Unitholders' Capital & Major Unitholders

Unitholders' Capital

As of August 27, 2024

Unitholders' Capital JPY 325,197 million
Issuable investment units 10,000,000 units
Issued investment units 7,632,121 units
Date Particulars Total issued and outstanding units Unitholders' Capital (JPY) Notes
Change Balance Change Balance
Jan. 18, 2002 Private placement-establishment 400 400 200,000,000 200,000,000 (Note 1)
Dec. 26, 2003 Private placement-capital increase 2,700 3,100 1,012,500,000 1,212,500,000 (Note 2)
Jan. 09, 2004 Private placement-capital increase 1,350 4,450 506,250,000 1,718,750,000 (Note 2)
Jan. 21, 2004 Private placement-capital increase 1,333 5,783 499,875,000 2,218,625,000 (Note 2)
Jan. 27, 2004 Private placement-capital increase 267 6,050 100,125,000 2,318,750,000 (Note 2)
Jan. 28, 2004 Private placement-capital increase 800 6,850 300,000,000 2,618,750,000 (Note 2)
Jan. 31, 2004 Private placement-capital increase 266 7,116 99,750,000 2,718,500,000 (Note 2)
Feb. 05, 2004 Private placement-capital increase 800 7,916 300,000,000 3,018,500,000 (Note 2)
Feb. 07, 2004 Private placement-capital increase 1,333 9,249 499,875,000 3,518,375,000 (Note 2)
May 17, 2004 Public offer-capital increase 9,000 18,249 3,377,250,000 6,895,625,000 (Note 3)
Feb. 07, 2005 Public offer-capital increase 10,650 28,899 3,937,667,100 10,833,292,100 (Note 4)
Jul. 31, 2006 Public offer-capital increase 25,000 53,899 8,301,125,000 19,134,417,100 (Note 5)
Feb. 01, 2010 Investment unit split 215,596 269,495 - 19,134,417,100 (Note 6)
Feb. 01, 2010 Merger 367,200 636,695 - 19,134,417,100 (Note 7)
Jul. 29, 2011 Third-party allotment 711,597 1,348,292 6,999,979,689 26,134,396,789 (Note 8)
Dec. 20, 2013 Third-party allotment 224,887 1,573,179 2,999,992,580 29,134,389,369 (Note 9)
Jul. 16, 2014 Public offer-capital increase 1,040,000 2,613,179 22,747,920,000 51,882,309,369 (Note 10)
Aug. 13, 2014 Third-party allotment 55,507 2,668,686 1,214,104,611 53,096,413,980 (Note 11)
Jul. 15, 2015 Public offer-capital increase 500,000 3,168,686 27,970,500,000 81,066,913,980 (Note 12)
Aug. 12, 2015 Third-party allotment 25,000 3,193,686 1,398,525,000 82,465,438,980 (Note 13)
Mar. 30, 2016 Public offer-capital increase 459,512 3,653,198 36,123,157,344 118,588,596,324 (Note 14)
Apr. 27, 2016 Third-party allotment 22,626 3,675,824 1,778,675,112 120,367,271,436 (Note 15)
Feb. 22, 2017 Reversal of allowance for
temporary differences adjustment		 - 3,675,824 224,225,264 120,591,496,700 (Note 16)
Mar. 13, 2017 Public offer-capital increase 185,000 3,860,824 8,393,450,000 128,984,946,700 (Note 17)
Oct. 12, 2017 Public offer-capital increase 887,959 4,748,783 37,917,625,218 166,902,571,918 (Note 18)
Nov. 1, 2017 Third-party allotment 44,398 4,793,181 1,895,883,396 168,798,455,314 (Note 19)
Aug. 1, 2018 Public offer-capital increase 909,524 5,702,705 40,280,089,388 209,078,544,702 (Note 20)
Aug. 21, 2018 Third-party allotment 45,476 5,748,181 2,013,995,612 211,092,540,314 (Note 21)
Dec. 28, 2018 Retirement △ 81,341 5,666,840 - 211,092,540,314 (Note 22)
Jul. 18, 2019 Public offer-capital increase 409,524 6,076,364 23,317,887,036 234,410,427,350 (Note 23)
Aug. 15, 2019 Third-party allotment 20,476 6,096,840 1,165,882,964 235,576,310,314 (Note 24)
Aug. 22, 2019 Reversal of allowance for
temporary differences adjustment		 - 6,096,840 125,201,855 235,701,512,169 (Note 25)
Jul. 31, 2023 Public offer-capital increase 609,792 6,706,632 32,761,684,992 268,463,197,161 (Note 26)
Aug. 28, 2023 Third-party allotment 30,489 6,737,121 1,638,052,014 270,101,249,175 (Note 27)
Jul. 30, 2024 Public offer-capital increase 895,000 7,632,121 55,096,200,000 325,197,449,175 (Note 28)
Aug. 27, 2024 Third-party allotment 14,332 7,646,453 882,277,920 326,079,727,095 (Note 29)
  1. TGR Investment Inc. (now "Invincible Investment Corporation", hereinafter, "INV") was established at an issue price of JPY 500,000 per unit.
  2. Additional private placement investment units were issued at an issue price of JPY 375,000 per investment unit to procure the funds to acquire new properties.
  3. New investment units were issued by public offer at an issue price of JPY 395,000 per investment unit (underwriting price of JPY 375,250) to procure the funds to acquire new properties.
  4. New investment units were issued by public offer at an issue price of JPY 385,140 per investment unit (underwriting price of JPY 369,734) to procure the funds to acquire new properties.
  5. New investment units were issued by public offer at an issue price of JPY 348,740 per investment unit (underwriting price of JPY 332,045) to procure the funds to acquire new properties.
  6. INV split one investment unit into five units.
  7. INV and LCP Investment Corporation (hereinafter, "LCP") conducted an absorption-type merger as specified in Article 147 of the Law Concerning Investment Trusts and Investment Corporations, with INV as the surviving corporation and LCP as the corporation being dissolved.
    In conjunction with the absorption-type merger, four Investment units of INV after the abovementioned split were allocated and issued for each investment unit of LCP. Furthermore, the number of issued investment units of LCP when it was absorbed was 91,800.
  8. New investment units were issued by way of third-party allotment at an issue price of JPY 9,837 per investment unit to repay existing borrowings etc.
  9. New investment units were issued by way of third-party allotment at an issue price of JPY 13,340 per investment unit to repay existing borrowings etc.
  10. New investment units were issued by public offer at an issue price of JPY 22,688 per investment unit (underwriting price of JPY 21,873) to procure the funds to acquire new properties etc.
  11. New investment units were issued by way of third-party allotment at an issue price of JPY 21,873 per investment unit to retain as cash reserve to fund for the future repayment of borrowings.
  12. New investment units were issued by public offer at an issue price of JPY 57,817 per investment unit (underwriting price of JPY 55,941) to fund a portion of the acquisition price of new properties.
  13. New investment units were issued by way of third-party allotment at an issue price of JPY 55,941 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.
  14. New investment units were issued by public offer at an issue price of JPY 81,217 per investment unit (underwriting price of JPY 78,612) to fund a portion of the acquisition price of new properties.
  15. New investment units were issued by way of third-party allotment at an issue price of JPY 78,612 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.
  16. INV has decided on Board of Directors' Meeting held on February 22, 2017, the reversal of allowance for temporary difference adjustments for incorporation into unitholders' capital.
  17. New investment units were issued by public offer at an issue price of JPY 46,897 per investment unit (underwriting price of JPY 45,370) to fund a portion of the acquisition price of new properties.
  18. New investment units were issued by public offer at an issue price of JPY44,118 per investment unit (underwriting price of JPY42,702) to fund a portion of the acquisition price of new properties.
  19. New investment units were issued by way of third-party allotment at an issue price of JPY 42,702 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.
  20. New investment units were issued by public offer at an issue price of JPY45,776 per investment unit (underwriting price of JPY44,287) to fund a portion of the acquisition price of new properties.
  21. New investment units were issued by way of third-party allotment at an issue price of JPY 44,287 per investment unit to fund part of its acquisition of specified assets.
  22. Based on the market purchase at Tokyo Stock Exchange through a discretionary transaction contract with a security company, INV acquired own investment units from December 13, 2018 to December 18, 2018. INV resolved the retirement of all the acquired own investment units at the Board of Directors' Meetng held on December 25, 2018 and the acquired own investment units were retired on December 28, 2018.
  23. New investment units were issued by public offer at an issue price of JPY58,898 per investment unit (underwriting price of JPY56,939) to fund a portion of the acquisition price of new properties.
  24. New investment units were issued by way of third-party allotment at an issue price of JPY 56,939 per investment unit to fund part of its acquisition of specified assets.
  25. INV has decided on Board of Directors' Meeting held on August 22, 2019, the reversal of allowance for temporary difference adjustments for incorporation into unitholders' capital.
  26. New investment units were issued by public offer at an issue price of JPY55,566 per investment unit (underwriting price of JPY53,726) to fund a portion of the acquisition price of new properties.
  27. New investment units were issued by way of third-party allotment at an issue price of JPY 53,726 per investment unit to fund part of its acquisition of specified assets.
  28. New investment units were issued by public offer at an issue price of JPY63,602 per investment unit (underwriting price of JPY61,560) to fund a portion of the acquisition price of new properties.
  29. New investment units were issued by way of third-party allotment at an issue price of JPY 61,560 per investment unit to fund part of its acquisition of specified assets.

Major Unitholders

As of June 30, 2024

(Total investment units: 6,737,121 units)
Name Number of units held (units) Holding Ratio (%)
The Master Trust Bank of Japan, Ltd. (trust account) 1,270,238 18.85
Custody BANK of Japan, Ltd. (trust account) 1,218,303 18.08
The Nomura Trust and Banking Co., Ltd.
(investment trust account)		 352,046 5.22
JPMorgan Securities Japan Co., Ltd. 170,162 2.52
SSBTC CLIENT OMNIBUS ACCOUNT 169,823 2.52
THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND 133,756 1.98
FJODF GP INV HOLDINGS LLC 115,931 1.72
GOLDMAN SACHS INTERNATIONAL 109,491 1.62
STATE STREET BANK WEST CLIENT - TREATY 505234 108,759 1.61
JP MORGAN CHASE BANK 380072 102,464 1.52
Total 3,750,973 55.67
(Note)
  Percentages (ratio of outstanding units against total issued) are rounded down to the second decimal place.

Composition of unitholders

As of June 30, 2024

Breakdown of the number of units held by unitholders (%)
(Total units: 6,737,121 units) 		Breakdown of the number of unitholders (%)
(Total unitholders: 31,658)
Individuals 8.46 96.62
Financial Institutions (including securities companies) 51.59 0.26
Other domestic companies 1.81 1.40
Foreign companies etc. 38.12 1.71
Total 100.00 100.00
(Note)
  Percentages (breakdown) are rounded down to second decimal place.

Financial Information