Industrial & Infrastructure Fund Investment : 33rd Fiscal Period Results (August 1 2023 ~ January 31 2024)

33rd Fiscal Period Results

(Flash Report)

August 1, 2023 - January 31, 2024

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

BALANCE SHEETS

As of July 31, 2023 and January 31, 2024

		(Thousands of yen)
	As of
	July 31, 2023	January 31, 2024
ASSETS
Current assets:
Cash and bank deposits	35,313,041	36,257,204
Cash and bank deposits in trust	6,055,811	7,483,671
Rental receivables	962,812	858,107
Prepaid expenses	1,922,130	1,160,315
Income taxes receivable	8	-
Other	6,503	17,654
Total current assets	44,260,307	45,776,953
Noncurrent assets:
Property, plant and equipment:
Buildings, at cost	35,561,297	35,871,780
Less: Accumulated depreciation	(10,486,104)	(10,935,117)
Buildings, net	25,075,192	24,936,662
Structures, at cost	123,482	123,482
Less: Accumulated depreciation	(64,089)	(68,505)
Structures, net	59,393	54,977
Machinery and equipment, at cost	11,892	11,892
Less: Accumulated depreciation	(11,892)	(11,892)
Machinery and equipment, net	0	0
Tools, furniture and fixtures, at cost	26,719	26,719
Less: Accumulated depreciation	(15,614)	(16,862)
Tools, furniture and fixtures, net	11,104	9,857
Land	20,391,344	20,343,077
Construction in progress	2,105,502	964,879
Buildings in trust, at cost	111,123,286	114,003,768
Less: Accumulated depreciation	(20,917,421)	(22,265,012)
Buildings in trust, net	90,205,864	91,738,756
Structures in trust, at cost	1,485,196	1,660,734
Less: Accumulated depreciation	(685,227)	(742,285)
Structures in trust, net	799,968	918,448
Machinery and equipment in trust, at cost	132,642	149,122
Less: Accumulated depreciation	(77,135)	(84,434)
Machinery and equipment in trust, net	55,506	64,687
Tools, furniture and fixtures in trust, at cost	330,782	350,658
Less: Accumulated depreciation	(83,987)	(105,317)
Tools, furniture and fixtures in trust, net	246,795	245,341
Land in trust	228,823,627	235,280,807
Construction in progress in trust	9,830	21,335
Total net property, plant and equipment	367,784,130	374,578,832
Intangible assets:
Leasehold right	19,833,966	19,833,966
Other	2,027	798
Total intangible assets	19,835,993	19,834,764
Investments and other assets:
Shares of subsidiaries and associates	356,826	356,826
Lease and guarantee deposits	10,200	14,700
Long-term prepaid expenses	1,034,723	1,164,145
Other	5,515	6,384
Total investments and other assets	1,407,264	1,542,056
Total noncurrent assets	389,027,389	395,955,653
Deferred assets:
Investment unit issuance costs	42,461	34,243
Investment corporation bonds issuance costs	79,321	72,724
Total deferred assets	121,783	106,967
TOTAL ASSETS	433,409,480	441,839,574

		(Thousands of yen)
	As of
	July 31, 2023	January 31, 2024
LIABILITIES
Current liabilities:
Operating accounts payable	1,386,496	1,517,270
Short-term loans payable	5,000,000	3,000,000
Current portion of investment corporation bonds - unsecured	2,000,000	2,000,000
Current portion of long-term loans payable	19,000,000	19,800,000
Accounts payable - other	840,410	818,923
Accrued expenses	138,329	153,769
Income taxes payable	615	662
Consumption taxes payable	295,472	333,684
Advances received	3,420,346	2,952,691
Other	231,089	11,360
Total current liabilities	32,312,760	30,588,362
Noncurrent liabilities:
Investment corporation bonds - unsecured	12,700,000	12,700,000
Long-term loans payable	173,583,000	182,783,000
Tenant leasehold and security deposits	2,640,473	2,602,985
Tenant leasehold and security deposits in trust	15,640,423	15,870,612
Asset retirement obligations	839,807	1,295,879
Other	2,428	903
Total noncurrent liabilities	205,406,132	215,253,381
TOTAL LIABILITIES	237,718,893	245,841,743
NET ASSETS
Unitholders' equity:
Unitholders' capital	189,683,850	189,683,850
Capital deduction:
Allowance for temporary difference adjustment	(781,924)	(290,636)
Other deduction of unitholders' capital	(641,451)	(641,451)
Total capital deduction	(1,423,376)	(932,087)
Unitholders' capital, net	188,260,474	188,751,762
Surplus:
Retained earnings	7,428,646	7,243,732
Total surplus	7,428,646	7,243,732
Total unitholders' equity	195,689,121	195,995,495
Valuation and translation adjustments:
Deferred gains or (losses) on hedges	1,465	2,334
Total valuation and translation adjustments	1,465	2,334
TOTAL NET ASSETS	195,690,586	195,997,830
TOTAL LIABILITIES AND NET ASSETS	433,409,480	441,839,574

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF INCOME AND RETAINED EARNINGS

For the Six Months Ended

July 31, 2023 and January 31, 2024

		(Thousands of yen)
	For the six months ended
	July 31, 2023	January 31, 2024
Operating revenue
Rent revenue－real estate	16,986,729	17,167,955
Gain on sales of property	861,327	999,540
Dividend income from investments in Tokumei Kumiai	5	-
Total operating revenue	17,848,062	18,167,495
Operating expenses
Expenses related to property rental business	8,008,188	8,260,187
Impairment losses	-	185,164
Asset management fees	1,284,797	1,323,668
Directors' compensations	7,440	7,440
Asset custody fees	9,585	9,737
Administrative service fees	39,199	42,115
Other	143,893	154,071
Total operating expenses	9,493,104	9,982,384
Operating income	8,354,958	8,185,111
Non-operating income
Interest income	208	191
Interest on refund	717	-
Reversal of distribution payable	504	237
Total non-operating income	1,430	429
Non-operating expenses
Interest expenses	652,746	666,291
Interest expenses on investment corporation bonds	42,106	42,512
Amortization of investment corporation bonds issuance costs	6,597	6,597
Borrowing related expenses	211,228	215,048
Amortization of investment unit issuance costs	20,736	8,218
Other	3,172	3,246
Total non-operating expenses	936,587	941,914
Ordinary income	7,419,800	7,243,626
Income before income taxes	7,419,800	7,243,626
Income taxes
Current	639	692
Total income taxes	639	692
Net income	7,419,161	7,242,933
Retained earnings brought forward	9,485	798
Unappropriated retained earnings	7,428,646	7,243,732

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS

For the Six Months Ended

July 31, 2023 and January 31, 2024

		(Thousands of yen)
	For the six months ended
	July 31, 2023	January 31, 2024
Net cash provided by (used in) operating activities:
Income before income taxes	7,419,800	7,243,626
Depreciation and amortization	1,709,572	2,106,678
Amortization of investment corporation bonds issuance costs	6,597	6,597
Amortization of investment unit issuance costs	20,736	8,218
Impairment losses	-	185,164
Interest income	(208)	(191)
Interest expenses	694,852	708,803
Changes in assets and liabilities:
Decrease (increase) in operating accounts receivable	(502,082)	104,705
Decrease (increase) in consumption taxes refundable	231,481	-
Decrease (increase) in prepaid expenses	(1,067,707)	761,814
Decrease (increase) in long-term prepaid expenses	63,941	(129,422)
Increase (decrease) in operating accounts payable	(482,327)	28,951
Increase (decrease) in accounts payable - other	35,184	4,478
Increase (decrease) in accrued expenses	(1,257)	868
Increase (decrease) in consumption taxes payable	295,472	38,212
Increase (decrease) in advances received	478,350	(467,654)
Increase (decrease) in other noncurrent liabilities	(640)	(1,524)
Decrease from sales of property and equipment in trust	1,995,548	2,267,649
Other, net	(116,021)	(135,101)
Subtotal	10,781,294	12,731,872
Interest income received	208	191
Interest expenses paid	(703,776)	(694,232)
Income taxes paid	(1,546)	(635)
Net cash provided by operating activities	10,076,179	12,037,194
Net cash provided by (used in) investing activities:
Purchases of property, plant and equipment	(386,687)	(783,602)
Purchases of property, plant and equipment in trust	(13,793,903)	(10,133,642)
Proceeds from tenant leasehold and security deposits	10,058	3,912
Payments of tenant leasehold and security deposits	-	(41,400)
Proceeds from tenant leasehold and security deposits in trust	501,498	346,083
Payments of tenant leasehold and security deposits in trust	(91,539)	(115,894)
Payments for lease and guarantee deposits	-	(4,500)
Purchase of shares of subsidiaries and associates	(356,826)	-
Proceeds from investment securities	81,818	-
Net cash used in investing activities	(14,035,580)	(10,729,042)
Net cash provided by (used in) financing activities:
Proceeds from short-term loans payable	3,000,000	-
Repayments of short-term loans payable	(1,700,000)	(2,000,000)
Proceeds from long-term loans payable	12,800,000	21,000,000
Repayments of long-term loans payable	(10,100,000)	(11,000,000)
Payments of investment corporation bonds issuance costs	(2,800)	-
Proceeds from issuance of investment units	5,818,647	-
Payments of investment unit issuance costs	(49,310)	-
Dividends paid	(6,462,404)	(6,936,128)
Net cash provided by financing activities	3,304,132	1,063,871
Net change in cash and cash equivalents	(655,269)	2,372,023
Cash and cash equivalents at beginning of period	42,024,121	41,368,852
Cash and cash equivalents at end of period	41,368,852	43,740,876

Outline of portfolio properties	1
			Leasable	Fair value at	Net book
Name of property	Location	Form of ownership	end of
area	value
			period
	(Note 1)		(m2)	(Millions of yen)	(Millions of yen)
			(Note 2)	(Note 3)
IIF Shinonome Logistics Center (Note 4)	13-32, Shinonome 2-chome,Koto-ku,	Trust beneficial interest	27,493.29	19,080	12,965
Tokyo
IIF Noda Logistics Center	340-13,Nishi-sangao,Noda-shi, Chiba	Trust beneficial interest	38,828.10	10,000	5,242
IIF Shinsuna Logistics Center	5-15, Shinsuna 3-chome,Koto-ku,	Trust beneficial interest	5,741.75	8,210	5,081
Tokyo
IIF Koshigaya Logistics Center	1-1, Ryutsudanchi 4-chome,	Trust beneficial interest	10,113.50	3,400	1,667
Koshigaya-shi, Saitama
IIF Nishinomiya Logistics Center	2, Nishinomiyahama 1-chome,	Trust beneficial interest	17,200.00	3,250	1,879
Nishinomiya-shi, Hyogo
IIF Narashino Logistics Center (Land with	34-9, Akanehama 3-chome,	Real property	20,809.47	1,960	1,180
leasehold interest)	Narashino-shi, Chiba
IIF Narashino Logistics Center II (Note 5)	34-1, Akanehama 3-chome,	Trust beneficial interest	84,020.30	7,080	4,707
Narashino-shi, Chiba
IIF Atsugi Logistics Center II	602-9, Aza Kitaya, Funako, Atsugi-shi,	Real property	20,661.13	4,300	3,087
Kanagawa
	747, Aza Minamikochi, Kawamukou-
IIF Yokohama Tsuzuki Logistics Center	cho, Tsuzuki-kuYokohama-shi,	Trust beneficial interest	9,615.82	3,720	2,243
	Kanagawa
IIF Saitama Logistics Center	398-3,Yoshino-cho1-chome,Kita-ku,	Trust beneficial interest	8,995.00	2,610	1,391
Saitama-shi, Saitama
IIF Nagoya Logistics Center	27, Yanagida-cho2-chome,	Real property	8,721.01	1,740	1,145
Nakagawa-ku,Nagoya-shi, Aichi
IIF Atsugi Logistics Center III	3007-7, Kamiechi Aza Uenohara,	Trust beneficial interest	22,879.35	7,580	4,597
Atsugi-shi, Kanagawa
IIF Kawaguchi Logistics Center	5-3Midori-cho,Kawaguchi-shi,	Real property	11,705.02	5,890	2,111
Saitama
IIF Kobe Logistics Center (Notes 4 and 6)	2-10,Maya-futo,Nada-ku,Kobe-shi,	Trust beneficial interest	9,263.10	2,100	1,418
Hyogo
IIF Higashi-Osaka Logistics Center	7-46,Wakae-higashi-machi6-chome,	Real property	20,528.42	4,520	2,418
Higashi Osaka-shi, Osaka
IIF Kashiwa Logistics Center	1027-1, Washinoya, Kashiwa-shi,	Real property	17,379.78	3,820	2,083
Chiba
IIF Misato Logistics Center	5, Izumi 3-chome,Misato-shi, Saitama	Trust beneficial interest	19,019.71	6,860	3,299
IIF Iruma Logistics Center	660-2, Aza Higashimusashino, Oaza	Trust beneficial interest	17,881.65	4,520	2,861
Minami-mine,Iruma-shi, Saitama
IIF Tosu Logistics Center	127-1, Aza Uchishirage, Kuranoue-	Trust beneficial interest	13,862.05	2,760	1,472
machi, Tosu-shi, Saga
IIF Morioka Logistics Center	Plot 4-311, Oaza Hiromiyasawa,	Trust beneficial interest	8,001.57	1,580	532
Yahabacho, Shiwa-gun, Iwate, etc.
IIF Hiroshima Logistics Center	22-4,Itsukaichi-ko3-chome,Saeki-ku,	Trust beneficial interest	22,768.24	5,110	3,120
	Hiroshima-shi, Hiroshima
IIF Izumiotsu e-shop Logistics Center	8-1,Nagisa-cho,Izumiotsu-shi, Osaka	Trust beneficial interest	48,932.00	4,740	4,177
(Land with leasehold interest)
IIF Izumisano Food Processing and	2-11,Rinkuorai-kita,Izumisano-shi,	Real property	13,947.83	1,170	937
Logistics Center	Osaka
IIF Kyotanabe Logistics Center	55-13,Osumi-hama,Kyotanabe-shi,	Trust beneficial interest	33,243.99	9,060	5,458
Kyoto
IIF Fukuoka Koga Vehicle Logistics Center	1134-1, Aoyagi, Koga-shi, Fukuoka	Real property	30,815.97	1,100	914
(Land with leasehold interest)
IIF Fukuoka Higashi Logistics Center	9-1 Kamata 4-chome,Higashi-ku,	Trust beneficial interest	11,262.86	2,330	1,874
Fukuoka-shi, Fukuoka
IIF Osaka Konohana Logistics Center	4-51, Shimaya 4-chome,Konohana-ku,	Trust beneficial interest	46,262.20	11,000	8,645
	Osaka-shi, Osaka
IIF Kazo Logistics Center	6-1, Shintone 2-chome,Kazo-shi,	Trust beneficial interest	17,744.41	3,100	2,528
Saitama
IIF Hamura Logistics Center (Note 7)	8-16, Shinmeidai 4-chome, Hamura-	Trust beneficial interest	-	1,090	1,657
shi, Tokyo
IIF Fukuoka Hakozaki Logistics Center I	14-31, Hakozakifuto 4-chome, Higashi-	Trust beneficial interest	24,967.58	5,770	5,097
	ku, Fukuoka-shi, Fukuoka
IIF Fukuoka Hakozaki Logistics Center II	1-18, Hakozakifuto 4-chome, Higashi-	Trust beneficial interest	51,530.51	11,900	9,903
	ku, Fukuoka-shi, Fukuoka

			Leasable	Fair value at	Net book
Name of property	Location	Form of ownership	end of
area	value
			period
	(Note 1)		(m2)	(Millions of yen)	(Millions of yen)
			(Note 2)	(Note 3)
IIF Itabashi Logistics Center	7-7,Higashi-sakashita2-chome,	Trust beneficial interest	5,057.68	2,350	1,697
Itabashi-ku, Tokyo
IIF Sendai Taiwa Logistics Center	3-15, Maino 2-chome,Taiwa-cho,	Trust beneficial interest	15,555.15	1,980	1,526
Kurokawa-gun, Miyagi
IIF Ota Logistics Center	236-1,Anyoji-cho,Ota-shi, Gunma	Real property	6,900.01	1,210	986
IIF Osaka Suminoe Logistics Center I	2-32, Shibatani 1-chome,Suminoe-ku,	Trust beneficial interest	52,201.30	16,200	11,712
	Osaka-shi, Osaka
IIF Osaka Suminoe Logistics Center II	2-34, Shibatani 1-chome,Suminoe-ku,	Trust beneficial interest	12,299.76	3,070	2,505
	Osaka-shi, Osaka
IIF Morioka Logistics Center II	4-5, Ryutsu Center Minami 2-chome,	Trust beneficial interest	12,383.30	1,570	1,373
Yahaba-cho,Shiwa-gun, Iwate
IIF Sapporo Logistics Center	2-1,Yonesato-sanjo3-chome,	Trust beneficial interest	13,064.75	2,750	2,476
Shiroishi-ku,Sapporo-shi, Hokkaido
IIF Koriyama Logistics Center	213, Aza Mukaihara, Otsuki-machi,	Trust beneficial interest	17,533.15	3,350	2,376
Koriyama-shi, Fukushima
IIF Kobe Nishi Logistics Center (Land with	10-4, Mitsugaoka 4-chome,Nishi-ku,	Trust beneficial interest	33,000.00	2,560	2,059
leasehold interest)	Kobe-shi, Hyogo
IIF Hyogo Tatsuno Logistics Center	300-2,Tai-san, Nagao, Issaicho,	Trust beneficial interest	25,186.78	4,640	4,075
Tatsuno-shi, Hyogo, etc.
IIF Akishima Logistics Center	3928-4, Kohake, Haijimacho,	Trust beneficial interest	31,071.21	9,020	8,436
Akishima-shi, Tokyo
	2-8, Aza Takehaya, Kawashima
IIF Gifu Kakamigahara Logistics Center	Takehayamachi, Kakamigahara-shi,	Trust beneficial interest	16,708.51	3,310	2,331
	Gifu, etc.
	3-1, Tomominami 2-chome,
IIF Hiroshima Seifushinto Logistics Center	Asaminami-ku,Hiroshima-shi,	Trust beneficial interest	28,988.91	6,710	6,182
	Hiroshima
IIF Shonan Logistics Center	9-2, Ichinomiya 7-chome, Samukawa-	Trust beneficial interest	23,728.15	9,200	7,498
	machi, Koza-gun, Kanagawa
IIF Yokkaichi Logistics Center	1340-8, Azayamagamidani, Tarusaka-	Trust beneficial interest	51,504.25	10,300	9,071
	cho, Yokkaichi-shi, Mie, etc.
IIF Shiga Ryuoh Logistics Center	900-1, Yamazurakawahara, Ryuoh-	Trust beneficial interest	17,916.90	3,920	3,645
cho, Gamo-gun, Shiga, etc.
IIF Omihachiman Logistics Center	951-4,Chokoji-cho,Omihachiman-shi,	Trust beneficial interest	25,111.07	2,310	1,893
	Shiga, etc.
IIF Totsuka Technology Center (Land with	344-1,Nase-cho,Totsuka-ku,	Trust beneficial interest	31,442.47	5,350	4,553
leasehold interest) (Note 8)	Yokohama-shi, Kanagawa, etc.
IIF Yokohama Tsuzuki Technology Center	25-2, Kitayamada 4-chome, Tsuzuki-	Real property	4,655.48	1,360	1,366
ku, Yokohama-shi, Kanagawa
IIF Mitaka Card Center	5-14,Shimo-Renjaku7-chome, Mitaka-	Trust beneficial interest	21,615.01	9,820	9,281
	shi, Tokyo
IIF Kamata R&D Center	16-46,Minami-Kamata2-chome, Ota-	Trust beneficial interest	21,896.56	8,380	7,364
	ku, Tokyo
IIF Kawasaki Science Center	25-19,Tono-machi3-chome,	Real property	4,857.73	3,000	1,802
Kawasaki-ku,Kawasaki-shi, Kanagawa
IIF Sagamihara R&D Center	1-35, Minamihashimoto 3-chome,	Trust beneficial interest	19,328.40	4,790	3,617
Chuo-ku,Sagamihara-shi, Kanagawa
IIF Yokohama Shinyamashita R&D Center	16-5, Shinyamashita 1-chome, Naka-	Trust beneficial interest	4,887.83	4,580	3,739
ku, Yokohama-shi, Kanagawa
IIF Kakegawa Manufacturing Center	30, Tanyo, Kakegawa-shi, Shizuoka	Trust beneficial interest	66,171.92	1,770	1,572
(Land with leasehold interest)
IIF Urayasu Machinery Maintenance	195, Tekkodori 3-chome,Urayasu-shi,	Real property	7,925.94	1,700	1,345
Center (Land with leasehold interest)	Chiba
IIF Yokosuka Technology Center	1-15,Shinmei-cho,Yokosuka-shi,	Trust beneficial interest	13,779.77	4,520	4,417
Kanagawa
IIF Shonan Technology Center	1-1, Ichinomiya 6-chome, Samukawa-	Trust beneficial interest	7,244.71	1,350	1,325
	machi, Koza-gun, Kanagawa
IIF Totsuka Manufacturing Center (Land	2277-4,Kamiyabe-cho Aza
Kunichiyato, Totsuka-ku, Yokohama-	Trust beneficial interest	19,458.49	2,620	2,413
with leasehold interest)
shi, Kanagawa, etc.
	832-1, Aza Momijiyama,
IIF Atsugi Manufacturing Center (Note 9)	Shimofurusawa, Atsugi-shi,	Trust beneficial interest	97,153.03	16,300	11,840
	Kanagawa, etc.
IIF Shin-Kawasaki R&D Center	1-2, Shinogura, Saiwai-ku, Kawasaki-	Trust beneficial interest	11,865.54	8,810	6,297
shi, Kanagawa

			Leasable	Fair value at	Net book
Name of property	Location	Form of ownership	end of
area	value
			period
	(Note 1)		(m2)	(Millions of yen)	(Millions of yen)
			(Note 2)	(Note 3)
IIF Ichikawa Food Processing Center	1-1-2, Higashihama 1-chome,	Trust beneficial interest	27,424.22	6,610	6,309
Ichikawa-shi, Chiba, etc.
IIF Gifu Kakamigahara Manufacturing	3, Takehaya, Kawashima
Takehayamachi, Kakamigahara-shi,	Real property	12,551.51	261	255
Center (Land with leasehold interest)
Gifu, etc.
IIF Yokohama Tsuzuki R&D Center (Note	9-2, Ushikubo 3-chome,Tsuzuki-ku,	Trust beneficial interest	18,132.42	5,970	6,098
10)	Yokohama-shi, Kanagawa
IIF Okazaki Manufacturing Center	34-6, Aza Okasaku, Makihira-cho,	Trust beneficial interest	62,050.46	4,350	4,552
Okazaki-shi, Aichi, etc.
IIF Shonan Health Innovation Park	26-1,Muraoka-Higashi2-chome,	Trust beneficial interest	131,241.29	44,300	40,346
Fujisawa-shi, Kanagawa
IIF Ichihara Manufacturing Center (Land	1-1, Yawatakaigandori, Ichihara-shi,	Trust beneficial interest	637,802.64	18,900	16,614
with leasehold interest)	Chiba, etc.
IIF Iruma Manufacturing Center (Land	178-1, Oaza Shinko, Iruma-shi,	Trust beneficial interest	34,384.62	2,920	2,597
with leasehold interest)	Saitama, etc.
IIF Tochigi Moka Manufacturing Center	8-1,Matsuyama-cho,Moka-shi,	Real property	92,826.16	1,340	1,198
(Land with leasehold interest)	Tochigi
IIF Hanno Manufacturing Center (land	3-8, Akanedai, Hanno-shi, Saitama,	Trust beneficial interest	145,759.02	3,040	2,537
with leasehold interest)	etc.
IIF Ota Manufacturing Center	4-17, Higashi kojiya 6-chome,Ota-ku,	Trust beneficial interest	8,285.90	5,020	4,597
Tokyo
IIF Kobe District Heating and Cooling	8-2,Higashikawasaki-cho1-chome,	Trust beneficial interest	11,476.05	12,000	15,029
Center	Chuo-ku,Kobe-shi, Hyogo
IIF Haneda Airport Maintenance Center	5-1 and 2, Haneda Airport 3-chome,	Real property	81,995.81	41,400	36,155
Ota-ku, Tokyo
IIF Shinagawa Data Center	9-15, Futaba 2-chome,Shinagawa-ku,	Real property	19,547.11	7,460	5,476
	Tokyo
IIF Osaka Toyonaka Data Center	1-8,Shin-senri-nishi-machi1-chome,	Trust beneficial interest	20,027.14	6,470	5,452
Toyonaka-shi, Osaka
IIF Nagoya Port Tank Terminal (Land with	37-31,Shiomi-cho,Minato-ku, Nagoya-	Real property	51,583.70	2,240	1,998
leasehold interest)	shi, Aichi
IIF Higashimatsuyama Gas Tank	75-1, Shingo, Higashimatsuyama-shi,
Maintenance Center (Land with leasehold	Real property	12,880.38	811	729
Saitama
interest)
IIF Kawasaki Port Tank Terminal (Land	4-12,Chidori-cho,Kawasaki-ku,	Trust beneficial interest	42,186.88	7,490	7,223
with leasehold interest)	Kawasaki-shi, Kanagawa, etc
IIF Shizuoka Oigawa Port Tank Terminal	2624-102, Aza Jizoumori, Riemon,	Trust beneficial interest	10,967.00	162	144
(Land with leasehold interest)	Yaizu-shi, Shizuoka, etc
IIF Kitakyushu Moji Port Tank Terminal	1-7, Setomachi, Moji-ku, Kitakyushu-	Trust beneficial interest	33,789.08	624	605
(Land with leasehold interest)	shi, Fukuoka, etc
Total			2,869,600.76	491,518	394,413

Note 1 "Location" means the location indicated in the land registry book or the residence indication.

Note 2 "Leasable area" means the leasable area of the building or land of each property indicated in the lease agreement, except for IIF Shinsuna Logistics Center of which leasable area shows a total area of the building indicated in the registry book.

Note 3 "Fair value at end of period" shows the appraisal or researched value provided by the real estate appraiser in accordance with the methods and standard of assets valuation as stipulated in the Articles of Incorporation of the Investment Corporation as well as the regulations as stipulated by The Investment Trusts Association, Japan.

Note 4 The leasable area of IIF Shinonome Logistics Center (53% of quasi-co-ownership) and IIF Kobe Logistics Center (65% of quasi-co-ownership) is calculated multiplying the total leasable area by the share of quasi-co-ownership and rounded to the nearest second decimal place.

Note 5 As the Investment Corporation invests in IIF Narashino Logistics Center II both land with leasehold interest (the lessee of leased land is the trustee with respect to the building of the property) and building with leasehold interest of the property in form of the trust beneficial interests separately, "Leasable area" of the property shows total of the leasable area of the leased land (58,852.16㎡) and that of the building on the leased land (25,168.14㎡).

Note 6 The Investment Corporation sold 3% , 32% and 40% of quasi-co-ownership interest of IIF Kobe Logistics Center on April 7, 2023 and July 31, 2023 and January 19, 2024 , respectively. For the remaining quasi-co-ownership of interest of the property, the Investment Corporation is going to sell 25% on March 22, 2024.

Note 7 The Investment Corporation has started a redevelopment project of IIF Hamura Logistics Center and plans to build a new building after demolish work of the existing building. The demolition work was completed on January 19, 2023.

Note 8 The Investment Corporation is going to sell 30% , 35% and 35% of quasi-co-ownership interest of IIF Totsuka Technology Center (Land with leasehold interest) on March 29, 2024, November 29, 2024 and March 31, 2025, respectively.

Note 9 As the Investment Corporation invests in IIF Atsugi Manufacturing Center both land with leasehold interest (the lessee of leased land is the trustee with respect to the building of the property) and building in form of the trust beneficial interests separately, "Leasable area" of the property shows total of the leasable area of the leased land (64,327.54㎡) and that of the building on the leased land (32,825.49㎡).

Note 10 The Investment Corporation disposed of IIF Yokohama Tsuzuki Technology Center on February 29, 2024.

Outline of portfolio properties	2
		For the six months ended July 31, 2023	For the six months ended January 31, 2024
Name of property		Number	Occupancy	Rental	Rental net	Composition	Number	Occupancy	Rental	Rental net	Composition
	operating	operating
	of tenants	ratio	revenues	ratio of NOI	of tenants	ratio	revenues	ratio of NOI
		income	income
			(%)	(Millions of yen)	(Millions of yen)	(%)		(%)	(Millions of yen)	(Millions of yen)	(%)
		(Note 1)			(Note 2)		(Note 1)			(Note 2)
IIF Shinonome Logistics Center		1	100.0	400	365	3.4	1	100.0	400	364	3.3
IIF Noda Logistics Center		2	100.0	(Note 3)	214	2.0	2	100.0	(Note 3)	212	1.9
IIF Shinsuna Logistics Center		1	100.0	179	159	1.5	1	100.0	179	155	1.4
IIF Koshigaya Logistics Center		1	100.0	83	76	0.7	1	100.0	83	72	0.7
IIF Nishinomiya Logistics Center		2	100.0	(Note 3)	82	0.8	2	100.0	(Note 3)	82	0.7
IIF Narashino Logistics Center (Land with		1	100.0	(Note 3)	37	0.3	1	100.0	(Note 3)	38	0.3
leasehold interest)
IIF Narashino Logistics Center II (Note 4)		2	100.0	(Note 3)	168	1.6	2	100.0	(Note 3)	119	1.1
IIF Atsugi Logistics Center II		1	100.0	(Note 3)	112	1.1	1	100.0	(Note 3)	95	0.9
IIF Yokohama Tsuzuki Logistics Center		1	100.0	(Note 3)	80	0.8	1	100.0	(Note 3)	81	0.7
IIF Saitama Logistics Center		1	100.0	67	60	0.6	1	100.0	67	63	0.6
IIF Nagoya Logistics Center		1	100.0	(Note 3)	46	0.4	1	100.0	(Note 3)	44	0.4
IIF Atsugi Logistics Center III (Note 5)		-	-	-	(6)	(0.1)	1	100.0	(Note 3)	50	0.5
IIF Kawaguchi Logistics Center		1	100.0	(Note 3)	107	1.0	1	100.0	(Note 3)	92	0.8
IIF Kobe Logistics Center (Note 6)		1	18.1	(Note 3)	(21)	(0.2)	2	29.9	(Note 3)	(7)	(0.1)
IIF Higashi-Osaka Logistics Center		2	100.0	(Note 3)	92	0.9	2	100.0	(Note 3)	105	1.0
IIF Kashiwa Logistics Center		1	100.0	(Note 3)	85	0.8	1	100.0	(Note 3)	87	0.8
IIF Misato Logistics Center		1	100.0	(Note 3)	116	1.1	1	100.0	(Note 3)	116	1.1
IIF Iruma Logistics Center		1	100.0	(Note 3)	105	1.0	1	100.0	(Note 3)	105	1.0
IIF Tosu Logistics Center		2	100.0	(Note 3)	60	0.6	2	100.0	(Note 3)	43	0.4
IIF Morioka Logistics Center		1	100.0	(Note 3)	42	0.4	1	100.0	(Note 3)	42	0.4
IIF Hiroshima Logistics Center		1	100.0	(Note 3)	120	1.1	1	100.0	(Note 3)	121	1.1
IIF Izumiotsu e-shop Logistics Center (Land		1	100.0	(Note 3)	111	1.0	1	100.0	(Note 3)	111	1.0
with leasehold interest)
IIF Izumisano Food Processing and Logistics		1	100.0	(Note 3)	28	0.3	1	100.0	(Note 3)	27	0.3
Center
IIF Kyotanabe Logistics Center		1	100.0	(Note 3)	165	1.5	1	100.0	(Note 3)	171	1.6
IIF Fukuoka Koga Vehicle Logistics Center		1	100.0	(Note 3)	27	0.3	1	100.0	(Note 3)	27	0.2
(Land with leasehold interest)
IIF Fukuoka Higashi Logistics Center		1	100.0	(Note 3)	51	0.5	1	100.0	(Note 3)	51	0.5
IIF Osaka Konohana Logistics Center		1	100.0	(Note 3)	216	2.0	1	100.0	(Note 3)	204	1.9
IIF Kazo Logistics Center		1	100.0	(Note 3)	67	0.6	1	100.0	(Note 3)	67	0.6
IIF Hamura Logistics Center (Note 7)		-	-	-	(2)	0.0	-	-	-	(2)	0.0
IIF Fukuoka Hakozaki Logistics Center I		3	100.0	(Note 3)	128	1.2	3	100.0	(Note 3)	128	1.2
IIF Fukuoka Hakozaki Logistics Center II		4	100.0	(Note 3)	267	2.5	4	100.0	(Note 3)	264	2.4

	For the six months ended July 31, 2023	For the six months ended January 31, 2024
Name of property	Number	Occupancy	Rental	Rental net	Composition	Number	Occupancy	Rental	Rental net	Composition
operating	operating
of tenants	ratio	revenues	ratio of NOI	of tenants	ratio	revenues	ratio of NOI
	income	income
		(%)	(Millions of yen)	(Millions of yen)	(%)		(%)	(Millions of yen)	(Millions of yen)	(%)
	(Note 1)			(Note 2)		(Note 1)			(Note 2)
IIF Itabashi Logistics Center	1	100.0	(Note 3)	37	0.3	1	100.0	(Note 3)	38	0.3
IIF Sendai Taiwa Logistics Center	1	100.0	(Note 3)	47	0.4	1	100.0	(Note 3)	46	0.4
IIF Ota Logistics Center	1	100.0	(Note 3)	33	0.3	1	100.0	(Note 3)	33	0.3
IIF Osaka Suminoe Logistics Center I	1	100.0	(Note 3)	256	2.4	1	100.0	(Note 3)	256	2.3
IIF Osaka Suminoe Logistics Center II	1	100.0	(Note 3)	60	0.6	1	100.0	(Note 3)	60	0.5
IIF Morioka Logistics Center II	1	100.0	(Note 3)	33	0.3	1	100.0	(Note 3)	35	0.3
IIF Sapporo Logistics Center	1	100.0	(Note 3)	64	0.6	1	100.0	(Note 3)	63	0.6
IIF Koriyama Logistics Center	2	100.0	(Note 3)	96	0.9	2	100.0	(Note 3)	96	0.9
IIF Kobe Nishi Logistics Center (Land with	1	100.0	(Note 3)	40	0.4	1	100.0	(Note 3)	40	0.4
leasehold interest)
IIF Hyogo Tatsuno Logistics Center	1	100.0	(Note 3)	106	1.0	1	100.0	(Note 3)	109	1.0
IIF Akishima Logistics Center	1	100.0	(Note 3)	174	1.6	1	100.0	(Note 3)	170	1.6
IIF Gifu Kakamigahara Logistics Center	1	100.0	(Note 3)	71	0.7	1	100.0	(Note 3)	71	0.6
IIF Hiroshima Seifushinto Logistics Center	1	100.0	(Note 3)	154	1.4	1	100.0	(Note 3)	153	1.4
IIF Shonan Logistics Center	1	100.0	(Note 3)	181	1.7	1	100.0	(Note 3)	180	1.6
IIF Yokkaichi Logistics Center	2	100.0	(Note 3)	254	2.4	2	100.0	(Note 3)	240	2.2
IIF Shiga Ryuoh Logistics Center	1	100.0	(Note 3)	80	0.8	1	100.0	(Note 3)	112	1.0
IIF Omihachiman Logistics Center	1	100.0	(Note 3)	43	0.4	1	100.0	(Note 3)	60	0.5
IIF Totsuka Technology Center (Land with	1	100.0	153	137	1.3	1	100.0	153	137	1.2
leasehold interest) (Note 8)
IIF Yokohama Tsuzuki Technology Center	1	100.0	60	40	0.4	1	100.0	61	43	0.4
IIF Mitaka Card Center	1	100.0	366	312	2.9	1	100.0	366	312	2.8
IIF Kamata R&D Center	1	100.0	(Note 3)	232	2.2	1	100.0	(Note 3)	234	2.1
IIF Kawasaki Science Center	1	100.0	(Note 3)	81	0.8	1	100.0	(Note 3)	81	0.7
IIF Sagamihara R&D Center	2	100.0	(Note 3)	149	1.4	2	100.0	(Note 3)	141	1.3
IIF Yokohama Shinyamashita R&D Center	1	100.0	(Note 3)	104	1.0	1	100.0	(Note 3)	102	0.9
IIF Kakegawa Manufacturing Center (Land	1	100.0	(Note 3)	42	0.4	1	100.0	(Note 3)	42	0.4
with leasehold interest)
IIF Urayasu Machinery Maintenance Center	1	100.0	(Note 3)	36	0.3	1	100.0	(Note 3)	36	0.3
(Land with leasehold interest)
IIF Yokosuka Technology Center	1	100.0	(Note 3)	140	1.3	1	100.0	(Note 3)	136	1.2
IIF Shonan Technology Center	1	100.0	(Note 3)	40	0.4	1	100.0	(Note 3)	40	0.4
IIF Totsuka Manufacturing Center (Land with	1	100.0	(Note 3)	57	0.5	1	100.0	(Note 3)	57	0.5
leasehold interest)
IIF Atsugi Manufacturing Center (Note 9)	2	100.0	(Note 3)	344	3.2	2	100.0	(Note 3)	337	3.1
IIF Shin-Kawasaki R&D Center	1	100.0	(Note 3)	234	2.2	1	100.0	(Note 3)	234	2.1
IIF Ichikawa Food Processing Center	2	100.0	(Note 3)	138	1.3	2	100.0	(Note 3)	137	1.2
IIF Gifu Kakamigahara Manufacturing Center	1	100.0	(Note 3)	5	0.1	1	100.0	(Note 3)	5	0.1
(Land with leasehold interest)