English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
June 27, 2014

To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004
Toshiya Kuroda, Executive Director(Securities Code: 8986)
Asset Manager: Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer
Inquiries: Atsushi Chikamochi, Chief Financial Officer
Tel: +81-3-5425-5600

Notice Concerning Acquisition and Disposition of Assets

Japan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that Mi-Casa
Asset Management Inc. (hereafter referred to as the “Asset Manager”), asset manager of the Investment Corporation, hasdecided at a meeting of its Investment Committee and Board of Directors held earlier today to acquire the following asset(hereafter referred to as the “Acquisition”) and to dispose of the following asset under management (hereafter referred to as
the “Disposition”).

I. Basic Policy
In order to distribute stable profits to investors over the long term, the Investment Corporation will aim for continued growthof the asset size and increase of the portfolio’s quality by (1) acquiring new properties in the Tokyo metropolitan area
centering on the 23 wards of Tokyo (over JPY1bn per property as a general) as well as new regional top-class properties
outside the Tokyo metropolitan area (over JPY1bn per property as a general), and (2) selling primarily small (especiallyproperties below JPY500mn) and relatively older properties outside the Tokyo metropolitan area to increase management
efficiency.

1English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

II. Reasons for the Acquisition and the Disposition[Asset to be acquired]
The asset to be acquired is located within close proximity, 1 km, of Tohoku University (Sendai City) and since its
completion has had a track record of high occupancy by having the university’s students as its residents. In the future it isalso anticipated to attract demand from single persons commuting to central Sendai City as Kokusai Center Station on the
Sendai City’s municipal subway is scheduled to open in 2015. As such, the Asset Manager decided on the investment after
having comprehensively considered the property’s characteristics (total of 252 units (1R: 46 units and 1K: 206units)),
quality as well as the profitability of the property, and as a result, judged that the property to be acquired would be an
appropriate fit according to the criterion outlined in Basic Policy (1) above.

Proposed
Appraisal Value
Acquisition Price
Leasing(as of December 2013)(A)
Category(B)(JPY thousand)(JPY thousand)(Note1)

Number of
Property

Name of
Property

Area Category

O-2-137

Forest Hill
SendaiAoba

Other Major Cities(Sendai city, Miyagi)

Studio2,750,000

2,800,000

Difference between
proposed acquisition
price and appraisal value(B) – (A)(JPY thousand)((A)/(B))
50,000 (98.2%)(Note1) Proposed Acquisition Price excludes acquisition expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local
consumption tax; hereinafter the same.
(Note2) Amounts are rounded down to the nearest million yen. Ratios are rounded off to one decimal place; hereinafter the same.

[Asset to be disposed]
The asset to be disposed is located in Nagoya City and was acquired upon merger with Prospect REIT Investment
Corporation: Dorme Takamine (competed in 1988, 36 units in total and book value of 148 million yen). In consideration ofits size being the smallest in the Investment Corporation’s portfolio and the building age (more than 25 years sincecompletion), the Asset Manager has decided on its disposal, judging that it is compliant with Basic Policy (2) above.

Property
No.

Property
Name

Location

O-5-109

Dorme
Takamine

Nagoya city,
Aichi

Book Value(as of theend ofMarch,
2014)
(A)
(JPY
thousand)Book value
NOI yield

148,714

9.17%(Note1)

Planned
Disposition
Price
(B)
(JPY
thousand)(Note2)Difference
betweenPlanned
Disposition
Price andBook Value(B) - (A)(JPY
thousand)Appraisal
Value (as ofthe end of
March,
2014)
(C)
(JPY
thousand)Difference
betweenPlanned
Disposition
Price andAppraisal
Value(B) - (C)(JPY
thousand)

210,000

61,285145,000

65,000(Note1) Book value NOI yield is calculated as actual NOI of the fiscal period ended September 2013 and March 2014 divided by book value.
(Note2) Planned Disposition Price excludes sales expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local consumption
tax; hereinafter the same.

With the Acquisition and the Disposition, the total asset size is expected to reach approximately 187.5 billion yen for the
188 portfolio properties (acquisition price base, total of 11,535 units.)2

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

III. Details of the Property to be Acquired
O-2-137

Forest Hill SendaiAoba

Category of
proposed property
for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 2,750,000 thousand

Mitsubishi UFJ Trust and Banking
From May 1, 2007
Trust agreement period
Corporation
To June 30, 2024
Unique Features of the Property
The property is a studio type condominium with a total of 252 units (1R: 46 units and 1K: 206 units) close to Tohoku University
Kawauchi Campus and Miyagi University of Education, and is anticipated to attract demand from students or people who are concernedwith these universities. Furthermore, in addition to having good access to major business districts and central commercial areas which
are formed at the Sendai Station west exit area, Kokusai Center Station is scheduled to open as part of Sendai City’s municipal subway
system in 2015. Therefore, the property is also anticipated to attract demand from single persons who commute to central Sendai City
going forward.
Overview of the Property(Residential indication) 5-1, KawauchiYodomibashiDori, Aoba-ku, Sendai-city, Miyagi
Location (Note 1)(Lot number) 5-1, KawauchiYodomibashiDori, Aoba-ku, Sendai-city, Miyagi
Category 2 residential
Type of ownership Proprietary ownership Use Area (Note 2)
districts
Land
FAR / Building coverage ratio
Land area (Note 1) 4,016.54 square meters200% / 60%(Note 3)
Condominium
Type of ownership Proprietary ownership Use (Note 1)/ Trash space
8,146.44 square meters
Building
Floor space (Note 1)
Completion date (Note 1)
March 8, 200739.10 square meters
Type of structure
RC, 9-story building with flat roof
(Note 1)S, 1-story building with galvanized sheet iron roof
Number of leasable units
252 units (1R: 46 units, 1K: 206 units)by type
Expected property
Daikyo Realdo Incorporated
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Trust company

Property Appraisal Summary (Note 4)
Appraiser
Date of appraisal
Appraisal value
Value calculated using thedirect capitalization
methodTenants Details (Note 5)

Daiwa Real Estate Appraisal Co., Ltd.
May 2, 2014
JPY 2,800,000 thousand
JPY 2,850,000 thousand

Gross operating revenue

JPY 199,965 thousand

Gross operating expenses
Net operating income(NOI)
Lump-sum investment
returnCapital expenditure

JPY 33,654 thousand

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodDiscount rate
Terminal capitalization
rate
Value indicated by cost
ApproachSpecial Note: None

JPY 166,310 thousand
JPY 296 thousand

Number of tenants (Note 6)
Leasable area (Note 7)
Leased area
Monthly rent (Note 8)
Lease deposits and guarantee
deposits
Occupancy ratio (unit base)
Occupancy ratio (area base)(Note 9)1
6,497.06 square meters
6,420.32 square meters
JPY 16,036 thousand
JPY 14,570 thousand
98.8%
98.8%

Engineering Report Summary (Note 10)

JPY 4,314 thousand
JPY 162,293 thousand

Engineering report company

ERI Solution Co., Ltd.

5.7%

Date of research

June 10, 2014

JPY 2,780,000 thousand

Priority repairs

-

5.5%
5.9%
JPY 1,540,000 thousand

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)
Probable maximum loss (PML)

JPY 1,950 thousand
JPY 50,730 thousand
7.6%

Collateral: None
(Note 1) Figures and information in the columns “Location (lot number),” “Land area,” “Floor space,” ”Type of structure,” “Use” and “Completion date”
are as per the registry of the property. In the column “Type of structure,” “SRC” indicates “steel reinforced-concrete,” “RC” indicates“reinforced-concrete” and “S” indicates “steel.”3English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
(Note 2) Figures and information in the column “Area classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(Note 3) Figures and information in the column “FAR/Building coverage ratio,” FAR uses the ratio of the floor area of the building versus the land area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio
uses the building area versus the land area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area incity planning.
(Note 4) Figures and information in the column “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the property to beacquired based on the points to consider in the appraisal valuation of real estate arising from the Act on Investment Trusts and Investment
Corporation, the Act on Real Estate Appraisal (Law No.152 of 1963, including revisions thereafter) and Real Estate Appraisal Standards.
Furthermore, for details of items, please refer to “(Reference Material I) Property Appraisal Summary of Prices of Properties to be Acquired” below.
Net earnings (NCF) = Net earnings from rentals (NOI) + one-time asset management gains – capital expenditure. The numbers are rounded off tothe nearest thousand yen, and ratios are rounded off to the first decimal place.
(Note 5) Figures and information in the column “Tenants details” are based on the information as of June 10, 2014 of the property to be acquired.
(Note 6) Figures and information in the column “Number of tenants” are entered as one tenant when Investment Corporation retains a master leaseagreement with the Master Lease Company.
(Note 7) Leasable area is the area that can be leased in the building of property under management as of June 10, 2014. The areas that are leased inassociation with the main purpose of lessees, including warehouses, parking facilities, the building manager’s office, signs, automatic vending
machines and antennas, and the areas that the lessor leases to maintain the building (including areas with respect to which the lessor grants
temporary use under loan-for-use agreements) are excluded. Moreover, the leasable area is the area enclosed by the center line of the wall, andincludes areas for the meter boxes and pipe space allocated to each residential unit.
(Note8) Monthly rent (rent, common service fees and parking fees) in the column “Monthly rent” are based on information as of June 10, 2014 concerning
the properties to be acquired. The numbers are rounded off to the nearest thousand yen.
(Note9) Figures in the column “Occupancy ratio (area base)” are calculated from the “Leased area” number divided by the “Leasable area” number andshown as a percentage rounded off to the first decimal place.
(Note10) Figures in the column “Engineering report summary” are rounded off to the nearest thousand yen, and ratios are rounded off to the first decimal
place. The figures for the earthquake PML was received from Tokyo Marine & Nichido Risk Consulting Co., Ltd. in April 2014.

4

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

IV. Details of the Property to be Disposed
O-5-109
Dorme Takamine
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (as of the end of March 2014)
Disposition Price
Disposition Price - Book Value
Appraisal Value (as of the end of March 2014)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Trust beneficiary interests in real estate
Sumitomo Mitsui Trust Bank, Limited
From May 26, 2004 to August 31, 2014
75-1, Myokencho, Showa-ku, Nagoya-city, Aichi
Proprietary ownership
983.60 square meters
Category 1 exclusive low building residential district
100% / 30%
Proprietary ownership
Condominium
RC, 4-story building with flat roof
943.98 square meters
March 17, 1989
148,714 thousand yen
210,000 thousand yen (excluding national and local consumption tax)
61,285 thousand yen
145,000 thousand yen
The Tanizawa Sōgō Appraisal Co., Ltd.
1
10,505 thousand yen (rental business revenue during the fiscal period
ended March 2014)
1,407 thousand yen (as of June 20, 2014)915.96 square meters890.79 thousand yen (as of June 20, 2014)

V. Notes on the Due Diligence of the Property to be Acquired
Building promoter

Architect

Building Contractor

Verification Agency

Inspection Agency

Aisho Corporation

Hazama Corporation

Hazama Corporation

Japan ERI Co.,Ltd.

ERI Solution Co., Ltd.

The Investment Corporation conducted supplementary due diligence on all of the properties to avoid the problem of thefabrication of data relating to building structural strength. The Investment Corporation asked third-party due diligence
consultants to check if the property was 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 thebuilding laws was found.

5English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

VI. Profile of the Counterparty
O-2-137

Forest Hill SendaiAoba

The seller (the “Seller”) of the asset to be acquired is a domestic special purpose company, but details are undisclosed asconsent has not been obtained. There are no capital, personnel, business relationships required to mention between theInvestment Corporation or the Asset Manager and the Seller, nor is the Seller an affiliated party of either the Investment
Corporation or the Asset Manager. Furthermore, the Seller is not classified as an interested party, etc. under the Order for
Enforcement of the Law Concerning Investment Trusts and Investment Corporations, nor is it defined as an “interested
party, etc.” under the internal rules on dealings with interested parties of the Asset Manager.

O-5-109

Dorme Takamine

Company Name

Prime Estate Co., Ltd.

Head Office Location

1-11-15, KitaSaiwai, Nishi-ku, Yokohama-city, Kanagawa

Representative

Shiro Ishiguro

Main Business

Real estate business (real estate leasing and brokerage of transactions and leasing, etc.)

Paid-in Capital

JPY 10,000,000

Date of Establishment

February 14, 2003

Net Assets

JPY 225,862,000

Total Assets

JPY 1,203,620,000

Major shareholders- (Note)Relationship between thecompany and the Investment
Corporation or the asset
manager

There are no capital, personnel or business ties between the Investment Corporation or
the asset manager. Also, there are no such ties between affiliates of the Investment
Corporation or the asset manager. The company is not classified as an interested party,
etc. under the Enforcement Order for Act on Investment Trusts and Investment
Corporation, nor is defined as an interested party, etc. under the internal rules on
dealings with interested parties of the asset manager.

(Note) Major shareholders are not disclosed as consent from the counterparty has not been obtained.

VII. Profile of the Property Owner
None

6English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

VIII. Profile of Brokerage
O-2-137

Forest Hill SendaiAoba

No brokerage for the Acquisition.

O-5-109

Dorme Takamine

Company Name

Nomura Real Estate Urban Net Co., Ltd.

Head Office Location

1-26-2, NishiShinjuku, Shinjuku-ku, Tokyo

Representative

Seishi Miyajima

Main Business

1.
2.
3.
4.
5.

Paid-in Capital

JPY 10million

Date of Establishment

November 6, 2000
There are no capital, personnel or business ties between the Investment Corporation or
the asset manager. Also, there are no such ties between affiliates of the Investment
Corporation or the asset manager. The company is not classified as an interested party,
etc. under the Enforcement Order for Act on Investment Trusts and Investment
Corporation, nor is defined as an interested party, etc. under the internal rules on
dealings with interested parties of the asset manager.

Relationship between thecompany and the Investment
Corporation or the asset
managerBrokerage fees

Brokerage of residential real estate
Brokerage of commercial real estateConsignment sales business for newly built buildings
Insurance agency business
Operation of information website on real estate- (Note)(Note) Brokerage fees are not disclosed as consent from the broker has not been obtained.

7

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

IX. Planned Funds for acquisition of the new property
Own funds and loans (for details regarding the borrowings, please refer to the press release “Notice Concerning Borrowingof Funds” announced today.)X. Settlement Method
For the asset to be acquired, full settlement at the time of the purchase.
For the asset to be disposed, the Investment Corporation will receive the deposit soon after the signing of the transaction
agreement, with the remainder of the settlement to be conducted when the transaction is executed.

XI. Date of Acquisition
June 27, 2014

Conclusion date of the Acquisition and the Disposition, and Signing date of the transaction agreement
for the Acquisition and the Disposition

July 1, 2014

Payment and delivery date for the asset to be acquired (plan)

July 2, 2014

Payment and delivery date for the asset to be Disposed (plan)

XII. Forecasts
For details on the impact of the borrowing on management performance for the fiscal period ending September 30,
2014 (April 1, 2014 to September 30, 2014), please refer to the press release “Notice Concerning Revision of Earnings
and Distribution Forecasts for the Fiscal Period Ending September 30, 2014 (17th Fiscal Period)” dated today.

*URL: http: //www.jrhi.co.jp/en/

8English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material I)

Property Appraisal Summary of Price of Property to be Acquired
O-2-137
Forest Hill SendaiAoba

Property Name
Appraisal Value(JPY)

2,800,000,000

Appraiser-

Date of Appraisal-

May 2, 2014

(JPY)

2,800,000,000(JPY)

2,850,000,000(1) Total Operating Income (a-b)(JPY)

199,965,340

Rental revenues includingcommon service fees

(JPY)

201,851,976

Parking fees

(JPY)

9,120,000

Other revenues(JPY)

4,363,443

Losses from vacancies(JPY)

15,370,079

Bad debt losses

(JPY)

0

(JPY)

33,654,725

Operation costs(JPY)

5,808,000

Utilities(JPY)

2,347,116

Repairs and maintenance expense(JPY)

4,196,116

Property management fees

(JPY)

3,520,834

Tenant promotion fees, etc.

(JPY)

3,746,443

Taxes and public dues

(JPY)

11,173,700

Nonlife insurance(JPY)

448,220

Other expenses(JPY)

2,414,296(3) Net Operating Income (NOI): (1) - (2)(JPY)

166,310,615(4) Lump-sum Investment Return(JPY)

296,675(5) Capital Expenditure(JPY)

4,314,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

162,293,290(7) Capitalization Rate

(%)

5.7

Value Indicated by DCF Method(JPY)

2,780,000,000

Discount Rate

(%)

5.5

Terminal Capitalization Rate

(%)

5.9

(JPY)

1,540,000,000

Land portion

(%)

22.0

Building portion

(%)

78.0

Value indicated by income approach
Value indicated by the Direct Capitalization MethodaDaiwa Real Estate Appraisal Co., Ltd.

b(2) Total Operating Expenses

Value indicated by cost approach9English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material II)

Photograph of Property to be Acquired10English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material III)

Location Map of Property to be Acquired11English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material IV)

Portfolio by Type and Category after the Acquisition and the Disposition(Differences following the acquisition indicated within parentheses. Unit: Number of residential units)

StudioFamilyTotal by Area

Seven Central Wards of Tokyo (Note 1)

911

368

1,279

Three Major Metropolitan Areas (Note 2)

4,734 (-36)

2,409

7,143 (-36）

Other Major Cities (Note 3)

2,645 (+252)

468

3,113 (+252)

Total by Type8,290 (+216)

3,245

11,535 (+216)(Note 1) The seven central wards of Tokyo mean Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku, and Meguro-ku.
(Note 2) The three major metropolitan areas mean Kanto metropolitan area excluding the seven central wards of Tokyo, Chukyo metropolitan area, andKinki metropolitan area.
(Note 3) The other major cities mean Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, a nd Kitakyushu/Fukuoka metropolitan areas and cities
with a population of 300,000 or more.

(Reference Material V)

Situation of the Portfolio after the Acquisition and the Disposition

Asset scale (acquisition price)

JPY 183.3 billion

Number of owned properties

187

Total number of leasable units

11,19912

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material I)

Overview of Portfolio after the Acquisition<Number of Properties etc.>
Acquisition of
1 Property(+)

Before the Acquisition
and the Disposition
Number of Owned
Properties

Disposition of
1 Property(-)

After the Acquisition
and the Disposition

188

1

1

188

Total Number of Leasable
Units

11,319 units

252 units

36 units

11,535 units

Total Net Rentable Area

455,789.51 sq. meters

6,497.06 sq. meters915.96 sq. meters

461,370.61 sq. meters11.9 years

7.3 years

25.3 years

11.8 years

Average Age of Buildings(Note)(Note) Indicates weighted average of age of properties in accordance with acquisition price. “Before the Acquisition and the Disposition” is asof today, “Acquisition of 1 Property” is as of payment and delivery date of the asset to be acquired, and “Disposition of 1 Property” and“After the Acquisition and the Disposition” are as of payment and delivery date of the properties to be disposed.

<Asset Size etc.>
Before the Acquisition
and the Disposition
Total Acquisition Price(Note 1)

Total Book Value (a)(Note 2)

Total Appraisal Value (b)(Note 3)

Ratio (a) / (b) x 100%
Asset Scale per Property(Note 1)NOI Yield

Acquisition of
1 Property(+)

Disposition of
1 Property(-)

After the Acquisition
and the Disposition

JPY 184.9 bn

JPY 2.7 bn

JPY 0.1 bn

JPY 187.5 bn

JPY 180.3 bn

JPY 2.7 bn

JPY 0.1 bn

JPY 182.9 bn

JPY 181.0 bn

JPY 2.8 bn

JPY 0.1 bn

JPY 183.7 bn

99.6%

98.2%

102.6%

99.6%

JPY 0.98 bn

JPY 2.75 bn

JPY 0.14 bn

JPY 0.99 bn

5.7%

6.0%

9.7%

5.7%

(Note 4)(Note 1) Total Acquisition Price and Asset Scale per Property are calculated based on the acquisition price.
(Note 2) Book Values for the property to be acquired and the properties acquired during the fiscal period ending September 2014 are based on acquisition prices,and Book Values for others are based on the amounts posted on the balance sheet as of the end of March 2014.
(Note 3) Appraisal Values for the property to be acquired and the properties acquired during the fiscal period ending September 2014 are based on the appraisal
values at the time of the acquisition, and Appraisal Values for others are based on the appraisal values as of the end of Mar ch 2014.
(Note 4) NOI Yield is NOI/acquisition price. Figures for the property to be acquired and the properties acquired during the fiscal period ending September 2014
are appraisal NOI as of the acquisitions, and all other properties are calculated using total of actual NOI during the fiscal periods ended September 2013
and March 2014.

13

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
<Amount and Rate of Investment by Type (Based on Acquisition Price)>
Before the Acquisition
and the Disposition
StudioJPY 113.7 bn (61.5%)

FamilyJPY 71.1 bn (38.5%)

Acquisition of
1 Property(+)

Disposition of
1 Property(-)

JPY 2.7 bn―

JPY 0.1 bn―

After the Acquisition
and the Disposition
JPY 116.3 bn (62.1%)
JPY 71.1 bn (37.9%)<Amount and Rate of Investment by Region (Based on Acquisition Price)>
Before the Acquisition
and the Disposition

Acquisition of
1 Property(+)

Disposition of
1 Property(-)―

The Seven Wards ofCentral Tokyo

JPY 41.6 bn (22.5%)―

Three Major Metropolitan
Areas

JPY 115.0 bn (62.2%)―

Other Major Cities

JPY 28.2 bn (15.3%)

14

JPY 41.6 bn (22.2%)
JPY 0.1 bn

JPY 2.7 bn―

After the Acquisition
and the Disposition

JPY 114.9 bn (61.3%)
JPY 31.0 bn (16.5%)

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material II)

List of Portfolio after the Acquisition

Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-1-001

Satella Kita 34-jo

Other Major Cities

1,133,714

0.6

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2

O-1-032

willDo Kita 24 jo

Other Major Cities

316,000

0.2

O-1-033

Flat Carerra

Other Major Cities

290,000

0.2

O-1-034s13w9 h+Other Major Cities

463,000

0.2

O-1-035s9w12 h+Other Major Cities

533,000

0.3

O-1-036

willDo Minami hiragishi

Other Major Cities

315,000

0.2

O-1-090

Sky Hills N15

Other Major Cities

712,000

0.4

O-1-091

Sky Hills Sakaemachi

Other Major Cities

832,000

0.4

O-1-092

Domy Chitose

Other Major Cities

476,000

0.3

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.2

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.6

O-1-132

Cresidence Sapporo Minami4jo

Other Major Cities

1,140,000

0.6

O-2-037

willDo Nishishitadai cho

Other Major Cities

512,000

0.3

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.3

O-2-065

Grand Mason Shichifuku

Other Major Cities

342,000

0.2

O-2-094

Living Stage Higashi-Sendai

Other Major Cities

317,200

0.2

O-2-123

West Park Hasekura

Other Major Cities

1,240,000

0.7

O-2-137

Forest Hill SendaiAoba

Other Major Cities

2,750,000

1.5

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.2

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.1

O-4-005

willDo Koshigaya

Three Major Metropolitan Areas

499,333

0.3

O-4-006

Joyful Sayama

Three Major Metropolitan Areas

216,6190.1

O-4-007

Lumiere Hachioji

Three Major Metropolitan Areas

480,7610.3

O-4-008

willDo Kiyosumi

Three Major Metropolitan Areas

5,024,619

2.7

O-4-009

Turkey's Denen-Chofu No.2

Three Major Metropolitan Areas

281,523

0.2

O-4-010

willDo Honchiba

Three Major Metropolitan Areas

379,857

0.2

O-4-011

willDo Yokohama Minami

Three Major Metropolitan Areas

233,1420.1

O-4-012Site Pia

Three Major Metropolitan Areas

506,1420.3

O-4-024

VISTA Supreme

Three Major Metropolitan Areas

563,584

0.3

O-4-025

Joy Oyamadai

Seven Wards of Central Tokyo

624,265

0.3

O-4-031

willDo Otsuka

Three Major Metropolitan Areas

725,2290.4

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.3

O-4-039

Toshin Shoto Mansion

Seven Wards of Central Tokyo

912,000

0.5

O-4-055

Harmony Kamikitazawa

Seven Wards of Central Tokyo

400,000

0.2

15

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-4-062

willDo Minami Urawa

Three Major Metropolitan Areas

396,000

0.2

O-4-069

College Square Kitaikebukuro

Three Major Metropolitan Areas

727,000

0.4

O-4-070

College Square Tobu Nerima

Three Major Metropolitan Areas

892,000

0.5

O-4-071

College Square Akatsuka

Three Major Metropolitan Areas

734,000

0.4

O-4-072

College Square Higashikurume

Three Major Metropolitan Areas

523,000

0.3

O-4-073

College Square WasedaⅡ

Three Major Metropolitan Areas

215,000

0.1

O-4-074

College Square Myogadani

Three Major Metropolitan Areas

1,060,000

0.6

O-4-075

College Square Shinkoiwa

Three Major Metropolitan Areas

724,000

0.4

O-4-076

College Square Kiba

Three Major Metropolitan Areas

639,000

0.3

O-4-077

College Square Kinshicho

Three Major Metropolitan Areas

490,000

0.3

O-4-078

College Square Waseda

Seven Wards of Central Tokyo

316,000

0.2

O-4-089

Lexington Square Shinjuku Gyoen

Seven Wards of Central Tokyo

1,010,000

0.5

O-4-095

Prospect Nihonbashi-Honcho

Seven Wards of Central Tokyo

808,000

0.4

O-4-096

Maison de Ville Takanawa Gyoranzaka

Seven Wards of Central Tokyo

1,480,000

0.8

O-4-097

Roppongi Rise House

Seven Wards of Central Tokyo

912,000

0.5

O-4-098

TK Flats Shibuya

Seven Wards of Central Tokyo

4,770,000

2.5

O-4-099

Maison de Ville Naka-Meguro

Seven Wards of Central Tokyo

1,050,000

0.6

O-4-100

Prospect KALON Minowa

Three Major Metropolitan Areas

1,620,000

0.9

O-4-101

Prospect Shinonomebashi

Three Major Metropolitan Areas

3,040,000

1.6

O-4-102

Prospect Monzennakacho

Three Major Metropolitan Areas

1,080,000

0.6

O-4-103

Prospect Ogikubo

Three Major Metropolitan Areas

701,000

0.4

O-4-104

Exceria Ikebukuro West II

Three Major Metropolitan Areas

852,000

0.5

O-4-105

Prospect Omori-Kaigan

Three Major Metropolitan Areas

1,480,000

0.8

O-4-106

Prospect Musashi-Shinjo

Three Major Metropolitan Areas

1,050,000

0.6

O-4-107

Fragrance Kawasaki

Three Major Metropolitan Areas

548,900

0.3

O-4-108

Prospect Chuo-Rinkan

Three Major Metropolitan Areas

524,000

0.3

O-4-120

Gala Place Shinjuku Gyoen

Seven Wards of Central Tokyo

2,170,000

1.2

O-4-121

Joyce Court

Three Major Metropolitan Areas

3,010,000

1.6

O-4-122

Act Forme Asakusa

Three Major Metropolitan Areas

1,216,000

0.6

O-4-125

Gran Casa Roppongi

Seven Wards of Central Tokyo

1,480,808

0.8

O-4-126

Gran Casa Minami Aoyama

Seven Wards of Central Tokyo

3,750,000

2.0

O-4-127

Storia Jingumae

Seven Wards of Central Tokyo

3,160,000

1.7

O-4-129

Spacia Shinjuku

Seven Wards of Central Tokyo

2,525,000

1.3

O-4-133

Lietocourt Yotsuya

Seven Wards of Central Tokyo

1,716,000

0.9

O-4-134

Lietocourt Motoakasaka

Seven Wards of Central Tokyo

1,095,700

0.6

O-5-013

willDo Kanayama masaki

Three Major Metropolitan Areas

490,095

0.3

O-5-026

Excelsior Sakae

Three Major Metropolitan Areas

641,767

0.3

16

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.2

O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.3

O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.6

O-5-042

willDo Kanayama

Three Major Metropolitan Areas

370,000

0.2

O-5-043

willDo Kanayama sawashita

Three Major Metropolitan Areas

375,000

0.2

O-5-056

willDo Kachigawa

Three Major Metropolitan Areas

503,000

0.3

O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.3

O-5-063

willDo Inaei

Three Major Metropolitan Areas

641,000

0.3

O-5-066

willDo Higashibetsuin

Three Major Metropolitan Areas

703,000

0.4

O-5-081

willDo Matsubara

Three Major Metropolitan Areas

549,000

0.3

O-5-082

willDo Yokkaichi Unomori

Three Major Metropolitan Areas

529,1500.3

O-5-086

willDo Daikancho

Three Major Metropolitan Areas

655,000

0.3

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,115

0.3

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.4

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2

O-6-016

willDo Imafuku nishi

Three Major Metropolitan Areas

413,857

0.2

O-6-017

Maison FloraThree Major Metropolitan Areas

584,2850.3

O-6-018

Wind Four Minami-Honmachi

Three Major Metropolitan Areas

307,1420.2

O-6-028

willDo Shin-Osaka sI

Three Major Metropolitan Areas

285,723

0.2

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1

O-6-030

willDo Fukae minami

Three Major Metropolitan Areas

184,7160.1

O-6-044

willDo Dainichi

Three Major Metropolitan Areas

217,000

0.1

O-6-046

willDo Tsukamoto

Three Major Metropolitan Areas

730,000

0.4

O-6-047

willDo Tenmabashi

Three Major Metropolitan Areas

338,000

0.2

O-6-048

willDo Sakaisuji honmachi

Three Major Metropolitan Areas

325,000

0.2

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.6

O-6-050

willDo Nanba w II

Three Major Metropolitan Areas

486,000

0.3

O-6-051

willDo Nanba w I

Three Major Metropolitan Areas

690,000

0.4

O-6-052

Zekubenten

Three Major Metropolitan Areas

466,000

0.2

O-6-058

willDo Tsurumi morokuchi

Three Major Metropolitan Areas

180,000

0.1

O-6-059

willDo Hamasaki dori

Three Major Metropolitan Areas

2,280,000

1.2

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.3

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.4

O-6-067

willDo Shin Osaka

Three Major Metropolitan Areas

861,000

0.5

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.4

O-6-084

willDo Kamishinjyo w I

Three Major Metropolitan Areas

366,000

0.2

O-6-085

willDo Kujo

Three Major Metropolitan Areas

537,000

0.3

17

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-6-111

Abreast Shin-Osaka

Three Major Metropolitan Areas

1,391,000

0.7

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2

O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.1

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.4

O-6-116

Prospect Toyonaka Hattori

Three Major Metropolitan Areas

366,000

0.2

O-6-117

Prospect Shimogamo

Three Major Metropolitan Areas

281,000

0.1

O-6-118

Prospect Kawaramachi-Gojo

Three Major Metropolitan Areas

583,000

0.3

O-6-119

Gransys esaka

Three Major Metropolitan Areas

1,260,000

0.7

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.4

O-6-136

Pregio Miyakojima

Three Major Metropolitan Areas

1,610,000

0.9

O-7-068

willDo Okayama-eki Nishiguchi

Other Major Cities

1,220,000

0.7

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.6

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.3

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.8

O-9-135

Granpark Tenjin

Other Major Cities

4,698,000

2.5

116,398,572

62.1

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)

Studio Total

Type Property
NumberRegion(Note 1)

Property Name

F-1-041

Palais d'or Maruyama

Other Major Cities

559,000

0.3

F-1-069

Gran Casa Urasando

Other Major Cities

1,510,000

0.8

F-2-001

Royal Garden Shinrin Koen

Other Major Cities

396,1900.2

F-2-002

Green Park Komatsujima

Other Major Cities

550,5230.3

F-2-003

Dia Palace Izumizaki

Other Major Cities

355,095

0.2

F-2-004

willDo Takasago

Other Major Cities

364,9040.2

F-2-042

Living Stage Minami-Sendai

Other Major Cities

159,500

0.1

F-2-043

Takasagoseki Nibankan

Other Major Cities

558,000

0.3

F-3-034

Ark Heim Niigata

Other Major Cities

1,060,000

0.6

F-4-005

Johanna Mansion

Three Major Metropolitan Areas

556,7140.3

F-4-006

Iruma-ekimae Building

Three Major Metropolitan Areas

1,517,000

0.8

F-4-007

Iruma-ekimae Building No. II

Three Major Metropolitan Areas

687,666

0.4

F-4-008

Sereno Omiya

Three Major Metropolitan Areas

1,554,523

0.8

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.2

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.4

F-4-011

Profit Link Takenotsuka

Three Major Metropolitan Areas

636,333

0.3

F-4-013

Dream Heights

Three Major Metropolitan Areas

358,666

0.2

F-4-014

Green Hills Asukayama

Three Major Metropolitan Areas

587,238

0.3

18

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)F-4-015

Oji Heights

Three Major Metropolitan Areas

347,857

0.2

F-4-016

Sakagami Royal Heights No. II

Three Major Metropolitan Areas

360,7140.2

F-4-017

willDo Todoroki

Seven Wards of Central Tokyo

1,764,809

0.9

F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.3

F-4-019

Libest Nishi-chiba

Three Major Metropolitan Areas

2,152,476

1.1

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,571

0.2

F-4-028

Winbell Chorus Hiratsuka No.13

Three Major Metropolitan Areas

477,587

0.3

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.7

F-4-031

MGA Kanamachi

Three Major Metropolitan Areas

484,000

0.3

F-4-035

Greenhills Roka

Seven Wards of Central Tokyo

662,000

0.4

F-4-036

Lofty Hirai

Three Major Metropolitan Areas

324,000

0.2

F-4-038

Colonnade Kasuga

Three Major Metropolitan Areas

3,115,277

1.7

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

Seven Wards of Central Tokyo

1,250,000

0.7

F-4-040

Sun Terrace Yoyogi Uehara

Seven Wards of Central Tokyo

1,180,000

0.6

F-4-044

Prospect Nihonbashikoamicho

Seven Wards of Central Tokyo

840,000

0.4

F-4-045

Park Terrace Ebisu

Seven Wards of Central Tokyo

2,060,000

1.1

F-4-046

Prospect Dogenzaka

Seven Wards of Central Tokyo

1,590,000

0.8

F-4-047

Prospect Glarsa Hiroo

Seven Wards of Central Tokyo

3,560,000

1.9

F-4-048

Prospect Hatsudai

Seven Wards of Central Tokyo

518,000

0.3

F-4-049

Prospect Nishi-Sugamo

Three Major Metropolitan Areas

1,110,000

0.6

F-4-050

Prospect Machiya

Three Major Metropolitan Areas

484,000

0.3

F-4-051

Prospect Kiyosumi-Teien

Three Major Metropolitan Areas

2,630,000

1.4

F-4-052

Prospect Morishita

Three Major Metropolitan Areas

1,260,000

0.7

F-4-053

Prospect Onshi-Koen

Three Major Metropolitan Areas

1,110,000

0.6

F-4-054

BELNOS 34

Three Major Metropolitan Areas

1,700,000

0.9

F-4-055

SK Residence

Three Major Metropolitan Areas805,000

0.4

F-4-056

Angel Heim Nishi-Rokugo No.2

Three Major Metropolitan Areas

1,012,000

0.5

F-4-057

Deim-Hashimoto

Three Major Metropolitan Areas

748,000

0.4

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.8

F-4-059

Prospect Urawa-Tokiwa

Three Major Metropolitan Areas

717,000

0.4

F-4-064

Glana Ueno

Three Major Metropolitan Areas

1,100,000

0.6

F-4-065

The Residence Honmoku Yokohama BaysideThree Major Metropolitan Areas

5,550,000

3.0

F-4-066

Lietocourt Asakusabashi

Three Major Metropolitan Areas

1,615,800

0.9F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.3

F-5-024

Grace Mansion Fuji

Three Major Metropolitan Areas

492,7610.3

F-5-032

Stellato City Sakurayama

Three Major Metropolitan Areas

735,000

0.4

19

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.4

F-5-060

Gran Casa Daikan-Cho

Three Major Metropolitan Areas

1,082,000

0.6

F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.5

F-5-067

Lietocourt Marunouchi

Three Major Metropolitan Areas

3,756,800

2.0

F-5-068

Gran Casa Kamimaezu

Three Major Metropolitan Areas

2,050,000

1.1

F-6-026

willDo Nishi akashi

Three Major Metropolitan Areas

635,666

0.3

F-6-033

La Vita Nipponbashi

Three Major Metropolitan Areas

1,860,000

1.0

F-6-062

Crown Heim Nishi-Tanabe

Three Major Metropolitan Areas

405,000

0.2

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.3

Family Total

71,166,040

37.9

Total

187,564,612

100.0(Note 1) The Seven Wards of Central Tokyo represent Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku and Meguro-ku.
The Three Major Metropolitan Areas represent the Kanto metropolitan area excluding the seven wards of central Tokyo, the Chukyo metropolitan
area and the Kinki metropolitan area.
Other Major Cities indicate the Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, Kitakyushu and Fukuoka metropolitan areas, as wellas cities with a population of 300,000 or more.
(Note 2) Each of the amounts in the column “Acquisition Price” is rounded off to the nearest thousand yen. Figures for “Total” and sub-totals are the sum of
the actual acquisition prices, and show the sum of the amounts rounded off to the nearest thousand yen.
(Note 3) In the column “Share,” the figures are calculated as a percentage of the acquisition price of the concerned property under management to theaggregate total of acquisition prices of properties under management and rounded off to the first decimal place.

20