Advance Residence
Investment Corporation
10th Fiscal Period ReportFebruary 1, 2015 ~ July 31, 2015

Realization of Stable Distribution of
Earnings over the Long Term

Unit-holder Memo

Annual Schedule

Fiscal period-end

January 31 and July 31 of every year

Oct. 2015

General meeting of unit-holders

Held at least once every 2 years

Date for determining unit-holders The date will be publicly notiﬁed in advance
exercising voting rights at meeting
Record date for determining
dividend payments

January 31 and July 31 of every year
(Dividends will be paid within 3 months of the record date for determining
payments.)

Unit listing

Tokyo Stock Exchange (Securities Code: 3269)

Newspaper for public notice

The Nikkei

Transfer agent

Mizuho Trust & Banking Co., Ltd. 1-2-1 Yaesu, Chuo-ku, TokyoOﬃce address
Contact

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

Mailing address

Mizuho Trust & Banking Co., Ltd.
2-8-4 Izumi, Suginami-ku, Tokyo 168-8507

Phone

0120-288-324 (toll-free in Japan)

Publication of 10th Fiscal Period ﬁnancial report
Payment of 10th Fiscal Period dividend
General meeting of unit-holders

Nov. 2015

Investment performance brieﬁng for unit-holders

Jan. 2016

End of 11th Fiscal Period

Mar. 2016

Announcement of 11th Fiscal Period results

Apr. 2016

Publication of 11th Fiscal Period ﬁnancial report
Payment of 11th Fiscal Period dividend

May 2016

Investment performance brieﬁng for unit-holders

Jul. 2016

End of 12th Fiscal Period

Sep. 2016

Announcement of 12th Fiscal Period results

To Our Unit-holders

levels.
In terms of leasing operation, we wereable to increase rent levels for two
consecutive fiscal periods while
maintaining a higher occupancy rate
(period average of 96.6%) than theprevious period and the same period of
the previous year. Specifically, there
were cases of increased renewed rent
not only at the time of new contracts
when replacing tenants, but also when
renewing contracts during the current
fiscal period. In addition, large-scalerenovations and upgrades to maintainand improve property value were
continuously implemented, and we
managed to secure new tenants at rent
levels significantly exceeding former
levels for the majority of units that
contracts were concluded for after thecompletion of work.

We w o u l d l i k e t o r e p o r t o n t h emanagement results and performance ofAdvance Residence Investment
Corporation (ADR) for its 10th Fiscal Period,or the six months ended July 31, 2015.

On the other hand, despite an intenselycompetitive property acquisition
environment as of late, by acquiringsponsor-developed properties andproperties in bridge funds, ADR
managed again to acquire nine highyielding properties. As they are allrecently constructed properties inTokyo’s 23 wards, we believe that they
will contribute to improving the qualityof our portfolio.

In the current fiscal period, ADR’s
dividend per unit increased by 32 yencompared with initial forecasts, to 4,572
yen, due to higher revenue and income
than initial forecasts and higher-thanexpected earnings per unit (EPU)* as aresult of management focused oninternal growth including improving theoccupancy rate and increasing rent

In terms of finances, we managed tolower payable interest rate levels while
maintaining debt duration for loans andinvestment corporation bonds and theratio of fixed interest debts.
Moving forward, we will continue to becommitted to increasing the EPU while
guarding against future reversal in thebusiness environment.
In the current fiscal period, ADR’s unit
price was 270,500 yen at the end of thisfiscal period. While it reached 305,000
yen at the end of May thanks toadditional monetary easing by the Bankof Japan and heightened expectations
towards the recovery of the Japanese
economy, the price subsequently
underwent adjustments due touncertainty towards the crisis in Greece
and recent worries on the Chinese
economy.
We would like to take this opportunity
to sincerely thank all of ourshareholders for their support. We
humbly ask for the continued support
and guidance of our shareholders going
forward.

Kenji Kousaka
Executive Director

Advance Residence Investment Corporation
President

AD Investment Management Co., Ltd.

* EPU is calculated by dividing net income by the number of units issued and outstanding as of the end of the ﬁscal period.

Price Movement of Investment Units

Price of investment units (yen)350,000

300,000

Eﬀective date ofmergerMar. 1, 2010

Great East Japan
Earthquake
Mar. 11, 2011

250,000

200,000

Launched the 1st follow-on
oﬀering
Jun. 4, 2010

Launched the 3rd follow-on
oﬀeringJan. 8, 2013

ADR Price ofinvestment units

270

Launched the 4th follow-on
oﬀeringJan. 9, 2014

Tokyo Stock
Exchange REIT
Residential Index

266

Launched the 2nd follow-on
oﬀeringJan. 12, 2012

Tokyo Stock
Exchange REIT
Index

215

TOPIX

206

150,000
100

100,000

50,0002010/07

2011/01

2011/072012/01

2012/072013/01

2013/07

2014/01

2014/07

2015/01

2015/07* The Tokyo Stock Exchange REIT Index, the Tokyo Stock Exchange REIT Residential Index and TOPIX are re-indexed using ADR’s March 2, 2010 unit price of 112,500 yen as the base.

2

Fiscal Highlights
Increases in Revenues, Proﬁts and Dividends

4,572 yen dividend per unit (up 32 yen from initial forecasts)
High Occupancy Rate and Increase in Rent
Highest period average occupancy rate since the merger of

96.6% (up 0.2 pps YoY)

+ 0.12 % (previous FP: +0.05%)

Portfolio rent trending upwards*

Property Acquisition
Acquired

9 recently built properties with high yield in Tokyo’s 23 wards (@ approx. 13.6 billion yen)

Lowered Payable Interest Rate andMaintained Debt Duration and Fixed Interest Debt Ratio
Lowered payable interest rate to

1.16% (down 0.05 pps over the previous FP-end)

Earnings Forecast for FP January 2016 and FP July 2016
Expected EPU for FP January 2016
Expected EPU for FP July 2016

4,530 yen
4,540 yen

* Increase in average rent per tsubo (7 tsubo = 3.3m2) from the beginning to the end of the ﬁscal period for units occupied at both the beginning and the end of the ﬁscal period.

3

As of July 31, 2015

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

249

Total assets(based on acquisition price)424.1

properties

Number of leasable units Leasable ﬂoor area

20,122billion yen

757,856

units

m2

Portfolio with high yield and substantial unrealized gains
NOI yield*

Unrealized gains*

5.7%

67.7

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

Major
Regional
Cities19%
Tokyo Central
Tokyo
Metropolitan 7 Wards
40%
Area 10%

Under 5 yrs
4%Over 10 yrs
32%

Tokyo 23 Wards
31%

Over 5 yrs to 10 yrs
64%

Tokyo 23 Wards 71%

Under 10 yrs 68%

Student
9%
Corporate
Guaranteed rent
30%
16%
Individual
45%
Pass-through type 75%

Average
9.6 yrsOﬃce/retail 1%
Dormitory 2%
Large2%
Family15%Compact
25%

Single55%

Single and compact 80%

Over 15 min. 1%
10 to 15 min.
6%
5 to 10 min.
35%
Under 5 min.
57%

Under 10 min. 92%
Over 500K yen 0%
Under 500K yen 1%
Under 300K yen
2%
Under 250K yen
21%
Under 100K yen
52%
Under 150K yen
23%
Tokyo 23 Wards 96%“Student” indicates the proportion ofcontracts for student dormitories and student
apartments.

4

Rent Trending Upwards
Rent change rate (covers units occupied at both the beginning and end of the period)
0%-0.21%-0.09%-0.12%-0.30%

+0.12

+0.05

High Occupancy Rate
■ Tokyo Central 7 Wards

Overall portfolio

100%■ Tokyo 23 Wards■ Tokyo Metropolitan Area

■ Major Regional Cities

95%

90%

5th FP
95.9%

6th FP
96.6%

7th FP
96.4%

8th FP
96.4%

9th FP
96.1%

10th FP
96.6%

P-103 RESIDIA Minami Shinagawa

P-104 Chester Court Ochanomizu

C-79 RESIDIA Akihabara

5
l. 2

01

15

Ju

ay
M

.2
ar
M

20

01

5

15
Ja

n.

20

14
No

v.

20
p.
Se

20

14

4
01
l. 2

20
M

ay

.2
ar

P-105 RESIDIA Kanda-Iwamotocho II P-106 RESIDIA Shinagawa

Ju

14

4
01

14
M

n.
Ja

20
v.

20

13

13
No

Se

p.

20

3
l. 2
Ju

M

ay

20

01

13

3
M

ar

.2

01

13
20
n.
Ja

20
v.
No

Se

p.

20

12

12

85%

C-80 RESIDIA Asakusa-Azumabashi C-81 RESIDIA Omori III

Newly acquired property during the 10th ﬁscal period

Steady External Growth
No. of properties

190 properties

204 properties

210 properties

221 properties

240 properties

5.5%

5.5%

5.6%

5.6%

393.8 billion yen

401.8 billion yen

417.6 billion yen

410.5 billion yen

15%

15%

17%

20%

11%

11%

10%

29%

29%

29%

29%

46%

45%

45%

44%

39%

40%

FP 01-2013

FP 07-2013

FP 01-2014

FP 07-2014

FP 01-2015

FP 07-2015

5.3%
NOI yield

367.9 billion yen
13%11%
Major Regional Cities
Tokyo Metropolitan Area

10%
31%

249 properties
5.7%
424.1 billion yen
19%
10%
32%

Tokyo 23 Wards
Tokyo Central 7 Wards

5

Financial Base that Withstands Financial Volatility
Average Interest Rate
Debt Duration
Fixed Interest Ratio

1.35%

87%

1.28%

1.26%

93%

93%

1.23%

95%

3.4 yrs

3.8 yrs

3.8 yrs

4.1 yrs

FP 01-2013

FP 07-2013

FP 01-2014

FP 07-2014

1.21%

1.16%

100%

99%

4.1 yrs

4.1 yrs

FP 01-2015

FP 07-2015

C-82 RESIDIA Nihonbashi-Bakurocho II C-83 RESIDIA RESIDIA Nihonbashi-Bakurocho III

Dividend of At Least 4,500 Yen Stably Provided
Drawdown from Dividend Reserve
Dividend Paid from Net Income(in yen per unit)

5,130
60

4,597

4,615

4,593

249

329

200

69

4,255

4,267

4,415

4,523

FP 01-2013

FP 07-2013

FP 01-2014

FP 07-2014

4,505

4,572
5,070

FP 01-2015

4,572

FP 07-20156

Management Policies Going Forward
Aiming for Realization of Stable Distribution of
Earnings over the Long Term
Internal Growth
We will work to maintain and improve rent revenues by increasing rents upon tenant replacement andcontract renewal for properties with high occupancy, actively seek higher key money income and takesteps to lower leasing expenses.
We will also continue working to maintain and enhance the competitive advantages of our properties bycarrying out large-scale renovations and appropriate upgrades.

External Growth
Even though the property acquisition market remains highly competitive, we will continue to acquire
accretive properties by avoiding unnecessary competition through the following methods:• Utilize our pipeline to primarily acquire sponsor-developed properties• Acquire properties directly from the market and avoid competitive bidding• Replace properties

Finance Policy
As we closely monitor interest-rate trends, we maintain our policy to further diversify debt maturities
while continuing to finance in fixed-rate debts with longer durations. This policy will strengthen theﬁnancial base of ADR and enable it to respond more ﬂexibly to future ﬁnancial market volatilities.

Dividend Payout Policy
The dividend per unit is to principally mirror the EPU when EPU exceeds 4,500 yen. If, on the other hand,the EPU falls below 4,500 yen, the policy will be to maintain a dividend per unit of 4,500 yen by drawing on
the dividend reserve.** This policy does not guarantee the actual amount of dividend payments. The dividend payments will ultimately be determined by ADR’s
Board of Directors for each ﬁscal period.
* For the two ﬁscal periods ending January 2016 and July 2016, we expect EPU to be above the 4,500-yen threshold.
* With changes to the tax system and related laws in FY2015, it has become necessary for the retained earnings of 33.5 billion yen (as of theend of the current period) from the gain on negative goodwill held by ADR to be transferred to a “reserve for adjustments for temporary
diﬀerences” by ﬁscal period ending January 2017, and to be drawn down in full within a set period of time (maximum 50 years) inaccordance with a predetermined drawdown method. ADR will promptly decide and establish a new dividend policy as soon as carefulconsideration is made on the drawdown method.

7

Sustainability
Contribute to Building a Sustainable Society
and Increase Unit-holders’ Value
Measures Taken During the Fiscal Period Ended July 2015
Environmental Considerations▲

Installation of LED Lighting
Lighting for common area of 4 properties were replaced with energy-conserving LED
lighting. (LED lighting installed in 23 properties at the end of Aug. 2015)▲

Large-Scale Repairs and Equipment Renewals and Upgrades
Retain asset value, extend economic life and reduce carbon footprint of properties throughrepairs, renewals and upgrades.
During the Fiscal Period July 2015 large-scale repairs were done on 3 properties andupgrades were done on 34 units of 11 properties.
(Track record since the merger: large-scale repairs on 15 properties,
upgrades on 111 units of 16 properties.)

Contribution to Local Communities

S-20 Paciﬁc Royal Court
Minatomirai Ocean Tower▲

AED

Installing Automated External Deﬁbrillators (AEDs)

Emergency Map

Installing AEDs that are open to public use in 26 properties.

▲

Posting Emergency Maps
Posted Emergency maps showing evacuation routes, in common areas of 50 properties.
(Maps are available in 150 properties as of the end of Aug. 2015)

Emergency Kits▲

Distributing Emergency Kits
Distributed 683 emergency kits to tenants.
(the kit consists of emergency rations, helmets, portable toilets, etc.)

DBJ Green Building Certiﬁcation

No. 1 Highest Number of Residential Properties Awarded*
DBJ Green Building Certiﬁcation Awardedfor 3 properties
Properties with excellent
environmental & social awarenessP-55 RESIDIA TOWER
Meguro-Fudomae

C-65 RESIDIA TOWER
Kamiikebukuro* Based on materials published by Development Bank of Japan as of August 31, 2015 and consolidated by AD Investment Management Co., Ltd.

Participated in the GRESB Survey 2015
Participated in the GRESB
Survey in 2015 after being thefirst residential J-REIT toparticipate in the survey in
2014.

2015 GRESB Survey Result

No. 2 Asia / Residential Sector

GRESB is an industry-driven organization committed to assessing the sustainability performance of real estate portfolios (public, private and direct) around the globe. The dynamic benchmark isused by institutional investors to engage with their investments with the aim to improve the sustainability performance of their investment portfolio, and the global property sector at large.

8

I. Asset Management ReportManagement’s Discussion and Analysis
1 Summary of Selected Financial Data
Fiscal Period
Operatingresults

Balancesheet
ﬁguresPer unit
ﬁguresFinancial
indicators

Reference
information

Operating revenues(Rental revenue)(Gain on real estate sales)
Total operating expenses(Rental business expenses)(Loss on real estate sales)(Impairment loss)
Operating income
Ordinary income
Net income
Total assets
Interest-bearing liabilities
Net assets
Paid-in Capital
Total dividends
Payout ratio
Total number of units issued and outstanding
Net assets per unit
Net income per unit
Dividend per unit
Dividend from earnings per unit
Dividend in excess of earnings per unit
Annualized dividend yield
Return on investment (Paid-in Capital)
Return on investment(market capitalization)
FFO per unit
Annualized
FFO per unit
Ratio of ordinary income to total assets
Annualized
Equity ratio
Return on equity
Annualized
Ratio of interest-bearing
liabilities to total assets
DSCR
Net income before interest and depreciation
Interest expenses
NOI
Annualized NOI yield
Depreciation and amortization
Number of properties under management
Number of leasable units at end of period
Leasable ﬂoor area at end of period
Occupancy rate at end of period
Unit price at end of period

Note 1

a
b
c
d
e
f
g
h
i
j
k
l
l/g
m

j/m
Note 2l/m

Note 3(g+q)/(k+i)

Note 3(g+q)/(m×r+i)

Note 3units

6th FP

7th FP

8th FP

9th FP

10th FP

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

From: Aug. 1, 2013
To: Jan. 31, 2014

From: Feb. 1, 2014
To: Jul. 31, 2014

from Aug. 1, 2014
To: Jan. 31, 2015

From: Feb. 1, 2015
To: Jul. 31, 2015

million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
million yen
%
Units
yen
yen
yen
yen
yen
%

13,493
13,462
–
6,517
5,343
–
–
6,976
5,292
5,291
410,989
210,269
195,446
102,5575,700
107.7
1,240,000
157,617
4,270
4,597
4,597
0
4.7

13,794
13,756
–
6,658
5,366
–
–
7,136
5,475
5,475
418,785
218,116
195,220
102,557
5,722
104.5
1,240,000
157,436
4,415
4,615
4,615
0
4.2

14,668
14,590
–
7,164
5,749
–
–
7,504
5,880
5,880
435,215
221,799
207,757
114,9365,970
101.6
1,300,000
159,813
4,526
4,593
4,593
0
3.8

15,633
14,738
839
7,474
5,817
185
–
8,158
6,591
6,591
430,509
215,799
208,378
114,936
6,669
101.2
1,300,000
160,290
5,070
5,130
5,130
0
3.4

14,998
14,964
–
7,497
5,974
–
–
7,501
5,945
5,944
440,991
227,486
207,653
114,936
5,943
100.0
1,300,000
159,733
4,572
4,572
4,572
0
3.4

4.9

4.8

5.0

5.5

5.0

%

3.4

3.2

3.1

3.0

2.9

yen
yen
times
%
%
%
%
%

6,109
12,321
16.1
1.3
2.7
47.6
2.9
5.8

6,298
12,494
17.4
1.3
2.6
46.6
2.8
5.6

6,413
12,932
19.0
1.4
2.8
47.7
2.9
5.9

6,504
12,903
23.4
1.5
3.0
48.4
3.2
6.3

6,497
13,103
20.6
1.4
2.8
47.1
2.9
5.8

i/h

%

51.2

52.1

51.0

50.1

51.6

o/p
o
p
a−c+q

times
million yen
million yen
million yen%
million yen
Units
m2
%
yen

6.6
8,940
1,364
10,401
5.4
2,284
204
17,640669,094.00
96.5
198,100

6.7
9,177
1,367
10,722
5.3
2,335
210
18,113
684,547.92
96.5
217,200

7.2
9,686
1,349
11,295
5.5
2,457
221
19,078719,838.71
95.9
245,500

7.7
10,476
1,365
11,438
5.3
2,519
240
19,572740,021.39
96.5
301,500

7.5
9,756
1,309
11,491
5.5
2,502
249
20,122757,856.84
96.4
270,500(g−b+d+e+q)/m
n
r/n
f/h

Note 3Note 4Note 3j/h
g/jNote 5Note 3Note 6Note 3, 7qNote 10Note 8Note 9r%

Notes 1. Operating revenues do not include consumption tax. Amounts are rounded down to the nearest speciﬁed unit. Percentage ﬁgures are rounded to the ﬁrst decimal place. The
same applies 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 6th Fiscal Period, 184 days for the 7th Fiscal Period,
181 days for the 8th Fiscal Period, 184 days for the 9th Fiscal Period and 181 days for the 10th 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 = Total annualized NOI ÷ Total property acquisition price(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. “Leasable ﬂoor area at end of period” refers to the leasable ﬂoor area for each building. The area that does not include the leasable ﬂoor area of land (plane parking lots) that isindicated on the lease agreement or applicable drawings is stated.
9. “Occupancy rate at end of period” is calculated by using the formula: “Leased ﬂoor area” ÷ “Leasable ﬂoor area” × 100.
10. Depreciation and amortization includes depreciation and amortization of intangible assets in addition to depreciation of property, plant and equipment.

92 Investment Environment and Operating Performance

ADR’s basic management policy is the “realization of stable distribution of earnings for the long term” and its medium-term
management target since the merger is to consistently earn above 4,500 yen per unit. We have reached this target as of theprevious fiscal period. Our current target going forward, will be to steadily increase the earnings per unit (EPU). The
initiatives listed below were undertaken during the current ﬁscal period, with the aim of achieving this goal.
(i) Raising rent levels and conducting upgrade works
ADR maintained high occupancy rates that averaged 96.6% during the period, while also raising rent levels andimproving leasing-related income and expenses. In addition, ADR actively conducted upgrade works aimed atmaintaining and strengthening property competitiveness.
(ii) Strengthening portfolio quality through the acquisition of recently constructed properties located within the 23 wardsof Tokyo
ADR acquired 9 properties (total acquisition price of 13.6 billion yen) through its pipeline.
(iii) Strengthening ADR’s ﬁnancial foundation
ADR lowered payable interest rate while maintaining debt duration and the ﬁxed interest debt ratio.
The results of these initiatives in the current ﬁscal period are outlined below.
(million yen)

Item

Previous FP
forecast 10th FP Results
Excluding gain InitialNote
2
Results
July 2015(Loss) on sales
Note 1

DiﬀerenceDiﬀerencefrom the Excluding gain from the initialon salesprevious FP (Loss)Note
forecast
1

Operating revenues

15,633

14,793

14,92814,998

(634)

+204

+69

Operating income

8,158

7,504

7,470

7,501

(656)

(2)

+31

Ordinary income

6,591

5,937

5,902

5,945

(646)

+7

+42

Net income

6,591

5,936

5,902

5,944

(646)

Earnings Per Unit

5,070 yen

4,566 yen

4,540 yen

4,572 yen(498) yen

Dividend Per Unit

5,130 yen

4,626 yen

4,540 yen

4,572 yen(558) yen

+7
Note 3+42Note 3+6 yen+32 yenNote 3(54) yen+32 yenNotes 1. Figures are calculated by subtracting gain on real estate sales (839 million yen) and loss on real estate sales (185 million yen) from the results for ﬁscal period ended January
2015. The value derived by subtracting loss on real estate sales from gain on real estate sales is referred to as net gain on sales.
2. The initial forecast refers to the earnings forecasts for the 10th Fiscal Period disclosed in the “Brief Summary of Kessan Tanshin” for the 9th Fiscal Period, dated March 12, 2015.
The same holds true hereafter.
3. Decimals are deleted from the EPU ﬁgures.

Although revenue and income fell compared to the previous ﬁscal period due to the absence of a net gain on sales of 654
million yen from the disposition of six properties recorded in the previous fiscal period, revenue and income increased
compared with initial forecasts as a result of focusing management efforts on internal growth such as improving theoccupancy rate and raising rent levels. EPU was 4,572 yen, thereby increasing dividends per unit by 32 yen over the initial
4,540 yen forecast to 4,572 yen.
a) Internal Growth – Rent trending upwards backed by upgrade works –Supported by a high occupancy rate of 96.6% which was higher than that of the previous ﬁscal period and the year before, wewere able to increase rent levels (+0.12% note 4),following an increase in the previous ﬁscal period. We believe we have entered an
upward trend in rent because, during the current ﬁscal period, we not only raised rents when we were replacing tenants but by
starting to see cases where we were able to raise rents when tenants were renewing their contract.
We also continued to install LED lighting and review power contracts. Furthermore, with the aim of maintaining andstrengthening the competitive advantage of properties, we conducted large-scale renovation of common areas at threeproperties and upgrades such as replacing room ﬁxtures and changing room layouts on 31 individual apartment units. As a resultof these works we were able to attract new tenants at rents signiﬁcantly higher than former level for the majority of the units
that underwent the upgrades.
Properties in ADR’s portfolio will age as they are held longer. In order to maintain and enhance the value of the properties, ADR
will develop, with return on investment in mind, long-term construction plans for such works that need to be performed.
Note

4. The average rent “per tsubo” (1 tsubo = 3.3m2) at the beginning and the end of the ﬁscal periods is compared for units occupied at both the beginning and the end of the ﬁscal
periods.

10

I. Asset Management Reportb) External Growth – Strengthening the portfolio through the acquisition of recently constructed properties located within the 23
wards of Tokyo –Despite an intensely competitive environment in the property acquisition market, to avoid excessive competition ADR
aimed to acquire properties primarily through the sponsor pipeline and bridge fund schemes Note 5.
During the current ﬁscal period, ADR acquired 9 properties through the sponsor pipeline and a bridge fund scheme (totalacquisition price of 13.6 billion yen, at an average assumed NOI yield Note 6 of 5.2%). The 9 properties are all recently
constructed and located within the 23 wards of Tokyo, and as such we expect that they will generate stable revenues overthe long term.
As a result of these actions, ADR continues to maintain the largest portfolio among the residential J-REITs, with holdings of
249 properties valued at 424.1 billion yen as of the end of the current fiscal period. Going forward, we aim to continue
acquiring properties that will improve the proﬁtability and asset value of our portfolio by taking advantage of our pipeline
consisting mainly of sponsor-developed properties and avoiding competitive bidding by acquiring directly from the market
using our own network.
Notes

5. The bridge funds are property funds involving a tokumei kumiai (TK) operator in which ADR maintains TK equity interests, and whereby ADR maintains right of ﬁrst refusal withrespect to the underlying assets.
6. The average assumed NOI yield for the acquired properties is calculated by dividing the total NOI listed in the appraisal report at the time of acquisition by the total acquisition price.

c) Finance Policy – Further strengthening ADR’s ﬁnancial foundation –To assure a stable distribution of earnings over the long term, we strive for longer maturities, diversiﬁed repayment dates andﬁxed interest rate debts in our debt ﬁnancing.
During the current ﬁscal period, ADR conducted debt ﬁnancing for a total of 19 billion yen for the purpose of reﬁnancing debts
reaching maturity and funding property acquisitions. As a result, ADR’s average remaining duration of debts Note 7 as of the end of
the current ﬁscal period was 4.1 years, the ratio of ﬁxed interest rate debts Note 8 was 98.7%, and the average interest rate Note 9 was
1.16%. We therefore managed to reduce payable interest rate levels while maintaining debt duration and the ﬁxed interest debt
ratio. In addition, repayment amounts of loans and bonds for each ﬁscal period are below the total amount of committed lines ofcredit (20 billion yen) at the end of this period, thereby maintaining a debt structure with suﬃciently diversiﬁed maturity.
ADR’s total asset LTV Note 10 was 51.6%, and appraisal LTV Note 10 was 47.3% as of the end of the ﬁscal period. While ADR’s current
policy is to manage total asset LTV at no more than 53% and appraisal LTV at no more than 50%, adequate amount of acquisition
capacity is secured.
Furthermore, with the reﬁnancing conducted during the current ﬁscal year, all remaining loans made before the merger havebeen reﬁnanced.
Notes

7. 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.
8. If ﬂoating interest-rate loans are hedged using interest-rate swaps, the loans are treated as ﬁxed interest-rate loans for the amount hedged by the swap.
9. The ﬁxed interest rate after the application of interest-rate swap is used in calculating the average interest rate.
10. The formulas for calculating total asset LTV and appraisal LTV are provided below.
Total asset LTV = Outstanding interest-bearing liabilities ÷ Total assets
Appraisal LTV = Outstanding interest-bearing liabilities ÷ Total appraisal value of property holdings

3 Management Policies and Challenges Going Forward

ADR aims to achieve steady EPU growth by consistently implementing the strategies outlined below.
a) Internal Growth
For properties with high occupancy, we will work to raise rents at the time of tenant replacement and contract renewal. In
addition, we will aim to maintain and improve property revenues by achieving greater cost eﬃciency with respect to leasing
expenses and making greater eﬀorts to ensure key money income.
We will also keep working to maintain and enhance the competitive advantages of our properties by continuing to conduct
timely large-scale renovations depending on the aging of the building and appropriate upgrades according to the property
characteristics as per the aforementioned policy on renovations, renewals and upgrades.
b) External Growth
Given the still highly competitive nature of the property acquisition environment, we will avoid unnecessary competition byacquiring sponsor-developed properties and directly acquiring properties on the open market, drawing on the trading
information that we are able to access, and try to only acquire properties that enhance the proﬁtability of our portfolio.
Meanwhile, we will continue to seek any opportunity arising from the buoyant property market by replacing properties toraise the quality of the portfolio and to strengthen the portfolio’s competitive advantages.
Note that by leveraging our own sourcing network, decision was made to acquire and sign a purchase agreement for
RESIDIA Yoyogi II on August 25, 2015.

11c) Finance Policy
As we closely monitor interest-rate trends, we maintain our policy to further diversify debt maturities while continuing toﬁnance in ﬁxed-rate debts with longer durations. This policy will strengthen the ﬁnancial foundation of ADR and enable it torespond more ﬂexibly to future ﬁnancial market volatilities.
d) Dividend Payout Strategy
ADR employs the following dividend payout policy.
[Current dividend payout policy]
The dividend per unit is to principally mirror the EPU while EPU exceeds 4,500 yen. On the other hand, if the EPU falls below
4,500 yen, the policy will be to basically maintain a dividend per unit of 4,500 yen by supplementing the EPU with the dividend
reserve drawdown. Note 11
As disclosed in this document, we expect ADR to consistently earn an EPU above the 4,500-yen threshold in both the 11th
Fiscal Period (August 1, 2015 to January 31, 2016) and the 12th Fiscal Period (February 1, 2016 to July 31, 2016).
Note that with changes to the tax system and related laws in FY2015, it has become necessary for the retained earnings of
33.5 billion yen (as of the end of the current period) from the gain on negative goodwill held by ADR to be transferred toaTemporary Diﬀerences Adjustment Reserve Account by the ﬁscal period ending January 2017. And the reserve to be drawn
down in full within 50 years starting from the following period in a predetermined manner.
ADR will promptly decide and establish a new dividend payout policy as soon as careful consideration is made on thedrawdown method.
Note

11. This policy does not a guarantee the actual amount of dividend payments. The dividend payments will ultimately be determined by ADR’s Board of Directors for each ﬁscal period.

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 and outstanding (units)

Paid-in Capital (million yen)

Date

Remarks

February 1, 2012

Follow-on oﬀering

110,000

1,090,000

14,23178,793

1

February 29, 2012

Third-party allotment

10,0001,100,000

1,293

80,0872

February 1, 2013

Follow-on oﬀering

135,000

1,235,000

21,667

101,7543

February 27, 2013

Third-party allotment

5,000

1,240,000

802

102,557

4

February 3, 2014

Follow-on oﬀering

58,0001,298,000

11,967

114,524

5

February 26, 2014

Third-party allotment

2,000

1,300,000

412

114,936

6

Increase

Balance

Increase

Balance

Notes

Notes 1. 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.
2. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 129,379 yen per unit to procure funds for new property
acquisitions and for other purposes.
3. 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.
4. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 160,498 yen per unit to procure funds for new
property acquisitions and for other purposes.
5. ADR issued new units through public oﬀering at an oﬀer price of 213,330 yen (paid-in amount: 206,328 yen) per unit to procure funds for new property acquisitions and for otherpurposes.
6. ADR issued new units by way of third-party allotment with Mizuho Securities Co., Ltd. as the allottee at paid-in amount of 206,328 yen per unit to procure funds for new
property acquisitions and for other purposes.

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

6th FP
July 2013

7th FP
January 2014

8th FP
July 2014

9th FP
January 2015

10th FP
July 2015

High257,900 yen

229,800 yen

263,600 yen

321,000 yen

305,000 yen

Low

182,200 yen

194,300 yen

206,500 yen

245,800 yen

269,300 yen

12

I. Asset Management Report
Overview of the Investment Corporation
1 Major Unit-holders

The following are the major unit-holders as of July 31, 2015.

Name

Address

Japan Trustee Services Bank, Ltd.
(Trust Account)

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

375,205

28.86

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

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

117,062

9.00

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

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

75,048

5.77

The Nomura Trust & Banking Co., Ltd.
(Investment Trust Account)

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

46,817

3.60

ITOCHU Corporation

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

34,8002.67

Mizuho Trust & Banking Co., Ltd.

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

18,125

1.39

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

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

17,2791.32

State Street Bank - West Pension Fund
Clients - Exempt

1776 Heritage Drive, North Quincy,
MA 02171 U.S.A.

13,547

1.04

Fuji Fire and Marine Insurance Co., Ltd.

1-18-11 Minamisenba, Chuo-ku, Osaka-city,
Osaka

13,278

1.02

Nomura Securities Co., Ltd.
(Proprietary Account)

1-9-1 Nihonbashi, Chuo-ku, Tokyo

11,5000.88

722,661

55.58

Total
Note

13

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

2 Directors and Independent Auditor

1. The executive director, supervisory directors and independent auditor as of July 31, 2015 are as follows.

Title

Name

Executive
director

Kenji Kousaka Note 1

Supervisory
director

Hidejiro Matsuda

Supervisory
director
Independent
auditorYoshiki Oshima

Total amount of compensationfor each title during the ﬁscal
period (thousand yen)Primary concurrent positions
President, AD Investment Management Co., Ltd.
President, Hidejiro Matsuda CPA Oﬃce

– Note 2
1,800

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

1,800
17,500 Note 3

Deloitte Touche Tohmatsu LLC

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 (as of the date of this document, Article 31-4, Paragraph 1 of the said Act) prior to its revision made by the provisions of Article 1 of
the Act for Amendment to the Financial Instruments and Exchange Act. (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 (2,500 thousand yen).

2. Policy for dismissal or refusal of reappointment of independent auditor
The Board of Directors of ADR shall investigate the dismissal of independent auditors pursuant to 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.

3 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, 2015.

Delegation
Asset management company

Name
AD Investment Management Co., Ltd.

Asset custodian

Sumitomo Mitsui Trust Bank Limited

Administrative agent

management of register ofunit-holders

Mizuho Trust & Banking Co., Ltd.

Administrative agent

management of special
accounts

Mizuho Trust & Banking Co., Ltd.
Mitsubishi UFJ Trust and Banking Corporation

Administrative agent

accounting, taxation,
institutional operations

Sumitomo Mitsui Trust Bank Limited

Administrative agent

administration for investment
corporation bonds

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

14

I. Asset Management Report
Real Estate Portfolio
Real Estate Portfolio
The following are the itemized assets held by ADR as of July 31, 2015.

Propertyno.

Name of real estate

Location

P-21 RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

P-22 RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

P-23 RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

P-24 RESIDIA Azabujuban II

Minato-ku, Tokyo

P-25 RESIDIA Ebisu

Shibuya-ku, Tokyo

P-26 RESIDIA Meguro

Shinagawa-ku, Tokyo

P-29 RESIDIA Hiroo II

Shibuya-ku, Tokyo

P-30 Pianetta Shiodome

Minato-ku, Tokyo

P-31 RESIDIA Komazawadaigaku

Setagaya-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
Real estate
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Real estate

894

1,050

1

100.0

32,167

0.2

1

89.5

32,3290.2

P-36 RESIDIA Ebisu II

Shibuya-ku, Tokyo

Real estate

2,244

2,620

1

96.3

52,642

0.4

1

98.8

59,0840.4

P-2 RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

P-3 RESIDIA Nakameguro

Meguro-ku, Tokyo

P-4 RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

P-7 RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

P-9 RESIDIA Kudanshita

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

P-19 Leopalace Udagawacho Mansion Shibuya-ku, Tokyo15

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
Occupancy
Occupancy
the end of value at end Total number
RentalTotal number
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants atrevenue Percentage
ownership
period (million yen) end of period at end of (thousand of total rent end of period at end of (thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

2,449

3,020

1

86.9

82,207

0.6

1

95.0

85,804

0.6

1,476

1,950

1

100.0

47,256

0.3

1

100.0

47,256

0.3

1,158

1,170

1

100.0

36,124

0.3

1

83.5

35,037

0.2

1,189

1,320

1

93.5

35,956

0.3

1

91.4

35,707

0.2

2,091

2,380

1

97.5

69,616

0.5

1

93.4

69,581

0.5

1,086

1,150

1

97.4

31,792

0.2

1

95.4

31,783

0.2

1,081

1,220

1

98.1

33,670

0.2

1

93.7

33,629

0.2

2,601

2,860

1

100.0

75,888

0.5

1

100.0

75,326

0.5

718

700

1

100.0

19,646

0.1

1

100.0

19,714

0.1

739

803

1

85.0

20,873

0.1

1

100.0

22,895

0.2

571

695

1

100.0

17,944

0.1

1

100.0

17,944

0.1

1,326

1,560

1

94.0

43,330

0.3

1

92.8

45,565

0.3

939

1,030

1

94.1

29,962

0.2

1

91.1

31,259

0.2

1,438

1,890

1

95.7

53,743

0.4

1

97.7

54,266

0.4

885

941

1

100.0

32,345

0.2

1

85.0

26,166

0.2

571

626

1

77.5

15,801

0.1

1

84.7

16,592

0.1

732

705

1

95.8

19,682

0.1

1

88.6

19,367

0.1

1,568

1,940

1

96.5

51,210

0.4

1

100.0

53,369

0.4

1,845

2,120

1

97.3

63,448

0.5

1

97.3

62,513

0.4

317

378

1

90.3

11,134

0.1

1

100.0

11,214

0.1

314

373

1

92.7

10,884

0.1

1

92.7

11,016

0.1

350

406

1

95.7

11,846

0.1

1

100.0

12,717

0.1

272

317

1

93.9

9,992

0.1

1

91.5

9,522

0.1

P-37 RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

Real estate

1,123

1,340

1

97.5

40,807

0.3

1

90.5

42,4990.3

P-38 RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

Real estate

1,955

2,270

1

97.5

66,317

0.5

1

96.6

69,103

0.5

P-39 RESIDIA Meguro II

Meguro-ku, Tokyo

Real estate

1,158

1,270

1

90.0

35,199

0.3

1

95.6

34,3080.2

P-40 RESIDIA Toranomon

Minato-ku, Tokyo

Real estate

1,266

1,500

1

98.4

41,083

0.3

1

96.8

40,413

0.3

P-41 RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

Real estate

1,118

1,360

1

98.5

37,744

0.3

1

98.5

37,736

0.3

P-42 RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

Real estate

883

1,030

1

94.6

30,019

0.2

1

96.4

31,672

0.2

P-43 RESIDIA Oimachi II

Shinagawa-ku, Tokyo

1,009

1,230

1

97.5

33,791

0.2

1

97.1

35,473

0.2

P-45 RESIDIA Jiyugaoka

Meguro-ku, Tokyo

1,000

1,150

1

97.0

32,731

0.2

1

100.0

34,932

0.2

P-47 RESIDIA Suidobashi

Chiyoda-ku, Tokyo

Real estate
Beneﬁciaryinterests in trust
Real estate

2,199

2,520

1

100.0

74,130

0.5

1

92.8

74,581

0.5

P-48 RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

Real estate

3,509

3,600

1

98.8

94,2830.7

197.6 101,970

0.7

Propertyno.

Name of real estate

Location

P-49 RESIDIA Akasaka

Minato-ku, Tokyo

P-50 RESIDIA Nishi-Azabu

Minato-ku, Tokyo

P-51 RESIDIA Daikanyama

Shibuya-ku, Tokyo

P-52 RESIDIA Ichigaya

Shinjuku-ku, Tokyo

P-53 RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

Real estate
1,129
Beneﬁciary
6,505interests in trust
Beneﬁciary
2,036interests in trust
Beneﬁciary
2,384interests in trust
Beneﬁciary
3,551
interests in trust
Real estate
15,477

1,270

1

90.3

37,679

0.3

1

89.4

38,073

0.3

7,200

1

93.3 202,286

1.4

196.5 204,118

1.4

2,000

1

90.7

51,135

0.4

1

98.3

56,983

0.4

2,770

1

98.0

77,954

0.6

1

97.0

77,784

0.5

3,860

1

91.7 104,718

0.7

191.9 106,480

0.7

P-55 RESIDIA TOWER Meguro-Fudomae

Shinagawa-ku, Tokyo

17,3001

100.0 454,158

3.2

1100.0 452,753

3.0

P-56 RESIDIA Sangenjaya

Setagaya-ku, Tokyo

Real estate

2,601

3,210

1

99.1

86,694

0.6

1

91.7

87,862

0.6

P-58 RESIDIA Minami-Aoyama

Minato-ku, Tokyo

Real estate

716

490

1

93.9

15,756

0.1

1

76.6

15,137

0.1

P-59 RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

Real estate

1,533

1,940

1

98.5

58,189

0.4

1

93.0

56,907

0.4

P-60 RESIDIA Higashi-Azabu

Minato-ku, Tokyo

Real estate

1,370

1,400

1

90.0

38,630

0.3

1

97.1

39,167

0.3

P-61 RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

Real estate

1,966

2,020

1

87.5

54,647

0.4

1

97.3

54,474

0.4

P-62 RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

Real estate

6,038

5,830

1

91.8 173,515

1.2

194.9 179,796

1.2

1,219

1,430

1

87.9

38,982

0.3

1

96.0

43,723

0.3

1,798

2,200

1

90.7

60,533

0.4

1

92.4

60,830

0.4

1,564

1,680

1

98.4

47,469

0.3

1

98.4

49,068

0.3

1,700

1,780

1

95.9

48,701

0.3

1

97.9

50,8190.3

P-67 RESIDIA Kanda

Chiyoda-ku, Tokyo

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

1,104

1,310

1

94.9

38,839

0.3

1

100.0

38,2700.3

P-68 RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

Real estate

1,236

1,410

1

100.0

39,879

0.3

1

96.5

40,777

0.3

P-69 RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

Real estate

1,748

2,100

1

89.9

56,522

0.4

1

91.3

55,8590.4

P-70 RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

887

979

1

96.2

25,961

0.2

1

96.2

27,5750.2

P-72 RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

933

1,030

1

79.1

28,988

0.2

1

95.0

29,554

0.2

P-73 RESIDIA Shibaura

Minato-ku, Tokyo

4,478

5,340

1

94.7 161,310

1.2

189.6 160,248

1.1

P-74 RESIDIA Gotenyama

Shinagawa-ku, Tokyo

895

860

1

100.0

26,443

0.2

1

93.8

28,5170.2

P-75 RESIDIA Yutenji

Meguro-ku, Tokyo

5,110

5,590

1

99.4 148,323

1.1

197.2 153,604

1.0P-76 Park Tower Shibaura Bayward Urban Wing

Minato-ku, Tokyo

9,130

10,5001

95.3 301,509

2.2

197.3 312,638

2.1

P-79 RESIDIA Kamimeguro

Meguro-ku, Tokyo

864

938

1

92.7

28,038

0.2

1

100.0

30,136

0.2

P-81 Windsor House Hiroo

Shibuya-ku, Tokyo

Real estate
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Real estate
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
Real estate andleasehold rights
to real estate

1,672

1,380

1

100.0

46,652

0.3

1

100.0

51,1200.3

P-84 RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

1,401

1,560

1

88.4

41,803

0.3

1

100.0

44,131

0.3

P-85 RESIDIA Komazawa

Setagaya-ku, Tokyo

854

1,150

1

100.0

28,095

0.2

1

100.0

28,0950.2

P-86 RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

2,392

2,910

1

92.9

89,803

0.6

1

96.0

89,365

0.6

P-87 RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

2,052

2,410

1

100.0

59,920

0.4

1

100.0

59,801

0.4

P-88 RESIDIA Yoga

Setagaya-ku, Tokyo

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

1,587

1,790

1

90.6

48,991

0.3

1

89.7

48,347

0.3

P-89 RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

4,090

1

97.1 108,915

0.8

195.9 113,134

0.8

P-90 RESIDIA Sasazuka II

3,788

4,310

1

94.7 116,058

0.8

191.8 120,158

0.8

P-91 RESIDIA Meguro III

Meguro-ku, Tokyo

976

1,190

1

100.0

29,406

0.2

1

97.0

31,906

0.2

P-92 RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

792

959

1

95.4

27,544

0.2

1

100.0

29,061

0.2

P-93 RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

1,261

1,560

1

97.8

41,679

0.3

1

100.0

42,1280.3

P-94 RESIDIA Omori II

Shinagawa-ku, Tokyo

1,647

2,000

1

93.8

53,555

0.4

1

88.9

54,824

0.4

P-95 RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

1,505

1,870

1

90.4

46,903

0.3

1

80.6

48,2990.3

P-96 RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

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

3,404

Shibuya-ku, Tokyo

3,825

4,220

1

97.4 117,462

0.8

193.9 115,9780.8

P-63 RESIDIA Shibuya

Shibuya-ku, Tokyo

P-64 RESIDIA Nakanobu

Shinagawa-ku, Tokyo

P-65 RESIDIA Azabudai

Minato-ku, Tokyo

P-66 RESIDIA Shibadaimon II

Minato-ku, Tokyo

16

I. Asset Management Report

Propertyno.

Name of real estate

Location

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 RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

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

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
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

C-31 RESIDIA Tsukishima

Chuo-ku, Tokyo

Real estate

1,044

1,210

1

94.8

35,761

0.3

1

94.3

35,452

0.2

C-32 RESIDIA Kamata II

Ota-ku, Tokyo

1,301

1,580

1

93.9

45,147

0.3

1

94.1

46,426

0.3

C-33 RESIDIA Tsukishima II

Chuo-ku, Tokyo

Real estate
Beneﬁciaryinterests in trust

2,342

2,740

1

95.2

79,495

0.6

1

92.5

81,613

0.5

P-97 RESIDIA Nakameguro II

Meguro-ku, Tokyo

P-98 Artis Court Minamiaoyama

Minato-ku, Tokyo

P-99 RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

P-100 RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

P-101 RESIDIA Ebisu III

Shibuya-ku, Tokyo

P-102 RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

P-103 RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

P-104 Chester Court Ochanomizu

Chiyoda-ku, Tokyo

P-105 RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

P-106 RESIDIA Shinagawa

Shinagawa-ku, Tokyo

C-1

Chuo-ku, TokyoRESIDIA Mitsukoshimae

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 Nihonbashi-Ningyocho II Chuo-ku, Tokyo17

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

1,142

1,350

1

98.0

35,438

0.3

1

100.0

36,581

0.2

1,750

1,820

1

80.8

42,929

0.3

1

97.4

49,432

0.3

2,136

2,580

1

93.1

79,744

0.6

1

95.3

81,659

0.5

957

994

1

84.8

6,147

0.0

1

95.7

28,214

0.2

652

699

1

100.0

4,679

0.0

1

96.8

19,232

0.1

733

803

1

92.5

5,058

0.0

1

95.0

24,975

0.2

1,226

1,280

-

-

-

-

1

100.0

26,313

0.2

3,196

3,650

-

-

-

-

1

95.5

59,649

0.4

1,324

1,480

-

-

-

-

1

96.0

24,410

0.2

1,016

1,100

-

-

-

-

1

94.8

18,441

0.1

1,641

2,310

1

97.6

65,578

0.5

1

92.9

66,926

0.4

2,232

3,330

1

98.7

97,8460.7

197.8 106,313

0.7

1,427

1,700

1

100.0

45,936

0.3

1

100.0

45,949

0.3

1,590

2,020

1

100.0

51,090

0.4

1

100.0

51,072

0.3

965

1,310

1

100.0

39,341

0.3

1

100.0

39,081

0.3

930

1,030

1

94.6

35,456

0.3

1

96.3

36,995

0.2

2,940

3,510

1

94.2

98,550

0.7

1

96.4

98,988

0.7

1,577

1,710

1

97.8

47,687

0.3

1

95.6

47,078

0.3

871

1,070

1

100.0

31,702

0.2

1

100.0

32,605

0.2

5,112

5,390

1

100.0 136,847

1.0

1100.0 136,764

0.9

3,033

3,570

1

98.3

97,8710.7

198.7 106,255

0.7

1,888

1,930

1

96.8

55,791

0.4

1

94.7

56,657

0.4

4,089

4,250

1

98.1 114,780

0.8

198.6 119,062

0.8

839

874

1

100.0

25,459

0.2

1

93.0

27,766

0.2

1,796

2,100

1

98.4

58,260

0.4

1

95.2

61,559

0.4

521

677

1

100.0

21,544

0.2

1

97.4

21,661

0.1

331

455

1

86.7

15,133

0.1

1

96.7

14,210

0.1

953

1,120

1

94.4

31,997

0.2

1

91.6

33,221

0.2

1,367

1,710

1

98.2

51,030

0.4

1

100.0

50,447

0.3

1,818

1,990

1

91.1

56,532

0.4

1

87.4

57,459

0.4

1,149

1,400

1

100.0

38,424

0.3

1

100.0

38,847

0.3

1,214

1,530

1

100.0

41,973

0.3

1

100.0

41,973

0.3

565

694

1

100.0

20,930

0.1

1

90.5

20,577

0.1

1,888

2,340

1

100.0

60,443

0.4

1

100.0

60,378

0.4

805

985

1

100.0

34,584

0.2

1

100.0

34,584

0.2

999

1,160

1

98.6

35,722

0.3

1

93.1

35,821

0.2

Propertyno.

Name of real estate

Location

C-34 RESIDIA Kinshicho II

Sumida-ku, Tokyo

C-35 RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

C-36 RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

C-37 RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

C-38 RESIDIA Ikegami

Ota-ku, Tokyo

C-39 RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

C-40 RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

C-41 RESIDIA Iriya

Taito-ku, Tokyo

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3C-42 RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

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

1,268

1,460

1

93.4

43,188

0.3

1

95.6

41,663

0.3

C-43 RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

Real estate

1,787

2,040

1

94.0

57,581

0.4

1

91.2

58,216

0.4

C-44 RESIDIA Chidoricho

Ota-ku, Tokyo

1,380

1

95.0

42,578

0.3

1

96.6

41,373

0.3

C-45 RESIDIA Shinkawa II

1,233

1,430

1

93.6

41,522

0.3

1

93.6

43,3630.3

C-46 RESIDIA Mejiro

Toshima-ku, Tokyo

6,178

6,950

1

97.2 224,696

1.6

195.9 225,664

1.5

C-47 RESIDIA Kasai

Edogawa-ku, Tokyo

637

741

1

93.3

25,668

0.2

1

100.0

28,1300.2

C-48 RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

5,220

6,440

1

100.0 165,016

1.2

1100.0 165,139

1.1

C-49 RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

3,739

5,040

1

100.0 136,4801.0

1100.0 136,768

0.9

C-50 RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

875

1,160

1

100.0

29,739

0.2

1

100.0

29,7390.2

C-51 RESIDIA Kiba

Koto-ku, Tokyo

1,960

2,740

1

98.1

77,594

0.6

1

97.4

78,864

0.5

C-52 RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

1,121

1,410

1

100.0

37,982

0.3

1

96.9

42,774

0.3

C-53 RESIDIA Bunkyo-Honkomagome

Bunkyo-ku, Tokyo

2,351

2,780

1

97.9

80,814

0.6

1

96.3

80,204

0.5

C-54 RESIDIA Tsukishima III

Chuo-ku, Tokyo

2,550

3,490

1

99.3

92,459

0.7

1

95.4

91,564

0.6

C-55 RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

2,576

3,450

1

95.1 153,642

1.1

197.9 159,363

1.1

C-56 RESIDIA Ogikubo

Suginami-ku, Tokyo

1,786

2,170

1

97.9

61,842

0.4

1

99.1

64,4800.4

C-57 RESIDIA Monzennakacho

Koto-ku, Tokyo

997

1,200

1

100.0

35,526

0.3

1

85.3

27,9690.2

C-58 RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

2,102

2,660

1

96.4

71,016

0.5

1

96.1

77,462

0.5

C-59 RESIDIA Omori

Ota-ku, Tokyo

1,155

1,390

1

100.0

41,429

0.3

1

94.7

41,8590.3

C-60 RESIDIA Nakamurabashi

Nerima-ku, Tokyo

1,074

1,300

1

97.3

36,957

0.3

1

98.7

38,963

0.3

C-61 RESIDIA Kachidoki

Chuo-ku, Tokyo

1,807

2,300

1

94.6

61,132

0.4

1

96.5

65,5590.4

C-62 RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

2,340

2,810

1

97.1

80,330

0.6

1

95.6

79,2590.5

C-63 RESIDIA Kinshicho III

Koto-ku, Tokyo

674

804

1

100.0

25,414

0.2

1

100.0

26,9470.2

C-64 RESIDIA Kamata III

Ota-ku, Tokyo

954

1,180

1

98.4

32,850

0.2

1

98.4

34,3600.2

C-65 RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

8,479

10,4001

96.7 696,566

5.0

195.6 695,473

4.6

C-66 RESIDIA Takashimadaira

Itabashi-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
Real estate
Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust
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
Real estate

1,232

Chuo-ku, Tokyo

534

584

1

100.0

16,882

0.1

1

100.0

16,882

0.1

C-67 RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

615

657

1

100.0

18,084

0.1

1

100.0

18,0840.1

C-68 RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

1,146

1,280

1

100.0

35,942

0.3

1

100.0

35,941

0.2

C-69 RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

438

472

1

100.0

13,620

0.1

1

100.0

13,6080.1

C-70 RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

1,142

1,280

1

98.1

44,268

0.3

1

91.6

43,941

0.3

C-71 RESIDIA Ojima

Koto-ku, Tokyo

1,313

1,450

1

100.0

43,250

0.3

1

95.4

43,4680.3

C-72 RESIDIA Machiya

Arakawa-ku, Tokyo

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

1,211

1,250

1

97.7

25,783

0.2

1

96.8

39,346

0.3

2,281

2,520

1

94.1

73,457

0.5

1

91.9

70,258

0.5

3,134

3,700

1

100.0 107,517

0.8

1100.0 108,112

0.7

655

830

1

100.0

24,637

0.2

1

94.3

25,603

0.2

981

1,250

1

92.7

37,260

0.3

1

98.1

38,042

0.3

355

396

1

96.7

12,828

0.1

1

100.0

13,730

0.1

520

701

1

86.7

20,850

0.1

1

100.0

20,470

0.1

1,375

1,560

1

95.9

45,202

0.3

1

95.6

45,699

0.3

913

1,120

1

88.8

35,864

0.3

1

100.0

36,3460.2

18

I. Asset Management Report

Propertyno.

Name of real estate

Location

C-73 RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

C-74 RESIDIA Nerima

Nerima-ku, Tokyo

C-75 RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

C-76 RESIDIA Nakano

Nakano-ku, Tokyo

C-77 RESIDIA Ogikubo II

Suginami-ku, Tokyo

C-78 RESIDIA Minamiyukigaya

Ota-ku, Tokyo

C-79 RESIDIA Akihabara

Taito-ku, Tokyo

C-80 RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

C-81 RESIDIA Omori III

Ota-ku, Tokyo

C-82 RESIDIA Nihonbashi-Bakurocho II Chuo-ku, TokyoRESIDIA Nihonbashi-Bakurocho
Chuo-ku, Tokyo
C-83
III
S-2 Chester House Kawaguchi

Kawaguchi-shi, Saitama

S-4 RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

S-5 RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

S-7 RESIDIA Chofu

Chofu-shi, Tokyo

S-11 Tokyo Student-House WAKO

Wako-shi, Saitama

S-12 RESIDIA Kokubunji

Kokubunji-shi, Tokyo

S-14 RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

S-15 RESIDIA Okurayama

Yokohama-shi, Kanagawa

S-16 RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

S-17

RESIDIA Funabashi I
RESIDIA Funabashi II

S-19 RESIDIA Kichijoji
S-20

19

Funabashi-shi, Chiba
Musashino-shi, Tokyo

Paciﬁc Royal Court Minato Mirai
Yokohama-shi, Kanagawa
Ocean Tower

S-21 Maison Yachiyodai

Yachiyo-shi, Chiba

S-22 Life & Senior House Kohoku II

Yokohama-shi, Kanagawa

S-23 College Court Tanashi

Nishi-Tokyo-shi, Tokyo

S-24 RESIDIA Urayasu

Urayasu-shi, Chiba

S-25 RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

S-26 RESIDIA Urayasu II

Urayasu-shi, Chiba

S-27 RESIDIA Gyotoku

Ichikawa-shi, Chiba

S-28 RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

S-29 Cocofump Hiyoshi

Yokohama-shi, Kanagawa

S-30 RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

S-31 RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

S-32 RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

R-2 RESIDIA Imadegawa

Kyoto-shi, Kyoto

R-4 RESIDIA Higashizakura

Nagoya-shi, Aichi

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

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

1,805

1,840

1

94.4

21,430

0.2

1

91.5

51,300

0.3

526

596

1

100.0

5,728

0.0

1

100.0

18,060

0.1

406

445

1

78.0

2,866

0.0

1

100.0

14,110

0.1

697

741

1

94.9

4,947

0.0

1

97.5

21,249

0.1

495

529

1

100.0

3,221

0.0

1

100.0

13,620

0.1

1,385

1,460

1

86.6

9,540

0.1

1

97.3

42,581

0.3

1,018

1,120

–

–

–

–

1

94.0

18,878

0.1

916

1,040

–

–

–

–

1

98.3

18,921

0.1

1,446

1,530

–

–

–

–

1

100.0

23,087

0.2

2,049

2,180

–

–

–

–

1

96.3

34,860

0.2

1,911

2,060

–

–

–

–

1

97.5

35,222

0.2

727

714

1

100.0

29,002

0.2

1

97.5

29,278

0.2

1,063

1,160

1

100.0

42,385

0.3

1

100.0

43,081

0.3

1,820

1,940

1

100.0

61,506

0.4

1

100.0

61,522

0.4

1,100

1,160

1

94.6

33,689

0.2

1

88.1

34,496

0.2

702

719

1

100.0

26,182

0.2

1

100.0

26,186

0.2

519

552

1

84.7

16,624

0.1

1

100.0

19,818

0.1

1,574

1,790

1

98.4

56,180

0.4

1

94.9

57,157

0.4

735

879

1

100.0

28,139

0.2

1

100.0

27,167

0.2

1,518

1,750

1

96.8

55,771

0.4

1

95.3

56,629

0.4

2,595

2,890

1

100.0

94,603

0.7

1

100.0

94,184

0.6

1,530

1

98.0

47,323

0.3

1

91.9

47,1640.3

15,7001

98.8 574,862

4.1

1

98.8 568,499

3.8

822

1

85.8

39,341

0.3

1

87.7

40,302

0.3

2,160

1

100.0

70,704

0.5

1

100.0

70,704

0.5

1,070

1

100.0

32,760

0.2

1

100.0

32,788

0.2

2,680

1

97.7

82,130

0.6

1

97.2

86,433

0.6

1,020

1

98.8

35,185

0.3

1

97.6

37,000

0.2

988

1

97.3

31,731

0.2

1

94.6

33,402

0.2

939

1

96.0

32,534

0.2

1

98.7

36,492

0.2

2,100

1

93.1

60,934

0.4

1

94.7

63,392

0.4

1,190

1

100.0

45,000

0.3

1

100.0

45,000

0.3

1,190

1

100.0

13,572

0.1

1

100.0

42,825

0.3

975

1

100.0

10,916

0.1

1

59.2

25,9290.2

Beneﬁciary
1,434interests in trust
Real estate andleasehold rights 12,429
to real estate
Beneﬁciary
826interests in trust
Real estate
1,581
Beneﬁciary792
interests in trust
Beneﬁciary
2,140interests in trust
Beneﬁciary
846interests in trust
Beneﬁciary
826interests in trust
Beneﬁciary782
interests in trust
Beneﬁciary
1,677
interests in trust
Beneﬁciary
1,055
interests in trust
Beneﬁciary
1,115
interests in trust
Beneﬁciary
771
interests in trust
Real estate
665
Beneﬁciary
1,537
interests in trust
Beneﬁciary
1,099interests in trust

670

1

88.7

4,946

0.0

1

94.3

23,080

0.2

1,640

1

100.0

62,762

0.4

1

100.0

62,396

0.4

1,360

1

95.7

47,743

0.3

1

100.0

48,8330.3

Propertyno.

Name of real estate

Location

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

Beneﬁciaryinterests in trust
Beneﬁciaryinterests in trust

R-5 RESIDIA Kameyama

Kameyama-shi, Mie

R-6 RESIDIA Ryokuchikoen

Toyonaka-shi, Osaka

RESIDIA Kobe Port Island(South Bldg.; Centre Bldg.)
R-8
RESIDIA Kobe Port Island(North Bldg.)

Kobe-shi, Hyogo

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

Beneﬁciaryinterests in trust

1,570

1,190

1

97.1

60,492

0.4

1

97.1

60,288

0.4

919

954

1

88.1

30,841

0.2

1

89.9

32,362

0.2

3,551

4,000

1

100.0 125,4580.9

1100.0 125,458

0.8

1,165

1,320

1

100.0

50,752

0.4

1

99.4

50,964

0.3

814

1,020

1

95.6

35,284

0.3

1

97.6

37,174

0.2

2,032

2,630

1

91.2

87,017

0.6

1

97.0

91,047

0.6

R-13 KC21 Building

Sendai-shi, Miyagi

Real estate

904

1,030

1

89.0

39,910

0.3

1

88.0

34,8970.2

R-14 RESIDIA Utsubokoen

Osaka-shi, Osaka

1,087

1,390

1

96.0

45,841

0.3

1

92.4

46,5320.3

R-15 RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

1,837

2,300

1

97.5

76,132

0.5

1

97.3

76,171

0.5

R-16 RESIDIA Takaoka

Nagoya-shi, Aichi

2,198

2,960

1

95.7

90,393

0.6

1

93.0

99,2040.7

R-17 RESIDIA Hibino

Nagoya-shi, Aichi

1,203

1,460

1

94.3

66,612

0.5

1

94.2

65,5260.4

R-19 RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

866

1,100

1

96.4

39,201

0.3

1

98.2

40,3880.3

R-20 RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

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

293

368

1

94.8

15,489

0.1

1

97.5

15,8180.1

R-21 RESIDIA Hisaya-Odori II

Nagoya-shi, Aichi

627

767

1

97.4

27,780

0.2

1

94.8

27,6200.2

R-24 RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

Real estate

1,515

1,860

1

98.5

76,858

0.5

1

95.9

74,5600.5

R-25 RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

Real estate

1,243

1,340

1

99.3

58,163

0.4

1

97.4

56,9590.4

R-26 RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

Real estate

1,038

1,270

1

97.5

49,868

0.4

1

97.8

50,8720.3

R-27 RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

Real estate

779

879

1

93.8

31,812

0.2

1

97.2

32,271

0.2

R-29 RESIDIA Uzumasa

Kyoto-shi, Kyoto

Real estate

665

721

1

95.9

34,735

0.2

1

93.8

32,9530.2

R-30 RESIDIA Izumi

Nagoya-shi, Aichi

Real estate

3,449

4,040

1

93.3 139,968

1.0

198.0 145,972

1.0

R-31 RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

Real estate

981

1,110

1

98.4

45,084

0.3

1

96.9

46,0730.3

R-32 RESIDIA Tokugawa

Nagoya-shi, Aichi

Real estate

710

820

1

100.0

29,695

0.2

1

95.9

30,4560.2

R-34 RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

Real estate

1,886

2,410

1

99.0

91,834

0.7

1

98.1

93,221

0.6

R-35 RESIDIA Tanimachi

Osaka-shi, Osaka

1,137

1,490

1

95.6

46,088

0.3

1

96.0

48,0670.3

R-36 RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

653

865

1

94.1

29,027

0.2

1

100.0

30,6290.2

R-37 RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

527

720

1

100.0

23,914

0.2

1

100.0

25,951

0.2

R-38 RESIDIA Hirosedori

Sendai-shi, Miyagi

494

635

1

100.0

21,842

0.2

1

100.0

21,8390.1

R-39 RESIDIA Edobori

Osaka-shi, Osaka

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

1,443

1,780

1

96.1

60,848

0.4

1

94.2

58,7290.4

R-40 RESIDIA Kyomachibori

Osaka-shi, Osaka

1,038

1,320

1

93.9

42,442

0.3

1

94.1

43,0350.3

R-41 RESIDIA Esaka

Suita-shi, Osaka

996

1,270

1

97.7

40,482

0.3

1

97.5

40,9340.3

R-42 RESIDIA Nishijin

Fukuoka-shi, Fukuoka

2,366

2,910

1

93.0 101,757

0.7

196.7 106,221

0.7

R-43 RESIDIA Tsurumai

Nagoya-shi, Aichi

1,204

1,570

1

99.2

56,002

0.4

1

98.4

55,5180.4

R-44 RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

2,727

3,560

1

94.2 120,505

0.9

196.4 121,888

0.8

R-45 RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

905

1,050

1

100.0

41,262

0.3

1

91.1

41,4440.3

R-46 RESIDIA Shinsaibashi West

Osaka-shi, Osaka

1,943

2,290

1

91.4

73,120

0.5

1

94.0

72,4130.5

R-47 RESIDIA Marunouchi

Nagoya-shi, Aichi

986

1,150

1

93.4

40,331

0.3

1

95.6

41,8800.3

R-48 RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

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

1,500

1,970

1

98.9

76,085

0.5

1

96.4

75,8430.5

R-49 RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

1,243

1,500

1

91.6

45,425

0.3

1

90.4

46,521

0.3

Beneﬁciaryinterests in trust20

I. Asset Management Report

Propertyno.

Name of real estate

Location

R-50 RESIDIA Rakuhoku

Kyoto-shi, Kyoto

R-51 RESIDIA Miyakojima I & II

Osaka-shi, Osaka

R-52 RESIDIA TOWER Sendai

Sendai-shi, Miyagi

R-53 RESIDIA Higashizakura II

Nagoya-shi, Aichi

R-54 RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

R-55 RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

R-56 RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

R-57 RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

R-58 RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

R-59 RESIDIA Shin-Osaka

Osaka-shi, Osaka

R-60 RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

R-61 RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

R-62 RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

R-63 RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

R-64 RESIDIA Takamiya

Fukuoka-shi, Fukuoka

R-65 RESIDIA Soen

Sapporo-shi, Hokkaido

R-66 RESIDIA Tenjin

Fukuoka-shi, Fukuoka

R-67 RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

R-68 RESIDIA Hakata II

Fukuoka-shi, Fukuoka

R-69 RESIDIA Kego

Fukuoka-shi, Fukuoka

R-70 RESIDIA Shirakabe

Nagoya-shi, Aichi

Total

9th Fiscal Period
10th Fiscal Period(Aug. 1, 2014 ~ Jan. 31, 2015)(Feb. 1, 2015 ~ Jul. 31, 2015)
Book value at Appraisal
the end of value at end Total number Occupancy
RentalTotal number Occupancy
RentalType ofrate
rate
the ﬁscal of period of tenants atrevenue Percentage of tenants at at end ofrevenue Percentage
ownershipatendof
period (million yen) end of period(thousand of total rent end of period(thousand of total rent
periodperiod(million yen) Note 1(tenants)yen)revenue (%) (tenants)yen)revenue (%)(%)(%)
Note 2
Note 4Note 2
Note 4Note 3Note 3

Beneﬁciaryinterests in trust
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
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

887

987

1

84.0

30,694

0.2

1

94.2

34,254

0.2

3,355

4,340

1

96.4 152,257

1.1

199.3 156,991

1.0

1,792

1,920

1

100.0

70,149

0.5

1

96.8

71,513

0.5

2,935

3,480

1

91.8 124,7240.9

191.0 121,474

0.8

1,843

2,260

1

98.9

81,139

0.6

1

98.6

82,556

0.6

1,081

1,340

1

97.8

46,343

0.3

1

97.9

45,606

0.3

1,148

1,530

1

99.2

51,247

0.4

1

98.3

52,484

0.4

612

831

1

94.4

29,935

0.2

1

98.8

30,859

0.2

1,098

1,290

1

94.7

46,982

0.3

1

95.5

47,725

0.3

2,844

3,220

1

100.0

90,352

0.6

1

100.0

90,344

0.6

821

897

1

100.0

11,132

0.1

1

100.0

35,071

0.2

241

290

1

100.0

2,979

0.0

1

100.0

9,695

0.1

1,140

1,260

1

100.0

13,514

0.1

1

100.0

42,606

0.3

577

675

1

96.1

8,514

0.1

1

90.9

26,658

0.2

513

543

1

100.0

5,951

0.0

1

100.0

19,387

0.1

414

475

1

98.3

6,684

0.0

1

98.4

20,375

0.1

1,171

1,270

1

94.3

12,582

0.1

1

95.5

41,614

0.3

1,168

1,290

1

94.5

13,104

0.1

1

100.0

42,603

0.3

1,416

1,510

1

98.4

15,683

0.1

1

95.3

49,266

0.3

883

1,020

1

97.9

11,433

0.1

1

94.5

35,876

0.2

981

1,020

1

95.3

8,291

0.1

1

93.2

34,3130.2

413,396 481,152240

96.5 13,997,685

100.0

249

96.4 14,963,904

100.0

Notes 1. “Appraisal value at end of period” is the appraisal value or survey-based value, pursuant to ADR’s Articles of Incorporation and the “Regulations Concerning Accounting ofInvestment Corporations” issued by the Cabinet Oﬃce, provided by a real estate appraiser as of July 31, 2015.
2. “Total number of tenants,” is counted as “1” if the property is leased under a master lease agreement to a master lessee.
Because all properties held by ADR as of July 31, 2015 are leased under a master lease agreement, the “Total” for the “Total number of tenants” column indicates the total
number of master lease agreements, which were concluded with 13 master lessees.
3. “Occupancy rate” is calculated by using the formula: “Leased ﬂoor area” ÷ “Leasable ﬂoor area” × 100.
4. “Rental revenue” is the rental revenue of respective real estate for the ﬁscal period under review.

21Capital Expenditures
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
Payment for
Cumulative
the current
amount paid
periodPurposeEstimated duration

RESIDIA Tenjinbashi(Osaka-shi, Osaka)

Major repair work

From: Sep. 2015
To: Jan. 2016

68

–

–

RESIDIA Kasai(Edogawa-ku, Tokyo)

Major repair work

From: Sep. 2015
To: Jan. 2016

63

–

–

RESIDIA Kamiikebukuro(Toshima-ku, Tokyo)

Major repair work

From: Sep. 2015
To: Jan. 2016

30

–

–

RESIDIA Roppongi-Hinokichokoen Value-enhancement work on(Minato-ku, Tokyo)
individual units

From: Aug. 2015
To: Jan. 2016

30

–

–

RESIDIA Shibaura(Minato-ku, Tokyo)

From: Aug. 2015
To: Jan. 2016

14

–

–

Value-enhancement work on
individual units

Total
amounts

Estimated amounts

Name of infrastructure assets,
etc.
(Location)

PurposeEstimated duration

–

–

–

Payment for
Cumulative
the current
amount paid
periodTotalamounts–––

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 464 million yen for the entire portfolio and, when combined with repairs
and maintenance cost of 522 million yen, were 987 million yen.
(million yen)

Name of real estate(Location)

Purpose

Implementation period

Amount paid

RESIDIA Azabujuban II(Minato-ku, Tokyo)

Major repair work

From: Apr. 2015
To: Jul. 2015

41

RESIDIA Shinjuku-East(Shinjuku-ku, Tokyo)

Major repair work

From: Apr. 2015
To: Jul. 2015

37

RESIDIA Kokubunji(Kokubunji-shi, Tokyo)

Major repair work

From: Nov. 2014
To: Feb. 2015

33

Other real estate

Renovations
Total

352
464

22

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

Based on medium- to long-term upgrades and renovation plans for each property, ADR sets aside the following cash
reserves, derived mostly from depreciation and amortization (including earnings that are retained), to fund large-scale
repair work and upgrades.
(million yen)

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

P-106 RESIDIA Shinagawa

23

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

7th FP
From: Aug. 1, 2013
To: Jan. 31, 2014

8th FP
From: Feb. 1, 2014
To: Jul. 31, 2014

9th FP
From: Aug. 1, 2014
To: Jan. 31, 2015

10th FP
From: Feb. 1, 2015
To: Jul. 31, 2015

1,671

1,625

1,684

1,618

1,614

357

455

524

565

534

403

397

590

569

725

1,625

1,684

1,618

1,614

1,423

Acquisitions and Disposals in the 10th Fiscal Period
1 Acquisitions and Disposals of Real Estate and Asset-Backed Securities
Propertyno.

Name of real estate

Acquisition
AcquisitionPrice
Acquisition date
Note 1

Disposition date(million yen)
RESIDIA Minami
P-103
ShinagawaP-104 Chester Court Ochanomizu
RESIDIA KandaP-105
Iwamotocho II
P-106 RESIDIA Shinagawa
C-79 RESIDIA Akihabara
RESIDIA AsakusaC-80
Azumabashi
C-81 RESIDIA Omori III
RESIDIA NihonbashiC-82
Bakurocho II
RESIDIA NihonbashiC-83
Bakurocho III
Total
Note

Disposition
Disposition
Gain (Loss)
Book value
price
on salesNote 1(million yen)(million yen)(million yen)March 19, 2015

1,177

–

–

–

–

April 14, 2015

3,117

–

–

–

–

April 14, 2015

1,280

–

–

–

–

April 14, 2015
April 14, 2015

980
977

–
–

–
–

–
–

–
–

April 14, 2015

876

–

–

–

–

April 14, 2015

1,395

–

–

–

–

April 14, 2015

1,975

–

–

–

–

April 14, 2015

1,833

–

–

–

–

13,610––––“Acquisition price” or “Disposition price” is the purchase or sale price entered in the transaction agreements, and does not include various expenses, such as broker
commission, and taxes and duties, required in the acquisition or in the disposition of the concerned real estate.

P-103 RESIDIA Minami Shinagawa

24

I. Asset Management Report
2 Transactions with Interested Parties

1) Transactions
Purchases, sales and other transactions of specified assets involving interested parties during the 10th Fiscal Period arelisted below.

Transaction amountClassiﬁcation
Total amount (10th FP)

Purchase amountSale amount

13,610,300 thousand yen- thousand yen

Breakdown of transaction with interested parties
ITOCHU Corporation

4,547,000 thousand yen (33.4%)- thousand yen (-%)

2) Amount of Commission Fees Paid
The following are the commission fees paid to interested parties in the 10th Fiscal Period.
Total amount ofcommission fees(A)(thousand yen)Classiﬁcation
Property management fees
Other rental expenses
Advertising expenses
Other fees

1,332,004

Breakdown of transaction with interested parties
Amount paid
Payee
(B)
(thousand yen)
ITOCHU Urban Community Ltd.
743,554

Share(B)/(A)(%)
55.8

114,513

ITOCHU Urban Community Ltd.

4,410

ITOCHU Urban Community Ltd.

3,210

72.8

ITOCHU Urban Community Ltd.
ITOCHU Human Resources & GeneralAﬀairs Services Inc.

32,586

21.4

90

0.1

152,167

67,83859.2

Notes 1. Transactions are not disclosed if the nominal counter party is an interested party but the actual counter party is clearly a third party.
2. ITOCHU Corporation, ITOCHU Urban Community Ltd., and ITOCHU Human Resources & General Aﬀairs Services Inc. are interested parties of the asset management company
that have signed an asset management agreement with ADR as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations and Article
123 of the Enforcement Order thereof, with which ADR engaged in transactions in the 10th Fiscal Period.

C-80 RESIDIA Asakusa-Azumabashi

25II. Independent Auditor’s Report26III. Financial Statements
Balance Sheets(Thousands of yen)
As of January 31, 2015
AssetsCurrent assets
Cash and deposits (Notes 7 and 9)
Cash and deposits in trust (Notes 7 and 9)
Operating accounts receivable
Securities (Notes 7, 9, 10 and 21)
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment (Notes 13, 17, 18 and 23)
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and ﬁxtures
Accumulated depreciation
Tools, furniture and ﬁxtures, net
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
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights (Notes 18 and 23)
Leasehold rights in trust (Note 18)
Other (Note 8)
Total intangible assets

27

As of July 31, 2015

11,661,031
8,061,799
292,801
5,850,000
365,641
318,543(13,636)
26,536,181

9,879,814
8,598,910
269,354
5,850,000
496,998
21,134(13,409)
25,102,803

73,371,622(7,421,375)
65,950,247
17,825(2,810)15,01526,421(3,520)22,901
141,479(70,644)
70,83568,567,810
141,745,114(13,799,597)
127,945,517
165,844(72,588)
93,256145,997(63,828)
82,169516,310(328,128)
188,181
135,599,491
7,452
398,542,878

73,451,310(8,230,343)
65,220,966
19,347(3,390)15,95634,818(4,789)30,029153,480(78,486)
74,99368,568,502
146,224,831(15,418,994)
130,805,837
174,071(77,058)
97,013
165,206(69,150)
96,056544,944(347,412)
197,532
145,036,252–
410,143,139

1,071,902
1,682,903
1,136
2,755,942

1,071,902
2,181,577
149
3,253,629

(Thousands of yen)
As of January 31, 2015
Investments and other assets
Investment securities (Notes 9 and 10)
Long-term prepaid expenses
Guarantee deposits
Guarantee deposits in trust
Other
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds(Notes 9 and 25)
Current portion of long-term loans payable(Notes 9, 11, 22 and 26)
Accounts payable – other (Note 13)
Accrued expenses
Accrued consumption taxes
Advances received
Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds (Notes 9, 20 and 25)
Long-term loans payable (Notes 9, 11, 22 and 26)
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Total noncurrent liabilities
Total liabilities
Net assets
Unit-holders’ equity (Note 6)
Paid-in capital
SurplusCapital surplus
Reserve for dividends
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unit-holders’ equity
Total net assets (Notes 4 and 19)
Total liabilities and net assets

As of July 31, 2015

236,921844,724
475,017995,717
1,654
2,554,034
403,852,856–
844,468
505,154
1,026,585
1,684
2,377,892
415,774,661

9,352
110,836
120,188430,509,226

6,035
107,926
113,962
440,991,426

211,264

355,452

4,000,000–

14,318,311

27,732,572

1,535,770
199,576
406,168
108,61235,467
20,815,170

1,267,455
154,553
9,405
61,00735,53529,615,982

33,500,000
163,980,151
1,233,673
2,602,090
201,315,915
222,131,085

35,500,000
164,254,329
1,223,300
2,744,085
203,721,714
233,337,696

114,936,698

114,936,698

53,220,279
33,630,081

53,220,279
33,552,162

6,591,081

5,944,589

93,441,442
208,378,140
208,378,140
430,509,226

92,717,032
207,653,730
207,653,730
440,991,426

28

Statements of Income(Thousands of yen)

Operating revenue (Note 17)
Rental revenue – real estate (Note 5)
Dividends income
Gain on real estate sales (Note 5)
Total operating revenue
Operating expenses
Expenses related to rent business (Note 5)
Loss on real estate sales (Note 5)
Asset management fees (Note 13)
Asset custody fees
Administrative service fees
Directors’ compensation
Taxes and dues
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Interest on securities
Reversal of distribution payable
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expense (Notes 9, 11 and 22)
Interest expense on investment corporation bonds
Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance
costs
Borrowing-related expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current (Note 14)
Total income taxes
Net income (Note 19)
Unappropriated retained earnings (undisposed loss)

29

For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

14,738,638
55,284
839,417
15,633,341

14,964,902
33,9695,817,162
185,113
1,117,526
9,619
63,1482,400
103,411–

135
176,3997,474,916
8,158,424–

14,998,871
5,974,846–

1,009,878
9,530
61,4993,600
237,519871
68
199,396
7,497,209
7,501,661

9,714
2,346
2,452
14,065178
28,75812,3671,453
1,462

1,150,730
215,017
5,684

1,104,397
205,097
3,316

18,325

16,741

204,815921
1,595,495
6,591,686
6,591,686
605
605
6,591,081
6,591,081

237,425
4,785
1,571,763
5,945,194
5,945,194
605
605
5,944,589
5,944,589–

13
15,296

Statements of Changes in Net Assets
For the six months ended January 31, 2015
(Thousands of yen)
Unit-holders’ equity
Surplus
Total surplus

Total unitholders’equityTotal net
assetsCapital surplus

Reserve fordividends

Unappropriatedretained earnings(undisposed loss)

53,220,279

33,720,940

5,880,040

92,821,260

207,757,958

207,757,958(90,859)

90,859–––Dividends from surplus(5,970,900)(5,970,900)(5,970,900)(5,970,900)

Net income

6,591,081

6,591,081

6,591,081

6,591,081

Paid-in capital
Balance at the beginningof period
Changes of items during
the period

114,936,698

Reversal of reserve fordividends

Total changes of items
during the period
Balance at the end of
period––(90,859)

711,040

620,181620,181620,181

114,936,698

53,220,279

33,630,081

6,591,081

93,441,442

208,378,140

208,378,140

For the six months ended July 31, 2015
(Thousands of yen)
Unit-holders’ equity
Surplus
Total surplus

Total unitholders’equityTotal net
assetsCapital surplus

Reserve fordividends

Unappropriatedretained earnings(undisposed loss)

53,220,279

33,630,081

6,591,081

93,441,442

208,378,140

208,378,140(77,918)

77,918–––Dividends from surplus(6,669,000)(6,669,000)(6,669,000)(6,669,000)

Net income

5,944,589

5,944,589

5,944,589

5,944,589

Paid-in capital
Balance at the beginningof period
Changes of items during
the period

114,936,698

Reversal of reserve fordividends

Total changes of items
during the period
Balance at the end of
period––(77,918)(646,491)(724,410)(724,410)(724,410)

114,936,698

53,220,279

33,552,162

5,944,589

92,717,032

207,653,730

207,653,730

30

Statements of Cash Distributions

I. Unappropriated retained earnings
II. Reversal of reserve for dividends
III. Dividends
Dividend per investment unit
IV. Retained earnings carried forward
Dividend Policy

31

For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

6,591,081,560 yen
77,918,440 yen
6,669,000,000 yen
5,130 yen
0 yen
In accordance with the distribution
policy set forth in Article 32, Item 1of Advance Residence Investment
Corporation’s (“ADR”) Articles ofIncorporation, ADR distributes inexcess of 90% of the amount of
ADR’s proﬁt available for dividends
as stipulated in Article 67-15 of the
Act on Special Measures Concerning
Taxation. In addition, ADR uses
reserve for dividends in order tomaintain stable payouts into the
future, and considers increasing
dividends to reﬂect its strong
operating results.
Based on this policy, ADR has
decided to distribute 6,669,000,000
yen in total as dividends for the 9th
Fiscal Period, adding 77,918,440 yenof reversal of reserve for dividends
to the unappropriated retained
earnings of 6,591,081,560 yen.
ADR does not distribute dividends
in excess of the proﬁts deﬁned in
Article 32, Item 2 of its Articles ofIncorporation.

5,944,589,913 yen
0 yen
5,943,600,000 yen
4,572 yen989,913 yen
In accordance with the distribution
policy set forth in Article 32, Item 1of ADR’s Articles of Incorporation,
ADR distributes in excess of 90% of
the amount of ADR’s proﬁt available
for dividends as stipulated in Article
67-15 of the Act on Special Measures
Concerning Taxation. In the event of
weak performance by investments,
dividend reserves will be used inorder to maintain stable payouts
into the future.
Based on this policy, ADR has
decided to distribute 5,943,600,000
yen in total, which is the maximum
integral multiples of 1,300,000
investment units issued andoutstanding, and not exceeding theunappropriated retained earnings of
5,944,589,913 yen, for the current
ﬁscal period.
ADR does not distribute dividends
in excess of the proﬁts deﬁned in
Article 32, Item 2 of its Articles ofIncorporation.

Statements of Cash FlowsNet 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 issuancecosts
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expense
Interest expense on investment corporation bonds
Decrease (increase) in operating accounts 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
Loss on sales of property, plant and equipment
Loss on sales of property, plant and equipment in trust
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expense 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 assets in trust
Proceeds from tenant leasehold and security deposits, net
Proceeds from tenant leasehold and security deposits intrust, net
Payments for lease and guarantee deposits
Payments for lease and guarantee deposits in trust
Proceeds from reimbursement of investment securities
Net cash provided by (used in) investing activities(Thousands of yen)
For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

6,591,686
2,519,663
5,684

5,945,194
2,502,557
3,316

18,325

16,741(15,911)(12,061)
1,150,730
215,017(6,855)83,545395,048
1,980
304,481
19,67332,247
6,791,368
21,453,817(61,618)(293,198)
39,193,625
7,554(1,376,038)
3,947
37,829,088(227)(13,820)
1,104,397
205,097
23,447(131,356)(396,763)
7,191(249,581)(20,223)(47,604)
256
292,925
9,241,548
6,467(1,334,295)
3,963
7,917,683(7,000,000)
4,001,500(3,000,000)
8,000,000(2,609,195)(21,631,111)(17,565)(6,000,000)
7,000,000(3,000,000)
3,000,000(88,786)(13,858,984)(533,111)(10,373)(62,538)

141,994

305,502(22,013,408)(21,759)(30,868)
234,433(13,167,454)

32

(Thousands of yen)

Net cash provided by (used in) ﬁnancing activities
Proceeds from short-term loans
Repayments of short-term loans
Proceeds from long-term loans
Repayments of long-term loans
Proceeds from issuance of investment corporation bonds
Redemption of investment corporation bonds
Payments for investment corporation bond issuance costs
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 the beginning of period
Cash and cash equivalents at the end of period (Note 7)

P-104 Chester Court Ochanomizu

33

For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

20,500,000(20,500,000)
13,850,000(19,846,634)(2,721)(5,969,119)(11,968,474)
3,847,205
11,725,625
15,572,831

17,000,000(3,311,561)
2,000,000(4,000,000)(13,830)(1,360)(6,667,583)
5,005,664(244,106)
15,572,831
15,328,724

IV. Notes to Financial Statements
Notes to Financial Statements
1 Organization

ADR (Securities Code: 3269) is a listed Residential Japan Real Estate Investment Trust (J-REIT) that mainly invests in residential
properties. It was established through a consolidation-type merger between the former Advance Residence Investment Corporation
and Nippon Residential Investment Corporation on March 1, 2010, and was listed on the Real Estate Investment Trust (REIT) Securities
Section of the Tokyo Stock Exchange (TSE) on March 2, 2010.
The merger made ADR the largest residential J-REIT in terms of asset size, enabling it to upgrade its portfolio while ensuring its
ﬁnancial stability. The merger also resulted in retained earnings of 43.2 billion yen (33.5 billion yen as of the end of this ﬁscal period)
due to the proﬁt from negative goodwill, and allowed ADR to demonstrate one of its strengths of delivering stable dividends overthe long term.
ADR’s asset management company, AD Investment Management Co., Ltd. (ADIM), is wholly owned by the Itochu Group and theGroup’s key entity, Itochu Corporation, a leading Japanese trading house, is its main sponsor.

2 Basis of Presentation of Financial Statements

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

C-73 RESIDIA Ueno-Ikenohata

34

3 Signiﬁcant Accounting Policies(1) Valuation basis and methods forsecurities(2) Depreciation and amortization
methods of noncurrent assets(3) Accounting for deferred assets(4) Basis of recording allowances(5) Basis of recording revenue andexpenses(6) Hedge accounting

35

1) Held-to-maturity debentures
Carried at amortized cost (the straight-line method).
2) Available-for-sale securities
Non-marketable securities
Carried at cost using the moving-average method.
For investments in a silent partnership, ADR adopts a method of factoring in the
net amount of the silent partnership’s income (loss) in proportion to its equity
interests.
1) Property, plant and equipment (including assets in trust)
Depreciated using the straight-line method.
Useful lives of major categories of property, plant and equipment are as follows:
Buildings: 5 to 46 years
Structures: 6 to 50 years
Machinery and equipment: 10 to 15 years
Tools, furniture and ﬁxtures: 2 to 15 years
2) Intangible assets
Amortized using the straight-line method.
Useful lives of major categories of intangible assets are as follows:
Leasehold rights in trust: 23 to 65 years
Software: 3 to 5 years
3) Long-term prepaid expenses
Amortized using the straight-line method.
1) Investment unit issuance expenses
Amortized using the straight-line method (more than three years).
2) Investment corporation bond issuance costs
Amortized using the straight-line method over the period up to redemption of theinvestment corporation bonds.
Allowance for doubtful accounts
Estimated uncollectible amounts are recorded for possible losses arising from default
on receivables based on the historical performance of general receivables and a caseby-case evaluation of the collectibility of certain receivables, such as receivables withdefault possibility.
1) Method of accounting for property taxes
For property tax, urban planning tax, and depreciable assets tax on real estate
properties held, ADR records the amount of taxes imposed corresponding to thecurrent ﬁscal period as an expense for the property leasing activities.
Furthermore, for the pro rata portion of property taxes ADR paid to the transferor(seller) upon acquisition of real estate properties, ADR treats the amount as acquisition
costs of real estate properties, instead of recording it as an expense for the property
leasing activities. The amount of property taxes treated as acquisition costs of realestate properties in the current ﬁscal period is 36,778 thousand yen.
2) Accounting for gains (losses) on sales of real estate properties
For gains (losses) on sales of real estate properties, ADR, in principle, calculates gains
or losses for each sale of real estate property without netting the gains or losses.
However, ADR oﬀsets gains and losses incurred in a group of real estate properties if
ADR sells multiple real estate properties to the same counterparty, under the same
contract, and in the same ﬁscal period.
1) Method of hedge accounting
Special accounting treatment is applied.
2) Hedging instruments and hedged items
Hedging instruments: Interest-rate swap transactions
Hedged items: Loans
3) Hedging policy
ADR conducts derivative transactions to hedge risks stipulated in ADR’s Articles ofIncorporation in accordance with its ﬁnancial policy.
4) Method for assessing the hedge eﬀectiveness
Assessment of the hedge eﬀectiveness has been omitted as the relevanttransactions satisfy the requirements for special accounting treatment.

(7) Scope of funds in thestatements of cash ﬂows

(8) Other signiﬁcant mattersthat serve as a basis for the
preparation of the ﬁnancial
statements

The funds (cash and cash equivalents) in the statements of cash ﬂows consist of
cash on hand and cash in trust; demand deposit and deposits in trust; and short-term
investments that are readily convertible into cash, carry minimal risk of change in value,
and are due for redemption in three months or less from the acquisition date.
1) Accounting for trust beneﬁciary interests in trust assets such as real estate properties
For trust beneﬁciary interests in real estate properties, all assets and liabilities of
the trust assets, as well as revenue and income earned from, and expenses incurred
for the trust assets are recorded under the respective account in the balance sheets
and statements of income.
Of the accounts used to record the above trust assets, the following accounts are
signiﬁcant and disclosed separately on the face of the balance sheets.
A. Cash and deposits in trust
B. Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and ﬁxtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust
C. Guarantee deposits in trust
D. Tenant leasehold and security deposits in trust2) Accounting for consumption taxes
Consumption taxes and local consumption taxes are excluded from business
transaction amounts. However, accounting for ﬁxed assets and deferred assets areinclusive of consumption taxes and local consumption taxes.

4 Balance Sheets(1) Minimum net assets as stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of yen)

As of January 31, 2015

As of July 31, 2015

50,00050,000(2) Commitment line agreements
ADR has executed commitment line agreements with its banks.
(Thousands of yen)

As of January 31, 2015
Total commitment line of credit
Amount used
Unused balance

As of July 31, 2015

20,000,000

20,000,000--

20,000,000

20,000,000

36

5 Statements of Income(1) Breakdown of operating income (loss) from property leasing activities(Thousands of yen)

For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

Rent income

13,262,199

13,312,712

Facility charges

590,961

640,283

Parking fees

444,809

A. Revenue from property leasing activities
Rental revenue – real estate

14,297,970

442,756

440,668

497,090

14,395,753

Other revenue related to property leasing
Income from leasing rights

56,695

Other383,973

Total revenue from property leasing activities

72,05814,738,638

569,148
14,964,902

B. Expenses from property leasing activities
Expenses related to the rent business
Property taxes

749,299

760,017

Property management fees

989,026

1,056,877

Utilities

278,926

280,538

Repairs and maintenance452,387

522,674

Property-casual insurance

26,53424,220Trust fees

66,732

68,629Other rental expenses

737,617

Depreciation and amortization

2,516,637

Total expenses from property leasing activities
C. Operating income from property leasing activities(A−B)

760,317
5,817,162

2,501,570

5,974,846

5,817,162

5,974,846

8,921,476

8,990,055(2) Breakdown of gain on real estate sales
For the six months ended January 31, 2015
(Tokyo Student-House HIYOSHIDAI)(Thousands of yen)
Proceeds from sales of real estate

3,800,000

Cost of sales of real estate

2,934,878

Other disposition expenses

25,703Gain on real estate sales

839,417

For the six months ended July 31, 2015
Not applicable.
(3) Breakdown of loss on real estate sales
For the six months ended January 31, 2015
(RESIDIA Azabujuban, Motoazabu Place, RESIDIA TOWER Roppongi, RESIDIA Yoyogikoen, RESIDIA Daikanyama-Sarugakucho /Daikanyama Parkside Village)

37

(Thousands of yen)
Proceeds from sales of real estate

25,560,000

Cost of real estate sold

25,310,306

Other disposition expenses

434,807

Loss on real estate sales

185,113

Buyers’ consent has not been granted for disclosure of individual sales prices. The loss on real estate sales of 185,113
thousand yen represents a loss on real estate sales of 2,440,592 thousand yen after oﬀset by a gain on real estate salesof 2,255,478 thousand yen.
For the six months ended July 31, 2015
Not applicable.

6 Statements of Changes in Net Assets(1) Total number of units authorized and total number of units issued and outstanding(Unit)For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

Total number of units authorized

6,000,000

6,000,000

Total number of units issued and outstanding

1,300,000

1,300,000

C-83 RESIDIA Nihonbashi-Bakurocho III

38

7 Statements of Cash Flows(1) Relationship between the cash and cash equivalents at the end of period in the statements of cash ﬂows and the accounts
reported in the balance sheets(Thousands of yen)
For the six months ended
January 31, 2015
Cash and deposits

For the six months ended
July 31, 2015

11,661,031

9,879,814

Cash and deposits in trust

8,061,799

8,598,910

Time deposits held over three months(7,000,000)(6,000,000)

Securities held for three months or less

2,850,000

2,850,000

Cash and cash equivalents

15,572,831

15,328,724

8 Leases(1) Finance leases (as a lessee)
Finance leases that do not transfer ownership of the leased property to the lessee1) Description of leased properties
Intangible assets: Software2) Depreciation method for leased properties
Depreciated using the straight-line method over the lease term, assuming a zero residual value.
Finance leases that do not transfer ownership of the leased property to the lessee with a commencement date of July 1, 2008
or before are accounted for as operating leases. The details are as follows:
A. Acquisition value equivalent, accumulated depreciation equivalent, and the period-end balance of the leased properties(Thousands of yen)
As of January 31, 2015
Acquisition
value
equivalent
Tools, furniture and ﬁxturesin trust
Subtotal

Accumulated
depreciationequivalent

As of July 31, 2015
Period-end
balanceequivalentAcquisition
value
equivalent

Accumulated
depreciationequivalent

Period-end
balanceequivalent

6,974

5,319

1,654

6,974

5,673

1,300

6,974

5,319

1,654

6,974

5,673

1,300

*1. Acquisition value equivalent is determined inclusive of interest expenses as the period-end balance of unexpired leases is insigniﬁcant compared with that of property, plant andequipment.

B. Period-end balance equivalent of unexpired leases(Thousands of yen)

As of January 31, 2015
Due within one year

709

709

Due after one year

946

591

1,655

1,300

Total

39

As of July 31, 2015

C. Lease payments and depreciation expense equivalent(Thousands of yen)
For the six months ended January 31, 2015
Lease payments
Depreciation expenseequivalent

For the six months ended July 31, 2015

354

354

354

354

D. Calculation method of depreciation equivalent
Depreciated using the straight-line method over the lease term, assuming a zero residual value.
(2) Operating leases (as a lessee)
Future lease payments are as follows:(Thousands of yen)
As of January 31, 2015
Due within one year

As of July 31, 2015
707,340

729,540

Due after one year

14,349,325

14,434,709

Total

15,056,665

15,164,249

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

(3) Operating leases (as a lessor)
Future lease receivables are as follows:(Thousands of yen)
As of January 31, 2015
Due within one year

As of July 31, 2015
4,574,849

4,121,186

Due after one year

9,187,330

8,234,233

Total

13,762,179

12,355,420

9 Financial Instruments(1) General information on ﬁnancial instruments
1) Policy on ﬁnancial instruments
In order to secure stable earnings and steady growth of assets under management, ADR procures funds through loans,issuance of investment corporation bonds (including short-term investment corporation bonds; the same applies below),
issuance of units, and other means of ﬁnancing for purchasing real estate properties and repaying its debts.
ADR conducts derivatives transactions solely to hedge against the risk of interest rate ﬂuctuations and other risks arising fromliabilities.
In addition, ADR, in general, manages surplus funds by investing only in bank deposits, savings, negotiable certiﬁcates ofdeposit, and government bonds for emphasizing sound and stable portfolio management.
2) Description and risks of ﬁnancial instruments, and risk management
Funds through loans and investment corporation bonds are used primarily to ﬁnance the acquisition of real estate properties,
repay existing loans, or redeem existing investment corporation bonds. ADR is exposed to liquidity risk in that it may not beable to raise funds through alternative ﬁnancing sources by the repayment date or at the redemption. ADR controls the risk
exposures through the preparation of a funding plan on a monthly basis, and seeking and procuring funds through various
sources, such as securing the level of funds in hand, spreading out the loan repayment and bond redemption dates,
diversifying borrowing ﬁnancial institutions, entering into commitment line agreements, and issuing investment units.
In addition, ADR is exposed to the risk arising from ﬂuctuations in interest rates on its loans and investment corporation40

bonds with ﬂoating interest rates. ADR controls and limits such risk by utilizing derivative transactions (interest-rate swap
transactions).
ADR is also exposed to the credit risk that the ﬁnancial institutions with which it has bank deposits may default. However,
ADR limits the eﬀects of such risk by setting certain limits on the term of deposits and the minimum credit rating for the
ﬁnancial institutions in which deposits are placed, and by placing deposits with various ﬁnancial institutions.
3) Supplementary explanation on fair value of ﬁnancial instruments
The fair value of ﬁnancial instruments is based on quoted market prices. If a quoted market price is not available, areasonable estimate of fair value is used. Certain assumptions are applied in the fair value measurements and therefore
could result in a diﬀerent fair value if diﬀerent assumptions are applied. Furthermore, the contractual amounts ofderivative transactions presented in “Derivative Transactions” below do not represent the market risk exposure of thosederivative transactions.
(2) Fair values of ﬁnancial instruments
The book values in the balance sheets, fair values of ﬁnancial instruments, and unrealized gain (loss) are presented below.
As of January 31, 2015
(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

11,661,031

11,661,031–

2) Cash and deposits in trust

8,061,799

8,061,799–

3) Securities

5,850,000

5,850,000–

4,000,000

4,005,600(5,600)14,318,311

14,412,837(94,526)

6) Investment corporation bonds

33,500,000

34,503,386(1,003,386)

7) Long-term loans payable

163,980,151

166,989,956(3,009,805)

8) Derivative transactions–(2,163,669)(2,163,669)

4) Current portion of investment
corporation bonds5) Current portion of long-term loans
payableAs of July 31, 2015
(Thousands of yen)Book value

Fair value

Unrealized gain (loss)

1) Cash and deposits

9,879,814

9,879,814–

2) Cash and deposits in trust

8,598,910

8,598,910–

3) Securities

5,850,000

5,850,000

–

–

–

–

27,732,572

27,854,423(121,851)

6) Investment corporation bonds

35,500,000

36,322,389(822,389)

7) Long-term loans payable

164,254,329

166,760,001(2,505,672)

8) Derivative transactions–(1,948,522)(1,948,522)

4) Current portion of investment
corporation bonds5) Current portion of long-term loans
payable*1. Methods of determining the fair value of ﬁnancial instruments

1) Cash and deposits and 2) Cash and deposits in trust
These instruments are stated at their book values because the book values approximate fair value due to their shortmaturities.

413) Securities
These instruments are stated at their book values because they are negotiable certiﬁcates of deposit and the book values
approximate fair value due to their short maturities.
Please refer to the “Securities” below for details on securities by their holding purposes.
4) Current portion of investment corporation bonds and 6) Investment corporation bonds
The fair values of these instruments are determined using the reference value announced by the Japan Securities Dealers
Association. However, if a reference value is not available, the fair value is deemed to be the present value of future cash
ﬂows of principal and interests, discounted at the assumed interest rate for similar borrowings.
5) Current portion of long-term loans payable and 7) Long-term loans payable
The fair value of these ﬁnancial instruments is determined as the present value of future cash ﬂows of principal andinterests, discounted at the assumed interest rate for similar borrowings.
8) Derivative transactions
Please refer to “Derivative Transactions” below for details.
(3) Book value of ﬁnancial instruments of which fair value is extremely diﬃcult to determine(Thousands of yen)Classiﬁcation

As of January 31, 2015

Investment securities*1

As of July 31, 2015

236,921–*1. The fair values of the silent partnership equity interests are excluded from the disclosure because such fair values are extremely diﬃcult to determine and their market prices are
not available.

(4) Redemption schedules of monetary claims and securities after January 31 and July 31, 2015
As of January 31, 2015
(Thousands of yen)
Due after one
Due after two Due after three Due after four
Due in one year
year
Due after ﬁve
years through years through years throughor less
through two
years
three years
four years
ﬁve years
years
Cash and deposits

11,661,031

–

–

–

–

–

Cash and deposits in trust

8,061,799

–

–

–

–

–

Securities

5,850,000

–

–

–

–

–

25,572,831

–

–

–

–

–

Total

As of July 31, 2015
(Thousands of yen)
Due after one
Due after two Due after three Due after four
Due in one year
year
Due after ﬁve
years through years through years throughor less
through two
years
three years
four years
ﬁve years
years
Cash and deposits

9,879,814

–

–

–

–

–

Cash and deposits in trust

8,598,910

–

–

–

–

–

Securities

5,850,000

–

–

–

–

–

24,328,724

–

–

–

–

–

Total

42

(5) Repayment schedules of investment corporation bonds, loans payable, and other interest-bearing loans after January 31 andJuly 31, 2015
As of January 31, 2015
(Thousands of yen)
Due after one
Due after two Due after three Due after four
Due in one year
year
Due after ﬁve
years through years through years throughor less
through two
years
three years
four years
ﬁve years
years
Current portion of investment
corporation bonds
Current portion of long-termloans payable
Investment corporationbonds
Long-term loans payable
Total

4,000,000

–

–

–

–

–

14,318,311

–

–

–

–

–

–

8,000,000

12,000,000

2,000,000

4,000,000

7,500,000–

27,725,822

22,956,329

24,190,000

17,700,000

71,408,000

18,318,311

35,725,822

34,956,329

26,190,000

21,700,000

78,908,000

As of July 31, 2015
(Thousands of yen)
Due after one
Due after two Due after three Due after four
Due in one year
year
Due after ﬁve
years through years through years throughor less
through two
years
three years
four years
ﬁve years
years
Current portion of long-termloans payable
Investment corporationbonds
Long-term loans payable
Total

P-79 RESIDIA Akihabara

43

27,732,572

–

–

–

–

–

–

12,000,000

8,000,000

2,000,000

4,000,000

9,500,000–

24,500,000

28,646,329

19,200,000

20,870,000

71,038,000

27,732,572

36,500,000

36,646,329

21,200,000

24,870,000

80,538,000

10 Securities(1) Held-to-maturity debentures
As of January 31, 2015

(Thousands of yen)Classiﬁcation

Type

Fair value exceeds the bookvalue

Book value

Diﬀerence

1) Japanese Government
bonds and local government
bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––

Subtotal

Fair value does not exceed thebook value

Fair value

–

–

–

1) Government bonds andlocal government bonds

–

–

–

2) Corporate bonds

–

–

–

5,850,000

5,850,000–

5,850,000

5,850,000–

5,850,000

5,850,000–

3) Other
Subtotal

Total

As of July 31, 2015

(Thousands of yen)Classiﬁcation

Type

Fair value exceeds the book
value

Fair value

Diﬀerence–––2) Corporate bonds

–

–

–

3) Other

–

–

–

–

–

–

1) Government bonds andlocal government bonds

–

–

–

2) Corporate bonds

–

–

–

5,850,000

5,850,000–

5,850,000

5,850,000–

5,850,000

5,850,000–

Subtotal

Fair value does not exceed thebook value

Book value

1) Japanese Government
bonds and local government
bonds3) Other
Subtotal

Total

44

(2) Available-for-sale securities
As of January 31, 2015
(Thousands of yen)Classiﬁcation

Book value exceeds
acquisition cost

Type

Book value

Diﬀerence

1) Government bonds andlocal government bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––

Subtotal

Book value does not exceed
acquisition cost

Acquisition cost

–

–

–

1) Government bonds andlocal government bonds

–

–

–

2) Corporate bonds

–

–

–

236,921236,921–236,921236,921–236,921236,921–3) Other
Subtotal
Total

As of July 31, 2015
Not applicable.

11 Derivative Transactions(1) Derivative transactions to which hedge accounting is not applied
As of January 31, 2015
Not applicable.
As of July 31, 2015
Not applicable.
(2) Derivative transactions to which hedge accounting is applied
The contract amounts or equivalent notional principal amounts deﬁned in the contract by the method of hedge accounting as ofJanuary 31, 2015 and July 31, 2015 are as follows:
As of January 31, 2015
(Thousands of yen)

Method of hedge accounting

Type of derivativetransaction

Main hedged
item

Special accounting
treatment forinterest-rate swaps

Interest-rate swaps(Fixed rate payment,
ﬂoating rate receipt)

Long-term loans
payableContract amount (*1)
Contract
amount due
after one year
154,925,488

As of July 31, 2015

143,925,488

Fair value(*2)(2,163,669)(*3)(Thousands of yen)

Method of hedge accounting

Type of derivativetransaction

Main hedged
item

Special accounting
treatment forinterest-rate swaps

Interest-rate swaps(Fixed rate payment,
ﬂoating rate receipt)

Long-term loans
payableContract amount (*1)
Contract
amount due
after one year
168,425,488

141,898,000

Fair value(*2)(1,948,522)(*3)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest-rate swap counterparty using the prevailing interest rate.
*3. Special accounting treatment is applied to the interest-rate swaps in accordance with the “Accounting Standard for Financial Instruments” (issued by the Accounting Standards
Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10) and therefore interest-rate swaps are not stated at fair value in the balance sheets.

45

12 Proﬁts or Losses from Investments Accounted for Using the Equity Method
For the six months ended January 31, 2015
Not applicable as ADR does not have any aﬃliated companies.
For the six months ended July 31, 2015
Not applicable as ADR does not have any aﬃliated companies.

13 Transactions with Related Parties(1) Parent company and major corporate unit-holders
For the six months ended January 31, 2015
Not applicable.
For the six months ended July 31, 2015
Not applicable.
(2) Aﬃliated companies
For the six months ended January 31, 2015
Not applicable.
For the six months ended July 31, 2015
Not applicable.
(3) Fellow subsidiaries
For the six months ended January 31, 2015
Not applicable.
For the six months ended July 31, 2015
Not applicable.
(4) Directors and major individual unit-holders
For the six months ended January 31, 2015

Type ofrelated party

Directors
and their
immediatefamilymembers

Name ofrelated
party

Kenji
Kousaka

Capitalstock orBusinessamountPercentage Relationships
Location invested description or of voting with related
occupation rights heldin capital
parties(thousands
yen)

–

–

Executive
Director of
ADR and thePresident of
ADIM–

Nature of transactions

Period-end
Transaction
amount Account balance(thousands name (thousands
yen)
yen)

Management
fee 1

Accounts
438,792
payable –
(*2)
other

473,895(*3)

Management
fee 2

Accounts
344,801
payable –
(*2)
other

372,386(*3)

Accounts
333,932
payable –
(*2)
other

360,647(*3)

Accounts
146,800
payable –
(*2)
other

158,544(*3)

Payment Managementof asset
Asset
fee 3
management managementcompany fees to ADIM
Disposition
(*1)
fee

Acquisitionfee

236,600
(*3)
(*4)

–

–

46

For the six months ended July 31, 2015

Type ofrelated party

Directors
and their
immediatefamilymembers

Name ofrelatedparty

Capitalstock orBusinessamountPercentage Relationships
Location invested description or of voting with related
occupation rights heldin capital
parties(thousands
yen)

Kenji
Kousaka––

Executive
Director of
ADR and thePresident of
ADIM–

Nature of transactions

Period-end
Transaction
amount Account balance(thousands name (thousands
yen)
yen)

Management
fee 1

Accounts
426,970
payable –
(*2)
other

461,128(*3)

Management
fee 2

Accounts
345,767
payable –
(*2)
other

373,429(*3)

Accounts
237,139
payable –
(*2)
other

256,110(*3)

Payment
Assetof assetmanagement
management Managementcompany
fee 3fees to ADIM(*1)
Acquisitionfee

144,248
(*3)
(*4)

–

–

Terms and conditions of transactions, and policy on determining the terms and conditions*1. ADR Executive Director Kenji Kousaka executed the transactions acting as a representative of a third party (ADIM) and respective amounts of remuneration in the form of asset
management fees are determined in accordance with the terms set forth in ADR’s Articles of Incorporation.
*2. The transaction amount does not include consumption taxes.
*3. The transaction amount includes consumption taxes.
*4. The transaction amount is included in the acquisition cost of the relevant real estate properties.

14 Tax Eﬀect Accounting(1) The breakdown of deferred tax assets and liabilities by major item are as follows:(Thousands of yen)
As of January 31, 2015

As of July 31, 2015

Deferred tax assets
Excess provision of allowance for doubtful accounts

4,658

4,575

Valuation diﬀerence on assets acquired through merger

11,405,326

10,729,901

Tax loss carryforwards

1,483,134

1,402,812

Other79,25557,922

Subtotal

12,972,374

12,195,211

Less valuation allowance(12,972,374)(12,195,211)

Total deferred tax assets

–

–

–

–

Net deferred tax asset

47

(2) Reconciliation between the statutory tax rates and the eﬀective tax rates after the application of tax eﬀect accounting(Unit: %)As of January 31, 2015
Statutory tax rate

As of July 31, 2015

34.16

34.15

(23.30)(13.07)(Adjustments)
Increase (decrease) in valuation allowance
Increase (decrease) due to tax rate changes
Deductible dividends

–

10.39

(10.86)(32.79)

Other

0.01

1.33

Eﬀective tax rate after the application of tax eﬀect accounting

0.01

0.01

15 Retirement Beneﬁts
For the six months ended January 31, 2015
Not applicable because ADR does not have retirement beneﬁt plans.
For the six months ended July 31, 2015
Not applicable because ADR does not have retirement beneﬁt plans.

16 Asset Retirement Obligations
For the six months ended January 31, 2015
Not applicable.
For the six months ended July 31, 2015
Not applicable.

17 Segment Information(1) Segment information
Disclosure is omitted because ADR’s business comprises a single reportable segment engaged in the property leasing
business.
(2) Related information
For the six months ended January 31, 2015
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services of thesingle segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% of the total
operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceed 90% of the total property, plantand equipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than 10% of
the total operating revenue reported in the statements of income.

48

For the six months ended July 31, 2015
1) Information about products and services
Disclosure is omitted because operating revenues attributable to external customers for products and services of thesingle segment exceed 90% of the total operating revenue reported in the statements of income.
2) Information about geographic areas
A. Operating revenues
Disclosure is omitted because operating revenues attributable to external customers in Japan exceed 90% the total of
operating revenue reported in the statements of income.
B. Property, plant and equipment
Disclosure is omitted because property, plant and equipment located in Japan exceed 90% of total property, plant andequipment reported in the balance sheets.
3) Information about major customers
Disclosure is omitted because operating revenues attributable to a single external customer account for less than 10% of
the total operating revenue reported in the statements of income.

18 Value of Rental Properties

ADR owns rental residential properties in Tokyo and other prefectures. The following are the book value, changes during the period,and fair value of these properties.
(Thousands of yen)
For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

Book value(*1)

Balance at the beginningof period

Changes during the period(*2)
Balance at the endof period
Fair value at the end of period (*3)

407,809,716

401,297,684(6,512,031)

12,098,935

401,297,684

413,396,619

457,329,000

481,152,000*1. The book value is cost of acquisition less accumulated depreciation.
*2. Of the changes in the value of rental properties during the six months ended January 31, 2015, the increase is mainly attributable to acquisition of 4 real estate properties(2,517,753 thousand yen) and acquisition of 21 real estate beneﬁciary interests in trust (21,248,127 thousand yen), and the decrease is mainly attributable to sales of 1 realestate property (6,791,368 thousand yen), sales of 5 real estate beneﬁciary interests in trust (21,453,817 thousand), and as a result of recording depreciation. For the six
months ended July 31, 2015, the increase is mainly attributable to acquisition of 9 real estate beneﬁciary interests in trust (14,137,818 thousand yen), and the decrease is mainly
due to recording depreciation.
*3. The fair value at the end of period is the appraisal or assessment value provided by an external real estate appraiser.

Please refer to the note 5 above for the details of the operating income from property leasing.

19 Per Unit Information(Yen)
For the six months ended
January 31, 2015

For the six months ended
July 31, 2015

Net assets per unit

160,290

159,733

Net income per unit

5,070

4,572

*1. Net income per unit is computed by dividing net income by the day-weighted average number of units issued and outstanding for the period. Diluted net income per unit is notdisclosed as there are no diluted investment units.
*2. The basis for the computation of net income per unit is as follows:49For the six months ended
January 31, 2015
Net income (Thousands of yen)Amount not attributable to common unitholders (Thousands of yen)
Net income attributable to common unit
(Thousands of yen)
Average number of units during the period(Units)For the six months ended
July 31, 2015

6,591,081

5,944,589––

6,591,081

5,944,589

1,300,000

1,300,000

20 Signiﬁcant Subsequent Events
For the six months ended July 31, 2015(1) Issuance of Investment Corporation Bonds
Based on the comprehensive resolution regarding the issuance of investment corporation bonds reached at ADR’s Board of
Directors meeting held on July 29, 2015, investment corporation bonds were issued on October 21, 2015 under the following
conditions.
1) ADR Bond #23 (Unsecured) (with a pari passu clause among speciﬁed investment corporation bonds)
Total amount of bonds issued: 1,500 million yen
Issue price: 100 yen per par value of 100 yen for each investment corporation bondCoupon rate: 0.326 %Collateral and guarantee: Unsecured and unguaranteed
Redemption date: Redeem the investment corporation bonds in full on October 21, 2020
The bonds may be repurchased and canceled at any time from the day following the payment date, unless otherwise
speciﬁed by the transfer agent.
Interest payment date: April 21 and October 21 of every year
Intended use of proceeds: The funds will be used for the early repayment of long-term loans.
2) ADR Bond #24 (Unsecured) (with a pari passu clause among speciﬁed investment corporation bonds)
Total amount of bonds issued: 1,500 million yen
Issue price: 100 yen per par value of 100 yen for each investment corporation bondCoupon rate: 0.846 %Collateral and guarantee: Unsecured and unguaranteed
Redemption date: Redeem the investment corporation bonds in full on October 21, 2025
The bonds may be repurchased and canceled at any time from the day following the payment date, unless otherwise
speciﬁed by the transfer agent.
Interest payment date: April 21 and October 21 of every year
Intended use of proceeds: The funds will be used for the early repayment of long-term loans.

21 Schedule of securities(Thousands of yen)Type

SeriesTotal facevalueBook value

Accruedinterest

Prepaid
accruedinterest

Assessed
value

Gain
(Loss) on
valuation

Notes

Negotiable certiﬁcatesof deposit–

5,850,000

5,850,000

459–

5,850,000––

5,850,000

5,850,000

459–

5,850,000

–

–

Total

50

22 Table of the summary of contract amounts and fair values of derivative transactions
and forward foreign exchange contracts(Thousands of yen)

Category

Contract amount (*1)
Contract amount due
after one year

Type
Interest-rate swaps (Fixed
rate payment, ﬂoating ratereceipt)
Total

Transactions other thanmarket transactions

Fair value (*2 and *3)

168,425,488

141,898,000(1,948,522)

168,425,488

141,898,000(1,948,522)*1. The contract amount is based on the notional principal.
*2. The fair value is based on the estimation made by the interest rate swap counterparty using the prevailing interest rate.
*3. Special accounting treatment is applied to the interest-rate swaps in accordance with the “Accounting Standard for Financial Instruments” (issued by the Accounting Standards
Board of Japan (ASBJ) on March 10, 2008; ASBJ Statement No. 10) and therefore interest rate swaps are not stated at fair value in the balance sheets.

23 Summary of real estate
For the six months ended July 31, 2015

(Thousands of yen)

Property, plant and equipment

Balance
Increaseat theduring the
beginning
periodof period

Balance atthe end of
periodAccumulated depreciation

Book value
Depreciation at the endorfor theaccumulatedof period
periodamortization

73,371,622

79,687-73,451,310

8,230,343

808,967

65,220,966–

Structures

17,825

1,521-

19,347

3,390

580

15,956–

Machinery and equipment

26,421

8,396-

34,818

4,789

1,269

30,029–Tools, furniture andﬁxtures

141,479

12,000-

153,480

78,486

7,842

74,993–

Land

68,567,810

691-

68,568,502--

68,568,502–

Buildings in trust

141,745,114

4,479,716-

146,224,831

15,418,994

1,619,396

130,805,837(*1)

Structures in trust

165,8448,227-

174,071

77,0584,470

97,013–145,997

19,208-165,206

69,150

5,322

96,056–516,310

28,634-544,944

347,412

19,284

197,532–

135,599,491

9,436,760-

145,036,252--

145,036,252

(*1)

7,452

-

7,452

-

-

-

-

–

Subtotal

420,305,371

14,074,846

7,452

434,372,766

24,229,626

2,467,133

410,143,139–

Leasehold rights

1,071,902--

1,071,902--

1,071,902–

Leasehold rights in trust

1,822,961

533,111-2,356,072

174,495

34,4372,181,577(*1)

19,506--

19,506

19,357

986

149

–

Subtotal

2,914,370

533,111-3,447,482

193,852

35,424

3,253,629

–

Total

423,219,742

14,607,957

7,452

437,820,248

24,423,478

2,502,557

413,396,769–

Machinery and equipmentin trust
Tools, furniture andﬁxtures in trust
Construction in progress in
trust

Other

*1. The increase in property, plant and equipment for the six months ended July 31, 2015, primarily represents the acquisitions of the properties listed below.
RESIDIA Minami Shinagawa

RESIDIA Asakusa-Azumabashi

Chester Court Ochanomizu

RESIDIA Omori III

RESIDIA Kanda-Iwamotocho II

RESIDIA Nihonbashi-Bakurocho II

RESIDIA Shinagawa

RESIDIA Nihonbashi-Bakurocho III

RESIDIA Akihabara

51

Notes

Buildings

Land in trust

Intangible
assetsDecreaseduring theperiod24 Schedule of other speciﬁed assets
Not applicable.

25 Schedule of investment corporation bonds
For the six months ended July 31, 2015

(Thousands of yen)

Series (*1)

Issue date

Balanceat thebeginningof period

ADR Bond #13 (Unsecured)

September
12, 2011

8,000,000-

8,000,000

ADR Bond #14 (Unsecured)

September
12, 2011

2,000,000-

ADR Bond #15 (Unsecured)

April 26,2012

4,000,000

ADR Bond #16 (Unsecured)

April 26,
2012

ADR Bond #17 (Unsecured)

Balance atInterest Redemption
the end of
rate (%)
date
periodUse

Collateral

1.27

September
12, 2016(*3)

Unsecured

2,000,000

1.68

September
12, 2018(*3)

Unsecured

4,000,000-

0.86

April 24,
2015

(*2)

Unsecured

4,000,000-

4,000,000

1.08

April 26,
2017

(*2)

Unsecured

September
12, 2012

8,000,000-

8,000,000

0.87

September
12, 2017(*3)

Unsecured

ADR Bond #18 (Unsecured)

September
12, 2012

4,000,000-

4,000,000

1.23

September
12, 2019(*3)

Unsecured

ADR Bond #19 (Unsecured)

April 25,2013

3,000,000-

3,000,000

1.32

April 25,
2023

(*2)

Unsecured

ADR Bond #20 (Unsecured)

November
14, 2013

2,000,000-

2,000,000

1.41

November
14, 2025(*2)

Unsecured

ADR Bond #21 (Unsecured)

April 28,2014

2,500,000-

2,500,000

1.04

April 26,
2024

(*2)

Unsecured

ADR Bond #22 (Unsecured)

April 23,
2015

-

-

2,000,000

0.726

April 23,
2025

(*3)

Unsecured

Total

-

-

-

-

-

37,500,000

Decreaseduring theperiod4,000,000 35,500,000*1. The bonds have a pari passu clause among speciﬁed investment corporation bonds.
*2. The funds are used for the repayments of existing loans.
*3. The funds are used for the redemption of existing investment corporation bonds.
*4. Redemption schedules of investment corporation bonds after the balance sheet date for the next ﬁve years are as follows:(Thousands of yen)Due in one year or
less
Investment
corporation bond-Due after one year Due after two years
through two years through three years
12,000,000

8,000,000

Due after three
Due after four years
years
through ﬁve years
through four years
2,000,000

4,000,000

52

26 Schedule of loans

For the six months ended July 31, 2015
(Thousands of yen)Classiﬁcation

Current portion of long-term loans payable

Lenders

Increaseduring theperiodDecreaseduring theperiodBalance atthe end of
periodInterest
rate(*1)

Repayment
date

Use

Notes

Jun. 25,
2015

(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

2,304,811-

2,304,811--

Development Bank of Japan Inc.

13,500198,334

6,750

205,084

1.86%

(*8)

(*6)

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

-

1,083,029-

1,083,029

1.68%
(*2)

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-492,286-

492,286

Sumitomo Mitsui Trust Bank, Limited-

492,286-

492,286

Sumitomo Mitsui Banking Corporation-

2,264,516-

2,264,516

1.68%
(*2)

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited-

295,371-295,371

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-

500,000-

500,000

Sumitomo Mitsui Trust Bank, Limited-

500,000-

500,000

1.69%
(*2)

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited-

700,000-

700,000

Mitsubishi UFJ Trust and Banking
Corporation-

2,500,000-

2,500,000

1.52%
(*2)

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

1.16%
(*2)

Dec. 18,
2015

(*5)

Unsecured
Unguaranteed

500,000--

500,000

Mitsubishi UFJ Trust and Banking
Corporation

1,000,000--

1,000,000

The Norinchukin Bank

1,000,000--

1,000,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

Aozora Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Banking Corporation

1,000,000--

1,000,000

1.16%
(*2)

Dec. 18,
2015

(*3)

Unsecured
Unguaranteed

The Gunma Bank, Ltd.

1,000,000-

1,000,000--

May 29,2015(*5)

Unsecured
Unguaranteed

0.85%
(*2)

Aug. 31,
2015

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

500,000--

500,000

1,000,000--

1,000,000

800,000--

800,000-

500,000-

500,000

0.77%
(*2)

Apr. 28,
2016

(*6)

Unsecured
Unguaranteed

The Hiroshima Bank, Ltd.

500,000--

500,000

0.48%

Nov. 30,
2015

(*6)

Unsecured
Unguaranteed

Tokio Marine & Nichido Fire Insurance Co.,Ltd.

500,000--

500,000

0.60%

Dec. 28,
2015

(*5)

Unsecured
Unguaranteed

1.11%
(*2)

Jul. 29,
2016

(*5)

Unsecured
Unguaranteed

1.11%
(*2)

Jul. 29,
2016

(*6)

Unsecured
Unguaranteed

Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.
The Kagawa Bank, Ltd.

Sumitomo Mitsui Banking Corporation-

450,000-

450,000

Mizuho Bank, Ltd.

-

1,550,000-

1,550,000

Resona Bank, Limited-

900,000-

900,000

Resona Bank, Limited-

1,000,000-

1,000,000

The Bank of Fukuoka, Ltd.

-2,000,000-

2,000,000

The Yamaguchi Bank, Ltd.

-

500,000-

500,000

The Tokyo Tomin Bank, Limited-

500,000-

500,000

The Iyo Bank, Ltd.

-

300,000-

300,000

14,318,311

16,725,822

3,311,561

27,732,572

Total

53

Balance atthe beginningof period

Classiﬁcation
Lenders

Increaseduring theperiodDecreaseduring theperiodBalance atthe end of
periodInterest
rate(*1)

Repayment
date

Use

Notes

Nov. 24,
2017

(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

956,329--

956,329

1.90%

Development Bank of Japan Inc.

198,334-

198,334

-

-

(*8)

(*6)

Unsecured
Unguaranteed

1,083,029-

1,083,029--

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

492,286-

492,286-

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed-

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

1.75%
(*2)

Apr. 28,
2017

(*5)

Unsecured
Unguaranteed

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

492,286-

492,286-

Sumitomo Mitsui Banking Corporation

2,264,516-

2,264,516-

Shinsei Bank, Limited

295,371-295,371-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000-

500,000-

Sumitomo Mitsui Trust Bank, Limited

500,000-

500,000-

Shinsei Bank, Limited

Long-term loans payable

Balance atthe beginningof period

700,000-

700,000-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

3,500,000--

3,500,000

Mitsubishi UFJ Trust and Banking
Corporation

3,700,000--

3,700,000

Sumitomo Mitsui Trust Bank, Limited

2,000,000--

2,000,000

Mitsubishi UFJ Trust and Banking
Corporation

2,500,000-

2,500,000--

Feb. 29,
2016

(*3)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

2,700,000--

2,700,000

1.59%
(*2)

Jun. 30,
2017

(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited

890,000--

890,000

1.76%
(*2)

Jun. 29,
2018

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

500,000--

500,000

1.31%
(*2)

Jan. 31,
2017

(*5)

Unsecured
Unguaranteed

2,000,000--

2,000,000

1.31%
(*2)

Jan. 31,
2017

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

1.31%
(*2)

Jan. 31,
2017

(*3)

Unsecured
Unguaranteed

1,000,000--

1,000,000

1.62%
(*2)

Sep. 28,
2018

(*3)

Unsecured
Unguaranteed

1.57%
(*2)

Nov. 30,
2018

(*5)

Unsecured
Unguaranteed

1.17%
(*2)

Nov. 30,
2016

(*5)

Unsecured
Unguaranteed

1.21%

Nov. 30,
2016

(*5)

Unsecured
Unguaranteed-

Jul. 29,
2016

(*5)

Unsecured
Unguaranteed

1.43%
(*2)

Jul. 31,
2018

(*5)

Unsecured
Unguaranteed

Resona Bank, Limited

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

1,300,000--

1,300,000

Sumitomo Mitsui Trust Bank, Limited

1,300,000--

1,300,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Mitsubishi UFJ Trust and Banking
Corporation

1,900,000--

1,900,000

300,000--

300,000

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

300,000--

300,000

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Mizuho Bank, Ltd.

450,000--

450,000

The Norinchukin Bank

2,500,000--

2,500,000

Mitsui Sumitomo Insurance Company,
Limited1,000,000--

1,000,000

Taiyo Life Insurance Company

1,500,000--

1,500,000

450,000-

450,000-

1,550,000-

1,550,000-

Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Resona Bank, Limited

900,000-

900,000-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

500,000--

500,000

Sumitomo Mitsui Banking Corporation

650,000--

650,000

Mizuho Bank, Ltd.

500,000--

500,000

Mitsubishi UFJ Trust and Banking
Corporation

900,000--

900,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

Shinsei Bank, Limited

1,500,000--

1,500,000

54

Classiﬁcation
Lenders

Long-term loans payable

Increaseduring theperiodDecreaseduring theperiodBalance atthe end of
periodInterest
rate(*1)

Resona Bank, Limited

1,000,000-

1,000,000-

The Bank of Fukuoka, Ltd.

2,000,000-

2,000,000-

The Yamaguchi Bank, Ltd.

500,000-

500,000-

The Tokyo Tomin Bank, Ltd.

500,000-

500,000-

The Iyo Bank, Ltd.

300,000-

300,000-

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

500,000--

500,000

Shinsei Bank, Limited

1,000,000--

1,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,850,000--

2,850,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

Sumitomo Mitsui Banking Corporation

2,800,000--

2,800,000

Mitsubishi UFJ Trust and Banking Corporation

1,600,000--

1,600,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,500,000--

1,500,000

Sumitomo Mitsui Trust Bank, Limited

2,100,000--

2,100,000

Sumitomo Mitsui Banking Corporation

800,000--

800,000

Repayment
date

Use

Notes

-

Jul. 29,
2016

(*6)

Unsecured
Unguaranteed

1.42%
(*2)

Jul. 31,
2018

(*6)

Unsecured
Unguaranteed

1.23%

Feb. 28,
2018

(*3)

Unsecured
Unguaranteed

1.10%
(*2)

Aug. 31,
2017

(*5)

Unsecured
Unguaranteed

1.20%
(*2)

Apr. 27,
2018

(*5)

Unsecured
Unguaranteed

1.25%
(*2)

Jun. 28,
2019

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,200,000--

1,200,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

Aozora Bank, Ltd.

700,000--

700,000

1,500,000--

1,500,000

500,000-

500,000--

Taiyo Life Insurance Company
The Kagawa Bank, Ltd.

1.03%
(*2)
0.79%
(*2)

Sep. 29,2017
Apr. 28,
2016
Sep. 29,2017
Sep. 30,
2019
Sep. 30,
2019
Nov. 29,2019
Nov. 30,
2017

0.95%
(*2)

Nov. 29,
2019

0.94%

The Kagawa Bank, Ltd.

500,000--

500,000

0.92%
(*2)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

450,000--

450,000

1.16%

Sumitomo Mitsui Trust Bank, Limited

450,000--

450,000

1.16%

Mitsubishi UFJ Trust and Banking
Corporation
The Hiroshima Bank, Ltd.

1,000,000--

1,000,000

500,000--

500,000

Sumitomo Mitsui Banking Corporation

1,200,000--

1,200,000

Mizuho Bank, Ltd.

1,200,000--

1,200,000

600,000--

600,000

0.74%

Development Bank of Japan Inc.
Development Bank of Japan Inc.

2,200,000--

2,200,000

1.23%

Development Bank of Japan Inc.

2,200,000--

2,200,000

1.40%

Tokio Marine & Nichido Fire Insurance Co., Ltd.

1,000,000--

1,000,000

0.72%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,703,000--

2,703,000

Sumitomo Mitsui Trust Bank, Limited

3,595,000--

3,595,000

Mitsubishi UFJ Trust and Banking Corporation

1,799,000--

1,799,000

903,000--

903,000

1,200,000--

1,200,000

Aozora Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1.28%
(*2)

0.81%

Sumitomo Mitsui Trust Bank, Limited

1,200,000--

1,200,000

0.82%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,300,000--

1,300,000

0.81%

Sumitomo Mitsui Trust Bank, Limited

1,300,000--

1,300,000

0.82%

Development Bank of Japan Inc.

1,150,000--

1,150,000

1.08%

Sumitomo Mitsui Trust Bank, Limited

55

Balance atthe beginningof period

920,000--

920,000

Aozora Bank, Ltd.

1,830,000--

1,830,000

Resona Bank, Limited

1,370,000--

1,370,000

0.88%
(*2)

May 31,
2017
Nov. 29,2020
Nov. 29,2021
Mar. 31,2017

Jul. 25,
2019

Mar. 24,
2020
Mar. 24,
2020
Mar. 24,
2020
Mar. 24,
2020
Mar. 24,
2021
Mar. 24,
2020

(*7)
(*6)
(*6)
(*6)
(*6)
(*6)
(*6)
(*6)
(*6)
(*5)
(*5)
(*5)

(*5)

(*3)
(*3)
(*5)
(*5)
(*4)

(*5)

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Lenders

Balance atthe beginningof period

The Bank of Fukuoka, Ltd.

1,000,000

Classiﬁcation

Decreaseduring theperiod-Balance atthe end of
period-1,000,000

Interest
rate(*1)

Repayment
date

Use

Notes

0.79%
(*2)

Feb. 28,
2018

(*3)

Unsecured
Unguaranteed

1.25%
(*2)

Oct. 29,
2021

(*5)

Unsecured
Unguaranteed

1.63%
(*2)

Dec. 22,
2021

(*5)

Unsecured
Unguaranteed

1.54%
(*2)

Jun. 25,
2021

(*5)

Unsecured
Unguaranteed

1.07%
(*2)

Sep. 30,
2020

(*3)

Unsecured
Unguaranteed

0.92%
(*2)

Sep. 30,
2019

(*3)

Unsecured
Unguaranteed

0.77%
(*2)

Sep. 28,
2018

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

2,600,000--

2,600,000

Sumitomo Mitsui Banking Corporation

1,500,000--

1,500,000

Mizuho Bank, Ltd.

2,160,000--

2,160,000

Aozora Bank, Ltd.

1,379,000--

1,379,000

919,000--

919,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

The Norinchukin Bank

1,000,000--

1,000,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The 77 Bank, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

2,600,000--

2,600,000

1.47%
(*2)

Nov. 15,
2023

(*5)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

3,550,000--

3,550,000

1.37%
(*2)

Nov. 15,
2022

(*5)

Unsecured
UnguaranteedAozora Bank, Ltd.

1,800,000--

1,800,000

1.16%
(*2)

Nov. 26,
2021

(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited

1,000,000--

1,000,000

1.32%
(*2)

Jun. 17,
2022

(*3)

Unsecured
Unguaranteed

Shinsei Bank, Limited

700,000--

700,000

1.10%
(*2)

Jun. 18,
2021

(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.93%
(*2)

Jun. 18,
2020

(*3)

Unsecured
Unguaranteed

The Yamaguchi Bank, Ltd.

500,000--

500,000

0.85%
(*2)

Dec. 18,
2019

(*3)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

1.59%
(*2)

Feb. 14,
2025

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

500,000--

500,000

1.44%
(*2)

Feb. 16,
2024

(*5)

Unsecured
Unguaranteed

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

455,000--

455,000
1.28%(*2)

Feb. 16,
2023

(*5)

Unsecured
Unguaranteed

1.08%
(*2)

Feb. 16,
2022

(*5)

Unsecured
Unguaranteed

0.89%
(*2)

Feb. 16,
2021

(*5)

Unsecured
Unguaranteed

0.74%
(*2)

Feb. 14,
2020

(*5)

Unsecured
Unguaranteed

0.58%
(*2)

Jan. 29,
2021

(*3)

Unsecured
Unguaranteed

0.82%
(*2)

Jul. 29,
2022

(*3)

Unsecured
Unguaranteed

Resona Bank, Limited

Long-term loans payable

Increaseduring theperiodSumitomo Mitsui Trust Bank, Limited

455,000--

455,000

Sumitomo Mitsui Banking Corporation

1,120,000--

1,120,000

Mizuho Bank, Ltd.

1,630,000--

1,630,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,200,000--

1,200,000

Sumitomo Mitsui Trust Bank, Limited

2,100,000--

2,100,000

Mizuho Bank, Ltd.

2,000,000--

2,000,000

Mizuho Trust & Banking Co., Ltd.

500,000--

500,000

Mizuho Bank, Ltd.

2,900,000--

2,900,000

Mizuho Trust & Banking Co., Ltd.

1,500,000--

1,500,000

Mitsubishi UFJ Trust and Banking
Corporation

270,000--

270,000

Mizuho Bank, Ltd.

2,900,000--

2,900,000

Mizuho Trust & Banking Co., Ltd.

2,350,000--

2,350,000

Aozora Bank, Ltd.

900,000--

900,000

The Nishi-Nippon City Bank, Ltd.

400,000--

400,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

707,000--

707,000

Sumitomo Mitsui Trust Bank, Limited

393,000--

393,000

The Nishi-Nippon City Bank, Ltd.

400,000--

400,000

Development Bank of Japan Inc.

1,500,000--

1,500,000

1.02%
(*2)

Sep. 29,
2023

(*5)

Unsecured
Unguaranteed

Development Bank of Japan Inc.

1,850,000--

1,850,000

1.18%
(*2)

Sep. 30,
2024

(*5)

Unsecured
Unguaranteed56

Balance atthe beginningof period

Classiﬁcation

Long-term loans payable

Lenders

Increaseduring theperiodDecreaseduring theperiodBalance atthe end of
periodAozora Bank, Ltd.

1,000,000--

1,000,000

Aozora Bank, Ltd.

700,000--

700,000

Aozora Bank, Ltd.

700,000--

700,000

Resona Bank, Limited

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

600,000--

600,000

Resona Bank, Limited

500,000--

500,000

The Bank of Fukuoka, Ltd.

500,000--

500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,000,000--

1,000,000

Aozora Bank, Ltd.

700,000--

700,000

Resona Bank, Limited

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

-

1,200,000-

1,200,000

The Yamaguchi Bank, Ltd.

-

500,000-

500,000

Nippon Life Insurance Company-

1,000,000-

1,000,000

Mizuho Trust & Banking Co., Ltd.

-

1,400,000-

1,400,000

Mizuho Trust & Banking Co., Ltd.

-

1,200,000-

1,200,000

The Norinchukin Bank-

1,500,000-

1,500,000

The Yamaguchi Bank, Ltd.

-

500,000-

500,000

Mizuho Trust & Banking Co., Ltd.

-

1,200,000-

1,200,000

The Tokyo Tomin Bank, Limited-

500,000-

500,000

The Iyo Bank, Ltd.

-

700,000-

700,000

The 77 Bank, Ltd.

-

500,000-

500,000

The Norinchukin Bank-

1,000,000-

1,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

-

500,000-

500,000

Sumitomo Mitsui Trust Bank, Limited-

500,000-

500,000

Mizuho Bank, Ltd.

-1,500,000-

1,500,000

The Gunma Bank, Ltd.

-

1,000,000-

1,000,000

Development Bank of Japan Inc.
Total

-

2,300,000-

2,300,000

163,980,151

17,000,000

16,725,822

164,254,329

Interest
rate(*1)

Repayment
date

Use

Oct. 31, 2022(*5)

Apr. 28,
2022

(*5)

Oct. 31, 2019

(*5)

0.57%
(*2)

Jan. 29, 2021(*5)

Unsecured
Unguaranteed

0.63%
(*2)

Jun. 30, 2021(*5)

Unsecured
Unguaranteed

0.89%
(*2)

Jan. 31, 2023(*5)

Unsecured
Unguaranteed

Mar. 19,
2025

(*3)

Apr. 14, 2025(*3)

Apr. 14, 2025(*3)

Apr. 12, 2024(*3)

Apr. 14, 2023(*3)

Apr. 14, 2023(*3)

Oct. 14, 2022

(*3)

0.62%
(*2)

Apr. 14, 2022(*3)

Unsecured
Unguaranteed

0.50%
(*2)

Apr. 14, 2021(*3)

Unsecured
Unguaranteed

0.30%

Apr. 13, 2018(*3)

Unsecured
Unguaranteed

0.63%
(*2)
1.04%
(*2)

May 27,2022(*5)

Jun. 25, 2025

(*5)

0.85%
(*2)
0.76%
(*2)
0.42%
(*2)

1.05%
(*2)
1.00%
(*2)
1.00%
(*2)
0.88%
(*2)
0.75%
(*2)
0.73%
(*2)
0.69%
(*2)

Notes
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed*1. “Interest rate” represents the borrowing interest rate (the weighted average of the balance at the end of the ﬁscal period) for each loan agreement, rounded to the second
decimal place.
*2. For loans where an interest-rate swap transaction is used to manage exposures to ﬂuctuations in interest rate, the interest rate presented in the above table is ﬁxed, reﬂecting theeﬀects of interest rate swap transactions.
*3. The funds are used for the acquisition of speciﬁed assets.
*4. The funds are used for the acquisition of speciﬁed assets and repayment of the existing loans.
*5. The funds are used for the repayment of the existing loans.
*6. The funds are used for the redemption of the existing investment corporation bonds.
*7. The funds are used for the repayment of the existing loans and redemption of the existing investment corporation bonds.
*8. The loan agreement requires that the ﬁrst repayment is on the last day of April 2011; subsequent repayments are at the end of every January, April, July and October thereafter,
each in the amount of 3,375 thousand yen of principal and lump-sum repayment of the remaining principal is on February 17, 2016.
*9. The balances are rounded down to the nearest one thousand yen. Accordingly, the “Total” amounts are not necessarily equal to the sum of individual amounts.
*10. Total amount of scheduled yearly repayments for the long-term loans for ﬁve years after the balance sheet date is as follows:(Thousands of yen)

Long-term loans
payable57

Due in one year or
less

Due after one year
through two years

27,732,572

24,500,000

Due after two years Due after three years Due after four years
through three years through four years through ﬁve years
28,646,329

19,200,000

20,870,000

P-62 RESIDIA TOWER Azabujuban

58

Portfolio Map

66
66
69
69

Itabashi-ku

67
67

68
68

Adachi-ku
28
28

70
70

Nerima-ku
74
74

60
60

66

50
50

Kita-ku
18
18

33

96
96 72
72
37
37

76
76

56
56
77
77

49
49
90
23
23 90

35
46 35
29
29 46

84
84
69
69

32
32

10
10

21
21 102
102
22
22 16
16

33
33

68
68

Setagaya-ku
88
88

44

77

79
79

31
31
92
92

99

104
104
41
41

Chiyoda-ku

15
15

49
49
98
98
48 53
53
58
58 48
50
50

101
101
51
51
81
81
36
36
25
25 29
29
89
89 33 61
61
70
70
97
97 26
26
39
39
91
91
75
75

24
24

67
67

22

55
55

45
45

43
43
64
64

Ueno
79
79
105
105
23
23
59
59

43
77 43

55

75
48
48 75
11 39
42
39 42
45
45
24
24 12
12
17
17

82
82 83
83
27
22
22 27
57
10
10 Chuo-ku 57
54
54
31
31
61
61

76
76

80
80

Sumida-ku
99

15
15

Edogawa-ku

Kinshicho

34
34

63
63

71
71

Koto-ku
51
51

33
33

47
47

Minato-ku 73
73

MeguroMeguro-ku

40
40
30
30
65
65 60
60 66
66
62
62

41
41

73
73

Tokyo

Shibuya
56
56

93
93
47
47

52
52

Shinjuku

19
19
63
63

34
34

16
16

58
58
26
26
21
21
37
44 88 37
52
52

87
87

Katsushika-ku

55
55

Taito-ku

53
53

Bunkyo-ku

62
62

99
99

Shibuya-ku

13
13

85
85

36
36
40
40

Shinjuku-ku 42
42

19
19

Suginami-ku

Arakawa-ku

Ikebukuro

Toshima-ku
Nakano-ku

72
72

65
65

86
86
95
95
100
100 Shinagawa

74
74

14
14
106
106
103
103 38
38
94
94

35
35

Shinagawa-ku

78
78

13
13

: Tokyo Central 7 Wards

38
38
64
64

Kamata22: Tokyo 23 Wards

Ota-ku32
32

Fukuoka
Fukuoka Prefectural
Government
Oﬃce

66

42

e
o Lin
ny n
Sa ansekinSh

OkayamaHakataWard Oﬃce

19 Hakata 10 68 Hakata-ku
69
20
67
Chuo-ku

Sawara-ku
64

a
im e
sh in
go in L
Ka Ma

Fukuoka City
Botanical Garden

Tsuyama
Line

25
25

Ki

bi

Lin Okayama UniversityeoSany kansen
Shin

OkayamaPrefectural
Government
OkayamaOﬃce
Okayama
City Oﬃce

60

Line

Lin
e

44
44

Un
o

81
81
59
59

KounanAirport59

Saitama
Kashiwa:Tokyo Metropolitan Area
2

Kawaguchi

11

4

Chiba

Higashi-Matsudo

23

Tokyo
Tachikawa

19

12

17

Kichijyoji

25

7

26

Hachioji21:Major Regional Cities

27

24

SapporoKita-kuMusashikosugi
16
22

29

Kawasaki5

Yokohama

32

20
31

Sapporo65

Ha Shiroishi-ku
kod
ate
Ma
in L
ine

48 26
31 Clock Tower
63 45
34 25 24 58

Chuo-ku

14

Yokkaichi

Kameyama
5

Suzuka Circuit

Kameyama
Kisei
Main
Line

Sendai
Sen
zan

Tsu

37

Aoba-ku
Aobayama Park

Lin
e

56

38

SendaiSanin
2Main Line 29 50 61

Mt. Myoken

47

21 30
36

Nagoya International

Hotel Nagoya

27 32

70
16

Higashi-ku

453

Naka-ku

43

Line

i
nsa e
Ka in Lin
Ma

Main

46

11
39 14
40 35

Nagoya Dome

aido

Osaka

51

NagoyaTok

12 Tokaido Main Line
44

Wakabayashi-kuoTokaidsen Line
an
Shink

8

55

ine

Kobe

Nara LMt. Maya

6
41
59

achi
Katam
Line

Sanyon Linense
ShinkaMt. Rokko

Kyoto

Sendai City
Athletic Stadium

Taihaku-ku

Nagoya Castle

49 15

e
Lin

e

Mt. Kenpi

52
13

en

ns

ka
hin

u S 57

k
ho

To

54

62

TohokuUniversity

Osaka

ho

To

e
Lin

in
Ma
ku

Lin

Kansai Main Line

Nishi-kuMain

Kanagawa

Yanaga Hokkaido
MuseumJRA Sapporo
Racecourse

28

Shin-Yokohama 15

Ch
uo

30

Kansai
Main Line
17

60

Portfolio List

Tokyo Central 7 Wards

Investment Property
regionno.

61

Name of property

Location

Construction
completion date

Leasable ﬂoor
Number ofarea
leasable units(m2)

As of July 31, 2015

AcquisitionPrice(million yen)

Investment
ratio

PML

P-2

RESIDIA Shimazuyama

Shinagawa-ku, Tokyo

12/24/2004

3,474.37

115

2,860

0.7%

4.3%

P-3

RESIDIA Nakameguro

Meguro-ku, Tokyo

2/10/2005

1,694.18

88

1,730

0.4%

2.6%

P-4

RESIDIA Setagaya-Tsurumaki

Setagaya-ku, Tokyo

3/11/2002

1,769.67

28

1,229

0.3%

7.3%

P-7

RESIDIA Ikejiriohashi

Setagaya-ku, Tokyo

8/19/2005

1,423.38

42

1,230

0.3%

3.1%

P-9

RESIDIA Kudanshita

Chiyoda-ku, Tokyo

3/9/2004

2,845.89

86

2,270

0.5%

2.9%

P-10

RESIDIA Hatagaya

Shibuya-ku, Tokyo

2/9/2006

1,129.72

35

1,130

0.3%

7.3%

P-13

RESIDIA Sakurajosui

Setagaya-ku, Tokyo

7/7/2006

1,201.37

39

1,120

0.3%

7.0%

P-14

RESIDIA Kita-Shinagawa

Shinagawa-ku, Tokyo

2/23/2007

2,897.99

120

2,720

0.6%

4.3%

P-15

RESIDIA Yoyoginomori

Shibuya-ku, Tokyo

3/8/2007

723.10

22

732

0.2%

4.4%

P-16

RESIDIA Shinjuku-East III

Shinjuku-ku, Tokyo

2/23/2009

818.74

39

750

0.2%

4.3%

P-19

Leopalace Udagawacho Mansion

Shibuya-ku, Tokyo

8/7/2001

623.80

30

588

0.1%

8.2%

P-21

RESIDIA Shinjuku-East II

Shinjuku-ku, Tokyo

2/6/2004

1,743.06

54

1,380

0.3%

4.8%

P-22

RESIDIA Shinjuku-East

Shinjuku-ku, Tokyo

8/1/2000

1,219.08

48

941

0.2%

5.3%

P-23

RESIDIA Kanda-Iwamotocho

Chiyoda-ku, Tokyo

2/12/2004

2,354.20

65

1,520

0.4%

4.1%

P-24

RESIDIA Azabujuban II

Minato-ku, Tokyo

2/14/2001

1,018.71

37

874

0.2%

3.1%

P-25

RESIDIA Ebisu

Shibuya-ku, Tokyo

1/31/2001

653.04

26

554

0.1%

3.0%

P-26

RESIDIA Meguro

Shinagawa-ku, Tokyo

10/13/1999

701.01

20

722

0.2%

6.2%

P-29

RESIDIA Hiroo II

Shibuya-ku, Tokyo

11/1/2005

1,733.63

76

1,660

0.4%

2.9%

P-30

Pianetta Shiodome

Minato-ku, Tokyo

2/18/2005

2,274.19

67

1,950

0.5%

5.3%

P-31

RESIDIA Komazawadaigaku

Setagaya-ku, Tokyo

10/22/2004

488.51

18

333

0.1%

8.5%

P-32

RESIDIA Yoyogi

Shibuya-ku, Tokyo

2/24/2005

464.64

16

326

0.1%

11.0%

P-33

RESIDIA Nishi-Shinjuku

Shinjuku-ku, Tokyo

2/18/2005

478.57

19

363

0.1%

9.9%

P-34

RESIDIA Kyodo

Setagaya-ku, Tokyo

2/23/2005

509.66

15

286

0.1%

10.6%

P-35

RESIDIA Oimachi

Shinagawa-ku, Tokyo

12/16/2005

1,249.56

48

947

0.2%

4.3%

P-36

RESIDIA Ebisu II

Shibuya-ku, Tokyo

1/31/2006

2,194.56

61

2,280

0.5%

3.4%

P-37

RESIDIA Kamiochiai

Shinjuku-ku, Tokyo

9/5/2006

1,740.50

70

1,180

0.3%

4.8%

P-38

RESIDIA Higashi-Shinagawa

Shinagawa-ku, Tokyo

8/1/2006

2,588.01

122

2,040

0.5%

4.0%

P-39

RESIDIA Meguro II

Meguro-ku, Tokyo

1/31/2006

1,448.84

34

1,190

0.3%

6.5%

P-40

RESIDIA Toranomon

Minato-ku, Tokyo

9/22/2006

1,353.41

63

1,320

0.3%

3.3%

P-41

RESIDIA Shin-Ochanomizu

Chiyoda-ku, Tokyo

3/17/2006

1,422.45

52

1,160

0.3%

2.8%

P-42

RESIDIA Kagurazaka

Shinjuku-ku, Tokyo

8/4/2006

1,182.34

52

918

0.2%

2.1%

P-43

RESIDIA Oimachi II

Shinagawa-ku, Tokyo

7/2/2007

1,321.76

40

1,050

0.2%

4.8%

P-45

RESIDIA Jiyugaoka

Meguro-ku, Tokyo

3/19/2002

1,435.93

28

1,050

0.2%

7.3%

P-47

RESIDIA Suidobashi

Chiyoda-ku, Tokyo

12/22/2004

3,039.14

65

2,310

0.5%

2.3%

P-48

RESIDIA TOWER Nogizaka

Minato-ku, Tokyo

8/31/2004

3,485.00

68

3,660

0.9%

3.5%

P-49

RESIDIA Akasaka

Minato-ku, Tokyo

5/21/2004

1,352.02

37

1,180

0.3%

8.3%

P-50

RESIDIA Nishi-Azabu

Minato-ku, Tokyo

7/15/2004

7,078.64

125

6,780

1.6%

2.8%

P-51

RESIDIA Daikanyama

Shibuya-ku, Tokyo

7/23/2004

2,067.08

42

2,150

0.5%

4.0%

P-52

RESIDIA Ichigaya

Shinjuku-ku, Tokyo

8/20/2004

3,003.34

85

2,500

0.6%

3.6%

P-53

RESIDIA Roppongi-Hinokichokoen

Minato-ku, Tokyo

9/16/1999

4,803.29

88

3,570

0.8%

6.8%

P-55

RESIDIA TOWER Meguro-Fudomae

Shinagawa-ku, Tokyo

1/7/2007

21,019.77

358

16,500

3.9%

1.8%

P-56

RESIDIA Sangenjaya

Setagaya-ku, Tokyo

1/11/2005

2,847.19

78

2,760

0.7%

2.7%

P-58

RESIDIA Minami-Aoyama

Minato-ku, Tokyo

3/14/2005

782.33

13

728

0.2%

2.0%

P-59

RESIDIA Kanda-Higashi

Chiyoda-ku, Tokyo

10/29/2003

2,544.25

64

1,620

0.4%

3.4%

P-60

RESIDIA Higashi-Azabu

Minato-ku, Tokyo

4/17/2006

1,582.54

31

1,430

0.3%

3.2%

P-61

RESIDIA Ebisu-Minami

Shibuya-ku, Tokyo

3/6/2007

2,023.88

39

2,020

0.5%

7.1%

P-62

RESIDIA TOWER Azabujuban

Minato-ku, Tokyo

1/9/2003

7,207.18

113

6,190

1.5%

0.7%

P-63

RESIDIA Shibuya

Shibuya-ku, Tokyo

6/22/2006

1,285.42

40

1,250

0.3%

3.5%

P-64

RESIDIA Nakanobu

Shinagawa-ku, Tokyo

11/16/2005

2,855.06

65

1,880

0.4%

3.4%

P-65

RESIDIA Azabudai

Minato-ku, Tokyo

2/28/2006

1,732.06

47

1,610

0.4%

4.6%

P-66

RESIDIA Shibadaimon II

Minato-ku, Tokyo

8/24/2006

2,023.20

48

1,740

0.4%

3.3%

P-67

RESIDIA Kanda

Chiyoda-ku, Tokyo

6/1/2006

1,534.57

43

1,140

0.3%

4.9%

P-68

RESIDIA Sangenjaya II

Setagaya-ku, Tokyo

3/13/2006

1,933.54

34

1,280

0.3%

4.4%

P-69

RESIDIA Nishi-Shinjuku II

Shinjuku-ku, Tokyo

5/16/2007

2,478.31

74

1,830

0.4%

10.9%

P-70

RESIDIA Hiroo-Minami

Shibuya-ku, Tokyo

8/30/2007

1,035.75

26

923

0.2%

2.8%

P-72

RESIDIA Mejiro-Otomeyama

Shinjuku-ku, Tokyo

12/10/2002

1,679.94

19

974

0.2%

4.9%

P-73

RESIDIA Shibaura

Minato-ku, Tokyo

9/30/1991

8,508.36

154

4,670

1.1%

2.8%

P-74

RESIDIA Gotenyama

Shinagawa-ku, Tokyo

1/29/2007

1,228.15

16

930

0.2%

7.9%

P-75

RESIDIA Yutenji

Meguro-ku, Tokyo

8/24/2006

5,423.36

118

5,260

1.2%

7.8%

P-76

Park Tower Shibaura Bayward Urban Wing

Minato-ku, Tokyo

5/24/2005

13,490.67

191

9,570

2.3%

3.6%

P-79

RESIDIA Kamimeguro

Meguro-ku, Tokyo

1/27/1993

1,473.68

16

878

0.2%

7.7%

P-81

Windsor House Hiroo

Shibuya-ku, Tokyo

6/13/2003

2,172.91

12

1,750

0.4%

4.8%

P-84

RESIDIA Kita-Shinjuku

Shinjuku-ku, Tokyo

2/26/1997

2,173.62

26

1,460

0.3%

8.8%

P-85

RESIDIA Komazawa

Setagaya-ku, Tokyo

10/17/2008

1,182.47

59

870

0.2%

10.0%

P-86

RESIDIA Shibaura KAIGAN

Minato-ku, Tokyo

1/6/2010

3,898.10

72

2,400

0.6%

4.4%

P-87

RESIDIA Ichigaya-Yakuoji

Shinjuku-ku, Tokyo

8/19/2008

2,169.57

98

2,070

0.5%

3.0%

P-88

RESIDIA Yoga

Setagaya-ku, Tokyo

6/3/2008

1,996.81

66

1,523

0.4%

10.3%

P-89

RESIDIA TOWER Nakameguro

Meguro-ku, Tokyo

3/30/2007

3,989.13

70

3,300

0.8%

2.4%

Tokyo 23 Wards

Tokyo Central 7 Wards

Investment Property
regionno.

Name of property

Location

Construction
completion date

Leasable ﬂoor
Number ofarea
leasable units(m2)

As of July 31, 2015

AcquisitionPrice(million yen)

Investment
ratio

PML

P-90

RESIDIA Sasazuka II

Shibuya-ku, Tokyo

1/21/2011

4,548.96

167

3,760

0.9%

4.2%

P-91

RESIDIA Meguro III

Meguro-ku, Tokyo

1/29/2010

1,206.38

31

950

0.2%

2.6%

P-92

RESIDIA Jiyugaoka II

Setagaya-ku, Tokyo

10/31/2007

1,127.78

17

778

0.2%

5.4%

P-93

RESIDIA Kudanshita II

Chiyoda-ku, Tokyo

1/6/2012

1,612.65

48

1,240

0.3%

2.6%

P-94

RESIDIA Omori II

Shinagawa-ku, Tokyo

3/2/2012

2,171.74

90

1,620

0.4%

2.2%

P-95

RESIDIA Shirokane-Takanawa

Minato-ku, Tokyo

3/15/2012

1,888.07

53

1,480

0.3%

6.7%

P-96

RESIDIA Nakaochiai

Shinjuku-ku, Tokyo

3/3/2008

5,529.19

187

3,656

(Building A)
2.9%(Building B)
0.9%
2.9%
(Building C)
3.0%

P-97

RESIDIA Nakameguro II

Meguro-ku, Tokyo

8/10/2006

1,259.45

50

1,119

0.3%

2.7%

P-98

Artis Court Minamiaoyama

Minato-ku, Tokyo

7/30/2008

1,717.68

23

1,720

0.4%

3.9%

P-99

RESIDIA Yotsuya Sanchome

Shinjuku-ku, Tokyo

5/8/2009

2,915.94

90

2,090

0.5%

3.8%

P-100

RESIDIA Takanawa Katsurazaka

Minato-ku, Tokyo

3/7/2006

1,037.58

45

900

0.2%

5.4%

P-101

RESIDIA Ebisu III

Shibuya-ku, Tokyo

3/9/2006

644.36

26

611

0.1%

3.3%

P-102

RESIDIA Shinjukugyoen

Shinjuku-ku, Tokyo

10/31/2006

844.76

38

687

0.2%

5.2%

P-103

RESIDIA Minami Shinagawa

Shinagawa-ku, Tokyo

10/9/2013

1,515.01

50

1,177

0.3%

8.7%

P-104

Chester Court Ochanomizu

Chiyoda-ku, Tokyo

3/15/2007

3,756.36

118

3,117

0.7%

2.4%

P-105

RESIDIA Kanda-Iwamotocho II

Chiyoda-ku, Tokyo

4/24/2007

1,841.16

48

1,280

0.3%

2.8%

P-106

RESIDIA Shinagawa

Shinagawa-ku, Tokyo

6/22/2007

1,224.18

36

980

0.2%

4.0%

C-1

RESIDIA Mitsukoshimae

Chuo-ku, Tokyo

2/7/2005

2,552.07

105

1,920

0.5%

3.3%

C-2

RESIDIA Kamata

Ota-ku, Tokyo

3/9/2005

4,110.54

166

2,640

0.6%

4.7%

C-3

RESIDIA Ikebukuro

Toshima-ku, Tokyo

3/15/2005

2,207.63

60

1,520

0.4%

7.1%

C-4

RESIDIA Bunkyo-Hongo

Bunkyo-ku, Tokyo

7/23/2005

2,165.35

65

1,680

0.4%

4.6%

C-5

RESIDIA Asakusabashi

Taito-ku, Tokyo

8/27/2005

1,816.14

47

1,060

0.2%

2.9%

C-6

Maison Eclairee Ekoda

Nerima-ku, Tokyo

3/31/1993

1,616.64

94

954

0.2%

9.2%

C-7

RESIDIA Ueno-Okachimachi

Taito-ku, Tokyo

2/20/2006

4,009.27

127

3,160

0.7%

2.1%

C-8

RESIDIA Bunkyo-Hongo II

Bunkyo-ku, Tokyo

1/27/2006

1,960.40

70

1,623

0.4%

3.6%

C-9

RESIDIA Ryogoku

Sumida-ku, Tokyo

2/10/2006

1,378.84

48

913

0.2%

9.1%

C-10

RESIDIA Higashi-Ginza

Chuo-ku, Tokyo

9/1/2006

4,871.02

169

5,251

1.2%

4.3%

C-12

RESIDIA Nihonbashi-Ningyocho II

Chuo-ku, Tokyo

1/17/2007

3,541.09

137

3,180

0.7%

4.6%

C-13

RESIDIA Omori-Higashi

Ota-ku, Tokyo

8/6/2007

1,928.71

81

1,980

0.5%

3.8%

C-15

RESIDIA Kinshicho

Sumida-ku, Tokyo

11/13/2007

4,326.80

157

4,200

1.0%

7.2%

C-16

RESIDIA Negishi

Taito-ku, Tokyo

12/2/2005

1,571.54

28

856

0.2%

7.7%

C-17

RESIDIA Shinkawa

Chuo-ku, Tokyo

2/10/2003

2,764.70

83

1,880

0.4%

5.3%

C-18

RESIDIA Kamiikebukuro

Toshima-ku, Tokyo

12/21/2001

979.04

44

558

0.1%

6.4%

C-19

RESIDIA Shin-nakano

Nakano-ku, Tokyo

6/7/2002

615.28

24

352

0.1%

3.8%

C-21

RESIDIA Bunkyo-Yushima II

Bunkyo-ku, Tokyo

3/1/2004

1,368.01

63

1,010

0.2%

5.3%

C-22

RESIDIA Tsukiji

Chuo-ku, Tokyo

12/6/2005

2,043.00

54

1,460

0.3%

3.4%

C-23

RESIDIA Sasazuka

Suginami-ku, Tokyo

3/15/2000

2,855.98

96

1,800

0.4%

6.9%

C-24

RESIDIA Kyobashi

Chuo-ku, Tokyo

1/18/2005

1,440.11

52

1,220

0.3%

3.4%

C-25

RESIDIA Tamagawa

Ota-ku, Tokyo

9/29/2004

2,137.41

98

1,300

0.3%

5.9%

C-26

RESIDIA Korakuen

Bunkyo-ku, Tokyo

10/18/2004

770.11

31

603

0.1%

3.5%

C-27

RESIDIA Ginza-Higashi

Chuo-ku, Tokyo

9/7/2004

2,824.17

94

2,000

0.5%

4.0%

C-28

RESIDIA Oji

Kita-ku, Tokyo

2/15/2005

1,659.09

61

867

0.2%

3.2%

C-29

RESIDIA Mejiro II

Toshima-ku, Tokyo

7/13/2005

1,450.16

63

1,050

0.2%

2.3%

C-31

RESIDIA Tsukishima

Chuo-ku, Tokyo

2/27/2006

1,694.38

40

1,100

0.3%

6.8%

C-32

RESIDIA Kamata II

Ota-ku, Tokyo

9/3/2006

1,929.24

78

1,360

0.3%

4.0%

C-33

RESIDIA Tsukishima II

Chuo-ku, Tokyo

9/22/2006

3,074.47

105

2,440

0.6%

3.8%

C-34

RESIDIA Kinshicho II

Sumida-ku, Tokyo

1/29/2008

3,394.21

99

2,380

0.6%

4.7%

C-35

RESIDIA Bunkyo-Otowa

Bunkyo-ku, Tokyo

8/4/2003

5,970.11

104

3,380

0.8%

4.7%

C-36

RESIDIA Bunkyo-Sengoku

Bunkyo-ku, Tokyo

2/19/2003

1,104.50

33

707

0.2%

5.0%

C-37

RESIDIA Bunkyo-Yushima

Bunkyo-ku, Tokyo

2/20/2003

1,623.62

39

1,050

0.2%

6.9%

C-38

RESIDIA Ikegami

Ota-ku, Tokyo

7/2/2003

764.84

19

378

0.1%

8.5%

C-39

RESIDIA Nihonbashi-Ningyocho

Chuo-ku, Tokyo

3/3/2004

848.24

25

557

0.1%

5.6%

C-40

RESIDIA Bunkyo-Sengoku II

Bunkyo-ku, Tokyo

4/15/2005

2,117.47

45

1,440

0.3%

4.1%

C-41

RESIDIA Iriya

Taito-ku, Tokyo

12/8/2004

1,826.54

49

990

0.2%

5.4%

C-42

RESIDIA Nihonbashi-Hamacho

Chuo-ku, Tokyo

8/31/2006

1,915.92

45

1,310

0.3%

4.5%

C-43

RESIDIA Shin-Okachimachi

Taito-ku, Tokyo

3/16/2007

2,531.81

69

1,860

0.4%

3.0%

C-44

RESIDIA Chidoricho

Ota-ku, Tokyo

9/5/2006

2,105.15

60

1,290

0.3%

5.0%

C-45

RESIDIA Shinkawa II

Chuo-ku, Tokyo

2/26/2003

2,119.34

36

1,320

0.3%

3.9%

C-46

RESIDIA Mejiro

Toshima-ku, Tokyo

1/12/1999

13,069.70

162

6,280

1.5%

2.6%

C-47

RESIDIA Kasai

Edogawa-ku, Tokyo

1/18/2000

2,177.89

29

683

0.2%

7.0%

C-48

RESIDIA Nihonbashi-Bakurocho

Chuo-ku, Tokyo

2/15/2007

8,502.12

132

5,500

1.3%

2.4%

C-49

RESIDIA Suginami-Honancho

Suginami-ku, Tokyo

2/26/2009

6,953.96

194

3,834

0.9%

4.3%

C-50

RESIDIA Shin-Itabashi

Itabashi-ku, Tokyo

8/4/2009

1,413.22

67

888

0.2%

8.6%

C-51

RESIDIA Kiba

Koto-ku, Tokyo

3/13/2008

3,255.00

155

1,950

0.5%

7.2%

62

Portfolio List

Major Regional Cities

Tokyo Metropolitan Area

Tokyo 23 Wards

Investment Property
regionno.

63

Name of property

Location

Construction
completion date

Leasable ﬂoor
Number ofarea
leasable units(m2)

As of July 31, 2015

AcquisitionPrice(million yen)

Investment
ratio

PML

C-52

RESIDIA Bunkyo-Yushima III

Bunkyo-ku, Tokyo

12/18/2008

1,296.27

52

1,129

0.3%

4.4%

C-53

RESIDIA Bunkyo-Honkomagome

Bunkyo-ku, Tokyo

3/6/2008

3,488.24

98

2,340

0.6%

3.5%

C-54

RESIDIA Tsukishima III

Chuo-ku, Tokyo

2/25/2008

3,152.45

119

2,570

0.6%

4.0%

C-55

RESIDIA Minami-senjyu

Arakawa-ku, Tokyo

3/3/2007

10,097.88

175

2,580

0.6%

5.3%

C-56

RESIDIA Ogikubo

Suginami-ku, Tokyo

3/7/2003

2,830.20

101

1,710

0.4%

4.5%

C-57

RESIDIA Monzennakacho

Koto-ku, Tokyo

2/24/2005

1,458.45

68

970

0.2%

7.6%

C-58

RESIDIA Ochanomizu

Bunkyo-ku, Tokyo

9/7/2005

3,164.96

80

2,090

0.5%

4.2%

C-59

RESIDIA Omori

Ota-ku, Tokyo

3/15/2006

1,528.00

75

1,150

0.3%

1.8%

C-60

RESIDIA Nakamurabashi

Nerima-ku, Tokyo

2/21/2008

1,501.41

66

1,075

0.3%

4.5%

C-61

RESIDIA Kachidoki

Chuo-ku, Tokyo

2/25/2008

2,750.82

55

1,805

0.4%

4.9%

C-62

RESIDIA Bunkyo-Otowa II

Bunkyo-ku, Tokyo

2/26/2008

3,063.83

89

2,268

0.5%

4.0%

C-63

RESIDIA Kinshicho III

Koto-ku, Tokyo

2/21/2005

1,072.75

51

651

0.2%

9.6%

C-64

RESIDIA Kamata III

Ota-ku, Tokyo

3/2/2007

1,404.35

53

948

0.2%

3.5%

(Annex Bldg.)
5.7%(Park Bldg.)
1.9%
5.4%
(Tower Bldg.)
2.9%

C-65

RESIDIA TOWER Kamiikebukuro

Toshima-ku, Tokyo

3/26/2009

31,250.61

472

8,250

C-66

RESIDIA Takashimadaira

Itabashi-ku, Tokyo

2/22/2007

977.96

45

502

0.1%

4.8%

C-67

RESIDIA Shimura-Sakaue

Itabashi-ku, Tokyo

2/28/2007

995.37

44

580

0.1%

3.4%

C-68

RESIDIA Shimura-Sakaue II

Itabashi-ku, Tokyo

3/6/2007

2,066.19

94

1,093

0.3%

5.6%

C-69

RESIDIA Shimura-Sakaue III

Itabashi-ku, Tokyo

3/6/2007

796.76

36

411

0.1%

5.4%

C-70

RESIDIA Ikebukuro West

Itabashi-ku, Tokyo

10/31/2007

1,996.47

72

1,115

0.3%

3.0%

C-71

RESIDIA Ojima

Koto-ku, Tokyo

11/20/2007

1,824.39

87

1,282

0.3%

6.1%

C-72

RESIDIA Machiya

Arakawa-ku, Tokyo

8/11/2009

2,640.34

55

1,168

0.3%

3.2%

C-73

RESIDIA Ueno-Ikenohata

Taito-ku, Tokyo

2/29/2004

2,426.47

71

1,700

0.4%

3.8%

C-74

RESIDIA Nerima

Nerima-ku, Tokyo

3/16/2005

1,073.44

34

503

0.1%

3.9%

C-75

RESIDIA Higashi-Nihonbashi

Chuo-ku, Tokyo

4/28/2006

631.56

22

378

0.1%

5.8%

C-76

RESIDIA Nakano

Nakano-ku, Tokyo

11/15/2006

825.84

30

652

0.2%

4.1%

C-77

RESIDIA Ogikubo II

Suginami-ku, Tokyo

3/5/2007

735.10

36

460

0.1%

5.1%

C-78

RESIDIA Minamiyukigaya

Ota-ku, Tokyo

3/3/2008

2,031.36

58

1,299

0.3%

4.4%

C-79

RESIDIA Akihabara

Taito-ku, Tokyo

4/18/2007

1,415.80

40

977

0.2%

5.1%

C-80

RESIDIA Asakusa-Azumabashi

Sumida-ku, Tokyo

9/20/2007

1,323.50

60

876

0.2%

3.5%

C-81

RESIDIA Omori III

Ota-ku, Tokyo

12/14/2012

1,586.48

65

1,395

0.3%

3.1%

C-82

RESIDIA Nihonbashi-Bakurocho II

Chuo-ku, Tokyo

4/15/2014

2,412.99

77

1,975

0.5%

3.8%

C-83

RESIDIA Nihonbashi-Bakurocho III

Chuo-ku, Tokyo

3/17/2008

2,735.04

55

1,833

0.4%

3.7%

S-2

Chester House Kawaguchi

Kawaguchi-shi, Saitama

3/7/1991

2,023.11

39

771

0.2%

5.5%

S-4

RESIDIA Higashi-Matsudo

Matsudo-shi, Chiba

4/23/2007

3,431.44

44

1,100

0.3%

4.6%

S-5

RESIDIA Shin-Yokohama

Yokohama-shi, Kanagawa

1/30/2007

3,277.62

131

1,920

0.5%

5.6%

S-7

RESIDIA Chofu

Chofu-shi, Tokyo

3/7/2007

1,750.49

41

1,143

0.3%

5.0%

S-11

Tokyo Student-House WAKO

Wako-shi, Saitama

4/30/1990

1,684.02

127

675

0.2%

10.2%

S-12

RESIDIA Kokubunji

Kokubunji-shi, Tokyo

2/10/2003

879.44

33

518

0.1%

2.9%

S-14

RESIDIA Yokohama-Kannai

Yokohama-shi, Kanagawa

8/17/2004

2,359.60

102

1,700

0.4%

8.4%

S-15

RESIDIA Okurayama

Yokohama-shi, Kanagawa

3/2/1998

1,334.56

64

755

0.2%

5.3%

S-16

RESIDIA Musashikosugi

Kawasaki-shi, Kanagawa

2/26/2007

2,560.40

68

1,580

0.4%

7.2%

S-17

RESIDIA Funabashi I & II

Funabashi-shi, Chiba

3/1/2007

4,567.44

172

2,730

0.6%

S-19

RESIDIA Kichijoji

Musashino-shi, Tokyo

3/20/1995

2,214.73

48

1,380

0.3%

9.1%

S-20

Paciﬁc Royal Court Minato Mirai Ocean Tower

Yokohama-shi, Kanagawa

11/6/2007

26,082.53

416

14,000

3.3%

4.5%

S-21

Maison Yachiyodai

Yachiyo-shi, Chiba

8/7/1989

3,506.54

39

882

0.2%

5.4%

S-22

Life & Senior House Kohoku II

Yokohama-shi, Kanagawa

10/31/2003

5,433.40

78

1,670

0.4%

6.4%

(I) 3.6%(II) 3.4%

S-23

College Court Tanashi

Nishi-Tokyo-shi, Tokyo

2/18/2010

1,136.09

91

810

0.2%

7.7%

S-24

RESIDIA Urayasu

Urayasu-shi, Chiba

9/18/2009

3,692.76

146

2,115

0.5%

6.7%

S-25

RESIDIA Minami-Gyotoku

Ichikawa-shi, Chiba

2/16/2005

1,785.00

85

823

0.2%

6.6%

S-26

RESIDIA Urayasu II

Urayasu-shi, Chiba

2/25/2005

1,554.00

74

802

0.2%

7.5%

S-27

RESIDIA Gyotoku

Ichikawa-shi, Chiba

2/25/2005

1,569.74

75

761

0.2%

6.1%

S-28

RESIDIA Kawasaki

Kawasaki-shi, Kanagawa

3/6/2007

2,644.73

104

1,670

0.4%

4.7%
7.5%

S-29

Cocofump Hiyoshi

Yokohama-shi, Kanagawa

1/29/2010

5,247.90

85

1,050

0.2%

S-30

RESIDIA Sagamihara

Sagamihara-shi, Kanagawa

5/27/2004

2,913.01

111

1,051

0.2%

6.8%

S-31

RESIDIA Yokohama-Bashamichi

Yokohama-shi, Kanagawa

9/26/2005

1,884.81

27

736

0.2%

11.5%

S-32

RESIDIA Hon-Atsugi

Atsugi-shi, Kanagawa

1/16/2008

1,215.90

49

606

0.1%

11.0%

R-2

RESIDIA Imadegawa

Kyoto-shi, Kyoto

2/26/1999

3,714.11

154

1,671

0.4%

10.9%

R-4

RESIDIA Higashizakura

Nagoya-shi, Aichi

2/20/2006

3,084.03

91

1,290

0.3%

3.4%

R-5

RESIDIA Kameyama

Kameyama-shi, Mie

2/20/2007

6,065.11

182

1,610

0.4%

4.2%

R-6

RESIDIA Ryokuchikoen

Toyonaka-shi, Osaka

5/7/2007

2,391.35

44

979

0.2%

5.7%

R-8

RESIDIA Kobe Port Island

Kobe-shi, Hyogo

9/1/2007

9,708.00

404

3,740

(South Bldg.;Centre
Bldg.) 6.8%
0.9%
(NorthBldg.) 6.7%

Major Regional Cities

Investment Property
regionno.

Name of property

Location

Construction
completion date

Leasable ﬂoor
Number ofarea
leasable units(m2)

As of July 31, 2015

AcquisitionPrice(million yen)

Investment
ratio

PML

R-10

RESIDIA Hakata

Fukuoka-shi, Fukuoka

3/12/2002

3,955.24

155

1,220

0.3%

3.4%

R-11

RESIDIA Tenjinbashi

Osaka-shi, Osaka

2/15/2000

2,113.91

78

871

0.2%

8.3%

R-12

RESIDIA Sannomiya-Higashi

Kobe-shi, Hyogo

11/7/2005

5,698.03

161

2,220

0.5%

3.2%

R-13

KC21 Building

Sendai-shi, Miyagi

3/12/1997

2,716.11

79

900

0.2%

2.4%

R-14

RESIDIA Utsubokoen

Osaka-shi, Osaka

1/11/2006

2,741.46

94

1,170

0.3%

6.6%

R-15

RESIDIA Kyoto-ekimae

Kyoto-shi, Kyoto

2/28/2006

4,010.85

116

1,970

0.5%

9.9%

R-16

RESIDIA Takaoka

Nagoya-shi, Aichi

8/20/2007

5,944.56

198

2,330

0.5%

3.5%

R-17

RESIDIA Hibino

Nagoya-shi, Aichi

4/10/1992

7,598.40

124

1,340

0.3%

3.9%

R-19

RESIDIA Tenjin-Minami

Fukuoka-shi, Fukuoka

1/15/2004

3,179.96

56

936

0.2%

4.9%

R-20

RESIDIA Hakataeki-Minami

Fukuoka-shi, Fukuoka

1/14/2003

1,606.29

39

324

0.1%

2.7%

R-21

RESIDIA Hisaya-Odori II

Nagoya-shi, Aichi

2/2/2005

1,930.70

38

685

0.2%

5.0%

R-24

RESIDIA Minami-Ichijo

Sapporo-shi, Hokkaido

12/19/2006

5,928.51

179

1,640

0.4%

0.9%

R-25

RESIDIA Odori-Nishi

Sapporo-shi, Hokkaido

12/5/2006

4,512.24

103

1,320

0.3%

1.1%

R-26

RESIDIA Kita-Sanjo

Sapporo-shi, Hokkaido

1/25/2007

3,867.60

100

1,130

0.3%

1.4%

R-27

RESIDIA Shirakabe-Higashi

Nagoya-shi, Aichi

5/25/2005

2,709.97

33

831

0.2%

4.1%

R-29

RESIDIA Uzumasa

Kyoto-shi, Kyoto

1/17/2000

3,201.93

48

701

0.2%

13.5%

R-30

RESIDIA Izumi

Nagoya-shi, Aichi

11/17/2005

9,715.22

122

3,700

0.9%

3.1%

R-31

RESIDIA Maruyama Kita-Gojo

Sapporo-shi, Hokkaido

2/2/2007

3,920.00

56

1,050

0.2%

1.2%

R-32

RESIDIA Tokugawa

Nagoya-shi, Aichi

12/19/2006

2,282.49

27

751

0.2%

3.9%

R-34

RESIDIA Odori-Koen

Sapporo-shi, Hokkaido

8/2/2007

6,230.49

109

2,010

0.5%

0.9%

R-35

RESIDIA Tanimachi

Osaka-shi, Osaka

8/22/2008

2,655.18

108

1,100

0.3%

7.5%

R-36

RESIDIA Hisaya-Oodori

Nagoya-shi, Aichi

2/1/2007

1,684.19

57

653

0.2%

4.8%

R-37

RESIDIA Sendai-Miyamachi

Sendai-shi, Miyagi

1/30/2008

2,005.48

67

529

0.1%

2.5%

R-38

RESIDIA Hirosedori

Sendai-shi, Miyagi

2/22/2010

1,564.29

63

494

0.1%

2.8%

R-39

RESIDIA Edobori

Osaka-shi, Osaka

2/11/2007

3,369.51

127

1,400

0.3%

8.7%

R-40

RESIDIA Kyomachibori

Osaka-shi, Osaka

3/6/2007

2,398.90

84

1,000

0.2%

7.8%

R-41

RESIDIA Esaka

Suita-shi, Osaka

7/31/2007

2,177.04

68

990

0.2%

4.8%

R-42

RESIDIA Nishijin

Fukuoka-shi, Fukuoka

1/22/2008

7,282.78

173

2,380

0.6%

2.6%

R-43

RESIDIA Tsurumai

Nagoya-shi, Aichi

2/7/2008

3,116.98

122

1,206

0.3%

3.6%

R-44

RESIDIA Kobe-Isogami

Kobe-shi, Hyogo

3/17/2008

6,714.74

196

2,740

0.6%

3.6%

R-45

RESIDIA Kita-Nijyo-East

Sapporo-shi, Hokkaido

3/1/2006

3,808.98

56

894

0.2%

1.1%

R-46

RESIDIA Shinsaibashi West

Osaka-shi, Osaka

2/21/2007

4,243.06

97

1,921

0.5%

9.1%

R-47

RESIDIA Marunouchi

Nagoya-shi, Aichi

1/16/2007

2,349.52

86

972

0.2%

2.8%

R-48

RESIDIA Sapporo-Ekimae

Sapporo-shi, Hokkaido

2/8/2007

6,088.03

168

1,483

0.3%

0.7%

R-49

RESIDIA Gosho-Higashi

Kyoto-shi, Kyoto

9/4/2007

2,601.26

57

1,227

0.3%

8.9%

R-50

RESIDIA Rakuhoku

Kyoto-shi, Kyoto

3/19/2008

2,101.83

75

874

0.2%

12.4%

R-51

RESIDIA Miyakojima I & II

Osaka-shi, Osaka

9/3/2006

12,724.11

178

3,232

0.8%

7.1%

R-52

RESIDIA TOWER Sendai

Sendai-shi, Miyagi

1/25/2008

5,088.45

67

1,705

0.4%

2.3%

R-53

RESIDIA Higashizakura II

Nagoya-shi, Aichi

2/27/2006

8,467.67

127

2,862

0.7%

3.1%

0.4%

(EAST)
2.6%(WEST)
2.7%

R-54

RESIDIA Tsutsujigaoka

Sendai-shi, Miyagi

11/11/2006

5,415.90

R-55

RESIDIA Kobe-Motomachi

Kobe-shi, Hyogo

1/31/2007

2,373.77

85

1,052

0.2%

5.8%

R-56

RESIDIA Sendai-Honcho

Sendai-shi, Miyagi

6/20/2007

3,143.80

105

1,117

0.3%

2.3%

R-57

RESIDIA Sendai-Haranomachi

Sendai-shi, Miyagi

9/12/2007

2,111.76

72

593

0.1%

2.1%

R-58

RESIDIA Minami-Ichijo East

Sapporo-shi, Hokkaido

1/22/2008

4,063.96

85

1,062

0.3%

1.1%

R-59

RESIDIA Shin-Osaka

Osaka-shi, Osaka

2/16/2014

5,300.36

208

2,644

0.6%

6.2%

R-60

RESIDIA Okayama-Ekimae

Okayama-shi, Okayama

3/21/2004

3,063.96

108

772

0.2%

1.7%

R-61

RESIDIA Kyoto Okazaki

Kyoto-shi, Kyoto

3/19/2005

621.98

23

228

0.1%

14.1%

R-62

RESIDIA Sendai-Ichibancho

Sendai-shi, Miyagi

3/1/2006

3,184.61

103

1,083

0.3%

2.4%

R-63

RESIDIA Kita-Nijyo-East II

Sapporo-shi, Hokkaido

2/16/2007

2,296.58

51

539

0.1%

1.2%

R-64

RESIDIA Takamiya

Fukuoka-shi, Fukuoka

2/11/2007

1,556.02

51

489

0.1%

6.1%

R-65

RESIDIA Soen

Sapporo-shi, Hokkaido

2/14/2007

1,944.70

60

385

0.1%

1.4%

R-66

RESIDIA Tenjin

Fukuoka-shi, Fukuoka

5/16/2007

3,175.04

88

1,123

0.3%

3.4%

R-67

RESIDIA Yakuin-Oodori

Fukuoka-shi, Fukuoka

6/15/2007

3,221.40

91

1,123

0.3%

4.5%

R-68

RESIDIA Hakata II

Fukuoka-shi, Fukuoka

9/10/2007

3,592.60

124

1,359

0.3%

1.8%

R-69

RESIDIA Kego

Fukuoka-shi, Fukuoka

1/10/2008

2,293.82

86

834

0.2%

2.3%

R-70

RESIDIA Shirakabe

Nagoya-shi, Aichi

3/3/2008

2,449.20

70

907

0.2%

4.4%

757,856.84

20,122

424,146

100%

2.4%

875.22

31

839

0.2%

8.4%

Total

168

1,796

Properties slated for acquisition
P-107

RESIDIA Yoyogi II

Shibuya-ku, Tokyo

1/1/2008

Notes 1. In the “Investment region” column, “Tokyo Central 7 Wards” indicates the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa wards of Tokyo; “Tokyo 23 Wards”
indicates the Tokyo 23 wards other than the Tokyo Central 7 Wards; “Tokyo Metropolitan Area” indicates Tokyo (excluding the Tokyo 23 wards) and Kanagawa, Saitama and Chiba
prefectures; and “Major Regional Cities” indicates cabinet order-designated and similar cities excluding cities in the Tokyo Metropolitan Area.
2. In the “Construction completion date” column, if there are multiple buildings in a property where the completion dates diﬀer, the listed completion date is calculated by averaging eachbuilding’s completion date weighted by the respective building’s total ﬂoor space.
3. 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.

64Asset Management Company Proﬁle
AD Investment Management Co., Ltd.
Jinbocho Mitsui Building 17F, 1-105 Jinbocho, Chiyoda-ku, Tokyo
Executive
Director

Descriptionof businessCompany
history

President

Kenji Kousaka

Executive Director

Takeshi Takano

Managing Director

Junichi Shoji

Director

Tomoyuki Kimura

Director

Hiroshi Kawakami

Director (non-executive)

Koji Fukaki

Director (non-executive)

Takashi Fujita

Director (non-executive)

Masatoshi Maki

Statutory Auditor

Hiromasa Yamamoto

Statutory Auditor (non-executive)

Kaori Iwasawa

Investment management businessFeb. 2, 2005

Established as Japan Residential Management Co., Ltd.

Apr. 9, 2005

Obtained real estate agent license (Tokyo Governor License (3) No. 84325)

May 17, 2005
June 23, 2005
Sep. 8, 2005
Sep. 30, 2007

Changed trade name to AD Investment Management Co., Ltd.
Obtained discretionary transaction agent approval under Building Lots and Buildings Transaction Business Act(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)

Mar. 1, 2010

Merged with Paciﬁc Residential Corporation

Aug. 5, 2013

Registered as First-Class Architect Oﬃce (Tokyo Metropolitan Registration No. 58856)

Shareholder
composition

Name
ITOCHU Corporation

No. of Shares
4,980

Voting Rights (%)
80.6

ITOCHU Property Development, Ltd.

1,200

19.4

Total

6,180

100.0

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

65

Investor Information
Unit-holder Composition

As of July 31, 2015
No. of unit-holders

50.3%

FP 01-2011

7.5%

53.3%

FP 07-2011
FP 01-2012

49.6%

FP 07-2012

51.2%

7.0%

21,293

17.1%

21,570

24.7%

17.3%

23,147

22.1%

6.0%

FP 01-2014

62.8%
65.1%

22,882

16.9%

6.6%

FP 07-2014

19.2%

26.5%

6.8%

57.4%

FP 07-2013

22.8%

6.8%

55.0%

FP 01-2013

23.0%

23.2%
5.6%

19.6%

5.5%

16.2%

23,015

13.4%

23,41312.0%

21,98011.1%

22,11818.3%

FP 01-2015

70.0%

5.0%

15.0%

9.9%

20,440FP 07-2015

71.1%

5.0%

14.7%

9.2%

19,246

0%

25%

50%

Japanese Financial Institutions Other Japanese(including Securities Companies) Corporations(share)No. of Units
No. of unit-holders(share)75%

Foreign Corporations
and Individuals(share)100%

Domestic Individuals
and Others

Total(share)(share)923,74071.1%

64,8605.0%

191,252

14.7%

120,1489.2%

1,300,000

100.0%

180

0.9%

274

1.4%

257

1.3%

18,535

96.3%

19,246100.0%

Inquiries

Dividends

For the following inquiries, please contact the securities
company where you have your trading account.
• Change in account address, name and otherregistered details• Designation or change of dividend transfer account• Requests for documents required for the
aforementioned procedures

Dividends can be collected by bringing the “unit-holder
dividend receipt” to your nearest Japan Post Bank
office or a bank agent post office in Japan. If thecollection period has elapsed, please make yourcollection by designating the collection method on theback of the “unit-holder dividend receipt” and mailingit to Mizuho Trust & Banking’s Stock Transfer Agency
Department or bringing it to a Mizuho Trust & Banking,Mizuho Securities main or branch office. (Note: If thepayment processing does not take place on thepremises of the office you have visited, it may take a
few days to collect.) If you wish to designate a banktransfer for future dividend payments, please contact
your securities company.

Inquiries regarding ADR
For information on ADR, please visit ADR’s website at
the address shown below, or directly contact the asset
management company, AD Investment Management
Co., Ltd.
Website:www.adr-reit.co.jp
Email:
ir@adr-reit.co.jp
Investor relations (phone): +81-3-3518-0432
Fax:+81-3-3518-0481

66

www.adr-reit.com

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