Japan Metropolitan Fund Investment Corporation

The 44th Fiscal Period Financial Results

(September 1, 2023 - February 29, 2024)

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

BALANCE SHEETS

As of August 31, 2023 and February 29, 2024

(Thousands of yen)

As of

August 31, 2023

February 29, 2024

ASSETS

Current assets:

Cash and bank deposits

37,370,321

34,754,524

Cash and bank deposits in trust

20,000,965

22,211,043

Rent receivables

1,039,176

993,527

Advance payments to suppliers

847,965

442,065

Income taxes receivable

64,467

75,213

Other current assets

1,603,319

1,658,405

Total current assets

60,926,215

60,134,780

Non-current assets:

Property and equipment:

Buildings

2,486,839

3,944,027

Accumulated depreciation

(933,789)

(983,348)

Buildings, net

1,553,050

2,960,679

Building improvements

66,137

85,985

Accumulated depreciation

(36,194)

(37,752)

Building improvements, net

29,943

48,233

Furniture and fixtures

21,364

28,684

Accumulated depreciation

(17,158)

(17,614)

Furniture and fixtures, net

4,205

11,070

Land

27,036,723

29,793,629

Buildings in trust

353,589,636

354,032,967

Accumulated depreciation

(129,794,961)

(132,530,000)

Buildings in trust, net

223,794,674

221,502,967

Building improvements in trust

12,401,784

12,057,229

Accumulated depreciation

(5,390,598)

(5,386,649)

Building improvements in trust, net

7,011,185

6,670,580

Machinery and equipment in trust

2,308,086

2,349,340

Accumulated depreciation

(1,530,172)

(1,543,204)

Machinery and equipment in trust, net

777,914

806,136

Furniture and fixtures in trust

5,394,826

5,399,524

Accumulated depreciation

(3,722,695)

(3,771,805)

Furniture and fixtures in trust, net

1,672,131

1,627,718

Land in trust

884,746,656

879,743,365

Construction in progress in trust

845,496

907,536

Total property and equipment

1,147,471,982

1,144,071,916

Intangible assets:

Goodwill

14,043,051

13,641,821

Leasehold rights in trust

5,513,530

5,442,724

Other intangible assets

257,261

212,450

Other intangible assets in trust

55,443

48,420

Total intangible assets

19,869,287

19,345,417

Investment and other assets:

Investment securities

16,905,127

19,734,888

Lease deposits in trust

1,467,115

1,503,010

Long-term prepaid expenses

2,895,652

2,895,580

Derivatives

236,608

241,015

Other investments

1,036

1,046

Total investment and other assets

21,505,540

24,375,541

Total non-current assets

1,188,846,810

1,187,792,876

Deferred assets:

Investment corporation bond issuance costs

153,119

151,025

Total deferred assets

153,119

151,025

TOTAL ASSETS

1,249,926,145

1,248,078,682

(To be continued on the following page)

1

(Thousands of yen)

As of

August 31, 2023

February 29, 2024

LIABILITIES AND NET ASSETS

Current liabilities:

Accounts payable - operating

4,863,376

4,523,480

Short-term borrowings

2,000,000

500,000

Current portion of long-term bonds issued - unsecured

14,500,000

14,000,000

Current portion of long-term borrowings

48,200,000

59,150,000

Accounts payable - other

37,341

37,371

Accrued expenses

2,207,115

2,186,540

Income taxes payable

605

605

Consumption tax payable

709,307

943,582

Rent received in advance

4,546,436

4,583,004

Deposits received

1,540,740

1,356,273

Current portion of tenant leasehold and security deposits in trust

68,065

68,065

Derivatives liabilities

112,552

-

Other current liabilities

110,876

76,337

Total current liabilities

78,896,417

87,425,259

Non-current liabilities:

Long-term bonds issued - unsecured

47,000,000

43,500,000

Long-term borrowings

438,945,000

432,995,000

Tenant leasehold and security deposits

1,680,864

1,714,861

Tenant leasehold and security deposits in trust

57,498,883

56,173,372

Asset retirement obligations

730,463

826,804

Other non-current liabilities

97,225

84,403

Total non-current liabilities

545,952,436

535,294,443

TOTAL LIABILITIES

624,848,854

622,719,703

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

1,153,619

1,658,833

Reserve for dividends

3,915,072

3,915,072

Retained earnings for temporary difference adjustment

640,675

384,982

Total voluntary reserve

5,709,367

5,958,888

Retained earnings

16,051,855

16,016,218

Total surplus

212,616,568

212,830,452

Total unitholders' equity

624,494,650

624,708,534

Valuation and translation adjustments:

Net unrealized holding gains (losses) on investment securities

346,032

409,429

Deferred gains on hedges

236,608

241,015

Total valuation and translation adjustments

582,640

650,444

TOTAL NET ASSETS

625,077,291

625,358,979

TOTAL LIABILITIES AND NET ASSETS

1,249,926,145

1,248,078,682

2

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

STATEMENTS OF INCOME AND RETAINED EARNINGS

For the Six Months Ended

August 31, 2023 and February 29, 2024

(Thousands of yen)

For the six months ended

August 31, 2023

February 29, 2024

Operating revenues

Rent and other operating revenues

39,020,627

39,039,861

Gain on sales of property

2,026,138

1,434,210

Dividend income

358,539

405,248

Total operating revenues

41,405,305

40,879,319

Operating expenses

Property-related expenses

18,499,288

18,049,331

Asset management fees

3,762,769

3,696,365

Custodian fees

34,161

33,606

General administration fees

154,647

152,876

Compensation for Directors

5,782

5,782

Amortization of goodwill

401,230

401,230

Other operating expenses

492,776

513,751

Total operating expenses

23,350,655

22,852,943

Operating income

18,054,649

18,026,375

Non-operating revenues

Interest income

270

290

Compensation income

305

-

Other non-operating revenues

1,903

3,411

Total non-operating revenues

2,478

3,702

Non-operating expenses

Interest expenses

1,394,617

1,408,280

Interest expenses on investment corporation bonds

206,102

194,199

Amortization of investment corporation bond issuance costs

25,829

25,244

Loan-related costs

374,537

384,037

Loss on retirement of non-current assets

305

-

Other non-operating expenses

3,275

1,491

Total non-operating expenses

2,004,668

2,013,253

Ordinary income

16,052,460

16,016,823

Income before income taxes

16,052,460

16,016,823

Income taxes

Current

605

605

Total income taxes

605

605

Net income

16,051,855

16,016,218

Unappropriated earnings at beginning of period

-

-

Retained earnings at the end of period

16,051,855

16,016,218

3

JAPAN METROPOLITAN FUND INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS

For the Six Months Ended

August 31, 2023 and February 29, 2024

(Thousands of yen)

For the six months ended

August 31, 2023

February 29, 2024

Cash Flows from Operating Activities:

Income before income taxes

16,052,460

16,016,823

Adjustments to reconcile income before income taxes to net cash provided by

operating activities:

Depreciation

5,826,368

5,709,313

Amortization of goodwill

401,230

401,230

Amortization of investment corporation bond issuance costs

25,829

25,244

Gain on sales of property

(2,026,138)

(1,434,210)

Loss on retirement of non-current assets

68,271

161,389

Interest income

(270)

(290)

Interest expenses

1,600,720

1,602,480

Changes in assets and liabilities:

(Increase) decrease in rent receivables

119,531

45,645

(Increase) decrease in income taxes receivable

(11,022)

(10,746)

(Increase) decrease in long-term prepaid expenses

(493,620)

72

Increase (decrease) in accounts payable - operating

303,207

(659,786)

Increase (decrease) in consumption tax payable

(67,287)

234,275

Increase (decrease) in accounts payable - other

(5,697)

3,274

Increase (decrease) in accrued expenses

37,376

(22,057)

Increase (decrease) in rent received in advance

90,082

36,567

Increase (decrease) in deposits received

196,165

(126,695)

Other, net

(261,093)

(110,530)

Sub total

21,856,114

21,871,998

Interest received

270

290

Interest expenses paid

(1,565,073)

(1,602,865)

Income taxes paid

(605)

(605)

Net cash provided by operating activities

20,290,705

20,268,818

Cash Flows from Investing Activities:

Purchase of property and equipment

(15,718)

(3,835,292)

Proceeds from sales of property and equipment

2,598,668

-

Payments for sales of property and equipment

-

(17,160)

Purchase of property and equipment in trust

(20,106,306)

(6,309,268)

Deposit for purchase of property and equipment in trust

(442,065)

-

Proceeds from sales of property and equipment in trust

8,489,246

10,135,715

Payments for sales of property and equipment in trust

(23,760)

(58,980)

Purchase of intangible assets

(6,675)

(3,245)

Purchase of intangible assets in trust

(539,620)

(10,712)

Proceeds from sales of intangible assets in trust

-

65,062

Payments of tenant leasehold and security deposits

(202,940)

(22,898)

Proceeds from tenant leasehold and security deposits

30,000

69,445

Payments of tenant leasehold and security deposits in trust

(1,121,757)

(2,530,639)

Proceeds from tenant leasehold and security deposits in trust

1,343,616

973,055

Payments of lease deposits in trust

-

(56,609)

Proceeds from lease deposits in trust

-

20,714

Investment in securities

(1,004,836)

(2,766,133)

Payments for restricted bank deposits in trust

-

(6)

Other expenditures

-

(10)

Net cash used in investing activities

(11,002,147)

(4,346,963)

Cash Flows from Financing Activities:

Proceeds from short-term borrowings

1,000,000

2,200,000

Repayments of short-term borrowings

(5,200,000)

(3,700,000)

Proceeds from long-term borrowings

32,100,000

22,400,000

Repayments of long-term borrowings

(23,900,000)

(17,400,000)

Proceeds from issuance of investment corporation bonds

3,974,447

3,476,849

Redemption of investment corporation bonds

(8,000,000)

(7,500,000)

Distribution payments

(16,167,780)

(15,804,429)

Net cash used in financing activities

(16,193,333)

(16,327,580)

Net change in cash and cash equivalents

(6,904,774)

(405,726)

Cash and cash equivalents at the beginning of period

63,640,538

56,735,763

Cash and cash equivalents at the end of period

56,735,763

56,330,037

4

Outline of portfolio properties

1

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)

10001

Abiko Shopping Plaza

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

Trust beneficial interest

41,453.36

13,300

9,167

10003

Ito-Yokado Yabashira

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

Trust beneficial interest

21,308.78

1,860

1,204

10004

JMF-Bldg. Daikanyama 02

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

Trust beneficial interest

612.29

1,620

1,181

10005

GYRE

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

Trust beneficial interest

4,865.04

32,800

21,723

10006

Ito-Yokado Tsunashima

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

Trust beneficial interest

16,549.50

5,130

4,331

shi, Kanagawa

10007

Bic Camera Tachikawa

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

Trust beneficial interest

20,983.43

22,300

13,217

10008

AEON Itabashi Shopping Center

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

Trust beneficial interest

72,748.34

12,800

10,255

10009

JMF-Bldg. Kita Aoyama 01

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

Trust beneficial interest

492.69

1,570

915

10011

SEIYU Hibarigaoka

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

Trust beneficial interest

19,070.88

8,670

4,433

10012

JMF-Bldg. Jiyugaoka 01

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

Trust beneficial interest

2,043.68

5,210

2,654

10013

Cheers Ginza

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

Trust beneficial interest

1,686.58

4,390

3,830

10014

Higashi-Totsuka Aurora City

537-1, Shinanocho, Totsuka-ku,Yokohama-shi,

Trust beneficial interest

109,355.90

43,400

43,277

Kanagawa, etc.

10016

G-Bldg. Jingumae 06

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

Real property

670.42

2,950

2,320

10017

G-Bldg. Jingumae 01

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

Real property

555.75

4,640

3,372

10020

AEON MALL Musashi Murayama

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

Trust beneficial interest

137,466.97

31,800

23,595

10021

La Porte Aoyama (Note 5)

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

Trust beneficial interest

4,158.53

10,800

9,045

10023

JMF-Bldg. Jingumae 01

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

Real property

1,676.87

3,980

5,275

10024

G-Bldg.Minami-Ikebukuro 01 (Note 5)

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

Trust beneficial interest

5,066.06

10,600

5,931

10025

Makuhari Plaza

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

Trust beneficial interest

24,505.37

6,930

5,202

Chiba

10026

Urban Terrace Jingumae

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

Trust beneficial interest

1,719.19

5,210

2,656

10027

Round1 Machida

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

Trust beneficial interest

6,801.89

3,290

2,208

10028

Round1 Stadium Itabashi

16-13, Aioicho, Itabashi-ku, Tokyo

Trust beneficial interest

14,828.74

3,090

2,131

10029

Arkangel Daikanyama (Land with leasehold

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

Trust beneficial interest

904.04

1,630

1,012

interest)

10030

G-Bldg. Omotesando 01

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

Real property

1,508.03

8,600

5,748

10031

Round1 Yokohama Station West

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

Trust beneficial interest

6,560.09

5,430

3,670

Kanagawa

10032

G-Bldg. Sangenjaya 01

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

Trust beneficial interest

3,471.52

6,660

3,590

10035

Colline Bajikouen

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

Trust beneficial interest

5,356.54

4,380

3,173

10036

KAWASAKI Le FRONT

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

Trust beneficial interest

49,224.14

41,300

34,497

etc.

10037

JMF-Bldg. Shibuya 01

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

Trust beneficial interest

1,630.03

4,970

3,031

10038

G-Bldg. Omotesando 02

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

Trust beneficial interest

5,555.65

21,750

17,721

10039

G-Bldg. Kichijoji 01

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

Trust beneficial interest

1,718.21

4,030

3,515

10040

CUTE CUBE HARAJUKU

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

Trust beneficial interest

1,428.55

9,170

8,423

10041

G-Bldg. Ueno 01

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

Trust beneficial interest

1,471.80

3,990

3,415

5

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)

10042

JMF-Bldg. Takadanobaba 01

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

Trust beneficial interest

3,569.20

7,670

5,972

10043

G-Bldg. Akihabara 01

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

Trust beneficial interest

2,701.99

8,080

5,090

10044

G-Bldg. Akihabara 02

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

Trust beneficial interest

1,037.33

2,310

2,450

10045

G-Bldg. Kichijoji 02

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

Trust beneficial interest

8,838.79

16,000

14,957

Tokyo

10046

JMF-Bldg. Ginza Chuo-Dori 01

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

Trust beneficial interest

3,141.07

13,550

12,926

10047

MARINE & WALK YOKOHAMA

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

Trust beneficial interest

8,347.69

11,500

10,452

10048

G-Bldg. Jingumae 07

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

Real property

373.12

2,640

2,025

10049

G-Bldg. Minami Aoyama 03 (Note 5)

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

Trust beneficial interest

1,373.46

11,600

12,256

10050

JMF-Bldg. Jingumae 02

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

Trust beneficial interest

802.40

2,170

2,594

10051

Round1 Stadium Kawasaki Daishi

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

Trust beneficial interest

13,559.17

2,900

2,347

Kanagawa

10052

m-city Kashiwa

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

Trust beneficial interest

20,437.36

5,980

5,669

10053

JMF-Bldg. Jingumae 03

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

Trust beneficial interest

1,127.08

7,280

7,084

10054

Machinoma Omori

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

Trust beneficial interest

9,107.13

9,770

8,855

10055

JMF-Bldg. Daikanyama 01

20-20, Daikanyamacho, Shibuya-ku, Tokyo

Trust beneficial interest

2,151.32

3,920

3,262

10056

AEON MALL Tsudanuma

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

Trust beneficial interest

101,210.44

28,600

29,070

10057

JMF-Bldg. Yokohama Bashamichi 01 (Note 5)

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

Trust beneficial interest

25,151.58

24,500

24,003

Kanagawa

10058

JMF-Bldg. Kawasaki 01 (Note 5)

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

Trust beneficial interest

24,485.71

23,700

23,815

10059

JMF-Bldg. Shibuya 02 (Note 5)

31-15, Sakuragaokacho, Shibuya-ku, Tokyo

Trust beneficial interest

6,379.66

19,100

19,496

10060

JMF-Bldg. Shibuya 03 (Note 5)

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

Trust beneficial interest

5,043.52

17,200

16,915

10061

JMF-Bldg. Toyocho 01 (Note 5)

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

Trust beneficial interest

12,487.75

10,400

11,391

10062

OMO3 Tokyo Akasaka (Note 5)

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

Trust beneficial interest

4,236.46

8,060

7,873

10063

JMF-Bldg. Nihombashi Hamacho 01 (Note 5)

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

Trust beneficial interest

6,123.81

10,800

10,508

10064

JMF-Bldg. Toyocho 02 (Note 5)

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

Trust beneficial interest

11,733.12

7,900

9,776

10065

JMF-Bldg. Sasazuka 01 (Note 5)

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

Trust beneficial interest

8,258.44

9,200

9,088

10066

JMF-Bldg. Ueno 01 (Note 5)

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

Trust beneficial interest

6,858.16

8,700

8,575

10067

JMF-Bldg. Yokohama 01 (Note 5)

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

Trust beneficial interest

12,722.51

8,990

8,195

10068

JMF-Bldg. Akasaka 01 (Note 5)

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

Trust beneficial interest

2,544.21

4,510

4,514

10069

JMF-Bldg. Kanda01 (Note 5)

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

Trust beneficial interest

3,145.67

4,470

4,329

10070

JMF-Bldg. Edogawabashi 01 (Note 5)

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

Trust beneficial interest

3,434.93

3,530

3,797

10071

JMF-Bldg. Higashi Nihombashi 01 (Note 5)

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

Trust beneficial interest

3,254.74

3,410

3,289

10072

JMF-Bldg. Ichigaya 01 (Note 6)

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

Trust beneficial interest

10,372.27

22,100

21,325

10073

JMF-Bldg. Hiroo 01 (Note 6)

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

Trust beneficial interest

4,212.41

10,400

10,076

10074

JMF-Bldg. Funabashi 01

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

Trust beneficial interest

2,865.76

5,420

5,119

10075

JMF-Bldg. Akasaka 02 (Note 5)

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

Trust beneficial interest

12,202.96

44,800

43,876

6

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)

10076

JMF-Residence Gakugeidaigaku (Note 5)

9-13 Nozawa 3-chome, Setagayaku, Tokyo

Trust beneficial interest

1,052.13

1,810

1,561

10077

JMF-ResidenceKita-Shinagawa (Note 5)

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

Trust beneficial interest

1,487.13

2,300

1,915

10078

JMF-Residence Ikebukuro 1-chome (Note 5)

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

Trust beneficial interest

1,357.18

1,830

1,699

10079

JMF-Bldg. Nakano 01

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

Trust beneficial interest

3,023.17

4,200

4,047

10080

JMF-Residence Fujisawa (Note 5)

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

Trust beneficial interest

1,711.13

1,320

1,299

10081

JMF-ResidenceShin-Yokohama (Note 5)

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

Trust beneficial interest

3,989.11

3,380

3,322

shi, Kanagawa

10082

JMF-Residence Akabane Shimo (Note 5)

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

Trust beneficial interest

2,740.30

2,430

2,299

10083

JMF-Residence Machida (Note 5)

21-24, Haramachida 2-chome,Machida-shi, Tokyo

Real property

4,693.77

4,290

4,215

20002

Kyoto Family

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

Trust beneficial interest

19,735.47

5,590

5,721

20003

Kawaramachi OPA

385, Komeyacho, Shijo-agaru,Kawaramachi-dori,

Trust beneficial interest

18,848.20

14,000

17,790

Nakagyo-ku,Kyoto-shi, Kyoto

20004

AEON MALL Tsurumi Ryokuchi

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

Trust beneficial interest

138,538.63

19,200

16,485

20005

AEON MALL Itami

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

Trust beneficial interest

157,904.26

17,300

18,360

20006

Ario Otori

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

Trust beneficial interest

95,135.36

14,300

12,712

Osaka, etc.

20007

AEON MALL Kobe Kita

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

Trust beneficial interest

128,050.62

11,830

7,704

20009

LIFE Shimodera (Land with leasehold interest)

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

Real property

4,344.18

2,070

1,717

etc.

20010

LIFE Taiheiji (Land with leasehold interest)

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

Real property

3,898.01

1,100

1,304

20011

G-Bldg. Shinsaibashi 01

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

Trust beneficial interest

966.52

3,590

1,606

20012

Round1 Stadium Sennichimae (Land with

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

Trust beneficial interest

1,711.63

12,900

8,091

leasehold interest)

20013

G-Bldg. Shinsaibashi 02

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

Trust beneficial interest

948.72

8,080

4,206

Osaka

20014

Izumisano Shofudai (Land with leasehold

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

Trust beneficial interest

44,009.52

2,500

2,657

interest)

20015

Round1 Stadium Sakai Chuo Kanjyo

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

Trust beneficial interest

17,521.46

2,280

1,516

20016

pivo Izumi Chuo

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

Trust beneficial interest

21,182.94

6,240

4,970

20017

KAMISHIN PLAZA

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

Trust beneficial interest

12,651.05

5,230

4,382

Osaka

20018

Round1 Kyoto Kawaramachi

585, Uraderacho, Shijo-agaru yori Rokkaku-sagaru made,

Trust beneficial interest

8,821.66

3,660

2,691

Teramachi-dori,Nakagyo-ku,Kyoto-shi, Kyoto, etc.

20019

G-Bldg. Shinsaibashi 03

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

Trust beneficial interest

5,319.30

31,100

30,229

Osaka, etc.

20021

m-city Toyonaka

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

Trust beneficial interest

33,301.93

6,530

4,992

20022

EDION Kyobashi (Land with leasehold

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

Trust beneficial interest

4,307.16

5,990

5,756

interest)

20023

JMF-Bldg. Abeno 01

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

Trust beneficial interest

4,757.35

5,390

4,586

20024

JMF-Bldg. Umeda 01

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

Trust beneficial interest

3,529.51

10,200

9,703

20025

G-Bldg. Shinsaibashi 04

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

Trust beneficial interest

1,610.63

3,010

3,296

etc.

20026

JMF-Bldg. Kyoto Kawaramachi 01

235, Yamazakicho 2-chome,Sanjo-sagaru, Kawaramachi-

Trust beneficial interest

2,407.32

2,440

2,143

dori, Nakagyo-ku,Kyoto-shi, Kyoto

20027

JMF-Bldg. Midosuji 01

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

Trust beneficial interest

2,393.40

9,260

10,616

20028

G-Bldg. Kobe Sannomiya 01

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

Trust beneficial interest

3,750.38

3,040

3,114

20030

G-Bldg. Midosuji 02

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

Trust beneficial interest

1,428.28

31,500

15,505

Osaka

20031

Twin 21 (Note 5)

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

Trust beneficial interest

84,964.88

65,400

60,166

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)

20032

JMF-Bldg. Kitahama 01 (Note 5)

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

Trust beneficial interest

10,189.49

13,000

11,227

20033

JMF-Bldg. Osaka Fukushima 01 (Note 5)

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

Trust beneficial interest

10,078.72

9,840

8,517

Osaka

20034

JMF-Bldg. Higobashi 01 (Note 5)

5-16 Edobori 1-chome,Nishi-ku,Osaka-shi, Osaka

Trust beneficial interest

4,655.57

5,310

4,269

20035

Konami Sports Club Kyobashi

8-17Higashinoda-machi1-chome,Miyakojima-ku,

Trust beneficial interest

9,586.26

3,010

3,350

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

2,810

2,565

20037

JMF-Bldg. Nishi Hommachi 01 (Note 5)

6-1 Awaza 1-chome,Nishi-ku,Osaka-shi, Osaka

Trust beneficial interest

3,849.06

2,990

2,616

20038

G-Bldg. Shinsaibashi 05

8-5Shinsaibashi-suji2-chome,Chuo-ku,Osaka-shi,

Trust beneficial interest

999.29

13,500

9,099

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

1,452

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

1,530

30001

AEON Yagoto

2-1, Ishizaka, Kojimachi-aza,Showa-ku,Nagoya-shi,

Trust beneficial interest

63,810.69

3,600

3,002

Aichi

30002

mozo wonder city (Note 6)

40-1, Futakatacho, Nishi-ku,Nagoya-shi, Aichi, etc.

Trust beneficial interest

86,370.52

64,200

48,474

30003

G-Bldg. Nagoya Sakae 01

27-24, Sakae 3-chome,Naka-ku,Nagoya-shi, Aichi

Real property

794.02

1,300

1,898

30004

Valor Kachigawa (Land with leasehold interest)

1-1 Onocho 2-chome,Kasugai-shi, Aichi

Trust beneficial interest

20,509.10

3,250

3,205

30005

JMF-Residence Meiekiminami (Note 5)

3-16, Meiekiminami 3-chome,Nakamura-ku,Nagoya-shi,

Trust beneficial interest

3,828.20

2,420

2,355

Aichi

90001

Nara Family (Note 6)

4-1,Saidaiji-higashimachi2-chome,Nara-shi, Nara

Trust beneficial interest

83,297.41

36,700

32,661

90002

AEON MALL Sapporo Naebo

1-1, Higashinaebo 2jo 3-chome,Higashi-ku,Sapporo-shi,

Trust beneficial interest

74,625.52

9,260

5,801

Hokkaido

90003

AEON Naha Shopping Center

10-2, Kanagusuku 5-chome,Naha-shi, Okinawa

Trust beneficial interest

79,090.48

10,700

9,178

90004

Oyama Yuen Harvest Walk (Note 5)

1475-52,Aza-kaido-nishi,Oaza-Kizawa,Oyama-shi,

Trust beneficial interest

60,171.65

9,680

7,189

Tochigi, etc.

90005

AEON MALL Sapporo Hassamu

1-1, Hassamu 8jo 12-chome,Nishi-ku,Sapporo-shi,

Trust beneficial interest

102,162.16

24,800

13,717

Hokkaido

90006

MrMax Nagasaki

26-1, Iwami machi, Nagasaki-shi, Nagasaki, etc.

Trust beneficial interest

12,115.09

3,220

2,375

90007

Tecc LIFE SELECT Fukuoka Shime Honten

2-1, Minamizato 5-chome,Shime-machi,Kasuya-gun,

Trust beneficial interest

(Note 7)

6,830

4,043

Fukuoka

90008

Round1 Hiroshima

3-11, Tatemachi, Naka-ku,Hiroshima-shi, Hiroshima

Trust beneficial interest

9,890.63

4,150

2,653

90009

DFS T GALLERIA OKINAWA

1-1, Omoromachi 4-chome,Naha-shi, Okinawa

Trust beneficial interest

41,845.28

18,100

14,025

90010

G-Bldg. Sendai Ichibancho 01

5-12, Ichibancho 3-chome,Aoba-ku,Sendai-shi, Miyagi

Real property

2,387.17

4,410

4,407

90011

G-Bldg.Naha-shintoshin 01

5-33, Omoromachi 2-chome,Naha-shi, Okinawa

Trust beneficial interest

(Note 7)

6,670

5,432

90012

JMF-Bldg. Tenjin Nishi-dori 01 (Note 5)

8-22, Tenjin 2-chome,Chuo-ku,Fukuoka-shi, Fukuoka

Trust beneficial interest

2,658.19

4,640

5,029

90013

G-Bldg. Tenjin Nishi-dori 02

12-64, Daimyo 1-chome,Chuo-ku,Fukuoka-shi, Fukuoka

Trust beneficial interest

1,496.56

5,610

5,177

90014

JMF-Bldg. Sendai 01 (Note 5)

10-3 Chuo 4-chome,Aoba-ku,Sendai-shi, Miyagi

Trust beneficial interest

13,079.19

7,530

6,825

90015

Dormy Inn Hakata Gion (Note 5)

1-12Reisen-machi,Hakata-ku,Fukuoka-shi, Fukuoka

Trust beneficial interest

5,554.91

4,390

4,400

90016

JMF-Residence Chihaya (Note 5)

4-25 Chihaya 5-chome,Higashi-ku,Fukuoka-shi, Fukuoka

Trust beneficial interest

10,331.46

4,090

3,444

90017

Karuizawa Commongrounds (Land with

1689-2,Aza-Toriiharawaki,Oaza-Nagakura, Karuizawa-

Real property

11,315.43

535

519

leasehold interest)

machi, Kitasaku-gun, Nagano, etc.

Total

2,537,183.65

1,344,515

1,149,563

8

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

9

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Japan Metropolitan Fund Investment Corporation published this content on 17 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 07:05:04 UTC.