May 1, 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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning Completion of Properties Acquisition
re-plus residential investment inc.is pleased to announce today the completion of its acquisition of the following
properties. Details are provided as follows.
Details
Property Number
O-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
O-6-047
O-6-048
O-6-049
O-6-050
O-6-051
O-6-052
O-9-053
F-4-031F-5-032
F-6-033
P-4-006(Note 1)

Property Name
Stagea n25
Flat Carerra
s13w9 h+s9w12 h+Stagea hg7
Varsity House Nishishitadai
Marvelous Niiza
Toshin Shoto Mansion
Stagea Chiyoda
Stagea Taiko-toori
Stella Kanayama Ichibankan
Stella Kanayama Nibankan
Dream Neo Polis DainichiStagea Higashi-nakajima I
Imperial Tsukamoto
Saint Royal Club Tenmabashi
Saint Royal Club Zaimoku-cho
City Life Tani-machi
Imperial Sakurakawa-minami II
Imperial Sakurakawa-minami I
Zekubenten
Sand Mark Residence
MGA Kanamachi
Stellato City Sakurayama
La Vita Nipponbashi
n-OM1
Total

Acquisition Price(in thousands yen）(Note 1)
316,000
290,000
463,000
533,000
315,000
512,000
590,438
912,000
633,000
1,120,000
370,000
375,000
217,000
244,000
730,000
338,000
325,000
1,040,000
486,000
690,000
466,000
2,460,000
484,000
735,000
1,860,000
3,750,000
20,254,438

The Acquisition Price does not include costs related to acquisitions, property tax, city planning tax, andconsumption tax. Total Acquisition Price represents the sum of the Acquisition Price of each property before
roundings with the total rounded off to JPY1,000.

Please refer to the “ Notice Concerning the Acquisition of Properties” dated April 3, 2007 for further details.
Note: This press release provides information regarding re-plus residential investment inc.’s Completion of Properties Acquisition, and is not provided
as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus and Notice ofAmendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is not intended tobe, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States without
registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United-States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities
Act of 1933. The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment
Corporation and its management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, theInvestment Corporation will not undertake a public offering and sale of investment units in the United States.

1April 3, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Tower Office
1-28, Toranomon 4-choume
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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning the Additional Issue of New Investment Units and Secondary Offering
re-plus residential investment inc. (the“Investment Corporation”) today announced its decision to issue new investment
units and to conduct a secondary offering. This decision was ratified at a Board of Directors meeting held on April 3,
2007. Details are as follows:
1. Primary Offering（1）

Total Number of Units to be
Issued34,300 units (Primary Offering)International Offering 16,245 units
The allocation of number of units to be issued in the Japanese Offeringand in the International Offering shall be determined on the Pricing Dateas described in (2) below, subject to demand during the book-building
period.

（2）

Offer Price

To be determined
A date between April 18, 2007 (Wednesday) and April 20, 2007
(Friday), determined by the Board of Directors.
The offer price for new investment units shall provisionally becalculated by multiplying the closing price on the Tokyo Stock
Exchange (“TSE”) on the Pricing Date (in the event that there is no
closing price on the Pricing Date, the closing price date immediately
prior to the Pricing Date will be applied) by between 0.90 to 1.00
(omitting amounts less than JPY1 to be omitted) subject to demand.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

1

（3）

（4）

Gross Proceeds of Issue
AmountTo be determined

Offering Method① Japanese Offering
The Japanese units are being offered in a public offering by thefollowing domestic underwriters :Mitsubishi UFJ Securities Co., Ltd. (Japanese Joint Lead Managers)
JPMorgan Securities Japan Co., Ltd. (Japanese Joint Lead Managers)
Daiwa Securities SMBC Co., Ltd.
Nikko Citigroup Limited
Monex, inc.
Matsui Securities Co., Ltd.
Mizuho lnvestors Securities Co., Ltd.
Tokai Tokyo Securities Co., Ltd.

The Issue Price for new investment units shall be determined byresolution of the Board of Directors on the Pricing Date. The Issue Pricewill represent the amount per unit received by the Investment
Corporation from the underwriters upon settlement of the newinvestment unit issue.

② International Offering
The international units are being offered through international managers
in offshore transactions outside the United States and Japan in relianceof Regulation S under the United States Act of 1933, as amended.
Mitsubishi UFJ Securities International plc and J.P.Morgan Securities
Ltd. are acting as International Joint Lead Managers and Bookrunners.
③Global Coordinator
Mitsubishi UFJ Securities Co., Ltd. is acting as a Global Coordinator of
the offering.
（5）

Place of Settlement

The Bank of Tokyo-Mitsubishi UFJ, Ltd.-Shinbashi Branch :11-12-2 Shinbashi, Minato-ku, Tokyo（6）

Underwriting Agreement

The Investment Corporation shall not pay an underwriting commission.
Underwriting fees applicable to the Investment Corporation shall be thedifference between the Offer Price and the Issue Price.

（7）

Application Unit

More than one unit in multiples of one unit.

（8）

Application Period forJapanese Offering

April 23, 2007 (Monday) to April 25, 2007 (Wednesday)
Depending on demand, this may be brought forward to between April
19, 2007 (Thursday) and April 23, 2007 (Monday), at the earliest.

（9）

Payment Date

May 1, 2007 (Tuesday)
Depending on demand, this may be brought forward to April 26, 2007
(Thursday), at the earliest.

（10）

Delivery and Settlement Date

May 2, 2007 (Wednesday)
Depending on demand, this may be brought forward to April 27, 2007
(Friday), at the earliest.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

2

（11）

The Offer Price, the Issue Price and other matters relating to the issue of new investment units shall be
determined at a future meeting of the Board of Directors.

（12）

The aforementioned items shall be subject to the effectiveness of the securities registration statement inaccordance with the Securities and Exchange Law of Japan.

2. Secondary Offering (Over-Allotment) (Refer to Reference 1 below)
Mitsubishi UFJ Securities Co., Ltd.
（1）
SellerUp
to 1,800 units.
（2）
Total Number of Units to
The
Secondary Offering (over-allotment) is subject to demand
be Issued
related to the Japanese Offering, and the over-allotment option may
not be exercised.
（3）

Offer Price

To be determined.
(same as the Offering Price on the Primary Offering.)（4）

Offering Method

Subject to primary offering demand, Mitsubishi UFJ Securities Co.,
Ltd. shall borrow up to 1,800 units of the Investment Corporation.

（5）

Application Unit

More than one unit in multiples of one unit.

（6）
（7）

Application Period
Delivery and Settlement
Date

To be the same as the Japanese Offering application period.
May 2, 2007 (Wednesday)(This may be brought forward to April 27, 2007 (Friday), at theearliest.)（8）

The Offer Price and other matters relating to the secondary offering shall be determined at the
future meetings of the Board of Directors.

（9）

The aforementioned items shall be subject to the effectiveness of the securities registration
statement in accordance with the Securities and Exchange Law of Japan.

3. Issue of New Investment Units by way of Third-Party Allotment(Third-Party-Allotment related to 2. Secondary Offering (Over-Allotment) above)
1,800 units（1） Total number of units to
The Investment Corporation will grant Mitsubishi UFJ Securities
be issuedCo., Ltd. an option to purchase up to an additional 1,800 new units
solely to cover short positions created by the Japanese Secondary
Offering described in 2.
If Mitsubishi UFJ Securities Co., Ltd. does not exercise all or a
portion of its right with respect to the third-party allotment, suchallocation of additional issued investment units shall be forfeited.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

3

（2）

Issue Price

To be determined(Same as the Issue Price on the Primary Offering)（3）

Mitsubishi UFJ Securities Co., Ltd. 1,800 units（4）

Third-Party Allotment
Counterparty and the
Total Number of
Investment Units to be
IssuedApplication Unit

（5）

Application Period

May 25 2007 (Friday)
Depending on whether the application period for the Japanese
Offering is bought forward, this may be brought forward to May 24,
2007 (Thursday), at the earliest.

（6）

Payment Date

May 28, 2007 (Monday)
Depending on whether the application period for the Japanese
Offering is bought forward, this may be brought forward to May 25,
2007 (Friday), at the earliest.

（7）

Place of Settlement

The Bank of Tokyo-Mitsubishi UFJ,Ltd. -Shinbashi-Branch
11-12-2 Shinbashi, Minato-ku, Tokyo.

（8）

In the event there is no applications mentioned in (6) above, the third-party allotment shall beterminated.

（9）

The Offer Price and other necessary matters relating to the Third-Party-Allotment shall be
determined at a future meeting of the Board of Directors.

More than one unit in multiples of one unit.

（10） If the Secondary Offering is cancelled, the issuance of new investment units by third-party
allocation will also be cancelled.
（11） The aforementioned items shall be subject to the effectiveness of the securities registration
statement in accordance with the Securities and Exchange Laws of Japan.
Reference:
1. Over-Allotment(1) The Secondary Offering through over-allotment is an offering in which Mitsubishi UFJ Securities Co., Ltd. may
conduct a sale of the units, and will borrow up to 1,800 investment units from unitholders of the Investment
Corporation, subject to demand in the primary offering.
Furthermore, Mitsubishi UFJ Securities Co., Ltd. may purchase the Investment Corporation’s units on the Tokyo
Stock Exchange (“the Syndicate Cover Transaction’) for a period from the date following the last day that theapplication is due for the Japanese Offering and the Secondary Offering to four business days prior to the Payment
Date on the issuance of the Third-Party-Allotment. All units purchased by Mitsubishi UFJ Securities Co., Ltd. in
the way of a Syndicate Cover Transaction are to be used to return the borrowed units of the Investment Corporation.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

4For the period of the Syndicate Cover Transaction, Mitsubishi UFJ Securities Co., Ltd. may not conduct transaction
at all by its decision making, or terminate the such cover transaction for a number of units less than the Secondary
Offering for the Over-Allotment. Furthermore, Mitsubishi UFJ Securities Co., Ltd. may undertake a Stabilization
Transaction together with the Japanese Offering and the Over-Allotment, and units purchased through the
Stabilization Transaction may be allocated to a number of return all or portion of the investment units.
Mitsubishi UFJ Securities Co., Ltd. plans to purchase a number of the Investment Corporation’s units calculated bysubtracting the number of units in the Secondary Offering from the number of units obtained in the Syndication
Cover Transaction and Stabilization Transaction for the return of the borrowed units. The number of units to be
exercised in the Third-Party-Transaction will be subject to the demand condition.

(2) Actions to be taken by Mitsubishi UFJ Securities Co., Ltd. for the aforementioned (1) in consultation with
JPMorgan Securities Japan Co., Ltd.
4. Total Number of Investment Units Issued after the New Issues
Number of Investment Units currently Issued and Outstanding
61,400 units
Number of New Investment Units to be Issued (Primary
34,300 units
Offering)
Subtotal
95,700 units
Number of Investment Units (Third-Party-Allotment) to be
1,800 units
issuedTotal Number of New Investment Units following Third97,500 units
Party-Allotment
Note:
Number of investment units (third-party allotment) and total number of new
investment units following third-party allotment may be changed based on 1 above.

5. Use of Proceeds
Net proceeds of approximately JPY19,855,000,000 are expected be procured through the Primary Offering and theThird-Party-Allotment of investment units (JPY9,930,250,000 expected to be procured through the Japanese
Offering and JPY8,934,750,000 expected to be procured through the International Offering, JPY990,000,000 to be
procured through the Third-Party-Allotment of investment units) shall be used to acquire additional assets (expected
JPY16,695,000,000) as defined under Article 2.1 of the Investment Trust and Investment Corporation Law, and be
used to repay borrowings (JPY3,160,000,000) (Estimates are as of today.)
6. Distribution to Unitholders(1) Basic distribution guidelines
Distributions to unitholders are determined in line with the Investment Corporation’s Articles of Incorporation andits distribution policy.
(2）Past distributionsFirst fiscal period (fromOctober 7, 2005 to September
30, 2006)
Distribution per Unit

¥10,650

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

5

7. Restrictions on Sale and Additional Issue of Investment Units(1) The Investment Corporation has agreed, for a period of 90 days after the delivery of units in the offerings,
without first obtaining the consent of the global coordinator, to certain restrictions on the issue, offer, pledge,
sale or other transfer of units, subject to certain exceptions. In addition, each of re-plus REIT management inc.,re-plus inc. and re-plus investments inc. has agreed, for three months after the delivery of units in the offerings,
without first obtaining the consent of the global coordinator, to certain restrictions on the offer, sale or othertransfer of units, subject to certain exceptions. The global coordinator may, in consultation with JPMorgan
Securities Japan Co., Ltd., waive a portion or all of these restrictions.
(2) Past Equity Financing① Equity financing status

October 7, 2005

200

Post-issue asset total（JPY thousand）
100,000

December 13, 2005
June 21, 2006

17,80043,4009,000,000
27,748,800

Date

②

Issue Amount

Historical Performance of Unit PriceFirst Fiscal Period
Open420,000
High449,000
Low
396,000
Close
428,000

Notes
Initial Private Offering
Third Party Allotment
Initial Public offering

Second Fiscal Period
427,000
661,000
425,000
571,000

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus
and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to bemade in the United States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities Act of1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment Corporation and its
management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, the Investment Corporation will notundertake a public offering and sale of investment units in the United States.

6

April 26, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Tower 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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice of Borrowing of Funds Interest Rates and Interest Swap
re-plus residential investment inc.(the “Investment Corporation”) announced today the interest rates applicable
to its borrowing of funds (the “Loan”) and concluded an interest swap contract (the “Interest Swap”) in
connection with the Loan. Details are provided as follows.
DetailsⅠ．Interest Rates
Term Loan (B) (note 1)
Name

Drawdown
Date

Amount of
Borrowing

Due Date of
Repayment

The 1st term loan

May 1, 2007

JPY 4,500

April 30, 2010

The 2nd term loan

May 1, 2007

JPY 2,000

April 30, 2012

(currency : Million)
Applicable Period ofInterest Rate
Interest（annualized）
From May 1, 2007
1.18000％
to October 31, 2007
(note 2)
From May 1, 2007
1.31000％
to October 31, 2007
(note 2)

（note 1）Please refer to the press release dated April 25, 2007 regarding the Borrowing of Funds.
(note 2 ) Regarding the Loan, Investment Corporation concluded the Interest Swap with the notional principals, each of which is equivalent to theamount of the Loan. Therefore the annualized effective interest rate of the 1st term loan becomes 1.66000%, and of the 2nd term loan
becomes 2.03275％.

Ⅱ．Interest Swap
１．Reason for conclusion of the Interest Swap
The Investment Corporation intends to fix the amount of the interest payment for the purpose of hedging
the risk of interest rate increases with respect to the floating interest rate of the Loan (term loan (b)).
2 ．Summary of the Interest Swap
a.
b.
c.

d.
e.
f.

Counterparty
Notional principal
Interest rate
1. Fixed interest payable
2. Floating interest receivable
Start dateEnd date
Due date of interest payment

The Bank of Tokyo-Mitsubishi UFJ,Ltd.
JPY 4,500 Million
JPY 2,000 Million
1.19000％
1.43275％
6months–yen TIBOR
6months-yen TIBOR
May 1, 2007
May 1, 2007
April 30, 2010
April 30, 2012
Every 1st day of May and November at the beginning of November 1, 2007.

Note: This press release provides information regarding re-plus residential investment inc.’s Borrowing of Funds Interest Rate and and Interest Swap,and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus andNotice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is notintended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the UnitedStates without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment
units to be made in the United-States shall be made by means of an English language prospectus prepared in accordance with the Unites States
Securities Act of 1933. The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment
Corporation and its management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, theInvestment Corporation will not undertake a public offering and sale of investment units in the United States.

April 25, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Tower 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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice of Borrowing of Funds and Repayment of Borrowing
re-plus residential investment inc.(“the Investment Corporation”) is pleased to announce a borrowing of funds(the “Loan”). Details are provided as follows.
Details
I. Concerning the Loan
1．Reason for the Loan
Funds from the Loan will be used for the acquisition of new assets (26 properties) scheduled on May 1,
2007, as well as associated costs. Please refer to the press release dated April 3, 2007 regarding thedetails of the acquisition of the new assets.
2．Details of the Loan
(1) Term loan (B)a. Lendersb.

Amount of borrowingsc. Interest rate
d. Drawdown datee. Borrowing methodf.

Due dateg.
h.

Repayment conditions
Collateral: The Bank of Tokyo-Mitsubishi UFJ,Ltd., Aozora Bank, Ltd., The ChuoMitsui Trust and Banking Company, Limited., Resona Bank, Limited.,
Mitsui Sumitomo Insurance Company, Limited: The 1st term loan JPY4,500 Million: The 2nd term loan JPY2,000 Million: TBD: May 1, 2007
: Term loan agreement (B) dated April 25, 2007, with the above mentioned
lenders and the agents, The Bank of Tokyo-Mitsubishi UFJ,Ltd.
: 1st term loan April 30, 2010
: 2nd term loan April 30, 2012
: Lump-sum repayment on due date
: Secured

Note: This press release provides information regarding re-plus residential investment inc.’s Borrowing of Funds and Repayment of Borrowing, andis not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus and Noticeof Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is not intended
to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to
be made in the United-States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities
Act of 1933. The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment
Corporation and its management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, theInvestment Corporation will not undertake a public offering and sale of investment units in the United States.

1

Ⅱ．Repayment of the borrowing ( Uncommitment line (A-2))(1) Details of repayment
Lenders: Aozora Bank, Ltd. The Norinchukin Bank
Amount of borrowing: JPY 3,160 Million
Drawdown date
: October 5, 2006
Repayment conditions: Lump-sum repayment on due date
Maturity date
: October 4, 2007
(2) Date of repayment: May 1, 2007

【Reference】
Outstanding balance of borrowing after the above mentioned borrowing and repayment (currency：million yen)
Balance as ofCurrent balance
Increase (Decrease)
May 1, 2007.
Term Loan (A)15,40015,400
Short term
Loan (A-2)
3,160(3,160)borrowing
Sub-total
18,56015,400(3,160)Term Loan (A)
9,960
9,960
Long term
Term Loan (B)
6,500
6,500
borrowing
Sub-total
9,960
16,4606,500
Total amount of borrowing
28,52031,8603,340

Note: This press release provides information regarding re-plus residential investment inc.’s Borrowing of Funds and Repayment of Borrowing, andis not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s Prospectus and Noticeof Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, this press release is not intended
to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered or sold in the United States
without registration or an exemption from registration under the United States Securities Act of 1933. Any public offering of investment units to
be made in the United-States shall be made by means of an English language prospectus prepared in accordance with the Unites States Securities
Act of 1933. The Prospectus to be obtained from the issuer of investment units shall contain detailed information about the Investment
Corporation and its management as well as the Investment Corporation’s financial statements. In connection with the aforementioned, theInvestment Corporation will not undertake a public offering and sale of investment units in the United States.

2

April 18, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Tower 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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning Pricing for the Additional Issue of New Investment Units and Secondary Offering
re-plus residential investment inc. (the“Investment Corporation”) today announced that, at the meeting of its Board of
Directors on April 18, 2007, the offer and issue prices for the new investment units and secondary offering were
determined. This decision to issue new investment units and conduct a secondary offering was first made at a meetingof the Board of the Directors held on April 3, 2007. Details are as follows:
1. Primary Offering(1) Total Number of Units to be issued

(2)
(3)
(4)
(5)
(6)
(7)

34,300 units
Domestic Offering : 18,055units
International Offering (except the United States): 16,245units
Offer Price
JPY 564,540 per unit
Gross Proceeds
JPY 19,363,722,000
Issue Price
JPY 542,133 per unit
Gross Proceeds
JPY 18,595,161,900
Application Period (Domestic Offering)
April 19, 2007(Thursday) to April 23, 2007(Monday)
Payment Date
April 26, 2007(Thursday)
Note : Underwriters execute bought-deal underwriting and offer the units at the offer price.

2. Secondary Offering (Over-Allotment)(1) Total Number of Units to be issued(2) Offer Price(3) Gross Proceeds(4) Application Period(5) Date of Delivery and Settlement

1,800 units
JPY 564,540 per unit
JPY 1,016,172,000
April 19, 2007(Thursday) to April 23, 2007(Monday)
April 27, 2007(Friday)

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

13. Issue of New Investment Units by way of Third-Party Allotment(Third-Party-Allotment related to 2. Secondary Offering (Over-Allotment) above)(1) Total Number of Units to be issued
1,800 units(2) Offer Price
JPY 542,133 per unit
(3) Gross Proceeds
JPY 975,839,400(4) Application Period
May 23, 2007(Wednesday)(5) Payment Date
May 24, 2007(Thursday)(6) Third Party and Allotted Units
Mitsubishi UFJ Securities Co.,Ltd. : 1,800 units
4. Basis for calculating the Offer Price and Issue Price(1) Date of Calcuration(2) Closing price of investment units(3) Discount Rate

April 18, 2007(Wednesday )JPY582,000
3.0%

5. Total Number of Investment Units Issued after the New Issues
Number of Investment Units Currently Issued and Outstanding
61,400 units
Number of New Investment Units to be Issued (Primary Offering)
34,300 units
Subtotal
95,700 units
Number of Investment Units (Third-Party-Allotment) to be Issued
1,800 units
Total Number of New Investment Units following Third-Party-Allotment
97,500 units
Note: Total Number of New Investment Units following Third Party-Allotment assumes the entire
issuance of the Third Party-Allotment .

6. Use of Proceeds
Net Proceeds of JPY19,571,001,300 from the primary offering and third-party allotment of
Investment (Domestic Offering : JPY9,788,211,315 and International Offering : JPY8,806,950,585 and Maximum
Offering of Third Party Allotments : JPY975,839,400) will be used to acquire new
Assets (JPY16,411,001,300) and repayment of a portion of our outstanding borrowings (JPY3,160,000,000) (Theseamounts are estimated as of April 18, 2007.).

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

2

April 18, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Toranomon Tower 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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning the Acquisition of Properties (regarding the Parties involved in the Transaction)

re-plus residential investment inc. (the “Investment Corporation”) announced the following supplemental
information about the former owners of the properties involved in the transactions described in its announcement(“Notice of Concerning the Acquisition of Properties”) dated April 3, 2007. Details are provided as follows.

Property Owners ( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents
former owner of trust beneficiary interests. )Name of Property（location）
Owner of Property

Stagea n25（Hokkaido Sapporo）
A

Name of Company

B

C

Yugen Kaisha re-plus
residential warehouse No.1

Company A－

Relationship withspecific related party

SPC established by the parent
company of the AssetManagement Company

Other than specific related party－

Reason of Acquisition

Purpose of investment andassets management－－

Acquisition Price

NIL because of the period asa owner over one year－－

April 2006－－

Timing of Acquisition

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

1Name of Property（location）
Owner of Property

Flat Carerra（Hokkaido Sapporo）
A

B

C

Name of Company

LLC re-plus residential
warehouse No.6

Yugen Kaisha re-plus residential
warehouse No.1

Individual

Relationship withspecific related party

SPC established by the parent
company of the AssetManagement Company

SPC established by the parent
company of the AssetManagement Company

Other than specific related party

Reason of Acquisition

Purpose of investment andassets management

Purpose of investment and assets
management－

Acquisition Price

JPY277,000,000

NIL due to confidentiality
obligations under the agreementwith the seller－

Timing of Acquisition

February 2007

December2005－

Name of Property（location）
Owner of Property(Foot Note)
Name of Company

s13w9 h+（Hokkaido Sapporo）
A
B
LLC re-plus
residential
warehouse No.6

Relationship withspecific related party

C

D

E

Yugen Kaisha replus residential
warehouse No.1

Yugen Kaisha re-plus
road No.2

Yugen Kaisha
Shin-ei Shokai
Holdings

Company Ｂ

SPC establishedby the parent
company of the
Asset
Management
Company

SPC established by
the parent companyof the AssetManagement
Company

Private fund investedby the parent
company of theAssets Management
Company

A Company
50%- owned by
the director of theparent companyof the AssetManagement
Company

Other than specificrelated party

Reason of Acquisition

Purpose ofinvestment andassetsmanagement

Purpose ofinvestment andassets management

Purpose ofinvestment and assets
management

Purpose ofConstruction
Business－

Acquisition Price

JPY423,000,000

NIL because of
the period as anowner is over one
year

JPY407,447,558

NIL due to－confidentiality
obligations under
the agreement withthe seller

Timing of Acquisition

February 2007

February 2006

February 2006

February 2005－

Foot Note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests.
“C” represents former owner of trust beneficiary interests. “D” represents former owner prior to “C”. “E” represents former
owner prior to “D”. “F” represents former owner prior to “E”.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

2Name of Property（location）
Owner of Property

s9w12 h+（Hokkaido Sapporo）
A

Name of Company

LLC re-plus residential
warehouse No.6
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
December 2006

Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Stagea hg7（Hokkaido Sapporo）
A
Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
April 2006

Varsity House Nishishitadai（Iwate-ken Morioka）
A
LLC re-plus residential
warehouse No.6
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
JPY487,000,000

February 2007

B

C

Company C－

Other than specific related party

－

－

－

－

－

－

－

B

C

Company A－

Other than specific related party

－

－

－

－

－

－

－

B

C

Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
October 2006

Company D
Other than specific related party－－－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

3Name of Company
Owner of Property

Marvelous Niiza（Saitama-ken Niiza）
A

B

C

Name of Company

Seito Tatemono Co.Ltd.

－－

Relationship withspecific related party

Other than specific related
party

－

－

Reason of Acquisition
Acquisition Price
Timing of Acquisition

－
－
－

－
－
－

－
－
－

Name of Company

Toshin Shoto Mansion（Tokyo Shibuya-ku）
A
B

Owner of Property(Foot Note)
Name of Company

C

D

E

F

LLC re-plus
residential
warehouse No.5

Yugen Kaisha
re-plusresidential
warehouse
No.1

G fund SPC

Yugen Kaisha
ISOJIMAN

Yugen Kaisha
ICHINOKURA

Company E

SPC
established by
the parent
company of the
Asset
Management
Company
Purpose ofinvestment andassetsmanagement

SPC establishedby the parent
company of the
Asset
Management
Company

SPC establishedby the parent
company of the
Asset
Management
Company

Private fundinvested by theparent companyof the AssetManagement
Company

Other thanspecific
relatedparty

Purpose ofinvestment andassetsmanagement

Purpose of
Purpose ofinvestment andinvestment andassets managemen assets
management

Private fundinvested by theparentcompany of
the Asset
Management
Company
Purpose ofinvestment andassetsmanagement

Acquisition Price

JPY845,000,000

JPY828,000,000

JPY908,000,000

JPY900,000,000

Timing of Acquisition

December 2006

July 2006

March 2006

December 2005

Relationship withspecific related party

Reason of Acquisition

NIL due toconfidentiality
obligations
under theagreement withthe seller
March 2005

－

－

－

Foot Note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests.
“C” represents former owner of trust beneficiary interests. “D” represents former owner prior to “C”. “E” represents former
owner prior to “D”. “F” represents former owner prior to “E”.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

4Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Stagea Chiyoda（Aichi-ken Naogya）
A
Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
October 2006

Stagea Taiko-toori（Aichi-ken Naogya）
A
LLC re-plus residential
warehouse No.8
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
February 2007

Stella Kanayama Ichibankan（Aiochi-ken Nagoya）
A
LLC R-Bridge
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
March 2007

B

C

Company F－

Other than specific related party

－

－

－

－

－

－

－

B

C

Company G－

Other than specific related party

－

－

－

－

－

－

－

B

C

Company G
Other than specific related party

－
－

－

－

－

－

－

－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

5Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company

Stella Kanayama Nibankan（Aiochi-ken Nagoya）
A
LLC R-Bridge
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
March 2007

Dream Neo Polis Dainichi（Osaka-fu Moriguchi）
A

C

Company G
Other than specific related party

－
－

－

－

－

－

－

－

B

C
Company H

Timing of Acquisition

December 2006

Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
February 2006

Name of Company

Stagea Higashi-nakajima Ⅰ（Osaka-fu Osaka）
A

B

C

Company I－

Other than specific related party

－

－

－

－

－

－

－

Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

LLC re-plus residential
warehouse No.5
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
JPY226,000,000

B

Yugen Kaisya re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
May 2006

Other than specific related party－－－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

6

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Imperial Tsukamoto（Osaka-fu Osaka）
A

B

C

Company J－

Other than specific related party

－

－

－

－

－

－

－

Saint Royal Club Tenmanbashi（Osaka-fu Osaka）
A
B

C

Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
June 2006

LLC re-plus residential
warehouse No.6
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
JPY311,000,000

Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
November 2005

Timing of Acquisition

February 2007

Name of Company

Saint Royal Club Zaimoku-cho（Osaka-fu Osaka）
A
B

Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
October 2006

Company K
Other than specific related party

－
－

－

C

Company L－

Other than specific related party

－

－

－

－

－

－

－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

7

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

City Life Tani-machi（Osaka-fu Osaka）
A

B

C

Company M
Other than specific related party

－
－

－

－

－

－

－

－

Imperial Sakurakawa-minamiⅡ（Osaka-fu Osaka）
A
B

C

LLC R-Bridge
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
March 2007

Company J－

Other than specific related party

－

－

－

－

－

－

－

Imperial Sakurakawa-minamiⅠ（Osaka-fu Osaka）
A
B

C

Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
May 2006

Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
September 2006

Company J－

Other than specific related party

－

－

－

－

－

－

－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

8Name of Company
Owner of Property
Name of Company

Zekubenten（Osaka-fu Osaka）
A

C
Company N

Timing of Acquisition

December 2006

Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL due to confidentiality obligations
under the agreement with the seller
May 2006

Name of Company

Sand Mark Residence（Fukuoka-ken Fukuoka）
A

B

C

Company O
Other than specific related party

－
－

－

－

－

－

－

－

B

C

Company P－

Other than specific related party

－

－

－

－

－

－

－

Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

LLC re-plus residential
warehouse No.5
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets managementy
JPY471,000,000

B

LLC R-Bridge
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
March 2007

MGA Kanamachi（Tokyo Katsushika-ku）
AYugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
September 2006

Other than specific related
party
－
－
－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

9Name of Company
Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

Name of Company
Owner of Property
Name of Company

Stellato City Sakurayama（Aichi-ken Nagoya）
A
Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under theagreement with the seller
August 2006

La Vita Nipponbashi（Osaka-fu Osaka）
A

C

Company Q－

Other than specific related party

－

－

－

－

－

－

－

B

C
Company R

Timing of Acquisition

February 2007

Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
November 2006

Name of Company

n-OM1（Tokyo Minato-ku）
ABC

Yugen Kaisha HAKUSHIKA

Company S

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
January 2005

Other than specific related party

Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Owner of Property
Name of Company
Relationship withspecific related party
Reason of Acquisition
Acquisition Price

Timing of Acquisition

LLC re-plus residential
warehouse No.6
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
JPY1,855,000,000

B

Yugen Kaisha re-plus
residential warehouse No.1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment andassets management
JPY3,353,500,000

October 2006

Other than specific related party

－
－

－

－
－

－

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

10Internal Rules related to Related Party Transactions
re-plus REIT management inc. (the “Asset Management Company”), to which the Investment Corporation entrusts its asset
management operations, has its own rules regarding related –party transactions.
・ All related-party transactions must be submitted to the Compliance Committee, whose members include independent
experts, for deliberation and approval after examination by the Compliance Officer, and are forwarded to the Investment
Committee and the Board of the Directors of the Asset Management Company.
・ Any alteration or decision concerning internal rules related to related party transactions must be approved by the sameprocedure as mentioned above.

Note: This press release provides information regarding re-plus residential investment inc.’s Additional Issue of New Investment Units and Secondary
Offering, and is not provided as an inducement or invitation for investment. We caution readers to refer to the Investment Corporation’s
Prospectus and Notice of Amendments thereto and to undertake investment decisions subject to individual determination. Furthermore, thispress release is not intended to be, and is not, an offer of investment units for sale in the United States. Investment units may not be offered orsold in the United States without registration or an exemption from registration under the United States Securities Act of 1933. Any public
offering of investment units to be made in the United States shall be made by means of an English language prospectus prepared in accordancewith the Unites States Securities Act of 1933.The Prospectus to be obtained from the issuer of investment units shall contain detailed
information about the Investment Corporation and its management as well as the Investment Corporation’s financial statements. In connection
with the aforementioned, the Investment Corporation will not undertake a public offering and sale of investment units in the United States.

11

April 3, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Tornanomon Tower Office
1-28, Toranomon 4-choume
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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning the Sale of c-MA3（Office Tower）
re-plus residential investment inc. (the“Investment Corporation”) announced its decision to sell the following property(“the Property”). Details are provided as follows.

1. Reason for the Sale
The Investment Corporation has been realizing growth in its asset size as a residential focused J-REIT since it waslisted on the Tokyo Stock Exchange in June 2006. The Investment Corporation has been considering the sale ofnon-residential portion of its assets, so that the Investment Corporation can clarify its investment strategies andsolidify stability as one of the strengths of its residential assets.
c-MA3 ( Location: 30-1, Motoazabu 3-chome, Land Area: 1,307.48 ㎡）is owned by the Investment Corporationand is composed of residential tower (Floor Area 2,246.26 ㎡) and an office tower used for office and medical care
(Floor Area: 3,196.83 ㎡). The Investment Corporation decided to sell the office tower together with the land (coownership percentage: 67.9%). The following is the composition of the residential and the non-residential areas of
c-MA3 before and after the sale of the office tower.
[Before the Sale]
c-MA3(All)(Office Tower andResidential Tower)
Leasable Floor Area for the
residential
Leasable Floor Area for thenon-residential(Footnote 1)
Total Leasable Floor Area

Area
（%）
1,382.19 ㎡（35.22%）2,542.28 ㎡（64.78%）3,924.47 ㎡（100.00%）（Composition）<Residential Tower>

Area（%）<Office Tower>

Area（%）

Leasable Floor Area forthe residential

1076.34 ㎡（77.00%）321.49 ㎡（23.00%）

Leasable Floor Area forthe residential
Leasable Floor Area forthe non-residential

305.85 ㎡（12.11%）2,220.79 ㎡（87.89%）1,397.83 ㎡（100.00%）

Total
Area

2,526.64 ㎡（100.00%）

Leasable Floor Area forthe non-residential(Footnote 1)
Total Leasable Floor
Area

Leasable

Floor[After the Sale]
c-MA3（Residential Tower）
Leasable Floor Area for the
residential
Leasable Floor Area for thenon-residential(Footnote 1)
Total Leasable Floor Area

Area
（%）
1076.34 ㎡（77.00%）321.49 ㎡（23.00%）1,397.83 ㎡（100.00%）(Footnote 1)For the residential tower, there was no lease agreement until March 31, 2007. However, a part of the common area of theresidential tower has been leased for office and retail use since April 1, 2007. For this reason, there is non-residential leased
area in the residential tower, and the total leased floor includes such leased area for non-residential use.
Notes：This notice is the English translation of the Japanese announcement on the Sale of cMA-3 released on April 3, 2007, and no assurance orwarranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in the UnitedStates, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities
Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

12. Outline of the Sale
①
②
③
④
⑤
⑥

Type of Asset
Property Name
Date of Acquisition
Sale ValueBook Value⑦⑧

Date of Contract
Scheduled Date of
Sale
Buyer

April 3, 2007
Date before September 30, 2007 that the Investment Corporation and the Buyer
defined in below agree
LLC re-plus commercial warehouse No.1

Sale Method

Sale of the trust beneficiary interest（Footnote 2）⑨⑩

Difference of Sale
Value and Book Value

Trust beneficiary interest in real estatec-MA3（Office Tower）
December 15, 2005
JPY3,558,000,000（Footnote 1）
JPY2,955,725,000（as of September 30, 2006）
JPY602,275,000（difference between ④ and ⑤）(Footnote 1) Sale Value does not include costs related to the sale and adjustment payment regarding Property and City Planning Tax, andConsumption Tax . Amount below thousands have been rounded.
(Footnote 2) As of April 3, 2007, the office tower of c-MA3 is trusted to The Chuo Mitsui Trust and Banking Company, Limited together
with the residential tower, and the entire land. (“the Trust”) On this transfer, the Investment Corporation will adopt either approach.
The office tower of c-MA3 and its co-ownership amount (67.9%) will be removed from the Trust, and the asset of the Trust will becomposed of the residential tower of c-MA3 and its co-ownership amount (32.1%)
The office tower of c-MA3 and its co-ownership amount(67.9%) will be trusted as a new trust, and the Investment Corporation willsell the new trust
Please note that if it is impossible to trust the office tower of c-MA3 and its co-ownership amount (67.9%), the Investment Corporation
will sell the subject asset as a hard asset. The Investment Corporation will hold the residential tower of c-MA3 and its co-ownershipamount (32.1%) as a trust or a hard asset.

3.

Property Details
Property Name
Type of Specified
Asset
Location(Address)Land

Building

c-MA3（Office Building）
Trust beneficiary interest inreal estate

Trustee

The Chuo Mitsui Trust and Banking Co.,
Limited（Footnote1）3-1-35 Motoazabu, Minato-ku, Tokyo
Type of Ownership

Co-ownership

ZoningArea

1,307.48㎡(co-onwership67.9%)

Type of Ownership

Proprietary ownership

FAR／
Building
Coverage
Ratio
Usage

Total Floor Area

Office Building:
3,196.83㎡

Completion
Date

Type of Structure
Number of Leasable
Tenants
Leasable Floor Area
Leased Floor Area
Occupancy Ratio
Monthly Rent
Security Deposits
Acquisition Date

Neighborhood commercial zone 、Class 1 exclusive residential zone for
middle & high rise
400％／80％、300％／60％

Office Building: Office, Clinic, Retail
Shops, Parking

March 10, 1993
(Renovation construction will becompleted in January 2005)
Office Building : SRC・RC, 3 floor basement, 8story building with galvanizedsheet-ironed, flat roof
Total: 10（Office:７, Retail Shops:１, Residence:２）
2,526.64㎡ (Footnote 2)
2,526.64㎡ (Footnote 2)
100.0% (Footnote 2)
JPY 15,360 thousand (Footnote 2)
JPY42,759 thousand (Footnote 2)
December 15, 2005

Notes：This notice is the English translation of the Japanese announcement on the Sale of cMA-3 released on April 3, 2007, and no assurance orwarranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in the UnitedStates, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities
Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

2

Original Acquisition Price（Footnote3）
Original Appraisal Value（Footnote4）
Updated Appraisal Value（Footnote5）
Appraiser

JPY4,344,238,000
JPY4,410,000,000（As of November 1, 2005）

JPY3,220,000,000（As of March 20, 2007 ）Rich Appraisal Institute K.K.

(Footnote 1) As of April 3, 2007, since the office and the residential tower of c-MA3 and its land is trusted to The Chuo Mitsui Trust andBanking Company, Limited, the name of the owner is the trustee.
(Footnote 2) All of the numbers are based on the leasing contract with the end tenants as of February 28, 2007.
(Footnote 3) The Original Acquisition Price includes that of the residential tower of the c-MA3, which will not to be sold, and the whole
land.
(Footnote 4) The Original Appraisal Value includes that of residential tower of the c-MA3, which will not to be sold, and the whole land.
(Footnote 5) Updated Appraisal Value is for the office tower of c-MA3 and its co-ownership amount (67.9％）

4.

Buyer’s Profile
Company①
Name
Head Office②
Address
Representative③④⑤

CapitalShareholder⑥

Business
Activities
Relationshipwith theInvestment
Corporation or
the Asset
Management
Company⑦

5.

6.

Details of Brokerage
Company Name
Head Office Address
Representative
Fee
Relationship with theInvestment
Corporation or the
Asset Management
Company

LLC re-plus commercial warehouse No.1
Toranomon Towers Office, 4-1-28 Toranomon, Minato-ku, Tokyo
Executing Officer: re-plus investments inc.
Takahiro Abe
JPY100,000
re-plus investments inc.
Acquire, exchange, manage, and dispose of real estate ownership interests or trust
beneficiary interest of real estate
LLC re-plus commercial warehouse No.1 is a company to be consolidated by re-plus inc.,which is a parent company of re-plus REIT management inc. on which the Invesetment
Corporation rely operations of asset management, and wholly owned subsidiary of replus inc., and qualified as an related-party as defined under the Investment Trust Law andthe internal rules and regulations of the Asset Management Company. re-plus inc. owns
90% shares of re-plus REIT management inc..

re-plus inc.
Toranomon Towers Office, 4-1-28 Toranomon, Minato-ku, Tokyo
Hirofumi Kang, CEO
JPY100,000（excluding tax）
re-plus inc. is a shareholder of the Asset Management Company, and is a related party
based on the J-REIT law. re-plus inc. owns 90% of the shares of the Asset Management
Company.

Transactions involving related parties
The Buyer falls under the categories of related parties defined under the Asset Management Company’s internal
rule and regulations. Therefore, the Asset Management Company took a procedure based on its internal rules andregulations for the signing of the sale and purchase agreement for the asset.

7.

Forecast
Please see the press release for the forecast for the fiscal year ended September 2007 (from April 1, 2007 to
September 30, 2007)

Notes：This notice is the English translation of the Japanese announcement on the Sale of cMA-3 released on April 3, 2007, and no assurance orwarranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in the UnitedStates, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities
Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

3

April 3, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Tornanomon Tower Office
1-28, Toranomon 4-choume
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: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning Operating Forecasts for the Fiscal Period Ending September 30, 2007
re-plus residential investment inc. (the “Investment Corporation”) today announced its operating forecasts for the
fiscal period ending September 30, 2007 (its third fiscal period from April 1, 2007 to September 30, 2007).
１． Forecasts for the fiscal period ending September 30, 2007 (April 1, 2007 to September 30, 2007)(Millions of yen unless otherwise stated)
Operating
Revenues

Ordinary Profit

Net Income

Distributions per
Unit (Yen)Dividends in
Excess ofEarnings per
Unit (Yen)

Third Fiscal Period
3,305
1,323
1,321
13,549―April 1, 2007 to
September 30, 2007
(Reference)
Forecast number of investment units issued and outstanding as of September 30, 2007: 97,500 units; Forecast Net
Income per unit as of September 30, 2007: 13,549 yen(Notes)1. The forecasts are based on the assumption that new investment units are issued at an estimated price of JPY550,000
per unit.
2. The forecasts are based on the assumptions outlined in Preconditions and Assumptions for the fiscal period ending
September 30, 2007 (separate document attached) as of the date of this release. Readers are advised that actual
operating revenues, net income, and distribution per unit may change due to variety of reasons including the futureacquisition and or sale of properties, changes in the Investment Corporation’s operating environment including thereal estate markets. In addition, the Investment Corporation does not guarantee payment of the forecast distribution
per unit.
3. In the event where the Investment Corporation anticipates significant change in the aforementioned forecasts, theInvestment Corporation may revise forecasts.
Figures are rounded down.

＊ This document is released to media organizations through the “Kabuto Club” (the press club of the Tokyo Stock Exchange), the Ministry of Land,
Infrastructure and Transport Press Club, and the Press Club for the Ministry of Land, Infrastructure and Transport Construction Paper.
＊ URL： http://www.re-plus-ri.co.jp/

Notes：This notice is the English translation of the Japanese announcement on Operating Forecast for the Fiscal Period Ending September 30th, 2007.
the Properties released on April 3, 2007. and no assurance or warranties are given for the completeness or accuracy of this English translation.
This press release is not an offer of units for sale in the United States, and units may not be offered or sold in the United States absent registrationor an exemption from registration under the U.S. Securities Act of 1933. There is not, and there is not currently any intention to conduct, any
public offering of units in the United States.

1

Attachment
Assumptions for Forecasts for the Fiscal Period Ending September 30, 2007
Item
Property
Portfolio

Operating
Revenues

OperatingExpensesNon-operating
Expenses
Debt Financing

Investment Unit

Assumptions
・ The Investment Corporation intends to acquire the trust beneficiary interest representing 26
properties (“the Properties to be Acquired’) in addition to its 66 current properties (“theProperties already Acquired”), using net proceeds from an additional offering of new investment
units and from a concurrent borrowing.
・ Operating forecasts are based on the assumption that the Investment Corporation will complete
acquisition of the 26 properties as soon as possible after the next day of the payment date (May1, 2007) for the newly offered investment units, and to complete the sale of a part of c-MA3(note) by September 30, 2007. In addition, the property portfolio is assumed to remainunchanged (i.e., no new properties will be added to, and no existing properties will be removed
from the portfolio) up to and including the end of the third fiscal period, ending September 30,
2007. Forecasts may change due to actual sale and or acquisition of properties.
（Note）This forecast is based on the assumption that c-MA3 is to be transferred to the buyer
as of September 30, 2007, but such date may change after discussion with the seller.
・Operating revenues are estimated based on the existing lease agreements as of March 31, 2007 for
the Properties already Acquired and the Properties to be Acquired. In addition, estimatedvacancies are incorporated based on the competitive strengths of properties as of today.
・Rent level is calculated based on each property’s competitive standing and market and otherconditions.
・It is assumed that there will be no delinquent rent payment by tenants.
・Property expense other than depreciation are calculated based on historical expenses for Properties
already Acquired and information provided from the owners as of March 31, 2007 for theProperties to be Acquired, incorporating variable factors.
・Generally speaking, property tax and city planning tax are allocated to sellers and buyers on a prorate basis at the time of acquisition settlement. However, an amount of those taxes equivalent to
the portion allocated to the buyer is included in the acquisition price of the properties. The amountof JPY 74 million has been estimated for property tax and city planning tax for the Properties to be
Acquired, which is to be a part of the acquisition price.
・Repair, maintenance and renovation expenses are calculated based on the Asset Management
Company’s estimates as necessary. Please note that actual repairs and maintenance expense may
change significantly from estimates, however, due to unforeseen circumstances and emergencies.
・Depreciation including associated costs and expected additional capital expenditures is calculated
based on the straight-line method. JPY 508 million is estimated for the third fiscal period ending
September 30, 2007.
・A temporary expense of approximately JPY 256 million is estimated for the Investment
Corporation’s public listing and public offering of the additional investment units in the third
fiscal period, ending September 30, 2007.
・Debt amount is calculated based on the assumption that the Investment Corporation will borrow
JPY5,300 million of loans from qualified institutional investors as defined under Section 2-3-1 in
the Securities and Exchange Act of Japan.
・It is assumed that there will be no change in the amount of debt and expected interest rates until
the end of the third fiscal period, ending September 30, 2007.
・The forecasts are based on the assumptions that the primary offering (34,300 units) decided by the
Board of Directors of the Investment Corporation will be fully subscribed and an over-allotment
option (up to 1,800 units) by way of a third party allotment will be fully exercised. Furthermore,
forecasts are based on the assumptions that the number of investment units issued and outstanding
thereafter shall remain unchanged through the third fiscal period ending September 30, 2007.

Distribution per
Unit

Distributions per Unit are calculated based 97,500 of estimated investment units as of third fiscal
period ending September 30, 2007 including investment units to be newly issued on the subject
offering.

Distribution
exceeding profit
per unit

We do not currently have any plan to distribute such profit.

Notes：This notice is the English translation of the Japanese announcement on the acquisition of the Properties released on April 3, 2007, and noassurance or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in the
United States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act
of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

2

Item
Other

Assumptions
We have assumed that there would be no revision to laws, tax regulation, accounting principles,stock exchange regulations or the rules of the Investment Trusts Association, Japan that would affectthe above forecast.
We have also assumed that there would not be any irregular, material change in general economic
trend or real estate market conditions.

Notes：This notice is the English translation of the Japanese announcement on the acquisition of the Properties released on April 3, 2007, and noassurance or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in the
United States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act
of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

3

April 3, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Tornanomon Tower Office
1-28, Toranomon 4-choume
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: Masato Emura (Director)
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”). Details are provided as follows.

1. Reason for the Acquisition
The purpose of the acquisition of the Properties is to stabilize portfolio revenues and increase the assets owned by theInvestment Corporation in the mid to long term, in accordance with the investment policies outlined in its Articles ofIncorporation. Details of the Properties (26 properties) were disclosed under “Anticipated Acquisitions” in theInvestment Corporation’s Prospectus for the issue of new investment units in April 2007.
2. Property details(1)

Property details
Rights regarding the property trust beneficiary interests

Property
Number

Property Name

O-1-032

Stagea n25

O-1-033
O-1-034
O-1-035

Flat Carerra
s13w9 h+s9w12 h+O-1-036

Stagea hg7

O-2-037

Varsity House Nishishitadai

O-4-038

Marvelous Niiza

O-4-039

Toshin Shoto Mansion

SellerYugen Kaisha re-plus residential
warehouse No.1
LLC re-plus residential warehouse No.6
LLC re-plus residential warehouse No.6
LLC re-plus residential warehouse No.6
Yugen Kaisha re-plus residential
warehouse No.1
LLC re-plus residential warehouse No.6
Seito Tatemono Co. Ltd.
LLC re-plus residential warehouse No.5

AnticipatedAcquisition Price（in thousandsyen）(Note 1)
316,000
290,000
463,000
533,000
315,000
512,000
590,438
912,000

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

1Property
Number

Property Name

O-5-040

Stagea Chiyoda

O-5-041

Stagea Taiko-toori

O-5-042O-5-043
O-6-044

Stagea Higashi-nakajima I

O-6-046

Imperial Tsukamoto

O-6-048

Yugen Kaisha re-plus residential
warehouse No.1
LLC re-plus residential warehouse No.8

Stella Kanayama
Ichibankan
Stella Kanayama
Nibankan
Dream Neo Polis
DainichiO-6-045

O-6-047

Seller

LLC R-Bridge
LLC R-Bridge
LLC re-plus residential warehouse No.5
Yugen Kaisha re-plus residential
warehouse No.1
Yugen Kaisha re-plus residential
warehouse No.1

Saint Royal Club
Tenmabashi
Saint Royal Club
Zaimoku-cho
City Life Tani-machi

O-6-050Imperial Sakurakawa-minami II

O-6-051

Imperial Sakurakawa-minami I

O-6-052

Zekubenten

O-9-053

Sand Mark Residence

F-4-031

MGA Kanamachi

F-5-032

Stellato City Sakurayama

F-6-033

La Vita Nipponbashi

P-4-006

n-OM1

633,000
1,120,000
370,000
375,000
217,000
244,000
730,000

LLC re-plus residential warehouse No.6

338,000

LLC re-plus residential warehouse No.1

325,000

LLC R-Bridge

O-6-049

AnticipatedAcquisition Price（in thousandsyen）(Note 1)

Yugen Kaisha re-plus residential
warehouse No.1
Yugen Kaisha re-plus residential
warehouse No.1
LLC re-plus residential warehouse No.5
LLC R-Bridge
Yugen Kaisha re-plus residential
warehouse No.1
Yugen Kaisha re-plus residential
warehouse No.1
LLC re-plus residential warehouse No.6
Yugen Kaisha re-plus residential
warehouse No.1

1,040,000
486,000
690,000
466,000
2,460,000
484,000
735,000
1,860,000
3,750,000
20,254,438

Total(Note 1) The Acquisition Price does not include costs related to the acquisition, Property Tax , City Planning Tax , andConsumption Tax. Round off less than JPY 1,000. 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)Date of Signing of the Sale & Purchase Agreement
April 3, 2007

(3)

Scheduled Date of the Acquisition
May 1, 2007

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

2

(4)

Funds for the Acquisition
Debt financing and cash provided from a follow, on offering of units(5)

Settlement Method
Full payment on the date of the Acquisition

(6)

Note
Sellers of the Properties listed above, excluding O-4-038 (Marvelous Niiza), are each a related party defined
under the internal rules and regulations of the Asset Management Company. Please refer to Section 6 for thedetails of transactions with related-parties(7)

Property Area and Property Category
Property
Number

Property Name

O-1-032

Stagea n25

O-1-033

Flat Carerra

O-1-034s13w9 h+O-1-035s9w12 h+O-1-036

Stagea hg7

O-2-037

Varsity House Nishishitadai

O-4-038

Marvelous Niiza

O-4-039

Toshin Shoto Mansion

O-5-040

Stagea Chiyoda

O-5-041

Stagea Taiko-toori

O-5-042

Stella Kanayama Ichibankan

O-5-043

Stella Kanayama Nibankan

O-6-044

Dream Neo Polis Dainichi

O-6-045

Stagea Higashi-nakajima I

O-6-046

Imperial Tsukamoto

O-6-047
O-6-048

Saint Royal Club
Tenmabashi
Saint Royal Club
Zaimoku-cho

O-6-049

City Life Tanimachi

O-6-050Imperial Sakurakawa-minami II

Area (Note)

Property Category

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

StudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioStudioNotes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

3

Property
Number

Property Name

O-6-051

Imperial Sakurakawa-minami I

O-6-052

Zekubenten

O-9-053

Sand Mark Residence

F-4-031

MGA Kanamachi

F-5-032

Stellato City Sakurayama

F-6-033

La Vita Nipponbashi

P-4-006

n-OM1

Area (Note)

Property Category

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

StudioStudioStudioFamilyFamilyFamilyPremium(Note) Central Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku andMeguro-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 other areas with population larger than 300,000.

3. Details of the Assets to be Acquired
The details of the 26 properties related to the trust beneficiary interests in real estate are provided as follows.
(1)

Stagea n25
TrusteeType of Specified Asset
Trust Due Date
Location (Address)
Usage
Type of Structure
Land
Area
Building
Land
Type of ownership
Building
Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value
Appraisal
Value (JPY thousand)(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
Trust beneficiary interest in real estate
April 30, 2011
5-3-16 Kita-25jo nishi, Kita-ku, Sapporo, Hokkaido
Residence
RC, 10-story building with flat roof
330.57 ㎡
1,477.53 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
February 27, 2006
9.2
316,000
316,000
February 1, 2007
Rich Appraisal Institute K.K.
Yes
1
1,279.89
1,243.57
97.2
2,183
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

4

(2)

Flat Carerra
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal
Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(3)

Mitsubishi UFJ Trust and Banking Corporation
December 31, 2010
5-1-6 Minami-9jo nishi, Chuo-ku, Sapporo, Hokkaido
ResidenceRC, 9-story building with flat roof
312.85 ㎡
1,158.34 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
December 7, 2001
6.7
290,000
290,000
February 1, 2007
Rich Appraisal Institute K.K.
Yes1
971.15971.15
100.0
1,736
－

s13w9 h +Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value
Appraisal
Value (JPY thousand)(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
February 28, 2011
9-1-5 Minami-13jo, Chuo-ku, Sapporo, Hokkaido
Residence
RC, 10-story building with flat roof
668.33 ㎡
2,145.82 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)January 31, 2006
7.5
463,000
463,000
February 1, 2007
Rich Appraisal Institute K.K.
Yes
1
1,835.21
1,835.21
100.0
3,154
2,920

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

5

(4)

s9w12h +Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(5)

Mitsubishi UFJ Trust and Banking Corporation
December 31, 2016
12-2-26 Minami-9jo nishi, Chuo-ku, Sapporo, Hokkaido
Residence
RC, 14-story building with flat roof
778.57 ㎡
2,668.97 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
October 27, 2006
8.1
533,000
533,000
February 1, 2007
Rich Appraisal Institute K.K.
Yes
1
2,210.96
324.52
14.7
543
503

Stagea hg7
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
April 30, 201113-2-34 Hiragishi-7jo, Toyohira-ku, Sapporo, Hokkaido
Residence
RC, 1-floor basement, 10-story building with flat roof
419.85 ㎡
1,667.84 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
March 20, 2006
7.0
315,000
315,000
February 1, 2007
Rich Appraisal Institute K.K.
Yes
1
1,208.07
1,175.68
97.3
2,120
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

6

(6)

Varsity House Nishi-shitadai
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value
Date of Appraisal(JPY thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(7)

Mitsubishi UFJ Trust and Banking Corporation
October 30, 201616-32 Nishi-shitadaimachi, Morioka, Iwate
ResidenceRC, 5-story building with flat roof
1,546.86 ㎡
2,508.35 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
May 23, 2006
4.9
512,000
512,000
January 31, 2007
Land coordinating Research Inc.
Yes
12,304.00
2,304.00
100.0
3,782
－

Marvelous Niiza
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value
Date of Appraisal(JPY thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

TBD (Note)
TBD (Note)
4-5-41 Nobidome, Niiza, Saitama
Residence/parking/Bicycle Parking
RCw, 6-story building with flat roof
663.40 ㎡
1,503.52 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
November 20, 2006
7.9
590,438
630,000
January 31, 2007
Land coordinating Research Inc.
Yes－
1,260.00－－－－

Note: Currently the asset is not under the trustee, but the Investment Corporation will acquire the asset after trusted.

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

7

(8)

Toshin Shoto Mansion
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value
Date of Appraisal(JPY thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Monthly Rent
Occupancy Ratio(%)
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
July 31, 2016
1-27-7 Shoto, Shibuya-ku, Tokyo
Residence/Retail/OfficeRC, 4-story building with flat roof
585.71 ㎡ (note)
1,232.63 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
June 27, 1978
12.7
912,000
912,000
March 1, 2007
Real Estate Investors Co.,Ltd.
Yes
1
1,044.19
986.594,293
94.5
17,401

Note: Part of this land (27 ㎡) is used as road.

(9)

Stagea Chiyoda
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
October 30, 2016
1-10-5 Chiyoda, Naka-ku, Nagoya, Aichi
Residence
RC, 11-story building with flat roof
322.07 ㎡
1,527.08 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
July 29, 2006
8.8
633,000
633,000
January 31, 2007
Daiwa Real Estate Appraisal Co.,Ltd.
Yes
1
1,447.40
1,447.40
100.0
4,040
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

8

(10)

Stagea Taiko-toori
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(11)

Mitsubishi UFJ Trust and Banking Corporation
February 28, 20175-20-4 Taiko-toori, Nakamura-ku, Nagoya, Aichi
Residence
RC, 15-story building with flat roof
856.71 ㎡
3,190.39 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
August 24, 2006
10.4
1,120,000
1,120,000
January 31, 2007
Japan Tochi-Tatemono Limited
Yes－
3,075.93－－－－

Stella Kanayama Ichibankan
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

The Chuo Mitsui Trust and Banking Company, Limited
March 31, 2017
1-2 Sawashimocho, Atami-ku, Nagoya, Aichi
ResidenceRC, 7-story building with flat roof
489.37 ㎡
930.03 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
September 14, 2006
10.6
370,000
370,000
January 31, 2007
Daiwa Real Estate Appraisal Co.,Ltd.
Yes－
892.44－－－－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

9

(12)

Stella Kanayama Nibankan
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(13)

The Chuo Mitsui Trust and Banking Company, Limited
March 31, 2017
2-1 Sawashimocho, Atami-ku, Nagoya, Aichi
ResidenceRC, 7-story building with flat roof
517.01 ㎡
1,017.76 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)January 18, 2007
10.0
375,000
375,000
January 31, 2007
Daiwa Real Estate Appraisal Co.,Ltd.
Yes－
970.80－－－－Dream Neo-Polis Dainichi
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
February 28, 20112-74-22 Yagumo. Higashi-machi, Moriguchi, Osaka
Residence/OfficeRC, 5-story building with flat roof
234.18 ㎡
692.04 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)January 23, 2006
13.5
217,000
217,000
January 31, 2007
Tanizawa Sogo Appraisal Co.,Ltd.
Yes
1
608.45608.45
100.0
1,495
450

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

10

(14)

Stagea Higashi-nakajima I
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(15)

Mitsubishi UFJ Trust and Banking Corporation
May 31, 2011
2-15-22 Higashi-nakajima, Higashi Yodogawa-ku, Osaka, Osaka
Residence/Bicycle Parking
RC, 8-story building with slate roofing
148.66 ㎡
719.04 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
March 21, 2006
11.1
244,000
244,000
January 31, 2007
Morii Appraisal & Investment Consulting, Inc.
Yes
1
539.07539.07
100.0
1,527
－

Imperial Tsukamoto
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
June 30, 2016
2-11-18 Hanagawa, Nishi-yodogawa-ku, Osaka, Osaka
Residence/Parking
RC, 11-story building with flat roof
613.62 ㎡
2,175.21 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
March 30, 2006
12.2
730,000
730,000
January 31, 2007
Morii Appraisal & Investment Consulting, Inc.
Yes
1
1,710.27
1,658.81
97.0
4,440
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

11

(16)

Saint Royal Club Tenmabashi
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(17)

Mitsubishi UFJ Trust and Banking Corporation
November 30, 2025
2-4-7 Ishimachi, Chuo-ku, Osaka, Osaka
Residence
RC, 11-story building with flat roof
169.28 ㎡
801.51 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
September 13, 2005
14.5
338,000
338,000
January 31, 2007
Tanizawa Sogo Appraisal Co.,Ltd.
Yes
1
662.00662.00
100.0
1,941
1,409

Saint Royal Club Zaimoku-cho
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
October 30, 2016
2-15 Zaimomku-cho, Chuo-ku, Osaka, Osaka
Residence
RC, 11-story building with flat roof
178.06 ㎡
974.21 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
September 9, 2006
6.9
325,000
325,000
January 31, 2007
Tanizawa Sogo Appraisal Co.,Ltd.
Yes
1
723.58385.33
53.3
1,069
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

12(18) City Life Tani-machi
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits(19)

The Chuo Mitsui Trust and Banking Company, Limited
March 31, 2017
7-6-11 Tanimachi, Chuo-ku, Osak, Osaka
Residence/Parking
RC, 10-story building with flat roof
678.05 ㎡
2,213.11 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)January 15, 2007
13.9
1,040,000
1,040,000
January 31, 2007
Japan Tochi-Tatemono Limited
Yes－
1,927.80－－－－

Imperial Sakurakawa-minami II
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
September 30, 2016
3-9-27 Shiokusa, Naniwa-ku, Osaka, Osaka
Residence/Parking
RC, 10-story building with alloy-plated, flat roof
308.00 ㎡
1,543.78 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
March 3, 2006
11.8
486,000
486,000
January 31, 2007
Tanizawa Sogo Appraisal Co.,Ltd.
Yes
1
1,146.51
1,119.44
97.6
2,978
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

13

(20)

Imperial Sakurakawa-minami I
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
September 30, 2016
3-11-3 Shiogusa, Naniwa-ku, Osaka, Osaka
Residence/Parking
RC, 12-story building with flat roof
301.30 ㎡
2,260.40 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
August 10, 2006
12.4
690,000
690,000
January 31, 2007
Tanizawa Sogo Appraisal Co.,Ltd.
Yes
1
1,659.57
1,659.57
100.0
4,509
－

(21) Zekubenten
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
May 31, 2011
4-1-14 Benten, Minato-ku, Osaka, Osaka
Residence/Parking
RC, 7-story building with flat roof
282.06 ㎡
1,277.22 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
April 12, 2006
7.6
466,000
466,000
January 31, 2007
Morii Appraisal & Investment Consulting, Inc.
Yes
1
1,096.34
1,004.09
91.6
2,742
－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

14

(22)

Sand Mark Residence
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal
Value(JPY
Appraisal
thousand)Value(JPY
Date of Appraisal
thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

The Chuo Mitsui Trust and Banking Company, Limited
March 31, 2017
5-5-16 Nakasu, Hakata-ku, Fukuoka, Fukuoka
Residence
RC, 15-story building with flat roof
1,157.64 ㎡
6,130.28 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)January 30, 2007
4.4
2,460,000
2,460,000
January 31, 2007
Land coordinating Research Inc.
Yes－
5,759.20－－－－(23) MGA Kanamachi
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value
Date of Appraisal(JPY thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
September 30, 2016
2-23-10 Higashi-kanamachi, Katsushika-ku, Tokyo
ResidenceRC, 4-story building with flat roof
1,021.47 ㎡
1,527.69 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
September 12, 1990
8.8
484,000
484,000
March 1, 2007
Land coordinating Research Inc.
Yes
1
1,522.89
1,471.05
96.6
2,458
3,206

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

15

(24)

Stellato City Sakurayama
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value
Date of Appraisal(JPY thousand)Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
August 31, 2016
1-6 Koumicho, Syowa-ku, Nagoya, Aichi
Residence
SRC, 14-story building with flat roof
668.45 ㎡
2,071.15 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
July 5, 2006
10.0
735,000
735,000
January 31, 2007
Real Estate Investors Co.,Ltd.
Yes
1
1,922.25
1,922.25
100.0
4,493
－

(25) La Vita Nipponbashi
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
November 30, 2016
2-20-11 Nihonbashi, Chuo-ku, Osaka, Osaka
Residence
RC, 15-story building with flat roof
875.38 ㎡
4,980.24 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
September 20, 2006
7.0
1,860,000
1,860,000
January 31, 2007
Morii Appraisal & Investment Consulting, Inc.
Yes－
4,605.19－－－－

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

16

(26) n-OM1
Trustee
Trust Due Date
Location (Address)
Usage
Type of Structure
Area
Type of ownership

Land
Building
Land
Building

Completion Date
Probable Maximum Loss (%)
Acquisition Date
Appraisal Value(JPY thousand)Appraisal Value(JPY thousand)Date of Appraisal
Appraiser
Existence of Secured Interests after Acquisition
Number Tenants
Leasable Area (㎡)Leased Area（㎡）Occupancy Ratio(%)
Monthly Rent
Security Deposits

Mitsubishi UFJ Trust and Banking Corporation
January 31, 2015
4-17-33 Minami-aoyama, Minato-ku, Tokyo
Residence/Retail/OfficeRC, 2-floor basement, 5-story building with flat roof
1,374.96 ㎡
2,862.10 ㎡
Proprietary ownership (100%)
Proprietary ownership (100%)
October 10, 2006
8.1
3,750,000
3,750,000
January 31, 2007
Daiwa Real Estate Appraisal Co.,Ltd.
Yes
1
1,960.94
1,150.63
58.7
12,59736,304

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
problem of fabrication of data relating to building structural strength. The Investment Corporation requested third
party due diligence consultants, Tokio Marine & Nichido Risk Consulting Co., Ltd., NTT FACILITIES, INC., andIndex Consulting, Inc., to check if the Properties are in compliance with building regulations 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.

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

17

5.

Seller’s Profile
Profiles of the sellers are as follows.
O-1-032、O-1-036、O-5-040、O-6-045、O-6-046、O-6-048、O-6-050、O-6-051、F-4-031、F-5-032 and P-4006
Yugen Kaisha re-plus residential warehouse No.1 (SPC)
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities
Relationship with theInvestment Corporation

Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Takahiro Abe (Director)
JPY 3million- (Footnote 1)
・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 the AssetManagement Company

O-4-039、O-6-044 andO-6-052
Company Name
LLC re-plus residential warehouse No.5 (SPC)
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

Relationship with theInvestment Corporation

Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Yugen-sekinin-Chukan Hojin, re-plus residential (Managing partner）
Takahiro Abe (Director)
JPY 10,000- (Footnote 1)
・ 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 the AssetManagement Company

O-1-033、O-1-034、O-1-035、O-2-037、O-6-047 and F-6-033
Company Name
LLC re-plus residential warehouse No.6 (SPC)
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

Relationship with theInvestment Corporation

Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Yugen-sekinin-Chukan Hojin re-plus residential（Managing partner）
Takahiro Abe (Director)
JPY 10,000- (Footnote 1)
・ 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 the AssetManagement Company

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

18

O-5-041
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

Relationship with theInvestment Corporation

LLC re-plus residential warehouse No.8 (SPC)
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Yugen-sekinin-Chukan Hojin re-plus residential（Managing partner）
Takahiro Abe (Director)
JPY 10,000- (Footnote 1)
・ 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 the AssetManagement Company

O-5-042、O-5-043、O-6-049 andO-9-053
Company Name
LLC R Bridge (SPC)
Head Office Address
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Representative
Yugen-sekinin-Chukan Hojin Shinjuku Kasuga PJ（Managing partner）
Abe Takahiro (Director)
CapitalJPY 10,000
Principal Shareholder- (Footnote 1)
Business Activities

・ Purchase/sale, exchange, rent, ownership, brokerage and management
activities of properties・Purchase/sale, exchange, ownership andmanagement of trust beneficiary interests
・ Disposal / Purchase of shares/capital of firms which engage in above
activities

Relationship with theInvestment Corporation
O-4-038
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

・ Activities related to above
Related Party defined under the internal rules and regulations of the AssetManagement Company

Seito Tatemono Co. Ltd.
3-22-11 Minami-cho Kokubunji-shi Tokyo
Kiyotaka Hirota (CEO)JPY 50million
Individual
Building purchase and sell
Condominium businessAgency / brokerage and management of properties

Relationship with theNone
Investment Corporation(Footnote 1) Due to the intention of the principal shareholder(s), we do not disclose the specific name of thoseshareholders.

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

19

6.

Transactions with Related Parties(1)

Transactions of Properties① Outline of Transactions
Acquisitions of the properties excluding O-4-038 (Marvelous Niiza)②

Seller’s Profile
The sellers excluding O-4-038 (Marvelous Niiza), qualify as an Related-Party defined under the Investment
Trust Law and the internal rules and regulations of the Asset Management Company. Profiles of the sellers are
as follows.
SellerProfileYugen Kaisha re-plus residential warehouse No.1 (SPC)
SPC established by re-plus inc.,and qualifies as a related party
defined under the Investment
LLC re-plus residential warehouse No.5 (SPC)
Trust Law and the internal rules
and regulations of the Asset
LLC re-plus residential warehouse No.6 (SPC)
Management Company
LLC re-plus residential warehouse No.8 (SPC)
LLC R Bridge③(2)

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 statutory 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 and Investment Committee on March 12 and 13, 2007. Subject to approval, eachtransaction was then submitted to the Board of Directors of the Asset Management Company for ratification
on April 2, 2007. It was then approved by the Board of Directors of the Investment Corporation on April 3,
2007.
Appointment of a Property Management Company① Outline of the Transaction
Appointment of a Property Management Company related to properties to be acquired②

Outline of Property Managements Fees:
Property nameStagea n25
Flat Carerra
s13w9 h+s9w12 h+Stagea hg7
Marvelous Niiza

Property Managements Fee

4.0％ of rental revenue (Rent+Parking)(Including consumption tax)
2.0％ of rental revenue (Rent+Parking)(Including consumption tax)
4.0％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
4.0％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

20

Toshin Shoto Mansion
Stagea Chiyoda
Stagea Taiko-toori
Stella Kanayama
Ichibankan
Stella Kanayama
Nibankan
Dream Neo Polis
DainichiStagea Higashi-nakajima I
Imperial Tsukamoto
Saint Royal Club
Tenmabashi
Saint Royal Club
Zaimoku-cho
City Life Tani-machi
Imperial Sakurakawa-minami II
Imperial Sakurakawa-minami I
Zekubenten
Sand Mark Residence .
MGA Kanamachi
Stellato City Sakurayama
La Vita Nipponbashi
n-OM1

3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.0％ of rental revenue (Rent+Parking)(Including consumption tax)
3.0％ of rental revenue (Rent+Parking)(Including consumption tax)
2.0％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
3.5％ of rental revenue (Rent+Parking)(Including consumption tax)
5.0％ of rental revenue (Rent+Parking)(Including consumption tax)
2.38％ of rental revenue (Rent+Parking)(Including consumption tax)
4.0％ of rental revenue (Rent+Parking)(Including consumption tax)
4.0％ of rental revenue (Rent+Parking)(Including consumption tax)
2.0％ of rental revenue (Rent+Parking)(Including consumption tax)
2.5％ of rental revenue (Rent+Parking)(Including consumption tax)

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

21

③

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

④

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

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 statutory 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 and Investment Committee on March 12 and 13, 2007. Subject to approval, eachtransaction was then submitted to the Board of Directors of the Asset Management Company for ratification
on April 2, 2007. It was then approved by the Board of Directors of the Investment Corporation on April 3,
2007.

(3) Details of Brokerage① Outline of transaction
Brokerage related to the Properties to be acquired②

Brokerage Fee
JPY393,280 thousand (excluding consumption tax)
＊Rounded to nearest JPY 1,000③

Profile of Broker
The profile of the Broker of these transactions as follows
Brokerre-plus inc.

④

ProfileOwns more than 50% of shares of the Asset Management
Company and qualifies as an related party as defined underthe Investment Trust Law and the internal rules andregulations of the Asset Management Company

Procedures of Interested Party Transactions
The Investment Corporation, subject to its rules as they relate to related-party transactions, worked to ensure
strict compliance with statutory 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 and Investment Committee on March 12 and 13, 2007. Subject to approval, eachtransaction was then submitted to the Board of Directors of the Asset Management Company for ratification
on April 2, 2007. It was then approved by the Board of Directors of the Investment Corporation on April 3,
2007.

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

22

7. Forecast
For the forecast for the third fiscal period ending September 30, 2007 (from April 1, 2007 to September 30, 2007)
reflecting the acquisitions of the properties, please refer to “Notice Concerning Operating Forecasts for the Fiscal
Periods Ending September 30, 2007 and March 30, 2007.

Notes：This notice is the English translation of the Japanese announcement on the Acquisition of Properties released on April 3, 2007, and no assurance
or warranties are given for the completeness or accuracy of this English translation. This press release is not an offer of units for sale in theUnited States, and units may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act of 1933. There is not, and there is not currently any intention to conduct, any public offering of units in the United States.

23