5th Fiscal Period ReportAugust 1, 2012

January 31, 2013

Advance Residence Investment Corporation
3-26 Kanda-nishikicho, Chiyoda-ku, Tokyo

www.adr-reit.com

5th Fiscal Period

Financial Highlights
Dividend Per Unit

4,505 yen

Acquired Rights of First Refusal for

11 properties 15.8 billion yen
To Our Unitholders

we invested in TK property fund’s equity
interest as base seed for future external
growth. We have also reinforced ADR’s
financial foundation by cutting financing
costs and extending debt maturities.

We would like to report on the
management results and performanceof Advance Residence Investment
Corporation (ADR) for its 5th Fiscal
Period, or the six months ended January
31, 2013.
In the fiscal period under review, toreach our medium-term earnings perunit (EPU) goal of 4,500 yen,

2

Additionally, by maintaining a highperiod average occupancy rate at 95.9%,
we achieved an EPU of 4,255 yen (up63 yen over the previous period). This
exceeded our forecast made at the
beginning of the period of 4,250 yen by
5 yen. Accordingly, we increased ourdividends per unit from the forecast
made at the beginning of the period of
4,500 yen to 4,505 yen, following our
new dividend payout policy.
We also decided to launch a follow-on
public offering on January 8, 2013,
raising a total of 22.4 billion yen in
February. Although the offering does
not contribute to the period underreview, with the additional revenue

from the properties acquired with thefunds procured in this offering and theincrease in capacity to acquire properties
due to the drop in Loan-to-value (LTV),
we believe we have come much closer
to achieving our EPU goal of 4,500 yen.
Lastly, partly due to hopes that deflation
will be defeated by “Abenomics,” wesaw a dramatic rise in ADR’s investment
unit price, from 152,900 yen at the endof the previous fiscal period to
190,100 yen at the end of the fiscal
period under review.
We would like to take this opportunity
to sincerely thank all of our shareholders
for their support.

Kenji Kousaka
Executive Director,
Advance Residence Investment Corporation
President,
AD Investment Management Co., Ltd.

Basic Management Policy
Realization of Stable Distribution of
Earnings over the Long-term
In the Medium-term, ADR Aims for an Earnings
Per Unit of 4,500 Yen to Ensure Minimum
Dividend Payment of 4,500 Yen Per Unit

Changes in price of investment units 
mergerMar. 1, 2010

Trading
volume (units)

Great East Japan
Earthquake
Mar. 11, 2011

First trading day of
new units in the 1st   
Jun. 29, 2010

60,000First trading day of
new units in the 2nd   
Feb. 2, 2012

ADR added to the FTSE EPRA/NAREIT Global Real Estate
Index Series
Jun. 18, 2012

First trading day of
new units in the 3rd   
Feb. 4, 2013

Price of investment
units (yen)200,000

45,000

162,500

30,000125,000

Advance Residence Investment Corporation

15,00087,500Tokyo Stock Exchange REIT Residential Index
Tokyo Stock Exchange REIT Index
Trading volume0

50,000

201

0/0

3

201

0/0

6

201

0/0

8

201

0/1

1

201

1/0

2

201

1/0

5

201

1/0

8

201

1/1

1

201

2/0

2

201

2/0

5

201

2/0

8

201

2/1

1

201

3/0

2

* The Tokyo Stock Exchange REIT Index and the Tokyo Stock Exchange REIT Residential Index are re-indexed using ADR’s March 2, 2010 unit price of 112,500 yen as the base.

3

Solid Track Record, Solid Growth

Investment in Future External Growththrough TK Property Fund Equity Interest 

No. of properties

176 properties    
to Acquire 12 Properties Totaling 21.6 Billion Yen

172 properties

173 properties

190 properties

190 properties

202 properties
5.5%

5.4%

5.4%
5.3%

5.3%

5.3%

NOI yield to book value

338.2

Tokyo Central 7 Wards

334.4

341.8

389.6 (billion yen)

367.9

367.9

46.4%

46.4%

29.1%

29.1%

29.6%

45.4%

51.2%

50.3%

48.9%

25.9%

27.0%

28.1%

11.8%
11.2%

11.1%
11.7%

10.9%
12.2%

11.2%
13.3%

11.2%
13.3%

10.6%

1st FP

2nd FP

3rd FP

4th FP

5th FP

As of March 1, 2013

Tokyo 23 Wards
Tokyo Metropolitan Area
Major Regional Cities

4

14.4%

The Largest Portfolio
Among Residential J-REITs
No. of properties

Number ofleasable units

NOI yield*

202 properties

17,377 units

5.5%

Total assets     

Average amountinvested per property(Based on acquisition price)389.6 billion yen

651,122 m

1.92 billion yen

2

As of March 1, 2013 (after acquisition of 12 properties)

Over 15 min.

1%
Major Regional
CitiesOver
1 yr to 5 yrs
Over 10 yrs 10%

13%

Tokyo
Metropolitan
Area

10 to 15 min.

 

6%

13%

19%

Tokyo Central
7 Wards

11%

5 to 10 min.

Average38%

8.3 yrs46%

Corporate

Under 5 min.

55%

H   Over 5 yrs to 10 yrs

29%

71%

23 Tokyo Wards Total

Tokyo Central
7 Wards75%

Tokyo
23 Wards

Under 10 yrs

Tokyo
Metropolitan Area

Single81%

Major
Regional Cities

Under 300K yen

7.0% (1,215 units)
0.8% (133 units)
0

2,250

4,500

Large

6,750

9,000

Dormitory 

51.8% (8,350 units)
21.5% (3,464 units)

Under 250K yen

2.4% (417 units) 

FamilyUnder 150K yen

15.6% (2,714 units)

Dormitory

Compact    ! " # #     !
    $$#  ! apartment contracts.

55%
94%

Under 100K yen

23.2% (4,024 units)

Family  
walk to station  
walk to station
Single51.1% (8,874 units)Compact

Large

46%

41%

Tokyo 23 Wards

21.2% (3,412 units)
2.9% (475 units)

Under 500K yen

1.8% (288 units)

Over 500K yen

0.9% (138 units)

0%

15.0%

30.0%

45.0%

60.0%

& '" " ! ! !  ! " 
" +" !  # :;  $ <= ><?@& BH $ !    Q$ ! "  X Y Z BH [ \ ]    " 
!  # @ ^"    " Z BH= "      BH  " # !        " Q#  $!@5

Solid Rental Housing BusinessHigh and Stable
Occupancy Rate

Rent and
Tenant Turnover

Keeping Our Properties
Competitive

Our strength is in our high andstable occupancy rate.

We believe rents have bottomedout.

We have maintained an average
period occupancy rate of above
95% ever since the merger, andwe continued to keep a highaverage occupancy of 95.9% forthis fiscal period.

The decline in rent for the overall
portfolio was extremely low,down just 0.21% in the current
fiscal period.

We maintain and improve thecompetitiveness of our properties
through repairs and value-adding
construction work.
In this 5th fiscal period, work
such as large-scale renovations,room fixture upgrades, and roomlayout changes were made on
four properties to enhance theirvalue.

Tenants’ contract renewal rate
was 86%, the highest level
recorded since the merger.

Changes in occupancy rate

Portfolio overall

Tokyo Central 7 Wards

Tokyo 23 Wards

Tokyo Metropolitan Area

Major Regional Citie

100%

95%

90%

1st FP

95.0%

2nd FP

3rd FP

4th FP

5th FP

96.2%

96.4%

96.2%

95.9%

85%

6

10

20

/9

/7

/5

/3

10

20

10

20

10

20

1

/1

10

20

11

20

/7

/5

/3

/1

11

20

11

20

11

20

/9

11

20

1

/1

11

20

/5

/3

/1

12

20

12

20

12

20

/9

/7

12

20

12

20

1

/1

12

20

/1

13

20

Strengthening Financial Foundation
Reduction in Financing
Costs

Extending andDiversifying Debt
Maturities

Fixing Interest Rates

The reduction in financing costs
was the major contributor to theincrease in profits this fiscal
period.

To assure stable dividend
payments, we continued ourefforts to extend debt maturities.

We made further progress infixing interest rates on our loans.
The fixed-rate debt ratio was
85.0% at the end of the fiscal
period (up 3.7 points from theprevious fiscal period).

This can be attributed to thefavorable financial environment
resulting in lower funding cost.
As refinancing progresses, we cancontinue to expect lower interest
rates to contribute to profits.

1.4 yrs

1.7 yrs

We also diversified repayment
amounts for each fiscal period
below the 20 billion yen credit
limit of our commitment line inorder to reduce refinancing risk.

2.5 yrs

2.9 yrs

Because residential rents arequite stable, by fixing the interest
payment, we hope to stabilize
dividend payments.

3.4 yrs

Interest-bearing liabilities *average remaining years

1.63%
1.74%

1.46%

1.75%

1.35%
Ratio of interest-bearing liabilities to total assets

Average interest rate paid !  #

52.4%

53.5%

54.6%

53.7%

53.8%

50.7%

1st FP

2nd FP

3rd FP

4th FP

5th FP

Forecast atend of 6th FP* Interest-bearing liabilities: Total of loans and investment corporation bonds

7

Growth in Earnings Per Unit
and Stable Dividend Payments
Stable Dividend with an Upside Potential
Our Dividend Payout Policy Utilizes the Huge Dividend
Reserve—One of ADR’s Strengths—to Ensure Stable
Dividend Payments and to Increase Dividends When
Management Performance is Better Than Expected

Changes in dividends

Increase in dividends
Compensation for loss
on sales and impairment
Dividends from net income(Unit: Yen/unit)

6,000

4,500
4,500

3,000

623

4,500
270

1,952

2,796

4,500
413

4,079

4,724
531
7

4,192

4,505
249

4,255

1,500

0

1,924

1,433

1st FP

2nd FP

3rd FP

4th FP

5th FP* “Compensation for loss on sales and impairment” is calculated by dividing the total of “loss on sale of real estate and other” and “impairment loss” by the number of outstanding investment
!  " " !  # @ '" Q !      "  !   # @&  " ! !  #  !   "!  "= !     !| " # !@  }<=>~=> " !  $       !   "  
=~ $   ## #   !      " ! !  # = "   |  "          ## #   !  " " !  # !
  Q$ " Q
!   ! !  " " ! !  #      !     !@8

Management Policies
Realization of Stable Distributionof Earnings over the Long-term

External GrowthInternal Growth

Financial Strategy

Even though the supply of properties

Although we will continue to place

In the current favorable financing

remains very tight, we aim to achieve

priority in our leasing activities onenvironment, we will continue toexternal growth by utilizing themaintaining occupancy rates, we will

reduce financing costs, increase theacquisition capacity gained in the publicseek to increase revenues by raisingratio of fixed interest rate debts, andoffering and avoid missing out on

rents and increasing key money, as

extend and diversify debt maturities

opportunities to acquire high-yielding

well as reducing advertising andin order to achieve our goal ofproperties.

other leasing expenses on properties

realizing

where we see solid occupancy rates.

earnings over the long term.

in acquiring properties. These include

We will also keep working to maintain

With debts that have relatively highdirect sourcing from the open market

and enhance the competitiveness ofinterest rates maturing in the next

based on a wealth of trading information

our properties through continuous

fiscal period, we expect our net non-that we are able to collect and utilizing

implementation of upgrades andoperating revenue to further improve

bridge funds, in addition to sourcing

large-scale renovations.

and our financial base to strengthen

We will use all the tools in our toolbox

properties from sponsors (primarily

stabledistributionof

as we progress with the refinancing.

sponsor developed properties.)
9I. Asset Management ReportManagement’s Discussion and Analysis
Summary of Selected Financial Data
Fiscal period
Operating period
Operatingresults

4th FP

5th FP

From: Aug. 1, 2011
To: Jan. 31, 2012

From: Feb. 1, 2012
To: Jul. 31, 2012

From: Aug. 1, 2012
To: Jan. 31, 2013

million yen

11,345
11,345
–
7,892
4,199
2,000
739
3,453
1,465
1,404
349,158
186,639
157,827
64,561
4,410
313.9

11,25911,252
–
5,275
4,202
7
–
5,984
3,998
3,997
356,891
195,002
157,428
64,561
4,410
110.3

12,21912,193
–
5,660
4,551
–
–
6,559
4,612
4,611
384,091
206,359
173,155
80,087
5,196
112.7

12,194
12,155
–
5,773
4,557
–
–
6,420
4,681
4,681
383,476
206,166
172,640
80,087
4,955
105.9

Ordinary incomef

Net incomegTotal assetshmillion yen

Interest-bearing liabilities

imillion yen

Net assets

jmillion yen

Paid-in Capitalkmillion yen

Total dividendslmillion yen

Payout ratio
Total number of units issued andoutstanding
Net assets per unit

l/g

%

m

units

980,000

980,000

980,000

1,100,000

1,100,000

j/m

yen

yen

167,814
52,6738,250
8,250

161,048
1,433
4,500
4,500

160,640
4,079
4,500
4,500

157,413
4,198
4,724
4,724

156,945
4,255
4,505
4,505

yen

–

–

–

–

–

a

million yen(Gain on real estate sales)bmillion yen
million yen(Rental business expenses)cmillion yen(Loss on real estate sales)dmillion yen(Impairment loss)emillion yen
million yen

Dividend per unit

l/m

Dividend from earnings per unit
Dividend in excess of earnings
per unit
Annualized dividend yield
Return on investment
Return on investment(market capitalization)
FFO per unit
Annualized

million yen(Note 2)

(Note 2, 3)

Net income per unit

Financial
indicators

3rd FP

From: Feb. 1, 2011
To: Jul. 31, 2011

(Rental revenue)

Operating income

Per unit!

2nd FP

From: Mar. 1, 2010
To: Jan. 31, 2011

20,906
20,881
24
13,491
7,641
2,940
567
7,414
3,414
46,738355,990
186,390
164,458
64,561
8,085
17.3

Operating revenues

Total operating expenses

Balancesheet!

1st FPunits

million yen

yen
yen

(Note 4)%(g+q)/(k+i)(Note 4)

%

5.2
21.7

5.6
2.6

6.5
4.5

6.2
4.7

4.7
4.7

(g+q)/(m×r+i)(Note 4)

%

15.3

1.9

3.5

3.6

3.2

(g-b+d+e+q)/m (Note 2)

yen

54,87959,4382.9

6,161
12,425
13.1

6,025
11,953
11.5

6,075
12,18412.5

6,152
12,20315.6

n

FFO multiple
Ratio of ordinary income to total
assetsAnnualizedr/nRatio of net assets to total assets

j/hRatio of net income to equity

g/j

f/h

(Note 2, 4)

yen
times

(Note 5)

%

1.0

0.4

1.1

1.2

1.2

(Note 4)

%

0.8
45.2
0.9
1.8

2.2
44.1
2.5
5.0

2.5
45.1
2.8
5.6

2.4
45.0
2.7
5.4

(Note 6)%(Note 4)

%

1.0
46.2
36.8
39.8

%

52.4

53.5

54.6

53.7

53.8

times

17.1

3.0

4.6

5.3

5.6

o

million yen

53,425

4,912

7,525

8,241

8,243

p

million yen

3,126
16,7995.3
3,559
172,300

1,614
9,038
5.3
1,893
162,200

1,627
8,949
5.2
1,900
137,500

1,558
9,711
5.4
2,071
152,900

1,476
9,681
5.2
2,085
190,100

Annualized
Ratio of interest-bearing liabilities
to total assets
DSCR
Net income before interest anddepreciation
Interest expenses

i/h
o/p

NOI from property leasing

a-c+q

%

(Note 7) million yen(Note 4, 8)

Annualized NOI yield
Depreciation and amortizationq

Unit price at end of periodr%(Note 9) million yenyen

B ! @ #  !
     !#   |!@ Y !      "  ! !# @   !      " !   # @ '"
!  ##!  " ! "! #  !! "! !# @2. The net income for the 1st Fiscal Period operating period includes 43,281 million yen in one-time recording of gain on negative goodwill as extraordinary income.
3. The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
}@ H  Z= "  Z !     Q !   $  Q <+ $!= "       # ! << $!  " ! !   = ~ $!  " >
Fiscal Period, 184 days for the 3rd Fiscal Period, 182 days for the 4th Fiscal Period, and 184 days for the 5th Fiscal Period.
5. Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
6. Ratio of net income to equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
7. In the calculation of NOI from property leasing, the added depreciation and amortization is limited to what is included in rental business expenses.
8. Annualized NOI yield = Annualized NOI ÷ Property acquisition prices.
(The annualized NOI is the sum of per property NOI annualized by taking into account the actual number of days of operation for each property.)
9. Depreciation and amortization includes depreciation and amortization of intangible assets in addition to depreciation of property, plant and equipment.

10

Investment Environment and Operating PerformanceH " !  #   = Y  " $ !  ' # #$  :Q   ? !
in properties that will realize external growth in the future. This will bring ADR closer to achieving our    }=+ $     # @  "    ! = Y !       !!= |  Q  !  ! | !  !   !@
Y! ! !!  "  !  #Item  Q @

Results for the 5th FP

Results for the 4th FP

Beginning-of-period
forecast (Note 1)

Operating revenues

12,194 million yen

12,219 million yen

12,201 million yen

Operating income

6,420 million yen

6,559 million yen

6,431 million yen

Ordinary income

4,681 million yen

4,612 million yen

4,676 million yen

4,681 million yen

4,611 million yen

4,675 million yen

4,255 yen

4,192 yen

4,250 yen

4,505 yen

4,724 yen

4,500 yen

Net income
Net income/unit(Note 2)

Dividend per unit

B ! @ '" Q # !  !  "    !!  " +" !  ! !  " \  $ !!  ' !"
September 14, 2012. The same holds true hereafter.
>@ B   #  !    Q$      Q$ " Q ! !!  !   ! " " !  # @ " }" !  '"   # $    @< # #  +@  " !  #    ! "!
period did not include the peak season for the rental housing market. As a result, operating revenue dropped>+   $  " # ! # = Q  !    ! #  " ]!    #       !!   Q!@ Y  $=     !    $  }=~   $  
income per unit increased 63 yen to 4,255 yen.
The issuance of new investment units, announced in January 2013, resulted in 15 million yen in miscellaneous
issuance costs. Although these costs had not been factored in to our beginning-of-period forecasts, the net
income per unit exceeded the beginning-of-period forecast of 4,250 yen by 5 yen due to the reductions in   !! !Q Q @ Y! !=   ! #    ! + $  "
beginning-of-period forecast of 4,500 yen to 4,505 yen, based on our disclosed dividend strategy.
a) External growthH "  !  # =  #Q  Q >>   $ !  ' # #$ 
investing in a total of 11 properties (total of 479 million yen (Note 3)?=     "! !  !   Q $ "!  "  # #!  !@ADR acquired 12 properties (total acquisition price of 21.6 billion yen) with average assumed NOI yields
exceeding the portfolio average in February and March 2013 using capital raised through the issuance of new
investment units, launched in January 2013. Among the properties acquired, seven properties (total acquisition# ~@ Q  $?   Q$ | " "! !  !   " !!! "  ! Q$ '
property fund in which ADR acquired an equity interest in December 2011 and July 2012. With competition overacquisitions intensifying, ADR will secure properties through such initiatives as it continues to build afoundation for future external growth.
<@ '"!

!     "  !!    " $ !  ' # #$  @b) Internal growth'"   # $    " !  #     ""  +@@Y" " " # $    " Q " !  #  Y! >> :+@}?   " #   " # ! !  # :@>?= Y  ! Q  #!"  Q ] #  @} Q$ " "# @ Y " !  = ! "! !  #  !  # ] #
 "   " !  ]= ! !     ! "  Q ! |Q$   ! " # $  =  ! !  ! 
|#!!  !  #   " # ! !  # @ B"!!= Y   ! "  "  !
have bottomed out, given that expenses are down for the year as a whole and the rate of decline in rents has
narrowed.
  =  "  "  
 # #!  " !  # " "  !  # !=#    |!     $ !  !#  ! " !         " the competitiveness of our holdings.
11

I. Asset Management Reportc) Financial Strategy:Q  ?
    !  "  !  #       !!  "    Q  
behind our success in surpassing the previous year’s level and the beginning-of-period forecast. In addition "!        !!=       "          Q$
   |  ! $ Q  !=   ! |   Q       "
our goal of stable distribution of earnings over the long term.
H "    Q    =       <@} Q  $   ! :  !   @> ! " "  !  #    $ +@ $ !?@ Y! != " 
" !  # = "   !     !  !  #    Q  ! :" = !  "?  ! @<+ (Note 4) (0.11% lower), the average of debt maturities (Note 5) was 3.4 years (0.6 years""?  "  
|   Q  ! ~+@ (Note 6) (up 3.7%), indicating that ADR succeeded in reducing
   !!= |  Q  !   ! "  
|   Q   !  "
 #   " 
" # ! !  # @   = " " "!  = Y ! Q
# $  !   " !  #    "       > Q  $@ \$! $  !=         !]  ! "     !!  #  # =   Q ##  $  " !  "    @}@ H    "   !  = | !    " ##   !   ! # ! !     ! "   "  !  !   ! #agreement.
+@    !     " !!#  "  "  Q   " Q  ! ! #   # !!  "   # $ !=   "  Z  !@
@ H   !    !  "  ! !  ! #!= "  !    ! | !   !  " ##    " ! #@:$  ?
H " !  #   =     !!  ! !  ;  $ ><@ Y" " "
payment date and delivery of the new investment units was set for February of the following period, the#     #  :=}~ $? |   !!! #   " "  !  #
(156,945 yen, or 152,440 yen per unit after excluding dividend payments), and procured funds totalling
22.4 billion yen. The procured funds were used to acquire the 12 new properties whose average assumed NOI
yields exceeded the portfolio average (total acquisition price of 21.6 billion yen). We were also able to lower
the ratio of interest-bearing liabilities to total assets compared to the level prior to issuance. As a result, ADR
succeeded in both increasing the capacity for property acquisition assuring future external growth, and also
#  "    # = ""  Q   "        !!= "!
setting up another stage of growth.

Management Policies and Challenges Going Forward^       !   Z  Q !    ##  Z   ! Q !Q  !  "   = Q$   " " " # !  ! !  |   "    " !  ! # "    ! $ ! ! " Q @a) External Growth
Even though the supply of properties remains very tight, we aim to achieve external growth by utilizing the!   # $    " #Q     !!   ## !  
high-yielding properties. We will use all the tools in our toolbox in acquiring properties. These include directsourcing from the open market based on a wealth of trading information that we are able to collect andutilizing bridge funds, in addition to sourcing properties from sponsors (primarily sponsor-developed
properties.)
Y! "   "! = Y " ! "! !  !    # #!    +@~ Q  $:Q !  # "! !  ! ?  " " " ! Q   !@   " "!
properties, ADR will continue to achieve external growth by acquiring high-yielding properties that will"   #   ! #  Q$@b) Internal Growth
Although we will continue to place priority in our leasing activities on maintaining occupancy rates, we willseek to increase revenues by raising rents and increasing key money, as well as reducing advertising andother leasing expenses on properties where we see solid occupancy rates. We will also keep working tomaintain and enhance the competitiveness of our properties through continuous implementation of
upgrades and large-scale renovations.
12c) Financial StrategyH "    Q    =           !!=  ! "  
| !   Q=  |  ! $ Q  !     "     Z
stable distribution of earnings over the long term. With debts that have relatively high interest rates
   " | !  # =  |#     #    " #      Q !  !" !  # !! " "  @Equity Finances
The following are changes in paid-in capital and number of units issued and outstanding over the last 5 years.
Date

Description

Number of units issued andoutstanding (units)

Paid-in capital (million yen)

Increase

Increase

Balance

Notes

Balance

March 01, 2010

Consolidation-type merger

722,306

722,306

36,26236,262(Note 1)

June 28, 2010

    

240,000

962,306

26,35562,618(Note 2)

July 30, 2010

Third-party allotment

17,694980,000

1,943

64,561(Note 3)February 01, 2012

    

110,000

1,090,000

14,23178,793(Note 4)

February 29, 2012

Third-party allotment

10,0001,100,000

1,293

80,087(Note 5)B ! @ Y  ! ! Q!" " " "  !   $#  Q  Y   !  H!  #    :"   Y?  B##  !  
Investment Corporation (NRI) on March 1, 2010. Upon its establishment, ADR allotted and delivered 3 ADR units per 1 former ADR unit and allotted and delivered 2 ADR units
per 1 NRI unit.
>@ Y !!  ! " " #Q     # <=~} $ :#    X =~ $? #   #   !   # #$ ! ! !  !
partly funding repayment of loans and redemption of investment corporation bonds.
3. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at an paid-in amount of 109,816 yen per unit to procure funds for new
property acquisitions as well as partly funding repayment of loans and redemption of investment corporation bonds.
}@ Y !!  ! " " #Q     # <<= $ :#    X >=< $? #   #   !   # #$ ! !  "
purposes.
5. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at an paid-in amount of 129,379 yen per unit to procure funds for new
property acquisitions and for other purposes.
@ Y !!  ! " "     Q $ = ><  !!  ! Q$  $ " # $    Q $ >= ><@  !    @ H#  !     !@Market Price of Units

The following are the highs and lows of ADR’s unit’s closing prices on the Tokyo Stock Exchange.
Fiscal period
Fiscal period end

1st FP

2nd FP

3rd FP

4th FP

5th FP

Fiscal period ended Fiscal period ended Fiscal period ended Fiscal period ended Fiscal period ended
January 2011
July 2011
January 2012
July 2012
January 2013

High

185,300 yen

173,500 yen

162,500 yen

159,400 yen

190,100 yen

Low

111,500 yen

139,900 yen

134,000 yen

135,800 yen

150,500 yen

P-55 RESIDIA TOWER Meguro-Fudomae13

I. Asset Management Report   

In accordance with the distribution policy provided in Article 32, Item 1 of ADR’s Articles of Incorporation, we shalldeliver dividends in excess of an amount equivalent to 90% of the amount of ADR’s earnings available fordividends as stipulated in Article 67-15 of the Act on Special Measures Concerning Taxation. In addition, ADR may
use the reserve for dividends in order to provide stable dividend payouts going forward, and shall decide toincrease dividends in accordance with the better-than-expected results.
Based on the policy above, ADR decided that the unappropriated retained earnings of 4,681,376 thousand yen
plus reversal of reserve for dividends of 274,123 thousand yen to arrive at 4,955,500 thousand yen will be
distributed as dividends of earnings, and declared a dividend per unit of 4,505 yen.
(thousand yen)

Fiscal period
Operating period
Total amount of unappropriatedretained earnings
Accumulated amount of
earnings
Total amount of dividends
of cash(Dividend per unit)
Of which , total amount ofdividends of earnings(Dividend of earnings per unit)
Of which, total amount of
capital reimbursement(Capital reimbursement per unit)  

1st FP
From: Mar. 1, 2010
To: Jan. 31, 2011

2nd FP
From: Feb. 1, 2011
To: Jul. 31, 2011

3rd FP
From: Aug. 1, 2011
To: Jan. 31, 2012

4th FP
From: Feb. 1, 2012
To: Jul. 31, 2012

5th FP
From: Aug. 1, 2012
To: Jan. 31, 2013

46,738,646

1,404,952

3,997,454

4,611,435

4,681,376

38,653,653

35,648,605

35,236,060

34,651,095

34,376,971

8,085,000

4,410,000

4,410,000

5,196,400

4,955,500(8,250 yen)

(4,500 yen)

(4,500 yen)

(4,724 yen)

(4,505 yen)

8,085,000

4,410,000

4,410,000

5,196,400

4,955,500(8,250 yen)

(4,500 yen)

(4,500 yen)

(4,724 yen)

(4,505 yen)

-

-

-

-

-

( - yen)( - yen)( - yen)( - yen)( - yen)  

1. Acquisition of Assets
ADR acquired the following assets in accordance with the basic policy for asset management provided in its
Articles of Incorporation.
(i)

RESIDIA Meguro III
Type of asset:  !  Q $ !!  !
Acquisition price: 950 million yen
Acquisition date: February 21, 2013
Location:
2-12-16 Meguro, Meguro-ku, Tokyo
Area:(Land) 247.87 m2; (Building) 1,621.77 m2
Structure: "     \
Completion date: January 2010(ii) RESIDIA Jiyugaoka II
Type of asset:  !  Q $ !!  !
Acquisition price: 778 million yen
Acquisition date: February 25, 2013
Location:
1-7-1 Fukasawa, Setagaya-ku, Tokyo
Area:(Land) 428.00 m2; (Building) 1,308.33 m2
Structure: " ! #       Completion date: October 2007(iii) HHY  B$  !Type of asset:  !  Q $ !!  !
Acquisition price: 894 million yen
Acquisition date: February 25, 2013
Location:>>  B$  !"= " ]=  ##  !"=  ]] 
Area:(Land) 667.67 m2; (Building) 4,756.81 m2
Structure: "     +
Completion date: March 2006
14

(iv) RESIDIA Shinsaibashi WestType of asset:  !  Q $ !!  !
Acquisition price: 1,921 million yen
Acquisition date: February 25, 2013
Location:
3-11-7 Shinmachi, Nishi-ku, Osaka-shi, Osaka
Area:(Land) 729.41 m2; (Building) 4,458.48 m2
Structure: "     <Completion date: February 2007(v) RESIDIA Marunouchi
Type of asset:  !  Q $ !!  !
Acquisition price: 972 million yen
Acquisition date: February 27, 2013
Location:
2-2-10 Marunouchi, Naka-ku, Nagoya-shi, Aichi
Area:(Land) 408.72 m2; (Building) 2,470.79 m2
Structure: "     +
Completion date: January 2007(vi) RESIDIA Sapporo-ekimaeType of asset:  !  Q $ !!  !
Acquisition price: 1,483 million yen
Acquisition date: February 27, 2013
Location:>   $  !"= " ]=  ##  !"=  ]] 
Area:(Land) 1,082.78 m2; (Building) 8,643.00 m2
Structure: "     \+Completion date: February 2007(vii) RESIDIA Goshohigashi
Type of asset:  !  Q $ !!  !
Acquisition price: 1,227 million yen
Acquisition date: February 27, 2013
Location:~= "]  ! ] !" " =     " $ ]= $  !"= $ 
Area:
(Land) 712.04 m2; (Building) 3,156.56 m2
Structure: "     Completion date: September 2007   "  =(viii) RESIDIA Rakuhoku
Type of asset:  !  Q $ !!  !
Acquisition price: 874 million yen
Acquisition date: February 27, 2013
Location:+~>= '  ]  !" " =  ]$ ]= $  !"= $ 
Area:
(Land) 1,232.85 m2; (Building) 2,485.17 m2
Structure: "     \+Completion date: March 2008(ix) HHY '   H]Q]
Type of asset:  !  Q $ !!  !
Acquisition price: 8,250 million yen
Acquisition date: March 01, 2013
Location:
1-37-22 (Tower Building), 1-37-5 (Park Building), and 1-37-16 (Annex Building), H]Q] = ' !" ]= ' ]$Area:
(Land) 10,203.89 m2(Building) Tower Building: 29,454.37 m2
Park Building: 4,081.05 m2
Annex Building: 7,375.17 m2
Structure:'  \ X  "     >> ] \ X  "     ~Y| \ X  " ! #       \+Completion date: Tower Building: May 2009
Park Building: February 2009
Annex Building: September 200815

I. Asset Management Report(x) HHY  !" HH
Type of asset:  !  Q $ !!  !
Acquisition price: 1,240 million yen
Acquisition date: March 01, 2013
Location:<   ;Q " = "$]= ' ]$Area:(Land) 269.54 m2; (Building) 1,864.73 m2
Structure: "     >
Completion date: January 2012(xi) RESIDIA Oomori II
Type of asset:  !  Q $ !!  !
Acquisition price: 1,620 million yen
Acquisition date: March 01, 2013
Location:
6-17-7, Minami-Oi, Shinagawa-ku, Tokyo
Area:(Land) 391.79 m2; (Building) 2,625.95 m2
Structure: "     +
Completion date: March 2012(xii) RESIDIA Shirokane-Takanawa
Type of asset:  !  Q $ !!  !
Acquisition price: 1,480 million yen
Acquisition date: March 01, 2013
Location:
1-5-9 Takanawa, Minato-ku, Tokyo
Area:(Land) 643.59 m2; (Building) 2,162.17 m2
Structure: "     Completion date: March 2012
(Note) The acquisition price is each exclusive of the amount of reimbursement of the pro rata portion of the amount equivalent to property tax, urban planning tax and depreciable
asset tax, as well as consumption tax and local consumption tax.

2. Issuance of New Units
ADR passed a resolution at a meeting of the board of directors of ADR held on January 8, 2013 on issuance of !   !  !  " !    !  :!# !!!?  " ## !!@  $! " !!   ! " " #Q    #  Q $ = ><  # $!  "
issuance of new units by way of third-party allotment were completed on February 27, 2013.
As a result, paid-in capital totaled 102,557,018,304 yen with the number of units issued and outstanding
increasing to 1,240,000 units.
H!!  B ! " " Q  : $ ?
Number of units issued:
135,000 units #X
+=}+ $ # '    #X>>=}>=++= $Paid-in amount (Underwriting amount):
160,498 yen per unit
Total paid-in amount:
21,667,230,000 yen
Payment deadline:
February 01, 2013
H!!  B ! Q$ ^ $ '"  $ Y 
Number of units issued:
5,000 units
Paid-in amount:
160,498 yen per unit
Total paid-in amount:
802,490,000 yen
Application period (Application deadline): February 26, 2013
Payment deadline:
February 27, 2013
Allottee:Mizuho Securities Co., Ltd.

16

P-76 Park Tower Shibaura Bayward Urban Wing

Overview of the Investment Corporation
Paid-in Capital
The following are the total number of units authorized, total number of units issued and outstanding, paid-in #   Q "  ! ! ;  $ <= >< !  !  " #  !  # !@Fiscal period
Fiscal period end
Total number of units
authorized
Total number of units
issued and outstanding
Paid-in capital (Note)

1st FP
Fiscal period ended
January 2011

2nd FP
Fiscal period ended
July 2011

3rd FP
Fiscal period ended
January 2012

4th FP
Fiscal period ended
July 2012

5th FP
Fiscal period ended
January 2013

6,000,000 units

6,000,000 units

6,000,000 units

6,000,000 units

6,000,000 units

980,000 units

980,000 units

980,000 units

1,100,000 units

1,100,000 units

64,561 million yen 64,561 million yen 64,561 million yen 80,087 million yen 80,087 million yen
22,882 persons

Number of unitholders

21,293 persons

21,570 persons

23,147 persons

23,015 persons

Unitholding(units)% share of issued
and outstanding(%) (Note)(Note) The paid-in capital on the balance sheets as of January 31, 2013 includes capital surplus of 53,220 million yen.

Major Unitholders
The following are the major unitholders as of January 31, 2013.

Name

Address

Japan Trustee Services Bank, Ltd.
(Trust Account)

1-8-11 Harumi, Chuo-ku, Tokyo

226,869

20.62

The Master Trust Bank of Japan, Ltd.
(Trust Account)

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

69,646

6.33

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)  H!  '     '  =
1-8-12 Harumi, Chuo-ku, Tokyo

61,629

5.60

The Nomura Trust and Banking Co., Ltd.
2-2-2 Otemachi, Chiyoda-ku, Tokyo(Investment Trust Account)

55,5405.04

BY \YB :\? @Y@

BATIMENT A, 33, RUE DEYH= +~>= \43,573

3.96

ITOCHU Corporation>+  Y $  =   ]= ' ]$34,8003.16

Mizuho Trust & Banking Co., Ltd.

1-2-1 Yaesu, Chuo-ku, Tokyo

14,468

1.31

Trust & Custody Services Bank, Ltd.
(Money Trust Tax Account)  H!  '     '  =
1-8-12 Harumi, Chuo-ku, Tokyo

14,113

1.28

The Senshu Ikeda Bank, Ltd.

~} " $  "=  ]= ! ] !"= ! ]12,495

1.13

Gibralter Life Insurance Co., Ltd.
(General account J-REIT)

2-13-10 Nagata-cho, Chiyoda-ku, Tokyo

11,4581.04

544,591

49.50

Total
:B ?  !" 

!!



!   :Q

! "! #    Q

! !!



!  ? !     

  # !@17

I. Asset Management Report
Directors and Independent Auditor
1. The executive director, supervisory directors and independent auditor as of January 31, 2013 are as follows.
Title

Name

Executive
director  ! ]Supervisory
director

Hidejiro Matsuda

Supervisory
director
Independent
auditor(Note 1)

Yoshiki Oshima

Total amount of compensationfor each title during applicable
operating period (thousand yen)Primary concurrent positions
President, AD Investment Management Co., Ltd.
! =    !

– (Note 2)

Y 

1,200

Auditor, TYO Inc.
! = Y] ! ] =    @@@

1,200

Deloitte Touche Tohmatsu LLC

28,670 (Note 3)

B ! @   ! ]  $ !! ! #!  Y! !!     # $= Y H!     @=  @ :YH?=  |   Y@ '"
 !!  "    ! Y$  !  "   "   # ! !   " += >~ #!   " # ! ! Y <}=    #" }the Financial Instruments and Exchange Act (Article 31-4, Paragraph 1 of the said Act as of the date of this document) prior to its revision made by the provisions of Article 1 of
the Act for Partial Revision of the Financial Instruments and Exchange Act, Etc. (Act No. 65 of 2008).
2. The executive director does not receive compensation from ADR.
<@ '"  #!   #   "  #      !  #!    !! " "  " ! #!Q  Y >=    #"  "  Q Y  !
Act (10,420 thousand yen).

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

Asset Management Company, Asset Custodian and Administrative AgentsThe following is the list of the asset management company, asset custodian and administrative agents as ofJanuary 31, 2013.
Delegation
Asset management company

AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited

Administrative agent(management of register ofunitholders, etc.)

Administrative agent(management of special
accounts)

Administrative agent

Administrative agent

18

Name

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

Mitsubishi UFJ Trust and Banking Corporation(accounting, taxation,
Sumitomo Mitsui Trust Bank Limited
institutional operations, etc.)
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
(administration for investment
Sumitomo Mitsui Trust Bank Limited
corporation bonds)
Mizuho Corporate Bank, Ltd.

Assets Under Management
Composition of the Investment Corporation’s Assets
4th Fiscal Period (as of July 31, 2012)
Type of asset

Real estate intrust (Note 1)

Investment regions

Total amount held As a percentage of Total amount held As a percentage of(million yen) (Note 6) total assets (%) (Note 7) (million yen) (Note 6) total assets (%) (Note 7)

Tokyo Central 7 Wards(Note 2)

94,56324.6

94,220

24.6

Tokyo 23 Wards(Note 3)82,35421.4

81,882

21.4

Tokyo Metropolitan Area (Note 4)

23,931

6.2

23,786

6.2

Major Regional Cities(Note 5)23,736

6.2

23,565

6.1

224,58558.5

223,454

58.3

Tokyo Central 7 Wards(Note 2)73,551

19.1

73,233

19.1

Tokyo 23 Wards(Note 3)

23,831

6.2

23,721

6.2

Tokyo Metropolitan Area (Note 4)

16,4704.3

16,305

4.3

Subtotal

Real estate (Note 1)

5th Fiscal Period (as of January 31, 2013)

Major Regional Cities(Note 5)

Subtotal' # #$  $ !!

24,816

6.5

24,6586.4

138,669

36.1

137,918

36.0

441

0.1

927

0.2

Deposits and other assets

20,394

5.3

21,176

5.5

Sum total of total amount of assets

384,091

100.0

383,476100.0(Note 8)Notes 1. The real estate in trust and real estate are used primarily for apartments.
>@ ' ]$    ^  ! #!! "   = "$= "Q$ = "]=  =   $  "   ^  ! ' ]$ @<@ ' ]$ >< ^  ! #!! " ' ]$ ><   ! " "  " ' ]$    ^  !@}@ ' ]$  #   Y  #!! ' ]$ :|  " ><   ! ' ]$ ?      =     "Q # !@+@       ! #!!  Q   !  !  !  ! |  " !  " ' ]$  #   Y @@ '     "  ! Q !  "       " Q   !" :     Q ]    #    "  !   ! = @? ! " 
closing of accounts, and is rounded down to the nearest million yen.
@ Y! #     !!! ! " Q   !"   " ## Q   ! = @ |#!! ! #  "     !!!=        # @~@ ' # #$  $ !!   " }" !   " $ !!  " ' # #$  "  !" \Y>   !" \Y< ! "operators.
' # #$  $ !!   " +" !   " $ !!  " ' # #$  "  !" \Y> = !" \Y<=  !"HHB  
 !" HHB> ! " #  !@
@ Y ! !! "  " !#       # !     @   "!= " !    !# ! !   !! $#  " !       "  Q Q @ '" !  ##!  " ! "! #  !! "! !# @Principal Assets Held
The following summarizes the principal assets held by ADR as of January 31, 2013 (the top 10 properties with the""! Q ]    " " !  # ?@Name of real estateBook value
Leasable(million yen)    :2) Leased  :2)

Occupancy
rate (%)

As a percentage of total
revenue from property Primary use
leasing (%) (Note)RESIDIA TOWER Meguro-Fudomae

15,95121,019.77

21,019.77

100.0

3.8

Apartment   $   
Minato Mirai Ocean Tower

13,13626,082.53

25,760.33

98.8

4.7

Apartment

Park Tower Shibaura Bayward
Urban Wing

9,330

13,490.67

12,664.10

93.9

2.5

Apartment

Motoazabu Place

8,338

7,382.62

5,806.57

78.7

1.4

Apartment

RESIDIA Daikanyama Sarugakucho/
Daikanyama Parkside Village

7,288

5,977.18

5,387.86

90.1

1.4

Apartment

RESIDIA TOWER Roppongi

6,892

5,978.20

5,155.23

86.2

1.4

Apartment

RESIDIA Nishi-Azabu

6,631

7,078.64

6,754.93

95.4

1.6

Apartment

RESIDIA TOWER Azabujuban

6,108

7,207.18

6,474.03

89.8

1.4

Apartment

RESIDIA Mejiro

6,069

13,069.70

12,293.50

94.1

1.8

Apartment

RESIDIA Nihonbashi-Bakurocho

5,354

8,502.12

8,502.12

100.0

1.4

Apartment

Total

85,100115,788.61

109,818.44

–

21.4

–

:B ? Y! #        # #$  ! ! " #  
from property leasing of the entire portfolio.

 Q$   "    # #$  !!# # #! Q$ "    

19

I. Asset Management Report
Real Estate Portfolio
The following are the itemized assets held by ADR as of January 31, 2013.

PropertyNo.

Name of real estate

Location(indication ofresidential address)

Type ofownership

P-19 Mansion
P-21 RESIDIA Shinjuku-East II

Shibuya-ku, Tokyo

P-22 RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

P-23 HHY   H   "

Chiyoda-ku, Tokyo

P-24 RESIDIA Azabujuban II

Minato-ku, Tokyo

P-25 RESIDIA Ebisu

Shibuya-ku, Tokyo

P-26 RESIDIA Meguro

Shinagawa-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

P-29 RESIDIA Hiroo II

Shibuya-ku, Tokyo

Real estateP-30 Pianetta Shiodome

Minato-ku, Tokyo

P-2

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

P-4

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

P-5

RESIDIA Azabujuban

Minato-ku, Tokyo

P-7

RESIDIA Ikejiriohashi

Setagaya-ku, TokyoP-9 HHY  !"

Chiyoda-ku, Tokyo

P-10 RESIDIA Hatagaya

Shibuya-ku, Tokyo

P-13 RESIDIA Sakurajosui

Setagaya-ku, Tokyo

P-14 HHY  "  

Shinagawa-ku, Tokyo

P-15 RESIDIA Yoyoginomori

Shibuya-ku, Tokyo

P-16 RESIDIA Shinjuku-East III
Leopalace Udagawacho

Shinjuku-ku, Tokyo

Shinjuku-ku, Tokyo

4th Fiscal Period
5th Fiscal Period(Feb. 1, 2012 ~ Jul. 31, 2012)(Aug. 1, 2012 ~ Jan. 31, 2013)
Estimated
Book value at valueAsaat end Total number
Revenue fromTotal number
Revenue fromAs a
the end of of periodof tenants at Occupancy property percentage of of tenants at Occupancy property percentage of
periodyen) end of period rate at end of leasing total revenue end of period rate at end of leasing total revenue(million yen) (million(Note 1)
period (%) (thousand from property (tenants)
period (%) (thousand from property(tenants)(Note 3)(Note 3)
leasing(Note 2)
(Note 2)yen) (Note 4)yen) (Note 4) leasing (%)
(%)

2,541

2,800

1

91.5

86,190

0.7

1

93.6

82,670

0.7

1,539

1,730

1

100.0

47,256

0.4

1

100.0

47,256

0.4

1,184

1,138

1

91.9

35,040

0.3

1

100.0

34,785

0.3

1,941

1,801

1

93.0

50,698

0.4

1

100.0

52,689

0.4

1,171

1,190

1

100.0

36,279

0.3

1

92.9

35,757

0.3

2,154

2,207

1

93.7

72,591

0.6

1

92.2

66,751

0.5

1,103

1,030

1

92.8

30,866

0.3

1

94.7

30,721

0.3

1,104

1,090

1

96.2

33,944

0.3

1

96.3

34,275

0.3

2,671

2,570

1

100.0

75,888

0.6

1

100.0

75,888

0.6

731

588

1

96.9

19,429

0.2

1

100.0

19,596

0.2

758

703

1

12.5

17,513

0.1

1

95.0

11,308

0.1

579

613

1

100.0

17,944

0.1

1

100.0

17,944

0.1

1,347

1,450

1

90.2

44,762

0.4

1

84.8

38,711

0.3

918

924

1

90.2

29,522

0.2

1

92.8

30,476

0.3

1,474

1,620

1

100.0

56,997

0.5

1

98.7

55,181

0.5

854

866

1

100.0

28,286

0.2

1

97.1

26,931

0.2

538

557

1

97.0

18,876

0.2

1

100.0

18,127

0.1

711

639

1

96.6

20,087

0.2

1

100.0

19,606

0.2

1,612

1,670

1

98.9

53,605

0.4

1

94.0

51,332

0.4

1,893

1,890

1

92.8

62,145

0.5

1

94.7

64,746

0.5

325

350

1

77.1

10,744

0.1

1

95.1

10,355

0.1

320

326

1

100.0

10,444

0.1

1

100.0

10,775

0.1

356

367

1

90.0

11,573

0.1

1

87.0

11,480

0.1

279

290

1

100.0

9,474

0.1

1

100.0

10,621

0.1

P-32 RESIDIA Yoyogi

Shibuya-ku, Tokyo

P-33 RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

P-34 HHY $

Setagaya-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

P-35 RESIDIA Oimachi

Shinagawa-ku, Tokyo

Real estate

918

953

1

95.7

33,015

0.3

1

95.8

32,186

0.3

P-36 RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,250

2,340

1

98.7

70,859

0.6

1

100.0

71,567

0.6

P-37 HHY   " 

Shinjuku-ku, Tokyo

Real estate

1,149

1,230

1

100.0

40,498

0.3

1

97.6

41,582

0.3

P-38 RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,995

2,130

1

95.9

68,997

0.6

1

98.4

68,413

0.6

P-39 RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,173

1,190

1

93.3

36,995

0.3

1

100.0

35,4200.3

P-40 RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,291

1,310

1

92.0

39,414

0.3

1

98.4

39,606

0.3

P-31 HHY   Z  ]

Setagaya-ku, Tokyo

P-41 RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,139

1,160

1

95.4

37,140

0.3

1

96.9

37,621

0.3

P-42 HHY   Z ]Shinjuku-ku, Tokyo

Real estate

897

915

1

96.3

30,411

0.2

1

98.2

29,6900.2

P-43 RESIDIA Oimachi II

Shinagawa-ku, Tokyo

Real estate

1,028

1,090

1

100.0

33,959

0.3

1

94.9

34,346

0.3

P-45 RESIDIA Jiyugaoka

Meguro-ku, Tokyo\ $interests in trust

1,023

1,050

1

89.4

34,045

0.3

1

100.0

34,116

0.3

P-47 RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate

2,253

2,320

1

94.2

75,059

0.6

1

93.9

71,414

0.6

P-48 RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,575

3,260

1

95.5

90,944

0.7

1

93.6

94,4590.8

P-49 RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,153

1,150

1

95.5

39,237

0.3

1

95.1

38,643

0.3

P-50 RESIDIA Nishi-Azabu

Minato-ku, Tokyo

6,631

6,650

1

94.5 206,030

1.7

195.4 196,867

1.6

P-51 RESIDIA Daikanyama

Shibuya-ku, Tokyo

2,086

1,930

1

83.3

58,682

0.5

1

95.8

50,677

0.4

P-52 RESIDIA Ichigaya

Shinjuku-ku, Tokyo

2,437

2,540

1

90.2

75,340

0.6

1

97.4

73,004

0.6

Minato-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

3,499

3,490

1

95.8 108,3120.9

196.7 105,416

0.9

Shinagawa-ku, Tokyo

Real estate

15,951

16,2001

100.0 466,873

3.8

1100.0 460,754

3.8

RESIDIAP-53 Roppongi-Hinokichokoen
RESIDIA TOWER
P-55 Meguro-Fudomae

20

Property
No.

Name of real estate

Location(indication ofresidential address)

Type ofownership

2,790

1

92.6

84,317

0.7

1

94.4

86,897

0.7

733

489

1

88.4

14,742

0.1

1

94.1

15,008

0.1

1,576

1,640

1

96.4

55,977

0.5

1

96.3

56,074

0.5

1,398

1,280

1

90.4

39,677

0.3

1

93.9

37,408

0.3

1,994

1,900

1

98.3

55,067

0.5

1

100.0

55,705

0.5

Real estate

6,108

5,350

1

89.9 173,980

1.4

189.8 172,343

1.4

Real estate

1,234

1,290

1

96.0

39,628

0.3

1

98.0

40,711

0.3

1,835

1,960

1

85.9

60,289

0.5

1

98.6

60,938

0.5

1,585

1,550

1

91.3

44,600

0.4

1

94.2

46,179

0.4

1,709

1,600

1

95.9

48,784

0.4

1

89.7

47,897

0.4

P-56 RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

P-58 RESIDIA Minami-Aoyama

Minato-ku, Tokyo

Real estate

P-59 HHY    !"

Chiyoda-ku, Tokyo

Real estateP-60 RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

P-61 RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

P-62 RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

P-63 RESIDIA Shibuya

Shibuya-ku, Tokyo

P-64 RESIDIA Nakanobu

Shinagawa-ku, Tokyo

4th Fiscal Period
5th Fiscal Period(Feb. 1, 2012 ~ Jul. 31, 2012)(Aug. 1, 2012 ~ Jan. 31, 2013)
Estimated
Book value at valueAsaat end Total number
Revenue fromTotal number
Revenue fromAs a
the end of of periodof tenants at Occupancy property percentage of of tenants at Occupancy property percentage of
periodyen) end of period rate at end of leasing total revenue end of period rate at end of leasing total revenue(million yen) (million(Note 1)
period (%) (thousand from property (tenants)
period (%) (thousand from property(tenants)(Note 3)(Note 3)
leasing(Note 2)
(Note 2)yen) (Note 4)yen) (Note 4) leasing (%)(%)

P-65 RESIDIA Azabudai

Minato-ku, Tokyo

P-66 RESIDIA Shibadaimon II

Minato-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust

2,676

P-67 HHY  

Chiyoda-ku, Tokyo

Real estate

1,122

1,130

1

92.2

36,904

0.3

1

100.0

37,607

0.3

P-68 RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,257

1,290

1

88.6

39,605

0.3

1

94.8

38,732

0.3

P-69 RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,787

1,870

1

94.5

58,300

0.5

1

96.9

57,845

0.5

P-70 RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate

904

895

1

96.2

27,480

0.2

1

100.0

25,910

0.2

952

990

1

89.5

34,263

0.3

1

94.5

30,299

0.2

4,548

4,890

1

93.1 165,289

1.4

193.7 166,150

1.4

912

801

1

100.0

26,975

0.2

1

93.8

27,890

0.2

5,179

5,200

1

96.8 153,081

1.3

194.8 155,150

1.3

9,330

9,470

1

96.6 305,261

2.5

193.9 300,682

2.5

P-72 RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

P-73 RESIDIA Shibaura

Minato-ku, Tokyo\ $interests in trust\ $interests in trust

P-74 RESIDIA Gotenyama

Shinagawa-ku, Tokyo

Real estate

P-75 RESIDIA Yutenji

Meguro-ku, Tokyo

P-76 Urban Wing
P-77 Motoazabu Place

Minato-ku, Tokyo
Minato-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust

8,338

6,370

1

81.4 189,755

1.6

178.7 171,786

1.4

P-78 RESIDIA TOWER Roppongi

Minato-ku, Tokyo

Real estate

6,892

5,610

1

92.2 166,902

1.4

186.2 167,528

1.4

P-79 HHY  

Meguro-ku, Tokyo

881

858

1

87.9

26,445

0.2

1

100.0

26,4980.2

P-80 RESIDIA Yoyogikoen

Shibuya-ku, Tokyo\ $interests in trust\ $interests in trust

1,076

736

1

100.0

28,662

0.2

1

100.0

27,4500.2

P-81 Windsor House Hiroo

Shibuya-ku, Tokyo

Real estate andleasehold rights toreal estate

1,709

1,280

1

91.5

53,202

0.4

1

100.0

46,5390.4

Park Tower Shibaura Bayward

P-83 Daikanyama Parkside Village
P-84 HHY  "]

Shibuya-ku, Tokyo\ $interests in trust

7,288

6,040

1

90.7 184,315

1.5

190.1 175,679

1.4

Shinjuku-ku, Tokyo

Real estate

1,431

1,460

1

92.3

43,569

0.4

1

92.3

42,295

0.3

P-85 HHY   Z 

Setagaya-ku, Tokyo

880

1,020

1

100.0

28,095

0.2

1

100.0

28,0950.2

P-86 HHY "Q  YHYB

Minato-ku, Tokyo

2,453

2,770

1

91.7

93,087

0.8

1

97.7

89,192

0.7

P-87 RESIDIA Ichigaya-yakuoji

Shinjuku-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust

2,111

2,300

1

100.0

61,352

0.5

1

100.0

61,224

0.5

P-88 RESIDIA Yoga

Setagaya-ku, Tokyo

Real estate

1,625

1,640

1

91.1

50,250

0.4

1

96.2

51,004

0.4

P-89 RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

Real estate

3,477

3,600

1

93.6 110,894

0.9

197.0 109,161

0.9

3,865

3,830

1

91.5

99,3680.8

195.8 116,115

1.0

1,718

2,020

1

85.6

63,000

0.5

1

95.2

62,389

0.5

2,359

3,040

1

97.0

99,161

0.8

1

96.4

95,456

0.8

1,459

1,560

1

100.0

46,846

0.4

1

100.0

46,833

0.4

1,619

1,770

1

100.0

50,255

0.4

1

100.0

50,271

0.4

999

1,180

1

93.3

37,152

0.3

1

98.3

36,632

0.3

RESIDIA Daikanyama- Sarugakucho/

P-90 RESIDIA Sasazuka II

Shibuya-ku, Tokyo

C-1

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

C-2

HHY   

Ota-ku, Tokyo

C-3

RESIDIA Ikebukuro

Toshima-ku, Tokyo

C-4

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

C-5

RESIDIA Asakusabashi

Taito-ku, Tokyo

C-6 Maison Eclairee Ekoda

Nerima-ku, Tokyo

C-7

Taito-ku, TokyoRESIDIA Ueno-Okachimachi

C-8 RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

C-9

RESIDIA Ryogoku

Sumida-ku, Tokyo

C-10 RESIDIA Higashi-Ginza

Chuo-ku, Tokyo

C-12 RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

C-13 RESIDIA Omori-Higashi

Ota-ku, Tokyo

C-15 HHY !""Sumida-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

950

938

1

92.5

35,376

0.3

1

100.0

36,242

0.3

3,021

3,180

1

96.0 102,590

0.8

1

97.0

99,212

0.8

1,612

1,570

1

95.6

48,853

0.4

1

100.0

48,137

0.4

891

935

1

92.6

32,104

0.3

1

96.9

30,020

0.2

5,196

4,740

1

100.0 136,763

1.1

1100.0 136,751

1.1

3,115

3,150

1

95.0

96,397

0.8

1

99.4

93,423

0.8

1,946

1,730

1

96.8

57,926

0.5

1

97.9

56,043

0.5

4,173

3,790

1

96.3 118,728

1.0

198.1 115,685

1.0

21

I. Asset Management Report
PropertyNo.

Name of real estate

Location(indication ofresidential address)

Type ofownership

4th Fiscal Period
5th Fiscal Period(Feb. 1, 2012 ~ Jul. 31, 2012)(Aug. 1, 2012 ~ Jan. 31, 2013)
Estimated
Book value at valueAsaat end Total number
Revenue fromTotal number
Revenue fromAs a
the end of of periodof tenants at Occupancy property percentage of of tenants at Occupancy property percentage of
periodyen) end of period rate at end of leasing total revenue end of period rate at end of leasing total revenue(million yen) (million(Note 1)
period (%) (thousand from property (tenants)
period (%) (thousand from property(tenants)(Note 3)(Note 3)
leasing(Note 2)
(Note 2)yen) (Note 4)yen) (Note 4) leasing (%)(%)

C-17 RESIDIA Shinkawa

Chuo-ku, Tokyo

C-18 HHY  ]Q]

Toshima-ku, Tokyo

C-19 RESIDIA Shin-nakano

Nakano-ku, Tokyo

C-21

Bunkyo-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

Chuo-ku, Tokyo

Real estate

1,752

1,830

1

94.9

64,968

0.5

1

91.3

61,329

0.5

1,181

1,230

1

100.0

40,002

0.3

1

100.0

39,668

0.3

1,252

1,350

1

100.0

40,381

0.3

1

100.0

40,381

0.3

582

622

1

100.0

20,459

0.2

1

100.0

21,483

0.2

1,935

2,030

1

100.0

58,330

0.5

1

100.0

58,385

0.5

833

915

1

100.0

34,584

0.3

1

100.0

34,584

0.3

C-16 RESIDIA Negishi

Taito-ku, TokyoRESIDIA Bunkyo-Yushima II

C-22 RESIDIA Tsukiji
C-23 RESIDIA Sasazuka

Suginami-ku, Tokyo\ $interests in trust

C-24 HHY $ Q !"

Chuo-ku, Tokyo

Real estate

C-25 RESIDIA Tamagawa

Ota-ku, Tokyo

C-26 HHY   ]Bunkyo-ku, Tokyo

865

778

1

96.3

26,869

0.2

1

96.4

26,593

0.2

1,835

1,830

1

100.0

56,287

0.5

1

86.3

55,284

0.5

539

580

1

97.9

22,539

0.2

1

95.5

21,842

0.2

342

402

1

96.7

15,113

0.1

1

93.3

14,954

0.1

983

1,030

1

100.0

30,080

0.2

1

98.4

32,639

0.3

1,410

1,530

1

87.9

49,852

0.4

1

96.6

45,845

0.4

C-27 RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

C-28 RESIDIA Oji

 ]= ' ]$\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

C-29 RESIDIA Mejiro II

Toshima-ku, Tokyo

Real estate

1,022

1,030

1

88.6

33,972

0.3

1

97.1

35,0090.3

C-31 RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,069

1,110

1

90.6

37,530

0.3

1

88.0

33,6670.3

C-32 HHY    HH

Ota-ku, Tokyo

Real estate

1,329

1,400

1

97.7

46,398

0.4

1

96.3

46,123

0.4

C-33 RESIDIA Tsukishima II

Chuo-ku, Tokyo\ $interests in trust

2,386

2,530

1

90.7

79,238

0.6

1

93.7

78,711

0.6

C-34 HHY !"" HH

Sumida-ku, Tokyo

Real estate

2,328

2,370

1

93.3

73,193

0.6

1

96.9

78,3890.6

C-35 RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

3,245

3,570

1

100.0 108,536

0.9

1100.0 108,541

0.9

C-36 RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

679

773

1

94.1

26,245

0.2

1

97.2

25,837

0.2

1,013

1,130

1

98.1

37,319

0.3

1

95.3

37,804

0.3

365

380

1

93.7

14,721

0.1

1

97.1

13,8300.1

C-39 RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

C-40 RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

C-41 RESIDIA Iriya

Taito-ku, Tokyo\ $interests in trust

947

1,010

1

96.0

36,252

0.3

1

90.9

37,253

0.3

C-42 RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

Real estate

1,288

1,340

1

93.4

40,888

0.3

1

97.9

42,026

0.3

C-43 RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,821

1,840

1

95.2

56,445

0.5

1

97.1

55,326

0.5

C-44 RESIDIA Chidoricho

Ota-ku, Tokyo

Real estate

1,260

1,280

1

91.6

43,772

0.4

1

96.6

42,555

0.4

1,273

1,350

1

87.9

43,659

0.4

1

87.8

41,826

0.3

6,069

6,220

1

97.5 228,839

1.9

1

94.1 223,161

1.8

657

720

1

100.0

29,167

0.2

1

96.5

27,951

0.2

5,354

5,780

1

100.0 162,055

1.3

1100.0 164,944

1.4

3,866

4,570

1

100.0 137,081

1.1

1100.0 137,171

1.1

901

1,020

1

100.0

29,739

0.2

1

100.0

29,739

0.2

2,028

2,450

1

93.5

75,999

0.6

1

100.0

77,992

0.6

C-37 RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

C-38 RESIDIA Ikegami

Ota-ku, Tokyo

C-45 RESIDIA Shinkawa II

Chuo-ku, Tokyo

C-46 RESIDIA Mejiro

Toshima-ku, Tokyo

C-47 HHY  ! 

Edogawa-ku, Tokyo

C-48 RESIDIA Nihonbashi-Bakurocho Chuo-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust
Real estate

Bunkyo-ku, Tokyo\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

C-53 Honkomagome
C-54 RESIDIA Tsukishima III

Bunkyo-ku, Tokyo

Real estate

C-55 RESIDIA Minamisenjyu

Arakawa-ku, Tokyo\ $interests in trust\ $interests in trust

C-56 RESIDIA Ogikubo

Suginami-ku, Tokyo

Real estate

C-57 RESIDIA Monzennakacho  ]= ' ]$C-58 RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

C-49 RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

C-50 RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

C-51 HHY Q  ]= ' ]$C-52 RESIDIA Bunkyo-Yushima III
RESIDIA Bunkyo-

Chuo-ku, Tokyo

C-59 RESIDIA Omori

Ota-ku, Tokyo

C-60 RESIDIA Nakamurabashi

Nerima-ku, Tokyo

C-61 HHY  " ]

Chuo-ku, Tokyo

C-62 RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

C-63 HHY !"" HHH  ]= ' ]$22\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

537

610

1

100.0

17,822

0.1

1

96.4

18,866

0.2

1,406

1,440

1

91.8

46,989

0.4

1

92.0

43,165

0.4

1,151

1,270

1

96.9

39,431

0.3

1

100.0

39,785

0.3

2,421

2,570

1

96.7

83,120

0.7

1

98.8

84,369

0.7

2,627

2,980

1

88.8

92,712

0.8

1

97.4

88,762

0.7

2,735

3,200

1

98.1 173,031

1.4

197.1 159,689

1.3

1,825

1,880

1

98.0

61,628

0.5

1

93.9

61,445

0.5

1,030

1,040

1

100.0

29,669

0.2

1

100.0

35,106

0.3

2,153

2,350

1

97.2

61,336

0.5

1

100.0

74,511

0.6

1,185

1,260

1

98.7

35,514

0.3

1

98.7

41,702

0.3

1,108

1,160

1

94.5

32,762

0.3

1

97.3

37,736

0.3

1,859

1,990

1

98.1

54,620

0.4

1

96.8

65,216

0.5

2,399

2,430

1

95.4

67,581

0.6

1

99.3

80,025

0.7

693

712

1

100.0

21,475

0.2

1

100.0

25,4140.2

Property
No.

Name of real estate

Location(indication ofresidential address)

Type ofownership

4th Fiscal Period
5th Fiscal Period(Feb. 1, 2012 ~ Jul. 31, 2012)(Aug. 1, 2012 ~ Jan. 31, 2013)
Estimated
Book value at valueAsaat end Total number
Revenue fromTotal number
Revenue fromAs a
the end of of periodof tenants at Occupancy property percentage of of tenants at Occupancy property percentage of
periodyen) end of period rate at end of leasing total revenue end of period rate at end of leasing total revenue(million yen) (million(Note 1)
period (%) (thousand from property (tenants)
period (%) (thousand from property(tenants)(Note 3)(Note 3)
leasing(Note 2)
(Note 2)yen) (Note 4)yen) (Note 4) leasing (%)(%)

S-14 HHY ¡ ] "    ¡ ] "  !"=    

S-15 RESIDIA Okurayama¡ ] "  !"=    \ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

S-16 RESIDIA Musashikosugi  ! ]!"=    Real estate

1,545

1,590

1

97.8

54,806

0.4

1

100.0

54,096

0.4

Funabashi-shi, Chiba\ $interests in trust

2,653

2,780

1

100.0

94,553

0.8

1

100.0

94,4550.8

Musashino-shi, Tokyo\ $interests in trust

1,424

1,390

1

93.5

46,650

0.4

1

79.4

44,797

0.4

S-20 Ocean Tower¡ ] "  !"=    Real estate andleasehold rights
to real estate

13,136

14,2001

98.8 571,637

4.7

198.8 568,766

4.7

S-21 Maison Yachiyodai

Yachiyo-shi, Chiba\ $interests in trust

853

862

1

91.6

42,552

0.3

1

85.8

41,277

0.3

S-22   ¢    !  " ] HH¡ ] "  !"=    Real estate

1,623

1,640

1

100.0

70,704

0.6

1

100.0

70,704

0.6

S-23 College Court Tanashi

Nishi-Tokyo-shi, Tokyo

821

962

1

100.0

32,760

0.3

1

100.0

32,7600.3

S-24 RESIDIA Urayasu

Urayasu-shi, Chiba

2,206

2,340

1

79.5

93,537

0.8

1

67.0

61,823

0.5

S-25 RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

876

924

1

97.6

31,173

0.3

1

100.0

36,287

0.3

S-26 RESIDIA Urayasu II

Urayasu-shi, Chiba

853

901

1

91.9

25,981

0.2

1

95.9

32,564

0.3

S-27 RESIDIA Gyotoku

Ichikawa-shi, Chiba

810

852

1

96.0

29,028

0.2

1

97.3

32,4800.3

S-28 HHY   ! ]  ! ]!"=    

1,731

1,810

1

94.9

39,388

0.3

1

95.1

59,7170.5

R-2

$  !"= $ 

1,605

1,574

1

100.0

66,078

0.5

1

100.0

65,712

0.5

1,169

1,180

1

96.9

48,338

0.4

1

96.6

47,904

0.4

1,618

1,150

1

100.0

64,159

0.5

1

97.1

62,099

0.5

951

870

1

87.9

30,883

0.3

1

100.0

31,143

0.3

C-64 HHY    HHH

Ota-ku, Tokyo

S-1

Hiyoshidai Student Heights¡ ] "  !"=    

S-2

"!  !   "  "!"=   

S-4

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

S-5

RESIDIA Shin-Yokohama¡ ] "  !"=    

S-7

RESIDIA Chofu

Chofu-shi, Tokyo

S-11 Wako Student Heights

Wako-shi, Saitama

S-12 HHY  ]Q ]Q!"= ' ]$RESIDIA Funabashi I

S-17
RESIDIA Funabashi II

S-19 HHY "    $       

978

1,020

1

96.9

21,815

0.2

1

92.5

32,862

0.3

3,103

3,711

1

100.0 174,072

1.4

1100.0 174,072

1.4

753

692

1

97.5

29,152

0.2

1

100.0

29,343

0.2

1,102

1,030

1

97.9

43,583

0.4

1

93.6

40,549

0.3

1,878

1,760

1

100.0

61,696

0.5

1

100.0

61,534

0.5

1,130

1,070

1

91.2

35,131

0.3

1

90.8

33,504

0.3

696

620

1

100.0

26,186

0.2

1

100.0

26,182

0.2

498

513

1

97.0

19,496

0.2

1

100.0

19,039

0.2

1,632

1,720

1

95.6

58,268

0.5

1

98.3

58,176

0.5

760

805

1

100.0

27,177

0.2

1

100.0

28,2970.2

R-4 RESIDIA Higashi-Sakura

Nagoya-shi, Aichi

R-5HHY  $  $  !"= 

R-6 RESIDIA Ryokuchikoen

Toyonaka-shi, Osaka\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust Q!"= $ \ $interests in trust

3,683

3,500

1

100.0 125,413

1.0

1100.0 125,350

1.0R-10 RESIDIA Hakata

Fukuoka-shi, Fukuoka

Real estate

1,191

1,190

1

96.3

51,194

0.4

1

97.5

50,5230.4

R-11 RESIDIA Tenjinbashi

Osaka-shi, Osaka\ $interests in trust

833

910

1

97.6

37,063

0.3

1

96.3

37,0800.3

R-8

RESIDIA ImadegawaHHY  Q   H! (South Bldg.; Centre Bldg.)
HHY  Q   H! (North Bldg.)

R-12 RESIDIA Sannomiya-Higashi

 Q!"= $ 

Real estate

2,118

2,400

1

98.9

89,112

0.7

1

97.3

88,3650.7

R-13 > \ 

Sendai-shi, Miyagi

Real estate

869

883

1

98.7

41,178

0.3

1

99.0

41,0620.3

R-14 RESIDIA Utsubokoen

Osaka-shi, Osaka

Real estate

1,125

1,270

1

97.8

49,277

0.4

1

95.3

48,3660.4

R-15 HHY $  ] 

$  !"= $ \ $interests in trust

1,898

2,080

1

96.1

75,984

0.6

1

99.3

76,671

0.6

R-16 RESIDIA Takaoka

Nagoya-shi, Aichi

Real estate

2,260

2,640

1

100.0

89,692

0.7

1

100.0

89,6820.7

R-17 RESIDIA Hibino

Nagoya-shi, Aichi

1,268

1,360

1

92.6

67,366

0.6

1

98.5

67,0430.6

R-19 RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

897

965

1

94.6

40,149

0.3

1

98.2

39,3230.3

R-20 RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka\ $interests in trust\ $interests in trust\ $interests in trust

307

338

1

94.9

15,999

0.1

1

100.0

16,241

0.1

R-21 Mare

Nagoya-shi, Aichi

Real estate

654

693

1

97.4

27,538

0.2

1

93.4

27,6560.2

R-24 RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,576

1,720

1

96.5

74,124

0.6

1

99.3

73,946

0.6

R-25 RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,287

1,270

1

98.6

57,904

0.5

1

97.5

58,1120.5

R-26 HHY   

Sapporo-shi, Hokkaido

Real estate

1,082

1,180

1

98.5

49,957

0.4

1

100.0

49,5580.4

R-27 RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

802

814

1

85.0

28,160

0.2

1

97.2

30,771

0.3

23

I. Asset Management Report
PropertyNo.

Location(indication ofresidential address)

Name of real estate

Type ofownership

Real estate

686

709

1

95.6

37,442

0.3

1

97.9

34,7380.3

Nagoya-shi, Aichi

Real estate

3,564

3,770

1

92.8 148,326

1.2

193.7 142,959

1.2

Sapporo-shi, Hokkaido

Real estate

1,012

1,070

1

98.4

46,156

0.4

1

94.4

44,636

0.4

729

759

1

100.0

30,210

0.2

1

95.9

29,590

0.2

1,944

2,190

1

97.4

92,574

0.8

1

98.9

92,268

0.8

1,181

1,370

1

100.0

48,977

0.4

1

98.2

48,736

0.4

673

782

1

96.7

30,477

0.2

1

100.0

30,780

0.3

549

642

1

100.0

26,092

0.2

1

100.0

24,0480.2

R-29 RESIDIA Uzumasa$  !"= $ 

R-30 RESIDIA Izumi
R-31 HHY  $    
R-32 RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

R-34 HHY 

Sapporo-shi, Hokkaido

Real estate

Osaka-shi, Osaka

Real estate 

R-35 RESIDIA Tanimachi

4th Fiscal Period
5th Fiscal Period(Feb. 1, 2012 ~ Jul. 31, 2012)(Aug. 1, 2012 ~ Jan. 31, 2013)
Estimated
Book value at valueAsaat end Total number
Revenue fromTotal number
Revenue fromAs a
the end of of periodof tenants at Occupancy property percentage of of tenants at Occupancy property percentage of
periodyen) end of period rate at end of leasing total revenue end of period rate at end of leasing total revenue(million yen) (million(Note 1)
period (%) (thousand from property (tenants)
period (%) (thousand from property(tenants)(Note 3)(Note 3)
leasing(Note 2)
(Note 2)yen) (Note 4)yen) (Note 4) leasing (%)(%)

R-36 RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

R-37 RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

R-38 RESIDIA Hirosedori

Sendai-shi, Miyagi\ $interests in trust\ $interests in trust\ $interests in trust

514

570

1

100.0

21,839

0.2

1

100.0

21,8470.2

R-39 RESIDIA Edobori

Osaka-shi, Osaka

Real estate

1,492

1,690

1

98.5

61,946

0.5

1

98.5

62,1490.5

R-40 HHY $  "Q 

Osaka-shi, Osaka

Real estate

1,075

1,150

1

97.5

43,332

0.4

1

98.7

43,3900.4

R-41 RESIDIA Esaka

Suita-shi, Osaka

1,027

1,080

1

97.7

34,211

0.3

1

96.5

39,9440.3

R-42 RESIDIA Nishijin

Fukuoka-shi, Fukuoka

2,469

2,650

1

98.4

92,8230.8

194.6 104,357

0.9

R-43 RESIDIA Tsurumai

Nagoya-shi, Aichi

1,253

1,360

1

99.2

47,189

0.4

1

97.7

0.5

2,843

3,150

1

99.6 103,713

0.9

197.8 121,601

1.0

361,372 367,832

190

95.9 12,193,737

100.0

190

96.4 12,155,922

100.0

R-44 HHY  QH!  

 Q!"= $ \ $interests in trust\ $interests in trust\ $interests in trust\ $interests in trust

Total

55,419B ! @ !     #  ! " ## !     !$Q !   #   Q$   !  ## ! ! ;  $ <= ><= "     = #!   Y!
Y! H #     "   !   Y  H!  #   ! !! Q$ "  Q @>@   '   Q  !=  ! "  "  |  !  !  "  ! !!    ! @'" '      '   Q  !   ! " !    Q  !  ! !=    " }  ! !!!= !  !  ! 
is executed for all assets held by ADR as of January 31, 2013.
<@ # $   !    Q$ ! "  X  !     [  ! Q     £ @}@    # #$  ! ! "    !#   ! = @  " !  #   @Securities Portfolio
The following are securities held by ADR as of January 31, 2013.

Name

Type of asset Quantity

Book value(thousand yen)
Unit
price

AmountAssessed value in
Gain (Loss) on
valuation (thousand
valuation(Note 1)yen)
Remarks(thousandUnit
Amountyen)
price$ !!  ' # #$ "  !" \Y> !
operator (Note 2)$ !!  ' # #$ "  !" \Y< !
operator (Note 3)$ !!  ' # #$ "  !" HHB !
operator (Note 4)$ !!  ' # #$ "  !" HHB> !
operator (Note 5)' # #$fund equity
interests––

278,087–

275,000-3,087–' # #$fund equity
interests––

162,979–

161,000-1,979–' # #$fund equity
interests––

261,231–

257,000-4,231–' # #$fund equity
interests––

224,795–

222,000-2,795

–

Total

–

–

–

927,092–

915,000-12,092–

B ! @ '"         ! "     Q$ " #   ' # #$  #!     ! #   Q$ '" H! '!! Y!!   = ; # @>@ '" ! # !"# ! "   !  Q $ !!  !    !   !" " !"=   !   ]" ]=    "   ##  !  @
<@ '" ! # !"# ! "   !  Q $ !!  !     "! Q !" ^!=  !  ;$ ]   HHY  B$  !@}@ '" ! # !"# ! "   !  Q $ !!  !   $  = Y!     $  =   B ]  = B@ Y  !"Z ] =    "    ¥      "] @
+@ '" ! # !"# ! "   !  Q $ !!  !  $ ¥  ¡ !$  "  HH= H]Q] #| != \    ] " = \  '! ] ^! !  Y  ##  " !"@@ " "  " Q = Y "  !   !  Q $ !!  ! "   !! !   Y >=    #" >= H  "    H!! |"  Y@      = " = "  $   !   ! " ! Q $ !!  !     <@   !     @24   '"  ! " ! !

Y! !#  !  ! !

;  $ <= ><@(thousand yen)Contract amountAccount

Type

Transaction other thanmarket transaction

Interest rate swap transactions# $ Q |   Q  Total

(Note 1)

Of which, exceeding
1 yearFair value (Note 2, 3)

125,589,090

110,397,488-1,194,403

125,589,090

110,397,488-1,194,403

Notes 1. The contract amount is based on notional principal.
2. The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate of interest.
<@ #  # ! !  !   ! #!  ##  "     Q !  " Y        H!! :!! Q$ " Y    ! \ ; #  :Y\;?   " = >~ Y\;   B @ ?@ Y  $= "    !     " Q   !"!@Other Assets  !     !  Q $ !!  !   !  <@   !     @ Y! ;  $<= ><= "      !# !!!  " #   "   ]$ !  ! Y " " 
" ! !  "  !      }@ !    @      
There are no applicable matters concerning countries and regions other than Japan.

P-53 RESIDIA Roppongi-Hinokichokoen

25

I. Asset Management Report

Capital Expenditures
Planned Capital Expenditures
The following table lists the major capital expenditures for renovations currently planned for the real estate   !  Q $ !!  ! Y !@ '" !     ! #  ! "    Qrecorded as expenses for accounting purposes.
(million yen)

Estimated amounts
Name of real estate(Location)

PurposeEstimated Duration

Total
amounts

Payment for
Cumulative
the current
amount paid
periodWako Student Heights(Wako-shi, Saitama)

Major repair work

From: Mar. 2013
To: Jul. 2013

48

–

–

> \ (Sendai-shi, Miyagi)

Major repair work

From: Mar. 2013
To: Jul. 2013

45

–

–

RESIDIA Shibaura(Minato-ku, Tokyo)

Value-enhancement work on
individual units

From: Feb. 2013
To: Jul. 2013

17

–

–

HHY " (Musashino-shi, Tokyo)

Value-enhancement work on
individual units

From: Feb. 2013
To: Jul. 2013

16

–

–

RESIDIA TOWER Azabujuban(Minato-ku, Tokyo)

Value-enhancement work on
individual units

From: Apr. 2013
To: Jul. 2013

9

–

–

Capital Expenditures for the Current Period
The following table lists the major capital expenditures for renovations ADR conducted in the current period.
'"     #  |# !  "! !  #     $  "  #    = "combined with repairs and maintenance cost of 330 million yen, it totals 530 million yen.
(million yen)

Name of real estate (Location)

Purpose

Implementation periodHHY  
(Meguro-ku, Tokyo)

Major repair work

RESIDIA Imadegawa:$  "= $  ?

Replacement of parts formechanical parking lot

RESIDIA Setagaya-Tsurumaki(Setagaya-ku, Tokyo)

Waterproof coating work on roof
and iron sections

Other real estate

Renovations

From: Oct. 2012
To: Jan. 2013

23

Jan. 201312

From: Nov. 2012
To: Jan. 2013

6
157

Total
:B ? Y  #  !   
foregoing table.

26  "  !   $@ Y  $= " !   Amount paid199"  !

!   !! $#  " '         "Cash Reserves for Upgrades and Renovations
Based on medium to long-term upgrades and renovation plans for each property, ADR sets aside the following !" !!=     !"  !
#     Z   :  " !  # $
retained earnings), to fund large-scale repair work and upgrades.
(million yen)

Fiscal period

1st FP

2nd FP

3rd FP

4th FP

5th FP

Operating period

From: Mar. 1, 2010
To: Jan. 31, 2011

From: Feb. 1, 2011
To: Jul. 31, 2011

From: Aug. 1, 2011
To: Jan. 31, 2012

From: Feb. 1, 2012
To: Jul. 31, 2012

From: Aug. 1, 2012
To: Jan. 31, 2013

1,899

1,899

1,843

1,748

1,704

-

460

245

261

320

-

516

341

304

353

1,899

1,843

1,748

1,704

1,671

Balance of reserves at
beginning of period
Amount of reserves
during period
Reversal of reserves
during period
Amount carried forward
to next period

P-78 RESIDIA TOWER Roppongi27

I. Asset Management Report!   " 

Entrustment Expenses(thousand yen)

Item(a) Asset management fee

4th Fiscal Period(Note 1)

5th Fiscal Period

765,489 (Note 2)

822,488 (Note 3)(b) Asset custody fee

12,443

10,628(c) Administrative service fees

65,50760,073(d) Directors’ compensations

2,400

2,400

262,594

321,368

1,108,436

1,216,959(e) Other
Total

Notes 1. Asset management fee is the sum total amount of the base fee and incentive fee.
2. Aside from the amounts indicated above, a total 262,396 thousand yen has been paid for asset management of the acquired properties and has been included in theiracquisition prices.
3. Aside from the amounts indicated above, a total 4,790 thousand yen has been paid for asset management of the acquired properties and has been included in their acquisition
prices.

Loans'"   !! " Q  
2013.

!# 

! Y Q  

Account
Drawdown dateLenders450-

Sumitomo Mitsui Trust Bank Limited

450-

Sumitomo Mitsui Banking Corporation

300-

Mizuho Corporate Bank, Ltd.

300

-

-

1,613

-

2,535

1,500

4,148

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jan. 25, 2013
Sumitomo Mitsui Trust Bank Limited
Subtotal

0.54%

Feb. 28, 2013

Lump-sum
repayment
at maturity

Jan. 24, 2014

Use

Unsecured
Unguaranteed(Note 5)

903

-

-

Sep. 19, 2012

(Note 3)Development Bank of Japan Inc.

Nov. 30, 2007

1,806

-

-

Nov. 30, 2012

(Note 3)

1,382

-

921

-

-

Jan. 25, 2013

(Note 4)921-

Jan. 25, 2008
Development Bank of Japan Inc.
Resona Bank, Limited
Mizuho Corporate Bank, Ltd.
Aozora Bank, Ltd.

Jun. 25, 2008

Resona Bank, Limited
Development Bank of Japan Inc.

Jun. 27, 2008

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

Aug. 31, 2009

Sumitomo Mitsui Banking Corporation

921

-

2,765

2,765

1,382

1,382

921

921

1,806

-

2,965

2,965

3,526

3,526

2,110

2,110

Lump-sum
repayment
at maturity

2.45%(Note 2)

Jun. 25, 2013-

Nov. 30, 2012

(Note 3)

2.18%

Apr. 30, 2013

(Note 5)(Note 5)Development Bank of Japan Inc.

Oct. 22, 2009

250

250

3.10%

(Note 8)Installment(Note 6)Development Bank of Japan Inc.

Nov. 25, 2009

799

-

-

(Note 9)Installment(Note 5)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,714

-

Mitsubishi UFJ Trust and Banking Corporation

1,806

-

-

Jan. 25, 2013

3,612

-

1.58%

Mar. 29, 2013

1.86%

(Note 10)

Feb. 19, 2010
Sumitomo Mitsui Trust Bank LimitedAozora Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mar. 31, 2010
Sumitomo Mitsui Trust Bank Limited
Development Bank of Japan Inc.

Feb. 17, 2011

907

-

1,384

1,384

1,384

1,384

13

13

Description(Note 3)

Sep. 19, 2007

Aozora Bank, Ltd.

28-

;  $ <=Taiyo Life Insurance Company

Sumitomo Mitsui Trust Bank Limited

Current portionof long-termloans payable

Balance atBalance at
Repayment
beginning of
end of 5thInterest
Repayment datemethod
5th Fiscal Period Fiscal Period rate (Note 1)(million yen) (million yen)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mar. 01, 2012
Short-term loans
payable     ! ! !

Lump-sum
repayment
at maturity(Note 5)(Note 5)

Installment(Note 6)

Unsecured
UnguaranteedAccount
Drawdown dateLenders
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

Sep. 22, 2010

Sumitomo Mitsui Trust Bank Limited
Sumitomo Mitsui Banking Corporation
Current portionof long-termloans payable

Nov. 25, 2010

Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Nov. 30, 2010

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Apr. 27, 2012
Sumitomo Mitsui Trust Bank Limited
Subtotal

–

1,147

–

573

–

2,610

–

1,770

–

1,530

–

1,806

–

1,300

–

1,700

35,212

29,144Use

1.50%(Note 2)

Sep. 21, 2013

1.38%
(Note 2)

Nov. 15, 2013

1.38%
(Note 2)

Nov. 15, 2013

(Note 5)

0.57%

Jan. 31, 2014

(Note 5)Lump-sum
repayment
at maturity(Note 5)
Unsecured
Unguaranteed

Jun. 25, 2008

2,304

2,304

2.70%

Jun. 25, 2015

Lump-sum
repayment
at maturity(Note 5)Development Bank of Japan Inc.

Oct. 22, 2009

3,679

3,554

3.10%

(Note 8)Installment(Note 6)

1,147

–

–

Sep. 21, 2013

(Note 6)

573

–

2,610

–

1,770

–

–

Nov. 15, 2013

(Note 5)

1,530–

Sep. 22, 2010
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Trust Bank Limited
Sumitomo Mitsui Banking Corporation

Nov. 25, 2010

Aozora Bank, Ltd.
Development Bank of Japan Inc.

Nov. 25, 2010

956

956

1.90%

Nov. 24, 2017

Sumitomo Mitsui Banking Corporation

Nov. 30, 2010

1,806

–

–

Nov. 15, 2013

8,664

8,664

(Note 6)

4,332

1.62%
(Note 2)Feb. 17, 2014

4,332

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

443

443

Sumitomo Mitsui Trust Bank Limited

443

443

(Note 6)

354

354

1.62%
(Note 2)Feb. 17, 2014

Sumitomo Mitsui Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation

265

265

Mizuho Corporate Bank, Ltd.
Feb. 17, 2011
Mizuho Trust & Banking Co., Ltd.

Feb. 17, 2011

Lump-sum
repayment
at maturity(Note 5)(Note 5)Development Bank of Japan Inc.

Feb. 17, 2011

232

225

1.86%

(Note 10)Mizuho Corporate Bank, Ltd.

Mar. 01, 2011

1,083

1,083

1.68%
(Note 2)Feb. 29, 2016

(Note 3)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

492

492

Sumitomo Mitsui Trust Bank Limited

492

492

(Note 3)

2,264

1.68%
(Note 2)Feb. 29, 2016

2,264

Shinsei Bank, Limited

295

295

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

500

500

1.69%
(Note 2)Feb. 29, 2016

(Note 3)

700

700
1.75%
(Note 2)

Apr. 28, 2017

(Note 5)Mar. 01, 2011
Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank Limited

Mar. 10, 2011

Shinsei Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking Corporation

Apr. 28, 2011

Sumitomo Mitsui Trust Bank Limited

3,500

3,500

3,700

3,700

2,000

2,000

Installment(Note 6)

Mitsubishi UFJ Trust and Banking
Corporation

May 31, 2011

2,500

2,500

1.52%
(Note 2)Feb. 29, 2016

Sumitomo Mitsui Banking Corporation

Jun. 30, 2011

2,700

2,700

1.59%
(Note 2)

Jun. 30, 2017

(Note 5)

Sumitomo Mitsui Trust Bank Limited

Jun. 30, 2011

890

890

1.76%
(Note 2)

Jun. 29, 2018

(Note 5)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,600

1,600

Resona Bank, Limited

2,000

2,000

(Note 5)

1,000

1.01%
(Note 2)

Jan. 31, 2015

1,000

Aozora Bank, Ltd.

700

700

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

1,000

1,000

1.16%
(Note 2)

Dec. 18, 2015

(Note 5)The Norinchukin Bank

1,000

1,000

The Bank of Fukuoka, Ltd.

1,000

1,000

Aug. 31, 2011
The Bank of Fukuoka, Ltd.

Mitsubishi UFJ Trust and Banking Corporation

Aug. 31, 2011

Description(Note 6)Development Bank of Japan Inc.

Mizuho Corporate Bank, Ltd.

Long-term loans
payableBalance atBalance at
beginning of
end of 5thInterest
Repayment
Repayment date
5th Fiscal Period Fiscal Period rate (Note 1)
method(million yen) (million yen)

Lump-sumpayment
at maturity

Unsecured
Unguaranteed(Note 3)29

I. Asset Management Report
Account
Drawdown dateLenders
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

Aug. 31, 2011

Aozora Bank, Ltd.
Aug. 31, 2011
Sumitomo Mitsui Banking Corporation
Resona Bank, Limited

Aug. 31, 2011

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sep. 01, 2011
Sumitomo Mitsui Trust Bank Limited

500

500

500

2,000

2,000

1,000

1,000

2,000

2,000

750

750

750

750

1.31%
(Note 2)

Jan. 31, 2017

(Note 5)

1.16%
(Note 2)

Dec. 18, 2015

(Note 3)1.31%
(Note 2)

Jan. 31, 2017

(Note 3)1.31%
(Note 2)

Jan. 31, 2017

(Note 3)

Sep. 29, 2011

1,000

1,000

1.62%
(Note 2)

Sep. 28, 2018

(Note 3)

Aozora Bank, Ltd.

Nov. 18, 2011

2,400

2,400

0.73%

Oct. 31, 2014

(Note 6)

1.57%
(Note 2)

Nov. 30, 2018

(Note 5)0.79%

Dec. 18, 2015

(Note 5)

1.17%
(Note 2)

Nov. 30, 2016

(Note 5)

1.21%

Nov. 30, 2016

(Note 5)

1.11%
(Note 2)

Jul. 29, 2016

(Note 5)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,300

1,300

Sumitomo Mitsui Trust Bank Limited

1,300

1,300

1,000

1,000

1,900

1,900

2,000

2,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

300

300

Sumitomo Mitsui Trust Bank Limited

300

300

Sumitomo Mitsui Banking Corporation

450

450

450

450

The Norinchukin Bank

2,500

2,500

Mitsui Sumitomo Insurance Co., Ltd.

1,000

1,000

Dec. 26, 2011

1,500

1,500

450

450

Jan. 25, 2012

1,550

1,550

Resona Bank, Limited

900

900

Nov. 30, 2011
Mitsubishi UFJ Trust and Banking Corporation
The Norinchukin Bank

Dec. 26, 2011

Dec. 26, 2011
Mizuho Corporate Bank, Ltd.

Taiyo Life Insurance Company
Sumitomo Mitsui Banking Corporation
Mizuho Corporate Bank, Ltd.

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

Sumitomo Mitsui Banking Corporation

650

650

500

500

900

900

Development Bank of Japan Inc.

1,000

1,000

Shinsei Bank, Limited

1,500

1,500

1,000

1,000

500

500

500

500

300

300

Resona Bank, Limited

1,000

1,000

The Bank of Fukuoka, Ltd.

2,000

2,000

500

500

The Tokyo Tomin Bank, Ltd.

500

500

The Iyo Bank, Ltd.

300

300

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

500

500

1,000

1,000

Mizuho Corporate Bank, Ltd.

Jan. 25, 2012

Mitsubishi UFJ Trust and Banking Corporation

Mizuho Trust & Banking Co., Ltd.

Feb. 08, 2012

The Yamaguchi Bank, Ltd.
The Tokyo Tomin Bank, Ltd.

Feb. 08, 2012

The Iyo Bank, Ltd.

The Yamaguchi Bank, Ltd.

Sumitomo Mitsui Trust Bank Limited

Feb. 08, 2012

Feb. 08, 2012

Shinsei Bank, Limited

Lump-sumpayment
at maturity

1.43%(Note 2)

Jul. 31, 2018

(Note 5)0.75%

Jul. 31, 2015

(Note 6)

0.90%

Jul. 31, 2015

(Note 6)

1.11%
(Note 2)

Jul. 29, 2016

(Note 6)1.42%
(Note 2)

Jul. 31, 2018

(Note 6)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Feb. 28, 2012

2,850

2,850

1.23%

Feb. 28, 2018

(Note 3)Apr. 03, 2012

2,700

2,700

0.67%

Mar. 31, 2015

(Note 3)

1,300

–

–

Jan. 31, 2014

(Note 5)

Sumitomo Mitsui Trust Bank Limited

1,700

–

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

800

800

Sumitomo Mitsui Trust Bank Limited

800

800

(Note 5)

2,800

2,800

1.10%
(Note 2)

Aug. 31, 2017

Sumitomo Mitsui Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation

1,600

1,600

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,500

1,500

2,100

2,100

1.20%
(Note 2)

Apr. 27, 2018

(Note 5)800

800

Apr. 27, 2012

Apr. 27, 2012

Sumitomo Mitsui Trust Bank Limited
Sumitomo Mitsui Banking Corporation

Apr. 27, 2012

Description

Unsecured
Unguaranteed

Mizuho Trust & Banking Co., Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

30

500

Use

Mitsubishi UFJ Trust and Banking
Corporation

Mizuho Corporate Bank, Ltd.

Long-termloans payable

Balance atBalance at
beginning of
end of 5thInterest
Repayment
Repayment date
5th Fiscal Period Fiscal Period rate (Note 1)
method(million yen) (million yen)

Account
Drawdown dateLenders
The Gunma Bank, Ltd.

May 31, 2012

Use

0.84%
(Note 2)

May 29, 2015

(Note 5)

0.57%

Jun. 30, 2014

(Note 5)0.85%
(Note 2)

Aug. 31, 2015

(Note 5)

1.25%
(Note 2)

Jun. 28, 2019

(Note 5)

1,000

1,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

657

657

Sumitomo Mitsui Trust Bank Limited

343

343

Aozora Bank, Ltd.

800

800

The Nishi-Nippon City Bank Ltd.

700

700

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

700

700

Sumitomo Mitsui Trust Bank Limited

500

500

1,000

1,000

Jun. 25, 2012

Jun. 25, 2012
Resona Bank, Limited
The Nishi-Nippon City Bank Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

Jun. 29, 2012

Aozora Bank, Ltd.

Long-termloans payable

Balance atBalance at
beginning of
end of 5thInterest
Repayment
Repayment date
5th Fiscal Period Fiscal Period rate (Note 1)
method(million yen) (million yen)

800

800

1,200

1,200

800

800

700

700

Taiyo Life Insurance Company

Sep. 19, 2012

–

1,500

0.94%

Sep. 29, 2017

(Note 7)'"    \ ]=  @Sep. 21, 2012

–

500

0.77%
(Note 2)

Apr. 28, 2016

(Note 6)'"    \ ]=  @Sep. 21, 2012

–

500

0.92%
(Note 2)

Sep. 29, 2017

(Note 6)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Sep. 21, 2012

–

450

1.16%

Sep. 30, 2019

Sumitomo Mitsui Trust Bank Limited

Sep. 21, 2012

–

450

1.16%

Sep. 30, 2019

Mitsubishi UFJ Trust and Banking
Corporation

Nov. 20, 2012

–

1,000

1.03%
(Note 2)

Nov. 29, 2019

(Note 6)

The Hiroshima Bank, Ltd.

Nov. 20, 2012

–

500

0.53%

Nov. 30, 2015

(Note 6)

The Hiroshima Bank, Ltd.

Nov. 20, 2012

–

500

0.79%
(Note 2)

Nov. 30, 2017

(Note 6)–1,200

(Note 6)

1,200

0.96%
(Note 2)

Nov. 29, 2019–

(Note 6)

Sumitomo Mitsui Banking Corporation
Nov. 20, 2012
Mizuho Corporate Bank, Ltd.

Lump-sumpayment
at maturity(Note 6)(Note 6)Development Bank of Japan Inc.

Nov. 30, 2012

–

600

0.74%

May 31, 2017

Development Bank of Japan Inc.

Nov. 30, 2012

–

2,200

1.23%

Nov. 29, 2020

(Note 5)Development Bank of Japan Inc.

Nov. 30, 2012

–

2,200

1.40%

Nov. 29, 2021

(Note 5)Tokio Marine & Nichido Fire InsuranceCo., Ltd.

Dec. 28, 2012

–

500

0.60%

Dec. 18, 2015

(Note 5)Tokio Marine & Nichido Fire InsuranceCo., Ltd.

Dec. 28, 2012

–

1,000

0.72%

Mar. 31, 2017

(Note 5)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

–

2,703

Sumitomo Mitsui Trust Bank Limited

–

3,595

(Note 5)

1,799

1.28%
(Note 2)

Jul. 25, 2019–

Jan. 25, 2013
Mitsubishi UFJ Trust and Banking Corporation
Aozora Bank, Ltd.
Subtotal
Total

–

903

132,132

142,861

168,844

176,154

Description

Unsecured
UnguaranteedB ! @ H!   ! " Q   !   :"   Q    " " !  # ?   "   =     " !    # @>@    !  ""  !   ! #  !   " ! Q    " ## ! "  " !] !     != "  !   ! " | 
as a result of the interest rate swap.
<@ '"  !  !
  !# !!!@}@ '"  !  !
  !# !!!  # $ |!  !@
5. The funds are used for repaying existing loans.
6. The funds are used for redeeming existing investment corporation bonds.
7. The funds are used to repay existing loans and redeem existing investment corporation bonds.
~@ '"      ! "  " ! # $ !"  Q  "  ! $ Q $ >  !Q! # $! !"  Q  " $ Q $=  $= Y! 
November thereafter each in the amount of 62,500 thousand yen of principal, until lump-sum repayment of the remaining principal on September 30, 2014.
@ '"      ! "  " ! # $ !"  Q  "  ! $ Q $ >  !Q! # $! !"  Q  " $ Q $=  $= Y! 
November thereafter each in the amount of 12,500 thousand yen of principal, until lump-sum repayment of the remaining principal on November 30, 2012. This lump-sum
repayment was made on November 30, 2012, in the amount of 787,375 thousand yen.
@ '"      ! "  " ! # $ !"  Q  "  ! $ Y# >  !Q! # $! !"  Q  " $ ;  $= Y#= ;$   Q
thereafter each in the amount of 3,375 thousand yen of principal, until lump-sum repayment of the remaining principal on February 17, 2016.

31

I. Asset Management Report
Investment Corporation Bonds
The following lists the outstanding investment corporation bonds issued by ADR as of January 31, 2013.
Series (Note 1)

Issue Date

Balance at
beginning of
5th Fiscal Period(million yen)

Balance at
end of 5th Fiscal
Period(million yen)

ADR Bond #2(Unsecured)Nov. 21,
2007

5,000

NRI Bond #3(Unsecured)Sep. 26,
2005

NRI Bond #10(Unsecured)

Coupon rate(%)

Redemption
date

Redemption
methodUse

Description

–

2.03

Nov. 21,2012

Lump-sum
redemption at
maturity(Note 2)

Unsecured

9,700

–

1.28

Sep. 24,
2012

Lump-sum
redemption at
maturity(Note 3)

UnsecuredSep. 13,
2007

4,800

–

1.90

Sep. 13,
2012

Lump-sum
redemption at
maturity(Note 4)

Unsecured

ADR Bond #13(Unsecured)Sep. 12,
2011

8,000

8,000

1.27

Sep. 12,2016

Lump-sum
redemption at
maturity(Note 5)

Unsecured

ADR Bond #14(Unsecured)Sep. 12,
2011

2,000

2,000

1.68

Sep. 12,2018

Lump-sum
redemption at
maturity(Note 5)

Unsecured

ADR Bond #15(Unsecured)

Apr. 26,
2012

4,000

4,000

0.86

Apr. 24,
2015

Lump-sum
redemption at
maturity(Note 2)

Unsecured

ADR Bond #16(Unsecured)

Apr. 26,
2012

4,000

4,000

1.08

Apr. 26,
2017

Lump-sum
redemption at
maturity(Note 2)

Unsecured

ADR Bond #17(Unsecured)Sep. 12,
2012

–

8,000

0.87

Sep. 12,2017

Lump-sum
redemption at
maturity(Note 5)

Unsecured

ADR Bond #18(Unsecured)Sep. 12,
2012

–

4,000

1.23

Sep. 12,2019

Lump-sum
redemption at
maturity(Note 5)

Unsecured

37,50030,000Total

B ! @ '" Q  !   " #  # !!  !   !# !  #    Q  !@2. The funds are used for repaying existing loans.
<@ '"  !  !
  !# !!!  # $ |!  !@}@ '"  !  !
  !# !!!  # $ |!  ! !  !   ]  # @
5. The funds are used for redeeming existing investment corporation bonds.

Short-Term Investment Corporation Bonds
Not applicable.
P-81 Windsor House Hiroo — Entrance32

Acquisitions and Disposals in the 5th Fiscal Period
Acquisitions and Disposals of Properties and Asset-Backed Securities
Acquisition period

Disposition

Propertyno.

Property name–$ !!  '
property fund with Godo !" HHB !
operator

Sep. 27, 2012

257

–

–

–

–

–

$ !  '
property fund with Godo !" HHB> ! #  Dec. 18, 2012

222

–

–

–

–

479

–

–

–

–

Acquisition date

Disposition
Gain (Loss)
Acquisition
Disposition
Book value
price (Note)on salesPrice (Note)
date(million yen)(million yen)(million yen)(million yen)

Total

:B ? Y!  #  !# !  # ! " #" !  !  #   "  !   = @= 
commission, and taxes and public dues, required in the acquisition or disposition of the concerned real estate.

!     "   ! |#!!= !" ! Q ]

Acquisitions and Disposals of Other Assets
Not applicable. Major assets other than the above mentioned properties and asset-backed securities are mostlybank deposits or bank deposits within trust assets.

  #   $ 1) Real Estate
Not applicable.
>? '  #$  $ H!!
Acquisition or
disposition
Acquisition
Acquisition

Name$ !!  ' # #$  " 
RISING as operator$ !!  ' # #$  " 
RISING2 as operator

Acquisition date
 !"
 !"

Investigatedvalue of
Acquisition price!# !!!
(million yen)(million yen)

September 27, 2012

257

257

December 18, 2012

222

222

B ! @ '" !!!!  "   !# !!! Q   !     " !   !# ! !!! Q$   ' " ' " !      "'" ; # ! H!  Q Y  ! H !$ Y        B @ >< Y!!!! " ¥  # Y!!! H! '!!
 H!  #   !  Y " !  " !!!! # @>@ Y!  # ! " !    ' # #$  =  "     ! $ !!=  | ! "   ! |#!! !!   " "
acquisition.

3) Others   !  !    Q$ Y " "  "  !  ! ! Q  ?  !   >? ' #$  $ H!! ""  !!!!! #!   " # ! ! Y > "Act on Investment Trusts and Investment Corporations, ADR entrusts Deloitte Touche Tohmatsu LLC withthe assessment.

33

I. Asset Management Report
Transactions with Interested Parties and Major Shareholders
1) Transactions
Not applicable.
2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties and major shareholders in the 5th Fiscal
Period.

Account

Total amount ofcommission fees(A)(thousand yen)

Breakdown of transaction with interested parties andmajor shareholders
Payee

Amount paid(B)(thousand yen)

Share(B)÷(A)(%)

1,092,540 ITOCHU Urban Community Ltd.

630,347

57.7

Other rental expenses

124,814 ITOCHU Urban Community Ltd.

59,86348.0

Advertising expenses

4,410 ITOCHU Urban Community Ltd.

3,210

72.8

ITOCHU Urban Community Ltd.
116,116 ITOCHU Human Resources & GeneralY ! ! H@26,150

22.5

90

0.1

Property management fees

Other fees

Notes 1. Transactions are not disclosed for transactions in which the actual counterparty is clearly a third party but via interested parties by form or name.
>@ H' Q   $  @  H'   ! ! ¢   Y ! ! H@  " ! # ! " !!     # $ "  "  ! 
asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article 123 of the    " "    !" "  ! " !!     # $ !   Y >}=    #" > "    H!!  |" Act, with which ADR engaged in transactions in the 5th Fiscal Period.

Transactions with the Asset Management Company Pertaining to Business&     '  * *   + 
There are no such transactions, as the asset management company conducts no concurrent operations in the$# H    !! Q!!!= $# HH    !! Q!!!= Q   !  Q !
 !   Q!!!    !  !#   #!@< HHY   Z 

34

 ]

Accounts  /"  /: /;* " 

 !    "  # $ HH@ \   "!= HHH@  ! H = H¥@  ! " !
 "  ! $= ¥@ B !      !  ¥H@  !  !" !Q !@Change in Depreciation Calculation Method
C-7 RESIDIA Ueno-Okachimachi

Not applicable.

Change in Method of Valuation of Properties
Not applicable.

+    $$<'  ; * 
Not applicable.

Other
NoticeBoard of Directors meeting   !!!    " |          ! ##  ! !  " !  #     ! Z Q @
Approval date

 Y! Q

Item

Overview

Issuance of new investment units andsale of investment units

Agent decided to issue new investment units through a public  ; #   !!  ! ! " "" # $   " " |!
 !"  # @Conclusion of underwriting
agreement for new investment units

Agent selected for entrustment of administration associated with!!  "  ! !   "
issuance of new investment units.

January 8, 2013

Other
!! "! !  =   $  !     ! !#   "! @  #  !      "

35

II. Balance Sheets(thousand yen)

4th Fiscal Period(as of July 31, 2012)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Short-term investment securities
Prepaid expenses
Consumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net' !=   |!
Accumulated depreciation' !=   |!= 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' !=   |!  !
Accumulated depreciation' !=   |!  != Land in trust
Total property, plant and equipmentH Q | !!Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Other
Total investments and other assets'   | !!!
Deferred assets
Unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets

36

5th Fiscal Period(as of January 31, 2013)

6,701,044
7,055,796
291,076
4,500,000
406,093
31,77923,797-22,546
18,987,040

7,864,275
6,319,609
269,8425,000,000
325,915–
30,747-29,650
19,780,740

72,304,597-3,621,718
68,682,879
6,843
-761
6,082
3,670
-134
3,535
76,216-39,531
36,684
68,868,819
109,635,673-7,854,733
101,780,939
143,844-50,920
92,923112,816-40,890
71,926457,855-279,938
177,917
122,331,287
362,052,996

72,335,479-4,413,766
67,921,712
7,850-1,032
6,817
8,999
-345
8,654
87,784-47,535
40,24868,868,819
109,742,615-9,107,515
100,635,099
147,106-55,81291,293131,042-44,723
86,319480,232-297,938
182,294
122,331,287
360,172,547

1,071,902
130,929
16,264
1,219,096

1,071,902
128,069
13,2391,213,211

441,066
656,647
628,756
1,654
1,728,124
365,000,218

927,092
593,968
634,485
1,654
2,157,201
363,542,960

21,39482,953
104,348
384,091,606

23,773
129,105
152,878
383,476,579

(thousand yen)

4th Fiscal Period(as of July 31, 2012)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bondCurrent portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Long-term liabilities
Investment corporation bondLong-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Long-term deposits received
Other
Total long-term liabilities
Total liabilities
Net assets
Unitholders’ equity
Paid-in Capital
SurplusCapital surplus
Reserve for dividends
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets*1

5th Fiscal Period(as of January 31, 2013)

131,864
1,500,000
19,500,000
35,212,200
958,733
266,931–47,053
43,27557,660,058

176,888
4,148,000–
29,144,855
1,011,380
217,987
35,901
53,98436,18034,825,179

18,000,000
132,132,311
1,234,796
1,876,498
23,344
9,525
153,276,476
210,936,534

30,000,000
142,861,595
1,232,672
1,893,284
16,996
6,804
176,011,351
210,836,530

80,087,298

80,087,298

53,220,279
35,236,060
4,611,435
93,067,774
173,155,072
173,155,072
384,091,606

53,220,279
34,651,095
4,681,376
92,552,750
172,640,048
172,640,048
383,476,579*1

C-52 RESIDIA Bunkyo-Yushima III

37

III. Statements of Income(thousand yen)

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

Operating revenues*1

Rental revenue – real estate
Dividends income
Total operating revenue

12,193,737*1

12,155,922

25,887

38,58912,219,625

12,194,512

Total operating expenses*1

Expenses related to rent business

4,551,721*1

4,557,030

Asset management fee

765,489

822,488

Asset custody fee

12,443

10,628Administrative service fees

65,50760,073

Directors’ compensations

2,400

2,400

Taxes and dues

78,446

138,303

Provision of allowance for doubtful accounts

7,150

11,345

194–

Other operating expenses

176,803

171,720

Total operating expenses

5,660,157

5,773,989

6,559,467

6,420,522

Interest income

8,181

9,018

Interest on securities

2,285

2,989

Reversal of distribution payable

11,984

3,408

Other

4,757

3,184

Total non-operating income

27,20918,6001,311,406

1,261,904

246,749

214,384

Amortization of unit issuance expenses

8,100

8,100

Amortization of investment corporation bond issuance costs

11,43916,385"   !! !!   " " !! 

14,711

15,317379,076

228,815

3,153

12,233

1,974,636

1,757,141

Ordinary income

4,612,040

4,681,981

Income before income taxes

4,612,040

4,681,981

Income taxes – current

605

605

Income taxes – deferred

605

605

Net income

4,611,435

4,681,376

Unappropriated retained earnings (undisposed loss)

4,611,435

4,681,376

Bad debts expenses

Operating income
Non-operating income

Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds

! !

Borrowing related expenses
Other
Total non-operating expenses

38

IV. Statements of Changes in Unitholders’ Equity(thousand yen)

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012
Unitholders’ equity
Paid-in Capital
Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Total changes of items during the period
Balance at the end of current period
SurplusCapital surplus
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Reserve for dividends
Balance at the beginning of current period
Changes of items during the period
Reversal of reserve for dividends
Total changes of items during the period
Balance at the end of current period
Unappropriated retained earnings (undisposed loss)
Balance at the beginning of current period
Changes of items during the period
Reversal of reserve for dividends
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Total surplus
Balance at the beginning of current period
Changes of items during the period
Reversal of reserves for dividends
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Total unitholders’ equity
Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

64,561,818

80,087,298

15,525,480
15,525,480
80,087,298––
80,087,298

53,220,279

53,220,279–
53,220,279–
53,220,279

35,648,605

35,236,060-412,545-412,545
35,236,060-584,965-584,965
34,651,095

3,997,454

4,611,435

412,545-4,410,000
4,611,435
613,980
4,611,435

584,965-5,196,400
4,681,376
69,941
4,681,376

92,866,339

93,067,774–-4,410,000
4,611,435
201,435
93,067,774–-5,196,400
4,681,376-515,023
92,552,750

157,428,157

173,155,072

15,525,480-4,410,000
4,611,435
15,726,915
173,155,072–-5,196,400
4,681,376-515,023
172,640,048

157,428,157

173,155,072

15,525,480-4,410,000
4,611,435
15,726,915
173,155,072–-5,196,400
4,681,376-515,023
172,640,04839

#>=   ?  =  '*     :
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

1. Standards and method of valuationof securities(1) Held-to-maturity debentures
Carried at amortized cost (straight-line
basis).
(2) Available-for-sale securities
Non-marketable securities
Stated at cost determined by the moving
average method.
For investments in TK property fund, ADR
adopts the method of factoring in the net
amount of TK property fund income (loss)
in proportion to its equity interests.

(1) Held-to-maturity debentures
Carried at amortized cost (straight-line
basis).
(2) Available-for-sale securities
Non-marketable securities
Stated at cost determined by the moving
average method.
For investments in TK property fund, ADR
adopts the method of factoring in the net
amount of TK property fund income (loss)
in proportion to its equity interests.

>@ "assets(1) Property, plant and equipment (including
assets in trust)Calculated on a straight-line basis.
The useful life of the main items ofproperty, plant and equipment are as
follows:
Buildings
5~46 years
Structures
6~50 years
Machinery and equipment 10~15 years' !=   |! >©+ $ !
(2) Intangible assets
Calculated on a straight-line basis.
The useful life of the main items ofintangible assets are as follows:
Leasehold rights in trust
24 years
Software3~5 years:<?   ##  |#!!
Calculated on a straight-line basis.

(1) Property, plant and equipment (including
assets in trust)Calculated on a straight-line basis.
The useful life of the main items ofproperty, plant and equipment are as
follows:
Buildings
5~46 years
Structures
6~50 years
Machinery and equipment 10~15 years' !=   |! >©+ $ !
(2) Intangible assets
Calculated on a straight-line basis.
The useful life of the main items ofintangible assets are as follows:
Leasehold rights in trust
24 years
Software3~5 years:<?   ##  |#!!
Calculated on a straight-line basis.

3. Method of accounting for deferredassets:?  !!  |#!!
Amortized on a straight-line basis (over3 years).
(2) Investment corporation bond issuancecosts
Amortized on a straight-line basis over theperiod up to redemption of the investment
corporation bonds.

:?  !!  |#!!
Amortized on a straight-line basis (over3 years).
(2) Investment corporation bond issuancecosts
Amortized on a straight-line basis over theperiod up to redemption of the investment
corporation bonds.

4. Standards of recording allowances

Allowance for doubtful accounts
For allowance for doubtful accounts
against possible losses arising from default
on receivables, uncollectable amount isestimated and recorded by investigatingcollectability based on historical loan loss
ratios for general receivables and on a !Q$ ! |     Q  " !#  Q!@

Allowance for doubtful accounts
For allowance for doubtful accounts
against possible losses arising from default
on receivables, uncollectable amount isestimated and recorded by investigatingcollectability based on historical loan loss
ratios for general receivables and on a !Q$ ! |     Q  " !#  Q!@5. Standards of recording revenue and|#!!

"   # #$  |!@  # #$  |= Q  #   | 
# Q !!  |= @    ! 
properties held, ADR adopts the method of
charging the corresponding amounts of!!!!  |!= ""  Q ]  
! !=  " !  #   ! |#!!     Q!!!@Furthermore, for the pro rata portion of# #$  |! Y #   " !!
upon acquisition of real estate properties,
ADR includes the amount in the acquisition
 ! !
    ! |#!!
related to rent business. The amount   !"  |!    "
acquisition cost of real estate properties in" !  #    ! ~>=~thousand yen.

"   # #$  |!@  # #$  |= Q  #   | 
# Q !!  |= @    ! 
properties held, ADR adopts the method of
charging the corresponding amounts of!!!!  |!= ""  Q ]  
! !=  " !  #   ! |#!!     Q!!!@Furthermore, for the pro rata portion of# #$  |! Y #   " !!
upon acquisition of real estate properties,
ADR includes the amount in the acquisition
 ! !
    ! |#!!
related to rent business. The amount   !"  |!    "
acquisition cost of real estate properties!   #   " !  #  
review.

40

#  |

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

6. Method of hedge accounting(1) Method of hedge accounting
Special accounting is applied.
(2) Hedging instruments and hedged items
Hedging instruments
Interest rate swap transactions
Hedged items
Loans(3) Hedging policy
ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its
   # $@:}? " !!!! " !!
hedging
Y!!!! " !! ! 
as the relevant transactions meet therequirements for special accounting.

(1) Method of hedge accounting
Special accounting is applied.
(2) Hedging instruments and hedged items
Hedging instruments
Interest rate swap transactions
Hedged items
Loans(3) Hedging policy
ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its
   # $@:}? " !!!! " !!
hedging
Y!!!! " !! ! 
as the relevant transactions meet therequirements for special accounting.

@ " !   ! "  !
! Q !!  ##    
statements:? "   Q $:? "   Q $interests in trust in real estate properties
interests in trust in real estate properties  Q $ !!  !     Q $ !!  !   
estate liabilities within trust assets as wellestate liabilities within trust assets as well!   !   |#!!
!   !   |#!!
incurred from the trust assets are recorded
incurred from the trust assets are recordedin the relevant account titles on the balancein the relevant account titles on the balance
sheets and statements of income.
sheets and statements of income.
The following material titles of the trust
The following material titles of the trust
assets recorded in the relevant accountassets recorded in the relevant accounttitles are separately stated on the balance
titles are separately stated on the balance
sheets.
sheets.
(i) Cash and deposits in trust(i) Cash and deposits in trust(ii) Buildings in trust; structures in(ii) Buildings in trust; structures intrust; machinery and equipment intrust; machinery and equipment in!  !=   |!
!  !=   |!
in trust; land in trust; and leaseholdin trust; land in trust; and leasehold
rights in trust
rights in trust(iii) Tenant leasehold and security(iii) Tenant leasehold and security
deposits in trust
deposits in trust(2) Method of accounting for consumption(2) Method of accounting for consumption
 |!@
 |!@'"          !#   |!
'"          !#   |!
 |    Q!!!  !   |    Q!!!  !   !@  =    | !@  =    |assets and deferred assets includes national
assets and deferred assets includes national     !#   |!       !#   |!  
them.
them.

41

#>=   ?  *=   +  
4th Fiscal Period(as of July 31, 2012)

5th Fiscal Period(as of January 31, 2013)& @   !!! ! !#   Y =    #" }the Act on Investment Trusts and Investment Corporations
50,000 thousand yen& @   !!! ! !#   Y =    #" }the Act on Investment Trusts and Investment Corporations
50,000 thousand yen

2. ADR has signed term loan commitment agreements with its
banks of account.
Revolving line of credit
20,000,000 thousand yenLine of credit used
1,500,000 thousand yenLine of credit left unused
18,500,000 thousand yen

2. ADR has signed term loan commitment agreements with its
banks of account.
Revolving line of credit
20,000,000 thousand yenLine of credit used
– thousand yenLine of credit left unused
20,000,000 thousand yen

P-30 Pianetta Shiodome — Entrance42

=   * $;*
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

*1. Breakdown of operating income (loss) from property leasing
activities(thousand yen)

*1. Breakdown of operating income (loss) from property leasing
activities(thousand yen)

A. Revenue from property leasing
Rental revenue – real estate
Rent income
Facility charge
Parking fee
Subtotal"    
property leasing
Income from leasing rights
Miscellaneous income
Subtotal
Total revenue from property
leasing\@ |#!!   # #$  !  |#!!
 #$  |!
Property management fees
Utilities
Repairs and maintenanceInsurance
Trust fee"   |#!!
Depreciation and amortization'   |#!!   # #$  !@ #      # #$ ! :Yª\?

=   

11,030,977
410,236
349,979
11,791,192
31,754
370,789402,544
12,193,737

555,528875,228
190,875
356,027
22,27557,772424,558
2,069,454
4,551,721
7,642,016

A. Revenue from property leasing
Rental revenue – real estate
Rent income
Facility charge
Parking fee
Subtotal"    
property leasing
Income from leasing rights
Miscellaneous income
Subtotal
Total revenue from property
leasing\@ |#!!   # #$  !  |#!!
 #$  |!
Property management fees
Utilities
Repairs and maintenanceInsurance
Trust fee"   |#!!
Depreciation and amortization'   |#!!   # #$  !C. #      # #$ ! :Yª\?

11,044,017
432,368
370,556
11,846,942
29,574279,405
308,980
12,155,922

566,806
844,116
209,084
330,955
22,78056,010444,375
2,082,900
4,557,030
7,598,892

* $    @  
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

Total number of units authorized and total number of units issued
and outstanding
Total number of units
6,000,000 units
authorized
Total number of units issued
1,100,000 units
and outstanding

Total number of units authorized and total number of units issued
and outstanding
Total number of units
6,000,000 units
authorized
Total number of units issued
1,100,000 units
and outstanding43

#>=   ?  *=   !<J   
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012
@ \ ]  # $  !!  
!!!     |  Q!

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013
   |@ \ ]  # $  !!  
!!!     |  Q!

(thousand yen):   | !!!?
Y   |!! # ! 
allowance for doubtful accounts¥       
received at merger Q "  "Subtotal
Allowance for valuation'      | !!!
B    | !!!

7,701
13,568,536
1,483,134
1,790
15,061,164-15,061,164––>@ \ ]  !   # ! "   ! 
Q !  $    |        |  
 ##    |    $    |  
(Adjustments)
Increase (decrease) in allowance forvaluation
Deductible dividend amount"    |   ##    |  

(%)
39.33
-6.31
-33.170.16
0.01

<~ HHY  !""  

44   |(thousand yen):   | !!!?
Y   |!! # ! 
allowance for doubtful accounts¥       
received at merger Q "  "Subtotal
Allowance for valuation'      | !!!
B    | !!!

10,43813,344,103
1,483,134
2,767
14,840,444-14,840,444––>@ \ ]  !   # ! "   ! 
Q !  $    |        |  
 ##    |    $    |  
(Adjustments)
Increase (decrease) in allowance forvaluation
Deductible dividend amount"    |   ##    |  

(%)
36.59
-4.71
-32.760.89
0.01

=  ?!   " 
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased propertyH Q | !!Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as theuseful life, without residual value.
 "    !  !  ! "  !"#  ! to lessee, those with the lease transaction start date falling   "  ;$ = >~ ! !Q    
accordance with the method adopted for ordinary rental
transactions. The details are as follows:

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased propertyH Q | !!Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as theuseful life, without residual value.
 "    !  !  ! "  !"#  ! to lessee, those with the lease transaction start date falling   "  ;$ = >~ ! !Q    
accordance with the method adopted for ordinary rental
transactions. The details are as follows:(As lessee)(1) Acquisition value equivalent, accumulated depreciationequivalent and period-end balance equivalent of the leased
properties(thousand yen)
Acquisition Accumulated Period-end
value
depreciation
balanceequivalentequivalentequivalent
Tools, furniture |! 
6,974
3,546
3,428
trust
 
6,974
3,546
3,428

(As lessee)(1) Acquisition value equivalent, accumulated depreciationequivalent and period-end balance equivalent of the leased
properties(thousand yen)
Acquisition Accumulated Period-end
value
depreciation
balanceequivalentequivalentequivalent
Tools, furniture |! 
6,974
3,900
3,073
trust
 
6,974
3,900
3,073

:B ? Y!      !    ! " ! !
method, as the period-end balance of future lease payments payableaccounts for only a small proportion of the period-end balance ofproperty, plant and equipment.

:B ? Y!      !    ! " ! !
method, as the period-end balance of future lease payments payableaccounts for only a small proportion of the period-end balance ofproperty, plant and equipment.

(2) Period-end balance equivalent of future lease payments
payableDue within 1 year
709 thousand yen
Due after 1 year
2,720 thousand yen
Total
3,429 thousand yen(2) Period-end balance equivalent of future lease payments
payableDue within 1 year
709 thousand yen
Due after 1 year
2,365 thousand yen
Total
3,075 thousand yen(3) Lease payments paid and depreciation equivalent
Lease payments paid
354 thousand yen
Depreciation equivalent
354 thousand yen(3) Lease payments paid and depreciation equivalent
Lease payments paid
354 thousand yen
Depreciation equivalent
354 thousand yen(4) Calculation method of depreciation equivalent
Calculated on a straight-line basis over the lease period as theuseful life, without residual value.

(4) Calculation method of depreciation equivalent
Calculated on a straight-line basis over the lease period as theuseful life, without residual value.

>@ #   !  !  !
(As lessee)
Future lease payments payable
Due within 1 year
Due after 1 year
Total>@ #   !  !  !
(As lessee)
136,428 thousand yen
2,921,644 thousand yen
3,058,072 thousand yen

Future lease payments payable
Due within 1 year
Due after 1 year
Total

136,428 thousand yen
2,853,430 thousand yen
2,989,858 thousand yen

Furthermore, estimated amounts are used for transactions in"" "  !   !    Z @Furthermore, estimated amounts are used for transactions in"" "  !   !    Z @(As lessor)(As lessor)

Future lease payments receivable
Due within 1 year
Due after 1 year
Total

Future lease payments receivable
Due within 1 year
Due after 1 year
Total

4,116,391 thousand yen
7,233,632 thousand yen
11,350,023 thousand yen

4,088,631 thousand yen
6,133,656 thousand yen
10,222,287 thousand yen

45

#>=   ?  *=  ?  ;  *
4th Fiscal Period (from February 01, 2012 to July 31, 2012)
@  !   ! !    !!
:?  $     !! ! 
In order to secure stable earnings and steady growth of assets under management, ADR procures funds" " Q  = !!  !  #    Q  ! :  !"  !
 #    Q  ! !   Q ?= !!  !  "  !   #  !"  ! ! !
purchasing real estate properties and repaying debts.
Y  $ !  ! $  " ## ! "  " !] !     !  "risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits andJapanese Government Bonds as a rule, in consideration of safety and stability.
:>? !#     !!  !!   !]!=  !]    !
 !   Q    !  #    Q  !  ! # $   " !   !  # #!= # $ |! Q!    |! !  #    Q  !@ ^"  
 !"  != Y ! |# !   $ !]! "   $   Q Q        !
upon repayment or redemption maturity. ADR manages the risks through monthly review of payment
schedules to monitor the cash positions, and limits the risks by securing cash reserves, spreading out theQ # $  Q   #  != ! $ "      ! != ! loan commitment agreements, and procuring funds through various means including issuance of units.
H = Y ! " !] !     !  "" Q    !
 #    Q  ! "   !  !  |# ! = Q$ Z  ! :!   ! #transactions).
# !!  |# !  " !] "    ! ! "   " # !!  "  
risks. ADR limits the risks by setting certain limits to the duration of deposits and a minimum credit rating "    ! ! "   " # !!=  Q$ ! $ "    ! ! "   "deposits.
:<? ## $ |#           !!
'"       !!= !     ! Q !   ] #=  $    ! Q !on reasonable calculations when there is no market price. Certain assumptions are adopted in calculating" !  !=  "  $ Q  !! " "  !   $ "  !!# ! # @As for the contract value and other conditions of derivatives transactions, the value itself is not an indicatorshowing the market risks related to such transactions.
>@    !    !!
'"    " Q ]  !     " Q   !"!=   !  "  ! ;$31, 2012.
Book value (thousand yen)

Fair value (thousand yen) :" !  $?

(1) Cash and deposits

6,701,044

6,701,044–(2) Cash and deposits in trust

7,055,796

7,055,796–(3) Short-term investment securities

4,500,000

4,500,000–(4) Short-term loans payable(1,500,000)(1,505,438)5,438(5) Current portion of investment corporation bond

(19,500,000)(19,515,000)

15,000(6) Current portion of long-term loans payable(35,212,200)(35,424,426)

212,226:? H!  #    Q (18,000,000)(18,107,200)

107,200:~?   (132,132,311)(133,477,485)

1,345,174–-713,789-713,789

! # $ Q:?    !  ! (Note 2)

Notes 1. Items that are charged to liabilities are shown in parentheses ( ).
2. Special provisions for interest rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments” (issued by the Accounting   ! \ ; #  :Y\;?   " = >~ Y\;   B @ ?@ Y  $= "    !     " Q   !"!@<@     "       !!
(1) Cash and deposits; (2) Cash and deposits in trust
Y! "!  ! " !"  #= "    ! ## | $    Q ]    ! "! !   "  Q ]  @(3) Short-term investment securities
Y! "!    Q # !!  ! " !"  #= "    ! ## | $    Q ]    ! "! !   "  Q ]  @:}? "   ! # $ Q :?  #      ! # $ Q :~?    ! # $ Q
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal and interest by the interest rate assumed as being## Q  "   
!  Q  @:+?  #   !  #    Q   :? H!  #    Q 
The fair value of these is calculated based on the reference value quoted by Japan Securities Dealers Association. However, when there is no reference value, the fair valueof these is calculated based on the present value found by discounting the sum total amount of principal and interest by the interest rate assumed as being applicable in the  
!  Q  @:?    !  !
(i) Transactions for which hedge accounting is not applied
Not applicable.

46

(ii) Transactions for which hedge accounting is applied
The following is the contract amount or amount equivalent to the principal provided in the contract, etc. as of the closing of accounts for each method of hedge
accounting.

(thousand yen)(*1)

Method of hedge
accounting

Type of derivativetransactions

Main hedged item

Special provisions forinterest rate swaps

Interest rate swap
transactions
 $ Q |  Q  Long-term loans
payableContract amount ""=|   $ 
125,043,174

Fair value (*2, 3)

115,367,488-713,789(*1) The contract amount, etc. is based on notional principal.
(*2) The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate of interest.
(*3) Special provisions for interest rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments” (issued by theY     ! \ ; #  :Y\;?   " = >~ Y\;   B @ ?@ Y  $= "    !     " Q   !"!@}@    !!  "" !   !  Z  Q |$ 
Investment securities
TK property fund equity interests (carrying amount: 441,066 thousand yen) are not subject to disclosure of fair value because discerning of fair value is recognized to be|$  ! " !   ] #  "@5. Amount of redemption of monetary claims and short-term investment securities scheduled to be due after closing of accounts(thousand yen)
Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due within 1 year
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years
Cash and deposits

6,701,044

–

–

–

–

–

Cash and deposits in trust

7,055,796

–

–

–

–

–

Short-term investment
securities

4,500,000

–

–

–

–

–

18,256,841

–

–

–

–

–

 

6. Amount of repayment of investment corporation bonds, long-term loans payable, and other interest-bearing loans scheduled to be due after closing of accounts(thousand yen)
Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due within 1 year
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years
Short-term loans payable
Current portion of
investment corporation bondCurrent portion of long-termloans payable
Investment corporationbondLong-term loans payable 

1,500,000

–

–

–

–

–

19,500,000

–

–

–

–

–

35,212,200

–

–

–

–

–

–

–

4,000,000–

12,000,000

2,000,000–

29,705,215

19,448,195

28,273,072

22,859,500

31,846,329

56,212,200

29,705,215

23,448,195

28,273,072

34,859,500

33,846,329

< HHY  HH

47

#>=   ?  

*

5th Fiscal Period (from August 01, 2012 to January 31, 2013)
@  !   ! !    !!
:?  $     !! ! 
In order to secure stable earnings and steady growth of assets under management, ADR procures funds" " Q  = !!  !  #    Q  ! :  !"  !
 #    Q  ! !   Q ?= !!  !  "  !   #  !"  ! ! !
purchasing real estate properties and repaying debts.
Y  $ !  ! $  " ## ! "  " !] !     !  "risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits andJapanese Government Bonds as a rule, in consideration of safety and stability.
:>? !#     !!  !!   !]!=  !]    !
 !   Q    !  #    Q  !  ! # $   " !   !  # #!= # $ |! Q!    |! !  #    Q  !@ ^"  
 !"  != Y ! |# !   $ !]! "   $   Q Q        !
upon repayment or redemption maturity. ADR manages the risks through monthly review of payment
schedules to monitor the cash positions, and limits the risks by securing cash reserves, spreading out theQ # $  Q   #  != ! $ "      ! != ! loan commitment agreements, and procuring funds through various means including issuance of units.
H = Y ! " !] !     !  "" Q    !
 #    Q  ! "   !  !  |# ! = Q$ Z  ! :!   ! #transactions).
# !!  |# !  " !] "    ! ! "   " # !!  "  
risks. ADR limits the risks by setting certain limits to the duration of deposits and a minimum credit rating "    ! ! "   " # !!=  Q$ ! $ "    ! ! "   "deposits.
:<? ## $ |#           !!
'"       !!= !     ! Q !   ] #=  $    ! Q !on reasonable calculations when there is no market price. Certain assumptions are adopted in calculating" !  !=  "  $ Q  !! " "  !   $ "  !!# ! # @As for the contract value and other conditions of derivatives transactions, the value itself is not an indicatorshowing the market risks related to such transactions.
>@    !    !!
'"    " Q ]  !     " Q   !"!=   !  "  !
January 31, 2013.
Book value (thousand yen)

Fair value (thousand yen) :" !  $?

(1) Cash and deposits

7,864,275

7,864,275–(2) Cash and deposits in trust

6,319,609

6,319,609–(3) Short-term investment securities

5,000,000

5,000,000–(4) Short-term loans payable(4,148,000)(4,148,729)

729(5) Current portion of long-term loans payable(29,144,855)(29,244,799)

99,944(6) Investment corporation bond

(30,000,000)(30,285,600)

285,600:?   (142,861,595)(144,731,034)

1,869,439–-1,194,403-1,194,403

! # $ Q:~?    !  ! (Note 2)

Notes 1. Items that are charged to liabilities are shown in parentheses ( ).
2. Special provisions for interest rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments” (issued by the Accounting   ! \ ; #  :Y\;?   " = >~ Y\;   B @ ?@ Y  $= "    !     " Q   !"!@<@     "       !!
(1) Cash and deposits; (2) Cash and deposits in trust
Y! "!  ! " !"  #= "    ! ## | $    Q ]    ! "! !   "  Q ]  @(3) Short-term investment securities
Y! "!    Q # !!  ! " !"  #= "    ! ## | $    Q ]    ! "! !   "  Q ]  @:}? "   ! # $ Q :+?  #      ! # $ Q :?    ! # $ Q
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal and interest by the interest rate assumed as being## Q  "   
!  Q  @(6) Investment corporation bond
The fair value of these is calculated based on the reference value quoted by Japan Securities Dealers Association. However, when there is no reference value, the fair valueof these is calculated based on the present value found by discounting the sum total amount of principal and interest by the interest rate assumed as being applicable in the  
!  Q  @:~?    !  !
(i) Transactions for which hedge accounting is not applied
Not applicable.
(ii) Transactions for which hedge accounting is applied
The following is the contract amount or amount equivalent to the principal provided in the contract, etc. as of the closing of accounts for each method of hedge
accounting.

48

(thousand yen)(*1)

Method of hedge
accounting

Type of derivativetransactions

Main hedged item

Special provisions forinterest rate swaps

Interest rate swap
transaction
 $ Q |  Q  Long-term loans
payableContract amount ""=|   $ 
125,589,090

Fair value (*2, 3)

110,397,488-1,194,403(*1) The contract amount, etc. is based on notional principal.
(*2) The fair value is based on the calculation conducted by the counterparty to the relevant transaction on the basis of the going rate of interest.
(*3) Special provisions for interest rate swaps are applied to the amount of fair value based on the “Accounting Standard for Financial Instruments” (issued by theY     ! \ ; #  :Y\;?   " = >~ Y\;   B @ ?@ Y  $= "    !     " Q   !"!@}@    !!  "" !   !  Z  Q |$ 
Investment securities' # #$  $ !! : $  X >=> " !  $?    !Q  ! !   Q ! !   !  Z  Q|$  ! " !   ] #  "@5. Amount of redemption of monetary claims and short-term investment securities scheduled to be due after closing of accounts(thousand yen)
Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due within 1 year
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years
Cash and deposits

7,864,275

–

–

–

–

–

Cash and deposits in trust

6,319,609

–

–

–

–

–

Short-term investment
securities

5,000,000

–

–

–

–

–

19,183,885

–

–

–

–

–

 

6. Amount of repayment of investment corporation bonds, long-term loans payable, and other interest-bearing loans scheduled to be due after closing of accounts(thousand yen)
Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due within 1 year
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years
Short-term loans payable

4,148,000

–

–

–

–

–

Current portion of long-termloans payable

29,144,855

–

–

–

–

–

–

–

4,000,000

8,000,000

12,000,000

6,000,000

Investment corporationbondLong-term loans payable –

28,271,133

21,318,311

27,725,822

22,956,329

42,590,000

33,292,855

28,271,133

25,318,311

35,725,822

34,956,329

48,590,00049

#>=   ?  *=  #  $ : 
4th Fiscal Period (from February 01, 2012 to July 31, 2012)
ADR mainly owns residential rental properties in Tokyo and other regions. The following are the book value,amount of change during the period and fair value of these properties.
(thousand yen)Book value
Initial balance(Note 1)

Amount of change
during the period (Note 2)

337,716,207

25,539,621

Period end fair value
Period end balance(Note 3)363,255,828

366,860,700

Notes 1. The book value is cost of acquisition less accumulated depreciation.
>@ '"   "   " # !  $ Q Q   !   !     !  Q $ !!  ! :>=}<=+ " !  $?=  decrease as a result of posting of depreciation.
3. The period end fair value is the appraisal or investigated value provided by an outside real estate appraiser.

For the 4th Fiscal Period operating income from property leasing, please refer to aforementioned “Notes toStatements of Income.”
5th Fiscal Period (from August 01, 2012 to January 31, 2013)
ADR mainly owns residential rental properties in Tokyo and other regions. The following are the book value,amount of change during the period and fair value of these properties.
(thousand yen)Book value
Initial balance363,255,828(Note 1)

Amount of change
during the period (Note 2)-1,883,308

Period end fair value
Period end balance
361,372,519(Note 3)367,832,900

Notes 1. The book value is cost of acquisition less accumulated depreciation.
2. The amount of change during the period is mainly attributable to the increase from the posting of depreciation and amortization.
3. The period end fair value is the appraisal or investigated value provided by an outside real estate appraiser.

For the 5th Fiscal Period operating income from property leasing, please refer to aforementioned “Notes toStatements of Income.”50

=      K  :  
4th Fiscal Period (from February 01, 2012 to July 31, 2012)
 !!   Name of related party

Business
Share ofdescriptionunits
or occupation held in ADR

Interested
parties

GeneraltradingcompanyH'  #   

Nature oftransaction

directownership
3.16%

Acquisition ofQ $
indirect interests inownership trust (Note 1)

Transaction
amount(thousand yen)

8,198,862(Note 2, 3)

Account

Period end
balance(thousand yen)

–

–

0.45%

Interested
partiesAssetcustodianH' Q 
Community Ltd.

Sumitomo Mitsui
Trust Bank Limited

Real estatebusiness

Bankingbusiness andtrust
business–

Entrustment ofproperty
management612,493(Note 4)–

Borrowing(repayment)of funds (Note 5)

9,608,000(9,148,460)(Note 6)

# 
accounts
payable49,013(Note 3)

Short-termloans payable

450,000

Current portionof long-termloans payable

9,445,992

Long-termloans payable

17,529,124

Transaction terms and conditions, and policy on determining transaction terms and conditions
B ! @ " ! # Q $ !!  ! !  " "    != "       !   !!  "Q   !  ## !   !
provided by real estate appraisers.
>@ '"  !      " #" ! Q $ !!  !!  ! >}=>+ " !  $ YH #   " ! ! # #$  |!@<@ '"  !      !  !#   |!@4. Transaction terms and conditions are negotiated and decided based on market price.
5. Interest rates on borrowings are reasonably determined based on market interest rates.
@  "  !    = " #       Q   " <= >> !    !  ! " '"   '! ¢ \ ]  @=  @= Q $ Q 
merger.

5th Fiscal Period (from August 01, 2012 to January 31, 2013)
 !!   Name of related party

Business
Share ofdescriptionunits
or occupation held in ADR

Interested
parties

Real estatebusiness

H' Q 
Community Ltd.

–Nature oftransaction
Entrustment ofproperty
management

Transaction
amount(thousand yen)Account

630,347

# 
accounts
payable(Note 1)

Asset
custodian

Sumitomo Mitsui
Trust Bank Limited

Bankingbusiness andtrust
business–

Borrowing(repayment)of funds (Note 3)

6,580,000(4,984,886)

Period end
balance(thousand yen)
46,806(Note 2)

Short-termloans payable

2,535,000

Current portionof long-termloans payable

9,221,887

Long-termloans payable

17,263,343

Transaction terms and conditions, and policy on determining transaction terms and conditions
Notes 1. Transaction terms and conditions are negotiated and decided based on market price.
>@ '"!  !  !#   |!@3. Interest rates on borrowings are reasonably determined based on market interest rates.

51

#>=   ?  *=  : ;$* 
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

Net assets per unit

157,413 yen

Net assets per unit

156,945 yen

Earning per unit

4,198 yen

Earning per unit

4,255 yen

The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding " !  # @The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding " !  # @The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

(Note) The following numbers were used to calculate the earnings per unit.

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013
4,611,435

4,681,376

Amount not attributable to common
unitholders (thousand yen)––

Net income attributable to common
unit (thousand yen)

4,611,435

4,681,376

Average number of units during theperiod (units)

1,098,462

1,100,000

Net income (thousand yen)++ HHY '^  

52

 

    
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

Issuance of Investment Corporation Bonds
Based on the “General Resolution on Bond Issuance” resolvedby the Board of Directors’ Meeting held on April 26, 2012, ADR
issued investment corporation bonds on September 12, 2012
under the following terms and conditions.

1. Acquisition of Assets
ADR acquired the following assets in accordance with the basic
policy for asset management provided in its Articles ofIncorporation.

:? Y ! \  « :"    !!  !  !# !  #    Q  !?
Total amount of bonds: ~=   $
Issue price:
100 yen par value of 100 yen foreach bondCoupon rate:
@~Collateral/Guarantee:
No collateral or guarantee
Redemption date:
ADR will redeem the entire amount '! $= #Q >= >@The bonds may be purchased andcancelled at any time on and after
the date following the issue dateunless otherwise stipulated by thedepository.
Coupon payment dates: March 12 and September 12 every
year
Use of proceeds:
The proceeds will be used toredeem the Nippon Residential
Investment Corporation’s 10th
Series Unsecured Investment
Corporation Bond that is due on#Q <= >> :}=~  yen) and the Nippon Residential
Investment Corporation’s 3rd Series
Unsecured Investment Corporation
Bond that is due on September 24,>> :=   $?@:>? Y ! \  «~ :"    !!  !  !# !  #    Q  !?
Total amount of bonds: 4,000 million yen
Issue price:
100 yen par value of 100 yen foreach bondCoupon rate:
@><
Collateral/Guarantee:
No collateral or guarantee
Redemption date:
ADR will redeem the entire amount #Q >= >@ '" Q  !
may be purchased and cancelled at
any time on and after the datefollowing the issue date unlessotherwise stipulated by thedepository.
Coupon payment dates: March 12 and September 12 every
year
Use of proceeds:
The proceeds will be used toredeem the Nippon Residential
Investment Corporation’s 10th
Series Unsecured Investment
Corporation Bond that is due on#Q <= >> :}=~  yen) and the Nippon Residential
Investment Corporation’s 3rd Series
Unsecured Investment Corporation
Bond that is due on September 24,>> :=   $?@(1) RESIDIA Meguro III
Type of asset:  !  Q $ !!  !
Acquisition price: +   $
Acquisition date: February 21, 2013
Location:
2-12-16 Meguro, Meguro-ku, Tokyo
Area::  ? >}@~ 2 :\ ? =>@ 2
Structure: "     \
Completion date: January 2010
(2) RESIDIA Jiyugaoka II
Type of asset:  !  Q $ !!  !
Acquisition price: ~   $
Acquisition date: February 25, 2013
Location: ] !  =   $ ]= ' ]$Area::  ? }>~@ 2 :\ ? =<~@<< 2
Structure: " ! #       Completion date:  Q >(3) RESIDIA Kita-Nijyo East
Type of asset:  !  Q $ !!  !
Acquisition price: ~}   $
Acquisition date: February 25, 2013
Location:>>  B$  !"= " ]=Sapporo-shi, Hokkaido
Area::  ? @ 2 :\ ? }=+@~ 2
Structure: "     +
Completion date: March 2006
(4) RESIDIA Shinsaibashi WestType of asset:  !  Q $ !!  !
Acquisition price: =>   $
Acquisition date: February 25, 2013
Location:< " "= B!"]= ! ] !"=
! ]
Area:
:  ? >@} 2 :\ ? }=}+~@}~ 2
Structure: "     <Completion date: Q $ >(5) RESIDIA Marunouchi
Type of asset:  !  Q $ !!  !
Acquisition price: >   $
Acquisition date: Q $ >= ><
Location:
2-2-10 Marunouchi, Naka-ku, Nagoya-shi,
Aichi
Area:
:  ? }~@> 2 :\ ? >=}@ 2
Structure: "     +
Completion date: ;  $ >(6) RESIDIA Sapporo-ekimaeType of asset:  !  Q $ !!  !
Acquisition price: =}~<   $
Acquisition date: Q $ >= ><
Location:
2-1-6 Kita-Gojyo Higashi, Chuo-ku,
Sapporo-shi, Hokkaido
Area::  ? =~>@~ 2;:\ ? ~=}<@ 2Structure: "     \+Completion date: Q $ >53

#>=   ?  

*

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013
:? RESIDIA Goshohigashi
Type of asset:  !  Q $ !!  !
Acquisition price: =>>   $
Acquisition date: Q $ >= ><
Location:~= "]  ! ] !" " =Kawaramachidorimarutamachiagaru,
Kamigyo-ku, Kyoto-shi, Kyoto
Area::  ? >@} 2; (Building) 3,156.56 m2
Structure: "     Completion date: #Q >:~? RESIDIA Rakuhoku
Type of asset:  !  Q $ !!  !
Acquisition price: ~}   $
Acquisition date: Q $ >= ><
Location:+~>= '  ]  !" " =Sakyo-ku, Kyoto-shi, Kyoto
Area::  ? =><>@~+ 2;:\ ? >=}~+@ 2
Structure: "     \+Completion date:  " >~:? HHY '^  H]Q]
Type of asset:  !  Q $ !!  !
Acquisition price: ~=>+   $
Acquisition date: March 01, 2013
Location:<>> :'  \ ?= <+ : ]\ ?=  < :Y| \ ?=Kami-Ikebukuro, Toshima-ku, Tokyo
Area::  ? =><@~ 2:\ ? '  \ X >=}+}@< 2 ] \ X}=~@+ 2
Y| \ X
=<+@ 2
Structure:'  \ X  "     >> ] \ X  "     ~Y| \ X  " ! #      \+Completion date: '  \ X  $ > ] \ X Q $ >Y| \ X #Q >~(10) RESIDIA Kudanshita II
Type of asset:  !  Q $ !!  !
Acquisition price: 1,240 million yen
Acquisition date: March 01, 2013
Location:<   ;Q " = "$]= ' ]$Area::  ? >@+} 2 :\ ? =~}@< 2
Structure: "     >
Completion date: January 2012(11) HHY   HH
Type of asset:
Acquisition price:
Acquisition date:
Location:
Area:
Structure:
Completion date:54  !  Q $ !!  !
1,620 million yen
March 01, 2013=  = "   ]= ' ]$:  ? <@ 2 :\ ? >=>+@+ 2
 "     +
March 2012

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013(12) RESIDIA Shirokane-Takanawa
Type of asset:  !  Q $ !!  !
Acquisition price: =}~   $
Acquisition date: March 01, 2013
Location:
+ ' ]   =   ]= ' ]$Area::  ? }<@+ 2 :\ ? >=>@ 2
Structure: "     Completion date: March 2012
:B ? '" !  # !  " |! "  
reimbursement of the pro rata portion of the amount   # #$  |= Q  #   | 
# Q !!  |= !  !  !#   |     !#   |@2. Issuance of New Units
ADR passed a resolution at a meeting of the board of directors
Y "  ;  $ ~= ><  !!   !   !
 !  " !    !  :!# !!!? other purposes. Payments for the issuance of new units" " #Q    #  Q $ = >< 
payments for the issuance of new units by way of third-party    #  Q $ >= ><@
Y! != #    #     >=++=~=<} $ " "
number of units issued and outstanding increasing to 1,240,000
units.
H!!  B ! " " Q  : $?
Number of units issued: 135,000 units #X
+=}+ $ # '    #X>>=}>=++= $Paid-in amount(Underwriting amount): =}~ $ # Total paid-in amount:>==><= $Payment deadline
February 01, 2013
H!!  B ! Q$ ^ $ '"  $ Y 
Number of units issued: 5,000 units
Paid-in amount:=}~ $ # Total paid-in amount:~>=}= $Application period(Application deadline): February 26, 2013
Payment deadline:Q $ >= ><
Allottee:Mizuho Securities Co., Ltd.

55

#;>

* $  


(yen)

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

I. Unappropriated retained earnings

4,611,435,000

4,681,376,098

II. Reversal of reserve for dividends

584,965,000

274,123,902

5,196,400,000

4,955,500,000(4,724)(4,505)

IV. Retained earnings carried forward

00

Method of calculation of amount ofdividends

In accordance with the distribution policy
provided in Article 32, Item 1 of ADR’s Articles
of Incorporation, we shall deliver dividends in|!!
       "
amount of ADR’s earnings available for  ! ! !#   Y + "
Act on Special Measures Concerning' |  @ H = Y  $ ! !
for dividends in order to make stable dividend
payouts into the future, and shall investigate
an increase in dividends in accordance withthe performance when it has achieved good
operating results.
Based on the policy above, ADR decided on  !  !    +==}=yen for the 4th Fiscal Period, which was
arrived at by adding reversal of reserve for  ! +~}=+= $  "
unappropriated retained earnings of
4,611,435,000 yen.
Furthermore, ADR does not distribute cash in|!!  != ! #    Y <>=Item 2 of its Articles of Incorporation.

In accordance with the distribution policy
provided in Article 32, Item 1 of ADR’s Articles
of Incorporation, we shall deliver dividends in|!!
       "
amount of ADR’s earnings available for  ! ! !#   Y + "
Act on Special Measures Concerning' |  @ H = Y  $ ! !
for dividends in order to make stable dividend
payouts into the future, and shall investigate
an increase in dividends in accordance withthe performance when it has achieved good
operating results.
Based on the policy above, ADR decided on  !  !    }=++=+=yen for the 4th Fiscal Period, which was
arrived at by adding reversal of reserve for  ! >}=><=> $  "
unappropriated retained earnings of}=~=<=~ $@
Furthermore, ADR does not distribute cash in|!!  != ! #    Y <>=Item 2 of its Articles of Incorporation.

III. Amount of dividends(Amount of dividends per unit)

+ HHY ¡

56

#;;>;   @ This is a copy of the independent auditor’s report issued originally for the Japanese statutory report, presenting the opinion that it presents
$=      !#!= "    # !   " !!
#  !  " #
 ""   ! ##  @  *'"!    #  !  !"  !  
; # !    #   $     Q  ; #      " " Y  H! '!! H!  #   ! ; # @ '"! !"      #  " ! Q ##  ! $  "    ! !  ; #   !      !
     !=  !]    Q$= $ !! Y   !  H!  #   @!" !  ; # !  =  =  |  Q!!!  #! ! "  $   Q #!$     "  # "   ; # ! !@^" !#  $   ! "=   "    =    ! !=  " |! $ !# !  "    #   "between the original Japanese documents and English translation contained herein, the original Japanese documents will always govern the meaning andinterpretation.
Y" " $   !    #      !  = " Y   !  H!  #   = Y H!     @=  @   $" !#  != != # $!= # != "  != !=  !   " ! ! !"  Q !# !Q   Q  "  #!!=appropriateness, or accuracy of English translations or the selection of the portion(s) of any document(s) translated into English.
'"    ! ! Y   !  H!  #    "  Q ##      "  $ #   ##!  ; # :; # ! YY?= ""  $   $     !#!   "  $ #   ##!
" !  !@'"! !  #    !    ] ! !@ '"! ! ! ##   Q # !  "! !  #     ! !    " =Q =     |#  ! Y   !  H!  #     Y H!     @=  @ " !#  ! Q!!!=        !!
#  !@ H !   !!= $      $    ] ! ! Q$ ! !" !  $= = !"  =   = |#= # =
“anticipate,” “believe,” ”estimate,” “predict,” “potential,” or the negative of these terms or other similar terminology. These statements are not guarantees of future#     !Q    ! !]!   !@ Y  !!= #    "!=  " ! "  !!  ""  # =  $   $   $  !!= #    "! |#!!  # Q$ "!    ] ! !@ H = "!    ]statements are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks anduncertainties. Accordingly, readers of this document should not interpret the forward-looking statements included herein as predictions or representations of future
events or circumstances.
   !]!   ! !   " !    !!!  "! @  "! !]!   !=  ! "!  
cautioned not to place undue reliance on forward-looking statements, which are only valid as of the date of the information published herein. We disclaim any
Q    #  = |#  "  ! !  Q$ " ' ]$  ] |" =   #Q$ $ ! !  $ "    ]statements contained in these documents.

57

#;;;>Q$;$* W* $ ?K(thousand yen)

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012
Net cash provided by (used in) operating activitiesH  Q     |!
Depreciation and amortizationY Z    !!  |#!!
Amortization of investment corporation bond issuance costs
|#!!    !!  !
Increase (decrease) in allowance for doubtful accounts
Interest income
H! |#!!
H! |#!!  !  #    Q  !
Decrease (increase) in operating accounts receivable ! : !?   !#   |!    Q
 ! : !?  ##  |#!!
H ! :  !?    !#   |!
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-otherH ! :  !?   |#!!
Increase (decrease) in advances received ! : !?    ##  |#!!
"= 
SubtotalInterest income received
H! |#!! # H   |! # Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of short-term investment securities
Proceeds from sales of short-term investment securities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits in trust, net
Proceeds from collection of paid tenant leasehold and security deposits
Proceeds from collection of paid tenant leasehold and security deposits in trust
Purchase of investment securities
Proceeds from reimbursement of investment securities
Repayments of long-term deposits received
Net cash provided by (used in) investing activities
B  !" #   Q$ :! ?   !
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments for investment corporation bond issuance costs
Proceeds from issuance of units $!  !!  |#!!
|#!!    !!  !
# $!    !  Q!
Dividends paidB  !" #   Q$ :! ?   !
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*1

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

4,612,040
2,071,571
8,100
11,43914,711
899-10,467
1,311,406
246,749-27,050-19,011-97,935–-2,311
84,910-10,153
4,620-74,659-7,341
8,117,517
3,856-1,671,517-4,381
6,445,475

4,681,981
2,085,926
8,100
16,385
15,317
7,104-12,007
1,261,904
214,384
21,23331,77980,17735,901-1,616
31,602
24,3896,930
62,678-2,6178,569,556
5,075-1,549,621-4,5907,020,420-2,000,000
3,000,000-4,500,000
2,000,000-60,878-27,615,375-8,087272,156
17,2604,485-161,199
10,000-6,348-29,047,988-3,000,000
2,000,000-5,000,000
4,500,000-41,717-111,327-2,124
16,785––-487,770–-6,348-2,132,502

9,550,000-9,090,000
36,750,000-21,867,668
8,000,000-12,000,000-39,968
15,525,480-14,208-42,528-1,360-4,419,819
22,349,927-252,585
12,009,427
11,756,841

4,148,000-1,500,000
23,300,000-18,638,061
12,000,000-19,500,000-62,537––-2,913-2,721-5,202,639-5,460,873-572,955
11,756,841
11,183,885*1(Note) The Statements of Cash Flows has been prepared based on the “Regulations Concerning Terminology, Forms, and Preparation Methods of    ! :!$      B @+= <?=  !  " !      @ '"  !  !"  !
has not been audited by the independent auditor, as it is not subject to audit by an independent auditor under the provisions of Article 130 of
the Act on Investment Trusts and Investment Corporations.

58

=  '     :

Scope of funds in Statements of CashFlows=   

4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

The funds (cash and cash equivalents) in theStatements of Cash Flows consist of cash on
hand and cash in trust; deposits that can bewithdrawn at any time and deposits in trust;and short-term investments with a maturityof 3 months or less from the date ofacquisition, which are readily convertible to !"  Q  $  !  !]#   @

The funds (cash and cash equivalents) in theStatements of Cash Flows consist of cash on
hand and cash in trust; deposits that can bewithdrawn at any time and deposits in trust;and short-term investments with a maturityof 3 months or less from the date ofacquisition, which are readily convertible to !"  Q  $  !  !]#   @* $ ?K
4th Fiscal Period
From: February 1, 2012
To: July 31, 2012

5th Fiscal Period
From: August 1, 2012
To: January 31, 2013

*1 Relationship between the cash and cash equivalents at end of
period in the Statements of Cash Flows and the amounts ofthe corresponding accounts on the Balance Sheets(thousand yen)
Cash and deposits
6,701,044
Cash and deposits in trust
7,055,796
Time deposits with holding-2,000,000
period over 3 months
Cash and cash equivalents
11,756,841*1 Relationship between the cash and cash equivalents at end of
period in the Statements of Cash Flows and the amounts ofthe corresponding accounts on the Balance Sheets(thousand yen)
Cash and deposits
7,864,275
Cash and deposits in trust
6,319,609
Time deposits with holding-3,000,000
period over 3 months
Cash and cash equivalents
11,183,885

59

Portfolio Map

Adachi-ku
Itabashi-ku

Kita-ku

Nerima-ku

Katsushika-ku
Arakawa-ku

Toshima-ku

Ikebukuro

Taito-ku
Nakano-ku

Bunkyo-ku

Ueno

Sumida-ku

Shinjuku-ku
Edogawa-ku

Kinshicho

Suginami-ku

Shinjuku

Chiyoda-ku
TokyoKoto-ku

Shibuya-ku
Chuo-ku

ShibuyaMinato-ku
Setagaya-ku

ShinagawaMeguroMeguro-ku

Shinagawa-ku

Kamata

P-2
P-3
P-4
P-5
P-7
P-9
P-10
P-13
P-14
P-15
P-16
P-19
P-21
P-22
P-23
P-24
P-25
P-26
P-29
P-30
P-31

60

RESIDIA Shimazuyama
RESIDIA Nakameguro
RESIDIA Setagaya-Tsurumaki
RESIDIA Azabujuban
RESIDIA Ikejiriohashi
RESIDIA Kudanshita
RESIDIA Hatagaya
RESIDIA Sakurajosui
RESIDIA Kita-Shinagawa
RESIDIA Yoyoginomori
RESIDIA Shinjuku-East III
Leopalace Udagawacho Mansion
RESIDIA Shinjuku-East II
RESIDIA Shinjuku-East
RESIDIA Kanda-Iwamotocho
RESIDIA Azabujuban II
RESIDIA Ebisu
RESIDIA Meguro
RESIDIA Hiroo II
Pianetta Shiodome
RESIDIA Komazawadaigaku

P-32
P-33
P-34
P-35
P-36
P-37
P-38
P-39
P-40
P-41
P-42
P-43
P-45
P-47
P-48
P-49
P-50
P-51
P-52
P-53
P-55

RESIDIA Yoyogi
RESIDIA Nishi-Shinjuku
RESIDIA Kyodo
RESIDIA Oimachi
RESIDIA Ebisu II
RESIDIA Kamiochiai
RESIDIA Higashi-Shinagawa
RESIDIA Meguro II
RESIDIA Toranomon
RESIDIA Shin-Ochanomizu
RESIDIA Kagurazaka
RESIDIA Oimachi II
RESIDIA Jiyugaoka
RESIDIA Suidobashi
RESIDIA TOWER Nogizaka
RESIDIA Akasaka
RESIDIA Nishi-Azabu
RESIDIA Daikanyama
RESIDIA Ichigaya
RESIDIA Roppongi-Hinokichokoen
RESIDIA TOWER Meguro-Fudomae

P-56
P-58
P-59
P-60
P-61
P-62
P-63
P-64
P-65
P-66
P-67
P-68
P-69
P-70
P-72
P-73
P-74
P-75
P-76
P-77

Tokyo Central 7 Wards
Tokyo 23 Wards

Ota-kuRESIDIA Sangenjaya
RESIDIA Minami-Aoyama
RESIDIA Kanda-Higashi
RESIDIA Higashi-Azabu
RESIDIA Ebisu-Minami
RESIDIA TOWER Azabujuban
RESIDIA Shibuya
RESIDIA Nakanobu
RESIDIA Azabudai
RESIDIA Shibadaimon II
RESIDIA Kanda
RESIDIA Sangenjaya II
RESIDIA Nishi-Shinjuku II
RESIDIA Hiroo-Minami
RESIDIA Mejiro-Otomeyama
RESIDIA Shibaura
RESIDIA Gotenyama
RESIDIA Yutenji
Park Tower Shibaura Bayward
Urban Wing
Motoazabu Place

P-78
P-79
P-80
P-81
P-83
P-84
P-85
P-86
P-87
P-88
P-89
P-90
P-91
P-92
P-93
P-94
P-95
C-1
C-2
C-3

RESIDIA TOWER Roppongi
RESIDIA Kamimeguro
RESIDIA Yoyogikoen
Windsor House Hiroo
RESIDIA Daikanyama-Sarugakucho/
Daikanyama Parkside Village
RESIDIA Kita-Shinjuku
RESIDIA Komazawa
RESIDIA Shibaura KAIGANRESIDIA Ichigaya-yakuoji
RESIDIA Yoga
RESIDIA TOWER Nakameguro
RESIDIA Sasazuka II
RESIDIA Meguro III
RESIDIA Jiyugaoka II
RESIDIA Kudanshita II
RESIDIA Omori II
RESIDIA Shirokane-Takanawa
RESIDIA Mitsukoshimae
RESIDIA Kamata
RESIDIA Ikebukuro

C-4
C-5
C-6
C-7
C-8
C-9
C-10
C-12
C-13
C-15
C-16
C-17
C-18
C-19
C-21
C-22
C-23
C-24
C-25
C-26
C-27

RESIDIA Bunkyo-Hongo
RESIDIA Asakusabashi
Maison Eclairee Ekoda
RESIDIA Ueno-Okachimachi
RESIDIA Bunkyo-Hongo II
RESIDIA Ryogoku
RESIDIA Higashi-Ginza
RESIDIA Nihonbashi-Ningyocho II
RESIDIA Omori-Higashi
RESIDIA Kinshicho
RESIDIA Negishi
RESIDIA Shinkawa
RESIDIA Kamiikebukuro
RESIDIA Shin-nakano
RESIDIA Bunkyo-Yushima II
RESIDIA Tsukiji
RESIDIA Sasazuka
RESIDIA Kyobashi
RESIDIA Tamagawa
RESIDIA Korakuen
RESIDIA Ginza-Higashi

Major Regional Cities
Tokyo Metropolitan Area
SaitamaYanaga Hokkaido
Sapporo JRA Sapporo
MuseumKashiwa

Racecourse

Kawaguchi

Chiba

SapporoNishi-ku

Higashi-MatsudoTokyo

Chuo-ku

Shiroishi-ku
Ha
ko
da
te
Clock Tower
Ma
in L
ine

Tachikawa
Ch
se
ito

Kichijyoji

LineHachiojiMusashikosugi

Shin-Yokohama

Sendai

Sen
zan
Lin
e

Aoba-ku

KawasakiSendai

Aobayama Park

Kanagawa

Yokohama

ine
e
in L
Lin
Ma
u
en
k
s
o
n
h
a
To
ink
Sh
ku
o
h
To

Sendai City
Athletic Stadium

TohokuUniversity

Wakabayashi-ku

Taihaku-ku

Nagoya Dome

Mt. Kenpi

Sanin Main Line
Mt. Myoken

 ]  ^  HakataKyoto

Hakata-ku

International Hotel Nagoya

TokaidoMain LineRESIDIA Nihonbashi-Bakurocho
RESIDIA Suginami-Honancho
RESIDIA Shin-Itabashi
RESIDIA Kiba
RESIDIA Bunkyo-Yushima III
RESIDIA Bunkyo-Honkomagome
RESIDIA Tsukishima III
RESIDIA Minamisenjyu
RESIDIA Ogikubo
RESIDIA Monzennakacho
RESIDIA Ochanomizu
RESIDIA Omori
RESIDIA Nakamurabashi
RESIDIA Kachidoki
RESIDIA Bunkyo-Otowa II
RESIDIA Kinshicho III
RESIDIA Kamata III
RESIDIA TOWER Kami-Ikebukuro
Hiyoshidai Student Heights
Chester House Kawaguchi
RESIDIA Higashi-Matsudo

Osaka

S-5
S-7
S-11
S-12
S-14
S-15
S-16
S-17
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
R-2
R-4

K
Ma ansain L iine

Kameyama

e
Lin
ain
M
i
nsa
Ka

Line
Main
aido
Tok

C-48
C-49
C-50
C-51
C-52
C-53
C-54
C-55
C-56
C-57
C-58
C-59
C-60
C-61
C-62
C-63
C-64
C-65
S-1
S-2
S-4

Kobe

ine
Nara LRESIDIA Oji
RESIDIA Mejiro II
RESIDIA Tsukishima
RESIDIA Kamata II
RESIDIA Tsukishima II
RESIDIA Kinshicho II
RESIDIA Bunkyo-Otowa
RESIDIA Bunkyo-Sengoku
RESIDIA Bunkyo-Yushima
RESIDIA Ikegami
RESIDIA Nihonbashi-Ningyocho
RESIDIA Bunkyo-Sengoku II
RESIDIA Iriya
RESIDIA Nihonbashi-Hamacho
RESIDIA Shin-Okachimachi
RESIDIA Chidoricho
RESIDIA Shinkawa II
RESIDIA Mejiro
RESIDIA Kasai

achi
Katam e
Lin

C-28
C-29
C-31
C-32
C-33
C-34
C-35
C-36
C-37
C-38
C-39
C-40
C-41
C-42
C-43
C-44
C-45
C-46
C-47

TokaidoMt. Rokko
Mt. Maya
Shinkansen Lineaim
sh inego n LKa ai
M

Fukuoka City
Botanical Garden

Nagoya Castle

NagoyaChuo-ku

Sawaraku

Higashi-ku

NagoyaOsaka

eido Linka n
To anseink
Sh

Fukuoka
Prefectural
Government


e
o Lin
ny n
Sa nsekainSh

Chuo-ku

Ch
uo
M
ain
Lin
e

Fukuoka

Tsu City

RESIDIA Shin-Yokohama
RESIDIA Chofu
Wako Student Heights
RESIDIA Kokubunji
RESIDIA Yokohama-Kannai
RESIDIA Okurayama
RESIDIA Musashikosugi
RESIDIA Funabashi I and II
RESIDIA Kichijoji   $   
Minato Mirai Ocean Tower
Maison YachiyodaiLife & Senior House Kohoku II
College Court Tanashi
RESIDIA Urayasu
RESIDIA Minami-Gyotoku
RESIDIA Urayasu II
RESIDIA Gyotoku
RESIDIA Kawasaki
RESIDIA Imadegawa
RESIDIA Higashi-Sakura

R-5
R-6
R-8
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-19
R-20
R-21
R-24
R-25
R-26
R-27
R-29
R-30

RESIDIA Kameyama
RESIDIA Ryokuchikoen
RESIDIA Kobe Port
IslandRESIDIA Hakata
RESIDIA Tenjinbashi
RESIDIA Sannomiya-Higashi
KC21 Building
RESIDIA Utsubokoen
RESIDIA Kyoto-ekimae
RESIDIA Takaoka
RESIDIA Hibino
RESIDIA Tenjin-Minami
RESIDIA Hakataeki-Minami
Mare
RESIDIA Minami-Ichijo
RESIDIA Odori-Nishi
RESIDIA Kita-Sanjo
RESIDIA Shirakabe-Higashi
RESIDIA Uzumasa
RESIDIA Izumi

R-31
R-32
R-34
R-35
R-36
R-37
R-38
R-39
R-40
R-41
R-42
R-43
R-44
R-45
R-46
R-47
R-48
R-49
R-50

RESIDIA Maruyama Kita-Gojo
RESIDIA Tokugawa
RESIDIA Odori-Koen
RESIDIA Tanimachi
RESIDIA Hisaya-Oodori
RESIDIA Sendai-Miyamachi
RESIDIA Hirosedori
RESIDIA Edobori
RESIDIA Kyomachibori
RESIDIA Esaka
RESIDIA Nishijin
RESIDIA Tsurumai
RESIDIA Kobe-Isogami
RESIDIA Kita-Nijyo EastRESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-ekimae
RESIDIA Goshohigashi
RESIDIA Rakuhoku… Properties acquired after theend of 5th fiscal period(January 31, 2013)

61

Portfolio List

Tokyo Central 7 Wards

Investment Property
region
No.
P-2
P-3
P-4
P-5
P-7
P-9
P-10
P-13
P-14
P-15
P-16
P-19
P-21
P-22
P-23
P-24
P-25
P-26
P-29
P-30
P-31
P-32
P-33
P-34
P-35
P-36
P-37
P-38
P-39
P-40
P-41
P-42
P-43
P-45
P-47
P-48
P-49
P-50
P-51
P-52
P-53
P-55
P-56
P-58
P-59
P-60
P-61
P-62
P-63
P-64
P-65
P-66
P-67
P-68
P-69
P-70
P-72
P-73
P-74
P-75
P-76
P-77
P-78
P-79
P-80
P-81
P-83
P-84
P-85
P-86

62

Name of real estate
RESIDIA Shimazuyama
RESIDIA Nakameguro
RESIDIA Setagaya-Tsurumaki
RESIDIA Azabujuban
RESIDIA Ikejiriohashi
RESIDIA Kudanshita
RESIDIA Hatagaya
RESIDIA Sakurajosui
RESIDIA Kita-Shinagawa
RESIDIA Yoyoginomori
RESIDIA Shinjuku-East III
Leopalace Udagawacho Mansion
RESIDIA Shinjuku-East II
RESIDIA Shinjuku-East
RESIDIA Kanda-Iwamotocho
RESIDIA Azabujuban II
RESIDIA Ebisu
RESIDIA Meguro
RESIDIA Hiroo II
Pianetta Shiodome
RESIDIA Komazawadaigaku
RESIDIA Yoyogi
RESIDIA Nishi-Shinjuku
RESIDIA Kyodo
RESIDIA Oimachi
RESIDIA Ebisu II
RESIDIA Kamiochiai
RESIDIA Higashi-Shinagawa
RESIDIA Meguro II
RESIDIA Toranomon
RESIDIA Shin-Ochanomizu
RESIDIA Kagurazaka
RESIDIA Oimachi II
RESIDIA Jiyugaoka
RESIDIA Suidobashi
RESIDIA TOWER Nogizaka
RESIDIA Akasaka
RESIDIA Nishi-Azabu
RESIDIA Daikanyama
RESIDIA Ichigaya
RESIDIA Roppongi-Hinokichokoen
RESIDIA TOWER Meguro-Fudomae
RESIDIA Sangenjaya
RESIDIA Minami-Aoyama
RESIDIA Kanda-Higashi
RESIDIA Higashi-Azabu
RESIDIA Ebisu-Minami
RESIDIA TOWER Azabujuban
RESIDIA Shibuya
RESIDIA Nakanobu
RESIDIA Azabudai
RESIDIA Shibadaimon II
RESIDIA Kanda
RESIDIA Sangenjaya II
RESIDIA Nishi-Shinjuku II
RESIDIA Hiroo-Minami
RESIDIA Mejiro-Otomeyama
RESIDIA Shibaura
RESIDIA Gotenyama
RESIDIA Yutenji
Park Tower Shibaura Bayward Urban Wing
Motoazabu PlaceRESIDIA TOWER Roppongi
RESIDIA Kamimeguro
RESIDIA Yoyogikoen
Windsor House Hiroo
RESIDIA Daikanyama-Sarugakucho/
Daikanyama Parkside Village
RESIDIA Kita-Shinjuku
RESIDIA Komazawa
RESIDIA Shibaura KAIGAN

Location(indication of residential
address)
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo
Setagaya-ku, Tokyo
Chiyoda-ku, Tokyo
Shibuya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Setagaya-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shinagawa-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Setagaya-ku, Tokyo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo
Meguro-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Meguro-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo

Acquisition
price(million yen)
2,860
1,730
1,229
1,987
1,230
2,270
1,130
1,120
2,720
732
750
588
1,380
941
1,520
874
554
722
1,660
1,950
333
326
363
286
947
2,280
1,180
2,040
1,190
1,320
1,160
918
1,050
1,050
2,310
3,660
1,180
6,780
2,150
2,500
3,570
16,500
2,760
728
1,620
1,430
2,020
6,190
1,250
1,880
1,610
1,740
1,140
1,280
1,830
923
974
4,670
930
5,260
9,570
8,430
7,040
878
1,100
1,750

Leasable 
area (m2)
3,474.37
1,694.18
1,769.67
1,986.76
1,423.38
2,845.89
1,129.72
1,201.37
2,897.99
723.10818.74623.801,743.06
1,219.08
2,354.20
1,018.71
653.04701.01
1,733.63
2,274.19
488.51464.64478.57509.66
1,249.56
2,194.56
1,740.50
2,588.01
1,448.84
1,353.41
1,422.45
1,182.34
1,321.76
1,435.93
3,039.14
3,485.00
1,352.02
7,078.64
2,067.08
3,003.34
4,803.29
21,019.77
2,847.19
782.332,544.25
1,582.54
2,023.88
7,207.18
1,285.42
2,855.06
1,732.06
2,023.20
1,534.57
1,933.54
2,478.31
1,035.75
1,679.94
8,508.36
1,228.15
5,423.36
13,490.67
7,382.62
5,978.20
1,473.68
1,545.36
2,172.91

Number of leasable
residential units(residential units)

Construction
completion date

Probable
maximumloss (PML) (%)

115
88
28
44
42
86
35
39
120
22
39
30
54
48
65
37
26
20
76
67
18
16
19
15
48
61
70
122
34
63
52
52
40
28
65
68
37
125
42
85
88
358
78
13
64
31
39
113
40
65
47
48
43
34
74
26
19
154
16
118
191
41
83
16
6
12

December 2004
February 2005
March 2002
November 1999
August 2005
March 2004
February 2006
July 2006
February 2007
March 2007
February 2009
August 2001
February 2004
August 2000
February 2004
February 2001
January 2001
October 1999
November 2005
February 2005
October 2004
February 2005
February 2005
February 2005
December 2005
January 2006
September 2006
August 2006
January 2006
September 2006
March 2006
August 2006
July 2007
March 2002
December 2004
August 2004
May 2004
July 2004
July 2004
August 2004
September 1999
January 2007
January 2005
March 2005
October 2003
April 2006
March 2007
January 2003
June 2006
November 2005
February 2006
August 2006
June 2006
March 2006
May 2007
August 2007
December 2002
September 1991
January 2007
August 2006
May 2005
February 2001
February 2006
January 1993
July 1998
June 2003

6.28
2.66
8.15
6.34
6.26
6.26
8.13
5.11
5.97
11.49
8.17
11.24
7.86
9.28
7.13
3.14
3.95
5.26
2.82
5.47
4.48
2.87
4.89
3.86
3.09
6.34
7.83
3.46
9.52
5.64
9.08
8.11
3.86
5.02
4.39
8.05
12.33
5.00
4.98
4.98
12.79
3.29
2.29
5.22
5.17
8.45
6.05
1.57
2.74
5.91
8.13
4.98
6.11
5.93
4.18
3.63
4.61
6.28
10.52
7.56
3.72
6.03
3.98
6.74
7.34
12.25

Shibuya-ku, Tokyo

7,360

5,977.18

77

January 1998

10.27

Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Minato-ku, Tokyo

1,460
870
2,400

2,173.62
1,182.47
3,898.1026
59
72

February 1997
October 2008
January 2010

12.06
12.30
5.43

Tokyo 23 Wards

Investment Property
regionNo.

Name of real estate

Location(indication of residential
address)

Acquisition
price(million yen)

Leasable  
(m2)

Number of leasable
residential units(residential units)

Construction
completion date

Probable
maximum loss
(PML) (%)

P-87
P-88
P-89
P-90

RESIDIA Ichigaya-yakuoji
RESIDIA Yoga
RESIDIA TOWER Nakameguro
RESIDIA Sasazuka II

Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Meguro-ku, Tokyo
Shibuya-ku, Tokyo

2,070
1,523
3,300
3,760

2,169.57
1,996.81
3,989.13
4,548.96

98
66
70
166

August 2008
June 2008
March 2007
January 2011

6.76
10.45
5.70
6.50

P-91
P-92
P-93
P-94
P-95
C-1
C-2
C-3
C-4
C-5
C-6
C-7
C-8
C-9
C-10
C-12
C-13
C-15
C-16
C-17
C-18
C-19
C-21
C-22
C-23
C-24
C-25
C-26
C-27
C-28
C-29
C-31
C-32
C-33
C-34
C-35
C-36
C-37
C-38
C-39
C-40
C-41
C-42
C-43
C-44
C-45
C-46
C-47
C-48
C-49
C-50
C-51
C-52
C-53
C-54
C-55
C-56
C-57
C-58
C-59
C-60
C-61
C-62
C-63
C-64

RESIDIA Meguro III
RESIDIA Jiyugaoka II
RESIDIA Kudanshita II
RESIDIA Omori II
RESIDIA Shirokane-Takanawa
RESIDIA Mitsukoshimae
RESIDIA Kamata
RESIDIA Ikebukuro
RESIDIA Bunkyo-Hongo
RESIDIA Asakusabashi
Maison Eclairee Ekoda
RESIDIA Ueno-Okachimachi
RESIDIA Bunkyo-Hongo II
RESIDIA Ryogoku
RESIDIA Higashi-Ginza
RESIDIA Nihonbashi-Ningyocho II
RESIDIA Omori-Higashi
RESIDIA Kinshicho
RESIDIA Negishi
RESIDIA Shinkawa
RESIDIA Kamiikebukuro
RESIDIA Shin-nakano
RESIDIA Bunkyo-Yushima II
RESIDIA Tsukiji
RESIDIA Sasazuka
RESIDIA Kyobashi
RESIDIA Tamagawa
RESIDIA Korakuen
RESIDIA Ginza-Higashi
RESIDIA Oji
RESIDIA Mejiro II
RESIDIA Tsukishima
RESIDIA Kamata II
RESIDIA Tsukishima II
RESIDIA Kinshicho II
RESIDIA Bunkyo-Otowa
RESIDIA Bunkyo-Sengoku
RESIDIA Bunkyo-Yushima
RESIDIA Ikegami
RESIDIA Nihonbashi-Ningyocho
RESIDIA Bunkyo-Sengoku II
RESIDIA Iriya
RESIDIA Nihonbashi-Hamacho
RESIDIA Shin-Okachimachi
RESIDIA Chidoricho
RESIDIA Shinkawa II
RESIDIA Mejiro
RESIDIA Kasai
RESIDIA Nihonbashi-Bakurocho
RESIDIA Suginami-Honancho
RESIDIA Shin-Itabashi
RESIDIA Kiba
RESIDIA Bunkyo-Yushima III
RESIDIA Bunkyo-Honkomagome
RESIDIA Tsukishima III
RESIDIA Minamisenjyu
RESIDIA Ogikubo
RESIDIA Monzennakacho
RESIDIA Ochanomizu
RESIDIA Omori
RESIDIA Nakamurabashi
RESIDIA Kachidoki
RESIDIA Bunkyo-Otowa II
RESIDIA Kinshicho III
RESIDIA Kamata III

Meguro-ku, Tokyo
Setagaya-ku, Tokyo
Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo
Minato-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Toshima-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Nerima-ku, Tokyo
Taito-ku, Tokyo
Bunkyo-ku, Tokyo
Sumida-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Sumida-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Nakano-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Suginami-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Kita-ku, Tokyo
Toshima-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Sumida-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Taito-ku, Tokyo
Ota-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Edogawa-ku, Tokyo
Chuo-ku, Tokyo
Suginami-ku, Tokyo
Itabashi-ku, Tokyo
Koto-ku, Tokyo
Bunkyo-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Arakawa-ku, Tokyo
Suginami-ku, Tokyo
Koto-ku, Tokyo
Bunkyo-ku, Tokyo
Ota-ku, Tokyo
Nerima-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Koto-ku, Tokyo
Ota-ku, Tokyo

950
778
1,240
1,620
1,480
1,920
2,640
1,520
1,680
1,060
953
3,160
1,623
913
5,251
3,180
1,980
4,200
856
1,880
558
352
1,010
1,460
1,800
1,220
1,300
603
2,000
867
1,050
1,100
1,360
2,440
2,380
3,380
707
1,050
378
557
1,440
990
1,310
1,860
1,290
1,320
6,280
683
5,500
3,834
888
1,950
1,129
2,340
2,570
2,580
1,710
970
2,090
1,150
1,075
1,805
2,268
651
948

C-65

RESIDIA TOWER Kami-Ikebukuro

Toshima-ku, Tokyo

8,250

1,206.38
1,127.78
1,612.65
2,171.74
1,888.07
2,552.07
4,110.54
2,207.63
2,165.35
1,816.14
1,591.71
4,009.27
1,960.40
1,378.84
4,871.02
3,541.09
1,928.71
4,326.80
1,571.54
2,764.70
979.04615.281,368.01
2,043.00
2,855.98
1,440.11
2,137.41
770.112,824.17
1,659.09
1,450.16
1,694.38
1,929.24
3,074.47
3,394.21
5,970.11
1,104.50
1,623.62
764.84848.24
2,117.47
1,826.54
1,915.92
2,531.81
2,105.15
2,119.34
13,069.70
2,177.89
8,502.12
6,953.96
1,413.22
3,255.00
1,296.27
3,488.24
3,152.45
10,097.88
2,830.20
1,458.45
3,164.96
1,528.00
1,501.41
2,750.82
3,063.83
1,072.75
1,404.35
31,250.93

31
17
48
90
53
105
166
60
65
47
93
127
70
48
169
137
81
157
28
83
44
24
63
54
96
52
98
31
94
61
63
40
78
105
99
104
33
39
19
25
45
49
45
69
60
36
162
29
132
194
67
155
52
98
119
175
101
68
80
75
66
55
89
51
53
472

January 2010
October 2007
January 2012
March 2012
March 2012
February 2005
March 2005
March 2005
July 2005
August 2005
March 1993
February 2006
January 2006
February 2006
September 2006
January 2007
August 2007
November 2007
December 2005
February 2003
December 2001
June 2002
March 2004
December 2005
March 2000
January 2005
September 2004
October 2004
September 2004
February 2005
July 2005
February 2006
September 2006
September 2006
January 2008
August 2003
February 2003
February 2003
July 2003
March 2004
April 2005
December 2004
August 2006
March 2007
September 2006
February 2003
January 1999
January 2000
February 2007
February 2009
August 2009
March 2008
December 2008
March 2008
March 2008
March 2007
March 2003
February 2005
September 2005
March 2006
February 2008
February 2008
February 2008
February 2005
March 2007
March 2009

3.17
7.92
6.80
1.84
8.84
4.72
6.36
7.86
5.43
4.27
3.29
1.84
5.37
6.38
6.19
5.35
9.32
6.24
6.01
9.61
6.60
3.60
5.32
4.21
10.73
6.03
12.83
7.67
6.28
7.15
7.75
6.64
7.15
10.15
5.15
6.36
6.58
3.89
6.80
9.52
6.44
3.77
7.77
6.64
7.48
6.52
2.69
9.02
5.45
9.39
11.28
6.17
2.29
10.54
5.02
6.95
8.45
4.21
2.76
6.90
10.75
3.19
2.92
6.17
6.74
4.52

63

Portfolio List

Tokyo Metropolitan Area

Investment Property
region
No.
S-1
S-2
S-4
S-5
S-7
S-11
S-12
S-14
S-15
S-16

Location(indication of residential
address)

Acquisition
price(million yen)

Yokohama-shi, Kanagawa
Kawaguchi-shi, Saitama
Matsudo-shi, Chiba
Yokohama-shi, Kanagawa
Chofu-shi, Tokyo
Wako-shi, Saitama
Kokubunji-shi, Tokyo
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Kawasaki-shi, Kanagawa

3,420
770
1,100
1,920
1,143
675
518
1,700
755
1,580

Kobe-shi, Hyogo

3,740

R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-19
R-20
R-21
R-24
R-25
R-26
R-27
R-29
R-30
R-31
R-32
R-34
R-35
R-36
R-37
R-38
R-39
R-40
R-41
R-42
R-43
R-44

Hiyoshidai Student Heights
Chester House Kawaguchi
RESIDIA Higashi-Matsudo
RESIDIA Shin-Yokohama
RESIDIA Chofu
Wako Student Heights
RESIDIA Kokubunji
RESIDIA Yokohama-Kannai
RESIDIA Okurayama
RESIDIA Musashikosugi
RESIDIA Funabashi I
RESIDIA Funabashi II
RESIDIA Kichijoji   $          ' 
Maison YachiyodaiLife & Senior House Kohoku II
College Court Tanashi
RESIDIA Urayasu
RESIDIA Minami-Gyotoku
RESIDIA Urayasu II
RESIDIA Gyotoku
RESIDIA Kawasaki
RESIDIA Imadegawa
RESIDIA Higashi-Sakura
RESIDIA Kameyama
RESIDIA Ryokuchikoen
RESIDIA Kobe Port Island (South Bldg.; Centre Bldg.)
RESIDIA Kobe Port Island (North Bldg.)
RESIDIA Hakata
RESIDIA Tenjinbashi
RESIDIA Sannomiya-Higashi
KC21 Building
RESIDIA Utsubokoen
RESIDIA Kyoto-ekimae
RESIDIA Takaoka
RESIDIA Hibino
RESIDIA Tenjin-Minami
RESIDIA Hakataeki-Minami
Mare
RESIDIA Minami-Ichijo
RESIDIA Odori-Nishi
RESIDIA Kita-Sanjo
RESIDIA Shirakabe-Higashi
RESIDIA Uzumasa
RESIDIA Izumi
RESIDIA Maruyama Kita-Gojo
RESIDIA Tokugawa
RESIDIA Odori-Koen
RESIDIA Tanimachi
RESIDIA Hisaya-Oodori
RESIDIA Sendai-Miyamachi
RESIDIA Hirosedori
RESIDIA Edobori
RESIDIA Kyomachibori
RESIDIA Esaka
RESIDIA Nishijin
RESIDIA Tsurumai
RESIDIA Kobe-Isogami

Fukuoka-shi, Fukuoka
Osaka-shi, Osaka
Kobe-shi, Hyogo
Sendai-shi, Miyagi
Osaka-shi, Osaka
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Nagoya-shi, Aichi
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Osaka-shi, Osaka
Nagoya-shi, Aichi
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Osaka-shi, Osaka
Osaka-shi, Osaka
Suita-shi, Osaka
Fukuoka-shi, Fukuoka
Nagoya-shi, Aichi
Kobe-shi, Hyogo

1,220
871
2,220
900
1,170
1,970
2,330
1,340
936
324
685
1,640
1,320
1,130
831
701
3,700
1,050
751
2,010
1,100
652
529
494
1,400
1,000
989
2,380
1,206
2,740

R-45
R-46
R-47
R-48
R-49
R-50

RESIDIA Kita-Nijyo EastRESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-ekimae
RESIDIA Goshohigashi
RESIDIA Rakuhoku

Sapporo-shi, Hokkaido
Osaka-shi, Osaka
Nagoya-shi, Aichi
Sapporo-shi, Hokkaido
Kyoto-shi, Kyoto
Kyoto-shi, Kyoto

S-17
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
R-2
R-4
R-5
R-6
R-8

Major Regional Cities

Name of real estate

Leasable  
(m2)

Number of leasable
residential units(residential units)

Construction
completion date

8,552.00
2,023.11
3,431.44
3,277.62
1,750.49
1,684.02
879.442,359.60
1,334.56
2,560.40

920
39
44
131
41
127
33
102
64
68

March 1969
March 1991
April 2007
January 2007
March 2007
April 1990
February 2003
August 2004
March 1998
February 2007

Probable
maxium loss
(PML) (%)
13.82
5.83
10.04
11.52
5.74
13.18
5.66
13.55
13.79
11.82
8.58
9.33
4.50
4.63
6.44
8.86
10.16
8.28
10.38
10.22
10.08
9.44
12.61
13.43
15.40
10.47
10.89
11.47
1.42
8.58
5.47
1.39
10.27
9.22
13.52
11.76
2.66
1.39
12.59
1.81
2.12
2.63
13.35
7.17
12.14
1.42
12.55
1.39
10.08
13.97
3.07
2.69
12.38
11.69
12.83
4.02
12.07
7.56
1.66
12.19
17.26
1.29
5.74
9.90

Funabashi-shi, Chiba

2,730

4,567.44

172

March 2007

Musashino-shi, Tokyo
Yokohama-shi, Kanagawa
Yachiyo-shi, Chiba
Yokohama-shi, Kanagawa
Nishi-Tokyo-shi, Tokyo
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Kawasaki-shi, Kanagawa
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Kameyama-shi, Mie
Toyonaka-shi, Osaka

1,380
14,000
882
1,670
810
2,115
823
802
761
1,670
1,671
1,290
1,610
979

2,214.73
26,082.53
3,506.54
5,433.40
1,136.09
3,692.76
1,785.00
1,554.00
1,569.74
2,644.73
3,714.11
3,084.03
6,065.11
2,391.35

48
416
39
78
91
146
85
74
75
104
154
91
182
44

March 1995
November 2007
August 1989
October 2003
February 2010
September 2009
February 2005
February 2005
February 2005
March 2007
February 1999
February 2006
February 2007
May 2007

9,708.00

404

March 2007

894
1,921
972
1,483
1,227
874

3,955.24
2,113.91
5,698.03
2,716.11
2,741.46
4,010.85
5,944.56
7,598.40
3,179.96
1,606.29
1,930.70
5,928.51
4,512.24
3,867.60
2,709.97
3,201.93
9,715.22
3,920.00
2,282.49
6,230.49
2,655.18
1,684.19
2,005.48
1,564.29
3,369.51
2,398.90
2,177.04
7,282.78
3,116.98
6,714.74
3,808.98
4,243.06
2,349.52
6,088.04
2,601.26
2,101.83

155
78
161
79
94
116
198
124
56
39
38
179
103
100
33
48
122
56
27
109
108
57
67
63
127
84
68
173
122
196
56
97
86
168
57
75

March 2002
February 2000
November 2005
March 1997
January 2006
February 2006
August 2007
April 1992
January 2004
January 2003
February 2005
December 2006
December 2006
January 2007
May 2005
January 2000
November 2005
February 2007
December 2006
August 2007
August 2008
February 2007
January 2008
February 2010
February 2007
March 2007
July 2007
January 2008
February 2008
March 2008
March 2006
February 2007
January 2007
February 2007
September 2007
March 2008  $X   

367,911590,672.08

16,127

5.02

Total for list of properties

389,600

651,122.32

17,377–

Notes 1. In the “Investment region” column, “Tokyo Central 7 Wards” indicates the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa wards of Tokyo; “Tokyo 23 Wards” indicates the Tokyo
23 wards other than the Tokyo Central 7 Wards; “Tokyo Metropolitan Area” indicates Tokyo (excluding the Tokyo 23 wards) and Kanagawa, Saitama and Chiba prefectures; and “Major Regional Cities”
indicates cabinet order designated and similar cities excluding cities in the Tokyo Metropolitan Area.
2. In the “Acquisition price” column, monetary amounts are rounded down to the nearest million yen. Accordingly, the sum total of the itemized figures does not necessarily add up to the “Total”
amount entered in the foregoing table.
3. A total of 12 properties,,, and, were acquired in February and March 2013, after the end of the 5th fiscal period.

64

Asset Management Company Profile (as of January 31, 2013)
AD Investment Management Co., Ltd.
Hitotsubashi SI Building 9F, 3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo
Officers

President
Executive Director
Managing Director
Director
Director
Director
Director
Director (non-executive)
Director (non-executive)
Director (non-executive)
Director (non-executive)
Statutory Auditor
Statutory Auditor (non-executive)  $
business

Investment management businessCompany history

Feb. 2, 2005 Established as Japan Residential Management Co., Ltd.

Kenji Kousaka
Takeshi Takano
Junichi Shoji
Hiromasa Yamamoto
Tomoyuki Kimura
Hiroshi Kawakami
Masato Kawanishi
Norio Matsu
Yoshinori Komoto
Nobuo Takahara
Kouji Fukaki
Masamitsu Hattori
Shoichi Suzuki

Apr. 9, 2005 Obtained building lots and buildings transaction business license (Tokyo Governor License (2) No. 84325)
May 17, 2005 Changed trade name to AD Investment Management Co., Ltd.
Jun. 23, 2005 Obtained discretionary transaction agent and other approval under Building Lots and Buildings Transaction Business Act(Minister of Land, Infrastructure, Transport and Tourism Approval No. 37)
Sep. 8, 2005 Obtained investment trust settlor business approval under Act on Investment Trusts and Investment Corporations(Prime Minister Approval No. 49)
Sep. 30, 2007 Registered as financial instruments business operator (Director-General of Kanto Local Finance Bureau (Kinsho) Registration No. 309)
Mar. 1, 2010

Merged with Pacific Residential Corporation in absorption-type merger *  

Name

Shareholding (shares)% share (%)

ITOCHU Corporation

2,880

46.6

ITOCHU Property Development, Ltd.

1,200

19.4

Nippon Tochi-Tatemono Co., Ltd.

1,200

19.4

Aozora Bank, Ltd.

180

2.9

Sumitomo Mitsui Trust Bank Limited

180

2.9

Mizuho Trust & Banking Co., Ltd.

180

2.9

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

180

2.9

Sumitomo Mitsui Banking Corporation

180

2.9

6,180

100.0

Total

(Note) “% share” in the table above is the shareholding (number of shares held) as a percentage of total number of shares issued and outstanding.

65

Investor Information
Unitholder Memo
Fiscal period end

January 31 and July 31 of every year

General meeting of unitholders

Held at least once every 2 years

Date for determining unitholders exercising
voting rights at meeting
Record date for determining dividend payments

The date will be publicly notified in advance

Unit listing

January 31 and July 31 of every year
(Dividends will be paid within 3 months of the record date fordetermining payments.)
Tokyo Stock Exchange (Securities Code: 3269)

Newspaper for public notice

The Nikkei

Transfer agent

Mizuho Trust & Banking Co., Ltd.
1-2-1 Yaesu, Chuo-ku, Tokyo
Stock Transfer Agency Department, Main Office Mizuho Trust &Banking Co., Ltd.
1-2-1 Yaesu, Chuo-ku, Tokyo
StockTransfer Agency Department

Business office of transfer agent
Contact
Mailing address

Mizuho Trust & Banking Co., Ltd.
2-8-4 Izumi, Suginami-ku, Tokyo 168-8507
0120-288-324 (toll free in Japan)

Phone

Unitholder Composition
1st FP

50.3%(ended January 2011)

2nd FP

7.5%

53.3%

(ended July 2011)

3rd FP(ended January 2012)

4th FP(ended July 2012)

5th FP

7.0%

0%

66

16.9%

26.5%

17.1%

51.2%

6.8%

24.7%

17.3%

6.6%

25%

(share)No. of unitholders

22.8%

6.8%

22.1%

50%

Japanese Financial Institutions Other Japanese(including Securities Companies) Corporations

No. of Units

19.2%

49.6%

55.0%

(ended January 2013)

23.0%

75%

Foreign Corporations
and Individuals(share)16.2%

Domestic Individuals
and Others(share)(share)100%
Total(share)605,30255.0%

72,634

6.6%

243,376

22.1%

178,688

16.2% 1,100,000 100.0%

133

0.6%

335

1.5%

228

1.0%

22,31997.0%

23,015 100.0%

Annual Schedule$X ?  :  : * $X ?  :

Apr. 2013$    May 2013
Z ?  :Jul. 2013 * $Z ?  : 

Sep. 2013
Oct. 2013$Z ?  :  : * $Z ?  :
dividend

Nov. 2013$    
Jan. 2014[ ?  :
Mar. 2014 * $[ ?    
Apr. 2014 $[ ?  :  : * $[ ?  :

Inquiries

Dividends

Please direct any inquiries concerning ADR’s units(address, name, dividend transfer account designation,changes, etc.) to your securities company at which
you have opened the transfer account for units.

Dividends can be collected by bringing the “unitholder
dividend receipt” to your nearest Japan Post Bank
main or branch office, sub-branch office or post office(bank agent) in Japan. If the collection period has
elapsed, please make your collection by designating
the collection method on the back of the “unitholder
dividend receipt” and mailing it to Mizuho Trust &Banking’s Stock Transfer Agency Department orbringing it to a Mizuho Trust & Banking, Mizuho Bankor Mizuho Securities main or branch offices. (Note:
Depending on the office, when the payment
processing does not take place on the premises, it may
take a few days to collect.) If you wish to designate abank transfer for future dividend payments, pleasecontact your securities company.

  
ADR strives to provide information to unitholders in atransparent and timely manner by uploading an arrayof information and data on the ADR website, including
documents that must be disclosed by law, press
releases, information on business performance(kessan tanshin, presentation materials for analyst
meetings, etc.) and information on portfolio assets.
ADR will remain dedicated to providing easy-tounderstand and timely information by continuing toincreasingly enrich the content of the website.

67