I would like to take this opportunity to express my sincere gratitude to all investors for your ongoing support.

This report provides an update on IIF’s performance for the fiscal period ended July 31, 2024 (the 34th period). In the fiscal period, IIF carried out a public offering and, as part of our CRE carve-out strategy, acquired 28 logistics facilities from LOGISTEED, Ltd., a major logistics company that is a KKR investment, and Tokumei Kumiai that has collateralized underlying assets for real estate trust beneficiary rights set in four properties.
In addition, IIF acquired IIF Iwate Ichinoseki Logistics Center and disposed IIF Yokohama Tsuzuki R&D Center, IIF Kobe Logistics Center(25% co-ownership interest) and IIF Totsuka Technology Center (land with leasehold interest) (30% co-ownership interest). As a result, the number of properties under management at the end of the period was 108, and the asset under management was 498.7 billion yen (based on acquisition price).
The Nikkei Stock Average surpassed 40,000 yen for the first time in March 2024, reaching record highs, the Nikkei Stock Average has fluctuated significantly since then due to the Bank of Japan's decision to raise policy rates at its monetary policy meeting held on July 31 of the same year and deterioration of economic indicators in the United States. In addition, with the U.S. presidential election and other events coming up, the outlook is expected to remain uncertain. And, if interest rates rise at a faster pace than expected, changes in the financing environment and higher financing costs for IIF are expected, so IIF will need to continue to monitor the situation closely.
IIF will continue to strive for stable management and work to maximize unitholder value. I would like to look forward to your continuous support.