Japan Metropolitan Fund Investment : The 43rd Fiscal Period Results (March 1, 2023 – August 31, 2023)

Japan Metropolitan Fund Investment Corporation

The 43rd Fiscal Period Financial Results

(March 1, 2023 - August 31, 2023)

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

BALANCE SHEETS

As of February 28, 2023 and August 31, 2023

		(Thousands of yen)
	As of
	February 28, 2023	August 31, 2023
ASSETS
Current assets:
Cash and bank deposits	45,095,708	37,370,321
Cash and bank deposits in trust	19,180,353	20,000,965
Rent receivables	1,155,290	1,039,176
Advance payments to suppliers	405,900	847,965
Income taxes receivable	53,444	64,467
Derivatives	16,413	-
Other current assets	1,306,404	1,603,319
Total current assets	67,213,514	60,926,215
Non-current assets:
Property and equipment:
Buildings	2,485,272	2,486,839
Accumulated depreciation	(899,524)	(933,789)
Buildings, net	1,585,748	1,553,050
Building improvements	66,137	66,137
Accumulated depreciation	(34,767)	(36,194)
Building improvements, net	31,369	29,943
Furniture and fixtures	20,449	21,364
Accumulated depreciation	(16,942)	(17,158)
Furniture and fixtures, net	3,507	4,205
Land	28,976,260	27,036,723
Construction in progress	1,200	-
Buildings in trust	347,971,113	353,589,636
Accumulated depreciation	(125,114,532)	(129,794,961)
Buildings in trust, net	222,856,580	223,794,674
Building improvements in trust	12,294,915	12,401,784
Accumulated depreciation	(5,227,457)	(5,390,598)
Building improvements in trust, net	7,067,457	7,011,185
Machinery and equipment in trust	2,291,621	2,308,086
Accumulated depreciation	(1,473,823)	(1,530,172)
Machinery and equipment in trust, net	817,797	777,914
Furniture and fixtures in trust	5,251,024	5,394,826
Accumulated depreciation	(3,585,375)	(3,722,695)
Furniture and fixtures in trust, net	1,665,649	1,672,131
Land in trust	878,591,415	884,746,656
Construction in progress in trust	825,850	845,496
Total property and equipment	1,142,422,837	1,147,471,982
Intangible assets:
Goodwill	14,444,281	14,043,051
Leasehold rights in trust	4,993,698	5,513,530
Other intangible assets	292,953	257,261
Other intangible assets in trust	61,697	55,443
Total intangible assets	19,792,631	19,869,287
Investment and other assets:
Investment securities	15,833,992	16,905,127
Lease deposits in trust	1,467,115	1,467,115
Long-term prepaid expenses	2,402,032	2,895,652
Derivatives	317,606	236,608
Other investments	1,036	1,036
Total investment and other assets	20,021,782	21,505,540
Total non-current assets	1,182,237,251	1,188,846,810
Deferred assets:
Investment corporation bond issuance costs	153,395	153,119
Total deferred assets	153,395	153,119
TOTAL ASSETS	1,249,604,161	1,249,926,145
(To be continued on the following page)

1

		(Thousands of yen)
	As of
	February 28, 2023	August 31, 2023
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable - operating	4,813,652	4,863,376
Short-term borrowings	6,200,000	2,000,000
Current portion of long-term bonds issued - unsecured	15,500,000	14,500,000
Current portion of long-term borrowings	41,300,000	48,200,000
Accounts payable - other	42,214	37,341
Accrued expenses	2,074,982	2,207,115
Income taxes payable	605	605
Consumption tax payable	776,594	709,307
Rent received in advance	4,456,354	4,546,436
Deposits received	1,495,721	1,540,740
Current portion of tenant leasehold and security deposits in trust	68,065	68,065
Current portion of asset retirement obligations	112,293	112,552
Other current liabilities	113,094	110,876
Total current liabilities	76,953,578	78,896,417
Non-current liabilities:
Long-term bonds issued - unsecured	50,000,000	47,000,000
Long-term borrowings	437,645,000	438,945,000
Tenant leasehold and security deposits	1,883,804	1,680,864
Tenant leasehold and security deposits in trust	57,093,442	57,498,883
Asset retirement obligations	726,539	730,463
Other non-current liabilities	79,797	97,225
Total non-current liabilities	547,428,585	545,952,436
TOTAL LIABILITIES	624,382,163	624,848,854
Net Assets
Unitholders' equity:
Unitholders' capital	411,878,082	411,878,082
Surplus:
Capital surplus	202,855,188	202,855,188
Deduction from capital surplus	(11,999,843)	(11,999,843)
Capital surplus, net	190,855,344	190,855,344
Voluntary reserve
Reserve for reduction entry of property	1,160,420	1,153,619
Reserve for dividends	3,915,072	3,915,072
Retained earnings for temporary difference adjustment	834,795	640,675
Total voluntary reserve	5,910,288	5,709,367
Retained earnings	15,964,846	16,051,855
Total surplus	212,730,479	212,616,568
Total unitholders' equity	624,608,562	624,494,650
Valuation and translation adjustments:
Net unrealized holding gains (losses) on investment securities	279,415	346,032
Deferred gains on hedges	334,020	236,608
Total valuation and translation adjustments	613,435	582,640
TOTAL NET ASSETS	625,221,997	625,077,291
TOTAL LIABILITIES AND NET ASSETS	1,249,604,161	1,249,926,145

2

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

STATEMENTS OF INCOME AND RETAINED EARNINGS

For the Six Months Ended

February 28, 2023 and August 31, 2023

		(Thousands of yen)
	For the six months ended
	February 28, 2023	August 31, 2023
Operating revenues
Rent and other operating revenues	39,674,615	39,020,627
Gain on sales of property	1,345,346	2,026,138
Dividend income	313,031	358,539
Total operating revenues	41,332,993	41,405,305
Operating expenses
Property-related expenses	18,761,466	18,499,288
Asset management fees	3,682,963	3,762,769
Custodian fees	33,534	34,161
General administration fees	152,116	154,647
Compensation for Directors	5,782	5,782
Amortization of goodwill	401,230	401,230
Other operating expenses	408,629	492,776
Total operating expenses	23,445,722	23,350,655
Operating income	17,887,270	18,054,649
Non-operating revenues
Interest income	323	270
Compensation income	33,802	305
Other non-operating revenues	2,286	1,903
Total non-operating revenues	36,412	2,478
Non-operating expenses
Interest expenses	1,354,246	1,394,617
Interest expenses on investment corporation bonds	188,558	206,102
Amortization of investment corporation bond issuance costs	26,614	25,829
Loan-related costs	351,787	374,537
Loss on retirement of non-current assets	33,802	305
Other non-operating expenses	3,223	3,275
Total non-operating expenses	1,958,231	2,004,668
Ordinary income	15,965,451	16,052,460
Income before income taxes	15,965,451	16,052,460
Income taxes
Current	605	605
Total income taxes	605	605
Net income	15,964,846	16,051,855
Unappropriated earnings at beginning of period	-	-
Retained earnings at the end of period	15,964,846	16,051,855

3

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS

For the Six Months Ended

February 28, 2023 and August 31, 2023

		(Thousands of yen)
	For the six months ended
	February 28, 2023	August 31, 2023
Cash Flows from Operating Activities:
Income before income taxes	15,965,451	16,052,460
Adjustments to reconcile income before income taxes to net cash provided by
operating activities:
Depreciation	5,848,434	5,826,368
Amortization of goodwill	401,230	401,230
Amortization of investment corporation bond issuance costs	26,614	25,829
Gain on sales of property	(1,345,346)	(2,026,138)
Loss on retirement of non-current assets	112,787	68,271
Interest income	(323)	(270)
Interest expenses	1,542,804	1,600,720
Changes in assets and liabilities:
(Increase) decrease in rent receivables	(62,595)	119,531
(Increase) decrease in income taxes receivable	(6,475)	(11,022)
(Increase) decrease in long-term prepaid expenses	(76,007)	(493,620)
Increase (decrease) in accounts payable - operating	(294,488)	303,207
Increase (decrease) in consumption tax payable	(251,794)	(67,287)
Increase (decrease) in accounts payable - other	8,655	(5,697)
Increase (decrease) in accrued expenses	(34,218)	37,376
Increase (decrease) in rent received in advance	45,534	90,082
Increase (decrease) in deposits received	(231,109)	196,165
Other, net	33,491	(261,093)
Sub total	21,682,644	21,856,114
Interest received	323	270
Interest expenses paid	(1,569,859)	(1,565,073)
Income taxes paid	(605)	(605)
Net cash provided by operating activities	20,112,503	20,290,705
Cash Flows from Investing Activities:
Purchase of property and equipment	(524,323)	(15,718)
Deposit for purchase of property and equipment	(405,900)	-
Proceeds from sales of property and equipment	-	2,598,668
Purchase of property and equipment in trust	(4,161,380)	(20,106,306)
Deposit for purchase of property and equipment in trust	-	(442,065)
Proceeds from sales of property and equipment in trust	3,601,089	8,489,246
Payments for sales of property and equipment in trust	(46,598)	(23,760)
Purchase of intangible assets	(14,312)	(6,675)
Purchase of intangible assets in trust	(12,615)	(539,620)
Payments of tenant leasehold and security deposits	-	(202,940)
Proceeds from tenant leasehold and security deposits	28,600	30,000
Payments of tenant leasehold and security deposits in trust	(2,014,630)	(1,121,757)
Proceeds from tenant leasehold and security deposits in trust	1,381,346	1,343,616
Proceeds from lease deposits in trust	12,500	-
Investment in securities	(1,441,520)	(1,004,836)
Payments for restricted bank deposits in trust	(412,529)	-
Proceeds from restricted bank deposits in trust	290,344	-
Net cash used in investing activities	(3,719,930)	(11,002,147)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings	6,200,000	1,000,000
Repayments of short-term borrowings	(6,000,000)	(5,200,000)
Proceeds from long-term borrowings	20,600,000	32,100,000
Repayments of long-term borrowings	(22,800,000)	(23,900,000)
Proceeds from issuance of investment corporation bonds	2,977,608	3,974,447
Redemption of investment corporation bonds	-	(8,000,000)
Distribution payments	(15,816,705)	(16,167,780)
Net cash used in financing activities	(14,839,097)	(16,193,333)
Net change in cash and cash equivalents	1,553,475	(6,904,774)
Cash and cash equivalents at the beginning of period	62,087,062	63,640,538
Cash and cash equivalents at the end of period	63,640,538	56,735,763

4

Outline of portfolio properties 1

No.	Name of property

Location

Form of ownership

Leasable	Appraisal
value at end	Net book
area
of period	value

(Note 1)

10001	Abiko Shopping Plaza
10003	Ito-Yokado Yabashira
10004	JMF-Bldg. Daikanyama 02
10005	GYRE
10006	Ito-Yokado Tsunashima
10007	Bic Camera Tachikawa
10008	AEON Itabashi Shopping Center
10009	JMF-Bldg. Kita Aoyama 01 (Note 9)
10011	SEIYU Hibarigaoka
10012	JMF-Bldg. Jiyugaoka 01
10013	Cheers Ginza
10014	Higashi-Totsuka Aurora City
10016	G-Bldg. Jingumae 06
10017	G-Bldg. Jingumae 01
10020	AEON MALL Musashi Murayama
10021	La Porte Aoyama (Note 5)
10023	JMF-Bldg. Jingumae 01
10024	G-Bldg.Minami-Ikebukuro 01 (Note 5)
10025	Makuhari Plaza
10026	Urban Terrace Jingumae
10027	Round1 Machida
10028	Round1 Stadium Itabashi
10029	Arkangel Daikanyama (Land with leasehold
interest)
10030	G-Bldg. Omotesando 01
10031	Round1 Yokohama Station West
10032	G-Bldg. Sangenjaya 01
10035	Colline Bajikouen
10036	KAWASAKI Le FRONT
10037	JMF-Bldg. Shibuya 01
10038	G-Bldg. Omotesando 02
10039	G-Bldg. Kichijoji 01
10040	CUTE CUBE HARAJUKU
10041	G-Bldg. Ueno 01
10042	JMF-Bldg. Takadanobaba 01

(Note 2)

11-1, Abiko 4-chome,Abiko-shi, Chiba

15-8, Higurashi 1-chome,Matsudo-shi, Chiba, etc.

35-17,Ebisu-Nishi1-chome,Shibuya-ku, Tokyo

10-1, Jingumae 5-chome,Shibuya-ku, Tokyo

8-1,Tsunashima-Nishi2-chome,Kohoku-ku, Yokohama- shi, Kanagawa

12-2, Akebonocho 2-chome,Tachikawa-shi, Tokyo, etc.

6-1, Tokumaru 2-chome,Itabashi-ku, Tokyo

14-8,Kita-Aoyama3-chome,Minato-ku, Tokyo

9-8, Sumiyoshicho 3-chome,Nishi-Tokyo-shi, Tokyo

9-17, Jiyugaoka 2-chome,Meguro-ku, Tokyo, etc.

9-5, Ginza 5-chome,Chuo-ku, Tokyo

537-1, Shinanocho, Totsuka-ku,Yokohama-shi, Kanagawa, etc.

28-3, Jingumae 6-chome,Shibuya-ku, Tokyo

21-5, Jingumae 4-chome,Shibuya-ku, Tokyo

1-3, Enoki 1-chome,Musashimurayama-shi, Tokyo

51-8, Jingumae 5-chome,Shibuya-ku, Tokyo

30-12, Jingumae 3-chome,Shibuya-ku, Tokyo

19-5, Minami Ikebukuro 1-chome,Toshima-ku, Tokyo

7701, Makuharicho 2-chome,Hanamigawa-ku,Chiba-shi, Chiba

47-6, Jingumae 5-chome,Shibuya-ku, Tokyo

13-14, Morino 1-chome,Machida-shi, Tokyo

16-13, Aioicho, Itabashi-ku, Tokyo

111-14, Aobadai 1-chome,Meguro-ku, Tokyo, etc.

1-9, Jingumae 6-chome,Shibuya-ku, Tokyo

8-16, Minamisaiwai 2-chome,Nishi-kuYokohama-shi, Kanagawa

15-4, Taishido 2-chome,Setagaya-ku, Tokyo

4-18, Kamiyoga 2-chome,Setagaya-ku, Tokyo

1-11, Nissincho, Kawasaki-ku,Kawasaki-shi, Kanagawa, etc.

20-13,Jinnan1-chome,Shibuya-ku, Tokyo

25-15, Jingumae 4-chome,Shibuya-ku, Tokyo, etc.

12-12, Kichijoji Honcho 2-chome,Musashino-shi, Tokyo

7-1, Jingumae 1-chome,Shibuya-ku, Tokyo

9-14, Ueno 4-chome,Taito-ku, Tokyo

13-2, Takadanobaba 2-chome,Shinjuku-ku, Tokyo

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(Note 3)	(Note 4)
(m2)	(Millions of yen)	(Millions of yen)
41,453.36	12,900	9,247
21,308.78	1,860	1,215
612.29	1,620	1,185
4,824.68	32,000	21,696
16,549.50	5,130	4,352
20,983.43	22,300	13,204
72,748.34	12,800	10,254
492.69	1,570	913
19,070.88	8,680	4,354
2,043.68	5,210	2,666
1,686.58	4,370	3,835
109,355.90	43,400	43,237
670.42	2,950	2,323
555.75	4,640	3,375
137,466.97	31,100	23,500
4,158.53	10,800	9,060
1,676.87	3,980	5,286
5,066.06	8,440	5,887
24,505.37	6,850	5,180
1,719.19	5,210	2,656
6,801.89	3,300	2,218
14,828.74	3,100	2,103
904.04	1,630	1,012
1,508.03	8,610	5,755
6,560.09	5,440	3,665
3,471.52	6,620	3,604
5,356.54	4,320	3,170
49,224.14	41,300	34,551
1,630.03	4,970	3,042
5,555.65	21,750	17,728
1,718.21	4,030	3,509
1,428.55	9,170	8,433
1,471.80	3,890	3,421
3,569.20	7,670	5,987

5

No.

Name of property

Location

Form of ownership

Leasable	Appraisal
value at end	Net book
area
of period	value

(Note 1)

10043	G-Bldg. Akihabara 01
10044	G-Bldg. Akihabara 02
10045	G-Bldg. Kichijoji 02
10046	JMF-Bldg. Ginza Chuo-Dori 01
10047	MARINE & WALK YOKOHAMA
10048	G-Bldg. Jingumae 07
10049	G-Bldg. Minami Aoyama 03 (Note 5)
10050	JMF-Bldg. Jingumae 02
10051	Round1 Stadium Kawasaki Daishi
10052	m-city Kashiwa
10053	JMF-Bldg. Jingumae 03
10054	Machinoma Omori
10055	JMF-Bldg. Daikanyama 01
10056	AEON MALL Tsudanuma
10057	JMF-Bldg. Yokohama Bashamichi 01 (Note 5)
10058	JMF-Bldg. Kawasaki 01 (Note 5)
10059	JMF-Bldg. Shibuya 02 (Note 5)
10060	JMF-Bldg. Shibuya 03 (Note 5)
10061	JMF-Bldg. Toyocho 01 (Note 5)
10062	OMO3 Tokyo Akasaka (Note 5)
10063	JMF-Bldg. Nihombashi Hamacho 01 (Note 5)
10064	JMF-Bldg. Toyocho 02 (Note 5)
10065	JMF-Bldg. Sasazuka 01 (Note 5)
10066	JMF-Bldg. Ueno 01 (Note 5)
10067	JMF-Bldg. Yokohama 01 (Note 5)
10068	JMF-Bldg. Akasaka 01 (Note 5)
10069	JMF-Bldg. Kanda01 (Note 5)
10070	JMF-Bldg. Edogawabashi 01 (Note 5)
10071	JMF-Bldg. Higashi Nihombashi 01 (Note 5)
10072	JMF-Bldg. Ichigaya 01 (Note 6)
10073	JMF-Bldg. Hiroo 01 (Note 6)
10074	JMF-Bldg. Funabashi 01
10075	JMF-Bldg. Akasaka 02 (Note 5)
10076	JMF-Residence Gakugeidaigaku (Note 5)
10077	JMF-ResidenceKita-Shinagawa (Note 5)

(Note 2)

11-11, Sotokanda 1-chome,Chiyoda-ku, Tokyo

113, Kanda Matsunaga-cho,Chiyoda-ku, Tokyo, etc.

3-13, Kichijoji Minamicho 2-chome,Musashino-shi, Tokyo

6-16, Ginza 2-chome,Chuo-ku, Tokyo

3-1, Shinko 1-chome,Naka-ku,Yokohama-shi, Kanagawa

26-4 Jingumae 4-chome,Shibuya-ku, Tokyo

2-12, Minami Aoyama 5-chome,Minato-ku, Tokyo, etc.

25-5 Jingumae 3-chome,Shibuya-ku, Tokyo

5-1, Tonomachi 1-chome,Kawasaki-ku,Kawasaki-shi, Kanagawa

10 Oyamadai 1-chome,kashiwa-shi, Chiba, etc.

25-28 Jingumae 4-chome,Shibuya-ku, Tokyo, etc.

1-38, Omorinishi 3-chome,Ota-ku, Tokyo

20-20, Daikanyamacho, Shibuya-ku, Tokyo

23-1 Tsudanuma 1-chome,Narashino-shi, Chiba

50-1, Honmachi 6-chome,Naka-ku,Yokohama-shi, Kanagawa

1-14Nisshin-cho,Kawasaki-ku,Kawasaki-shi, Kanagawa

31-15, Sakuragaokacho, Shibuya-ku, Tokyo

11-1 Dogenzaka 2-chome,Shibuya-ku, Tokyo

11-38 Toyo 4-chome,Koto-ku, Tokyo

3-2, Akasaka 4-chome,Minato-ku, Tokyo

12-4, Nihombashi Hamacho 2-chome,Chuo-ku, Tokyo

6-35, Shinsuna 1-chome,Koto-ku, Tokyo

1-6 Sasazuka 2-chome,Shibuya-ku, Tokyo

24-8, Higashiueno 5-chome,Taito-ku, Tokyo

5-1Sakae-cho,Kanagawa-ku,Yokohama-shi, Kanagawa

11-28, Akasaka 1-chome,Minato-ku, Tokyo

1-15, Iwamotocho 2-chome,Chiyoda-ku, Tokyo

44-10, Sekiguchi 1-chome,Bunkyo-ku, Tokyo

8-3Higashi-Nihombashi2-chome,Chuo-ku, Tokyo

2-1 Kudankita 4-chome,Chiyoda-ku, Tokyo

1-11 Minamiazabu 5-chome,Minato-ku, Tokyo

44-35 Honcho 4-chome,Funabashi-shi, Chiba

3-5 Akasaka 2-chome,Minato-ku, Tokyo

9-13 Nozawa 3-chome, Setagayaku, Tokyo

24-7,Kita-shinagawa2-chome,Shinagawa-ku, Tokyo

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(Note 3)	(Note 4)
(m2)	(Millions of yen)	(Millions of yen)
2,701.99	8,100	5,102
1,037.33	2,310	2,455
8,838.79	17,000	14,984
3,141.07	13,400	12,938
8,347.69	11,300	10,504
373.12	2,120	2,026
1,373.46	11,600	12,262
802.40	2,200	2,612
13,559.17	2,930	2,352
20,437.36	6,010	5,678
1,127.08	7,280	7,086
9,107.13	9,600	8,903
2,151.32	3,950	3,274
101,210.44	28,900	28,870
25,151.58	24,500	23,935
24,485.71	23,700	23,773
6,379.66	18,700	19,519
5,044.76	17,200	16,928
12,487.75	10,400	11,393
4,236.46	8,030	7,894
6,123.81	10,600	10,482
11,733.12	7,900	9,785
8,258.44	9,330	9,105
6,858.16	8,700	8,565
12,726.32	8,430	8,203
2,544.21	4,530	4,505
3,145.67	4,360	4,317
3,434.93	3,550	3,786
3,254.74	3,410	3,284
10,372.27	22,100	21,239
4,212.41	10,400	10,094
2,865.76	5,420	5,134
12,202.96	44,800	43,904
1,052.13	1,800	1,566
1,487.13	2,300	1,922

6

No.

Name of property

Location

Form of ownership

Leasable	Appraisal
value at end	Net book
area
of period	value

(Note 1)

10078	JMF-Residence Ikebukuro 1-chome (Note 5)
10079	JMF-Bldg. Nakano 01
10080	JMF-Residence Fujisawa (Note 5)
10081	JMF-ResidenceShin-Yokohama (Note 5)
10082	JMF-Residence Akabane Shimo (Note 5)
20002	Kyoto Family
20003	Kawaramachi OPA
20004	AEON MALL Tsurumi Ryokuchi (Note 7)
20005	AEON MALL Itami
20006	Ario Otori
20007	AEON MALL Kobe Kita
20009	LIFE Shimodera (Land with leasehold interest)
20010	LIFE Taiheiji (Land with leasehold interest)
20011	G-Bldg. Shinsaibashi 01
20012	Round1 Stadium Sennichimae (Land with
leasehold interest)
20013	G-Bldg. Shinsaibashi 02
20014	Izumisano Shofudai (Land with leasehold
interest)
20015	Round1 Stadium Sakai Chuo Kanjyo
20016	pivo Izumi Chuo
20017	KAMISHIN PLAZA
20018	Round1 Kyoto Kawaramachi
20019	G-Bldg. Shinsaibashi 03
20021	m-city Toyonaka
20022	EDION Kyobashi (Land with leasehold
interest)
20023	JMF-Bldg. Abeno 01
20024	JMF-Bldg. Umeda 01
20025	G-Bldg. Shinsaibashi 04
20026	JMF-Bldg. Kyoto Kawaramachi 01
20027	JMF-Bldg. Midosuji 01
20028	G-Bldg. Kobe Sannomiya 01
20029	Round1 Sannomiya Station
20030	G-Bldg. Midosuji 02
20031	Twin 21 (Note 5)
20032	JMF-Bldg. Kitahama 01 (Note 5)
20033	JMF-Bldg. Osaka Fukushima 01 (Note 5)

(Note 2)

16-15, Ikebukuro 1-chome,Toshima-ku, Tokyo

19-2, Nakano 2-chome,Nakano-ku, Tokyo

1-28, Kawana 1-chome,Fujisawa-shi, Kanagawa

18-15,Shi-Yokohama2-chome,Kohoku-ku, Yokohama- shi, Kanagawa

4-13, Shimo 1-chome,Kita-ku, Tokyo

1-1, Ikejiricho, Yamanouchi, Ukyo-ku,Kyoto-shi, Kyoto

385, Komeyacho, Shijo-agaru,Kawaramachi-dori,Nakagyo-ku,Kyoto-shi, Kyoto

17-1, Tsurumi 4-chome,Tsurumi-ku,Osaka-shi, Osaka

1-1, Fujinoki 1-chome,Itami-shi, Hyogo

199-12, Otori Minami-cho3-cho,Nishi-ku,Sakai-shi, Osaka, etc.

1-1, Kouzudai 8-chome,Kita-ku,Kobe-shi, Hyogo

5-23, Shimodera 2-chome,Naniwa-ku,Osaka-shi, Osaka, etc.

43-6, Taiheiji 2-chome, Higashi Osaka-shi, Osaka

5-3,Sinsaibashi-suji2-chome,Chuo-ku,Osaka-shi, Osaka

1, Namba 1-chome,Chuo-ku,Osaka-shi, Osaka, etc.

3-24,Shinsaibashi-suji1-chome,Chuo-ku,Osaka-shi, Osaka

1138-1, Shofudai 1-chome,Izumisano-shi, Osaka

241, Ishihara-cho2-cho,Higashi-kuSakai-shi, Osaka

1-2, Ibukino 5-chome,Izumi-shi, Osaka, etc.

6-12, Osumi 1-chome,Higashiyodogawa-ku,Osaka-shi, Osaka

585, Uraderacho, Shijo-agaru yori Rokkaku-sagaru made, Teramachi-dori,Nakagyo-ku,Kyoto-shi, Kyoto, etc.

2-14,Shinsaibashi-suji1-chome,Chuo-ku,Osaka-shi, Osaka, etc.

2-18,Hinode-cho,2-chome,Toyonaka-shi, Osaka

53-1, Gamo 1-chome,Joto-ku,Osaka-shi, Osaka, etc.

4-7, Abenosuji 1-chome,Abeno-ku,Osaka-shi, Osaka

15-22, Chayamachi, Kita-ku,Osaka-shi, Osaka

10-5, Minamisenba 3-chome,Chuo-ku,Osaka-shi, Osaka, etc.

235, Yamazakicho 2-chome,Sanjo-sagaru, Kawaramachi- dori, Nakagyo-ku,Kyoto-shi, Kyoto

10-25, Minamisenba 3-chome,Chuo-ku,Osaka-shi, Osaka

1-15Kitanagasa-dori3-chome,Chuo-ku,Kobe-shi, Hyogo

1-17Onoe-dori6-chome,Chuo-ku,Kobe-shi, Hyogo

8-18 Shinsaibashisuji 2-chome,Chuo-ku,Osaka-shi, Osaka

1-61 Shiromi 2-chome,Chuo-ku,Osaka-shi, Osaka

6-7 Doshomachi 1-chome,Chuo-ku,Osaka-shi, Osaka

15-26, Fukushima 7-chome,Fukushima-ku,Osaka-shi, Osaka

Trust beneficial interest Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Real property

Real property

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest Trust beneficial interest

Trust beneficial interest

Trust beneficial interest Trust beneficial interest

Trust beneficial interest

(Note 3)	(Note 4)
(m2)	(Millions of yen)	(Millions of yen)
1,357.18	1,830	1,706
3,023.17	4,200	4,050
1,711.13	1,340	1,308
3,989.11	3,380	3,326
2,740.30	2,430	2,298
19,735.47	5,520	5,639
18,848.20	14,200	17,805
138,538.63	25,600	22,115
157,904.26	17,500	18,244
95,135.36	14,400	12,890
128,050.62	11,690	7,802
4,344.18	2,050	1,717
3,898.01	1,110	1,304
966.52	3,240	1,609
1,711.63	12,300	8,091
948.72	8,080	4,213
44,009.52	2,530	2,657
17,521.46	2,290	1,525
21,182.94	6,260	5,017
12,551.98	5,080	4,412
8,821.66	3,730	2,696
5,319.30	31,000	30,197
33,301.93	6,550	5,026
4,307.16	5,940	5,756
4,757.35	5,230	4,566
3,529.51	10,000	9,703
1,610.63	2,990	3,299
2,407.32	2,420	2,144
2,393.40	9,200	10,629
3,750.38	3,030	3,098
10,054.52	3,280	3,151
1,428.28	16,200	15,511
84,964.88	64,800	60,332
10,189.49	13,000	11,269
10,078.72	9,820	8,518

7

				Leasable	Appraisal
No.	Name of property	Location	Form of ownership	value at end	Net book
area
				of period	value
(Note 1)		(Note 2)		(Note 3)	(Note 4)
				(m2)	(Millions of yen)	(Millions of yen)
20034	JMF-Bldg. Higobashi 01 (Note 5)	5-16 Edobori 1-chome,Nishi-ku,Osaka-shi, Osaka	Trust beneficial interest	4,655.57	5,290	4,264
20035	Konami Sports Club Kyobashi	8-17Higashinoda-machi1-chome,Miyakojima-ku,	Trust beneficial interest	9,586.26	3,020	3,355
Osaka-shi, Osaka
20036	JMF-Bldg. Imabashi 01 (Note 5)	3-16 Imabashi 2-chome,Chuo-ku,Osaka-shi, Osaka	Trust beneficial interest	4,277.63	2,720	2,571
20037	JMF-Bldg. Nishi Hommachi 01 (Note 5)	6-1 Awaza 1-chome,Nishi-ku,Osaka-shi, Osaka	Trust beneficial interest	3,849.06	2,940	2,593
20038	G-Bldg. Shinsaibashi 05	8-5Shinsaibashi-suji2-chome,Chuo-ku,Osaka-shi,	Trust beneficial interest	999.29	13,500	9,101
Osaka
20039	JMF-Residence Osaka Noda (Note 5)	1-20, Tamagawa 3-chome,Fukushima-ku,Osaka-shi,	Trust beneficial interest	1,989.40	1,520	1,460
Osaka
20040	JMF-Residence Osaka Fukushima (Note 5)	10-5, Oyodominami 1-chome,Kita-ku,Osaka-shi, Osaka	Trust beneficial interest	2,013.84	1,750	1,538
30001	AEON Yagoto	2-1, Ishizaka, Kojimachi-aza,Showa-ku,Nagoya-shi,	Trust beneficial interest	63,702.48	3,580	3,015
Aichi
30002	mozo wonder city (Note 6)	40-1, Futakatacho, Nishi-ku,Nagoya-shi, Aichi, etc.	Trust beneficial interest	86,327.49	64,200	48,965
30003	G-Bldg. Nagoya Sakae 01	27-24, Sakae 3-chome,Naka-ku,Nagoya-shi, Aichi	Real property	794.02	1,300	1,901
30004	Valor Kachigawa (Land with leasehold interest)	1-1 Onocho 2-chome,Kasugai-shi, Aichi	Trust beneficial interest	20,509.10	3,240	3,205
90001	Nara Family (Note 6)	4-1,Saidaiji-higashimachi2-chome,Nara-shi, Nara	Trust beneficial interest	83,278.28	36,800	32,823
90002	AEON MALL Sapporo Naebo	1-1, Higashinaebo 2jo 3-chome,Higashi-ku,Sapporo-shi,	Trust beneficial interest	74,625.52	9,260	5,816
		Hokkaido
90003	AEON Naha Shopping Center	10-2, Kanagusuku 5-chome,Naha-shi, Okinawa	Trust beneficial interest	79,090.48	10,600	9,147
90004	Oyama Yuen Harvest Walk (Note 5)	1475-52,Aza-kaido-nishi,Oaza-Kizawa,Oyama-shi,	Trust beneficial interest	59,535.09	9,680	7,223
Tochigi, etc.
90005	AEON MALL Sapporo Hassamu	1-1, Hassamu 8jo 12-chome,Nishi-ku,Sapporo-shi,	Trust beneficial interest	102,162.16	23,200	13,818
Hokkaido
90006	MrMax Nagasaki	26-1, Iwami machi, Nagasaki-shi, Nagasaki, etc.	Trust beneficial interest	12,115.09	3,170	2,360
90007	Tecc LIFE SELECT Fukuoka Shime Honten	2-1, Minamizato 5-chome,Shime-machi,Kasuya-gun,	Trust beneficial interest	(Note 8)	6,840	4,060
(Note 9)	Fukuoka
90008	Round1 Hiroshima	3-11, Tatemachi, Naka-ku,Hiroshima-shi, Hiroshima	Trust beneficial interest	9,890.63	4,160	2,670
90009	DFS T GALLERIA OKINAWA	1-1, Omoromachi 4-chome,Naha-shi, Okinawa	Trust beneficial interest	41,845.28	19,100	14,150
90010	G-Bldg. Sendai Ichibancho 01	5-12, Ichibancho 3-chome,Aoba-ku,Sendai-shi, Miyagi	Real property	2,387.17	4,410	4,413
90011	G-Bldg.Naha-shintoshin 01	5-33, Omoromachi 2-chome,Naha-shi, Okinawa	Trust beneficial interest	(Note 8)	6,700	5,449
90012	JMF-Bldg. Tenjin Nishi-dori 01 (Note 5)	8-22, Tenjin 2-chome,Chuo-ku,Fukuoka-shi, Fukuoka	Trust beneficial interest	2,667.42	4,710	5,036
90013	G-Bldg. Tenjin Nishi-dori 02	12-64, Daimyo 1-chome,Chuo-ku,Fukuoka-shi, Fukuoka	Trust beneficial interest	1,496.56	5,620	5,181
90014	JMF-Bldg. Sendai 01 (Note 5)	10-3 Chuo 4-chome,Aoba-ku,Sendai-shi, Miyagi	Trust beneficial interest	13,080.38	7,430	6,838
90015	Dormy Inn Hakata Gion (Note 5)	1-12Reisen-machi,Hakata-ku,Fukuoka-shi, Fukuoka	Trust beneficial interest	5,554.91	4,400	4,416
90016	JMF-Residence Chihaya (Note 5)	4-25 Chihaya 5-chome,Higashi-ku,Fukuoka-shi, Fukuoka	Trust beneficial interest	10,290.99	4,020	3,461
90017	Karuizawa Commongrounds (Land with	1689-2,Aza-Toriiharawaki,Oaza-Nagakura, Karuizawa-	Real property	11,315.43	534	519
leasehold interest)	machi, Kitasaku-gun, Nagano, etc.
		Total		2,537,744.84	1,324,384	1,153,040

Note 1 JMF uses property number for investment properties. The same applies hereinafter.

Note 2 "Location" means the residence indication or the location indicated in the land registry book.

Note 3 Regardless the share of co-ownership or quasi-co-ownership, "Leasable area" means the total area of the building or land with leasehold interest of each property leasable as stores, offices, etc. indicated in the lease agreement or the plan of such property and it does not include the leasable area of warehouses and land (flat parking lots).

Note 4 "Appraisal value at end of period" shows the value appraised or researched by the real estate appraiser (CBRE K.K., Daiwa Real Estate Appraisal Co., Ltd., Japan Real Estate Institute,

Tanizawa Sōgō Appraisal Co., Ltd. and JLL Morii Valuation & Advisory K.K.) in accordance with the methods and standard of assets valuation as stipulated in the Articles of Incorporation of JMF as well as the regulations as stipulated by The Investment Trusts Association, Japan.

Note 5 "Leasable area" for a pass-through master leased property are presented on an end-tenant basis.

Note 6 "Leasable area" for the property which is leased partially in the form of a pass-through master lease is presented on an end-tenant basis.

Note 7 JMF sold 25% quasi-co-ownership interest of the property on September 29, 2023.

Note 8 "Leasable area" of the property is not disclosed because the consent from the tenant has not been obtained.

Note 9 The names of these properties have changed as follows:

JMF-Bldg. Kita Aoyama 01	G-Bldg. Kita Aoyama 01	October 19, 2023
Tecc LIFE SELECT Fukuoka Shime Honten	Kaden sumairu kan YAMADA Fukuoka Shime Honten

8

Outline of portfolio properties 2

No.	Name of property
10001	Abiko Shopping Plaza
10002	G-Bldg. Minami Aoyama 02 (Note 3)
10003	Ito-Yokado Yabashira
10004	JMF-Bldg. Daikanyama 02
10005	GYRE
10006	Ito-Yokado Tsunashima
10007	Bic Camera Tachikawa
10008	AEON Itabashi Shopping Center
10009	JMF-Bldg. Kita Aoyama 01
10011	SEIYU Hibarigaoka
10012	JMF-Bldg. Jiyugaoka 01
10013	Cheers Ginza
10014	Higashi-Totsuka Aurora City
10016	G-Bldg. Jingumae 06
10017	G-Bldg. Jingumae 01
10020	AEON MALL Musashi Murayama
10021	La Porte Aoyama (Note 4)
10023	JMF-Bldg. Jingumae 01
10024	G-Bldg.Minami-Ikebukuro 01 (Note 4)
10025	Makuhari Plaza
10026	Urban Terrace Jingumae
10027	Round1 Machida
10028	Round1 Stadium Itabashi
10029	Arkangel Daikanyama (Land with leasehold
interest)
10030	G-Bldg. Omotesando 01
10031	Round1 Yokohama Station West
10032	G-Bldg. Sangenjaya 01
10033	G-Bldg. Ginza 01 (Note 6)
10035	Colline Bajikouen
10036	KAWASAKI Le FRONT
10037	JMF-Bldg. Shibuya 01
10038	G-Bldg. Omotesando 02
10039	G-Bldg. Kichijoji 01
10040	CUTE CUBE HARAJUKU
10041	G-Bldg. Ueno 01

For the six months ended February 28, 2023	For the six months ended August 31, 2023
Number of	Occupancy	Rent and other	Ratio of rent	Number of	Occupancy		Rent and other	Ratio of rent
revenue to total		revenue to total
tenants	ratio	operating revenues	tenants	ratio		operating revenues
rent revenues		rent revenues
(Note 1)	(Note 2)		(Note 2)	(Note 1)	(Note 2)			(Note 2)
	(%)	(Millions of yen)	(%)		(%)		(Millions of yen)	(%)
54	100.0	658	1.7	53	99.5		634	1.6
4	100.0	92	0.2		-	-	92	0.2
1	100.0	78	0.2	1	100.0		78	0.2
3	100.0	32	0.1	3	100.0		41	0.1
14	96.8	646	1.6	14	100.0		686	1.8
1	100.0	168	0.4	1	100.0		168	0.4
2	100.0	628	1.6	2	100.0		627	1.6
1	100.0	698	1.8	1	100.0		716	1.8
2	100.0	35	0.1	2	64.5		21	0.1
1	100.0	249	0.6	1	100.0		249	0.6
4	100.0	110	0.3	4	100.0		109	0.3
9	89.7	93	0.2	10	100.0		101	0.3
5	100.0	1,262	3.2	5	100.0		1,262	3.2
4	100.0	55	0.1	4	100.0		54	0.1
2	100.0	82	0.2	2	100.0		82	0.2
1	100.0	917	2.3	1	100.0		920	2.4
24	100.0	287	0.7	24	100.0		288	0.7
8	100.0	83	0.2	8	100.0		83	0.2
8	100.0	262	0.7	8	100.0		263	0.7
5	100.0	213	0.5	5	100.0		212	0.5
2	100.0	107	0.3	2	100.0		106	0.3
1	100.0	90	0.2	1	100.0		90	0.2
1	100.0	95	0.2	1	100.0		95	0.2
1	100.0	(Note 5)	(Note 5)	1	100.0		(Note 5)	(Note 5)
1	100.0	135	0.3	1	100.0		135	0.3
1	100.0	114	0.3	1	100.0		114	0.3
3	100.0	181	0.5	3	100.0		179	0.5
-	-	0	0.0		-	-	-	-
10	100.0	138	0.3	10	100.0		138	0.4
67	100.0	1,959	4.9	67	100.0		1,995	5.1
2	100.0	84	0.2	2	100.0		98	0.3
6	100.0	367	0.9	6	100.0		376	1.0
1	100.0	(Note 5)	(Note 5)	1	100.0		(Note 5)	(Note 5)
9	90.7	166	0.4	10	100.0		162	0.4
1	100.0	76	0.2	1	100.0		76	0.2

9