Semi-Annual Report for the22n d Fi s c a l Pe r i o d

From February 1, 2021 to July 31, 2021

For a Superior Level of
Living Comfort

21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo https://www.comforia-reit.co.jp/en/

I. Overview of the Investment Corporation
Greetings
We would like to express our deepest sympathies to those affected by COVID-19
infections, as well as our sincere hope for their earliest possible recovery.
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment
Corporation”) successfully closed all accounts for the 22nd Fiscal Period (fromFebruary 1, 2021 to July 31, 2021). We would like to thank all of our unitholders
and stakeholders for their continued support and cooperation.
We hereby report on the asset management overview and results for the 22nd
Fiscal Period. During the 22nd Fiscal Period, we acquired COMFORIA TAITONEGISHI and two other properties in February 2 0 21 through a public offering, conducted for the eighth consecutive year since listing, as well as cash on hand. Furthermore, we acquired COMFORIA OMIYA through cash on hand and sold
COMFORIA SHIN-OSAKA in March 2021, in an effort to improve the quality of ourportfolio.

For a Superior Level of Living Comfort
COMFORIA is the name we have given to the urban rental residences
produced by the Tokyu Land Corporation. The word COMFORIA is a compound that
we coined from "comfort," and "ia," a Latin suffix meaning "place."
The idea that residences are not just containers has given birth to
our COMFORIA series of rental residences made specifically for people
who wish to live freely and affluently in urban communities.
We invest in and manage the urban exclusive rental residence COMFORIA series,
which Tokyu Land Corporation has produced, to maximize our unitholders’ value.

As a result, our portfolio as of the end of the 22nd Fiscal Period stood at 140 properties, with a total acquisition price of ¥ 261. 5 billion. The average occupancy rate
for the 22nd Fiscal Period remained generally stable at 95. 5%. The Investment
Corporation had ¥10, 770 million in operating revenue, ¥ 5, 590 million in operating profit, and ¥ 4, 9 5 0 million in profit, all of which exceeded our forecasts, resulting in a distribution per unit (DPU) of ¥ 5, 872.

Comforia Residential REIT, Inc

Takehiro Izawa
Executive Director (center)

Koji Yamamoto
Supervisory Director (left)

Masamichi Ohshima
Supervisory Director (right)

Under our basic policies of "investments in residential properties with stable earnings and high growth potential" and"utilization of the Tokyu Fudosan Holdings Group," we are carrying out investment in and management of rental residences, mainly in the Tokyo metropolitan area, targeting singles and small families, based on the concept and knowhow of the urban rental residence Comforia series, which Tokyu Land Corporation has produced. In the next fiscal period onward, we will continue to aim to achieve stable earnings and ensure the steady growth of our managed assets
based on medium- and long-term perspectives to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

Financial Highlights
Operating revenue¥ 10, 770 million

Operating profit¥ 5, 590 million

Acquisition price¥ 261. 5 billion

Profit¥ 4, 950 million

Appraisal value¥ 327. 6 billion

Distribution per unit (DPU)¥ 5, 872

Occupancy rate at the 2 2nd
Fiscal Period-end

95. 7 %

Average occupancy rate

95. 5 %

Total loan to value (LTV)

50. 1 %

140 properties

Number of properties

Contents
I.

Overview of the Investment Corporation
Greetings/Financial Highlights

1III. Financial Section50

Sustainable Growth in Asset Size and DPU

2Balance Sheets

50

Selective Investment with Portfolio Quality in Mind

4

Statements of Income

52

External Growth Results

6

Statements of Changes in Unitholders’ Equity

53

Internal Growth Results

8Statements of Cash Distributions

54

Financial Strategy

10

Statements of Cash Flows55

Sustainability Initiatives

11

Notes

56

Portfolio Map

14

Supplementary Schedules

66

Selected Portfolio Properties

16

Independent Auditor’s Report

74

Basic Policies

18 verview of the Investment Corporation andO
Asset Management Company

19

II.

Asset Management Report

211

Sustainable Growth in Asset Size and DPU
During the 22nd Fiscal Period, a public offering was implemented in February 2021, conducted for the eighth consecutive year since listing, and three properties were acquired with funds procured through the public offering as well as
cash on hand. In addition, it acquired COMFORIA OYAMA through cash on hand and sold COMFORIA SHIN-OSAKA in
March 2021.
The Investment Corporation will keep promoting external growth by continuing to invest selectively in high-quality
properties mainly in Tokyo 23 wards, focusing on the collaboration with our sponsor group, as well as original sourcing
by TLC REIT Management Inc. (the "Asset Management Company"), while seeking expansion of the asset size and stable
distribution levels.

Future Strategy
Aim for an asset size o
f¥ 300 billion while
maintaining a portfoliowith properties mainly
in the Tokyo 2
 3 wards

22nd Fiscal Period

Acquired COMFORIA TAITONEGISHI
and three other properties
and sold one property

Selective Investments Mainly in Tokyo 23 Wards (As of July 31, 2021)
Historical Asset Size

(Billions of yen)

250

Over around8.5 years since listing,
3.7-fold growth

245.9
225.9

achieved approximately

202.1

200

Tokyo 23 wards

187.4

Tokyo metropolitan area/ Other major cities

164.4
146.5

150
116.2

100
71.2

0

71.2

74.5

Tokyo
23 wards

Tokyo
23 wards

Tokyo
23 wards

96.3％

96.3％

93.3％

Listed(Feb. 6, 2013)Tokyo
23 wards

92.5％

206.0

188.5

168.0

122.8

Tokyo
23 wards

Tokyo
23 wards

94.0％

93.6％

Tokyo
23 wards

94.3％

Tokyo
23 wards

92.8％

Tokyo
23 wards

90.4％

Tokyo
23 wards

Tokyo
23 wards

90.4％

Tokyo
23 wards

90.9％

90.9％

“End of 16th
Fiscal Period”“End of 17th
Fiscal Period”

Tokyo
23 wards

Tokyo
23 wards

Tokyo
23 wards

91.0％

91.8％

“End of 18th
Fiscal Period”

End of 19th
Fiscal PeriodTokyo
23 wards

Tokyo
23 wards

91.8％

92.2％

“End of 20th
Fiscal Period”

End of 21st
Fiscal Period

91.7％

92.9％

“End of 6th “End of 7th “End of 8th “End of 9th “End of 10th “End of 11th “End of 12th “End of 13th “End of 14th
Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period”“End of 15th
Fiscal Period”(Ended Jul. 2013) (Ended Jan. 2014) (Ended Jul. 2014) (Ended Jan. 2015) (Ended Jul. 2015) (Ended Jan. 2016) (Ended Jul. 2016) (Ended Jan. 2017) (Ended Jul. 2017)(Ended Jan. 2018) (Ended Jul. 2018) (Ended Jan. 2019) (Ended Jul. 2019)

Credit Rating

226.6

146.7

Tokyo
23 wards

261.5

252.1

A+ (Stable)(Ended Jan. 2020) (Ended Jul. 2020)“End of 22nd
Fiscal Period”(Ended Jan. 2021) (Ended Jul. 2021)

Futurestrategy

AA– (Stable)

A+ (Positive)
June 2018

FTSE EPRA/NAREIT Global Real Estate Index Series - Asia

May 2019

Inclusion in
Indices

MSCI Japan ESG Select Leaders Index

June 2020

Tokyo Stock Exchange
REIT Core Index

September 2020

FTSE Global
Equity Index

Distribution per¥ 4,051 ¥ 4,203 ¥ 4,268 ¥ 4,296 ¥ 4,403 ¥ 4,339
Unit (DPU) (Note 1)

4,487

4,549 ¥ 4,681¥ 4,788¥ 4,985¥ 5,180¥ 5,180¥ 5,295¥ 5,309¥ 5,410¥ 5,872

Aim to improvestabilized DPU

Occupancy Rate
at End of Period

96.3％

96.5％

96.7％

96.6％

96.4％

97.0％

96.7％

95.0％

95.9％

95.7％

Consistently stable
occupancy rate

95.9％

96.2％

94.8％

95.2％

95.5％

96.2％

96.1％

(Note 1) Since a four-for-one split of investment units was carried out effective August 1, 2014, the figures for DPU prior to the split are divided by four and rounded off to the nearest whole number.
(Note 2) Ratio of Tokyo 23 wards denotes ratio among rental residences.

2

3

Selective Investment with Portfolio Quality in Mind
Backed by strong rental demand mainly in Tokyo 23 wards, steady rent increases have been realized recently, while
maintaining stable occupancy rates.

Portfolio Focusing on "Tokyo 23 Wards" and "Near Stations"With “in Tokyo 23 wards” and “near stations” as the focus, the Investment Corporation continues to acquire rental residences developed by sponsors and to use its Asset Management Company’s original property acquisition channels to
selectively invest in high-quality properties.

Diversified Property Acquisition Channels Centering on Sponsor GroupThe Investment Corporation promotes steady growth of asset size centered on the acquisition of assets from the sponsor group, in particular Tokyu Land Corporation. In addition, we strive to reinforce our property acquisition channels
through the Asset Management Company’s original information routes.

Ratio of Acquired Assets by Seller(As of July 31, 2021)

Asset Size (Acquisition price basis)

140 properties / ¥ 261. 5 billion

Acquisition
from sponsor

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of the end of 22nd FP)(As of the end of 22nd FP)

Other Other
majormajor
cities cities
TokyoTokyo
metropolitan
metropolitan
area area
4.6％4.6％

3.7％3.7％

SponsorOther

22nd Fiscal Period

50.2％

27.9％

Acquisition
from others

2 properties

Acquisition fromsponsor group

2 properties¥ 4, 459 million

72.1％

Others insponsorgroup¥ 7, 325 million

21.9％

Over 10Overmin.
10 min.

4.5％4.5％

CentralCentralTokyoTokyo
5 to 105 to
min.
10 min.
％％38.938.9

WithinWithin
5 min.5 min.

％％37.537.5

Tokyo
Tokyo
23 23
wards
wards

％
％
58.058.0

Average
Averageminutesminutes
on foot
on foot

％ ％
91.7
91.7

Property Development by Tokyu Land Corporation (As of September 15, 2021)
There is a pipeline of 29 properties containing 3, 661 units located primarily within Tokyo 23 wards.
Properties developed by TLCTokyo 23 wards Tokyo metropolitan area

Rental residence

min.min.
5.0
5.0

AkabaneSuita-shi

Itabashi-ku

Sub-central
Sub-central
TokyoTokyo

Kita-ku％％52.852.8

IkebukuroBunkyo-ku

Ueno

Kichijoji

Tachikawa

Suginami-ku

Taito
-ku

Sumida-ku

Kita-kuNishifunabashi

Chiyoda-ku

Shinjuku

Tokyo

Shibuya-ku
Shibuya

Koto-kuNishi-kuChuo-ku

Kyoto

Chuo-ku

Minato-ku

Setagaya-ku
Meguro-ku

Primarily properties near stations

Shin-Osaka

Arakawa-ku

Toshima-ku
Nakano-ku

Primarily Tokyo 23 wards

Operational rental residence(no specific plans for acquisition by the Investment Corporation)

ShinagawaShinagawa-ku

Investment Target
Operational
rental residence

3.4％

京都心

.4％

Rentalresidence

96.6％

Building Age
Over
15 years

Large

Under
5 years

Family

13.0％

0.3％

0.5％
Single

90.3％

10 to
15 years

5 to
10 years

33.9％

24.1％

Compact38.3％





Shin-Kobe

ShinOsaka
Other major cities

52.0％
Single /Compact

11.4 years

Ota-ku

Stores8.9％

Avg. building age

96.6％

4

Unit Type (Rental residence)

29.0％

Rentalresidence


Yokohama

Number of properties

Number of units

Tokyo 23 wards

20

2, 408

Tokyo metropolitan area

4423

Other major cities

5

830

Total

29

3, 661(Completed)16

1, 8105External Growth Results
During the 22nd Fiscal Period, the Investment Corporation acquired three sponsor-developed properties at the time ofthe public offering. In March, the Investment Corporation acquired one property through original route of the AssetManagement Company, and sold one property.
Along with these efforts, the Investment Corporation aimed to improve the quality of its portfolio such as increasing theinvestment ratio in Tokyo 23 wards.

End of 21st FP

End of 22nd FP

137 properties / ¥ 252. 1 billion

140 properties / ¥ 261. 5 billion

Property Acquired in 22nd Fiscal Period

Property Sold in 22nd Fiscal Period

150 COMFORIA OMIYA

54Tokyo metropolitan area

COMFORIA SHIN-OSAKA

Other major cities

Original
Route

Asset
replacement

Properties Acquired in 22nd Fiscal Period (Through public offering)Sponsordeveloped

Sponsor-developed
properties

Original
Route

147 COMFORIA TAITONEGISHI
Sponsordeveloped

Acquisition through original routeof the Asset Management Company

Sub-central Tokyo

Address

3- 18- 15 Negishi, Taito-ku, Tokyo

Nearest station/ 6-minute walk from Iriya Station on the
Distance (on foot) Tokyo Metro Hibiya line
Ownership

OwnershipCompletion date October 2019
Rentable units

3- 36- 1 Nakacho, Omiya-ku, Saitama-shi,
Saitama
7-minute walk from Omiya Station on the
Nearest station/ JR Tohoku Shinkansen, Keihin-Tohoku line,
Distance (on foot)Saikyo line and other 7 lines
Ownership
OwnershipCompletion date February 2010
Rentable units 103 units
Acquisition date March 18, 2021
Acquisition price ¥ 4, 420 million

Sale price¥ 3, 600 million

Appraisal value¥ 3, 030 million

Gain on sale

¥ 1, 350 million

Rentable units

133 units

Completion date October 2006

Key Points of Asset Replacement

Acquisition price ¥ 3, 031 million

Acquisition
148 COMFORIA MONZENNAKACHO SOUTH

Sub-central Tokyo

Address

1- 21- 24 Higashinakajima,
Higashiyodogawa-ku, Osaka-shi,Osaka

90 units

Acquisition date February 1, 2021

Sponsordeveloped

Address

Address

Promote property acquisitions withdemographic trends in mind

Ownership

OwnershipCompletion dateJuly 2019

Rentable units

47 units

Acquisition date February 1, 2021

Disposition price exceeds appraisal
value by 19%

Effect of Asset Replacement

1- 13- 6 Botan, Koto-ku, Tokyo

3-minute walk from Monzennakacho Station
Nearest station/ on the Tokyo Metro Tozai Line and Toei
Distance (on foot)Oedo Line

Disposition

21st FP end

Acquisition

Disposition

22nd FP end

Asset size

¥ 252.1 billion¥11. 7 billion¥ 2. 4 billion¥ 261. 5 billion

Tokyo 23 wards ratio(Rental residence)

92. 2%

62. 5%－

91. 7%

Avg. building age

11. 2 years

5. 8 years

14. 4 years

11. 4 years

Total LTV

51. 4%

－

－

50.1%

+

Acquisition price ¥ 1, 428 million
Capital gain from replacement

149 COMFORIA MAGOME
Sponsordeveloped

Sub-central Tokyo

Address

1- 1- 4 Nishimagome, Ota-ku, Tokyo

Nearest station/ 6-minute walk from Magome station on the
Distance (on foot) Toei Asakusa Line
Ownership

OwnershipCompletion date July 2016
Rentable units

111 units

Acquisition date February 1, 2021
Acquisition price ¥ 2, 905 million
6

1. 35 billion¥

Internal reserves from replacement (Note)¥

881 million(Note) Reserve for reduction entry of special provisions of replaced property

Investment Ratio by Area
End of 21st FP

Other major cities

38. 9 %
51. 9 %
3. 6 %
5. 6 %

Ratio of Tokyo 23 wards(Rental residence)

92 . 2 %Central Tokyo
Sub-central Tokyo
Tokyo metropolitan area

End of 22nd FP

37 . 5 %52 . 9 %5.2%
4.4%
91 . 7 %Difference– 1 . 4 pt
+ 1 . 0 pt
+ 1 . 6 pt
– 1 . 2 pt
– 0 . 5 pt

7Internal Growth Results
With the portfolio strategy focused on Tokyo 23 wards, we are managing steady operations while maintaining stable occupancy rates.

Occupancy Rates

1

Total portfolio

（%）

100
95

94.5%

95.2%

94.8%

95.6%

96.3%

95.9%

95.7%

Breakdown of move-in to Tokyo 23 wards (All Citizen)

Total portfolio (year-on-year)

95.6%
94.6%

In-Migrants
from other area

Move-Out Questionnaire Results

94.5%

95.7%

In-Migrants
from other area

Move between
Tokyo 23 wards

Central Tokyo

Sub-central Tokyo

57.8%

57.5%

56.0%

95.0%

90
Tokyo metropolitan area

Other major cities

100

42.2%

44.0%

42.5%







(Note) The above questionnaire results show the results of valid responses from tenants who
moved 13
out.2from
Tokyocities
23 wards or Tokyo metropolitan
area.
% properties located
Otherinmajor
15.7%

16.8%

Tokyo metropolitan area

15.3%

37.2%

Sub-central Tokyo

32.0%

95

Relocation within Tokyo 23 wards is in the 40% range

90

70
69.0%
3.0%Reason for move out and New address of move-outs
37.0%
Central Tokyo
32.7%

20th FPJul.
2020

21st FP
Aug.

Sep.

Oct.

22nd FP

Nov.

Dec.

Jan.
2021

Feb.

Mar.

Apr.

May

Jun.

Jul.

Company reason
Room size/Floor
10.1%plan/
Rent dissatisfaction
27.7%
Marriage, etc.
Housing purchase
38.7%
Other
62.2%
Total

The percentage of cases achieving higher contracted rents in the 22nd Fiscal Period was 45. 9%.
Tenant Turnover

Lease Renewals
Increase

（%）

75

27.0%
62.5%
92.7%
7.3%

Decrease

59.3%

6th FP(Ended Jul. 2013)(Listing)

4.8%
2.5%

30.2%

20th FP(Ended Jul. 2020)

21st FP(Ended Jan. 2021)

Increase
Increase

0.0%

45.9%

75

5.9%

50

48.2%

25
0

18.6%

20.4%

Decrease

98.5%

79.6%

81.4%

80.0%

1.5%

0.0%

0.0%

0.1%

6th FP(Ended Jul. 2013)(Listing)

20th FP(Ended Jul. 2020)

21st FP(Ended Jan. 2021)

22nd FP(Ended Jul. 2021)

Rates of Rent Change Upon Tenant Turnover
（%）

+7.9%

8.0

2.0
0.0

8

+8.3%

+6.8%
+5.7%

6.0

+3.4%
+1.0%

+1.5%

+3.7%

346 ( 33. 8%)
Other major cities

250 ( 24. 4%)

Tokyo metropolitan area

103 ( 10. 1%)
79 ( 7. 7%)
Sub-central Tokyo
245 ( 23. 9%)
1, 023 ( 100%)42.2%

In-Migrants
from other area

57.8%

70.0%

476 ( 39. 6%)

13.2%


16Jan.
.8%2021)(Ended

57.5%

56.0%
Other major cities

15.7%

Tokyo metropolitan area

15.3%

Sub-central Tokyo

32.0%


Central Tokyo

37.0%

44.0%



32.7%
13.2%

42.5%

69.0%


Other major cities
Tokyo metropolitan area

15.7% 
(Ended15Jul.
.3%2021)

32
.0%
%
37..2
Other majorTokyo
cities6.0
Sub-central
101%%
70% of new Tokyo
residentsof the Investment
Corporation
21.6%
70.0Approx.
%
69.0%
metropolitan
area
27.7% relocating within Tokyo 23 wards
37.0%
Central Tokyo
32.7%
38.7%

62.2%(Ended Jan. 2021)

Sub-central Tokyo47.8%

 
(Ended Jul. 2021)72.4%

Central
Tokyo
Other
major
cities24.6%
6.0%


27Jan.
.7%2021)(EndedTokyo metropolitan area
21.6
%(Ended Jul. 2021)

38.7%

Sub-central Tokyo

47.8%

23.5%

Central Tokyo

24.6%

23.5%
10.1%

6.0%
306 ( 25. 4%)
21.6%

74 ( 6. 2%)( 7. 2%)4787.8%260 ( 21. 6%)
72.4%
1, 203 ( 100%)





16.8%
42.2%
Move between
Tokyo 23 wards 37.2%

22nd FPseason)(busy(Ended Jul. 2021)

42.5%

44.0%

2 Previous address before move-in

62.2%

72.4%

Relocations to suburbs for reasons pertaining to room size, floor plan and rent is limited while relocations to sub-central Tokyo is increasing

Demand for relocations to competitive properties in Tokyo 23 wards continues to be strong
and there is a particular preference for sub-central Tokyo

Value Enhancement Work
Implemented work to divide one room into two based on workplace needs amidst the COVID- 19 pandemic
COMFORIA IKEBUKURO is a property standing in a highly prosperous area that is a fiveminute walk from Ikebukuro Station, a subcenter of Tokyo. With large retail facilities
including department stores as well as restaurants scattered around the station, theproperty earns a favorable reception fromtrend sensitive people who hope to enjoy
the urban lifestyle to the utmost.

Realized 11th consecutive period of increase in rent change on tenant turnover.

10.0

21st FP(non busy season)

Move between
Tokyo 23 wards

19.9%

No change

Decrease

22nd FP(Ended Jul. 2021)

No change

Trends of Rent Change Upon Tenant Turnover

4.0

57.5%

56.0%

 
(Ended Jan. 2021)(Ended Jul. 2021)
24.6%
Central Tokyo(Note) The above questionnaire results show the results of valid responses from tenants who moved out from properties located in Tokyo 23 wards or Tokyo metropolitan area.
 
(Ended Jan. 2021)(Ended Jul. 2021)

23.5%

（%）

100

No change

500Decrease

Increase

13.8%

25

No change

Reason for
move out(Ended Jan. 2021)

Impact of Rent Increases on Tenant Turnover/Lease Renewals

100

57.8%

So far, relocation within Tokyo 23 wards is at a high level and moving out to other areas is trending downwards.

The average occupancy rate for the 22nd Fiscal Period was generally stable at 95. 5%

95.0%

Impact of COVID- 19 Pandemic

+4.6%
+3.0%

+0.6%

12th FP
13th FP
14th FP
19th FP
20th FP
21st FP
22nd FP
15th FP
16th FP
17th FP
18th FP           

As the building age exceeded 15 years, we
implemented work to divide one room into
two based on workplace needs amidst the
COVID -19 pandemic, rather than simple renovation of residential rooms. My involvement was from the planning stages to decision making on specifications, and I worked
closely with the construction arm, property
manager and contractors to gain accurate
insights on the property features and tenant
attributes as well as take into consideration
the rental market trends amidst the COV-

ID-19 pandemic. The work took two months,
but the rooms received tenancy applications right after completion. Through the¥ 2. 7 million work, we achieved conclusionof new contracts at rents 23% higher than theprevious rents.
Like with this value enhancement work, wewill continue to improve property value of
Comforia Residential REIT by implementing
value enhancement works that meet theneeds of potential tenants and exercising ingenuity.

COMFORIA IKEBUKURO (16. 6 years old)
Common area
corridor

WasherBathroom

Washroom

Newly installed
workspace

Entrance
Shoe
cupboard

Refrigerator

Living/dining/
Western style room kitchen area
4. 2-jo

Balcony

10-jo

Newly installed
partition
After

Yoshitaka Shioya
TLC REIT Management Inc.
Assistant Manager,
Asset Management Department,
Comforia Management Division
Hobby: VolleyballDetails ofwork

Newly installed partition, newly installed air
conditioner, replaced kitchen equipment, replaced wallpaper, etc.

Construction¥ 2. 7 million
cost
Monthly rent

(Before) 1 unit ¥138 thousand+23%(After) 1 unit ¥170 thousand (+32 thousand)9Financial Strategy

Sustainability Initiatives

The Investment Corporation will carry out equity financing (additional issuance of investment units) and debt financing(borrowings of funds and issuance of investment corporation bonds) while paying attention to financial soundness andearnings stability. Furthermore, the Investment Corporation will control its Balance Sheets by maintaining an LTV (interest-bearing debt) (%) level to secure funds.

Issuance of Investment Corporation Bonds
10th(green bonds)

9thInterest-Bearing Debt
End of 22nd FP(July 31, 2021)

11th
LTV (Note)

July 8, 2021

Date of issuanceTotal amount of issuance¥ 2. 0 billion¥ 3. 0 billion¥ 1. 6 billion

5 years

10 years

15 yearsTerm

Long-term debt ratio
Fixed-interest debt ratio
Average maturity

0. 18% per annum 0. 46% per annum 0. 73% per annum

Coupon rate

50. 1%
84. 7%
95. 2%
4. 5 years
0. 58%

Weighted avg. interest rateIssuance of Sustainability Report
The Investment Corporation has issued a Sustainability Report as a tool to facilitate understanding of stakeholders on our
approach to SDGs and sustainability. We will aim for further promotion of ESG through dialogue with our stakeholders.

External Evaluation of ESG
Continuously Adopted in MSCI Japan ESG Select Leaders Index
The Investment Corporation has been selected as a constituent of theIndex since May 2019 (10 J-REITs have been selected to the Index) andacquired “BBB” on MSCI ESG rating (Nov. 2020~).

GRESB Real Estate Assessment（2020）
The Investment Corporation has participatedin the GRESB Real Estate Assessment since
2018.

Interest-bearing
assets第23期 第24期 第25期 第26期 第27期 第28期 第29期 第30期 第31期 第32期 第33期 第34期 第35期 第36期 第37期(Note)
第38期
第39期 第40期 debt
第41期balance/total
第42期
第46期 第47期 第48期

Diversification of Repayment Dates（2022年（2022年（2023年（2023年（2024年（2024年（2025年（2025年（2026年（2026年（2027年（2027年（2028年（2028年（2029年（2029年（2030年（2030年（2031年（2031年
1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期） 1月期） 7月期）

（2033年（2034年（2034年
7月期） 1月期） 7月期）

The expected repayments of debt and investment corporation bonds as of July 31, 2021 are as follows:■ Existing loans ■ Borrowings in the 22nd period ■ [Existing] 2nd ~ 8th unsecured bonds ■ [New] 9th ~ 11th unsecured bonds

  

Issuance of Green Bonds

Amount of credit limit in commitment line: ¥13.5 billion■ The Investment Corporation issued green bonds for the second time in July 2021.



1,000

1,000

12,800



0

7,800

9,270 9,650

9,400
6,560

2,000

1,000

6,520

5,860

8,500 7,050■ The Investment Corporation intends to broaden its investor base by stimulating investors’ demand of ESG investment.

2,000

Summary of the investment corporation bonds ( 10th unsecured bonds (green bonds))

9,250 4,925
2,000
3,700
2,200 3,395 1,350 3,000

6,800

1,500

5,500

3,000
1,500

1,600

    

 


1,500

                                        

Total amount ofissuance

Coupon rate

Term

Redemption date

ESG rating agency

The number of Investors
who declared intention¥ 3. 0 billion

0. 46% per annum

10 years

July 8, 2031

Sustainalytics

17

Loan Balances
DBJ Green Building Certification

The Investment Corporation’s loan balances as of July 31, 2021 are as follows:
Loan balance(millions of yen)

Lender

0.4％
11.4％
0.7％
1.0％
1.6％
2.3％
2.7％
2.8％

22.2％

7.1％

15.7％

14.2％

15.4％

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Shinkin Central Bank
The 77 Bank, Ltd.
Kiraboshi Bank, Ltd.
Resona Bank, Ltd.
Daishi Hokuetsu Bank ，Ltd
Taiyo Life Insurance Company
Nippon Life Insurance Company
The Nishi-Nippon City Bank, Ltd.
The Higo Bank, Ltd.
Corporate bonds
Total

31, 480
22, 215
21, 780
20, 180
10, 075
3, 985
3, 785
3, 2852, 285
1, 4601, 000Properties with the bestclass environmental & social
awareness

COMFORIA SHINJUKUEASTSIDE TOWER

Properties with exceptionallyhigh environmental & social
awareness

COMFORIA SHIBUYA WEST

COMFORIA KAMATACOMFORIA HIGASHISHINJUKUSTATION FRONT

1, 0001, 000
500

500
500
500
16, 100
141, 630

Credit Rating (As of April 26, 2021)

10

The Investment Corporation updated a certification for COMFORIA SHINJUKU EASTSIDE TOWER in July 2021.

Rating agency

Rating category

RatingOutlookJapan Credit Rating Agency, Ltd.

Long-term issuer rating

AA-

StableProperties with exceptionallyhigh environmental & social
awareness

COMFORIA TOYOCHO

11

Sustainability Initiatives

Environment

Goal

7

Relevant SDG Goals

Goal

Affordable andClean Energy

12

Governance

Responsible
Consumption and
Production

Goal

12

Relevant SDG Goals

Goal

Responsible
Consumption and
Production

Peace, Justice and

16 Strong Institutions

Status/Initiatives

Status/Initiatives
Initiatives for Improvement in Energy Efficiency

Initiatives for Renewable Energy

Change in Asset Management Fee System

In conformity to the Act on the Rational Use of Energy (Energy Conservation Law), we set an annual average cutting target of 1% in energy
use intensity for the entire portfolio and also for each property in themedium- to long-term.

The Investment Corporation utilizes renewable energy from solar
power.

Introduce incentives for further improvement of unitholders' value and enhance linkage with the interests of unitholders.
Calculation method■ Switching to LED Lights in Common Areas/ Replacing Air Conditioners in Ex-

clusive Areas

The Investment Corporation is making progress in reduction of power
consumption and environmental impact.
COMFORIA NAKAOCHIAI

Installation of Electric Power Measuring System

Implementation of LED lighting

Replacing air conditioners■ Green-lease Provisions

From the perspective of environmental friendliness, to reduce environmental load in collaboration with residents, we insert green-leaseprovisions in lease agreements, which are related to energy use andappropriate disposal of waste.

In order to increase the actual electric
power consumption coverage rate atowned properties, electric power measuring systems have been installed at two
properties (equivalent to 15.3% of the portfolio) as of the end of July 2021. The installation makes it possible to measure power
consumption at exclusive areas. Furthermore, activities to raise awareness forenergy saving among tenants are being
carried out.

Social11

In case of related-party transactions and other necessary cases

Goal

12

▼

Responsible
Consumption and
Production

▼
▼
▼

▼

Report to Investment
Corporation▼

Report to the Board of Directors(Note 1) Deliberation and resolution by the Compliance Committee as well as prior approval by the Investment Corporation’s board of directors will be required for acquiring assets, etc. in case of related-party transactions andother necessary cases.
(Note 2) If the candidate acquisition asset is a healthcare facility, advisory from external experts related to healthcare
facilities shall be sought. Furthermore, discussions shall be held upon receiving a report on the content of reports, etc. created by external experts related to healthcare facilities and, if necessary, the Investment Committee shall be attended by the concerned external experts as observers and their opinions shall be heard.

Every year we carry out a questionnaire survey of the residents of the
Comforia series, on the residents’ satisfaction and requests. Based on
the opinions and requests of residents, we take action with the aim ofproviding better services.
Building Cleaning (Common Areas)
Survey

2017

2018

2019

2020

Satisfied

73%

68%

72%

73%

Neutral

14%

18%

15%

13%

Unsatisfied

13%

14%

13%

14%

Building Management & Service
2018

2019

2020

■ Security of the Local Community

Satisfied

68%

67%

69%

68%

There is a police box contributing to the security of the local community.

Neutral

26%

22%

24%

24%

Unsatisfied

6%

11%

7%

8%

12

▼

Prior approval by the investment
corporation’s board of directors (Note 1)

2017

Used as a walkway for neighboring residents and commuters.

▼

Compliance Committee deliberation and resolution (Note 1)

In case of related-party transactions and other necessary cases

Sustainable Cities
and Communities

Aligning Interests Between Unitholders
and the Sponsor
In the public offering held in Feb. 2021, thesponsor acquired 2,137 units, which is 10% of
the number of issuing units.

▼

Approval by compliance officer

Survey■ Open Space

Ordinary CF × growth rate of ordinary CF per unit × 10%
However, no fee will occur when the value is negative▼■ Conduct Tenant Satisfaction Survey

Established a disaster provision
warehouse and manhole toilets forneighboring residents and workers
in preparation for a disaster.

Management fee Ⅴ(incentive)

Approval by each Chief Division Officer■ Installation of Donation-type Vend-

Manhole Toilets

Property acquisition/disposition price×1. 0%( 0. 5% in the case of transactions with related parties (excluding warehousing))▼

Initiatives to Improve Tenant Satisfaction■D isaster Provision Warehouse andManagement fee Ⅲ(acquisition and disposition fee)

Investment Committee deliberation and resolution (Note 2)

Initiatives in Local Communities

We have installed disaster response
vending machines at some of theproperties owned by the Investment Corporation. These machines
can provide drinks to victims oflarge-scale disasters.

Ordinary CF × 5. 4%

Proposal by responsible department

Status/Initiatives

ing Machines

Management fee Ⅱ(fee linked to profit)

The asset management company of the Investment Corporation has built a governance framework that gives priority to compliance and is pouring its efforts in prevention of conflict ofinterest, risk management and legal compliance.

The Investment Corporation will promote the reduction of the environmental load in cooperation with suppliers, etc. by establishing theGreen Procurement Standards which are related to the procurementof environment-friendly materials, etc.

Goal

Total assets at the end of previous fiscal period
× 0. 2% (annual rate)

Decision-making Flow in Acquisition of Assets■ Green Procurement Standards

Relevant SDG Goals

Management fee Ⅰ(fee linked to total assets)

Even in terms of capital relationship,
the Investment Corporation aims to
make a strong relationship with thesponsor and to achieve mutualinterests improvement by aligning
the interests of the unitholders tothat of the sponsor.

Sponsor’s investment ratio

9. 0%(as of July 31, 2021)

Promotion System
Sustainability Promotion Council
The Sustainability Promotion Council meets regularly with President & CEO as the Chief Sustainability Officer who assumes the ultimate responsibility, and other members from across the organization of the Asset Management Company
and among members, it shares relevant information and examine and promote the efforts. External experts are invited
to the Council to consult opinions when needed.

Environment Management System
The Asset Management Company established a unique environment management system (EMS) which applies PDCA
cycle to continuously approach to environmental challenges. It is working to continuously reduce environmental impacts in the management operation for the Investment Corporation, through the cycle of four steps; set targets (Plan),assess performance (Do), analyze budget vs. actual (Check), and implement countermeasures for a better performance(Act). The Asset Management Department reviews actual performances in its monthly meeting and reports the results
to the management at least once a year, then receives feedbacks and instructions for further improvement for the following year, from the management.
13

Portfolio Map (As of July 31, 2021)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Tokyo metropolitan area

Other major cities

Saitama48 properties

47

1 COMFORIA NIHONBASHI NINGYOCHO 31 COMFORIA SHIBAURA BOWHOUSE 71 COMFORIA SASAZUKA
96 COMFORIA AZABU EAST
2 COMFORIA WASEDA
48 COMFORIA SHIROKANETAKANAWA 72 COMFORIA SHINJUKUGYOENⅡ 98 COMFORIA SHINJUKU EASTSIDE TOWER
3 COMFORIA SHIMOOCHIAI
49 COMFORIA NIHONBASHI NINGYOCHO EAST 73 COMFORIA ICHIGAYAYANAGICHO 103 COMFORIA ICHIGAYAYAKUOJI
4 COMFORIA HIGASHINAKANO
50 COMFORIA ATAGO
74 COMFORIA KAGURAZAKA
104 COMFORIA AKIHABARA EAST
14 COMFORIA GINZA EAST
56 COMFORIA KUDAN
80 COMFORIA NIBANCHO
105 COMFORIA MITA TROIS
15 COMFORIA AZABUDAI
57 COMFORIA NIHONBASHI NINGYOCHO NORTH 81 COMFORIA NISHISHINJUKU
113 COMFORIA SHIBAURA
16 COMFORIA SHIBAKOEN
58 COMFORIA SHINKAWA
83 COMFORIA KANDAJINBOCHO
120 COMFORIA SHINJUKU
17 COMFORIA NISHIAZABU
59 COMFORIA AKASAKA
84 COMFORIA NIHONBASHI
126 COMFORIA HIGASHINIHONBASHI
18 COMFORIA MINAMIAOYAMA
60 COMFORIA MITA EAST
85 COMFORIA TAMACHI
133 COMFORIA GINZA EAST NIBANKAN
20 COMFORIA NISHIWASEDA
61 COMFORIA SHIBAURA CANAL
86 COMFORIA AZABUJUBAN
135 COMFORIA HIGASHISHINJUKU STATION FRONT
26 COMFORIA HARAJYUKU
69 COMFORIA KITASANDO
92 COMFORIA SHINJUKUGYOENⅠ 138 COMFORIA NAKAOCHIAI
30 COMFORIA MITA NORTH
70 COMFORIA YOYOGIUEHARA
93 COMFORIA KAGURAZAKA DEUX 139 COMFORIA WASEDA DEUX

118

Itabashi-ku

Tokyo metropolitan area

47 COMFORIA YATSUKA
77 COMFORIA SHINKOYASU
112 COMFORIA GYOTOKU

6 properties

122 GRANCREER CENTER-MINAMI
132 COMFORIA TAMA-PLAZA
150 COMFORIA OMIYA

134

138

141 76

3

Katsushika-ku

45

41

131 Ikebukuro

Nakano-ku

22

75

64

Taito

147 114 -ku

106

Bunkyo-ku

Sumida-ku

Ueno

55
6
33
143
127 29 34
32
87
51
81
119
104
73 93
120
83
84
56
43 52
123 124
103
126
Shinjuku 72
Shinjuku 80 Chiyoda-ku 57 49 144
99
92 -ku
65 35
1
Tokyo
69
12
Shibuya-ku
58
36
88
71
59
18
137 14526
14
9
Minato70
66 Koto-ku
133
50
15
-ku
ShibuyaChuo-ku 148
96 16
125
17
53
86
82
60
23
30
61
48 105
115
38
113
67
85 31
13 11639 Meguro-ku
8

4

40

Suginami-ku

Tokyo
121

Chiba
Arakawa-ku

11

Toshima27-ku

78 properties

5 COMFORIA BUNKYOKASUGA
39 COMFORIA GAKUGEIDAIGAKU
89 COMFORIA HIGASHISHINAGAWA 129 COMFORIA OMORIMACHI
6 COMFORIA ASAKUSAMATSUGAYA 40 COMFORIA HIGASHINAKANO DEUX 90 COMFORIA MEGUROYAKUMO
130 COMFORIA KAMIIKEDAI
7 COMFORIA NISHIOI
41 COMFORIA HIGASHIIKEBUKURO WEST 91 COMFORIA YOGA
131 CAMPUS VILLAGE SHIINAMACHI
8 COMFORIA NAKANO
43 COMFORIA RYOGOKU DEUX
94 COMFORIA ITABASHINAKAJUKU 134 COMFORIA TAKINOGAWA
9 COMFORIA SHIMOKITAZAWA
44 COMFORIA OMORI DEUX
97 COMFORIA SHINAGAWA EAST 137 COMFORIA KIBASHINSUIKOEN
10 COMFORIA NISHIKAMATA
45 COMFORIA MACHIYA
99 COMFORIA OJIMA
140 COMFORIA NISHIMAGOME HILLSIDE
11 COMFORIA OYAMA
51 COMFORIA ASAKUSABASHI
100 COMFORIA OMORI TROIS
141 COMFORIA IKEBUKURO DEUX
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 52 COMFORIA RYOGOKU SOUTH
106 COMFORIA BUNKYOHAKUSAN
142 COMFORIA NARIMASU
13 COMFORIA KOMAZAWA
53 COMFORIA TOYOSU
107 COMFORIA KAMATA
143 COMFORIA SHIN-OKACHIMACHI
21 COMFORIA KOISHIKAWA
55 COMFORIA SUMIDA-TACHIBANA 108 COLLEGE COURT HACHIMANYAMA 144 COMFORIA MORISHITA WEST
22 COMFORIA SENGOKU
62 COMFORIA UENOHIROKOJI
114 COMFORIA UENOIRIYA
145 COMFORIA TOYOCHO
23 COMFORIA DAIKANYAMAAOBADAI 63 COMFORIA KASUGATOMISAKA 115 COMFORIA IKEJIRI
146 COMFORIA FUDOMAE
27 COMFORIA IKEBUKURO
64 COMFORIA HONKOMAGOME
116 COMFORIA SETAGAYAKAMIUMA 147 COMFORIA TAITONEGISHI
29 COMFORIA RYOGOKUISHIWARA 65 COMFORIA MORISHITA
118 COMFORIA AKABANEIWABUCHI 148 COMFORIA MONZENNAKACHO SOUTH
32 COMFORIA ASAKUSABASHI DEUX 66 COMFORIA KIBAKOEN
119 COMFORIA RYOGOKU TROIS
149 COMFORIA MAGOME
33 COMFORIA OSHIAGE
67 COMFORIA MEGURO CHOJAMARU 121 COLLEGE SQUARE HACHIMANYAMA
34 COMFORIA HONJOAZUMABASHI 75 COMFORIA HIGASHIIKEBUKURO EAST 123 COMFORIA KINSHICHO DEUX
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 76 COMFORIA HIGASHIIKEBUKURO 124 COMFORIA KAMEIDO SOUTH
36 COMFORIA MONZENNAKACHO 82 COMFORIA KOMABA
125 COMFORIA SHIBUYA WEST
95 10137 COMFORIA HIMONYA
87 COMFORIA KINSHICHO
127 COMFORIA ASAKUSAKOMAGATA
38 COMFORIA MISYUKU
88 COMFORIA MINAMISUNAMACHI 128 COMFORIA OMORIKASHIMA

Kita-ku
94

Nerima-ku

Kichijoji

Sub-central Tokyo

Adachi-ku

Akabane142

108

Setagaya-ku

91

37

21

20
139
135
2
98

5

63

74

62

Nishifunabashi
Edogawa-ku
112

Shinagawa

146

97

90

89

Shinagawa-ku
7
149
130
140

Kanagawa

132

128
44

10

Acquired in the 22nd Fiscal Period

100

Ota-ku

129
107

147

COMFORIA
TAITONEGISHI

148

COMFORIA

149

COMFORIAMAGOME

150

COMFORIAOMIYAMONZENNAKACHO SOUTH

122

Total

140

properties

77

150

Yokohama

Other major cities

8 properties

95 COMFORIA KITASANJO
110 COMFORIA KYOMACHIBORI
101 COMFORIA SAPPORO SHOKUBUTSUEN 111 COMFORIA AWAZA
102 COMFORIA OGIMACHI
117 COMFORIA KITAHAMA
109 COMFORIA SHINSAIBASHI EAST 136 COMFORIA ESAKAHIROSHIBACHO

14

102 109 110 111 117 136

15

Selected Portfolio Properties
Top 10 by Recent Completion

1

COMFORIA TOYOCHO

4

COMFORIA TAITONEGISHI

7

COMFORIA TAKINOGAWA

16

1

Completion Date: Feb. 2020

5Completion Date: Oct. 2019

Completion Date: Sep. 2018

8

COMFORIA FUDOMAE
Completion Date: Feb. 2020

COMFORIA SHIN-OKACHIMACHI
Completion Date: Aug. 2019

COMFORIA SHINJUKU
Completion Date: Mar. 2018

9

1

6

CAMPUS VILLAGE SHIINAMACHI
Completion Date: Jan. 2018

COMFORIA NARIMASU
Completion Date: Feb. 2020

COMFORIA MONZENNAKACHO SOUTH
Completion Date: Jul. 2019

9

COMFORIA KAMEIDO SOUTH
Completion Date: Jan. 2018

Basic Policies

Overview of the Investment Corporation and Asset Management Company

We invest intensively in rental residences for singles and small families, mainly in the Tokyo metropolitan area, based on
our basic policies of "investments in residential properties with stable earnings and high growth potential" and "utilization of the Tokyu Fudosan Holdings Group," with the aim of ensuring stable earnings over the medium and long term
and maximizing our unitholders’ value.

COMFORIA Series
We will invest in and manage rental residences, fully utilizing the concept and expertise of the urban rental residence
COMFORIA series, which Tokyu Land Corporation has produced.

Overview of the Investment Corporation (As of July 31, 2021)
Name of the investment corporation Comforia Residential REIT, Inc
Takehiro Izawa, Executive Director

Address

21-1 Dogenzaka 1-chome,
Shibuya-ku, Tokyo 150-0043, Japan

COMFORIA is the name we have given to the urban rental residences produced by the Tokyu Land Corporation.
The word COMFORIA is a compound that we coined from “comfort,” and “ia,” a Latin suffix meaning “place.”
The idea that residences are not just containers has given birth to our “COMFORIA” series of rental residences madespecifically for people who wish to live freely and affluently in urban communities.
COMFORIA offers living comfort beyond expectation and surpasses the level of mere convenience in many ways.

June 8, 2010

Registration of incorporation, and foundation under Article 166 of the Act on Investment Trusts and Investment Corporations

June 30, 2010

Implementation of registration by the prime minister under Article 187 of the Act on Investment Trusts and Investment
Corporations (registration number: Director of Kanto Finance Bureau No. 71)

Structure
Sponsor

The Investment Corporation

TOKYU LAND CORPORATION

2

6Asset Management Company

1

Comforia Residential REIT, Inc

TLC REIT Management Inc.

COMFORIA knows
where peace of mind
comes from.

COMFORIA knows
how residents feel.

We have concluded sponsor support agreements, support agreements and property management agreements for managed assets with the Asset Management Company and the Tokyu Fudosan Holdings Group companies to fully utilize thevalue chain and expertise of the Tokyu Fudosan Holdings Group. With the support of the Tokyu Fudosan Holdings Group
companies through such agreements, we aim to expand our asset size (external growth), and maintain and increase asset
value (internal growth).

TOKYU LAND CORPORATION

Rental residence management

Supportagreement

Supportagreement/
PM contract

TOKYU LIVABLE, INC.

TLC REIT Management Inc.

Services for residents
Supportagreement
Supportagreement

18

EWEL, Inc.

TOKYU SPORTS OASIS, Inc.

Asset management agreement
Tax administrative agreement

Supportagreement

Mitsubishi UFJ Trust and Banking Corporation
General Administration (accounting, etc.)
Reiwa Accounting Holdings Co., Ltd.

Auditor5

Ernst & Young ShinNihon LLC

General Administration (tax)4

Reiwakaikeisha Tax Corporation

General Administration (corporation bonds)
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Asset custody agreement, Administrative service agreement, Transfer agency agreement 3 Accounting service agreement
Fiscal, issuing and payment agency agreement 6 Sponsor support agreement 7 Support agreement

Overview of the Asset Management Company (As of July 31, 2021)
Shareholder

Tokyu Land Corporation 100%

Registrations/
LicensesFinancial Instruments Business Firm, granted by the Director of the Kanto
Regional Finance Bureau (Financial Instruments) Registration No. 2370
Discretionary Transaction Agent granted by the Minister of Land, Infrastructure, Transport and Tourism, Registration No. 65
Building Lots and Building Transactions Business License, granted by theGovernor of Tokyo (3) No. 91139

Organization
Shareholders’ Meeting
Corporate Auditor

Tokyu Housing Lease Corporation

Board of Directors
Investment Committee

Compliance Committee
President & CEO

TOKYU COMMUNITY CORP.
Sustainability Promotion Council

Acquisition Priority Review Meeting

Internal Audit Dept.

Compliance Dept.

Management of operational rental residences
Support agreement(condominiums
for students)
National Students Information Center Co., Ltd.
Support agreement(housing for theelderly)

2
5

Executive Director: Takehiro Izawa
Supervisory Director: Koji Yamamoto
Supervisory Director: Masamichi Ohshima

Trade name
TLC REIT Management Inc.
Representative Masaoki Kanematsu, President & CEO
21-1 Dogenzaka 1-chome,
Address
Shibuya-ku, Tokyo 150-0043, Japan
Established
October 2009
Capital¥200 million

Sponsor support

Property information

4

Asset Custodian General Administration(operation of the administrative instrument)
Transfer Agent

Board of Directors

Supporting Companies
TOKYU LIVABLE, INC.
TOKYU COMMUNITY CORP.
Tokyu Housing Lease Corporation
National Students Information Center Co., Ltd.
TOKYU E-LIFE DESIGN Inc.
EWEL, Inc.
TOKYU SPORTS OASIS, Inc.
1

3

Unitholders’ Meeting

7

Value Chain of the Tokyu Fudosan Holdings Group

Sponsorsupportagreement

January 31 and July 31 of each year

History

Four Advantages COMFORIA Offers

COMFORIA knows
what high quality
feels like.

Fiscal period-end

February 6, 2013 Listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange

For a Superior Level of Living Comfort

COMFORIA knows
how valuable time is.

TLC REIT Management, Inc.
Tel: +81-3-6455-3388

Inquiries

Representative

TOKYU E-LIFE DESIGN Inc.



Corporate
Planning
Dept.

Human
Resources
Dept.

Finance &Accounting
Dept.

Sustainability
Dept.

Asset
Investment
Dept.

Environmental
Engineering
Dept.



 



Strategy
Dept.

Strategy
Dept.

Strategy
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

19

II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 22nd Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

18th
Fiscal Period

19th
Fiscal Period

20thFiscal Period

21stFiscal Period

22nd
Fiscal PeriodBusiness period

FromFeb. 1, 2019 toJul. 31, 2019

From
Aug. 1, 2019 toJan. 31, 2020

From
Feb. 1, 2020 toJul. 31, 2020

From
Aug. 1, 2020 toJan. 31, 2021

From
Feb. 1, 2021 toJul. 31, 2021

From February 1, 2021 to July 31, 2021

Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,
Tokyo 150-0043, Japan

Operating revenue(millions of yen)

8,652

8,790

9,028

9,565

10,770[Rent revenue - real estate](millions of yen)

[8,484][8,579][9,028][9,064][9,420]Operating expenses(millions of yen)

4,673

4,683

4,947

5,080

5,180

[Expenses related to rent business](millions of yen)

[3,928][3,862][4,092][4,176][4,263]Operating profit(millions of yen)

3,978

4,106

4,081

4,484

5,590

Ordinary profit(millions of yen)

3,453

3,568

3,529

3,895

4,995

Profit(millions of yen)

3,448

3,562

3,523

3,889

4,950

Total assets(millions of yen)

246,498

246,861

268,935

275,495

282,839[Period-on-period change](%)

Net assets(millions of yen)

Asset Management Report
Financial Section
Balance Sheets
Statements of Income
Statements of Changes in Unitholders’ Equity
Statements of Cash Distributions
Statements of Cash Flows
Notes
Supplementary Schedules
Independent Auditor’s Report

[8.9]

[2.4]

[2.7]

128,204

128,528

135,689[14.2]

[0.2]

[8.5]

[0.3]

[5.6]

114,045

114,045

123,947

123,947

129,791

Number of investment units issued(units)

640,834

640,834

671,624

671,624

692,994

Net assets per unit(yen)

184,023

184,403

190,886

191,369

195,802

Total distributions(millions of yen)

3,319

3,393

3,565

3,633

4,069

Distribution per unit

(yen)

5,180

5,295

5,309

5,410

5,872

[Earnings distribution per unit](yen)[5,180][5,295][5,309][5,410][5,872][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.5

1.4

1.4

1.4

1.8

Return on unitholders’ equity(Note 2)

(%)

3.1

3.0

2.9

3.0

3.7

Unitholders’ equity ratio(Note 3)

(%)

47.8

47.9

47.7

46.7

48.0

(%)

Unitholders’ capital[Period-on-period change](%)

Interest-bearing debt

(millions of yen)

[1.7]

[0.0]

[-0.2][-1.0][1.3]

123,530

123,530

135,420

141,650

141,630

Interest-bearing debt ratio (LTV) (Note 4)

(%)

50.1

50.0

50.4

51.4

50.1

Payout ratio

(%)

96.2

95.2

101.1

93.4

82.2

Number of properties(properties)

126

126

135

137

140

Total leasable area(m2)

358,677.21

357,279.84

377,108.20

381,721.10

389,457.28(Note 5)

Occupancy rate at end of period
Depreciation
Capital expenditure
NOI(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)20

[0.1]
118,172(millions of yen)

[Period-on-period change]

II.
III.

[10.1]
117,928

(%)

97.0

96.7

95.0

95.9

95.7

(millions of yen)

1,288

1,296

1,341

1,374

1,398

(millions of yen)

509

417

(millions of yen)

5,843
6,012
Ordinary profit ÷ [(Total assets at beginning of period + Total assets at end of period) ÷ 2] × 100
Profit ÷ [(Net assets at beginning of period + Net assets at end of period) ÷ 2] × 100
Net assets at end of period ÷ Total assets at end of period × 100
Interest-bearing debt at end of period ÷ Total assets at end of period × 100
Total distributions ÷ Profit × 100
Payout ratio is rounded down to the first decimal place.
Income from real estate rental business+ Depreciation(Note 6)

－ 1 －

310

137

406

6,277

6,262

6,555

21

2. Asset Management Status for the 22nd Fiscal Period

3. Capital Increases(1) History of the Investment Corporation
Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporationthat invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations”
of Japan (Act No. 198 of 1951, as revised; hereinafter referred to as the “Investment Trusts Act”), with registration by thePrime Minister completed as of June 30, 2010 under Article 187 of the Investment Trusts Act (registration number: Director of
Kanto Finance Bureau No. 71). Investments by the Investment Corporation commenced in August 2010. The Investment
Corporation issued new investment units through a public offering on February 6, 2013 and was listed on the real estate
investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3282).
Managed assets of the Investment Corporation at the commencement of operations totaled 11 properties, acquired for a totalof ¥15,508 million. As a result of additional acquisition and sale of properties under the basic policy of asset management (tomanage assets with the aim of achieving stable earnings and ensuring the steady growth of our managed assets based on
medium- to long-term perspectives to maximize our unitholders’ value) stipulated in the Articles of Incorporation of theInvestment Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 22nd Fiscal Period includes 140
properties, acquired for a total of ¥261,534 million.
(2) Investment performance(i) Investment environment
During the 22nd Fiscal Period, the Japanese economy continued to face a harsh situation due to the government’s twotime declarations of a state of emergency under the re-spread of the novel coronavirus infection (COVID-19). Under suchcircumstances, the residential rental market saw the supply and demand situation stay on a somewhat weak note, and theoccupancy rate of the Investment Corporation’s properties also decreased slightly. However, a recovery trend is observed
for the moment. In the real estate investment market, on the other hand, the level of transaction prices continues to stay at
a high price range, with investors in and outside Japan showing strong willingness to acquire properties, amid an ongoing
low interest rate environment resulting from the fiscal policies of the government and monetary policies of the Bank ofJapan (BOJ).
(ii) Acquisition and sale of assets
During the 22nd Fiscal Period, the Investment Corporation acquired COMFORIA TAITONEGISHI and two otherproperties in February 2021, followed by the acquisition of COMFORIA OMIYA and the sale of COMFORIA SHINOSAKA in March 2021. As a result, assets owned by the Investment Corporation as of the end of the 22nd Fiscal Period
totaled 140 properties with a total acquisition price of ¥261,534 million.
(iii) Operation management of assets owned by the Investment Corporation
The Investment Corporation consigns property management operations mainly to Tokyu Housing Lease Corporation,
which has an extensive track record in managing the Comforia series of properties. Under the Comforia series, theInvestment Corporation promotes unified management and strives to improve operational efficiency and shorten periodsof vacancy.
(3) Overview of funding
During the 22nd Fiscal Period, the Investment Corporation undertook additional issuance of investment units (¥5,844 million)
in February 2021 for the acquisition of COMFORIA TAITONEGISHI and two other properties. Subsequently, the Investment
Corporation borrowed funds (¥6,925 million) in March 2021 to be appropriated for the repayment funds (¥4,925 million and¥2,020 million) for borrowings made in March 2016 and March 2020, respectively. This was followed by the issuance ofinvestment corporation bonds (¥6,600 million) in July 2021 to be appropriated for the repayment funds (¥3,600 million) for
borrowings made in June 2020 and the redemption funds (¥3,000 million) for the 1st unsecured bonds issued in July 2014.
Consequently, as of the end of the 22nd Fiscal Period (July 31, 2021), unitholders’ capital was ¥129,791 million, interestbearing debt was ¥141,630 million, the ratio of interest-bearing debt to total assets (LTV) was 50.1%, the average maturity ofinterest-bearing debt was 4.5 years, the ratio of long-term debt was 84.7%, and the fixed rate ratio was 95.2%.
The Investment Corporation obtained the following rating as of the end of the 22nd Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA–

Stable(4) Overview of performance and distributions
As a result of investment during the 22nd Fiscal Period, the Investment Corporation posted operating revenue of ¥10,770
million, operating profit of ¥5,590 million, ordinary profit of ¥4,995 million, and profit of ¥4,950 million.
The Investment Corporation carries out distributions so that the Special Provisions for Taxation on Investment Corporations(Article 67-15 of the Act on Special Measures Concerning Taxation [Act No. 26 of 1957, as revised; hereinafter referred to as
the “Act on Special Measures Concerning Taxation”]) would be applied. For the 22nd Fiscal Period, the Investment
Corporation retained part (¥881 million) of gain on sales by applying the Special Provisions on Taxation in the case of advanceacquisition of land and such in 2009 and 2010 (Article 66-2 of the Act on Special Measures Concerning Taxation). As a result,the distribution per unit (DPU) was ¥5,872 for the period.

22－ 2 －

Date

Type

Number of investment units
issued (units)
ChangeBalanceUnitholders’ capital(millions of yen)
ChangeRemarks

Balance

June 8, 2010

Establishment throughprivate placement

200

200

100

100

(Note 1)

August 30, 2010

Capital increase throughprivate placement

7,800

8,000

3,900

4,000

(Note 2)

March 18, 2011

Capital increase throughprivate placement

24,27032,27011,84015,840(Note 3)February 2, 2012

Capital increase throughprivate placement

16,40048,6708,200

24,040(Note 4)

February 5, 2013

Capital increase throughpublic offering

18,691

67,361

9,935

33,975(Note 5)February 3, 2014

Capital increase throughpublic offering

31,90099,261

21,96055,936(Note 6)

February 26, 2014

Capital increase throughthird-party allotment

1,401

100,662964

56,900(Note 7)

August 1, 2014

Investment unit split

301,986

402,648–

56,900(Note 8)February 2, 2015

Capital increase throughpublic offering

70,000472,648

18,02574,926(Note 9)February 27, 2015

Capital increase throughthird-party allotment

1,156

473,804297

February 1, 2016

Capital increase throughpublic offering

37,800511,604

7,159

February 26, 2016

Capital increase throughthird-party allotment

1,900

513,504359

82,743 (Note 12)

February 1, 2017

Capital increase throughpublic offering

47,800561,304

11,251

93,995 (Note 13)

February 22, 2017

Capital increase throughthird-party allotment

2,390

563,694562

94,557 (Note 14)

February 1, 2018

Capital increase throughpublic offering

22,190585,884

5,006

99,563 (Note 15)

February 15, 2018

Capital increase throughthird-party allotment

1,110

586,994250

99,814 (Note 16)

February 1, 2019

Capital increase throughpublic offering

51,270638,264

13,551

113,366 (Note 17)

February 20, 2019

Capital increase throughthird-party allotment

2,570

640,834

679

114,045 (Note 18)

February 3, 2020

Capital increase throughpublic offering

29,330670,164

9,432

123,477(Note 19)

February 19, 2020

Capital increase throughthird-party allotment

1,460

671,624469

123,947(Note 20)

February 1, 2021

Capital increase throughpublic offering

20,360691,984

5,568

129,515(Note 21)

February 17, 2021

Capital increase throughthird-party allotment

1,010

692,994276

129,791(Note 22)75,224 (Note 10)
82,383(Note 11)

(Note 1)
(Note 2)
(Note 3)

Established at an issue price of ¥500,000 per investment unit.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
(Note 4) Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
(Note 5) Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 6) Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 7) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥688,413 per investment unit.
(Note 8) Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
(Note 9) Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥189,400 per investment unit.
(Note 13) Issued investment units at an issue price of ¥243,252 (subscription price of ¥235,393) per investment unit to fund the acquisition of new properties－ 3 －

23and repay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties
and to repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥225,600 per investment unit.
(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥321,591 per investment unit.
(Note 21) Issued investment units at an issue price of ¥282,623 (subscription price of ¥273,492) per investment unit to fund the acquisition of new properties
and repay loans.
(Note 22) Issued investment units with Mizuho Securities Co., Ltd. as alottee at an issue value of ¥273,492 per investment unit.

[Fluctuation in market price of the investment securities]
The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, Inc., where theInvestment Corporation is listed, by fiscal period are as follows.
Fiscal period

18th Fiscal Period

19th Fiscal Period

20th Fiscal Period

21st Fiscal Period

Closing month/year

Jul. 2019

Jan. 2020

Jul. 2020

Jan. 2021

22nd Fiscal Period
Jul. 2021

Highest¥332,500¥360,500¥355,500¥341,000¥379,000

Lowest¥280,100¥322,500¥198,100¥278,400¥290,700

4. Performance of Distributions
The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 22nd Fiscal Period, the Investment Corporation retained part of gain on sales by applying the Special
Provisions on Taxation in the case of advance acquisition of land and such in 2009 and 2010 (Article 66-2 of the Act on Special
Measures Concerning Taxation). Based on this policy, the Investment Corporation decided to distribute the entire amount of
unappropriated retained earnings after deducting ¥881 million, which is within the scope where the provisions of Article 67-15 of
the Act on Special Measures Concerning Taxation are applied, as well as within the limit of reserve for reduction entry stipulated
in Article 66-2 of the Act on Special Measures Concerning Taxation, as provision of reserve for reduction entry of special provisionsof replaced property. As a result, the DPU for the 22nd Fiscal Period was ¥5,872.
Fiscal period

18th Fiscal Period

19th Fiscal Period

20th Fiscal Period

21st Fiscal Period

22nd Fiscal PeriodBusiness period

From Feb. 1, 2019
to Jul. 31, 2019

From Aug. 1, 2019
to Jan. 31, 2020

From Feb. 1, 2020
to Jul. 31, 2020

From Aug. 1, 2020
to Jan. 31, 2021

From Feb. 1, 2021
to Jul. 31, 2021

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]¥3,448,336 thousand ¥3,562,889 thousand ¥3,523,532 thousand ¥3,889,688 thousand ¥4,950,436 thousand¥149,456 thousand¥172,904 thousand¥– thousand¥256,202 thousand¥881,175 thousand¥3,319,520 thousand ¥3,393,216 thousand ¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand[¥5,180][¥5,295][¥5,309][¥5,410][¥5,872]¥3,319,520 thousand ¥3,393,216 thousand ¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand[¥5,180][¥5,295][¥5,309][¥5,410][¥5,872]¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Return on unitholders’ capitalper unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments from theallowance for temporary
difference adjustment¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the return on unitholders’capital per unit, the distribution
payment from the allowance fortemporary difference adjustment
per unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of the total return on
unitholders’ capital, the total
distribution payments frominvestments and other decreased
distribution under tax laws¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Of the total return on
unitholders’ capital per unit, thedistribution payments frominvestments and other decreased
distribution under tax laws]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of which, total return on
unitholders’ capital

5. Future Investment Policy and Issues to Address
Founded on our basic policies of investment management, the Investment Corporation acquired 4 properties and sold 1 property
during the 22nd Fiscal Period, and has carried out investment and management based on the concept and expertise incorporated
into the urban rental residence Comforia series, which Tokyu Land Corporation (hereinafter referred to as “Tokyu Land”) has been
producing. Going forward, we aim to achieve medium- to long-term growth by continuing to carry out investment and management
based on our basic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from TLC REITManagement Inc., its asset management company (hereinafter referred to as the “Asset Management Company”).
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of Tokyu Fudosan Holdings Group companies other than the sponsor, to acquire quality residential properties, achieve
stable operation and enhance profitability. Based on this perspective, the Asset Management Company has entered into a
support agreement with each of the seven support companies of the Tokyu Fudosan Holdings Group companies (Tokyu Livable,
Inc., Tokyu Community Corp., Tokyu Housing Lease Corporation, National Students Information Center Co., Ltd., Tokyu ELife Design Inc., Ewel Inc. and Tokyu Sports Oasis, Inc.,) for managed assets of the Investment Corporation.
(2) Internal growth strategy
With the aim of maximizing portfolio value and cash flows from individual properties from a medium- to long-term perspective
and to make the most of the experience and comprehensive strength of the Tokyu Fudosan Holdings Group in property
management, we will consign property management operations mainly to Tokyu Fudosan Holdings Group companies, whichhave extensive experience in the management of J-REITs and the Comforia series. In addition, we will strive for efficientmanagement by examining the adequacy of building management specifications and costs.
Furthermore, we will actively utilize the expertise of Tokyu Fudosan Holdings Group in asset and fund management to achieve
higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on the issues ofenvironmental and social considerations and reinforced governance, among other matters, should contribute to the progress ofa sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management based onsuch thinking.
In the 23rd Fiscal Period and onwards, we will continue to aim to maintain and improve occupancy rates by closely monitoring
the property management situation, as we did in the 22nd Fiscal Period.
(3) Financial strategy
In consideration of addressing future interest rate risk and refinance risk, we will carry out funding activities by paying attention
to financial soundness and earnings stability. With regard to debt, we will efficiently combine short-term funding that focuseson agility with long-term stable funding. Furthermore, we will consider the issuance of new investment units in accordancewith financing needs for property acquisition and the financial situation of the Investment Corporation, while paying attention
to the market development and distribution level, with the upper limit of the ratio of interest-bearing debt to total assets (LTV)
at around 60%.

6. Significant Subsequent Events
Not applicable(Note) Figures above are rounded down to the nearest unit.

24－ 4 －

－ 5 －

25

Overview of the Investment Corporation
Overview of the Investment Corporation
1. Unitholders’ Capital
18th Fiscal
Period19th Fiscal
Period20th Fiscal
Period21st Fiscal
Period22nd Fiscal
PeriodAs ofJul. 31, 2019

As ofJan. 31, 2020

As ofJul. 31, 2020

As ofJan. 31, 2021

As ofJul. 31, 2021

Total number of authorized
investment units(units)8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Total number of investment
units issued(units)

640,834

640,834

671,624

671,624

692,994

Unitholders’ capital(millions of yen)

114,045

114,045

123,947

123,947

129,791

Number of unitholders(people)

5,674

5,096

5,352

5,650

5,320

(2) Policy for decisions on dismissal or non-reappointment of Independent Auditor
The Board of Directors shall, with the consent of all its members, dismiss the Independent Auditor if it is deemed that it falls
under any of the grounds set forth in each item of Paragraph 1 of Article 105 of the Investment Trusts Act, and when it isdetermined that there is no hope for improvement.
In addition, when it is determined that an Independent Auditor is not fit for his or her role, upon comprehensive examinationof their execution of duties as the Independent Auditor and other various circumstances, the Board of Directors shall dismissor not reappoint said Independent Auditor with the consent of all of its members, and forward a proposal for the appointmentof a new Independent Auditor to the unitholders’ meeting.

4. Matters concerning Directors and Officers Liability Insurance Agreement
The Investment Corporation has entered into a directors and officers liability insurance agreement as follows.
Scope of the insured

2. Matters concerning Investment Units

The Investment Corporation has concluded a directors and officers liability insurance
agreement to cover such losses as compensation payment and dispute costs to be borne by the
insured to a certain extent when they receive a claim for compensation for the actions they
have taken as an officer of the Investment Corporation.

Major unitholders as of July 31, 2021 are as follows.
Number of investment units
owned (units)

Name

Ratio to the total number ofinvestment units issued (%) (Note)

Custody Bank of Japan, Ltd. (trust account)

125,400

18.09

The Master Trust Bank of Japan, Ltd. (trust account)

90,621

13.07

Tokyu Land Corporation

62,264

8.98

STICHTING PGGM DEPOSITARY PGGM LISTED REALESTATE PF FUND
(Standing proxy: Citibank, N.A., Tokyo Branch)

33,117

4.77

The Nomura Trust & Banking Co., Ltd. (trust account)

26,999

3.89

Custody Bank of Japan, Ltd. (securities trust investment
account)

21,605

3.11

Custody Bank of Japan, Ltd. (taxable trust money account)

13,8702.00

Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)11,457

1.65

Custody Bank of Japan, Ltd. (trust account 7)

10,551The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)

10,494

Total

406,378(Note)

5. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of July 31, 2021 are as follows.
Consignment segment

Name
Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

General administration (accounting service)Reiwa Accounting Holdings Co., Ltd. (Note)

General administration (tax service)Reiwakaikeisha Tax Corporation (Note)

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

General administration (corporation bond service)

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

58.64

(Note)The entrusted company for accounting and bookkeeping operations was changed from Reiwakaikeisha Tax Corporation to Reiwa Accounting Holdings
Co., Ltd. as of April 30, 2021. Reiwakaikeisha Tax Corporation, which had been entrusted with these services, continues to be entrusted with tax operations.

Total amount of remuneration
paid during the period(thousands of yen)–Supervisory Director
Koji Yamamoto(Note 1)

Partner, WAKABA PARTNERS Law andAccounting Office

1,800Supervisory Director
Masamichi Ohshima(Note 1)

Kataoka & Kobayashi

1,800

–

17,138

Ernst & Young
ShinNihon LLC(Note 2)

When the insured suffers damages by actions which they executed while recognizing that it
may constitute criminal act or violate the laws and regulations, the loss is not subject to theprotection.

Asset custodian

Executive Director, Chief Division Officerof Comforia Management Division, TLC
REIT Management Inc.

Independent Auditor[Measures to ensure the appropriateness of the execution of duties]

1.51

Takehiro Izawa

Executive Director(Note 1)

The insurance agreement contains the special provision concerning the unitholder lawsuit. The
Executive Director and the Supervisory Directors shall bear the insurance premium in relation
to special provision (10% of all insurance premium), and the Investment Corporation shallbear other insurance premium (90%).

1.52(1) Name of directors, etc.
The names of directors, etc. during the 22nd Fiscal Period are as follows.
Main concurrent posts[Burden ratio of insurance premium]

TLC REIT Management Inc.

3. Matters concerning Directors, etc.

Name of director, etc.

All Executive Director andSupervisory Directors

Asset management company

The ratio of investment units owned to the total number of investment units issued is rounded down to the second decimal place.

Position

Overview of agreement[Overview of insured event covered by the insurance](Note 1) None of the Executive Director or Supervisory Directors own investment units in the Investment Corporation, either in their own name or insomeone else’s name. Furthermore, although Supervisory Directors may be officers of a corporation other than those mentioned above, neither
one has an interest in the Investment Corporation.
(Note 2) The amount includes the fees pertaining to the production of an “Auditor’s Comfort Letter to Lead Underwriting Firm” related to the issuanceof investment corporation bonds conducted in July 2021.

－ 6 －

26

－ 7 －

27

Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation
1. Composition of Assets of the Investment Corporation
Type ofasset

3. Statement of Properties Incorporated in the Portfolio

21st Fiscal Period(as of January 31, 2021)

Area

Total amount owned(millions of yen) (Note 1)

The overview of assets under management of the Investment Corporation as of July 31, 2021 is as follows.

22nd Fiscal Period(as of July 31, 2021)

Percentage of total
assets (%) (Note 2)

Total amount owned(millions of yen) (Note 1)

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,125

0.4

1,122

0.4

Sub-central Tokyo

7,970

2.9

7,943

2.8

Central Tokyo

95,71834.7

95,37033.7

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

122,27444.4

129,511

45.8

9,297

3.4

13,8804.9

RealestateArea

Property name

Address

3-5-10 Nihonbashi Ningyocho, Chuo-ku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10 Nakaochiai, Shinjuku-ku, Tokyo

COMFORIA HIGASHINAKANO

4-34-2 Kita-Shinjuku, Shinjuku-ku, Tokyo

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

The overview of major assets owned by the Investment Corporation (top 10 properties in terms of period-end book value) is asfollows.

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

Ratio to total
Occupancy rate
rental revenues Main usage(%)(%)

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

Other major cities

13,983

5.1

11,6964.1

250,37090.9

259,524

91.8

Deposits and other assets

25,125

9.1

23,314

8.2

Total assets

275,495

100.0

282,839100.0(Note 1)
(Note 2)

“Total amount owned” indicates the amount posted on the Balance Sheets as of the closing of accounts (the carrying value after depreciation for realestate and properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

2. Major Assets Owned

Rentable area(m2)

Rented area
(m2)

COMFORIA SHINJUKUEASTSIDE TOWER

12,552

48,267.61

46,202.56

95.7

16.7

Apartment
building

COMFORIA MINAMIAOYAMA

4-1-12 Minami-Aoyama, Minato-ku, Tokyo

COMFORIA KAMATA

5,720

6,027.98

5,569.47

92.4

1.6

Apartment
building

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku, Tokyo

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,666

4,080.10

4,001.68

98.1

1.4

Apartment
building

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA SHIBUYA WEST

5,458

4,278.52

4,121.63

96.3

1.5

Apartment
building

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA KOMABA

5,096

5,342.38

4,909.49

91.9

1.5

Apartment
building

3-13-12 Kaigan, Minato-ku, Tokyo

99.1

Apartment
1.0
building

COMFORIA SHIBAURABOWHOUSECOMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

95.4

Apartment
1.5
building

COMFORIA NIHONBASHININGYOCHO EAST

3-6-3 Nihonbashi Ningyocho, Chuo-ku, Tokyo

Homes forthe elderly

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA KUDAN

2-6-12 Kudan Minami, Chiyoda-ku, Tokyo

COMFORIA NIHONBASHININGYOCHO NORTH

1-1-6 Nihonbashi Horidomecho, Chuo-ku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

COMFORIA OMIYACOMFORIA
MINAMISUNAMACHI

4,625
4,579

6,527.59
6,141.98

6,471.78
5,862.18

COMFORIA AKIHABARA
EAST

4,421

4,582.07

4,380.36

95.6

Apartment
1.3
building

GRANCREER CENTERMINAMI

4,190

18,235.67

18,235.67

100.0

1.3

COMFORIA KITASANDO
Total

4,127

4,961.19

4,456.23

89.8

1.4 Residence

56,439108,445.09

104,211.05

96.1

29.1

－ 8 －

28

Central Tokyo

Book value(millions of yen)

Property nameAppraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)
(Note 1)COMFORIA NIHONBASHININGYOCHO

Subtotal

Ownership form－ 9 －

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,410

1,476

2,710

1,823

1,790

1,113

770

531

4,790

2,888

893

542

2,220

1,343

1,180

743

1,890

1,089

2,320

1,554

5,890

3,499

1,160

843

3,840

2,568

1,930

1,276

2,850

2,020

1,090

827

1,770

1,289

1,480

1,044

2,430

1,749

3,060

1,881

4,290

3,008

2,030

1,518

5,410

4,127

29

Area

Property name

Address

Ownership form

Appraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

(Note 1)

(Note 1)

2-31-5 Uehara, Shibuya-ku, Tokyo

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA SHINJUKUGYOEN
II

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

1-20-12 Kita-Shinjuku, Shinjuku-ku, Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kanda Jinbocho, Chiyoda-ku, Tokyo

COMFORIA NIHONBASHI

1-2-2 Nihonbashi Bakurocho, Chuo-ku, Tokyo

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku, Tokyo

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

Central Tokyo

COMFORIA SHINJUKUGYOEN I 1-10-4 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA KAGURAZAKA
DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1 Higashi-Azabu, Minato-ku, Tokyo

COMFORIA SHINJUKUEASTSIDE TOWER(Tower Building)
6-27-29 Shinjuku, Shinjuku-ku, Tokyo(Annex Building)
6-27-28 Shinjuku, Shinjuku-ku, Tokyo(Gate Building)
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA ICHIGAYAYAKUOJI 74-23 Ichigayayakuojimachi, Shinjuku-ku, Tokyo
COMFORIA AKIHABARA EAST

2-9-19 Higashikanda, Chiyoda-ku, Tokyo

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

COMFORIA SHINJUKU

5-8-20 Shinjuku, Shinjuku-ku, Tokyo

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku, Tokyo

COMFORIA GINZA EASTNIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

COMFORIA HIGASHISHINJUKU 7-27-12 Shinjuku, Shinjuku-ku, Tokyo
STATION FRONTCOMFORIA NAKAOCHIAI

2-16-29 Nakaochiai, Shinjuku-ku, Tokyo

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Subtotal30－ 10 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,070

1,574

COMFORIA BUNKYOKASUGA

1-15-12 Nishikata, Bunkyo-ku, Tokyo

2,450

1,716

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

2,250

1,724

COMFORIA NISHIOI

6-6-1 Nishi-Oi, Shinagawa-ku, Tokyo

2,160

1,587

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku, Tokyo

990

701

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

2,270

1,619

COMFORIA NISHIKAMATA

6-37-3 Nishi-Kamata, Ota-ku, Tokyo

1,970

1,664

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,900

1,510

COMFORIA
3-2-13 Miyoshi, Koto-ku, Tokyo
KIYOSUMISHIRAKAWA SOUTH

2,380

1,989

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku, Tokyo

4,230

3,323

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku, Tokyo

1,720

1,442

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

1,590

1,387

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

1,550

1,225

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku, Tokyo

3,430

1,888

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIA ASAKUSABASHI
DEUX

5-24-10 Asakusabashi, Taito-ku, Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

16,00012,552

1,030

972

5,460

4,421

990

921

1,190

1,122

2,390

2,255

1,370

1,252

2,570

2,525

5,790

5,666

1,510

1,570

1,110

1,112

128,573

96,492Sub-central Tokyo

COMFORIA YOYOGIUEHARA

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Appraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)

COMFORIA MONZENNAKACHO 16-8 Fuyuki, Koto-ku, Tokyo
COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

COMFORIA GAKUGEIDAIGAKU 6-46-6 Shimouma, Setagaya-ku, Tokyo
COMFORIA HIGASHINAKANO
DEUX

4-2-19 Higashi-Nakano, Nakano-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo－ 11 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,220

1,335

1,290

800

1,150

845

1,190

874

3,710

2,319

2,260

1,400

2,440

1,886

1,060

661

1,930

1,237

785

538

1,870

1,231

1,570

901

777

578

910

628

1,160

813

945

668

1,080

715

1,170

808

3,500

2,445

1,680

1,147

2,590

1,751

1,850

1,091

1,260

779

5,720

3,626

1,500

979

31

Area

Property name

Address

Ownership form

Appraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)Area

Property name

Address

Ownership form

(Note 1)

32

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku, Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

COMFORIA SUMIDATACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku, Tokyo

COMFORIA MORISHITA

3-6-8 Shin-Ohashi, Koto-ku, Tokyo

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

COMFORIA MEGUROCHOJAMARU

2-6-25 Kami-Osaki, Shinagawa-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashi-Ikebukuro, Toshima-ku, Tokyo

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

COMFORIA
MINAMISUNAMACHI

4-4-20 Minamisuna, Koto-ku, Tokyo

COMFORIAHIGASHISHINAGAWA

3-22-11 Higashi-Shinagawa,Shinagawa-ku, Tokyo

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

COMFORIA YOGA

3-24-3 Yoga, Setagaya-ku, Tokyo

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku, Tokyo

COMFORIA OJIMACOMFORIA OMORI TROIS

4-8-10 Ojima, Koto-ku, Tokyo
3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA BUNKYO
HAKUSAN

1-3-2 Honkomagome, Bunkyo-ku, Tokyo

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo－ 12 －

COLLEGE COURTHACHIMANYAMA

1-15-1 Kamitakaido, Suginami-ku, Tokyo

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

2,482

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

1,740

1,153

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

4,080

2,874

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

1,050

907

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku, Tokyo

1,400

1,055

COMFORIA KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

4,050

2,765

COMFORIA KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

1,950

1,323

COMFORIA SHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

1,900

1,421

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

1,260

891

COMFORIA OMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

2,640

1,929

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

2,730

1,614

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

1,580

1,106

CAMPUS VILLAGESHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

6,160

5,096

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

1,360

1,019

COMFORIA KIBASHINSUIKOEN 3-11-13 Kiba, Koto-ku, Tokyo

5,090

4,579

1,950

1,509

1,570

1,183

1,010

608

3,700

Sub-central Tokyo

Sub-central Tokyo(Note 1)

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

COMFORIA NISHIMAGOMEHILLSIDE

1-30-8 Nishimagome, Ota-ku, Tokyo

COMFORIA IKEBUKURO DEUX 2-19-14 Minami-Ikebukuro, Toshima-ku, Tokyo

990

836

1,210

1,067

4,660

3,848

1,660

1,416

2,320
1,050

2,192
898

1,520

1,419

7,070

5,720

Appraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)

COMFORIA NARIMASU

3-18-13 Asahi-cho, Nerima-ku, Tokyo

COMFORIA SHINOKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

COMFORIA MORISHITA WEST

1-3-5 Shin-Ohashi, Koto-ku, Tokyo

COMFORIA TOYOCHO

2-26-11 Minamisuna, Koto-ku, Tokyo

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku, Tokyo

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

COMFORIA MONZENNAKACHO 1-13-6 Botan, Koto-ku, Tokyo
SOUTH
COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo
Subtotal－ 13 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,290

1,245

2,440

2,186

1,490

1,381

2,970

2,640

2,880

2,808

1,810

1,748

954

894

2,400

2,246

2,270

2,083

6,460

5,458

1,410

1,311

914

906

1,240

1,177

2,080

1,976

3,010

2,774

3,820

3,522

1,370

1,372

1,440

1,434

1,980

1,968

1,570

1,669

1,360

1,273

1,320

1,259

3,890

3,783

1,830

1,660

3,230

3,142

1,560

1,481

3,080

3,061

171,385

137,455

33

Area

Property name

Address

Ownership form

The overview of the rental business by assets under management of the Investment Corporation is as follows.

Appraisal value
Book value
at end of period(millions of yen)(millions of yen)
(Note 2)

21st Fiscal Period(From August 1, 2020 to January 31, 2021

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi, Chiba

GRANCREER CENTER-MINAMI 40-3 Chigasaki Chuo, Tsuzuki-ku, Yokohama-shi,
Kanagawa
COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku, Yokohama-shi,
Kanagawa

COMFORIA OMIYA

3-36-1 Nakacho, Omiya-ku, Saitama-shi, Saitama

COMFORIA KITASANJO

2-2-51 Kita-Sanjo Higashi, Chuo-ku,
Sapporo-shi, Hokkaido

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijo-Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osaka-shi, Osaka

COMFORIA SHINSAIBASHI
EAST

2-6-8 Bakuromachi, Chuo-ku, Osaka-shi, Osaka

COMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku, Osaka-shi,
Osaka

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osaka-shi, Osaka

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi, Osaka

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

Other major cities

Subtotal(Note 1)

(Note 2)

34

Subtotal
Total

Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

771

628

1,360

998

1,130

1,018

4,210

4,190

2,270

2,417

4,670

4,625

14,411

13,880969

636

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)

1,420

1,260

1,580

1,474

2,160

1,982

1,860

1,562

1,560

1,284

1,950

1,730

1,780

1,764

13,279327,648

11,696
259,524“Appraisal value at end of period” indicates the appraisal value by a real estate appraiser (based on real estate appraisal reports or research reports
prepared by the Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Valuers Co., Ltd., with the account closing date as the date of value estimate), pursuant to the method of asset appraisal
stipulated in the Articles of Incorporation of the Investment Corporation as well as the “Ordinance on Accountings of Investment Corporations”(Cabinet Office Ordinance No. 47 of 2006).
“Book value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 22nd Fiscal Period(July 31, 2021) minus accumulated depreciation.

－ 14 －Area

COMFORIA NIHONBASHININGYOCHOCOMFORIA WASEDACOMFORIA SHIMOOCHIAICOMFORIA HIGASHINAKANOCOMFORIA GINZA EASTCOMFORIA AZABUDAICOMFORIA SHIBAKOENCOMFORIA NISHIAZABUCOMFORIA MINAMIAOYAMACOMFORIA NISHIWASEDA

Central TokyoTokyo
metropolitan area

(Note 1)COMFORIA HARAJYUKUCOMFORIA MITA NORTHCOMFORIA SHIBAURABOWHOUSECOMFORIASHIROKANETAKANAWACOMFORIA NIHONBASHININGYOCHO EASTCOMFORIA ATAGOCOMFORIA KUDANCOMFORIA NIHONBASHININGYOCHO NORTHCOMFORIA SHINKAWACOMFORIA AKASAKACOMFORIA MITA EASTCOMFORIA SHIBAURA CANALCOMFORIA KITASANDOCOMFORIA YOYOGIUEHARACOMFORIA SASAZUKACOMFORIA SHINJUKUGYOEN II
COMFORIA
ICHIGAYAYANAGICHOCOMFORIA KAGURAZAKACOMFORIA NIBANCHOCOMFORIA NISHISHINJUKUCOMFORIA KANDAJINBOCHOCOMFORIA NIHONBASHICOMFORIA TAMACHICOMFORIA AZABUJUBANCOMFORIA SHINJUKUGYOEN I
COMFORIA KAGURAZAKA DEUXCOMFORIA AZABU EASTCOMFORIA SHINJUKUEASTSIDE TOWERCOMFORIA ICHIGAYAYAKUOJI
COMFORIA AKIHABARA EASTCOMFORIA MITA TROISCOMFORIA SHIBAURACOMFORIA SHINJUKUCOMFORIAHIGASHINIHONBASHICOMFORIA GINZA EASTNIBANKAN
COMFORIA HIGASHISHINJUKUSTATION FRONTCOMFORIA NAKAOCHIAICOMFORIA WASEDA DEUX
Subtotal(Note 2)22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)of tenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1

93.4

60,726

0.7

1

93.3

60,259

0.6

1
1
1
1
1
1
1
1
1

96.9
98.3
94.5
97.1
97.1
98.4
80.3
90.7
94.9

64,472
48,593
21,380118,552
22,48951,14025,881
39,212
56,619

0.7
0.5
0.2
1.3
0.2
0.6
0.3
0.4
0.6

1
1
1
1
1
1
1
1
1

97.2
96.5
100.0
95.2
91.4
98.4
100.0
83.5
91.0

67,462
48,83021,691
116,305
21,10650,831
27,321
41,69059,068

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.4
0.6

1
1

98.1
90.0

122,542
28,359

1.4
0.3

1
1

95.5
96.6

131,348
30,260

1.4
0.3

1

96.0

100,542

1.1

1

97.8

101,893

1.1

1

95.0

46,283

0.5

1

92.2

47,282

0.5

1

96.4

67,812

0.7

1

96.4

63,482

0.7

1
1

92.5
97.2

28,80343,703

0.3
0.5

1
1

97.5
100.0

29,47043,069

0.3
0.5

1

97.2

36,940

0.4

1

97.2

36,793

0.4

1
1
1
1
1
1
1
1

98.3
89.9
92.6
93.7
94.2
97.2
97.0
95.8

58,36968,474
99,38654,402
130,674
50,05566,41153,759

0.6
0.8
1.1
0.6
1.4
0.6
0.7
0.6

1
1
1
1
1
1
1
1

98.3
92.5
92.7
95.8
89.8
92.9
99.0
94.9

63,612
67,649102,30253,434
130,798
52,082
68,17057,637

0.7
0.7
1.1
0.6
1.4
0.6
0.7
0.6

1

93.0

50,760

0.6

1

93.8

51,378

0.5

1
1
1
1
1
1
1
1
1
1

100.0
100.0
98.5
97.6
93.1
95.8
94.5
94.8
97.0
95.9

25,27749,36948,21944,60971,85099,89444,71941,07440,72977,465

0.3
0.5
0.5
0.5
0.8
1.1
0.5
0.5
0.4
0.9

1
1
1
1
1
1
1
1
1
1

91.3
98.0
90.5
98.4
91.7
99.2
85.5
95.8
97.9
97.8

24,05652,60948,36343,88963,355103,251
40,53343,02040,60076,314

0.3
0.6
0.5
0.5
0.7
1.1
0.4
0.5
0.4
0.8

1

94.4

1,508,507

16.6

1

95.7

1,573,251

16.7

1
1
1
1
1

96.2
94.7
94.0
83.9
97.2

25,208125,301
24,56027,62948,441

0.3
1.4
0.3
0.3
0.5

1
1
1
1
1

100.0
95.6
90.9
97.7
96.4

26,586
119,918
24,481
27,666
51,947

0.3
1.3
0.3
0.3
0.6

1

98.2

35,354

0.4

1

95.2

33,627

0.4

1

94.2

49,829

0.5

1

96.5

51,871

0.6

1

96.0

134,150

1.5

1

98.1

135,670

1.4

1
1
1

97.0
96.4
95.1

34,77324,8294,198,147

0.4
0.3
46.3

1
1
1

97.8
96.4
95.5

37,59825,2894,289,143

0.4
0.3
45.5

－ 15 －35

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)

Sub-central Tokyo(Note 1)

36

COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOICOMFORIA NAKANOCOMFORIA SHIMOKITAZAWACOMFORIA NISHIKAMATACOMFORIA OYAMACOMFORIA
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWACOMFORIA KOISHIKAWACOMFORIA SENGOKUCOMFORIA
DAIKANYAMAAOBADAICOMFORIA IKEBUKUROCOMFORIA
RYOGOKUISHIWARA
COMFORIA ASAKUSABASHI
DEUX
COMFORIA OSHIAGE
COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWA TROISCOMFORIA MONZENNAKACHOCOMFORIA HIMONYACOMFORIA MISYUKUCOMFORIA GAKUGEIDAIGAKUCOMFORIA HIGASHINAKANODEUXCOMFORIAHIGASHIIKEBUKURO WEST
COMFORIA RYOGOKU DEUXCOMFORIA OMORI DEUXCOMFORIA MACHIYACOMFORIA ASAKUSABASHICOMFORIA RYOGOKU SOUTH
COMFORIA TOYOSUCOMFORIA SUMIDATACHIBANACOMFORIA UENOHIROKOJI
COMFORIA KASUGATOMISAKACOMFORIA HONKOMAGOMECOMFORIA MORISHITACOMFORIA KIBAKOENCOMFORIA MEGUROCHOJAMARUCOMFORIA NISHIMAGOME(Note 3)
COMFORIAHIGASHIIKEBUKURO EASTCOMFORIAHIGASHIIKEBUKUROCOMFORIA KOMABACOMFORIA KINSHICHOCOMFORIA
MINAMISUNAMACHICOMFORIAHIGASHISHINAGAWACOMFORIA MEGUROYAKUMOCOMFORIA YOGACOMFORIA
ITABASHINAKAJUKU(Note 2)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1

90.3

60,774

0.7

1

99.1

62,765

0.7

1

95.7

46,252

0.5

1

92.9

45,3480.5

131,65830,09895,666
66,93979,112

0.3
0.3
1.1
0.7
0.9

1

1
1
1

94.9
100.0
96.1
93.9
97.5

96.6
97.5
95.1
89.5
95.4

31,87932,673
94,95263,75077,558

0.3
0.3
1.0
0.7
0.8

1

100.0

28,732

0.3

1

97.8

28,844

0.3

1
1
1

96.0
95.0
100.0

43,81021,801
56,849

0.5
0.2
0.6

1
1
1

93.7
97.4
95.6

42,422
20,93555,206

0.5
0.2
0.6

1

95.4

38,436

0.4

1

100.0

39,195

0.4

1

96.2

21,279

0.2

1

94.0

23,047

0.2

1

100.0

25,590

0.3

1

100.0

25,596

0.3

1

95.3

31,135

0.3

1

95.3

33,399

0.4

1

97.4

25,095

0.3

1

98.0

25,646

0.3

1

94.7

29,375

0.3

1

98.2

29,085

0.3

1

94.1

31,752

0.4

1

97.9

30,516

0.3

1
1
1
1

97.9
97.3
98.3
92.7

89,87044,001
69,67739,793

1.0
0.5
0.8
0.4

1
1
1
1

97.9
91.8
90.7
97.4

91,855
44,10769,062
43,349

1.0
0.5
0.7
0.5

1

94.1

30,444

0.3

1

95.7

31,550

0.3

1

95.0

160,171

1.8

1

97.6

168,982

1.8

1
1
1
1
1
1

96.1
95.4
97.0
94.5
100.0
91.9

38,00539,657
26,992102,915
48,744
100,745

0.4
0.4
0.3
1.1
0.5
1.1

1
1
1
1
1
1

91.0
96.9
100.0
95.4
97.4
97.5

37,39439,002
27,265
101,361
49,670101,972

0.4
0.4
0.3
1.1
0.5
1.1

1

100.0

32,297

0.4

1

100.0

32,519

0.3

1
1
1
1
1

94.8
97.6
94.5
93.8
96.7

33,031
93,67248,031
48,58031,751

0.4
1.0
0.5
0.5
0.4

1
1
1
1
1

100.0
91.1
97.2
94.7
95.0

36,122
93,99348,56748,06632,449

0.4
1.0
0.5
0.5
0.3

1

93.6

69,819

0.8

1

95.5

73,241

0.8－－

26,136

0.3

－

－

－

－

1

1
1
1
1

1

94.4

70,199

0.8

1

94.6

71,247

0.8

1

97.8

37,458

0.4

1

98.3

39,014

0.4

1
1

97.0
98.2

134,489
33,693

1.5
0.4

1
1

91.9
93.5

141,397
35,323

1.5
0.4

1

96.0

137,067

1.5

1

95.4

136,993

1.5

1

98.2

54,116

0.6

1

98.2

54,955

0.6

1
1

94.9
95.6

27,08531,961

0.3
0.4

1
1

97.3
97.4

26,402
31,585

0.3
0.3

1

95.2

123,997

1.4

1

96.5

125,878

1.3－ 16 －Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)Sub-central Tokyo

Property nameTokyo metropolitan area

Area

21st Fiscal Period(From August 1, 2020 to January 31, 2021

22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

Other major cities

21st Fiscal Period(From August 1, 2020 to January 31, 2021

COMFORIA SHINAGAWA EASTCOMFORIA OJIMACOMFORIA OMORI TROISCOMFORIA BUNKYOHAKUSANCOMFORIA KAMATA
COLLEGE COURTHACHIMANYAMA
COMFORIA UENOIRIYACOMFORIA IKEJIRICOMFORIA
SETAGAYAKAMIUMACOMFORIA
AKABANEIWABUCHICOMFORIA RYOGOKU TROISCOLLEGE SQUAREHACHIMANYAMA
COMFORIA KINSHICHO DEUXCOMFORIA KAMEIDO SOUTH
COMFORIA SHIBUYA WEST
COMFORIAASAKUSAKOMAGATACOMFORIA OMORIKASHIMACOMFORIA OMORIMACHICOMFORIA KAMIIKEDAICAMPUS VILLAGESHIINAMACHICOMFORIA TAKINOGAWACOMFORIA KIBASHINSUIKOENCOMFORIA NISHIMAGOMEHILLSIDE
COMFORIA IKEBUKURO DEUXCOMFORIA NARIMASUCOMFORIA SHINOKACHIMACHICOMFORIA MORISHITA WEST
COMFORIA TOYOCHOCOMFORIA FUDOMAECOMFORIA TAITONEGISHICOMFORIA MONZENNAKACHO
SOUTH
COMFORIA MAGOME
Subtotal
COMFORIA ICHIKAWAMYODEN(Note 3)
COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYA
Subtotal
COMFORIA SHIN-OSAKA(Note 4)
COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHO(Note 2)22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)
(%)
(%)

1
1
1
1
1

90.1
95.0
94.0
94.3
89.6

70,141
56,866
26,86338,886
152,683

0.8
0.6
0.3
0.4
1.7

1
1
1
1
1

93.9
97.0
90.0
91.7
92.4

76,07956,75625,90937,258151,820

0.8
0.6
0.3
0.4
1.6

1

100.0

30,222

0.3

1

100.0

30,222

0.3

1
1

98.2
95.5

64,61833,314

0.7
0.4

1
1

93.6
98.0

62,51333,758

0.7
0.4

1

96.8

71,412

0.8

1

96.7

75,461

0.8

1

93.8

72,011

0.8

1

93.1

73,490

0.8

1

97.3

40,644

0.4

1

87.8

40,892

0.4

1

100.0

20,976

0.2

1

100.0

20,976

0.2

1
1
1

96.9
100.0
97.1

59,36363,756130,630

0.7
0.7
1.4

1
1
1

95.9
100.0
96.3

61,85857,956
139,481

0.7
0.6
1.5

1

93.0

36,169

0.4

1

93.2

34,733

0.4

1
1
1

91.1
98.4
93.1

25,06731,42554,736

0.3
0.3
0.6

1
1
1

91.2
92.7
93.0

25,234
31,211
52,038

0.3
0.3
0.6

1

100.0

66,170

0.7

1

100.0

66,196

0.7

1
1

99.4
94.4

98,16830,555

1.1
0.3

1
1

99.4
85.2

94,452
29,760

1.0
0.3

1

86.4

28,755

0.3

1

96.8

29,985

0.3

1
1

96.9
98.4

49,82133,066

0.5
0.4

1
1

96.7
96.7

50,39636,234

0.5
0.4

1

96.4

19,413

0.2

1

96.2

31,625

0.3

1
1
1

93.5
98.4
96.1

19,49360,55427,803

0.2
0.7
0.3

－

－

－

－

1
1
1
1

97.8
93.3
94.1
95.9

28,49990,321
39,614
71,662

0.3
1.0
0.4
0.8

－

－

－

－

1

94.0

31,727

0.3

－

－

－

－

3

95.8

4,102,364

45.3

1
3

90.0
95.4

70,0934,354,382

0.7
46.2

－

－

19,378

0.2

－

－

－

－

1
1
1
1
1

98.4
97.1
93.0
100.0
97.4

27,68140,734
27,694
120,300
56,914

0.3
0.4
0.3
1.3
0.6

98.4
97.7
96.6
100.0
97.4
99.1
99.2

27,76140,371
29,579120,300
56,696
91,416366,124

0.3
0.4
0.3
1.3
0.6
1.0
3.9
0.3

－

－

－

－

2

99.0

292,702

3.2

1
1
1
1
1
1
2

1

96.9

91,4571.0－－

30,2451

96.7

36,753

0.4

1

98.9

36,316

0.4

1

100.0

44,283

0.5

1

97.7

43,933

0.5

1

98.9

43,331

0.5

1

94.8

43,279

0.5

1

96.6

60,004

0.7

1

93.4

60,476

0.6

1
1
1

97.6
96.3
100.0

48,601
42,61854,828

0.5
0.5
0.6

1
1
1

85.7
97.7
97.5

47,67443,49955,639

0.5
0.5
0.6

1

94.2

49,251

0.5

1

96.3

49,9260.5－ 17 －37

Capital Expenditure for Properties Owned
Capital Expenditure for Properties Owned
21st Fiscal Period(From August 1, 2020 to January 31, 2021
Area

Property name

Total number Occupancy rate Rental revenue(at end of period)of tenants(during period)(%)(at end of period)(thousands of yen)
(Note 1)

(Note 1)

(Note 2)
(Note 3)(Note 4)

Subtotal
Total(Note 2)

1
4

97.4
95.9

1. Expected Capital Expenditure

22nd Fiscal Period(From February 1, 2021 to July 31, 2021)

Ratio toRatio toTotal number Occupancy rate Rental revenue
total
total
(at end of period)oftenants
rental(during period) rental(%)(at end of period)(thousands of yen) revenues
revenues(Note 1)
(Note 2)(%)(%)

471,1319,064,345

5.2
100.0

1
4

95.5
95.7

410,990
9,420,641

4.4
100.0

“Total number of tenants” indicates the total number of tenants under a direct lease relationship with the Investment Corporation or the trustee (including
tenants planned to have lease relationships). Therefore, in cases where the Investment Corporation or trustee comprehensively leases all of the apartments
for rent from each managed property to the master lease company (hereinafter referred to as the “introduction of a master lease”), and said master lease
company subleases each room for rent to end tenants, the total number of tenants will be shown as “1,” and will not include the number of end tenants
related to the said sublease. Tokyu Housing Lease Corporation, MAINICHICOMNET Co., Ltd., Tokyu Land Corporation and Sigma Japan are the four
master lease companies hired by the Investment Corporation for its assets under management; therefore, the sum of the total number of tenants is set as“4,” which is the total number of master lease companies. Even for managed assets where a master lease is introduced, end tenants who do not accept
the introduction of a master lease will be under a direct lease relationship with the Investment Corporation or trustee. However, the number of said end
tenants is not included in the total number of tenants.
“Occupancy rate” is the percentage of rented area vs. the rentable area of each managed asset.
This property was sold to a third party as of December 22, 2020.
This property was sold to a third party as of March 30, 2021.

4. Statement of Renewable Energy Power Generation Facilities
Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

6. Statement of Securities Incorporated in the Portfolio
Not applicable

7. Details of Specified Transactions

Over-the-countertransactions

Contract amount (millions of yen)

Type

Over 1 year

(Note 1)

Receive floating, pay
fixed interest-rate swap
transactions
Total(Note 1)
(Note 2)

Property name(location)

PurposeCOMFORIA SASAZUKA(Shibuya-ku, Tokyo)

Large-scale repair work

COMFORIAASAKUSAKOMAGATA(Taito-ku, Tokyo)

Large-scale repair work

COMFORIA MORISHITA(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA NISHIWASEDA(Shinjuku-ku, Tokyo)

Large-scale repair work

COMFORIA MISYUKU(Setagaya-ku, Tokyo)

Large-scale repair work

COMFORIA MEGUROCHOJAMARU(Shinagawa-ku, Tokyo)

Large-scale repair work

COMFORIA SHINKOYASU(Yokohama-shi, Kanagawa)

Large-scale repair work

Scheduled period
From Oct. 2021
to Apr. 2022
From Dec. 2021
to May 2022
From Nov. 2021
to Apr. 2022
From Mar. 2021
to Oct. 2021
From Apr. 2021
to Oct. 2021
From Oct. 2021
to Apr. 2022
From Nov. 2021
to Apr. 2022

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid
112,000－－

82,600－－81,000－－62,900－－53,600－－52,600－－50,000－－2. Capital Expenditure during the Period

The amount of specified derivative transactions entered into by the Investment Corporation and fair value as of July 31, 2021 are
as follows.
Segment

Major capital expenditure that accompanies repair work currently planned for assets already acquired (includes assets undermanagement that were acquired after the account closing date) is as follows. The following expected amount of construction work
includes portions that are separately accounted under expenses.

Fair value(millions of yen)
(Note 2)40,54532,245–40,54532,245–The contract amount of the interest-rate swap transactions is based on the notional principal.
The fair value was calculated by the counterparty of the relevant transaction based on the actual market interest rate. The fair value is omitted fortransactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

8. Other Assets
Trust beneficial interests in properties owned by the Investment Corporation are listed on the aforementioned “3. Statement of
Properties Incorporated in the Portfolio.” As of the end of the 22nd Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

9. Ownership of Assets by Country and Region
Not applicable for countries and regions other than JapanThe overview of main construction work corresponding to capital expenditure that took place in the 22nd Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 22nd Fiscal Period was ¥406,393
thousand. Together with repair expenses of ¥354,094 thousand that were classified as expenses for the 22nd Fiscal Period,
construction work totaling ¥760,488 thousand was carried out.
Property name(location)

PurposeCOMFORIA SHIBAURA BOWHOUSE(Minato-ku, Tokyo)

Large-scale repair work

COMFORIA AKABANEIWABUCHI(Kita-ku, Tokyo)

Large-scale repair work

COMFORIA KANDAJINBOCHO(Chiyoda-ku, Tokyo)

Large-scale repair work

COMFORIA RYOGOKUISHIWARA(Sumida-ku, Tokyo)

Large-scale repair work

COMFORIA NISHIAZABU(Minato-ku, Tokyo)

Large-scale repair work

COMFORIA IKEBUKURO(Toshima-ku, Tokyo)

Large-scale repair work

Other properties, etc.

Replacement of air conditioners, etc.

Total

PeriodFrom Aug. 2020
to Mar. 2021
From Oct. 2020
to Feb. 2021
From Nov. 2020
to Apr. 2021
From Sep. 2020
to Feb. 2021
From Oct. 2020
to Apr. 2021
From Sep. 2020
to Feb. 2021
From Feb. 2021
to Jul. 2021

Construction cost(thousands of yen)
75,092
68,46045,532
34,98630,84030,466
121,013406,393－ 19 －38－ 18 －39

Status of Expenses and Liabilities

Status of Expenses and Liabilities

1. Statement of Expenses Related to Investments

3. Funding Reserved for Long-Term Repair Plans
From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to be appropriatedfor repairs in the medium to long term.
(Thousands of yen)
Fiscal period
Balance of reserves at the
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period(Note)

18th Fiscal Period

19th Fiscal Period

20th Fiscal Period

21st Fiscal Period

22nd Fiscal Period

From Feb. 1, 2019
to Jul. 31, 2019

From Aug. 1, 2019
to Jan. 31, 2020

From Feb. 1, 2020 From Aug. 1, 2020
to Jul. 31, 2020
to Jan. 31, 2021

From Feb. 1, 2021
to Jul. 31, 2021

396,925

398,483

386,748

639,150

381,851624,729559,814921,967

330,220

640,850

623,170

571,549

669,566

587,519

528,696

398,483

386,748

639,150

381,851

494,005

Item(Thousands of yen)

21st Fiscal Period
From Aug. 1, 2020 to Jan. 31, 2021

Asset management fee (Note)

22nd Fiscal Period
From Feb. 1, 2021 to Jul. 31, 2021

559,788

587,345

Asset custody fee

8,984

9,156

Administrative service fees

28,66027,994

Directors’ compensation
Other expenses
Total

3,600

3,600

303,139

288,970

904,174

917,066(Note) In addition to the amount stated above, asset management fees came to ¥38,775 thousand and ¥95,548 thousand in the 21st Fiscal Period and 22nd
Fiscal Period, respectively, related to the acquisition of properties that were incorporated in the book value of each property and asset management fees
came to ¥20,660 thousand and ¥36,000 thousand in the 21st Fiscal Period and 22nd Fiscal Period, respectively, related to the sale of property.

2. Loan Status
The status of loans as of July 31, 2021 is as follows.

For certain managed assets with sectional ownership, the Investment Corporation pays reserves for repairs to the management associations each month,
but such amounts are not included in the table above.

Type

LenderBalance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)yen)
yen)

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Jun. 30,
2014

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Long-term loans (Note 1)

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation

Feb. 3,
2015

1,820

1,820

910

910

910

910

910

910

450

450

1,200

1,200

600

600

600

600

600

600

300

300

1,240

1,240

620

620

620

620

620

620

310

310

1,240

1,240

620

620

620

620

620

620

310

310

Maturity
date

Repayment
methodUse offunds

0.90100

Jun. 30,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.69250

Jan. 31,2022

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.79875

Jan. 31,2023

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

1.04200

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks－ 21 －40－ 20 －41

Lender

Balance at the Balance at the
beginning of end of current Average
Drawdown current
interest
periodperioddate
rate (%)(millions of(millions of (Note
2)
yen)
yen)

Use offunds

Mar. 31,2023

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Remarks

Type

Lender720

720

Development Bank of Japan Inc.

360

360

360

360

360

360

Sumitomo Mitsui Banking Corporation

200

200

Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

840

840

Sumitomo Mitsui Banking Corporation

Development Bank of Japan Inc.

420

420

MUFG Bank, Ltd.

420

420

420

420

Sumitomo Mitsui Banking Corporation

230

230

MUFG Bank, Ltd.

980

980

490

490

490

490

490

490

220

220

1,570

-

1,570

-

1,000

-

785

-

2,000

2,000

2,000

2,000

1,000

1,000

1,160

1,160

580

580

580

580

580

580

290

290

1,800

1,800

900

900

900

900

900

900

Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

Feb. 2,
2016

Feb. 2,
2016

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

Mar. 23,
2016

Sumitomo Mitsui Trust Bank, Limited
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Long-term loans (Note 1)

Repayment
methodMUFG Bank, Ltd.
Mizuho Bank, Ltd.

Mar. 23,2016

MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Aug. 1,
2016

Sumitomo Mitsui Banking Corporation
Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Jan. 31,2017

Daishi Hokuetsu Bank, Ltd.
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation

42

Maturity
date

Sep. 29,
2017

450

450

2,000

2,000

1,500

1,500

1,000

1,000

500

500

500

500

1,160

1,160

580

580

580

580

580

580

290

290

1,820

1,820

910

910

910

910

910

910

450

450

1,140

1,140

570

570

570

570

570

570

300

300

－ 22 －Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)yen)
yen)

MUFG Bank, Ltd.
0.58430

0.62460

Aug. 31,2023

Development Bank of Japan Inc.
Mizuho Bank, Ltd.

UnsecuredLump-sum
repayment (Note 3) Unguaranteed

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Sep. 29,2017

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation
0.67745

Feb. 29,2024

Lump-sum
Unsecured
repayment (Note 3) Unguaranteed

Mar. 31,2021

0.46655

0.65518

Jul. 31,2024

Jul. 31,2026

Lump-sum (Note 3) Unsecured
Unguaranteed
repayment

Lump-sum
Unsecured
repayment (Note 3) Unguaranteed

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Jan. 31,2022

Lump-sum (Note 3) Unsecured
Unguaranteed
repayment

0.79571Jan. 31,2024

Jan. 30,2026

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

Lump-sum (Note 3) Unsecured
repayment
Unguaranteed

0.49054

Lump-sum
Unsecured
repayment (Note 3) Unguaranteed

1,040

520

520

520

520

520

520

1,300

Mizuho Trust & Banking Co., Ltd.

1,000

1,000

MUFG Bank, Ltd.

2,700

2,700

1,350

1,350

600

600

500

500

500

500

1,000

1,000

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

Nippon Life Insurance Company
Taiyo Life Insurance Company
Resona Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Mar. 30,
2018

Mar. 30,
2018
Aug. 31,2018
Aug. 31,2018

Sep. 25,
2018

275

275

Sumitomo Mitsui Banking Corporation

275

275

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

MUFG Bank, Ltd.

Jan. 31,
2019

550

550

Sumitomo Mitsui Banking Corporation

300

300

Mizuho Bank, Ltd.

670

670

Sumitomo Mitsui Trust Bank, Limited

670

670

670

670

320

320

670

670

Mizuho Bank, Ltd.

700

700

Sumitomo Mitsui Trust Bank, Limited

700

700

350

350

350

350

700

700

Mizuho Bank, Ltd.

800

800

Sumitomo Mitsui Trust Bank, Limited

800

800

800

800

400

400

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

MUFG Bank, Ltd.

Jan. 31,2019
Apr. 5,2019

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

Sep. 30,
2022

300

1,040

1,300

MUFG Bank, Ltd.
0.62938

570

300

1,300

Sumitomo Mitsui Trust Bank, Limited
0.46691

570

1,300

Sumitomo Mitsui Banking Corporation
Mar. 31,
2025

570

260

Mizuho Bank, Ltd.
0.61950

570

570

1,300

The Norinchukin Bank

Lump-sum (Note 3) Unsecured
Unguaranteed
repayment

1,140

570

1,300

The Bank of Fukuoka, Ltd.
0.27125

1,140

260

Shinkin Central Bank

Long-term loans (Note 1)

Type

MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Apr. 5,
2019Mar. 25,2019－ 23 －Maturity
date

Repayment
methodUse offunds

0.77571

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.65428

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.45804

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62188

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.55126

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.73497

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.85667

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.43105

Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39950

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.49994

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54500

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.26138

Mar. 31,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

43

Lender

Use offunds

Remarks

Type

LenderBalance at the Balance at the
beginning of end of current
Drawdown
current period
perioddate(millions of(millions of
yen)
yen)

1,000

1,000

Development Bank of Japan Inc.

1,000

1,000

Sumitomo Mitsui Trust Bank, Limited

1,000

1,000

Mizuho Bank, Ltd.

1,000

1,000

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

MUFG Bank, Ltd.

500

500

Mizuho Bank, Ltd.

970

970

Sumitomo Mitsui Banking Corporation

500

500

Sumitomo Mitsui Trust Bank, Limited

970

970

Mizuho Bank, Ltd.

800

800

970

970

Sumitomo Mitsui Trust Bank, Limited

800

800

Sumitomo Mitsui Banking Corporation

485

485

MUFG Bank, Ltd.

800

800

Shinkin Central Bank

525

525

Sumitomo Mitsui Banking Corporation

The Norinchukin Bank

525

525

Development Bank of Japan Inc.

525

525

525

525

1,350

1,350

MUFG Bank, Ltd.

The Bank of Fukuoka, Ltd.

Mar. 25,
2019

Mar. 25,
2019

Mar. 20,2019

Mizuho Trust & Banking Co., Ltd.
Development Bank of Japan Inc.

Sep. 30,
2019

Mizuho Bank, Ltd.

210

-

210

-

100

-

Sumitomo Mitsui Banking Corporation

100-

Development Bank of Japan Inc.

750

750

750

750

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Long-term loans (Note 1)

Repayment
methodMizuho Bank, Ltd.

MUFG Bank, Ltd.

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

Mar. 2,2020

Mar. 2,
2020

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

The Norinchukin Bank
The Bank of Fukuoka, Ltd.

Mar. 31,2020

Mizuho Trust & Banking Co., Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jun. 26,
2020

Jun. 26,2020

Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jun. 30,
2020

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

750
375
375

Mar. 30,
2020

The 77 Bank, Ltd.
Shinkin Central Bank

44

Maturity
date

Sep. 29,2020

750

0.608100.42850

0.54693

0.27818

Sep. 30,
2025

Sep. 30,2027

Mar. 31,2026
Mar. 31,2028
Mar. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed
Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

460

460

460

460

460

460

460

460

460

460

660

-

660

-

330

-

780

-

780

-

390

-

820

820

820

820

820

820

820

820

420

420

1,600

1,600

1,600

1,600

800

800

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

0.47366

0.27818

Mar. 31,2021

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed(Note 3)(Note 4)0.28096

Jul. 31,2021(Note 4)Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.28096

Jul. 31,2021(Note 4)Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.67532

Jun. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.28138

Oct. 31,2021

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

1,220

1,220

1,220

1,220

1,220

1,220
620
1,920

-

1,135

-

1,000

-

350

MUFG Bank, Ltd.

-350

Sumitomo Mitsui Banking Corporation-

170

The 77 Bank, Ltd.

-

500

Daishi Hokuetsu Bank, Ltd.

-

500

-

500

Mar. 31,2021

The Higo Bank, Ltd.
(Note 1)
(Note 2)

400
1,220

-

Development Bank of Japan Inc.

The Nishi-Nippon City Bank

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 29,
2021

400
1,220

620

Total
0.46156

Sep. 30,
2020

Sumitomo Mitsui Banking Corporation

Mizuho Bank, Ltd.
Aug. 31,2028

Sep. 29,2020

Sumitomo Mitsui Trust Bank, Limited

375-

Mizuho Bank, Ltd.

Kiraboshi Bank, Ltd.

375

1,400

－ 24 －0.45215

Long-term loans (Note 1)

Type

Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)yen)
yen)Mar. 31,
2021

-

500

129,150

125,530

Averageinterest
rate (%)(Note 2)

Maturity
date

Repayment
method

0.56815

Sep. 29,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57308

Sep. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.68068

Jan. 29,
2031

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.40488

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42632

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Use offunds

Remarks

Long-term loans include the current portion of long-term loans payable.
Average interest rates consist of the borrowing rates for each loan agreement rounded to the fifth decimal place. Furthermore, the stated rate for loans
for which interest-rate swap transactions were carried out to avoid interest rate risk takes into account the effect of the interest-rate swap.
The use of funds includes purchasing properties in trust and the repayment of existing borrowings.
The Investment Corporation made early repayment of the entire amount on July 14, 2021.

－ 25 －45

Purchase and Sale during the Period

Purchase and Sale during the Period

1. Purchase and Sale of Properties and Asset Backed Securities

3. Investment Corporation Bonds
The status of investment corporation bonds as of July 31, 2021 is as follows.
Balance at theBalance at the end
Coupon rate
beginning of currentof current period(%)
period (millions of yen) (millions of yen)

Maturity
date

Repayment
methodUse offunds

Security

0.64000

Jul. 30, 2021

Lump-sum
repayment(Note 2)

Unsecured

1,000

0.23000

Jul. 15, 2022

Lump-sum
repayment(Note 2)2,000

0.52000

Jul. 16, 2027

Lump-sum
repayment(Note 2)

Issue

Issue date

1st Unsecured Bond

Jul. 30, 2014

3,000

-

2nd Unsecured Bond

Jul. 18, 2017

1,000

3rd Unsecured Bond

Jul. 18, 2017

2,000

(Note 1)
(Note 1)
(Note 1)

4th Unsecured Bond
(Note 1)

5th Unsecured Bond
(Note 1)

－

－

－

－

Unsecured

COMFORIAMONZENNAKACHO
SOUTHFeb. 1, 2021

1,428

－

－

－

－

Unsecured

COMFORIA MAGOME

Feb. 1, 2021

2,905

－

－

－

－

COMFORIA OMIYA

Mar. 18, 2021

4,420

－

－

－

－

3,600

2,208

1,350

3,600

2,208

1,350

Jun. 14, 2018

1,000

1,000

0.23000 Dec. 14, 2023

Lump-sum
repayment(Note 2)

Unsecured

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

Lump-sum
repayment(Note 2)

Unsecured(Note 2)

Unsecured(Note) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, etc., fixed property tax, city
planning tax, consumption tax and local consumption tax.

2. Purchase and Sale of Other Assets

1,000

1,000

0.23000

Jul. 18, 2024

7th Unsecured Bond

Jul. 18, 2019

1,500

1,500

0.90000

Jul. 18, 2034

Lump-sum
repayment(Note 2)

Unsecured

8th Unsecured Bond
(Green Bonds)

Jul. 30, 2020

1,500

1,500

0.55000

Jul. 30, 2030

Lump-sum
repayment(Note 2)

Unsecured

9th Unsecured Bond

Jul. 8, 2021

-

2,000

0.18000

Jul. 8, 2026

Lump-sum
repayment(Note 2)

Unsecured

10th Unsecured Bond
(Green Bonds)

Jul. 8, 2021

-

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment(Note 2)

Unsecured

Jul. 8, 2036

Lump-sum
repayment(Note 2)

Unsecured(Note 1)

(Note 1)

11th Unsecured Bond
(Note 1)

Jul. 8, 2021

Total
(Note 1)
(Note 2)

Sale date

Sale priceBook value
Gain on sale(millions of yen) (millions of yen) (millions of yen)

3,031

Jul. 18, 2019

(Note 1)

Sale

Purchase price
Purchase date(millions of yen)Feb. 1, 2021

Lump-sum
repayment(Note 1)

Purchase

COMFORIA
TAITONEGISHI

6th Unsecured Bond
(Note 1)

Property name

-

1,600

12,500

16,1000.73000

COMFORIA SHIN-OSAKA

－

Total

－

3. Appraisals of Specified Assets(1) Real estate, etc.
Purchase or
sale

Purchase
Purchase

Not applicable

Purchase

5. Investment Unit Acquisition Rights

Purchase

Not applicable－

Main assets other than the above properties and asset backed securities are bank deposits or bank deposits within trust assets.

The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.

4. Short-Term Investment Corporation Bonds－ Mar. 30, 2021
11,784

Sale

Type of asset

Property nameBeneficial
COMFORIA
interest in real
TAITONEGISHI
estate trust
COMFORIA
Beneficial
interest in real MONZENNAKACHO
estate trust
SOUTH
Beneficial
interest in real COMFORIA MAGOME
estate trust
Beneficial
interest in real COMFORIA OMIYA
estate trust
Beneficial
interest in real COMFORIA SHIN-OSAKA
estate trust

Real estate appraisal

Purchase priceor sale price(millions ofyen) (Note 1)

Appraisal value(millions ofyen) (Note 2)

Feb. 1, 2021

3,031Feb. 1, 2021

Purchase orsale date

Appraisalcompany

Date ofvaluation

3,130

(1)

Oct. 31, 2020

1,428

1,500

(1)

Oct. 31, 2020Feb. 1, 2021

2,905

2,990

(1)

Oct. 31, 2020

Mar. 18,
2021

4,420

4,520

(1)

Jan. 31, 2021

Mar. 30,
2021

3,600

3,030

(2)

Jan. 31, 2021

(Note 3)(Note 1) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, fixed property tax,
city planning tax, consumption tax and local consumption tax.
(Note 2) Appraisal value indicates appraisal value or investigated value.
(Note 3) The real estate appraisers handling the real estate appraisal or research reports of each property are: (1) Japan Real Estate Institute, and (2) JLL
Morii Valuation & Advisory K.K.

(2) Other
Of the transactions carried out by the Investment Corporation, there were no other transactions than those shown in the
aforementioned “(1) Real estate, etc.” that were deemed to require an appraisal pursuant to the provisions of Article 201 of theInvestment Trusts Act.

－ 27 －46－ 26 －47

Accounting Status
Accounting Status
4. Transactions with Related Parties

1. Assets, Liabilities, Principal and Profit/Loss(1) Information on transaction

Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statementsof Cash Distributions,” “5. Statements of Cash Flows,” and “6. Notes.”

Purchase and sales amount

Category
Total amount

Purchase amount

Sales amount¥11,784,300 thousand¥3,600,000 thousand

2.
Changes inStatus
the Calculation Method of Depreciation
Accounting
Not applicable

1. Assets, Liabilities, Principal and Profit/Loss
3. Please
Changesin the Appraisal Method of Real Estate, etc.
refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statements

Breakdown of transactions between related parties
Tokyu Land Corporation¥4,459,000 thousand (37.8%)¥－ thousand (－%)

Total

¥4,459,000 thousand (37.8%)¥－ thousand (－%)

(Note)The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association, Japan.
Descriptions are included with regard to a related party that falls under any of these and that had transactions or paid commissions, etc. during the22nd Fiscal Period. (The same shall apply in “(2) Amount of commission paid” and “(3) Major payments to other related parties” below.)

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

Tokyu Housing Lease Corporation

Amount of payment(B)(thousands of yen)

Percentage of total
amount (B/A)(%)

487,56764.1

760,938 Community One Co., Ltd.

37,391

4.9

Tokyu Community Corp.

2,008

0.3

Utilities expenses

109,658 Tokyu Community Corp.

73,222

66.8

Marketing-related
expenses

240,754 Tokyu Livable, Inc.

1,569

0.7

Other expenses related
to rent business

157,385

Tokyu Sports Oasis, Inc.

11,024

7.0

Community One Co., Ltd.

1,954

1.2

Property management
entrustment costs

Other
Not applicable

1.
Certificates
Investment
TrustsEstablishedby the Investment Corporation
3. Beneficiary
Changes in the
AppraisalofMethodof RealEstate,etc.
Not applicableapplicableNot

2. Notices

Breakdown of transaction with related parties
Payee

2. Changes in the Calculation Method of Depreciation

Other(2) Amount of commission paid
CategoryofDistributions,” “5. Statements of Cash Flows,” and “6. Notes.”
NotCashapplicable(3) Major payments to other related parties
Ewel Inc.
¥1,840 thousand (system usage, etc.)
Tokyu Re・design Corporation¥1,216 thousand (repair work, etc.)

5. Transactions with Asset Management Company related to Concurrent Operations Carried Out by the AssetManagement Company
The Asset Management Company is not concurrently engaged in type I financial instruments business, type II financial instruments
business, realty business or specified real estate cooperative business.

Other(1) Unitholders’ Meeting
Not applicable

1. Beneficiary Certificates of Investment Trusts Established by the Investment Corporation(2) Boardof Directors of the Investment Corporation
Not applicable
The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
Corporation during current period are as follows.

2. Notices

Approval date
MatterOverview(1) Unitholders’ Meeting
The Investment Corporation changed the entrusted company for
Not applicableaccounting and bookkeeping operations from Reiwakaikeisha Tax
Conclusion of a memorandum, etc.
Corporation to Reiwa Accounting Holdings Co., Ltd. as of April 30,
Aprilof26,
2021 ofregarding
accounting
service(2) Board
Directors
the Investment
Corporation
2021. Furthermore, of the tax operations, those stipulated in Article 2agreement
andtax
serviceagreement
The main overviews of the major conclusion and change of contracts that were approved by the Board of Directors of the Investment
1 of the Certified Public Tax Accountant Act continue to be entrusted
Corporation during current period are as follows.
to Reiwakaikeisha Tax Corporation.
Approval date
MatterA comprehensive resolution forOverview
the issuance of investment corporation
bondsInvestment
with an aggregate
maximum
amountissuance of¥25 billion
The
Corporation
changedtheofentrusted
companyforComprehensive resolution forand a periodandof bookkeeping
issuance fromoperations
May 9, 2021
May 8, 2022 wasaccounting
from toReiwakaikeisha
Tax
Conclusion of a memorandum, etc.
issuance of investment corporation
resolved. To toentrust
administrative
dutiesconcerned
offering
Corporation
ReiwatheAccounting
Holdings
Co.,
Ltd. as ofinApril
30,
April 26, 2021
regarding accounting service
bonds and entrustment of generalinvestment
corporationand general
duties,
2021.
Furthermore,of thebonds
tax operations,those administrative
stipulated in Article
2agreement and tax service agreementadministrative duties
issuing, financial
andpaying agent,candidatetocompany
was1includingof the Certified
Public Tax
Accountant
Actacontinue
be entrusted
approved
and otherTax
necessarymatters to be decided were left to thetoReiwakaikeisha
Corporation.
discretionof the ExecutiveA
comprehensive
resolutionDirector.
for the issuance of investment corporation
bonds with an aggregate maximum amount of issuance of ¥25 billion

3. Disclosure on Overseas
Property-Owning
Corporations
and a period of issuance from May 9, 2021 to May 8, 2022 wasComprehensive
resolution for

resolved. To entrust the administrative duties concerned in offering
investment corporation bonds and general administrative duties,
including issuing, financial and paying agent, a candidate company wasDisclosure on Real Estate Owned by Overseas Property-Owning
Corporations
approved and othernecessary matters to be decided were left to thediscretionofthe
Executive Director.
Not applicableApril
26, 2021
Not
applicable4.

issuance of investment corporation
bonds and entrustment of generaladministrative duties

3.
Disclosure on Overseas Property-Owning Corporations
5. OtherNotapplicable
Figuresin this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
indicated.

4. Disclosure on Real Estate Owned by Overseas Property-Owning Corporations
Not applicable

5. Other
Figures in this document are rounded down (values) and rounded to the nearest decimal place (percentages) unless otherwise
indicated.

－ 29 －48－ 28 －49

III. Financial Section
III. Financial Section
1. Balance Sheets(Thousands of yen)
21st Fiscal Period(As of January 31, 2021)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets(Thousands of yen)

22nd Fiscal Period(As of July 31, 2021)

13,900,956
8,145,618
7,037
421,595
1,195
22,476,404

11,890,312
8,320,754
8,757
452,856
20,672,680

2,743,141(182,377)
2,560,764
65,937(7,308)58,628
17,687(2,558)15,1283,519(1,935)
1,584
6,459,597
105,651,975(15,086,260)
90,565,714
1,315,310(431,797)
883,513
1,653,856(374,300)
1,279,556
515,393(241,490)
273,902
147,131,485
249,229,876

2,744,823(212,127)
2,532,695
65,937(8,805)
57,131
17,687(2,832)
14,854
3,519(2,219)1,300
6,459,596
108,330,702(16,043,097)
92,287,604
1,383,068(456,344)
926,724
1,654,748(393,484)
1,261,264
544,110(276,031)
268,079
154,583,365
258,392,616

1,140,613
8,929
1,149,543

1,132,048
7,192
1,139,240

1,525,246
1,008,892
4,812
2,538,951
252,918,370

1,546,456
942,308
7,233
2,495,998
262,027,855

40,80660,080100,887
275,495,662

39,792
99,167
138,960
282,839,496

21st Fiscal Period(As of January 31, 2021)
Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

22nd Fiscal Period(As of July 31, 2021)

519,5113,000,000
23,345,000
48,404340,904
5,926
46,916
1,466,325
53
28,773,043

524,170
1,000,000
20,600,000
31,214
372,811
20,942
105,163
1,509,947
2,807
24,167,058

9,500,000
105,805,000
42,8432,744,240
99,412
2,968
118,194,464
146,967,508

15,100,000
104,930,000
42,8102,782,885
100,031
27,081
122,982,809
147,149,867

123,947,208

129,791,732

691,258
691,258

947,460
947,460

3,889,688

4,950,436

4,580,946
128,528,154*1 128,528,154
275,495,662

5,897,897
135,689,629*1 135,689,629
282,839,496- 28 -

50

51- 29 -

2. Statements of Income

3. Statements of Changes in Unitholders’ Equity(Thousands of yen)
21st Fiscal Period(From August 1, 2020
to January 31, 2021)

Operating revenue
Lease business revenue
Other lease business revenue
Gain on sales of real estate properties
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Directors' compensations
Audit fee
Asset custody fee
Administrative service fees
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Gain on forfeiture of unclaimed dividends
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)*1 8,737,566*1
326,778*2
501,418
9,565,763*1 9,057,604*1
363,037*2 1,350,205
10,770,846*1*1

4,176,676
559,7883,600
14,4908,984
28,660288,649
5,080,850
4,484,913

21st Fiscal Period (From August 1, 2020 to January 31, 2021)

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

4,263,478
587,345
3,600
14,4909,156
27,994274,480
5,180,545
5,590,301

92
861
395
1,349

100
137
283
521

373,551
159,678
36,325

372,793
163,001
37,940

6,155

6,366

15,234590,9443,895,317
3,895,317
5,940
(311)
5,629
3,889,688–
3,889,688

15,214595,315
4,995,507
4,995,507
20,957
24,11245,0704,950,436–
4,950,436

Surplus
Unappropriatedretainedearnings(undisposed
loss)

Total net assets

Total surplus

Totalunitholders'equityReserveforreduction
entry

Total
voluntary
retainedearnings

733,377

733,377

3,523,532

4,256,910

128,204,118

128,204,118(42,119)(42,119)

42,119–––Dividends of surplus(3,565,651)(3,565,651)(3,565,651)(3,565,651)

Profit3,889,688

3,889,688

3,889,688

3,889,688

Balance at beginningof current period

123,947,208

Changes of items
during period
Reversal of reserve
for reduction entry

Total changes of items
during period
Balance at end ofcurrent period*1–(42,119)(42,119)

366,155

324,036

324,036

324,036

123,947,208

691,258

691,258

3,889,688

4,580,946

128,528,154

128,528,154

22nd Fiscal Period (From February 1, 2021 to July 31, 2021)(Thousands of yen)
Unitholders' equity
Surplus

Unitholders'
capitalBalance at beginningof current period

123,947,208

Voluntary retained
earnings
Reserveforreduction
entry

Total
voluntary
retainedearnings

691,258

691,258

Unappropriatedretainedearnings(undisposed
loss)
3,889,688

Total net assets

Total surplus

Totalunitholders'equity4,580,946

128,528,154

128,528,154

5,844,524

5,844,524

Changes of items
during period
Issuance of new
investment units

5,844,524

Reserve for
reduction entry(256,202)–––

Dividends of surplus(3,633,485)(3,633,485)(3,633,485)(3,633,485)

Profit4,950,436

4,950,436

4,950,436

4,950,436

Balance at end ofcurrent period- 30 -

Voluntary retained
earnings

Unitholders'
capital

256,202

Total changes of items
during period

52(Thousands of yen)
Unitholders' equity*1

256,2025,844,524

256,202

256,2021,060,748

1,316,950

7,161,474

7,161,474

129,791,732

947,460

947,460

4,950,436

5,897,897

135,689,629

135,689,629- 31 -

53

4. Statements of Cash Distributions
CategoryI.

Unappropriated retained earnings

II. Distributions

5. Statements of Cash Flows
21st Fiscal Period(From August 1, 2020
to January 31, 2021)

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)¥3,889,688,083¥4,950,436,649¥3,633,485,840¥4,069,260,768[¥5,410][¥5,872]¥256,202,243¥–¥–¥881,175,881[Distribution per unit]
III. Voluntary retained earnings
Provision of reserve for reduction
entry
Reserve for reduction entry of special
provisions of replaced property
IV. Retained earnings carried forward
Method for calculating distributions

54¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥3,633,485,840 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
deducting the provision of reserve for
reduction entry pursuant to Article 66-2of the Act on Special Measures
Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

- 32 -¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥4,069,260,768 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
deducting the provision of reserve for
reduction entry of special provisions ofreplaced property pursuant to Article 662 of the Act on Special Measures
Concerning Taxation.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
21st Fiscal Period(From August 1, 2020
to January 31, 2021)

Cash flows from operating activities
Profit before income taxes
Depreciation
Borrowing related expenses
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance expenses
Interest income
Gain on forfeiture of unclaimed dividends
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in consumption taxes receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment in trust due to sales
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Payments for leasehold and security deposits
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Proceeds from issuance of investment units
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 33 -

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

3,895,317
1,376,513
159,678
6,155
15,234(92)(861)
409,876
2,090
30,601
63,68046,916(92,838)
13,285
146,174
43,475
6,639
1,539,124
4,664
7,665,637
92(405,708)(5,939)7,254,081

4,995,507
1,400,090
163,001
6,366
15,214(100)(137)
410,733(1,719)(30,306)–
58,247(6,589)(17,181)
28,125
43,6216,724
2,208,862
3,950
9,284,409
100(411,094)(5,942)
8,867,473(10,902)(8,374,206)
–
–
8,160
(6,448)308,927(247,958)(2,478)(8,324,907)(11,594)(12,742,107)(2,667)(21,210)
8,920(7,675)374,531(323,344)(2,420)(12,727,567)

15,950,440(10,070,000)–––(3,565,184)(12,100)
2,303,155
1,232,330
20,814,244*1 22,046,575

6,835,844(10,545,000)
6,554,546(3,000,000)
5,823,045(3,632,735)(11,116)
2,024,585(1,835,507)
22,046,575*1 20,211,067

55

6. Notes

6.

<Summary of Significant Accounting Policies>
1.

Method of depreciation andamortization of non-current
assets(1) Property, plant and equipment (including trust assets)
Property, plant and equipment are depreciated by the straight-line method over theestimated useful lives as follows:
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures

Other significant accounting
policies applied in the
preparation of financial
statements

2–70 years
2–69 years
10–38 years
2–15 years(2) Accounting method for consumption taxes
Revenues and expenses in the Statements of Income do not include consumption taxes.
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(2) Intangible assets (including assets in trust)Intangible assets are amortized by the straight-line method.

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.
(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method overthree years.
Accounting treatment of property tax, city planning tax, and depreciable asset tax
For property tax, city planning tax, and depreciable asset tax (“property tax”) for realestate properties held, the amounts to be paid for the current fiscal period are expensed
as expenses related to rent business out of the tax amounts decided to be levied.
Of the amounts paid for the acquisition of real estate property or beneficial interests inreal estate trust, the amounts equivalent to property tax settled with the seller of theproperty are capitalized as part of the acquisition cost of the relevant property rather
than being charged as expenses.
(1) Method of hedge accounting
The deferred hedge method is applied.
However, the special accounting treatment is applied for interest-rate swap
transactions that meet certain criteria.

(1) Accounting method for beneficial interests in real estate trust and other assets
Regarding trust beneficiary interests in real estate, all assets and liability accounts of
entrusted properties as well as revenue and expense accounts generated by the property
in trust are recorded in relevant accounts on the Balance Sheets and Statements ofIncome.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s Balance Sheets are as follows:(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust(iii) Tenant leasehold and security deposits in trust<Notes to the Balance Sheets>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
21st Fiscal Period(As of January 31, 2021)
50,0002.

(Thousands of yen)

22nd Fiscal Period(As of July 31, 2021)
50,000Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of January 31, 2021) and three of thebanks (as of July 31, 2021), respectively.
(Thousands of yen)

Credit limit
Outstanding debt
Unused commitment line

21st Fiscal Period(As of January 31, 2021)
13,500,000–
13,500,000

22nd Fiscal Period(As of July 31, 2021)
13,500,000–
13,500,000(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest expenses on loans payable(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its
investment management guidelines with the objective of hedging interest rate
fluctuation risks and other risks pertaining to borrowings, etc.

5.

56

Scope of funds (cash andcash equivalents) on theStatements of Cash Flows(4) Method of evaluating the effectiveness of hedging
As for the method of assessing the effectiveness of the hedge, the cumulative changes
in cash flow of the hedged items and hedging instruments are compared and a judgment
is made by verifying the ratio of the changed amount. However, an assessment of theeffectiveness of hedging activities is omitted in the case of interest-rate swap
transactions that meet the requirements for the special treatment.
The funds (cash and cash equivalents) on the Statements of Cash Flows consist of cash on
hand and cash in trust, deposits and deposits in trust that are readily available, and shortterm investments with maturities of three months or less from the date of purchase which
are readily convertible to cash and with insignificant risk of market value fluctuation.

- 34 -- 35 -

57

<Notes to the Statements of Income>*1. Breakdown of real estate rental revenues and expenses<Notes to the Statements of Changes in Unitholders’ Equity>(Thousands of yen)

A. Real estate rental revenue
Lease business revenue(Rental revenues and common service charges)(Parking revenues)
Other lease business revenue(Key money and contract renewal fees)(Other revenues)
Total real estate rental revenues
B. Real estate rental expenses
Expenses related to rent business(Property management fees and facility
management fees)(Repairs and maintenance)(Land rent)(Tax and public dues)(Insurance)(Utilities)(Marketing-related expenses)(Trust fees)(Depreciation)(Other expenses related to rent business)
Total real estate rental expenses
C. Income from real estate rental business(A - B)

21st Fiscal Period(From August 1, 2020
to January 31, 2021)

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

8,587,082
150,483

8,896,044
161,559

184,281
142,497

8,737,566
326,778
9,064,345

212,943
150,093

719,975

760,938

326,772
707,331454,121
7,082
110,495
253,334
51,0281,374,621
171,911354,094
713,683
469,403
7,167
109,658
240,754
50,8201,398,353
158,604

4,176,676
4,887,669

9,057,604
363,037
9,420,641(1) COMFORIA ICHIKAWAMYODEN
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

4,263,478(Thousands of yen)
586,495
10,210(2) COMFORIA NISHIMAGOME
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

952,629
15,246

596,705
208,294
1,261,000
967,876
293,123(Thousands of yen)

2,208,862
40,932

Due within 1 year
Due after 1 year
Total

8,000,000 units

671,624 units

692,994 units

21st Fiscal Period(From August 1, 2020
to January 31, 2021)
13,900,956
8,145,618
22,046,575

3,600,000
2,249,794
1,350,205

21st Fiscal Period(As of January 31, 2021)
1,382,904
77,304,333
78,687,237

2. Operating lease transactions (Lessor)
Future minimum lease payments receivable under non-cancelable operating lease transactions

805,000

22nd Fiscal Period (From February 1, 2021 to July 31, 2021)(1) COMFORIA SHIN-OSAKA
Revenue from sales of real estate properties
Cost of sales of real estate properties
Other sales expenses
Gain on sales of real estate properties

8,000,000 units<Notes to lease transactions>
1. Operating lease transactions (Lessee)
Future minimum lease payments under non-cancelable operating lease transactions

5,157,163

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)<Notes to the Statements of Cash Flows>*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the Statements of Cash Flows(Thousands of yen)

Cash and deposits
Cash and deposits in trust
Cash and cash equivalents*2. Breakdown of gain on sales of real estate properties
21st Fiscal Period (From August 1, 2020 to January 31, 2021)*1. Total number of authorized investment
units and total number of investment
units issued and outstanding
Total number of authorized investment units
Total number of investment units issued andoutstanding

21st Fiscal Period(From August 1, 2020
to January 31, 2021)

Due within 1 year
Due after 1 year
Total

21st Fiscal Period(As of January 31, 2021)
798,889
5,307,792
6,106,681

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)
11,890,312
8,320,754
20,211,067(Thousands of yen)
22nd Fiscal Period(As of July 31, 2021)
1,401,960
77,668,584
79,070,544(Thousands of yen)
22nd Fiscal Period(As of July 31, 2021)

668,105
5,031,837
5,699,943<Notes to financial instruments>
1. Status of financial instruments(1) Policies for financial instruments
With a focus on stability, flexibility and efficiency as the basis of its financial policy, the Investment Corporation procures
funds through borrowings as well as the issuance of investment corporation bonds (including short-term investment corporation
bonds; the same shall apply hereinafter) and investment units among other means with the aim of growing its investment assets
through their acquisition.
The Investment Corporation may enter into derivatives transactions, which shall be executed solely for the purpose ofhedging against interest-rate fluctuations and other risks pertaining to borrowings, etc.
(2) Characteristics and risk profile of each financial instrument and risk management system
The funds from borrowings and investment corporation bonds are mainly appropriated for the acquisition of investment assets
and repayment of borrowings, etc. With regard to liquidity and interest rate fluctuation risks associated with these financing
activities, the Investment Corporation endeavors to manage and limit them by considering and implementing multifaceted
funding methods including the utilization of surplus funds and raising funds, etc. from capital markets through issuance ofinvestment units, etc. while diversifying funding sources. Although loans with floating interest rates are exposed to a risk offluctuation in interest rate, the Investment Corporation employs derivative transactions (interest-rate swap transactions) as
hedging instruments in order to avoid interest rate fluctuation risks and fix payment of interest expenses. For more detailed
information on the method of hedge accounting, hedging instruments, hedged items, hedging policy and the evaluation method
for hedge effectiveness, please refer to the previous section “6. Notes: Summary of significant accounting policies, 4. Methodof hedge accounting.”(3) Supplementary note regarding fair value of financial instruments
The fair values of financial instruments presented in this report is based on their market value, and in cases where market value
is not available, reasonably estimated values are presented. Since the estimation of fair value is based on certain assumptions,fair value could differ depending on the assumptions used.

58- 36 -- 37 -

59

2.

Fair value of financial instruments
The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as ofJanuary 31, 2021 are as follows.
(Thousands of yen)
Carrying value

Fair value(Note 1)

13,900,956

13,900,956―(2) Cash and deposits in trust

8,145,618

8,145,618―(3) Current portion of investment corporationbonds(3,000,000)(3,009,559)

9,559(4) Current portion of long-term loans payable(23,345,000)(23,373,968)

28,968(5) Investment corporation bonds(9,500,000)(9,659,656)

159,656(105,805,000)(107,000,217)

1,195,217―――(7) Derivative transactions

The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as of July
31, 2021 are as follows.
(Thousands of yen)
Carrying value

Fair value(Note 1)

11,890,312

11,890,312―(2) Cash and deposits in trust

8,320,754

8,320,754―(3) Current portion of investment corporation
bonds(1,000,000)(1,001,975)

1,975(4) Current portion of long-term loans payable(20,600,000)(20,649,620)

49,620(5) Investment corporation bonds(15,100,000)(15,341,097)

241,097(6) Long-term loans payable(104,930,000)(106,260,760)

1,330,760―――(Note 1)
(Note 2)

(Note 3)Figures in parentheses indicate liabilities.
Methods to determine the fair value of financial instruments:(1) Cash and deposits and (2) Cash and deposits in trust
Due to their short tenors, the carrying values of these assets are reasonable approximations of their present values and hence are used as theirfair values.
(3) Current portion of Investment corporation bonds and (5) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount ofprincipal and interest at a rate that takes into account the term to maturity and credit risk.
(4) Current portion of long-term loans payable and (6) Long-term loans payable
For loans with floating interest rates, since the interest rates on such loans reflect market rates reasonably well over the short term and theircarrying values are good approximations of their fair value, the carrying values are presented as their fair values. However, the fair values offloating-rate long-term loans payable and current portion of long-term loans payable hedged by interest-rate swap transactions subject tospecial accounting treatment (refer to the following section entitled “Notes to derivative transactions”) are calculated by discounting theaggregated principal and interest on such loans, after taking into account the effect of said interest-rate swap transactions, using reasonableestimates of the rates that would be applicable in a similar borrowing.
(7) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Carrying values of financial instruments whose fair values cannot be reliably measured.
(Thousands of yen)
21st Fiscal Period(As of January 31, 2021)(1) Tenant leasehold and security deposits(2) Tenant leasehold and security deposits in trust

22nd Fiscal Period(As of July 31, 2021)(42,843)(42,810)(2,744,240)(2,782,885)(1)(2) Fair values of tenant leasehold and security deposits and tenant leasehold and security deposits in trust are not subject to disclosure of fairvalue, as these items have no market value and their future cash flows are difficult to reasonably estimate given the fact that although apredetermined period for each lease contract exists, the actual deposit period cannot be calculated due to possible contract termination, renewal
or extension.
(3) Figures in parentheses indicate liabilities.

60- 38 -

Due within
1 year or less
Deposits

13,900,956

Deposits in trust

8,145,618

Total

22,046,575

22nd Fiscal Period (As of July 31, 2021)
Due within
1 year or less

(Note 5)

Deposits

11,890,312

Deposits in trust

8,320,754

Total

20,211,067

Repayment and redemption schedule for loans payable and investment corporation bonds (Thousands of yen)
21st Fiscal Period (As of January 31, 2021)

Difference(Note 1)

(1) Cash and deposits(7) Derivative transactions

Redemption schedule for monetary claims (Thousands of yen)
21st Fiscal Period (As of January 31, 2021)

Difference(Note 1)

(1) Cash and deposits(6) Long-term loans payable(Note 4)Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

23,345,000

―

―

―

―

―

―

14,360,000

15,920,000

15,130,000

18,150,000

42,245,000

3,000,000

―

―

―

―

―

―

1,000,000

1,000,000

1,000,000―

6,500,000

26,345,000

15,360,000

16,920,000

16,130,000

18,150,000

48,745,000

Due within
1 year or lessDue after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

20,600,000

―

―

―

―

―

―

15,960,000

12,380,000

18,920,000

15,550,000

42,120,000

1,000,000

―

―

―

―

―

―

―

2,000,000―

2,000,000

11,100,000

21,600,000

15,960,000

14,380,000

18,920,000

17,550,000

53,220,000

22nd Fiscal Period (As of July 31, 2021)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total<Notes to investment securities>
21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable- 39 -

61

2.

Transactions subject to hedge accounting

2.

21st Fiscal Period (As of January 31, 2021)

Significant differences between the statutory tax rate and the effective tax rate

(Thousands of yen)

21st Fiscal Period(As of January 31, 2021)

Calculation
method for
Fair value
applicable fair
Maturing after 1 year
value

Contract amount

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable
(*1)

Total

45,470,000

37,245,000

45,470,000

37,245,000

22nd Fiscal Period (As of July 31, 2021)
Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable

Total

(*1)

―

―

(Thousands of yen)Calculation
Contract amountmethod for
Fair value
applicable fair
Maturing after 1 yearvalue
40,545,000

32,245,000

40,545,000

32,245,000

―

(*2)

―

―

*1 Long-term loans payable include the current portion of long-term loans payable.
*2 Interest-rate swap transactions for which the special treatment is applied are accounted for together with long-term loans payable and the underlying
hedged items. As a result, their fair value is included in the fair value of items listed under “(4) Current portion of long-term loans payable” and “(6)Long-term loans payable” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instruments.”<Notes to retirement benefits>
21st Fiscal Period (As of January 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
22nd Fiscal Period (As of July 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities(Thousands of yen)
21st Fiscal Period(As of January 31, 2021)

Deferred tax assets
Nondeductible enterprise tax payable
Amortization of leasehold rights
Asset retirement obligations
Subtotal of deferred tax assets
Valuation allowance
Total deferred tax assets

22nd Fiscal Period(As of July 31, 2021)

450
29,63634,39664,483(64,033)
450

Deferred tax liabilities
Property, plant and equipment
corresponding to asset retirement
obligations
Total deferred tax liabilities
Deferred tax assets (liabilities), net

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry
Provision of reserve for reduction entry of
special provisions of replaced property
Other
Effective tax rate

―

(*2)

1,824
32,60034,61069,035(67,211)1,824(3,418)(28,905)(3,418)(2,968)(28,905)(27,081)

34.60

34.60

(32.27)(2.28)(28.18)－－(6.10)

0.09
0.14

0.59
0.90

<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable2.

Affiliated companies and other21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable3.

Fellow subsidiary companies and other21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable4.

Directors, major individual unitholders and other21st Fiscal Period (As of January 31, 2021)
Not applicable
22nd Fiscal Period (As of July 31, 2021)
Not applicable<Notes to asset retirement obligations>1.

Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts with certain landlords, and recognizes asset retirement
obligations concerning the duty of restoration upon the expiry of the lease period with regard to some of these assets.

2.

Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years) as the expected periodof use and 1.2% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

21st Fiscal Period(From August 1, 2021
to January 31, 2021)
Increase due to purchase of property, plant andequipment
Adjustment due to passage of time
Balance at end of period－ 40 －

22nd Fiscal Period(As of July 31, 2021)<Notes to equity in net earnings (losses) of affiliated companies>
21st Fiscal Period (As of January 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
22nd Fiscal Period (As of July 31, 2021)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.

Balance at beginning of period

62

(%)

－ 41 －

98,796

99,412

―

―

615

619

99,412100,03163

<Notes to investment and rental properties>
The Investment Corporation owns real estate for rental purposes (including land) in the Tokyo metropolitan area and other regional
areas. The book value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)

<Notes to per unit information>

21st Fiscal Period(From August 1, 2020
to January 31, 2021)

Net assets per unit

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)

Carrying value
Balance at beginning of period

245,122,666

250,370,490

Changes during period

5,247,824

9,154,174

Balance at end of period

250,370,490

259,524,665

Fair value at end of period

312,721,000

327,648,000(Note 1)
(Note 2)

(Note 3)The book value excludes accumulated depreciation from acquisition cost. The book value does not include construction in progress andconstruction in progress in trust.
Among changes in the book value of real estate for rental purposes that occurred during the 21st Fiscal Period, the principal increase consisted of
the acquisition of 4 properties (COMFORIA TOYOCHO and other 3 properties; ¥8,023,350 thousand), while the principal decrease consisted ofthe disposition of 2 properties (COMFORIA NISHIMAGOME and another property: ¥1,539,124 thousand) and depreciation of ¥1,374,006
thousand. During the 22nd Fiscal Period, the principal increase consisted of the acquisition of 4 properties (COMFORIA OMIYA and other 3
properties; ¥12,353,252 thousand), while the principal decrease consisted of the disposition of 1 property (COMFORIA SHIN-OSAKA:¥2,208,862 thousand) and depreciation of ¥1,397,733 thousand.
The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Income and loss related to real estate for rental purposes, etc. for the 21st Fiscal Period (From August 1, 2020 to January 31,2021) and 22nd Fiscal Period (From February 1, 2021 to July 31, 2021) are listed in “Notes to the Statements of Income.”<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
21st Fiscal Period (From August 1, 2020 to January 31, 2021)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of
the operating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues
on the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of
the amount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.
22nd Fiscal Period (From February 1, 2021 to July 31, 2021)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of
the operating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues
on the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of
the amount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.

21st Fiscal Period(From August 1, 2020
to January 31, 2021)¥191,369

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)¥195,802¥5,791¥7,144

Profit per unit
(Note 1)

Profit per unit was calculated by dividing profit for the period by the daily weighted average number of investment units issued and outstanding.
Profit per unit after adjusting for diluted units is not included because there were no diluted investment units.

(Note 2)The basis for calculating profit per unit is as follows:

Profit (thousands of yen)Amount not attributable to common
unitholders (thousands of yen)
Profit attributable to common
investment units (thousands of yen)
Average number of investment units
for the period (units)

21st Fiscal Period(From August 1, 2020
to January 31, 2021)
3,889,688

22nd Fiscal Period(From February 1, 2021
to July 31, 2021)
4,950,436――

3,889,688

4,950,436

671,624

692,904<Notes to significant subsequent events>
Not applicable<Other Notes >Breakdown of reserve for reduction entry of special provisions of replaced property defined in Article 2, Paragraph 2, Item 28 of
the Regulations on Accounting of Investment Corporations is as follows.
Item
Relevant properties
Reason for recognition and amount
Policy for reversal
Description of reversal in the period
Amount (thousands of yen)
Balance before provision or reversal in the
period Reversal in the Statements of Income
Balance on the Balance Sheets Provision in the Statements of CashDistributions
 Reversal in the Statements of CashDistributions
Balance after provision or reversal in the
periodBreakdown
COMFORIA HIGASHINAKANO, COMFORIA NISHIOI and COMFORIA
NAKANO
Gain on sale of ¥1,350,205 thousand due to sale of COMFORIA SHINOSAKA in March 2021
Reversal into retained earnings is made in accordance with tax regulations.
Not applicable
21st Fiscal Period
22nd Fiscal Period(As of January 31, 2021)(As of July 31, 2021)
－

－

－
－

－
－

－

881,175－－－

881,175－ 42 －

64－ 43 －

65

7. Supplementary Schedules(Thousands of yen)(i) Supplementary schedule of investment securities
Not applicable

Property name(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJuly 31, 2021 is as follows.
(Thousands of yen)Classification

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Contract amount (Note 1)
Maturing after 1
year

Total
(Note 1)
(Note 2)

Fair value

Intangible
assetsProperty, plant and equipment

Buildings
Structures
Machineryand equipment
Tools,
furniture andfixtures
Land
Buildings in
trust
Structures intrust
Machineryand equipmentin trust
Tools,
furniture andfixtures intrust
Land in trust
Total
Leaseholdrights in trust
Other
Total

―

1,485,884―

COMFORIA MAGOME

3,070,936―

COMFORIA OMIYA

4,643,715――

2,208,862

32,245,000―(iv) Supplementary schedule of other specified assets
Not applicable

40,545,000

32,245,000―(v) Supplementary schedule of investment corporation bonds(Thousands of yen)

Bond name

Balance at
Issuance date beginning ofcurrent period

The Investment
Corporation
July 30, 2014
1st unsecured bonds

Increaseduringperiod(Thousands of yen)

Decrease Balance at end
Couponduringof current
rate (%)
periodperiodRedemption
date

Use offunds

Security

3,000,000―

3,000,000―)

0.64000 July 30, 2021

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000 July 15, 2022

(Note 2)

Unsecured

2,000,000――

2,000,000

0.52000 July 16, 2027

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000

December 14,
2023(Note 2)

Unsecured1,500,000――

1,500,000

0.95000 June 14, 2033

(Note 2)

Unsecured

1,000,000――

1,000,000

0.23000 July 18, 2024

(Note 2)

Unsecured1,500,000――

1,500,000

0.90000 July 18, 2034

(Note 2)

Unsecured1,500,000――

1,500,000

0.55000 July 30, 2030

(Note 2)

Unsecured―

2,000,000―

2,000,000

0.18000 July 8, 2026

(Note 2)

Unsecured―

3,000,000―

3,000,000

0.46000 July 8, 2031

(Note 2)

Unsecured―

1,600,000―

1,600,000

0.73000 July 8, 2036

(Note 2)

Unsecured

12,500,000

6,600,000

3,000,000

16,100,000(Note 1)

Accumulated depreciation
Asset type

3,152,715

COMFORIA MONZENNAKACHO SOUTH

40,545,000orBalance at end
Depreciation
accumulatedof currentoramortization
periodamortization
at end ofduringcurrent
periodperiodDecreaseduringperiodCOMFORIA TAITONEGISHI(Note 2)(iii) Condensed supplementary schedule of real estate properties

IncreaseduringperiodDecrease during period

COMFORIA SHIN-OSAKA

The contract amount of interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value
is omitted for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

Balance at
beginning ofcurrent period

Increase during period

Net balance at
end of current Remarks
period2,743,141

1,681

―

2,744,823

212,127

29,7502,532,695

65,937――65,937

8,805

1,496

57,131

17,687――

17,6872,832

274

14,854

3,519

―

―

3,519

2,219

283

1,300

The Investment
Corporation
July 18, 2017
2nd unsecured bonds(Note 1)The Investment
Corporation
July 18, 2017
3rd unsecured bonds(Note 1)The Investment
Corporation
June 14, 2018
4th unsecured bonds(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds(Note 1)

6,459,597―

1

6,459,596――

6,459,596

105,651,975

4,365,825

1,687,098

108,330,702

16,043,097

1,254,397

92,287,604(Note)

1,315,310

95,172

27,414

1,383,068

456,344

33,115926,724(Note)

1,653,856

37,42336,5301,654,748

393,484

29,156

1,261,264(Note)

515,393

42,485

13,767544,110

276,031

40,692

268,079(Note)

147,131,485

8,218,183

766,303

154,583,365――

154,583,365(Note)

265,557,904

12,760,772

2,531,116

275,787,560

17,394,943

1,389,168

258,392,616

1,226,269――

1,226,269

94,2208,565

1,132,048

21,139―3,768

17,37010,178

1,737

7,192

1,247,408

―

3,768

1,243,639

104,398

10,302

1,139,240(Note) Increases and decreases during the 22nd Fiscal Period are due primarily to the acquisition and sale of rental residences. The details are as follows.

The Investment
Corporation
July 18, 2019
6th unsecured bonds(Note 1)The Investment
Corporation
July 18, 2019
7th unsecured bonds(Note 1)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)(Note 1)The Investment
Corporation
9th unsecured bonds

July 8, 2021

(Note 1)The Investment
Corporation
10th unsecured bonds July 8, 2021
(Green Bonds)(Note 1)The Investment
Corporation
July 8, 2021
11th unsecured bonds(Note 1)

Total
(Note 1)
(Note 2)The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.

－ 45 －

66－ 44 －

67

(Note 3)

The total amount of redemption of investment corporation bonds for each year during the five years following the balance sheet date is as shown
below.
(Thousands of yen)
Due within 1 year
or less
1,000,000

Due after 1 year
to 2 years―

Due after 2 years
to 3 years
2,000,000

Due after 3 years
to 4 years―

Due after 4 years
to 5 years
2,000,000(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of July 31, 2021 is as follows:
Classification

Due after 5 years
Lender11,100,000

MUFG Bank, Ltd.

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

1,200,000--

1,200,000

Development Bank of Japan Inc.

600,000--

600,000

Mizuho Bank, Ltd.

600,000--

600,000

Sumitomo Mitsui Trust Bank, Limited

600,000--

600,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

720,000--

720,000

360,000--

360,000

Mizuho Bank, Ltd.

360,000--

360,000

Sumitomo Mitsui Trust Bank, Limited

360,000--

360,000

Sumitomo Mitsui Banking Corporation

200,000--

200,000

MUFG Bank, Ltd.

840,000--

840,000

Development Bank of Japan Inc.

420,000--

420,000

Mizuho Bank, Ltd.

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

420,000--

420,000

Sumitomo Mitsui Banking Corporation

230,000--

230,000

MUFG Bank, Ltd.

980,000--

980,000

Development Bank of Japan Inc.

490,000--

490,000

Mizuho Bank, Ltd.

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

Development Bank of Japan Inc.

1,570,000-

1,570,000-

MUFG Bank, Ltd.

1,570,000-

1,570,000-

Kiraboshi Bank, Ltd.

1,000,000-

1,000,000-

MUFG Bank, Ltd.

MUFG Bank, Ltd.

MUFG Bank, Ltd.

Long-term
MUFG Bank, Ltd.
loans
payableDevelopment Bank of Japan Inc.
(Note 1)

Sumitomo Mitsui Trust Bank, Limited

68－ 46 －

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

785,000-

785,000-

Development Bank of Japan Inc.

2,000,000--

2,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000－ 47 －

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.69250January 31, Lump-sum
2022
repayment(Note 3)

Unsecured
Unguaranteed

0.79875

January 31, Lump-sum
2023
repayment(Note 3)

Unsecured
Unguaranteed

1.04200

January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.58430

March 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.62460

August 31,
2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.67745

February 29, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.27125

March 31,2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.61950

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.90100 June 30, 2022

69

Classification
Lender
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Classification
Remarks

LenderBalance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

1,160,000--

1,160,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

580,000--

580,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

500,000--

500,000

500,000--

500,000

1,000,000--

1,000,000

Development Bank of Japan Inc.

550,000--

550,000

Mizuho Bank, Ltd.

550,000--

550,000

580,000--

580,000

0.46655

July 312024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Nippon Life Insurance Company

Sumitomo Mitsui Banking Corporation

290,000--

290,000

Taiyo Life Insurance Company

1,800,000--

1,800,000

Development Bank of Japan Inc.

900,000--

900,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

Resona Bank, Ltd.

0.65518

July 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

450,000--

450,000

MUFG Bank, Ltd.

275,000--

275,000

Mizuho Trust & Banking Co., Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

The Norinchukin Bank

1,500,000--

1,500,000

Development Bank of Japan Inc.

550,000--

550,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

550,000--

550,000

500,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

Mizuho Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

MUFG Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Banking Corporation

320,000--

320,000

670,000--

670,000

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Development Bank of Japan Inc.

700,000--

700,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Sumitomo Mitsui Banking Corporation

The 77 Bank, Ltd.
Daishi Hokuetsu Bank, Ltd. (Note 5)

500,000--

500,000--

500,000

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation

580,000--

290,000--

290,000--

1,820,000

910,000--

910,000

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Long-term
Development Bank of Japan Inc.
loans
payable(Note 1) Mizuho Bank, Ltd.

MUFG Bank, Ltd.

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Sumitomo Mitsui Banking Corporation

0.466910.62938January 31, Lump-sum
2022
repayment

January 31, Lump-sum
2024
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

580,000

1,820,000

MUFG Bank, Ltd.

0.795710.49054January 30, Lump-sum
2026
repayment

September 30, Lump-sum
2022
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Long-term Development Bank of Japan Inc.
loans
payable(Note 1) Mizuho Bank, Ltd.

300,000--

300,000

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

0.77571

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

300,000--

300,000

1,040,000--

1,040,000

Development Bank of Japan Inc.

520,000--

520,000

Mizuho Bank, Ltd.

520,000--

520,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

Mizuho Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

MUFG Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Banking Corporation

485,000--

485,000

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

70

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

260,000--

260,000

Shinkin Central Bank

1,300,000--

1,300,000

The Norinchukin Bank

1,300,000--

1,300,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000－ 48 －

0.654280.45804

January 31, Lump-sum
2025
repayment

March 31,2023

Lump-sum
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed－ 49 －

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks

0.62188

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.55126

January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

0.73497

August 31,
2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.85667

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.43105

July 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.39950January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.49994

January 31, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.54500

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.57826

September 30, Lump-sum
2026
repayment(Note 3)

Unsecured
Unguaranteed

0.26138

March. 31,
2022

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.45215

September 30, Lump-sum
2025
repayment(Note 3)

Unsecured
Unguaranteed

0.60810

September 30, Lump-sum
2027
repayment(Note 3)

Unsecured
Unguaranteed71Classification
LenderAverageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

Classification
Remarks

LenderShinkin Central Bank

525,000--

525,000

Development Bank of Japan Inc.

1,220,000--

1,220,000

The Norinchukin Bank

525,000--

525,000

Mizuho Bank, Ltd.

1,220,000--

1,220,000

The Bank of Fukuoka, Ltd.

525,000--

525,000

Sumitomo Mitsui Trust Bank, Limited

1,220,000--

1,220,000

Mizuho Trust & Banking Co., Ltd.

525,000--

525,000

MUFG Bank, Ltd.

1,220,000--

1,220,000

Development Bank of Japan Inc.

1,350,000--

1,350,000

620,000--

620,000

Development Bank of Japan Inc.

-

1,920,000-

1,920,000

Sumitomo Mitsui Trust Bank, Limited-

1,135,000-

1,135,000-

1,000,000-

1,000,000-

350,000-

350,000

MUFG Bank, Ltd.

-

350,000-

350,000

Sumitomo Mitsui Banking Corporation-

170,000-

170,000

The 77 Bank, Ltd.

-

500,000-

500,000

Daishi Hokuetsu Bank, Ltd.

-

500,000-

500,000

The Nishi-Nippon City Bank-

500,000-

500,000

Mizuho Bank, Ltd.

210,000-

210,000-

Sumitomo Mitsui Trust Bank, Limited

210,000-

210,000-

MUFG Bank, Ltd.

100,000-

100,000-

Sumitomo Mitsui Banking Corporation

100,000-

100,000-

Development Bank of Japan Inc.

750,000--

750,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

750,000
750,000

-

-

-

-

750,000

375,000--

375,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000

1,400,000-

1,400,000-

The 77 Bank, Ltd.

460,000--

460,000

Shinkin Central Bank

460,000--

460,000

The Norinchukin Bank

460,000--

460,000

The Bank of Fukuoka, Ltd.

460,000--

460,000

Mizuho Trust & Banking Co., Ltd.

460,000--

460,000

660,000-

660,000-

660,000-

660,000-

330,000-

330,000-

Mizuho Bank, Ltd.

780,000-

780,000-

Sumitomo Mitsui Trust Bank, Limited

780,000-

780,000-

MUFG Bank, Ltd.

390,000-

390,000-

Development Bank of Japan Inc.

820,000--

820,000

Mizuho Bank, Ltd.

820,000--

820,000

Sumitomo Mitsui Trust Bank, Limited

820,000--

820,000

MUFG Bank, Ltd.

820,000--

820,000

Sumitomo Mitsui Banking Corporation

420,000--

420,000

Mizuho Bank, Ltd.

1,600,000--

1,600,000

Sumitomo Mitsui Trust Bank, Limited

1,600,000--

1,600,000

800,000--

800,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Mizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Long-term Mizuho Bank, Ltd.
loans
payable Sumitomo Mitsui Trust Bank, Limited(Note 1)
MUFG Bank, Ltd.

MUFG Bank, Ltd.

0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.27818

March 31,2021

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

750,000

MUFG Bank, Ltd.

MUFG Bank, Ltd.

72

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period(thousands of (thousands of(thousands of(thousands of
yen)
yen)
yen)
yen)

0.47366

0.27818

August 31,
2028

March 31,2021

Lump-sum
repayment

Lump-sum
repayment(Note 3)(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

Long-term
Kiraboshi Bank, Ltd.
loans
payable(Note 1) Mizuho Bank, Ltd.

The Higo Bank, Ltd.
Subtotal
Total

September 30, Lump-sum
0.461562026
repayment(Note 3)

Unsecured
Unguaranteed(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)0.28096

July 31, 2021 Lump-sum(Note 4)
repayment(Note 3)-500,000

10,545,000

125,530,000

129,150,000

6,925,000

10,545,000

125,530,000

Use offunds

Remarks

0.68068

January 29, Lump-sum
2031
repayment(Note 3)

Unsecured
Unguaranteed

0.40488

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.42632

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

July 31, 2021 Lump-sum(Note 4)
repayment(Note 3)

Unsecured
Unguaranteed

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.28138

October 31, Lump-sum
2021
repayment(Note 3)

Unsecured
Unguaranteed

0.56815

September 29, Lump-sum
2029
repayment(Note 3)

Unsecured
Unguaranteed

0.57308

September 30, Lump-sum
2029
repayment(Note 3)

Unsecured
Unguaranteed

0.67532 June 30, 2029

500,000
6,925,000

Repayment
methodMaturitydateLong-term loans payable include the current portion of long-term loans payable.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interestrate swap transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The use of funds is mainly for the acquisition of real estate in trust and repayment of existing borrowings, etc.
The Investment Corporation made early repayments of the entire amount on July 14, 2021.
The total amount of repayment of long-term loans payable for each year during the five years following the balance sheet date is as shown below.
(Thousands of yen)
Due within 1
year or less0.28096

129,150,000

Averageinterest rate(%)
(Note 2)

20,600,000

Due after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

15,960,000

12,380,000

18,920,000

15,550,000

42,120,000- 50 - 51 -

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