November 5, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Towers Office
4-1-28 Toranomon
Minato-ku, Tokyo 105-0001
Takao Sakuma, Executive Director(Securities Code：8986)
Asset Management Company:
re-plus REIT management inc.
Ichiro Okamura, President and Chief Executive Officer
Inquiries: Aki Sadahiro, Manager
Tel: +81-3-5425-5600

Notice Concerning the Acquisition of Properties
re-plus residential investment inc. (the “Investment Corporation”) announced its decision to acquire the following
properties (the “Properties”).
1. Reason for the Acquisition
The purpose of the acquisition of the Properties is to stabilize portfolio revenues and increase the assets owned by
the Investment Corporation in the mid to long term, in accordance with the investment policies outlined in its
Articles of Incorporation.
2. Property details(1)

Property details
Rights regarding the property trust beneficiary interests
Property
Number
O-2-065
O-5-066
O-6-067
O-7-068
F-4-038

Property Name

SellerGrand Mason Shichifuku
willDo Higashibetsuin
willDo Shin Osaka
willDo Okayama-eki
Nishiguchi
Colonnade Kasuga

GK re-plus Residential Warehouse 8
GK re-plus Residential Warehouse 8
GK re-plus Residential Warehouse 8
TMK re-plus Residential Construction 5
TMK re-plus Residential Warehouse 11
Total(Note)

AnticipatedAcquisition Price（in thousand yen）(Note)
342,000
703,000
861,000
1,220,000
3,115,277
6,241,277

The Anticipated Acquisition Price does not include costs related to the acquisition, Property Tax, City Planning Tax andConsumption Tax. The numbers are rounded off at thousand. Total Acquisition Price represents the sum of the Acquisition
Price of each property before rounding off and total number being rounded off less than JPY1,000.

(2)Signing Date of Transfer Agreement of Trust Beneficiay Interest
November 5, 2007

(3)

Scheduled Date of Property Acquisition
November 7, 2007

(4)

Funds for the Acquisition
Funds from borrowings and cash on hand

1

(5)

Settlement Method
Full payment on the date of the Acquisition(6)

Special Note
Transactions of the Properties listed above are defined as related party transaction under the internal rules andregulations of the Asset Management Company. Please refer to Section 7 for the details of transactions withrelated-parties.

(7)

Property Area and Property Category
Property
Property Name
Number
O-2-065
Grand Mason Shichifuku
O-5-066
willDo Higashibetsuin
O-6-067
willDo Shin OsakaO-7-068
willDoOkayama-eki Nishiguchi
F-4-038
Colonnade Kasuga(note)

Property Area (Note)

Property Category

Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Tokyo Metropolitan Area

StudioStudioStudioStudioFamilyCentral Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku,
Shibuya-ku, Setagaya-ku and Meguro-ku. Tokyo Metropolitan Area represents the Kanto area excluding
the 7 central Tokyo wards. Major Metropolitan Area refers to Sapporo, Sendai, Chukyo, Keihanshin,
Hiroshima and Kita-Kyushu, Fukuoka area and Major Metropolitan Areas with population larger than
300,000.

3. Details of the Assets to be Acquired
The details of the above trust beneficiary interest are provided as follows. The figures for the Tenant Details
are as of September 30, 2007.

2

I. Name of Property：Grand Mason Shichifuku
Type of Asset

Trust beneficiary interest
Anticipated Acquisition Price
JPY 342,000 thousand
Mitsubishi UFJ Trust and Banking
Trust
Due
Date
November 30, 2017
Corporation◇ Feature of Property
The property is a condominium for single households, located about seven minutes’ walk from “Tomizawa” Station on the Sendai Subway Namboku
Line. A large shopping mall named the Mall, which draws customers come from across Taihaku-ku, is located near “Nagamachi Minami” Station,next to “Tomizawa” station, adding convenience in everyday lives. The condominium enjoys excellent access to the center of Sendai, taking just 12
minutes from “Tomizawa” Station to Sendai Station, which is located in the central business district.
Almost all apartments are one-room apartments with a living space of about 25 ㎡. The parking facilities can accommodate vehicles for the majorityof apartments. Although about eight years have passed since the building was built, it has been renovated and is well maintained.
◇ Summary of Property（Residential）2chome-20-6
Tomisawa Minami, Taihaku-ku, Sendai-shi, Miyagi
Location (Note 1)（Registered）2chome-20-6 Tomisawa Minami, Taihaku-ku, Sendai-shi, Miyagi
Proprietary
Class 2 Mid to High Rise
Type of ownershipArea Classification ( note 2)
Ownership
Residential ZoneLand
FAR／Building Coverage
200% / 60%
Land（note 1）
832.21 ㎡
Ratio (note 3)
TrusteeType of ownership
Building

Proprietary
Ownership
1,183.59 ㎡

Usage（note 1）

Apartment Complex and Store

Floor Area（note１）
Completion date（note 1）
February 26, 1999
Type of Structure
SRC, 5-Story Building, Galvanized Sheet Iron with Flat Roof（note１）
Leasable Units in Unit Type38 units（1K: 36units, Office:2）
Property Management Company
Sub Property Management
re-plus investments inc.
House Mate Partners Co., Ltd.
（note 6）Company
Master Lease Company
Yugen Kaisha re-plus residential 2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 4)◇Tenants Details（note 5）
Appraiser
Real Estate Investment Advisors,Co,.Ltd Number of Tenants (note 6)
1
Date of Appraisal
September 1, 2007
Leasable Area
1,085.28 ㎡
Appraisal Value
JPY 342,000 thousand Leased Area
932.22 ㎡
Value Calculated Using
JPY
341,000
thousandMonthly
Rent（note
7）
JPY
2,160
thousandthe Direct Capitalization Method
Deposits and Guarantee
Gross Operating Revenue
JPY 28,300 thousand Lease
JPY 5,926 thousand
Deposits
Gross Operating Expenses
JPY 6,310 thousand Occupancy Ratio (unit base）
84.21％
Occupancy Ratio (area base）
Net Operating Income
JPY 21,990 thousand （note85.90％
8）
Capital Expenditure
JPY 2,190 thousand◇Engineering Report Summary（note 9）
Tokio Marine & Nichido Risk
Net Cash Flow
JPY 19,800 thousand Engineering Report Company
Consulting Co,.Ltd.
Overall Capitalization Rate
5.8％ Date of Research
July 30, 2007
Value Indicated by DCF method
JPY 343,000 thousand Priority Repairs
Repairs
Discount Rate
5.6％ Near-Future(within a year)
Far-Future Repairs
Terminal Capitalization Rate
6.0％ (within
JPY 16,527 thousand
12 years)
Value Indicated by Cost
JPY 290,000 thousand Probable Maximum Loss
11.0％
ApproachSpecial Note ： None
（note 1） Figures and information in colums of “Location（Registered）”, “Land”, “Buiilding”, “Type of Structure”, “Usage” and “Completion Date” are as per
the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete, RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a colimn of “Usage” is from the zoning type indicated by Article 8-1-1 of the City Planning and Law.
（note 3） Figures and information in colums of “FAR／Building Coverage Ratio” uses the ratio of the floor are of the building versus the lot area as designated in Article
52 of the Building Standards Law and the building coverage ratio uses the building area versus the lot area as designated in Article 53 of the Building Standards
Law.
（note 4） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property
based on the Laws Concerning points to consider on appraisal valuation of real estate and about appraisal valuation of real estate in the Law Concerning
Investment Trusts and Investment Corporations ( Law No.152 of 1963 including revisions thereafter),. The numbers are rounded off at thousand.
（note 5） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of September 30, 2007.
（note 6） Figures and information in a column of “Number of Tenants” is entered as one tenant when the Investment Corporation ratain a master lease agreementwith Master Lease Company.
（note 7） Monthly Rent ( rent, a fee for common service and rent of parking lots ) in a column of “Montly Rent” are based on the information as of September 30, 2007
along with the anticipated acquisition of property and the figures are rounded off at thousand.
（note 8） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area”
and shown in a percentage rounded off at second decimal place.
（note 9） Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs”
represents for the repair cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years.
The figures are shown in a percentage rounded at second decimal place.

3

Ⅱ. Name of Property：willDo Higashibetsuin
Type of Asset

Trust beneficiary interest
Anticipated Acquisition Price
JPY 703,000 thousand
Mitsubishi UFJ Trust and Banking
Trustee
Trust Due Date
November 30, 2017
Corporation◇ Feature of Property
The property is about eight minutes’ walk from “Higashibetsuin” Station of the Nagoya Subway Meijo Line. In the surrounding area, there arecondominiums mixed with commercial facilities. The location is close to “Nagoya” and “Sakae” Stations in the center of the city, and demand forrental apartments is strong.
Each apartment is a one-room apartment having a living space of about 24 ㎡ , of which unit plan reflects demand in the area. Each apartment has abathroom, a separate toilet, a sink, an air conditioner, flooring, an indoor place for a washing machine, a compact kitchen, etc. The balcony faces
east and the Shin-Horikawa canal, and giving the living room well-lit.
◇ Summary of Property（Residential）17-17 Fujimi-cho, Naka-ku, Nagoya-shi, Aichi
Location (Note 1)（Registered）1723 Fujimi-cho, Naka-ku, Nagoya-shi, Aichi
Proprietary
Type of ownershipArea Classification ( note 2)
Commercial Zone
OwnershipLand
FAR／Building Coverage
Land（note 1）
358.22 ㎡
500%/100%
Ratio (note 3)
Proprietary
Type of ownership
Usage（note 1）
Apartment Complex
Ownership
Building
Floor Area（note１）
1,769.62 ㎡ Completion date（note 1）
June 20, 2007
Type of Structure
SRC, 12-Story Building with 1 basement floor, Flat Roof(note１）
Leasable Units in Unit Type66 units（1K : 66units）
Property Management
Sub Property Management
re-plus investments inc.
ABLE INC.
Company
Company
Master Lease Company

Yugen Kaisha re-plus residential 2

Type of Master Lease

Pass Through◇Property Appraisal Summary (note 4)◇Tenants Details（note 5）
Appraiser
Nippon Tochi-Tatemono Co.,Ltd.
Number of Tenants (note 6)
1
Date of Appraisal
August 20, 2007
Leasable Area
1,640.76 ㎡
Appraisal ValueJPY 703,000 thousand Leased Area
1,068.98 ㎡
Value Calculated Using
Monthly Rent
JPY 722,000 thousand
JPY 2,957 thousand
the Direct Capitalization Method（note 7）
Lease Deposits andGross Operating Revenue
JPY 52,147 thousand Guarantee Deposits－（thousand ）Gross Operating Expenses
JPY 11,936 thousand Occupancy Ratio (unit base）
65.15％
Occupancy Ratio (area base）
Net Operating Income
JPY 40,211 thousand
65.15％（note 5 ）Capital Expenditure
JPY 1,224 thousand◇Engineering Report Summary（note 9）
Net Cash Flow
JPY 38,987 thousand
Engineering Report Company
Japan ERI Co.,Ltd.
Overall Capitalization Rate
5.4％ Date of ResearchAugust 1, 2007
Value Indicated by DCF method
JPY 695,000 thousand Priority Repairs－
Near-Future Repairs
Discount Rate
5.1％
(within a year)－
Far-Future Repairs
Terminal Capitalization Rate
5.7％
JPY 23,310 thousand(within 12 years)
Value Indicated by Cost
JPY 538,000 thousand Probable Maximum Loss
11.8％
Approach
Scpecial Note ：None（note 1） Figures and information in colums of “Location（Registered）”, “Land”, “Buiilding”, “Type of Structure”, “Usage” and “Completion Date” are as per（note 2）
（note 3）
（note 4）（note 5）（note 6）（note 7）
（note 8）（note 9）the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete, RC for Reinforced-Concrete and S for Steel.
Figures and information in a colimn of “Usage” is from the zoning type indicated by Article 8-1-1 of the City Planning and Law.
Figures and information in colums of “FAR／Building Coverage Ratio” uses the ratio of the floor are of the building versus the lot area as designated in
Article 52 of the Building Standards Law and the building coverage ratio uses the building area versus the lot area as designated in Article 53 of the BuildingStandards Law.
Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition ofproperty based on the Laws Concerning points to consider on appraisal valuation of real estate and about appraisal valuation of real estate in the Law
Concerning Investment Trusts and Investment Corporations ( Law No.152 of 1963 including revisions thereafter),. The numbers are rounded off at thousand.
Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of September 30, 2007.
Figures and information in a column of “Number of Tenants” is entered as one tenant when the Investment Corporation ratain a master lease agreementwith Master Lease Company.
Monthly Rent ( rent, a fee for common service and rent of parking lots ) in a column of “Montly Rent” are based on the information as of September 30, 2007
along with the anticipated acquisition of property and the figures are rounded off at thousand.
Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area”
and shown in a percentage rounded off at second decimal place.
Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs”
represents for the repair cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years.
The figures are shown in a percentage rounded at second decimal place.

4

Ⅲ. Name of Property：willDo Shin Osaka
Type of Asset

Trust Beneficiary Interest
Anticipated Acquisition Price
JPY 861,000 thousand
Mitsubishi UFJ Trust and Banking
Trustee
Trust Due Date
November 30, 2017
Corporation◇ Feature of Property
The property is about five minutes’ walk from “Higashimikuni” Station on the Osaka Subway Midosuji Line. The location is to the west of ShinMidosuji, and combines medium- and low-rise apartments, general houses, small and midsize office buildings and offices. Although the area’scommercial utility is low, it is within walking distance of “Shin-Osaka” Station and offers convenience in terms of transportation and living. As aconsequence, housing demand is rising. Land use has recently been shifting to housing in the area. For example, a condominium for families was built
on the site of an office building.
The property’s apartments are one-room apartments, of which unit plan meets local needs. Each apartment is all-electric and has a bathroom, aseparate toilet, a sink, an air conditioner, flooring, an indoor space for a washing machine, a compact kitchen, and other features. It is built to satisfy
the needs of single people.
◇ Summary of Property
Location (Note 1)（Residential）5-4-8 Miyahara, Yodogawa-ku, Osaka-shi, Osaka（Registered）5-4-71 Miyahara, Yodogawa-ku, Osaka-shi, Osaka

Type of ownership

Proprietary
Ownership

Land（note 1）

495.86 ㎡

Land

Type of ownership
Building

Proprietary
Ownership
1,867.87 ㎡

Area Classification
FAR／Building Coverage Ratio（note 3）
Usage（note 1）

Commercial Zone
400% / 80%
Aparment Complex and Parking
Space
June 13, 2007

Floor Area（note１）
Completion date（note 1）
Type of Structure
RC, 12-Story Building, Flat Roof（note１）
Leasable Units in Unit Type66 units（1K : 66units）
Matsumoto Total Building
Sub Property Manaagement
Property Management Company
re-plus investments inc.
Maintanance CO.,Ltd.
Company
Master Lease Company
Yugen Kaisha re-plus residential 2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 4)◇Tenants Details（note 5）
Appraiser
Tanizawa Sogo Appraisal Co.,Ltd.
Number of Tenants (note 6)
1
Date of Appraisal
August 1, 2007
Leasable Area
1,713.36 ㎡
Appraisal Value
JPY 861,000 thousand Leased Area
1,713.36 ㎡
Value Calculated Using
Monthly Rent
JPY 863,000 thousand
JPY 5,276 thousand
the Direct Capitalization Method（note 7）
Lease Deposits and Guarantee
Gross Operating Revenue
JPY 63,608 thousand－
Deposits
Gross Operating Expenses
JPY 16,236 thousand Occupancy Ratio (unit base）
100.00％Occupancy Ratio (area base）
Net Operating Income
JPY 47,372 thousand
100.00％（note 8 ）Capital Expenditure
JPY 1,634 thousand◇Engineering Report Summary（note 9）
Net Cash Flow
JPY 45,737 thousand Engineering Report Company Japan ERI Co.,Ltd.
Overall Capitalization Rate
5.3％ Date of ResearchAugust 9, 2007
Value Indicated by DCF method
JPY 860,000 thousand Priority Repairs－
Near-Future Repairs
Discount Rate
5.5％
(witin a year)－
Far-Future Repairs
Terminal Capitalization Rate
5.6％
JPY36,640 thousand(witin 12 years)
Value Indicated by Cost
JPY 629,000 thousand Probable Maximum Loss
12.6％
ApproachSpecial Note ： The height of the property has been restricted under the Aviation Law.
（note 1） Figures and information in colums of “Location（Registered）”, “Land”, “Buiilding”, “Type of Structure”, “Usage” and “Completion Date” are as per
the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a colimn of “Usage” is from the zoning type indicated by Article 8-1-1 of the City Planning and Law.
（note 3） Figures and information in colums of “FAR／Building Coverage Ratio” uses the ratio of the floor are of the building versus the lot area as designated in Article
52 of the Building Standards Law and the building coverage ratio uses the building area versus the lot area as designated in Article 53 of the Building Standards
Law.
（note 4） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property
based on the Laws Concerning points to consider on appraisal valuation of real estate and about appraisal valuation of real estate in the Law Concerning
Investment Trusts and Investment Corporations ( Law No.152 of 1963 including revisions thereafter),. The numbers are rounded off at thousand.
（note 5） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of September 30, 2007.
（note 6） Figures and information in a column of “Number of Tenants” is entered as one tenant when the Investment Corporation ratain a master lease agreementwith Master Lease Company.
（note 7） Monthly Rent ( rent, a fee for common service and rent of parking lots ) in a column of “Montly Rent” are based on the information as of September 30, 2007
along with the anticipated acquisition of property and the figures are rounded off at thousand.
（note 8） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area”
and shown in a percentage rounded off at second decimal place.
（note 9） Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs”
represents for the repair cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years.
The figures are shown in a percentage rounded at second decimal place.

5

Ⅳ. Name of Property：willDo Okayama-eki Nishiguchi
Type of Asset
TrusteeReal Estate (note 1)
Anticipated Acquisition Price
JPY 1,220,000 thousand－ (note 1)
Trust Due Date－(note 1)◇ Feature of Property
The property is about nine minutes’ walk from “Okayama” Station on the JR Sanyo Line. Okayama-city has a population of 690,000 approximately.
The west side of “Okayama” Station has seen a number of redevelopment projects in recent years (including the completion of the Lit City building inJuly 2005). The property is located at the Showa-cho crossroads, and is surrounded by apartments and stores. Under “Okayama” Station as the nearest
station from the property, there is an underground mall with restaurants and general merchandise stores, offering considerable convenience.
The condominium was completed in September 2007. Each apartment is equipped with a kitchen counter, an auto lock, a large mirror in thebathroom, a Washlet, and other facilities, with specifications to meet the needs of tenants.
◇ Summary of Property
Location (Note 2)（Residential）11-17 Showa-machi, Okayama-shi, Okayama（Registered）19,20 Showa-machi, Okayama-shi, Okayama

Type of ownership

Proprietary
Ownership

Area Classification(note 3)

Commercial Zone

Land（note 2）

778.56 ㎡

FAR／Building Coverage Ratio(note 4)500% / 100%

Land

Type of ownership

Proprietary
Ownership
3,930.06 ㎡

Usage（note 2）

Aparment Complex and Store

Semtember 13, 2007
Floor Area（note2）
Completion date（note 2）
Type of Structure
RC, 13-Story Building, Flat Roof（note2）
Leasable Units in Unit Type109 units（1K : 60units, 1LDK: 48 units, Store:1）
Sub Property Management
Property Management Company
re-plus investments inc.
KYOEI SANGYO CO.,Ltd.
Company
Master Lease Company
Yugen Kaisha re-plus residential 2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 5)◇Tenants Details（note 6）
Appraiser
Tanizawa Sogo Appraisal Co.,Ltd.
Number of Tenants (note 7)
1
Date of Appraisal
October 1, 2007
Leasable Area
3,792.30 ㎡
Appraisal Value
JPY 1,220,000 thousand Leased Area
1,242.15 ㎡
Value Calculated Using the DirectMonthly Rent
JPY 1,230,000 thousand
JPY 2,454 thousand
Capitalization Method（note 8）
Lease Deposits and Guarantee
Gross Operating Revenue
JPY 95,717 thousand
JPY 2,358 thousand
Deposits
Gross Operating Expenses
JPY 22,679 thousand Occupancy Ratio (unit base）
33.94％ (note 11)
Occupancy Ratio (area base）
Net Operating Income
JPY 73,038 thousand
32.75％ (note 11)（note 9）
Capital Expenditure
JPY 1,665 thousand◇Engineering Report Summary（note 10）
Tokio Marine & Nichido Risk
Net Cash Flow
JPY 71,372 thousand Engineering Report Company
Consulting Co,.Ltd.
Overall Capitalization Rate
5.8％ Date of Research
September 10, 2007
Value Indicated by DCF method
JPY 1,220,000 thousand Priority Repairs－
Near-Future Repairs
Discount Rate
6.0％－
(witin a year)
Far-Future Repairs
Terminal Capitalization Rate
6.1％
JPY 3,462 thousand(witin 12 years)
Value Indicated by Cost Approach
JPY 887,000 thousand Probable Maximum Loss
1.0％
Special Note ：None
Building(note 1)

As of the date of this press release, the Property is not under a trustee, and will be under trustee by a trust and banking company or a trust company
with trust due date as of November 30, 2017 by the time that the Investment Corporation acquires the property. The Investment Corporation isscheduled to acquire the trust beneficiary interests of the Property as being an asset in trust.

（note 2） Figures and information in colums of “Location（Registered）”, “Land”, “Buiilding”, “Type of Structure”, “Usage” and “Completion Date” are as per
the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 3） Figures and information in a colimn of “Usage” is from the zoning type indicated by Article 8-1-1 of the City Planning and Law.
（note 4） Figures and information in colums of “FAR／Building Coverage Ratio” uses the ratio of the floor are of the building versus the lot area as designated in Article
52 of the Building Standards Law and the building coverage ratio uses the building area versus the lot area as designated in Article 53 of the Building Standards
Law.
（note 5） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property
based on the Laws Concerning points to consider on appraisal valuation of real estate and about appraisal valuation of real estate in the Law Concerning
Investment Trusts and Investment Corporations ( Law No.152 of 1963 including revisions thereafter),. The numbers are rounded off at thousand.
（note 6） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of September 30, 2007.
（note 7） Figures and information in a column of “Number of Tenants” is entered as one tenant when the Investment Corporation ratain a master lease agreementwith Master Lease Company.
（note 8） Monthly Rent ( rent, a fee for common service and rent of parking lots ) in a column of “Montly Rent” are based on the information as of September 30, 2007
along with the anticipated acquisition of property and the figures are rounded off at thousand.
（note 9） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area”
and shown in a percentage rounded off at second decimal place.
（note 10） Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs”
represents for the repair cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years.
The figures are shown in a percentage rounded at second decimal place.
(note 11) As of October 12, 2007, the occupancy ratio is 71.56% in unit base, 70.55% as area base.

6

Ⅴ. Name of Property：Colonnade Kasuga
Type of Asset
TrusteeReal Estate (note 1)
Anticipated Acquisition Price
JPY 3,115,277 thousand－ (note 1)
Trust Due Date－
◇ Feature of Property
The property is a complex of condominiums for families and offices about a nine-minutes’ walk from “Myogadani” Station on the Tokyo Metro
Marunouchi Line. The area is an educational district with prestigious schools, and demand for housing for families with children is comparatively
strong. It is about 11 minutes from “Myogadani” Station to “Tokyo” Station on the Marunouchi Line. Other stations on the line include “Otemachi”,“Ginza”, and “Kasumigaseki”, representing outstanding access to central Tokyo. The local area includes Tokyo Dome City, a commercial complex
with spa facilities using a natural hot spring, a hotel and other attractions, offering excellent living convenience.
The first and second floors of the building are used as offices (part of the second floor is used as apartments). The floors above third consist ofapartments for families, mainly 2LDK and 3LDK apartments. Apartments are well-lit and command excellent views, providing very pleasant living
spaces.
◇Location (Note 2)（Registered）2-8-1, 80-2, 80-3, 81-1, 81-2, 82-1,82-2, 83-4, 83-5, Kasuga, Bunkyo-ku, Tokyo

Type of ownership

Proprietary
Ownership

Land（note 2）

Coverage Ratio
1,125.58 ㎡ FAR／Building(note 4)
Proprietary
Usage（note 2）
Ownership
5,876.12 ㎡
Completion date（note 2）

Land
Type of ownership
Building

Floor Area（note2）
Type of Structure（note 2）

Leasable Units in Unit Type

Summary of Property（Residential）2-12-12 Kasuga, Bunkyo-ku, Tokyo

Area Classification (note 3)

Commercial Zone, Class 1 Mid
to High Rise Residential Zone
600% / 80%, 200%/60%
Aparment Complex, Office,
Residence and Parking Space
July 5, 1991

SRC 12 Story-Building with 2 basement floors, Flat Roof

47 units（2DK: 1 unit, 2LDK: 9 units, 2SLDK:7 units, 3LDK:25 units, 4LDK:1 unit, 3LDK+2LDK: 1 unit, Office: 3）

Sub Property Manaagement
Ancre Co.,Ltd.
Company
Master Lease Company
Yugen Kaisha re-plus residential 2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 5)◇Tenants Details（note 6）
AppraiserLand Coordinating Research Inc.
Number of Tenants (note 7)
1
Date of Appraisal
October 19, 2007
Leasable Area
4,292.98 ㎡
Appraisal Value
JPY 3,160,000 thousand Leased Area
4,054.53 ㎡
Value Calculated Using the DirectMonthly Rent
JPY
3,260,000
thousandJPY
14,778thousand
Capitalization Method（note 8）
Lease Deposits and Guarantee
Gross Operating Revenue
JPY 45,114 thousand
JPY 199,072 thousand Deposits
Gross Operating Expenses
91.49％
JPY 37,600 thousand Occupancy Ratio (unit base）
Occupancy Ratio (area base）
Net Operating Income
94.45％
JPY 161,471thousand （note 9 ）Capital Expenditure◇Engineering Report Summary（note 10）
JPY 6,429 thoousand
Tokio Marine & Nichido Risk
Net Cash Flow
JPY 155,041thousand Engineering Report Company Consulting Co,.Ltd.
Overall Capitalization Rate
4.7 ％ Date of Research
October 15, 2007
Value Indicated by DCF method
JPY 3,160,000 thousand Priority Repairs－
Near-Future
Repairs－
Discount Rate
4.6％ (witin a year)
Far-Future Repairs
Terminal Capitalization Rate
4.8％ (witin
JPY42,475 thousand
12 years)
Value Indicated by Cost Approach
JPY 2,975 thousand Probable Maximum Loss
9.60％
Special Note ：None
Property Management Company(note 1)

re-plus investments inc.

As of the date of this press release, the Property is not under a trustee, and will be under trustee by a trust and banking company or a trust company
with trust due date as of November 30, 2017 by the time that the Investment Corporation acquires the property. The Investment Corporation isscheduled to acquire the trust beneficiary interests of the Property as being an asset in trust.

（note 2） Figures and information in colums of “Location（Registered）”, “Land”, “Buiilding”, “Type of Structure”, “Usage” and “Completion Date” are as per
the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 3） Figures and information in a colimn of “Usage” is from the zoning type indicated by Article 8-1-1 of the City Planning and Law.
（note 4） Figures and information in colums of “FAR／Building Coverage Ratio” uses the ratio of the floor are of the building versus the lot area as designated in Article
52 of the Building Standards Law and the building coverage ratio uses the building area versus the lot area as designated in Article 53 of the Building Standards
Law.
（note 5） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property
based on the Laws Concerning points to consider on appraisal valuation of real estate and about appraisal valuation of real estate in the Law Concerning
Investment Trusts and Investment Corporations ( Law No.152 of 1963 including revisions thereafter),. The numbers are rounded off at thousand.
（note 6） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of September 30, 2007.
（note 7） Figures and information in a column of “Number of Tenants” is entered as one tenant when the Investment Corporation ratain a master lease agreementwith Master Lease Company.
（note 8） Monthly Rent ( rent, a fee for common service and rent of parking lots ) in a column of “Montly Rent” are based on the information as of September 30, 2007
along with the anticipated acquisition of property and the figures are rounded off at thousand.
（note 9） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area”
and shown in a percentage rounded off at second decimal place.
（note 10） Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs”
represents for the repair cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years.
The figures are shown in a percentage rounded at second decimal place.

74. Notes on the Property Due Diligence
The Investment Corporation conducted supplemental due diligence on the all of the Properties in order to avoid the problemof fabrication of data relating to building structural strength. The Investment Corporation requested third party due diligence
consultants to check if the Properties are in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength.
As a result of the due diligence, no violation of the building laws was found.
Promotor of
Building

Name of Property
Grand Mason
Shichifuku

Individual

ｗillDoHigashibetsuin

Yugen Kaisha
Kannon Shoji

ｗillDo Shin-Osaka

City LifeCORPORATION
Co., Ltd.

Architect
Yugen Kaisha
TatsumiConstruction andArchitectual
Design Office
Nitto Construction.
CO., Ltd. FirstClass AuthorizedArchitect Office

GU Planning Co.,Ltd.

Building
Contractor

Verification
AgencyHome Make
Kyowa Inc.

Sendai
Municipal
Government of
Miyagi

Nitto
Construction.
CO., Ltd.

NagoyaMunicipal
Government of
Aichi

Kurimoto
Construction
Industry,Ltd

Osaka
Architecture
Technology
Association

Structual
Engineer
Yugen Kaisha
TatsumiConstruction
and Architectual
Design Office
Yugen Kaisha
Arks
Construction
OfficeKurimoto
Construction
Industry,Ltd.
First-Class
AuthorizedArchitect OfficeInspection Agency

NTT FACILITIES, INC.

NTT FACILITIES, INC.

Takenaka Corporation

Okayama
KYOEI SANGYO
Yugen Kaisha
KYOEI
Municipal
CO.,LTD. FirstM2 Architect
NTT FACILITIES, INC.
SANGYO
Government ofClass Authorized
DesignCO.,LTD.
OkayamaArchitect OfficeTokyo
AtriumYanai Corporation
Taku StructuralColonnade Kasuga
Yugen Kaisha AW
Metropolitan
NTT FACILITIES, INC.
Construction
Architectual
Design Co., Ltd.
(note)II
Government
Co.,Ltd.
Design Office(note) During the additional construction, Owner is Yugen Kaisha AW II, Arthitect is Yanai Architect & Planning Office, Building Contractor is
Atrium Construction Co.,Ltd., Verification Agency is Bunkyo Metropolitan Government of Tokyo, Structual Engineer is
Yanai Corporation Architectual Design Office and Inspection Agency is the same as above.
ｗillDo Okayamaeki Nishiguchi

KYOEI SANGYO
CO.,LTD

5. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests.)

Grand Mason Shichifuku
Property Buyer
Owner
Relationship with specific related
party
Reason for Acquisition
Acquisition Price (thousand）
Date of Acquisition

A (note)B (note)GK re-plus Residential Warehouse 8
SPC established by the parent
company of the Asset Management
Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
June 29, 2007

Individual
Other than specific related party－－－

willDo Higashibetsuin
Property Buyer
Owner
Relationship with specific related
party
Reason for Acquisition
Acquisition Price (thousand）
Date of Acquisition

A (note)B (note)GK re-plus Residential Warehouse 8
SPC established by the parent
company of the Asset Management
Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
August 30, 2007

8

Yugen Kaisha Kannon Shoji
Other than specific related party－－－

willDo Shin-Osaka
Property Buyer
Owner

A (note)B (note)GK re-plus residential Warehouse 8

Relationship with specific related
party
Reason for Acquisition
Acquisition Price (thousand）
Date of Acquisition

City Life CORPORATION Co., Ltd.

SPC established by the parent
company of the Asset Management
Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
August 30, 2007

Other than specific related party－－－

willDo Okayama-eki Nishiguchi
Property Buyer
Owner

A (note)B (note)GK re-plus residential Warehouse 8

Relationship with specific related
party
Reason for Acquisition
Acquisition Price (thousand）
Date of Acquisition

KYOEI SANGYO CO.,LTD.

SPC established by the parent
company of the Asset Management
Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
March 9, 2007

Other than specific related party－－－

Colonnade Kasuga
Property Buyer
Owner
Relationship with specific related
party
Reason for Acquisition
Acquisition Price (thousand）
Date of Acquisition

A (note)TMK re-plus Residential Warehouse
11
SPC established by the parent
company of the Asset Management
Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
February 7, 2007

B (note)Yugen Kaisha AW II
Other than specific related party－－－

6. Seller’s Profile
Profiles of the sellers are as follows.
Grand Mason Shichifuku, willDo Higashibetsuin, willDo Shin-Osaka
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder

Business Activities

Relationshipwith
Investment CorporationtheGK re-plus Residential Warehouse 8
Toranomon Towers Office 4-1-28 Toranomon, Minato-ku, Tokyo
Yugen-sekinin-Chukan Hojin re-plus residential, Managing partner
Masato Sasaki , Director
JPY 100 thousand－(note)・
Purchase/sale, exchange, rent, ownership, brokerage and management
activities of properties
・
Purchase/sale, exchange, ownership and management of trust beneficiaryinterests
・
Activities related to above
Related Party defined under the internal rules and regulations of theAsset Management Company(note) Due to the intention of the principal shareholder, we do not disclose the specific name of those shareholders.

9willDo Okayama-eki Nishiguchi
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities
Relationship with theInvestment Corporation

TMK re-plus Residential Construction 5
Toranomon Towers Office 4-1-28 Toranomon, Minato-ku, Tokyo
Takahiro Abe, Director
JPY 100 thousand－(note)・Trasfer of asset, asset management and asset disposition along with plan ofasset liquidation based on the laws regarding liquidation of assets
・
Other activities accompanied to liquidation of the above specified assets
Related Party defined under the internal rules and regulations of theAsset Management Company(note) Due to the intention of the principal shareholder, we do not disclose the specific name of those shareholders.

Colonnade Kasuga
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities
Relationship with theInvestment Corporation

TMK re-plus Residential Warehouse 11
Toranomon Towers Office 4-1-28 Toranomon, Minato-ku, Tokyo
Masato Sasaki, Director
JPY 100 thousand－(note)・Trasfer of asset, asset management and asset disposition along with plan ofasset liquidation based on the laws regarding liquidation of assets
・
Other activities accompanied to liquidation of the above specified assets
Related Party defined under the internal rules and regulations of theAsset Management Company(note) Due to the intention of the principal shareholder, we do not disclose the specific name of those shareholders.

7. Transactions with Related Parties(1)

Transactions of Properties
a. Outline of Transactions
Acquisitions of the Properties
b. Seller’s Profile
The sellers are qualified as an Related-Party defined under the Investment Trust Law and the internal rules and regulations of theAsset Management Company. Profiles of the sellers are as follows.

SellerGK re-plus residential Warehouse 8

ProfileSPC established by re-plus inc., and qualifies
as a related party defined under theInvestment Trust Law and the internal rules
and regulations of the Asset Management

TMK re-plus Construction 5
TMK re-plus Residential Warehouse 11

c. Procedures of Related Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked to ensure
strict compliance with statute and other regulatory requirements. Furthermore, in order to ensure that thetransactions were conducted in an open and fair manner and that the Investment Corporation was notdisadvantaged, the Asset Management Company submitted all transactions for deliberation and approval by
its Compliance Committee on October 29, 2007. Subject to approval, each transaction was then submitted toInvesment Committee and the Board of Directors of the Asset Management Company for ratification on
November 5, 2007. It was then approved by the Board of Directors of the Investment Corporation on
November 5, 2007.

10

(2)

Appointment of a Property Management Company
a. Outline of Transactions
Entrustment of Property Management for the Properties acquired by the Investment Corporationb. Outline of Property Management Fees
Property NameGrand Mason Shichifuku
willDo Higashibetsuin
willDo Shin Osaka
willDo Okayama-eki Nishiguchi
Colonnade Kasuga

Property Managements Fee
3.5％of rental revenue (Rent+Parking)(Including consumption tax)
3.5％of rental revenue (Rent+Parking)(Excluding consumption tax)
3.0% of rental revenue (Rent+Parking)(Including consumption tax)
2.0% of rental revenue (Rent+Parking)(Including consumption tax)
3.0% of rental revenue (Rent+Parking)(Including consumption tax)

c. Property Management Company’s Profile
The Property Management Company’s profile is as follows.
Property Management Company
re-plus investments inc.

ProfileWholly owned subsidiary of re-plus inc. and qualifies as a related
party as defined under the Investment Trust Law and the internal rules
and regulations of the Asset Management Company

d. Procedures of Related Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked to ensure
strict compliance with statute and other regulatory requirements. Furthermore, in order to ensure that thetransactions were conducted in an open and fair manner and that the Investment Corporation was notdisadvantaged, the Asset Management Company submitted all transactions fordeliberation and approval by its Compliance Committee on October 29, 2007. Subject to approval, eachtransaction was then submitted to Invesment Committee and the Board of Directors of the Asset Management
Company for ratification on November 5, 2007. It was then approved by the Board of Directors of theInvestment Corporation on November 5, 2007.
(3)

Details of Brokeragea. Outline of transaction
Brokerage related to the Properties to be acquiredb. Brokerage Fee
JPY 124,825 thousand (excluding consumption tax)
＊Rounded at JPY 1,000c. Profile of Brokers
The profile of the broker for these transactions are as follows.
Grand Mason Shichifuku, willDo Higashibetsuin, willDo Shin Osaka, willDo Okayama-eki Nishiguchi
Brokerre-plus inc.

ProfileOwns more than 50% of shares of the Asset Management Company andqualifies as an related party as defined under the Investment Trust Law andthe internal rules and regulations of the Asset Management Company

Colonnade Kasuga
Brokerre-plus investments inc.

ProfileWholly owned subsidiary of re-plus inc. and qualifies as a related party as
defined under the Investment Trust Law and the internal rules andregulations of the Asset Management Company

11

d. Procedures of Related Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked toensure strict compliance with statute and other regulatory requirements. Furthermore, in order to ensurethat the transactions were conducted in an open and fair manner and that the Investment Corporation
was not disadvantaged, the Asset Management Company submitted all transactions fordeliberation and approval by its Compliance Committee on October 29, 2007. Subject to approval, eachtransaction was then submitted to Invesment Committee and the Board of Directors of the AssetManagement Company for ratification on November 5, 2007. It was then approved by the Board of
Directors of the Investment Corporation on November 5, 2007.
8. Forecast
The forecast for the fourth fiscal period ending March 31, 2008 (from October 1, 2007 to March 31,2008) does not change as a result of acquisition of the Properties.

●

URL : http://www.re-plus-ri.co.jp/12

(Reference No.1)

List of Portfolio afte Property Acquisition
Type

Property No.

Name of Property

O-1-001
O-1-002
O-1-003
O-1-004
O-1-023
O-1-032
O-1-033
O-1-034
O-1-035
O-1-036
O-2-037
O-2-054
O-4-005
O-4-006
O-4-007O-4-008
O-4-009
O-4-010O-4-011
O-4-012O-4-024
O-4-025
O-4-031O-4-038
O-4-039
O-4-055
O-4-062
O-5-013
O-5-026
O-5-027
O-5-040O-5-041O-5-042O-5-043
O-5-056
O-5-057
O-5-063
O-6-014O-6-015
O-6-016
O-6-017
O-6-018
O-6-028
O-6-029
O-6-030
O-6-044
O-6-045
O-6-046
O-6-047
O-6-048
O-6-049
O-6-050
O-6-051
O-6-052
O-6-058

Satella Kita 34-jo
Carrera 2.9
Sapporo Hills
Satella Nagayama
willDo Minami 12 jo
willDo Kita 24 jo
Flat Carerra
s13w9 h+s9w12 h+willDo Minami hiragishi
willDo Nishishitadai cho
willDo Kamisugi 3 chome
Bell Koshigata 21
Joyful Sayama
Lumiere Hachioji
willDo Kiyosumi
Turkey's Denen-Chofu No.2
Sky Court 100
FC Takasago-cho
Site Pia
VISTA Supreme
Joy Oyamadai
Estage Otsuka
willDo Niiza
Toshin Shoto Mansion
Harmony Kamikitazawa
Sho Minami Urawa
willDo Kanayama Masaki
Excelsior Sakae
Stegea Hibino
willDo Chiyoda
willDo Taiko dori
willDo Kanayama
willDo Kanayama Sawashita
willDo Kachigawa
Stagea Kogane
willDo Inaei
willDo Ichioka
willDo Ebie
willDo Imafuku nishi
Maison FloraWind Four Minami-Honmachi
willDo Shin-Osaka sGrand Mer Higashi Yodogawa
willDo Fukae minami
willDo Dainichi
willDo Shin-Osaka s
willDo Tsukamoto
willDo Tenmabashi
willDo Sakaisuji Honmachi
willDo Tanimachi
Imperial Sakurakawa-minami II
willDo Nanba w
Zekubenten
willDo Tsurumi Morokuchi

Area

AnticipatedAcquisition Price（note 1）（JPY thousand）(note２)Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area

StudioTokyo Metropolitan Area
Central Tokyo
Central Tokyo
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas

13

1,133,714
281,285
287,666
342,428
460,839
316,000
290,000
463,000
533,000
315,000
512,000
506,000
499,333
216,619
480,761
5,024,619
281,523
379,857
233,142
506,142
563,584624,265
725,229
590,438
912,000
400,000
396,000
490,095
641,767
317,603
633,000
1,120,000
370,000
375,000
503,000
600,000
641,000
722,761
350,904
413,857
584,285
307,142285,723
236,069
184,716
217,000
244,000
730,000
338,000
325,000
1,040,000
486,000
690,000
466,000
180,000

Percentage ofPortfolio(％) (note３)

1.3
0.3
0.3
0.4
0.5
0.4
0.3
0.5
0.6
0.4
0.6
0.6
0.6
0.2
0.5
5.6
0.3
0.4
0.3
0.6
0.6
0.7
0.8
0.7
1.0
0.4
0.4
0.5
0.7
0.4
0.7
1.2
0.4
0.4
0.6
0.7
0.7
0.8
0.4
0.5
0.7
0.3
0.3
0.3
0.2
0.2
0.3
0.8
0.4
0.4
1.2
0.5
0.8
0.5
0.2

Type

Property No.

Name of Property

Area

AnticipatedAcquisition Price（note 1）（JPY thousand）(note２)

StudioO-6-059
O-6-060
O-6-064
O-9-019
O-9-020
O-9-021O-9-022
O-9-053
O-9-061
O-2-065
O-5-066
O-6-067
O-7-068

FamilyF-2-001F-2-002F-2-003
F-2-004F-3-034
F-4-005
F-4-006
F-4-007F-4-008
F-4-009
F-4-010F-4-011
F-4-012F-4-013
F-4-014F-4-015
F-4-016
F-4-017
F-4-018
F-4-019F-4-020F-4-021F-4-022F-4-028
F-4-029F-4-030
F-4-031F-4-035
F-4-036
F-5-023
F-5-024
F-5-032
F-5-037
F-6-025
F-6-026
F-6-033
F-9-027
F-4-038
P-4-001

Premium

P-4-002
P-4-003P-4-004

willDo Hamasaki dori
St.Ammy Nishitenma
Excellent Matsuyamachi
Stars Uchiyama
Uchiyama-MinamiKokuraekimae Building
Duminas Tojin-cho
Stream Line Ohori
willDo Nakasu
NKR Gofuku-choGrand Mason Shichifuku
willDo Higashibetsuin
willDo Shin Osaka
willDo Okayama-eki Nishiguchi
Studio sub-total
Royal Garden Shinrin Koen
Green Park Komatsujima
Dia Palace Izumizaki
Sun Vario Takasago
Ark Heim Niigata
Johanna Mansion
Iruma-ekimae Building
Iruma-ekimae Building No.II
Sereno Omiya
Suzuran-kan
Bonheur Tokiwa
Profit Link Takenotsuka
Takenotsuka Flat
Dream Heights
Green Hills Asukayama
Oji Heights
Sakagami Royal Heights No. II
willDo Todoroki
Chez Moi Sakuragaoka
Libest Nishi-chiba
Corinne Tsudanuma
Isogo Flat
Chigasaki Daikan Plaza
Winbell Chorus Hiratsuka No.13
Libest Higashi Nakayama
Libest Nakayama
MGA Kanamachi
Greenhills Roka
Lofty Hirai
Stellato City Temmacho
Grace Mansion Fuji
Stellato City Sakurayama
Grand court Kurokawa
Rene Kobe-Kitamachi II Center
Court
willDo Nishi akashi
La Vita Nipponbashi
Image Kirigaoka
Colonnade Kasuga
Family Sub-total
Chelsea Garden
c-MA1
c-MA2
c-MA3

Percentage ofPortfolio(％) (note３)

Major Metropolitan Areas

2,280,000
493,000
810,000
160,000

2.5
0.5
0.9
0.2

Major Metropolitan Areas

579,761

0.6

Major Metropolitan Areas

Major Metropolitan Areas

209,714382,857
2,460,000
231,000
342,000
703,000
861,000
1,220,000
41,499,698
396,190
550,523
355,095
364,904
1,060,000
556,714
1,517,000
687,666
1,554,523
441,190752,904
636,333
2,051,809
358,666
587,238
347,857
360,714
1,764,809
609,904
2,152,476
352,761
5,290,571
453,571477,587
1,371,314
837,348
484,000
662,000
324,000
627,785492,761735,000
677,000

0.2
0.4
2.7
0.3
0.4
0.8
1.0
1.4
46.2
0.4
0.6
0.4
0.4
1.2
0.6
1.7
0.8
1.7
0.5
0.8
0.7
2.3
0.4
0.7
0.4
0.4
2.0
0.7
2.4
0.4
5.9
0.5
0.5
1.5
0.9
0.5
0.7
0.4
0.7
0.5
0.8
0.8

Major Metropolitan Areas

878,857

1.0

Major Metropolitan Areas

635,666
1,860,000
662,714
3,115,277
37,044,727
4,238,476
618,095
699,285
1,480,808

0.7
2.1
0.7
3.5
41.3
4.7
0.7
0.8
1.6

Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas

Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Major Metropolitan Areas
Major Metropolitan Areas
Major Metropolitan Areas

Major Metropolitan Areas
Major Metropolitan Areas
Tokyo Metropolitan Area
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo

14

Type

Property No.

Name of Property

Area

AnticipatedAcquisition Price（note 1）（JPY thousand）(note２)P-4-005
P-4-006

n-GT1
n-OM1

Central Tokyo
Central Tokyo

Premium Sub-total
Portfolio Total(note 1)

(note 2)
(note 3)

466,095
3,750,000
11,252,759
89,797,184

Percentage ofPortfolio(％) (note３)

0.5
4.2
12.5
100.0

Central Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku and Meguroku. Tokyo Metropolitan Area represents the Kanto area excluding the 7 central Tokyo wards. Major Metropolitan Area refers to Sapporo,
Sendai, Chukyo, Keihanshin, Hiroshima and Kita-Kyushu, Fukuoka area and Major Metropolitan Areas with population larger than 300,000.
Each of the amounts in the column of the “ Anticipated Acquisition Price” are rounded off at thousand. Figures in the “Portfolio total” andthe “Sub-total are the sum of the anticipated acquisition prices, and shows the sum of the amouns rounded off at thousand.
In the column of the “Percentage of Portfolio”,the figures are calcurated as a percentage of the aggregate total acquisition price of out
anticipated portfolio of 112 properties and rounded to the first decimal place.

15

(Reference No.2)
Summary of Appraisal Reports

PropertyNo.

Name of Property

O-1-001 Satella Kita 34-jo

Appraisal
Value（thousand）

Direct Capitalization
Method (note 1)
Value
Value
Indicated byindicated by
Overall
Cost
Capitaliza
DirectApproach
Capitalization tion Rate（thousand）
Method（％）（thousand）

DCF Method (note 2)
Value
Indicated by
DCF(thousand）

DCF
Rate
（％）

Acquisition Price
DCF
Appraiser（Anticipated）
Terminal（thousand） （note 3）
Capitalizati
on Rate（％）

1,175,000

1,160,000

1,186,000

6.3

1,163,000

6.1

6.6

1,133,714

6

O-1-002 Carrera 2.9

293,000

283,200

299,000

5.7

287,000

5.7

5.9

281,2854

O-1-003 Sapporo Hills

308,000

337,700

314,000

5.5

301,000

5.5

5.7

287,666

4

O-1-004 Satella Nagayama

403,000

630,200

403,000

7.5

403,000

7.3

7.7

342,4286

O-4-005 Bell Koshigaya 21525,000

474,000

539,000

5.6

519,000

5.8

5.9

499,333

3

O-4-006 Joyful Sayama

227,000

197,000

232,000

6.0

225,000

6.2

6.3

216,6193

O-4-007 Lumiere Hachioji

529,000

414,000

540,000

6.0

524,000

6.2

6.3

480,7613

O-4-008 willDo Kiyosumi

5,270,000

4,339,000

5,570,000

4.8

5,270,000

4.7

4.9

5,024,619

2

301,000

166,000

309,000

5.3

297,000

5.5

5.6

281,5233

O-4-009
O-4-010O-4-011
O-4-012O-5-013
O-6-014O-6-015
O-6-016
O-6-017
O-6-018
O-9-019
O-9-020
O-9-021O-9-022
O-1-023
O-4-024
O-4-025
O-5-026
O-5-027
O-6-028
O-6-029
O-6-030
O-4-031O-1-032
O-1-033
O-1-034
O-1-035
O-1-036
O-2-037
O-4-038
O-4-039
O-5-040O-5-041O-5-042O-5-043
O-6-044
O-6-045
O-6-046

Turkey's Denen-Chofu
No.2
Sky Court 100
FC Takasago-cho
Site Pia
willDo Kanayama
MasakiwillDo Ichioka
willDo Ebie
willDo Imafuku nishi
Maison FloraWind Four MinamiHonmachi
Stars Uchiyama
UchiyamaMinamiKokura-ekimae
Building
Duminas Tojin-cho
Stream Line Ohori
willDo Minami 12 jo
VISTA Supreme
Joy Oyamadai
Excelsior Sakae
Stegea Hibino
willDo Shin-Osaka sⅠ
Grand Mer Higashi
Yodogawa
willDo Fukae minami
Estage Otsuka
willDo Kita 24 jo
Flat Carerra
s13w9 h+s9w12 h+willDo Minami hiragishi
willDo Nishishitadai cho
willDo Niiza
Toshin Shoto Mansion
willDo Chiyoda
willDo Taiko dori
willDo Kanayama
willDo Kanayama
Kawashita
willDo Dainichi
willDo Shin-Osaka sⅡ
willDo Tsukamoto

406,000－

406,000

5.8

406,000

5.3

5.9

379,857

5

252,000

196,000

258,000

5.5

249,000

5.7

5.8

233,1423

541,000

327,600

543,000

5.7

537,000

5.4

5.9

506,1421

539,000

382,000

557,000

5.7

521,000

5.7

6.0

490,0954

750,000

569,000

755,000

5.6

743,000

5.4

5.7

722,7611

354,000

259,000

363,000

5.5

344,000

5.5

5.8

350,904

4

426,000－

434,000

5.5

423,000

5.2

5.8

413,8575

585,000－

600,000

5.6

575,000

5.4

6.0

584,2855304,000－

308,000

6.2

299,000

5.9

6.4

307,1427

169,000－

170,000

6.2

167,000

5.9

6.4

160,000

7463,000－

477,000

6.2

448,000

5.9

6.5

579,7617

220,000－

221,000

5.5

218,000

5.2

5.7

209,7147441,000－

447,000

5.7

439,000

5.4

6.0

382,8575

479,000

470,000

494,000

5.9

463,000

5.9

6.2

460,8394

599,000

485,800

603,000

5.1

591,000

4.9

5.3

563,5841

637,000

513,000

658,000

4.7

637,000

4.6

4.8

624,2652

673,000

635,100

679,000

5.3

669,000

5.1

5.5

641,7671

339,000

281,400

363,000

5.2

339,000

5.1

5.3

317,6032

313,000－

317,000

5.4

309,000

5.1

5.6

285,7237

264,000－

266,000

5.5

262,000

5.2

5.7

236,069

7

199,000

186,400

201,000

5.8

197,000

5.6

6.0

184,7161

723,000

641,000

667,000

4.7

723,000

4.6

4.8

725,2292

316,000

336,000

316,000

5.8

316,000

5.5

5.9

316,000

8

290,000

189,000

289,000

5.5

291,000

5.2

5.6

290,000

8463,000

447,000

459,000

5.6

465,000

5.3

5.7

463,000

8533,000

595,000

529,000

5.6

534,000

5.3

5.7

533,000

8

315,000

300,000

314,000

5.8

316,000

5.5

5.9

315,000

8

512,000

552,000

536,000

6.5

512,000

6.4

6.6

512,000

2

630,000

544,000

660,000

5.7

630,000

5.6

5.8

590,4382

912,000

1,130,000

923,000

5.0

901,000

4.8

5.2

912,000

6

633,000

506,000

639,000

5.5

627,000

5.4

5.7

633,000

9

1,120,000

927,000

1,130,000

5.5

1,110,000

5.2

5.8

1,120,000

5370,000

292,000

375,000

5.6

365,000

5.5

5.8

370,000

9375,000

325,000

381,000

5.6

369,000

5.5

5.8

375,000

9217,000

182,000

221,000

5.8

215,000

6.0

6.1

217,000

3

244,000

197,100

246,000

5.4

241,000

5.1

5.6

244,000

7730,000

604,000

738,000

5.6

721,000

5.3

5.8

730,000

716

Direct Capitalization
Method (note 1)
Value
Value
Indicated byindicated by
Overall
Cost
Capitaliza
DirectApproach
Capitalization tion Rate（thousand）
Method（％）（thousand）

DCF Method (note 2)

Name of Property

Appraisal
Value（thousand）

O-6-047 willDo Tenmabashi

338,000

262,000

346,000

5.3

335,000

5.5

5.6

338,000

3

325,000

270,000

331,000

5.5

323,000

5.7

5.8

325,000

3

1,040,000

793,000

1,070,000

5.3

1,030,000

5.0

5.6

1,040,000

5486,000

402,000

498,000

5.6

481,000

5.8

5.9

486,000

3

690,000

553,000

701,000

5.6

685,000

5.8

5.9

690,000

3

PropertyNo.

willDo SakaisujiO-6-048
HonmachiwillDo Tanimachi
O-6-049
O-6-050
O-6-051

Imperial Sakurakawaminami II
willDo Nanba wⅠ

Value
Indicated by
DCF(thousand）

DCF
Rate
（％）

Acquisition Price
DCF
Appraiser（Anticipated）
Terminal（thousand） （note 3）
Capitalizati
on Rate（％）

O-6-052 Zekubenten

466,000

374,000

472,000

5.4

459,000

5.1

5.6

466,000

7

O-9-053 willDo Nakasu

2,460,000

2,440,000

2,680,000

5.2

2,460,000

5.1

5.3

2,460,000

2506,000

512,000

510,000

5.6

501,000

5.5

5.8

506,000

6

400,000

328,000

385,000

4.7

400,000

4.6

4.8

400,000

2

503,000

430,000

513,000

5.7

493,000

5.4

6.0

503,000

7

600,000

498,000

610,000

5.7

589,000

5.5

6.0

600,000

6

180,000

168,000

183,000

5.9

178,000

6.1

6.2

180,000

3

2,280,000

1,850,000

2,310,000

5.8

2,260,000

5.7

6.0

2,280,000

9493,000

418,000

503,000

5.3

488,000

5.5

5.6

493,000

3

231,000

252,200

232,000

5.5

229,000

5.2

5.7

231,000

7

396,000

326,000

403,000

5.3

393,000

5.1

5.5

396,000

9641,000

636,000

636,000

5.8

643,000

5.6

6.0

641,000

9810,000

669,000

815,000

5.3

808,000

5.1

5.5

810,000

9342,000

290,000

341,000

5.8

343,000

5.6

6.0

342,000

6703,000

538,000

722,000

5.4

695,000

5.1

5.7

703,000

5

861,000

629,000

863,000

5.3

860,000

5.5

5.6

861,000

3

1,220,000

887,000

1,230,000

5.8

1,220,000

6.0

6.1

1,220,000

3

42,338,000

33,598,700

43,289,000

41,499,698－

423,000

345,000

428,000

5.7

418,000

5.5

6.0

396,1906532,000

475,000

538,000

5.9

525,000

5.7

6.2

550,5236

370,000

401,000

374,000

5.7

365,000

5.5

6.0

355,095

6

369,000－

370,000

6.0

360,000

5.8

6.4

364,904

5551,000

681,000

555,000

6.7

549,000

6.9

7.0

556,7143

1,580,000

1,020,000

1,610,000

6.1

1,570,000

6.3

6.4

1,517,000

3764,000

600,000

783,000

6.2

756,000

6.4

6.5

687,6663

1,720,000

2,160,000

1,730,000

5.6

1,710,000

5.4

5.9

1,554,523

6

460,000

434,000

470,000

5.5

456,000

5.7

5.8

441,1903

766,000

692,000

777,000

5.5

755,000

5.3

5.8

752,904

6

621,000

633,000

636,000

5.7

615,000

5.9

6.0

636,3333

2,090,000

5.7

2,070,000

5.4

5.9

2,051,809

7

willDo Kamisugi 3chome
O-4-055 Harmony Kamikitazawa
willDo Kachigawa
O-2-054

O-5-056

O-5-057 Stagea Kogane
O-6-058
O-6-059
O-6-060
O-9-061
O-4-062
O-5-063
O-6-064
O-2-066
O-5-066
O-6-067
O-7-068

willDo Tsurumi
Morokuchi
willDo Hamasaki dori
St.Ammy Nishitenma
NKR Gofuku-cho
Sho Minami Urawa
willDo Inaei
Excellent Matsuyamachi
Grand Mason
Shichifuku
willDo Higashibetsuin
willDo Shin-Osaka
willDo Okayama-eki
Nishiguchi

Studio（total 68 properties）
Sub-total
F-2-001F-2-002F-2-003
F-2-004F-4-005
F-4-006
F-4-007F-4-008
F-4-009
F-4-010

Royal Garden Shinrin
Koen
Green Park
Komatsujima
Dia Palace Izumizaki
Sun Vario Takasago
Johanna Mansion
Iruma-ekimae Building
Iruma-ekimae Building
No.II
Sereno Omiya
Suzuran-kan
Bonheur Tokiwa

F-4-011 Profit Link Takenotsuka－－

42,034,000－－

F-4-012 Takenotsuka Flat

2,080,000

F-4-013 Dream Heights

367,000

309,000

377,000

5.5

363,000

5.7

5.8

358,666

3

F-4-014 Green Hills Asukayama

590,000

601,000

603,000

5.5

584,000

5.7

5.8

587,2383

F-4-015 Oji Heights

383,000

252,000

391,000

5.0

379,000

5.2

5.3

347,8573

366,000

342,000

372,000

5.5

363,000

5.7

5.8

360,7143

1,853,000

1,290,000

1,880,000

4.4

1,825,000

4.2

4.6

1,764,809

6626,000

416,000

639,000

5.6

620,000

5.8

5.9

609,9043

2,270,000

3,010,000

2,320,000

5.8

2,250,000

6.0

6.1

2,152,476

3F-4-016
F-4-017
F-4-018
F-4-019

Sakagami RoyalHeights No. II
willDo Todoroki
Chez Moi Sakuragaoka
Libest Nishi-chiba17

Property
No.

Name of Property

F-4-020 Corinne Tsudanuma
F-4-021 Isogo Flat

Appraisal
Value（thousand）

394,000
5,410,000

Direct Capitalization
Method (note 1)
Value
Value
Indicated byindicated by
Overall
Cost
Capitaliza
DirectApproach
Capitalization tion Rate（thousand）
Method（％）（thousand）

360,000－

DCF Method (note 2)
Value
Indicated by
DCF(thousand）

DCF
Rate
（％）

Acquisition Price
DCF
Appraiser（Anticipated）
Terminal（thousand） （note 3）
Capitalizati
on Rate（％）

380,000

5.5

394,000

5.4

5.6

352,76125,390,000

6.0

5,430,000

5.7

6.2

5,290,571

7F-4-022 Chigasaki Daikan Plaza

472,000

323,000

483,000

5.8

467,000

6.0

6.1

453,5713

F-5-023 Stellato City Temmacho

677,000

662,000

690,000

5.6

663,000

5.6

5.9

627,7854F-5-024 Grace Mansion Fuji

525,000

592,150

528,000

6.5

521,000

6.3

6.7

492,7611

893,000－

897,000

6.4

888,000

6.1

6.6

878,8577

724,000－

733,000

6.5

714,000

6.2

6.7

635,6667

655,000－

659,000

6.2

650,000

5.9

6.4

662,7147

489,000

342,000

495,000

5.0

489,000

4.9

5.1

477,5872

1,450,000

1,510,000

1,480,000

5.8

1,440,000

6.0

6.1

1,371,314

3

883,000

1,220,000

893,000

6.2

878,000

6.4

6.5

837,3483

484,000

463,000

417,000

5.3

484,000

5.2

5.4

484,000

2735,000

656,000

746,000

5.5

724,000

5.3

5.8

735,000

6

1,860,000

1,911,000

1,880,000

5.4

1,840,000

5.1

5.6

1,860,000

7

1,060,000

1,140,000

1,070,000

6.2

1,050,000

6.0

6.5

1,060,000

6662,000

735,000

667,000

5.1

660,000

4.8

5.4

662,000

5

324,000

236,000

331,000

5.6

321,000

5.8

5.9

324,000

3

677,000

674,000

680,000

5.5

676,000

5.2

5.8

677,000

5

3,160,000

2,975,000

3,260,000

4.7

3,160,000

4.6

4.8

3,115,277

2

38,225,000

27,460,150

38,622,000

37,044,727－

4,316,000－

4,341,000

4.4

4,305,000

4.1

4.5

4,238,476

8625,000－

629,000

4.6

623,000

4.3

4.7

618,0958760,000

856,000

779,000

4.8

740,000

4.8

5.0

699,2854

1,420,000

2,150,000

1,430,000

4.6

1,420,000

4.3

4.7

1,480,080

8466,000

440,000

477,000

4.8

461,000

5.0

5.1

466,095

3

3,750,000

3,730,000

3,730,000

4.5

3,770,000

4.4

4.7

3,750,000

9

11,337,000

7,176,000

11,386,000－

11,319,000－－

11,252,759－

91,900,000

68,234,850

93,297,000－

91,335,000－－

89,797,184－

Rene Kobe-Kitamachi II
F-6-025
Center Court
F-6-026 willDo Nishi akashi
F-9-027 Image Kirigaoka
Winbell Chorus
F-4-028
Hiratsuka No.13
Libest Higashi
F-4-029
Nakayama
F-4-030 Libest Nakayama
F-4-031 MGA Kanamachi
Stellato City
F-5-032
Sakurayama
F-6-033 La Vita Nipponbashi
F-3-034 Ark Heim Niigata
F-4-035 Greenhills Roka
F-4-036 Lofty Hirai
F-5-037 Grand court Kurokawa
F-4-038 Colonnade Kasuga
Family （total 38 prorpeties）
Sub-total
P-4-001 Chelsea Garden
P-4-002 c-MA1
P-4-003 c-MA2
P-4-004 c-MA3 (note 4)P-4-005 n-GT1
P-4-006 n-OM1
Premium（total 6 properties）
Sub-total
Total(portfolio 112 properties）－

37,982,000－－(note 1) ”Direct Capitalization Method”is under Capitalization Method ( method to calcurate assessment value of target property by sum of present values of net
income to be generated by the target property), a method to capitalize net income during a fixed period by a capitalization rate (overall capitalizationrate), and the capitalized value of the net income is a value indicated by direct capitalization method. Overall capitalization rate is rounded off at 2nd
decimal.
(note 2) “DCF Method”is under the method referred at (note 1), sum of each present value, which is calcurated from discounts of net income or recovery pricegenerated during a continuing period. Discount rate during a final period in continuous several periods is DCF Terminal Cap Rate, and discount rateduring the period excluding the final period is DCF rate. Both of DCF rate and DCF Terminal Cap Rate are rounded off at 2nd decimal.
(note 3) In colum of “Appraiser”, representation of “1” is for All Real Estate Appraisers Network Co.,Ltd.,”2” for Land Coordinating Research Inc. , “3”for
Tanizawa Sogo Appraisal Co., Ltd., “4”for Tokyo Kantei Co., Ltd., “5” for Nippon Tochi-Tatemono Ltd., “6”for Real Estate Investment Advisors
Co.,Ltd, “7”for Morii Appraisal & Investment Consulting Inc., “8”for Rich Appraisal Institute K.K. and “9” for Daiwa Real Estate Appraisal Co.,Ltd.
(note 4) The “Summary of the Appraisal Reports” regarding each of the properties shows the figures as of March 31, 2007. The information about the properties
acquired after April 1, 2007 show the figures obtained from the appraisal reports on the property acquisition. The information about the c-MA-3 shows
the figures as of September 30, 2007.

18

(Reference No.3)
Photograph of Property Outlook
O-2-065

willDo Higashibetsuin

O-6-067

willDo Shin-Osaka

willDo Okayama-eki Nuishiguchi

F-4-038

Colonnade Kasuga

O-5-066

O-7-068

Grand Mason Shichifuku

19