Industrial & Infrastructure Fund Investment : 34th Fiscal Period Results (February 1 2024 ~ July 31 2024)

(Thousands of yen)

As of

January 31, 2024

July 31, 2024

ASSETS

Current assets:

Cash and bank deposits

36,257,204

25,580,857

Cash and bank deposits in trust

7,483,671

9,738,762

Rental receivables

858,107

1,480,689

Prepaid expenses

1,160,315

1,359,383

Income taxes receivable

-

41,646

Consumption taxes refundable

-

2,154,251

Other

17,654

2,388

Total current assets

45,776,953

40,357,980

Noncurrent assets:

Property, plant and equipment:

Buildings, at cost

35,871,780

36,000,661

Less: Accumulated depreciation

(10,935,117)

(11,410,302)

Buildings, net

24,936,662

24,590,359

Structures, at cost

123,482

127,157

Less: Accumulated depreciation

(68,505)

(72,579)

Structures, net

54,977

54,578

Machinery and equipment, at cost

11,892

11,892

Less: Accumulated depreciation

(11,892)

(11,892)

Machinery and equipment, net

0

0

Tools, furniture and fixtures, at cost

26,719

26,719

Less: Accumulated depreciation

(16,862)

(18,122)

Tools, furniture and fixtures, net

9,857

8,596

Land

20,343,077

20,343,077

Construction in progress

964,879

1,077,501

Buildings in trust, at cost

114,003,768

140,123,621

Less: Accumulated depreciation

(22,265,012)

(24,120,544)

Buildings in trust, net

91,738,756

116,003,077

Structures in trust, at cost

1,660,734

1,667,699

Less: Accumulated depreciation

(742,285)

(804,901)

Structures in trust, net

918,448

862,797

Machinery and equipment in trust, at cost

149,122

221,195

Less: Accumulated depreciation

(84,434)

(94,096)

Machinery and equipment in trust, net

64,687

127,099

Tools, furniture and fixtures in trust, at cost

350,658

461,887

Less: Accumulated depreciation

(105,317)

(129,241)

Tools, furniture and fixtures in trust, net

245,341

332,645

Land in trust

235,280,807

312,771,257

Construction in progress in trust

21,335

126,293

Total net property, plant and equipment

374,578,832

476,297,285

Intangible assets:

Leasehold right

19,833,966

19,833,966

Other

798

509

Total intangible assets

19,834,764

19,834,476

Investments and other assets:

Investment in affiliates

356,826

356,826

Investment securities

-

16,623,219

Lease and guarantee deposits

14,700

14,700

Long-term prepaid expenses

1,164,145

1,649,829

Other

6,384

10,426

Total investments and other assets

1,542,056

18,655,002

Total noncurrent assets

395,955,653

514,786,763

Deferred assets:

Investment unit issuance costs

34,243

226,217

Investment corporation bonds issuance costs

72,724

66,290

Total deferred assets

106,967

292,508

TOTAL ASSETS

441,839,574

555,437,252

(Thousands of yen)

As of

January 31, 2024

July 31, 2024

LIABILITIES

Current liabilities:

Operating accounts payable

1,517,270

2,168,492

Short-term loans payable

3,000,000

9,400,000

Current portion of investment corporation bonds - unsecured

2,000,000

-

Current portion of long-term loans payable

19,800,000

24,400,000

Accounts payable - other

818,923

961,070

Accrued expenses

153,769

202,996

Income taxes payable

662

1,653

Consumption taxes payable

333,684

-

Advances received

2,952,691

3,162,683

Other

11,360

5,401

Total current liabilities

30,588,362

40,302,297

Noncurrent liabilities:

Investment corporation bonds - unsecured

12,700,000

12,700,000

Long-term loans payable

182,783,000

235,783,000

Tenant leasehold and security deposits

2,602,985

2,620,681

Tenant leasehold and security deposits in trust

15,870,612

16,849,408

Asset retirement obligations

1,295,879

977,918

Other

903

276

Total noncurrent liabilities

215,253,381

268,931,285

TOTAL LIABILITIES

245,841,743

309,233,583

NET ASSETS

Unitholders' equity:

Unitholders' capital

189,683,850

238,456,667

Capital deduction:

Allowance for temporary difference adjustment

(290,636)

(303,317)

Other deduction of unitholders' capital

(641,451)

(641,451)

Total capital deduction

(932,087)

(944,768)

Unitholders' capital, net

188,751,762

237,511,898

Surplus:

Retained earnings

7,243,732

8,685,403

Total surplus

7,243,732

8,685,403

Total unitholders' equity

195,995,495

246,197,301

Valuation and translation adjustments:

Deferred gains or (losses) on hedges

2,334

6,366

Total valuation and translation adjustments

2,334

6,366

TOTAL NET ASSETS

195,997,830

246,203,668

TOTAL LIABILITIES AND NET ASSETS

441,839,574

555,437,252

(Thousands of yen)

For the six months ended

January 31, 2024

July 31, 2024

Operating revenue

Rent revenue－real estate

17,167,955

19,348,734

Gain on sales of property

999,540

1,504,230

Dividend income from investments in Tokumei Kumiai

-

212,946

Total operating revenue

18,167,495

21,065,911

Operating expenses

Expenses related to property rental business

8,260,187

9,194,389

Impairment losses

185,164

-

Asset management fees

1,323,668

1,625,441

Directors' compensations

7,440

7,440

Asset custody fees

9,737

12,015

Administrative service fees

42,115

47,281

Other

154,071

198,460

Total operating expenses

9,982,384

11,085,029

Operating income

8,185,111

9,980,881

Non-operating income

Interest income

191

204

Reversal of distribution payable

237

515

Total non-operating income

429

720

Non-operating expenses

Interest expenses

666,291

928,276

Interest expenses on investment corporation bonds

42,512

40,480

Amortization of investment corporation bonds issuance costs

6,597

6,434

Borrowing related expenses

215,048

256,250

Amortization of investment unit issuance costs

8,218

48,256

Other

3,246

11,578

Total non-operating expenses

941,914

1,291,277

Ordinary income

7,243,626

8,690,324

Income before income taxes

7,243,626

8,690,324

Income taxes

Current

692

3,521

Total income taxes

692

3,521

Net income

7,242,933

8,686,803

Retained earnings brought forward

798

(1,400)

Unappropriated retained earnings

7,243,732

8,685,403

(Thousands of yen)

For the six months ended

January 31, 2024

July 31, 2024

Net cash provided by (used in) operating activities:

Income before income taxes

7,243,626

8,690,324

Depreciation and amortization

2,106,678

2,832,532

Amortization of investment corporation bonds issuance costs

6,597

6,434

Amortization of investment unit issuance costs

8,218

48,256

Impairment losses

185,164

-

Interest income

(191)

(204)

Interest expenses

708,803

968,757

Changes in assets and liabilities:

Decrease (increase) in operating accounts receivable

104,705

(622,581)

Decrease (increase) in consumption taxes refundable

-

(2,154,251)

Decrease (increase) in prepaid expenses

761,814

(199,068)

Decrease (increase) in long-term prepaid expenses

(129,422)

(485,684)

Increase (decrease) in operating accounts payable

28,951

337,079

Increase (decrease) in accounts payable - other

4,478

162,187

Increase (decrease) in accrued expenses

868

802

Increase (decrease) in consumption taxes payable

38,212

(333,684)

Increase (decrease) in advances received

(467,654)

209,991

Increase (decrease) in other noncurrent liabilities

(1,524)

(627)

Decrease from sales of property and equipment in trust

2,267,649

8,555,043

Other, net

(135,101)

10,052

Subtotal

12,731,872

18,025,360

Interest income received

191

204

Interest expenses paid

(694,232)

(920,331)

Income taxes paid

(635)

(44,177)

Net cash provided by operating activities

12,037,194

17,061,054

Net cash provided by (used in) investing activities:

Purchases of property, plant and equipment

(783,602)

(507,444)

Purchases of property, plant and equipment in trust

(10,133,642)

(112,622,691)

Proceeds from tenant leasehold and security deposits

3,912

76,118

Payments of tenant leasehold and security deposits

(41,400)

(58,422)

Proceeds from tenant leasehold and security deposits in trust

346,083

1,366,772

Payments of tenant leasehold and security deposits in trust

(115,894)

(387,976)

Payments for lease and guarantee deposits

(4,500)

-

Proceeds from investment securities

-

140,296

Purchase of investment in securities

-

(16,763,515)

Net cash used in investing activities

(10,729,042)

(128,756,863)

Net cash provided by (used in) financing activities:

Proceeds from short-term loans payable

-

9,400,000

Repayments of short-term loans payable

(2,000,000)

(3,000,000)

Proceeds from long-term loans payable

21,000,000

65,600,000

Repayments of long-term loans payable

(11,000,000)

(8,000,000)

Redemption of investment corporation bonds

-

(2,000,000)

Proceeds from issuance of investment units

-

48,772,816

Payments of investment unit issuance costs

-

(240,231)

Dividends paid

(6,936,128)

(7,258,032)

Net cash provided by financing activities

1,063,871

103,274,552

Net change in cash and cash equivalents

2,372,023

(8,421,255)

Cash and cash equivalents at beginning of period

41,368,852

43,740,876

Cash and cash equivalents at end of period

43,740,876

35,319,620

Outline of portfolio properties

1

Leasable

Fair value at

Net book

Name of property

Location

Form of ownership

end of

area

value

period

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Shinonome Logistics Center (Note 4)

13-32, Shinonome 2-chome,Koto-ku, Tokyo

Trust beneficial interest

27,493.29

19,292

12,936

IIF Noda Logistics Center

340-13,Nishi-sangao,Noda-shi, Chiba

Trust beneficial interest

38,828.10

10,000

5,210

IIF Shinsuna Logistics Center

5-15, Shinsuna 3-chome,Koto-ku, Tokyo

Trust beneficial interest

5,741.75

8,230

5,073

IIF Koshigaya Logistics Center

1-1, Ryutsudanchi 4-chome,Koshigaya-shi,

Trust beneficial interest

10,113.50

3,410

1,660

Saitama

IIF Nishinomiya Logistics Center

2, Nishinomiyahama 1-chome, Nishinomiya-

Trust beneficial interest

17,200.00

3,280

1,863

shi, Hyogo

IIF Narashino Logistics Center (Land with

34-9, Akanehama 3-chome,Narashino-shi,

Real property

20,809.47

1,940

1,180

leasehold interest)

Chiba

IIF Narashino Logistics Center II (Note 5)

34-1, Akanehama 3-chome,Narashino-shi,

Trust beneficial interest

84,020.30

7,100

4,308

Chiba

IIF Atsugi Logistics Center II

602-9, Aza Kitaya, Funako, Atsugi-shi,

Real property

20,661.13

4,380

3,066

Kanagawa

IIF Yokohama Tsuzuki Logistics Center

747, Aza Minamikochi, Kawamukou-cho,

Trust beneficial interest

9,615.82

3,740

2,236

Tsuzuki-kuYokohama-shi, Kanagawa

IIF Saitama Logistics Center

398-3,Yoshino-cho1-chome,Kita-ku,

Trust beneficial interest

8,995.00

2,630

1,379

Saitama-shi, Saitama

IIF Nagoya Logistics Center

27, Yanagida-cho2-chome,Nakagawa-ku,

Real property

8,721.01

1,760

1,136

Nagoya-shi, Aichi

IIF Atsugi Logistics Center III

3007-7, Kamiechi Aza Uenohara, Atsugi-shi,

Trust beneficial interest

22,879.35

7,580

4,570

Kanagawa

IIF Kawaguchi Logistics Center

5-3Midori-cho,Kawaguchi-shi, Saitama

Real property

11,705.02

5,940

2,073

IIF Higashi-Osaka Logistics Center

7-46,Wakae-higashi-machi6-chome, Higashi

Real property

20,528.42

4,560

2,418

Osaka-shi, Osaka

IIF Kashiwa Logistics Center

1027-1, Washinoya, Kashiwa-shi, Chiba

Real property

17,379.78

3,860

2,086

IIF Misato Logistics Center

5, Izumi 3-chome,Misato-shi, Saitama

Trust beneficial interest

19,019.71

6,870

3,287

IIF Iruma Logistics Center

660-2, Aza Higashimusashino, Oaza Minami-

Trust beneficial interest

17,881.65

4,530

2,838

mine, Iruma-shi, Saitama

IIF Tosu Logistics Center

127-1, Aza Uchishirage, Kuranoue-machi,

Trust beneficial interest

13,862.05

2,790

1,505

Tosu-shi, Saga

IIF Morioka Logistics Center

Plot 4-311, Oaza Hiromiyasawa, Yahabacho,

Trust beneficial interest

8,001.57

1,620

530

Shiwa-gun, Iwate, etc.

IIF Hiroshima Logistics Center

22-4,Itsukaichi-ko3-chome,Saeki-ku,

Trust beneficial interest

22,768.24

5,130

3,098

Hiroshima-shi, Hiroshima

IIF Izumiotsu e-shop Logistics Center (Land

8-1,Nagisa-cho,Izumiotsu-shi, Osaka

Trust beneficial interest

48,932.00

4,740

4,177

with leasehold interest)

IIF Izumisano Food Processing and Logistics

2-11,Rinkuorai-kita,Izumisano-shi, Osaka

Real property

13,947.83

1,630

937

Center

IIF Kyotanabe Logistics Center

55-13,Osumi-hama,Kyotanabe-shi, Kyoto

Trust beneficial interest

33,243.99

8,930

5,459

IIF Fukuoka Koga Vehicle Logistics Center (Land

1134-1, Aoyagi, Koga-shi, Fukuoka

Real property

30,815.97

1,110

914

with leasehold interest)

IIF Fukuoka Higashi Logistics Center

9-1 Kamata 4-chome,Higashi-ku, Fukuoka-

Trust beneficial interest

11,262.86

2,320

1,869

shi, Fukuoka

IIF Osaka Konohana Logistics Center

4-51, Shimaya 4-chome,Konohana-ku, Osaka-

Trust beneficial interest

46,262.20

11,000

8,612

shi, Osaka

IIF Kazo Logistics Center

6-1, Shintone 2-chome,Kazo-shi, Saitama

Trust beneficial interest

17,744.41

3,040

2,520

IIF Hamura Logistics Center (Note 6)

8-16, Shinmeidai 4-chome,Hamura-shi, Tokyo

Trust beneficial interest

-

1,240

1,770

IIF Fukuoka Hakozaki Logistics Center I

14-31, Hakozakifuto 4-chome,Higashi-ku,

Trust beneficial interest

24,967.58

6,140

5,086

Fukuoka-shi, Fukuoka

IIF Fukuoka Hakozaki Logistics Center II

1-18, Hakozakifuto 4-chome,Higashi-ku,

Trust beneficial interest

51,530.51

12,400

9,902

Fukuoka-shi, Fukuoka

IIF Itabashi Logistics Center

7-7,Higashi-sakashita2-chome,Itabashi-ku,

Trust beneficial interest

5,057.68

2,350

1,692

Tokyo

Leasable

Fair value at

Net book

Name of property

Location

Form of ownership

end of

area

value

period

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Sendai Taiwa Logistics Center

3-15, Maino 2-chome,Taiwa-cho, Kurokawa-

Trust beneficial interest

15,555.15

2,040

1,518

gun, Miyagi

IIF Ota Logistics Center

236-1,Anyoji-cho,Ota-shi, Gunma

Real property

6,900.01

1,210

983

IIF Osaka Suminoe Logistics Center I

2-32, Shibatani 1-chome,Suminoe-ku, Osaka-

Trust beneficial interest

52,201.30

16,300

11,788

shi, Osaka

IIF Osaka Suminoe Logistics Center II

2-34, Shibatani 1-chome,Suminoe-ku, Osaka-

Trust beneficial interest

12,299.76

3,070

2,547

shi, Osaka

IIF Morioka Logistics Center II

4-5, Ryutsu Center Minami 2-chome, Yahaba-

Trust beneficial interest

12,383.30

1,610

1,375

cho, Shiwa-gun, Iwate

IIF Sapporo Logistics Center

2-1,Yonesato-sanjo3-chome,Shiroishi-ku,

Trust beneficial interest

13,064.75

2,750

2,518

Sapporo-shi, Hokkaido

IIF Koriyama Logistics Center

213, Aza Mukaihara, Otsuki-machi, Koriyama-

Trust beneficial interest

17,533.15

3,380

2,364

shi, Fukushima

IIF Kobe Nishi Logistics Center (Land with

10-4, Mitsugaoka 4-chome,Nishi-ku,Kobe-shi,

Trust beneficial interest

33,000.00

2,620

2,059

leasehold interest)

Hyogo

IIF Hyogo Tatsuno Logistics Center

300-2,Tai-san, Nagao, Issaicho, Tatsuno-shi,

Trust beneficial interest

25,186.78

4,650

4,076

Hyogo, etc.

IIF Akishima Logistics Center

3928-4, Kohake, Haijimacho, Akishima-shi,

Trust beneficial interest

31,071.21

9,030

8,425

Tokyo

IIF Gifu Kakamigahara Logistics Center

2-8, Aza Takehaya, Kawashima

Trust beneficial interest

16,708.51

3,320

2,310

Takehayamachi, Kakamigahara-shi, Gifu, etc.

IIF Hiroshima Seifushinto Logistics Center

3-1, Tomominami 2-chome,Asaminami-ku,

Trust beneficial interest

28,988.91

6,730

6,130

Hiroshima-shi, Hiroshima

IIF Shonan Logistics Center

9-2, Ichinomiya 7-chome,Samukawa-machi,

Trust beneficial interest

23,728.15

9,220

7,478

Koza-gun, Kanagawa

IIF Yokkaichi Logistics Center

1340-8, Azayamagamidani, Tarusaka-cho,

Trust beneficial interest

51,504.25

10,300

8,975

Yokkaichi-shi, Mie, etc.

IIF Shiga Ryuoh Logistics Center

900-1, Yamazurakawahara, Ryuoh-cho, Gamo-

Trust beneficial interest

17,916.90

3,920

3,614

gun, Shiga, etc.

IIF Omihachiman Logistics Center

951-4,Chokoji-cho,Omihachiman-shi, Shiga,

Trust beneficial interest

25,111.07

2,300

1,882

etc.

IIF Musashimurayama Logistics Center II

26-38 Inadaira 1-chome, Musashimurayama-

Trust beneficial interest

51,687.63

17,100

17,054

shi, Tokyo, etc.

IIF Fukuoka Hisayama Logistics Center

2859-1 Aza Hara, Oaza Kubara, Hisayama-

Trust beneficial interest

49,855.23

15,400

14,821

machi, Kasuya-gun, Fukuoka, etc.

IIF Kasugai Logistics Center (Land with

2211, Aza Nomoto, Kamitaragacho, Kasugai-

Trust beneficial interest

55,255.00

8,010

7,824

leasehold interest)

shi, Aichi

IIF Kitakyushu Logistics Center III

2220-11, Oaza Yobaru, Aza Shiraishi, Kanda-

Trust beneficial interest

82,373.19

7,720

7,469

machi, Miyako-gun, Fukuoka, etc.

IIF Osaka Ibaraki Logistics Center

621-3 Misakicho, Ibaraki-shi, Osaka, etc.

Trust beneficial interest

21,570.04

7,440

7,271

IIF Shonan Logistics Center II (Land with

1339-2,KuramiSamukawa-mahi,Koza-gun,

Trust beneficial interest

27,434.97

7,800

6,703

leasehold interest)

Kanagawa, etc.

IIF Tsukuba Logistics Center (Land with

821-1, Aza Terada, Inaoka, Tsukuba-shi,

Trust beneficial interest

79,502.97

6,720

6,095

leasehold interest)

Ibaraki, etc.

IIF Tosu Logistics Center II

32, Yayoigaoka 7-chome,Tosu-shi, Saga, etc.

Trust beneficial interest

24,768.34

5,710

5,438

IIF Tsuchiura Logistics Center

2644-1 Aza Koshinzuka, Shimoinayoshi,

Trust beneficial interest

21,904.15

4,220

3,993

Kasumigaura-shi, Ibaraki, etc.

IIF Sendai Logistics Center

2-12 Ougimachi 3-chome,Miyagino-ku,

Trust beneficial interest

17,346.66

3,680

3,601

Sendai-shi, Miyagi, etc.

IIF Toyama Logistics Center

155-5 Hisaganeshin, Kamiichi-machi,

Trust beneficial interest

40,288.07

3,676

3,522

Nakaniikawa-gun, Toyama, etc.

IIF Hadano Logistics Center

320-2 Aza Araigayato, Horiyamashita,

Trust beneficial interest

20,302.85

3,520

3,234

Hadano-shi, Kanagawa, etc.

IIF Sapporo Kitahiroshima Logistics Center

6-1 Omagari Indutrial Complex 4-chome,

Trust beneficial interest

14,104.14

2,760

2,695

Kitahiroshima-shi, Hokkaido

IIF Komaki Logistics Center (Land with

79 Motomachi 4-chome,Komaki-shi, Aichi,

Trust beneficial interest

16,608.55

2,610

2,366

leasehold interest)

etc.

IIF Kitakyushu Logistics Center II

9-17, Shinhamacho, Kanda-machi, Miyako-

Trust beneficial interest

23,807.52

2,430

2,250

gun, Fukuoka

Leasable

Fair value at

Net book

Name of property

Location

Form of ownership

end of

area

value

period

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Sakura Logistics Center

2415-16, Aza Sotoshinwari, Ota, Sakura-shi,

Trust beneficial interest

4,314.32

2,260

2,216

CHiba, etc.

IIF Yokosuka Logistics Center

2873-15, Natsushimacho, Yokosuka-shi,

Trust beneficial interest

13,148.63

2,170

2,022

Kanagawa, etc.

IIF Toyohashi Logistics Center

33-20, Akemicho, Toyohashi-shi, Aichi

Trust beneficial interest

8,017.05

1,870

1,816

IIF Narashino Logistics Center III (Land with

28-5, Akanehama 3-chome,Narashino-shi,

Trust beneficial interest

7,273.00

1,590

1,481

leasehold interest)

Chiba

IIF Kitakyushu Logistics Center I

1-58, Shinhamacho, Kanda-machi, Miyako-

Trust beneficial interest

12,445.57

1,400

1,278

gun, Fukuoka

IIF Yokohama Sachiura Logistics Center (Land

3-2, Sachiura 1-chome,Kanazawa-ku,

Trust beneficial interest

16,783.21

3,010

1,211

with leasehold interest)

Yokohama-shi, Kanagawa

IIF Higashimatsuyama Logistics Center (Land

25-31, Oaza Miyako, Namegawa-machi, Hiki-

Trust beneficial interest

20,320.97

1,330

1,168

with leasehold interest)

gun, Saitama, etc.

IIF Osaka Konohana Logistics Center II (Land

19-1, Nishikujo 1-chome,Konohana-ku,

Trust beneficial interest

6,125.09

1,950

1,059

with leasehold interest)

Osaka-shi, Osaka, etc.

IIF Shiga Otsu Logistics Center

104-55, Aza Jujigahara,Sekinotsu 4-chome,

Trust beneficial interest

6,913.54

1,642

1,015

Otsu-shi, Shiga, etc.

IIF Sapporo Logistics Center II

1020-246, Hassamu Jujo 12-chome,Nishi-ku,

Trust beneficial interest

9,791.48

874

775

Sapporo-shi, Hokkaido, etc.

IIF Sagamihara Logistics Center (Land with

1988-2, Asamizodai 1-chome,Minami-ku,

Trust beneficial interest

4,552.78

928

750

leasehold interest)

Sagamihara-shi, Kanagawa

IIF Hyogo Sanda Logistics Center I (Land with

37, Techno Park, Sanda-shi, Hyogo

Trust beneficial interest

25,920.95

1,670

540

leasehold interest)

IIF Sendai Iwanuma Logistics Center (Land with

3-2, Kuko Minami 2-chome,Iwanuma-shi,

Trust beneficial interest

12,253.28

541

467

leasehold interest)

Miyagi

IIF Iwate Ichinoseki Logistics Center

14-43 Higashidai, Ichinoseki-shi, Iwateken

Trust beneficial interest

11,643.85

1,400

1,091

IIF Totsuka Technology Center (Land with

344-1,Nase-cho,Totsuka-ku,Yokohama-shi,

Trust beneficial interest

22,009.73

3,766

3,187

leasehold interest) (Note 7)

Kanagawa, etc.

IIF Yokohama Tsuzuki Technology Center

25-2, Kitayamada 4-chome,Tsuzuki-ku,

Real property

4,655.48

1,400

1,380

Yokohama-shi, Kanagawa

IIF Mitaka Card Center

5-14,Shimo-Renjaku7-chome,Mitaka-shi,

Trust beneficial interest

21,615.01

9,820

9,233

Tokyo

IIF Kamata R&D Center

16-46,Minami-Kamata2-chome,Ota-ku,

Trust beneficial interest

21,896.56

8,380

7,343

Tokyo

IIF Kawasaki Science Center

25-19,Tono-machi3-chome,Kawasaki-ku,

Real property

4,857.73

3,000

1,779

Kawasaki-shi, Kanagawa

IIF Sagamihara R&D Center

1-35, Minamihashimoto 3-chome,Chuo-ku,

Trust beneficial interest

19,328.40

4,730

3,620

Sagamihara-shi, Kanagawa

IIF Yokohama Shinyamashita R&D Center

16-5, Shinyamashita 1-chome,Naka-ku,

Trust beneficial interest

4,887.83

4,630

3,762

Yokohama-shi, Kanagawa

IIF Kakegawa Manufacturing Center (Land with

30, Tanyo, Kakegawa-shi, Shizuoka

Trust beneficial interest

66,171.92

1,770

1,572

leasehold interest)

IIF Urayasu Machinery Maintenance Center

195, Tekkodori 3-chome,Urayasu-shi, Chiba

Real property

7,925.94

1,730

1,345

(Land with leasehold interest)

IIF Yokosuka Technology Center

1-15,Shinmei-cho,Yokosuka-shi, Kanagawa

Trust beneficial interest

13,779.77

4,510

4,431

IIF Shonan Technology Center

1-1, Ichinomiya 6-chome,Samukawa-machi,

Trust beneficial interest

7,244.71

1,360

1,322

Koza-gun, Kanagawa

IIF Totsuka Manufacturing Center (Land with

2277-4,Kamiyabe-cho Aza Kunichiyato,

Trust beneficial interest

19,458.49

2,630

2,413

leasehold interest)

Totsuka-ku,Yokohama-shi, Kanagawa, etc.

IIF Atsugi Manufacturing Center (Note 8)

832-1, Aza Momijiyama, Shimofurusawa,

Trust beneficial interest

97,153.03

16,200

11,763

Atsugi-shi, Kanagawa, etc.

IIF Shin-Kawasaki R&D Center

1-2, Shinogura, Saiwai-ku,Kawasaki-shi,

Trust beneficial interest

11,865.54

8,810

6,261

Kanagawa

IIF Ichikawa Food Processing Center

1-1-2, Higashihama 1-chome,Ichikawa-shi,

Trust beneficial interest

27,424.22

6,680

6,298

Chiba, etc.

IIF Gifu Kakamigahara Manufacturing Center

3, Takehaya, Kawashima Takehayamachi,

Real property

12,551.51

261

255

(Land with leasehold interest)

Kakamigahara-shi, Gifu, etc.

IIF Okazaki Manufacturing Center (Note 9)

34-6, Aza Okasaku, Makihira-cho,Okazaki-shi,

Trust beneficial interest

62,050.46

4,480

4,529

Aichi, etc.

Leasable

Fair value at

Net book

Name of property

Location

Form of ownership

end of

area

value

period

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Shonan Health Innovation Park

26-1,Muraoka-Higashi2-chome,Fujisawa-shi,

Trust beneficial interest

135,780.58

45,400

40,804

Kanagawa

IIF Ichihara Manufacturing Center (Land with

1-1, Yawatakaigandori, Ichihara-shi, Chiba,

Trust beneficial interest

637,802.64

18,900

16,614

leasehold interest)

etc.

IIF Iruma Manufacturing Center (Land with

178-1, Oaza Shinko, Iruma-shi, Saitama, etc.

Trust beneficial interest

34,384.62

2,920

2,597

leasehold interest)

IIF Tochigi Moka Manufacturing Center (Land

8-1,Matsuyama-cho,Moka-shi, Tochigi

Real property

92,826.16

1,340

1,198

with leasehold interest)

IIF Hanno Manufacturing Center (land with

3-8, Akanedai, Hanno-shi, Saitama, etc.

Trust beneficial interest

145,759.02

3,080

2,537

leasehold interest)

IIF Ota Manufacturing Center

4-17, Higashi kojiya 6-chome,Ota-ku, Tokyo

Trust beneficial interest

8,285.90

5,020

4,577

IIF Kobe District Heating and Cooling Center

8-2,Higashikawasaki-cho1-chome,Chuo-ku,

Trust beneficial interest

11,476.05

12,000

15,050

Kobe-shi, Hyogo

IIF Haneda Airport Maintenance Center

5-1 and 2, Haneda Airport 3-chome,Ota-ku,

Real property

81,995.81

41,400

35,893

Tokyo

IIF Shinagawa Data Center

9-15, Futaba 2-chome,Shinagawa-ku, Tokyo

Real property

19,547.11

7,480

5,466

IIF Osaka Toyonaka Data Center

1-8,Shin-senri-nishi-machi1-chome,

Trust beneficial interest

20,027.14

6,570

5,495

Toyonaka-shi, Osaka

IIF Nagoya Port Tank Terminal (Land with

37-31,Shiomi-cho,Minato-ku,Nagoya-shi,

Real property

51,583.70

2,240

1,998

leasehold interest)

Aichi

IIF Higashimatsuyama Gas Tank Maintenance

75-1, Shingo, Higashimatsuyama-shi, Saitama

Real property

12,880.38

827

729

Center (Land with leasehold interest)

IIF Kawasaki Port Tank Terminal (Land with

4-12,Chidori-cho,Kawasaki-ku,Kawasaki-shi,

Trust beneficial interest

42,186.88

7,490

7,223

leasehold interest)

Kanagawa, etc.

IIF Shizuoka Oigawa Port Tank Terminal (Land

2624-102, Aza Jizoumori, Riemon, Yaizu-shi,

Trust beneficial interest

10,967.00

162

144

with leasehold interest)

Shizuoka, etc.

IIF Kitakyushu Moji Port Tank Terminal (Land

1-7, Setomachi, Moji-ku,Kitakyushu-shi,

Trust beneficial interest

33,789.08

624

605

with leasehold interest)

Fukuoka, etc.

Total

3,543,624.82

607,033

496,131

Outline of portfolio properties

2

For the six months ended January 31, 2024

For the six months ended July 31, 2024

Name of property

Number

Occupancy

Rental

Rental net

Composition

Number

Occupancy

Rental

Rental net

Composition

operating

operating

of tenants

ratio

revenues

ratio of NOI

of tenants

ratio

revenues

ratio of NOI

income

income

(%)

(Millions of yen)

(Millions of yen)

(%)

(%)

(Millions of yen)

(Millions of yen)

(%)

(Note 1)

(Note 2)

(Note 1)

(Note 2)

IIF Shinonome Logistics Center

1

100.0

400

364

3.3

1

100.0

400

363

2.8

IIF Noda Logistics Center

2

100.0

(Note 3)

212

1.9

2

100.0

(Note 3)

211

1.6

IIF Shinsuna Logistics Center

1

100.0

179

155

1.4

1

100.0

179

153

1.2

IIF Koshigaya Logistics Center

1

100.0

83

72

0.7

1

100.0

83

75

0.6

IIF Nishinomiya Logistics Center

2

100.0

(Note 3)

82

0.7

2

100.0

(Note 3)

79

0.6

IIF Narashino Logistics Center (Land with

1

100.0

(Note 3)

38

0.3

1

100.0

(Note 3)

38

0.3

leasehold interest)

IIF Narashino Logistics Center II (Note 4)

2

100.0

(Note 3)

119

1.1

2

100.0

(Note 3)

158

1.2

IIF Atsugi Logistics Center II

1

100.0

(Note 3)

95

0.9

1

100.0

(Note 3)

110

0.8

IIF Yokohama Tsuzuki Logistics Center

1

100.0

(Note 3)

81

0.7

1

100.0

(Note 3)

80

0.6

IIF Saitama Logistics Center

1

100.0

67

63

0.6

1

100.0

67

61

0.5

IIF Nagoya Logistics Center

1

100.0

(Note 3)

44

0.4

1

100.0

(Note 3)

46

0.4

IIF Atsugi Logistics Center III (Note 5)

1

100.0

(Note 3)

50

0.5

1

100.0

(Note 3)

166

1.3

IIF Kawaguchi Logistics Center

1

100.0

(Note 3)

92

0.8

1

100.0

(Note 3)

113

0.9

IIF Kobe Logistics Center (Note 6)

2

29.9

(Note 3)

(7)

(0.1)

-

-

(Note 3)

(13)

(0.1)

IIF Higashi-Osaka Logistics Center

2

100.0

(Note 3)

105

1.0

2

100.0

(Note 3)

106

0.8

IIF Kashiwa Logistics Center

1

100.0

(Note 3)

87

0.8

1

100.0

(Note 3)

84

0.7

IIF Misato Logistics Center

1

100.0

(Note 3)

116

1.1

1

100.0

(Note 3)

115

0.9

IIF Iruma Logistics Center

1

100.0

(Note 3)

105

1.0

1

100.0

(Note 3)

105

0.8

IIF Tosu Logistics Center

2

100.0

(Note 3)

43

0.4

2

100.0

(Note 3)

59

0.5

IIF Morioka Logistics Center

1

100.0

(Note 3)

42

0.4

1

100.0

(Note 3)

41

0.3

IIF Hiroshima Logistics Center

1

100.0

(Note 3)

121

1.1

1

100.0

(Note 3)

119

0.9

IIF Izumiotsu e-shop Logistics Center (Land

1

100.0

(Note 3)

111

1.0

1

100.0

(Note 3)

111

0.9

with leasehold interest)

IIF Izumisano Food Processing and Logistics

1

100.0

(Note 3)

27

0.3

1

100.0

(Note 3)

28

0.2

Center

IIF Kyotanabe Logistics Center

1

100.0

(Note 3)

171

1.6

1

100.0

(Note 3)

180

1.4

IIF Fukuoka Koga Vehicle Logistics Center

1

100.0

(Note 3)

27

0.2

1

100.0

(Note 3)

27

0.2

(Land with leasehold interest)

IIF Fukuoka Higashi Logistics Center

1

100.0

(Note 3)

51

0.5

1

100.0

(Note 3)

51

0.4

IIF Osaka Konohana Logistics Center

1

100.0

(Note 3)

204

1.9

1

100.0

(Note 3)

217

1.7

IIF Kazo Logistics Center

1

100.0

(Note 3)

67

0.6

1

100.0

(Note 3)

67

0.5

IIF Hamura Logistics Center (Note 7)

-

-

-

(2)

(0.0)

-

-

-

(2)

(0.0)

IIF Fukuoka Hakozaki Logistics Center I

3

100.0

(Note 3)

128

1.2

3

100.0

(Note 3)

128

1.0

IIF Fukuoka Hakozaki Logistics Center II

4

100.0

(Note 3)

264

2.4

4

100.0

(Note 3)

267

2.1