Industrial & Infrastructure Fund Investment Corporation TSE:3249
Industrial & Infrastructure Fund Investment : Financial Statements for the 36th Accounting Period (February 1, 2025 - July 31, 2025)
Source: MarketScreener
As of July 31, 2025
With Independent Auditor's Report
Independent Auditor's Report
The Board of Directors
Industrial & Infrastructure Fund Investment Corporation
The Audit of the Financial Statements OpinionWe have audited the accompanying financial statements of Industrial & Infrastructure Fund Investment Corporation (the Company), which comprise the balance sheet as at July 31, 2025, and the statements of income and retained earnings, changes in net assets, and cash flows for the six-month period then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at July 31, 2025, and its financial performance and its cash flows for the six-month period then ended in accordance with accounting principles generally accepted in Japan.
Basis for OpinionWe conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, including those applicable to audits of financial statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other InformationThe other information comprises the information included in the Financial Statements that contains audited financial statements, but does not include the financial statements and our auditor's report thereon. Management is responsible for preparation and disclosure of the other information. The Supervisory Directors are responsible for overseeing the Company's reporting process of the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Supervisory Directors for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in Japan, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going concern.
The Supervisory Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting principles generally accepted in Japan.
We communicate with the Executive Director regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Executive Director with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.
Convenience TranslationThe U.S. dollar amounts in the accompanying financial statements with respect to the six-month period ended July 31, 2025 are presented solely for convenience. Our audit also included the translation of Japanese yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 2 to the financial statements.
Fee-related InformationThe fees for the audits of the financial statements of Industrial & Infrastructure Fund Investment Corporation and its subsidiary and other services provided by us and other EY member firms for the six-month period ended July 31, 2025 are 18 million yen and 10 million yen, respectively.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.
Ernst & Young ShinNihon LLC Tokyo, Japan
October 22, 2025
Kazunori Takenouchi Designated Engagement Partner Certified Public Accountant
Mika Nezu
Designated Engagement Partner Certified Public Accountant
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION BALANCE SHEETS As of July 31, 2025
As of
January 31,
2025
July 31,
2025
July 31,
2025
(in thousands of
ASSETS
Current assets:
(in millions of yen)
U.S. dollars)
Cash and bank deposits (Note 3) ￥ | 17,244 | ￥ | 15,788 | ＄ | 105,689 | ||
Cash and bank deposits in trust (Note 3)............................................................... | 10,927 | 9,672 | 64,748 | ||||
Rental receivables...................................................................................................... | 1,340 | 1,689 | 11,306 | ||||
Prepaid expenses....................................................................................................... | 1,268 | 2,128 | 14,247 | ||||
Income taxes receivable........................................................................................... | 89 | 75 | 507 | ||||
Other............................................................................................................................ | 1 | 8 | 60 | ||||
Total current assets............................................................................ | 30,872 | 29,363 | 196,558 | ||||
Noncurrent assets: Property, plant and equipment (Notes 4 and 6): | |||||||
Buildings, at cost....................................................................................................... | 36,412 | 36,998 | 247,661 | ||||
Less: Accumulated depreciation........................................................................ | (11,872) | (12,276) | (82,174) | ||||
Buildings, net........................................................................................................ | 24,540 | 24,722 | 165,486 | ||||
Structures, at cost..................................................................................................... | 127 | 129 | 867 | ||||
Less: Accumulated depreciation........................................................................ | (76) | (79) | (533) | ||||
Structures, net...................................................................................................... | 50 | 49 | 334 | ||||
Machinery and equipment, at cost......................................................................... | 14 | 2 | 15 | ||||
Less: Accumulated depreciation........................................................................ | (11) | (0) | (1) | ||||
Machinery and equipment, net.......................................................................... | 2 | 2 | 14 | ||||
Tools, furniture and fixtures, at cost...................................................................... | 28 | 27 | 181 | ||||
Less: Accumulated depreciation........................................................................ | (19) | (19) | (129) | ||||
Tools, furniture and fixtures, net....................................................................... | 8 | 7 | 51 | ||||
Land............................................................................................................................. | 20,343 | 20,343 | 136,174 | ||||
Construction in progress.......................................................................................... | 1,782 | 17 | 115 | ||||
Buildings in trust, at cost.......................................................................................... | 145,725 | 149,099 | 998,052 | ||||
Less: Accumulated depreciation........................................................................ | (26,152) | (27,538) | (184,336) | ||||
Buildings in trust, net.......................................................................................... | 119,573 | 121,561 | 813,716 | ||||
Structures in trust, at cost........................................................................................ | 1,736 | 1,917 | 12,833 | ||||
Less: Accumulated depreciation........................................................................ | (868) | (936) | (6,269) | ||||
Structures in trust, net........................................................................................ | 868 | 980 | 6,563 | ||||
Machinery and equipment in trust, at cost........................................................... | 221 | 227 | 1,522 | ||||
Less: Accumulated depreciation........................................................................ | (105) | (117) | (788) | ||||
Machinery and equipment in trust, net............................................................ | 115 | 109 | 733 | ||||
Tools, furniture and fixtures in trust, at cost........................................................ | 645 | 806 | 5,397 | ||||
Less: Accumulated depreciation........................................................................ | (167) | (216) | (1,450) | ||||
Tools, furniture and fixtures in trust, net......................................................... | 477 | 589 | 3,946 | ||||
Land in trust............................................................................................................... | 317,495 | 315,945 | 2,114,904 | ||||
Construction in progress in trust............................................................................ | 125 | 37 | 253 | ||||
Total net property, plant and equipment........................................... | 485,383 | 484,366 | 3,242,293 | ||||
Intangible assets (Notes 5 and 6): | |||||||
Leasehold rights................................................................................................... | 19,833 | 19,833 | 132,766 | ||||
Other...................................................................................................................... | 0 | 0 | 2 | ||||
Total intangible assets............................................................... | 19,834 | 19,834 | 132,768 |
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION BALANCE SHEETS As of July 31, 2025
As of
January 31, July 31, July 31,
2025 2025 2025
(in thousands of
(in millions of yen)
U.S. dollars)
Investments and other assets:
Shares of subsidiaries and associates.............................................................. | 356 | 356 | 2,388 | ||||
Investment securities........................................................................................... | 16,788 | 18,463 | 123,590 | ||||
Lease and guarantee deposits........................................................................... | 10 | 10 | 68 | ||||
Long-term prepaid expenses............................................................................. | 1,610 | 1,525 | 10,212 | ||||
Other...................................................................................................................... | 10 | 4 | 27 | ||||
Total investments and other assets............................................. | 18,775 | 20,359 | 136,286 | ||||
Total noncurrent assets....................................................................... | 523,993 | 524,560 | 3,511,349 | ||||
Deferred assets: Investment unit issuance costs.......................................................................... | 177 | 129 | 868 | ||||
Investment corporation bonds issuance costs................................................ | 78 | 71 | 475 | ||||
Total deferred assets.......................................................................... | 256 | 200 | 1,343 | ||||
TOTAL ASSETS ￥ | 555,122 | ￥ | 554,125 | ＄ | 3,709,251 |
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION BALANCE SHEETS As of July 31, 2025
As of January 31, July 31, July 31,
LIABILITIES
Current liabilities:
2025 2025
(in millions of yen)
2025
(in thousands of U.S. dollars)
Operating accounts payable ￥ | 2,306 | ￥ | 1,750 | ＄ | 11,715 | ||
Short-term loans payable (Note 7)......................................................................... | 6,600 | 2,100 | 14,057 | ||||
Current portion of long-term loans payable (Notes 7 and 18)........................... | 24,700 | 26,300 | 176,049 | ||||
Accounts payable - other......................................................................................... | 1,079 | 980 | 6,565 | ||||
Accrued expenses...................................................................................................... | 212 | 225 | 1,512 | ||||
Income taxes payable............................................................................................... | 1 | 0 | 4 | ||||
Consumption taxes payable.................................................................................... | 511 | 348 | 2,336 | ||||
Advances received..................................................................................................... | 3,362 | 3,970 | 26,580 | ||||
Other............................................................................................................................ | 8 | 10 | 70 | ||||
Total current liabilities....................................................................... | 38,781 | 35,687 | 238,890 | ||||
Noncurrent liabilities: Investment corporation bonds - unsecured (Notes 8 and 18)........................... | 15,200 | 15,200 | 101,747 | ||||
Long-term loans payable (Notes 7 and 18)........................................................... | 235,783 | 237,733 | 1,591,358 | ||||
Tenant leasehold and security deposits................................................................. | 2,620 | 2,678 | 17,929 | ||||
Tenant leasehold and security deposits in trust................................................... | 15,646 | 15,372 | 102,902 | ||||
Asset retirement obligations (Note 20)................................................................... | 980 | 983 | 6,581 | ||||
Other............................................................................................................................ | 0 | 4 | 28 | ||||
Total noncurrent liabilities.................................................................. | 270,230 | 271,971 | 1,820,547 | ||||
TOTAL LIABILITIES.............................................................................. | 309,012 | 307,659 | 2,059,438 | ||||
NET ASSETS (Note 9) Unitholders' equity: | |||||||
Unitholders' capital, | |||||||
32,000,000 units authorized; 2,536,216 units as of January 31, 2025 and July 31, 2025 issued and outstanding............................................................... | 238,456 | 238,456 | 1,596,202 | ||||
Total deduction from unitholders' capital............................................................ | (1,162) | (1,292) | (8,650) | ||||
Allowance for temporary difference adjustment (Note 10).......................... | (521) | (650) | (4,356) | ||||
Other deduction of unitholders' capital........................................................... | (641) | (641) | (4,293) | ||||
Unitholders' capital, net........................................................................................... | 237,293 | 237,164 | 1,587,552 | ||||
Retained earnings...................................................................................................... | 8,809 | 9,297 | 62,234 | ||||
Total unitholders' equity..................................................................... | 246,103 | 246,461 | 1,649,786 | ||||
Valuation and translation adjustments: | |||||||
Deferred gains or (losses) on hedges..................................................................... | 6 | 3 | 26 | ||||
Total valuation and translation adjustments......................................... | 6 | 3 | 26 | ||||
TOTAL NET ASSETS.............................................................................. | 246,109 | 246,465 | 1,649,813 | ||||
TOTAL LIABILITIES AND NET ASSETS ￥ | 555,122 | ￥ | 554,125 | ＄ | 3,709,251 | ||
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION STATEMENTS OF INCOME AND RETAINED EARNINGS
For the six months ended July 31, 2025
For the six months ended January 31, July 31, July 31,
2025 2025 2025
(in thousands of
Operating revenue
(in millions of yen)
U.S. dollars)
Rent revenue－real estate (Note 14) ￥ | 19,813 | ￥ | 21,335 | ＄ | 142,817 | |||
Gain on sales of property (Note 15)........................................................................ | 1,013 | 1,013 | 6,785 | |||||
Dividend income from investments in Tokumei Kumiai .................................... | 441 | 359 | 2,404 | |||||
Total operating revenue.................................................................. | 21,268 | 22,708 | 152,006 | |||||
Operating expenses | ||||||||
Expenses related to property rental business (Note 14)...................................... | 9,132 | 10,069 | 67,404 | |||||
Asset management fees........................................................................................... | 1,637 | 1,608 | 10,766 | |||||
Directors' compensations........................................................................................ | 7 | 7 | 49 | |||||
Asset custody fees...................................................................................................... | 12 | 12 | 83 | |||||
Administrative service fees...................................................................................... | 55 | 54 | 367 | |||||
Other........................................................................................................................... | 235 | 256 | 1,716 | |||||
Total operating expenses................................................................ | 11,081 | 12,009 | 80,387 | |||||
Operating income............................................................................... | 10,186 | 10,699 | 71,619 | |||||
Non-operating income Interest income.......................................................................................................... | 3 | 16 | 107 | |||||
Interest on refund...................................................................................................... | 1 | 0 | 0 | |||||
Reversal of distribution payable............................................................................. | 0 | 0 | 3 | |||||
Gain on donation of non-current assets............................................................... | 21 | 42 | 286 | |||||
Other........................................................................................................................... | 0 | 0 | 0 | |||||
Total non-operating income............................................................. | 26 | 59 | 397 | |||||
Non-operating expenses | ||||||||
Interest expenses....................................................................................................... | 1,032 | 1,090 | 7,297 | |||||
Interest expenses on investment corporation bonds.......................................... | 40 | 45 | 302 | |||||
Amortization of investment corporation bonds issuance costs........................ | 6 | 7 | 50 | |||||
Borrowing related expenses.................................................................................... | 270 | 266 | 1,783 | |||||
Amortization of investment unit issuance costs.................................................. | 48 | 48 | 323 | |||||
Other........................................................................................................................... | 3 | 4 | 32 | |||||
Total non-operating expenses.......................................................... | 1,402 | 1,462 | 9,789 | |||||
Ordinary income................................................................................. | 8,810 | 9,296 | 62,227 | |||||
Income before income taxes................................................................ | 8,810 | 9,296 | 62,227 | |||||
Income taxes (Note 16): | ||||||||
Current................................................................................................................... | 2 | 0 | 4 | |||||
Total income taxes..................................................................... | 2 | 0 | 4 | |||||
Net income........................................................................................ | 8,808 | 9,295 | 62,223 | |||||
Retained earnings brought forward...................................................... | 1 | 1 | 10 | |||||
Unappropriated retained earnings (Note 11) ￥ | 8,809 | ￥ | 9,297 | ＄ | 62,234 | |||
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INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended July 31, 2025
Unitholders' equity
Unitholders' capital
Deduction from unitholders'
capital Allowance
Surplus
Valuation and
translation adjustments
Total
Unitholders' capital
for temporary difference adjustment
Other deduction of unitholders' capital
Total capital deduction
Unitholders' capital, net
Retained earnings
Total surplus
Total unitholders' equity
Deferred gains or (losses) on hedges
valuation and translation adjustments
Total net assets
￥ 238,456 | ￥ | (303) | ￥ | (641) | ￥ | (944) | ￥ | 237,511 | ￥ | 8,685 | ￥ | 8,685 | ￥ | 246,197 | ￥ | 6 | ￥ | 6 | ￥ | 246,203 |
- | - | - | - | - | (8,684) | (8,684) | (8,684) | - | - | (8,684) | ||||||||||
- | (218) | - | (218) | (218) | - | - | (218) | - | - | (218) | ||||||||||
- | - | - | - | - | 8,808 | 8,808 | 8,808 | - | - | 8,808 | ||||||||||
- | - | - | - | - | - | - | - | (0) | (0) | (0) | ||||||||||
- | (218) | - | (218) | (218) | 124 | 124 | (93) | (0) | (0) | (93) | ||||||||||
￥ 238,456 | ￥ | (521) | ￥ | (641) | ￥ | (1,162) | ￥ | 237,293 | ￥ | 8,809 | ￥ | 8,809 | ￥ | 246,103 | ￥ | 6 | ￥ | 6 | ￥ | 246,109 |
- | - | - | - | - | (8,808) | (8,808) | (8,808) | - | - | (8,808) | ||||||||||
- | (129) | - | (129) | (129) | - | - | (129) | - | - | (129) | ||||||||||
- | - | - | - | - | 9,295 | 9,295 | 9,295 | - | - | 9,295 | ||||||||||
- | - | - | - | - | - | - | - | (2) | (2) | (2) | ||||||||||
- | (129) | - | (129) | (129) | 487 | 487 | 357 | (2) | (2) | 355 | ||||||||||
￥ 238,456 | ￥ | (650) | ￥ | (641) | ￥ | (1,292) | ￥ | 237,164 | ￥ | 9,297 | ￥ | 9,297 | ￥ | 246,461 | ￥ | 3 | ￥ | 3 | ￥ | 246,465 |
(in millions of yen)
Balance as of July 31, 2024....................................
Changes during the period
Dividends from surplus....................................................
Dividend in excess of profit from
allowance for temporary difference adjustment......... Net income........................................................................
Net changes of items other than unitholders' equity.... Total changes during the period........................................
Balance as of January 31, 2025...............................
Changes during the period
Dividends from surplus....................................................
Dividend in excess of profit from
allowance for temporary difference adjustment......... Net income........................................................................
Net changes of items other than unitholders' equity.... Total changes during the period........................................
Balance as of July 31, 2025....................................
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended July 31, 2025
Unitholders' equity
Unitholders' capital
Deduction from unitholders'
capital Surplus Allowance
Valuation and
translation adjustments
Total
Unitholders' capital
for temporary difference adjustment
Other deduction of unitholders' capital
Total capital deduction
Unitholders' capital, net
Retained earnings
Total surplus
Total unitholders' equity
Deferred gains or (losses) on hedges
valuation and translation adjustments
Total net assets
(in thousands of U.S. dollars)
Balance as of January 31, 2025 ＄ 1,596,202 | ＄ | (3,490) | ＄ | (4,293) | ＄ | (7,784) | ＄ 1,588,418 | ＄ | 58,972 | ＄ | 58,972 | ＄ 1,647,390 | ＄ | 41 | ＄ | 41 | ＄ 1,647,431 |
Changes during the period Dividends from surplus.................................................... | - | - | - | - | - | (58,961) | (58,961) | (58,961) | - | - | (58,961) | ||||||
Dividend in excess of profit from allowance for temporary difference adjustment......... | - (865) | - (865) | (865) | - | - | (865) | - | - | (865) | ||||||||
Net income........................................................................ | - - | - - | - | 62,223 | 62,223 | 62,223 | - | - | 62,223 | ||||||||
Net changes of items other than unitholders' equity.... | - - | - - | - | - | - | - | (14) | (14) | (14) | ||||||||
Total changes during the period........................................ | - (865) | - (865) | (865) | 3,261 | 3,261 | 2,395 | (14) | (14) | 2,381 | ||||||||
Balance as of July 31, 2025 ＄ 1,596,202 | ＄ | (4,356) | ＄ | (4,293) | ＄ | (8,650) | ＄ 1,587,552 | ＄ | 62,234 | ＄ | 62,234 | ＄ 1,649,786 | ＄ | 26 | ＄ | 26 | ＄ 1,649,813 |
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION STATEMENTS OF CASH FLOWS
For the six months ended July 31, 2025
For the six months ended January 31, July 31, July 31,
2025 2025
Net cash provided by (used in) operating activities: | |||||
Income before income taxes ￥ | 8,810 | ￥ | 9,296 | ＄ | 62,227 |
Depreciation and amortization.................................................................... | 2,628 | 2,654 | 17,769 | ||
Gain on donation of non-current assets..................................................... | (21) | (42) | (286) | ||
Amortization of investment corporation bonds issuance costs.............. | 6 | 7 | 50 | ||
Amortization of investment unit issuance costs........................................ | 48 | 48 | 323 | ||
Interest income................................................................................................ | (3) | (16) | (107) | ||
Interest expenses............................................................................................. Changes in assets and liabilities: | 1,073 | 1,135 | 7,600 | ||
Decrease (increase) in operating accounts receivable............................. | 140 | (348) | (2,335) | ||
Decrease (increase) in consumption taxes refundable............................. | 2,154 | - | - | ||
Decrease (increase) in prepaid expenses.................................................... | 90 | (859) | (5,754) | ||
Decrease (increase) in long-term prepaid expenses................................. | 39 | 84 | 566 | ||
Increase (decrease) in operating accounts payable................................. | (160) | (334) | (2,240) | ||
Increase (decrease) in accounts payable - other....................................... | 16 | (2) | (16) | ||
Increase (decrease) in accrued expenses.................................................... | (0) | (0) | (0) | ||
Increase (decrease) in consumption taxes payable.................................. | 511 | (162) | (1,090) | ||
Increase (decrease) in advances received................................................... | 199 | 608 | 4,073 | ||
Increase (decrease) in other noncurrent liabilities.................................... | (0) | 4 | 27 | ||
Decrease from sales of property and equipment in trust........................ | 1,593 | 1,593 | 10,667 | ||
Other, net................................................................................................................ | 5 | 125 | 838 | ||
Subtotal...................................................................................................... | 17,134 | 13,790 | 92,312 | ||
Interest income received.......................................................................... | 3 | 16 | 107 | ||
Interest expenses paid.............................................................................. | (1,063) | (1,121) | (7,506) | ||
Income taxes paid..................................................................................... | (50) | 12 | 85 | ||
Net cash provided by operating activities....................................... | 16,023 | 12,697 | 84,998 | ||
Net cash provided by (used in) investing activities: | |||||
Purchases of property, plant and equipment............................................ | (919) | (708) | (4,745) | ||
Purchases of property, plant and equipment in trust............................... | (11,969) | (2,925) | (19,581) | ||
Proceeds from tenant leasehold and security deposits............................ | - | 91 | 609 | ||
Payments of tenant leasehold and security deposits................................ | - | (33) | (223) | ||
Proceeds from tenant leasehold and security deposits in trust.............. | 219 | 3 | 26 | ||
Payments of tenant leasehold and security deposits in trust.................. | (1,422) | (393) | (2,635) | ||
Proceeds from lease and guarantee deposits............................................ | 4 | - | - | ||
Proceeds from lease and guarantee deposits in trust.............................. | - | 115 | 776 | ||
Proceeds from investment securities........................................................... | 273 | 57 | 386 | ||
Purchase of investment in securities............................................................ | (435) | (1,729) | (11,577) | ||
Net cash used in investing activities................................................. | (14,250) | (5,522) | (36,964) | ||
Net cash provided by (used in) financing activities: | |||||
Proceeds from short-term loans payable................................................... | 7,500 | 400 | 2,677 | ||
Repayments of short-term loans payable................................................... | (10,300) | (4,900) | (32,800) | ||
Proceeds from long-term loans payable.................................................... | 12,100 | 16,150 | 108,106 | ||
Repayments of long-term loans payable.................................................... | (11,800) | (12,600) | (84,342) | ||
Proceeds from issuance of investment corporation bonds..................... | 2,500 | - | - | ||
Payments of investment corporation bonds issuance costs.................... | (19) | - | - | ||
Dividends paid................................................................................................. | (8,900) | (8,936) | (59,820) | ||
Net cash used in financing activities................................................ | (8,919) | (9,886) | (66,179) | ||
Net change in cash and cash equivalents....................................... | (7,147) | (2,710) | (18,145) | ||
Cash and cash equivalents at beginning of period........................... | 35,319 | 28,172 | 188,582 | ||
Cash and cash equivalents at end of period (Note 3)........................ | ￥ 28,172 | ￥ 25,461 | ＄ 170,437 | ||
(in millions of yen)
2025
(in thousands of U.S. dollars)
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The accompanying notes are an integral part of these financial statements.
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS
As of and for the six months ended July 31, 2025
Note 1 － Organization
Industrial & Infrastructure Fund Investment Corporation (the "Company"), a real estate investment corporation, with initial capital of ¥200 million, was incorporated on March 26, 2007, under the Act on Investment Trusts and Investment Corporations of Japan (the "Investment Trust Act"). The Company is externally managed by a registered asset management company, KJR Management (the "Asset Manager"). The Asset Manager is wholly owned by KJRM Holdings (formerly 76KK), an indirect subsidiary of KKR & Co. Inc.
The Company was formed to invest primarily in industrial and infrastructure properties in Japan. On October 17, 2007, the Company raised ¥35,112 million through an initial public offering of 76,000 investment units.
On October 19, 2007, the day after the Company was listed on the J-REIT section of the Tokyo Stock Exchange, the Company acquired nine properties which consist of eight logistics facilities (IIF Shinonome Logistics Center and others) and one infrastructure property (IIF Kobe District Heating and Cooling Center) for an aggregate purchase price of ¥66 billion by utilizing net proceeds from the initial public offering and loans payable from a bank syndicate, and operations of the Company commenced on this date. On November 19, 2007, the Company issued 2,635 investment units domestically in connection with the exercise of an over-allotment option, generating net proceeds of ¥1,217 million.
Subsequent to that, the Company acquired IIF Haneda Airport Maintenance Center for a purchase price of ¥41,110 million on February 29, 2008 in cash and through loans payable from a bank syndicate.
During the six months ended June 30, 2009, the Company issued a subordinated investment corporation bond in the amount of
¥8,000 million and sold IIF Musashi Murayama Logistics Center, which had ¥7,863 million in aggregate net book value as of December 31, 2008, to a third party for ¥8,040 million. Net proceeds were used to partially repay outstanding loans payable.
Subsequently, the Company sold IIF Funabashi Logistics Center to a third party for ¥9,020 million with the result of a gain on sales of property of ¥460 million and acquired two properties for an aggregate purchase price of ¥5,690 million during the six months ended June 30, 2010, and acquired one additional property for a purchase price of ¥1,100 million by utilizing internal cash during the six months ended December 31, 2010.
On March 8, 2011, the Company completed its second public offering of 14,200 investment units at a price of ¥405,945 per unit in connection with a Japanese Primary Offering. On March 24, 2011, the Company issued 397 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥5.7 billion from the second offering were used to acquire five additional properties.
On August 31, 2011, the Company redeemed the subordinated investment corporation bond in advance of the due date from Mitsubishi Corporation at a price of ¥8,000 million (par value) by raising funds through new loans payable.
On March 5, 2012, the Company completed its third public offering of 44,762 investment units, out of which 22,381 new units were offered through a domestic public offering and 22,381 new units were offered through an overseas offering, at a price of ¥432,135 per unit. On March 26, 2012, the Company issued 2,238 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥19.6 billion from the third offering were used to acquire six additional properties.
Subsequently, the Company acquired one additional property for a purchase price of ¥1,770 million by utilizing internal cash during the six months ended December 31, 2012.
On February 4, 2013, the Company completed its fourth public offering of 15,424 investment units, out of which 7,524 new units were offered through a domestic public offering and 7,900 new units were offered through an overseas offering, at a price of
¥692,250 per unit. On March 5, 2013, the Company issued 376 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥10.6 billion from the fourth offering were used to acquire six additional properties.
On February 3, 2014, the Company completed its fifth public offering of 8,884 investment units, out of which 4,334 new units were offered through a domestic public offering and 4,550 new units were offered through an overseas offering, at a price of ¥803,400 per unit. On March 4, 2014, the Company issued 216 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥7.1 billion from the fifth offering were used to acquire eight additional properties.
The Company executed a two-for-one unit split on January 1, 2015 as the effective date.
On March 16, 2015, the Company completed its sixth public offering of 20,988 investment units, out of which 10,238 new units were offered through a domestic public offering and 10,750 new units were offered through an overseas offering, at a price of ¥546,000 per unit. On March 27, 2015, the Company issued 512 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥11.3 billion from the sixth offering were used to acquire six additional properties.
On February 14, 2017, the Company completed its seventh public offering of 43,538 investment units, out of which 21,238 new units were offered through a domestic public offering and 22,300 new units were offered through an overseas offering, at a price of ¥506,025 per unit. On March 3, 2017, the Company issued 1,062 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥21.6 billion from the seventh offering were used to acquire eleven additional properties.
The Company executed a four-for-one unit split on February 1, 2018 as the effective date.
On March 7, 2018, the Company completed its eighth public offering of 109,275 investment units, out of which 53,600 new units were offered through a domestic public offering and 55,675 new units were offered through an overseas offering, at a price of
¥119,437 per unit. On April 4, 2018, the Company issued 885 investment units domestically in connection with the exercise of an over-allotment option. Net proceeds of ¥12.5 billion from the eighth offering were used to acquire thirteen additional properties.
On May 29, 2019, the Company completed its ninth public offering of 90,700 investment units at a price of ¥125,092 per unit. On June 25, 2019, the Company issued 4,500 investment units in connection with the exercise of an over-allotment option. Net proceeds of ¥11.4 billion from the ninth offering were used to acquire five additional properties and investment in Tokumei Kumiai agreement.
On December 18, 2019, the Company completed its tenth public offering of 83,900 investment units, out of which 40,900 new units were offered through a domestic public offering and 43,000 new units were offered through an overseas offering, at a price of
¥160,387 per unit. On January 15, 2020, the Company issued 2,100 investment units in connection with the exercise of an over-allotment option. Net proceeds of ¥13.3 billion from the tenth offering were used to acquire five additional properties.
On August 11, 2020, the Company completed its 11th public offering of 181,000 investment units at a price of ¥182,845 per unit. On September 8, 2020, the Company issued 9,000 investment units in connection with the exercise of an over-allotment option. Net proceeds of ¥33.6 billion from the 11th offering were used to acquire three additional properties.
On March 23, 2023, the Company completed its 12th public offering of 43,500 investment units at a price of ¥138,278 per unit. Net proceeds of ¥5.8 billion from the 12th offering were used to acquire five additional properties.
On February 28, 2024, the Company completed its 13th public offering of 409,609 investment units at a price of ¥119,047 per unit. On March 26, 2024, the Company issued 13,091 investment units in connection with the exercise of an over-allotment option. Net proceeds of ¥48.7 billion from the 13th offering were used to acquire 28 additional properties and equity interests in Tokumei Kumiai Agreement.
As of July 31, 2025, the Company's portfolio consisted of 109 properties.
Note 2 － Summary of Significant Accounting Policies
Basis of Presentation
The Company maintains its accounts and records in conformity with accounting principles and practices generally accepted in Japan ("Japanese GAAP"), including provisions set forth in the Investment Trust Act, the Companies Act of Japan, the Financial Instruments and Exchange Act, and other related regulations, which are different in certain respects from the application and disclosure requirements of International Financial Reporting Standards or accounting principles generally accepted in the United States of America.
The accompanying financial statements are a translation of the financial statements of the Company, which were prepared in accordance with Japanese GAAP. In preparing the accompanying financial statements, certain information in the notes has been added to the financial statements issued domestically for the convenience of the readers outside Japan.
The financial statements are not intended to present the financial position and the results of operations in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Japan.
The Company maintains its accounting records in Japanese yen. The U.S. dollar amounts included in the accompanying financial statements and notes thereto represent the arithmetical result of translating Japanese yen into U.S. dollars at the rate of ¥149.39
= US$1, the effective rate of exchange prevailing at July 31, 2025. The inclusion of such U.S. dollar amounts associated with the six months ended July 31, 2025 is solely for the convenience of readers outside Japan. Such translations should not be construed as representations that the Japanese yen amounts represent, or have been, or could be converted into, U.S. dollars at that or any other rate.
Amounts less than ¥1 million and US$1 thousand are truncated. The Company does not prepare consolidated financial statements.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash, demand deposits, and short-term investments which are highly liquid and readily convertible to cash, have a low risk of price fluctuation, and mature within three months from the date of acquisition.
Property, Plant and Equipment (Including Trust Assets)
Property, plant and equipment is recorded at cost. Depreciation of property, plant and equipment, except for land, is calculated on a straight-line basis over the estimated useful lives of the assets as stated below:
Buildings .......................................... 8 - 70 years
Structures ........................................ 2 - 45 years
Machinery and equipment .............. 3 - 17 years
Tools, furniture and fixtures ............ 5 - 15 years
Intangible Assets
Intangible assets are amortized on a straight-line basis.
Long-term Prepaid Expenses
Long-term prepaid expenses are amortized on a straight-line basis.
Impairment of Fixed Assets
An assessment for impairment is carried out on an asset or group of assets, such as fixed assets, intangible assets and investments, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
If the asset or group of assets is deemed to be impaired, an impairment loss is recognized for the difference between the carrying amount and the fair value of the asset or group of assets by using the discounted cash flow model.
Accounting Treatment of Trust Beneficiary Interests in Real Estate Trusts
For trust beneficiary interests in real estate trusts, which are commonly utilized to obtain ownership in investment properties in Japan and through which the Company holds all of its real estate, all assets and liabilities with respect to assets in trust, as well as all income generated and expenses incurred with respect to assets in trust, are recorded in the relevant balance sheet and income statement accounts of the Company in proportion to the percentage interest that such trust beneficiary interest represents. Certain material accounts with respect to assets and liabilities in trust are presented separately from other accounts in the balance sheet of the Company.
Revenue Recognition
The content of the performance obligations regarding the revenue arising from contracts with the customers of the Company and the normal point in time when satisfying such performance obligations (normal point in time when recognizing revenues) are mainly as follows:
Sale of property
Revenue from sale of property is recognized when the purchaser, which is a customer, acquires control of the property by fulfilling the delivery obligations stipulated in the sale contract of the property.
Common area charges
For common area charges, revenue is recognized based on the supply of electricity, water, etc. to the lessee, which is a customer, in accordance with the terms of the lease agreement of properties and accompanying agreements. Of utilities revenue, when the Company is deemed to be an agent in the transaction, the net amount obtained by deducting the amount paid to other related parties supplying electricity, water, etc. from the amount received as the charges for electricity, water, etc. is recognized as revenue.
Hedge Accounting
In accordance with the Company's risk management policy and its internal rules, the Company uses derivative instruments for the purpose of hedging risks that are prescribed in the Company's articles of incorporation. The Company hedges fluctuations in interest rates of loans payable through the use of interest rate swaps as hedging instruments and deferred hedge accounting is generally applied. The hedge effectiveness of the interest rate swaps is assessed by comparing the cumulative changes in the cash flows of the hedging instruments with those of the hedged items. The Company applies, however, the special treatment provided under Japanese GAAP for the interest rate swaps which qualify for hedge accounting and meet specific criteria, under which only the interest received or paid under such swap contracts can be recognized and added to or deducted from any interest earned or incurred on the hedged asset or liability, as appropriate, and the fair value of the interest rate swaps is not required to be evaluated separately. An assessment of hedge effectiveness is not performed when the interest rate swaps meet the specific criteria required for such special treatment.
Securities
Shares of subsidiaries and associates are stated at cost determined by the moving average method.
Non-marketable securities held as available-for-sale are stated at cost determined by the moving average method. Investments in Tokumei Kumiai (silent partnership) agreements are accounted for by using the equity method of accounting.
Investment Units Issuance Costs
Investment units issuance costs are capitalized and amortized on a straight-line basis over three years.
Investment Corporation Bonds Issuance Costs
Investment corporation bonds issuance costs are capitalized and amortized on a straight-line basis over the maturity period of the investment corporation bonds.
Income Taxes
Deferred tax assets and liabilities are computed based on the temporary differences between the financial statements and income tax basis of assets and liabilities by using the applicable statutory tax rate.
Taxes on Property, Plant and Equipment
Property, plant and equipment are annually subject to various taxes, such as property taxes and urban planning taxes. An owner of a property is registered in the record maintained by the local government in each jurisdiction, and such taxes are imposed on the owner registered in the record as of January 1 of each year based on the assessment made by the local government.
Under the above tax rules, a seller of a property at the time of disposal is liable for these taxes on the property from the date of disposal to the end of the calendar year in which the property is disposed. The seller, however, is reimbursed by the purchaser for these accrued tax liabilities and the amount of settlement reflects this adjustment. For the purchaser, a portion of such taxes calculated from the acquisition date to the end of the calendar year is capitalized as a cost of the property in accordance with Japanese GAAP. In subsequent calendar years, half of such taxes on property, plant and equipment for each calendar year are charged as operating expenses in each fiscal period.
Taxes on property, plant and equipment capitalized as part of the acquisition cost of properties amounted to million and 46 million (US$308 thousand) for the six months ended January 31, 2025 and July 31, 2025, respectively.
(Accounting standards not yet applied)
Accounting Standard for Leases, etc.
"Accounting Standard for Leases" (ASBJ Statement No. 34, September 13, 2024, ASBJ)
"Implementation Guidance on Accounting Standard for Leases" (ASBJ Guidance No. 33, September 13, 2024, ASBJ), etc.
Overview
As part of its efforts to ensure consistency between Japanese GAAP and international accounting standards, the ASBJ reviewed the Accounting Standard for Leases to recognize assets and liabilities for all leases held by a lessee, with international accounting standards taken into consideration. Accordingly, the ASBJ issued the Accounting Standard for Leases, etc. that adopts only the key provisions of IFRS 16 that is based on the single accounting model. The revision aims to be simple and highly convenient, and to make it unnecessary to revise non-consolidated financial statements that apply IFRS 16 in the Accounting Standard for Leases, etc. Regarding the method for allocating the lease expenses in the lessee's accounting treatment, using the same approach as IFRS 16, a single accounting model is applied for recording the depreciation associated with the right-of-use assets and the amount equivalent to the interest on the lease liabilities for all leases regardless of whether the lease is a finance lease or an operating lease.
Scheduled date of application
To be applied effective from the beginning of the January 2028 period.
Impact from the application of the accounting standard, etc.
The impact from the application of the "Accounting Standard for Leases," etc. on the financial statements is currently under evaluation.
Note 3 － Cash and Cash Equivalents
Cash and cash equivalents shown in the statement of cash flows consist of the following balance sheet items.
January 31, 2025 | July 31, 2025 | July 31, 2025 |
(in millions o | yen) | (in thousands of U.S. dollars) |
Cash and bank deposits............................................................................ ￥ 17,244 ￥ | 15,788 | ＄ 105,689 |
Cash and bank deposits in trust 10,927 | 9,672 | 64,748 |
As of
f
Cash and cash equivalents........................................................................￥ 28,172 ￥ 25,461 ＄ 170,437
Note 4 － Property, Plant and Equipment
The following tables show the summary of movement in property, plant and equipment for the six months ended July 31, 2025.
For the six months ended July 31, 2025:
At cost
Net property,
Beginning balance
Increase
Decrease
Ending balance
(in millions of yen)
Accumulated depreciation
Depreciation for the period
plant and equipment
Buildings ￥ | 36,412 | ￥ | 651 | ￥ | 66 | ￥ | 36,998 | ￥ | 12,276 | ￥ | 470 | ￥ | 24,722 |
Structures................................................. | 127 | 2 | - | 129 | 79 | 3 | 49 | ||||||
Machinery and equipment...................... | 14 | - | 11 | 2 | 0 | 0 | 2 | ||||||
Tools, furniture and fixtures.................... | 28 | - | 0 | 27 | 19 | 1 | 7 | ||||||
Land.......................................................... | 20,343 | - | - | 20,343 | - | - | 20,343 | ||||||
Construction in progress......................... | 1,782 | 4 | 1,769 | 17 | - | - | 17 | ||||||
Buildings in trust...................................... | 145,725 | 4,032 | 659 | 149,099 | 27,538 | 2,046 | 121,561 | ||||||
Structures in trust..................................... | 1,736 | 181 | 0 | 1,917 | 936 | 69 | 980 | ||||||
Machinery and equipment in trust......... | 221 | 6 | - | 227 | 117 | 11 | 109 | ||||||
Tools, furniture and fixtures | |||||||||||||
in trust ................................. | 645 | 163 | 2 | 806 | 216 | 51 | 589 | ||||||
Land in trust............................................. | 317,495 | 43 | 1,593 | 315,945 | - | - | 315,945 | ||||||
Construction in progress in trust............ | 125 | 10 | 97 | 37 | - | - | 37 | ||||||
Total ￥ | 524,657 | ￥ | 5,097 | ￥ | 4,203 | ￥ | 525,550 | ￥ | 41,184 | ￥ | 2,654 | ￥ | 484,366 |
At cost Beginning Ending
balance Increase Decrease balance
Accumulated depreciation
Depreciation for the period
Net property, plant and equipment
(in thousands of U.S. dollars)
Buildings ＄ | 243,742 | ＄ | 4,364 | ＄ | 445 | ＄ | 247,661 | ＄ | 82,174 | ＄ | 3,149 | ＄ | 165,486 |
Structures................................................. | 851 | 16 | - | 867 | 533 | 22 | 334 | ||||||
Machinery and equipment...................... | 94 | - | 79 | 15 | 1 | - | 14 | ||||||
Tools, furniture and fixtures.................... | 187 | - | 6 | 181 | 129 | 7 | 51 | ||||||
Land.......................................................... | 136,174 | - | - | 136,174 | - | - | 136,174 | ||||||
Construction in progress......................... | 11,934 | 27 | 11,846 | 115 | - | - | 115 | ||||||
Buildings in trust...................................... | 975,471 | 26,995 | 4,415 | 998,052 | 184,336 | 13,698 | 813,716 | ||||||
Structures in trust..................................... | 11,622 | 1,217 | 6 | 12,833 | 6,269 | 464 | 6,563 | ||||||
Machinery and equipment in trust......... | 1,480 | 41 | - | 1,522 | 788 | 79 | 733 | ||||||
Tools, furniture and fixtures | |||||||||||||
in trust ................................. | 4,318 | 1,095 | 16 | 5,397 | 1,450 | 346 | 3,946 | ||||||
Land in trust............................................. | 2,125,278 | 293 | 10,667 | 2,114,904 | - | - | 2,114,904 | ||||||
Construction in progress in trust............ | 839 | 68 | 654 | 253 | - | - | 253 | ||||||
Total ＄ 3,511,996 | ＄ | 34,120 | ＄ | 28,139 | ＄ 3,517,977 | ＄ | 275,683 | ＄ | 17,768 | ＄ 3,242,293 | |||
Note 5 － Intangible Assets
Intangible assets consist of mainly leasehold rights to use nationally-owned land on which IIF Haneda Airport Maintenance Center is located with approval of the authorities under Article 18-6 and 19 of the National Property Act of Japan.
Note 6 － Fair Value of Investment and Rental Property
The following table shows the net book value and the fair value of the investment and rental properties in aggregate for the six months ended January 31, 2025 and July 31, 2025.
As of / For the six months ended
January 31,
July 31,
July 31,
Net book value(1)
2025 2025 2025
(in thousands of
(in millions of yen) U.S. dollars)
Balance at the beginning of the period............................... ￥ 496,131 ￥ 505,217 ＄ 3,381,870
Net increase (decrease) during the period(2)....................... 9,086 (1,017) (6,808)
Balance at the end of the period..........................................￥ 505,217 ￥ 504,200 ＄ 3,375,061
Fair value(3)................................................................................................. ￥ 627,463 ￥ 629,165 ＄ 4,211,560
Note:
(1)
(2)
The net book value includes leasehold rights. For the six months ended January 31, 2025:
Changes in the net book value are mainly due to the following transactions and depreciation.
Increase
(decrease) in net
book value
(in millions ofyen)
Acquisition: | IIF Shimonoseki Vehicle Maintenance Center ￥ | 1,261 |
IIF Hyogosanda Logistics Center II................................................................................................................................................................. | 9,385 | |
Disposition: | IIF Totsuka Technology Center (Land with leasehold interest) (35% of quasi-co-ownership)........................................................ | (1,593) |
For the six months ended July 31, 2025:
Changes in the net book value are mainly due to the following transactions and depreciation.
Increase (decrease) in net book
(in thousands of U.S.
(in millions ofyen) dollars)
Acquisition: IIF Hamura Logistics Center (Redevelopment)....................................................................................................... 2,524 16,901
Disposition: IIF Totsuka Technology Center (Land with leasehold interest) (35% of quasi-co-ownership).................. (1,593) (10,667)
(3) Fair value has been determined based on the appraisal or researched value provided by independent real estate appraisers. For IIF Totsuka Technology Center (Land with leasehold interest) signed disposition contract on February 15, 2024, the selling price is used for the six months ended January 31,2025. For IIF Higashi-Osaka Logistics Center and IIF Kamata R&D Center signed disposition contracts on July 30, 2025 and September 17, 2025, respectively, the selling prices are used for the six months ended July 31, 2025.
For rental revenues and expenses for the six months ended January 31, 2025 and July 31, 2025, please refer to "Note 14 －Rent Revenue-Real Estate and Expenses Related to Property Rental Business."
Note 7 － Loans Payable
The following table shows the details of loans payable for the six months ended July 31, 2025.
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Short-term loans payable | Mizuho Bank, Ltd. | ￥ 1,500 | ￥ - | ￥ 1,500 | ￥ - | ＄ 10,040 | ＄ - | ＄ 10,040 | ＄ - | 0.8% | February 28, 2025 | Acquisition of real estate property | Unsecured and unguaranteed |
Sumitomo Mitsui Trust Bank, Limited | 400 | - | 400 | - | 2,677 | - | 2,677 | - | 0.8% | February 28, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 500 | - | 500 | - | 3,346 | - | 3,346 | - | 0.8% | May 15, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 4,200 | - | 2,500 | 1,700 | 28,114 | - | 16,734 | 11,379 | 0.8% | October 31, 2025 (2) | Repayment of outstanding loans payable, etc. | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | - | 400 | - | 400 | - | 2,677 | - | 2,677 | 0.8% | February 27, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Total Short-term loans payable | ￥ 6,600 | ￥ 400 | ￥ 4,900 | ￥ 2,100 | ＄ 44,179 | ＄ 2,677 | ＄ 32,800 | ＄ 14,057 | |||||
Long-term loans payable | Development Bank of Japan Inc. | ￥ 1,000 | ￥ - | ￥ 1,000 | ￥ - | ＄ 6,693 | ＄ - | ＄ 6,693 | ＄ - | 1.8% | February 5, 2025 | Acquisition of real estate property | Unsecured and unguaranteed |
Development Bank of Japan Inc. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.7% | March 13, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 724 | - | - | 724 | 4,846 | - | - | 4,846 | |||||
1.7% (3) | March 13, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 276 | - | - | 276 | 1,847 | - | - | 1,847 | |||||
MUFG Bank, Ltd. | 1,350 | - | 1,350 | - | 9,036 | - | 9,036 | - | 1.0% | March 14, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 850 | - | 850 | - | 5,689 | - | 5,689 | - | 1.0% (3) | March 14, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 850 | - | 850 | - | 5,689 | - | 5,689 | - | 1.0% (3) | March 14, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | March 31, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Meiji Yasuda Life Insurance Company | 850 | - | - | 850 | 5,689 | - | - | 5,689 | 1.2% | March 31, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | - | 1.0% | March 31, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.5% (3) | March 31, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Bank of Fukuoka, Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.5% | March 31, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.4% | August 31, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,600 | - | - | 1,600 | 10,710 | - | - | 10,710 | 0.5% | August 15, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 3,255 | - | - | 3,255 | 21,792 | - | - | 21,792 | |||||
0.6% | March 6, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 1,244 | - | - | 1,244 | 8,329 | - | - | 8,329 | |||||
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans | MUFG Bank, Ltd. | ￥ 2,170 | ￥ - | ￥ - | ￥ 2,170 | ＄ 14,528 | ＄ - | ＄ - | ＄ 14,528 | ||||
payable | 0.7% | September 4, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |||||||||
Sumitomo Mitsui Trust Bank, Limited | 829 | - | - | 829 | 5,553 | - | - | 5,553 | |||||
Sumitomo Mitsui Banking Corporation | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | - | 0.5% | March 6, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,099 | - | - | 2,099 | 14,054 | - | - | 14,054 | |||||
0.6% | September 17, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 800 | - | - | 800 | 5,357 | - | - | 5,357 | |||||
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | March 17, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.9% | March 16, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | - | 0.5% | March 17, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.6% | March 17, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Nishi-Nippon City Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.7% | March 17, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.7% | March 17, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Bank of Fukuoka, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.7% | March 17, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Norinchukin Bank | 1,000 | - | 1,000 | - | 6,693 | - | 6,693 | - | 0.5% | March 17, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 4,054 | - | - | 4,054 | 27,139 | - | - | 27,139 | |||||
0.6% | September 30, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 1,545 | - | - | 1,545 | 10,346 | - | - | 10,346 | |||||
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.7% | March 31, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 600 | - | 600 | - | 4,016 | - | 4,016 | - | 0.5% | March 31, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.7% | March 31, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,300 | - | - | 1,300 | 8,702 | - | - | 8,702 | 0.8% | March 30, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,200 | - | - | 1,200 | 8,032 | - | - | 8,032 | 0.6% | March 31, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,938 | - | - | 2,938 | 19,666 | - | - | 19,666 | |||||
0.7% | September 30, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 1,062 | - | - | 1,062 | 7,108 | - | - | 7,108 | |||||
MUFG Bank, Ltd. | 2,791 | - | - | 2,791 | 18,682 | - | - | 18,682 | |||||
0.9% | September 28, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 1,009 | - | - | 1,009 | 6,754 | - | - | 6,754 | |||||
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | JAPAN POST INSURANCE Co., Ltd. | ￥ 2,300 | ￥ - | ￥ - | ￥ 2,300 | ＄ 15,395 | ＄ - | ＄ - | ＄ 15,395 | 0.9% | February 1, 2030 | Acquisition of real estate property | Unsecured and unguaranteed |
Sumitomo Mitsui Trust Bank, Limited | 100 | - | - | 100 | 669 | - | - | 669 | |||||
Mizuho Bank, Ltd. | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 0.7% | February 1, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 2,500 | - | - | 2,500 | 16,734 | - | - | 16,734 | 0.7% | August 31, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 2,500 | - | - | 2,500 | 16,734 | - | - | 16,734 | 0.9% | February 28, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 400 | - | - | 400 | 2,677 | - | - | 2,677 | 0.7% | September 7, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 400 | - | - | 400 | 2,677 | - | - | 2,677 | 0.6% | September 7, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 400 | - | - | 400 | 2,677 | - | - | 2,677 | 0.6% | March 7, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 1,100 | - | - | 1,100 | 7,363 | - | - | 7,363 | 0.6% | March 7, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 3,618 | - | - | 3,618 | 24,218 | - | - | 24,218 | |||||
0.7% | March 9, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 1,382 | - | - | 1,382 | 9,250 | - | - | 9,250 | |||||
MUFG Bank, Ltd. | 724 | - | - | 724 | 4,846 | - | - | 4,846 | |||||
0.8% | March 9, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 276 | - | - | 276 | 1,847 | - | - | 1,847 | |||||
MUFG Bank, Ltd. | 434 | - | - | 434 | 2,907 | - | - | 2,907 | |||||
0.6% | September 30, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | ||||||||||
Sumitomo Mitsui Trust Bank, Limited | 165 | - | - | 165 | 1,108 | - | - | 1,108 | |||||
Development Bank of Japan Inc. | 1,200 | - | - | 1,200 | 8,032 | - | - | 8,032 | 0.7% | September 29, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 600 | - | - | 600 | 4,016 | - | - | 4,016 | 0.6% | September 30, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.6% | March 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.5% | March 31, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | September 30, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | September 29, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 3,274 | - | - | 3,274 | 21,915 | - | - | 21,915 | 0.5% | March 29, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 900 | - | - | 900 | 6,024 | - | - | 6,024 | 0.4% | November 30, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | November 30, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | The Norinchukin Bank | ￥ 1,000 | ￥ - | ￥ - | ￥ 1,000 | ＄ 6,693 | ＄ - | ＄ - | ＄ 6,693 | 0.3% | August 2, 2027 | Acquisition of real estate property | Unsecured and unguaranteed |
Sumitomo Mitsui Banking Corporation | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | November 30, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | November 30, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | May 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | May 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | May 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,600 | - | - | 1,600 | 10,710 | - | - | 10,710 | 0.6% | May 31, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
Nippon Life Insurance Company | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.6% | May 31, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 583 | - | - | 583 | 3,902 | - | - | 3,902 | 0.5% | November 30, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,626 | - | - | 1,626 | 10,884 | - | - | 10,884 | 0.3% | September 29, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.4% | March 29, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 400 | - | - | 400 | 2,677 | - | - | 2,677 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 300 | - | - | 300 | 2,008 | - | - | 2,008 | 0.4% | October 31, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 300 | - | - | 300 | 2,008 | - | - | 2,008 | 0.3% | April 30, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 300 | - | - | 300 | 2,008 | - | - | 2,008 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.4% | October 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 300 | - | - | 300 | 2,008 | - | - | 2,008 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.5% | October 31, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 0.4% | October 31, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.3% | April 30, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,100 | - | - | 1,100 | 7,363 | - | - | 7,363 | 0.4% | October 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | Development Bank of Japan Inc. | ￥ 1,300 | ￥ - | ￥ - | ￥ 1,300 | ＄ 8,702 | ＄ - | ＄ - | ＄ 8,702 | 0.5% | October 31, 2030 | Acquisition of real estate property | Unsecured and unguaranteed |
Sumitomo Mitsui Trust Bank, Limited | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | June 30, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Norinchukin Bank | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.3% | June 30, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 400 | - | - | 400 | 2,677 | - | - | 2,677 | 0.4% | October 31, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 200 | - | - | 200 | 1,338 | - | - | 1,338 | 0.3% | April 30, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 0.4% | October 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.4% | October 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 0.5% | October 31, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.3% | March 28, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 0.4% | September 27, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.2% | March 29, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 1,200 | - | - | 1,200 | 8,032 | - | - | 8,032 | 0.3% | September 28, 2027 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 2,800 | - | - | 2,800 | 18,742 | - | - | 18,742 | 0.5% | September 29, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.2% | September 28, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.3% | September 28, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | March 28, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 0.4% | September 27, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.4% | September 27, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Norinchukin Bank | 2,500 | - | - | 2,500 | 16,734 | - | - | 16,734 | 0.3% | March 28, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,900 | - | - | 1,900 | 12,718 | - | - | 12,718 | 0.3% | March 31, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 600 | - | - | 600 | 4,016 | - | - | 4,016 | 0.2% | September 4, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.4% | March 31, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | Sumitomo Mitsui Trust Bank, Limited | ￥ 300 | ￥ - | ￥ - | ￥ 300 | ＄ 2,008 | ＄ - | ＄ - | ＄ 2,008 | 0.2% | September 4, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed |
Sumitomo Mitsui Banking Corporation | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | September 28, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | November 28, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 450 | - | - | 450 | 3,012 | - | - | 3,012 | 0.4% | January 31, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.5% | January 31, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,250 | - | - | 1,250 | 8,367 | - | - | 8,367 | 0.5% | February 4, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.8% | March 31, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.6% | March 29, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.9% | June 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Nishi-Nippon City Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.7% | July 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Chugoku Bank, LTD. | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 0.9% | September 15, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.9% | September 16, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.9% | September 16, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
The 77 Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.8% | March 14, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Shinkin Central Bank | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.8% | March 14, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,800 | - | - | 2,800 | 18,742 | - | - | 18,742 | 1.0% | September 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 100 | - | - | 100 | 669 | - | - | 669 | 0.8% | September 30, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Kansai Mirai Bank, Limited | 900 | - | - | 900 | 6,024 | - | - | 6,024 | |||||
MUFG Bank, Ltd. | 1,250 | - | - | 1,250 | 8,367 | - | - | 8,367 | 0.6% | July 31, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 950 | - | 950 | - | 6,359 | - | 6,359 | - | 0.5% | July 31, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.5% | January 30, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.6% | February 5, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.7% | February 4, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 0.7% | February 4, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | Development Bank of Japan Inc. | ￥ 1,700 | ￥ - | ￥ - | ￥ 1,700 | ＄ 11,379 | ＄ - | ＄ - | ＄ 11,379 | 0.9% | March 31, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed |
MUFG Bank, Ltd. | 800 | - | - | 800 | 5,355 | - | - | 5,355 | 0.9% | April 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.8% | May 15, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.4% | December 28, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 900 | - | - | 900 | 6,024 | - | - | 6,024 | 0.4% | June 30, 2027 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,400 | - | - | 1,400 | 9,371 | - | - | 9,371 | 0.9% | June 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Yamaguchi Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 1.2% | August 4, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | September 29, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | - | 0.8% | April 18, 2025 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.5% | April 20, 2026 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.8% | April 18, 2029 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 1.0% | October 18, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 1.1% | April 18, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.1% | December 11, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.3% | December 9, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.1% | December 11, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.3% | December 9, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | November 30, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | November 30, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.3% | November 30, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 900 | - | - | 900 | 6,024 | - | - | 6,024 | 1.1% | August 31, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 4,000 | - | - | 4,000 | 26,775 | - | - | 26,775 | 1.1% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 1.3% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 1.3% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | The Norinchukin Bank | ￥ 3,000 | ￥ - | ￥ - | ￥ 3,000 | ＄ 20,081 | ＄ - | ＄ - | ＄ 20,081 | 1.3% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed |
SBI Shinsei Bank, Limited | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Bank of Fukuoka, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | February 28, 2034 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.0% | February 28, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 4,000 | - | - | 4,000 | 26,775 | - | - | 26,775 | 1.2% | February 28, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Norinchukin Bank | 4,000 | - | - | 4,000 | 26,775 | - | - | 26,775 | 1.2% | February 28, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.2% | February 28, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Bank of Fukuoka, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.2% | February 28, 2033 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 2,500 | - | - | 2,500 | 16,734 | - | - | 16,734 | 1.1% | February 27, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Norinchukin Bank | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 1.1% | February 27, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Bank of Fukuoka, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | February 27, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 1.1% | February 27, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
The Nishi-Nippon City Bank, Ltd. | 500 | - | - | 500 | 3,346 | - | - | 3,346 | 1.1% | February 27, 2032 | Acquisition of real estate property | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 1.1% | August 29, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.0% | February 28, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.0% | February 28, 2031 | Acquisition of real estate property | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.9% | August 30, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 3,000 | - | - | 3,000 | 20,081 | - | - | 20,081 | 0.9% | February 28, 2030 | Acquisition of real estate property | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.8% | August 31, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Trust Bank, Limited | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.8% | February 28, 2029 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 0.9% | August 31, 2028 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 2,500 | - | - | 2,500 | 16,734 | - | - | 16,734 | 0.9% | August 31, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 0.9% | February 27, 2026 | Acquisition of real estate property | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 0.8% | August 29, 2025 | Acquisition of real estate property | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | MUFG Bank, Ltd. | ￥ 1,200 | ￥ - | ￥ - | ￥ 1,200 | ＄ 8,032 | ＄ - | ＄ - | ＄ 8,032 | 1.0% | February 28, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed |
MUFG Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | March 31, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 1.0% | February 28, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | March 31, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | 2,000 | - | - | 2,000 | 13,387 | - | - | 13,387 | 1.4% | January 31, 2034 | Repayment of the redemption of corporatebonds, etc. | Unsecured and unguaranteed | |
The Chiba Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.4% | January 31, 2034 | Repayment of the redemption of corporatebonds, etc. | Unsecured and unguaranteed | |
Asahi Shinkin Bank | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.4% | January 31, 2034 | Repayment of the redemption of corporatebonds, etc. | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,100 | - | - | 2,100 | 14,057 | - | - | 14,057 | 1.0% | September 27, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 700 | - | - | 700 | 4,685 | - | - | 4,685 | 1.3% | August 31, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Shinkin Central Bank | 1,500 | - | - | 1,500 | 10,040 | - | - | 10,040 | 1.3% | August 31, 2034 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Yamaguchi Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.3% | August 31, 2034 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The 77 Bank, Ltd. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | August 31, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Chugoku Bank, LTD. | 1,000 | - | - | 1,000 | 6,693 | - | - | 6,693 | 1.1% | August 31, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 2,650 | - | - | 2,650 | 17,738 | - | - | 17,738 | 1.1% | September 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 850 | - | - | 850 | 5,689 | - | - | 5,689 | 0.8% | September 29, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | 1,300 | - | - | 1,300 | 8,702 | - | - | 8,702 | 1.3% | January 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Development Bank of Japan Inc. | - | 1,000 | - | 1,000 | - | 6,693 | - | 6,693 | 1.3% | January 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Bank, Ltd. | - | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | 1.6% | February 28, 2035 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | - | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | 1.5% | February 27, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | - | 1,350 | - | 1,350 | - | 9,036 | - | 9,036 | 1.4% | February 28, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Mizuho Trust & Banking Co., Ltd. | - | 850 | - | 850 | - | 5,689 | - | 5,689 | 1.8% | February 28, 2035 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
SBI Shinsei Bank, Limited | - | 850 | - | 850 | - | 5,689 | - | 5,689 | 1.8% | February 28, 2035 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | - | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | 1.2% | February 29, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Norinchukin Bank | - | 1,000 | - | 1,000 | - | 6,693 | - | 6,693 | 1.6% | February 28, 2033 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Classification | Name of lender | Beginning balance | Increase | Decrease | Ending balance | Beginning balance | Increase | Decrease | Ending balance | Average interest rate(1) | Maturity date | Use of proceeds | Remarks |
(in millions of yen) | (in thousands of U.S. dollars) | ||||||||||||
Long-term loans payable | Sumitomo Mitsui Banking Corporation | ￥ - | ￥ 600 | ￥ - | ￥ 600 | ＄ - | ＄ 4,016 | ＄ - | ＄ 4,016 | 1.3% | February 29, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed |
Sumitomo Mitsui Trust Bank, Limited | - | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | 1.5% | March 29, 2030 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
MUFG Bank, Ltd. | - | 1,500 | - | 1,500 | - | 10,040 | - | 10,040 | 0.9% | March 31, 2028 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Sumitomo Mitsui Banking Corporation | - | 500 | - | 500 | - | 3,346 | - | 3,346 | 1.5% (3) | May 15, 2031 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
Daiwa Next Bank, Ltd. | - | 2,000 | - | 2,000 | - | 13,387 | - | 13,387 | 1.6% (3) | November 30, 2032 | Repayment of outstanding loans payable | Unsecured and unguaranteed | |
The Akita Bank,Ltd. | - | 500 | - | 500 | - | 3,346 | - | 3,346 | |||||
Total long-term loans payable | ￥ 260,483 | ￥ 16,150 | ￥ 12,600 | ￥ 264,033 | ＄ 1,743,644 | ＄ 108,106 | ＄ 84,342 | ＄ 1,767,407 | |||||
Total | ￥ 267,083 | ￥ 16,550 | ￥ 17,500 | ￥ 266,133 | ＄ 1,787,823 | ＄ 110,783 | ＄ 117,143 | ＄ 1,781,464 | |||||
Notes:
The average interest rate indicates a weighted average interest rate for the period, rounded to the first decimal place.
The Company had repaid a part of principal of the loans payable on May 30, 2025 in advance of the maturity date.
These long-term loans payable are hedged by interest rate swaps and the average interest rate of these long-term loans payable is calculated adjusting for the effect of the interest rate swaps.
Annual repayments of long-term loans payable scheduled for the next five years after the balance sheet date were as follows:
As of July 31, 2025
(in thousands of U.S.
(in millions of yen) dollars)
Up to 1 year........................................................... ￥ 26,300 ＄
1-2 years................................................................. 24,300
2-3 years................................................................. 26,800
3-4 years................................................................. 29,183
4-5 years................................................................. 30,400
176,049
162,661
179,396
195,347
203,494