Ⅰ. Fiscal Period Report

26th Fiscal Period ReportFebruary 1, 2023 - July 31, 2023

Securities code: 3269

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

Ⅰ. Fiscal Period ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
22nd FP
Fiscal Period

Operatingresults

Units

Operating revenues

16,884

17,313

17,253

17,86818,523

million yen

16,884

16,871

17,253

17,357

17,683(Gain on real estate sales)bmillion yen

—

442

—

511

840

million yen

8,659

8,603

8,941

8,917

9,723

(Rental business expenses)cmillion yen

6,791

6,715

6,995

7,007

7,732

(Loss on real estate sales)dmillion yen

—

—

—

—

—

(Impairment loss)emillion yen

—

—

—

—

—

million yen

8,224

8,710

8,312

8,950

8,800
7,939

Ordinary incomefmillion yen

7,294

7,813

7,488

8,074

Net incomegmillion yen

7,294

7,812

7,488

8,074

7,939

Total assetshmillion yen

457,829459,988464,898

469,629471,288

Interest-bearing liabilities

imillion yen

220,509222,709

227,809

231,309

233,309

Net assets

jmillion yen

230,491

230,562

230,253

231,357

230,784

Paid-in Capitalkmillion yen

139,034

139,034

139,034

139,034

139,034

Total dividendslmillion yen

7,819

7,883

8,013

8,088

8,102

Payout ratio

l/g

%

107.2

100.9

107.0

100.2

102.1

Total number of units issued andoutstanding

m

Units

1,385,000

1,385,000

1,385,000

1,385,000

1,385,000

Net assets per unit

j/m

yen

166,420

166,470

166,248

167,044

166,631

yen

5,266

5,640

5,406

5,829

5,732

yen

5,646

5,692

5,786

5,840

5,850

yen

5,646

5,692

5,786

5,840

5,850

yen

0

0

0

0

0

Note 3

%

3.0

3.3

3.2

3.6

3.4

(g+q)/(k+i)

Note 3

%

5.7

5.9

5.7

5.9

6.1

(g+q)/(m×r+i)

Note 3

%

2.8

3.1

2.8

3.3

3.2

yen

7,314

7,390

7,504

7,596

7,558

Note 2

Dividend per unit

l/m

Dividend from earnings per unit
Dividend in excess of earnings per
unit
Annualized dividend yield
Return on investment (Paid-in
Capital)Return on investment (market
capitalization)(g−b+d+e+q)/m

FFO per unit
Annualizedn

FFO multiple

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

j/hReturn on equity

g/jAnnualized

Note 3yen

14,74914,66015,13315,06915,242

times

25.3

23.1

24.3

21.1

22.7

Note 4

%

1.6

1.7

1.6

1.7

1.7

Note 3

%

3.2

3.4

3.3

3.4

3.4

%

50.3

50.1

49.5

49.3

49.0

Note 5

%

3.2

3.4

3.2

3.5

3.4

Note 3

%

6.4

6.7

6.6

6.9

6.9

%

48.2

48.4

49.0

49.3

49.5

Ratio of interest-bearing liabilities tototal assets

i/h

DSCR

o/p

times

o

million yen

Net income before interest anddepreciation
Interest expenses

p
a−c+q

NOI
Annualized NOI yield
Depreciation and amortization
Reference
information

Numberofmanagement

propertiesq

Note 6

16.0

16.6

17.1

18.0

11,39011,05911,716

11,976

million yen

737

712

666

683

667

million yen

12,92813,02013,163

13,307

13,319

%

5.7

5.6

5.7

5.6

5.7

Note 8million yen

2,835

2,865

2,905

2,958

3,369

–

272

272

277

277

277

Units

21,56921,643

21,85322,021

21,994825,254.29

under

Leasable floor area at end of period

Note 9m2

802,185.16

807,050.70

814,648.31

824,479.81

Occupancy rate at end of period

Note 10

%

95.9

96.9

96.6

96.7

96.4

yen

373,500

338,500

367,000

317,500

346,500

Unit price at end of period

4.
5.
6.

14.7
10,868Note 3, 7

Number of leasable units

Notes 1.
2.
3.

26th FP

million yen

Net income per unit

Financial
indicators

25th FPaOperating income

Per unit
figures

24th FP

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

(Rental revenue)

Operating expenses

Balancesheet
figures

23rd FP

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

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 181 days for the 22nd FP, 184 days for the 23rd FP, 181 days for the 24th FP, 184 days for the 25th FP, and 181 days for the
26th FP.
Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.

―2―

Ⅰ. Fiscal Period Report
7.
8.
9.
10.

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

2 Investment Environment and Operating PerformanceWith the aim of realizing a stable distribution of earnings over the long term, we carried out the following initiatives
during the 26th Fiscal Period (FP).
1. Internal Growth
While maintaining high occupancy rates (the average occupancy rate for the FP under review was 96.5%),
Advance Residence Investment Corporation (hereafter, “ADR“) increased the rent level, improved the balance of
earnings and expenses related to its offering, raised rents at the time of contract renewal, and strengthened its
property competitiveness through renovation.
2. External Growth
ADR acquired one property from a third party (acquisition price of 1.9 billion yen) and disposed of two properties(total acquisition price of 1.6 billion yen) Note 1.
3. Finance Policy
ADR promoted its efforts to strengthen the financial foundation, such as reducing the average interest rate andextending the remaining duration of its interest-bearing liabilities.
4. Sustainability
ADR achieved 100% offset of Scope 2 GHG emissions for FY2022 by deeming to have used renewable energy
through purchasing non-fossil certificates and the like for electricity and heat energy consumption in common
areas of its owned properties in FY2022.
Note 1. ADR disposed of its 49% quasi-co-ownership interest in RESIDIA Azabudai on July 3, 2023. Therefore, RESIDIA Azabudai iscounted as one property both in the number of properties disposed of and the number of properties owned during the period. In
calculating the total acquisition price of all properties sold, ADR used the amount obtained by multiplying the acquisition price of
RESIDIA Azabudai by the percentage of quasi-co-ownership interest (49%) disposed of.

By executing these initiatives, we were able to attain the following FP results.
(million yen)
The 26th FP
Results (ended
July 31, 2023)

Previous FP
Results

Initial Forecast

Operating revenues

17,86817,644

18,523+655+879

Operating income

8,950

7,879

8,800

(150)

+920

Ordinary income

8,074

6,994

7,939

(134)

+945

Net income

8,074

6,994

7,939

(134)

+945

Earnings per unit

5,829 yen

5,049 yen

5,732 yen

(97 yen) Note 3+683 yen Note 3

Dividend per unit

5,840 yen

5,770 yen

5,850 yen

+10 yen+80 yen

Item

Note 2Difference from Difference fromthe Previous FP the Initial Forecast

The initial forecast refers to earnings forecast for the 26th FP disclosed in the “Brief Summary of Kessan Tanshin” for the 25th FP,
dated March 16, 2023. The same applies hereafter.
3. The numbers less than one are discarded in EPU figures.

Notes 2.

The earnings per unit (EPU) decreased by 97 yen from the previous FP to 5,732 yen, primarily due to the increased
depreciation and amortization associated with revised useful lives Note 4, although NOI increased due in part to increased
rent levels and decreased interest expenses.
The dividend per unit (DPU) was 5,850 yen, reflecting the reversal of the reserve for temporary difference adjustments(548 yen per unit) and dividends paid using retained earnings (175 yen per unit) after ADR had retained part of the gainon sales of properties generated during the FP under review (606 yen per unit).
Note 4

Commencing in the 26th FP, ADR revised the useful lives of its owned properties, which were in accordance with applicable tax laws, toeconomically useful lives that better reflect actual conditions.

1. Internal Growth
ITOCHU REIT Management Co., Ltd., ADR’s asset management company, collaborated appropriately with property
management companies to manage and operate properties. As a result, ADR managed to record an average fiscal period
occupancy rate of 96.5% (down by 0.2 percentage points year-on-year).

―3―

Ⅰ. Fiscal Period Report– Change in Replacement Rent of Single Units Turning Positive –The change in the replacement rent for single units in Tokyo’s 23 wards had remained negative during and after the
fiscal period ended January 2021 (the 21st FP) because of the COVID-19 pandemic but turned positive to 1.5% for
the FP under review because of the gradual normalization of social and economic activities from the easing ofrestrictions on movement and the increase in the influx of new residents in Tokyo’s 23 wards. As for family type units
in areas, including the Tokyo central area, new rents remain at a high level because of strong demand. Consequently,
the change in the replacement rent increased by 4.0% (up by 1.5 percentage points from the previous FP).
– Strengthening the Competitiveness of Our Properties Through Renovation –ADR conducts large-scale repairs of its properties on a scheduled basis to maintain their functionality and freshen
their appearance. In addition, for individual units in properties that have recently undergone large-scale repairs, ADR
conducts renovation work to maintain and enhance competitiveness in the leasing market. These entail equipment
upgrades and floor plan changes, and are implemented when tenants are being replaced.
We conducted large-scale repairs on 10 properties during the FP under review at a cost of 979 million yen, including
taxes. Moreover, we renovated 100 properties at the cost of 406 million yen, excluding taxes.
Of the residential units that underwent renovation during the FP under review, 66 signed new rental contracts as ofJuly 31, 2023. These units saw increases in rent of 19.5% on average compared with the rents under previous contracts.
Our renovation work effectively contributed to internal growth. In the future, ADR will endeavor to further enhance thecompetitive advantages of its properties through such measures.
2. External Growth－ Steadily Acquiring Properties －We recognize that conditions for acquiring properties in the real estate trading market continue to be harsh, andtransaction prices remain at high levels. Even in such an environment, ADR selected and invested in properties that
contribute to the improvement in the quality and profitability of its portfolio, by utilizing the sponsor pipe lines andpromoting the negotiation basis transactions in acquiring properties from third parties.
ADR acquired RESIDIA Tamatsukuri through negotiations with a third party (acquisition price of 1.9 billion yen)during the FP under review. This property is completely composed of 2LDK-type units, which are rare in the market,
and expected to be in strong demand by families. ADR disposed of two properties, namely, RESIDIA Azabudai (49%quasi-co-ownership interest) and RESIDIA Sakae, for a sale price of 2.5 billion yen in total and recorded a gain inproperty sales of 0.8 billion yen in total.
This gain in property sales will be used to realize a stable distribution of earnings.
3. Finance Policy－Lowering the Average Interest Rates and Extending Remaining Durations－
ADR’s principal finance policy is to lower the interest rates of interest-bearing liabilities, extend remaining durations,
fix interest rates, and diversify maturities while considering the financial environment. During the FP under review, ADR
executed debt financing to the tune of 12.7 billion yen in total (at an average interest rate Note 5 of 0.72% and an average
initial duration of 6.5 years). Consequently, the average interest rate at the end of the FP under review was 0.57%,
which is the same as that in the previous FP. In addition, the average remaining duration changed from 5.0 years to
4.8 years.
ADR’s issuer credit ratings as of the end of the FP under review are as follows.
Credit rating agency
Japan Credit Rating Agency, Ltd. (JCR)
Rating and Investment Information, Inc. (R&I)

CoverageLong-term issuer
ratingIssuer rating

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

Note 5. The “average interest rate” is the weighted-average interest rate on loans and bonds as of their respective borrowing or issuance date andas of the end of the FP under review. If the interest rates on the debts have been converted to fixed interest rates using swap agreements
in order to hedge the risk of interest rate volatility, the average interest rate is calculated based on the interest rates reflecting the effects ofsuch swap agreements.

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

―4―Ⅰ. Fiscal Period Report• Environmental initiatives
By purchasing FIT non-fossil certificates with tracking in the non-fossil fuel value trading market, electricity consumed
in common areas of properties owned by ADR was effectively fully derived from renewable energy sources for FY2022,
as it was in FY2021. In addition, by purchasing green power certificates from a certificate issuer organization for the
first time, the heat energy consumption derived from zone heating and cooling in common areas of the Pacific Royal
Court Minato Mirai Ocean Tower owned by ADR was effectively derived from renewable energy sources for FY2022.
Consequently, ADR achieved 100% offset of Scope 2 GHG emissions for its owned properties for FY2022.
ADR also acquired the DBJ Green Building Certification, CASBEE Certification, and BELS with respect to 24 properties,
constituting 28.7% of its portfolio based on total floor area, as of the end of the FP under review.
As part of their energy-saving measures, ADR has introduced LED lighting in common areas of their properties.
During the FP under review, ADR installed LED lighting in six properties. At the end of the FP under review, ADR had
completed the installation of LED lighting in 128 properties (representing 46.2% 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 underreview, ADR has introduced such clauses in approximately 66.6% of its lease agreements.
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.

• Social initiatives
ADR conducts educational activities for energy-saving by utilizing the digital signage installed in the common areas ofits properties.

3 Management Policies and Challenges Going Forward
By diligently implementing the strategies outlined below, ADR aims to achieve solid EPU growth.
1. Internal Growth
Keeping a close eye on trends of the rental housing market, ADR will prioritize the maintenance and improvement of
the occupancy ratio through measures such as the relaxation of leasing terms.
Meanwhile, we will keep raising rents associated with residential units that hold promise in that regard.
However, we expect rents to decline due to age-related degradation in exclusively owned areas as owned properties
become older Note 7. ADR will endeavor to maintain and improve its competitiveness by renovating with the intention ofincreasing rent on a scheduled basis.
Note 7. The average building age is 16.7 years as of July 31, 2023. The average building age is the weighted average of the building ages of theowned properties based on their acquisition prices.

2. External Growth
ADR aims to acquire properties that will contribute to improving the quality and profitability of its portfolio. This will
involve acquiring sponsor properties and utilizing information gained through sourcing initiatives of the AssetManagement Company. In addition, ADR will keep tenants and geographic diversification in mind when undertaking
investment and, accordingly, will not be susceptible to temporary market trends.
ADR approved a public offering, etc., on September 12, 2023 (hereinafter referred to as the “public offering, etc.”), anddecided to use proceeds from the public offering, etc., to acquire 11 properties, including its sponsor-group-developed
properties located in Tokyo’s 23 wards. As its ratio of interest-bearing liabilities falls after the public offering, etc., its
acquisition capacity, up to 50% LTV (total assets basis), will increase from approx. 4.6 billion at the end of the FP underreview. Therefore, ADR will endeavor to further expand its portfolio by leveraging such acquisition capacity. The
management policies for ordinary LTV are up to 53% LTV (total assets basis) and up to 50% LTV (appraisal value
basis).
3. Finance Policy
ADR will procure funds considering fixed interest rates, while keeping a close eye on interest rate trends andstriving for stable funding costs and diversified borrowing maturities. In doing so, we will endeavor to establish strong
financial foundations that can weather future financial market volatility.
4. Sustainability―5―

Ⅰ. Fiscal Period Report
ADR will promote measures for energy-saving and reduction of greenhouse gas emissions in its properties torealize a sustainable society and further increase its unitholder value.
5. Dividend Payout Policy
In accordance with its basic policy of realizing a stable distribution of earnings over the long term, ADR will
fundamentally pay out distributions of nearly the entire amount of earnings for the current FP. Meanwhile, ADR willcontinue to draw down the reserves for temporary difference adjustments (RTA), which is based on retained earnings
derived from profit from negative goodwill. It will draw down the RTA in equal amounts or more in every FP within 50
years Note 8, in accordance with partial amendments of the “Regulations Concerning Accounting of Investment
Corporations” and the Investment Trusts Association of Japan’s “Regulations Concerning Real Estate Investment
Trusts and Real Estate Investment Corporations.”
Moreover, in principle, ADR is to maintain a DPU of at least 5,000 yen. To such ends, ADR is to additionally draw down
the reserve if the total amount of DPU and the fixed drawdown amount of the RTA for the given FP do not reach 5,000
yen Note 9.
Furthermore, when temporary gains or losses arise owing to gains or losses in property sales, renovations, changes
in useful lives, and other reasons, ADR will stabilize distributions by retaining or drawing down gains on sales while
also drawing down the RTA.
Notes 8. The RTA drawdown amount per FP is calculated by dividing by 100, the outstanding amount of the RTA that has been transferred fromthe reserve for dividends as of the end of the FP ended January 31, 2017 (50 year × 2 FPs = 100 periods). As of the date of thisdocument, the RTA drawdown amount per FP is approximately 335 million yen. However, ADR may increase the amount of thedrawdown indicated above in order to stabilize dividend levels.
9. This does not constitute a guarantee of actual amount of dividend payment. The actual amount of dividend payment will need to be
decided ultimately by ADR’s Board of Directors.

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

Remarks

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

Notes

Balance

September 26,
2019

Public offering

33,0001,383,000

10,696

138,3861

October 21, 2019

Third-party
allotment

2,000

1,385,000

648

139,0342

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

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

22nd FP
July 31, 2021

23rd FP
January 31, 2022

24th FP
July 31, 2022

25th FP
January 31, 2023

26th FP
July 31, 2023

High

390,500 yen

381,000 yen

369,000 yen

370,000 yen

361,500 yen

Low

300,000 yen

318,500 yen

318,500 yen

317,500 yen

307,000 yen

5 Dividend Distribution
In accordance with the distribution policy set forth in Article 32, Item 1 of ADR’s Articles of Incorporation, ADR
distributes the amount in excess of 90% of the ADR’s profit available for dividends as stipulated in Article 67-15 of the Act
on Special Measures Concerning Taxation. In the event of weak performance by investments, reserve for temporary
difference adjustments will be used in order to maintain stable payouts into the future.
Based on this policy, ADR has decided to distribute dividends of 8,102,250,000 yen. The figure was derived byretaining 1,280,733,614 yen from the unappropriated retained earnings of 8,623,124,867 yen for the fiscal period, plus
the drawdown of reserve for temporary difference adjustments (RTA) of 759,858,747 yen. The amount of 1,280,733,614
yen was retained to achieve a more consistent dividend distribution.

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Ⅰ. Fiscal Period Report
ADR does not distribute dividends in excess of the profits as defined in Article 32, Item 2 of its Articles of Incorporation.
22nd FP
Fiscal Period
Total amount of net
incomeRetained earnings
Total amount of cash
distribution(Distribution per unit)
Of which, total amount ofdividends from earnings(Dividend from earnings
per unit)
Of which, total amount ofreturn of capital(Return of capital per unit)
Of total amount of returnof capital, total amountof distribution fromreserve for temporary
difference adjustments(Of return of capital per
unit, distribution fromreserve for temporary
difference adjustments
per unit)
Of total amount of returnof capital, total amountof distribution from
distribution after
reducing unitholders’capital for tax purposes(Of return of capital per
unit, distribution from
distribution after
reducing unitholders’capital for tax purposes)

23rd FP

24th FP

25th FP

26th FP

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

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

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

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

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

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

7,819,710
thousand yen

7,883,420
thousand yen

8,013,610
thousand yen

8,088,400
thousand yen

8,102,250
thousand yen(5,646 yen)

(5,692 yen)

(5,786 yen)

(5,840 yen)

(5,850 yen)

—

—

—

—

—

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

—

—

—

—

—

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

—

—

—

—

—

(0 yen)(0 yen)(0 yen)(0 yen)(0 yen)6 Significant Subsequent Events
1. Asset Acquisition Decision
ADR has decided to acquire the following assets in accordance with its basic asset management policies set forthin its Articles of Incorporation and other rules and has executed agreements accordingly:(1) RESIDIA Shirokane Takanawa II(2) RESIDIA Meguro IV
Type of Asset: Real estate beneficiary interests in trust
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,009,000 thousand yen
Estimated acquisition price: 1,853,000 thousand yen
Date of contract: September 12, 2023
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Scheduled acquisition date: September 29, 2023
Location: 5-6-11 Mita, Minato-ku, Tokyo
Location: 2-10-18 Meguro, Meguro-ku, Tokyo
Area size: 224.13 m2 (land); 1,104.28 m2 (building)Area size: 789.08 m2 (land) Note 3; 1,632.92 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
Structure: Flat-roofed reinforced concrete structure, 10
storiesstories
Constructed: August 2015
Constructed: January 2016―7―

Ⅰ. Fiscal Period Report(3) RESIDIA Bunkyo Koishikawa II Note 4
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,772,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 3-26-3 Koishikawa, Bunkyo-ku, Tokyo
Area size: 344.14 m2 (land); 1,799.11 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 15
stories
Constructed: September 2016

(4) RESIDIA Shinagawa Seaside Note 4
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 3,315,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 4-3-1 Higashishinagawa, Shinagawa-ku,
Tokyo
Area size: 904.30 m2 (land); 3,604.99 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 11stories
Constructed: March 2018(5) Share Place Shimokitazawa
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 694,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-42-3 Kitazawa, Setagaya-ku, Tokyo
Area size:500.54 m2 (land) Note 5, 6; 735.38 m2 (building)
Structure: Flat-roofed steel-reinforced concrete structure(SRC), 4 stories
Constructed: September 2021

(6) RESIDIA Kyudai Gakkentoshi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,048,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-11-28 Saito, Nishi-ku, Fukuoka, Fukuoka
Area size: 1,423.59 m2 (land); 2,164.50 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 5
stories
Constructed: March 2020

(7) RESIDIA Kyusandai-mae Note 4
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 806,542 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-20-18 Matsukadai, Higashi-ku, Fukuoka,
Fukuoka
Area size: 1,709.95 m2 (land); 2,004.88 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 4
stories
Constructed: January 2022

(8) RESIDIA Ochanomizu III
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,279,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 2-5-6 Sotokanda, Chiyoda-ku, Tokyo
Area size: 358.12 m2 (land) Note 7; 1,301.32 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
stories
Constructed: November 2016

(9) RESIDIA Sangenjaya III
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,016,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 2-19-7 Sangenjaya, Setagaya-ku, Tokyo
Area size: 341.41 m2 (land) Note 8; 1,811.48 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
stories and 1 basement story
Constructed: May 2017(10) RESIDIA Sendagi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,912,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 3-7-9 Yanaka, Taito-ku, Tokyo
Area size: 1,086.80 m2 (land); 2,745.30 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 6
stories
Constructed: October 2017(11) Tokyo Student-House Musashi-Kosugi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 5,835,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 399-1 Ichinotsubo, Nakahara-ku, Kawasaki,
Kanagawa
Area size: 3,419.11 m2 (land); 6,845.00 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 7
stories
Constructed: January 2017―8―

Ⅰ. Fiscal Period Report
Notes 1. None of the estimated acquisition prices includes any settlement amount equivalent to a fixed property tax,
city planning tax, depreciable asset tax, and/or national and local consumption taxes.
2. If the transaction contract of this property is terminated due to any reason attributable to ADR (the purchaser),
ADR will pay the seller 20% of the purchase price as a penalty for such termination in each case.
3. Includes the portion where a building must be constructed with a set-back (approx. 28.50 m2).
4. Because the name of the property planned to be acquired will change after the acquisition by ADR, thisdocument uses the new name. On the date of the document they are referred to as “CREVIA RXE Koishikawa,”“CREVIA RXE Shinagawa Seaside,” “Uni Terrace Matsukadai” and “CREVIA WILL Musashi-Kosugi,”
respectively. The same applies hereafter.
5. Does not include the land area equivalent to its co-ownership interest of the private road.
6. Includes the portion where a building must be constructed with a set-back (approx. 8.23 m2).
7. Includes a private road (approx. 98.51 m2).
8. Includes the portion where a building must be constructed with a set-back (approx. 8.20 m2).
2. Asset Disposition
ADR has disposed of the following assets in accordance with its basic asset management policies set forth in its
Articles of Incorporation and other rules:
RESIDIA Azabudai (51% quasi-co-ownership interest)
Type of Asset: Real estate beneficiary interests in trust
Disposition price: 1,676,880 thousand yen
Disposition date: Aug. 1, 2023
Location: 3-4-9 Azabudai, Minato-ku, Tokyo
Area size: 378.20 m2 (land); 2,176.51 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 14 stories
Constructed: February 2006
Note ADR disposed of its 49% quasi-co-ownership beneficiary interest in trusts in RESIDIA Azabudai on July 3,2023, and disposed of its remaining 51% quasi-co-ownership interest on August 1, 2023. The disposition
price does not include any settlement amount equivalent to a fixed property tax, city planning tax anddepreciable asset tax, and national and local consumption taxes.

3. Issuance of New Investment Units Decision
ADR approved the issuance of new investment units at its Board of Directors meeting held on September 12, 2023,
for the purposes of acquisition of real estate, etc. (specified assets), and repayment of loans. An offer price per unit
and related matters will be determined at its Board of Directors meeting to be held later.
[Issuance of new units through public offering]
New units issued: 45,600
Base date for distribution: Augst. 1, 2023
[Issuance of new units through third-party allotment]
New units issued: 2,400 or lessBase date for distribution: Augst. 1, 2023
Allotee: Mizuho Securities Co., Ltd.

―9―

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

22nd FP

23rd FP

24th FP

25th FP

26th FP

Period-end

July 31, 2021

January 31, 2022

July 31, 2022

January 31, 2023

July 31, 2023

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

1,385,000

1,385,000

1,385,000

1,385,000

1,385,000

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

139,034 million
yen
12,731

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

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

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

387,515

27.97

2-11-3 Hamamatsucho, Minato-ku,
Tokyo213,31915.40

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

65,097

4.70

3-3-1, Marunouchi, Chiyoda-ku, Tokyo
2-5-1 Kita-Aoyama, Minato-ku, Tokyo

38,03134,8002.74
2.51

UTRECHTSEWEG 91 ZEIST NL 3702
AA

33,023

2.38

20,2011.45

18,703

1.35

17,4001.25

14,7801.06

842,869

60.85

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

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

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

Name

Custody Bank of Japan, Ltd. (Trust
Account)
The Master Trust Bank of Japan, Ltd(Trust Account)
The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)
SMBC Nikko Securities Inc.
ITOCHU Corporation
STICHTING PENSIOEN FONDS ZORGEN WELZIJNSTATE STREET BANK WEST CLIENT TREATYSSBTC CLIENT OMNIBUS ACCOUNT

Address

1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.
ONE LINCOLN STREET，BOSTON MA
USA 02111
P.O. BOX 351 BOSTONMASSACHUSETTS 02101 U.S.A.

STATE STREET BANK AND TRUSTCOMPANY
Custody Bank of Japan, Ltd. (Money trust
1-8-12 Harumi, Chuo-ku, Tokyo
taxable account)
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.

―10―Ⅰ. Fiscal Period Report
3 Directors and Independent Auditor
1. The executive director, supervisory directors, and independent auditor as of July 31, 2023, are as follows.

Title
Executive
Director
Supervisory
Director
Supervisory
Director
Independent
Auditor
Note

Name

Wataru Higuchi

Primary concurrent positions
Senior partner, Ootemon Law andAccounting—

Yoshitsugu Oba
Satoru Kobayashi

Total amount ofcompensation during the FP(thousand yen)

President, Esperanza Law Office

Deloitte Touche Tohmatsu LLC

2,700
1,800
1,800
16,500

The remunerations paid to Deloitte Touche Tohmatsu LLC include 1,500 thousand yen, which is remuneration
for services other than those prescribed in Article 2, paragraph 1 of the Certified Public Accountant Act. The
remuneration paid to persons belonging to the same network as Deloitte Touche Tohmatsu LLC for services
other than those prescribed in Article 2, paragraph 1, of the Certified Public Accountant Act was 5,407 thousandyen.

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

4 Matters Concerning Directors and Officers Liability Insurance Policy
As of July 31, 2023, ADR has concluded the following directors and officers liability insurance policy.
Scope of insureds

All executive directors andsupervisory directors

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

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

Name

Asset managementcompany

ITOCHU REIT Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited
Management of register of unitholders

Mizuho Trust & Banking Co., Ltd.

Management of special accounts

Mizuho Trust & Banking Co., Ltd.

Accounting, taxation
Administrative agent

Institutional operations

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

Administration of investment
corporation bonds

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

―12―

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

Real estate intrust(Note 1)

Investedarea

Invested regions, etc.

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

25th FP as of January 31, 2023

26th FP as of July 31, 2023

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

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

215,59645.9

214,25545.5

215,59645.9

214,255

45.5

20,502

4.4

20,325

4.3

58,041

12.4

57,566

12.2

78,544

16.7

77,892

16.5

294,141

62.6

292,148

62.0

96,45520.5

96,68920.5

96,45520.5

96,68920.5

15,335

3.3

15,231

3.2

34,386

7.3

35,402

7.5

49,721

10.6

50,633

10.7

Total of other regions
Subtotal
Tokyo 23
wards

Tokyo 23
wards

Total of Tokyo 23 wards
Real estate(Note 1)

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

Total of other regions

146,17631.1

147,323

31.3

Deposits and other assets

Subtotal

29,311

6.2

31,816

6.8

Total assets

469,629100.0

471,288

100.0

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

―13―

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

14,55421,019.77

19,792.03

94.2

3.2

Pacific Royal Court Minatomirai
Ocean Tower

10,13626,082.53

26,082.53

100.0

3.1

Park Tower Shibaura Bayward
Urban Wing

8,859

13,490.67

12,801.86

94.9

2.0

RESIDIA TOWER Kamiikebukuro

7,206

31,250.61

30,302.18

97.0

4.5

RESIDIA Nishi-Azabu

6,343

7,078.64

6,763.08

95.5

1.3

RESIDIA TOWER Azabujuban

5,956

7,207.18

6,854.22

95.1

1.2

RESIDIA Mejiro

5,766

13,083.40

13,006.09

99.4

1.5

RESIDIA Yutenji

5,072

5,423.36

5,197.92

95.8

0.9

RESIDIA Nihonbashi-Bakurocho

5,019

8,502.12

8,269.68

97.3

1.2

RESIDIA Shin-Okachimachi II

4,587

5,392.13

5,367.01

99.5

0.9

73,503

138,530.41

134,436.60

Total

—

19.9

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

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

―14―

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

Name of real estate

Location

Type ofownership

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

T-001

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,356

4,430

T-002

RESIDIA Nakameguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,359

2,860

T-003

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,119

1,510

T-004

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,088

1,850

T-005

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,956

3,120

T-006

RESIDIA Hatagaya

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,086

1,600

T-007

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,009

1,640

T-008

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,375

2,870

T-009

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

682

1,210

T-010

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

578

831

T-011

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,338

2,440

T-012

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

897

1,510

T-013

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,412

2,580

T-014

RESIDIA Azabujuban II

Minato-ku, Tokyo

Beneficiaryinterests in trust

868

1,300

T-015

RESIDIA Ebisu

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

537

858

T-016

RESIDIA Meguro

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

709

858

T-017

RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estate

1,518

2,580

T-018

Pianetta Shiodome

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,700

2,620

T-019

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

310

445

T-022

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

878

1,310

T-023

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,236

3,390

T-024

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,096

1,790

T-025

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,827

2,670

T-026

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,161

1,620

T-027

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,257

2,060

―15―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

T-028

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,124

1,900

T-029

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

828

1,280

T-030

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

949

1,590

T-031

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

970

1,630

T-032

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,140

3,640

T-033

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,437

5,230

T-034

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,094

1,800

T-035

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

Beneficiaryinterests in trust

6,343

9,810

T-036

RESIDIA Daikanyama

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,942

2,670

T-037

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

2,325

3,900

T-038

RESIDIA RoppongiHinokichokoen

Minato-ku, Tokyo

Beneficiaryinterests in trust

3,477

5,860

T-039

RESIDIA TOWER MeguroFudomae

Shinagawa-ku, Tokyo

Real estate

14,55423,600

T-040

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,484

4,250

T-041

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,465

2,640

T-042

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,368

1,900

T-043

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,882

2,620

T-044

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

5,956

10,400

T-045

RESIDIA Shibuya

Shibuya-ku, Tokyo

Real estate

1,184

1,920

T-046

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,801

2,980

T-047

RESIDIA Azabudai

Minato-ku, Tokyo

Beneficiaryinterests in trust

768

1,676

T-048

RESIDIA Shibadaimon II

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,624

2,320

T-049

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,129

1,820

T-050

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,248

2,040

T-051

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,635

2,730

T-052

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

842

1,400

T-053

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

932

1,520

T-054

RESIDIA Shibaura

Minato-ku, Tokyo

Beneficiaryinterests in trust

4,155

7,330

T-055

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

Real estate

854

1,180

Note 2

Location―16―

Type ofownership

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

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

Type ofownership

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

T-056

RESIDIA Yutenji

Meguro-ku, Tokyo

Beneficiaryinterests in trust

5,072

7,460

T-057

Park Tower Shibaura Bayward
Urban Wing

Minato-ku, Tokyo

Beneficiaryinterests in trust

8,859

15,700

T-058

RESIDIA Kamimeguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

822

1,450

T-059

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

Real estate

1,304

2,210

T-060

RESIDIA Komazawa

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

771

1,540

T-061

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

Beneficiaryinterests in trust

2,206

3,490

T-062

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,867

2,980

T-063

RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,472

2,200

T-064

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,386

5,860

T-065

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

3,521

5,790

T-066

RESIDIA Meguro III

Meguro-ku, Tokyo

Beneficiaryinterests in trust

917

1,810

T-067

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

756

1,090

T-068

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,173

2,380

T-069

RESIDIA Omori II

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,517

2,710

T-070

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,406

2,370

T-071

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

3,681

5,440

T-072

RESIDIA Nakameguro II

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,141

2,030

T-073

Artis Court Minamiaoyama

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,710

2,250

T-074

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,992

3,240

T-075

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

Beneficiaryinterests in trust

918

1,360

T-076

RESIDIA Ebisu III

Shibuya-ku, Tokyo

Real estate

637

960

T-077

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

700

1,140

T-078

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,154

1,850

T-079

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

3,139

4,890

T-080

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,265

2,160

T-081

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

963

1,600

T-082

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

Real estate

882

1,170

T-083

RESIDIA Nakanobu II

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

909

1,320

―17―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

Type ofownership

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

T-084

RESIDIA Ochanomizu II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

816

1,290

T-085

RESIDIA Mishuku

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,151

1,650

T-086

RESIDIA Ichigaya II

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,967

2,590

T-087

RESIDIA Ichigaya-Sadohara

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

4,209

5,570

T-088

RESIDIA Nishi-Koyama

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,695

2,550

T-089

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,182

3,070

T-090

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,142

1,680

T-091

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,554

1,960

T-092

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,532

3,470

T-093

RESIDIA Kamata

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,986

4,480

T-094

RESIDIA Ikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

1,385

2,340

T-095

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,597

3,010

T-096

RESIDIA Asakusabashi

Taito-ku, Tokyo

Beneficiaryinterests in trust

935

1,910

T-097

Maison Eclairee Ekoda

Nerima-ku, Tokyo

Beneficiaryinterests in trust

858

1,170

T-098

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

Beneficiaryinterests in trust

2,771

5,000

T-099

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,528

2,590

T-100

RESIDIA Ryogoku

Sumida-ku, Tokyo

Beneficiaryinterests in trust

867

1,650

T-101

RESIDIA Nihonbashi-NingyochoII

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,800

5,090

T-102

RESIDIA Omori-Higashi

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,709

2,570

T-103

RESIDIA Kinshicho

Sumida-ku, Tokyo

Beneficiaryinterests in trust

3,818

5,910

T-104

RESIDIA Negishi

Taito-ku, Tokyo

Beneficiaryinterests in trust

798

1,160

T-105

RESIDIA Shinkawa

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,764

3,080

T-107

RESIDIA Shin-nakano

Nakano-ku, Tokyo

Beneficiaryinterests in trust

328

651

T-108

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

904

1,500

T-109

RESIDIA Tsukiji

Chuo-ku, Tokyo

Real estate

1,293

2,530

T-110

RESIDIA Sasazuka

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,726

2,440

T-111

RESIDIA Tamagawa

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,086

1,940

T-112

RESIDIA Korakuen

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

551

919

―18―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

Type ofownership

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

T-113

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,805

3,220

T-114

RESIDIA Oji

Kita-ku, Tokyo

Beneficiaryinterests in trust

726

1,180

T-115

RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

998

1,450

T-116

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,020

1,600

T-117

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,313

2,050

T-118

RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,317

3,630

T-119

RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

2,139

3,610

T-120

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

2,911

5,410

T-121

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

620

1,180

T-122

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

942

1,780

T-123

RESIDIA Ikegami

Ota-ku, Tokyo

Beneficiaryinterests in trust

344

538

T-124

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust

500

1,050

T-125

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

1,360

2,150

T-126

RESIDIA Iriya

Taito-ku, Tokyo

Beneficiaryinterests in trust

803

1,330

T-127

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,211

1,910

T-128

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,700

2,750

T-129

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,149

1,670

T-130

RESIDIA Shinkawa II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,219

2,260

T-131

RESIDIA Mejiro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

5,766

10,300

T-132

RESIDIA Kasai

Edogawa-ku, Tokyo

Beneficiaryinterests in trust

601

894

T-133

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

Real estate

5,019

9,040

T-134

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

Beneficiaryinterests in trust

3,495

7,380

T-135

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

791

1,510

T-136

RESIDIA Kiba

Koto-ku, Tokyo

Beneficiaryinterests in trust

1,746

3,650

T-137

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,027

1,940

T-138

RESIDIA
Honkomagome

Bunkyo-ku, Tokyo

Real estate

2,140

3,600

T-139

RESIDIA Tsukishima III

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,309

4,420

T-140

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

Beneficiaryinterests in trust

2,102

4,360

Bunkyo-―19―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

Location

T-141

RESIDIA Ogikubo

Suginami-ku, Tokyo

T-142

RESIDIA Monzennakacho

T-143

Type ofownership

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

Real estate

1,727

3,060

Koto-ku, Tokyo

Beneficiaryinterests in trust

968

1,680

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,996

3,660

T-144

RESIDIA Omori

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,126

1,880

T-145

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

Beneficiaryinterests in trust

964

1,470

T-146

RESIDIA Kachidoki

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,660

3,210

T-147

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

2,176

3,790

T-148

RESIDIA Kinshicho III

Koto-ku, Tokyo

Beneficiaryinterests in trust

665

1,020

T-149

RESIDIA Kamata III

Ota-ku, Tokyo

Beneficiaryinterests in trust

881

1,440

T-150

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

7,206

14,100

T-151

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

Real estate

497

688

T-152

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

585

803

T-153

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,091

1,590

T-154

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

466

589

T-155

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,046

1,670

T-156

RESIDIA Ojima

Koto-ku, Tokyo

Beneficiaryinterests in trust

1,201

1,850

T-157

RESIDIA Machiya

Arakawa-ku, Tokyo

Beneficiaryinterests in trust

1,136

1,690

T-158

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

Beneficiaryinterests in trust

1,790

2,440

T-159

RESIDIA Nerima

Nerima-ku, Tokyo

Beneficiaryinterests in trust

490

763

T-160

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

Beneficiaryinterests in trust

382

596

T-161

RESIDIA Nakano

Nakano-ku, Tokyo

Real estate

672

1,030

T-162

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Real estate

467

655

T-163

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,308

1,780

T-164

RESIDIA Akihabara

Taito-ku, Tokyo

Beneficiaryinterests in trust

955

1,500

T-165

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

Beneficiaryinterests in trust

848

1,440

T-166

RESIDIA Omori III

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,370

2,080

T-167

RESIDIA Nihonbashi-BakurochoII

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,953

3,080

T-168

RESIDIA Nihonbashi-BakurochoIII

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,799

2,860

―20―

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

T-169

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,638

2,490

T-170

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

Beneficiaryinterests in trust

4,587

7,060

T-171

RESIDIA Kameido

Koto-ku, Tokyo

Beneficiaryinterests in trust

2,977

4,170

T-172

RESIDIA Koenji

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,374

2,030

T-173

RESIDIA Kamata V

Ota-ku, Tokyo

Real estate

2,302

2,930

T-174

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,300

4,300

T-175

RESIDIA Ikegami II

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,091

1,540

T-176

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,404

1,920

T-177

RESIDIA Nakano-Fujimidai

Nakano-ku, Tokyo

Beneficiaryinterests in trust

1,798

2,150

T-178

RESIDIA Bunkyo-Koishikawa

Bunkyo-ku, Tokyo

Real estate

748

890

T-179

RESIDIA Kanda-Awajicho

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,533

1,840

T-180

RESIDIA Ogikubo III

Suginami-ku, Tokyo

Beneficiaryinterests in trust

2,461

2,850

T-181

RESIDIA Setagaya-Wakabayashi

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,197

1,350

S-002

Chester House Kawaguchi

Kawaguchi-shi, Saitama

Beneficiaryinterests in trust

664

850

S-004

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

Beneficiaryinterests in trust

935

1,440

S-005

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

1,644

2,540

S-007

RESIDIA Chofu

Chofu-shi, Tokyo

Beneficiaryinterests in trust

1,002

1,380

S-012

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

Beneficiaryinterests in trust

457

774

S-014

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

1,449

2,030

S-015

RESIDIA Okurayama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

666

1,020

S-016

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

Real estate

1,419

2,290

S-017

RESIDIA Funabashi I RESIDIA
Funabashi II

Funabashi-shi, Chiba

Beneficiaryinterests in trust

2,397

3,770

S-019

RESIDIA Kichijoji

Musashino-shi, Tokyo

1,394

2,100

S-020

Pacific Royal Court Minatomirai
Ocean Tower

Yokohama-shi, Kanagawa

10,136

16,500

S-022

BRANCHEILE Kohoku II

Yokohama-shi, Kanagawa

Real estate

1,579

2,310

S-023

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

Beneficiaryinterests in trust

702

1,340

S-024

RESIDIA Urayasu

Urayasu-shi, Chiba

Beneficiaryinterests in trust

1,921

3,340

Location―21―

Type ofownership

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

Beneficiaryinterests in trust
Real estate andleasehold rights
to real estate

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

S-025

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

Beneficiaryinterests in trust

813

1,260

S-026

RESIDIA Urayasu II

Urayasu-shi, Chiba

Beneficiaryinterests in trust

792

1,260

S-027

RESIDIA Gyotoku

Ichikawa-shi, Chiba

Beneficiaryinterests in trust

741

1,160

S-028

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

Beneficiaryinterests in trust

1,494

2,520

S-029

Cocofump Hiyoshi

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

889

1,200

S-030

RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

Beneficiaryinterests in trust

1,048

1,460

S-031

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

725

1,180

S-032

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

Real estate

596

796

S-033

RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

643

816

S-034

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

586

656

S-035

RESIDIA Kunitachi II

Kunitachi-shi, Tokyo

Real estate

856

921

R-002

RESIDIA Imadegawa

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,386

1,900

R-004

RESIDIA Higashizakura

Nagoya-shi, Aichi

Beneficiaryinterests in trust

937

1,440

R-008

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

Beneficiaryinterests in trust

3,152

5,200

R-010

RESIDIA Hakata

Fukuoka-shi, Fukuoka

Real estate

1,164

1,710

R-011

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

757

1,200

R-012

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,862

3,430

R-013

KC21 Building

Sendai-shi, Miyagi

Real estate

814

1,020

R-014

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

972

1,700

R-015

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,761

3,050

R-016

RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,009

3,460

R-017

RESIDIA Hibino

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,017

1,650

R-019

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

838

1,300

R-020

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

287

422

R-021

RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

Real estate

552

886

R-024

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,605

2,380

R-025

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,374

1,720

R-026

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,035

1,600

Location―22―Type ofownership

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

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

R-027

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

696

995

R-029

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

670

872

R-030

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,088

4,600

R-031

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

890

1,340

R-032

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

677

973

R-034

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,723

3,170

R-035

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,005

1,820

R-036

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

Beneficiaryinterests in trust

598

975

R-037

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

458

824

R-038

RESIDIA Hirosedori

Sendai-shi, Miyagi

Beneficiaryinterests in trust

431

765

R-039

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,287

2,250

R-040

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

925

1,680

R-041

RESIDIA Esaka

Suita-shi, Osaka

Beneficiaryinterests in trust

945

1,500

R-042

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

2,043

3,390

R-043

RESIDIA Tsurumai

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,058

1,720

R-044

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

Beneficiaryinterests in trust

2,364

4,070

R-045

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

929

1,260

R-046

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,762

2,790

R-047

RESIDIA Marunouchi

Nagoya-shi, Aichi

Beneficiaryinterests in trust

870

1,240

R-048

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

1,457

2,390

R-049

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,126

1,950

R-050

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

803

1,300

R-051

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

Real estate

3,320

6,140

R-052

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,643

2,210

R-053

RESIDIA Higashizakura II

Nagoya-shi, Aichi

Beneficiaryinterests in trust

2,771

4,010

R-054

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,742

3,020

R-055

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

Beneficiaryinterests in trust

973

1,660

R-056

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,006

1,910

Location―23―

Type ofownership

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

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

R-057

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

513

1,010

R-058

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

946

1,600

R-059

RESIDIA Shin-Osaka

Osaka-shi, Osaka

Beneficiaryinterests in trust

2,607

4,130

R-060

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

Beneficiaryinterests in trust

755

1,120

R-061

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

226

356

R-062

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,139

1,530

R-063

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

495

795

R-064

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

467

665

R-065

RESIDIA Soen

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

438

612

R-066

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,070

1,680

R-067

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,081

1,660

R-068

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,297

2,100

R-069

RESIDIA Kego

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

773

1,300

R-070

RESIDIA Shirakabe

Nagoya-shi, Aichi

Beneficiaryinterests in trust

882

1,210

R-072

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

Beneficiaryinterests in trust

1,474

1,870

R-073

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

Beneficiaryinterests in trust

2,148

2,530

R-074

RESIDIA Sapporo-eki North

Sapporo, Hokkaido

Real estate

776

708

R-075

RESIDIA Hijiyama-Koen

Hiroshima-shi, Hiroshima

Beneficiaryinterests in trust

671

858

R-076

RESIDIA Kita-Nijyo-East III

Sapporo, Hokkaido

Beneficiaryinterests in trust

424

431

R-077

RESIDIA Shin-Osaka II

Osaka-shi, Osaka

Real estate

682

750

R-078

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

747

821

R-079

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate

1,467

1,850

R-080

RESIDIA Shirokitakoen-dori

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,293

1,440

R-081

RESIDIA Kyoto-Mibu

Kyoto, Kyoto

Beneficiaryinterests in trust

663

684

R-082

RESIDIA Nishi-tenma

Osaka-shi, Osaka

Real estate

3,247

3,250

R-083

RESIDIA Hakata-Higashi

Fukuoka-shi, Fukuoka

Real estate

917

927

R-084

RESIDIA Kotoen

Nishinomiya-shi, Hyogo

Real estate

546

536

R-085

RESIDIA Tamatsukuri

Osaka-shi, Osaka

Real estate

2,083

2,060

Location―24―

Type ofownership

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

Ⅰ. Fiscal Period Report
Propertyno.

Name of real estate

R-086

RESIDIA Kumamoto-Karashima

Location

Kumamoto-shi, Kumamoto

合計

Type ofownership
Beneficiaryinterests in trust

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

4,318

4,170

439,471

700,062

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting ofInvestment Corporations” issued by the Cabinet Office, provided by a real estate appraiser as of January 31, 2023.
2.On April 27, 2023, ADR entered into a beneficiary interest quasi co-ownership transfer agreement to transfer RESIDIA Azabudai, and on July 3, 2023, transferred 49% of thequasi co-ownership interest, and on August 1, 2023, transferred the remaining 51% quasi co-ownership interest. The book value at the end of the period is the figure
corresponding to 51% of the quasi co-ownership interest, and the appraisal value at the end of the period is the disposition price.

―25―

Ⅰ. Fiscal Period Report
The following is the status of the rental business for the assets held by ADR as of July 31, 2023.
25th (Aug. 1, 2022 to Jan. 31, 2023)

Propertyno.

Name of real estate

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
numberTotalofnumber of Occupancy
Occupancy
Rental revenue Percentage tenants
Rental revenue Percentage
tenants at rate at end
rate at end
during the period of total rent at end
during the period of total rent
end ofof periodof period(thousands of yen) revenueof(thousands of yen) revenue
period(%)(%)
periodNote 3(%)
Note 3(%)(tenants)
Note 2
Note 2(tenant
Note 1s)Note 1

T-001 RESIDIA Shimazuyama

1

94.5

89,574

0.5

1

98.0

92,157

0.5

T-002 RESIDIA Nakameguro

1

100.0

47,256

0.3

1

100.0

47,256

0.3

T-003 RESIDIA Setagaya-Tsurumaki

1

96.5

39,552

0.2

1

95.6

41,947

0.2

T-004 RESIDIA Ikejiriohashi

1

95.0

36,818

0.2

1

95.7

38,986

0.2

T-005 RESIDIA Kudanshita

1

100.0

78,122

0.5

1

96.6

78,082

0.4

T-006 RESIDIA Hatagaya

1

98.1

31,888

0.2

1

95.4

31,836

0.2

T-007 RESIDIA Sakurajosui

1

97.9

34,736

0.2

1

96.2

34,922

0.2

T-008 RESIDIA Kita-Shinagawa

1

100.0

76,080

0.4

1

100.0

76,0800.4

T-009 RESIDIA Shinjuku-East III

1

92.5

25,604

0.1

1

100.0

25,8940.1

T-010 Leopalace Udagawacho Mansion

1

100.0

16,185

0.1

1

100.0

16,1850.1

T-011 RESIDIA Shinjuku-East II

1

94.7

47,751

0.3

1

88.2

48,222

0.3

T-012 RESIDIA Shinjuku-East

1

96.1

34,133

0.2

1

90.1

33,043

0.2

T-013 RESIDIA Kanda-Iwamotocho

1

95.6

60,039

0.3

1

94.4

59,616

0.3

T-014 RESIDIA Azabujuban II

1

89.6

29,853

0.2

1

94.6

28,857

0.2

T-015 RESIDIA Ebisu

1

100.0

21,214

0.1

1

100.0

20,3090.1

T-016 RESIDIA Meguro

1

91.4

20,863

0.1

1

84.4

21,9970.1

T-017 RESIDIA Hiroo II

1

97.7

55,009

0.3

1

97.5

56,341

0.3

T-018 Pianetta Shiodome

1

92.7

62,099

0.4

1

96.7

63,515

0.4

T-019 RESIDIA Komazawadaigaku

1

86.8

11,139

0.1

1

90.3

11,1200.1

T-022 RESIDIA Oimachi

1

98.0

32,023

0.2

1

97.8

32,121

0.2

T-023 RESIDIA Ebisu II

1

100.0

74,549

0.4

1

98.7

74,912

0.4

T-024 RESIDIA Kamiochiai

1

97.6

43,601

0.3

1

97.5

43,2480.2

T-025 RESIDIA Higashi-Shinagawa

1

95.0

67,038

0.4

1

99.2

68,972

0.4

T-026 RESIDIA Meguro II

1

95.9

38,307

0.2

1

100.0

38,001

0.2

T-027 RESIDIA Toranomon

1

98.4

44,399

0.3

1

96.8

43,791

0.2

T-028 RESIDIA Shin-Ochanomizu

1

100.0

41,736

0.2

1

96.9

41,244

0.2

T-029 RESIDIA Kagurazaka

1

98.1

31,733

0.2

1

100.0

32,591

0.2

T-030 RESIDIA Oimachi II

1

97.7

36,779

0.2

1

100.0

36,222

0.2

T-031 RESIDIA Jiyugaoka

1

100.0

36,750

0.2

1

94.0

37,5780.2

T-032 RESIDIA Suidobashi

1

100.0

80,167

0.5

1

95.6

80,3190.5

T-033 RESIDIA TOWER Nogizaka

1

97.3

115,314

0.7

1

98.8

113,533

0.6

T-034 RESIDIA Akasaka

1

100.0

41,454

0.2

1

95.5

43,7450.2

T-035 RESIDIA Nishi-Azabu

1

97.9

230,980

1.3

1

95.5

226,760

1.3

T-036 RESIDIA Daikanyama

1

98.5

61,455

0.4

1

94.0

62,361

0.4

T-037 RESIDIA Ichigaya

1

94.6

83,734

0.5

1

94.0

82,134

0.5

1

100.0

143,845

0.8

1

96.3

140,252

0.8

1

98.1

561,680

3.2

1

94.2

566,832

3.2

T-040 RESIDIA Sangenjaya

1

93.1

91,640

0.5

1

98.2

94,287

0.5

T-041 RESIDIA Kanda-Higashi

1

95.5

61,794

0.4

1

97.4

61,3690.3

RESIDIA
RoppongiT-038
Hinokichokoen
RESIDIA
TOWER
MeguroT-039
Fudomae―26―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

26th (Feb. 1, 2023 to Jul. 31, 2023)

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

T-042 RESIDIA Higashi-Azabu

1

93.9

44,115

0.3

1

93.5

42,334

0.2

T-043 RESIDIA Ebisu-Minami

1

T-044 RESIDIA TOWER Azabujuban

1

90.6

61,239

0.4

1

92.8

217,122

1.3

1

95.9

61,416

0.3

95.1

216,419

1.2

T-045 RESIDIA Shibuya

1

88.1

39,973

0.2

1

100.0

41,703

0.2

T-046 RESIDIA Nakanobu

1

92.2

64,323

T-047 RESIDIA Azabudai Note 4

1

97.4

49,768

0.4

1

94.0

64,791

0.4

0.3

1

94.3

47,1300.3

T-048 RESIDIA Shibadaimon II

1

93.8

51,900

0.3

1

100.0

55,643

0.3

T-049 RESIDIA Kanda

1

T-050 RESIDIA Sangenjaya II

1

94.2

41,318

0.2

1

93.9

41,5300.2

96.7

43,012

0.2

1

97.6

44,281

0.3

T-051 RESIDIA Nishi-Shinjuku II

1

100.0

56,845

0.3

1

97.2

60,9200.3

T-052 RESIDIA Hiroo-Minami
T-053 RESIDIA Mejiro-Otomeyama

1

92.5

29,300

0.2

1

96.2

29,283

0.2

1

100.0

36,066

0.2

1

95.2

35,581

0.2

T-054 RESIDIA Shibaura

1

96.5

195,024

1.1

1

89.5

187,980

1.1

T-055 RESIDIA Gotenyama

1

85.5

28,734

0.2

1

78.4

27,1990.2

T-056 RESIDIA Yutenji

1

97.5

160,077

0.9

1

95.8

159,825

0.9

1

97.9

346,596

2.0

1

94.9

352,737

2.0

T-058 RESIDIA Kamimeguro

1

94.5

38,259

0.2

1

94.5

37,707

0.2

T-059 RESIDIA Kita-Shinjuku

1

96.1

47,978

0.3

1

100.0

50,735

0.3

T-060 RESIDIA Komazawa

1

100.0

28,095

0.2

1

100.0

28,095

0.2

T-061 RESIDIA Shibaura KAIGAN

1

98.9

90,752

0.5

1

99.3

91,512

0.5

T-062 RESIDIA Ichigaya-Yakuoji

1

96.4

62,629

0.4

1

96.4

65,3290.4

T-063 RESIDIA Yoga

1

98.7

52,782

0.3

1

97.5

52,7400.3

T-064 RESIDIA TOWER Nakameguro

1

95.1

129,954

0.7

1

89.2

127,2220.7

T-065 RESIDIA Sasazuka II

1

96.9

122,551

0.7

1

100.0

128,670

0.7

T-066 RESIDIA Meguro III

1

91.1

35,400

0.2

1

100.0

36,163

0.2

T-067 RESIDIA Jiyugaoka II

1

94.7

26,876

0.2

1

100.0

26,3380.1

T-068 RESIDIA Kudanshita II

1

97.8

48,628

0.3

1

100.0

50,2200.3

T-069 RESIDIA Omori II

1

97.9

55,634

0.3

1

93.5

57,684

0.3

T-070 RESIDIA Shirokane-Takanawa

1

96.0

50,810

0.3

1

96.2

52,691

0.3

T-071 RESIDIA Nakaochiai

1

93.2

118,633

0.7

1

96.5

122,435

0.7

T-072 RESIDIA Nakameguro II

1

96.0

36,114

0.2

1

95.8

37,376

0.2

T-073 Artis Court Minamiaoyama

1

95.2

57,594

0.3

1

100.0

54,7600.3

T-074 RESIDIA Yotsuya Sanchome

1

97.0

81,754

0.5

1

98.4

84,235

0.5

T-075 RESIDIA Takanawa Katsurazaka

1

93.7

30,140

0.2

1

95.8

30,231

0.2

T-076 RESIDIA Ebisu III

1

100.0

21,126

0.1

1

100.0

21,9880.1

T-077 RESIDIA Shinjukugyoen

1

97.5

25,378

0.1

1

100.0

27,205

0.2

T-078 RESIDIA Minami Shinagawa

1

100.0

39,070

0.2

1

96.8

38,665

0.2

T-079 Chester Court Ochanomizu

1

98.0

106,430

0.6

1

97.8

109,089

0.6

T-080 RESIDIA Kanda-Iwamotocho II

1

100.0

44,007

0.3

1

95.7

43,1880.2

T-081 RESIDIA Shinagawa

1

100.0

32,961

0.2

1

93.0

33,9000.2

T-082 RESIDIA Yoyogi II

1

96.0

25,504

0.1

1

100.0

25,4650.1

T-057

Park Tower Shibaura Bayward
Urban Wing

―27―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

Total
number of Occupancy
tenants at rate at end
end ofof period
period(%)(tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
Occupancy number of Occupancy
rate at end tenants at rate at endof periodend ofof period(%)
period(%)(tenants)
Note 2
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

Occupancy
rate at endof period(%)
Note 2

T-083 RESIDIA Nakanobu II

1

95.7

26,202

0.2

1

98.0

27,1700.2

T-084 RESIDIA Ochanomizu II

1

100.0

25,692

0.1

1

94.6

27,0130.2

T-085 RESIDIA Mishuku

1

100.0

34,392

0.2

1

100.0

35,1400.2

T-086 RESIDIA Ichigaya II

1

100.0

54,487

0.3

1

95.0

57,277

0.3

T-087 RESIDIA Ichigaya-Sadohara

1

86.1

138,578

0.8

1

87.4

142,2100.8

T-088 RESIDIA Nishi-Koyama

1

98.6

49,276

0.3

1

100.0

49,2100.3

T-089 RESIDIA Minami-Shinagawa II

1

100.0

59,016

0.3

1

100.0

60,7580.3

T-090 RESIDIA Kagurazaka II

1

95.7

30,282

0.2

1

95.7

30,597

0.2

T-091 RESIDIA Otemachi-Kita

1

96.1

40,442

0.2

1

97.7

42,314

0.2

T-092 RESIDIA Mitsukoshimae

1

99.2

69,286

0.4

1

93.7

70,433

0.4

T-093 RESIDIA Kamata

1

97.8

99,529

0.6

1

96.9

104,193

0.6

T-094 RESIDIA Ikebukuro

1

97.0

51,304

0.3

1

96.8

51,9200.3

T-095 RESIDIA Bunkyo-Hongo

1

98.6

58,519

0.3

1

98.6

59,7780.3

T-096 RESIDIA Asakusabashi

1

97.8

42,276

0.2

1

91.4

41,4290.2

T-097 Maison Eclairee Ekoda

1

97.9

35,903

0.2

1

100.0

36,457

0.2

T-098 RESIDIA Ueno-Okachimachi

1

97.1

102,548

0.6

1

95.7

103,542

0.6

T-099 RESIDIA Bunkyo-Hongo II

1

94.6

51,405

0.3

1

100.0

52,304

0.3

T-100 RESIDIA Ryogoku

1

94.8

33,363

0.2

1

94.8

33,744

0.2

RESIDIA Nihonbashi-Ningyocho
T-101
II

1

99.4

103,000

0.6

1

98.3

109,346

0.6

T-102 RESIDIA Omori-Higashi

1

91.5

56,572

0.3

1

100.0

59,552

0.3

T-103 RESIDIA Kinshicho

1

97.2

123,827

0.7

1

99.5

126,557

0.7

T-104 RESIDIA Negishi

1

100.0

30,003

0.2

1

100.0

29,862

0.2

T-105 RESIDIA Shinkawa

1

98.4

67,838

0.4

1

96.0

67,306

0.4

T-107 RESIDIA Shin-Nakano

1

100.0

15,598

0.1

1

100.0

16,658

0.1

T-108 RESIDIA Bunkyo-Yushima II

1

95.4

34,575

0.2

1

98.4

36,071

0.2

T-109 RESIDIA Tsukiji

1

98.2

53,127

0.3

1

98.8

52,616

0.3

T-110 RESIDIA Sasazuka

1

92.5

63,462

0.4

1

93.1

66,724

0.4

T-111 RESIDIA Tamagawa

1

95.9

47,236

0.3

1

100.0

48,094

0.3

T-112 RESIDIA Korakuen

1

96.7

21,676

0.1

1

97.2

21,967

0.1

T-113 RESIDIA Ginza-Higashi

1

94.0

72,073

0.4

1

95.5

73,334

0.4

T-114 RESIDIA Oji

1

100.0

33,739

0.2

1

100.0

33,726

0.2

T-115 RESIDIA Mejiro II

1

94.7

35,368

0.2

1

97.8

37,4990.2

T-116 RESIDIA Tsukishima

1

94.3

39,329

0.2

1

94.4

38,654

0.2

T-117 RESIDIA Kamata II

1

94.1

45,823

0.3

1

95.3

46,9690.3

T-118 RESIDIA Tsukishima II

1

96.5

83,277

0.5

1

97.0

85,0290.5

T-119 RESIDIA Kinshicho II

1

98.4

80,183

0.5

1

98.5

79,483

0.4

T-120 RESIDIA Bunkyo-Otowa

1

94.6

124,737

0.7

1

97.4

123,088

0.7

T-121 RESIDIA Bunkyo-Sengoku

1

97.1

26,774

0.2

1

100.0

26,8280.2

T-122 RESIDIA Bunkyo-Yushima

1

98.1

39,453

0.2

1

94.4

38,4600.2

T-123 RESIDIA Ikegami

1

100.0

14,742

0.1

1

93.7

13,301

0.1

T-124 RESIDIA Nihonbashi-Ningyocho

1

96.4

21,991

0.1

1

96.4

21,8740.1―28―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

Total
number of Occupancy
tenants at rate at end
end ofof period
period(%)(tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
Occupancy number of Occupancy
rate at end tenants at rate at endof periodend ofof period(%)
period(%)(tenants)
Note 2
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

Occupancy
rate at endof period(%)
Note 2

T-125 RESIDIA Bunkyo-Sengoku II

1

89.9

48,669

0.3

1

91.3

47,1190.3

T-126 RESIDIA Iriya

1

96.6

38,051

0.2

1

100.0

39,137

0.2

T-127 RESIDIA Nihonbashi-Hamacho

1

95.6

45,349

0.3

1

97.7

45,634

0.3

T-128 RESIDIA Shin-Okachimachi

1

95.9

60,290

0.3

1

97.6

61,9540.4

T-129 RESIDIA Chidoricho

1

98.4

43,635

0.3

1

100.0

43,2500.2

T-130 RESIDIA Shinkawa II

1

97.2

48,235

0.3

1

95.6

49,356

0.3

T-131 RESIDIA Mejiro

1

94.4

259,899

1.5

1

99.4

266,471

1.5

T-132 RESIDIA Kasai

1

96.7

27,095

0.2

1

93.7

27,1640.2

T-133 RESIDIA Nihonbashi-Bakurocho

1

99.0

209,021

1.2

1

97.3

211,850

1.2

T-134 RESIDIA Suginami-Honancho

1

98.1

154,568

0.9

1

96.3

160,608

0.9

T-135 RESIDIA Shin-Itabashi

1

100.0

29,739

0.2

1

100.0

29,7390.2

T-136 RESIDIA Kiba

1

98.1

81,516

0.5

1

99.4

83,7500.5

T-137 RESIDIA Bunkyo-Yushima III

1

100.0

40,226

0.2

1

96.9

44,801

0.3

RESIDIA BunkyoT-138
Honkomagome

1

97.1

85,116

0.5

1

96.8

84,795

0.5

T-139 RESIDIA Tsukishima III

1

96.0

93,477

0.5

1

97.4

97,221

0.6

T-140 RESIDIA Minami-senjyu

1

93.6

171,640

1.0

1

97.8

175,422

1.0

T-141 RESIDIA Ogikubo

1

95.1

63,948

0.4

1

96.0

67,012

0.4

T-142 RESIDIA Monzennakacho

1

97.0

37,160

0.2

1

98.5

38,461

0.2

T-143 RESIDIA Ochanomizu

1

97.2

81,034

0.5

1

92.8

78,743

0.4

T-144 RESIDIA Omori

1

94.7

39,655

0.2

1

100.0

43,147

0.2

T-145 RESIDIA Nakamurabashi

1

100.0

36,616

0.2

1

98.6

37,3390.2

T-146 RESIDIA Kachidoki

1

98.1

66,646

0.4

1

95.1

68,6380.4

T-147 RESIDIA Bunkyo-Otowa II

1

94.0

82,942

0.5

1

99.3

87,905

0.5

T-148 RESIDIA Kinshicho III

1

100.0

25,404

0.1

1

100.0

25,4680.1

T-149 RESIDIA Kamata III

1

100.0

33,382

0.2

1

98.4

34,198

0.2

RESIDIA TOWER
T-150
Kamiikebukuro

1

97.7

799,600

4.6

1

97.0

803,615

4.5

T-151 RESIDIA Takashimadaira

1

100.0

16,192

0.1

1

100.0

16,192

0.1

T-152 RESIDIA Shimura-Sakaue

1

100.0

18,084

0.1

1

100.0

18,0840.1

T-153 RESIDIA Shimura-Sakaue II

1

100.0

36,299

0.2

1

100.0

36,5300.2

T-154 RESIDIA Shimura-Sakaue III

1

100.0

13,608

0.1

1

100.0

13,617

0.1

T-155 RESIDIA Ikebukuro West

1

92.4

43,191

0.2

1

97.6

45,201

0.3

T-156 RESIDIA Ojima

1

96.6

42,387

0.2

1

97.8

46,384

0.3

T-157 RESIDIA Machiya

1

96.7

47,854

0.3

1

100.0

47,4490.3

T-158 RESIDIA Ueno-Ikenohata

1

100.0

55,705

0.3

1

95.8

57,447

0.3

T-159 RESIDIA Nerima

1

100.0

18,060

0.1

1

100.0

18,2250.1

T-160 RESIDIA Higashi-Nihonbashi

1

100.0

15,044

0.1

1

100.0

15,406

0.1

T-161 RESIDIA Nakano

1

100.0

23,881

0.1

1

100.0

24,8200.1

T-162 RESIDIA Ogikubo II

1

100.0

13,620

0.1

1

100.0

13,6200.1

T-163 RESIDIA Minamiyukigaya

1

97.0

43,749

0.3

1

95.3

44,506

0.3

T-164 RESIDIA Akihabara

1

97.8

34,185

0.2

1

100.0

35,917

0.2

T-165 RESIDIA Asakusa-Azumabashi

1

95.0

31,812

0.2

1

98.3

33,2390.2

T-166 RESIDIA Omori III

1

94.6

41,247

0.2

1

100.0

41,9740.2―29―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

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

T-167

Total
number of Occupancy
tenants at rate at end
end ofof period
period(%)(tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
Occupancy number of Occupancy
rate at end tenants at rate at endof periodend ofof period(%)
period(%)(tenants)
Note 2
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

Occupancy
rate at endof period(%)
Note 2

1

96.9

60,471

0.3

1

96.9

62,525

0.4

1

100.0

64,514

0.4

1

98.5

68,622

0.4

T-169 RESIDIA Bunkyo-Hongo III

1

100.0

52,859

0.3

1

96.9

49,8700.3

T-170 RESIDIA Shin-Okachimachi II

1

96.3

150,329

0.9

1

99.5

151,7140.9

T-171 RESIDIA Kameido

1

97.8

88,482

0.5

1

98.5

88,4990.5

T-172 RESIDIA Koenji

1

97.0

41,278

0.2

1

97.1

43,9040.2

T-173 RESIDIA Kamata V

1

95.1

64,022

0.4

1

99.2

67,8200.4

T-174 RESIDIA Kamata IV

1

97.7

90,618

0.5

1

100.0

94,473

0.5

T-175 RESIDIA Ikegami II

1

100.0

32,456

0.2

1

100.0

32,1690.2

T-176 RESIDIA Sasazuka III

1

98.2

38,295

0.2

1

95.2

40,144

0.2

T-177 RESIDIA Nakano-Fujimidai

1

95.9

45,338

0.3

1

91.8

44,8880.3

T-178 RESIDIA Bunkyo-Koishikawa

1

100.0

15,973

0.1

1

100.0

16,173

0.1

T-179 RESIDIA Kanda-Awajicho

1

97.8

38,164

0.2

1

95.7

39,877

0.2

T-180 RESIDIA Ogikubo III

1

95.7

60,889

0.4

1

97.9

61,058

0.3

RESIDIA SetagayaWakabayashi

1

84.0

24,732

0.1

1

78.5

26,1040.1

S-002 Chester House Kawaguchi

1

94.9

30,645

0.2

1

100.0

30,9620.2

S-004 RESIDIA Higashi-Matsudo

1

90.7

44,610

0.3

1

100.0

45,1380.3

S-005 RESIDIA Shin-Yokohama

1

98.5

68,505

0.4

1

97.7

70,731

0.4

S-007 RESIDIA Chofu

1

93.1

35,146

0.2

1

95.7

34,171

0.2

S-012 RESIDIA Kokubunji

1

97.0

20,312

0.1

1

97.0

21,5060.1

S-014 RESIDIA Yokohama-Kannai

1

98.2

52,526

0.3

1

93.8

53,433

0.3

S-015 RESIDIA Okurayama

1

100.0

27,962

0.2

1

100.0

26,8850.2

S-016 RESIDIA Musashikosugi

1

97.7

59,066

0.3

1

96.8

59,3900.3

RESIDIA Funabashi I RESIDIA
S-017
Funabashi II

1

93.2

98,370

0.6

1

96.3

106,165

0.6

S-019 RESIDIA Kichijoji

1

93.5

51,626

0.3

1

98.0

51,666

0.3

Pacific Royal Court Minatomirai
S-020
Ocean Tower

1

100.0

556,029

3.2

1

100.0

554,753

3.1

S-022 BRANCHEILE Kohoku II

1

100.0

70,764

0.4

1

100.0

70,8790.4

S-023 College Court Tanashi

1

100.0

32,760

0.2

1

100.0

32,7600.2

S-024 RESIDIA Urayasu

1

99.4

82,974

0.5

1

96.6

86,117

0.5

S-025 RESIDIA Minami-Gyotoku

1

96.5

34,546

0.2

1

95.3

36,8370.2

S-026 RESIDIA Urayasu II

1

100.0

33,400

0.2

1

98.6

33,054

0.2

S-027 RESIDIA Gyotoku

1

98.7

32,727

0.2

1

100.0

37,252

0.2

S-028 RESIDIA Kawasaki

1

97.5

60,411

0.3

1

96.2

63,7180.4

S-029 Cocofump Hiyoshi

1

100.0

45,000

0.3

1

100.0

45,0000.3

S-030 RESIDIA Sagamihara

1

100.0

43,112

0.2

1

100.0

43,112

0.2

S-031 RESIDIA Yokohama-Bashamichi

1

95.9

39,548

0.2

1

100.0

41,6350.2

S-032 RESIDIA Hon-Atsugi

1

92.5

21,861

0.1

1

96.2

24,1440.1

S-033 RESIDIA Funabashi III

1

100.0

23,473

0.1

1

100.0

19,6750.1

S-034 RESIDIA Funabashi IV

1

97.7

18,499

0.1

1

100.0

19,356

0.1

T-181

―30―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

Total
number of Occupancy
tenants at rate at end
end ofof period
period(%)(tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
Occupancy number of Occupancy
rate at end tenants at rate at endof periodend ofof period(%)
period(%)(tenants)
Note 2
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

Occupancy
rate at endof period(%)
Note 2

S-035 RESIDIA Kunitachi II

1

94.8

20,574

0.1

1

97.4

22,6920.1

R-002 RESIDIA Imadegawa

1

100.0

61,026

0.4

1

100.0

60,9100.3

R-004 RESIDIA Higashizakura

1

90.3

43,237

0.2

1

92.8

42,4240.2

R-008 RESIDIA Kobe Port Island

1

100.0

128,564

0.7

1

100.0

128,7710.7

R-010 RESIDIA Hakata

1

97.5

53,222

0.3

1

98.7

55,3630.3

R-011 RESIDIA Tenjinbashi

1

98.8

34,410

0.2

1

94.7

35,6550.2

R-012 RESIDIA Sannomiya-Higashi

1

97.5

91,378

0.5

1

98.0

91,8060.5

R-013 KC21 Building

1

93.7

35,373

0.2

1

98.1

37,0550.2

R-014 RESIDIA Utsubokoen

1

93.1

44,562

0.3

1

95.2

44,6730.3

R-015 RESIDIA Kyoto-ekimae

1

92.9

77,189

0.4

1

98.2

82,1670.5

R-016 RESIDIA Takaoka

1

92.1

90,794

0.5

1

93.6

91,7960.5

R-017 RESIDIA Hibino

1

97.6

66,397

0.4

1

96.0

64,7720.4

R-019 RESIDIA Tenjin-Minami

1

98.2

40,006

0.2

1

100.0

40,6880.2

R-020 RESIDIA Hakataeki-Minami

1

97.4

16,377

0.1

1

100.0

16,9970.1

R-021 RESIDIA Hisaya-Oodori II

1

100.0

26,727

0.2

1

97.8

26,8620.2

R-024 RESIDIA Minami-Ichijo

1

96.2

77,574

0.4

1

95.9

77,9580.4

R-025 RESIDIA Odori-Nishi

1

97.2

57,687

0.3

1

92.6

59,8090.3

R-026 RESIDIA Kita-Sanjo

1

94.2

49,419

0.3

1

91.3

50,7860.3

R-027 RESIDIA Shirakabe-Higashi

1

96.7

33,010

0.2

1

100.0

33,1220.2

R-029 RESIDIA Uzumasa

1

98.1

33,481

0.2

1

93.8

33,4360.2

R-030 RESIDIA Izumi

1

100.0

148,831

0.9

1

92.8

142,060

0.8

R-031 RESIDIA Maruyama Kita-Gojo

1

94.8

47,033

0.3

1

96.9

47,9060.3

R-032 RESIDIA Tokugawa

1

88.5

28,137

0.2

1

84.0

28,6700.2

R-034 RESIDIA Odori-Koen

1

98.1

96,456

0.6

1

90.5

96,9920.5

R-035 RESIDIA Tanimachi

1

99.2

46,706

0.3

1

95.4

46,4430.3

R-036 RESIDIA Hisaya-Oodori

1

98.6

26,844

0.2

1

95.7

27,4700.2

R-037 RESIDIA Sendai-Miyamachi

1

100.0

23,080

0.1

1

100.0

25,3570.1

R-038 RESIDIA Hirosedori

1

100.0

21,947

0.1

1

100.0

21,9440.1

R-039 RESIDIA Edobori

1

95.4

56,734

0.3

1

98.5

58,2000.3

R-040 RESIDIA Kyomachibori

1

97.4

42,637

0.2

1

94.5

42,3050.2

R-041 RESIDIA Esaka

1

96.5

37,905

0.2

1

98.8

38,6090.2

R-042 RESIDIA Nishijin

1

97.2

108,183

0.6

1

96.1

109,266

0.6

R-043 RESIDIA Tsurumai

1

90.7

51,253

0.3

1

92.2

52,0380.3

R-044 RESIDIA Kobe-Isogami

1

92.2

114,239

0.7

1

90.9

111,332

0.6

R-045 RESIDIA Kita-Nijyo-East

1

98.6

42,194

0.2

1

90.8

42,3800.2

R-046 RESIDIA Shinsaibashi West

1

94.8

75,383

0.4

1

94.7

75,0580.4

R-047 RESIDIA Marunouchi

1

88.7

35,952

0.2

1

94.2

35,8960.2

R-048 RESIDIA Sapporo-Ekimae

1

93.4

73,708

0.4

1

95.7

75,4060.4

R-049 RESIDIA Gosho-Higashi

1

93.6

45,122

0.3

1

97.2

47,4050.3

R-050 RESIDIA Rakuhoku

1

97.3

35,305

0.2

1

97.5

37,651

0.2

R-051 RESIDIA Miyakojima I & II

1

99.5

166,648

1.0

1

99.4

169,4211.0―31―

Ⅰ. Fiscal Period Report
25th (Aug. 1, 2022 to Jan. 31, 2023)
Propertyno.

Name of real estate

Total
number of Occupancy
tenants at rate at end
end ofof period
period(%)(tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

26th (Feb. 1, 2023 to Jul. 31, 2023)

Total
Occupancy number Occupancy
rate at end of tenants rate at endof period at end of of period(%)
period(%)
Note 2 (tenants)
Note 2
Note 1

Total number oftenants at end of
period(tenants)
Note 1

Occupancy
rate at endof period(%)
Note 2

R-052 RESIDIA TOWER Sendai

1

95.9

72,517

0.4

1

95.4

72,4400.4

R-053 RESIDIA Higashizakura II

1

90.5

116,098

0.7

1

91.1

112,564

0.6

R-054 RESIDIA Tsutsujigaoka

1

94.4

84,198

0.5

1

96.3

85,4270.5

R-055 RESIDIA Kobe-Motomachi

1

99.0

44,575

0.3

1

93.2

44,241

0.3

R-056 RESIDIA Sendai-Honcho

1

94.6

52,995

0.3

1

95.0

53,5300.3

R-057 RESIDIA Sendai-Haranomachi

1

97.2

30,383

0.2

1

98.8

31,2890.2

R-058 RESIDIA Minami-Ichijo East

1

97.2

48,562

0.3

1

96.7

49,1040.3

R-059 RESIDIA Shin-Osaka

1

97.1

104,679

0.6

1

93.9

106,5280.6

R-060 RESIDIA Okayama-Ekimae

1

100.0

35,310

0.2

1

100.0

35,2200.2

R-061 RESIDIA Kyoto Okazaki

1

100.0

9,642

0.1

1

100.0

9,649

0.1

R-062 RESIDIA Sendai-Ichibancho

1

100.0

43,095

0.2

1

100.0

43,0950.2

R-063 RESIDIA Kita-Nijyo-East II

1

97.8

26,115

0.2

1

95.4

26,5690.2

R-064 RESIDIA Takamiya

1

97.7

20,299

0.1

1

96.1

20,3130.1

R-065 RESIDIA Soen

1

95.1

19,771

0.1

1

98.3

20,4680.1

R-066 RESIDIA Tenjin

1

97.7

42,222

0.2

1

92.0

42,0160.2

R-067 RESIDIA Yakuin-Oodori

1

96.7

43,301

0.2

1

94.5

42,7970.2

R-068 RESIDIA Hakata II

1

97.7

53,834

0.3

1

98.1

53,9500.3

R-069 RESIDIA Kego

1

97.5

37,027

0.2

1

95.5

37,7140.2

R-070 RESIDIA Shirakabe

1

94.3

34,819

0.2

1

94.3

33,6000.2

R-072 RESIDIA Senri-Fujishirodai

1

100.0

45,116

0.3

1

100.0

45,1280.3

R-073 RESIDIA Senri-Banpakukoen

1

100.0

69,741

0.4

1

98.5

70,2280.4

R-074 RESIDIA Sapporo-eki North

1

100.0

23,453

0.1

1

86.8

22,6360.1

R-075 RESIDIA Hijiyama-Koen

1

98.8

25,787

0.1

1

94.2

26,5300.2

R-076 RESIDIA Kita-Nijyo-East III

1

95.0

14,633

0.1

1

87.6

13,8390.1

R-077 RESIDIA Shin-Osaka II

1

100.0

19,110

0.1

1

94.1

20,0160.1

R-078 RESIDIA Tsutsujigaoka-Koen

1

98.6

26,467

0.2

1

98.6

27,6990.2

R-079 RESIDIA Sendai-Kamisugi

1

94.9

45,916

0.3

1

94.9

47,931

0.3

R-080 RESIDIA Shirokitakoen-dori

1

96.0

38,630

0.2

1

98.6

39,721

0.2

R-081 RESIDIA Kyoto-Mibu

1

95.6

20,841

0.1

1

100.0

20,2920.1

R-082 RESIDIA Nishi-tenma

1

79.0

66,709

0.4

1

85.3

76,5450.4

R-083 RESIDIA Hakata-Higashi

1

100.0

25,977

0.1

1

98.4

25,9740.1

R-084 RESIDIA Kotoen

1

100.0

10,022

0.1

1

92.1

13,6150.1

R-085 RESIDIA Tamatsukuri

－

－

1

100.0

50,4690.3－－

R-086 RESIDIA Kumamoto-Karashima

1

95.9

62,194

0.4

1

92.2

134,407

0.8

Total

276

96.7

17,345,586

100.0

277

96.4

17,670,360

100.0

Notes 1. “Total number of tenants” is counted as “1” if the property is leased under a master lease agreement to a master lessee.
Because all properties held by ADR as of July 31, 2023 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.
2. “Occupancy rate” is calculated using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
3. “Rental revenue” is the rental revenue of respective real estate for the FP under review.
4. On April 27, 2023, ADR entered into a beneficiary interest quasi co-ownership transfer agreement to transfer RESIDIA Azabudai, and on July 3, 2023, transferred 49% of thequasi co-ownership interest, and on August 1, 2023, transferred the remaining 51% quasi co-ownership interest.
5. As for RESIDIA Sakae, it was sold on April 28, 2023.

―32―

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

Name of real estate

T-187

RESIDIA Ochanomizu III(Note 7)

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

T-188

RESIDIA Sangenjaya III(Note 8)

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

T-189 RESIDIA Sendagi (Note 9)

S-036

Tokyo Student-House
Musashi-Kosugi (Note 10)

Location

3-7-9 Yanaka, Taito-ku, Tokyo
399-1 Ichinotsubo, Nakahara-ku,
Kawasaki, Kanagawa

Type ofownership

Real-estate appraisal
value on Aug. 1, 2023
(million yen)

Beneficiaryinterests intrust
Beneficiaryinterests intrust
Beneficiaryinterests intrust
Beneficiaryinterests in
trust

1,460

2,300

3,270

6,320

Notes 6. The forward commitment is defined as a post-dated transaction agreement in which the settlement and delivery of property will be made one or more months after theconclusion of the agreement or other similar agreements.
7. ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Ochanomizu III. ADR is scheduled toacquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 1,279 million yen.
8. ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Sangenjaya III. ADR is scheduled toacquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 2,016 million yen.
9. ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of RESIDIA Sendagi. ADR is scheduled to acquire theproperty on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 2,912 million yen.
10. ADR has executed the beneficiary interests transfer agreement on September 12, 2023, for the purpose of acquisition of Tokyo Student-House Musashi-Kosugi. ADR isscheduled to acquire the property on April 18, 2024 or any other date separately agreed with the seller for the acquisition price of 5,835 million yen.

4 Table of Status of Contract Amount, etc. and Fair Value of Specified Transactions
The status of the contract amount, etc. and the fair value of specified transactions at ADR as of July 31, 2023 are as
follows.
(Thousands of yen)Contract amount (Note 1)
Category
Type
Contract amount due Fair value (Note 2, 3)
after one year
Transactions otherthan market
transactions

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

55,029,000

44,729,000

656,741

Total

55,029,000

44,729,000

656,741

Notes 1. The contract amount is based on the notional principal.
2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
3. Special accounting treatment for interest rate swaps is applied to the fair value amount of negative 76,476 thousand yen in accordance with the “Accounting Standard for
Financial Instruments.” Interest rate swaps are therefore not stated at fair value in the balance sheets.

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

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

―33―

Ⅰ. Fiscal Period Report
Capital Expenditures
1 Planned Capital Expenditures
The following table lists the major capital expenditures for renovations currently planned for the real estate and theunderlying real estate of the beneficiary interests in trust ADR owns. The estimated amount includes portions that are to berecorded as expenses for accounting purposes.
(million yen)
Estimated amounts
Payment
Name of real estate
Cumulative
PurposeEstimated duration
Total
for the(Location)amountamounts current
paid
periodRESIDIA Nihonbashi-Ningyocho II
From: January 2023
Major repair work11022
(Chuo-ku, Tokyo)
To: January 2024
From: September
RESIDIA Negishi
Major repair work
2022
57
38
38
(Taito-ku, Tokyo)
To: September 2023
From: September
RESIDIA Ochanomizu
Major repair work
2022
93
79
79
(Bunkyo-ku, Tokyo)
To: October 2023
RESIDIA Higashisakura
From: March 2022
Major repair work92
14
14
(Higashi-ku, Nagoya, Aichi)
To: November 2023
Pacific Royal Court Minatomirai Ocean
From: September
Tower
Major repair work
2022
436
89
89
(Nishi-ku, Yokohama, Kanagawa)
To: June 2024
RESIDIA Izumi
From: March 2022
Major repair work
224
8
8
(Higashi-ku, Nagoya, Aichi)
To: March 2024

2 Capital Expenditures for the Current Period
The following table lists the major capital expenditures for renovations ADR conducted in the current period. The total
capital expenditures during the FP under review were 1,866 million yen for the entire portfolio. When combined with repairs
and maintenance cost of 929 million yen, the cost of construction work totals 2,795 million yen.
(million yen)
Name of real estate
Purpose
Implementation period
Amount paid
(Location)
RESIDIA TOWER MeguroFrom: September 5, 2022
Fudomae
Major repair work336
To: June 30, 2023
(Shinagawa-ku, Tokyo)
RESIDIA Kanda-Iwamotocho
From: February 13, 2023
Major repair work
91
(Chiyoda-ku, Tokyo)
To: June 30, 2023
From: March 9, 2023
RESIDIA Higashi-Azabu
Major repair work
68
(Minato-ku, Tokyo)
To: July 25, 2023
Other real estate properties
Major repair work
419
Other real estate properties

Renovations
Total

949
1,866

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.

―34―

Ⅰ. Fiscal Period Report
3 Cash Reserves for Value Enhancement Works and Renovations
Based on medium- to long-term renovation plans for each property, ADR sets aside the following cash reserves, derived
mostly from cash flows of depreciation and amortization (including earnings that are retained), to fund large-scale repair
work and value enhancement works.
(million yen)
22nd FP
Fiscal Period
Balance ofreserves at
beginning of
periodAmount ofreserves during
periodReversal ofreserves during
periodAmount carriedforward to next
period23rd FP

24th FP

25th FP

26th FP

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

2,233

2,147

2,804

2,450

2,096

1,402

1,106

1,134

1,120

-

1,487

450

1,489

1,473

2,096

2,147

2,804

2,450

2,096

-

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

―35―

Ⅰ. Fiscal Period Report
Status of Expenses and Liabilities
1 Details of Expenses Pertaining to Asset Management, etc.
(Thousands of yen)
項目（a） Asset management fees (Note 1)（b） Asset custody fees（c） Administrative service fees

25th FP

26th FP

1,297,936(Note 2)

1,296,720(Note 3)

9,982
53,38910,05253,802（d） Directors’ compensation（e） Other

6,300
543,0416,300
623,862

合計

Total

1,990,737

Notes 1. The asset management fees are the total amount of the management fees 1 and the management fees 2.
2. Other than the amount stated above, there were acquisition fees of 49,500 thousand yen (including consumption taxes) treated as acquisition costs of real estate properties,
and disposition fees of 8,300 thousand yen treated as gains on sales of real estate properties.
3. Other than the amount stated above, there were acquisition fees of 21,120 thousand yen (including consumption taxes) treated as acquisition costs of real estate properties,
and disposition fees of 12,655 thousand yen treated as gains on sales of real estate properties.

2 Status of Borrowings
The status of loans payables of ADR as of July 31, 2023 is as follow
Category
Lenders
Mizuho Bank, Ltd.
Short–term MUFG Bank, Ltd.
loans payable Sumitomo Mitsui Trust Bank,
LimitedMizuho Bank, Ltd.
Subtotal
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedSumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedMizuho Trust & Banking Co.,Ltd.
The Norinchukin BankThe Yamaguchi Bank, Ltd.
Resona Bank, Limited.
THE NISHI-NIPPON CITY
BANK, LTD.
Sumitomo Mitsui Trust Bank,
LimitedDevelopment Bank of Japan
CurrentInc.
portion of
long-term
Sumitomo Mitsui Trust Bank,
loans
LimitedpayableMitsui Sumitomo Insurance
Company, Limited
Sumitomo Mitsui Banking
Corporation
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedMizuho Trust & Banking Co.,
Ltd.
Sumitomo Mitsui Banking
Corporation
The Iyo Bank, Ltd.
The Chugoku Bank,Ltd.
The Bank of Kyoto,Ltd.
Subtotal

Balance attheBalance at
RepaymBorrowing date beginning the end of Interest Repayment dateent Use Remarksof period
periodrate
method(million yen) (million yen)
*1
0.16％

Apr. 24, 2024

375

0.55％

Oct. 24, 2023

250
3,000
-

-

455

-

-

1,120

-

-

1,630

-

-

920

-

-

1,200

-

-

1,500
500
1,000

1,000

-

Aug. 31, 2015

800

800

0.73％
*2

Sep. 11, 2020

500

500

0.19％

-

2,000

-

375

455

Apr. 24, 2023

Apr. 24, 2023

Feb. 17, 2014

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

1.02％
*2
1.47％
*2

*6
BulletUnsecured
repaymUnguaranteedent*6Feb. 16, 2023

*5

Mar. 24, 2023

*5

Apr. 14, 2023

*3

Apr. 14, 2023

*3

Aug. 31, 2023

*5

Sep. 11, 2023

*5

Sep. 30, 2014

1,500

1,500

Nov. 15, 2013

2,600

2,600

Nov. 30, 2016

1,000

1,000

0.32％

Nov. 30, 2023

*5

Dec. 1, 2020

1,500

1,500

0.14％

Dec. 1, 2023

*3

Dec. 18, 2015

1,000
1,000

1,000
1,000

0.61％
*2

Dec. 18, 2023

*5

Dec. 25, 2020

1,200

1,200

0.14％

Dec. 25, 2023

*5

1.44％
*2

Feb. 16, 2024

*5

Sep. 29, 2023
Nov. 15, 2023

*5
BulletUnsecured
repaym
*5 Unguaranteed
ent

-

500

Feb. 17, 2014-

500

Apr. 14, 2015

-

1,400

0.88％
*2

Apr. 12, 2024

*3

Nov. 30, 2018

-

700

0.30％

May. 31, 2024

*5

Jul. 29, 2016
Jul. 29, 2016
Jul. 29, 2016

19,880300
500
500
16,500

0.20％
0.20％
0.20％

Jul. 29, 2024
Jul. 29, 2024
Jul. 29, 2024

*5
*5
*5

―36―

Ⅰ. Fiscal Period Report
Category
Lenders
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedDevelopment Bank of JapanInc.
Mizuho Trust & Banking Co.,Ltd.
The Yamaguchi Bank, Ltd.
Nippon Life Insurance
Company
Mizuho Trust & Banking Co.,Ltd.
Development Bank of JapanInc.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedLong-term
loans
payableBalance attheBalance at
RepaymRepayment date
Borrowing date beginning the end of Interestent Use Remarksof period
periodrate
method(million yen) (million yen)*1
1.59％
Feb. 17, 2014
Feb. 14, 2025
500
500
*5
*2
500
Feb. 17, 2014
Feb. 16, 2024
*5500
Sep. 30, 2014

1,850

1,850

Mar. 19, 2015

1,200

1,200

Apr. 14, 2015

500

500

Apr. 14, 2015

1,000

1,000

Apr. 14, 2015

1,400

-

Jun. 25, 2015

2,300

2,300

Sep. 14, 2015

400

400

Sep. 14, 2015

400

400

MUFG Bank, Ltd.

Dec. 18, 2015

1,000

1,000

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co.,
Ltd.
Resona Bank, Limited.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Yamaguchi Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Bank of Fukuoka, Ltd.
The Iyo Bank, Ltd.
The Chugoku Bank,Ltd.
The Bank of Kyoto,Ltd.
The Norinchukin Bank
The Norinchukin BankTAIYO LIFE INSURANCECOMPANY.
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedSumitomo Mitsui Trust Bank,
LimitedResona Bank, Limited.
Resona Bank, Limited.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedDevelopment Bank of JapanInc.
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Development Bank of JapanInc.

Feb. 29, 2016

990

990

990

990

Feb. 29, 2016

1,080
2,500

1,080
2,500

Mar. 24, 2016

1,000

1,000

Mar. 24, 2016

1,000
900

1,000
900

Mar. 24, 2016

750

750

Mar. 24, 2016
Mar. 24, 2016

900
1,150

900
1,150

Apr. 14, 2016

500

500

Apr. 14, 2016
Apr. 14, 2016
Jul. 29, 2016
Jul. 29, 2016
Jul. 29, 2016
Jul. 29, 2016
Jul. 29, 2016
Jul. 29, 2016
Nov. 30, 2016
Nov. 30, 2016

500
400
500
1,000
1,000
300
500
500
1,500
1,000

Nov. 30, 2016
Jan. 31, 2017
Jan. 31, 2017
Jan. 31, 2017

1.18％
*2
1.05％
*2
1.00％
*2
1.00％
*2
1.04％
*2
0.92％
0.85％
*2
0.84％
*2
0.55％

Sep. 30, 2024

*5

Mar. 19, 2025

*3

Apr. 14, 2025

*3

Apr. 14, 2025

*3

Apr. 12, 2024

*3

Jun. 25, 2025

*5

Aug. 29, 2025

*3

Aug. 29, 2025

*3

Dec. 18, 2025

*5

Feb. 28, 2026

*5

0.66％

Jan. 31, 2027

*5

0.57％
0.77％
*2
0.54％

Jan. 31, 2026

*5Mar. 24, 2028

*3

Mar. 24, 2026

*3

0.63％

Jan. 31, 2027

*3

Jan. 31, 2026
Jan. 31, 2025

500
400
500
1,000
1,000
1,500
1,000

0.52％
0.45％
0.75％
*2
0.51％
0.63％
0.36％
0.36％
0.26％
0.45％
0.38％

Mar. 24, 2026
Jan. 31, 2027
Jul. 29, 2026
Jul. 29, 2026
Jul. 29, 2025
Jul. 29, 2024
Jul. 29, 2024
Jul. 29, 2024
Nov. 28, 2025
Nov. 29, 2024

*3
*3
*5
*5
*5
*5
*5
*5
*5
*5

1,500

1,500

0.24％

Nov. 29, 2024

*5

1,250
1,000

1,250
1,000

0.41％
0.58％

Jan. 29, 2027
Jan. 29, 2027

*5
*5

1,000

1,000

0.63％

Jan. 29, 2027

*5

1,250

1,250

0.61％

Jan. 29, 2027

*5

Jan. 31, 2017
Apr. 25, 2017

1,000
1,000
1,200

1,000
1,000
1,200

0.50％
0.43％

Jan. 30, 2026
Feb. 25, 2026

*5
*6Apr. 25, 2017

1,000

1,000

0.67％

Apr. 25, 2028

*6

Apr. 25, 2017

1,400

1,400

0.56％

Apr. 23, 2027

*6

Apr. 28, 2017
Apr. 28, 2017

2,500
1,000

2,500
1,000

0.52％
0.47％

Feb. 26, 2027
Aug. 31, 2026

*5
*5

2,000

2,000

0.60％

Apr. 30, 2027

*5

Apr. 28, 2017

2,000
1,700

2,000
1,700

0.54％

Oct. 30, 2026

*5May. 31, 2017

1,000

1,000

0.57％

May. 31, 2027

*7

Feb. 29, 2016

Jan. 31, 2017

Apr. 28, 2017―37―

Mar. 24, 2028

*3
Bullet *3
Unsecured
repaym
*3 UnguaranteedentⅠ. Fiscal Period Report
Category

Long-term
loans
payableLenders
THE NISHI-NIPPON CITY
BANK, LTD.
The Bank of Fukuoka, Ltd.
The Iyo Bank, Ltd.
The Bank of Kyoto,Ltd.
Shinkin Central Bank
THE NISHI-NIPPON CITY
BANK, LTD.
The Bank of Fukuoka, Ltd.
The Iyo Bank, Ltd.
The Chugoku Bank,Ltd.
Shinkin Central BankMUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedJAPAN POST INSURANCE
Co., Ltd.
TAIYO LIFE INSURANCECOMPANY.
MUFG Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedMizuho Bank, Ltd.
The Yamaguchi Bank, Ltd.
Shinkin Central Bank
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedSumitomo Mitsui Trust Bank,
Limited
MUFG Bank, Ltd.
Development Bank of JapanInc.
THE NISHI-NIPPON CITY
BANK, LTD.
Mizuho Bank, Ltd.

Balance at
RepaymtheBalance at
ent
Repayment date
Borrowing date beginning the end of Interest
method Use Remarksof period
periodrate(million yen) (million yen)
*1
500

500

500
500
500
500

500
500
500
500

500

500

500
500
500
500
500

500
500
500
500
500

500

500

1,000

1,000

Sep. 29, 2017

1,500

Feb. 28, 2018
Feb. 28, 2018
Feb. 28, 2018
Mar. 20, 2018

2,850
500
500
500
500

500

Apr. 13, 2018
Apr. 27, 2018

1,000
500
500
1,500
1,500

Apr. 27, 2018

2,100

Sep. 11, 2017

Sep. 11, 2017

Sep. 11, 2017

0.55％

Aug. 31, 2027

*6

0.42％

Feb. 27, 2026

*6

0.51％

Aug. 31, 2027

*6

0.55％

Aug. 31, 2027

*6

1,500

0.42％

Sep. 30, 2025

*5

2,850
500
500
500

0.54％
0.38％
0.63％
0.56％

Sep. 30, 2027
Feb. 28, 2025
Feb. 29, 2028
Mar. 17, 2028

*5
*5
*5
*3

1,000
500
500
1,500
1,500

0.61％

Mar. 17, 2028

*3

0.60％
0.50％

Apr. 13, 2028
Mar. 31, 2028

*5
*5

2,100

0.38％

Apr. 30, 2025

*5

Sep. 11, 2017

Mar. 20, 2018

Jun. 29, 2018

890

890

0.70％

Jun. 29, 2029

*5

Jul. 31, 2018

1,000

1,000

0.49％

Mar. 31, 2028

*5

1,000

1,000
0.66％

Jul. 31, 2028

900

900
0.47％
0.47％
*2

Jul. 31, 2026

Jul. 31, 2018

*5
BulletUnsecured
repaymUnguaranteed
*5
ent
*5

Jul. 31, 2018

500

500

SBI Shinsei Bank, Limited

Jul. 31, 2018

1,000

1,000

Sumitomo Mitsui Banking
Corporation

Jul. 31, 2018

650

650

0.37％

Jan. 31, 2025*5

Jan. 31, 2025

*5

SBI Shinsei Bank, Limited
Nippon Life Insurance
Company
THE NISHI-NIPPON CITY
BANK, LTD.
The 77 Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co.,
Ltd.
Sumitomo Mitsui Banking
Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited
THE NISHI-NIPPON CITY
BANK, LTD.
SUMITOMO LIFE INSURANCECOMPANY
Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
The Yamaguchi Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co.,Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedShinkin Central Bank
Resona Bank, Limited.

Jul. 31, 2026

Jul. 31, 2018

1,000

1,000

0.36％
*2

Sep. 11, 2018

1,000

1,000

0.67％

Sep. 11, 2028

*6

Sep. 28, 2018

500

500

0.70％

Sep. 29, 2028

*5

Sep. 28, 2018

500

500

0.70％

Sep. 29, 2028

*5

Nov. 30, 2018

2,200

2,200

0.64％

Nov. 30, 2028

*5

Nov. 30, 2018

1,300
1,000

1,300
1,000

0.60％

Nov. 30, 2028

*5

Nov. 30, 2018

1,000

1,000

0.62％

Nov. 30, 2028

*5

Nov. 30, 2018

700

-

-

May. 31, 2024

*5

Jun. 28, 2019

1,300

1,300

0.36％

Jun. 29, 2029

*5

Jun. 28, 2019

800

800

0.39％

Jun. 29, 2029

*5

Sep. 30, 2019

500

500

0.31％

Sep. 28, 2029

*5Oct. 31, 2019

700

700

0.55％

Oct. 29, 2032

*5

Nov. 29, 2019Nov. 29, 2019
Dec. 18, 2019Feb. 14, 2020Feb. 14, 2020

1,200
1,000
500
1,000
1,900

1,200
1,000
500
1,000
1,900

0.39％
0.44％
0.32％
0.46％
0.39％

Nov. 30, 2029
Nov. 30, 2029
Dec. 18, 2029
Feb. 14, 2031
Feb. 14, 2030

*5
*5
*5
*5
*5

Feb. 14, 2020

2,350

2,350

0.39％

Feb. 14, 2030

*5Mar. 24, 2020

2,000

2,000

0.41％

Mar. 22, 2030

*5

2,000

2,000

0.44％

Mar. 22, 2030

*5

1,000
1,370

1,000
1,370

0.40％

Mar. 22, 2030

*5Mar. 24, 2020
Mar. 24, 2020

―38―

Ⅰ. Fiscal Period Report
Category
Lenders
The 77 Bank, Ltd.
The Yamaguchi Bank, Ltd.
Mizuho Trust & Banking Co.,Ltd.
The Norinchukin Bank
Mizuho Bank, Ltd.
Development Bank of JapanInc.
The Chiba Bank, Ltd.
MUFG Bank, Ltd.
The Bank of Fukuoka, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.

Long-term
loans
payableBalance at
RepaymtheBalance at
ent
Repayment date
Borrowing date beginning the end of Interest
method Use Remarksof period
periodrate(million yen) (million yen)
*1
*2
Mar. 27, 2020
Mar. 27, 2030
1,000
1,000 0.40％*3Jun. 18, 2020
Jun. 18, 2030
500
500 0.39％*5
Sep. 30, 2020

1,000

1,000

0.38％

Sep. 30, 2030

*5Sep. 30, 2020
Oct. 20, 2020

1,000
1,500

1,000
1,500

0.23％
0.39％

Sep. 29, 2028
Oct. 18, 2030

*5
*6Nov. 30, 2020

2,200

2,200

0.39％

Nov. 29, 2030

*5

Nov. 30, 2020
Jan. 29, 2021

1,000
600
500

1,000
600
500

0.18％
0.32％

Nov. 30, 2027
Jan. 31, 2031

*5*5Jan. 29, 2021

400

400

0.40％

Jan. 31, 2031

*5Resona Bank, Limited.

Jan. 29, 2021

500

500

Jan. 31, 2031

*5

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

Feb. 16, 2021

270
2,900

270
2,900

0.36％
*2
0.35％

Feb. 14, 2031

*5Feb. 16, 2021

1,500

1,500

0.44％

Feb. 14, 2031

*5Feb. 26, 2021

2,800

2,800

0.19％

Jan. 31, 2025

*5Mar. 24, 2021

1,150

1,150

0.49％

Mar. 24, 2031

*5

Apr. 14, 2021

1,000

1,000

0.32％

Apr. 13, 2029

*5

Apr. 30, 2021

800

800

0.18％

Apr. 30, 2025

*5

Jun. 18, 2021

700

700

Jun. 18, 2031

*5Resona Bank, Limited.

Jun. 25, 2021

919

919

Jun. 25, 2031

*5

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

Jun. 25, 2021
Jun. 30, 2021
Jun. 30, 2021

1,000
700
500

1,000
700
500

Jun. 25, 2029
Mar. 31, 2031
Jun. 30, 2031

*5
*5
*5

Resona Bank, Limited.

Jun. 30, 2021

500

500

0.43％
0.29％
*2
0.28％
0.38％
0.44％
0.25％
*2

Jan. 31, 2031

*5Aug. 31, 2021

1,200

1,200

0.18％

Aug. 29, 2025

*5Oct. 29, 2021

2,000

2,000

0.37％

Mar. 31, 2031

*5Oct. 29, 2021

1,000

1,000

0.25％

Oct. 31, 2025

*5

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

Oct. 29, 2021

500

500

0.23％

Oct. 31, 2024

Nov. 26, 2021

1,800

1,800

0.49％

Nov. 26, 2031

Nov. 29, 2021

2,200

2,200

0.49％

Nov. 28, 2031

Mizuho Bank, Ltd.

Dec. 22, 2021

2,160

2,160

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

500

500

Jan. 31, 2022

2,600

2,600

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

The Iyo Bank, Ltd.

Feb. 1, 2022

700

700

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

1,300

1,300

Feb. 16, 2022

2,100

2,100

Mizuho Bank, Ltd.

Feb. 16, 2022

2,000

2,000

Feb. 16, 2022

500

500

Apr. 14, 2022

500
500

500
500

The Iyo Bank, Ltd.

Apr. 14, 2022

700

700

Sumitomo Mitsui Trust Bank,
LimitedShinkin Central BankThe Chugoku Bank,Ltd.

500

500

Apr. 18, 2022

1,000
1,000

1,000
1,000

Resona Bank, Limited.

Apr. 18, 2022

500

500

Apr. 18, 2022

500

500

Apr. 28, 2022

700

700

0.58％
*2
0.50％
*2
0.65％

May. 31, 2022

1,560

1,560

Mizuho Trust & Banking Co.,Ltd.
Kiraboshi Bank, Ltd.
The 77 Bank, Ltd.

Mitsui Sumitomo Insurance
Company, LimitedAozora Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
SBI Shinsei Bank, Limited

Jun. 17, 2022

1,000

1,000

The Bank of Fukuoka, Ltd.

Jul. 6, 2022

900

900

THE NISHI-NIPPON CITY
BANK, LTD.

Jul. 29, 2022

400

400

―39―

Bullet *5 Unsecured
repaym
*5 Unguaranteedent*5Dec. 22, 2031

*5Jan. 30, 2032

*5

Jan. 30, 2032

*5

Jan. 30, 2032

*3

Feb. 16, 2032

*5Feb. 16, 2032

*5Feb. 16, 2032

*5Feb. 16, 2032

*5

0.79％

Apr. 14, 2032

*5

0.68％
*2

Apr. 14, 2032

*5

0.67％
*2

Apr. 16, 2032

*3

Oct. 18, 2030

*3

Apr. 18, 2029

*3

Oct. 31, 2030

*5

0.34％

May. 29, 2026

*5

0.67％
0.74％
*2

Jun. 15, 2029

*5

Jul. 6, 2032

*3

0.46％

Jul. 31, 2029

*5

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

Jul. 29, 2022

800

800

0.73％

Jul. 30, 2032

*5

MUFG Bank, Ltd.

Jul. 29, 2022

300

300

Jul. 31, 2029

*5

The Norinchukin Bank

Aug. 16, 2022

1,000

1,000

Aug. 16, 2032

*6

The Bank of Kyoto,Ltd.

Sep. 28, 2022

500

500

Sep. 28, 2032

*3

The Keiyo Bank, Ltd.

Sep. 30, 2022

1,000

1,000

Sep. 30, 2032

*5Oct. 14, 2022

1,200

1,200

Oct. 14, 2032

*5Oct. 31, 2022

1,000

1,000

Oct. 31, 2031

*5

The Chiba Bank, Ltd.

Oct. 31, 2022

1,000

1,000

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

Oct. 31, 2029

*5

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

1,000

1,000

Nov. 8, 2022

1,000

1,000

0.75％
*2

Nov. 8, 2029

*3

1,000

1,000

Nov. 15, 2022

1,550

1,550

0.39％

Apr. 30, 2026

*5

Nov. 15, 2022

2,000

2,000

0.42％

Nov. 13, 2026

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

Long-term
loans
payableBalance attheBalance at
RepaymBorrowing date beginning the end of Interest Repayment dateent Use Remarksof period
periodrate
method(million yen) (million yen)
*1

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

Jan. 31, 2023

1,000

1,000

Resona Bank, Limited.

Jan. 31, 2023

1,000

1,000

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

700

700

Feb. 1, 2023

-

1,000

Feb. 1, 2023-

500

The Yamaguchi Bank, Ltd.

Feb. 1, 2023-

500

MUFG Bank, Ltd.

Feb. 16, 2023-

910

Mizuho Bank, Ltd.

Feb. 16, 2023

-

1,630

Feb. 16, 2023

-

1,120

Mar. 24, 2023-

920

Apr. 14, 2023

-

1,200

Apr. 14, 2023-

Apr. 14, 2023

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

Jan. 31, 2031

*5
BulletUnsecured
repaym *5 Unguaranteed
ent

Jan. 31, 2030

*5Jan. 31, 2031

*5Jan. 31, 2033

*3

Jan. 31, 2031

*3

Jan. 31, 2033

*3

Feb. 16, 2033

*5Aug. 16, 2030

*5

0.44％

Feb. 16, 2027

*5

Sep. 24, 2030

*5

Apr. 14, 2033

*5

1,500

0.67％
1.04％
*2
0.88％

Oct. 14, 2031

*5

-

500

0.77％

Oct. 11, 2030

*5

Subtotal

176,829

182,209

Total

196,709

201,709

Sumitomo Mitsui Banking
Corporation
Kansai Mirai Bank, Limited
Mizuho Trust & Banking Co.,Ltd.
The Norinchukin BankThe Yamaguchi Bank, Ltd.

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

―40―

Ⅰ. Fiscal Period Report
3 Status of Investment Corporation Bonds
The balances of investment corporation bonds issued by ADR as of July 31, 2023 are as follows.

Series (*1)

ADR Bond #19 (Unsecured)
ADR Bond #20 (Unsecured)
ADR Bond #21 (Unsecured)
ADR Bond #22 (Unsecured)
ADR Bond #24 (Unsecured)
ADR Bond #25 (Unsecured)
ADR Bond #27 (Unsecured)
ADR Bond #28 (Unsecured)
ADR Bond #29 (Unsecured)
ADR Bond #30 (Unsecured)
ADR Bond #31 (Unsecured)
ADR Bond #32 (Unsecured)
ADR Bond #33 (Unsecured)
ADR Bond #34 (Unsecured)
ADR Bond #35 (Unsecured)
Total

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

3,000

—

1.320

2,000

2,000

1.410

2,500

2,500

1.040

2,000

2,000

0.726

1,500

1,500

0.846

3,000

3,000

0.900

3,000

3,000

0.500

1,000

1,000

0.5663

1,500

1,500

0.690

2,000

2,000

0.704

5,000

5,000

0.220

3,000

3,000

0.3485

2,500

2,500

0.730

1,000

1,000

0.400

1,600

1,600

0.660

34,60031,600*1. The bonds have a pari passu clause among specified investment corporation bonds.
*2. The funds are used for repayment of the existing loans.
*3. The funds are used for redemption of the existing investment corporation bonds.

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

5 Status of Investment Unit Acquisition Rights
Not applicable.

―41―

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

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

Ⅰ. Fiscal Period Report
Acquisitions and Disposals in the 26th FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition
AcquisitionPrice
Acquisition date
Disposition dateNote
(million yen)

Propertyno.

Name of real estate

R-085

RESIDIA Tamatsukuri

Feb. 1, 2023

R-071

RESIDIA Sakae
RESIDIA Azabudai(49 % quasi-coownership interest)
Total

—
—

T-047

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

—

—

—

—

—

Apr. 28, 2023

919

917

2

—

Jul. 3, 2023

1,611

772

839

—

2,531

1,690

840

1,920

1,920

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

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

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

Acquisition/
Disposition

Type of
Asset

Property
Name of propertyno.

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

Acquisition Real estate R-085

RESIDIA
Tamatsukuri

Feb. 1,
2023

1,920

Disposition Real estate R-071

RESIDIA Sakae

Apr. 28,
2023

919

Beneficiary
Disposition interests in T-047
trust

RESIDIA
Azabudai(49 % quasi-coJul. 3, 2023
ownership interest)
Note 3

1,611

Appraisal
institution

JLL Morii
Valuation &Advisory K.K.
DAIWA REALESTATE
951
APPRAISAL
CO., LTD.

2,060

DAIWA REALESTATE
1,078
APPRAISAL
CO., LTD.

Appraisal
dateJul. 11,2022
Jan. 31,2023

Jan. 31,2023

Notes 1. “Acquisition price / Disposition price” is the purchase or sale price entered in the transaction agreements, and does not include various expenses, such as broker commission,and taxes and duties, required in the acquisition or in the disposition of the concerned real estate.
2. As the Act on Investment Trusts and Investment Corporations was amended on November 24, 2011, the survey on prices, etc. of specified assets (limited to land and buildings
or rights and assets pertaining thereto, which are designated by a government ordinance) came to be no longer required in case that a real estate appraisal is conducted inadvance of acquisition or disposition of the assets. Accordingly, for the assets presented above, we did not conduct the survey on prices, etc. of specified assets.
3. The appraisal value of RESIDIA Azabudai stated the ADR’s quasi-co-ownership interest (49%) out of the total appraisal value of the property.

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

―42―

Ⅰ. Fiscal Period Report
4 Transactions with Interested Parties
1) Transactions
The following table details the status of transactions with interested parties in the 26th FP.
Not applicable.
2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 26th FP.

Category

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

Breakdown of transactions with interested parties
Payee

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

Property managementfees

1,540,280

ITOCHU Urban Community Ltd.

977,254

63.4

Other rental expenses

146,102

ITOCHU Urban Community Ltd.

101,127

69.2

Advertising expenses

18,479ITOCHU Urban Community Ltd.

1,362

7.4

ITOCHU Urban Community Ltd.

19,855

13.0

Other fees

153,28091

0.1

ITOCHU Human Resources & General
Affairs Services Inc.

Notes 1. Transactions are not listed here if the nominal counterparty is an interested party but the actual counterparty is clearly a third party.
2. ITOCHU Urban Community Ltd., and ITOCHU Human Resources & General Affairs Services Inc. are the interested parties of the asset management company that havesigned asset management agreements with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article 123 of
the Enforcement Order thereof, with which ADR engaged in transactions in the 26th FP.

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

―43―

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

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

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

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

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

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

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

―44―

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

As of July 31, 2023

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

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

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

82,176,589(20,589,388)
61,587,200
460,153(264,986)
195,166
1,994,689(1,034,863)
959,826
666,440(411,186)
255,253
84,227,464
98,329161,580,260(41,699,931)
119,880,329
862,619(406,823)
455,795
1,936,402(900,841)
1,035,560
1,291,318(837,470)
453,848
168,540,412
151,886
437,841,073

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

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

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

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

110,648
110,648469,629,651

99,09099,090471,288,116

Ⅱ. Balance Sheets(Thousands of yen)
As of January 31, 2023
(Reference)
Liabilities
Current liabilities
Operating accounts payable
Short–term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
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

As of July 31, 2023

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

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

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

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

139,034,823

139,034,823

53,220,279

53,220,279

—

*3

*1

―46―

29,508,224
29,508,224*3

29,172,703
29,172,703

8,436,629

8,623,124

91,165,133
230,199,956

91,016,107
230,050,930

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

733,218
733,218
230,784,148
471,288,116*1

Ⅲ. Statements of Income(Thousands of yen)
For the six months ended
January 31, 2023
(Reference)

For the six months ended July
31, 2023

Operating revenues
Rental revenue – real estate*1

17,357,150*1

17,683,277

Gain on sales of real estate properties*2

511,350*2

840,532

Total operating revenue

17,868,501

18,523,810

Operating expenses
Expenses related to the rent business
Asset management fees*1

7,007,288
1,297,936*1

7,732,805
1,296,720

Asset custody fees
Administrative service fees

9,982
53,38910,05253,802

Directors’ compensation
Taxes and dues

6,300
369,789

6,300
397,166

Bad debt expenses
Other operating expenses

108
173,143

157
226,538

Total operating expenses

8,917,939

9,723,543

Operating income

8,950,561

8,800,266

Interest income
Compensation received

6,884
—

6,880
1,822

Reversal of distribution payable
Reversal of allowance for doubtful accounts

1,203
3,342

1,168
324

Non-operating income

Other

188

503

Total non-operating income

11,618

10,698Non-operating expenses
Interest expenses

558,810554,783

Interest expense on investment corporation bonds
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance
costs
Borrowing -related expenses
Other

124,476
184

112,364

12,248

11,558186,216
5,395

192,279

Total non-operating expenses

887,331

870,986

Ordinary income

8,074,848

7,939,978

Income before income taxes

8,074,848

7,939,978

Income taxes – current

605

605

Total income taxes

605

605

8,074,243

7,939,373

362,385

683,750

8,436,629

8,623,124

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

―47―

—

—

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

Voluntary retained earnings
Paid-in Capital
Capital surplus

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

53,220,279

Reserve fortemporarydifference
adjustments

UnappropriatedTotal voluntary retained earnings
retained earnings (undisposed loss)

29,843,746

29,843,746

8,040,473

91,104,499

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

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

8,074,243

8,074,243

8,074,243

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

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

396,155

60,63360,633139,034,823

53,220,279

29,508,224

29,508,224

8,436,629

91,165,133

230,199,956

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

Total net assets

114,641

114,641

230,253,964—(8,013,610)

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

Total surplus

Total unitholders’equity8,074,243

1,042,458

1,042,458

1,042,458

1,042,458

1,042,458

1,103,092

1,157,100

1,157,100

231,357,056―48―

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

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

Paid-in Capital
Capital surplus

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

53,220,279

Reserve fortemporarydifference
adjustments

UnappropriatedTotal voluntary retained earnings
retained earnings (undisposed loss)

29,508,224

29,508,224

8,436,629

91,165,133

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

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

7,939,373

7,939,373

7,939,373

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

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

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

139,034,823

53,220,279

29,172,703

29,172,703

8,623,124

91,016,107

230,050,930

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

Total net assets

1,157,100

1,157,100

231,357,056—(8,088,400)

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

Total surplus

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

733,218

733,218

230,784,148―49―

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

For the six months ended
July 31, 2023

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

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

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

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

1) Investment unit issuance expenses
Amortized using the straight-line
method (three years).

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

2) Investment corporation bond issuancecosts
Amortized using the straight-line
method over the period up to
redemption of the investment
corporation bonds.
(3) Basis of recording
allowances

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

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

(4) Basis of recording revenue
and expenses

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

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

Ⅴ. Notes to Financial Statements
For the six months ended
January 31, 2023 (Reference)
estate properties instead of recording
it as an expense for the property
leasing activities. The amount ofproperty taxes treated as acquisition
costs of real estate properties was
4,287 thousand yen in this FP.

(5) Method of hedge accounting

For the six months ended
July 31, 2023
estate properties instead of recording it
as an expense for the property leasing
activities. The amount of property
taxes treated as acquisition costs ofreal estate properties was 6,901
thousand yen in this FP.

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

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

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

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

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

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

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

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

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

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

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

―52―

Ⅴ. Notes to Financial Statements
Changes in Accounting Estimate
For the six months ended January 31, 2023 (Reference)–

For the six months ended July 31, 2023
(Changes in Accounting Estimate)(Changes in useful lives of property, plant and equipment)
ADR decided on the policy of renovating exclusively
owned areas on a scheduled basis and reviewed its longterm renovation plans to maintain and improve theprofitability of its owned properties as the properties
become older over time. In such efforts, it examined theestimated economic useful lives of property, plant, andequipment and found that for some there was a divergence
between the conventional useful life and estimatedeconomic useful life. Therefore, it reviewed and revised theuseful lives for the period and beyond.
Consequently, compared to the previous method,
depreciation and amortization increased by 350 million yen
while operating income, ordinary income, and income
before income taxes decreased by the same amount forthe period.

Balance Sheets
As of January 31, 2023 (Reference)

As of July 31, 2023

(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(1) Minimum net assets as stipulated in Article 67,
Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
50,000 thousand yen(2) ADR has executed commitment line agreements withbanks.
Total commitment line of
20,000,000 thousand yen
creditAmount used－
Unused balance
20,000,000 thousand yen(2) ADR has executed commitment line agreements withbanks.
Total commitment line of
20,000,000 thousand yen
creditAmount used
1,000,000 thousand yen
Unused balance
19,000,000 thousand yen(3) Provision and reversal of the reserve for temporary
difference adjustments
Reserve for dividends (Note)(Thousands of yen)
Initial amount33,552,162
Balance at the beginning of period
29,843,746
Funds drawn down during the 25th FP
335,521
Balance at the end of period
29,508,224
Reasons for setting aside and drawing down funds(3) Provision and reversal of the reserve for temporary
difference adjustments
Reserve for dividends (Note)(Thousands of yen)
Initial amount33,552,162
Balance at the beginning of period
29,508,224
Funds drawn down during the 26th FP
335,521
Balance at the end of period
29,172,703
Reasons for setting aside and drawing down funds

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

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

―53―

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

For the six months ended July 31, 2023

(1) Breakdown of operating income (loss) from property(1) Breakdown of operating income (loss) from property
leasing activities
leasing activities(Thousands of yen)(Thousands of yen)
A. Revenue from property leasing
A. Revenue from property leasing
activities
activities
Rental revenue – real estate
Rental revenue – real estate
Rent income
15,239,894
Rent income
15,388,285
Facility charges
969,111
Facility charges
992,862
Parking fees
470,250
Parking fees
472,202
Subtotal
16,679,256
Subtotal
16,853,350
Other revenue related to property
Other revenue related to property
leasingleasing
Income from leasing rights
113,273
Income from leasing rights
138,308
Other
564,620
Other
691,618
Subtotal
677,894
Subtotal
829,927
Total revenue from property
Total revenue from property
17,357,150
17,683,277
leasing activities
leasing activities
B. Expenses from property leasing
B. Expenses from property leasing
activities
activities
Expenses related to the rent
Expenses related to the rent
businessbusiness
Property taxes
921,552
Property taxes
935,190
Property management fees
1,244,935
Property management fees
1,318,167
Utilities
294,096
Utilities
331,090
Repairs and maintenance775,988
Repairs and maintenance
929,854
Property-casual insurance
24,377
Property-casual insurance
23,638Trust fees
64,323
Trust fees
73,944
Other rental expenses
724,051
Other rental expenses
751,947
Depreciation and amortization
2,957,963
Depreciation and amortization
3,368,972
Total expenses from property
Total expenses from property
7,007,288
7,732,805
leasing activities
leasing activities
C. Operating income (loss) fromC. Operating income (loss) from
10,349,862
9,950,472
property leasing activities (A−B)
property leasing activities (A−B)(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Kamiikebukuro)
Revenue from sales of real estate
860,000
property
Cost of sales of real estate property
503,709
Other sales expenses
22,269Gain on sales of real estate
334,021properties(Tokyo Student-House WAKO)
Revenue from sales of real estate
800,000
property
Cost of sales of real estate property
615,627
Other sales expenses
7,043
Gain on sales of real estate
177,329
properties(2) Breakdown of gain on sales of real estate properties(Thousands of yen)
(RESIDIA Azabudai (49 % quasi-co-ownership interest))
Revenue from sales of real estate
1,611,120
property
Cost of sales of real estate property
738,055
Other sales expenses
34,694Gain on sales of real estate
838,370
properties(RESIDIA Sakae)
Revenue from sales of real estate
919,975
property
Cost of sales of real estate property
893,018
Other sales expenses
24,794Gain on sales of real estate
2,162
properties―54―

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

For the six months ended July 31, 2023

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

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

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

As of July 31, 2023

(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance665
for doubtful accounts
Valuation difference on assets
8,938,114
acquired through merger
Other
217,442
Subtotal
9,156,222
Less valuation allowanceassociated with total of(9,156,222)
deductible temporary
differences, etc.
Subtotal(9,156,222)
Total deferred tax assets—
Net deferred tax assets—(1) The breakdown of deferred tax assets and liabilities bymajor item are as follows:(Thousands of yen)
(Deferred tax assets)
Excess provision of allowance15
for doubtful accounts
Valuation difference on assets
8,851,422
acquired through merger, etc.
Other
228,242
Subtotal
9,079,680
Less valuation allowanceassociated with total of(9,079,680)
deductible temporary
differences, etc.
Subtotal(9,079,680)
Total deferred tax assets—
Net deferred tax assets—(2) Reconciliation between the statutory tax rates and theeffective tax rates after the application of tax effectaccounting(Unit: %)Statutory tax rate
31.46
(Adjustments)
Increase (decrease) in valuation(1.05)
allowance
Deductible dividends(30.41)
Other
0.01
Effective tax rate after the application
0.01
of tax effect accounting(2) Reconciliation between the statutory tax rates and theeffective tax rates after the application of tax effectaccounting(Unit: %)Statutory tax rate
31.46
(Adjustments)
Increase (decrease) in valuation(0.96)
allowance
Deductible dividends(29.75)
Other(0.74)
Effective tax rate after the application
0.01
of tax effect accounting

Financial Instruments
For the six months ended January 31, 2023 (Reference)(1) General information on financial instruments
1) Policy on financial instruments
In order to secure stable earnings and steady growth of assets under management, ADR procures funds throughloans, issuance of investment corporation bonds (including short-term investment corporation bonds; the same
applies below), issuance of units, and other means of financing for the purpose of purchasing real estate properties
and repaying its debts.
ADR conducts derivative transactions solely for the purpose of hedging against the risk of interest rate fluctuations
and other risks arising from liabilities.
In addition, ADR, in general, manages surplus funds by investing only in bank deposits, savings, negotiablecertificates of deposit, and government bonds for emphasizing sound and stable portfolio management.
2) Description and risks of financial instruments and risk management―55―

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

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

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

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

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

1,157,100

1,157,100—

Notes 1. The items posted in liabilities are stated in parentheses.
2. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard
for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in the balance sheets.
3. Matters concerning the methods of determining the fair value of financial instruments
1) Current portion of investment corporation bonds and 3) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan
Securities Dealers Association. However, if a reference value is not available, the fair value is deemed to be thepresent value of future cash flows of principal and interest, discounted at the assumed interest rate for similarborrowings.
2) Current portion of long-term loans payable and 4) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of January 31, 2023 are as follows:―56―

Ⅴ. Notes to Financial Statements

Method of hedge
accounting

Type of derivativetransaction

Main hedged
itemInterest rate swap
Special accounting
transactions
Long-term loans
treatment for(fixed rate payment,
payableinterest rate swaps
floating rate receipt)
Interest rate swap
Basic accounting
transactions
Long-term loans
method(fixed rate payment,
payablefloating rate receipt)(Thousands of yen)Contract amount (*1)
Contract
Fair value (*2)
amount due
after one year
27,410,000

12,650,000(69,241)(*3)

29,649,000

29,649,000

1,157,100*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailinginterest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “AccountingStandard for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in thebalance sheets.
4. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after
balance sheet date(Thousands of yen)
Due after
Due after one Due after two
Due after four
Due in one
three years
Due after five
year through years throughyears throughyear or lessthrough fouryears
two years
three years
five years
years
Short–term loans payable
—
—
—
—
—
—
Current portion of
investment corporation
3,000,000
—
—
—
—
—
bonds
Current portion of long-term
19,880,000
—
—
—
—
—
loans payable
Investment corporation—
7,500,000
5,500,000—
4,000,000
14,600,000
bonds
Long-term loans payable—
14,850,000
21,300,000
26,620,000
17,250,000
96,809,000
Total

22,880,000

22,350,000

26,800,000

26,620,000

21,250,000

111,409,000

For the six months ended July 31, 2023
(1) General information on financial instruments
1) Policy on financial instruments
In order to secure stable earnings and steady growth of assets under management, ADR procures funds throughloans, issuance of investment corporation bonds (including short-term investment corporation bonds; the same applies
below), issuance of units, and other means of financing for the purpose of purchasing real estate properties and repaying
its debts.
ADR conducts derivative transactions solely for the purpose of hedging against the risk of interest rate fluctuations
and other risks arising from liabilities.
In addition, ADR, in general, manages surplus funds by investing only in bank deposits, savings, negotiablecertificates of deposit, and government bonds for emphasizing sound and stable portfolio management.
2) Description and risks of financial instruments and risk management
Funds obtained through loans and investment corporation bonds are used primarily to finance the acquisition of realestate properties, repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity
risk in that it may not be able to raise funds through alternative financing sources by the repayment date or at theredemption. ADR controls the risk exposures through the preparation of a funding plan on a monthly basis and seeking
and procuring funds through various sources, such as securing the level of funds in hand, spreading out the loan
repayment and bond redemption dates, diversifying borrowing financial institutions, entering into commitment line
agreements, and issuing investment units.
Meanwhile, ADR is exposed to the risk arising from fluctuations in interest rates on its loans and investment
corporation bonds with floating interest rates. ADR controls and limits such risk by utilizing derivative transactions(interest rate swap transactions).
ADR is also exposed to the credit risk that the financial institutions with which it has bank deposits may default.
However, ADR limits the effects of such risk by setting certain limits on the term of deposits and the minimum credit
rating for the financial institutions with which deposits are placed, and by placing deposits with various financial―57―

Ⅴ. Notes to Financial Statements
institutions.
3) Supplementary explanation on fair value of financial instruments
Certain assumptions are applied in measurement of the fair value of financial instruments. Therefore, the fair value
could vary if different assumptions are applied. Furthermore, the contractual amounts of derivative transactions do not
represent the market risk exposure of those derivative transactions.
(2) Fair values of financial instruments
The book values in the balance sheets, fair values, and unrealized gain (loss) of financial instruments as of July 31,
2023 are presented below.
Notes for “cash and deposits,” “cash and deposits in trust,” and “short-term loans payable” are omitted, as their bookvalues approximate fair values due to their short maturities.
Book value(Thousands of yen)
1) Current portion of investment
corporation bonds2) Current portion of long-termloans payable3) Investment corporation bonds4) Long-term loans payable5) Derivative transactions(Special accounting treatment
for interest rate swaps)*26) Derivative transactions(Basic treatment for interest
rate swaps)

Fair value(Thousands of yen)

Unrealized gain (loss)(Thousands of yen)

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

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

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

575,800—(76,476)(76,476)

733,218

733,218—

Notes 1. The items posted in liabilities are stated in parentheses.
2. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard
for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in the balance sheets.
3. Matters concerning the methods of determining the fair value of financial instruments
1) Current portion of investment corporation bonds and 3) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan
Securities Dealers Association. However, if a reference value is not available, the fair value is deemed to be thepresent value of future cash flows of principal and interest, discounted at the assumed interest rate for similarborrowings.
2) Current portion of long-term loans payable and 4) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
5) Derivative transactions (Special treatment for interest rate swaps) and 6) Derivative transactions (Basictreatment for interest rate swaps)(1) Derivative transactions to which hedge accounting is not applied
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method ofhedge accounting as of January 31, 2023 are as follows:(Thousands of yen)Contract amount (*1)
Method of hedge
Type of derivative
Main hedged
Contract
Fair value (*2)
accounting
transaction
item
amount due
after one year
Interest rate swap
Special accounting
Long-term loans(76,476)transactions
20,550,000
10,250,000
treatment for(fixed rate payment,
payable(*3)
interest rate swaps
floating rate receipt)
Interest rate swap
Long-term loans
Basic accounting
transactions
34,479,000
34,479,000
733,218
payablemethod(fixed rate payment,
floating rate receipt)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using theprevailing interest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting―58―

Ⅴ. Notes to Financial Statements
Standard for Financial Instruments” and therefore, interest rate swaps are not stated at fair value in thebalance sheets.
4. Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after
balance sheet date(Thousands of yen)
Due after
Due after one Due after two
Due after four
Due in one
three years
Due after five
year through years throughyears throughyear or lessthrough fouryears
two years
three years
five years
years
Short–term loans payable
3,000,000—————
Current portion of investment
7,500,000—————
corporation bonds
Current portion of long-term
16,500,000
—
—
—
—
—
loans payable
Investment corporation—
2,000,000
3,500,000
3,000,000
1,000,000
14,600,000
bonds
Long-term loans payable—
20,350,000
23,700,000
24,340,000
20,250,000
93,569,000
Total

27,000,000

22,350,000

27,200,000

27,340,000

21,250,000

108,169,000

Value of Rental Properties
For the six months ended January 31, 2023 (Reference)
ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during
the period, and fair value of these properties:(Thousands of yen)Book value (*1)
Fair value at the end of period
Balance at the beginning of
Changes during the period(*3)
Balance at the end of period
period(*2)
437,697,925
2,627,112
440,325,038
697,659,000*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The increase during the period was mainly attributable to the acquisition of one real estate property (545,748
thousand yen) and real estate beneficiary interests in trust for one property (4,360,375 thousand yen), and thedecrease was mainly attributable to the sale of real estate beneficiary interests in trust for two properties (1,119,336
thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended January 31, 2023.
For the six months ended July 31, 2023
ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during
the period, and fair value of these properties:(Thousands of yen)Book value (*1)
Fair value at the end of period
Balance at the beginning of
Changes during the period(*3)
Balance at the end of period
period(*2)
440,325,038(853,383)
439,471,655
700,062,880*1. The book value is the cost of acquisition less accumulated depreciation.
*2. The increase during the period was mainly attributable to the acquisition of one real estate property (2,087,421 thousandyen), and the decrease was mainly attributable to the sale of one real estate property (893,018 thousand yen) and thereal estate beneficiary interests in trust for one property (738,055 thousand yen).
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.
For RESIDIA Azabudai, the fair value is the disposition price of its 51 % quasi-co-ownership interest.
Please refer to the above-mentioned “Statements of Income” for details on operating income from rental property for thesix months ended July 31, 2023.

―59―

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

Transactions with Related Parties
For the six months ended January 31, 2023 (Reference)Contents of Unit holding
business or
ratio
occupation(*1)

Transaction
contents

Transaction
amount(thousands ofyen)

Balance at theend of period(thousands ofyen)

Attribute

Name ofcompany

Interested
party

ITOCHU
Property
Development,
Ltd.

Developm
ent of realestateIndirect
0.00%

Disposition ofreal estate(*2)

801,002(*3)——

Interested
party

ITOCHU Urban
Community
Ltd.

Real
estaterentalbusiness—

Building
management
fees, etc. (*5)

938,908

Operatingaccounts
payable82,711(*4)

Borrowing offunds(Repayment)(*6)

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

Assetcustodian

Sumitomo
Mitsui Trust
Bank Limited

Banking
and trustbusiness—

Account—

4,475,000

22,830,000

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

―60―

Ⅴ. Notes to Financial Statements
For the six months ended July 31, 2023

Attribute

Name ofcompany

Interested
party

ITOCHU Urban
Community
Ltd.

Asset
custodian

Sumitomo
Mitsui Trust
Bank Limited

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

Transaction
contents

Transaction
amount(thousands of
yen)

Real
estaterentalbusiness

Building
management
fees, etc. (*3)

977,254

Banking
and trustbusiness——

Borrowing offunds(Repayment)(*4)

Account

Balance at theend of period(thousands ofyen)

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

92,167(*2)
375,000

3,600,000

23,830,000

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

Per Unit Information
For the six months ended January 31, 2023 (Reference)
Net assets per unit

167,044 yen

Net assets per unit

Net income per unit
5,829 yen
Net income per unit is computed by dividing net income by
the day-weighted average number of units issued andoutstanding for the period.
Diluted net income per unit is not disclosed as there are no
diluted investment units.
Note

For the six months ended July 31, 2023
166,631 yen

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

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

Net income (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Net income attributable to common unit
(thousands of yen)
Average number of units during theperiod (units)―61―

For the six months ended July 31,
2023

8,074,243

7,939,373——

8,074,243

7,939,373

1,385,000

1,385,000

Ⅴ. Notes to Financial Statements
Significant Subsequent Event
1. Asset Acquisition Decision
ADR has decided to acquire the following assets in accordance with its basic asset management policies set
forth in its Articles of Incorporation and other rules and has executed agreements accordingly:(1) RESIDIA Shirokane Takanawa II
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,009,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 5-6-11 Mita, Minato-ku, Tokyo
Area size: 224.13 m2 (land); 1,104.28 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
stories
Constructed: August 2015

(2) RESIDIA Meguro IV
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,853,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 2-10-18 Meguro, Meguro-ku, Tokyo
Area size: 789.08 m2 (land) Note 3; 1,632.92 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
stories
Constructed: January 2016

(3) RESIDIA Bunkyo Koishikawa II
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,772,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 3-26-3 Koishikawa, Bunkyo-ku, Tokyo
Area size: 344.14 m2 (land); 1,799.11 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 15
stories
Constructed: September 2016

(4) RESIDIA Shinagawa Seaside
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 3,315,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 4-3-1 Higashishinagawa, Shinagawa-ku,
Tokyo
Area size: 904.30 m2 (land); 3,604.99 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 11stories
Constructed: March 2018(5) Share Place Shimokitazawa
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 694,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-42-3 Kitazawa, Setagaya-ku, Tokyo
Area size: 500.54 m2 (land) Note 4, 5; 735.38 m2 (building)
Structure: Flat-roofed steel-reinforced concrete
structure (SRC), 4 stories
Constructed: September 2021

(6) RESIDIA Kyudai Gakkentoshi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,048,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-11-28 Saito, Nishi-ku, Fukuoka, Fukuoka
Area size: 1,423.59 m2 (land); 2,164.50 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 5
stories
Constructed: March 2020

(7) RESIDIA Kyusandai-mae
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 806,542 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: September 29, 2023
Location: 1-20-18 Matsukadai, Higashi-ku, Fukuoka,
Fukuoka
Area size: 1,709.95 m2 (land); 2,004.88 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 4
stories
Constructed: January 2022

(8) RESIDIA Ochanomizu III
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 1,279,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: Mayil 18, 2024
Location: 2-5-6 Sotokanda, Chiyoda-ku, Tokyo
Area size: 358.12 m2 (land) Note 6; 1,301.32 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 10
stories
Constructed: November 2016

(9) RESIDIA Sangenjaya III
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,016,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 2-19-7 Sangenjaya, Setagaya-ku, Tokyo
Area size: 341.41 m2 (land) Note 7; 1,811.48 m2(building)
Structure: Flat-roofed reinforced concrete structure, 10
stories and 1 basement story
Constructed: May 2017(10) RESIDIA Sendagi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 2,912,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 3-7-9 Yanaka, Taito-ku, Tokyo
Area size: 1,086.80 m2 (land); 2,745.30 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 6
stories
Constructed: October 2017―62―

Ⅴ. Notes to Financial Statements(11) Tokyo Student-House Musashi-Kosugi
Type of Asset: Real estate beneficiary interests in trust
Estimated acquisition price: 5,835,000 thousand yen
Date of contract: September 12, 2023
Scheduled acquisition date: April 18, 2024
Location: 399-1 Ichinotsubo, Nakahara-ku, Kawasaki,
Kanagawa
Area size: 3,419.11 m2 (land); 6,845.00 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 7
stories
Constructed: January 2017
Notes 1. None of the estimated acquisition prices includes any settlement amount equivalent to a fixed property tax,
city planning tax, depreciable asset tax, and/or national and local consumption taxes.
2. If the transaction contract of this property is terminated due to any reason attributable to ADR (the purchaser),
ADR will pay the seller 20% of the purchase price as a penalty for such termination in each case.
3. Includes the portion where a building must be constructed with a set-back (approx. 28.50 m2).
4. Does not include the land area equivalent to its co-ownership interest of the private road.
5. Includes the portion where a building must be constructed with a set-back (approx. 8.23 m2).
6. Includes a private road (approx. 98.51 m2).
7. Includes the portion where a building must be constructed with a set-back (approx. 8.20 m2).
2. Asset Disposition
ADR has disposed of the following assets in accordance with its basic asset management policies set forth in
its Articles of Incorporation and other rules:
RESIDIA Azabudai (51% quasi-co-ownership interest)
Type of Asset: Real estate beneficiary interests in trust
Disposition price: 1,676,880 thousand yen
Disposition date: Aug. 1, 2023
Location: 3-4-9 Azabudai, Minato-ku, Tokyo
Area size: 378.20 m2 (land); 2,176.51 m2 (building)
Structure: Flat-roofed reinforced concrete structure, 14 stories
Constructed: February 2006
Note ADR disposed of its 49% quasi-co-ownership beneficiary interest in trusts in RESIDIA Azabudai on July
3, 2023, and disposed of its remaining 51% quasi-co-ownership interest on August 1, 2023. The
disposition price does not include any settlement amount equivalent to a fixed property tax, city
planning tax and depreciable asset tax, and national and local consumption taxes.

3. Issuance of New Investment Units Decision
ADR approved the issuance of new investment units at its Board of Directors meeting held on September 12,
2023 for the purposes of acquisition of real estate, etc. (specified assets), and repayment of loans. An offer
price per unit and related matters will be determined at its Board of Directors meeting to be held later.
[Issuance of new units through public offering]
New units issued: 45,600
Base date for distribution: Aug. 1, 2023
[Issuance of new units through third-party allotment]
New units issued: 2,400 or lessBase date for distribution: Aug. 1, 2023
Allotee: Mizuho Securities Co., Ltd.

―63―

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

8,436,629,287*1

335,521,628*1759,858,747

8,088,400,000

8,102,250,000(5,840)(5,850)683,750,915

1,280,733,614

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes the amount in excess of
90% of the ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
8,088,400,000 yen. The figure wasderived by retaining 683,750,915 yen
from the unappropriated retained
earnings of 8,436,629,287 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. The amount of 683,750,915 yen
was retained to achieve a moreconsistent dividend distribution.
ADR does not distribute dividends
in excess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

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

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

8,623,124,867

Statements of Cash Distributions(1) Reserve for temporary difference adjustments
For the six months ended January 31, 2023 (Reference)
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied, and in the statements of cash
distributions for the fiscal period ended July 31, 2016 (12th FP), the reserve for dividends of 33,552,162,785 yen, whichis the remaining portion of the amount subdivided into gains on negative goodwill in previous fiscal periods, wastransferred to the reserve for temporary difference adjustments. ADR is required to draw down an equal amount or an
amount greater than the said equal amount (335,521,628 yen or more) in each fiscal period for 50 years starting fromthe fiscal period ended January 31, 2017 (13th FP), which was the period following the period in which the transfer to thereserve was made. Based on this requirement, ADR drew down 335,521,628 yen during the fiscal period ended January
31, 2023 (25th FP).

―64―

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

―65―

Ⅶ. Independent Auditor's Report(TRANSLATION)

INDEPENDENT AUDITOR'S REPORT

September 12, 2023

To the Board of Directors of
Advance Residence Investment Corporation:

Deloitte Touche Tohmatsu LLC
Tokyo office

Designated Engagement Partner,
Certified Public Accountant:
Masashi Tsurumi

Designated Engagement Partner,
Certified Public Accountant:
Masaaki Kawakami

OpinionPursuant to Article 130 of the Act on Investment Trusts and Investment Corporations, we have audited thefinancial statements of Advance Residence Investment Corporation (the "Investment Corporation"),namely, the balance sheet as of July 31, 2023, the statement of income and statement of changes in net
assets for the 26th fiscal period from February 1, 2023 to July 31, 2023, and the related notes, and fiscal
period report and statement of cash distributions for the six months ended July 31, 2023, as well as theannexed detailed statements (with regard to the fiscal period report and the annexed detailed statements
thereof, limited to the part related to accounting) (hereafter referred to as "financial statements"). The part
related to accounting that was the subject of the audit opinion on the fiscal period report and its annexed
detailed statements is the portion of the matters stated in the fiscal period report and its annexed detailed
statements that is based on the records in the accounting books.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the Investment Corporation as of July 31, 2023, and its financial performance for the six months
then ended in accordance with accounting principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of
the Financial Statements section of our report. We are independent of the Investment Corporation inaccordance with the provisions of the Code of Professional Ethics in Japan, and we have fulfilled our otherethical responsibilities as auditors. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.
Other Information
Management is responsible for the other information. The Supervisory Director is responsible foroverseeing the Executive Directors' execution of duties relating to the design and operating effectiveness ofthe controls over the other information. The other information comprises the information included in thefiscal period report and its annexed detailed statements other than the part related to accounting coveredby the audit opinion.
―66―

Ⅶ. Independent Auditor's Report(TRANSLATION)

Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Supervisory Director for the Financial Statements
Management's responsibility is to prepare and present its financial statements in accordance withaccounting principles generally accepted in Japan. This includes developing and operating internal controlsthat management deems necessary to prepare and properly present financial statements, etc., free frommaterial misstatement due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Investment
Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern in accordance with accounting principles generally accepted in Japan.
The Supervisory Director is responsible for overseeing the Executive Directors' execution of duties relating
to the design and operating effectiveness of the controls over the Investment Corporation's financial
reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks. The procedures selected
depend on the auditor's judgment. In addition, we obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion.
• Obtain, when performing risk assessment procedures, an understanding of internal control relevant tothe audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Investment Corporation's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Investment Corporation's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However, future events or conditions may cause the Investment Corporation
to cease to continue as a going concern.
• Evaluate whether the overall presentation and disclosures of the financial statements are in accordancewith accounting principles generally accepted in Japan, as well as the overall presentation, structure andcontent of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
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Ⅶ. Independent Auditor's Report(TRANSLATION)

We communicate with the Executive Director regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide the Executive Director with a statement that we have complied with relevant ethicalrequirements regarding independence, and communicate with it all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Fee-related Information
Fees paid or payable to our firm and to other firms within the same network as our firm for the audit andnon-audit services charged to the Investment Corporation are disclosed in 3 Directors and Independent
Auditor included in "Overview of the Investment Corporation" of the fiscal period report.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Investment Corporation
which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act ofJapan.

Notes to the Readers of Independent Auditor's Report
This is an English translation of the independent auditor's report as required by the Act on Investment
Trusts and Investment Corporations of Japan for the convenience of the reader. "The annexed detailed
statements" referred to in the "Opinion" section of this English translation are not included in the attachedfinancial documents. In addition, the other information in "the annexed detailed statements" referred to in
the "Other Information" section of this English translation is not translated.
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Ⅷ. Statements of Cash Flows(Reference Information)(Thousands of yen)
For the six months ended
January 31, 2023
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bondissuance costs
Increase (decrease) in allowance for doubtful
accounts
Interest income
Interest expenses
Interest expense on investment corporation bonds
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease in property, plant and equipment by sales
Decrease in property, plant and equipment in trust bysales
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security
deposits, net
Proceeds from tenant leasehold and security
deposits in trust, net
Cash flows from investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans
Repayments of long-term loans
Redemption of investment corporation bonds
Dividends paid
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period*1*1

For the six months ended July
31, 2023

8,074,848
2,958,473
184

7,939,9783,369,491

12,248

11,558(5,011)(2,067)(6,884)
558,810
124,476(6,520)24,03860,79390,141
16,263
26,703
1,785－(6,880)554,783
112,364
4,270(142,047)(8,430)(24,626)
79,232(27,469)(7,167)893,018

1,119,483

738,055(111,358)(738)
12,937,738
505(690,344)(503)
12,247,395

40,101(704)
13,523,461
991(678,467)(679)
12,845,306(5,000,000)
5,000,000(1,389,427)(5,363,542)(8,000,000)
6,000,000(2,990,135)(928,891)(963)

11,880(10,627)(8,874)(6,764,561)(5,916,021)

1,000,000(2,000,000)
14,950,000(8,450,000)(2,000,000)

3,000,000
9,780,000(7,780,000)(3,000,000)(8,012,911)(4,512,911)
969,922
17,869,773
18,839,696(8,087,793)(6,087,793)
841,490
18,839,696
19,681,186

—

—

*1

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

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

Scope of funds in thestatements of cash flows

For the six months ended January 31,
2023

For the six months ended July 31, 2023

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

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

Statements of Cash Flows

For the six months ended January 31, 2023

For the six months ended July 31, 2023

*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
14,716,443
Cash and deposits in trust
10,123,253
Time deposits held over three(6,000,000)
monthsCash and cash equivalents
18,839,696*1 Relationship between the cash and cash equivalents at
the end of period in the statements of cash flows andthe accounts reported in the balance sheets(Thousands of yen)
Cash and deposits
17,666,099
Cash and deposits in trust
10,015,087
Time deposits held over three(8,000,000)
monthsCash and cash equivalents
19,681,186―70―