6 th Fiscal Period ReportFebruary 1, 2013

July 31, 2013

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

www.adr-reit.com

To Our Unit-holders

Realization of Stable Distribution of
Earnings over the Long Term

improving the asset value of our holdings.
In addition to reducing financing costs, we
continued our efforts to increase the fixed-rate
debt ratio and extend debt maturities of loans
and bonds in order to further reinforce ourfinancial position.

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.

Japan’s unprecedented monetary easingfrom April, a shift in money flow to shares ofexporting companies as the yen weakened,
and anxiety that the US’s Federal Reserve
Bank would taper its bond purchase program
earlier than expected, the investment unit
price declined to 198,100 yen at the end of
the fiscal period.

As a result, net earnings per unit increased by 12
yen over the previous period to 4,267 yen. Thiswas 97 yen above the initial earnings forecastof 4,170 yen, and as a consequence, we haveincreased our dividends per unit from the initial
forecast of 4,500 yen to 4,597 yen.

Although we were affected by the various
external factors mentioned above, the price of
ADR’s investment units did not once fall below
the public offerring offer price. We believethat this is because investors approved of ourinvestment strategy and results.

Furthermore, as a result of the latest public
offering, the Loan-to-Value (LTV) at the end of
the fiscal period fell compared to the end of
the previous fiscal period. This ensured that
we would be able to take on new loans, thus
giving us the capacity to acquire properties.
Going forward, we will use this capacity toacquire properties effectively to achieve our
medium-term earnings per unit (EPU) goal of
4,500 yen as early as possible.

We would like to report on the management
results and performance of Advance Residence
Investment Corporation (ADR) for its 6th Fiscal
Period, or the six months ended July 31, 2013.
In order to achieve our medium-term earnings
per unit (EPU) goal of 4,500 yen, we acquired
14 new properties during the fiscal period
through the issuance of new investment units(follow-on public offering) early in the fiscal
period, and also solidified our foundation for
future external growth by acquiring equity
interest in TK property fund. We achieved anaverage occupancy rate of 96.6% during thisfiscal period, the highest since the merger, andcarried out large-scale repairs and renovations
as scheduled with the aim of maintaining andWe would like to take this opportunity to
express our gratitude to our shareholders
for their support and ask for their continued
understanding.

As for ADR’s investment unit, the pricerose sharply from 190,100 yen at the end of
the previous fiscal period to 260,000 yen
in late March as a result of expectations
that Abenomics would conquer deflation.
However, as a result of the rise in long-term
interest rate attributable to the Bank ofKenji Kousaka
Executive Director,
Advance Residence Investment Corporation
President,
AD Investment Management Co., Ltd.

Changes in price of investment units
Trading volume (unit)

60,000Eﬀective date ofmergerMar. 1, 2010

First trading day of
new units in the
1st follow-on oﬀering
Jun. 29, 2010

Great East Japan
Earthquake
Mar. 11, 2011

First trading day of
new units in the
2nd follow-on oﬀering
Feb. 2, 2012

Price of investment units (yen)First trading day of
new units in the
3rd follow-on oﬀering
Feb. 4, 2013

260,000

45,000210,000

30,000160,000

15,000110,000

0

2010

/03

2010

/06

2010

/09

2010

ADR Price of Investment Units

/12

2011

/03

2011

/06

2011

/09

2011

/12

Tokyo Stock Exchange REIT Residential Index

2012

/03

2012

/06

2012

/09

Tokyo Stock Exchange REIT Index

2012

/12

2012

TOPIX

/03

60,0002013/07

ADR Trading Volume* 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.

1

2

Fiscal Highlights

The Largest Portfolio Among Residential J-REITs
As of July 31, 2013

6th FP(ended July 2013)

Fiscal Highlights

Number ofleasable units

No. of properties

204 properties

NOI yield*

Unrealized gains*

5.5%

14.0 billion yen

17,640 units

Total assets

Total leasable floor area

Average amount invested
per property

669,094 m

1.93 billion yen(Based on acquisition price)

97 yen Increase in Dividends from Forecast of 4,500 yen

4,597 yen

Dividend Per Unit

393.8 billion yen

2* NOI stands for Net Operating Income and refers to revenues and expenses from the real estate business, calculated as follows:
Revenue from property leasing – Expenses from property leasing + Depreciation and amortization + Loss on retirement of fixed assets.
* NOI yield is calculated by using the formula: “Annualized NOI” ÷ “Book value at the end of fiscal period.” When calculating the annualized NOI, the total actual NOI during the period is calculated according to
the number of operating days.
* The unrealized gain is the appraisal value at the end of the fiscal period less the book value at the end of the fiscal period.

Achieve Steady External Growth with the Public Offering
New property acquisitions

Right-of-first-refusal acquired

14 properties 25.9 billion yen
15 properties

15.7 billion yen(Right-of-first-refusal price, consumption tax included)

Major Regional
Cities15%

Highest Occupancy Rate Since the Merger

96.6%

Average occupancy rate during fiscal period

Over 10 yrs
20%

Tokyo
Metropolitan Area
Tokyo Central
11%
7 Wards
45%
Tokyo 23 Wards
29%

Over 15 min.
1%Over
1 yr to 5 yrs
9%

5 to 10 min.
38%

Average 8.5 yrs

Under 5 min.
55%

Tokyo 23 Wards Total 74%

Tokyo Central
7 Wards

Minute Walk to Station
under ﬁve
55%

Under 10 yrs 80%

Tokyo 23
Wards

Tokyo Metropolitan
Area

Single• Reduction in LTV(securing capacity to acquire properties)• Reduction in average interest rate
• Extension in average loan maturity
3

Major Regional
CitiesFamily2,250

21.9% (3,855 units)

1.6% (287 units)

Over 500K yen

4,500

6,750

9,000

Oﬃce/retail2.9% (516 units)

Under 500K yen

0.8% (137 units)0

Dormitory

22.2% (3,923 units)

Under 300K yen

7.3% (1,296 units)

Large

50.6% (8,918 units)

Under 250K yen

16.4% (2,892 units)

Dormitory

FamilyCompact

Under 150K yen

2.4% (417 units)

Oﬃce/retail

SingleCorporate
45%“Student” indicates the proportion ofcontracts for managed dormitory-type
and student apartment contracts

93%

Under 100K yen

50.3% (8,874 units)
22.8% (4,024 units)Compact

Large

Individual
43%

Over 5 yrs to 10 yrs
72%

under 10Further Strengthened Financial Base

Student
12%

10 to 15 min.
6%

0.8% (141 units)

0

15.0

30.0

45.0

60.0

4

Solid Track Record, Solid Growth
Solid External Growth

Financial Base that Withstands Financial Volatility
Loans and bonds* average remaining years
No. of properties

176

172

5.4

5.3

NOI yield to bookvalue at the end of
fiscal period (%)

3,382

Tokyo Central
7 Wards
Tokyo 23 Wards
Tokyo Metropolitan
Area
Major Regional Cities(100 million yen)

173

190

5.4

5.3

3,418

3,344

1,070
412
488

1,152

875
399
377

900
371
391

960
371
415

1,070
412
488

3rd FP

4th FP(ended January 2012)

1.74%

1.75%

2.5 yrs

2.9 yrs

65%

74%

3.4 yrs

1.63%
1.46%

Fixed-rate debt ratio

82%

78%

1.35%

87%

3.8 yrs

Average interest rate paid
at end of ﬁscal period

1.28%
93%
Ratio of interest-bearing
liabilities to total assets

52%

422
594

5th FP(ended July 2012)

1.7 yrs

3,938
1,768

1,670

2nd FP

5.3

1,707

1,680

(ended July 2011)

5.5

3,679

1,729

1st FP

204

3,679
1,707

(ended January 2011)190

1.4 yrs

1st FP

6th FP(ended January 2013)(ended January 2011)(ended July 2013)53%
2nd FP(ended July 2011)

54%

55%
3rd FP

4th FP(ended January 2012)(ended July 2012)

54%
5th FP(ended January 2013)

51%
6th FP(ended July 2013)* Loans and bonds: Total of loans and investment corporation bonds

High Occupancy Rate

Overall portfolio
Tokyo Central 7 Wards
Tokyo 23 Wards
Tokyo Metropolitan Area
Major Regional Cities

Stable dividends

Reversal of reserve for dividends
Reversal of reserve for dividends (for loss on sales/impairment)
Dividends from net income(Unit: Yen/unit)

100%

4,500
623

4,500
270

1,952

2,796

4,500
413

7

4,724
531

4,505
249

4,597
329

4,192

4,255

4,267

95%

4,079
90%

1,924
1st FP
95.0%

2nd FP
96.2%

3rd FP
96.4%

4th FP
96.2%

5th FP
95.9%

6th FP
96.6%

1st FP(ended January 2011)

1,433
2nd FP(ended July 2011)

3rd FP(ended January 2012)

4th FP(ended July 2012)

5th FP(ended January 2013)

6th FP(ended July 2013)

5

07
3/

05

20
1

3/

03

20
1

3/

11

/0
1

20
1

20
13

9
/0
12

20
12
/

7
20

/0
12

20

12

/0

5

3
20

/0

/0

11

1

12
20

12
20

09

11/
20

11/

07

20

05

03

11/
20

11/
20

11/

01

20

11/
20

/11

9
/0

10
20

/0

7

10
20

10

/0

5

20

10
20

20

10

/0

3

85%
* “Reversal of reserve for dividends (loss on sale, impairment)” is calculated by dividing the total of “loss on sale of real estate” and “impairment loss” by the number of outstanding investment units at theend of the fiscal period. The number is rounded down to the nearest decimal point.
* The 1FP was an 11-month period. The 1FP figures are converted into six-month figures. When calculating the dividends from net earnings, a 43,281,299,408 yen gain in negative goodwill resulting from themerger and 7,178 yen in unappropriated earnings are excluded from the 1FP net income and divided by the number of outstanding investment units at the end of the 1FP.

6

Management Policies

An Asset Management Fee Structure

Realization of Stable
Distribution of Earnings
over the Long Term

External GrowthInternal Growth

Financial Strategy

Even though the supply of properties
remains very tight, we aim to achieve
external growth without missing opportunities to acquire high-yielding
properties, using all the tools in our
toolbox.

We will seek to improve revenues fromproperties with high occupancy rates
by increasing key money and cutting
leasing expenses.
We will also keep working to maintainand enhance the competitiveness of
our properties through continuous
implementation of upgrades and largescale renovations.

We work to maintain and develop afinancing structure that can adapt flexibly
to future changes in the environment bycontinuing to finance with an emphasison extended maturities and fixed interest
rates, while closely monitoring interest rate
trends.
We will endeavor to reduce financing
costs further by taking advantage ofadvantageous financing conditions
and utilizing the stable financial profile
achieved through the public offering.

• Sourcing properties from sponsors• Direct sourcing from the open market
based on a wealth of trading information that we are able to collect• Utilizing bridge funds

More In Line With Unit-holders’ Interest
Introducing an Asset Management Fee Structure(Note 1)
(Note 2)that is Coupled to NOI
and Adjusted EPU
A proposal was made to change the asset management fee structure, the fee that ADR pays to its asset
management company, at the second general meeting of unit-holders to be held on October 25, 2013.
(Relevant agenda item: Agenda item number 1 “Partial change in articles of incorporation”)
The main objective of this change is to more closely align unit-holders’ interests with the profits of theasset management company.

Current fee structure

Fees linked to size of assets under management (maximum fee rates)
Basic fee structure
Total assets × 0.4% (annualized)

Fee structure I

Total assets × 0.2% (annualized)

Fees linked to results or earnings per unit (maximum fee rates)
Incentive-based fees
Income before income taxes (Note 3) x 3.0%

NOI (Note 1) x 3.0%
Fee structure III (Fee structure I + Fee structure II) x
adjusted EPU (Note 2) x 0.008%
Fee structure II

Fees for asset acquisition and disposition (maximum fee rates)
Fees for acquisition
Fees for disposition

Sales price × 1.0%

No change

Sales price × 0.5%

Note 1. NOI stands for Net Operating Income and refers to revenues and expenses from thereal estate business, calculated as follows:
Revenue from property leasing – Expenses from property leasing + Depreciation andamortization + Loss on retirement of fixed assets.
2. Adjusted EPU = Net income before subtracting “investment compensation III” ÷outstanding investment units at end of fiscal period
3. Income before income taxes before deducting incentive compensation

7

Proposed change

Newly established fee structure (maximum fee rate)
Merger fees:

Appraised value of real estateand other acceded × 0.5%

8

I. Asset Management Report
2 Investment Environment and Operating Performance

Management’s Discussion and Analysis
1 Summary of Selected Financial Data
Fiscal period
units

Operating period
Operatingresults

Operating revenues

5th FP

6th FP

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

From: Feb. 1, 2013
To: Jul. 31, 2013

million yen

11,345

11,25912,21912,194

13,493

million yen

11,345

11,252

12,193

12,155

13,462(Gain on real estate sales)bmillion yen

–

–

–

–

–

million yen

7,892

5,275

5,660

5,773

6,517

million yen

4,199

4,202

4,551

4,557

5,343

(Rental business expenses)c(Loss on real estate sales)dmillion yen

2,000

7

–

–

–

(Impairment loss)emillion yen

739

–

–

–

–

million yen

3,453

5,984

6,559

6,420

6,976

million yen

1,465

3,998

4,612

4,681

5,292

Ordinary incomef(Reference)Item

5th FP results

Initial forecast (Note 1)

6th FP results

Compared to theCompared to the initialprevious fiscal period
earnings forecast

Net incomegmillion yen

1,404

3,997

4,611

4,681

5,291

Operating revenues

12,194 million yen 13,279 million yen 13,493 million yen +1,299 million yen+213 million yen

hmillion yen

349,158

356,891

384,091

383,476

410,989

Interest-bearing liabilities

imillion yen

186,639

195,002206,359

206,166

210,269

Operating income

6,420 million yen

6,847 million yen

6,976 million yen+556 million yen+129 million yen

4,681 million yen

5,172 million yen

5,292 million yen+610 million yen+119 million yen

4,681 million yen

5,171 million yen

5,291 million yen+610 million yen+119 million yen

Net assets

jmillion yen

157,827

157,428

173,155

172,640

195,446

Ordinary income

Paid-in Capitalkmillion yen

64,56164,56180,08780,087

102,557

Net income

Total dividendslmillion yen

4,410

4,410

5,196

4,955

5,700

Payout ratio
Total number of units issued
and outstanding
Net assets per unit

l/g

%

313.9

110.3

112.7

105.9

107.7

m

units

980,000

980,000

1,100,000

1,100,000

1,240,000

j/m

yen

161,048

160,640

157,413

156,945

157,617

yen

1,433

4,079

4,198

4,255

4,270

yen

4,500

4,500

4,724

4,505

4,597

yen

4,500

4,500

4,724

4,505

4,597

yen

0

0

0

0

0

(Note 3)

%

5.6

6.5

6.2

4.7

4.7

(Note 3)

%

2.6

4.5

4.7

4.7

4.9

(g+q)/(m×r+i) (Note 3)

%

1.9

3.5

3.6

3.2

3.4

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

yen

6,161

6,025

6,075

6,152

6,109

yen

12,425

11,953

12,184

12,203

12,321Dividend per unit
Dividend from earnings per unit
Dividend in excess ofearnings per unit
Annualized dividend yield
Return on investment (Paid-in
Capital)Return on investment(market capitalization)
FFO per unit
Annualized(Note 2)l/m(g+q)/(k+i)

n

FFO multiple
Ratio of ordinary income tototal assets
Annualized

r/nEquity ratio

j/hReturn on equity

g/j

f/h

(Note 3)

times

13.1

11.5

12.5

15.6

16.1

(Note 4)

%

0.4

1.1

1.2

1.2

1.3

(Note 3)

%

0.8

2.2

2.5

2.4

2.7

%

45.2

44.1

45.1

45.0

47.6

(Note 5)

%

0.9

2.5

2.8

2.7

2.9

(Note 3)

%

1.8

5.0

5.6

5.4

5.8

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

i/h

%

53.5

54.6

53.7

53.8

51.2

o/p

times

3.0

4.6

5.3

5.6

6.6

NOI

a-c+q

o

million yen

4,912

7,525

8,241

8,243

8,940

p

million yen

1,614

1,627

1,558

1,476

1,364

(Note 6) million yen

9,038

8,949

9,711

9,681

10,401

Annualized NOI yield(Notes 3, 7)

Depreciation and amortizationq

Unit price at end of periodr%(Note 8) million yen

yen

5.3

5.2

5.4

5.2

5.4

1,893

1,900

2,071

2,085

2,284

162,200

137,500

152,900

190,100

198,100

Notes 1. Operating revenues do not include consumption taxes. Amounts are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place. The
same applies for the rest of this report unless otherwise specified.
2. The net income per unit is calculated by dividing net income by the daily weighted average number of units issued and outstanding.
3. The annualized figures are calculated based on 1 year being 365 days, with accounting calculation periods of 181 days for the 2nd Fiscal Period, 184 days for the 3rd Fiscal Period,
182 days for the 4th Fiscal Period, 184 days for the 5th Fiscal Period, and 181 days for the 6th Fiscal Period.
4. Ratio of ordinary income to total assets = Ordinary income ÷ {(Total assets at beginning of period + Total assets at end of period) ÷ 2} × 100
5. Return on equity = Net income ÷ {(Net assets at beginning of period + Net assets at end of period) ÷ 2} × 100
6. In the calculation of NOI, the depreciation and amortization is limited to what is included in rental business expenses.
7. Annualized NOI yield = 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.)
8. Depreciation and amortization includes depreciation and amortization of intangible assets in addition to depreciation of property, plant and equipment.

9

ADR’s investment results in the current fiscal period are outlined below.

Total assets

Net income per unit

Financial
indicators

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

Per unit
figures

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

(Rental revenue)
Total operating expenses

Balancesheet
figures

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

We acquired 14 new properties in the fiscal period under review through the follow-on public offering in order to achieve our
medium-term earnings per unit (EPU) goal of 4,500 yen. Accordingly, at the end of the fiscal period under review, we held 204
properties (acquisition price totaling 393.8 billion yen). In addition, we acquired equity interest in TK property fund with theaim of securing properties for future external growth. On the leasing side, we achieved an average occupancy rate of 96.6%
during this fiscal period, the highest since the merger. We also worked to improve cash flow by increasing revenue from key
money and leasing expenses, such as new contract fees. On the finance side, we improved net earnings by reducing financing
costs. Reinforced the resilience of our financial base to withstand future financial volatility by extending debt maturities andincreasing fixed interested rate for loans and investment corporation bonds (hereinafter, “loans and bonds”).

Net income/unit(Note 2)

Dividend per unit

4,255 yen

4,170 yen

4,267 yen

+12 yen+97 yen4,505 yen

4,500 yen

4,597 yen

+92 yen+97 yenNotes 1. The initial forecast refers to the earning forecasts for the 6th Fiscal Period disclosed in the “Brief Summary of Kessan Tanshin” for the 5th Fiscal Period dated March 15, 2013.
The same holds true hereafter.
2. Net income/unit is calculated by dividing net income by the number of units issued at the end of the fiscal period. Fractions are deleted.

In the fiscal period under review, we increased revenue by 1,299 million yen over the previous fiscal period by acquiring 14
new properties and raising the average occupancy rate. In addition, we reduced financing costs through refinancing. As aresult, we increased net earnings by 610 million yen over the previous fiscal period to 5,291 million yen and bolstered
Earnings Per Unit by 12 yen over the previous period to 4,267 yen.
Comparing against the initial earnings forecast, in addition to the improvements in the occupancy, and reduction of leasing
expenses mentioned above, we acquired two additional properties “RESIDIA Miyakojima I/II” and “Cocofump Hiyoshi,” which
had not been factored into the forecast. As a result, we were able to beat the initial EPU forecast of 4,170 yen by 97 yen. Dividends
Per Unit were increased 97 yen over the initial forecast of 4,500 yen to 4,597 yen, based on our disclosed dividend strategy.
a) External growth
In the fiscal period under review, we acquired 12 properties in conjunction with a public offering held at the start of the fiscal
period. Additionally, using the capacity to acquire properties gained as a result of this public offering, we acquired �RESIDIA
Miyakojima I/II� in March 2013 and �Cocofump Hiyoshi� in April 2013. The average assumed NOI yield (Note 3) for the total of 14
properties (total acquisition price of 25.9 billion yen) was 6.0%, which exceeds the average 5.3% for our existing portfolio (as ofJanuary 2013). Accordingly, we have succeeded in improving our portfolio’s profitability through these property acquisitions.
As a result, the assets held by ADR at the end of the fiscal period under review totaled 204 properties worth a total of
393.8 billion yen (total acquisition price), with unrealized gains (Note 4) amounting to 14.0 billion yen (up 7.5 billion yen overthe end of the previous fiscal period). Unrealized gains on the 14 properties acquired in the fiscal period under review
totaled 0.8 billion yen at the end of the fiscal period. This increase in unrealized gains is another factor behind theimproved unit-holders’ value achieved through the acquisition of these properties.
In addition to these acquisitions, in March and June 2013 we acquired equity interest in TK property fund investing in a
total of 15 properties (total of 457 million yen (Note 5)) in order to secure properties for future acquisition and receive thedividend revenue in the meantime. By investing in the TK property fund, we acquired rights of first refusal for these 15
properties, and at the end of the fiscal period under review, ADR had rights of first refusal for 26 properties valued at 31.1
billion yen (based on price of rights of first refusal, the average assumed NOI yield is 6.0% (Note 6)).

10

I. Asset Management Report
Our acquisition of “Cocofump Hiyoshi” in April is the first investment by a J-REIT in the type of senior housing called“Senior housing with supportive services.” We expect this to represent our foothold for our entry into this sector, whichis expected to see growing demand in the future.
3. The average assumed NOI yield for the acquired properties is calculated by dividing the total NOI calculated using the direct capitalization method in the appraisal report at the timeof acquisition by the total acquisition price. The actual book-value NOI yield is calculated by annualizing the total NOI in the relevant fiscal period and dividing it by the total book value
as of the end of that fiscal period. The same holds true hereafter.
4. The amount is the total appraisal value at the end of the fiscal period less the total book value at the end of the fiscal period.
5. The amount does not include the costs incurred in acquiring the equity interest in TK property fund.
6. In the event that consumption tax is included in the right-of-first-refusal price, the NOI yield is calculated based on the price excluding tax assuming a 5% tax rate. In addition, theaverage assumed NOI yield is calculated by dividing the total NOI calculated using the direct capitalization method in the appraisal report at the time of acquisition of equity interest in
the TK property fund by the total right-of-first-refusal price. (If right-of-first-refusal price in the contract includes tax, no adjustment will be made to the price even if the consumption
tax rate changes at the time of acquisition.)b) Internal growth
For the period under review, we were able to achieve the highest average period occupancy rate since the merger at 96.6%.
In addition, we made an effort to improve revenues by actively collecting key money, reducing leasing expenses particularly
from properties with high occupancy rates. As a result of these efforts, along with the addition of acquired properties, theactual book value NOI yield improved 0.2 points over the previous fiscal period to 5.5% in the fiscal period under review.
We also carried out large-scale repairs and value-adding renovations such as replacement of room fixtures and roomlayout changes on five properties in the fiscal period under review with the aim of maintaining and strengthening thecompetitiveness of our holdings.
c) Financial Strategy
Debt financing
In the fiscal period under review, in addition to reducing financing costs, we continued our efforts to extend and diversify
debt maturities for loans and other and increase the number of fixed-rate loans in order to achieve our goal of stable
distribution of earnings over the long term.
We were able to reduce financing costs through re-financing, since many of the loans raised prior to the merger thathave higher interest rates than current levels reached maturity during the period (Note 7). As a result, the average interest
rate (Note 8) for loans and bonds at the end of the fiscal period under review was 1.28%, down 0.08 points over the 1.35%
average rate in the previous fiscal period.
Moreover, in April 2013 we became the first residential J-REIT to issue an investment corporation bond with a 10-year
maturity (total of 3.0 billion yen, fixed interest rate and a coupon rate of 1.32%). As with this bond issuance, while we
reduced the financing cost, we extended maturities for loans and bonds and increased the ratio of fixed-rate loans. As aresult, the average remaining years of our loans and bonds (Note 9) stood at 3.8 years at the end of the fiscal period, 0.4
years longer than at the end of the previous fiscal period, and the fixed-rate debt ratio was 92.7% (Note 10), up 7.7 points
over the end of the previous fiscal period. Furthermore, we succeeded in diversifying repayment amounts for loans andbonds. The repayment amounts for each fiscal period are all kept below the 20 billion credit limit of the commitment line
(8.0 billion yen for one-year terms, 12.0 billion yen for three-year terms) at the end of the fiscal period under review.
Such efforts to extend debt maturity, fix interest rates on our loans and diversify repayment amounts are primarily
intended to reinforce the resilience of our financial base to withstand future financial volatility, and accordingly
contributed to the long-term stability of our dividends.
7. In the current fiscal period, we raised a total of 24.8 billion yen in loans (including refinancing) with an average maturity of 7.9 years and an average interest rate of 1.14% at the end of
the fiscal period. We repaid a total amount of 20.7 billion yen (including early repayments, with an average interest rate of 1.83% at the end of last fiscal period) during the fiscal period
under review. Among the loans repaid, 13.6 billion yen of loans were taken out prior to the merger and the average interest rate was 2.26% at the end of the last fiscal period. The
remaining amount of loans taken out prior to merger stands at 5.9 billion out of the total outstanding loans and bonds of 210.2 billion yen at the end of the current fiscal period underreview.
8. In calculating the average interest rate, fixed interest rate after the application of interest rate swap is used for floating-rate loans that are hedged using an interest rate swap
agreement.
9. Calculations are made on the assumption that the entire balance of the borrowings is repaid in lump sums on the final repayment dates, including the amortized loans.
10. If floating interest rate loans are hedged using interest-rate swaps, the loans are treated as fixed interest-rate loans for the principal amount of the swap.

Equity financeIn the fiscal period under review in February 2013, we raised a total of 22.4 billion yen through a public offering and athird-party allotment (the public offering). The paid-in amount per unit was 160,498 yen, which exceeded net assets perunit at the end of the previous fiscal period (156,945 yen, or 152,440 yen per unit after excluding dividend payments).
We acquired 14 properties in the current fiscal period (total acquisition price of 25.9 billion yen), but by conducting the
public offering at the start of the fiscal period, the ratio of interest-bearing liabilities to total assets fell 2.6 points from
53.8% at the end of the previous fiscal period, to 51.2%. As a result, we gained capacity for property acquisition andsucceeded in preparing for further external growth.
11

3 Management Policies and Challenges Going Forward

We will continue in our efforts to realize our basic management principle of “realization of stable distribution of earnings
over the long term,” by following through the policies and strategies in external growth and internal growth as well as
implementing the financial strategy as set forth below.
a) External Growth
The environment for property acquisition remains extremely competitive. However, we aim to achieve external growthby utilizing the acquisition capacity gained in the public offering at the start the fiscal period and avoid missing out on
opportunities to acquire high-yielding properties. We will use all the tools in our toolbox in acquiring properties. These
include direct sourcing from the open market based on a wealth of trading information that we are able to collect,utilizing bridge funds (securing right of first refusal for the acquisition of the fund’s investment properties by acquiring
equity interests in TK property fund), and sourcing properties from sponsors (primarily sponsor-developed properties).
b) Internal Growth
We will aim to maintain and improve revenues from properties with high occupancy rates by increasing key money andenhancing the efficiency of leasing expenses. We will continue our efforts to stabilize occupancy rates by taking a flexible
approach to rent setting in some high-rent properties.
We will also keep working to maintain and enhance the competitiveness of our properties through continuous
implementation of upgrades and large-scale renovations.
c) Financial Strategy
While closely monitoring interest rate trends, we will work to maintain and build a financing structure that can withstandfuture financial volatility by continuing our funding activity with an emphasis on extended maturities and locking in low
financing rates by fixing interest rates. We will aim to reduce financing costs further by taking advantage of advantageous
financing conditions and utilizing our stable financial standing achieved through the public offering.

4 Equity Finances

The following are changes in paid-in capital and number of units issued and outstanding over the last 5 years.
Number of units issued andoutstanding (units)

Paid-in capital (million yen)

Increase

Increase

Date

Description

March 1, 2010

Consolidation-typemerger722,306

722,306

36,26236,262(Note 1)

June 28, 2010

Follow-on offering

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 1, 2012

Follow-on offering

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)February 1, 2013

Follow-on offering

135,000

1,235,000

21,667

101,754(Note 6)

February 27, 2013

Third-party allotment

5,000

1,240,000

802

102,557(Note 7)

Balance

Balance

Notes

Notes 1. ADR was established through the consolidation-type merger between former Advance Residence Investment Corporation (the “former ADR”) and Nippon Residential
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.
2. ADR issued new units through public offering at an offer price of 113,684 yen (paid-in amount: 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.
3. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a 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.
4. ADR issued new units through public offering at an offer price of 133,770 yen (paid-in amount: 129,379 yen) per unit to procure funds for new property acquisitions and for otherpurposes.
5. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 129,379 yen per unit to procure funds for new
property acquisitions and for other purposes.
6. ADR issued new units through public offering at an offer price of 165,945 yen (paid-in amount: 160,498 yen) per unit to procure funds for new property acquisitions and forother purposes.
7. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at a paid-in amount of 160,498 yen per unit to procure funds for new
property acquisitions and for other purposes.

12

I. Asset Management Report
Overview of the Investment Corporation

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

2nd FP

3rd FP

4th FP

5th FP

6th FP

Fiscal period-end

July 2011

January 2012

July 2012

January 2013

July 2013

1 Paid-in CapitalHigh

173,500 yen

162,500 yen

159,400 yen

190,100 yen

257,900 yen

Low

139,900 yen

134,000 yen

135,800 yen

150,500 yen

182,200 yen

5 Distribution to Unit-holders

In accordance with the distribution policy provided in Article 32, Item 1 of ADR’s Articles of Incorporation, we shall deliver dividends
in excess of an amount equivalent to 90% of the amount of ADR’s earnings available for dividends 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 stabledividend payouts going forward, and shall decide to increase dividends in accordance with the better-than-expected results.
Based on the policy above, ADR decided that the unappropriated retained earnings of 5,291,809 thousand yen plus reversalof reserve for dividends of 408,470 thousand yen to arrive at 5,700,280 thousand yen will be distributed as dividends ofearnings, and declared a dividend per unit of 4,597 yen.
(thousand yen)

Fiscal period

2nd FP

3rd FP

4th FP

5th FP

6th FP

Operating period

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

From: Feb. 1, 2013
To: Jul. 31, 2013

Total amount of unappropriatedretained earnings
Accumulated amount of
earnings
Total amount of dividends of cash

1,404,952

3,997,454

4,611,435

4,681,376

5,291,809

35,648,605

35,236,060

34,651,095

34,376,971

33,968,500

4,410,000

4,410,000

5,196,400

4,955,500

5,700,280(Dividend per unit)
Of which, total amount ofdividends of earnings(4,500 yen)

(4,500 yen)

(4,724 yen)

(4,505 yen)

(4,597 yen)

4,410,000

4,410,000

5,196,400

4,955,500

5,700,280(Dividend of earnings per unit)(4,500 yen)

(4,500 yen)

(4,724 yen)

(4,505 yen)

(4,597 yen)

–

–

–

–

–

(– yen)(– yen)(– yen)(– yen)(– yen)

Of which, total amount of capital
reimbursement(Capital reimbursement per unit)

6 Significant Subsequent Events
Not applicable.

P-76 Park Tower Shibaura Bayward Urban Wing

The total number of units authorized, total number of units issued and outstanding, paid-in capital and number of unitholders as of July 31, 2013 are as follows.
Fiscal period

2nd FP

3rd FP

4th FP

5th FP

6th FP

Fiscal period end

July 2011

January 2012

July 2012

January 2013

July 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

1,100,000 units

1,100,000 units

1,240,000 units

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

64,561 million yen 64,561 million yen 80,087 million yen 80,087 million yen 102,557 million yen

Number of unit-holders

21,293 persons

21,570 persons

23,147 persons

23,015 persons

23,413 persons

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

2 Major Unit-holders

The following are the major unit-holders as of July 31, 2013.

Name

Address

Japan Trustee Services Bank, Ltd.

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

288,592

23.27

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

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

71,088

5.73

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

65,793

5.30

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Square Office Tower Z

65,203

5.25

NOMURA BANK (LUXEMBOURG) S.A.

BATIMENT A, 33, RUE DEGASPERICH, L-5826, LUXEMBOURG

50,587

4.07

ITOCHU Corporation

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

34,8002.80

NORTHERN TRUST CO. (AVFC) SUB A/C
BRITISH CLIENTS

50 BANK STREET CANARY WHARF LONDON
E14 5NT,UK

20,051

1.61

Mizuho Trust & Banking Co., Ltd.

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

18,083

1.45

Trust & Custody Services Bank, Ltd.
(Money Trust Tax Account)

1-8-12 Harumi, Chuo-ku, Tokyo
Harumi Island Triton Square Office Tower Z

16,7831.35

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

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

11,746

0.94

642,726

51.83

Total

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

13

14

I. Asset Management Report
3 Directors and Independent Auditor

Assets Under Management
1 Composition of the Investment Corporation’s Assets

1. The executive director, supervisory directors and independent auditor as of July 31, 2013 are as follows.

Title
Executive
director
Supervisory
director
Supervisory
director
Independent
auditorName
Kenji Kousaka (Note 1)
Hidejiro Matsuda
Yoshiki Oshima

Total amount of compensationfor each title during applicable
operating period (thousand yen)Primary concurrent positions– (Note 2)

President, AD Investment Management Co., Ltd.
President, Hidejiro Matsuda CPA Office

Real estate intrust (Note 1)

1,200

Auditor, TYO Inc.
President, Akasaka, Law Office L.P.C.

5th Fiscal Period (as of January 31, 2013) 6th Fiscal Period (as of July 31, 2013)
Type of asset

20,130(Note 2)

94,22024.6

100,182

24.4

Tokyo 23 Wards(Note 3)81,882

21.4

90,34022.0

Tokyo Metropolitan Area (Note 4)

23,786

6.2

24,764

6.0

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

Name

Asset management company

AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited

Administrative agent(management of register ofunit-holders)

Administrative agent(management of special
accounts)

Administrative agent(accounting, taxation,
institutional operations)

Administrative agent(administration for investment
corporation bonds)

6.1

31,0697.6

58.3

246,357

59.9(Note 2)

73,23319.1

72,914

17.7

Tokyo 23 Wards(Note 3)23,721

6.2

23,611

5.7

Tokyo Metropolitan Area

(Note 4)16,305

4.3

16,162

3.9

Major Regional Cities(Note 5)24,658

6.4

27,944

6.8

137,91836.0

140,632

34.2

927

0.2

931

0.2

Deposits and other assets

21,176

5.5

23,067

5.6

Sum total of total amount of assets

383,476100.0

410,989

100.0

Real estate (Note 1)

Subtotal(Note 8)Notes 1. The real estate in trust and real estate are used primarily for apartments.
2. “Tokyo Central 7 Wards” represents the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa Wards of Tokyo.
3. “Tokyo 23 Wards” represents the Tokyo 23 wards other than the Tokyo Central 7 Wards.
4. “Tokyo Metropolitan Area” represents Tokyo (excluding the 23 wards of Tokyo) and Kanagawa, Saitama and Chiba prefectures.
5. “Major Regional Cities” represents major cities designated by government ordinance and similar cities excluding those in the Tokyo Metropolitan Area.
6. “Total amount held” is based on the amount recorded on the balance sheet (total amount of book value after depreciation in the case of real estate, etc.) as of the date ofclosing of accounts, and is rounded down to the nearest million yen.
7. “As a percentage of total assets” is the balance sheet amount of the applicable real estate, etc. expressed as a percentage of the total amount of assets, rounded to one decimal place.
8. “TK property fund equity interests” owned in the 5th Fiscal Period are the equity interests in the TK property fund with Godo Kaisha RBFA2 , Godo Kaisha RBFA3, Godo Kaisha
RISING and Godo Kaisha RISING2 as the operators. “TK property fund equity interests” owned in the 6th Fiscal Period are the equity interests in the TK property fund with Godo
Kaisha RISING , Godo Kaisha RISING2, Godo Kaisha RISING3 and Godo Kaisha RISING4 as the operators.
9. Amounts less than the specified unit are rounded down and percentages are rounded off. Due to this, the sum total of respective figures does not necessarily add up to the sum
total indicated in the table above. The same applies for the rest of this report unless otherwise specified.

2 Principal Assets Held

The following summarizes the principal assets held by ADR as of July 31, 2013 (the top 10 properties with the highest bookvalue at the end of the fiscal period).

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

Name of real estate

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

Book value Total leasable Leased floor(million yen) floor area (m2) area (m2)

As a percentage
of total revenue
Primary use
from property(Note)
leasing (%)

Occupancy
rate (%)

RESIDIA TOWER Meguro-Fudomae

15,85221,019.77

21,019.77

100.0

3.4

Apartment

Pacific Royal Court Minato Mirai Ocean Tower

13,00926,082.53

25,934.50

99.4

4.2

Apartment

Sumitomo Mitsui Trust Bank Limited

Park Tower Shibaura Bayward Urban Wing

9,290

13,490.67

12,420.92

92.1

2.2

Apartment

Mizuho Bank, Ltd. (Note)RESIDIA TOWER Kami-Ikebukuro

8,924

31,250.61

30,097.32

96.3

4.3

Apartment

Motoazabu PlaceRESIDIA Daikanyama Sarugakucho/
Daikanyama Parkside Village
RESIDIA TOWER Roppongi

8,323

7,382.62

6,512.84

88.2

1.3

Apartment

7,270

5,977.18

5,387.24

90.1

1.3

Apartment

6,866

5,978.20

5,458.66

91.3

1.2

Apartment

RESIDIA Nishi-Azabu

6,606

7,078.64

6,759.79

95.5

1.5

Apartment

RESIDIA TOWER Azabujuban

6,092

7,207.18

6,453.33

89.5

1.3

Apartment

RESIDIA Mejiro

6,038

13,069.70

12,287.79

94.0

1.6

Apartment

88,275

138,537.10

132,332.16

–

22.4

–

Note: When Mizuho Corporate Bank, Ltd. merged with Mizuho Bank, Ltd. on July 1, 2013, the trade name was changed to Mizuho Bank, Ltd. on the same date.

Total(Note)

15

23,565
223,454

Tokyo Central 7 Wards

TK property fund equity interests

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 the provisions 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.

(Note 5)

Subtotal(Note 3)

Notes 1. Kenji Kousaka concurrently serves as president of ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM), and executive director of ADR. The
Commissioner of the Financial Services Agency was notified of the concurrent holding of positions on March 5, 2008 pursuant to the provisions of Article 31-4, Paragraph 4 of
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.
3. The compensation paid to the independent auditor includes compensation for services other than those prescribed in Article 2, Paragraph 1 of the Certified Public Accountants
Act (2,630 thousand yen).

Amount held
Share of total assets
Amount held
Share of total assets(million yen) (Note 6)(%) (Note 7)(million yen) (Note 6)(%) (Note 7)

Tokyo Central 7 Wards

Major Regional Cities

1,200

Deloitte Touche Tohmatsu LLC

Investment regions“As a percentage of total revenue from property leasing” is the percentage arrived at by dividing the revenue from property leasing of respective properties by the total
revenue from property leasing of the entire portfolio.

16

I. Asset Management Report
3 Real Estate Portfolio

PropertyNo.

The following are the itemized assets held by ADR as of July 31, 2013.

Name of real estate

Location

Type ofownership

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total(thousandrent
revenue(thousand rent revenue
endof
periodendof period(million yen) (million yen)period(%)
period (%)(Note 4)(Note 1)yen)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)(Note 2)

PropertyNo.

Name of real estate

Location

Type ofownership

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total
rent revenue end of period(thousand rent revenue(million yen) (million yen) end of period period (%) (thousand
period (%)(Note 1)yen) (Note 4)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)(Note 2)

Minato-ku, Tokyo

P-51

Shibuya-ku, TokyoRESIDIA Daikanyama

P-52 RESIDIA Ichigaya

Shinjuku-ku, Tokyo

P-32 RESIDIA Yoyogi

Shibuya-ku, Tokyo

P-33 RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

P-34 RESIDIA Kyodo

Setagaya-ku, Tokyo

P-35 RESIDIA Oimachi

Shinagawa-ku, Tokyo

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

P-36 RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,244

2,420

1

100.0 71,5670.6

1100.0 72,418

0.5P-37 RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,144

1,240

1

97.6 41,582

0.3

196.4 42,516

0.3

P-38 RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,987

2,160

1

98.4 68,413

0.6

195.0 68,454

0.5P-39 RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,170

1,200

1

100.0 35,420

0.3

195.5 37,473

0.3

P-40 RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,286

1,330

1

98.4 39,606

0.3

196.8 41,365

0.3

P-41

Chiyoda-ku, Tokyo

Real estate

1,135

1,170

1

96.9 37,621

0.3

195.3 36,341

0.3

P-87 RESIDIA Ichigaya-yakuoji

Shinjuku-ku, Tokyo

P-42 RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

894

925

1

98.2 29,690

0.2

194.7 31,324

0.2

P-88 RESIDIA Yoga

Setagaya-ku, Tokyo

P-43 RESIDIA Oimachi II

Shinagawa-ku, Tokyo

1,025

1,110

1

94.9 34,346

0.3

1

97.1 35,238

0.3

P-89 RESIDIA TOWER Nakameguro Meguro-ku, Tokyo

P-45 RESIDIA Jiyugaoka

Meguro-ku, Tokyo

1,018

1,060

1

100.0 34,116

0.3

189.5 35,578

0.3

P-90 RESIDIA Sasazuka II

Shibuya-ku, Tokyo

P-2

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

P-4

RESIDIA SetagayaTsurumaki

Setagaya-ku, Tokyo

P-5

RESIDIA Azabujuban

Minato-ku, Tokyo

P-7
P-9

RESIDIA Ikejiriohashi
RESIDIA Kudanshita

Setagaya-ku, Tokyo
Chiyoda-ku, Tokyo

P-10 RESIDIA Hatagaya

Shibuya-ku, Tokyo

P-13

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

P-14

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

P-15

RESIDIA Yoyoginomori

Shibuya-ku, Tokyo

P-16 RESIDIA Shinjuku- East III

Shinjuku-ku, Tokyo

Leopalace Udagawacho
P-19
MansionShibuya-ku, Tokyo

P-21

RESIDIA Shinjuku-East II

P-22 RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo

P-23 RESIDIA Kanda-Iwamotocho Chiyoda-ku, Tokyo

17(Note 2)P-50 RESIDIA Nishi-Azabu

P-24 RESIDIA Azabujuban II

Minato-ku, Tokyo

P-25 RESIDIA Ebisu

Shibuya-ku, Tokyo

P-26 RESIDIA Meguro

Shinagawa-ku, Tokyo

P-29 RESIDIA Hiroo II

Shibuya-ku, Tokyo

P-30 Pianetta Shiodome

Minato-ku, Tokyo

P-31

Setagaya-ku, TokyoRESIDIA Komazawadaigaku

RESIDIA Shin-Ochanomizu

2,521

2,830

1

93.6 82,670

0.7

195.7 88,238

0.7

1,526

1,770

1

100.0 47,2560.4

1100.0 47,256

0.4

1,179

1,140

1

100.0 34,785

0.3

1100.0 37,147

0.3

RoppongiP-53 RESIDIA
Hinokichokoen
TOWER MeguroP-55 RESIDIA
FudomaeP-56 RESIDIA Sangenjaya

1,933

1,810

1

100.0 52,689

0.4

195.9 53,458

0.4

1,218

1,200

1

92.9 35,757

0.3

195.7 38,035

0.3

2,141

2,230

1

92.2 66,751

0.5

197.7 68,292

0.5

1,099

1,040

1

94.7 30,721

0.3

188.4 30,879

0.2

1,099

1,120

1

96.3 34,2750.3

1100.0 33,882

2,657

2,620

1

100.0 75,888

0.6

1

728

598

1

100.0 19,596

0.2

754

720

1

95.0 11,308

578

625

1

100.0 17,944

Minato-ku, Tokyo

Beneficiary
6,606 6,620
interests in trust
Beneficiary
2,075 1,930
interests in trust
Beneficiary
2,426 2,580
interests in trust
Beneficiary
3,488 3,530
interests in trust
Real estate 15,852 16,400(Note 2)

1

95.4 196,867

1.6

195.5 201,810

1.5

195.8 50,677

0.4

197.6 57,337

0.4

197.4 73,004

0.6

193.8 75,041

0.6

196.7 105,4160.9

191.8 106,688

0.8

1100.0 460,754

3.8

1100.0 459,816

3.4

Setagaya-ku, Tokyo

Real estate

2,661

2,850

1

94.4 86,897

0.7

1

97.1 89,411

0.7

P-58 RESIDIA Minami-Aoyama

Minato-ku, Tokyo

Real estate

730

493

1

94.1 15,008

0.1

1100.0 16,556

0.1

P-59 RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,567

1,670

1

96.3 56,074

0.5

194.9 55,298

0.4

P-60 RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,392

1,290

1

93.9 37,408

0.3

191.0 37,949

0.3

P-61 RESIDIA Ebisu-Minami

Shinagawa-ku, Tokyo

Shibuya-ku, Tokyo

Real estate

1,988

1,920

1

100.0 55,705

0.5

1100.0 56,862

0.4

P-62 RESIDIA TOWER Azabujuban Minato-ku, Tokyo

Real estate

6,092

5,460

1

89.8 172,343

1.4

189.5 175,319

1.3

0.3

P-63 RESIDIA Shibuya

Shibuya-ku, Tokyo

1,320

1

98.0 40,711

0.3

191.3 40,272

0.3

0.6

P-64 RESIDIA Nakanobu

Shinagawa-ku, Tokyo

1,828

2,020

1

98.6 60,938

0.5

195.4 62,249

0.5

190.8 20,171

0.1

P-65 RESIDIA Azabudai

Minato-ku, Tokyo

1,581

1,550

1

94.2 46,179

0.4

1

95.1 46,299

0.3

0.1

1

100.0 23,385

0.2

P-66 RESIDIA Shibadaimon II

Minato-ku, Tokyo

1,704

1,610

1

89.7 47,897

0.4

198.0 51,845

0.4

0.1

1

100.0 17,957

0.1

P-67 RESIDIA Kanda

Chiyoda-ku, Tokyo

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

1,230

100.0 75,888

1,118

1,160

1

100.0 37,607

0.3

1100.0 38,391

0.3

P-68 RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,253

1,310

1

94.8 38,732

0.3

197.8 41,733

0.3

P-69 RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,780

1,900

1

96.9 57,845

0.5

190.7 57,196

0.4

P-70 RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate andleasehold rights toreal estate
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

901

901

1

100.0 25,910

0.2

188.7 27,336

0.2

948

990

1

94.5 30,299

0.2

194.9 31,545

0.2

4,529

4,960

1

93.7 166,150

1.4

190.9 164,448

1.2

908

805

1

93.8 27,890

0.2

1100.0 26,991

0.2

5,165

5,270

1

94.8 155,150

1.3

195.7 154,228

1.1

9,290

9,610

1

93.9 300,682

2.5

1

92.1 292,787

2.2

8,323

6,240

1

78.7 171,786

1.4

188.2 169,416

1.3

6,866

5,680

1

86.2 167,528

1.4

191.3 167,100

1.2

875

868

1

100.0 26,4980.2

1100.0 29,009

0.2

1,072

735

1

100.0 27,4500.2

1100.0 27,450

0.2

1,702

1,300

1

100.0 46,539

0.4

1100.0 49,500

0.4

7,270

6,040

1

90.1 175,679

1.4

1

90.1 175,855

1.3

1,426

1,480

1

92.3 42,295

0.3

188.5 41,191

0.3

875

1,040

1

100.0 28,095

0.2

1100.0 28,095

0.2

2,441

2,770

1

97.7 89,192

0.7

197.7 90,161

0.7

2,099

2,300

1

100.0 61,2240.5

1100.0 61,172

0.5

1,618

1,660

1

96.2 51,004

0.4

197.4 51,537

0.4

3,461

3,650

1

97.0 109,1610.9

189.0 108,169

0.8

3,849

3,840

1

95.8 116,115

1.0

194.3 120,007

0.9

990

1,030

–

–

–

–

1

96.7 25,577

0.2

800

902

–

–

–

–

1

97.9 25,991

0.2

1,344

1,450

1

84.8 38,711

0.3

195.8 44,441

0.3

916

936

1

92.8 30,476

0.3

1100.0 30,896

0.2

1,467

1,690

1

98.7 55,181

0.5

191.3 55,879

0.4

852

885

1

97.1 26,931

0.2

187.9 28,007

0.2

535

564

1

100.0 18,1270.1

1100.0 18,767

0.1

710

660

1

100.0 19,606

0.2

1100.0 21,050

0.2

1,603

1,710

1

94.0 51,332

0.4

198.8 51,900

0.4

1,884

1,900

1

94.7 64,746

0.5

192.7 58,613

0.4

323

354

1

95.1 10,355

0.1

186.8 11,356

0.1

318

331

1

100.0 10,775

0.1

1100.0 10,975

0.1

355

375

1

87.0 11,4800.1

1100.0 12,513

0.1

277

296

1

100.0 10,621

0.1

1

100.0 10,572

0.1

913

973

1

95.8 32,1860.3

1100.0 34,154

P-72 RESIDIA Mejiro-Otomeyama Shinjuku-ku, Tokyo
P-73 RESIDIA Shibaura

Minato-ku, Tokyo

P-74 RESIDIA Gotenyama

Shinagawa-ku, Tokyo

P-75 RESIDIA Yutenji

Meguro-ku, Tokyo

Tower Shibaura
P-76 Park
Bayward Urban Wing

Minato-ku, Tokyo

P-77 Motoazabu Place

Minato-ku, Tokyo

P-78 RESIDIA TOWER Roppongi

Minato-ku, Tokyo

P-79 RESIDIA Kamimeguro

Meguro-ku, Tokyo

P-80 RESIDIA Yoyogikoen

Shibuya-ku, Tokyo

0.3

P-81 Windsor House Hiroo

Shibuya-ku, Tokyo

Daikanyama Sarugakucho/
P-83 RESIDIA
Daikanyama Parkside Village

Shibuya-ku, Tokyo

P-84 RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

P-85 RESIDIA Komazawa

Setagaya-ku, Tokyo

P-86 RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

P-47 RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate
Beneficiaryinterests in trust
Real estate

2,242

2,340

1

93.9 71,4140.6

196.7 75,031

0.6

P-91 RESIDIA Meguro III

Meguro-ku, Tokyo

P-48 RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,562

3,280

1

93.6 94,459

0.8

193.7 91,275

0.7

P-92 RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

P-49 RESIDIA Akasaka

Minato-ku, Tokyo

Real estate

1,148

1,180

1

95.1 38,643

0.3

195.5 39,210

0.3Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust18

I. Asset Management Report
PropertyNo.

Name of real estate

Location

Type ofownership

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total(thousandrent
revenue(thousand rent revenue
endof
periodendof period(million yen) (million yen)period(%)
period (%)(Note 4)(Note 1)yen)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)(Note 2)

C-22 RESIDIA Tsukiji

Chuo-ku, Tokyo

C-23 RESIDIA Sasazuka

Suginami-ku, Tokyo

C-24 RESIDIA Kyobashi

Chuo-ku, Tokyo

C-25 RESIDIA Tamagawa

Ota-ku, Tokyo

C-26 RESIDIA Korakuen

Bunkyo-ku, Tokyo

C-27 RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

C-28 RESIDIA Oji

Kita-ku, Tokyo

C-29 RESIDIA Mejiro II

Toshima-ku, Tokyo

C-31

RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,064

1,110

1

88.0 33,667

0.3

1C-32 RESIDIA Kamata II

Ota-ku, Tokyo

1,324

1,420

1

96.3 46,123

0.4

C-33 RESIDIA Tsukishima II

Chuo-ku, Tokyo

2,377

2,550

1

93.7 78,711

C-34 RESIDIA Kinshicho II

Sumida-ku, Tokyo

2,319

2,380

1

C-35 RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

3,221

3,570

C-36 RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

674

C-37 RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

C-38 RESIDIA Ikegami

Ota-ku, Tokyo

NihonbashiC-39 RESIDIA
Ningyocho

Chuo-ku, Tokyo

Real estate
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

C-40 RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

Real estate

P-94 RESIDIA Omori II

Chiyoda-ku, Tokyo
Shinagawa-ku, Tokyo

P-95 RESIDIA Shirokane-Takanawa Minato-ku, Tokyo
C-1

19

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

C-2

RESIDIA Kamata

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

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

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 NihonbashiNingyocho II

Chuo-ku, Tokyo

C-13

RESIDIA Omori-Higashi

Ota-ku, Tokyo

C-15

RESIDIA Kinshicho

Sumida-ku, Tokyo

C-16 RESIDIA Negishi

Taito-ku, Tokyo

C-17

RESIDIA Shinkawa

Chuo-ku, Tokyo

C-18 RESIDIA Kamiikebukuro

Toshima-ku, Tokyo

C-19 RESIDIA Shin-nakano

Nakano-ku, Tokyo

C-21

Bunkyo-ku, TokyoRESIDIA Bunkyo-Yushima II

1,282

1,320

–

–

–

–

1

93.8 34,721

0.3

1,678

1,770

–

–

–

–

1

97.9 45,680

0.3

1,531

1,630

–

–

–

–

1

100.0 41,110

0.3

1,702

2,070

Name of real estate

Location

Type ofownership(Note 2)

Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

P-93 RESIDIA Kudanshita II

PropertyNo.

1

95.2 62,389

0.5

195.2 67,114

0.5

2,333

3,080

1

96.4 95,456

0.8

198.8 107,516

0.8

1,455

1,590

1

100.0 46,833

0.4

1100.0 46,846

0.3

1,612

1,810

1

100.0 50,271

0.4

1100.0 50,255

0.4

992

1,200

1

98.3 36,632

0.3

197.5 38,770

0.3

945

949

1

100.0 36,242

0.3

193.6 36,925

0.3

3,005

3,230

1

97.0 99,212

0.8

195.2 97,779

0.7

1,604

1,600

1

100.0 48,1370.4

197.8 48,947

0.4

886

940

1

96.9 30,020

0.2

1100.0 31,415

0.2

5,179

4,840

1

100.0 136,751

1.1

1100.0 137,276

1.0

3,098

3,200

1

99.4 93,423

0.8

198.1 105,738

0.8

1,935

1,750

1

97.9 56,043

0.5

197.9 55,436

0.4

4,156

3,830

1

98.1 115,685

1.0

197.7 116,500

0.9

860

799

1

96.4 26,593

0.2

192.6 26,165

0.2

1,827

1,860

1

86.3 55,284

0.5

192.6 59,669

0.4

535

590

1

95.5 21,8420.2

1100.0 22,035

0.2

340

404

1

93.3 14,954

0.1

190.0 15,028

0.1

977

1,050

1

98.4 32,639

0.3

193.0 33,635

0.2

1,401

1,540

1

96.6 45,845

0.4

198.9 48,731

0.4

1,745

1,850

1

91.3 61,329

0.5

194.7 60,471

0.4

1,174

1,260

1

100.0 39,668

0.3

1100.0 38,001

0.3

1,244

1,380

1

100.0 40,381

0.3

1100.0 40,381

0.3

579

626

1

100.0 21,483

0.2

197.2 20,398

0.2

1,926

2,070

1

100.0 58,385

0.5

1100.0 58,330

0.4

827

932

1

100.0 34,584

0.3

1100.0 34,584

0.3

1,018

1,030

1

97.1 35,009

0.3

1

98.5 36,514

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total(thousandrent
revenue(thousand rent revenue
endof
periodendof period(million yen) (million yen)period(%)
period (%)(Note 4)(Note 1)yen)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)(Note 2)

C-41

RESIDIA Iriya

NihonbashiC-42 RESIDIA
HamachoC-43 RESIDIA Shin-Okachimachi(Note 2)

942

1,010

1

90.9 37,253

0.3

193.9 35,713

0.3

Chuo-ku, Tokyo

Beneficiaryinterests in trust
Real estate

1,285

1,350

1

97.9 42,0260.3

1100.0 42,327

0.3

Taito-ku, Tokyo

Taito-ku, Tokyo

Real estate

1,815

1,850

1

97.1 55,326

0.5

195.8 59,300

0.4

C-44 RESIDIA Chidoricho

Ota-ku, Tokyo

1,255

1,300

1

96.6 42,555

0.4

196.6 44,730

0.3

C-45 RESIDIA Shinkawa II

Chuo-ku, Tokyo

1,265

1,340

1

87.8 41,826

0.3

198.5 42,215

0.3

C-46 RESIDIA Mejiro

Toshima-ku, Tokyo

6,038

6,360

1

94.1 223,161

1.8

194.0 220,556

1.6

C-47 RESIDIA Kasai

Edogawa-ku, Tokyo

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust

653

724

1

96.5 27,951

0.2

193.3 28,389

0.2

5,327

5,900

1

100.0 164,944

1.4

1100.0 164,563

1.2

3,841

4,660

1

100.0 137,171

1.1

1100.0 137,315

1.0

896

1,050

1

100.0 29,739

0.2

1100.0 29,739

0.2

2,014

2,480

1

100.0 77,992

0.6

1

99.4 78,248

0.6

1,145

1,300

1

100.0 39,785

0.3

1100.0 44,127

0.3

Real estate

2,407

2,600

1

98.8 84,369

0.7

194.0 79,629

0.6

2,612

3,040

1

97.4 88,762

0.7

197.3 91,841

0.7

2,703

3,230

1

97.1 159,689

1.3

194.5 157,983

1.2

1,817

1,900

1

93.9 61,4450.5

198.0 63,336

0.5

1,023

1,080

1

100.0 35,1060.3

1100.0 35,495

0.3

2,143

2,400

1

100.0 74,511

0.6

196.4 74,154

0.6

1,179

1,280

1

98.7 41,702

0.3

198.7 40,715

0.3

1,102

1,190

1

97.3 37,736

0.3

198.7 38,792

0.3

1,849

2,040

1

96.8 65,216

0.5

194.5 63,911

0.5

2,387

2,500

1

99.3 80,025

0.7

197.8 80,729

0.6

690

729

1

100.0 25,4140.2

1100.0 25,491

0.2

974

1,040

1

92.5 32,862

0.3

195.6 34,433

0.3

8,924

8,850

–

–

–

1

96.3 580,080

4.3

3,060

3,760

1

100.0 174,072

1.4

1100.0 174,072

1.3

748

695

1

100.0 29,343

0.2

194.9 29,428

0.2

1,094

1,060

1

93.6 40,549

0.3

188.5 41,857

0.3

1,866

1,790

1

100.0 61,5340.5

1100.0 61,398

0.5

1,123

1,070

1

90.8 33,504

0.3

190.6 34,539

0.3

726

676

1

100.0 26,182

0.2

1100.0 26,182

0.2

494

525

1

100.0 19,039

0.2

1100.0 20,239

0.2

1,621

1,730

1

98.3 58,176

0.5

1

92.1 59,006

0.4

755

819

1

100.0 28,297

0.2

1100.0 27,168

0.2

1,539

1,600

1

100.0 54,096

0.4

198.8 56,682

0.4

NihonbashiC-48 RESIDIA
Bakurocho
RESIDIA SuginamiC-49
Honancho

Chuo-ku, Tokyo
Suginami-ku, Tokyo

C-50 RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

C-51

Koto-ku, TokyoRESIDIA Kiba

C-52 RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

BunkyoC-53 RESIDIA
Honkomagome

Bunkyo-ku, Tokyo

C-54 RESIDIA Tsukishima III
C-55 RESIDIA Minamisenjyu
C-56 RESIDIA Ogikubo
C-57 RESIDIA Monzennakacho
C-58 RESIDIA Ochanomizu
C-59 RESIDIA Omori
C-60 RESIDIA Nakamurabashi
C-61 RESIDIA Kachidoki
C-62 RESIDIA Bunkyo-Otowa II
C-63 RESIDIA Kinshicho III
C-64 RESIDIA Kamata III
TOWER KamiC-65 RESIDIA
Ikebukuro
S-1

Hiyoshidai Student Heights

S-2

Chester House Kawaguchi

S-4

RESIDIA Higashi-Matsudo

0.3

S-5

RESIDIA Shin-Yokohama

97.8 36,818

0.3

S-7

RESIDIA Chofu

1

95.3 46,416

0.3

S-11

Wako Student Heights

0.6

1

98.3 80,247

0.6

S-12

RESIDIA Kokubunji

96.9 78,389

0.6

191.7 73,128

0.5

S-14

RESIDIA Yokohama-Kannai

1100.0 108,541

0.9

1100.0 108,352

0.8

S-15

RESIDIA Okurayama776

1

97.2 25,837

0.2

194.2 26,356

0.2

S-16

RESIDIA Musashikosugi

1,008

1,130

1

95.3 37,804

0.3

195.3 36,975

0.3

362

380

1

97.1 13,830

0.1

197.1 13,632

0.1

533

625

1

96.4 18,8660.2

1100.0 21,117

0.2

1,400

1,450

1

92.0 43,165

0.4

196.8 45,414

0.3

S-17
S-19

RESIDIA Funabashi I
RESIDIA Funabashi II
RESIDIA Kichijoji

Beneficiary
Chuo-ku, Tokyo
interests in trust
BeneficiaryArakawa-ku, Tokyo
interests in trust
Suginami-ku, Tokyo
Real estate
Beneficiary
Koto-ku, Tokyo
interests in trust
Beneficiary
Bunkyo-ku, Tokyo
interests in trust
BeneficiaryOta-ku, Tokyo
interests in trust
Beneficiary
Nerima-ku, Tokyo
interests in trust
Beneficiary
Chuo-ku, Tokyo
interests in trust
Beneficiary
Bunkyo-ku, Tokyo
interests in trust
Beneficiary
Koto-ku, Tokyo
interests in trust
BeneficiaryOta-ku, Tokyo
interests in trust
Beneficiary
Toshima-ku, Tokyo
interests in trust
Beneficiary
Yokohama-shi, Kanagawa
interests in trust
Beneficiary
Kawaguchi-shi, Saitama
interests in trust
Beneficiary
Matsudo-shi, Chibainterests in trust
Beneficiary
Yokohama-shi, Kanagawa
interests in trust
Beneficiary
Chofu-shi, Tokyo
interests in trust
Beneficiary
Wako-shi, Saitama
interests in trust
Beneficiary
Kokubunji-shi, Tokyo
interests in trust
Beneficiary
Yokohama-shi, Kanagawa
interests in trust
Beneficiary
Yokohama-shi, Kanagawa
interests in trust
Kawasaki-shi, Kanagawa
Real estate–

Funabashi-shi, Chiba

Beneficiaryinterests in trust

2,640

2,800

1

100.0 94,455

0.8

1100.0 94,573

0.7

Musashino-shi, Tokyo

Beneficiaryinterests in trust

1,433

1,440

1

79.4 44,797

0.4

191.9 44,756

0.3

20

I. Asset Management Report
PropertyNo.

Name of real estate

Location

Type ofownership

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total(thousandrent
revenue(thousand rent revenue
endof
periodendof period(million yen) (million yen)period(%)
period (%)(Note 4)(Note 1)yen)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)(Note 2)

Real estate andPacific Royal Court Minato
Yokohama-shi, Kanagawa leasehold rights to 13,009 14,300
S-20
Mirai Ocean Tower
real estate
Beneficiary
Yachiyo-shi, Chiba
S-21 Maison Yachiyodai
846
866interests in trust
S-22 Life & Senior House Kohoku II Yokohama-shi, Kanagawa Real estate
1,613 1,680
Beneficiary
Nishi-Tokyo-shi, Tokyo
S-23 College Court Tanashi
815
978interests in trust
Beneficiary
Urayasu-shi, Chiba
S-24 RESIDIA Urayasu
2,193 2,400
interests in trust
Beneficiary
Ichikawa-shi, Chiba
S-25 RESIDIA Minami-Gyotoku
870
945
interests in trust
Beneficiary
Urayasu-shi, Chiba
S-26 RESIDIA Urayasu II
848
910
interests in trust
Beneficiary
Ichikawa-shi, Chiba
S-27 RESIDIA Gyotoku
805
866
interests in trust
Beneficiary
Kawasaki-shi, Kanagawa
S-28 RESIDIA Kawasaki
1,719 1,850
interests in trust
Beneficiary
Yokohama-shi, Kanagawa
S-29 Cocofump Hiyoshi
1,099 1,090
interests in trust
Beneficiary
Kyoto-shi, Kyoto
R-2 RESIDIA Imadegawa
1,591 1,580
interests in trust
Beneficiary
Nagoya-shi, Aichi
R-4 RESIDIA Higashi-Sakura
1,154 1,200
interests in trust
Beneficiary
Kameyama-shi, Mie
R-5 RESIDIA Kameyama
1,607 1,150
interests in trust
Beneficiary
Toyonaka-shi, Osaka
R-6 RESIDIA Ryokuchikoen
945
871
interests in trust
RESIDIA Kobe Port Island(South Bldg.; Centre Bldg.)
Beneficiary
Kobe-shi, Hyogo
R-8
3,657 3,560
interests in trust
RESIDIA Kobe Port Island(North Bldg.)

21

R-10 RESIDIA Hakata

Fukuoka-shi, Fukuoka

R-11

RESIDIA Tenjinbashi

Osaka-shi, Osaka

R-12

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

Real estate
Beneficiaryinterests in trust
Real estate

R-13 KC21 Building

Sendai-shi, Miyagi

Real estate

R-14 RESIDIA Utsubokoen

Osaka-shi, Osaka

R-15 RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

R-16 RESIDIA Takaoka

Nagoya-shi, Aichi

R-17

Nagoya-shi, Aichi

Real estate
Beneficiaryinterests in trust
Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

RESIDIA Hibino

R-19 RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

R-20 RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

R-21

Nagoya-shi, Aichi

Mare

PropertyNo.

Name of real estate

Location

6th Fiscal Period
5th Fiscal Period
Estimated(Aug. 1, 2012 ~ Jan. 31, 2013)(Feb. 1, 2013 ~ Jul. 31, 2013)
Book value at value at the
Total number
the end of the end of the Total number Occupancy
Occupancy
fiscal period fiscal period of tenants at rate at end of Rent revenue Share of total of tenants at rate at end of Rent revenue Share of total(thousandrent
revenue(thousand rent revenue
endof
periodendof period(million yen) (million yen)period(%)
period (%)(Note 4)(Note 1)yen)(%)yen) (Note 4)(%)(tenants)(tenants)(Note 3)(Note 3)

Type ofownership(Note 2)

(Note 2)

R-38 RESIDIA Hirosedori

Sendai-shi, Miyagi

1

98.8 568,766

4.7

199.4 568,820

4.2

R-39 RESIDIA Edobori

Osaka-shi, Osaka

1

85.8 41,277

0.3

191.6 41,622

0.3

R-40 RESIDIA Kyomachibori

Osaka-shi, Osaka

1

100.0 70,704

0.6

1100.0 70,704

0.5R-41 RESIDIA Esaka

Suita-shi, Osaka

1

100.0 32,760

0.3

1100.0 32,760

0.2

R-42 RESIDIA Nishijin

Fukuoka-shi, Fukuoka

1

67.0 61,823

0.5

197.2 74,494

0.6

R-43 RESIDIA Tsurumai

Nagoya-shi, Aichi

1

100.0 36,287

0.3

1100.0 38,874

0.3

R-44 RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

1

95.9 32,564

0.3

197.3 32,979

0.2

R-45 RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

1

97.3 32,4800.3

198.7 36,809

0.3

R-46 RESIDIA Shinsaibashi West

Osaka-shi, Osaka1

95.1 59,717

0.5

1100.0 63,602

0.5

R-47 RESIDIA Marunouchi

Nagoya-shi, Aichi

–

–

1

100.0 25,500

0.2

R-48 RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

1

100.0 65,712

0.5

1100.0 65,088

0.5

R-49 RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

1

96.6 47,904

0.4

196.6 48,045

0.4

R-50 RESIDIA Rakuhoku

Kyoto-shi, Kyoto

1

97.1 62,099

0.5

1

97.1 61,938

0.5

R-51 RESIDIA Miyakojima I/II

–

1

–

100.0 31,1430.3

196.0 31,989

100.0 125,350

1.0

1100.0 125,376

0.9

1,188

1,220

1

97.5 50,523

0.4

1100.0 51,432

0.4

827

929

1

96.3 37,080

0.3

198.8 37,155

0.3

2,103

2,440

1

97.3 88,3650.7

194.7 90,475

0.7

926

954

1

99.0 41,062

0.3

197.1 41,782

0.3

1,117

1,300

1

95.3 48,366

0.4

197.7 48,724

0.4

1,886

2,130

1

99.3 76,671

0.6

198.7 77,309

0.6

2,248

2,640

1

100.0 89,682

0.7

1100.0 89,977

0.7

1,255

1,380

1

98.5 67,043

0.6

199.2 68,628

0.5

892

990

1

98.2 39,323

0.3

192.8 38,719

0.3

305

347

1

100.0 16,2410.1

197.5 16,232

0.1

649

706

1

93.4 27,6560.2

1100.0 27,344

0.2

R-24 RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,564

1,750

1

99.3 73,946

0.6

199.7 74,903

0.6

R-25 RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,278

1,270

1

97.5 58,112

0.5

198.7 57,189

0.4

R-26 RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,073

1,200

1

100.0 49,558

0.4

199.3 50,021

0.4

R-27 RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

797

824

1

97.2 30,771

0.3

197.4 31,939

0.2

R-29 RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

681

710

1

97.9 34,738

0.3

197.9 35,454

0.3

R-30 RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,543

3,780

1

93.7 142,959

1.2

187.6 138,382

1.0

R-31 RESIDIA Maruyama Kita-Gojo Sapporo-shi, Hokkaido

Real estate

1,009

1,070

1

94.4 44,636

0.4

189.3 44,065

0.3

R-32 RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

725

769

1

95.9 29,590

0.2

1100.0 29,989

0.2

R-34 RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,932

2,190

1

98.9 92,2680.8

199.0 92,670

0.7

R-35 RESIDIA Tanimachi

Osaka-shi, Osaka

1,172

1,390

1

98.2 48,736

0.4

199.0 48,328

0.4

R-36 RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

669

810

1

100.0 30,780

0.3

198.0 30,716

0.2

R-37 RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust

544

664

1

100.0 24,0480.2

1100.0 26,023

0.2

Real estate
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Beneficiaryinterests in trust
Real estate

Total

0.2

1

Osaka-shi, Osaka

Beneficiaryinterests in trust
Real estate(Note 2)

510

579

1

100.0 21,8470.2

1100.0 21,839

0.2

1,482

1,710

1

98.5 62,149

0.5

198.4 62,134

0.5

1,068

1,170

1

98.7 43,3900.4

195.3 42,729

0.3

1,021

1,140

1

96.5 39,944

0.3

190.3 38,408

0.3

2,449

2,720

1

94.6 104,357

0.9

196.0 104,141

0.8

1,243

1,400

1

97.7 55,419

0.5

1100.0 55,890

0.4

2,820

3,200

1

97.8 121,601

1.0

195.5 118,470

0.9

936

982

–

–

–

–

1

98.3 36,351

0.3

1,991

2,090

–

–

–

–

1

88.7 65,314

0.5

1,015

1,030

–

–

–

–

1

96.6 34,074

0.3

1,556

1,740

–

–

–

–

1

98.5 64,125

0.5

1,273

1,310

–

–

–

–

1

90.2 38,950

0.3

910

916

–

–

–

–

1

95.9 29,729

0.2

3,381

3,610

–

–

–

–

1

100.0 108,934

0.8

386,990 400,991

190

96.4 12,155,922

100.0

204

96.5 13,462,948

100.0

Notes 1. “Estimated value at end of period” is the appraisal value or survey-based value provided by a real estate appraiser as of July 31, 2013, the valuation date, pursuant to ADR’s
Articles of Incorporation and the “Regulations Concerning Accounting of Investment Corporations” issued by the Cabinet Office.
2. For “Total number of tenants,” tenants that have executed a master lease agreement with a master lessee are counted as 1.
		 The “Total” column for “Total number of tenants” indicates the sum total number of master lease agreements, concluded with 15 master lessees, as a master lease agreement
is executed for all assets held by ADR as of July 31, 2013.
3. “Occupancy rate” is calculated by using the formula: “Leased floor area” ÷ “Leasable floor area” × 100.
4. “Revenue from property leasing” is the rental revenue of respective real estate for the fiscal period under review.

4 Securities Portfolio

The following are securities held by ADR as of July 31, 2013.

Name

Type of asset Quantity

Book value(thousand yen)
Unit price

Equity interests in TK property
fund with Godo Kaisha RISING as
operator (Note 2)
Equity interests in TK property
fund with Godo Kaisha RISING2 as
operator (Note 3)
Equity interests in TK property
fund with Godo Kaisha RISING3 as
operator (Note 4)
Equity interests in TK property
fund with Godo Kaisha RISING4 as
operator (Note 5)
Total

TK property
fund equity
interests
TK property
fund equity
interests
TK property
fund equity
interests
TK property
fund equity
interests–

AmountGain (Loss) on
Assessed value
valuation(thousand yen) (Note 1)
Notes(thousandUnit price Amount
yen)

–

–

261,231–

257,000-4,231–––

214,812–212,141-2,670–––

198,552–

195,945-2,606–––

256,695–

254,000-2,695–––931,291–

919,087-12,204–

Notes 1. The “Assessed value” is the value quoted by the operator of TK property fund pursuant to regulations provided by The Investment Trusts Association, Japan.
2. The silent partnership owns the real estate beneficiary interests in trust for “Forecity Ojima,” “Artis Court Minamiaoyama,” “Pleiade Nakameguro,” “N.S. ZEAL Higashizakura,”“Human Heim Honcho” and “Sun Vario Haranomachiekimae.”
3. TK property fund owns the real estate beneficiary interests in trust for “City Village Yotsuya-Sanchome II,” “Ikebukuro DUPREX R’s,” “Belle Face Sakaemachi,” “Belle Face
Tsutsujigaoka (West/East)” and “AGILIA Sapporo Oodorihigashi.”
4. TK property fund owns the real estate beneficiary interests in trust for “Lifesuta Kego,” “Bebless Sapporo-Eki,” “Bebless Souen,” “Grand E’terna Okayama,” “Grand E’terna
Kyoto-Okazaki,” “Grand E’terna Nerima,” “Grand E’terna Sagamihara,” “Grand E’terna Sendai-Ichibancho” and “Lumiere Yokohama-Bashamichi.”
5. TK property fund owns the real estate beneficiary interests in trust for “Chester Court Ochanomizu,” “Chester House Iwamotocho,” “Chester House Shinagawa,” “Chester
Court Asakusabashi,” “Chester House Akihabara” and “Chester House Azumabashi.”
6. Other than the above, ADR holds real estate beneficiary interests in trust that are securities as defined in Article 2, Paragraph 2, Item 1 of the Financial Instruments andExchange Act. For convenience of reference, however, the underlying real estate in trust of those beneficiary interests in trust is included in “3. Real Estate Portfolio.”

22

I. Asset Management Report
5 Specified Transactions

Capital Expenditures

The following is the status of ADR’s specified transactions as of July 31, 2013.
(thousand yen)Account

Type

Transaction other thanmarket transaction

Interest rate swap transactions
payable fixed; receivable floating
Total

Contract amount (Note 1)

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

135,945,488

111,345,488-454,082

135,945,488

111,345,488-454,082

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.
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 the AccountingStandards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10). Accordingly, the fair value is not reflected on the balance sheets.

6 Other Assets

Real estate and real estate beneficiary interests in trust are all listed in “3. Real Estate Portfolio.” As of July 31, 2013, there
are no major specified assets in the portfolio that are key investment targets of ADR other than those listed in that sectionand earlier in “4. Securities Portfolio.”

7 Assets Held by Country and Region

There are no applicable matters concerning countries and regions other than Japan.

1 Planned Capital Expenditures

The following table lists the major capital expenditures for renovations currently planned for the real estate and real estate
beneficiary interests in trust ADR owns. The estimated amount includes portions that are to be recorded as expenses foraccounting purposes.
(million yen)

Name of real estate(Location)

Estimated amounts
PurposeEstimated Duration

RESIDIA Azabujuban(Minato-ku, Tokyo)

Major repair work

From: Oct. 2013
To: Jan. 2014

45

–

–

RESIDIA Meguro(Shinagawa-ku, Tokyo)

Major repair work

From: Nov. 2013
To: Jan. 2014

22

–

–

RESIDIA Shibaura(Minato-ku, Tokyo)

Value-enhancement work on
individual units

From: Aug. 2013
To: Jan. 2014

17

–

–

RESIDIA Kichijoji(Musashino-shi, Tokyo)

Value-enhancement work on
individual units

From: Aug. 2013
To: Jan. 2014

16

–

–

RESIDIA Mejiro(Toshima-ku, Tokyo)

Repairs to external wall

From: Oct. 2013
To: Dec. 2013

16

–

–

Total
amounts

Payment for the Cumulative
current period amount paid

2 Capital Expenditures for the Current Period

The following table lists the major capital expenditures for renovations ADR conducted in the current period. The total
capital expenditures during this fiscal period were 333 million yen for the entire portfolio and, when combined with repairs
and maintenance cost of 478 million yen, were 811 million yen.

P-10 RESIDIA Hatagaya(million yen)

Name of real estate(Location)

PurposeAmount paid

KC21 Building(Sendai-shi, Miyagi)

Major repair work

From: Mar. 2013
To: Jul. 2013

61

RESIDIA Ikejiriohashi(Setagaya-ku, Tokyo)

Repairs to external wall

From: May 2013
To: Jul. 2013

53

Wako Student Heights(Wako-shi, Saitama)

Major repair work

From: May 2013
To: Jul. 201334

Other real estate

Renovations
Total(Note)		

23

Implementation period

183
333

Amount paid is rounded down to the nearest million yen. Accordingly, the sum total of the entered figures does not necessarily add up to the “Total” amount indicated in theforegoing table.

24

I. Asset Management Report
3 Cash Reserves for Upgrades and Renovations

Expenses and Liabilities

Based on medium- to long-term upgrades and renovation plans for each property, ADR sets aside the following cash
reserves, derived from cash flows of depreciation and amortization (including those accompanying retained earnings), tofund large-scale repair work and upgrades.

1 Entrustment Expenses(thousand yen)(million yen)

Fiscal period

2nd FP

3rd FP

4th FP

5th FP

6th FP

Operating period

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

From: Feb. 1, 2013
To: Jul. 31, 2013

Balance of reserves at
beginning of period

1,899

1,843

1,748

1,704

1,671

Amount of reserves
during period

460

245

261

320

357

Reversal of reserves
during period

516

341

304

353

403

1,843

1,748

1,704

1,671

1,625

Amount carried forward
to next period

C-1 RESIDIA Mitsukoshimae

Item

5th FP(a) Asset management fee (Note 1)

6th FP

822,488(Note 2)

829,251(Note 3)(b) Asset custody fee

10,6289,059(c) Administrative service fees

60,07360,667(d) Directors’ compensations

2,400

2,400

321,368

272,427

1,216,959

1,173,804(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 4,790 thousand yen has been paid for asset management of the acquired properties and has been included in their acquisition
prices.
3. Aside from the amounts indicated above, a total 272,915 thousand yen has been paid for asset management of the acquired properties and has been included in theiracquisition prices.

2 Loans

The following lists the balance of respective loans ADR borrowed from financial institutions as of July 31, 2013.
Account

Drawdown dateLenders

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Short-termloans payable

Sumitomo Mitsui Trust Bank Limited

January 25, 2013

SubtotalMizuho Bank, Ltd. (Note 8)
Aozora Bank, Ltd.

June 25, 2008

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

August 31, 2009

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited
Development Bank of Japan Inc.

March 31, 2010

–
–

4,148

–

2,765

–

1,382

–

921

–

2,965

–

3,526

–

2,110

–

250

250

1,384

–

1,384

–

Repayment
methodUse

Description–

January 24, 2014

Lump-sum
repayment
at maturity(Note 5)

Unsecured
Unguaranteed–

June 25, 2013

(Note 5)Lump-sum
repayment
at maturity–

April 30, 2013

(Note 5)

3.10%

(Note 9)Installment(Note 6)–

March 29, 2013

Lump-sum
repayment
at maturity(Note 5)

Installment(Note 6)

13

1.86%

(Note 10)

1,147

573

573

1.50 %(Note 2)September 21, 2013

2,610

2,610

1,770

1,770

1.39%
(Note 2)

November 15, 2013

1,530

1,530

1,806

1,806

1.39%
(Note 2)

November 15, 2013

1,300

1,300

1,700

1,700

0.54%

January 31, 2014

–

8,664

–

4,332

1.63%
(Note 2)February 17, 2014

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

–

443

Sumitomo Mitsui Trust Bank Limited

–

443

–

354

1.63%
(Note 2)February 17, 2014

(Note 6)–265

September 22, 2010

Sumitomo Mitsui Trust Bank Limited
Sumitomo Mitsui Banking Corporation

November 25, 2010

Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited
Mizuho Bank, Ltd. (Note 8)
Mizuho Trust & Banking Co., Ltd.

Sumitomo Mitsui Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation

25

1,613
2,535

Repayment date

13

Mizuho Trust & Banking Co., Ltd.

February 17, 2011

Balance atInterest rate
end of 6th FP(Note 1)(million yen)

1,147

Mizuho Bank, Ltd. (Note 8)
Current portionof long-termloans payable

October 22, 2009

Balance atstart of 6th FP(million yen)

November 30, 2010
April 27, 2012

February 17, 2011

February 17, 2011

(Note 6)
Unsecured
Unguaranteed(Note 5)(Note 5)Lump-sum
repayment
at maturity(Note 5)26

I. Asset Management Report
Account

Drawdown dateLenders

Current portionof long-termloans payable

Balance atInterest rate
end of 6th FP(Note 1)(million yen)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

–

657

Sumitomo Mitsui Trust Bank Limited

–

343

–

800

Aozora Bank, Ltd.

June 25, 2012

The Nishi-Nippon City Bank Ltd.
Subtotal–

700

29,14429,705

0.54%

Repayment date

Repayment
methodJune 30, 2014

Lump-sum
repayment
at maturity

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

2,304

2,304

2.70%

June 25, 2015

Development Bank of Japan Inc.

October 22, 2009

3,554

3,429

3.10%

(Note 9)Development Bank of Japan Inc.

November 25, 2010

956

956

1.90%

November 24, 2017

(Note 5)

8,664

–

4,332

–

–

February 17, 2014

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

443–

Sumitomo Mitsui Trust Bank Limited

443

–

354

–

265

–

225

218

1.86%

(Note 10)

1,083

1.68%
(Note 2)February 29, 2016

Sumitomo Mitsui Banking Corporation

February 17, 2011

February 17, 2011

Mitsubishi UFJ Trust and Banking Corporation
Development Bank of Japan Inc.
Mizuho Bank, Ltd. (Note 8)

February 17, 2011
March 1, 2011

1,083

Lenders

Unsecured
Unguaranteed(Note 6)

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

1,500

1,500

450

450

1,550

1,550

900

900

Mizuho Bank, Ltd. (Note 8)

Lump-sum
repayment
at maturity–

February 17, 2014

Taiyo Life Insurance Company

November 30, 2011

December 26, 2011

December 26, 2011

December 26, 2011

Sumitomo Mitsui Banking Corporation(Note 6)

Mizuho Bank, Ltd. (Note 8)

January 25, 2012

Resona Bank, Limited
Installment(Note 6)(Note 3)

Balance atInterest rate
end of 6th FP(Note 1)(million yen)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Mizuho Bank, Ltd. (Note 8)(Note 5)

Balance atstart of 6th FP(million yen)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

650

650

500

500

900

900

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

492

492

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank Limited

492

492

Mizuho Bank, Ltd. (Note 8)

2,264

2,264

Shinsei Bank, Limited

295

295

Development Bank of Japan Inc.

1,000

1,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Shinsei Bank, Limited

1,500

1,500

500

500

1,000

1,000

500

500

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank Limited

March 1, 2011

March 10, 2011

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

April 28, 2011

Sumitomo Mitsui Trust Bank Limited
Mitsubishi UFJ Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank Limited

May 31, 2011
June 30, 2011
June 30, 2011

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Limited

700

700

3,500

3,500

3,700

3,700

2,000

2,000

2,500

2,500

2,700

2,700

890

890

1,600

1,600

2,000

2,000

1,000

1,000

Aozora Bank, Ltd.

700

700

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500

500

Sumitomo Mitsui Trust Bank Limited

500

500

The Bank of Fukuoka, Ltd.

Mitsubishi UFJ Trust and Banking Corporation

August 31, 2011

August 31, 2011

1,000

1,000

The Norinchukin Bank

1,000

1,000

The Bank of Fukuoka, Ltd.

1,000

1,000

500

500

500

500

2,000

2,000

1,000

1,000

2,000

2,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank LimitedAozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Resona Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank Limited

August 31, 2011

August 31, 2011
August 31, 2011
September 1, 2011

750

750

750

750

1.68%
(Note 2)

1.69%
(Note 2)February 29, 2016

(Note 3)February 29, 2016

January 25, 2012

Mitsubishi UFJ Trust and Banking Corporation

Mizuho Trust & Banking Co., Ltd.

(Note 3)February 8, 2012

The Yamaguchi Bank, Ltd.
The Tokyo Tomin Bank, Ltd.
1.75%
(Note 2)
1.52%
(Note 2)
1.59%
(Note 2)
1.76%
(Note 2)

1.01%
(Note 2)

April 28, 2017

(Note 5)February 29, 2016

(Note 3)June 30, 2017

(Note 5)June 29, 2018

January 31, 2015

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

Unsecured
Unguaranteed

Long-termloans payable

500

500

300

300

1,000

1,000

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

Resona Bank, Limited
The Bank of Fukuoka, Ltd.
The Yamaguchi Bank, Ltd.

Sumitomo Mitsui Trust Bank Limited

Mizuho Trust & Banking Co., Ltd.
December 18, 2015

February 8, 2012

February 8, 2012

Shinsei Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1.16%
(Note 2)February 8, 2012

The Iyo Bank, Ltd.

(Note 5)

Sumitomo Mitsui Trust Bank Limited

1.43%(Note 2)

July 31, 2018

(Note 5)

0.72%

July 31, 2015

(Note 6)

0.80%

July 31, 2015

Unsecured
Unguaranteed

1.11%(Note 2)

July 29, 2016

(Note 6)1.42%
(Note 2)

July 31, 2018

(Note 6)1.20%
(Note 2)

April 27, 2018

(Note 5)0.84%
(Note 2)

May 29, 2015

(Note 5)–June 30, 2014

(Note 5)0.85%
(Note 2)

August 31, 2015

(Note 5)

1,600

1,600

1,500

1,500

2,100

2,100

800

800

1,000

1,000

657

–

(Note 3)

The Nishi-Nippon City Bank Ltd.

700–

October 31, 2014

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

700

700

April 27, 2012

Sumitomo Mitsui Banking Corporation
May 31, 2012

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
June 25, 2012

June 25, 2012

343

–

800

–

500

500

1,000

1,000

800

800

Description(Note 6)
Lump-sum
repayment
at maturity(Note 5)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

The Nishi-Nippon City Bank Ltd.

(Note 5)

August 31, 2017

Mitsubishi UFJ Trust and Banking Corporation

Resona Bank, Limited

July 29, 2016

1.10%
(Note 2)

April 27, 2012

September 28, 2018

0.70%

1.11%
(Note 2)

(Note 3)(Note 3)

1,000

(Note 5)800

January 31, 2017

2,400

November 30, 2016

800

1.31%
(Note 2)

1,000

1.21%

(Note 3)(Note 3)2,400

(Note 5)

March 31, 2015

January 31, 2017

November 18, 2011

November 30, 2016

February 28, 2018

1.31%
(Note 2)September 29, 2011

1.17%
(Note 2)

1.23%

(Note 3)

Mitsubishi UFJ Trust and Banking Corporation(Note 5)0.64%

December 18, 2015

Aozora Bank, Ltd.

December 18, 2015

2,700

1.16%
(Note 2)

1.62%
(Note 2)

0.76%

2,850

January 31, 2017

Aozora Bank, Ltd.

(Note 5)

2,700

800

Sumitomo Mitsui Trust Bank Limited

November 30, 2018

April 3, 2012

2,800

The Gunma Bank, Ltd.

1.57%
(Note 2)

1,000

800

Sumitomo Mitsui Trust Bank Limited

Use

2,850

1.31%
(Note 2)

(Note 5)

Repayment
method

1,000

2,800

Sumitomo Mitsui Banking Corporation

Repayment dateFebruary 28, 2012

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Sumitomo Mitsui Trust Bank Limited

27

Drawdown date

Mitsubishi UFJ Trust and Banking Corporation

June 25, 2008

Mizuho Trust & Banking Co., Ltd.

Account

Description

The Norinchukin Bank

Development Bank of Japan Inc.

Mizuho Bank, Ltd. (Note 8)Long-termloans payable

Balance atstart of 6th FP(million yen)28

I. Asset Management Report
Account

Drawdown dateLenders

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

1,200
June 29, 2012

Aozora Bank, Ltd.
Taiyo Life Insurance Company

September 19, 2012

Balance atInterest rate
end of 6th FP(Note 1)(million yen)

800

800

700

700

1,500

1,500

Repayment
methodUse

June 28, 2019

(Note 5)0.94%

September 29, 2017

(Note 7)0.77%
(Note 2)0.92%
(Note 2)

April 28, 2016

(Note 6)(Note 6)

1.16%

September 30, 2019

(Note 6)

450

1.16%

September 30, 2019

(Note 6)

1,000

1.03%
(Note 2)

November 29, 2019

(Note 6)

September 21, 2012

500

500

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

September 21, 2012

450

450

Sumitomo Mitsui Trust Bank Limited

September 21, 2012450

Mitsubishi UFJ Trust and Banking Corporation

November 20, 2012

1,000

500

The Hiroshima Bank, Ltd.

November 20, 2012

500

500

0.50%

November 30, 2015

(Note 6)

The Hiroshima Bank, Ltd.

November 20, 2012

500

500

0.79%
(Note 2)

November 30, 2017

(Note 6)

1,200

1,200

1,200

1,200

0.95%
(Note 2)

November 29, 2019

(Note 6)

Mizuho Bank, Ltd. (Note 8)

November 20, 2012

Development Bank of Japan Inc.

November 30, 2012

600

600

0.74%

May 31, 2017

(Note 6)Development Bank of Japan Inc.

November 30, 2012

2,200

2,200

1.23%

November 29, 2020

(Note 5)Development Bank of Japan Inc.

November 30, 2012

2,200

2,200

1.40%

November 29, 2021

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

December 28, 2012

500

500

0.60%

December 18, 2015

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

December 28, 2012

0.72%

March 31, 2017

1,000

1,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,703

2,703

Sumitomo Mitsui Trust Bank Limited

3,595

3,595

1,799

1,799

903

903

Mitsubishi UFJ Trust and Banking Corporation

January 25, 2013

Aozora Bank, Ltd.

1.28%
(Note 2)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

March 29, 2013

–

1,200

0.81%

July 25, 2019

March 24, 2020

Lump-sum
repayment
at maturity(Note 5)(Note 3)

Sumitomo Mitsui Trust Bank Limited

March 29, 2013

–

1,200

0.82%

March 24, 2020

(Note 3)

March 29, 2013

–

1,300

0.81%

March 24, 2020

(Note 5)

Sumitomo Mitsui Trust Bank Limited

March 29, 2013

–

1,300

0.82%

March 24, 2020

(Note 5)Development Bank of Japan Inc.

March 29, 2013

–

1,150

1.08%

March 24, 2021

(Note 4)

–

920

–

1,830

0.88%
(Note 2)

March 24, 2020

(Note 5)

–

1,370

–

1,000

0.79%
(Note 2)February 28, 2018

(Note 3)

–

2,000

–

2,600

1.25%
(Note 2)October 29, 2021

(Note 5)

–

1,500

–

2,160

1.63%
(Note 2)

December 22, 2021

(Note 5)

–

1,379

–

919

1.54%
(Note 2)June 25, 2021

(Note 5)

Aozora Bank, Ltd.

March 29, 2013

Resona Bank, Limited
The Bank of Fukuoka, Ltd.

April 19, 2013

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

April 30, 2013

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd. (Note 8)
Aozora Bank, Ltd.

June 25, 2013

Resona Bank, Limited
Subtotal
Total

June 25, 2013

142,861

147,555

176,154

177,260

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

Sumitomo Mitsui Trust Bank Limited

Description

3 Investment Corporation Bonds

The following lists the outstanding investment corporation bonds issued by ADR as of July 31, 2013.

1.25%(Note 2)September 29, 2017

September 21, 2012

The Kagawa Bank, Ltd.

500

Repayment date

1,200

The Kagawa Bank, Ltd.

Sumitomo Mitsui Banking Corporation

Long-termloans payable

Balance atstart of 6th FP(million yen)

Series (Note 1)

Balance at Balance at Interest
Redemption Redemption
Issue Date start of 6th FP end of 6th FP
rate
date
method(million yen) (million yen)(%)

ADR Bond #13(Unsecured)

2011
Sep. 12,

8,000

8,000

1.27

2016
Sep. 12,ADR Bond #14(Unsecured)

2011
Sep. 12,

2,000

2,000

1.68

2018
Sep. 12,ADR Bond #15(Unsecured)

2012
Apr. 26

4,000

4,000

0.86

2015
Apr. 24ADR Bond #16(Unsecured)

2012
Apr. 26

4,000

4,000

1.08

2017
Apr. 26

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

8,000

8,000

0.87

2017
Sep. 12,ADR Bond #18(Unsecured)2012
Sep. 12,

4,000

4,000

1.23

2019
Sep. 12,ADR Bond #19(Unsecured)

2013
Apr. 25

–

3,000

1.32

2023
Apr. 25

30,00033,000Total

Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity
Lump-sum
redemption
at maturity

Use Description(Note 3)

Unsecured(Note 3)

Unsecured(Note 2)

Unsecured(Note 2)

Unsecured(Note 3)

Unsecured(Note 3)

Unsecured(Note 2)

Unsecured

Notes 1. The bonds come with pari passu clause among specified investment corporation bonds.
2. The funds are used for repaying existing loans.
3. The funds are used for redeeming existing investment corporation bonds.

4 Short-Term Investment Corporation Bonds
Not applicable.

P-4 RESIDIA Setagaya-Tsurumaki

Notes 1. “Interest rate” is the borrowing interest rate (weighted average of balance at the end of the fiscal period) for each loan agreement, rounded to the second decimal place.
2. For loans where an interest rate swap transaction has been made for the purpose of hedging the risk of interest rate fluctuations, the fixed rate resulting from the swap
transaction is listed.
3. The funds are used for acquiring specified assets.
4. The funds are used for acquiring specified assets and repaying existing loans.
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.
8. Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. merged on July 1, 2013 and became Mizuho Bank, Ltd. The balance of loans at the beginning and end of the 6th fiscal period
listed under Mizuho Bank Ltd. is the balance of loans borrowed from Mizuho Corporate Bank, Ltd.
9. The loan contract requires that the first repayment shall be on the last day of February 2010 and subsequent repayments shall be at the end of every February, May, August andNovember thereafter, each in the amount of 62,500 thousand yen of principal, until lump-sum repayment of the remaining principal on September 30, 2014.
10. The loan contract requires that the first repayment shall be on the last day of April 2011 and subsequent repayments shall be at the end of every January, April, July and October
thereafter, each in the amount of 3,375 thousand yen of principal, until lump-sum repayment of the remaining principal on February 17, 2016.

29

30

I. Asset Management Report
3 Appraisal Values of Specified Assets

Acquisitions and Disposals in the 6th Fiscal Period

1) Real Estate

1 Acquisitions and Disposals of Properties and Asset-Backed Securities
Acquisitions
Propertyno.

Name of real estate

Acquisition date

Dispositions

Acquisition
Price (Note)(million yen)

Disposition date

Disposition
Gain (Loss)
Book value
price (Note)on sales(million yen)(million yen)(million yen)

P-91 RESIDIA Meguro III

February 21, 2013

950

–

–

–

–

P-92 RESIDIA Jiyugaoka II

February 25, 2013

778

–

–

–

–

R-45 RESIDIA Kita-Nijyo-East

February 25, 2013

894

–

–

–

–

R-46 RESIDIA Shinsaibashi West

February 25, 2013

1,921

–

–

–

–

R-47 RESIDIA Marunouchi
RESIDIA SapporoR-48
EkimaeR-49 RESIDIA Gosho-Higashi

February 27, 2013

972

–

–

–

–

February 27, 2013

1,483

–

–

–

–

February 27, 2013

1,227

–

–

–

–

R-50 RESIDIA Rakuhoku

February 27, 2013

874

–

–

–

–

P-93 RESIDIA Kudanshita II

March 1, 2013

1,240

–

–

–

–

P-94 RESIDIA Omori II
RESIDIA ShirokaneP-95
Takanawa
RESIDIA TOWER KamiC-65
Ikebukuro
R-51 RESIDIA Miyakojima I/II

March 1, 2013

1,620

–

–

–

–

March 1, 2013

1,480

–

–

–

–

S-29 Cocofump Hiyoshi
Equity interest in TK
property fund with–
Godo Kaisha RISING3 as
operator
Equity interest in TK
property fund with–
Godo Kaisha RISING4 as
operator
Total(Note)		

Acquisition or Type of Property
disposition assetno.
Real
estateAcquisition

Name of property

Acquisitiondate

Acquisition or Appraisal
disposition
value
price
(million(million yen)
yen)

RESIDIA Miyakojima I/II

2013
Mar. 25

3,232

3,510

Morii Appraisal &Investment
Consulting, Inc.

2013
Feb. 1

P-91

RESIDIA Meguro III

2013
Feb. 21

950

1,000

Japan Real Estate
Institute

2012
Nov. 1

P-92 RESIDIA Jiyugaoka II

2013
Feb. 25

778

885

DAIWA REAL ESTATEAPPRAISAL CO., LTD.

2012
Nov. 1

R-45 RESIDIA Kita-Nijyo-East

2013
Feb. 25

894

968

DAIWA REAL ESTATEAPPRAISAL CO., LTD.

2012
Nov. 1

R-46 RESIDIA Shinsaibashi West2013
Feb. 25

1,921

2,050

DAIWA REAL ESTATEAPPRAISAL CO., LTD.

2012
Nov. 1

R-47 RESIDIA Marunouchi

2013
Feb. 27

972

1,010

DAIWA REAL ESTATEAPPRAISAL CO., LTD.

2012
Nov. 1

R-48 RESIDIA Sapporo-Ekimae

2013
Feb. 27

1,483

1,710

DAIWA REAL ESTATEAPPRAISAL CO., LTD.

2012
Nov. 12013
Feb. 27

1,227

1,280

Japan Real Estate
Institute

2012
Nov. 1R-50 RESIDIA Rakuhoku

2013
Feb. 27874

898

Japan Real Estate
Institute

2012
Nov. 1

P-93 RESIDIA Kudanshita II

2013
Mar. 1

1,240

1,290

Japan Real Estate
Institute

2012
Nov. 1

P-94 RESIDIA Omori II

2013
Mar. 1

1,620

1,740

Japan Real Estate
InstituteMorii Appraisal &Investment
Consulting, Inc.
Japan Real Estate
Institute

2012
Nov. 1

Japan Real Estate
Institute

2013
Mar. 1March 1, 2013

8,250

–

–

–

–

March 25, 2013

3,232

–

–

–

–

April 19, 2013

1,050

–

–

–

–

March 27, 2013

203

–

–

–

–

June 26, 2013

254

–

–

–

–

P-95

RESIDIA ShirokaneTakanawa

2013
Mar. 1

1,480

1,570

26,428

–

–

–

–

C-65

RESIDIA TOWER KamiIkebukuro2013
Mar. 1

8,250

8,340

2013
Apr. 19

1,050

1,090

2 Acquisitions and Disposals of Other Assets

Not applicable. Major assets other than the above-mentioned properties and asset-backed securities are mostly bankdeposits or bank deposits within trust assets.

Priceappraisal
date

R-51

Real
estate in R-49 RESIDIA Gosho-Higashi
trust“Acquisition price” or “Disposition price” is the purchase or sale price entered in the transaction agreements and does not include the various expenses, such as broker
commission, and taxes and public dues, required in the acquisition or disposition of the concerned real estate.

Appraisal institution

S-29 Cocofump Hiyoshi

2012
Nov. 1
2012
Nov. 1

Note 1. “Acquisition price” or “Disposition price” is the purchase or sale price entered in the transaction agreement and does not include the various expenses, such as broker
commission, and taxes and public dues, required in the acquisition or disposition of the concerned real estate.
2. The Act on Investment Trusts and Investment Corporations was revised on November 24, 2011. Since assessment of the prices is no longer necessary in cases where a realestate appraisal is carried out prior to the acquisition or disposition of specific assets (land, buildings, rights to land or buildings, or anything deemed to be an asset bygovernment ordinance), the prices of the specific assets have not been assessed for the properties listed above.

2) TK Property Fund Equity Interests

Acquisition or
disposition

Name

Acquisition date

Acquisition Price(million yen)

Assessed value of
specified assets(million yen)

Acquisition

Equity interest in TK property fund with Godo Kaisha
RISING3 as operator

March 27, 2013

203

203

Acquisition

Equity interest in TK property fund with Godo Kaisha
RISING4 as operator

June 26, 2013

254

254

Notes 1. The assessment into the value of specified assets above was conducted at the time of acquisition or disposition of assets by Deloitte Touche Tohmatsu LLC in accordance withThe Japanese Institute of Certified Public Accountants’ Industry Audit Practice Committee Statement No. 23 “Assessment of the Value of Specified Assets of Investment Trusts
and Investment Corporations” and ADR has received the assessment report.
2. “Acquisition price” is the investment amount in TK property fund, or the amount required in its equity interests, and excludes the various expenses associated with theacquisition.

31

32

I. Asset Management Report3) Others
For transactions conducted by ADR other than the transactions listed above in “1) Real Estate” and “2) TK Property Fund
Equity Interests” that require assessments pursuant to the provisions of Article 201 of the Act on Investment Trusts andInvestment Corporations, ADR entrusts Deloitte Touche Tohmatsu LLC with the assessment.

Accounts
1 Assets, Liabilities, Principal, Income and Losses

Please refer to the accompanying “II. Balance Sheets,” “III. Statements of Income,” “IV. Statements of Changes in Unitholders’ Equity,” “V. Notes to Financial Statements” and “VI. Statements of Cash Distributions.”

4 Transactions with Interested Parties and Major Shareholders

1) Transactions
The following are the sales and purchase transactions on specific assets conducted with interested parties and major
shareholders in the 6th Fiscal Period.

2 Change in Depreciation Calculation Method
Not applicable.

Account

Total amount(6th fiscal period)

Transaction amount
Purchase amount

Sales amount

25,971,000 thousand yen
Of which purchase amount for interested
parties and major shareholders
4,340,000 thousand yen (16.7%)– thousand yen
Of which sales amount for interested parties
and major shareholders– thousand yen (–%)

3 Change in Method of Valuation of Properties
Not applicable.

Breakdown of transaction with interested parties and major shareholders
ITOCHU Corporation

4,340,000 thousand yen (16.7%)– thousand yen (–%)

4 Beneficiary Certificates of Self-Managed Investment Trust
Not applicable.

2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties and major shareholders in the 6th Fiscal Period.

Account
Property management
fees
Other rental expenses
Advertising expenses
Other fees

Total amount ofcommission fees(A)(thousand yen)

Breakdown of transaction with interested parties
and major shareholders
Payee

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

1,230,545

ITOCHU Urban Community Ltd.

694,68856.5

114,932

ITOCHU Urban Community Ltd.

58,979

51.3

5,316

ITOCHU Urban Community Ltd.

3,210

60.4

ITOCHU Urban Community Ltd.
ITOCHU Human Resources & General
Affairs Services Inc.

27,739

21.1

90

0.1

131,698

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.
2. ITOCHU Corporation, ITOCHU Urban Community Ltd. and ITOCHU Human Resources & General Affairs Services Inc. are the interested parties of the asset managementcompany that have signed an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations
and Article 123 of the Enforcement Order thereof and the major shareholders of the asset management company as defined in Article 29-4, Paragraph 2 of the Financial
Instruments and Exchange Act, with which ADR engaged in transactions in the 6th Fiscal Period.

5 Transactions with the Asset Management Company Pertaining to Business Operated by the
Asset Management Company as Subsidiary Business

There are no such transactions, as the asset management company conducts no concurrent operations in the area of type I
financial instruments business, type II financial instruments business, building lots and buildings transaction business or realestate specified joint enterprise.

33

Other
1 Notice

Board of Directors meeting
Major issues related to the execution and modification of major agreements approved at ADR’s board of directors meetings
in the fiscal period under review are summarized below.

Approval date
March 22, 2013

Item
Entrustment of administration
associated with issuance ofinvestment corporation bonds

Overview
Agent selected for entrustment of administration associated with
the issuance of ADR Unsecured Bond #19.

2 Other

Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded off to the nearest
specified unit in this document.

34

II. Balance Sheets(thousand yen)

5th Fiscal Period (Reference)
January 31, 2013
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Securities
Prepaid expenses
Consumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible asset
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Guarantee deposits in trust
Other
Total investment and other assets
Total noncurrent assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets

35(thousand yen)

6th Fiscal Period
July 31, 2013

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

7,415,835
7,368,577
317,270
5,200,000
457,775
45,60917,861-22,92220,800,007

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

74,359,445-5,225,498
69,133,947
10,851-1,3309,520
12,097-773
11,323
102,499-54,327
48,17170,357,878
125,953,680-10,511,586
115,442,093
147,571-60,81086,761
134,231-49,249
84,982510,941-318,008
192,933
128,764,575
384,132,186

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

1,071,902
1,786,215
10,213
2,868,331

927,092
593,968
452,101
182,384
1,654
2,157,201
363,542,960

931,291
652,060
457,830
995,717
1,602
3,038,501
390,039,019

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

16,886133,240
150,127
410,989,155

5th Fiscal Period (Reference)
January 31, 2013
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent 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 noncurrent liabilities
Total liabilities
Net assets
Unit-holders’ equity
Paid-in Capital
SurplusCapital surplus
Reserve for dividends
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unit-holders’ equity
Total net assets
Total liabilities and net assets

6th Fiscal Period
July 31, 2013

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

193,547–
29,705,215
1,061,359
173,911–
67,29234,80031,236,125

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

33,000,000
147,555,096
1,254,001
2,483,123
10,648
4,082
184,306,951
215,543,077

80,087,298

102,557,018

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

53,220,279
34,376,971
5,291,809
92,889,059
195,446,078*1195,446,078
410,989,155

S-1 Hiyoshidai Student Heights

36III. Statements of Income

IV. Statements of Changes in Unit-holders’ Equity(thousand yen)

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

6th Fiscal Period
From: February 1, 2013
To: July 31, 2013

Operating revenues
Rent revenue-real estate*112,155,922*113,462,948

38,58930,874

12,194,512

13,493,823*14,557,030*15,343,295

Asset management fee

822,488829,251

Asset custody fee

10,6289,059

Administrative service fees

60,07360,667

Directors' compensations

2,400

2,400

Taxes and dues

138,303

72,877

Provision of allowance for doubtful accounts

11,345

2,080

–

361

Other operating expenses

171,720

197,107

Total operating expenses

5,773,989

6,517,100

6,420,522

6,976,722

Dividends income
Total operating revenue
Operating expenses
Expenses related to rent businessBad debts expenses

Operating income
Non-operating income
Interest income

9,018

10,428Interest on securities

2,989

3,738

Reversal of distributions payable

3,408

2,790

Other

3,184

1,983

Total non-operating income

18,60018,941

1,261,904

1,190,245

Interest expenses on investment corporation bonds

214,384

174,350

Amortization of investment unit issuance expenses

8,100

8,146

Amortization of investment corporation bond issuance costs
Other offering costs associated with the issuance ofinvestment units
Borrowing-related expenses

16,385

16,543

15,317

20,966

228,815

283,599

Other

12,2339,397

1,757,141

1,703,249

Ordinary income

4,681,981

5,292,414

Income before income taxes

4,681,981

5,292,414

Income taxes – current

605

605

Total income taxes

605

605

Net income

4,681,376

5,291,809

Unappropriated retained earnings (undisposed loss)

4,681,376

5,291,809

Non-operating expenses
Interest expenses

Total non-operating expenses

37(thousand yen)

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013
Unit-holders' equity
Unit-holders' 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 6th fiscal 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 reserve for dividends
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Total unit-holders’ 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

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

80,087,298

80,087,298––
80,087,298

22,469,720
22,469,720
102,557,018

53,220,279

53,220,279–
53,220,279–
53,220,279

35,236,060

34,651,095-584,965-584,965
34,651,095-274,123-274,123
34,376,971

4,611,435

4,681,376

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

274,123-4,955,500
5,291,809
610,433
5,291,809

93,067,774

92,552,750–-5,196,400
4,681,376-515,023
92,552,750–-4,955,500
5,291,809
336,30992,889,059

173,155,072

172,640,048–-5,196,400
4,681,376-515,023
172,640,048

22,469,720-4,955,500
5,291,809
22,806,029
195,446,078

173,155,072

172,640,048–-5,196,400
4,681,376-515,023
172,640,048

22,469,720-4,955,500
5,291,809
22,806,029
195,446,078

38

V. Notes to Financial Statements
Notes on Matters Concerning Significant Accounting Policies

39

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 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.

2. Method of depreciation of
noncurrent assets(1) Property, plant and equipment (including
assets in trust)	Calculated on a straight-line basis.
	The useful life of the main items of property,
plant and equipment are as follows:
Buildings
5~46 years
Structures
6~50 years
Machinery and equipment
10~15 years
Tools, furniture and fixtures
2~15 years(2) Intangible assets
	Calculated on a straight-line basis.
	The useful life of the main items of intangible
assets are as follows:
Leasehold rights in trust
24 years
Software
3~5 years(3) Long-term prepaid expenses
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 of property,
plant and equipment are as follows:
Buildings
5~46 years
Structures
6~50 years
Machinery and equipment
10~15 years
Tools, furniture and fixtures
2~15 years(2) Intangible assets
Calculated on a straight-line basis.
	The useful life of the main items of intangible
assets are as follows:
Leasehold rights in trust
23~65 years
Software
3~5 years(3) Long-term prepaid expenses
Calculated on a straight-line basis.

3. Method of accounting for deferredassets(1) Unit issuance expenses
	Amortized on a straight-line basis (over 3
years).
(2) Investment corporation bond issuance costs	Amortized on a straight-line basis over theperiod up to redemption of the investment
corporation bonds.

(1) Unit issuance expenses
	Amortized on a straight-line basis (over 3
years).
(2) Investment corporation bond issuance costs	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 is estimated and recorded
by investigating collectability based on historicalloan loss ratios for general receivables and on acase-by-case examination for doubtful and otherspecific receivables.

Allowance for doubtful accounts
For allowance for doubtful accounts against
possible losses arising from default on receivables,
uncollectable amount is estimated and recorded
by investigating collectability based on historicalloan loss ratios for general receivables and on acase-by-case examination for doubtful and otherspecific receivables.

5. Standards of recording revenue andexpenses

Method of accounting for property taxes
For property, urban planning and depreciable
asset taxes on real estates held, ADR adopts themethod of charging the corresponding amountsof assessed taxes in the fiscal period underreview as expenses related to rent business.
Furthermore, for the pro rata portion of property
taxes ADR paid to the sellers upon acquisition ofreal estate properties, ADR includes the amountin the acquisition cost instead of recording it as
expenses related to rent business. There are noamounts equivalent to property taxes includedin the acquisition cost of real estate properties in
the fiscal period under review.

Method of accounting for property taxes
For property, urban planning and depreciable
asset taxes on real estates held, ADR adopts themethod of charging the corresponding amountsof assessed taxes in the fiscal period underreview as expenses related to rent business.
Furthermore, for the pro rata portion of property
taxes ADR paid to the sellers upon acquisition ofreal estate properties, ADR includes the amount in
the acquisition cost instead of recording it as
expenses related to rent business. The amountequivalent to property taxes included in theacquisition cost of real estate properties in the fiscal
period under review is 109,038 thousand yen.

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 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 transaction
Hedged items
		 Loans(3) Hedging policy
	ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its financial
policy.
(4) Method for assessing the effectiveness of hedging
	Assessment of the effectiveness is omitted as
the relevant transactions meet the requirements
for special accounting.

(1) Method of hedge accounting
Special accounting is applied.
(2) Hedging instruments and hedged items
Hedging instruments
		 Interest rate swap transaction
Hedged items
		 Loans(3) Hedging policy
	ADR conducts derivative transactions tohedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its financial
policy.
(4) Method for assessing the effectiveness of hedging
	Assessment of the effectiveness is omitted as
the relevant transactions meet the requirements
for special accounting.

7. Other significant matters that serveas basis for preparing financial
statements(1) Method of accounting for beneficiary interests
in trust in real estate properties	For beneficiary interests in trust in real estate,
liabilities within trust assets as well as all
accounts of revenue and expenses incurredfrom the trust assets are recorded in therelevant account titles on the balance sheets
and statements of income.
	The following material titles of the trust
assets recorded in the relevant account titles
are separately stated on the balance sheets.
		 (i) Cash and deposits in trust		 (ii)	Buildings in trust; structures in trust;machinery and equipment in trust;
tools, furniture and fixtures in trust;land in trust; and leasehold rights intrust
		 (iii) Paid tenant guarantees
		 (iv)	Tenant leasehold and security deposits
in trust(2) Method of accounting for consumption taxes
	The national and local consumption taxes
are excluded from business transaction
amounts. However, accounting for fixed
assets and deferred assets includes national
and local consumption taxes levied on them.

(1) Method of accounting for beneficiary interests
in trust in real estate properties	For beneficiary interests in trust in real estate,
liabilities within trust assets as well as all
accounts of revenue and expenses incurredfrom the trust assets are recorded in therelevant account titles on the balance sheets
and statements of income.
	The following material titles of the trust
assets recorded in the relevant account titles
are separately stated on the balance sheets.
		 (i) Cash and deposits in trust		 (ii)	Buildings in trust; structures in trust;machinery and equipment in trust;
tools, furniture and fixtures in trust;land in trust; and leasehold rights intrust
		 (iii) Paid tenant guarantees
		 (iv)	Tenant leasehold and security deposits
in trust(2) Method of accounting for consumption taxes
	The national and local consumption taxes
are excluded from business transaction
amounts. However, accounting for fixed
assets and deferred assets includes national
and local consumption taxes levied on them.

40

V. Notes to Financial Statements
Notes to Balance Sheets

Notes to Statements of Changes in Unit-holders’ Equity

5th Fiscal Period (Reference)
January 31, 2013

6th Fiscal Period
July 31, 2013

*1. Minimum net assets as stipulated in Article 67, Paragraph 4 of
the Act on Investment Trusts and Investment Corporations
50,000 thousand yen*1. Minimum net assets as stipulated in Article 67, Paragraph 4 of
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
– thousand yenLine of credit left unused
20,000,000 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

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 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
1,100,000 units
issued 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
1,240,000 units
issued and outstanding

Notes on Tax-Effect Accounting
Notes to Statements of Income

41

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

*1. Breakdown of operating income (loss) from property leasing
activities(thousand yen)
A. Revenue from property leasing
Rental revenue – real estate
Rent income
11,044,017
Facility charge
432,368
Parking fee
370,556
Subtotal
11,846,942
Other revenue related to property leasing
Income from leasing rights
29,574Other279,405
Subtotal
308,980
Total revenue from property
12,155,922
leasing
B. Expenses from property leasing Rental expenses
Expenses related to rent
business
Property taxes
566,806
Property management fees
844,116
Utilities
209,084
Repairs and maintenance
330,955
Insurance
22,780Trust fee
56,010
Other rental expenses
444,375
Depreciation and
2,082,900
amortization
Total expenses from property
4,557,030
leasing
C. Operating income from7,598,892
property leasing (A−B)*1. Breakdown of operating income (loss) from property leasing
activities(thousand yen)
A. Revenue from property leasing
Rental revenue – real estate
Rent income
12,107,204
Facility charge
502,535
Parking fee
402,624
Subtotal
13,012,364
Other revenue related to property leasing
Income from leasing rights
34,616
Other415,967
Subtotal
450,584
Total revenue from property
13,462,948
leasing
B. Expenses from property leasing Rental expenses
Expenses related to rent
business
Property taxes
612,740
Property management fees
961,455
Utilities
226,871
Repairs and maintenance478,551
Insurance
24,428Trust fee
61,543
Other rental expenses
696,146
Depreciation and
2,281,559
amortization
Total expenses from property
5,343,295
leasing
C. Operating income from
8,119,652
property leasing (A−B)

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

1. Breakdown of primary causes for occurrence of deferred tax
assets and deferred tax liabilities(thousand yen)
(Deferred tax assets)
Amount in excess of provision of
10,438
allowance for doubtful accounts
Valuation difference on
13,344,103
amount received at merger
Deficit brought forward
1,483,134
Other
2,767
Subtotal
14,840,444
Allowance for valuation-14,840,444
Total deferred tax assets–
Net deferred tax assets–

1. Breakdown of primary causes for occurrence of deferred tax
assets and deferred tax liabilities(thousand yen)
(Deferred tax assets)
Amount in excess of provision of
7,830
allowance for doubtful accounts
Valuation difference on
13,207,387
amount received at merger
Deficit brought forward
1,483,134
Other
12,552
Subtotal
14,710,904
Allowance for valuation-14,710,904
Total deferred tax assets–
Net deferred tax assets–

2. Breakdown of significant components that caused a difference
between statutory income tax rate and effective income tax
rate after application of tax-effect accounting(%)
Statutory income tax rate
36.59
(Adjustments)
Increase (decrease) in allowance-4.71
for valuation
Deductible dividend amount-32.76Other
0.89
Effective income tax rate after
0.01
application of tax-effect accounting

2. Breakdown of significant components that caused a difference
between statutory income tax rate and effective income tax
rate after application of tax-effect accounting(%)
Statutory income tax rate
36.59
(Adjustments)
Increase (decrease) in allowance-2.45
for valuation
Deductible dividend amount-34.16Other
0.03
Effective income tax rate after
0.01
application of tax-effect accounting

S-5 RESIDIA Shin-Yokohama

42

V. Notes to Financial Statements
Notes on Fixed Assets Used Under Lease

Notes on Financial Instruments
5th Fiscal Period (from August 1, 2012 to January 31, 2013) (Reference)

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased property
Intangible asset
Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.
Of the finance lease transactions without ownershiptransfer to lessee, those with the lease transaction startdate falling on a date earlier than July 1, 2008 are subject toaccounting in accordance with the method adopted forordinary rental transactions. The details are as follows:

1. Finance lease transactions (as lessee)
Finance lease transactions without ownership transfer to lessee(1) Leased property
Intangible asset
Software(2) Depreciation method of leased property
Calculated on a straight-line basis over the lease period as
the useful life, without residual value.
Of the finance lease transactions without ownershiptransfer to lessee, those with the lease transaction startdate falling on a date earlier than July 1, 2008 are subject toaccounting in accordance with the method adopted forordinary 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)
Period-end
Accumulated
Acquisition valuebalancedepreciationequivalentequivalentequivalent
Tools,
furniture and
6,974
3,900
3,073
fixtures intrust
Subtotal
6,974
3,900
3,073

(As lessee)(1) Acquisition value equivalent, accumulated depreciationequivalent and period-end balance equivalent of the leased
properties(thousand yen)
Period-end
Accumulated
Acquisition valuebalancedepreciationequivalentequivalentequivalent
Tools,
furniture and
6,974
4,255
2,718
fixtures intrust
Subtotal
6,974
4,255
2,718

(Note) Acquisition value equivalent is calculated using theinclusive-of interest method, as the period-end
balance of future lease payments payable accounts
for only a small proportion of the period-end
balance of property, plant and equipment.
(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(Note) Acquisition value equivalent is calculated using theinclusive-of interest method, as the period-end
balance of future lease payments payable accounts
for only a small proportion of the period-end
balance of property, plant and equipment.
(2) Period-end balance equivalent of future lease payments
PayableDue within 1 year
709 thousand yen
Due after 1 year
2,010 thousand yen
Total
2,720 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
the useful life, without residual value.

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

2. Operating lease transactions(As lessee)
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 inwhich the lease amount is not finalized.
(As lessor)
Future lease payments payable
Due within 1 year
4,088,631 thousand yen
Due after 1 year
6,133,656 thousand yen
Total
10,222,287 thousand yen

43

2. Operating lease transactions(As lessee)
Future lease payments payable
Due within 1 year
Due after 1 year
Total

706,812 thousand yen
15,398,829 thousand yen
16,105,641 thousand yen

Furthermore, estimated amounts are used for transactions inwhich the lease amount is not finalized.
(As lessor)
Future lease payments payable
Due within 1 year
4,484,248 thousand yen
Due after 1 year
10,378,491 thousand yen
Total
14,862,740 thousand yen

1. Matters concerning status of financial instruments(1) Policy for financial instruments usage
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through debt financing, issuance ofinvestment corporation bonds (including short-term investment corporation bonds; same for below), issuance of units and other means offinance upon such occasions as purchasing real estate properties and repaying debts.
ADR may use derivatives only for the purpose of hedging the risk of interest rate fluctuations and other risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits and Japanese Government Bonds as arule, in consideration of safety and stability.
(2) Description of financial instruments and associated risks, and risk management structure
Funds from debt financing and investment corporation bonds are used primarily to fund the acquisition of real estate properties, repay
existing debts or redeem existing investment corporation bonds. With regard to such funds, ADR is exposed to liquidity risks where it may
not be able to find alternative financing means 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 debt repayment and bondredemption dates, diversifying the lending financial institutions, signing term loan commitment agreements, and procuring funds throughvarious means including issuance of units.
In addition, ADR limits the risk of interest rate fluctuations to which debt financing and investment corporation bonds with floating interest
rates are exposed, by utilizing derivatives (interest rate swap transactions).
Deposits are exposed to the risk of failure of the financial institutions holding the deposits and other credit risks. ADR limits the risks by
setting certain limits to the duration of deposits and a minimum credit rating for the financial institutions holding the deposits, and by
diversifying the financial institutions holding the deposits.
(3) Supplementary explanation on fair value of financial instruments
The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when
there is no market price. Certain assumptions are adopted in calculating those values, and there may be cases where the values will vary
when different assumptions are adopted. As for the contract value and other conditions of derivatives transactions, the value itself is not anindicator showing the market risks related to such transactions.
2. Fair values of financial instruments
The following are the book values recorded on the balance sheets, fair values and their difference as of January 31, 2013.
(thousand yen)Book value

Fair value

Difference(1) Cash and deposits

7,864,275

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

6,319,609

6,319,609–(3) Securities

5,000,000

5,000,000–(4) Short-term loans payable(5) Current portion of long-termloans payable(6) Investment corporation bond

(4,148,000)(4,148,729)

729(29,144,855)(29,244,799)

99,944(30,000,000)(30,285,600)

285,600(7) Long-term loans payable(142,861,595)(144,731,034)

1,869,439–-1,194,403-1,194,403(8) Derivative transactions (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 Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10).
Accordingly, the fair value is not reflected to the balance sheets.
3. Calculation method for fair value of financial instruments(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately equal to book value and is thus stated at thatbook value.
(3) Securities
As these are negotiable deposits and settled within a short period of time, the fair value is approximately equal to book value
and is thus stated at that book value.
(4) Short-term loans payable; (5) Current portion of long-term loans payable; (7) Long-term loans payable
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal andinterest by the interest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(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 value of these is calculated based on the present value found by discounting the sum total amountof principal and interest by the interest rate assumed as being applicable in the event of drawdown of a similar debt financing.

44

V. Notes to Financial Statements(8) Derivative transactions(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 closingof accounts for each method of hedge accounting.
(thousand yen)Contract amount (*1)

Method of hedge
accounting

Type of derivativetransactions

Main hedged item

Special provisions
for interest rate
swaps

Interest rate swap transactions
Payable fixed; Receivable
floating

Long-term loans
payableFair value (*2, 3)
Of which,exceeding 1 year

125,589,090

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 thegoing 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 the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement
No. 10). Accordingly, the fair value is not reflected to the balance sheets.
4. Financial instruments for which discerning of fair value is recognized to be extremely difficult
Investment securities
TK property fund equity interests (carrying amount: 927,092 thousand yen) are not subject to disclosure of fair value because discerningof fair value is recognized to be extremely difficult since there is no market price for them.
5. Amount of redemption of monetary claims and securities scheduled to be due after closing of accounts
Due within 1 year

(thousand yen)

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
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

–

–

–

–

–

Securities

5,000,000

–

–

–

–

–

19,183,885

–

–

–

–

–

Total

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 after 5 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Short-term loans payable
Current portion of long-termloans payable
Investment corporation bondLong-term loans payable
Total

4,148,000

–

–

–

–

–

29,144,855

–

–

–

–

–

–

–

4,000,000

8,000,000

12,000,000

6,000,000–

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

48,590,000

P-3 RESIDIA Nakameguro

45

6th Fiscal Period (from February 1, 2013 to July 31, 2013)
1. Matters concerning status of financial instruments(1) Policy for financial instruments usage
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through debt financing, issuance ofinvestment corporation bonds (including short-term investment corporation bonds; same for below), issuance of units and other means offinance upon such occasions as purchasing real estate properties and repaying debts.
ADR may use derivatives only for the purpose of hedging the risk of interest rate fluctuations and other risks arising from liabilities.
With regard to surplus funds, ADR will manage them as bank deposits, savings, negotiable deposits and Japanese Government Bonds as arule, in consideration of safety and stability.
(2) Description of financial instruments and associated risks, and risk management structure
Funds from debt financing and investment corporation bonds are used primarily to fund the acquisition of real estate properties, repay
existing debts or redeem existing investment corporation bonds. With regard to such funds, ADR is exposed to liquidity risks where it may
not be able to find alternative financing means 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 debt repayment and bondredemption dates, diversifying the lending financial institutions, signing term loan commitment agreements, and procuring funds throughvarious means including issuance of units.
In addition, ADR limits the risk of interest rate fluctuations to which debt financing and investment corporation bonds with floating interest
rates are exposed, by utilizing derivatives (interest rate swap transactions).
Deposits are exposed to the risk of failure of the financial institutions holding the deposits and other credit risks. ADR limits the risks by
setting certain limits to the duration of deposits and a minimum credit rating for the financial institutions holding the deposits, and by
diversifying the financial institutions holding the deposits.
(3) Supplementary explanation on fair value of financial instruments
The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when
there is no market price. Certain assumptions are adopted in calculating those values, and there may be cases where the values will vary
when different assumptions are adopted. As for the contract value and other conditions of derivatives transactions, the value itself is not anindicator showing the market risks related to such transactions.
2. Fair values of financial instruments
The following are the book values recorded on the balance sheets, fair values and their difference as of July 31, 2013.
(thousand yen)Book value

Fair value

Difference(1) Cash and deposits

7,415,835

7,415,835–(2) Cash and deposits in trust

7,368,577

7,368,577–(3) Securities(4) Current portion of long-termloans payable(5) Investment corporation bond

5,200,000

5,200,000–

29,705,215

29,840,878

135,663

33,000,000

33,427,935

427,935(6) Long-term loans payable

147,555,096

150,068,713

2,513,617–-454,082-454,082(7) Derivative transactions (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 Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10).
Accordingly, the fair value is not reflected to the balance sheets.
3. Calculation method for fair value of financial instruments(1) Cash and deposits; (2) Cash and deposits in trust
As these are settled within a short period of time, the fair value is approximately equal to book value and is thus stated at thatbook value.
(3) Securities
As these are negotiable deposits and settled within a short period of time, the fair value is approximately equal to book value
and is thus stated at that book value.
(4) Current portion of long-term loans payable(6) Long-term loans payable
The fair value of these is calculated based on the present value found by discounting the sum total amount of principal andinterest by the interest rate assumed as being applicable in the event of drawdown of a similar debt financing.
(5) 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 value of these is calculated based on the present value found by discounting thesum total amount of principal and interest by the interest rate assumed as being applicable in the event of drawdown of asimilar debt financing.

46

V. Notes to Financial Statements(7) Derivative transactions(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 closingof accounts for each method of hedge accounting.
(thousand yen)Type of derivativetransactions

Main hedged item

Special provisions
for interest rate
swaps

Interest rate swap transactions
Payable fixed; Receivable
floating

Long-term loans
payableFair value (*2, 3)
Of which,exceeding 1 year

135,945,488

111,345,488-454,082(*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 thegoing 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 the Accounting Standards Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement
No. 10). Accordingly, the fair value is not reflected to the balance sheets.
4. Financial instruments for which discerning of fair value is recognized to be extremely difficult
Investment securities
TK property fund equity interests (carrying amount: 931,291 thousand yen) are not subject to disclosure of fair value because discerningof fair value is recognized to be extremely difficult since there is no market price for them.
5. Amount of redemption of monetary claims and securities scheduled to be due after closing of accounts

Due after 1 year, Due after 2 years, Due after 3 years, Due after 4 years,
Due after 5 years
but within 2 years but within 3 years but within 4 years but within 5 years

7,415,835

–

–

–

–

–

Cash and deposits in trust

7,368,577

–

–

–

–

–

Securities

5,200,000

–

–

–

–

–

19,984,412

–

–

–

–

–

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 after 5 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Current portion of long-term
29,705,215
–
–
–
–
–
loans payable
Investment corporation bond–
4,000,000–
12,000,000
8,000,000
9,000,000
Long-term loans payable
Total(thousand yen)Book value (Note 1)
Balance at the beginning ofcurrent period

Amount of change during theperiod (Note 2)

363,255,828-1,883,308–

19,448,195

29,732,572

24,500,000

26,146,329

47,728,000

29,705,215

23,448,195

29,732,572

36,500,000

34,146,329

56,728,000

Balance at the end ofcurrent period

Period-end fair value(Note 3)361,372,519

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 assessement value provided by an outside real estate appraiser.

For the 5th Fiscal Period operating income from property leasing, please refer to the aforementioned “Notes to Statements of Income.”
6th Fiscal Period (from February 1, 2013 to July 31, 2013)
ADR mainly owns residential rental properties in Tokyo and other regions. The following are the book value, amount of change during theperiod and fair value of these properties.
(thousand yen)(thousand yen)

Cash and deposits

Total

5th Fiscal Period (from August 1, 2012 to January 31, 2013) (Reference)
ADR mainly owns residential rental properties in Tokyo and other regions. The following are the book value, amount of change during theperiod and fair value of these properties.

Contract amount (*1)

Method of hedge
accounting

Due within 1 year

Notes on Value of Rental Properties

Book value (Note 1)
Balance at the beginning ofcurrent period

Amount of change during theperiod (Note 2)

361,372,519

25,617,784

Balance at the end ofcurrent period
386,990,304

Period-end fair value(Note 3)400,991,000

Notes 1. The book value is cost of acquisition less accumulated depreciation.
2. The amount of change during the period is mainly attributable to increase from the acquisition of one real estate property (3,399,796
thousand yen) and the acquisition of 13 real estate beneficiary interests in trust (24,166,537 thousand yen); the decrease is mainly a result of
posting of depreciation.
3. The period end fair value is the appraisal or assessement value provided by an outside real estate appraiser.

For the 6th Fiscal Period operating income from property leasing, please refer to the aforementioned “Notes to Statements of Income.”

P-30 Entrance of Pianetta Shiodome

C-52 RESIDIA Bunkyo-Yushima III

47

48

V. Notes to Financial Statements
Notes on Transactions with Related Parties

Notes on Per Unit Information

5th Fiscal Period (from August 1, 2012 to January 31, 2013) (Reference)

Classification
Interested
partiesName of related party
ITOCHU Urban
Community Ltd.

Business
Share of units
description
held in ADR
or occupation
Real estatebusiness–

Nature oftransaction
Entrustment ofproperty
management

Transaction
amount(thousand yen)630,347(Note 1)

Asset
custodianBanking
Sumitomo Mitsui Trust businessBank Limited
and trustbusiness–

Account
Operatingaccounts
payableShort-termloans payable
Current portion
6,580,000
of long-term(4,984,886)
loans payable
Long-term loans
payableBorrowing(repayment) offunds (Note 3)

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

2,535,000
9,221,887

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013
Net assets per unit

156,945 yen

Net assets per unit

157,617 yen

Earnings per unit

4,255 yen

Earnings per unit

4,270 yen

The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding
for the fiscal period.

The net income per unit was calculated by dividing net income by
the day-weighted average number of units issued and outstanding
for the fiscal period.

The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

The diluted net income per unit was not stated as there are no
diluted units since no warrants and convertible bonds were
outstanding.

17,263,343(Note) The following numbers were used to calculate the earnings per unit.

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.
2. This includes consumption taxes.
3. Interest rates on borrowings are reasonably determined based on market interest rates.

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013
Net income (thousand yen)

6th Fiscal Period (from February 1, 2013 to July 31, 2013)

Classification

Name of related party

Interested
parties

ITOCHU Corporation

Interested
parties

ITOCHU Urban
Community Ltd.

Business
Share of units
Nature ofdescription
held in ADR
transaction
or occupation
Direct ownership Acquisition ofGeneral
2.81% beneficiary
trading
Indirect ownership interests in trust
company
0.36% (Note 1)
Entrustment ofReal estate
property–businessmanagement(Note 4)Asset
custodianBanking
Sumitomo Mitsui Trust businessBank Limited
and trustbusiness–

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

Transaction
amount(thousand yen)
4,446,059(Notes 2, 3)

694,688

Account–
Operatingaccounts
payableBorrowing(repayment) offunds (Note 5)

Current portionof long-term
6,020,000 loans payable(7,446,106) Long-term loans
payableDeposit ofnegotiable deposits(cancellation ofcontract) (Note 5)

6,600,000
Securities(5,000,000)

Period-end
balance(thousand yen)

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

4,681,376

5,291,809

Amount not attributable to common
unit-holders (thousand yen)––

Net income attributable to common
unit (thousand yen)

4,681,376

5,291,809

Average number of units during theperiod (units)

1,100,000

1,239,282–

56,291(Note 3)

5,096,838

Significant Subsequent Events
6th Fiscal Period (from February 1, 2013 to July 31, 2013)
Not applicable.
P-7 RESIDIA Ikejiriohashi

22,497,286

1,600,000

Transaction terms and conditions, and policy on determining transaction terms and conditions
Notes 1. Purchase price of beneficiary interests in trust is determined through negotiations, with reference to actual transaction results in neighboringareas and appraisal values provided by real estate appraisers.
2. The transaction amount for the purchase of beneficiary interests in trusts includes 11,809 thousand yen ADI paid to the seller as property
taxes.
3. This includes consumption taxes.
4. Transaction terms and conditions are negotiated and decided based on market price.
5. Interest rates on borrowings and negotiable deposits are reasonably determined based on market interest rates.

49

50

VI. Statements of Cash Distributions

VII. Independent Auditor’s Report(yen)

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

I. Unappropriated retained earnings

4,681,376,098

5,291,809,231

II. Reversal of reserve for dividends

274,123,902

408,470,769

4,955,500,000

5,700,280,000(Amount of dividends per unit)(4,505)(4,597)

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 inexcess of an amount equivalent to 90% of theamount of ADR’s earnings available fordividends as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation.

In accordance with the distribution policy
provided in Article 32, Item 1 of ADR’s Articles
of Incorporation, we shall deliver dividends inexcess of an amount equivalent to 90% of theamount 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 reserve for dividends
in order to make stable dividend payouts into
the future, and shall investigate an increase individends in accordance with the performance
when it has achieved good operating results.

In addition, ADR may use reserve for dividends
in order to make stable dividend payouts into
the future, and shall investigate an increase individends in accordance with the performance
when it has achieved good operating results.

Based on the policy above, ADR decided on
dividends of earnings totaling 4,955,500,000
yen for the 5th Fiscal Period, which was arrived
at by adding reversal of reserve for dividendsof 274,123,902 yen to the unappropriatedretained earnings of 4,681,376,098 yen.

Based on the policy above, ADR decided on
dividends of earnings totaling 5,700,280,000
yen for the 6th Fiscal Period, which was arrived
at by adding reversal of reserve for dividendsof 408,470,769 yen to the unappropriatedretained earnings of 5,291,809,231 yen.

Furthermore, ADR does not distribute cash inexcess of earnings, as provided in Article 32,
Item 2 of its Articles of Incorporation.

Furthermore, ADR does not distribute cash inexcess of earnings, as provided in Article 32,
Item 2 of its Articles of Incorporation.

III. Amount of dividends

This is a copy of the independent auditor’s report issued originally for the Japanese statutory report, presenting the opinion that it presents fairly,
in all material respects, the financial position and the results of operations for the period for which it was prepared.

S-7 RESIDIA Chofu

Disclaimer

This financial report is an English translation of a Japanese financial report originally made available in Japan in accordance with the Act on Investment Trusts and Investment
Corporations of Japan. This English-language financial report has been prepared solely for the convenience of readers outside Japan and is not intended to constitute a
document for an offer to sell, or seeking an offer to buy, any securities of Advance Residence Investment Corporation.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of the equivalent Japanese terms. With
respect to any and all terms herein, including without limitation, financial statements, if there exist any discrepancies in the meaning or interpretation thereof between theoriginal Japanese documents and English translation contained herein, the original Japanese documents will always govern the meaning and interpretation.
Although every effort is made to provide accurate translation, neither Advance Residence Investment Corporation, AD Investment Management Co., Ltd. nor any of theirrespective directors, officers, employees, partners, unit-holders, agents, affiliates nor their advisors shall be responsible or liable for the completeness, appropriateness, or
accuracy of English translations or the selection of the portion(s) of any document(s) translated into English.
The financial statements of Advance Residence Investment Corporation have been prepared in accordance with generally accepted accounting principles in Japan (JapaneseGAAP), which may materially differ in certain respects from the generally accepted accounting principles of other jurisdictions.
This fiscal report contains forward-looking statements. These statements appear in a number of places in this fiscal report and include statements regarding the intent,
belief, or current and future expectations of Advance Residence Investment Corporation or AD Investment Management Co., Ltd. with respect to its business, financial
condition and results of operations. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,”“anticipate,” “believe,” ”estimate,” “predict,” “potential,” or the negative of these terms or other similar terminology. These statements are not guarantees of future
performance and are subject to various risks and uncertainties. Actual results, performance or achievements, or those of the industries in which we operate, may differ
materially from any future results, performance or achievements expressed or implied by these forward‐looking statements. In addition, these forward-looking statements
are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. Accordingly,
readers of this document should not interpret the forward-looking statements included herein as predictions or representations of future events or circumstances.
Potential risks and uncertainties also include those identified and discussed in this document. Given these risks and uncertainties, readers of this document are cautioned not toplace undue reliance on forward‐looking statements, which are only valid as of the date of the information published herein. We disclaim any obligation to update or, except in
the limited circumstances required by the Tokyo Stock Exchange, announce publicly any revisions to any of the forward-looking statements contained in these documents.

51

52

VIII. (Reference Information) Statement of Cash Flows(thousand yen)

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013
Net cash provided by (used in) operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance costs
Other offering costs associated with the issuance of investment units
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expenses
Interest expenses on investment corporation bonds
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable-other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
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 securities
Proceeds from sales of securities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible asset in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits in trust, net
Payments for lease and guarantee deposits 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
Net cash provided by (used in) financing activities
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 investment units
Payments for investment unit issuance expenses
Other offering costs associated with the issuance ofinvestment units
Repayments of finance lease obligations
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Notes on Matters Concerning Significant Accounting Policies

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

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

5,292,414
2,284,585
8,146
16,543
20,966-6,728-14,167
1,190,245
174,350-47,427-45,609-131,860-35,901
15,60363,488-24,915
13,308-58,091
18,733
8,733,685
10,133-1,383,757-2,917
7,357,143-3,000,000
2,000,000-5,000,000
4,500,000-41,717-111,327–-2,124
16,785–-487,770–-6,348-2,132,502–
3,000,000-5,200,000
5,000,000-3,502,538-22,699,381-1,686,789
21,328589,839-813,333-462,602
452,912-6,348-25,306,911

4,148,000-1,500,000
23,300,000-18,638,061
12,000,000-19,500,000-62,537–––-4,148,000
21,828,000-16,574,139
3,000,000–-20,679
22,469,720-11,739-2,913-33,370-2,721-5,202,639-5,460,873-572,955
11,756,841*111,183,885-2,721-4,956,774
21,550,295
3,600,527
11,183,885*114,784,412

Scope of funds in Statements of CashFlows

5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 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 maturity of
3 months or less from the date of acquisition,
which are readily convertible to cash and bear
only an insignificant risk of price fluctuation.

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 maturity of
3 months or less from the date of acquisition,
which are readily convertible to cash and bear
only an insignificant risk of price fluctuation.

Notes to Statements of Cash Flows
5th Fiscal Period (Reference)
From: Aug. 1, 2012
To: Jan. 31, 2013

6th Fiscal Period
From: Feb. 1, 2013
To: Jul. 31, 2013

*1 Relationship between the cash and cash equivalents at endof period in the Statements of Cash Flows and the amountsof the 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*1 Relationship between the cash and cash equivalents at endof period in the Statements of Cash Flows and the amountsof the corresponding accounts on the Balance Sheets(thousand yen)
Cash and deposits
7,415,835
Cash and deposits in trust
7,368,577
Time deposits with holding–
period over 3 months
Cash and cash equivalents
14,784,412

P-75 RESIDIA Yutenji(Note) The Statements of Cash Flows has been prepared based on the “Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements” (Ministry of
Finance Regulation No.59, 1963), and is attached as reference information. The Statements of Cash Flows has not been audited by the independent auditor, as it is not subject toaudit by an independent auditor under the provisions of Article 130 of the Act on Investment Trusts and Investment Corporations.

53

54

Portfolio Map
Major Regional Cities

Tokyo Metropolitan Area
Saitama

Adachi-ku

Itabashi-ku

Kita-ku

SapporoKashiwa

JRA Sapporo Yanaga Hokkaido
MuseumRacecourse

Kawaguchi

Kita-ku

Nerima-ku

TokyoKichijyoji

ine

Ueno

L
se
ito
Ch

Bunkyo-ku

Sumida-ku

HachiojiShinjuku-ku
Edogawa-ku

Kinshicho

Musashikosugi

SendaiShinjuku

Chiyoda-ku

TokyoShibuya-ku

Koto-kuzan

Kanagawa

Chuo-ku

Shibuya

Yokohama

ain
uM

k

Lin

e

ho
To

ku

ho
To

Aoba-ku

KawasakiShin-Yokohama

Sen

ine

nL

nse

ka
hin

S

Sendai City
Athletic Stadium

TohokuUniversity

Wakabayashi-ku

Taihaku-ku

Minato-kueLinSendai

Aobayama Park

Setagaya-ku

ineChuo-ku

Taito-ku

Suginami-ku

Shiroishi-ku
Ha
ko
da
te
Clock Tower
Main L

Tachikawa

Ikebukuro

Nakano-ku

SapporoNishi-ku

Higashi-Matsudo

Katsushika-ku
Arakawa-ku

Toshima-ku

Chiba

ShinagawaMeguroOsaka

NagoyaMt. Myoken

Hakata Ward Oﬃce

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
P-96
C-1
C-2

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 Nakaochiai
RESIDIA Mitsukoshimae
RESIDIA Kamata

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

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

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

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

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
S-5

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
RESIDIA Shin-Yokohama

Osaka

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
S-29
R-2
R-4

K
Ma ansain L iine

K

Kameyama

e

Lin

e

Chuo-ku

Line

P-77

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 Place

TokaidoMain Line

in
Ma

Main

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

Kobe

sai
an

aido

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

Higashi-ku
International Hotel Nagoya

Tok

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

: Tokyo 23 Wards

Ota-ku

Sanyo
Mt.
Rokko
六甲山
Mt. Maya
Shinkansen Lineine
Nara LRESIDIA 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

Fukuoka City
Botanical Garden

Nagoya Castle

Nagoyaachi
Katam e
Lin

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

Hakata-ku

aim
sh inego n L
Ka ai
M

KamataKyoto

Chuo-ku

Sawaraku: Tokyo Central 7 Wards

Sanin Main LineLin

HakataNagoya Dome

Mt. Kenpie
ido Linka n
To anseink
Sh

Shinagawa-ku

Fukuoka
Prefectural
Government
Oﬃce

e
o Lin
ny n
Sa nse
ka
in
Sh

M
ain

FukuokaChuo

Meguro-ku

Tsu City

RESIDIA Chofu
Wako Student Heights
RESIDIA Kokubunji
RESIDIA Yokohama-Kannai
RESIDIA Okurayama
RESIDIA Musashikosugi
RESIDIA Funabashi I and II
RESIDIA Kichijoji
Pacific Royal Court
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
Cocofump Hiyoshi
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
R-51

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-East
RESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-Ekimae
RESIDIA Gosho-Higashi
RESIDIA Rakuhoku
RESIDIA Miyakojima I/II

… Propery acquired after the end of 6th
fiscal period (July 31, 2013)

55

56

Portfolio List
As of July 31, 2013

57

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
P-87
P-88
P-89

Construction
Leasable floor
completion datearea (m2)

Number of
Acquisition price Investment
leasable units(million yen)ratio
(residential units)

Name of property

Location

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 KAIGANRESIDIA Ichigaya-yakuoji
RESIDIA Yoga
RESIDIA TOWER Nakameguro

Shinagawa-ku, Tokyo

December 2004

3,474.37

115

2,860

0.73%

4.3%

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

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
January 1998
February 1997
October 2008
January 2010
August 2008
June 2008
March 2007

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
5,977.18
2,173.62
1,182.47
3,898.10
2,169.57
1,996.81
3,989.13

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
77
26
59
72
98
66
70

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
7,360
1,460
870
2,400
2,070
1,523
3,300

0.44%
0.31%
0.50%
0.31%
0.58%
0.29%
0.28%
0.69%
0.19%
0.19%
0.15%
0.35%
0.24%
0.39%
0.22%
0.14%
0.18%
0.42%
0.50%
0.08%
0.08%
0.09%
0.07%
0.24%
0.58%
0.30%
0.52%
0.30%
0.34%
0.29%
0.23%
0.27%
0.27%
0.59%
0.93%
0.30%
1.72%
0.55%
0.63%
0.91%
4.19%
0.70%
0.18%
0.41%
0.36%
0.51%
1.57%
0.32%
0.48%
0.41%
0.44%
0.29%
0.32%
0.46%
0.23%
0.25%
1.19%
0.24%
1.34%
2.43%
2.14%
1.79%
0.22%
0.28%
0.44%
1.87%
0.37%
0.22%
0.61%
0.53%
0.39%
0.84%

2.6%
7.3%
4.2%
3.1%
2.9%
7.3%
7.0%
4.3%
4.4%
4.3%
8.2%
4.8%
5.3%
4.1%
3.1%
3.0%
6.2%
2.9%
5.3%
8.5%
11.0%
9.9%
10.6%
4.3%
3.4%
4.8%
4.0%
6.5%
3.3%
2.8%
2.1%
4.8%
7.3%
2.3%
3.5%
8.3%
2.8%
4.0%
3.6%
6.8%
1.8%
2.7%
2.0%
3.4%
3.2%
7.1%
0.7%
3.5%
3.4%
4.6%
3.3%
4.9%
4.4%
10.9%
2.8%
4.9%
2.8%
7.9%
7.8%
3.6%
9.7%
1.5%
7.7%
5.1%
4.8%
6.7%
8.8%
10.0%
4.4%
3.0%
10.3%
2.4%

PML

As of July 31, 2013
Investment Property
region
No.

Tokyo 23 Wards

Tokyo Central 7 Wards

Investment Property
regionNo.

Name of property

Location

P-90
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 Sasazuka II
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

Shibuya-ku, Tokyo

C-65

RESIDIA TOWER Kami-Ikebukuro

Toshima-ku, Tokyo

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

Construction
Leasable floor
completion datearea (m2)

Number of
Acquisition price Investment
leasable units(million yen)ratio
(residential units)

PML

January 2011

4,548.96

166

3,760

0.95%

4.2%

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
February 2008
March 2007
March 2003
February 2005
September 2005
March 2006
February 2008
February 2008
February 2008
February 2005
March 2007

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
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

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

0.24%
0.20%
0.31%
0.41%
0.38%
0.49%
0.67%
0.39%
0.43%
0.27%
0.24%
0.80%
0.41%
0.23%
1.33%
0.81%
0.50%
1.07%
0.22%
0.48%
0.14%
0.09%
0.26%
0.37%
0.46%
0.31%
0.33%
0.15%
0.51%
0.22%
0.27%
0.28%
0.35%
0.62%
0.60%
0.86%
0.18%
0.27%
0.10%
0.14%
0.37%
0.25%
0.33%
0.47%
0.33%
0.34%
1.59%
0.17%
1.40%
0.97%
0.23%
0.50%
0.29%
0.59%
0.65%
0.66%
0.43%
0.25%
0.53%
0.29%
0.27%
0.46%
0.58%
0.17%
0.24%

March 2009

31,250.61

472

8,250

2.09%

2.6%
5.4%
2.6%
2.2%
6.7%
3.3%
4.7%
7.1%
4.6%
2.9%
9.2%
2.1%
3.6%
9.1%
4.3%
4.6%
3.8%
7.2%
7.7%
5.3%
6.4%
3.8%
5.3%
3.4%
6.9%
3.4%
5.9%
3.5%
4.0%
3.2%
2.3%
6.8%
4.0%
3.8%
4.7%
4.7%
5.0%
6.9%
8.5%
5.6%
4.1%
5.4%
4.5%
3.0%
5.0%
3.9%
2.6%
7.0%
2.4%
4.3%
8.6%
7.2%
4.4%
3.5%
4.0%
5.3%
4.5%
7.6%
4.2%
1.8%
4.5%
4.9%
4.0%
9.6%
3.5%
2.9%
5.4%
5.7%

58

Portfolio List

Asset Management Company Profile
As of July 31, 2013

Major Regional Cities

Tokyo Metropolitan Area

Investment Property
regionNo.

Name of property

Location

Construction
Leasable floor
completion datearea (m2)

Number of
Acquisition price Investment
leasable units(million yen)ratio
(residential units)

PML

S-1
S-2
S-4
S-5
S-7
S-11
S-12
S-14
S-15
S-16

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

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

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

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

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

0.87%
0.20%
0.28%
0.49%
0.29%
0.17%
0.13%
0.43%
0.19%
0.40%

S-17

RESIDIA Funabashi I and II

Funabashi-shi, Chiba

March 2007

4,567.44

172

2,730

0.69%

S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
R-2
R-4
R-5
R-6

RESIDIA Kichijoji
Pacific Royal Court 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
Cocofump Hiyoshi
RESIDIA Imadegawa
RESIDIA Higashi-Sakura
RESIDIA Kameyama
RESIDIA Ryokuchikoen

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
Yokohama-shi, Kanagawa
Kyoto-shi, Kyoto
Nagoya-shi, Aichi
Kameyama-shi, Mie
Toyonaka-shi, Osaka

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

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
5,247.90
3,714.11
3,084.03
6,065.11
2,391.35

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

1,380
14,000
882
1,670
810
2,115
823
802
761
1,670
1,050
1,671
1,290
1,610
979

0.35%
3.55%
0.22%
0.42%
0.21%
0.54%
0.21%
0.20%
0.19%
0.42%
0.27%
0.42%
0.33%
0.41%
0.25%

R-8

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

March 2007

9,708.00

404

3,740

0.95%

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

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
6,088.03
2,601.26
2,101.83
12,724.11

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
178

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
894
1,921
972
1,483
1,227
874
3,232

0.31%
0.22%
0.56%
0.23%
0.30%
0.50%
0.59%
0.34%
0.24%
0.08%
0.17%
0.42%
0.34%
0.29%
0.21%
0.18%
0.94%
0.27%
0.19%
0.51%
0.28%
0.17%
0.13%
0.13%
0.36%
0.25%
0.25%
0.60%
0.31%
0.70%
0.23%
0.49%
0.25%
0.38%
0.31%
0.22%
0.82%

7.1%
5.5%
4.6%
5.6%
5.0%
10.2%
2.9%
8.4%
5.3%
7.2%
3.6%
3.4%
9.1%
4.5%
5.4%
6.4%
7.7%
6.7%
6.6%
7.5%
6.1%
4.7%
7.5%
10.9%
3.4%
4.2%
5.7%
6.8%
6.7%
3.4%
8.3%
3.2%
2.4%
6.6%
9.9%
3.5%
3.9%
4.9%
2.7%
5.0%
0.9%
1.1%
1.4%
4.1%
13.5%
3.1%
1.2%
3.9%
0.9%
7.5%
4.8%
2.5%
2.8%
8.7%
7.8%
4.8%
2.6%
3.6%
3.6%
1.1%
9.1%
2.8%
0.7%
8.9%
12.4%
7.1%

669,094.00

17,640393,882

100.0%

2.8%

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
RESIDIA Kita-Nijyo-East
RESIDIA Shinsaibashi WestRESIDIA Marunouchi
RESIDIA Sapporo-Ekimae
RESIDIA Gosho-Higashi
RESIDIA Rakuhoku
RESIDIA Miyakojima I/II
Total at end of 6th fiscal period
Property acquired during 7th fiscal period
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
R-45
R-46
R-47
R-48
R-49
R-50
R-51

P-96

RESIDIA Nakaochiai

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

Shinjuku-ku, Tokyo

March 2006
February 2007
January 2007
February 2007
September 2007
March 2008
September 2006

March 2008

5,529.19

187

3,656

2.9%
2.9%
3.0%

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 theTokyo 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.

59

AD Investment Management Co., Ltd.
Hitotsubashi SI Building 9F, 3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo
Officers

Description ofbusiness
Company history

President
Executive Director

Kenji Kousaka
Takeshi Takano

Managing Director
Director

Junichi Shoji
Tomoyuki Kimura

Director
Director

Hiroshi Kawakami
Masato Kawanishi

Director (non-executive)
Director (non-executive)
Director (non-executive)

Yoshinori Komoto
Kouji Fukaki
Takashi Ogata

Director (non-executive)

Nobuchika Goto

Statutory Auditor
Statutory Auditor (non-executive)

Hiromasa Yamamaoto
Kaori Iwasawa

Investment management businessFeb. 2, 2005

Established as Japan Residential Management Co., Ltd.

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

Mar. 1, 2010

Obtained discretionary transaction agent and other approval under Building Lots and Buildings Transaction BusinessAct (Minister of Land, Infrastructure, Transport and Tourism Approval No. 37)
Obtained investment trust settlor business approval under Act on Investment Trusts and Investment Corporations(Prime Minister Approval No. 49)
Registered as financial instruments business operator (Director-General of Kanto Local Finance Bureau (Kinsho)
Registration No. 309)
Merged with Pacific Residential Corporation in absorption-type merger

Aug. 5, 2013

Registrated as first-class authorized architect office (Tokyo Metropolitan Registration No. 58856)

Sep. 8, 2005
Sep. 30, 2007

Shareholder
composition

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

Mizuho Trust & Banking Co., Ltd.

180

2.9

Sumitomo Mitsui Banking Corporation

180

2.9

Sumitomo Mitsui Trust Bank Limited

180

2.9

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

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.

60

Investor Information
Unit-holder Memo

Annual Schedule

Fiscal period end
General meeting of unit-holders
Date for determining unit-holders
exercising voting rights at meeting
Record date for determining
dividend payments

January 31 and July 31 of every year
Held at least once every 2 years
The date will be publicly notified in advance2013.10January 31 and July 31 of every year

2013.11

Investment performance briefing for unit-holders

2014.1

End of seventh fiscal period

2014.3

Announcement of 7th Fiscal period results

2014.4

Delivery of 7th Fiscal Period financial report

Payment of 6th Fiscal Period dividend
General meeting of unit-holders(Dividends will be paid within 3 months of the record date for determining payments.)

Unit listing
Newspaper for public noticeTransfer agent
Business office of transfer agent

Unit listing Tokyo Stock Exchange (Securities Code: 3269)
The Nikkei
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

Contact
Mailing address

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

Phone

Unit-holder Composition
As of July 31, 2013

1st FP

50.3%

2nd FP

53.3%(ended January 2011)(ended July 2011)

7.5%

19.2%

22.8%

16.9%

3rd FP

49.6%

6.8%

26.5%

17.1%

4th FP

51.2%

6.8%

24.7%

17.3%

5th FP

55.0%

6th FP

57.4%(ended January 2012)(ended July 2012)(ended January 2013)(ended July 2013)

0%

6.6%
6.0%

25%

50%

Japanese Financial Institutions Other Japanese(including Securities Companies) Corporations(share)No. of Units
No. of unit-holders

61

23.0%

7.0%

(share)

22.1%
23.2%

13.4%

75%

100%

Domestic Individuals
and Others(share)Total(share)Payment of 7th Fiscal Period dividend
2014.5Investment performance briefing for unit-holders

2014.7

End of 8th fiscal period

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 “unit-holder
dividend receipt” to your nearest Japan Post Bank mainor branch office, sub-branch office or post office (bankagent) in Japan. If the collection period has elapsed,
please make your collection by designating the collection
method on the back of the “unit-holder dividend receipt”
and mailing it to Mizuho Trust & Banking’s Stock Transfer
Agency Department or bringing it to a Mizuho Trust &Banking, 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 a bank transfer for
future dividend payments, please contact your securities
company.

Disclosures

16.2%

Foreign Corporations
and Individuals

Delivery of 6th Fiscal Period financial report(share)711,732

57.4%

74,502

6.0%

287,705

23.2%

166,06113.4%

1,240,000

100.0%

155

0.7%

331

1.4%

226

1.0%

22,701

97.0%

23,413100.0%

ADR strives to provide information to unit-holders 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 willremain dedicated to providing easy-to understand andtimely information by continuing to increasingly enrich
the content of the website.

62