23rd
Fiscal Period ReportAugust 1, 2021 - January 31, 2022

Securities code: 3269

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

Management’s Discussion and Analysis
1 Summary of Selected Financial Data
Fiscal Period
Operatingresults

units

Operating revenues

23rd FP
From: August 1, 2021
To: January 31, 2022

17,175

17,357

17,014

16,884

17,313

million yen

16,533

16,851

16,71816,884

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

642

506

295

–

442

million yen

8,211

9,062

8,500

8,659

8,603

(Rental business expenses)cmillion yen

6,439

6,707

6,630

6,791

6,715

(Loss on real estate sales)dmillion yen

–

511

–

–

–

(Impairment loss)emillion yen

–

–

–

–

–

million yen

8,964

8,294

8,513

8,224

8,710
7,813

Ordinary incomefmillion yen

7,945

7,321

7,549

7,294

Net incomegmillion yen

7,945

7,320

7,548

7,294

7,812

Total assetshmillion yen

457,863457,568

458,579

457,829459,988

Interest-bearing liabilities

imillion yen

219,418

219,588

220,788

220,509222,709

Net assets

jmillion yen

231,698

231,225

230,966

230,491

230,562

Paid-in Capitalkmillion yen

139,034

139,034

139,034

139,034

139,034

Total dividendslmillion yen

7,783

7,804

7,756

7,819

7,883

Payout ratio

l/g

%

98.0

106.6

102.7

107.2

100.9

Total number of units issued and outstanding

m

Units

1,385,000

1,385,000

1,385,000

1,385,000

1,385,000

Net assets per unit

j/m

yen

167,291

166,950

166,763

166,420

166,470

yen

5,782

5,285

5,450

5,266

5,640

yen

5,620

5,635

5,600

5,646

5,692

Dividend from earnings per unit

yen

5,620

5,635

5,600

5,646

5,692

Dividend in excess of earnings per unit

yen

0

0

0

0

0

Note 3

%

3.3

3.3

3.6

3.0

3.3

(g+q)/(k+i)

Note 3

%

5.9

5.7

5.7

5.7

5.9

(g+q)/(m×r+i)

Note 3

%

3.1

2.9

3.2

2.8

3.1

yen

7,267

7,310

7,261

7,314

7,390

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 per unit

r/nRatio of ordinary income to total assets

f/hAnnualized
Equity ratio

j/hReturn on equity

g/jAnnualized

Note 3yen

14,417

14,70014,403

14,74914,660

times

23.7

23.2

21.5

25.3

23.1

Note 4

%

1.7

1.6

1.6

1.6

1.7

Note 3

%

3.5

3.2

3.3

3.2

3.4

%

50.6

50.5

50.4

50.3

50.1

Note 5

%

3.5

3.2

3.3

3.2

3.4

Note 3

%

7.0

6.4

6.5

6.4

6.7

%

47.9

48.0

48.1

48.2

48.4

Ratio of interest-bearing liabilities to total assets

i/h

DSCR

o/p

times

o

million yen

Net income before interest and depreciation
Interest expenses
NOI

p
a−c+q

Annualized NOI yield
Depreciation and amortization
Reference
information

22nd FP
From: February 1, 2021
To: July 31, 2021

million yen

Net income per unit

Financial
indicators

21st FP
From: August 1, 2020
To: January 31, 2021a

Operating income

Per unit
figures

20th FP
From: February 1, 2020
To: July 31, 2020

(Rental revenue)

Operating expenses

Balancesheet
figures

19th FP
From: August 1, 2019
To: January 31, 2020

qNote 6

14.4

14.7

16.0

11,125

10,868

11,390

827

779

773

737

712

million yen

12,856

12,941

12,891

12,92813,020%Note 8million yen

5.7

5.7

5.6

5.7

5.6

2,763

2,798

2,802

2,835

2,865

269

271

271

272

272

Units

21,39921,402

21,552

21,56921,643807,050.70–

Number of leasable units

14.0
10,897

million yen

Note 3, 7

Number of properties under management

13.9
11,536

Leasable floor area at end of period

Note 9m2

798,959.22

797,152.25

800,789.34

802,185.16

Occupancy rate at end of period

Note 10

%

97.0

96.3

96.0

95.9

96.9

yen

341,500

341,000

310,000

373,500

338,500

Unit price at end of periodrNotes 1.
2.
3.

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 the number of days of period of 184 days for the 19th FP, 182 days for the 20th FP, 184 days for the 21st FP, 181 days forthe 22nd FP, and 184 days for the 23rd FP, respectively.
4.
Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
5.
Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
6.
In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
7.
Annualized NOI yield = Total annualized NOI ÷ Total property acquisition price(The annualized NOI yield is calculated by taking into account the actual number of days of operation for each property.)
8.
Depreciation and amortization include amortization of intangible assets in addition to depreciation of property, plant and equipment.
9.
“Leasable floor area at end of period” refers to the leasable floor area for each building as stated on the lease agreement or indicated on its official floor plan. The leasable
floor area of land such as parking lots is not included.
10. “Occupancy rate at end of period” is calculated by using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.

2

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 23rd Fiscal Period (FP).
1.

Internal Growth
Although the move-out rate had continued to rise until the previous FP due to the COVID-19 pandemic, moveouts during the FP under review were somewhat stable. Under these circumstances, ADR took steps to maintainand improve the occupancy rate by relaxing leasing terms such as rents.

2.

External Growth
ADR acquired two properties from third parties (total acquisition price of 3.7 billion yen) and disposed of two
properties (total acquisition price of 0.6 billion yen).

3.

Finance Policy
ADR simultaneously extended its average remaining duration of interest-bearing liabilities while reducing its
average interest rate amid the low interest rate environment to strengthen its financial foundation.

4.

Sustainability
As a result of its continued initiatives concerning sustainability, ADR was selected as a “Sector Leader” in the
Asian residential sector category under the GRESB Real Estate Assessment for FY2021, as was the case in theprevious year.

By executing these initiatives, we were able to attain the following FP results.
(million yen)
Item

Previous FP
Results

Operating revenues

16,884

17,212

17,313+429+101

Operating income

8,224

8,577

8,710

+485

+132

Ordinary income

7,294

7,676

7,813

+518

+136

Net income

7,294

7,675

7,812

+518

+136

Earnings Per Unit

5,266 yen

5,542 yen

5,640 yen

Dividend Per Unit

5,646 yen

5,600 yen

5,692 yen

Notes 1.
2.

Initial Forecast The 23rd FP Results
Note 1(January 31, 2022) Difference from the Difference from thePrevious FP
Initial Forecast

Note 2+374 yen+98 yen Note 2+46 yen+92 yen

The initial forecast refers to the earnings forecast for the 23rd FP disclosed in the “Brief Summary of Kessan Tanshin” for the 22nd FP,
dated September 16, 2021. The same applies hereafter.
The numbers less than one are discarded in the EPU figures.

Earnings per unit (EPU) increased by 374 yen from the previous FP to 5,640 yen. This was due to recording of gain on
sales of properties, as well as an increase in NOI resulting from the property acquisition and the improved occupancy
rate.
Dividend per unit (DPU) was 5,692 yen, reflecting the reversal of the reserve for temporary difference adjustments (242
yen per unit) and dividends paid using retained earnings (128 yen per unit), after ADR having retained gain on sales ofproperties generated during the FP under review (319 yen per unit).

31.

Internal Growth– Improving Occupancy Rate by Easing Relaxing Terms –The population inflow into Tokyo has continued to decline due to decreased demand from company employeetransfers. This led to the slack demand-and-supply balance mainly for single-type units in the 23 wards of Tokyo.
ADR, therefore, relaxed its leasing terms to improve the occupancy rate. As a result, ADR managed to record an
average fiscal period occupancy rate of 96.2% (up 0.3 percentage points year on year).
Meanwhile, ADR was able to raise rents for new contracts at a higher level than in the corresponding period of theprevious year, thanks to a solid demand for family-type units, including in central Tokyo. However, combined withthe relaxation of leasing terms mainly for single-type units in the 23 wards of Tokyo explained above, the final
replacement rent change was a decrease of 0.6%, down 1.9% from the previous FP, which was the first decrease
in seven years since the FP ended January 31, 2015.
– Strengthening Competitiveness of Our Properties by Carrying out Value Enhancement Works –ADR conducts large-scale repairs of its properties on a scheduled basis in order to maintain functionality and to
freshen up their appearance. In addition, for individual units in properties that have recently had large-scale repairs,
ADR carries out value enhancement work to maintain and enhance competitiveness in the leasing market. These
entail equipment upgrades and floor plan changes and are implemented at the time when tenants are being
replaced.
We conducted large-scale repairs on 11 properties during the FP under review at a cost of 947 million yen, including
tax. Moreover, we performed value enhancement works on 34 properties at a cost of 142 million yen, excluding tax.
Of the residential units that underwent value enhancement works, new rental contracts had been signed for 16 units
as of January 31, 2022. Those units saw increases in rent of 28.1% on average compared to the rents under theprevious contracts. As such, despite the COVID-19 pandemic, our value enhancement works effectively contributed
to internal growth, as was the case during the previous fiscal periods. Going forward, ADR will endeavor to further
enhance the competitive advantages of its properties through such measures.

2.

External Growth– Steadily Acquiring Properties –ADR acquired two properties, RESIDIA Kunitachi II Note 3 and RESIDIA Nishi-tenma Note 3, at a total acquisition priceof 3.7 billion yen during the FP under review. RESIDIA Kunitachi II centers on relatively spacious single-type units(1K type; approx. 29 sq. m.), and was acquired at an amount of 90.3% of the appraisal value with NOI yield Note 4 of
4.8%. RESIDIA Nishi-tenma centers on family-type units (2LDK type; approx. 58 sq. m.), and was acquired at an
amount of 95.5% of the appraisal value with NOI yield Note 4 of 5.0%. ADR aims for further increase of the property
value by conducting value enhancement works on its individual apartment units in the future. In addition, ADR
disposed of two properties at a total sales price of 1.0 billion yen and recorded gain on sales of properties of 0.4
billion yen in total. This gain on sales of properties will be utilized to realize a stable distribution of earnings.

Note 3. As of December 1, 2021, the name of two properties was changed from Etoile Endou and Rivage Nishi-tenma, respectively. The
same applies hereafter.
Note 4. The NOI yield is calculated by dividing the annual NOI stated in the appraisal report by the acquisition price. In addition, the NOI of
RESIDIA Nishi-tenma is calculated using the figures on the assumption that value enhancement works are conducted on theindividual apartment units.

3.

Finance Policy– Lowering the Average Interest Rates and Extending Remaining Durations –ADR’s principal finance policy is to lower the interest rates of interest-bearing liabilities, to extend remaining
durations, to fix interest rates and to diversify maturities. Despite the COVID-19 pandemic, we didn’t see anychanges in conditions of our financing during the FP under review, and ADR managed to execute debt financing to
the tune of 19.2 billion yen in total (at the average interest rate Note 5 of 0.41% and average initial duration of 8.2
years). As a result, ADR lowered the average interest rate to 0.61% as of the end of the FP under review, from
0.66% in the previous FP. It also extended the remaining duration to 5.0 years from 4.9 years, further enhancing
its financial foundation.
ADR’s issuer credit ratings as of the end of the FP under review are as follows.
Credit rating agency

Coverage

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating

Rating and Investment Information, Inc. (R&I)

Issuer rating

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

Note 5. The “average interest rate” is the weighted-average interest rate on loans and bonds as of their respective borrowing or issuancedate and as of the end of the FP under review. If the interest rates on the debts have been converted to fixed interest rates using
swap agreements in order to hedge the risk of interest rate volatility, the fixed rates are used in calculating the average.

4

4.

Sustainability– Sustainability Measures –ADR works together with the asset management company to realize a sustainable society and to increase its unitholder value. To that end, we engage in the following ESG (environmental, social and governance) initiatives.


Environmental initiatives
As part of its energy-saving measures, ADR has been introducing LED lighting in the common areas of its
properties. During the FP under review, ADR installed LED lighting in 11 properties. As of the end of the FP
under review, ADR had completed installation of LED lighting in 109 properties (representing 40.2% of its
portfolio). In addition, ADR has been installing electrical current measurement meters to measure electricity
consumption of individual apartment units as a whole. During the FP under review, ADR newly installed themeters in 44 properties. As of the end of the FP under review, ADR had completed installation of the meters in
52 properties (representing 19.1% of its portfolio).
ADR has been striving to include green lease clauses Note 6 in its lease agreements, and as of the end of the FP
under review, ADR has introduced such clauses in its lease agreements pertaining to 62.2% of its total numberof residential units.
ADR has also acquired DBJ Green Building Certification with respect to 23 properties, constituting 29.9% of its
portfolio on the basis of total floor area, as of the end of the FP.

Note 6. 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. The same applies hereafter.

Social initiatives
ADR conducts educational activities for energy-saving by utilizing the digital signage installed in the common
areas of its properties.
The asset management company conducted several activities, including an energy-saving challenge in thehomes of officers and employees, online walking event, and SDGs educational activities, thereby raising theawareness of sustainability of the whole company.
As a result of these initiatives, ADR was selected as a “Sector Leader” in the Asian residential sector category
under the GRESB Real Estate Assessment for the year 2021, as was the case in the previous year. In addition,
ADR works on initiatives for inclusion into the MSCI Japan ESG Select Leaders Index, and its ESG rating
improved to “A” from “BBB” in the previous FP. Furthermore, for the purpose of expanding the base of investors
who are interested in ESG investment, ADR issued two green bonds for the amount of 2.6 billion yen.

5.

Merger of Asset Management Company
AD Investment Management Co., Ltd. (hereinafter referred to as “ADIM”), ADR’s asset management company,
concluded an absorption-type merger agreement with ITOCHU REIT Management Co., Ltd. (hereinafter referred
to as “IRM”) on January 27, 2022. Based on the agreement, ADIM will conduct a merger by absorption of IRM(hereinafter referred to as the “Merger”) effective June 1, 2022. While the Merger is an absorption-type merger with
ADIM as the surviving company and IRM as the absorbed company, the corporate name of ADIM after the Merger
will be changed to “ITOCHU REIT Management Co., Ltd.”5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 improvementof the occupancy ratio through measures such as the relaxation of leasing terms. Meanwhile, we will keep raising
rents associated with residential units that hold promise in that regard.
And for value-enhancement works, we strive to maintain and improve the competitive strengths of our properties
by identifying changing needs through tenant satisfaction surveys and other such means, and reflecting thoseresults in such work.

2.

External Growth
ADR aims to acquire properties that will contribute to improving the quality and profitability of its portfolio. This will
involve acquiring sponsor properties and utilizing information gained through sourcing initiatives of the asset
management company. In addition, ADR will keep tenant and geographic diversification in mind in undertaking
investment, and accordingly will not be susceptible to temporary market trends.

3.

Finance Policy
With respect to its finance policy, ADR will continue procuring funds mainly through long-term and fixed-rate debts
while keeping a close eye on interest rate trends and striving for lower funding costs and diversified maturities. In
so doing, we will endeavor to establish financial foundations that can weather future market volatility.

4.

Sustainability
In light of sustainability initiatives, ADR installs electrical current measurement meters that gauge electricity
consumption of individual apartment units, thereby promoting measures for energy-saving and reduction ofgreenhouse gas emissions in its properties.

5.

Dividend Payout Policy
In accordance with its basic policy of realizing a stable distribution of earnings over the long term, ADR will
fundamentally pay out distributions of nearly the entire amount of earnings for the current FP. Meanwhile, ADR
will continue to draw down the reserves for temporary difference adjustments (RTA), which is based on retained
earnings derived from profit from negative goodwill. It will draw down the RTA in equal amounts or more every FP
within 50 years (Note 7), in accordance with partial amendments of the “Regulations Concerning Accounting ofInvestment 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 notreach 5,000 yen (Note 8).
Furthermore, when temporary gains or losses arise due to gains or losses on sales of properties, ADR willstabilize distributions by additionally drawing down the RTA while also retaining or drawing down gain on sales.

Notes 7. The RTA drawdown amount per FP is calculated by dividing by 100, the outstanding amount of the RTA that has been transferredfrom the reserve for dividends as of the end of the FP ended January 31, 2017 (50 year × 2 FPs = 100 periods). As of the date ofthis document, 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.
8. 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.

6

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
Notes 1.
2.

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

1,383,000
1,385,000

Paid-in Capital (million yen)
Increase

Notes

Balance

10,696648

138,386
139,034

1
2

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 andfor other purposes.
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.
FP
Period-end

19th FP
January 31, 2020

20th FP
July 31, 2020

21st FP
January 31, 2021

22nd FP
July 31, 2021

23rd FP
January 31, 2022

High367,000 yen

350,500 yen

342,000 yen

390,500 yen

381,000 yen

Low

331,000 yen

209,000 yen

290,000 yen

300,000 yen

318,500 yen

7Overview of the Investment Corporation
1 Major Unit-holders
The following are the major unit-holders as of January 31, 2022.

Name

Number of Percentage
units held of issued(units)units (%)

Address

Custody Bank of Japan, Ltd. (Trust Account)

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

311,360

22.48

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

200,80914.49

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

61,7884.46

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

39,092

2.82

ITOCHU Corporation

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

34,8002.51

Mizuho Securities Co., Ltd.
STATE STREET BANK WEST CLIENTTREATY

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

22,124

1.59

19,301

1.39

17,316

1.25

17,022

1.22

16,9061.22

740,518

53.46

The Master Trust Bank of Japan, Ltd (Trust
Account)
The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)
Custody Bank of Japan, Ltd. (Securities
Investment Trust Account)

SSBTC CLIENT OMNIBUS ACCOUNTSTATE STREET BANK AND TRUSTCOMPANY
JP MORGAN CHASE BANK

1776 HERITAGE DRIVE, NORTH QUINCY,
MA 02171, U.S.A.
ONE LINCOLN STREET，BOSTON MA
USA 02111
P.O. BOX 351
BOSTON, MASSACHUSETTS 02101 U.S.A
25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED KINGDOM
Total

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

2 Directors and Independent Auditor
1.

The executive director, supervisory directors, and independent auditor as of January 31, 2022, are as follows.
Title

Executive
Director
Supervisory
Director
Supervisory
Director
Independent
Auditor

Total amount of compensation
during the FP (thousand yen)

Name

Primary concurrent positions

Wataru Higuchi

Senior partner, Ootemon Law and Accounting

2,700

Yoshitsugu Oba

–

1,800

Satoru Kobayashi

President, Esperanza Law Office

Deloitte Touche Tohmatsu LLC

1,800
19,000(Note)

Note: The compensation paid to the independent auditor includes compensation (2,500,000 yen) for services other than those prescribed in Article 2, paragraph 1 of the Certified Public
Accountants Act.

2.

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

8

3 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, 2022.
Delegation

Name

Asset management company

AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited
Management of register of unit-holders

Mizuho Trust & Banking Co., Ltd.

Management of special accounts

Mizuho Trust & Banking Co., Ltd.

Accounting, taxation
Administrative agent

Institutional operations

Sumitomo Mitsui Trust Bank Limited
AD Investment Management Co., Ltd.
AD Investment Management Co., Ltd.
MUFG Bank, Ltd.

Administration of investment corporation
bonds

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

9

Real Estate Portfolio
The following lists the real estate held by ADR as of January 31, 2022.
22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

Location

Type ofownership

Beneficiaryinterests in trust

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

T-006

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2
2,389

4,100

1

96.0

92,803

0.5

1

96.6

92,012

0.5

1,376

2,610

1

100.0

47,287

0.3

1

100.0

47,256

0.3

1,127

1,410

1

100.0

38,993

0.2

1

96.8

39,2420.2

Beneficiaryinterests in trust

1,105

1,680

1

97.8

37,654

0.2

1

97.2

36,893

0.2

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,999

2,950

1

98.9

74,634

0.4

1

97.9

75,317

0.4

RESIDIA Hatagaya

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,031

1,480

1

96.3

31,016

0.2

1

100.0

32,332

0.2

T-007

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

1,025

1,500

1

94.5

34,014

0.2

1

100.0

34,105

0.2

T-008

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

2,420

3,090

1

100.0

76,079

0.5

1

100.0

76,075

0.5

T-009

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

691

1,100

1

95.0

26,123

0.2

1

100.0

24,9360.1

T-010

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

583

789

1

100.0

17,948

0.1

1

100.0

17,358

0.1

T-011

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

1,350

2,180

1

95.8

48,048

0.3

1

96.4

48,275

0.3

T-012

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

912

1,390

1

91.9

31,448

0.2

1

91.7

31,496

0.2

T-013

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

1,339

2,410

1

95.4

60,092

0.4

1

97.7

59,542

0.4

T-014

RESIDIA Azabujuban II

Minato-ku, Tokyo

881

1,240

1

91.7

28,776

0.2

1

97.5

28,2790.2

T-015

RESIDIA Ebisu

Shibuya-ku, Tokyo

548

817

1

89.7

19,959

0.1

1

88.9

19,603

0.1

T-016

RESIDIA Meguro

Shinagawa-ku, Tokyo

719

820

1

96.0

21,255

0.1

1

100.0

20,686

0.1

T-017

RESIDIA Hiroo II

Shibuya-ku, Tokyo

1,455

2,370

1

95.3

55,412

0.3

1

95.3

55,4700.3

T-018

Pianetta Shiodome

Minato-ku, Tokyo

1,725

2,530

1

93.4

64,019

0.4

1

97.4

64,726

0.4

T-019

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

316

429

1

86.8

11,418

0.1

1

95.1

10,278

0.1

T-022

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

830

1,230

1

95.7

32,746

0.2

1

95.8

32,176

0.2

T-023

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,258

3,220

1

95.2

70,838

0.4

1

97.7

73,546

0.4

T-024

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,111

1,720

1

95.2

43,176

0.3

1

95.1

42,235

0.3

T-025

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,850

2,610

1

97.5

67,167

0.4

1

98.4

66,2990.4

T-026

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,119

1,520

1

94.8

35,378

0.2

1

89.6

35,587

0.2

T-027

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,271

1,990

1

96.8

44,569

0.3

1

96.8

42,9790.3

T-028

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,066

1,800

1

93.8

41,800

0.2

1

100.0

41,0000.2

T-029

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

837

1,270

1

100.0

31,851

0.2

1

98.2

31,652

0.2

T-030

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

960

1,520

1

85.0

33,856

0.2

1

100.0

34,795

0.2

T-031

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

990

1,510

1

97.3

34,996

0.2

1

100.0

37,5790.2

T-032

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,172

3,360

1

91.8

79,492

0.5

1

98.6

76,842

0.5

T-033

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,476

4,960

1

95.8

112,300

0.7

1

93.9

112,233

0.7

T-034

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,109

1,670

1

98.3

38,167

0.2

1

97.6

43,016

0.3

T-035

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

6,406

9,680

1

95.9

216,425

1.3

1

92.8

216,257

1.3

T-036

RESIDIA Daikanyama

Shibuya-ku, Tokyo

1,977

2,570

1

95.7

57,926

0.3

1

95.7

60,6790.4

T-037

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

2,348

3,650

1

96.8

82,218

0.5

1

97.5

80,824

0.5

T-038

RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

3,523

5,510

1

91.1

130,053

0.8

1

95.3

130,951

0.8

T-039

RESIDIA TOWER Meguro-Fudomae

Shinagawa-ku, Tokyo

Real estate

14,33721,8001

97.2

547,010

3.2

1

96.6

548,739

3.3

T-040

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,522

3,960

1

97.4

91,504

0.5

1

99.1

91,607

0.5

T-041

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,493

2,510

1

92.2

60,502

0.4

1

97.7

60,2090.4

T-042

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,320

1,750

1

94.2

41,046

0.2

1

96.8

41,725

0.2

T-043

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,898

2,570

1

93.1

61,376

0.4

1

100.0

57,9500.3

T-044

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,028

9,280

1

95.2

203,906

1.2

1

95.1

213,087

1.3

T-045

RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,193

1,880

1

90.7

41,654

0.2

1

95.4

38,7180.2

T-046

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

1,706

2,770

1

93.7

63,844

0.4

1

93.7

64,293

0.4

T-047

RESIDIA Azabudai

Minato-ku, Tokyo

1,518

2,160

1

95.1

49,625

0.3

1

94.3

49,777

0.3

T-048

RESIDIA Shibadaimon II

Minato-ku, Tokyo

1,640

2,200

1

97.9

51,671

0.3

1

95.9

54,514

0.3

T-049

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,062

1,710

1

83.1

40,272

0.2

1

94.8

38,987

0.2

T-050

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,188

1,790

1

85.1

40,518

0.2

1

100.0

41,867

0.2

T-051

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,655

2,560

1

97.5

57,722

0.3

1

91.3

58,291

0.3

T-052

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

848

1,320

1

96.2

28,698

0.2

1

92.5

29,7930.2

Beneficiaryinterests in trust
Beneficiaryinterests in trust

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

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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust10

22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

T-053

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

T-054

RESIDIA Shibaura

Minato-ku, Tokyo

T-055

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

T-056

RESIDIA Yutenji

Meguro-ku, Tokyo

T-057

Park Tower Shibaura Bayward Urban
Minato-ku, Tokyo
Wing

T-058

RESIDIA Kamimeguro

Meguro-ku, Tokyo

T-059

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

T-060

RESIDIA Komazawa

T-061

Location

Type ofownership

Beneficiaryinterests in trust
Beneficiaryinterests in trust

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2
946

1,370

1

96.3

34,191

0.2

1

100.0

34,251

0.2

4,230

6,920

1

95.6

185,360

1.1

1

97.5

187,902

1.1

Real estate

863

1,130

1

100.0

29,681

0.2

1

100.0

31,3670.2

Beneficiaryinterests in trust

4,979

6,850

1

96.7

157,686

0.9

1

98.2

155,425

0.9

8,984

14,3001

94.0

327,702

1.9

1

95.8

335,837

2.0

825

1,330

1

93.4

31,751

0.2

1

100.0

34,7890.2

Real estate

1,324

1,990

1

100.0

46,999

0.3

1

100.0

49,4270.3

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

789

1,420

1

100.0

28,095

0.2

1

100.0

28,095

0.2

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

Beneficiaryinterests in trust

2,239

3,370

1

97.7

87,728

0.5

1

98.9

88,127

0.5

T-062

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,902

2,910

1

95.6

66,252

0.4

1

98.2

64,582

0.4

T-063

RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,491

2,080

1

94.8

50,095

0.3

1

98.7

50,2590.3

T-064

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,433

5,470

1

96.7

123,641

0.7

1

96.8

126,784

0.8

T-065

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

3,574

5,340

1

96.1

124,921

0.7

1

98.5

119,443

0.7

T-066

RESIDIA Meguro III

Meguro-ku, Tokyo

929

1,690

1

91.7

32,875

0.2

1

93.4

33,074

0.2

T-067

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

762

1,100

1

100.0

27,269

0.2

1

100.0

27,142

0.2

T-068

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

1,188

2,060

1

93.9

44,735

0.3

1

97.8

45,1200.3

T-069

RESIDIA Omori II

Shinagawa-ku, Tokyo

1,542

2,560

1

95.8

57,377

0.3

1

98.0

56,6190.3

T-070

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

1,423

2,340

1

89.8

47,652

0.3

1

100.0

51,478

0.3

T-071

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

3,712

5,200

1

97.7

120,663

0.7

1

94.3

117,461

0.7

T-072

RESIDIA Nakameguro

Meguro-ku, Tokyo

1,147

1,800

1

94.1

37,358

0.2

1

96.0

32,812

0.2

T-073

Artis Court Minamiaoyama

Minato-ku, Tokyo

1,710

2,130

1

85.1

53,074

0.3

1

85.2

53,233

0.3

T-074

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,019

3,060

1

96.8

81,304

0.5

1

98.4

81,366

0.5

T-075

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

Beneficiaryinterests in trust

924

1,290

1

100.0

30,310

0.2

1

100.0

30,8100.2

T-076

RESIDIA Ebisu III

Shibuya-ku, Tokyo

Real estate

644

915

1

95.9

21,351

0.1

1

100.0

20,764

0.1

T-077

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

704

1,090

1

97.5

28,267

0.2

1

100.0

25,577

0.2

T-078

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

1,168

1,760

1

91.6

37,707

0.2

1

93.8

38,2680.2

T-079

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

3,149

4,520

1

95.6

108,215

0.6

1

92.9

106,258

0.6

T-080

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

1,276

1,960

1

94.2

43,306

0.3

1

96.0

44,701

0.3

T-081

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

974

1,470

1

94.9

32,955

0.2

1

100.0

32,106

0.2

T-082

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

888

1,090

1

95.1

23,446

0.1

1

100.0

24,174

0.1

T-083

RESIDIA Nakanobu II

Shinagawa-ku, Tokyo

919

1,250

1

93.7

26,788

0.2

1

85.3

26,517

0.2

T-084

RESIDIA Ochanomizu II

Chiyoda-ku, Tokyo

824

1,180

1

97.3

26,605

0.2

1

100.0

25,933

0.2

T-085

RESIDIA Mishuku

Setagaya-ku, Tokyo

1,163

1,530

1

100.0

34,379

0.2

1

95.8

32,616

0.2

T-086

RESIDIA Ichigaya II

Shinjuku-ku, Tokyo

1,979

2,440

1

92.0

53,648

0.3

1

96.7

54,317

0.3

T-087

RESIDIA Ichigaya-Sadohara

Shinjuku-ku, Tokyo

4,234

5,060

1

89.9

142,664

0.8

1

89.5

135,401

0.8

T-088

RESIDIA Nishi-Koyama

Meguro-ku, Tokyo

1,712

2,330

1

100.0

48,528

0.3

1

91.3

49,064

0.3

T-089

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,205

2,810

1

99.0

60,420

0.4

1

100.0

63,241

0.4

T-090

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,150

1,540

1

91.4

28,018

0.2

1

97.1

29,8200.2

T-091

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

1,565

1,920

1

97.7

43,930

0.3

1

98.1

44,076

0.3

T-092

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

1,554

3,200

1

94.6

66,793

0.4

1

94.4

64,548

0.4

T-093

RESIDIA Kamata

Ota-ku, Tokyo

2,040

4,210

1

95.5

106,778

0.6

1

97.9

97,626

0.6

T-094

RESIDIA Ikebukuro

Toshima-ku, Tokyo

1,398

2,160

1

98.6

52,247

0.3

1

97.5

52,9100.3

T-095

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

1,503

2,720

1

95.8

58,838

0.3

1

100.0

59,861

0.4

T-096

RESIDIA Asakusabashi

Taito-ku, Tokyo

886

1,710

1

87.5

40,103

0.2

1

95.5

40,1570.2

T-097

Maison Eclairee Ekoda

Nerima-ku, Tokyo

871

1,160

1

89.4

36,205

0.2

1

95.3

35,7200.2

T-098

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

2,723

4,440

1

96.3

99,871

0.6

1

95.7

101,379

0.6

T-099

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

1,545

2,380

1

96.7

51,794

0.3

1

100.0

51,662

0.3

T-100

RESIDIA Ryogoku

Sumida-ku, Tokyo

812

1,450

1

93.3

34,173

0.2

1

100.0

33,998

0.2

T-101

RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

2,835

4,610

1

97.6

109,698

0.6

1

99.4

103,413

0.6

T-102

RESIDIA Omori-Higashi

Ota-ku, Tokyo

1,743

2,380

1

93.7

56,539

0.3

1

98.9

58,154

0.3

T-103

RESIDIA Kinshicho

Sumida-ku, Tokyo

3,870

5,520

1

92.6

122,491

0.7

1

99.1

122,914

0.7

T-104

RESIDIA Negishi

Taito-ku, Tokyo

774

1,090

1

100.0

28,975

0.2

1

100.0

28,371

0.2

T-105

RESIDIA Shinkawa

Chuo-ku, Tokyo

1,766

2,950

1

91.9

65,245

0.4

1

90.5

64,444

0.4

T-106

RESIDIA Kamiikebukuro

Toshima-ku, Tokyo

509

823

1

100.0

22,325

0.1

1

97.9

21,9700.1

Beneficiaryinterests in trust
Beneficiaryinterests in trust

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

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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
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 trust11

22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

Location

Type ofownership

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2

T-107

RESIDIA Shin-nakano

Nakano-ku, Tokyo

Beneficiaryinterests in trust

337

600

1

86.6

15,793

0.1

1

96.6

15,481

0.1

T-108

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

925

1,410

1

97.5

35,715

0.2

1

96.9

35,011

0.2

T-109

RESIDIA Tsukiji

Chuo-ku, Tokyo

Real estate

1,315

2,320

1

95.4

54,182

0.3

1

98.5

51,1580.3

T-110

RESIDIA Sasazuka

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,748

2,330

1

92.5

64,076

0.4

1

94.4

61,5790.4

T-111

RESIDIA Tamagawa

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,111

1,870

1

97.0

47,849

0.3

1

95.0

46,9790.3

T-112

RESIDIA Korakuen

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

563

879

1

100.0

21,954

0.1

1

97.2

21,664

0.1

T-113

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,838

3,060

1

92.5

66,698

0.4

1

95.6

68,376

0.4

T-114

RESIDIA Oji

Kita-ku, Tokyo

Beneficiaryinterests in trust

747

1,140

1

100.0

33,717

0.2

1

100.0

33,734

0.2

T-115

RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

942

1,320

1

96.5

37,686

0.2

1

98.6

36,875

0.2

T-116

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

975

1,490

1

92.0

37,560

0.2

1

94.8

37,462

0.2

T-117

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,233

1,940

1

94.1

47,559

0.3

1

98.8

48,2190.3

T-118

RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,252

3,380

1

98.3

84,591

0.5

1

95.8

84,823

0.5

T-119

RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

2,164

3,200

1

91.8

78,057

0.5

1

96.2

77,801

0.5

T-120

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

2,965

4,840

1

92.0

119,232

0.7

1

97.6

122,010

0.7

T-121

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

633

1,090

1

88.1

25,736

0.2

1

93.7

26,102

0.2

T-122

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

962

1,620

1

93.1

38,113

0.2

1

91.4

38,5580.2

T-123

RESIDIA Ikegami

Ota-ku, Tokyo

Beneficiaryinterests in trust

351

502

1

93.7

13,239

0.1

1

100.0

13,982

0.1

T-124

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust

505

969

1

92.5

21,046

0.1

1

92.5

21,257

0.1

T-125

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,372

2,040

1

95.1

49,395

0.3

1

100.0

48,038

0.3

T-126

RESIDIA Iriya

Taito-ku, Tokyo

Beneficiaryinterests in trust

824

1,280

1

96.7

37,410

0.2

1

96.0

38,5690.2

T-127

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,222

1,860

1

84.5

44,514

0.3

1

95.6

42,811

0.3

T-128

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,719

2,480

1

92.1

60,775

0.4

1

98.3

58,602

0.3

T-129

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,165

1,650

1

94.8

41,864

0.2

1

100.0

42,037

0.2

T-130

RESIDIA Shinkawa II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,236

2,030

1

96.4

46,230

0.3

1

93.6

47,7400.3

T-131

RESIDIA Mejiro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

5,863

9,400

1

94.1

239,351

1.4

1

97.1

247,391

1.5

T-132

RESIDIA Kasai

Edogawa-ku, Tokyo

Beneficiaryinterests in trust

618

847

1

100.0

28,969

0.2

1

100.0

27,322

0.2

T-133

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

Real estate

4,906

8,440

1

96.7

202,539

1.2

1

95.7

203,680

1.2

T-134

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

3,485

6,520

1

93.8

156,018

0.9

1

97.2

151,816

0.9

T-135

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

809

1,390

1

100.0

29,739

0.2

1

100.0

29,7390.2

T-136

RESIDIA Kiba

Koto-ku, Tokyo

Beneficiaryinterests in trust

1,785

3,470

1

96.1

81,394

0.5

1

99.4

80,521

0.5

T-137

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,045

1,820

1

100.0

44,673

0.3

1

96.9

40,036

0.2

T-138

RESIDIA Bunkyo- Honkomagome

Bunkyo-ku, Tokyo

Real estate

2,182

3,490

1

97.8

83,188

0.5

1

97.8

84,4100.5

T-139

RESIDIA Tsukishima III

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,356

4,310

1

94.1

93,496

0.6

1

98.0

93,304

0.6

T-140

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

Beneficiaryinterests in trust

2,198

4,120

1

94.4

168,738

1.0

1

95.0

169,842

1.0

T-141

RESIDIA Ogikubo

Suginami-ku, Tokyo

Real estate

1,743

2,780

1

94.7

66,433

0.4

1

98.1

64,161

0.4

T-142

RESIDIA Monzennakacho

Koto-ku, Tokyo

990

1,610

1

95.6

36,715

0.2

1

100.0

37,0000.2

T-143

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

1,943

3,430

1

96.7

77,689

0.5

1

96.7

78,381

0.5

T-144

RESIDIA Omori

Ota-ku, Tokyo

1,148

1,770

1

98.7

42,339

0.3

1

98.7

39,657

0.2

T-145

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

986

1,440

1

98.7

39,811

0.2

1

98.7

39,211

0.2

T-146

RESIDIA Kachidoki

Chuo-ku, Tokyo

1,686

2,940

1

98.5

67,883

0.4

1

93.8

65,192

0.4

T-147

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

2,211

3,520

1

94.4

86,863

0.5

1

94.9

79,5190.5

T-148

RESIDIA Kinshicho III

Koto-ku, Tokyo

615

930

1

100.0

25,478

0.2

1

100.0

25,4140.2

T-149

RESIDIA Kamata III

Ota-ku, Tokyo

897

1,410

1

93.6

34,423

0.2

1

90.3

33,5590.2

T-150

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

7,529

13,5001

96.9

755,830

4.5

1

97.3

762,095

4.5

T-151

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

Real estate

506

682

1

100.0

16,192

0.1

1

100.0

16,191

0.1

T-152

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

592

792

1

100.0

18,084

0.1

1

100.0

18,084

0.1

T-153

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,100

1,570

1

100.0

36,294

0.2

1

100.0

36,2980.2

T-154

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

473

572

1

100.0

13,608

0.1

1

100.0

13,6080.1

T-155

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,066

1,570

1

100.0

44,261

0.3

1

96.3

44,837

0.3

T-156

RESIDIA Ojima

Koto-ku, Tokyo

1,225

1,820

1

91.0

44,952

0.3

1

98.9

43,441

0.3

T-157

RESIDIA Machiya

Arakawa-ku, Tokyo

1,149

1,600

1

100.0

46,840

0.3

1

93.7

45,931

0.3

T-158

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

1,794

2,400

1

91.5

54,483

0.3

1

94.4

56,447

0.3

T-159

RESIDIA Nerima

Nerima-ku, Tokyo

496

731

1

100.0

18,060

0.1

1

100.0

18,0600.1

T-160

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

386

573

1

92.5

13,955

0.1

1

88.9

14,4860.1

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Beneficiaryinterests in trust

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

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust12

22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

Location

Type ofownership

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2

T-161

RESIDIA Nakano

Nakano-ku, Tokyo

Real estate

681

953

1

94.9

22,163

0.1

1

100.0

22,694

0.1

T-162

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Real estate

474

621

1

100.0

13,620

0.1

1

100.0

13,6200.1

T-163

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,322

1,710

1

98.6

45,036

0.3

1

100.0

43,3900.3

T-164

RESIDIA Akihabara

Taito-ku, Tokyo

Beneficiaryinterests in trust

965

1,450

1

91.5

32,928

0.2

1

100.0

35,2890.2

T-165

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

Beneficiaryinterests in trust

860

1,350

1

96.6

31,874

0.2

1

96.7

32,602

0.2

T-166

RESIDIA Omori III

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,385

1,950

1

93.7

43,332

0.3

1

98.7

42,611

0.3

T-167

RESIDIA Nihonbashi-Bakurocho II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,969

2,960

1

94.2

59,635

0.4

1

96.9

61,4490.4

T-168

RESIDIA Nihonbashi-Bakurocho III

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,821

2,700

1

93.6

63,949

0.4

1

100.0

64,268

0.4

T-169

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,655

2,320

1

95.9

50,282

0.3

1

100.0

50,732

0.3

T-170

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

4,642

6,420

1

95.1

138,506

0.8

1

98.7

142,411

0.8

T-171

RESIDIA Kameido

Koto-ku, Tokyo

3,007

3,950

1

98.6

86,791

0.5

1

97.8

87,614

0.5

T-172

RESIDIA Koenji

Suginami-ku, Tokyo

1,389

1,860

1

93.3

41,329

0.2

1

100.0

39,942

0.2

T-173

RESIDIA Kamata V

Ota-ku, Tokyo

Real estate

2,327

2,870

1

95.0

66,525

0.4

1

95.8

63,5590.4

T-174

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,333

4,220

1

96.4

87,872

0.5

1

98.2

90,8290.5

T-175

RESIDIA Ikegami II

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,103

1,420

1

98.0

30,873

0.2

1

100.0

31,843

0.2

T-176

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,417

1,760

1

91.1

35,906

0.2

1

93.3

37,876

0.2

T-177

RESIDIA Nakano-Fujimidai

Nakano-ku, Tokyo

Beneficiaryinterests in trust

1,805

2,000

1

96.9

45,587

0.3

1

91.8

42,944

0.3

S-002

Chester House Kawaguchi

Kawaguchi-shi, Saitama

672

786

1

100.0

29,453

0.2

1

97.4

29,493

0.2

S-004

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

952

1,330

1

92.8

45,231

0.3

1

100.0

45,542

0.3

S-005

RESIDIA Shin-Yokohama

Yokohama-shi,
Kanagawa

Beneficiaryinterests in trust

1,680

2,340

1

96.9

69,911

0.4

1

100.0

68,9600.4

S-007

RESIDIA Chofu

Chofu-shi, Tokyo

Beneficiaryinterests in trust

1,020

1,430

1

100.0

35,841

0.2

1

98.5

36,4400.2

S-011

Tokyo Student-House WAKO

Wako-shi, Saitama

Beneficiaryinterests in trust

624

800

1

100.0

26,186

0.2

1

100.0

26,182

0.2

S-012

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

469

733

1

97.0

21,883

0.1

1

91.1

18,456

0.1

S-014

RESIDIA Yokohama-Kannai

Yokohama-shi,
Kanagawa

Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,489

2,000

1

95.2

53,635

0.3

1

93.1

50,315

0.3

S-015

RESIDIA Okurayama

Yokohama-shi,
Kanagawa

Beneficiaryinterests in trust

679

983

1

100.0

26,685

0.2

1

100.0

26,974

0.2

S-016

RESIDIA Musashikosugi

Kawasaki-shi,
Kanagawa

Real estate

1,437

2,220

1

99.0

59,228

0.4

1

98.0

58,103

0.3

S-017

RESIDIA Funabashi
Funabashi II

Beneficiaryinterests in trust

2,431

3,620

1

98.4

106,212

0.6

1

96.3

101,050

0.6

S-019

RESIDIA Kichijoji

1,403

1,950

1

93.5

49,749

0.3

1

98.0

50,242

0.3

S-020

Pacific Royal Court Minatomirai Ocean Yokohama-shi,
Tower
Kanagawa

10,507

17,3001

100.0

566,199

3.4

1

100.0

566,170

3.4

S-022

Life & Senior House Kohoku II

Yokohama-shi,
Kanagawa

Real estate

1,612

2,260

1

100.0

70,752

0.4

1

100.0

71,004

0.4

S-023

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

Beneficiaryinterests in trust

721

1,260

1

100.0

32,760

0.2

1

100.0

32,7600.2

S-024

RESIDIA Urayasu

Urayasu-shi, Chiba

1,966

3,240

1

98.3

83,833

0.5

1

98.3

83,551

0.5

S-025

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

836

1,210

1

92.9

35,904

0.2

1

98.8

34,3900.2

S-026

RESIDIA Urayasu

Urayasu-shi, Chiba

813

1,230

1

93.2

32,754

0.2

1

98.6

31,864

0.2

S-027

RESIDIA Gyotoku

Ichikawa-shi, Chiba

760

1,130

1

96.0

37,180

0.2

1

100.0

33,191

0.2

S-028

RESIDIA Kawasaki

Kawasaki-shi,
Kanagawa

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

1,530

2,440

1

90.8

63,045

0.4

1

96.1

61,5580.4

S-029

Cocofump Hiyoshi

1,200

1

100.0

45,000

0.3

1

100.0

45,0000.3

RESIDIA Sagamihara

1,084

1,440

1

100.0

43,112

0.3

1

100.0

43,121

0.3

S-031

RESIDIA Yokohama-Bashamichi

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

922

S-030

Yokohama-shi,
Kanagawa
Sagamihara-shi,
Kanagawa
Yokohama-shi,
Kanagawa

742

1,070

1

100.0

34,225

0.2

1

100.0

35,2190.2

S-032

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

Real estate

609

790

1

98.1

26,229

0.2

1

92.5

22,907

0.1

S-033

RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

652

776

1

100.0

20,127

0.1

1

100.0

20,127

0.1

S-034

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

595

656

1

93.0

19,116

0.1

1

100.0

17,762

0.1

S-035

RESIDIA Kunitachi II

Kunitachi-shi, Tokyo

Real estate

861

881

-

-

-

-

1

100.0

13,541

0.1

R-002

RESIDIA Imadegawa

Kyoto-shi, Kyoto

1,436

1,800

1

100.0

60,754

0.4

1

100.0

60,787

0.4

R-004

RESIDIA Higashizakura

Nagoya-shi, Aichi

937

1,430

1

95.7

44,838

0.3

1

95.6

44,315

0.3

R-008

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

3,222

5,020

1

100.0

126,161

0.7

1

100.0

127,402

0.8

R-010

RESIDIA Hakata

Fukuoka-shi, Fukuoka

Real estate

1,193

1,690

1

94.6

53,429

0.3

1

96.3

51,291

0.3

R-011

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

783

1,250

1

89.8

34,758

0.2

1

98.8

35,432

0.2

R-012

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,919

3,260

1

97.9

89,840

0.5

1

99.0

90,2790.5

R-013

KC21 Building

Sendai-shi, Miyagi

Real estate

824

1,010

1

96.4

37,706

0.2

1

98.1

36,4590.2

R-014

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

995

1,650

1

92.3

45,572

0.3

1

97.0

45,4990.3

R-015

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,799

2,900

1

94.3

82,714

0.5

1

96.1

81,0390.5

R-016

RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,043

3,500

1

96.7

96,258

0.6

1

94.2

94,802

0.6

R-017

RESIDIA Hibino

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,050

1,570

1

97.5

66,584

0.4

1

95.8

66,273

0.4

I

RESIDIAFunabashi-shi, Chiba
Musashino-shi, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Real estate andleasehold rights
to real estate

Beneficiaryinterests in trust
Beneficiaryinterests in trust

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust13

22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

Location

Type ofownership

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2

R-019

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

865

1,250

1

94.6

39,450

0.2

1

98.2

38,992

0.2

R-020

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

292

445

1

100.0

16,555

0.1

1

100.0

16,4650.1

R-021

RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

Real estate

567

855

1

87.8

27,077

0.2

1

100.0

25,053

0.1

R-024

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,525

2,270

1

96.6

75,714

0.4

1

94.7

73,922

0.4

R-025

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,274

1,650

1

99.3

60,727

0.4

1

97.2

59,627

0.4

R-026

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,060

1,530

1

92.8

48,492

0.3

1

97.6

49,635

0.3

R-027

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

713

950

1

100.0

33,012

0.2

1

100.0

32,753

0.2

R-029

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

691

829

1

93.7

33,902

0.2

1

95.9

33,0350.2

R-030

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,144

4,420

1

89.0

141,103

0.8

1

93.9

142,227

0.8

R-031

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

905

1,350

1

96.0

46,196

0.3

1

96.9

45,055

0.3

R-032

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

689

956

1

96.7

30,056

0.2

1

81.5

28,954

0.2

R-034

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,755

2,910

1

96.4

94,593

0.6

1

96.6

91,475

0.5

R-035

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,030

1,750

1

95.7

46,383

0.3

1

96.4

46,022

0.3

R-036

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

608

955

1

87.3

27,627

0.2

1

98.3

27,692

0.2

R-037

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

473

806

1

100.0

25,369

0.2

1

100.0

23,1380.1

R-038

RESIDIA Hirosedori

Sendai-shi, Miyagi

446

721

1

100.0

21,944

0.1

1

100.0

21,951

0.1

R-039

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,321

2,080

1

96.9

58,486

0.3

1

95.5

55,6090.3

R-040

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

947

1,550

1

96.0

41,682

0.2

1

96.2

42,6680.3

R-041

RESIDIA Esaka

Suita-shi, Osaka

Beneficiaryinterests in trust

965

1,410

1

97.7

37,897

0.2

1

96.5

37,502

0.2

R-042

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

2,106

3,330

1

96.0

107,576

0.6

1

93.8

106,547

0.6

R-043

RESIDIA Tsurumai

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,084

1,740

1

96.1

53,562

0.3

1

93.0

52,0790.3

R-044

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

Beneficiaryinterests in trust

2,439

3,880

1

95.1

111,550

0.7

1

98.7

109,508

0.6

R-045

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

949

1,240

1

96.7

41,483

0.2

1

100.0

42,3290.3

R-046

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

1,797

2,690

1

94.5

74,638

0.4

1

97.3

74,7800.4

R-047

RESIDIA Marunouchi

Nagoya-shi, Aichi

892

1,300

1

94.3

39,211

0.2

1

94.3

38,9190.2

R-048

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

1,325

2,190

1

95.8

75,293

0.4

1

94.2

75,2480.4

R-049

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

1,145

1,820

1

94.8

45,830

0.3

1

98.0

48,5600.3

R-050

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

821

1,190

1

100.0

37,202

0.2

1

100.0

35,167

0.2

R-051

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

Real estate

3,105

5,610

1

98.1

161,342

1.0

1

97.2

160,410

1.0

R-052

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,661

2,220

1

94.9

71,988

0.4

1

95.8

68,092

0.4

R-053

RESIDIA Higashizakura II

Nagoya-shi, Aichi

2,812

3,850

1

94.8

117,471

0.7

1

93.3

121,959

0.7

R-054

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

1,653

2,690

1

95.5

84,306

0.5

1

94.2

81,517

0.5

R-055

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

997

1,540

1

97.6

43,780

0.3

1

91.1

43,416

0.3

R-056

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

1,034

1,780

1

98.8

53,787

0.3

1

95.4

52,292

0.3

R-057

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

529

939

1

95.6

30,450

0.2

1

95.2

29,7800.2

R-058

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

978

1,510

1

92.9

50,103

0.3

1

95.4

46,656

0.3

R-059

RESIDIA Shin-Osaka

Osaka-shi, Osaka

2,651

4,090

1

94.5

105,403

0.6

1

95.1

103,277

0.6

R-060

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

780

1,110

1

100.0

35,164

0.2

1

100.0

35,234

0.2

R-061

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

229

342

1

100.0

9,677

0.1

1

100.0

9,644

0.1

R-062

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

1,071

1,410

1

100.0

43,095

0.3

1

100.0

43,095

0.3

R-063

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

514

778

1

97.8

25,790

0.2

1

96.9

26,365

0.2

R-064

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

477

638

1

95.3

19,953

0.1

1

100.0

19,9390.1

R-065

RESIDIA Soen

Sapporo-shi, Hokkaido

363

567

1

98.3

20,911

0.1

1

95.0

20,054

0.1

R-066

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

1,090

1,500

1

95.5

41,914

0.2

1

97.7

42,186

0.3

R-067

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

1,099

1,520

1

96.7

42,463

0.3

1

97.8

42,861

0.3

R-068

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

1,322

1,910

1

95.3

52,735

0.3

1

97.2

51,996

0.3

R-069

RESIDIA Kego

Fukuoka-shi, Fukuoka

796

1,260

1

98.7

37,333

0.2

1

100.0

36,1800.2

R-070

RESIDIA Shirakabe

Nagoya-shi, Aichi

902

1,180

1

96.3

34,536

0.2

1

97.3

34,172

0.2

R-071

RESIDIA Sakae

Nagoya-shi, Aichi

904

967

1

90.9

28,693

0.2

1

92.2

27,1490.2

R-072

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

1,498

1,810

1

100.0

46,174

0.3

1

100.0

46,117

0.3

R-073

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

2,180

2,420

1

100.0

62,048

0.4

1

100.0

62,136

0.4

R-074

RESIDIA Sapporo-eki North

Sapporo, Hokkaido

789

708

1

89.0

22,687

0.1

1

95.7

22,117

0.1

R-075

RESIDIA Hijiyama-Koen

Hiroshima-shi,
Hiroshima

677

819

1

100.0

27,042

0.2

1

97.7

26,1600.2

R-076

RESIDIA Kita-Nijyo-East III

Sapporo, Hokkaido

431

441

1

92.5

15,002

0.1

1

87.5

13,8020.1

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

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

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

14

22nd (Feb. 1, 2021 to July 31, 2021)

Propertyno.

Name of real estate

Location

Type ofownership

23rd (Aug. 1, 2021 to Jan. 1, 2022)

Total
Appraisal value
Book value atnumber of
RentalTotal number Occupancy
Rentalat end of period
Occupancy rate
Percentage
Percentage ofend of period
tenants atrevenueof tenants at rate at end ofrevenue(million yen)at end of periodof total rent
total rent
(million yen)end of(thousands ofend of period
period(thousands of(*1)(%)
revenuerevenueperiodyen)(tenants)(%)yen)
Note 3(%)(%)(tenants)
Note 4Note 2
Note 3Note 4Note 2

R-077

RESIDIA Shin-Osaka II

Osaka-shi, Osaka

Real estate

690

743

1

94.1

20,429

0.1

1

97.5

19,6400.1

R-078

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

763

791

1

95.1

26,817

0.2

1

94.5

26,2290.2

R-079

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate

1,493

1,720

1

100.0

48,029

0.3

1

94.9

45,3790.3

R-080

RESIDIA Shirokitakoen-dori

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,309

1,370

1

97.4

37,052

0.2

1

100.0

37,9360.2

R-081

RESIDIA Kyoto-Mibu

Kyoto, Kyoto

Beneficiaryinterests in trust

668

671

1

93.3

3,246

0.0

1

97.8

19,216

0.1

R-082

RESIDIA Nishi-tenma

Osaka-shi, Osaka

Real estate

3,139

3,110

-

-

-

-

1

93.8

45,3300.3

431,895

649,820270

95.9

16,884,005

100.0

272

96.9

16,862,511

100.0

Total

Notes 1.
2.

3.
4.
5.

“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 Accountingof Investment Corporations” issued by the Cabinet Office, provided by a real estate appraiser as of January 31, 2022.
“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, 2022, are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates
the total number of master lease agreements that were concluded with 10 master lessees.
“Occupancy rate” is calculated using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
“Rental revenue” is the rental revenue of respective real estate for the FP under review.
RESIDIA Yoyogi and RESIDIA Nishi-Shinjuku were disposed of on October 18, 2021.

Real estate planned to be acquired under the forward commitment (Note 5)
Real-estate appraisal value

Propertyno.

Name of real estate

T-178

RESIDIA Bunkyo-Koishikawa(Note 6)

Bunkyo-ku, Tokyo

Real estate

830

T-179

RESIDIA Kanda-Awajicho(Note 7)

Chiyoda-ku, Tokyo

Beneficiary interests in trust

1,630

T-180

RESIDIA Ogikubo III(Note 8)

Suginami-ku, Tokyo

Beneficiary interests in trust

2,570

Notes 6.
7.
8.

9.

Location

Type of ownership(million yen)

The forward commitment is defined as a postdated transaction agreement in which settlement and delivery of property will be made one or more months after conclusionof the agreement or other similar agreements.
On December 23, 2021, ADR concluded a real estate transaction agreement to acquire RESIDIA Bunkyo-Koishikawa. ADR acquired the said property at the acquisition
price of 694 million yen on February 1, 2022. The appraisal value is as of November 1, 2021.
On February 24, 2022, ADR concluded an agreement to acquire the beneficiary interests in RESIDIA Kanda-Awajicho. The acquisition price shall be 1,490 million yen,and the acquisition is scheduled to be made on February 24, 2022 or on a date that will be separately agreed upon between ADR and the seller. The appraisal value is
as of January 1, 2022.
On February 24, 2022, ADR concluded an agreement to acquire the beneficiary interests in RESIDIA Ogikubo III. The acquisition price shall be 2,388 million yen, and theacquisition is scheduled to be made on April 18, 2022 or on a date that will be separately agreed upon between ADR and the seller. The appraisal value is as of January
1, 2022.

15

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)
RESIDIA TOWER Meguro-Fudomae(Shinagawa-ku, Tokyo)
RESIDIA Yutenji(Meguro-ku, Tokyo)
RESIDIA Suginami-Honancho(Suginami-ku, Tokyo)
RESIDIA Tsutsujigaoka(Sendai-shi, Miyagi)
RESIDIA Sendai-Ichibancho(Sendai-shi, Miyagi)

Purpose

Major repair work
Major repair work
Major repair work
Major repair work
Major repair work

Estimated duration
From: January 2022
To: March 2022
From: December 2021
To: June 2022
From: December 2021
To: March 2022
From: December 2021
To: April 2022
From: December 2021
To: April 2022

Estimated amounts
Payment for Cumulative
Total
the current amountamounts
period
paid
95

3

3

144

27

27

141

63

63

136

3

3

114

32

32

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 1,463 million yen for the entire portfolio. When combined withrepairs and maintenance cost of 695 million yen, the cost of construction work totals 2,158 million yen.
(million yen)
Name of real estate(Location)
Purpose
Implementation period
Amount paid
RESIDIA Minami-Ichijo(Sapporo-shi, Hokkaido)
RESIDIA Odori-Nishi(Sapporo-shi, Hokkaido)
RESIDIA Ebisu II(Shibuya-ku, Tokyo)
Other real estate properties
Other real estate properties

Major repair work
Major repair work
Major repair work

From: July 1, 2021
To: January 31, 2022
From: July 1, 2021
To: December 31, 2021
From: May 13, 2021
To: October 30, 2021

Major repair work
Renovations
Total

147
142
81
541
551
1,463

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.

16

3 Cash Reserves for Value Enhancement Works and Renovations
Based on medium- to long-term renovation plans for each property, ADR sets aside the following cash reserves, derived
mostly from cash flows of depreciation and amortization (including earnings that are retained), to fund large-scale repair
work and value enhancement works.
(million yen)
Fiscal Period
19th FP
20th FP
21st FP
22nd FP
23rd FP
Fiscal Period
Balance of reserves at
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period

From: August 1, 2019
To: January 31, 2020

From: February 1, 2020
To: July 31, 2020

From: August 1, 2020
To: January 31, 2021

From: February 1, 2021
To: July 31, 2021

From: August 1, 2021
To: January 31, 2022

1,822

1,972

2,130

2,233

2,147

976

1,035

1,369

1,402

1,106

826

876

1,267

1,487

450

1,972

2,130

2,233

2,147

2,804

17

Acquisitions and Disposals in the 23rd FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition

Propertyno.

Name of real estate

Disposition
Disposition
Acquisition
Book Value Gain (Loss)
Price Note
Acquisition date Price Note Disposition date(millionon Sales(million(million yen)
yen)(million yen)yen)–
– October 18, 2021
504
306
197

T-020

RESIDIA Yoyogi

T-021

RESIDIA Nishi-Shinjuku

S-035

RESIDIA Kunitachi II

October 1, 2021

795

R-082

RESIDIA Nishi-tenma

October 7, 2021

2,950
3,745

–

– October 18, 2021

Total

586

340

245

–

–

–

–

–

–

–

–

–

1,090

647

442

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 Transactions with Interested Parties
1)

Transactions
The following table details the status of transactions with interested parties in the 23rd FP.
Not applicable.

2)

Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 23rd FP.

Category
Property management fees

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

Breakdown of transaction with interested parties
Payee

Amount paid (B)(thousands of yen)Share(B)/(A)(%)

1,449,221

ITOCHU Urban Community Ltd.

940,587

64.9

Other rental expenses

112,685

ITOCHU Urban Community Ltd.

76,93068.3

Advertising expenses

2,985

ITOCHU Urban Community Ltd.

1,710

57.3

ITOCHU Urban Community Ltd.

18,238

13.0

95

0.1

Other fees

Notes 1.
2.

140,772

ITOCHU Human Resources &General Affairs Services Inc.

Transactions are not listed here if the nominal counter party is an interested party but the actual counter party is clearly a third party.
ITOCHU Urban Community Ltd. and ITOCHU Human Resources & General Affairs Services Inc. are interested parties of the asset management company that havesigned an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article 123of the Enforcement Order thereof, with which ADR engaged in transactions in the 23rd FP.

18

19

20

21

Balance Sheets(Thousands of yen)
As of July 31, 2021
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

As of January 31, 2022

14,730,396
9,906,911
164,256
359,025
6,374(7,840)25,159,123

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

79,520,767(18,051,184)
61,469,583
27,169(12,136)
15,033
169,543(50,459)
119,083
528,477(282,636)
245,841
78,569,071
99,011
158,560,482(35,219,804)
123,340,678
209,200(128,185)
81,015315,939(152,440)
163,499
1,185,014(771,437)
413,576
163,589,130
157,868
428,263,394

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

1,768,330
3,389
1,771,719

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

855,337
597,512
1,052,602–
1,122
2,506,574
432,541,687

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

2,394
126,175
128,570
457,829,380

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

22

(Thousands of yen)
As of July 31, 2021
Liabilities
Current liabilities
Operating accounts payable
Short–term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Derivatives liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Paid-in Capital
SurplusCapital surplus
Voluntary retained earnings
Reserve for temporary difference adjustments
Total voluntary retained earnings
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gain or loss on hedging instruments
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets*3*1

As of January 31, 2022

542,856
500,000–
27,220,000
1,475,349
62,80018,71757,54519,09629,896,366

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

34,000,000
158,789,000
1,299,292
3,303,045
49,790
197,441,127
227,337,493

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

139,034,823

139,034,823

53,220,279

53,220,279

30,514,789
30,514,789
7,771,784
91,506,853
230,541,676(49,790)(49,790)
230,491,886
457,829,380*3*1

30,179,267
30,179,267
8,100,248
91,499,795
230,534,618
27,697
27,697
230,562,316
459,988,212

23

Statements of Income(Thousands of yen)

Operating revenues
Rental revenue – real estate

For the six months ended
July 31, 2021

For the six months ended
January 31, 2022

*1

16,884,005*1

16,871,595–*2

442,130

Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to the rent business
Asset management fees
Asset custody fees

16,884,005*1

6,791,213

17,313,726*1

6,715,899

1,247,060
9,862

1,259,681
9,869

Administrative service fees
Directors’ compensation

53,4956,300

56,676
6,300

Taxes and dues
Provision of allowance for doubtful accounts

376,229–

365,579
1,249

Bad debt expenses
Other operating expenses

240
174,613–
188,012

Total operating expenses

8,659,014

8,603,269

8,224,990

8,710,456

6,885
1,187

6,913
53

445
–

–
2,377

Operating income
Non-operating income
Interest income
Reversal of distribution payable
Reversal of allowance for doubtful accounts
Miscellaneous income
Other

50

2

8,568

9,346

Interest expenses
Interest expense on investment corporation bonds

620,435
117,451

589,752
122,784

Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs

1,105
12,364

1,105
12,971

Borrowing-related expenses
Other

186,749
466

177,433
2,500

Total non-operating income
Non-operating expenses

938,573906,546

Ordinary income

Total non-operating expenses

7,294,985

7,813,256

Income before income taxes

7,294,985

7,813,256

605

605

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

605

605

7,294,380

7,812,651

477,404

287,596

7,771,784

8,100,248

24

Statements of Changes in Net Assets
For the six months ended July 31, 2021
(Thousands of yen)
Valuation and translation
adjustments

Unitholders’ equity
Surplus
Voluntary retained
earnings
Paid-in
CapitalBalance at the
beginning of period
Changes in items
during the period
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplusCapitalsurplusReserve fortemporarydifference
adjustments

139,034,823 53,220,279

Total
voluntary
retained–Deferred gainor loss onhedging
instruments

Totalunitholders’equityTotal
surplusTotal
valuation andtranslation
adjustments

Total net
assetsearnings

30,850,311

30,850,311

7,897,882

91,968,473

231,003,296(335,521)(335,521)

335,521–––(7,756,000)(7,756,000)(7,756,000)(7,756,000)

7,294,380

7,294,380

7,294,380

7,294,380

Net income
Net changes in
items other thanunitholders’equity in thefiscal year
Total changes in
items during theperiodBalance at the endof period

Unappropriatedretainedearnings(undisposed
loss)(36,457)(36,457) 230,966,838(13,332)(13,332)(13,332)(474,952)–(335,521)(335,521)(126,098)(461,619)(461,619)(13,332)(13,332)

139,034,823 53,220,279

30,514,789

30,514,789

7,771,784

91,506,853

230,541,676(49,790)(49,790) 230,491,886

For the six months ended January 31, 2022
(Thousands of yen)
Valuation and translation
adjustments

Unitholders’ equity
Surplus
Paid-in
CapitalBalance at the
beginning of period
Changes in items
during the period
Reversal ofreserve fortemporarydifference
adjustments
Dividends fromsurplus

Voluntary retained
earnings
Reserve for
Total
temporaryvoluntarydifference
retained
adjustments
earnings

Capitalsurplus139,034,823 53,220,279–

Deferred gainor loss onhedging
instruments

Totalunitholders’equityTotal
surplus(49,790)

Total
valuation andtranslation
adjustments

Total net
assets30,514,789

30,514,789

7,771,784

91,506,853

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

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

7,812,651

7,812,651

7,812,651

7,812,651

Net income
Net changes in
items other thanunitholders’equity in thefiscal year
Total changes in
items during theperiodBalance at the endof period

Unappropriatedretainedearnings(undisposed
loss)(49,790) 230,491,886

77,487

77,487

77,48770,429–(335,521)(335,521)

328,463(7,058)(7,058)77,487

77,487139,034,823 53,220,279

30,179,267

30,179,267

8,100,248

91,499,795

230,534,618

27,697

27,697 230,562,316

25

Statements of Cash Distributions
For the six months ended
July 31, 2021
I. Unappropriated retained earnings

For the six months ended
January 31, 2022

7,771,784,811 yen

8,100,248,028 yen

II. Reversal of reserves during period
Reversal of reserve for temporary
difference adjustments
III. Dividends(Dividend per investment unit)
IV. Retained earnings carried forward
Dividend Policy*1335,521,628 yen*1335,521,628 yen

7,819,710,000 yen

7,883,420,000 yen(5,646 yen)

(5,692 yen)

287,596,439 yen

552,349,656 yen

In accordance with the distribution
policy set forth in Article 32, Item 1of ADR’s Articles of Incorporation,
ADR distributes in excess of 90% of
the amount of ADR’s profit available
for dividends as stipulated in Article
67-15 of the Act on Special
Measures Concerning Taxation. In
the event of weak performance byinvestments, reserve for dividends
will be used in order to maintainstable payouts into the future.

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

Based on this policy, ADR has
decided to distribute dividends of
7,819,710,000 yen. The figure wasderived by retaining 287,596,439
yen from the unappropriatedretained earnings of 7,771,784,811
yen for the fiscal period, plus thedrawdown of reserve for temporary
difference adjustments (RTA) of
335,521,628 yen. 287,596,439 yen
was retained to achieve a moreconsistent dividend distribution.

Based on this policy, ADR has
decided to distribute dividends of
7,883,420,000 yen. The figure wasderived by retaining 552,349,656 yenfrom the unappropriated retained
earnings of 8,100,248,028 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. The amount of 552,349,656 yen
was retained to achieve a moreconsistent dividend distribution.

ADR does not distribute dividends
in excess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

ADR does not distribute dividends inexcess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

26

Statements of Cash Flows(Thousands of yen)
For the six months ended For the six months ended
July 31, 2021
January 31, 2022

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance 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 consumption taxes refund 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 by sales
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits in trust, net
Payments for lease and guarantee deposits
Payments for lease and guarantee deposits in trust
Cash flows from investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of investment corporation bonds
Payments of investment corporation bond issuance costs
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 (Note 9)*1

7,294,985
2,835,854
1,105
12,364(469)(6,885)620,435
117,451
27,2998,572(21,285)
18,717(43,643)(877)(28,007)(15,558)–(5,728)(388)
10,813,942
510(742,355)(606)
10,071,489

7,813,256
2,865,375
1,105
12,971
1,249(6,913)589,752
122,784
31,512–
14,45533,794(37,389)
9,765
25,084
6,319
637,942(6,584)(4,289)12,110,192
412(711,286)(590)
11,398,729(6,000,000)
1,000,000(377,585)(1,285,953)(9,209)(37,895)(10,253)(13,699)(6,734,595)(5,000,000)
5,000,000(4,677,319)(772,653)
5,128(24,204)–(846)(5,469,894)––
14,739,000(15,018,000)––

2,700,000(3,100,000)
13,960,000(13,960,000)
2,600,000(22,967)(7,754,630)(8,033,630)(4,696,736)
23,334,043
18,637,307(7,822,174)(5,645,141)
283,692
18,637,307
18,920,999*127Notes to Financial Statements
1 Organization
Advance Residence Investment Corporation (ADR. Securities Code: 3269) is a listed Residential Japan
Real Estate Investment Trust (J-REIT) that mainly invests in residential properties. It was establishedthrough a consolidation-type merger between the former Advance Residence Investment Corporation andNippon Residential Investment Corporation on March 1, 2010, and was listed on the Real Estate
Investment Trust (REIT) Securities Section of the Tokyo Stock Exchange (TSE) on March 2, 2010.
The merger made ADR the largest residential J-REIT in terms of asset size, enabling it to upgrade its
portfolio while ensuring its financial stability. The merger also resulted in retained earnings of 43.2 billion
yen (30.1 billion yen as of the end of this fiscal period) due to the profit from negative goodwill, and allowed
ADR to demonstrate one of its strengths of delivering stable dividends over the long term.
ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM), is wholly owned by
the Itochu Group and the group’s key entity, Itochu Corporation, a leading Japanese trading house, is its
main sponsor.

2 Basis of Presentation of Financial Statements
The accompanying financial statements are an English translation of the audited financial statements of
ADR filed with the appropriate local finance bureau of the Ministry of Finance, prepared in accordancewith the provisions set forth in the Japanese Financial Instruments and Exchange Act and its related
accounting regulations and in accordance with accounting principles generally accepted in Japan(“Japanese GAAP”), which are different in certain respects as to application and disclosure requirementsfrom International Financial Reporting Standards.
In preparing these financial statements, certain reclassifications and rearrangements have been made to
the financial statements issued domestically in order to present them in a form which is more familiar toreaders outside of Japan. Moreover, the notes to the financial statements include certain information
which might not be required under Japanese GAAP but is presented herein as supplementary information.
ADR does not prepare consolidated financial statements as it has no subsidiaries. Unless otherwise
specified, amounts have been rounded down to the nearest thousand yen. As a result, the totals shownin the financial statements do not necessarily agree with the sum of the individual amounts.
ADR’s six-month fiscal periods end at either the end of January or July.

28

3 Significant Accounting Policies(1)

Depreciation andamortization methods of noncurrent assets

1)

2)

3)
(2)

Accounting for deferredassets(3)

Basis of recording
allowances(4)

Basis of recording revenue
and expenses(5)

Method of hedge accounting(6)

Scope of funds in thestatements of cash flows

1)
2)

For the six months ended January 31, 2022
Property, plant and equipment (including assets in trust)
Amortized using the straight-line method.
Useful lives of major categories of property, plant and equipment are as follows:
Buildings: 3 to 46 years
Structures: 6 to 50 years
Machinery and equipment: 10 to 15 years
Tools, furniture and fixtures: 2 to 20 years
Intangible assets
Amortized using the straight-line method.
Useful lives of major categories of intangible assets are as follows:
Leasehold rights in trust: 23 to 65 years
Long-term prepaid expenses
Amortized using the straight-line method.
Investment unit issuance expenses
Amortized using the straight-line method (three years).
Investment corporation bond issuance costs
Amortized using the straight-line method over the period up to redemption of theinvestment corporation bonds.

Allowance for doubtful accounts
Estimated uncollectible amounts are recorded for possible losses arising from default on
receivables based on the historical performance of general receivables and a case-bycase evaluation of the collectability of certain receivables, such as receivables withdefault possibility.
1)
Method of accounting for property taxes
For property taxes, urban planning taxes, and depreciable asset taxes on real estate
properties held, ADR records the amount of taxes imposed corresponding to the current
fiscal period as an expense for the property leasing activities.
Furthermore, for the pro rata portion of property taxes ADR paid to the transferor (seller)
upon acquisition of real estate properties, ADR treats the amount as acquisition costs ofreal estate properties, instead of recording it as an expense for the property leasing
activities. The amount of property taxes treated as acquisition costs of real estate
properties was 3,016 thousand yen in the current fiscal period and 1,345 thousand yen in
the previous period.
2)
Basis of recording revenue
The majority of performance obligations relating to revenue arising from agreements withcustomers of ADR and the general timing of satisfying such performance obligations (thegeneral timing of recognizing revenue) are as follows:
Sales of real estate properties, etc.
Revenue from sales of real estate properties is recorded at the time a purchaser of realestate property, such as a customer, obtains control over the real estate property, etc. by
ADR’s fulfilling of the delivery obligations as stipulated in the agreement regarding thesale of the real estate property.
1)
Method of hedge accounting
In principal, deferred hedge accounting is applied. Note that special treatment is applied
for interest rate swaps that fulfill certain requirements.
2)
Hedging instruments and hedged items
Hedging instruments
Interest rate swap transactions
Hedged items
Loans payable3)
Hedging policy
ADR conducts derivative transactions to hedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its financial policy.
4)
Method for assessing the hedge effectivenessThe effectiveness of hedges is assessed by comparing the cumulative change in cash
flows of both hedging instruments and corresponding hedged items, and then verifying
the ratio of change for both.
However, evaluation of effectiveness is omitted for interest rate swaps that satisfy therequirements for special accounting treatment.
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 short-term
investments that are readily convertible into cash, carry minimal risk of change in value,
and are due for redemption in three months or less from the acquisition date.

29

(7)

Other significant matters thatserve as a basis for the
preparation of the financial
statements

1)

2)

Accounting for trust beneficiary interests in trust assets such as real estate properties
For trust beneficiary interests in real estate properties, all assets and liabilities of the trust
assets, as well as revenue and income earned from, and expenses incurred for the trust
assets are recorded under the respective account in the balance sheets and statements
of income.
Of the accounts used to record the 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 in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security deposits in trust
Accounting for consumption taxes
Consumption taxes and local consumption taxes are excluded from business transaction
amounts. However, accounting for non-current assets and deferred assets is inclusive ofconsumption taxes and local consumption taxes.

4 Changes in Accounting Policies
For the six months ended January 31, 2022
Application of Accounting Standard for Revenue Recognition, etc.
ADR has applied the “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan(ASBJ) Statement No.29, March 31, 2020; hereinafter referred to as the “Revenue Recognition Standard”), etc. fromthe beginning of the current fiscal period. ADR recognizes revenue at the time of transfer of control over promised
goods or services to customers in an amount that ADR expects to receive in exchange for those goods or services.
The effect of this change on the financial statements for the current fiscal period was immaterial.
Application of Accounting Standard for Fair Value Measurement, etc.
ADR has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019;
hereinafter referred to as the “Fair Value Measurement Standard”), etc. from the beginning of the current fiscal
period. The new accounting policies as stipulated in the Fair Value Measurement Standard, etc. are applied
prospectively in accordance with the transitional treatment as stipulated in paragraph 19 of the Fair Value
Measurement Standard and paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4, 2019). The effect of this change on the financial statements for the current fiscal period
was immaterial.

30

5 Balance Sheets
(1)

(2)

Minimum net assets as stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations(Thousands of yen)
As of July 31, 2021
As of January 31, 2022
50,000

As of July 31, 2021
20,000,000－
20,000,000(Thousands of yen)
As of January 31, 2022
20,000,000
100,000
19,900,000

Commitment line agreements
ADR has executed commitment line agreements with banks.

Total commitment line of credit
Amount used
Unused balance(3)

50,000

Provision and reversal of the reserve for temporary difference adjustments
For the six months ended July 31, 2021

Initial amountReserve fordividends (Note)

33,552,162

Balance at the
beginning of
period30,850,311

Funds drawn down
during the 22nd FP

Balance at theend of period

335,52130,514,789

Reasons for setting
aside and drawing
down funds
For dividends

Note that the reserve for dividends is the remaining amounts of gains on negative goodwill which were recorded in pastfiscal periods. The outstanding amount is scheduled to be fully drawn down in equal amounts or more every fiscal period
within 50 years, starting from the end of the fiscal period ended January 31, 2017 (13th FP).
For the six months ended January 31, 2022

Initial amountReserve fordividends (Note)

33,552,162

Balance at the
beginning of
period30,514,789

Funds drawn down
during the 23rd FP

Balance at theend of period

335,52130,179,267

Reasons for setting
aside and drawing
down funds
For dividends

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

31

6 Statements of Income(1)

Breakdown of operating income (loss) from property leasing activities(Thousands of yen)
For the six months ended For the six months ended
July 31, 2021
January 31, 2022

A. Revenue from property leasing activities
Rental revenue – real estate
Rent income
Facility charges
Parking fees
Subtotal
Other revenue related to property leasing
Income from leasing rights
Other
Subtotal
Total revenue from property leasing activities
B. Expenses from property leasing activities
Expenses related to the rent business
Property taxes
Property management fees
Utilities
Repairs and maintenance
Property-casual insurance
Trust fees
Other rental expenses
Depreciation and amortization
Total expenses from property leasing activities
C. Operating income (loss) from property leasing activities (A−B)(2)

14,825,495
869,324
431,877
16,126,697

14,931,355
900,240
440,250
16,271,847

112,409644,898
757,307
16,884,005

101,477
498,270599,748
16,871,595

901,249
1,252,857
197,846
729,626
24,91572,004
777,378
2,835,336
6,791,213
10,092,792

907,901
1,205,333
212,372
695,063
25,455
66,163738,7532,864,856
6,715,899
10,155,695

Breakdown of gain on sales of real estate properties
For the six months ended July 31, 2021
Not applicable.

For the six months ended January 31, 2022
(RESIDIA Yoyogi)
Revenue from sales of real estate property
Cost of sales of real estate property
Other sales expenses
Gain on sales of real estate properties(RESIDIA Nishi-Shinjuku)
Revenue from sales of real estate property
Cost of sales of real estate property
Other sales expenses
Gain on sales of real estate properties(Thousands of yen)
504,000
302,587
4,386
197,025(Thousands of yen)
586,000
336,0214,873
245,10532

7 Statements of Changes in Net Assets
Total number of units authorized and total number of units issued and outstanding

Total number of units authorized
Total number of units issued and outstanding

As of July 31, 2021
6,000,000
1,385,000(Units)
As of January 31, 2022
6,000,000
1,385,000

8 Statements of Cash Distributions(1)

Reserve for temporary difference adjustments
For the six months ended July 31, 2021
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 ofcash distributions for the fiscal period ended July 31, 2016 (12th FP), the reserve for dividends of 33,552,162,785
yen, which is the remaining portion of the amount subdivided into gains on negative goodwill in previous fiscal
periods, was transferred to the reserve for temporary difference adjustments. ADR is required to draw down anequal amount or an amount greater than the said equal amount (335,521,628 yen or more) in each fiscal period for
50 years starting from the fiscal period ended January 31, 2017 (13th FP), which was the period following the period
in which the transfer to the reserve was made. Based on this requirement, ADR drew down 335,521,628 yen during
the fiscal period ended July 31, 2021 (22nd FP).
For the six months ended January 31, 2022
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied, and in the statements ofcash distributions for the fiscal period ended July 31, 2016 (12th FP), the reserve for dividends of 33,552,162,785
yen, which is the remaining portion of the amount subdivided into gains on negative goodwill in previous fiscal
periods, was transferred to the reserve for temporary difference adjustments. ADR is required to draw down anequal amount or an amount greater than the said equal amount (335,521,628 yen or more) in each fiscal period for
50 years starting from the fiscal period ended January 31, 2017 (13th FP), which was the period following the period
in which the transfer to the reserve was made. Based on this requirement, ADR drew down 335,521,628 yen during
the fiscal period ended January 31, 2022 (23rd FP).

9 Statements of Cash Flows
Relationship between the cash and cash equivalents at the end of period in the statements of cash flows and theaccounts reported in the balance sheets(Thousands of yen)
As of July 31, 2021
As of January 31, 2022
Cash and deposits
14,730,396
15,034,065
Cash and deposits in trust
9,906,911
9,886,934
Time deposits held over three months(6,000,000)(6,000,000)
Cash and cash equivalents
18,637,307
18,920,999

33

10 Leases(1)

Operating leases (as a lessee)
Future lease payable are as follows:(Thousands of yen)
As of January 31, 2022
Due within one year
750,624
750,624
Due after one year
10,345,899
9,970,587
Total
11,096,523
10,721,211
Note that the above information includes estimated amounts for lease payments not finalized as of the end of thereporting period.
As of July 31, 2021

(2)

Operating leases (as a lessor)
Future lease receivables are as follows:
As of July 31, 2021

Due within one year
Due after one year
Total

3,360,521
7,512,764
10,873,285(Thousands of yen)
As of January 31, 2022
3,084,902
6,636,746
9,721,648

11 Financial Instruments
For the six months ended July 31, 2021
(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 ofreal estate properties, repay existing loans, or redeem existing investment corporation bonds. ADR is exposed toliquidity risk in that it may not be able to raise funds through alternative financing sources by the repayment dateor at the redemption. ADR controls the risk exposures through the preparation of a funding plan on a monthly
basis and seeking and procuring funds through various sources, such as securing the level of funds in hand,spreading out the loan repayment and bond redemption dates, diversifying borrowing financial institutions,entering into commitment line agreements, and issuing investment units.
In addition, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits, may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum
credit rating for the financial institutions in which deposits are placed, and by placing deposits with various
financial institutions.
3) Supplementary explanation on fair value of financial instruments
The fair value of financial instruments is based on quoted market prices. If a quoted market price is not available,a reasonable estimate of fair value is used. Certain assumptions are applied in the fair value measurements andtherefore, could result in a different fair value if different assumptions are applied. Furthermore, the contractual
amounts of derivative transactions do not represent the market risk exposure of those derivative transactions.

34

(2)

Fair values of financial instruments
The book values in the balance sheets, fair values of financial instruments, and unrealized gain (loss) 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.
As of July 31, 2021

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

Fair value–(27,220,000)(34,000,000)(158,789,000)–(27,275,913)(34,430,984)(161,694,740)–
55,913430,984
2,905,740–-549,365-549,365(49,790)(49,790)–

As of January 31, 2022
1) Current portion of investment corporation bonds2) Current portion of long-term loans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special treatment for interest rate swaps)
6) Derivative transactions(Basic treatment for interest rate swaps)
Notes(Thousands of yen)
Unrealized gain (loss)

Book value(Thousands of yen)
Unrealized gain (loss)

Book value

Fair value(2,000,000)(21,710,000)(34,600,000)(164,299,000)(1,999,200)(21,733,740)(34,840,607)(165,896,582)-800
23,740240,607
1,597,582–-330,729-330,729

27,697

27,697–

1. The items posted in liabilities are stated in parentheses.
2. 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 the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
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 of principal and interest,
discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basic treatment for interest rate
swaps)
Please refer to “Derivative Transactions” below for details.

35

3. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after balance sheet date
As of July 31, 2021
Due in one year
or less

Due after one
year throughtwo years

Due after two
years throughthree years(Thousands of yen)
Due after three
Due after four years
Due after five
years throughthrough five years
years
four years

500,000

–

–

–

–

–

Current portion of investment
corporation bonds

–

–

–

–

–

–

Current portion of long-termloans payable

27,220,000

–

–

–

–

–

Investment corporation bonds–

5,000,000

7,500,000

2,000,000

3,500,000

16,000,000

Long-term loans payable–

16,230,000

16,500,000

19,850,000

18,390,000

87,819,000

27,720,000

21,230,000

24,000,000

21,850,000

21,890,000

103,819,000

Due in one year
or less

Due after one
year throughtwo years

Due after two
years throughthree years

100,000

–

–

–

–

–

2,000,000

–

–

–

–

–

21,710,000

–

–

–

–

–

Investment corporation bonds–

3,000,000

7,500,000

5,500,000–

18,600,000

Long-term loans payable–

19,880,000

14,850,000

21,300,000

21,510,000

86,759,000

23,810,000

22,880,000

22,350,000

26,800,000

21,510,000

105,359,000

Short–term loans payable

Total

As of January 31, 2022

Short–term loans payable
Current portion of investment
corporation bonds
Current portion of long-termloans payable

Total(Thousands of yen)
Due after three
Due after four years
Due after five
years throughthrough five years
years
four years

36

12 Securities
As of July 31, 2021
Not applicable.
As of January 31, 2022
Not applicable.

13 Derivative Transactions(1)

Derivative transactions to which hedge accounting is not applied
As of July 31, 2021
Not applicable.
As of January 31, 2022
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 of hedge
accounting as of July 31, 2021 and January 31, 2022 are as follows:
As of July 31, 2021
Method of hedge
accounting

Type of derivativetransaction

Special accounting
treatment for interest rate
swaps

Interest rate swaps(fixed rate payment,
floating rate receipt)
Interest rate swaps(fixed rate payment,
floating rate receipt)

Basic accounting method

Main hedged
itemLong-term loans
payable57,620,000

35,860,000(549,365)(*3)

Long-term loans
payable5,289,000

5,289,000(49,790)

As of January 31, 2022
Method of hedge
accounting

Type of derivativetransaction

Special accounting
treatment for interest rate
swaps

Interest rate swaps(fixed rate payment,
floating rate receipt)
Interest rate swaps(fixed rate payment,
floating rate receipt)

Basic accounting method(Thousands of yen)Contract amount (*1)
Fair value
Contract(*2)
amount due
after one year

Main hedged
item(Thousands of yen)Contract amount (*1)
Fair value
Contract(*2)
amount due
after one year

Long-term loans
payable47,560,000

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

Long-term loans
payable10,749,000

10,749,000

27,697*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
*3. 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.

37

14 Transactions with Related Parties(1)

Parent company and major corporate unitholders
For the six months ended July 31, 2021
Not applicable.
For the six months ended January 31, 2022
Not applicable.

(2)

Affiliated companies
For the six months ended July 31, 2021
Not applicable.
For the six months ended January 31, 2022
Not applicable.

(3)

Fellow subsidiaries
For the six months ended July 31, 2021
Not applicable.
For the six months ended January 31, 2022
Not applicable.

(4)

Directors and major individual unitholders
For the six months ended July 31, 2021
Not applicable.
For the six months ended January 31, 2022
Not applicable.

38

15 Tax Eﬀect Accounting(1)

The breakdown of deferred tax assets and liabilities by major item are as follows:(Thousands of yen)
As of July 31, 2021

As of January 31, 2022

Deferred tax assets
Excess provision of allowance for doubtful accounts
Valuation difference on assets acquired through merger
Other
Deferred tax assets, subtotal
Less valuation allowance associated with total of
deductible temporary differences, etc.
Less valuation allowance, subtotal

2,466

2,859

9,232,065

9,112,891

184,903

195,737

9,419,435

9,311,489(9,419,435)(9,311,489)(9,419,435)(9,311,489)

–

–

–

–

Total deferred tax assets
Net deferred tax assets(2)

Reconciliation between the statutory tax rates and the effective tax rates after the application of tax effect accounting(Unit: %)As of July 31, 2021

Statutory tax rate

As of January 31, 2022

31.46

31.46

Increase (decrease) in valuation allowance(0.97)(1.38)

Deductible dividends(Adjustments)(30.49)(30.08)

Other

0.01

0.01

Effective tax rate after the application of tax effect accounting

0.01

0.01

16 Retirement Benefits
For the six months ended July 31, 2021
Not applicable because ADR does not have retirement benefit plans.
For the six months ended January 31, 2022
Not applicable because ADR does not have retirement benefit plans.

17 Asset Retirement Obligations
For the six months ended July 31, 2021
Not applicable.
For the six months ended January 31, 2022
Not applicable.

39

18 Segment Information(1)

Segment information
Disclosure is omitted because ADR’s business comprises a single reportable segment engaged in the property leasing
business.

(2) Related information
For the six months ended July 31, 2021
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services ofthe single segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of thetotal operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceeds 90% of the total property,
plant and equipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than
10% of the total operating revenue reported in the statements of income.
For the six months ended January 31, 2022
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services ofthe single segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of thetotal operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceeds 90% of the total property,
plant and equipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than
10% of the total operating revenue reported in the statements of income.

40

19 Value of Rental Properties
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)
For the six months ended
July 31, 2021

For the six months ended
January 31, 2022

Book value(*1)

Balance at the beginning of period

431,092,802

430,031,724

Changes during the period (*2)

(1,061,077)

1,866,424

Balance at the end of period

430,031,724

431,898,148

633,071,000

649,820,000

Fair value at the end of period (*3)

*1. The book value is the cost of acquisition less accumulated depreciation.
*2. Among the changes in the value of rental properties during the previous fiscal period, the main element of increase was the acquisition ofreal estate beneficiary interests in trust for one property (668,845 thousand yen), and the decrease was mainly attributable to depreciation
cost (2,835,336 thousand yen). The main element of increase in the current fiscal period was the acquisition of real estate beneficiaryinterests in trust for two properties (4,002,017 thousand yen), and the decrease was mainly attributable to the sale of real estate beneficiaryinterests in trust for two properties (638,609 thousand yen).
*3. The fair value at the end of the current fiscal period is the appraisal or assessment value provided by an external real estate appraiser. For
RESIDIA Yoyogi and RESIDIA Nishi-Shinjuku, the scheduled disposition price is stated.

Please refer to the Note 6 “Statements of Income” for details on operating income from rental property.

20 Revenue Recognition
Information on breakdown of revenue arising from agreements with customers
For the six months ended January 31, 2022
For the information on breakdown of revenue arising from agreements with customers, please refer to “(1)Breakdown of operating income (loss) from property leasing activities” and “(2) Breakdown of gain on sales of realestate 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. The
majority of revenue arising from agreements with customers is revenue from sales of real estate properties.

21 Per Unit Information
For the six months ended
July 31, 2021

For the six months ended
January 31, 2022

Net assets per unit

166,420

166,470

Net income per unit

5,266

5,640

*1. Net income per unit is computed by dividing net income by the day-weighted average number of units issued and outstanding for theperiod. Diluted net income per unit is not disclosed as there are no diluted investment units.
2. The basis for the computation of net income per unit is as follows:

For the six months ended
July 31, 2021
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 the period(units)For the six months ended
January 31, 2022

7,294,380

7,812,651––

7,294,380

7,812,651

1,385,000

1,385,000

41

22 Significant Subsequent Event
For the six months ended January 31, 2022
Acquisition of Assets
ADR acquired the following properties pursuant to its basic asset management policy stipulated in the
Articles of Incorporation.
(1) RESIDIA Bunkyo-Koishikawa
Type of Asset: Real estate
Acquisition Price: 694,716 thousand yen
Date of Acquisition: February 1, 2022
Location: 1-28-14 Koishikawa, Bunkyo-ku, TokyoArea: Land 208.80 sq. m.; building 779.18 sq. m.
Structure: Six-story with one basement floor RC flat-roofed building
Built: February 2018
(2) RESIDIA Kanda-AwajichoType of Asset: Beneficiary interests in real estate trust
Acquisition Price: 1,490,000 thousand yen
Date of Acquisition: April 18, 2022
Location: 2-3 Kanda-Awajicho, Chiyoda-ku, TokyoArea: Land 221.10 sq. m.; building 1,449.37 sq. m.
Structure: Twelve-story RC flat-roofed building
Built: December 2015
(3) RESIDIA Ogikubo III
Type of Asset
Acquisition Price
Date of Acquisition
Location
Area
Structure
Built

:
:
:
:
:
:
:

Beneficiary interests in real estate trust
2,388,000 thousand yen
April 18, 2022
1-23-17 Kamiogi, Suginami-ku, Tokyo
Land 576.14 sq. m.; building 2,665.86 sq. m.
Eleven-story with one basement floor RC flat-roofed building
January 2016

(4) RESIDIA Setagaya-Wakabayashi
Type of Asset:

Beneficiary interests in real estate trust

Acquisition Price:

1,100,000 thousand yen

Date of Acquisition:

March 30, 2022

Location:

3-7-13 Wakabayashi, Setagaya-ku, Tokyo

Area

:

Land 938.58 sq. m.; building 1,535.75 sq. m.

Structure:Three-story RC flat-roofed building

Built

:

March 1998

Note 1. The Acquisition Price does not include the settlement amounts of property tax, city planning tax,
and tax on depreciable assets, consumption taxes, and local consumption taxes.

42

23 Schedule of Securities
Not applicable.

24 Table of Summary of Contract Amounts and Fair Values of Derivative
Transactions and Forward Foreign Exchange Contracts(Thousands of yen)Contract amount
Category

Type

Transactions other thanmarket transactions
Total

(*1)

Contract amount due
after one year

Fair value(*2 and *3)

Interest rate swaps(fixed rate payment,
floating rate receipt)

58,309,000

38,159,000(303,031)

58,309,000

38,159,000(303,031)*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 330,729 thousand yen in accordancewith the “Accounting Standard for Financial Instruments.” Interest rate swaps are therefore not stated at fair value in the balance sheets.

43

25 Summary of Real Estate(Thousands of yen)
Increaseduring theperiodBook value atthe end of
periodRemarks

Buildings

79,520,767

1,432,955-

80,953,723

18,958,667

907,484

61,995,055*1Structures

27,169254-

27,424

12,945809

14,478–

169,543

4,889-

174,432

58,1307,670

116,302–528,477

36,411-564,888313,147

30,511

251,740–

78,569,071

3,277,267-

81,846,339--

81,846,339*1

99,011

8,362

99,011

8,362

-

-

8,362

–

Buildings in trust

158,560,482

660,708

228,801 158,992,389

36,982,082

1,819,537 122,010,307*2Structures in trust

209,200

504

1,219

208,485

130,617

3,507

77,868–315,939247-

316,187

162,113

9,673

154,073–

1,185,014

61,3846,152

1,240,247

819,351

51,224

420,895–

163,589,130-

463,409 163,125,721-- 163,125,721*2

157,868

143,111

157,868

143,111--–

482,931,677

5,626,096

956,462 487,601,311

57,437,056

2,356,072--

2,356,072

622,179

34,437

1,733,893–

25,230--25,23022,360

518

2,870

–

Subtotal

2,381,303--

2,381,303

644,539

34,955

1,736,763

Total

485,312,981

5,626,096

956,462 489,982,615

58,081,595

Property, plant and equipment

Type of Asset

Machinery andequipment
Tools, furniture andfixtures
Land
Construction in progress

Machinery andequipment in trust
Tools, furniture andfixtures in trust
Land in trust
Construction in progressin trust

Intangible
assetsSubtotal
Leasehold rights in trust
Other

Decreaseduring theperiodBalance atthe end of
periodAccumulated depreciation

Balance atthe beginningof periodor
Depreciation
accumulated
for the period
amortization

143,1112,830,419 430,164,255

2,865,375 431,901,019*1. The increase in property, plant, and equipment for the six months ended January 31, 2022 primarily represents the acquisition of theproperties listed below.
RESIDIA Kunitachi II
RESIDIA Nishi-tenma*2. The decrease in property, plant, and equipment for the six months ended January 31, 2022 primarily represents the disposition of theproperties listed below.
RESIDIA Yoyogi
RESIDIA Nishi-Shinjuku

26 Schedule of Other Specified Assets
Not applicable.

44

27 Schedule of Investment Corporation Bonds(Thousands of yen)
Series(*1)

Balance at the Decrease Balance at Interest
Redemption
Issue date beginning of during the the end ofrate
Use Collateral
date
periodperiodperiod(%)(*2)

ADR Bond #19 (Unsecured) Apr. 25, 2013

3,000,000-

3,000,000

1.320 Apr. 25, 2023

ADR Bond #20 (Unsecured) Nov. 14, 2013

2,000,000-

2,000,000

1.410 Nov. 14, 2025

ADR Bond #21 (Unsecured) Apr. 28, 2014

2,500,000-

2,500,000

1.040 Apr. 26, 2024

ADR Bond #22 (Unsecured) Apr. 23, 2015

2,000,000-

2,000,000

0.726 Apr. 23, 2025 (*3) Unsecured

ADR Bond #24 (Unsecured) Oct. 21, 2015

1,500,000-

1,500,000

0.846 Oct. 21, 2025

ADR Bond #25 (Unsecured) Jun. 21, 2016

3,000,000-

3,000,000

0.900 Jun. 20, 2031

ADR Bond #26 (Unsecured) Feb. 17, 2017

2,000,000-

2,000,000

0.180 Aug. 17, 2022 (*2) Unsecured

ADR Bond #27 (Unsecured) Jul. 18, 2017

3,000,000-

3,000,000

0.500 Jul. 16, 2027 (*2) Unsecured

ADR Bond #28 (Unsecured) Nov. 24, 2017

1,000,000-

1,000,000 0.5663 Nov. 24, 2027 (*2) Unsecured

ADR Bond #29 (Unsecured) Apr. 24, 2018

1,500,000-

1,500,000

0.690 Apr. 24, 2030 (*2) Unsecured

ADR Bond #30 (Unsecured) Oct. 19, 2018

2,000,000-

2,000,000

0.704 Oct. 19, 2028 (*2) Unsecured

ADR Bond #31 (Unsecured) Jul. 24, 2019

5,000,000-

5,000,000

0.220 Jul. 24, 2024 (*2) Unsecured

ADR Bond #32 (Unsecured) Jul. 25, 2019

3,000,000-

3,000,000 0.3485 Jul. 25, 2029 (*2) Unsecured

ADR Bond #33 (Unsecured) Dec. 24, 2020

2,500,000-

2,500,000

0.730 Dec. 24, 2035 (*2) Unsecured

ADR Bond #34 (Unsecured) Oct. 25, 2021--

1,000,000

0.400 Oct. 24, 2031 (*2) Unsecured

ADR Bond #35 (Unsecured) Oct. 25, 2021--

1,600,000

0.660 Oct. 24, 2036 (*2) Unsecured

Total

-

34,000,000- 36,600,000

-

(*2)
(*2)

(*2)
(*2)

-

-

Unsecured
Unsecured
Unsecured

Unsecured
Unsecured-*1. The bonds have a pari passu clause among specified investment corporation bonds.
*2. The funds are used for repayment of the existing loans.
*3. The funds are used for redemption of the existing investment corporation bonds.
*4. Redemption schedules of investment corporation bonds after the balance sheet date for the next five years are as follows:(Thousands of yen)Due in one year Due after one year Due after two years Due after three years Due after four years
or less
through two years through three years through four years through five years
Investment
corporation bonds

2,000,000

3,000,000

7,500,000–

5,500,000

45

28 Schedule of Loans Payables
The status of loans payables of ADR as of January 31, 2022 is as follows.
(Thousands of yen)
Category

Short–term loans
payableLenders
Sumitomo Mitsui Trust Bank Limited

Increase during Decrease during
the period
the period

Balance at theend of period

Interest rate
*1

Repayment date

Use

Remarks

Sep. 10, 2021(*5)

Unsecured
Unguaranteed

Oct. 7, 2022(*3)

Unsecured
Unguaranteed

Aug. 31, 2021(*5)

500,000-

500,000--

MUFG Bank, Ltd.

-

1,013,000

1,013,000--

Sumitomo Mitsui Trust Bank Limited-

1,012,000

1,012,000--

Mizuho Bank, Ltd.

-675,000

575,000

100,000

Total

500,000

2,700,000

3,100,000

100,000

Sumitomo Mitsui Banking Corporation

1,200,000-

1,200,000-

MUFG Bank, Ltd.

2,000,000-

2,000,000-

Sumitomo Mitsui Trust Bank Limited

2,600,000-

2,600,000-

Sumitomo Mitsui Banking Corporation

1,500,000-

1,500,000-

Aozora Bank, Ltd.

1,800,000-

1,800,000

Development Bank of Japan Inc.

2,200,000-

Mizuho Bank, Ltd.

2,160,000-

500,000

MUFG Bank, Ltd.

0.39%

-

(*5)
-

Oct. 29, 2021--

Nov. 26, 2021(*3)

2,200,000--

Nov. 29, 2021(*5)

2,160,000--

Dec. 22, 2021

(*5)

-

500,000--

Jan. 31, 2022(*5)

1,200,000--

1,200,000

Sumitomo Mitsui Trust Bank Limited

2,100,000--

2,100,000(*5)

2,000,000--

2,000,000

1.08%
(*2)

Feb. 16, 2022

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

500,000--

500,000

Kiraboshi Bank, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

700,000--

700,000

0.62%
(*2)

Apr. 14, 2022(*3)

The 77 Bank, Ltd.

500,000--

500,000

Aozora Bank, Ltd.

700,000--

700,000

0.76%
(*2)

Apr. 28, 2022(*5)

The Gunma Bank, Ltd.

1,000,000--

1,000,000

0.63%
(*2)

May 27, 2022

Sumitomo Mitsui Banking Corporation

1,560,000--

1,560,000

0.25%

May 31, 2022

(*5)

1.32%
(*2)

Jun. 17, 2022

(*3)

0.82%
(*2)

Jul. 29, 2022(*3)

Shinsei Bank, Limited

Current portion of long-term loans payable

Balance at the
beginning of
periodShinsei Bank, Limited

Unsecured
Unguaranteed(*5)

1,000,000--

1,000,000

MUFG Bank, Ltd.

707,000--

707,000

Sumitomo Mitsui Trust Bank Limited

393,000--

393,000

The Nishi-Nippon City Bank, Ltd.

400,000--

400,000

Mizuho Trust & Banking Co., Ltd.

-

1,200,000-

1,200,000

0.69%
(*2)

Oct. 14, 2022(*3)

Aozora Bank, Ltd.

-

1,000,000-

1,000,000

0.85%
(*2)

Oct. 31, 2022(*5)

Sumitomo Mitsui Banking Corporation-

3,550,000-

3,550,000

1.37%
(*2)

Nov. 15, 2022(*5)

MUFG Bank, Ltd.

-

1,000,000-

1,000,000

Aozora Bank, Ltd.

-

700,000-

700,000

0.89%
(*2)

Jan. 31, 2023(*5)

Resona Bank, Limited-

1,000,000-

1,000,000

Total

27,220,000

8,450,000

13,960,000

21,710,000

46Category
Lenders

Increase during Decrease during
the period
the period

Balance at theend of period

Sumitomo Mitsui Trust Bank Limited

2,600,000--

2,600,000

Sumitomo Mitsui Banking Corporation

3,550,000-

3,550,000-

Interest rate
*1

Repayment date

Use

1.47%
(*2)

Nov. 15, 2023

(*5)

-

Nov. 15, 2022

(*5)

1.59%
(*2)

Feb. 14, 2025

(*5)

1.44%
(*2)

Feb. 16, 2024

(*5)

1.28%
(*2)

Feb. 16, 2023(*5)

MUFG Bank, Ltd.

500,000--

500,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

MUFG Bank, Ltd.

455,000--

455,000

Sumitomo Mitsui Trust Bank Limited

455,000--

455,000

Sumitomo Mitsui Banking Corporation

1,120,000--

1,120,000

Mizuho Bank, Ltd.

1,630,000--

1,630,000

Development Bank of Japan Inc.

1,500,000--

1,500,000

1.02%
(*2)

Sep. 29, 2023(*5)

Development Bank of Japan Inc.

1,850,000--

1,850,000

1.18%
(*2)

Sep. 30, 2024(*5)

Aozora Bank, Ltd.

1,000,000-

1,000,000--

Oct. 31, 2022(*5)

MUFG Bank, Ltd.

1,000,000-

1,000,000-

Jan. 31, 2023(*5)

Aozora Bank, Ltd.

700,000-

700,000-

Resona Bank, Limited

1,000,000-

1,000,000-

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000

1.05%
(*2)

Mar. 19, 2025(*3)

500,000--

500,000

1.00%
(*2)

Apr. 14, 2025(*3)

Nippon Life Insurance Company

1,000,000--

1,000,000

1.00%
(*2)

Apr. 14, 2025(*3)

Mizuho Trust & Banking Co., Ltd.

1,400,000--

1,400,000

0.88%
(*2)

Apr. 12, 2024(*3)

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000(*3)

1,500,000--

1,500,000

0.75%
(*2)

Apr. 14, 2023

The Norinchukin Bank

500,000--

500,000

0.73%
(*2)

Apr. 14, 2023(*3)

1,200,000-

1,200,000-

The Yamaguchi Bank, Ltd.
Long-term loans payable

Balance at the
beginning of
periodThe Yamaguchi Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Development Bank of Japan Inc.

2,300,000--

2,300,000

Resona Bank, Limited-

Oct. 14, 2022

(*3)

1.04%
(*2)

Jun. 25, 2025(*5)

1,000,000--

1,000,000(*5)

800,000--

800,000

0.73%
(*2)

Aug. 31, 2023

The Nishi-Nippon City Bank, Ltd.
MUFG Bank, Ltd.

400,000--

400,000

0.92%

Aug. 29, 2025(*3)

Aug. 29, 2025(*3)

400,000--

400,000

0.85%
(*2)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.84%
(*2)

Dec. 18, 2025(*5)

The Norinchukin Bank

1,000,000--

1,000,000(*5)

1,000,000--

1,000,000

0.61%
(*2)

Dec. 18, 2023

The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.

990,000--

990,000

0.55%

Feb. 28, 2026(*5)

Sumitomo Mitsui Trust Bank Limited

990,000--

990,000
0.66%

Jan. 31, 2027(*5)

Mizuho Bank, Ltd.

1,080,000--

1,080,000

MUFG Bank, Ltd.

2,500,000--

2,500,000

0.57%

Jan. 31, 2026(*5)

Mar. 24, 2028

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.54%

Mar. 24, 2026

Mizuho Bank, Ltd.

900,000--

900,000
0.63%

Jan. 31, 2027

750,000--

Unsecured
Unguaranteed(*3)

Sumitomo Mitsui Trust Bank Limited

0.77%
(*2)

Mizuho Trust & Banking Co., Ltd.

Remarks(*3)(*3)

750,000

47

Category
Lenders

Increase during Decrease during
the period
the period

Balance at theend of period

Interest rate
*1

Repayment date

Use

900,000--

900,000

0.52%

Jan. 31, 2026(*3)

1,150,000--

1,150,000

0.45%

Jan. 31, 2025(*3)

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

0.75%
(*2)

Mar. 24, 2028

MUFG Bank, Ltd.

500,000--

500,000

0.51%

Mar. 24, 2026(*3)

Mizuho Bank, Ltd.

400,000--

400,000

0.63%

Jan. 31, 2027(*3)

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.36%

Jul. 29, 2026(*5)

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

0.36%

Jul. 29, 2026(*5)

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

0.26%

Jul. 29, 2025(*5)

The Iyo Bank, Ltd.

300,000--

300,000

0.20%

Jul. 29, 2024(*5)

The Chugoku Bank, Ltd.

500,000--

500,000

0.20%

Jul. 29, 2024(*5)

Bank of Kyoto, Ltd.

500,000--

500,000

0.20%

Jul. 29, 2024(*5)

The Norinchukin Bank

1,500,000--

1,500,000

0.45%

Nov. 28, 2025(*5)

The Norinchukin Bank

1,000,000--

1,000,000

0.38%

Nov. 29, 2024(*5)

Taiyo Life Insurance Company

1,500,000--

1,500,000

0.24%

Nov. 29, 2024(*5)

Mitsui Sumitomo Insurance Co., Ltd.

1,000,000--

1,000,000

0.32%

Nov. 30, 2023(*5)

MUFG Bank, Ltd.

1,250,000--

1,250,000

0.41%

Jan. 29, 2027(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.58%

Jan. 29, 2027(*5)

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

0.63%

Jan. 29, 2027(*5)

Sumitomo Mitsui Trust Bank Limited

1,250,000--

1,250,000
0.61%

Jan. 29, 2027

Resona Bank, Limited
MUFG Bank, Ltd.

Long-term loans payable

Balance at the
beginning of
periodRemarks

(*3)

(*5)

Resona Bank, Limited

1,000,000--

1,000,000

Resona Bank, Limited

1,000,000--

1,000,000

0.50%

Jan. 30, 2026(*5)

MUFG Bank, Ltd.

1,200,000--

1,200,000

0.43%

Feb. 25, 2026(*6)

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

0.67%

Apr. 25, 2028(*6)

Development Bank of Japan Inc.

1,400,000--

1,400,000

0.56%

Apr. 23, 2027(*6)

MUFG Bank, Ltd.

2,500,000--

2,500,000

0.52%

Feb. 26, 2027(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.47%

Aug. 31, 2026(*5)

Sumitomo Mitsui Trust Bank Limited

2,000,000--

2,000,000
0.60%

Apr. 30, 2027

Unsecured
Unguaranteed(*5)

MUFG Bank, Ltd.

2,000,000--

2,000,000

MUFG Bank, Ltd.

1,700,000--

1,700,000

0.54%

Oct. 30, 2026(*5)

Development Bank of Japan Inc.

1,000,000--

1,000,000

0.57%

May 31, 2027(*7)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

500,000--

500,000

Bank of Kyoto, Ltd.

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

500,000--

500,000

The Chugoku Bank, Ltd.

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

MUFG Bank, Ltd.

500,000--

500,000

(*6)

0.55%

Aug. 31, 2027

(*6)

0.42%

Feb. 27, 2026

0.51%

Aug. 31, 2027

(*6)

48

Category
Lenders
Sumitomo Mitsui Trust Bank Limited

Increase during Decrease during
the period
the period

Balance at theend of period

Interest rate
*1

Repayment date

Use

0.55%

Aug. 31, 2027(*6)

500,000--

500,000

Japan Post Insurance Co., Ltd.

1,000,000--

1,000,000

Taiyo Life Insurance Company

1,500,000--

1,500,000

0.42%

Sep. 30, 2025(*5)

MUFG Bank, Ltd.

2,850,000--

2,850,000

0.54%

Sep. 30, 2027(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000

0.38%

Feb. 28, 2025(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000

0.63%

Feb. 29, 2028(*5)

MUFG Bank, Ltd.

500,000--

500,000

0.56%

Mar. 17, 2028(*3)

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

1,000,000--

1,000,000
0.61%

Mar. 17, 2028(*3)

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

Mizuho Bank, Ltd.

1,500,000--

1,500,000

0.60%

Apr. 13, 2028(*5)

MUFG Bank, Ltd.

1,500,000--

1,500,000

0.50%

Mar. 31, 2028(*5)

Sumitomo Mitsui Trust Bank Limited

2,100,000--

2,100,000

0.38%

Apr. 30, 2025(*5)

Sumitomo Mitsui Trust Bank Limited

890,000--

890,000

0.70%

Jun. 29, 2029(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.49%

Mar. 31, 2028(*5)

Development Bank of Japan Inc.

1,000,000--

1,000,000
0.66%

Jul. 31, 2028

Mizuho Bank, Ltd.
The Yamaguchi Bank, Ltd.

900,000--

900,000

Mizuho Bank, Ltd.

500,000--

500,000

0.47%

Jul. 31, 2026

1,000,000--

1,000,000

0.47%
(*2)

Jul. 31, 2026

650,000--

650,000

0.37%

Jan. 31, 2025
Jan. 31, 2025

Sumitomo Mitsui Banking Corporation

(*5)
(*5)
(*5)
(*5)

Shinsei Bank, Limited

1,000,000--

1,000,000

0.36%
(*2)

Nippon Life Insurance Company

1,000,000--

1,000,000

0.67%

Sep. 11, 2028(*6)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

0.70%

Sep. 29, 2028(*5)

The 77 Bank, Ltd.

500,000--

500,000

0.70%

Sep. 29, 2028(*5)

Sumitomo Mitsui Trust Bank Limited

2,200,000--

2,200,000

0.64%

Nov. 30, 2028(*5)

MUFG Bank, Ltd.

1,300,000--

1,300,000

0.60%

Nov. 30, 2028(*5)

Mizuho Bank, Ltd.

1,000,000--

1,000,000
0.62%

Nov. 30, 2028

Mizuho Trust & Banking Co., Ltd.

--

1,000,000

700,000--

700,000

0.30%

May 31, 2024(*5)

1,300,000--

1,300,000

0.36%

Jun. 29, 2029(*5)

Sumitomo Mitsui Trust Bank Limited

800,000--

800,000

0.39%

Jun. 29, 2029(*5)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

0.31%

Sep. 28, 2029(*5)

Sumitomo Life Insurance Company

700,000--

700,000

0.55%

Oct. 29, 2032(*5)

Mizuho Bank, Ltd.

1,200,000--

1,200,000

0.39%

Nov. 30, 2029(*5)

Shinsei Bank, Limited

1,000,000--

1,000,000

0.44%

Nov. 30, 2029(*5)

500,000--

500,000

0.32%

Dec. 18, 2029(*5)

Mizuho Bank, Ltd.

1,000,000--

1,000,000

0.46%

Feb. 14, 2031(*5)

Mizuho Bank, Ltd.

1,900,000--

1,900,000

0.39%

Feb. 14, 2030(*5)

Mizuho Trust & Banking Co., Ltd.

2,350,000--

2,350,000

0.39%

Feb. 14, 2030(*5)

MUFG Bank, Ltd.

2,000,000--

2,000,000

0.41%

Mar. 22, 2030(*5)

Sumitomo Mitsui Trust Bank Limited

2,000,000--

2,000,000
0.44%Mar. 22, 2030

MUFG Bank, Ltd.

The Yamaguchi Bank, Ltd.

(*5)

Shinkin Central Bank

1,000,000--

1,000,000

Resona Bank, Limited

1,370,000--

1,370,000

0.40%
(*2)

Mar. 22, 2030

920,000--

920,000

0.23%

Mar. 24, 2023(*5)

1,000,000--

1,000,000

0.40%

Mar. 27, 2030(*3)

Sumitomo Mitsui Trust Bank Limited
The 77 Bank, Ltd.

Unsecured
Unguaranteed(*5)

1,000,000

Sumitomo Mitsui Banking Corporation

Remarks(*5)

The Nishi-Nippon City Bank, Ltd.

Shinsei Bank, Limited

Long-term loans payable

Balance at the
beginning of
period(*5)

49

Lenders

Balance at the
beginning of
periodThe Yamaguchi Bank, Ltd.

500,000--

Sumitomo Mitsui Trust Bank Limited

500,000-

Mizuho Trust & Banking Co., Ltd.

1,000,000

The Norinchukin Bank

Long-term loans payable

Category

*1.
*2.
*3.
*4.
*5.
*6.
*7.
*8.
*9.

Increase during Decrease during
the period
the period

Balance at theend of period

Interest rate
*1

Repayment date

Use

500,000

0.39%

Jun. 18, 2030

(*5)

-

500,000

0.23%

Sep. 11, 2023

(*5)

-

-

1,000,000

0.38%

Sep. 30, 2030(*5)

1,000,000--

1,000,000

0.23%

Sep. 29, 2028(*5)

Mizuho Bank, Ltd.

1,500,000--

1,500,000

0.39%

Oct. 18, 2030(*6)

Development Bank of Japan Inc.

2,200,000--

2,200,000

0.39%

Nov. 29, 2030(*5)

The Chiba Bank, Ltd.

1,000,000--

1,000,000

0.18%

Nov. 30, 2027(*5)

Sumitomo Mitsui Banking Corporation

1,500,000--

1,500,000

0.14%

Dec. 1, 2023(*3)

Sumitomo Mitsui Banking Corporation

1,200,000--

1,200,000

0.14%

Dec. 25, 2023(*5)

MUFG Bank, Ltd.

600,000--

600,000

0.32%

Jan. 31, 2031(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000
0.40%

Jan. 31, 2031(*5)

The Nishi-Nippon City Bank, Ltd.

400,000--

400,000

Resona Bank, Limited

500,000--

500,000

0.36%
(*2)

Jan. 31, 2031(*5)

MUFG Bank, Ltd.

270,000--

270,000

0.35%

Feb. 14, 2031(*5)

Mizuho Bank, Ltd.

2,900,000--

2,900,000
0.44%

Feb. 14, 2031

Remarks(*5)

Mizuho Trust & Banking Co., Ltd.

1,500,000--

1,500,000

Sumitomo Mitsui Banking Corporation

2,800,000--

2,800,000

0.19%

Jan. 31, 2025(*5)

Development Bank of Japan Inc.

1,150,000--

1,150,000

0.49%

Mar. 24, 2031(*5)

The Norinchukin Bank

1,000,000--

1,000,000

0.32%

Apr. 13, 2029(*5)

Sumitomo Mitsui Banking Corporation

800,000--

800,000

0.18%

Apr. 30, 2025(*5)

Shinsei Bank, Limited

700,000--

700,000

0.43%

Jun. 18, 2031(*5)

Resona Bank, Limited

919,000--

919,000

0.29%
(*2)

Jun. 25, 2031

Aozora Bank, Ltd.

1,000,000--

1,000,000

0.28%

Jun. 25, 2029(*5)

MUFG Bank, Ltd.

700,000--

700,000

0.38%

Mar. 31, 2031(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000

0.44%

Jun. 30, 2031(*5)

Resona Bank, Limited

500,000--

500,000

0.25%
(*2)

Jan. 31, 2031

Sumitomo Mitsui Banking Corporation-

1,200,000-

1,200,000

0.18%

Aug. 29, 2025(*5)

MUFG Bank, Ltd.

-2,000,000-

2,000,000

0.37%

Mar. 31, 2031(*5)

Sumitomo Mitsui Banking Corporation-

1,000,000-

1,000,000

0.25%

Oct. 31, 2025(*5)

Sumitomo Mitsui Banking Corporation-

500,000-

500,000

0.23%

Oct. 31, 2024(*5)

Aozora Bank, Ltd.

-

1,800,000-

1,800,000

0.49%

Nov. 26, 2031(*5)

Development Bank of Japan Inc.

-

2,200,000-

2,200,000

0.49%

Nov. 28, 2031(*5)

Mizuho Bank, Ltd.

-

2,160,000-

2,160,000

0.37%
(*2)

Dec. 22, 2031

Shinsei Bank, Limited-

500,000-

500,000

0.57%

Jan. 30, 2032

Sumitomo Mitsui Trust Bank Limited-

2,600,000-

2,600,000

0.47%
(*2)

Jan. 30, 2032

Unsecured
Unguaranteed

(*5)

(*5)

(*5)
(*5)
(*5)

Total
158,789,000
13,960,000
8,450,000
164,299,000“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.
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
the effects of interest rate swap transactions.
The funds are used for acquisition of specified assets.
The funds are used for acquisition of specified assets and repayment of the existing loans.
The funds are used for repayment of the existing loans.
The funds are used for redemption of the existing investment corporation bonds.
The funds are used for repayment of the existing loans and redemption of the existing investment corporation bonds.
The balances are rounded down to the nearest one thousand yen. Accordingly, the “Total” amounts are not necessarily equal to the sum of individual amounts.
Total amount of scheduled yearly repayments for the long-term loans for five years after the balance sheet date is as follows:(Thousands of yen)

Long-term loans payable

Due in one year or
less
21,710,000

Due after one year
through two years
19,880,000

Due after two years
through three years
14,850,000

Due after three years
through four years
21,300,000

Due after four years
through five years
21,510,00050