October 2, 2023
To All Concerned Parties
REIT Issuer: Daiwa Securities Living Investment Corporation
6-2-1 Ginza, Chuo-ku, Tokyo 104-0061
Yoshio Urata, Executive Director(Securities Code: 8986)
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.
Yoshiki Nishigaki, President and Chief Executive Officer
Inquiries: Kentaro Azumi, General Manager, Corporate Division
Tel: +81-3-6757-9680

Notice Concerning Acquisition and Leasing of Domestic Real Estate and Domestic Trust Beneficiary Interests(16 Rental Housing and 3 Healthcare Facilities)

Daiwa Securities Living Investment Corporation (hereinafter referred to as the “Investment Corporation”) hereby
announces that Daiwa Real Estate Asset Management Co. Ltd. (hereinafter referred to as the “Asset Manager”), the asset
manager of the Investment Corporation, has resolved to acquire and lease the real estate trust beneficiary interests(hereinafter referred to as the “Assets to Be Acquired”) described below. Details are provided below. Furthermore, the sourceof the assets to be acquired falls under the category of interested parties, etc. as defined by the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including subsequent amendments, hereinafter referred to as the "Investment
Trusts Act"). Therefore, the decision for acquisition was made in accordance with the " Rules on Prevention of Conflicts ofInterest ", which are internal regulations of the Asset Manager and under the Investment Trusts Act, with the approval of theboard of directors of this investment corporation.

Ⅰ. General Outline of the Acquisition
A general outline of the Assets to Be Acquired is detailed in the table below. As of October 2, 2023, the Investment
Corporation has concluded real estate purchase agreements or trust beneficiary interest transfer agreements with each of
the sellers for the Assets to Be Acquired, which are scheduled for acquisition on the respective scheduled acquisition dates.

Property type
(Note 1)

Anticipatedacquisition price(A)(JPY thousand)(Note2) (Note 3)

Appraisal value(August 2023)（B）(JPY thousand)(Note 3)Difference between
anticipatedacquisition priceand appraisal value(B)-(A)(JPY thousand)((A)/(B))(Note 3)№

Property nameLocation１

L-Place Esaka Ⅱ

Suita City,
Osaka

2,820,000

2,870,000

50,000２Gran Casa Itabashihoncho

Itabashi-ku,
Tokyo

1,230,000

1,310,000

80,000３Gran CasaUeno

Taito-ku,
Tokyo970,000

987,000

17,000４Gran Casa Ojima

Koto-ku,Tokyo

2,819,600

2,910,000

90,400５Gran Casa
Edogawabashi

2,280,000

2,380,000

100,000

６

Gran Casa Mizonokuchi

Residence(Family)

2,241,000

2,260,000

19,000７

PREGIO Namba

Residence(Studio)

4,280,000

4,360,000

80,000Bunkyo-ku,
TokyoKawasaki
City,
Kanagawa
Osaka City,
Osaka

Residence(Studio)

Scheduledacquisition date

October 3, 2023

October 13, 2023

December 1, 2023

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

1８Gran Casa Minowa Ⅱ

Taito-ku,Tokyo

９

Serenite Hommachi
Higashi Lien

10

Gran Casa Yotsuya

11Gran Casa Minowa Ⅲ

Osaka City,
Osaka
Shinjukuku,
Tokyo
Taito-ku,
Tokyo

12

Gran Casa Ryogoku Verde

1,340,000

1,350,000

10,0003,670,000

3,780,000

110,000

3,500,000

3,710,000

210,000

957,000

974,000

17,0002,215,000

2,270,000

55,0001,640,000

1,720,000

80,0001,970,000

2,120,000

150,000

1,510,000

1,590,000

80,0004,340,000

4,620,000

280,000

37,782,600

39,211,000

1,428,400

3,146,000

3,210,000

64,0002,630,000

2,770,000

140,000

1,750,000

1,790,000

40,000Subtotal for healthcare facilities

7,526,000

7,770,000

244,000

Total

45,308,600

46,981,000

1,672,400

13Gran Casa Nippori

14

Gran Casa Minowa Ⅳ

15Gran Casa Kyotoekimae

16

Gran Casa Oji Ⅱ

Sumida-ku,
TokyoArakawaku,
Tokyo
Arakawaku,
Tokyo
Kyoto City,
Kyoto
Kita-ku,Tokyo

Residence(Family)

Residence(Studio)
Residence(Family)

Subtotal for Rental housing
17

Library Nerima Yahara

18

Library Shimura-sakaue

19

Sunny Life Kamakura
Tamanawa

Nerima-ku,
Tokyo
Itabashi-ku,
Tokyo
KamakuraCity,
Kanagawa

Healthcare
facility

February 1, 2024

March 1, 2024

October 3, 2023

(Note 1) Studio means residences with 1R, 1K, 1DK, or 1LDK. Family means residences with 2K, 2DK, 2LDK or more rooms.
If there are multiple types of residences mixed in one building, they are classified as belonging to the type with the largest number of units.
(Note 2) Anticipated Acquisition Price does not include acquisition expenses, adjustments to property tax and city planning tax and consumption tax andlocal consumption tax. The same applies hereinafter.
(Note 3) Amounts are rounded down to the nearest unit and percentages are rounded to the first decimal place. Unless stated otherwise, the same applies
hereinafter.
(Note 4) There is no intermediary for the Acquisition of each Asset to Be Acquired.
(Note 5) For the seller of each property to be acquired, please refer to “IV. Profile of the Counterparty” below.
(Note 6) For the acquisition schedule of each property to be acquired, please refer to “VIII. Acquisition Schedule” below.

II. Reason for the Acquisition and Leasing
Based on the asset management objectives and policies set forth in the Investment Corporations Agreement, we havedecided to acquire and lease the Assets to Be Acquired in order to diversify and enhance the portfolio to achieve asset size
growth and secure stable earnings.
The tenants of the Assets to Be Acquired meet the tenant selection criteria outlined in the Investment Corporation’sManagement System Report dated June 29, 2023.
Ⅲ. Details of Assets to Be Acquired and Leasing
The details of the Assets to Be Acquired and leasing are summarized in the following individual property tables. The
following is a description of the items mentioned in the individual property tables.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

2

<Description of Items>
a． Explanation of Overview of Properties
1.

“Location (residential indication)” is stated based on the residential indication in principle. Where residential indication
is not shown, building location (if there is more than one, the location of one of the buildings) is shown in accordancewith either the housing number indication or the registry (including the Registration Record; the same applies
hereinafter). For properties that have not yet been completed as of today, the forecast at the time of completion is statedbased on design plans, etc.

2.

“Form of ownership” for both Land and Building refers the type of rights held by the Investment Corporation for realestate and by the Trustee for real estate trust beneficiary interests.

3.

“Zoning” for Land refers to the types of use districts stipulated by Item 1, Paragraph 1, Article 8 of the City Planning
Act (Law No. 100 of 1968, including later amendments) (hereinafter referred to as the “City Planning Act”).

4. “Area” for Land is shown in accordance with the registry and may not correspond to the current reality.
5. “FAR” for Land refers to the ratio of the sum of the floor space of the building to the land area as stipulated in Article
52 of the Building Standards Act (Law No. 201 of 1950, including later amendments) (hereinafter referred to as the“Building Standards Act”), and the upper limit of floor-to-area ratio (designated floor-to-area ratio) as determined bycity planning according to the use area. The designated floor-to-area ratio can be mitigated, increased, or reduced due tothe width of roads connected to the site and other reasons, and may differ from the floor-to-area ratio that is actually inuse.
6. “Building-to-land ratio” for Land shows the ratio of the building area to the land area as stipulated in Article 53 of the
Building Standards Act, and the upper limit of building-to-land ratio (designated building-to-land ratio) as determinedby city planning according to the use area. The designated building-to-land ratio can be mitigated, increased, or reduced
due to fireproofed structures in a fire prevention district and other factors, and may differ from the building-to-land ratiothat is actually in use.
7. “Use” for Building refers to the building type recorded in the registry.For properties that have not yet been completed asof today, the forecast at the time of completion is stated based on design plans, etc.
8. “Structure/Floors” for Building is based on records in the registry.For properties that have not yet been completed as oftoday, the forecast at the time of completion is stated based on design plans, etc.
9. “Number of leasable units” (in the case of a residence) indicates the number of units that can be leased as of July 31,
2023, for the Assets to Be Acquired.For properties that have not yet been completed as of today, the forecast at the timeof completion is stated based on design plans, etc.
10. “Number of leasable compartments” (in the case of healthcare facilities) indicates the number of compartments of abuilding where a lease contract has been concluded as of July 31, 2023, for the Assets to Be Acquired and includes retailstores, offices, etc., if any.
11. “Total floor area” for Building is based on records in the registry and does not include the floor area of annexedbuildings.For properties that have not yet been completed as of today, the forecast at the time of completion is statedbased on design plans, etc.。
12. “Construction completion” for Building refers to the date of completion recorded in the registry.For properties that have
not yet been completed as of today, the forecast at the time of completion is stated based on design plans, etc.
13. “Estimated emergency repair expenses,” “Estimated short-term repair expenses,” and “Estimated long-term repair
expenses” are rounded down to the nearest thousand, while ratios are rounded to the first decimal place.
14. “PML” data was acquired from Tokyo Marine dR Co., Ltd. in August 2023.
15. “Property manager” is the property management company entrusted with, or scheduled to be entrusted with the property
management operations.
16. “Master lessee” is the party that has, or is scheduled to enter into a master lease agreement concerning the asset inquestion.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

3

17. “Type of master lease” is either “Pass through” or “Guaranteed rent.” “Pass through” is a master lease agreement where
the master lessee passes on the rent equivalent to rent paid by the end tenant and “Guaranteed rent” is a master leaseagreement in which the master lessee pays a fixed rent.
18. “Real estate rent revenue” is the monthly rental income (rent, common service fee, parking lot income, etc.) rounded
down to less than JPY 1,000 based on the figures and information available as of July 31, 2023, of the Assets to Be
Acquired.
19. “Lease and guarantee deposits, etc.” are the lease or guarantee deposits (residences, retail stores, offices, parking lots,etc.) rounded down to less than JPY 1,000 based on the figures and information available as of July 31, 2023, of theAssets to Be Acquired.
20. “Leasable area” shows the leasable area of each of the Assets to Be Acquired as of July 31, 2023, excluding area usedby storage spaces, parking spaces, custodian areas, signboards, vending machines, antennas and other spaces leased to
the lessee in addition to their main use, or other areas leased for the maintenance and supervision of the relevant property(including loan for use). Furthermore, leasable area is calculated using the center line of the wall, and includes the meterboxes and pipe spaces allotted to each unit. In addition, for properties that have not yet been completed as of today, theforecast at the time of completion is stated based on design plans, etc.
21. “Number of tenants” shows the total number of tenants for the Assets to Be Acquired as of July 31, 2023, and shall belisted as one (1) if a master lease agreement has been concluded with a master lessee. Furthermore, for properties thathave not yet been completed as of today, the number of tenants shall be listed as one (1) because all of them are scheduled
to enter into a master lease agreement with a master lessee.
22. “Total leased area” is the sum of the area leased through lease agreements with end-tenants (however, in cases whereproperties are wholly leased to realtors through guaranteed rent agreements or where a master lessee wholly leases it toanother company, lease agreements where properties are wholly leased to a lessee) at the Assets to Be Acquired that arein effect as of July 31, 2023.
23. “Occupancy rate” is the figure obtained by dividing the total leased area by the leasable area for the Assets to Be Acquired
as of July 31, 2023, rounded down to the first decimal place.
24. The “Collateral” section denote if there is collateral to be borne by the Investment Corporation for the asset to be acquired,or if there is collateral to be borne after the acquisition.
25. The “Features” sections have been prepared based on the analyses of the Asset Manager and the appraisal reports of thereal estate appraiser concerning the Assets to Be Acquired.
26. The “Special Notes” section denotes important factors upon considering the rights, appraisal values, the impact on
profitability and disposability, etc., concerning the Assets to Be Acquired.
b. Explanation of Overview of Operator and Facility (Only for Healthcare Facilities)
1. “Operator” refers to the party operating the long-term care facilities at the Assets to Be Acquired as displayed in the
explanation of important matters.
2. “Opening date” refers to the date the facility opened as displayed in the explanation of important matters.
3. “Type of facility” refers the type of the facility as displayed in the explanation of important matters.
4. “Number of rooms” refers to the number of rooms as displayed in the explanation of important matters.
5. “Right to reside status” refers to the right to reside status as displayed in the explanation of important matters.
6. “Resident capacity” refers to the resident capacity as displayed in the explanation of important matters.
7. “Room area range” refers to the floor area of rooms as displayed in the explanation of important matters.
8. “Number of residents” refers to the number of residents as displayed in the explanation of important matters.
9. “Requirements for entry” refers to the requirements for occupancy at the facility as displayed in the explanation ofimportant matters.
Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

410. “Occupancy rate” is the ratio obtained by dividing the number of residents by resident capacity as displayed in the
explanation of important matters, rounded down to one decimal place. Furthermore, the occupancy rate indicated in the
explanation of important matters may differ from the ratio obtained by dividing the number of residents by resident
capacity due to situations wherein people temporarily not residing at the facility are included.
11. “Average level of nursing care required” refers to the figure obtained by multiplying the respective number of residents
categorized in the explanation of important matters as either “independent,” “requiring support level 1,” “requiringsupport level 2,” “requiring nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5 and 1, respectively and dividing thetotal by the number of residents, rounded down to one decimal place.
12. “Average age of residents” refers to the average age as displayed in the explanation of important matters, rounded down
to the nearest whole number.
13. “One-time entrance fee” refers to the one-time entrance fee for single occupancy for the general public as displayed in
the explanation of important matters or on the price list obtained from the operator.
14. “Monthly service fee” refers to the monthly service fee for single occupancy for the general public (excluding user
payments for long-term care insurance services) as displayed in the explanation of important matters or on the price list
obtained from the operator.
15. “Staff engaged in nursing care” refers to the assignment ratio of staff on contract as displayed in the explanation ofimportant matters.
16. “Staff at night (number of staff members at minimum)” refers to the staff at night (number of staff members at minimum)
as displayed in the explanation of important matters.
17. “Cooperating medical organization” refers to the cooperating medical organization, etc. as displayed in the explanationof important matters.
18. “Cooperating dental organization” refers to the cooperating dental organization as displayed in the explanation ofimportant matters.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

5

１．L-Place Esaka Ⅱ
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From March 10, 2023 to October 31, 2033
JPY 2,820 million
Scheduled acquisition date
JPY 2,870 million
Appraisal firm
(as of August 1, 2023)
3-22-16, Tarumicho, Suita City, Osaka

October 3, 2023
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 600 meters from Esaka Station on the Osaka Metro Midosuji Line
Approximately 1,000 meters from Toyotsu Station on the Hankyu Senri Line
LeaseholdCommercial District
Zoning1,569.18 ㎡
Ownership

FAR/Building-to-land ratio
Use

RC, 10-story building with
Number of leasable units
flat roof
6,877.38 ㎡
Construction completion
Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
Bureau Veritas Japan Co., Ltd.
Estimated short-term repair
JPY 0 thousand
expenses
Estimated short-term repair
JPY 53,511 thousand
expenses
DAIWA LIFENEXT CO., LTD.
G.K. Japan Rental Housing
Type of master lease
Overview of Leasing
JPY 15,340 thousand
JPY 61,360 thousand
5,168.52 ㎡
5,168.52 ㎡
None

Number of tenants
Occupancy rate

400% ／ 80%
Condominium
210 units
February 16, 2023

JPY 0 thousand
9.6％
Pass through (Note)１100.0％

Features
The property is a condominium completed in February 2023, located an 8-minute walk from Esaka
Station on the Osaka Metro Midosuji Line and a 12-minute walk from Toyotsu Station on the Hankyu
Senri Line. It has good access to major business districts and central commercial areas in Osaka City
such as Shin-Osaka, Umeda, and Yodoyabashi. The area surrounding the station is a busy place where
various types of commercial facilities, including merchandise stores and restaurants, are concentrated,
attracting demand for a wide range of people, including singles, DINKS, and families.
Property features: The property is a 10-story reinforced concrete building, consisting of 210 units of 1K. It is equippedwith facilities such as auto-lock, intercom with monitor, security camera, delivery box, as well as
common facilities such as fitness space and cafeteria available for use by residents, providing highquality comfort for residents. The property is wholly leased to a company and subleased as corporate
housing.
Special Notes
The lease agreement with the tenant stipulates that in the case where the property is to be sold to a third party, the lesseeor the lessee’s affiliated company, etc. is to be given an opportunity to negotiate a preferential purchase agreement.
The land is leased land and the overview of it is as follows.
(Overview of land lease contract)
Type of leasehold:
Leasehold
Rights:Land lease rights for the purpose of owning a building
Lessor:Individual
Lessee:Mitsubishi UFJ Trust and Banking Corporation
Contract area:
1,569.18 m2
Contract period:
From November 30, 2021 to February 28, 2053
Lease and guarantee deposits: JPY 14,000,000
Rent revision:
Rent shall not be revised for 3 years from the commencement date of lease period. After
that, it may be revised every 3 years upon mutual consultation.
(Note) G.K. Japan Rental Housing wholly leases the property to another company.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

6

2. Gran Casa Itabashihoncho
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Location(residential indication)
AccessForm ofownershipLand
Area
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Real estate
JPY 1,230 million
Scheduled acquisition date
JPY 1,310 million
Appraisal firm
(as of August 1, 2023)
32-9, Honcho, Itabashi-ku, Tokyo

October 3, 2023
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 280 meters from Itabashihoncho Station on the Toei Subway Mita Line
Ownership
Commercial District
Zoning324.07 ㎡
Ownership

FAR/Building-to-land ratio
Use

RC, 13-story building with
Number of leasable units
flat roof
2
1,726.70 m
Construction completion
GODA KOUMUTEN CO., LTD.
Tokyo Head Office, GODA KOUMUTEN CO., LTD.
Fuji Building Center, Inc.
Estimated short-term repair
JPY 0 thousand
expenses
Estimated short-term repair
JPY 14,312 thousand
expenses
Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 4,913 thousand
JPY 3,395 thousand
1,269.96 ㎡
1,234.37 ㎡
None

Number of tenants
Occupancy rate

400％／80％
Condominium
36 units
February 27, 2023

JPY 0 thousand
6.3％
Pass through

１
97.2％

Features
The property is a condominium completed in February 2023, located a 4-minute walk fromItabashihoncho Station on the Toei Subway Mita Line. It has good access to Otemachi Station in central
Tokyo via the Toei Subway Mita Line, and is expected to have stable needs of singles and DINKS whowork at nearby facilities such as Teikyo University Hospital and in central Tokyo.
Property features: The property is a 13-story reinforced concrete building, consisting of 36 units of 1LDK. In addition tocommon facilities such as auto-lock, intercom with monitor, security camera, and delivery box, inhouse facilities such as water heater with a reheat function, bathroom heater and dryer, and toilet withwarm water washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

7

3. Gran CasaUeno
Overview of the Property
Category of anticipatedproperty for acquisition
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Real estate
JPY 970 million
Scheduled acquisition date
JPY 987 million
Appraisal firm
(as of August 1, 2023)
3-14-5, Higashiueno, Taito-ku, Tokyo

October 3, 2023
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 210 meters from Ueno Station on the Tokyo Metro Ginza Line andHibiya Line
Ownership
Commercial District
Zoning248.09 ㎡
Ownership

FAR/Building-to-land ratio
Use

RC, 10-story building withflat roof
887.49 ㎡
Wadagumi Co., Ltd.
Wadagumi Co., Ltd.
NICI

Number of leasable units

21 units

Construction completion

May 9, 2023

Estimated short-term repair
expenses
Estimated short-term repair
JPY 6,976 thousand
expenses
Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 1,975 thousand
JPY 1,206 thousand
JPY 0 thousand

751.16 ㎡
387.93 ㎡
None

500％／80％
Condominium

Number of tenants
Occupancy rate

JPY 0 thousand
5.5％
Pass through

１
51.6％

Features
The property is a condominium completed in May 2023, located a 3-minute walk from Ueno Station on
the Tokyo Metro Ginza Line and Hibiya Line. It is also close to Ueno Station on the JR Line, providing
good access to all areas of Tokyo, and is expected to have stable needs of singles and DINKS regardlessof their work locations.
Property features: The property is a 10-story reinforced concrete building, consisting of 13 units of 1DK and 8 units of
2LDK. In addition to common facilities such as auto-lock, intercom with monitor, security camera, anddelivery box, in-house facilities such as water heater with a reheat function (for 2LDK only), bathroom
heater and dryer, and toilet with warm water washing toilet seat are standard equipment, providing
high-quality comfort for residents.
Special Notes
The road on the southwest side of the land of this property is a road stipulated in Article 42, Paragraph 2 of the BuildingStandards Act and the portion of the land of this property that is used for that road and is used for a private road. The area
is approximately 56.76 m2.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

8

4. Gran Casa Ojima
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)Category of anticipatedproperty for acquisition
AccessForm ofownershipLand
Area
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From August 4, 2023 to October 31, 2033
JPY 2,819 million
Scheduled acquisition date
JPY 2,910 million
Appraisal firm
(as of August 1, 2023)
4-8-11, Ojima, Koto-ku, Tokyo

October 13, 2023
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 300 meters from Ojima Station on the Toei Subway Shinjuku Line
Ownership
Commercial District
Zoning525.13 ㎡
Ownership

FAR/Building-to-land ratio
Use

500％／80％
Condominium

RC, 12-story building with
Number of leasable units
89 units
flat roof
June 30, 2023
2,802.26 ㎡
Construction completion
First-class Registered Architect Office, GUY PLANNING Co., Ltd.
Kashiwabara Corporation
UHEC
Estimated short-term repair
JPY 0 thousand
JPY 0 thousand
expenses
Estimated short-term repair
JPY 24,299 thousand
4.8％
expenses
Haseko Livenet, Inc.
G.K. Japan Rental Housing Type of master lease
Pass throughOverview of Leasing(note)
JPY 0 thousand
JPY 0 thousand
2,571.72 ㎡
0.00 m2
None

Number of tenants
Occupancy rate

１
0.0%

Features
The property is a condominium consisting of 1DK, 1LDK and 2LDK completed in June 2023, located a
4-minute walk from Ojima Station on the Toei Subway Shinjuku Line. The area around Ojima Station
is full of commercial facilities, making daily life convenient, while retaining the atmosphere ofshitamachi (old town). The property is also close to the natural environment, including rivers and parks,
and is conveniently situated for transportation, which is expected to meet a wide range of needs.
Property features: The property is a 12-story reinforced concrete building, consisting of 67 units of 1DK, 20 units of
1LDK and 2 units of 2LDK. In addition to common facilities such as auto-lock, intercom with monitor,
security camera, and delivery box, in-house facilities such as water heater with a reheat function andtoilet with warm water washing toilet seat are standard equipment, providing high-quality comfort forresidents.
Special Notes
The road to the north of the target site is a city planning road (Radial Road No. 31, with a planned width of 27 meters),
and a part of the north side of the target site is included in the area scheduled to be widened. While no decision has been
made to execute the project, and the details of the project implementation, etc. are undetermined, if the road is widened,
the boundary line between the property and the road is scheduled to retreat approximately 1.8 meters.
The road on which a part of the south side of this property’s land borders is a road stipulated in Article 42, Paragraph 2 of
the Building Standards Act and the portion of the land of this property that is used for that road and is used for a private
road. The area is approximately 5.41 m2.
Site features:(Note) The previous seller received delivery of the property on July 31, 2023, and no occupancy occurred as of that date.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

95. Gran Casa Edogawabashi
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From October 13, 2023 to October 31, 2033
JPY 2,280 million
Scheduled acquisition date
JPY 2,380 million
Appraisal firm
(as of August 1, 2023)
2-10-12, Suido, Bunkyo-ku, Tokyo

October 13, 2023
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 190 meters from Edogawabashi Station on the Tokyo Metro Yurakucho
Line
Ownership
Neighborhood Commercial
ZoningDistrict
516.48 ㎡
FAR/Building-to-land ratio 300％／80％
Ownership
Condominium
Use
RC, 8-story building with
Number of leasable units
flat roof
2,153.26 ㎡
Construction completion
Ryu Architects Co., Ltd,KOKUNE Corporation
Toshi Kenchiku Kakunin Center Co., Ltd.
Estimated short-term repair
JPY 0 thousand
expenses
JPY 16,685 thousand

PML

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 4,949 thousand
JPY 3,446 thousand
1,668.06 ㎡
966.00 ㎡
None

Number of tenants
Occupancy rate

54 units
March 9, 2023

JPY 0 thousand
10.3％
Pass through

１
57.9％

Features
The property is a condominium completed in March 2023, located a 3-minute walk from Edogawabashi
Station on the Tokyo Metro Yurakucho Line. It has good access to Yurakucho Station in central Tokyoand Ikebukuro Station in the subcenter of Tokyo via the Yurakucho Line, and is expected to have stableneeds of singles and DINKS who work in the entire area of Tokyo.
Property features: The property is an 8-story reinforced concrete building, consisting of 34 units of 1DK and 20 units of
2LDK. In addition to common facilities such as auto-lock, intercom with monitor, security camera, anddelivery box, in-house facilities such as water heater with a reheat function, bathroom heater and dryer,
and toilet with warm water washing toilet seat are standard equipment, providing high-quality comfort
for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

106. Gran Casa Mizonokuchi
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea
Form ofownership

Building

Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From October 13, 2023 to October 31, 2033
JPY 2,241 million
Scheduled acquisition date October 13, 2023
JPY 2,260 million
DAIWA REAL ESTATE
Appraisal firm
(as of August 8, 2023)
APPRAISAL CO., LTD.
4-27-44, Shimosakunobe, Takatsu-ku, Kawasaki City, Kanagawa
Approximately 1,000 meters from Mizonokuchi Station on the Tokyu Den-en-toshi Lineand Tokyu Ōimachi Line
Ownership
Category 1 Medium- toZoningHigh-Rise Residential
District
1,372.16 ㎡
FAR/Building-to-land ratio 200％／60％
Ownership
Condominium
Use
RC, 5-story building withflat roof
2,862.81 ㎡
TOTALBRAIN CO., LTD.
Nikkoh-Kensetsu Co., Ltd.
UHEC

Number of leasable units

49 units

Construction completion

August 8, 2023

JPY 0 thousand

Estimated short-term repair
expenses

JPY 0 thousand

JPY 17,717 thousand

PML

10.6％

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
2,670.55 ㎡
None

Number of tenants
Occupancy rate

Pass through１-

Features
The property is a condominium completed in August 2023, located a 13-minute walk from
Mizonokuchi Station on the Tokyu Den-en-toshi Line and Tokyu Ōimachi Line. It has good access to
Shibuya Station via the Tokyu Den-en-toshi Line and to major areas in Tokyo by using the Tokyo
Metro Hanzomon Line that shares tracks with Den-en-toshi Line at Shibuya Station, which is expected
to have stable needs of singles and DINKS who work in central Tokyo, as well as families.
Property features: The property is a 5-story reinforced concrete building, consisting of 1 unit of 1LDK, 2 units of 1SLDK,
32 units of 2LDK and 14 units of 3LDK. In addition to common facilities such as auto-lock, intercom
with monitor, security camera, and delivery box, in-house facilities such as water heater with a reheat
function, bathroom heater and dryer, and toilet with warm water washing toilet seat are standard
equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

11

7. PREGIO Namba
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation (planned)
Undecided
JPY 4,280 million
Scheduled acquisition date
JPY 4,360 million
Appraisal firm
(as of August 1, 2023)
1-10-7, Motomachi, Naniwa-ku, Osaka City, Osaka

December 1, 2023
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 150 meters from Namba Station on the Osaka Metro Midosuji Line,
Yotsubashi Line, and Sennichimae Line
Ownership
Commercial District
Zoning(partly leasehold)*
838.35 ㎡
FAR/Building-to-land ratio 600％／80％
Ownership
Condominium
Use
RC, 15-story building with
Number of leasable units
asphalt roofing2
5,325.20 m
Construction completion
PREGIO Corporation
PREGIO Corporation
J Architecture Inspection Center (JAIC)
Estimated short-term repair
JPY 0 thousand
expenses
JPY 41,946 thousand

PML

Basis Corporation (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
4,809.33 ㎡
NoneOverview of Leasing
Overview of Leasing

134 units
August 20, 2023

JPY 0 thousand
12.0％
Pass through１-

Features
The property is located an approximately 3-minute walk from Namba Station on the Osaka Metro
Midosuji Line, Yotsubashi Line, and Sennichimae Line, and has good access to the commercial area spr
spreaded ead around the station, making it a highly convenient location. With excellent transportationand living convenience, among other features, the property is strongly preferred mainly by residents
who commute to the center of Osaka City, and is expected to have stable needs.
Property features: The property is a 15-story reinforced concrete building, consisting of 39 units of 1DK and 95 units of
1LDK. In addition to common facilities such as auto-lock, intercom with monitor, security camera, anddelivery box, in-house facilities such as bathroom heater and dryer, bathroom TV, and toilet with warm
water washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
The road on the north side of the land of this property is a road stipulated in Article 42, Paragraph 2 of the BuildingStandards Act and the portion of the land of this property that is used for that road and is used for a private road. The area
is approximately 28.61 m2.
The lease agreement with the tenant stipulates that in the case where the property is to be sold to a third party, the lesseeor the lessee’s affiliated company, etc. is to be given an opportunity to negotiate a preferential purchase agreement. In
addition, a portion of the land is leased land and the overview of it is as follows.
(Overview of land lease contract)
Type of leasehold:Ordinary leasehold
Rights:Land lease rights for the purpose of owning a building
Lessor:Undisclosed as the lessor has not provided consent for disclosure.
Lessee:Basis Corporation
Contract area:
196.56 m2
Contract period:
30 years from July 27, 2021 to July 26, 2051
Lease and guarantee deposits: JPY 0
Rent revision:
The lessor and lessee may revise the rent upon discussion if the rent becomes unreasonable
due to an increase or decrease in taxes or other expenses on the land subject to theleasehold, or if the rent becomes unreasonable due to an increase or decrease in the price ofthe land subject to the leasehold or other changes in economic circumstances.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

128. Gran Casa Minowa Ⅱ
Overview of the Property
Category of anticipatedproperty for acquisition
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea

Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Real estate
JPY 1,340 million
Scheduled acquisition date
JPY 1,350 million
Appraisal firm
(as of August 1, 2023)
2-(undecided), Nihonzutsumi, Taito-ku, Tokyo

December 1, 2023
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 400 meters from Minowa Station on the Tokyo Metro Hibiya Line
Ownership(A) Commercial District
Zoning(B) Neighborhood
Commercial District
289.97 ㎡(A)500％／80％
FAR/Building-to-land ratio(B)400%／80%
Ownership
Condominium
Use
RC, 10-story building
Number of leasable units
1,828.69 ㎡
Construction completion
PCMC Architect Support Co., Ltd.
Link Trust Co., Ltd.
Tokyo Bldg-Tech Center Co., Ltd. (TBTC)
Estimated short-term repair
JPY 0 thousand
expenses

45 units
October 2023 (scheduled)

JPY 12,437 thousand

5.2％

PML

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
1,392.87 ㎡
None

Number of tenants
Occupancy rate

JPY 0 thousand

Pass through１-

Features
The property is a newly built condominium consisting of 1DK and 2LDK, located a 6-minute walkfrom Minowa Station on the Tokyo Metro Hibiya Line (scheduled to be completed in October 2023). It
takes only about 20 minutes from the nearest station to Tokyo Station and Otemachi Station, providing
good access to business districts. The property is conveniently located near supermarkets, restaurants,
clinics, post office, etc., making daily life convenient, and is expected to meet the needs of working
adults who commute to central Tokyo.
Property features: The property is a 10-story reinforced concrete building, consisting of 30 units of 1DK and 15 units of
2LDK. It is equipped with common facilities such as auto-lock, security camera, and delivery box,
providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

13

9. Serenite Hommachi Higashi Lien
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation (planned)
Undecided
JPY 3,670 million
Scheduled acquisition date
JPY 3,780 million
Appraisal firm
(as of August 1, 2023)
1-3-10, Bakuromachi, Chuo-ku, Osaka City, Osaka

February 1, 2024
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 500 meters from Sakaisuji-Hommachi Station on the Osaka Metro Chuo
Line and Sakaisuji Line
Approximately 500 meters from Matsuyamachi Station on the Osaka Metro Nagahori
Tsurumi-ryokuchi Line
Ownership
Commercial District
Zoning804.45 ㎡
Ownership

FAR/Building-to-land ratio
Use

RC, 15-story building with
Number of leasable units
flat roof
5,870.21 m2
Construction completion
TKI.design Co., Ltd.
Sunada Construction Co., Ltd.
Nihon Kakunin Architectures Inspection Center Co., Ltd.
Estimated short-term repair
JPY 0 thousand
expenses
JPY 38,259 thousand

PML

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
4,441.64 ㎡
None

Number of tenants
Occupancy rate

600％／80％
Condominium
154 units
August 20, 2023

JPY 0 thousand
9.2％
Pass through１-

Features
The property is a newly built, 15-story, reinforced concrete condominium targeting singles and DINKS,
located a 6-minute walk from Sakaisuji-Hommachi Station on the Osaka Metro Chuo Line andSakaisuji Line or Matsuyamachi Station on the Osaka Metro Nagahori Tsurumi-ryokuchi Line(completed in August 2023). The property is close to the Hommachi/Kitahama area where many offices
are located, as well as the busy Shinsaibashi/Nippombashi area, while residential districts with aconcentration of condominiums have been formed in its surrounding area. It is expected to have stableneeds mainly from working adults who place importance on accessibility, including work-living
proximity.
Property features: The property is a 15-story reinforced concrete building, consisting of 56 units of 1K and 98 units of
1LDK. In addition to common facilities such as auto-lock, intercom with monitor, security camera, anddelivery box, in-house facilities such as water heater with a reheat function and toilet with warm water
washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
The road on the north side of the property is designated as Semba Building Line (the building line is designated at a
position 6 meters back from the center line of the road). Based on this designation, the property is set back 2.15 to 2.18
meters.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

14

10. Gran Casa Yotsuya
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea
Form ofownership
Building Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited. (planned)
Undecided
JPY 3,500 million
Scheduled acquisition date
JPY 3,710 million
Appraisal firm
(as of August 1, 2023)
2-(undecided), Wakaba, Shinjuku-ku, Tokyo

February 1, 2024
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 700 meters from Yotsuya Station on the JR Chuo Line and Sobu Line
Approximately 700 meters from Yotsuya Station on the Tokyo Metro Marunouchi Lineand Namboku Line
Ownership(A) Neighborhood
Commercial District
Zoning(B) Category 2 Medium- to
High-Rise Residential
District
810.14 ㎡（A）300％／80％
FAR/Building-to-land ratio（B）300％／60％
Ownership
Condominium
Use
RC, 8-story building
Number of leasable units
2,998.99 ㎡
Construction completion
X ARC URBAN ARCHITECTS INC.
TOBISHIMA CORPORATION
JCIA
Estimated short-term repair
JPY 0 thousand
expenses

82 units
November 2023 (scheduled)

JPY 19,430 thousand

8.8％

PML

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
2,395.89 ㎡
None

Number of tenants
Occupancy rate

JPY 0 thousand

Pass through１-

Features
The property is a newly built condominium consisting of 1DK, 1LDK and 2LDK, located a 10-minute
walk from Yotsuya Station on the JR Chuo Line and Sobu Line, as well as Yotsuya Station on theTokyo Metro Marunouchi Line and Namboku Line, and an 8-minute walk from Yotsuya-sanchome
Station on the Tokyo Metro Marunouchi Line (scheduled to be completed in November 2023). It takes
only about 10 minutes to Tokyo Station and about 5 minutes to Shinjuku Station from the nearest
station, providing good access to major business districts. The property is conveniently located nearsupermarkets, restaurants, clinics, etc., making daily life convenient, and is expected to meet the needsof working adults who commute to central Tokyo.
Property features: The property is an 8-story reinforced concrete building, consisting of 66 units of 1DK, 13 units of
1LDK and 3 units of 2LDK. It is fully equipped with common facilities such as auto-lock, security
camera, and delivery box, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

15

11. Gran Casa Minowa Ⅲ
Overview of the Property
Category of anticipatedproperty for acquisition
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea

Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Real estate
JPY 957 million
Scheduled acquisition date
JPY 974 million
Appraisal firm
(as of August 1, 2023)
2-(undecided), Nihonzutsumi, Taito-ku, Tokyo

February 1, 2024
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 500 meters from Minowa Station on the Tokyo Metro Hibiya Line
Ownership(A) Commercial District
Zoning(B) Neighborhood
Commercial District
207.29 ㎡（A）500％／80％
FAR/Building-to-land ratio（B）400％／80％
Ownership
Condominium
Use
RC, 12-story building
Number of leasable units
1,411.99 m2
Construction completion
PCMC Architect Support Co., Ltd.
Link Trust Co., Ltd.
Tokyo Bldg-Tech Center Co., Ltd. (TBTC)
Estimated short-term repair
JPY 0 thousand
expenses

33 units
December 2023 (scheduled)

JPY 11,043 thousand

4.7％

PML

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
1,011.78 ㎡
None

Number of tenants
Occupancy rate

JPY 0 thousand

Pass through１-

Features
The property is a newly built condominium consisting of 1DK and 1LDK, located a 6-minute walkfrom Minowa Station on the Tokyo Metro Hibiya Line (scheduled to be completed in December 2023).
It takes only about 20 minutes from the nearest station to Tokyo Station and Otemachi Station,
providing good access to major business districts. The property is conveniently located nearsupermarkets, restaurants, clinics, post office, etc., making daily life convenient, and is expected tomeet the needs of working adults who commute to central Tokyo.
Property features: The property is a 12-story reinforced concrete building, consisting of 22 units of 1DK and 11 units of
1LDK. It is equipped with common facilities such as auto-lock, security camera, and delivery box,
providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

16

12. Gran Casa Ryogoku Verde
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessForm ofownershipArea
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
LandReal estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation (planned)
Undecided
JPY 2,215 million
Scheduled acquisition date
JPY 2,270 million
Appraisal firm
(as of August 1, 2023)
3-21-2, Midori, Sumida-ku, Tokyo

February 1, 2024
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 600 meters from Ryogoku Station on the Toei Subway Oedo Line
Approximately 1,000 meters from Ryogoku Station on the JR Sobu Line
Ownership
ZoningNeighborhood Commercial
District
412.71 ㎡
FAR/Building-to-land ratio 400％／80％
Ownership
Condominium
Use
RC, 9-story building
2,413.19 ㎡
GUY PLANNING Co., Ltd.
LINKS Build Co., Ltd.
UHEC

Number of leasable units
Construction completion

40 units
November 2023 (scheduled)

JPY 0 thousand

Estimated short-term repair
expenses

JPY 0 thousand

JPY 15,318 thousand

PML

5.9％

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
1,958.00 ㎡
None

Number of tenants
Occupancy rate

Pass through１-

Features
The property is a condominium consisting of 1LDK and 2LDK to be completed in November 2023,
located an 8-minute walk from Ryogoku Station on the Toei Subway Oedo Line and a 13-minute walkfrom Ryogoku Station on the JR Sobu Line. There are many cultural facilities such as the Ryogoku
Kokugikan Sumo Arena and the Edo-Tokyo Museum in the area around Ryogoku Station, which
attracts many tourists and people who participate in events. The property has good access to central
Tokyo and is conveniently situated for transportation, which is expected to meet the needs of a wide
range of people, including singles and families.
Property features: The property is a 9-story reinforced concrete building, consisting of 16 units of 1LDK and 24 units of
2LDK. In addition to common facilities such as auto-lock, intercom with monitor, and security camera,
in-house facilities such as water heater with a reheat function and toilet with warm water washing toilet
seat are standard equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

17

13. Gran Casa Nippori
Overview of the Property
Category of anticipatedproperty for acquisition
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessForm ofownershipArea
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
LandReal estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Real estate
JPY 1,640 million
Scheduled acquisition date
JPY 1,720 million
Appraisal firm
(as of August 1, 2023)
6-(undecided), Higashinippori, Arakawa-ku, Tokyo

February 1, 2024
DAIWA REAL ESTATEAPPRAISAL CO., LTD.

Approximately 450 meters from Mikawashima Station on the JR Joban Line
Approximately 500 meters from Nippori Station on the JR Yamanote Line
Ownership
Quasi-Industrial District
Zoning562.11 ㎡
Ownership

FAR/Building-to-land ratio
Use

300％／80％
Condominium

RC, 9-story building
Number of leasable units
38 units
December 2023 (scheduled)
1,782.48 ㎡
Construction completion
Architectural Solutions Tokyo Office, Daito Trust Construction Co., Ltd.
Global L-Seed Corporation
CENTER FOR INTERNATIONAL ARCHITECTURAL STANDARD
Estimated short-term repair
JPY 0 thousand
JPY 0 thousand
expenses
JPY 10,936 thousand

PML

Haseko Livenet, Inc. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
1,447.20 ㎡
None

Number of tenants
Occupancy rate

5.9％
Pass through１-

Features
The property is a condominium scheduled to be completed in December 2023, located a 5-minute walkfrom Mikawashima Station on the JR Joban Line and a 7-minute walk from Nippori Station on the JR
Yamanote Line. It has good access to Tokyo Station in the center of Tokyo and is surrounded by living
facilities such as supermarkets, which is expected to have stable needs of singles and DINKS who workin the central Tokyo area.
Property features: The property is a 9-story reinforced concrete building, consisting of 18 units of 1DK, 1 unit of 1LDK
and 19 units of 2LDK. In addition to common facilities such as auto-lock, intercom with monitor,
security camera, and delivery box, in-house facilities such as bathroom heater and dryer and toilet withwarm water washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

18

14. Gran Casa Minowa Ⅳ
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessForm ofownershipArea
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
LandReal estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Mizuho Trust & Banking Co., Ltd. (planned)
Undecided
JPY 1,970 million
Scheduled acquisition date
JPY 2,120 million
Appraisal firm
(as of August 1, 2023)
2-(undecided), Minami-Senju, Arakawa-ku, Tokyo

March 1, 2024
Japan Real Estate Institute

Approximately 600 meters from Minowa Station on the Tokyo Metro Hibiya Line
Approximately 450 meters from Minami-Senju Station on the Tokyo Metro Hibiya Line,
JR Joban Line, and Tsukuba-Express
Ownership
Commercial District
Zoning577.72 ㎡
Ownership

FAR/Building-to-land ratio
Use

600％／80％
Condominium

RC, 15-story building
Number of leasable units
2,550.39 ㎡
Construction completion
SHINSAMPEI CONSTRUCTION CO., LTD.
SHINSAMPEI CONSTRUCTION CO., LTD.
Fuji Building Center, Inc.
Estimated short-term repair
JPY 0 thousand
expenses

48 units
December 2023 (scheduled)

JPY 17,214 thousand

4.1％

PML

Tokyu Housing Lease Corporation (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
2,025.20 ㎡
None

Number of tenants
Occupancy rate

JPY 0 thousand

Pass through１-

Features
The property is a newly built, 15-story, reinforced concrete condominium targeting singles and DINKS,
located a 7-minute walk from Minowa Station on the Tokyo Metro Hibiya Line and a 6-minute walkfrom Minami-Senju Station on the Tokyo Metro Hibiya Line, JR Joban Line, and Tsukuba-Express(scheduled to be completed in December 2023). With two stations and four lines available, it has goodaccess to business districts and is expected to be in demand by working adults who commute to central
Tokyo.
Property features: The property is a 15-story reinforced concrete building, consisting of 17 units of 1K and 31 units of
1LDK. In addition to common facilities such as auto-lock, intercom with monitor, security camera, anddelivery box, in-house facilities such as water heater with a reheat function and toilet with warm water
washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
The road to the south of the target site is a city planning road (Loop No. 4 Line, with a planned width of 25-35 meters),
and a part of the south side of the target site is included in the area scheduled to be widened. While no decision has been
made to execute the project, and the details of the project implementation, etc. are undetermined, if the project isdetermined, a portion of the south side of the target site (approximately 208.54 m2) would likely be expropriated to
expand the road, which could make the existing building unfit.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

19

15. Gran Casa Kyotoekimae
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea

Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited. (planned)
Undecided
JPY 1,510 million
Scheduled acquisition date
March 1, 2024
JPY 1,590 million
Tanizawa Sogo Appraisal
Appraisal firm
(as of August 1, 2023)
Co., Ltd.
(undecided), Nishikujoyokomachi, Minami-ku, Kyoto City, Kyoto
Approximately 700 meters from Kyoto Station on the JR Tokaido Main Line
Ownership(A) Neighborhood
Commercial District
Zoning(B) Category 2 Residential
District
968.68 ㎡（A）300％／80％
FAR/Building-to-land ratio（B）200％／60％
Ownership
Condominium
Use
RC, 5-story building
Number of leasable units
3,142.92 ㎡
Construction completion
Nakagawa Construction Co., Ltd.
Nakagawa Construction Co., Ltd.
Kyoto Organization of Confirmation and Inspection
Estimated short-term repair
JPY 0 thousand
expenses

77 units
November 2023 (scheduled)

JPY 19,951 thousand

11.0％

PML

Nakagawa Construction Co., Ltd. (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
2,295.43 ㎡
None

Number of tenants
Occupancy rate

JPY 0 thousand

Pass through１-

Features
The property is a condominium consisting of 1K, 1DK and 1LDK to be completed in November 2023,
located a 9-minute walk from Kyoto Station on the JR Tokaido Main Line. It has good access to Kyoto
Station and is expected to have stable needs of singles and DINKS who place importance on workliving proximity.
Property features: The property is a 5-story reinforced concrete building, consisting of 50 units of 1K, 4 units of 1DK and
23 units of 1LDK. In addition to common facilities such as auto-lock, intercom with monitor, security
camera, and delivery box, in-house facilities such as bathroom heater and dryer and toilet with warm
water washing toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:(Note) A total of approximately 20.93 m2 of the property’s land, including the portion deemed as a road under Article 42, Paragraph 2 of
the Building Standards Act (setback portion), is used as a road.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

20

16. Gran Casa Oji Ⅱ
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea

Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area
Total leased area
Collateral

Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited. (planned)
Undecided
JPY 4,340 million
Scheduled acquisition date
JPY 4,620 million
Appraisal firm
(as of August 1, 2023)
3-(undecided), Oji, Kita-ku, Tokyo

March 1, 2024
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 650 meters from Oji-kamiya Station on the Tokyo Metro Namboku Line
Ownership(A) Neighborhood
Commercial District
Zoning(B) Category 1 Residential
District
1,868.99 ㎡（A）300％／80％
FAR/Building-to-land ratio（B）200％／60％
Ownership
Condominium
Use
RC, 6-story building
Number of leasable units
89 units
4,737.05 m2
Construction completion
January 2024 (scheduled)First-class Registered Architect Office, MATSUNAGA KENSETSU Co., Ltd.
MATSUNAGA KENSETSU Co., Ltd.
General Incorporated Foundation Juaku Kinyu Fukyu Kyokai
Estimated short-term repair
JPY 0 thousand
JPY 0 thousand
expenses
JPY 29,973 thousand

PML

Tokyu Housing Lease Corporation (planned)
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
4,068.39 ㎡
None

Number of tenants
Occupancy rate

7.0％
Pass through１-

Features
The property is a condominium consisting of 1LDK, 2LDK and 3LDK to be completed in January2024, located an 8-minute walk from Oji-kamiya Station and a 9-minute walk from Oji Station on theTokyo Metro Namboku Line. The Keihin Tohoku Line is also available at Oji Station, providing goodaccess to central Tokyo, and the property is expected to have stable needs of DINKS and families whoplace importance on work-living proximity.
Property features: The property is a 6-story reinforced concrete building, consisting of 27 units of 1LDK, 48 units of
2LDK and 14 units of 3LDK. In addition to common facilities such as auto-lock, intercom with
monitor, security camera, and delivery box, in-house facilities such as toilet with warm water washing
toilet seat are standard equipment, providing high-quality comfort for residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

21

17. Library Nerima Yahara
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea
Form ofownership

Building

Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From March 22, 2022 to October 31, 2033
JPY 3,146 million
Scheduled acquisition date
JPY 3,210 million
Appraisal firm
(as of August 1, 2023)
2-7-24, Yahara, Nerima-ku, Tokyo

October 3, 2023
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 1,200 meters from Shakujii-kōen Station on the Seibu Ikebukuro Line
Ownership(A) Quasi-Residential
District
Zoning(B) Category 1 Low-Rise
Residential District
2,069.92 ㎡（A）300％／60％
FAR/Building-to-land ratio（B）100％／50％
Home for the elderly
OwnershipUse
S, 3-story building withalloy-plated steel sheet
Number of leasable units
1
roofing
3,592.32 m2
Construction completion
February 15, 2022
First-class Registered Architect Office, Saitama Branch, Daiwa House Industry Co., Ltd.
Saitama Branch, Daiwa House Industry Co., Ltd.
Saitama Housing Inspection Center
Estimated short-term repair
JPY 0 thousand
JPY 0 thousand
expenses
JPY 18,479 thousand

PML

6.7％

AIP Healthcare Japan GK
The Investment
Type of master lease
Pass throughCorporation
Overview of Leasing
Undisclosed （Undisclosed as the tenant has not provided consent for disclosure.）

3,592.32 ㎡

Major tenant

Living Platform, Ltd.

Total leased area
3,592.32 ㎡
Occupancy rate
100.0％
Area of space occupied by
3,592.32 ㎡
Ratio to total leasable area
100.0％
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From February 28, 2022 to February 27, 2052
Rent revision:
The rent may be revised upon discussion if it is deemed unreasonable in comparison with similarbuildings in the neighborhood due to changes in economic conditions, etc.
Contract renewal:
If the lessor or lessee do not express their intention to refuse renewal at least 6 months prior to the
expiration date of the above-mentioned agreement period, the contract shall be automaticallyrenewed for a period of 2 years starting the day following the expiration date of the agreement
period, and the same shall apply thereafter.
Mid-term cancellation: If the lessee wishes for a mid-term cancellation during the contract period, the lessee may do so
by giving a written notice to the lessor at least 12 months prior to the desired date of mid-term
cancellation. In the event of a mid-term termination, the lessee must either pay 3 months' rent to
the lessor, or introduce a candidate for an alternative lessee to the lessor at least 6 months prior to
the desired mid-term termination date, and a new lease contract between the alternative lessee andthe lessor must be concluded.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

22

Overview of Operator and Facility
Operator
Living Platform, Ltd.
Fee-based home for theType of facility
elderly with nursing care(designated facility)(note)
Right to reside status
Right to use
Room area range
18.06㎡～19.35㎡
Requiring support /Requirements for entry
requiring nursing care
Average level of nursing care
2.3
requiredService fee payment method(Date of explanation of important matters: July 1, 2023)
Opening dateJuly 1, 2022
Number of rooms

120

Resident capacity
Number of residents

120
73
60.8％

Occupancy rate
Average age of residents

One-time entrance fee(rent received in advance)
Monthly service fee

82

One-time entrance fee－

Monthly fee－－
Staff at night (number ofstaff members at
minimum)

JPY 239,840

Staff engaged in nursing care

3.0: 1

Cooperating medicalorganization
Cooperating dentalorganization

Oizumi Gakuen fureai Clinic
Medical Corporation Fukujukai Akabaneiwabuchi Hospital
Shingashi

2 nursing care staff

Features
The property is a fee-based home for the elderly with nursing care, located a 15-minute walk from
Shakujii-kōen Station on the Seibu Ikebukuro Line, and the north side of the property is an area linedwith detached houses.
There is a bus stop in front of the property, making it easy to get to the location from the nearest station.
The property also has good access to Ikebukuro Station, a major station in Tokyo, in about 30 minutes,
making it highly advantageous.
Property features: The property is a relatively new fee-based home for the elderly with nursing care, completed in
February 2022, and offers private rooms of 18.06～19.35 m2. All rooms are private rooms equippedwith a washbasin, toilet with warm water washing toilet seat, nursing care bed, storage, etc. Common
areas include a dining room, functional training room, lounge, bathroom and mechanical bathroom. It
also has a small bathroom on the second floor to third floor.
Special Notes
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
Site features:(Note) “Fee-based home for the elderly” refers to a facility as defined in Article 29 of the Act on Social Welfare for the Elderly. However,it excludes elderly housing with supportive services. “Elderly housing with supportive services” refers to rental housing that meets theregistration criteria defined in the Act on Securement of Stable Supply of Elderly Persons' Housing and has been registered by therelevant prefectures. The same applies hereinafter.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

23

18. Library Shimura-sakaue
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessForm ofownershipLand
Area
Form ofownership
Building
Structure/Floors
Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area

Overview of the Property
Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From March 17, 2023 to October 31, 2033
JPY 2,630 million
Scheduled acquisition date
JPY 2,770 million
Appraisal firm
(as of August 1, 2023)
1-23-11, Azusawa, Itabashi-ku, Tokyo

October 3, 2023
Tanizawa Sogo Appraisal
Co., Ltd.

Approximately 950 meters from Shimura-sakaue Station on the Toei Subway Mita Line
Ownership
Quasi-Industrial District
Zoning1,190.31 ㎡

FAR/Building-to-land ratio

OwnershipUse

S, 5-story building with flat Number of leasable
roof
compartments
2,976.65 m2
Construction completion
Daiwa House Industry Co., Ltd.
HIRAIWA Construction Co., Ltd.
UDI Corporation
Estimated short-term repair
JPY 0 thousand
expenses
JPY 17,525 thousand

PML

200％／60％
Home for the elderly
1
January 18, 2023

JPY 0 thousand
6.7％

AIP Healthcare Japan GK
The Investment
Pass throughType of master lease
Corporation
Overview of Leasing
Undisclosed（Undisclosed as the tenant has not provided consent for disclosure.）

2,976.65 ㎡

Major tenant

Living Platform, Ltd.

Total leased area
2,976.65 ㎡
Occupancy rate
100.0％
Area of space occupied by
2,976.65 ㎡
Ratio to total leasable area
100.0％
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From May 1, 2023 to April 30, 2053
Rent revision:
The rent may be revised upon discussion if it is deemed unreasonable in comparison with similarbuildings in the neighborhood due to changes in economic conditions, etc.
Contract renewal:
If the lessor or lessee do not express their intention to refuse renewal from 12 months to 6 months
prior to the expiration date of the above-mentioned agreement period, the contract shall be
automatically renewed for a period of 2 years starting the day following the expiration date of theagreement period, and the same shall apply thereafter.
Mid-term cancellation: If the lessee wishes for a mid-term cancellation during the contract period, the lessee may do so
by giving a written notice to the lessor at least 12 months prior to the desired date of mid-term
cancellation. In the event of a mid-term termination, the lessee must either pay 3 months' rent to
the lessor, or introduce a candidate for an alternative lessee to the lessor at least 6 months prior to
the desired mid-term termination date, and a new lease contract between the alternative lessee andthe lessor must be concluded.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

24

Overview of Operator and Facility
Operator
Living Platform, Ltd.
Fee-based assisted-living
Type of facility
home for the elderly
Right to reside status
Right to use
Room area range
18.02㎡～18.09㎡
Requiring support /Requirements for entry
requiring nursing care
Average level of nursing care－requiredService fee payment method(Date of explanation of important matters: May 1, 2023)
Opening date
May 1, 2023

Cooperating medicalorganization
Cooperating dentalorganization

93

Resident capacity
Number of residents

93
0
0.0％

Occupancy rate
Average age of residents

One-time entrance fee－

One-time entrance fee(rent received in advance)
Monthly service fee
Staff engaged in nursing care

Number of rooms－

Monthly fee－－
JPY 254,840
Staff at night (number of(Not stated)staff members at
1 nursing care staff
minimum)
Medical Corporation Fukujukai Akabaneiwabuchi Hospital
Medical Corporation Futabakai Shingashi Family Dental Clinic

Features
The property is located a 12-minute walk from Shimura-sakaue Station on the Toei Subway Mita Line,providing access to major stations such as Otemachi Station and Hibiya Station within 30 minutes. The
surrounding area is a quiet residential area where there are many apartment houses, providing a goodliving environment. The property is conveniently situated not only for visitors but also for facility
workers.
Property features: The property is a relatively new fee-based assisted-living home for the elderly, completed in January2023, and offers private rooms ranging from 18.02 m2 to 18.09 m2. The building is based on a Japanesestyle concept, and all rooms are private rooms equipped with a washbasin, toilet with warm water
washing toilet seat, nursing care bed, storage, etc. Common areas include a dining room (also used as afunctional training room), lounge, bathroom and mechanical bathroom.
Special Notes
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
The road on the east side of the property is a city planning road that received a planning decision on July 30, 1966 (thestart date of the project is undecided). Therefore, there are building restrictions based on the City Planning Act.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

25

19. Sunny Life Kamakura Tamanawa
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownershipArea
Form ofownership

Building

Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits, etc.
Total leasable area

Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From April 28, 2022 to October 31, 2033
JPY 1,750 million
Scheduled acquisition date
October 3, 2023
JPY 1,790 million
Tanizawa Sogo Appraisal
Appraisal firm
(as of August 1, 2023)
Co., Ltd.
4-2-1, Tamanawa, Kamakura City, Kanagawa (no residential indication)
Approximately 1,200 meters from Ofuna Station on the JR Yokosuka Line
Ownership
Category 1 Medium- toZoningHigh-Rise Residential
District
2,607.34 ㎡
FAR/Building-to-land ratio 150％／60％
Home for the elderly
OwnershipUse
RC, 4-story building with
Numberofleasable
flat roof
compartments
3,242.42 ㎡
Construction completion
CHEMICAL DESIGN INC.
Tokyo Branch Office, KEN KEN Co., Ltd.
Toshi Kenchiku Kakunin Center Co., Ltd.
Estimated short-term repair
JPY 0 thousand
expenses
JPY 26,154 thousand

PML

1
June 24, 2021

JPY 0 thousand
11.5％

AIP Healthcare Japan GK
The Investment
Type of master lease
Pass throughCorporation
Overview of Leasing
Undisclosed（Undisclosed as the tenant has not provided consent for disclosure.）

3,256.84 ㎡

Major tenant

Kawashima Corporation

Total leased area
3,256.84 ㎡
Occupancy rate
100.0％
Area of space occupied by
3,256.84 ㎡
Ratio to total leasable area
100.0％
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From July 26, 2021 to August 31, 2041
Rent revision:
The rent may be revised upon discussion if it is deemed unreasonable in comparison with similarbuildings in the neighborhood due to changes in economic conditions, etc.
Contract renewal:
If the lessor or lessee do not express their intention to refuse renewal at least 6 months prior to the
expiration date of the above-mentioned agreement period, the contract shall be automaticallyrenewed for a period of 3 years starting the day following the expiration date of the agreement
period, and the same shall apply thereafter.
Mid-term cancellation: If the lessee wishes for a mid-term cancellation during the contract period, the lessee may do so
by giving a written notice to the lessor at least 12 months prior to the desired date of mid-term
cancellation. In the event of a mid-term termination, the lessee must pay a penalty fee according
to the lease period, or a lease contract equivalent to this contract in terms of rent, lease deposit
amount, and other conditions must be concluded with a new lessee.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

26

Overview of Operator and Facility
Operator
Kawashima Corporation
Fee-based assisted-living
Type of facility
home for the elderly
Right to reside status
Right to use
Room area range
15.0 m2 to 15.5 m2
Independent / requiring
Requirements for entry
support / requiring nursing
care
Average level of nursing care
2.8
requiredService fee payment method(Date of explanation of important matters: July 1, 2023)
Opening date
September 1, 2021

Resident capacity
Number of residents

100
97
97.0％

Average age of residents

Monthly service fee

Cooperating medicalorganization
Cooperating dentalorganization100

Occupancy rate

One-time entrance fee(rent received in advance)

Staff engaged in nursing care

Number of rooms88

One-time entrance fee－

Monthly fee－－

JPY 168,955 to JPY
205,625

Staff at night (number of(Not stated)staff members at
1 nursing care staff
minimum)
Medical Corporation Minayoshikai Prymecoast Minatomirai Clinic
Medical Corporation Minayoshikai Prymecoast Dental Clinic

Features
The nearest station to the property is Ofuna Station on the JR Yokosuka Line, which is a 17-minute
walk from this facility. Access to the nearest station depends on the bus on a regular route, which takes
7 minutes from the Eiko Gakuen-mae bus stop near the facility to Ofuna Station. It also takes only
about 18 minutes to Yokohama Station and about 48 minutes to Tokyo Station from the nearest station,
providing good access to both the Tokyo region and Yokohama region.
The area around the facility, where there are famous private schools named Eiko Gakuen and Seisen
Junior and Senior High School, is a quiet and excellent residential area lined with detached houses andapartment houses.
Property features: The property is a fee-based assisted-living home for the elderly completed in June 2021 and opened in
September of the same year. This facility is a 4-story building which provides the backyard area on thefirst floor, including a dining room, bathroom and health care room, and rooms on the second floor andabove. All rooms are private rooms with a capacity of 100 residents, which is larger than the capacity of
about 60 residents in a typical fee-based home for the elderly. The room is equipped with a washbasin,
toilet, and storage.
Features
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

27

IV. Profile of the Counterparty
1.L-Place Esaka Ⅱ
（1）
（2）
（3）

Company nameLocation
Title and name ofrepresentative

GK Tokyo Residential 7
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 7
Function Manager Takanori Mishina
1. Acquisition, owning, and disposition of trust beneficiary interests in real estate as asset
in trust
2. Trading, leasing, management, acquisition, owning, disposition and use of real estate
3. All operations incidental to or relating to the preceding items
JPY 400,000
JPY 10 million（4）

Description ofbusiness（5）（6）

Amount of capital
Sales amount
Date of
August 2, 2021
incorporation
Net assets
JPY 400,000
Total assets
JPY 2,854 million
Major shareholders
General Incorporated Association Tokyo Residential 7
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty Co. Ltd., (hereinafter referred to as the “Daiwa
Securities Realty”), the sister company of the Asset Manager, has conducted
Capital relationshipinvestment equal to the entire equity of silent partnership interest of the seller as its
sole silent partner. In addition, the seller falls under the category of interested persons
or other close affiliate of the Asset Manager as stipulated in the Act on Investment
Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the operator. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no business relationship
Business relationship required to be disclosed between the affiliated parties and the affiliated companies of
the Investment Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
The seller is a subsidiary of Daiwa Securities Group Inc. (hereinafter referred to as the
Status ofclassification as“Daiwa Securities Group”), the parent company of the Asset Manager, and falls underrelated party
the classification of related party.

（7）
（8）
（9）
（10）
（11）

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

28

2.Gran Casa Itabashihoncho, 3.Gran CasaUeno, 4.Gran Casa Ojima, 5.Gran Casa Edogawabashi, 6.Gran Casa
Mizonokuchi, 7.PREGIO Namba, 8.Gran Casa Minowa Ⅱ, 9.Serenite Hommachi Higashi Lien, 10.Gran Casa Yotsuya,
11.Gran Casa Minowa Ⅲ, 12.Gran Casa Ryogoku Verde, 13.Gran Casa Nippori, 14.Gran Casa Minowa Ⅳ, 15.Gran Casa
Kyotoekimae, 16.Gran Casa Oji Ⅱ, 18.Library Shimura-sakaue（1）Company nameDaiwa Securities Realty Co. Ltd.
（2）
Location
6-2-1, Ginza, Chuo-ku, Tokyo
Title and name of（3）
President and Chief Executive Officer Toshio Fukushima
representative
1. Trading, investment, leasing, and brokerage of real estate
2. Management of real estate
3. Owing, trading, and brokerage of real estate trust beneficiary interest
4. Type II financial instruments business
5. Real estate business6. Trust business7. Trading, owing, management, and investment of securities
8. Brokerage and intermediation regarding corporate business transfer, sale of assets,
capital participation, business alliance, merger, etc.
9. Supervision of construction work and consulting services
10. Investments in specified purpose companies and special purpose companies(companies stipulated in the Regulation on Terminology, Forms, and Preparation
Methods of Financial Statements), real estate investment trusts and real estate
investment corporations, and trading, brokerage and management of equity
Description of（4）interests
business
11. Planning and research concerning effective use of real estate
12. Management consulting services
13. Asset management
14. Money lending business stipulated in the Money Lending Business Act
15. Trading of monetary claims, or businesses relating to intermediation, commission,or agency thereof
16. Business relating to conclusion of contracts to participate in lending, or businesses
relating to intermediation, commission, or agency thereof
17. Business relating to conclusion of partnership contracts, limited partnershipcontracts for investment business, or silent partnership contracts, or businesses
relating to intermediation, commission, or agency thereof
18. Businesses relating to Article 17-3, Paragraph 2, Item 12 of the Regulation for
Enforcement of the Banking Act
19. All operations incidental to or relating to the preceding items（5）
Amount of capital
JPY 500 million（6）
Sales amountJPY 3,859 million
Date of（7）
April 1, 2021
incorporation（8）
Net assets
JPY 301 million（9）
Total assets
JPY 53,932 million（10）
Major shareholders
Daiwa Securities Group Inc. 100%
（11）
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller.
Daiwa Securities Group, the parent company of the Asset Manager, is the whollyCapital relationshipowning parent company of the seller. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the Act
on Investment Trusts and Investment Corporations.
Personnel
As of today, the seller falls under the company to which some employees of the Asset
relationshipManager are seconded.
The seller has entered into a basic warehousing, etc. agreement with the Asset Manager
Business relationship and the seller provides warehousing functions and other cooperation in the bridge
scheme.
Status of
The seller is a subsidiary of Daiwa Securities Group, the parent company of the Assetclassification as
Manager and falls under the classification of related party.
related party

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

29

17.Library Nerima Yahara
（1）
（2）
（3）

Company nameLocation
Title and name ofrepresentative

GK DA Healthcare 9
1-1-7 Motoakasaka, Minato-ku, Tokyo
Representative member, General Incorporated Association DA Healthcare 6
Function Manager Terumitsu Nosaka
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial sites and industrialsites, etc.
3. Acquisition, owning, disposition and trading of real estate trust beneficiary interests
4. All operations incidental or relating to the preceding items
JPY 200,000
JPY 144 million（4）

Description ofbusiness（5）（6）

Amount of capital
Sales amount
Date ofJuly 13, 2021
incorporation
Net assets
JPY 65 million
Total assets
JPY 2,965 million
Major shareholders
General Incorporated Association DA Healthcare 6
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty, the sister company of the Asset Manager, has
Capital relationshipconducted investment equal to the entire equity of silent partnership interest of theseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the Act
on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no business relationship
Business relationship required to be disclosed between the affiliated parties and the affiliated companies of
the Investment Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group., the parent company of the Assetclassification as
Manager and falls under the classification of related party.
related party

（7）
（8）
（9）
（10）
（11）

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

30

19.Sunny Life Kamakura Tamanawa
（1）
（2）
（3）

Company nameLocation
Title and name ofrepresentative

GK DA Healthcare 10
1-1-7 Motoakasaka, Minato-ku, Tokyo
Representative member, General Incorporated Association DA Healthcare 7
Function Manager Terumitsu Nosaka
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial sites and industrialsites, etc.
3. Acquisition, owning, disposition and trading of real estate trust beneficiary interests
4. All operations incidental or relating to the preceding items
JPY 200,000
JPY 59 million（4）

Description ofbusiness（5）（6）

Amount of capital
Sales amount
Date of
October 8, 2021
incorporation
Net assets
JPY 200,000
Total assets
JPY 1,709 million
Major shareholders
General Incorporated Association DA Healthcare 7
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty, the sister company of the Asset Manager, has
Capital relationshipconducted investment equal to the entire equity of silent partnership interest of theseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the Act
on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no business relationship
Business relationship required to be disclosed between the affiliated parties and the affiliated companies of
the Investment Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group., the parent company of the Assetclassification as
Manager and falls under the classification of related party.
related party

（7）
（8）
（9）
（10）
（11）

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

31

V. Profile of the Property Seller
The sellers of the respective Assets to Be Acquired are Daiwa Securities Realty, the sister company of the AssetManager, or special purpose companies in which Daiwa Securities Realty has conducted investment equal to the entire
equity of silent partnership interest and each of them is a subsidiary of Daiwa Securities Group. Each of the sellers falls
under the category of interested persons or other close affiliate as stipulated in the Investment Trusts Act and underInterested Parties pursuant to the “Rules on Prevention of Conflicts of Interest,” an internal rule of the Asset Manager.
Thus, the Asset Manager proceeded with procedures to reach a decision as stipulated in the Rules on Prevention ofConflicts of Interest in making transactions with the sellers to acquire the respective Assets to Be Acquired, in addition toensuring that the scheduled acquisition price was equal to or lower than the appraisal value.
The following table indicates (1) Company name, (2) Relationship with party having special relationship of interest,(3) History/reason, etc. for acquisition, (4) Acquisition price (Note 1), (5) Date of acquisition and (6) Estimatedwarehousing fees to be paid by the Investment Corporation to the previous owner (Note 2).

Property name

L-Place Esaka Ⅱ(a) Gran Casa Itabashihoncho(b) Gran CasaUeno(c) Gran Casa Ojima(d) Gran Casa Edogawabashi(e) Gran Casa Mizonokuchi(f) PREGIO Namba(g) Gran Casa Minowa Ⅱ(h) Serenite Hommachi Higashi
Lien(i) Gran Casa Yotsuya(j) Gran Casa Minowa Ⅲ(k) Gran Casa Ryogoku Verde(l) Gran Casa Nippori(m) Gran Casa Minowa Ⅳ(n) Gran Casa Kyotoekimae(o) Gran Casa Oji Ⅱ(p) Library Shimura-sakaue

Previous owner(1)

GK Tokyo Residential 7(2)Company in which sister company of Asset Manager
conducts silent partnership investment(3)

Acquired for the purpose of investment management(4)

JPY 2,387 million(5)

March 2023

(6)

-

(1)

Daiwa Securities Realty Co. Ltd.

(2)

Sister company of Asset Manager(3)

Acquired for the purpose of investment management(4)(a) JPY 1,107million (b) JPY 912million(c) JPY 2,682million (d) JPY 2,155million(e) JPY 2,144million (f) JPY 4,215million(g) JPY 1,276million (h) JPY 3,635million(i) JPY 3,529million (j) JPY 902million(k) JPY 2,173million (l) JPY 1,587million(m) JPY 1,950million (n) JPY 1,507million(o) JPY 4,120million (p) JPY 2,514million(5)(a) (d) (p) March 2023(b) May 2023(c) (e) August 2023
(g) October 2023 (scheduled)(f) (i) November 2023 (scheduled)(h) (j) (k) (l) December 2023 (scheduled)(m) (n) (o) January 2024 (scheduled)(6)(a) JPY 17million (b) JPY 9million(c) JPY 90million (d) JPY 15million(e) JPY 15million (f) JPY 137million(g) JPY 9million (h) JPY 10million(i) JPY 23million (j) JPY 9million(k) JPY 59million (l) JPY 14million(m) JPY 12million (n) JPY 53million(o) JPY 26million (p) JPY 7million

Earlier previous
owner
Not a party
having special
relationship ofinterest

Not a party
having special
relationship ofinterest

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

32

Library Nerima Yahara

Sunny Life Kamakura
Tamanawa(1)

GK DA Healthcare 9(2)

Company in which sister company of Asset Manager
conducts silent partnership investment(3)

Acquired for the purpose of investment management(4)

JPY 2,820 million(5)

March 2022

(6)

JPY 13 million(1)

GK DA Healthcare 10(2)Company in which sister company of Asset Manager
conducts silent partnership investment(3)

Acquired for the purpose of investment management(4)

JPY 1,600 million(5)

April 2022

(6)

JPY 10 million

Not a party
having special
relationship ofinterest

Not a party
having special
relationship ofinterest(Note 1) Acquisition price for completed properties is the amount stated in the purchase agreement. For properties that have not yet
been completed, the acquisition price is the total amount of the land sales price and development-related expenses. Acquisition
price does not include acquisition expenses, adjustments to property tax and city planning tax and consumption tax and local
consumption tax.
(Note 2) The warehousing fees indicated are expenses such as brokerage fees scheduled to be paid by the Investment Corporation to
the previous owner apart from the sale and purchase price in the acquisition of each property. Furthermore, as the warehousing
fees will be determined following a final agreement with the previous owner, the amounts are not determined at the present
time.
(Note 3) Each of the Assets to Be Acquired will be acquired from a bridge fund aiming to own the properties temporarily with an aim
to transfer them to the Investment Corporation utilizing the bridge scheme of the sponsor. Therefore, the holding period by
the previous owner may be short depending on the date of acquisition by the previous owner, which is the bridge fund.

VI. Details of Operators of Healthcare Facilities
17.Library Nerima Yahara,18. Library Shimura-sakaue
（1）
（2）
（3）

Company nameLocation
Title and name ofrepresentative

Living Platform Care, Ltd.
20-291, Minami-nijonishi, Chuo-ku, Sapporo City
CEO Hirofumi Kaneko
1.
2.

（4）

Description of business

Medical, nursing care, and welfare services
In-home, long-term care support business based on the Long-Term Care
Insurance Act
3. In-home service businesses based on the Long-Term Care Insurance Act
4. Community-based care prevention service businesses based on theLong-Term Care Insurance Act
5. Community-based service businesses based on the Long-Term Care
Insurance Act
6. Community-based care prevention service business based on the LongTerm Care Insurance Act
7. Care prevention support service business based on Long-Term Care
Insurance Act
8. Comprehensive nursing care prevention and daily life support businessbased on the Long-Term Care Insurance Act
9. Fee-based home for the elderly business based on the Long-Term Care
Insurance Act
10. Elderly housing with supportive services business based on the Act on
Securement of Stable Supply of Elderly Persons' Housing
11. Disability welfare services business based on the Act on theComprehensive Support for the Daily and Social Life of Persons with
Disabilities

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

33

（5）
（6）
（7）
（8）
（9）
（10）
（11）

12. Transportation support business based on the Act on the Prevention of
Abuse of Persons with Disabilities and Support for Caregivers
13. Specified consultation support business based on the Act on thePrevention of Abuse of Persons with Disabilities and Support for
Caregivers
14. General consultation support business based on the Act on thePrevention of Abuse of Persons with Disabilities and Support for
Caregivers
15. Day-care support services for disabled children based on the Child
Welfare Act
16. Consultation support services for disabled children based on the Child
Welfare Act
17. Day-care center services based on the Child Welfare Act
18. Employee training, supervision, and management services incidental tothe above, and facility management services on consignment
19. Sale, purchase, lease, brokerage, management of real estate
20. Establishment and operation of hotels, stores, restaurants, and otherlodging facilities
21. Research, analysis, and consulting services related to overallmanagement
22. Worker dispatch business23. Fee-charging job placement business
24. Training and education services for caregivers, etc.
25. All operations incidental to the preceding items
JPY 10 million
Not disclosed as consent for disclosure has not been obtained.
July 20, 2020

Amount of capital
Sales amount
Date of incorporation
Attribute (listed
Unlisted
market)Number of facilities
72 facilities
operated (Note)
Number of resident
2,803 rooms
rooms operated (Note)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is
Capital relationshipno capital relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there
is no personnel relationship required to be disclosed between the affiliated
Personnel relationshipparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there
is no business relationship required to be disclosed between the affiliatedBusiness relationshipparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator.
The operator does not fall under the classification of related party of the
Status of classification Investment Corporation/Asset Manager. In addition, the affiliated parties
as related party
and the affiliated companies of the operator do not fall under theclassification of related party of the Investment Corporation/Asset Manager.

(Note) “Number of facilities operated” and “Number of resident rooms operated” indicate number of facilities and resident rooms of fee-based homes
for the elderly, group homes and elderly housing with supportive services, whose information was obtained from the operator’s website andby interviewing the operator (as of July 31, 2023).

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

34

19.Sunny Life Kamakura Tamanawa
（1）
（2）
（3）

（4）

Company nameLocation
Title and name ofrepresentative

Description of business

Kawashima Corporation
248-2 Higashiinohara, Kimitsu-shi, Chiba
President and CEO, Teruo Kawashima
1. Non-life insurance agency business
2. Operations related to solicitation of life insurance
3. Sales of food, alcoholic beverages, soft drinks and daily necessities
4. Secondhand goods trading
5. Worker dispatch business6. Brokerage, intermediation and sales of real estate transactions and lifetime
use rights of fee-based nursing homes
7. Leasing of automobiles, futons, videos and items necessary for ceremonial
occasions
8. Building maintenance business, building cleaning business
9. Civil engineering work, construction work, landscaping work and interiorwork
10. Reupholstery of tatami mats, shoji screens and fusuma sliding doors
11. Planning and designing events related to sales promotion such as various
events and campaigns
12. Lunch service
13. Parcel shipping, cleaning, and agency business for photo development andprinting
14. Operation and entrustment of operation of fee-based homes for the elderly
15. Provision of meals to residents and conducting physical healthexaminations for residents
16. In-home service businesses consisting of home-visit long-term care,home-visit bathing long-term care, home-visit nursing, home-visit
rehabilitation, guidance for management of in-home medical long-termcare, outpatient day long-term care, outpatient rehabilitation, short-term
admission for daily life long-term care, short-term admission forrecuperation, communal daily long-term care for a dementia patient andrental of specified equipment for preventive long-term care covered bypublic aid based on the Long-Term Care Insurance Act
17. Preventive long-term care home-visit care under the Long-Term Care
Insurance Act, preventive long-term care home-visit bathing care,preventive long-term care home visit nursing, preventive long-term carehome-visit rehabilitation, preventive long-term care home caremanagement guidance, preventive long-term care outpatient care,preventive long-term care outpatient rehabilitation, preventive long-termcare short-term admission daily life care, long-term care preventive shortterm inpatient medical care, preventive dementia-response communal
living care, preventive care welfare equipment rental service business18. In-home long-term care support and preventive long-term care support
based on the Long-Term Care Insurance Act
19. Rental and sale of welfare equipment
20. Sale of specified welfare equipment and other preventive long-term careservice based on the Long-Term Care Insurance Act
21. Fee-based home for the elderly consulting
22. Training and nurturing of home-visit care workers
23. Daily long-term care for those admitted to a specified facility, a specified
preventative long-term care facility, etc. based on the Long-Term Care
Insurance Act
24. Sales of medical equipment, health equipment and nursing care products
25. Planning, design, construction and supervision of construction work
26. Planning, design, construction and supervision of civil engineering works
27. money lending business28. Inn and restaurant business
29. Buying/selling, leasing, brokerage, and management of real estate
30. Patient transport service
31. Management of funeral business
32. Management of general freight truck transportation business (hearse)

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

35

（5）
（6）
（7）
（8）
（9）
（10）
（11）

(Note)

33. Outpatient nursing care for dementia under the Long-Term Care InsuranceAct
34. Outpatient nursing care for preventive dementia according to the Longterm Care Insurance Act
35. First case visit business based on the Long-Term Care Insurance Act
36. First case outpatient business based on the Long-Term Care Insurance Act
37. Elderly housing business with services
38. All operations incidental to the preceding articles
JPY 50 million
Not disclosed as consent for disclosure has not been obtained.
September 17, 1990

Amount of capital
Sales amount
Date of incorporation
Attribute (listed
Unlisted
market)Number of facilities
157 facilities
operated (Note)
Number of resident
14,327 rooms
rooms operated (Note)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is
Capital relationship no capital relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there
is no personnel relationship required to be disclosed between the affiliated
Personnel relationshipparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator.
The operator is a lessee and operator of the Investment Corporation’s assets
under management. There is no business relationship required to bedisclosed between the Asset Manager and the operator. In addition, there isBusiness relationship no business relationship required to be disclosed between the affiliatedparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is
Capital relationship no capital relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator.
“Number of facilities operated” and “Number of resident rooms operated” indicate number of facilities and resident rooms offee-based homes for the elderly, group homes and elderly housing with supportive services, whose information was obtained
from the operator’s website and by interviewing the operator (as of July 31, 2023).

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

36

VII. Funds for Acquisition
Funds are scheduled to be allotted from the proceeds from the issuance of new investment units by way of public offering
indicated in “Notice Concerning Issuance of New Investment Units and Secondary Offering” separately announced today
and borrowing to be determined in the future (Note).
(Note) Details will be announced as soon as decided.

VIII. Acquisition Schedule・ Decision on acquisition and conclusion of purchase agreement: October 2, 2023
・ Payment and delivery: October 3, 2023, October 13, 2023, December 1, 2023, February 1, 2024, and March 1, 2024
(For the schedule for each property, please refer to “Ⅰ. General Outline of the Acquisition.”)

Ⅸ．Impact on the Investment Corporation’s Finances If Forward Commitment, Etc. Is Not Able to Be Met
The purchase agreements for a portion of the Assets to Be Acquired (PREGIO Namba, Gran Casa Minowa Ⅱ, Serenite
Hommachi Higashi Lien, Gran Casa Yotsuya, Gran Casa Minowa Ⅲ, Gran Casa Ryogoku Verde, Gran Casa Nippori, Gran
Casa Minowa Ⅳ, Gran Casa Kyotoekimae, Gran Casa Oji Ⅱ) fall under the category of forward commitments, etc. (futuredated purchase agreements where settlement and delivery take place a month or more after the conclusion of the contract,and other similar contracts) provided for in the Comprehensive Guidelines for Supervision of Financial Instruments
Business Operators, etc.
Under the purchase and sale agreement with the seller, the obligations of the Investment Corporation are subject topreconditions such as the completion of the necessary internal approval procedures, including the completion of thefinancing for the purchase of the property. Under the purchase and sale agreement, if the preconditions for the fulfillmentof such buyer’s obligations are not satisfied, the Investment Corporation may cancel the purchase and sale agreement
without compensation.
In addition, if either party fails to perform its obligations stipulated in the purchase and sale agreement (such party ishereinafter referred to as the “Defaulting Party”), the other party may cancel the relevant purchase and sale agreement by
notifying the Defaulting Party in writing specifying a reasonable period of time. In such a case, the other party may demand
an amount equivalent to 10% of the sales price as a penalty from the Defaulting Party.
As stated above, the Investment Corporation believes that the possibility of a material adverse effect on our finances,
etc. is low because the fulfillment of our obligations is subject to the completion of the necessary internal approval
procedures.
Ⅹ. Payment Method, Etc.
Lump-sum payment at the time of transaction.

Ⅺ．Future Prospects
Please refer to “Notice Concerning Revision to Forecasts of Operating Results and Distribution for the Fiscal PeriodEnding March 2024 (36th Fiscal Period) and Forecasts of Operating Results and Distribution for the Fiscal Period Ending
September 2024 (37th Fiscal Period)” separately announced today for the impact of the acquisition on the prospects for theoperating results and distributions.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

37

Ⅻ．Summary of Appraisal Report
L-Place Esaka Ⅱ
JPY 2,870,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Property nameAppraisal value
Appraiser
Date of appraisal
Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Details(JPY
thousand)

2,870,000(JPY
thousand)(JPY
thousand)

2,880,000

0Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as non-refundable lump-sum payments such as key money
and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.

0

Decrease in each income based on the projected occurrence of bad debt

(JPY
thousand)

184,080

Parking fees

(JPY
thousand)0

Other revenue(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)0(a)Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)0

Utilities(JPY
thousand)0

Repairs and maintenance expense(JPY
thousand)

1,890

Property management fees

(JPY
thousand)0

Tenant promotion fees, etc.

(JPY
thousand)0

Taxes and public dues

(JPY
thousand)

19,278Nonlife insurance(JPY
thousand)756

Other expenses

35,168
126,987(4) Lump-Sum Investment Return(JPY
thousand)(JPY
thousand)(JPY
thousand)(5) Capital Expenditure(JPY
thousand)

3,780(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

123,681(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

473

4.3
2,870,000(%)

4.3/4.4

(%)

4.5

(JPY
thousand)
(%)
(%)

－

57,092

Operation costs(3) Net Operating Income (NOI): (1) – (2)－184,080

Rental revenue includingcommon service fees(b)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.
Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.
Land rent paid and other expenses－
Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,910,000

－

54.9
45.1

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

38

Property nameAppraisal value
Appraiser
Date of appraisal

Gran Casa Itabashihoncho
JPY 1,310,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Item
Value indicated by the direct capitalization method
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(a)

Details(JPY
thousand)

1,310,000(JPY
thousand)(JPY
thousand)

1,340,000
60,506

Rentalrevenueincludingcommon service fees

(JPY
thousand)

60,402

Parking fees

(JPY
thousand)900

Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,646
2,442
0
11,759Operation costs(JPY
thousand)

2,550

Utilities(JPY
thousand)

461

Repairs and maintenanceexpense(JPY
thousand)

1,480

Property management fees

(JPY
thousand)883

Tenant promotion fees, etc.

(JPY
thousand)

1,359

Taxes and public dues

(JPY
thousand)

3,835

Nonlife insurance(JPY
thousand)173

Other expenses(JPY
thousand)

1,015

(JPY
thousand)

48,747(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)45(JPY
thousand)(JPY
thousand)549
48,243(7) Capitalization Rate

（%）

3.6

Value indicated by DCF method(JPY
thousand)

1,290,000

Discount rate

(%)

3.4

Terminal capitalization rate

(%)

3.8

Value indicated by cost approach
Value indicated by cost approach
Value indicated by cost approach
Other items of note by appraiser(JPY
thousand)(%)(%)

Outline, etc.
Assessed by using the standardized net income value using the DCF method
and by conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized
to be stable over the medium to long term, with the capitalization yield－
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized assumed rental revenue andcommon service fees of the target real estate are recorded.
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized parking fees of the target realestate are recorded.
Key money income, renewal fee income, bicycle parking lot income, etc.
are recorded.
Taking into consideration the competitiveness of the target real estate,losses from vacancies are recorded.
Not posted because bad debt losses are deemed to be secured by key money,
etc.
－
Based on the contract amount for building management services, the level ofmaintenance and management costs for similar real estate was verified andrecorded.
Appraised and recorded based on the level of utility bills of similar realestate .
Regarding repair costs, the annual average amount of long-term repair costs
for ER was determined to be reasonable and recorded. Tenant replacement
costs were assessed and recorded taking into consideration the replacement
rate and vacancy rate.
Based on the content of the management service contract, we verified the PM
fee level of similar real estate and recorded it.
Posted secretarial costs associated with solicitation for new tenants for rental
units and parking space by assessing the portion to which the assumed tenantchange rate would apply, taking into account the level of secretarial costs
associated with solicitation for new tenants of similar properties.
For land, the estimated tax amount was recorded after appraisal, taking into
consideration laws for special cases, etc. for residential land.
For properties, the estimated tax amount was recorded after assessing theamount from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance
premiums for similar real estate
Reserve fund for maintenance and management costs and othermiscellaneous expenses was recorded after appraisal with reference to thelevel of the one of similar real estate.
Fees for the use of parking lots in distant places were recorded based on theactual amount in the past years.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to longterm perspective－
Assessment based on comparison with the capitalization rate fortransactions of similar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used intransactions of similar properties, comparison with yields from otherfinancial instruments and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation
to capitalization rate.

1,390,000

－

64.1
35.9

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

39

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Ueno
JPY 987,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)

(a)

(JPY
thousand)(JPY
thousand)(JPY
thousand)

987,000
1,020,000
43,325－
Taking into consideration the medium- to long-term competitiveness of the target
real estate, the estimated standardized assumed rental revenue and common
service fees of the target real estate are recorded.

Rental revenue includingcommon service fees

(JPY
thousand)

42,933Parking fees

468

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)Repairs and maintenance expense(JPY
thousand)

786

Property management fees

(JPY
thousand)

631

Tenant promotion fees, etc.

(JPY
thousand)

1,191

Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses
Operation costs

Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)

1,258
1,334
0

(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

1,500
272

Appraised and recorded based on the level of utility bills of similar real estate.

327
36,12032
355
35,7983.5
973,000(%)

3.3

Terminal capitalization rate

(%)

3.7

Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Not posted because bad debt losses are deemed to be secured by key money, etc.
－

Discount rate

Value indicated by cost approach

Key money income, renewal fee income, bicycle parking lot income, etc. arerecorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.

The maintenance and management costs amount were recorded based on thecontent of the current building management service contract.

92

(JPY
thousand)(JPY
thousand)

Posted parking fees

7,205

2,403

(JPY
thousand)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs wereassessed and recorded taking into consideration the replacement rate and vacancy
rate.
Recorded the property management fees after we verified the content of the current
management service contract based on the PM fee level of similar real estate
Posted secretarial costs associated with solicitation for new tenants for rental units
and parking space by assessing the portion to which the assumed tenant change
rate would apply, taking into account the level of secretarial costs associated withsolicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance premiums
for similar real estate
Other spot management expenses and miscellaneous expenses were assessed andrecorded based on the contract amount and past performance.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactions ofsimilar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used in transactionsof similar properties, comparison with yields from other financial instruments
and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

1,030,000

－

74.3
25.7

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

40Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Ojima
JPY 2,910,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,910,000
3,010,000
134,116

Rental revenue including common
service fees

(JPY
thousand)

131,590

Parking fees

(JPY
thousand)

1,824

Other revenue(JPY
thousand)

5,496

Losses from vacancies(JPY
thousand)(JPY
thousand)(JPY
thousand)

4,794

(a)

(b)
Bad debt losses(2) Total Operating Expenses

024,333Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield－
Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management, and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as bicycle
parking lot registration fees and non-refundable lump-sum payments such as key
money and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－
Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.

Operation costs(JPY
thousand)

4,620

Utilities(JPY
thousand)

925

Repairs and maintenance expense(JPY
thousand)

2,644

Property management fees

(JPY
thousand)

1,929

Tenant promotion fees, etc.

(JPY
thousand)

3,335

Taxes and public dues

(JPY
thousand)

7,863

Nonlife insurance(JPY
thousand)332

Other expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,682

Other expenses such as Internet usage fees

109,783－(5) Capital Expenditure(JPY
thousand)

1,660(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

108,220(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

97

3.6
2,860,000

(%)

3.7

(%)

3.8

(JPY
thousand)(%)(%)

Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

3,000,000

－

70.3
29.7

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

41

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Edogawabashi
JPY 2,380,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)

(a)

(JPY
thousand)

2,380,000(JPY
thousand)(JPY
thousand)

2,470,000
101,811

Rentalrevenueincludingcommon service fees

(JPY
thousand)

100,263

Parking fees

(JPY
thousand)

2,520

Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

3,295
4,267
0

Outline, etc.
Assessed by using the standardized net income value using the DCF method
and by conducting verification from the net income value using the direct
capitalization method
ssessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield－
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized assumed rental revenue andcommon service fees of the target real estate are recorded.
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized parking fees of the target realestate are recorded.
Key money income, renewal fee income, bicycle parking lot income, etc. arerecorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.
Not posted because bad debt losses are deemed to be secured by key money,etc.

17,264－

Operation costs(JPY
thousand)

4,218

Based on the contract amount for building management services, the level ofmaintenance and management costs for similar real estate was verified andrecorded.

Utilities(JPY
thousand)605

Appraised and recorded based on the level of utility bills of similar real estate .

Repairs and maintenanceexpense(JPY
thousand)

1,874

Property management fees

(JPY
thousand)

1,484

Tenant promotion fees, etc.

(JPY
thousand)

2,894

Taxes and public dues

5,363

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses(JPY
thousand)

605

(JPY
thousand)

84,546(3) Net Operating Income (NOI): (1) – (2)218(4) Lump-Sum Investment Return(JPY
thousand)75(5) Capital Expenditure(JPY
thousand)(JPY
thousand)803(6) Net Cash Flow (NCF): (3) + (4) – (5)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

83,8193.4
2,340,000

Discount rate

(%)

3.2

Terminal capitalization rate

(%)

3.6

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Regarding repair costs, the annual average amount of long-term repair costs
for ER was determined to be reasonable and recorded. Tenant replacement
costs were assessed and recorded taking into consideration the replacement
rate and vacancy rate.
Based on the content of the management service contract, we verified the PM
fee level of similar real estate and recorded it.
Posted secretarial costs associated with solicitation for new tenants for rental
units and parking space by assessing the portion to which the assumed tenantchange rate would apply, taking into account the level of secretarial costs
associated with solicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance
premiums for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses, etc. was recorded after appraisal with reference to the level of the oneof similar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactionsof similar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used intransactions of similar properties, comparison with yields from other financial
instruments and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

2,420,000

－

74.1
25.9

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

42

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Mizonokuchi
JPY 2,260,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 8, 2023

Item

Details

Value indicated by income approach
Value indicated by income approach(1) Total Operating Income: (a) – (b)

(a)

(JPY
thousand)

2,260,000(JPY
thousand)(JPY
thousand)

2,350,000
106,091

Rentalrevenueincludingcommon service fees

(JPY
thousand)

103,230

Parking fees

(JPY
thousand)

3,420

Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,879
3,438
0

Outline, etc.
Assessed by using the standardized net income value using the DCF method
and by conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to
be stable over the medium to long term, with the capitalization yield－
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized assumed rental revenue andcommon service fees of the target real estate are recorded.
Taking into consideration the medium- to long-term competitiveness of thetarget real estate, the estimated standardized parking fees of the target realestate are recorded.
Key money income, renewal fee income, bicycle parking lot income, etc. arerecorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.
Not posted because bad debt losses are deemed to be secured by key money,etc.

17,818－Operation costs(JPY
thousand)

2,280

Recorded after the planned BM fee was determined to be reasonable withreference to the level of maintenance and management costs for similar realestateUtilities(JPY
thousand)969

Appraised and recorded based on the level of utility bills of similar real estate .

Repairs and maintenanceexpense(JPY
thousand)

2,096

Property management fees

(JPY
thousand)

1,550

Tenant promotion fees, etc.

(JPY
thousand)

2,439

Taxes and public dues

6,963

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses

JPY
thousand

1,219

(JPY
thousand)

88,272(3) Net Operating Income (NOI): (1) – (2)300(4) Lump-Sum Investment Return(JPY
thousand)78(5) Capital Expenditure(JPY
thousand)(JPY
thousand)

1,535(6) Net Cash Flow (NCF): (3) + (4) – (5)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)86,8153.7
2,220,000

Discount rate

(%)

3.5

Terminal capitalization rate

(%)

3.9

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs
were assessed and recorded taking into consideration the replacement rate andvacancy rate.
Recorded after verifying the content of the planned management service
contract based on the PM fee level of similar real estate
Posted secretarial costs associated with solicitation for new tenants for rental
units and parking space by assessing the portion to which the assumed tenantchange rate would apply, taking into account the level of secretarial costs
associated with solicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance
premiums for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses was recorded after appraisal with reference to the level of the one ofsimilar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactionsof similar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used intransactions of similar properties, comparison with yields from other financial
instruments and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

2,460,000

－

64.8
35.2

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

43

Property nameAppraisal value
Appraiser
Date of appraisal

PREGIO Namba
JPY 4,360,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)

4,360,000(JPY
thousand)(JPY
thousand)

4,490,000
220,369

Rental revenue includingcommon service fees

(JPY
thousand)

220,364

Parking fees

(JPY
thousand)

3,744

Other revenue(JPY
thousand)

4,743

Losses from vacancies(JPY
thousand)(JPY
thousand)(JPY
thousand)

8,482

(a)

(b)
Bad debt losses(2) Total Operating Expenses

046,699Operation costs(JPY
thousand)

4,844

Utilities(JPY
thousand)

1,731

Repairs and maintenance expense(JPY
thousand)

5,062

Property management fees

(JPY
thousand)

5,405

Tenant promotion fees, etc.

(JPY
thousand)

4,157

Taxes and public dues

(JPY
thousand)

13,552

Nonlife insurance(JPY
thousand)

596

(JPY
thousand)(JPY
thousand)(JPY
thousand)

173,669(5) Capital Expenditure(JPY
thousand)

2,980(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

170,689

Other expenses(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

11,3490

3.8
4,300,000

(%)

3.9

(%)

4.0

(JPY
thousand)(%)(%)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield－ental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as bicycle
parking lot registration fees and non-refundable lump-sum payments such as key
money and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－
Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.
Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.
Other expenses such as Internet usage fees and USEN fees－
Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

4,440,000

－

64.2
35.8

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

44Gran Casa Minowa Ⅱ
JPY 1,350,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Name of property
Appraisal value
Appraiser
Date of appraisal
Item

Details

Value indicated by income approach
Value indicated by income approach(1) Total Operating Income: (a) – (b)Rental revenue including common
service fees
(a)

(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,350,000
1,410,000(JPY
thousand)

64,706－64,410Taking into consideration the medium- to long-term competitiveness of the target
real estate, the estimated standardized assumed rental revenue and common
service fees of the target real estate are recorded.

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)Repairs and maintenance expense(JPY
thousand)

1,441

Property management fees

(JPY
thousand)943

Tenant promotion fees, etc.

(JPY
thousand)

1,840

Taxes and public dues

4,048

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses(JPY
thousand)

1,062

(JPY
thousand)

51,681

Parking fees
Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses
Operation costs(3) Net Operating Income (NOI): (1) – (2)

300

1,962
0

Not posted because bad debt losses are deemed to be secured by key money, etc.

13,024－3,000

Recorded after the planned BM fee was determined to be reasonable with reference
to the level of maintenance and management costs for similar real estate505

Appraised and recorded based on the level of utility bills of similar real estate .

182

(JPY
thousand)47(5) Capital Expenditure(JPY
thousand)(JPY
thousand)799(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

50,9293.6
1,330,000

Discount rate

(%)

3.4

Terminal capitalization rate

(%)

3.8

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Posted parking fees
Key money income, renewal fee income, and motorbike and bicycle parking lot
income were recorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.

1,958(4) Lump-Sum Investment Return(6) Net Cash Flow (NCF): (3) + (4) – (5)Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
ssessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs wereassessed and recorded taking into consideration the replacement rate and vacancy
rate.
The details of the planned management service contract were verified andaccounted for by the level of PM fees for similar properties.
Posted secretarial costs associated with solicitation for new tenants for rental units
and parking space by assessing the portion to which the assumed tenant change
rate would apply, taking into account the level of secretarial costs associated withsolicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance premiums
for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses was recorded after appraisal with reference to the level of the one ofsimilar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactions ofsimilar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used in transactionsof similar properties, comparison with yields from other financial instruments
and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

1,430,000

－

63.4
36.6

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

45

Name of property
Appraisal value
Appraiser
Date of appraisal

Serenite Hommachi Higashi Lien
JPY 3,780,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)(JPY
thousand)(JPY
thousand)

3,780,000
3,860,000(JPY
thousand)

186,937

Parking fees

(JPY
thousand)

4,987

Other revenue(JPY
thousand)

446

(a)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)－

186,295

Rental revenue includingcommon service fees(b)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
中 Assessed by capitalizing the standardized net income, which is recognized to
be stable over the medium to long term, with the capitalization yield

6,076
0

Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management, and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as bicycle
parking lot registration fees and non-refundable lump-sum payments such as key
money and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－

36,516

Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.

Operation costs(JPY
thousand)

4,500

Utilities(JPY
thousand)

1,598

Repairs and maintenance expense(JPY
thousand)

4,828

Property management fees

(JPY
thousand)

4,284

Tenant promotion fees, etc.

(JPY
thousand)

4,002

Taxes and public dues

(JPY
thousand)

12,987

Nonlife insurance(JPY
thousand)

588

Other expenses

3,725

Other expenses such as Internet usage fees

149,778－(4) Lump-Sum Investment Return

JPY
thousand(JPY
thousand)(JPY
thousand)(5) Capital Expenditure(JPY
thousand)

2,940(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

146,838(3) Net Operating Income (NOI): (1) – (2)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

0

3.8

Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－

3,740,000

(%)

3.9

(%)

4.0

(JPY
thousand)(%)(%)

Expenses for the management of the subject property

Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

4,510,000

－

65.2
34.8

－
－

Appraisal for Non-Completed Buildings

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

46

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Yotsuya
JPY 3,710,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Rental revenue includingcommon service fees
(a)

(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

3,710,000
3,870,000
153,075－

152,015

Taking into consideration the medium- to long-term competitiveness of the target
real estate, the estimated standardized assumed rental revenue and common
service fees of the target real estate are recorded.

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)Repairs and maintenance expense(JPY
thousand)

2,371

Property management fees

(JPY
thousand)

2,229

Tenant promotion fees, etc.

(JPY
thousand)

4,706

Taxes and public dues

7,375

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses(JPY
thousand)

260

(JPY
thousand)

129,065

Parking fees
Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses
Operation costs(3) Net Operating Income (NOI): (1) – (2)1,824Posted parking fees

4,709
5,472

Key money income, renewal fee income, and bicycle and motorbike parking lot
income were recorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.

0

Not posted because bad debt losses are deemed to be secured by key money, etc.

24,010－5,904

Recorded after the planned BM fee was determined to be reasonable with reference
to the level of maintenance and management costs for similar real estate869

Appraised and recorded based on the level of utility bills of similar real estate .

292(4) Lump-Sum Investment Return(JPY
thousand)114(5) Capital Expenditure(JPY
thousand)(JPY
thousand)

1,311(6) Net Cash Flow (NCF): (3) + (4) – (5)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

127,8683.3
3,640,000

Discount rate

(%)

3.1

Terminal capitalization rate

(%)

3.5

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs wereassessed and recorded taking into consideration the replacement rate and vacancy
rate.
Recorded after verifying the content of the planned management service contract
based on the PM fee level of similar real estate
Posted secretarial costs associated with solicitation for new tenants for rental units
and parking space by assessing the portion to which the assumed tenant change
rate would apply, taking into account the level of secretarial costs associated withsolicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance premiums
for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses was recorded after appraisal with reference to the level of the one ofsimilar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactions ofsimilar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used in transactionsof similar properties, comparison with yields from other financial instruments
and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

3,780,000

－

77.8
22.2

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

47

Gran Casa Minowa Ⅲ
JPY 974,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Name of property
Appraisal value
Appraiser
Date of appraisal
Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Rental revenue includingcommon service fees
(a)

(JPY
thousand)(JPY
thousand)(JPY
thousand)

974,000
1,020,000(JPY
thousand)

47,110－46,800Taking into consideration the medium- to long-term competitiveness of the target
real estate, the estimated standardized assumed rental revenue and common
service fees of the target real estate are recorded.

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)Repairs and maintenance expense(JPY
thousand)

1,211

Property management fees

(JPY
thousand)

686

Tenant promotion fees, etc.

(JPY
thousand)

1,344

Taxes and public dues

3,148

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses(JPY
thousand)

312

(JPY
thousand)

37,045Parking fees
Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses
Operation costs(3) Net Operating Income (NOI): (1) – (2)

300

1,434
0

Not posted because bad debt losses are deemed to be secured by key money, etc.

10,064－2,850

Recorded after the planned BM fee was determined to be reasonable with reference
to the level of maintenance and management costs for similar real estate367

Appraised and recorded based on the level of utility bills of similar real estate .

144

(JPY
thousand)34(5) Capital Expenditure(JPY
thousand)(JPY
thousand)533(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

36,547
3.6
954,000

Discount rate

(%)

3.4

Terminal capitalization rate

(%)

3.8

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Posted parking fees
Key money income, renewal fee income, and motorbike and bicycle parking lot
income were recorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.

1,444(4) Lump-Sum Investment Return(6) Net Cash Flow (NCF): (3) + (4) – (5)Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs wereassessed and recorded taking into consideration the replacement rate and vacancy
rate.
Recorded after verifying the content of the planned management service contract
based on the PM fee level of similar real estate
Posted secretarial costs associated with solicitation for new tenants for rental units
and parking space by assessing the portion to which the assumed tenant change
rate would apply, taking into account the level of secretarial costs associated withsolicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance premiums
for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses was recorded after appraisal with reference to the level of the one ofsimilar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactions ofsimilar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used in transactionsof similar properties, comparison with yields from other financial instruments
and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

1,070,000

－

61.2
38.8

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

48

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Ryogoku Verde
JPY 2,270,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,270,000
2,330,000(JPY
thousand)

102,280

Parking fees

(JPY
thousand)

552

Other revenue(JPY
thousand)

3,797

(a)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)－

103,237

Rental revenue includingcommon service fees(b)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
ssessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

3,392
0

Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as bicycle
parking lot registration fees and non-refundable lump-sum payments such as key
money and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－

18,155

Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.

Operation costs(JPY
thousand)

2,868

Utilities(JPY
thousand)

704

Repairs and maintenance expense(JPY
thousand)

1,880

Property management fees

(JPY
thousand)

1,491

Tenant promotion fees, etc.

(JPY
thousand)

3,255

Taxes and public dues

(JPY
thousand)

6,264

Nonlife insurance(JPY
thousand)

244

Other expenses

1,445
85,082－(4) Lump-Sum Investment Return(JPY
thousand)(JPY
thousand)(JPY
thousand)Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.
Other expenses such as neighborhood membership fee, cleaning of miscellaneous
wastewater pipes and periodic inspections of special buildings, etc.

(5) Capital Expenditure(JPY
thousand)

1,220(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

83,939(3) Net Operating Income (NOI): (1) – (2)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

77

3.6

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions and contract conditions.
－

2,250,000

(%)

3.7

(%)

3.8

(JPY
thousand)(%)(%)

Expenses for the management of the subject property

Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,120,000

－

69.3
30.7

－
－

Appraisal for Non-Completed Buildings

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

49Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Nippori
JPY 1,720,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2023

Item

Details(JPY
thousand)Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Rentalrevenuecommon service fees(a)including(JPY
thousand)(JPY
thousand)

1,720,000
1,790,000(JPY
thousand)

76,704－74,929Taking into consideration the medium- to long-term competitiveness of the target
real estate, the estimated standardized assumed rental revenue and common
service fees of the target real estate are recorded.

3,600

Posted parking fees

2,223
4,047

Key money income, renewal fee income, and bicycle and motorbike parking lot
income were recorded.
Taking into consideration the competitiveness of the target real estate, losses
from vacancies are recorded.

0

Not posted because bad debt losses are deemed to be secured by key money, etc.

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)Repairs and maintenance expense(JPY
thousand)

1,294

Property management fees

(JPY
thousand)

1,119

Tenant promotion fees, etc.

(JPY
thousand)

2,002

Taxes and public dues

4,047

Nonlife insurance(JPY
thousand)(JPY
thousand)

Other expenses

JPY
thousand949(JPY
thousand)

63,523Parking fees
Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses
Operation costs(3) Net Operating Income (NOI): (1) – (2)13,181－

3,066

Recorded after the planned BM fee was determined to be reasonable with reference
to the level of maintenance and management costs for similar real estate

525

Appraised and recorded based on the level of utility bills of similar real estate .

176(4) Lump-Sum Investment Return(JPY
thousand)56(5) Capital Expenditure(JPY
thousand)(JPY
thousand)863(6) Net Cash Flow (NCF): (3) + (4) – (5)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

62,7153.5
1,690,000

Discount rate

(%)

3.3

Terminal capitalization rate

(%)

3.7

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

Regarding repair costs, the annual average amount of long-term repair costs for
ER was determined to be reasonable and recorded. Tenant replacement costs wereassessed and recorded taking into consideration the replacement rate and vacancy
rate.
Recorded after verifying the content of the planned management service contract
based on the PM fee level of similar real estate
Posted secretarial costs associated with solicitation for new tenants for rental units
and parking space by assessing the portion to which the assumed tenant change
rate would apply, taking into account the level of secretarial costs associated withsolicitation for new tenants of similar properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term perspective.
Recorded after appraisal with reference to the level of non-life insurance premiums
for similar real estate
Reserve fund for maintenance and management costs and other miscellaneous
expenses was recorded after appraisal with reference to the level of the one ofsimilar real estate.
－
The investment yield of the lump-sum payment was assessed and the amountobtained by multiplying the amount of the assumed security deposit, etc., wasrecorded.
Posted the amount of capital expenditure assessed from a medium- to long-term
perspective－
Assessment based on comparison with the capitalization rate for transactions ofsimilar properties, etc.
The income value was assessed by the DCF method by summing the present
value of the cash flow and the return value within the holding period.
Assessed the discount rate, taking into account discount rates used in transactionsof similar properties, comparison with yields from other financial instruments
and so forth.
Assessed terminal capitalization rate, taking into account factors such as themarketability of the property at the maturity of the holding period in relation tocapitalization rate.

1,840,000

－

72.4
27.6

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

50

Gran Casa Minowa Ⅳ
JPY 2,120,000,000
Japan Real Estate Institute
August 1, 2023

Name of property
Appraisal value
Appraiser
Date of appraisal
Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Rental revenue includingcommon service fees(a)Parking fees
Other revenue
Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,120,000
2,150,000
93,90591,8872,000

Revenues from key money and renewal fees are posted.

4,767

Assessed on the assumption that the occupancy rate will be stable in the medium
to long term
It is deemed unnecessary to record the amount considering the status of thelessee, etc.

0
17,791

Assessment based on the maintenance and management expenses and theexpense level of similar properties in accordance with the terms and conditions of
the agreement(JPY
thousand)

3,300

Utilities(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)700

Property management fees
Tenant promotion fees, etc.

Assessed based on appropriate rent level recognized as stable for medium-to
long-term
Assessment based on the level of appropriate royalties considered to be stable
over the medium to long term

4,785

Operation costs

Repairs and maintenance expense

Outline, etc.
Estimated by associating the profit price by the direct capitalization method withthe profit price by the DCF method
Assessed by capitalizing medium-to long-term stable net income at thecapitalization rate

1,166
1,340
4,150

Assessment based on actual value of similar properties
Assessment taking into account the cost level of similar properties and theaverage annual repair and renewal costs in the Engineering Report
Assessment based on the remuneration rate based on the contract terms and the
remuneration rate for similar properties
Assessment based on contract conditions, lease conditions of similar properties,
etc.
Assessed based on the materials relevant to taxes and public duesLand
for 2023
Property
Assessed based on replacement costs

Taxes and public dues

(JPY
thousand)

6,595

Nonlife insurance

194

Assessed based on insurance premium rates for similar properties, etc.

346

Recorded Internet usage fees as other expenses(4) Lump-Sum Investment Return(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(5) Capital Expenditure(JPY
thousand)

1,035(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

75,153

Other expenses(3) Net Operating Income (NOI): (1) – (2)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

76,11474

3.5
2,080,000

Discount rate

(%)

3.3

Terminal capitalization rate

(%)

3.6

Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability
Assessed by comprehensively considering the subject property's location,building conditions and contract conditions.
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,090,000

－

65.9
34.1

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

51

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Kyotoekimae
JPY 1,590,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,590,000
1,630,000(JPY
thousand)

82,404

Parking fees

(JPY
thousand)576

Other revenue(JPY
thousand)

3,248

(a)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)－

83,527

Rental revenue includingcommon service fees(b)

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
ssessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

2,702
0

Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as bicycle
parking lot registration fees, and non-refundable lump-sum payments such as key
money and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－

20,157

Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.

Operation costs(JPY
thousand)

3,408

Utilities(JPY
thousand)

826

Repairs and maintenance expense(JPY
thousand)

2,525

Property management fees

(JPY
thousand)

2,007

Tenant promotion fees, etc.

(JPY
thousand)

2,411

Taxes and public dues

(JPY
thousand)

6,741

Nonlife insurance(JPY
thousand)

316

Other expenses

1,921

Other expenses such as Internet usage fees

63,369－(4) Lump-Sum Investment Return(JPY
thousand)(JPY
thousand)(JPY
thousand)(5) Capital Expenditure(JPY
thousand)

1,580(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

61,789(3) Net Operating Income (NOI): (1) – (2)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

0

3.8

Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions and contract conditions.
－

1,570,000

(%)

3.9

(%)

4.0

(JPY
thousand)(%)(%)

Expenses for the management of the subject property

Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

1,770,000

－

52.5
47.5

－
－

Appraisal for Non-Completed Buildings

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

52

Gran Casa Oji Ⅱ
JPY 4,620,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Name of property
Appraisal value
Appraiser
Date of appraisal
Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(JPY
thousand)(JPY
thousand)(JPY
thousand)

4,620,000
4,740,000(JPY
thousand)

194,940

Parking fees

(JPY
thousand)

2,216

(a)

Losses from vacancies(b)
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)－

199,516

Rental revenue includingcommon service fees

Other revenue

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
ssessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

9,028
6,669
0

Rental revenue: Revenue that can be earned on an ordinary basis by leasing orcontracting the operation of all or part of the subject property (assuming fulloccupancy)
Common service fee revenue: Among the expenses required on a recurring basis
for the maintenance, management and operation of the subject property, revenue
collected through contracts with lessees related to common areas (assuming fulloccupancy)
Income generated by leasing the parking lot attached to the subject property totenants, etc. and income generated by renting the parking lot by the hour
(assuming the lot is full)
Other revenue such as non-refundable lump-sum payments such as key money
and renewal fees
Decrease in each income based on the projected occurrence of vacancy andreplacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－

31,373

Expenses required on a recurring basis for the maintenance and management of
the subject property, including building and facility management, security,
cleaning, etc.
Expenses required for electricity, water, gas, district heating and cooling heatsource, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc. related
to the subject property, the cost required for ordinary maintenance andmanagement of the said buildings, facilities, etc. or to restore the partially damagedbuildings, facilities, etc. to their original state.

Operation costs(JPY
thousand)

3,684

Utilities(JPY
thousand)

1,464

Repairs and maintenance expense(JPY
thousand)

3,611

Property management fees

(JPY
thousand)

2,857

Tenant promotion fees, etc.

(JPY
thousand)

6,017

Taxes and public dues

(JPY
thousand)

10,684

Nonlife insurance(JPY
thousand)460

Other expenses

JPY
thousand(JPY
thousand)(JPY
thousand)

2,593

Other expenses such as Internet usage fees

168,143－(5) Capital Expenditure(JPY
thousand)

2,300(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

165,988(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser

145

3.5

Expenses required for intermediary services and advertising, etc. when recruiting
new tenants, as well as expenses required for the renewal of tenant lease contracts
and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (land andbuildings)
Charges for fire insurance for the subject property and attached facilities, liability
insurance to cover damage to third parties, etc. due to defects or accidents in the
management of the subject property, etc.

Investment income is recorded assuming an investment yield of 1.0%.
Expenses for repair or improvement of buildings, facilities, etc. related to thesubject property that are recognized to increase the value of the said buildings,
facilities, etc. or increase their durability－
Assessed by comprehensively considering the subject property's location,building conditions and contract conditions.
－

4,570,000

(%)

3.6

(%)

3.7

(JPY
thousand)(%)(%)

Expenses for the management of the subject property

Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

4,210,000

－

70.8
29.2

－
－

Appraisal for Non-Completed Buildings

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

53

Property nameAppraisal value
Appraiser
Date of appraisal

Library Nerima Yahara
JPY 3,210,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenance expense
Property management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

3,210,000
3,270,000
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

Undisclosed
Undisclosed
Undisclosed
Undisclosed
132,164360
1,700
130,824(%)

Value indicated by DCF method(JPY
thousand)

3,190,000(%)

4.0/4.1(%)

4.2

Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)(Note) The figures are not disclosed as the Asset Manager judged that thedisclosure of these might negatively impact the competitiveness of the Investment
Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Undisclosed(7) Capitalization Rate

Discount rate

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

4.0－
Investment income is recorded assuming an investment yield of 1.0%.
Assessed by allocating the figures based on ER and similar cases to “Repairs andmaintenance expense 3: Capital Expenditures 7.”－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,820,000

－

61.7
38.3

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

54

Property nameAppraisal value
Appraiser
Date of appraisal

Library Shimura-sakaue
JPY 2,770,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenance expense
Property management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,770,000
2,810,000
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

Undisclosed
Undisclosed
Undisclosed
Undisclosed
110,871304
1,460
109,715(%)

Value indicated by DCF method(JPY
thousand)

2,750,000(%)

3.9/4.0(%)

4.1

Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)(Note) The figures are not disclosed as the Asset Manager judged that thedisclosure of these might negatively impact the competitiveness of the Investment
Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Undisclosed(7) Capitalization Rate

Discount rate

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

3.9－
Investment income is recorded assuming an investment yield of 1.0%.
Assessed by allocating the figures based on ER and similar cases to “Repairs andmaintenance expense 3: Capital Expenditures 7.”－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,600,000

－

68.9
31.1

－
－

None

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

55

Property nameAppraisal value
Appraiser
Date of appraisal

Sunny Life Kamakura Tamanawa
JPY 1,790,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2023

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenance expense
Property management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) – (2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,790,000
1,800,000
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

Undisclosed
Undisclosed
Undisclosed
Undisclosed
76,858219
1,580
75,497(%)

Value indicated by DCF method(JPY
thousand)

1,780,000(%)

4.2/4.3(%)

4.4

Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(JPY
thousand)(%)(%)(Note) The figures are not disclosed as the Asset Manager judged that thedisclosure of these might negatively impact the competitiveness of the Investment
Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Undisclosed(7) Capitalization Rate

Discount rate

Outline, etc.
Assessed by using the standardized net income value using the DCF method andby conducting verification from the net income value using the direct
capitalization method
Assessed by capitalizing the standardized net income, which is recognized to bestable over the medium to long term, with the capitalization yield

4.2－
Investment income is recorded assuming an investment yield of 1.0%.
Assessed by allocating the figures based on ER and similar cases to “Repairs andmaintenance expense 3: Capital Expenditures 7.”－
Assessed by comprehensively considering the subject property's location,building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties and byadding the individual characteristics of the property to the yield of the financial
assets.
Assessed by taking into account the nature of the net income employed for thecapitalization yield, future uncertainty, liquidity, marketability, etc.

2,030,000

－

56.8
43.2

－
－

None

URL: https://www.daiwa-securities-living.co.jp/en/

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

56

(Reference Material) Exterior and Map of the Assets to Be Acquired
１．L-Place Esaka Ⅱ

２．Gran Casa Itabashihoncho

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

57

３．Gran Casa Ueno

４．Gran Casa Ojima

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

58

５．Gran Casa Edogawabashi

６．Gran Casa Mizonokuchi

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

59

７．PREGIO Namba

８．Gran Casa Minowa Ⅱ

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

60

９．Serenite Hommachi Higashi Lien

10．Gran Casa Yotsuya

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

61

11．Gran Casa Minowa Ⅲ

12．Gran Casa Ryogoku Verde

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

62

13．Gran Casa Nippori

14．Gran Casa Minowa Ⅳ

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

63

15．Gran Casa Kyotoekimae

16．Gran Casa Oji Ⅱ

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

64

17．Library Nerima Yahara

18．Library Shimura-sakaue

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

65

19．Sunny Life Kamakura Tamanawa

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

66

(Additional Material) Overview of Portfolio After the Acquisition<Number of Properties, Etc.>

Total number ofproperties
Number of leasable
units
Total leasable area
(Note)

Other properties
scheduled to beacquired(c) (Note)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

235 properties

19 properties

1 property

253 properties

17,252 units

1,512 units

96 units

18,668 units

727,542.92 ㎡

49,771.51 ㎡

5,963.88 ㎡

771,350.55 ㎡(a) + (b) + (c)This refers to the Gran Casa Daikancho announced on September 11, 2023 (scheduled transfer date: October 31, 2023).

<Asset Size, Etc.>

Total (anticipated)acquisition price(Note 1)
Appraisal value(Note 2)Other properties
scheduled to beacquired(c)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

JPY 353.5 billion

JPY 45.3 billion

JPY 1.0 billion

JPY 397.7 billion

JPY 439.7 billion

JPY 46.9 billion

JPY 1.7 billion

JPY 485.0 billion(a) + (b) + (c)(Note 1) Total (anticipated) acquisition price is calculated based on the (anticipated) acquisition price.
(Note 2) Appraisal value is calculated based on the appraisal value as of February 1, 2023 for Gran Casa Kinshicho, June 1, 2023 for Gran Casa
Watanabe-dori, August 1, 2023 for Alpha Square Minami 6jo, and the appraisal value as of the end of March 2023 for the other properties
among the properties owned as of today. Each appraisal value is calculated based on each appraisal value as of August 8, 2023 for Gran Casa
Mizonokuchi and August 1, 2023 for the other properties scheduled to be acquired.

<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price)>
Properties owned asof today(a)StudioFamilyHealthcare

JPY 175.2 billion(49.6%)
JPY 75.7 billion(21.4%)
JPY 102.5 billion(29.0%)

Properties scheduled
to be acquired(b)
JPY 27.3 billion
JPY 10.4 billion
JPY 7.5 billion

Other properties
scheduled to beacquired(c)(a) + (b) + (c)JPY 1.0 billion-

JPY 202.5 billion(50.9%)
JPY 85.1 billion(21.4%)
JPY 110.1 billion(27.7%)
End

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

67