December 9, 2019
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
1-1 Minami-Aoyama 1-chome, Minato-ku, Tokyo
Takehiro Izawa
Executive Director(Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Hiroyuki Tohmata
President & CEO
Inquiries:
Kentaro Yoshikawa
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)
Notice Concerning Sale of Investment Asset(COMFORIA SHINSAKAE)

Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc., to which CRR entrusts
management of its assets (“TRM”) decided today for CRR to sell the investment asset as shown below. (hereafterreferred to as the “Sale”).
1. Summary of the Sale
Type of Asset1

Beneficial Interest in
Real Estate

Property Name
COMFORIA SHINSAKAE
Total(Note)

Sale Price(thousand yen)
(Note)
1,870,000
1,870,000“Sale Price” denotes the amount exclusive of the various expenses required in the Sale of the concerned asset, etc.
(brokerage commission, taxes and public dues, etc.) (the amount of real estate or beneficial interest in real estate trust
specified in the Agreement on Purchase and Sale).

①②Book value
1,647,197 thousand yen (as of July 31, 2019)
Difference between sale price and book value
222,807 thousand yen③ Date of agreement
December 11, 2019
④ Date of sale
December 25, 2019
⑤ Buyer
Refer to “4. Summary of the Buyer”⑥ Method of payment
Full payment at the time of delivery⑦ Use of proceeds from the sale of the property
Plans to allocate to future acquisitions of properties, repayment of borrowings,
payment for repairs and maintenance, working funds, etc.

2. Reason for the Sale
TRM decided to sell the investment asset based on the asset management policy and subject defined in thearticles of CRR for ensuring steady growth of the portfolio and stable earnings.
As to the Sale, the decision was made in consideration of the fact that the market competitiveness of theproperty has declined relative to other properties in the portfolio.

-1-Regarding capital gains resulting from the sale of the property, a portion is planned to be internally reserved
through reduction entry utilizing the “Special Provisions for Taxation in the Event of Advance Acquisition ofLand, etc. in 2009 and 2010”.
3. Summary of the Sale
(1)

Details of the Sale

Property Name

COMFORIA SHINSAKAE

Type of Asset

Beneficial Interest in Real Estate

Trustee of Beneficial Trust

Mitsubishi UFJ Trust and Banking Corporation

Expiration Date of Beneficial Trust Contract

March 19, 2029

Location (Residential address) (Note 1)

2-28-18 Shinsakae, Naka-ku, Nagoya-shi, Aichi

Area (Note 1)

779.60 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

May 2009

Type of Ownership

Ownership

Use (Note 1)

Apartment building / Parking / Bicycle parking / Storage / Garbage depot

Rentable Units (Note 5)
Property Management Company (Note 2)

144 Units
Tokyu Housing Lease Corporation

Master Leasing Company (Note 3)

Tokyu Housing Lease Corporation

Master Leasing Type

Pass-through typeLand

Building

RC / 13F
4,098.97 m2

Appraisal Company

DAIWA REAL ESTATE APPRAISAL CO., LTD.

Appraisal Value

1,740,000 thousand yen (Appraisal Date: July 31, 2019)

Collateral

None

Special affairs (Note 4)

None

Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

3,674.88 m2

Rented Area

3,478.26 m2

Occupancy Rate

94.6 %

Rentable Units

144 Units

Rented Units

136 Units

Total Number of Tenants

1

Total Monthly Rent

8,982 thousand yen

Security Deposit

9,887 thousand yen(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry, and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
(Note 2) “Property Management Company” is the company that is scheduled to provide property management service for each property.
(Note 3) “Master Leasing Company” is the lessee that is scheduled to conclude a master lease agreement with the titleholder of each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. is leased,
the concerned area is also included). “Rentable Area” for Non-Pass-through type master lease agreements (master leaseagreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is the rentablearea based on the lease agreement concluded between CRR or Trustee of Beneficial Trust and the Master Leasing Company.

-2-

The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area
calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the realestate registry.
ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited
to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units
and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant.
Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master
Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent ofMaster Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease
Agreement is referred to as “Pass-through type Master Lease Agreement”). “Rented Area” for Non-Pass-through type master
lease agreements is the rented area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust andthe Master Leasing Company
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements is the number of units that the Master Leasing Company can sublease.
v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental contract
relationship. Therefore, when CRR or Trustee of Beneficial Trust leases comprehensively to the Master Leasing Company allunits of the acquired property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number ofTenants is 1; that is, the end-tenants of the sublease agreements are excluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent, as of October 31, 2019 (including the common area expense, but not fees for incidental facilities such as parking
lot or trunk room) stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estateor real estate in real estate trust with end-tenants. In addition, in the case that the master lease type is a non-pass-throughmaster lease agreement, the monthly rent (common area expense are included (except when the common area expense is nota fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between
CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated.. Amounts are rounded down to the nearest
thousand yen. Consumption tax and other taxes are excluded.
viii In the case that the master lease type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total amountof security deposit, as of October 31, 2019, based on lease agreements executed with the end-tenants, rounded down to thenearest thousand yen. However, if a Security Deposit does not need to be repaid according to special policy conditions suchas the redemption of the deposit in a lease agreement, the amount of the Security Deposit is excluded. In addition, in the casethat the Master Lease type is a Non-Pass-Through type Master Lease Agreement, the Security Deposits based on the leaseagreement between CRR or the Trustee of Beneficial Trust and the Master Leasing Company are stated.

(2) Summary of the Appraisal Report(thousand yen)
COMFORIA SHINSAKAE
DAIWA REAL ESTATE APPRAISAL CO., LTD.
July 31, 2019
1,740,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization Approach
Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(including common
area expense)
Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income

1,740,000
1,760,000
119,314
127,646
115,95908,574

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents. Other
income is calculated with consideration of the performance of ongoingasset management.

2,500
612

Vacancy Loss

▲ 8,332

Collection Loss0

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same supply and demand area.
Collection loss has not been calculated.

-3-

(2)

Operating Expense
Maintenance andManagement Fee
Utility Charge

28,344

Repair Cost

5,493

Property Management
Fee

3,486

Tenant Advertisement
Cost

3,310

Taxes and Public
Dues

8,999

Insurance
Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

2,724
1,999

227
2,104

88
8,386

(6) Net Cash Flow
(NCF, (3)+(4)-(5))

82,671

Cap Rate

Price of the DCF Method

4.7%

Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

1,730,000

Discount Rate

4.5%

Terminal Cap Rate

4.9%

Cost Approach Value
Total Value of Land andBuilding

1,710,000

Land Value

787,618

Building Value

695,019

Supplementary cost

231,026

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

Appraised based on the standard amount of taxation for the previous year.

90,969(5) Capital
Expenditure(7)

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred, while
repair costs are calculated with consideration of the actual costs in previous
years, the cost level in similar properties, and average repair costspresented in engineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement
rate of inhabitants per year and occupancy rates, while referring to theconditions of ongoing agreements and rental agreements of similar
properties.

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

1,713,663
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of the development cost and development
profit.
Appraised in consideration of marketability etc.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

(Note) Summary of the Appraisal Report is the appraisal value described in the respective real estate appraisal reports that were preparedby DAIWA REAL ESTATE APPRAISAL CO., LTD., based on an important notice concerning real estate appraisal in the context
of the Act on Investment Trusts and Investment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including
subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment and opinion of the appraiser at a
fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility of transactions at theappraised value.

-4-4．Summary of the Buyer
The buyer is the special purpose company in Japan, but the details aren’t disclosed by the intention of thecompany. The buyer is not an interested party of TRM or CRR.
5. TRM’s Interested Parties in the Sale
None.
6. Summary of BrokerageNone.
7. Forecast
Capital gains are forecast to arise from the Sale. Regarding some of the capital gains, it is planned to beinternally reserved as reserve for reduction entry utilizing the “Special Provisions for Taxation in the Event ofAdvance Acquisition of Land, etc. in 2009 and 2010.”
The Sale has only a minor influence on the earnings forecasts for fiscal period ending January 31, 2020
(August 1, 2019 - January 31, 2020) and fiscal period ending July 31, 2020 (February 1, 2020 - July 31, 2020).
Therefore, the earnings forecasts remain unchanged.
*The original Japanese version of this press release has been distributed to the press club of TSE (Kabuto Club), theMinistry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade newspaper of the
Ministry of Land, Infrastructure, Transport and Tourism.
*Website of CRR: https://www.comforia-reit.co.jp/en/-5-Attachments 1. Portfolio List

Area (Note 1)

Central Tokyo

Location (Residential address)

Type of Asset

Acquisition
Price (million
yen) (Note 2)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuoku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,586

0.7%

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,900

0.8%

COMFORIA SHIMOOCHIAI

2-7-10 Nakaochiai, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,181

0.5%

COMFORIA HIGASHINAKANO

4-34-2Tokyo

Beneficial
Interest in Real
Estate Trust

552

0.2%

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

3,059

1.3%

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

574

0.3%

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,398

0.6%

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

755

0.3%

COMFORIA MINAMIAOYAMA

4-1-12
Tokyo

Minamiaoyama,

Minato-ku,

Beneficial
Interest in Real
Estate Trust

1,041

0.5%

COMFORIA NISHIWASEDA

1-5-19Tokyo

Takadanobaba,

Shinjuku-ku,

Beneficial
Interest in Real
Estate Trust

1,685

0.7%

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

3,629

1.6%

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

850

0.4%

COMFORIA
SHIBAURA BOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,650

1.2%

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,300

0.6%

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 NihonbashiNingyocho, Chuo-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

2,139

0.9%

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

826

0.4%

COMFORIA KUDAN

2-6-12Tokyo

Beneficial
Interest in Real
Estate Trust

1,280

0.6%

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,108

0.5%

Property Name

Kitashinjuku,

Kudanminami,-6-

Shinjuku-ku,

Chiyoda-ku,

Share(Note 3)

Central Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,840

0.8%

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,945

0.9%

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

3,190

1.4%

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,570

0.7%

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

4,268

1.9%

COMFORIA YOYOGIUEHARA

2-31-5 Uehara, Shibuya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,560

0.7%

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,789

0.8%

COMFORIA
SHINJUKUGYOENⅡ

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,806

0.8%

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,Tokyo

Beneficial
Interest in Real
Estate Trust

1,623

0.7%

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

736

0.3%

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,621

0.7%

COMFORIA NISHISHINJUKU

1-20-12
Tokyo

Kitashinjuku,

Shinjuku-ku,

Beneficial
Interest in Real
Estate Trust

1,625

0.7%

COMFORIA KANDAJINBOCHO

1-42-2
Tokyo,

Kandajinbocho

Chiyoda-ku

Beneficial
Interest in Real
Estate Trust

1,434

0.6%

COMFORIA NIHONBASHI

1-2-2 Nihonbashibakurocho, Chuo-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

1,956

0.9%

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku Tokyo

Beneficial
Interest in Real
Estate Trust

3,272

1.4%

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,471

0.6%

COMFORIA
SHINJUKUGYOENⅠ

1-10-4 Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,406

0.6%

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,245

0.5%

COMFORIA AZABU EAST

2-29-1 Higashiazabu, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,900

0.8%

-7-

（Tower Building）
6-27-29 Shinjuku, Shinjuku-ku, Tokyo

Central Tokyo

COMFORIA SHINJUKUEASTSIDE TOWER（Annex Building）
6-27-28 Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

13,264

5.9%（Gate Building）
6-27-14 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA
ICHIGAYAYAKUOJI

74-23 Ichigayayakuojimachi, Shinjukuku, Tokyo

Beneficial
Interest in Real
Estate Trust

941

0.4%

COMFORIA AKIHABARA EAST

2-9-19Tokyo

Beneficial
Interest in Real
Estate Trust

4,425

2.0%

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

890

0.4%

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

Real Estate

1,065

0.5%

COMFORIA SHINJUKU

5-8-20, Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,150

0.9%

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi,Tokyo

Beneficial
Interest in Real
Estate Trust

1,194

0.5%

COMFORIA
GINZA EAST NIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,380

1.0%

90,083

39.7%

Higashikanda,

Chiyoda-ku,

Chuo-ku,

Subtotal
Sub-central
Tokyo

COMFORIA BUNKYOKASUGA

1-15-12 Nishikata, Bunkyo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,470

0.6%

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

910

0.4%

COMFORIA NISHIOI

6-6-1 Nishioi, Shinagawa-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

902

0.4%

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

881

0.4%

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,587

1.1%

COMFORIA NISHIKAMATA

6-37-3 Nishikamata, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,550

0.7%

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,987

0.9%

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

3-2-13 Miyoshi, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

740

0.3%

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,290

0.6%

-8-

Sub-central
Tokyo

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

552

0.2%

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,219

0.5%

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

926

0.4%

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

602

0.3%

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

651

0.3%

COMFORIAASAKUSABASHI DEUX

5-24-10 Asakusabashi, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

874

0.4%

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

714

0.3%

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

762

0.3%

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

873

0.4%

COMFORIAMONZENNAKACHO

16-8 Fuyuki, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,658

1.2%

COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,189

0.5%

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,874

0.8%

COMFORIAGAKUGEIDAIGAKU

6-46-6 Shimouma, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,138

0.5%

COMFORIAHIGASHINAKANO DEUX

4-2-19Tokyo

Beneficial
Interest in Real
Estate Trust

833

0.4%

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashiikebukuro, Toshima-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

3,911

1.7%

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,014

0.4%

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,188

0.5%

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

594

0.3%

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,680

1.2%

Higashinakano,-9-Nakano-ku,

Sub-central
Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,240

0.5%

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

3,096

1.4%

COMFORIA
SUMIDA-TACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

938

0.4%

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,050

0.5%

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,912

1.3%

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

1,344

0.6%

COMFORIA MORISHITA

3-6-8 Shinohashi, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,530

0.7%

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

956

0.4%

COMFORIA
MEGURO CHOJAMARU

2-6-25Tokyo

Beneficial
Interest in Real
Estate Trust

1,972

0.9%

COMFORIA NISHIMAGOME

2-35-8 Nishimagome, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

990

0.4%

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashiikebukuro, Toshima-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

1,712

0.8%

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro,
ku,TokyoBeneficial
Interest in Real
Estate Trust

1,132

0.5%

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

5,000

2.2%

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,042

0.5%

COMFORIA
MINAMISUNAMACHI

4-4-20 Miamisuna, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

4,681

2.1%

COMFORIAHIGASHISHINAGAWA

3-22-11, Higashishinagawa, Shinagawaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,510

0.7%

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

813

0.4%

COMFORIA YOGA

3-24-3 Yoga, Setagayaku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,041

0.5%

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

3,794

1.7%

Kamiosaki,- 10 -

Shinagawa-ku,

Toshima-Sub-central
Tokyo

Beneficial
Interest in Real
Estate Trust

1,430

0.6%

4-8-10 Ojima, Koto-ku, Tokyo

Real Estate

2,110

0.9%

COMFORIAOMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

Real Estate

866

0.4%

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome, Bunkyo-ku Tokyo

Beneficial
Interest in Real
Estate Trust

1,330

0.6%

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

5,721

2.5%

COLLEGE COURTHACHIMANYAMA

1-15-1Tokyo

Beneficial
Interest in Real
Estate Trust

1,245

0.5%

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,173

1.0%

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,313

0.6%

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,622

1.2%

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,500

1.1%

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

Real Estate

1,660

0.7%

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku,
Tokyo

Beneficial
Interest in Real
Estate Trust

880

0.4%

COMFORIA KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,213

1.0%

COMFORIA KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

2,050

0.9%

COMFORIA SHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

5,397

2.4%

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,254

0.6%

COMFORIA OMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

864

0.4%

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,096

0.5%

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,842

0.8%

COMFORIA SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku,
Tokyo

COMFORIA OJIMA

Kamitakaido,- 11 -

Suginami-ku,

Sub-central
Tokyo

CAMPUS VILLAGESHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

Subtotal
Tokyo
Metropolitan
Area

1.2%

114,631

50.6%

COMFORIA
ICHIKAWAMYODEN

1-9-10 Shioyaki, Ichikawa-shi, Chiba

Beneficial
Interest in Real
Estate Trust

606

0.3%

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

Beneficial
Interest in Real
Estate Trust

626

0.3%

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

Beneficial
Interest in Real
Estate Trust

1,077

0.5%

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi,
Chiba

Beneficial
Interest in Real
Estate Trust

978

0.4%

GRANCREER CENTER-MINAMI

40-3, Chigasaki Chuo, Tsuzuki-ku,
Yokohama-shi, Kanagawa

Beneficial
Interest in Real
Estate Trust

4,150

1.8%

COMFORIA TAMA-PLAZA

2-12-1
Utsukushigaoka,
Yokohama-shi, Kanagawa

Beneficial
Interest in Real
Estate Trust

2,220

1.0%

9,657

4.3%

Aoba-ku,

Subtotal
Other Major
Cities

2,740

COMFORIA SHIN-OSAKA

1-21-24 Higashinakajima,
Higashiyodogawa-ku, Osaka-shi, Osaka

Beneficial
Interest in Real
Estate Trust

2,400

1.1%

COMFORIA KITASANJO

2-2-51 Kitasanjohigashi, Chuo-ku,
Sapporo-shi, Hokkaido

Beneficial
Interest in Real
Estate Trust

660

0.6%

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijonishi, Chuo-ku,
Sapporo-shi Hokkaido

Beneficial
Interest in Real
Estate Trust

1,250

0.6%

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osaka-shi,
Osaka

Beneficial
Interest in Real
Estate Trust

1,435

0.9%

COMFORIASHINSAIBASHI EAST

2-6-8 Bakuromachi, Chuo-ku, Osakashi, Osaka

Beneficial
Interest in Real
Estate Trust

1,980

0.7%

COMFORIA KYOMACHIBORI

1-16-14
Kyomachibori,
Osaka-shi, Osaka

Beneficial
Interest in Real
Estate Trust

1,567

0.6%

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osaka-shi,
Osaka

Beneficial
Interest in Real
Estate Trust

1,289

0.8%

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi,
Osaka

Beneficial
Interest in Real
Estate Trust

1,719

0.8%

Subtotal

12,300

5.4%

Total

226,671

100.0%

Nishi-ku,(Note 1) Explanation of “Area”
i "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
ii "Sub-central Tokyo" denotes the other 18 wards of Tokyo.
iii "Tokyo Metropolitan Area" denotes residential areas in Central Tokyo and Sub-central Tokyo (areas outside of Central Tokyoand Sub-central Tokyo (including Tokyo, Kanagawa, Saitama and Chiba) where demand for rental residences is strong.
iv "Other Major Cities" denotes ordinance-designated cities, etc except for Central Tokyo, Sub-central Tokyo and Tokyo
Metropolitan Area.
(Note 2) “Acquisition (planned) price” is the purchase price (not including tax and rounded down to the nearest million yen) of the trust- 12 -

beneficial interest in real estate or the real estate listed in the respective sales and purchase agreement.
(Note 3) “Share” refers to the ratio of the acquisition price of each property to the total acquisition price rounded to the nearest hundredths.

- 13 -