Translation
This is an English language translation of the original Japanese announcement on our Website released on February 26, 2014.
However, no assurance or warranties are given with respect to the accuracy or completeness of this English language translation.
The Japanese original shall prevail in the case of any discrepancies between this translation and the Japanese original.

Summary of Financial Results (REIT) for the Fiscal Period Ended
December 31, 2013
February 26, 2014
Name of Issuer:

Invincible Investment Corporation

Stock Exchange Listing:Tokyo Stock Exchange

Securities Code:

8963

URL

Representative:
Name of Asset Manager:
Representative:
Contact:

Naoki Fukuda, Executive Director
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Akiko Watanabe, Manager, Planning Department

Scheduled Date of Filing of
Securities Report:

March 26, 2014

Supplementary Materials for
Financial Results:

Yes

Presentation Meeting:

http://www.invincible-inv.co.jp/

TEL. +81-3-5411-2731

Scheduled Date ofCommencement for Distribution
March 27, 2014
Payments:

Yes (for analysts and investors)(values are rounded down to the nearest million yen)
1. Financial Results for the Fiscal Period ended December 31, 2013 (from July 1, 2013 to December 31, 2013)(Percentages indicate percentage change from the previous period)(1) Operating Results
Operating Revenues
Period ended
December 2013
Period ended June
2013

Operating Income

Ordinary Income

Net Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

2,740

(0.7)

1,265

2.8

353

5.3

352

5.3

2,760

11.5

1,231

13.6

335

192.4

335

193.5

Net Income per Unit
Period ended
December 2013
Period ended June2013

Net Income/ Unitholders’EquityOrdinary Income/Total Ordinary Income/Ordinary
Revenues
Assets

yen

%

%

%

259

1.0

0.4

12.9

249

1.0

0.4

12.2

(Note) Net Income per Unit is calculated based on the average number of investment units during the period and is rounded to the nearest yen.

(2)

Distributions
Distribution per
Unit (Excludingexcess profit
distribution per
unit)
Period ended

Distribution
AmountExcess Profit
Distribution per
Unit

Excess Profit
Distribution
AmountDividend Payout
Ratio

Distribution/
Net AssetsyenMillions of yen

yen

Millions of yen

%

%

237

372

0

0

105.7

1.0

―1―

December 2013
Period ended June
2013

264

355

0

0

106.0

1.1

(Note 1) Invincible Investment Corporation (INV) reversed JPY 20 million out of surplus and distributed JPY 264 per unit for the distribution for
the fiscal period ended June 30, 2013. As for the distribution for the fiscal period ended December 31, 2013, INV reversed JPY 20 million
out of surplus and decided to distribute JPY 237 per unit.
(Note 2) Dividend payout ratio for the fiscal period ended December 31, 2013 is calculated by dividing distribution amount by net income.

(3)

Financial Position
Total Assets

As of December 31, 2013
As of June 3, 2013

Net Assets

Net Assets/Total Assets

Net Assets per Unit

Millions of yen

Millions of yen%

yen

79,17635,84445.3

22,78580,24932,84840.9

24,363(Note) Net Assets per Unit is calculated based on the number of investment units issued and outstanding at the end of each period, and is rounded to
the nearest yen.

(4)

Cash Flows

Cash Flows fromOperating Activities
Fiscal Period ended
December 31, 2013
Fiscal Period ended
June 30, 2013

Cash Flows from
Investment Activities

Cash Flows from
Financing Activities

Closing Balance of Cashand Cash Equivalents

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1,771

(169)

(1,532)

4,187

1,054

(167)

(300)

4,117

―2―

2.

Forecast for the Fiscal Period ending June 30, 2014 (from January 1, 2014 to June 30, 2014)(Percentages in brackets represent change from previous fiscal period)
Distribution per
Unit (excluding Excess Profit
Operating Income Ordinary Income
Net Income
excess profit Distribution per
distribution per
Unit
unit)

Operating
Revenues

Fiscal Period
endingJune 30, 2014

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen

%

yen

yen

2,760

0.7

1,191

(5.9)

731

107.1

731

107.3

464

0

June 30, 2013
June 30, 2013

1,348,292
0

Reversal of
SurplusFiscal Period
endingJune 30, 2014

Distribution
AmountMillionsof yen%Millionsof yen

%

－

( － )

729

95.8

(Reference) Estimated net income per unit for the fiscal period ending June 30, 2014 is JPY 465.

3.

Others(1) Changes in Accounting Policies, Accounting Estimates or Restatements(a) Changes in Accounting Policies due to Revisions toNoneAccounting Standards and Other Regulations(b) Changes in Accounting Policies due to Other Reasons
None(c) Changes in Accounting Estimates
None(d) Restatements
None(2) Number of Investment Units Issued and Outstanding(a) Number of Units Issued and Outstanding as of the
End of the Fiscal Period (Including Treasury Units) December 31, 2013(b) Number of Treasury Units at End of Fiscal Period December 31, 2013

1,573,1790(Note) Please refer to the “Notes Related to Per Unit Information” on page 32 for the number of units used as a basis for calculating net income per
unit.

※

The Implementation Status of Statutory Audit
At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial Instruments
and Exchange Act are yet to be completed.
※ Explanation on the Appropriate Use of the Forecast of Results and Other Matters of Special Consideration（Explanation on the Appropriate Use of the Forecast of Results）
The forward-looking statements in this material are based on the information currently available to us and certain
assumptions which we believe are reasonable. Actual operating performance may differ significantly due to factors wecannot predict as of this date, including gains or losses from the disposition of properties, repayment of borrowings,
decreases in rents and changes in operating conditions. Further, there is no guarantee of the payment of the forecast
distribution amount.
Please refer to “Assumptions for the Forecasts for the Fiscal Period ending June 30, 2014 (from January 1, 2014 to June30, 2014)” on page 10 for assumptions used in the forecasts and precautions regarding the use of such forecasts.

―3―

1.

Related Companies of the Investment Corporation
Disclosure is omitted because there have been no material changes in the “Structure of the Investment Corporation”
section of the latest securities report (filed on September 26, 2013).

2.

Management Policy and Operating Condition(1)

Management Policy
Disclosure is omitted because there have no material changes in the “Investment Policy,” “Investment Targets,” and“Distribution Policy” sections of the latest securities report (filed on September 26, 2013).
(2)

Operating Condition(a) Overview of the Fiscal Period ended December 31, 2013
(i)

Main Trends in the Investment Corporation
The investment corporation (the “Investment Corporation” or “INV”) was established in January 2002 based on
the Investment Trust and Investment Corporation Act (Law No. 198 of 1951, as amended; hereinafter referred to as the“Investment Trust Act”). In May 2004, the Investment Corporation was listed on the Osaka Securities Exchange(application for delisting was made in August 2007), and in August 2006 it was listed on the Real Estate Investment
and Trust Securities Section of the Tokyo Securities Exchange (Ticker Code: 8963).
Following the realization of a merger (“the Merger” ) with LCP Investment Corporation (“LCP” ) on February 1,
2010 , the Investment Corporation issued new investment units through third-party allotment to Calliope Godo Kaisha(“Calliope” ), an affiliate of Fortress Investment Group LLC (“FIG” and together with Calliope and its other affiliates,
the “Fortress Group”), acting as the principal investor, and conducted a refinancing.
Ever since the sponsorship from Fortress Group, the Investment Corporation has been dedicating itself to theimprovement of occupancy rates and the reduction of its and its properties’ expenditures by strengthening its asset
management capabilities. Furthermore, in September 2012, it newly acquired 24 properties (residences) without issuing
any equity, thus improving portfolio earning potential and establishing an earnings base for stable distributions
comparable to earlier performance (approximately JPY 200 per unit).
As the next step, during the fiscal period ended December 31, 2013 (the “reporting period”), the Investment
Corporation implemented, effective December 20, 2013, the refinancing of existing borrowings (“the Refinancing” )with new borrowings secured by a syndicated loan arranged by Sumitomo Mitsui Banking Corporation (SMBC) and
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and with funds raised via third-party allotment. The Investment
Corporation believes that the Refinancing enabled, among other things, the reduction of the Investment Corporation’s
interest-bearing debt ratio, the improvement of its earnings-generating power as a result of the significant reduction ofinterest expenses, and the strengthening of its lender formation, and that the financial stability of the Investment
Corporation has been improved along with a substantial improvement in future external growth potential.

b.

Operational Environment and Performance
In the reporting period, this country’s economy underwent a strengthening recovery trend in corporate
performance centered on a weakening yen due to large-scale monetary easing and increasing public spending, thecontinued trend towards a higher-priced stock market, and the improvement of consumer spending due to the wealth―4―effect of effective asset utilization and improvement of the export industry. Against this trend of general economic
recovery, among businesses and financial institutions there was an increase in the number of those expecting an upwardrevision of standard wage increases in the next fiscal year, and there continued to be signs towards improvement in the
consumption environment necessary for overcoming deflation and achieving a full-scale economic recovery.
Regarding the real estate investment market, asset acquisitions accompanying public offerings and the new listingsof J-REITs in 2013 increased to over JPY 2.2 trillion, achieving record highs for the first time in seven years. In
addition, against the backdrop of Japan’s economic recovery, the weaker yen and the decision to hold the 2020 Summer
Olympics in Tokyo, real estate transactions by foreign companies are increasing as enhanced market activity and alowering of yields on trading are becoming more clearly apparent.
Regarding the property rental market, in the Tokyo area and parts of other major cities, the office vacancy rate hasbottomed, and in central Tokyo, rents are turning around with the appearance of new construction projects, premium
properties, etc.

In regional areas as well, there is increasing evidence of a decrease in the rate of rent decline. In

addition, although stable compared with the office and other sectors, the residential sector, which had seen a continuous
trend in declining rent revenue after the Lehman shock, saw signs of recovery in the rent market. For example, inTokyo the year-on-year rate rent decline was nearly flat at -0.1%(year-on-year rate of decline for September 2013

according to the research division of the Japan Real Estate Institute, which publishes Nationwide Rent Statistics; in
September 2009; the year-on-year rate of decline was - 3.9% ).

In such an environment, in the reporting period the Investment Corporation did not engage in any acquisitions orsales of properties, focusing attention instead on improved profitability through internal growth. The Investment
Corporation’s entire portfolio in the reporting period saw its average occupancy rate rise to 96.3%, up 0.4% from theprevious period, attaining the highest post-Merger level. The improvement of the occupancy rate was achieved by,among other things, the following measures: with respect to certain of the office buildings, the outsourcing of leasing
management for functional enhancement and strategic renovations, etc.; and with respect to residential properties, thecontinued strengthening of the property management companies (“PM companies” ) and direct sales to brokers, anoverhaul of the handling of original state restoration periods, the shortening of construction periods, and a change in
PM companies (for 13 residential units in November 2013).
At the end of the reporting period, the number of properties held by the Investment Corporation totaled 78,
including 63 residential properties, 7 retail and office buildings, and 7 senior facilities as well as one parking lot with a
total acquisition value of ¥77,161 million and a total leasable area of 171,283.92 m2.
As a result of the above trends in real estate investments and the rental market, as well as the above
implementation of internal growth strategies, etc., at the end of the reporting period the appraised value of theproperties in the portfolio increased by JPY 1,083 million (or 1.5%) over the preceding period, from JPY 74,347
million to JPY 75,429 million, representing the fourth consecutive fiscal period for which there was an increase.
c.

Overview of Fund Raising
On December 20, 2013, the Investment Corporation implemented a refinancing of a portion of existing borrowings(total balance of borrowings: JPY 22,760 million; average interest rate at time of repayment: 4.98%) with funds raised froma syndicated loan arranged by Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd.
(amount borrowed: JPY 20,350 million; interest on borrowings upon the execution of the Refinancing: 1.68%) and from acapital increase through third party allotment with Rayo Godo Kaisha, which belongs to the Fortress Group, acting as the―5―principal investor (number of new investment units issued: 224,887; sum total of amounts issued: JPY 2,999 million). The
Refinancing has enabled the Investment Corporation to reduce its interest-bearing debt ratio and substantially decreaseinterest expenses, thus significantly improving earnings capabilities.
Moreover, the Investment Corporation believes that the implementation of the Refinancing involving two megabanks
provides evidence of the enhancement of the credit standing of the Investment Corporation, and that the strengthening of its
lender formation has substantially improved its fund raising capacity.
As a result of implementing the above, as of the end of the reporting period, the outstanding balance of the interestbearing debt of the Investment Corporation was JPY 41,310 million, with the interest-bearing debt ratio cat 52.2% (Note).
(Note) The calculation for the interest-bearing debt ratio uses the calculation formula below:
Interest-bearing debt ratio = amount of interest-bearing debt ÷ total amount of assets at end of period x 100
d.

Overview of Results of Operations and Distributions
As a result of the above property management and finance activity, despite the relatively weak showing for residential

rent revenues, net operating income (NOI) (note 1) for the reporting period was almost unchanged at JPY 2,006 million (0.1% from the preceding period), and net income for the reporting period increased by JPY 17 million (5.3% compared tothe preceding period) to JPY 352 million.

With respect to distributions, it was determined to distribute a total of JPY 372 million based on the following: a
distribution of net income of JPY 352 million to meet the required level to satisfy distribution requirements (note 2); and areversal of a portion of the surplus (JPY 20 million) resulting from the negative goodwill (the “Surplus”) from the Merger.

As the result of the above, in spite of the above-mentioned increase in number of investment units due to the capitalincrease through third-party allotment, and the recognition of one-time expenses incurred in the implementation of the
Refinancing, the distribution per unit for the reporting period was above the initial forecast of JPY 200 per unit, or an 18.5%
increase.
Note 1:NOI = rental revenues – leasing costs + fiscal period depreciation expense

Note 2:

One of the conduit requirements is distribution of 90% or more of distributable profit.

Note 3: The amount of distributable profit (JPY 412 million (*)) x 90% = JPY 371 million
The total amount of distributions for the period ended December 2013 was JPY 372 million, which exceeded the above
calculation of JPY 371 million.
(*) The amount of distributable profit (JPY 412 million) = fiscal period net profit before taxes (JPY 353 million) +the sum of negative goodwill amortization (JPY 59 million) ** for each period.
(**) The negative goodwill amortization for each period (JPY 59 million) = extraordinary gain resulting fromnegative goodwill from the Merger (JPY 11,843) x (net number of months divided by 1200 months (***)).
(***) 1,200 months = a period of 100 years x 12 months (a one-year period)(b)

Outlook for the Fiscal Period Ending June 30, 2014
a. Future operational policy and issues to be addressed(i)External growth strategy
New Property Acquisitions
The Investment Corporation believes that with, among other things, the reduction of its interest-bearing debt ratio

through implementation of the Refinancing, its significant improvement in earnings-generating ability and its strengthened
lender formation, both debt and equity fund raising capacity has been enhanced, thus greatly improving the external growth―6―potential of this Corporation.
The Fortress Group is an investment manager committed to long-term, large-scale real estate investments in theJapanese real estate market, and holds excellent pipeline assets that are well balanced in terms of sectors. By utilizing theFortress Group’s pipeline support, along with the property sale information resulting from the independent network of theasset management company, Consonant Investment Management Co., Ltd (the “Asset Manager”), to whom the FortressGroup and the Investment Corporation entrust the managing of assets, the Investment Corporation will consider and executeproperty acquisitions that contribute to stable growth in profits and cash flow and increase per unit distributions.

Property Sales
While the Investment Corporation places priority on increasing unitholders’ value through external growth, taking into
account the ongoing high level of activity in the real estate trading market, it also plans to review as appropriate points suchas its portfolio composition and geographic distribution in considering property sales and replacements.
(ii) Strategy for internal growth
The Investment Corporation will continue in the fiscal period ending June 30, 2014 to strengthen its collaborative ties
with PM companies and brokers to further boost occupancy rates and earning capabilities of its properties.

Furthermore, inconsideration of the large-scale monetary easing and improving business activity and personal income environment
attributed to the Bank of Japan’s inflation target policy and other measures, it will look to implement a proactive and flexible
asset management with, in the residential sector, a focus on lease renewals and increasing rent. At the same time, while
taking into account any changes in the status of competing properties in the market area, the Investment Corporation intends
to closely monitor the management of free rent, advertising-related expenses and other leasing-related costs so as maximize
the actual rent.
Furthermore, because the implementation of appropriate maintenance and repair plans is of the utmost importance inmaintaining and enhancing the competitiveness and market value of properties as well as improving tenant satisfaction,
thorough attention will be placed on the drafting of strategic plans and on their flexible implementation.
(iii) Financial strategy
In addition to the substantial interest cost reduction made possible by the Refinancing implemented in the reporting
period, the Investment Corporation will continue to consider and implement measures for improving property earnings, as
described above, as well as measures for further lowering the overall fund-raising costs for the Investment Corporation.
In connection with the above, the Investment Corporation will aim to execute equity finance that will result in
improved distributions per unit and to maximize unitholders’ value from a financial perspective.
(iv) Compliance risk management
While the executive officer of the Investment Corporation concurrently serves as the representative director at the AssetManager, two supervisory directors (an attorney and a certified public account) oversee the execution of the executive
officer’s duties via the Board of Directors of the Investment Corporation. In addition, the compliance officer of the AssetManager attends each meeting of the Board of Directors in the capacity of an observer.
The Asset Manager has a compliance officer who is responsible for compliance with laws, regulations and otherrelevant matters as well as overall management of transactions with sponsor related parties. Moreover, it has in place a―7―compliance committee which, chaired by such compliance officer, is in charge of deliberating on compliance with laws,
regulations and other relevant matters as well as transactions with sponsor related parties. Compliance committee meetings
are attended by an outside expert (an attorney) who, sitting in as a compliance committee member, conducts rigorous
deliberations on the existence of conflicts of interest in transactions with sponsor related parties as well as strict
examinations with respect to the Investment Corporation’s compliance with laws and regulations.
The Investment Corporation intends to continually take steps to strengthen its compliance structure.
(v) Significant subsequent events
Nothing applicable.

b. Operational Outlook
The following forecast is made for the fiscal period ending June 30, 2014, which takes into account the contribution of
the interest expense reduction resulting from the Refinance for the full fiscal period.
Fiscal period ending June 30, 2014 (from January 1, 2014 to June 30, 2014)
Operating Revenues

JPY 2,760 million

Operating Income

JPY 1,191 million

Ordinary Income

JPY 731 million

Net Income

JPY 731 million

Distribution per unit

JPY 464

Excess Profit Distributions per unit

JPY 0

Regarding distributions for the fiscal period ending June 30, 2014, based on the operational outlook as of the date ofthis notice, distributions are expected to be funded by the net income for the period and are expected to amount to JPY 729
million (JPY 464 per unit). This distribution amount (JPY 729 million) exceeds 90% of the amount of distributable profit(note 1), and is based on the assumption that the Surplus will not be reversed. As a result, the Surplus in the fiscal period
ending June 30, 2014 is not expected to change from the Surplus balance of JPY 73 million after the distributions for thereporting period.

(Note 1) One of the conduit requirements is distribution of 90% or more of distributable profit.
(Note 2) Amount of distributable profit (JPY 790 million (*)) x 90% = JPY 711 million
According to the above calculation, the distribution amount for the fiscal period ending June 30, 2014 will exceed JPY
711 million at JPY 729 million.
(*) Fiscal period’s amount of distributable profit (JPY 790 million) = fiscal period’s net income before tax in the next
period (JPY 731 million) + amortization of negative goodwill for each period (JPY 59 million) (**).
(**) Amortization of negative goodwill for each period (JPY 59 million) = gain of negative goodwill from the merger(JPY 11,843 million) x (number of months this period ÷ 1,200 months (***)).
(***) 1,200 months = 100 years x 12 months (a one-year period).

For the operation outlook for the period ending June 30, 2014, please refer to the following section below:“Assumptions for the Forecasts for the Fiscal Period ending June 30, 2014 (from January 1, 2014 to June 30, 2014)”.

Cautionary Note regarding Forward Looking Statements
Forward looking statements such as the forecasts set forth herein are based on information currently available and―8―certain assumptions that are deemed reasonable. Actual operating performance may vary significantly due to factors notforeseen at the time of this present notice, such as the occurrence of gains and losses associated with the sale of properties,
repayment of borrowings and a decrease in rent received. Also, this forecast is not a guarantee of distribution amounts.

―9―

Assumptions for the Forecasts for the Fiscal Period ending June 30, 2014 (from January 1, 2014 to June 30, 2014)
Item
Fiscal period

Assets under management

Units outstanding

Interest-bearing liabilities

Operating revenues

Operating expenses

Non-operating expenses

Distribution per unit

Excess profit distribution per unit

Other

Assumptions
From January 1, 2014 to June 30, 2014
INV assumes the number of properties is 78 properties based on the number ofproperties held by INV as of today. In addition, INV assumes there will be no new
acquisitions or disposals of existing properties thereafter through to the end of the fiscal
period.
INV assumes the number of units issued and outstanding is 1,573,179 units, which isbased on the number of units issued by INV as of today. Also, INV assumes there will
be no additional issuance of investment units thereafter through to the end of the fiscal
period.
Balance as of the end of the fiscal period：JPY 41,208 million
The repayments of JPY 101 million are scheduled to be made by scheduled repayments
during this fiscal period and INV assumes there will be no additional repayments of theborrowings other than the schedule repayments and no new borrowings.
INV assumes it will earn operating revenues of JPY 2,760 million for the fiscal period.
The breakdown is as follows:・Rental revenues JPY 2,760 million
Rental revenues are calculated based on historical data and taking into account tenant
trends, property competitiveness, the market environment and other factors. In addition,
INV assumes there will be no delinquencies or non-payment of rent by tenants.
INV assumes it will incur property-related expenses of JPY 1,330 million. The
breakdown is as follows
JPY 464 million
・Facility management fees(of this amount, JPY 40 million are for repair costs)
JPY 170 million
・Taxes and other public charges
JPY 5 million
・Insurance expenses
JPY 151 million
・Other expenses
JPY 537 million
・Depreciation expenses
Other than these property-related expenses, INV assumes it will incur operating
expenses of JPY 239 million for the fiscal period.
INV assumes it will incur non-operating expenses of JPY 459 million for the fiscal
period. The breakdown is as follows:
JPY 396 million
・Interest expenses
JPY 62 million
・Finance related costs
JPY 1 million
・Other non-operating expenses
The distribution per unit is calculated in accordance with the cash distribution policy
set forth in INV’s articles of incorporation.
INV assumes it will pay the distribution using net income as the source, and plans to
distribute JPY 729 million (JPY 464 per unit).
INV currently does not expect to make distributions in excess of profits (excess profit
distribution per unit).
INV assumes there will be no amendments to laws and ordinances, the taxation system,
accounting standards and other regulations that will affect the foregoing forecasts.
In addition, INV assumes there will no unforeseen material changes in the market
environment, including general economic trends and real estate market conditions.

―10―

3.

Financial Statements(1)

Balance Sheets(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(As of December 31, 2013)

Fiscal Period ended
June 30, 2013
(As of June 30, 2013)
AssetsCurrent Assets
Cash and deposits
Cash and deposits in trust
Accounts receivables
Advances paid
Deposits paid
Prepaid expenses
Consumption tax receivable
OthersAllowance for doubtful accounts
Total Current Assets

1,427,483※1 1,457,257※1 2,690,331※1 2,729,902

17,407139

10,9480※2 748,197

211,587※2 122,321

-

7,419
10

(1,528)(2,573)

5,093,620

4,325,286

Non-current Assets
Property, plant and equipment
Buildings※1 2,680,174※1 2,680,174

Accumulated depreciation(190,772)(218,377)

Buildings, net

2,489,402

2,461,796※1 50,691※1 50,691(26,789)(27,985)

23,902

22,706※1 3,848※1 3,848(1,397)(1,518)Equipment
Accumulated depreciation
Equipment, net
Building improvements
Accumulated depreciation
Building improvements, net

2,451

2,330

※1 2,713,620※1 2,713,620※1 29,677,895※1 29,762,419

Accumulated depreciation(2,060,616)(2,339,358)

Buildings in trust, net

27,617,278

27,423,061

Equipment in trust
Accumulated depreciation※1 6,713,907※1 6,763,740(1,493,122)(1,690,614)

Land
Buildings in trust

Equipment in trust, net

5,220,784

5,073,126

Building improvements in trust
Accumulated depreciation※1 312,020※1 320,904(85,630)(97,258)

Building improvements in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
OthersTotal intangible assets

226,389

223,646※1 142,175※1 155,616(64,333)(74,970)

77,84280,646※1 36,582,527※1 36,582,527

74,954,199

74,583,461

167

137

167

137

Total investment and other assets
Guarantee deposits

10,00010,000Long-term prepaid expenses
Others158,394
32,680224,371
33,375―11―

Total investments and other assets

Fiscal Period ended
June 30, 2013
(As of June 30, 2013)
201,075(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(As of December 31, 2013)
267,746

75,155,443

74,851,345

80,249,063

79,176,632

Total non-current Assets
Total Assets―12―Fiscal Period ended
June 30, 2013
(As of June 30, 2013)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)

Liabilities
Current Liabilities
Accounts Payable
Current portion of long-term debts

151,861

174,201※1 262,000※1 203,520

4,375※1 105,833

Accrued expenses
Accrued income taxes

354,066
527

229,843
525

Accrued consumption taxes
Advances received

24,902
377,475

385,886

Current portion of long-term debts in trust
Accrued liabilities

Deposits received
Total Current Liabilities

5,000

8,601

5,048

1,183,809

1,109,859※1 22,629,500※1 20,146,480※1 20,960,000※1 20,854,166

1,048,635
183,579

1,037,721
183,579

Non-current Liabilities
Long-term debts
Long-term debts in trust
Tenant leasehold and security deposits in trust
Tenant leasehold and security deposits
Long-term accrued expenses

1,395,513-

Total Non-current Liabilities

46,217,228

42,221,948

47,401,038

43,331,808

26,134,396

29,134,389

Capital Surplus
Unappropriated retained earnings/loss

6,264,432
449,196

6,264,432
446,003

Total Surplus

6,713,628

6,710,435

Total Liabilities
Net Assets
Unitholders’ Equity
Unitholders’ Capital
Surplus

Total Unitholders’ Equity
Total Net Assets
Total Liabilities and Net Assets―13―

32,848,025

35,844,824※3 32,848,025※3 35,844,824

80,249,063

79,176,632

(2)Statement of Income(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)

Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)
Operating Revenues
Rental revenues※1 2,760,177※1 2,740,449

Total Operating Revenues

2,760,177

2,740,449

Operating Expenses
Property related expenses※1 1,295,403※1 1,261,221

Asset management fees
Directors’ remuneration

125,000
4,800

125,000
4,800

Asset custodian fees
Administrative service fees

3,911
21,531

3,986
19,089

730
-

1,045
2,561

Other operating expenses

77,562

56,975

Total Operating Expenses

1,528,940

1,474,679

1,231,237

1,265,770

Provision of allowance for doubtful accounts
Bad debt loss

Operating Income
Non-operating Revenues
Interest revenues

383

400

Profit from finance related cost adjustment
Miscellaneous income

3,088※2 354,737

Total Non-operating Revenues

3,472

355,544

800,615
96,816672,128
579,038

1,593

15,4871,300

406

Non-operating Expenses
Interest expenses
Finance related costs
Investment unit issuance expenses
Miscellaneous losses

899,026

1,267,953

Ordinary Income

Total Non-operating Expenses

335,683

353,360

Income Before Income Taxes

335,683

353,360605

605

Corporate Tax, etc.
Total Corporate Tax, etc.

605

605

Net Income

335,078

352,755

Retained Earnings at the Beginning of the Period
Unappropriated Retained Earnings/Loss at the End of the
Period114,118

93,247449,196446,003

―14―

(3)

Statement of Unitholders’ Equity

Fiscal Period ended June 30, 2013 (from January 1, 2013 to June 30, 2013)(Units: thousands of yen)
Unitholders’ Equity
Surplus
Total Unitholders’EquityTotal Net Assets

Capital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

271,868

6,536,300

32,670,697

32,670,697

Distributions fromsurplus(157,750)(157,750)(157,750)(157,750)

Net income

335,078

335,078

335,078

335,078

Unitholders’ Capital

Balance at the beginningof the period

26,134,396

Total Surplus

Change during the period

Total change during theperiodBalance at the end of theperiod－－177,328

177,328

177,328

177,328

26,134,396

6,264,432

449,196

6,713,628

32,848,025

32,848,025

Fiscal Period ended December 31, 2013 (from July 1, 2013 to December 31, 2013)(Units: thousands of yen)
Unitholders’ equity
SurplusCapital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

449,196

Unitholders’ Capital

Balance at the beginningof the period

26,134,396

Total Surplus
6,713,628

Total Unitholders’EquityTotal Net Assets

32,848,025

32,848,025

2,999,992

2,999,992

Change during the period
Issuance of new
investment units
Distributions fromsurplus2,999,992(355,949)(355,949)(355,949)(355,949)

352,755

352,755

352,755

352,755

Net income
Total change during theperiodBalance at the end of theperiod2,999,992－(3,193)(3,193)

2,996,799

2,996,799

29,134,389

6,264,432

446,0036,710,435

35,844,824

35,844,824

―15―

(4)

Statement of Cash Distribution
Fiscal Period ended June 30, 2013
Fiscal Period ended December 31, 2013
(from January 1, 2013 to June 30, 2013) (from July 1, 2013 to December 31, 2013)

Ⅰ

Unappropriated retained earnings

449,196,371 yen

446,003,163 yen

ⅡDistribution Amount

355,949,088 yen

372,843,423 yen(264 yen)(237 yen)

93,247,283 yen

73,159,740 yen

In accordance with the distribution
policy set forth in Article 17, Paragraph
1 of the Articles of Incorporation of
INV, the distribution amount shall be
the amount which does not exceed theamount of profits but exceeds 90% of
the distributable profit as defined in
Article 67-15 of the Special Taxation
Measures Act. However, in the eventthat any tax losses arise, or if no profits
have been recorded for tax purposes due
to tax losses carried forward, thedistribution amount may be as
reasonably determined by INV. Pursuant
to this policy, INV determined the
distribution amount to be 355,949,088
yen, which is the sum of net income of
335,078,277 yen and reversal of surplusof 20,870,811 yen. NV did not distributeany amounts in excess of profit, as set
forth in Article 17, Paragraph 4 of the
Articles of Incorporation.

In accordance with the distribution
policy set forth in Article 17, Paragraph
1 of the Articles of Incorporation of
INV, the distribution amount shall be
the amount which does not exceed theamount of profits but exceeds 90% of
the distributable profit as defined in
Article 67-15 of the Special Taxation
Measures Act. However, in the eventthat any tax losses arise, or if no profits
have been recorded for tax purposes due
to tax losses carried forward, thedistribution amount may be as
reasonably determined by INV. Pursuant
to this policy, INV determined the
distribution amount to be 372,843,423
yen, which is the sum of net income of352,755,880 yen and reversal of surplusof 20,870,811 yen. NV did not distributeany amounts in excess of profit, as set
forth in Article 17, Paragraph 4 of the
Articles of Incorporation.

(Distribution per Unit)
Ⅲ

Retained earnings carried forward

Calculation
amountmethodofdistribution

―16―

(5)

Statement of Cash Flows
Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)

Cash Flows from Operating Activities
Net income before taxes

335,683

353,360

Depreciation expenses
Investment unit issuance expenses

543,717-

527,451
15,487

Finance related costs
Amortization of tenant leasehold and security deposits

96,816(433)

579,038(683)

Interest received
Profit from finance related cost adjustment

(383)
-

(400)
(354,737)Interest paid
Increase (decrease) in allowance for doubtful accounts

800,615730

672,128
1,045

Decrease (increase) in accounts receivable
Decrease (increase) in deposit payments

962(57,701)

6,458
748,197

Decrease (increase) in consumption tax receivable
Increase (decrease) in accrued consumption tax
payableIncrease (decrease) in accounts payable
Increase (decrease) in accrued liabilities

115,447(7,419)24,902(24,902)

17,493(13,571)

24,617-

Increase (decrease) in accrued expenses
Increase (decrease) in advances received

9,112(1,294)(127,432)
8,411

Increase (decrease) in deposits received
Others3,333(2,456)(3,553)
5,481

Subtotal

1,872,971

2,422,548

Proceeds of interest
Payment of interest

383(818,164)390(650,982)

(581)

(606)

1,054,609

1,771,350(154,421)(158,960)(93,409)(49,761)

83,16239,531(3,298)(694)(167,967)(169,885)

Proceeds from long-term debt
Repayment of long-term debt

(131,000)

20,350,000(22,891,500)

Finance related costs
Payment of distributions(10,636)(157,800)(1,618,501)(355,323)(1,300)2,999,992(16,787)(300,737)(1,532,119)

Payment of corporate taxes, etc.
Cash Flows from Operating Activities
Cash Flows from Investing Activities
Payment for acquisition of tangible assets in trust
Payment of tenant leasehold and security deposits intrust
Proceeds of tenant leasehold and security deposits intrust
OthersCash Flows from Investing Activities
Cash Flows from Financing Activities

Proceeds from issuance of investment units
OthersCash Flows from Financing Activities
Increase (decrease) in cash and cash equivalents

585,905

69,344

Beginning balance of cash and cash equivalents

3,531,910

4,117,815※1 4,117,815※1 4,187,160

Closing balance of cash and cash equivalents

―17―

(6)

Notes Concerning Going Concerns Assumption
None

(7)
1.

Notes Concerning Significant Accounting Policies
Method of depreciation of non-current assets(a)Property, plant and equipment
The straight-line method is used.
The useful lives of major property, plant and equipment are as follows.
Buildings

40-77 years

Equipment

3-24 years

Building improvements

3-18 years

Buildings in trust

6-66 years

Equipment in trust

3-32 years

Building improvements in trust

3-55 years

Tools, furniture and fixtures in

2-15 years

trust
(b)

Intangible assets
The straight-line method is used.

(c)Long-term prepaid expenses
The straight-line method is used.

2.

Method of calculating allowances
Allowance for doubtful accounts
To reserve for losses on doubtful accounts, allowances are provided for normal receivables using a rate determinedbased on past bad debt experiences, and specific allowances are provided for accounts with a possibility of default
based on the estimated amounts considered to be uncollectible by considering the collectability of accounts on an
individual basis.

3.

Revenue and expense recognition
Accounting treatment of property taxes and other taxes
With respect to property taxes, city planning taxes and depreciable asset taxes, of the tax amount assessed anddetermined, the amount corresponding to the relevant fiscal period is accounted for as property related expenses.
Of the amounts paid to the seller for acquisitions of real estate, the amount equivalent to property taxes is capitalized
as part of the acquisition cost of the real estate instead of being charged as expense. There was no such amountequivalent to property taxes that was included as part of the acquisition of real estate during this fiscal period.

4.

Cash and cash equivalents as stated in Statement of Cash Flows
Cash and cash equivalents as stated in the Statement of Cash Flows consist of cash on hand and cash in trust, floating
deposits, deposits in trust and short-term investments that are very liquid and realizable with a maturity of three months
or less when purchased and that are subject to insignificant risks of changes in value.

5.

Other significant matters which constitute the basis for preparation of financial statements(1) Accounting treatment of trust beneficiary interests of real estate
As to trust beneficiary interests of real estate, all accounts of assets and liabilities within assets in trust, as well as all
income generated and expenses incurred from assets in trust, are recorded in the relevant balance sheets and income
statement accounts. Of such items, the following significant trust assets and liabilities are shown separately on thebalance sheet.
(a) Cash and deposits in trust(b) Buildings in trust
Equipment in trust―18―Building improvements in trust
Tools, furniture and fixtures in trust
Land in trust(c) Tenant leasehold and security deposits in trust(d) Long-term debts in trust
Current portion of long-term debts in trust(2) Accounting treatment of deferred charges(a) Investment unit issuance expenses
The full amount is recorded as expense at the time of expenditure.
(3) Accounting treatment of consumption taxes
Transactions subject to consumption taxes are recorded at amounts exclusive of consumption taxes.
(8)Notes Concerning Changes in Methods of Presentation(Statement of Income)“Public listing related costs”, which was included as an independent item under “non-operating expenses” for the fiscal

period ended June 30, 2013, has been included in “miscellaneous losses” under “non-operating expenses” for the fiscal
period ended December 31, 2013 due to the insignificant amount. The financial statements for the first period ended June 30,
2013 have been restated to reflect this change in method of presentation.
As a result, the amount of 1,300 yen which was presented as “public listing related costs” under “non-operating expenses”
has been restated to be included in “miscellaneous” in the statement of income.
（Statement of Cash Flows）“Public listing related costs”, which was included as an independent item under “cash flows from operating activities”
and “cash flows from financing activities” for the fiscal period ended June 30, 2013, has been included under “others” forthe fiscal period ended December 31, 2013 due to the insignificant amount. The financial statements for the fiscal period
ended June 30, 2013 have been restated to reflect this change in method of presentation.
As a result, the amount of 1,300 yen which was presented as “public listing related costs” under “cash flows fromoperating activities” and “cash flows from financing activities” has been restated to be included in “others”.

―19―

(9)

Notes to the Financial Statements（Notes to the Balance Sheets）※1.

Assets pledged as collateral and liabilities with collateral

Assets pledged as collateral are as follows.
Fiscal Period ended
June 30, 2013(as of June 30, 2013)-

Cash and deposits(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)
167,136

Cash and deposits in trust

2,690,331

2,729,902

Buildings

2,489,402

2,461,796

Equipment

23,902

22,706

Building improvements

2,451

2,330

Land

2,713,620

2,713,620

Buildings in trust

27,617,278

27,423,061

Equipment in trust

5,220,784

5,073,126

Building improvements in trust

226,389

223,646

Tools, furniture and fixtures in trust

77,84280,64636,582,527

36,582,527

77,644,531

77,480,500

Fiscal Period ended
June 30, 2013(as of June 30, 2013)
262,000(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)
203,520

22,629,500

20,146,480

Land in trust
Total
Liabilities with collateral are as follows.

Current portion of long-term debts
Long-term debts
Current portion of long-term debts in trust
Long-term debts in trust
Total
※2.

-

105,833

20,960,000

20,854,166

43,851,500

41,310,000

Represents amounts entrusted to financial institutions for the purpose of repayment of borrowings in trust fromsuch financial institutions. There was no such amount as of December 31, 2013.
※3. Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations
Fiscal Period ended
June 30, 2013(as of June 30, 2013)
50,000(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31,2013)
50,000―20―

(Notes to Statement of Income)※1.

A.

Rental revenues and property related expenses are as follows:
Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)

2,537,676

2,542,588

222,500

197,861

2,760,177

2,740,449

Rental revenues

Rent/common area charges
Other revenues
Total
B.

Property related expenses

Maintenance costs

441,633

435,966

Taxes and public dues

162,456

175,993

5,160

5,085

Other expenses

Insurance expenses

142,512116,754

Depreciation expenses

543,640

527,420

Total

1,295,403

1,261,221

C.

1,464,773

1,479,227

Operating income from rental revenues (A-B)※2. Profit from finance related cost adjustment

With respect to the exit fees which were to be paid pursuant to the Shinsei Trust Loan A and the Shinsei Trust Loan B,
1,337,460 thousand yen was recognized as an accrued expense in a prior period on the basis that it would be paid on the maturity
date of the borrowings. However, as a result of the prepayment of such borrowings during the fiscal period ended December 31,
2013, such exit fees were refunded, which was recognized as profit from finance related cost adjustment.
(Notes to Statement of Unitholders’ Equity)
Number of investment units authorized and number of investment units issued and outstanding
Fiscal period ended
Fiscal period ended
June 30, 2013
December 31, 2013
(from January 1, 2013
(from July 1, 2013 toto June 30, 2013)
December 31, 2013)
Number of investment units authorized
10,000,000 units
10,000,000 units
Number of investment units issued and outstanding

1,348,292 units

1,573,179 units(Notes to Statement of Cash Flow)※1.

Relationship between cash and cash equivalents in statement of cash flows and amounts in accompanying balance

sheet

Cash and deposits

Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)
1,427,483(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)
1,457,257

Cash and deposits in trust

2,690,331

2,729,902

Cash and cash equivalents

4,117,815

4,187,160―21―

(Notes Related to Lease Contracts)
Operating lease transactions (as lessee)
Remaining lease payments

Due within one year

Fiscal Period ended
June 30, 2013(as of June 30, 2013)
112,249(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)
112,249

Due after one year

2,392,537

2,336,413

Total

2,504,787

2,448,662

Operating lease transactions (as lessor)
Remaining lease payments

Due within one year

Fiscal Period ended
June 30, 2013(as of June 30, 2013)
674,516(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)
669,922

Due after one year

7,258,593

6,914,939

Total

7,933,109

7,584,862(Notes Related to Financial Instruments)
1.

Status of Financial Instruments(1) Policy for Financial Instruments
The Investment Corporation principally conducts its operations through investments in real estate and otherspecified assets to seek to ensure stable income in the medium to long term.
The policy for raising funds is principally through issuing new investment units or entering into debt.
Derivative transactions are to be entered into for the purpose of hedging against the rate of future interest rateincreases, etc. and not for speculation. There are currently no derivative transactions that have been entered into.
Surplus funds are managed carefully after carefully taking into account safety, liquidity, the interest rateenvironment and financing.
(2) Nature and extent of risks arising from financial instruments and risk management
The funds raised through borrowings are mainly used to acquire real estate properties or properties in trust(including related acquisition costs) and for the repayment of existing debt. Liquidity risks relating to debt aremanaged by the finance department of the Asset Manager by preparing and updating plans for funds, and monitoring
the covenants set forth in loan agreements.
(3) Supplemental information regarding market value, etc. for financial instruments
The fair value of financial instruments is based on quoted market prices if available. When quoted market prices
are not available, fair value is estimated using valuation techniques which contain various assumptions. If othervaluation models or assumptions were used, the estimated value may differ.

―22―

2.

Estimated Fair Value of Financial Instruments
Book value, fair value and the difference between values as of June 30, 2013 are as follows.
(Unit: thousands of yen)Book value
Fair value
Difference(1) Cash and deposits

1,427,483

1,427,483―(2) Cash and deposits in trust

2,690,331

2,690,331―

Total assets

4,117,815

4,117,815―(3) Current portion of long-term debts

262,000

263,952

1,952(4) Long-term debts

22,629,500

22,932,788

303,288(5) Long-term debts in trust

20,960,000

21,117,642

157,642

43,851,500

44,314,382

462,882

Total liabilities

Book value, fair value and the difference between values as of December 31, 2013 are as follow.
(Unit: thousands of yen)Book value
Fair value
Difference
1,457,257

1,457,257―(2) Cash and deposits in trust

2,729,902

2,729,902―

Total assets

4,187,160

4,187,160―(3) Current portion of long-term debts

203,520

203,520―(4) Long-term debts(5) Current portion of long-term debts intrust(6) Long-term debts in trust

20,146,480

20,146,480―

105,833

106,409576

20,854,166

21,127,212

273,045

41,310,000

41,583,622

273,622(1) Cash and deposits

Total liabilities(Note 1) Methods to calculate fair values of financial instruments(1) Cash and deposits (2) Cash and deposits in trust
Due to the short maturities, the book value of these instruments is deemed a reasonable approximation of the fair value,
and therefore, the book value is used as the fair value.
(3) Current portion of long-term debts (4) Long-term debts (5) Current portion of long-term debts in trust(6) Long-term debts in trust
The fair values of long-term debt with fixed interest rates are determined based on the present value of contractual cash
flows discounted at current market interest rates which would be applicable to new debt with the same amount. Long-term
debt with floating interest rates reflecting changes in market rates within a short term period are stated at their book value as
their book values approximate their fair values.
(Note 2) Financial instruments for which fair value is extremely difficult to value

Fiscal Period ended
June 30, 2013(as of June 30, 2013)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013(as of December 31, 2013)

Tenant leasehold and183,579
183,579
security deposits
Tenant leasehold and1,048,635
1,037,721
security deposits in trust
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust have no observable market price,
and it is impracticable to reasonably estimate their future cash flows because it because the repayment dates of those deposits
and the timing of the lessee’s exit from the property are not certain. Thus, their fair value is not disclosed.

―23―

(Note 3) Remaining schedule of monetary claims after the closing date of the fiscal period
As of June 30, 2013
(Unit: thousands of yen)
Due within one Due after one Due after two Due after three Due after four Due after fiveyear
to two years to three years to four years to five years
years
Cash and deposits

1,427,483

―

―

―

―

―

Cash and deposits in trust

2,690,331

―

―

―

―

―

4,117,815

―

―

―

―

―

Total
As of December 31, 2013

(Unit: thousands of yen)
Due within one Due after one Due after two Due after three Due after four Due after fiveyear
to two years to three years to four years to five years
years
Cash and deposits

1,457,257

―

―

―

―

―

Cash and deposits in trust

2,729,902

―

―

―

―

―

4,187,160

―

―

―

―

―

Total

(Note 4) Redemption schedule of long-term debts and other interest-bearing indebtedness after the closing date of the fiscal
periodAs of June 30, 2013
(Unit: thousands of yen)
Due within one Due after one Due after two Due after three Due after four Due after fiveyear
to two years to three years to four years to five years
years
Current portion of long-term
debts
Long-term debts
Long-term debts in trust
Total

262,000

―

―

―

―

―

―

22,629,500

―

―

―

―

―

320,981

491,866

3,861,986

6,238,387

10,046,777

262,000

22,950,481

491,866

3,861,986

6,238,387

10,046,777

As of December 31, 2013
(Unit: thousands of yen)
Due within one Due after one Due after two Due after three Due after four Due after fiveyear
to two years to three years to four years to five years
years
Current portion of long-term
debts
Long-term debts
Current portion of long-term
debts in trust
Long-term debts in trust
Total

203,520

―

―

―

―

―

―

203,520

19,942,960

―

―

―

105,833

―

―

―

―

―

―

450,442516,273

3,819,427

6,196,028

9,871,993

309,353

653,962

20,459,233

3,819,427

6,196,028

9,871,993―24―

(Notes Related to Investment Securities)
None(Notes Related to Derivative Transactions)
None(Notes Related to Retirements Payments)
None(Notes Related to Asset Retirement Obligations)
None(Notes Related to Segment and Related Information)
I.

Segment Information
Disclosure is omitted because the real estate investment business is the Investment Corporation’s sole business and it
has no reportable segments.

II.

Related Information
Fiscal Period ended June 30, 2013 (from January 1, 2013 to June 30, 2013)
1.

Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category accounted forover 90% of the operating revenue on the statement of income.

2.

Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan accounted for over 90% of the operating
revenue on the statement of income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounted for over
90% of the amount of property, plant and equipment on the balance sheet.

3.

Information about each major customer
Disclosure is omitted because net sales to any single external customer accounted for less than 10% of theoperating revenue on the statement of income.

Fiscal Period ended December 31, 2013 (from July 1, 2013 to December 31, 2013)
1.

Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category accounted forover 90% of the operating revenue on the statement of income.

2.

Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan accounted for over 90% of the operating
revenue on the statement of income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounted for over
90% of the amount of property, plant and equipment on the balance sheet.

3.

Information about each major customer

Disclosure is omitted because net sales to any single external customer accounted for less than 10% of the operating
revenue on the statement of income.

―25―

(Notes Related to Rental Properties)
The Investment Corporation owns residential and other properties principally in the Tokyo area and major regional cities
for the purpose of earning stable rental revenues. The book value, amount changed during the period and balance at the endof the period are as follows.
Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)

Book value
Residential

Balance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period

Book value
OfficeBalance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period

Book value
RetailBalance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period

Book value
Parking

Balance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period

Book value
SeniorBalance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period

Book Value
Total

Balance at the
beginning of theperiodChange during theperiodBalance at the endof the period

Fair value at the end of the period(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)

56,845,746

56,520,161(325,585)(327,357)

56,520,161

56,192,804

56,993,000

57,921,000

8,557,382

8,567,749

10,367

17,8898,567,749

8,585,639

7,151,000

7,175,000

5,397,628

5,352,806(44,821)(34,149)

5,352,806

5,318,657

5,360,000

5,420,000

100,865

100,851

(13)

(13)

100,851

100,838

92,30092,8004,441,219

4,412,629(28,590)(27,106)

4,412,629

4,385,522

4,751,000

4,821,000

75,342,842

74,954,199(388,642)(370,738)

74,954,199

74,583,461

74,347,300

75,429,800(Note 1) Book value is the figure calculated by decreasing the amount of depreciation from acquisition price (including
acquisition-related costs).
(Note 2) The major factor of the increase for the fiscal period ended June 30, 2013 was capital expenditures related to―26―

construction work, and the major factor of the decrease was depreciation. The major factor of the increase for the fiscal
period ended December 31, 2013 was capital expenditures related to construction work, and the major factor of thedecrease was depreciation.
(Note 3) The fair value as of the end of the reporting period is determined based on the appraisal value provided by Asset
Research and Development Inc., Japan Real Estate Institute, Morii Appraisal & Investment Consulting Inc. andTanizawa Sogo Appraisal Co., Ltd.
For information related to profits and losses from rental properties, please refer to “Notes to Statement of Income.”―27―

(Notes Related to Retirement Payment)
1.

Significant components of deferred tax assets and liabilities
Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)

Enterprise tax payable

590

590

Rental receivables (merger)

211

211

Deferred tax assets - current assets

Allowance for doubtful accounts

559

941

Accrued expenses

6,454

－

Subtotal

7,815

1,743

Valuation allowance
Total
Net deferred tax assets – current

7,815

1,743

－

－

－

－

Buildings and other (merger)

1,194,346

1,177,288

Land (merger)

2,547,099

2,547,099

510,618－

Net loss carried forward

7,023,707

7,401,300

Subtotal

11,275,771

11,125,688

Valuation allowance
Total
Net deferred tax assets – non-current

11,275,771

11,125,688

－

－

－

－

Deferred tax assets – non-current assets

Long-term accrued expenses

2.

Significant difference between statutory income tax rate and the effective tax rate

Statutory tax rate

Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)
36.59(Unit: %)Fiscal Period ended
December 31, 2013
(from July 1, 2013 to
December 31, 2013)
36.59

Deductible cash distributions(31.40)－

Provision of reserve for reduction entry(5.19)(36.59)Others0.18

0.17

Effective tax rate

0.18

0.17

(Notes Related to Equity-Method Income)
None.

―28―

(Notes Related to Related Party Transactions)
1.

Transactions with Parent Company and Major Unitholders
Fiscal Period ended June 30, 2013 (from January 1, 2013 to June 30, 2013)

Classification

Interested
Party of the
Asset
Manager

Name

Statedcapital Type of
Address(millions businessof yen)

Shinsei Trust
Chuo-ku,and Banking
TokyoCo., Ltd.

5,000

FinancialBusiness% ofvotingrightsowned―

Transaction
EndingamountbalanceCommon Business Type of (thousands
Account(thousands
board relation- transactionof yen)of yen)member ship
(Note 1)
(Note 1)
Repaymentof longRepayment of
9,604,000
term debts 56,000
long-term debts(Note 2)
(Note 3)Long-term
prepaid
52,925expenses
Prepaid―
Lender
90,270expensesFinance
44,764
related fees
Long-term
accrued
1,395,513
expenses
Accrued17,640expenses
Interest
Accrued418,332
140,614expenses
expenses
Relationship(Note 1) Consumption taxes are not included in transaction amounts, but are included in the balance at the end of the period.
(Note 2) The financing includes transactions for which Calliope, which became the parent company of the Asset Manager on
July 29, 2011, had a portion of the economic benefit.
(Note 3) Calliope holds 609,942 units (holding ratio: 45.23%) of the issued investment units of the Company.
(Note 4) The terms and conditions have been determined based on the Asset Manager’s internal rules and manual regardingtransactions with the sponsor company.
Fiscal Period ended December 31, 2013 (from July 1, 2013 to December 31, 2013)

Classification

Interested
business of
the Asset
Manager

Name

Statedcapital Type ofLocation(millions businessof yen)

Shinsei Trust
Chuo-ku,and Banking
TokyoCo., Ld.

5,000

Financialbusiness% ofvotingrights―EndingTransaction
balanceamountCommon Business Type of
Account(thousands(thousands
board relation- transactionof yen)of yen)member ship
(Note 1)
(Note 1)
Repaymentof long-term
Repayment of
9,604,000
debts－
long-term debts(Note 2)
(Note 3)Long-term
prepaid－
expenses―
LenderPrepaid
Finance－expensesrelated fees
143,196
Long-term(Note 6)
accrued－expenses
Accrued－expenses
Interest
Accrued
282,863－
expenses
expenses
Relationship―29―

Rayo Godo
Kaisha(Note 5)

Minatoku,
Tokyo

0.1

Investment
managementbusiness

9.53―

Affiliateof theparent Subscription
company of capitalof theincrease
Asset
Manager

1,999,999－－(Note 1) Consumption taxes are not included in transaction amounts, but are included in the balance at the end of the period.
(Note 2) The financing includes transactions for which Calliope, which became the parent company of the Asset Manager on
July 29, 2011, had a portion of the economic benefit.
(Note 3) Calliope holds 609,942 units (holding ratio: 45.23%) of the issued investment units of the Company.
(Note 4) The terms and conditions have been determined based on the Asset Manager’s internal rules and manual regardingtransactions with the sponsor company.
(Note 5) Rayo Godo Kaisha and the Asset Manager have no capital relationship to be disclosed. Rayo Godo Kaisha has received
an anonymous partnership investment through funds that are managed by FIG, an affiliate of Calliope.
(Note 6) Accrued expenses and long-term accrued expenses decreased due to redemption before maturity date and thistransaction is not included above.

―30―

2.

Transactions with Affiliates
None for both the fiscal period ended June 30, 2013 and the fiscal period ended December 31, 2013

3.

Transactions with Companies under Common Control
None for both the fiscal period ended June 30, 2013 and the fiscal period ended December 31, 2013

4.

Transactions with Directors and Major Unitholders
Fiscal Period ended June 30, 2013 (from January 1, 2013 to June 30, 2013)

Classification

Name

Business or occupation

Directors andclose relatives

Naoki
FukudaExecutive Director of theInvestment Corporation andPresident & CEO of
Consonant Investment
Management Co., Ltd.

Same as above

Same asabove

Same as above

Transaction
amount(thousands ofyen)(Note 3)(Note 4)

Account

Balance atthe End of
the Period(thousands ofyen)(Note 3)－

Payment of asset
management fees toConsonant Investment
Management Co., Ltd.
(Note 1)125,000

Trade andother
payables

65,625－

Payment of generaladministration fees fororganizational management
to Consonant Investment
Management Co., Ltd.
(Note 2)

1,100

Trade andother
payables840

Ratio ofvoting rights

Details of transaction(Note 1) Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the Articles
of Incorporation of the Investment Corporation.
(Note 2) Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in theagreement, “General Administrative Agreement relating to Organizational Management, between the Investment
Corporation and the Asset Manager.
(Note 3) Consumption taxes are not included in transaction amounts, but are included in the balance of the end of the period.
(Note 4) At the meeting of the board of directors of the Asset Manager held on May 31, 2013, Naoki Shibatsuji resigned as
President & CEO, and Naoki Fukuda was selected by the board of directors as the successor. In addition, at the generalunitholders’ meeting of the Investment Corporation held on June 28, 2013, Naoki Shibatsuji resigned as executive
director, and Naoki Fukuda was elected as executive director. The transaction amount includes amounts attributable tothe period in which Naoki Shibatsuji was in office.
Fiscal Period ended December 31, 2013 (from July 1, 2013 to December 31, 2013)

Classification

Directors andclose relatives

Same as above

Name

Business or occupation

Naoki
FukudaExecutive Director of theInvestment Corporation andPresident & CEO of
Consonant Investment
Management Co., Ltd.

Same asabove

Same as above

Ratio ofvoting rights

Details of transactions－

Payment of asset
management fees toConsonant Investment
Management Co., Ltd.
(Note 1)－

Payment of generaladministration fees fororganizational management
to Consonant Investment
Management Co., Ltd.
(Note 2)

Transaction
amount(thousands ofyen)(Note 3)

Account

Balance atthe end of theperiod(thousands ofyen)(Note 3)125,000

Trade andother
payables

65,625600

Trade andother
payables315(Note 1) Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the Articles
of Incorporation of the Investment Corporation.

―31―

(Note 2) Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in theagreement, “General Administrative Agreement relating to Organizational Management, between the Investment
Corporation and the Asset Manager.
(Note 3) Consumption taxes are not included in transaction amounts, but are included in the balance of the end of the period.

(Notes Related to Per Unit Information)

Net assets per unit

For the Fiscal Period ended
June 30, 2013
(from January 1, 2013
to June 30, 2013)24,363 yen

For the Fiscal Period ended
December 31, 2013
(from July 1 to
December 31, 2013)
22,785 yen

Net income per unit

249 yen

259 yen

Net income per unit is calculated by dividing net income for the period by the daily weighted average number ofinvestment units issued and outstanding. Diluted net income is not stated as there are no diluted units.
(Note) The basis for calculating net income per unit is as follows.

Net income for the fiscal period (thousands of yen)Amounts not attributable to common unit holders(thousands of yen)
Net income attributable to common unit holders(thousands of yen)
Average number of investment units during the period(unit）

Fiscal Period ended
June 30, 2013
(January 1, 2013
to June 30, 2013)
335,078

Fiscal Period ended
December 31, 2013
(July 1, 2013 to
December 31, 2013)
352,755――

335,078

352,755

1,348,292

1,362,959(Significant Subsequent Events)
None.

―32―

(10)

Changes in Number of Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ equity from the date of establishment

to the end of the reported fiscal period is as follows.
Date

Type of issue

Number of investment units
issued and outstanding (units)
Increase
Total

Unitholders’ equity (yen)Increase

Total

Reference

400

400

200,000,000

200,000,000(Note 1)

December 26, 2003

Private placement
for incorporation
Private placement

2,700

3,100

1,012,500,000

1,212,500,000(Note 2)January 18, 2002

January 9, 2004

Private Placement

1,350

4,450

506,250,000

1,718,750,000(Note 2)January 21, 2003

Private placement

1,333

5,783

499,875,000

2,218,625,000(Note 2)January 27, 2004

Private placement

267

6,050

100,125,000

2,318,750,000(Note 2)January 28, 2004

Private placement

800

6,850

300,000,000

2,618,750,000(Note 2)January 31, 2004

Private placement

266

7,116

99,750,000

2,718,500,000(Note 2)February 5, 2004

Private placement

800

7,916

300,000,000

3,018,500,000(Note 2)February 7, 2004

Private placement

1,333

9,249

499,875,000

3,518,375,000(Note 2)

May 17, 2004

Public offering

9,000

18,2493,377,250,000

6,895,625,000(Note 3)February 7, 2005

Public offering

10,65028,8993,937,667,100

10,833,292,100(Note 4)

July 31, 2006

Public offering

25,00053,8998,301,125,000

19,134,417,100(Note 5)February 1, 2010

Unit split

215,596

269,495―

19,134,417,100(Note 6)

February 1, 2010

MergerThird-party
allotment
Third-party
allotment

367,200

636,695―

19,134,417,100(Note 7)

711,597

1,348,292

6,999,979,689

26,134,396,789(Note 8)224,887

1,573,179

2,999,992,580

29,134,389,369(Note 9)July 29, 2011
December 20, 2013
(Note 1)The Investment Corporation was incorporated through a private placement at a price of 500,000 yen per unit.

(Note 2)

New investment units were issued in a private placement at a price of 375,000 yen per unit to raise funds for the acquisition of new
properties.

(Note 3)New investment units were issued in a public offering at a price of 395,000 per unit (375,250) yen after deducting the underwriters’(Note 4)

New investment units were issued in a public offering at a price of 385,140 yen per unit (369,734 yen after deducting the underwriters’(Note 5)New investment units were issued in a public offering at a price of 348,740 yen per unit (332,045 yen after deducting the underwriters’

discount) to raise funds for the acquisition of new properties.
discount) to raise funds for the acquisition of new properties.
discount) to raise funds for the acquisition of new properties.
(Note 6)

An investment unit slit of 5 units per 1 unit was conducted.

(Note 7)A merger by absorption pursuant to Article 147 of the Act on Investment Trusts and Investment Corporations was conducted with LCP,
with the Investment Corporation as the surviving entity. As a result of the merger by absorption, 4 investment units of the Investment
Corporation (after the investment unit split) were allotted for each LCP investment unit. The number of LCP investment units issued asof the time of the merger by absorption was 91,800 units.

4.

(Note 8)New investment units were issued in a third party allotment at a price of 9,387 yen per unit to make repayment of existing debt, etc.

(Note 9)New investment units were issued in a third party allotment at a price of 13,340 yen per unit to make repayment of existing debt, etc.

Change in Directors
Changes in directors are disclosed in a timely manner upon the determination of such changes.

―33―

5.

Reference Information(1)

Composition of Investment Corporation’s Assets

Type of
Asset

Geographic area

Purpose(Note 1)

Greater Tokyo
area
Major regional
citiesSubtotal
Greater Tokyo
area
Major regional
citiesSubtotal
Greater Tokyo
area
Major regional
citiesSubtotal

－

－

－

－

－

－

－

－

－

－

－

715

0.9

714

0.9

－

－

－

－

715

0.9

714

0.9

3,061

3.8

3,044

3.8

1,452

1.8

1,441

1.8

4,513

5.6

4,486

5.7

5,229

6.5

5,200

6.6

44,31255.2

44,10855.7

12,20815.2

12,084

15.3

56,52070.4

56,192

71.0

7,092

8.8

7,111

9.0

6,111

7.6

6,078

7.7

13,20416.5

13,190

16.7

－

－

－

－

－

－

－

－

－

－

－

－

Total real estate in trust

69,724

86.9

69,38387.6

Deposits and other assets

5,294

6.6

4,593

5.8

80,249100.0

79,176100.0(74,954)(93.4)(74,583)(94.2)

Office/Retail

Senior, hourly
parking, etc.

Total real estate

ResidentialRealestate intrust

Office/Retail

Senior, hourly
parking, etc.

Greater Tokyo
area
Major regional
citiesSubtotal
Greater Tokyo
area
Major regional
citiesSubtotal
Greater Tokyo
area
Major regional
citiesSubtotal

Total assets (Note 3)(Note 1)

(Note 2)

Fiscal Period ended
December 31, 2013(as of December 31, 2013)
Ratio of total
Amount held
assets(millions of yen)
(Note 2)(%)－

ResidentialRealestateFiscal Period ended
June 30, 2013(as of June 30, 2013)
Ratio of total
Amount held
assets(millions of yen)
(Note 2)(%)

Greater Tokyo area refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture.
”Amount held” is from the balance sheet as of the end of the reporting period and is calculated by decreasing accumulated depreciationfrom the acquisition price (including acquisition related costs).

(Note 3)

The figure indicated in“()” in “total assets” shows the amount related to actual owned real estate.

Fiscal Period ended June 30, 2013(as of June 30, 2013)

Fiscal Period ended December 31, 2013(as of December 31, 2013)

Amount (millions of yen) Ratio to total assets (%) Amount (millions of yen) Ratio to total assets (%)
Total Liabilities

47,40159.1

43,331

54.7

Total Net Assets
Total Liabilities and Net
Assets32,84840.9

35,84445.3

80,249100.0

79,176

100.0

―34―

(2)

Real Estate Properties
The following summarizes the real estate and real estate held in trust of the Investment Corporation held as ofDecember 31, 2013.
(a)Property
number(Note 1)Price and investment ratio

Name of property

A26

Nisshin Palacestage Daitabashi

A27

Nisshin Palacestage HigashiNagasaki

A28

Growth Maison Gotanda

A29

Growth Maison Kameido

A30

Emerald House

A31

Harmonie Ochanomizu

A32

Suncrest Shakujii-Koen

A33

Growth Maison Shin-Yokohama

A34

Belle Face Ueno-Okachimachi

A35

Grand Rire Kameido

A36

Growth Maison Ikebukuro

A37

Growth Maison Yoga

A38

Route Tachikawa

A39

Shibuya-Honmachi Mansion

A40

City Heights Kinuta

A41

Acseeds Tower KawaguchiNamiki

A42

Capital Heights Kagurazaka

A43

College Square Machida

A44

Belair Meguro

A45

Wacore Tsunashima I

A46

Foros Nakamurabashi

Location (Note 2)

BalanceAcquisition
Appraisal value as
Investment
sheet
price
of
Type ofratio
carrying(millions
December 31, 2013
(%)
value
ownership of yen)(millions of yen)(millions (Note 4)(Note 3)(Note 5)of yen)Trustbeneficiaryinterests
Trustbeneficiary
5-4-1 Nagasaki, Toshima Ward, Tokyo
interests
Trust
2-26-6 Nishi-Gotanda, Shinagawa Ward,beneficiaryTokyo
interests
Trust
6-58-16 Kameido, Koto Ward, Tokyo
beneficiaryinterests
Trust
3-27-18 Itabashi, Itabashi Ward, Tokyo
beneficiaryinterests
Trust
2-5-5 Yushima, Bunkyo Ward, Tokyo
beneficiaryinterests
Trust
3-15-35 Takanodai, Nerima Ward, Tokyo beneficiaryinterests
Trust
3-16-2 Shin-Yokohama, Kohoku-ku,
beneficiary
Yokohama City, Kanagawa Prefectureinterests
Trust
1-27-5 Higashi-Ueno, Taito Ward, Tokyo beneficiaryinterests
Trust
3-39-12 Kameido, Koto Ward, Tokyo
beneficiaryinterests
Trust
3-31-14 Nishi-Ikebukuro, Toshima Ward,beneficiaryTokyo
interests
Trust
1-15-15 Okamoto, Setagaya Ward, Tokyo beneficiaryinterests
Trust
3-7-6 Nishikicho, Tachikawa City, Tokyo beneficiaryinterests
Trust
2-35-2 Honmachi, Shibuya Ward, Tokyo
beneficiaryinterests
Trust
4-13-15 Kinuta, Setagaya Ward, Tokyo
beneficiaryinterests
Trust
2-5-13 Namiki, Kawaguchi City, Saitama
beneficiary
Prefectureinterests
Trust
71-1 Enokicho, Shinjuku Ward, Tokyo
beneficiaryinterests
Trust
3-4-4 Nakamachi, Machida City, Tokyo
beneficiaryinterests
Trust
1-2-15 Meguro, Meguro Ward, Tokyo
beneficiaryinterests
Trust
2-7-47 Tarumachi, Kohoku-ku, Yokohama
beneficiary
City, Kanagawa Prefectureinterests
Trust
1-6-6 Koyama, Nerima Ward, Tokyo
beneficiaryinterests
1-31-2 Izumi, Suginami Ward, Tokyo

―35―

1,251

1,145

1.6

1,130

(Note 6)

1,229

1,123

1.6

1,240

(Note 6)

888

851

1.2

922

(Note 6)

1,070

1,018

1.4

1,040

(Note 6)

1,505

1,427

2.0

1,180

(Note 6)

1,428

1,385

1.9

1,230

(Note 6)

1,088

1,045

1.4

998

(Note 6)

1,059

1,000

1.4

1,060

(Note 6)

1,023

988

1.3

928

(Note 6)

906

860

1.2

909

(Note 6)

825

782

1.1

827

(Note 6)

795

768

1.0

674

(Note 6)

676

657

0.9

591

(Note 6)

651

656

0.8

588

(Note 6)

646

647

0.8

454

(Note 6)

620

576

0.8

676

(Note 6)

604

618

0.8

534

(Note 6)

589

573

0.8

525

(Note 6)

589

574

0.8

545

(Note 6)

572

550

0.7

496

(Note 6)

566

534

0.7

532

(Note 6)

Property
number(Note 1)Name of property

A47

Growth Maison Kaijin

A48

College Square Machiya

A51

City House Tokyo Shinbashi

A52

Winbell Kagurazaka

A53

Nishiwaseda Cresent Mansion

A54

Lexington Square Akebonobashi

A56

Casa Eremitaggio

A59

Towa City Coop Shinotsuka II

A61Bichsel Musashiseki

A62

Lexel Mansion Ueno Matsugaya

A63

Towa City Coop Sengencho

A64

Royal Park Omachi

A65

Lexington Square Haginomachi

A66

Visconti Kakuozan

A71

Lexington Square Daitabashi

A72

Lexington Square Honjo
Azumabashi

A73

AMS TOWER Minami 6-Jo

A75

Spacia Ebisu

A76

Neo Prominence

A77

Invoice Shin-Kobe Residence

A78

Cosmo Court Motomachi

A79

Revest Honjin

A80

Revest Matsubara

A81

Sun Terrace Minami Ikebukuro

Location (Note 2)

BalanceAcquisition
Appraisal value as
Investment
sheet
price
of
Type ofratio
carrying(millions
December 31, 2013
(%)
value
ownership of yen)(millions of yen)(millions (Note 4)(Note 3)(Note 5)of yen)Trustbeneficiaryinterests
Trust
7-3-1 Arakawa, Arakawa Ward, Tokyo
beneficiaryinterests
Trust
6-19-1 Shinbashi, Minato Ward, Tokyo
beneficiaryinterests
Trust
6-15 Shin-Ogawacho, Shinjuku Ward,beneficiaryTokyo
interests
Trust
3-18-9 Nishi-Waseda, Shinjuku Ward,beneficiaryTokyo
interests
Trust
3-8 Yochomachi, Shinjuku Ward, Tokyo
beneficiaryinterests
Trust
1-14-15 Nakane, Meguro Ward, Tokyo
beneficiaryinterests
Trust
5-49-7 Higashi-Ikebukuro, Toshima Ward,beneficiaryTokyo
interests
Trust
1-22-7 Sekimachi-Kita, Nerima Ward,beneficiaryTokyo
interests
Trust
3-10-2 Matsugaya, Taito Ward, Tokyo
beneficiaryinterests
Trust
4-338-2 Sengencho, Nishi-ku, Yokohama
beneficiary
City, Kanagawa Prefectureinterests
Trust
2-11-10 Omachi, Aoba-ku, Sendai City,
beneficiary
Miyagi Prefectureinterests
Trust
1-15-16 Haginomachi, Miyagino-ku,
beneficiary
Sendai City, Miyagi Prefectureinterests
Trust
2-44 Otanacho, Chikusa-ku, Nagoya City,
beneficiary
Aichi Prefectureinterests
Trust
1-33-8 Izumi, Suginami Ward, Tokyo
beneficiaryinterests
Trust
4-20-6 Higashikomagata, Sumida Ward,beneficiaryTokyo
interests
Trust
2-5-15 Minami 6-Jo Nishi, Chuo-ku,
beneficiary
Sapporo City, Hokkaido
interests
Trust
3-6-22 Higashi, Shibuya Ward, Tokyo
beneficiaryinterests
Trust
3-21-5 Shimo, Kita Ward, Tokyo
beneficiaryinterests
Trust
3-3-8 Ikutacho Chuo Ward, Kobe City,
beneficiary
Hyogo Prefectureinterests
Trust
3-12-20 Motomachi Dori Chuo Ward,beneficiary
Kobe City, Hyogo Prefectureinterests
Trust
2-13 Torii Dori Nakamura Ward, Nagoya
beneficiary
City, Aichi Prefectureinterests
Trust
3-13-12 Matsubara Naka Ward ,Nagoya
beneficiary
City, Aichi Prefectureinterests
Trust
2-22-6 Minami Ikebukuro, Toshima Ward,beneficiaryTokyo
interests
5-29-51 Kaijin, Funabashi City, Chiba
Prefecture

―36―

557

525

0.7

455

(Note 6)

510

481

0.7

494

(Note 6)

2,520

2,418

3.3

2,650

(Note 7)

3,260

3,141

4.2

3,420

(Note 8)

1,880

1,849

2.4

2,140

(Note 8)

1,450

1,385

1.9

1,570

(Note 9)

1,070

1,005

1.4

980

(Note 7)

866

835

1.1

930

(Note 7)

577

561

0.7

631

(Note 8)

970

907

1.3

1,050

(Note 9)

1,110

1,052

1.4

1,230

(Note 7)

415

395

0.5

484

(Note 7)

330

310

0.4

405

(Note 7)

255

241

0.3

232

(Note 9)

977

914

1.3

1,020

(Note 9)

511

473

0.7

536

(Note 9)

1,180

1,071

1.5

1,080

(Note 9)

7,010

6,729

9.1

6,860

(Note 7)

1,660

1,665

2.2

1,710

(Note 7)

1,260

1,262

1.6

1,300

(Note 7)

973

976

1.3

1,020

(Note 7)

674

676

0.9

705

(Note 7)

657

659

0.9

705

(Note 7)

625

625

0.8

644

(Note 7)

Property
number(Note 1)Name of property

Location (Note 2)

BalanceAcquisition
Appraisal value as
Investment
sheet
price
of
Type ofratio
carrying(millions
December 31, 2013
(%)
value
ownership of yen)(millions of yen)(millions (Note 4)(Note 3)(Note 5)of yen)Trustbeneficiaryinterests
Trust
2-13-33 Meiekiminami, Nakamura Ward,beneficiary
Nagoya City, Aichi Prefectureinterests
Trust
2-13-17 Heian, Kita Ward, Nagoya City,
beneficiary
Aichi Prefectureinterests
Trust
1-2-15 Hama Otsu, Otsu City, Shiga
beneficiary
Prefectureinterests
Trust
2-6-21 Shimanouchi Chuo Ward, Osaka
beneficiary
City, Osaka Prefectureinterests
Trust128-1 Yamabukicho Shinjuku Ward,beneficiaryTokyo
interests
Trust
3-4-11 Edobori, Nishi Ward, Osaka City,
beneficiary
Osaka Prefectureinterests
Trust
7-2-2 Motomachi Dori, Chuo Ward, Kobe
beneficiary
City, Hyogo Prefectureinterests
Trust
1-3-10 Fukuzumi, Koto Ward, Tokyo
beneficiaryinterests
380-1 Kawaranomachi, Higashinotoin
Trust
Dori Nijo Kudaru, Chukyo Ward, Kyoto
beneficiary
City, Kyoto Prefectureinterests
Trust
5-14-17 Higashi Oi, Shinagawa Ward,beneficiaryTokyo
interests
Trust
3-18 Minami Tsukaguchimachi,
beneficiary
Amagasaki City, Hyogo Prefectureinterests
Trust
4-3-23 Isogamidori ,Chuo Ward, Kobe
beneficiaryCity Hyogo Prefectureinterests
Trust
4-10-3 Sakuragawa Naniwa Ward, Osaka
beneficiary
City, Osaka Prefectureinterests
Trust
4-1-2 Shinkawamachi Minato Ward,beneficiary
Nagoya City, Aichi Prefectureinterests
Trust
1-5-17 Nishi, Kunitachi City, Tokyo
beneficiaryinterests
Trust
1-34 Honmachibashi Chuo Ward, Osaka
beneficiary
City, Osaka Prefectureinterests
Trust
2-25-11 Mikage Tsukamachi Higashi
beneficiary
Nada Ward, Kobe City, Hyogo Prefectureinterests
3-6-8 Noritake Shinmachi, Nishi Ward,
Nagoya City, Aichi Prefecture

A82

Alba Noritake Shinmachi

A83

Revest Meieki Minami

A84

Revest Heian

A85

Vendir Hamaotsu Ekimae

A86

Salvo Sala

A87

Excellente Kagurazaka

A88

Luna Court Edobori

A89

Winntage Kobe Motomachi

A90

Queen's Court Fukuzumi

A91

Corp Higashinotoin

A92

Belair Oimachi

A93

Siete Minami-Tsukaguchi

A94

Prime Life Sannomiya Isogami
Koen

A95

HERMITAGE NANBA WEST

A96

Century Park Shinkawa 1-bankan

A97

West Avenue

A98

Little River Honmachibashi

A99

Prime Life Mikage

Subtotal (63 properties)
B8

Kindai Kagakusha Building

B9

Shinjuku Island

B14

Lexington Plaza Nishigotanda

B15

Cross Square NAKANO

B16Ohki Aoba Building

B17

Lexington Plaza Hachiman

Trust
2-7-15, Ichigaya Tamachi, Shinjuku Ward,beneficiaryTokyo
interests
6-5-1 Nishi-Shinjuku, Shinjuku Ward,
Real estate
Tokyo
Trust
5-2-4 Nishigotanda, Shinagawa Ward,beneficiaryTokyo
interests
Trust
5-24-18 Nakano, Nakano Ward, Tokyo
beneficiaryinterests
Trust
9-7 Futsukacho, Aoba-ku, Sendai City,
beneficiary
Miyagi Prefectureinterests
Trust
3-1-50 Hachiman, Aoba-ku, Sendai City,
beneficiary
Miyagi Prefectureinterests

―37―

608

611

0.8

637

(Note 7)

597

600

0.8

626

(Note 7)

595

598

0.8

610

(Note 7)

581

583

0.8

650

(Note 7)

544

548

0.7

567

(Note 7)

543

546

0.7

558

(Note 7)

525

527

0.7

547

(Note 7)

512

514

0.7

545

(Note 7)

456

457

0.6

477

(Note 7)

446

448

0.6

468

(Note 7)

412

414

0.5

428

(Note 7)

374

376

0.5

394

(Note 7)

373

374

0.5

383

(Note 7)

355

358

0.5

382

(Note 7)

335

336

0.4

349

(Note 7)

331

330

0.4

334

(Note 7)

310

313

0.4

329

(Note 7)

297

298

0.4

307

(Note 7)58,08356,192

75.3

57,921

-

1,301

1,226

1.7

1,020

(Note 6)

715

714

0.9

542

(Note 8)

4,880

4,811

6.3

4,050

(Note 7)

1,060

1,073

1.4

930

(Note 7)

816

759

1.1

633

(Note 9)

3,280

3,198

4.3

3,270

(Note 8)

Property
number(Note 1)

B18

Name of property

BalanceAcquisition
Appraisal value as
Investment
sheet
price
of
Type ofratio
carrying(millions
December 31, 2013
(%)
value
ownership of yen)(millions of yen)(millions (Note 4)(Note 3)(Note 5)of yen)Location (Note 2)

Trustbeneficiaryinterests

105 Furukawa, Sukagawa City,
Fukushima Prefecture

AEON TOWN Sukagawa

Subtotal (7 properties)

2,320

2,120

3.0

2,150

(Note 8)14,372

13,904

18.6

12,595

-

97

100

0.1

92

(Note 6)

C1

Stop Parking Kanda-Sudacho

1-22-7, 1-22-15 Kanda sudacho, ChiyodaReal estateku, Tokyo

C21

Bon Sejour Chitose Funabashi

1-37-3 Funabashi, Setagaya Ward, Tokyo

Real estate

685

659

0.9

762

(Note 7)

C22

Bon Sejour Yotsugi

3-1-11 Higashi-Yotsugi, Katsushika Ward,
Real estate
Tokyo

652

624

0.8

703

(Note 7)

C23

Bon Sejour Hino

438-1 Ochigawa, Hino City, Tokyo

Real estate

574

553

0.7

662

(Note 7)

Real estate

486

469

0.6

561

(Note 7)

Real estate

1,050

989

1.4

1,060

(Note 7)

Real estate

681

636

0.9

634

(Note 7)

Real estate

480

452

0.6

439

(Note 7)

C24

Bon Sejour Musashi Shinjo

C25

Bon Sejour Komaki

C26

Bon Sejour Hadano Shibusawa

C27

Bon Sejour Itami

773-2 Chitose, Takatsu-ku, Kawasaki
City, Kanagawa Prefecture
3-1 Shiroyama, Komaki City, Aichi
Prefecture
1-6-60 Shibusawa-Kami, Hadano City,
Kanagawa Prefecture
1-2-25 Chuo, Itami City, Hyogo
Prefecture

Subtotal (8 properties)

4,705

4,486

6.1

4,913

-

Total (78 properties)

77,161

74,583100.0

75,429-(Note 1) “Property number” indicates the categorization of properties acquired by the Investment Corporation according to use, with “A” forresidential, “B” for office and retail and “C” for senior and parking lots, and a number assigned for each property. The number following “A”,
“B” and “C” is based on how early the acquisition was made, except that for acquisitions made at the same time the number is based on how
large the acquisition price was.
(Note 2) “Location” is in principle based on the indicated address (jyukohyoji), except that if the yukohyoji system has not been implemented for suchproperty, the location is based on the land number (banchi).
(Note 3) “Acquisition price” is the purchase price indicated in the real estate or trust beneficiary purchase agreement. Such price excludes
consumption taxes and has been rounded down to the nearest hundred million yen.
(Note 4) “Investment ratio” is the ratio of the acquisition price to the aggregate acquisition price of the Investment Corporation’s portfolio, and has
been rounded to the second digit.
(Note 5) “Appraisal value as of December 31, 2013” is the value appraised or researched by the real estate appraiser as of the end of the fiscal period
in accordance with the Articles of Incorporation and the regulations of the Investment Trust Association, Japan. The real estate appraisers are
as follows.
Real estate appraiser(Note 6) Asset Research and Development Inc.
(Note 7) Japan Real Estate Institute(Note 8) Morii Appraisal & Investment Consulting Inc.
(Note 9) Tanizawa Sogo Appraisal Co., Ltd.

(b) Capital expenditures for properties(i)

Schedule for capital expenditures
The schedule for the principal capital expenditures for property maintenance construction, etc. as of the end of the

fiscal period for the real estate assets is as follows.
Estimated cost (thousands of yen)
Property

Location

Scheduled time of
implementation

Purpose

Total

Payment for
the fiscal
period ended
December 31,
2013

Advancepayments

A32

Suncrest ShakujiiKoen

Nerima Ward,Tokyo

Large-scale maintenanceconstruction

From April 2014 to June
2014

33,800－－

B8

Kindai Kagakusha
Building

Shinjuku Ward,Tokyo

Renewal construction of
air conditioning system on From April 2014 to May
2014
the first basement floor
and three other floors

16,583

－

－

―38―

B16

Ohki Aoba Building

Sendai City,
MiyagiPrefecture

Renewal construction of
From April 2014 to May
air conditioning system on
2014
st
nd
the 1 and 2 floors
Renewal construction of
From March 2014 toair conditioning system on
April 2014
1st floor

B14

Lexington Plaza
Nishigotanda

ShinagawaWard, Tokyo

B15

Cross Square
NAKANO

Nakano Ward,Tokyo

Renovation construction

A47

Growth Maison
KaijinFunabashi City,
Chiba
Prefecture

A27

Nisshin Palacestage
Higashi-Nagasaki

B17
A26

15,965－－

14,260－－From March 2014 toJune 2014

13,500－－

Maintenance construction
work on mechanicalparking facility

From January 2014 toMarch 2014

11,800－－Toshima Ward,Tokyo

Replacement constructionof intercom

From February 2014 toMarch 2014

7,454

－

－

Lexington Plaza
HachimanSendai City,
MiyagiPrefecture

Iron repair work on
parking structure andevacuation staircase

From June 2014 to June
2014

6,140

－

－

Nisshin Palacestage
Daitabashi

Suginami Ward,Tokyo

Renewal construction of
prepaid hot water unit

From March 2014 toMarch 2014

5,806

－

－

―39―

(ii)

Capital expenditures for the fiscal period ended December 31, 2013
The principal construction constituting capital expenditures for the real estate assets for the fiscal period ended

December 31, 2013 is as follows. Capital expenditures for the fiscal period was 156,682 thousand yen, and together
with 28,041 of repair cost include in this fiscal period’s expenses, construction work totaling 184,723 thousand yen
was implemented.
Time ofimplementation

PurposePayment(thousands of yen)

Property

Location

A27

Nisshin
Palacestage
HigashiNagasaki

Toshima Ward,Tokyo

Large-scale maintenanceconstruction

From October 2013
to December 2013

34,551

B16

Ohki Aoba
Building

Sendai City,
MiyagiPrefecture

Renewal construction of air
conditioning system on the
6th and 7th floors

From November 203
to December 201314,147

B15

Cross Square
NAKANO

Nakano Ward,
Tokyo

B14

Lexington Plaza
Nishigotanda

ShinagawaWard, Tokyo

B15

Cross Square
NAKANO

Nakano Ward,Tokyo

From November
Renovation construction of2013 to December
Room 805 and 4 other rooms
2013
From August 2013 toRenewal of central
October 2013
monitoring device
Renovation construction of
From October 2013
Room 1004, Room 1005 andto November 2013
Room 1006

Other construction

9,008
8,396
76,584

Total
(iii)

13,994

156,682

Reserved funds for long-term maintenance plan
The Investment Corporation has reserved funds, as below, from the cash flow of the relevant fiscal period

towards large-scale maintenance repairs in the medium to long term future in accordance with the long-term
maintenance plan for each property.
17th Period

18th Period

19th Period

20th Period

21st Period

Fiscal period

From July 1, 2011
to December 31,
2011

From January 1,
2012 to June 30,
2012

From July 1, 2012
to December 31,
2012

From January 1,
2013 to June 30,
2013

From July 1, 2013
to December 31,
2013

Reserved funds at
beginning of period
Amount reserved

551,103 thousandyen
238,107 thousand
yen
432,803 thousandyen
356,408 thousandyen

356,408 thousandyen
163,931 thousandyen
32,777 thousandyen
487,561 thousandyen

487,561 thousandyen
151,076 thousandyen
97,028 thousandyen
541,609 thousandyen

541,609 thousandyen
165,233 thousandyen
135,298 thousandyen
571,543 thousandyen

571,543 thousandyen
165,271 thousandyen
212,084 thousand
yen
524,730 thousandyen(Note)

Amount reversed (Note)
Amount carried over for
next fiscal period(Note) The amount reserved for the relevant fiscal period includes the reserves for acquired properties, and the amount reversed includes the reserves
for disposed properties.

―40―

(c)

Condition of income, etc. (From July 1, 2013 to December 31, 2013)(Thousands of yen)Rent,
commonarea fees

Other
incomeA26 Nisshin Palacestage Daitabashi

Rentalrevenue①
40,764

37,661

3,103

Property
relatedFacility
Tax andexpenses management other public Insurance
expenses②
feecharges
19,380

7,357

1,543

72

2,132

8,274

21,384NOI(①②+③)

A27 Nisshin Palacestage Higashi-Nagasaki

44,82840,851

3,976

25,031

8,512

2,619

99

2,051

11,74919,79731,546

A28 Growth Maison Gotanda

27,386

26,772

614

8,622

2,268

1,318

33

650

4,350

18,763

23,114

A29 Growth Maison Kameido

31,65528,556

3,099

17,255

5,575

1,684

46

4,046

5,903

14,40020,303

A30 Emerald House

41,974

38,843

3,131

19,458

6,025

2,561

102

1,115

9,653

22,51632,169A31 Harmonie Ochanomizu

39,196

36,7952,401

15,267

4,032

1,800

70

2,313

7,050

23,92930,979A32 Suncrest Shakujii-Koen

34,66031,937

2,722

17,199

5,928

3,102

102

1,105

6,960

17,461

24,421

A33 Growth Maison Shin-Yokohama

36,14632,3903,755

15,309

4,380

2,386

71

2,385

6,084

20,83626,921

A34 Belle Face Ueno-Okachimachi

30,56430,358205

12,590

4,910

1,673

44

606

5,355

17,97323,328A35 Grand Rire Kameido

26,61926,619

-

8,045

313

1,696

47

500

5,487

18,57424,062

A36 Growth Maison Ikebukuro

24,24422,875

1,368

12,310

2,926

1,058

42

3,036

5,247

11,934

17,181

A37 Growth Maison Yoga

21,66021,100

560

9,295

2,689

1,347

42

1,310

3,904

12,365

16,270A38 Route Tachikawa

17,305

15,883

1,421

11,227

4,501

1,039

42

1,617

4,026

6,078

10,104

A39 Shibuya-Honmachi Mansion

18,641

17,400

1,241

7,502

2,422

885

35

2,037

2,120

11,13913,260A40 City Heights Kinuta

16,885

15,773

1,112

6,563

2,191

937

35

1,480

1,917

10,322

12,240A41 Acseeds Tower Kawaguchi-Namiki

24,28523,124

1,161

10,674

2,194

1,127

39

2,274

5,038

13,61018,649A42 Capital Heights Kagurazaka

18,084

17,339

745

7,335

2,546

1,067

39

1,582

2,100

10,74912,849A43 College Square Machida

18,26818,268

-

5,156

477

1,493

30

500

2,656

13,111

15,767

A44 Belair Meguro16,116

15,077

1,038

6,348

1,768

841

22

1,414

2,300

9,767

12,068

A45 Wacore Tsunashima I

16,987

16,210

777

9,605

3,577

894

32

1,087

4,014

7,382

11,396

A46 Foros Nakamurabashi

17,295

15,763

1,531

9,103

2,487

988

36

1,313

4,277

8,192

12,469A47 Growth Maison Kaijin

23,364

20,7952,568

13,503

4,033

2,031

86

1,524

5,826

9,860

15,687

A48 College Square Machiya

14,706

14,706

-

5,018

-

939

29

500

3,549

9,687

13,236

A51 City House Tokyo Shinbashi

91,28887,4603,827

33,894

12,922

4,908

115

2,883

13,06457,39370,458

A52 Winbell Kagurazaka

101,996

95,318

6,678

36,186

9,143

6,254

150

5,009

15,62865,81081,439A53 Nishiwaseda Cresent Mansion

70,856

67,9082,948

22,775

10,764

3,475

107

2,307

6,120

48,081

54,201

A54 Lexington Square Akebonobashi

46,136

43,591

2,545

18,520

5,083

2,166

60

2,605

8,605

27,61536,221

A56 Casa Eremitaggio

30,392

28,827

1,565

15,717

3,544

1,701

47

1,437

8,987

14,67523,662

A59 Towa City Coop Shinotsuka II

32,744

31,464

1,280

14,111

5,696

1,365

53

2,372

4,624

18,632

23,257

A61 Bichsel Musashiseki

22,45521,512942

12,174

6,594

1,163

48

1,749

2,618

10,281

12,899

A62 Lexel Mansion Ueno Matsugaya

32,79730,224

2,572

15,721

2,881

1,907

59

2,656

8,216

17,07525,291

A63 Towa City Coop Sengencho

60,08555,4594,625

30,426

17,220

3,008

108

2,560

7,528

29,65837,186

A64 Royal Park Omachi

25,583

21,797

3,786

13,714

6,900

1,600

62

1,044

4,106

11,86815,975

A65 Lexington Square Haginomachi

18,207

16,135

2,071

7,913

2,306

1,150

39

869

3,547

10,294

13,841

A66 Visconti Kakuozan

11,683

10,737

945

6,435

2,728

905

22

993

1,784

5,247

7,031

A71 Lexington Square Daitabashi

30,92829,603

1,324

14,360

2,754

1,542

43

2,018

8,002

16,567

24,569

A72 Lexington Square Honjo Azumabashi

17,511

16,982

529

9,209

2,061

807

31

1,415

4,893

8,301

13,194

A73 AMS TOWER Minami 6-Jo

47,70945,381

2,328

33,122

6,752

6,445

122

5,723

14,078

14,58728,666

A75 Spacia Ebisu

180,121

162,537

17,58371,71917,231

8,622

244

8,762

36,858108,401

145,260

A76 Neo Prominence

63,70154,4749,227

26,801

10,247

3,495

127

3,184

9,746

36,90046,646

A77 Invoice Shin-Kobe Residence

48,89946,476

2,422

20,099

4,378

2,764

74

1,430

11,451

28,79940,251

A78 Cosmo Court Motomachi

37,15936,230928

18,490

4,007

2,308

72

2,130

9,972

18,66828,640A79 Revest Honjin

30,56829,121

1,446

14,569

4,179

1,781

64

1,168

7,375

15,99923,375

A80 Revest Matsubara

29,32527,3291,995

13,946

3,546

1,853

58

1,531

6,957

15,37822,335

A81 Sun Terrace Minami Ikebukuro

21,707

19,867

1,840

9,852

2,649

908

30

1,417

4,846

11,855

16,702

A82 Alba Noritake Shinmachi

24,841

23,4911,350

14,141

3,430

1,727

58

2,075

6,849

10,70017,549A83 Revest Meieki Minami

25,053

24,109944

12,604

3,042

1,648

61

988

6,863

12,44919,312

A84 Revest Heian

23,423

22,944479

10,922

2,536

1,401

43

581

6,359

12,50018,859A85 Vendir Hamaotsu Ekimae

32,23530,373

1,861

15,327

4,872

1,955

69

1,471

6,958

16,90723,865

A86 Salvo Sala

24,562

23,141

1,421

11,697

3,371

1,582

48

1,250

5,444

12,86518,309A87 Excellente Kagurazaka

17,831

17,175

656

8,126

1,886

779

29

1,236

4,194

9,704

13,899

A88 Luna Court Edobori

21,73820,840

898

9,573

2,574

1,171

37

725

5,064

12,165

17,230A89 Winntage Kobe Motomachi

22,696

21,678

1,018

11,770

3,307

1,587

45

1,024

5,805

10,925

16,731No.

Property Name

―41―

Other
expenses

Depreciation
expenses③

Profit and
Loss
(①－②)

29,658Rent,
commonarea fees

Other
incomeA90 Queen's Court Fukuzumi

Rentalrevenue①
16,66815,684984

Property
relatedFacility
Tax andexpenses management other public Insurance
expenses②
feecharges
6,393

1,419

761

26

992

3,195

10,275NOI(①②+③)A91 Corp Higashinotoin

17,678

16,967

711

7,923

2,383

900

33

825

3,780

9,755

13,535

A92 Belair Oimachi

15,19314,141

1,052

5,798

1,511

652

22

937

2,675

9,395

12,070A93 Siete Minami-Tsukaguchi

16,91615,804

1,111

7,768

2,662

984

47

833

3,240

9,148

12,388

A94 Prime Life Sannomiya Isogami Koen

14,484

13,570

913

7,156

1,841

846

24

1,018

3,426

7,327

10,753

A95 HERMITAGE NANBA WEST

15,41814,355

1,063

8,031

1,844

1,024

28

1,788

3,345

7,387

10,732

A96 Century Park Shinkawa 1-bankan

16,96014,697

2,263

7,986

2,281

887

42

983

3,792

8,974

12,766

A97 West Avenue

12,084

11,826

258

6,352

1,607

569

22

1,240

2,912

5,732

8,644

A98 Little River Honmachibashi

13,43812,808

630

6,517

1,825

943

26

1,015

2,705

6,921

9,627

A99 Prime Life Mikage

12,366

12,035

331

5,957

1,462

760

21

752

2,960

6,409

9,369

B8

Kindai Kagakusha Building

39,112

33,765

5,347

23,129

8,463

4,329

75

874

9,386

15,98325,369B9Shinjuku Island

No.

Property Name

Other
expenses

Depreciation
expenses③

Profit and
Loss
(①－②)

13,470（Note）（Note）（Note）（Note）（Note）（Note）（Note）（Note）（Note）（Note）（Note）

B14 Lexington Plaza Nishigotanda

139,821

122,419

17,40170,36830,89912,635

203

1,074

25,55569,45295,008B15 Cross Square NAKANO

28,65323,922

4,730

15,683

7,408

3,852

86

876

3,460

12,96916,429B16 Ohki Aoba Building

40,41532,1598,256

30,81912,130

3,883

107

909

13,787

9,596

23,383

B17 Lexington Plaza Hachiman

162,868

130,425

32,443

79,116

46,12911,592

167

799

20,42783,752

104,179

B18 AEON TOWN Sukagawa

142,719

142,719-

94,44556,124

8,052

207

622

29,43848,27477,713

C1

Stop Parking Kanda-Sudacho

2,443

2,443

-

265

-

252

-

-

13

2,178

2,191

C21 Bon Sejour Chitose Funabashi

23,79822,413

1,384

5,386

227

1,754

60

-

3,344

18,411

21,756

C22 Bon Sejour Yotsugi

22,41522,415

-

4,749

224

1,022

39

-

3,463

17,665

21,129C23 Bon Sejour Hino

21,354

21,331

22

4,052

213

1,188

46

-

2,604

17,301

19,906

C24 Bon Sejour Musashi Shinjo

17,697

17,697

-

3,198

167

926

42

-

2,062

14,49916,561

C25 Bon Sejour Komaki

45,22445,192

31

12,266

201

4,744

192

-

7,128

32,95840,087

C26 Bon Sejour Hadano Shibusawa

23,65923,320

339

7,250

213

1,848

82

-

5,106

16,40821,514

C27 Bon Sejour Itami

15,96815,968

-

4,995

145

1,400

54

-

3,395

10,97314,3682,740,449

2,542,588

197,861

1,261,221

435,966

175,993

5,085

116,754

527,420

1,479,227

2,006,648

Total(Note) Not disclosed because the consent of the tenant was not obtained.

―42―

(3)

Tenant Summary(a)Summary of lease conditions by property(As of December 31, 2013）
Leased Area(m2)
(Note 2)

1,771.13

1,682.67

98

93

1

Best Property Corporation

40,764

1.5

Pass throughmaster lease

2,681.94

2,612.46

60

58

1

Best Property Corporation

44,828

1.6

Pass throughmaster lease

A28 Growth Maison Gotanda

1,051.50

1,051.50

48

48

1

Pacific Development & Management
Co., Ltd.

27,386

1.0

Pass throughmaster lease

A29 Growth Maison Kameido

1,367.96

1,221.54

66

59

1

Mitsui Home Estate Co., Ltd.

31,655

1.2

Pass throughmaster lease

A30 Emerald House

2,152.31

2,129.26

96

95

1

Tokyo Gakusei Life Co., Ltd.

41,974

1.5

Pass throughmaster lease

A31 Harmonie Ochanomizu

1,748.24

1,703.84

65

63

1

Pacific Development & Management
Co., Ltd.

39,196

1.4

Pass throughmaster lease

A32 Suncrest Shakujii-Koen

3,029.16

2,887.91

29

27

1

Mitsui Home Estate Co., Ltd.

34,660

1.3

Pass throughmaster lease

A33 Growth Maison Shin-Yokohama

1,858.44

1,748.68

68

64

1

Pacific Development & Management
Co., Ltd.

36,146

1.3

Pass throughmaster lease

A34 Belle Face Ueno-Okachimachi

1,351.11

1,351.11

64

64

1

Mainichicomnet Co., Ltd.

30,564

1.1

Pass throughmaster lease

A35 Grand Rire Kameido

1,562.26

1,562.26

72

72

1

J.S.B. Co., Ltd.

26,6191.0

Fixed rentmaster lease

A36 Growth Maison Ikebukuro

952.89930.4942

41

1

Pacific Development & Management
Co., Ltd.

24,244

0.9

Pass throughmaster lease

A37 Growth Maison Yoga

1,015.34

1,015.34

39

39

1

Mitsui Home Estate Co., Ltd.

21,660

0.8

Pass throughmaster lease

A38 Route Tachikawa

1,368.57

1,142.91

24

22

1

Pacific Development & Management
Co., Ltd.

17,305

0.6

Pass throughmaster lease

A39 Shibuya-Honmachi Mansion

1,167.50

1,125.90

25

24

1

Pacific Development & Management
Co., Ltd.

18,641

0.7

Pass throughmaster lease

A40 City Heights Kinuta

1,235.93

1,169.33

19

18

1

Mitsui Home Estate Co., Ltd.

16,885

0.6

Pass throughmaster lease

A41 Acseeds Tower Kawaguchi-Namiki

1,210.74

1,167.98

57

55

1

Access Group, Inc.

24,285

0.9

Pass throughmaster lease

A42 Capital Heights Kagurazaka

1,126.65

1,025.56

26

25

1

Mitsui Home Estate Co, Ltd.

18,084

0.7

Pass throughmaster lease

A43 College Square Machida

1,047.75

1,047.75

62

62

1

Mainichicomnet Co., Ltd.

18,268

0.7

Fixed rentmaster lease

A44 Belair Meguro

557.05513.10

25

23

1

Pacific Development & Management
Co., Ltd.

16,116

0.6

Pass throughmaster lease

A45 Wacore Tsunashima I

907.46745.22

50

41

1

Pacific Development & Management
Co., Ltd.

16,987

0.6

Pass throughmaster lease

A46 Foros Nakamurabashi

815.77770.6637

35

1

Mitsui Home Estate Co., Ltd.

17,295

0.6

Pass throughmaster lease

A47 Growth Maison Kaijin

2,040.27

2,040.27

34

34

1

Mitsui Home Estate Co., Ltd.

23,364

0.9

Pass throughmaster lease

A48 College Square Machiya

871.35871.354343

1

Mainichicomnet Co., Ltd.

14,706

0.5

Fixed rentmaster lease

A51 City House Tokyo Shinbashi

3,364.00

3,364.00

86

86

1

Mitsui Home Estate Co., Ltd.

91,288

3.3

Pass throughmaster lease

A52 Winbell Kagurazaka

4,032.70

3,893.54

118

114

1

Mitsui Home Estate Co., Ltd.

101,996

3.7

Pass throughmaster lease

A53 Nishiwaseda Cresent Mansion

4,310.77

4,086.33

69

65

1

Pacific Development & Management
Co., Ltd.

70,856

2.6

Pass throughmaster lease

A54 Lexington Square Akebonobashi

1,987.88

1,784.00

88

79

1

Mitsui Home Estate Co., Ltd.

46,136

1.7

Pass throughmaster lease

A56 Casa Eremitaggio

1,197.19

1,076.90

17

16

1

Pacific Development & Management
Co., Ltd.

30,392

1.1

Pass throughmaster lease

A59 Towa City Coop Shinotsuka II

1,627.13

1,462.94

58

53

1

Mitsui Home Estate Co., Ltd.

32,744

1.2

Pass throughmaster lease

A61 Bichsel Musashiseki

1,220.24

1,133.37

70

65

1

Mitsui Home Estate Co., Ltd.

22,455

0.8

Pass throughmaster lease

A62 Lexel Mansion Ueno Matsugaya

1,969.45

1,969.45

29

29

1

Pacific Development & Management
Co., Ltd.

32,797

1.2

Pass throughmaster lease

A63 Towa City Coop Sengencho

3,426.36

3,100.72

154

139

1

Pacific Development & Management
Co., Ltd.

60,085

2.2

Pass throughmaster lease

A64 Royal Park Omachi

1,929.59

1,833.23

51

48

1

One-Eyed Capital Advisers

25,583

0.9

Pass throughmaster lease

A65 Lexington Square Haginomachi

1,528.58

1,488.53

39

38

1

One-Eyed Capital Advisers

18,207

0.7

Pass throughmaster lease

A66 Visconti Kakuozan

705.75705.758

8

1

Mitsui Home Estate Co., Ltd.

11,683

0.4

Pass throughmaster lease

No.

Property Name

A26 Nisshin Palacestage Daitabashi
A27

Nisshin Palacestage HigashiNagasaki

LeasedUnits Number of(units)tenants(Note 4)

RentalRatio of
Revenue
Rental(Thousands ofRevenueyen)(%)(Note 6)

Leasable Area(m2)
(Note 1)

LeasableUnits(units)(Note 3)―43―

Tenants (Note 5)

Type of
Lease(Note 7)

RentalRatio of
Revenue
Rental(Thousands ofRevenueyen)(%)(Note 6)

Leasable Area(m2)
(Note 1)

Leased Area(m2)
(Note 2)

LeasableUnits(units)(Note 3)

A71 Lexington Square Daitabashi

1,430.64

1,339.93

43

40

1

Nisshin Jyutaku Support K.K.

30,928

1.1

Pass throughmaster lease

Lexington Square Honjo
Azumabashi

784.74784.7433

33

1Nisshin Jyutaku Support K.K.

17,511

0.6

Pass throughmaster lease

A73 AMS TOWER Minami 6-Jo

4,460.56

4,332.61

120

117

1

Big Service Co., Ltd.

47,709

1.7

Pass throughmaster lease

A75 Spacia Ebisu

7,794.91

6,954.62

109

97

1

Pacific Development & Management
Co., Ltd.

180,121

6.6

Pass throughmaster lease

A76 Neo Prominence

3,574.70

3,452.00

52

50

1

Goodworks Co., Ltd.

63,701

2.3

Pass throughmaster lease

A77 Invoice Shin-Kobe Residence

2,773.71

2,646.19

81

77

1

Sohgoh Real Estate

48,899

1.8

Pass throughmaster lease

A78 Cosmo Court Motomachi

2,310.49

2,281.50

82

81

1

Global Community Co., Ltd.

37,1591.4

Pass throughmaster lease

A79 Revest Honjin

1,933.80

1,811.77

80

75

1

Mininet, Inc.

30,568

1.1

Pass throughmaster lease

A80 Revest Matsubara

1,955.40

1,931.20

70

69

1

Mininet, Inc.

29,325

1.1

Pass throughmaster lease

A81 Sun Terrace Minami Ikebukuro

898.70875.0538

37

1

Goodworks Co., Ltd.

21,707

0.8

Pass throughmaster lease

A82 Alba Noritake Shinmachi

1,731.68

1,671.48

64

62

1

Mininet, Inc.

24,841

0.9

Pass throughmaster lease

A83 Revest Meieki Minami

1,634.60

1,609.74

61

60

1

Mininet, Inc.

25,053

0.9

Pass throughmaster lease

A84 Revest Heian

1,554.03

1,529.03

40

39

1

Mininet, Inc.

23,423

0.9

Pass throughmaster lease

A85 Vendir Hamaotsu Ekimae

2,670.66

2,670.66

81

81

1

Mininet, Inc.

32,235

1.2

Pass throughmaster lease

A86 Salvo Sala

1,428.12

1,380.82

54

52

1

Daygran, Inc.

24,562

0.9

Pass throughmaster lease

A87 Excellente Kagurazaka

701.92640.1033

30

1Goodworks Co., Ltd.

17,831

0.7

Pass throughmaster lease

A88 Luna Court Edobori

1,185.50

1,161.93

50

49

1

Nihon Housing Co., Ltd.

21,738

0.8

Pass throughmaster lease

A89 Winntage Kobe Motomachi

1,433.35

1,232.66

57

49

1

Global Community Co., Ltd.

22,696

0.8

Pass throughmaster lease

A90 Queen's Court Fukuzumi

765.18765.1825

25

1

Goodworks Co., Ltd.

16,668

0.6

Pass throughmaster lease

A91 Corp Higashinotoin

1,029.05

979.0942

40

1Global Community Co., Ltd.

17,678

0.6

Pass throughmaster lease

A92 Belair Oimachi

530.60511.7026

25

1Goodworks Co., Ltd.

15,193

0.6

Pass throughmaster lease

A93 Siete Minami-Tsukaguchi

1,020.86

995.5840

39

1

Goodworks Co., Ltd.

16,916

0.6

Pass throughmaster lease

A94 Prime Life Sannomiya Isogami Koen

789.12739.8032

30

1Global Community Co., Ltd.

14,484

0.5

Pass throughmaster lease

A95 HERMITAGE NANBA WEST

992.76952.7621

20

1Daygran, Inc.

15,418

0.6

Pass throughmaster lease

A96 Century Park Shinkawa 1-bankan

1,477.62

1,443.95

44

43

1

Goodworks Co., Ltd.

16,960

0.6

Pass throughmaster lease

A97 West Avenue

794.80715.32

40

36

1

Joint Property Co., Ltd.

12,084

0.4

Pass throughmaster lease

A98 Little River Honmachibashi

974.81

944.5631

30

1Goodworks Co., Ltd.

13,438

0.5

Pass throughmaster lease

A99 Prime Life Mikage

761.18735.6428

27

1

Global Community Co., Ltd.

12,366

0.5

Pass throughmaster lease

B8

Kindai Kagakusha Building

1,451.54

1,451.54

13

13

1

Best Property Corporation (Note 8)

39,112

B9

Shinjuku Island

526.43526.431

11(Note 9)(Note 9)B14 Lexington Plaza Nishigotanda

6,033.58

5,437.21

11

10

8

Community One Co., Ltd.

139,821

B15 Cross Square NAKANO

2,145.00

1,449.62

45

25

1

Shin-ei Real Estate Business Co.,Ltd.

28,653

1.0

Pass throughmaster lease

B16 Ohki Aoba Building

2,178.41

2,178.41

13

13

1

Tozai Asset Management Co., Ltd.

40,415

1.5

Fixed rentmaster lease

B17 Lexington Plaza Hachiman

8,419.15

8,419.15

18

18

1

Tokyo Biso Kogyo Corporation

162,868

5.9

Pass throughmaster lease

B18 AEON TOWN Sukagawa

18,440.58

18,440.58

1

1

1

Aeon Town Co., Ltd.

142,719

5.2

Fixed rent
lease

81.04

81.04

1

1

1

Office-attend Co., Ltd.

2,443

0.1

Direct fixed
rent lease(Note 12)

No.

A72

C1

Property Name

Stop Parking Kanda-Sudacho

LeasedUnits Number of(units)tenants(Note 4)―44―

Tenants (Note 5)

Type of
Lease(Note 7)

Pass throughmaster lease
Directvariable rent
(Note 9)lease
(Note 10)
Variable rent
5.1
lease
(Note 11)
1.4

RentalRatio of
Revenue
Rental(Thousands ofRevenueyen)(%)(Note 6)

Leasable Area(m2)
(Note 1)

Leased Area(m2)
(Note 2)

LeasableUnits(units)(Note 3)

C21 Bon Sejour Chitose Funabashi

2,342.17

2,342.17

42

42

1

Benesse Style Care Co., Ltd.

23,7980.9

Direct fixed
rent lease(Note 12)

C22 Bon Sejour Yotsugi

1,962.87

1,962.87

62

62

1

Benesse Style Care Co., Ltd.

22,4150.8

Direct fixed
rent lease(Note 12)

C23 Bon Sejour Hino

1,984.17

1,984.17

56

56

1

Benesse Style Care Co., Ltd.

21,3540.8

Direct fixed
rent lease(Note 12)

C24 Bon Sejour Musashi Shinjo

1,710.43

1,710.43

46

46

1

Benesse Style Care Co., Ltd.

17,697

0.6

Direct fixed
rent lease(Note 12)

C25 Bon Sejour Komaki

8,858.49

8,858.49

123

123

1

Benesse Style Care Co., Ltd.

45,224

1.7

Direct fixed
rent lease(Note 12)

C26 Bon Sejour Hadano Shibusawa

3,435.79

3,435.79

100

100

1

Benesse Style Care Co., Ltd.

23,6590.9

Direct fixed
rent lease(Note 12)

C27 Bon Sejour Itami

2,129.87

2,129.87

62

62

1

Benesse Style Care Co., Ltd.

15,9680.6

Direct fixed
rent lease(Note 12)

Total

171,283.97

164,913.23

4,007

3,831

85

2,740,449

100.0

－

No.

Property Name

LeasedUnits Number of(units)tenants(Note 4)

Tenants (Note 5)－

Type of
Lease(Note 7)(Note 1) “Leasable Area” is based on the portion of each property or property in trust owned by the Investment Corporation and leasable as residential,
office, retail etc.
(Note 2) “Leased Area” is the portion of leasable area for which there is actually a lease agreement and is based on the area indicated in the leaseagreements.
(Note 3) “Leasable Units” is the number of units possible to lease for each property or property in trust.
(Note 4) “Leased Units” is the number of units actually leased to tenants and end-tenants based on lease agreements.
(Note 5) “Tenant” is the master lessee where there is a master lease agreement between the Investment Corporation or the trustee and a master lease
company, and the principal lessee where there are direct lease agreements with end-tenants.
(Note 6) “Rental Revenue” is the aggregate rent revenue for each property for the fiscal period, rounded down to the nearest thousand yen.
(Note 7) Pursuant to pass through master lease agreements between the master lease company and the trustee, the master lease company pays theamount paid by end-tenants pursuant to subleases. Pursuant to fixed rent master lease agreements, the master lease company pays fixed rent.
(Note 8) As of February 1, 2014, the master lease company was changed to Sohgoh Real Estate.
(Note 9) Not disclosed because the consent of the tenant was not obtained.
(Note 10) A direct lease agreement has been entered into between the Investment Corporation and the tenant (without using a master lease company),
and rent is received from the end tenant pursuant thereto.
(Note 11) A direct lease agreement has been entered into between the trustee and the tenant (without using a master lease company), and rent isreceived from the end tenant pursuant thereto.
(Note 12) A direct lease agreement has been entered into between the Investment Corporation and the tenant (without using a master lease company).
The lease is fixed rent regardless of use or occupancy conditions.

―45―

(b)

Occupancy trend(Unit: %)16th Fiscal
PeriodAs ofJun. 2011

17th Fiscal
PeriodAs ofDec. 2011

18th Fiscal
PeriodAs ofJun. 2012

19th Fiscal
PeriodAs ofDec. 2012

20th Fiscal
PeriodAs ofJun. 2013

As ofJul. 2013

As ofAug. 2013

As of
Sep. 2013

As ofOct. 2013

As ofNov. 2013

As ofDec. 2013

A26 Nisshin Palacestage Daitabashi

89.8

94.8

95.8

96.9

98.0

99.0

99.0

95.9

95.0

94.0

95.0

A27 Nisshin Palacestage Higashi-Nagasaki

94.4

95.3

97.8

90.3

98.4

98.4

96.3

94.2

92.9

95.3

97.4

A28 Growth Maison Gotanda

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A29 Growth Maison Kameido

92.5

89.4

95.4

94.0

94.0

89.5

89.5

86.5

92.5

92.5

89.3

A30 Emerald House

100.0

98.9

100.0

99.0

100.0

100.0

100.0

96.8

96.8

97.8

98.9

A31 Harmonie Ochanomizu

93.6

88.5

96.1

100.0

88.2

94.8

94.8

97.4

97.5

96.2

97.5

A32 Suncrest Shakujii-Koen

95.0

95.4

97.1

94.7

95.6

91.0

95.3

95.3

95.3

95.3

95.3

A33 Growth Maison Shin-Yokohama

100.0

100.0

94.1

98.5

97.1

96.9

97.1

97.1

94.2

97.2

94.1

A34 Belle Face Ueno-Okachimachi

100.0

93.4

100.0

98.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A35 Grand Rire Kameido

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A36 Growth Maison Ikebukuro

100.0

100.0

90.5

90.6

88.2

90.5

90.5

97.6

95.3

97.6

97.6

A37 Growth Maison Yoga

100.0

100.0

92.4

92.2

97.3

100.0

100.0

97.4

92.4

100.0

100.0

A38 Route Tachikawa

96.6

93.2

67.9

100.0

76.7

76.7

83.5

80.1

80.1

80.1

83.5

A39 Shibuya-Honmachi Mansion

83.4

96.5

96.5

100.0

80.8

80.8

92.2

92.2

85.8

90.1

96.4

A40 City Heights Kinuta

83.8

94.6

94.6

89.2

94.6

94.6

94.6

94.6

89.2

94.6

94.6

A41 Acseeds Tower Kawaguchi-Namiki

100.0

100.0

94.8

100.0

93.0

96.5

94.8

94.8

98.3

100.0

96.5

No.

Property Name

21st Fiscal Period

A42 Capital Heights Kagurazaka

95.2

85.7

84.4

92.5

97.2

97.2

86.8

86.8

86.8

86.8

91.0

A43 College Square Machida

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A44 Belair Meguro

91.9

100.0

87.9

92.1

96.0

100.0

88.1

96.1

96.1

96.1

92.1

A45 Wacore Tsunashima I

91.9

98.0

84.2

96.1

90.0

90.0

86.0

88.0

86.0

84.0

82.1

A46 Foros Nakamurabashi

94.2

89.3

92.6

100.0

92.0

92.0

89.5

89.5

94.5

94.5

94.5

A47 Growth Maison Kaijin

95.1

97.4

96.7

97.1

94.4

96.7

96.7

96.7

100.0

100.0

100.0

A48 College Square Machiya

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A51 City House Tokyo Shinbashi

88.1

88.5

93.0

90.8

100.0

100.0

98.6

98.6

98.6

100.0

100.0

A52 Winbell Kagurazaka

95.3

96.1

93.3

96.4

96.9

96.7

98.3

97.6

96.6

95.8

96.5

A53 Nishiwaseda Cresent Mansion

94.3

90.7

88.8

100.0

98.5

97.3

98.4

96.9

100.0

97.5

94.8

A54 Lexington Square Akebonobashi

86.4

91.3

93.4

93.1

94.4

93.3

93.3

90.8

91.9

88.5

89.7

A56 Casa Eremitaggio

87.1

90.5

90.0

92.9

90.0

100.0

100.0

100.0

100.0

100.0

90.0

A59 Towa City Coop Shinotsuka II

92.2

90.1

92.6

97.3

94.9

97.5

91.3

89.8

92.3

87.2

89.9

A61 Bichsel Musashiseki

84.3

90.0

97.1

97.1

95.7

94.3

91.4

90.0

90.1

91.5

92.9

A62 Lexel Mansion Ueno Matsugaya

96.8

93.2

96.3

93.2

86.8

93.7

93.7

100.0

100.0

100.0

100.0

A63 Towa City Coop Sengencho

95.7

96.3

89.8

94.3

94.9

93.7

92.8

93.5

90.9

90.9

90.5

A64 Royal Park Omachi

83.7

89.0

93.2

96.4

100.0

98.1

95.8

98.1

98.1

96.7

95.0

A65 Lexington Square Haginomachi

97.4

97.4

100.0

100.0

100.0

100.0

100.0

100.0

97.4

100.0

97.4

A66 Visconti Kakuozan

72.5

89.7

100.0

88.6

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A71 Lexington Square Daitabashi

90.9

97.2

97.9

95.1

95.1

93.0

92.2

95.8

97.9

95.8

93.7

A72 Lexington Square Honjo Azumabashi

97.0

87.9

90.9

100.0

93.9

97.0

100.0

100.0

96.9

100.0

100.0

A73 AMS TOWER Minami 6-Jo

84.3

96.1

88.6

90.0

88.2

87.1

91.8

92.8

96.4

96.1

97.1

A75 Spacia Ebisu

88.7

91.3

97.1

92.2

90.2

89.2

86.8

94.8

91.4

88.4

89.2

A76 Neo Prominence

－

－

－

94.8

96.6

96.7

98.4

93.2

96.7

100.0

96.6

A77 Invoice Shin-Kobe Residence

－

－

－

99.1

98.6

96.3

98.6

99.1

99.1

97.7

95.4

A78 Cosmo Court Motomachi

－

－

－

97.5

92.7

97.5

98.7

97.6

100.0

100.0

98.7

A79 Revest Honjin

－

－

－

93.8

98.8

100.0

97.4

97.5

96.2

94.9

93.7

A80 Revest Matsubara

－

－

－

91.9

95.7

95.1

95.0

93.2

97.5

96.9

98.8

A81 Sun Terrace Minami Ikebukuro

－

－

－

100.0

97.4

97.4

100.0

100.0

94.7

94.7

97.4

A82 Alba Noritake Shinmachi

－

－

－

98.6

93.8

95.9

93.8

91.7

91.7

95.2

96.5

A83 Revest Meieki Minami

－

－

－

97.0

100.0

98.5

100.0

98.5

95.4

95.4

98.5

A84 Revest Heian

－

－

－

95.2

100.0

100.0

100.0

100.0

96.8

96.8

98.4

A85 Vendir Hamaotsu Ekimae

－

－

－

93.3

95.4

95.8

97.4

100.0

98.8

100.0

100.0

A86 Salvo Sala

－

－

－

89.9

98.0

98.0

98.3

94.5

94.7

96.7

96.7

A87 Excellente Kagurazaka

－

－

－

100.0

97.1

97.1

100.0

97.1

94.1

88.3

91.2

A88 Luna Court Edobori

－

－

－

96.0

98.0

98.0

98.0

100.0

100.0

100.0

98.0

A89 Winntage Kobe Motomachi

－

－

－

98.2

94.9

94.9

94.9

94.8

93.0

86.1

86.0

―46―

16th Fiscal
PeriodAs ofJun. 2011

17th Fiscal
PeriodAs ofDec. 2011

18th Fiscal
PeriodAs ofJun. 2012

19th Fiscal
PeriodAs ofDec. 2012

20th Fiscal
PeriodAs ofJun. 2013

As ofJul. 2013

As ofAug. 2013

As of
Sep. 2013

As ofOct. 2013

As ofNov. 2013

As ofDec. 2013

A90 Queen's Court Fukuzumi

－

－

－

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

A91 Corp Higashinotoin

－

－

－

100.0

97.7

97.7

100.0

95.7

97.9

100.0

95.1

A92 Belair Oimachi

－

－

－

92.6

100.0

96.4

96.4

100.0

96.4

96.4

96.4

A93 Siete Minami-Tsukaguchi

－

－

－

94.9

100.0

97.5

97.5

97.5

97.5

95.0

97.5

A94 Prime Life Sannomiya Isogami Koen

－

－

－

100.0

100.0

100.0

100.0

100.0

93.8

96.9

93.8

A95 HERMITAGE NANBA WEST

－

－

－

91.2

86.9

95.7

92.0

96.0

96.0

96.0

96.0

A96 Century Park Shinkawa 1-bankan

－

－

－

100.0

90.9

95.5

100.0

97.7

100.0

97.7

97.7

A97 West Avenue

－

－

－

90.0

82.5

85.0

85.0

90.0

87.5

90.0

90.0

A98 Little River Honmachibashi

－

－

－

96.9

93.8

96.9

100.0

100.0

96.9

96.9

96.9

No.

Property Name

21st Fiscal Period

A99 Prime Life Mikage

－

－

－

85.5

100.0

100.0

96.6

96.6

100.0

96.6

96.6

B8

Kindai Kagakusha Building

75.2

85.5

85.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

B9

100.0

Shinjuku Island

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

B13 New Edobashi Building

51.2

－

－

－

－

－

－

－

－

－

－

B14 Lexington Plaza Nishigotanda

62.4

92.0

92.0

100.0

90.1

90.1

90.1

90.1

90.1

90.1

90.1

B15 Cross Square NAKANO

49.2

44.3

54.0

54.2

57.6

57.6

57.6

57.6

57.6

59.3

67.6

B16 Ohki Aoba Building

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0
100.0

B17 Lexington Plaza Hachiman

94.6

94.6

94.6

94.6

100.0

100.0

100.0

100.0

100.0

100.0

B18 AEON TOWN Sukagawa

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C1

Stop Parking Kanda-Sudacho

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C21 Bon Sejour Chitose Funabashi

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C22 Bon Sejour Yotsugi

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C23 Bon Sejour Hino

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C24 Bon Sejour Musashi Shinjo

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C25 Bon Sejour Komaki

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C26 Bon Sejour Hadano Shibusawa

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

C27 Bon Sejour Itami

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

91.2

95.0

95.1

96.2

95.9

96.1

96.2

96.4

96.3

96.3

96.3

Total

(Note) “Occupancy Rate” is computed by dividing the leased area by leasable area, and rounded to the second digit.

―47―