This translation of the original Japanese notice is provided solely for information purposes. Should there
be any discrepancy between this translation and the Japanese original, the latter shall prevail.
November 19, 2019
REIT Issuer:

Nippon Healthcare Investment Corporation (Securities Code: 3308)
Representative: Shunichi Suzuki, Executive Director
Asset Manager: Daiwa Real Estate Asset Management Co., Ltd.
Representative: Toshio Fukushima, President and Representative Director
Inquiries to: Takashi Chiba, General Manager, Corporate Division(TEL: +81-3-6757-9600)

Notice Concerning Acquisition and Leasing of Property
Nippon Healthcare Investment Corporation (the “Investment Corporation”) hereby gives notice that
Daiwa Real Estate Asset Management Co., Ltd. (the “Asset Manager”), to which the Investment
Corporation entrusts its asset management operations, decided today to acquire and lease the realestate trust beneficiary interest (the “Assets to be Acquired” or “Asset to be Acquired”) as follows:As described in “Notice Regarding Conclusion of Merger Agreement Between Japan Rental Housing
Investments Inc. and Nippon Healthcare Investment Corporation” separately announced today, theInvestment Corporation and Japan Rental Housing Investments Inc. (“JRH”) decided to execute anabsorption-type merger (the “Merger”) where JRH will be the surviving company and the Investment
Corporation will be the absorbed company with April 1, 2020, as the effective date, and concluded amerger agreement at their board of directors’ meeting held today. The acquisition of the Assets to be
Acquired is subject to the condition that the Merger will take effect. For details of the condition precedent,
please refer to “8. Financial Impact on the Investment Corporation in the Event of Failure of Fulfillment of
Forward Commitment, etc.”
Upon the determination of the acquisition of the Assets to be Acquired, approval has been obtained fromthe board of directors of the Investment Corporation based on the Act on Investment Trusts andInvestment Corporations (Act 198 of 1951, as amended, the “Investment Trusts Act”) and the “Regulation
Concerning Conflict of Interest” of the Asset Manager.
1. General Outline of the Assets to be Acquired
Property
number

1
2
3
4
5
6

Property nameLocation

Scheduledacquisition
price(million yen)
(Note 1)AIP
Kachidoki-Ekimae
PLAISANTGRAND MINAMIYUKIGAYA
Aira no mori
Higashi-Ofuna

Chuo-ku,
Tokyo

8,150

GK DA
Healthcare 3

Ota-ku,
Tokyo

3,380

GK DA
Healthcare 5

Yokohama-shi,
Kanagawa

2,271

GK DA
Healthcare 6

Nerima-ku, Tokyo

2,070

Edogawa-ku,
Tokyo

1,499

GK DA
Healthcare 4

Yokohama-shi,
Kanagawa

1,202

GK DA
Healthcare 7

Aira no mori
Shakujiikoen
Aira no mori
Edogawa-ShinozakiSenior Forest
Yokohama-Tsuzuki

Date ofconclusion ofsale andpurchaseagreement

November 19,
2019

Scheduledacquisition
date

April 2,
2020

SellerFund foracquisition(Note 2)GK DA
Healthcare 4(Note 2)

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

1

Property
number

7
8
9

10

11

12
13

Property name
Sompo no ie
Toyonaka-Minami
sone
Irise Komae Bettei(additional
acquisition)
Alpha Living
Takamatsu
Konyamachi
Good Time Living
Center-Minami,
Platesia
Center-Minami
Good Time Living
Chibaminato-Kaig
andori・
Platesia
Chibaminato
Good Time Living
Yokohama-TsuzukiGood Time Living
Senri-Hinatagaoka

Location

Scheduledacquisition
price(million yen)
(Note 1)

Toyonaka-shi,
Osaka

825

Komae-shi,
Tokyo

920

Takamatsu-shi,
Kagawa1,225

Yokohama-shi,
Kanagawa

11,150Chiba-shi,
Chiba

4,516

Yokohama-shi,
Kanagawa

4,064

Suita-shi,
Osaka

2,800

Good Time Living
Nakamozu

Sakai-shi,
Osaka

2,180

15

Good Time Living
Kourigaoka

Hirakata-shi,
Osaka

2,120

16

Good Time Living
KameidoKoto-ku,
Tokyo

1,860

Good Time Living
MikageGood Time Living
Amagasaki-Shinto
shinGood Time Living
Minami Senri

Kobe-shi,
Hyogo

1,820

Amagasaki-shi,
Hyogo

1,585

Suita-shi,
Osaka

1,430

18
19
20
21
22
23
24
25
26
27
28

Good Time Living
Kobe-shi,
Kobe-Tarumi
Hyogo
Good Time Living
Chiba-shi,
Chibaminato-Ekim
Chiba
aedoriGood Time Living
Sakai-shi,
Senboku-Izumiga
Osaka
oka
Good Time Living
Ikeda-shi,
Ikeda-Midorigaoka
Osaka
Good Time Living
Yokohama-shi,
Nagatsuta-Minami
Kanagawa
daiGood Time Living
Hasuda-shi,
Saitama-Hasuda
Saitama
Good Time Living
Nagareyama-shi,
Nagareyama-Ichib
Chiba
ankan
Good Time Living
Nagareyama-shi,
Nagareyama-Niba
Chiba
nkan
Good Time Living
Amagasaki-shi,
Amagasaki-Ekima
Hyogo
e
Total

-

Scheduledacquisition
date

SellerFund foracquisition

GK DA
Healthcare 2

GK DA
Healthcare 2

14

17

Date ofconclusion ofsale andpurchaseagreement

November 19,
2019

April 2,2020

GK GTL
Healthcare(Note 2)

-

-

-

-

1,370
1,320
980
920
850
659
610
563
320
62,660(Note1)“Scheduled acquisition price” does not include acquisition costs, fixed property tax, city planning tax, consumption tax
and local consumption tax. Figures are rounded to the nearest specified unit. The same shall apply hereinafter.
(Note2) Funds procured in the issuance of new investment units through third-party allotment announced by JRH today,
disposition fee in the disposition of assets, cash on hand and borrowings scheduled to be announced in the future arescheduled to be used. For the issuance of new investment units through third-party allotment and the disposition of
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

2

(Note3)(Note4)assets, please refer to “Notice Concerning Issuance of New Investment Units through Third-Party Allotment” and“Notice Concerning Disposition of Assets” announced by JRH today.
There is no intermediary in the acquisition of the respective Asset to be Acquired.
The position as well as the rights and obligations of the buyer in the sales and purchase agreement for the Assets to
be Acquired are scheduled to be succeeded from the Investment Corporation to JRH on April 1, 2020, which is theeffective date of the Merger. For details of the Merger, please refer to “Notice Regarding Conclusion of Merger
Agreement Between Japan Rental Housing Investments Inc. and Nippon Healthcare Investment Corporation”
separately announced today.

2. Reason for Acquisition and Leasing
We believe that the Assets to be Acquired are appropriate healthcare facilities pursuant to the basic
policy for asset management set forth in the Articles of Incorporation and the management policy of
the Investment Corporation. We decided to acquire and lease them because we appreciate their rarity,
stable profitability, etc. For details, please refer to “3. Details of the Acquisition and Leasing”As for thetenant of the Assets to be Acquired, we believe that the tenant is appropriate pursuant to the criteria for
selecting tenants indicated in the Report on the Management Structure and System of the Investment
Corporation dated July 31, 2019. Please refer to below for further details.
3. Details of the Acquisition and Leasing[Property Number 1]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million
yen) (Appraisal date)
Location
AccessLand
Area (m²)

Building

Form ofownership
Structure/Floors

Total floor area(m²)
Form ofownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses (thousandyen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee

AIP Kachidoki-Ekimae
Overview of the specified asset
Real estate trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited
From May 15, 2015, to December 31, 2027
8,150
Scheduled acquisition
April 2, 2020
date
8,340
Appraisal firm
The Tanizawa Sōgō
(as of November 1, 2019)
Appraisal Co., Ltd.
3-5-5 Kachidoki, Chuo-ku, Tokyo
Approximately 110m from Kachidoki Station on the Toei Oedo Line
1,543.09
Zoning(A) Category II
residential district(B) Commercial district
Ownership
Floor-area ratio /(A) 400/80
Building-to-land ratio (%) (B) 600/80
RC/9F
Number of leasable
4compartments(compartment)
7,702.02 (Total)
Construction completion
April 17, 2017
Ownership

Use

Home for the elderly,clinic, retail store

Yutaka Inoue Architecture & Design Institute
Tekken Corporation
Japan ERI Co., Ltd.
Tokio Marine & Nichido Risk Consulting Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)040,401

PML (%)

5.0

AIP Healthcare Japan GK
The Investment
Corporation

Master lease typePass-through lease

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

3Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
7,224.26

Major tenant

Nichii Carepalace
Co.,Ltd.
100.0%

Total leased area (m²)
7,224.26
Occupancy rate
Ratio to total leasable
Area of space occupied by
64.8%
4,683.38
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From May 1, 2017 to April 30, 2037
Rent revision:
The lessor and lessee may not revise rent during the contract period. In addition, if
there are any significant changes in land/building prices, taxes and dues and economic
climate, rent may be revised after consultation.
Contract renewal:
The contract shall be renewed at lease conditions decided upon consultation between
both parties for another 3 years in the case neither lessor nor lessee indicates its
intention to reject the renewal to the other party by no later than 6 months before thecontract expiration date mentioned above. This shall be applied hereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until April 30, 2027. However, thelessee may cancel the contract by paying an amount equivalent to 6 months’ rent and apenalty (amount calculated by dividing the standard construction costs by the number ofmonths in the contract period and multiplying the figure by the number of remaining
months). In addition, for the period from May 1, 2027 to April 30, 2037, the lessee shallgive the lessor a notice on mid-term cancellation by no later than six months inadvance. However, if the lessee introduces a lessee who will succeed the business,concludes a lease contract with the lessor under the same conditions as the contractand succeeds the business, the lessee may cancel the contract without paying apenalty.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
Nichii Carepalace
Opening dateJune 1, 2017
Co.,Ltd.
Type of facility
Fee-based home for theelderly with nursing care
Number of Rooms (room) 90(designated facility)
Right to reside status
Right to use
Resident capacity
100(people)Room area range (m²)
20.48~40.96
Number of residents
84(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2)
84.0%
nursing care/requiringsupportAverage level of nursing
1.8
Average age of residents 83.9
care required (Note 3)(years old)
Service fee payment
methodOne-time entrance fee
Monthly fee
One-time entrance fee
14,800,000~20,720,000−(yen) (rent received inadvance)Monthly service fee (yen) 224,800
532,800
Staff at night (number of
3 nursing care staff
Staff engaged in nursing
2.5: 1
staff members at
memberscare
minimum)
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

4

Cooperating medicalorganization
Cooperating dentalorganization

Jiankai Medical Corporation, Kachidoki Ekimae Internal Medicine &Dermatology Clinic (internal medicine, dermatology), etc.
Jijunkai Medical Corporation, Chiba Dental Clinic

Features
The Property is in a favorable location in a commercial district near the station which isapproximately a 2-minute walk from Kachidoki Station on the Oedo Line, and offers
extremely convenient access to public transportation.
Property features:
The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in April 2017, is a designated facility for people requiring nursing care andmainly provides private rooms with an area of 20.48 m², which is more spacious than
the standard room size of 18 m², as well as double rooms with an area of 40 m². Rooms
are equipped with a sink and a toilet, while double rooms come equipped with a mini
kitchen as well. The 1st and 2nd floors are occupied by retail stores and the 3rd floor bya clinic, pharmacy, etc.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party. In addition,
collateral cannot be established for the Property without obtaining approval from the tenant during the lease
period.
The boundary between the land of the Property and the adjacent land on the northeast side has not been
determined.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 2]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million
yen) (Appraisal date)
Location
AccessLand

Area (m²)

Building

Form ofownership
Structure/Floors

Total floor area(m²)
Form ofownership
Building engineer

PLAISANT GRAND MINAMI YUKIGAYA
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From December 22, 2017 to July 31, 2029
3,380
Scheduled acquisition
April 2, 2020
date
3,400
Appraisal firm
Japan Real Estate(as of November 1,
Institute
2019)
3-11-9 Minamiyukigaya, Ota-ku, Tokyo
Approximately 750 meters from Yukigaya-Otsuka Station on the Tokyu Ikegami
Line1,552.31
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio (%)
RC/5F
Number of leasable
1
compartments(compartment)
3,064.85 (Total)
Construction completion
January 17, 2019
Ownership

Use

Home for the elderly,
nursery school

Yutaka Inoue Architecture & Design InstituteNote: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

5Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses (thousandyen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lesseeｍ
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Tekken Corporation
Japan ERI Co., Ltd.
Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

021,109PML (%)

7.29

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,064.85

Major tenant

Pass-through lease

Care Twentyone
Corporation
100.0%

Total leased area (m²)
3,064.85
Occupancy rate
Ratio to total leasable
Area of space occupied by
100.0%
3,064.85
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From January 31, 2019 to January 31, 2039
Rent revision:
The lessor and lessee may not revise rent for 10 years from the commencement date oflease. After that, they may revise the rent every 3 years upon consultation between
both parties. In addition, if there are any significant changes in land/building prices,taxes and dues and economic climate, rent may be revised after consultation.
Contract renewal:
The contract shall be renewed at lease conditions decided upon consultation between
both parties for another 3 years in the case neither lessor nor lessee indicates its
intention to reject the renewal to the other party by no later than 6 months before thecontract expiration date mentioned above. This shall be applied hereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until January 31, 2029. In addition, forthe period from February 1, 2029 to January 31, 2039, the lessee must give the lessor a
notice on mid-term cancellation in writing by no later than 12 months in advance.
However, the lessee may immediately cancel the contract by paying an amountequivalent to 12 months’ rent and a penalty (amount calculated by dividing the total
construction costs by the number of months during the contract period and multiplying itby the number of remaining months). In such a case, if the lessee introduces a lessee
who will succeed the business, concludes a lease contract with the lessor under thesame conditions as the contract and succeeds the business, the lessee may cancel thecontract without paying a penalty.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
Care Twentyone
Opening date
March 1, 2019
Corporation
Type of facility
Fee-based home for the
Number of Rooms
61
elderly with nursing care(room)(designated facility)
Right to reside status
Right to use
Resident capacity
61(people)Room area range (m²)
18.00
Number of residents
40(people)Requirements for entry
Requiring nursing
Occupancy rate (Note 2)
65.5%
care/requiring support
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

6

Average level of nursing
care required (Note 3)Service fee payment
method2.0

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing
care
Cooperating medicalorganization
Cooperating dentalorganization

Average age of residents(years old)

84.8

One-time entrance fee
3,000,000~12,000,000

Monthly fee−

136,130~286,130

336,130

Staff at night (number of
2 nursing care staff
2.5: 1
staff members at
members
minimum)
Seseragi Clinic Tamagawa (internal medicine, dermatology), etc.
Kidukikai Medical Corporation, Shinagawa Kiduki Dental Clinic

Features
The Property is located in a residential district which is approximately a 10-minute walkfrom Yukigaya-Otsuka Station on the Tokyu Ikegami Line. A natural environment symbolicof the district including Senzokuike Park and Higashi-Chofu Park has been created in thesurrounding area.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in January 2019, is a designated facility for people requiring nursing care andmainly provides private rooms with an area of 18 m², which is the standard room size.
Rooms are equipped with a sink and a toilet. The operator is operating a nursery school onpart of the 1st floor.
Matters of special note
The road on the northeast side of the land of the Property is a private road stipulated in Article 42, Paragraph 3of the Building Standards Act, and approximately 89.58 m² of the land of the Property is used as private road.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 3]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)

Aira no mori Higashi-Ofuna
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From June 28, 2019 to June 30, 2029
2,271
Scheduled acquisition
April 2, 2020
date
2,510 (as of November
Appraisal firm
The Tanizawa Sōgō
1, 2019)
Appraisal Co., Ltd.
3-15-22 Kasama, Sakae-ku, Yokohama-shi, Kanagawa
Approximately 1.1 kilometers from Ofuna Station on the JR Tokaido Line
3,086.86
Zoning(A) Category II
residential district(B) Category II mediumto high-rise exclusive

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

7

BuildingForm of ownership

Ownership

Structure/Floors

Steel-framed with
galvanized alloy steel
sheet roofing/4F
3,610.35

Total floor area(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Ownership

Floor-area ratio /Building-to-land ratio(%)
Number of leasable
compartments(compartment)
Construction
completion
Use

residential district(A) 200/60(B) 150/60
2January 8, 2019
Home for the elderly,
retail store

Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
Kanagawa Building Inspection
Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

028,559PML (%)

5.7

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,801.37

Major tenant

Pass-through lease

HALE Corporation Co.,Ltd.
100.0%

Total leased area (m²)
3,801.37
Occupancy rate
Area of space occupied by
Ratio to total leasable
3,014.76
79.3%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From January 1, 2019 to June 30, 2049
Rent revision:
Rent may be revised to an appropriate amount after consultation by taking into
consideration the change in price, increase/decrease in taxes and dues, degree ofdeterioration of the building and facility, change in needs of tenants, rent of similar
facilities in the surrounding area and change in other various economic climatesanytime until the expiration date of the lease period.
Contract renewal:
The contract shall be renewed for another year unless the lessor or lessee expresses
objection to the renewal to the other party in writing by no later than 1 year before thecontract expiration date mentioned above. This shall be applied thereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until June 30, 2029. After July 1, 2029,
the lessee or lessor may cancel the contract by giving the other party a notice on
mid-term cancellation in writing by no later than 1 year in advance and providing
compensating for the damage incurred by the other party.
Overview of operator and facility(Date of preparing the written explanation of important matters: September 1, 2019)
Operator
HALE Corporation Co., Opening dateFebruary 1, 2019
Ltd.
Type of facility
Fee-based home forthe elderly with nursing Number of Rooms
88
care (designated(room)
facility)
Right to reside status
Right to use
Resident capacity
88(people)Room area range (m²)
15.00~18.00
Number of residents
76
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

8Requirements for entry
Average level of nursing carerequired (Note 3)Service fee payment method

Requiring nursing care
2.4

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization(people)Occupancy rate (Note 2)
Average age ofresidents (years old)

86.3%
84.6

One-time entrance fee−

Monthly fee−−

199,392

Staff at night (number of
4 nursing care staff
staff members at
members, 1 caretakerminimum)
Yutokukai Medical Corporation, Konandai Hospital (internal medicine,
gastrointestinal medicine, surgery, orthopedics), etc.
Wakabakai Medical Corporation, Shonan Shoku Support Dental, etc.

2.5: 1Features
The Property is located to the east of Kashio River which runs in the north-south directionof Yokohama City. Kasamamachi Park and supermarkets are located in the surroundingarea, offering excellent life convenience.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in January 2019, mainly provides private rooms with an area of a little over 15
m² equipped with a sink and a toilet. Part of the 1st floor is occupied by a retail store.
Matters of special note
The boundary between the land of the Property and the adjacent land on the southwest side has not been
determined.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 4]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)

Form of ownershipAira no mori Shakujiikoen
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From October 31, 2019 to October 31, 2029
2,070
Scheduled acquisition
April 2, 2020
date
2,190
Appraisal firm
The Tanizawa Sōgō
(as of November 1,
Appraisal Co., Ltd.
2019)
1-29-15 Miharadai, Nerima-ku, Tokyo
Approximately 900 meters from Shakujiikoen Station on the Seibu Ikebukuro
Line1,763.66
Zoning(A) Category I residential
district(B) Category I low-rise
exclusive residential
district
Ownership
Floor-area ratio /(A) 200/60

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

9Building

Structure/Floors

Total floor area(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Building-to-land ratio(%)
S/3F
Number of leasable
compartments(compartment)
2,234.70
Construction
completion
Ownership
Use
Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
J Architecture Inspection Center(B) 100/50
1
September 27, 2019
Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

21,930PML (%)

6.57

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
2,244.48

Major tenant

Pass-through lease

HALE Corporation Co.,Ltd.
100.0%

Total leased area (m²)
2,244.48
Occupancy rate
Area of space occupied by
Ratio to total leasable
2,244.48
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From September 1, 2019 to April 30, 2050
Rent revision:
Rent may be revised to an appropriate amount after consultation by taking into
consideration the change in price, increase/decrease in taxes and dues, degree ofdeterioration of the building and facility, change in needs of tenants, rent of similar
facilities in the surrounding area and change in other various economic climatesanytime until the expiration date of the lease period.
Contract renewal:
The contract shall be renewed for another year unless the lessor or lessee expresses
objection to the renewal to the other party in writing by no later than 1 year before thecontract expiration date mentioned above. This shall be applied thereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until April 30, 2030. After May 1, 2030,
the lessee and lessor may cancel the contract by giving the other party a notice on
mid-term cancellation in writing by no later than 1 year in advance and providing
compensating for the damage incurred by the other party.
Overview of operator and facility(Date of preparing the written explanation of important matters: November 1, 2019)
Operator
HALE Corporation Co., Opening dateNovember 1, 2019
Ltd.
Type of facility
Fee-based home forthe elderly with nursing Number of Rooms
62
care (designated(room)
facility)
Right to reside status
Right to use
Resident capacity
62(people)Room area range (m²)
18.00
Number of residents
0(people)Requirements for entry
Requiring nursing care Occupancy rate (Note 2) 0.0%
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

10

Average level of nursing carerequired (Note 3)Service fee payment method-

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

Average age ofresidents (years old)-

One-time entrance fee
4,725,000

Monthly fee−

214,910

259,910

Staff at night (number ofstaff members at
minimum)
Tokyo Hakuhoukai Medical Corporation, Nerima Home Clinic (internal
medicine, psychiatry, dermatology, ophthalmology, otolaryngology), etc.
Shobikai Medical Corporation, Kichijoji Masamune Dental Clinic

3:1

Features
The Property is located in a residential district which is approximately a 12-minute walkfrom Shakujiikoen Station on the Seibu Ikebukuro Line. A shop, clinic and post office arelocated in the surrounding area, offering excellent life convenience.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in September 2019, is a designated facility for people requiring nursing care andmainly provides private rooms with an area of 18 m², the standard room size. Rooms areequipped with a sink and a toilet.
Matters of special note
Not applicable
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 5]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)
Form of ownership
Building

Structure/Floors

Aira no mori Edogawa-Shinozaki
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From September 30, 2019 to September 30, 2029
1,499
Scheduled acquisition
April 2, 2020
date
1,560
Appraisal firm
Japan Real Estate(as of November 1,
Institute
2019)
5-9-1 Shinozakimachi, Edogawa-ku, Tokyo
Approximately 650 meters from Shinozaki Station on the Toei Shinjuku Line
1,286.00
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /150/60
Building-to-land ratio(%)
S/3F
Number of leasable
1
compartments

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

11

Total floor area(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)(compartment)
Construction
completion
Ownership
Use
Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
Urban Housing Evaluation Center Co., Ltd.
1,973.42

July 29, 2019
Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

13,669PML (%)

5.37

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
1,980.38

Major tenant

Pass-through lease

HALE Corporation Co.,Ltd.
100.0%

Total leased area (m²)
1,980.38
Occupancy rate
Area of space occupied by
Ratio to total leasable
1,980.38
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 1, 2019 to August 31, 2050
Rent revision:
Rent may be revised to an appropriate amount after consultation by taking into
consideration the change in price, increase/decrease in taxes and dues, degree ofdeterioration of the building and facility, change in needs of tenants, rent of similar
facilities in the surrounding area and change in other various economic climatesanytime until the expiration date of the lease period.
Contract renewal:
The contract shall be renewed for another year unless the lessor or lessee expresses
objection to the renewal to the other party in writing by no later than 1 year before thecontract expiration date mentioned above. This shall be applied thereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until January 31, 2030. After February
1, 2030, the lessee and lessor may cancel the contract by giving the other party a
notice on mid-term cancellation in writing by no later than 1 year in advance andcompensating for the damage caused by the other party.
Overview of operator and facility(Date of preparing the written explanation of important matters: September 1, 2019)
Operator
HALE Corporation Co.,
Opening date
September 1, 2019
Ltd.
Type of facility
Fee-based home for the
Number of Rooms
53
elderly with nursing care(room)(designated facility)
Right to reside status
Right to use
Resident capacity
53(people)Room area range (m²)
18.00
Number of residents
0(people)Requirements for entry
Independent/requiring
Occupancy rate (Note0.0%nursing care/requiring2)
supportAverage level of nursing care−
Average age of−required (Note 3)
residents (years old)
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

12Service fee payment method
One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

One-time entrance fee
5,355,000

Monthly fee−

202,800

253,800

Staff at night (number
2 nursing care staff
of staff members at
members
minimum)
Tokyo Hakuhoukai Medical Corporation, Tsubasa Clinic (internal medicine,
psychiatry, dermatology, ophthalmology, otolaryngology), etc.
Kaiseikai Medical Corporation, Kaiseikai Houmon Dental Center

3:1

Features
The Property is located in a residential district which is approximately a 9-minute walk from
Shinozaki Station on the Toei Shinjuku Line. Junior high schools and parks have beendeveloped in the surrounding area, and the area offers a comfortable residential
environment.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in July 2019, is a designated facility for people requiring nursing care and mainly
provides private rooms with an area of 18 m², which is the standard room size. Rooms areequipped with a sink and a toilet.
Matters of special note
Not applicable
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 6]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors
Total floor area(m²)

Senior Forest Yokohama-Tsuzuki
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From September 27, 2019 to September 30, 2029
1,202
Scheduled acquisition
April 2, 2020
date
1,270
Appraisal firm
The Tanizawa Sōgō
(as of November 1,
Appraisal Co., Ltd.
2019)
3-31 Mihanayama, Tsuzuki-ku, Yokohama-shi, Kanagawa
Approximately 600 meters from Kawawacho Station on the Yokohama
Municipal Subway Green Line
1,199.97
Zoning
Quasi-residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio(%)
S/4F
Number of leasable
1
compartments(compartment)
2,276.54
Construction
August 21, 2019
completion

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

13

Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Ownership
Use
Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
Kanagawa Building Inspection

Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

15,824

PML (%)

8.63

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
2,276.54

Major tenant

Pass-through lease

Medical Care
Co., Ltd.
100.0%

SystemTotal leased area (m²)
2,276,54
Occupancy rate
Ratio to total leasable
Area of space occupied by
100.0%
2,276,54
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 31, 2019 to November 30, 2049
Rent revision:
Rent shall not be revised during the lease period. However, if the rent becomesinappropriate as a result of a rapid increase in the price of land/building, significant
increase in the burden of taxes and dues, and significant changes in rent in theneighborhood and other economic climates, rent may be revised after consultation.
Contract renewal:
The contract shall be renewed under the same conditions in the case neither lessor nor
lessee indicates its intention to reject the renewal to the other party by no later than 6months before the contract expiration date.
Mid-term cancellation: The lessee may not cancel the contract mid-term until November 30, 2049. However,after September 1, 2029, it may be cancelled if the lessee or lessor gives the otherparty a notice in writing by no later than 6 months in advance and the other party
agrees to cancel the contract. Moreover, when the lessor cancels the contract mid-term,
the lessor shall immediately return the entire lease deposits to the lessee and pay anamount equivalent to the lease deposits to the lessee as a penalty.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
Medical Care System
Opening date
October 1, 2019
Co., Ltd.
Type of facility
Fee-based home forthe elderly with nursing Number of Rooms
70
care (designated(room)
facility)
Right to reside status
Right to use
Resident capacity
70(people)Room area range (m²)
16.20~16.80
Number of residents
0(people)Requirements for entry
Requiring nursing care Occupancy rate
0.0%
(Note 2)Average level of nursing care−
Average age of−required (Note 3)
residents (years old)
Service fee payment method
One-time entrance fee
Monthly fee
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

14One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

−

−

−

211,180

Staff at night (number of
2 nursing care staff
staff members at
members
minimum)
Hinokikai Medical Corporation, Yokohama-Kita Clinic (internal medicine,cardiovascular medicine, neurological medicine, geriatric medicine), etc.
Toueikai Medical Corporation, Aobadai Dental Clinic

3:1

Features
The Property is located between Kawawacho Station and Tsuzukifureainooka Station on
the Yokohama Municipal Subway Green Line. It is adjacent to the main street in the district
and offers excellent living convenience. Large parks are also located in the surroundingarea and the environment is maintained.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in August 2019, mainly provides private rooms with an area of a little over 16 m²
equipped with a sink and a toilet.
Matters of special note
Not applicable
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 7]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors

Total floor area

Sompo no ie Toyonaka-Minamisone
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From December 21, 2016 to December 20, 2026
825
Scheduled acquisition
April 2, 2020
date
835
Appraisal firm
The Tanizawa Sōgō
(as of November 1,
Appraisal Co., Ltd.
2019)
2-12-25 Sone Minamimachi, Toyonaka-shi, Osaka
Approximately 1.0 kilometers from Sone Station on the Hankyu Takarazuka
Main Line
1,386.93
ZoningCategory I residential
district
Ownership
Floor-area ratio /200/60
Building-to-land ratio(%)(1) RC with galvanized Number of leasable2
alloy steel sheet
compartments
roofing/3F/B1F(compartment)(2) RC with galvanizedalloy steel sheet
roofing/3F(1) 1,570.54
Construction
January 10, 2001

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

15

(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)(2) 926.42
Ownership
LIV Architects
Asanuma Corporation
Toyonaka City

completion
Use

Home for the elderly

ERI Solution Co., Ltd.
100

Estimated short-term
repair expenses(thousand yen)

0

18,830PML (%)

3.6

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
2,496.96

Major tenant

Pass-through lease

Sompo Care Inc.

Total leased area (m²)
2,496.96
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
2,496.96
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From February 1, 2001 to January 31, 2021
Rent revision:
The lessor and lessee may revise the rent every 3 years from the date of conclusion oflease contract upon consultation between both parties. However, if there are any
significant changes in land/building prices, taxes and dues and economic climate, rent
may be revised after consultation.
Contract renewal:
The contract shall be renewed for another 3 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing no later than 6 months before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee shall give the lessor a notice on mid-term cancellation in writing by no later
than 1 year in advance. When the lessee gives a notice on mid-term cancellation, it
shall waive the guarantee deposits and pay damages i), ii) and iii) to the lessor. i)amount calculated by dividing the total project costs of the Property until thecancellation by the number of months during the contract period and multiplying it by
the number of remaining months, ii) amount equivalent to the costs for demolition andrestoration of vacant lot of the Property and iii) damages caused by the cancellation.
However, in case the lessee specifies its successor or another lessee and transfers theleasehold, the lessee shall be exempted from the compensation for loss and maycancel the contract if the lessor gives approval and the successor approves thecontinuous fulfillment of the Contract.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
Sompo Care Inc.
Opening dateFebruary 1, 2001
Type of facility
Fee-based home forthe elderly with nursing Number of Rooms
48
care (designated(room)
facility)
Right to reside status
Right to use
Resident capacity
48(people)Room area range (m²)
13.73~15.12
Number of residents
46(people)Requirements for entry
Requiring nursing
Occupancy rate (Note 2) 95.8%
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

16

Average level of nursing carerequired (Note 3)Service fee payment methodcare/requiring support
2.4

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

Average age ofresidents (years old)

87.9

One-time entrance fee−

Monthly fee−−

141,800

Staff at night (number of
3:1
staff members at
1 nursing care staff
minimum)
Takumikai Medical Corporation, Neurology Clinic (internal medicine,neurological medicine), etc.
Honmachi Chuo Dental Clinic

Features
The Property is located to the east of Ina River which runs in the north-south direction of
Toyonaka City. Teshima Park is located in the surrounding area where the environment is
calm.
Property features: Private rooms each with an area of 14-15 m² and equipped with a sink and a toilet. The
operator is operating a group home on part of the 1st to 3rd floors.
Matters of special note
The road on the east side of the land of the Property is a private road stipulated in Article 42, Paragraph 2 of
the Building Standards Act, and approximately 6.5 m² of the land of the Property is used as such road.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtainedby dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at
the facility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized
in the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,”“requiring nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number ofresidents, rounded down to one decimal place.

[Property Number 8]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)

Location
AccessLand
Area (m²)
Form of ownership

Irise Komae Bettei (additional acquisition) (Note 1)
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From February 20, 2017 to February 28, 2027
920
Scheduled acquisition
April 2, 2020
date
931
Appraisal firm
Japan Real Estate(70% quasi-co-ownership
Institutein trust beneficiaryinterests) (as of November
1, 2019)
1-32-5 Higashinogawa, Komae-shi, Tokyo
Approximately 850 meters from Kitami Station on the Odakyu Odawara Line2,475.48 (Total)
ZoningCategory I low-rise
exclusive residential
district
Ownership (70%
Floor-area ratio /80/40
quasi-co-ownership in
Building-to-land ratio
trust beneficiary(%)

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

17Building

Structure/Floors
Total floor area(m²)
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

interests)
RC/3F

Number of leasable
compartments(compartment)
Construction
completion
Use

2,016.73 (Total)

Ownership (70%quasi-co-ownership intrust beneficiaryinterests)
Japan Heartect Design Co., Ltd.
Ohtsuki Koumuten Co., Ltd.
Urban Housing Evaluation Center Co., Ltd.

1
January 27, 2017
Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)0

15,220PML (%)

10.83

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 2)
Not disclosed (Note 2)
2,016.73 (Note 3)

Major tenant

Pass-through lease

HITOWA Care Service
Co., Ltd.
100.0% (Note 3)

Total leased area (m²)
2,016.73 (Note 3)
Occupancy rate
Area of space occupied by
Ratio to total leasable
2,016.73 (Note 3)
100.0% (Note 3)
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From February 1, 2017 to January 31, 2047
Rent revision:
The lessor and lessee may revise rent every 10 years. In addition, if there are any
significant changes in land/building prices, taxes and dues and economic climate, rent
may be revised upon consultation.
Contract renewal:
The contract shall be renewed at lease conditions decided upon consultation between
both parties for another 10 years in the case neither lessor nor lessee indicates its
intention to reject the renewal to the other party by no later than 12 months before thecontract expiration date mentioned above. This shall be applied thereafter.
Mid-term cancellation: Lessee may not cancel the contract mid-term until January 31, 2037. However, lessee
may cancel the contract by paying the remaining rent for the period for which mid-term
cancellation is not allowed and by waiving its right to claim return of its lease deposits.
In addition, for the period from February 1, 2028 to January 31, 2047, the lessee must
give the lessor a notice on mid-term cancellation in writing by no later than 12 months inadvance. However, if the lessor has concluded a lease contract with a new lessee,
lessee may cancel the contract as of the date of delivery to the new lessee.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
HITOWA Care Service
Opening date
March 1, 2017
Co., Ltd.
Type of facility
Fee-based homes forthe elderly with nursing Number of Rooms
59
care(room)(designated facility)
Right to reside status
Right to use
Resident capacity
59
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

18

Room area range (m²)

18.00

Requirements for entry

Requiring nursing
care/requiring support
3.0

Average required level ofnursing care (Note 5)
Service fee payment method

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization(people)Number of residents(people)Occupancy rate
(Note 4)
Average age ofresidents (years old)

93.2%

One-time entrance fee−

Monthly fee−−

228,000~249,00055

88

Staff at night (numberof staff members at
1 nursing care staff
minimum)
Yamatokai Medical Corporation, Tamagawa Hospital, etc.

3:1

Takanawakai Medical Corporation, Takanawa Dental Clinic

Features
The Property is located in an administrative district between Komae City and Setagaya
Ward. With cherry blossoms running along Nogawa Green Space in the vicinity and various
other flowers planted, a pleasant environment has been created in the community alongwith the Kitami Fureai Park on the east side of the Property.
Property features: The Property, which is a relatively new fee-based home for the elderly with nursing carecompleted in 2017, is a facility for people requiring nursing care and mainly provides privaterooms with an area of around 18 m², which is the standard room size. Rooms are equippedwith a sink and a toilet.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
Site features:(Note 1) As for the building of Irise Komae Bettei, the Investment Corporation acquired 30% quasi-co-ownership in trust beneficiary interests
in real estate as primary asset in trust on December 20, 2018. Moreover, the Investment Corporation is planning the additional
acquisition of 70% quasi-co-ownership in trust beneficiary interests in real estate as primary asset in trust on the scheduledacquisition date. After the additional acquisition, the Investment Corporation will own Irise Komae Bettei in its entirety.
(Note 2) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 3) The figure indicated is for the entirety of the Property.
(Note 4) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by the resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 5) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 9]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)Alpha Living Takamatsu Konyamachi
Overview of the specified asset
Real estate trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From July 12, 2018 to July 31, 2028
1,225
Scheduled acquisition
date
1,250
Appraisal firm

April 2, 2020
Daiwa Real Estate

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

19

(Appraisal date)
Location
AccessLand
Area (m²)
Form of ownership
Building

Structure/Floors
Total floor area(m²)
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)(as of November 1,
Appraisal Co., Ltd.
2019)
5-3 Konyamachi, Takamatsu-shi, Kagawa
Approximately 750 meters from Takamatsu Station on the JR Yosan Line
928.54
ZoningCommercial district
Ownership
Floor-area ratio /400/80
Building-to-land ratio(%)
RC/10F
Number of leasable
1
compartments(compartment)
3,577.47
Construction
September 16, 2016
completion
Ownership
Use
Home for the elderly,clinicIrie Miyake Architects & Engineers
Kotake Kogyo Co., Ltd.
Japan ERI Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)024,150PML (%)

13.4

AIP Healthcare Japan GK
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,577.47

Major tenant

Pass-through lease

Anabuki Medical CareInc.
100.0%

Total leased area (m²)
3,577.47
Occupancy rate
Area of space occupied by
Ratio to total leasable
3,577.47
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From July 12, 2018 to July 11, 2038
Rent revision:
The lessor and lessee may revise rent on the first day of the fiscal year (April) every 3
years. In addition, if there are any significant changes in land/building prices, taxes anddues and economic climate, rent may be revised after consultation.
Contract renewal:
The contract shall be renewed at lease conditions decided upon consultation between
both parties for another 3 years in the case neither lessor nor lessee indicates its
intention to reject the renewal to the other party by no later than 6 months before thecontract expiration date mentioned above. This shall be applied hereafter.
Mid-term cancellation: The lessee may not cancel the contract mid-term until July 11, 2028. However, lessee
may cancel the contract by paying the remaining rent for the period for which mid-term
cancellation is not allowed and by waiving its right to claim return of its lease deposits.
In addition, for the period from July 12, 2028, to July 11, 2038, the lessee may cancel
the contract by giving the lessor a notice on mid-term cancellation by no later than 1
year in advance when (1) waiving the right to claim return of its lease deposits on thescheduled mid-term cancellation date or when (2) the lessor concludes a lease contract
with a new lessee.
Overview of operator and facility(Date of preparing the written explanation of important matters: October 1, 2019)
Operator
Anabuki Medical Care
Opening date
March 1, 2017
Inc.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

20

Type of facility

Right to reside status

Fee-basedassisted-living homes
for the elderly
Right to use

Room area range (m²)

18.20~35.96

Requirements for entry

Independent/requiring
nursing care/requiringsupport
1.8

Average level of nursing carerequired (Note 3)Service fee payment method

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

Number of Rooms(room)
Resident capacity(people)Number of residents(people)Occupancy rate
(Note 2)46
48
48
100.0%

Average age ofresidents (years old)

88.1

One-time entrance fee
1,500,000

Monthly fee−

153,200~174,200−

Staff at night (number of
1 nursing care staff
staff members at
member, 1 caretakerminimum)
Wellness Support Medical Corporation, Takamatsu Konyamachi Clinic(dermatology, diabetes medicine), etc.
Takamatsu Ekimae Alpha Dental Clinic(Not indicated)

Features
The Property is located in a district which is approximately a 10-minute walk from
Takamatsu Station on the JR Yosan Line. The district is also near Takamatsu City Officeand Hyogomachi Shopping Street, offering excellent living convenience.
Property features: The Property, which is joint establishment of a relatively new fee-based home for theelderly with nursing care and a fee-based assisted-living home for the elderly completed in
September 2016, mainly provides private rooms with an area of 18-19 m², which is thestandard room size for people requiring nursing care, as well as double rooms with an areaof 35 m2. Rooms are equipped with a sink and a toilet. Part of the 1st floor is occupied(subleased) by a pharmacy. Part of the 1st floor and the 2nd floor are occupied (subleased)by a clinic. The operator operates a day service center on part of the 1st floor and afee-based home for the elderly with nursing care on the 3rd and 4th floors.
Matters of special note
Not applicable
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 10]
Property name
Type of specified asset
Trustee (scheduled)
Trust period

Good Time Living Center-Minami, Platesia Center-Minami
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

21

Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Building

Area (m²)
Form ofownership
Structure/Floors
Total floor area(m²)

Form ofownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

11,150

Scheduled acquisition
dateAppraisal firm

April 2, 2020

11,700Daiwa Real Estate(as of November 1,
Appraisal Co., Ltd.
2019)
56-9 Chigasakichuo, Tsuzuki-ku, Yokohama-shi, Kanagawa
Approximately 230 meters from Center-Minami Station on the Yokohama
Municipal Subway Blue Line and Green Line
7,320.80
ZoningCommercial district
Ownership
Floor-area ratio /400/80
Building-to-land ratio (%)
RC/11F
Number of leasable
1
compartments(compartment)
19,228.21
Construction completion
New construction: May
29, 2015
Change and extension:
April 18, 2018
Ownership
Use
Home for the elderly
Tokyu Architects & Engineers Inc.
Tokyu Construction Co., Ltd.
Urban Housing Evaluation Center Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0190,250

PML (%)

5.85

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
19,228.21

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
19,228.21
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
19,228.21
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2044
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJuly 1, 2015
Ltd.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

22

Type of facility

Right to reside status

Fee-basedassisted-living homes
for the elderly
Right to use

Room area range (m²)

20.15~85.29

Requirements for entry

Independent/requiring
nursing care/requiringsupport
0.9

Average level of nursing carerequired (Note 3)Service fee payment method

One-time entrance fee(yen) (rent received inadvance)Monthly service fee(yen)Staff engaged in nursing care
Cooperating medicalorganization
Cooperating dentalorganization

Number of Rooms (room)

276

Resident capacity(people)Number of residents(people)Occupancy rate (Note 2)

330
235
71.2%

Average age of residents(years old)

83.6

One-time entrance fee
14,500,000~107,500,000

Monthly fee−

123,800~281,500−

Staff at night (number of
2 nursing care staff
staff members at
members
minimum)
Sanikai Medical Corporation, Tsurukawa Memorial Hospital (internal
medicine, rehabilitation, massage), etc.
Takanawakai Medical Corporation, Shin-Yokohama Dental Clinic, etc.

(Not indicated)

Features
The Property is approximately a 3-minute walk from Center-Minami Station on the
Yokohama Municipal Subway Blue Line and Green Line, and is located in a district with amixture of high-rise apartments and commercial facilities. Hayabuchi River runs on thenorth side of the Property and a large number of parks including Tsuzuki Chuo Park arelocated in the surrounding area. Although it is located near the station, a calm environmenthas been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 50 m², which is more spacious than the standard room sizefor people requiring nursing care, as well as double rooms. Rooms are equipped with a sink
and a toilet, while double rooms are equipped with a mini kitchen and shower room as well.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the adjacent land on the west side has not been
determined.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

23

[Property Number 11]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million
yen) (Appraisal date)
Location
AccessLand
Area (m²)
Form ofownership
Building Structure/Floors
Total floor area(m²)
Form ofownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses (thousandyen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Chibaminato-Kaigandori・Platesia Chibaminato
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
4,516
Scheduled acquisition
April 2, 2020
date
4,700
Appraisal firm
Daiwa Real Estate(as of November 1, 2019)
Appraisal Co., Ltd.
1-18-28 Chuoko, Chuo-ku, Chiba-shi, Chiba
Approximately 850 meters from Chibaminato Station on the JR Keiyo Line3,904.44
ZoningCommercial district
Ownership
Floor-area ratio /400/80
Building-to-land ratio (%)
RC/11F
Number of leasable
1
compartments(compartment)
17,101.74
Construction completion March 31, 2007
Ownership

Use

Home for the elderly,
apartment

Spatial Planning Institute Co., Ltd.
The Zenitaka Corporation
Japan ERI Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0253,980

PML (%)

8.92

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
17,101.74

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
17,101.74
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
17,101.74
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2043
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Overview of operator and facility (Good Time Living Chibaminato-Kaigandori: Date of preparing the written
explanation of important matters: August 30, 2019)
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

24

Operator

Right to reside status

Good Time Living Co.,Ltd.
Fee-basedassisted-living homes forthe elderly
Right to use

Room area range (m²)

18.44~41.79

Requirements for entry

Independent/requiring
nursing care/requiringsupport
2.2

Type of facility

Average level of nursing
care required (Note 3)Service fee payment
methodOne-time entrance fee(yen) (rent received inadvance)Monthly service fee (yen)Staff engaged in nursing
care
Cooperating medicalorganization

Cooperating dentalorganization

Opening date

April 28, 2007

Number of Rooms(room)

141

Resident capacity(people)Number of residents(people)Occupancy rate (Note 2)

165
116
70.3%

Average age of residents(years old)

87.2

One-time entrance fee
3,990,000~11,000,000

Monthly fee−

241,500−
Staff at night (number of
4 nursing care staff(Not indicated)staff members at
members
minimum)
Kashiwabakai Medical Corporation, Kashiwado Hospital (internal medicine,
cranial nerve internal medicine, respiratory medicine, cardiovascular medicine,diabetes medicine, surgery, gastrointestinal medicine, orthopedics,
ophthalmology, rehabilitation, liver internal medicine, proctology), etc.
Yukenkai Medical Corporation Kono Dental Clinic, etc.

Features
The Property is located along the promenade of Rinko Park in Chuo-ku, Chiba. Chiba Port
Park, Chiba Prefectural Museum of Art and commercial facilities are located in thesurrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and shower room as well. The
operator operates rental housing for the elderly (Platesia Chibaminato) on the 7th to 11th
floors.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
Site features:(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

25

[Property Number 12]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors
Total floor area(m²)
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Yokohama-Tsuzuki
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
4,064
Scheduled acquisition
April 2, 2020
date
4,170
Appraisal firm
Daiwa Real Estate(as of November 1,
Appraisal Co., Ltd.
2019)
1-24 Omaru, Tsuzuki-ku, Yokohama-shi, Kanagawa
Approximately 260 meters from Tsuzuki-Fureainooka Station on the Yokohama
Municipal Subway Green Line2,224.26
ZoningNeighborhoodcommercial district
Ownership
Floor-area ratio /400/80
Building-to-land ratio (%)
RC/6F/B1F
Number of leasable
1
compartments(compartment)
7,031.53
Construction completion August 18, 2008
Ownership

Use

Home for the elderly,clinicArchiforme Co., Ltd.
Odakyu Construction Co., Ltd.
The Japan Building Equipment and Elevator Center Foundation
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

10

104,000

PML (%)

7.62

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
7,031.53

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
7,031.53
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
7,031.53
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2041
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

26

Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
October 4, 2008
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
117(room)
for the elderly
Right to reside status
Right to use
Resident capacity
145(people)Room area range (m²)
19.50~63.75
Number of residents
101(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 69.6%
nursing care/requiringsupportAverage level of nursing care
2.5
Average age of residents 88.4
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
10,800,000~26,750,000−(yen) (rent received inadvance)Monthly service fee
211,500~251,500−(yen)
Staff at night (number of
3 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Yamamoto Kinenkai Medical Corporation, Yamamoto Memorial Hospitalorganization(internal medicine, cardiovascular medicine, neurological medicine,orthopedics, dermatology, urology, rehabilitation), etc.
Cooperating dental
Toeikai Medical Corporation, Nikko Building Dental Office, etc.
organization
Features
Site features:
The Property is approximately a 4-minute walk from Tsuzukifureainooka Station on the
Yokohama Municipal Subway Green Line and is connected to the station with a pedestrianroad. It is located in a quiet residential district. Large supermarkets are located in thesurrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and shower room as well. Partof the 1st floor of the Property is occupied (subleased) by a clinic and pharmacy.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

27

[Property Number 13]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors

Total floor area(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Senri-Hinatagaoka
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
2,800
Scheduled acquisition
date
2,840
Appraisal firm
Japan Real Estate(as of November 1,
Institute2019)15-20 Senriokanishi, Suita-shi, Osaka
Approximately 1.3 kilometers from Senrioka Station on the JR Tokaido MainLine4,732.91
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /150/60
Building-to-land ratio
(%)
RC/6F
Number of leasable
1
compartments(compartment)
6,660.20
Construction completion September 24, 2014
Ownership
Naito Architects. Co., Ltd.
Obayashi Corporation
Japan ERI Co., Ltd.

Use

Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

050,144

PML (%)

2.56

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
6,660.20

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
6,660.20
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
6,660.20
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2042
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

28

Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateNovember 1, 2014
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
122(room)
for the elderly
Right to reside status
Right to use
Resident capacity
125(people)Room area range (m²)
12.91~24.31
Number of residents
118(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 94.4%
nursing care/requiringsupportAverage level of nursing care
2.1
Average age of residents 87.0
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,770,000~18,420,000−(yen) (rent received inadvance)Monthly service fee
195,000~240,000−(yen)
Staff at night (number of
3 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Okinawa Tokushukai Medical Corporation, Suita Tokushukai Hospitalorganization(internal medicine, cardiovascular medicine, gastrointestinal medicine,
respiratory medicine, cardiovascular surgery, cranial nerve surgery, urology,
rehabilitation, dermatology), etc.
Cooperating dental
Wahahakai Medical Corporation Smiley Dentalorganization
Features
Site features:
The Property is located in a residential district on a hill. Nagano Park is located in thesurrounding area and an excellent residential environment has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 13 m² and double rooms with an area of 24 m². Rooms areequipped with a sink and a toilet, while double rooms are equipped with a mini kitchen andshower room as well. Part of the 1st floor of the Property is occupied (subleased) by a
medical office.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

29

[Property Number 14]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)
Form of ownership
Building

Structure/Floors
Total floor area(m²)
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Nakamozu
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
2,180
Scheduled acquisition
date
2,190
Appraisal firm
Japan Real Estate(as of November 1,
Institute
2019)1423-77 Kanaokamachi, Kita-ku, Sakai-shi, Osaka
Approximately 350 meters from Shirasagi Station on the Nankai Koya Line2,965.46
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio
(%)
RC/5F
Number of leasable
1
compartments(compartment)
5,962.48
Construction completion March 12, 2015
Ownership

Use

Home for the elderly,
apartment
ClinicNaito Architects. Co., Ltd.
Sumitomo Mitsui Construction Co., Ltd.
Japan ERI Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0100,610

PML (%)

3.49

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
5,962.48

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
5,962.48
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
5,962.48
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2043
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

30

Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
April 1, 2019
Ltd.
Type of facility
Fee-based home for the
Number of Rooms
elderly with nursing care
68
(room)(designated facility)
Right to reside status
Right to use
Resident capacity
69(people)Room area range (m²)
20.15~41.22
Number of residents
68(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 98.5%
nursing care/requiringsupportAverage level of nursing care
2.2
Average age of residents 89.2
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
7,900,000~11,450,000−(yen) (rent received inadvance)Monthly service fee
200,000~218,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care 3:1
staff members at
members
minimum)
Cooperating medical
Seikeikai Medical Corporation, Seikeikai Hospital (internal medicine, surgery,organization
gynecology, orthopedics, cranial nerve surgery, ophthalmology), etc.
Cooperating dental
Masumoto Dental Clinic, etc.
organization
Features
Site features:
The Property is located in a residential district which is approximately a 5-minute walk from
Shirasagi Station on the Nankai Koya Line. Commercial facilities and Shirasagi Park arelocated in the surrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and shower room as well. Partof the 1st to 5th floors of the Property are occupied (subleased) by a rental housing
exclusively for students. In addition, part of the 1st floor is occupied (subleased) by a clinic.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the road on the south and west side has not been
determined.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

31

[Property Number 15]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors

Total floor area(m²)
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Kourigaoka
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
2,120
Scheduled acquisition
April 2, 2020
date
2,160
Appraisal firm
Japan Real Estate(as of November 1,
Institute
2019)
3-8-52 Korigaoka, Hirakata-shi, Osaka
Approximately 2.0 kilometers from Murano Station on the Keihan Katano Line
Approximately 3.1 kilometers from Hirakata Station on the Keihan Main Line
2,500.02
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio (%)
RC/5F
Number of leasable
1
compartments(compartment)
4,930.37
Construction completion March 17, 2008
Ownership
Use
Naito Architects. Co., Ltd.
Nishimatsu Construction Co., Ltd.
The Osaka Building Disaster Prevention Center

Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

072,850PML (%)

5.62

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
4,930.37

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
4,930.37
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
4,930.37
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2039
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

32

Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
May 24, 2008
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
98(room)
for the elderly
Right to reside status
Right to use
Resident capacity112(people)Room area range (m²)
18.60~39.97
Number of residents
100(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 89.2%
nursing care/requiringsupportAverage level of nursing care
3.0
Average age of residents 88.8
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
10,570,000~14,220,000−(yen) (rent received inadvance)Monthly service fee
200,000~205,000−(yen)
Staff at night (number of
3 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Mikamikai Designated Medical Corporation, Higashikouri Hospital (internalorganization
medicine, surgery, orthopedics, psychiatry, otolaryngology, dermatology,
urology, ophthalmology, rehabilitation), etc.
Cooperating dental
Yukenkai Medical Corporation Hanamizuki Dental Esaka
organization
Features
Site features:
The Property is located to the east of Yodo River which runs in the north-south direction of
Osaka. Kouri Komorebi Channel and Kourigaoka Park are located in the surrounding area
and a residential environment full of nature has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 18 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and shower room as well. Partof the 1st floor of the Property is occupied (subleased) by a medical office and a pharmacy.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

33

[Property Number 16]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)

Building

Form ofownership
Structure/Floors

Total floor area(m²)
Form ofownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Kameido
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
1,860
Scheduled acquisition
date
2,310
Appraisal firm
Daiwa Real Estate(as of November 1,
Appraisal Co., Ltd.
2019)
9-34-1-137 Kameido, Koto-ku, Tokyo
Approximately 1.0 kilometers from Hirai Station on the JR Sobu Main Line
Approximately 1.4 kilometers from Kameido Station on the JR Sobu Main Line
20,123.00 (ratio of rightZoning
Quasi-industrial districtof site:515,323/6,432,550)
Ownership (right of site)
Floor-area ratio /300/60
Building-to-land ratio (%)
RC/5F
Number of leasable
1
compartments(compartment)
5,096.15
Construction completion November 6, 2008
Ownership

Use

Home for the elderly,clinic

HASEKO Corporation
HASEKO Corporation
Houseplus Architectural Inspection Inc.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

116,680

PML (%)

6.55

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
5,096.15

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
5,096.15
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
5,096.15
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2040
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract shall be renewed for another 10 years under the same conditions except
for cases in which the lessor or lessee gives the other party a notice that it will notrenew the contract in writing by no later than 1 year before the contract expiration date.
The same shall apply hereinafter.
Mid-term cancellation: Lessee may cancel the contract by giving the lessor a notice in writing by no later than
12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

34

Overview of operator and facility(Date of preparing the written explanation of important matters: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
April 18, 2009
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
83(room)
for the elderly
Right to reside status
Right to use
Resident capacity
102(people)Room area range (m²)
18.00~51.37
Number of residents
82(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 80.3%
nursing care/requiringsupportAverage level of nursing care
2.6
Average age of residents 87.1
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
14,000,000~18,700,000−(yen) (rent received inadvance)Monthly service fee
201,500~221,500−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Junkoukai Social Medical Corporation, Koto Hospital (internal medicine,organization
cranial nerve internal medicine, respiratory medicine, cardiovascular
medicine, gastrointestinal medicine, nephrology and hypertension, diabetes
medicine, collagen disease and rheumatology, surgery, cranial nerve surgery,orthopedics, urology, ophthalmology, otolaryngology, dermatology), etc.
Cooperating dental
Kobayashi Dental Clinic, etc.
organization
Features
Site features:
The Property is along Kyunaka River which runs in the north-south direction between andKoto Ward and Edogawa Ward. Kameido Chuo Park is located in the surrounding area andan excellent residential environment has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and shower room as well. Partof the 1st floor of the Property is occupied (subleased) by a clinic.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party. (Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

35

[Property Number 17]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Form of ownership

Building

Structure/Floors
Total floor area(m²)
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Mikage
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
1,820
Scheduled acquisition
April 2, 2020
date
2,260 (as of November
Appraisal firm
Japan Real Estate
1, 2019)
Institute
3-2-3 Mikagenakamachi, Higashinada-ku, Kobe-shi, Hyogo
Approximately 240 meters from Mikage Station on the Hanshin Electric Railway
Main Line
11,648.46 (ratio of rightZoningNeighborhoodof site:commercial district
465,844/3,639,406)
Ownership (right of site)
Floor-area ratio /300/80 (Note 1)
Building-to-land ratio (%)
RC, S/6F
Number of leasable
1
compartments(compartment)
7,028.01
Construction completion January 29, 2010
CompartmentalizedUseownership
Takenaka Corporation
Takenaka Corporation
Kobe City Disaster Prevention Corporation

Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

116,634

PML (%)

1.03

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 2)
Not disclosed (Note 2)
7,028.01

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
7,028.01
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
7,028.01
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2043
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

36

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
April 28, 2010
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
88(room)
for the elderly
Right to reside status
Right to use
Resident capacity108(people)Room area range (m²)
20.40~74.12
Number of residents
87(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 3) 80.5%
nursing care/requiringsupportAverage level of nursing care
2.2
Average age of residents 88.5
required (Note 4)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
12,750,000~17,170,000−(yen)(rent received inadvance)Monthly service fee
210,000~258,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care
(Not indicated)staff members at
members
minimum)
Cooperating medical
Konankai General Incorporated Foundation, Konan Hospital, etc.
organization
Cooperating dental
Nakai Dental Clinic, etc.
organization
Features
Site features:
The Property is approximately a 3-minute walk from Mikage Station on the Hanshin Electric
Railway Main Line and is close to “Mikage Classe,” a large commercial facility. Mikage Parkis located in the surrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the adjacent land on the north side as well as the road on
the south side has not been determined. (Note 1) As for the Property, permission for comprehensive design system has been obtained and the permissible floor-area ratio is 388.83%.
(Note 2) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 3) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 4) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

37

[Property Number 18]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Amagasaki-Shintoshin
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
1,585
Scheduled acquisition
April 2, 2020
date
1,660 (as of November
Appraisal firm
Japan Real Estate
1, 2019)
Institute
1-3-34 Shioe, Amagasaki-shi, Hyogo
Approximately 450 meters from Amagasaki Station on the JR Tokaido MainLine
2,910.51
ZoningCommercial district
Ownership
Floor-area ratio /500/80
Building-to-land ratio
(%)
RC/6F
Number of leasable
1
compartments(compartment)
5,194.00
Construction completion April 30, 2009
Ownership
Use
Taisei Corporation Co., Ltd.
Taisei Corporation Co., Ltd.
General Building Research Corporation of Japan

Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

081,800PML (%)

8.38

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
5,194.00

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.
100.0%

Total leased area (m²)
5,194.00
Occupancy rate
Ratio to total leasable
Area of space occupied by
100.0%
5,194.00
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2042
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

38

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
October 4, 2009
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
87(room)
for the elderly
Right to reside status
Right to use
Resident capacity
96(people)Room area range (m²)
18.62~46.45
Number of residents
86(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 89.5%
nursing care/requiringsupportAverage level of nursing care
2.9
Average age of residents 88.0
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,660,000~12,960,000−(yen) (rent received inadvance)Monthly service fee
182,000~220,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Human Medical Medical Corporation, Amagasaki New Town Hospital (internalorganization
medicine, cardiovascular medicine, gastrointestinal medicine, nephrology,
orthopedics, cranial nerve surgery, rehabilitation), etc.
Cooperating dentalorganization
Features
Site features:
The Property is located in a commercial district which is approximately a 6-minute walkfrom Amagasaki Station on the JR Tokaido Main Line. The surrounding area has manyhigh-rise retail stores and office buildings standing in line as a result of redevelopment
projects, etc., and is a very busy area.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Part of the 1st floor of the Property is occupied (subleased) by a medical office and a day
service center.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

39

[Property Number 19]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)
Ownership form
Building

Structure/Floors
Total floor area(m²)

Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Minami Senri
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
1,430
Scheduled acquisition
dateAppraisal firm
Japan Real Estate
1,520 (as of November
Institute
1, 2019)
3-22-2 Yamadanishi, Suita-shi, Osaka
Approximately 1.0 kilometers from Yamada Station on the Hankyu Senri Line2,213.15
ZoningCategory I medium- tohigh-rise exclusive
residential district
200/60Ownership
Floor-area ratio /Building-to-land ratio
(%)
RC/7F
Number of leasable
1
compartments(compartment)
3,753.11
Construction completion (1) New construction:
February 28, 1993
(2) Change andextension:
February 28, 2005
Ownership
Use
Home for the elderly(1) Mitsubishi Estate Co., Ltd.
(2) Naito Architects. Co., Ltd.
(1) Obayashi Corporation(2) Takenaka Corporation(1) Suita City
(2) Center For International Architectural Standard
Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

089,520PML (%)

2.81

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,757.91

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.
100.0%

Total leased area (m²)
3,757.91
Occupancy rate
Area of space occupied by
Ratio to total leasable
3,757.91
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2039
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

40

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateNovember 1, 2009
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
71(room)
for the elderly
Right to reside status
Right to use
Resident capacity
71(people)Room area range (m²)
11.40~16.78
Number of residents
67(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 94.3%
nursing care/requiringsupportAverage level of nursing care
Average age of residents 88.2
2.3
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,020,000~12,070,000−(yen) (rent received inadvance)Monthly service fee
200,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Saiseikai Social Welfare Organization & Imperial Gift Foundation, Inc.,
organization
Saiseikai Senri Hospital, (internal medicine, neurological medicine, respiratory
medicine, gastrointestinal medicine, cardiovascular medicine, diabetes
medicine, surgery, gastrointestinal surgery, orthopedics, urology,
otolaryngology, rehabilitation, dental), etc.
Cooperating dental
Keiyukai Medical Corporation, Nozomi Dental Clinic, etc.
organization
Features
Site features:
The Property is located in a quiet residential district facing Yamadanishi Park.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care. Rooms are equipped with a sink and toilet.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the state-owned land on the east and south side has notbeen determined.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

41

[Property Number 20]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value(million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Kobe-Tarumi
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
1,370
Scheduled acquisition
April 2, 2020
date
1,380
Appraisal firm
Japan Real Estate(as of November 1,
Institute2019)
1941-3 Amidabo Myodanicho, Tarumi-ku, Kobe-shi, Hyogo
Approximately 2.6 kilometers from Gakuen-Toshi Station on the Kobe
Municipal Subway Seishin-Yamate Line3,180.82
ZoningCategory I residential
district
Ownership
Floor-area ratio /200/60
Building-to-land ratio
(%)
RC/7F
Number of leasable
1
compartments(compartment)
6,005.03
Construction completion June 30, 2006
Ownership
Use
Home for the elderly
Nikkei Sekkei Ltd./Design Office Architectural Planning
SONEC Corporation
Hyogo Organization of Confirmation & Inspection
Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)0129,848

PML (%)

2.20

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
6,005.03

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
6,005.03
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
6,005.03
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2044
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

42

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJuly 22, 2006
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
91(room)
for the elderly
Right to reside status
Right to use
Resident capacity
101(people)Room area range (m²)
22.07~70.37
Number of residents
84(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 83.1%
nursing care/requiringsupportAverage level of nursing care
2.7
Average age of residents 89.8
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,360,000~12,600,000−(yen) (rent received inadvance)Monthly service fee
211,500−(yen)
Staff at night (number of
3 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Sumirekai Medical Corporation, Myodani Hospital, etc.
organization
Cooperating dental
Minato Dental Clinic
organization
Features
Site features:
The Property is located in a residential district on a hill. Tarumi Kenko Park is located in theneighborhood, and a residential environment with full of nature has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 22 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

43

[Property Number 21]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)
Ownership form
Building

Structure/Floors
Total floor area(m²)
Ownership form

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Chibaminato-Ekimaedori
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
1,320
Scheduled acquisition
April 2, 2020
date
1,550 (as of November 1, Appraisal firm
Daiwa Real Estate
2019)
Appraisal Co., Ltd.
1-15-8 Chuoko, Chuo-ku, Chiba-shi, Chiba
Approximately 250 meters from Chibaminato Station on the JR Keiyo Line3,699.42
ZoningCommercial district(ratio of right of site:789,246/1,422,333)
Ownership (right of site)
Floor-area ratio /400/80
Building-to-land ratio
(%)
RC/7F
Number of leasable
1
compartments(compartment)
7,777.18
Construction completion June 1, 2007
CompartmentalizedUseownership
Asai Ken Architectural Research Inc.
The Zenitaka Corporation
Japan ERI Co., Ltd.

Home for the elderly,clinicERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)0

171,460

PML (%)

7.14

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
7,777.18

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
7,777.18
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
7,777.18
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2040
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

44

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJuly 7, 2007
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
107(room)
for the elderly
Right to reside status
Right to use
Resident capacity
183(people)Room area range (m²)
18.40~41.66
Number of residents
96(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 52.4%
nursing care/requiringsupportAverage level of nursing care
2.1
Average age of residents 87.6
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
4,860,000~13,150,000−(yen) (rent received inadvance)Monthly service fee
241,500−(yen)
Staff at night (number of
4 nursing care staff
Staff engaged in nursing care
(Not indicated)staff members at
members
minimum)
Cooperating medical
Kashiwabakai Medical Corporation, Kashiwado Hospital (internal medicine,organizationneurological medicine, respiratory medicine, cardiovascular medicine,diabetes medicine, surgery, gastrointestinal surgery, orthopedics,
ophthalmology, rehabilitation, liver internal medicine, proctology), etc.
Cooperating dental
Yukenkai Medical Corporation, Kono Dental Clinic, etc.
organization
Features
Site features:
The Property is approximately a 4-minute walk from Chibaminato Station on the JR Keiyo
Line. Minato Park and commercial facilities are located in the surrounding area, offering
excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Part of the 1st floor of the Property is occupied (subleased) by a clinic and a pharmacy.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the road on the southeast side has not been determined.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

45

[Property Number 22]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors
Total floor area(m²)
Ownership form

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Senboku-Izumigaoka
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
980
Scheduled acquisition
April 2, 2020
date
1,030 (as of November
Appraisal firm
Daiwa Real Estate
1, 2019)
Appraisal Co., Ltd.
3-2-2 Takakuradai, Minami-ku, Sakai-shi, Osaka
Approximately 1.3 kilometers from Izumigaoka Station on the Semboku Rapid
Railway Line
1,692.41
ZoningNeighborhoodcommercial district
Ownership
Floor-area ratio /200/80
Building-to-land ratio
(%)
RC/5F
Number of leasable
1
compartments(compartment)
3,983.22
Construction completion March 14, 2008
Ownership

Use

Home for the elderly,
retail store

Naito Architects. Co., Ltd.
Konoike Construction Co., Ltd.
Sakai CityERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

075,150PML (%)

5.51

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,983.22

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
3,983.22
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
3,983.22
area
major tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2041
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

46

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJune 28, 2008
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
83(room)
for the elderly
Right to reside status
Right to use
Resident capacity
83(people)Room area range (m²)
18.00
Number of residents
80(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 96.3%
nursing care/requiringsupportAverage level of nursing care
3.3
Average age of
89.2
required (Note 3)
residents (years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
6,960,000~9,370,000−(yen) (rent received inadvance)Monthly service fee
201,500~211,500−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care
(Not indicated)staff members at
members
minimum)
Cooperating medical
Pegasus Social Medical Corporation, Baba Memorial Hospital (internalorganization
medicine, cardiology, respiratory, neurological medicine, surgery,gastroenterology, cranial nerve surgery, orthopedics, rehabilitation), etc.
Cooperating dental
Eiseikai Medical Corporation Isoda Dental Clinic
organization
Features
Site features:
The Property is located in the Izumigaoka district, a large town that has been newly
developed. Takakura Park is located in the surrounding area, and an excellent residential
environment has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 18 m², which is the standard room size for people requiring
nursing care. Rooms are equipped with a sink and a toilet. Part of the 1st floor of theProperty is occupied (subleased) by a retail store and a medical office.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

47

[Property Number 23]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Ikeda-Midorigaoka
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
920
Scheduled acquisition
April 2, 2020
date
929 (as of November 1,
Appraisal firm
Daiwa Real Estate
2019)
Appraisal Co., Ltd.
1-4-23 Midorigaoka, Ikeda-shi, Osaka
Approximately 1.8 kilometers from Ikeda Station on the Hankyu Takarazuka
Line1,553.34
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio (%)
RC/5F/B1F
Number of leasable
1
compartments(compartment)
3,050.24
Construction completion April 27, 2007
Ownership
UseShowa Sekkei Inc.
Sato Kogyo Co., Ltd.
General Building Research Corporation of Japan

Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

67,250PML (%)

3.91

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,050.24

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
3,050.24
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
3,050.24
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2039
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

48

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening date
May 26, 2007
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
53(room)
for the elderly
Right to reside status
Right to use
Resident capacity
64(people)Room area range (m²)
18.00~36.91
Number of residents
56(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 87.5%
nursing care/requiringsupportAverage level of nursing care
2.3
Average age of residents 85.0
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
10,980,000~14,780,000−(yen) (rent received inadvance)Monthly service fee
230,000~235,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Gokeikai Medical Corporation, Ikeda Kaisei Hospital (internal medicine,organization
surgery, orthopedics, dermatology, ophthalmology, otolaryngology,
cardiovascular medicine, diabetes medicine, neurological medicine,
psychosomatic medicine, rehabilitation), etc.
Cooperating dental
Kameyama Dental Clinic
organization
Features
Site features:
The Property is located on a hill full of greenery. Multiple schools including Ikeda
Elementary School attached to Osaka Kyoiku University are located in the surroundingarea, and a quiet residential district has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of mainly 18 m², which is the standard room size for people
requiring nursing care, and double rooms with an area of 36 m². Rooms are equipped witha sink and a toilet, while double rooms are equipped with a mini kitchen and a shower room
as well. Part of the 1st floor of the Property is occupied (subleased) by a medical office.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

49

[Property Number 24]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Nagatsuta-Minamidai
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
850
Scheduled acquisition
April 2, 2020
date
855 (as of November 1,
Appraisal firm
Daiwa Real Estate
2019)
Appraisal Co., Ltd.
2-12-13 Nagatsuta Minamidai, Midori-ku, Yokohama-shi, Kanagawa
Approximately 1.9 kilometers from Nagatsuta Station on the Tokyu
Den-en-toshi Line and JR Yokohama Line3,218.75
ZoningCategory II medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /150/60
Building-to-land ratio
(%)
RC/4F
Number of leasable
1
compartments(compartment)
3,385.05
Construction completion May 22, 2013
Ownership
Use
Tokyu Architects & Engineers Inc.
Kajima Corporation
Bureau Veritas Japan Co., Ltd.

Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

0

48,030PML (%)

10.63

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,392.93

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
3,392.93
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
3,392.93
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2044
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

50

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJuly 1, 2013
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
71(room)
for the elderly
Right to reside status
Right to use
Resident capacity
71(people)Room area range (m²)
20.15~20.80
Number of residents
63(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 88.7%
nursing care/requiringsupportAverage level of nursing care
2.4
Average age of residents 89.4
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,500,000~13,150,000−(yen) (rent received inadvance)Monthly service fee
210,000~280,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
members
minimum)
Cooperating medical
Sanikai Medical Corporation Tsurukawa Memorial Hospital (internal medicine,organization
rehabilitation), etc.
Cooperating dental
Risseikai Medical Corporation Himawari Dental Clinic
organization
Features
Site features:
The Property is located in a quiet residential district. Genkaida Park is located in thesurrounding area, and a residential environment full of greenery has been created.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care. Rooms are equipped with a sink and a toilet.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
Servitude with part of the land (30.67 m²) as the dominant land and “2-12-12 Nagatsuta Minamidai, Midori-ku,
Yokohama-shi, Kanagawa” as the servient land has been established for the purpose of passage.
Servitude with “2-12-12 Nagatsuta Minamidai, Midori-ku, Yokohama-shi, Kanagawa” as the dominant land andpart of the land (52.11 m² in total) as the servient land has been established for the purpose of passage.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

51

[Property Number 25]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand
Area (m²)
Ownership form
Building

Structure/Floors
Total floor area(m²)
Ownership form

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Saitama-Hasuda
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
659
Scheduled acquisition
April 2, 2020
date
667 (as of November 1, Appraisal firm
Daiwa Real Estate
2019)
Appraisal Co., Ltd.
2-41 Yamanouchi, Hasuda-shi, Saitama
Approximately 1.3 kilometers from Hasuda Station on the JR Tohoku Main Line
1,703.33
ZoningCategory I medium- tohigh-rise exclusive
residential district
Ownership
Floor-area ratio /200/60
Building-to-land ratio
(%)
RC/6F
Number of leasable
1
compartments(compartment)
3,188.60
Construction completion April 11, 2007
Ownership

Use

Home for the elderly,clinicArchiforme Co., Ltd.
Tokai Kogyo Co., Ltd.
Urban Housing Evaluation Center Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

077,440PML (%)

5.97

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,188.60

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
3,188.60
Occupancy rate
100.0%
Ratio to total leasable
Area of space occupied by
100.0%
3,188.60
areamajor tenant (m²)(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2042
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

52

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co., Opening date
May 19, 2007
Ltd.
Type of facility
Fee-based homes for
Number of Rooms
the elderly with nursing
63(room)
care (specific facility)
Right to reside status
Right to use
Resident capacity72(people)Room area range (m²)
18.00~42.60
Number of residents
62(people)Requirements for entry
Requiring nursing
Occupancy rate (Note 2) 86.1%
care/requiring support
Average level of nursing care
2.3
Average age of residents 87.4
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee 6,120,000~8,100,000−(yen) (rent received inadvance)Monthly service fee
211,500~221,500−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care
2.5:1
staff members at
members
minimum)
Cooperating medical
Kenshokai Medical Corporation Hasuda Hospital, etc.
organization
Cooperating dental
Saimeikai Medical Corporation Omiya Dental Clinic
organization
Features
Site features:
The Property is located to the east of Ayase River which runs in the north-south direction of
Hasuda City. Yamanouchi Park is located in the surrounding area, and a quiet residential
district has been created.
Property features: The Property, which is a fee-based home for the elderly with nursing care, mainly provides
private rooms with an area of mainly 18 m², which is the standard room size for people
requiring nursing care, and double rooms with an area of 42 m². Rooms are equipped witha sink and a toilet, while double rooms are equipped with a mini kitchen and a shower room
as well. Part of the 1st floor of the Property is occupied (subleased) by a clinic.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

53

[Property Number 26]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)

Ownership form
Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Nagareyama-Ichibankan
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
610
Scheduled acquisition
dateAppraisal firm
Japan Real Estate
612 (as of November 1,
Institute
2019)
1-25-4 Otakanomoriminami, Nagareyama-shi, Chiba
Approximately 550 meters from Nagareyama-otakanomori Station on the
Tsukuba Express Line and Tobu Noda Line
1,850.04
Zoning(A) Category I mediumto high-rise
exclusive
residential district(B) Category I
residential district
Ownership
Floor-area ratio (Note 1)/(A) 200/60
Building-to-land ratio (%)(B) 200/60
RC/3F
Number of leasable
1
compartments(compartment)
2,756.26
Construction completion October 31, 2007
Ownership
Use
Irie Miyake Architects & Engineers
Konoike Construction Co., Ltd.
The Building Center of Japan

Home for the elderly

ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

035,830PML (%)

6.29

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 2)
Not disclosed (Note 2)
2,756.26

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
2,756.26
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
2,756.26
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2040
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

54

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateNovember 23, 2007
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
54(room)
for the elderly
Right to reside status
Right to use
Resident capacity
54(people)Room area range (m²)
18.60~19.20
Number of residents
44(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 3) 81.4%
nursing care/requiringsupportAverage level of nursing care
Average age of residents 87.1
2.5
required (Note 4)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
9,700,000~13,000,000−(yen) (rent received inadvance)
231,500~241,500
Monthly service fee−(yen)Staff at night (number of
1 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
memberminimum)
Cooperating medical
Seikoukai Medical Corporation, Otakanomori Hospital (internal medicine,organization
respiratory, cardiology, neurological medicine, gastroenterology, surgery,cranial nerve surgery, cardiovascular surgery, orthopedics, ophthalmology,
dermatology, urology, proctology, allergology, rheumatology, rehabilitation),
etc.
Cooperating dental
Kenyukai Medical Corporation, Yuyu Dentalorganization
Features
Site features:
The Property is located in a quiet residential district full of greenery. Large supermarkets aswell as Ichinoya Mizutori no Ike and Nishihatsuishi Kinrin Park are located in thesurrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 18 m², which is the standard room size for people requiring
nursing care. Rooms are equipped with a sink and a toilet. Part of the 1st floor of theProperty is occupied (subleased) by a medical office and a pharmacy.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
(Note 1) Floor-area ratio for the entire site certified as a single housing complex has been calculated as the Property has been certified as asingle housing complex based on Article 86, Paragraph 1 of the Building Standards Act.
(Note 2) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 3) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 4) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

55

[Property Number 27]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)

Ownership form
Building

Structure/Floors

Total floor area(m²)
Ownership form
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits
Total leasable area (m²)

Good Time Living Nagareyama-Nibankan
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
April 2, 2020
563
Scheduled acquisition
dateAppraisal firm
Japan Real Estate
677 (as of November 1,
Institute
2019)
2-1-1 Otakanomoriminami, Nagareyama-shi, Chiba
Approximately 550 meters from Nagareyama-otakanomori Station on the
Tsukuba Express Line and Tobu Noda Line
1,968.53
Zoning(A) Category I
residential district(B) Category I low-rise
exclusive
residential district
LeaseholdFloor-area ratio /(A) 200/60
Building-to-land ratio (%) (B) 150/60
RC/5F
Number of leasable
1
compartments(compartment)
3,928.90
Construction completion March 25, 2016
Ownership
Use
Home for the elderly
Social Welfare Research Corporation, Inc.
STARTS Construction and Asset Management Co., Ltd.
Housing Performance Evaluation Center Co., Ltd.
ERI Solution Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

061,610PML (%)

7.5

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)
3,956.90

Major tenant

Pass-through lease

Good Time Living Co.,Ltd.

Total leased area (m²)
3,956.90
Occupancy rate
100.0%
Area of space occupied by
Ratio to total leasable
3,956.90
100.0%
major tenant (m²)
area(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2039
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

56

Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateJune 1, 2016
Ltd.
Type of facility
Fee-based
Number of Rooms
assisted-living homes
77(room)
for the elderly
Right to reside status
Right to use
Resident capacity
85(people)Room area range (m²)
20.15~40.91
Number of residents
52(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 61.1%
nursing care/requiringsupportAverage level of nursing care
Average age of residents 86.8
1.8
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
10,700,000~20,488,000
One-time entrance fee−(yen)(rent received inadvance)Monthly service fee
211,500~251,500−(yen)
Staff at night (number of
1 nursing care staff
Staff engaged in nursing care (Not indicated)staff members at
memberminimum)
Cooperating medical
Seikoukai Medical Corporation, Otakanomori Hospital (internal medicine,organization
respiratory, cardiology, neurological medicine, gastroenterology, surgery,cranial nerve surgery, cardiovascular surgery, orthopedics, ophthalmology,
dermatology, urology, proctology, allergology, rheumatology, rehabilitation),
etc.
Cooperating dental
Kenyukai Medical Corporation, Yuyu Dentalorganization
Features
Site features:
The Property is located in a quiet residential district full of greenery. Large supermarkets aswell as Ichinoya Mizutori no Ike and Nishihatsuishi Kinrin Park are located in thesurrounding area, offering excellent living convenience.
Property features: The Property, which is a fee-based assisted-living home for the elderly, mainly provides
private rooms with an area of 20 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The land is leased land and the overview of it is as follows.
(Overview of land lease contract)
Type of leasehold:General fixed-term leasehold
Rights:Land lease rights for the purpose of owning a solid building
Lessor:Individual
Lessee:Mizuho Trust & Banking Co., Ltd.
Contract area:
1,968.53 m2
Contract period:
50 years from April 1, 2015 to March 31, 2065
Lease and guarantee deposits: 3,036,000 yen
Rent revision:
Rent shall not be revised for 5 years from the commencement date of lease
period. After that, it may be revised after consultation by taking into
consideration the change in economic climate, change in price andincrease/decrease in taxes and dues and other costs.
In addition, in case the Investment Corporation transfers the trust beneficiary interests, advance written
approval of the land owner (lessor) is required in principle.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

57

(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

[Property Number 28]
Property name
Type of specified asset
Trustee (scheduled)
Trust period
Acquisition price(million yen)Appraisal value (million yen)(Appraisal date)
Location
AccessLand

Area (m²)
Ownership form

Building

Structure/Floors
Total floor area(m²)
Ownership form

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency repair
expenses (thousand yen)
Estimated long-term repair
expenses (thousand yen)
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee
deposits

Good Time Living Amagasaki-Ekimae
Overview of the specified asset
Real estate trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From August 29, 2019 to August 31, 2029
320
Scheduled acquisition
April 2, 2020
date
392 (as of November 1,
Appraisal firm
Daiwa Real Estate
2019)
Appraisal Co., Ltd.
27-3 Misonocho, Amagasaki-shi, Hyogo
Approximately 210 meters from Amagasaki Station on the Hanshin Electric
Railway Main Line and Namba Line
3,093.76
ZoningCommercial district(ratio of right of site:362,295/2,100,835)
Ownership (right of site)
Floor-area ratio /600/80
Building-to-land ratio
(%)
RC/5F
Number of leasable
1
compartments(compartment)
3,520.17
Construction completion September 12, 2008
CompartmentalizedUseownership
Urban Design Union
Nishimatsu Construction Co., Ltd.
General Building Research Corporation of Japan

Home for the elderly

Daiwa Real Estate Appraisal Co., Ltd.
0

Estimated short-term
repair expenses(thousand yen)

074,325

PML (%)

2.64

Haseko Livenet, Inc.
The Investment
Master lease type
Corporation
Overview of leasing
Not disclosed (Note 1)
Not disclosed (Note 1)

Total leasable area (m²)

3,520.17

Major tenant

Total leased area (m²)
Area of space occupied bymajor tenant (m²)

3,520.17

Occupancy rate
Ratio to total leasablearea

3,520.17

Pass-through lease

Good Time Living Co.,Ltd.
100.0%
100.0%

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

58

(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From August 29, 2019 to August 28, 2041
Rent revision:
Rent shall not be revised for 10 years from August 29, 2019. After that, rent may berevised every 5 years upon consultation and agreement between the lessor and lessee
when such revision is judged to be necessary.
Contract renewal:
The contract will be renewed for another 10 years under the same conditions except forcases in which the lessor or lessee gives the other party a notice that it will not renew
the contract in writing by no later than 1 year before the contract expiration date. The
same shall apply hereinafter.
Mid-term cancellation: The lessee may cancel the contract by giving the lessor a notice in writing by no later
than 12 months before the desired mid-term cancellation date.
Overview of operator and facility(Date of preparing the written explanation of important matter: August 30, 2019)
Operator
Good Time Living Co.,
Opening dateNovember 8, 2008
Ltd.
Type of facility
Fee-based
Number of Rooms
56
assisted-living homes(room)
for the elderly
Right to reside status
Right to use
Resident capacity
68(people)Room area range (m²)
18.96~41.54
Number of residents
57(people)Requirements for entry
Independent/requiring
Occupancy rate (Note 2) 83.8%
nursing care/requiringsupportAverage level of nursing care
2.3
Average age of residents 86.9
required (Note 3)(years old)
Service fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
8,100,000~10,850,000−(yen) (rent received inadvance)Monthly service fee
180,000~220,000−(yen)
Staff at night (number of
2 nursing care staff
Staff engaged in nursing care
(Not indicated)staff members at
members
minimum)
Cooperating medical
Toyoshigekai Medical Corporation Kondo Hospital (internal medicine,organization
surgery, orthopedics, cranial nerve surgery, ophthalmology), etc.
Cooperating dental
Shin-Osaka Dental Clinic
organization
Features
Site features:
The Property is located in a commercial area which is approximately a 3-minute walk from
Amagasaki Station on the Hanshin Electric Railway Main Line and Namba Line. The
surrounding area has been developed through land readjustment projects, and offers an
excellent environment.
Property features: The Property, which is a fee-based home for the elderly with nursing care, mainly provides
private rooms with an area of 18 m², which is the standard room size for people requiring
nursing care, and double rooms with an area of 40 m². Rooms are equipped with a sink anda toilet, while double rooms are equipped with a mini kitchen and a shower room as well.
Part of the 1st floor of the Property is occupied (subleased) by a medical office.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

59Matters of special note
In the lease agreement concluded with the tenant, it is stipulated that the lessee shall be given an opportunity
to preferentially negotiate the purchase in case the trustee sells the Property to a third party.
The boundary between the land of the Property and the adjacent land on the east side has not been
determined.
(Note 1) Not disclosed as consent for disclosure has not been obtained from the tenant.
(Note 2) “Occupancy rate” is the occupancy rate indicated in the written explanation of important matters or the ratio obtained by dividing thenumber of residents indicated in the written explanation of important matters by resident capacity, rounded down to one decimal
place. Furthermore, the occupancy rate indicated in the written explanation of important matters may differ from the ratio obtained by
dividing the number of residents by resident capacity due to circumstances such inclusion of people temporarily not residing at thefacility.
(Note 3) “Average level of nursing care required” indicates the figure obtained by multiplying the respective number of residents categorized in
the written explanation of important matters as either “independent,” “requiring support level 1,” “requiring support level 2,” “requiring
nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing the total by the number of residents,
rounded down to one decimal place.

4. Details of the Seller(1)Company Name
(2)
Location(3)

Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 2
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, General Incorporated Association Nippon
Senior Holdings
Function Manager Yusuke Sato
1. Trading, owning, leasing and management of real estate
2. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
3. All operations incidental or relating to the preceding articles
300,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
November 24, 2016

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

60

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 3
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, DA Healthcare
Function Manager Yuichi Tsutsumi
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site
and industrial site
3. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
4. All operations incidental or relating to the preceding articles
300,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
November 22, 2017

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

61

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 4
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, Japan HC Holdings
Function Manager Yusuke Sato
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site
and industrial site
3. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
4. All operations incidental or relating to the preceding articles
300,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
February 19, 2019

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

62

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 5
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, DA Healthcare 2
Function Manager Yuichi Tsutsumi
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site
and industrial site
3. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
4. All operations incidental or relating to the preceding articles
300,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
May 20, 2019

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

63

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 6
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, DA Healthcare 3
Function Manager Yusuke Sato
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site
and industrial site
3. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
4. All operations incidental or relating to the preceding articles
300,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
June 6, 2019

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

64

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative(4)

Description ofBusiness(5)

Amount of Capital(6)

Sales Amount(7)

Date of
Incorporation(8)

Net Assets

(9)
(10)
(11)

GK DA Healthcare 7
1-1-7 Motoakasaka, Minato-ku, Tokyo
Representative member, DA Healthcare 4
Function Manager Terumitsu Nosaka
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site
and industrial site
3. Acquisition, owning, disposition and trading of real estate trust
beneficiary interests
4. All operations incidental or relating to the preceding articles
200,000 yen
Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.
September 2, 2019

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts
Act of the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between theBusiness
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

65

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

GK GTL Healthcare
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association DGHFunction Manager Takanori Mishina
1. Acquisition, owning and disposition of trust beneficiary interests inreal estate as asset in trust
2. Trading, leasing, management, acquisition, owning, disposition anduse of real estate
3. All operations incidental or relating to the preceding articles(4)

Description ofBusiness(5)

Amount of
Capital400,000 yen(6)

Sales Amount

Sales amount is not disclosed as consent for disclosure has not beenobtained from the seller.

(7)

Date of
Incorporation

May 31, 2019

(8)

Net Assets

(9)
(10)
(11)

The amount of net assets is not disclosed as consent for disclosure has
not been obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has
Total Assets
not been obtained from the seller.
The major shareholders are not disclosed as consent for disclosure has
Major
Shareholders
not been obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller.
However, Daiwa Securities Group Inc., the parent company of the Asset
CapitalManager, has conducted investment equal to the entire equity of silent
Relationshippartnership interest of the seller as its sole silent partner. In addition, theseller falls under interested parties stipulated in the Investment Trusts Actof the Asset Manager.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no personnel relationship required to be disclosed between the
Personnel
Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there
is no business relationship required to be disclosed between the affiliatedBusiness
Relationshipparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theseller.
Status of
The seller is a subsidiary of Daiwa Securities Group Inc., the parent
Classification ascompany of the Asset Manager, and does fall under the Related Party.
Related Party

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

66

5. Status of Owners etc. of Property
The seller of the respective Asset to be Acquired is a special purpose company in which Daiwa
Securities Group Inc., the parent company of the Asset Manager, has invested in for an amount equal
to the entire equity of the silent partnership interest. The seller falls under interested parties stipulated
in the Investment Trusts Act and falls under the Related Party pursuant to the “Regulation Concerning
Conflict of Interest,” an internal rule of the Asset Manager. Thus, the Asset Manager proceeded withprocedures to reach a decision (including the approval at the board of directors of the Investment
Corporation based on Article 201, Paragraph 2 of the Investment Trusts Act) as stipulated in theRegulation Concerning Conflict of Interest in making transactions with the seller to acquire therespective Asset to be Acquired.
The following table indicates (1) Company name, (2) Relationship with a party having special
relationship of interest, (3) History/reason, etc. for acquisition, (4) Acquisition price and (5) Date ofacquisition.
Property
number

Property name

Previous owner(1) GK DA Healthcare 3

1

AIP
Kachidoki-Ekimae(2) Parent company of the Asset Manager
performing silent partnership investment(3) Acquired for the purpose of investment
management(4) Not disclosed (omitted as the property isowned by the current owner for more than
1 year)(5) December 2017
(1) GK DA Healthcare 5

2

PLAISANTGRAND MINAMIYUKIGAYA(2) Parent company of the Asset Manager
performing silent partnership investment(3) Acquired for the purpose of investment
management(4) 3,363 million yen

Earlier previous
owner
Not a party having
special relationshipof interest

Not a party having
special relationshipof interest(5) July 2019(1) GK DA Healthcare 6

3

Aira no mori
Higashi-Ofuna(2) Parent company of the Asset Manager
performing silent partnership investment(3) Acquired for the purpose of investment
management(4) 2,249 million yen

Not a party having
special relationshipof interest(5) June 2019(1) GK DA Healthcare 4

4

Aira no mori
Shakujiikoen(2) Parent company of the Asset Manager
performing silent partnership investment(3) Acquired for the purpose of investment
management(4) 2,032 million yen

Not a party having
special relationshipof interest(5) October 2019

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

67

(1) GK DA Healthcare 4

5

Aira no mori
Edogawa-Shinozaki(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) 1,484 million yen

Not a party having
special relationshipof interest(5) September 2019(1) GK DA Healthcare 7

6

Senior Forest
Yokohama-Tsuzuki(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) 1,190 million yen

Not a party having
special relationshipof interest(5) September 2019(1) GK DA Healthcare 2

7

Sompo no ie
Toyonaka-Minamisone(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) Not disclosed (omitted as the property
is owned by the current owner for morethan 1 year)(5) December 2016
(1) GK DA Healthcare 2

8

Irise Komae Bettei(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) Not disclosed (omitted as the property
is owned by the current owner for morethan 1 year)(5) February 2017
(1) GK DA Healthcare 2

9

Alpha Living
Takamatsu
Konyamachi(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) Not disclosed (omitted as the property
is owned by the current owner for morethan 1 year)(5) July 2018
(1) GK GTL Healthcare

10Good Time Living
Center-Minami,
Platesia
Center-Minami(2) Parent company of the Asset Manager
performing
silentpartnershipinvestment(3) Acquired for the purpose of investment
management(4) - (Note 1)

Not a party having
special relationshipof interest

Not a party having
special relationshipof interest

Not a party having
special relationshipof interest

Not a party having
special relationshipof interest(5) August 2019 (Note 1)
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

68(1) GK GTL Healthcare

11

Good Time Living
Chibaminato-Kaigandori・
Platesia Chibaminato(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

12Good Time Living
Yokohama-Tsuzuki(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

13

Good Time Living
Senri-Hinatagaoka(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

14

Good Time Living
Nakamozu(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

15

Good Time Living
Kourigaoka(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

16

Good Time Living
Kameido(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare
17

Good Time Living Mikage(2) Parent

company

of

the

Asset

Not a party having
specialrelationship ofNote: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

69

Managerperforming
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

interest(5) August 2019 (Note 1)(1) GK GTL Healthcare

18

Good Time Living
Amagasaki-Shintoshin(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

19

Good Time Living Minami
Senri(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

20Good Time Living
Kobe-Tarumi(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

21

Good Time Living
Chibaminato-Ekimaedori(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

22Good Time Living
Senboku-Izumigaoka(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare
23

Good Time Living
Ikeda-Midorigaoka(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management

Not a party having
specialrelationship ofinterest

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

70(4) - (Note 1)(5) August 2019 (Note 1)(1) GK GTL Healthcare

24Good Time Living
Nagatsuta-Minamidai(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

25Good Time Living
Saitama-Hasuda(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

26

Good Time Living
Nagareyama-Ichibankan(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

27

Good Time Living
Nagareyama-Nibankan(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(1) GK GTL Healthcare

28

Good Time Living
Amagasaki-Ekimae(2) Parent company of the AssetManager
performing
silentpartnership investment(3) Acquired for the purpose ofinvestment management(4) - (Note 1)

Not a party having
specialrelationship ofinterest(5) August 2019 (Note 1)(Note 1) Since the properties were succeeded through company spilt, the acquisition price for each property or the amount equivalent to it
does not exist. Moreover, date of acquisition indicates the effective date of the company split.
(Note 2) All properties will be acquired from a bridge fund aiming to own the properties temporarily with an aim to transfer them to theInvestment Corporation utilizing the bridge scheme of the sponsor. Therefore, the holding period by the previous owner may be
short depending on the date of acquisition by the previous owner, which is the bridge fund.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

71

6. Details of the Operator(1)
Company Name
(2)
Location
Title and Name of(3)
Representative

Nichii Carepalace Co.,Ltd.
2-9 Kanda-Surugadai, Chiyoda-ku, Tokyo
President Masatoshi Saito
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)

Description ofBusinessAmount of Capital
Sales Amount
Date of Incorporation
Attribute (listed
market)Number of Facilities
Operated (Note 1)
Number of Resident
Rooms Operated(Note 1)

Management and operation of fee-based homes for the elderly,
private nursing homes for the elderly and care house
2. Planning, operation guidance and entrusted operation offee-based homes for the elderly, private nursing homes for theelderly and care house
3. In-home long-term care support business, preventive long-termcare support business based on the Long-Term Care InsuranceAct
4. Daily life long-term care for those admitted to a specified facility,
home-visit long-term care, outpatient day long-term care,short-term admission for daily life long-term care, rental of
welfare equipment, sale of specified welfare equipment andother in-home service businesses based on the Long-Term Care
Insurance Act
5. Daily preventive long-term care for those admitted to a specified
facility, home-visit service for preventive long-term care,
outpatient preventive long-term care, short-term admission fordaily preventive long-term care, rental of equipment for
preventive long-term care covered by public aid, sale ofspecified equipment for preventive long-term care covered bypublic aid and other preventive long-term care service
businesses based on the Long-Term Care Insurance Act
6. Outpatient long-term care for a dementia patient, multifunctional
long-term care in a small group home, communal daily long-termcare for a dementia patient, daily life long-term care for a person
admitted to a community-based specified facility and othercommunity-based service businesses based on the Long-TermCare Insurance Act
7. Preventive long-term care for a dementia outpatient,multifunctional preventive long-term care in a small group home,preventive long-term care for a dementia patient in communal
living and other community-based preventive long-term careservice businesses based on the Long-Term Care Insurance Act
8. Planning, management and operation of homes for the elderly
and housing and facilities for the elderly in and outside Japan
9. Education, training and nurturing of those engaged in nursing
care and welfare in and outside Japan, etc.
10. All operations incidental to the preceding articles
80 million yen
Not disclosed as consent for disclosure has not been obtained.
June 22, 1964
Group company of a listed company (Note 2)
80 facilities
5,119 rooms

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

72

(11)

Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition,
there is no capital relationship required to be disclosed between the
Capital Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
Personnel
addition, there is no personnel relationship required to be disclosed
between the affiliated parties and the affiliated companies of theRelationship
Investment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The parent company of the operator is the lessee and operator of theassets owned by the Investment Corporation and has concluded abuilding lease contract and backup operator agreement with theInvestment Corporation. There is no business relationship required toBusinessbe disclosed between the Asset Manager and the operator. In
Relationshipaddition, there is no business relationship required to be disclosed
between the affiliated parties and the affiliated companies of theAsset Manager and the affiliated parties and the affiliated companiesof the operator.
The operator does not fall under the Related Party of the Investment
Status ofCorporation/Asset Manager. In addition, the affiliated parties and theClassification asaffiliated companies of the operator do not fall under the Related
Related Party
Persons of the Investment Corporation/Asset Manager.

(1)
(2)

Company Name
Location
Title and Name ofRepresentative(3)

Care Twentyone Corporation
2-2-2 Dojima, Kita-ku, Osaka-shi
President and Chief Executive Officer Taira Yoda
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

In-home service business based on the Long-Term Care
Insurance Act
2. Community-based service business based on the Long-TermCare Insurance Act
3. In-home long-term care support business based on theLong-Term Care Insurance Act
4. Preventive long-term care service business based on theLong-Term Care Insurance Act
5. Community-based preventive long-term care business based on
the Long-Term Care Insurance Act
6. Preventive long-term care support business based on theLong-Term Care Insurance Act
7. Category 1 home-visit business based on the Long-Term Care
Insurance Act
8. Category 1 outpatient business based on the Long-Term Care
Insurance Act
9. Co-living type service business based on the Long-Term Care
Insurance Act, etc.
10. All operations incidental to the preceding articles
100 million yen
28,120 million yen (fiscal period ended October 2018)
November 1, 1993

Amount of Capital
Sales Amount
Date of Incorporation
Attribute (listed
Listed company (Tokyo Stock Exchange JASDAQ Standard)market)Number of Facilities
115 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
3,813 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

73

Capital Relationship

Personnel
Relationship

Business
Relationship

Status ofClassification as
Related Party
(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition,
there is no capital relationship required to be disclosed between theaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no personnel relationship required to be disclosed
between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The operator is the lessee and operator of the assets owned by theInvestment Corporation and has concluded a building lease contract
with the Investment Corporation. There is no business relationshiprequired to be disclosed between the Asset Manager and theoperator. In addition, there is no business relationship required to bedisclosed between the affiliated parties and the affiliated companiesof the Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
The operator does not fall under the Related Party of the Investment
Corporation/Asset Manager. In addition, the affiliated parties and theaffiliated companies of the operator do not fall under the Related
Persons of the Investment Corporation/Asset Manager.
HALE Corporation Co., Ltd.
1-5-1 Omotecho, Kita-ku, Okayama-shi, Okayama
President Toshifumi Kamikawa
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

Provision of management and technical know-how andconsulting business of rental housing for the elderly withservices including meal and nursing care
2. Provision of management and technical know-how andconsulting business of fee-based homes for the elderly
3. Establishment and operation of fee-based homes for the elderly
pursuant to the Act on Social Welfare for the Elderly
4. Daily life long-term care business for those admitted to a
specified facility pursuant to the Long-Term Care Insurance Act
5. Daily preventive long-term care business for those admitted to a
specified facility pursuant to the Long-Term Care Insurance Act
6. Home-visit long-term care business pursuant to the Long-TermCare Insurance Act
7. Community-based service business pursuant to the Long-TermCare Insurance Act
8. Community-based preventive long-term care business pursuant
to the Long-Term Care Insurance Act
9. Feeding service and management operations on feeding
service, etc.
10. All operations incidental to the preceding articles
100 million yen
Not disclosed as consent for disclosure has not been obtained.
August 8, 2002

Amount of Capital
Sales Amount
Date of Incorporation
Attribute (listed
Unlisted
market)Number of Facilities
39 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
1,962 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition,
Capital Relationshipthere is no capital relationship required to be disclosed between the

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

74

Personnel
Relationship

Business
Relationship

Status ofClassification as
Related Party
(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

affiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no personnel relationship required to be disclosed
between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
There is no business relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no business relationship required to be disclosed
between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The operator does not fall under the category of Related Party of theInvestment Corporation/Asset Manager. In addition, the affiliatedparties and the affiliated companies of the operator do not fall under
the Related Persons of the Investment Corporation/Asset Manager.
Medical Care System Co., Ltd.
Minato Mirai Grand Central Tower 3F, 4-6-2 Minatomirai,
Yokohama-shi, Kanagawa
President Wataru Yoneyama
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

Consulting business regarding construction and design of
hospitals and welfare facilities
2. Consulting business for establishment and operation of
hospitals, clinics and welfare facilities
3. Planning and development of welfare service business of
welfare facilities based on the Act on Social Welfare for the
Elderly
4. Investigation, research, operation and management support oflong-term care welfare facilities for the elderly, long-term carehealth facilities for the elderly and long-term care recuperation
facilities for the elderly
5. Business of health-type/residential-type fee-based homes forthe elderly and fee-based homes for the elderly with nursingcare
6. General leasing business7. Development, research, acceptance of order, sale and leasing of
medical equipment, nursing care equipment and welfare
equipment
8. Feeding service for the elderly, development of food including
catered lunch and sale of food stuff
9. Entrustment of billing and accounting work as well as
management guidance of hospitals, clinics, welfare facilities forthe elderly and long-term care health facilities for the elderly, etc.
10. All operations incidental to the preceding articles
10 million yen
Not disclosed as consent for disclosure has note been obtained.
April 14, 2004

Amount of Capital
Amount of Sales
Date of Incorporation
Attribute (listed
Unlisted
market)Number of Facilities
20 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
631 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
Capital Relationshipthere is no capital relationship required to be disclosed between theaffiliated parties and the affiliated companies of the Investment

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

75

Personnel
Relationship

Business
Relationship

Status ofClassification as
Related Party
(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no personnel relationship required to be disclosed
between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
There is no business relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no business relationship required to be disclosed
between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The operator does not fall under the category of Related Party of theInvestment Corporation/Asset Manager. In addition, the affiliatedparties and the affiliated companies of the operator do not fall under
the Related Persons of the Investment Corporation/Asset Manager.
Sompo Care Inc.
4-12-8 Higashi-Shinagawa, Shinagawa-ku, Tokyo
President Ken Endo
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

In-home long-term care support business stipulated in theLong-Term Care Insurance Act
2. Preventive long-term care support business stipulated in theLong-Term Care Insurance Act
3. In-home service business stipulated in the Long-Term Care
Insurance Act
4. Preventive long-term care service business stipulated in theLong-Term Care Insurance Act
5. Overall business on preventive long-term care/daily life support
stipulated in the Long-Term Care Insurance Act
6. Community-based service business stipulated in the Long-TermCare Insurance Act
7. Community-based preventive long-term care business stipulated
in the Long-Term Care Insurance Act
8. Business based on the Act on the Comprehensive Support for
the Daily and Social Life of Persons with Disabilities
9. Entrustment of certification of eligibility for nursing care andcomprehensive support business stipulated in the Long-TermCare Insurance Act and other businesses stipulated in theLong-Term Care Insurance Act, etc.
10. All operations incidental to the preceding articles
3,925 million yen
Not disclosed as consent for disclosure has note been obtained.
May 26, 1997

Amount of Capital
Amount of Sales
Date of Incorporation
Attribute (listed
Group company of a listed company (Note 3)
market)Number of Facilities
436 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
25,740 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no capital relationship required to be disclosed between the
Capital Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
Personnel
the Investment Corporation/Asset Manager and the operator. In
Relationshipaddition, there is no personnel relationship required to be disclosed

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

76

Business
Relationship

Status ofClassification as
Related Party
(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

between the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The operator is the lessee and operator of the assets owned by theInvestment Corporation and has concluded a building lease contract
and backup operator agreement with the Investment Corporation.
There is no business relationship required to be disclosed between
the Asset Manager and the operator. In addition, there is no business
relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Asset Manager and the affiliatedparties and the affiliated companies of the operator.
The operator does not fall under the category of Related Party of theInvestment Corporation/Asset Manager. In addition, the affiliatedparties and the affiliated companies of the operator do not fall under
the Related Persons of the Investment Corporation/Asset Manager.
HITOWA Care Service Co., Ltd.
1-4-5 Roppongi, Minato-ku, Tokyo
President Yoshiteru Hakamada
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

Designated in-home long-term care support business based on
the Long-Term Care Insurance Act
2. Following in-home service business based on the Long-TermCare Insurance Act
3. Following community-based service business based on theLong-Term Care Insurance Act
4. Following preventive long-term care service business based on
the Long-Term Care Insurance Act
5. Following community-based preventive long-term care businessbased on the Long-Term Care Insurance Act
6. Preventive long-term care support business based on theLong-Term Care Insurance Act
7. Overall business on preventive long-term care/daily life support
based on the Long-Term Care Insurance Act
8. Business regarding development, operation and management ofpublic facilities and welfare center for the elderly based on the
Act on Promotion of Private Finance Initiative (PFI Law)
9. Business regarding business management and management of
nursing care facilities for the elderly and persons withdisabilities, etc.
10. All operations incidental to the preceding articles
50 million yen
Not disclosed as consent for disclosure has note been obtained.
November 1, 2006

Amount of Capital
Amount of Sales
Date of Incorporation
Attribute (listed
Unlisted
market)Number of Facilities
117 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
7,042 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no capital relationship required to be disclosed between the
Capital Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
addition, there is no personnel relationship required to be disclosed
Personnel
Relationshipbetween the affiliated parties and the affiliated companies of theInvestment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

77

Business
Relationship

Status ofClassification as
Related Party
(1)
(2)
(3)

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Company Name
Location
Title and Name ofRepresentative

Description ofBusiness

The operator is the lessee and operator of the assets owned by theInvestment Corporation and has concluded a building lease contract
with the Investment Corporation. There is no business relationshiprequired to be disclosed between the Asset Manager and theoperator. In addition, there is no business relationship required to bedisclosed between the affiliated parties and the affiliated companiesof the Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
The operator does not fall under the category of Related Party of theInvestment Corporation/Asset Manager. In addition, the affiliatedparties and the affiliated companies of the operator do not fall under
the Related Persons of the Investment Corporation/Asset Manager.
Anabuki Medical Care Inc.
2-8 Togiyacho, Takamatsu-shi, Kagawa
President Yoshihisa Otani
1. Various advertising agency business
2. Planning and production of advertisements
3. Planning and operation of various events
4. Marketing business including information collection and analysis
5. Issuance of books and magazines
6. Real estate leasing business
7. Real estate management business
8. Facility operation and management business9. Business management and management of restaurants, etc.
10. All operations incidental to the preceding articles
80 million yen
Not disclosed as consent for disclosure has note been obtained.
June 24, 2009

Amount of Capital
Amount of Sales
Date of Incorporation
Attribute (listed
Group company of a listed company (Note 4)
market)Number of Facilities
31 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
1,390 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition,
there is no capital relationship required to be disclosed between the
Capital Relationshipaffiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
There is no personnel relationship required to be disclosed between
the Investment Corporation/Asset Manager and the operator. In
Personnel
addition, there is no personnel relationship required to be disclosed
between the affiliated parties and the affiliated companies of theRelationship
Investment Corporation/Asset Manager and the affiliated parties andthe affiliated companies of the operator.
The operator is the lessee and operator of the assets owned by theInvestment Corporation and has concluded a building lease contract
and backup operator agreement with the Investment Corporation.
Business
There is no business relationship required to be disclosed between
the Asset Manager and the operator. In addition, there is no business
Relationshiprelationship required to be disclosed between the affiliated parties
and the affiliated companies of the Asset Manager and the affiliatedparties and the affiliated companies of the operator.
The operator does not fall under the category of Related Party of the
Status ofInvestment Corporation/Asset Manager. In addition, the affiliatedClassification as
parties and the affiliated companies of the operator do not fall under
Related Party
the Related Persons of the Investment Corporation/Asset Manager.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

78

(1)
(2)
(3)

Company Name
Location
Title and Name ofRepresentative

Good Time Living Co., Ltd.
1-9-1 Marunouchi, Chiyoda-ku, Tokyo
President Yoshiaki Morikawa
1.

(4)

(5)
(6)
(7)
(8)
(9)
(10)
(11)

Description ofBusiness

Planning, development, business management, operation,
management and guidance of rental housing and facilities forthe elderly including fee-based homes for the elderly, long-termcare facilities for the elderly and senior housing
2. Following businesses stipulated in the Long-Term Care
Insurance Act(1) Operations related to designated in-home long-term care
support business(2) Operations related to designated in-home service business(3) Operations related to designated preventive long-term careservice business(4) Operations related to designated category 1 business
3. Sale of food stuff
4. Leasing, trading and management of real estate anddevelopment of residential land
5. Management of sport facilities including golf courses and tennis
courts, amusement facilities and other various facilities foraccommodation, medical care and educational training,
management of restaurants and travel agency business6. Money lending, sale and purchase of various claims, payment
on behalf of a third party, guarantee and underwriting of debt
and other financial business7. Non-life insurance agency business, insurance agency businessbased on the Act on Securing Compensation for Automobile
Accidents and business related to the solicitation of life
insurance
8. Leasing and rental of various movable properties
9. Worker dispatching business, etc.
10. All operations incidental to the preceding articles
50 million yen
Not disclosed as consent for disclosure has note been obtained.
April 1, 2005

Amount of Capital
Amount of Sales
Date of Incorporation
Attribute (listed
Group company of a listed company (Note 5)
market)Number of Facilities
33 facilities
Operated (Note 1)
Number of Resident
Rooms Operated
2,746 rooms(Note 1)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator.
There is capital relationship between Daiwa Securities Group Inc.,
which is the parent company owning 100% of the total number ofoutstanding shares of the operator, and the Investment
Capital Relationship
Corporation/Asset Manager.
The operator has concluded a underwriting contract with JRH
regarding the allotment and underwriting of part of the investment
units issued through third-party allotment, and is scheduled toacquire 10,111 investment units (approximately 0.49% of investment
units owned upon issuance) of JRH on April 1, 2020.
A director of the operator also serves as the director of the Asset
Personnel
RelationshipManager and has personnel relationship with the operator.
The operator is scheduled to become the lessee and operator of theAssets to be Acquired by the Investment Corporation, and has
concluded a backup operator agreement with the Investment
Business
Relationship
Corporation. There is no business relationship required to bedisclosed between the Asset Manager and the operator. In addition,
there is no business relationship required to be disclosed between

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

79the affiliated parties and the affiliated companies of the Investment
Corporation/Asset Manager and the affiliated parties and the affiliatedcompanies of the operator.
Status ofClassification as
Related Party

The seller is a subsidiary of Daiwa Securities Group Inc., the parent
company of the Asset Manager, and does fall under the category ofRelated Party.

(Note 1) Number of Facilities Operated and Number of Resident Rooms Operated indicate number of facilities andresident rooms of fee-based homes for the elderly, group homes and elderly housing with supportive
services, whose information was obtained from the operator’s website and by interviewing the operator(as of November 1, 2019).
(Note 2) Subsidiary of Nichiigakkan Co., Ltd., a company listed on the first section of the Tokyo Stock Exchange.
(Note 3) Subsidiary of Sompo Holdings, Inc., a company listed on the first section of the Tokyo Stock Exchange.
(Note 4) Subsidiary of Anabuki Kosan Inc., a company listed on the first section of the Tokyo Stock Exchange.
(Note 5) Subsidiary of Daiwa Securities Group Inc., a company listed on the first section of the Tokyo Stock
Exchange.

7. Payment Method, etc.
Lump-sum payment at the time of transaction (delivery) for all Assets to be Acquired.
8. Financial Impact on the Investment Corporation in the Event of Failure of Fulfillment of Forward
Commitment, etc.
The sale and purchase agreement of trust beneficiary interests for the Assets to be Acquired (the “Saleand Purchase Agreement”) falls under forward commitment, etc. (*) by investment corporations as
stipulated in the “Comprehensive Guidelines for Supervision of Financial. Instruments Business
Operators, etc.” of the Financial Services Agency.
In the Sale and Purchase Agreement concluded with the seller, the obligation of the Investment
Corporation is based on the assumption that fund procurement will be completed by the date of saleand purchase and that the Merger will become effective. If such conditions are not satisfied, theInvestment Corporation may cancel the Sale and Purchase Agreement for free without making any
payment for the reason that the conditions are not satisfied. When either party violates any provisionsof the Sale and Purchase Agreement (the “Violating Party”), the other party may cancel the Sale andPurchase Agreement and request payment of an amount equivalent to 20% of the sale and purchaseprice as a penalty to the Violating Party.
(*) Postdated sale and purchase agreement under which the settlement and delivery of property will be made atleast one month after the conclusion of the agreement as well as other similar agreements.

9. Future Prospects
Please refer to “Notice Concerning Forecasts for Management Status for the Fiscal Period Ending
March 2020 (Final Fiscal Period) and Payment on the Merger” and “Concerning

Forecasts ofOperating Results and Distributions for the Fiscal Period Ending September 2020 and the Fiscal
Period Ending March 2021 after the Merger of Japan Rental Housing Investments Inc. and Nippon
Healthcare Investment Corporation” separately announced today by the Investment Corporation.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

8010. Summary of Appraisal Report[Property Number 1] AIP Kachidoki-Ekimae
Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

8,340,000,000 yen

Items(thousand yen)

Income Approach Value

8,340,000

Direct Capitalization Value

8,500,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

324,892(5) Capital Expenditures

4,180(6) Net Revenue ((3)+(4)-(5))

2,175

322,877(7) Capitalization Rate

3.8%

Discounted Cash Flow Value

8,270,000

Discount Rate

3.8%/3.9%

Terminal Capitalization Rate
Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

4.0%(Note)

Investment return is assumed at 1.0%.
Based on figures of ER and similar cases allocated at
3:7 for Repair and Capital Expenditures−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets
Characteristics of the net revenue used for
Capitalization Rate, future uncertainties, liquidity,
market value, etc. are accounted for in thedetermination of the rate.

9,090,000
79.3%
20.7%
Other items noted by appraiser upon valuation

The Property is located in an area which is approximately 100 meters from Kachidoki Station on the Toei Subway OedoLine and where apartments with retail stores stand in line along Kiyosumi-dori Street. The building is a relatively newproperty completed in 2017. The 1st and 2nd floors are occupied by a supermarket and a 100-yen shop, the 3rd floor bya medical mall and the 4th to 9th floors by a fee-based home for the elderly with nursing care. The home for the elderly isa large facility with a total of 90 rooms and a resident capacity of 100 people. The number of tenants is increasingsmoothly since establishment. The population of the surrounding area of the Property is increasing remarkably with theconstruction of high-rise condominiums in recent years, and the locational condition as a commercial facility is also
believed to be favorable. The Property is believed to stand favorably even when compared with other competitive
properties. For this case, the appraisal value is determined after comprehensively taking into account location
characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

81[Property Number 2] PLAISANT GRAND MINAMI YUKIGAYA
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

3,400,000,000 yen

Items(thousand yen)

Income Approach Value

3,400,000

Direct Capitalization Value

3,450,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

138,318(5) Capital Expenditures

1,231(6) Net Revenue ((3)+(4)-(5))

752

137,839(7) Capitalization Rate

4.0%

Discounted Cash Flow Value

3,350,000

Discount Rate

3.8%

Terminal Capitalization Rate

4.2%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

3,680,000
81.4%
18.6%
Other items noted by appraiser upon valuation

The Property is a fee-based home for the elderly with nursing care and an authorized nursery school approximately a9-minute walk from Yukigaya-Otsuka Station on the Tokyu Ikegami Line. It was completed recently in 2019, and no
specific deterioration from age is found. In addition, as for the fee-based home for the elderly, all rooms are private rooms
and it has a standard exclusive room area and facility level. As for the nursery school, nursery rooms and toilets havebeen positioned appropriately in accordance with the age of child, and a playground is located outside. Thus, theProperty has appropriate competitiveness. In addition, Care Twentyone Corporation, the lessee, has a substantial
operational record such as in operation of several elderly housing facilities with support services and fee-based homes
for the elderly across Japan. It has high reliability regarding the achievement of business income and expenditure, andstable facility operation can be expected.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

82

[Property Number 3] Aira no mori Higashi-Ofuna
Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

2,510,000,000 yen

Items(thousand yen)

Income Approach Value

2,510,000

Direct Capitalization Value

2,530,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

112,422(5) Capital Expenditures

1,620(6) Net Revenue ((3)+(4)-(5))

383

111,186(7) Capitalization Rate

4.4%

Discounted Cash Flow Value

2,500,000

Discount Rate

4.4%/4.5%

Terminal Capitalization Rate
Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

4.6%(Note)

Investment return is assumed at 1.0%.
Based on figures of ER and similar cases allocated at
3:7 for Repair and Capital Expenditures−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets
Characteristics of the net revenue used for
Capitalization Rate, future uncertainties, liquidity,
market value, etc. are accounted for in thedetermination of the rate.

2,470,000
65.9%
34.1%
Other items noted by appraiser upon valuation

The Property is located along a prefectural road which is approximately 1,100 meters from Ofuna Station on the JR
Tokaido Line and approximately 1,300 meters from Ofuna Station on the Shonan Monorail Line. The building is a newproperty completed in 2019. It is a fee-based home for the elderly with nursing care with a total of 88 rooms, and a drug
store has been established on the 1st floor. Although it is rather far from the nearest station, its location as a retail store
is believed to be favorable as many buses are available during the day and a residential district spreads behind theprefectural road. For this case, the appraisal value is determined after comprehensively taking into account location
characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

83[Property Number 4] Aira no mori Shakujiikoen
Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

2,190,000,000 yen

Items(thousand yen)

Income Approach Value

2,190,000

Direct Capitalization Value

2,260,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

93,866(5) Capital Expenditures

1,275(6) Net Revenue ((3)+(4)-(5))

92,847256(7) Capitalization Rate

4.1%

Discounted Cash Flow Value

2,160,000

Discount Rate

4.1%/4.2%

Terminal Capitalization Rate
Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

4.3%(Note)

Investment return is assumed at 1.0%.
Based on figures of ER and similar cases allocated at
3:7 for Repair and Capital Expenditures−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets
Characteristics of the net revenue used for
Capitalization Rate, future uncertainties, liquidity,
market value, etc. are accounted for in thedetermination of the rate.

2,200,000
73.4%
26.6%
Other items noted by appraiser upon valuation

The Property is approximately 920 meters from Shakujiikoen Station on the Seibu Ikebukuro Line and is located in a
residential district composed mainly of low-rise detached houses.
The surrounding area of the Property is a quiet residential district where detached low-rise housing stands in line while
offering excellent access to central Tokyo. The building is a new property completed in 2019. It is believed to standfavorably even when compared with other competitive properties as a mid-sized fee-based home for the elderly with a
total of 62 rooms. For this case, the appraisal value is determined after comprehensively taking into account location
characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

84

[Property Number 5] Aira no mori Edogawa-Shinozaki
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

1,560,000,000 yen

Items(thousand yen)

Income Approach Value

1,560,000

Direct Capitalization Value

1,590,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

68,778(5) Capital Expenditures

797(6) Net Revenue ((3)+(4)-(5))

191

68,172(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

1,520,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,610,000
72.0%
28.0%
Other items noted by appraiser upon valuation

The Property is a fee-based home for the elderly with nursing care approximately an 8-minute walk from Shinozaki
Station on the Toei Shinjuku Line. It was completed recently in 2019, and no specific deterioration from age is found. In
addition, all rooms are private rooms and the Property has a standard exclusive room area and facility level as well as
appropriate competitiveness. In addition, HALE Corporation Co., Ltd., the lessee, has a substantial operational record infee-based homes for the elderly, and certainty and stability regarding the achievement of a certain business income andexpenditure is relatively high. For this case, the appraisal value is determined after comprehensively taking into accountlocation characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

85

[Property Number 6] Senior Forest Yokohama-Tsuzuki
Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

1,270,000,000 yen

Items(thousand yen)

Income Approach Value

1,270,000

Direct Capitalization Value

1,290,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

56,284(5) Capital Expenditures

1,100(6) Net Revenue ((3)+(4)-(5))

55,341

157(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

1,260,000

Discount Rate

4.3%/4.4%

Terminal Capitalization Rate
Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

4.5%(Note)

Investment return is assumed at 1.0%.
Based on figures of ER and similar cases allocated at
3:7 for Repair and Capital Expenditures−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets
Characteristics of the net revenue used for
Capitalization Rate, future uncertainties, liquidity,
market value, etc. are accounted for in thedetermination of the rate.

1,390,000
62.1%
37.9%
Other items noted by appraiser upon valuation

The Property is approximately 750 meters northeast of Kawawacho Station and approximately 900 meters southwest of
Tsuzukifureainooka Station on the Yokohama Municipal Subway Green Line. Although it is rather far from both stations,the Property is within walking distance and a bus stop is located nearby. Therefore, inconvenience in terms of access tothe nearest station is mitigated. A quiet residential district spreads in the surrounding area of the Property and multiple
parks are located there, offering an excellent residential environment. The building is a new fee-based home for theelderly with nursing care completed in 2019. It has a total of 70 rooms, and is believed to have differentiated itself fromother competitive properties by limiting the entering requirement to those requiring nursing care with its careful personnel
allocation. For this case, the appraisal value is determined after comprehensively taking into account location
characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

86[Property Number 7] Sompo no ie Toyonaka-Minamisone
Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

835,000,000 yen

Items(thousand yen)

Income Approach Value

835,000

Direct Capitalization Value

844,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

41,635(5) Capital Expenditures

1,218(6) Net Revenue ((3)+(4)-(5))

40,534

117(7) Capitalization Rate

4.8%

Discounted Cash Flow Value

831,000

Discount Rate

4.8%/4.9%

Terminal Capitalization Rate
Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

5.0%(Note)

Investment return is assumed at 1.0%.
Based on figures of ER and similar cases allocated at
3:7 for Repair and Capital Expenditures−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets
Compared with transaction cases of similar
properties and investigated by taking into account theproperty’s unique characteristics on the yields ofother financial assets

832,000
61.3%
38.7%
Other items noted by appraiser upon valuation

The Property is approximately 1,300 meters from Hattori-tenjin Station on the Hankyu Takarazuka Line. Although it israther far from the nearest station, it is located to the north of Toyonaka IC and offers excellent access by car. Although
the building was completed in 2001 and is a bit old, it has undergone large-scale repair work and the status ofmaintenance and operation is favorable. In addition, the facility, which is composed of a fee-based home for the elderlywith nursing care and a group home, enables residents to choose the facility which they will use according to thesymptoms of dementia and move between both facilities accordingly. Therefore, it is believed to have differentiated itself
from other competitive properties. For this case, the appraisal value is determined after comprehensively taking into
account location characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

87[Property Number 8] Irise Komae Bettei
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

931,000,000 yen

Items(thousand yen)

Income Approach Value

931,000

Direct Capitalization Value

945,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

672
1,299

(6) Net Revenue ((3)+(4)-(5))

59,248(7) Capitalization Rate

4.4%

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics

70%
917,000

Discount Rate

4.2%

Terminal Capitalization Rate

4.6%

Integrated Value by Using Cost
MethodRatio of Land

(Note)

59,875(5) Capital Expenditures(8)
Quasi-co-ownershipinterest
Discounted Cash Flow Value

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

938,000
69.8%

Ratio of Building

30.2%
Other items noted by appraiser upon valuation
Although the Property is located rather far from Kitami Station on the Odakyu Odawara Line at approximately 850 metersfrom the station, inconvenience in terms of access to the nearest station is mitigated, as taxis, etc. are relatively easy tofind. In addition, as for building characteristics, the building was completed in 2017 and is relatively new. Thus, no
specific deterioration from age is found and it is believed to stand favorably even when compared with other competitive
properties. In addition, HITOWA Care Services Co., Ltd., the lessee, has a substantial operational record in fee-based
homes for the elderly, and certainty and stability regarding the achievement of a certain business income andexpenditure is relatively high. For this case, the appraisal value is determined after comprehensively taking into accountlocation characteristics, building grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

88[Property Number 9] Alpha Living Takamatsu Konyamachi
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

1,250,000,000 yen

Items(thousand yen)

Income Approach Value

1,250,000

Direct Capitalization Value

1,260,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

62,782(5) Capital Expenditures

2,470(6) Net Revenue ((3)+(4)-(5))

60,672360(7) Capitalization Rate

4.8%

Discounted Cash Flow Value

1,240,000

Discount Rate

4.6%

Terminal Capitalization Rate

5.0%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,310,000
41.1%
58.9%
Other items noted by appraiser upon valuation

The Property is located at the city center which is the gateway to Takamatsu City. The surrounding area has hotels,
government offices, offices, shopping streets as well as large-scale parks and is an area offering high commercial
prosperity, living convenience and comfort. As for building characteristics, although physical deterioration from age isfound, it is believed to stand favorably even when compared with other competitive properties. For this case, theappraisal value is determined after comprehensively taking into account location characteristics, building grade, age andother factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

89

[Property Number 10] Good Time Living Center-Minami, Platesia Center-Minami
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal Date

As of November 1, 2019

Appraised Value

11,700,000,000 yen

Items(thousand yen)

Income Approach Value

11,700,000

Direct Capitalization Value

11,900,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

512,720(5) Capital Expenditures

13,790(6) Net Revenue ((3)+(4)-(5))

500,3361,406(7) Capitalization Rate

4.2%

Discounted Cash Flow Value

11,600,000

Discount Rate

4.0%

Terminal Capitalization Rate

4.4%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

12,500,000
69.0%
31.0%
Other items noted by appraiser upon valuation

The Property is approximately a 3-minute walk from Center-Minami Station on the Yokohama Municipal Subway BlueLine and Green Line, offering excellent convenience. It is close to commercial facilities such as “Kohoku TOKYU S.C”
and is located also near Tsuzuki Chuo Park. In addition, as for building characteristics, although physical deteriorationfrom age is found, it is believed to stand favorably even when compared with other competitive properties. For this case,the appraisal value is determined after comprehensively taking into account location characteristics, building grade, age
and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

90[Property Number 11] Good Time Living Chibaminato-Kaigandori・Platesia Chibaminato
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal Date

As of November 1, 2019

Appraised Value

4,700,000,000 yen

Items(thousand yen)

Income Approach Value

4,700,000

Direct Capitalization Value

4,740,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

228,762(5) Capital Expenditures

11,287(6) Net Revenue ((3)+(4)-(5))

218,145671(7) Capitalization Rate

4.6%

Discounted Cash Flow Value

4,680,000

Discount Rate

4.4%

Terminal Capitalization Rate

4.8%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

4,390,000
52.4%
47.6%
Other items noted by appraiser upon valuation

Although the Property is approximately a 10-minute walk from Chibaminato Station on the JR Keiyo Line and Chiba
Urban Monorail Line, it is approximately a 4-minute ride to Chiba Station by using the Chiba Urban Monorail Line, and noparticular inconvenience in terms of transportation and access is seen. In addition, as for building characteristics,
although physical deterioration from age is found, it is believed to stand favorably even when compared with othercompetitive properties. For this case, the appraisal value is determined after comprehensively taking into accountlocation characteristics, building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

91[Property Number 12] Good Time Living Yokohama-Tsuzuki
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

4,170,000,000 yen

Items(thousand yen)

Income Approach Value

4,170,000

Direct Capitalization Value

4,240,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

186,876(5) Capital Expenditures

5,261(6) Net Revenue ((3)+(4)-(5))

510

182,124(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

4,140,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

4,320,000
72.2%
27.8%
Other items noted by appraiser upon valuation

While the Property is located in an area which is approximately a 4-minute walk from Tsuzukifureainooka Station on the
Yokohama Municipal Subway Green Line and offering excellent access, Kuzugayato Park is located in its neighborhoodand is full of greenery. In addition, as for building characteristics, although physical deterioration from age is found, it isbelieved to stand favorably even when compared with other competitive properties. For this case, the appraisal value isdetermined after comprehensively taking into account location characteristics, building grade, age and other factors of
the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

92

[Property Number 13] Good Time Living Senri-Hinatagaoka
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

2,840,000,000 yen

Items(thousand yen)

Income Approach Value

2,840,000

Direct Capitalization Value

2,870,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

131,594(5) Capital Expenditures

2,925(6) Net Revenue ((3)+(4)-(5))

369129,038(7) Capitalization Rate

4.5%

Discounted Cash Flow Value

2,800,000

Discount Rate

4.3%

Terminal Capitalization Rate

4.7%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

2,720,000
59.8%
40.2%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly which is approximately 1.2 kilometers from Senrioka
Station on the JR Tokaido Main Line. Although accessibility from the nearest station is not favorable, it is located in aquiet residential district with a substantial residential and natural environment. Although the Property was completed in2014 and abrasion and deterioration due to aging are found, all rooms are private rooms and the Property has a standard
room area and facility level as well as appropriate competitiveness. In addition, Good Time Living Co., Ltd., the lessee,
has a substantial operational record in fee-based homes for the elderly, and certainty and stability regarding theachievement of a certain business income and expenditure is relatively high. For this case, the appraisal value isdetermined after comprehensively taking into account location characteristics, building grade, age and other factors of
the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

93[Property Number 14] Good Time Living Nakamozu
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

2,190,000,000 yen

Items(thousand yen)

Income Approach Value

2,190,000

Direct Capitalization Value

2,210,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

104,915(5) Capital Expenditures

5,869(6) Net Revenue ((3)+(4)-(5))

99,346300(7) Capitalization Rate

4.5%

Discounted Cash Flow Value

2,160,000

Discount Rate

4.3%

Terminal Capitalization Rate

4.7%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

2,140,000
58.4%
41.6%
Other items noted by appraiser upon valuation

The Property is a fee-based home for the elderly with nursing care and a student apartment approximately 350 metersfrom Shirasagi Station on the Nankai Koya Line. It offers excellent accessibility from the nearest station and can beaccessed via 2 railway lines. Many facilities for living convenience are located in the surrounding area and the locational
condition of the Property is favorable. The Property was completed in 2015, and all rooms are private rooms. It has astandard exclusive room area and facility level as well as appropriate competitiveness. Since special use is included,
management and operation is more difficult compared with the case of single use. However, Good Time Living Co., Ltd.,the lessee, has a substantial operational record in fee-based homes for the elderly, and certainty and stability regarding
the achievement of a certain business income and expenditure is relatively high. The appraisal value is determined after
comprehensively taking into account the above factors.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

94

[Property Number 15] Good Time Living Kourigaoka
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

2,160,000,000 yen

Items(thousand yen)

Income Approach Value

2,160,000

Direct Capitalization Value

2,190,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

102,449(5) Capital Expenditures

4,249(6) Net Revenue ((3)+(4)-(5))

98,484284(7) Capitalization Rate

4.5%

Discounted Cash Flow Value

2,130,000

Discount Rate

4.3%

Terminal Capitalization Rate

4.7%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,830,000
64.4%
35.6%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly approximately 3.1 kilometers from Hirakata Station on
the Keihan Main Line. Although access from the nearest station is not favorable, living convenience facilities such ascommercial facilities are located in the surrounding area and the Property is located in a quiet residential district with asubstantial residential and natural environment. The Property was completed in 2008, and all rooms are private rooms. It
has a standard exclusive room area and facility level as well as appropriate competitiveness. In addition, Good Time
Living Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly, and certainty andstability regarding the achievement of a certain business income and expenditure is relatively high. For this case, theappraisal value is determined after comprehensively taking into account location characteristics, building grade, age andother factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

95

[Property Number 16] Good Time Living Kameido
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

2,310,000,000 yen

Items(thousand yen)

Income Approach Value

2,310,000

Direct Capitalization Value

2,340,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

107,626(5) Capital Expenditures

7,425(6) Net Revenue ((3)+(4)-(5))

314

100,515(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

2,300,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

3,060,000
66.9%
33.1%
Other items noted by appraiser upon valuation

The Property is approximately a 13-minute walk from Hirai Station on the JR Sobu Line. As a housing and facility for theelderly, no particular inconvenience in terms of transportation and access is seen. In addition, it is located in an area
offering excellent access not only from Tokyo but also from Chiba. As for building characteristics, although physicaldeterioration from age is found, it is believed to stand favorably even when compared with other competitive properties.
For this case, the appraisal value is determined after comprehensively taking into account location characteristics,
building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

96

[Property Number 17] Good Time Living Mikage
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

2,260,000,000 yen

Items(thousand yen)

Income Approach Value

2,260,000

Direct Capitalization Value

2,280,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

104,452(5) Capital Expenditures

6,804(6) Net Revenue ((3)+(4)-(5))

97,967319(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

2,230,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

2,140,000
62.4%

Ratio of Building

37.6%
Other items noted by appraiser upon valuation
The Property is a fee-based assisted-living home for the elderly approximately 160 meters from Mikage Station on the
Hanshin Main Line. The Property offers excellent living convenience as it is easily accessed from the nearest station andstandards adjacent to “Mikage Classe,” a large-scale commercial facility. A fee-based assisted-living home for the elderly
occupies the lower floors of a 47-story high-rise condominium completed in 2010 under the comprehensive design
system, and the building has high seismic performance with the adoption of a seismic isolation structure. All rooms are
private rooms and the Property has a standard exclusive room area and facility level as well as high competitiveness. In
addition, Good Time Living Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly,
and certainty and stability regarding the achievement of a certain business income and expenditure is relatively high. For
this case, the appraisal value is determined after comprehensively taking into account location characteristics, building
grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

97

[Property Number 18] Good Time Living Amagasaki-Shintoshin
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

1,660,000,000 yen

Items(thousand yen)

Income Approach Value

1,660,000

Direct Capitalization Value

1,680,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

76,611(5) Capital Expenditures

4,767(6) Net Revenue ((3)+(4)-(5))

72,070226(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

1,630,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,820,000
81.9%
18.1%
Other items noted by appraiser upon valuation

The Property is approximately 500 meters from Amagasaki Station on the JR Tokaido Line. It is a fee-based
assisted-living home for the elderly offering excellent living convenience as it is easily accessed from the nearest stationand stands adjacent to “Amagasaki Q’s Mall,” a large-scale commercial facility. Although the Property was completed in2009 and abrasion and deterioration due to aging are found, all rooms are private rooms and the Property has a large
exclusive room area and high facility level as well as high competitiveness. In addition, Good Time Living Co., Ltd., thelessee, has a substantial operational record in fee-based homes for the elderly, and certainty and stability regarding theachievement of a certain business income and expenditure is relatively high. For this case, the appraisal value isdetermined after comprehensively taking into account location characteristics, building grade, age and other factors of
the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

98[Property Number 19] Good Time Living Minami Senri
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

1,520,000,000 yen

Items(thousand yen)

Income Approach Value

1,520,000

Direct Capitalization Value

1,530,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

74,049(5) Capital Expenditures

5,222(6) Net Revenue ((3)+(4)-(5))

69,044

217(7) Capitalization Rate

4.5%

Discounted Cash Flow Value

1,500,000

Discount Rate

4.3%

Terminal Capitalization Rate

4.7%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,460,000
85.4%
14.6%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly which is approximately 950 meters from Yamada Stationon the Hankyu Senri Line. The Property is a building with a relatively high grade completed in 1993 and converted into a
fee-based assisted-living home for the elderly from a corporate dormitory for singles. The exclusive rooms are all privaterooms and the Property has a standard exclusive room area and facility level as well as appropriate competitiveness. In
addition, Good Time Living Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly,
and certainty and stability regarding the achievement of a certain business income and expenditure is relatively high. For
this case, the appraisal value is determined after comprehensively taking into account location characteristics, building
grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

99

[Property Number 20] Good Time Living Kobe-Tarumi
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

1,380,000,000 yen

Items(thousand yen)

Income Approach Value

1,380,000

Direct Capitalization Value

1,390,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

75,234(5) Capital Expenditures

7,575(6) Net Revenue ((3)+(4)-(5))

67,882

223(7) Capitalization Rate

4.9%

Discounted Cash Flow Value

1,360,000

Discount Rate

4.7%

Terminal Capitalization Rate

5.1%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,260,000
47.7%
52.3%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly which is approximately 2.5 kilometers from Gakuentoshi
Station on the Kobe Municipal Subway Seishin-Yamate Line. Although the Property was completed in 2006 and abrasion
and deterioration due to aging are found, the state of maintenance and operation is favorable. All rooms are privaterooms and the Property has a standard exclusive room area and facility level as well as appropriate competitiveness. In
addition, Good Time Living Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly,
and certainty and stability regarding the achievement of a certain business income and expenditure is relatively high. For
this case, the appraisal value is determined after comprehensively taking into account location characteristics, building
grade, age and other factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

100[Property Number 21] Good Time Living Chibaminato-Ekimaedori
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal Date

As of November 1, 2019

Appraised Value

1,550,000,000 yen

Items(thousand yen)

Income Approach Value

1,550,000

Direct Capitalization Value

1,560,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

282
7,795

(6) Net Revenue ((3)+(4)-(5))

71,843(7) Capitalization Rate

4.6%

Discounted Cash Flow Value

1,550,000

Discount Rate

4.4%

Terminal Capitalization Rate

4.8%

Ratio of Building(Note)

79,355(5) Capital Expenditures

Integrated Value by Using Cost
MethodRatio of Land

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

2,310,000
49.3%
50.7%
Other items noted by appraiser upon valuation

The Property is approximately a 3-minute walk from Chibaminato Station on the JR Keiyo Line and Chiba Urban MonorailLine and approximately a 4-minute ride to Chiba Station by using the Chiba Urban Monorail Line, and no particularinconvenience in terms of transportation and access is seen. In addition, as for building characteristics, although physicaldeterioration from age is found, it is believed to stand favorably even when compared with other competitive properties.
For this case, the appraisal value is determined after comprehensively taking into account location characteristics,
building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

101[Property Number 22] Good Time Living Senboku-Izumigaoka
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal Date

As of November 1, 2019

Appraised Value

1,030,000,000 yen

Items(thousand yen)

Income Approach Value

1,030,000

Direct Capitalization Value

1,040,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

162
4,656

(6) Net Revenue ((3)+(4)-(5))

51,831(7) Capitalization Rate

5.0%

Discounted Cash Flow Value

1,030,000

Discount Rate

4.8%

Terminal Capitalization Rate

5.2%

Ratio of Building(Note)

56,325(5) Capital Expenditures

Integrated Value by Using Cost
MethodRatio of Land

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

978,000
39.7%
60.3%
Other items noted by appraiser upon valuation

Although the Property is approximately a 20-minute walk from Izumigaoka Station on the Semboku Rapid Railway Line, abus stop is located in the neighborhood and is only about 5 minutes to Izumigaoka Station by car. Therefore, as a
housing and facility for the elderly, no particular inconvenience in terms of transportation and access is seen. In addition,
as for building characteristics, although physical deterioration from age is found, its design and facilities are believed tostand favorably even when compared with other competitive properties. For this case, the appraisal value is determined
after comprehensively taking into account location characteristics, building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

102[Property Number 23] Good Time Living Ikeda-Midorigaoka
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

929,000,000 yen

Items(thousand yen)

Income Approach Value

929,000

Direct Capitalization Value

937,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

138
3,744

(6) Net Revenue ((3)+(4)-(5))

43,116(7) Capitalization Rate

4.6%

Discounted Cash Flow Value

925,000

Discount Rate

4.4%

Terminal Capitalization Rate

4.8%

Ratio of Building(Note)

46,722(5) Capital Expenditures

Integrated Value by Using Cost
MethodRatio of Land

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,110,000
59.0%
41.0%
Other items noted by appraiser upon valuation

Although the Property is approximately a 23-minute walk from Ikeda Station on the Hankyu Takarazuka Line, a bus stop
is located in the neighborhood and it is only about 6 minutes to Ikeda Station by car. Therefore, as a housing and facility
for the elderly, no particular inconvenience in terosm of transportation and access is seen. In addition, as for building
characteristics, although physical deterioration from age is found, its design and facilities are believed to stand favorably
even when compared with other competitive properties. For this case, the appraisal value is determined after
comprehensively taking into account location characteristics, building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

103

[Property Number 24] Good Time Living Nagatsuta-Minamidai
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal Date

As of November 1, 2019

Appraised Value

855,000,000 yen

Items(thousand yen)

Income Approach Value

855,000

Direct Capitalization Value

864,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

39,314(5) Capital Expenditures

2,270(6) Net Revenue ((3)+(4)-(5))

37,167122(7) Capitalization Rate

4.3%

Discounted Cash Flow Value

851,000

Discount Rate

4.1%

Terminal Capitalization Rate

4.5%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

905,000
66.7%
33.3%
Other items noted by appraiser upon valuation

Although the Property is approximately a 24-minute walk from Nagatsuta Station on the JR Yokohama Line, Tokyu
Den-en-toshi Line and Kodomonokuni Line, a bus stop is located in the neighborhood and it is only about 8 minutes to
Nagatsuta Station by car. Therefore, as a housing and facility for the elderly, no particular inconvenience in terms oftransportation and access is seen. In addition, as for building characteristics, although physical deterioration from age isfound, it is believed to stand favorably even when compared with other competitive properties. For this case, theappraisal value is determined after comprehensively taking into account location characteristics, building grade, age andother factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

104

[Property Number 25] Good Time Living Saitama-Hasuda
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

667,000,000 million yen

Items(thousand yen)

Income Approach Value

667,000

Direct Capitalization Value

671,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

35,597(5) Capital Expenditures

4,150(6) Net Revenue ((3)+(4)-(5))

31,557109(7) Capitalization Rate

4.7%

Discounted Cash Flow Value

665,000

Discount Rate

4.5%

Terminal Capitalization Rate

4.9%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

636,000
53.1%
46.9%
Other items noted by appraiser upon valuation

Although the Property is approximately a 17-minute walk from Hasuda Station on the JR Tohoku Main Line, a bus stop is
located in the neighborhood and it is only about 5 minutes to Hasuda Station by car. Therefore, as a housing and facility
for the elderly, no particular inconvenience in terms of transportation and access is seen. In addition, as for building
characteristics, although physical deterioration from age is found, its design and facilities are believed to stand favorably
even when compared with other competitive properties. For this case, the appraisal value is determined after
comprehensively taking into account location characteristics, building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

105[Property Number 26] Good Time Living Nagareyama-Ichibankan
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

612,000,000 yen

Items(thousand yen)

Income Approach Value

612,000

Direct Capitalization Value

618,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

31,019(5) Capital Expenditures

2,090(6) Net Revenue ((3)+(4)-(5))

29,025

96(7) Capitalization Rate

4.7%

Discounted Cash Flow Value

605,000

Discount Rate

4.5%

Terminal Capitalization Rate

4.9%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

609,000
68.5%
31.5%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly approximately a 7-minute walk from Nagareyama
Ootakanomori Station on the Tsukuba Express Line. The Property was completed in 2007, and all rooms are privaterooms. It has a standard exclusive room area and facility level as well as appropriate competitiveness. In addition, GoodTime Living Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly, and certainty
and stability regarding the achievement of a certain business income and expenditure is relatively high. For this case, theappraisal value is determined after comprehensively taking into account location characteristics, building grade, age andother factors of the subject property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

106[Property Number 27] Good Time Living Nagareyama-Nibankan
Appraiser

Japan Real Estate Institute

Appraisal Date

As of November 1, 2019

Appraised Value

677,000,000 yen

Items(thousand yen)

Income Approach Value

677,000

Direct Capitalization Value

678,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

38,746(5) Capital Expenditures

3,591(6) Net Revenue ((3)+(4)-(5))

35,275120(7) Capitalization Rate

5.2%

Discounted Cash Flow Value

676,000

Discount Rate

4.5%

Terminal Capitalization Rate

5.7%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed based on investment yield of similar
properties after comprehensively taking into accountthe property’s unique characteristics.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

648,000
4.6%
95.4%
Other items noted by appraiser upon valuation

The Property is a fee-based assisted-living home for the elderly approximately an 8-minute walk from Nagareyama
Ootakanomori Station on the Tsukuba Express Line. It is a relatively new property completed in 2016. No specificdeterioration from age is found, and the state of maintenance and operation is favorable. In addition, Good Time Living
Co., Ltd., the lessee, has a substantial operational record in fee-based homes for the elderly, and certainty and stability
regarding the achievement of a certain business income and expenditure are recognized. The right of use of site is a
fixed-term leasehold, and the period when revenue can be obtained is limited. The possibility that new solicitation by thelessee will become difficult and cash flow will deteriorate upon the termination of the contract period was taken into
consideration when assessing the capitalization rate. The appraisal value is determined after comprehensively taking into
account the above factors.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.
Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

107

[Property Number 28] Good Time Living Amagasaki-Ekimae
Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

As of November 1, 2019

Appraised Value

392,000,000 yen

Items(thousand yen)

Income Approach Value

392,000

Direct Capitalization Value

390,000(1) Operating Revenue
Potential Annual Rent
RevenueAmount of Loss due to
Vacancy(2) Operating Expenses
Maintenance andOperation Cost
Water & Utility Charges

Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Not disclosed

Repairs

Not disclosed

PM FeeNot disclosed

Leasing Fee

Not disclosed

Tax

Not disclosed

Non-life Insurance

Not disclosed

OthersNot disclosed(3) Net Operating Revenue(4) Gain on Guarantee
Deposit Investment

19,500(5) Capital Expenditures

1,667(6) Net Revenue ((3)+(4)-(5))

17,92995(7) Capitalization Rate

4.6%

Discounted Cash Flow Value

393,000

Discount Rate

4.4%

Terminal Capitalization Rate

4.8%

Integrated Value by Using Cost
MethodRatio of Land
Ratio of Building

Outline, etc.
Based on DCF method with reference/verification to
direct capitalization value
Based on the capitalization rate for standardized net
income recognized to be stable over the medium tolong term(Note)

Investment return is assumed at 1.0%.
Assessed after taking into account the level of capital
expenditures of similar properties, building age,annual average amount of repair/upgrading coststated in the ER, etc.
−
Comprehensive consideration taking into account theproperty’s location, the characteristics of the building
and contractual characteristics−
Assessed using a method comparing transaction
cases of similar properties, an investigation method
adding the property’s unique characteristics to theyields of other financial assets and other methods.
Assessed based on transaction yield of similartransaction cases after comprehensively taking into
account future trends of investment yield, risk of
subject property as an investment target, generalprediction on future economic growth rate, trend ofreal estate prices, etc.

1,220,000
37.3%
62.7%
Other items noted by appraiser upon valuation

The Property is a 3-minute walk from Amagasaki Station on the Hanshin Electric Railway Main Line and Hanshin Namba
Line, offering excellent convenience. The Property is located in a quiet district near the station where development ofurban regeneration has been carried out and a pedestrian road around the site has been developed. In addition, as forbuilding characteristics, although physical deterioration from age is found, it is believed to stand favorably even whencompared with other competitive properties. For this case, the appraisal value is determined after comprehensively taking
into account location characteristics, building grade, age and other factors of the Property.
(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact thecompetitiveness of the Investment Corporation and harm unitholder interest as the appraisal uses figures based on
actual results as reference.

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

108

[Reference Material 1] Photograph / Map[Property Number 1] AIP Kachidoki-Ekimae[Property Number 2] PLAISANT GRAND MINAMI YUKIGAYA[Property Number 3] Aira no mori Higashi-Ofuna

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

109

[Property Number 4] Aira no mori Shakujiikoen[Property Number 5] Aira no mori Edogawa-Shinozaki[Property Number 6] Senior Forest Yokohama-Tsuzuki

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

110[Property Number 7] Sompo no ie Toyonaka-Minamisone[Property Number 8] Irise Komae Bettei[Property Number 9] Alpha Living Takamatsu Konyamachi

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

111

[Property Number 10] Good Time Living Center-Minami・Platesia Center-Minami[Property Number 11] Good Time Living Chibaminato-Kaigandori・Platesia Chibaminato[Property Number 12] Good Time Living Yokohama-Tsuzuki

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

112

[Property Number 13] Good Time Living Senri-Hinatagaoka[Property Number 14] Good Time Living Nakamozu[Property Number 15] Good Time Living Kourigaoka

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

113

[Property Number 16] Good Time Living Kameido[Property Number 17] Good Time Living Mikage[Property Number 18] Good Time Living Amagasaki-Shintoshin

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

114

[Property Number 19] Good Time Living Minami-Senri[Property Number 20] Good Time Living Kobe-Tarumi[Property Number 21] Good Time Living Chibaminato-Ekimaedori

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

115

[Property Number 22] Good Time Living Senboku-Izumigaoka[Property Number 23] Good Time Living Ikeda-Midorigaoka[Property Number 24] Good Time Living Nagatsuta-Minamidai

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

116

[Property Number 25] Good Time Living Saitama-Hasuda[Property Number 26] Good Time Living Nagareyama-Ichibankan[Property Number 27] Good Time Living Nagareyama-Nibankan

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

117

[Property Number 28] Good Time Living Amagasaki-Ekimae

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

118

<Map>
Number1

Property Name

NumberAIP Kachidoki-Ekimae

15

Property NameGood Time Living Kourigaoka

2

PLAISANT GRAND MINAMI YUKIGAYA

16

Good Time Living Kameido

3

Aira no mori Higashi-Ofuna

17

Good Time Living Mikage

4Aira no mori Shakujiikoen

18

Good Time Living Amagasaki-Shintoshin

5

Aira no mori Edogawa-Shinozaki

19

Good Time Living Minami-Senri

6

Senior Forest Yokohama-Tsuzuki

20

Good Time Living Kobe-Tarumi

7

Sompo no ie Toyonaka-Minamisone

21

Good Time Living Chibaminato-Ekimaedori

8

Irise Komae Bettei

22Good Time Living Senboku-Izumigaoka

9Alpha Living Takamatsu Konyamachi

23

Good Time Living Ikeda-Midorigaoka

10Good Time Living Center-Minami・Platesia Center-Minami

24

Good Time Living Nagatsuta-Minamidai

11

Good Time Living Chibaminato-Kaigandori・Platesia

25

Good Time Living Saitama-Hasuda

12

Good Time Living Yokohama-Tsuzuki

26

Good Time Living Nagareyama-Ichibankan

13

Good Time Living Senri-Hinatagaoka

27

Good Time Living Nagareyama-Nibankan

14

Good Time Living Nakamozu

28Good Time Living Amagasaki-Ekimae

Note: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

119[Reference Material 2] Portfolio Overview After the Acquisition of the Assets to be Acquired
Name of Property
Nichii Care Center Fukushima Omori
Sompo Care LAVIERE Hiroshima Hikarigaoka
Sompo Care LAVIERE Sagamihara Chuo
Charm Sweet Ryokuchi Koen
Sawayaka Kaikyokan
Sawayaka Meisuikan
Sawayaka Heart Life Nishikyogoku
Verger Hirakata
Sompo Care LAVIERE Kinugasayama Koen
La’nassica Arakogawa
Sawayaka Hinodekan
Sawayaka Riverside Kurinoki
Sawayaka Obatake Sanbankan
Super Court JR Nara-Ekimae
Minna-no-ie Omiya Tsutsujigaoka Park
Minna-no-ie Chuo-ku En’nami
Silver Heights Hitsujigaoka No.3
Alpha Living Okayama Nishigawa Ryokudokoen
Alpha Living Okayama Korakuen
Alpha Living Takamatsu Ekimae
Alpha Living Takamatsu Hyakkenmachi
Sompo no ie Nishitanabeekimae
Irise Komae Bettei
AIP Kachidoki-Ekimae
PLAISANT GRAND MINAMI YUKIGAYA
Aira no mori Higashi-Ofuna
Aira no mori Shakujiikoen
Aira no mori Edogawa-Shinozaki
Senior Forest Yokohama-Tsuzuki
Sompo no ie Toyonaka-Minamisone
Alpha Living Takamatsu Konyamachi
Good Time Living Center-Minami・Platesia Center-Minami
Good Time Living Chibaminato-Kaigandori・
Platesia Chibaminato
Good Time Living Yokohama-Tsuzuki
Good Time Living Senri-Hinatagaoka
Good Time Living Nakamozu
Good Time Living Kourigaoka
Good Time Living Kameido
Good Time Living Mikage
Good Time Living Amagasaki-Shintoshin
Good Time Living Minami-Senri
Good Time Living Kobe-Tarumi
Good Time Living Chibaminato-Ekimaedori
Good Time Living Senboku-Izumigaoka
Good Time Living Ikeda-Midorigaoka
Good Time Living Nagatsuta-Minamidai
Good Time Living Saitama-Hasuda
Good Time Living Nagareyama-Ichibankan
Good Time Living Nagareyama-Nibankan
Good Time Living Amagasaki-Ekimae
Total Number of Properties: 50(Note 1)
(Note 2)

Date of (Scheduled) Acquisition (Scheduled) Price Investment
Acquisition(million yen) (Note 1)
Ratio(Note 2)
March 28, 2014
March 28, 2014
March 28, 2014
March 28, 2014
March 28, 2014
March 28, 2014
March 28, 2014
March 28, 2014
November 5, 2014
November 5, 2014
November 5, 2014
November 5, 2014
November 5, 2014
November 5, 2014
June 1, 2015
June 1, 2015
October 15, 2015
November 24, 2015
November 24, 2015
November 24, 2015
November 24, 2015
October 6, 2016
December 20, 2018
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020

265
960
1,170
1,950
630
590
750
950
1,839
1,279
773
266
289
1,569
740
838
1,200
730
610
605
605
710
394
920
8,150
3,380
2,271
2,070
1,499
1,202
825
1,225

0.3%
1.2%
1.4%
2.4%
0.8%
0.7%
0.9%
1.2%
2.2%
1.6%
0.9%
0.3%
0.4%
1.9%
0.9%
1.0%
1.5%
0.9%
0.7%
0.7%
0.7%
0.9%

April 2, 2020

11,150

13.5%

1.6%
9.9%
4.1%
2.8%
2.5%
1.8%
1.5%
1.0%
1.5%

April 2, 2020

4,516

5.5%

April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020
April 2, 2020

4,064
2,800
2,180
2,120
1,860
1,820
1,585
1,430
1,370
1,320
980
920
850
659
610
563
320
82,372

4.9%
3.4%
2.6%
2.6%
2.3%
2.2%
1.9%
1.7%
1.7%
1.6%
1.2%
1.1%
1.0%
0.8%
0.7%
0.7%
0.4%
100.0%“Acquisition Price (Scheduled)” does not include consumption tax, local consumption tax and thevarious expenses required for the acquisition.
“Ratio” is the acquisition price (scheduled) of respective property expressed as a percentage of thetotal of the acquisition price (scheduled), rounded to one decimal place. Thus, the total ratio for theproperties may not exactly match the ratio for the overall portfolio.

* Website URL of the Investment Corporation: http://www.nippon-healthcare.co.jp/en/-EndNote: This press release was prepared as a public announcement regarding acquisition and leasing of assets by the Investment
Corporation and was not prepared with the aim of soliciting investments.

120