Industrial & Infrastructure Fund Investment : 37th Fiscal Period Results (August 1 2025 ~ January 31 2026)

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

BALANCE SHEETS

As of July 31, 2025 and January 31, 2026

As of

(Thousands of yen)

July 31, 2025

January 31, 2026

ASSETS

Current assets:

Cash and bank deposits 15,788,924

19,891,427

Cash and bank deposits in trust 9,672,766

8,591,820

Rental receivables 1,689,015

1,690,796

Prepaid expenses 2,128,415

1,324,585

Income taxes receivable 75,815

79,682

Consumption taxes refundable -

66,490

Other 8,997

18,298

Total current assets 29,363,934

31,663,099

Noncurrent assets:

Property, plant and equipment:

Buildings, at cost 36,998,104

36,539,937

Less: Accumulated depreciation (12,276,004)

(12,493,158)

Buildings, net 24,722,100

24,046,778

Structures, at cost 129,560

124,667

Less: Accumulated depreciation (79,662)

(80,068)

Structures, net 49,897

44,599

Machinery and equipment, at cost 2,286

17,009

Less: Accumulated depreciation (190)

(511)

Machinery and equipment, net 2,096

16,497

Tools, furniture and fixtures, at cost 27,058

26,778

Less: Accumulated depreciation (19,331)

(20,100)

Tools, furniture and fixtures, net 7,726

6,677

Land 20,343,077

17,373,057

Construction in progress 17,184

12,734

Buildings in trust, at cost 149,099,090

153,387,328

Less: Accumulated depreciation (27,538,053)

(28,995,815)

Buildings in trust, net 121,561,037

124,391,513

Structures in trust, at cost 1,917,123

1,940,875

Less: Accumulated depreciation (936,599)

(1,006,957)

Structures in trust, net 980,523

933,917

Machinery and equipment in trust, at cost 227,411

314,988

Less: Accumulated depreciation (117,804)

(133,420)

Machinery and equipment in trust, net 109,606

181,567

Tools, furniture and fixtures in trust, at cost 806,316

857,939

Less: Accumulated depreciation (216,695)

(269,001)

Tools, furniture and fixtures in trust, net 589,621

588,937

Land in trust 315,945,515

326,354,453

Construction in progress in trust 37,862

20,942

Total net property, plant and equipment 484,366,250

493,971,678

Intangible assets:

Leasehold right 19,833,966

19,833,966

Other 324

231

Total intangible assets 19,834,290

19,834,197

Investments and other assets:

Investment in affiliates 356,826

356,826

Investment securities 18,463,235

18,703,443

Lease and guarantee deposits 10,200

10,200

Long-term prepaid expenses 1,525,580

1,506,102

Other 4,060

4,060

Total investments and other assets 20,359,902

20,580,632

Total noncurrent assets 524,560,443

534,386,508

Deferred assets:

Investment unit issuance costs 129,703

81,446

Investment corporation bonds issuance costs 71,024

63,527

Total deferred assets 200,728

144,974

TOTAL ASSETS 554,125,106

566,194,582

As of

(Thousands of yen)

July 31, 2025

January 31, 2026

LIABILITIES

Current liabilities:

Operating accounts payable 1,750,127

1,579,465

Short-term loans payable 2,100,000

12,900,000

Current portion of investment corporation bonds - unsecured -

3,000,000

Current portion of long-term loans payable 26,300,000

25,900,000

Accounts payable - other 980,841

1,010,319

Accrued expenses 225,970

255,130

Income taxes payable 605

605

Consumption taxes payable 348,986

-

Advances received 3,970,881

2,645,231

Other 10,482

9,170

Total current liabilities 35,687,894

47,299,923

Noncurrent liabilities:

Investment corporation bonds - unsecured 15,200,000

12,200,000

Long-term loans payable 237,733,000

240,233,000

Tenant leasehold and security deposits 2,678,468

2,660,945

Tenant leasehold and security deposits in trust 15,372,634

15,200,949

Asset retirement obligations 983,241

985,936

Other 4,271

2,955

Total noncurrent liabilities 271,971,616

271,283,786

TOTAL LIABILITIES 307,659,511

318,583,709

NET ASSETS

Unitholders' equity:

Unitholders' capital

238,456,667

238,456,667

Capital deduction:

Allowance for temporary difference adjustment

(650,779)

(181,178)

Other deduction of unitholders' capital

(641,451)

(1,641,375)

Total capital deduction

(1,292,230)

(1,822,553)

Unitholders' capital, net

237,164,437

236,634,113

Surplus:

Retained earnings

9,297,161

10,975,030

Total surplus

9,297,161

10,975,030

Total unitholders' equity

246,461,598

247,609,144

Valuation and translation adjustments:

Deferred gains or (losses) on hedges

3,996

1,728

Total valuation and translation adjustments

3,996

1,728

TOTAL NET ASSETS

246,465,594

247,610,872

TOTAL LIABILITIES AND NET ASSETS

554,125,106

566,194,582

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF INCOME AND RETAINED EARNINGS

For the Six Months Ended

July 31, 2025 and January 31, 2026

(Thousands of yen)

For the six months ended

July 31, 2025

January 31, 2026

Operating revenue

Rent revenue－real estate 21,335,434

20,463,261

Gain on sales of property 1,013,644

3,188,289

Dividend income from investments in Tokumei Kumiai 359,212

371,455

Total operating revenue 22,708,291

24,023,005

Operating expenses

Expenses related to property rental business 10,069,491

9,560,402

Asset management fees 1,608,333

1,654,333

Directors' compensations 7,440

7,440

Asset custody fees 12,433

12,461

Administrative service fees 54,913

53,895

Other 256,485

245,858

Total operating expenses 12,009,097

11,534,392

Operating income 10,699,193

12,488,612

Non-operating income

Interest income 16,103

36,955

Interest on refund 35

31

Reversal of distribution payable 458

580

Gain on donation of noncurrent assets 42,816

4,725

Other -

40

Total non-operating income 59,413

42,333

Non-operating expenses

Interest expenses 1,090,214

1,191,217

Interest expenses on investment corporation bonds 45,192

45,617

Amortization of investment corporation bonds issuance costs 7,497

7,497

Borrowing related expenses 266,481

267,072

Amortization of investment unit issuance costs 48,256

48,256

Other 4,815

4,787

Total non-operating expenses 1,462,458

1,564,448

Ordinary income 9,296,149

10,966,497

Income before income taxes 9,296,149

10,966,497

Income taxes

Current 605

605

Total income taxes 605

605

Net income 9,295,544

10,965,892

Retained earnings brought forward 1,616

9,137

Unappropriated retained earnings 9,297,161

10,975,030

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS

For the Six Months Ended

July 31, 2025 and January 31, 2026

(Thousands of yen)

For the six months ended

July 31, 2025

January 31, 2026

Net cash provided by (used in) operating activities:

Income before income taxes 9,296,149

10,966,497

Depreciation and amortization 2,654,520

2,755,272

Gain on donation of noncurrent assets (42,816)

(4,725)

Amortization of investment corporation bonds issuance costs 7,497

7,497

Amortization of investment unit issuance costs 48,256

48,256

Interest income (16,103)

(36,955)

Interest expenses 1,135,406

Changes in assets and liabilities:

1,236,834

Decrease (increase) in operating accounts receivable (348,857)

(1,780)

Decrease (increase) in consumption taxes refundable -

(66,490)

Decrease (increase) in prepaid expenses (859,724)

803,830

Decrease (increase) in long-term prepaid expenses 84,622

19,477

Increase (decrease) in operating accounts payable (334,637)

189,870

Increase (decrease) in accounts payable - other (2,428)

14,338

Increase (decrease) in accrued expenses (35)

(189)

Increase (decrease) in consumption taxes payable (162,917)

(348,986)

Increase (decrease) in advances received 608,590

(1,325,650)

Increase (decrease) in other noncurrent liabilities 4,105

(1,316)

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

7,978,304

Other, net 125,318

6,029

Subtotal 13,790,597

22,240,114

Interest income received 16,103

25,032

Interest expenses paid (1,121,429)

(1,207,484)

Income taxes paid 12,718

(4,471)

Net cash provided by operating activities 12,697,990

21,053,189

Net cash provided by (used in) investing activities:

Payments into time deposits -

(4,000,000)

Purchases of property, plant and equipment (708,879)

(431,954)

Purchases of property, plant and equipment in trust (2,925,253)

(20,247,415)

Proceeds from tenant leasehold and security deposits 91,123

88,567

Payments of tenant leasehold and security deposits (33,336)

(90)

Proceeds from tenant leasehold and security deposits in trust 3,920

4,799,003

Payments of tenant leasehold and security deposits in trust (393,769)

(5,076,689)

Proceeds from lease and guarantee deposits in trust 115,936

-

Proceeds from investment securities 57,747

166,722

Purchase of investment in securities (1,729,592)

(410,920)

Net cash used in investing activities (5,522,104)

(25,112,776)

Net cash provided by (used in) financing activities:

Proceeds from short-term loans payable 400,000

17,900,000

Repayments of short-term loans payable (4,900,000)

(7,100,000)

Proceeds from long-term loans payable 16,150,000

14,200,000

Repayments of long-term loans payable (12,600,000)

(12,100,000)

Payments for acquisition of own investment units -

(999,923)

Dividends paid (8,936,573)

(8,818,931)

Net cash provided by (used in) financing activities (9,886,573)

3,081,144

Net change in cash and cash equivalents (2,710,687)

(978,442)

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

25,461,690

Cash and cash equivalents at end of period 25,461,690

24,483,247

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

12,848

IIF Noda Logistics Center

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

Trust beneficial interest

38,828.10

10,100

5,143

IIF Shinsuna Logistics Center

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

Trust beneficial interest

5,741.75

8,230

5,047

IIF Koshigaya Logistics Center

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

Trust beneficial interest

10,113.50

3,580

1,679

IIF Nishinomiya Logistics Center

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

Trust beneficial interest

17,200.00

3,280

1,816

IIF Narashino Logistics Center I (Note 5)

6-4, Akanehama 3-chome, Narashino-shi, Chiba

Trust beneficial interest

25,938.00

8,720

6,497

IIF Narashino Logistics Center II (Land with

leasehold interest)

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

Trust beneficial interest

57,079.89

6,690

4,277

IIF Atsugi Logistics Center II

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

Real property

20,661.13

4,380

3,052

IIF Yokohama Tsuzuki Logistics Center

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

Trust beneficial interest

9,615.82

3,490

2,257

IIF Saitama Logistics Center

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

Trust beneficial interest

8,995.00

2,600

1,396

IIF Nagoya Logistics Center

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

Real property

8,721.01

1,810

1,187

IIF Atsugi Logistics Center III

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

Trust beneficial interest

22,879.35

7,160

4,488

IIF Kawaguchi Logistics Center

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

Real property

11,705.02

6,450

2,623

IIF Higashi-Osaka Logistics Center (Notes 4 and

6)

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

Trust beneficial interest

14,369.89

3,192

1,687

IIF Kashiwa Logistics Center

1027-1, Washinoya, Kashiwa-shi, Chiba

Real property

17,379.78

3,850

2,051

IIF Misato Logistics Center

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

Trust beneficial interest

19,019.71

6,900

3,256

IIF Iruma Logistics Center

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

Trust beneficial interest

17,881.65

4,530

2,776

IIF Tosu Logistics Center

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

Trust beneficial interest

13,862.05

2,980

1,565

IIF Morioka Logistics Center

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

Trust beneficial interest

8,001.57

1,630

519

IIF Hiroshima Logistics Center

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

Trust beneficial interest

22,768.24

5,150

3,034

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

1,660

907

IIF Kyotanabe Logistics Center

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

Trust beneficial interest

33,243.99

9,060

5,414

IIF Fukuoka Koga Vehicle Logistics Center (Land

with leasehold interest)

1134-1, Aoyagi, Koga-shi, Fukuoka

Real property

30,815.97

1,170

914

IIF Fukuoka Higashi Logistics Center

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

Trust beneficial interest

11,262.86

2,360

1,854

IIF Osaka Konohana Logistics Center

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

Trust beneficial interest

46,262.20

11,000

8,548

IIF Kazo Logistics Center

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

Trust beneficial interest

17,744.41

3,370

2,534

IIF Hamura Logistics Center

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

Trust beneficial interest

12,895.43

3,960

3,178

IIF Fukuoka Hakozaki Logistics Center I

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

Trust beneficial interest

24,967.58

6,250

5,041

IIF Fukuoka Hakozaki Logistics Center II

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

Trust beneficial interest

51,530.51

12,700

9,847

IIF Itabashi Logistics Center

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

Trust beneficial interest

5,057.68

2,380

1,687

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

1,501

IIF Ota Logistics Center

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

Real property

6,900.01

1,290

976

IIF Osaka Suminoe Logistics Center I

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

Trust beneficial interest

52,201.30

16,500

11,704

IIF Osaka Suminoe Logistics Center II

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

Trust beneficial interest

12,299.76

3,060

2,581

IIF Morioka Logistics Center II

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

Trust beneficial interest

12,383.30

1,630

1,350

IIF Sapporo Logistics Center

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

Trust beneficial interest

13,064.75

2,820

2,556

IIF Koriyama Logistics Center

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

Trust beneficial interest

17,533.15

3,730

2,330

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

2,750

2,059

IIF Hyogo Tatsuno Logistics Center

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

Trust beneficial interest

25,186.78

4,290

4,071

IIF Akishima Logistics Center

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

Trust beneficial interest

31,071.21

9,040

8,367

IIF Gifu Kakamigahara Logistics Center

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

Trust beneficial interest

16,708.51

3,240

2,272

IIF Hiroshima Seifushinto Logistics Center

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

Trust beneficial interest

28,988.91

6,770

5,975

IIF Shonan Logistics Center

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

Trust beneficial interest

23,728.15

9,250

7,410

IIF Yokkaichi Logistics Center

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

Trust beneficial interest

51,504.25

10,400

8,701

IIF Shiga Ryuoh Logistics Center

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

Trust beneficial interest

17,916.90

4,010

3,528

IIF Omihachiman Logistics Center

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

Trust beneficial interest

25,111.07

2,330

1,852

IIF Musashimurayama Logistics Center II

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

Trust beneficial interest

51,687.63

17,200

16,931

IIF Fukuoka Hisayama Logistics Center

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

Trust beneficial interest

49,855.23

15,600

14,650

IIF Kasugai Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

55,255.00

7,980

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

7,770

7,323

IIF Osaka Ibaraki Logistics Center

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

Trust beneficial interest

21,570.04

7,480

7,238

IIF Shonan Logistics Center II (Land with

leasehold interest)

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

Trust beneficial interest

27,434.97

8,020

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

6,820

6,095

IIF Tosu Logistics Center II

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

Trust beneficial interest

24,768.34

5,800

5,375

IIF Tsuchiura Logistics Center

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

Trust beneficial interest

21,904.15

4,230

3,931

IIF Sendai Logistics Center

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

Trust beneficial interest

17,346.66

3,680

3,574

IIF Toyama Logistics Center

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

Trust beneficial interest

40,288.07

3,737

3,452

IIF Hadano Logistics Center

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

Trust beneficial interest

20,302.85

3,550

3,186

IIF Sapporo Kitahiroshima Logistics Center

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

Trust beneficial interest

14,104.14

2,770

2,661

IIF Komaki Logistics Center (Land with

leasehold interest)

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

Trust beneficial interest

16,608.55

2,690

2,366

IIF Kitakyushu Logistics Center II

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

Trust beneficial interest

23,807.52

2,440

2,208

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

2,195

IIF Yokosuka Logistics Center

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

Trust beneficial interest

13,148.63

2,180

2,006

IIF Toyohashi Logistics Center

33-20, Akemicho, Toyohashi-shi, Aichi

Trust beneficial interest

8,017.05

1,900

1,819

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

1,269

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

3,220

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

1,350

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

2,000

1,059

IIF Shiga Otsu Logistics Center

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

Trust beneficial interest

6,913.54

1,680

1,011

IIF Sapporo Logistics Center II

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

Trust beneficial interest

9,791.48

906

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

938

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

590

467

IIF Iwate Ichinoseki Logistics Center

14-43, Higashidai, Ichinoseki-shi, Iwateken

Trust beneficial interest

11,643.85

1,370

1,122

IIF Hyogosanda Logistics Center II

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

Trust beneficial interest

33,759.93

10,000

9,359

IIF Funabashi Logistics Center II

13-2, Shiomi-cho, Funabashi-shi, Chiba, etc.

Trust beneficial interest

30,328.38

10,200

9,514

IIF Yokohama Tsuzuki Technology Center

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

Real property

4,655.48

1,720

1,425

IIF Mitaka Card Center

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

Trust beneficial interest

21,615.01

9,830

9,179

IIF Kawasaki Science Center

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

Real property

4,857.73

3,010

1,711

IIF Sagamihara R&D Center

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

Trust beneficial interest

19,328.40

5,010

3,648

IIF Yokohama Shinyamashita R&D Center

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

Trust beneficial interest

4,887.83

4,610

3,794

IIF Kakegawa Manufacturing Center (Land with

leasehold interest)

30, Tanyo, Kakegawa-shi, Shizuoka

Trust beneficial interest

66,171.92

1,780

1,572

IIF Urayasu Machinery Maintenance Center

(Land with leasehold interest)

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

Real property

7,925.94

1,810

1,345

IIF Yokosuka Technology Center

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

Trust beneficial interest

13,779.77

4,790

4,461

IIF Shonan Technology Center

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

Trust beneficial interest

7,244.71

1,450

1,356

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

2,640

2,413

IIF Atsugi Manufacturing Center

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

Trust beneficial interest

32,825.49

16,200

11,572

IIF Shin-Kawasaki R&D Center

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

Trust beneficial interest

11,865.54

9,350

6,153

IIF Ichikawa Food Processing Center

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

Trust beneficial interest

27,424.22

6,660

6,357

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

19,978.55

4,860

4,779

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

114,606.85

49,100

41,702

IIF Ichihara Manufacturing Center (Land with

leasehold interest)

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

Trust beneficial interest

637,802.64

19,330

16,605

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

3,160

2,537

IIF Ota Manufacturing Center

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

Trust beneficial interest

8,285.90

5,030

4,529

IIF Shimonoseki Vehicle Maintenance Center

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

Trust beneficial interest

21,336.20

1,320

1,251

IIF Higashihiroshima Manufacturing Center

5-10 Taguchi R&D Industrial Park, Higashi-Hiroshima-shi, Hiroshima

Trust beneficial interest

19,608.84

4,450

3,441

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

14,938

IIF Haneda Airport Maintenance Center

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

Real property

81,995.81

44,800

35,511

IIF Shinagawa Data Center

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

Real property

19,547.11

7,480

5,444

IIF Osaka Toyonaka Data Center

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

Trust beneficial interest

12,063.61

6,670

5,490

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

834

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

3,454,140.20

641,993

513,805

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. For IIF Higashi-Osaka Logistics Center, IIF Shonan Health Innovation Park and IIF Osaka Toyonaka Data Center which are leased in the form of a pass-through master lease, "Leasable area" is presented on an end-tenant basis.

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) and IIF Higashi-Osaka Logistics Center (70% of quasi-co-ownership) are 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 Narashino Logistics Center (Land with leasehold interest) and changed the name of the property to IIF Narashino Logistics Center I on September 1, 2025. Also, the property was placed in trust on the same date.

Note 6

On August 1, 2025, the Investment Corporation placed IIF Higashi-Osaka Logistics Center in trust and sold 30% of quasi-co-ownership interest of the property. For the remaining quasi-co-ownership of interest of the property, the Investment Corporation is going to sell 35% and 35% on June 1, 2026 and August 3, 2026, respectively.

Name of property

For the six months ended July 31, 2025

For the six months ended January 31, 2026

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

IIF Shinonome Logistics Center

1

100.0

400

358

2.6

1

100.0

400

355

2.6

IIF Noda Logistics Center

2

100.0

(Note 4)

210

1.5

2

100.0

(Note 4)

208

1.5

IIF Shinsuna Logistics Center

1

100.0

179

156

1.1

1

100.0

179

156

1.1

IIF Koshigaya Logistics Center

1

100.0

83

76

0.5

1

100.0

(Note 4)

76

0.6

IIF Nishinomiya Logistics Center

2

100.0

(Note 4)

82

0.6

2

100.0

(Note 4)

69

0.5

IIF Narashino Logistics Center I

1

100.0

(Note 4)

38

0.3

1

100.0

(Note 4)

163

1.2

IIF Narashino Logistics Center II (Land with

leasehold interest)

1

100.0

(Note 4)

597

4.3

1

100.0

(Note 4)

153

1.1

IIF Atsugi Logistics Center II

1

100.0

(Note 4)

114

0.8

1

100.0

(Note 4)

110

0.8

IIF Yokohama Tsuzuki Logistics Center

1

100.0

(Note 4)

80

0.6

1

100.0

(Note 4)

80

0.6

IIF Saitama Logistics Center

1

100.0

67

63

0.5

1

100.0

67

59

0.4

IIF Nagoya Logistics Center

1

100.0

(Note 4)

39

0.3

1

100.0

(Note 4)

46

0.3

IIF Atsugi Logistics Center III

1

100.0

(Note 4)

114

0.8

1

100.0

(Note 4)

143

1.1

IIF Kawaguchi Logistics Center

1

100.0

(Note 4)

118

0.9

1

100.0

(Note 4)

134

1.0

IIF Higashi-Osaka Logistics Center (Note 5)

2

100.0

(Note 4)

109

0.8

2

100.0

(Note 4)

76

0.6

IIF Kashiwa Logistics Center

1

100.0

(Note 4)

86

0.6

1

100.0

(Note 4)

84

0.6

IIF Misato Logistics Center

1

100.0

(Note 4)

116

0.8

1

100.0

(Note 4)

116

0.9

IIF Iruma Logistics Center

1

100.0

(Note 4)

106

0.8

1

100.0

(Note 4)

106

0.8

IIF Tosu Logistics Center

2

100.0

(Note 4)

67

0.5

2

100.0

(Note 4)

68

0.5

IIF Morioka Logistics Center

1

100.0

(Note 4)

42

0.3

1

100.0

(Note 4)

42

0.3

IIF Hiroshima Logistics Center

1

100.0

(Note 4)

121

0.9

1

100.0

(Note 4)

120

0.9

IIF Izumiotsu e-shop Logistics Center (Land

with leasehold interest)

1

100.0

(Note 4)

110

0.8

1

100.0

(Note 4)

111

0.8

IIF Izumisano Food Processing and Logistics

Center

1

100.0

(Note 4)

34

0.3

1

100.0

(Note 4)

35

0.3

IIF Kyotanabe Logistics Center

1

100.0

(Note 4)

187

1.3

1

100.0

(Note 4)

186

1.4

IIF Fukuoka Koga Vehicle Logistics Center

(Land with leasehold interest)

1

100.0

(Note 4)

27

0.2

1

100.0

(Note 4)

27

0.2

IIF Fukuoka Higashi Logistics Center

1

100.0

(Note 4)

51

0.4

1

100.0

(Note 4)

50

0.4

IIF Osaka Konohana Logistics Center

1

100.0

(Note 4)

219

1.6

1

100.0

(Note 4)

219

1.6

IIF Kazo Logistics Center

1

100.0

(Note 4)

67

0.5

1

100.0

(Note 4)

67

0.5

IIF Hamura Logistics Center (Note 6)

1

100.0

(Note 4)

76

0.5

1

100.0

(Note 4)

86

0.6

IIF Fukuoka Hakozaki Logistics Center I

3

100.0

(Note 4)

135

1.0

3

100.0

(Note 4)

133

1.0

IIF Fukuoka Hakozaki Logistics Center II

4

100.0

(Note 4)

263

1.9

4

100.0

(Note 4)

252

1.8

IIF Itabashi Logistics Center

1

100.0

(Note 4)

35

0.3

1

100.0

(Note 4)

39

0.3

Name of property

For the six months ended July 31, 2025

For the six months ended January 31, 2026

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

IIF Sendai Taiwa Logistics Center

1

100.0

(Note 4)

45

0.3

1

100.0

(Note 4)

48

0.4

IIF Ota Logistics Center

1

100.0

(Note 4)

33

0.2

1

100.0

(Note 4)

33

0.2

IIF Osaka Suminoe Logistics Center I

1

100.0

(Note 4)

261

1.9

1

100.0

(Note 4)

260

1.9

IIF Osaka Suminoe Logistics Center II

1

100.0

(Note 4)

60

0.4

1

100.0

(Note 4)

58

0.4

IIF Morioka Logistics Center II

1

100.0

(Note 4)

35

0.3

1

100.0

(Note 4)

34

0.3

IIF Sapporo Logistics Center

1

100.0

(Note 4)

67

0.5

1

100.0

(Note 4)

61

0.5

IIF Koriyama Logistics Center

2

100.0

(Note 4)

96

0.7

2

100.0

(Note 4)

99

0.7

IIF Kobe Nishi Logistics Center (Land with

leasehold interest)

1

100.0

(Note 4)

40

0.3

1

100.0

(Note 4)

40

0.3

IIF Hyogo Tatsuno Logistics Center

1

100.0

(Note 4)

112

0.8

1

100.0

(Note 4)

112

0.8

IIF Akishima Logistics Center

1

100.0

(Note 4)

176

1.3

1

100.0

(Note 4)

172

1.3

IIF Gifu Kakamigahara Logistics Center

1

100.0

(Note 4)

74

0.5

1

100.0

(Note 4)

76

0.6

IIF Hiroshima Seifushinto Logistics Center

1

100.0

(Note 4)

154

1.1

1

100.0

(Note 4)

154

1.1

IIF Shonan Logistics Center

1

100.0

(Note 4)

180

1.3

1

100.0

(Note 4)

182

1.3

IIF Yokkaichi Logistics Center

2

100.0

(Note 4)

241

1.7

2

100.0

(Note 4)

241

1.8

IIF Shiga Ryuoh Logistics Center

1

100.0

(Note 4)

85

0.6

1

100.0

(Note 4)

103

0.8

IIF Omihachiman Logistics Center

1

100.0

(Note 4)

50

0.4

1

100.0

(Note 4)

50

0.4

IIF Musashimurayama Logistics Center II

1

100.0

(Note 4)

307

2.2

1

100.0

(Note 4)

287

2.1

IIF Fukuoka Hisayama Logistics Center

1

100.0

(Note 4)

297

2.1

1

100.0

(Note 4)

287

2.1

IIF Kasugai Logistics Center (Land with

leasehold interest)

1

100.0

(Note 4)

206

1.5

1

100.0

(Note 4)

203

1.5

IIF Kitakyushu Logistics Center III

1

100.0

(Note 4)

171

1.2

1

100.0

(Note 4)

158

1.2

IIF Osaka Ibaraki Logistics Center

1

100.0

(Note 4)

144

1.0

1

100.0

(Note 4)

138

1.0

IIF Shonan Logistics Center II (Land with

leasehold interest)

1

100.0

(Note 4)

131

0.9

1

100.0

(Note 4)

126

0.9

IIF Tsukuba Logistics Center (Land with

leasehold interest)

1

100.0

(Note 4)

122

0.9

1

100.0

(Note 4)

120

0.9

IIF Tosu Logistics Center II

1

100.0

(Note 4)

119

0.9

1

100.0

(Note 4)

113

0.8

IIF Tsuchiura Logistics Center

1

100.0

(Note 4)

96

0.7

1

100.0

(Note 4)

91

0.7

IIF Sendai Logistics Center

1

100.0

(Note 4)

81

0.6

1

100.0

(Note 4)

78

0.6

IIF Toyama Logistics Center

2

100.0

(Note 4)

84

0.6

2

100.0

(Note 4)

81

0.6

IIF Hadano Logistics Center

1

100.0

(Note 4)

71

0.5

1

100.0

(Note 4)

65

0.5

IIF Sapporo Kitahiroshima Logistics Center

1

100.0

(Note 4)

67

0.5

1

100.0

(Note 4)

65

0.5

IIF Komaki Logistics Center (Land with

leasehold interest)

1

100.0

(Note 4)

57

0.4

1

100.0

(Note 4)

55

0.4

IIF Kitakyushu Logistics Center II

1

100.0

(Note 4)

49

0.4

1

100.0

(Note 4)

46

0.3

IIF Sakura Logistics Center

1

100.0

(Note 4)

51

0.4

1

100.0

(Note 4)

49

0.4

Name of property

For the six months ended July 31, 2025

For the six months ended January 31, 2026

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

Number of tenants

(Note 1)

Occupancy ratio

(%)

(Note 2)

Rental revenues

(Millions of yen)

Rental net

operating income (Millions of yen)

(Note 3)

Composition ratio of NOI

(%)

IIF Yokosuka Logistics Center

1

100.0

(Note 4)

47

0.3

1

100.0

(Note 4)

42

0.3

IIF Toyohashi Logistics Center

1

100.0

(Note 4)

43

0.3

1

100.0

(Note 4)

41

0.3

IIF Narashino Logistics Center III (Land with

leasehold interest)

1

100.0

(Note 4)

28

0.2

1

100.0

(Note 4)

27

0.2

IIF Kitakyushu Logistics Center I

1

100.0

(Note 4)

36

0.3

1

100.0

(Note 4)

35

0.3

IIF Yokohama Sachiura Logistics Center

(Land with leasehold interest)

1

100.0

(Note 4)

23

0.2

1

100.0

(Note 4)

20

0.1

IIF Higashimatsuyama Logistics Center (Land

with leasehold interest)

1

100.0

(Note 4)

24

0.2

1

100.0

(Note 4)

23

0.2

IIF Osaka Konohana Logistics Center II (Land

with leasehold interest)

1

100.0

(Note 4)

20

0.2

1

100.0

(Note 4)

18

0.1

IIF Shiga Otsu Logistics Center

2

100.0

(Note 4)

24

0.2

2

100.0

(Note 4)

21

0.2

IIF Sapporo Logistics Center II

2

100.0

(Note 4)

18

0.1

2

100.0

(Note 4)

17

0.1

IIF Sagamihara Logistics Center (Land with

leasehold interest)

1

100.0

(Note 4)

14

0.1

1

100.0

(Note 4)

13

0.1

IIF Hyogo Sanda Logistics Center I (Land with

leasehold interest)

1

100.0

(Note 4)

10

0.1

1

100.0

(Note 4)

9

0.1

IIF Sendai Iwanuma Logistics Center (Land

with leasehold interest)

1

100.0

(Note 4)

11

0.1

1

100.0

(Note 4)

10

0.1

IIF Iwate Ichinoseki Logistics Center

10

91.2

(Note 4)

33

0.2

10

91.2

(Note 4)

34

0.3

IIF Hyogosanda Logistics Center II

1

100.0

(Note 4)

214

1.5

1

100.0

(Note 4)

214

1.6

IIF Funabashi Logistics Center II

-

-

-

-

-

2

100.0

(Note 4)

52

0.4

IIF Totsuka Technology Center (Land with

leasehold interest) (Note 7)

-

-

18

13

0.1

-

-

-

-

-

IIF Yokohama Tsuzuki Technology Center

1

100.0

64

46

0.3

1

100.0

64

42

0.3

IIF Mitaka Card Center

1

100.0

366

311

2.2

1

100.0

366

310

2.3

IIF Kamata R&D Center (Note 8)

1

100.0

(Note 4)

232

1.7

-

-

(Note 4)

79

0.6

IIF Kawasaki Science Center

1

100.0

(Note 4)

81

0.6

1

100.0

(Note 4)

81

0.6

IIF Sagamihara R&D Center

2

100.0

(Note 4)

140

1.0

2

100.0

(Note 4)

139

1.0

IIF Yokohama Shinyamashita R&D Center

1

100.0

(Note 4)

112

0.8

1

100.0

(Note 4)

111

0.8

IIF Kakegawa Manufacturing Center (Land

with leasehold interest)

1

100.0

(Note 4)

42

0.3

1

100.0

(Note 4)

42

0.3

IIF Urayasu Machinery Maintenance Center

(Land with leasehold interest)

1

100.0

(Note 4)

36

0.3

1

100.0

(Note 4)

36

0.3

IIF Yokosuka Technology Center

1

100.0

(Note 4)

141

1.0

1

100.0

(Note 4)

137

1.0

IIF Shonan Technology Center

1

100.0

(Note 4)

38

0.3

1

100.0

(Note 4)

38

0.3

IIF Totsuka Manufacturing Center (Land with

leasehold interest)

1

100.0

(Note 4)

57

0.4

1

100.0

(Note 4)

57

0.4

IIF Atsugi Manufacturing Center

1

100.0

(Note 4)

345

2.5

1

100.0

(Note 4)

336

2.5

IIF Shin-Kawasaki R&D Center

1

100.0

(Note 4)

234

1.7

1

100.0

(Note 4)

232

1.7

IIF Ichikawa Food Processing Center

2

100.0

(Note 4)

122

0.9

2

100.0

(Note 4)

135

1.0

IIF Gifu Kakamigahara Manufacturing Center

(Land with leasehold interest)

1

100.0

(Note 4)

5

0.0

1

100.0

(Note 4)

5

0.0

IIF Okazaki Manufacturing Center

3

58.6

(Note 4)

36

0.3

3

58.7

(Note 4)

79

0.6

Name of property

For the six months ended July 31, 2025

For the six months ended January 31, 2026

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 3)

(Note 1)

(Note 2)

(Note 3)

IIF Shonan Health Innovation Park

9

99.5

(Note 4)

1,094

7.9

163

89.7

(Note 4)

1,356

9.9

IIF Ichihara Manufacturing Center (Land with

leasehold interest)

2

100.0

(Note 4)

455

3.3

2

100.0

(Note 4)

438

3.2

IIF Iruma Manufacturing Center (Land with

leasehold interest)

1

100.0

(Note 4)

69

0.5

1

100.0

(Note 4)

69

0.5

IIF Tochigi Moka Manufacturing Center (Land

with leasehold interest)

1

100.0

(Note 4)

33

0.2

1

100.0

(Note 4)

33

0.2

IIF Hanno Manufacturing Center (land with

leasehold interest)

1

100.0

(Note 4)

61

0.4

1

100.0

(Note 4)

61

0.4

IIF Ota Manufacturing Center

1

100.0

(Note 4)

89

0.6

1

100.0

(Note 4)

91

0.7

IIF Shimonoseki Vehicle Maintenance Center

2

100.0

(Note 4)

28

0.2

2

100.0

(Note 4)

27

0.2

IIF Higashihiroshima Manufacturing Center

-

-

-

-

-

1

100.0

(Note 4)

24

0.2

IIF Kobe District Heating and Cooling Center

1

100.0

282

265

1.9

1

100.0

282

264

1.9

IIF Haneda Airport Maintenance Center

1

100.0

1,554

981

7.1

1

100.0

1,583

996

7.3

IIF Shinagawa Data Center

1

100.0

(Note 4)

191

1.4

1

100.0

(Note 4)

183

1.3

IIF Osaka Toyonaka Data Center

1

100.0

(Note 4)

168

1.2

30

97.6

(Note 4)

137

1.0

IIF Nagoya Port Tank Terminal (Land with

leasehold interest)

1

100.0

(Note 4)

62

0.4

1

100.0

(Note 4)

62

0.5

IIF Higashimatsuyama Gas Tank Maintenance

Center (Land with leasehold interest)

1

100.0

(Note 4)

18

0.1

1

100.0

(Note 4)

17

0.1

IIF Kawasaki Port Tank Terminal (Land with

leasehold interest)

1

100.0

(Note 4)

137

1.0

1

100.0

(Note 4)

137

1.0

IIF Shizuoka Oigawa Port Tank Terminal

(Land with leasehold interest)

1

100.0

(Note 4)

3

0.0

1

100.0

(Note 4)

3

0.0

IIF Kitakyushu Moji Port Tank Terminal (Land

with leasehold interest)

1

100.0

(Note 4)

15

0.1

1

100.0

(Note 4)

15

0.1

Total

146

99.7

21,335

13,920

100.0

331

99.4

20,463

13,658

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. For the six months ended January 31, 2026, these figures of IIF Higashi-Osaka Logistics Center, IIF Shonan Health Innovation Park and IIF Osaka Toyonaka Data Center which are leased in the form of a pass-through master lease, are presented on an end-tenant basis.

Note 2

"Occupancy ratio" shows percentage of leased area against the leasable area at the end of accounting period calculated by rounding to the nearest first decimal place. For the six months ended January 31, 2026, the figures of IIF Higashi-Osaka Logistics Center, IIF Shonan Health Innovation Park and IIF Osaka Toyonaka Data Center which are leased in the form of a pass-through master lease, are presented on an end-tenant basis.

Note 3

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

(Rental revenues - Rental expenses) + Depreciation

Note 4

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

Note 5

The Investment Corporation sold 30% of quasi-co-ownership interest of IIF Higashi-Osaka Logistics Center on August 1, 2025. For the remaining quasi-co-ownership of interest of the property, the Investment Corporation is going to sell 35% and 35% on June 1, 2026 and August 3, 2026, respectively.

Note 6

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

Note 7

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.

Note 8

The Investment Corporation disposed of IIF Kamata R&D Center on October 1, 2025.