(From June 1, 2025 to November 30, 2025)
HEIWA REAL ESTATE REIT, Inc.5-1, Nihonbashi-kabutocho, Chuo-ku, Tokyo
To Our Valued Investors,
Thank you for your continued support.
Since its stock was first listed in 2005, HEIWA REAL ESTATE REIT (“REIT”) has been investing in and operating medium-sized offices and single and compact residential properties primarily in the 23 wards of Tokyo.
Since the change of sponsor in 2009, the REIT has been working on maximizing the interests of investors and steadily grown its business with Heiwa Real Estate Group as its sponsor. Since 2020, the spread of the COVID-19 pandemic has been adding to the uncertainty in the real estate market. Amid these conditions, the REIT announced in July 2021, the NEXT VISION (asset size of 300 billion yen, distribution of 3,300 yen, AA- rating, and 100% electricity introduction rate derived from renewable energy), its new medium- to long-term targets. It has registered solid growth even in the COVID-19 pandemic and achieved its targets early excluding the asset size. In January 2024, the REIT announced NEXT VISION II (asset size of 300 billion yen, distribution of 3,800 yen, annual rental income of
+1%, 10% ROI, AA rating, 90% GHG reduction by 2030, 100% electricity introduction rate derived from renewable energy) as new medium-term targets and has promoted to build a portfolio that can withstand cost increases attributable to inflation and the impact on interest costs due to policy changes by the Bank of Japan. In January 2025, the REIT announced NEXT VISION II+, its new medium-term targets.
As part of an expanded effort to enhance capital efficiency and maximize unitholder value, the REIT aims to implement three key enhancement initiatives: Increasing investor returns, Facilitating internal growth, Strengthening asset turnover-type strategy. Under this plan, the REIT set a DPU target of 4,200 yen and projected an annual rental income growth rate of +2% through internal growth. Furthermore, in July 2025, the internal growth rental income target was raised to +5% per year.
Responses to issues surrounding the environment, society, and corporate governance are important and significantly affect all of the management and business of the REIT. It recognizes that efforts to build a sustainable society contribute to the sustainable growth of the REIT. The REIT establishes ESG targets and strives to achieve them as one of its growth strategies.
The REIT aims to contribute to the interests of its investors and all other stakeholders while leveraging the sponsorship of the Heiwa Real Estate Group for both external and internal growth.
We earnestly ask for your continued support of our business.
- Overview of asset management
Summary of asset management during the 48th fiscal period
The REIT is striving based on its Basic Philosophy of “Steady Growth of Assets Under Management” and “Stable Medium- to Long-Term Profits,” as well as “cooperation with and use of the Heiwa Real Estate Group” (collectively referring to Heiwa Real Estate Co., Ltd. (“Heiwa Real Estate”) and the subsidiaries of Heiwa Real Estate; the same hereinafter) to manage its assets with the purpose of maximizing investors’ value. Following is a summary of the REIT’s asset management during the 48th fiscal period.
Brief background of the REIT
Investment units in the REIT have been listed on the Real Estate Investment Trust Section (J-REIT Section) of the Tokyo Stock Exchange (“TSE”) since March 8, 2005 (Securities Code: 8966). Between then and the start of the current fiscal period, the REIT executed a capital increase through public offering and issuance of new investment units through private placement on several occasions, an investment unit split and investment unit issuance through a merger with Japan Single-residence REIT Inc. on October 1, 2010 (the “Merger”), a cancellation of treasury investment units in September 2020. The REIT executed an issuance of new investment units every June for five consecutive years, beginning in 2021. As a result, total investment units issued and outstanding were 1,251,533 and unitholders’ capital was ¥115,314 million as of the end of the 48th fiscal period (November 30, 2025).
Operating environment
During the current fiscal period, the Japanese economy benefited from persisting robust inbound demand and resilient corporate performance against a backdrop of capital investment and wage increases, but consumer spending still shows only gradual improvement. Looking at the overseas economy, factors of uncertainty include developments in trade policy and monetary policy in the U.S. and other major countries, uncertainties surrounding China’s economic future and foreign relations, and geopolitical risks associated with the situation in Ukraine and the Middle East region. It will be necessary to continue to pay attention to global inflationary trends as well as monetary policy developments inside and outside Japan.
In this environment, the TSE REIT index recovered to the psychological milestone of 2,000 points in November 2025, marking the first time in three years and two months, up from 1,736.74 points at the end of the previous fiscal period (May 31, 2025), against a backdrop of factors that include favorable real estate leasing market conditions mainly in office buildings, and robust performance of Japanese and foreign equities. There was a phase in late November 2025 where the index rose to around 2,050 points, and was at 2,023.80 points at the end of the current fiscal period (November 30, 2025).
Office building leasing market
According to the latest office building market data from Miki Shoji Co., Ltd., the average office building vacancy rate in the five central wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) improved to 2.44% at the end of the current fiscal period (November 30, 2025) from 3.56% at the end of the previous fiscal period (May 31, 2025), due to contracts steadily signed for both new and existing buildings, as well as large contracts concluded for business expansion, relocations for office expansion, and other activities. In addition, the average rent rose for 22 consecutive months from February 2024, increasing from ¥20,776/tsubo at the end of the previous fiscal period, to ¥21,308/tsubo at the end of the current fiscal period.
Vacancy rates have remained low as relocations and floor space expansions have progressed for expansion, upgrades, and better locations. For the portfolio assets, the REIT also aims to maintain high occupancy rates and achieve rent increases aligned with favorable market conditions.
Residential leasing market
According to At Home Co., Ltd., in November 2025, the average condominium contract rent in areas of major cities across Japan increased year-on-year across all floor-area categories in the metropolitan area (Tokyo 23 Wards, metropolis of Tokyo (excluding Tokyo 23 Wards), Kanagawa Prefecture, Saitama Prefecture, and Chiba Prefecture) as well as Nagoya City, Kyoto City, Kobe City, and Fukuoka City. In addition, the average contract rent for couple-oriented and family-oriented condominiums rose year-on-year in all 13 areas. The average contract rent for singles-oriented condominiums reached the highest levels in Tokyo 23 Wards for 18 consecutive months and in Osaka City for 16 consecutive months. Furthermore, according to the Survey Report on the Statistics of Construction Starts published in November 2025, the number of new housing starts (rental housing) decreased year-on-year from June to November 2025, with the exception of October. The REIT believes that, due to the increasing flow of people into Tokyo and the recent surge in prices of new condominiums, the supply and demand for rental housing remain tight, and strong rental demand is leading to a continued favorable balance of supply and demand for rental condominiums. It is believed that occupancy rates will remain at a high level due to continuing stable demand in other major cities. In addition, the REIT will aim to further improve profitability, since the tendency toward increasing rents continues to be expected due to the favorable balance of supply and demand.
Real estate
With respect to land prices in the Land Price Research by Prefectural Governments as of July 1, 2025, which was published in September 2025, the average prices for all types of land, land in residential areas, and land in commercial areas each continued to rise in Japan’s three major metropolitan areas of Tokyo, Osaka and Nagoya, with each amount of increase expanding. In the Tokyo and Osaka areas, the amount of increase continued to expand, while in the Nagoya area, the amount of increase slightly contracted. In addition, in regional areas, the average prices for all types of land, land in residential areas, and land in commercial areas each rose for three consecutive years. Meanwhile, the amount of increase slightly contracted in Sapporo City, Sendai City, Hiroshima City, and Fukuoka City, and the continued downward trend of land in residential areas in other areas leveled off.
In government ordinance-designated regional cities, which the REIT considers to be investment targets, land prices continued to increase in both residential and commercial areas.
Management performance
External growth
The REIT took a range of measures, including the increase of capital through public offering in June 2025, for the purpose of expanding asset and strengthening the financial foundations. In addition, the REIT acquired and transferred the following properties to achieve improvements in profitability and quality with respect to its portfolio.
Acquired properties
Acquisition date
Property
no.
Property name
Asset type
Investment
category
Acquisition price
June 4, 2025
Of-60
Park East Sapporo (quasi-co-ownership interest
of 24%) (additional acquisition)
Real estate trust beneficiary right
Office
¥1,440 million
June 4, 2025
Of-61
HF KYOMACHIBORI BUILDING
Real estate trust beneficiary
right
Office
¥3,385 million
August 7, 2025
Re-116
HF HIKIFUNE
RESIDENCE EAST
Real estate
Residence
¥970 million
August 8, 2025
Re-117
HF OMORI RESIDENCE
Real estate and
land leasing rights
Residence
¥1,300 million
August 29, 2025
Of-62
LUCID SQUARE SEMBA
Real estate trust beneficiary
right
Office
¥4,720 million
Transferred properties
Transfer date
Property no.
Property name
Asset type
Investment category
Transfer price
June 6, 2025
Re-63
HF HIGASHI SHINJUKU RESIDENCE
Real estate trust
beneficiary right
Residence
¥2,550 million
June 30, 2025
Of-07
HF HAMAMATSUCHO BUILDING
Real estate trust
beneficiary right
Office
¥2,500 million
As a result, portfolio assets as of the end of the current fiscal period were 133 properties (total acquisition price: ¥256,126 million), including 45 office buildings (total acquisition price of ¥132,083 million) and 88 residential buildings (total acquisition price of
¥124,043 million).
Internal growth
The REIT has consistently endeavored to increase profitability by improving and maintaining its occupancy rates. During the 48th fiscal period, the REIT continued to be engaged in tenant leasing activities, working to shorten vacancy duration as well as systematic efforts to increase its investment value based on tenant needs and the characteristics of each individual property. Supported by these and other initiatives for maintaining and improving the competitiveness of its assets, the occupancy rate for total assets held by the REIT came to 97.8% at the end of the current fiscal period. The REIT was able to stabilize the occupancy rate, which had reached 97.1% at the end of the previous fiscal period, at a high level throughout the current fiscal period. The average month-end occupancy rate for the current fiscal period stood high at 97.5%.
The REIT has been advancing ESG-related initiatives with a focus on consideration for the environment and energy saving and contribution to communities.
Meanwhile, in terms of renaming managed assets, which has been a consistent focus for some time, the REIT renamed the seven properties shown below during the period from the beginning of the current fiscal period to the date of this document. In addition, the REIT plans to rename the two properties shown below that were acquired during the current fiscal period. By renaming the properties, the REIT aims to provide reassurance to existing tenants, increase the appeal of the properties to prospective tenants and conduct leasing activities more efficiently. The new names are used in this document.
Properties renamed (planned)
Date of change
(planned)
Property no.
Old name
New name
June 1, 2025
Of-58
SHINWA ESAKA BUILDING
HF ESAKA EKIMAE BUILDING
July 1, 2025
Re-110
Frontier Terrace Meguro
HF MEGURO GYONINZAKA RESIDENCE
October 1, 2025
Re-111
Harmony Residence Nishi Sugamo
HF NISHI-SUGAMO RESIDENCE
October 1, 2025
Re-112
Harmony Residence Tokyo Sugamo
WEST
HF NISHI-SUGAMO RESIDENCE Ⅱ
October 1, 2025
Re-113
Harmony Residence Itabashi
Tokumaru
HF TOBU-NERIMA RESIDENCE
October 1, 2025
Re-114
Harmony Residence Tokyo Ryogoku
Park Front
HF RYOGOKU RESIDENCE EAST
December 1,
2025
Of-61
KYOMACHIBORI SQUARE
HF KYOMACHIBORI BUILDING
March 1, 2026
Re-116
Harmony Residence Tokyo Tree
Kyojima
HF HIKIFUNE RESIDENCE EAST
March 1, 2026
Re-117
Season Flats Omorikita
HF OMORI RESIDENCE
Procurement of funds
The REIT procured capital through public offering (number of investment units issued: 54,000, total issue price: ¥6,427,188 thousand) on June 2, 2025 and through third-party allotment (number of investment units issued: 2,600, total issue price: ¥309,457 thousand) on June 24, 2025 for the purpose of using such funds for property acquisition, etc. During the current fiscal period, the REIT took out loans totaling ¥7,333 million to fund property acquisition, etc. Additionally, it took out loans of ¥7,379 million to fund the repayment of loans that reached their principal repayment dates during the current fiscal period and the early partial repayment (totaling ¥7,379 million). It also made early repayments totaling ¥4,850 million in June 2025.
As a result of these loans, the average borrowing period as of the end of the current fiscal period came to 7.2 years, while the average remaining period was 4.1 years, and the average borrowing interest rate was 1.19%. The total interest-bearing liabilities amount (Note) at the end of current fiscal period was ¥128,370 million (period end LTV (Note): 47.03%).
(Note) Interest-bearing liabilities = Short-term debt + Investment corporation bonds due within one year + Long term debt due within one year + Investment corporation bonds + Long-term debt Closing ratio of interest-bearing liabilities to total assets = Closing amount of interest-bearing liabilities / Closing amount of total assets × 100
A rating for the REIT as of the date of this document is presented below.
Credit rating agency
Issuer rating
Japan Credit Rating Agency, Ltd. (JCR)
Rating: AA-; Rating outlook: Stable
Performance and distributions
The management described above led to 48th fiscal period results of ¥10,704 million in operating revenue, ¥5,985 million in operating profit, after deducting interest expenses on borrowings, ¥5,207 million in ordinary profit, and ¥5,206 million in profit. With respect to the distribution of monies (“distributions”) stipulated in Article 137 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 and subsequent amendments), distributions shall be not more than the amount of unappropriated retained earnings at the end of the current fiscal period and are defined as anything in excess of 90% of the “amount of distributable earnings” stipulated in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 and subsequent amendments) in accordance with the stipulations of Article 32, paragraph 1 of its Articles of Incorporation (“bylaws”). Based on this policy, the REIT declared total distributions of ¥4,943,555,350 for the current fiscal period, which is the amount calculated by adding the reversal of reserve for temporary difference adjustments of ¥250,306,600 (¥200 per unit) to the amount calculated by deducting the internal reserve of
¥513,268,826 from the profit of ¥5,206,517,576 for the current fiscal period. The internal reserve includes a transfer of ¥67,686,429 to the reserve for tax purpose reduction entry in accordance with the “special case of taxation in case of replacement of specified properties” under Article 65-7 of the Act on Special Measures Concerning Taxation. As a result, distributions per unit have come to
¥3,950.
Overview of capital increase
The table below shows changes in total number of investment units issued and outstanding and unitholders' capital over the past five years.
Date
Summary
Total number of investment units issued and outstanding
Unitholders' capital (million yen)
Remarks
Change
Remaining units
Change
Balance
June 1, 2021
Public offering
53,100
1,053,033
8,272
89,642
(Note 1)
June 29, 2021
Third-party allotment
2,700
1,055,733
420
90,063
(Note 2)
June 1, 2022
Public offering
55,200
1,110,933
7,362
97,426
(Note 3)
June 28, 2022
Third-party allotment
2,800
1,113,733
373
97,799
(Note 4)
June 1, 2023
Public offering
34,500
1,148,233
4,948
102,748
(Note 5)
June 27, 2023
Third-party allotment
1,700
1,149,933
243
102,992
(Note 6)
June 3, 2024
Public offering
42,800
1,192,733
5,312
108,305
(Note 7)
June 25, 2024
Third-party allotment
2,200
1,194,933
273
108,578
(Note 8)
June 2, 2025
Public offering
54,000
1,248,933
6,427
115,005
(Note 9)
June 24, 2025
Third-party allotment
2,600
1,251,533
309
115,314
(Note 10)
(Note 1) The REIT issued additional investment units (public offering) at the offer price of ¥161,070 per unit (the paid-in amount:
¥155,783 per unit) for the purpose of procuring funds for the acquisition of specific assets, etc.
(Note 2) With the additional issuance of investment units through public offering at the paid-in amount of ¥155,783 per unit (Note 1), the REIT issued additional investment units (third-party allotment) to SMBC Nikko Securities Inc.
(Note 3) The REIT issued additional investment units (public offering) at the offer price of ¥137,913 per unit (the paid-in amount:
¥133,386 per unit) for the purpose of procuring funds for the acquisition of specific assets, etc.
(Note 4) With the additional issuance of investment units through public offering at the paid-in amount of ¥133,386 per unit (Note 3), the REIT issued additional investment units (third-party allotment) to SMBC Nikko Securities Inc.
(Note 5) The REIT issued additional investment units (public offering) at the offer price of ¥148,239 per unit (the paid-in amount:
¥143,449 per unit) for the purpose of procuring funds for the acquisition of specific assets, etc.
(Note 6) With the additional issuance of investment units through public offering at the paid-in amount of ¥143,449 per unit (Note 5), the REIT issued additional investment units (third-party allotment) to SMBC Nikko Securities Inc.
(Note 7) The REIT issued additional investment units (public offering) at the offer price of ¥128,271 per unit (the paid-in amount:
¥124,126 per unit) for the purpose of procuring funds for the acquisition of specific assets, etc.
(Note 8) With the additional issuance of investment units through public offering at the paid-in amount of ¥124,126 per unit (Note 7), the REIT issued additional investment units (third-party allotment) to SMBC Nikko Securities Inc.
(Note 9) The REIT issued additional investment units (public offering) at the offer price of ¥122,996 per unit (the paid-in amount:
¥119,022 per unit) for the purpose of procuring funds for the acquisition of specific assets, etc.
(Note 10) With the additional issuance of investment units through public offering at the paid-in amount of ¥119,022 per unit (Note 9), the REIT issued additional investment units (third-party allotment) to SMBC Nikko Securities Inc.
The table below shows high and low prices (closing prices) of the investment securities of the REIT in recent fiscal periods on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market, on which the investment securities are listed.
(Unit: yen)
Fiscal period
44th FP
45th FP
46th FP
47th FP
48th FP
Closing date
November 30, 2023
May 31, 2024
November 30, 2024
May 31, 2025
November 30, 2025
High
155,700
143,500
135,000
133,900
161,900
Low
135,400
129,700
117,200
114,700
127,400
Distributions
Under the REIT's bylaws, distributions shall be not more than the amount of unappropriated retained earnings at the end of the current fiscal period and are defined as anything in excess of 90% of the "amount of distributable income" stipulated in a special provision in taxation for investment corporations (Article 67-15 of the Act on Special Measures Concerning Taxation).
Based on this policy, the REIT made a decision to pay out ¥4,943,555,350 as distributions, calculated by adding reversal of reserve for temporary difference adjustments of ¥250,306,600 (¥200 per unit) to the amount calculated by deducting the internal reserve of ¥513,268,826, which includes the transfer of reserve for tax purpose reduction entry of ¥67,686,429, from the profit of ¥5,206,517,576 for the current fiscal period, in accordance with the “special case of taxation in case of replacement of specified properties” under Article 65-7 of the Act on Special Measures Concerning Taxation. As a result, distributions per unit have come to ¥3,950.
Fiscal period
44th FP
45th FP
46th FP
47th FP
48th FP
November 30,
2023
May 31, 2024
November 30,
2024
May 31, 2025
November 30,
2025
Unappropriated retained earnings
thousand yen
7,254,729
7,442,828
7,701,017
8,472,089
9,059,601
Reserve for temporary difference adjustment
thousand yen
－
－
－
148,743
－
Reversal of reserve for temporary difference adjustment
thousand yen
45,997
45,997
238,986
238,986
250,306
Retained earnings
thousand yen
3,505,947
3,602,051
3,590,448
3,961,840
4,366,353
Total distributions
thousand yen
3,794,778
3,886,773
4,349,556
4,600,492
4,943,555
Distributions per unit
yen
(3,300)
(3,380)
(3,640)
(3,850)
(3,950)
Distributions of profit
thousand yen
3,794,778
3,886,773
4,349,556
4,600,492
4,943,555
(Distributions of profit per unit)
yen
(3,330)
(3,380)
(3,640)
(3,850)
(3,950)
Contribution refunds
thousand yen
－
－
－
－
－
(Contribution refunds per unit)
yen
(－)
(－)
(－)
(－)
(－)
Of contribution refunds, distributions from reserve for temporary difference adjustment
thousand yen
－
－
－
－
－
(Of contribution refunds per unit, distributions from reserve for temporary difference adjustment per unit)
yen
(－)
(－)
(－)
(－)
(－)
Of contribution refunds, distributions accompanying decrease in capital, etc. under tax law
thousand yen
－
－
－
－
－
(Of contribution refunds per unit, distributions accompanying decrease in capital, etc. under tax law)
yen
(－)
(－)
(－)
(－)
(－)
Management policy and future issues
The REIT has developed and managed a high quality portfolio, primarily consisting of office and residence properties located in Tokyo 23 Wards, with the aim of maximizing investors’ value through its Basic Philosophy of “Steady Growth of Assets under Management” and “Stable Medium- to Long-Term Profits” as well as “cooperation with and use of the Heiwa Real Estate Group.” In addition, we will focus on “increasing investor returns,” “facilitating internal growth,” and “strengthening asset turnover strategy”. In subsequent fiscal periods, we will continue to adhere to the above philosophy, aiming to further maximize investors’ value through the stable management of our portfolio and pursuing a strategy of steady growth.
External growth
The REIT sought to expand its portfolio, enhance the portfolio’s quality and increase profitability by selling four properties and acquiring ten new properties of good quality in the period from the previous fiscal period to the current fiscal period. While the REIT will continue to seek expansion in the scale of its assets in the future, it will also consider the replacement of assets, strive to enhance its medium- to long-term portfolio quality and aim to maximize investors’ value. Although the situation with regard to the financing environment and expectations for higher property prices on the back of the economic recovery may change, competitors’ appetite for the acquisition of properties is unlikely to weaken dramatically and the acquisition environment is likely to remain extremely challenging. The REIT will endeavor to promptly obtain information on excellent properties by using its pipeline
with Heiwa Real Estate and building up its unique information routes as an asset management company. As a basic strategy, The REIT aims to increase opportunities for primarily acquiring properties owned and developed by Heiwa Real Estate, and additionally for acquiring properties owned and developed by other developers to expand its portfolio, contributing to stable profitability over the medium to long term.
Internal growth
The REIT believes that by using the database and information network developed by the Heiwa Real Estate Group and its property management company, it can quickly detect leasing market trends and conduct precise property management, enabling it to maintain and increase occupancy rates and rent levels in assets under management. In the office building leasing market, since demand turned positive in 2022, momentum has continued to follow an increasing trend. Tenants’ needs for high-quality office space are continuing to grow, and the REIT recognizes that there is an ongoing tendency for tenants to hold the view that the office strategies serve as an investment for securing human resources. Under the circumstances, to respond to the tenants’ needs, the REIT will continue to exercise management based on value enhancement while seeking varied leasing ways. Meanwhile, in the residential leasing market, the REIT believes that, due to the increasing flow of people into Tokyo and the recent surge in prices of new condominiums, the supply and demand for rental housing remain tight, and strong rental demand is leading to a continued favorable balance of supply and demand for rental condominiums. It is believed that occupancy rates will remain at a high level due to continuing stable demand in other major cities. In addition, since the tendency toward increasing rents continues to be expected due to the favorable balance of supply and demand, the REIT will strategically carry out value-enhancement renovations during tenant turnover for condominiums in Tokyo designed for DINKs and families, thereby aiming to further improve profitability and strengthen the competitiveness of its properties. The REIT intends to exercise management carefully tailored to the characteristics of individual properties while continuing to closely monitor market conditions.
In dealing with tenants, the REIT will continue to focus on maintaining and raising rent levels and reducing the number of departures. The REIT will also perform leasing management, including the reduction of time needed to restore properties to their original state, in a bid to shorten the period from tenant departures to the acquisition of new tenants. To make its properties more competitive, the REIT continuously and actively makes value-building investments in repairs and improvements of assets under management to maintain and enhance their medium- to long-term value, taking into account each property’s asset age, facility level and other aspects.
Financial strategy
The REIT is actively implementing measures in an effort to stabilize its financial foundations and achieve sustainable growth. It will consider the issuance of investment units as one of financing methods while simultaneously taking into consideration the dilution of existing unitholders’ rights and the impact of investment units on traded prices, among other factors. It will allocate procured funds chiefly to expand the scale of assets through property acquisition, improve the profitability and quality of its portfolio, and/or strengthen its financial foundations through the reduction of LTV, and by doing so, seek to increase investors’ value such as investment unit prices, distributions and NAV per unit from medium- to long-term perspectives. Concerning loans, the REIT will continue to strive to maintain its borrowing periods and diversify maturities by maintaining an appropriate loan-to-value ratio, while promoting measures to reduce risks from higher interest rates in the future and cut financial costs. It will also endeavor to further strengthen its bank formation by strengthening its relationships with financial institutions. The REIT will also issue investment corporation bonds, while keeping a close watch on the effect of reducing financial costs and trends in the financial market. As part of its unitholders’ returns policy, the REIT will also consider the purchase and cancellation of treasury investment units based on comprehensive consideration of factors such as the level of the investment unit price, the situation of cash reserves, financial conditions and the market environment. By implementing these measures and initiatives on a continuous basis, the REIT will strive to build sound financial systems that are resilient to changes in the funding environment.
Promotion of more timely disclosure
The REIT practices information disclosure that is accurate, fair and timely, complying with the TSE’s Securities Listing Regulations and other regulations, laws, etc. relating to timely disclosure. The REIT discloses information on its decisions on the acquisition of new properties, etc. as a rule at the time of the decision by a REIT organization such as the Board of Directors, while events such as damage to assets under management resulting from incidental occurrences are disclosed at the time they are discovered. As a rule, the REIT uses the TSE’s TDnet and its official website as its methods for disclosing information.
Significant subsequent events
Acquisition of Assets
Based on the basic policies of asset management, etc., set out in the Article of Incorporation, the REIT acquired one real estate on December 5, 2025 (total acquisition price: ¥2,140 million) and acquired three real estate trust beneficiary rights on December 23, 2025 (total acquisition price: ¥4,830 million). In addition, concluded a purchase agreement of one real estate trust beneficiary right (scheduled acquisition price: ¥5,110 million) on February 10, 2026.
Re-115 HF OSHIAGE RESIDENCE
Type of specified asset (Note 1)
Real estate and land lease rights
Agreement date
May 19, 2025
Acquisition date
December 5, 2025
Acquisition price (Note 2)
¥2,140 million
Location (lot number)
5-25-3, Mukojima, Sumida-ku, Tokyo
Purpose of use
Co-housing
Construction date
March 7, 2025
Structure
Reinforced concrete with flat roof, 7 floors above ground
Total floor space
3,878.50m2
Total rentable space
3,071.54m2
(Note 1) The asset acquired is a building with land leasing rights (leasing rights for the building and land). Land leasing right is general leasing right.
(Note 2) “Acquisition price” is the price described in the real estate trust purchase agreement (consumption tax excluded), and does not include acquisition costs or the amounts of settlement for fixed property tax, city planning tax, etc.
Re-118 HF SHIMO-AKATSUKA RESIDENCE (Note 1)
Type of specified asset
Real estate trust beneficiary right
Agreement date
December 10, 2025
Acquisition date
December 23, 2025
Acquisition price (Note 2)
¥1,600 million
Location (lot number)
3-15-11, Kita-machi, Nerima-ku, Tokyo
Purpose of use
Co-housing
Construction date
October 21, 2021
Structure
Reinforced concrete with flat roof, 6 floors above ground
Total floor space
1,805.09m2
Total rentable space
1,501.01m2
(Note 1) The name of this building is “Alpha Court Shimo-Akatsuka” as of the date of this document; however, the name will be changed to “HF SHIMO-AKATSUKA RESIDENCE” on May 1, 2026. Therefore, the name after the said change is stated above.
(Note 2) “Acquisition price” is the price described in the real estate trust beneficiary right purchase agreement (consumption tax excluded), and does not include acquisition costs or the amounts of settlement for fixed property tax, city planning tax, etc.
Re-119 HF TOKIWADAI RESIDENCE (Note 1)
Type of specified asset
Real estate trust beneficiary right
Agreement date
December 10, 2025
Acquisition date
December 23, 2025
Acquisition price (Note 2)
¥1,980 million
Location (lot number)
1-2-8, Minami-Tokiwadai, Itabashi-ku, Tokyo
Purpose of use
Co-housing
Construction date
December 21, 2022
Structure
Reinforced concrete with flat roof, 8 floors above ground
Total floor space
1,893.97m2
Total rentable space
1,769.81m2
(Note 1) The name of this building is “Alpha Court Tokiwadai 3” as of the date of this document; however, the name will be changed to “HF TOKIWADAI RESIDENCE” on May 1, 2026. Therefore, the name after the said change is stated above.
(Note 2) “Acquisition price” is the price described in the real estate trust beneficiary right purchase agreement (consumption tax excluded), and does not include acquisition costs or the amounts of settlement for fixed property tax, city planning tax, etc.
Re-120 HF AYASE RESIDENCE (Note 1)
Type of specified asset
Real estate trust beneficiary right
Agreement date
December 10, 2025
Acquisition date
December 23, 2025
Acquisition price (Note 2)
¥1,250 million
Location (lot number)
4-8-8, Kosuge, Katsushika-ku, Tokyo
Purpose of use
Co-housing
Construction date
March 9, 2023
Structure
Reinforced concrete with flat roof, 12 floors above ground
Total floor space
1,447.42m2
Total rentable space
1,185.36m2
(Note 1) The name of this building is “Alpha Court Ayase 2” as of the date of this document; however, the name will be changed to “HF AYASE RESIDENCE” on May 1, 2026. Therefore, the name after the said change is stated above.
(Note 2) “Acquisition price” is the price described in the real estate trust beneficiary right purchase agreement (consumption tax excluded), and does not include acquisition costs or the amounts of settlement for fixed property tax, city planning tax, etc.
Of-63 NAGOYA HEIWA BUILDING
Type of specified asset
Real estate trust beneficiary right (70% interest of quasi co-ownership)
Agreement date
February 10, 2026
Scheduled acquisition date
March 2, 2026
Scheduled acquisition price (Note 1)
¥5,110 million
Location (lot number)
3-8-8, Sakae, Naka-ku, Nagoya City, Aichi
Purpose of use
Office, store and garage
Construction date
March 22, 2004
Structure
Steel-framed reinforced concrete with flat roof, 1 floor below ground and 8 floors
above ground
Total floor space (Note 2)
6,275.29m2
Total rentable space (Note 3)
4,043.40m2
(Note 1) “Scheduled acquisition price” is the price described in the real estate trust beneficiary right purchase agreement (consumption tax excluded), and does not include acquisition costs or the amounts of settlement for fixed property tax, city planning tax, etc.
(Note 2) “Total floor space” is calculated by multiplying the total floor space of one building by 70% interest of quasi-co-ownership and rounded down to two decimal places.
(Note 3) “Total rentable space” is calculated by multiplying the total rentable space of one building by 70% interest of quasi-co-ownership and rounded down to two decimal places.
Borrowing of Funds
The REIT borrowed funds as described below to partly fund for acquisition of three real estate trust beneficiary right acquired on December 23, 2025 (as described in A. Acquisition of Assets above) (total borrowing amount of ¥5,170 million).
Term loan-85-1
Lender
Borrowing Amount (Millions of Yen)
Interest Rate
Borrowing Date
Maturity Date
Repayment Method
Usage of Fund
Collateral and Guarantee
Resona Bank, Limited
¥1,700
Base interest rate (JBA 1-month Japanese Yen TIBOR) + 0.49%
(Note1)
December 23, 2025
May 31,
2033
(Note 2)
Lump-sum repayment
To fund for acquisition of property and others
Unsecured/ non-guaranteed
Term loan-85-2
Lender
Borrowing Amount (Millions of Yen)
Interest Rate
Borrowing Date
Maturity Date
Repayment Method
Usage of Fund
Collateral and Guarantee
MUFG
Bank, Ltd.
¥2,000
2.80220% (Fixed
interest rate)
December 23, 2025
November 30, 2034
(Note 2)
Lump-sum repayment
To fund for acquisition of property and others
Unsecured/ non-guaranteed
Term loan-85-3
Lender
Borrowing Amount (Millions of Yen)
Interest Rate
Borrowing Date
Maturity Date
Repayment Method
Usage of Fund
Collateral and Guarantee
Mizuho Bank, Ltd.
¥1,470
Base interest rate (JBA 1-month Japanese Yen TIBOR) + 0.67%
(Note1)
December 23, 2025
November 30, 2034
(Note 2)
Lump-sum repayment
To fund for acquisition of property and others
Unsecured/ non-guaranteed
(Note 1) The base interest rate applicable to the calculation period for the interest payable on an interest payment date is the 1-month Japanese Yen TIBOR released by Japanese Bankers Association TIBOR Administration (the “JBATA”) on two business days preceding the first day of each interest calculation period. JBATA’s Japanese Yen TIBOR is published on JBA’s website.
(Note 2) In the event that the maturity date is not a business day, the repayment shall be made on the following business day. In the event that the following business day is in the next month, the repayment shall be made on the business day immediately preceding the maturity date.
- Overview of the REIT
Overview of investment units
Fiscal period
44th FP
45th FP
46th FP
47th FP
48th FP
November 30,
2023
May 31,
2024
November 30,
2024
May 31,
2025
November 30,
2025
Total number of authorized investment units
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
Total number of investment units issued and outstanding
1,149,933
1,149,933
1,194,933
1,194,933
1,251,533
Unitholders' capital
million yen
102,992
102,992
108,578
108,578
115,314
Number of unitholders
12,619
15,849
18,361
21,223
22,575
Matters concerning investment units
The following represents major unitholders as of November 30, 2025
Name
Units Owned (units)
Ownership Ratio (%)
(Note)
Custody Bank of Japan, Ltd. (trust account)
319,021
25.49
The Master Trust Bank of Japan, Ltd. (trust account)
164,679
13.15
Heiwa Real Estate Co., Ltd.
162,145
12.95
The Nomura Trust and Banking Co., Ltd. (trust account)
53,155
4.24
STATE STREET BANK AND TRUST COMPANY 505001
15,462
1.23
JP MORGAN CHASE BANK 385781
14,393
1.15
STATE STREET BANK AND TRUST COMPANY 505103
12,642
1.01
GOVERNMENT OF NORWAY
11,982
0.95
Shikoku Railway Company
10,249
0.81
The Joyo Bank, Ltd.
9,398
0.75
Total
773,126
61.77
(Note) The ratio of number of investment units owned to number of investment units outstanding is rounded down to the third decimal place.
Matters relating to officers
The Executive Director, Supervisory Directors and Independent Auditor in the 48th fiscal period are shown below.
Role
Name
Major concurrent posts
Total remuneration for each role in the period (thousand yen)
Executive Director
(Note 1)
Aya Motomura
Attorney at law, Inaba & Partners
2,751
Supervisory Director
(Note 1)
Noriyuki Katayama
Attorney at law, City-Yuwa Partners
3,900
Supervisory Director
(Note 1)
Hiroyuki Owada
Certified Public Accountant Certified Public Tax Accountant, Owada Certified Public Accountant Office
Independent Auditor
(Note 2)
KPMG AZSA LLC
－
14,800
(Note 3)
(Note 1) No Executive Director or Supervisory Directors have any investment units of the REIT under their own name or anyone else’s name. The Supervisory Directors may be officers at companies other than the companies stated above, but those companies, including the ones stated above, do not have a stake in the REIT.
(Note 2) The REIT may dismiss or may not reappoint the independent auditor if necessary in consideration of various circumstances.
(Note 3) The total amount of consideration to KPMG AZSA LLC. includes that for services (¥2,000 thousand) other than those prescribed in Paragraph 1, Article 2 of the Certified Public Accountants Act. Moreover, there is no consideration paid to any other firm within the same network as that of the said audit corporation.
Matter of Liability Insurance Policy for Directors and Officers
The table below lists the directors liability insurance policies concluded by the investment corporation.
Scope of the insured
Overview of policy
Executive Director and Supervisory Director
(Overview of insured events covered)
This insurance agreement covers compensation for damage and litigation expenses incurred by the insured as a result of claims made against them for action taken by them within the scope of their role in the company.
(Percentage of insurance expenses to be paid)
The entire amount is paid by the investment corporation. (Measures to maintain appropriateness of performance of duties)
Damage, etc. incurred by the insured as a result of action, etc. with recognition of a criminal act or a violation of laws or regulations are excluded from the compensation.
Asset Management Company, Asset Custodian and General Administrators
The asset management company, asset custody company and administrative service contractors at the end of 48th fiscal period are shown below.
Contract classification
Name
Asset Management Company
HEIWA REAL ESTATE Asset Management CO., LTD.
Asset Custodian
Mizuho Trust & Banking Co., Ltd.
General Services related to Accounting
Ernst & Young Tax Co.
Investors’ Registry Administrator
Mizuho Trust & Banking Co., Ltd.
Special Account Administrator
Mizuho Trust & Banking Co., Ltd.
General Services related to Institutional Management
Mitsubishi UFJ Trust and Banking Corporation
General Services related to Investment Corporation Bonds
Resona Bank, Limited
- Status on investment properties
Composition of assets of real estate investment company
Asset type
Use
Area
47thFiscal Period (As of May 31, 2025)
48thFiscal Period
(As of November 30, 2025)
Value of holding (Million yen) (Note 1)
Ratio to total Assets (%) (Note 2)
Value of holding (Million yen) (Note 1)
Ratio to total Assets (%) (Note 2)
Real estate
(Note 3)
Office
Tokyo 23 Wards
7,512
2.9
7,539
2.8
Metropolitan Area (Note 4)
5,103
1.9
5,095
1.9
Other (Note 5)
5,211
2.0
5,205
1.9
Residence
Tokyo 23 Wards
38,362
14.6
40,692
14.9
Metropolitan Area (Note 4)
9,562
3.6
9,555
3.5
Other (Note 5)
9,262
3.5
9,274
3.4
Subtotal
75,015
28.6
77,362
28.3
Real estate in trust
(Note 3)
Office
Tokyo 23 Wards
57,989
22.1
56,527
20.7
Metropolitan Area (Note 4)
8,825
3.4
8,788
3.2
Other (Note 5)
40,115
15.3
49,806
18.2
Residence
Tokyo 23 Wards
43,051
16.4
41,934
15.4
Metropolitan Area (Note 4)
2,480
0.9
2,485
0.9
Other (Note 5)
14,392
5.5
14,375
5.3
Subtotal
166,854
63.6
173,918
63.7
Real estate, etc., subtotal
241,870
92.2
251,280
92.1
Deposits and other assets
20,534
7.8
21,655
7.9
Total assets
262,404
100.0
272,935
100.0
(Note 1) “Value of holding” is based on the balance sheet amount (carrying amount after depreciation and impairment accounting in the case of real estate and real estate in trust) as of the end of the period.
(Note 2) “Assets ratio” is the ratio of total amount of assets held by type to total assets, rounded to one decimal place.
(Note 3) The land leasehold right, etc. owned in conjunction with a building, etc. is stated in the sections of “real estate” and “real estate in trust” by aggregating it with the building, etc. “Real estate” does not include construction in progress.
(Note 4) “Metropolitan Area” refers to Tokyo (other than Tokyo 23 Wards) and Kanagawa, Saitama and Chiba prefectures. (Note 5) “Other” refers to investment areas other than Tokyo 23 Wards and Metropolitan Area.
Major owned assets
The table below shows data about major assets owned by the REIT at the end of the 48th fiscal period (top ten properties in terms of book value at the end of the fiscal period).
Property name
Book value (million yen)
Rentable area
(m2)
(Note 1)
Rental area
(m2)
(Note 2)
Occupancy rate (%) (Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Main use
Of-50
Shinsaibashi FRONT Building
7,475
4,251.24
4,251.24
100.00
2.5
Office
Re-43
HF KOMAZAWA-KOEN RESIDENCE TOWER
6,253
8,141.02
7,946.85
97.61
2.5
Residence
Re-110
HF MEGURO GYONINZAKA RESIDENCE
5,638
3,177.19
2,960.60
93.18
1.0
Residence
Re-25
HF GINZA RESIDENCE EAST
5,401
5,459.49
5,121.17
93.80
1.7
Residence
Of-47
OSAKI CN BUILDING
5,245
3,237.86
3,237.86
100.00
1.4
Office
Of-58
HF ESAKA EKIMAE BUILDING
5,198
7,510.30
7,510.30
100.00
1.8
Office
Of-25
KAYABACHO HEIWA BUILDING
4,924
4,156.53
4,156.53
100.00
2.5
Office
Of-62
LUCID SQUARE SEMBA
4,915
4,451.56
4,451.56
100.00
0.7
Office
Of-55
Kitahama 1-Chome Heiwa Building
4,456
3,619.05
3,619.05
100.00
1.4
Office
Of-30
HF SAKURADORI BUILDING
4,206
9,934.77
9,934.77
100.00
4.0
Office
Total
53,715
53,939.01
53,189.93
98.61
19.5
(Note 1) Rentable area is the area of the space that can be rented for office, retail or residential use (excluding common use space). (Note 2) Rental area is based on the rental agreement.
(Note 3) Occupancy rate is the ratio of rental area to rentable area at the end of the period.
(Note 4) Ratio of total rent revenue-real estate is the ratio of rental revenue from each property to rental revenue from the entire portfolio.
Summary of portfolio properties
The table below is a statement of real estate owned by the REIT at the end of the 48th fiscal period.
Property name
Address (Note 1)
Form of asset
Valuation at end of period
(Note 2)
(million yen)
Book value
(Note 3) (million yen)
Of-05
SUITENGU HEIWA BUILDING
1-16-8 Nihonbashi Kakigara-cho, Chuo-ku, Tokyo
Trust beneficial interest
1,915
1,407
Of-06
HF MONZENNAKACHO BUILDING
2-1-9 Tomioka, Koto-ku, Tokyo
Trust beneficial interest
3,260
2,271
Of-08
HF TAMEIKE BUILDING
2-12-10 Akasaka, Minato-ku, Tokyo
Trust beneficial interest
3,500
2,842
Of-11
HF NIHONBASHI ODENMACHO BUILDING
2-7 Nihonbashi Odenma-cho, Chuo-ku, Tokyo
Trust beneficial interest
2,720
2,129
Of-12
HF HATCHOBORI BUILDING
3-12-8 Hatchobori, Chuo-ku, Tokyo
Real estate
2,840
2,981
Of-17
HATCHOBORI MF BUILDING
1-2-9 Irifune, Chuo-ku, Tokyo
Real estate
1,180
1,085
Of-18
M2 HARAJUKU
6-27-8 Jingumae, Shibuya-ku, Tokyo
Trust beneficial interest
5,055
3,333
Of-20
FUNABASHI FACE BUILDING
1-3-1 Hon-cho, Funabashi City, Chiba
Real estate
3,580
3,436
Of-21
ADESSO NISHIAZABU
1-7-2 Nishi Azabu, Minato-ku, Tokyo
Real estate
579
585
Of-23
HF IKEBUKURO BUILDING
2-29-12 Minami Ikebukuro, Toshima-ku, Tokyo
Real estate
1,650
1,294
Of-24
HF YUSHIMA BUILDING
3-37-4 Yushima, Bunkyo-ku, Tokyo
Real estate
1,810
1,591
Of-25
KAYABACHO HEIWA BUILDING
3-1-2 Nihonbashi Kayaba-cho, Chuo-ku, Tokyo
Trust beneficial interest
7,790
4,924
Of-27
KOBE KYUKYORYUCHI HEIWA BUILDING
49 Harima-cho ,Chuo-ku, Kobe City, Hyogo
Trust beneficial interest
3,950
2,366
Of-29
SAKAE MINAMI HEIWA BUILDING
3-19-8 Sakae ,Naka-ku, Nagoya City, Aichi
Trust beneficial interest
2,430
1,409
Of-30
HF SAKURADORI BUILDING
3-23-20 Marunouchi,Naka-ku, Nagoya City, Aichi
Trust beneficial interest
7,100
4,206
Of-32
HF SENDAI HONCHO BUILDING
1-11-1 Honcho,Aoba-ku, Sendai-shi, Miyagi
Trust beneficial interest
3,560
2,397
Of-33
HF UENO BUILDING
5-6-10 Ueno,Taito-ku, Tokyo
Trust beneficial interest
4,100
3,385
Of-35
HF KUDAN MINAMI BUILDING
3-9-14 Kudan-Minami,Chiyoda-ku, Tokyo
Trust beneficial interest
3,290
2,839
Of-36
HF KANDA OGAWAMACHI BUILDING
3-3-5 Kanda ogawamachiChiyoda-ku, Tokyo
Trust beneficial interest
4,130
3,194
Of-37
NISSO 5 BUILDING
2-10-39 Kita-SaiwaiNishi-ku, Yokohama City, Kanagawa
Trust beneficial interest
4,190
3,157
Of-38
ACROSS SHINKAWA BUILDING
1-8-8, 1-8-15 Shinkawa, Chuo-ku, Tokyo
Trust beneficial interest
4,330
4,035
Of-39
SENJU MILDIX Ⅱ
3-98 Senju,Adachi-ku, Tokyo
Trust beneficial interest
1,900
1,583
Of-40
ARK Mori Building
1-12-32 Akasaka,Minato-ku, Tokyo
Trust beneficial interest
3,420
3,261
Of-41
Nihonbashi Horidomecho First
1-2-10 Nihonbashi Horidomecho, Chuo-ku, Tokyo
Trust beneficial interest
2,350
2,140
Of-42
SOUTHERN SKY TOWER HACHIOJI
4-7-1 Koyasumachi,Hachioji City, Tokyo
Trust beneficial interest
1,900
1,587
Of-43
HAMACHO HEIWA BUILDING
2-17-8 Nihonbashi-hamacho, Chuo-ku, Tokyo
Trust beneficial interest
3,230
3,161
Of-44
KINSHICHO SQUARE BUILDING
3-10-8 Koutoubashi, Sumida-ku, Tokyo
Trust beneficial interest
2,780
2,960
Property name
Address (Note 1)
Form of asset
Valuation at end of period
(Note 2)
(million yen)
Book value
(Note 3) (million yen)
Of-45
HF NIHONBASHI KABUTOCHO BUILDING
21-7 Nihonbashi Kayaba-cho, Chuo-ku, Tokyo
Trust beneficial interest
4,010
3,748
Of-46
HF SENDAI ICHIBANCHO BUILDING
1-8-1 Ichibancho, Aoba-ku, Sendai City, Miyagi
Real estate
2,660
2,701
Of-47
OSAKI CN BUILDING
5-10-10 Osaki, Shinagawa-ku, Tokyo
Trust beneficial interest
5,510
5,245
Of-48
Faret East Building
2-34-7 Akebonocho, Tachikawa City, Tokyo
Real estate
1,880
1,658
Of-49
HF ESAKA BUILDING
1-13-48 Esakacho, Suita City, Osaka
Trust beneficial interest
2,670
2,574
Of-50
Shinsaibashi FRONT Building
3-5-11, Minamisenba, Chuo-ku, Osaka-city, Osaka
Trust beneficial interest
8,430
7,475
Of-51
SAKAE CENTER BUILDING
3-13-20 Sakae, Naka-ku, Nagoya City, Aichi
Trust beneficial interest
4,250
4,009
Of-52
IWAMOTOCHO TWIN BUILDING
2-5-12 Iwamotocho, Chiyoda-ku, Tokyo
Trust beneficial interest
4,090
3,626
Of-53
IWAMOTOCHO TWIN SAKAE BUILDING
2-5-12 Iwamotocho, Chiyoda-ku, Tokyo
Trust beneficial interest
552
436
Of-54
HF NAGOYA NISHIKI BUILDING
1-7-34, Nishiki, Naka-ku, Nagoya-city, Aichi
Real estate
2,520
2,503
Of-55
Kitahama 1-Chome Heiwa Building
1-1-14, Kitahama, Chuo-ku, Osaka City, Osaka
Trust beneficial interest
4,810
4,456
Of-56
Heiwa Real Estate Kitahama Building
2-1-5 Kitahama, Chuo-ku, Osaka City, Osaka
Trust beneficial interest
1,860
1,639
Of-57
HF YOKOHAMA YAMASHITA BUILDING
89-6, Yamashitacho, Naka-ku, Yokohama City, Kanagawa
Trust beneficial interest
4,040
4,042
Of-58
HF ESAKA EKIMAE BUILDING
1-13-33, Esakacho, Suita-city, Osaka
Trust beneficial interest
5,840
5,198
Of-59
HF KITA NIJO BUILDING
1-2-9, 1-2-10, Kitanijohigashi, Chuo-ku, Sapporo City, Hokkaido
Trust beneficial interest
1,640
1,574
Of-60
Park East Sapporo
1-1-3, Minami Ichijo Higashi, Chuo-ku, Sapporo City, Hokkaido
Trust beneficial interest
5,313
4,174
Of-61
HF KYOMACHIBORI BUILDING
1-8-33, Kyomachibori, Nishi-ku, Osaka City, Osaka
Trust beneficial interest
3,700
3,409
Of-62
LUCID SQUARE SEMBA
1-9-26, Kyutaromachi, Chuo-ku, Osaka City, Osaka
Trust beneficial interest
5,210
4,915
Office subtotal
157,524
132,961
Re-05
HF MEGURO RESIDENCE
2-15-10 Shimomeguro, Meguro-ku, Tokyo
Trust beneficial interest
868
603
Re-09
HF KASAI RESIDENCE
7-10-6 Higashi Kasai, Edogawa-ku, Tokyo
Trust beneficial interest
1,072
561
Re-11
HF WAKABAYASHI-KOEN RESIDENCE
4-33-14 Wakabayashi, Setagaya-ku, Tokyo
Trust beneficial interest
6,283
3,129
Re-12
HF HIMONYA RESIDENCE
5-5-15 Himonya, Meguro-ku, Tokyo
Trust beneficial interest
2,133
1,383
Re-14
HF MINAMIAZABU RESIDENCE
2-13-20 Minami Azabu, Minato-ku, Tokyo
Trust beneficial interest
1,682
1,276
Re-16
HF GAKUGEIDAIGAKU RESIDENCE
6-18-27 Shimomeguro, Meguro-ku, Tokyo
Trust beneficial interest
1,310
870
Re-17
HF HIGASHIKANDA RESIDENCE
3-1-9 Higashi Kanda, Chiyoda-ku, Tokyo
Trust beneficial interest
1,740
830
Re-18
HF HIGASHINIHONBASHI RESIDENCE
3-6-8 Nihonbashi, Chuo-ku, Tokyo
Trust beneficial interest
2,080
924
Property name
Address (Note 1)
Form of asset
Valuation at end of period
(Note 2)
(million yen)
Book value
(Note 3) (million yen)
Re-19
HF NERIMA RESIDENCE
3-1-12 Nerima, Nerima-ku, Tokyo
Trust beneficial interest
1,020
540
Re-20
HF SHIROKANETAKANAWA RESIDENCE
1-2-6 Takanawa, Minato-ku, Tokyo
Real estate
7,130
3,537
Re-21
HF MEIDAIMAE RESIDENCE
1-27-7 Hanegi, Setagaya-ku, Tokyo
Real estate
1,230
975
Re-22
HF NIHONBASHI RESIDENCE
9-5 Nihonbashi Koami-cho, Chuo-ku, Tokyo
Trust beneficial interest
1,330
1,054
Re-23
HF KAMISHAKUJII RESIDENCE
3-34-12 Kamishakujii, Nerima-ku, Tokyo
Real estate
1,150
806
Re-24
HF KINSHICHO RESIDENCE
2-10-2 Kotobashi, Sumida-ku, Tokyo
Real estate
1,480
1,039
Re-25
HF GINZA RESIDENCE EAST
7-7-8 Tsukiji, Chuo-Ku, Tokyo
Real estate
7,190
5,401
Re-26
HF SHIN-YOKOHAMA RESIDENCE
2-7-6 Shin-Yokohama, Kohoku-ku, Yokohama City, Kanagawa
Real estate
3,220
2,842
Re-30
HF MAGOME RESIDENCE
1-38-8 Higashi Magome, Ota-ku, Tokyo
Real estate
1,780
1,448
Re-31
HF GAKUGEIDAIGAKU
RESIDENCE Ⅱ
1-40-7 Naka-cho, Meguro-ku, Tokyo
Trust beneficial interest
1,560
1,567
Re-33
HF KAMEIDO RESIDENCE
2-36-13 Kameido, Koto-ku, Tokyo
Real estate
1,420
971
Re-34
HF TANASHI RESIDENCE
6-5-23 Tanashi, Nishitokyo City, Tokyo
Real estate
943
803
Re-38
La Residence de Shirokanedai
5-18-8 Shirokanedai, Minato-ku, Tokyo
Trust beneficial interest
1,210
729
Re-39
HF GINZA RESIDENCE EAST Ⅱ
1-6-10 Shintomi, Chuo-ku, Tokyo
Trust beneficial interest
2,010
1,293
Re-40
HF HATCHOBORI RESIDENCE
Ⅱ
2-7-11 Shinkawa, Chuo-ku, Tokyo
Trust beneficial interest
2,460
1,691
Re-42
HF GINZA RESIDENCE
1-20-6 Ginza, Chuo-ku, Tokyo
Trust beneficial interest
1,390
786
Re-43
HF KOMAZAWA-KOEN RESIDENCE TOWER
2-7-1 Komazawa, Setagaya-ku, Tokyo
Trust beneficial interest
8,510
6,253
Re-47
HF MARUNOUCHI RESIDENCE
2-11-21 Habashita, Nishi-ku, Nagoya City, Aichi
Trust beneficial interest
699
471
Re-48
HF HIRAO RESIDENCE
2-4-32 Nanokawa, Minami-ku, Fukuoka City, Fukuoka
Trust beneficial interest
2,360
1,440
Re-49
HF KAWARAMACHI NIJO RESIDENCE
84 Enoki-cho, Teramachi Dori, Nijo Sagaru, Nakagyo-ku, Kyoto City, Kyoto
Trust beneficial interest
654
460
Re-53
HF SHIJO KAWARAMACHI RESIDENCE
560 (3 lots) Nakano-cho, Teramachi Dori Ayanokoji Sagaru, Shimogyo-ku, Kyoto City, Kyoto
Trust beneficial interest
2,730
1,620
Re-54
La Residence de Sendagi
2-23-3 Sendagi, Bunkyo-ku, Tokyo
Trust beneficial interest
1,030
742
Re-55
HF SENDAGI RESIDENCE
2-6-6 Sendagi, Bunkyo-ku, Tokyo
Trust beneficial interest
1,180
774
Re-56
HF KOMAZAWA-KOEN RESIDENCE
4-11-2 Komazawa, Setagaya-ku, Tokyo
Trust beneficial interest
801
577
Re-57
HF MUSASHIKOYAMA RESIDENCE
4-8-6 Koyama, Shinagawa-ku, Tokyo
Trust beneficial interest
1,300
761
Re-58
HF KOKUBUNJI RESIDENCE
3-18-7 Minami-cho, Kokubunji City, Tokyo
Trust beneficial interest
1,210
788
Re-59
HF HISAYAODORI RESIDENCE
1-12-1 Izumi, Higashi-ku, Nagoya City, Aichi
Trust beneficial interest
1,290
952
Re-60
HF KARASUMA KURAMAGUCHI RESIDENCE
411-1 Kami Goryomae-cho, Kami Goryomae Dori, Karasuma Higashi Iru, Kamigyo-ku, Kyoto City, Kyoto
Trust beneficial interest
777
499
Property name
Address (Note 1)
Form of asset
Valuation at end of period
(Note 2)
(million yen)
Book value
(Note 3) (million yen)
Re-61
HF NISHI-SHINJUKU RESIDENCE WEST
8-8-20 Nishi Shinjuku, Shinjuku-ku, Tokyo
Trust beneficial interest
3,020
1,881
Re-62
HF NISHI-SHINJUKU RESIDENCE EAST
8-7-11 Nishi Shinjuku, Shinjuku-ku, Tokyo
Trust beneficial interest
1,770
1,100
Re-65
HF KITA-YOBANCHO RESIDENCE
6-62 Kimachi Dori, Aoba-ku, Sendai City, Miyagi
Trust beneficial interest
1,100
722
Re-66
HF ATAGOBASHI RESIDENCE
260-1 Tsuchitoi, Wakabayashi-ku, Sendai City, Miyagi
Trust beneficial interest
873
593
Re-68
HF ASAKUSABASHI RESIDENCE
2-19-7 Yanagibashi, Taito-ku, Tokyo
Trust beneficial interest
1,180
719
Re-69
HF ICHIBANCHO RESIDENCE
2-1-7 Ichibancho, Aoba-ku, Sendai City, Miyagi
Trust beneficial interest
1,180
716
Re-70
HF HIGASHI-NAKANO RESIDENCE
2-19-4 Higashi Nakano, Nakano-ku, Tokyo
Trust beneficial interest
1,260
882
Re-72
HF WASEDA RESIDENCE
23-9 Benten-cho, Shinjuku-ku, Tokyo
Trust beneficial interest
2,890
1,967
Re-73
HF WASEDA RESIDENCE Ⅱ
23-10 Benten-cho, Shinjuku-ku, Tokyo
Trust beneficial interest
1,150
835
Re-74
HF WAKAMATSU-KAWADA RESIDENCE
9-4 Yochomachi, Shinjuku-ku, Tokyo
Trust beneficial interest
1,870
1,148
Re-75
HF SENDAI RESIDENCE EAST
306-11 Mototera-Koji, Miyagino-ku, Sendai City, Miyagi
Trust beneficial interest
2,030
1,470
Re-76
HF NISHI-KOEN RESIDENCE
7-18 Tachimachi, Aoba-ku, Sendai City, Miyagi
Trust beneficial interest
1,410
1,207
Re-77
HF BANSUI-DORI RESIDENCE
1-3-16 Kokubun-cho, Aoba-ku, Sendai City, Miyagi
Trust beneficial interest
912
733
Re-78
HF KANNAI RESIDENCE
74 Yoshidamachi, Naka-ku, Yokohama City, Kanagawa
Trust beneficial interest
2,420
1,697
Re-79
HF MEIEKI-KITA RESIDENCE
(W) 2-19-22 Kikui,
€ 2-19-27 Kikui, Nishi-ku, Nagoya City, Aichi
Trust beneficial interest
2,280
2,079
Re-80
HF HIGASHI-SAPPORO RESIDENCE
5-3-2-35 Higashi-Sapporo, Shiroishi-ku, Sapporo City, Hokkaido
Trust beneficial interest
2,010
1,406
Re-81
HF HAKATA-HIGASHI RESIDENCE
3-27-7 Higashi-Hie Hakata-ku, Fukuoka City, Fukuoka
Real estate
1,030
884
Re-82
HF SENDAI ITSUTSUBASHI RESIDENCE
2-4-19 Itsutsubashi Aoba-ku, Sendai City, Miyagi
Real estate
957
864
Re-83
HF TABATA RESIDENCE
2-24-1 Tabata Shinmachi, Kita-ku, Tokyo
Real estate
1,530
1,023
Re-84
HF RYOGOKU RESIDENCE
1-9-3 Midori, Sumida-ku, Tokyo
Real estate
1,780
1,321
Re-85
HF HACHIOJI RESIDENCE
8-7 Nakamachi, Hachioji City, Tokyo
Real estate
1,310
1,202
Re-86
HF MITA RESIDENCE Ⅱ
5-2-2 Shiba, Minato-ku, Tokyo
Real estate
1,620
1,250
Re-87
HF MONZEN-NAKACHO RESIDENCE
1-16-4 Botan, Koto-ku, Tokyo
Real estate
1,380
941
Re-88
HF MINAMI-SUNAMACHI RESIDENCE
7-4-9 Minamisuna, Koto-ku, Tokyo
Real estate
1,130
946
Re-89
HF SENDAI NAGAMACHI RESIDENCE
3-4-20 Nagamachi Taihaku-ku, Sendai City, Miyagi
Real estate
1,090
1,033
Re-90
HF SHOKOJI AKABANE RESIDENCE
37-4 Iwabuchi-cho, Kita-ku, Tokyo
Real estate
1,300
1,144
Re-91
HF SENDAI HONCHO RESIDENCE
2-9-26 Honcho Aoba-ku, Sendai City, Miyagi
Real estate
1,200
1,065
Property name
Address (Note 1)
Form of asset
Valuation at end of period
(Note 2)
(million yen)
Book value
(Note 3) (million yen)
Re-92
HF OHORI RESIDENCE BAYSIDE
3-17-10 Nagahama Chuo-ku, Fukuoka City,Fukuoka
Real estate
1,320
1,169
Re-93
HF HAKATA-HIGASHI
RESIDENCEⅡ
1-9-27 Yutaka, Hakata-ku, Fukuoka City, Fukuoka
Real estate
1,510
1,351
Re-94
HF FUKUOKA RESIDENCE EAST
14-22 Futamataseshinmachi, Higashi-ku, Fukuoka City, Fukuoka
Real estate
1,540
1,313
Re-95
HF SHOKOJI AKABANE
RESIDENCE Ⅱ
24-16 Iwabuchi-cho, Kita-ku, Tokyo
Real estate
2,010
1,723
Re-96
HF YAHIRO RESIDENCE
4-50-1 Yahiro, Sumida-ku, Tokyo
Real estate
1,570
1,244
Re-97
HF SETAGAYAKAMIMACHI RESIDENCE
1-45-9 Setagaya, Setagaya-ku, Tokyo
Real estate
844
716
Re-98
HF SOKA RESIDENCE
4-2-21, Soka, Soka City, Saitama
Real estate
1,530
1,357
Re-99
HF UENO IRIYA RESIDENCE
1-12-1, Iriya, Taito-ku, Tokyo
Real estate
1,090
944
Re-100
HF TSUJIDO RESIDENCE
2-2-26 Tsujidokandai, Fujisawa City, Kanagawa
Real estate
2,160
2,007
Re-101
HF KAWAGUCHIEKIMAE RESIDENCE
3-2-24 Sakaecho, Kawaguchi City, Saitama
Real estate
1,640
1,341
Re-102
HF HIGASHIOGU RESIDENCE
8-32-5 Higashiogu, Arakawa-ku, Tokyo
Real estate
1,530
1,236
Re-103
HF IMAIKE-MINAMI RESIDENCE
(East bldg.) 9-10, Imaikeminami, Chikusa-ku, Nagoya City, Aichi (West bldg.) 9-20, Imaikeminami, Chikusa-ku, Nagoya City, Aichi
Real estate
928
929
Re-104
HF FUSHIMI RESIDENCE
1-25-23, Sakae, Naka-ku, Nagoya City, Aichi
Real estate
640
661
Re-105
HF NAKANO-SAKAUE RESIDENCE
1-29-17, Chuo, Nakano-ku, Tokyo
Real estate
1,320
1,093
Re-106
HF UENO RESIDENCE EAST
5-4-15, Higashiueno, Taito-ku, Tokyo
Real estate
2,900
2,610
Re-107
HF OMORIMACHI RESIDENCE
1-13-8, Omorinaka, Ota-ku, Tokyo
Real estate
1,340
1,269
Re-108
HF KITASENJU RESIDENCE
1-1-7, Senju, Adachi-ku, Tokyo
Real estate
3,260
2,685
Re-109
HF HIKIFUNE RESIDENCE
3-20-15, Kyojima, Sumida-ku, Tokyo
Trust beneficial interest
1,680
1,409
Re-110
HF MEGURO GYONINZAKA RESIDENCE
1-4-4, Shimomeguro, Meguro-ku, Tokyo
Trust beneficial interest
6,320
5,638
Re-111
HF NISHI-SUGAMO RESIDENCE
3-37-6, Takinogawa, Kita-ku, Tokyo
Real estate
1,270
1,077
Re-112
HF NISHI-SUGAMO
RESIDENCE Ⅱ
3-37-4, Takinogawa, Kita-ku, Tokyo
Real estate
1,080
911
Re-113
HF TOBU-NERIMA RESIDENCE
1-32-8, Tokumaru, Itabashi-ku, Tokyo
Real estate
1,240
1,091
Re-114
HF RYOGOKU RESIDENCE EAST
3-18-7, Kamezawa, Sumida-ku, Tokyo
Real estate
1,070
917
Re-116
HF HIKIFUNE RESIDENCE EAST
1-51-19, Kyojima, Sumida-ku, Tokyo
Real estate
1,190
1,007
Re-117
HF OMORI RESIDENCE
2-4-12, Omorikita, Ota-ku, Tokyo
Real estate
1,610
1,356
Residence subtotal
160,506
118,318
Total
318,030
251,280
(Note 1) Address is based on residence indication or an address stated in the registry.
(Note 2) Valuation at end of period is an appraisal value determined by a real estate appraiser based on the asset valuation method and standard set out in the bylaws and under the rules of The Investment Trusts Association, Japan.
(Note 3) Book value is the acquisition price (including expenses for acquisition and subsequent capital expenditures) as of November 30, 2025, after deducting the accumulated depreciation.
The table below shows the status of rental of real estate etc. owned by the REIT.
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Of-05
SUITENGU HEIWA BUILDING
6
100.00
61,834
0.8
6
100.00
62,973
0.7
Of-06
HF MONZENNAKA CHO BUILDING
6
100.00
99,825
1.2
6
100.00
95,787
1.1
Of-07
HF HAMAMATSUC HO BUILDING
(Note 6)
9
100.00
55,692
0.7
－
－
10,207
0.1
Of-08
HF TAMEIKE BUILDING
8
100.00
88,438
1.1
8
100.00
90,076
1.1
Of-11
HF NIHONBASHI ODENMACHO BUILDING
8
100.00
71,074
0.9
8
100.00
70,145
0.8
Of-12
HF HATCHOBORI BUILDING
8
100.00
77,591
1.0
8
100.00
79,475
0.9
Of-17
HATCHOBORI MF BUILDING
9
100.00
35,282
0.4
9
100.00
35,647
0.4
Of-18
M2 HARAJUKU
5
100.00
91,390
1.1
5
100.00
109,680
1.3
Of-20
FUNABASHI FACE BUILDING
9
100.00
121,939
1.5
9
100.00
123,512
1.4
Of-21
ADESSO NISHIAZABU
4
100.00
15,353
0.2
4
100.00
15,616
0.2
Of-23
HF IKEBUKURO BUILDING
9
100.00
45,771
0.6
8
100.00
49,705
0.6
Of-24
HF YUSHIMA BUILDING
9
100.00
50,882
0.6
9
100.00
51,464
0.6
Of-25
KAYABACHO HEIWA BUILDING
1
100.00
210,576
2.6
1
100.00
211,140
2.5
Of-27
KOBE KYUKYORYUC HI HEIWA BUILDING
39
100.00
154,658
1.9
39
100.00
161,058
1.9
Of-29
SAKAE MINAMI HEIWA BUILDING
5
87.30
86,741
1.1
6
100.00
92,919
1.1
Of-30
HF SAKURADORI BUILDING
23
100.00
337,441
4.1
23
100.00
343,523
4.0
Of-32
HF SENDAI HONCHO BUILDING
38
100.00
161,446
2.0
38
100.00
157,137
1.8
Of-33
HF UENO BUILDING
7
100.00
142,107
1.7
7
100.00
146,324
1.7
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Of-34
KOJIMACHI HF BUILDING
(Note 5)
－
－
44,586
0.5
－
－
－
－
Of-35
HF KUDAN MINAMI BUILDING
3
100.00
91,157
1.1
3
100.00
91,029
1.1
Of-36
HF KANDA OGAWAMACHI BUILDING
6
100.00
105,119
1.3
6
100.00
106,883
1.2
Of-37
NISSO 5 BUILDING
1
100.00
89,308
1.1
1
100.00
89,308
1.0
Of-38
ACROSS SHINKAWA BUILDING
13
100.00
137,384
1.7
12
98.06
146,409
1.7
Of-39
SENJU MILDIX
Ⅱ
5
100.00
70,957
0.9
5
100.00
70,957
0.8
Of-40
ARK Mori Building
1
100.00
Undisclosed
(Note 7)
Undisclosed
(Note 7)
1
100.00
Undisclosed
(Note 7)
Undisclosed
(Note 7)
Of-41
Nihonbashi Horidomecho First
3
100.00
64,518
0.8
3
100.00
64,145
0.7
Of-42
SOUTHERN SKY TOWER HACHIOJI
3
100.00
72,391
0.9
3
100.00
72,536
0.8
Of-43
HAMACHO HEIWA BUILDING
10
100.00
89,865
1.1
10
100.00
89,330
1.0
Of-44
KINSHICHO SQUARE BUILDING
11
100.00
78,623
1.0
11
100.00
80,580
0.9
Of-45
HF NIHONBASHI KABUTOCHO BUILDING
8
100.00
113,109
1.4
7
82.58
116,394
1.4
Of-46
HF SENDAI ICHIBANCHO BUILDING
15
100.00
92,108
1.1
14
100.00
90,083
1.1
Of-47
OSAKI CN BUILDING
7
100.00
115,589
1.4
7
100.00
115,894
1.4
Of-48
Faret East Building
7
100.00
67,080
0.8
7
100.00
66,449
0.8
Of-49
HF ESAKA BUILDING
7
100.00
72,485
0.9
7
100.00
73,953
0.9
Of-50
Shinsaibashi FRONT Building
14
100.00
189,400
2.3
14
100.00
216,096
2.5
Of-51
SAKAE CENTER BUILDING
20
95.31
137,797
1.7
21
99.21
141,213
1.6
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Of-52
IWAMOTOCHO TWIN BUILDING
8
62.77
77,982
1.0
13
100.00
74,850
0.9
Of-53
IWAMOTOCHO TWIN SAKAE BUILDING
9
100.00
15,306
0.2
9
100.00
15,313
0.2
Of-54
HF NAGOYA NISHIKI BUILDING
22
100.00
69,580
0.9
21
96.91
73,726
0.9
Of-55
Kitahama 1-Chome Heiwa Building
17
94.11
115,009
1.4
18
100.00
121,917
1.4
Of-56
Heiwa Real Estate Kitahama Building
15
100.00
50,353
0.6
15
100.00
52,928
0.6
Of-57
HF YOKOHAMA YAMASHITA BUILDING
13
82.00
89,082
1.1
15
100.00
103,205
1.2
Of-58
HF ESAKA EKIMAE BUILDING
11
100.00
143,833
1.8
11
100.00
154,513
1.8
Of-59
HF KITA NIJO BUILDING
39
97.46
49,032
0.6
38
96.19
48,941
0.6
Of-60
Park East Sapporo
(Note 5, 6)
32
98.78
27,054
0.3
32
98.78
130,287
1.5
Of-61
HF KYOMACHIBOR I BUILDING
(Note 6)
－
－
－
－
20
100.00
81,220
0.9
Of-62
LUCID SQUARE SEMBA(Note 6)
－
－
－
－
25
100.00
63,307
0.7
Office subtotal
503
97.97
4,260,475
52.2
543
99.42
4,541,583
53.0
Re-05
HF MEGURO RESIDENCE
21
100.00
20,974
0.3
21
100.00
20,793
0.2
Re-09
HF KASAI RESIDENCE
48
100.00
27,714
0.3
48
100.00
28,327
0.3
Re-11
HF WAKABAYASHI
-KOEN RESIDENCE
88
90.68
129,164
1.6
89
92.25
128,628
1.5
Re-12
HF HIMONYA RESIDENCE
52
98.33
47,552
0.6
52
97.25
47,618
0.6
Re-14
HF MINAMIAZABU RESIDENCE
59
98.34
37,169
0.5
58
96.66
37,913
0.4
Re-16
HF GAKUGEIDAIG AKU RESIDENCE
27
100.00
29,777
0.4
27
100.00
29,214
0.3
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Re-17
HF HIGASHIKAND A RESIDENCE
63
98.44
38,327
0.5
64
100.00
39,381
0.5
Re-18
HF HIGASHINIHON BASHI RESIDENCE
66
100.00
45,501
0.6
65
98.79
47,406
0.6
Re-19
HF NERIMA RESIDENCE
51
100.00
26,922
0.3
48
94.24
26,639
0.3
Re-20
HF SHIROKANETA KANAWA RESIDENCE
64
96.72
132,879
1.6
64
96.04
140,858
1.6
Re-21
HF MEIDAIMAE RESIDENCE
52
98.14
29,359
0.4
52
98.19
30,692
0.4
Re-22
HF NIHONBASHI RESIDENCE
47
97.04
36,616
0.4
47
97.04
37,022
0.4
Re-23
HF KAMISHAKUJII RESIDENCE
63
98.58
33,389
0.4
62
97.15
34,124
0.4
Re-24
HF KINSHICHO RESIDENCE
56
100.00
34,646
0.4
55
98.32
33,448
0.4
Re-25
HF GINZA RESIDENCE EAST
101
96.35
141,267
1.7
99
93.80
145,683
1.7
Re-26
HF SHIN-YOKOHAMA RESIDENCE
110
97.67
89,496
1.1
108
95.25
88,137
1.0
Re-30
HF MAGOME RESIDENCE
30
100.00
49,998
0.6
28
91.62
49,743
0.6
Re-31
HF GAKUGEIDAIG AKU
RESIDENCE Ⅱ
21
96.24
39,170
0.5
21
95.74
39,951
0.5
Re-33
HF KAMEIDO RESIDENCE
60
98.37
35,015
0.4
61
100.00
34,572
0.4
Re-34
HF TANASHI RESIDENCE
33
94.14
32,690
0.4
35
100.00
34,285
0.4
Re-38
La Residence de Shirokanedai
27
96.51
28,187
0.3
28
100.00
29,691
0.3
Re-39
HF GINZA RESIDENCE
EAST Ⅱ
71
96.13
53,084
0.7
72
97.37
55,104
0.6
Re-40
HF HATCHOBORI
RESIDENCE Ⅱ
77
90.77
61,399
0.8
83
98.72
63,913
0.7
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Re-42
HF GINZA RESIDENCE
44
97.85
33,899
0.4
42
91.97
33,194
0.4
Re-43
HF KOMAZAWA-KOEN RESIDENCE TOWER
278
96.07
214,869
2.6
280
97.61
216,664
2.5
Re-47
HF MARUNOUCHI RESIDENCE
72
100.00
25,335
0.3
68
94.46
25,960
0.3
Re-48
HF HIRAO RESIDENCE
196
98.23
85,056
1.0
199
99.55
86,923
1.0
Re-49
HF KAWARAMACH I NIJO RESIDENCE
46
92.28
20,160
0.2
49
98.21
20,268
0.2
Re-53
HF SHIJO KAWARAMACH I RESIDENCE
129
97.61
77,632
1.0
128
98.12
75,417
0.9
Re-54
La Residence de Sendagi
49
98.07
28,687
0.4
49
97.90
29,168
0.3
Re-55
HF SENDAGI RESIDENCE
48
97.16
32,741
0.4
49
100.00
32,910
0.4
Re-56
HF KOMAZAWA-KOEN RESIDENCE
36
100.00
21,800
0.3
36
100.00
21,777
0.3
Re-57
HF MUSASHIKOYA MA RESIDENCE
49
94.60
32,855
0.4
51
98.20
32,901
0.4
Re-58
HF KOKUBUNJI RESIDENCE
46
98.02
32,365
0.4
47
100.00
32,846
0.4
Re-59
HF HISAYAODORI RESIDENCE
94
96.05
41,846
0.5
93
95.09
41,857
0.5
Re-60
HF KARASUMA KURAMAGUCH I RESIDENCE
39
94.98
22,712
0.3
41
100.00
22,654
0.3
Re-61
HF NISHI-SHINJUKU RESIDENCE WEST
77
100.00
72,952
0.9
73
94.66
73,513
0.9
Re-62
HF NISHI-SHINJUKU RESIDENCE EAST
48
100.00
44,554
0.5
48
100.00
45,333
0.5
Re-63
HF HIGASHI-SHINJUKU RESIDENCE
(Note 6)
65
95.78
48,644
0.6
－
－
1,274
0.0
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Re-64
HF HIGASHI-SHINSAIBASHI RESIDENCE
(Note 5)
－
－
20,379
0.2
－
－
－
－
Re-65
HF KITA-YOBANCHO RESIDENCE
84
93.32
37,385
0.5
87
96.66
36,731
0.4
Re-66
HF ATAGOBASHI RESIDENCE
75
95.01
31,590
0.4
74
93.76
30,777
0.4
Re-68
HF ASAKUSABASH I RESIDENCE
39
100.00
28,556
0.3
37
94.87
28,891
0.3
Re-69
HF ICHIBANCHO RESIDENCE
72
92.28
39,538
0.5
74
95.26
40,241
0.5
Re-70
HF HIGASHI-NAKANO RESIDENCE
49
100.00
33,086
0.4
45
90.30
33,024
0.4
Re-72
HF WASEDA RESIDENCE
121
100.00
80,448
1.0
116
95.61
78,980
0.9
Re-73
HF WASEDA
RESIDENCE Ⅱ
51
100.00
31,167
0.4
48
94.82
32,743
0.4
Re-74
HF WAKAMATSU-KAWADA RESIDENCE
33
100.00
42,597
0.5
31
93.43
45,290
0.5
Re-75
HF SENDAI RESIDENCE EAST
143
95.00
69,251
0.8
145
96.22
68,150
0.8
Re-76
HF NISHI-KOEN RESIDENCE
96
94.18
44,882
0.5
100
98.06
42,889
0.5
Re-77
HF BANSUI-DORI RESIDENCE
59
89.39
29,140
0.4
63
95.45
27,750
0.3
Re-78
HF KANNAI RESIDENCE
112
95.75
64,979
0.8
112
95.69
64,207
0.7
Re-79
HF MEIEKI-KITA RESIDENCE
108
95.75
66,088
0.8
103
90.32
63,033
0.7
Re-80
HF HIGASHI-SAPPORO RESIDENCE
148
97.97
60,622
0.7
148
98.36
59,973
0.7
Re-81
HF HAKATA-HIGASHI RESIDENCE
78
100.00
31,630
0.4
77
98.72
31,682
0.4
Re-82
HF SENDAI ITSUTSUBASHI RESIDENCE
54
98.18
27,784
0.3
50
90.92
25,954
0.3
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Re-83
HF TABATA RESIDENCE
55
97.01
43,526
0.5
55
97.01
43,931
0.5
Re-84
HF RYOGOKU RESIDENCE
65
97.89
53,640
0.7
65
97.89
53,964
0.6
Re-85
HF HACHIOJI RESIDENCE
49
86.82
35,967
0.4
47
85.01
31,022
0.4
Re-86
HF MITA
RESIDENCE Ⅱ
38
95.35
32,655
0.4
40
100.00
34,092
0.4
Re-87
HF MONZENNAKACHO RESIDENCE
44
100.00
29,862
0.4
42
95.45
30,002
0.4
Re-88
HF MINAMI-SUNAMACHI RESIDENCE
48
100.00
27,575
0.3
48
100.00
29,114
0.3
Re-89
HF SENDAI NAGAMACHI RESIDENCE
64
91.11
34,447
0.4
69
100.00
35,637
0.4
Re-90
HF SHOKOJI AKABANE RESIDENCE
47
95.25
40,299
0.5
49
100.00
39,564
0.5
Re-91
HF SENDAI HONCHO RESIDENCE
66
95.66
33,612
0.4
64
92.76
34,002
0.4
Re-92
HF OHORI RESIDENCE BAYSIDE
66
96.75
37,005
0.5
65
97.21
36,210
0.4
Re-93
HF HAKATA-HIGASHI
RESIDENCEⅡ
109
99.11
43,664
0.5
107
97.70
44,048
0.5
Re-94
HF FUKUOKA RESIDENCE EAST
118
99.15
46,333
0.6
116
97.61
47,115
0.5
Re-95
HF SHOKOJI AKABANE
RESIDENCEⅡ
69
97.71
56,228
0.7
69
98.93
58,063
0.7
Re-96
HF YAHIRO RESIDENCE
62
97.37
45,453
0.6
61
95.26
45,101
0.5
Re-97
HF SETAGAYAKAM IMACHI RESIDENCE
29
96.70
21,000
0.3
30
100.00
21,277
0.2
Re-98
HF SOKA RESIDENCE
97
98.00
43,414
0.5
97
98.00
46,165
0.5
Re-99
HF UENO IRIYA RESIDENCE
33
100.00
24,658
0.3
30
89.39
25,514
0.3
Re-100
HF TSUJIDO RESIDENCE
37
92.75
57,848
0.7
37
92.81
55,167
0.6
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Re-101
HF KAWAGUCHIEK IMAE RESIDENCE
91
100.00
57,976
0.7
87
96.03
58,598
0.7
Re-102
HF HIGASHIOGU RESIDENCE
48
97.38
42,362
0.5
48
97.36
43,409
0.5
Re-103
HF IMAIKEMINAMI RESIDENCE
66
92.98
26,557
0.3
71
100.00
26,379
0.3
Re-104
HF FUSHIMI RESIDENCE
36
100.00
18,202
0.2
36
100.00
18,519
0.2
Re-105
HF NAKANO-SAKAUE RESIDENCE
33
100.00
30,561
0.4
32
95.11
31,081
0.4
Re-106
HF UENO RESIDENCE EAST
55
98.09
64,380
0.8
56
100.00
66,595
0.8
Re-107
HF OMORIMACHI RESIDENCE
26
100.00
29,565
0.4
24
92.64
28,665
0.3
Re-108
HF KITASENJU RESIDENCE
87
96.27
75,140
0.9
89
99.06
83,794
1.0
Re-109
HF HIKIFUNE RESIDENCE
32
97.96
32,989
0.4
31
96.18
32,586
0.4
Re-110
HF MEGURO GYONINZAKA RESIDENCE
(Note 5)
51
72.91
31,051
0.4
60
93.18
82,780
1.0
Re-111
HF NISHI-SUGAMO RESIDENCE
(Note 5)
32
97.17
2,783
0.0
31
94.34
23,452
0.3
Re-112
HF NISHI-SUGAMO
RESIDENCE Ⅱ
(Note 5)
28
93.34
2,367
0.0
28
93.34
18,867
0.2
Re-113
HF TOBU-NERIMA RESIDENCE
(Note 5)
34
100.00
3,032
0.0
33
97.65
24,734
0.3
Re-114
HF RYOGOKU RESIDENCE EAST(Note 5)
24
100.00
2,538
0.0
22
93.15
19,803
0.2
Re-116
HF HIKIFUNE RESIDENCE EAST(Note 6)
－
－
－
－
27
95.19
13,227
0.2
Re-117
HF OMORI RESIDENCE
(Note 6)
－
－
－
－
38
100.00
20,913
0.2
Residence subtotal
5,664
96.41
3,902,260
47.8
5,654
96.49
4,029,550
47.0
Property name
47th Fiscal Period
(For the six-month period ended May 31, 2025)
48th Fiscal Period
(For the six-month period ended November 30, 2025)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Number of tenants (at end of period)
(Note 1)
Occupancy rate
(at end of period) (%) (Note 2)
Rent revenue-real estate (during period) (thousand yen)
(Note 3)
Ratio of total rent revenue-real estate (%)
(Note 4)
Total
6,167
97.06
8,162,736
100.0
6,197
97.76
8,571,133
100.00
(Note 1) Number of tenants is the number of end tenants whose lessors are the REIT, trusteed and master lease companies (number of rental units for residential properties).
The number of tenants for the fixed-rent office property is 1. (Note 2) Occupancy rate is the ratio of rental area to rentable area.
(Note 3) Rent revenue-real estate is leasing business revenue from each property in the fiscal period.
(Note 4) Ratio of total rent revenue-real estate is the ratio of rental revenue from each property to rental revenue from the entire portfolio.
(Note 5) The dates of acquisition were March 28, 2025 for Of-60 Park East Sapporo (quasi-co-ownership interest: 45%) and March 19, 2025 for Re-110 HF MEGURO GYONINZAKA RESIDENCE and May 9, 2025 for Re-111 HF NISHI-SUGAMO RESIDENCE, Re-112 HF NISHI-SUGAMO
RESIDENCE Ⅱ, Re-113 HF TOBU-NERIMA RESIDENCE, Re-114 HF RYOGOKU RESIDENCE EAST. The dates of transfer were March 19, 2025 for Of-34 KOJIMACHI HF BUILDING and May 30, 2025 for Re-64 HF HIGASHI-SHINSAIBASHI RESIDENCE.
(Note 6) The dates of acquisition were June 4, 2025 for Of-60 Park East Sapporo (quasi-co-ownership interest: 24% of the additional acquisition) and
June 4, 2025 for Of-61 HF KYOMACHIBORI BUILDING and August 29, 2025 for Of-62 LUCID SQUARE SEMBA and August 7, 2025 for Re-116 HF HIKIFUNE RESIDENCE EAST and August 8, 2025 for Re-117 HF OMORI RESIDENCE. The dates of transfer were June 30, 2025 for Of-07 HF HAMAMATSUCHO BUILDING and June 6, 2025 for Re-63 HF HIGASHI-SHINJUKU RESIDENCE.
(Note 7) These figures are not disclosed because no consent of the master lease company and the property management company has been obtained.
Schedule of securities incorporated into assets Not applicable
Schedule of renewable energy power generation facilities Not applicable
Schedule of public facilities management rights Not applicable
Status of other assets
Real estate owned by the REIT and trust beneficial interests in real estate owned by the REIT are stated in 3. Status of Investment properties (3) Summary of portfolio properties.
The major other specified assets that the REIT makes major invests in are stated below.
Table of contract amounts and market prices of specified transactions
(Unit: thousand yen)
Classification
Type
Contract amount (Note 1)
Market price (Note 2)
Contract period of over a year
Transactions other than market transactions
Interest rate swaps Pay fixed, receive floating
67,701,200
54,439,200
1,144,754
(Note 1) The contract amounts of interest rate swaps are based on notional amounts. (Note 2) The market prices are based on quotes from financial institutions
Asset holdings by country and region
No asset holdings in countries or regions outside Japan
- Capital expenditures for properties held
Planned capital expenditure
Major capital expenditures for repair work at properties owned by the REIT planned as of the date of the creation of this report are shown below.
The estimate in the table may include expenses in accounting.
The REIT will continue to work to prepare an efficient repair plan for each property to maintain and improve the competitiveness of assets under management from a medium- to long-term perspective and will repair properties and make capital expenditures.
Property name
Address
Purpose
Scheduled period
Estimated construction costs
(thousand yen)
Total amount
Payment in the period
Amount already paid
Of-44
KINSHICHO SQUARE BUILDING
Sumida-ku, Tokyo
Air conditioning equipment replacement
From December 2025
To May 2026
34,000
－
－
Of-53
IWAMOTOCHO TWIN SAKAE BUILDING
Chiyoda-ku, Tokyo
Repair of elevators
From December 2025
To May 2026
16,000
－
－
Of-59
HF KITA NIJO BUILDING
Sapporo City, Hokkaido
Repair of elevators
From December 2025
To May 2026
25,800
－
－
Re-16
HF GAKUGEIDAIGAK U RESIDENCE
Meguro-ku, Tokyo
Air conditioning equipment replacement
From December 2025
To May 2026
32,000
－
－
Re-23
HF KAMISHAKUJII RESIDENCE
Nerima-ku, Tokyo
Comprehensive repair of outer walls
From December 2025
To May 2026
25,690
－
－
Re-26
HF SHIN-YOKOHAMA RESIDENCE
Yokohama City, Kanagawa
Comprehensive repair of outer walls
From December 2025
To May 2026
57,850
－
－
Re-42
HF GINZA RESIDENCE
Chuo-ku, Tokyo
Fire extinguishing equipment replacement
From December 2025
To May 2026
8,800
－
－
Re-57
HF MUSASHIKOYAM A RESIDENCE
Shinagawa-ku, Tokyo
Comprehensive repair of outer walls
From December 2025
To May 2026
25,890
－
－
Re-59
HF HISAYAODORI RESIDENCE
Nagoya City, Aichi
Comprehensive repair of outer walls
From December 2025
To May 2026
40,730
－
－
Capital expenditures in the 48th fiscal period
Below is a list of major work at properties owned by the REIT for which capital expenditures were made in the 48th fiscal period.
Capital expenditures in the fiscal period stood at ¥1,144,198 thousand. Expenses for repairs, etc. were ¥1,570,660 thousand, including repair expenses of ¥426,462 thousand.
These projects were undertaken to increase the satisfaction of existing tenants and ensure a competitive edge attracting new tenants.
Property name | Address | Purpose | Period | Construction costs (thousand yen) | |
Of-05 | SUITENGU HEIWA BUILDING | Chuo-ku, Tokyo | Repair of elevators | From October 2025 To November 2025 | 34,000 |
Of-06 | HF MONZENNAKACHO BUILDING | Koto-ku, Tokyo | Repair of elevators | From August 2025 To October 2025 | 29,800 |
Of-23 | HF IKEBUKURO BUILDING | Toshima-ku, Tokyo | Renovation of tenant-area | From August 2025 To September 2025 | 17,697 |
Of-24 | HF YUSHIMA BUILDING | Bunkyo-ku, Tokyo | Air conditioning equipment replacement | From November 2025 To November 2025 | 18,000 |
Of-53 | IWAMOTOCHO TWIN SAKAE BUILDING | Chiyoda-ku, Tokyo | Comprehensive repair of outer walls | From July 2025 To October 2025 | 10,820 |
Re-33 | HF KAMEIDO RESIDENCE | Koto-ku, Tokyo | Comprehensive repair of outer walls | From March 2025 To August 2025 | 32,059 |
Re-70 | HF HIGASHI-NAKANO RESIDENCE | Nakano-ku, Tokyo | Comprehensive repair of outer walls | From July 2025 To November 2025 | 31,638 |
Re-75 | HF SENDAI RESIDENCE EAST | Sendai City, Miyagi | Comprehensive repair of outer walls | From June 2025 To November 2025 | 60,450 |
Re-88 | HF MINAMI-SUNAMACHI RESIDENCE | Koto-ku, Tokyo | Comprehensive repair of outer walls | From February 2025 To November 2025 | 46,676 |
Re-93 | HF HAKATA-HIGASHI RESIDENCE Ⅱ | Fukuoka City, Fukuoka | Comprehensive repair of outer walls | From June 2025 To November 2025 | 54,780 |
Others | From June 2025 To November 2025 | 808,275 | |||
Total | 1,144,198 | ||||