July 18, 2024

Financial Report for the Fiscal Period Ended May 31, 2024
(December 1, 2023 – May 31, 2024)

Activia Properties Inc.
Listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange3279
https://www.activia-reit.co.jp/en/
Nobuhide Kashiwagi, Executive Director

Investment management company:
TLC REIT Management Inc.
Representative: Akira Kubo, President & CEO
Contact:
Manabu Kamikawara, General Manager of Strategy Department,
Activia Management Division
TEL: +81-3-6455-3377
Scheduled date to file Securities Report:
Scheduled date to start distribution payments:
Supplementary material on financial report:
Financial report presentation meeting:

August 27, 2024
August 19, 2024
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)1.

Summary of financial results for the fiscal period ended May 31, 2024
(December 1, 2023 – May 31, 2024)(1) Operating results(Percentages show changes from the corresponding amounts for the previous period.)
Operating revenue

Fiscal period ended
May 31, 2024
Fiscal period ended
November 30, 2023

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

15,910

(8.3)

8,411

(12.3)

7,417(14.0)

7,416(14.0)

17,344

(0.8)

9,588

(2.4)

8,622

(2.7)

8,621

(2.5)

Basic earnings per unit

Return on unitholders’equity (ROE)%

Ordinary profit tototal assets

Ordinary profit tooperating revenue

Yen%%
Fiscal period ended
9,283
2.7
1.3
46.6
May 31, 2024
Fiscal period ended
10,6783.1
1.5
49.7
November 30, 2023
(Note) Basic earnings per unit is calculated by dividing profit by the day-weighted average number of investment units for theperiod (807,446 units for the fiscal period ended November 30, 2023 and 798,941 units for the fiscal period ended
May 31, 2024).

-1-

(2) Cash distributions
Cash
distributions
per unit

Total
distributions(excluding excessof earnings)(excluding excessof earnings)

Cashdistributions
in excess ofearnings
per unit

Yen Millions of yen
Fiscal period ended
May 31, 2024
Fiscal period ended
November 30, 2023

Cash
distributions
per unit

Total
distributions
in excess ofearnings(including excessof earnings)

Yen Millions of yen

Total
distributions(including excessof earnings)

Yen Millions of yen

9,365

7,418

–

–

9,365

7,418

9,611

7,760

–

–

9,611

7,760

Payout ratio

Distribution
ratio tounitholders’equity%%Fiscal period ended
100.0
2.8
May 31, 2024
Fiscal period ended
90.0
2.8
November 30, 2023
(Note 1) The difference between total distributions and profit was due to the provision of reserve for tax purpose reduction
entry ((fiscal period ended November 30, 2023) ¥862 million).
(Note 2) Because treasury investment units were canceled during the fiscal period ended May 31, 2024, the payout ratio for theperiod is obtained by the following formula with figures rounded to the first decimal place: Payout ratio = total
distributions (excluding excess of earnings) / profit × 100(3) Financial position

As of May 31, 2024

Total assets

Net assets

Millions of yen
561,792

Millions of yen
268,462

568,922274,803

As of November 30, 2023
(Reference) Unitholders’ equity
As of November 30, 2023:
As of May 31, 2024:

Unitholders’ equity tototal assets%
47.8

Net assets per unit

48.3

340,336Yen
338,922¥274,803 million¥268,462 million(4) Cash flows

Fiscal period ended
May 31, 2024
Fiscal period ended
November 30, 2023

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

12,942(1,723)(13,922)

22,844

13,797(1,474)(8,124)25,548-2-

2.

Forecasts of results for the fiscal period from June 1, 2024 to November 30, 2024 andthe fiscal period from December 1, 2024 to May 31, 2025
(Percentages show changes from the corresponding amounts for the previous period.)
Operatingrevenue
Millionsof yenFiscal period ending
November 30, 2024
Fiscal period ending
May 31, 2025

Operatingprofit% Millionsof yenOrdinary
profit% Millionsof yen(excluding excessof earnings)

Cashdistributions
in excess ofearnings
per unit

%

Yen

Yen

Cash
distributions
per unit

Profit% Millionsof yen15,525

(2.4)

7,643

(9.1)

6,544 (11.8)

6,543 (11.8)

9,300

–

15,597

0.5

7,869

2.9

6,709

6,708

8,700

–

2.5

2.5

(Reference) Forecasted basic earnings per unit (forecasted profit / total projected number of investment units issued at end of
period)for the fiscal period ending November 30, 2024:¥8,260for the fiscal period ending May 31, 2025:¥8,469* Other(1) Changes in accounting policies, changes in accounting estimates, and restatement of priorperiod financial statements
a.
b.
c.
d.

Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement of prior period financial statements: None

(2) Total number of units issueda.

b.

Total number of units issued at end of period (including treasury investment units)
As of May 31, 2024

792,106 units

As of November 30, 2023

807,446 units

Number of treasury investment units at end of period
As of May 31, 2024

– units

As of November 30, 2023

– units(Note) Please refer to “Per Unit Information” on page 31 for the number of investment units used as the basis
for calculating basic earnings per unit.

* Financial reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Other special items
Forward-looking statements presented in this financial report including forecasts of results are based on
information currently available to us and on certain assumptions we deem to be reasonable. As such, actual
operating and other results may differ materially due to a number of factors. Furthermore, these forecasts arein no way a guarantee of any distribution amount. Please refer to “Assumptions for Forecasts of Investment
Performance for the 26th Fiscal Period from June 1, 2024 to November 30, 2024 and the 27th Fiscal Period
from December 1, 2024 to May 31, 2025” on pages 10 through 11 for information on assumptions for theforecasts.

This English version is a translation of the original Japanese document and is only for reference purposes. In
the case where any differences occur between the English version and the original Japanese version, theJapanese version will prevail.

-3-

Index
1. Asset Management Status .............................................................................................................................. 5(1) Asset Management Status ...................................................................................................................... 5
2. Financial Statements .................................................................................................................................... 12(1) Balance Sheet ....................................................................................................................................... 12(2) Statement of Income ............................................................................................................................ 14(3) Statement of Unitholders’ Equity......................................................................................................... 15(4) Statement of Cash Distributions .......................................................................................................... 17(5) Statement of Cash Flows...................................................................................................................... 18(6) Notes on Assumption of Going Concern ............................................................................................. 19(7) Notes on Important Accounting Policies ............................................................................................. 19(8) Notes to Financial Statements .............................................................................................................. 20(9) Changes in Total Number of Investment Units Issued ........................................................................ 32
3. Reference Information ................................................................................................................................. 35(1) Composition of Invested Assets ........................................................................................................... 35(2) Investment Assets ................................................................................................................................ 36-4-

1. Asset Management Status(1) Asset Management Statusi) Summary of Results for the Current Fiscal Period(A) Transition of Investment Corporation
Activia Properties Inc. (hereinafter referred to as the “Investment Corporation”) was established on
September 7, 2011, with unitholders’ capital of ¥200 million (400 units), and with TLC Township Inc.
acting as organizer in accordance with the Act on Investment Trusts and Investment Corporations(Act No. 198 of 1951, including subsequent revisions; hereinafter referred to as the “Investment TrustAct”). The Investment Corporation completed its registration in the Kanto Local Finance Bureau on
September 20, 2011 (Director-General of the Kanto Local Finance Bureau No. 73). Note that on April
1, 2017, an absorption-type merger took place with what is now TLC REIT Management Inc.
(hereinafter referred to as the “Asset Manager”) as the surviving company and TLC Activia
Investment Management Inc. (its trade name was changed from TLC Township Inc. on April 1, 2012)
as the absorbed company.
After that, the Investment Corporation was listed on the real estate investment trust securities marketof Tokyo Stock Exchange, Inc. (Securities code 3279) on June 13, 2012. On September 7, 2021, theInvestment Corporation carried out its seventh publicly offered capital increase after the listing, andon September 28, 2021, it carried out a third-party allotment.
“Activia” of “Activia Properties,” the name of the Investment Corporation, has been coined from thewords “activate” and “ia,” a suffix meaning “place.” By investing in and managing real estate
appropriate to its name, the Investment Corporation seeks to become an entity capable of broadlyenergizing society. The Investment Corporation will also select real estate capable of sustaining
customer demand as a location for both corporate activities and urban recreation in popular areas,
with the aim of maximizing the medium- and long-term value of unitholders, supported by its
proactive management (management to improve the circumstances by taking initiatives and acting forthe future).
In the fiscal period under review, which ended on May 31, 2024, the Investment Corporationtransferred A-FLAG KOTTO DORI on May 31, 2024. Consequently, the Investment Corporation
held 45 properties (with the total acquisition price of ¥541,800 million) at the end of the fiscal period
under review.
(B) Investment Environment in the Fiscal Period Under Review
The Japanese economy underwent a gradual recovery during the fiscal period under review withimprovements in corporate earnings and the employment situation, despite signs of stalling consumer
spending.
In the environment for retail properties, an improved willingness of tenants to open stores emerged
mainly on account of an increase in inbound foreign tourists. According to the 2024 Q1 edition of“Japan Retail Market View” published by CBRE, vacancy rates declined from the previous fiscal
period in many areas. In the Shibuya area, which showed a particularly large decline, store openings
by various business types including sports brand stores and jewelry stores contributed to the reduction
in vacancies.
In the rental office market, the vacancy rate declined as a result of relocations for reasons such as
upgrading, seeking better location, and expansion, particularly among the modern building category.
Meanwhile, the average vacancy rate in the five central wards of Tokyo (Chiyoda-ku, Minato-ku,
Chuo-ku, Shibuya-ku and Shinjuku-ku) as of May 31, 2024, according to data published by Miki
Shoji Co., Ltd., was 5.48%, a decrease of 0.55 percentage points from November 30, 2023. Of these,
the vacancy rate in Shibuya-ku remained at a low level compared to the other areas at 4.13%. The
average rent per tsubo (about 3.3 square meters) in the five central wards of Tokyo as of May 31,
2024, was ¥19,944.
In the J-REIT market, amid a continuing trend of falling prices caused by loose supply and demand, arebound is taking shape through March’s elimination of negative interest rates, however faced withlong-term rising interest rates among other factors, the market has shifted back to a downward trend
since Golden Week (a succession of holidays from the end of April to the beginning of May).

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(C) Investment Performance
The Investment Corporation transferred A-FLAG KOTTO DORI (with the transfer price of ¥5,000
million) on May 31, 2024 in accordance with the basic asset management policy set forth in the
Articles of Incorporation.
Consequently, total assets held by the Investment Corporation at the end of the fiscal period underreview were 45 properties (with the total acquisition price of ¥541,800 million) with the total leasablearea of 443,836.19 m2 (134,202 tsubo).
The trend of monthly average occupancy rate (Note) during the fiscal period under review is asfollows:
December31, 2023

January 31, February 29,
2024
2024

March 31,2024

April 30,2024

May 31,2024

Urban Retail
Properties

98.2%

98.6%

98.9%

98.9%

98.5%

98.6%

Tokyo Office
Properties

98.7%

98.9%

99.2%

99.1%

98.9%

99.0%

Activia
Account
Properties

99.7%

99.2%

99.8%

100.0%

100.0%

100.0%

Total

98.9%

98.9%

99.4%

99.4%

99.2%

99.3%

(Note)

Figures for occupancy rates are rounded to the nearest tenth.

(D) Initiatives Regarding Sustainability
In order to build a portfolio consisting of “real estate capable of sustaining customer demand” withthe aim of maximizing medium- and long-term unitholder value, the Investment Corporation has beenpromoting various initiatives with its sights set on lowering environmental loads and contributing toour nearby surroundings and local communities, thereby extending beyond considerations such as
location, use, size and qualities. In July 2019, as material issues that the Investment Corporation needs
to address, we released quantitative targets encompassing a wider range of performance benchmarks
from an environmental standpoint, and also clearly stated practical management policy to such ends.
In addition, we are striving daily to achieve our basic objective of cutting unit energy consumption,etc. by an annual average of 1% over the medium to long term.
In terms of work to reduce environmental impacts during the fiscal period under review, the lighting
was upgraded to LED lighting at (1) Osaka Nakanoshima Building and (2) Umeda Gate Tower. The
use of environmentally friendly products that conform to the Green Procurement Standards of TLC
REIT Management Inc., the Asset Manager, is expected to reduce energy consumption by 34% at (1)and 66% at (2). In addition, lighting enhancements at (2) are expected to improve the workplaceenvironment for tenant employees. In addition, at A-PLACE Gotanda Ekimae, we repaired toilets.
This will likely save 5,120kl of water per year.
Also, we continue to engage in acquiring green building certifications every year. During the fiscal
period under review, we reacquired the CASBEE for Real Estate certification for six properties andmade every effort to maintain them. As a result, a total of 34 properties have green building
certifications, which amounts to 74.1% of our holdings calculated on the basis of gross floor area (asof May 31, 2024).
Moreover, in the Omohara Forest garden on the rooftop of Tokyu Plaza Omotesando “Omokado,” weharnessed our knowledge of ecosystems honed over more than a decade since opening the building to
set up new bird nesting boxes for the Japanese tit. In this way, we are creating not only lively humanactivity, but thriving animal life, and we continue to promote initiatives for the benefit of biodiversity
in urban areas.
The Investment Corporation will contribute to achieving a sustainable society by engaging in suchinitiatives geared to the environment and society.
(E) Overview of Financing
During the fiscal period under review, the Investment Corporation borrowed ¥17,500 million largely
in order to cover repayment of borrowings that had come due, and worked to otherwise maintain a-6-stable financial base through ongoing moves that have included diversifying repayment dates. As aresult, as of the end of the fiscal period under review, the balance of interest-bearing debt was¥265,850 million (borrowings of ¥238,150 million and investment corporation bonds of ¥27,700
million). The ratio of interest-bearing debt to total assets (LTV = Balance of interest-bearing debt /Total assets x 100) was 47.3% as of the end of the fiscal period under review. The long-term debt
ratio and the ratio of fixed-interest debt to total interest-bearing debt were 100.0% and 92.4%,
respectively.
The credit rating the Investment Corporation has obtained as of the end of the fiscal period underreview is as follows. This investment unit does not have a credit rating provided or made available forinspection by a credit rating agency or one scheduled to be provided or made available for inspection
by a credit rating agency at the Investment Corporation’s request.
Credit Rating Agency

Rating

Forecast

Japan Credit Rating Agency (JCR)

Long-term issuer rating: AA

Stable(F) Overview of Financial Results and Distributions in the Fiscal Period Under Review
As a result of the above-mentioned investments, operating revenue, operating profit, and ordinary
profit were ¥15,910 million, ¥8,411 million, and ¥7,417 million, respectively, for the fiscal period
under review, and profit was ¥7,416 million.
As for distributions for the fiscal period under review, the decision has been made to pay distributionsof profit of ¥7,418,072,690, which is the entire amount of the unappropriated retained earnings after
deducting the internal reserve for the stabilization of future distributions. Consequently, distributions
per investment unit resulted in ¥9,365.

-7-ii) Outlook for the Next Fiscal Period(A) Investment Environment for the Next Fiscal Period
The Japanese economy is expected to experience growth in excess of the potential growth rate due toa financial environment of monetary easing against a backdrop of moderate growth in the overseas
economy. On the other hand, close attention must be paid to the risk of protracted monetary tightening
if levels of inflation overseas remain high, to the risk of volatility due to geopolitical factors involving
Ukraine, the Middle East, etc., and to the concern over the outlook of the Chinese economy.
In the environment for retail properties, there has been tight supply and demand throughout Japan, andthe trend of rising rent income for the most commercially valuable and bustling areas amid strong
appetite for opening stores, despite the potential for a weakening trend of store openings resulting
from fewer vacancies.
In the rental office market, while there are a certain number of new buildings that are expected toretain vacancies after their completion, we believe that there will continue to be positive relocation
demand, particularly among tenants seeking environmental improvements. As for the J-REIT market,
although there is a continuing trend of falling prices due to caution over expected interest rate hikes
by the Bank of Japan and falling and a reduction in its government bond purchases, there continues tobe a sense that domestic stocks are undervalued, and this is accompanied by high yields, so we believe
the J-REIT market can be expected to perform solidly.
Amid this environment, the Investment Corporation will fulfill its social responsibility through further
promoting sustainability initiatives, etc. while identifying opportunities for market recovery andimprovement in order to realize both internal growth and external growth and work to continuously
enhance unitholder value through EPU growth.
(B) Investment Policy and Developments to Be Addressed in the Next Fiscal Perioda. Basic Policy
The Investment Corporation’s basic policies are to invest in assets, with targeted investments in
Urban Retail and Tokyo Office properties; utilize the Tokyu Fudosan Holdings Group’s value chain
based on the comprehensive support system; and a governance structure that maximizes unitholder
value.
b. External Growth Strategy
The Investment Corporation will invest in Urban Retail and Tokyo Office properties as a main
target. It will make its investment decisions carefully, concentrating on selecting properties in
excellent locations, including surrounding areas, and thoroughly considering individual factors suchas use, size, specifications and other qualities of properties, and credibility and name recognition oftenants, in order to construct a competitive portfolio in the medium to long term.
To acquire these competitive assets on an ongoing basis, the Investment Corporation will work tomaintain and improve the quality of its portfolio by rigorously selecting investment assets based on
the information it receives under its sponsor support agreement with Tokyu Land Corporation
regarding the Investment Corporation and its support agreement with three group companies in the
Tokyu Fudosan Holdings Group. It will also acquire properties through the exclusive know-how
and information-gathering network of the Asset Manager.
c. Internal Growth Strategy
The Investment Corporation will operate, manage, and refurbish its portfolio to maintain andimprove the competitiveness of its facilities through a comprehensive understanding of the featuresof its overall portfolio and its individual assets under management, based on the unique expertise of
its Asset Manager. The Investment Corporation will also seek to manage its portfolio in a stablemanner and strengthen its earnings by establishing appropriate operational and management
systems tailored to the specific characteristics of the assets it has invested in, and through regularand non-regular inspections by the property management company that has considerable experiencein the operation and management of real estate.
The Investment Corporation will also maintain and improve the value of its assets through its
expertise in internal growth through operating and managing properties. It will maximize thecompetitiveness of its assets through the ongoing assistance of Tokyu Land Corporation and othersupport companies, which, through their face-to-face business with consumers, have richinformation regarding consumer needs and developments in industries such as retail and services.
-8-

With respect to the property management business for the assets under management, leasing support
has been provided from Tokyu Land Corporation, Tokyu Land SC Management Corporation or
Tokyu Community Corp.
d. Financial Strategy
Having a sound financial strategy in an effort to conservatively control LTV as well as make stablelong-term borrowings and diversify maturities (diversifying repayment dates), the Investment
Corporation will endeavor to build a stable financial base with a solid bank formation based ongood relationships with major financial institutions. In addition, with the aim of diversifying meansof raising funds, the Investment Corporation will issue investment corporation bonds while paying
close attention to trends in financial markets. Concerning the issuance of new investment units,
moreover, the Investment Corporation will prudently and flexibly carry out such issuance while
paying appropriate attention to various environmental factors with the aim of achieving long-termand stable growth.
(C) Significant Subsequent Events
Not applicable.
(D) Outlook of Investment Performance
For the fiscal period ending November 30, 2024 (26th fiscal period: June 1, 2024 to November 30,2024), investment performance is estimated as follows. For the assumptions used for the estimation of
investment performance, please refer to “Assumptions for Forecasts of Investment Performance forthe 26th Fiscal Period from June 1, 2024 to November 30, 2024 and the 27th Fiscal Period from
December 1, 2024 to May 31, 2025” on pages 10 through 11.
Operating revenue¥15,525 million

Operating profit¥7,643 million

Ordinary profit¥6,544 million

Profit¥6,543 million

Cash distributions per unit

¥9,300Cash distributions in excess of earnings per unit¥–

If it is assumed that there are no changes in “Assumptions for Forecasts of Investment Performancefor the 26th Fiscal Period from June 1, 2024 to November 30, 2024 and the 27th Fiscal Period from
December 1, 2024 to May 31, 2025” on pages 10 through 11, the outlook of investment performancefor the fiscal period ending May 31, 2025 (27th fiscal period: December 1, 2024 to May 31, 2025) isestimated as follows.
Operating revenue¥15,597 million

Operating profit¥7,869 million

Ordinary profit¥6,709 million

Profit¥6,708 million

Cash distributions per unit

¥8,700Cash distributions in excess of earnings per unit¥–

(Note) The above estimation is determined based on certain assumptions at the time of preparing
the financial statements. Due to changes in the circumstances surrounding the Investment
Corporation including acquisition or disposition of properties, the trend of real estatemarket, etc. in the future, actual operating revenue, operating profit, ordinary profit, profit
and cash distributions per unit may change. Furthermore, this estimation does notguarantee the amount of distributions.

-9-Assumptions for Forecasts of Investment Performance for the 26th Fiscal Period from June 1, 2024 toNovember 30, 2024 and the 27th Fiscal Period from December 1, 2024 to May 31, 2025
Item
PeriodInvestment
portfolio

Assumptions
・ 26th fiscal period (June 1, 2024 to November 30, 2024) (183 days)
・ 27th fiscal period (December 1, 2024 to May 31, 2025) (182 days)
・ Our forecasts of investment performance assume that the Investment Corporation
holds 45 properties at present (the “Assets Currently Held”).
・ Our forecasts, however, may change due to any changes to the composition of ourinvestment portfolio.

・ We have calculated our real estate leasing business revenues from the Assets
Currently Held taking into account the relevant lease agreements effective as oftoday, market trends, etc.
Operating revenue
・ Operating revenue is based on our assumption that there will be no delinquencies or
non-payment of rents by tenants.

Operatingexpenses・ Expenses related to leasing business (other than depreciation), which are ourprincipal operating expenses, were calculated based on the historical information
and upon considering variable factors.
・ In general, property tax and city planning tax of properties acquired are settled at thetime of acquisition between the former owner (seller) and the purchaser based on
their respective periods of ownership in relation to the relevant tax year. However,any of these taxes allocated to the purchaser are not expensed at the time ofacquisition because they are treated as a part of the acquisition cost for accounting
purposes. For property tax and city planning tax, ¥1,510 million and ¥1,511 million
for the Assets Currently Held will be expensed in the fiscal period ending November
30, 2024 (26th fiscal period) and in the fiscal period ending May 31, 2025 (27thfiscal period), respectively.
・ Repair and maintenance expenses of buildings are estimated at the amount required
for each of the fiscal periods based on the medium- and long-term repair andmaintenance plans formed by the Asset Manager. However, the actual repair andmaintenance expenses for the fiscal periods may significantly differ from theestimates since (i) an unforeseeable event may cause serious damage to a building
requiring emergent repair expenditure, (ii) in general, amounts vary according to thefiscal period, and (iii) certain types of repair and maintenance expenses are notrequired in every fiscal period.
・ We calculate depreciation expenses (including incidental expenses) by the straightline method, assuming ¥1,562 million and ¥1,589 million for the 26th fiscal period
ending November 30, 2024 and the 27th fiscal period ending May 31, 2025,
respectively.

Non-operating
expenses・ We expect interest expense and other borrowing-related expenses of ¥1,099 million
for the fiscal period ending November 30, 2024 (26th fiscal period) and ¥1,159
million for the fiscal period ending May 31, 2025 (27th fiscal period).

- 10 -

Item

Assumptions

・ As of today, the Investment Corporation has a balance of interest-bearing debt of¥264,850 million (borrowings of ¥242,150 million and investment corporation
bonds of ¥22,700 million).
・ Interest-bearing debt due by the end of the fiscal period ending November 30, 2024
(26th fiscal period) amounts to ¥17,000 million (long-term borrowings of ¥12,000
million and investment corporation bonds of ¥5,000 million). We assume that there
will be refinancing of ¥16,000 million and repayment of ¥1,000 million with ourown funds.
Interest-bearing
・ We assume that there will be refinancing of all interest-bearing debt of ¥19,180
debt
million (long-term borrowings of ¥17,180 million and investment corporation bondsof ¥2,000 million) due by the end of the fiscal period ending May 31, 2025 (27thfiscal period).
・ We assume the LTV ratios as of November 30, 2024 and May 31, 2025 are both tobe approximately 47%.
・ The LTV ratio is obtained by the following formula:
LTV = Balance of interest-bearing debt / Total assets × 100

Units

・ The number is based on our assumption of total of 792,106 units issued as of today.
We assume that there will be no changes in number of investment units before theend of the 27th fiscal period (May 31, 2025).
・ The cash distributions per unit for the 26th fiscal period ending November 30, 2024
and the 27th fiscal period ending May 31, 2025 have been calculated in accordancewith the total projected number of investment units issued as of the end of each of
the fiscal periods which is 792,106 units.

・ Cash distributions (cash distributions per unit) are calculated based on the cash
distribution policy stipulated in our Articles of Incorporation.
・ In the fiscal period ending November 30, 2024 (26th fiscal period), we assume areversal of ¥823 million from the reserve for tax purpose reduction entry for use in
distributions.
Cash distributions
・ In the fiscal period ending May 31, 2025 (27th fiscal period), we assume a reversal
per unitof ¥182 million from the reserve for tax purpose reduction entry for use in
distributions.
・ The cash distributions per unit may change due to various factors, including changes
to the composition of our investment portfolio, changes in rental revenues
accompanying changes in tenants, and unexpected maintenance and repairs.
Cash distributions ・ Among cash distributions in excess of earnings, we currently do not anticipate
in excess of
distributions deemed as distributions on reduction of unitholders’ capital for tax
earnings per unit
purposes.
・ We assume that there will be no amendments in legislation, taxation, accounting
standards, listing regulations or regulations of the Investment Trusts Association of
Other
Japan that affect the above forecasts.
・ We assume that there will be no material changes in general economic conditions orreal estate markets.

- 11 -

2. Financial Statements(1) Balance Sheet(Unit: Thousands of yen)
As of November 30, 2023
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Income taxes refund receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
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
Land leasehold interests in trust
Other
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Derivatives
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets- 12 -

As of May 31, 2024

21,367,770
4,180,602
889,327
399,062
14
10,432
26,847,210

18,331,673
4,512,977
880,497
630,45017
31,037
24,386,653

95,174,518(21,888,573)
73,285,945
822,734(340,171)482,562
1,605,181(615,920)
989,261
408,858(245,402)
163,455
456,559,716
35,815531,516,756

96,039,480(23,180,132)
72,859,348
822,649(360,731)
461,918
1,620,723(662,878)
957,845
440,756(261,768)
178,987
452,419,828
26,175526,904,103

9,055,086
4,715
9,059,801

9,055,086
3,405
9,058,492

1,352,461
3,595
39,222
1,395,278
541,971,836

1,305,093
6,253
39,222
1,350,569
537,313,166

103,077
103,077
568,922,124

92,973
92,973561,792,793

(Unit: Thousands of yen)
As of November 30, 2023
Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term borrowings
Leasehold and guarantee deposits received in trust
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Other deduction from unitholders’ capital
Total deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Voluntary retained earnings
Reserve for tax purpose reduction entry
Total voluntary retained earnings
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets*3*2- 13 -

As of May 31, 2024

2,348,159
5,000,000
29,500,000
103,368
1,021,588
605
678,875
369,333
1,351–
39,023,282

1,802,338
7,000,000
29,180,000
35,8001,018,399
605
378,175
387,905729
214
39,804,169

22,700,000
208,650,000
23,745,222
145
255,095,368
294,118,651

20,700,000
208,970,000
23,855,778
113
253,525,891
293,330,060

270,963,556

270,963,556(5,999,640)(5,999,640)
264,963,916*3(11,999,491)(11,999,491)
258,964,065

841,591
841,591
8,994,370
9,835,961
274,799,878

1,703,957
1,703,957
7,788,454
9,492,412
268,456,478

3,595
3,595
274,803,473
568,922,124

6,253
6,253
268,462,732
561,792,793*2

(2) Statement of Income(Unit: Thousands of yen)Previous fiscal period(From June 1, 2023
to November 30, 2023)
Operating revenue
Leasing business revenue
Other leasing business revenue
Gain on sale of real estate properties
Total operating revenue
Operating expenses
Expenses related to leasing business
Asset management fees
Asset custody fees
Administrative service fees
Remuneration for directors (and other officers)
Bad debts expenses
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Reversal of distributions payable
Interest on tax refund
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bond issuancecosts
Financing fees
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 14 -

Current fiscal period(From December 1, 2023
to May 31, 2024)*1, *3*1, *3*2

13,951,092
1,131,553
2,261,356
17,344,002*1, *3*1, *3*2

14,395,428
1,024,822
490,311
15,910,563*1

6,359,060
1,197,952
15,937
41,6183,750–
137,313
7,755,631
9,588,370*1

6,160,081
1,166,207
15,931
39,977
3,600
391
112,728
7,498,918
8,411,645

96
655
649
155
33
1,589

114
486
–
–
–
601

668,627
75,261

692,184
75,261

10,103

10,103

212,802586
967,380
8,622,579
8,622,579
605
605
8,621,974
372,395
8,994,370

213,3873,889
994,827
7,417,419
7,417,419
605
605
7,416,814
371,640
7,788,454

(3) Statement of Unitholders’ Equity
Previous fiscal period (From June 1, 2023 to November 30, 2023)(Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital, net

Surplus

Deduction from unitholders’ capital
Unitholders’capitalBalance at beginning of
periodVoluntary retained earnings
Unitholders’capitalOther deduction Total deduction
from unitholders’ from unitholders’capitalcapital270,963,556(5,999,640)(5,999,640)

Reserve for tax
purpose reduction
entry

Total voluntary
retained earnings––

841,591

841,591

264,963,916

Changes during period
Provision of reserve
for tax purpose
reduction entry
Dividends of surplus
ProfitNet changes in items
other than unitholders’equityTotal changes during
periodBalance at end of period

–

–

–

–

841,591

841,591*1
270,963,556(5,999,640)(5,999,640)

264,963,916

841,591

841,591(Unit: Thousands of yen)
Valuation and translation
adjustments

Unitholders’ equity

Surplus

Balance at beginning of
periodUnappropriatedretained earnings(undisposed loss)

Total surplus

9,187,516

9,187,516

Total valuation
Treasury
Total unitholders’ Deferred gains or
and translation
investment units
equitylosses on hedges
adjustments–

274,151,432

4,033

4,033

Total net assets

274,155,466

Changes during period
Provision of reserve
for tax purpose
reduction entry(841,591)

Dividends of surplus(7,973,529)(7,973,529)(7,973,529)(7,973,529)

Profit8,621,974

8,621,974

8,621,974

8,621,974

Net changes in items
other thanunitholders’ equity
Total changes during
periodBalance at end of period

(438)

(438)

(438)

(193,146)

648,445–

648,445

(438)

(438)

648,0078,994,370

9,835,961–

274,799,878

3,595

3,595

274,803,473- 15 -

Current fiscal period (From December 1, 2023 to May 31, 2024)(Unit: Thousands of yen)
Unitholders’ equity
Unitholders’ capital, net

Surplus

Deduction from unitholders’ capital
Unitholders’capitalBalance at beginning of
periodVoluntary retained earnings
Unitholders’capitalOther deduction Total deduction
from unitholders’ from unitholders’capitalcapital270,963,556(5,999,640)(5,999,640)

Reserve for tax
purpose reduction
entry

Total voluntary
retained earnings

841,591

841,591

862,366

862,366

264,963,916

Changes during period
Provision of reserve
for tax purpose
reduction entry
Dividends of surplus
ProfitPurchase of treasury
investment units
Cancellation oftreasury investment
units
Net changes in items
other thanunitholders’ equity
Total changes during
periodBalance at end of period(5,999,850)(5,999,850)(5,999,850)–(5,999,850)(5,999,850)(5,999,850)

862,366

862,366*1
270,963,556(11,999,491)(11,999,491)

258,964,065

1,703,957

1,703,957(Unit: Thousands of yen)
Valuation and translation
adjustments

Unitholders’ equity

Surplus

Total valuation
Treasury
Total unitholders’ Deferred gains or
and translation
investment units
equitylosses on hedges
adjustments

Total net assets

Unappropriatedretained earnings(undisposed loss)

Total surplus

8,994,370

9,835,961

Provision of reserve
for tax purpose
reduction entry(862,366)–––

Dividends of surplus(7,760,363)(7,760,363)(7,760,363)(7,760,363)

Profit7,416,814

7,416,814

7,416,814

7,416,814(5,999,850)(5,999,850)(5,999,850)

5,999,850––

Balance at beginning of
period–274,799,878

3,595

3,595

274,803,473

Changes during period

Purchase of treasury
investment units
Cancellation oftreasury investment
units
Net changes in items
other thanunitholders’ equity
Total changes during
periodBalance at end of period

2,658

2,658

2,658

(1,205,915)(343,549)–(6,343,399)

2,658

2,658

(6,340,741)

7,788,454

9,492,412–

268,456,478

6,253

6,253

268,462,732- 16 -

(4) Statement of Cash Distributions
Previous fiscal period(From June 1, 2023
to November 30, 2023)

Current fiscal period(From December 1, 2023
to May 31, 2024)

AmountAmountI

Unappropriated retained
earnings¥8,994,370,170¥7,788,454,738

II

Distributions¥7,760,363,506¥7,418,072,690[¥9,611][¥9,365]

Of which, distributions ofprofits¥7,760,363,506¥7,418,072,690[Of which, distributions ofprofits per unit][¥9,611][¥9,365]¥862,366,009¥–¥371,640,655¥370,382,048[Cash distributions per unit]

III Voluntary retained earnings
Provision of reserve for tax
purpose reduction entry
IV Earnings carried forward

Calculation method for
distributions

Based on the distribution policy
set forth in Article 35, Paragraph
1 of the Articles of Incorporationof the Investment Corporation,
distributions shall be limited tothe amount of net profit in excess
of an amount equivalent to ninety
hundredths (90/100) of
distributable profits, as stipulated
in Article 67-15, Paragraph 1 of
the Act on Special Measures
Concerning Taxation. In
consideration of this policy, forthe current fiscal period, thedecision has been made to pay
distributions of profit of¥7,760,363,506, which is theentire amount of theunappropriated retained earnings
after deducting the internal
reserve for the stabilization of
future distributions, and provisionof reserve for tax purpose
reduction entry as stipulated in
Article 65-7 of the Act on Special
Measures Concerning Taxation.

- 17 -

Based on the distribution policy
set forth in Article 35, Paragraph
1 of the Articles of Incorporationof the Investment Corporation,
distributions shall be limited tothe amount of net profit in excess
of an amount equivalent to ninety
hundredths (90/100) of
distributable profits, as stipulated
in Article 67-15, Paragraph 1 of
the Act on Special Measures
Concerning Taxation. In
consideration of this policy, forthe current fiscal period, thedecision has been made to pay
distributions of profit of¥7,418,072,690, which is theentire amount of theunappropriated retained earnings
after deducting the internal
reserve for the stabilization of
future distributions.

(5) Statement of Cash Flows(Unit: Thousands of yen)Previous fiscal period(From June 1, 2023
to November 30, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on retirement of non-current assets
Amortization of investment corporation bond issuance
costs
Interest income and interest on securities
Interest expenses
Financing fees
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in prepaid expenses
Decrease in property, plant and equipment in trust due
to saleIncrease (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Other, net
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment in trust
Purchase of intangible assets
Refund of leasehold and guarantee deposits received intrust
Proceeds from leasehold and guarantee deposits
received in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury investment units
Distributions paid
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*1- 18 -

Current fiscal period(From December 1, 2023
to May 31, 2024)

8,622,579
1,486,808
29,108

7,417,419
1,525,283
17,32910,103

10,103(96)743,888
212,802
104,096(114)
767,446
213,387
8,829

303,074–

678,875
229,832(300,700)(233,101)

2,220,530

4,384,264

255,091(18,967)(38,896)(25,665)(216,446)(45,741)
14,550,979
96(753,240)(605)
13,797,230(118,779)
27,500(27,481)
18,571
4,465(21,531)
13,692,894
114(749,958)(607)
12,942,442(1,065,134)–(1,832,911)(1,501)(1,079,420)(729,219)

669,711

839,775(1,474,843)(1,723,856)

16,633,660(16,750,000)–(7,972,021)(36,407)(8,124,768)
4,197,618
21,350,754
25,548,373

17,362,858(17,500,000)(5,999,850)(7,760,490)(24,824)(13,922,307)(2,703,722)
25,548,373
22,844,650*1

(6) Notes on Assumption of Going Concern
Not applicable.
(7) Notes on Important Accounting Policies
1. Method ofdepreciation of noncurrent assets(1) Property, plant and equipment (including trust assets)
The straight-line method is used.
The useful lives of major property, plant and equipment are listed below.
Buildings
2 to 70 years
Structures
2 to 66 years
Machinery and equipment
2 to 39 years
Tools, furniture and fixtures
2 to 15 years(2) Intangible assets
Internal use software is amortized by the straight-line method over the
expected useful life (5 years).
(3) Long-term prepaid expenses
The straight-line method is used.

2. Accounting methodfor deferred assets(1) Investment unit issuance expenses
The full amount is recorded as expenses when incurred.
(2) Investment corporation bond issuance costs
Amortized by the straight-line method over the period until maturity.

(1) Accounting for income
3. Accounting forincome and expenses
Details of major performance obligations and typical timing of satisfying
the performance obligations (timing when revenue is recognized) withregard to the Investment Corporation’s revenue from contracts withcustomers are as follows.
i) Sale of real estate properties
For sale of real estate properties, revenue is recorded at the time when thebuyer, a customer, obtains control of the real estate property, etc., byfulfilling the delivery obligation set forth in the agreement for the sale of
the real estate property.
ii) Utilities income
For utilities income, revenue is recorded according to supply of electricity,water, etc. to the tenant, a customer, based on the contract for lease of thereal estate property, etc. and any accompanying agreement. Of utilities
income, for such income for which the Investment Corporation isconsidered to be an agent, the net amount of the amount received as
charges for electricity, gas, etc. supplied by other parties less the amount
paid to the other parties is recognized as revenue.
(2) Property-related taxes
For property tax, city planning tax, depreciable asset tax for real properties
held, the amount of tax levied corresponding to the calculation period isrecorded as expenses related to leasing business.
The settlement money for property tax that is paid to the disposing entity
for acquisition of real properties (so-called “amount equivalent to propertytax”) is not recorded as expenses related to leasing business but included in
the acquisition costs for the related properties. There is no amountequivalent to property tax included in acquisition cost for properties for thecurrent fiscal period.

- 19 -

4. Method of hedge
accounting(1) Method of hedge accounting
Deferred hedge accounting is applied. For interest rate swaps that satisfy
the requirements for special treatment, special treatment is applied.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swaps transactions
Hedged items: Long-term borrowings(3) Hedging policy
Based on the management policy of financial market risks, the Investment
Corporation makes interest rate swaps for the purpose to hedge risks set
forth in the Articles of Incorporation of the Investment Corporation.
(4) Method of assessing hedge effectiveness
The Investment Corporation assesses hedge effectiveness by comparing
the cumulative total changes in the cash flows of the hedged items withthose of the hedging instruments, and then verifying the ratio of thechanges in both amounts. However, hedge effectiveness is deemed tohave been ensured with respect to interest rate swaps that satisfy therequirements for special treatment.

5. Scope of cash (cash Cash and cash equivalents include cash on hand, cash in trust, demandand cash equivalents) deposits, deposits in trust, and highly liquid short-term investments that arein the statement ofreadily convertible, bear little risk in price fluctuations, and mature withincash flows
three months of the date of acquisition.
6. Other matters related (1) Accounting method for beneficial interests in trust with real estate, etc. as
to the preparation oftrust asset
financial statements
With regard to beneficial interests in trust with real estate, etc. in holding
as trust asset, all assets and liabilities as well as all revenue and expense
items associated with all trust assets are accounted for under the respective
account items of the balance sheet and statement of income.
Of the trust assets accounted for under the respective account items, thefollowing items with significance are separately indicated on the balance
sheet.
i) Cash and deposits in trustii) Buildings in trust; structures in trust; machinery and equipment intrust; tools, furniture and fixtures in trust; land in trust; construction inprogress in trust; and land leasehold interests in trustiii) Leasehold and guarantee deposits received in trust(2) Accounting method for consumption tax and local consumption tax
Consumption taxes unqualified for deduction for tax purposes for noncurrent assets, etc. are included in acquisition cost for each asset.
(8) Notes to Financial Statements
Notes to Balance Sheet
1. Commitment Line Contracts
The Investment Corporation has the commitment line contracts with three of the banks with which it does
business.
As of November 30, 2023
Total amount specified in the commitmentline contracts¥21,000,000 thousand¥21,000,000 thousand¥– thousand¥– thousand¥21,000,000 thousand¥21,000,000 thousand

Loan balance
Net balance

As of May 31, 2024

- 20 -

*2. Minimum Net Assets Stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts andInvestment Corporations
As of November 30, 2023
¥50,000 thousand

As of May 31, 2024
¥50,000 thousand*3. Status of Cancellation of Treasury Investment Units
As of November 30, 2023
Total number of units canceled
Total amount of cancellation

As of May 31, 2024

– units

15,340 units¥– thousand¥5,999,850 thousand

Notes to Statement of Income*1. Breakdown of Profit (Loss) from Real Estate Leasing Business
Previous fiscal period(From June 1, 2023
to November 30, 2023)(Unit: Thousands of yen)
Current fiscal period(From December 1, 2023
to May 31, 2024)

12,886,699

13,291,901

Common service fees

630,998

628,449

Parking lot fees

308,873

330,039

Other rent revenue

124,521

A. Real estate leasing businessrevenues
Leasing business revenue
Rent

B.

13,951,092

145,038

14,395,428

Other leasing business revenue

1,131,553

1,024,822

Total real estate leasing businessrevenues

15,082,646

15,420,251

Real estate leasing business
expenses
Expenses related to leasing
business
Management operation
expenses

1,386,996

1,343,273

Utilities expenses

1,179,463

1,075,809

Tax and public dues

1,349,131

1,375,190

Insurance

13,95014,057

Repair and maintenanceexpenses

527,601

452,832

1,486,258

1,524,793

Loss on retirement of noncurrent assets

29,10817,329Other expenses related toleasing business

386,551

Depreciation

C.

6,359,060

356,794

6,160,081

Total real estate leasing business
expenses

6,359,060

6,160,081

Profit (loss) from real estateleasing business (A – B)

8,723,585

9,260,169- 21 -

*2.

Breakdown of Gain (Loss) on Sale of Real Estate Properties
Previous fiscal period (From June 1, 2023 to November 30, 2023)(Unit: Thousands of yen)
Luogo Shiodome (51% co-ownership interest)
Income from sale of real estate properties
Costs of sale of real estate properties
Other costs of sale
Gain on sale of real estate properties

4,646,000
2,220,530
164,113
2,261,356

Current fiscal period (From December 1, 2023 to May 31, 2024)(Unit: Thousands of yen)
A-FLAG KOTTO DORI
Income from sale of real estate properties
Costs of sale of real estate properties
Other costs of sale
Gain on sale of real estate properties*3.

5,000,000
4,384,264
125,424
490,311

Transactions with Major Unitholders
Previous fiscal period(From June 1, 2023
to November 30, 2023)(Unit: Thousands of yen)
Current fiscal period(From December 1, 2023
to May 31, 2024)

Operating transactions
Operating revenue

2,385,026

2,462,185

Notes to Statement of Unitholders’ Equity
Previous fiscal period(From June 1, 2023
to November 30, 2023)

Current fiscal period(From December 1, 2023
to May 31, 2024)*1. Total number of authorized investment units
and total number of investment units issued
Total number of authorized investment units
Total number of investment units issued

4,000,000 units

4,000,000 units

807,446 units

792,106 units

Notes to Statement of Cash Flows*1. Reconciliation between Cash and Cash Equivalents at End of Period and the Amount on the Balance
Sheet
Previous fiscal period(From June 1, 2023
to November 30, 2023)

Current fiscal period(From December 1, 2023
to May 31, 2024)

Cash and deposits¥21,367,770 thousand¥18,331,673 thousand

Cash and deposits in trust¥4,180,602 thousand¥4,512,977 thousand

Cash and cash equivalents¥25,548,373 thousand¥22,844,650 thousand- 22 -

Notes on Financial Instruments
1. Matters Regarding Financial Instruments(1) Policy for Financial Instruments
The Investment Corporation raises funds by borrowing, issuing investment corporation bonds, or issuinginvestment units for the purpose of acquiring real estate-related assets and repaying interest-bearing debt.
When raising funds, the Investment Corporation aims to sustain stable financing capability for a long time
at low cost by enhancing its capital adequacy and maintaining conservative interest-bearing debt, looking
for attributes such as extended borrowing periods for interest-bearing debt, fixed interest rates, anddiversified due dates to ensure financial stability and avoid the risk of interest-rate hikes.
We also invest temporary excess funds in deposits in general, taking safety and liquidity, etc. into accountand carefully considering the interest-rate environment and our cash management.
We may carry out derivatives transactions for the purpose of hedging the interest-rate risk of borrowings
and other risks, but do not engage in speculative transactions.
(2) Content and Risks of Financial Instruments and Risk Management System
As the excess funds of the Investment Corporation are invested in deposits, they are exposed to credit
risks such as the insolvency of the financial institutions in which the excess funds are deposited. However,
we deposit excess funds carefully by limiting the period of deposits to the short term, taking safety andliquidity, etc. into account and carefully considering the financial environment and our cash management.
Borrowings and investment corporation bonds are mainly for the purpose of acquiring real estate andrefinancing of existing borrowings. Leasehold and guarantee deposits received are deposits provided bytenants. Borrowings, investment corporation bonds, leasehold and guarantee deposits received are
exposed to liquidity risks at the time of repayment, redemption or refund. However, these risks aremanaged through management of liquidity in hand by preparing a monthly funding plan, efforts to reduce
liquidity risk on borrowings and investment corporation bonds by diversifying repayment periods, etc.,
and other means.
Floating-rate borrowings are also exposed to the risk of fluctuations in interest-rates. However, these risks
are managed through derivative transactions (interest rate swaps) as hedging instruments in certain
floating-rate borrowings.
(3) Supplemental Remarks on Fair Values of Financial Instruments
As certain assumptions are made in calculating the fair value of financial instruments, if different
assumptions are used, these values could vary. Furthermore, the contract amounts related to derivativetransactions, etc. stated in “Notes on Derivative Transactions” on pages 25 and 26 should not be
considered indicative of the market risk associated with derivative transactions.
2. Matters Regarding Fair Values of Financial Instruments
Carrying amounts, fair values, and the differences between the two values as of November 30, 2023, are asshown below. Notes on “cash and deposits” and “cash and deposits in trust” are omitted, because they aresettled in cash and in a short time and therefore the fair value approximates the book value. A note on“leasehold and guarantee deposits received in trust” is omitted because it is immaterial.
(Unit: Thousands of yen)
Carrying amount
Fair value
Difference(1) Current portion of investment
corporation bonds

5,000,000

5,019,647

19,647(2) Current portion of long-termborrowings

29,500,000

29,586,706

86,706(3) Investment corporation bonds

22,700,000

22,318,306(381,693)(4) Long-term borrowings

208,650,000

207,055,187(1,594,812)

Total liabilities

265,850,000

263,979,848(1,870,151)

3,595

3,595

–

Derivative transactions- 23 -

Carrying amounts, fair values, and the differences between the two values as of May 31, 2024, are as shown
below. Notes on “cash and deposits” and “cash and deposits in trust” are omitted, because they are settled in
cash and in a short time and therefore the fair value approximates the book value. A note on “leasehold andguarantee deposits received in trust” is omitted because it is immaterial.
Carrying amount

Fair value(Unit: Thousands of yen)
Difference(1) Current portion of investment
corporation bonds

7,000,000

7,026,919

26,919(2) Current portion of long-termborrowings

29,180,000

29,219,164

39,164(3) Investment corporation bonds

20,700,000

20,085,404(614,595)(4) Long-term borrowings

208,970,000

206,146,029(2,823,970)

Total liabilities

265,850,000

262,477,518(3,372,481)

6,253

6,253

–

Derivative transactions(Note 1) Measurement Methods for Fair Values of Financial Instruments
Liabilities(1) Current portion of investment corporation bonds, (3) Investment corporation bonds
These fair values are determined by discounting the total of principal and interest at a rate taking into
account the remaining period and credit risk of the said investment corporation bonds.
(2) Current portion of long-term borrowings, (4) Long-term borrowings
These fair values are determined by discounting the total of principal and interest at the rate assumed
when a new loan is made corresponding to the remaining period. The book value is used as the fairvalue of those borrowings with floating interest rate, given that the fair value is almost the same as thebook value, as their interest rates are reviewed on a short-term interval to reflect market interest rates(however, for long-term borrowings with floating interest rate to which special treatment for interest
rate swaps is applied, the fair value is the value calculated by discounting the sum of principal andinterest, which are treated in combination with the said interest rate swap, at a reasonable rateestimated for a similar new loan).
Derivative transactions
Please refer to “Notes on Derivative Transactions” on pages 25 and 26.
(Note 2) Expected Amounts of Repayment of Borrowings and Investment Corporation Bonds after the
Account Closing Date (November 30, 2023)(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Within1 year

1–2 years

2–3 years

Investment corporation
bonds

5,000,000

2,000,000

2,000,000

Long-term borrowings

29,500,000 36,880,000 27,820,000 33,600,000 27,660,000 82,690,000

Total

1,000,000– 17,700,000

34,500,000 38,880,000 29,820,000 34,600,000 27,660,000 100,390,000- 24 -

Expected Amounts of Repayment of Borrowings and Investment Corporation Bonds after the
Account Closing Date (May 31, 2024)(Unit: Thousands of yen)Over
3–4 years 4–5 years
5 years

Within1 year

1–2 years

2–3 years

Investment corporation
bonds

7,000,000

2,000,000

1,000,000

Long-term borrowings

29,180,000 36,520,000 35,000,000 29,450,000 25,210,000 82,790,000

Total

–

– 17,700,000

36,180,000 38,520,000 36,000,000 29,450,000 25,210,000 100,490,000

Notes on Derivative Transactions
1. Derivative Transaction to Which Hedge Accounting Is Not Applied(As of November 30, 2023)
Not applicable.
(As of May 31, 2024)
Not applicable.
2. Derivative Transaction to Which Hedge Accounting Is Applied(As of November 30, 2023)
The following table shows contract amount or principal amount, etc. set forth in the contract as of theaccount closing date by method of hedge accounting.
(Unit: Thousands of yen)Hedge
accounting

Type ofderivativetransactions

Deferred hedge
accounting

Interest rate
swaps
Receive floating
Pay fixed

Interest rate
Special treatment
swaps
for interest rate
Receive floating
swaps
Pay fixed

Major
hedgeditems

Amount of contract
Fair value

Calculation
method forfair value

Long-term
12,000,000 6,000,000
borrowings

3,595

Based onprices, etc.
indicated bypartnerfinancial
institutions

Long-term
13,140,000 13,140,000
borrowings*–- 25 -

Portion due
after 1 year

(As of May 31, 2024)
The following table shows contract amount or principal amount, etc. set forth in the contract as of theaccount closing date by method of hedge accounting.
(Unit: Thousands of yen)Hedge
accounting

Type ofderivativetransactions

Deferred hedge
accounting

Interest rate
swaps
Receive floating
Pay fixed

Major
hedgeditems

Amount of contract
Portion due
after 1 year

Long-term
12,000,000
borrowings–

Fair value

Calculation
method forfair value

6,253

Based onprices, etc.
indicated bypartnerfinancial
institutions

Interest rate
Special treatment
Long-term
swaps
for interest rate
13,140,000 13,140,000*–
Receive floating borrowings
swaps
Pay fixed* Interest rate swap transactions to which special treatment is applied are accounted for as an integral
part of long-term borrowings, a hedged item. Thus, their fair values are included in the fair value of
long-term borrowings. (Please refer to the preceding “Notes on Financial Instruments, 2. Matters
Regarding Fair Values of Financial Instruments, (Note 1) Liabilities (4)” on page 24.)
Notes on Tax Effect Accounting
1. Components of Deferred Tax Assets and Deferred Tax Liabilities
As of November 30, 2023

As of May 31, 2024

Deferred tax assets
Non-deductible amount for tax purposesof enterprise tax payable¥– thousand¥– thousand

Total deferred tax assets¥– thousand¥– thousand¥– thousand¥– thousand

Net deferred tax assets

2. Reconciliation of Significant Difference between Effective Statutory Tax Rate and Effective Income Tax
Rate after Application of Tax Effect Accounting
As of November 30, 2023
Effective statutory tax rate

As of May 31, 2024

31.46%

31.46%

Distributions paid included indeductibles(28.31)%(31.46)%

Provision of reserve for tax purpose
reduction entry(3.15)%

–%

Other

0.01%

0.01%

0.01%

0.01%

Adjustments

Effective income tax rate after applicationof tax effect accounting- 26 -

Notes on Transactions with Related Parties
1. Parent Company and Major Corporate Unitholders
Previous fiscal period (From June 1, 2023 to November 30, 2023)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
21-1,
Major
Dogenzaka 1Tokyu Land
unitchome,
Corporation
holderShibuya-ku,
Tokyo

57,551

Real estatebusiness

11.06%None

Major
Refund ofunitholder, leasehold andand rent
guarantee
anddeposits
manage- received
ment ofproperties
Rentalrevenues, etc.

Account
title

Balance at
end ofperiod(Thousandsof yen)8,661 Leasehold
andguarantee
deposits
received in
12,597 trust

3,054,647

Operatingaccounts
2,385,026 receivable

183,322

Advances
received

94,326

Transaction
amount(Thousandsof yen)(Note 1)Of the amounts above, the transaction amount does not include consumption taxes, and the balance at end of period
includes consumption taxes.

(Note 2)The transaction terms are based on current market practices.

Current fiscal period (From December 1, 2023 to May 31, 2024)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
21-1,
Major
Dogenzaka 1Tokyu Land
unitchome,
Corporation
holderShibuya-ku,
Tokyo

57,551

Real estatebusiness

11.28%None

Major
Refund ofunitholder, leasehold andand rent
guarantee
anddeposits
manage- received
ment ofproperties
Rentalrevenues, etc.

Transaction
amount(Thousandsof yen)Balance at
end ofAccount
periodtitle(Thousandsof yen)80,390 Leasehold
andguarantee
deposits
received in
28,067 trust

3,106,970

Operatingaccounts
2,462,185 receivable

225,028

Advances
received

61,553(Note 1)Of the amounts above, the transaction amount does not include consumption taxes, and the balance at end of period
includes consumption taxes.

(Note 2)The transaction terms are based on current market practices.

2. Associates, etc.
Previous fiscal period (From June 1, 2023 to November 30, 2023)
Not applicable.
Current fiscal period (From December 1, 2023 to May 31, 2024)
Not applicable.

- 27 -

3. Sister companies, etc.
Previous fiscal period (From June 1, 2023 to November 30, 2023)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
Tokyu
Land SC
Subsidiary
Manageof majormentunitholder
Corporation

16-3,
Dogenzaka
1-chome,
Shibuya-ku,
Tokyo

100

Real estate
managementbusiness–

None

Refund ofRent and leasehold andmanage- guarantee
deposits
ment ofproperties received
Rentalrevenues, etc.

21-1,
Subsidiary TLC REIT Dogenzaka
of major Manage1-chome,unitholder ment Inc. Shibuya-ku,
Tokyo(Note 1)
(Note 2)200

Investment
managementbusiness

–

None

Asset
Manager

Payment of
asset
management
fee

Account
title

Balance at
end ofperiod(Thousandsof yen)202,377 Leasehold
andguarantee
deposits
received in
362,282 trust

6,465,283

Operatingaccounts
4,201,291 receivable

261,833

Advances
received

5,239

Other
1,221,182 accrued
expenses535,741

Transaction
amount(Thousandsof yen)Of the amounts above, the transaction amount does not include consumption taxes, and the balance at end of period
includes consumption taxes.
The transaction terms are based on current market practices.

Current fiscal period (From December 1, 2023 to May 31, 2024)

Attribute

Name

Address

Share
Relationship
Percentage
capital orof voting Interlockinvestment Business or
Businessrightsing
in capital occupation
relationowning
officers,(Millionsship(owned)etc.
of yen)Transaction

Receipt ofleasehold andguarantee
deposits
Tokyu
Land SC
Subsidiary
Manageof majormentunitholder
Corporation

16-3,
Dogenzaka
1-chome,
Shibuya-ku,
Tokyo

100

Real estate
managementbusiness–

None

Rent andmanagement ofproperties

Refund ofleasehold andguarantee
deposits
received

Rentalrevenues, etc.

21-1,
Subsidiary TLC REIT Dogenzaka
of major Manage1-chome,unitholder ment Inc. Shibuya-ku,
Tokyo(Note 1)
(Note 2)200

Investment
managementbusiness

–

None

Asset
Manager

Payment of
asset
management
fee

Account
title

Balance at
end ofperiod(Thousandsof yen)231,795 Leasehold
andguarantee
deposits
received in
87,087 trust

6,609,992

Operatingaccounts
4,357,380 receivable272,407

Advances
received

9,689

Other
1,191,207 accrued
expenses

525,917

Transaction
amount(Thousandsof yen)Of the amounts above, the transaction amount does not include consumption taxes, and the balance at end of period
includes consumption taxes.
The transaction terms are based on current market practices.

- 28 -

Notes on Investment and Rental Properties
The Investment Corporation holds Urban Retail and Tokyo Office properties, etc. in Tokyo and other regions
for rental revenue. The carrying amounts on the balance sheet, changes during the fiscal period, and fairvalues of investment and rental properties are as follows.
(Unit: Thousands of yen)
Current fiscal period
Previous fiscal period(From December 1, 2023
(From June 1, 2023
to May 31, 2024)
to November 30, 2023)

Use
Carrying amount on the balance sheet
Balance at beginning of period
Urban Retail
Properties

158,242,519

158,347,007

Changes during period

104,487(4,580,345)

Balance at end of period

158,347,007

153,766,661

187,271,000

181,571,000

Balance at beginning of period

282,766,613

280,486,010

Changes during period(2,280,603)(270,177)

Balance at end of period

280,486,010

280,215,832

318,500,000

318,240,000

101,509,715

101,739,714

Changes during period

229,999

239,166

Balance at end of period

101,739,714

101,978,881

128,940,000

128,870,000

Balance at beginning of period

542,518,847

540,572,731

Changes during period(1,946,115)(4,611,356)

Balance at end of period

540,572,731

535,961,375

634,711,000

628,681,000

Fair value at end of period
Carrying amount on the balance sheet
Tokyo Office
Properties

Fair value at end of period
Carrying amount on the balance sheet
Activia
Account
Properties

Balance at beginning of period

Fair value at end of period
Carrying amount on the balance sheet
Total

Fair value at end of period(Note 1) The carrying amount on the balance sheet is the acquisition cost less accumulated depreciation.
(Note 2) The main reason for the decrease in the current fiscal period is the transfer of A-FLAG KOTTO
DORI worth ¥4,384,264 thousand and the provision of depreciation worth ¥1,524,793 thousand.
(Note 3) The fair value at end of period is the appraisal value provided by an outside real estate appraiser. In
addition, for the previous fiscal period, the figure for Luogo Shiodome is based on the transfer price(¥4,646,000 thousand, which is the equivalent amount of 51% co-ownership interest) stated in thesales agreement concluded on May 27, 2022.
The profit/loss concerning investment and rental properties for the current fiscal period is indicated under“Notes to Statement of Income.”- 29 -

Notes on Revenue Recognition
1. Information on disaggregation of revenue from contracts with customers
Previous fiscal period (From June 1, 2023 to November 30, 2023)(Unit: Thousands of yen)
Revenue from contracts withcustomers *1

Revenues from external customers

Sale of real estate properties

4,646,000

Utilities income

1,057,945

1,057,945–

14,024,701

5,703,945

17,344,002

OthersTotal*22,261,356*1 Leasing business revenue, etc. that is subject to ASBJ Statement No. 13 “Accounting Standard for Lease
Transactions” and transfer of real estate properties, etc. that is subject to Japanese Institute of Certified
Public Accountants Accounting Practice Committee Report No. 15 “Practical Guidelines on Accounting
by Transferors for Derecognition of Real Estate Securitized by means of Special Purpose Companies” arenot subject to the Accounting Standard for Revenue Recognition, and therefore are not included in theabove amount. Major revenue from contracts with customers is income from sale of real estate properties
and utilities income.
*2 Since income from sale of real estate properties is recorded as gain (loss) on sale of real estate properties
in the statement of income, the amount of income from sale of real estate properties less costs of sale ofreal estate properties and other costs of sale is shown.
Current fiscal period (From December 1, 2023 to May 31, 2024)(Unit: Thousands of yen)
Revenue from contracts withcustomers *1

Revenues from external customers

5,000,000

Sale of real estate properties
Utilities income
OthersTotal*2490,311885,168

885,168–

14,535,083

5,885,168

15,910,563*1 Leasing business revenue, etc. that is subject to ASBJ Statement No. 13 “Accounting Standard for Lease
Transactions” and transfer of real estate properties, etc. that is subject to Japanese Institute of Certified
Public Accountants Accounting Practice Committee Report No. 15 “Practical Guidelines on Accounting
by Transferors for Derecognition of Real Estate Securitized by means of Special Purpose Companies” arenot subject to the Accounting Standard for Revenue Recognition, and therefore are not included in theabove amount. Major revenue from contracts with customers is income from sale of real estate properties
and utilities income.
*2 Since income from sale of real estate properties is recorded as gain (loss) on sale of real estate properties
in the statement of income, the amount of income from sale of real estate properties less costs of sale ofreal estate properties and other costs of sale is shown.

- 30 -

Per Unit Information
Previous fiscal period(From June 1, 2023
to November 30, 2023)

Current fiscal period(From December 1, 2023
to May 31, 2024)

Net assets per unit

¥340,336¥338,922

Basic earnings per unit

¥10,678¥9,283(Note 1) Basic earnings per unit is calculated by dividing profit by the day-weighted average number ofinvestment units for the period (previous fiscal period 807,446 units; current fiscal period 798,941
units). Diluted earnings per unit is not stated, as there is no potential investment unit.
(Note 2) The basis for calculating basic earnings per unit is as follows:
Previous fiscal period(From June 1, 2023
to November 30, 2023)

Current fiscal period(From December 1, 2023
to May 31, 2024)

8,621,974

7,416,814––

Profit attributable to common investment units(Thousands of yen)

8,621,974

7,416,814

Average number of investment units for theperiod (Units)

807,446

798,941

Profit (Thousands of yen)Amount not attributable to common
unitholders (Thousands of yen)

Significant Subsequent Events
Not applicable.
Omission of Disclosure
As the need for disclosing notes on lease transactions, securities, retirement benefits, equity in earnings ofaffiliates, asset retirement obligations, and segment information in this financial report is not considered to be
substantial, the disclosure of these items is omitted.

- 31 -

(9) Changes in Total Number of Investment Units Issued
Changes in unitholders’ capital, net and total number of investment units issued up to the current fiscal
period are as follows:

Date

Summary

Unitholders’ capital, net(Thousands of yen)
ChangeBalance

Total number ofinvestment units
issued(Units)ChangeRemarks

Balance

September 7, 2011

Establishment
through private
placement

200,000

200,000400

400 (Note 1)

June 12, 2012

Capital increase
through public
offering

90,834,705

91,034,705

204,100

204,500 (Note 2)

July 10, 2012

Capital increase
through thirdparty allotment

339,128

91,373,833

762

205,262 (Note 3)

December 16,
2013

Capital increase
through public
offering

32,636,569 124,010,403

43,100248,362 (Note 4)

January 15, 2014

Capital increase
through thirdparty allotment

2,044,518 126,054,921

2,700

251,062 (Note 5)

December 17,
2014

Capital increase
through public
offering

22,800,626 148,855,547

24,050275,112 (Note 6)

January 8, 2015

Capital increase
through thirdparty allotment

1,915,063 150,770,610

2,020

277,132 (Note 7)

October 1, 2015

Investment unit
split

– 150,770,610

277,132554,264 (Note 8)

December 15,
2015

Capital increase
through public
offering

19,152,091 169,922,702

41,870596,134 (Note 9)

January 6, 2016

Capital increase
through thirdparty allotment

1,610,111 171,532,813

3,520

599,654 (Note 10)

December 1, 2016

Capital increase
through public
offering

28,583,994 200,116,808

61,040660,694 (Note 11)

December 15,
2016

Capital increase
through thirdparty allotment

2,116,639 202,233,447

4,520

665,214 (Note 12)

December 13,
2017

Capital increase
through public
offering

13,793,296 216,026,743

31,090696,304 (Note 13)

December 26,
2017

Capital increase
through thirdparty allotment

1,064,776 217,091,520

2,400

698,704 (Note 14)

December 19,
2018

Capital increase
through public
offering

29,036,462 246,127,982

67,320766,024 (Note 15)

January 7, 2019

Capital increase
through thirdparty allotment

2,242,864 248,370,846

5,200

771,224 (Note 16)- 32 -

Date

Summary

Unitholders’ capital, net(Thousands of yen)
ChangeBalance

Total number ofinvestment units
issued(Units)ChangeRemarks

Balance

September 7, 2021

Capital increase
through public
offering

21,496,615 269,867,461

49,030820,254 (Note 17)

September 28,
2021

Capital increase
through thirdparty allotment

1,096,095 270,963,556

2,500

822,754 (Note 18)

May 13, 2022

Cancellation(3,999,657) 266,963,899(10,190)

812,564 (Note 19)

May 12, 2023

Cancellation(1,999,983) 264,963,916(5,118)807,446 (Note 20)

May 10, 2024

Cancellation(5,999,850) 258,964,065(15,340)

792,106 (Note 21)(Note 1) The Investment Corporation was established with an offering price per unit of ¥500,000.
(Note 2) New investment units were issued by public offering with an offering price per unit of ¥460,000(paid-in amount of ¥445,050 per unit) in order to raise funds for the acquisition of new
properties, etc., and then investment operations were commenced.
(Note 3) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥445,050 per unit.
(Note 4) New investment units were issued by public offering with an offering price per unit of ¥782,925(paid-in amount of ¥757,229 per unit) in order to raise funds for the acquisition of new
properties, etc.
(Note 5) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥757,229 per unit.
(Note 6) New investment units were issued by public offering with an offering price per unit of ¥979,020(paid-in amount of ¥948,051 per unit) in order to raise funds for the acquisition of new
properties.
(Note 7) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥948,051 per unit.
(Note 8) A two-for-one split of the investment units has been implemented, with September 30, 2015 as
the record date and October 1, 2015 as the effective date.
(Note 9) New investment units were issued by public offering with an offering price per unit of ¥472,360(paid-in amount of ¥457,418 per unit) in order to raise funds for the acquisition of new
properties, etc.
(Note 10) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥457,418 per unit.
(Note 11) New investment units were issued by public offering with an offering price per unit of ¥483,326(paid-in amount of ¥468,283 per unit) in order to raise funds for the acquisition of new
properties.
(Note 12) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥468,283 per unit.
(Note 13) New investment units were issued by public offering with an offering price per unit of ¥458,150(paid-in amount of ¥443,657 per unit) in order to raise funds for the acquisition of new
properties.
(Note 14) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥443,657 per unit.
(Note 15) New investment units were issued by public offering with an offering price per unit of ¥445,410(paid-in amount of ¥431,320 per unit) in order to raise funds for the acquisition of new
properties.

- 33 -

(Note 16) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥431,320 per unit.
(Note 17) New investment units were issued by public offering with an offering price per unit of ¥452,760(paid-in amount of ¥438,438 per unit) in order to raise funds for the acquisition of new
properties.
(Note 18) New investment units were issued through a private placement to Nomura Securities Co., Ltd.
with a paid-in amount of ¥438,438 per unit.
(Note 19) From February 18, 2022, to March 15, 2022, the Investment Corporation acquired its treasury
investment units through market purchases on the Tokyo Stock Exchange based on adiscretionary trading agreement with a securities company. All of the acquired treasury
investment units (10,190 units) were canceled on May 13, 2022, in accordance with a resolution
passed at a meeting of the Investment Corporation’s Board of Directors held on April 27, 2022.
(Note 20) From March 29, 2023, to April 11, 2023, the Investment Corporation acquired its treasury
investment units through market purchases on the Tokyo Stock Exchange based on adiscretionary trading agreement with a securities company. All of the acquired treasury
investment units (5,118 units) were canceled on May 12, 2023, in accordance with a resolution
passed at a meeting of the Investment Corporation’s Board of Directors held on April 27, 2023.
(Note 21) From January 18, 2024, to March 11, 2024, the Investment Corporation acquired its treasury
investment units through market purchases on the Tokyo Stock Exchange based on adiscretionary trading agreement with a securities company. All of the acquired treasury
investment units (15,340 units) were canceled on May 10, 2024, in accordance with a resolution
passed at a meeting of the Investment Corporation’s Board of Directors held on April 24, 2024.
(Note 22) “Unitholders’ capital, net” is the amount of “unitholders’ capital” less “deduction fromunitholders’ capital.” Furthermore, the above does not take into account the changes inunitholders’ capital arising from the implementation of distributions in excess of earnings fromallowance for temporary difference adjustments.

- 34 -

3. Reference Information(1) Composition of Invested Assets

Type ofassetsPrevious fiscal period

Current fiscal period(As of November 30, 2023)(As of May 31, 2024)

Total amount
held(Millions ofyen)(Note 1)

Percentage tototal assets

Total amount
held(Millions ofyen)(Note 1)

Percentage tototal assets

Urban Retail Properties

–

–

–

–

Tokyo Office Properties

–

–

–

–

Activia Account Properties

–

–

–

–

The five central wards ofTokyo (Note 3)

–

–

–

–

Wards of Tokyo other than
the five central wards

–

–

–

–

Three major metropolitan
areas (Note 4)

–

–

–

–

Other locations

–

–

–

–

Subtotal

–

–

–

–

Urban Retail Properties

158,34727.8

153,766

27.4

Tokyo Office Properties

280,48649.3

280,215

49.9

Activia Account Properties

101,73917.9

101,978

18.2

The five central wards ofTokyo (Note 3)

333,99058.7

329,51058.7

Wards of Tokyo other than
the five central wards

48,632

8.5

48,550

8.6

Three major metropolitan
areas (Note 4)

145,85625.6

145,932

26.0

Other locations

12,094

2.1

11,967

2.1

Subtotal

540,572

95.0

535,961

95.4

Total real estate assets

540,572

95.0

535,961

95.4

Deposits and other assets

28,3495.0

25,831

4.6

Total assets (Note 5)

568,922100.0

561,792

100.0

Category(%)(Note 2)(%)
(Note 2)

By property type

By locationRealestateBy property type

By locationRealestate intrust- 35 -

Amount(Millions ofyen)

Percentage tototal assets(%)(Note 2)

Amount(Millions ofyen)

Percentage tototal assets(%)(Note 2)

Total liabilities (Notes 5, 6)

294,11851.7

293,330

52.2

Total net assets (Note 5)

274,803

48.3

268,46247.8(Note 1) The total amount held is based on the carrying amounts on the balance sheet as of the end ofeach fiscal period (for real estate and real estate in trust, book value less depreciation expenses),in accordance with the asset valuation method set forth in the Articles of Incorporation of theInvestment Corporation.
(Note 2) Figures are rounded to the nearest tenth.
(Note 3) “The five central wards of Tokyo” refers to Chiyoda ward (Chiyoda-ku), Chuo ward (Chuo-ku),
Minato ward (Minato-ku), Shinjuku ward (Shinjuku-ku) and Shibuya ward (Shibuya-ku) inTokyo.
(Note 4) “Three major metropolitan areas” refers to the Tokyo area (Tokyo, Kanagawa Prefecture,
Saitama Prefecture and Chiba Prefecture), the Chukyo area (Aichi Prefecture) and the Kinki
area (Osaka Prefecture, Kyoto Prefecture and Hyogo Prefecture); the same shall apply
hereinafter.
(Note 5) Total assets, total liabilities and total net assets represent the amounts reported in the balance
sheet as of the end of each fiscal period.
(Note 6) Total liabilities include the obligation to refund leasehold and guarantee deposits.
(2) Investment Assetsi) Major investment securities
Not applicable.
ii) Investment properties
Properties in trust held by the Investment Corporation are included in the below section “iii) Other
investment assets.”- 36 -

iii) Other investment assets(A) Overview of real estate and beneficial interests in real estate trust
The following table shows property name, acquisition price, book value at the end of the fiscal period,
assessed value at the end of the fiscal period, return price and investment ratio related to the assets
held by the Investment Corporation as of the end of the 25th fiscal period. Figures shown in the table
are as of May 31, 2024 unless otherwise provided.
a. Overview of assets held (1)(As of May 31, 2024)

Urban Retail Properties

Category

Return price (Note 4)
Property
number(Note 1)

Property nameBook value
Acquisitionat end ofpriceperiodDirect capitalization
DCF method
methodAssessedvalue at Price based
Investment
end ofratio
on direct
Direct Price based
Terminal
Discount
periodcapitaliza- capitaliza- on DCF
capitalizaratetiontion rate
methodtion rate
method(Millionsof yen)(Note 2)

(Millionsof yen)(Note 3)

(Millionsof yen)(Note 4)

(Millionsof yen)(%)(Millionsof yen)

(%)

(%)

(%)
(Note 5)UR-1

Tokyu Plaza Omotesando“Omokado” (Note 6)

45,00044,46360,67560,675

2.6

60,600

2.3

2.6

8.3

UR-3

Q plaza EBISU (Note 7)

8,430

8,071

11,60011,7003.2

11,5003.4/3.3

3.4

1.6

UR-5

Kyoto Karasuma Parking
Building

8,860

8,572

10,40010,400

4.5

10,400

4.5

4.7

1.6

UR-7

Kobe Kyu Kyoryuchi
25Bankan

21,33019,55625,40025,7003.6

25,100

3.4

3.7

3.9

UR-8

A-FLAG SAPPORO

4,410

5,738

7,410

7,370

5.1

7,420

4.9

5.3

0.8

UR-9

A-FLAG SHIBUYA

6,370

6,373

7,920

8,020

3.8

7,870

3.6

4.0

1.2

UR-10 Q plaza SHINSAIBASHI

13,35013,336

14,10014,8003.4

13,800

3.2

3.6

2.5

UR-12

A-FLAG BIJUTSUKAN
DORI

4,700

4,741

4,290

4,400

3.2

4,180

3.0

3.4

0.9

UR-13

A-FLAG DAIKANYAMA
WEST

2,280

2,424

2,100

2,110

3.8

2,080

3.6

4.0

0.4

UR-15

DECKS Tokyo Beach(Note 6)

12,74012,902

10,976

11,711

4.0

10,633

3.8

4.2

2.4

UR-17

Q plaza HARAJUKU(Note 6)

13,20013,277

11,20011,4002.8

11,040

2.5

2.9

2.4

UR-18

A-FLAG NISHISHINSAIBASHI

14,30014,307

15,50015,6003.8

15,300

3.6

3.9

2.6

Subtotal

154,970

153,766

181,571

183,886–

179,923

–

–

28.6

- 37 -

Tokyo Office Properties

Category

Return price (Note 4)
Property
number(Note 1)

Property name

DCF method
Assessedvalue at Price based
Investment
end ofratio
Direct Price based
Terminal
on direct
Discount
periodcapitalizacapitaliza- capitaliza- on DCF
ratetion rate
methodtion ratetion
method(Millionsof yen)(Note 2)

(Millionsof yen)(Note 3)

(Millionsof yen)(Note 4)

(Millionsof yen)(%)(Millionsof yen)

(%)

(%)

(%)
(Note 5)

TO-1

TLC Ebisu Building

7,400

7,121

12,30012,700

3.4

12,100

3.5

3.6

1.4

TO-2

A-PLACE Ebisu Minami

9,640

9,468

16,900

16,1003.3

17,200

3.4

3.5

1.8

TO-3

A-PLACE Yoyogi

4,070

3,769

5,070

5,140

3.6

4,990

3.4

3.8

0.8

TO-4

A-PLACE Aoyama

8,790

8,463

11,00011,0003.7

11,000

3.5

3.9

1.6

TO-6

TAMACHI SQUARE(Land)

2,338

2,362

2,970

3,120

3.2

2,910

3.6

3.4

0.4

TO-7

A-PLACE Ikebukuro

3,990

3,567

5,690

5,740

3.7

5,630

3.5

3.8

0.7

TO-8

A-PLACE Shinbashi

5,650

5,684

7,230

7,330

3.4

7,120

3.2

3.5

1.0

TO-9

A-PLACE Gotanda

5,730

5,267

7,810

7,960

3.3

7,650

3.1

3.5

1.1

TO-10 A-PLACE Shinagawa

3,800

3,780

6,060

6,150

3.2

5,960

3.0

3.3

0.7

TO-11 OSAKI WIZTOWER

10,690

10,183

14,40014,6003.2

14,300

2.9

3.3

2.0

Shiodome Building(Note 6)

71,60069,81773,50078,0503.1

71,400

2.9

3.3

13.2

TO-13 A-PLACE Ebisu Higashi

7,072

6,887

7,850

7,970

3.4

7,720

3.2

3.6

1.3

4,810

4,925

6,110

6,110

3.3

6,110

3.0

3.4

0.9

7,280

7,598

7,960

7,960

3.5

7,960

3.2

3.6

1.3

TO-12

A-PLACE Shibuya
KonnohA-PLACE Gotanda
EkimaeA-PLACE Shinagawa
HigashiEbisu Prime Square (Note6)

18,80018,69618,00019,5003.6

17,400

3.4

3.8

3.5

30,70031,13332,60033,252

3.2

31,926

3.0

3.4

5.7

TO-19 A-PLACE Tamachi East

6,800

6,985

7,340

7,500

3.2

7,180

3.0

3.4

1.3

TO-20 Meguro Tokyu Building

16,30016,343

16,30016,3003.1

16,200

2.8

3.1

3.0

TO-21 Q plaza Shinjuku-3chome

18,40018,50019,30019,6003.4

19,000

3.2

3.6

3.4

8,800

8,872

9,150

9,210

3.1

9,080

2.8

3.2

1.6

30,60030,78530,70031,8003.2

30,200

3.3

3.4

5.6

TO-14
TO-15
TO-16
TO-18

A-PLACE Shibuya
TO-22
Nampeidai
Kasumigaseki Tokyu
TO-23
Building
Subtotal

Activia Account Properties

Book value
Acquisitionat end ofpriceperiodDirect capitalization
method283,260

280,215

318,240

327,092–

313,036

–

–

52.3

AA-1

Amagasaki Q’s MALL
(Land) (Note 8)

12,00012,113

15,100––15,100

5.1

–

2.2

AA-2

icot Nakamozu (Note 9)

8,500

7,997

10,60010,9004.8

10,5004.8/4.9

5.0

1.6

AA-4

icot Mizonokuchi

2,710

2,720

4,670

4,780

5.3

4,560

5.1

5.7

0.5

AA-5

icot Tama Center

2,840

2,508

4,220

4,230

4.6

4,200

4.2

4.8

0.5

AA-6

A-PLACE Kanayama

6,980

5,910

8,730

8,800

4.7

8,650

4.5

4.9

1.3

AA-7

Osaka Nakanoshima
Building

11,10011,68318,70018,8003.4

18,500

3.2

3.5

2.0

AA-8

icot Omori

5,790

5,590

7,540

7,570

3.9

7,510

3.7

4.0

1.1

AA-9

Market Square Sagamihara

4,820

4,451

5,070

5,090

5.2

5,050

5.0

5.4

0.9

AA-10 Umeda Gate Tower

19,00018,80222,00022,3003.4

21,900

3.2

3.6

3.5

AA-11 A-PLACE Bashamichi

3,930

4,035

5,110

5,240

4.6

4,970

4.3

4.8

0.7

AA-12 Commercial Mall Hakata

6,100

6,228

5,830

5,820

4.6

5,840

4.3

4.7

1.1

AA-13 A-PLACE Shinsaibashi

19,80019,936

21,30021,6003.5

20,900

3.3

3.7

3.7

Subtotal

103,570

101,978

128,870

115,130–

127,680

–

–

19.1

Total

541,800

535,961

628,681626,108–

620,639

–

–

100.0

(Note 1)

(Note 2)

(Note 3)

A property number is assigned to each of assets held by the Investment Corporation, which are divided into the three
categories: UR (meaning Urban Retail Properties), TO (meaning Tokyo Office Properties) and AA (meaning Activia
Account Properties).
Acquisition price represents trading value of beneficial interests in trust stipulated in each beneficiary interest in trust
sales agreement in relation to the assets held (excluding consumption tax and local consumption tax, and expenses
such as trading commissions, rounding down to the nearest million yen).
Book value at end of period represents book value for each property less depreciation expenses as of May 31, 2024,
rounding down to the nearest million yen.
- 38 -

(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)The appraisal of properties is commissioned to Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd.,The Tanizawa Sōgō Appraisal Co., Ltd., Japan Valuers Co., Ltd. or JLL Morii Valuation & Advisory K.K. Assessedvalue at end of period and return price show value described in each real estate appraisal report with the date of value
estimate of May 31, 2024.
Investment ratio is calculated by dividing the acquisition price for each property by the total acquisition price(excluding consumption tax and other acquisition-related expenses). Figures are rounded to the nearest tenth.
As for Tokyu Plaza Omotesando “Omokado,” DECKS Tokyo Beach, Q plaza HARAJUKU, Shiodome Building andEbisu Prime Square, the figures are in proportion to the pro rata share of our trust beneficiary co-ownership interests(jun kyōyū-mochibun) (75%, 49%, 60%, 35% and 51%, respectively).
The discount rates of Q plaza EBISU represent 3.4% from the first year to the second year and 3.3% in and after thethird year.
Regarding Amagasaki Q’s Mall (land), the real estate appraisal report prepared by the Japan Real Estate Institutestates that, “...considering the temporary nature of the fixed-term business-use leasehold, the return price is estimatedusing the DCF method instead of the direct capitalization method of converting net income over a certain period at acapitalization rate.” Accordingly, the “price based on direct capitalization method” and the “direct capitalization rate”
are not provided. Also, the report states that “...the appraised real estate is land with a fixed-term business-use
leasehold, and the lease will not be renewed upon expiration. Unless a new contract is made, the land will be returnedto the owner as vacant land. On the assumption that this will occur, the sales price at the end of the analysis period is
estimated based on the vacant land price at the time of appraisal.” Accordingly, “terminal capitalization rate” is notprovided.
The discount rates of icot Nakamozu represent 4.8% from the first year to the third year and 4.9% in and after the
fourth year.

- 39 -

b. Overview of assets held (2)Category(As of May 31, 2024)
Property
number

Property nameLocation

Date ofconstruction(Note 1)

(Note 2)

(Millions of (Millions of
yen)
yen)
(Note 3)(Note 4)

Total
Total leased
leasable area
area

Occupancy
rate

(m2)
(Note 5)(m2)
(Note 6)(%)(Note 7)

UR-1

Tokyu Plaza
Omotesando
Shibuya, Tokyo“Omokado” (Note8)

March 14, 2012

22

1,881

1,399

5,154.14

5,059.23

98.2

UR-3

Q plaza EBISU

Shibuya, Tokyo

August 20, 2008

4

484

381

4,024.88

4,024.88

100.0

UR-5

Kyoto Karasuma
Parking Building

Kyoto, Kyoto

July 24, 2006

2

(Note 9)(Note 9)21,616.04

21,616.04

100.0

Kobe, Hyogo

January 31, 2010

7

1,048

1,353

19,618.98

18,251.90

93.0

Kobe Kyu
UR-7 Kyoryuchi
25Bankan
Urban Retail Properties

Number Contractedof
rent
tenants(Annual)Leaseholdandguarantee
deposit

UR-8

A-FLAGSAPPORO

Sapporo,Hokkaido

May 23, 1980

15

727

127

21,229.16

21,229.16

100.0

UR-9

A-FLAGSHIBUYA

Shibuya, Tokyo

June 29, 1988

2

420

179

3,403.07

3,403.07

100.0

UR-10

Q plaza
SHINSAIBASHI

Osaka, Osaka

November 16,
2007

6

512

433

2,820.23

2,820.23

100.0

A-FLAG
UR-12 BIJUTSUKAN
DORI

Minato, Tokyo

December 1, 1998

4

208

206

1,994.65

1,994.65

100.0

A-FLAG
UR-13 DAIKANYAMA
WEST

Shibuya, Tokyo

April 21, 1992

1

(Note 9)(Note 9)2,579.08

2,579.08

100.0

Minato, Tokyo

June 20, 1996

80

529

438

16,119.47

16,006.96

99.3

Q plaza
UR-17 HARAJUKU (Note Shibuya, Tokyo
8)

March 5, 2015

16

427

371

3,378.49

3,378.49

100.0

March 14, 2022

1

665

333

13,680.84

13,680.84

100.0

–

160

–

–

115,619.03

114,044.53

98.6

UR-15

UR-18

DECKS Tokyo
Beach (Note 8)

A-FLAG NISHISHINSAIBASHI
Subtotal

Osaka, Osaka- 40 -

CategoryTokyo Office Properties

Property
number

Property nameLocation

Date ofconstruction

Number Contractedof
rent
tenants(Annual)(Note 1)

(Note 2)

Leaseholdandguarantee
deposit(Millions of (Millions of
yen)
yen)
(Note 3)(Note 4)

Total
Total leased
leasable area
area

Occupancy
rate

(m2)
(Note 5)(m2)
(Note 6)(%)(Note 7)

TO-1

TLC Ebisu
Building

Shibuya, Tokyo

March 5, 1993

13

625

476

7,342.60

7,342.60

100.0

TO-2

A-PLACE Ebisu
MinamiShibuya, Tokyo

January 31, 1995

8

842

791

7,950.49

7,950.49

100.0

TO-3

A-PLACE Yoyogi Shibuya, Tokyo

February 22, 2007

5

261

241

3,106.17

3,106.17

100.0

TO-4

A-PLACE Aoyama Minato, Tokyo

September 6,
1966

8

616

609

7,303.69

7,303.69

100.0

TO-6

TAMACHISQUARE (Land)

Minato, Tokyo

–

1

125

0

1,287.96

1,287.96

100.0

TO-7

A-PLACE
Ikebukuro

Toshima, Tokyo

October 13, 20111

(Note 9)(Note 9)3,409.73

3,409.73

100.0

TO-8

A-PLACE
Shinbashi

Minato, Tokyo

March 4, 1999

13

366

300

5,054.18

5,054.18

100.0

TO-9

A-PLACE Gotanda

Shinagawa,Tokyo

February 27, 2012

14

373

352

4,028.69

4,028.69

100.0

TO-10

A-PLACE
ShinagawaMinato, Tokyo

September 20,
1991

8

273

262

2,986.36

2,986.36

100.0

TO-11

OSAKI
WIZTOWER

Shinagawa,Tokyo

January 10, 2014

6

686

686

7,193.28

7,193.28

100.0

TO-12

Shiodome Building
Minato, Tokyo(Note 8)December 14,
2007

49

2,855

2,612

28,136.05

27,643.90

98.3

TO-13

A-PLACE Ebisu
Higashi

Shibuya, Tokyo

January 10, 1992

9

362

280

4,010.69

4,010.69

100.0

TO-14

A-PLACE Shibuya
Shibuya, Tokyo
KonnohMarch 18, 1992

5

280

171

3,010.53

3,010.53

100.0

TO-15

A-PLACE Gotanda Shinagawa,EkimaeTokyo

November 30,
1993

12

410

342

4,333.64

4,333.64

100.0

TO-16

A-PLACE
Minato, Tokyo
Shinagawa Higashi

August 31, 1985
(main building)
September 13,
1999 (annex)

11

922

890

14,517.11

14,517.11

100.0

TO-18

Ebisu Prime Square
Shibuya, Tokyo(Note 8)January 31, 1997

116

1,453

1,117

18,059.66

17,064.83

94.5

TO-19

A-PLACE Tamachi
Minato, Tokyo
East

April 9, 2003

24

329

313

4,288.88

4,288.88

100.0

TO-20

Meguro Tokyu
Building

Shinagawa,Tokyo

December 24,
2002

9

619

601

6,993.70

6,993.70

100.0

TO-21

Q plaza Shinjuku3chome

Shinjuku, Tokyo

September 24,
1992

4

807

513

4,528.01

4,528.01

100.0

TO-22

A-PLACE Shibuya
Shibuya, Tokyo
Nampeidai

July 31, 1989

11

384

342

4,376.17

4,376.17

100.0

TO-23

Kasumigaseki
Tokyu Building

October 20, 2010

25

1,218

711

12,023.76

12,023.76

100.0

–

352

–

–

153,941.35

152,454.37

99.0

Subtotal

Chiyoda, Tokyo- 41 -

Category

Property
number

Property nameLocation

Date ofconstruction

Activia Account Properties(Note 1)
AA-1

Amagasaki Q’s
MALL (Land)

Amagasaki,
Hyogo

AA-2

icot Nakamozu

Sakai, OsakaAA-4

icot Mizonokuchi

Kawasaki,Kanagawa

AA-5

icot Tama Center

AA-6

A-PLACE
Kanayama

AA-7

Osaka
Nakanoshima
Building(Note 2)

Leaseholdandguarantee
deposit(Millions of (Millions of
yen)
yen)
(Note 3)(Note 4)

Total
Total leased
leasable area
area

Occupancy
rate

(m2)
(Note 5)(m2)
(Note 6)(%)(Note 7)

1

720

341

27,465.44

27,465.44

100.0

June 27, 2007

2

620

430

28,098.02

28,098.02

100.0

July 15, 1998

1

(Note 9)188

14,032.05

14,032.05

100.0

Tama, Tokyo

March 7, 2006

10

237

233

5,181.58

5,181.58

100.0

Nagoya, Aichi

February 10, 2009

19

545

454

9,314.90

9,314.90

100.0

Osaka, Osaka

March 5, 1984

39

1,041

853

20,091.83

20,091.83

100.0

Ota, Tokyo

March 6, 2007

8

388

357

6,209.78(Note 10)

6,209.78(Note 10)

100.0

Sagamihara,
Kanagawa

June 13, 2014

3

(Note 9)(Note 9)15,152.42

15,152.42

100.0

AA-10 Umeda Gate Tower Osaka, Osaka

January 15, 2010

21

1,011

802

13,513.73

13,513.73

100.0

A-PLACE
AA-11
Bashamichi

Yokohama,
Kanagawa

May 31, 1975

37

346

274

9,710.91

9,710.91

100.0

AA-8 icot Omori
AA-9

Market Square
Sagamihara–

Number Contractedof
rent
tenants(Annual)AA-12

Commercial Mall
HakataFukuoka,
Fukuoka

November 3, 2005

17

336

163

9,612.88

9,553.03

99.4

AA-13

A-PLACE
Shinsaibashi

Osaka, Osaka

April 22, 1986

21

1,091

927

15,892.27

15,892.27

100.0(Note 1)

(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)Subtotal

–

179

–

–

174,275.81

174,215.96

100.0

Total

–

691

–

–

443,836.19

440,714.86

99.3

Date of construction of the main building, as described in the property registry. For properties with several mainbuildings, the construction date of the oldest building is listed. The construction date is omitted in case of acquisitionof land only (Land represents the part of site on which the building is established under a land lease right; the same
shall apply hereinafter). However, for A-PLACE Shinbashi and A-FLAG SHIBUYA, the date of inspection
confirming completion of construction written on the certificate of inspection is provided.
At each property, the number of tenants is equal to the aggregate number of tenants as of May 31, 2024 described in
the lease agreements in relation to buildings, except that for properties with master lease agreements, the total numberof end-tenants is listed. For properties for which we acquire only land, the total number of tenants of the land is listed.
The contracted rent (annual) for each property other than properties for which we acquire only land is calculated bymultiplying the aggregate anticipated monthly rent (limited to rent for rooms which were occupied by tenants as May
31, 2024), including common service fees and excluding usage fees for warehouses, signboards and parking lots, andalso excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductions of rent as of May
31, 2024, as indicated in the lease agreements in relation to buildings as of May 31, 2024 by 12 (for where multiple
lease agreements are concluded in relation to buildings, the aggregate anticipated monthly rent for all leaseagreements) (excluding consumption tax) and rounding to the nearest million yen. For properties for which we
acquire only land, it is calculated as the annual contracted rent (excluding consumption tax) as indicated in the leaseagreement for such land as of May 31, 2024, rounding to the nearest million yen. For properties with master leaseagreements, the annual contracted rent is calculated by multiplying the aggregate anticipated monthly rent (limited torent for rooms; including common service fees and excluding usage fees for warehouses, signboards and parking lots,
and also excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductions of rent as of
May 31, 2024), as indicated in the relevant sublease agreement with end-tenants by 12.
The leasehold and guarantee deposit is calculated as the total amount required based on the lease agreement for each
property as of May 31, 2024 (limited to leasehold and guarantee deposit based on the lease agreement for leased
property that was occupied by the tenant as of May 31, 2024), rounding to the nearest million yen. For properties withmaster lease agreements, the leasehold and guarantee deposit is calculated as the total amount required based on thesublease agreements with end-tenants, rounding to the nearest million yen.
The total leasable area represents the total of gross floor area considered to be leasable based on the lease agreements
for building or floor plans as of May 31, 2024 of each property other than properties of which we acquire only land,
and gross land area considered to be leasable based on the lease agreement for land or land plans as of May 31, 2024of each property of which we acquire only land.
The total leased area is equal to the total of leased area presented in each lease agreement for properties held as of
May 31, 2024. For properties with master lease agreements, counted is the total of the area of properties for which
sublease agreements are concluded with end-tenants and that are actually subleased.
The occupancy rate is calculated by dividing total leased area for each property by the total leasable area as of May
31, 2024, rounding to the nearest tenth. The subtotal and total are calculated by dividing aggregate leased area by
aggregate leasable area, rounding to the nearest tenth.
As for Tokyu Plaza Omotesando “Omokado,” DECKS Tokyo Beach, Q plaza HARAJUKU, Shiodome Building andEbisu Prime Square, the figures are in proportion to the pro rata share of our trust beneficiary co-ownership interests(jun kyōyū-mochibun) (75%, 49%, 60%, 35% and 51%, respectively). However, the numbers of tenants provided are
the numbers for each whole building.
- 42 -

(Note 9)

Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
(Note 10) The calculation of total leasable area and total leased area for icot Omori includes part of an external bicycle parking
lot (approximately 21 m2) and part of a common area on the second floor (approximately 28 m2).
(Note 11) For lease agreements with end-tenants that have been asked to be terminated or canceled, or for which the rent has
not been paid, number of tenants, contracted rent (annual), leasehold and guarantee deposit, total leased area andoccupancy rate are shown in the above table if these agreements continued as of May 31, 2024, assuming that thelease agreements with the end-tenants remained effective; the same shall apply hereinafter.

- 43 -

(B) Capital expenditure for assets under managementa. Scheduled capital expenditure
The following table shows major estimated capital expenditure for renovation work, etc. that theInvestment Corporation plans to conduct for assets held at the end of the 25th fiscal period as of
May 31, 2024. The estimated construction cost below includes the portion expensed for accounting
purposes.
Name of real
property(Location)

Estimated construction cost
(Millions of yen)
PurposeScheduled period

TotalamountPayment
for theperiodTotalamountpaid

Osaka Nakanoshima Renovation of air
Building
conditioning (Third(Osaka, Osaka)period)From June 2024
to November 2024

450

–

9

Repair of parking
A-FLAG SAPPORO
equipment No. 2 and(Sapporo, Hokkaido)
No. 3

From June 2025
to November 2025

324

–

–

Osaka Nakanoshima Renovation of air
conditioning (Fourth
Building
period)(Osaka, Osaka)

From December 2024
to May 2025

224

–

4

Renewal of air
Meguro Tokyu
conditioning/LED
Building(Shinagawa, Tokyo) lighting Phase I

From April 2024
to June 2024

192

–

–

Renewal of air
Meguro Tokyu
conditioning/LED
Building(Shinagawa, Tokyo) lighting Phase II

From October 2024
to December 2024

184

–

–

Osaka Nakanoshima
Large-scale renovation From December 2025
Buildingof external wall
to May 2026
(Osaka, Osaka)

146

–

–

A-PLACE
Bashamichi(Yokohama,
Kanagawa)

Replacement of air
conditioning
equipment (Phase II)

From December 2025
to May 2026

146

–

–

A-PLACE
Shinsaibashi(Osaka, Osaka)Renewal of controls
for elevators No. 1 toNo. 5 Phase I

From June 2025
to November 2025

141

–

–

A-PLACE
Bashamichi(Yokohama,
Kanagawa)

Replacement of air
conditioning
equipment (Phase I)

From June 2025
to November 2025

137

–

–

Kobe Kyu
Kyoryuchi
25Bankan(Kobe, Hyogo)

Replacement of air
conditioning units
From January 2026
(EHP) and ventilation
to April 2026
fans (9th, 10th floor
and 17th floor Zone A)

130

–

–

A-PLACE Shibuya
Nampeidai(Shibuya, Tokyo)

Installation of
additional air
conditioning units innorth building

From June 2024
to November 2024

130

–

–

A-FLAG SAPPORO Replacement of central From July 2025
(Sapporo, Hokkaido) monitoring panel
to November 2025

122

–

–

A-PLACE
Bashamichi(Yokohama,
Kanagawa)

108

–

–

Replacement of air
From June 2026
conditioning
to November 2026
equipment (Phase III)- 44 -Name of real
property(Location)

Estimated construction cost
(Millions of yen)
PurposeScheduled period

Payment
for theperiodTotalamount
paid

100

–

–

Total
amountA-PLACE Shibuya
Konnoh(Shibuya, Tokyo)

Large-scale repair
work

Kobe Kyu
Kyoryuchi
25Bankan(Kobe, Hyogo)

Replacement of air
conditioning units
From June 2025
(EHP) and ventilation
to July 2025
fans (12th, 13th floor
and 17th floor Zone E)

92

–

–

Kobe Kyu
Kyoryuchi
25Bankan(Kobe, Hyogo)

Replacement of air
conditioning units
From May 2024
(EHP) and ventilation
to July 2024
fans (8th, 9th floor and17th floor Zone B)

91

–

–

Kobe Kyu
Kyoryuchi
25Bankan(Kobe, Hyogo)

Replacement of air
conditioning units
From January 2025
(EHP) and ventilation
to February 2025
fans (10th, 11th floor
and 17th floor Zone C)

91

–

–

From December 2025
to May 2026

A-PLACE Aoyama Large-scale repair(Minato, Tokyo)
work

From December 2024
to May 2025

90

–

–

A-PLACE
Shinsaibashi(Osaka, Osaka)

From December 2025
to March 2026

89

–

–

Commercial Mall
Large-scale renovation From December 2025
Hakataof external wall
to May 2026
(Fukuoka, Fukuoka)

80

–

–

Renewal of controls
for elevators No. 1 toNo. 5 Phase II

A-PLACE Yoyogi(Shibuya, Tokyo)

Replacement of air
conditioning
equipment (Phase I)

From December 2025
to May 2026

76

–

–

A-PLACE Yoyogi(Shibuya, Tokyo)

Replacement of air
From December 2026
conditioning
to May 2027
equipment (Phase III)

76

–

–

A-PLACE Yoyogi(Shibuya, Tokyo)

Replacement of air
conditioning
equipment (Phase II)

From June 2026
to November 2026

75

–

–

A-PLACE Yoyogi(Shibuya, Tokyo)

Large-scale repair
work

From December 2025
to May 2026

74

–

–

DECKS Tokyo
Beach(Minato, Tokyo)

Replacement of fan
coil units (Phase II)

From December 2024
to May 2025

72
(Note)––

Replacement of air
Ebisu Prime Squareconditioning(Shibuya, Tokyo)
equipment (2 floors)

From June 2025
to November 2025

70
(Note)––

Replacement of air
Ebisu Prime Squareconditioning(Shibuya, Tokyo)
equipment (2 floors)

From December 2025
to May 2026

70
(Note)––

Replacement of air
Ebisu Prime Squareconditioning(Shibuya, Tokyo)
equipment (2 floors)

From February 2024
to May 2025

67
(Note)––- 45 -Name of real
property(Location)

Shiodome Building(Minato, Tokyo)

Estimated construction cost
(Millions of yen)
PurposeScheduled period

Replacement of central
From July 2025
monitoring equipment
to February 2026
Phase II

Total
amountPayment
for theperiodTotalamountpaid

66(Note)––A-PLACE Aoyama Renewal of elevator(Minato, Tokyo)
controls

From October 2024
to December 2024

65

–

–

Replacement of air
Ebisu Prime Squareconditioning(Shibuya, Tokyo)
equipment (2 floors)

From June 2024
to November 2024

65
(Note)––

Shiodome Building(Minato, Tokyo)

Replacement of central
From June 2024
monitoring equipment
to February 2025
Phase I

63
(Note)––A-PLACE
Shinagawa(Minato, Tokyo)

Renovation of external From May 2025
wall
to November 2025

57

–

–

Replacement of
From June 2025
A-FLAG SAPPORO packaged air(Sapporo, Hokkaido) conditioner (EHP- 1, 2 to November 2025
and 3)

55––

A-PLACE Ebisu
Higashi(Shibuya, Tokyo)

Renewal of elevator
controls

From June 2025
to November 2025

53

–

–

Replacement of air
A-FLAG SHIBUYA conditioning units(Shibuya, Tokyo)(Basement and 1st
floor)

From March 2025
to November 2025

50

–

–

Replacement of air
A-FLAG SHIBUYA
From June 2025
conditioning units (2nd
(Shibuya, Tokyo)
to November 2025
and 3rd floors)

49

–

–

A-PLACE Aoyama Renovation of lavatory From June 2024
(Minato, Tokyo)(Phase I)
to November 2024

42

–

–

40
(Note)––DECKS Tokyo
Beach(Minato, Tokyo)

Replacement of fan
coil units (Phase I)

A-PLACE
Bashamichi(Yokohama,
Kanagawa)

Renovation of lavatoryon each floor (Phase From June 2024
II: 2nd basement to 3rd to November 2024
floors)35––

A-PLACE Shibuya
Konnoh(Shibuya, Tokyo)

Replacement ofelevators

From May 2024
to July 2024

34

–

–

Shiodome Building(Minato, Tokyo)

Installation of LED
lighting Phase VIII

From June 2024
to November 2024

30
(Note)

–

–

26

–

–

From December 2023
to November 2024

Replacement of air
A-FLAG SHIBUYA
From December 2025
conditioning units (4th(Shibuya, Tokyo)
to May 2026
floor)(Note)The shown estimated construction cost with regard to DECKS Tokyo Beach, Ebisu Prime Square and
Shiodome Building is the amount equivalent to the ratio of the Investment Corporation’s co-ownershipbeneficial interests in real estate trust (49%, 51% and 35%, respectively).

- 46 -

b. Capital expenditure during the fiscal period
For assets held by the Investment Corporation at the end of the 25th fiscal period, construction work
conducted by the Investment Corporation during the fiscal period ended May 31, 2024 that falls into
capital expenditure is as follows. The capital expenditure for the fiscal period ended May 31, 2024
amounted to ¥1,322 million, and repair and maintenance expenses that were accounted for as
expense in the fiscal period ended May 31, 2024 came to ¥452 million. On aggregate, construction
work of ¥1,775 million was carried out during the fiscal period.
Name of real property(Location)

Purpose

PeriodConstruction cost
(Millions of yen)

Osaka Nakanoshima
Building(Osaka, Osaka)

Renovation of air
conditioning (Phase 2
construction)

From December 2023
to May 2024

400

Tokyu Plaza
Omotesando“Omokado”(Shibuya, Tokyo)

Installation of signage
monitors on outer wall

From January 2023
to March 2024

177
(Note)

Osaka Nakanoshima
Building(Osaka, Osaka)

Replacement of emergency
power generator equipment

From December 2023
to May 2024

114

Ebisu Prime Square(Shibuya, Tokyo)

Replacement of air
conditioning units (first halfof 2024) (2 floors)

From January 2024
to April 2024

61
(Note)DECKS Tokyo Beach(Minato, Tokyo)

Replacement of fan coil units(Phase I) (1st payment)

From December 2023
to May 2024

32
(Note)

Shiodome Building(Minato, Tokyo)

Installation of LED lighting
Phase VII

From December 2023
to May 2024

30
(Note)A-PLACE Kanayama(Nagoya, Aichi)

Installation of LED lighting in From April 2024
common areas
to May 2024

Other

474
Total

(Note)

30

1,322

The shown estimated construction cost with regard to Tokyu Plaza Omotesando “Omokado,” DECKSTokyo Beach, Ebisu Prime Square and Shiodome Building is the amount equivalent to the ratio of theInvestment Corporation’s co-ownership beneficial interests in real estate trust (75%, 49%, 51% and 35%,
respectively).

- 47 -

(C) Information concerning major tenants
a. Summary of major tenants
For assets held at the end of the 25th fiscal period, the table below shows tenants whose leased area
accounts for 10% or more of the total leased area in the entire portfolio (major tenants) based on thedata as of May 31, 2024. The forms of agreements with the tenants in the table are ordinary leaseagreements.
As for certain assets held, the Investment Corporation has entered into lease agreements (master
lease agreements) with Tokyu Community Corp. and Tokyu Land SC Management Corporation
with the objective of allowing them to be master lease companies and sublease the leased assets to
end-tenants. The table below shows information on the major tenants with master lease agreements
based on the data as of May 31, 2024. Rents received by the Investment Corporation from themaster lease companies are equal to the rents received by these companies from sublessees (endtenants) (pass-through master lease), and such rents are not guaranteed.

TenantTokyu Community
Corp.

Business

Property nameLeased area (m2)(Note 1)

Contracted rent
(Annual)(Millions ofyen)(Note 2)

Leasehold andguarantee
deposit(Millions ofyen)(Note 3)

Expiration date
(Note 4)

TLC Ebisu Building

7,342.60

625

476

May 31, 2025

A-PLACE Ebisu Minami

7,950.49842

791

May 31, 2025

A-PLACE Yoyogi

3,106.17261

241

May 31, 2025

A-PLACE Aoyama

7,303.69

616

609

May 31, 2025

A-PLACE Ikebukuro

3,409.73(Note 5)(Note 5)

May 31, 2025

A-PLACE Shinbashi

5,054.18366

300

May 31, 2025

A-PLACE Gotanda

4,028.69

373

352

May 31, 2025

A-PLACE Shinagawa

2,986.36

273

262

May 31, 2025

OSAKI WIZTOWER

7,193.28

686

686

May 31, 2025

A-PLACE Ebisu Higashi

4,010.69362

280

May 31, 2025

A-PLACE Shibuya Konnoh

3,010.53

280

171

September 30, 2025

Real Estate A-PLACE Gotanda Ekimae
Management
A-PLACE Shinagawa
Higashi

4,333.64

410

342

June 30, 2026

14,517.11

922

890

March 31, 2027

Ebisu Prime Square (Note 6)

13,741.31

1,245

1,087

January 31, 2030

A-PLACE Tamachi East

4,288.88329

313

October 31, 2031

A-PLACE Shibuya
Nampeidai

4,376.17384

342

September 30, 2031

A-PLACE Kanayama

9,314.90

545

454

May 31, 2025

Osaka Nakanoshima Building

20,091.83

1,041

853

November 30, 2024

Umeda Gate Tower

13,513.73

1,011

802

April 30, 2028

A-PLACE Bashamichi

9,710.91

346

274

October 31, 2026

Commercial Mall Hakata

9,553.03

336

163

March 31, 2027

A-PLACE Shinsaibashi

15,892.27

1,091

927

December 31, 2031

174,730.19

–

–

–

Total

- 48 -

Tenant

Tokyu Land SC
Management
Corporation(Note 1)
(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)

Business

Property nameLeased area (m2)(Note 1)

Contracted rent
(Annual)(Millions ofyen)(Note 2)

Leasehold andguarantee
deposit(Millions ofyen)(Note 3)

Expiration date
(Note 4)

June 30, 2024

Q plaza EBISU

4,024.88484

381

Kyoto Karasuma Parking
Building

21,616.04(Note 5)(Note 5)

November 30, 2024

Kobe Kyu Kyoryuchi
25Bankan

18,251.90

1,048

1,353

August 31, 2025

A-FLAG SAPPORO

21,229.16

727

127

December 31, 2025

A-FLAG SHIBUYA

3,403.07

420

179

December 31, 2025

Q plaza SHINSAIBASHI

2,820.23

512

433

December 31, 2025

A-FLAG BIJUTSUKAN
DORI

1,994.65

208

206

December 31, 2026

2,579.08(Note 5)(Note 5)

December 31, 2026

16,006.96

529

438

January 31, 2028

Q plaza HARAJUKU(Note 6)

3,378.49427

371

January 31, 2029

Q plaza Shinjuku-3chome

4,528.01807

513

September 30, 2031

icot Nakamozu

28,098.02

620

430

June 30, 2024

icot Mizonokuchi

14,032.05(Note 5)100

June 30, 2024

icot Tama Center

5,181.58

237

233

November 30, 2024

icot Omori

6,209.78

388

357

December 31, 2025

Market Square Sagamihara

15,152.42(Note 5)(Note 5)January 31, 2025

Total

168,506.32––

A-FLAG DAIKANYAMA
Real Estate WEST
Management DECKS Tokyo Beach(Note 6)–The leased area is the leased area to end-tenants in respect to the leased area provided in the master lease agreement
as of May 31, 2024 where the tenant is the master lease company and sublessor, rounding to the nearest hundredth.
Under master lease contracts concluded with tenants, for properties of which the master lease rent payable by thetenant equals to the rent payable by the end-tenant to the tenant, the contracted rent (annual) for each property is
calculated by multiplying the aggregate anticipated monthly rent (limited to rent for rooms which were occupied bytenants as May 31, 2024), including common service fees and excluding usage fees for warehouses, signboards andparking lots, and also excluding revenue-based rents, regardless of free rents, rent holidays and temporary reductionsof rent as of May 31, 2024, as indicated in the sublease agreement concluded with the end-tenant as of May 31, 2024
by 12, rounding to the nearest million yen.
The leasehold and guarantee deposit is calculated as the total amount required based on the sublease agreement withthe end-tenant as of May 31, 2024 (limited to leasehold and guarantee deposit based on the lease agreement for leased
property that was occupied by the tenant as of May 31, 2024), rounding to the nearest million yen, where the tenant is
the master lease company and sublessor.
The expiration date is the date provided in the lease agreement where the tenant is the lessee, including where thetenant is a sublessor and master lease company under a sublease agreement. Concerning the method of renewing themaster lease agreement entered into with the above-mentioned major tenant who is the master lease company,
assuming that the lessor or lessee has not expressed in writing their intention to refuse renewal at a time that is at least
three full months before the expiry of the lease agreement, the agreement shall be renewed for a further two years
under the same conditions, and the same will apply thereafter.
Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
As for Ebisu Prime Square, DECKS Tokyo Beach and Q plaza HARAJUKU, the figures are in proportion to the pro
rata share of our trust beneficiary co-ownership interests (jun kyōyū-mochibun) (51%, 49% and 60%, respectively).

- 49 -

b. End-tenants in the top 10 in terms of total leased area
For assets held by the Investment Corporation, the following table shows end-tenants ranked in the
top 10 in terms of total leased area in the entire portfolio as of May 31, 2024.
End-tenants

Property name

Total leased area (m2)(Note 1)

Lease expiration date

Form of agreement(Note 2)
Ordinary leasehold land
agreement
Fixed-term business-use
lease agreement
Fixed-term building leaseagreement
Fixed-term building leaseagreement
Fixed-term building leaseagreement
Fixed-term building leaseagreement
Fixed-term building leaseagreement

Sumitomo Mitsui Trust Bank,
Limited (Note 3)

TAMACHI SQUARE (Land)
Amagasaki Q’s MALL (Land)

28,753.40(Note 4)

May 31, 2074
January 31, 2042

Kohnan Shoji Co., Ltd.

icot Nakamozu

26,529.03

July 11, 2027

Times24 Co., Ltd.

Kyoto Karasuma Parking Building

21,224.14–

Tokyu Hotels Co., Ltd.

A-FLAG SAPPORO

18,891.39

March 31, 2027

Plan Do See Inc.

Kobe Kyu Kyoryuchi 25Bankan

14,582.67

February 28, 2051

EDION Corporation

icot Mizonokuchi

14,032.05

July 24, 2043

Tokyu Resorts & Stays Co.,Ltd.

A-FLAG NISHI SHINSAIBASHI

13,680.84

October 31, 2037

Fixed-term building leaseagreement

K’S HOLDINGSCORPORATION

Market Square Sagamihara

11,863.92

June 30, 2034

Fixed-term building leaseagreement

MUFG Bank, Ltd.

icot Nakamozu
icot Tama Center
A-PLACE Kanayama

5,609.11––

CA Sega Joypolis Ltd.

DECKS Tokyo Beach

4,911.63

July 31, 2036

Fixed-term building leaseagreement(Note 1)

(Note 2)
(Note 3)(Note 4)(Note 5)The total leased area is equal to the total leased area in each property under the lease agreement with the end-tenant asof May 31, 2024. As for DECKS Tokyo Beach, the figure is based on the amount in proportion to the pro rata shareof our trust beneficiary co-ownership interests (jun kyōyū-mochibun) as of May 31, 2024 (49%).
The form of agreement is equal to the form of agreement described in the lease agreement with the end-tenants as of
May 31, 2024.
Tenant is the trustee of the building on the land; Tokyu Land Corporation is the trust beneficiary under such trust.
Total leased area for TAMACHI SQUARE (Land) and Amagasaki Q’s MALL (Land) is in respect of the land.
Since we have not obtained permission from the tenant of the properties to release the information, the information
missing from this table is not disclosed.

- 50 -

(D) Overview of lease and profit and loss
25th fiscal period (From December 1, 2023 to May 31, 2024)
Property number

UR-1

UR-3

UR-5

Property name

Tokyu Plaza
Omotesando“Omokado”(Note 1)

Q plaza EBISU

Kyoto Karasuma
Parking Building

183

183

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue(Unit: Thousands of yen)
UR-8

UR-7

183

Kobe Kyu Kyoryuchi
A-FLAG SAPPORO
25Bankan
183

183

1,059,363

267,804(Note 2)

631,428

487,431993,942

242,414(Note 2)585,032

412,865

Other leasing business revenue

65,421

25,389(Note 2)

46,39574,565b. Expenses related to leasing business

267,708

63,95970,461

216,819

267,535

Management operation expenses

104,799

16,411

4,365

86,313

107,087

Utilities expenses

31,02022,833–51,594

99,408Tax and public dues

80,801

9,656

45,46951,89331,618

254

101

212

897

845

10,416

2,383

19,48922,527

23,145

Insurance
Repair and maintenance expenses
Other expenses related to leasing
business

40,415

12,573

923

3,593

5,427

c. NOI (a – b)791,655

203,844(Note 2)

414,608

219,896

d. Depreciation, etc. (Note 3)

56,253

19,188

16,229125,812

121,707

Profit (loss) from leasing business(c – d)735,401

184,656(Note 2)

288,795

98,189Property number

UR-9

UR-10

UR-11

UR-12

(Unit: Thousands of yen)
UR-13

Property name

A-FLAG SHIBUYA

Q plaza
SHINSAIBASHI

A-FLAG KOTTO
DORI(Note 4)

A-FLAG
BIJUTSUKAN
DORI

A-FLAGDAIKANYAMA
WEST

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

183

183

182

183

183

217,106

271,279

120,258

85,714(Note 2)

209,911257,050

114,881

78,960(Note 2)Other leasing business revenue

7,194

14,229

5,377

6,754

(Note 2)b. Expenses related to leasing business

37,91147,85251,05539,02937,132

Management operation expenses

14,157

9,805

8,367

3,468

7,917

Utilities expenses

8,415

13,881

6,149

6,849

300

Tax and public dues

12,864

19,47328,482

2,115

16,095

Insurance

70

89

100

49

82

Repair and maintenance expenses

685

1,047

3,742

4,338

5,898

Other expenses related to leasing
business

1,717

3,554

4,213

22,207

6,839

c. NOI (a – b)

179,195

223,426

69,203

46,685(Note 2)d. Depreciation, etc. (Note 3)

12,467

15,370

4,838

7,572

5,771

Profit (loss) from leasing business(c – d)166,727

208,056

64,364

39,113(Note 2)- 51 -

(Unit: Thousands of yen)
TO-2

Property number

UR-15

UR-17

UR-18

TO-1

Property name

DECKS Tokyo
Beach(Note 1)

Q plaza
HARAJUKU(Note 1)

A-FLAG NISHISHINSAIBASHITLC Ebisu Building

183

183

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues

183

183

A-PLACE Ebisu
Minami183

596,744

209,630

332,550

333,371445,562

Leasing business revenue

477,722

196,627

332,550

320,695

429,310

Other leasing business revenue

119,022

13,003–

12,675

16,251b. Expenses related to leasing business

351,877

88,351

2,698

85,306

106,793

Management operation expenses

108,220

28,617–25,33030,969

Utilities expenses

100,030

14,320–17,86323,193

Tax and public dues

62,18643,149–18,49736,094

617

106

388

266

339

Repair and maintenance expenses

22,354770–

10,108

5,967

Other expenses related to leasing
business

58,467

1,387

2,310

13,23910,229c. NOI (a – b)

244,867

121,278

329,851

248,064

338,768

d. Depreciation, etc. (Note 3)

29,164

6,968

45,14149,26538,087

Profit (loss) from leasing business(c – d)215,703

114,309284,709

198,799

300,681

Property number

TO-3

TO-4

TO-6

TO-7

Property name

A-PLACE Yoyogi

A-PLACE Aoyama

TAMACHISQUARE (Land)

Insurance

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues

183

183

183

(Unit: Thousands of yen)
TO-8

A-PLACE Ikebukuro A-PLACE Shinbashi
183

183

139,916

316,516

62,502(Note 2)

203,188

134,227

305,13162,502(Note 2)

191,234

Other leasing business revenue

5,688

11,385–(Note 2)

11,953b. Expenses related to leasing business

39,46588,488

10,83846,24758,720

Leasing business revenue

Management operation expenses

10,641

25,197–

10,995

17,162

Utilities expenses

10,266

17,159–12,472

11,701

Tax and public dues

11,69526,453

10,582

11,59016,950

114

249

–

113

190

Repair and maintenance expenses

4,951

14,315

–

4,828

6,734

Other expenses related to leasing
business

1,796

5,112

256

6,247

5,981

c. NOI (a – b)100,450

228,028

51,663(Note 2)

144,467

d. Depreciation, etc. (Note 3)

15,972

25,592–

22,14724,038

Profit (loss) from leasing business(c – d)84,478202,436

51,663(Note 2)

120,428

Property number

TO-9

TO-10

TO-11

TO-12

Property name

A-PLACE Gotanda

A-PLACE
Shinagawa

OSAKI
WIZTOWER

Shiodome Building(Note 1)183

183

Insurance

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

183

183

(Unit: Thousands of yen)
TO-13
A-PLACE Ebisu
Higashi183

192,520

144,394

353,011

1,229,613

157,720

184,455

138,029

340,966

1,160,606

149,170

Other leasing business revenue

8,064

6,364

12,04469,007

8,550

b. Expenses related to leasing business

44,851

38,920105,922384,238

53,798

Management operation expenses

13,555

10,134

67,119103,538

19,650Utilities expenses

11,512

6,152

10,874

94,906

8,799

Tax and public dues

14,997

12,807

25,838135,380

15,264

Insurance

153

105

448

879

139

Repair and maintenance expenses

1,986

4,896

–

21,426

7,745

Other expenses related to leasing
business

2,645

4,824

1,641

28,1072,199

c. NOI (a – b)147,668

105,473

247,089

845,375

103,922d. Depreciation, etc. (Note 3)

27,682

11,31248,045

158,691

23,801

Profit (loss) from leasing business(c – d)119,986

94,161

199,044686,683

80,120- 52 -

(Unit: Thousands of yen)
TO-19

Property number

TO-14

TO-15

TO-16

TO-18

Property name

A-PLACE Shibuya
KonnohA-PLACE Gotanda
EkimaeA-PLACE
Shinagawa Higashi

Ebisu Prime Square(Note 1)

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

183

183

183

183

A-PLACE Tamachi
East
183

167,562

187,443

340,274

844,664

174,984

140,899

180,106

299,462736,047

168,203

Other leasing business revenue

26,663

7,336

40,812

108,616

6,780

b. Expenses related to leasing business

38,98877,008184,048

295,939

45,980Management operation expenses

13,351

18,30742,556

65,181

13,578

Utilities expenses

5,587

10,50841,885106,228

8,457

Tax and public dues

10,347

20,18453,98574,075

15,791

Insurance

107

159

630

861

191

Repair and maintenance expenses

7,426

19,01642,342

36,838

4,963

Other expenses related to leasing
business

2,167

8,831

2,647

12,754

2,998

c. NOI (a – b)

128,574

110,434

156,226

548,724

129,003d. Depreciation, etc. (Note 3)

15,041

16,16833,18051,32014,378

Profit (loss) from leasing business(c – d)113,532

94,266

123,045

497,403

114,625

TO-22

TO-23

Property number

TO-20

TO-21

Property name

Meguro Tokyu
Building

Q plaza Shinjuku3chome

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

183

183

(Unit: Thousands of yen)
AA-1

A-PLACE Shibuya Kasumigaseki Tokyu
Nampeidai
Building
183

183

Amagasaki Q’s
MALL (Land)183

317,955

393,173

198,982

662,359

360,004

304,049

367,869

190,849

621,224

360,004

Other leasing business revenue

13,90625,303

8,133

41,134–b. Expenses related to leasing business

64,794

94,86069,293

101,201

59,636

Management operation expenses

21,806

17,827

17,15245,890–Utilities expenses

17,132

19,334

14,441

38,714–

Tax and public dues

18,64952,43022,739881

59,379

258

188

192

606

–

Repair and maintenance expenses

2,895

1,783

11,614––

Other expenses related to leasing
business

4,051

3,296

3,153

15,108256

c. NOI (a – b)

253,161

298,312

129,688561,158

300,368

d. Depreciation, etc. (Note 3)

15,127

5,750

4,733

33,534–

Profit (loss) from leasing business(c – d)238,034

292,562

124,955

527,623

300,368

Property number

AA-2

AA-4

AA-5

AA-6

Property nameicot Nakamozu

icot Mizonokuchi

icot Tama Center

A-PLACE Kanayama

Insurance

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues

183

183

183

(Unit: Thousands of yen)
AA-7
Osaka Nakanoshima
Building

183

183

311,031(Note 2)

144,878

301,340

560,964

311,001(Note 2)135,019284,626

537,52830(Note 2)

9,859

16,71323,435b. Expenses related to leasing business

52,30913,97547,15592,099235,920

Management operation expenses

6,070

2,979

18,07324,946

58,69130–

12,99818,61247,65932,616

10,093

11,692

29,68959,796

307

133

217

343

1,023

Repair and maintenance expenses

12,372

–

2,005

5,053

63,742Other expenses related to leasing
business

911

768

2,167

13,453

5,006

c. NOI (a – b)

258,721(Note 2)

97,723

209,240

325,044

d. Depreciation, etc. (Note 3)

38,640

10,204

20,66454,566

120,727

Profit (loss) from leasing business(c – d)220,080(Note 2)

77,059154,674

204,317

Leasing business revenue
Other leasing business revenue

Utilities expenses
Tax and public dues
Insurance- 53 -

Property number

AA-8

AA-9

AA-10

AA-11

Property nameicot Omori

Market Square
Sagamihara

Umeda Gate Tower

A-PLACE
Bashamichi

183

183

Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues

183

183

(Unit: Thousands of yen)
AA-12
Commercial Mall
Hakata183

228,256(Note 2)532,389

189,096

208,599

202,800(Note 2)502,518

175,141

170,999

Other leasing business revenue

25,456(Note 2)

29,87013,95437,600b. Expenses related to leasing business

54,75440,278

121,41778,30574,961

Management operation expenses

8,938

16,13131,801

19,172

23,028

Utilities expenses

27,0196,360

33,14020,94522,278Tax and public dues

13,305

13,68436,96818,342

11,936

Leasing business revenue

Insurance

144

180

504

402

166

Repair and maintenance expenses

3,600

1,806

10,55912,745

10,151Other expenses related to leasing
business

1,745

2,115

8,443

6,696

7,400

c. NOI (a – b)

173,502(Note 2)410,971

110,791

133,638

d. Depreciation, etc. (Note 3)

19,29522,26670,32547,952

16,575

Profit (loss) from leasing business(c – d)154,206(Note 2)

340,645

62,839117,062

Property number(Unit: Thousands of yen)
AA-13

Property name
Number of business days in the 25th
fiscal period
a. Real estate leasing business revenues
Leasing business revenue

A-PLACE
Shinsaibashi
183
575,344538,912

Other leasing business revenue

36,431b. Expenses related to leasing business

169,042Management operation expenses

43,962

Utilities expenses

44,766

Tax and public dues

68,637

Insurance

617

Repair and maintenance expenses

4,155

Other expenses related to leasing
business

6,903

c. NOI (a – b)

406,301

d. Depreciation, etc. (Note 3)

18,433

Profit (loss) from leasing business(c – d)387,868(Note 1)

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

As for Tokyu Plaza Omotesando “Omokado,” DECKS Tokyo Beach, Q plaza HARAJUKU, Shiodome Building andEbisu Prime Square, the figures are in proportion to the pro rata share of our trust beneficiary co-ownership interests(jun kyōyū-mochibun) (75%, 49%, 60%, 35% and 51%, respectively).
Since we have not obtained permission from the tenant of this property to release the information, the information is
not disclosed.
“Depreciation, etc.” includes loss on retirement of non-current assets.
Disposed on May 31, 2024. Therefore, figures up to the day prior to the disposition date are presented.

- 54 -