Portfolio List

As of December 1, 2025

Portfolio Assets

Property no.	Property name	Area	Location	Asset type	Acquisition price (million yen)	Appraisal value (million yen) (Note 1)	NOI yield before depreciation (%) (Note 2)	NOI yield after depreciation (%) (Note 2)
Property no.	Property name		Location
11201	YAMADA DENKI Tecc Land Sapporo Shiroishi	6Hokkaido region	Sapporo-shi, Hokkaido	1Leasehold land	1,300	1,350	4.4%	4.4%
13101	Asumigaoka Brand-New Mall	1Tokyo metropolitan area	Chiba-shi, Chiba	2Land + building	3,200	2,537 (Note 3)	6.0% (Note 3)	4.6%
13102	Nishi-shiroi Ekimae Plaza	1Tokyo metropolitan area	Shiroi-shi, Chiba	2Land + building	451	471	5.9%	5.4%
13103	fab Minamiosawa	1Tokyo metropolitan area	Hachioji-shi, Tokyo	2Land + building	3,600	4,390	4.9%	3.8%
13201	K’s Denki Oyumino	1Tokyo metropolitan area	Chiba-shi, Chiba	1Leasehold land	2,710	2,890	4.7%	4.7%
13202	Nitori Tsuchiura	1Tokyo metropolitan area	Tsuchiura-shi, Ibaraki	1Leasehold land	999	1,100	5.4%	5.4%
13203	Nitori Imaichi	1Tokyo metropolitan area	Nikko-shi, Tochigi	1Leasehold land	363	412	6.0%	6.0%
15201	MaxValu Kikyougaoka-higashi	3Chubu region	Nabari-shi, Mie	1Leasehold land	477	556	6.2%	6.2%
16101	tonarie Minami-senri	2Kinki region	Suita-shi, Osaka	2Land + building	7,200	10,900	14.0%	13.3%
16102	tonarie Seiwadai	2Kinki region	Kawanishi-shi, Hyogo	2Land + building	3,290	3,290	5.3%	3.5%
16103	tonarie Yamatotakada	2Kinki region	Yamatotakada-shi, Nara	2Land + building	8,208	8,130	4.9%	3.9%
16104	tonarie Toga・Mikita	2Kinki region	Sakai-shi, Osaka	2Land + building	6,986	7,210	4.9%	3.9%
16201	LAMU Kitatsumori	2Kinki region	Osaka-shi, Osaka	1Leasehold land	1,270	1,480	4.9%	4.9%
16202	K’s Denki Nishi-kobe	2Kinki region	Kobe-shi, Hyogo	1Leasehold land	2,133	2,470	5.3%	5.3%
16203	Sanyo Marunaka Mitani	2Kinki region	Kobe-shi, Hyogo	1Leasehold land	1,430	1,560	4.4%	4.4%
16206	TRIAL Omihachiman	2Kinki region	Omihachiman-shi, Shiga	1Leasehold land	1,010	1,120	4.4%	4.4%
16207	Kusuri no Aoki Ikaruga	2Kinki region	Ikoma-gun, Nara	1Leasehold land	711	731	5.3%	5.3%
16208	DRUG Yutaka Mukokamiueno	2Kinki region	Muko-shi, Kyoto	1Leasehold land	460	477	4.5%	4.5%
16209	WELCIA Amagasaki Mukomotomachi	2Kinki region	Amagasaki-shi, Hyogo	1Leasehold land	565	579	4.2%	4.2%
16210	Cocokara Fine Neyagawakoen	2Kinki region	Neyagawa-shi, Osaka	1Leasehold land	702	721	4.3%	4.3%
16211	ENEOS Ikawadani SS	2Kinki region	Kobe-shi, Hyogo	1Leasehold land	530	531	4.7%	4.7%
16212	GEO Hikone Takamiya	2Kinki region	Hikone-shi, Shiga	1Leasehold land	300	301	4.8%	4.8%
16213	Ko-nan tonarie Yamatotakada	2Kinki region	Yamatotakada-shi, Nara	1Leasehold land	1,145	1,180	3.8%	3.8%
18101	SUROY MALL Nagamine	4Kyushu region	Kumamoto-shi, Kumamoto	2Land + building	4,600	4,190	3.9%	3.4%
19101	Fuji Grand Natalie	5Other areas	Hatsukaichi-shi, Hiroshima	2Land + building	3,950	4,190	5.2%	4.2%
19201	K’s Denki Kurashiki	5Other areas	Kurashiki-shi, Okayama	1Leasehold land	2,121	2,460	5.0%	5.0%
33101	Nine hours woman Shinjuku	1Tokyo metropolitan area	Shinjuku-ku,Tokyo	2Land + building	2,700	3,100	3.8%	3.3%
39101	Hasekura Medical Building	5Other areas	Sendai-shi, Miyagi	2Land + building	1,400	1,480	4.8%	3.2%
18201~18211	Fukuoka Kasuga Project	4Kyushu region	Kasuga-shi, Fukuoka	[cannot shift ポートフォリオ一覧_種別ID_春日]Leasehold land	10,404	13,117	4.5%	4.5%
Total / average					74,218	82,923	5.7%	5.1%

The “Appraisal value” is the appraisal value in the real estate appraisal report prepared by a real estate appraiser with July 31, 2025 as the appraisal date (of the assets acquired on December 1, 2025, the appraisal date for "Nine houors woman Shinjuku" is Nobember 1, 2025). Given each appraisal value in the respective appraisal reports is rounded down to the nearest million yen, the total may not conform to the total of the amounts in the appraisal reports.
The "Appraisal NOI Yield before depreciation" is the ratio of the net operating income to the acquisition price based on the DCF method as stated in the real estate appraisal report (appraisal date: July 31, 2025) (of the assets acquired on December 1, 2025, the appraisal date for "Nine houors woman Shinjuku" is Nobember 1, 2025)).
The "Appraisal NOI Yield after depreciation" is the ratio of the net operating income less depreciation to the acquisition price based on the DCF method as stated in the real estate appraisal report (appraisal date: July 31, 2025 (of the assets acquired on Decembe 1, 2025, the appraisal date for "Nine houors woman Shinjuku" is Nobember 1, 2025)).
These figures are rounded off to first decimal place.
Including leasehold land.

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