Industrial & Infrastructure Fund Investment : 36th Fiscal Period Results (February 1 2025 ~ July 31 2025)

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

BALANCE SHEETS

As of January 31, 2025 and July 31, 2025

(Thousands of yen)

As of

January 31, 2025 July 31, 2025

ASSETS

Current assets:

Cash and bank deposits

17,244,855 15,788,924

Cash and bank deposits in trust

10,927,522 9,672,766

Rental receivables

1,340,157 1,689,015

Prepaid expenses

1,268,691 2,128,415

Income taxes receivable

89,623 75,815

Other

1,681 8,997

Total current assets

30,872,532 29,363,934

Noncurrent assets:

Property, plant and equipment:

Buildings, at cost

36,412,722 36,998,104

Less: Accumulated depreciation

(11,872,082) (12,276,004)

Buildings, net

24,540,639 24,722,100

Structures, at cost

127,157 129,560

Less: Accumulated depreciation

(76,317) (79,662)

Structures, net

50,840 49,897

Machinery and equipment, at cost

14,179 2,286

Less: Accumulated depreciation

(11,968) (190)

Machinery and equipment, net

2,210 2,096

Tools, furniture and fixtures, at cost

28,024 27,058

Less: Accumulated depreciation

(19,231) (19,331)

Tools, furniture and fixtures, net

8,792 7,726

Land

20,343,077 20,343,077

Construction in progress

1,782,851 17,184

Buildings in trust, at cost

145,725,744 149,099,090

Less: Accumulated depreciation

(26,152,548) (27,538,053)

Buildings in trust, net

119,573,196 121,561,037

Structures in trust, at cost

1,736,235 1,917,123

Less: Accumulated depreciation

(868,221) (936,599)

Structures in trust, net

868,013 980,523

Machinery and equipment in trust, at cost

221,195 227,411

Less: Accumulated depreciation

(105,885) (117,804)

Machinery and equipment in trust, net

115,310 109,606

Tools, furniture and fixtures in trust, at cost

645,148 806,316

Less: Accumulated depreciation

(167,499) (216,695)

Tools, furniture and fixtures in trust, net

477,648 589,621

Land in trust

317,495,305 315,945,515

Construction in progress in trust

125,443 37,862

Total net property, plant and equipment

485,383,330 484,366,250

Intangible assets:

Leasehold right

19,833,966 19,833,966

Other

417 324

Total intangible assets

19,834,383 19,834,290

Investments and other assets:

Investment in affiliates

356,826 356,826

Investment securities

16,788,420 18,463,235

Lease and guarantee deposits

10,200 10,200

Long-term prepaid expenses

1,610,202 1,525,580

Other

10,246 4,060

Total investments and other assets

18,775,895 20,359,902

Total noncurrent assets

523,993,609 524,560,443

Deferred assets:

Investment unit issuance costs

177,960 129,703

Investment corporation bonds issuance costs

78,522 71,024

Total deferred assets

256,482 200,728

TOTAL ASSETS

555,122,624 554,125,106

(Thousands of yen)

As of

January 31, 2025 July 31, 2025

LIABILITIES

Current liabilities:

Operating accounts payable

2,306,405 1,750,127

Short-term loans payable

6,600,000 2,100,000

Current portion of long-term loans payable

24,700,000 26,300,000

Accounts payable - other

1,079,970 980,841

Accrued expenses

212,028 225,970

Income taxes payable

1,089 605

Consumption taxes payable

511,903 348,986

Advances received

3,362,291 3,970,881

Other

8,076 10,482

Total current liabilities

38,781,765 35,687,894

Noncurrent liabilities:

Investment corporation bonds - unsecured

15,200,000 15,200,000

Long-term loans payable

235,783,000 237,733,000

Tenant leasehold and security deposits

2,620,681 2,678,468

Tenant leasehold and security deposits in trust

15,646,547 15,372,634

Asset retirement obligations

980,598 983,241

Other

166 4,271

Total noncurrent liabilities

270,230,993 271,971,616

TOTAL LIABILITIES

309,012,758 307,659,511

NET ASSETS

Unitholders' equity:

Unitholders' capital

238,456,667

238,456,667

Capital deduction:

Allowance for temporary difference adjustment

(521,432)

(650,779)

Other deduction of unitholders' capital

(641,451)

(641,451)

Total capital deduction

(1,162,883)

(1,292,230)

Unitholders' capital, net

237,293,784

237,164,437

Surplus:

Retained earnings

8,809,895

9,297,161

Total surplus

8,809,895

9,297,161

Total unitholders' equity

246,103,679

246,461,598

Valuation and translation adjustments:

Deferred gains or (losses) on hedges

6,186

3,996

Total valuation and translation adjustments

6,186

3,996

TOTAL NET ASSETS

246,109,865

246,465,594

TOTAL LIABILITIES AND NET ASSETS

555,122,624

554,125,106

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF INCOME AND RETAINED EARNINGS

For the Six Months Ended

January 31, 2025 and July 31, 2025

(Thousands of yen)

For the six months ended

January 31, 2025

July 31, 2025

Operating revenue

Rent revenue－real estate 19,813,403

21,335,434

Gain on sales of property 1,013,434

1,013,644

Dividend income from investments in Tokumei Kumiai 441,422

359,212

Total operating revenue 21,268,260

22,708,291

Operating expenses

Expenses related to property rental business 9,132,810

10,069,491

Asset management fees 1,637,976

1,608,333

Directors' compensations 7,440

7,440

Asset custody fees 12,444

12,433

Administrative service fees 55,039

54,913

Other 235,602

256,485

Total operating expenses 11,081,314

12,009,097

Operating income 10,186,945

10,699,193

Non-operating income

Interest income 3,100

16,103

Interest on refund 1,866

35

Reversal of distribution payable 460

458

Gain on donation of noncurrent assets 21,000

42,816

Other 52

0

Total non-operating income 26,480

59,413

Non-operating expenses

Interest expenses 1,032,743

1,090,214

Interest expenses on investment corporation bonds 40,592

45,192

Amortization of investment corporation bonds issuance costs 6,871

7,497

Borrowing related expenses 270,907

266,481

Amortization of investment unit issuance costs 48,256

48,256

Other 3,480

4,815

Total non-operating expenses 1,402,852

1,462,458

Ordinary income 8,810,574

9,296,149

Income before income taxes 8,810,574

9,296,149

Income taxes

Current 2,078

605

Total income taxes 2,078

605

Net income 8,808,495

9,295,544

Retained earnings brought forward 1,399

1,616

Unappropriated retained earnings 8,809,895

9,297,161

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS

For the Six Months Ended

January 31, 2025 and July 31, 2025

(Thousands of yen)

For the six months ended

January 31, 2025

July 31, 2025

Net cash provided by (used in) operating activities:

Income before income taxes 8,810,574

9,296,149

Depreciation and amortization 2,628,273

2,654,520

Gain on donation of noncurrent assets (21,000)

(42,816)

Amortization of investment corporation bonds issuance costs 6,871

7,497

Amortization of investment unit issuance costs 48,256

48,256

Interest income (3,100)

(16,103)

Interest expenses 1,073,335

Changes in assets and liabilities:

1,135,406

Decrease (increase) in operating accounts receivable 140,531

(348,857)

Decrease (increase) in consumption taxes refundable 2,154,251

-

Decrease (increase) in prepaid expenses 90,691

(859,724)

Decrease (increase) in long-term prepaid expenses 39,627

84,622

Increase (decrease) in operating accounts payable (160,312)

(334,637)

Increase (decrease) in accounts payable - other 16,713

(2,428)

Increase (decrease) in accrued expenses (529)

(35)

Increase (decrease) in consumption taxes payable 511,903

(162,917)

Increase (decrease) in advances received 199,607

608,590

Increase (decrease) in other noncurrent liabilities (109)

4,105

Decrease from sales of property and equipment in trust 1,593,649

1,593,649

Other, net 5,424

125,318

Subtotal 17,134,660

13,790,597

Interest income received 3,100

16,103

Interest expenses paid (1,063,774)

(1,121,429)

Income taxes paid (50,618)

12,718

Net cash provided by operating activities 16,023,367

12,697,990

Net cash provided by (used in) investing activities:

Purchases of property, plant and equipment (919,822)

(708,879)

Purchases of property, plant and equipment in trust (11,969,797)

(2,925,253)

Proceeds from tenant leasehold and security deposits -

91,123

Payments of tenant leasehold and security deposits -

(33,336)

Proceeds from tenant leasehold and security deposits in trust 219,806

3,920

Payments of tenant leasehold and security deposits in trust (1,422,667)

(393,769)

Proceeds from lease and guarantee deposits 4,500

-

Proceeds from lease and guarantee deposits in trust -

115,936

Proceeds from investment securities 273,168

57,747

Purchase of investment in securities (435,854)

(1,729,592)

Net cash used in investing activities (14,250,667)

(5,522,104)

Net cash provided by (used in) financing activities:

Proceeds from short-term loans payable 7,500,000

400,000

Repayments of short-term loans payable (10,300,000)

(4,900,000)

Proceeds from long-term loans payable 12,100,000

16,150,000

Repayments of long-term loans payable (11,800,000)

(12,600,000)

Proceeds from issuance of investment corporation bonds 2,500,000

-

Payments of investment corporation bonds issuance costs (19,102)

-

Dividends paid (8,900,840)

(8,936,573)

Net cash used in financing activities (8,919,943)

(9,886,573)

Net change in cash and cash equivalents (7,147,242)

(2,710,687)

Cash and cash equivalents at beginning of period 35,319,620

28,172,377

Cash and cash equivalents at end of period 28,172,377

25,461,690

Name of property

Location

Form of ownership

Leasable area

Fair value at

end of period

Net book value

(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

19,239

12,876

IIF Noda Logistics Center

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

Trust beneficial interest

38,828.10

9,810

5,142

IIF Shinsuna Logistics Center

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

Trust beneficial interest

5,741.75

8,230

5,054

IIF Koshigaya Logistics Center

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

Trust beneficial interest

10,113.50

3,550

1,674

IIF Nishinomiya Logistics Center

2, Nishinomiyahama 1-chome, Nishinomiya-shi, Hyogo

Trust beneficial interest

17,200.00

3,270

1,830

IIF Narashino Logistics Center (Land with

leasehold interest)

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

Real property

20,809.47

1,930

1,180

IIF Narashino Logistics Center II (Land with

leasehold interest)

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

Trust beneficial interest

58,857.77

6,930

4,294

IIF Atsugi Logistics Center II

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

Real property

20,661.13

4,380

3,065

IIF Yokohama Tsuzuki Logistics Center

747, Aza Minamikochi, Kawamukou-cho, Tsuzuki-ku Yokohama-shi, Kanagawa

Trust beneficial interest

9,615.82

3,500

2,268

IIF Saitama Logistics Center

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

Trust beneficial interest

8,995.00

2,630

1,358

IIF Nagoya Logistics Center

27, Yanagida-cho 2-chome, Nakagawa-ku, Nagoya-shi, Aichi

Real property

8,721.01

1,790

1,194

IIF Atsugi Logistics Center III

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

Trust beneficial interest

22,879.35

7,150

4,525

IIF Kawaguchi Logistics Center

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

Real property

11,705.02

6,460

2,587

IIF Higashi-Osaka Logistics Center

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

Real property

20,528.42

4,560

2,405

IIF Kashiwa Logistics Center

1027-1, Washinoya, Kashiwa-shi, Chiba

Real property

17,379.78

3,850

2,064

IIF Misato Logistics Center

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

Trust beneficial interest

19,019.71

6,870

3,266

IIF Iruma Logistics Center

660-2, Aza Higashimusashino, Oaza Minami-mine, Iruma-shi, Saitama

Trust beneficial interest

17,881.65

4,530

2,793

IIF Tosu Logistics Center

127-1, Aza Uchishirage, Kuranoue-machi, Tosu-shi, Saga

Trust beneficial interest

13,862.05

2,970

1,575

IIF Morioka Logistics Center

Plot 4-311, Oaza Hiromiyasawa, Yahabacho, Shiwa-gun, Iwate, etc.

Trust beneficial interest

8,001.57

1,620

523

IIF Hiroshima Logistics Center

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

Trust beneficial interest

22,768.24

5,130

3,055

IIF Izumiotsu e-shop Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

48,932.00

4,730

4,176

IIF Izumisano Food Processing and Logistics

Center

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

Real property

13,947.83

1,640

917

IIF Kyotanabe Logistics Center

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

Trust beneficial interest

33,243.99

9,020

5,435

IIF Fukuoka Koga Vehicle Logistics Center (Land

with leasehold interest)

1134-1, Aoyagi, Koga-shi, Fukuoka

Real property

30,815.97

1,150

914

IIF Fukuoka Higashi Logistics Center

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

Trust beneficial interest

11,262.86

2,360

1,859

IIF Osaka Konohana Logistics Center

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

Trust beneficial interest

46,262.20

11,000

8,577

IIF Kazo Logistics Center

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

Trust beneficial interest

17,744.41

3,350

2,544

IIF Hamura Logistics Center (Note 5)

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

Trust beneficial interest

12,895.43

3,960

3,195

IIF Fukuoka Hakozaki Logistics Center I

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

Trust beneficial interest

24,967.58

6,230

5,061

IIF Fukuoka Hakozaki Logistics Center II

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

Trust beneficial interest

51,530.51

12,600

9,889

IIF Itabashi Logistics Center

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

Trust beneficial interest

5,057.68

2,370

1,692

Name of property

Location

Form of ownership

Leasable area

Fair value at end of period

Net book value

(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-gun, Miyagi

Trust beneficial interest

15,555.15

2,030

1,505

IIF Ota Logistics Center

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

Real property

6,900.01

1,210

978

IIF Osaka Suminoe Logistics Center I

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

Trust beneficial interest

52,201.30

16,400

11,717

IIF Osaka Suminoe Logistics Center II

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

Trust beneficial interest

12,299.76

3,060

2,589

IIF Morioka Logistics Center II

4-5, Ryutsu Center Minami 2-chome, Yahabacho, Shiwa-gun, Iwate

Trust beneficial interest

12,383.30

1,650

1,358

IIF Sapporo Logistics Center

2-1, Yonesato-sanjo 3-chome, Shiroishi-ku, Sapporo-shi, Hokkaido

Trust beneficial interest

13,064.75

2,810

2,567

IIF Koriyama Logistics Center

213, Aza Mukaihara, Otsuki-machi, Koriyama-shi, Fukushima

Trust beneficial interest

17,533.15

3,740

2,341

IIF Kobe Nishi Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

33,000.00

2,680

2,059

IIF Hyogo Tatsuno Logistics Center

300-2, Tai-san, Nagao, Issaicho, Tatsuno-shi, Hyogo, etc.

Trust beneficial interest

25,186.78

4,280

4,066

IIF Akishima Logistics Center

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

Trust beneficial interest

31,071.21

9,030

8,387

IIF Gifu Kakamigahara Logistics Center

2-8, Aza Takehaya, Kawashima Takehayamachi, Kakamigahara-shi, Gifu, etc.

Trust beneficial interest

16,708.51

3,240

2,293

IIF Hiroshima Seifushinto Logistics Center

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

Trust beneficial interest

28,988.91

6,780

6,027

IIF Shonan Logistics Center

9-2, Ichinomiya 7-chome, Samukawa-machi, Koza-gun, Kanagawa

Trust beneficial interest

23,728.15

9,210

7,433

IIF Yokkaichi Logistics Center

1340-8, Azayamagamidani, Tarusaka-cho, Yokkaichi-shi, Mie, etc.

Trust beneficial interest

51,504.25

10,300

8,792

IIF Shiga Ryuoh Logistics Center

900-1, Yamazurakawahara, Ryuoh-cho, Gamo-gun, Shiga, etc.

Trust beneficial interest

17,916.90

4,000

3,560

IIF Omihachiman Logistics Center

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

Trust beneficial interest

25,111.07

2,300

1,862

IIF Musashimurayama Logistics Center II

26-38 Inadaira 1-chome, Musashimurayama-shi, Tokyo, etc.

Trust beneficial interest

51,687.63

17,200

16,972

IIF Fukuoka Hisayama Logistics Center

2859-1 Aza Hara, Oaza Kubara, Hisayama-machi, Kasuya-gun, Fukuoka, etc.

Trust beneficial interest

49,855.23

15,500

14,707

IIF Kasugai Logistics Center (Land with

leasehold interest)

2211, Aza Nomoto, Kamitaragacho, Kasugai-shi, Aichi

Trust beneficial interest

55,255.00

7,990

7,824

IIF Kitakyushu Logistics Center III

2220-11, Oaza Yobaru, Aza Shiraishi, Kanda-machi, Miyako-gun, Fukuoka, etc.

Trust beneficial interest

82,373.19

7,730

7,371

IIF Osaka Ibaraki Logistics Center

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

Trust beneficial interest

21,570.04

7,470

7,249

IIF Shonan Logistics Center II (Land with

leasehold interest)

1339-2,Kurami Samukawa-mahi, Koza-gun, Kanagawa, etc.

Trust beneficial interest

27,434.97

7,960

6,703

IIF Tsukuba Logistics Center (Land with

leasehold interest)

821-1, Aza Terada, Inaoka, Tsukuba-shi, Ibaraki, etc.

Trust beneficial interest

79,502.97

6,760

6,095

IIF Tosu Logistics Center II

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

Trust beneficial interest

24,768.34

5,760

5,396

IIF Tsuchiura Logistics Center

2644-1 Aza Koshinzuka, Shimoinayoshi, Kasumigaura-shi, Ibaraki, etc.

Trust beneficial interest

21,904.15

4,220

3,952

IIF Sendai Logistics Center

2-12 Ougimachi 3-chome, Miyagino-ku, Sendai-shi, Miyagi, etc.

Trust beneficial interest

17,346.66

3,680

3,583

IIF Toyama Logistics Center

155-5, Hisaganeshin, Kamiichi-machi, Nakaniikawa-gun, Toyama, etc.

Trust beneficial interest

40,288.07

3,716

3,475

IIF Hadano Logistics Center

320-2 Aza Araigayato, Horiyamashita, Hadano-shi, Kanagawa, etc.

Trust beneficial interest

20,302.85

3,530

3,202

IIF Sapporo Kitahiroshima Logistics Center

6-1 Omagari Indutrial Complex 4-chome, Kitahiroshima-shi, Hokkaido

Trust beneficial interest

14,104.14

2,760

2,673

IIF Komaki Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

16,608.55

2,670

2,366

IIF Kitakyushu Logistics Center II

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

Trust beneficial interest

23,807.52

2,440

2,222

Name of property

Location

Form of ownership

Leasable area

Fair value at end of period

Net book value

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Sakura Logistics Center

2415-16, Aza Sotoshinwari, Ota, Sakura-shi, CHiba, etc.

Trust beneficial interest

4,314.32

2,310

2,202

IIF Yokosuka Logistics Center

2873-15, Natsushimacho, Yokosuka-shi, Kanagawa, etc.

Trust beneficial interest

13,148.63

2,170

2,012

IIF Toyohashi Logistics Center

33-20, Akemicho, Toyohashi-shi, Aichi

Trust beneficial interest

8,017.05

1,890

1,826

IIF Narashino Logistics Center III (Land with

leasehold interest)

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

Trust beneficial interest

7,273.00

1,670

1,481

IIF Kitakyushu Logistics Center I

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

Trust beneficial interest

12,445.57

1,400

1,271

IIF Yokohama Sachiura Logistics Center (Land

with leasehold interest)

3-2, Sachiura 1-chome, Kanazawa-ku, Yokohama-shi, Kanagawa

Trust beneficial interest

16,783.21

3,150

1,211

IIF Higashimatsuyama Logistics Center (Land

with leasehold interest)

25-31, Oaza Miyako, Namegawa-machi, Hiki-gun, Saitama, etc.

Trust beneficial interest

20,320.97

1,340

1,168

IIF Osaka Konohana Logistics Center II (Land

with leasehold interest)

19-1, Nishikujo 1-chome, Konohana-ku, Osaka-shi, Osaka, etc.

Trust beneficial interest

6,125.09

1,960

1,059

IIF Shiga Otsu Logistics Center

104-55, Aza Jujigahara,Sekinotsu 4-chome, Otsu-shi, Shiga, etc.

Trust beneficial interest

6,913.54

1,661

1,012

IIF Sapporo Logistics Center II

1020-246, Hassamu Jujo 12-chome, Nishi-ku, Sapporo-shi, Hokkaido, etc.

Trust beneficial interest

9,791.48

885

774

IIF Sagamihara Logistics Center (Land with

leasehold interest)

1988-2, Asamizodai 1-chome, Minami-ku, Sagamihara-shi, Kanagawa

Trust beneficial interest

4,552.78

929

750

IIF Hyogo Sanda Logistics Center I (Land with

leasehold interest)

37, Techno Park, Sanda-shi, Hyogo

Trust beneficial interest

25,920.95

1,840

540

IIF Sendai Iwanuma Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

12,253.28

566

467

IIF Iwate Ichinoseki Logistics Center

14-43, Higashidai, Ichinoseki-shi, Iwateken

Trust beneficial interest

11,643.85

1,400

1,124

IIF Hyogosanda Logistics Center II

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

Trust beneficial interest

33,759.93

9,950

9,393

IIF Yokohama Tsuzuki Technology Center

25-2, Kitayamada 4-chome, Tsuzuki-ku, Yokohama-shi, Kanagawa

Real property

4,655.48

1,690

1,400

IIF Mitaka Card Center

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

Trust beneficial interest

21,615.01

9,820

9,188

IIF Kamata R&D Center

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

Trust beneficial interest

21,896.56

8,020

7,276

IIF Kawasaki Science Center

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

Real property

4,857.73

2,950

1,733

IIF Sagamihara R&D Center

1-35, Minamihashimoto 3-chome, Chuo-ku, Sagamihara-shi, Kanagawa

Trust beneficial interest

19,328.40

4,910

3,626

IIF Yokohama Shinyamashita R&D Center

16-5, Shinyamashita 1-chome, Naka-ku, Yokohama-shi, Kanagawa

Trust beneficial interest

4,887.83

4,630

3,807

IIF Kakegawa Manufacturing Center (Land with

leasehold interest)

30, Tanyo, Kakegawa-shi, Shizuoka

Trust beneficial interest

66,171.92

1,750

1,572

IIF Urayasu Machinery Maintenance Center

(Land with leasehold interest)

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

Real property

7,925.94

1,770

1,345

IIF Yokosuka Technology Center

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

Trust beneficial interest

13,779.77

4,510

4,438

IIF Shonan Technology Center

1-1, Ichinomiya 6-chome, Samukawa-machi, Koza-gun, Kanagawa

Trust beneficial interest

7,244.71

1,330

1,334

IIF Totsuka Manufacturing Center (Land with

leasehold interest)

2277-4, Kamiyabe-cho Aza Kunichiyato, Totsuka-ku, Yokohama-shi, Kanagawa, etc.

Trust beneficial interest

19,458.49

2,630

2,413

IIF Atsugi Manufacturing Center

4-3, Morinosatomomijidai, Atsugi-shi, Kanagawa, etc.

Trust beneficial interest

32,825.49

16,200

11,649

IIF Shin-Kawasaki R&D Center

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

Trust beneficial interest

11,865.54

9,160

6,189

IIF Ichikawa Food Processing Center

1-1-2, Higashihama 1-chome, Ichikawa-shi, Chiba, etc.

Trust beneficial interest

27,424.22

6,670

6,361

IIF Gifu Kakamigahara Manufacturing Center

(Land with leasehold interest)

3, Takehaya, Kawashima Takehayamachi, Kakamigahara-shi, Gifu, etc.

Real property

12,551.51

261

255

IIF Okazaki Manufacturing Center

34-6, Aza Okasaku, Makihira-cho, Okazaki-shi, Aichi, etc.

Trust beneficial interest

19,997.55

4,650

4,743

Name of property

Location

Form of ownership

Leasable area

Fair value at end of period

Net book value

(Note 1)

(m2)

(Millions of yen)

(Millions of yen)

(Note 2)

(Note 3)

IIF Shonan Health Innovation Park

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

Trust beneficial interest

136,273.08

48,300

41,221

IIF Ichihara Manufacturing Center (Land with

leasehold interest)

1-1, Yawatakaigandori, Ichihara-shi, Chiba, etc.

Trust beneficial interest

637,802.64

19,190

16,614

IIF Iruma Manufacturing Center (Land with

leasehold interest)

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

Trust beneficial interest

34,384.62

2,920

2,597

IIF Tochigi Moka Manufacturing Center (Land

with leasehold interest)

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

Real property

92,826.16

1,340

1,198

IIF Hanno Manufacturing Center (land with

leasehold interest)

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

Trust beneficial interest

145,759.02

3,130

2,537

IIF Ota Manufacturing Center

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

Trust beneficial interest

8,285.90

5,030

4,543

IIF Shimonoseki Vehicle Maintenance Center

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

Trust beneficial interest

21,336.20

1,320

1,255

IIF Kobe District Heating and Cooling Center

8-2, Higashikawasaki-cho 1-chome, Chuo-ku, Kobe-shi, Hyogo

Trust beneficial interest

11,476.05

12,000

15,044

IIF Haneda Airport Maintenance Center

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

Real property

81,995.81

44,900

35,579

IIF Shinagawa Data Center

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

Real property

19,547.11

7,470

5,425

IIF Osaka Toyonaka Data Center

1-8, Shin-senri-nishi-machi 1-chome, Toyonaka-shi, Osaka

Trust beneficial interest

20,027.14

6,560

5,505

IIF Nagoya Port Tank Terminal (Land with

leasehold interest)

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

Real property

51,583.70

2,240

1,998

IIF Higashimatsuyama Gas Tank Maintenance

Center (Land with leasehold interest)

75-1, Shingo, Higashimatsuyama-shi, Saitama

Real property

12,880.38

832

729

IIF Kawasaki Port Tank Terminal (Land with

leasehold interest)

4-12, Chidori-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa, etc.

Trust beneficial interest

42,186.88

7,490

7,223

IIF Shizuoka Oigawa Port Tank Terminal (Land

with leasehold interest)

2624-102, Aza Jizoumori, Riemon, Yaizu-shi, Shizuoka, etc.

Trust beneficial interest

10,967.00

162

144

IIF Kitakyushu Moji Port Tank Terminal (Land

with leasehold interest)

1-7, Setomachi, Moji-ku, Kitakyushu-shi, Fukuoka, etc.

Trust beneficial interest

33,789.08

624

605

Total

3,458,556.17

626,495

504,200

Note 1

"Location" means the location indicated in the land registry book or the residence indication.

Note 2

"Leasable area" means the leasable area of the building or land of each property indicated in the lease agreement, except for IIF Shinsuna Logistics Center of which leasable

area shows a total area of the building indicated in the registry book.

Note 3

"Fair value at end of period" shows the appraisal or researched value provided by the real estate appraiser in accordance with the methods and standard of assets valuation

as stipulated in the Articles of Incorporation of the Investment Corporation as well as the regulations as stipulated by The Investment Trusts Association, Japan.

Note 4

The leasable area of IIF Shinonome Logistics Center (53% of quasi-co-ownership) is calculated multiplying the total leasable area by the share of quasi-co-ownership and rounded to the nearest second decimal place.

Note 5

The Investment Corporation acquired a building constructed through a redevelopment project of IIF Hamura Logistics Center on February 20, 2025.

Name of property

For the six months ended January 31, 2025

For the six months ended July 31, 2025

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

IIF Shinonome Logistics Center

1

100.0

400

360

2.7

1

100.0

400

358

2.6

IIF Noda Logistics Center

2

100.0

(Note 3)

204

1.5

2

100.0

(Note 3)

210

1.5

IIF Shinsuna Logistics Center

1

100.0

179

154

1.2

1

100.0

179

156

1.1

IIF Koshigaya Logistics Center

1

100.0

83

76

0.6

1

100.0

83

76

0.5

IIF Nishinomiya Logistics Center

2

100.0

(Note 3)

79

0.6

2

100.0

(Note 3)

82

0.6

IIF Narashino Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

38

0.3

1

100.0

(Note 3)

38

0.3

IIF Narashino Logistics Center II (Land with

leasehold interest)

1

100.0

(Note 3)

(7)

(0.1)

1

100.0

(Note 3)

597

4.3

IIF Atsugi Logistics Center II

1

100.0

(Note 3)

114

0.9

1

100.0

(Note 3)

114

0.8

IIF Yokohama Tsuzuki Logistics Center

1

100.0

(Note 3)

79

0.6

1

100.0

(Note 3)

80

0.6

IIF Saitama Logistics Center

1

100.0

67

63

0.5

1

100.0

67

63

0.5

IIF Nagoya Logistics Center

1

100.0

(Note 3)

42

0.3

1

100.0

(Note 3)

39

0.3

IIF Atsugi Logistics Center III

1

100.0

(Note 3)

164

1.2

1

100.0

(Note 3)

114

0.8

IIF Kawaguchi Logistics Center

1

100.0

(Note 3)

118

0.9

1

100.0

(Note 3)

118

0.9

IIF Higashi-Osaka Logistics Center

2

100.0

(Note 3)

108

0.8

2

100.0

(Note 3)

109

0.8

IIF Kashiwa Logistics Center

1

100.0

(Note 3)

88

0.7

1

100.0

(Note 3)

86

0.6

IIF Misato Logistics Center

1

100.0

(Note 3)

116

0.9

1

100.0

(Note 3)

116

0.8

IIF Iruma Logistics Center

1

100.0

(Note 3)

107

0.8

1

100.0

(Note 3)

106

0.8

IIF Tosu Logistics Center

2

100.0

(Note 3)

66

0.5

2

100.0

(Note 3)

67

0.5

IIF Morioka Logistics Center

1

100.0

(Note 3)

42

0.3

1

100.0

(Note 3)

42

0.3

IIF Hiroshima Logistics Center

1

100.0

(Note 3)

121

0.9

1

100.0

(Note 3)

121

0.9

IIF Izumiotsu e-shop Logistics Center (Land

with leasehold interest)

1

100.0

(Note 3)

111

0.8

1

100.0

(Note 3)

110

0.8

IIF Izumisano Food Processing and Logistics

Center

1

100.0

(Note 3)

27

0.2

1

100.0

(Note 3)

34

0.3

IIF Kyotanabe Logistics Center

1

100.0

(Note 3)

189

1.4

1

100.0

(Note 3)

187

1.3

IIF Fukuoka Koga Vehicle Logistics Center

(Land with leasehold interest)

1

100.0

(Note 3)

27

0.2

1

100.0

(Note 3)

27

0.2

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)

219

1.6

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 4)

-

-

-

(2)

0.0

1

100.0

(Note 3)

76

0.5

IIF Fukuoka Hakozaki Logistics Center I

3

100.0

(Note 3)

136

1.0

3

100.0

(Note 3)

135

1.0

IIF Fukuoka Hakozaki Logistics Center II

4

100.0

(Note 3)

267

2.0

4

100.0

(Note 3)

263

1.9

IIF Itabashi Logistics Center

1

100.0

(Note 3)

38

0.3

1

100.0

(Note 3)

35

0.3

Name of property

For the six months ended January 31, 2025

For the six months ended July 31, 2025

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

IIF Sendai Taiwa Logistics Center

1

100.0

(Note 3)

48

0.4

1

100.0

(Note 3)

45

0.3

IIF Ota Logistics Center

1

100.0

(Note 3)

33

0.3

1

100.0

(Note 3)

33

0.2

IIF Osaka Suminoe Logistics Center I

1

100.0

(Note 3)

257

1.9

1

100.0

(Note 3)

261

1.9

IIF Osaka Suminoe Logistics Center II

1

100.0

(Note 3)

60

0.5

1

100.0

(Note 3)

60

0.4

IIF Morioka Logistics Center II

1

100.0

(Note 3)

34

0.3

1

100.0

(Note 3)

35

0.3

IIF Sapporo Logistics Center

1

100.0

(Note 3)

66

0.5

1

100.0

(Note 3)

67

0.5

IIF Koriyama Logistics Center

2

100.0

(Note 3)

97

0.7

2

100.0

(Note 3)

96

0.7

IIF Kobe Nishi Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

40

0.3

1

100.0

(Note 3)

40

0.3

IIF Hyogo Tatsuno Logistics Center

1

100.0

(Note 3)

112

0.8

1

100.0

(Note 3)

112

0.8

IIF Akishima Logistics Center

1

100.0

(Note 3)

176

1.3

1

100.0

(Note 3)

176

1.3

IIF Gifu Kakamigahara Logistics Center

1

100.0

(Note 3)

72

0.5

1

100.0

(Note 3)

74

0.5

IIF Hiroshima Seifushinto Logistics Center

1

100.0

(Note 3)

154

1.2

1

100.0

(Note 3)

154

1.1

IIF Shonan Logistics Center

1

100.0

(Note 3)

182

1.4

1

100.0

(Note 3)

180

1.3

IIF Yokkaichi Logistics Center

2

100.0

(Note 3)

241

1.8

2

100.0

(Note 3)

241

1.7

IIF Shiga Ryuoh Logistics Center

1

100.0

(Note 3)

103

0.8

1

100.0

(Note 3)

85

0.6

IIF Omihachiman Logistics Center

1

100.0

(Note 3)

50

0.4

1

100.0

(Note 3)

50

0.4

IIF Musashimurayama Logistics Center II

1

100.0

(Note 3)

322

2.4

1

100.0

(Note 3)

307

2.2

IIF Fukuoka Hisayama Logistics Center

1

100.0

(Note 3)

305

2.3

1

100.0

(Note 3)

297

2.1

IIF Kasugai Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

209

1.6

1

100.0

(Note 3)

206

1.5

IIF Kitakyushu Logistics Center III

1

100.0

(Note 3)

183

1.4

1

100.0

(Note 3)

171

1.2

IIF Osaka Ibaraki Logistics Center

1

100.0

(Note 3)

150

1.1

1

100.0

(Note 3)

144

1.0

IIF Shonan Logistics Center II (Land with

leasehold interest)

1

100.0

(Note 3)

136

1.0

1

100.0

(Note 3)

131

0.9

IIF Tsukuba Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

124

0.9

1

100.0

(Note 3)

122

0.9

IIF Tosu Logistics Center II

1

100.0

(Note 3)

125

0.9

1

100.0

(Note 3)

119

0.9

IIF Tsuchiura Logistics Center

1

100.0

(Note 3)

100

0.8

1

100.0

(Note 3)

96

0.7

IIF Sendai Logistics Center

1

100.0

(Note 3)

84

0.6

1

100.0

(Note 3)

81

0.6

IIF Toyama Logistics Center

2

100.0

(Note 3)

87

0.7

2

100.0

(Note 3)

84

0.6

IIF Hadano Logistics Center

1

100.0

(Note 3)

77

0.6

1

100.0

(Note 3)

71

0.5

IIF Sapporo Kitahiroshima Logistics Center

1

100.0

(Note 3)

69

0.5

1

100.0

(Note 3)

67

0.5

IIF Komaki Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

59

0.4

1

100.0

(Note 3)

57

0.4

IIF Kitakyushu Logistics Center II

1

100.0

(Note 3)

50

0.4

1

100.0

(Note 3)

49

0.4

IIF Sakura Logistics Center

1

100.0

(Note 3)

53

0.4

1

100.0

(Note 3)

51

0.4

Name of property

For the six months ended January 31, 2025

For the six months ended July 31, 2025

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 2)

Composition ratio of NOI

(%)

IIF Yokosuka Logistics Center

1

100.0

(Note 3)

51

0.4

1

100.0

(Note 3)

47

0.3

IIF Toyohashi Logistics Center

1

100.0

(Note 3)

46

0.3

1

100.0

(Note 3)

43

0.3

IIF Narashino Logistics Center III (Land with

leasehold interest)

1

100.0

(Note 3)

29

0.2

1

100.0

(Note 3)

28

0.2

IIF Kitakyushu Logistics Center I

1

100.0

(Note 3)

37

0.3

1

100.0

(Note 3)

36

0.3

IIF Yokohama Sachiura Logistics Center

(Land with leasehold interest)

1

100.0

(Note 3)

27

0.2

1

100.0

(Note 3)

23

0.2

IIF Higashimatsuyama Logistics Center (Land

with leasehold interest)

1

100.0

(Note 3)

25

0.2

1

100.0

(Note 3)

24

0.2

IIF Osaka Konohana Logistics Center II (Land

with leasehold interest)

1

100.0

(Note 3)

22

0.2

1

100.0

(Note 3)

20

0.2

IIF Shiga Otsu Logistics Center

2

100.0

(Note 3)

27

0.2

2

100.0

(Note 3)

24

0.2

IIF Sapporo Logistics Center II

2

100.0

(Note 3)

20

0.2

2

100.0

(Note 3)

18

0.1

IIF Sagamihara Logistics Center (Land with

leasehold interest)

1

100.0

(Note 3)

15

0.1

1

100.0

(Note 3)

14

0.1

IIF Hyogo Sanda Logistics Center I (Land with

leasehold interest)

1

100.0

(Note 3)

11

0.1

1

100.0

(Note 3)

10

0.1

IIF Sendai Iwanuma Logistics Center (Land

with leasehold interest)

1

100.0

(Note 3)

11

0.1

1

100.0

(Note 3)

11

0.1

IIF Iwate Ichinoseki Logistics Center

10

79.8

(Note 3)

32

0.2

10

91.2

(Note 3)

33

0.2

IIF Hyogosanda Logistics Center II

1

100.0

(Note 3)

27

0.2

1

100.0

(Note 3)

214

1.5

IIF Totsuka Technology Center (Land with

leasehold interest) (Note 5)

1

100.0

90

76

0.6

-

-

18

13

0.1

IIF Yokohama Tsuzuki Technology Center

1

100.0

61

43

0.3

1

100.0

64

46

0.3

IIF Mitaka Card Center

1

100.0

366

308

2.3

1

100.0

366

311

2.2

IIF Kamata R&D Center

1

100.0

(Note 3)

236

1.8

1

100.0

(Note 3)

232

1.7

IIF Kawasaki Science Center

1

100.0

(Note 3)

81

0.6

1

100.0

(Note 3)

81

0.6

IIF Sagamihara R&D Center

2

100.0

(Note 3)

151

1.1

2

100.0

(Note 3)

140

1.0

IIF Yokohama Shinyamashita R&D Center

1

100.0

(Note 3)

107

0.8

1

100.0

(Note 3)

112

0.8

IIF Kakegawa Manufacturing Center (Land

with leasehold interest)

1

100.0

(Note 3)

42

0.3

1

100.0

(Note 3)

42

0.3

IIF Urayasu Machinery Maintenance Center

(Land with leasehold interest)

1

100.0

(Note 3)

36

0.3

1

100.0

(Note 3)

36

0.3

IIF Yokosuka Technology Center

1

100.0

(Note 3)

137

1.0

1

100.0

(Note 3)

141

1.0

IIF Shonan Technology Center

1

100.0

(Note 3)

40

0.3

1

100.0

(Note 3)

38

0.3

IIF Totsuka Manufacturing Center (Land with

leasehold interest)

1

100.0

(Note 3)

57

0.4

1

100.0

(Note 3)

57

0.4

IIF Atsugi Manufacturing Center

1

100.0

(Note 3)

336

2.5

1

100.0

(Note 3)

345

2.5

IIF Shin-Kawasaki R&D Center

1

100.0

(Note 3)

234

1.8

1

100.0

(Note 3)

234

1.7

IIF Ichikawa Food Processing Center

2

100.0

(Note 3)

137

1.0

2

100.0

(Note 3)

122

0.9

IIF Gifu Kakamigahara Manufacturing Center

(Land with leasehold interest)

1

100.0

(Note 3)

5

0.0

1

100.0

(Note 3)

5

0.0

IIF Okazaki Manufacturing Center

4

100.0

(Note 3)

89

0.7

3

58.6

(Note 3)

36

0.3

IIF Shonan Health Innovation Park

10

99.9

(Note 3)

1,095

8.2

9

99.5

(Note 3)

1,094

7.9

Name of property

For the six months ended January 31, 2025

For the six months ended July 31, 2025

Number of tenants

Occupancy ratio

Rental revenues

Rental net

operating income

Composition ratio of NOI

Number of tenants

Occupancy ratio

Rental revenues

Rental net

operating income

Composition ratio of NOI

(%)

(Millions of yen)

(Millions of yen)

(%)

(%)

(Millions of yen)

(Millions of yen)

(%)

(Note 1)

(Note 2)

(Note 1)

(Note 2)

IIF Ichihara Manufacturing Center (Land with

leasehold interest)

2

100.0

(Note 3)

455

3.4

2

100.0

(Note 3)

455

3.3

IIF Iruma Manufacturing Center (Land with

leasehold interest)

1

100.0

(Note 3)

69

0.5

1

100.0

(Note 3)

69

0.5

IIF Tochigi Moka Manufacturing Center (Land

with leasehold interest)

1

100.0

(Note 3)

33

0.3

1

100.0

(Note 3)

33

0.2

IIF Hanno Manufacturing Center (land with

leasehold interest)

1

100.0

(Note 3)

61

0.5

1

100.0

(Note 3)

61

0.4

IIF Ota Manufacturing Center

1

100.0

(Note 3)

86

0.6

1

100.0

(Note 3)

89

0.6

IIF Shimonoseki Vehicle Maintenance Center

2

100.0

(Note 3)

6

0.0

2

100.0

(Note 3)

28

0.2

IIF Kobe District Heating and Cooling Center

1

100.0

282

258

1.9

1

100.0

282

265

1.9

IIF Haneda Airport Maintenance Center

1

100.0

1,551

981

7.4

1

100.0

1,554

981

7.1

IIF Shinagawa Data Center

1

100.0

(Note 3)

188

1.4

1

100.0

(Note 3)

191

1.4

IIF Osaka Toyonaka Data Center

1

100.0

(Note 3)

173

1.3

1

100.0

(Note 3)

168

1.2

IIF Nagoya Port Tank Terminal (Land with

leasehold interest)

1

100.0

(Note 3)

62

0.5

1

100.0

(Note 3)

62

0.4

IIF Higashimatsuyama Gas Tank Maintenance

Center (Land with leasehold interest)

1

100.0

(Note 3)

17

0.1

1

100.0

(Note 3)

18

0.1

IIF Kawasaki Port Tank Terminal (Land with

leasehold interest)

1

100.0

(Note 3)

137

1.0

1

100.0

(Note 3)

137

1.0

IIF Shizuoka Oigawa Port Tank Terminal

(Land with leasehold interest)

1

100.0

(Note 3)

3

0.0

1

100.0

(Note 3)

3

0.0

IIF Kitakyushu Moji Port Tank Terminal (Land

with leasehold interest)

1

100.0

(Note 3)

15

0.1

1

100.0

(Note 3)

15

0.1

Total

148

99.9

19,813

13,308

100.0

146

99.7

21,335

13,920

100.0

Note 1

"Number of tenants" shows the number of lessee for the properties. The total column of "Number of tenants" shows the simple sum for the number of lessee.

Note 2

"Rental net operating income (NOI)" is calculated by following formula.

(Rental revenues - Rental expenses) + Depreciation

Note 3

Rental revenues are not disclosed because the consent from the tenants has not been obtained.

Note 4

The Investment Corporation acquired a building constructed through a redevelopment project of IIF Hamura Logistics Center on February 20, 2025.

Note 5

The Investment Corporation sold 30% ,35% and 35% of quasi-co-ownership interest of IIF Totsuka Technology Center (Land with leasehold interest) on March 29, 2024, November 29, 2024 and March 31, 2025, respectively.