24

Semi-Annual Report for theth Fiscal Period

From February 1, 2022 to July 31, 2022

CRR 3282
For a Superior Level of Living Comfort

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

I. Overview of the Investment Corporation
Greetings
We would like to express our deepest sympathies to those affected by COVID-19 infections as well as the family members and friends.
We are pleased to inform you that Comforia Residential REIT, Inc (the “Investment Corporation”) successfully closed all accounts for the 24th Fiscal Period(from February 1, 2022 to July 31, 2022). We would like to thank all of our unitholders and stakeholders for their continued support and cooperation. In the
24th Fiscal Period, the market environment was unstable due to global inflation and rising interest rates from the beginning of 2022 and the situation in
Ukraine from late February, but things are settling down and the J-REIT market
is currently in a moderate uptrend. In particular, we believe that the excellent
stability and defensiveness of residential REITs are now valued more highly.

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

Comforia Residential REIT, Inc

Takehiro Izawa
We acquired COMFORIA SAKURAJOSUI and five other properties from FebruExecutive Director (center)ary to April 2022 with funds procured through a public offering, conducted forthe ninth consecutive year since listing, by utilizing the pipeline of our sponKoji Yamamoto
Supervisory Director (left)
sor, Tokyu Land Corporation, as well as borrowings and cash on hand. We alsoacquired COMFORIA KITAZAWA through our asset management company's
Masamichi Ohshimaoriginal route, resulting in an asset size of 147 properties with a total acquisiSupervisory Director (right)tion price of ¥ 281 billion (as of July 31, 2022), continuously expanding toward
our medium-term AUM target of ¥ 300 billion. On the financial front, in April 2022, the outlook on our long-term issuer
credit rating (AA-) by a rating agency was changed from "Stable" to "Positive". We believe this is an external evaluation of
our continuous external growth and stable management performance to date.
The average occupancy rate for the 24th Fiscal Period remained generally stable at 96. 2%, our second consecutive period above 96%, showing recovery from the pandemic. The Investment Corporation had ¥ 9, 785 million in operating revenue, ¥ 4, 386 million in operating profit, and ¥ 3, 704 million in profit, all of which exceeded our forecasts, resulting in a
distribution per unit (DPU) of ¥ 5, 334.
In the next fiscal period onward, we will continue to aim to achieve stable earnings, ensure the steady growth of ourmanaged assets, utilize sponsor support to acquire excellent assets, and conduct asset replacements aimed at improving our portfolio quality in order to maximize unitholders' value. Your continued support and cooperation are highly appreciated.

Financial Highlights
Operating revenue¥ 9,785 million

Number of properties

Operating profit¥ 4,386 million

Acquisition priceProfit¥ 3,704 million

Distribution per unit (DPU)¥ 5,334

Appraisal value
Occupancy rate at the 24th
Fiscal Period-end
Average occupancy rate

Total loan to value (LTV)

50.7 %

147 properties¥ 281.0 billion¥ 360.3 billion
95.9 %
96.2 %

Contents
I.

II.

Asset Management Report

Overview of the Investment Corporation
Greetings/Financial Highlights

1III. Financial Section

1952

Sustainable Growth in Asset Size and DPU

2Balance Sheets

52

Asset Management with Portfolio Quality and Stability in Mind

4

Statements of Income

54

External Growth Results

6

Statements of Changes in Unitholders’ Equity

55

Internal Growth Results

8Statements of Cash Distributions

56

Sustainability Initiatives

10

Statements of Cash Flows57

Financial Strategy

12

Notes

58

Portfolio Map

14

Supplementary Schedules

68

Basic Policies

16

Independent Auditor’s Report76 verview of the Investment Corporation andO
Asset Management Company

171

Sustainable Growth in Asset Size and DPU
In the 24th Fiscal Period, the Investment Corporation implemented a public offering in February 2022, its ninth consecutive year since listing, and acquired six properties with the funds procured as well as borrowings and cash on hand. In
addition, it acquired COMFORIA KITAZAWA through borrowings and cash on hand in July 2022.

Future Strategy
Aim for an asset
size o f ¥ 300 billion
while maintaining aportfolio with
properties mainly inthe Tokyo 2
 3 wards

24th Fiscal Period

The Investment Corporation will keep promoting external growth by continuing to invest selectively in high-quality
properties mainly in Tokyo 23 wards, focusing on the collaboration with our sponsor group, as well as original sourcing
by TLC REIT Management Inc. (the “Asset Management Company”), while seeking expansion of the asset size and stable
distribution levels.

Acquired
COMFORIA KITAZAWA andsix other properties

Selective Investments Mainly in Tokyo 23 Wards (As of July 31, 2022)
Historical Asset Size
(Billions of yen)

300

Over around250

9.5 years since listing,
3.9-fold growth

281.0

245.9

achieved approximately

225.9
Tokyo 23 wards

202.1

Tokyo metropolitan area/ Other major cities

200

187.4
164.4
146.5

150
116.2

100
71.2

0

Tokyo
23 wards
96.3％
Listed(Feb. 6, 2013)

Credit RatingTokyo
23 wards

92.5％

Tokyo
23 wards

94.0％

206.0

188.5

168.0

122.8
Tokyo
23 wards

Tokyo
23 wards

93.6％

94.3％

261.5

261.5

226.6

146.7

Tokyo
23 wards

252.1

Tokyo
23 wards

92.8％

Tokyo
23 wards

Tokyo
23 wards

90.4％

90.4％

Tokyo
23 wards

90.9％

Tokyo
23 wards

90.9％

Tokyo
23 wards

Tokyo
23 wards

91.0％

91.8％

“End of 18th
Fiscal Period”

End of 19th
Fiscal PeriodTokyo
23 wards

Tokyo
23 wards

91.8％

92.2％

“End of 20th
Fiscal Period”

End of 21st
Fiscal PeriodTokyo
23 wards

Tokyo
23 wards

91.7％

91.7％

“End of 22nd
Fiscal Period”“End of 23rd
Fiscal Period”

Tokyo
23 wards

92.0％

92.9％

“End of 8th “End of 9th “End of 10th “End of 11th “End of 12th “End of 13th “End of 14th “End of 15th “End of 16th
Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period” Fiscal Period”“End of 17th
Fiscal Period”(Ended Jul. 2014) (Ended Jan. 2015) (Ended Jul. 2015) (Ended Jan. 2016) (Ended Jul. 2016) (Ended Jan. 2017) (Ended Jul. 2017) (Ended Jan. 2018) (Ended Jul. 2018)(Ended Jan. 2019) (Ended Jul. 2019)

A+ (Stable)

A+ (Positive)(Ended Jan. 2020) (Ended Jul. 2020)“End of 24th
Fiscal Period”(Ended Jan. 2021) (Ended Jul. 2021) (Ended Jan. 2022) (Ended Jul. 2022)

Changed toAA– (Stable)

AA– (Positive)
from April 2022

June 2018 FTSE EPRA/NAREIT Global Real Estate Index Series - Asia

Inclusion in
Indices

Futurestrategy

June 2020

Tokyo Stock Exchange REIT Core Index

September 2020

FTSE Global Equity Index

Distribution per¥ 4,268 ¥ 4,296 ¥ 4,403 ¥ 4,339 ¥ 4,487 ¥ 4,549 ¥ 4,681 ¥ 4,788 ¥ 4,985
Unit (DPU) (Note 1)¥ 5,180¥ 5,180¥ 5,295¥ 5,309¥ 5,410¥ 5,872¥ 5,529¥ 5,334

Aim to improvestabilized DPU

Occupancy Rate
at End of Period

96.4％

97.0％

96.7％

95.0％

95.9％

95.7％

96.0％

95.9％

Consistently stable
occupancy rate

94.8％

95.2％

95.5％

96.2％

96.3％

96.5％

96.1％

96.7％

96.6％

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

2

3

Asset Management with Portfolio Quality and Stability in Mind
Portfolio Focusing on "Tokyo 23 Wards" and "Near Stations"

Status of Pipeline Development for Further Growth (As of September 15, 2022)

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

The sponsor, Tokyu Land Corporation, is developing 27 properties ( 3, 298 units) located primarily within Tokyo 23 wards,
and the Investment Corporation is expanding its acquisition opportunities with proactive external acquisition.
Properties developed by TLC（ Rental residence
Operational rental residence）

Tokyo 23 wards Tokyo metropolitan area

Asset Size (Acquisition price basis)

Asset management company’s original route（

147 properties / ¥ 281. 0 billion

AkabaneSuita-shi

Itabashi-ku
Kita-ku

Arakawa-ku

Toshima-ku
Nakano-ku

Ikebukuro

Taito
-ku

Bunkyo-ku

Ueno

Investment Area
(Rental residence)

Average Minutes on Foot from Nearest Stations(Rental residence)(As of the end of 24th FP)(As of the end of 24th FP)

Othermajor
majorcities
citiesTokyo
Tokyo Other
metropolitan
metropolitanarea
area 4.4
4.4％％

Kichijoji

Tachikawa

93.2％

Over
15 years

Large
Family14.1％

11.9 years

Number of properties

21

2, 419

Tokyo metropolitan area

4

222

Other major cities

6

850

Total

31

3, 491(Completed)21

2, 288External growth through strategic capital use and distribution stability using internal reserves
As of the end of the 24th Fiscal Period, the Investment Corporation’s free cash is ¥10. 5 billion and internal reserves are¥1. 49 billion (after 24th FP distribution). Maintaining an LTV level of 55%, its acquisition capacities are ¥ 28. 5 billion. It iscapable to use these funds to expand asset size, limit downside risk and keep steady growth.
Cash on handInternal reserves

10.5 billion

¥

51.9％

(Billions of yen)(Billions of yen)

2

15

11.4

10.5

5 to
10 years

29.5％

19.8％

0.95

0

“End of22nd FP”“End of23rd FP”“End of24th FP”

0“End of22nd FP”

35
30
20

0.88
1.49

0.5

(Billions of yen)

（％）

30.9

30.2

50.1%

50.2%

“End of22nd FP”“End of23rd FP”

28.5

55

25

0.88

Compact

38.6％

Reserve for reduction entry
under special provisions forproperty replacement

0.88

1
5

10 to
15 years

1.5

28.5 billion¥

Reserve for reduction entry

12.3

10

Acquisition capacities

1.49 billion¥
SingleNumber of units

Tokyo 23 wards

0.5％

90.6％

ShinOsaka

Shin-KobeStoresSingle /Compact

Avg. building age

93.2

0.2％

8.7％

36.5％

％

Shinagawa

Other major cities

Unit Type (Rental residence)Under
5 years

Kyoto

Chuo-ku

Yokohama

Primarily properties near stations

Building Age

Rentalresidence

4

Minato-ku

57.4
57.4％％

54.5
54.5％％

6.8％

Nishi-ku

Ota-kuSub-central
Sub-central
Tokyo
Tokyo

Investment Target

Chuo-ku

Meguro-ku

Kita-ku

Koto-kuTokyo

Setagaya-ku

min.
5.0
5.0min.

Primarily Tokyo 23 wards

Chiyoda-ku
Shibuya

Average
Averageminutes
minutesononfootfoot

92.0
92.0％％

Rentalresidence

Nishifunabashi
Shinjuku

Shibuya-ku

WithinWithin55min.
min.

38.3
38.3％％Tokyo
Tokyo23
23
wards
wards

Shin-Osaka

Sumida-ku

Shinagawa
-ku

4.3
4.3％％

CentralCentralTokyo
Tokyo 55toto10
10min.
min.

37.5
37.5％％

Operational
rental residence

Suginami-ku

Over
Over1010min.
min.

3.6
3.6％％

）

(no specific plans for acquisition by the Investment Corporation)

0.73“End of23rd FP”

0.61“End of24th FP”

15

50.7%
50

10
5
0

“End of24th FP”

45

5

External Growth Results
The Investment Corporation acquired six properties (two rental residences in Tokyo 23 wards and four operational rental
residences) from its sponsor through public offering during the 24th Fiscal Period. and COMFORIA KITAZAWA from athird party in July. It is achieving continuous asset size expansion.

End of 23rd FP

End of 24th FP

Properties Acquired in 24th Fiscal Period
157

COMFORIA KITAZAWA

Sub-central Tokyo

Original
Route

Leasing of COMFORIA KITAZAWA is strong
The purchase agreement for COMFORIA KITAZAWA wassigned on March 15, when it was under construction andit was acquired on July 1, immediately after completion.
Leasing is proceeding favorably, targeting singles and
DINKs who value proximity to the city center and convenience of living environment. As of July 31 (end of 24thFP), the occupancy rate was 14.1%, but rent per tsubo ishigher than initially planned.

147 properties / ¥ 281 billion

140 properties / ¥ 261. 5 billion

Properties Acquired in 24th Fiscal Period (Upon public offering)Sponsordeveloped

155

COMFORIA AKIHABARA NORTH

スポンサー
Sponsor開発
developed

Address

Sub-central Tokyo

1- 1- 13 Taito, Taito-ku,
Tokyo

156

スポンサー
Sponsor開発
developed

Ownership

スポンサー
開発

Address

Sub-central Tokyo

1- 22- 23 Kamiyoga,
Setagaya-ku, Tokyo

151

Ownership

OwnershipCompletion date March 2020
Rentable units 98 units
Acquisition date February 1, 2022
Acquisition price ¥ 1, 500 million
6

Rentable units

76 units

Acquisition dateJuly 1, 2022

Acquisition price¥ 3, 816 million

Acquisition price ¥ 3, 750 million

154

GRANCREER TACHIKAWA

スポンサー
Sponsor開発
developed

Address

Tokyo metropolitan area

2- 3- 21 Fujimicho,
Tachikawa-shi, Tokyo

Nearest station/ 11-minute walk from
Tachikawa Station on the JR
Distance
Chuo Line and 3 other lines(on foot)
Ownership

Land/Fixed-term leasehold
Building/Ownership

Acquisition date March 29, 2022
Acquisition price ¥ 2, 933 million

Nearest station/ 8-minute walk from
Urayasu Station on the
Distance
Tokyo Metro Tozai Line(on foot)

OwnershipCompletion date June 2022

Acquisition date April 4, 2022

Acquisition price ¥ 4, 546 million

2- 13- 2 Kitazakae,
Urayasu-shi, Chiba

Ownership

Ownership

Acquisition date March 29, 2022

Address

1- 24- 8 Kitazawa, Setagaya-ku, Tokyo

Nearest station/ 4-minute walk from Higashikitazawa
Distance(on foot) Station on the Odakyu Odawara Line

Rentable units 130 units

Ownership

Tokyo metropolitan area

Address

4- 6- 4 Shimotakaido,
Suginami-ku, Tokyo

Completion date May 2020
Rentable units 131 units

CAMPUS VILLAGE URAYASU

スポンサー
Sponsor開発
developed

Sub-central Tokyo

Completion date March 2020

Nearest station/ 15-minute walk from
Yoga Station on the
Distance
Tokyu Denentoshi Line(on foot)
Ownership

Address

Ownership

Acquisition date April 4, 2022
Acquisition price ¥ 1, 850 million
GRANCREER BAJIKOEN (LAND)

Acquisition through original routeof the Asset Management Company

Nearest station/ 7-minute walk from
Kamikitazawa Station on
Distance
the Keio Line(on foot)

Completion date July 2020
Rentable units 55 units

153

Original
Route

COMFORIA SAKURAJOSUI

8-minute walk from
Nearest station/ Asakusabashi Station on the
Distance
JR Chuo Sobu Local Line(on foot)and the Toei Asakusa Line
Ownership

Sponsor-developed
properties

152

CAMPUS VILLAGE KYOTOFUSHIMI

スポンサー
Sponsor開発
developed

Address

Other major cities

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto

4-minute walk from
Nearest station/ Kuinabashi Station on
Distance
the Kyoto Municipal(on foot)
Subway Karasuma LineGrowing Toward Target AUM ¥300 Billion
24th FP

Total

Acquired from sponsor

Acquired from third party

6 properties

1 property¥

15. 6 billion¥

3. 8 billion

End of 23rd FP

Completion date February 2020
Rentable units 95 units

Tokyo metropolitan area
Other major cities

Acquisition date March 25, 2022
Acquisition price ¥ 1, 075 million

Ratio of Tokyo 23 wards(Rental residence)

91. 7 %

Ownership¥

19. 4 billion

Investment Ratio by Area
37. 5 %
52. 9 %
5. 2 %
4. 4 %

Ownership

7 properties

Central Tokyo
Sub-central Tokyo

End of 24th FP

34. 9 %
54. 2 %
6. 4 %
4. 5 %
92. 0 %

Difference▲2. 6 pt

+ 1. 3 pt+ 1. 2 pt+ 0. 1 pt+ 0. 3 pt
7Internal Growth Results
In the 24th Fiscal Period, by continuing to set appropriate leasing conditions and conduct active leasing efforts,
the Investment Corporation gradually recovered from the impact of the pandemic and realized stable occupancy
rates.

Portfolio Occupancy Rates
Total portfolio

100

95.7%

95.6%

96.5%

96.7%

96.3%

95.7%

96.0%

96.7%

Value-add renovations were undertaken alongside restoration after tenant lease termination based on property featuresand market demand.
COMFORIA MINAMIAOYAMA Even more premium

The average occupancy rate for the 24th Fiscal Period was stable at 96. 2%.
（%）

Value-Add Renovations of Exclusive Areas Over the Past Year

96.8%

Total portfolio (previous year)

95.8%

95.8%

96.3%

95.9%

95

BeforeCOMFORIA MINAMIAOYAMA’s premium top-floor
residence was selected for value-add renovation toenhance competitiveness and tenant satisfaction.
COMFORIA MINAMIAOYAMA
Property name ( 18. 8 years old)

Open-plan
kitchen island

2

Target residence Top floor maisonette (two-bedroom, 125. 88 m )90
Central Tokyo100

Sub-central Tokyo

Tokyo metropolitan area

Other major cities

95
90

Work period

23rd FP

Jul.
2021

Aug.

Sep.

Oct.

Dec.

Jan.
2022

Feb.

Mar.

Apr.

May

Jun.

Jul.

Rental Residence Rent Change on Tenant Turnover and Per Tsubo

KitchenAfter

Monthly rent

¥600,000

Before¥780,000(+¥180,000)

Living/dining room

14th FP(Jul. 17)

15th FP(Jan. 18)

16th FP(Jul. 18)

17th FP(Jan. 19)

18th FP(Jul. 19)19th FP(Jan. 20)20th FP(Jul. 20)

21st FP(Jan. 21)

22nd FP(Jul. 21)

23rd FP(Jan. 22)24th FP(Jul. 22)

Total Number ofUnits

8, 0568, 0958, 4938, 487

8, 9868, 9039, 5489, 7079, 9259, 925

10, 187

Turned Over Units(% of Total Units)963( 12. 0%)843
( 10. 4%)

1, 087( 12. 8%)858
( 10. 1%)

1, 101( 12. 3%)912
( 10. 2%)958
( 10. 0%)1, 151( 11. 9%)1, 308( 13. 2%)

1, 133( 11. 4%)

1, 341( 13. 2%)

Renewed Units(% of Total Units)

1, 374( 17. 1%)

1, 151( 14. 2%)

1, 991( 23. 4%)

1, 191( 14. 0%)1, 525( 17. 0%)1, 255( 14. 1%)2, 070( 21. 7%)

1, 443( 14. 9%)1, 606( 16. 2%)

1, 298( 13. 1%)

1, 847( 18. 1%)

Bedroom

COMFORIA MINAMISUNAMACHI Common room to residence

After

COMFORIA MINAMISUNAMACHI’s little-used common
room was converted into a residence, following regulatory
approval, creating a new revenue source.

The number of turned over units has remained in the low 10% range relative to the total number of units. Period-end
rent per tsubo for rental residences continued to trend upward despite the pandemic.
Rental Residence

After¥ 4 million+ 30%

24th FP

Nov.

(new spec)

June-July 2021

・Kitchen renovation
・Re-wallpapering
Work details ・Washing machine pan/shelf installation
・Upper floor blinds replacement, etc.
Total cost

22nd FP

After

Pre-renovation common room

Living room

After

Property name COMFORIA MINAMISUNAMACHI ( 15. 6 years old)
Work period

November 2021 – February 2022

Work details

Common room conversion to family residence(three-bedroom, 74. 8 m 2), full renovation

Total cost

¥ 13. 9 million

Monthly rent

¥0¥250,000(2.5x other units inthe building)

ROI 22%

Living room

5.6%
Increase rate in period-end rent of rental residence (vs 13th FP)

6.1%

5.9%

6.1%

4.9%

Rent change on tenant turnover

4.0%

Rent change on tenant renewal

2.7%
Rent change on tenant
turnover improved
from - 1. 4% last period
to 0. 8% this period

1.9%
0.2%

0.7%

3 .4 %

3.7%

1.3%
4 .6 %

5 .7 %

6 .8 %

7.9%

8.3%
3.0%
0.6%

8

Ongoing value-add work in harmony with living environment and property features

0 .4 %

0.6%

0 .5 %

0 .8 %

0 .8 %

1.1%

0.9%

0.5%

0.4%

14th FP

15th FP

16th FP

17th FP

18th FP

19th FP

20th FP

21st FP

22nd FP0.2%▲ 1 .4 %23rd FP

0.8%
0.3%

24th FP

Despite being in the city center, COMFORIA

selected renovation unit was designed to target

MINAMIAOYAMA is located in a peacefulfamilies. In light of COVID- 1 9, the floor plan

environment overlooking the lush greenery ofprovides smooth access from the entrance to the

Aoyama Cemetery. In its newly upgraded unit, thewashroom and bathroom, and there is also ample

kitchen partition wall was removed to create aliving and kitchen space.

more spacious feel. In addition, carefully selected

Going forward, we will continue to enhance theflooring and wallpaper make the entire living

value of our assets under management throughroom bright and comfortable.

highly investment-efficient value-adds that take

COMFORIA MINAMISUNAMACHI is located near ainto account the attractiveness and potential of

station with a variety of convenient facilities thatthe property as well as the characteristics of themake it easy for families to live in the area, so thearea.

Sae Nishioka

Assistant Manager, AssetManagement Department,
Comforia Management Division,
TLC REIT Management Inc.
Hobby: garden sharing

9Sustainability Initiatives
Topics of 24th FP
Information Disclosure Based on TCFD Recommendations
The Investment Corporation recognizes that climate change is an important issue that will have a significant impact on its
business activities. The asset management company (TRM) has announced its support for the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD) established by the Financial Stability Board (FSB) and has also joined
the TCFD Consortium, a group of domestic companies that support the TCFD recommendations. Based on the four items of
the TCFD recommendations (governance, strategy, risk management and metrics and targets), TRM has analyzed the risks
and opportunities posed by climate change and disclosed this information on the Investment Corporation's website.

Renewable Energy Initiatives

Establishment of Environment Management System (EMS)

We utilize renewable energy from solar power. COMFORIA NAKAOCHIAI’s annual solar power generation is equivalent to approximately
15% of its common area electricity consumption (based on February
2021 – January 2022 data).

The Asset Management Company established a unique environment
management system (EMS) which applies PDCA cycle to continuously
cope with environmental challenges.
Management review
Evaluation and instruction forimprovement

Annual power generation of
the solar power facilities in
COMFORIA NAKAOCHIAI

Validation of environmental
performance
Validation of execution ofenvironmental practice plan
Actual vs. budget comparison
Put corrective and preventive measures into practice4, 199. 7 kwh(Feb. 2021 – Jan. 2022)

Risks

2 ℃ ・1.5 ℃
Transition Risk

4℃
Physical Risk

Time
Span

Predicted Risks・Opportunities

Scenario

・Management cost increase due to Carbon Tax.
・Maintenance/Renovation fee increase due to tightening
regulations.
・Declining demand for low energy-efficiency properties.

Effects

2030(Medium)
Small-Large

・Management Efficiency from transitions to environment
Oppor- friendly properties.
tunities ・Competitiveness strengthening from transitions toenvironment friendly properties.

・Damage to properties and increase in maintenance/repairing costs due to abnormal climate

2050(Long)

・Energy-saving transformation (i.e., LED lights)

CO₂ Emission

・Hazard risks evaluation for each property

Medium-long term

Avg. 1 ％decrease/year(GHG Emission Intensity)

Portfolio’s Certification Status(Jul. 2022)
ーベ リタス ジャパン

Certified Properties
Gross floor area

As of the end of the 24th Fiscal Period (end of July2022), a total of six properties have been certified,accounting for 20.1% of the total floor area of theentire portfolio.

Environment

ロー

(株

ュ
ビ

Following COMFORIA SHINJUKU EASTSIDE TOWER,COMFORIA OMIYA obtained the highest rank of "S"in the CASBEE real estate certification.

)

COMFORIA OMIYA S Rank ★★★★★

6
102,133.95 ㎡

Certified Proportion

Do

Inspection･
Budget control

Execute plan
Recognize actual performance
Provide trainings

20.1％

3

Health and WellBeing for All

Goal

Sustainable Cities

11 and Communities

Support in Hokkaido via Corporate Hometown Tax

LUUP Service

Following on from 2020, as part of ourcontribution to local communities,
we donated to a project supporting
improvement of working environments at medical institutions for fever
treatment/examination, which aims
to provide support for medical staff
and improve medical equipment andmaterials in Hokkaido, where we own
several properties.

Electric kickboard sharing service“LUUP” is available at 14 properties
and is heavily used by tenants andnearby residents. Our intention is toenhance property/community features to improve everyday convenience as part of promoting a“smart city”.

Governance

COMFORIA WASEDA

Goal

Responsible

and12 Consumption
Production

Relevant SDG Goals

Goal

Peace, Justice and

16 Strong Institutions

Status/Initiatives
Decision-making Flow in Acquisition of Assets

COMFORIA OMIYA

Goal

7

Relevant SDG Goals

Affordable andClean Energy

Goal

Responsible

and12 Consumption
Production

Status/Initiatives
Saving Energy with Apartment Equipment and Common
Area Lighting

Use of Recycled Building
Materials

We are saving energy by changing the temperature settings of air conditioning equipment and thinning out some of the lighting incommon areas. We also encourage residents to save electricity andenergy at home.

We proactively use recycled materials
when undertaking large-scale renovations, common area carpet replacement, etc. This reduces industrial
waste and recirculates resources.

Rooftop Greening
At COMFORIA KINSHICHO DEUX, wehave alleviated the heat island effectand implemented energy-saving
measures by planting vegetation on
the rooftop.

10

Check

Review･
improvement

Set target for environmental performance
Establish environmental
practice plan

Status/Initiatives

Avg. 1 ％decrease/year

from Energy Consumption

CASBEE Certification for Real EstateSociety

Goal

Relevant SDG Goals

Medium-long term

・Green-Certification for Real Estate・Green-lease provisions(Energy consumption intensity)

Small-Medium

Plan

Metrics and Targets

Energy Consumption

2050(Long)

Risks

Strategy/Countermeasures

Act

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

Approval by compliance officer
In case of related-party transactions and other necessary cases

▼

▼
▼
▼

Compliance Committee deliberation and resolution (Note 1)▼

Investment Committee deliberation and resolution (Note 2)▼

Approval by each Chief Division Officer
In case of related-party transactions and other necessary cases▼

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

Report to Investment
Corporation▼

Report to the Board of Directors

Aligning Interests Between Unitholders
and the Sponsor
In the public offering held in February 2022,
the sponsor acquired 2,410 units, which is
10% of the number of issuing units.

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

Sponsor’s investment ratio

9. 0%(As of end of July 2022)(Note 1) Deliberation and resolution by the Compliance Committee as well as prior approval by the Investment Corporation’s board of directors will be required for acquiring assets, etc. in case of related-party transactions andother necessary cases.
(Note 2) If the candidate acquisition asset is a healthcare facility, advisory from external experts related to healthcare
facilities shall be sought. Furthermore, discussions shall be held upon receiving a report on the content of reports, etc. created by external experts related to healthcare facilities and, if necessary, the Investment Committee shall be attended by the concerned external experts as observers and their opinions shall be heard.

11

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

Refinancing Results in 24th FP
Before refinancing

Avg. Borrowing
term

End of 24th FP(July 31, 2022)

After refinancing and new borrowing¥ 8, 800 million

Loan amountInterest-Bearing Debt
¥ 19, 599 million

Loan amount

LTV (Note)

6. 1 years

Avg. Borrowing
term

5. 3 years

Fixed-interest debt ratio

0. 62%

Weighted avg.
Interest rate

0. 60%

Weighted avg. interest rate

Avg. interest rate

50. 7%
87. 6%
95. 0%
4. 5 years
0. 58%

Long-term debt ratio
Average maturity(Note) Interest-bearing debt balance/total assets

Diversification of Repayment Dates
The expected repayments of debt and investment corporation bonds as of July 31, 2022 are as follows:■ Existing loans ■ New borrowings in 24th FP ■ [Existing] 3rd ~ 11th unsecured bonds


Amount of credit limit in commitment line: ¥13.5 billion
2,999

1,000

1,000


6,560



9,270 9,650

9,400



6,520 5,860

 

 



2,000

2,000

1,800 2,800

8,500 7,050

9,250

1,500

4,000
10,895

10,100

7,125

8,000

5,700
3,350 3,000





   



 

 

5,500
3,000







 

1,500

 

 

1,500

1,600





Loan Balances
The Investment Corporation’s loan balances as of July 31, 2022 are as follows:
Lender

0.3％
0.7％
1.0％
1.3％
1.6％
2.2％
2.5％
3.1％
3.3％

9.9％
20.3％

15.5％

7.0％
14.0％

15.2％

Credit Rating (As of July 31, 2022)

12

Loan balance(millions of yen)

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

30, 973
23, 553
23, 118
21, 265
10, 620
4, 985
4, 785
3, 785
3, 2852, 5002, 4602, 0001, 5001, 000500
500
500
15, 100
152, 429

Rating agency

Rating category

RatingOutlookJapan Credit Rating Agency, Ltd.

Long-term issuer rating

AA-

Positive
13

Portfolio Map (As of July 31, 2022)
The Investment Corporation manages assets with superb accessibility
located mainly in the Tokyo 23 wards.
Central Tokyo

Central Tokyo

Sub-central Tokyo

Tokyo metropolitan area

Other major cities

48 properties

Saitama
47

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

47 COMFORIA YATSUKA
77 COMFORIA SHINKOYASU
112 COMFORIA GYOTOKU
122 GRANCREER CENTER-MINAMI
Other major cities

8 properties

132 COMFORIA TAMA-PLAZA
150 COMFORIA OMIYA
151 CAMPUS VILLAGE URAYASU
154 GRANCREER TACHIKAWA

14

Itabashi-ku

Kita-ku13441

131 Ikebukuro

Nakano-ku

138

141 76

3

Katsushika-ku

45
22

75

64

Taito

147 114 -ku

106

Bunkyo-ku

Sumida-ku

Ueno

55
6
33
143
127 29 3432
87
155 51
81
119
104
73 93
120
83
84
56
43 52
123 124
103
126
Shinjuku 72
Shinjuku 80 Chiyoda-ku 57 49 144
99
92 -ku
65 35
1
Tokyo
69
12
Shibuya-ku
58
36
88
71
59
18
137 14526
14
9
Minato70
66 Koto-ku
133
50
15
-ku
157
ShibuyaChuo-ku 148
96 16
125
17
53
86
82
60
23
30
61
48 105
115
38
113
67
85 31
13 11639 Meguro-ku
8

Kichijoji
Suginami-ku

Tokyo
108

Arakawa-ku

11

Toshima
27
-ku

121

Chiba

94

Nerima-ku

156

Setagaya-ku
153
91

4

40

37

21

20
139
135
2
98

5

63

74

62

Nishifunabashi
Edogawa-ku
112

151

Shinagawa

146

97

90

89

Shinagawa-ku
7
149
130
140

Kanagawa

132

128
44

10

Acquired in the 24th Fiscal Period

100

Ota-ku

129
107

151

CAMPUS VILLAGE
URAYASU152

CAMPUS VILLAGE
KYOTOFUSHIMI

153

GRANCREERBAJIKOEN (LAND)

155

COMFORIA
AKIHABARA NORTH

156

COMFORIA
SAKURAJOSUI

157

COMFORIAKITAZAWA

122

Total

147

properties

154

GRANCREERTACHIKAWA

77

150

Yokohama

9 properties

95 COMFORIA KITASANJO
111 COMFORIA AWAZA
101 COMFORIA SAPPORO SHOKUBUTSUEN 117 COMFORIA KITAHAMA
102 COMFORIA OGIMACHI
136 COMFORIA ESAKAHIROSHIBACHO
109 COMFORIA SHINSAIBASHI EAST 152 CAMPUS VILLAGE KYOTOFUSHIMI
110 COMFORIA KYOMACHIBORI

Adachi-ku

Akabane142

82 properties

5 COMFORIA BUNKYOKASUGA
39 COMFORIA GAKUGEIDAIGAKU
89 COMFORIA HIGASHISHINAGAWA 129 COMFORIA OMORIMACHI
6 COMFORIA ASAKUSAMATSUGAYA 40 COMFORIA HIGASHINAKANO DEUX 90 COMFORIA MEGUROYAKUMO
130 COMFORIA KAMIIKEDAI
7 COMFORIA NISHIOI
41 COMFORIA HIGASHIIKEBUKURO WEST 91 COMFORIA YOGA
131 CAMPUS VILLAGE SHIINAMACHI
8 COMFORIA NAKANO
43 COMFORIA RYOGOKU DEUX
94 COMFORIA ITABASHINAKAJUKU 134 COMFORIA TAKINOGAWA
9 COMFORIA SHIMOKITAZAWA
44 COMFORIA OMORI DEUX
97 COMFORIA SHINAGAWA EAST 137 COMFORIA KIBASHINSUIKOEN
10 COMFORIA NISHIKAMATA
45 COMFORIA MACHIYA
99 COMFORIA OJIMA
140 COMFORIA NISHIMAGOME HILLSIDE
11 COMFORIA OYAMA
51 COMFORIA ASAKUSABASHI
100 COMFORIA OMORI TROIS
141 COMFORIA IKEBUKURO DEUX
12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 52 COMFORIA RYOGOKU SOUTH
106 COMFORIA BUNKYOHAKUSAN
142 COMFORIA NARIMASU
13 COMFORIA KOMAZAWA
53 COMFORIA TOYOSU
107 COMFORIA KAMATA
143 COMFORIA SHIN-OKACHIMACHI
21 COMFORIA KOISHIKAWA
55 COMFORIA SUMIDA-TACHIBANA 108 COLLEGE COURT HACHIMANYAMA 144 COMFORIA MORISHITA WEST
22 COMFORIA SENGOKU
62 COMFORIA UENOHIROKOJI
114 COMFORIA UENOIRIYA
145 COMFORIA TOYOCHO
23 COMFORIA DAIKANYAMAAOBADAI 63 COMFORIA KASUGATOMISAKA 115 COMFORIA IKEJIRI
146 COMFORIA FUDOMAE
27 COMFORIA IKEBUKURO
64 COMFORIA HONKOMAGOME
116 COMFORIA SETAGAYAKAMIUMA 147 COMFORIA TAITONEGISHI
29 COMFORIA RYOGOKUISHIWARA 65 COMFORIA MORISHITA
118 COMFORIA AKABANEIWABUCHI 148 COMFORIA MONZENNAKACHO SOUTH
32 COMFORIA ASAKUSABASHI DEUX 66 COMFORIA KIBAKOEN
119 COMFORIA RYOGOKU TROIS
149 COMFORIA MAGOME
33 COMFORIA OSHIAGE
67 COMFORIA MEGURO CHOJAMARU 121 COLLEGE SQUARE HACHIMANYAMA 153 GRANCREER BAJIKOEN (LAND)
34 COMFORIA HONJOAZUMABASHI 75 COMFORIA HIGASHIIKEBUKURO EAST 123 COMFORIA KINSHICHO DEUX
155 COMFORIA AKIHABARA NORTHI
35 COMFORIA KIYOSUMISHIRAKAWA TROIS 76 COMFORIA HIGASHIIKEBUKURO 124 COMFORIA KAMEIDO SOUTH
156 COMFORIA SAKURAJOSUI
36 COMFORIA MONZENNAKACHO 82 COMFORIA KOMABA
125 COMFORIA SHIBUYA WEST
157 COMFORIA KITAZAWA
37 COMFORIA HIMONYA
87 COMFORIA KINSHICHO
127 COMFORIA ASAKUSAKOMAGATA
95 10138 COMFORIA MISYUKU
88 COMFORIA MINAMISUNAMACHI 128 COMFORIA OMORIKASHIMATokyo metropolitan area

118

152

154
102 109 110 111 117 136

15

Basic Policies

Overview of the Investment Corporation and Asset Management Company

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

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

Overview of the Investment Corporation (As of July 31, 2022)
Name of the investment corporation Comforia Residential REIT, Inc
Representative

Takehiro Izawa, Executive Director

Address

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

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

June 8, 2010

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

June 30, 2010

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

Structure
Sponsor

The Investment Corporation

TOKYU LAND CORPORATION

2

6Asset Management Company

1

Comforia Residential REIT, Inc

TLC REIT Management Inc.

Unitholders’ Meeting

7

COMFORIA knows
where peace of mind
comes from.

COMFORIA knows
how residents feel.

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

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

TOKYU LAND CORPORATION

Rental residence management
Property information
Supportagreement

Supportagreement/
PM contract

TOKYU LIVABLE, INC.

TLC REIT Management Inc.

Services for residents
Supportagreement
Supportagreement

16

EWEL, Inc.

TOKYU SPORTS OASIS, Inc.

1
4

Asset management agreement
Tax administrative agreement

Supportagreement

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

AuditorErnst & Young ShinNihon LLC

General Administration (tax)4

5

Reiwakaikeisha Tax Corporation

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

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

Overview of the Asset Management Company (As of July 31, 2022)
Shareholder

Tokyu Land Corporation 100%

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

Organization
Shareholders’ Meeting
Corporate Auditor

Tokyu Housing Lease Corporation

Board of Directors
Investment Committee

Compliance Committee
President & CEO

TOKYU COMMUNITY CORP.
Sustainability Promotion Council

Acquisition Priority Review Meeting

Internal Audit Dept.

Compliance Dept.

Management of operational rental residences
Support agreement(condominiums
for students)
National Students Information Center Co., Ltd.
Support agreement(housing for theelderly)2
53

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

Board of Directors
Executive Director: Takehiro Izawa
Supervisory Director: Koji Yamamoto
Supervisory Director: Masamichi Ohshima

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

Sponsor support
Sponsorsupportagreement

January 31 and July 31 of each year

History

Four Advantages COMFORIA Offers

COMFORIA knows
what high quality
feels like.

Fiscal period-end

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

For a Superior Level of Living Comfort

COMFORIA knows
how valuable time is.

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

Inquiries

TOKYU E-LIFE DESIGN Inc.

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

Corporate
Planning
Dept.

Human
Resources
Dept.

Finance &Accounting
Dept.

Sustainability Digital Transformation
Dept.
Promotion Dept.

Asset
Investment
Dept.

Environmental
Engineering
Dept.

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

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

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

Strategy
Dept.

Strategy
Dept.

Strategy
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

Asset Mgt.
Dept.

17

II. Asset Management Report
II. Asset Management Report

Overview
Asset Management
Overviewof Asset ofManagement
Asset Management Report for the 24th Fiscal Period(Semi-Annual Report)

1. Performance of the Investment Corporation
Fiscal period

20thFiscal Period

21stFiscal Period

22nd
Fiscal Period

23rd
Fiscal Period

24thFiscal PeriodBusiness period

FromFeb. 1, 2020 toJul. 31, 2020

From
Aug. 1, 2020 toJan. 31, 2021

From
Feb. 1, 2021 toJul. 31, 2021

From
Aug. 1, 2021 toJan. 31, 2022

From
Feb. 1, 2022 toJul. 31, 2022

From February 1, 2022 to July 31, 2022

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

Operating revenue(millions of yen)

9,028

9,565

10,770

9,433

9,785

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

[9,028][9,064][9,420][9,433][9,785]

Operating expenses(millions of yen)

4,947

5,080

5,180

5,210

5,399

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

[4,092][4,176][4,263][4,267][4,438]Operating profit(millions of yen)

4,081

4,484

5,590

4,223

4,386

Ordinary profit(millions of yen)

3,529

3,895

4,995

3,622

3,771

Profit(millions of yen)

3,523

3,889

4,950

3,616

3,704

Total assets(millions of yen)

268,935

275,495

282,839282,277

300,510[Period-on-period change](%)

Net assets(millions of yen)

Asset Management Report
Financial Section
Balance Sheets
Statements of Income
Statements of Changes in Unitholders’ Equity
Statements of Cash Distributions
Statements of Cash Flows
Notes
Supplementary Schedules
Independent Auditor’s Report[2.7][-0.2][6.5]

135,689

135,237

142,063

[8.5]

[0.3]

[5.6]

[-0.3][5.0]

123,947

123,947

129,791

129,791

136,744

Number of investment units issued(units)671,624

671,624

692,994

692,994

715,982

Net assets per unit

(yen)

190,886

191,369

195,802

195,149

198,417

Total distributions(millions of yen)

3,565

3,633

4,069

3,831

3,819

Distribution per unit

(yen)

5,309

5,410

5,872

5,529

5,334

[Earnings distribution per unit](yen)[5,309][5,410][5,872][5,529][5,334][Distribution in excess of earnings
per unit]

(yen)

[－]

[－]

[－]

[－]

[－]

Return on assets(Note 1)

(%)

1.4

1.4

1.8

1.3

1.3

Return on unitholders’ equity(Note 2)

(%)

2.9

3.0

3.7

2.7

2.7

Unitholders’ equity ratio(Note 3)

(%)

47.7

46.7

48.0

47.9

47.3

(%)

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

Interest-bearing debt

(millions of yen)[-0.2][-1.0][1.3][-0.1][-0.6]

135,420

141,650

141,630

141,630

152,429

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

(%)

50.4

51.4

50.1

50.2

50.7

Payout ratio

(%)

101.1

93.4

82.2

105.9

103.0

(Note 5)

Number of properties(properties)

Total leasable area(m2)

Occupancy rate at end of period
Depreciation
Capital expenditure
NOI(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)18

[2.4]
128,528(millions of yen)

[Period-on-period change]

II.
III.

[8.9]
128,204

135

137

140

140

147

377,108.20

381,721.10

389,457.28

389,430.80

418,546.86

(%)

95.0

95.9

95.7

96.0

95.9

(millions of yen)

1,341

1,374

1,398

1,400

1,451

(millions of yen)

310

137

(millions of yen)

6,277
6,262
Ordinary profit ÷ [(Total assets at beginning of period + Total assets at end of period) ÷ 2] × 100
Profit ÷ [(Net assets at beginning of period + Net assets at end of period) ÷ 2] × 100
Net assets at end of period ÷ Total assets at end of period × 100
Interest-bearing debt at end of period ÷ Total assets at end of period × 100
Total distributions ÷ Profit × 100
Payout ratio is rounded down to the first decimal place.
Income from real estate rental business + Depreciation(Note 6)

－ 1 －

406

398

619

6,555

6,566

6,797

19

2. Asset Management Status for the 24th Fiscal Period

3. Capital Increases(1) History of the Investment Corporation
Comforia Residential REIT, Inc (the “Investment Corporation”) was established on June 8, 2010 as an investment corporationthat invests mainly in residential properties in accordance with the “Act on Investment Trusts and Investment Corporations”
of Japan (Act No. 198 of 1951, as revised; hereinafter referred to as the “Investment Trusts Act”), with registration by thePrime Minister completed as of June 30, 2010 under Article 187 of the Investment Trusts Act (registration number: Director of
Kanto Finance Bureau No. 71). Investments by the Investment Corporation commenced in August 2010. The Investment
Corporation issued new investment units through a public offering on February 6, 2013 and was listed on the real estate
investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3282).
Managed assets of the Investment Corporation at the commencement of operations totaled 11 properties, acquired for a totalof ¥15,508 million. As a result of additional acquisition and sale of properties under the basic policy of asset management (tomanage assets with the aim of achieving stable earnings and ensuring the steady growth of our managed assets based on
medium- to long-term perspectives to maximize our unitholders’ value) stipulated in the Articles of Incorporation of theInvestment Corporation, the portfolio (the “Acquired Assets”) owned as of the end of the 24th Fiscal Period includes 147
properties, acquired for a total of ¥281,004 million.
(2) Investment performance(i) Investment environment
During the 24th Fiscal Period, the Japanese economy continued to face a harsh situation due to the re-spread of the novel
coronavirus infection (COVID-19). Under such circumstances, the residential rental market saw the supply and demandsituation stay on a somewhat weak note, and the occupancy rate of the Investment Corporation’s properties also decreasedslightly. However, a recovery trend is observed for the moment. In the real estate investment market, on the other hand,
the level of transaction prices continues to stay at a high price range, with investors in and outside Japan showing strong
willingness to acquire properties, amid an ongoing low interest rate environment resulting from the fiscal policies of thegovernment and monetary policies of the Bank of Japan (BOJ).
(ii) Acquisition of assets
During the 24th Fiscal Period, the Investment Corporation acquired CAMPUS VILLAGE URAYASU in February,
CAMPUS VILLAGE KYOTOFUSHIMI and two other properties in March, COMFORIA AKIHABARA NORTH andanother property in April, and COMFORIA KITAZAWA in July, all in 2022. As a result, assets owned by the Investment
Corporation as of the end of the 24th Fiscal Period totaled 147 properties with a total acquisition price of ¥281,004 million.
(iii) Operation management of assets owned by the Investment Corporation
The Investment Corporation consigns property management operations mainly to Tokyu Housing Lease Corporation,
which has an extensive track record in managing the Comforia series of properties. Under the Comforia series, theInvestment Corporation promotes unified management and strives to improve operational efficiency and shorten periodsof vacancy.
(3) Overview of funding
During the 24th Fiscal Period, the Investment Corporation undertook additional issuances of investment units (¥6,952 million)
and borrowings of funds (¥9,600 million) for the acquisition of COMFORIA SAKURAJOSUI and five other properties
conducted in February, March and April 2022 and for the repayment of borrowings (¥2,800 million) made in March 2019. Thiswas followed by the borrowing of funds (¥5,000 million) in June 2022 to be appropriated for the repayment funds (¥5,000
million) for borrowings made in June 2014. Moreover, in July 2022, the Investment Corporation borrowed funds (¥4,999
million) to be appropriated for part of the redemption funds (¥1,000 million) for the 2nd unsecured bonds issued in July 2017.
Consequently, as of the end of the 24th Fiscal Period (July 31, 2022), unitholders’ capital was ¥136,744 million, interestbearing debt was ¥152,429 million, the ratio of interest-bearing debt to total assets (LTV) was 50.7%, the average maturity ofinterest-bearing debt was 4.5 years, the ratio of long-term debt was 87.6%, and the fixed rate ratio was 95.0%.
The Investment Corporation obtained the following rating as of the end of the 24th Fiscal Period.
Name of credit rating agency

RatingOutlookJapan Credit Rating Agency, Ltd. (JCR)

AA–

Positive(4) Overview of performance and distributions
As a result of investment during the 24th Fiscal Period, the Investment Corporation posted operating revenue of ¥9,785 million,
operating profit of ¥4,386 million, ordinary profit of ¥3,771 million, and profit of ¥3,704 million.
The Investment Corporation carries out distributions so that the Special Provisions for Taxation on Investment Corporations(Article 67-15 of the Act on Special Measures Concerning Taxation [Act No. 26 of 1957, as revised; hereinafter referred to as
the “Act on Special Measures Concerning Taxation”]) would be applied. For the 24th Fiscal Period, the Investment Corporation
decided to deliver the entire amount obtained by adding the reversal of reserve for reduction entry (¥114 million), which wasreserved in application to the Special Provisions on Taxation in the case of advance acquisition of land and such in 2009 and2010 (Article 66-2 of the Act on Special Measures Concerning Taxation), to unappropriated retained earnings. As a result, thedistribution per unit (DPU) was ¥5,334 for the period.

Date

ChangeBalanceUnitholders’ capital(millions of yen)
ChangeRemarks

Balance

Establishment throughprivate placement

200

200

100

100

(Note 1)

August 30, 2010

Capital increase throughprivate placement

7,800

8,000

3,900

4,000

(Note 2)

March 18, 2011

Capital increase throughprivate placement

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

Capital increase throughprivate placement

16,40048,6708,200

24,040(Note 4)

February 5, 2013

Capital increase throughpublic offering

18,691

67,361

9,935

33,975(Note 5)February 3, 2014

Capital increase throughpublic offering

31,90099,261

21,96055,936(Note 6)

February 26, 2014

Capital increase throughthird-party allotment

1,401

100,662964

56,900(Note 7)

August 1, 2014

Investment unit split

301,986

402,648–

56,900(Note 8)February 2, 2015

Capital increase throughpublic offering

70,000472,648

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

Capital increase throughthird-party allotment

1,156

473,804297

February 1, 2016

Capital increase throughpublic offering

37,800511,604

7,159

February 26, 2016

Capital increase throughthird-party allotment

1,900

513,504359

82,743 (Note 12)

February 1, 2017

Capital increase throughpublic offering

47,800561,304

11,251

93,995 (Note 13)

February 22, 2017

Capital increase throughthird-party allotment

2,390

563,694562

94,557 (Note 14)

February 1, 2018

Capital increase throughpublic offering

22,190585,884

5,006

99,563 (Note 15)

February 15, 2018

Capital increase throughthird-party allotment

1,110

586,994250

99,814 (Note 16)

February 1, 2019

Capital increase throughpublic offering

51,270638,264

13,551

113,366 (Note 17)

February 20, 2019

Capital increase throughthird-party allotment

2,570

640,834

679

114,045 (Note 18)

February 3, 2020

Capital increase throughpublic offering

29,330670,164

9,432

123,477(Note 19)

February 19, 2020

Capital increase throughthird-party allotment

1,460

671,624469

123,947(Note 20)

February 1, 2021

Capital increase throughpublic offering

20,360691,984

5,568

129,515(Note 21)

February 17, 2021

Capital increase throughthird-party allotment

1,010

692,994276

129,791(Note 22)

February 1, 2022

Capital increase throughpublic offering

22,960715,954

6,944

136,736(Note 23)

February 16, 2022

Capital increase throughthird-party allotment

28

715,9828

136,744(Note 24)(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 7)(Note 8)(Note 9)－ 2 －

Number of investment units
issued (units)

June 8, 2010

(Note 6)20

Type75,224 (Note 10)
82,383(Note 11)

Established at an issue price of ¥500,000 per investment unit.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties.
Issued privately placed investment units at an issue price of ¥500,000 (subscription price of ¥487,852) per investment unit to fund the acquisition of
new properties and repay loans.
Issued privately placed investment units at an issue price of ¥500,000 per investment unit to fund the acquisition of new properties and repay loans.
Issued investment units at an issue price of ¥550,000 (subscription price of ¥531,575) per investment unit to fund the acquisition of new properties andrepay loans.
Issued investment units at an issue price of ¥712,530 (subscription price of ¥688,413) per investment unit to fund the acquisition of new properties andrepay loans.
Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥688,413 per investment unit.
Carried out a four-for-one-split of investment units effective as of August 1, 2014, with July 31, 2014 as the record date.
Issued investment units at an issue price of ¥266,253 (subscription price of ¥257,514) per investment unit to fund the acquisition of new properties andrepay loans.

－ 3 －

21

(Note 10) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥257,514 per investment unit.
(Note 11) Issued investment units at an issue price of ¥195,828 (subscription price of ¥189,400) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 12) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥189,400 per investment unit.
(Note 13) Issued investment units at an issue price of ¥243,252 (subscription price of ¥235,393) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 14) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥235,393 per investment unit.
(Note 15) Issued investment units at an issue price of ¥233,132 (subscription price of ¥225,600) per investment unit to fund the acquisition of new properties andto repay loans.
(Note 16) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥225,600 per investment unit.
(Note 17) Issued investment units at an issue price of ¥273,146 (subscription price of ¥264,321) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 18) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥264,321 per investment unit.
(Note 19) Issued investment units at an issue price of ¥332,328 (subscription price of ¥321,591) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 20) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥321,591 per investment unit.
(Note 21) Issued investment units at an issue price of ¥282,623 (subscription price of ¥273,492) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 22) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥273,492 per investment unit.
(Note 23) Issued investment units at an issue price of ¥312,555 (subscription price of ¥302,457) per investment unit to fund the acquisition of new properties andrepay loans.
(Note 24) Issued investment units with Mizuho Securities Co., Ltd. as allottee at an issue value of ¥302,457 per investment unit.

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

20th Fiscal Period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

Closing month/year

Jul. 2020

Jan. 2021

Jul. 2021

Jan. 2022

24th Fiscal Period
Jul. 2022

Highest¥355,500¥341,000¥379,000¥358,500¥345,000

Lowest¥198,100¥278,400¥290,700¥296,300¥304,000

4. Performance of Distributions
The Investment Corporation pays out distributions per unit (DPUs) with the intent of including the maximum amount of earnings
distributions in deductible expenses by applying special measures concerning taxation (Article 67-15 of the Act on Special Measures
Concerning Taxation). For the 24th Fiscal Period, the Investment Corporation decided to distribute the entire amount obtained byadding the reversal of reserve for reduction entry (¥114 million) to unappropriated retained earnings. As a result, the DPU for the
24th Fiscal Period was ¥5,334.
Fiscal period

20th Fiscal Period

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal PeriodBusiness period

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

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

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

From Aug. 1, 2021
to Jan. 31, 2022

From Feb. 1, 2022
to Jul. 31, 2022

Unappropriated retained earnings
Voluntary retained earnings
Total distributions[Distribution per unit (DPU)]
Of which, total earnings
distributions[Earnings distribution per unit]¥3,523,532 thousand ¥3,889,688 thousand ¥4,950,436 thousand ¥3,616,868 thousand ¥3,704,781 thousand¥– thousand¥256,202 thousand¥881,175 thousand¥– thousand¥– thousand¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand[¥5,309][¥5,410][¥5,872][¥5,529][¥5,334]¥3,565,651 thousand ¥3,633,485 thousand ¥4,069,260 thousand ¥3,831,563 thousand ¥3,819,047 thousand[¥5,309][¥5,410][¥5,872][¥5,529][¥5,334]¥– thousand¥– thousand¥– thousand¥– thousand¥– thousand[Return on unitholders’ capitalper unit]

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

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

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

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

[¥–]

[¥–]

[¥–]

[¥–]

[¥–]

Of which, total return on
unitholders’ capital(Note) Figures above are rounded down to the nearest unit.

22－ 4 －

－ 5 －

23

5. Future Investment Policy and Issues to Address

The Investment Corporation plans to sell the following property:

Founded on our basic policies of investment management, the Investment Corporation has carried out investment and management
based on the concept and expertise incorporated into the urban rental residence Comforia series, which Tokyu Land Corporation(hereinafter referred to as “Tokyu Land”) has been producing. Going forward, we aim to achieve medium- to long-term growth bycontinuing to carry out investment and management based on our basic policies.
(1) External growth strategy
The Investment Corporation aims to acquire higher quality assets and expand the asset size, fully utilizing the support of the
Tokyu Fudosan Holdings Group, primarily the sponsor support of Tokyu Land, and original information from TLC REITManagement Inc., its asset management company (hereinafter referred to as the “Asset Management Company”).
Specifically, we will acquire properties developed by our sponsor, Tokyu Land, using the sponsor support agreement the AssetManagement Company entered into with Tokyu Land, and continually and steadily acquire quality residential properties thatare under stable operation. In addition, we intend to utilize real estate brokerage capabilities through the vast information
network of the Tokyu Fudosan Holdings Group other than the sponsor, to acquire quality residential properties, achieve stable
operation and enhance profitability. Based on this perspective, the Asset Management Company has entered into a support
agreement with each of the seven support companies of the Tokyu Fudosan Holdings Group (Tokyu Livable, Inc., Tokyu
Community Corp., Tokyu Housing Lease Corporation, National Students Information Center Co., Ltd., Tokyu E-Life Design
Inc., Ewel Inc. and Tokyu Sports Oasis, Inc.,) for managed assets of the Investment Corporation.
(2) Internal growth strategy
With the aim of maximizing portfolio value and cash flows from individual properties from a medium- to long-term perspective
and to make the most of the experience and comprehensive strength of the Tokyu Fudosan Holdings Group in property
management, we will consign property management operations mainly to the Tokyu Fudosan Holdings Group, which has
extensive experience in the management of J-REITs and the Comforia series. In addition, we will strive for efficientmanagement by examining the adequacy of building management specifications and costs.
Furthermore, we will actively utilize the expertise of the Tokyu Fudosan Holdings Group in asset and fund management toachieve higher-quality overall management of the Investment Corporation. Moreover, as we believe that endeavors on theissues of environmental and social considerations and reinforced governance, among other matters, should contribute to theprogress of a sustainable society, we will aim to achieve growth over a medium to long term by conducting asset management
based on such thinking.
In the 25th Fiscal Period and onwards, we will continue to aim to maintain and improve occupancy rates by closely monitoring
the property management situation, as we did in the 24th Fiscal Period.

Property name

Type of specified
asset

Location

Planned saleprice (thousandsof yen)(Note 1)Main usage

Planned sale date
(Note 2)
December 1,2022(49% Quasi-coownership

COMFORIA NISHIOI

Property in trust

Shinagawa-ku,
Tokyointerests)
1,250,000

Apartment building
February 1, 2023
(51% Quasi-coownershipinterests)(Note 1)
(Note 2)The planned sale price does not include miscellaneous expenses specified in the sale contract, fixed property tax, city planning tax, consumption tax
and local consumption tax.
The property is scheduled to be sold through two transactions. Moreover, the sale of 51% Quasi-co-ownership interests scheduled on February 1,2023
falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment and asset delivery shall be made atleast one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervision of Financial Instruments Business
Operators, etc.” established by the Financial Services Agency, the Japanese Government.

(3) Financial strategy
In consideration of addressing future interest rate risk and refinance risk, we will carry out funding activities by paying attention
to financial soundness and earnings stability. With regard to debt, we will efficiently combine short-term funding that focuseson agility with long-term stable funding. Furthermore, we will consider the issuance of new investment units in accordancewith financing needs for property acquisition and the financial situation of the Investment Corporation, while paying attention
to the market development and distribution level, with the upper limit of the ratio of interest-bearing debt to total assets (LTV)
at around 60%.

6. Significant Subsequent Events
Not applicable(Reference Information)
Property Acquisition and Sale
The Investment Corporation plans to acquire the following properties:
Type of specified
asset

Location

Plannedacquisition price(thousands of yen)
(Note 1)Main usage

Planned acquisition
date

CAMPUS VILLAGEAKATSUKA-SHINMACHI

Property in trust

Itabashi-ku, Tokyo

2,280,000

Boarding house

COMFORIA
SAGINUMA 3-CHOME(Note 3)

April 5,2023(Note 2)

Property

Property name(Note 1)
(Note 2)

(Note 3)24

Kawasaki-shi,
Kanagawa

2,620,000

Apartment building November 25,2022

The acquisition price does not include miscellaneous expenses required for the acquisition of the property, fixed property tax, city planning tax,
consumption tax and local consumption tax.
The acquisition falls under the category of “forward commitment, etc.” (a postdated sales contract under which settlement payment and asset delivery
shall be made at least one month after the conclusion of the contract) as defined in the “Comprehensive Guidelines for Supervision of Financial
Instruments Business Operators, etc.” established by the Financial Services Agency, the Japanese Government.
COMFORIA SAGINUMA 3-CHOME is the property name after the acquisition.

－ 6 －

－ 7 －

25

Overview of the Investment Corporation

Overview of the Investment Corporation
1. Unitholders’ Capital

20th Fiscal
Period21st Fiscal
Period22nd Fiscal
Period23rd Fiscal
Period24th Fiscal
PeriodAs ofJul. 31, 2020

As ofJan. 31, 2021

As ofJul. 31, 2021

As ofJan. 31, 2022

As ofJul. 31, 2022

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

8,000,000

8,000,000

8,000,000

8,000,000

Total number of investment
units issued(units)671,624

671,624

692,994

692,994

715,982

Unitholders’ capital(millions of yen)

123,947

123,947

129,791

129,791

136,744

Number of unitholders(people)

5,352

5,650

5,320

5,317

5,429

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

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

2. Matters concerning Investment Units

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

Major unitholders as of July 31, 2022 are as follows.
Number of investment units
owned (units)

Name

Overview of agreement[Overview of insured event covered by the insurance]

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

All Executive Director andSupervisory Directors[Burden ratio of insurance premium]

Custody Bank of Japan, Ltd. (trust account)

162,745

22.73

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

115,166

16.08

Tokyu Land Corporation

64,674

9.03

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

31,527

4.40

Custody Bank of Japan, Ltd. (securities trust investment
account)[Measures to ensure the appropriateness of the execution of duties]

11,888

1.66

The State Street Bank West Client—Treaty 505234(Standing proxy: Settlement & Clearing Services Department,
Mizuho Bank, Ltd.)When the insured suffers damages by actions which they executed while recognizing that it may
constitute criminal act or violate the laws and regulations, the loss is not subject to the protection.

11,622

1.62

Mitsubishi UFJ Trust and Banking Corporation(Standing proxy: The Master Trust Bank of Japan, Ltd.)11,4571.60

Mizuho Securities Co., Ltd.

9,936

1.38

SSBTC CLIENT OMNIBUS ACCOUNT(Standing proxy: Tokyo Branch, The Hongkong and Shanghai
Banking Corporation Limited)

9,021

1.25

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

8,343

1.16

436,379

60.94

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

3. Matters concerning Directors, etc.

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

5. Asset Management Company, Asset Custodian and General Administration
The asset management company, asset custodian and general administration as of July 31, 2022 are as follows.
Consignment segment

Name

Asset management company

TLC REIT Management Inc.

Asset custodian

Mitsubishi UFJ Trust and Banking Corporation

General administration (unitholder registry administration)

Mitsubishi UFJ Trust and Banking Corporation

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

General administration (tax service)Reiwakaikeisha Tax Corporation

General administration (administrative service)

Mitsubishi UFJ Trust and Banking Corporation

General administration (corporation bond service)

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

(1) Name of directors, etc.
The names of directors, etc. during the 24th Fiscal Period are as follows.
Position

Name of director, etc.

Main concurrent posts

Total amount of remuneration
paid during the period(thousands of yen)

Takehiro Izawa

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

–

Supervisory Director
Koji Yamamoto(Note)

Partner, WAKABA PARTNERS Law andAccounting Office

1,800Supervisory Director
Masamichi Ohshima(Note)

Kataoka & Kobayashi

1,800

–

15,138

Executive Director(Note)

Independent Auditor(Note)

Ernst & Young
ShinNihon LLC

None of the Executive Director or Supervisory Directors own investment units in the Investment Corporation, either in their own name or insomeone else’s name. Furthermore, although Supervisory Directors may be officers of a corporation other than those mentioned above, neither
one has an interest in the Investment Corporation.

－ 8 －

26－ 9 －

27

Status of Managed Assets of Investment Corporation

Status of Managed Assets of the Investment Corporation

3. Statement of Properties Incorporated in the Portfolio

1. Composition of Assets of the Investment Corporation
Type ofasset

23rd Fiscal Period(as of January 31, 2022)

Area

Real
estateTotal amount owned(millions of yen) (Note 1)

The overview of assets under management of the Investment Corporation as of July 31, 2022 is as follows.

24th Fiscal Period(as of July 31, 2022)

Percentage of total
assets (%) (Note 2)

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

Percentage of total
assets (%) (Note 2)

Central Tokyo

1,120

0.4

1,117

0.4

Sub-central Tokyo

7,945

2.8

7,916

2.6

Tokyo metropolitan area

Area

Property name

Address

COMFORIA NIHONBASHININGYOCHO

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

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

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

COMFORIA HIGASHINAKANO

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

–

–

3,280

1.1

95,015

33.7

94,65431.5

Properties Sub-central Tokyo
in trust Tokyo metropolitan area

128,99945.7

143,19947.7

13,815

4.9

15,3695.1

11,626

4.1

12,714

4.2

Subtotal

258,525

91.6

278,252

92.6

Deposits and other assets

23,751

8.4

22,258

7.4

Total assets

282,277

100.0

300,510

100.0

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo“Total amount owned” indicates the amount posted on the Balance Sheets as of the closing of accounts (the carrying value after depreciation for realestate and properties in trust).
The sum may not total 100.0% since figures are rounded to the first decimal place.

COMFORIA AZABUDAI

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

COMFORIA SHIBAKOEN

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

COMFORIA NISHIAZABU

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

COMFORIA MINAMIAOYAMA

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

COMFORIA NISHIWASEDA

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

COMFORIA HARAJYUKU

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

COMFORIA MITA NORTH

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

COMFORIA SHIBAURABOWHOUSE

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

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo(Note 1)
(Note 2)

2. Major Assets Owned

Carrying value(millions of yen)

Rentable area(m2)

Rented area(m2)

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

COMFORIA SHINJUKUEASTSIDE TOWER

12,21648,267.61

45,965.09

95.2

Apartment
16.7
building

COMFORIA KAMATA

5,676

6,027.98

5,748.08

95.4

1.6

Apartment
building

COMFORIAHIGASHISHINJUKUSTATION FRONT

5,635

4,080.10

4,052.53

99.3

1.4

Apartment
building

93.7

Apartment
1.5
building

COMFORIA SHIBUYA WEST

5,435

4,278.52

4,009.62

Central Tokyo

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

COMFORIA KOMABA

5,072

5,342.38

5,200.21

97.3

Apartment
1.4
building

GRANCREER BAJIKOEN(LAND)

4,591

7,799.15

7,799.15

100.0

0.6

Homes forthe elderly

COMFORIA OMIYA

4,581

6,527.59

6,329.70

97.0

1.4

Apartment
building

COMFORIA NIHONBASHININGYOCHO EAST

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

COMFORIA
MINAMISUNAMACHI

4,540

6,216.78

5,882.66

94.6

1.4

Apartment
building

COMFORIA ATAGO

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

COMFORIA AKIHABARA
EAST

4,390

4,582.07

4,531.58

98.9

1.3

Apartment
building

COMFORIA KUDAN

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

COMFORIA NIHONBASHININGYOCHO NORTH

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

COMFORIA SHINKAWA

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

COMFORIA AKASAKA

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

COMFORIA MITA EAST

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

COMFORIA SHIBAURA CANAL

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

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, TokyoGRANCREER CENTERMINAMI
Total

4,148

18,235.67

18,235.67

100.0

Homes for1.2
the elderly

56,289111,357.85

107,754.29

96.8

28.6

－ 10 －28

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)
(Note 1)

Central Tokyo

Other major cities

Ownership form－ 11 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,560

1,456

2,860

1,809

1,910

1,099

816

525

4,990

2,852

940

537

2,330

1,330

1,250

740

2,020

1,085

2,370

1,592

6,250

3,477

1,180

836

4,160

2,543

2,040

1,262

2,950

2,000

1,110

823

1,830

1,275

1,580

1,034

2,510

1,729

3,240

1,867

4,400

2,971

2,140

1,500

5,550

4,104

29

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

(Note 1)

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

COMFORIA SASAZUKA

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

COMFORIA SHINJUKUGYOEN
II

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

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigaya Yanagicho, Shinjuku-ku, Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

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

COMFORIA KANDAJINBOCHO

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

COMFORIA NIHONBASHI

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

COMFORIA TAMACHI

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

COMFORIA AZABUJUBAN

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

Central Tokyo

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

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

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

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

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

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

COMFORIA MITA TROIS

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

COMFORIA SHIBAURA

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

COMFORIA SHINJUKU

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

COMFORIAHIGASHINIHONBASHI

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

COMFORIA GINZA EASTNIBANKAN

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

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

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

COMFORIA WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Subtotal30－ 12 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust(Note 1)

2,210

1,563

COMFORIA BUNKYOKASUGA

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

2,510

1,795

COMFORIAASAKUSAMATSUGAYA

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

2,310

1,707

COMFORIA NISHIOI

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

2,180

1,569

COMFORIA NAKANO

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

999

695

COMFORIA SHIMOKITAZAWA

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

2,440

1,615

COMFORIA NISHIKAMATA

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

2,100

1,650

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

1,950

1,502

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

2,430

1,968

COMFORIA KOMAZAWA

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

4,520

3,300

COMFORIA KOISHIKAWA

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

1,760

1,468

COMFORIA SENGOKU

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

1,570

1,377

COMFORIA
DAIKANYAMAAOBADAI

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

1,660

1,216

COMFORIA IKEBUKURO

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

3,670

1,875

COMFORIA
RYOGOKUISHIWARA

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

COMFORIA ASAKUSABASHI
DEUX

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

COMFORIA OSHIAGE

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

COMFORIA
HONJOAZUMABASHI

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

COMFORIA
KIYOSUMISHIRAKAWA TROIS

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

16,70012,216Sub-central Tokyo

COMFORIA YOYOGIUEHARA

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

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

1,020

969

5,680

4,390

979

952

1,210

1,117

2,430

2,244

1,440

1,289

2,580

2,519

5,850

5,635

COMFORIA HIGASHINAKANO
DEUX

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

1,590

1,562

COMFORIAHIGASHIIKEBUKURO WEST

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

1,140

1,111

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

133,914

95,772

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

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

COMFORIA MISYUKU

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

COMFORIA GAKUGEIDAIGAKU 6-46-6 Shimouma, Setagaya-ku, Tokyo－ 13 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

2,300

1,319

1,310

786

1,200

833

1,250

864

3,870

2,286

2,300

1,382

2,460

1,872

1,090

650

2,040

1,220

804

531

2,000

1,226

1,650

891

812

576

990

619

1,260

835

934

658

1,110

705

1,220

797

3,620

2,411

1,790

1,144

2,670

1,791

1,990

1,112

1,310

772

5,940

3,586

1,570

967

31

Area

Property name

Address

Ownership form

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

Property name

Address

Ownership form

32

COMFORIA OMORI DEUX

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

COMFORIA MACHIYA

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

COMFORIA ASAKUSABASHI

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

COMFORIA RYOGOKU SOUTH

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

COMFORIA TOYOSU

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

COMFORIA SUMIDATACHIBANA

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

COMFORIA UENOHIROKOJI

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

COMFORIA
KASUGATOMISAKA

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

COMFORIA HONKOMAGOME

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

COMFORIA MORISHITA

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

COMFORIA KIBAKOEN

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

COMFORIA MEGUROCHOJAMARU

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

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

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

COMFORIA KOMABA

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

COMFORIA KINSHICHO

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

COMFORIA
MINAMISUNAMACHI

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

COMFORIAHIGASHISHINAGAWA

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

COMFORIA MEGUROYAKUMO

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

COMFORIA YOGA

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

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA SHINAGAWA EAST

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

COMFORIA OJIMACOMFORIA OMORI TROIS

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

COMFORIA BUNKYO
HAKUSAN

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

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo－ 14 －(Note 1)

COLLEGE COURTHACHIMANYAMA

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

COMFORIA UENOIRIYA

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

2,446

COMFORIA IKEJIRI

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

1,730

1,137

COMFORIA
SETAGAYAKAMIUMA

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

4,260

2,836

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

1,080

898

COLLEGE SQUAREHACHIMANYAMA

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

1,440

1,044

COMFORIA KINSHICHO DEUX

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

4,160

2,734

COMFORIA KAMEIDO SOUTH

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

2,130

1,306

COMFORIA SHIBUYA WEST

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

1,940

1,480

COMFORIAASAKUSAKOMAGATA

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

1,300

878

COMFORIA OMORIKASHIMA

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

2,710

1,958

COMFORIA OMORIMACHI

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

2,880

1,589

COMFORIA KAMIIKEDAI

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

1,670

1,091

CAMPUS VILLAGESHIINAMACHI

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

6,590

5,072

COMFORIA TAKINOGAWA

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

1,450

1,007

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

5,180

4,540

COMFORIA NISHIMAGOMEHILLSIDE

2,220

1,498

1,650

1,169

1,070

599

3,700

Sub-central Tokyo

Sub-central Tokyo(Note 1)

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

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

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

1,060

829

1,240

1,055

4,760

3,805

1,700

1,380

2,190
1,060

2,175
918

1,550

1,416

6,920

5,676

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

COMFORIA NARIMASU

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

COMFORIA SHINOKACHIMACHI

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

COMFORIA MORISHITA WEST

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

COMFORIA TOYOCHO

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

COMFORIA FUDOMAE

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

COMFORIA TAITONEGISHI

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

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

1-1-4 Nishimagome, Ota-ku, TokyoGRANCREER BAJIKOEN(LAND)

1-22-23 Kamiyoga, Setagaya-ku, Tokyo－ 15 －Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

1,310

1,233

2,440

2,166

1,600

1,376

3,160

2,621

2,980

2,790

1,830

1,738

1,010

887

2,510

2,230

2,310

2,067

6,960

5,435

1,500

1,386

972

925

1,280

1,168

2,150

1,964

3,190

2,754

4,060

3,498

1,420

1,363

1,460

1,424

2,020

1,961

1,560

1,658

1,390

1,264

1,320

1,250

4,130

3,756

1,850

1,651

3,260

3,120

1,660

1,472

3,080

3,041

4,720

4,591

33

Area

Property name

Address

Ownership form

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

Appraisal value
Carrying value
at end of period(millions of yen)(millions of yen)
(Note 2)23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

COMFORIA AKIHABARA
NORTH

1-1-13 Taito, Taito-ku, Tokyo

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido, Suginami-ku, Tokyo

COMFORIA KITAZAWA

1-24-8 Kitazawa, Setagaya-ku, Tokyo

Other major citiesTokyo
metropolitan area

Subtotal
COMFORIA YATSUKA

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

COMFORIA SHINKOYASU

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

COMFORIA GYOTOKU

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

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

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

COMFORIA OMIYA

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

CAMPUS VILLAGE URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWA

2-3-21 Fujimicho, Tachikawa-shi, Tokyo
Subtotal

COMFORIA KITASANJO

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

COMFORIA SAPPOROSHOKUBUTSUEN

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

COMFORIA OGIMACHI

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

COMFORIA SHINSAIBASHI
EAST

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

COMFORIA KYOMACHIBORI

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

COMFORIA AWAZA

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

COMFORIA KITAHAMA

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

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho, Fushimi-ku, Kyotoshi, Kyoto(Note 1)

(Note 2)

34

Subtotal
Total

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

1,940

1,924

3,920

3,884

4,020

4,105

192,142

151,115

811

616

1,420

1,033

1,200

1,009

4,430

4,148

2,270

2,412

4,990

4,581

1,600

1,567

3,040
19,761

3,280
18,650

992

623

1,400

1,251

1,500

1,458

2,270

1,960

Property name

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

1,840

1,545

1,610

1,268

2,020

1,715

1,800

1,744

1,090

1,145

14,522
360,339

12,714
278,252“Appraisal value at end of period” indicates the appraisal value by a real estate appraiser (based on real estate appraisal reports or research reports
prepared by the Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation &Advisory K.K. and Japan Valuers Co., Ltd., with the account closing date as the date of value estimate), pursuant to the method of asset appraisal
stipulated in the Articles of Incorporation of the Investment Corporation as well as the “Ordinance on Accountings of Investment Corporations”(Cabinet Office Ordinance No. 47 of 2006).
“Carrying value” indicates the acquisition price (including miscellaneous expenses related to the acquisition) as of the end of the 24th Fiscal Period(July 31, 2022) minus accumulated depreciation.

－ 16 －Area

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

Central Tokyo

Sub-central Tokyo(Note 1)COMFORIA HARAJYUKUCOMFORIA MITA NORTHCOMFORIA SHIBAURABOWHOUSECOMFORIASHIROKANETAKANAWACOMFORIA NIHONBASHININGYOCHO EASTCOMFORIA ATAGOCOMFORIA KUDANCOMFORIA NIHONBASHININGYOCHO NORTHCOMFORIA SHINKAWACOMFORIA AKASAKACOMFORIA MITA EASTCOMFORIA SHIBAURA CANALCOMFORIA KITASANDOCOMFORIA YOYOGIUEHARACOMFORIA SASAZUKACOMFORIA SHINJUKUGYOEN II
COMFORIA
ICHIGAYAYANAGICHOCOMFORIA KAGURAZAKACOMFORIA NIBANCHOCOMFORIA NISHISHINJUKUCOMFORIA KANDAJINBOCHOCOMFORIA NIHONBASHICOMFORIA TAMACHICOMFORIA AZABUJUBANCOMFORIA SHINJUKUGYOEN I
COMFORIA KAGURAZAKA DEUXCOMFORIA AZABU EASTCOMFORIA SHINJUKUEASTSIDE TOWERCOMFORIA ICHIGAYAYAKUOJI
COMFORIA AKIHABARA EASTCOMFORIA MITA TROISCOMFORIA SHIBAURACOMFORIA SHINJUKUCOMFORIAHIGASHINIHONBASHICOMFORIA GINZA EASTNIBANKAN
COMFORIA HIGASHISHINJUKUSTATION FRONTCOMFORIA NAKAOCHIAICOMFORIA WASEDA DEUX
Subtotal(Note 2)24th Fiscal Period(From February 1, 2022 to July 31, 2022)

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

1

91.3

58,669

0.6

1

100.0

59,602

0.6

1
1
1
1
1
1
1
1
1

95.5
98.2
97.6
92.2
90.4
93.2
92.0
89.6
97.8

66,20746,44021,353
115,249
22,51849,776
27,74340,65361,604

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.4
0.7

95.1
100.0
97.6
98.0
100.0
100.0
87.7
100.0
91.2

66,64849,44921,923
113,719
22,507
51,83627,19441,501
62,083

0.7
0.5
0.2
1.2
0.2
0.5
0.3
0.4
0.6

1
1

95.3
97.1

129,960
31,502

1.4
0.3

1
1
1
1
1
1
1
1
1
1
1

95.4
96.2

130,645
29,095

1.3
0.3

1

96.4

101,055

1.1

1

96.4

103,027

1.1

1

94.8

46,768

0.5

1

92.2

46,612

0.5

1

92.9

64,948

0.7

1

97.3

67,213

0.7

1
1

97.5
91.0

29,39941,148

0.3
0.4

1
1

100.0
95.6

29,05240,474

0.3
0.4

1

91.7

36,099

0.4

1

97.2

36,475

0.4

1
1
1
1
1
1
1
1

91.7
95.0
93.0
92.7
96.0
95.9
89.3
95.2

60,17364,439103,335
52,854
128,726
50,02966,00755,704

0.6
0.7
1.1
0.6
1.4
0.5
0.7
0.6

1
1
1
1
1
1
1
1

100.0
100.0
97.9
94.8
92.7
100.0
94.3
98.7

60,972
68,540105,02953,000134,392
51,45063,351
56,597

0.6
0.7
1.1
0.5
1.4
0.5
0.6
0.6

1

93.3

50,251

0.5

1

98.8

51,990

0.5

1
1
1
1
1
1
1
1
1
1

94.2
92.9
98.5
100.0
95.0
94.4
98.2
96.5
91.1
94.3

23,67649,581
46,032
46,80664,272104,292
39,37142,36039,58878,790

0.3
0.5
0.5
0.5
0.7
1.1
0.4
0.4
0.4
0.8

1
1
1
1
1
1
1
1
1
1

87.9
92.4
92.6
92.9
98.6
90.0
92.7
90.6
100.0
94.7

22,09447,951
46,927
46,25164,143
101,115
42,87542,932
39,25076,901

0.2
0.5
0.5
0.5
0.7
1.0
0.4
0.4
0.4
0.8

1

96.0

1,611,828

17.1

1

95.2

1,637,664

16.7

1
1
1
1
1

100.0
97.5
94.1
93.1
93.0

26,453
124,075
22,92327,15753,172

0.3
1.3
0.2
0.3
0.6

1
1
1
1
1

92.2
98.9
97.1
88.5
94.4

25,208
127,530
23,602
27,35357,445

0.3
1.3
0.2
0.3
0.6

1

93.6

33,553

0.4

1

97.2

35,309

0.4

1

96.2

53,123

0.6

1

95.3

51,858

0.5

1

98.7

136,650

1.4

1

99.3

138,639

1.4

1
1
1

98.7
96.4
95.1

136,650
25,535
4,309,447

1.4
0.3
45.7

1
1
1

94.9
94.5
95.8

36,86825,7344,362,047

0.4
0.3
44.6

－ 17 －35

Property name

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

Sub-central Tokyo(Note 1)

36

COMFORIA BUNKYOKASUGACOMFORIAASAKUSAMATSUGAYACOMFORIA NISHIOICOMFORIA NAKANOCOMFORIA SHIMOKITAZAWACOMFORIA NISHIKAMATACOMFORIA OYAMACOMFORIA
KIYOSUMISHIRAKAWA SOUTH
COMFORIA KOMAZAWACOMFORIA KOISHIKAWACOMFORIA SENGOKUCOMFORIA
DAIKANYAMAAOBADAICOMFORIA IKEBUKUROCOMFORIA
RYOGOKUISHIWARA
COMFORIA ASAKUSABASHI
DEUX
COMFORIA OSHIAGE
COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWA TROISCOMFORIA MONZENNAKACHOCOMFORIA HIMONYACOMFORIA MISYUKUCOMFORIA GAKUGEIDAIGAKUCOMFORIA HIGASHINAKANODEUXCOMFORIAHIGASHIIKEBUKURO WEST
COMFORIA RYOGOKU DEUXCOMFORIA OMORI DEUXCOMFORIA MACHIYACOMFORIA ASAKUSABASHICOMFORIA RYOGOKU SOUTH
COMFORIA TOYOSUCOMFORIA SUMIDATACHIBANACOMFORIA UENOHIROKOJI
COMFORIA KASUGATOMISAKACOMFORIA HONKOMAGOMECOMFORIA MORISHITACOMFORIA KIBAKOENCOMFORIA MEGUROCHOJAMARUCOMFORIAHIGASHIIKEBUKURO EASTCOMFORIAHIGASHIIKEBUKUROCOMFORIA KOMABACOMFORIA KINSHICHOCOMFORIA
MINAMISUNAMACHICOMFORIAHIGASHISHINAGAWACOMFORIA MEGUROYAKUMOCOMFORIA YOGACOMFORIA
ITABASHINAKAJUKUCOMFORIA SHINAGAWA EASTCOMFORIA OJIMA(Note 2)23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

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

1

100.0

62,789

0.7

1

95.6

63,057

0.6

1

98.6

46,809

0.5

1

97.2

46,607

0.5

1
1
1
1
1

96.6
89.5
95.7
96.4
99.0

32,19332,884
95,14964,92976,910

0.3
0.3
1.0
0.7
0.8

1
1
1
1
1

93.2
93.8
97.0
95.0
97.8

31,96831,91096,96264,06678,024

0.3
0.3
1.0
0.7
0.8

1

91.1

29,358

0.3

1

88.9

28,266

0.3

1
1
1

92.6
97.4
97.8

43,157
21,94754,945

0.5
0.2
0.6

1
1
1

95.5
95.0
98.6

43,52222,08357,745

0.4
0.2
0.6

1

95.4

40,541

0.4

1

92.8

39,015

0.4

1

88.9

22,733

0.2

1

89.2

22,166

0.2

1

100.0

25,590

0.3

1

100.0

28,736

0.3

1

94.4

30,795

0.3

1

87.9

30,326

0.3

1

100.0

26,067

0.3

1

100.0

25,785

0.3

1

94.3

30,020

0.3

1

96.0

29,296

0.3

1

89.9

31,167

0.3

1

98.0

32,210

0.3

1
1
1
1

96.5
94.4
97.3
97.3

90,71643,26668,431
42,833

1.0
0.5
0.7
0.5

1
1
1
1

98.6
100.0
98.4
97.2

91,281
48,394
68,27541,900

0.9
0.5
0.7
0.4

1

93.6

30,543

0.3

1

98.1

31,654

0.3

1

96.2

169,507

1.8

1

98.7

170,749

1.7

1
1
1
1
1
1

94.9
100.0
97.0
93.0
96.2
94.5

36,87838,62026,990102,296
49,028100,511

0.4
0.4
0.3
1.1
0.5
1.1

1
1
1
1
1
1

92.3
87.9
100.0
97.0
94.4
98.3

38,281
38,297
27,373
100,771
49,764
100,616

0.4
0.4
0.3
1.0
0.5
1.0

1

93.1

32,702

0.3

1

95.4

31,976

0.3

1
1
1
1
1

94.3
95.7
100.0
97.3
96.7

35,62588,71047,13049,05333,075

0.4
0.9
0.5
0.5
0.4

1
1
1
1
1

98.3
96.2
94.4
96.2
98.3

36,054
92,03048,83550,242
32,347

0.4
0.9
0.5
0.5
0.3

1

94.6

72,138

0.8

1

94.7

68,873

0.7

1

96.7

70,267

0.7

1

96.8

69,651

0.7

1

92.0

38,369

0.4

1

94.2

36,911

0.4

1
1

95.8
96.1

139,492
35,597

1.5
0.4

1
1

97.3
95.2

140,724
36,802

1.4
0.4

1

97.2

135,584

1.4

1

94.6

136,257

1.4

1

98.2

54,747

0.6

1

87.3

52,680

0.5

1
1

94.6
95.0

25,89032,580

0.3
0.3

1
1

100.0
95.3

26,007
31,689

0.3
0.3

1

96.4

124,676

1.3

1

97.0

127,864

1.3

1
1

97.3
99.0

75,06457,084

0.8
0.6

1
1

99.1
95.0

75,36056,7590.8
0.6－ 18 －Area

Property name

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

Area

24th Fiscal Period(From February 1, 2022 to July 31, 2022)

Tokyo metropolitan area

23rd Fiscal Period(From August 1, 2021 to January 31, 2022)

COMFORIA OMORI TROISCOMFORIA BUNKYOHAKUSANCOMFORIA KAMATA
COLLEGE COURTHACHIMANYAMA
COMFORIA UENOIRIYACOMFORIA IKEJIRICOMFORIA
SETAGAYAKAMIUMACOMFORIA
AKABANEIWABUCHICOMFORIA RYOGOKU TROISCOLLEGE SQUAREHACHIMANYAMA
COMFORIA KINSHICHO DEUXCOMFORIA KAMEIDO SOUTH
COMFORIA SHIBUYA WEST
COMFORIAASAKUSAKOMAGATACOMFORIA OMORIKASHIMACOMFORIA OMORIMACHICOMFORIA KAMIIKEDAICAMPUS VILLAGESHIINAMACHICOMFORIA TAKINOGAWACOMFORIA KIBASHINSUIKOENCOMFORIA NISHIMAGOMEHILLSIDE
COMFORIA IKEBUKURO DEUXCOMFORIA NARIMASUCOMFORIA SHINOKACHIMACHICOMFORIA MORISHITA WEST
COMFORIA TOYOCHOCOMFORIA FUDOMAECOMFORIA TAITONEGISHICOMFORIA MONZENNAKACHO
SOUTH
COMFORIA MAGOMEGRANCREER BAJIKOEN (LAND)COMFORIA AKIHABARANORTHCOMFORIA SAKURAJOSUICOMFORIA KITAZAWA
Subtotal
COMFORIA YATSUKACOMFORIA SHINKOYASUCOMFORIA GYOTOKUGRANCREER CENTER-MINAMICOMFORIA TAMA-PLAZACOMFORIA OMIYACAMPUS VILLAGE URAYASUGRANCREER TACHIKAWA
Subtotal(Note 2)

1
1
1

96.0
97.3
98.1

1
1
1

24th Fiscal Period(From February 1, 2022 to July 31, 2022)

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

26,64237,593
161,745

0.3
0.4
1.7

1
1
1

86.8
93.1
95.4

25,717
34,699157,581

0.3
0.4
1.6

100.0

30,222

90.3
92.3

58,88332,350

0.3

1

100.0

30,222

0.3

0.6
0.3

1
1

96.3
97.3

60,85632,757

0.6
0.3

1

95.7

73,796

0.8

1

95.7

73,580

0.8

1
1

96.9

72,842

0.8

1

94.7

74,2600.8

93.8

40,713

0.4

1

98.6

42,777

0.4

1
1
1
1

100.0

20,976

0.2

1

100.0

20,976

0.2

95.6
100.0
96.9

59,71658,405
141,260

0.6
0.6
1.5

1
1
1

94.9
100.0
93.7

62,06558,505
143,539

0.6
0.6
1.5

1

95.9

34,758

0.4

1

98.2

37,308

0.4

1
1
1

91.9
98.2
97.7

24,39831,32453,856

0.3
0.3
0.6

1
1
1

97.1
98.2
97.4

25,96029,75256,439

0.3
0.3
0.6

1

100.0

66,221

0.7

1

100.0

66,190

0.7

1
1

97.4
96.3

93,93829,288

1.0
0.3

1
1

95.5
96.3

92,75329,564

0.9
0.3

1

98.0

31,107

0.3

1

100.0

31,869

0.3

1
1

98.4
96.7

50,00635,669

0.5
0.4

1
1

94.2
93.5

49,23836,895

0.5
0.4

1

100.0

30,472

0.3

1

96.4

29,969

0.3

1
1
1
1

95.7
100.0
86.7
81.2

30,534
88,63737,44873,719

0.3
0.9
0.4
0.8

1
1
1
1

100.0
97.3
98.0
94.7

30,342
91,98135,934
71,975

0.3
0.9
0.4
0.7

1

96.0

36,834

0.4

1

96.0

34,274

0.4

1
－

93.5
－

67,948
－

0.7
－

1
1

92.7
100.0

71,64959,136

0.7
0.6

－

－

－

－

1

100.0

30,268

0.3

－

－

－

－

－
3
1
1
1
1
1
1
－

－
96.1
98.4
91.9
94.9
100.0
100.0
97.8
－

－
4,346,723
27,70939,951
27,275
120,300
55,300131,449
－

－
46.1
0.3
0.4
0.3
1.3
0.6
1.4
－

－
2

－
98.7

－
401,986

－
4.3

1
1
4
1
1
1
1
1
1
1
1
3

96.9
14.1
95.1
100.0
100.0
98.2
100.0
95.6
97.0
100.0
100.0
99.2

63,040202
4,522,477
27,38740,41729,269120,300
56,478135,134
37,081
58,778504,848

0.6
0.0
46.2
0.3
0.4
0.3
1.2
0.6
1.4
0.4
0.6
5.2

－ 19 －37

Capital Expenditure for Properties Owned
Capital Expenditure for Properties Owned
23rd Fiscal Period(From August 1, 2021 to January 31, 2022)
Area

Property name

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

Other major cities(Note 1)COMFORIA KITASANJOCOMFORIA SAPPOROSHOKUBUTSUENCOMFORIA OGIMACHICOMFORIA SHINSAIBASHIEASTCOMFORIA KYOMACHIBORICOMFORIA AWAZACOMFORIA KITAHAMACOMFORIA
ESAKAHIROSHIBACHOCAMPUS VILLAGE
KYOTOFUSHIMI
Subtotal
Total(Note 1)

(Note 2)

(Note 2)

1

97.7

37,048

1

100.0

1

97.5

1

1. Expected Capital Expenditure

24th Fiscal Period(From February 1, 2022 to July 31, 2022)

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

0.4

1

100.0

43,8100.5

140,406

0.4

1

95.4

59,398

0.6

1
1
1

98.8
95.3
100.0

46,31843,091
55,206

1

98.2

－
1
4

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

37,2610.4

100.0

43,942

0.4

93.8

42,615

0.4

1

97.4

59,455

0.6

COMFORIA TAMACHI(Minato-ku, Tokyo)

Large-scale repair work

0.5
0.5
0.6

1
1
1

91.7
96.3
91.7

46,45043,00852,149

0.5
0.4
0.5

COMFORIA
SHIMOKITAZAWA(Setagaya-ku, Tokyo)

Large-scale repair work

49,845

0.5

1

97.7

50,197

0.5

COMFORIA OMIYA(Saitama-shi, Saitama)

Large-scale repair work

－

－

－

1

100.0

21,096

0.2

97.9
96.0

375,125
9,433,283

4.0
100.0

2
4

96.8
95.9

396,176
9,785,549

4.0
100.0

COMFORIA KITASANDO(Shibuya-ku, Tokyo)

Large-scale repair work

COMFORIA SHINKAWA(Chuo-ku, Tokyo)

Large-scale repair work

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

4. Statement of Renewable Energy Power Generation Facilities
Not applicable

5. Statement of Operational License of Public Facilities
Not applicable

6. Statement of Securities Incorporated in the Portfolio

COMFORIA SAPPOROSHOKUBUTSUEN(Sapporo-shi, Hokkaido)
COMFORIAHIGASHISHINAGAWA(Shinagawa-ku, Tokyo)
COMFORIA
BUNKYOKASUGA(Bunkyo-ku, Tokyo)
COMFORIASHIROKANETAKANAWA(Minato-ku, Tokyo)
COMFORIA
SHINJUKUGYOEN II(Shinjuku-ku, Tokyo)

PurposeLarge-scale repair work
Large-scale repair work
Large-scale repair work
Large-scale repair work
Large-scale repair work

Scheduled period
From Apr. 2022
to Nov. 2022
From Mar. 2022
to Oct. 2022
From Oct. 2022
to May 2023
From Mar. 2022
to Nov. 2022
From Oct. 2022
to May 2023
From May 2022
to Oct. 2022
From Mar. 2022
to Oct. 2022
From Oct. 2022
to May 2023
From Oct. 2022
to May 2023
From Apr. 2022
to Nov. 2022

Expected amount of construction work
(thousands of yen)for
Total amount
Total amount Payment
the period
already paid
107,000－－

100,300－－

99,700－－85,518－－80,700－－73,992－－

66,200－－58,300－－53,800－－61,300Not applicable

7. Details of Specified Transactions
The amount of specified derivative transactions entered into by the Investment Corporation and fair value as of July 31, 2022 are
as follows.
Segment
Over-the-countertransactions

Contract amount (millions of yen)Type
Receive floating, pay
fixed interest-rate swap
transactions
Total(Note 1)
(Note 2)

Over 1 year

(Note 1)

Fair value(millions of yen)
(Note 2)

32,245

26,835–32,245

26,835–The contract amount of the interest-rate swap transactions is based on the notional principal.
Fair value is evaluated based on the value calculated by the counterparty of the contract using market interest rate, etc. Disclosure of fair value is omitted
for the transactions that meet the requirements for special treatment pursuant to the Accounting Standard for Financial Instruments.

8. Other Assets
Trust beneficial interests in properties owned by the Investment Corporation are listed on the aforementioned “3. Statement of
Properties Incorporated in the Portfolio.” As of the end of the 24th Fiscal Period, there is no incorporation in particular of specified
assets as principal investment targets by the Investment Corporation, other than assets in the aforementioned “3. Statement of
Properties Incorporated in the Portfolio,” “4. Statement of Renewable Energy Power Generation Facilities,” “5. Statement of
Operational License of Public Facilities” and “6. Statement of Securities Incorporated in the Portfolio.”

9. Ownership of Assets by Country and Region
Not applicable for countries and regions other than Japan－ 21 －38－ 20 －39

Status of Expenses and Liabilities

Status of Expenses and Liabilities
2. Capital Expenditure during the Period

1. Statement of Expenses Related to Investments

The overview of main construction work corresponding to capital expenditure that took place in the 24th Fiscal Period for the
managed assets owned as of the end of the period is as follows. Capital expenditure during the 24th Fiscal Period was ¥619,871
thousand. Together with repair expenses of ¥397,035 thousand that were classified as expenses for the 24th Fiscal Period,
construction work totaling ¥1,016,907 thousand was carried out.
PurposeCOMFORIA SASAZUKA(Shibuya-ku, Tokyo)

Large-scale repair work

COMFORIA ASAKUSAKOMAGATA(Taito-ku, Tokyo)

Large-scale repair work

COMFORIA MORISHITA(Koto-ku, Tokyo)

Large-scale repair work

COMFORIA SHINKOYASU(Yokohama-shi, Kanagawa)

Large-scale repair work

COMFORIA MEGURO CHOJAMARU(Shinagawa-ku, Tokyo)
COMFORIA MITA TROIS(Minato-ku, Tokyo)

From Oct. 2021
to Jun. 2022
From Dec. 2021
to Jun. 2022
From Nov. 2021
to May 2022
From Nov. 2021
to May 2022
From Oct. 2021
to Apr. 2022
From Jan. 2022
to Jun. 2022

Large-scale repair work
Large-scale repair work

COMFORIA OMORIKASHIMA(Shinagawa-ku, Tokyo)

Large-scale repair work

Other properties, etc.

PeriodLarge-scale repair work

COMFORIA ASAKUSABASHI DEUX(Taito-ku, Tokyo)

Construction cost(thousands of yen)

From Jan. 2022
to Jun. 2022
From Jan. 2022
to Jun. 2022
From Feb. 2022

Replacement of air conditioners, etc.

to Jul. 2022

Total

97,311
81,49880,069(Note)

583,640

9,334

Administrative service fees

27,63329,347

Directors’ compensations
Other expenses
Total

3,600
324,660

942,524

960,234

2. Loan Status
The status of loans as of July 31, 2022 is as follows.

53,776
Type

Lender

44,07437,07435,20522,910Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Balance at the Balance at the
beginning of end of current
Drawdown
current period
perioddate(millions of(millions of
yen)
yen)
800
Apr. 4,
800
2022
400
Jul. 14,2022

MUFG Bank, Ltd.
Development Bank of Japan Inc.

167,949

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

619,871

Jun. 30,
2014

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

21st Fiscal Period

22nd Fiscal Period

23rd Fiscal Period

24th Fiscal Period

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

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

From Feb. 1, 2021 From Aug. 1, 2021
to Jul. 31, 2021
to Jan. 31, 2022

From Feb. 1, 2022
to Jul. 31, 2022

386,748

639,150448,320

921,967

330,220

640,850

615,869

823,472

669,566

587,519

528,696

661,555

770,644

639,150

381,851

494,005448,320

501,148

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

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 3,2015

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

20th Fiscal Period

494,005

3,600
318,301(Note) In addition to the amount stated above, asset management fees came to ¥116,430 thousand in the 24th Fiscal Period related to the acquisition of properties
that were incorporated in the carrying value of each property.

MUFG Bank, Ltd.

381,851593,291

9,349

From the cash flows during the fiscal period, the Investment Corporation sets aside reserves for repairs, which are to be appropriatedfor repairs in the medium to long term.
(Thousands of yen)

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

24th Fiscal Period
From Feb. 1, 2022 to Jul. 31, 2022

Asset custody fee

3. Funding Reserved for Long-Term Repair Plans

Fiscal period

23rd Fiscal Period
From Aug. 1, 2021 to Jan. 31, 2022

Asset management fee (Note)

Short-term loans payable

Property name(location)

Item(Thousands of yen)

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

Feb. 3,
2015

-

333

-

333

-

333

1,820

-

910

-

910

-

910

-

450

-

1,240

1,240

620

620

620

620

620

620

310

310

1,240

1,240

620

620

620

620

620

620

Sumitomo Mitsui Banking Corporation

310

310

MUFG Bank, Ltd.

720

720

Development Bank of Japan Inc.

360

360

360

360

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

360

360

Sumitomo Mitsui Banking Corporation

200

200

MUFG Bank, Ltd.

840

840

Development Bank of Japan Inc.

420

420

420

420

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Feb. 2,
2016

420

420

Sumitomo Mitsui Banking Corporation

230

230

MUFG Bank, Ltd.

980

980

Development Bank of Japan Inc.

490

490

490

490

490

490

220

220

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

Feb. 2,
2016

Averageinterest
rate (%)(Note 2)

Maturity
date

Repayment
method

0.27823

Apr. 4,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.38000

Jul. 14,2023

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.90100

Jun. 30,
2022

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

0.79875

Jan. 31,2023

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

1.04200

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.58430

Mar. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.62460

Aug. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.67745

Feb. 29,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Use offunds

Remarks－ 23 －40－ 22 －41

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

Aug. 1,
2016

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

Aug. 1,
2016

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

Feb. 2,
2017

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.

Long-term loans payable (Note 1)

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

Feb. 2,
2017

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

Sep. 29,2017

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

Sep. 29,2017

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

Feb. 2,
2018

Sumitomo Mitsui Banking Corporation

1,160

1,160

580

580

580

580

580

580

290

290

1,800

1,800

900

900

900

900

900

900

450

450

1,160

1,160

580

580

580

580

580

580

290

290

1,820

1,820

910

910

910

910

910

910

450

450

1,140

1,140

570

570

570

570

570

570

300

300

1,140

1,140

570

570

570

570

570

570

300

300

1,040

1,040

520

520

520

520

520

520

Averageinterest
rate (%)(Note 2)

Maturity
date

Repayment
method

0.61950

Mar. 31,2025

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Use offunds

Remarks

Type

Lender550

550

Mizuho Bank, Ltd.

550

550

550

550

MUFG Bank, Ltd.
0.46655

Jul. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

275

275

275

275

Development Bank of Japan Inc.

550

550

Mizuho Bank, Ltd.

550

550

550

550

MUFG Bank, Ltd.
Jul. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

550

550

300

300

Mizuho Bank, Ltd.

670

670

670

670

670

670

320

320

670

670

700

700

700

700

350

350

350

350

700

700

800

-

800

-

800

-

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

0.62938

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
0.795710.490540.77571Jan. 30,
2026

Sep. 30,
2022

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

UnsecuredLump-sum(Note 3)
Unguaranteed
repayment

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Development Bank of Japan Inc.

Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

400

-

1,000

1,000

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation

500

500

Mizuho Bank, Ltd.

970

970

970

970

970

970

Sumitomo Mitsui Banking Corporation

485

485

Shinkin Central Bank

525

525

525

525

525

525

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

MUFG Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited

The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Mizuho Trust & Banking Co., Ltd.

The Norinchukin Bank

1,300

1,300

Development Bank of Japan Inc.

1,300

1,300

Mizuho Trust & Banking Co., Ltd.

1,000

1,000

MUFG Bank, Ltd.

2,700

2,700

1,350

1,350

600

600

500

500

500

500

Sumitomo Mitsui Banking Corporation
Nippon Life Insurance Company
Taiyo Life Insurance Company
Resona Bank, Ltd.

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

1,000

1,000

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Mar. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.55126

Jan. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.73497

Aug. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed－ 24 －Mar. 25,
2019

Mar. 20,
2019

525

525
1,350

Development Bank of Japan Inc.

750

750

Mizuho Bank, Ltd.

750

750

750

750

375

375

Sumitomo Mitsui Banking Corporation

375

375

The 77 Bank, Ltd.

460

460

460

460

460

460

460

460

460

460

MUFG Bank, Ltd.

Shinkin Central Bank
The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Mizuho Trust & Banking Co., Ltd.

42

Mar. 25,
2019

1,350

Sumitomo Mitsui Trust Bank, Limited
0.62188

Mar. 25,
2019

Sumitomo Mitsui Banking Corporation

260
Mar. 31,2023

Apr. 5,2019

Mizuho Bank, Ltd.

1,300
0.45804

Apr. 5,2019

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

0.65428

Jan. 31,2019

Mizuho Bank, Ltd.

260

Mizuho Bank, Ltd.

Jan. 31,2019

Sumitomo Mitsui Banking Corporation
Jan. 31,
2024

1,300
Mar. 30,
2018

Jan. 31,2019

Sumitomo Mitsui Banking Corporation

Shinkin Central Bank
The Bank of Fukuoka, Ltd.

Sep. 25,
2018

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

0.65518

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

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

Long-term loans payable (Note 1)

Type

Balance at the Balance at the
beginning of end of current
Drawdown
current period
perioddate(millions of(millions of
yen)
yen)
2,000
2,000
Mar. 23,
2,000
2,000
2016
1,000
1,000

Sep. 30,
2019Mar. 2,2020

Mar. 31,2020－ 25 －Maturity
date

Repayment
methodUse offunds

0.85667

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.43105

Jul. 31,2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39950

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.49994

Jan. 31,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54500

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.57826

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.25545

Mar. 31,2022

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.45215

Sep. 30,2025

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.60810

Sep. 30,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42850

Mar. 31,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.54693

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.47366

Aug. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.46156

Sep. 30,2026

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

43

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

Jun. 30,
2020

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

Sep. 29,
2020

820

820

820

820

420

420

1,000

1,000

1,000

1,000

1,000

1,000

500

500

500

500

Mizuho Bank, Ltd.

800

800

800

800

800

800

MUFG Bank, Ltd.

Sep. 30,
2020

Sumitomo Mitsui Banking Corporation

400

400

Development Bank of Japan Inc.

1,220

1,220

Mizuho Bank, Ltd.

1,220

1,220

1,220

1,220

1,220

1,220

620

620

Development Bank of Japan Inc.

1,920

1,920

Sumitomo Mitsui Trust Bank, Limited

1,135

1,135

Kiraboshi Bank, Ltd.

1,000

1,000

350

350

MUFG Bank, Ltd.

350

350

Sumitomo Mitsui Banking Corporation

170

170

The 77 Bank, Ltd.

500

500

500

500

500

500

The Higo Bank, Ltd.

500

500

The 77 Bank, Ltd.

500

500

Daishi Hokuetsu Bank, Ltd.

Oct. 29,
2021

500

500

500

500

500

500

Oct. 29,
2021

1,000

1,000

1,000

1,000

Mizuho Trust & Banking Co., Ltd.

2,000

2,000

The Norinchukin Bank

1,500

1,500

1,000

1,000

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 29,2021

Sumitomo Mitsui Banking Corporation

Long-term loans payable (Note 1)

820

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited

Mizuho Bank, Ltd.

Daishi Hokuetsu Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

The Nishi-Nippon City Bank, Ltd.

Mar. 31,2021

Mar. 31,
2021

The Bank of Fukuoka, Ltd.
The Norinchukin Bank
Resona Bank, Ltd.

The Bank of Fukuoka, Ltd.
The 77 Bank, Ltd.

Jan. 31,
2022

500

500

Daishi Hokuetsu Bank, Ltd.

500

500

Development Bank of Japan Inc.

735

735

Mizuho Bank, Ltd.

735

735

735

735

735

735

360

360

-

720

-

720

-

360

-

800

-

800

-

800

-

400

Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.

Jan. 31,2022

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

Mar. 29,2022

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

44

820

Mar. 31,2022－ 26 －0.67532

0.56815

0.57308

Maturity
date

Repayment
methodUse offunds

Remarks

Type

LenderDevelopment Bank of Japan Inc.

Jun. 30,
2029

Sep. 29,
2029

Sep. 30,2029

Mizuho Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Sumitomo Mitsui Trust Bank, Limited
Long-term loans payable (Note 1)

Type

Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)
yen)
yen)
820
820

MUFG Bank, Ltd.

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed(Note 3)0.40488

Mar. 31,2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42632

Mar. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.39270

Oct. 29,
2027

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.47703

Apr. 30,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.42000

Jan. 31,2028

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.58600

Jan. 31,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.21359

Sep. 29,
2023

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.22847

Mar. 31,2024

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

750

-

750

-

375

-

375

-

1,110

-

1,110

-

1,110

MUFG Bank, Ltd.

-

1,110

Sumitomo Mitsui Banking Corporation-

560

Shinkin Central Bank

-

1,000

-

1,000

-

1,000

-

500

-

500

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited

Daishi Hokuetsu Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.

(Note 1)
(Note 2)-Development Bank of Japan Inc.

The Nishi-Nippon City Bank, Ltd.
Jan. 29,
2031

Apr. 4,2022

Sumitomo Mitsui Banking Corporation

The 77 Bank, Ltd.

0.68068

Balance at the Balance at the
Average
beginning of end of current
Drawdowninterest
current period
perioddate
rate (%)(millions of(millions of(Note 2)
yen)
yen)
750

Jun. 30, 2022

Jul. 1,
2022

Maturity
date

Repayment
methodUse offunds

0.70725

Apr. 4,2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.90850

Jun. 30,
2030

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

0.76500

Jul. 1,2029

Lump-sum
Unsecured(Note 3)
repayment
Unguaranteed

Remarks

Total
125,530
137,329
Long-term loans payable include the current portion of long-term loans payable.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interest-rate swap
transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of existing borrowings.

－ 27 －45

Purchase and Sale during the Period
Purchase and Sale during the Period
3. Investment Corporation Bonds

1. Purchase and Sale of Properties and Asset Backed Securities

The status of investment corporation bonds as of July 31, 2022 is as follows.
Balance at theBalance at the end
Coupon rate
beginning of currentof current period(%)
period (millions of yen) (millions of yen)

Maturity
date

Repayment
methodUse offunds

Security

Issue

Issue date

2nd Unsecured Bond

Jul. 18, 2017

1,000

-

0.23000

Jul. 15, 2022

Lump-sum
repayment(Note 2)

Unsecured

3rd Unsecured Bond

Jul. 18, 2017

2,000

2,000

0.52000

Jul. 16, 2027

Lump-sum
repayment(Note 2)

4th Unsecured Bond

Jun. 14, 2018

1,000

1,000

0.23000 Dec. 14, 2023

Lump-sum
repayment

5th Unsecured Bond

Jun. 14, 2018

1,500

1,500

0.95000

Jun. 14, 2033

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

6th Unsecured Bond
(Note 1)

7th Unsecured Bond
(Note 1)

8th Unsecured Bond
(Green Bonds)(Note 1)

9th Unsecured Bond
(Note 1)

Jul. 18, 2019
Jul. 18, 2019
Jul. 30, 2020
Jul. 8, 2021

1,000
1,500
1,500
2,000

1,000
1,500
1,500
2,000

0.23000
0.90000
0.55000
0.18000

－

－

－

－

Unsecured

CAMPUS VILLAGE
KYOTOFUSHIMIMar. 25, 2022

1,075

－

－

－

－

(Note 2)

UnsecuredMar. 25, 2022

4,546

－

－

－

－

Lump-sum
repayment

GRANCREERBAJIKOEN (LAND)(Note 2)

UnsecuredMar. 25, 2022

2,933

Jul. 18, 2024

Lump-sum
repayment

GRANCREERTACHIKAWA(Note 2)

Unsecured

1,850

－

－

－

－

(Note 2)

Unsecured

COMFORIA
AKIHABARA NORTH

Apr. 4, 2022

Jul. 18, 2034

Lump-sum
repayment

Apr. 4, 2022

3,750

－

－

－

－

Jul. 30, 2030

Lump-sum
repayment

COMFORIA
SAKURAJOSUI(Note 2)

Unsecured

Jul. 1, 2022

3,816

－

－

－

－

Jul. 8, 2026

Lump-sum
repayment

COMFORIAKITAZAWA(Note 2)

Unsecured－

19,470

－

－

－

－

3,000

0.46000

Jul. 8, 2031

Lump-sum
repayment(Note 2)

Unsecured

11th Unsecured Bond

Jul. 8, 2021

1,600

1,600

0.73000

Jul. 8, 2036

Lump-sum
repayment(Note 2)

Unsecured

16,10015,100(Note 1)
(Note 2)The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are primarily appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.

4. Short-Term Investment Corporation Bonds

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

2. Purchase and Sale of Other Assets
Main assets other than the above properties and asset backed securities are bank deposits or bank deposits within trust assets.

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

Not applicable

5. Investment Unit Acquisition Rights
Purchase

Not applicable

Sale date

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

1,500

3,000

Total

Sale

Purchase price
Purchase date(millions of yen)Feb. 1, 2022

Jul. 8, 2021

(Note 1)

Purchase

CAMPUS VILLAGE
URAYASU

10th Unsecured Bond
(Green Bonds)(Note 1)

Property name

Purchase
Purchase
Purchase
Purchase
Purchase
Purchase

Type of asset
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Real estate
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust
Beneficial
interest in realestate trust

Property name

Purchase orsale date

Real estate appraisal

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

Appraisal value(millions ofyen) (Note 2)

Appraisalcompany

Date ofvaluation(Note 3)

CAMPUS VILLAGE
URAYASUFeb. 1, 2022

1,500

1,510

(1)

Oct. 31, 2021

CAMPUS VILLAGE
KYOTOFUSHIMIMar. 25, 2022

1,075

1,090

(2)

Oct. 31, 2021

GRANCREERBAJIKOEN (LAND)

Mar. 25, 2022

4,546

4,600

(1)

Oct. 31, 2021

GRANCREERTACHIKAWA

Mar. 25, 2022

2,933

2,960

(1)

Oct. 31, 2021

COMFORIA
AKIHABARA NORTH

Apr. 4, 2022

1,850

1,880

(3)

Oct. 31, 2021

COMFORIA
SAKURAJOSUI

Apr. 4, 2022

3,750

3,850

(4)

Oct. 31, 2021

COMFORIA KITAZAWA

Jul. 1, 2022

3,816

4,000

(1)

Jan. 31, 2022

(Note 1) The purchase price and sale price do not include miscellaneous expenses required for the purchase or sale of said property, fixed property tax,
city planning tax, consumption tax and local consumption tax.
(Note 2) Appraisal value indicates appraisal value or investigated value.
(Note 3) The real estate appraisers handling the real estate appraisal or research reports of each property are: (1) Japan Real Estate Institute, (2) Daiwa
Real Estate Appraisal Co., Ltd., (3) JLL Morii Valuation & Advisory K.K. and (4) The Tanizawa Sōgō Appraisal Co., Ltd.

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

－ 29 －46－ 28 －47

Accounting Status

Accounting Status

1. Assets, Liabilities, Principal and Profit/Loss

4. Transactions with Related Parties

Accounting
Please referStatus
to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. Statements(1) Information on transactionof Cash Distributions,” “5. Statements of Cash Flows,” and “6. Notes.”

Purchase and sales amount

Category

Purchase amount

Total amount

1. Assets, Liabilities, Principal and Profit/Loss
2. Changes in the Depreciation Method

Sales amount

Please refer to “1. Balance Sheets,” “2. Statements of Income,” “3. Statements of Changes in Unitholders’ Equity,” “4. StatementsofDistributions,” “5. Statements of Cash Flows,” and “6. Notes.”
NotCashapplicable¥－ thousand¥19,470,000 thousand2.
Depreciation
Method3. Changes in the Appraisal
Methodof Real Estate, etc.

Breakdown of transactions between related parties
Tokyu Land Corporation¥15,654,000 thousand (80.4%)¥－ thousand (－%)

Total

¥15,654,000 thousand (80.4%)¥－ thousand (－%)

(Note)The term “Related parties” refers to related parties defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations as well as related parties of the Asset Management Company prescribed in Article 26, Paragraph 1, Item 27 of theRegulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by the Investment Trusts Association, Japan.
Descriptions are included with regard to a related party that falls under any of these and that had transactions or paid commissions, etc. during the24th Fiscal Period.

3. Changes in the Appraisal Method of Real Estate, etc.

Other
Not applicable

Other

1. Beneficiary Certificates of Investment Trusts Established by the Investment Corporation

Other
Not applicable

1.
Certificates of Investment Trusts Established by the Investment Corporation
2. Beneficiary
Notices(2) Amount of commission paid
Category

Not applicable

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

Breakdown of transaction with related parties
Payee

Amount of payment(B)(thousands of yen)

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

Tokyu Housing Lease Corporation

495,677

Tokyu Community Corp.

39,456

5.0

Utilities expenses

134,944 Tokyu Community Corp.

101,843

75.5

Marketing-related
expenses

201,349 Tokyu Livable, Inc.

1,183

0.6

Other expenses related
to rent business

181,601

Tokyu Sports Oasis, Inc.

12,013

6.6

Tokyu Community Corp.

1,000

0.6

Property management
entrustment costs

786,003

63.1(3) Major payments to other related parties
Ewel Inc.
¥1,653 thousand (system usage, etc.)

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

applicable(1) Not
Unitholders’Meeting
The 7th Unitholders’ Meeting of the Investment Corporation was held on April 21, 2022. The overview of matters approved at the

2. Notices

Unitholders’ Meeting are as follows.
(1) Unitholders’ Meeting
Approval date
Overview
The 7th Unitholders’ Meeting of the InvestmentAmendments
Corporation were
was held
onto
April
2022.ofTheoverview ofregarding
matters approvedat themadethe 21,
ArticlesIncorporation
the following
matters.
Unitholders’ Meeting are as follows.
・A new provision shall be provided Overview
in the Articles of Incorporation in order for the
Approval date
deemed agreement provision not to apply to the items for which, among the items
Amendments were made to the Articles of Incorporation regarding the following
to be resolved at the Unitholders’ Meeting that may have a significant influence
matters.
over the management system of the Investment Corporation and the interests of・A
provisionitshallbe provided
in the Articles
of Incorporationin order foritsnewunitholders,is considereddifficultto submit
conflicting proposals
duethetodeemedagreement
provision
not
to
apply
to
the
items
for
which,
among
the
items
their nature, so that the intention of unitholders is directly reflected.
Proposal 1: Partial Amendments to theto be resolved
at the Unitholders’Meetingthat ofmaya significant
influence
Articles of Incorporation
・Necessary
amendments
shall be madeto partthehavemethodsof evaluatingtheover the management system of the Investment Corporation and the interests ofassets of the Investment Corporation in accordance with the application of theits unitholders, it is considered difficult to submit conflicting proposals due to
Accounting Standard for Fair Value Measurement and the revisions to thetheir nature, so that the intention of unitholders is directly reflected.
Proposal 1: Partial Amendments to the
Accounting Standard for Financial Instruments.
・Necessary amendments shall be made to part of the methods of evaluating the
Articles of Incorporation
・In addition to the above, necessary language amendments shall be made in orderassets of the Investment Corporation in accordance with the application of theto clarify the contents of the Articles of Incorporation, including the deletion of
Accounting Standard for Fair Value Measurement and the revisions to the
supplemental provisions that are no longer necessary due to the amendments to
Accounting Standard for Financial Instruments.
the Articles of Incorporation becoming effective.
・In addition to the above, necessary language amendments shall be made in order
Proposal 2: Appointment of One (1)to clarify
the wascontentsof theExecutive
Articles ofDirector.
Incorporation, including the deletion of
Takehiro
Izawa
appointed
Executive Director
supplemental provisions that are no longer necessary due to the amendments to
Proposal 3: Appointment of Two (2)KentaroYoshikawaand Daisukebecoming
Kawauchiwere appointed Substitute Executive
the Articles
of Incorporation
effective.
Substitute2:Executive
Directors
Directors.
ProposalAppointmentof One (1)Takehiro Izawa was appointed Executive Director.
Proposal 4:Director
Appointment of Two (2)Executive
Koji Yamamoto and Masamichi Ohshima were appointed Supervisory Directors.
Supervisory
Directors
Proposal 3: Appointment of Two (2)Kentaro Yoshikawa and Daisuke Kawauchi were appointed Substitute Executive
Substitute
Directors
Directors.
Proposal 5:Executive
Appointmentof One (1)Hiroko Chiba was appointed Substitute Supervisory Director.
Substitute
Director
Proposal 4:Supervisory
Appointmentof Two (2)Koji Yamamoto and Masamichi Ohshima were appointed Supervisory Directors.
Supervisory Directors(2) Board of Directors of the Investment Corporation
Proposal 5: Appointment of One (1)was appointed
The main overviews of the major conclusion andHiroko
changeChibaof contracts
that wereSubstituteapprovedSupervisoryby the BoardDirector.
of Directors of the Investment
Substitute Supervisory Director
Corporation during current period are as follows.
Approval
date of the Investment Matter
Overview(2) Boardof Directors
Corporation
The main overviews of the major conclusion and change of contracts
that were approved
thetheBoardof Directorsof the Investment
A comprehensive
resolutionbyforissuanceof investment
corporation
Corporation during current period are as follows.
bonds with an aggregate maximum amount of issuance of ¥25 billion
resolution forand a period of issuance fromMay 9, 2022 to May 8, 2023 wasApproval date ComprehensiveMatter
Overview
issuance of investment corporation
resolved. To entrust the administrative duties concerned in offering
April 26, 2022A
comprehensive
resolution
for theissuanceof investment
corporation
bonds and entrustment of generalinvestment
corporation
bonds
and
generaladministrative
duties,bonds
withissuing,
an aggregate
maximum
amountissuance of¥25 billion
administrative duties
includingfinancial
and paying
agent,ofa candidate
company
wasanda period
issuance
frommatters
May 9,to May8, left
2023towas
Comprehensive resolution for
approved
and ofothernecessary
to 2022be decided
weretheresolved.
entrustthe administrative
duties concerned in offering
issuance of investment corporation
discretion To
of theExecutive
Director.
April 26, 2022
investment corporation bonds and general administrative duties,
bonds and entrustment of generalincluding issuing, financial and paying agent, a candidate company wasadministrative duties
approved and other necessary matters to be decided were left to the－ discretion31 － of the Executive Director.

48－ 30 －49

3. Disclosure on Overseas Property-Owning Corporations
Not applicable

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

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

50－ 32 －51

III. Financial Section
III. Financial Section
1. Balance Sheets(Thousands of yen)
23rd Fiscal Period(As of January 31, 2022)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Investment corporation bond issuance costs
Total deferred assets
Total assets(Thousands of yen)

24th Fiscal Period(As of July 31, 2022)

12,201,414
8,420,733
9,001
422,018
59,164–
21,112,332

10,201,857
8,779,894
7,347
480,877–473
19,470,449

2,776,634(242,018)
2,534,616
65,937(10,247)
55,68917,687(3,107)
14,5804,107(2,522)
1,585
6,459,596
108,641,426(17,296,587)
91,344,838
1,384,367(489,391)
894,975
1,660,282(422,672)
1,237,610
592,838(319,595)
273,243
154,583,365
1,925
257,402,027

5,305,869(295,070)
5,010,798
100,411(12,488)
87,923
17,687(3,381)
14,306
4,237(2,865)
1,371
6,459,596
113,319,149(18,566,681)
94,752,467
1,520,066(524,018)
996,047
1,681,419(452,249)
1,229,170
656,393(366,062)
290,330
167,552,436
1,925
276,396,375–
1,123,482
5,595
1,129,078

741,436
1,114,917
4,658
1,861,012

1,546,426
954,455
9,653
2,510,535
261,041,641

1,563,926
1,087,965
12,074
2,663,965
280,921,353

31,40991,748123,158
282,277,132

34,66984,471
119,141
300,510,944

23rd Fiscal Period(As of January 31, 2022)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary retained earnings
Reserve for reduction entry
Reserve for reduction entry under special
provisions for property replacement
Total voluntary retained earnings
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

24th Fiscal Period(As of July 31, 2022)

566,390–
1,000,000
14,360,000
27,711
349,622
4,418–
1,518,815
107
17,827,064

632,524
2,999,000–
15,960,000
38,674374,233
31,705
13,855
1,573,466
36
21,623,496

15,100,000
111,170,000
42,9422,770,950
100,654
28,282
129,212,830
147,039,895

15,100,000
118,370,000
158,272
2,919,384
212,840
63,614
136,824,112
158,447,608

129,791,732

136,744,613

947,460*2

881,175

732,764*2

881,175

1,828,636

1,613,940

3,616,868

3,704,781

5,445,504
135,237,236*1 135,237,236
282,277,132

5,318,722
142,063,336*1 142,063,336
300,510,944- 28 -

52- 29 -

53

2. Statements of Income(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

3. Statements of Changes in Unitholders’ Equity
23rd Fiscal Period (From August 1, 2021 to January 31, 2022)(Thousands of yen)
Unitholders' equity
SurplusOperating revenue
Lease business revenue
Other lease business revenue
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Directors' compensations
Audit fee
Asset custody fee
Administrative service fees
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Gain on forfeiture of unclaimed dividends
Insurance income
Interest on refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitRetained earnings brought forward
Unappropriated retained earnings (undisposed loss)*1 9,126,700*1
306,583
9,433,283*1 9,408,485*1
377,064
9,785,549*1*1

4,267,663
583,640
3,600
15,138
9,349
27,633
303,163
5,210,187
4,223,095
98
304
8,997
–
32
9,432

4,438,992
593,291
3,600
15,1389,334
29,347309,522
5,399,226
4,386,322
102
123
–
167
–
393

377,412
168,685
41,294382,191
172,219
40,985

7,419

7,276

15,214610,026
3,622,502
3,622,502
4,432
1,201
5,634
3,616,868–
3,616,868

12,208614,881
3,771,835
3,771,835
31,72135,331
67,053
3,704,781–
3,704,781

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Reserve for
reduction entry
under special
provisions forproperty
replacement
Dividends ofsurplus129,791,732

Total surplus

Totalunitholders'equityReserve for
reduction
entry

Total
voluntary
retainedearnings

947,460–

947,460

4,950,436

5,897,897

135,689,629

135,689,629

881,175

881,175(881,175)–––(4,069,260)(4,069,260)(4,069,260)(4,069,260)

3,616,868

3,616,868

3,616,868

3,616,868

ProfitTotal changes of
items during period
Balance at end ofcurrent period

*1

–

–

881,175

881,175(1,333,568)(452,392)(452,392)(452,392)

129,791,732

947,460

881,175

1,828,636

3,616,868

5,445,504

135,237,236

135,237,236

24th Fiscal Period (From February 1, 2022 to July 31, 2022)(Thousands of yen)
Unitholders' equity
Surplus

Voluntary retained earnings
Unitholders'
capitalBalance at beginningof current period
Changes of items
during period
Issuance of new
investment units
Reversal of reserve
for reduction entry
Dividends ofsurplus
Total changes of
items during period
Balance at end ofcurrent period- 30 -Unappropriatedretainedearnings(undisposed
loss)

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

129,791,732

Reserve for
reduction
entry

Reserve for
reduction
entry under
specialprovisions forproperty
replacement

Total
voluntary
retainedearnings

947,460

881,175

1,828,636

Unappropriatedretainedearnings(undisposed
loss)

3,616,868

Total net assets

Total surplus

Totalunitholders'equity5,445,504

135,237,236

135,237,236

6,952,881

6,952,881

6,952,881(214,695)(214,695)

Profit54

Total net assets*1

214,695–––(3,831,563)(3,831,563)(3,831,563)(3,831,563)

3,704,781

3,704,781

3,704,781

3,704,781

6,952,881(214,695)–(214,695)

87,913(126,782)

6,826,099

6,826,099

136,744,613

732,764

881,175

1,613,940

3,704,781

5,318,722

142,063,336

142,063,336- 31 -

55

4. Statements of Cash Distributions
Category

I. Unappropriated retained earnings
II. Reversal of voluntary retained
earnings
Reversal of reserve for reduction
entryIII. Distributions

5. Statements of Cash Flows
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)¥3,616,868,003¥3,704,781,782¥214,695,823¥114,266,206¥3,831,563,826¥3,819,047,988[¥5,529][¥5,334][Distribution per unit]
IV. Retained earnings carried forward
Method for calculating distributions

56¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥3,831,563,826 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

- 32 -¥0
The Investment Corporation will makecash distributions up to the amount ofaccounting profit based on the
distribution policy outlined in Article 351 of the Investment Corporation’s
Articles of Incorporation, in an amountthat exceeds 90% of the “amount of
distributable profit” of the Investment
Corporation as set forth in Article 67-15
of the Act on Special Measures
Concerning Taxation.
Based on this policy, the Investment
Corporation has determined to pay out¥3,819,047,988 as the total amount ofdividends for the period under review,which is equivalent to the entire amountof unappropriated retained earnings after
adding reversal of reserve for reduction
entry.
Furthermore, the Investment Corporation
does not pay out dividends that exceed
accounting profit as outlined in Article
35-2 of the Investment Corporation’s
Articles of Incorporation.

(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

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

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

3,622,502
1,401,983
168,685
7,419
15,214(98)(304)
418,707(244)
35,005(59,164)(105,163)
52,307
6,136(17,109)8,867(40)(2,700)5,552,003
98(420,645)(20,957)
5,110,498

3,771,835
1,452,393
172,219
7,276
12,208(102)(123)
423,176
1,653(45,396)
59,164
13,855
11,066(5,199)16,33554,651(83,747)(543)
5,860,723
102(418,945)(4,433)
5,437,447(30,264)(392,927)
–
30
–
4,996
(6,074)
246,905(259,379)(2,420)(439,134)(2,455,030)(17,790,367)(745,990)–(17,500)
121,276(5,197)422,938(273,194)(2,420)(20,745,486)–
12,623,039(12,800,000)––(4,070,720)(12,602)(4,260,283)
411,080
20,211,067*1 20,622,148

2,999,000
16,380,162(7,800,000)(1,000,000)
6,931,675(3,831,001)(12,193)
13,667,642(1,640,395)
20,622,148*1 18,981,752

57

6. Notes

5.

Scope of funds (cash andcash equivalents) on theStatements of Cash Flows6.

Other significant accounting
policies applied in the
preparation of financial
statements<Summary of Significant Accounting Policies>
1.

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

2–70 years
2–69 years
10–38 years
2–15 years(2) Intangible assets (including assets in trust)Intangible assets are amortized by the straight-line method.

2.

3.

4.

Accounting policies fordeferred assets

Accounting standards forrevenues and expenses

Method of hedge accounting(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized by the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized by the straight-line method
over the redemption periods.

The funds (cash and cash equivalents) on the Statements of Cash Flows consist of cash on
hand and cash in trust, deposits and deposits in trust that are readily available, and shortterm investments with maturities of three months or less from the date of purchase which
are readily convertible to cash and with insignificant risk of market value fluctuation.
(1) Accounting method for beneficial interests in real estate trust and other assets
Regarding trust beneficiary interests in real estate, all assets and liability accounts of
entrusted properties as well as revenue and expense accounts generated by the property
in trust are recorded in relevant accounts on the Balance Sheets and Statements ofIncome.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s Balance Sheets are as follows:(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; andleasehold rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Non-deductible consumption taxes applicable to the acquisition of non-current assets,etc. are included in the cost of acquisition for each asset.

(2) Investment unit issuance expenses
Investment unit issuance expenses are amortized by the straight-line method over three
years.
(1) Standards for revenue recognition
Details of major performance obligations and typical time to fulfil the performanceobligations (typical time to recognize revenue) with regard to the Investment
Corporation’s revenue from contracts with customers are as follows.
(i) Sale of real estate properties
For sale of real estate properties, revenue is recorded at a point in time when thebuyer, a customer, obtains control of the real estate property, etc., as a result of theInvestment Corporation fulfilling its delivery obligation set forth in the agreement
for the sale of the real estate property.
(ii) Utilities income
For utilities income, revenue is recorded in accordance with the supply ofelectricity and water, etc. to the tenant, a customer, based on the lease contract of
the real estate property, etc. and any accompanying agreement. Of the utilities
income, for such income for which the Investment Corporation is considered to bean agent, the net amount of the amount received as charges for electricity and gas,etc. supplied by other parties less the amount paid to the other parties is recognized
as revenue.
(2) Accounting treatment of property tax, city planning tax, and depreciable asset tax
For property tax, city planning tax, and depreciable asset tax (“property tax”) for realestate properties held, the amounts to be paid for the current fiscal period are expensed
as expenses related to rent business out of the tax amounts decided to be levied.
Of the amounts paid for the acquisition of real estate property or beneficial interests inreal estate trust, the amounts equivalent to property tax settled with the seller of theproperty are capitalized as part of the acquisition cost of the relevant property rather
than being charged as expenses.
(1) Method of hedge accounting
The deferred hedge method is applied.
However, the special accounting treatment is applied for interest-rate swap transactions
that meet certain criteria.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest expenses on loans payable(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its investment
management guidelines with the objective of hedging interest rate fluctuation risks andother risks pertaining to borrowings, etc.
(4) Method of evaluating the effectiveness of hedging
As for the method of assessing the effectiveness of the hedge, the cumulative changes
in cash flow of the hedged items and hedging instruments are compared and a judgment
is made by verifying the ratio of the changed amount. However, an assessment of theeffectiveness of hedging activities is omitted in the case of interest-rate swap
transactions that meet the requirements for the special treatment.

58- 34 -- 35 -

59

<Notes to the Balance Sheets>*1. Minimum net assets pursuant to Article 67-4 of the Act on Investment Trusts and Investment Corporations
23rd Fiscal Period(As of January 31, 2022)
50,000(Thousands of yen)

24th Fiscal Period(As of July 31, 2022)
50,000*2. Breakdown of reserve for reduction entry under special provisions for property replacement defined in Article 2, Paragraph 2,
Item 28 of the Regulations on Accounting of Investment Corporations is as follows.
Item
Relevant properties
Reason for recognition and amount
Policy for reversal
Description of reversal in the period
Amount (thousands of yen)
Balance before provision or reversal in the
periodReversal in the Statements of Income
Balance on the Balance Sheets
Provision in the Statements of CashDistributions
Reversal in the Statements of CashDistributions
Balance after provision or reversal in the
period3.

Breakdown
COMFORIA HIGASHINAKANO, COMFORIA NISHIOI and COMFORIA
NAKANO
Gain on sale of ¥1,350,205 thousand due to sale of COMFORIA SHINOSAKA in March 2021
Reversal into retained earnings is made when it becomes taxable inaccordance with tax regulations.
Not applicable
23rd Fiscal Period
24th Fiscal Period(As of January 31, 2022)(As of July 31, 2022)
881,175

881,175－
881,175－
881,175

－

－

－

－

881,175

881,175

A. Real estate rental revenue
Lease business revenue(Rental revenues and common service charges)(Parking revenues)
Other lease business revenue(Key money and contract renewal fees)(Other revenues)
Total real estate rental revenues
B. Real estate rental expenses
Expenses related to rent business(Property management fees and facility
management fees)(Repairs and maintenance)(Land rent)(Tax and public dues)(Insurance)(Utilities)(Marketing-related expenses)(Trust fees)(Depreciation)(Other expenses related to rent business)
Total real estate rental expenses
C. Income from real estate rental business(A - B)(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

8,964,096
162,604

9,245,958
162,527

9,126,700

165,853
140,729

306,583
9,433,283

216,989
160,075

713,748

786,003375,342716,859
481,802
7,266
119,090
193,478
50,7951,400,386
208,894

397,035
729,232
497,264
7,400
134,944
201,349
51,914
1,451,074
182,773

4,267,663
5,165,619

9,408,485
377,064
9,785,549

4,438,992
5,346,557<Notes to the Statements of Changes in Unitholders’ Equity>

Commitment line agreement
The Investment Corporation has commitment line contracts with three of the banks (as of January 31, 2021) and three of thebanks (as of July 31, 2022), respectively.
(Thousands of yen)

Credit limit
Outstanding debt
Unused commitment line

<Notes to the Statements of Income>*1. Breakdown of real estate rental revenues and expenses

23rd Fiscal Period(As of January 31, 2022)
13,500,000–
13,500,000

24th Fiscal Period(As of July 31, 2022)
13,500,000
999,000
12,501,000*1. Total number of authorized investment
units and total number of investment
units issued and outstanding
Total number of authorized investment units
Total number of investment units issued andoutstanding

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

8,000,000 units

8,000,000 units

692,994 units

715,982 units<Notes to the Statements of Cash Flows>*1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the Statements of Cash Flows(Thousands of yen)
23rd Fiscal Period
24th Fiscal Period(From August 1, 2021
(From February 1, 2022
to January 31, 2022)
to July 31, 2022)
Cash and deposits
12,201,414
10,201,857
Cash and deposits in trust
8,420,733
8,779,894
Cash and cash equivalents
20,622,148
18,981,752

60- 36 -- 37 -

61

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

Due within 1 year
Due after 1 year
Total

(Thousands of yen)

23rd Fiscal Period(As of January 31, 2022)
1,401,960
76,967,604
78,369,564

24th Fiscal Period(As of July 31, 2022)
1,438,230
76,335,168
77,773,398

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

Due within 1 year
Due after 1 year
Total

23rd Fiscal Period(As of January 31, 2022)
670,863
4,870,934
5,541,798(Thousands of yen)
24th Fiscal Period(As of July 31, 2022)
1,212,627
19,339,983
20,552,611<Notes to financial instruments>
1. Status of financial instruments(1) Policies for financial instruments
With a focus on stability, flexibility and efficiency as the basis of its financial policy, the Investment Corporation procures
funds through borrowings as well as the issuance of investment corporation bonds (including short-term investment corporation
bonds; the same shall apply hereinafter) and investment units among other means with the aim of growing its investment assets
through their acquisition.
The Investment Corporation may enter into derivatives transactions, which shall be executed solely for the purpose of hedging
against interest-rate fluctuations and other risks pertaining to borrowings, etc.
(2) Characteristics and risk profile of each financial instrument and risk management system
The funds from borrowings and investment corporation bonds are mainly appropriated for the acquisition of investment assets
and repayment of borrowings, etc. With regard to liquidity and interest rate fluctuation risks associated with these financing
activities, the Investment Corporation endeavors to manage and limit them by considering and implementing multifaceted
funding methods including the utilization of surplus funds and raising funds, etc. from capital markets through issuance ofinvestment units, etc. while diversifying funding sources. Although loans with floating interest rates are exposed to a risk offluctuation in interest rate, the Investment Corporation employs derivative transactions (interest-rate swap transactions) as
hedging instruments in order to avoid interest rate fluctuation risks and fix payment of interest expenses. For more detailed
information on the method of hedge accounting, hedging instruments, hedged items, hedging policy and the evaluation method
for hedge effectiveness, please refer to the previous section “6. Notes: Summary of Significant Accounting Policies, 4. Methodof hedge accounting.”(3) Supplementary note regarding fair value of financial instruments
Since certain assumptions are used in calculating the fair value of financial instruments, there can be cases where the values
may vary when different assumptions are used. Moreover, with regard to the contract amount, etc. related to derivativetransactions stated in the following section entitled “Notes to derivative transactions, the amount itself should not be considered
indicative of the market risk associated with derivative transactions.
2.

Fair value of financial instruments
The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as of January
31, 2022 are as follows. Notes on “cash and deposits” and “cash and deposits in trust” are omitted as they are settled in cash and ina short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold and security deposits”
and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)1,000,000

1,001,068

1,068(2) Current portion of long-term loans payable

14,360,000

14,400,773

40,773(3) Investment corporation bonds

15,100,000

15,207,826

107,826(4) Long-term loans payable

111,170,000

111,904,384

734,384―――(5) Derivative transactions

62

Difference(Note 1)

(1) Current portion of investment corporationbonds- 38 -

The carrying values of financial instruments on the Balance Sheets, their fair values and the differences between them as of July
31, 2022 are as follows. Notes on “cash and deposits” and “cash and deposits in trust” are omitted as they are settled in cash and ina short period of time and therefore the carrying value approximates the fair value. Notes on “Tenant leasehold and security deposits”
and “Tenant leasehold and security deposits in trust” are also omitted as they are immaterial.
(Thousands of yen)
Carrying value

Fair value(Note 1)

Difference(Note 1)

(1) Current portion of investment corporation
bonds

―

―

―

(2) Current portion of long-term loans payable

15,960,000

15,986,144

26,144(3) Investment corporation bonds

15,100,000

15,061,016(38,983)(4) Long-term loans payable

118,370,000

118,627,209

257,209―――(5) Derivative transactions(Note 1)

(Note 2)

Methods to determine the fair value of financial instruments:(1) Current portion of Investment corporation bonds and (3) Investment corporation bonds
The fair value of investment corporation bonds is measured based upon the present value obtained by discounting the total amount of principal
and interest at a rate that takes into account the term to maturity and credit risk.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
For loans with floating interest rates, since the interest rates on such loans reflect market rates reasonably well over the short term and theircarrying values are good approximations of their fair value, the carrying values are presented as their fair values. (However, the fair values offloating-rate long-term loans payable and current portion of long-term loans payable hedged by interest-rate swap transactions subject tospecial accounting treatment (refer to the following section entitled “Notes to derivative transactions”) are calculated by discounting theaggregated principal and interest on such loans, after taking into account the effect of said interest-rate swap transactions, using reasonableestimates of the rates that would be applicable in a similar borrowing.)(5) Derivative transactions
Please refer to the following section entitled “Notes to derivative transactions.”
Repayment and redemption schedule for loans payable and investment corporation bonds (Thousands of yen)
23rd Fiscal Period (As of January 31, 2022)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total

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

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

14,360,000

―

―

―

―

―

―

15,920,000

15,130,000

18,150,000

16,300,000

45,670,000

1,000,000

―

―

―

―

―

―

1,000,000

1,000,000―

2,000,000

11,100,000

15,360,000

16,920,000

16,130,000

18,150,000

18,300,000

56,770,000

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

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

15,960,000

―

―

―

―

―

―

16,980,000

18,920,000

15,550,000

16,375,000

50,545,000

―

―

―

―

―

―

―

2,000,000―

2,000,000

2,000,000

9,100,000

15,960,000

18,980,000

18,920,000

17,550,000

18,375,000

59,645,000

24th Fiscal Period (As of July 31, 2022)

Current portion of
long-term loans
payableLong-term loans
payableCurrent portion of
investment
corporation bonds
Investment
corporation bonds
Total<Notes to investment securities>
23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable- 39 -

63

<Notes to derivative transactions>
1. Transactions not subject to hedge accounting
23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable2.

2.

Significant differences between the statutory tax rate and the effective tax rate
23rd Fiscal Period(As of January 31, 2022)
Statutory tax rate
(Adjustments)
Deductible cash distributions
Reversal of reserve for reduction entry
Changes in valuation allowance
Other
Effective tax rate

Transactions subject to hedge accounting
23rd Fiscal Period (As of January 31, 2022)
Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable
(*1)

Total

(Thousands of yen)Calculation
Contract amountmethod for
Fair value
applicable fair
Maturing after 1 yearvalue
37,245,000

28,835,000

37,245,000

28,835,000

24th Fiscal Period (As of July 31, 2022)

―

(*2)

―

―

(Thousands of yen)Calculation
method for
Fair value
applicable fair
Maturing after 1 year
value

Contract amount

Hedge accounting
methodType of derivativetransactions

Hedged items

Special treatment
of interest-rate
swap transactions

Receive floating, pay
fixed interest-rate
swap transactions

Long-termloans payable

Total

(*1)

32,245,000

26,835,000

32,245,000

26,835,000――<Notes to retirement benefits>
23rd Fiscal Period (As of January 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
24th Fiscal Period (As of July 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have a retirement benefit program.
<Notes to deferred tax accounting>
1. Components of deferred tax assets and liabilities(Thousands of yen)
23rd Fiscal Period(As of January 31, 2022)

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

312
35,56334,82670,702(70,390)
312

Deferred tax liabilities
Property, plant and equipment
corresponding to asset retirement
obligations
Total deferred tax liabilities
Deferred tax assets (liabilities), net(28,595)(66,424)(28,595)(28,282)(66,424)(63,614)2.

Affiliated companies and other23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable3.

Fellow subsidiary companies and other23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable4.

Directors, major individual unitholders and other23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable

34.60(36.60)
2.05
0.09
0.01
0.16

(35.03)
1.05
1.15
0.01
1.78

<Notes to asset retirement obligations>1.

Overview of asset retirement obligations
The Investment Corporation has concluded fixed-term lease contracts for COMFORIA SHINAGAWA EAST, which it acquired in
February 2016, and other properties with their landlords, and recognizes asset retirement obligations concerning the duty of
restoration upon the expiry of the lease period with regard to such assets.

2.

Calculation of the amount of asset retirement obligations
Asset retirement obligations are calculated based on the remaining period of the fixed-term lease (52 years - 68 years and 3 months)
as the expected period of use and 1.2% - 1.4% as the discount rate.

3.

Changes in the total amount of asset retirement obligations(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)
Balance at beginning of period
Increase due to purchase of property, plant andequipment
Adjustment due to passage of time
Balance at end of period- 40 -

34.60<Notes to related-party transactions>
1. Parent company, major corporate unitholders and other23rd Fiscal Period (As of January 31, 2022)
Not applicable
24th Fiscal Period (As of July 31, 2022)
Not applicable

24th Fiscal Period(As of July 31, 2022)
2,809
40,10373,642
116,556(113,746)
2,809

24th Fiscal Period(As of July 31, 2022)<Notes to equity in net earnings (losses) of affiliated companies>
23rd Fiscal Period (As of January 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.
24th Fiscal Period (As of July 31, 2022)
The disclosure of relevant information is omitted since the Investment Corporation does not have affiliated companies.

―

(*2)

*1 Long-term loans payable include the current portion of long-term loans payable.
*2 Interest-rate swap transactions for which the special treatment is applied are accounted for together with long-term loans payable and the underlying
hedged items. As a result, their fair value is included in the fair value of items listed under “(2) Current portion of long-term loans payable” and “(4)Long-term loans payable” in the section entitled “2. Fair value of financial instruments” under the “Notes to financial instruments.”

64

(%)

- 41 -

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

100,031100,654―

110,908

623

1,277

100,654

212,840

65

<Notes to investment and rental properties>
The Investment Corporation owns real estate for rental purposes (including land) in the Tokyo metropolitan area and other regional
areas. The carrying value, changes during the period and fair value regarding the above real estate for rental purposes are as follows.
(Thousands of yen)
23rd Fiscal Period(From August 1, 2021
to January 31, 2022)

24th Fiscal Period(From February 1, 2022
to July 31, 2022)

Carrying value
Balance at beginning of period

259,524,665

258,525,510

Changes during period(999,154)

19,727,218

Balance at end of period

258,525,510

278,252,729

Fair value at end of period

334,421,000

360,339,000(Note 1)
(Note 2)

(Note 3)The carrying value excludes accumulated depreciation from acquisition cost.
Among changes in the carrying value of real estate for rental purposes that occurred during the 23rd Fiscal Period, the principal decrease consistedof depreciation of ¥1,399,763 thousand. During the 24th Fiscal Period, the principal increase consisted of the acquisition of 7 properties(GRANCREER BAJIKOEN (LAND) and other 6 properties; ¥20,446,234 thousand), while the principal decrease consisted of depreciation of¥1,449,797 thousand.
The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Income and loss related to real estate for rental purposes, etc. for the 23rd Fiscal Period (From August 1, 2021 to January 31, 2022)
and 24th Fiscal Period (From February 1, 2022 to July 31, 2022) are listed in “Notes to the Statements of Income.”<Notes to segment information>(Segment information)
Disclosure is omitted because the property leasing business is the Investment Corporation’s sole business, with no reportablesegment subject to disclosure.
(Related information)
23rd Fiscal Period (From August 1, 2021 to January 31, 2022)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of theoperating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on
the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.
24th Fiscal Period (From February 1, 2022 to July 31, 2022)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of theoperating revenues on the Statements of Income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on
the Statements of Income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of theamount of property, plant and equipment on the Balance Sheets.
3. Information about each major customer
Disclosure is omitted because there is no single external customer whose net sales account for 10% or more of operating
revenues on the Statements of Income.

66- 42 -<Notes to revenue recognition>
Information on disaggregation of revenue from contracts with customers
23rd Fiscal Period (From August 1, 2021 to January 31, 2022)(Thousands of yen)
Revenue from contracts with customers
Utilities income

Revenues from external customers

18,547

18,547

Others―9,414,736

Total

18,547

9,433,283

24th Fiscal Period (From February 1, 2022 to July 31, 2022)(Thousands of yen)
Revenue from contracts with customers *1
Utilities income

Revenues from external customers

19,877

19,877

Others―9,765,672

Total

19,877

9,785,549*1

Lease business revenue, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) and sale of real estate properties
subject to the “Practical Guidelines on Accounting by Transferors for Derecognition of Real Estate Securitized by means of Special Purpose Companies”(Accounting System Committee Report No.15 of the Japanese Institute of Certified Public Accountants) are not subject to the Accounting Standard for
Revenue Recognition, and therefore are not included in the above amount. Revenue from contracts with customers mainly represents revenue fromsales of real estate properties and utilities income.

<Notes to per unit information>

Net assets per unit

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)¥195,149

24th Fiscal Period(From February 1, 2022
to July 31, 2022)¥198,417¥5,219¥5,174

Profit per unit
(Note 1)

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

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

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

23rd Fiscal Period(From August 1, 2021
to January 31, 2022)
3,616,868

24th Fiscal Period(From February 1, 2022
to July 31, 2022)
3,704,781――

3,616,868

3,704,781

692,994

715,979<Notes to significant subsequent events>
Not applicable- 43 -

67

7. Supplementary Schedules(Thousands of yen)
Property name(i) Supplementary schedule of investment securities
Not applicable(ii) Information on contract amount and fair value of derivative transactions and forward exchange contracts
Information on derivative transactions and forward exchange contracts entered into by the Investment Corporation as ofJuly 31, 2022 is as follows.
(Thousands of yen)Classification

Type

Over-the-counter transactions

Receive floating, pay fixedinterest-rate swap transactions

Contract amount (Note 1)
Maturing after 1
year

Total
(Note 1)
(Note 2)

Fair value(Note 2)

32,245,000

26,835,000―

32,245,000

26,835,000―

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

(iii) Condensed supplementary schedule of real estate properties

Increase during period

Decrease during period

CAMPUS VILLAGE URAYASU

1,574,289―

CAMPUS VILLAGE KYOTOFUSHIMI

1,152,668―

GRANCREER BAJIKOEN (LAND)

4,591,846―

GRANCREER TACHIKAWA

3,198,365―

COMFORIA AKIHABARA NORTH

1,929,107―

COMFORIA SAKURAJOSUI

3,893,006―

COMFORIA KITAZAWA

4,106,950―(iv) Supplementary schedule of other specified assets
Not applicable(Thousands of yen)

Intangible assets

Property, plant and equipment

Accumulated depreciation
Asset type

Buildings

2,776,634

2,529,234―

5,305,869

295,070

53,0525,010,798(Note)

65,937

34,474―100,411

12,4882,240

87,923(Note)

17,687――

17,6873,381

274

14,306

4,107

130

―

4,237

2,865

343

1,371

6,459,596――

6,459,596――

6,459,596

108,641,426

4,677,723―

113,319,149

18,566,681

1,270,094

94,752,467(Note)

1,384,367

135,699―

1,520,066

524,018

34,626

996,047(Note)

1,660,282

21,137―

1,681,419

452,249

29,577

1,229,170(Note)

592,838

63,555―656,393

366,062

46,440290,330

154,583,365

12,969,070―

167,552,436――

167,552,436

1,925

―

―

1,925

―

―

1,925

276,188,169

20,431,025―

296,619,194

20,222,819

1,436,649

276,396,375―

745,990―745,990

4,554

4,554

741,436

1,226,269――

1,226,269

111,351

8,565

1,114,917

13,849382

720

13,512

8,853

1,319

4,658

1,240,118

746,373720

1,985,771

124,759

14,4391,861,012

Structures
Machineryand equipment
Tools,
furniture andfixtures
Land
Buildings in
trust
Structures intrust
Machineryand equipmentin trust
Tools,
furniture andfixtures intrust
Land in trust
Constructionin progress in
trust
Total
LeaseholdrightsLeaseholdrights in trust
Other
Total

IncreaseduringperiodDecreaseduringperiodorBalance at end
Depreciation
accumulatedof currentoramortization
periodamortization
at end ofduringcurrent
periodperiodBalance at
beginning ofcurrent period

Net balance at
end of current Remarks
period(Note)(Note)(Note) Increases during the 24th Fiscal Period are due primarily to the acquisition of rental residences. The details are as follows.

68- 44 -- 45 -

69

(v) Supplementary schedule of investment corporation bonds
Bond name

Balance at
Issuance date beginning ofcurrent period

The Investment
Corporation
July 18, 2017
2nd unsecured bonds

1,000,000

Increaseduringperiod(Thousands of yen)

Decrease Balance at end
Couponduringof current
rate (%)
periodperiod―1,000,000―

Redemption
date

Use offunds

Security

0.23000 July 15, 2022

(Note 2)

Unsecured

2,000,000――

2,000,000

0.52000 July 16, 2027

(Note 2)

Unsecured(Note 1)The Investment
Corporation
June 14, 2018
4th unsecured bonds

1,000,000――

1,000,000

0.23000

December 14,
2023(Note 2)

Unsecured1,500,000――

1,500,000

0.95000 June 14, 2033

(Note 2)

Unsecured(Note 1)The Investment
Corporation
June 14, 2018
5th unsecured bonds

1,000,000――

1,000,000

0.23000 July 18, 2024

(Note 2)

Unsecured(Note 1)The Investment
Corporation
July 18, 2019
7th unsecured bonds――

1,500,000

0.90000 July 18, 2034

(Note 2)

Unsecured(Note 1)The Investment
Corporation
8th unsecured bonds July 30, 2020
(Green Bonds)

1,500,000――

1,500,000

0.55000 July 30, 2030

(Note 2)

Unsecured(Note 1)The Investment
Corporation
9th unsecured bonds

July 8, 2021

2,000,000――

2,000,000

0.18000 July 8, 2026

(Note 2)

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

3,000,000――

3,000,000

0.46000 July 8, 2031

(Note 2)

Unsecured(Note 1)The Investment
Corporation
July 8, 2021
11th unsecured bonds

1,600,000――

1,600,000

0.73000 July 8, 2036

(Note 2)

Unsecured(Note 1)

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

16,100,000

―

70

―

1,000,000

15,100,000

The bonds are subject to the pari passu clause among specified investment corporation bonds.
The funds are appropriated to the acquisition of real estate in trust and the repayment of some of the existing borrowings.
The total amount of redemption of investment corporation bonds for each year during the five years following the balance sheet date is as shown
below.
(Thousands of yen)
Due within 1 year
or less-

800,000-

800,000

Sumitomo Mitsui Trust Bank, Limited-

800,000-

800,000

MUFG Bank, Ltd.
Short-term
loans
Mizuho Bank, Ltd.
payableSumitomo Mitsui Trust Bank, Limited-

400,000-

400,000-

333,000-

333,000-

333,000-

333,000-

333,000-

333,000-

2,999,000-

2,999,000

MUFG Bank, Ltd.
Subtotal

1,820,000-

1,820,000-

Development Bank of Japan Inc.

910,000-

910,000-

Mizuho Bank, Ltd.

910,000-

910,000-

Sumitomo Mitsui Trust Bank, Limited

910,000-

910,000-

Sumitomo Mitsui Banking Corporation

450,000-

450,000-

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

1,240,000--

1,240,000

Development Bank of Japan Inc.

620,000--

620,000

Mizuho Bank, Ltd.

620,000--

620,000

Sumitomo Mitsui Trust Bank, Limited

620,000--

620,000

Sumitomo Mitsui Banking Corporation

310,000--

310,000

MUFG Bank, Ltd.

720,000--

720,000

Development Bank of Japan Inc.

360,000--

360,000

Mizuho Bank, Ltd.

360,000--

360,000

360,000--

360,000

200,000--

200,000

MUFG Bank, Ltd.

840,000--

840,000

Development Bank of Japan Inc.

420,000--

420,000

Mizuho Bank, Ltd.

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

420,000--

420,000

Sumitomo Mitsui Banking Corporation

230,000--

230,000

MUFG Bank, Ltd.

980,000--

980,000

Development Bank of Japan Inc.

490,000--

490,000

Mizuho Bank, Ltd.

490,000--

490,000

Sumitomo Mitsui Trust Bank, Limited

490,000--

490,000

Sumitomo Mitsui Banking Corporation

220,000--

220,000

Development Bank of Japan Inc.

2,000,000--

2,000,000

MUFG Bank, Ltd.

2,000,000--

2,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

MUFG Bank, Ltd.

1,500,000

Due after 1 year
to 2 years

Due after 2 years
to 3 years―

2,000,000- 46 -

Due after 3 years
to 4 years
2,000,000

Due after 4 years
to 5 years
2,000,000

Due after 5 years
9,100,000

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

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

(Note 1)The Investment
Corporation
July 18, 2019
6th unsecured bonds

Classification
Lender(Note 1)The Investment
Corporation
July 18, 2017
3rd unsecured bonds(vi) Supplementary schedule of borrowings
Information on the Investment Corporation’s borrowings as of July 31, 2022 is as follows:

MUFG Bank, Ltd.

Long-term
Sumitomo Mitsui Trust Bank, Limitedloans
payableSumitomo Mitsui Banking Corporation(Note 1)- 47 -

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Remarks0.27823 April 4, 2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.38000 July 14, 2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.90100 June 30, 2022

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.79875

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

Unsecured
Unguaranteed

1.04200

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

Unsecured
Unguaranteed

0.58430

March 31,2023

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.62460

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

Unsecured
Unguaranteed

0.67745

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

Unsecured
Unguaranteed

0.61950

March 31,2025

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.46655

July 31,2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed71Classification
Lender
MUFG Bank, Ltd.

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodUse offunds

Classification
Remarks

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

Mizuho Bank, Ltd.

670,000--

670,000

Sumitomo Mitsui Trust Bank, Limited

670,000--

670,000

MUFG Bank, Ltd.

670,000--

670,000

900,000

Sumitomo Mitsui Banking Corporation

320,000--

320,000

450,000

Development Bank of Japan Inc.

670,000--

670,000

Mizuho Bank, Ltd.

700,000--

700,000

Sumitomo Mitsui Trust Bank, Limited

700,000--

700,000

MUFG Bank, Ltd.

350,000--

350,000

1,800,000--

1,800,000

Development Bank of Japan Inc.

900,000--

900,000

Mizuho Bank, Ltd.

900,000--

900,000

Sumitomo Mitsui Trust Bank, Limited

900,000--

Sumitomo Mitsui Banking Corporation

450,000--

MUFG Bank, Ltd.

0.65518

July 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

1,160,000--

1,160,000

Development Bank of Japan Inc.

580,000--

580,000

Mizuho Bank, Ltd.

580,000--

580,000

Sumitomo Mitsui Trust Bank, Limited

580,000--

580,000

Sumitomo Mitsui Banking Corporation

350,000--

350,000

Sumitomo Mitsui Banking Corporation

290,000--

290,000

Development Bank of Japan Inc.

700,000--

700,000

Mizuho Bank, Ltd.

800,000-

800,000-

Sumitomo Mitsui Trust Bank, Limited

800,000-

800,000-

MUFG Bank, Ltd.

800,000-

800,000-

MUFG Bank, Ltd.

0.62938January 31, Lump-sum
2024
repayment(Note 3)

Unsecured
Unguaranteed

1,820,000--

1,820,000

Development Bank of Japan Inc.

910,000--

910,000

Mizuho Bank, Ltd.

910,000--

910,000

Sumitomo Mitsui Trust Bank, Limited

910,000--

910,000

Sumitomo Mitsui Banking Corporation

400,000-

400,000-

Sumitomo Mitsui Banking Corporation

450,000--

450,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

MUFG Bank, Ltd.

1,000,000--

1,000,000

MUFG Bank, Ltd.

0.79571

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

Unsecured
Unguaranteed

1,140,000--

1,140,000

Development Bank of Japan Inc.

570,000--

570,000

Mizuho Bank, Ltd.

570,000--

570,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

Mizuho Bank, Ltd.

970,000--

970,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

Sumitomo Mitsui Trust Bank, Limited

970,000--

970,000

1,140,000--

1,140,000

MUFG Bank, Ltd.

970,000--

970,000

Development Bank of Japan Inc.

570,000--

570,000

Sumitomo Mitsui Banking Corporation

485,000--

485,000

Mizuho Bank, Ltd.

570,000--

570,000

525,000--

525,000

Sumitomo Mitsui Trust Bank, Limited

570,000--

570,000

525,000--

525,000

300,000--

300,000

525,000--

525,000

1,040,000--

1,040,000

Mizuho Trust & Banking Co., Ltd.

525,000--

525,000

520,000--

520,000

Development Bank of Japan Inc.

1,350,000--

1,350,000

Mizuho Bank, Ltd.

520,000--

520,000

Development Bank of Japan Inc.

750,000--

750,000

Sumitomo Mitsui Trust Bank, Limited

520,000--

520,000

Mizuho Bank, Ltd.

750,000--

750,000

Sumitomo Mitsui Banking Corporation

260,000--

260,000

Sumitomo Mitsui Trust Bank, Limited

750,000--

750,000

Shinkin Central Bank

1,300,000--

1,300,000

MUFG Bank, Ltd.

375,000--

375,000

The Norinchukin Bank

1,300,000--

1,300,000

Sumitomo Mitsui Banking Corporation

375,000--

375,000

The Bank of Fukuoka, Ltd.

1,300,000--

1,300,000

The 77 Bank, Ltd.

460,000--

460,000

Mizuho Trust & Banking Co., Ltd.

1,000,000--

1,000,000

Shinkin Central Bank

460,000--

460,000

MUFG Bank, Ltd.

2,700,000--

2,700,000

The Norinchukin Bank

460,000--

460,000

Mizuho Bank, Ltd.

1,350,000--

1,350,000

The Bank of Fukuoka, Ltd.

460,000--

460,000

Sumitomo Mitsui Banking Corporation

600,000--

600,000

Mizuho Trust & Banking Co., Ltd.

460,000--

460,000

Nippon Life Insurance Company

500,000--

500,000

Development Bank of Japan Inc.

820,000--

820,000

Taiyo Life Insurance Company

500,000--

500,000

Mizuho Bank, Ltd.

820,000--

820,000

1,000,000--

1,000,000

Sumitomo Mitsui Trust Bank, Limited

820,000--

820,000

Development Bank of Japan Inc.

550,000--

550,000

MUFG Bank, Ltd.

820,000--

820,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

420,000--

420,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

Development Bank of Japan Inc.

1,000,000--

1,000,000

MUFG Bank, Ltd.

275,000--

275,000

Mizuho Bank, Ltd.

1,000,000--

1,000,000

Sumitomo Mitsui Banking Corporation

275,000--

275,000

Sumitomo Mitsui Trust Bank, Limited

1,000,000--

1,000,000

Development Bank of Japan Inc.

550,000--

550,000

MUFG Bank, Ltd.

500,000--

500,000

Mizuho Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

500,000--

500,000

Sumitomo Mitsui Trust Bank, Limited

550,000--

550,000

MUFG Bank, Ltd.

550,000--

550,000

Sumitomo Mitsui Banking Corporation

300,000--

300,000

MUFG Bank, Ltd.

Long-term
Sumitomo Mitsui Banking Corporationloans
payable MUFG Bank, Ltd.
(Note 1)Development Bank of Japan Inc.

Resona Bank, Ltd.

72

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

- 48 -

0.490540.775710.654280.45804

0.62188

0.551260.73497

0.85667

0.43105

September 30, Lump-sum
2022
repayment

September 30, Lump-sum
2026
repayment

January 31, Lump-sum
2025
repayment

March 31,2023

March 31,2025

Lump-sum
repayment

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

August 31, Lump-sum
2026
repayment(Note 3)

March 31,2027

July 31,2023

Lump-sum
repayment

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

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Long-term Shinkin Central Bank
loans
payable The Norinchukin Bank
(Note 1)The Bank of Fukuoka, Ltd.

- 49 -

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

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

Unsecured
Unguaranteed

0.49994

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

Unsecured
Unguaranteed

0.54500

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

Unsecured
Unguaranteed

0.57826

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

Unsecured
Unguaranteed

0.25545

March. 31, Lump-sum
2022
repayment(Note 3)

Unsecured
Unguaranteed

0.45215

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

Unsecured
Unguaranteed

0.60810

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

Unsecured
Unguaranteed

Maturity
date

0.42850

March 31,2026

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.54693

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.47366

August 31, Lump-sum
2028
repayment(Note 3)

Unsecured
Unguaranteed

0.46156

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

Unsecured
Unguaranteed

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

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

Unsecured
Unguaranteed

0.67532 June 30, 2029

0.5681573

Classification
LenderMizuho Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Trust Bank, Limited

800,000--

800,000

MUFG Bank, Ltd.

800,000--

800,000

Sumitomo Mitsui Banking Corporation

400,000--

400,000

Development Bank of Japan Inc.

1,220,000--

1,220,000

Mizuho Bank, Ltd.

1,220,000--

1,220,000

Sumitomo Mitsui Trust Bank, Limited

1,220,000--

1,220,000

MUFG Bank, Ltd.

1,220,000--

1,220,000

Sumitomo Mitsui Banking Corporation

620,000--

620,000

Development Bank of Japan Inc.

1,920,000--

1,920,000

Sumitomo Mitsui Trust Bank, Limited

1,135,000--

1,135,000

Kiraboshi Bank, Ltd.

1,000,000--

1,000,000

Mizuho Bank, Ltd.

350,000--

350,000

MUFG Bank, Ltd.

350,000--

350,000

Sumitomo Mitsui Banking Corporation

170,000--

170,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

The Higo Bank, Ltd.

500,000--

500,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

The Nishi-Nippon City Bank, Ltd.

500,000--

500,000

Long-term The Bank of Fukuoka, Ltd.
loans
The Norinchukin Bank
payable(Note 1) Resona Bank, Ltd.

74

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

500,000--

500,000

1,000,000--

1,000,000

1,000,000--

1,000,000

Mizuho Trust & Banking Co., Ltd.

2,000,000--

2,000,000

The Norinchukin Bank

1,500,000--

1,500,000

The Bank of Fukuoka, Ltd.

1,000,000--

1,000,000

The 77 Bank, Ltd.

500,000--

500,000

Daishi Hokuetsu Bank, Ltd.

500,000--

500,000

Development Bank of Japan Inc.

735,000--

735,000

Mizuho Bank, Ltd.

735,000--

735,000

Sumitomo Mitsui Trust Bank, Limited

735,000--

735,000

MUFG Bank, Ltd.

735,000--

735,000

Sumitomo Mitsui Banking Corporation

360,000--

360,000

Mizuho Bank, Ltd.

-

720,000-

720,000

Sumitomo Mitsui Trust Bank, Limited-

720,000-

720,000

MUFG Bank, Ltd.

-

360,000-

360,000

Mizuho Bank, Ltd.

-

800,000-

800,000

Sumitomo Mitsui Trust Bank, Limited-

800,000-

800,000

MUFG Bank, Ltd.

-

800,000-

800,000

Sumitomo Mitsui Banking Corporation-

400,000-

400,000

Development Bank of Japan Inc.

-

750,000-

750,000

Mizuho Bank, Ltd.

-

750,000-

750,000

Sumitomo Mitsui Trust Bank, Limited-

750,000-

750,000

MUFG Bank, Ltd.

-375,000-

375,000

Sumitomo Mitsui Banking Corporation-

375,000-

375,000- 50 -

Averageinterest rate(%)
(Note 2)

Maturity
date

Repayment
methodSeptember 30, Lump-sum
0.573082029
repayment

0.68068

January 29, Lump-sum
2031
repayment

Remarks(Note 3)

Unsecured
Unguaranteed(Note 3)

Unsecured
Unguaranteed

LenderDevelopment Bank of Japan Inc.

-

1,110,000-

1,110,000

Mizuho Bank, Ltd.

-

1,110,000-

1,110,000

Sumitomo Mitsui Trust Bank, Limited-

1,110,000-

1,110,000

MUFG Bank, Ltd.

-

1,110,000-

1,110,000-

560,000-

560,000-

1,000,000-

1,000,000

Long-term Sumitomo Mitsui Banking Corporation
loans
Shinkin Central Bank
payable(Note 1) Daishi Hokuetsu Bank, Ltd.

-

1,000,000-

1,000,000

Mizuho Trust & Banking Co., Ltd.

-

1,000,000-

1,000,000

The 77 Bank, Ltd.

-

500,000-

500,000

The Nishi-Nippon City Bank, Ltd.

-

500,000-

500,000

125,530,000

16,600,000

7,800,000

134,330,000

125,530,000

19,599,000

7,800,000

137,329,000

Subtotal
0.40488

March 31,2027

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Total(Note 1)
(Note 2)
(Note 3)(Note 4)0.42632

March 31,2028

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

October 29, Lump-sum
2027
repayment(Note 3)

Unsecured
Unguaranteed

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.42000

January 31, Lump-sum
2028
repayment(Note 3)

Unsecured
Unguaranteed

0.58600

January 31, Lump-sum
2030
repayment(Note 3)

Unsecured
Unguaranteed

0.21359

September 29, Lump-sum
2023
repayment(Note 3)

Unsecured
Unguaranteed

0.47703 April 30, 2029

March 31,2024

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.70725 April 4, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.22847

Averageinterest rate(%)
(Note 2)

Repayment
methodUse offunds

Remarks

0.90850 June 30, 2030

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

0.76500

Lump-sum
repayment(Note 3)

Unsecured
Unguaranteed

Maturitydate

July 1, 2029

Long-term loans payable include the current portion of long-term loans payable.
The average interest rate is the interest rate for each loan contract rounded to the fifth decimal place. As for the borrowings hedged by interestrate swap transactions in order to avoid interest rate fluctuation risk, the interest rates reflect the effect of interest-rate swap transactions.
The use of funds is mainly for the acquisition of real estate in trust and repayment of existing borrowings, etc.
The total amount of repayment of long-term loans payable for each year during the five years following the balance sheet date is as shown below.
(Thousands of yen)
Due within 1
year or less
18,959,000

0.39270

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

Classification

Use offunds

Due after 1 year
to 2 years

Due after 2 years
to 3 years

Due after 3 years
to 4 years

Due after 4 years
to 5 years

Due after 5 years

16,980,000

18,920,000

15,550,000

16,375,000

50,545,000- 51 -

75

76

77

78

79