22nd
Fiscal Period ReportFebruary 1, 2021 - July 31, 2021

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

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

units

Operating revenues

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

16,465

17,175

17,357

17,014

16,884

million yen

16,465

16,533

16,851

16,71816,884(Gain on real estate sales)bmillion yen

–

642

506

295

–

million yen

8,263

8,211

9,062

8,500

8,659

(Rental business expenses)cmillion yen

6,519

6,439

6,707

6,630

6,791

(Loss on real estate sales)dmillion yen

–

–

511

–

–

(Impairment loss)emillion yen

–

–

–

–

–

million yen

8,202

8,964

8,294

8,513

8,224
7,294

Ordinary incomefmillion yen

7,094

7,945

7,321

7,549

Net incomegmillion yen

7,094

7,945

7,320

7,548

7,294

Total assetshmillion yen

451,589

457,863457,568

458,579

457,829

Interest-bearing liabilities

imillion yen

225,318

219,418

219,588

220,788

220,509

Net assets

jmillion yen

219,837

231,698

231,225

230,966

230,491

Paid-in Capitalkmillion yen

127,690139,034

139,034

139,034

139,034

Total dividendslmillion yen

7,430

7,783

7,804

7,756

7,819

Payout ratio

l/g

%

104.7

98.0

106.6

102.7

107.2

Total number of units issued and outstanding

m

Units

1,350,000

1,385,000

1,385,000

1,385,000

1,385,000

Net assets per unit

j/m

yen

162,842

167,291

166,950

166,763

166,420

yen

5,254

5,782

5,285

5,450

5,266

yen

5,504

5,620

5,635

5,600

5,646

Dividend from earnings per unit

yen

5,504

5,620

5,635

5,600

5,646

Dividend in excess of earnings per unit

yen

0

0

0

0

0

Note 3

%

3.3

3.3

3.3

3.6

3.0

(g+q)/(k+i)

Note 3

%

5.6

5.9

5.7

5.7

5.7

(g+q)/(m×r+i)

Note 3

%

2.9

3.1

2.9

3.2

2.8

yen

7,277

7,267

7,310

7,261

7,314

Dividend per unit

Note 2l/m

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

(g−b+d+e+q)/m

Annualizedn

FFO per unit

r/nRatio of ordinary income to total assets

f/hAnnualized
Equity ratio

j/hReturn on equity

g/jAnnualized

Note 3yen

14,676

14,417

14,70014,403

14,749

times

23.0

23.7

23.2

21.5

25.3

Note 4

%

1.6

1.7

1.6

1.6

1.6

Note 3

%

3.2

3.5

3.2

3.3

3.2

%

48.7

50.6

50.5

50.4

50.3

Note 5

%

3.2

3.5

3.2

3.3

3.2

Note 3

%

6.5

7.0

6.4

6.5

6.4

%

49.9

47.9

48.0

48.1

48.2

Ratio of interest-bearing liabilities to total assets

i/h

DSCR

o/p

times

o

million yen

Net income before interest and depreciation
Interest expenses
NOI

13.9

14.0

14.4

14.7

11,536

10,897

11,125

10,868million yen

896

827

779

773

737

12,676

12,856

12,941

12,891

12,928Note 3, 7

q

12.0
10,721

Note 6 million yen

p
a−c+q

Annualized NOI yield
Depreciation and amortization
Reference
information

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

million yen

Net income per unit

Financial
indicators

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

Per unit
figures

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

(Rental revenue)

Operating expenses

Balancesheet
figures

18th FP
From: February 1, 2019
To: July 31, 2019%

Note 8 million yen

Number of properties under management

5.7

5.7

5.6

5.7

2,763

2,798

2,802

2,835

265

269

271

271

272

Units

21,322

21,39921,402

21,552

21,569802,185.16–

Number of leasable units

5.7
2,730

Leasable floor area at end of period

Note 9m2

791,672.97

798,959.22

797,152.25

800,789.34

Occupancy rate at end of period

Note 10

%

97.0

97.0

96.3

96.0

95.9

yen

337,500

341,500

341,000

310,000

373,500

Unit price at end of periodrNotes 1.

Figures for Operating results do not include consumption tax. Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal
place. The same applies hereafter.
2.
The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
3.
The annualized figures are calculated using periods of 181 days for the 18th FP, 184 days for the 19th FP, 182 days for the 20th FP, 184 days for the 21st FP, and 181
days for the 22nd FP.
4.
Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
5.
Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
6.
In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
7.
Annualized NOI yield = Total annualized NOI ÷ Total property acquisition price(The annualized NOI yield is calculated by taking into account the actual number of days of operation for each property.)
8.
Depreciation and amortization include amortization of intangible assets in addition to depreciation of property, plant and equipment.
9.
“Leasable floor area at end of period” refers to the leasable floor area for each building as stated on the lease agreement or indicated on its official floor plan. The leasable
floor area of land such as parking lots is not included.
10. “Occupancy rate at end of period” is calculated by using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.

2

2 Investment Environment and Operating PerformanceWith the aim of realizing a stable distribution of earnings over the long term, we carried out the following initiatives during
the 21st Fiscal Period (FP).
1.

Internal Growth
Given that the COVID-19 pandemic prompted an increase in move-outs, particularly for small, single-occupantresidential units in central Tokyo, ADR took steps to curb the decline in occupancy rates by easing leasing terms
such as rents mainly for such residential units.

2.

External Growth
ADR acquired one property from a third party (at the acquisition price of 600 million yen).

3.

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

4.

Sustainability
ADR restructured its Sustainability Committee into a two-component structure comprising the Sustainability
Promotion Committee and Sustainability Practical Committee to further enhance the effectiveness of its sustainability
efforts. In addition, ADR renovated the common areas of RESIDIA Kamata and RESIDIA Nakano-Fujimidai to raisetenant satisfaction.

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

Previous FP
Results

Initial Forecast Note 1

The 22nd FP
Results(July 2021)

Operating revenues

17,014

16,907

16,884

(130)

(23)

Operating income

8,513

8,168

8,224

(288)

+56

Ordinary income

7,549

7,230

7,294

(254)

+64

Net income

7,548

7,230

7,294

(254)

+64
+46 yen Note 2+46 yen

Difference from Difference fromthe Previous FP the Initial Forecast

Earnings Per Unit

5,450 yen

5,220 yen

5,266 yen-184 yen Note 2

Dividend Per Unit

5,600 yen

5,600 yen

5,646 yen

+46 yenNotes 1.
2.

The initial forecast refers to the earnings forecast for the 22nd FP disclosed in the “Brief Summary of Kessan Tanshin” for the 21st Fiscal
Period, dated March 17, 2021. The same applies hereafter.
The numbers less than one are discarded in the EPU figures.

Earnings per unit (EPU) decreased by 184 yen from the previous FP to 5,266 yen, reflecting factors such as an increase in
NOI through the maintenance of the occupancy rates, lower interest expenses, and no gains from sales.
Dividend per unit (DPU) was 5,646 yen, reflecting the reversal of the reserve for temporary difference adjustments (242
yen per unit) and dividends paid using retained earnings (137 yen per unit).

31.

Internal Growth– Curbing Downturn in Occupancy Rates by Easing up on Leasing Terms –During the FP under review, ADR’s occupancy rate reached 97.0% in the busy period of March, mainly on the backof the demand from company employee transfers. ADR, however, struggled to offset the increasing number of moveouts in April and May, which led to a greater decline in the occupancy rate than other years. ADR, therefore, tried torecover the occupancy rate in June and July by relaxing leasing terms mainly for single-occupant residential units incentral Tokyo. As a result, ADR managed to record the average fiscal period occupancy rate of 95.9% (down 0.7
percentage points year on year).
Meanwhile, ADR was able to raise rents for new contracts to the same level as other years thanks to a solid demand
for family-type residential units including in central Tokyo. Combined with the relaxation of lease terms explained
above, the final replacement rent increase was 1.3%, up 0.1 percentage points from the previous FP.
– Strengthening Competitiveness of Our Properties by Carrying out Value Enhancement Works –ADR conducts large-scale repairs of its properties on a scheduled basis in order to maintain functionality and to
freshen up their appearance. In addition, for individual units in properties that have recently had large-scale repairs,
ADR carries out value enhancement work to maintain and enhance competitiveness in the leasing market. These
entail equipment upgrades and floor plan changes and are implemented at the time when tenants are being replaced.
We conducted large-scale repairs on three properties during the FP under review at a cost of 175 million yen,excluding tax. Moreover, we performed value enhancement works on 37 properties at a cost of 168 million yen,excluding tax.
Of the residential units that underwent value enhancement works, new rental contracts had been signed for 13 units
as of July 31, 2021. Those units saw increases in rent of approximately 27.7% on an average compared to the rents
under the previous contracts. As such, despite the COVID-19 pandemic, our value enhancement works effectively
contributed to internal growth, as was the case during the previous fiscal periods. Going forward, ADR will endeavor
to further enhance the competitive advantages of its properties through such measures.

2.

External Growth－ Steadily Acquiring Properties －ADR acquired RESIDIA Kyoto-Mibu Note 3 during the FP under review at the acquisition price of 600 million yen.
RESIDIA Kyoto-Mibu is a compact residential rental property in Kyoto. All its units are approximately 30 sq. m. andhave one bedroom. It is a good property with excellent traffic access and nearby facilities useful for daily living.

Note 3. The name of the property was changed from Novel Saiin on September 1, 2021. The same applies hereafter.

3.

Finance－ Lowering the Average Interest Rate and Extending Initial Duration－
ADR’s principal finance policy is to lower the interest rates of interest-bearing liabilities, to extend remaining durations,
to fix interest rates and to diversify maturities. Despite the COVID-19 pandemic, we didn’t see any changes in thelending attitude of financial institutions to ADR during the FP under review, and ADR managed to execute debt
financing to the tune of 14.7 billion yen in total (at the average interest rate Note 4 of 0.34% and average initial durationof 8.2 years). As a result, ADR lowered the average interest rate to 0.66% as of the end of the FP under review, from
0.69% in the previous FP. It also extended the remaining duration to 4.9 years from 4.8 years, further enhancing its
financial foundation.
ADR’s credit ratings as of the end of the FP under review (July 31, 2021) are as follows.
Credit rating agency

Coverage

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating

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

Issuer rating

Note 4.

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

The “average interest rate” is the weighted-average interest rate on loans and bonds as of their respective borrowing or issuance date,as of the end of the FP under review (July 31, 2021). If the interest rates on the debts have been converted to fixed interest rates using
swap agreements in order to hedge the risk of interest rate volatility, the fixed rates are used in calculating the average.

4

4.

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

Environmental initiatives
As part of energy-saving measures, ADR has been converting lighting in the common areas of its properties into
LED lighting. During the FP under review, ADR installed LED lighting in three properties. As of the end of the FP
under review (July 31, 2021), ADR had completed installation of LED lighting in 98 properties (representing
36.0% of its portfolio). In addition, ADR has been striving to include green lease clauses Note 5 in its leaseagreements, and as of the end of the FP under review, ADR has introduced such clauses in its lease agreements
pertaining to 59.9% of its residential units out of the total number of rental units.
ADR has also acquired DBJ Green Building Certification with respect to 23 properties, constituting 30.1% of its
portfolio on the basis of total floor area, as of the end of the FP.

Note 5. Green lease clauses are provisions included in lease agreements with tenants and are designed to reduce environmental footprints
through energy-saving and other measures concerning real estate. The same applies hereafter.

Social initiatives
ADR renovated the common areas of RESIDIA Kamata and RESIDIA Nakano-Fujimidai to create a lobby toraise tenant satisfaction.
Furthermore, the asset management company held SDGs promotion events from June to July 2021 for theEnvironment Month in June to raise the awareness of the whole company. The events included an energy-saving
challenge in the homes of officers and employees, online walking event, and SDGs education activities.



Governance initiatives
ADR has created a two-component system: one is the Sustainability Promotion Committee chaired by the
Representative Director, comprising all full-time directors, Division heads, and the head of the Compliance andRisk Management Department, and the other is the Sustainability Practice Committee, comprising persons incharge of practical operations in each Division. The system has strengthened ADR’s governance structure andwill help ADR continue increasing its corporate value while solving social problems.

5

3 Management Policies and Challenges Going Forward
By diligently implementing the strategies outlined below, ADR aims to achieve solid EPU growth.
1.

Internal Growth
In the rental housing market, ADR will prioritize the maintenance of the occupancy ratio through measures such as
the relaxation of leasing terms if the number of move-outs each month is increasing year on year. Meanwhile, wewill keep raising rents associated with residential units that hold promise in that regard.
And for value-enhancement works, we strive to maintain and improve the competitive strengths of our properties byidentifying changing needs through tenant satisfaction surveys and other such means, and reflecting those resultsin such work.

2.

External Growth
ADR aims to acquire properties that will contribute to improving the quality and profitability of its portfolio. This will
involve acquiring sponsor properties and utilizing information gained through sourcing initiatives of the asset
management company. In addition, ADR will keep tenant and geographic diversification in mind in undertaking
investment, and accordingly will not be susceptible to temporary market trends.
Since we are seeing many redevelopments actively taking place in central Tokyo, ADR is likely to receive proposals
from developers for property replacements involving ADR’s properties located in proximity of those redevelopment
site. Amid the booming property market, we will positively consider selling such properties if the terms are favorable.

3.

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

4.

Sustainability
As a sustainability initiative, ADR installs a master meter that gauges electricity consumption in order to understandenergy consumption in individual apartment units. ADR will use the obtained data to promote energy-saving
measures and reduce greenhouse gas emissions in its properties. In addition, ADR promotes measures to tackle
climate change by installing water stops and flooding monitoring sensors to prevent water damage.

5.

Dividend Payout Policy
In accordance with its basic policy of realizing a stable distribution of earnings over the long term, ADR will
fundamentally pay out distributions of nearly the entire amount of earnings for the current FP. Meanwhile, ADR willcontinue to draw down the reserves for temporary difference adjustments (RTA), which is based on retained earnings
derived from profit from negative goodwill. It will draw down the RTA in equal amounts or more every FP within 50
years (Note 6), in accordance with partial amendments of the “Regulations Concerning Accounting of Investment
Corporations” and the Investment Trusts Association of Japan’s “Regulations Concerning Real Estate Investment
Trusts and Real Estate Investment Corporations.”
Moreover, in principle, ADR is to maintain a DPU of at least 5,000 yen. To such ends, ADR is to additionally draw
down the reserve if the total amount of DPU and the fixed drawdown amount of the RTA for the given FP do notreach 5,000 yen (Note 7).
Furthermore, when temporary gains or losses arise due to gains or losses on sales of properties, ADR will stabilize
distributions by additionally drawing down the RTA while also retaining or drawing down gain on sales.

Notes 6. The RTA drawdown amount per FP is calculated by dividing by 100, the outstanding amount of the RTA that has been transferredfrom the reserve for dividends as of the end of the FP ended January 31, 2017 (50 year × 2 FPs = 100 periods). As of the date ofthis document, the RTA drawdown amount per FP is approximately 335 million yen. However, ADR may increase the amount of thedrawdown indicated above in order to stabilize dividend levels.
7. This does not constitute a guarantee of actual amount of dividend payment. The actual amount of dividend payment will need to be
decided ultimately by ADR’s Board of Directors.

6

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

Date

Remarks

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

Notes

Balance

September 23, 2016 Follow-on offering
October 19, 2016 Third-party allotment

47,5002,500

1,347,500
1,350,000

12,115637

127,052
127,69012September 26, 2019 Follow-on offering
October 21, 2019 Third-party allotment

33,0002,000

1,383,000
1,385,000

10,696648

138,386
139,0343
4

Notes 1.
2.
3.
4.

ADR issued new units through public offering at an offer price of 263,445 yen (paid-in amount: 255,068 yen) per unit to procure funds for new property acquisitions and forother purposes.
ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 255,068 yen per unit to procure funds for new
property acquisitions and for other purposes.
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.
ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 324,135 yen per unit to procure funds for new
property acquisitions and for other purposes.

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

18th FP
July 31, 201919th FP
January 31, 2020

20th FP
July 31, 2020

21st FP
January 31, 2021

22nd FP
July 31, 2021

High349,500 yen

367,000 yen

350,500 yen

342,000 yen

390,500 yen

Low

304,000 yen

331,000 yen

209,000 yen

290,000 yen

300,000 yen

7Overview of the Investment Corporation
1 Major Unit-holders
The following are the major unit-holders as of July 31, 2021.

Name

Number ofPercentage ofunits held
issued units (%)(units)Address

Custody Bank of Japan, Ltd. (Trust Account)

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

317,718

22.93

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

178,81412.91

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

56,6844.09

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

41,6373.00

ITOCHU Corporation

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

34,8002.51

STICHTING PGGM DEPOSITARY PGGM
LISTED REAL ESTATE PF FUND
STATE STREET BANK WEST CLIENTTREATYNOORDWEG NOORD 150,3704 JG
ZEIST; NETHERLANDS

22,8451.64

18,0431.30

17,221

1.24

17,1091.23

15,7081.13

720,579

52.02

The Master Trust Bank of Japan, Ltd (Trust
Account)
The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)
Custody Bank of Japan, Ltd. (Securities
Investment Trust Account)1776 HERITAGE DRIVE, NORTHQUINCY, MA 02171, U.S.A.
ONE LINCOLN STREET，BOSTON MA
USA 02111
1-5-1, Otemachi, Chiyoda-ku, Tokyo
1-2-10 Nihonbashi-Kayabacho, Chuo-ku,
Tokyo

SSBTC CLIENT OMNIBUS ACCOUNT
Mizuho Securities Co., Ltd.
JAPAN SECURITIES FINANCE CO., LTD
Total

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

2 Directors and Independent Auditor
1.

The executive director, supervisory directors, and independent auditor as of July 31, 2021, are as follows.
Title

Executive
Director
Supervisory
Director
Supervisory
Director
Independent
Auditor2.

Total amount of compensation
during the FP (thousand yen)

Name

Primary concurrent positions

Wataru Higuchi

Senior partner, Ootemon Law and Accounting

2,700

Yoshitsugu Oba

–

1,800

Satoru Kobayashi

President, Esperanza Law Office

Deloitte Touche Tohmatsu LLC

1,800
16,500

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.

8

3 Asset Management Company, Asset Custodian, and Administrative AgentsThe following is a list of ADR’s asset management company, asset custodian, and administrative agents as of July 31,
2021.
Delegation

Name

Asset management company

AD Investment Management Co., Ltd.

Asset custodian

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

Mizuho Trust & Banking Co., Ltd.

Management of special accounts

Mizuho Trust & Banking Co., Ltd.

Accounting, taxation
Administrative agent

Institutional operations

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

Administration of investment corporation
bonds

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

9

Real Estate Portfolio
The following lists the real estate held by ADR as of July 31, 2021.

Propertyno.

P-2

Name of real estate

RESIDIA Shimazuyama

Location

Type ofownership

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,401

3,970

1

93.6

92,264

0.6

1

96.0

92,803

0.5

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,384

2,510

1

100.0

47,256

0.3

1

100.0

47,287

0.3

P-4

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,134

1,370

1

96.8

37,469

0.2

1

100.0

38,993

0.2

P-7

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,111

1,620

1

87.8

37,923

0.2

1

97.8

37,654

0.2

P-9

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

2,012

2,860

1

95.4

77,328

0.5

1

98.9

74,634

0.4

P-10

RESIDIA Hatagaya

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,036

1,410

1

98.1

32,810

0.2

1

96.3

31,016

0.2

P-13

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,027

1,470

1

94.1

34,394

0.2

1

94.5

34,014

0.2

P-14

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

2,434

3,090

1

100.0

76,079

0.5

1

100.0

76,0790.5

P-16

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

695

1,070

1

100.0

25,638

0.2

1

95.0

26,123

0.2

585

761

1

100.0

17,944

0.1

1

100.0

17,948

0.1

1,356

2,090

1

92.1

46,388

0.3

1

95.8

48,0480.3

P-19

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

P-21

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

P-22

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

913

1,330

1

92.1

32,011

0.2

1

91.9

31,448

0.2

P-23

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,346

2,330

1

95.9

61,156

0.4

1

95.4

60,092

0.4

P-24

RESIDIA Azabujuban II

Minato-ku, Tokyo

Beneficiaryinterests in trust

878

1,210

1

92.1

29,940

0.2

1

91.7

28,776

0.2

P-25

RESIDIA Ebisu

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

550

798

1

92.0

20,958

0.1

1

89.7

19,9590.1

P-26

RESIDIA Meguro

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

720

800

1

100.0

20,751

0.1

1

96.0

21,255

0.1

P-29

RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estate

1,463

2,320

1

91.7

55,881

0.3

1

95.3

55,4120.3

P-30

Pianetta Shiodome

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,735

2,470

1

94.7

62,467

0.4

1

93.4

64,0190.4

P-31

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

318

419

1

95.1

11,119

0.1

1

86.8

11,418

0.1

P-32

RESIDIA Yoyogi

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

303

410

1

92.7

10,872

0.1

1

100.0

11,2690.1

P-33

RESIDIA Nishi-Shinjuku Note5

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

336

454

1

100.0

12,570

0.1

1

95.7

11,912

0.1

P-35

RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

836

1,200

1

94.0

33,073

0.2

1

95.7

32,746

0.2

P-36

RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,207

3,070

1

96.2

71,735

0.4

1

95.2

70,838

0.4

P-37

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,079

1,640

1

91.4

41,601

0.2

1

95.2

43,176

0.3

P-38

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,859

2,590

1

95.9

68,104

0.4

1

97.5

67,167

0.4

P-39

RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,122

1,480

1

92.6

36,957

0.2

1

94.8

35,3780.2

P-40

RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,231

1,940

1

100.0

43,608

0.3

1

96.8

44,5690.3

P-41

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,070

1,760

1

95.4

40,820

0.2

1

93.8

41,8000.2

P-42

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

840

1,260

1

92.7

30,773

0.2

1

100.0

31,851

0.2

P-43

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

963

1,480

1

97.1

35,444

0.2

1

85.0

33,856

0.2

P-45

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

Beneficiaryinterests in trust

995

1,460

1

97.1

36,059

0.2

1

97.3

34,996

0.2

P-47

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,184

3,240

1

98.6

79,636

0.5

1

91.8

79,492

0.5

P-48

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,488

4,950

1

96.1

104,975

0.6

1

95.8

112,300

0.7

P-49

RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,115

1,650

1

86.5

40,444

0.2

1

98.3

38,167

0.2

P-50

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

Beneficiaryinterests in trust

6,412

9,680

1

95.8

221,082

1.3

1

95.9

216,425

1.3

P-51

RESIDIA Daikanyama

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

1,987

2,570

1

97.2

59,582

0.4

1

95.7

57,926

0.3

P-52

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

2,358

3,650

1

93.3

79,469

0.5

1

96.8

82,218

0.5

P-53

RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

Beneficiaryinterests in trust

3,533

5,490

1

93.3

131,705

0.8

1

91.1

130,053

0.8

P-55

RESIDIA TOWER Meguro-Fudomae

Shinagawa-ku, Tokyo

Real estate

14,40921,2001

97.0

537,355

3.2

1

97.2

547,010

3.2

P-56

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,537

3,850

1

88.5

87,257

0.5

1

97.4

91,504

0.5

P-59

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,503

2,450

1

97.1

61,128

0.4

1

92.2

60,502

0.4

P-60

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,325

1,750

1

93.6

43,410

0.3

1

94.2

41,046

0.2

P-61

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,904

2,490

1

95.5

57,887

0.3

1

93.1

61,376

0.4

P-62

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,042

8,990

1

93.0

206,293

1.2

1

95.2

203,906

1.2

10

Property
no.

P-63

Name of real estate

RESIDIA Shibuya

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4

Location

Type ofownership

Shibuya-ku, Tokyo

Real estate

1,195

1,840

1

97.4

40,795

0.2

1

90.7

41,654

0.2

P-64

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,712

2,760

1

93.9

66,004

0.4

1

93.7

63,844

0.4

P-65

RESIDIA Azabudai

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,521

2,100

1

93.6

49,566

0.3

1

95.1

49,625

0.3

P-66

RESIDIA Shibadaimon II

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,643

2,200

1

93.7

52,097

0.3

1

97.9

51,671

0.3

P-67

RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate

1,065

1,660

1

95.9

40,664

0.2

1

83.1

40,272

0.2

P-68

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,192

1,720

1

96.9

42,362

0.3

1

85.1

40,518

0.2

P-69

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,662

2,480

1

85.1

57,204

0.3

1

97.5

57,722

0.3

P-70

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

851

1,260

1

92.5

27,486

0.2

1

96.2

28,6980.2

P-72

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

951

1,320

1

90.0

32,855

0.2

1

96.3

34,191

0.2

Beneficiaryinterests in trust

4,264

7,040

1

98.1

184,095

1.1

1

95.6

185,360

1.1

Real estate

866

1,090

1

95.0

30,579

0.2

1

100.0

29,681

0.2

P-73

RESIDIA Shibaura

Minato-ku, Tokyo

P-74

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

P-75

RESIDIA Yutenji

Meguro-ku, Tokyo

Beneficiaryinterests in trust

4,963

6,650

1

95.0

157,322

0.9

1

96.7

157,686

0.9

P-76Park Tower Shibaura Bayward Urban
Minato-ku, Tokyo
Wing

Beneficiaryinterests in trust

9,010

13,8001

96.2

329,810

2.0

1

94.0

327,702

1.9

P-79

RESIDIA Kamimeguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

833

1,300

1

79.5

31,572

0.2

1

93.4

31,751

0.2

P-84

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

Real estate

1,331

1,910

1

92.3

45,735

0.3

1

100.0

46,9990.3

P-85

RESIDIA Komazawa

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

794

1,360

1

100.0

28,095

0.2

1

100.0

28,095

0.2

P-86

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

Beneficiaryinterests in trust

2,248

3,370

1

98.6

88,356

0.5

1

97.7

87,728

0.5

P-87

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,914

2,910

1

96.4

64,895

0.4

1

95.6

66,252

0.4

P-88

RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,498

2,070

1

97.5

51,476

0.3

1

94.8

50,095

0.3

P-89

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,451

5,430

1

90.5

114,341

0.7

1

96.7

123,641

0.7

P-90

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

Beneficiaryinterests in trust

3,586

5,280

1

97.1

123,792

0.7

1

96.1

124,921

0.7

P-91

RESIDIA Meguro III

Meguro-ku, Tokyo

Beneficiaryinterests in trust

932

1,620

1

96.7

34,726

0.2

1

91.7

32,875

0.2

P-92

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

765

1,080

1

100.0

26,924

0.2

1

100.0

27,2690.2

P-93

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,194

2,010

1

98.4

44,994

0.3

1

93.9

44,735

0.3

P-94

RESIDIA Omori II

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,551

2,490

1

99.0

56,557

0.3

1

95.8

57,377

0.3

P-95

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,429

2,340

1

82.2

51,440

0.3

1

89.8

47,652

0.3

P-96

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

3,720

5,010

1

94.1

117,022

0.7

1

97.7

120,663

0.7

P-97

RESIDIA Nakameguro

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,108

1,720

1

91.9

35,634

0.2

1

94.1

37,3580.2

P-98

Artis Court Minamiaoyama

Minato-ku, Tokyo

Beneficiaryinterests in trust

1,709

2,130

1

91.7

56,683

0.3

1

85.1

53,074

0.3

P-99

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

2,028

3,020

1

99.2

83,220

0.5

1

96.8

81,304

0.5

P-100

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

Beneficiaryinterests in trust

928

1,290

1

95.8

30,717

0.2

1

100.0

30,3100.2

P-101

RESIDIA Ebisu III

Shibuya-ku, Tokyo

Real estate

644

914

1

100.0

20,375

0.1

1

95.9

21,351

0.1

P-102

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

707

1,090

1

92.5

25,360

0.2

1

97.5

28,267

0.2

P-103

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

1,173

1,710

1

95.7

38,379

0.2

1

91.6

37,7070.2

P-104

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

3,150

4,360

1

92.3

104,965

0.6

1

95.6

108,215

0.6

P-105

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,279

1,900

1

94.0

42,903

0.3

1

94.2

43,306

0.3

P-106

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

978

1,430

1

91.5

32,966

0.2

1

94.9

32,955

0.2

P-107

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

Real estate

888

1,080

1

85.9

23,045

0.1

1

95.1

23,446

0.1

P-108

RESIDIA Nakanobu II

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust

922

1,220

1

97.8

27,334

0.2

1

93.7

26,788

0.2

P-109

RESIDIA Ochanomizu II

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

827

1,140

1

96.8

25,608

0.2

1

97.3

26,6050.2

P-110

RESIDIA Mishuku

Setagaya-ku, Tokyo

Beneficiaryinterests in trust

1,167

1,510

1

100.0

34,038

0.2

1

100.0

34,3790.2

P-111

RESIDIA Ichigaya II

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

1,984

2,350

1

90.9

54,418

0.3

1

92.0

53,6480.3

P-112

RESIDIA Ichigaya-Sadohara

Shinjuku-ku, Tokyo

Beneficiaryinterests in trust

4,242

5,060

1

96.3

134,540

0.8

1

89.9

142,664

0.8

P-113

RESIDIA Nishi-Koyama

Meguro-ku, Tokyo

Beneficiaryinterests in trust

1,718

2,250

1

97.3

49,499

0.3

1

100.0

48,5280.3

P-114

RESIDIA Minami-Shinagawa II

Shinagawa-ku, Tokyo

Real estate

2,212

2,720

1

97.1

59,537

0.4

1

99.0

60,4200.4

P-115

RESIDIA Kagurazaka II

Shinjuku-ku, Tokyo

Real estate

1,153

1,500

1

97.1

30,972

0.2

1

91.4

28,0180.2

P-116

RESIDIA Otemachi-Kita

Chiyoda-ku, Tokyo

Beneficiaryinterests in trust

1,568

1,910

1

81.5

38,976

0.2

1

97.7

43,9300.3

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,528

3,030

1

92.9

67,618

0.4

1

94.6

66,793

0.4

C-1

RESIDIA Mitsukoshimae

11Propertyno.

C-2

Name of real estate

RESIDIA Kamata

Location

Type ofownership

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4

Ota-ku, Tokyo

Beneficiaryinterests in trust

2,063

4,120

1

98.9

99,836

0.6

1

95.5

106,778

0.6

C-3

RESIDIA Ikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

1,405

2,090

1

98.6

52,802

0.3

1

98.6

52,247

0.3

C-4

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,509

2,590

1

98.8

58,660

0.4

1

95.8

58,838

0.3

C-5

RESIDIA Asakusabashi

Taito-ku, Tokyo

Beneficiaryinterests in trust

891

1,660

1

95.8

40,947

0.2

1

87.5

40,1030.2

C-6

Maison Eclairee Ekoda

Nerima-ku, Tokyo

Beneficiaryinterests in trust

876

1,140

1

95.8

34,977

0.2

1

89.4

36,205

0.2

C-7

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

Beneficiaryinterests in trust

2,732

4,310

1

99.3

102,866

0.6

1

96.3

99,871

0.6

C-8

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,521

2,270

1

96.7

50,508

0.3

1

96.7

51,794

0.3

C-9

RESIDIA Ryogoku

Sumida-ku, Tokyo

Beneficiaryinterests in trust

816

1,420

1

93.3

34,555

0.2

1

93.3

34,1730.2

C-12

RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,850

4,490

1

97.6

101,901

0.6

1

97.6

109,698

0.6

C-13

RESIDIA Omori-Higashi

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,754

2,310

1

91.6

57,159

0.3

1

93.7

56,5390.3

C-15

RESIDIA Kinshicho

Sumida-ku, Tokyo

Beneficiaryinterests in trust

3,885

5,340

1

98.1

122,001

0.7

1

92.6

122,491

0.7

C-16

RESIDIA Negishi

Taito-ku, Tokyo

Beneficiaryinterests in trust

776

1,080

1

96.3

28,323

0.2

1

100.0

28,975

0.2

C-17

RESIDIA Shinkawa

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,769

2,860

1

94.0

67,590

0.4

1

91.9

65,245

0.4

C-18

RESIDIA Kamiikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

514

795

1

100.0

22,025

0.1

1

100.0

22,325

0.1

C-19

RESIDIA Shin-nakano

Nakano-ku, Tokyo

Beneficiaryinterests in trust

340

580

1

96.7

16,036

0.1

1

86.6

15,7930.1

C-21

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

930

1,380

1

100.0

37,362

0.2

1

97.5

35,7150.2

C-22

RESIDIA Tsukiji

Chuo-ku, Tokyo

Real estate

1,323

2,240

1

95.8

50,640

0.3

1

95.4

54,182

0.3

C-23

RESIDIA Sasazuka

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,749

2,280

1

95.4

63,703

0.4

1

92.5

64,076

0.4

C-25

RESIDIA Tamagawa

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,119

1,870

1

100.0

48,553

0.3

1

97.0

47,8490.3

C-26

RESIDIA Korakuen

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

567

858

1

97.2

21,324

0.1

1

100.0

21,954

0.1

C-27

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,851

3,060

1

88.4

69,531

0.4

1

92.5

66,698

0.4

C-28

RESIDIA Oji

Kita-ku, Tokyo

Beneficiaryinterests in trust

754

1,110

1

100.0

33,726

0.2

1

100.0

33,717

0.2

C-29

RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

947

1,300

1

94.7

35,663

0.2

1

96.5

37,6860.2

C-31

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

980

1,440

1

100.0

38,039

0.2

1

92.0

37,5600.2

C-32

RESIDIA Kamata II

Ota-ku, Tokyo

Real estate

1,239

1,930

1

95.0

46,922

0.3

1

94.1

47,5590.3

C-33

RESIDIA Tsukishima II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,262

3,300

1

93.1

84,594

0.5

1

98.3

84,591

0.5

C-34

RESIDIA Kinshicho II

Sumida-ku, Tokyo

Real estate

2,174

3,090

1

96.3

76,733

0.5

1

91.8

78,057

0.5

C-35

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

2,991

4,660

1

98.7

120,837

0.7

1

92.0

119,232

0.7

C-36

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

638

1,050

1

97.1

27,329

0.2

1

88.1

25,7360.2

C-37

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

970

1,560

1

98.1

38,984

0.2

1

93.1

38,1130.2

C-38

RESIDIA Ikegami

Ota-ku, Tokyo

Beneficiaryinterests in trust

354

489

1

96.7

13,750

0.1

1

93.7

13,239

0.1

510

935

1

85.6

17,788

0.1

1

92.5

21,046

0.1

1,333

1,990

1

93.4

47,757

0.3

1

95.1

49,395

0.3

C-39

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

Beneficiaryinterests in trust

C-40

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

C-41

RESIDIA Iriya

Taito-ku, Tokyo

Beneficiaryinterests in trust

830

1,250

1

92.5

38,993

0.2

1

96.7

37,4100.2

C-42

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,225

1,810

1

100.0

44,918

0.3

1

84.5

44,514

0.3

C-43

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,724

2,390

1

93.6

60,586

0.4

1

92.1

60,775

0.4

C-44

RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,169

1,600

1

96.7

44,155

0.3

1

94.8

41,8640.2

C-45

RESIDIA Shinkawa II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,243

1,960

1

92.1

48,013

0.3

1

96.4

46,2300.3

C-46

RESIDIA Mejiro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

5,901

8,850

1

96.3

240,646

1.4

1

94.1

239,351

1.4

Beneficiaryinterests in trust

623

839

1

100.0

27,183

0.2

1

100.0

28,9690.2

Real estate

4,931

8,150

1

94.7

200,731

1.2

1

96.7

202,539

1.2

C-47

RESIDIA Kasai

Edogawa-ku, Tokyo

C-48

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

C-49

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

Beneficiaryinterests in trust

3,445

6,290

1

92.4

150,618

0.9

1

93.8

156,018

0.9

C-50

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

814

1,350

1

100.0

29,739

0.2

1

100.0

29,7390.2

C-51

RESIDIA Kiba

Koto-ku, Tokyo

Beneficiaryinterests in trust

1,799

3,460

1

96.1

81,594

0.5

1

96.1

81,394

0.5

C-52

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,051

1,760

1

100.0

39,902

0.2

1

100.0

44,673

0.3

C-53

RESIDIA Bunkyo- Honkomagome

Bunkyo-ku, Tokyo

Real estate

2,195

3,390

1

96.8

84,120

0.5

1

97.8

83,188

0.5

C-54

RESIDIA Tsukishima III

Chuo-ku, Tokyo

Beneficiaryinterests in trust

2,370

4,310

1

90.7

91,417

0.5

1

94.1

93,496

0.6

Arakawa-ku, Tokyo

Beneficiaryinterests in trust

2,221

3,990

1

96.2

171,246

1.0

1

94.4

168,738

1.0

C-55

RESIDIA Minami-senjyu

12Property
no.

C-56

Name of real estate

Location

RESIDIA Ogikubo

Suginami-ku, Tokyo

Type ofownership

Real estate

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4
1,748

2,680

1

94.4

62,926

0.4

1

94.7

66,433

0.4

C-57

RESIDIA Monzennakacho

Koto-ku, Tokyo

Beneficiaryinterests in trust

997

1,580

1

91.1

35,918

0.2

1

95.6

36,715

0.2

C-58

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,955

3,390

1

95.4

79,427

0.5

1

96.7

77,6890.5

C-59

RESIDIA Omori

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,101

1,710

1

98.7

42,656

0.3

1

98.7

42,3390.3

C-60

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

Beneficiaryinterests in trust

993

1,570

1

94.6

39,585

0.2

1

98.7

39,811

0.2

C-61

RESIDIA Kachidoki

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,693

2,910

1

95.2

65,451

0.4

1

98.5

67,883

0.4

C-62

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

2,220

3,610

1

96.3

83,509

0.5

1

94.4

86,8630.5

C-63

RESIDIA Kinshicho III

Koto-ku, Tokyo

Beneficiaryinterests in trust

620

958

1

100.0

25,414

0.2

1

100.0

25,4780.2

C-64

RESIDIA Kamata III

Ota-ku, Tokyo

Beneficiaryinterests in trust

901

1,430

1

95.0

34,207

0.2

1

93.6

34,4230.2

C-65

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

Beneficiaryinterests in trust

7,635

13,2001

96.9

750,894

4.5

1

96.9

755,830

4.5

C-66

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

Real estate

507

670

1

100.0

16,193

0.1

1

100.0

16,192

0.1

C-67

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

Real estate

595

773

1

100.0

18,084

0.1

1

100.0

18,0840.1

C-68

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,104

1,540

1

100.0

36,298

0.2

1

100.0

36,2940.2

C-69

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

Real estate

473

564

1

100.0

13,608

0.1

1

100.0

13,6080.1

C-70

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

Beneficiaryinterests in trust

1,072

1,520

1

96.8

43,790

0.3

1

100.0

44,261

0.3

C-71

RESIDIA Ojima

Koto-ku, Tokyo

Beneficiaryinterests in trust

1,230

1,820

1

93.2

41,446

0.2

1

91.0

44,952

0.3

C-72

RESIDIA Machiya

Arakawa-ku, Tokyo

Beneficiaryinterests in trust

1,154

1,590

1

97.1

46,373

0.3

1

100.0

46,8400.3

C-73

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

Beneficiaryinterests in trust

1,796

2,390

1

92.2

57,059

0.3

1

91.5

54,4830.3

C-74

RESIDIA Nerima

Nerima-ku, Tokyo

Beneficiaryinterests in trust

498

729

1

100.0

18,060

0.1

1

100.0

18,060

0.1

388

572

1

92.7

15,500

0.1

1

92.5

13,955

0.1

683

952

1

92.4

23,712

0.1

1

94.9

22,1630.1

C-75

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

Beneficiaryinterests in trust

C-76

RESIDIA Nakano

Nakano-ku, Tokyo

Real estate

C-77

RESIDIA Ogikubo II

Suginami-ku, Tokyo

Real estate

476

619

1

100.0

13,620

0.1

1

100.0

13,6200.1

C-78

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,327

1,710

1

96.5

44,897

0.3

1

98.6

45,0360.3

C-79

RESIDIA Akihabara

Taito-ku, Tokyo

Beneficiaryinterests in trust

969

1,450

1

97.0

35,730

0.2

1

91.5

32,9280.2

C-80

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

Beneficiaryinterests in trust

864

1,300

1

98.4

32,750

0.2

1

96.6

31,8740.2

C-81

RESIDIA Omori III

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,390

1,950

1

98.6

42,513

0.3

1

93.7

43,332

0.3

C-82

RESIDIA Nihonbashi-Bakurocho II

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,976

2,860

1

95.2

59,396

0.4

1

94.2

59,635

0.4

C-83

RESIDIA Nihonbashi-Bakurocho III

Chuo-ku, Tokyo

Beneficiaryinterests in trust

1,826

2,690

1

93.6

62,968

0.4

1

93.6

63,9490.4

C-84

RESIDIA Bunkyo-Hongo III

Bunkyo-ku, Tokyo

Beneficiaryinterests in trust

1,660

2,240

1

97.5

50,457

0.3

1

95.9

50,282

0.3

C-85

RESIDIA Shin-Okachimachi II

Taito-ku, Tokyo

Beneficiaryinterests in trust

4,659

6,170

1

95.4

139,038

0.8

1

95.1

138,506

0.8

C-86

RESIDIA Kameido

Koto-ku, Tokyo

Beneficiaryinterests in trust

3,017

3,920

1

94.9

85,702

0.5

1

98.6

86,791

0.5

C-87

RESIDIA Koenji

Suginami-ku, Tokyo

Beneficiaryinterests in trust

1,394

1,850

1

98.5

41,576

0.2

1

93.3

41,3290.2

C-88

RESIDIA Kamata V

Ota-ku, Tokyo

Real estate

2,334

2,870

1

90.1

65,344

0.4

1

95.0

66,525

0.4

C-89

RESIDIA Kamata IV

Ota-ku, Tokyo

Real estate

3,344

4,100

1

89.4

87,550

0.5

1

96.4

87,8720.5

C-90

RESIDIA Ikegami II

Ota-ku, Tokyo

Beneficiaryinterests in trust

1,107

1,370

1

100.0

34,834

0.2

1

98.0

30,8730.2

C-91

RESIDIA Sasazuka III

Suginami-ku, Tokyo

Real estate

1,422

1,720

1

88.9

37,605

0.2

1

91.1

35,9060.2

C-92

RESIDIA Nakano-Fujimidai

Nakano-ku, Tokyo

Beneficiaryinterests in trust

1,809

1,940

1

80.9

12,691

0.1

1

96.9

45,587

0.3

S-2

Chester House Kawaguchi

Kawaguchi-shi, Saitama

Beneficiaryinterests in trust

671

762

1

94.9

29,455

0.2

1

100.0

29,453

0.2

S-4

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

Beneficiaryinterests in trust

960

1,350

1

100.0

43,461

0.3

1

92.8

45,231

0.3

S-5

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

1,692

2,310

1

96.9

66,550

0.4

1

96.9

69,911

0.4

S-7

RESIDIA Chofu

Chofu-shi, Tokyo

Beneficiaryinterests in trust

1,027

1,370

1

95.1

35,003

0.2

1

100.0

35,841

0.2

S-11

Tokyo Student-House WAKO

Wako-shi, Saitama

Beneficiaryinterests in trust

629

783

1

100.0

26,182

0.2

1

100.0

26,186

0.2

S-12

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

Beneficiaryinterests in trust

473

717

1

100.0

19,764

0.1

1

97.0

21,8830.1

S-14

RESIDIA Yokohama-Kannai

Beneficiary
Yokohama-shi, Kanagawa
interests in trust

1,500

1,970

1

91.6

52,382

0.3

1

95.2

53,635

0.3

S-15

RESIDIA Okurayama

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

682

949

1

100.0

27,669

0.2

1

100.0

26,685

0.2

S-16

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

S-17

RESIDIA Funabashi
Funabashi II

S-19

RESIDIA Kichijoji

I

RESIDIA

Real estate

1,442

2,160

1

97.0

58,326

0.3

1

99.0

59,2280.4

Funabashi-shi, Chiba

Beneficiaryinterests in trust

2,443

3,620

1

98.9

100,999

0.6

1

98.4

106,212

0.6

Musashino-shi, Tokyo

Beneficiaryinterests in trust

1,403

1,900

1

98.0

51,110

0.3

1

93.5

49,7490.3

13

Propertyno.

Name of real estate

Location

Type ofownership

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4

S-20

Real estate andPacific Royal Court Minatomirai Ocean
Yokohama-shi, Kanagawa leasehold rights
Tower
to real estate

10,655

16,9001

100.0

566,209

3.4

1

100.0

566,199

3.4

S-22

Life & Senior House Kohoku II

Yokohama-shi, Kanagawa

Real estate

1,623

2,330

1

100.0

71,047

0.4

1

100.0

70,752

0.4

S-23

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

Beneficiaryinterests in trust

724

1,230

1

100.0

32,760

0.2

1

100.0

32,7600.2

S-24

RESIDIA Urayasu

Urayasu-shi, Chiba

Beneficiaryinterests in trust

1,980

3,230

1

92.0

81,160

0.5

1

98.3

83,8330.5

S-25

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

Beneficiaryinterests in trust

843

1,210

1

95.3

35,448

0.2

1

92.9

35,904

0.2

S-26

RESIDIA Urayasu

Urayasu-shi, Chiba

Beneficiaryinterests in trust

788

1,190

1

97.3

33,417

0.2

1

93.2

32,754

0.2

S-27

RESIDIA Gyotoku

Ichikawa-shi, Chiba

Beneficiaryinterests in trust

767

1,140

1

98.7

33,644

0.2

1

96.0

37,1800.2

S-28

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

Beneficiaryinterests in trust

1,542

2,520

1

92.7

63,368

0.4

1

90.8

63,0450.4

S-29

Cocofump Hiyoshi

Beneficiary
Yokohama-shi, Kanagawa
interests in trust

933

1,170

1

100.0

45,000

0.3

1

100.0

45,0000.3

S-30

RESIDIA Sagamihara

Sagamihara-shi,
Kanagawa

Beneficiaryinterests in trust

1,095

1,440

1

100.0

43,112

0.3

1

100.0

43,112

0.3

S-31

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

Beneficiaryinterests in trust

747

1,040

1

100.0

34,948

0.2

1

100.0

34,2250.2

S-32

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

Real estate

613

789

1

92.5

23,592

0.1

1

98.1

26,2290.2

S-33

RESIDIA Funabashi III

Funabashi-shi, Chiba

Real estate

654

758

1

100.0

23,277

0.1

1

100.0

20,127

0.1

S-34

RESIDIA Funabashi IV

Funabashi-shi, Chiba

Beneficiaryinterests in trust

598

640

1

95.3

18,230

0.1

1

93.0

19,116

0.1

R-2

RESIDIA Imadegawa

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,452

1,760

1

100.0

60,761

0.4

1

100.0

60,754

0.4

R-4

RESIDIA Higashizakura

Nagoya-shi, Aichi

Beneficiaryinterests in trust

936

1,400

1

95.7

43,575

0.3

1

95.7

44,8380.3

Beneficiaryinterests in trust

3,245

4,770

1

100.0

125,679

0.8

1

100.0

126,161

0.7

Real estate

1,199

1,640

1

95.7

52,595

0.3

1

94.6

53,4290.3

R-8

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

R-10

RESIDIA Hakata

Fukuoka-shi, Fukuoka

R-11

RESIDIA Tenjinbashi

Osaka-shi, Osaka

Beneficiaryinterests in trust

791

1,220

1

93.2

35,144

0.2

1

89.8

34,7580.2

R-12

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate

1,932

3,270

1

96.0

89,717

0.5

1

97.9

89,8400.5

R-13

KC21 Building

Sendai-shi, Miyagi

Real estate

832

1,030

1

94.2

35,555

0.2

1

96.4

37,7060.2

R-14

RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

998

1,650

1

91.7

46,351

0.3

1

92.3

45,572

0.3

R-15

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,810

2,810

1

96.9

79,214

0.5

1

94.3

82,714

0.5

R-16

RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,055

3,560

1

94.8

93,352

0.6

1

96.7

96,258

0.6

R-17

RESIDIA Hibino

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,062

1,550

1

97.5

66,660

0.4

1

97.5

66,584

0.4

R-19

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

874

1,220

1

96.4

39,192

0.2

1

94.6

39,4500.2

R-20

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

296

435

1

97.4

16,044

0.1

1

100.0

16,555

0.1

R-21

RESIDIA Hisaya-Oodori II

Nagoya-shi, Aichi

Real estate

571

852

1

97.4

27,803

0.2

1

87.8

27,077

0.2

R-24

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,394

2,160

1

94.3

74,452

0.4

1

96.6

75,714

0.4

R-25

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,144

1,540

1

92.8

57,789

0.3

1

99.3

60,727

0.4

R-26

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,070

1,500

1

95.2

47,036

0.3

1

92.8

48,492

0.3

R-27

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

718

930

1

100.0

32,907

0.2

1

100.0

33,012

0.2

R-29

RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

697

816

1

100.0

33,964

0.2

1

93.7

33,902

0.2

R-30

RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,163

4,380

1

97.0

145,605

0.9

1

89.0

141,103

0.8

R-31

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

911

1,320

1

92.9

43,346

0.3

1

96.0

46,1960.3

R-32

RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

694

938

1

100.0

29,477

0.2

1

96.7

30,0560.2

R-34

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,767

2,820

1

95.1

89,613

0.5

1

96.4

94,5930.6

R-35

RESIDIA Tanimachi

Osaka-shi, Osaka

Real estate

1,039

1,740

1

94.7

45,559

0.3

1

95.7

46,383

0.3

R-36

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

Beneficiaryinterests in trust

610

955

1

95.2

28,309

0.2

1

87.3

27,627

0.2

R-37

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

478

790

1

100.0

23,152

0.1

1

100.0

25,3690.2

R-38

RESIDIA Hirosedori

Sendai-shi, Miyagi

Beneficiaryinterests in trust

448

706

1

100.0

21,947

0.1

1

100.0

21,944

0.1

R-39

RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,332

1,960

1

98.4

58,069

0.3

1

96.9

58,4860.3

R-40

RESIDIA Kyomachibori

Osaka-shi, Osaka

Real estate

955

1,470

1

93.3

43,261

0.3

1

96.0

41,682

0.2

R-41

RESIDIA Esaka

Suita-shi, Osaka

Beneficiaryinterests in trust

973

1,370

1

97.5

37,861

0.2

1

97.7

37,897

0.2

R-42

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

2,126

3,360

1

93.4

103,777

0.6

1

96.0

107,576

0.6

R-43

RESIDIA Tsurumai

Nagoya-shi, Aichi

Beneficiaryinterests in trust

1,094

1,720

1

93.8

54,571

0.3

1

96.1

53,562

0.3

R-44

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

Beneficiaryinterests in trust

2,463

3,920

1

96.4

111,618

0.7

1

95.1

111,550

0.7

R-45

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

959

1,220

1

90.0

40,913

0.2

1

96.7

41,4830.2

14

Property
no.

R-46

Type ofownership

21st (Aug. 1, 2020 to Jan. 31, 2021)
22nd (Feb. 1, 2021 to July 31, 2021)
Book value Appraisal value
Total number
RentalTotal number
Rentalat end of at end of period
Occupancy
Occupancyof tenants atrevenue Percentage of of tenants atrevenue
Percentage of
period(million yen)rate at end of
rate at end of
end of period(thousandtotal rent
end of period(thousandtotal rent
(million yen)
Note 1
period (%)
period (%)(tenants)yen)revenue (%)(tenants)yen)revenue (%)
Note 3Note 3Note 2
Note 4Note 2
Note 4

Name of real estate

Location

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

Beneficiaryinterests in trust

1,809

2,630

1

99.0

72,857

0.4

1

94.5

74,6380.4

R-47

RESIDIA Marunouchi

Nagoya-shi, Aichi

Beneficiaryinterests in trust

900

1,270

1

97.8

39,321

0.2

1

94.3

39,211

0.2

R-48

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

1,339

2,150

1

95.1

73,290

0.4

1

95.8

75,293

0.4

R-49

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

1,153

1,780

1

93.1

46,267

0.3

1

94.8

45,8300.3

R-50

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

827

1,170

1

98.7

34,910

0.2

1

100.0

37,202

0.2

R-51

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

Real estate

3,115

5,590

1

97.1

158,135

0.9

1

98.1

161,342

1.0

R-52

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,669

2,170

1

92.1

65,053

0.4

1

94.9

71,9880.4

Nagoya-shi, Aichi

Beneficiaryinterests in trust

2,833

3,760

1

93.4

115,882

0.7

1

94.8

117,471

0.7

R-53

RESIDIA Higashizakura II

R-54

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,662

2,610

1

98.5

82,757

0.5

1

95.5

84,306

0.5

R-55

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

Beneficiaryinterests in trust

1,000

1,450

1

96.6

43,070

0.3

1

97.6

43,7800.3

R-56

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,043

1,730

1

98.3

52,416

0.3

1

98.8

53,787

0.3

R-57

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

Beneficiaryinterests in trust

536

920

1

94.4

29,061

0.2

1

95.6

30,4500.2

R-58

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

987

1,460

1

94.7

48,755

0.3

1

92.9

50,103

0.3

R-59

RESIDIA Shin-Osaka

Osaka-shi, Osaka

Beneficiaryinterests in trust

2,666

4,030

1

96.7

105,674

0.6

1

94.5

105,403

0.6

R-60

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

Beneficiaryinterests in trust

789

1,110

1

100.0

35,093

0.2

1

100.0

35,164

0.2

R-61

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

Beneficiaryinterests in trust

230

340

1

100.0

9,616

0.1

1

100.0

9,677

0.1

R-62

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

Beneficiaryinterests in trust

1,047

1,410

1

100.0

43,095

0.3

1

100.0

43,095

0.3

R-63

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

519

762

1

90.7

25,194

0.2

1

97.8

25,7900.2

R-64

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

480

623

1

100.0

19,633

0.1

1

95.3

19,9530.1

R-65

RESIDIA Soen

Sapporo-shi, Hokkaido

Beneficiaryinterests in trust

368

556

1

94.9

20,541

0.1

1

98.3

20,911

0.1

R-66

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,096

1,420

1

96.6

41,837

0.3

1

95.5

41,914

0.2

R-67

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,105

1,440

1

98.9

42,680

0.3

1

96.7

42,463

0.3

R-68

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

1,327

1,790

1

97.7

51,208

0.3

1

95.3

52,735

0.3

R-69

RESIDIA Kego

Fukuoka-shi, Fukuoka

Beneficiaryinterests in trust

803

1,230

1

95.2

35,638

0.2

1

98.7

37,3330.2

R-70

RESIDIA Shirakabe

Nagoya-shi, Aichi

Beneficiaryinterests in trust

908

1,180

1

96.3

33,325

0.2

1

96.3

34,5360.2

R-71

RESIDIA Sakae

Nagoya-shi, Aichi

Real estate

909

959

1

92.2

27,382

0.2

1

90.9

28,6930.2

R-72

RESIDIA Senri-Fujishirodai

Suita-shi, Osaka

Beneficiaryinterests in trust

1,505

1,770

1

100.0

45,939

0.3

1

100.0

46,174

0.3

R-73

RESIDIA Senri-Banpakukoen

Suita-shi, Osaka

Beneficiaryinterests in trust

2,191

2,420

1

100.0

62,054

0.4

1

100.0

62,0480.4

R-74

RESIDIA Sapporo-eki North

Sapporo, Hokkaido

Real estate

794

708

1

88.5

22,860

0.1

1

89.0

22,6870.1

R-75

RESIDIA Hijiyama-Koen

Hiroshima-shi, Hiroshima

Beneficiaryinterests in trust

681

795

1

95.4

25,962

0.2

1

100.0

27,042

0.2

R-76

RESIDIA Kita-Nijyo-East III

Sapporo, Hokkaido

Beneficiaryinterests in trust

434

441

1

90.1

13,910

0.1

1

92.5

15,002

0.1

R-77

RESIDIA Shin-Osaka II

Osaka-shi, Osaka

Real estate

692

741

1

92.6

19,939

0.1

1

94.1

20,4290.1

R-78

RESIDIA Tsutsujigaoka-Koen

Sendai-shi, Miyagi

Beneficiaryinterests in trust

769

788

1

100.0

27,102

0.2

1

95.1

26,817

0.2

R-79

RESIDIA Sendai-Kamisugi

Sendai-shi, Miyagi

Real estate

1,502

1,640

1

95.0

44,731

0.3

1

100.0

48,029

0.3

1,314

1,350

1

98.6

13,104

0.1

1

97.4

37,052

0.2

667

669

-

-

-

-

1

93.3

3,246

0.0

430,031

633,071271

96.0

16,692,630

100.0

272

95.9

16,884,005

100.0

R-80

RESIDIA Shirokitakoen-dori

Osaka-shi, Osaka

Beneficiaryinterests in trust

R-81

RESIDIA Kyoto-Mibu

Kyoto, Kyoto

Beneficiaryinterests in trust

Total

Notes

1.
2.
3.
4.
5.

“Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting of Investment Corporations” issued
by the Cabinet Office, provided by a real estate appraiser as of July 31, 2021.
“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, 2021, are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates the total number of master leaseagreements that were concluded with 10 master lessees.
“Occupancy rate” is calculated using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
“Rental revenue” is the rental revenue of respective real estate for the FP under review.
On August 26, 2021, ADR concluded an agreement to dispose of the beneficiary interests it held in RESIDIA Yoyogi and RESIDIA Nishi-Shinjuku. Based on this agreement, ADR is scheduled to disposeof the said beneficiary interests on October 18, 2021.

15

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

RESIDIA Ebisu II(Shibuya-ku, Tokyo)
RESIDIA Kamiochiai(Shinjuku-ku, Tokyo)
RESIDIA Toranomon(Minato-ku, Tokyo)
RESIDIA Nakameguro(Meguro-ku, Tokyo)
RESIDIA Mitsukoshimae(Chuo-ku, Tokyo)
RESIDIA Bunkyo-Hongo II(Bunkyo-ku, Tokyo)
RESIDIA Bunkyo-Sengoku II(Bunkyo-ku, Tokyo)
RESIDIA Omori(Ota-ku, Tokyo)
RESIDIA Urayasu(Urayasu-shi, Chiba)
RESIDIA Minami-Ichijo(Sapporo-shi, Hokkaido)
RESIDIA Odori-Nishi(Sapporo-shi, Hokkaido)

Purpose

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

Estimated duration

From: December 2020
To: September 2021
From: December 2020
To: October 2021
From: January 2021
To: October 2021
From: January 2021
To: October 2021
From: January 2021
To: October 2021
From: December 2020
To: September 2021
From: December 2020
To: October 2021
From: December 2020
To: October 2021
From: December 2020
To: October 2021
From: December 2020
To: December 2021
From: December 2020
To: December 2021

Total
amounts

Payment
Cumulative
for theamountcurrent
paid
period

76

23

23

58

22

22

65

24

24

58

17

17

71

43

43

68

40

40

63

21

21

71

20

20

58

28

28

136

3

3

132

3

3

16

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 923 million yen for the entire portfolio. When combined with repairs
and maintenance cost of 729 million yen, the cost of construction work totals 1,653 million yen.
(million yen)
Name of real estate
Purpose
Implementation period
Amount paid
(Location)
RESIDIA Sangenjaya
From: June 22, 2020
Major repair work
104
(Setagaya-ku, Tokyo)
To: February 13, 2021
RESIDIA Korakuen
From: April 17, 2021
Major repair work
44
(Bunkyo-ku, Tokyo)
To: July 31, 2021
Leopalace Udagawacho Mansion
From: April 16, 2021
Major repair work
30
(Shibuya-ku, Tokyo)
To: July 31, 2021
Other real estate properties
Renovations
744
Total
Note

923

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

3 Cash Reserves for Value Enhancement Works and Renovations
Based on medium- to long-term renovation plans for each property, ADR sets aside the following cash reserves, derived
mostly from cash flows of depreciation and amortization (including earnings that are retained), to fund large-scale repair
work and value enhancement works.

FP

18th FP

19th FP

20th FP

21st FP(million yen)
22nd FP

From: February 1, 2019 From: August 1, 2019 From: February 1, 2020 From: August 1, 2020 From: February 1, 2021
To: July 31, 2019

To: January 31, 2020

To: July 31, 2020

To: January 31, 2021

To: July 31, 2021

Balance of reserves at beginning of period
Amount of reserves during period

1,705
939

1,822
976

1,972
1,035

2,130
1,369

2,233
1,402

Reversal of reserves during period
Amount carried forward to next period

821
1,822

826
1,972

876
2,130

1,267
2,233

1,487
2,147

17

Acquisitions and Disposals in the 22nd FP
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Acquisition
Propertyno.

Name of real estate

R-81

RESIDIA Kyoto-Mibu

Acquisition date

Disposition

Acquisition
Disposition
Gain (Loss)
Book Value
Price Note Disposition date Price Noteon Sales(million yen)(million yen)(million yen)(million yen)

June 29, 2021

Total

614

–

–

–

–

614

–

–

–

–

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

2 Transactions with Interested Parties
1)

Transactions
The following table details the status of transactions with interested parties in the 22nd FP.
Not applicable.

2)

Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 22nd FP.

Classification
Property management fees

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

Breakdown of transaction with interested parties
Payee

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

1,524,366

ITOCHU Urban Community Ltd.

974,298

63.9

Other rental expenses

124,736

ITOCHU Urban Community Ltd.

81,924

65.7

Advertising expenses

3,057

ITOCHU Urban Community Ltd.

1,654

54.1

ITOCHU Urban Community Ltd.

16,337

12.1

95

0.1

Other fees

Notes 1.
2.

135,103

ITOCHU Human Resources &General Affairs Services Inc.

Transactions are not listed here if the nominal counter party is an interested party but the actual counter party is clearly a third party.
ITOCHU Urban Community Ltd. and ITOCHU Human Resources & General Affairs Services Inc. are interested parties of the asset management company that have signed
an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article 123 of the
Enforcement Order thereof, with which ADR engaged in transactions in the 22nd FP.

18

19

20

21

Balance Sheets(Thousands of yen)
AssetsCurrent assets
Cash and deposits (Notes 8 and 10)
Cash and deposits in trust (Notes 8 and 10)
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment (Notes 13, 17, 18, 20, 23)
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 (Note 23)
Leasehold rights in trust (Note 18)
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Guarantee deposits
Guarantee deposits in trust
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets

As of January 31, 2021

As of July 31, 2021

14,385,801
9,948,242
191,555
337,740
8,572
6,254(8,310)24,869,856

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

79,223,736(17,158,108)
62,065,628
27,169(11,284)
15,884
139,536(43,615)
95,921
504,661(253,480)
251,180
78,569,071
68,420157,875,729(33,410,141)
124,465,587
207,045(124,603)
82,442
247,752(143,727)
104,024
1,142,124(722,450)
419,674
163,145,192
7,007
429,290,034

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

1,802,767
3,907
1,806,674

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

849,608
581,138
1,038,903
1,090
2,470,740
433,567,449

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

3,499
138,540
142,040
458,579,346

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

22

(Thousands of yen)

Liabilities
Current liabilities
Operating accounts payable
Short–term loans payable (Notes 10 and 26)
Current portion of long-term loans payable (Notes 10, 12, 22
and 26)
Accounts payable – other (Note 13)
Accrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds (Notes 10 and 25)
Long-term loans payable (Notes 10, 12, 22 and 26)
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Derivatives liabilities (Notes 10, 12 and 22)
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity (Notes 6 and 20)
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 (Notes 4 and 19)
Total liabilities and net assets

As of January 31, 2021

As of July 31, 2021

475,585
500,000

542,856
500,000

28,978,000

27,220,000

1,475,825
95,276–
73,103
18,81531,616,607

1,475,349
62,80018,71757,54519,09629,896,366

34,000,000
157,310,000
1,308,502
3,340,940
36,457
195,995,900
227,612,507

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

139,034,823

139,034,823

53,220,279

53,220,279

30,850,311
30,850,311
7,897,882
91,968,473
231,003,296

30,514,789
30,514,789
7,771,784
91,506,853
230,541,676(36,457)(36,457)
230,966,838
458,579,346(49,790)(49,790)
230,491,886
457,829,380

23

Statements of Income(Thousands of yen)
For the six months ended
January 31, 2021

For the six months ended
July 31, 2021

16,718,837

16,884,005

295,187–

17,014,025

16,884,005

6,630,053

6,791,213

1,241,028
9,854

1,247,060
9,862

Administrative service fees
Directors’ compensation

53,2636,300

53,495
6,300

Taxes and dues
Bad debt expenses

365,115–376,229
240

Other operating expenses

195,102174,613

Total operating expenses

8,500,718

8,659,014

8,513,307

8,224,990

5,996

6,885

1,202
94

1,187
445

–

50

7,294

8,568

Interest expenses (Notes 10, 12 and 22)
Interest expense on investment corporation bonds

660,501
112,724

620,435
117,451

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

1,105
12,224

1,105
12,364

Borrowing -related expenses
Other

181,859
2,613

186,749
466

Operating revenue (Note 17)
Rental revenue – real estate (Notes 5 and 9)
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to the rent business (Notes 5 and 9)
Asset management fees (Note 13)
Asset custody fees

Operating income
Non-operating income
Interest income
Reversal of distribution payable
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses

971,029

938,573

Ordinary income

Total non-operating expenses

7,549,572

7,294,985

Income before income taxes

7,549,572

7,294,985

605

605

Income taxes – current (Note 14)
Total income taxes
Net income (Note 19)
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

605

605

7,548,967

7,294,380

348,915

477,404

7,897,882

7,771,784

24

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

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

Voluntary retained
earnings
Reserve for
Total
temporaryvoluntarydifference
retained
adjustments
earnings

Capitalsurplus139,034,823 53,220,279–

Deferred gainor loss onhedging
instruments

Totalunitholders’equityTotal
surplus(32,855)

Total
valuation andtranslation
adjustments

Total net
assets31,185,832

31,185,832

7,817,868

92,223,980

231,258,804(335,521)(335,521)

335,521–––(7,804,475)(7,804,475)(7,804,475)(7,804,475)

7,548,967

7,548,967

7,548,967

7,548,967

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

Unappropriatedretainedearnings(undisposed
loss)(32,855) 231,225,948(3,602)(3,602)(3,602)(259,109)–(335,521)(335,521)

80,013(255,507)(255,507)(3,602)(3,602)139,034,823 53,220,279

30,850,311

30,850,311

7,897,882

91,968,473

231,003,296(36,457)(36,457) 230,966,838

For the six months ended July 31, 2021
(Thousands of yen)
Valuation and translation
adjustments

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

Voluntary retained
earnings
Reserve for
Total
temporaryvoluntarydifference
retained
adjustments
earnings

Capitalsurplus139,034,823 53,220,279–

Deferred gainor loss onhedging
instruments

Totalunitholders’equityTotal
surplus(36,457)

Total
valuation andtranslation
adjustments

Total net
assets30,850,311

30,850,311

7,897,882

91,968,473

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

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

7,294,380

7,294,380

7,294,380

7,294,380

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

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

139,034,823 53,220,279

30,514,789

30,514,789

7,771,784

91,506,853

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

25

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

For the six months ended
July 31, 2021

7,897,882,834 yen

7,771,784,811 yen

335,521,628 yen

335,521,628 yen

7,756,000,000 yen

7,819,710,000 yen(5,600 yen)

(5,646 yen)

477,404,462 yen

287,596,439 yen

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes in excess of 90% of theamount of ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
7,756,000,000 yen. The figure wasderived by retaining 477,404,462 yenfrom the unappropriated retained
earnings of 7,897,882,834 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. 477,404,462 yen was retained toachieve a more consistent dividend
distribution.
ADR does not distribute dividends inexcess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

In accordance with the distribution
policy set forth in Article 32, Item 1 of
ADR’s Articles of Incorporation, ADR
distributes in excess of 90% of theamount of ADR’s profit available fordividends as stipulated in Article 6715 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
reserve for dividends will be used inorder to maintain stable payouts into
the future.
Based on this policy, ADR has
decided to distribute dividends of
7,819,710,000 yen. The figure wasderived by retaining 287,596,439 yen
from the unappropriated retained
earnings of 7,771,784,811 yen for the
fiscal period, plus the drawdown ofreserve for temporary difference
adjustments (RTA) of 335,521,628
yen. 287,596,439 yen was retained toachieve a more consistent dividend
distribution.
ADR does not distribute dividends inexcess of the profits as defined in
Article 32, Item 2 of its Articles ofIncorporation.

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

26

Statements of Cash Flows(Thousands of yen)
For the six months ended For the six months ended
January 31, 2021
July 31, 2021
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expenses
Interest expense on investment corporation bonds
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease in property, plant and equipment in trust by sales
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits in trust, net
Payments for lease and guarantee deposits
Payments for lease and guarantee deposits in trust
Cash flows from investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments of investment corporation bond issuance costs
Dividends paid
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents Cash
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period (Note 8)

7,549,572
2,802,867
1,105
12,224(94)(5,996)
660,501
112,724
31,578(8,572)
124,999(61,381)
159,997(43,662)
28,28818,997
953,840
19,224(1,188)12,355,026
499(764,979)(556)
11,589,989

7,294,985
2,835,854
1,105
12,364(469)(6,885)620,435
117,451
27,2998,572(21,285)
18,717(43,643)(877)(28,007)(15,558)–(5,728)(388)
10,813,942
510(742,355)(606)
10,071,489–
5,000,000(831,693)(3,837,674)(2,257)(31,523)––
296,851(6,000,000)
1,000,000(377,585)(1,285,953)(9,209)(37,895)(10,253)(13,699)(6,734,595)

500,000(2,000,000)
11,900,000(10,200,000)
2,500,000(1,500,000)(19,497)––
14,739,000(15,018,000)–––(7,803,431)(6,622,929)
5,263,911
18,070,132
23,334,043(7,754,630)(8,033,630)(4,696,736)
23,334,043
18,637,307

27

Notes to Financial Statements
1 Organization
Advance Residence Investment Corporation (ADR. Securities Code: 3269) is a listed Residential Japan Real
Estate Investment Trust (J-REIT) that mainly invests in residential properties. It was established through aconsolidation-type merger between the former Advance Residence Investment Corporation and Nippon
Residential Investment Corporation on March 1, 2010, and was listed on the Real Estate Investment Trust(REIT) Securities Section of the Tokyo Stock Exchange (TSE) on March 2, 2010.
The merger made ADR the largest residential J-REIT in terms of asset size, enabling it to upgrade its
portfolio while ensuring its financial stability. The merger also resulted in retained earnings of 43.2 billion yen(30.5 billion yen as of the end of this fiscal period) due to the profit from negative goodwill, and allowed ADR
to demonstrate one of its strengths of delivering stable dividends over the long term.
ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM), is wholly owned by the
Itochu Group and the group’s key entity, Itochu Corporation, a leading Japanese trading house, is its mainsponsor.

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

28

3 Significant Accounting Policies(1)

Depreciation and
1) Property, plant and equipment (including assets in trust)
amortization methods of nonAmortized using the straight-line method.
current assets
Useful lives of major categories of property, plant and equipment are as follows:
Buildings: 3 to 46 years
Structures: 6 to 50 years
Machinery and equipment: 10 to 15 years
Tools, furniture and fixtures: 2 to 20 years
2) Intangible assets
Amortized using the straight-line method.
Useful lives of major categories of intangible assets are as follows:
Leasehold rights in trust: 23 to 65 years
3) Long-term prepaid expenses
Amortized using the straight-line method.

(2)

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

(3)

Basis of recording
allowances

Allowance for doubtful accounts
Estimated uncollectible amounts are recorded for possible losses arising from default on
receivables based on the historical performance of general receivables and a case-bycase evaluation of the collectability of certain receivables, such as receivables with default
possibility.

(4)

Basis of recording revenue
and expenses

Method of accounting for property taxes
For property taxes, urban planning taxes, and depreciable asset taxes on real estate
properties held, ADR records the amount of taxes imposed corresponding to the current
fiscal period as an expense for the property leasing activities.
Furthermore, for the pro rata portion of property taxes ADR paid to the transferor (seller)
upon acquisition of real estate properties, ADR treats the amount as acquisition costs ofreal estate properties, instead of recording it as an expense for the property leasing
activities. The amount of property taxes treated as acquisition costs of real estate
properties was 978 thousand yen in the previous period and 1,345 thousand yen in thecurrent fiscal period.

(5)

Method of hedge accounting

1) Method of hedge accounting
In principal, deferred hedge accounting is applied. Note that special treatment is applied
for interest rate swaps that fulfill certain requirements.
2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Loans payable3) Hedging policy
ADR conducts derivative transactions to hedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its financial policy.
4) Method for assessing the hedge effectivenessThe effectiveness of hedges is assessed by comparing the cumulative change in cash
flows of both hedging instruments and corresponding hedged items, and then verifying
the ratio of change for both.
However, evaluation of effectiveness is omitted for interest rate swaps that satisfy therequirements for special accounting treatment.

(6)

Scope of funds in thestatements of cash flows

The funds (cash and cash equivalents) in the statements of cash flows consist of cash on
hand and cash in trust; demand deposits and deposits in trust; and short-term
investments that are readily convertible into cash, carry minimal risk of change in value,
and are due for redemption in three months or less from the acquisition date.

29

(7)

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

1) Accounting for trust beneficiary interests in trust assets such as real estate properties
For trust beneficiary interests in real estate properties, all assets and liabilities of the trust
assets, as well as revenue and income earned from, and expenses incurred for the trust
assets are recorded under the respective account in the balance sheets and statements
of income.
Of the accounts used to record the above trust assets, the following accounts are
significant and disclosed separately on the face of the balance sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security deposits in trust2) Accounting for consumption taxes
Consumption taxes and local consumption taxes are excluded from business transaction
amounts. However, accounting for non-current assets and deferred assets is inclusive ofconsumption taxes and local consumption taxes.

30

4 Balance Sheets(1)

Minimum net assets as stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations(Thousands of yen)
As of January 31, 2021
As of July 31, 2021
50,00050,000(2)

Commitment line agreements
ADR has executed commitment line agreements with banks.
As of January 31, 2021
20,000,000－
20,000,000

Total commitment line of credit
Amount used
Unused balance(3)(Thousands of yen)
As of July 31, 2021
20,000,000－
20,000,000

Provision and reversal of the reserve for temporary difference adjustments
For the six months ended January 31, 2021
Initial amountReserve fordividends (Note)

33,552,162

Balance at the
beginning of
period31,185,832

Funds drawn down
during the 21st FP
335,521

Balance atthe end of
period30,850,311

Reasons for setting
aside and drawing
down funds
For dividends

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

For the six months ended July 31, 2021
Initial amountReserve fordividends (Note)

33,552,162

Balance at the
beginning of
period30,850,311

Funds drawn down
during the 22nd FP
335,521

Balance atthe end of
period30,514,789(Thousands of yen)
Reasons for setting
aside and drawing
down funds
For dividends

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

31

5 Statements of Income(1)

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

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

14,806,016
851,683
428,689
16,086,390

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

86,803545,643
632,447
16,718,837

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

894,870
1,181,136
205,986
716,149
25,266
77,115727,179
2,802,349
6,630,053
10,088,784

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

Breakdown of gain on sales of real estate properties
For the six months ended January 31, 2021
(RESIDIA Yoyoginomori)(Thousands of yen)

Revenue from sales of real estate property
Cost of sales of real estate property
Other sales expenses
Loss on sales of real estate property

919,000
691,590
24,871
202,538(RESIDIA Yoyoginomori)
Revenue from sales of real estate property
Cost of sales of real estate property
Other sales expenses
Loss on sales of real estate property(Thousands of yen)
357,000
262,249
2,100
92,649For the six months ended July 31, 2021
Not applicable.

32

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

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

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

7 Statements of Cash Distributions(1)

Reserve for temporary difference adjustments
For the six months ended January 31, 2021
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied and in the statements of cash
distributions, the reserve for dividends of 33,552,162,785 yen, which is the remaining portion of the amount
subdivided into gains on negative goodwill in previous fiscal periods, has been transferred to the reserve fortemporary difference adjustments. It has become necessary to draw down the reserve in equal amounts or more
every fiscal period within 50 years, starting from the end of the fiscal period ended January 31, 2017 (13th FP), which
was the period following the period in which the transfer to the reserve was made. As such, ADR has drawn down
335,521,628 yen of the reserve during the fiscal period ended January 31, 2021 (21st FP).
For the six months ended July 31, 2021
The interim measures of Article 3 of the Supplementary Provisions to the Regulations Concerning Accounting ofInvestment Corporations (Cabinet Office Ordinance No. 27 of 2015) have been applied and in the statements of cash
distributions, the reserve for dividends of 33,552,162,785 yen, which is the remaining portion of the amount
subdivided into gains on negative goodwill in previous fiscal periods, has been transferred to the reserve fortemporary difference adjustments. ADR is required to draw down an equal amount or an amount greater than thesaid equal amount (335,521,628 yen or more) in each fiscal period for 50 years starting from the fiscal period ended
January 31, 2017 (13th FP), which was the period following the period in which the transfer to the reserve was made.
Based on this requirement, ADR drew down 335,521,628 yen during the fiscal period ended July 31, 2021 (22nd FP).

8 Statements of Cash Flows
Relationship between the cash and cash equivalents at the end of period in the statements of cash flows and the accounts
reported in the balance sheets(Thousands of yen)

As of January 31, 2021
Cash and deposits
Cash and deposits in trust
Time deposits held over three months
Cash and cash equivalents

14,385,801
9,948,242(1,000,000)
23,334,043

As of July 31, 2021
14,730,396
9,906,911(6,000,000)
18,637,307

33

9 Leases(1)

Operating leases (as a lessee)
Future lease receivables are as follows:(Thousands of yen)
As of January 31, 2021

As of July 31, 2021

Due within one year

740,664

750,624

Due after one year

10,578,727

10,345,899

Total

11,319,391

11,096,523

Note that the above information includes estimated amounts for lease payments not finalized as of the end of the reporting
period.
(2)

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

As of July 31, 2021

Due within one year

2,984,242

3,360,521

Due after one year

4,511,358

7,512,764

Total

7,495,601

10,873,285

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

34

3)

Supplementary explanation on fair value of financial instruments
The fair value of financial instruments is based on quoted market prices. If a quoted market price is not available, areasonable estimate of fair value is used. Certain assumptions are applied in the fair value measurements andtherefore, could result in a different fair value if different assumptions are applied. Furthermore, the contractual
amounts of derivative transactions presented in “Derivative Transactions” below 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 of financial instruments, and unrealized gain (loss) are presented
below.
As of January 31, 2021
(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

14,385,801

14,385,801–

2) Cash and deposits in trust

9,948,242

9,948,242–

3) Short–term loans payable

500,000

500,046

464) Current portion of long-term loans payable

28,978,000

29,053,549

75,5495) Investment corporation bonds

34,000,000

34,317,758

317,758

6) Long-term loans payable

157,310,000

159,839,914

2,529,914–(776,081)(776,081)

36,45736,457–

7) Derivative transactions(Special treatment for interest rate swaps)
8) Derivative transactions(Basic treatment for interest rate swaps)
As of July 31, 2021

(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

14,730,396

14,730,396–

2) Cash and deposits in trust

9,906,911

9,906,911–

3) Short–term loans payable

500,000

500,030

304) Current portion of long-term loans payable

27,220,000

27,275,913

55,9135) Investment corporation bonds

34,000,000

34,430,984

430,984

6) Long-term loans payable

158,789,000

161,694,740

2,905,740–(549,365)(549,365)

49,79049,790–7) Derivative transactions(Special treatment for interest rate swaps)
8) Derivative transactions(Basic treatment for interest rate swaps)
Notes.
1.

Matters concerning the methods of determining the fair value of financial instruments
1) Cash and deposits and 2) Cash and deposits in trust
These instruments are stated at book values because their book values approximate fair values due to their short maturities.
5) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan Securities Dealers
Association. However, if a reference value is not available, the fair value is deemed to be the present value of future cash flows ofprincipal and interest, discounted at the assumed interest rate for similar borrowings.
3) Short-term loans payable, 4) Current portion of long-term loans payable and 6) Long-term loans payable
The fair values of these financial instruments were determined as the present value of future cash flows of principal and interest,
discounted at the assumed interest rate for similar borrowings.
7) Derivative transactions (Special treatment for interest rate swaps) and 8) Derivative transactions (Basic treatment for interest rate
swaps)
Please refer to “Derivative Transactions” below for details.

35

2.

Redemption schedules of monetary claims and securities after balance sheet date
As of January 31, 2021
Due after one Due after two
Due in one year
year through years throughor less
two years
three years(Thousands of yen)

Due after three
years throughfour years

Due after four
years throughfive years

Due after fiveyears

Cash and deposits

14,385,801

–

–

–

–

–

Cash and deposits in trust

9,948,242

–

–

–

–

–

24,334,043

–

–

–

–

–

Due after one Due after two
Due in one year
year through years throughor less
two years
three years

Due after three
years throughfour years

Due after four
years throughfive years

Due after five
years

Total

As of July 31, 2021

(Thousands of yen)

Cash and deposits

14,730,396

–

–

–

–

–

Cash and deposits in trust

9,906,911

–

–

–

–

–

24,637,307

–

–

–

–

–

Total
3.

Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after balance sheet date
As of January 31, 2021
(Thousands of yen)
Due after one Due after two
Due in one year
year through years throughor less
two years
three years

Due after three
years throughfour years

Due after four
years throughfive years

Due after fiveyears

Short–term loans payable

500,000

–

–

–

–

–

Current portion of long-termloans payable

28,978,000

–

–

–

–

–

Investment corporation bonds–

2,000,000

3,000,000

7,500,000

5,500,000

16,000,000

Long-term loans payable–

21,710,000

19,880,000

11,550,000

18,300,000

85,870,000

29,478,000

23,710,000

22,880,000

19,050,000

23,800,000

101,870,000

Due after one Due after two
Due in one year
year through years throughor less
two years
three years

Due after three
years throughfour years

Due after four
years throughfive years

Due after five
years

Total

As of July 31, 2021

(Thousands of yen)

Short–term loans payable

500,000

–

–

–

–

–

Current portion of long-termloans payable

27,220,000

–

–

–

–

–

Investment corporation bonds–

5,000,000

7,500,000

2,000,000

3,500,000

16,000,000

Long-term loans payable–

16,230,000

16,500,000

19,850,000

18,390,000

87,819,000

27,720,000

21,230,000

24,000,000

21,850,000

21,890,000

103,819,000

Total

36

11 Securities
As of January 31, 2021
Not applicable.
As of July 31, 2021
Not applicable.

12 Derivative Transactions(1)

Derivative transactions to which hedge accounting is not applied
As of January 31, 2021
Not applicable.
As of July 31, 2021
Not applicable.

Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts defined in the contract by the method of hedge
accounting as of January 31, 2021, and July 31, 2021, are as follows:
As of January 31, 2021
(Thousands of yen)Contract amount (*1)
Method of hedge
Type of derivative
Main hedged
Fair value
Contract
accounting
transaction
item
(*2)
amount due
after one year
Special accounting
Interest rate swaps
Long-term loans(776,081)
treatment for interest rate (fixed rate payment,
67,888,000
47,560,000
payable(*3)
swaps
floating rate receipt)
Interest rate swaps
Long-term loans
Basic accounting method (fixed rate payment,
3,870,000
3,870,000(36,457)
payablefloating rate receipt)(2)

As of July 31, 2021
Method of hedge
accounting

Type of derivativetransaction

Special accounting
treatment for interest rate
swaps

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

Basic accounting method

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

Long-term loans
payable57,620,000

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

Long-term loans
payable5,289,000

5,289,000(49,790)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
*3. Special accounting treatment is applied to the interest rate swaps in accordance with the “Accounting Standard for Financial Instruments”
and therefore, interest rate swaps are not stated at fair value in the balance sheets.

37

13 Transactions with Related Parties(1)

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

(2)

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

(3)

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

(4)

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

38

14 Tax Eﬀect Accounting(1)

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

As of July 31, 2021

Deferred tax assets
Excess provision of allowance for doubtful accounts
Valuation difference on assets acquired through merger
Other
Deferred tax assets, subtotal
Less valuation allowance associated with total of
deductible temporary differences, etc.
Less valuation allowance, subtotal
Total deferred tax assets
Net deferred tax assets
(2)

2,614

2,466

9,313,462

9,232,065

174,073

184,9039,490,150

9,419,435(9,490,150)(9,419,435)(9,490,150)(9,419,435)

–

–

–

–

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

Statutory tax rate

As of July 31, 2021

31.46

31.46

Increase (decrease) in valuation allowance(1.19)(0.97)

Deductible dividends(30.27)(30.49)

Other

0.01

0.01

Effective tax rate after the application of tax effect accounting

0.01

0.01

(Adjustments)

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

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

39

17 Segment Information(1)

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

(2)

Related information
For the six months ended January 31, 2021

1)

Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services ofthe single segment exceed 90% of the total operating revenue reported in the statements of income.

2)

Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of thetotal operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceeds 90% of the total property,
plant and equipment reported in the balance sheets.

3)

Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than
10% of the total operating revenue reported in the statements of income.

For the six months ended July 31, 2021
1)

Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services ofthe single segment exceed 90% of the total operating revenue reported in the statements of income.

2)

Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of thetotal operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceeds 90% of the total property,
plant and equipment reported in the balance sheets.

3)

Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than
10% of the total operating revenue reported in the statements of income.

40

18 Value of Rental Properties
ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during
the period, and fair value of these properties:(Thousands of yen)
For the six months ended
January 31, 2021

For the six months ended
July 31, 2021

Book value
Balance at the beginning of period(*1)

430,190,248

431,092,802

902,553(1,061,077)

431,092,802

430,031,724

619,542,000

633,071,000

Changes during the period (*2)
Balance at the end of period
Fair value at the end of period (*3)
*1. The book value is the cost of acquisition less accumulated depreciation.

*2. The main element of increase in the previous fiscal period was the acquisition of real estate beneficiary interests in trust for two properties(3,119,684 thousand yen), and the decrease is mainly attributable to the sale of real estate beneficiary interests in trust for two properties(953,840 thousand yen). The main element of increase in the fiscal period under review was the acquisition of real estate beneficiaryinterests in trust for one property (668,845 thousand yen), and the decrease is mainly attributable to depreciation cost (2,835,336 thousandyen).
*3. The fair value at the end of the current fiscal period is the appraisal or assessment value provided by an external real estate appraiser. For
RESIDIA Yoyogi and RESIDIA Nishi-Shinjuku, the scheduled disposition price is stated.

Please refer to the Note 5 “Statements of Income” for details on operating income from rental property.

19 Per Unit Information
For the six months ended
January 31, 2021

For the six months ended
July 31, 2021

Net assets per unit

166,763

166,420

Net income per unit

5,450

5,266

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

For the six months ended
January 31, 2021
Net income (thousands of yen)Amount not attributable to common unitholders(thousands of yen)
Net income attributable to common unit
(thousands of yen)
Average number of units during the period (units)

For the six months ended
July 31, 2021

7,548,967

7,294,380––

7,548,967

7,294,380

1,385,000

1,385,000

41

20 Significant Subsequent Event
For the six months ended July 31, 2021
1. Disposition of Assets
ADR disposed of the following properties pursuant to its basic asset management policy stipulated in the Articles ofIncorporation.
(1)

RESIDIA Yoyogi

Type of Asset
Disposition PriceContract Date
Date of Disposition
Location
Area
Structure
Built
(2)

:
:
:
:
:
:
:
:

Beneficiary interests in real estate trust
504 million yen
August 26, 2021
October 18, 2021
4-34-10 Yoyogi, Shibuya-ku, Tokyo
Land 230.58 sq. m.; building 545.43 sq. m.
Four-story RC flat-roofed building
February 2005

RESIDIA Nishi-Shinjuku

Type of Asset: Beneficiary interests in real estate trust
Disposition Price: 586 million yen
Contract Date
: August 26, 2021
Date of Disposition: October 18, 2021
Location: 8-5-7 Nishi-shinjuku, Shinjuku-ku, TokyoArea: Land 220.85 sq. m. Note 1; building 498.65 sq. m.
Structure: Five-story RC flat-roofed building
Built: February 2005
Notes 1. Includes a private road (approx. 15.16 sq. m.) and a setback (approx. 1.14 sq. m.).
2. The Disposition Price does not include the settlement amounts of property tax, city planning tax, and tax on
depreciable assets, consumption taxes, and local consumption taxes.
2. Decision to Issue Investment Corporation Bonds
ADR made a resolution to issue investment corporation bonds under the following terms and conditions based on thegeneral resolution on ADR bond issuance adopted at the Board of Directors’ meeting held on September 29, 2021.
ADR Unsecured Bond #34 (with a pari passu clause among specified investment corporation bonds)
Total Amount of the Bond: 1,000 million yen
Issue Price: 100 yen per par value of 100 yen
Coupon Rate: 0.400%
Collateral/Guarantee: No collateral or guarantee
Redemption Date: The entire principal shall be redeemed on October 24, 2031. The bond may be purchased andcancelled at any time on and after the following day of the issue date unless otherwise stipulated by the depository.
Coupon Payment Dates: April 25 and October 25 each year
Use of Proceeds: Repayment of long-term debt
ADR Unsecured Bond #35 (with a pari passu clause among specified investment corporation bonds)
Total Amount of the Bond: 1,600 million yen
Issue Price: 100 yen per par value of 100 yen
Coupon Rate: 0.660%
Collateral/Guarantee: No collateral or guarantee
Redemption Date: The entire principal shall be redeemed on October 19, 2036. The bond may be purchased andcancelled at any time on and after the following day of the issue date unless otherwise stipulated by the depository.
Coupon Payment Dates: April 25 and October 25 each year
Use of Proceeds: Repayment of long-term debt

42

21 Schedule of Securities
Not applicable.

22 Table of Summary of Contract Amounts and Fair Values of Derivative
Transactions and Forward Foreign Exchange Contracts(Thousands of yen)Contract amount (*1)
Category

Type

Contract amount due
after one year

Transactions other thanmarket transactions

Fair value(*2 and *3)

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

Total

62,909,000

41,149,000(599,155)

62,909,000

41,149,000(599,155)*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 549,365 thousand yen in accordancewith the “Accounting Standard for Financial Instruments.” Interest rate swaps are therefore not stated at fair value in the balance sheets.

43

23 Summary of Real Estate(Thousands of yen)
Accumulated depreciation
Balance at the
beginning of
periodIncreaseduring theperiodDecreaseduring theperiodBalance at theend of period

Book value atthe end of
period

Notes

Buildings

79,223,736

297,512481

79,520,767

18,051,184

893,091

61,469,583–

Structures

27,169--27,16912,136851

15,033–

Machinery and equipment

139,536

30,006-

169,543

50,4596,844

119,083–

Tools, furniture and fixtures

504,661

23,815-

528,477

282,636

29,155245,841–

78,569,071--

78,569,071--

78,569,071–

68,42099,011

68,42099,011--

99,011–

Buildings in trust

157,875,729

684,896

143

158,560,482

35,219,804

1,809,671

123,340,678*1Structures in trust

207,0452,155-

209,200

128,185

3,581

81,015–

247,752

68,187-315,939

152,440

8,712

163,499–

1,142,124

42,889-1,185,014

771,437

48,991

413,576–

163,145,192

443,938-

163,589,130--

163,589,130

*1

7,007

157,868

7,007

157,868--

157,868–

481,157,447

1,850,282

76,051

482,931,677

54,668,283

2,800,898

428,263,394

2,356,072--

2,356,072

587,742

34,437

1,768,330–

25,230--25,23021,841

518

3,389

–

2,381,303--

2,381,303

609,583

34,955

1,771,719

483,538,750

1,850,282

76,051

485,312,981

55,277,867

2,835,854

430,035,113

Property, plant and equipment

Type of Asset

Land
Construction in progress

Machinery and equipmentin trust
Tools, furniture and fixturesin trust
Land in trust
Construction in progress intrust

Intangible
assetsSubtotal
Leasehold rights in trust
Other

Subtotal
Total

orDepreciation
accumulated
for the period
amortization

Note 1. The increase in property, plant, and equipment for the six months ended July 31, 2021, primarily represents the acquisition of theproperty listed below.
RESIDIA Kyoto-Mibu

24 Schedule of Other Specified Assets
Not applicable.

44

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

Issue date

Balance at the Decrease
beginning of during theperiodperiodBalance atthe end of
periodInterest
rate (%)

Redemption
date

Use Collateral

ADR Bond #19 (Unsecured)

Apr. 25, 2013

3,000,000-

3,000,000

1.320

Apr. 25, 2023 (*2) Unsecured

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

2,000,000-

2,000,000

1.410 Nov. 14, 2025 (*2) Unsecured

ADR Bond #21 (Unsecured)

Apr. 28, 2014

2,500,000-

2,500,000

1.040

Apr. 26, 2024 (*2) Unsecured

ADR Bond #22 (Unsecured)

Apr. 23, 2015

2,000,000-

2,000,000

0.726

Apr. 23, 2025 (*3) Unsecured

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

1,500,000-

1,500,000

0.846

Oct. 21, 2025 (*2) Unsecured

ADR Bond #25 (Unsecured)

Jun. 21, 2016

3,000,000-

3,000,000

0.900 Jun. 20, 2031 (*2) Unsecured

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

2,000,000-

2,000,000

0.180 Aug. 17, 2022 (*2) Unsecured

ADR Bond #27 (Unsecured)

Jul. 18, 2017

3,000,000-

3,000,000

0.500

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

1,000,000-

1,000,000

0.5663 Nov. 24, 2027 (*2) Unsecured

ADR Bond #29 (Unsecured)

Apr. 24, 2018

1,500,000-

1,500,000

0.690

Apr. 24, 2030 (*2) Unsecured

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

2,000,000-

2,000,000

0.704

Oct. 19, 2028 (*2) Unsecured

ADR Bond #31 (Unsecured)

Jul. 24, 2019

5,000,000-

5,000,000

0.220

Jul. 24, 2024(*2) Unsecured

ADR Bond #32 (Unsecured)

Jul. 25, 2019

3,000,000-

3,000,000

0.3485

Jul. 25, 2029(*2) Unsecured

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

2,500,000-

2,500,000

0.730 Dec. 24, 2035 (*2) Unsecured

Total

-

34,000,000-

34,000,000-

Jul. 16, 2027-(*2) Unsecured--*1. The bonds have a pari passu clause among specified investment corporation bonds.
*2. The funds are used for repayment of the existing loans.
*3. The funds are used for redemption of the existing investment corporation bonds.
*4. Redemption schedules of investment corporation bonds after the balance sheet date for the next five years are as follows:(Thousands of yen)

Investment corporationbonds

Due in one year orDue after one year

Due after two years Due after three years Due after four years

lessthrough two years

through three years

through four years

through five years

5,000,000

7,500,000

2,000,000

3,500,000–

45

26 Schedule of Loans(Thousands of yen)
Category

Short–termloans payable

Lenders

Sumitomo Mitsui Trust Bank Limited

Total

Increase during Decrease during
the period
the period

500,000-

Balance at theend of period-

500,000

500,000--

500,000

Development Bank of Japan Inc.

1,150,000-

1,150,000-

Mizuho Bank, Ltd.

2,900,000-

2,900,000-

Mizuho Trust & Banking Co., Ltd.

1,500,000-

1,500,000-

MUFG Bank, Ltd.

Interest rate
Repayment date
*1

Use

Notes

Unsecured
Unguaranteed

0.19%

Sep. 10, 2021

(*5)

-

Mar. 24, 2021

(*4)

-

Feb. 16, 2021(*5)

270,000-

270,000-

Sumitomo Mitsui Banking Corporation

2,800,000-

2,800,000--

Feb. 26, 2021(*5)

The Norinchukin Bank

1,000,000-

1,000,000--

Apr. 14, 2021(*3)

800,000-

800,000--

Apr. 30, 2021

(*5)

-

Jun. 25, 2021

(*5)

-

Jun. 18, 2021

(*3)

-

Jun. 30, 2021

(*5)

0.23%

Aug. 31, 2021

(*5)

1.25%
(*2)

Oct. 29, 2021(*5)

Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.

Current portion of long-term loans payable

Balance at the
beginning of
period1,379,000-

1,379,000-

Resona Bank, Limited

919,000-

919,000-

Shinsei Bank, Limited

700,000-

700,000-

MUFG Bank, Ltd.

600,000-

600,000-

Resona Bank, Limited

500,000-

500,000-

The Bank of Fukuoka, Ltd.

500,000-

500,000-

Sumitomo Mitsui Banking Corporation

1,200,000--

1,200,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank Limited

2,600,000--

2,600,000

Sumitomo Mitsui Banking Corporation

1,500,000--

1,500,000

Development Bank of Japan Inc.

2,200,000--

2,200,000

1.40%

Nov. 29, 2021(*5)

Nov. 26, 2021(*3)

Aozora Bank, Ltd.

1,800,000--

1,800,000

1.16%
(*2)

Mizuho Bank, Ltd.

2,160,000--

2,160,000

1.63%
(*2)

Dec. 22, 2021

(*5)

0.23%

Jan. 31, 2022

(*5)

1.08%
(*2)

Feb. 16, 2022

(*5)

0.62%
(*2)

Apr. 14, 2022(*3)

Shinsei Bank, Limited

500,000--

500,000

MUFG Bank, Ltd.

-

1,200,000-

1,200,000

Sumitomo Mitsui Trust Bank Limited-

2,100,000-

2,100,000

Mizuho Bank, Ltd.

-2,000,000-

2,000,000

Mizuho Trust & Banking Co., Ltd.

-

500,000-

500,000

Kiraboshi Bank, Ltd.

-

500,000-

500,000

The Iyo Bank, Ltd.

-

700,000-

700,000

The 77 Bank, Ltd.

-

500,000-

500,000

Aozora Bank, Ltd.

-

700,000-

700,000

0.76%
(*2)

Apr. 28, 2022(*5)

The Gunma Bank, Ltd.

-

1,000,000-

1,000,000

0.63%
(*2)

May 27, 2022(*5)

Sumitomo Mitsui Banking Corporation-

1,560,000-

1,560,000

0.25%

May 31, 2022

(*5)

1.32%
(*2)

Jun. 17, 2022

(*3)

0.82%
(*2)

Jul. 29, 2022(*3)

Shinsei Bank, Limited-

1,000,000-

1,000,000

MUFG Bank, Ltd.

-707,000-

707,000

Sumitomo Mitsui Trust Bank Limited-

393,000-

393,000

The Nishi-Nippon City Bank, Ltd.

-

400,000-

400,000

Unsecured
Unguaranteed

46

CategoryLong-term loans payable

Lenders

Balance at the
beginning of
periodIncrease during Decrease during
the period
the period

Balance at theend of period

Interest rate
Repayment date
*1

Use

Total

28,978,000

13,260,000

15,018,000

27,220,000

Sumitomo Mitsui Trust Bank Limited

2,600,000--

2,600,000

1.47%
(*2)

Nov. 15, 2023(*5)

Sumitomo Mitsui Banking Corporation

3,550,000--

3,550,000

1.37%
(*2)

Nov. 15, 2022(*5)

Shinsei Bank, Limited

1,000,000-

1,000,000--

Jun. 17, 2022

(*3)

1.59%
(*2)

Feb. 14, 2025

(*5)

1.44%
(*2)

Feb. 16, 2024

(*5)

1.28%
(*2)

Feb. 16, 2023

(*5)

-

Feb. 16, 2022

(*5)

-

Jul. 29, 2022(*3)

MUFG Bank, Ltd.

500,000--

500,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

MUFG Bank, Ltd.

455,000--

455,000

Sumitomo Mitsui Trust Bank Limited

455,000--

455,000

Sumitomo Mitsui Banking Corporation

1,120,000--

1,120,000

Mizuho Bank, Ltd.

1,630,000--

1,630,000

MUFG Bank, Ltd.

1,200,000-

1,200,000-

Sumitomo Mitsui Trust Bank Limited

2,100,000-

2,100,000-

Mizuho Bank, Ltd.

2,000,000-

2,000,000-

Mizuho Trust & Banking Co., Ltd.

500,000-

500,000-

MUFG Bank, Ltd.

707,000-

707,000-

Sumitomo Mitsui Trust Bank Limited

393,000-

393,000-

The Nishi-Nippon City Bank, Ltd.

400,000-

400,000-

Development Bank of Japan Inc.

1,500,000--

1,500,000

1.02%
(*2)

Sep. 29, 2023(*5)

Development Bank of Japan Inc.

1,850,000--

1,850,000

1.18%
(*2)

Sep. 30, 2024(*5)

Aozora Bank, Ltd.

1,000,000--

1,000,000

0.85%
(*2)

Oct. 31, 2022(*5)

Aozora Bank, Ltd.

700,000-

700,000--

Apr. 28, 2022(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

Aozora Bank, Ltd.

Unsecured
Unguaranteed

0.89%
(*2)

Jan. 31, 2023(*5)

700,000--

700,000

Resona Bank, Limited

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000

1.05%
(*2)

Mar. 19, 2025(*3)

500,000--

500,000

1.00%
(*2)

Apr. 14, 2025(*3)

Nippon Life Insurance Company

1,000,000--

1,000,000

1.00%
(*2)

Apr. 14, 2025(*3)

Mizuho Trust & Banking Co., Ltd.

1,400,000--

1,400,000

0.88%
(*2)

Apr. 12, 2024(*3)

Mizuho Trust & Banking Co., Ltd.

1,200,000--

1,200,000(*3)

1,500,000--

1,500,000

0.75%
(*2)

Apr. 14, 2023

The Norinchukin Bank

500,000--

500,000

0.73%
(*2)

Apr. 14, 2023(*3)

1,200,000--

1,200,000

0.69%
(*2)

Oct. 14, 2022(*3)

Kiraboshi Bank, Ltd.

500,000-

500,000-

The Iyo Bank, Ltd.

700,000-

700,000--

Apr. 14, 2022(*3)

The 77 Bank, Ltd.

500,000-

500,000-

1,000,000-

1,000,000-

The Yamaguchi Bank, Ltd.

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

The Gunma Bank, Ltd.

-May 27, 2022

(*5)

1.04%
(*2)

Jun. 25, 2025

(*5)

0.73%
(*2)

Aug. 31, 2023(*5)

Development Bank of Japan Inc.

2,300,000--

2,300,000

Resona Bank, Limited

1,000,000--

1,000,000

The Nishi-Nippon City Bank, Ltd.

800,000--

800,000

MUFG Bank, Ltd.

400,000--

400,000

0.92%

Aug. 29, 2025(*3)

Sumitomo Mitsui Trust Bank Limited

400,000--

400,000

0.85%
(*2)

Aug. 29, 2025(*3)

1,000,000--

1,000,000

0.84%
(*2)

Dec. 18, 2025(*5)

MUFG Bank, Ltd.

Notes

47

Category
Lenders

Increase during Decrease during
the period
the period

Balance at theend of period

The Norinchukin Bank

1,000,000--

1,000,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

MUFG Bank, Ltd.

990,000--

990,000

Sumitomo Mitsui Trust Bank Limited

990,000--

990,000

Mizuho Bank, Ltd.

1,080,000--

1,080,000

MUFG Bank, Ltd.

2,500,000--

Interest rate
Repayment date
*1

Use

0.61%
(*2)

Dec. 18, 2023

(*5)

0.55%

Feb. 28, 2026

(*5)

0.66%

Jan. 31, 2027(*5)

2,500,000

0.57%

Jan. 31, 2026(*5)

Mar. 24, 2028(*3)

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

0.77%
(*2)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.54%

Mar. 24, 2026(*3)

Mizuho Bank, Ltd.

900,000--

900,000
0.63%

Jan. 31, 2027(*3)

Mizuho Trust & Banking Co., Ltd.

750,000--

750,000

Resona Bank, Limited

900,000--

900,000

0.52%

Jan. 31, 2026(*3)

1,150,000--

1,150,000

0.45%

Jan. 31, 2025(*3)

Mar. 24, 2028(*3)

MUFG Bank, Ltd.

Long-term loans payable

Balance at the
beginning of
periodSumitomo Mitsui Trust Bank Limited

500,000--

500,000

0.75%
(*2)

MUFG Bank, Ltd.

500,000--

500,000

0.51%

Mar. 24, 2026(*3)

Mizuho Bank, Ltd.

400,000--

400,000

0.63%

Jan. 31, 2027(*3)

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.36%

Jul. 29, 2026(*5)

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

0.36%

Jul. 29, 2026(*5)

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

0.26%

Jul. 29, 2025(*5)

The Iyo Bank, Ltd.

300,000--

300,000

0.20%

Jul. 29, 2024(*5)

The Chugoku Bank, Ltd.

500,000--

500,000

0.20%

Jul. 29, 2024(*5)

Bank of Kyoto, Ltd.

500,000--

500,000

0.20%

Jul. 29, 2024(*5)

The Norinchukin Bank

1,500,000--

1,500,000

0.45%

Nov. 28, 2025(*5)

The Norinchukin Bank

1,000,000--

1,000,000

0.38%

Nov. 29, 2024(*5)

Taiyo Life Insurance Company

1,500,000--

1,500,000

0.24%

Nov. 29, 2024(*5)

Mitsui Sumitomo Insurance Co., Ltd.

1,000,000--

1,000,000

0.32%

Nov. 30, 2023(*5)

MUFG Bank, Ltd.

1,250,000--

1,250,000

0.41%

Jan. 29, 2027(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.58%

Jan. 29, 2027(*5)

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

0.63%

Jan. 29, 2027(*5)

Sumitomo Mitsui Trust Bank Limited

1,250,000--

1,250,000
0.61%

Jan. 29, 2027(*5)

Resona Bank, Limited

1,000,000--

1,000,000

Resona Bank, Limited

1,000,000--

1,000,000

0.50%

Jan. 30, 2026(*5)

MUFG Bank, Ltd.

1,200,000--

1,200,000

0.43%

Feb. 25, 2026(*6)

Sumitomo Mitsui Trust Bank Limited

1,000,000--

1,000,000

0.67%

Apr. 25, 2028(*6)

Development Bank of Japan Inc.

1,400,000--

1,400,000

0.56%

Apr. 23, 2027(*6)

MUFG Bank, Ltd.

2,500,000--

2,500,000

0.52%

Feb. 26, 2027(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.47%

Aug. 31, 2026(*5)

Sumitomo Mitsui Trust Bank Limited

2,000,000--

2,000,000
0.60%

Apr. 30, 2027(*5)

MUFG Bank, Ltd.

2,000,000--

2,000,000

MUFG Bank, Ltd.

1,700,000--

1,700,000

0.54%

Oct. 30, 2026(*5)

Development Bank of Japan Inc.

1,000,000--

1,000,000

0.57%

May 31, 2027(*7)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

500,000--

500,000

0.55%

Aug. 31, 2027(*6)

Bank of Kyoto, Ltd.

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

Notes

Unsecured
Unguaranteed

48

Category
Lenders

Increase during Decrease during
the period
the period

Balance at theend of period

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Iyo Bank, Ltd.

500,000--

500,000

The Chugoku Bank, Ltd.

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

Japan Post Insurance Co., Ltd.

1,000,000--

1,000,000

Taiyo Life Insurance Company

1,500,000--

MUFG Bank, Ltd.

Interest rate
Repayment date
*1

Use

0.42%

Feb. 27, 2026

(*6)

0.51%

Aug. 31, 2027

(*6)

0.55%

Aug. 31, 2027(*6)

1,500,000

0.42%

Sep. 30, 2025(*5)

2,850,000--

2,850,000

0.54%

Sep. 30, 2027(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000

0.38%

Feb. 28, 2025(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000

0.63%

Feb. 29, 2028(*5)

MUFG Bank, Ltd.

500,000--

500,000

0.56%

Mar. 17, 2028

(*3)

0.61%

Mar. 17, 2028(*3)

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

1,000,000--

1,000,000

The Yamaguchi Bank, Ltd.

500,000--

500,000

Shinkin Central Bank

500,000--

500,000

Mizuho Bank, Ltd.

1,500,000--

1,500,000

0.60%

Apr. 13, 2028(*5)

MUFG Bank, Ltd.

1,500,000--

1,500,000

0.50%

Mar. 31, 2028(*5)

Sumitomo Mitsui Trust Bank Limited

2,100,000--

2,100,000

0.38%

Apr. 30, 2025(*5)

Sumitomo Mitsui Trust Bank Limited

890,000--

890,000

0.70%

Jun. 29, 2029(*5)

MUFG Bank, Ltd.

1,000,000--

1,000,000

0.49%

Mar. 31, 2028(*5)

Development Bank of Japan Inc.

1,000,000--

1,000,000
0.66%

Jul. 31, 2028(*5)

The Nishi-Nippon City Bank, Ltd.

900,000--

900,000

Mizuho Bank, Ltd.

500,000--

500,000

0.47%

Jul. 31, 2026(*5)

1,000,000--

1,000,000

0.47%
(*2)

Jul. 31, 2026(*5)

650,000--

650,000

0.37%

Jan. 31, 2025(*5)

Jan. 31, 2025(*5)

Mizuho Bank, Ltd.

Long-term loans payable

Balance at the
beginning of
periodShinsei Bank, Limited
Sumitomo Mitsui Banking Corporation
Shinsei Bank, Limited

1,000,000--

1,000,000

0.36%
(*2)

Nippon Life Insurance Company

1,000,000--

1,000,000

0.67%

Sep. 11, 2028(*6)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

0.70%

Sep. 29, 2028(*5)

The 77 Bank, Ltd.

500,000--

500,000

0.70%

Sep. 29, 2028(*5)

Sumitomo Mitsui Trust Bank Limited

2,200,000--

2,200,000

0.64%

Nov. 30, 2028(*5)

MUFG Bank, Ltd.

1,300,000--

1,300,000

0.60%

Nov. 30, 2028(*5)

Mizuho Bank, Ltd.

1,000,000--

1,000,000
0.62%

Nov. 30, 2028(*5)

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

700,000--

700,000

0.30%

May 31, 2024(*5)

Sumitomo Mitsui Banking Corporation

1,560,000-

1,560,000--

May 31, 2022(*5)

MUFG Bank, Ltd.

1,300,000--

1,300,000

0.36%

Jun. 29, 2029(*5)

Sumitomo Mitsui Trust Bank Limited

800,000--

800,000

0.39%

Jun. 29, 2029(*5)

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

0.31%

Sep. 28, 2029(*5)

Sumitomo Life Insurance Company

700,000--

700,000

0.55%

Oct. 29, 2032(*5)

Mizuho Bank, Ltd.

1,200,000--

1,200,000

0.39%

Nov. 30, 2029(*5)

Shinsei Bank, Limited

1,000,000--

1,000,000

0.44%

Nov. 30, 2029(*5)

500,000--

500,000

0.32%

Dec. 18, 2029(*5)

Mizuho Bank, Ltd.

1,000,000--

1,000,000

0.46%

Feb. 14, 2031(*5)

Mizuho Bank, Ltd.

1,900,000--

1,900,000

0.39%

Feb. 14, 2030(*5)

The Yamaguchi Bank, Ltd.

Notes

Unsecured
Unguaranteed

49

Category

Balance at the
beginning of
periodLenders

Long-term loans payable
*3.
*4.
*5.
*6.
*7.
*8.
*9.

Interest rate
Repayment date*1Use2,350,000--

2,350,000

0.39%

Feb. 14, 2030(*5)

MUFG Bank, Ltd.

2,000,000--

2,000,000

0.41%

Mar. 22, 2030(*5)

Sumitomo Mitsui Trust Bank Limited

2,000,000--

2,000,000
0.44%Mar. 22, 2030(*5)

Shinkin Central Bank

1,000,000--

1,000,000

Resona Bank, Limited

1,370,000--

1,370,000

0.40%
(*2)

Mar. 22, 2030(*5)

920,000--

920,000

0.23%

Mar. 24, 2023(*5)

1,000,000--

1,000,000

0.40%

Mar. 27, 2030(*3)

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.39%

Jun. 18, 2030(*5)

Sumitomo Mitsui Trust Bank Limited

500,000--

500,000

0.23%

Sep. 11, 2023(*5)

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

0.38%

Sep. 30, 2030(*5)

The Norinchukin Bank

1,000,000--

1,000,000

0.23%

Sep. 29, 2028(*5)

Mizuho Bank, Ltd.

1,500,000--

1,500,000

0.39%

Oct. 18, 2030(*6)

Development Bank of Japan Inc.

2,200,000--

2,200,000

0.39%

Nov. 29, 2030(*5)

The Chiba Bank, Ltd.

1,000,000--

1,000,000

0.18%

Nov. 30, 2027(*5)

Sumitomo Mitsui Banking Corporation

1,500,000--

1,500,000

0.14%

Dec. 1, 2023(*3)

Sumitomo Mitsui Banking Corporation

The 77 Bank, Ltd.

*2.

Balance at theend of period

Mizuho Trust & Banking Co., Ltd.

Sumitomo Mitsui Trust Bank Limited*1.

Increase during Decrease during
the period
the period

1,200,000--

1,200,000

0.14%

Dec. 25, 2023(*5)

MUFG Bank, Ltd.

600,000--

600,000

0.32%

Jan. 31, 2031(*5)

The Bank of Fukuoka, Ltd.

500,000--

500,000
0.40%

Jan. 31, 2031(*5)

The Nishi-Nippon City Bank, Ltd.

400,000--

400,000

Resona Bank, Limited

500,000--

500,000

0.36%
(*2)

Jan. 31, 2031

(*5)

0.35%

Feb. 14, 2031

(*5)

0.44%

Feb. 14, 2031(*5)

MUFG Bank, Ltd.

-

270,000-

270,000

Mizuho Bank, Ltd.

-2,900,000-

2,900,000

Mizuho Trust & Banking Co., Ltd.

-1,500,000-

1,500,000

Sumitomo Mitsui Banking Corporation-

2,800,000-

2,800,000

0.19%

Jan. 31, 2025(*5)

Development Bank of Japan Inc.

-

1,150,000-

1,150,000

0.49%

Mar. 24, 2031(*5)

The Norinchukin Bank-

1,000,000-

1,000,000

0.32%

Apr. 13, 2029(*5)

Sumitomo Mitsui Banking Corporation-

800,000-

800,000

0.18%

Apr. 30, 2025(*5)

Shinsei Bank, Limited-

700,000-

700,000

0.43%

Jun. 18, 2031(*5)

Resona Bank, Limited-

919,000-

919,000

0.29%
(*2)

Jun. 25, 2031(*5)

Aozora Bank, Ltd.

-

1,000,000-

1,000,000

0.28%

Jun. 25, 2029(*5)

MUFG Bank, Ltd.

-

700,000-

700,000

0.38%

Mar. 31, 2031(*5)

The Bank of Fukuoka, Ltd.

-

500,000-

500,000

0.44%

Jun. 30, 2031

(*5)

0.25%
(*2)

Jan. 31, 2031(*5)

Resona Bank, Limited-

500,000-

500,000

Total

157,310,000

14,739,000

13,260,000

158,789,000

Notes

Unsecured
Unguaranteed“Interest rate” represents the borrowing interest rate (the weighted average of the balance at the end of the fiscal period) for each loan agreement, rounded to the second
decimal place.
For loans where an interest rate swap transaction is used to manage exposures to fluctuations in interest rate, the interest rate presented in the above table is fixed, reflecting
the effects of interest rate swap transactions.
The funds are used for acquisition of specified assets.
The funds are used for acquisition of specified assets and repayment of the existing loans.
The funds are used for repayment of the existing loans.
The funds are used for redemption of the existing investment corporation bonds.
The funds are used for repayment of the existing loans and redemption of the existing investment corporation bonds.
The balances are rounded down to the nearest one thousand yen. Accordingly, the “Total” amounts are not necessarily equal to the sum of indivi dual amounts.
Total amount of scheduled yearly repayments for the long-term loans for five years after the balance sheet date is as follows:(Thousands of yen)Due in one year or lessLong-term loans payable

27,220,000

Due after one year
through two years
16,230,000

Due after two years
through three years
16,500,000

Due after three years
through four years
19,850,000

Due after four years
through five years
18,390,00050