Industrial & Infrastructure Fund Investment : 35th Fiscal Period Results (August 1 2024 ~ January 31 2025)

(Thousands of yen)

As of

July 31, 2024

January 31, 2025

ASSETS

Current assets:

Cash and bank deposits

25,580,857

17,244,855

Cash and bank deposits in trust

9,738,762

10,927,522

Rental receivables

1,480,689

1,340,157

Prepaid expenses

1,359,383

1,268,691

Income taxes receivable

41,646

89,623

Consumption taxes refundable

2,154,251

-

Other

2,388

1,681

Total current assets

40,357,980

30,872,532

Noncurrent assets:

Property, plant and equipment:

Buildings, at cost

36,000,661

36,412,722

Less: Accumulated depreciation

(11,410,302)

(11,872,082)

Buildings, net

24,590,359

24,540,639

Structures, at cost

127,157

127,157

Less: Accumulated depreciation

(72,579)

(76,317)

Structures, net

54,578

50,840

Machinery and equipment, at cost

11,892

14,179

Less: Accumulated depreciation

(11,892)

(11,968)

Machinery and equipment, net

0

2,210

Tools, furniture and fixtures, at cost

26,719

28,024

Less: Accumulated depreciation

(18,122)

(19,231)

Tools, furniture and fixtures, net

8,596

8,792

Land

20,343,077

20,343,077

Construction in progress

1,077,501

1,782,851

Buildings in trust, at cost

140,123,621

145,725,744

Less: Accumulated depreciation

(24,120,544)

(26,152,548)

Buildings in trust, net

116,003,077

119,573,196

Structures in trust, at cost

1,667,699

1,736,235

Less: Accumulated depreciation

(804,901)

(868,221)

Structures in trust, net

862,797

868,013

Machinery and equipment in trust, at cost

221,195

221,195

Less: Accumulated depreciation

(94,096)

(105,885)

Machinery and equipment in trust, net

127,099

115,310

Tools, furniture and fixtures in trust, at cost

461,887

645,148

Less: Accumulated depreciation

(129,241)

(167,499)

Tools, furniture and fixtures in trust, net

332,645

477,648

Land in trust

312,771,257

317,495,305

Construction in progress in trust

126,293

125,443

Total net property, plant and equipment

476,297,285

485,383,330

Intangible assets:

Leasehold right

19,833,966

19,833,966

Other

509

417

Total intangible assets

19,834,476

19,834,383

Investments and other assets:

Investment in affiliates

356,826

356,826

Investment securities

16,623,219

16,788,420

Lease and guarantee deposits

14,700

10,200

Long-term prepaid expenses

1,649,829

1,610,202

Other

10,426

10,246

Total investments and other assets

18,655,002

18,775,895

Total noncurrent assets

514,786,763

523,993,609

Deferred assets:

Investment unit issuance costs

226,217

177,960

Investment corporation bonds issuance costs

66,290

78,522

Total deferred assets

292,508

256,482

TOTAL ASSETS

555,437,252

555,122,624

(Thousands of yen)

As of

July 31, 2024

January 31, 2025

LIABILITIES

Current liabilities:

Operating accounts payable

2,168,492

2,306,405

Short-term loans payable

9,400,000

6,600,000

Current portion of long-term loans payable

24,400,000

24,700,000

Accounts payable - other

961,070

1,079,970

Accrued expenses

202,996

212,028

Income taxes payable

1,653

1,089

Consumption taxes payable

-

511,903

Advances received

3,162,683

3,362,291

Other

5,401

8,076

Total current liabilities

40,302,297

38,781,765

Noncurrent liabilities:

Investment corporation bonds - unsecured

12,700,000

15,200,000

Long-term loans payable

235,783,000

235,783,000

Tenant leasehold and security deposits

2,620,681

2,620,681

Tenant leasehold and security deposits in trust

16,849,408

15,646,547

Asset retirement obligations

977,918

980,598

Other

276

166

Total noncurrent liabilities

268,931,285

270,230,993

TOTAL LIABILITIES

309,233,583

309,012,758

NET ASSETS

Unitholders' equity:

Unitholders' capital

238,456,667

238,456,667

Capital deduction:

Allowance for temporary difference adjustment

(303,317)

(521,432)

Other deduction of unitholders' capital

(641,451)

(641,451)

Total capital deduction

(944,768)

(1,162,883)

Unitholders' capital, net

237,511,898

237,293,784

Surplus:

Retained earnings

8,685,403

8,809,895

Total surplus

8,685,403

8,809,895

Total unitholders' equity

246,197,301

246,103,679

Valuation and translation adjustments:

Deferred gains or (losses) on hedges

6,366

6,186

Total valuation and translation adjustments

6,366

6,186

TOTAL NET ASSETS

246,203,668

246,109,865

TOTAL LIABILITIES AND NET ASSETS

555,437,252

555,122,624

(Thousands of yen)

For the six months ended

July 31, 2024

January 31, 2025

Operating revenue

Rent revenue－real estate

19,348,734

19,813,403

Gain on sales of property

1,504,230

1,013,434

Dividend income from investments in Tokumei Kumiai

212,946

441,422

Total operating revenue

21,065,911

21,268,260

Operating expenses

Expenses related to property rental business

9,194,389

9,132,810

Asset management fees

1,625,441

1,637,976

Directors' compensations

7,440

7,440

Asset custody fees

12,015

12,444

Administrative service fees

47,281

55,039

Other

198,460

235,602

Total operating expenses

11,085,029

11,081,314

Operating income

9,980,881

10,186,945

Non-operating income

Interest income

204

3,100

Interest on refund

-

1,866

Reversal of distribution payable

515

460

Gain on donation of noncurrent assets

-

21,000

Other

-

52

Total non-operating income

720

26,480

Non-operating expenses

Interest expenses

928,276

1,032,743

Interest expenses on investment corporation bonds

40,480

40,592

Amortization of investment corporation bonds issuance costs

6,434

6,871

Borrowing related expenses

256,250

270,907

Amortization of investment unit issuance costs

48,256

48,256

Other

11,578

3,480

Total non-operating expenses

1,291,277

1,402,852

Ordinary income

8,690,324

8,810,574

Income before income taxes

8,690,324

8,810,574

Income taxes

Current

3,521

2,078

Total income taxes

3,521

2,078

Net income

8,686,803

8,808,495

Retained earnings brought forward

(1,400)

1,399

Unappropriated retained earnings

8,685,403

8,809,895

(Thousands of yen)

For the six months ended

July 31, 2024

January 31, 2025

Net cash provided by (used in) operating activities:

Income before income taxes

8,690,324

8,810,574

Depreciation and amortization

2,832,532

2,628,273

Gain on donation of noncurrent assets

-

(21,000)

Amortization of investment corporation bonds issuance costs

6,434

6,871

Amortization of investment unit issuance costs

48,256

48,256

Interest income

(204)

(3,100)

Interest expenses

968,757

1,073,335

Changes in assets and liabilities:

Decrease (increase) in operating accounts receivable

(622,581)

140,531

Decrease (increase) in consumption taxes refundable

(2,154,251)

2,154,251

Decrease (increase) in prepaid expenses

(199,068)

90,691

Decrease (increase) in long-term prepaid expenses

(485,684)

39,627

Increase (decrease) in operating accounts payable

337,079

(160,312)

Increase (decrease) in accounts payable - other

162,187

16,713

Increase (decrease) in accrued expenses

802

(529)

Increase (decrease) in consumption taxes payable

(333,684)

511,903

Increase (decrease) in advances received

209,991

199,607

Increase (decrease) in other noncurrent liabilities

(627)

(109)

Decrease from sales of property and equipment in trust

8,555,043

1,593,649

Other, net

10,052

5,424

Subtotal

18,025,360

17,134,660

Interest income received

204

3,100

Interest expenses paid

(920,331)

(1,063,774)

Income taxes paid

(44,177)

(50,618)

Net cash provided by operating activities

17,061,054

16,023,367

Net cash provided by (used in) investing activities:

Purchases of property, plant and equipment

(507,444)

(919,822)

Purchases of property, plant and equipment in trust

(112,622,691)

(11,969,797)

Proceeds from tenant leasehold and security deposits

76,118

-

Payments of tenant leasehold and security deposits

(58,422)

-

Proceeds from tenant leasehold and security deposits in trust

1,366,772

219,806

Payments of tenant leasehold and security deposits in trust

(387,976)

(1,422,667)

Proceeds from lease and guarantee deposits

-

4,500

Proceeds from investment securities

140,296

273,168

Purchase of investment in securities

(16,763,515)

(435,854)

Net cash used in investing activities

(128,756,863)

(14,250,667)

Net cash provided by (used in) financing activities:

Proceeds from short-term loans payable

9,400,000

7,500,000

Repayments of short-term loans payable

(3,000,000)

(10,300,000)

Proceeds from long-term loans payable

65,600,000

12,100,000

Repayments of long-term loans payable

(8,000,000)

(11,800,000)

Proceeds from issuance of investment corporation bonds

-

2,500,000

Redemption of investment corporation bonds

(2,000,000)

-

Payments of investment corporation bonds issuance costs

-

(19,102)

Proceeds from issuance of investment units

48,772,816

-

Payments of investment unit issuance costs

(240,231)

-

Dividends paid

(7,258,032)

(8,900,840)

Net cash provided by (used in) financing activities

103,274,552

(8,919,943)

Net change in cash and cash equivalents

(8,421,255)

(7,147,242)

Cash and cash equivalents at beginning of period

43,740,876

35,319,620

Cash and cash equivalents at end of period

35,319,620

28,172,377

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

12,904

IIF Noda Logistics Center

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

Trust beneficial interest

38,828.10

10,000

5,176

IIF Shinsuna Logistics Center

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

Trust beneficial interest

5,741.75

8,230

5,059

IIF Koshigaya Logistics Center

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

Trust beneficial interest

10,113.50

3,400

1,656

Saitama

IIF Nishinomiya Logistics Center

2, Nishinomiyahama 1-chome, Nishinomiya-

Trust beneficial interest

17,200.00

3,280

1,854

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

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

Trust beneficial interest

58,852.16

10,600

4,209

Chiba

IIF Atsugi Logistics Center II

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

Real property

20,661.13

4,370

3,044

Kanagawa

IIF Yokohama Tsuzuki Logistics Center

747, Aza Minamikochi, Kawamukou-cho,

Trust beneficial interest

9,615.82

3,740

2,253

Tsuzuki-ku Yokohama-shi, Kanagawa

IIF Saitama Logistics Center

398-3, Yoshino-cho 1-chome, Kita-ku,

Trust beneficial interest

8,995.00

2,630

1,367

Saitama-shi, Saitama

IIF Nagoya Logistics Center

27, Yanagida-cho 2-chome, Nakagawa-ku,

Real property

8,721.01

1,790

1,161

Nagoya-shi, Aichi

IIF Atsugi Logistics Center III

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

Trust beneficial interest

22,879.35

7,580

4,533

Kanagawa

IIF Kawaguchi Logistics Center

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

Real property

11,705.02

6,190

2,337

IIF Higashi-Osaka Logistics Center

7-46, Wakae-higashi-machi 6-chome, Higashi

Real property

20,528.42

4,560

2,415

Osaka-shi, Osaka

IIF Kashiwa Logistics Center

1027-1, Washinoya, Kashiwa-shi, Chiba

Real property

17,379.78

3,850

2,072

IIF Misato Logistics Center

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

Trust beneficial interest

19,019.71

6,870

3,276

IIF Iruma Logistics Center

660-2, Aza Higashimusashino, Oaza Minami-

Trust beneficial interest

17,881.65

4,530

2,815

mine, Iruma-shi, Saitama

IIF Tosu Logistics Center

127-1, Aza Uchishirage, Kuranoue-machi,

Trust beneficial interest

13,862.05

2,820

1,497

Tosu-shi, Saga

IIF Morioka Logistics Center

Plot 4-311, Oaza Hiromiyasawa, Yahabacho,

Trust beneficial interest

8,001.57

1,620

527

Shiwa-gun, Iwate, etc.

IIF Hiroshima Logistics Center

22-4, Itsukaichi-ko 3-chome, Saeki-ku,

Trust beneficial interest

22,768.24

5,130

3,076

Hiroshima-shi, Hiroshima

IIF Izumiotsu e-shop Logistics Center (Land with

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

Trust beneficial interest

48,932.00

4,740

4,177

leasehold interest)

IIF Izumisano Food Processing and Logistics

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

Real property

13,947.83

1,650

927

Center

IIF Kyotanabe Logistics Center

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

Trust beneficial interest

33,243.99

9,020

5,457

IIF Fukuoka Koga Vehicle Logistics Center (Land

1134-1, Aoyagi, Koga-shi, Fukuoka

Real property

30,815.97

1,130

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

1,864

shi, Fukuoka

IIF Osaka Konohana Logistics Center

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

Trust beneficial interest

46,262.20

11,000

8,588

shi, Osaka

IIF Kazo Logistics Center

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

Trust beneficial interest

17,744.41

3,340

2,554

IIF Hamura Logistics Center (Note 5)

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

Trust beneficial interest

-

1,370

2,463

Tokyo

IIF Fukuoka Hakozaki Logistics Center I

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

Trust beneficial interest

24,967.58

6,110

5,070

Fukuoka-shi, Fukuoka

IIF Fukuoka Hakozaki Logistics Center II

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

Trust beneficial interest

51,530.51

12,300

9,883

Fukuoka-shi, Fukuoka

IIF Itabashi Logistics Center

7-7, Higashi-sakashita 2-chome, Itabashi-ku,

Trust beneficial interest

5,057.68

2,360

1,686

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

2,030

1,514

gun, Miyagi

IIF Ota Logistics Center

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

Real property

6,900.01

1,210

981

IIF Osaka Suminoe Logistics Center I

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

Trust beneficial interest

52,201.30

16,300

11,749

shi, Osaka

IIF Osaka Suminoe Logistics Center II

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

Trust beneficial interest

12,299.76

3,060

2,598

shi, Osaka

IIF Morioka Logistics Center II

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

Trust beneficial interest

12,383.30

1,650

1,367

cho, Shiwa-gun, Iwate

IIF Sapporo Logistics Center

2-1, Yonesato-sanjo 3-chome, Shiroishi-ku,

Trust beneficial interest

13,064.75

2,810

2,507

Sapporo-shi, Hokkaido

IIF Koriyama Logistics Center

213, Aza Mukaihara, Otsuki-machi, Koriyama-

Trust beneficial interest

17,533.15

3,720

2,352

shi, Fukushima

IIF Kobe Nishi Logistics Center (Land with

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

Trust beneficial interest

33,000.00

2,680

2,059

leasehold interest)

shi, Hyogo

IIF Hyogo Tatsuno Logistics Center

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

Trust beneficial interest

25,186.78

4,290

4,072

Hyogo, etc.

IIF Akishima Logistics Center

5-2, Daikanyama 1-chome, Akishima-shi,

Trust beneficial interest

31,071.21

9,030

8,405

Tokyo

IIF Gifu Kakamigahara Logistics Center

2-8, Aza Takehaya, Kawashima

Trust beneficial interest

16,708.51

3,250

2,288

Takehayamachi, Kakamigahara-shi, Gifu, etc.

IIF Hiroshima Seifushinto Logistics Center

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

Trust beneficial interest

28,988.91

6,750

6,078

Hiroshima-shi, Hiroshima

IIF Shonan Logistics Center

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

Trust beneficial interest

23,728.15

9,220

7,461

Koza-gun, Kanagawa

IIF Yokkaichi Logistics Center

1340-8, Azayamagamidani, Tarusaka-cho,

Trust beneficial interest

51,504.25

10,300

8,883

Yokkaichi-shi, Mie, etc.

IIF Shiga Ryuoh Logistics Center

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

Trust beneficial interest

17,916.90

3,990

3,593

gun, Shiga, etc.

IIF Omihachiman Logistics Center

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

Trust beneficial interest

25,111.07

2,300

1,872

etc.

IIF Musashimurayama Logistics Center II

26-38 Inadaira 1-chome, Musashimurayama-

Trust beneficial interest

51,687.63

17,200

17,013

shi, Tokyo, etc.

IIF Fukuoka Hisayama Logistics Center

2859-1 Aza Hara, Oaza Kubara, Hisayama-

Trust beneficial interest

49,855.23

15,500

14,764

machi, Kasuya-gun, Fukuoka, etc.

IIF Kasugai Logistics Center (Land with

2211, Aza Nomoto, Kamitaragacho, Kasugai-

Trust beneficial interest

55,255.00

8,000

7,824

leasehold interest)

shi, Aichi

IIF Kitakyushu Logistics Center III

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

Trust beneficial interest

82,373.19

7,710

7,420

machi, Miyako-gun, Fukuoka, etc.

IIF Osaka Ibaraki Logistics Center

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

Trust beneficial interest

21,570.04

7,450

7,260

IIF Shonan Logistics Center II (Land with

1339-2,Kurami Samukawa-mahi, Koza-gun,

Trust beneficial interest

27,434.97

7,830

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

6,730

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

5,730

5,417

IIF Tsuchiura Logistics Center

2644-1 Aza Koshinzuka, Shimoinayoshi,

Trust beneficial interest

21,904.15

4,220

3,972

Kasumigaura-shi, Ibaraki, etc.

IIF Sendai Logistics Center

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

Trust beneficial interest

17,346.66

3,680

3,592

Sendai-shi, Miyagi, etc.

IIF Toyama Logistics Center

155-5, Hisaganeshin, Kamiichi-machi,

Trust beneficial interest

40,288.07

3,697

3,499

Nakaniikawa-gun, Toyama, etc.

IIF Hadano Logistics Center

320-2 Aza Araigayato, Horiyamashita,

Trust beneficial interest

20,302.85

3,530

3,218

Hadano-shi, Kanagawa, etc.

IIF Sapporo Kitahiroshima Logistics Center

6-1 Omagari Indutrial Complex 4-chome,

Trust beneficial interest

14,104.14

2,760

2,685

Kitahiroshima-shi, Hokkaido

IIF Komaki Logistics Center (Land with

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

Trust beneficial interest

16,608.55

2,660

2,366

leasehold interest)

etc.

IIF Kitakyushu Logistics Center II

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

Trust beneficial interest

23,807.52

2,430

2,236

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

2,209

CHiba, etc.

IIF Yokosuka Logistics Center

2873-15, Natsushimacho, Yokosuka-shi,

Trust beneficial interest

13,148.63

2,170

2,017

Kanagawa, etc.

IIF Toyohashi Logistics Center

33-20, Akemicho, Toyohashi-shi, Aichi

Trust beneficial interest

8,017.05

1,890

1,810

IIF Narashino Logistics Center III (Land with

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

Trust beneficial interest

7,273.00

1,610

1,481

leasehold interest)

Chiba

IIF Kitakyushu Logistics Center I

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

Trust beneficial interest

12,445.57

1,400

1,275

gun, Fukuoka

IIF Yokohama Sachiura Logistics Center (Land

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

Trust beneficial interest

16,783.21

3,100

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

1,340

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

1,970

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

1,654

1,014

Otsu-shi, Shiga, etc.

IIF Sapporo Logistics Center II

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

Trust beneficial interest

9,791.48

881

774

Sapporo-shi, Hokkaido, etc.

IIF Sagamihara Logistics Center (Land with

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

Trust beneficial interest

4,552.78

929

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

1,750

540

leasehold interest)

IIF Sendai Iwanuma Logistics Center (Land with

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

Trust beneficial interest

12,253.28

558

467

leasehold interest)

Miyagi

IIF Iwate Ichinoseki Logistics Center

14-43, Higashidai, Ichinoseki-shi, Iwateken

Trust beneficial interest

11,625.27

1,400

1,092

IIF Hyogosanda Logistics Center II

39-1, Techno Park, Sanda-shi, Hyogo, etc

Trust beneficial interest

33,759.93

10,100

9,380

IIF Totsuka Technology Center (Land with

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

Trust beneficial interest

11,004.86

1,879

1,593

leasehold interest) (Notes 4 and 6)

Kanagawa, etc.

IIF Yokohama Tsuzuki Technology Center

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

Real property

4,655.48

1,520

1,415

Yokohama-shi, Kanagawa

IIF Mitaka Card Center

5-14, Shimo-Renjaku 7-chome, Mitaka-shi,

Trust beneficial interest

21,615.01

9,820

9,210

Tokyo

IIF Kamata R&D Center

16-46, Minami-Kamata 2-chome, Ota-ku,

Trust beneficial interest

21,896.56

8,040

7,314

Tokyo

IIF Kawasaki Science Center

25-19, Tono-machi 3-chome, Kawasaki-ku,

Real property

4,857.73

2,890

1,756

Kawasaki-shi, Kanagawa

IIF Sagamihara R&D Center

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

Trust beneficial interest

19,328.40

4,820

3,629

Sagamihara-shi, Kanagawa

IIF Yokohama Shinyamashita R&D Center

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

Trust beneficial interest

4,887.83

4,630

3,821

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

1,770

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

4,452

IIF Shonan Technology Center

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

Trust beneficial interest

7,244.71

1,360

1,326

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

4-3, Morinosatomomijidai, Atsugi-shi,

Trust beneficial interest

32,825.49

16,200

11,686

Kanagawa, etc.

IIF Shin-Kawasaki R&D Center

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

Trust beneficial interest

11,865.54

8,990

6,225

Kanagawa

IIF Ichikawa Food Processing Center

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

Trust beneficial interest

27,424.22

6,670

6,311

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.

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 Okazaki Manufacturing Center

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

Trust beneficial interest

19,997.55

4,580

4,569

Aichi, etc.

IIF Shonan Health Innovation Park

26-1, Muraoka-Higashi 2-chome, Fujisawa-shi,

Trust beneficial interest

135,780.58

46,500

41,024

Kanagawa

IIF Ichihara Manufacturing Center (Land with

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

Trust beneficial interest

637,802.64

19,020

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

3,100

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

4,558

IIF Shimonoseki Vehicle Maintenance Center

3-88, Chofu Ogi-machi, Shimonoseki-shi,

Trust beneficial interest

21,336.20

1,320

1,260

Yamaguchi

IIF Kobe District Heating and Cooling Center

8-2, Higashikawasaki-cho 1-chome, Chuo-ku,

Trust beneficial interest

11,476.05

12,000

15,108

Kobe-shi, Hyogo

IIF Haneda Airport Maintenance Center

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

Real property

81,995.81

45,200

35,628

Tokyo

IIF Shinagawa Data Center

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

Real property

19,547.11

7,470

5,444

IIF Osaka Toyonaka Data Center

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

Trust beneficial interest

20,027.14

6,650

5,524

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

830

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

3,456,148.91

626,718

505,217

Outline of portfolio properties

2

For the six months ended July 31, 2024

For the six months ended January 31, 2025

Number

Occupancy

Rental

Rental net

Composition

Number

Occupancy

Rental

Rental net

Composition

Name of property

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

363

2.8

1

100.0

400

360

2.7

IIF Noda Logistics Center

2

100.0

(Note 3)

211

1.6

2

100.0

(Note 3)

204

1.5

IIF Shinsuna Logistics Center

1

100.0

179

153

1.2

1

100.0

179

154

1.2

IIF Koshigaya Logistics Center

1

100.0

83

75

0.6

1

100.0

83

76

0.6

IIF Nishinomiya Logistics Center

2

100.0

(Note 3)

79

0.6

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

2

100.0

(Note 3)

158

1.2

1

100.0

(Note 3)

(7)

(0.1)

IIF Atsugi Logistics Center II

1

100.0

(Note 3)

110

0.8

1

100.0

(Note 3)

114

0.9

IIF Yokohama Tsuzuki Logistics Center

1

100.0

(Note 3)

80

0.6

1

100.0

(Note 3)

79

0.6

IIF Saitama Logistics Center

1

100.0

67

61

0.5

1

100.0

67

63

0.5

IIF Nagoya Logistics Center

1

100.0

(Note 3)

46

0.4

1

100.0

(Note 3)

42

0.3

IIF Atsugi Logistics Center III

1

100.0

(Note 3)

166

1.3

1

100.0

(Note 3)

164

1.2

IIF Kawaguchi Logistics Center

1

100.0

(Note 3)

113

0.9

1

100.0

(Note 3)

118

0.9

IIF Kobe Logistics Center (Note 4)

-

-

(Note 3)

(13)

(0.1)

-

-

-

-

-

IIF Higashi-Osaka Logistics Center

2

100.0

(Note 3)

106

0.8

2

100.0

(Note 3)

108

0.8

IIF Kashiwa Logistics Center

1

100.0

(Note 3)

84

0.7

1

100.0

(Note 3)

88

0.7

IIF Misato Logistics Center

1

100.0

(Note 3)

115

0.9

1

100.0

(Note 3)

116

0.9

IIF Iruma Logistics Center

1

100.0

(Note 3)

105

0.8

1

100.0

(Note 3)

107

0.8

IIF Tosu Logistics Center

2

100.0

(Note 3)

59

0.5

2

100.0

(Note 3)

66

0.5

IIF Morioka Logistics Center

1

100.0

(Note 3)

41

0.3

1

100.0

(Note 3)

42

0.3

IIF Hiroshima Logistics Center

1

100.0

(Note 3)

119

0.9

1

100.0

(Note 3)

121

0.9

IIF Izumiotsu e-shop Logistics Center (Land

1

100.0

(Note 3)

111

0.9

1

100.0

(Note 3)

111

0.8

with leasehold interest)

IIF Izumisano Food Processing and Logistics

1

100.0

(Note 3)

28

0.2

1

100.0

(Note 3)

27

0.2

Center

IIF Kyotanabe Logistics Center

1

100.0

(Note 3)

180

1.4

1

100.0

(Note 3)

189

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

0.4

1

100.0

(Note 3)

51

0.4

IIF Osaka Konohana Logistics Center

1

100.0

(Note 3)

217

1.7

1

100.0

(Note 3)

219

1.6

IIF Kazo Logistics Center

1

100.0

(Note 3)

67

0.5

1

100.0

(Note 3)

67

0.5

IIF Hamura Logistics Center (Note 5)

-

-

-

(2)

0.0

-

-

-

(2)

0.0

IIF Fukuoka Hakozaki Logistics Center I

3

100.0

(Note 3)

128

1.0

3

100.0

(Note 3)

136

1.0

IIF Fukuoka Hakozaki Logistics Center II

4

100.0

(Note 3)

267

2.1

4

100.0

(Note 3)

267

2.0

For the six months ended July 31, 2024

For the six months ended January 31, 2025

Number

Occupancy

Rental

Rental net

Composition

Number

Occupancy

Rental

Rental net

Composition

Name of property

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 Itabashi Logistics Center

1

100.0

(Note 3)

38

0.3

1

100.0

(Note 3)

38

0.3

IIF Sendai Taiwa Logistics Center

1

100.0

(Note 3)

46

0.4

1

100.0

(Note 3)

48

0.4

IIF Ota Logistics Center

1

100.0

(Note 3)

33

0.3

1

100.0

(Note 3)

33

0.3

IIF Osaka Suminoe Logistics Center I

1

100.0

(Note 3)

255

2.0

1

100.0

(Note 3)

257

1.9

IIF Osaka Suminoe Logistics Center II

1

100.0

(Note 3)

60

0.5

1

100.0

(Note 3)

60

0.5

IIF Morioka Logistics Center II

1

100.0

(Note 3)

34

0.3

1

100.0

(Note 3)

34

0.3

IIF Sapporo Logistics Center

1

100.0

(Note 3)

61

0.5

1

100.0

(Note 3)

66

0.5

IIF Koriyama Logistics Center

2

100.0

(Note 3)

96

0.7

2

100.0

(Note 3)

97

0.7

IIF Kobe Nishi Logistics Center (Land with

1

100.0

(Note 3)

40

0.3

1

100.0

(Note 3)

40

0.3

leasehold interest)

IIF Hyogo Tatsuno Logistics Center

1

100.0

(Note 3)

107

0.8

1

100.0

(Note 3)

112

0.8

IIF Akishima Logistics Center

1

100.0

(Note 3)

169

1.3

1

100.0

(Note 3)

176

1.3

IIF Gifu Kakamigahara Logistics Center

1

100.0

(Note 3)

72

0.6

1

100.0

(Note 3)

72

0.5

IIF Hiroshima Seifushinto Logistics Center

1

100.0

(Note 3)

154

1.2

1

100.0

(Note 3)

154

1.2

IIF Shonan Logistics Center

1

100.0

(Note 3)

182

1.4

1

100.0

(Note 3)

182

1.4

IIF Yokkaichi Logistics Center

2

100.0

(Note 3)

241

1.9

2

100.0

(Note 3)

241

1.8

IIF Shiga Ryuoh Logistics Center

1

100.0

(Note 3)

107

0.8

1

100.0

(Note 3)

103

0.8

IIF Omihachiman Logistics Center

1

100.0

(Note 3)

55

0.4

1

100.0

(Note 3)

50

0.4

IIF Musashimurayama Logistics Center II

1

100.0

(Note 3)

263

2.0

1

100.0

(Note 3)

322

2.4

IIF Fukuoka Hisayama Logistics Center

1

100.0

(Note 3)

250

1.9

1

100.0

(Note 3)

305

2.3

IIF Kasugai Logistics Center (Land with

1

100.0

(Note 3)

171

1.3

1

100.0

(Note 3)

209

1.6

leasehold interest)

IIF Kitakyushu Logistics Center III

1

100.0

(Note 3)

149

1.2

1

100.0

(Note 3)

183

1.4

IIF Osaka Ibaraki Logistics Center

1

100.0

(Note 3)

123

1.0

1

100.0

(Note 3)

150

1.1

IIF Shonan Logistics Center II (Land with

1

100.0

(Note 3)

111

0.9

1

100.0

(Note 3)

136

1.0

leasehold interest)

IIF Tsukuba Logistics Center (Land with

1

100.0

(Note 3)

101

0.8

1

100.0

(Note 3)

124

0.9

leasehold interest)

IIF Tosu Logistics Center II

1

100.0

(Note 3)

102

0.8

1

100.0

(Note 3)

125

0.9

IIF Tsuchiura Logistics Center

1

100.0

(Note 3)

82

0.6

1

100.0

(Note 3)

100

0.8

IIF Sendai Logistics Center

1

100.0

(Note 3)

68

0.5

1

100.0

(Note 3)

84

0.6

IIF Toyama Logistics Center

2

100.0

(Note 3)

71

0.6

2

100.0

(Note 3)

87

0.7

IIF Hadano Logistics Center

1

100.0

(Note 3)

63

0.5

1

100.0

(Note 3)

77

0.6

IIF Sapporo Kitahiroshima Logistics Center

1

100.0

(Note 3)

57

0.4

1

100.0

(Note 3)

69

0.5

IIF Komaki Logistics Center (Land with

1

100.0

(Note 3)

48

0.4

1

100.0

(Note 3)

59

0.4

leasehold interest)

IIF Kitakyushu Logistics Center II

1

100.0

(Note 3)

42

0.3

1

100.0

(Note 3)

50

0.4