Sixth Fiscal Period Financial Results(ended November 2009)Basic Principles

Nomura Real Estate Residential Fund, Inc. (the “Fund”) will adhere to the following basic principles in order to
execute fund management in accordance with solid investment policies for investment in residential properties:

Strategy

The Fund will aim to secure stable mid-to-long-term earnings through the strategic selection of properties
and expert asset management based on sufficient understanding of “tenant demands” reflecting thecharacteristics of residential rental property investments and market trends.

Acquisition

The Fund will create a stable portfolio with consideration to rent levels, geographic areas, building ages,
property types, etc., through the continuous acquisition of “PROUD FLAT” properties from the Nomura
Real Estate Group and “PRIME URBAN” and “URBAN STAGE” properties from other sources, utilizing oursourcing expertise.

Asset Management

To maximize the long-term profitability and asset value of the properties under management, the Fund will
select the “optimal property management company corresponding to the characteristics of the property,”
and, at the same time, implement flexible and organized leasing and renewal strategies, corresponding totenant trends, aging of the portfolio and the increase of the number of properties under management.

Finance

The Fund will establish a strong financial base such as “conservative LTV ratio,” ”appropriate control ofinterest fluctuation risk through the lengthening of loan periods and fixing of interest rates,” and“diversification of lenders,” in order to manage the Fund in a stable manner with minimum impact fromfinancial market conditions.

Compliance

The Fund will implement fair and transparent fund management through prevention of conflict of interestsand enforcement of compliance to maintain our position as a “REIT committed to meeting the trust andexpectations of the investors.”

Contents

Highlights of the Sixth Fiscal Period

Fund Management Results

 Highlights of the Sixth Fiscal Period (1)2 Highlights of the Sixth Fiscal Period (2)3 Management Results
Portfolio Occupancy Rate

13

 Seek Internal Growth Opportunities
Fund Management Summary
 Investment Strategy(1) Seek Stable Revenues(Investment Strategy Targeting Class with Strong Tenant Demand)

5(1) Sixth Fiscal Period Performance14(2) Sixth Fiscal Period Results15

 Financial Status (Sixth Fiscal Period End)16

 Appraisal Value Status (Sixth Fiscal Period End)17

 Unitholders (Sixth Fiscal Period End)

18(2) Seek Stable Revenues(Portfolio Structure Based on Strong Tenant Demand)6

 Investment Performance
Acquisition of High Return Properties

APPENDIX
7

Overview of the Financial Results Overview of Second Public Offering

20

 Stable Rent Per Tsubo and Occupancy Rate21

 Portfolio Status (139 Properties at Sixth Fiscal Period End) 22

 Income Statement9 Portfolio Map (Greater Tokyo Area)

23

 Balance Sheet

10 Portfolio Map (Other Areas)24

 Forecasts for the Seventh and Eighth Fiscal Period11 Portfolio (At Sixth Fiscal Period End)25-28

 Establish Stable Financial Base
(Sixth Fiscal Period Loan Results)

29

 Status of Loan (Sixth Fiscal Period End)30

 Organization of the Asset Management Company

31

Highlights of the Sixth Fiscal Period

1Highlights of the Sixth Fiscal Period (1)Public Offering
Result･ Strengthen earning capacity through acquisition of high revenue properties･ Lower LTV
 Acquired Properties
PROUD FLAT
Kamata II

PROUD FLAT
Asakusa Komagata

URBAN STAGE
Shibaura LOFTURBAN STAGE
Nihonbashi Yokoyamacho¥2.98 billion¥1.96 billion¥1.51 billion¥3.53 billion

Acquisitions from sponsor

Acquisitions from external providers

 Characteristics of the Properties

High Revenue Properties

Newly Built Properties

NOI of the 4 Properties: 5.86%

Average Building Ageof the 4 Properties: 2.0 years(NOI of current portfolio : 5.13%)(Average Building Ageof current portfolio: 7.6 years)

Properties LocatedWithin Tokyo 23 Wards
Ratio of Properties LocatedWithin Tokyo 23 Wards
After Acquisitionof the 4 Properties: 68.3%(Current Portfolio: 65.7%)

Operating Properties
Average Occupancy Rateof the 4 Properties: 92.5%⇒Contribute to Portfolio Revenue*Occupancy rate as of September 30, 20092

Highlights of the Sixth Fiscal Period (2)Notable Activities
Property Acquisitions

Finance

Asset Management

 Results of Acquisition:
4 Properties/¥9,980 million

 Sixth Fiscal Period End LTV: 55.3%(based on total assets)

 6th FP End Portfolio Occupancy Rate: 92.8%

 Acquired Properties
PROUD FLAT Kamata II (Ota-ku)
PROUD FLAT Asakusa Komagata (Taito-ku)
URBAN STAGE Shibaura LOFT (Minato-ku)
URBAN STAGE Nihonbashi Yokoyamacho(Chuo-ku) Establish an optimum interest-bearing debt
portfolio

・ Installment of limited term lease⇒ Portfolio including the 4 properties
143 properties/¥131,462 million

Refinance and Partial Repayment･ Two term loans (¥4.2 billion)“Long-term (3years, 7years) and Fixed rate”･ Partial repayment through fund in hand(¥2.02 billion)

Strategies to Enhance Occupancy Rate

・ Strengthen retail leasing Seek Internal Growth Opportunities
・ Installment of car sharing service
・ Turn unused space into leasable units⇒Enhance financial conservativeness

Financial Overview
Sixth Fiscal Period(ended Nov. 2009)

Compared with Forecasts(released July 15, 2009)

Seventh FP Forecast(ending May 2010)

Eighth FP Forecast(ending Nov. 2010)

Operating Revenues¥3,959 million

2- ¥69 million- 1.7 ％

¥4,433 million¥4,411 million

Net Income¥1,319 million

2- ¥16 million- 1.2 ％

¥1,447 million¥1,525 million－－

125,535 units

125,535 units¥11,529¥12,152

Issued Investment Units¥96,765 units

Cash Distribution Per Unit

¥13,631- ¥169百- 1.2 ％

3

Fund Management Summary

4

Investment Strategy (1)Seek Stable Revenues (Investment Strategy Targeting Class with Strong Tenant Demand)
Rent Stability(relative comparison to other property types)
Changes in Rent Level ofResidential and Office Buildings

Target Tenant Class with
Strong Demands and Stable Rent Potential
Target Tenant Classes of the FundPrivate Housing Rent (Tokyo Wards/RC Small Residences)
Office Rent (Greater Tokyo Area)(1989 = 100)Upper middle class tenants,
such as foreign company employees.

Priority on certain level of conveniencefor commuting and rent.

Priority on location, floor plan andspecifications/equipments.

Annual income is stable.
Less likely to be affected by economic
trends.

Annual income is relatively stable.
Relatively less likely to be affected byeconomic trends.

Annual income is likely to be affected byeconomic trends.

Turn-overSignificantly affected by seasonal
factors, such as the concentration oftermination and execution of rental
agreements in March, when corporate
employees enter/get trasferred andstudents enter/graduate.

Effect of seasonal factors is relatively
small compared to the middle class.

Demand is limited,and vacancy tends to be longer.

Rent(generally)
less than ￥100,000/month(generally)￥100,000-￥150,000/month(generally)
over ￥150,000/month

Features

‟89

‟90

‟91

‟92 ‟93 ‟94

‟95

‟96

‟97

‟98 ‟99‟00 ‟01‟02‟03 ‟04‟05„06 „07„08

Changes in Number of Households
Single Households
Husband/Wife Households
Non-relative Households
Parents/Children Households
Other Relatives Households
Based on Family Types (Tokyo)
3,000,000

Upper class tenants, such as employeeswith company rent support, businessowners, management class emplayeesof foreign companies.

Middle class tenants,
mainly coporate employees
in their 20s and 30s and students.

Target

出所：総務省「消費者物価指数年報＇平成元年～平成20年（」、日本銀行「企業向けサービス価格指数＇平成元年～平成20年（」を基に野村不動産
Source:Ministry of Internal Affairs and Communications “Report on the Consumer Price Index,” Bank of Japan “Corporate Service Price Index”
投信株式会社が作成

Other Tenant Classes

Priority on prime metropolitan location,
property grade, value-added services,
etc.

Relative Frequency Distribution of the Number of Households Based on Income

Single Households(Singles)

2,500,000

2,000,000

1,500,000

Husband/Wife Households(DINKs)1,000,000

500,000

1995

2000

2005

Source: Statistics Division Bureau of General Affairs

2010

2015

2020
Source: Ministry of Health Labour and Welfare Increase in number of households in Tokyo, singles and DINKs households especially noticeable
 Insusceptible to economic fluctuations, the “Class with the most stable rent demands” is targeted Of the stable rent level “residential facilities,” selecting properties targeting tenant class with high stability

5Investment Strategy (2)Seek Stable Revenues (Portfolio Structure Based on Strong Tenant Demand)
A Portfolio Structure Relatively Insusceptible
to Economic Trends

Core Units

Status of Core Units at Sixth Fiscal Period End
Small Area

 Portfolio Ratio of Core Units：89.8% (Based on Units)

Core Units: Units with rent under ¥150,000 and area under 50 sqm>Unit Ratio:

 Condition for Core Units
・Monthly Rent：Under ¥150,000
・Area Per Unit：Under 50 sqm>Unit Ratio: 3.0%

89.8%

(Occupancy Rate: 93.6%)(Occupancy Rate: 83.7%)>Characteristics: Single/DINKs Units,
Mainly in the Greater Tokyo Area

>Characteristics: Expensive Rent Units inCentral Tokyo Examples
Low
Rent

High
Rent

¥150,000 / 50 sqm

PROUD FLAT Sangenjaya

PRIME URBAN Monzennakacho

Occupancy Rate：96.4%

Occupancy Rate：97.6%(as of Nov. 30, 2009)(as of Nov. 30, 2009)>Unit Ratio: 3.0%

>Unit Ratio: 4.3%
(Occupancy Rate: 87.5%)(Occupancy Rate: 96.5%)>Characteristics: Family Units in
Major Regional Cities>Characteristics: Family Units inCentral Tokyo/Suburbs

Large Area

Occupancy Rate of Core Units

Average 95.4%

1st FP End(May 31, 2007)

2nd FP End(Nov. 30,
2007)

3rd FP End(May 31, 2008)

4th FP End(Nov. 30,
2008)

5th FP End(May 31, 2009)

6th FP End(Nov. 30,
2009)

 Portfolio structure centered around units with under ¥150,000 monthly rent and under 50 sqm of area per unit (core units) Stable occupancy rate of core units

6

Investment Performance Acquisition of High Return Properties
Changes in Asset Size and NOI<Changes in Asset Size and NOI>

(Billions of Yen)

(%)

1,600
160

8.0

0
1,400
140

0

131 Properties￥110.3 billion

1,200
120

134 Properties￥115.9 billion

139 Properties￥121.4 billion

139 Properties￥121.4 billion

7.5
7.0

New Acquisitions

 4 Properties
 Approx. ¥10 Billion
 NOI 5.86 %

0
1,000
100

0
800
80

0

6.5
89 Properties￥67.0 billion

97 Properties￥75.4 billion

600
60

0

6.0

5.20%
5.49%

5.29%

5.25%

5.13%

5.5

5.45%

400
40

PROUD FLAT
Kamata II

PROUD FLAT
Asakusa Komagata

URBAN STAGE
Shibaura LOFTURBAN STAGE
Nihonbashi Yokoyamacho

5.0

0
200
20

4.5

0
00

4.0
1st FP End(May 31, 2007)

2nd FP End(Nov. 30, 2007)

3rd FP End(May 31, 2008)

4th FP End(Nov. 30, 2008)

5th FP End(May 31, 2009)

6th FP End(Nov. 30, 2009)

 Acquisition of properties which contribute to enhancing the portfolio revenue Current asset size is 143 Properties/¥131.46 billion

7

Overview of the Financial Results8Income Statement

Fifth Fiscal Period

Sixth Fiscal Period

From December 1, 2008

From June 1, 2009

To May 31, 2009

To November 30, 2009

Amount(￥000)

Ratio(%)

Amount(￥000)

Ratio(%)

Real Estate Rental Business Revenues

4,025,732

100.0

3,959,245

100.0

Rental Business Revenues

3,679,413

91.4

3,720,690

94.0

Other Rental Business Revenues

346,3198.6

238,555

6.0

Real Estate Rental Business Expenses

1,630,849

40.5

1,570,342

39.7

Real Estate Rental Business Expenses

737,82518.3

642,005

Tax and Public Dues

149,415

3.7

Depreciation and Amortization

743,608

Difference Between 5th & 6th Fiscal Periods＜Main Factors＞
 Revenues- ¥66 million

・Full FP Operation of Properties
Acquired in the 5th Fiscal Period

Approx. ¥65 million

16.2

・Vending Machine Installment, etc.

Approx. ¥18 million

192,106

4.9

・Properties Owned at 4th FP End

18.5

736,230

18.6

2,394,882

59.5

2,388,902

60.3

Asset management Fees

290,9437.2

294,746

7.4

Other Operating Expenses

154,840

3.8

167,917

4.2

・Tax and Public Dues

1,949,098

48.4

1,926,238

48.7

・Interest Expense, etc.

Non-Operating Revenues

9,396

0.2

2,790

0.1

Non-Operating Expenses

611,524

15.2

609,005

15.4

Current Profits

1,346,971

33.5

1,320,024

33.3

Net Income Before Tax

1,346,971

33.5

1,320,024

33.3

986

0.0

1,005

0.0

1,345,984

33.4

1,319,018

33.3⇒ Decrease in Net Income- ¥26 million

Retained Earnings Brought Forw ard

52

0.0

36

0.0

⇒ Cash Distribution per Unit

¥13,631

Retained Earnings at Fiscal Period End

1,346,037

33.4

1,319,054

33.3

Real Estate Rental Business Profits and Losses

Operating Income

Corporate Income Tax, etc.
Net Income(Seasonal Factors, etc.)

 Expenses

Approx. - ¥150 million- ¥39 million
Approx. ¥42 million(Increase Debt Financing, Long-term Fixation) Approx. ¥20 million

・Property Management Fee, etc.
(Seasonal Factors, etc.)

Approx. - ¥101 million

9Balance Sheet
AssetsLiabilities and Net Assets

Current Assets

Fifth Fiscal Period

Sixth Fiscal Period

Fifth Fiscal Period

Sixth Fiscal Period

as of May 31, 2009

as of Nov. 30, 2009

as of May 31, 2009

as of Nov. 30, 2009

Amount(￥000)

Amount(￥000)

Amount(￥000)

Amount(￥000)

Ratio
(%)

Ratio
(%)

6,323,645

4.8

4,867,513

3.8

Cash and Cash Equivalents

4,830,941

3.7

3,428,132

2.7

Trade Accounts Payable

Cash and Cash Equivalent in Trust

1,414,015

1.1

1,356,992

1.1

Short-term Loans

78,6880.1

82,3890.1

Long-term Loan Due Within One Year

Other Current Assets
Fixed Assets

Current Liabilities

Ratio
(%)

16,794,825

12.9

113,820
5,760,000

Ratio
(%)

20,810,325

16.2

0.1

92,0890.1

4.4

5,040,000

3.9 *29,940,000

7.6

14,616,000

11.4 *2

178,655

0.1

207,647

0.2

537

0.0

9,849

0.0

124,109,773

95.2

123,566,414

96.2

Other Accounts Payable

Tangible Fixed Assets

124,095,538

95.1

123,552,475

96.2 *１

Taxes Payable

Real Estate

64,155,692

49.2

63,891,286

49.7

Accrued Expenses

298,7120.2

332,666

0.3

Building

30,557,099

23.4

30,277,856

23.6

Rent Received in Advance498,132

0.4

509,301

0.4

Land33,598,592

25.8

33,613,430

26.2

Deposits Payable

4,967

0.0

2,770

0.0

Real Estate in Trust

59,939,845

46.0

59,653,986

46.4

58,522,692

44.9

52,534,684

40.9

Building in Trust

20,468,858

15.7

20,182,998

15.7

Long-term Loans

57,296,000

43.9

51,320,000

40.0 *2

Land in Trust

39,470,987

30.3

39,470,987

30.7

Security Deposits

518,909

0.4

511,799

0.4

－

－

7,203

0.0

Security Deposits in Trust

707,7820.5

702,884

0.5

1,218

0.0

1,079

0.0

Total Liabilities

75,317,517

57.7

73,345,009

57.1

55,115,902

42.3

55,088,919

42.9

53,769,864

41.2

53,769,864

41.9

Construction in Progress
Intangible Fixed Assets
Other Intangible Fixed Assets

Fixed Liabilities

1,218

0.0

1,079

0.0

Investment and Other Assets

13,0160.0

12,8590.0

Unitholders Capital

Security Deposits

10,7940.0

10,7690.0

Retained Earnings

1,346,037

1.0

1,319,054

1.0Long-term Repaid Expenses

2,222

0.0

2,089

0.0

Total Net Assets

55,115,902

42.3

55,088,919

42.9

130,433,419

100.0

128,433,928

100.0

Total Liabilities and Net Assets

130,433,419

100.0

128,433,928

100.0

Total Assets*1 Tangible Fixed Assets

Real Estate
Building
Land
Building in trust
Land in trust(unit: millions of yen)

AcquisitionPrice

Accumulated
depreciation(Depreciation
for current FP)

Book value
at FP end

127,091

3,546

(736)

123,545

31,81533,61322,19239,470

1,537
－
2,009
－

(425)
－
(310)
－

30,27733,613
20,18239,470Unitholders Equity*2 Loans (long-term loans due within a year are included in the shor-term loans)
70,976

Balance of interest-bearing debts (millions of yen)short-term + long-term loans
Total asset interest-bearing debt ratio

total assets

Long-term interest-bearing debt ratio

shot-term + long-term loans

55.3%

long-term loans

72.3%

10

Forecasts for the Seventh and Eighth Fiscal Period

7th Fiscal Period Forecasts

8th Fiscal Period Forecasts

Rental Business Revenues¥4,433 million¥4,411 million

Rental Business Expenses¥1,848 million¥1,741 million

Asset Management Fees

¥310 million¥322 million

Other Operating Expenses¥174 million¥185 million

Operating Income¥2,098 million¥2,162 million

Assumptions[Assets Under Management]
The calculation is based on the 143 properties owned, as
of January 19, 2010. Assumes it remain the same until
November 30, 2010 (Eighth Fiscal Period end).
[Depreciation]¥795 million and ¥798 million are expected in the Seventhand Eighth Fiscal Period, respectively.
[Debt Financing]

Non-Operating Profit/Loss- ¥650 million- ¥635 million

Current Profits¥1,448 million¥1,526 million

Net Income¥1,447 million¥1,525 million

Total Investment Units at
end of Fiscal Period

125,535 units

125,535 units

Cash Distribution per Unit

¥11,529¥12,152

The Fund has a total of ¥73,816 million in loans as ofJanuary 19, 2010.
Assumes that, of the ¥20,896 million in loans, besides theagreed repayment of ¥80 million, refinancing and ¥383
million, the total amount raised through the third-party
allotment, which was acquired on December 24, 2009, etc.,
be applied to the remaining ¥20,816 million, scheduled for
repayment by November 30, 2010 (Eighth Fiscal Period
end).
[Investment Units]

Assumes that the total number of investment units issued(125,535 units) remain the same until November 30, 2010
(Eighth Fiscal Period end).

11

Fund Management Results

12Management Results Portfolio Occupancy Rate
Portfolio Occupancy Rate
Occupancy Rate

May 31,2009(5th FP end)

Occupancy Rate

Jun. 30,
2009

Jul. 31,2009

Aug. 31,2009

Sep. 30,
2009

Leasable Space

Oct. 31,2009

Leasable Space

Nov. 30,
2009(6th FP end)

 Average portfolio occupancy rate is 92.6% (stable rent level)

13

Seek Internal Growth Opportunities (1) Sixth Fiscal Period Performance
Recent Perfomance
1. Installment of Limited Term Lease

3. Installment of Car Sharing Service[Installed Properties][Installed Properties]

PROUD FLAT Shibuya Sakuragaoka
PRIME URBAN Meguro Ohashi Hills
3 other properties

PROUD FLAT Shirokane Takanawa
PRIME URBAN Kinshi Koen
12 other properties

PRIME URBAN Meguro Ohashi Hills

2. Strengthen Retail/Office Leasing

4. Other[Private Childcare Facilities/Clinics][Free Rent for Students]

PROUD FLAT Shinjuku Kawadacho
PRIME URBAN Shinagawa Nishi
URBAN STAGE Sangen Jaya II
URBAN STAGE Shinkawa

URBAN STAGE Nakano
URBAN STAGE Takaido
4 other properies[Business Corporations, etc.]
PRIME URBAN Monzen Nakacho
URBAN STAGE Oimachi II
PROUD FLAT Shinjuku Kawadacho

URBAN STAGE Nakano Occupancy rate rose 0.8% through limited term lease and strengthening of retail/office leasing Parking lot revenue increased ¥ 4 million through installment of car sharing service

14

Seek Internal Growth Opportunities (2) Sixth Fiscal Period Results
Increase in Revenue
1. Turn unused space into leasable units
PRIME URBAN Monzen Nakacho

2. Procurement of incidental revenues

URBAN STAGE Oimachi II

URBAN STAGE Kachidoki

Installment of...
 Cellular phone antennaes, etc.
 Vending machines

Assembly room ⇒ OfficeBasement ⇒ Office

Custodian office ⇒ Apartment unit

Cut Expenses
1．Curtail building management expenses

2. Other(Review suitable management specifics)

 Review elevator management specifics

30 Properties

 Change building management companies 11 Properties ¥25 million Revenue Increase ¥12 million Curtail Expenses Curtail CATV fees

6 Properties Curtail electricity bill for common areas

7 Properties⇒ ¥37 million leverage effect (annual basis)

15

Financial Status (Sixth Fiscal Period End)
Status of Lenders

Interest-bearing Debt
Compared to
5th Fiscal Period(millions of yen)Interest-bearing Debt Total ¥70,976 million (- ¥2,020 million)
Bank of Tokyo-Mitsubishi UFJ

Average Remaining Durationof Long-term Loans

Sumitomo Mitsui Banking

2.8 years

Mitsubishi UFJ Trust and Banking

Weighted Average Interest Rate

1.61 %

Sumitomo Trust and Banking
Development Bank of Japan

Lon-term Interest-bearing Debt Ratio

72.3 %

Loan Interest Rate Fixed Ratio

79.5 %

Mizuho Corporate Bank
Nomura Trust and Banking
Taiyo Life Insurance

ＬＴＶ Level

55.3 % ( - 0.7%)*Long-term Ratio, when including “long-term loans due within a year” in long-term loans, is 92.9%.
*“Loan Interest Rate Fixed Ratio” includes floating rate loans which have been fixed through interest rate swaps.

Mitsui Sumitomo Insurance
Daido Life Insurance
Chiba Bank
Iyo Bank

Credit Ratings

Dai-ichi Mutual Life InsuranceLong-term Loan (Term)

Aozora Bank

Long-term Loan to be Repaid
Within 1 Year
Short-term Loan (Credit)

AgencyRatingOutlook

JCR

ＡＡ : Long-term Senior Debt Rating

StableTypes of Financial Institutions

StableMajor Banks Trust Banks

S＆P

Ａ : Long-term Corporate Credit Rating
Ａ-１ : Short-term Corporate Credit Rating

3

3

Regional
Banks2

Insurance
Companies
4

Others2

16

Appraisal Value Status (Sixth Fiscal Period End)
Appraisal Value (Fifth & Sixth Fiscal Period End Difference（
Details
5th FP End Appraisal Value (A)¥113,576 million

 Decline of Cash Flow

6th FP End Appraisal Value (B)¥109,349 million

 Increase of Cap Rate

approx. ¥629 million (14.9%)
approx. ¥3,597 million (85.1%)

Difference (A)-(B)- ¥4,227 million

Range of Cap Rate (Compared to previous FP)
0.50
0.40
0.30
0.20
0.10
0.00
-0.10
-0.20
第2期
2nd
FP

第3期
3rd
FP

第4期
4th
FP

第5期
5th
FP

第6期
6th
FP

Maintain and Enhance Cash Flow
1. Turn unused spaces into leasable units ： Turn assembly room into leasable unit, etc.
2. Procure incidental revenue： Installment of cellular phone antennaes, etc. and vending machines

3. Curtail building management fee： Review elevator management specifics and change building management

4. Other： Lower CATV fee and common area electricity bill17

Unitholders (Sixth Fiscal Period End)
Number of Unitholders and Investment Units
Increase : Foreign Corporations (Approx. +2pt), Individuals (Approx. +1pt)
Decrease : Financial Institutions (Approx. -3pt)

Other Domestic
Corporations(158 unitholders)Foreign Corporations(101 unitholders)Foreign
Corporations(10,813 units)

Financial Institutions(81 unitholders)

Individuals(7,931 unitholders)

Other Domestic
Corporations(15,589 units)

Total Number of Unitholders : 8,271

Individuals(18,983 units)

Financial Institutions(51,380 units)

Total Number of Investment Units : 96,765

Top 10 Unitholders
Unitholders
1 Nomura Real Estate Development Co., Ltd.
2 Japan Trustee Services Bank, Ltd.
3 NikkoCiti Trust and Banking Corporation
4 Trust & Custody Services Bank, Ltd.
5 The Master Trust Bank of Japan, Ltd.
6 The Nomura Trust and Banking Co., Ltd.
7 Tokio Marine & Nichido Fire Insurance Co., Ltd.
8 UBS AG London A/C IPB Segregated Client Account
9 Asahi Fire & Marine Insurance Co., Ltd.
10 North Pacific Bank, Ltd.
Total

Units
12,50010,280
7,860
6,777
3,296
3,116
2,955
2,501
2,000
1,632
52,917

Ratio (Note)
12.92%
10.62%
8.12%
7.00%
3.41%
3.22%
3.05%
2.58%
2.07%
1.69%
54.69%(Note) Ratio is calculated as the percentage of Total Number of Owned Investment Units divided by Total Number of Issued Investment Units

18

ＡＰＰＥＮＤＩＸ

19

Overview of Second Public Offering
Schedule

Comparison Before/After Public Offering

Issuance Resolution Date

: Nov. 18 (Wed)

Condition Determination Date

: Nov. 30 (Mon)

Before PO

After PO

Difference

IssuedInvestment Units

96,765 units

125,535 units＋29.7 %

Total Capital¥53,769 million¥61,799 million＋14.9 %

Number of
Properties

139 properties

143 properties＋2.9 %

Asset Size

¥121.4 billion¥131.4 billion＋8.2 %

LTV *55.3 %

52.6 %- 2.7 %

Average Rent
(Per Unit)

approx.
¥92 thousandapprox.
¥94 thousand＋2.5 %

approx.
27 square meters

approx.
27 square meters－

Payment Date
(Public Offering): Dec. 7 (Mon)(Third-party Allotment (OA)) : Dec. 24 (Thu)

Procured Amount[Public Offering]Number of Units Issued : 27,400 units(separate over allotment issued: 1,370 units)
Underwriting Price: ¥279,097

Total Underwriting Price : ¥7,647 million

Average
Leasable Space(Per Unit)[Third-party Allotment (OA)]
Number of Units Issued : 1,370 units
Total Underwriting Price : ¥382 million*Conditions regarding LTV calculations
Total Asset Price: Before PO(¥128.4 billion), After PO(139.4 billion)
Total Interest-bearing Debt: Before PO(¥70.9 billion), After PO(¥73.3 billion)

20

Stable Rent Level and Occupancy Rate
The Fund’s Rent per Tsubo/Occupancy Rate From the Inception (Greater Tokyo Area)
Rent Per Tsubo

Occupancy Rate

Occupancy Rate (%)(Yen/Tsubo)

Average 94.1 %Average 12,651 yen/tsuboFirst FP End
May 31, 2007

Second FP End
Nov. 30, 2007

Third FP End
May 31, 2008

Fourth FP End
Nov. 30, 2008

Fifth FP End
May 31, 2009

Sixth FP End
Nov. 30, 2009

 Changes in rent per tsubo and occupancy rate both stable Portfolio’s cash flow also stable

21

Portfolio Status (139 Properties at Sixth Fiscal Period End）

Building Age

Diversification Within Assets

Over 10 years

Top 5 Properties

Under 1 year

¥14.59 billion

Improve portfolio stability
through promotion ofdiversification

Considering the combination ofvarious building age to avoid thebias of large-scale repair
expenses⇒Top 10 Properties 21.2%⇒Average Building Age
7.6 Years
Other 129 Properties

Top 10 Properties¥95.72 billion¥25.76 billion

Investment Area

Over 70 sqm

Investing in properties targeting
single/DINKS/young family
households for theforeseeable future

Other Areas(Kanagawa, Chiba, Saitama)⇒Greater Tokyo Area 85.8%

Retail & Office50-70 sqm

⇒Under 50 sqm 92.4%
Tokyo (excluding the 23 wards)

Over 10 min.

Tokyo (23 wards)

Within 5 min.

Units Per Property

30-50 sqm

Under 30 sqm

Over 100 Units

Under 30 Units

Investing in properties withstrong lease-up potential in ashort timeframe

Selection focusing onaccessibility to the nearest
railway stations⇒Within 10 mins

1-3 years

Floor Area Per Unit

Greater Tokyo Area
70% or more

Nearest Station on Foot3-5 years

GreaterTokyo Area

Other Areas

Other Areas
30% or less5-10 years(General aim 100 units for newly
built properties*)

91.5%*excludes sub-lease properties, etc.
5-10 min.

50-100 Units

30-50 Units*Of the graphs above, “Floor area per unit” is based on units, the others are based on acquisition price.

22

Portfolio Map (139 Properties: Greater Tokyo Area 112 Properties)
Greater Tokyo Area
PROUD FLAT Shirokane Takanawa

PRIME URBAN Kasai

PROUD FLAT Yoyogi Uehara
PROUD FLAT Hatsudai

PRIME URBAN Kasai II

PROUD FLAT Shibuya Sakuragaoka

PRIME URBAN Shinyurigaoka
PRIME URBAN Urayasu

PROUD FLAT Gakugei Daigaku

PRIME URBAN Gyotoku I

PROUD FLAT Meguro Gyoninzaka

PRIME URBAN Gyotoku II

PROUD FLAT Sumida Riverside

PRIME URBAN Gyotoku Ekimae

PROUD FLAT Kagurazaka
PROUD FLAT Waseda

PRIME URBAN Nishi Funabashi
PRIME URBAN Kawaguchi

PROUD FLAT Shinjuku Kawadacho

URBAN STAGE Azabu Juban

PROUD FLAT Sangen Jaya

URBAN STAGE Hatagaya

PROUD FLAT Kamata

URBAN STAGE Toritsu Daigaku

PROUD FLAT Shinotsuka

URBAN STAGE Kachidoki

PROUD FLAT Kiyosumi Shirakawa

URBAN STAGE Shinkawa
URBAN STAGE Hongo Ikizaka

PROUD FLAT Monzen Nakacho II
PROUD FLAT Monzen Nakacho I

Omiya

Greater Tokyo Area

112 Properties

SaitamaMinami Urawa

Tobu
IsesakiLine
Adachi-ku
Itabashi-ku

URBAN STAGE Naka Ochiai

PROUD FLAT Yokohama
PROUD FLAT Kamioooka

URBAN STAGE Ochiai

PRIME URBAN Akasaka

URBAN STAGE Roka Koen
URBAN STAGE Kamiuma

Toshima-ku

URBAN STAGE Sangen Jaya

Ikebukuro

PRIME URBAN Tamachi
PRIME URBAN Ebisu Minami
PRIME URBAN Yoyogi

URBAN STAGE Chitose Karasuyama

PRIME URBAN Bancho

URBAN STAGE Sangen Jaya II

PRIME URBAN Chiyoda Fujimi

URBAN STAGE Komazawa

PRIME URBAN Iidabashi

URBAN STAGE Karasuyama

PRIME URBAN Ebisu
PRIME URBAN Naka Meguro

URBAN STAGE Kamikitazawa
URBAN STAGE Oimachi

PRIME URBAN Gakugei Daigaku

URBAN STAGE Oimachi II

PRIME URBAN Senzoku

URBAN STAGE Yukigaya

PRIME URBAN Meguro Riverside

URBAN STAGE Ikegami

PRIME URBAN Meguro Ohashi Hills

URBAN STAGE Nakano

PRIME URBAN Hakusan
PRIME URBAN Yotsuya Gaien Higashi

URBAN STAGE Takaido

PRIME URBAN Nishi Shinjuku I

URBAN STAGE Mukojima

PRIME URBAN Nishi Shinjuku II

URBAN STAGE Ekoda

PRIME URBAN Shinjuku Naitomachi

URBAN STAGE Takinokawa
URBAN STAGE Asakusa

PRIME URBAN Nishi Waseda
PRIME URBAN Sangen Jaya

Kita-ku

URBAN STAGE Shinjuku Ochiai

URBAN STAGE Komagome

Nerima-ku

Arakawa-ku

Taito-ku

Bunkyo-ku

Takadanobaba
Tachikawa

Chiba

Katsushika-ku

Ueno

Sumida-ku

Kichijoji

Edogawa-ku

Shinjuku-ku
Nakano-ku

Suginami-ku

Shinjuku
Nishi Funabashi
Chiyoda-ku

Tokyo
Chuo-ku
Shibuya-ku

Minato-ku

Koto-ku

Tokyo Metro
Tozai Line
Urayasu

Shibuya
Setagaya-ku

Tokyu
ToyokoLine

Tokyu
Denentoshi
Line

ShinagawaMeguro-ku

Shinagawa-ku

URBAN STAGE Machiya

PRIME URBAN Minami Karasuyama

URBAN STAGE Koganei

PRIME URBAN Karasuyama Galleria

URBAN STAGE Musashi Koganei

PRIME URBAN Karasuyama Court

URBAN STAGE Musashino Hills

PRIME URBAN Chitose Funabashi
PRIME URBAN Shinagawa Nishi

URBAN STAGE Hino
URBAN STAGE Musashi Kosugi comodo

PRIME URBAN Osaki

URBAN STAGE Kawasaki

PRIME URBAN Omori

URBAN STAGE Tsurumi Teraya

PRIME URBAN Kita Senzoku

URBAN STAGE Tennocho

PRIME URBAN Denenchofu Minami

URBAN STAGE Urayasu

PRIME URBAN Nakano Kamitakada

URBAN STAGE Minami Gyotoku I

PRIME URBAN Nishi Ogikubo

URBAN STAGE Minami Gyotoku II

PRIME URBAN Otsuka

URBAN STAGE Minami Gyotoku III

PRIME URBAN Monzen Nakacho

URBAN STAGE Minami Gyotoku IV

PRIME URBAN Kameido

URBAN STAGE Gyotoku Ekimae

PRIME URBAN Sumiyoshi
PRIME URBAN Kinshi Koen

URBAN STAGE Minami Gyotoku V
URBAN STAGE Gyotoku

PRIME URBAN Kinshicho

URBAN STAGE Minami Urawa

PRIME URBAN Hirai

URBAN STAGE Yono Hommachi

KeikyuMain
Line

Kanagawa

Ota-kuJR
KeihinTohokuLine

Yokohama

JR Lines
Other Lines*Greater Tokyo Area
(Tokyo, Kanagawa, Chiba, Saitama)

23

Portfolio Map (139 Properties: Other Areas 27 Properties)
SapporoPRIME URBAN Yamahana
PRIME URBAN Kita Juyo Jo

Osaka 3 Properties

PRIME URBAN Odori Koen I
PRIME URBAN Odori Koen II

Osaka
International
AirportHankyuSenri
LineHankyuTakarazuka
Line

JR
Kyoto
Line

PRIME URBAN Kita Juichi Jo
PRIME URBAN Miyanosawa
PRIME URBAN Odori Higashi
PRIME URBAN Chiji Kokan
PRIME URBAN Maruyama
PRIME URBAN Kita Nijuyo Jo
PRIME URBAN Sapporo Idaimae

JR Lines
Other Lines

Esaka

Sapporo11 Properties
SapporoTokaidoShinkansen

JR
Fukuchiyama
Line

JR Sassho Line

Miyanosawa

SendaiOsaka
Kanjo Line

Kotoni

Kotoni

Kita
NijuyoJo
JR Hakodate
Main Line

Sapporo

Osaka

PROUD FLAT Itsutsubashi
PROUD FLAT Kawaramachi

Sakae Machi

Asabu

Shin Osaka

Sapporo

Umeda

Odori

PRIME URBAN Nagamachi Icchome
PRIME URBAN Yaotome Chuo
URBAN STAGE Tsutsumidori Amamiya

Sapporo Municipal
Subway Tozai Line

Maruyama
Koen
Namba

Sapporo City
Street Car Line

Sapporo Municipal
Subway Toho Line

SapporoMunicipal Subway
Namboku Line

NagoyaFukuzumi

PRIME URBAN Aoi
PRIME URBAN Kanayama
PRIME URBAN Tsurumai

NagoyaNagoya3 Properties

Fukuoka
Fukuoka5 Properties

Meitetsu
Seto Line

Kashii
JR Kashii
Line

Osaka

Sanyo
Shinkansen

PRIME URBAN Esaka II
PRIME URBAN Esaka III

Fukuoka
Benefis Hakata Grand Sweet
Benefis Yakuin Minami
Benefis Kashii Verbena
Benefis Hakata Higashi Grand Sweet

Nagoya Municipal
Subway Meijo Line

Fukuoka
Municipal Subway
Hakozaki Line

TenjinMeinohamaFukuoka Municipal
Subway Kuko Line

Hashimoto

YakuinFukuoka
Municipal Suway
Nanakuma Line

Motoyama

Sakae Chikusa

NagoyaTsurumaiMunicipal
SubwayTsurumai Line

Nishitetsu
JR Hakata
Tenjin-Omuta Minami LineLine

OhashiJR
Kagoshima
Main Line

JR Tohoku
Main Line

JR Senzan Line

FushimiJR Sasaguri Line

Fukuoka
Hakata Airport

Izumi Chuo

JR Chuo
Main Line

NagoyaPRIME URBAN Esaka I

SendaiSendai 5 Properties

Ozone

Kanayama
TokaidoShinkansen
JR Todaido
Main Line
NagoyaMunicipal
SubwayMeijo Line

Meitetsu
NagoyaMain Line

NagoyaMunicipal
SubwaySakura-doriLine

Kita Sendai
TohokuShinkansen

Sendai
Municipal
SubwayNamboku LineSendaiYagotoNagamachi
Minami

Aratama-bashi

Nagamachi

Tomizawa

Benefis Chihaya Grand Sweet*Other Areas (3 major metropolitan areas (excluding Tokyo) and other government designated cities)

24Portfolio (At Sixth Fiscal Period End)#

Name of Property

Location

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

PROUD FLAT Shirokane Takanawa
PROUD FLAT Yoyogi Uehara
PROUD FLAT Hatsudai
PROUD FLAT Shibuya Sakuragaoka
PROUD FLAT Gakugei Daigaku
PROUD FLAT Meguro Gyoninzaka
PROUD FLAT Sumida Riverside
PROUD FLAT Kagurazaka
PROUD FLAT Waseda
PROUD FLAT Shinjuku Kawadacho
PROUD FLAT Sangen Jaya
PROUD FLAT Kamata
PROUD FLAT Shinotsuka
PROUD FLAT Kiyosumi Shirakawa
PROUD FLAT Monzen Nakacho II
PROUD FLAT Monzen Nakacho I
PROUD FLAT Yokohama
PROUD FLAT Kamioooka
PRIME URBAN Akasaka
PRIME URBAN Tamachi
PRIME URBAN Ebisu Minami
PRIME URBAN Yoyogi
PRIME URBAN Bancho
PRIME URBAN Chiyoda Fujimi
PRIME URBAN Iidabashi
PRIME URBAN Ebisu
PRIME URBAN Naka Meguro
PRIME URBAN Gakugei Daigaku
PRIME URBAN Senzoku
PRIME URBAN Meguro Riverside
PRIME URBAN Meguro Ohashi Hills
PRIME URBAN Hakusan
PRIME URBAN Yotsuya Gaien Higashi *1
PRIME URBAN Nishi Shinjuku I
PRIME URBAN Nishi Shinjuku II

Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Ota-ku, Tokyo
Toshima-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Minato-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Bunkyo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 6th FP) (%)
3,510,000
1,100,000
865,000
800,000
812,000
882,000
2,260,000
1,540,000
1,110,000
1,010,000
1,350,000
1,140,000
695,000
900,000
650,000
1,130,000
2,340,000
2,770,000
956,000
941,000
947,000
408,000
1,170,000
707,000
2,030,000
1,200,000
1,320,000
886,000
536,000
464,000
3,580,000
893,000
1,700,000
1,290,000
1,000,000

2.9
0.9
0.7
0.7
0.7
0.7
1.9
1.3
0.9
0.8
1.1
0.9
0.6
0.7
0.5
0.9
1.9
2.3
0.8
0.8
0.8
0.3
1.0
0.6
1.7
1.0
1.1
0.7
0.4
0.4
2.9
0.7
1.4
1.1
0.8

2,950.11
1,151.34
958.98638.70934.39855.23
3,055.21
1,793.43
1,450.91
1,102.20
1,277.82
1,541.64
752.091,209.56
830.55
1,191.08
3,118.12
4,872.17
1,062.05
1,107.36
881.89439.56
1,277.04
793.872,087.70
1,444.40
1,302.42
1,008.39
655.27453.772,955.74
1,069.82
1,759.11
1,459.86
1,162.55

106
44
31
30
41
40
110
70
60
41
48
67
35
55
35
55
113
200
25
48
21
19
52
32
90
29
49
32
22
24
99
42
51
60
46

96.2
84.3
85.2
80.0
90.4
97.5
93.3
100.0
96.4
93.4
96.4
95.6
94.4
100.0
84.2
94.5
97.6
100.0
93.4
93.8
79.0
90.2
93.1
77.8
89.4
78.4
83.7
85.5
91.6
100.0
92.0
97.8
84.5
96.8
91.9

25

Portfolio (At Sixth Fiscal Period End)
#
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70

Name of Property
PRIME URBAN Shinjuku Naitomachi
PRIME URBAN Nishi Waseda
PRIME URBAN Sangen Jaya
PRIME URBAN Minami Karasuyama
PRIME URBAN Karasuyama Galleria
PRIME URBAN Karasuyama Court
PRIME URBAN Chitose Funabashi
PRIME URBAN Shinagawa Nishi
PRIME URBAN Osaki
PRIME URBAN Omori
PRIME URBAN Kita Senzoku
PRIME URBAN Denenchofu Minami
PRIME URBAN Nakano Kamitakada
PRIME URBAN Nishi Ogikubo
PRIME URBAN Otsuka
PRIME URBAN Monzen Nakacho
PRIME URBAN Kameido
PRIME URBAN Sumiyoshi
PRIME URBAN Kinshi Koen
PRIME URBAN Kinshicho
PRIME URBAN Hirai
PRIME URBAN Kasai
PRIME URBAN Kasai II
PRIME URBAN Shinyurigaoka
PRIME URBAN Urayasu
PRIME URBAN Gyotoku I
PRIME URBAN Gyotoku II
PRIME URBAN Gyotoku Ekimae
PRIME URBAN Nishi Funabashi
PRIME URBAN Kawaguchi
URBAN STAGE Azabu Juban
URBAN STAGE Hatagaya
URBAN STAGE Toritsu Daigaku
URBAN STAGE Kachidoki
URBAN STAGE Shinkawa

Location
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shinagawa-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Nakano-ku, Tokyo
Suginami-ku, Tokyo
Toshima-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Sumida-ku, Tokyo
Sumida-ku, Tokyo
Edogawa-ku, Tokyo
Edogawa-ku, Tokyo
Edogawa-ku, Tokyo
Kawasaki-shi, Kanagawa
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Funabashi-shi, Chiba
Kawaguchi-shi, Saitama
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Meguro-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 6th FP) (%)
512,000
503,000
835,000
840,000
645,000
413,000
885,000
624,000
1,700,000
824,000
576,000
900,000
640,000
435,000
794,000
2,200,000
705,000
552,000
1,180,000
668,000
700,000
637,000
958,000
1,210,000
840,000
635,000
741,000
476,000
772,000
2,170,000
991,000
452,000
524,000
2,290,000
2,250,000

0.4
0.4
0.7
0.7
0.5
0.3
0.7
0.5
1.4
0.7
0.5
0.7
0.5
0.4
0.7
1.8
0.6
0.5
1.0
0.5
0.6
0.5
0.8
1.0
0.7
0.5
0.6
0.4
0.6
1.8
0.8
0.4
0.4
1.9
1.9

578.18507.11
874.15
1,049.73
835.05576.201,027.44
961.252,106.16
1,190.70
834.901,100.17
818.75543.09944.993,207.92
1,117.34
813.52
1,886.50
991.62
1,095.91
905.81
1,437.84
1,708.19
1,264.84
1,151.36
1,244.00
778.191,237.80
2,477.11
1,222.13
650.60996.81
4,524.00
3,600.61

14
28
33
41
33
23
38
46
99
54
46
44
33
24
46
118
52
40
77
49
53
45
68
64
60
52
58
37
60
98
40
38
16
145
46

93.1
100.0
91.3
92.8
100.0
86.9
100.0
93.8
97.0
96.3
93.5
100.0
82.7
87.4
82.9
97.6
100.0
100.0
94.8
100.0
96.3
88.9
97.1
100.0
96.7
82.7
100.0
97.3
98.3
91.8
79.5
92.2
100.0
97.7
100.0

26

Portfolio (At Sixth Fiscal Period End)#

Name of Property

Location

71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105

URBAN STAGE Hongo Ikizaka
URBAN STAGE Naka Ochiai
URBAN STAGE Ochiai
URBAN STAGE Shinjuku Ochiai
URBAN STAGE Roka Koen
URBAN STAGE Kamiuma
URBAN STAGE Sangen Jaya
URBAN STAGE Chitose Karasuyama
URBAN STAGE Sangen Jaya II
URBAN STAGE Komazawa
URBAN STAGE Karasuyama
URBAN STAGE Kamikitazawa
URBAN STAGE Oimachi
URBAN STAGE Oimachi II
URBAN STAGE Yukigaya
URBAN STAGE Ikegami
URBAN STAGE Nakano
URBAN STAGE Takaido
URBAN STAGE Komagome
URBAN STAGE Mukojima
URBAN STAGE Ekoda
URBAN STAGE Takinokawa
URBAN STAGE Asakusa
URBAN STAGE Machiya
URBAN STAGE Koganei
URBAN STAGE Musashi Koganei *2
URBAN STAGE Musashino Hills *3
URBAN STAGE Hino
URBAN STAGE Musashi Kosugi comodo
URBAN STAGE Kawasaki
URBAN STAGE Tsurumi Teraya
URBAN STAGE Tennocho
URBAN STAGE Urayasu
URBAN STAGE Minami Gyotoku I
URBAN STAGE Minami Gyotoku II

Bunkyo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shinagawa-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Nakano-ku, Tokyo
Suginami-ku, Tokyo
Toshima-ku, Tokyo
Sumida-ku, Tokyo
Nerima-ku, Tokyo
Kita-ku, Tokyo
Taito-ku, Tokyo
Arakawa-ku, Tokyo
Koganei-shi, Tokyo
Koganei-shi, Tokyo
Koganei-shi, Tokyo
Hino-shi, Tokyo
Kawasaki-shi, Kanagawa
Kawasaki-shi, Kanagawa
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 6th FP) (%)
647,000
655,000
324,000
635,000
362,000
900,000
755,000
730,000
539,000
396,000
344,000
738,000
530,000
1,100,000
970,000
1,460,000
472,000
1,080,000
412,000
487,000
385,000
287,000
350,000
210,000
229,000
2,390,000
1,590,000
319,000
2,150,000
1,150,000
457,000
136,000
277,000
357,000
285,000

0.5
0.5
0.3
0.5
0.3
0.7
0.6
0.6
0.4
0.3
0.3
0.6
0.4
0.9
0.8
1.2
0.4
0.9
0.3
0.4
0.3
0.2
0.3
0.2
0.2
2.0
1.3
0.3
1.8
0.9
0.4
0.1
0.2
0.3
0.2

662.581,237.98
517.53
1,053.39
567.201,739.86
1,018.72
1,774.01
810.98572.41507.52
1,384.45
722.701,782.26
1,536.59
2,456.48
801.301,746.20
990.18
1,108.91
872.49554.39876.70455.19682.43
5,999.80
2,961.06
994.683,690.37
1,706.46
952.06332.48437.94682.05611.61

27
18
32
28
34
37
47
27
17
26
28
29
45
93
94
95
51
107
19
55
35
29
22
26
27
98
80
54
56
80
50
20
27
41
37

81.5
88.6
90.8
88.3
96.6
97.3
98.2
96.2
100.0
95.4
75.3
82.8
88.9
91.3
93.6
97.2
82.2
89.8
95.9
92.9
97.6
92.8
100.0
84.0
92.4
85.5
86.6
85.2
100.0
94.7
94.3
90.0
92.6
68.2
45.9

27

Portfolio (At Sixth Fiscal Period End)
#
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139

Name of Property
URBAN STAGE Minami Gyotoku III
URBAN STAGE Minami Gyotoku IV
URBAN STAGE Gyotoku Ekimae
URBAN STAGE Minami Gyotoku V
URBAN STAGE Gyotoku
URBAN STAGE Minami Urawa
URBAN STAGE Yono Honmachi
Greater Tokyo Area
PROUD FLAT Itsutsubashi
PROUD FLAT Kawaramachi
PRIME URBAN Yamahana
PRIME URBAN Kita Juyo Jo
PRIME URBAN Odori Koen I
PRIME URBAN Odori Koen II
PRIME URBAN Kita Juichi Jo
PRIME URBAN Miyanosawa
PRIME URBAN Odori Higashi
PRIME URBAN Chiji Kokan
PRIME URBAN Maruyama
PRIME URBAN Kita Nijuyo Jo
PRIME URBAN Sapporo Idaimae
PRIME URBAN Nagamachi Icchome
PRIME URBAN Yaotome Chuo
PRIME URBAN Aoi
PRIME URBAN Kanayama
PRIME URBAN Tsurumai
PRIME URBAN Esaka I
PRIME URBAN Esaka II
PRIME URBAN Esaka III
URBAN STAGE Tsutsumidori Amamiya
Benefis Hakata Grand Sweet
Benefis Yakuin Minami
Benefis Kashii Verbena
Benefis Hakata Higashi Grand Sweet
Benefis Chihaya Grand Sweet
Other Areas
Total Properties

Location
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Saitama-shi, Saitama
Saitama-shi, Saitama
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Suita-shi, Osaka
Suita-shi, Osaka
Suita-shi, Osaka
Sendai-shi, Miyagi
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 6th FP) (%)
263,000
256,000
561,000
293,000
948,000
274,000
519,000
104,191,000
682,000
724,000
377,000
336,000
530,000
322,000
600,000
576,200
424,000
337,900
283,200
503,700
731,600
1,110,000
428,000
724,000
632,000
1,189,096
672,000
790,000
1,535,000
969,000
830,000
351,000
396,000
693,000
545,000
17,291,696
121,482,696

0.2
0.2
0.5
0.2
0.8
0.2
0.4
85.8
0.6
0.6
0.3
0.3
0.4
0.3
0.5
0.5
0.3
0.3
0.2
0.4
0.6
0.9
0.4
0.6
0.5
1.0
0.6
0.7
1.3
0.8
0.7
0.3
0.3
0.6
0.4
14.2
100.0

543.84535.08927.33662.68
1,766.47
694.05
1,372.74
148,167.45
1,861.56
1,967.54
1,518.58
1,155.60
1,850.20
1,148.72
1,851.39
2,114.53
1,494.36
1,007.30
911.07
1,773.90
2,439.90
3,411.24
1,380.21
1,571.04
1,391.02
2,502.11
1,189.12
1,392.00
2,151.67
4,251.91
2,176.23
897.84
1,222.34
1,854.13
1,740.70
48,226.21
196,393.66

33
32
46
38
77
32
70
5,659
60
64
33
36
53
36
60
54
36
42
27
36
58
60
43
46
58
104
48
57
79
65
67
34
39
65
48
1,408
7,067

73.1
100.0
93.5
92.3
100.0
93.9
92.9
93.0
97.3
100.0
95.2
92.1
100.0
100.0
98.3
100.0
93.1
83.4
92.6
100.0
94.2
94.8
100.0
92.3
94.8
85.6
93.7
94.8
91.9
82.8
81.7
100.0
78.0
77.0
90.4
92.2
92.8

28

Establish Stable Financial Base (Sixth Fiscal Period Loan Results)
Status of Maturity Diversification (Sixth Fiscal Period End)(millions of yen)

7th
FP

8th
FP

9th
FP

10th
FP

11th
FP

12th
FP

13th
FP

14th
FP

15th
FP

16th
FP

17th
FP

18th
FP

19th
FP

(1)

Refinance : “Long-term (3years, 7years) and Fixed rate” (¥4.2 billion)(2)

Partial Repayment: Repayment of loans through fund in hand (¥2.02 billion)

20th
FP

⇒Lower LTV though Repayment

29

Status of Loan (Sixth Fiscal Period End)
Amount(Millions of Yen)

Type of Interest

Interest Rate

Date of Repayment

3 Financial Institutions

1,600

Floating Rate

1.13167%

December 3, 2009

3 Financial Institutions

2,240

Floating Rate

1.35833%

February 26, 2010

3 Financial Institutions

1,200

Floating Rate

1.35833%

February 26, 2010

6 Financial Institutions

5,000

Fixed Rate (*1)

1.46045%

February 27, 2010

1 Financial Institution

440

Floating Rate

0.92455%

February 27, 2010

2 Financial Institutions

9,096

Floating Rate

1.21955%

June 26, 2010 (*7)

1 Financial Institution

80

Fixed Rate

2.10000%(*8)

8 Financial Institutions

19,656－－－

4 Financial Institutions

4,980

Fixed Rate (*2)

1.24920%

February 26, 2011

3 Financial Institutions

3,400

Fixed Rate

1.51625%

September 4, 2011

6 Financial Institutions

3,500

Fixed Rate (*3)

1.84464%

September 30, 2011

2 Financial Institutions

5,048

Fixed Rate (*4)

1.43250%

December 26, 2011

7 Financial Institutions

11,000

Fixed Rate (*1)

1.79300%

February 27, 2012

2 Financial Institutions

2,200

Fixed Rate

1.81375%

August 27, 2012

5 Financial Institutions

2,600

Fixed Rate (*5)

1.49300%

August 27, 2012

3 Financial Institutions

5,500

Fixed Rate

1.83625%

May 23, 2013

3 Financial Institutions

5,472

Fixed Rate (*6)

1.74250%

September 29, 2013

1 Financial Institution

800

Fixed Rate

1.99875%

September 30, 2013

2 Financial Institutions

2,000

Fixed Rate (*1)

2.14360%

February 27, 2014

1 Financial Institution

2,000

Fixed Rate

2.13625%

February 27, 2014

1 Financial Institution

1,300

Fixed Rate

2.23500%

February 27, 2015

LenderShort-term Loan
(Includes long-termloans to be repayedwithin a year)

Short-term Loan
Sub Total

Long-term Loan

Collateral

Unsecured
Unguaranteed－

Unsecured
Unguaranteed

1 Financial Institution

1,520

Fixed Rate

2.10000%(*8)

Long-term Loan
Sub Total

12 Financial Institutions

51,320

－

－

－

－

Total

14 Financial Institutions

70,976－－－－(*1) This loan has started the Interest Rate Swap tranaction on February 27, 2007.
(*2) This loan has started the Interest Rate Swap tranaction on February 26, 2008.
(*3) This loan has started the Interest Rate Swap tranaction on May 31, 2007.
(*4) This loan has started the Interest Rate Swap tranaction on December 26, 2008.
(*5) This loan has started the Interest Rate Swap tranaction on August 27, 2009.
(*6) This loan has started the Interest Rate Swap tranaction on September 29, 2008.
(*7) The amount of ￥1,000 million has been prepayed on October 30, 2009.
(*8) The amount of ￥40 million to be repayed on February 27, 2010, the first repayment date, and every August 27 and February 27 thereafter, until the last repayment of ￥1,080 million on August 27, 2016.

30

Organization of the Asset Management Company

Shareholders Meeting

Corporate Data of NREAM
Auditors
Name

Board of Directors

Nomura Real Estate Asset Management Co., Ltd.
Executive Director
Internal Audit

Date of Establishment
January 24, 2003

Compliance
Committee

CapitalCompliance & Risk
Management Group

OfficeManagement Division¥300,000,000

Shareholder

ResidenceManagement Division

Investment
Committee

Nomura Real Estate Holdings, Inc. (100%)

Investment
Committee

Representative
Tatsuo Inoue, President & CEO

Description of Business

Acquisition
Group

Asset
Management
Group

Fund
Management
Group

Financial &Control GroupAcquisitionGroup■ Businessrelevant to due
diligence andacquisition ofproperties.

Asset
Management
Group

Fund
ManagementGroup■ Businessrelevant to theoperations,management,
and dispositionof real estate
undermanagement.

■ Businessrelevant to the
managementof the portfolio
of investment
assets anddisclosure (IR).

Financial &Control Group

Asset management business for investment
corporations (J-REITs)■ Businessrelevant to thefunding,accounting,taxation, andmanagementof capital forinvestment
assets.

Registration & Licenses■Registered for a financial instruments business:
Director of Kanto Local Finance Bureau No. 374■Licensed for discretionary proxy in realty trading:
Minister of Land, Infrastructure and Transport No. 18■Licensed for real estate trading:Governor of Tokyo No. (2) 81679

NRF Management Division31This document has been prepared solely for the purpose of provision of information andshould not be construed as an offer, solicitation or commercial conduct of any natureassociated with any specific products. Investors wishing to purchase the investment unitsof Nomura Real Estate Residential Fund, Inc. should contact their own securities brokers
or dealers.
The forecast statements with respect to the future financial results contained in thisdocument should not be construed as a guarantee of the actual performance in the future.
Although the information contained in this document is intended to be complete andthorough, there is no assurance of precision and safety. Please note that the contents ofthis document is subject to change or cancellation without prior notice.
It is prohibited to make duplication, reproduction, distribution or use of any part or whole ofthe information contained in this document without express prior written consent.