Beneficiaryinterests in trust

T-178

RESIDIA Bunkyo-Koishikawa

Bunkyo-ku, Tokyo

Real estate

750

890

T-179

RESIDIA Kanda-Awajicho

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,537

1,840

T-180

RESIDIA Ogikubo III

Suginami-ku, Tokyo

2,469

2,850

T-181

RESIDIA SetagayaWakabayashi

Setagaya-ku, Tokyo

1,184

1,340

S-002

Chester House Kawaguchi

Kawaguchi-shi, Saitama

661

830

S-004

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

945

1,420

S-005

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

1,662

2,520

S-007

RESIDIA Chofu

Chofu-shi, Tokyo

1,008

1,380

S-012

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

462

771

S-014

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

1,465

2,050

S-015

RESIDIA Okurayama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

670

1,020

―18―

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

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estateAppraisal
Book value at value at end of
end of period
period(million yen) (million yen)
Note 1

Location

Type ofownership

Real estate

1,425

2,290

S-016

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

S-017

RESIDIA Funabashi I RESIDIA
Funabashi II

Funabashi-shi, Chiba

Beneficiaryinterests in trust

2,410

3,770

S-019

RESIDIA Kichijoji

Musashino-shi, Tokyo

Beneficiaryinterests in trust

1,397

2,030

S-020

Pacific Royal Court Minatomirai
Ocean Tower

Yokohama-shi, Kanagawa

Real estate andleasehold rights
to real estate

10,213

17,600

S-022

BRANCHEILE Kohoku II (Note 4)

Yokohama-shi, Kanagawa

Real estate

1,588

2,310

S-023

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

711

1,340

S-024

RESIDIA Urayasu

Urayasu-shi, Chiba

1,939

3,310

S-025

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

822

1,240

S-026

RESIDIA Urayasu II

Urayasu-shi, Chiba

800

1,260

S-027

RESIDIA Gyotoku

Ichikawa-shi, Chiba

Beneficiaryinterests in trust

747

1,160

S-028

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

Beneficiaryinterests in trust

1,508

2,490

S-029

Cocofump Hiyoshi

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

903

1,200

S-030

RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

Beneficiaryinterests in trust

1,062

1,470

S-031

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

732

1,180

S-032

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

Real estate

601

780

S-033

RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

647

804

S-034

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

590

683

S-035

RESIDIA Kunitachi II

Kunitachi-shi, Tokyo

Real estate

860

918

R-002

RESIDIA Imadegawa

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,404

1,870

R-004

RESIDIA Higashizakura

Nagoya-shi, Aichi

Beneficiaryinterests in trust

930

1,470

R-008

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

Beneficiaryinterests in trust

3,188

5,200

R-010

RESIDIA Hakata

Fukuoka-shi, Fukuoka

Real estate

1,174

1,710

R-011

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

767

1,200

R-012

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,883

3,350

R-013

KC21 Building

Sendai-shi, Miyagi

Real estate

818

1,020

R-014

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

979

1,690

―19―

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

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Type ofownership

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

R-015

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,774

3,040

R-016

RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,019

3,540

R-017

RESIDIA Hibino

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,025

1,650

R-019

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

849

1,300

R-020

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

285

422

R-021

RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

Real estate

558

888

R-024

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,626

2,390

R-025

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,390

1,720

R-026

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,044

1,590

R-027

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

702

998

R-029

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

677

873

R-030

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,102

4,620

R-031

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

894

1,340

R-032

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

681

974

R-034

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,735

3,220

R-035

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,014

1,780

R-036

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

Beneficiaryinterests in trust

604

975

R-037

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

464

824

R-038

RESIDIA Hirosedori

Sendai-shi, Miyagi

Beneficiaryinterests in trust

437

765

R-039

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,301

2,250

R-040

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

934

1,680

R-041

RESIDIA Esaka

Suita-shi, Osaka

Beneficiaryinterests in trust

955

1,500

R-042

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

2,066

3,390

R-043

RESIDIA Tsurumai

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,065

1,720

R-044

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

Beneficiaryinterests in trust

2,394

3,970

―20―

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Type ofownership

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

R-045

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

937

1,260

R-046

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,773

2,790

R-047

RESIDIA Marunouchi

Nagoya-shi, Aichi

Beneficiaryinterests in trust

882

1,240

R-048

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

1,477

2,380

R-049

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,134

1,950

R-050

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

809

1,300

R-051

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

Real estate

3,335

5,990

R-052

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,652

2,390

R-053

RESIDIA Higashizakura II

Nagoya-shi, Aichi

Beneficiaryinterests in trust

2,780

4,030

R-054

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,763

3,010

R-055

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

Beneficiaryinterests in trust

981

1,660

R-056

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,017

1,910

R-057

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

520

1,000

R-058

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

958

1,590

R-059

RESIDIA Shin-Osaka

Osaka-shi, Osaka

Beneficiaryinterests in trust

2,626

4,200

R-060

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

Beneficiaryinterests in trust

762

1,130

R-061

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

228

349

R-062

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,142

1,500

R-063

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

502

793

R-064

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

471

665

R-065

RESIDIA Soen

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

445

612

R-066

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,078

1,660

R-067

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,088

1,660

R-068

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,306

2,080

―21―

Ⅰ. Fiscal Period Report

Propertyno.

Name of real estate

Location

Type ofownership

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

R-069

RESIDIA Kego

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

782

1,300

R-070

RESIDIA Shirakabe

Nagoya-shi, Aichi

Beneficiaryinterests in trust

889

1,200

R-071

RESIDIA Sakae

Nagoya-shi, Aichi

Real estate

896

951

1,483

1,870

2,160

2,480

Real estate

783

706

Beneficiaryinterests in trust
Beneficiaryinterests in trust

R-072

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

R-073

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

R-074

RESIDIA Sapporo-eki North

Sapporo, Hokkaido

R-075

RESIDIA Hijiyama-Koen

Hiroshima-shi, Hiroshima

Beneficiaryinterests in trust

675

883

R-076

RESIDIA Kita-Nijyo-East III

Sapporo, Hokkaido

Beneficiaryinterests in trust

425

446

R-077

RESIDIA Shin-Osaka II

Osaka-shi, Osaka

Real estate

685

734

R-078

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

753

805

R-079

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate

1,477

1,850

R-080

RESIDIA Shirokitakoen-dori

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,302

1,390

R-081

RESIDIA Kyoto-Mibu

Kyoto, Kyoto

Beneficiaryinterests in trust

665

680

R-082

RESIDIA Nishi-tenma

Osaka-shi, Osaka

Real estate

3,207

3,210

R-083

RESIDIA Hakata-Higashi

Fukuoka-shi, Fukuoka

Real estate

914

930

R-084

RESIDIA Kotoen

Nishinomiya-shi, Hyogo

Real estate

543

534

R-086

RESIDIA Kumamoto-Karashima(Note 2)

Kumamoto-shi, Kumamoto

Beneficiaryinterests in trust

4,347

4,170

440,317697,659

Total

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting ofInvestment Corporations” issued by the Cabinet Office, provided by a real estate appraiser as of January 31, 2023.
2. Regarding R-086 RESIDIA Kumamoto-Karashima, the name of the property was changed from Vivo Karashima to RESIDIA Kumamoto-Karashima on February 1, 2023. This
document uses the property’s new name regardless of the actual name on the balance sheet date.

―22―

Ⅰ. Fiscal Period Report
The following is the status of the rental business for the assets held by ADR as of January 31, 2023.
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-001 RESIDIA Shimazuyama

1

92.5

91,862

0.5

1

94.5

89,574

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

92.8

38,521

0.2

1

96.5

39,552

0.2

T-004 RESIDIA Ikejiriohashi

1

95.6

38,244

0.2

1

95.0

36,8180.2

T-005 RESIDIA Kudanshita

1

98.9

77,432

0.4

1

100.0

78,1220.5

T-006 RESIDIA Hatagaya

1

97.4

33,068

0.2

1

98.1

31,8880.2

T-007 RESIDIA Sakurajosui

1

96.3

33,956

0.2

1

97.9

34,736

0.2

T-008 RESIDIA Kita-Shinagawa

1

100.0

76,075

0.4

1

100.0

76,0800.4

T-009 RESIDIA Shinjuku-East III

1

97.5

26,087

0.2

1

92.5

25,604

0.1

Leopalace Udagawacho
Mansion1

100.0

16,209

0.1

1

100.0

16,1850.1

T-011 RESIDIA Shinjuku-East II

1

95.4

48,411

0.3

1

94.7

47,751

0.3

T-012 RESIDIA Shinjuku-East

1

98.0

32,967

0.2

1

96.1

34,133

0.2

T-013 RESIDIA Kanda-Iwamotocho

1

97.2

59,946

0.3

1

95.6

60,0390.3

T-014 RESIDIA Azabujuban II

1

97.1

31,132

0.2

1

89.6

29,853

0.2

T-015 RESIDIA Ebisu

1

100.0

21,069

0.1

1

100.0

21,2140.1

T-016 RESIDIA Meguro

1

96.0

20,970

0.1

1

91.4

20,8630.1

T-017 RESIDIA Hiroo II

1

98.9

57,279

0.3

1

97.7

55,0090.3

T-018 Pianetta Shiodome

1

97.3

64,215

0.4

1

92.7

62,0990.4

T-019 RESIDIA Komazawadaigaku

1

88.3

11,294

0.1

1

86.8

11,1390.1

T-022 RESIDIA Oimachi

1

95.8

33,217

0.2

1

98.0

32,023

0.2

T-023 RESIDIA Ebisu II

1

96.2

74,565

0.4

1

100.0

74,5490.4

T-024 RESIDIA Kamiochiai

1

100.0

43,899

0.3

1

97.6

43,601

0.3

T-025 RESIDIA Higashi-Shinagawa

1

97.5

68,306

0.4

1

95.0

67,0380.4

T-026 RESIDIA Meguro II

1

97.6

38,336

0.2

1

95.9

38,307

0.2

T-027 RESIDIA Toranomon

1

96.8

44,092

0.3

1

98.4

44,3990.3

T-028 RESIDIA Shin-Ochanomizu

1

100.0

41,435

0.2

1

100.0

41,736

0.2

T-029 RESIDIA Kagurazaka

1

98.1

31,178

0.2

1

98.1

31,7330.2

T-030 RESIDIA Oimachi II

1

100.0

35,759

0.2

1

97.7

36,7790.2

T-031 RESIDIA Jiyugaoka

1

100.0

37,209

0.2

1

100.0

36,7500.2

T-032 RESIDIA Suidobashi

1

100.0

79,677

0.5

1

100.0

80,167

0.5

T-033 RESIDIA TOWER Nogizaka

1

96.8

112,240

0.7

1

97.3

115,314

0.7

T-034 RESIDIA Akasaka

1

92.4

41,080

0.2

1

100.0

41,454

0.2

T-035 RESIDIA Nishi-Azabu

1

94.5

221,531

1.3

1

97.9

230,980

1.3

T-036 RESIDIA Daikanyama

1

98.5

61,818

0.4

1

98.5

61,455

0.4

T-037 RESIDIA Ichigaya

1

96.8

82,505

0.5

1

94.6

83,734

0.5

1

93.5

134,945

0.8

1

100.0

143,845

0.8

1

96.6

554,037

3.2

1

98.1

561,680

3.2

T-010

RESIDIA RoppongiHinokichokoen
RESIDIA TOWER MeguroT-039
Fudomae
T-038

―23―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-040 RESIDIA Sangenjaya

1

97.3

93,964

0.5

1

93.1

91,6400.5

T-041 RESIDIA Kanda-Higashi

1

96.3

61,725

0.4

1

95.5

61,794

0.4

T-042 RESIDIA Higashi-Azabu

1

100.0

45,549

0.3

1

93.9

44,115

0.3

T-043 RESIDIA Ebisu-Minami

1

100.0

62,582

0.4

1

90.6

61,2390.4

T-044 RESIDIA TOWER Azabujuban

1

95.9

214,604

1.2

1

92.8

217,122

1.3

T-045 RESIDIA Shibuya

1

98.0

42,101

0.2

1

88.1

39,973

0.2

T-046 RESIDIA Nakanobu

1

92.3

63,610

0.4

1

92.2

64,323

0.4

T-047 RESIDIA Azabudai

1

97.4

50,507

0.3

1

97.4

49,7680.3

T-048 RESIDIA Shibadaimon II

1

97.9

54,714

0.3

1

93.8

51,9000.3

T-049 RESIDIA Kanda

1

91.0

40,719

0.2

1

94.2

41,3180.2

T-050 RESIDIA Sangenjaya II

1

91.4

41,846

0.2

1

96.7

43,012

0.2

T-051 RESIDIA Nishi-Shinjuku II

1

92.3

59,900

0.3

1

100.0

56,845

0.3

T-052 RESIDIA Hiroo-Minami

1

96.2

29,333

0.2

1

92.5

29,3000.2

T-053 RESIDIA Mejiro-Otomeyama

1

100.0

35,362

0.2

1

100.0

36,066

0.2

T-054 RESIDIA Shibaura

1

96.0

193,214

1.1

1

96.5

195,024

1.1

T-055 RESIDIA Gotenyama

1

93.8

30,957

0.2

1

85.5

28,734

0.2

T-056 RESIDIA Yutenji

1

98.0

159,732

0.9

1

97.5

160,077

0.9

1

97.4

343,188

2.0

1

97.9

346,596

2.0

T-057

Park Tower Shibaura Bayward
Urban Wing

T-058 RESIDIA Kamimeguro

1

87.3

34,537

0.2

1

94.5

38,2590.2

T-059 RESIDIA Kita-Shinjuku

1

100.0

50,209

0.3

1

96.1

47,9780.3

T-060 RESIDIA Komazawa

1

100.0

28,095

0.2

1

100.0

28,095

0.2

T-061 RESIDIA Shibaura KAIGAN

1

97.7

89,029

0.5

1

98.9

90,752

0.5

T-062 RESIDIA Ichigaya-Yakuoji

1

93.7

64,133

0.4

1

96.4

62,6290.4

T-063 RESIDIA Yoga

1

92.7

49,548

0.3

1

98.7

52,782

0.3

T-064 RESIDIA TOWER Nakameguro

1

96.5

129,621

0.8

1

95.1

129,954

0.7

T-065 RESIDIA Sasazuka II

1

98.0

126,183

0.7

1

96.9

122,551

0.7

T-066 RESIDIA Meguro III

1

100.0

34,954

0.2

1

91.1

35,4000.2

T-067 RESIDIA Jiyugaoka II

1

95.0

27,183

0.2

1

94.7

26,876

0.2

T-068 RESIDIA Kudanshita II

1

96.0

47,945

0.3

1

97.8

48,6280.3

T-069 RESIDIA Omori II

1

96.1

56,991

0.3

1

97.9

55,634

0.3

T-070 RESIDIA Shirokane-Takanawa

1

94.6

51,543

0.3

1

96.0

50,8100.3

T-071 RESIDIA Nakaochiai

1

96.0

117,390

0.7

1

93.2

118,633

0.7

T-072 RESIDIA Nakameguro II

1

90.1

35,482

0.2

1

96.0

36,114

0.2

T-073 Artis Court Minamiaoyama

1

100.0

55,744

0.3

1

95.2

57,594

0.3

T-074 RESIDIA Yotsuya Sanchome

1

96.2

82,975

0.5

1

97.0

81,754

0.5

T-075 RESIDIA Takanawa Katsurazaka

1

93.4

30,306

0.2

1

93.7

30,1400.2

T-076 RESIDIA Ebisu III

1

96.5

21,670

0.1

1

100.0

21,126

0.1

T-077 RESIDIA Shinjukugyoen

1

92.5

25,589

0.1

1

97.5

25,3780.1

T-078 RESIDIA Minami Shinagawa

1

100.0

37,449

0.2

1

100.0

39,0700.2

T-079 Chester Court Ochanomizu

1

97.2

106,008

0.6

1

98.0

106,430

0.6―24―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-080 RESIDIA Kanda-Iwamotocho II

1

94.0

43,808

0.3

1

100.0

44,007

0.3

T-081 RESIDIA Shinagawa

1

93.0

32,812

0.2

1

100.0

32,961

0.2

T-082 RESIDIA Yoyogi II

1

96.5

24,734

0.1

1

96.0

25,5040.1

T-083 RESIDIA Nakanobu II

1

91.8

26,782

0.2

1

95.7

26,202

0.2

T-084 RESIDIA Ochanomizu II

1

100.0

25,167

0.1

1

100.0

25,692

0.1

T-085 RESIDIA Mishuku

1

100.0

34,123

0.2

1

100.0

34,392

0.2

T-086 RESIDIA Ichigaya II

1

89.4

55,129

0.3

1

100.0

54,487

0.3

T-087 RESIDIA Ichigaya-Sadohara

1

97.2

142,236

0.8

1

86.1

138,578

0.8

T-088 RESIDIA Nishi-Koyama

1

93.8

49,397

0.3

1

98.6

49,276

0.3

T-089 RESIDIA Minami-Shinagawa II

1

98.0

59,721

0.3

1

100.0

59,016

0.3

T-090 RESIDIA Kagurazaka II

1

97.1

30,244

0.2

1

95.7

30,282

0.2

T-091 RESIDIA Otemachi-Kita

1

90.9

40,935

0.2

1

96.1

40,442

0.2

T-092 RESIDIA Mitsukoshimae

1

97.6

68,378

0.4

1

99.2

69,286

0.4

T-093 RESIDIA Kamata

1

95.3

101,327

0.6

1

97.8

99,5290.6

T-094 RESIDIA Ikebukuro

1

95.8

52,784

0.3

1

97.0

51,304

0.3

T-095 RESIDIA Bunkyo-Hongo

1

92.6

59,606

0.3

1

98.6

58,5190.3

T-096 RESIDIA Asakusabashi

1

90.5

41,785

0.2

1

97.8

42,276

0.2

T-097 Maison Eclairee Ekoda

1

94.7

35,882

0.2

1

97.9

35,903

0.2

T-098 RESIDIA Ueno-Okachimachi

1

95.3

101,100

0.6

1

97.1

102,548

0.6

T-099 RESIDIA Bunkyo-Hongo II

1

90.1

52,100

0.3

1

94.6

51,4050.3

T-100 RESIDIA Ryogoku

1

96.3

34,011

0.2

1

94.8

33,363

0.2

RESIDIA Nihonbashi-Ningyocho
T-101
II

1

97.0

101,064

0.6

1

99.4

103,000

0.6

T-102 RESIDIA Omori-Higashi

1

97.9

57,948

0.3

1

91.5

56,572

0.3

T-103 RESIDIA Kinshicho

1

95.3

123,282

0.7

1

97.2

123,827

0.7

T-104 RESIDIA Negishi

1

96.3

30,347

0.2

1

100.0

30,003

0.2

T-105 RESIDIA Shinkawa

1

94.2

65,324

0.4

1

98.4

67,838

0.4

T-107 RESIDIA Shin-Nakano

1

96.6

16,453

0.1

1

100.0

15,598

0.1

T-108 RESIDIA Bunkyo-Yushima II

1

91.0

35,590

0.2

1

95.4

34,575

0.2

T-109 RESIDIA Tsukiji

1

100.0

53,824

0.3

1

98.2

53,127

0.3

T-110 RESIDIA Sasazuka

1

91.0

64,962

0.4

1

92.5

63,462

0.4

T-111 RESIDIA Tamagawa

1

97.0

48,217

0.3

1

95.9

47,236

0.3

T-112 RESIDIA Korakuen

1

96.7

20,711

0.1

1

96.7

21,676

0.1

T-113 RESIDIA Ginza-Higashi

1

98.1

70,368

0.4

1

94.0

72,073

0.4

T-114 RESIDIA Oji

1

100.0

33,723

0.2

1

100.0

33,7390.2

T-115 RESIDIA Mejiro II

1

92.0

36,227

0.2

1

94.7

35,3680.2

T-116 RESIDIA Tsukishima

1

94.8

38,164

0.2

1

94.3

39,3290.2

T-117 RESIDIA Kamata II

1

98.8

45,976

0.3

1

94.1

45,823

0.3

T-118 RESIDIA Tsukishima II

1

95.3

82,818

0.5

1

96.5

83,277

0.5

T-119 RESIDIA Kinshicho II

1

95.1

77,270

0.4

1

98.4

80,183

0.5

T-120 RESIDIA Bunkyo-Otowa

1

96.2

127,065

0.7

1

94.6

124,737

0.7―25―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-121 RESIDIA Bunkyo-Sengoku

1

94.3

27,091

0.2

1

97.1

26,774

0.2

T-122 RESIDIA Bunkyo-Yushima

1

94.7

38,905

0.2

1

98.1

39,453

0.2

T-123 RESIDIA Ikegami

1

100.0

14,229

0.1

1

100.0

14,742

0.1

T-124 RESIDIA Nihonbashi-Ningyocho

1

80.9

20,488

0.1

1

96.4

21,991

0.1

T-125 RESIDIA Bunkyo-Sengoku II

1

95.8

50,334

0.3

1

89.9

48,6690.3

T-126 RESIDIA Iriya

1

96.7

38,345

0.2

1

96.6

38,051

0.2

T-127 RESIDIA Nihonbashi-Hamacho

1

97.7

45,651

0.3

1

95.6

45,3490.3

T-128 RESIDIA Shin-Okachimachi

1

95.1

60,438

0.4

1

95.9

60,2900.3

T-129 RESIDIA Chidoricho

1

93.3

42,917

0.2

1

98.4

43,635

0.3

T-130 RESIDIA Shinkawa II

1

94.3

48,288

0.3

1

97.2

48,235

0.3

T-131 RESIDIA Mejiro

1

96.3

254,215

1.5

1

94.4

259,899

1.5

T-132 RESIDIA Kasai

1

96.7

27,509

0.2

1

96.7

27,0950.2

T-133 RESIDIA Nihonbashi-Bakurocho

1

95.2

208,675

1.2

1

99.0

209,021

1.2

T-134 RESIDIA Suginami-Honancho

1

96.7

154,514

0.9

1

98.1

154,568

0.9

T-135 RESIDIA Shin-Itabashi

1

100.0

29,739

0.2

1

100.0

29,7390.2

T-136 RESIDIA Kiba

1

98.7

83,014

0.5

1

98.1

81,516

0.5

T-137 RESIDIA Bunkyo-Yushima III

1

100.0

40,093

0.2

1

100.0

40,226

0.2

RESIDIA BunkyoHonkomagome

1

94.6

84,436

0.5

1

97.1

85,116

0.5

T-139 RESIDIA Tsukishima III

1

92.8

94,673

0.5

1

96.0

93,477

0.5

T-140 RESIDIA Minami-senjyu

1

97.1

176,343

1.0

1

93.6

171,640

1.0

T-141 RESIDIA Ogikubo

1

98.8

65,431

0.4

1

95.1

63,9480.4

T-142 RESIDIA Monzennakacho

1

98.5

36,762

0.2

1

97.0

37,1600.2

T-143 RESIDIA Ochanomizu

1

97.2

76,468

0.4

1

97.2

81,034

0.5

T-144 RESIDIA Omori

1

100.0

42,211

0.2

1

94.7

39,6550.2

T-145 RESIDIA Nakamurabashi

1

97.2

36,865

0.2

1

100.0

36,616

0.2

T-146 RESIDIA Kachidoki

1

94.1

66,269

0.4

1

98.1

66,646

0.4

T-147 RESIDIA Bunkyo-Otowa II

1

95.6

82,170

0.5

1

94.0

82,9420.5

T-148 RESIDIA Kinshicho III

1

100.0

25,416

0.1

1

100.0

25,4040.1

T-149 RESIDIA Kamata III

1

95.0

33,931

0.2

1

100.0

33,382

0.2

RESIDIA TOWER
T-150
Kamiikebukuro

1

97.5

777,318

4.5

1

97.7

799,600

4.6

T-151 RESIDIA Takashimadaira

1

100.0

16,191

0.1

1

100.0

16,192

0.1

T-152 RESIDIA Shimura-Sakaue

1

100.0

18,084

0.1

1

100.0

18,0840.1

T-153 RESIDIA Shimura-Sakaue II

1

100.0

36,294

0.2

1

100.0

36,2990.2

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

95.8

45,378

0.3

1

92.4

43,191

0.2

T-156 RESIDIA Ojima

1

95.4

45,418

0.3

1

96.6

42,387

0.2

T-157 RESIDIA Machiya

1

100.0

47,655

0.3

1

96.7

47,854

0.3

T-158 RESIDIA Ueno-Ikenohata

1

93.2

57,707

0.3

1

100.0

55,705

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

96.2

14,828

0.1

1

100.0

15,044

0.1

T-138

―26―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

T-161 RESIDIA Nakano

1

100.0

22,435

0.1

1

100.0

23,881

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

93.4

43,976

0.3

1

97.0

43,7490.3

T-164 RESIDIA Akihabara

1

92.4

35,216

0.2

1

97.8

34,185

0.2

T-165 RESIDIA Asakusa-Azumabashi

1

100.0

32,953

0.2

1

95.0

31,812

0.2

T-166 RESIDIA Omori III

1

91.3

41,857

0.2

1

94.6

41,247

0.2

1

91.9

61,620

0.4

1

96.9

60,471

0.3

1

87.6

65,226

0.4

1

100.0

64,514

0.4

T-169 RESIDIA Bunkyo-Hongo III

1

92.9

50,260

0.3

1

100.0

52,8590.3

T-170 RESIDIA Shin-Okachimachi II

1

96.1

142,633

0.8

1

96.3

150,3290.9

T-171 RESIDIA Kameido

1

97.1

87,973

0.5

1

97.8

88,482

0.5

T-172 RESIDIA Koenji

1

98.5

41,104

0.2

1

97.0

41,2780.2

T-173 RESIDIA Kamata V

1

94.1

64,235

0.4

1

95.1

64,022

0.4

T-174 RESIDIA Kamata IV

1

98.8

99,475

0.6

1

97.7

90,6180.5

T-175 RESIDIA Ikegami II

1

96.0

31,338

0.2

1

100.0

32,456

0.2

T-176 RESIDIA Sasazuka III

1

94.4

38,145

0.2

1

98.2

38,295

0.2

T-177 RESIDIA Nakano-Fujimidai

1

95.9

46,374

0.3

1

95.9

45,3380.3

T-178 RESIDIA Bunkyo-Koishikawa

1

100.0

17,444

0.1

1

100.0

15,973

0.1

T-179 RESIDIA Kanda-Awajicho

1

100.0

21,853

0.1

1

97.8

38,164

0.2

T-180 RESIDIA Ogikubo III

1

100.0

35,335

0.2

1

95.7

60,8890.4

RESIDIA SetagayaWakabayashi

1

85.7

17,418

0.1

1

84.0

24,732

0.1

S-002 Chester House Kawaguchi

1

100.0

29,795

0.2

1

94.9

30,6450.2

S-004 RESIDIA Higashi-Matsudo

1

100.0

45,188

0.3

1

90.7

44,6100.3

S-005 RESIDIA Shin-Yokohama

1

91.6

67,396

0.4

1

98.5

68,505

0.4

S-007 RESIDIA Chofu

1

97.5

36,759

0.2

1

93.1

35,1460.2

S-012 RESIDIA Kokubunji

1

94.1

20,184

0.1

1

97.0

20,312

0.1

S-014 RESIDIA Yokohama-Kannai

1

89.8

51,610

0.3

1

98.2

52,526

0.3

S-015 RESIDIA Okurayama

1

100.0

26,831

0.2

1

100.0

27,9620.2

S-016 RESIDIA Musashikosugi

1

100.0

59,319

0.3

1

97.7

59,066

0.3

RESIDIA Funabashi I RESIDIA
S-017
Funabashi II

1

98.4

105,528

0.6

1

93.2

98,3700.6

S-019 RESIDIA Kichijoji

1

95.5

51,845

0.3

1

93.5

51,626

0.3

1

100.0

558,246

3.2

1

100.0

556,029

3.2

S-022 BRANCHEILE Kohoku II

1

100.0

70,704

0.4

1

100.0

70,764

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

97.2

86,931

0.5

1

99.4

82,974

0.5

S-025 RESIDIA Minami-Gyotoku

1

97.6

35,220

0.2

1

96.5

34,546

0.2

S-026 RESIDIA Urayasu II

1

95.9

32,753

0.2

1

100.0

33,4000.2

S-027 RESIDIA Gyotoku

1

96.0

34,239

0.2

1

98.7

32,727

0.2

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

T-181

S-020

Pacific Royal Court Minatomirai
Ocean Tower―27―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

S-028 RESIDIA Kawasaki

1

89.8

61,422

0.4

1

97.5

60,411

0.3

S-029 Cocofump Hiyoshi

1

100.0

45,000

0.3

1

100.0

45,0000.3

S-030 RESIDIA Sagamihara

1

100.0

43,112

0.2

1

100.0

43,112

0.2

S-031 RESIDIA Yokohama-Bashamichi

1

100.0

37,503

0.2

1

95.9

39,5480.2

S-032 RESIDIA Hon-Atsugi

1

96.2

24,820

0.1

1

92.5

21,861

0.1

S-033 RESIDIA Funabashi III

1

100.0

20,332

0.1

1

100.0

23,4730.1

S-034 RESIDIA Funabashi IV

1

97.7

18,641

0.1

1

97.7

18,4990.1

S-035 RESIDIA Kunitachi II

1

100.0

21,662

0.1

1

94.8

20,5740.1

R-002 RESIDIA Imadegawa

1

100.0

60,936

0.4

1

100.0

61,0260.4

R-004 RESIDIA Higashizakura

1

97.7

43,877

0.3

1

90.3

43,2370.2

R-008 RESIDIA Kobe Port Island

1

100.0

127,542

0.7

1

100.0

128,5640.7

R-010 RESIDIA Hakata

1

98.1

55,016

0.3

1

97.5

53,2220.3

R-011 RESIDIA Tenjinbashi

1

93.8

34,902

0.2

1

98.8

34,4100.2

R-012 RESIDIA Sannomiya-Higashi

1

98.0

90,132

0.5

1

97.5

91,3780.5

R-013 KC21 Building

1

97.4

37,662

0.2

1

93.7

35,3730.2

R-014 RESIDIA Utsubokoen

1

96.1

46,928

0.3

1

93.1

44,5620.3

R-015 RESIDIA Kyoto-ekimae

1

96.2

80,338

0.5

1

92.9

77,1890.4

R-016 RESIDIA Takaoka

1

90.8

92,125

0.5

1

92.1

90,7940.5

R-017 RESIDIA Hibino

1

98.5

66,499

0.4

1

97.6

66,3970.4

R-019 RESIDIA Tenjin-Minami

1

98.2

40,124

0.2

1

98.2

40,0060.2

R-020 RESIDIA Hakataeki-Minami

1

97.5

16,718

0.1

1

97.4

16,3770.1

R-021 RESIDIA Hisaya-Oodori II

1

97.4

26,411

0.2

1

100.0

26,7270.2

R-024 RESIDIA Minami-Ichijo

1

97.0

76,567

0.4

1

96.2

77,5740.4

R-025 RESIDIA Odori-Nishi

1

97.0

60,576

0.4

1

97.2

57,6870.3

R-026 RESIDIA Kita-Sanjo

1

98.3

50,143

0.3

1

94.2

49,4190.3

R-027 RESIDIA Shirakabe-Higashi

1

100.0

33,210

0.2

1

96.7

33,0100.2

R-029 RESIDIA Uzumasa

1

100.0

33,627

0.2

1

98.1

33,481

0.2

R-030 RESIDIA Izumi

1

99.3

145,397

0.8

1

100.0

148,8310.9

R-031 RESIDIA Maruyama Kita-Gojo

1

96.9

47,165

0.3

1

94.8

47,0330.3

R-032 RESIDIA Tokugawa

1

92.6

29,701

0.2

1

88.5

28,1370.2

R-034 RESIDIA Odori-Koen

1

94.7

94,672

0.5

1

98.1

96,4560.6

R-035 RESIDIA Tanimachi

1

96.5

46,741

0.3

1

99.2

46,7060.3

R-036 RESIDIA Hisaya-Oodori

1

96.9

27,636

0.2

1

98.6

26,8440.2

R-037 RESIDIA Sendai-Miyamachi

1

100.0

25,369

0.1

1

100.0

23,0800.1

R-038 RESIDIA Hirosedori

1

100.0

21,944

0.1

1

100.0

21,9470.1

R-039 RESIDIA Edobori

1

96.2

57,851

0.3

1

95.4

56,7340.3

R-040 RESIDIA Kyomachibori

1

96.0

42,680

0.2

1

97.4

42,6370.2

R-041 RESIDIA Esaka

1

90.3

37,397

0.2

1

96.5

37,9050.2

R-042 RESIDIA Nishijin

1

94.9

108,224

0.6

1

97.2

108,183

0.6

R-043 RESIDIA Tsurumai

1

95.3

52,702

0.3

1

90.7

51,2530.3―28―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

R-044 RESIDIA Kobe-Isogami

1

96.0

111,875

0.6

1

92.2

114,2390.7

R-045 RESIDIA Kita-Nijyo-East

1

100.0

42,968

0.2

1

98.6

42,1940.2

R-046 RESIDIA Shinsaibashi West

1

95.8

75,533

0.4

1

94.8

75,3830.4

R-047 RESIDIA Marunouchi

1

90.9

36,951

0.2

1

88.7

35,9520.2

R-048 RESIDIA Sapporo-Ekimae

1

95.2

74,963

0.4

1

93.4

73,7080.4

R-049 RESIDIA Gosho-Higashi

1

91.1

46,641

0.3

1

93.6

45,1220.3

R-050 RESIDIA Rakuhoku

1

96.2

36,759

0.2

1

97.3

35,3050.2

R-051 RESIDIA Miyakojima I & II

1

96.7

163,109

0.9

1

99.5

166,648

1.0

R-052 RESIDIA TOWER Sendai

1

98.7

73,755

0.4

1

95.9

72,5170.4

R-053 RESIDIA Higashizakura II

1

92.4

119,753

0.7

1

90.5

116,098

0.7

R-054 RESIDIA Tsutsujigaoka

1

98.4

84,079

0.5

1

94.4

84,1980.5

R-055 RESIDIA Kobe-Motomachi

1

96.9

43,809

0.3

1

99.0

44,5750.3

R-056 RESIDIA Sendai-Honcho

1

97.1

54,535

0.3

1

94.6

52,9950.3

R-057 RESIDIA Sendai-Haranomachi

1

100.0

30,851

0.2

1

97.2

30,3830.2

R-058 RESIDIA Minami-Ichijo East

1

95.9

48,669

0.3

1

97.2

48,5620.3

R-059 RESIDIA Shin-Osaka

1

96.0

104,635

0.6

1

97.1

104,679

0.6

R-060 RESIDIA Okayama-Ekimae

1

100.0

35,274

0.2

1

100.0

35,3100.2

R-061 RESIDIA Kyoto Okazaki

1

100.0

9,604

0.1

1

100.0

9,642

0.1

R-062 RESIDIA Sendai-Ichibancho

1

100.0

43,095

0.2

1

100.0

43,0950.2

R-063 RESIDIA Kita-Nijyo-East II

1

95.5

26,293

0.2

1

97.8

26,1150.2

R-064 RESIDIA Takamiya

1

96.9

20,009

0.1

1

97.7

20,2990.1

R-065 RESIDIA Soen

1

95.0

20,652

0.1

1

95.1

19,7710.1

R-066 RESIDIA Tenjin

1

97.7

41,888

0.2

1

97.7

42,2220.2

R-067 RESIDIA Yakuin-Oodori

1

98.9

43,133

0.2

1

96.7

43,301

0.2

R-068 RESIDIA Hakata II

1

95.6

52,855

0.3

1

97.7

53,8340.3

R-069 RESIDIA Kego

1

97.9

37,845

0.2

1

97.5

37,0270.2

R-070 RESIDIA Shirakabe

1

98.0

34,877

0.2

1

94.3

34,8190.2

R-071 RESIDIA Sakae

1

96.1

28,412

0.2

1

92.2

27,721

0.2

R-072 RESIDIA Senri-Fujishirodai

1

100.0

45,262

0.3

1

100.0

45,1160.3

R-073 RESIDIA Senri-Banpakukoen

1

100.0

63,453

0.4

1

100.0

69,741

0.4

R-074 RESIDIA Sapporo-eki North

1

93.9

23,311

0.1

1

100.0

23,4530.1

R-075 RESIDIA Hijiyama-Koen

1

95.4

27,008

0.2

1

98.8

25,7870.1

R-076 RESIDIA Kita-Nijyo-East III

1

92.4

14,400

0.1

1

95.0

14,6330.1

R-077 RESIDIA Shin-Osaka II

1

92.6

19,050

0.1

1

100.0

19,1100.1

R-078 RESIDIA Tsutsujigaoka-Koen

1

96.5

27,676

0.2

1

98.6

26,4670.2

R-079 RESIDIA Sendai-Kamisugi

1

98.0

48,104

0.3

1

94.9

45,9160.3

R-080 RESIDIA Shirokitakoen-dori

1

100.0

38,773

0.2

1

96.0

38,6300.2

R-081 RESIDIA Kyoto-Mibu

1

97.8

19,726

0.1

1

95.6

20,8410.1

R-082 RESIDIA Nishi-tenma

1

84.0

68,659

0.4

1

79.0

66,7090.4

R-083 RESIDIA Hakata-Higashi

1

95.3

3,551

0.0

1

100.0

25,9770.1―29―

Ⅰ. Fiscal Period Report
24th (Feb. 1, 2022 to Jul. 31, 2022)
Propertyno.

Name of real estate

25th (Aug. 1, 2022 to Jan. 31, 2023)

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(tenants)(tenants)
Note 2
Note 2
Note 1
Note 1

R-084 RESIDIA Kotoen

—

—

—

—

1

100.0

10,0220.1

R-086 RESIDIA Kumamoto-Karashima

—

—

—

—

1

95.9

62,194

0.4

Total

275

96.6

17,206,395

100.0

277

96.7

17,345,586

100.0

Notes 1. “Total number of tenants” is counted as “1” if the property is leased under a master lease agreement to a master lessee.
Because all properties held by ADR as of January 31, 2023 are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates thetotal number of master lease agreements that were concluded with 10 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. RESIDIA Kamiikebukuro was disposed of on September 1, 2022.
5. Tokyo Student-house WAKO was disposed of on September 30, 2022.

Real estate planned to be acquired under the forward commitment (Note 6)
Property
no.
R-085

Name of real estate
RESIDIA Tamatsukuri(Note 7)

Location
Osaka-shi, Osaka

Type ofownership

Real-estate appraisal
value(million yen)

Real estate

2,060

Notes 6. The forward commitment is defined as a post-dated transaction agreement in which the settlement and delivery of property will be made one or more months after the conclusionof the agreement or other similar agreements.
7. On September 16, 2022, ADR concluded a real estate transaction agreement to acquire RESIDIA Tamatsukuri. On February 1, 2023, ADR acquired the property at a price of
1,920 million yen. The appraisal value is as at January 31, 2023.
8. Because the name of the acquired property is scheduled to be changed, this document uses the new name. The name of the property on the date of this document is AMARE
Nagahoridori.

4 Table of Status of Contract Amount, etc. and Fair Value of Specified Transactions
The status of the contract amount, etc. and the fair value of specified transactions at ADR as of January 31, 2023 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)

57,059,000

42,299,000

1,087,859

Total

57,059,000

42,299.000

1,087,859

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 69,241 thousand yen in accordance with the “Accounting Standard for
Financial Instruments.” Interest rate swaps are therefore not stated at fair value in the balance sheets.

5 Status of Other Assets
Real estate and beneficiary interests in trust that have real estate as the assets in trust, etc. are listed all at once in “3.
Real Estate Portfolio” presented earlier in this document. Other than those listed there in the portfolio, there are no main
specified assets invested by ADR as primary investment targets as of January 31, 2023.

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

―30―

Ⅰ. Fiscal Period Report
Capital Expenditures
1 Planned Capital Expenditures
The following table lists the major capital expenditures for renovations currently planned for the real estate and theunderlying real estate of the beneficiary interests in trust ADR owns. The estimated amount includes portions that are to
be recorded as expenses for accounting purposes.
(million yen)
Name of real estate(Location)

Estimated amounts
Payment
Cumulative
Total
for theamountamounts current
paid
periodPurposeEstimated duration

RESIDIA TOWER Meguro-Fudomae(Shinagawa-ku, Tokyo)

Major repair work

From: February 2022
To: July 2023

322

49

49

RESIDIA Tsukishima(Chuo-ku, Tokyo)

Major repair work

From: November 2021
To: July 2023

52

1

1

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 1,970 million yen for the entire portfolio. When combined withrepairs and maintenance cost of 775 million yen, the cost of construction work totals 2,746 million yen.
(million yen)

Name of real estate(Location)
RESIDIA Sapporo-Ekimae(Sapporo-shi, Hokkaido)
RESIDIA Nihonbashi-Bakurocho(Chuo-ku, Tokyo)
RESIDIA Bunkyo-Hongo(Bunkyo-ku, Tokyo)
Other real estate properties
Other real estate properties

Purpose

Implementation period

Amount paid

Major repair work

From: August 8, 2022
To: December 31, 2022

177

Major repair work

From: April 4, 2022
To: October 31, 2022

180

Major repair work

From: August 16, 2022
To: January 21, 2023

108

Major repair work
Renovations

672
831

Total

1,970

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

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.

Fiscal Period
Balance of reservesat beginning of
periodAmount of reserves
during period
Reversal ofreserves during
periodAmount carriedforward to next
period21st FP

22nd FP

23rd FP

24th FP(million yen)

25th FP

From: August 1, 2020 From: February 1, 2021 From: August 1, 2021 From: February 1, 2022 From: August 1, 2022
To: January 31, 2021
To: July 31, 2021
To: January 31, 2022
To: July 31, 2022
To: January 31, 2023

2,130

2,233

2,147

2,804

2,450

1,369

1,402

1,106

1,134

1,120

1,267

1,487

450

1,489

1,473

2,233

2,147

2,804

2,450

2,096

―31―

Ⅰ. Fiscal Period Report
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

24th FP(Thousands of yen)
25th FP

1,278,946 (Note 2)
9,920

1,297,936 (Note 3)
9,982

53,1346,300

53,3896,300

597,966
1,946,267

543,041
1,910,650

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 71,695 thousand yen (including consumption taxes, etc.) treated as acquisition costs of real estate properties.
3. Other than the amount stated above, there were acquisition fees of 49,500 thousand yen (including consumption taxes) treated as acquisition costs of real estate properties,
and disposition fees of 8,300 thousand yen treated as gains on sales of real estate properties.

2 Status of Borrowings
The status of loans payables of ADR as of January 31, 2023 is as follows.
Category
Lenders
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
Short–term Limited
loans payable
Mizuho Bank, Ltd.
The Norinchukin Bank

Balance attheBalance at
Repayment
Use Remarks
Borrowing date beginning the end of Interest Repayment datemethodof period
periodrate(million yen) (million yen)*1
May 27, 2022

375

—

375

—

250

—

—

—

1,000

—

Aug. 16, 2022

Subtotal—

May 26, 2023

*5 Unsecured
BulletUnguaranteed
repayment—

Aug. 16, 2023

*6

Mizuho Trust & Banking Co., Ltd.

Apr. 14, 2015

1,200

—

—

Oct. 14, 2022

*3

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

Oct. 31, 2014

1,000

—

—

Oct. 31, 2022

*5

Nov. 15, 2013—

Nov. 15, 2022

*5

Aozora Bank, Ltd.

Jan. 30, 2015—

Jan. 31, 2023

*5

1.28%
*2

Feb. 16, 2023

*5

Resona Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedSumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Current
Sumitomo Mitsui Trust Bank
portion ofLimitedlong-termloans payable Mizuho Trust & Banking Co., Ltd.
The Norinchukin BankThe Yamaguchi Bank, Ltd.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedDevelopment Bank of Japan Inc.
Sumitomo Mitsui Trust Bank
LimitedMitsui Sumitomo Insurance Co.,
Ltd.

Feb. 17, 2014

Mar. 24, 2020
Apr. 14, 2015
Apr. 14, 2015

3,550

—

1,000

—

700

—

1,000

—

455

455

455

455

1,120

1,120

1,630

1,630

920

920

0.21%

Mar. 24, 2023

1,200

1,200

1,500

1,500

0.75%
*2

Bullet*5 Unsecured
Unguaranteed
repayment

Apr. 14, 2023

*3

500

500

0.73%
*2

Apr. 14, 2023

*3

—

1,000

—

800

0.73%
*2

Aug. 31, 2023

*5

—

500

0.21%

Sep. 11, 2023

*5

Sep. 29, 2023

*5

Nov. 15, 2023

*5

Nov. 30, 2023

*5

Aug. 31, 2015
Sep. 11, 2020
Sep. 30, 2014

—

1,500

Nov. 15, 2013

—

2,600

Nov. 30, 2016

—

1,000

―32―

1.02%
*2
1.47%
*2
0.32%

Ⅰ. Fiscal Period Report

Category
Lenders
Sumitomo Mitsui Banking
Corporation
The Norinchukin Bank

Current
portion of
long-term
The Bank of Fukuoka, Ltd.
loans payable Sumitomo Mitsui Banking
Corporation
Subtotal
Sumitomo Mitsui Trust Bank
Limited
MUFG Bank, Ltd.

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1
Dec. 1, 2020
Dec. 18, 2015
Dec. 25, 2020
Nov. 15, 2013
Feb. 17, 2014

—

1,500

0.14%

Dec. 1, 2023

*3

—

1,000

—

1,000

0.61%
*2

Dec. 18, 2023

Unsecured
Bullet*5
Unguaranteed
repayment

0.14%

Dec. 25, 2023

*5

—

1,200

16,23019,880

2,600

—

—

Nov. 15, 2023

*5

500

500

1.59%
*2

Feb. 14, 2025

*5

500

500

500

500

1.44%
*2

Feb. 16, 2024

*5

—
1.18%
*2
1.05%
*2
1.00%
*2
1.00%
*2
0.88%
*2
1.04%
*2

Sep. 29, 2023

*5

Sep. 30, 2024

*5

Mar. 19, 2025

*3

Apr. 14, 2025

*3

Apr. 14, 2025

*3

Apr. 12, 2024

*3

Jun. 25, 2025

*5—

Aug. 31, 2023

*5

0.92%
0.85%
*2
0.84%
*2

Aug. 29, 2025

*3

Aug. 29, 2025

*3

Dec. 18, 2025

*5—

Dec. 18, 2023

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

Sep. 30, 2014

1,500

—

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

Development Bank of Japan Inc.

Jun. 25, 2015

2,300

2,300

1,000

—

800

—

Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.

Feb. 17, 2014

Aug. 31, 2015

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited

Sep. 14, 2015

400

400

Sep. 14, 2015

400

400

MUFG Bank, Ltd.

Dec. 18, 2015

1,000

1,000

1,000

—

1,000

—

990

990

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Long-termloans payable MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

Dec. 18, 2015
Feb. 29, 2016
Feb. 29, 2016
Feb. 29, 2016

990

990

1,080

1,080

2,500

2,500

Mar. 24, 2016

1,000

1,000

Mar. 24, 2016

1,000

1,000

900

900

750

750

Mar. 24, 2016

0.55%

*5
Unsecured
BulletFeb. 28, 2026 repayment *5 Unguaranteed

0.66%

Jan. 31, 2027

*5

0.57%
0.77%
*2
0.54%

Jan. 31, 2026

*5Mar. 24, 2028

*3

Mar. 24, 2026

*3

0.63%

Jan. 31, 2027

*3
*3

Resona Bank, Limited

Mar. 24, 2016

900

900

0.52%

Jan. 31, 2026

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.

Nov. 30, 2016

1,500

1,500

0.24%

Nov. 29, 2024

*5

Nov. 30, 2016

1,000

—

—

Nov. 30, 2023

*5

―33―

Ⅰ. Fiscal Period Report

Category
Lenders

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

MUFG Bank, Ltd.

Jan. 31, 2017

1,250

1,250

0.41%

Jan. 29, 2027

*5

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

Jan. 31, 2017

1,000

1,000

0.58%

Jan. 29, 2027

*5

Jan. 31, 2017

1,000

1,000

0.63%

Jan. 29, 2027

*5

1,250

1,250

1,000

1,000

0.61%

Jan. 29, 2027

*5

Resona Bank, Limited

Jan. 31, 2017

1,000

1,000

0.50%

Jan. 30, 2026

*5

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

Apr. 25, 2017

1,200

1,200

0.43%

Feb. 25, 2026

*6

Apr. 25, 2017

1,000

1,000

0.67%

Apr. 25, 2028

*6

Apr. 25, 2017

1,400

1,400

0.56%

Apr. 23, 2027

*6

MUFG Bank, Ltd.

Apr. 28, 2017

2,500

2,500

0.52%

Feb. 26, 2027

*5

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

Apr. 28, 2017

1,000

1,000

0.47%

Aug. 31, 2026

*5

2,000

2,000

2,000

2,000

0.60%

Apr. 30, 2027

*5

Jan. 31, 2017

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

500

500

500

500

500

500

0.55%

Aug. 31, 2027

*6

Bank of Kyoto, Ltd.

500

500

Shinkin Central Bank

500

500

The Nishi-Nippon City Bank, Ltd.

500

500

The Bank of Fukuoka, Ltd.

500

500

500

500

0.42%

Feb. 27, 2026

*6

500

500

500

500

500

500

0.51%

Aug. 31, 2027 repayment *6

0.55%

Aug. 31, 2027

*6

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

The Iyo Bank, Ltd.

Sep. 11, 2017

Sep. 11, 2017

The Chugoku Bank, Ltd.
Long-term
Shinkin Central Bankloans payable MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedJapan Post Insurance Co., Ltd.

Sep. 11, 2017
Sep. 11, 2017

500

500

1,000

1,000

BulletTaiyo Life Insurance Company

Sep. 29, 2017

1,500

1,500

0.42%

Sep. 30, 2025

*5

MUFG Bank, Ltd.

Feb. 28, 2018

2,850

2,850

0.54%

Sep. 30, 2027

*5

The Bank of Fukuoka, Ltd.

Feb. 28, 2018

500

500

0.38%

Feb. 28, 2025

*5

The Bank of Fukuoka, Ltd.

Feb. 28, 2018

500

500

0.63%

Feb. 29, 2028

*5

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

Mar. 20, 2018

500

500

0.56%

Mar. 17, 2028

*3

500

500

Mar. 20, 2018

1,000

1,000

500

500

0.61%

Mar. 17, 2028

*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.

Jun. 29, 2018

890

890

0.70%

Jun. 29, 2029

*5

Jul. 31, 2018

1,000

1,000

0.49%

Mar. 31, 2028

*5

1,000

1,000

900

900

0.66%

Jul. 31, 2028

*5

0.47%
0.47%
*2

Jul. 31, 2026

*5

Jul. 31, 2026

*5

Jul. 31, 2018

Mizuho Bank, Ltd.

Jul. 31, 2018

500

500

SBI Shinsei Bank, Limited

Jul. 31, 2018

1,000

1,000

Sumitomo Mitsui Banking
Corporation

Jul. 31, 2018

650

650

0.37%

Jan. 31, 2025

*5

SBI Shinsei Bank, Limited

Jul. 31, 2018

1,000

0.36%
*2

Jan. 31, 2025

*5

1,000

―34―

Unsecured
UnguaranteedⅠ. Fiscal Period Report

Category
Lenders

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

Nippon Life Insurance Company

Sep. 11, 2018

1,000

1,000

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

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank
LimitedThe Nishi-Nippon City Bank, Ltd.
Sumitomo Life Insurance
Company
Mizuho Bank, Ltd.

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

*5

Sep. 30, 2019

500

500

0.31%

Sep. 28, 2029

*5Oct. 31, 2019

700

700

0.55%

Oct. 29, 2032

*5

Nov. 30, 2018

Nov. 29, 2019

1,200

1,200

0.39%

Nov. 30, 2029

*5

SBI Shinsei Bank, Limited

Nov. 29, 2019

1,000

1,000

0.44%

Nov. 30, 2029

*5

The Yamaguchi Bank, Ltd.

Dec. 18, 2019

500

500

0.32%

Dec. 18, 2029

*5

Mizuho Bank, Ltd.

Feb. 14, 2020

1,000

1,000

0.46%

Feb. 14, 2031

*5Mizuho Bank, Ltd.

Feb. 14, 2020

1,900

1,900

0.39%

Feb. 14, 2030

*5Mizuho Trust & Banking Co., Ltd.

Feb. 14, 2020

2,350

2,350

0.39%

Feb. 14, 2030

*5

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

Mar. 24, 2020

2,000

2,000

0.41%

Mar. 22, 2030

*5

0.44%

Mar. 22, 2030

*5Resona Bank, Limited

Mar. 22, 2030

*5Mar. 27, 2030

*3

Jun. 18, 2030

*5

2,000

2,000

1,000

1,000

Mar. 24, 2020

1,370

1,370

The 77 Bank, Ltd.

Mar. 27, 2020

1,000

1,000

0.40%
*2
0.40%

The Yamaguchi Bank, Ltd.
Sumitomo Mitsui Trust Bank
Long-termloans payable Limited
Mizuho Trust & Banking Co., Ltd.

Jun. 18, 2020

500

500

0.39%

Sep. 11, 2020

500

—

—

Mar. 24, 2020

Sep. 30, 2020

1,000

1,000

0.38%

Bullet*5 Unsecured
Unguaranteed
repayment
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

—

—

Dec. 1, 2023

*3

Dec. 25, 2020

1,200

—

—

Dec. 25, 2023

*5

Jan. 29, 2021

600

600

0.32%

Jan. 31, 2031

*5

500

500

400

400

0.40%

Jan. 31, 2031

*5

0.36%
*2
0.35%

Jan. 31, 2031

*5Feb. 14, 2031

*5

0.44%

Feb. 14, 2031

*5

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

Jan. 29, 2021

Resona Bank, Limited

Jan. 29, 2021

500

500

MUFG Bank, Ltd.

Feb. 16, 2021

270

270

2,900

2,900

1,500

1,500

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking
Corporation
Development Bank of Japan Inc.
The Norinchukin Bank
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

Feb. 16, 2021

Sep. 11, 2023

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

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

Aozora Bank, Ltd.

Jun. 25, 2021

1,000

1,000

0.43%
0.29%
*2
0.28%

MUFG Bank, Ltd.

Jun. 30, 2021

700

700

The Bank of Fukuoka, Ltd.

Jun. 30, 2021

500

500

Resona Bank, Limited

Jun. 30, 2021

500

500

―35―

Jun. 25, 2031

*5Jun. 25, 2029

*5

0.38%

Mar. 31, 2031

*5

0.44%
0.25%
*2

Jun. 30, 2031

*5Jan. 31, 2031

*5

Ⅰ. Fiscal Period Report

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

Balance attheBalance at
Repayment
Borrowing date beginning the end of Interest Repayment date
Use Remarks
methodof period
periodrate(million yen) (million yen)
*1Aug. 31, 2021

1,200

1,200

0.18%

Aug. 29, 2025

*5Oct. 29, 2021

2,000

2,000

0.37%

Mar. 31, 2031

*5Oct. 29, 2021

1,000

1,000

0.25%

Oct. 31, 2025

*5Oct. 29, 2021

500

500

0.23%

Oct. 31, 2024

*5*5Nov. 26, 2021

1,800

1,800

0.49%

Nov. 26, 2031

Development Bank of Japan Inc.

Nov. 29, 2021

2,200

2,200

Nov. 28, 2031

*5Mizuho Bank, Ltd.

Dec. 22, 2021

2,160

2,160

Dec. 22, 2031

*5

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

500

500

Jan. 30, 2032

*5

Jan. 31, 2022

2,600

2,600

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

Jan. 30, 2032

*5

The Iyo Bank, Ltd.

Feb. 1, 2022

700

700

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

1,300

1,300

Feb. 16, 2022

2,100

2,100

Mizuho Bank, Ltd.

Feb. 16, 2022

2,000

2,000

Mizuho Trust & Banking Co., Ltd.

Feb. 16, 2022

Kiraboshi Bank, Ltd.
The 77 Bank, Ltd.

Apr. 14, 2022

500

500

500

500

500

500
700

Jan. 30, 2032

*3

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

*3

The Iyo Bank, Ltd.

Apr. 14, 2022

700

Sumitomo Mitsui Trust Bank
LimitedShinkin Central Bank

500

500

Apr. 18, 2022

1,000

1,000

1,000

1,000

Apr. 18, 2022

500

500

Apr. 18, 2022

500

500

Apr. 28, 2022

700

700

0.58%
*2
0.50%
*2
0.65%

May 31, 2022

1,560

1,560

0.34%

May 29, 2026

*5

Jun. 17, 2022

1,000

1,000

Jun. 15, 2029

*5

The Bank of Fukuoka, Ltd.

Jul. 6, 2022

900

900

Jul. 6, 2032

*3

The Nishi-Nippon City Bank, Ltd.

Jul. 29, 2022

400

400

0.67%
0.74%
*2
0.46%

Jul. 31, 2029

*5

MUFG Bank, Ltd.

Jul. 29, 2022

800

800

0.73%

Jul. 30, 2032

*5

MUFG Bank, Ltd.

Jul. 29, 2022

300

300

0.45%
0.66%
*2
0.60%
0.91%
*2
0.89%
*2
0.82%
0.68%
*2

Jul. 31, 2029

*5

The Chugoku Bank, Ltd.
Resona Bank, Limited
Long-termloans payable Mitsui Sumitomo Insurance Co.,
Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

The Norinchukin Bank

Aug. 16, 2022

—

1,000

Bank of Kyoto, Ltd.

Sep. 28, 2022—

500

The Keiyo Bank, Ltd.

Sep. 30, 2022

—

1,000

Mizuho Trust & Banking Co., Ltd.

Oct. 14, 2022

—

1,200

Aozora Bank, Ltd.

Oct. 31, 2022

—

1,000

The Chiba Bank, Ltd.

Oct. 31, 2022

—

1,000

—

1,000

—

1,000

—

1,000

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

Nov. 8, 2022

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

Nov. 15, 2022

—

1,550

Nov. 15, 2022

—

2,000

Resona Bank, Limited

Jan. 31, 2023

—

1,000

Resona Bank, Limited

Jan. 31, 2023

—

1,000

Aozora Bank, Ltd.

Jan. 31, 2023—

700

Subtotal

173,979

176,829

Total

191,209

196,709―36―

Oct. 18, 2030

*3
Unsecured
BulletApr. 18, 2029 repayment *3 Unguaranteed
Oct. 31, 2030

*5Aug. 16, 2032

*6

Sep. 28, 2032

*3

Sep. 30, 2032

*5Oct. 14, 2032

*5Oct. 31, 2031

*5Oct. 31, 2029

*5

0.75%
*2

Nov. 8, 2029

*3

0.39%

Apr. 30, 2026

*5

0.42%

Nov. 13, 2026

*5

Jan. 31, 2031

*5Jan. 31, 2030

*5Jan. 31, 2031

*5

1.08%
*2
0.99%
*2
1.00%

Ⅰ. Fiscal Period Report*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.

3 Status of Investment Corporation Bonds
The balances of investment corporation bonds issued by ADR as of January 31, 2023 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
beginning
Redemption Redemption
rate
periodIssue date
Use Remarksof period
datemethod(%)(million(millionyen)
yen)Apr. 25,
2013
Nov. 14,2013
Apr. 28,
2014
Apr. 23,2015
Oct. 21,2015
Jun. 21,2016
Feb. 17,
2017
Jul. 18,
2017
Nov. 24,2017
Apr. 24,2018
Oct. 19,2018
Jul. 24,
2019
Jul. 25,
2019
Dec. 24,2020
Oct. 25,
2021
Oct. 25,
2021

3,000

3,000

1.320

2,000

2,000

1.410

2,500

2,500

1.040

2,000

2,000

0.726

1,500

1,500

0.846

3,000

3,000

0.900

2,000

—

0.180

3,000

3,000

0.500

1,000

1,000

0.5663

1,500

1,500

0.690

2,000

2,000

0.704

5,000

5,000

0.220

3,000

3,000

0.3485

2,500

2,500

0.730

1,000

1,000

0.400

1,600

1,600

0.660

36,60034,600*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.

―37―

Apr. 25,
2023
Nov. 14,2025
Apr. 26,
2024
Apr. 23,2025
Oct. 21,2025
Jun. 20,2031
Aug. 17,2022
Jul. 16,
2027
Nov. 24,2027
Apr. 24,2030
Oct. 19,2028
Jul. 24,
2024
Jul. 25,
2029
Dec. 24,2035
Oct. 24,2031
Oct. 24,
2036

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

Ⅰ. Fiscal Period Report
4 Status of Short-term Investment Corporation Bonds
Not applicable.

5 Status of Investment Unit Acquisition Rights
Not applicable.

Acquisitions and Disposals in the 25th FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition
Property
no.

T-106
S-011
R-084
R-086

Name of real estate

RESIDIA
Kamiikebukuro
Tokyo Student-HouseWAKO
RESIDIA Kotoen
RESIDIA KumamotoKarashima
Total

Disposition

Acquisition
Disposition
Gain (Loss)
Price
Price
Book value
Acquisition date
Disposition dateon SalesNote
Note(million yen)(million yen)(million yen)(million yen)——Sep. 1, 2022

860

525

334

—

—

Sep. 30, 2022

800

622

177

Sep. 28, 2022

500

—

—

—

—

Nov. 8, 2022

4,000

—

—

—

—

4,500

—

1,660

1,148

511

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

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

―38―

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

Acquisition/ Type of Property
Name of property
Disposition Assetno.

Beneficiary
Disposition interests in T-106
trust
Beneficiary
Disposition interests in S-011
trust
AcquisitionRealestateR-084

Beneficiary
Acquisition interests in R-086
trust

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

Appraisal
date

RESIDIA
Kamiikebukuro

Sep. 1,
2022

860

823

Japan Real
Estate InstituteJul. 31,2022

Tokyo StudentHouse WAKO

Sep. 30,
2022

800

800

Japan Real
Estate InstituteJul. 31,2022

RESIDIA Kotoen

Sep. 28,
2022

500

534

Jul. 11,2022

RESIDIA
KumamotoKarashima

JLL Morii
Valuation &Advisory K.K.

Nov. 8,
2022

4,000

4,160

Japan Real
Estate InstituteAug. 1,
2022

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.

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

4 Transactions with Interested Parties

1) Transactions
The following table details the status of transactions with interested parties in the 25th FP.
Category
Total amounts

Purchase and sale amount, etc.
Purchase amount, etc.

Sale amount, etc.

4,500,000 thousand yen

1,660,000 thousand yen

Breakdown of transactions with interested parties
ITOCHU Property
Development, Ltd.

—

―39―

—

800,000 thousand yen(48.2%)

Ⅰ. Fiscal Period Report2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 25th FP.

Category

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

Breakdown of transactions with interested parties
Payee

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

Property managementfees

1,451,380

ITOCHU Urban Community Ltd.

938,908

64.7

Other rental expenses

134,519

ITOCHU Urban Community Ltd.

92,96769.1

Advertising expenses

3,252

ITOCHU Urban Community Ltd.

2,052

63.1

ITOCHU Urban Community Ltd.

10,263

7.8

75

0.1

Other fees

131,887

ITOCHU Human Resources & General
Affairs Services Inc.

Notes 1. Transactions are not listed here if the nominal counterparty is an interested party but the actual counterparty is clearly a third party.
2. ITOCHU 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 25th 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.

―40―

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

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

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

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

5 Disclosure Pertaining to Corporation Holding Overseas Real Estate and Real Estate, etc.
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.

―41―

Ⅱ. Balance Sheets(Thousands of yen)
As of July 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―42―

As of January 31, 2023

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

14,716,443
10,123,253
148,816354,776
6,849(2,115)25,348,022

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

82,900,268(20,824,617)
62,075,650
28,252(14,545)
13,707454,167(77,122)
377,045
632,222(377,917)
254,305
83,404,629
58,682
163,049,980(40,412,495)
122,637,485
210,673(136,405)
74,267340,072(182,352)
157,719
1,379,083(922,155)
456,927
169,133,790
15,807
438,660,019

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

1,665,018
1,833
1,666,852

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

1,016,518
615,876
1,053,448
1,157,100
1,164
3,844,108
444,170,980

184
122,897
123,081464,898,449—
110,648
110,648469,629,651

Ⅱ. Balance Sheets(Thousands of yen)
As of July 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
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

―43―

As of January 31, 2023

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

531,055—
3,000,000
19,880,000
1,524,436
88,85386,35281,752
14,38325,206,834

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

31,600,000
176,829,000
1,307,408
3,329,352
213,065,760
238,272,595

139,034,823

139,034,823

53,220,279

53,220,279

29,843,746
29,843,746*329,508,224
29,508,224

8,040,473

8,436,629

91,104,499
230,139,322

91,165,133
230,199,956

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

1,157,100
1,157,100
231,357,056
469,629,651*1

Ⅲ. Statements of Income(Thousands of yen)
For the six months ended July
31, 2022 (Reference)

For the six months ended
January 31, 2023

Operating revenues
Rental revenue – real estate
Gain on sales of real estate properties*1

Total operating revenue

17,253,650
—

*1
*2

17,253,650

17,357,150
511,350
17,868,501

Operating expenses
Expenses related to the rent business
Asset management fees

*16,995,214
1,278,946*1

7,007,288
1,297,936

Asset custody fees
Administrative service fees

9,920
53,134

9,982
53,389Directors’ compensation
Taxes and dues

6,300
392,8036,300
369,789

Bad debt expenses
Other operating expenses—
205,162108
173,143

Total operating expenses

8,941,482

8,917,939

8,312,167

8,950,561

Interest income
Reversal of distribution payable

6,908
2,492

6,884
1,203

Reversal of allowance for doubtful accounts
Miscellaneous income

38
39,002

3,342—

Operating income
Non-operating income

Other

2,070

188

Total non-operating income

50,512

11,618541,305
124,797558,810
124,476

1,105

184

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

13,274

12,248

193,467—

186,216
5,395

Total non-operating expenses

873,950

887,331

Ordinary income

7,488,729

8,074,848

Income before income taxes

7,488,729

8,074,848

Income taxes – current

605

605

Total income taxes

605

605

7,488,124

8,074,243

552,349

362,385

8,040,473

8,436,629

Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)―44―

Ⅳ. Statements of Changes in Net Assets
For the six months ended July 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)

30,179,267

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

Total unitholders’equity7,488,124

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

114,641

114,641

230,253,964―45―

Ⅳ. Statements of Changes in Net Assets
For the six months ended January 31, 2023

(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

UnappropriatedTotal voluntary retained earnings
retained earnings (undisposed loss)

29,843,746

29,843,746

8,040,473

91,104,499

230,139,322(335,521)(335,521)

335,521——(8,013,610)(8,013,610)(8,013,610)

8,074,243

8,074,243

8,074,243

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)

396,155

60,63360,633139,034,823

53,220,279

29,508,224

29,508,224

8,436,629

91,165,133

230,199,956

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

Total net assets

114,641

114,641

230,253,964—(8,013,610)

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

Total surplus

Total unitholders’equity8,074,243

1,042,458

1,042,458

1,042,458

1,042,458

1,042,458

1,103,092

1,157,100

1,157,100

231,357,056―46―

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

For the six months ended
January 31, 2023

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:
3 to 46 years
Buildings
6 to 50 years
Structures
Machinery and
10 to 15 years
equipment
Tools, furniture
2 to 20 years
and fixtures

1) Property, plant and equipment(including assets in trust)
Amortized using the straight-line
method.
Useful lives of major categories ofproperty, plant and equipment are
as follows:
3 to 46 years
Buildings
6 to 50 years
Structures
Machinery and
10 to 15 years
equipment
Tools, furniture
2 to 20 years
and fixtures

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

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

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

1) Method of accounting for property
taxes
For property taxes, urban planningtaxes, and depreciable asset taxes onreal estate properties held, ADR
records the amount of taxes imposedcorresponding to the current fiscal
period as an expense for the property
leasing activities.
Furthermore, for the pro rata portion ofproperty taxes ADR paid to thetransferor (seller) upon acquisition ofreal estate properties, ADR treats theamount as acquisition costs of realestate properties instead of recording it
as an expense for the property leasing(1) Depreciation andamortization methods of noncurrent assets―47―

Ⅴ. Notes to Financial Statements(5) Method of hedge accounting

For the six months ended
July 31, 2022 (Reference)leasing activities. The amount ofproperty taxes treated as acquisition
costs of real estate properties was
13,246 thousand yen in this FP.

For the six months ended
January 31, 2023
activities. The amount of property
taxes treated as acquisition costs ofreal estate properties was 4,287
thousand yen in this FP.

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

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

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

1) Method of hedge accounting
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 the―48―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 theⅤ. Notes to Financial Statements
For the six months ended
July 31, 2022 (Reference)
above trust assets, the following
accounts are significant and disclosed
separately on the face of the balance
sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures intrust; machinery andequipment in trust; tools,
furniture and fixtures in trust;land in trust; construction inprogress in trust; and leasehold
rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security
deposits in trust

For the six months ended
January 31, 2023
above trust assets, the following
accounts are significant and disclosed
separately on the face of the balance
sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures intrust; machinery and equipmentin trust; tools, furniture andfixtures in trust; land in trust;construction in progress intrust; and leasehold rights intrust
C. Guarantee deposits in trust
D. Tenant leasehold and security
deposits in trust2) Accounting for non-deductible
consumption taxes
Accounting for non-current assets anddeferred assets is inclusive ofconsumption taxes and local
consumption taxes.

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

―49―

Ⅴ. Notes to Financial Statements
Balance Sheets
As of July 31, 2022 (Reference)

As of January 31, 2023

(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(2) ADR has executed commitment line agreements withbanks.
Total commitment line of
20,000,000 thousand yen
creditAmount used
1,000,000 thousand yen
Unused balance
19,000,000 thousand yen(2) ADR has executed commitment line agreements withbanks.
Total commitment line of
20,000,000 thousand yen
creditAmount used—
Unused balance
20,000,000 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
30,179,267
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(3) Provision and reversal of the reserve for temporary
difference adjustments
Reserve for dividends (Note)(Thousands of yen)
Initial amount33,552,162
Balance at the beginning of period
29,843,746
Funds drawn down during the 25th FP
335,521
Balance at the end of period
29,508,224
Reasons for setting aside and drawing down funds

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

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

―50―

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

For the six months ended January 31, 2023

(1) Breakdown of operating income (loss) from property(1) Breakdown of operating income (loss) from property
leasing activities
leasing activities(Thousands of yen)(Thousands of yen)
A. Revenue from property leasing
A. Revenue from property leasing
activities
activities
Rental revenue – real estate
Rental revenue – real estate
Rent income
15,126,269
Rent income
15,239,894
Facility charges
939,202
Facility charges
969,111
Parking fees
450,288
Parking fees
470,250
Subtotal
16,515,760
Subtotal
16,679,256
Other revenue related to property
Other revenue related to property
leasingleasing
Income from leasing rights
118,764
Income from leasing rights
113,273
Other
619,125
Other
564,620
Subtotal
737,889
Subtotal
677,894
Total revenue from property
Total revenue from property
17,253,650
17,357,150
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
915,823
Property taxes
921,552
Property management fees
1,260,873
Property management fees
1,244,935
Utilities
246,833
Utilities
294,096
Repairs and maintenance797,018
Repairs and maintenance775,988
Property-casual insurance
25,208Property-casual insurance
24,377
Trust fees
74,945
Trust fees
64,323
Other rental expenses
769,658
Other rental expenses
724,051
Depreciation and amortization
2,904,852
Depreciation and amortization
2,957,963
Total expenses from property
Total expenses from property
6,995,214
7,007,288
leasing activities
leasing activities
C. Operating income (loss) fromC. Operating income (loss) from
10,258,435
10,349,862
property leasing activities (A−B)
property leasing activities (A−B)—(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Kamiikebukuro)
Revenue from sales of real estate
860,000
property
Cost of sales of real estate property
503,709
Other sales expenses
22,269Gain on sales of real estate
334,021properties(Tokyo Student-House WAKO)
Revenue from sales of real estate
800,000
property
Cost of sales of real estate property
615,627
Other sales expenses
7,043
Gain on sales of real estate
177,329
properties―51―

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

For the six months ended January 31, 2023

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

Tax Eﬀect Accounting
As of July 31, 2022 (Reference)

As of January 31, 2023

(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—(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance665
for doubtful accounts
Valuation difference on assets
8,938,114
acquired through merger
Other
217,442
Subtotal
9,156,222
Less valuation allowanceassociated with total of(9,156,222)
deductible temporary
differences, etc.
Subtotal(9,156,222)
Total deferred tax assets—
Net deferred tax assets—(2) Reconciliation between the statutory tax rates and theeffective tax rates after the application of tax effectaccounting(Unit: %)Statutory tax rate
31.46
(Adjustments)
Increase (decrease) in valuation(0.94)
allowance
Deductible dividends(30.52)
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(1.05)
allowance
Deductible dividends(30.41)
Other
0.01
Effective tax rate after the application
0.01
of tax effect accounting

Financial Instruments
For the six months ended July 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―52―

Ⅴ. Notes to Financial Statements
Funds obtained through loans and investment corporation bonds are used primarily to finance the acquisition of realestate properties, repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity
risk in that it may not be able to raise funds through alternative financing sources by the repayment date or at theredemption. ADR controls the risk exposures through the preparation of a funding plan on a monthly basis andseeking and procuring funds through various sources, such as securing the level of funds in hand, spreading out theloan repayment and bond redemption dates, diversifying borrowing financial institutions, entering into commitment line
agreements, and issuing investment units.
Meanwhile, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum credit
rating for the financial institutions with which deposits are placed, and by placing deposits with various financial
institutions.
3) Supplementary explanation on fair value of financial instruments
Certain assumptions are applied in measurement of the fair value of financial instruments. Therefore, the fair value
could vary if different assumptions are applied. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk exposure of those derivative transactions.
(2) Fair values of financial instruments
The book values in the balance sheets, fair values, and unrealized gain (loss) of financial instruments as of July 31,
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.

1) Current portion of investment
corporation bonds2) Current portion of long-termloans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special accounting treatment
for interest rate swaps)*26) Derivative transactions(Basic treatment for interest
rate swaps)

Book value(Thousands of yen)

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 (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of July 31, 2022 are as follows:―53―

Ⅴ. Notes to Financial Statements

Method of hedge
accounting

Type of derivativetransaction

Main hedged
itemInterest rate swap
Special accounting
transactions
Long-term loans
treatment for(fixed rate payment,
payableinterest rate swaps
floating rate receipt)
Interest rate swap
Basic accounting
transactions
Long-term loans
method(fixed rate payment,
payablefloating rate receipt)(Thousands of yen)Contract amount (*1)
Contract
Fair value (*2)
amount due
after one year
35,860,000

20,550,000(216,491)(*3)

20,449,000

20,449,000

114,641*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
1,000,000
—
—
—
—
—

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

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

For the six months ended January 31, 2023
(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 andseeking and procuring funds through various sources, such as securing the level of funds in hand, spreading out theloan repayment and bond redemption dates, diversifying borrowing financial institutions, entering into commitment line
agreements, and issuing investment units.
Meanwhile, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum credit
rating for the financial institutions with which deposits are placed, and by placing deposits with various financial―54―

Ⅴ. Notes to Financial Statements
institutions.
3) Supplementary explanation on fair value of financial instruments
Certain assumptions are applied in measurement of the fair value of financial instruments. Therefore, the fair value
could vary if different assumptions are applied. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk exposure of those derivative transactions.
(2) Fair values of financial instruments
The book values in the balance sheets, fair values, and unrealized gain (loss) of financial instruments as of January
31, 2023 are presented below.
Notes for “cash and deposits,” “cash and deposits in trust,” and “short-term loans payable” are omitted, as their bookvalues approximate fair values due to their short maturities.

1) Current portion of investment
corporation bonds2) Current portion of long-termloans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special accounting treatment
for interest rate swaps)*26) Derivative transactions(Basic treatment for interest
rate swaps)

Book value(Thousands of yen)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

(3,000,000)(3,007,030)

7,030(19,880,000)(19,902,484)

22,484(31,600,000)(31,059,450)(540,549)(176,829,000)(176,806,809)(22,190)—(69,241)(69,241)

1,157,100

1,157,100—

Notes 1. The items posted in liabilities are stated in parentheses.
2. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard
for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in the balance sheets.
3. Matters concerning the methods of determining the fair value of financial instruments
1) Current portion of investment corporation bonds and 3) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan
Securities Dealers Association. However, if a reference value is not available, the fair value is deemed to be thepresent value of future cash flows of principal and interest, discounted at the assumed interest rate for similarborrowings.
2) Current portion of long-term loans payable and 4) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of January 31, 2023 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(69,241)transactions
Long-term loans
treatment for
27,410,000
12,650,000(*3)(fixed rate payment,
payableinterest rate swaps
floating rate receipt)
Interest rate swap
Basic accounting
transactions
Long-term loans
29,649,000
29,649,000
1,157,100
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―55―

Ⅴ. Notes to Financial Statements
Standard for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in thebalance sheets.
4. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after
balance sheet date

Short–term loans payable
Current portion of
investment corporation
bonds
Current portion of long-termloans payable
Investment corporationbonds
Long-term loans payable
Total(Thousands of yen)
Due after
Due after one Due after two
Due after four
Due in one
three years
Due after five
year through years throughyears throughyear or lessthrough four
years
three years
five years
two years
years
—
—
—
—
—
—
3,000,000

—

—

—

—

—

19,880,000

—

—

—

—

—

—

7,500,000

5,500,000—

4,000,000

14,600,000—

14,850,000

21,300,000

26,620,000

17,250,000

96,809,000

22,880,000

22,350,000

26,800,000

26,620,000

21,250,000

111,409,000

Value of Rental Properties
For the six months ended July 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)
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 during the period was the acquisition of two real estate properties (1,668,459 thousandyen) and real estate beneficiary interests in trust for three properties (5,185,214 thousand yen), and the decrease wasmainly attributable to depreciation cost (2,904,852 thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
The fair values of RESIDIA Kamiikebukuro and Tokyo Student-House WAKO at the end of period are stated at the(scheduled) disposition price.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property forthe six months ended July 31, 2022.
For the six months ended January 31, 2023
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)
437,697,925
2,627,112
440,325,038
697,659,000*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The increase during the period was mainly attributable to the acquisition of one real estate property (545,748 thousandyen) and real estate beneficiary interests in trust for one property (4,360,375 thousand yen), and the decrease wasmainly attributable to the sale of real estate beneficiary interests in trust for two properties (1,119,336 thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended January 31, 2023.

―56―

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

Transactions with Related Parties
For the six months ended July 31, 2022 (Reference)

Attribute

Name ofcompany

Interested
party

ITOCHU
Corporation

Interested
partyInterested
party

Asset
custodian

ITOCHU
Property
Development,
Ltd.
ITOCHU
Urban
Community
Ltd.

Sumitomo
Mitsui Trust
Bank Limited

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

Transaction
contents

Generaltradingcompany

Direct2.51%
Indirect
0.11%

Acquisition ofreal estate(*2)

Developm
ent of realestateIndirect0.00%

Acquisition ofreal estate
(*2)

Real
estaterentalbusiness—

Building
management
fees, etc. (*6)

Banking
and trustbusiness—

Borrowing offunds(Repayment)(*7)

Transaction
amount(thousands ofyen)
1,519,332

Account

Balance at theend of period(thousands of
yen)

—

—

2,445,129——

970,379

Operatingaccounts
payable83,399(*4)(*3 and *4)(*4 and *5)

Short–termloans payable
Current
2,975,000 portion of(2,493,000) 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 referring to prevailing transactions in the neighborhood andthe 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. The transaction terms are determined through price negotiations based on actual market conditions.
*7 Regarding the borrowing of funds, interest rates are reasonably determined considering the market interest rates.

―57―

Ⅴ. Notes to Financial Statements
For the six months ended January 31, 2023
Name ofcompany

Attribute

Interested
partyInterested
party

Asset
custodian

ITOCHU
Property
Development,
Ltd.
ITOCHU
Urban
Community
Ltd.

Sumitomo
Mitsui
Trust
Bank Limited

Contents of Unit holding
ratiobusiness or
occupation(*1)

Transaction
contents

Transaction
amount(thousands ofyen)

Developm
ent of realestateIndirect
0.00%

Disposition ofreal estate(*2)

801,002
(*3)

—

—

Real
estaterentalbusiness—

Building
management
fees, etc. (*5)

938,908

Operatingaccounts
payable82,711(*4)

Borrowing offunds(Repayment)(*6)

Short–termloans payable
Current– portion of(375,000) long-termloans payable
Long-termloans payable

Banking
and trustbusiness—

Account

Balance at theend of period(thousands ofyen)–
4,475,000
22,830,000

Transaction terms and policy on determination of transaction terms*1. The unit holding ratio is rounded down to two decimal place.
*2. The disposition of real estate is determined through negotiations referring to prevailing transactions in the neighborhoodand the appraisal value of a real estate appraiser.
*3. The transaction amount for disposition of the real estate includes the settlement money of property tax, etc. of 1,002
thousand yen.
*4. Consumption taxes are included.
*5. The transaction terms are determined through price negotiations based on actual market conditions.
*6. Regarding the borrowing of funds, interest rates are reasonably determined considering the market interest rates.

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

For the six months ended January 31, 2023

166,248 yen

Net assets per unit

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.

167,044 yen

Net income per unit
5,829 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 July 31,
2022 (Reference)
Net income (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Net income attributable to common unit
(thousands of yen)
Average number of units during theperiod (units)

Significant Subsequent Event
Not applicable.

―58―

For the six months ended January 31,
2023

7,488,124

8,074,243——

7,488,124

8,074,243

1,385,000

1,385,000

Ⅵ. Statements of Cash Distributions(yen)
For the six months ended
July 31, 2022 (Reference)
I. Unappropriated retained earnings
II. Reversal of reserves during period
Reversal of reserve for temporary
difference adjustments
III. Dividends

8,040,473,933*1

335,521,628

8,436,629,287*1

335,521,628

8,013,610,000

8,088,400,000(5,786)(5,840)362,385,561

683,750,915

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes the amount in excess of
90% of the ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
8,013,610,000 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.

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes the amount in excess of
90% of the ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
8,088,400,000 yen. The figure wasderived by retaining 683,750,915 yen
from the unappropriated retained
earnings of 8,436,629,287 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. The amount of 683,750,915 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

For the six months ended
January 31, 2023

Statements of Cash Distributions(1) Reserve for temporary difference adjustments
For the six months ended July 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 tothe reserve was made. Based on this requirement, ADR drew down 335,521,628 yen during the fiscal period ended
July 31, 2022 (24th FP).

―59―

Ⅵ. Statements of Cash Distributions
For the six months ended January 31, 2023
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 tothe reserve was made. Based on this requirement, ADR drew down 335,521,628 yen during the fiscal period ended
January 31, 2023 (25th FP).

―60―

Ⅶ. Independent Auditor's Report(TRANSLATION)

INDEPENDENT AUDITOR'S REPORTMarch 16, 2023
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:
Masaaki Kawakami

OpinionPursuant to Article 130 of the Act on Investment Trusts and Investment Corporations, we have audited thefinancial statements of Advance Residence Investment Corporation (the "Investment Corporation"),namely, the balance sheet as of January 31, 2023, the statement of income and statement of changes in
net assets for the 25th fiscal period from August 1, 2022 to January 31, 2023, and the related notes, andasset investment report and statement of cash distributions for the six months ended January 31, 2023, 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 January 31, 2023, 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.

―61―

Ⅶ. 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.
―62―

Ⅶ. 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.

―63―

Ⅷ. Statements of Cash Flows(Reference Information)(Thousands of yen)
For the six months ended July
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
Cash flows from investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans
Repayments of long-term loans
Redemption of investment corporation bonds
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
January 31, 2023

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

8,074,848
2,958,473
184

13,274

12,248(1,963)(5,011)(6,908)541,305
124,797(9,551)(34,245)(26,954)(5,330)23,459(25,292)
16,102(6,884)
558,810
124,476(6,520)24,03860,79390,141
16,263
26,703
1,785—

1,119,483(43,237)
3,042
10,963,713
1,167(660,739)(720)
10,303,421(111,358)(738)
12,937,738
505(690,344)(503)
12,247,395(6,000,000)
6,000,000(2,478,948)(6,158,001)(5,000,000)
5,000,000(1,389,427)(5,363,542)

3,950

(963)

61,138(10,627)(8,571,861)(6,764,561)

1,000,000(100,000)
17,460,000(13,260,000)—

1,000,000(2,000,000)
14,950,000(8,450,000)(2,000,000)(7,882,786)(2,782,786)(1,051,225)
18,920,999
17,869,773(8,012,911)(4,512,911)
969,922
17,869,773
18,839,696*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 independent auditor’s audit stipulated in the provisionsof Article 130 of the Act on Investment Trusts and Investment Corporations and has therefore not been audited by an independent auditor.

―64―

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

Scope of funds in thestatements of cash flows

For the six months ended
July 31, 2022

For the six months ended
January 31, 2023

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

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

Statements of Cash Flows

For the six months ended July 31, 2022

For the six months ended January 31, 2023

*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
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*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
14,716,443
Cash and deposits in trust
10,123,253
Time deposits held over three(6,000,000)
monthsCash and cash equivalents
18,839,696―65―