For Translation Purposes Only
July 31, 2013
For Immediate Release
Nomura Real Estate Master Fund, Inc.
Takashi Kataoka, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Takashi Kataoka, NMF Chief Investment Officer
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Completion of Property Acquisitions
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “the Fund”) announced today that theFund completed acquisition of the followings 2 properties out of the 54 properties mentioned in the Offering
Circular for the Issue of New Investment Units and Secondary Offering (May 2013). Including the 52
properties acquired on June 13, 2013, June 14, 2013 or July 19, 2013, acquisition of all 54 properties iscompleted as of today.
1. Summary of Acquisitions
Property nameLocation

Acquisition

Sellerprice(million yen)
Landport Kawagoe
GEMS Shibuya(1) Date of Agreement:(2) Date of Acquisition:(3) Seller:(4) Financing:(5) Form of Payment:

Kawagoe-shi,
Saitama
Shibuya-ku,
Tokyo

13,700G.K. Kawagoe Logistics Kaihatsu

2,490

Nomura Real Estate Development
Co., Ltd.

April 23, 2013
July 31, 2013
Please refer to “2 (2) Seller Profile” below.
Proceeds obtained from issue of new investment units resolved at the Board of
Directors meeting held on May 9, 2013 and debt financing (Note)
Lump-sum payment upon delivery(Note) For further details of the debt financing, refer to the “Notice Concerning Debt Financing” and“Notice Concerning Interest-Rate Swap Agreement” released on July 26, 2013.

1

2. Property Summary(1) Description of Acquired Properties
The overview of respective assets is summarized in the tables below.
Unless otherwise stated, descriptions in the tables outline the items that have been found or confirmed by
January 31, 2013, in accordance with the explanations shown below. Please refer to the following
terminology for these tables. Furthermore, unless otherwise stated, each figure in the tables describing theoverview of the respective assets is as of January 31, 2013. In addition, each of the acquired properties ortrust assets of beneficiary interests in real property may be referred to as “the Property” in the respective
descriptions in the tables below.
(a) Description on location, use, etc.
- “Location (Registry),” “Land Area,” “Completion,” “Total Floor Space” and “Structure/Floors” arebased on the information in the real estate registry. Note that “Completion” and “Structure/Floors”
are for major buildings only.
- The required walking time in the “Nearest Station” column indicates the figures calculated on thepremise that one minute is required for each road distance of 80 meters, based on the Regulations on
Fair Competition Concerning Real Estate Representations (Fair Trade Commission Notification No. 23
of 2005) and the Enforcement Rules for Regulations on Fair Competition Concerning Real Estate
Representations (Fair Trade Commission Notification No. 107 of 2005).
- “Building Coverage Ratio” and “Floor Area Ratio” indicate figures determined in accordance with
relevant laws and regulations including the Building Standards Act and the City Planning Act (Law No.
100 of 1968, as amended; hereafter “City Planning Act).
- “Zoning” indicates the type of zoning district classified in accordance with Article 8, Paragraph 1, Item
1 of the City Planning Act.
- “Main Use” indicates the primary type of use of buildings stated in the registry.
- “Property Management Company” indicates the property management company to which property
management services for each property are entrusted.
- “Master Lessee” indicates the master lessee with which a master lease agreement has been executed forrespective acquired properties.
- “Type of Master Lease” indicates “pass-through scheme” for the form of the executed master leaseagreement called pass-through type in which a Master Lessee would pay the Fund the same amount as
the rents from end tenants based on the lease agreements with them.
- “Leasing Status” indicates the rights of lease with end tenants when the Type of Master Lease is passthrough scheme.
- “Total Leasable Floor Space” indicates the total area of leasable spaces of respective logistics facilities
and retail properties, etc. (including the area of common-use spaces, etc. if they are leased). The Total
Leasable Floor Space is not an indication on the registry but shows the area indicated in the leaseagreements or the calculated areas based on the building completion drawings and other documents. As
such, the Total Leasable Floor Space is not necessarily equal to the Total Floor Space based on theindications in the registry and may occasionally surpass the Total Floor Space.
- “Occupancy Rate” indicates the ratio of the Total Leased Floor to the Total Leasable Floor Space ineach property (rounded to the first decimal place).
(b) Other Relevant Information“Other Relevant Information” indicates not only matters deemed important in terms of rights, use andother issues for respective properties, but also matters deemed important in consideration of the
impact on their appraisal value, profitability and disposability.

2

Property Name

Landport Kawagoe

Category

Logistics Facility

Type of Asset

Trust beneficiary interest

Trustee of Beneficial Trust

Mitsubishi UFJ Trust andBanking Corporation

Beneficial Trust Contract

September 30, 2017

PeriodNearest Station

1.4 km from Minami-Otsuka Station on the Seibu Shinjuku Line

Location (Street)

1-10-15 Minamidai, Kawagoe-shi, Saitama

Land

1-10-15 Minamidai, Kawagoe-shi,

Registry

Building

Completion

May 2009

Structure/RC, 4F

Saitama
Building

70% (Note)Coverage Ratio
Floor Area

Floors200%

Ratio
ZoningExclusive industrial district

Main Use

Storage

Land Area

36,436.35m2

Total Floor Space

72,352.88m2

Type ofOwnership

Type ofOwnership

Ownership
Property Management

Ownership
Nomura Real Estate Development Co., Ltd., Nomura Building Management Co., Ltd.

Company
Master Lessee-

Total Leasable Floor Space

71,569.89m2

Number of Tenants

2

Type of Master Lease-

Leasing Status
Occupancy Rate

100.0%(Note) The Property is located in an exclusive industrial district where the building coverage ratio is 60% in principle. As the building is
on a corner lot, however, an increased ratio of 70% applies.
Other Relevant Information:
None

3Property NameGEMS Shibuya

Category

Retail Property (station area)

Type of Asset

Real estate

Trustee of Beneficial Trust-

Beneficial Trust Contract
Period-Nearest Station

1 minute walk from Shibuya Station on the JR Line

Location (Street)

3-27-11 Shibuya, Shibuya-ku, TokyoLand

3-33-4 Shibuya, Shibuya-ku, Tokyo,
and others
100% (Note)

Registry
Building
Coverage
Ratio
Floor Area
Ratio
ZoningBuilding

Completion

September 2012

Structure/

S, RC, B1F/9F

Floors600%
Commercial district

Main Use

RetailLand Area

323.65m2

2,000.70m2

Type ofOwnership
Property Management
Company
Master Lessee

Ownership

Total Floor
Space
Type ofOwnership

Ownership

Geo-Akamatsu Co., Ltd.
Geo-Akamatsu Co., Ltd.

Total Leasable Floor Space

1,791.34m2

Number of Tenants

10

Type of Master Lease
Leasing Status
Occupancy Rate

Pass-through scheme
100.0%(Note) The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fireresistant in a fire zone, however, an increased ratio of 100% applies.
Other Relevant Information:
The Fund must continue the property management agreement and the master lease agreement with Geo-Akamatsu Co., Ltd. as acondition for use of the “GEMS Shibuya” trademark without compensation under the agreement with Nomura Real Estate
Development Co., Ltd.

4

(2) Seller Profile
Landport Kawagoe
Company Name

G.K. Kawagoe Logistics Kaihatsu

Location

8-5-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo

Representative

Kawagoe Logistics Holdings general incorporated association
Shinji Nakazawa, Representative Partner

Business Description

1. Acquisition, ownership and disposition of trust beneficiaryinterests
2. Purchase, sale, lease and management of real estate
3. Development and construction of residential land,commercial land and industrial land
4. All other operations incidental to each of the preceding
items

Capital

3 million yen

Relationship with the Fund and the Asset Management Company
Capital Relationship

G.K. Kawagoe Logistics Kaihatsu is a wholly owned subsidiaryof Nomura Real Estate Holdings, Inc. (NREHD), which holds
100% ownership of Nomura Real Estate Asset Management
Co., Ltd. (“NREAM”), and falls under the definition of a
related party under the Act on Investment Trusts andInvestment Corporations (“Investment Trusts Act”) since
Nomura Real Estate Development Co., Ltd., a related party as
defined in the Investment Trusts Act invests in the G.K. basedon silent partnership agreement.

Personnel Relationships

None

Business Relationship

The said company has concluded “Asset Management Service
Agreement” with NREAM and NREAM is entrusted withasset management service of trust beneficiary interest in theProperty.

Status of Related Parties

The said company does not fall under related party of theFund. However, as stated above, the investors of said
company are a fellow subsidiary of NREAM and fall under thedefinition of related party of NREAM.

5

GEMS Shibuya
Company Name

Nomura Real Estate Development Co., Ltd.

Location

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

Representative

Kamezo Nakai, President

Business Description

Real Estate Business

Capital2,000 million yen (as of April 1, 2013)

Relationship with the Fund and the Asset Management Company
Capital Relationship

The said company holds 5.3% of the Fund’s investment units
issued and outstanding as of July 31, 2013.
The said company is a wholly owned subsidiary of NREHD,
which holds 100% ownership of NREAM, and falls under thedefinition of a related party as defined in the Investment
Trusts Act

Personnel Relationships

The Asset Management Company’s employees and officers aredispatched from the said company.

Business Relationship

The said company is the property management company of
the Fund’s properties. Moreover, the Asset Management
Company concluded a basic agreement on provision of
information such as on real estate, etc. with the said company.

Status of Related Parties

The said company does not fall under the definition of a
related party of the Fund. However, as stated above, the said
company is a related party of the Asset Management Company
as it is a fellow subsidiary.

63. Profile of Previous Owners
The following properties were acquired from parties having a special interest relationship with the Fund
and/or the Asset Management Company. The following table indicates (1) company names/personal names,(2) relationship with parties having a special interest relationship, and (3) backgrounds/reasons ofacquisition, etc.
Property Name
(Location)

Owner/Trust Beneficiary before
Previous Owner/Previous Trust
Beneficiary(1), (2), (3)Acquisition (Transfer) Price
Acquisition (Transfer) Date

Previous Owner/Previous Trust
Beneficiary(1), (2), (3)Acquisition (Transfer) Price
Acquisition (Transfer) Date

Landport Kawagoe(1-10-15
Minamidai,
Kawagoe-shi,
Saitama)(1) G.K. Kawagoe Logistics Kaihatsu(2) Please refer to “2 (2) Seller
Profile” above(3) Acquired for the purpose ofinvestment and management (holding
period: more than one year)

Party with which no special interest
relationship exits

Omitted as the property has been
owned for more than a year
September 2007
GEMS Shibuya(3-27-11 Shibuya,
Shibuya-ku, Tokyo)(1) Nomura Real Estate
Development Co., Ltd.
(2) Please refer to “2 (2) Seller
Profile” above(3) Acquired for the purpose ofinvestment and management
-

None

-

7

Owner/Trust Beneficiary Twice
before Previous Owner/Previous
Trust Beneficiary(1), (2), (3)Acquisition (Transfer) Price
Acquisition (Transfer) Date

4.

Brokerage ProfileNo brokerage agency was used for the transactions.

5.

Future Outlook
For the forecasts of financial results of the Fund for the fiscal period ending August 31, 2013 (January 31
to August 31, 2013) and the fiscal period ending February 28, 2014 (September 1, 2013 to February 28,2014), please refer to “Notice Concerning Revision of Forecasts of Financial Results and Distributions
for the Fiscal Period Ending August 31, 2013 and Fiscal Period Ending February 28, 2014” released onJune 17, 2013.

[Exhibits]
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4

Appraisal Summary
Overview of Building Condition Investigation Report andOverview of Earthquake Risk Analysis
Portfolio List
Overview of Buildings, Etc.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/

8

Exhibit 1 Appraisal Summary

Logistics

Use

Capitalization Approach Price (million yen)
Direct Capitalization
NOI Yield
Discounted Cash Flow Approach
Approach(NOI÷Acquisition
NOI
Price (Scheduled)
Terminal(Note 2)
Capitalization
Discount(Note 3)
Price
Price
Capitalization
Rate
Rate
Rate
5.0%
17,9004.9% 17,500
5.1%
5.2%
885
5.1%
(Note 4)
5.1%
16,3005.1% 16,000
5.2%
5.4%
830
5.3%
(Note 5)

Appraiser

Appraisal
Date

AppraisalValue( million yen)
(Note 1)

Landport Urayasu

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

17,600Landport Itabashi

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

16,100Landport Kawagoe

Japan Real Estate
Institute

February 28,
2013

13,70013,7005.6%

13,600

5.3%

5.8%

781

5.7%

Landport Atsugi

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

11,60011,7005.3%

11,6005.2%
5.4%(Note 6)

5.6%

626

5.5%

Sagamihara Tana Logistics
CenterDaiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

10,90011,0005.4%

10,900

5.3%

5.7%

607

5.7%

Sagamihara Onodai Logistics
CenterJapan Real Estate
Institute

January 31,
2013

9,020

9,030

5.6%

9,000

5.2%

5.8%

524

6.0%

Landport Hachioji

Japan Real Estate
Institute

January 31,
2013

8,520

8,560

5.5%

8,480

5.2%

5.7%

472

5.7%

Landport Kasukabe

Japan Real Estate
Institute

January 31,
2013

7,420

7,470

5.5%

7,370

5.1%

5.8%

410

5.6%

Funabashi Logistics Center

Japan Real Estate
Institute

January 31,
2013

4,750

4,790

5.6%

4,710

5.3%

5.9%

291

6.3%

Atsugi-Minami Logistics
Center B Tower

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

4,630

4,690

5.4%

4,610

5.3%
5.5%
(Note 7)

5.7%

252

5.5%

Hanyu Logistics Center

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

4,110

4,140

6.1%

4,100

5.9%

6.3%

257

6.8%

Kawaguchi Logsitics Center B Daiwa Real Estate
Tower
Appraisal Co., Ltd.

January 31,
2013

3,990

4,010

5.4%

3,980

5.2%

5.6%

221

5.9%

Kawaguchi Logsitics Center A Daiwa Real Estate
Tower
Appraisal Co., Ltd.

January 31,
2013

2,980

2,990

5.8%

2,970

5.6%

6.0%

173

6.1%

Atsugi-Minami Logsitics
Center A Tower

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

2,840

2,870

5.4%

2,820

5.3%
5.5%
(Note 8)

5.7%

156

5.8%

Ota Nitta Logistics Center

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

3,620

3,640

6.5%

3,610

6.3%

6.7%

241

7.1%

Ota Higashi-Shinmachi
Logistics Center

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

2,330

2,350

6.4%

2,320

6.2%

6.6%

153

7.1%

Ota Kiyohara Logistics Center

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

688

689

6.4%

687

6.2%

6.6%

46

7.1%

Chiyodamachi Logistics
CenterDaiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

355

356

6.7%

354

6.2%

6.6%

26

8.1%

-

-

125,153

-

-

-

-

-

6,960

5.7%

Property Name

Logistics Sub-total

Retail
Retail (land withleasehold interest)

Appraiser

Appraisal
Date

NOI(Note 2)NOI Yield(NOI÷Acquisition
Price (Scheduled)(Note 3)Morisia Tsudanuma

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

17,00016,8005.8%

17,100

5.6%

6.0%

1,149

6.9%

Yokosuka More’s City

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

13,90014,1005.9%

13,800

5.9%

6.2%

879

6.5%

EQUINIA Shinjuku

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

4,320

4,310

4.5%

4,320

4.3%

4.7%

203

4.8%

Kawasaki More’s

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

4,100

4,130

5.2%

4,090

5.2%

5.5%

261

6.5%

EQUINIA Ikebukuro

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

4,060

3,970

4.8%

4,100

4.6%

5.0%

195

4.9%

covirna Machida

Japan Real Estate
Institute

January 31,
2013

3,550

3,580

6.2%

3,520

5.8%

6.2%

226

6.6%

Nitori Makuhari

Japan Real Estate
Institute

January 31,
2013

3,200

3,240

5.9%

3,160

5.7%

6.2%

190

6.2%

Konami Sports Club Fuchu

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

2,940

2,950

6.0%

2,940

5.8%

6.2%

169

6.2%

FESTA SQUAREJapan Real Estate
Institute

January 31,
2013

2,710

2,720

6.2%

2,700

5.9%

6.4%

168

6.5%

GEMS Shibuya

Daiwa Real EstateAppraisal Co., Ltd.

March 1,
2013

2,490

2,500

5.1%

2,490

4.9%

5.3%

126

5.1%

Sundai Azamino

Japan Real Estate
Institute

January 31,
2013

1,760

1,770

6.1%

1,750

5.7%

6.4%

108

6.4%

EQUINIA Aobadai

Japan Real Estate
Institute

January 31,
2013

1,650

1,660

6.2%

1,640

6.0%

6.4%

109

7.0%

Megalos Kanagawa

Japan Real Estate
Institute

January 31,
2013

1,090

1,100

6.4%

1,080

6.3%

7.0%

75

7.5%

Izumiya Senrioka

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

9,590

9,480

6.0%

9,640

5.8%
6.2%
(Note 9)

6.3%

585

6.6%

Merad Owada

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

6,850

6,790

6.5%

6,880

6.3%

6.7%

459

6.9%

Izumiya Yao

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

4,530

4,640

6.3%

4,480

6.6%

307

7.0%

Izumiya Obayashi

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

3,110

3,150

6.4%

3,090

6.7%

220

7.3%

Ichibancho Stear

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

4,970

4,800

5.3%

5,040

5.6%

252

5.4%

EQUINIA Aobadori

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

1,720

1,570

5.9%

1,780

6.1%

6.2%

103

6.3%

Mitsubishi Motors Meguro

Japan Real Estate
Institute

January 31,
2013

2,800

-

-

2,800

5.5%

-

155

5.7%

Mitsubishi Motors Chofu

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

1,820

-

-

1,820

5.3%

-

93

5.3%

Mitsubishi Motors Shibuya

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

1,690

-

-

1,690

5.1%

-

86

5.5%

Japan Real Estate
Institute

January 31,
2013

1,270

-

-

1,270

5.6%

-

70

5.7%

Property Name

(land
with
lease
hold
inter
est)

Retai
l

Use

Capitalization Approach Price (million yen)
Direct Capitalization
Discounted Cash Flow Approach
ApproachTerminal
Capitalization
Discount
Price
Price
Capitalization
Rate
Rate
Rate

AppraisalValue( million yen)
(Note 1)

Mitsubishi Motors Nerima

6.1%
6.5%
(Note 10)6.2%
6.6%
(Note 11)
5.3%
5.5%
(Note 12)

Use

Capitalization Approach Price (million yen)
Direct Capitalization
Discounted Cash Flow Approach
ApproachTerminal
Capitalization
Discount
Price
Price
Capitalization
Rate
Rate
Rate

Property Name

Appraiser

Appraisal
Date

AppraisalValue( million yen)
(Note 1)

NOI
(Note 2)NOI Yield(NOI÷Acquisition
Price (Scheduled)(Note 3)

Mitsubishi Motors Kawasaki

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

1,010

-

-

1,010

7.0%

7.4%

73

7.7%

Mitsubishi Motors Takaido

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

888

-

-

888

5.2%

-

44

5.3%

Mitsubishi Motors Katsushika

Japan Real Estate
Institute

January 31,
2013

811

-

-

811

5.5%

-

44

5.6%

Mitsubishi Motors HigashiKurume

Japan Real Estate
Institute

January 31,
2013

812

-

-

812

7.0%

-

55

6.9%

Mitsubishi Motors Setagaya

Japan Real Estate
Institute

January 31,
2013

777

-

-

777

5.6%

-

43

5.7%

Mitsubishi Motors Suginami

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

780

-

-

780

5.3%

5.7%

39

5.3%

Mitsubishi Motors Sekimachi

Japan Real Estate
Institute

January 31,
2013

612

-

-

612

5.6%

-

34

5.8%

Mitsubishi Motors HigashiYamato

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

484

-

-

484

8.5%

8.9%

42

9.5%

Mitsubishi Motors
Motosumiyoshi

Japan Real Estate
Institute

January 31,
2013

373

-

-

373

6.0%

-

22

6.0%

Mitsubishi Motors Kawagoe

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

354

-

-

354

6.2%

6.6%

22

6.4%

Mitsubishi Motors Edogawa

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

207

-

-

207

5.6%

-

10

5.2%

Mitsubishi Motors Sayama

Tanizawa Sogo
Appraisal Co., Ltd.

January 31,
2013

165

-

-

165

8.8%

9.2%

14

9.2%

Mitsubishi Motors Ibaraki
Maintenance Center

Daiwa Real EstateAppraisal Co., Ltd.

January 31,
2013

875

-

-

875

6.1%

-

48

6.0%

Retail Sub-total--

109,268

-

-

-

-

-

6,696

6.3%

Total

-

-

234,421

-

-

-

-

-

13,6576.0%(Note 1) “Appraisal Value” indicates the figures appraised by respective real estate appraisers.
The real estate appraisal values are no more than an indication of the opinions on the value of the appraised realestate at the time of appraisal of respective real estate appraisers (appraisal institutions) that appraised the properties
in accordance with the Act on Real Estate Appraisal (Law No. 152, 1963), real estate appraisal standards, etc.
Reappraisal of the real estate may result in different appraisal values depending on the real estate appraiser, methodsof appraisal or period. Also, the appraisal values of real estate do not promise or guarantee the possibility oftransactions at present or in the future at the indicated appraisal values.
Furthermore, the cost approach and income approach (direct capitalization approach or discounted cash flow
approach) are used in calculating the appraisal values. The income approach is used if the real estate’s price is based onan emphasis on investment profitability in the market and it is seen as an investment target for qualified institutional
investors, etc. The cumulative value of the cost approach is used as an index to verify the capitalization approach price.
Among methods of seeking the indicated value by the income approach (a method of seeking the estimated value ofreal estate by seeking the sum of the present value of the net revenue the real estate is expected to generate in the
future), the direct capitalization approach is a method where the net revenue in a certain period is restored using thecapitalization rate.
Among methods of seeking the indicated value by the income approach, the discounted cash flow approach is amethod where the net revenues and return value arising in multiple successive periods are discounted to present value
according to their periods and totaled.
(Note 2) “NOI” indicates the net operating income calculated by the direct capitalization approach shown in the appraisal
report for properties other than land with leasehold interest, and the initial-year net operating income calculated by thediscounted cash flow approach shown in the appraisal report for land with leasehold interest, both rounded down to
the nearest million yen. Accordingly, the total of “NOI” of respective properties may not be the same with the value
shown in the Total column. Furthermore, NOI represents income before deducting depreciation, and is different

from NCF (net cash flow) that adds management profits such as leasehold deposits to NOI and deducts capital
expenditures from NOI.
(Note 3) “NOI Yield (NOI÷Acquisition Price (Scheduled)” indicates the figures obtained by dividing the NOI value by theacquisition price (scheduled), rounded to the first decimal place. Furthermore, the “Logistics Subtotal,” “Retail
Subtotal” and “Total” indicate the figures obtained by dividing the sum total of the NOI of respective acquired assets(scheduled) by the sum total of the acquisition price (scheduled), rounded down to the first decimal place.
(Note 4) The discount rate of Landport Urayasu is 5.0% for the 1st to 2nd years since the appraisal date and 5.1% for the 3rd
to 11th years since the appraisal date.
(Note 5) The discount rate of Landport Itabashi is 5.1% for the 1st to 2nd years since the appraisal date and 5.2% for the 3rd
to 11th years since the appraisal date.
(Note 6) The discount rate of Landport Atsugi is 5.2% for the 1st to 4th years after the appraisal date and 5.4% for the 5th to11th years since the appraisal date.
(Note 7) The discount rate of Atsugi-Minami Logistics Center B Tower is 5.3% for the 1st to 2nd years since the appraisal dateand 5.5% for the 3rd to 11th years since the appraisal date.
(Note 8) The discount rate of Atsugi-Minami Logistics Center A is 5.3% for the 1st to 10th years since the appraisal date and5.5% for the 11th year since the appraisal date.
(Note 9) The discount rate of Izumiya Senrioka is 5.8% for the 1st to 10th years since the appraisal date and 6.2% for the 11th
year since the appraisal date.
(Note 10) The discount rate of Izumiya Yao is 6.1% for the 1st to 10th years since the appraisal date and 6.5% for the 11th year
since the appraisal date.
(Note 11) The discount rate of Izumiya Obayashi is 6.2% for the 1st to 6th years since the appraisal date and 6.6% for the 7th to11th years since the appraisal date.
(Note 12) The discount rate of Ichibancho Stear is 5.3% for the 1st to 3rd years since the appraisal date and 5.5% for the 4th to11th years since the appraisal date.

Exhibit 2 Overview of Building Condition Investigation Report and Overview of Earthquake Risk Analysis
Use

Preparer of Building Condition
Investigation Report

Emergency Short-Term Long-Term
RepairRepairRepairPreparation Date Expenses
Expenses
Expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)

Landport Urayasu

Shimizu Corporation

February 2013

0

0

292

4.61

Landport Itabashi

Shimizu Corporation

February 2013

0

0

176

6.17

Property Name

Landport Kawagoe
Landport Atsugi
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Logistics

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.

March 2013

0

0

310

4.85

February 2013

0

0

101

10.06

March 2013

0

0

162

4.92

Shimizu Corporation

February 2013

0

0

427

12.96

February 2013

0

0

83

11.29

February 2013

0

0

78

7.33

February 2013

0

0

425

5.24

February 2013

0

0

10

12.38

February 2013

0

0

84

5.15

February 2013

0

0

155

5.05

February 2013

0

0

193

6.32

February 2013

0

0

87

12.35

February 2013

0

0

113

2.01

February 2013

0

0

56

1.39

February 2013

0

0

22

1.39

February 2013

0

0

53

7.23

-

0

0

2,835

5.76

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Shimizu Corporation

Tokio Marine & Nichido Risk
Atsugi-Minami Logistics Center B Tower
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Hanyu Logistics Center
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Kawaguchi Logsitics Center B Tower
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Kawaguchi Logsitics Center A Tower
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Atsugi-Minami Logsitics Center A Tower
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Ota Nitta Logistics Center
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Ota Higashi-Shinmachi Logistics Center
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Ota Kiyohara Logistics Center
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Chiyodamachi Logistics Center
Consulting Co., Ltd.
Logistics Sub-total

PML(%)(Note 4)-

Preparer of Building Condition
Investigation Report

Emergency Short-Term Long-Term
RepairRepairRepairPreparation Date Expenses
Expenses
Expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)Morisia Tsudanuma

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

February 2013

0

0

2,540

5.93

Yokosuka More’s City

Shimizu Corporation

February 2013

0

144

814

12.79

February 2013

0

0

221

7.5

February 2013

0

1

731

11.24

February 2013

0

0

144

10.82

February 2013

0

300

120

14.8

February 2013

0

0

77

5.93

Use

Property NameEQUINIA Shinjuku
Kawasaki More’s
EQUINIA Ikebukuro
covirna machida
Nitori Makuhari

RetailTokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Shimizu Corporation
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.

PML(%)
(Note 4)

Konami Sports Club Fuchu

Shimizu Corporation

February 2013

0

0

204

2.4

FESTA SQUARE

Shimizu Corporation

February 2013

0

0

43

6.36

March 2013

0

0

14

1.81

February 2013

0

0

31

6.93

February 2013

0

0

137

9.91

February 2013

0

0

94

11.24

February 2013

0

0

239

14.44

February 2013

0

0

270

10.16

February 2013

0

0

168

14.37

February 2013

0

0

236

12.95

February 2013

0

0

66

2.76

February 2013

0

0

81

0.34

GEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho Stear
EQUINIA Aobadori

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.

Retail Sub-total

-

-

0

445

6,238

5.60

Total

-

-

0

445

9,073

5.28

(Note 1) “Emergency Repair Expenses” indicate the sum of repair expenses for items having failures that will functionally hinder
daily operations or items that are legally instructed for improvement but are not yet repaired (rounded down to thenearest million yen).
(Note 2) “Short-Term Repair Expenses” indicate the expenses for repairs that have to be carried out within one year, such as
items that are deteriorated and renovation is desirable as soon as possible and items that would have failure if left
unrepaired, except for expenses for standard repairs or for replacement of internal fittings and facilities (rounded down
to the nearest million yen).
(Note 3) “Long-Term Repair Expenses” indicate the estimates that are the sum total of forecasted long-term (12 years) repair
expenses (rounded down to the nearest million yen).
(Note 4) “PML” indicates the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to thereplacement cost. PML is calculated based on the statistical assumption that within next 475 years (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring. The indicated figures are basedon the report prepared by NKSJ Risk Management, Inc.

Exhibit 3 Portfolio List
Use

Logistics

Acquisition Price(Scheduled)(million yen)
(Note 2)
17,40015,71013,70011,41010,600
8,700
8,250
7,340
4,660
4,590
3,810
3,750
2,830
2,690
3,430
2,170
650
330

Percentage to
Total (%)
(Note 3)

Appraisal Value(million yen)
(Note 4)

7.6%
6.9%
6.0%
5.0%
4.7%
3.8%
3.6%
3.2%
2.0%
2.0%
1.7%
1.6%
1.2%
1.2%
1.5%
1.0%
0.3%
0.1%

17,600
16,10013,70011,60010,900
9,020
8,520
7,420
4,750
4,630
4,110
3,990
2,980
2,840
3,620
2,330
688
355

122,02053.6%

125,153

Morisia Tsudanuma

16,6007.3%

17,000

Yokosuka More’s City

13,6406.0%

13,900June 14, 2013
June 14, 2013

EQUINIA Shinjuku
Kawasaki More’s
EQUINIA Ikebukuro
covirna Machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho Stear
EQUINIA Aobadori
Mitsubishi Motors Meguro
Mitsubishi Motors Chofu
Mitsubishi Motors Shibuya
Mitsubishi Motors Nerima
Mitsubishi Motors Kawasaki
Mitsubishi Motors Takaido
Mitsubishi Motors Katsushika
Mitsubishi Motors Higashi-Kurume
Mitsubishi Motors Setagaya
Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi
Mitsubishi Motors Higashi-Yamato
Mitsubishi Motors Motosumiyoshi
Mitsubishi Motors Kawagoe
Mitsubishi Motors Edogawa
Mitsubishi Motors Sayama
Mitsubishi Motors Ibaraki MaintenanceCenter

4,260
4,000
3,990
3,440
3,080
2,730
2,600
2,490
1,700
1,560
1,000
8,930
6,640
4,406
3,020
4,700
1,640
2,740
1,760
1,570
1,240
950
850
800
800
770
740
600
450
370
350
200
160

1.9%
1.8%
1.8%
1.5%
1.4%
1.2%
1.1%
1.1%
0.7%
0.7%
0.4%
3.9%
2.9%
1.9%
1.3%
2.1%
0.7%
1.2%
0.8%
0.7%
0.5%
0.4%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
0.1%
0.1%

4,320
4,100
4,060
3,550
3,200
2,940
2,710
2,490
1,760
1,650
1,090
9,590
6,850
4,530
3,110
4,970
1,720
2,800
1,820
1,690
1,270
1,010
888
811
812
777
780
612
484
373
354
207
165

June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
July 31, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013

820

0.4%

875

June 13, 2013

105,596
227,61646.4%
100.0%

109,268
234,421

Area(Note 1)

Greater Tokyo

Other areas

Property Name
Landport Urayasu
Landport Itabashi
Landport Kawagoe
Landport Atsugi
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi-Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logsitics Center B Tower
Kawaguchi Logsitics Center A Tower
Atsugi-Minami Logsitics Center A Tower
Ota Nitta Logistics Center
Ota Higashi-Shinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center

Logistics
Sub-total

Greater Tokyo

RetailKinki Area

Other areas

Retail (landwithGreater Tokyo
leaseholdinterest)

Kinki Area
Retail Sub-total

Total

Date of Acquisition(Scheduled)
June 14, 2013
June 14, 2013
July 31, 2013
June 14, 2013
July 19, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013-

(Note 1) “Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Kinki
Area” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo Area” refers to-Aichi Prefecture, Gifu Prefecture and Mie Prefecture. “Other Areas” refers to cabinet-order designated cities,
prefectural capitals, and cities having a population of at least 100,000 and their peripheral areas, excluding Greater
Tokyo, Kinki Area and Chukyo Area.
(Note 2) “Acquisition Price (Scheduled)” indicates the amount excluding expenses required for the acquisition of relevant
properties, such as transaction brokerage fees and taxes and duties (or the transaction price of properties shown in thesales agreement with suspensive conditional clauses).
(Note 3) “Percentage to Total” indicates the ratio of the acquisition price (scheduled) of respective properties to the totalacquisition price (scheduled) of the entire portfolio (54 properties in total). Furthermore, as the figures were rounded to
the first decimal place, the total may not necessarily be 100%.
(Note 4) “Appraisal Value” indicates the value appraised by respective real estate appraisers (based on the value estimated by theappraisers using the price calculated by the capitalization approach as the standard as of the respective appraisal dates
shown in the Exhibit 1: Appraisal Summary (Including Assets to be Acquired) above.)Exhibit 4 Overview of Buildings, Etc.
Use

Area
(Note １)

Logistics

Greater Tokyo

Property Name

Location

Space
(m2)
(Note 2)

Space
(m2)
(Note 3)

Leasehold andOccupancy

No. ofAnnual Rent

Rate
(Note 4)

Tenants(Note 5)(million yen)
(Note 6)

Security Deposits(million yen)
(Note 7)

Urayasu-shi,
Chiba

May 2008

70,045.85

70,045.85

100.0%

2(Note 8)(Note 8)Landport Itabashi

Itabashi-ku,
Tokyo

January 2008

52,794.55

52,794.55

100.0%

2(Note 8)(Note 8)Landport Kawagoe

Kawagoe-shi,
Saitama

May 2009

71,569.89

71,569.89

100.0%

2(Note 8)(Note 8)Landport Atsugi

Atsugi-shi,
Kanagawa

March 2007

47,995.23

47,995.23

100.0%

2(Note 8)(Note 8)

Sagamihara Tana Logistics Center

Sagamihara-shi,
Kanagawa

October 2007

50,450.00

50,450.00

100.0%

1(Note 8)(Note 8)

Sagamihara Onodai Logistics Center

Sagamihara-shi,
Kanagawa

August 2000

57,448.03

57,448.03

100.0%

1(Note 8)(Note 8)Landport Hachioji

Hachioji-shi,Tokyo

November 2008

34,896.32

34,896.32

100.0%

1(Note 8)(Note 8)June 2009

29,630.48

29,630.48

100.0%

1

September 1991

30,641.98

30,641.98

100.0%

Landport Kasukabe

Kasukabe-shi,
Saitama--(Note 8)(Note 8)2

(Note 8)(Note 8)

Funabashi Logistics Center

Funabashi-shi,
Chiba

Atsugi-Minami Logistics Center B Tower

Atsugi-shi,
Kanagawa

May 2005

24,909.96

24,909.96

100.0%

1(Note 8)(Note 8)

Hanyu Logistics Center

Hanyu-shi,
SaitamaFebruary 2006

24,850.80

24,850.80

100.0%

1(Note 8)(Note 8)Kawaguchi Logsitics Center B Tower

Kawaguchi-shi,
SaitamaApril 1996

13,648.70

13,648.70

100.0%

1(Note 8)(Note 8)Kawaguchi Logsitics Center A Tower

Kawaguchi-shi,
Saitama

September 1991

12,003.57

12,003.57

100.0%

1(Note 8)(Note 8)

Atsugi-Minami Logsitics Center A Tower

Atsugi-shi,
Kanagawa

October 2003

9,825.52

9,825.52

100.0%

1(Note 8)(Note 8)

Ota Nitta Logistics CenterOta-shi,Gunma

March 2003

42,328.00

42,328.00

100.0%

1(Note 8)(Note 8)

Ota Higashi-Shinmachi Logistics CenterOta-shi,
Gunma

August 2008

23,584.72

23,584.72

100.0%

1(Note 8)(Note 8)May 2004

9,397.38

9,397.38

100.0%

1

January 1999

4,592.00

4,592.00

100.0%-

610,612.98

610,612.98

Low-rise retail building: October
1978

39,369.43

Ota Kiyohara Logistics Center
Chiyodamachi Logistics CenterOta-shi,Gunma
Oura-gun,
Gunma

Logistics Sub-total

Morisia Tsudanuma

RetailCompletion

Leased Floor

Landport Urayasu

Other Areas

Greater Tokyo(as of January 31, 2013)
Leasable Floor

Narashino-shi,
Chiba

-

-

(Note 8)(Note 8)1

(Note 8)(Note 8)100.0%

23

8,214

3,948

39,222.33

99.6%

124

1,745

892

Parking building: November 1987

Yokosuka More’s City

Yokosuka-shi,
Kanagawa

July 1997

29,383.65

29,383.65

100.0%

1(Note 8)(Note 8)EQUINIA Shinjuku

Shinjuku-ku,
TokyoMarch 1988

3,611.57

2,676.28

74.1%

8

253

211

Kawasaki More’s

Kawasaki-shi,
Kanagawa

August 1980

14,446.48

14,446.48

100.0%

1(Note 8)(Note 8)EQUINIA Ikebukuro

Toshima-ku,
Tokyo

October 1973

2,701.66

2,693.93

99.7%

14

273

239

covirna Machida

Machida-shi,Tokyo

September 1981

2,891.32

2,891.32

100.0%

7

274

145

Nitori Makuhari

Chiba-shi,
Chiba

November 2007

14,367.98

14,367.98

100.0%

1--(Note 8)(Note 8)

Konami Sports Club Fuchu

Fuchu-shi,TokyoFebruary 2000

12,385.18

12,385.18

100.0%

1(Note 8)(Note 8)FESTA SQUARE

Saitama-shi,
Saitama

September 2008

7,480.63

7,480.63

100.0%

1(Note 8)(Note 8)GEMS Shibuya

Shibuya-ku,
Tokyo

September 2012

1,791.34

1,791.34

100.0%

10

162

128

Sundai Azamino

Yokohama-shi,
Kanagawa

November 2008

2,286.47

2,286.47

100.0%

1(Note 8)(Note 8)EQUINIA Aobadai

Yokohama-shi,
Kanagawa

November 1982

2,457.36

2,423.30

98.6%

8

145

135

Megalos Kanagawa

Yokohama-shi,
Kanagawa

1(Note 8)(Note 8)May 2002

6,217.85

6,217.85

100.0%

Use

Area(Note １)Retail (land with leasehold interest)

Completion

Annex: July 1999

Leasable Floor
Space
(m2)

Leased Floor
Space
(m2)

(Note 2)

(Note 3)

Occupancy
Rate

No. ofTenants

Annual Rent
(million yen)

(Note 4)(Note 5)(Note 6)

Leasehold andSecurity Deposits(million yen)
(Note 7)100.0%

1

100.0%

1(Note 8)(Note 8)34,198.01

100.0%

1(Note 8)(Note 8)

11,714.36

11,714.36

100.0%

1(Note 8)(Note 8)February 2006

4,582.81

4,582.81

100.0%

7

424

317

Sendai-shi,
MiyagiJune 2008

4,030.37

4,030.37

100.0%

19

277

255

Mitsubishi Motors Meguro

Meguro-ku,
Tokyo

-

3,381.19

3,381.19

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Chofu

Chofu-shi,
Tokyo

-

4,183.63

4,183.63

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Shibuya

Shibuya-ku,
Tokyo

-

1,421.31

1,421.31

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Nerima

Nerima-ku,
Tokyo

-

1,725.61

1,725.61

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Kawasaki

Kawasaki-shi,
Kanagawa-

3,057.02

3,057.02

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Takaido

Suginami-ku,
Tokyo

-

1,923.64

1,923.64

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Katsushika

Katsushika-ku,
Tokyo

-

1,930.05

1,930.05

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Higashi-Kurume

HigashiKurume-shi,
Tokyo

-

4,105.00

4,105.00

100.0%

1(Note 8)(Note 8)Mitsubishi Motors Setagaya

Setagaya-ku,
Tokyo

-

1,305.78

1,305.78

100.0%

1(Note 8)(Note 8)-

1,831.00

1,831.00

100.0%

1

Nerima-ku,
Tokyo

-

989.77989.77100.0%

Mitsubishi Motors Higashi-Yamato

Higashi-Yamatoshi, Tokyo

-

2,783.79

2,783.79

Mitsubishi Motors Motosumiyoshi

Kawasaki-shi,
Kanagawa-

1,646.97

Mitsubishi Motors Kawagoe

Kawagoe-shi,
Saitama-

Mitsubishi Motors Edogawa

Edogawa-ku,
Tokyo

Mitsubishi Motors Sayama
Mitsubishi Motors Ibaraki MaintenanceCenterIzumiya Senrioka

Suita-shi, Osaka

Merad Owada

Osaka-shi, Osaka

Izumiya Yao

Yao-shi, Osaka

Izumiya Obayashi

Takarazuka-shi,
Hyogo

Ichibancho Stear

Sendai-shi,
MiyagiEQUINIA Aobadori

Other Areas

Greater Tokyo

Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi

Kinki Area

Location(Note 8)RetailKinki Area

Property Name

Retail Sub-total
Total

Suginami-ku,

24,399.12

24,399.12

Retail: September 1994

14,941.54

14,941.54

Logistics: July 2000

5,856.50

5,856.50

34,198.01

Main building: June 2000

Newly built: July 2003
Expansion: April 2012
Newly built: 1973 September
Expansion: October 1977
Expansion: January 2001

(Note 8)--(Note 8)(Note 8)1

(Note 8)(Note 8)100.0%

1(Note 8)(Note 8)

1,646.97

100.0%

1(Note 8)(Note 8)2,462.40

2,462.40

100.0%

1(Note 8)(Note 8)-892.56892.56100.0%

1(Note 8)(Note 8)

Sayama-shi,
Saitama-

1,793.00

1,793.00

100.0%

1(Note 8)(Note 8)

Ibaraki-shi,
Osaka

-

5,704.24

5,704.24

100.0%

1(Note 8)(Note 8)

Tokyo

-

-

280,250.59

279,126.41

99.6%

225

8,465

4,767

-

-

890,863.57

889,739.39

99.9%

248

16,6808,715(Note 1) “Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Kinki
Area” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo Area” refers to
Aichi Prefecture, Gifu Prefecture and Mie Prefecture. “Other Areas” refers to cabinet-order designated cities,
prefectural capitals, and cities having a population of at least 100,000 and their peripheral areas, excluding Greater
Tokyo, Kinki Area and Chukyo Area.
(Note 2) “Leasable Floor Space” is the total floor space of logistics facilities, retail properties, etc. that each asset is able to lease(if common-use space and such are leased, such are included). Leasable floor space is not what is indicated in registries
but is rather floor space calculated based on area, completion drawings, etc. in the lease agreements and therefore will
not necessarily be the same as total floor space based on the registry and may exceed the total floor space. For land withleasehold interest, the area of land in the registry is indicated as contracted area.
(Note 3) “Leased Floor Space” is the floor space which is being leased to end tenants with actually concluded lease agreements.
(This is the floor space indicated in lease agreements. However, for areas of logistics facilities and retail properties (if allof a rental room is collectively leased, then the whole area of the rental room), leased areas such as parking lots are notincluded. However, if the Master Lessee has a master lease for part or all of a rental room with a guaranteed rental
scheme, the section is included into leased floor area regardless of whether or not there is a lease agreement with anend tenant). For land with leasehold interest, the leased floor area of the land with leasehold interest is indicated.

(Note 4) “Occupancy Rate” is sought as the ratio of leased floor space against the total leasable floor space of each asset (figures
are rounded to the first decimal place).
(Note 5) Regarding the calculation of the number of tenants, the lessee of a master lease agreement is counted as one when partor all of a rental room is collectively leased for the purpose of subleasing and the lessee in the lease agreement (master
lease agreement) has concluded an agreement with the end tenant (sublessee that is actually using the room) for
subleasing the rental room. However, the total number of end tenants is indicated for assets with so-called pass-throughscheme master lease agreements where the rent received from lessees in the master lease agreement is equal to the rent
that the lessee receives from end tenants. Also, if several rental rooms are being leased to the same tenant at a certain
asset, this is counted as one tenant, and if space in multiple assets is being leased to the same tenant, they are counted
separately, and the total number of tenants is indicated in the subtotal and total sections.
(Note 6) For each asset, the annual rent is 12 times the amount of one month’s rent and common service fees in leaseagreements actually concluded with end tenants that are valid as of the end of January 2013 (amounts below one
million yen are rounded off). (If common-use space, etc. is being leased based on the lease agreement, rents for suchare included, and if rents include the amount equivalent for using parking space, such are included. Also, if the Master
Lessee has a master lease for part or all of a rental room with a guaranteed rental scheme, the rent for that section isbased on the rent, etc. in the lease agreement concluded with the Master Lessee.) Therefore, the total amount of annual
rent revenue from each tenant may not be the same amount as the amounts indicated in the subtotal and total sections.
Furthermore, regarding tenants who have been exempt from rent payment for a certain period of time in theiragreements, such exemption periods are not considered in the above table and the rents are calculated based on themonthly rent and common service fees after the exemption periods end. Also, the standard levels of rents are used fortenants with rents that depend on sales.
(Note 7) “Leasehold and Security Deposits” is the total balance of leasehold and security deposits indicated in the leaseagreements with end tenants of each asset as of the end of January 2013 (amounts below one million yen are roundedoff). Therefore, the total amount of leasehold and security deposits from each property may not be the same amount as
the amounts indicated in the subtotal and total sections.
(Note 8) Undisclosed as consent has not been obtained from tenants.