IIF implemented a two-for-one unit split on January 1, 2015 and four-for-one split on February 1, 2018. Figures for distribution per unit indicated below are adjusted figures, which the actual figures are divided by two and rounded down to the nearest integer for 16th to 20th periods and divided by eight and rounded down to the nearest integer for 1st to 15th periods.
Effective January 1, 2017, IIF's fiscal periods have been changed to semiannual periods ending July 31st and January 31st of each year. The fiscal period ended July 31, 2017 is a transitional, seven-month fiscal period that started on January 1, 2017.

In order to receive favorable tax treatment available to J-REITs under the Special Taxation Measures Act of Japan, or the Special Taxation Measures Act, the Fund must distribute in excess of 90% of our distributable profit as defined in the Special Taxation Measures Act, which differs slightly from our retained earnings under Japanese GAAP. Our articles of incorporation require that we make cash distributions to our unitholders in excess of 90% of our distributable profit. Our articles of incorporation also permit us to distribute cash to our unitholders in excess of our retained earnings in the event that the amount of retained earnings does not exceed 90% of our distributable profit or we determine it is appropriate, up to the amount of our retained earnings plus depreciation on our fixed assets for the relevant fiscal period and within the scope set forth in applicable laws and regulations, including the standards set by the Investment Trusts Association of Japan and others. Our articles of incorporation further permit us to distribute cash in any amount, if the amount determined pursuant to the above provision still does not exceed 90% of our distributable profit or we determine it is appropriate.

The Investment Corporation is relieved of its duty to pay any cash distributions to a unitholder if three full years have passed from the day of commencing payments without paying to the unitholder.
No interest will accumulate on any unpaid cash distributions.