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

December 18, 2015
To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004
Yutaka Higashino, Executive Director(Securities Code: 8986)
Asset Manager: Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer
Inquiries: Shuji Nakamura, Chief Financial Officer
Tel: +81-3-5425-5600

Notice Concerning Acquisition of Assets
Japan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that Mi-Casa
Asset Management Inc. (hereafter referred to as the “Asset Manager”), the asset manager of the Investment Corporation, has
resolved to acquire the five assets described below (hereafter collectively referred to as the “Acquisition”) at the Asset Manager’s
investment committee and the board of directors’ meeting held today. Details are provided below.

I. Basic Policy for External Growth
The Investment Corporation contemplates to achieve stable profit distributions in the medium to long term by increasing its
asset size and improving its portfolio quality. The Investment Corporation’s strategy is to target properties with an acquisition
price of generally at least JPY1 billion that are either located in the Tokyo metropolitan area, with an emphasis on the 23 wardsof Tokyo, or are large-scale properties located in other major cities. The Investment Corporation will also aim to improve thequality of our portfolio through selective dispositions of mostly, relative to our current portfolio, older and smaller properties
located outside the Tokyo metropolitan area, especially properties with disposition prices of generally less than JPY 500 million.

II. Reasons for the Acquisition and Overview of the Anticipated Properties
The Asset Manager decided on the investment as a bulk acquisition of the five properties after having comprehensively
considered the location of the assets to be acquired, their characteristics as well as the profitability of the properties, and as aresult, judged that the properties to be acquired would be an appropriate fit according to the criterion outlined in the Basic Policy(1) above. Stable occupancy is expected even after the acquisition especially because three of the four properties located in
Nagoya city are within walking distance from Nagoya Station which is undergoing development due to large scale development
of offices, etc., and the other is near Kamimaezu Station with an excellent living environment.
With the Acquisition, the asset size of the Investment Corporation is expected to reach approximately JPY 219.4 billion (basedon acquisition price (scheduled)) for the 200 portfolio properties with a total of 13,088 units.
< Anticipated Properties >Property
NumberName of Property

RegionProperty Type

AnticipatedAcquisition Price(A)(JPY thousand)Appraisal Value(B)(JPY thousand)Difference
Between
AnticipatedAcquisition Priceand Appraisal
Value(B)-(A)(JPY thousand)((A)/(B))(Note 2)F-5-074

Sakura Hills
FujimiThree Major
Metropolitan Areas(Nagoya city, Aichi)

Family2,750,000

2,810,000

60,000(97.9%)

O-5-147

Sakura Hills
Riverside WEST

Three Major
Metropolitan Areas(Nagoya city, Aichi)

Studio1,920,000

2,000,000

80,000(96.0%)

O-5-148

Sakura Hills
Riverside EAST

Three Major
Metropolitan Areas(Nagoya city, Aichi)

Studio1,030,000

1.080,000

50,000(95.4%）1

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

O-5-149

Sakura Hills
Meieki NORTH

Three Major
Metropolitan Areas(Nagoya city, Aichi)

Studio750,000

780,000

30,000(96.2%)

O-6-150

Runai
Nippombashi
anheloThree Major
Metropolitan Areas(Osaka city, Osaka)Studio1,400,000

1,540,000

140,000(90.9%）

7,850,000

8,210,000

360,000(95.6%)

Total(Note 1) “Anticipated Acquisition Price” does not include any necessary expenses (real estate agent intermediary fees, taxes and public dues, etc.) of acquiring
the real estate (the purchase price of the real estate, as provided for in the real estate purchase and sale agreement). The same applies to all following.
(Note 2) The ratio shown with bracket in “Difference between Anticipated Acquisition Price and Appraisal Value” shows the result of dividing the anticipatedacquisition price by the appraisal value (rounded off to the first decimal).

III. Details of Anticipated Properties(1) F-5-074 Sakura Hills Fujimi
Category of anticipatedproperty for acquisition

Trust beneficiary interests

Anticipated acquisition price

JPY 2,750,000 thousand

Mitsubishi UFJ Trust and Banking
From December 22, 2015
Trust agreement period
Corporation
To the end of December 2025
◇ Features of the Property
The property is a condominium targeting DINKs couples and families, comprising a 14-story reinforced concrete building and a 10-story
reinforced concrete building, and it is located just a 6-minute walk from Kamimaezu Station on the Nagoya Municipal Subway Meijo Line. It
is near the Sakae area where there are many offices and commercial facilities, the living environment is excellent and transportation is highly
convenient. As such, strong rental demand is expected from DINKs couples and families.
◇ Overview of the Property(Residential indication) 5-7 Fujimicho, Naka-ku, Nagoya-city, Aichi
Location (Note 1)(Lot number) 503 Fujimicho, Naka-ku, Nagoya-city, Aichi
Proprietary
Type of ownership
Use Area (Note 2)
Commercial area
ownershipLand
2
FAR/Building coverage ratio (Note 3)
Area (Note 1)
1,409.04 m
500%/80%
Condominium, Parking lot,
Proprietary
Type of ownership
Use (Note 1)
Bicycle parking, Shops, Trashownership
space
Building
Floor space (Note 1)
7,712.74 m2 Completion date (Note 1)
Jun 11, 2007
RC, 14-story building with flat roof/ RC, 10-story building with flat roof/ RC, flat
Structure type (Note 1)
building with flat roof
No. of leasable units by type
119 units (1LDK: 48 units, 2LDK: 68 units, 3LDK: 2, Retail: 1)
Property management
HASEKO LIVENET, Inc.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary (Note 4)◇ Property Engineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
6,769.82 m Date of report
November 27, 2015
Leased area
6,184.92 m Priority repairs
JPY 14,343 thousand Near-future repairs (1 year)
Monthly rent (Note 7)
JPY 35,140 thousand
JPY 22,724 thousand Far-future repairs (2~12 years)
Lease and guarantee deposits
JPY 75,840 thousand
92.4% Probable maximum loss (PML)
Occupancy ratio (unit base)
5.9%
Occupancy ratio (area basis)
91.4%
Trust company(planned)(Note 8)Special Note: None
Collateral: None

(2) O-5-147 Sakura Hills Riverside WEST
Category of anticipatedproperty for acquisition
Trust company

Real estate-

Anticipated acquisition price

Trust agreement period◇ Unique Features of the Property

2

JPY 1,920,000 thousand-

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

The property is a 12-story condominium of reinforced concrete and steel construction structure targeting single persons and DINKs couples,
located a four-minute walk from Kokusai Center Station on the Nagoya Municipal Subway Sakura-dori Line as well as a 12-minute walkfrom Nagoya Station on the JR Lines. The property was developed together with Sakura Hills Riverside EAST, situated across the road on
the east side of the property. Both properties are equipped with high-grade facilities including heated floors, bathroom heaters and mist
saunas. Also, the property is near the Meieki area where significant developments have been implemented in recent years, as well as adjacentto the Marunouchi area which is an office district, and both the transportation and living convenience is excellent. As such, strong rental
demand from single persons and DINKs couples as well as from companies in the Meieki and Marunouchi areas is expected for this property.
◇ Overview of the Property(Residential indication) 1-39-3 Nagono, Nakamura-ku, Nagoya-city, Aichi
Location (Note 1)(Lot number) 1-3903, 3904, 3905 Nagono, Nakamura-ku, Nagoya-city, Aichi
Proprietary
Type of ownership
Use Area (Note 2)
Commercial area
ownershipLand
2
FAR/Building coverage ratio (Note 3)
Area (Note 1)
1,184.49 m
400%/80%
Proprietary
Condominium, Shops, Bicycle
Type of ownership
Use (Note 1)
ownershipparking
Building
2
Floor space (Note 1)
5,529.70 m
Completion date (Note 1)
November 28, 2007
Structure type (Note 1) SRC, 12-story building with flat roof
No. of leasable units by type76 units (1LDK: 70 units 2LDK: 4 units, Retail: 2)
Property management
HASEKO LIVENET, Inc.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through (Note 10)◇ Property Lease Summary(Note 4)◇ Property Engeineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
4,502.48 m2 Date of report
November 27, 2015
Leased area
4,128.84 m2 Priority repairs
JPY 9,756 thousand Near-future repairs (1 year)
Monthly rent (Note 7)
JPY 14,210 thousand
JPY 23,328 thousand Far-future repairs (2~12 years)
Lease and guarantee deposits
JPY 54,380 thousand
90.8% Probable maximum loss (PML)
Occupancy ratio (unit base)
7.5%
Occupancy ratio (area basis)
91.7%(Note 8)Special Note: None The city has determined to plan a road on the east side of the property. If and when the road is established, the border
between the property and the road is scheduled to retreat approx. 10 m towards the property. However, a policy to abolishthe plan for this city planning road is currently being developed for reasons such as protection of cultural property.
Collateral: None

(3) O-5-148 Sakura Hills Riverside EAST
Category of anticipatedproperty for acquisition
Trust company

Real estate

Anticipated acquisition price-

JPY 1,030,000 thousand

Trust agreement period◇ Features of the Property
The property is a 10 story condominium of reinforced concrete structure targeting single persons and DINKs couples that is located afour-minute walk from Kokusai Center Station on the Nagoya Municipal Subway Sakura-dori Line as well as a 12-minute walk from
Nagoya Station on the JR Lines. The property was developed together with Sakura Hills Riverside WEST, situated across the road on thewest side of the property. Both properties are equipped with high-grade facilities including heated floors, bathroom heaters and mist saunas.
Also, the property is near the Meieki area where significant developments have been implemented in recent years, as well as adjacent to the
Marunouchi area which is an office district, and both the transportation and living convenience is excellent. As such, strong rental demand
from single persons and DINKs couples as well as from companies in the Meieki and Marunouchi areas is expected for this property.
◇ Overview of the Property(Residential indication) 1-38-11 Nagono, Nakamura-ku, Nagoya-city, Aichi
Location (Note 1)(Lot number) 1-3803, 3804, 3805, 3806 Nagono, Nakamura-ku, Nagoya-city, Aichi
Proprietary
Type of ownership
Use Area (Note 2)
Commercial area
ownershipLand
2
FAR/Building coverage ratio (Note 3)
Area (Note 1)
788.82 m
400%/80%
Proprietary
Type of ownership
Use (Note 1)
Condominium, Shops
ownership
Building
2
Floor space (Note 1)
2,581.60 m
Completion date (Note 1)
November 28, 2007
Structure type (Note 1) RC, 10-story building with flat roof
No. of leasable units by type47 units (1LDK: 45 units, Retail: 2)
Property management
HASEKO LIVENET, Inc.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary (Note 4)◇ Property Engineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
2,288.65 m2 Date of report
November 27, 2015
Leased area
2,239.33 m2 Priority repairs3English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

Monthly rent (Note 7)
Lease and guarantee deposits
Occupancy ratio (unit base)
Occupancy ratio (area basis)

JPY 5,618 thousand
JPY 8,403 thousand
97.9%
97.8%

Near-future repairs (1 year)
Far-future repairs (2~12 years)
Probable maximum loss (PML)

JPY 10,150 thousand
JPY 34,720 thousand
8.4%

Anticipated acquisition price

JPY 750,000 thousand(Note 8)Special Note: None
Collateral: None

(4) O-5-149 Sakura Hills Meieki NORTH
Category of anticipatedproperty for acquisition
Trust company

Real estate-

Trust agreement period◇ Features of the Property
The property is a 12-story condominium of reinforced concrete structure targeting single persons and DINKs couples and is located a
six-minute walk from Nagoya Station on the JR Lines. The transportation and living convenience are both excellent with the rarity of being
within walking distance from the large-scale terminal station Nagoya Station, as well as being near the Meieki area where significant
developments have been implemented in recent years, as well as adjacent to the Marunouchi area which is an office district As such, strong
rental demand from single persons and DINKs couples as well as from companies in the Meieki and Marunouchi areas is expected for thisproperty.
◇ Overview of the Property(Residential indication) 2-25-12 Nagono, Nishi-ku, Nagoya-city, Aichi
Location (Note 1)(Lot number) 2-2509-2, 2509-3, 2509-10 Nagono, Nishi-ku, Nagoya-city, Aichi
Proprietary
Type of ownershipCommercial area
Use Area (Note 2)Landownership
2
Area (Note 1)
400%/80%445.72 m
FAR/Building coverage ratio (Note 3)
Proprietary
Condominium, Shops, Bicycle
Type of ownership
Use (Note 1)
ownershipparking
Building
2
Floor space (Note 1)
1,875.16 m
Completion date (Note 1)
November 21, 2007
Structure type (Note 1) RC, 12-story building with flat roof
No. of leasable units by type
35 units (1LDK: 34 units, Retail: 1)
Property management
HASEKO LIVENET, Inc.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary (Note 4)◇ Property Engineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
November 27, 2015
1,685.16 m2 Date of report
2
Leased area
Priority
repairs
1,685.16 m
Monthly rent (Note 7)
JPY 4,096 thousand Near-future repairs (1 year)
JPY 8,150 thousand
Lease and guarantee deposits
JPY 4,815 thousand Far-future repairs (2~12 years)
JPY 26,800 thousand
Occupancy ratio (unit base)
100.0% Probable maximum loss (PML)
7.4%
Occupancy ratio (area basis)100.0%(Note 8)Special Note: None
Collateral: None

(5) O-6-150 Runai Nippombashi anhelo
Category of anticipatedproperty for acquisition
Trust company

Real estate

Anticipated acquisition price-

JPY 1,400,000 thousand

Trust agreement period◇ Features of the Property
The property is a 15-story condominium of reinforced concrete structure targeting single persons and DINKs couples that is located an
approximate one-minute walk from Ebisucho Station on the Osaka Municipal Subway Sakaisuji Line. It is located in the Nihonbashi area
which is famous as an electronics shopping district and access to the Namba area, a major commercial district, is also excellent. Rental
demand mainly from working people who emphasize convenience is expected for this property.
◇ Overview of the Property(Residential indication) 5-7-12 Nippombashi, Naniwa-ku, Osaka-city, Osaka
Location (Note 1)(Lot number) 5-3-3 Nippombashi, Naniwa-ku, Osaka-city, Osaka
Proprietary
Type of ownershipCommercial area
Use Area (Note 2)Landownership
Area (Note 1)
600%/80%538.85 m2 FAR/Building coverage ratio (Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium, Shops
Building
ownership
Floor space (Note 1)
3,240.22m2 Completion date (Note 1)
February 24, 20094

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

Structure type (Note 1) RC, 15-story building with flat roof
No. of leasable units by type
113 units (1K: 105 units, 1LDK: 2 units, 2LDK: 4 units, Retail: 2)
Property management
HASEKO LIVENET, Inc.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary (Note 4)◇ Property Engineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
2
Leasable area (Note 6)
Date of report
November 27, 2015
3,114.19 m
Leased area
3,018.31 m2 Priority repairs
Monthly rent (Note 7)
JPY 8,932 thousand Near-future repairs (1 year)
JPY 460 thousand
Lease and guarantee deposits
JPY 4,299 thousand Far-future repairs (2~12 years)
JPY 43,530 thousand
Occupancy ratio (unit base)Probable
maximum
loss
(PML)
96.4%
12.2%
Occupancy ratio (area basis)
96.9%(Note 8)Special Note: None
Collateral: None
(Note 1) Descriptions for “location (lot number)”, “area”, “floor space”, “type of structure”, “use”, and “completion date” are based on the information on theregistry. However, descriptions in “type of structure”, while based on information in the registry, use the following abbreviations: SRC: steel reinforced
concrete; RC: reinforced concrete; S: steel construction.
(Note 2) In the “Use Area” column, the class of Use Area under Article 8, Paragraph 1, Item 1 of the City Planning Act (Law No. 100, 1968, including later
amendments) is listed.
(Note 3) Figures for “FAR” in the “FAR/Building coverage ratio” column show, as indicated in Article 52 of the Building Standards Act (Law No. 201 of 1950,
including later amendments) (hereafter the “Building Standads Act”), the ratio of the sum of the floor space of the building to the land area, and the upper
limit as determined by city planning according to the use area. Figures for “building coverage ratio” show, as indicated in Article 53 of the BuildingStandards Act, the ratio of the building area to the land area, and the upper limit as determined by city planning according to the use area.
(Note 4) Figures and information in the “Property Lease Summary” column are as of November 30, 2015 for the anticipated properties.
(Note 5) Figures for the “Number of Tenants” column are “1” if a master lease agreement has been or will be concluded with a master lease company.
(Note 6) “Leasable area” shows the leasable area of the anticipated properties as of November 30, 2015, excluding area used by storage spaces, parking spaces,
custodian’s areas, signboards, vending machines, antennas and other spaces leased to the lessee in addition to their main use, or other areas leased for the
maintenance and supervision of the relevant property (including loan for use). Furthermore, leasable area is calculated using the center line of the wall,and includes the meter boxes and pipe spaces allotted to each unit.
(Note 7) Figures for “monthly rent” show the monthly rent income (rent, public usage fee, parking fees, etc.) for the anticipated properties based on figures anddata as of April 10, 2015 and rounded to the thousands.
(Note 8) Figures in “occupancy ratio (area base)” show the ratio between leased area and leasable area as a percentage rounded to the second decimal.
(Note 9) The figures in the “Property Engineering Report Summary” column are rounded down to the thousands, and the ratios are rounded to the first decimal.
Furthermore, earthquake PML data was acquired from Tokyo Marine & Nichido Fire Insurance in November 2015.
(Note 10) While the trust company of Sakura Hills Fujimi is Mizuho Trust & Banking Co., Ltd., the trust company is scheduled to be changed to Mitsubishi UFJ
Trust and Banking Corporation after the Investment Corporation acquires the property.
(Note 11) After the Investment Corporation acquire the trust beneficiary interests of Sakura Hills Riverside WEST, Sakura Hills Riverside EAST, Sakura Hills
Meieki NORTH and Runai Nippombashi anhelo, the Investment Corporation will receive the real property under the trust on the date of the Acquisition.
As a result, the category of properties will be real estate.

IV. Due Diligence Information
Property Number
and Property Name

Building Promoter

Architect

Building Contractor

Verification Agency

Inspection Agency

F-5-074

Y.K. Sakura Hills

Katou Architects &Engineers, Inc.

JDC Corporation

Bureau Veritas
Japan Co., Ltd.

Japan Structural
Consultants
Association

Sakura Hills
FujimiO-5-147
Sakura Hills
Riverside WEST

O-5-148
Sakura Hills
Riverside EAST

O-5-149
Sakura Hills
Meieki NORTH

Fujimicho
Y.K. Sakura Hills

NagonoY.K. Sakura Hills

NagonoY.K. Sakura Hills

NagonoO-6-150
Runai
Nippombashi
anheloSogo Real EstateCo., Ltd.

Center ofInternational
ArchitecturalStandard
Center ofInternational
ArchitecturalStandard

Japan Structural
Consultants
Association

Katou Architects &Engineers, Inc.

JDC Corporation

Katou Architects &Engineers, Inc.

JDC Corporation

Katou Architects &Engineers, Inc.

JDC Corporation

Kakunin Service,
Inc.

Japan Structural
Consultants
Association

Enami Corporation
First Class Architect
OfficeEnami Corporation

Kenchiku Kensa
Kiko K.K.

(Note)

5

Japan Structural
Consultants
Association

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

The Investment Corporation, in addition to the general property due diligence process, has made inspection on whether theseproperties comply with the Building Standards Act based on survey results by objective professional third-party institutions andthird-party characteristics which the Investment Corporation received from the seller. As a result, no such violations were found.
(Note) Runai Nipponbashi anhero have received approval notices of their structural calculation suitability from an approved structural calculation review agency
under the amended Building Standards Act (June 2007, implementation), so no additional investigation by a third-party has been performed.

V. Profile of the Counterparty(1) F-5-074 Sakura Hills Fujimi, O-5-148 Sakura Hills Riverside WEST, O-5-148 Sakura Hills Riverside EAST, O-5-149 Sakura
Hills Meieki NORTH
Company nameHead office location
Representative
Main business
Paid-in capital
Date of establishment
Net assets
Total assets
Relationship between theInvestment Corporation
or Asset Manager andthis company

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

(2) O-6-150 Runai Nipponbashi anhelo
Company name
GK Deep Respect
Head office location- (Note)Representative- (Note)Main business- (Note)Paid-in capital- (Note)Date of establishment- (Note)Net assets- (Note)Total assets- (Note)There are no capital, personnel or business ties between the Investment Corporation or theRelationship between the Asset Manager. Also, there are no such ties between affiliates of the Investment
Investment Corporation
Corporation or the Asset Manager. The company is not classified as an interested party,
or Asset Manager andetc. under the Enforcement Order for Act on Investment Trusts and Investment
this company
Corporation, nor is defined as an interested party, etc. under the internal rules on dealings
with interested parties of the Asset Manager.
(Note) We are not disclosing further details as the seller’s consent has not been obtained.

VI. Profile of the Property Seller
Each of the sellers of the anticipated properties is not classified as a special related party of the Investment Corporation and theAsset Manager.

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

VII. Profile of Brokerage
F-5-074 Sakura Hills Fujimi, O-5-148 Sakura Hills Riverside WEST, O-5-148 Sakura Hills Riverside EAST, O-5-149 Sakura
Hills Meieki NORTH, O-6-150 Runai Nippombashi anhero
Company nameMinato Management Co., Ltd.
Head office location
5-32-8 Shiba, Minato-ku, Tokyo
Representative
Tatsuto Kuramoto
Main business
Realty business and type II financial instruments business
Paid-in capital
JPY 78,000 thousand
Date of establishment
November 21, 2005
There are no capital, personnel or business ties between the Investment Corporation or theRelationship between the Asset Manager. Also, there are no such ties between affiliates of the Investment
Investment Corporation
Corporation or the Asset Manager. The company is not classified as an interested party,
or Asset Manager andetc. under the Enforcement Order for Act on Investment Trusts and Investment
this company
Corporation, nor is defined as an interested party, etc. under the internal rules on dealings
with interested parties of the Asset Manager.
Brokerage fees
- (Note)(Note) Brokerage fees are not disclosed as consent from the broker has not been obtained.

VIII. Funds for Acquisition
Loans and own funds (for details regarding the borrowings, please refer to the press release “Notice Concerning Borrowing ofFunds” announced today.)

IX．Settlement Method
Lump-sum settlement at the time of acquisition (scheduled to be June 1, 2015).

X．Acquisition Schedule
Property Number andProperty Name

Date of Decision of Acquisition
Date of Conclusion of Purchase
Agreement

Payment Date (planned)
Delivery Date (planned)

December 18, 2015

December 18, 2015

F-5-074
Sakura Hills Fujimi

O-5-147
Sakura Hills Riverside WEST

O-5-148
Sakura Hills Riverside EAST

O-5-149
Sakura Hills Meieki NORTH

O-6-150
Runai Nippombashi anhelo

XI．Forecasts
There is minimal impact from the Acquisition on asset management conditions for the fiscal period ending March 31, 2016
(October 31, 2015 to March 31, 2016) and the fiscal period ending September 30, 2016 (April 1, 2016 to September 30, 2016).

7

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

XII．Property Appraisal Summary
F-5-074

Property Name

Sakura Hills Fujimi

Appraisal Value

JPY 2,810,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

November 30, 2015

Item

Details

Value indicated by income approach
Value indicated by the Direct
Capitalization Method(1) Total Operating Income: (a)-(b)Rental revenues includingcommon service fees(a) Parking fees

Overview, etc.

JPY

2,810,000,000-

JPY

2,850,000,000-

JPY

191,712,775-

JPY

183,290,328

JPY

10,032,000

Other revenues

JPY

4,983,308

Losses from vacancies

JPY

6,592,861

Based on considering lease format, competitiveness andcurrent lease condition of the subject property, market
environment, etc.

Bad debt losses

JPY0

Not indicated due to being secured by lease deposits, etc.

JPY

40,437,392(b)(2)Total Operating Expenses

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.

-

Operation costs

JPY

5,736,000

Based on content of property management operation
proposals and historical results.

Utilities

JPY

3,899,416

Based on historical results.

Repairs and maintenance expense

JPY

7,131,251

Based on the building maintenance and management status,
quality, age, etc.

Property management fees

JPY

3,734,589

Tenant promotion fees, etc.

JPY

3,785,704

Based on content of property management operation
proposals.

Taxes and public dues

JPY

12,683,000

Actual amount.

Property insurance

JPY

591,740

Other expenses

JPY

2,875,692(3) Net Operating Income (NOI):(1)-(2)

JPY

151,275,383(4) Lump-sum Investment ReturnJPY

331,938(5) Capital Expenditure

JPY

6,240,000(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY145,367,321(7) Capitalization Rate

(%)

5.1

Value Indicated by DCF Method

JPY

2,790,000,000

Discount Rate

(%)

5.2

Terminal Capitalization Rate

(%)

5.3

JPY

2,760,000,000

Value indicated by cost approach
Land Ratio

(%)

30.8
8

Based on materials presented by the client.
Based on historical results.
-

Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management status,
quality, age, etc.
-

Assessed by conducting comparative investigations withmultiple transaction yields in a similar area within the same
demand/supply zone, etc. and taking forecasts on futurefluctuations in net income into consideration while also
keeping relationship with discount rate in mind.
-

Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on theconcerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

Assessed by comparing with transaction cases located in asimilar area within the same demand/supply zone, etc. andEnglish Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

Property Ratio(%)

Other items of note by appraiser

69.2

that have comparability, and considering various
adjustments, amendments, factor comparisons, etc. whicharise during the comparison process based on collective
analysis on abundant transaction materials.
Assessed by referring to ER and taking into consideration
design and supervision fees, while paying attention tolevels in similar construction cases, etc.

None

Property Name

O-5-147
Sakura Hills Riverside WEST

Appraisal Value

JPY 2,000,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

November 30, 2015

Item

Details

Value indicated by income approach
Value indicated by the Direct
Capitalization Method(1) Total Operating Income: (a)-(b)Rental revenues includingcommon service fees(a) Parking fees
Other revenues

Overview, etc.

JPY

2,000,000,000

--

JPY

2,020,000,000

--

JPY

126,914,852

--

JPY

123,307,890

JPY

8,496,000

JPY

2,262,599

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.
Based on considering lease format, competitiveness andcurrent lease condition of the subject property, existence (ornonexistence) of free rent, tenant construction period,
market environment, etc.

Losses from vacancies

JPY

7,151,637

Bad debt losses

JPY

0

JPY

25,017,730

Operation costs

JPY

2,760,000

Based on property management operation estimates andhistorical results.

Utilities

JPY

1,782,982

Based on historical results.

Repairs and maintenance expense

JPY4,814,859

Based on the building maintenance and management status,
quality, age, etc.

Property management fees

JPY

2,493,045

Based on property management operation estimates.

Tenant promotion fees, etc.

JPY

2,479,707

Based on property management operation estimates andhistorical results.

Taxes and public dues

JPY

8,096,100

Actual amount.

Property insurance

JPY

306,570

Other expenses

JPY

2,284,467(3) Net Operating Income (NOI):(1)-(2)

JPY

101,897,122(4) Lump-sum Investment ReturnJPY

297,577(5) Capital ExpenditureJPY

3,090,000(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY

99,104,699(b)(2)Total Operating Expenses(7) Capitalization Rate

(%)

4.9

9

Not indicated due to being secured by lease deposits, etc.
-

Based on similar cases within the same scale, etc.
Based on historical results.
-

Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management status,
quality, age, etc.
-

Assessed by conducting comparative investigations withmultiple transaction yields in a similar area within the same
demand/supply zone, etc. and taking forecasts on futurefluctuations in net income into consideration while also

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

keeping relationship with discount rate in mind.
Value Indicated by DCF Method

JPY

1,990,000,000

Discount Rate

(%)

5.0

Terminal Capitalization Rate

(%)

5.1

JPY

1,890,000,000

Value indicated by cost approach

Land Ratio

(%)

51.2

Property Ratio

(%)

48.8

Other items of note by appraiser-

Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on theconcerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

Assessed by comparing with transaction cases located in asimilar area within the same demand/supply zone, etc. andthat have comparability, and considering various
adjustments, amendments, factor comparisons, etc. whicharise during the comparison process based on collective
analysis on abundant transaction materials.
Assessed by referring to ER and taking into consideration
design and supervision fees, while paying attention tolevels in similar construction cases, etc.

None

Property Name

O-5-148
Sakura Hills Riverside EAST

Appraisal Value

JPY 1,080,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

November 30, 2015

Item

Details

Value indicated by income approach
Value indicated by the Direct
Capitalization Method(1) Total Operating Income: (a)-(b)Rental revenues includingcommon service fees(a) Parking fees

Overview, etc.

JPY

1,080,000,000-

JPY

1,100,000,000-

JPY

70,132,849-

JPY

67,745,640

JPY

6,486,000

Other revenues

JPY

1,176,578

Losses from vacancies

JPY

5,275,369

Based on considering lease format, competitiveness andcurrent lease condition of the subject property, market
environment, etc.

Bad debt losses

JPY0

Not indicated due to being secured by lease deposits, etc.

JPY

14,487,627-

Operation costs

JPY

2,436,000

Based on considering the details of outsourcing agreements,
historical results.

Utilities

JPY

1,098,552

Based on historical results.

Repairs and maintenance expense

JPY2,403,699

Based on the building maintenance and management status,
quality, age, etc.

Property management fees

JPY

1,379,125

Based on considering the details of outsourcing agreements

Tenant promotion fees, etc.

JPY

1,334,260

Based on considering the details of outsourcing agreements,
historical results.

Taxes and public dues

JPY

4,418,600

Actual amount.

Nonlife insurance

JPY

155,000(b)(2) Total Operating Expenses

10

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.

Based on insurance amounts, content of contracts, etc.

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

Other expenses

JPY

1,262,391(3) Net Operating Income (NOI):(1)-(2)

JPY

55,645,222(4) Lump-sum Investment ReturnJPY

179,811(5) Capital Expenditure

JPY2,080,000(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY

53,745,033(7) Capitalization Rate

(%)

4.9

Value Indicated by DCF Method

JPY

1,070,000,000

Discount Rate

(%)

5.0

Terminal Capitalization Rate

(%)

5.1

JPY

1,040,000,000

Value indicated by cost approach

Land Ratio

(%)

54.4

Property Ratio

(%)

45.6

Other items of note by appraiser

Based on historical results.
-

Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management status,
quality, age, etc.
-

Assessed by conducting comparative investigations withmultiple transaction yields in a similar area within the same
demand/supply zone, etc. and taking forecasts on futurefluctuations in net income into consideration while also
keeping relationship with discount rate in mind.
-

Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on theconcerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

Assessed by comparing with transaction cases located in asimilar area within the same demand/supply zone, etc. andthat have comparability, and considering various
adjustments, amendments, factor comparisons, etc. whicharise during the comparison process based on collective
analysis on abundant transaction materials.
Assessed by referring to ER and taking into consideration
design and supervision fees, while paying attention tolevels in similar construction cases, etc.

None

Property Name

O-5-149
Sakura Hills Meieki NORTH

Appraisal ValueJPY 780,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

November 30, 2015

Item

Details

Value indicated by income approach
Value indicated by the Direct
Capitalization Method(1) Total Operating Income: (a)-(b)Rental revenues includingcommon service fees(a) Parking fees

Overview, etc.

JPY

780,000,000-

JPY

791,000,000-

JPY

52,019,664-

JPY

48,148,896

JPY

3,168,000

Other revenues

JPY

3,145,180

Losses from vacancies

JPY

2,442,412

Based on considering lease format, competitiveness andcurrent lease condition of the subject property, market
environment, etc.

Bad debt losses

JPY0

Not indicated due to being secured by lease deposits, etc.

JPY

11,424,299(b)(2) Total Operating Expenses

11

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.

-

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

Operation costs

JPY

1,740,000

Based on content of property management operation
proposals and historical results.

Utilities

JPY

1,091,984

Based on historical results.

Repairs and maintenance expense

JPY

2,006,274

Based on content of property management operation
proposals.

Property management fees

JPY

977,730

Tenant promotion fees, etc.

JPY

973,387

Taxes and public dues

JPY

3,580,500

Nonlife insurance

JPY

118,070

Based on materials presented by the client.

Other expenses

JPY

936,354

Based on historical results.

(3) Net Operating Income (NOI):(1)-(2)

JPY

40,595,365(4) Lump-sum Investment ReturnJPY

100,277(5) Capital Expenditure

JPY

1,960,000(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY38,735,642(7) Capitalization Rate

(%)

4.9

Value Indicated by DCF Method

JPY775,000,000

Discount Rate

(%)

5.0

Terminal Capitalization Rate

(%)

5.1

JPY

772,000,000

Value indicated by cost approach

Land Ratio

(%)

51.2

Property Ratio

(%)

48.8

Other items of note by appraiser

Based on content of property management operation
proposals and historical results.
Actual amount.

-

Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management status,
quality, age, etc.
-

Assessed by conducting comparative investigations withmultiple transaction yields in a similar area within the same
demand/supply zone, etc. and taking forecasts on futurefluctuations in net income into consideration while also
keeping relationship with discount rate in mind.
-

Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on theconcerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

Assessed by comparing with transaction cases located in asimilar area within the same demand/supply zone, etc. andthat have comparability, and considering various
adjustments, amendments, factor comparisons, etc. whicharise during the comparison process based on collective
analysis on abundant transaction materials.
Assessed by referring to ER and taking into consideration
design and supervision fees, while paying attention tolevels in similar construction cases, etc.

None

Property Name

O-6-150
Runai Nippombashi anhelo

Appraisal Value

JPY 1,540,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

November 30, 2015

Item
Value indicated by income approach
Value indicated by the Direct
Capitalization Method

Details

Overview, etc.

JPY

1,540,000,000-

JPY

1,550,000,000-

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

(1) Total Operating Income: (a)-(b)Rental revenues includingcommon service fees(a) Parking fees

JPY

104,806,423

JPY

105,221,794

JPY

5,760,000

Other revenues

JPY

6,000

Losses from vacancies

JPY

6,181,371

Based on considering lease format, competitiveness andcurrent lease condition of the subject property, market
environment, etc.

Bad debt losses

JPY0

Not indicated due to being secured by lease deposits, etc.

JPY

22,705,356-(b)(2) Total Operating Expenses

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.

Operation costs

JPY

3,900,000

Based on considering the details of outsourcing agreements,
historical results.

Utilities

JPY

1,868,514

Based on historical results.

Repairs and maintenance expense

JPY3,593,063

Based on the building maintenance and management status,
quality, age, etc.

Property management fees

JPY

2,096,008

Based on considering the details of outsourcing agreements.

Tenant promotion fees, etc.

JPY

1,941,913

Based on considering the details of outsourcing agreements,
historical results.

Taxes and public dues

JPY

6,944,900

Actual amount.

Nonlife insurance

JPY

264,830

Other expenses

JPY

2,096,128(3) Net Operating Income (NOI):(1)-(2)

JPY

82,101,067(4) Lump-sum Investment ReturnJPY

145,931(5) Capital Expenditure

JPY

3,255,000(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY

78,991,998(7) Capitalization Rate

(%)

5.1

Value Indicated by DCF Method

JPY

1,540,000,000

Discount Rate

(%)

5.2

Terminal Capitalization Rate

(%)

5.3

JPY

1,460,000,000

Value indicated by cost approach

Land Ratio

(%)

37.7

Property Ratio

(%)

62.3

Other items of note by appraiser

*URL:

-

None

http//www.jrhi.co.jp/en/

13

Based on materials presented by the client.
Based on historical results.
-

Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management status,
quality, age, etc.
-

Assessed by conducting comparative investigations withmultiple transaction yields in a similar area within the same
demand/supply zone, etc. and taking forecasts on futurefluctuations in net income into consideration while also
keeping relationship with discount rate in mind.
-

Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on theconcerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

Assessed by comparing with transaction cases located in asimilar area within the same demand/supply zone, etc. andthat have comparability, and considering various
adjustments, amendments, factor comparisons, etc. whicharise during the comparison process based on collective
analysis on abundant transaction materials.
Assessed by referring to ER and taking into consideration
design and supervision fees, while paying attention tolevels in similar construction cases, etc.

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

(Reference Material 1) Photographs of the Anticipated Properties(1) F-5-074 Sakura Hills Fujimi

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

(2) O-5-147 Sakura Hills Riverside WEST

15

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

(3) O-5-148 Sakura Hills Riverside EAST

16

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

(4) O-5-149 Sakura Hills Meieki NORTH

17

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

(5) O-6-150 Runai Nippombashi anhelo

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

(Reference Material 2) Locations of the Anticipated Properties(1) F-5-074 Sakura Hills Fujimi, O-5-148 Sakura Hills Riverside WEST, O-5-148 Sakura Hills Riverside EAST, O-5-149
Sakura Hills Meieki NORTH

19

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

(2) O-6-150 Runai Nippombashi anhelo

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

(Reference Material 3) Portfolio by Type and Category after the Acquisitions(Differences following the Acquisitions indicated within parentheses. Unit: Number of residential units)
RegionStudioFamilyTotal by Area

23 Wards of Tokyo

2,314

1,188

3,502

Three Major Metropolitan Areas

4,462(+271)

1,750(+119)

6,212(+390)

Other Major Cities

2,821

553

3,374

Total by Type9,597(+271)

3,491（+119）

13,088(+390）(Reference Material 4) Portfolio Status after the Acquisitions
Asset size((anticipated) acquisition price)

JPY 219.4 billion

Total Number of properties owned

200 properties

Total number of leasable units

13,088 Units

21

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

(Additional Material 1) Overview of Portfolio after the Acquisitions<Number of Properties etc.>
Before the Acquisitions

Acquisition of 5 Properties(+)

Total Number of Owned Properties

195 properties

5 properties

200 properties

Total Number of Leasable Units

12,698 Units

390 Units

13,088 Units

Total Leasable area

503,738.63 m2

18,104.23 m2

521,842.86 m2

12.5 years

8.0 years

12.4 years

Average Age of Buildings (Note)

After the Acquisitions(Note) Indicates weighted average of age of properties in accordance with (anticipated) acquisition price. “Before the Acquisition” and“Acquisition of 2 Properties” are as of today, “After the Acquisitions” is as of payment and delivery date of the asset to be acquired.

<Asset Size etc.>

Total (Anticipated) Acquisition Price(Note 1)
Total Book Value (a)(Note 2)
Appraisal Value (b)(Note 3)Ratio(a) / (b) × 100%
Average (Anticipated) Acquisition
Price per Property(Note 1)NOI Yield(Note 4)

Before the Acquisitions

Acquisition of 5 Properties(+)

JPY 211.5 billion

JPY 7.8 billion

JPY 219.4 billion

JPY 206.0 billion

JPY 7.8 billion

JPY 213.9 billion

JPY 224.0 billion

JPY 8.2 billion

JPY 232.2 billion

92.0%

95.6%

92.1%

JPY 1.08 billion

JPY 1.57 billion

JPY 10.9 billion

5.70%

5.50%

5.69%

After the Acquisitions(Note 1) Total (Anticipated) Acquisition Price and Average (Anticipated) Acquisition Price per Property are calculated based on the acquisition(anticipated) price.
(Note 2) Book Values are based on the values on the balance sheet for end of the 19th fiscal period for “Before the Acquisitions”, on the anticipatedacquisition price for the “Acquisition of 5 Properties”, and on sum of the total of the values on the balance sheet for end of the 19th fiscal
period and the total of anticipated acquisition price for anticipated 2 properties for “After the Acquisitions.”(Note 3) Appraisal Values are based on the end of the 19th fiscal period for “Before the Acquisitions”, as of acquisition for “Acquisition of 2 Properties”,
and using the total of the Acquisition of 2 Properties value and the Appraisal Value at the end of the 19th fiscal period for “After theAcquisitions.”(Note 4) NOI yield is calculated by NOI/(anticipated) acquisition price. Figures are based on annualizations of 19th fiscal period performance for“Before the Acquisition”, on appraised NOI at the time of acquisition for “Acquisition of 2 Properties”, and on the total of annualizations of
19th fiscal period performance and appraised NOI at the time of acquisition for “After the Acquisitions.”<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price) >Rental Property Category

Before the Acquisitions

Acquisition of 5 Properties(+)

After the Acquisitions

StudioJPY 135.9 billion (64.2%)

JPY 5.1 billion (65.0%)

JPY 141.0 billion (64.3%)

FamilyJPY 75.6 billion (35.8%)

JPY 2.7 billion (35.0%)

JPY 78.3 billion (35.7%)<Amount and Rate of Investment by Region (Based on (Anticipated) Acquisition Price)>
RegionBefore the Acquisitions

Acquisition of 5 Properties(+)

After the Acquisitions

23 Wards of Tokyo

JPY 91.7 billion (43.3%)-

JPY 91.7 billion (41.8%)

Three Major Metropolitan Areas

JPY 84.7 billion (40.1%)

JPY 7.8 billion (100.0%)

JPY 92.6 billion (42.2%)

Other Major Cities

JPY 35.0 billion (16.6%)-

JPY 35.0 billion (16.0%)

22

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

(Additional Material 2) List of Portfolio after the Acquisitions
Property
NumberName of Property

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-1-001

Satella Kita 34jo

Other Major Cities

1,133,714

0.5

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2

O-1-032

willDo Kita 24jo

Other Major Cities

316,000

0.1

O-1-033

Flat Carerra

Other Major Cities

290,000

0.1

O-1-034s13w9 h+Other Major Cities

463,000

0.2

O-1-035s9w12 h+Other Major Cities

533,000

0.2

O-1-090

Sky Hills N15

Other Major Cities

712,000

0.3

O-1-091

Sky Hills Sakaemachi

Other Major Cities

832,000

0.4

O-1-092

Dormy Chitose

Other Major Cities

476,000

0.2

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.2

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.5

O-1-132

Cresidence Sapporo Minami4jo

Other Major Cities

1,140,000

0.5

O-1-146

Gran Casa NagayamaKoen DoriOther Major Cities

1,002,000

0.5

O-2-037

willDo Nishitadaicho

Other Major Cities

512,000

0.2

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.2

O-2-065

Grandmaison Shichifuku

Other Major Cities

342,000

0.2

O-2-094

Living Stage Higashi Sendai

Other Major Cities

317,200

0.1

O-2-123

West Park Hasekura

Other Major Cities

1,240,000

0.6

O-2-137

Forest Hill SendaiAoba

Other Major Cities

2,750,000

1.3

O-2-140

Gran Casa Sendai Itsutsubashi

Other Major Cities

2,100,000

1.0

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.2

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.1

O-4-005

willDo Koshigaya

Three Major Metropolitan Areas

499,333

0.2

O-4-006

Joyful Sayama

Three Major Metropolitan Areas

216,6190.1

O-4-007

Lumiere Hachioji

Three Major Metropolitan Areas

480,7610.2

O-4-008

willDo Kiyosumi

23 Wards of Tokyo

5,024,619

2.3

O-4-009

Turkey’s Denenchofu No. 2

23 Wards of Tokyo

281,523

0.1

O-4-010

willDo Honchiba

Three Major Metropolitan Areas

379,857

0.2

O-4-011

willDo Yokohama Minami

Three Major Metropolitan Areas

233,1420.1

O-4-012Site Pia

Three Major Metropolitan Areas

506,1420.2

O-4-024

VISTA Supreme

Three Major Metropolitan Areas

563,584

0.3

O-4-025

Joy Oyamadai

23 Wards of Tokyo

624,265

0.3

O-4-031

willDoOtsuka

23 Wards of Tokyo

725,2290.3

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.3

O-4-039

Toshin Shoto Mansion

23 Wards of Tokyo

912,000

0.4

O-4-055

Harmony Kamikitazawa

23 Wards of Tokyo

400,000

0.2

O-4-062

willDo Minami Urawa

Three Major Metropolitan Areas

396,000

0.2

O-4-069

College Square KitaIkebukuro

23 Wards of Tokyo

727,000

0.3

23

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

Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-4-070

College SquareTobuNerima

23 Wards of Tokyo

892,000

0.4

O-4-071

College Square Akatsuka

23 Wards of Tokyo

734,000

0.3

O-4-072

College Square Higashikurume

Three Major Metropolitan Areas

523,000

0.2

O-4-073

College Square Waseda II

23 Wards of Tokyo

215,000

0.1

O-4-074

College Square Myogadani

23 Wards of Tokyo

1,060,000

0.5

O-4-075

College Square ShinKoiwa

23 Wards of Tokyo

724,000

0.3

O-4-076

College Square Kiba

23 Wards of Tokyo

639,000

0.3

O-4-077

College Square Kinshicho

23 Wards of Tokyo

490,000

0.2

O-4-078

College Square Waseda

23 Wards of Tokyo

316,000

0.1

O-4-089

Lexington Square ShinjukuGyoen

23 Wards of Tokyo

1,010,000

0.5

O-4-095

Prospect NihonbashiHoncho

23 Wards of Tokyo

808,000

0.4

O-4-096

Maison de Ville Takanawa Gyoranzaka

23 Wards of Tokyo

1,480,000

0.7

O-4-097

Roppongi Rise House

23 Wards of Tokyo

912,000

0.4

O-4-098

TK Flats Shibuya

23 Wards of Tokyo

4,770,000

2.2

O-4-099

Masion de Ville NakaMeguro

23 Wards of Tokyo

1,050,000

0.5

O-4-100

Prospect KALON Minowa

23 Wards of Tokyo

1,620,000

0.7

O-4-101

Prospect Shinonomebashi

23 Wards of Tokyo

3,040,000

1.4

O-4-102

Prospect Monzennakacho

23 Wards of Tokyo

1,080,000

0.5

O-4-103

Prospect Ogikubo

23 Wards of Tokyo

701,000

0.3

O-4-104

Exceria Ikebukuro WEST II

23 Wards of Tokyo

852,000

0.4

O-4-105

Prospect OmoriKaigan

23 Wards of Tokyo

1,480,000

0.7

O-4-106

Prospect MusashiShinjo

Three Major Metropolitan Areas

1,050,000

0.5

O-4-107

Fragrance Kawaski

Three Major Metropolitan Areas

548,900

0.3

O-4-108

Prospect Chuo-Rinkan

Three Major Metropolitan Areas

524,000

0.2

O-4-120

Gala Place Shinjuku Gyoen

23 Wards of Tokyo

2,170,000

1.0

O-4-121

Joyce Court

23 Wards of Tokyo

3,010,000

1.4

O-4-122

Act Forme Asakusa

23 Wards of Tokyo

1,216,000

0.6

O-4-125

Gran Casa Roppongi

23 Wards of Tokyo

1,480,808

0.7

O-4-126

Gran Casa MinamiAoyama

23 Wards of Tokyo

3,750,000

1.7

O-4-127

Storia Jingumae

23 Wards of Tokyo

3,160,000

1.4

O-4-129

Spacia Shinjuku

23 Wards of Tokyo

2,525,000

1.2

O-4-133

Lietocourt Yotsuya

23 Wards of Tokyo

1,716,800

0.8

O-4-134

Lietocourt Motoakasaka

23 Wards of Tokyo

1,095,700

0.5

O-4-138

Gran Casa Ginza East

23 Wards of Tokyo

2,000,000

0.9

O-4-145

Gran Casa Minowa

23 Wards of Tokyo

850,000

0.4

O-5-013

willDo Kanayama masaki

Three Major Metropolitan Areas

490,095

0.2

O-5-026

Excelsior Sakae

Three Major Metropolitan Areas

641,767

0.3

O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.1

O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.3

O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.5

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

Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-5-042

willDo Kanayama

Three Major Metropolitan Areas

370,000

0.2

O-5-043

willDo Kanayama Sawashita

Three Major Metropolitan Areas

375,000

0.2

O-5-056

willDo Kachigawa

Three Major Metropolitan Areas

503,000

0.2

O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.3

O-5-063

willDo Inae

Three Major Metropolitan Areas

641,000

0.3

O-5-066

willDo Higashibetsuin

Three Major Metropolitan Areas

703,000

0.3

O-5-081

willDo Matsubara

Three Major Metropolitan Areas

549,000

0.3

O-5-082

willDoYokkaichi Unomori

Three Major Metropolitan Areas

529,1500.2

O-5-086

willDo Daikancho

Three Major Metropolitan Areas

655,000

0.3

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,1150.2

O-5-147

Sakura Hills Riverside WEST

Three Major Metropolitan Areas

1,920,000

0.9

O-5-148

Sakura Hills Riverside EAST

Three Major Metropolitan Areas

1,030,000

0.5

O-5-149

Sakura Hills Meieki NORTH

Three Major Metropolitan Areas

750,000

0.3

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.3

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2

O-6-016

willDo Imafuku Nishi

Three Major Metropolitan Areas

413,857

0.2

O-6-017

Maison FloraThree Major Metropolitan Areas

584,2850.3

O-6-018

Wind Four Minami Honmachi

Three Major Metropolitan Areas

307,1420.1

O-6-028

willDo Shin-Osaka s I

Three Major Metropolitan Areas

285,723

0.1

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1

O-6-046

willDo Tsukamoto

Three Major Metropolitan Areas

730,000

0.3

O-6-047

willDo Tenmabashi

Three Major Metropolitan Areas

338,000

0.2

O-6-048

willDo SakaisujiHommachi

Three Major Metropolitan Areas

325,000

0.1

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.5

O-6-050

willDo Nanba wII

Three Major Metropolitan Areas

486,000

0.2

O-6-051

willDo Nanba wI

Three Major Metropolitan Areas

690,000

0.3

O-6-059

willDo Hamasaki dori

Three Major Metropolitan Areas

2,280,000

1.0

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.2

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.4

O-6-067

willDo Shinosaka

Three Major Metropolitan Areas

861,000

0.4

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.3

O-6-084

willDo Kamishinjo wI

Three Major Metropolitan Areas

366,000

0.2

O-6-085

willDo Kujo

Three Major Metropolitan Areas

537,000

0.2

O-6-111

Abreast ShinOsaka

Three Major Metropolitan Areas

1,391,000

0.6

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2

O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.1

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.3

O-6-116

Prospect Toyonaka Hattori

Three Major Metropolitan Areas

366,000

0.2

O-6-117

Prospect Shimogamo

Three Major Metropolitan Areas

281,000

0.1

O-6-118

Prospect Kawaramachi Gojo

Three Major Metropolitan Areas

583,000

0.3

25

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

Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)

O-6-119

Gransys Esaka

Three Major Metropolitan Areas

1,260,000

0.6

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.2

O-6-136

Pregio Miyakojima

Three Major Metropolitan Areas

1,610,000

0.7

O-6-139

Serenite Shinosaka Nibankan

Three Major Metropolitan Areas

3,510,000

1.6

O-6-141

Gran Casa Umedakita

Three Major Metropolitan Areas

2,050,000

0.9

O-6-142

Serenite Honmachi Grande

Three Major Metropolitan Areas

4,286,000

2.0

O-6-143

Gransys Tenmabashi

Three Major Metropolitan Areas

4,050,000

1.8

O-6-144

DayGran Tsurumi

Three Major Metropolitan Areas

1,030,000

0.5

O-6-150

Runai Nippombashi anhelo

Three Major Metropolitan Areas

1,400,000

0.6

O-7-068

willDo Okayamaeki Nishiguchi

Other Major Cities

1,220,000

0.6

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.5

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.1

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.7

O-9-135

Granpark Tenjin

Other Major Cities

4,698,000

2.1

141,013,855

64.3(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)

Studio Total

Property
Number

Property Name

Region(Note 2)

(Note 1)F-1-041

Palais d’or Maruyama

Other Major Cities

559,000

0.3

F-1-069

Gran Casa Omotesando

Other Major Cities

1,510,000

0.7

F-1-070

Gran CasaKita3jo

Other Major Cities

1,265,880

0.6

F-2-001

Royal Garden Shinrin Koen

Other Major Cities

396,1900.2

F-2-002

Green Park Komatsujima

Other Major Cities

550,5230.3

F-2-003

Dia Palace Izumizaki

Other Major Cities

355,095

0.2

F-2-004

willDo Takasago

Other Major Cities

364,9040.2

F-2-042

Living Stage Minamisendai

Other Major Cities

159,500

0.1

F-2-043

Takasagoseki Nibankan

Other Major Cities

558,000

0.3

F-3-034

Ark Heim Niigata

Other Major Cities

1,060,000

0.5

F-4-005

Johanna Mansion

Three Major Metropolitan Areas

556,7140.3

F-4-006

Iruma Ekimae Building

Three Major Metropolitan Areas

1,517,000

0.7

F-4-007

Iruma Ekimae Building No. II

Three Major Metropolitan Areas

687,666

0.3

F-4-008

Sereno Omiya

Three Major Metropolitan Areas

1,554,523

0.7

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.2

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.3

F-4-011

Profit Link Takenotsuka

23 Wards of Tokyo

636,333

0.3

F-4-013

Dream Heights

23 Wards of Tokyo

358,666

0.2

F-4-014

Green Hills Asukayama

23 Wards of Tokyo

587,238

0.3

F-4-015

Oji Heights

23 Wards of Tokyo

347,857

0.2

F-4-016

Sakagami Royal Heights NO. II

23 Wards of Tokyo360,7140.2

F-4-017

willDo Todoroki

23 Wards of Tokyo

1,764,809

0.8

26

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

Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.3

F-4-019

Libest NishiChiba

Three Major Metropolitan Areas

2,152,476

1.0

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,571

0.2

F-4-028

Winbell Chorus Hiratsuka No. 13

Three Major Metropolitan Areas

477,587

0.2

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.6

F-4-031

MGA Kanamachi

23 Wards of Tokyo

484,000

0.2

F-4-035

Greenhills Roka

23 Wards of Tokyo

662,000

0.3

F-4-036

Lofty Hirai

23 Wards of Tokyo

324,000

0.1

F-4-038

Colonnade Kasuga

23 Wards of Tokyo

3,115,277

1.4

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

23 Wards of Tokyo

1,250,000

0.6

F-4-040

Sun Terrace Yoyogi Uehara

23 Wards of Tokyo

1,180,000

0.5

F-4-044

Prospect NihonbashiKoamicho

23 Wards of Tokyo

840,000

0.4

F-4-045

Park Terrace Ebisu

23 Wards of Tokyo

2,060,000

0.9

F-4-046

Prospect Dogenzaka

23 Wards of Tokyo

1,590,000

0.7

F-4-047

Prospect Glarsa Hiroo

23 Wards of Tokyo

3,560,000

1.6

F-4-048

Prospect Hatsudai

23 Wards of Tokyo

518,000

0.2

F-4-049

Prospect NishiSugamo

23 Wards of Tokyo

1,110,000

0.5

F-4-050

Prospect Machiya

23 Wards of Tokyo

484,000

0.2

F-4-051

Prospect KiyosumuTeien

23 Wards of Tokyo

2,630,000

1.2

F-4-052

Prospect Morishita

23 Wards of Tokyo

1,260,000

0.6

F-4-053

Prospect OnshiKoen

23 Wards of Tokyo

1,110,000

0.5

F-4-054

BELNOS34

23 Wards of Tokyo

1,700,000

0.8

F-4-055

SK Residence

23 Wards of Tokyo

805,000

0.4

F-4-056

Angel Heim NishiRokugo No. 2

23 Wards of Tokyo

1,012,000

0.5

F-4-057

Deim Hashimoto

Three Major Metropolitan Areas

748,000

0.3

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.7

F-4-059

Prospect UrawaTokiwa

Three Major Metropolitan Areas

717,000

0.3

F-4-064

Glana Ueno

23 Wards of Tokyo

1,100,000

0.5

F-4-065

The Residence Honmoku Yokohama
BaysideThree Major Metropolitan Areas

5,550,000

2.5

F-4-066

Lietocourt Asakusabashi

23 Wards of Tokyo

1,615,800

0.7F-4-071Gran Casa ShinKoiwa

23 Wards of Tokyo

1,510,000

0.7

F-4-072

Gran CasaRyogoku Ichibankan

23 Wards of Tokyo

1,420,000

0.6

F-4-073Gran Casa Ryogoku Nibankan

23 Wards of Tokyo

770,000

0.4

F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.3

F-5-032

Stellato City Sakurayama

Three Major Metropolitan Areas

735,000

0.3

F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.3

F-5-060

Gran Casa Daikancho

Three Major Metropolitan Areas

1,082,000

0.5

F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.4

F-5-067

Liettecourt Marunouchi

Three Major Metropolitan Areas

3,756,800

1.7

27

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

Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)F-5-068

Gran Casa Kamimaezu

Three Major Metropolitan Areas

2,050,000

0.9

F-5-074

Sakura Hills Fujimi

Three Major Metropolitan Areas

2,750,000

1.3

F-6-026

willDo Nishi-Akasi

Three Major Metropolitan Areas

635,666

0.3

F-6-033

La Vita Nippombashi

Three Major Metropolitan Areas

1,860,000

0.8

F-6-062

Crown Heim NishiTanabe

Three Major Metropolitan Areas

405,000

0.2

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.2

Family Total

78,389,158

35.7

Total

219,403,013

100.0(Note 1) Figures in “(Anticipated) Acquisition Price” are rounded off to thousands of yen. Totals and subtotals of (anticipated) acquisition prices add up thefigures without rounding down and are rounded down to thousands of yen.
(Note 2) Figures in “Ratio (%)” show the ratio of the (anticipated) acquisition price of each owened property or anticipated property to the total of the(anticipated) acquisition price of the owened properties and anticipated properties.

28