Financial Report

Stock Code

38 th

Fiscal Period Business Report

(Statement of Financial Performance)

October 1, 2024 - March 31, 2025

6-2-1 Ginza, Chuo Ward, Tokyo https://www.daiwa-securities-living.co.jp/en/

I. Outline of the Investment Corporation

Ⅱ. Asset Management Report

Financial Highlights

Distributions per Unit

Operating revenues Net income

Ⅱ. Asset Management Report

Overview of Asset Management

1. Changes in Management Status of the Investment Corporation

   (million yen)

   15,500

   15,000

   14,500

   14,000

   13,500

   13,000

   12,500

   12,000

   11,500

   11,000

   10,500

   10,000

   9,500

   9,000

   0

   11,436

   11,898

   12,769

   13,284

   14,155

   15,191

   14,581

   12,684

   (million yen)

   7,500

   6,549

   6,203

   5,813

   5,523

   4,652

   4,828

   4,767

   7,000

   6,500

   6,000

   5,500

   5,000

   4,500

   4,000

   3,500

   0

   7,210

   33rd period

   34th period

   35th period

   36th period

   37th period

   38th period 39th period

   40th period

   33rd period

   34th period

   35th period

   36th period

   37th period

   38th period 39th period

   40th period

   (Sep. 2022) (Mar. 2023) (Sep. 2023) (Mar. 2024)

   Distributions per Unit

   (Sep. 2024) (Mar. 2025) (Sep. 2025)

   (forecast)

   (Mar.2026)

   (forecast)

   (Sep. 2022) (Mar. 2023) (Sep. 2023) (Mar. 2024) (Sep. 2024)

   Net income per Unit

   (Mar. 2025) (Sep. 2025)

   (forecast)

   (Mar.2026)

   (forecast)

   2,730

   2,670

   2,400

   2,400

   2,300

   2,231

   2,180

   2,200

   (yen) (yen)

   2,750

   2,700

   2,650

   2,600

   2,550

   2,500

   2,450

   2,400

   2,350

   2,300

   2,250

   2,200

   2,150

   2,100

   2,050

   2,000

   0

   33rd period

   34th period

   35th period

   36th period

   37th period

   38th period

   39th period

   40th period

   79,000

   78,500

   78,000

   77,500

   77,000

   76,500

   76,000

   75,500

   75,000

   74,500

   74,000

   73,500

   0

   33rd period

   34th period

   35th period

   36th period

   37th period

   78,666

   77,743

   78,035

   75,826

   76,074

   74,932

   38th period

   (Sep. 2022) (Mar. 2023) (Sep. 2023) (Mar. 2024) (Sep. 2024) (Mar. 2025) (Sep. 2025)

   (forecast)

   (Mar.2026)

   (forecast)

   (Sep. 2022)

   (Mar. 2023)

   (Sep. 2023)

   (Mar. 2024)

   (Sep. 2024)

   (Mar. 2025)

   Portfolio status

   Use Area ratio Age ratio

   (ended March 2025)

   Kyushu2.8

   Hokkaido4.1% Tohoku1.2%

   Number of properties

   246 properties

   Scale of assets

   399.3 billion yen

   Occupancy rate at the end of the period

   99.1%

   %

   Healthcare

   27.6%

   Studio

   52.1%

   Family

   20.3%

   Shikoku0.6% Chugoku1.1%

   Kinki

   25.0%

   Shinetsu0.2% 10-15years

   4.5%

   5-10years

   16.9%

   Average

   building age 15-20years

   Tokai

   Kanto

   60.3%

   Under 5years

   22.7%

   13.6 year

   39.3%

   (Note 1) The amount is rounded down to the nearest unit shown in each column, and the ratio is rounded to the first decimal place.

   (Note 2) The indicators are calculated using the formulas shown below. Annualized figures based on the number of days under management are shown in parentheses.

   Occupancy rate trends (rental housing only)

   97.30

   96.82

   97.31

   97.92

   97.89

   98.12

   97.88

   97.78

   97.66

   97.79

   98.11

   98.88

   100%

   95%

   4.7%

   Over 20years

   16.5%

   Ratio of ordinary income to total assets

   Return on equity (ROE) Rental NOI

   FFO per unit FFO multiple

   Debt service coverage ratio

   Ordinary income / {(Total assets at the beginning of the period + Total assets at the end of the period) / 2} × 100

   Net income / {(net assets at the beginning of the period + net assets at the end of the period) / 2} × 100 Rental revenues – property-related expenses + depreciation

   FFO (= net income - gain from negative goodwill+ depreciation + amortization – gain or loss on sale of real

   estate + impairment loss) / number of investment units issued at the end of the period Investment unit price at the end of the period / annualized FFO per unit

   (Net income before interest, depreciation and amortization- gain from negative goodwill – gain or loss on

   sale of real estate +impairment loss) / interest expenses (including interest on investment corporation bonds)

   Apr. 2024 May

   Jun. Jul. Aug. Sep.

   Oct. Nov. Dec. Jan. 2025 Feb. Mar.

   Occupancy rate (rental housing)

   *The occupancy rate for healthcare facilities is 100% due to long-term fixed-rent agreements.

   Period-end interest-bearing debt to period-end total assets ratio

   Interest-bearing debt at the end of the period / total assets at the end of the period × 100

2. Progress of Asset Management in the Period under Review

   1. Profile of the Investment Corporation

      The Investment Corporation was established on October 7, 2005, based on the provisions of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), and listed as a “housing-specific REIT” on the Tokyo Stock Exchange Real Estate Investment Trust market (stock code: 8986) on June 22, 2006. The Investment Corporation merged with Prospect Reit Investment Corporation in an absorption-type merger on July 1, 2010, and since then it has been seeking to steadily enhance distributions primarily by improving the quality of its portfolio through the replacement of properties (acquiring new properties and disposing of existing properties), strengthening overall operations by improving occupancy rates and other factors, and reducing costs by decreasing expenses for interest-bearing debt and other items. Furthermore, as a result of an absorption-type merger (hereinafter the “Merger”) whereby the Investment Corporation is the surviving corporation and Nippon Healthcare Investment Corporation (hereinafter “NHI”) is the absorbed corporation on April 1, 2020, upon which the trade name was changed from “Japan Rental Housing Investments Inc.” to “Daiwa Securities Living Investment Corporation” and healthcare facilities were added to the portfolio, the Investment Corporation is now managed as a “REIT that comprehensively provides comfortable living spaces that ‘support life and lifestyle of everyone’ suited to each life stage.”

      The properties under management at the end of March 2025 consisted of 246 properties with a total acquisition price of ¥399,378 million and a total rentable floor area of 757,561.01 square meters.

   2. Investment Environment

      During the fiscal period under review, the Japanese economy showed a positive growth for three consecutive quarters with a real GDP growth rate of 2.2% (annualized, quarter on quarter) in the October-December 2024 quarter. The increase of the government expenditures and exports, and the decrease of the imports are seen as background factors. Furthermore, the real GDP growth rate (annualized, quarter on quarter) in the January–March 2025 quarter is expected to be 0.3%, marking the fourth consecutive quarter of positive growth. On the other hand, there are many downside risk factors, particularly in overseas economies, such as the economic downturn in the U.S. due to long-term monetary tightening, constraints on economic activities due to intensified U.S.-China trade conflict and strengthened economic security, and growing tensions in the Middle East and Ukraine, requiring close attention.

      Rental residential properties owned by listed residential REITs enjoyed a relatively stable management

      environment as seen in their maintenance of stable occupancy rates compared with other sectors. On the other hand, in the real estate investment market, with investor interest in the stable cash flows of rental residential properties staying robust even amid ongoing global interest hikes due to inflation and monetary tightening, competition for property acquisition by domestic and foreign investors continues to be severe. Furthermore, for healthcare facilities, social demand for private nursing homes and other facilities for the elderly is increasing year by year as the proportion of the elderly in the total population increases.

   3. Management Performance

      To enhance investment unit value, the focus was placed on a. Replacement of assets; b. Continuing to strengthen overall operations; c. Strengthening of financing; and d. Sustainability initiatives.

      1. Replacement of assets

         In the fiscal period under review, the Investment Corporation acquired 3 rental housing (total acquisition price: 5,064 million yen) indicated below.

         These properties contributed to the revenues of the Investment Corporation in the fiscal period under review and are expected to make a contribution toward expanding revenues in the next fiscal period onward.

         Also, the Investment Corporation disposed of 9 properties (total disposition price: ¥7,532 million) after comprehensively considering the future profitability potential, property size, location and such.

         Property name	Property type	Acquisition date	Acquisition price (thousand yen) (Note)
         Gran Casa Higashinakano	Rental housing	November 1, 2024	1,174,000
         Gran Casa Ayase			680,000
         Gran Casa Saitamashintoshin		March 27, 2025	3,210,000
         Total			5,064,000

         (Note) Acquisition price does not include acquisition expenses, adjustments to property tax and city planning tax, and consumption tax and local consumption tax.

         Property name	Property type	Disposition date	Disposition price (thousand yen) (Note)
         willDo Kanayama	Rental housing	October 31, 2024	400,000
         willDo Kanayama sawashita			424,000
         willDo Matsubara			583,000
         willDo Daikancho			602,000
         willDo Higashibetsuin			744,000
         willDo Takasago		January 30, 2025	467,000
         willDo Kamisugi 3chome		January 31, 2025	732,166
         West Park Hasekura			2,200,000
         willDo Taiko dori		March 25, 2025	1,380,000
         Total			7,532,166

         (Note) Disposition price does not include disposition expenses, adjustments to property tax and city planning tax, and consumption tax and local consumption tax.

      2. Continuing to strengthen overall operations

         1. Strategy for managing rental housing

            As Daiwa Real Estate Asset Management Co., Ltd., the asset management company of the Investment Corporation (hereinafter the “Asset Manager”), used the "Daily Occupancy Forecasting System" and continued to focus on a range of existing initiatives and other measures, the average occupancy rate during the period stood at 98.0% (97.6% in the previous fiscal period). In addition, as a result of continuing to focus on the increase of the rent at the time of replacement (Note), an increase in rent from the previous rent was achieved for 1,205 out of 1,384 contracts (the total number of new contracts) in the fiscal period under review. The percentage of contracts with higher rent (based on the number of contracts) was 87.1%. The percentage of change in rent at tenant turnover (based on rent) rose by 6.8% (an increase of 4.5% in the previous fiscal period), continuing an upward trend and contributing to higher revenues from the previous fiscal period.

            As for expenses related to leasing business, the Asset Manager focused on the optimization of repair expenses and expenses for work to restore properties to their original state.

            (Note) The rent at the time of replacement is calculated by excluding properties for which the previous rent is unknown due to newly acquired properties and the cancellation of the sublease contract and rooms for rent whose use is other than a residence.

            (Existing initiatives)

            • Utilizing the “Daily Occupancy Forecasting System” (an IT system independently self-developed by the Asset Manager that predicts occupancy rates at the end of every month on a daily basis; introduced in October 2011) to understand dynamic information regarding individual vacancies, and shorten the cycle for identifying individual vacancies, conducting onsite inspections, investigating causes, taking action, and verifying effects. With the commencement of the operation of the IT system that was upgraded to a new version in May 2015, a mechanism that is able to ascertain various types of information including occupancy rates on the Internet almost in real time has been set in place.

            • Fully enforcing the “Three-week Rule” (a rule to fully restore properties to their original state within three weeks of tenants vacating; introduced in October 2010) to minimize opportunity losses.

            • “Downtime 60 Days” (a policy to conclude a new contract within 60 days of tenants vacating; introduced in October

              2012)

            • “Action 30 Days” (focused response to achieve the best rent at the earliest in the first 30 days after beginning to seek tenants; focused response to vacancies of 30 days after beginning to seek tenants, which was introduced in October 2013, has been changed to a more aggressive initiative based on the “Management Policy by Property” newly introduced in April 2016) to further improve occupancy rates and profitability by shortening vacancy periods.

            • Taking stronger action on “Key Focus Properties (introduced in April 2011) ” and “Long-term Vacancies” (vacancies over 60 days; introduced in October 2010)

            • “High-Cost Construction Approval Committee” (a committee conducting a detailed, systematic examination of the content and amount of construction work for ¥1 million or more when orders are placed; introduced in April 2012) to optimize expenses for high-priced construction work.

            • “Formulation of Standard Specifications for Work to Restore Properties to their Original State” (setting unique construction specifications for work to restore properties to their original state after tenants vacate, regarding it as a recommercialization measure; introduced in April 2012) to build better rooms and improve management of expenses and construction schedules.

            • “Management to Increase the Number of Properties with Full Occupancy” (further improving occupancy rates through

              the management of the number of properties with full occupancy; introduced in April 2014)

              • “Management Policy by Property” (a policy of managing properties by drafting a basic policy for each property based on an analysis of past contract data (rent, downtime, comparison with the previous rent, key money, etc.) of each property and focusing on increasing revenue by simultaneously raising rents and shortening the downtime for each room newly contracted after cancellation through implementation in conjunction with “Action 30 Days,” one of the existing initiatives above; introduced in April 2016)

         2. Strategy for managing healthcare facilities

            In order for healthcare facilities to earn stable revenue and serve to maintain and enhance unitholder value, the Asset Manager monitors operators as it regards the creditworthiness, operational capabilities, etc. of the operators operating the facilities as important factors in realizing stable occupancy. In the fiscal period under review, monitoring of the impact of the occurrence of the cluster of COVID-19 is continued while interviews and such were conducted by visiting facilities and in the form of meetings with facility managers and head office staff using an online conferencing system. In addition, there are no changes to the terms and conditions of contracts, such as mid-term cancellation of lease agreements with operators, rent reduction/exemption and postponement of payment as of the end of the fiscal period under review.

            As a result of the above, the average occupancy rate of healthcare facilities during the period was 99.5%.

      3. Strengthening of financing

         In the fiscal period under review, the Investment Corporation conducted the following borrowing of funds to fund the repayment of borrowings.

         *On October 31, 2024, the Investment Corporation refinanced ¥2,900 million of bank borrowings from existing transaction banks as funds for repayment of the same amount in total for long-term borrowings due on the same day.

         *On November 29, 2024, the Investment Corporation refinanced ¥1,000 million of bank borrowings from existing transaction banks as funds for repayment of the same amount for long-term borrowings due on the same day.

         *On March 24, 2025, the Investment Corporation refinanced ¥7,000 million of bank borrowings from existing transaction banks as funds for repayment of the same amount in total for long-term borrowings due on the same day.

         As a result of the above, the Investment Corporation achieved extension of borrowing periods, in addition to diversification of due dates. Furthermore, the ratio of interest-bearing debt to total assets at the end of the fiscal period under review came to 50.9%, the ratio of long-term interest-bearing debt (excluding interest-bearing debt to be repaid within a year) came to 85.9%, and the ratio of fixed interest rates came to 58.0% on a contract basis.

      4. Sustainability initiatives

         Based on the recognition that the emphasis on environmental, social and corporate governance practices (collectively called “ESG”) in asset management contributes to the improvement of corporate value over the medium to long term, the Investment Corporation has promoted sustainability initiatives based on the sustainability policy established by the Asset Manager.

         As for its environmental initiatives, the Investment Corporation is promoting the reduction of environmental impact through the introduction of LED lighting and air-conditioning equipment with high energy-saving performance, the installation of water-saving equipment, etc. It also continuously measures energy consumption of the entire portfolio to understand the achievement rate of its target.

         Furthermore, a total of 30 properties owned by the Investment Corporation as of March 31, 2025, have obtained environmental certification (Note 1), and the ratio of certification is 23.24% (based on the total floor area of the entire portfolio). In addition, the Investment Corporation was certified and registered for Eco-Action 21, an environmental management system formulated by the Ministry of the Environment on March 12, 2025. Eco-Action 21 specifies the methods by which organizations can voluntarily and actively implement environmental initiatives. Eco-Action 21 Certification/Registration Program is the certification and registration system by a third party, Eco-Action 21 central secretariat office, for organizations promoting environmental management based on “Eco-Action 21 Guidelines” (Note 2) and disclosing the progress in the form of an environmental management report.

         Regarding social initiatives, the Investment Corporation is making efforts to improve tenant satisfaction and contribute to the sustainable development of local communities by building good relationships with external stakeholders related to its real estate held to collaborate with them. In order to further promote the supply of excellent healthcare facilities in Japan, as of March 31, 2025, the Investment Corporation borrowed through social loans (¥10,920 million) and issued social bonds (¥2,000 million) based on the Social Finance Framework formulated in May 2021.

         As part of our governance initiatives, the Asset Manager ensures the prevention of conflicts of interest, the management of risks, and compliance with laws and regulations, and has introduced an asset management fee system linked to the results of management, emphasizing the linkage with unitholder interests.

         The Investment Corporation has been continuously participating in the GRESB Real Estate Assessment since 2018 and received the “Green Star” assessment given to participants with excellent scores in the “Management Component” assessing policies and organizational structures for ESG promotion and the “Performance Component” assessing environmental performance and initiatives with tenants in properties owned in the 2024 GRESB Real Estate Assessment for three consecutive years. It also received two stars in the five-level GRESB rating for three consecutive years based on the global ranking of overall scores. Furthermore, in recognition of the Investment Corporation’s excellent disclosure related to environmental consideration and sustainability initiatives, it received the highest “A” rank for three consecutive years in the five-level rating in the 2024 GRESB disclosure assessment, an assessment that measures levels of ESG disclosure.

         (Note 1) The environmental certifications which the properties owned by the Investment Corporation have acquired include CASBEE for Real Estate Certification, DBJ Green Building Certification, BELS Certification.

         (Note 2) Eco-Action 21 Guidelines states 14 requirements which constitute a PDCA cycle and participants are required to proactively continue to implement environmental initiatives by utilizing the PDCA cycle.

   4. Summary of Results and Distributions

      As a result of the management initiatives described above, the Investment Corporation recorded operating revenues of ¥15,191 million, operating income of ¥8,208 million, ordinary income of ¥7,211 million and net income of ¥7,210 million in the fiscal period under review.

      As for distributions, the Investment Corporation will distribute an amount derived by deducting reserve for tax purpose reduction entry (¥640 million) upon the application of the special provisions for taxation in the case of replacement by purchase of specified assets (Article 65-7 of the Act on Special Measures Concerning Taxation) and reserve for dividends (¥78 million) for part of gain on sale of real estate properties, etc. from net income of

      ¥7,210 million, then adding reversal of reserve for temporary difference adjustments (¥79 million) to unappropriated retained earnings according to the existing policy.

      As a result, total distributions came to ¥6,570 million in the fiscal period under review, and the distribution per unit was ¥2,730 (up ¥330 from the previous fiscal period).

      (Note) With respect to distributions, based on the plan that the maximum amount of distribution of earnings shall be included in deductible expenses upon the application of Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957, including amendments thereto; hereinafter the “Special Taxation Measures Act”), the full amount of unappropriated retained earnings except for fractions of less than one (1) yen of cash distribution per investment unit will be distributed.

3. Capital

   The table below shows the changes in the total number of investment units issued and outstanding and unitholders’ capital in the five years up to the end of the fiscal period under review.

   Date	Description	Total number of investment units issued and outstanding (units)		Unitholders’ capital (Thousand yen)		Notes
   		Change	Total	Change	Total
   April 1, 2020	Merger	152,995	1,793,055	—	91,715,714	(Note 1)
   April 1, 2020	Capital increase through third-party allotment	262,891	2,055,946	25,999,919	117,715,634	(Note 2)
   December 4, 2020	Capital increase through public offering	72,000	2,127,946	6,090,192	123,805,826	(Note 3)
   December 25, 2020	Capital increase through third-party allotment	3,600	2,131,546	304,509	124,110,336	(Note 4)
   October 1, 2021	Capital increase through public offering	70,476	2,202,022	7,745,030	131,855,366	(Note 5)
   October 20, 2021	Capital increase through third-party allotment	2,868	2,204,890	315,181	132,170,548	(Note 6)
   October 3, 2022	Capital increase through public offering	53,333	2,258,223	5,900,336	138,070,884	(Note 7)
   October 19, 2022	Capital increase through third-party allotment	2,667	2,260,890	295,055	138,365,940	(Note 8)
   October 12, 2023	Capital increase through public offering	139,047	2,399,937	13,669,988	152,035,929	(Note 9)
   November 8, 2023	Capital increase through third-party allotment	6,953	2,406,890	683,563	152,719,492	(Note 10)

   (Note 1) The Investment Corporation executed an absorption-type merger whereby the Investment Corporation is the surviving corporation and NHI is the absorbed corporation based on Article 147 of the Act on Investment Trusts and Investment Corporations. Upon the merger,

   2.05 investment units of the Investment Corporation were allotted and delivered per investment unit of NHI to all investment units of NHI. The number of investment units issued and outstanding of NHI at the time of the merger was 74,632 units.

   (Note 2) The Investment Corporation issued new investment units through third-party allotment at an offer price of ¥98,900 per unit for the purpose of acquiring new properties.

   (Note 3) The Investment Corporation issued new investment units through public offering at an issue price of ¥87,457 (issue value of ¥84,586) per unit for the purpose of acquiring new properties.

   (Note 4) The Investment Corporation issued new investment units through third-party allotment at an offer price of ¥84,586 per unit for the purpose of acquiring new properties.

   (Note 5) The Investment Corporation issued new investment units through public offering at an issue price of ¥113,626 (issue value of ¥109,896) per unit for the purpose of acquiring new properties.

   (Note 6) The Investment Corporation issued new investment units through third-party allocation at an issue value of ¥109,896 per unit for the purpose of repaying part of borrowings and partly using to acquire specified assets in the future.

   (Note 7) The Investment Corporation issued new investment units through public offering at an issue price of ¥114,387 (issue value of ¥110,632) per unit for the purpose of acquiring new properties.

   (Note 8) The Investment Corporation issued new investment units through third-party allocation at an issue value of ¥110,632 per unit for the purpose of repaying part of borrowings and partly using to acquire specified assets in the future.

   (Note 9) The Investment Corporation issued new investment units through public offering at an issue price of ¥101,595 (issue value of ¥98,312) per unit for the purpose of acquiring new properties.

   (Note 10) The Investment Corporation issued new investment units through third-party allocation at an issue price of ¥98,312 per unit for the purpose of repaying part of borrowings and partly using to acquire specified assets in the future.

   Changes in Price at the Stock Exchange

   The table below shows the highest and lowest prices (closing prices) at the Tokyo Stock Exchange REIT market, where the Investment Corporation lists investment units, for each period.

   Period	34th period	35th period	36th period	37th period	38th period
   Closing month	March 2023	September 2023	March 2024	September 2024	March 2025
   High (yen)	¥119,800	¥119,100	¥113,800	¥108,600	¥97,900
   Low (yen)	¥106,900	¥108,700	¥98,700	¥95,600	¥86,300
   Price at the beginning of the period (yen)	¥115,500	¥112,200	¥110,300	¥105,200	¥97,900
   Price at the end of the period (yen)	¥108,900	¥110,900	¥105,400	¥97,100	¥88,700

   (Note) The prices at the beginning of the period are the closing prices of the first day of each period.

4. Performance of Distribution

   The cash distribution policy set out in Article 15, Paragraph 1 of the Articles of Incorporation of the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “earnings available for distribution” as provided for in Article 67-15 of the Special Taxation Measures Act. In accordance with this policy, the decision was made to distribute 2,730 yen per investment unit, which is the maximum value calculated by multiplying by 2,406,890 units, the total number of investment units issued, in an amount not exceeding the amount obtained by deducting 640 million yen in reserve for tax purpose reduction entry pursuant to the application of the "Special provisions for taxation in the case of replacement by purchase of specified assets" (Article 65-7 of the Special Taxation Measures Act) and 78 million yen in reserve for dividends, from unappropriated retained earnings of 7,210 million yen for the current period, and adding 79 million yen in the reversal of reserve for temporary difference adjustments. The cash distribution in excess of earnings set out in Article 15, Paragraph 3 of the Articles of Incorporation of the Investment Corporation will not take place.

   		34th period	35th period	36th period	37th period	38th period
   		From October	From April 1, 2023 to September 30, 2023	From October	From April 1, 2024 to September 30, 2024	From October 1, 2024 to March 31, 2025
   		1,		1,
   		2022		2023
   		to March 31,		to March 31,
   		2023		2024
   Unappropriated retained earnings at the end of fiscal period under review	Thousand yen	4,828,583	5,523,121	5,813,220	6,203,926	7,210,646
   Retained earnings	Thousand yen	7,475,998	7,955,074	8,232,447	8,659,838	9,299,675
   Total cash distributions	Thousand yen	4,973,958	5,044,045	5,535,847	5,776,536	6,570,809
   (Cash distribution per unit)	Yen	(2,200)	(2,231)	(2,300)	(2,400)	(2,730)
   Distribution of profits	Thousand yen	4,973,958	5,044,045	5,535,847	5,776,536	6,570,809
   (Distribution of profits per unit)	Yen	(2,200)	(2,231)	(2,300)	(2,400)	(2,730)
   Refund of capital (Refund of capital per unit)	Thousand yen Yen	— (－)	— (－)	— (－)	— (－)	— (－)
   Of the refund of capital, distribution from the Reserve for Temporary Difference Adjustments (Of the refund of capital per unit, distribution per unit from the Reserve for Temporary Difference Adjustments)	Thousand yen Yen	— (－)	— (－)	— (－)	— (－)	— (－)
   Of the refund of capital, distribution from the Distribution associated with Investment Decrease for the tax purpose (Of the refund of capital per unit, distribution from the Distribution associated with Investment Decrease for the tax purpose per unit)	Thousand yen Yen	— (－)	— (－)	— (－)	— (－)	— (－)

   (Note) For retained earnings, the sum of the balance of voluntary reserves such as reserves for temporary difference adjustments and distribution reserves, as well as retained earnings carried forward is stated.

   ５. Future Management Policies and Challenges

   1. External Growth Strategy

      The Investment Corporation will seek to achieve further growth through investment in rental housing and healthcare facilities as a “REIT that comprehensively provides comfortable living spaces suited to each life stage”, and thereby pursue maximization of unitholder value from securement of revenues and stabilization/enhancement of distribution of the Investment Corporation.

      External growth through acquisition of new properties

      As the Asset Manager is entrusted with the asset management business by five listed and private investment corporations, including the Investment Corporation, and real estate funds other than the form of investment corporation, and as the Asset Manager remains an independent asset management company that does not belong to any particular group of real estate firms, developers, or the like, in relation to its real estate business, property information can be obtained from a number of sources, including real estate private funds, asset management companies of real estate investment corporations, financial institutions, real estate firms, real estate agents, business corporations, investors, and Daiwa Securities Group Inc. and its group companies. The Asset Manager will work to acquire new properties in a flexible manner by carefully selecting from the abundant property information obtained. The Asset Manager will also consider investment in development projects using a bridge fund and other means.

      In addition, the Asset Manager has been carrying out an investment strategy focused on the healthcare sector (hospitals and nursing care facilities) since 2001, and since 2008 it has concluded an advisory agreement with AIP Healthcare Japan GK, engaged in investment specializing in private nursing homes and other facilities for the elderly. Based on this agreement, the Asset Manager receives advice on information provision, management and operation of healthcare facilities that are the investment assets of the Investment Corporation, collaboration with operators, etc.

      The Asset Manager will seek to acquire new properties through use of various methods by carefully selecting properties from the following three perspectives.

      1. Properties for which an arm’s length transaction is planned on rational grounds and properties with few competing bidders

      2. Undervalued properties (with the high probability that the Investment Corporation could improve revenues after acquisition in terms of rent, occupancy rates, leasing-related expenses, etc.)

      3. Properties not for sale (properties that are not brought on the market for sale)

      When investing in rental housing, regionally diversified investment will be made in order to secure stable cash flows by mitigating risks associated with changes in local economies and rental markets, and with earthquakes, etc. The investment territory for rental housing will include the national capital region, ordinance-designated cities, prefectural capitals and other similar cities, and commuting areas around thereof, and diversified investment will be made throughout Japan by region. Diversified investment will also be made with different categories of rental housing in order to secure stable cash flows by mitigating risks associated with changes in the rental markets for each category of rental housing. The categories of rental housing for investments will be the studio type (Note 1) and the family type (Note 2). When investing in rental housing, comprehensive judgement will be made on a case-by-case basis based on an examination of investment value, whereby a full investigation is conducted in respect of expected earnings, site area and housing environment, construction and equipment specifications, earthquake-resisting capacity, related rights, building management conditions, environment and geology, etc. of the relevant rental housing.

      When investing in healthcare facilities, investment will be made mainly in healthcare facilities located in the three major metropolitan areas consisting of the greater Tokyo area (Note 3), the Chukyo area (Note 4) and the Kinki area (Note 5), where concentration of the entire population and the elderly population can be expected, to secure medium- to long-term stable management, as well as in healthcare facilities located throughout Japan to diversify the risk of the portfolio. When investing in healthcare facilities, investment decisions will be made on a case-by-case basis based on comprehensive examination of (i) general factors including economic factors (such as economic and financial condition, and trends in financial and real estate markets), social factors (such as trends in the elderly population and the number of those who are certified for being eligible of long-term care) and administrative factors (such as nursing and medical insurance systems and regulations on healthcare facilities supply), (ii) local factors such as surrounding environment of the location area of the property (such as transportation accessibility, vicinity to retail and public facilities, and quality as a living environment), and (iii) factors for the individual property such as specifications of the building, the operator that is the lessee, facility occupancy status and rent-paying capacity.

      (Note 1) “Studio type” refers to residences in the 1R, 1K, 1DK, and 1LDK layouts. (Note 2) “Family type” refers to residences in the 2K, 2DK, 2LDK, and above layouts.

      (Note 3) “Greater Tokyo area” refers to Tokyo, Kanagawa, Chiba and Saitama prefectures. (Note 4) “Chukyo area” refers to Aichi, Mie and Gifu prefectures.

      (Note 5) “Kinki area” refers to Osaka, Kyoto, Hyogo, Nara and Shiga prefectures.

   2. Internal Growth Strategy

      Continuing to strengthen overall operations

      1. Strategy for managing rental housing

         For rental housing, the Asset Manager will continue to focus on maximizing rental income for each property by optimizing the downtime and rent based on a range of existing initiatives including the "Management Policy by Property" and by using the "Daily Occupancy Forecasting System". In addition, the Asset Manager also pursues an increase in the rent for new contracts by setting fine-tuned rent conditions in light of the stable rental housing market in major metropolitan areas. With regard to leasing-related expenses, the Asset Manager will continue to work to reduce repair expenses and expenses for work to restore properties to their original state, to reduce utilities expenses by introducing LED lighting and other measures, and will control expenses according to the building ages and competitiveness.

      2. Strategy for managing healthcare facilities

      In order for healthcare facilities to earn stable revenue and serve to maintain and enhance unitholder value, the Asset Manager continues to monitor operators as it regards the creditworthiness, operational capabilities, etc. of the operators operating the facilities as important factors in realizing stable occupancy. In addition, in order to avoid a decline in revenue due to prolonged vacancy periods resulting from the termination of lease agreements with operators, the Investment Corporation concluded an agreement on the backup of operations with the respective operators of its assets (excluding some of them). We will continue to take a certain level of measures against infectious diseases and monitor the situation by visiting facilities and conducting interviews and such in the form of meetings with facility managers using an online conferencing system.

   3. Financial strategy

      In terms of debt financing, the Investment Corporation will seek to further extend borrowing periods, diversify due dates and fix floating interest rates, and seek stable financing by continuing to work to maintain a solid bank formation. The Investment Corporation will continue considering the issuance of investment corporation bonds, while identifying trends in the financing environment and conditions such as the effect of reducing interest rates. Concerning the level of interest-bearing debt, the Investment Corporation will manage with the upper limit set at 60% in principle to take heed of securing financing capacity. The Investment Corporation will also consider equity financing, taking into comprehensive account the acquisition of new properties, the total assets LTV, the impact on distributions and the financial market environment, etc.

   4. Distributions strategy

The Investment Corporation has been distributing profit after adding ¥67 million, which is a portion of the reserve for temporary difference adjustments, from the 23rd fiscal period ended September 30, 2017, as well as ¥11 million from the 30th fiscal period ended March 31, 2021.

To stabilize the level of distributions over the long term, the Investment Corporation may additionally reverse internal reserves and add them to the above amount for distributions (Note).

(Note) This policy may be changed by a resolution, etc. at a meeting of the Investment Corporation’s Board of Directors and does not guarantee the method and amount, etc. of the reversal of internal reserves in the future.

1. Significant Events after the Closing of Accounts

   ① Acquisition of Assets

   The Investment Corporation acquired the assets for which purchase and sale agreements were concluded on March 19, 2025, as described below.

   Property name	Asset type	Property type	Location	Acquisition price (thousand yen) (Note 1)	Appraisal value (thousand yen) (Note 2)	Acquisition date	Counterparty
   Gran Casa Sendai Bansui Dori	Trust beneficiary interests	Rental residential	Sendai, Miyagi	1,251,000	1,280,000	April 3, 2025	(Note 3)
   Serenite Nihonbashi Miracle	Trust beneficiary interests	Rental residential	Osaka, Osaka	1,157,000	1,170,000	April 3, 2025	(Note 3)
   Gran Casa Kawaguchi Namiki	Trust beneficiary interests	Rental residential	Kawaguchi, Saitama	919,000	948,000	April 3, 2025	(Note 3)
   Total	–	–	–	3,327,000	3,398,000	–	–

   (Note 1) Acquisition price does not include acquisition expenses, adjustments to property tax and city planning tax, and consumption tax and local consumption tax.

   (Note 2) The date of the appraisal value is February 1, 2025. (Note 3) The counterparty is Daiwa Securities Realty Co., Ltd.

   The Investment Corporation has signed and concluded the purchase and sale contract for the following assets on June 19, 2025, and plans to acquire the assets as follows:

   Property name	Asset type	Property type	Location	Anticipated acquisition price (thousand yen) (Note 1)	Appraisal value (thousand yen) (Note 2)	Anticipated acquisition date	Counterparty
   Splendide Takaida (Note 3)	Trust beneficiary interests	Rental residential	Higashiosaka, Osaka	3,200,000	3,230,000	July 3, 2025	(Note 4)
   Total	–	–	–	3,200,000	3,230,000	–	–

   (Note 1) Anticipated acquisition price does not include acquisition expenses, adjustments to property tax and city planning tax, and consumption tax and local consumption tax.

   (Note 2) The date of the appraisal value is May 1, 2025.

   (Note 3) The name of the property will be changed from “Splendide Takaida” to “Gran Casa Takaida” on July 3, 2025. (Note 4) The counterparty is Daiwa Securities Realty Co., Ltd.

   ② Disposition of assets

   The Investment Corporation disposed of the assets for which purchase and sale agreements were concluded on January 22, February 19, March 19, and April 30, 2025, as described below.

   Property name	Asset type	Property type	Location	Disposition price (thousand yen) (Note 1)	Appraisal value (thousand yen) (Note 2)	Disposition date	Counterparty
   willDo Okayamaeki Nishiguchi	Trust beneficiary interests (Note 3)	Rental residential	Okayama, Okayama	1,440,000	1,360,000	April 2, 2025	(Note 4)
   willDo Okayamadaiku	Trust beneficiary interests (Note 3)	Rental residential	Okayama, Okayama	1,260,000	1,210,000	April 2, 2025	(Note 4)
   willDo Temmacho	Real estate	Rental residential	Nagoya, Aichi	842,000	842,000	April 8, 2025	(Note 5)
   Bonheur Tokiwa	Trust beneficiary interests (Note 3)	Rental residential	Saitama, Saitama	1,000,000	947,000	April 25, 2025	(Note 6)
   Sawayaka Kaikyokan	Trust beneficiary interests	Healthcare	Kitakyushu, Fukuoka	1,030,000	991,000	May 30, 2025	(Note 7)
   Sawayaka Hinodekan	Trust beneficiary interests	Healthcare	Niigata, Niigata	970,000	926,000	May 30, 2025	(Note 7)
   Silver Heights Hitsujigaoka No.3	Trust beneficiary interests	Healthcare	Sapporo, Hokkaido	1,460,000	1,380,000	May 30, 2025	(Note 7)
   Total	–	–	–	8,002,000	7,656,000	–	–

   (Note 1) Disposition price does not include disposition expenses, adjustments to property tax and city planning tax, and consumption tax and local consumption tax.

   (Note 2) The date of the appraisal value is September 30, 2024.

   (Note 3) As of March 31, 2025, the asset type was real estate, but the asset type was changed to trust beneficiary interests before disposition. (Note 4) The counterparty is Fuyo General Lease Co., Ltd.

   (Note 5) The counterparty is a domestic corporation whose name is not disclosed because the counterparty’s consent has not been obtained.

   (Note 6) The counterparty is Tokyo Tatemono Real Estate Sales Co., Ltd.

   (Note 7) The counterparty is a domestic corporation whose name is not disclosed because the counterparty’s consent has not been obtained.

   ③ Acquisition of own investment units

   At the board of directors meeting held on May 22, 2025, the Investment Corporation resolved to acquire its own investment units, pursuant to Article 80-2 of the Act on Investment Trusts and Investment Corporations as applied mutatis mutandis under Article 80-5, Paragraph 2 of the said Act, as outlined below. All the acquired investment units are scheduled to be cancelled during the fiscal period ending September 2025.

   1. Reasons for the acquisition of Own investment units

      Comprehensively considering the current investment unit price level, cash on hand, financial condition, and market environment, the Investment Corporation determined that the acquisition and cancellation of own investment units in order to enhance capital efficiency and return of profits to unitholders will contribute to the medium- to long-term enhancement of unitholder value.

   2. Summary of matters concerning the acquisition

1. Unitholders’ Capital

   	34th period	35th period	36th period	37th period	38th period
   	As of March 31, 2023	As of September 30, 2023	As of March 31, 2024	As of September 30, 2024	As of March 31, 2025
   Total number of Investment Units Authorized (units)	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000
   Total number of Investment Units Issued (units)	2,260,890	2,260,890	2,406,890	2,406,890	2,406,890
   Total amount of unitholders’ capital (million yen)	138,365	138,365	152,719	152,719	152,719
   Number of Unitholders	21,176	20,645	21,918	21,745	23,416

2. Major Unitholders

   The table below shows the investments of the top ten unitholders in terms of the ratio of units held to total number of units issued as of March 31, 2025.

   Name	Units held (units)	Ratio of units held to total units issued (%)
   Custody Bank of Japan, Ltd. (Trust account)	443,631	18.43
   Daiwa Securities Group Inc.	378,707	15.73
   The Master Trust Bank of Japan, Ltd.(Trust account)	333,719	13.87
   The Nomura Trust and Banking Co., Ltd.(Investment trust account)	103,496	4.30
   JPMorgan Securities Japan Co., Ltd.	39,267	1.63
   ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００１	37,858	1.57
   Meiji Yasuda Life Insurance Company	33,127	1.38
   The Joyo Bank, Ltd.	33,000	1.37
   ＳＴＩＣＨＴＩＮＧ ＰＥＮＳＩＯＥＮＦＯＮＤＳ ＺＯＲＧ ＥＮ ＷＥＬＺＩＪＮ	32,610	1.35
   ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＷＥＳＴ ＣＬＩＥＮＴ－ＴＲＥＡＴＹ ５０５２３４	31,878	1.32
   Total	1,467,293	60.96

   (Note) The ratio of units held to total units issued is rounded to the second decimal place.

   1. Policy for the decision to dismiss or not to reappoint the accounting auditor

      The dismissal of the accounting auditor is subject to the regulations of the Act on Investment Trusts and Investment Corporations, and the non-reappointment of the accounting auditor is subject to the comprehensive consideration of the audit quality, the amount of audit fees, and other various circumstances, and will be reviewed by the Board of Directors of the Investment Corporation.

   2. Matters concerning an entity which received administrative sanctions for business suspension in the past two years On December 26, 2023, the Accounting Auditor of the Investment Corporation received a disposition of suspension of services relating to the conclusion of new agreements for three months (from January 1, 2024 to March 31, 2024) from the Financial Services Agency.

   1. Liability Insurance Contract for Directors, etc.

      The liability insurance contract for directors, etc. concluded by the Investment Corporation is as follows.

      Scope of insurance coverage

      Summary of contents of liability insurance contract for directors, etc.

      All Executive and Supervisory Directors of the Investment Corporation

      (Outline of events insured against) The Investment Corporation has entered into a liability insurance contract for directors, etc. with an insurance company as stipulated in Article 116-3, Paragraph 1 of the Investment Trust and Investment Corporation Law, and the insurance covers damages that may arise from the insured assuming responsibility for the execution of their duties or receiving a claim related to the pursuit of such responsibility. (Percentage of insurance premiums to be paid) The Investment Corporation will bear the full amount of insurance premiums. (Measures to ensure that the appropriateness of the execution of duties by directors, etc. is not impaired) The terms and conditions of the insurance contract stipulate exemptions from liability, including non-compensation for claims for damages arising from the illegal provision of personal benefits or favors by the insured, criminal acts, or acts committed with the knowledge that they violate laws and regulations.

   2. Trustee, Custodian and General Administrators

   The assets management company, assets custodian, and general administrators as of March 31, 2025 are as follows:

3. Executive Director and Supervisory Directors

(1) Names of directors, etc. in the fiscal period under review

As of March 31, 2025

(Note 1) None of the Executive and Supervisory Directors own investment units of the Investment Corporation in their name or in anyone else’s name. Some Executive and Supervisory Directors are concurrently in Director positions at companies not listed above; however, none of these, including those listed above, have a stake in the Investment Corporation.

(Note 2) The compensation for accounting auditor includes compensation for auditing the English financial statements (¥1.5 million). There was no compensation for work apart from Article 2, Paragraph 1 of the Certified Public Accountants Act. No compensation was paid to persons in the accounting auditor’s network.

The status of assets under management of the Investment Corporation as of the closing date is shown in the table below. Assets under management of both real estate and the real estate in trust of real estate trust beneficiary interests (hereinafter “trust accounts”) are for leasing to tenants. They are buildings—rental housing or healthcare facilities—and the sites of the buildings.

1. Assets Composition

   Asset type	Property type	Area classification	37th period		38th period
   			Total amount held (million yen) (Note 3)	Ratio to total assets (%) (Note 4)	Total amount held (million yen) (Note 3)	Ratio to total assets (%) (Note 4)
   Real estate	Rental housing	23 wards of Tokyo	82,374	20.6	82,134	20.4
   		Three major metropolitan areas (Note 1)	49,441	12.4	46,168	11.5
   		Other major cities (Note 1)	17,844	4.5	15,935	4.0
   	Healthcare facilities	Three major metropolitan areas (Note 2)	—	—	—	—
   		Core city areas (Note 2)	—	—	—	—
   		Other (Note 2)	—	—	—	—
   	Subtotal		149,660	37.4	144,238	35.9
   Trust accounts	Rental housing	23 wards of Tokyo	42,897	10.7	44,687	11.1
   		Three major metropolitan areas (Note 1)	68,959	17.2	71,998	17.9
   		Other major cities (Note 1)	13,186	3.3	13,050	3.2
   	Healthcare facilities	Three major metropolitan areas (Note 2)	103,554	25.9	103,281	25.7
   		Core city areas (Note 2)	7,834	2.0	7,809	1.9
   		Other (Note 2)	—	—	—	—
   	Subtotal		236,432	59.1	240,826	59.9
   Deposits and other assets			13,992	3.5	16,920	4.2
   Total assets			400,085	100.0	401,985	100.0

   (Note 1) In the “Area classification” column for rental housing, “Three major metropolitan areas” refers to the Kanto metropolitan area excluding the 23 wards of Tokyo, the Chukyo metropolitan area, and the Kinki metropolitan area. “Other major cities” refers to Sapporo, Sendai, Niigata, Shizuoka/Hamamatsu, Okayama, Hiroshima, Kitakyushu/Fukuoka, and Kumamoto metropolitan areas, and core cities with a population of 300,000 or more.

   (Note 2) In the “Area classification” column for healthcare facilities, “Three major metropolitan areas” refers to the greater Tokyo area (Tokyo, Kanagawa, Chiba and Saitama prefectures), the Chukyo area (Aichi, Mie and Gifu prefectures) and the Kinki area (Osaka, Kyoto, Hyogo, Nara and Shiga prefectures). “Core city areas” refers to cities (outside the three major metropolitan areas) with a population of 200,000 or more. “Other” refers to cities (outside the three major metropolitan areas and the core city areas) with a population under 200,000.

   (Note 3) The total amount held is the amount recorded on the balance sheet as of the closing date (for real estate and trust accounts, book value after impairment and depreciation). The amount of real estate or trust accounts includes the amount of intangible assets.

   (Note 4) The ratio to total assets is the ratio of the amount recorded on the balance sheet for trust accounts, real estate or deposits and other assets to total assets. (The ratio is rounded to the first decimal place.)

2. Major Properties Owned

   The table below is a summary of the major properties owned by the Investment Corporation (top ten properties in terms of book value at the end of the period).

   Property name	Book value (million yen) (Note 1)	Rentable floor area (m²) (Note 2)	Leased floor area (m²) (Note 3)	Occupancy rate (%) (Note 4)	Ratio to total rent revenue (%) (Note 5)	Main use
   Good Time Living Center-Minami, Platesia Center-Minami	11,226	19,228.21	19,228.21	100.0	Not disclosed (Note 6)	Healthcare
   AIP Kachidoki-Ekimae	8,225	7,224.26	7,224.26	100.0	Not disclosed (Note 6)	Healthcare
   Sunny Life Shibaura	6,528	6,802.69	6,802.69	100.0	Not disclosed (Note 6)	Healthcare
   Gran Casa Nambamotomachi	6,062	7,640.08	7,484.16	98.0	1.2	Residence
   Good Time Living Chibaminato-Kaigandori・ Platesia Chibaminato	4,877	17,101.74	17,101.74	100.0	Not disclosed (Note 6)	Healthcare
   Good Time Living Osaka-Bay	4,785	8,107.32	6,916.87	85.3	Not disclosed (Note 6)	Healthcare
   The Residence Honmoku Yokohama Bayside	4,727	13,584.07	13,325.25	98.1	1.9	Residence
   PREGIO Namba	4,582	4,809.33	4,690.74	97.5	0.9	Residence
   Gran Casa Oji Ⅱ	4,528	4,068.39	4,068.39	100.0	0.8	Residence
   Gran Casa Shin-Osaka SOUTH	4,524	5,506.87	5,344.15	97.0	0.9	Residence
   Total	60,067	94,072.96	92,186.46	98.0	12.8	—

   (Note 1) The book value is rounded down to the nearest million yen.

   (Note 2) Rentable floor area is the area that can be leased in the building of each property under management at the end of the fiscal period. The areas that are leased in association with the main purpose of lessees, include warehouses, parking facilities, the building manager’s offices, signs, automatic vending machines, and antennas, and the areas that the lessor leases to maintain the building (including areas that the lessor gives the temporary use of under loan-for-use agreements) are excluded. The rentable floor area is calculated based on wall center lines and includes meter boxes and pipe space allocated to each apartment.

   (Note 3) The leased floor area is the part of the rentable floor area that is leased under effective lease agreements with end tenants as of the end of the fiscal period.

   (Note 4) The occupancy rate is a percentage calculated by dividing the leased floor area by the rentable floor area. The rate is rounded to the first decimal place.

   (Note 5) The ratio to the total rent revenue is the ratio of each property’s rent revenue to the total portfolio’s rent revenue at the end of the period. (The ratio is rounded to the first decimal place.)

   (Note 6) “Not disclosed” is primarily due to not obtaining tenants’ consent to disclose rent revenue.

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Gran Casa Itabashi EAST	7-20-2, Takinogawa, Kita-ku, Tokyo	Trust beneficiary interest	1,040	977	62
   Gran Casa Kuramae	1-7-6, Kuramae, Taito-ku, Tokyo	Real estate	1,650	1,617	32
   Gran Casa Kiyosumishirakawa	2-10-13, Saga, Koto-ku, Tokyo	Real estate	2,010	1,863	146
   Gran Casa Hikifune	2-47-12, Yahiro, Sumida-ku, Tokyo	Trust beneficiary interest	2,970	2,928	41
   Gran Casa Oji	3-15-9, Oji, Kita-ku, Tokyo	Trust beneficiary interest	1,240	1,201	38
   Gran Casa Ryogoku East	3-2-11, Midori, Sumida-ku, Tokyo	Trust beneficiary interest	1,240	1,192	47
   Gran Casa Tabata	1-24-2, Tabata, Kita-ku, Tokyo	Trust beneficiary interest	958	891	66
   Gran Casa Kinshicho	4-4-16, Midori, Sumida-ku, Tokyo	Real estate	901	895	5
   Gran Casa Itabashihoncho	32-9, Honcho,Itabashi-ku, Tokyo	Real estate	1,350	1,289	60
   Gran Casa Ueno	3-14-5, Higashiueno,Taito-ku, Tokyo	Real estate	1,040	1,022	17
   Gran Casa Ojima	4-8-11, Ojima,Koto-ku, Tokyo	Trust beneficiary interest	3,070	3,017	52

3. Details of Properties in the Portfolio

   The table below shows the details of properties owned by the Investment Corporation as of March 31, 2025.

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   willDo Kiyosumi	1-2-24, Kiyosumi, Koto-ku, Tokyo	Real estate	7,910	4,408	3,501
   Joy Oyamadai	3-9-10, Oyamadai, Setagaya-ku, Tokyo	Real estate	751	678	72
   willDo Otsuka	1-23-18, Kitaotsuka, Toshima-ku, Tokyo	Real estate	882	720	161
   Toshin Shoto Mansion	1-27-7, Shoto, Shibuya-ku, Tokyo	Real estate	1,170	947	222
   Harmony Kamikitazawa	4-28-6, Kamikitazawa, Setagaya-ku, Tokyo	Real estate	447	384	62
   College Square KitaIkebukuro	5-11, Kumanocho, Itabashi-ku, Tokyo	Real estate	820	586	233
   College Square TobuNerima	3-5-21, Tokumaru, Itabashi-ku, Tokyo	Real estate	985	756	228
   College Square Akatsuka	3-15-14, Kitamachi, Nerima-ku, Tokyo	Real estate	853	586	266
   College Square Waseda II	1-10-22, Takada, Toshima-ku, Tokyo	Real estate	317	174	142
   College Square Myogadani	3-41-12, Otsuka, Bunkyo-ku, Tokyo	Real estate	1,530	934	595
   College Square Shinkoiwa	4-13-8, Higashi Shinkoiwa, Katsushika-ku, Tokyo	Real estate	799	610	188
   College Square Kiba	1-25-7, Toyo, Koto-ku, Tokyo	Real estate	856	512	343
   College Square Kinshicho	2-9-7, Mori, Koto-ku, Tokyo	Real estate	613	418	194
   College Square Waseda	157-9, Bentencho, Shinjuku-ku, Tokyo	Real estate	427	286	140
   Lexington Square ShinjukuGyoen	1-36-15, Shinjuku, Shinjuku-ku, Tokyo	Real estate	1,490	1,003	486
   Prospect NihombashiHoncho	4-6-9, Nihonbashi-honcho, Chuo-ku, Tokyo	Real estate	1,380	741	638
   Maison de Ville Takanawa Gyoranzaka	1-5-14, Takanawa, Minato-ku, Tokyo	Real estate	2,050	1,444	605
   Roppongi Rise House	3-16-5, Roppongi, Minato-ku, Tokyo	Real estate	1,470	850	619
   TK FLATS SHIBUYA	26-7, Maruyama-cho, Shibuya-ku, Tokyo	Trust beneficiary interest	7,430	4,303	3,126
   Maison de Ville NakaMeguro	2-8-23, Naka-meguro, Meguro-ku, Tokyo	Real estate	1,790	1,003	786
   Prospect KALON Minowa	1-28-9, Minowa, Taito-ku, Tokyo	Real estate	2,660	1,349	1,310
   Prospect Shinonomebashi	1-1-7, Shinonome, Koto-ku, Tokyo	Trust beneficiary interest	4,940	2,645	2,294
   Prospect Monzennakacho	2-2-3, Hirano, Koto-ku, Tokyo	Real estate	1,680	965	714
   Prospect Ogikubo	5-15-10, Narita-higashi, Suginami-ku, Tokyo	Real estate	1,020	607	412
   Exceria Ikebukuro West II	1-13-4, Kaname-cho, Toshima-ku, Tokyo	Real estate	1,230	795	434
   Prospect OmoriKaigan	2-12-3, Omori-kita, Ota-ku, Tokyo	Real estate	2,390	1,376	1,013
   Gala Place Shinjuku Gyoen	1-31-5, Shinjuku, Shinjuku-ku, Tokyo	Trust beneficiary interest	3,920	2,044	1,875
   Joyce Court	2-32-11, Omori-nishi, Ota-ku, Tokyo	Real estate	4,750	2,801	1,948
   Gran Casa Asakusa	1-7-5, Hanakawado, Taito-ku, Tokyo	Real estate	2,320	1,119	1,200
   Gran Casa Roppongi	3-1-35, Motoazabu, Minato-ku, Tokyo	Real estate	1,090	774	315
   Gran Casa MinamiAoyama	4-17-33, Minami Aoyama, Minato-ku, Tokyo	Real estate	2,320	2,234	85
   Storia Jingumae	3-18-6, Jingumae, Shibuya-ku, Tokyo	Real estate	2,910	3,157	(247)
   Gran Casa Shinjuku Gyoen	1-33-10, Shinjuku, Shinjuku-ku, Tokyo	Real estate	4,490	2,416	2,073
   Lietocourt Yotsuya	4-17-35, Yotsuya, Shinjuku-ku, Tokyo (Note 2)	Trust beneficiary interest	2,770	1,682	1,087
   Lietocourt Motoakasaka	1-7-4, Motoakasaka, Minato-ku, Tokyo	Trust beneficiary interest	1,950	1,081	868
   Gran Casa Ginza East	3-2-8, Minato, Chuo-ku, Tokyo	Real estate	2,790	1,950	839
   Gran Casa Minowa	3-20-19, Shitaya, Taito-ku, Tokyo	Real estate	1,150	804	345
   Gran Casa Honkomagome	3-30-3, Honkomagome, Bunkyo-ku, Tokyo	Real estate	1,880	1,555	324
   Gran Casa Nihonbashi Hamacho	12-10, Nihonbashinakasu,Chuo-ku, Tokyo	Real estate	1,010	974	35
   Gran Casa Magome I	3-29-11, Nakamagome, Ota-ku, Tokyo	Real estate	657	635	21
   Gran Casa Omorikaigan	4-20-7, Minamioi, Shinagawa-ku, Tokyo	Real estate	1,130	1,179	(49)
   Gran Casa Uenoikenohata	3-1-24, Ikenohata,Taito-ku, Tokyo	Real estate	1,650	1,458	191
   Gran Casa Sumiyoshi	1-1-13, Mouri, Koto-ku, Tokyo	Real estate	1,300	1,205	94
   Gran Casa Uenoiriya	2-1-8, Shimoya, Taito-ku, Tokyo	Real estate	1,370	1,296	73
   Gran Casa Monzennakacho	2-33-9, Eitai, Koto-ku, Tokyo	Real estate	921	809	111
   Gran Casa Magome Ⅱ	3-29-2, Nakamagome, Ota-ku, Tokyo	Real estate	786	720	65

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Gran Casa Edogawabashi	2-10-12, Suido, Bunkyo-ku, Tokyo	Trust beneficiary interest	2,490	2,366	123
   Gran Casa MinowaⅡ	2-18-4, Nihonzutsumi,Taito-ku, Tokyo	Real estate	1,470	1,420	49
   Gran Casa Yotsuya	2-10-5, Wakaba,Shinjuku-ku, Tokyo (Note 2)	Trust beneficiary interest	3,900	3,633	266
   Gran Casa MinowaⅢ	2-18-3, Nihonzutsumi,Taito-ku, Tokyo	Real estate	1,050	1,022	27
   Gran Casa MinowaⅣ	2-26-7, MinamiSenju,Arakawa-ku, Tokyo	Trust beneficiary interest	2,120	2,068	51
   Gran Casa Higashinakano	1-45-7 Higashinakano,Nakano-ku,Tokyo	Trust beneficiary interest	1,340	1,225	114
   Gran Casa Ayase	1-23-6 Higashiayase,Adachi-ku,Tokyo	Trust beneficiary interest	730	717	12
   Profit Link Takenotsuka	3-5-18, Takenotsuka, Adachi-ku, Tokyo	Real estate	747	609	137
   Dream Heights	1-32-16, Komone, Itabashi-ku, Tokyo	Real estate	583	366	216
   Green Hills Asukayama	1-26-14, Horifune, Kita-ku, Tokyo	Real estate	767	567	199
   Oji Heights	5-10-3, Oji, Kita-ku, Tokyo	Real estate	605	350	254
   Sakagami Royal Heights No. II	5-11-3, Minamisenju, Arakawa-ku, Tokyo	Real estate	534	326	207
   Greenhills Roka	3-21-15, Minami Karasuyama, Setagaya-ku, Tokyo	Real estate	822	697	124
   Lofty Hirai	7-32-12, Hirai, Edogawa-ku, Tokyo	Real estate	410	311	98
   THE PALMS YOYOGI UEHARA C O S M O T E R R A C E	2-33-2, Uehara, Shibuya-ku, Tokyo	Real estate	1,780	1,267	512
   Sun Terrace Yoyogi Uehara	2-3-7, Uehara, Shibuya-ku, Tokyo	Real estate	1,880	1,258	621
   Prospect NihombashiKoamicho	17-17, Nihonbasi Koami-cho, Chuo-ku, Tokyo	Real estate	1,550	707	842
   Park Terrace Ebisu	2-29-2, Ebisu, Shibuya-ku, Tokyo	Real estate	3,740	1,966	1,773
   Prospect Shibuya Dogenzaka	1-17-6, Dogenzaka, Shibuya-ku, Tokyo	Real estate	2,860	1,538	1,321
   Prospect Glarsa Hiroo	1-10-6, Hiroo, Shibuya-ku, Tokyo	Trust beneficiary interest	5,730	3,046	2,683
   Prospect Hatsudai	1-5-17, Hon-cho, Shibuya-ku, Tokyo	Real estate	782	478	303
   Prospect NishiSugamo	5-6-5 Takinogawa, Kita-ku, Tokyo	Real estate	1,780	996	783
   Prospect Machiya	3-23-20, Machiya, Arakawa-ku, Tokyo	Real estate	713	365	347
   Prospect KiyosumiTeien	1-5-18, Kiyosumi, Koto-ku, Tokyo	Real estate	4,640	2,356	2,283
   Prospect Morishita	2-16-10, Morishita, Koto-ku, Tokyo	Real estate	1,990	1,068	921
   Prospect OnshiKoen	1-5-1, Ojima, Koto-ku, Tokyo	Real estate	2,020	917	1,102
   BELNOS34	3-4-16, Higashi-shin-koiwa, Katsushika-ku, Tokyo	Real estate	2,930	1,775	1,154
   Glana Ueno	1-12-8, Kita-Ueno, Taito-ku, Tokyo	Real estate	1,920	1,010	909
   Lietocourt Asakusabashi	2-15-2, Yanagibashi, Taito-ku, Tokyo	Trust beneficiary interest	2,670	1,534	1,135
   Gran Casa ShinKoiwa	4-41-22, Nishi-shin-koiwa, Katsushika-ku, Tokyo	Real estate	1,720	1,441	278
   Gran Casa Ryogoku Ichibankan	3-6-3, Ishiwara, Sumida-ku, Tokyo	Real estate	1,610	1,396	213
   Gran Casa Ryogoku Nibankan	3-7-6, Ishiwara, Sumida-ku, Tokyo	Real estate	888	766	121
   Gran Casa Bunkyo Sengoku	4-1-18 Sengoku,Bunkyo-ku, Tokyo	Real estate	1,750	1,500	249
   Gran Casa Minamisenju	3-4-7, Minamisenju, Arakawa-ku, Tokyo	Trust beneficiary interest	1,390	1,240	149
   Gran Casa Ryogoku Verde	3-21-2, Midori,Sumida-ku, Tokyo	Trust beneficiary interest	2,370	2,359	10
   Gran Casa Nippori	6-40-20, Higashinippori,Arakawa-ku, Tokyo	Real estate	1,820	1,725	94
   Gran Casa OjiⅡ	3-6-15, Oji,Kita-ku, Tokyo	Trust beneficiary interest	4,680	4,528	151
   willDo Yokohama Minami	1-10-9, Takasago-cho, Minami-ku, Yokohama, Kanagawa (Note 2)	Real estate	302	180	121
   willDo Kanayama masaki	4-2-14, Masaki, Naka-ku, Nagoya, Aichi	Real estate	579	357	221

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   willDo Ichioka	2-11-5, Ichioka Motomachi, Minato-ku, Osaka, Osaka	Real estate	727	572	154
   willDo Ebie	5-6-20, Ebie, Fukushima-ku, Osaka, Osaka	Real estate	370	290	79
   willDo ImafukuNishi	5-1-8, Imafuku Nishi, Joto-ku, Osaka, Osaka	Real estate	455	318	136
   VISTA SUPREME	1-8-12, Nakamachi, Machida, Tokyo	Real estate	572	462	109
   willDo Tsukamoto	2-11-18, Hanakawa, Nishiyodogawa-ku, Osaka, Osaka	Real estate	915	596	318
   willDo Tanimachi	7-6-11, Tanimachi, Chuo-ku, Osaka, Osaka	Real estate	1,170	901	268
   willDo Namba wⅡ	3-9-27, Shiokusa, Naniwa-ku, Osaka, Osaka	Real estate	519	391	127
   willDo Namba wⅠ	3-11-3, Shiokusa, Naniwa-ku, Osaka, Osaka	Real estate	717	535	181
   willDo Kachigawa	1-2-1, Asahimachi, Kasugai, Aichi (Note 2)	Real estate	672	362	309
   Stagea Kogane	5-15, Ogondori, Nakamura-ku, Nagoya, Aichi (Note 2)	Real estate	568	448	119
   willDo Hamasaki dori	2-31, Hamasakidori, Hyogo-ku, Kobe, Hyogo	Real estate	2,390	1,774	615
   willDo Minamimorimachi	3-2-13, Nishitemma, Kita-ku, Osaka, Osaka	Real estate	564	433	130
   willDo Minami Urawa	3-8-4, Minami Urawa, Minami-ku, Saitama, Saitama	Real estate	504	336	167
   willDo Matsuyamachi	1-1, Matsuyamachi Sumiyoshi, Chuo-ku, Osaka, Osaka	Real estate	1,100	685	414
   willDo ShinOsaka	5-4-8, Miyahara, Yodogawa-ku, Osaka, Osaka	Real estate	1,170	685	484
   College Square Higashikurume	1-4-24, Shinkawacho, Higashikurume, Tokyo	Real estate	649	384	264

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   willDo Sannomiya East	6-1-24, Higuredori, Chuo-ku, Kobe, Hyogo	Real estate	823	540	282
   willDo Kujo	3-28-21, Kujo, Nishi-ku, Osaka, Osaka	Real estate	680	508	171
   willDo Takabata	4-16, Takabata, Nakagawa-ku, Nagoya, Aichi (Note 2)	Real estate	494	358	135
   Prospect MusashiShinjo	1-3-10, Shimo-shinjo, Nakahara-ku, Kawasaki, Kanagawa	Real estate	1,420	874	545
   Fragrance Kawasaki	8-10, Miyamae-cho , Kawasaki-ku, Kanagawa	Real estate	844	442	401
   Prospect ChuoRinkan	5-1-10, Chuo-rinkan, Yamato, Kanagawa	Real estate	749	399	349
   Prospect Nakanoshima	4-2-40, Nakanoshima, Kita-ku, Osaka, Osaka	Real estate	1,090	627	462
   Prospect Toyonaka Hattori	2-2-18, Hattori-motomachi, Toyonaka, Osaka	Real estate	469	278	190
   Prospect Shimogamo	48-2, Shimogamo Nishi-honmachi, Sakyo-ku, Kyoto, Kyoto (Note 2)	Real estate	316	241	74
   Prospect Kawaramachi Gojo	758-6, Nishi-hashizume-cho, Teramachi-dori go-jo agaru, Shimogyo-ku, Kyoto, Kyoto (Note 2)	Real estate	753	484	268
   Gransys Esaka	18-31, Hiroshibacho, Suita, Osaka	Real estate	1,890	1,123	766
   Serenite Koshien	7-8, Koshientakashiocho, Nishinomiya, Hyogo	Trust beneficiary interest	3,410	2,211	1,198
   Pregio Miyakojima	3-17-17, Miyakojimahondori, Miyakojima-ku, Osaka, Osaka	Real estate	2,080	1,432	647
   Serenite ShinOsaka Nibankan	1-3-14, Miyahara, Yodogawa-ku, Osaka, Osaka	Trust beneficiary interest	4,430	3,167	1,262
   Gran Casa UmedaKita	5-1-7, Toyosaki, Kita-ku, Osaka, Osaka	Trust beneficiary interest	2,710	1,884	825
   Serenite Honmachi Grande	1-4-22, Itachibori, Nishi-ku, Osaka, Osaka	Trust beneficiary interest	6,530	3,785	2,744
   Gransys Tenmabashi	1-2-12, Shimamachi, Chuo-ku, Osaka, Osaka	Trust beneficiary interest	5,790	3,829	1,960
   DayGran Tsurumi	4-3-19, Tsurumi, Tsurumi-ku, Osaka, Osaka	Real estate	1,370	994	375
   Sakura Hills Riverside WEST	1-39-3, Nagono, Nakamura-ku, Nagoya, Aichi	Real estate	2,550	1,750	799
   Sakura Hills Riverside EAST	1-38-11, Nagono, Nakamura-ku, Nagoya, Aichi	Real estate	1,320	946	373
   Sakura Hills Meieki NORTH	2-25-12, Nagono, Nishi-ku, Nagoya, Aichi	Real estate	979	708	270
   Runai Nippombashi anhelo	5-7-12 Nippombashi, Naniwa-ku, Osaka, Osaka	Real estate	1,970	1,317	652
   HS UMEDA EAST	5-8-2, Nishitemma, Kita-ku, Osaka, Osaka	Real estate	2,950	2,022	927
   Serenite Umeda EST	5-15-12, Nishitemma, Kita-ku, Osaka, Osaka	Real estate	1,480	989	490
   Serenite Yuhigaoka EST	5-4-8, Ueshio, Tennoji-ku, Osaka, Osaka	Real estate	1,090	763	326
   Serenite Umeda Reflet	5-8-5,Nishitemma,Kita-ku,Osaka,Osaka	Real estate	1,430	1,154	275
   Gran Casa Urayasu	1-7-28,Toudaijima,Urayasu, Chiba	Real estate	938	910	27
   Gran Casa Chiyoda	2-2-27,Chiyoda,Naka-ku,Nagoya,Aichi	Trust beneficiary interest	952	966	(14)
   Gran Casa Nambamotomachi	2-3-14, Motomachi, Naniwa-ku, Osaka-shi, Osaka	Trust beneficiary interest	6,660	6,062	597
   Gran Casa Ryokuchi Koen	1-1, Higashiterauchicho, Toyonaka-shi, Osaka	Trust beneficiary interest	2,970	2,644	325
   Gran Casa Shin-Osaka SOUTH	4-11-1, Kigawahigashi, Yodogawa-ku, Osaka-shi, Osaka	Trust beneficiary interest	4,840	4,524	315
   Serenite Nippombashi Prier	1-6-7, Nippombashihigashi, Naniwa-ku, Osaka-shi, Osaka	Trust beneficiary interest	2,900	2,671	228
   Gran Casa Tennoji EAST	12-19, Kokubucho, Tennoji-ku, Osaka-shi, Osaka	Real estate	878	897	(19)
   Serenite Namba Plie	2-2-3, Nippombashihigashi, Naniwa-ku, Osaka-shi, Osaka	Trust beneficiary interest	2,890	2,831	58

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   L-Place Esaka Ⅱ	3-22-16,Tarumicho, Suita-shi, Osaka	Trust beneficiary interest	2,930	2,934	(4)
   PREGIO Namba	1-10-7, Motomachi, Naniwa-ku, Osaka-shi, Osaka	Trust beneficiary interest	4,380	4,582	(202)
   Serenite Hommachi Higashi Lien	1-3-10, Bakuromachi, Chuo-ku, Osaka-shi, Osaka	Trust beneficiary interest	3,780	3,827	(47)
   Gran Casa Kyotoekimae	29-1,Nishikujoyokomachi,Minami-ku,Kyoto-shi, Kyoto (Note 2)	Trust beneficiary interest	1,640	1,648	(8)
   Gran Casa Gyotoku	4-22-22 Gyotoku Ekimae,Ichikawa-shi,Chiba	Trust beneficiary interest	2,660	2,666	(6)
   Gran Casa Yamato	5-3-9 Chuo,Yamato-shi, Kanagawa	Trust beneficiary interest	2,170	2,241	(71)
   Gran Casa Ichikawa Konodai	3-29-9 Ichikawa,Ichikawa-shi,Chiba	Trust beneficiary interest	1,980	2,002	(22)
   Gran Casa Saitamashintoshin	2-88-1, Kishikicho, Omiya-ku,Saitama-shi, Saitama	Trust beneficiary interest	3,220	3,432	(212)
   Sereno Omiya	1-41-2, Torocho, Kita-ku, Saitama, Saitama	Real estate	2,210	1,621	588
   Suzuran-kan	4-38-2, Kishikicho, Omiya-ku, Saitama, Saitama	Real estate	697	405	291
   Bonheur Tokiwa	10-8-5, Tokiwa, Urawa-ku, Saitama, Saitama	Real estate	947 （Note 3）	759	187
   Libest NishiChiba	1-21-20, Saiwaicho, Mihama-ku, Chiba, Chiba	Real estate	3,160	1,785	1,374
   willDo Temmacho	1-2-9, Temma, Atsuta-ku, Nagoya, Aichi	Real estate	842 （Note 4）	507	334
   willDo NishiAkashi	111-1, Uozumicho Nishioka, Akashi, Hyogo	Real estate	919	527	391
   Libest Higashi Nakayama	2-6-5, Higashi Nakayama, Funabashi, Chiba	Real estate	1,960	1,118	841
   Stellato City Sakurayama	1-6, Hiromicho, Showa-ku, Nagoya, Aichi (Note 2)	Real estate	829	574	254
   La Vita Nippombashi	2-20-11, Nippombashi, Chuo-ku, Osaka, Osaka	Real estate	2,430	1,492	937
   willDo Kurokawa	2-7, Shigaminamitori, Kita-ku, Nagoya, Aichi (Note 2)	Real estate	649	476	172
   Deim Hashimoto	3-20-17, Hashimoto, Midori-ku, Sagamihara, Kanagawa	Real estate	1,230	845	384
   Prospect Kawasaki	2-60-3, Minami-saiwai-cho, Saiwai-ku, Kawasaki, Kanagawa (Note 2)	Real estate	2,750	1,257	1,492
   Prospect UrawaTokiwa	10-17-16, Tokiwa, Urawa-ku, Saitama, Saitama	Real estate	1,110	662	447
   Crown Heim NishiTanabe	2-8-4, Nishi-tanabe, Abeno-ku, Osaka, Osaka	Real estate	619	404	214
   The Residence Honmoku Yokohama Bayside	19-1, Honmokuhara, Naka-ku, Yokohama, Kanagawa	Trust beneficiary interest	8,360	4,727	3,632

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Lietocourt Marunouchi	3-23-23, Marunouchi, Naka-ku, Nagoya, Aichi	Trust beneficiary interest	5,180	3,482	1,697
   Gran Casa Kamimaezu	3-34-15, Chiyoda, Naka-ku, Nagoya, Aichi	Real estate	2,770	1,773	996
   Sakura Hills Fujimi	5-7, Fujimicho, Naka-ku, Nagoya, Aichi	Trust beneficiary interest	3,370	2,479	890
   Gran Casa Kitaurawa	3-19-21,Kita-urawa, Urawa-ku, Saitama,Saitama	Real estate	2,670	2,472	197
   Gran Casa Fujisawa	89-6 Omichi-Higashi, Fujisawa, Fujisawa-shi, Kanagawa (Note 2)	Trust beneficiary interest	1,160	1,053	106
   Gran Casa Mizonokuchi	4-27-44, Shimosakunobe, Takatsu-ku, Kawasaki-shi, Kanagawa	Trust beneficiary interest	2,340	2,340	0
   Satella Kita 34jo	5-1-20, Kita 34-jo Nishi, Kita-ku, Sapporo, Hokkaido	Real estate	1,340	938	401
   willDo Nakasu	5-5-16, Nakasu, Hakata-ku, Fukuoka, Fukuoka	Real estate	3,110	2,138	971
   willDo Okayamaeki Nishiguchi	11-17, Showacho, Kita-ku, Okayama, Okayama	Real estate	1,360 （Note 5）	850	509
   willDo Okayamadaiku	3-1-4, Daiku, Kita-ku, Okayama, Okayama	Real estate	1,210 （Note 5）	808	401
   Sky Hills N15	3-2-14, Kita 15-jo Nishi, Kita-ku, Sapporo, Hokkaido	Real estate	1,010	725	284
   Alpha Tower Sapporo Minami4jo	3-17-3, Minami 4-jo Higashi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Real estate	1,700	1,059	640
   Renaissance 21 Hakata	5-9, Kamiyamachi, Hakata-ku, Fukuoka-shi, Fukuoka	Real estate	2,150	1,356	793
   Cresidence Sapporo Minami4jo	2-18-1, Minami 4-jo Higashi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Real estate	1,500	1,008	491
   Granpark Tenjin	1-8-26, Maizuru, Chuo-ku, Fukuoka, Fukuoka	Trust beneficiary interest	7,550	4,368	3,181
   Forest Hill SendaiAoba	5-1, Kawauchi Yodomibashi-dori, Aoba-ku, Sendai, Miyagi	Trust beneficiary interest	2,860	2,464	395
   Gran Casa Sendai Itsutsubashi	8-1, Shimizukoji, Wakabayashi-ku, Sendai, Miyagi	Trust beneficiary interest	2,250	1,897	352
   Gran Casa NagayamaKoen Dori	9-13-4, Kita 1-jo Higashi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Real estate	1,270	1,059	210
   Gran Casa Minami11jo	7-1-1, Minami 11-jo Nishi, Chuo-ku, Sapporo, Hokkaido	Real estate	1,050	801	248
   Gran Casa Watanabedori	2-6-4, Kiyokawa, Chuo-ku, Fukuoka-shi, Fukuoka	Real estate	727	729	(2)
   Gran Casa Minami6jo	7-1-15, Minami 6jo-Nishi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Real estate	1,720	1,753	(33)
   Gran Casa Urasando	21-1-16, Minami 1jo Nishi, Chuo-ku,Sapporo-shi, Hokkaido	Real estate	2,020	1,434	585
   Gran Casa Kita3jo	3-1-9, Kita 3-jo Higashi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Real estate	1,850	1,272	577
   Chijikoukanmae Tower Residence	16-1-1, Kita 3-jo Nishi, Chuo-ku, Sapporo, Hokkaido (Note 2)	Trust beneficiary interest	5,620	4,319	1,300
   Charm Suite Ryokuchi Koen	3-2-21, Nishi Izumi Gaoka, Toyonaka, Osaka	Trust beneficiary interest	3,150	2,850	299
   SOMPO CARE LAVIERE SAGAMIHARA CHUO	3-6-3, Chuo, Chuo-ku, Sagamihara, Kanagawa	Trust beneficiary interest	1,840	1,638	201
   Sawayaka Heart Life Nishikyogoku	5, Nishi Kyogoku Tsutsumi Shita-cho, Ukyo-ku, Kyoto, Kyoto (Note 2)	Trust beneficiary interest	1,270	1,045	224
   SOMPO CARE LAVIERE KINUGASAYAMA KOEN	4-8-15, Koyabe,Yokosuka, Kanagawa	Trust beneficiary interest	2,130	1,826	303

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Super Court JR Nara-Ekimae	1-5-35, Omiya-cho, Nara, Nara	Trust beneficiary interest	1,710	1,567	142
   La’nassica Arakogawa	4-34-1, Takagi-cho, Minato-ku,Nagoya, Aichi	Trust beneficiary interest	1,490	1,264	225
   Sompo no ie Nishitanabeekimae	1-1-21, Nishi Tanabe-cho, Abeno-ku, Osaka, Osaka	Trust beneficiary interest	735	696	38
   Irise Komae Bettei	1-32-5, Higashi Nogawa,Komae, Tokyo	Trust beneficiary interest	1,400	1,313	86
   AIP KACHIDOKI-EKIMAE	3-5-5 Kachidoki,Chuo-ku, Tokyo	Trust beneficiary interest	9,240	8,225	1,014
   PLAISANT GRAND MINAMI YUKIGAYA	3-11-9 Minamiyukigaya, Ota-ku, Tokyo	Trust beneficiary interest	3,510	3,421	88
   Aira no mori Higashi-Ofuna	3-15-22 Kasama, Sakae-ku,Yokohama-shi, Kanagawa	Trust beneficiary interest	2,610	2,285	324
   Aira no mori Shakujiikoen	1-29-15 Miharadai,Nerima-ku, Tokyo	Trust beneficiary interest	2,320	2,084	235
   Aira no mori Edogawa-Shinozaki	5-9-1 Shinozakimachi,Edogawa-ku, Tokyo	Trust beneficiary interest	1,620	1,512	107
   Senior Forest Yokohama-Tsuzuki	3-31 Mihanayama, Tsuzuki-ku, Yokohama-shi, Kanagawa	Trust beneficiary interest	1,300	1,210	89
   Good Time Living Center-Minami Platesia Center-Minami	56-9 Chigasakichuo, Tsuzuki-ku, Yokohama-shi, Kanagawa	Trust beneficiary interest	11,800	11,226	573
   Good Time Living Chibaminato-Kaigandori Platesia Chibaminato	1-18-28 Chuoko, Chuo-ku,Chiba-shi, Chiba	Trust beneficiary interest	4,170	4,877	(707)
   Good Time Living Yokohama-Tsuzuki	1-24 Omaru, Tsuzuki-ku,Yokohama-shi, Kanagawa	Trust beneficiary interest	4,060	4,171	(111)
   Good Time Living Senri-Hinatagaoka	15-20 Senriokanishi,Suita-shi, Osaka	Trust beneficiary interest	3,040	2,818	221
   Good Time Living Nakamozu	1423-77 Kanaokamachi, Kita-ku,Sakai-shi, Osaka (Note 2)	Trust beneficiary interest	2,390	2,187	202
   Good Time Living Kourigaoka	3-8-52 Korigaoka,Hirakata-shi, Osaka (Note 2)	Trust beneficiary interest	2,400	2,212	187

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Library Nerima Yahara	2-7-24, Yahara,Nerima-ku, Tokyo	Trust beneficiary interest	3,270	3,294	(24)
   Library Shimura-sakaue	1-23-11, Azusawa,Itabashi-ku, Tokyo	Trust beneficiary interest	2,780	2,737	42
   Sunny Life Kamakura Tamanawa	4-2-1, Tamanawa, Kamakura, Kanagawa (Note 2)	Trust beneficiary interest	1,770	1,843	(73)
   SOMPO CARE LAVIERE HIROSHIMA HIKARIGAOKA	2-40, Hikari Ga Oka, Higashi-ku, Hiroshima, Hiroshima	Trust beneficiary interest	1,280	1,106	173
   Sawayaka Kaikyokan	1-11-13, Hama Machi, Wakamatsu-ku,Kitakyushu, Fukuoka	Trust beneficiary interest	991	764	226
   Sawayaka Meisuikan	5-7-6, Higashi Narumizu, Yahata Nishi-ku, Kitakyushu, Fukuoka	Trust beneficiary interest	901	717	183
   Sawayaka Hinodekan	2-2-33, Hi No De, Chuo-ku,Niigata, Niigata	Trust beneficiary interest	932	824	107
   Silver Heights Hitsujigaoka No.3	15-4-38, Tsukisamu Higashi 4 Jo, Toyohira-ku, Sapporo, Hokkaido	Trust beneficiary interest	1,380	1,268	111
   Alpha Living Okayama Nishigawa Ryokudokoen	6-2, Chuo-cho, Kita-ku,Okayama, Okayama	Trust beneficiary interest	740	738	1
   Alpha Living Takamatsu Ekimae	1-6, Nishi Uchi Machi, Takamatsu, Kagawa	Trust beneficiary interest	631	602	28
   Alpha Living Takamatsu Hyakkenmachi	8-11, Hyakken Machi, Takamatsu, Kagawa (Note 2)	Trust beneficiary interest	619	567	51
   Alpha Living Takamatsu Konyamachi	5-3 Konyamachi,Takamatsu, Kagawa (Note 2)	Trust beneficiary interest	1,280	1,219	60
   Total	—	—	491,018	385,064	105,953

   (Note 1) The appraisal value at the end of the period is the value appraised by the real estate appraiser (appraisal value as of the closing date) under the articles of incorporation of the Investment Corporation and Cabinet Office regulations (Ordinance on Accountings of Investment Corporations; Cabinet Office regulations No. 47 of 2006).

   (Note 2) The location of the building register is listed because it is an area where the addressing system has not been implemented. (Note 3) The asset was disposed of on April 25, 2025, and the appraisal value is the value as of September 30, 2024.

   (Note 4) The asset was disposed of on April 8, 2025, and the appraisal value is the value as of September 30, 2024. (Note 5) The asset was disposed of on April 2, 2025, and the appraisal value is the value as of September 30, 2024.

   Property name	Location	Type of ownership	(A) Appraisal value at the end of the period (million yen) (Note 1)	(B) Amount recorded on the balance sheet (million yen)	Unrealized gain or loss (A)-(B) (million yen)
   Good Time Living Kameido	9-34-1-137 Kameido,Koto-ku, Tokyo	Trust beneficiary interest	2,580	1,880	699
   Good Time Living Mikage	3-2-3 Mikagenakamachi, Higashinada-ku,Kobe-shi, Hyogo	Trust beneficiary interest	2,520	1,862	657
   Good Time Living Amagasaki-Shintoshin	1-3-34 Shioe,Amagasaki-shi, Hyogo	Trust beneficiary interest	1,850	1,614	235
   Good Time Living Minami Senri	3-22-2 Yamadanishi,Suita-shi, Osaka	Trust beneficiary interest	1,630	1,545	84
   Good Time Living Kobe-Tarumi	1941-3 Amidabo Myodanicho, Tarumi-ku,Kobe-shi, Hyogo (Note 2)	Trust beneficiary interest	1,520	1,456	63
   Good Time Living Chibaminato-Ekimaedori	1-15-8 Chuoko, Chuo-ku,Chiba-shi, Chiba	Trust beneficiary interest	1,280	1,423	(143)
   Good Time Living Senboku-Izumigaoka	3-2-2 Takakuradai, Minami-ku,Sakai-shi, Osaka	Trust beneficiary interest	1,100	1,024	75
   Good Time Living Ikeda-Midorigaoka	1-4-23 Midorigaoka,Ikeda-shi, Osaka	Trust beneficiary interest	969	963	5
   Good Time Living Nagatsuta-Minamidai	2-12-13 Nagatsuta Minamidai, Midori-ku,Yokohama-shi, Kanagawa	Trust beneficiary interest	799	860	(61)
   Good Time Living Saitama-Hasuda	2-41 Yamanouchi,Hasuda-shi, Saitama (Note 2)	Trust beneficiary interest	679	676	2
   Good Time Living Nagareyama-Ichibankan	1-25-4 Otakanomoriminami, Nagareyama-shi, Chiba (Note 2)	Trust beneficiary interest	613	639	(26)
   Good Time Living Nagareyama-Nibankan	2-1-1 Otakanomoriminami,Nagareyama-shi, Chiba (Note 2)	Trust beneficiary interest	670	633	36
   Good Time Living Amagasaki-Ekimae	27-3 Misonocho,Amagasaki-shi, Hyogo (Note 2)	Trust beneficiary interest	368	352	15
   Good Time Living Osaka Bay	1-3-3 Benten, Minato-ku, Osaka, Osaka	Trust beneficiary interest	4,770	4,785	(15)
   Sunny Life Hiyoshi	15-8 Yagami, Saiwai-ku, Kawasaki, Kanagawa	Trust beneficiary interest	2,100	2,091	8
   Sunny Life Chofu	3-54-1 Tamagawa, Chofu, Tokyo (Note 2)	Trust beneficiary interest	2,200	2,009	190
   Charm Premier Kamakurayama	3-20-1, Kamakurayama, Kamakura, Kanagawa	Trust beneficiary interest	2,770	2,622	147
   As Heim Tsunashima	4-29-1, Komaoka, Tsurumi-ku, Yokohama, Kanagawa	Trust beneficiary interest	1,650	1,561	88
   Library ShinShibamata	8-13-2, Kitakoiwa, Edogawa-ku, Tokyo	Trust beneficiary interest	1,540	1,453	86
   Ishinkan Kamiooka	1-11-13, Okubo, Kounan-ku, Yokohama, Kanagawa	Trust beneficiary interest	1,060	986	73
   Sunny Life Shibaura	5-5-35, Kounan, Minato-ku, Tokyo	Trust beneficiary interest	6,440	6,528	(88)

   The following shows the changes in the rental business in relation to the properties owned by the Investment Corporation:

   Property name	37th period From April 1, 2024 to September 30, 2024				38th period From October 1, 2024 to March 31, 2025
   	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)
   willDo Kiyosumi	1	99.5	178	1.4	1	97.1	178	1.4
   Joy Oyamadai	1	100.0	21	0.2	1	100.0	22	0.2
   willDo Otsuka	1	96.8	24	0.2	1	100.0	23	0.2
   Toshin Shoto Mansion	1	97.2	27	0.2	1	100.0	27	0.2
   Harmony Kamikitazawa	1	100.0	12	0.1	1	100.0	12	0.1
   College Square KitaIkebukuro	1	100.0	20	0.2	1	100.0	20	0.2
   College Square TobuNerima	1	100.0	26	0.2	1	100.0	26	0.2
   College Square Akatsuka	1	100.0	22	0.2	1	100.0	22	0.2
   College Square Waseda II	1	100.0	7	0.1	1	100.0	7	0.1
   College Square Myogadani	1	100.0	30	0.2	1	100.0	30	0.2
   College Square Shinkoiwa	1	100.0	20	0.2	1	100.0	20	0.2
   College Square Kiba	1	100.0	19	0.2	1	100.0	19	0.2
   College Square Kinshicho	1	100.0	13	0.1	1	100.0	13	0.1
   College Square Waseda	1	100.0	8	0.1	1	100.0	8	0.1
   Lexington Square ShinjukuGyoen	1	100.0	40	0.3	1	100.0	40	0.3
   Prospect NihombashiHoncho	1	100.0	34	0.3	1	98.4	34	0.3
   Maison de Ville Takanawa Gyoranzaka	1	100.0	48	0.4	1	100.0	49	0.4
   Roppongi Rise House	1	100.0	32	0.3	1	100.0	33	0.3
   TK FLATS SHIBUYA	1	100.0	196	1.6	1	99.5	192	1.5
   Maison de Ville NakaMeguro	1	98.0	38	0.3	1	100.0	39	0.3
   Prospect KALON Minowa	1	100.0	65	0.5	1	95.9	64	0.5
   Prospect Shinonomebashi	1	97.6	121	1.0	1	99.4	120	1.0
   Prospect Monzennakacho	1	95.2	40	0.3	1	100.0	43	0.3
   Prospect Ogikubo	1	95.1	27	0.2	1	97.1	26	0.2
   Exceria Ikebukuro West II	1	97.6	32	0.3	1	100.0	32	0.3
   Prospect OmoriKaigan	1	100.0	60	0.5	1	98.7	60	0.5
   Gala Place Shinjuku Gyoen	1	98.1	83	0.7	1	99.2	84	0.7
   Joyce Court	1	98.6	128	1.0	1	99.1	127	1.0
   Gran Casa Asakusa	1	100.0	52	0.4	1	100.0	51	0.4
   Gran Casa Roppongi	1	95.3	29	0.2	1	100.0	32	0.3
   Gran Casa MinamiAoyama	1	100.0	62	0.5	1	95.4	62	0.5
   Storia Jingumae	1	97.2	67	0.5	1	94.5	66	0.5
   Gran Casa Shinjuku Gyoen	1	100.0	92	0.7	1	100.0	91	0.7
   Lietocourt Yotsuya	1	96.0	60	0.5	1	97.7	59	0.5
   Lietocourt Motoakasaka	1	100.0	41	0.3	1	95.2	40	0.3
   Gran Casa Ginza East	1	100.0	63	0.5	1	96.6	61	0.5
   Gran Casa Minowa	1	100.0	27	0.2	1	100.0	27	0.2
   Gran Casa Honkomagome	1	97.3	38	0.3	1	100.0	37	0.3
   Gran Casa Nihonbashi Hamacho	1	100.0	21	0.2	1	96.0	20	0.2
   Gran Casa Magome I	1	100.0	14	0.1	1	100.0	14	0.1
   Gran Casa Omorikaigan	1	97.7	26	0.2	1	100.0	26	0.2
   Gran Casa Uenoikenohata	1	96.9	35	0.3	1	100.0	37	0.3
   Gran Casa Sumiyoshi	1	100.0	29	0.2	1	100.0	29	0.2
   Gran Casa Uenoiriya	1	96.7	30	0.2	1	100.0	31	0.2
   Gran Casa Monzennakacho	1	100.0	18	0.2	1	100.0	19	0.2
   Gran Casa Magome Ⅱ	1	100.0	17	0.1	1	100.0	16	0.1
   Gran Casa Itabashi EAST	1	100.0	22	0.2	1	88.1	24	0.2
   Gran Casa Kuramae	1	100.0	37	0.3	1	100.0	39	0.3
   Gran Casa Kiyosumishirakawa	1	100.0	43	0.3	1	100.0	42	0.3
   Gran Casa Hikifune	1	96.7	68	0.5	1	100.0	69	0.6
   Gran Casa Oji	1	100.0	30	0.2	1	100.0	29	0.2
   Gran Casa Ryogoku East	1	90.7	28	0.2	1	100.0	27	0.2
   Gran Casa Tabata	1	100.0	21	0.2	1	100.0	21	0.2
   Gran Casa Kinshicho	1	95.4	19	0.2	1	100.0	20	0.2
   Gran Casa Itabashihoncho	1	97.2	30	0.2	1	100.0	30	0.2
   Gran Casa Ueno	1	100.0	23	0.2	1	100.0	22	0.2
   Gran Casa Ojima	1	99.0	67	0.5	1	100.0	68	0.5

   Property name	37th period From April 1, 2024 to September 30, 2024				38th period From October 1, 2024 to March 31, 2025
   	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)
   Gran Casa Edogawabashi	1	100.0	52	0.4	1	97.6	52	0.4
   Gran Casa MinowaⅡ	1	100.0	35	0.3	1	100.0	35	0.3
   Gran Casa Yotsuya	1	98.9	79	0.6	1	100.0	80	0.6
   Gran Casa MinowaⅢ	1	100.0	26	0.2	1	100.0	27	0.2
   Gran Casa MinowaⅣ	1	93.6	31	0.2	1	98.7	46	0.4
   Gran Casa Higashinakano	-	-	-	-	1	96.9	21	0.2
   Gran Casa Ayase	-	-	-	-	1	100.0	13	0.1
   Profit Link Takenotsuka	1	100.0	27	0.2	1	100.0	26	0.2
   Dream Heights	1	94.1	17	0.1	1	100.0	18	0.1
   Green Hills Asukayama	1	92.8	22	0.2	1	100.0	23	0.2
   Oji Heights	1	100.0	19	0.2	1	95.8	17	0.1
   Sakagami Royal Heights No. II	1	100.0	17	0.1	1	100.0	17	0.1
   Greenhills Roka	1	95.5	22	0.2	1	100.0	22	0.2
   Lofty Hirai	1	100.0	14	0.1	1	100.0	14	0.1
   THE PALMS YOYOGI UEHARA COSMO TERRACE	1	96.8	41	0.3	1	94.4	43	0.3
   Sun Terrace Yoyogi Uehara	1	94.6	45	0.4	1	100.0	46	0.4
   Prospect NihombashiKoamicho	1	100.0	31	0.3	1	100.0	33	0.3
   Park Terrace Ebisu	1	98.7	76	0.6	1	96.5	76	0.6
   Prospect Shibuya Dogenzaka	1	100.0	61	0.5	1	98.2	64	0.5
   Prospect Glarsa Hiroo	1	100.0	122	1.0	1	100.0	121	1.0
   Prospect Hatsudai	1	100.0	20	0.2	1	100.0	20	0.2
   Prospect NishiSugamo	1	100.0	43	0.3	1	92.9	42	0.3
   Prospect Machiya	1	100.0	20	0.2	1	100.0	20	0.2
   Prospect KiyosumiTeien	1	97.5	107	0.8	1	97.0	105	0.8
   Prospect Morishita	1	93.7	51	0.4	1	98.1	49	0.4
   Prospect OnshiKoen	1	100.0	47	0.4	1	100.0	47	0.4
   BELNOS34	1	100.0	94	0.7	1	100.0	93	0.7
   Glana Ueno	1	100.0	60	0.5	1	97.4	45	0.4
   Lietocourt Asakusabashi	1	100.0	60	0.5	1	97.7	60	0.5
   Gran Casa ShinKoiwa	1	100.0	43	0.3	1	100.0	43	0.3
   Gran Casa Ryogoku Ichibankan	1	97.4	42	0.3	1	100.0	41	0.3
   Gran Casa Ryogoku Nibankan	1	100.0	23	0.2	1	100.0	23	0.2
   Gran Casa Bunkyo Sengoku	1	94.4	35	0.3	1	100.0	36	0.3
   Gran Casa Minamisenju	1	100.0	35	0.3	1	100.0	33	0.3
   Gran Casa Ryogoku Verde	1	98.2	43	0.3	1	95.3	48	0.4
   Gran Casa Nippori	1	100.0	37	0.3	1	91.3	40	0.3
   Gran Casa OjiⅡ	1	100.0	80	0.6	1	100.0	103	0.8
   willDo Yokohama Minami	1	95.3	10	0.1	1	100.0	9	0.1
   willDo Kanayama masaki	1	100.0	18	0.1	1	100.0	19	0.2
   willDo Ichioka	1	98.4	23	0.2	1	100.0	23	0.2
   willDo Ebie	1	100.0	12	0.1	1	100.0	12	0.1
   willDo ImafukuNishi	1	100.0	13	0.1	1	100.0	14	0.1
   VISTA SUPREME	1	100.0	17	0.1	1	100.0	16	0.1
   willDo Tsukamoto	1	96.9	27	0.2	1	100.0	26	0.2
   willDo Tanimachi	1	98.1	31	0.2	1	98.1	31	0.3
   willDo Namba w Ⅱ	1	97.8	17	0.1	1	100.0	17	0.1
   willDo Namba w Ⅰ	1	98.5	23	0.2	1	100.0	23	0.2
   willDo Kachigawa	1	98.4	23	0.2	1	100.0	22	0.2
   Stagea Kogane	1	100.0	21	0.2	1	97.1	22	0.2
   willDo Hamasaki dori	1	100.0	82	0.7	1	100.0	82	0.7
   willDo Minamimorimachi	1	100.0	16	0.1	1	100.0	16	0.1
   willDo Minami Urawa	1	91.6	14	0.1	1	100.0	14	0.1
   willDo Matsuyamachi	1	98.4	31	0.3	1	100.0	30	0.2
   willDo ShinOsaka	1	97.1	30	0.2	1	98.5	29	0.2
   College Square Higashikurume	1	100.0	15	0.1	1	100.0	15	0.1
   willDo Sannomiya East	1	97.0	27	0.2	1	100.0	27	0.2
   willDo Kujo	1	100.0	22	0.2	1	100.0	22	0.2

   Property name	37th period From April 1, 2024 to September 30, 2024				38th period From October 1, 2024 to March 31, 2025
   	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)
   willDo Takabata	1	98.1	19	0.2	1	100.0	18	0.1
   Prospect MusashiShinjo	1	97.7	42	0.3	1	100.0	47	0.4
   Fragrance Kawasaki	1	100.0	21	0.2	1	100.0	22	0.2
   Prospect ChuoRinkan	1	93.8	23	0.2	1	100.0	23	0.2
   Prospect Nakanoshima	1	100.0	28	0.2	1	100.0	29	0.2
   Prospect Toyonaka Hattori	1	100.0	15	0.1	1	100.0	16	0.1
   Prospect Shimogamo	1	100.0	11	0.1	1	100.0	11	0.1
   Prospect Kawaramachi Gojo	1	93.0	24	0.2	1	96.3	25	0.2
   Gransys Esaka	1	98.8	52	0.4	1	100.0	53	0.4
   Serenite Koshien	1	98.2	90	0.7	1	100.0	90	0.7
   Pregio Miyakojima	1	98.5	62	0.5	1	100.0	62	0.5
   Serenite ShinOsaka Nibankan	1	97.0	104	0.8	1	99.1	103	0.8
   Gran Casa UmedaKita	1	98.4	65	0.5	1	100.0	65	0.5
   Serenite Honmachi Grande	1	100.0	152	1.2	1	99.6	152	1.2
   Gransys Tenmabashi	1	100.0	138	1.1	1	100.0	141	1.1
   DayGran Tsurumi	1	95.2	38	0.3	1	100.0	38	0.3
   Sakura Hills Riverside WEST	1	98.7	61	0.5	1	98.9	63	0.5
   Sakura Hills Riverside EAST	1	96.0	33	0.3	1	97.9	33	0.3
   Sakura Hills Meieki NORTH	1	94.2	24	0.2	1	97.1	26	0.2
   Runai Nippombashi anhelo	1	96.8	51	0.4	1	99.2	53	0.4
   HS UMEDA EAST	1	99.2	68	0.5	1	99.3	68	0.5
   Serenite Umeda EST	1	93.1	33	0.3	1	98.3	34	0.3
   Serenite Yuhigaoka EST	1	98.1	26	0.2	1	100.0	27	0.2
   Serenite Umeda Reflet	1	100.0	35	0.3	1	98.1	34	0.3
   Gran Casa Urayasu	1	100.0	24	0.2	1	100.0	24	0.2
   Gran Casa Chiyoda	1	100.0	27	0.2	1	98.6	26	0.2
   Gran Casa Nambamotomachi	1	98.6	152	1.2	1	98.0	154	1.2
   Gran Casa Ryokuchi Koen	1	98.4	83	0.7	1	100.0	83	0.7
   Gran Casa Shin-Osaka SOUTH	1	98.5	114	0.9	1	97.0	115	0.9
   Serenite Nippombashi Prier	1	100.0	69	0.6	1	100.0	71	0.6
   Gran Casa Tennoji EAST	1	98.1	23	0.2	1	100.0	23	0.2
   Serenite Namba Plie	1	97.4	73	0.6	1	100.0	74	0.6
   L-Place Esaka Ⅱ	1	100.0	92	0.7	1	100.0	92	0.7
   PREGIO Namba	1	96.1	108	0.9	1	97.5	108	0.9
   Serenite Hommachi Higashi Lien	1	98.3	92	0.7	1	98.0	94	0.7
   Gran Casa Kyotoekimae	1	100.0	43	0.3	1	98.2	43	0.3
   Gran Casa Gyotoku	1	95.6	19	0.2	1	99.1	59	0.5
   Gran Casa Yamato	1	100.0	17	0.1	1	97.4	52	0.4
   Gran Casa Ichikawa Konodai	1	91.7	15	0.1	1	98.1	50	0.4
   Gran Casa Saitamashintoshin	-	-	-	-	1	100.0	1	0.0
   Sereno Omiya	1	99.0	75	0.6	1	96.1	76	0.6
   Suzuran-kan	1	100.0	20	0.2	1	100.0	20	0.2
   Bonheur Tokiwa	1	97.1	30	0.2	1	100.0	29	0.2
   Libest NishiChiba	1	96.4	114	0.9	1	97.9	118	0.9
   willDo Temmacho	1	100.0	27	0.2	1	100.0	28	0.2
   willDo NishiAkashi	1	100.0	35	0.3	1	100.0	35	0.3
   Libest Higashi Nakayama	1	98.9	74	0.6	1	98.7	75	0.6
   Stellato City Sakurayama	1	92.3	25	0.2	1	100.0	24	0.2
   La Vita Nippombashi	1	98.6	66	0.5	1	100.0	67	0.5
   willDo Kurokawa	1	96.0	22	0.2	1	100.0	22	0.2
   Deim Hashimoto	1	100.0	46	0.4	1	100.0	46	0.4
   Prospect Kawasaki	1	100.0	66	0.5	1	94.4	64	0.5
   Prospect UrawaTokiwa	1	100.0	33	0.3	1	100.0	32	0.3
   Crown Heim NishiTanabe	1	100.0	19	0.2	1	100.0	19	0.2
   The Residence Honmoku Yokohama Bayside	1	97.3	230	1.8	1	98.1	234	1.9
   Lietocourt Marunouchi	1	97.1	139	1.1	1	100.0	142	1.1
   Gran Casa Kamimaezu	1	96.0	77	0.6	1	97.0	76	0.6

   Property name	37th period From April 1, 2024 to September 30, 2024				38th period From October 1, 2024 to March 31, 2025
   	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)
   Sakura Hills Fujimi	1	98.4	89	0.7	1	100.0	89	0.7
   Gran Casa Kitaurawa	1	100.0	69	0.5	1	98.2	66	0.5
   Gran Casa Fujisawa	1	100.0	32	0.3	1	100.0	31	0.2
   Gran Casa Mizonokuchi	1	100.0	54	0.4	1	100.0	54	0.4
   Satella Kita 34jo	1	97.8	52	0.4	1	98.8	52	0.4
   willDo Nakasu	1	99.6	93	0.7	1	100.0	91	0.7
   willDo Okayamaeki Nishiguchi	1	99.3	46	0.4	1	100.0	47	0.4
   willDo Okayamadaiku	1	93.6	39	0.3	1	97.7	40	0.3
   Sky Hills N15	1	100.0	43	0.3	1	99.1	44	0.3
   Alpha Tower Sapporo Minami4jo	1	98.7	52	0.4	1	97.9	52	0.4
   Renaissance 21 Hakata	1	98.8	60	0.5	1	100.0	59	0.5
   Cresidence Sapporo Minami4jo	1	100.0	46	0.4	1	100.0	46	0.4
   Granpark Tenjin	1	99.0	200	1.6	1	99.7	199	1.6
   Forest Hill SendaiAoba	1	91.7	89	0.7	1	98.4	90	0.7
   Gran Casa Sendai Itsutsubashi	1	96.7	68	0.5	1	100.0	69	0.5
   Gran Casa NagayamaKoen Dori	1	97.2	40	0.3	1	98.1	42	0.3
   Gran Casa Minami11jo	1	100.0	30	0.2	1	98.8	31	0.2
   Gran Casa Watanabedori	1	100.0	18	0.1	1	95.0	18	0.1
   Gran Casa Minami6jo	1	95.6	45	0.4	1	99.0	44	0.4
   Gran Casa Urasando	1	97.2	57	0.5	1	96.5	57	0.5
   Gran Casa Kita3jo	1	98.0	48	0.4	1	97.5	49	0.4
   Chijikoukanmae Tower Residence	1	95.1	145	1.1	1	98.2	146	1.2
   Charm Suite Ryokuchi Koen	1	100.0	Not disclosed (Note 3)	Not disclosed (Note 3)	1	100.0	Not disclosed (Note 3)	Not disclosed (Note 3)
   SOMPO CARE LAVIERE SAGAMIHARA CHUO	1	100.0			1	100.0
   Sawayaka Heart Life Nishikyogoku	1	100.0			1	100.0
   SOMPO CARE LAVIERE KINUGASAYAMA KOEN	1	100.0			1	100.0
   Super Court JR Nara-Ekimae	1	100.0			1	100.0
   La’nassica Arakogawa	1	100.0			1	100.0
   Sompo no ie Nishitanabeekimae	1	100.0			1	100.0
   Irise Komae Bettei	1	100.0			1	100.0
   AIP KACHIDOKI-EKIMAE	4	100.0			4	100.0
   PLAISANT GRAND MINAMI YUKIGAYA	1	100.0			1	100.0
   Aira no mori Higashi-Ofuna	2	100.0			2	100.0
   Aira no mori Shakujiikoen	1	100.0			1	100.0
   Aira no mori Edogawa-Shinozaki	1	100.0			1	100.0
   Senior Forest Yokohama-Tsuzuki	1	100.0			1	100.0
   Good Time Living Center-Minami Platesia Center-Minami	1	100.0			1	100.0
   Good Time Living Chibaminato-Kaigandori Platesia Chibaminato	1	100.0			1	100.0
   Good Time Living Yokohama-Tsuzuki	1	100.0			1	100.0
   Good Time Living Senri-Hinatagaoka	1	100.0			1	100.0
   Good Time Living Nakamozu	1	100.0			1	100.0
   Good Time Living Kourigaoka	1	100.0			1	100.0
   Good Time Living Kameido	1	100.0			1	100.0
   Good Time Living Mikage	1	100.0			1	100.0
   Good Time Living Amagasaki-Shintoshin	1	100.0			1	100.0
   Good Time Living Minami Senri	1	100.0			1	100.0
   Good Time Living Kobe-Tarumi	1	100.0			1	100.0
   Good Time Living Chibaminato-Ekimaedori	1	100.0			1	100.0
   Good Time Living Senboku-Izumigaoka	1	100.0			1	100.0
   Good Time Living Ikeda-Midorigaoka	1	100.0			1	100.0
   Good Time Living Nagatsuta-Minamidai	1	100.0			1	100.0
   Good Time Living Saitama-Hasuda	1	100.0			1	100.0
   Good Time Living Nagareyama-Ichibankan	1	100.0			1	100.0
   Good Time Living Nagareyama-Nibankan	1	100.0			1	100.0
   Good Time Living Amagasaki-Ekimae	1	100.0			1	100.0

   Property name	37th period From April 1, 2024 to September 30, 2024				38th period From October 1, 2024 to March 31, 2025
   	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)	Number of tenants at the end of the period (Note 1)	Occupancy rate at the end of the period (%) (Note 2)	Rent revenue during the period (million yen)	Ratio to total rent revenue (%)
   Good Time Living Osaka Bay	2	85.3	Not disclosed (Note 3)	Not disclosed (Note 3)	2	85.3	Not disclosed (Note 3)	Not disclosed (Note 3)
   Sunny Life Hiyoshi	3	100.0			3	100.0
   Sunny Life Chofu	1	100.0			1	100.0
   Charm Premier Kamakurayama	1	100.0			1	100.0
   As Heim Tsunashima	1	100.0			1	100.0
   Library ShinShibamata	1	100.0			1	100.0
   Ishinkan Kamiooka	1	100.0			1	100.0
   Sunny Life Shibaura	1	100.0			1	100.0
   Library Nerima Yahara	1	100.0			1	100.0
   Library Shimura-sakaue	1	100.0			1	100.0
   Sunny Life Kamakura Tamanawa	1	100.0			1	100.0
   SOMPO CARE LAVIERE HIROSHIMA HIKARIGAOKA	1	100.0			1	100.0
   Sawayaka Kaikyokan	1	100.0			1	100.0
   Sawayaka Meisuikan	1	100.0			1	100.0
   Sawayaka Hinodekan	1	100.0			1	100.0
   Silver Heights Hitsujigaoka No.3	1	100.0			1	100.0
   Alpha Living Okayama Nishigawa Ryokudokoen	1	100.0			1	100.0
   Alpha Living Takamatsu Ekimae	1	100.0			1	100.0
   Alpha Living Takamatsu Hyakkenmachi	1	100.0			1	100.0
   Alpha Living Takamatsu Konyamachi	1	100.0			1	100.0
   Turkey's Denen-Chofu No.2	-	-	0	0.0	-	-	-	-
   MGA Kanamachi	-	-	0	0.0	-	-	-	-
   Colonnade Kasuga	-	-	0	0.0	-	-	-	-
   Gran Casa Daikancho	-	-	-	-	-	-	0	0.0
   Sawayaka Riverside Kurinoki	-	-	Not disclosed (Note 3)	Not disclosed (Note 3)	-	-	Not disclosed (Note 3)	Not disclosed (Note 3)
   Alpha Living Okayama Korakuen	-	-			-	-
   willDo Todoroki	-	-	32	0.3	-	-	0	0.0
   SK RESIDENCE	-	-	24	0.2	-	-	0	0.0
   Angel Heim NishiRokugo No.2	-	-	29	0.2	-	-	-	-
   willDo Chiyoda	-	-	14	0.1	-	-	-	-
   willDo Kanayama	1	100.0	13	0.1	-	-	2	0.0
   willDo Kanayama sawashita	1	100.0	14	0.1	-	-	2	0.0
   willDo Higashibetsuin	1	93.9	24	0.2	-	-	3	0.0
   willDo Matsubara	1	98.1	19	0.2	-	-	3	0.0
   willDo Daikancho	1	100.0	19	0.2	-	-	3	0.0
   willDo Kamisugi3chome	1	93.6	21	0.2	-	-	14	0.1
   West Park Hasekura	1	90.3	66	0.5	-	-	42	0.3
   willDo Takasago	1	96.9	16	0.1	-	-	11	0.1
   willDo Taiko dori	1	99.0	40	0.3	-	-	38	0.3
   Total (Note 4)	25	98.6	12,643	100.0	25	99.1	12,634	100.0

   (Note 1) In the column “Number of tenants at the end of the period”, the fixed total number of tenants of each property at the closing date is entered. If a master leasing contract has been concluded with a master leasing company, the total number of tenants is one. If a tenant occupies more than one apartment in the same property, the tenant is counted as one. If a tenant occupies more than one property, tenant is counted as one in the subtotal and total.

   (Note 2) The rentable floor area at the time of calculating the occupancy rate is the area enclosed by the center line of the wall, and includes areas for the meter boxes and pipe space allocated to each apartment.

   (Note 3) "Not disclosed" is primarily due to not obtaining tenants' consent to disclose rent revenue.

   (Note 4) The total of the “Rent revenue during the period” column includes properties sold in each period, and the “Ratio to total rent revenue” is the ratio to the total of “Rent revenue during the period”.

4. Detailed List of Renewable Energy Power-Generation Facilities

   Not applicable.

5. Detailed List of Rights to Operate Public Facilities, etc.

   Not applicable.

6. Details of Securities in the Portfolio

   Not applicable.

7. Contract Value and Fair Value of Specified Transaction

   The table below shows the contract value and fair value of a specified transaction as of March 31, 2025.

   (Unit: thousand yen)

   Classification	Type			Fair value (Note 2)
   		Contract value (Note 1)	Over a year
   Transaction other than market transactions	Interest rate swap transactions with a fixed rate payable and a floating rate receivable	85,147,000	68,787,000	132,490

   (Note 1) The contract value is based on the notional principal amount.

   (Note 2) Fair value is calculated by the counterparty to the transaction based on prevailing market interest rates. Fair value is not stated for transactions subject to special treatment for interest rate swaps.

8. Status of Other Assets

   Properties and trust beneficiary interest are included in the above “3. Details of Properties in the Portfolio,” as of March 31, 2025, other than the assets listed in the same column, the main specific assets that the Investment Corporation invests in are not included.

9. Status of Assets Held by Country and Region