English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
November 8, 2013

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

Notice Concerning Acquisition of Assets

Japan Rental Housing Investments Inc. (the “Investment Corporation”) hereby announces that it has decided at a meeting of its
Board of Directors held earlier today to acquire the following assets (the “Acquisition”). Details are provided below.

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

II. Reasons for the Acquisition and Details of the Proposed Acquisition(General Overview)
In terms of increasing the portfolio’s quality, the Investment Corporation realized the increase in the average portfolio NOI
yield (5.68% for the same period) through efforts including asset replacement of (1) and (2) above, and increase inoccupancy rate (average occupancy rate during the 15th fiscal period (ended September 2013): 97.2%) by enhancing
operations and reduction of rental expenses. On the other hand, in terms of a continued growth of the asset size, while theasset size had remained almost at the same level as 2010 until the end of the 15th fiscal period, since the Investment
Corporation’s investment unit price had been maintained at a level higher than the amount of net assets per unit since thebeginning of 2013, Mi-Casa Asset Management Inc. which is the asset manager of Investment Corporation (the “AssetManager”) has put the resumption of public offerings into view and has committed itself to secure a total of about JPY 20
billion of new properties from the beginning of the year. As a result, in addition to the two properties acquired in October1

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
2013 (total acquisition price of JPY 4.05 billion; Renaissance 21 Hakata and Serenite Koshien), the Investment Corporationis set to be able to secure seven assets scheduled to be acquired (total acquisition price of JPY 19.57 billion). Therefore,
after comprehensively considering factors including the fund procurement (capital market and borrowings) environment,
the impact on distributions, the impact of the consumption tax hike to be implemented in April 2014, trends in the realestate transaction market, and the capacity to acquire properties following the Acquisition, the Investment Corporation
decided to acquire all seven of these properties through fund procurement through a public offering and borrowings.
Furthermore, the Investment Corporation will continue to focus on the acquisition of new properties as it believes that it
will have the capacity to additionally acquire properties to an extent after the Acquisition with cash on hand andborrowings.

(Reason for the Acquisition)
All of the assets scheduled for acquisition will be acquired through the Asset Manager’s own route from several sellers
without any mediation. As a result, scheduled acquisition prices of the assets scheduled for acquisition are 89.7% to 97.4%(average of 94.3% for the seven properties) of their respective appraisal values. Therefore, considering also profitability,
location, diversification effect on the portfolio, building age and overall quality of the properties, the Investment
Corporation determined that the properties would contribute to increasing the portfolio’s quality and maintaining mid- tolong-term competitiveness and decided on the Acquisition as it is in accordance with the basic policy of the Investment
Corporation stated above. The reasons for acquiring each property is as stated below. (Furthermore, five of the properties(properties scheduled for acquisition excluding The Residence Honmoku Yokohama Bayside and Cresidence Sapporo
Minami4jo) are acquisitions from bridge funds. For details please see the press releases “Notice Concerning Acquisition ofAsset (Silent Partnership Equity Interest)” dated June 25 and September 4.)
F-4-065 The Residence Honmoku Yokohama Bayside
・High-quality large family-type apartment with for-sale units located in Honmoku, a popular residential area, that is convenient forliving as it is near a large commercial facility (located in Honmoku area approx. 10-minute ride by bus from Motomachi-Chukagai
Station on the Minatomirai Line; 159 units total (1LDK: seven units; 2LDK: 33 units; 3LDK: 75 units; 4LDK; 37 units; Shops:
seven units))
・Average occupancy rate: 94.8% (most recent year)
・Completed 2008; scheduled to be acquired at JPY 5,550mn, 97.4% of its appraisal value of JPY 5,700mn (no brokerage)
O-1-132 Cresidence Sapporo Minami4jo
・Apartment for single persons; convenient as central Sapporo is within walking distance (approx. four-minute walk from
Hosui-Susukino Station on the Toho subway line and approx. five-minute walk from Odori Station on the Tozai, Namboku andToho subway lines; 99 units total (1K: 42 units; 1LDK: 28 units; 2LDK: 28 units; Shops: 1 unit))
・Average occupancy rate: 98.8% (most recent year)
・Completed 2007; scheduled to be acquired at JPY 1,140mn, 96.6% of its appraisal value of JPY 1,180mn (no brokerage)

2

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
F-4-066 Lietocourt Asakusabashi (acquisition from the Bridge Fund)
・High-quality property built by major developer; wide range of rental demand expected from single persons to families (approx.
four-minute walk from Asakusa Station on the JR Sobu Line and Asakusa subway line; 49 units total (1LDK: 23 units; 2LDK: 20
units; 3LDK: 6 units))
・Average occupancy rate: 97% (most recent year) (continuously maintains occupancy of 95% or more)・Completed 2005; scheduled to be acquired at JPY 1,615.8mn, 92.3% of its appraisal value of JPY 1,750mn (no brokerage)
F-5-067 Lietocourt Marunouchi (acquisition from the Bridge Fund)・Family-type apartment with for-sale units centering on 3LDK; located in business and commercial area of central Nagoya;developed by major developer (approx. three-minute walk from Marunouchi Station on the Sakura-dori subway line; 120 units total(2LDK: 13 units; 2SLDK: 12 units, 3LDK: 72 units; 4LDK: 23 units))
・Average occupancy rate: 85.8% (most recent year)
・Completed 2005; scheduled to be acquired at JPY 3,756.8mn, 89.6% of its appraisal value of JPY 4,190mn (no brokerage frombridge fund incorporation)
O-4-133 Lietocourt Yotsuya (acquisition from the Bridge Fund)・Convenient high-grade apartment in quiet residential area of central Tokyo; wide demand ranging from single persons to DINKs(approx. six-minute walk from Yotsuya-sanchome Station on the Marunouchi subway line; 49 units total (1DK: 16 units; 1LDK: 7
units; 1LDK/S: 9 units; 2LDK: 16 units; 3LDK: 1 unit))
・Average occupancy rate: 92.6% (most recent year)
・Completed 2006; scheduled to be acquired at JPY 1,716.8mn, 90.8% of its appraisal value of JPY 1,890mn (no brokerage frombridge fund incorporation)
O-4-134 Lietocourt Motoakasaka (acquisition from the Bridge Fund)・Apartment near the Akasaka Detached Palace away from the hustle and bustle in other parts of central Tokyo; convenient,high-grade and targets single persons (approx. six-minute walk from Akasaka-mitsuke Station on the Ginza subway line; 49 units
total (1DK: 16 units; 1LDK: 7 units; 1LDK/S: 9 units; 2LDK: 16 units; 3LDK: 1 unit))
・Average occupancy rate: 93.4% (most recent year)
・Completed 2006; Scheduled to be acquired at JPY 1,095.7mn, 90.6% of its appraisal value of JPY 1,210mn (no brokerage frombridge fund incorporation)
O-9-135 Granpark Tenjin (acquisition from the Bridge Fund)・Large apartment located in Tenjin, almost at the center of Fukuoka City; convenient for transportation and living; wide demand
from single persons to DINKs expected (approx. seven-minute walk from Tenjin Station on the subway line; 341 units (1R: 56
units; 1K: 42 units; 1DK: 14 units; 1LDK: 80 units; 2K: 14 units; 2LDK: 126 units; Shops: 9 units))
・Average occupancy rate: 92.6% (most recent year)
・Completed 2005; scheduled to be acquired at JPY4,698mn, 97.3% of its appraisal value of JPY4,830mn (no brokerage from bridgefund incorporation)

3

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
With the Acquisition announced today, the total asset size is expected to reach approximately JPY 179.9 billion (acquisition
price base) for the 186 portfolio properties, and total of 11,085 units.

<Summary of the Properties>

Numberof
Property

Name of Property

Area Category

Leasing
Category

Proposed
Acquisition
Price
(A)
(JPY thousand)Appraisal Value(B)(JPY thousand)(Note1)

Difference between
Proposed Acquisition
Price and Appraisal
Value(B) – (A)(JPY thousand)((A)/(B))(Note2)F-4-065

The Residence
Honmoku
Yokohama BaysideThree Major
Metropolitan Areas(Yokohama, Kanagawa)

Family5,550,000

5,700,000

150,000(97.4%)

O-1-132

Cresidence Sapporo
Minami4jo

Other Major Cities(Sapporo, Hokkaido)

Studio1,140,000

1,180,000

40,000(96.6%)

F-4-066

Lietocourt
Asakusabashi

Three Major
Metropolitan Areas(Taito-ward, Tokyo)

Family1,615,800

1,750,000

134,200(92.3%)

F-5-067

Lietocourt
Marunouchi

Three Major
Metropolitan Areas(Nagoya, Aichi)

Family3,756,800

4,190,000

433,200(89.7%)

O-4-133

Lietocourt Yotsuya

Seven Wards of Central
Tokyo(Shinjuku-ward, Tokyo)

Studio1,716,800

1,890,000

173,200(90.8%)

O-4-134

Lietocourt
Motoakasaka

Seven Wards of Central
Tokyo(Minato-ward, Tokyo)

Studio1,095,700

1,210,000

114,300(90.6%)

O-9-135

Granpark Tenjin

Other Major Cities(Fukuoka, Fukuoka)

Studio4,698,000

4,830,000

132,000(97.3%)

19,573,100

20,750,000

1,176,900(94.3%)

Total(Note1) Proposed Acquisition Price excludes acquisition expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local
consumption tax; hereinafter the same.
(Note2) Percentage in parenthesis on Difference between Proposed Acquisition Price and Appraisal Value is calculated as Proposed Acquisition Price divided
by Appraisal Value (ratios are rounded off to the first decimal place.)4English Translation

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

III. Details of the Properties(1) F-4-065 The Residence Honmoku Yokohama Bayside
Category of proposed
property for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 5,550,000 thousand

Mitsubishi UFJ Trust and Banking
From April 2, 2008
Trust agreement period
Corporation
To the end of September 2020
Unique Features of the Property
Located in the Honmoku area which is approx. 10-minute ride by bus from Motomachi-Chukagai Station on the Minatomirai Line, theproperty is a 13-story RC apartment primarily targeting families and is mainly comprised of 3LDK units. Living is convenient as it islocated in an area where there are many buses to Yokohama Station, Sakuragicho Station and Negishi Station and the property is next to a
shopping center.
Overview of the Property(Residential indication) 19-1, Honmokuhara, Naka-ku, Yokohama, Kanagawa
Location (Note 1)(Lot number) 19-1, 19-2, 19-3, 19-4, Honmokuhara, Naka-ku, Yokohama, Kanagawa
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area
3,118.96 square FAR / Building coverage ratio
400% / 80%(Note 1)
meter (Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium, Storeownership
Floor space
14,837.29 square
Building
Completion date (Note 1)
February 12, 2008
(Note 1)meter
Type of structure
RC, 13-story building with flat roof
(Note 1)
Number of leasable units
159 units (1DK:7 units, 2LDK:33 units, 3LDK:75 units, 4LDK:37 units, Store:7 units)by type
Expected property
Shimizu Comprehensive Development
management company
Corporation
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute Number of tenants (Note 6)
1
13,584.07
Date of appraisal
October 1, 2013 Leasable area (Note 7)
square meters
13,198.67
Appraisal value
JPY 5,700,000 thousand Leased areasquare meters
Value calculated using the direct
JPY 5,740,000 thousand Monthly rent (Note 8)
JPY 35,466 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 413,878 thousand
JPY 56,053 thousand
deposits
Gross operating expenses
JPY 88,749 thousand Occupancy ratio (unit base)
97.5%
Occupancy ratio (area base)
Net operating income (NOI)
JPY 325,129 thousand
97.2%(Note 9)Lump-sum investment returnJPY 1,039 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 4,892 thousand
Trust company

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 321,276 thousand

ERI Solution Co., Ltd.

5.6%

Date of research

October 8, 2013

JPY 5,660,000 thousand

Priority repairs-

Discount rate

5.4%

Terminal capitalization rate

5.8%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

JPY 5,360,000 thousand

Collateral (Note11): None5

Near-future repairs(within a year)
Far-future repairs(2-12 year timeline)
Probable maximum loss (PML)JPY 80,560 thousand
9.1%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(2) O-1-132 Cresidence Sapporo Minami4jo
Category of proposed
property for acquisition
Trust company (Plan)

Real Estate

Proposed acquisition price

JPY 1,140,000 thousand

Trust agreement period (Plan)–
Unique Features of the Property
The property is located 300m or an approx. four-minute walk from Hosui-Susukino Station on the Sapporo Municipal Subway Toho Lineand 390m or an approx. five-minute walk from Odori Station on the Sapporo Municipal Subway Tozai, Namboku and Toho lines. Accessto the city center is excellent as Sapporo Station where there are many office buildings and commercial facilities is only one station away
using the subway. The living environment is also excellent as the property is close to Odori Park where events are held throughout theseasons, Soseigawa Park which was newly established as a place of rest and Toyohira River where fireworks are displayed. This is aapartment primarily designed for single persons with units centering on 1K and 1LDK.
Overview of the Property(Residential indication) 2-18-1, Minami4jo Higashi, Chuo-ku, Sapporo, Hokkaido
Location (Note 1)(Lot number) 2-18-1, Minami4jo Higashi, Chuo-ku, Sapporo, Hokkaido
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area
FAR / Building coverage ratio
622.68 square meters600% / 80%(Note 1)
(Note 3)
Proprietary
Type of ownership
Use (Note 1)
Store, Condominium
ownership
Floor space
4,387.53 square
Building
Completion date (Note 1)
September 1, 2007
(Note 1)
metersType of structure
RC, 15-story building with flat roof
(Note 1)
Number of leasable units
99 units (1K:42 units, 1LDK:28 units, 2LDK:28 units, Store:1 units)by type
Expected property
TAKARA Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)
1
3,581.86
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
3,581.86
Appraisal value
JPY 1,180,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 1,190,000 thousand
Monthly rent (Note 8)
JPY 7,230 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 88,951 thousand
JPY 8,691 thousand
deposits
Gross operating expenses
JPY 18,188 thousand
Occupancy ratio (unit base)
100.0%
Occupancy ratio (area base)
Net operating income (NOI)JPY 70,763 thousand
100.0%(Note 9)Lump-sum investment returnJPY 171 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 1,960 thousand
Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
Method–JPY 68,974 thousand

ERI Solution Co., Ltd.

5.8%

Date of research

October 3, 2013

JPY 1,160,000 thousand

Priority repairs-

Discount rate

5.6%

Terminal capitalization rate

6.0%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

JPY 1,030,000 thousand

Collateral: Secured

6

Near-future repairs(within a year)
Far-future repairs(2-12 year timeline)
Probable maximum loss (PML)JPY 940 thousand
JPY 38,210 thousand
3.4%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(3) F-4-066 Lietocourt Asakusabashi
Category of proposed
property for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 1,615,800 thousand

Sumitomo Mitsui Trust Bank,
From June 17, 2005
Trust agreement period (Plan)
LimitedTo the end of June 2023
Unique Features of the Property
Located a four-minute walk from Asakusabashi Station on the JR Sobu Line and Toei Asakusa Subway Line, the property is a apartment
comprised primarily of 1LDK to 2LDK units targeting a wide range of residents. Access to central Tokyo is also excellent as Akihabara
Station on the JR Sobu Line is only an approximate two-minute ride from Asakusabashi Station. The area faces Edogawa-dori Street(National Route 6) with a mixture of mid-to-high-rise apartments, office buildings with shops and such nearby. As access to convenientfacilities such as the station and daily commodity stores is excellent, many of the apartments target single persons who seek convenienceof living.
Overview of the Property(Residential indication) 2-15-2, Yanagibashi, Taito-ku, Tokyo
Location (Note 1)(Lot number) 2-8-5, Yanagibashi, Taito-ku, Tokyo
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area
FAR / Building coverage ratio
396.03 square meters
700% / 80%(Note 1)
(Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium
ownership
Floor space
3,262.88 square
Building
Completion date (Note 1)
May 18, 2005
(Note 1)
metersType of structure
RC, 14-story building with flat roof
(Note 1)
Number of leasable units
49 units (1LDK: 23 units, 2LDK: 20 units, 3LDK: 6 units)by type
Expected property
DAIKYO REALDO INCORPORATED
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)
1
2,632.94
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
2,586.03
Appraisal value
JPY 1,750,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 1,770,000 thousand
Monthly rent (Note 8)
JPY 9,257 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 109,259 thousand
JPY 16,334 thousand
deposits
Gross operating expenses
JPY 18,853 thousand
Occupancy ratio (unit base)
98.0%
Occupancy ratio (area base)
Net operating income (NOI)JPY 90,406 thousand
98.2%(Note 9)Lump-sum investment returnJPY 338 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 2,338 thousand
Trust company (Plan)

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 88,406 thousand

ERI Solution Co., Ltd.

Date of research

October 2, 2013

JPY 1,730,000 thousand

Priority repairs-

Discount rate

4.8%

Terminal capitalization rate

5.2%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

5.0%

JPY 1,350,000 thousand

Collateral (Note11): None

7

Near-future repairs(within a year)
Far-future repairs(2-12 year timeline)
Probable maximum loss (PML)JPY 7,890 thousand
JPY 40,870 thousand
4.0%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(4) F-5-067 Lietocourt Marunouchi
Category of proposed
property for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 3,756,800 thousand

Sumitomo Mitsui Trust Bank,
From September 29, 2005
Trust agreement period (Plan)
LimitedTo the end of June 2023
Unique Features of the Property
Located an approximate three-minute walk from Marunouchi Station on the Nagoya Municipal Subway Sakura-dori and Tsurumai lines,
the property is a 15-story SRC apartment primarily targeting families. Marunouchi where the property is located is near the Meieki and
Sakae district, Nagoya’s concentrated business and commercial area, and as there are many educational, medical and government
facilities including Meijo Elementary School, Marunouchi Junior High School, Chunichi Hospital, Aichi Prefectural Office, Nagoya City
Office and Aichi Prefectural Library, the area is extremely convenient. The property has been developed by a major developer and theexclusive areas and common areas alike have a high sense of grade. Demand is expected from families that emphasize the highest level ofconvenience and grade in Nagoya.
Overview of the Property(Residential indication) 3-23-23, Marunouchi, Naka-ku, Nagoya-shi, Aichi
Location (Note 1)(Lot number) 3-2315, Marunouchi, Naka-ku, Nagoya-shi, Aichi
Type of ownership
Ownership of site Use Area (Note 2)
Commercial district
Land
Land area
1,449.35 square FAR / Building coverage ratio
800% / 80%(Note 1)
meters (Note 3)
Sectional
Type of ownership
Use (Note 1)
Condominium
ownership
Floor space
9,062.42 square
Building
Completion date (Note 1)
September 7, 2005
(Note 1)
metersType of structure
SRC, 1-floor basement, 15-story building with flat floor(Note 1)
Number of leasable units
120 units (2LDK: 13 units, 2SLDK: 12 units, 3LDK: 72 units, 4LDK: 23 units)by type
Expected property
HASEKO LIVENET, Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)1
9,350.67
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
7,768.66
Appraisal value
JPY 4,190,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 4,250,000 thousand
Monthly rent (Note 8)
JPY 21,933 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 305,319 thousand
JPY 37,662 thousand
deposits
Gross operating expenses
JPY 64,026 thousand
Occupancy ratio (unit base)
83.3%
Occupancy ratio (area base)
Net operating income (NOI)
JPY 241,292 thousand
83.1%(Note 9)Lump-sum investment returnJPY 886 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 8,365 thousand
Trust company (Plan)

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 233,814 thousand

ERI Solution Co., Ltd.

Date of research

October 2, 2013

JPY 4,170,000 thousand

Priority repairs-

Discount rate

5.6%

Terminal capitalization rate

5.7%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

5.5%

JPY 3,740,000 thousand

Collateral (Note11): None

8

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

JPY 27,110 thousand
JPY 128,960 thousand
5.4%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(5) O-4-133 Lietocourt Yotsuya
Category of proposed
property for acquisition
Trust company (Plan)

Trust beneficiary interest

Proposed acquisition price

Sumitomo Mitsui Trust Bank,
Trust agreement period (Plan)
LimitedUnique Features of the Property

JPY 1,716,800 thousand
From January 31, 2006
To the end of June 2023

Located an approximate six-minute walk from Yotsuya-sanchome Station on the Tokyo Metro Marunouchi Line, the property is anine-story RC apartment primarily targeting singles. The property is located within walking distance of places such as Arakimachi where
there are numerous restaurants and it is also near Shinjuku Gyoen with its abundant greenery. Moreover, with excellent access to major
business districts and such, demand from single persons and DINKs who emphasize convenient downtown living is expected.

Location (Note 1)

Land

Building

Overview of the Property(Residential indication) 4-17, Yotsuya, Shinjuku-ku, Tokyo (residential indication not implemented)(Lot number) 4-17-3, 4-17-23, 4-17-24, 4-17-25, 4- 17-26, 4-17-27, 4-17-28, 4-17-30, 4-17-32, 4-17-33,
4-17-34, 4-17-35, Yotsuya, Shinjuku-ku, Tokyo
Proprietary
Category 1 residential are
Type of ownership
Use Area (Note 2)
ownershipaLand area
1,240.51 square FAR / Building coverage ratio
300% / 60%(Note 1)
meters (Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium
ownership
Floor space
2,689.92 square
Completion date (Note 1)
January 10, 2006
(Note 1)
metersType of structure
RC, 9-story building with flat roof
(Note 1)

Number of leasable units
49 units (1DK: 16 units, 1LDK: 7 units, 1LDK/S: 9 units, 2LDK: 16 units, 3LDK: 1unit）
by type
Expected property
DAIKYO REALDO INCORPORATED
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)
1
2,397.81
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
2,117.91
Appraisal value
JPY 1,890,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 1,910,000 thousand
Monthly rent (Note 8)
JPY 8,607 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 113,899 thousand
JPY 13,986 thousand
deposits
Gross operating expenses
JPY 18,142 thousand
Occupancy ratio (unit base)
89.8%
Occupancy ratio (area base)
Net operating income (NOI)JPY 95,757 thousand
88.3%(Note 9)Lump-sum investment returnJPY 320 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 2,289 thousand
Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 93,788 thousand

ERI Solution Co., Ltd.

Date of research

October 2, 2013

JPY 1,860,000 thousand

Priority repairs-

Discount rate

4.7%

Terminal capitalization rate

5.1%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

4.9%

JPY 1,500,000 thousand

Collateral (Note11): None9Near-future repairs(within a year)
Far-future repairs(2-12 year timeline)
Probable maximum loss (PML)

JPY 200 thousand
JPY 48,290 thousand
6.8%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(6) O-4-134 Lietocourt Motoakasaka
Category of proposed
property for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 1,095,700 thousand

Sumitomo Mitsui Trust Bank,
From April 28, 2006
Trust agreement period (Plan)
LimitedTo the end of June 2023
Unique Features of the Property
Located a six-minute walk from Akasaka-mitsuke Station on the Tokyo Metro Marunouchi and Ginza lines, the property is a apartment
comprised primarily of 1DK units. The area is convenient for transportation as Akasaka-mitsuke Station is an approximate 10-minute rideto Tokyo Station on the Tokyo Metro Marunouchi Line as well as about an eight-minute ride to Shibuya Station on the Ginza Line.
Moreover, living is convenient with good access to downtown commercial areas such as Ginza and Omotesando. Also, the property isnear Akasaka Detached Palace which is away from the hustle and bustle in other parts of central Tokyo. The area hosts a mixture ofresidential complexes targeting singles and office buildings. A redevelopment is scheduled at the nearby former site of Grand Prince
Hotel Akasaka.
Overview of the Property(Residential indication) 1-7-4, Motoakasaka, Minato-ku, Tokyo
Location (Note 1)(Lot number) 1-720-2, Motoakasaka, Minato-ku, Tokyo
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area
FAR / Building coverage ratio
309.22 square meters
700/500% / 80/80%(Note 1)
(Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium, Officeownership
Floor space
1,551.16 square
Building
Completion date (Note 1)
April 6, 2006
(Note 1)
metersType of structure
SRC, 11-story building with flat roof
(Note 1)
Number of leasable units
37 units (1R: 8 units, 1DK: 27 units, 2LDK: 1unit, Office: 1unit)by type
Expected property
DAIKYO REALDO INCORPORATED
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)
1
1,282.94
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
1,184.99
Appraisal value
JPY 1,210,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 1,220,000 thousand
Monthly rent (Note 8)
JPY 5,902 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 72,821 thousand
JPY 11,357 thousand
deposits
Gross operating expenses
JPY 13,275 thousand
Occupancy ratio (unit base)
91.9%
Occupancy ratio (area base)
Net operating income (NOI)
JPY 59,546 thousand
92.4%(Note 9)Lump-sum investment returnJPY 234 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 1,244 thousand
Trust company (Plan)

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 58,536 thousand

ERI Solution Co., Ltd.

4.8%

Date of research

October 2, 2013

JPY 1,190,000 thousand

Priority repairs-

Discount rate

4.6%

Terminal capitalization rate

5.0%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

JPY 1,020,000 thousand

Collateral (Note11): None10

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

JPY 270 thousand
JPY 25,900 thousand
6.8%

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(7) Granpark Tenjin
Category of proposed
property for acquisition

Trust beneficiary interest

Proposed acquisition
price

JPY 4,698,000 thousand

Mitsubishi UFJ Trust and Banking
From September 6, 2013
Trust agreement period (Plan)
Corporation
To the end of September 2023
Unique Features of the Property
The property is located a seven-minute walk from Tenjin Station on a Fukuoka City Subway line. It is a apartment with a steel-reinforced
concrete and partially steel structure and is mainly composed of 1LDK to 2LDK units. There is a mix of mid to high-rise office and retailbuildings, hotels, apartment complexes, etc. in the surrounding area, and since it is within walking distance of the center of Tenjin district,
Kyushu’s largest downtown area where there is a high concentration of commercial facilities such as department and fashion stores, it is aproperty targeting a wide range of tenants centering on single persons and DINKs who emphasize living convenience.
Overview of the Property(Residential indication) 1-8-26, Maizuru, Chuo-ku, Fukuoka-city, Fukuoka
Location (Note 1)(Lot number) 1-141-1, Maizuru, Chuo-ku, Fukuoka-city, Fukuoka
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area
3,634.72 square FAR / Building coverage ratio
400/500% / 80/80%(Note 1)
meters (Note 3)
Proprietary
Type of ownership
Use (Note 1)
Condominium, Storeownership
Floor space
15,014.05 square
Building
Completion date (Note 1)
February 2, 2005
(Note 1)
metersType of structure
SRC, 15-story building with concrete roof
(Note 1)
Number of leasable units
341 units (1R: 56 units, 1K: 42 units, 1DK: 14 units, 1LDK: 80 units, 2K: 14 units, 2LDK: 126 units, Retail: 9
by typeunits)
Expected property
HASEKO LIVENET, Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Tenants Details (Note 5)
Appraiser
Japan Real Estate Institute
Number of tenants (Note 6)1
14,299.21
Date of appraisal
October 1, 2013
Leasable area (Note 7)
square meters
12,864.35
Appraisal value
JPY 4,830,000 thousand
Leased areasquare meters
Value calculated using the direct
JPY 4,880,000 thousand
Monthly rent (Note 8)
JPY 28,325 thousand
capitalization method
Lease deposits and guarantee
Gross operating revenue
JPY 365,486 thousand
JPY 12,360 thousand
deposits
Gross operating expenses
JPY 93,598 thousand
Occupancy ratio (unit base)
90.0%
Occupancy ratio (area base)
Net operating income (NOI)
JPY 271,888 thousand
90.0%(Note 9)Lump-sum investment returnJPY 193 thousand
Engineering Report Summary (Note 10)
Capital expenditure
JPY 3,828 thousand
Trust company (Plan)

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodJPY 268,253 thousand

ERI Solution Co., Ltd.

5.5%

Date of research

October 8, 2013

JPY 4,780,000 thousand

Priority repairs-

Discount rate

5.3%

Terminal capitalization rate

5.7%

Value indicated by cost
ApproachSpecial Note: None

Engineering report company

JPY 4,450,000 thousand

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

JPY 27,990 thousand
JPY 88,030 thousand
4.6%

Collateral (Note11): None
(Note 1) Figures and information in the columns “Location (lot number),” “Land area,” “Floor space,” ”Type of structure,” “Use” and “Completion date” areas per the registry of the property. In the column “Type of structure,” “SRC” indicates “steel reinforced-concrete,” “RC” indicates“reinforced-concrete” and “S” indicates “steel.”(Note 2) Figures and information in the column “Area classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(Note 3) Figures and information in the column “FAR/Building coverage ratio,” FAR uses the ratio of the floor area of the building versus the land area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio
uses the building area versus the land area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area incity planning.
(Note 4) Figures and information in the column “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the property to beacquired based on the points to consider in the appraisal valuation of real estate arising from the Act on Investment Trusts and Investment

11English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
Corporation, the Act on Real Estate Appraisal (Law No.152 of 1963, including revisions thereafter) and Real Estate Appraisal Standards.
Furthermore, for details of items, please refer to “(Reference Material I) Property Appraisal Summary of Prices of Properties to be Acquired” below.
Net earnings (NCF) = Net earnings from rentals (NOI) + one-time asset management gains – capital expenditure. The numbers are rounded off tothe nearest thousand yen, and ratios are rounded off to the first decimal place.
(Note 5) Figures and information in the column “Tenants details” are based on the information as of August 31, 2013 of the property to be acquired.
(Note 6) Figures and information in the column “Number of tenants” are entered as one tenant when Investment Corporation retains a master leaseagreement with the Master Lease Company.
(Note 7) Leasable area is the area that can be leased in the building of property under management as of August 31, 2013. The areas that are leased inassociation with the main purpose of lessees, including warehouses, parking facilities, the building manager’s office, signs, automatic vending
machines and antennas, and the areas that the lessor leases to maintain the building (including areas with respect to which t he lessor grants
temporary use under loan-for-use agreements) are excluded. Moreover, the leasable area is the area enclosed by the center line of the wall, andincludes areas for the meter boxes and pipe space allocated to each residential unit.
(Note8) Monthly rent (rent, common service fees and parking fees) in the column “Monthly rent” are based on information as of August 31, 2013 concerning
the properties to be acquired. The numbers are rounded off to the nearest thousand yen.
(Note9) Figures in the column “Occupancy ratio (area base)” are calculated from the “Leased area” number divided by the “Leasable area” number andshown as a percentage rounded off to the first decimal place.
(Note10) Figures in the column “Engineering report summary” are rounded off to the nearest thousand yen, and ratios are rounded off to the first decimal
place. The figures for the earthquake PML was received from Tokyo Marine & Nichido Risk Consulting Co., Ltd. in September 2013.
(Note 11) In order for the Investment Corporation to make borrowings in the future, a fixed pledge is scheduled to be set with the Investment Corporation as
the pledger and the financial institution from which borrowings are scheduled to be made as the pledgees concerning the trust beneficiary interest inreal estate in trust.

12English Translation

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

IV. Notes on the Property Due Diligence
Name of Property(Number of
Property)

Building promoter

Architect

Building Contractor

Verification
AgencyInspection Agency

Marubeni Corporation
LAND Co., Ltd.

MAEDACORPORATIONMAEDACORPORATIONThe Building
Center of JapanERI Solution Co.,Ltd.

Alpha Tower
Minami1jo/Minami4jo
K.K.

K.K. Urban Art

NAKAYAMAGUMI
Co., Ltd.

Sapporo CityERI Solution Co.,
Ltd.

F-4-066
Lietocourt
Asakusabashi

DAIKYOINCORPORATEDDAISUECONSTRUCTION
CO.,LTD.

DAISUECONSTRUCTION
CO.,LTD.

HOUSEPLUS

ERI Solution Co.,
Ltd.

F-5-067
Lietocourt
Marunouchi

DAIKYOINCORPORATED

K.K. ShiraiSekkei

NISHIMATSU
CONSTRUCTION
CO.,LTD.

CHUBU
HOUSING
INSURANCE
CO.,LTD.

ERI Solution Co.,
Ltd.

O-4-133
Lietocourt Yotsuya

SHINNIHONCORPORATIONSHINNIHONCORPORATIONSHINNIHONCORPORATIONJAPAN ERI
CO.,LTD.

ERI Solution Co.,
Ltd.

O-4-134
Lietocourt
Motoakasaka

Daiei Real Estate &Development

Daiei Real Estate &Development

Tokyu Construction

eHomes, Inc.

ERI Solution Co.,
Ltd.

O-4-135
Granpark Tenjin

DIX KUROKI
Co., Ltd.

Ono Architects
Office Co., Ltd.

K.K. Yoshikawa
KoumutenJAPAN ERI
CO.,LTD.

ERI Solution Co.,
Ltd.

F-4-065
The Residence
Honmoku
Yokohama Bayside
O-1-132
Cresidence
SapporoMinami4jo

The Investment Corporation conducted supplementary due diligence on all of the properties to avoid the problem of thefabrication of data relating to building structural strength. The Investment Corporation asked third-party due diligence
consultants to check if the property was in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength. As a result of the due diligence, no violation of thebuilding laws was found.

13

English Translation

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

V. Impact on the Investment Corporation’s Finances if Forward Commitment, etc. is Not Able to be Met
The transaction agreements for five of the properties scheduled to be acquired (Lietocourt Asakusabashi, Lietocourt
Marunouchi, Lietocourt Yotsuya, Lietocourt Motoakasaka and Granpark Tenjin) fall under forward commitments, etc.
(contracts for forward and future transactions for which settlement and delivery take place one or more months after theconclusion of the contract) as stipulated in the Comprehensive Guidelines for Supervision of Financial Instruments Business
Operations, etc.
Of these, regarding the transaction agreement of Granpark Tenjin, it is set forth that if the agreement is terminated as a resultof a serious violation on the part of the Investment Corporation of the obligations stipulated in the agreement, the Investment
Corporation is obliged to immediately pay an amount equivalent to 10% of the transaction price as a penalty. Also, it is set
forth in the transaction agreements of Lietocourt Motoakasaka, Lietocourt Yotsuya, Lietocourt Asakusabashi and Lietocourt
Marunouchi that when the agreement is terminated due to the Investment Corporation’s breaches of its obligations and thecause for such is the Investment Corporation’s breach of its obligation to pay the sales price despite the preconditions for theInvestment Corporation to fulfill its obligations being met, the Investment Corporation is obliged to pay an amountequivalent to 10% of the transaction price of the asset scheduled for acquisition as a penalty. Furthermore, it is set forth in thetransaction agreements for the above five properties that if the Investment Corporation’s procurement of funds to be allottedto the assets scheduled for acquisition through the issuance of investment units and borrowings is not completed that theInvestment Corporation will not be obliged to pay the prices and that the Investment Corporation will be able to freely cancel
the transaction agreements without responsibilities towards the seller such as compensation of costs. Accordingly, thelikelihood of direct negative impact of a significant scale on the Investment Corporation’s finances, distributions, etc. isthought to be low since the Investment Corporation will be able to freely cancel the transaction agreements without any
responsibilities if it is unable to procure acquisition funds through the issuance of investment units through the public
offering or borrowings.

VI. Profile of the Counterparty(1) F-4-065 The Residence Honmoku Yokohama Bayside
The counterparty (planned) is a domestic business company, but the company’s details are undisclosed as per the request of
the counterparty. There are no capital, personnel, business relationships required to mention between the Investment
Corporation or the Asset Manager and the said company, nor is the company an affiliated party of either the Investment
Corporation or the Asset Manager. Furthermore, the said company is not classified as an interested party, etc. under theOrder for Enforcement of the Law Concerning Investment Trusts and Investment Corporations, nor is it defined as an“interested party, etc.” under the internal rules on dealings with interested parties of the Asset Manager.
(2) O-1-132 Cresidence Sapporo Minami4jo
The counterparty (planned) is a domestic business company, but the company’s details are undisclosed as per the request of
the counterparty. There are no capital, personnel, business relationships required to mention between the Investment
Corporation or the Asset Manager and the said company, nor is the company an affiliated party of either the Investment
Corporation or the Asset Manager. Furthermore, the said company is not classified as an interested party, etc. under theOrder for Enforcement of the Law Concerning Investment Trusts and Investment Corporations, nor is it defined as an“interested party, etc.” under the internal rules on dealings with interested parties of the Asset Manager.

14English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
(3) F-4-066 Lietocourt Asakusabashi, F-5-067 Lietocourt Marunouchi, O-4-133 Lietocourt Yotsuya, O-4-134 Lietocourt
Motoakasaka
Company Name
Head Office Location
Representative
Main Business
Paid-in Capital
Date of Establishment
Net Asset
Total Assets

Relationship between the company
and the Investment Corporation or
the asset management company

G.K. JFM
2-6-5, Nihonbashi, Chuo-ku, Tokyo
Representative employee: general incorporated association JSL
Operational executor: Shingo Kaminaga
1. Transaction, ownership, leasing, management of real estate, and brokerage of such
2. Ownership and transaction of trust beneficiary interest
3. All business incidental to the above
JPY 300,000
May 1, 2013
JPY 300,000 (as of September 30, 2013)
JPY 8,594,039,894 (as of September 30, 2013)
There are no capital, personnel or business ties between the Investment Corporation or the
Asset Manager and the Company.
In the prior fiscal year there have been no acquisitions or transfers of assets between the
Company and the Investment Corporation or the Asset Manager. However, the Company is
the operator of a silent partnership in which the Investment Corporation invests JPY317mn(approx. 15% of the total silent partnership equity interest in the counterparty) and for theAcquisition the Asset Manager exercised its preferential acquisition rights which it had
been granted. For details of the silent partnership equity interest please see the press
release “Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)” dated
June 25, 2013.
There are no such ties between affiliates of the Investment Corporation or the AssetManager. 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 aninterested party, etc. under the internal rules on dealings with interested parties of theAsset Manager.

(4) O-9-135 Granpark Tenjin
Company Name
Head Office Location
Representative
Main Business
Paid-in Capital
Date of Establishment
Net Asset
Total Assets

Relationship between the company
and the Investment Corporation or
the asset management company

G.K. JFN
2-6-5, Nihonbashi, Chuo-ku, Tokyo
Representative employee: general incorporated association JSL
Operational executor: Shingo Kaminaga
1. Transaction, ownership, leasing, management of real estate, and brokerage of such
2. Ownership and transaction of trust beneficiary interest
3. All business incidental to the above
JPY 300,000
July 29, 2013
JPY 300,000 (as of September 30, 2013)
JPY 4,906,056,953 (as of September 30, 2013)
There are no capital, personnel or business ties between the Investment Corporation or the
Asset Manager and the Company.
In the prior fiscal year there have been no acquisitions or transfers of assets between the
Company and the Investment Corporation or the Asset Manager. However, the Company is
the operator of a silent partnership in which the Investment Corporation invests JPY203mn(approx. 15% of the total silent partnership equity interest in the counterparty) and for theAcquisition the Asset Manager exercised its preferential acquisition rights which it had
been granted. For details of the silent partnership equity interest please see the press
release “Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)” dated
September 4, 2013.
There are no such ties between affiliates of the Investment Corporation or the AssetManager. 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 aninterested party, etc. under the internal rules on dealings with interested parties of theAsset Manager.

15

English Translation

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

VII. Profile of the Property Owner
None

VIII. Profile of Brokerage
No brokerage for the Acquisition.

IX. Planned Funds for Acquisition of the New Properties
Funds procured through the issuance of new investment units and borrowings are planned to be used for the Acquisition. If
there is a shortage, cash on hand will be allotted to the extent possible.
Furthermore, for the details of the funds to be procured through the issuance of new investment units please see the press
release “Notice Concerning Issuance of New Investment Units and Secondary Offering” dated today.

X. Settlement Method
Full settlement at the time of the purchase.

XI. Date of Acquisition
Number of Property
Name of Property

Scheduled Date of the Acquisition
and Signing Date of Acquisition
Agreement

F-4-065
The Residence Honmoku
Yokohama Bayside

Payment and Delivery Date
(Planned)

November 29, 2013

O-1-132
Cresidence Sapporo Minami4jo
F-4-066
Lietocourt Asakusabashi
F-5-067
Lietocourt Marunouchi

November 8, 2013
December 25, 2013

O-4-133
Lietocourt Yotsuya
O-4-134
Lietocourt Motoakasaka
O-9-135
Granpark Tenjin

March 6, 201416

English Translation

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

XII. Forecasts
For details on the projected impact of the acquisition on management performance for the fiscal period ending March 31,
2014 (October 1, 2013 to March 31, 2014), please refer to the “Financial Report (Kessan Tanshin) of the fiscal period ended
September 30, 2013” announced today.

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

17English Translation

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

(Reference Material I)

Property Appraisal Summary of Price of Properties to be Acquired
F-4-065
The Residence Honmoku
Yokohama Bayside

Property Name
Appraisal Value

O-1-132
Cresidence Sapporo
Minami4jo

5,700,000,000(JPY)

Appraiser-

Date of Appraisal-

October 1, 2013

October 1, 2013

(JPY)

5,700,000,000

1,180,000,000(JPY)

5,740,000,000

1,190,000,000(1) Total Operating Income (a-b)(JPY)

413,878,000

88,951,000

Rental revenues includingcommon service fees

(JPY)

403,737,000

85,060,000

Parking fees

(JPY)

32,832,000

7,128,000

Other revenues(JPY)

19,212,000

1,600,000

Losses from vacancies(JPY)

41,903,000

4,837,000

Bad debt losses

(JPY)

0

0

(JPY)

88,749,000

18,188,000

Operation costs(JPY)

14,966,000

2,099,000

Utilities(JPY)

9,600,000

2,400,000

Repairs and maintenance expense(JPY)9,534,000

2,544,000

Property management fees

(JPY)

7,914,000

2,448,000

Tenant promotion fees, etc.

(JPY)

16,986,000

1,508,000

Taxes and public dues

(JPY)

27,191,000

6,953,000

Nonlife insurance(JPY)

1,663,000

236,000

Other expenses(JPY)

895,000

0(3) Net Operating Income (NOI): (1) - (2)(JPY)

325,129,000

70,763,000(4) Lump-sum Investment Return(JPY)

1,039,000

171,000(5) Capital Expenditure(JPY)

4,892,000

1,960,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

321,276,000

68,974,000(7) Capitalization Rate

(%)

5.6

5.8

Value Indicated by DCF Method(JPY)

5,660,000,000

1,160,000,000

Discount Rate

(%)

5.4

5.6

Terminal Capitalization Rate

(%)

5.8

6.0

(JPY)

5,360,000,000

1,030,000,000

Land portion

(%)

39.8

23.7

Building portion

(%)

60.2

76.3

Value indicated by income approach
Value indicated by the Direct Capitalization MethodaJapan Real Estate Institute1,180,000,000
Japan Real Estate Instituteb(2) Total Operating Expenses

Value indicated by cost approach18

English Translation

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

F-4-066
Lietocourt Asakusabashi

Property Name
Appraisal Value

F-5-067
Lietocourt Marunouchi

1,750,000,000(JPY)

Appraiser-

Date of Appraisal-

October 1, 2013

October 1, 2013

(JPY)

1,750,000,000

4,190,000,000(JPY)1,770,000,000

4,250,000,000(1) Total Operating Income (a-b)(JPY)

109,259,000

305,319,130

Rental revenues includingcommon service fees

(JPY)

110,657,000

288,502,645

Parking fees

(JPY)

4,780,000

30,912,000

Other revenues(JPY)

1,752,000

9,190,870

Losses from vacancies(JPY)

7,930,000

23,286,385

Bad debt losses

(JPY)

0

0

(JPY)

18,853,000

64,026,389

Operation costs(JPY)

2,285,000

11,676,000

Utilities(JPY)

1,350,000

4,488,567

Repairs and maintenance expense(JPY)

2,197,000

9,242,465

Property management fees

(JPY)

2,367,000

7,406,207

Tenant promotion fees, etc.

(JPY)

3,348,000

5,969,830

Taxes and public dues

(JPY)

5,474,000

21,279,100

Nonlife insurance(JPY)

166,000

605,710

Other expenses(JPY)

1,666,000

3,358,510(3) Net Operating Income (NOI): (1) - (2)(JPY)

90,406,000

241,292,741(4) Lump-sum Investment Return(JPY)

338,000

886,807(5) Capital Expenditure(JPY)

2,338,000

8,365,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

88,406,000

233,814,548(7) Capitalization Rate

(%)

5.0

5.5

Value Indicated by DCF Method(JPY)

1,730,000,000

4,170,000,000

Discount Rate

(%)

4.8

5.6

Terminal Capitalization Rate

(%)

5.2

5.7

(JPY)

1,350,000,000

3,740,000,000

Land portion

(%)

50.0

54.3

Building portion

(%)

50.0

45.7

Value indicated by income approach
Value indicated by the Direct Capitalization MethodaJapan Real Estate Institute4,190,000,000
Japan Real Estate Instituteb(2) Total Operating Expenses

Value indicated by cost approach19

English Translation

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

O-4-133
Lietocourt Yotsuya

Property Name
Appraisal Value

O-4-134
Lietocourt Motoakasaka

1,890,000,000(JPY)

Appraiser-

Date of Appraisal-

October 1, 2013

October 1, 2013

(JPY)

1,890,000,000

1,210,000,000(JPY)

1,910,000,000

1,220,000,000(1) Total Operating Income (a-b)(JPY)

113,899,000

72,821,000

Rental revenues includingcommon service fees

(JPY)

116,327,000

74,822,000

Parking fees

(JPY)

2,448,000

1,452,000

Other revenues(JPY)

1,987,0000Losses from vacancies(JPY)

6,863,000

3,453,000

Bad debt losses

(JPY)

0

0

(JPY)

18,142,000

13,275,000

Operation costs(JPY)

1,836,000

3,096,000

Utilities(JPY)

1,400,000

1,100,000

Repairs and maintenance expense(JPY)2,050,000

1,058,000

Property management fees

(JPY)

2,464,000

1,602,000

Tenant promotion fees, etc.

(JPY)

4,590,000

2,677,000

Taxes and public dues

(JPY)

5,140,000

3,649,000

Nonlife insurance(JPY)

152,000

93,000

Other expenses(JPY)

510,000

0(3) Net Operating Income (NOI): (1) - (2)(JPY)

95,757,000

59,546,000(4) Lump-sum Investment Return(JPY)

320,000

234,000(5) Capital Expenditure(JPY)

2,289,000

1,244,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

93,788,000

58,536,000(7) Capitalization Rate

(%)

4.9

4.8

Value Indicated by DCF Method(JPY)

1,860,000,000

1,190,000,000

Discount Rate

(%)

4.7

4.6

Terminal Capitalization Rate

(%)

5.1

5.0

(JPY)

1,500,000,000

1,020,000,000

Land portion

(%)

65.0

68.3

Building portion

(%)

35.0

31.7

Value indicated by income approach
Value indicated by the Direct Capitalization MethodaJapan Real Estate Institute1,210,000,000
Japan Real Estate Instituteb(2) Total Operating Expenses

Value indicated by cost approach20English Translation

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

O-9-135
Granpark Tenjin

Property Name
Appraisal Value

4,830,000,000(JPY)

Appraiser-

Date of Appraisal-

October 1, 2013

(JPY)

4,830,000,000(JPY)

4,880,000,000(1) Total Operating Income (a-b)(JPY)

365,486,000

Rental revenues includingcommon service fees

(JPY)

337,091,000

Parking fees

(JPY)

33,984,000

Other revenues(JPY)

21,130,000

Losses from vacancies(JPY)

26,353,000

Bad debt losses(JPY)

366,000(JPY)

93,598,000

Operation costs(JPY)

11,950,000

Utilities(JPY)

9,750,000

Repairs and maintenance expense(JPY)

22,027,000

Property management fees

(JPY)

6,905,000

Tenant promotion fees, etc.

(JPY)

16,646,000

Taxes and public dues

(JPY)

23,888,000

Nonlife insurance(JPY)

1,183,000

Other expenses(JPY)

1,249,000(3) Net Operating Income (NOI): (1) - (2)(JPY)

271,888,000(4) Lump-sum Investment Return(JPY)

193,000(5) Capital Expenditure(JPY)

3,828,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

268,253,000(7) Capitalization Rate

(%)

5.5

Value Indicated by DCF Method(JPY)

4,780,000,000

Discount Rate

(%)

5.3

Terminal Capitalization Rate

(%)

5.7

(JPY)

4,450,000,000

Land portion

(%)

39.3

Building portion

(%)

60.7

Value indicated by income approach
Value indicated by the Direct Capitalization MethodaJapan Real Estate Instituteb(2) Total Operating Expenses

Value indicated by cost approach21English Translation

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

(Reference Material II)

Photograph of Properties to be Acquired(1) F-4-065 The Residence Honmoku Yokohama Bayside22

English Translation

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

(2) O-1-132 Cresidence Sapporo Minami4jo

23

English Translation

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

(3) F-4-066 Lietocourt Asakusabashi

24English Translation

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

(4) F-5-067 Lietocourt Marunouchi

25English Translation

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

(5) O-4-133 Lietocourt Yotsuya

26

English Translation

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

(6) O-4-134 Lietocourt Motoakasaka

27

English Translation

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

(7) O-9-135 Granpark Tenjin

28

English Translation

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

(Reference Material III)

Location Map of Properties to be Acquired(1) F-4-065 The Residence Honmoku Yokohama Bayside(2) O-1-132 Cresidence Sapporo Minami4jo

29

English Translation

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

(3) F-4-066 Lietocourt Asakusabashi(4) F-5-067 Lietocourt Marunouchi

30English Translation

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

(5) O-4-133 Lietocourt Yotsuya(6) O-4-134 Lietocourt Motoakasaka

31

English Translation

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

(7) O-9-135 Granpark Tenjin

32

English Translation

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

(Reference Material IV)

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

Seven Central Wards ofTokyo (Note 1)
Three Major Metropolitan
Areas (Note 2)

911(+86)368

1,279(+86)

4,686

2,337(+328)

7,023(+328)

Other Major Cities (Note 3)

2,393(+440)

390

2,783(+440)

Total by Type7,990(+526)

3,095(+328)

11,085(+854)(Note 1) The seven central wards of Tokyo mean Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya, and Meguro wards.
(Note 2) The three major metropolitan areas mean Kanto metropolitan area excluding the seven central wards of Tokyo, Chukyo metropolitanarea, and Kinki metropolitan area.
(Note 3) The other major cities mean Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, and Kitakyushu/Fukuoka metropolitan areasand cities with a population of 300,000 or more.

(Reference Material V)

Situation of the Portfolio after the Acquisition

Asset scale (acquisition price)

JPY 179.9 billion

Number of owned properties

186

Total number of leasable units

11,08533

English Translation

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

(Additional Material I)

Overview of Portfolio after the Acquisition<Number of Properties etc.>
Prior to Acquisition of
Properties

Acquisition of 7 Properties (+) After Acquisition of Properties

Number of Owned Properties

179

7

186

Total Number of Leasable
Units

10,231854

11,085

Total Leasable Floor Area

396,161.20 square meters

47,129.50 square meters443,290.69 square meters

Average Age of Buildings
7.6
11.9
11.7
(Note)(Note) Indicates weighted average of age of properties in accordance with acquisition price. “Prior to Acquisition of Properties” is asof today, “Acquisition of 7 Properties” is as of each payment and delivery date, and “After Acquisition of Properties” is as ofpayment and delivery date of Granpark Tenjin.

<Asset Size etc.>
Prior to Acquisition of
Properties

Acquisition of 7 Properties (+)

After Acquisition of Properties

Asset Size (a) (Note 1)

JPY 160.33 billion

JPY 19.57 billion

JPY 179.91 billion

Total Appraisal Value (b)(Note 2)

JPY 152.03 billion

JPY 20.75 billion

JPY 172.78 billion

105.5%

94.3%

104.1%

JPY 0.89 billion

JPY 2.79 billion

JPY 0.96 billion

5.7%

5.9%

5.7%

Ratio (a)÷(b)×100%
Asset Scale per Property(Note 1)NOI Yield (Note 3)(Note 1) Asset scale based on acquisition price.
(Note 2) Appraisal values of the acquired properties are as of October 1, 2013, and all other properties are as of the end of September 2013.
(Note 3) NOI Yield is NOI/acquisition price. Figures for the properties that acquired prior to September 30, 2013 were calculated using actual resultsof the 15th fiscal period, the properties acquired or acquiring after October 1, 2013 were calculated using appraisal NOI.

<Amount and Rate of Investment by Type (Based on Acquisition Price)>
Prior to Acquisition of
Properties

Acquisition of 7 Properties (+)

After Acquisition of Properties

StudioJPY 103.65 billion (64.6%)

JPY 8.65 billion

JPY 112.30 billion (62.4%)

FamilyJPY 56.68 billion (35.4%)

JPY 10.92 billion

JPY 67.60 billion (37.6%)<Amount and Rate of Investment by Region (Based on Acquisition Price)>
Prior to Acquisition of
Properties

Acquisition of 7 Properties (+)

After Acquisition of Properties

The Seven Wards of Central
Tokyo

JPY 38.79 billion (24.2%)

JPY 2.81 billion

JPY 41.60 billion (23.1%)

Three Major Metropolitan
Areas

JPY 100.63 billion (62.8%)

JPY 10.92 billion

JPY 111.55 billion (62.0%)

Other Major Cities

JPY 20.91 billion (13.0%)

JPY 5.83 billion

JPY 26.75 billion (14.9%)34

English Translation

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

(Additional Material II)

List of Portfolio after the Acquisition

Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

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

Satella Kita 34-jo

Other Major Cities

1,133,714

0.6%

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2%

O-1-032

willDo Kita 24 jo

Other Major Cities

316,000

0.2%

O-1-033

Flat Carerra

Other Major Cities

290,000

0.2%

O-1-034s13w9 h+Other Major Cities

463,000

0.3%

O-1-035s9w12 h+Other Major Cities

533,000

0.3%

O-1-036

willDo Minami hiragishi

Other Major Cities

315,000

0.2%

O-1-090

Sky Hills N15

Other Major Cities

712,000

0.4%

O-1-091

Sky Hills Sakaemachi

Other Major Cities

832,000

0.5%

O-1-092

Domy Chitose

Other Major Cities

476,000

0.3%

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.2%

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.7%

O-1-132

Cresidence Sapporo Minami4jo

Other Major Cities

1,140,000

0.6%

O-2-037

willDo Nishishitadai cho

Other Major Cities

512,000

0.3%

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.3%

O-2-065

Grand Mason Shichifuku

Other Major Cities

342,000

0.2%

O-2-094

Living Stage Higashi-Sendai

Other Major Cities

317,200

0.2%

O-2-123

West Park Hasekura

Other Major Cities

1,240,000

0.7%

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.3%

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.1%

O-4-005

willDo Koshigaya

Three Major Metropolitan Areas

499,333

0.3%

O-4-006

Joyful Sayama

Three Major Metropolitan Areas

216,6190.1%

O-4-007

Lumiere Hachioji

Three Major Metropolitan Areas

480,7610.3%

O-4-008

willDo Kiyosumi

Three Major Metropolitan Areas

5,024,619

2.8%

O-4-009

Turkey's Denen-Chofu No.2

Three Major Metropolitan Areas

281,523

0.2%

O-4-010

willDo Honchiba

Three Major Metropolitan Areas

379,857

0.2%

O-4-011

willDo Yokohama Minami

Three Major Metropolitan Areas

233,1420.1%

O-4-012Site Pia

Three Major Metropolitan Areas

506,1420.3%

O-4-024

VISTA Supreme

Three Major Metropolitan Areas

563,584

0.3%

O-4-025

Joy Oyamadai

Seven Wards of Central Tokyo

624,265

0.3%

O-4-031

willDo Otsuka

Three Major Metropolitan Areas

725,2290.4%

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.3%

O-4-039

Toshin Shoto Mansion

Seven Wards of Central Tokyo

912,000

0.5%

O-4-055

Harmony Kamikitazawa

Seven Wards of Central Tokyo

400,000

0.2%

O-4-062

willDo Minami Urawa

Three Major Metropolitan Areas

396,000

0.2%

O-4-069

College Square Kitaikebukuro

Three Major Metropolitan Areas

727,000

0.4%

35

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
O-4-070

College Square Tobu Nerima

Three Major Metropolitan Areas

892,000

0.5%

O-4-071

College Square Akatsuka

Three Major Metropolitan Areas

734,000

0.4%

O-4-072

College Square Higashikurume

Three Major Metropolitan Areas

523,000

0.3%

O-4-073

College Square WasedaⅡ

Three Major Metropolitan Areas

215,000

0.1%

O-4-074

College Square Myogadani

Three Major Metropolitan Areas

1,060,000

0.6%

O-4-075

College Square Shinkoiwa

Three Major Metropolitan Areas

724,000

0.4%

O-4-076

College Square Kiba

Three Major Metropolitan Areas

639,000

0.4%

O-4-077

College Square Kinshicho

Three Major Metropolitan Areas

490,000

0.3%

O-4-078

College Square Waseda

Seven Wards of Central Tokyo

316,000

0.2%

O-4-089

Lexington Square Shinjuku Gyoen

Seven Wards of Central Tokyo

1,010,000

0.6%

O-4-095

Prospect Nihonbashi-Honcho

Seven Wards of Central Tokyo

808,000

0.4%

O-4-096

Maison de Ville Takanawa Gyoranzaka

Seven Wards of Central Tokyo

1,480,000

0.8%

O-4-097

Roppongi Rise House

Seven Wards of Central Tokyo

912,000

0.5%

O-4-098

TK Flats Shibuya

Seven Wards of Central Tokyo

4,770,000

2.7%

O-4-099

Maison de Ville Naka-Meguro

Seven Wards of Central Tokyo

1,050,000

0.6%

O-4-100

Prospect KALON Minowa

Three Major Metropolitan Areas

1,620,000

0.9%

O-4-101

Prospect Shinonomebashi

Three Major Metropolitan Areas

3,040,000

1.7%

O-4-102

Prospect Monzennakacho

Three Major Metropolitan Areas

1,080,000

0.6%

O-4-103

Prospect Ogikubo

Three Major Metropolitan Areas

701,000

0.4%

O-4-104

Exceria Ikebukuro West II

Three Major Metropolitan Areas

852,000

0.5%

O-4-105

Prospect Omori-Kaigan

Three Major Metropolitan Areas

1,480,000

0.8%

O-4-106

Prospect Musashi-Shinjo

Three Major Metropolitan Areas

1,050,000

0.6%

O-4-107

Fragrance Kawasaki

Three Major Metropolitan Areas

548,900

0.3%

O-4-108

Prospect Chuo-Rinkan

Three Major Metropolitan Areas

524,000

0.3%

O-4-120

Gala Place Shinjuku Gyoen

Seven Wards of Central Tokyo

2,170,000

1.2%

O-4-121

Joyce Court

Three Major Metropolitan Areas

3,010,000

1.7%

O-4-122

Act Forme Asakusa

Three Major Metropolitan Areas

1,216,000

0.7%

O-4-125

Gran Casa Roppongi

Seven Wards of Central Tokyo

1,480,808

0.8%

O-4-126

Gran Casa Minami Aoyama

Seven Wards of Central Tokyo

3,750,000

2.1%

O-4-127

Storia Jingumae

Seven Wards of Central Tokyo

3,160,000

1.8%

O-4-129

Spacia Shinjuku

Seven Wards of Central Tokyo

2,525,000

1.4%

O-4-133

Lietocourt Yotsuya

Seven Wards of Central Tokyo

1,716,000

1.0%

O-4-134

Lietocourt Motoakasaka

Seven Wards of Central Tokyo

1,095,700

0.6%

O-5-013

willDo Kanayama masaki

Three Major Metropolitan Areas

490,095

0.3%

O-5-026

Excelsior Sakae

Three Major Metropolitan Areas

641,767

0.4%

O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.2%

O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.4%

O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.6%

O-5-042

willDo Kanayama

Three Major Metropolitan Areas

370,000

0.2%

36

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
O-5-043

willDo Kanayama sawashita

Three Major Metropolitan Areas

375,000

0.2%

O-5-056

willDo Kachigawa

Three Major Metropolitan Areas

503,000

0.3%

O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.3%

O-5-063

willDo Inaei

Three Major Metropolitan Areas

641,000

0.4%

O-5-066

willDo Higashibetsuin

Three Major Metropolitan Areas

703,000

0.4%

O-5-081

willDo Matsubara

Three Major Metropolitan Areas

549,000

0.3%

O-5-082

willDo Yokkaichi Unomori

Three Major Metropolitan Areas

529,1500.3%

O-5-086

willDo Daikancho

Three Major Metropolitan Areas

655,000

0.4%

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,115

0.3%

O-5-109

Dome Takamine

Three Major Metropolitan Areas

140,100

0.1%

O-5-110

Dome Yotsuya

Three Major Metropolitan Areas

126,500

0.1%

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.4%

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2%

O-6-016

willDo Imafuku nishi

Three Major Metropolitan Areas

413,857

0.2%

O-6-017

Maison FloraThree Major Metropolitan Areas

584,2850.3%

O-6-018

Wind Four Minami-Honmachi

Three Major Metropolitan Areas

307,1420.2%

O-6-028

willDo Shin-Osaka sⅠ

Three Major Metropolitan Areas

285,723

0.2%

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1%

O-6-030

willDo Fukae minami

Three Major Metropolitan Areas

184,7160.1%

O-6-044

willDo Dainichi

Three Major Metropolitan Areas

217,000

0.1%

O-6-046

willDo Tsukamoto

Three Major Metropolitan Areas

730,000

0.4%

O-6-047

willDo Tenmabashi

Three Major Metropolitan Areas

338,000

0.2%

O-6-048

willDo Sakaisuji honmachi

Three Major Metropolitan Areas

325,000

0.2%

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.6%

O-6-050

willDo Nanba w II

Three Major Metropolitan Areas

486,000

0.3%

O-6-051

willDo Nanba w I

Three Major Metropolitan Areas

690,000

0.4%

O-6-052

Zekubenten

Three Major Metropolitan Areas

466,000

0.3%

O-6-058

willDo Tsurumi morokuchi

Three Major Metropolitan Areas

180,000

0.1%

O-6-059

willDo Hamasaki dori

Three Major Metropolitan Areas

2,280,000

1.3%

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.3%

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.5%

O-6-067

willDo Shin Osaka

Three Major Metropolitan Areas

861,000

0.5%

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.4%

O-6-084

willDo Kamishinjyo w I

Three Major Metropolitan Areas

366,000

0.2%

O-6-085

willDo Kujo (Note 4)

Three Major Metropolitan Areas

537,000

0.3%

O-6-111

Abreast Shin-Osaka

Three Major Metropolitan Areas

1,391,000

0.8%

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2%

O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.2%

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.4%

37

English Translation

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

0.2%

O-6-118

Prospect Kawaramachi-Gojo

Three Major Metropolitan Areas

583,000

0.3%

O-6-119

Gransys esaka

Three Major Metropolitan Areas

1,260,000

0.7%

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.4%

O-7-068

willDo Okayama-eki Nishiguchi

Other Major Cities

1,220,000

0.7%

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.6%

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.4%

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.8%

O-9-135

Granpark Tenjin

Other Major Cities

4,698,000

2.6%

112,305,172

62.4%

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)

Studio Total

Type Property
NumberRegion(Note 1)

Property Name

F-1-041

Palais d'or Maruyama

Other Major Cities

559,000

0.3%

F-2-001

Royal Garden Shinrin Koen

Other Major Cities

396,1900.2%

F-2-002

Green Park Komatsujima

Other Major Cities

550,5230.3%

F-2-003

Dia Palace Izumizaki

Other Major Cities

355,095

0.2%

F-2-004

willDo Takasago

Other Major Cities

364,9040.2%

F-2-042

Living Stage Minami-Sendai

Other Major Cities

159,500

0.1%

F-2-043

Takasagoseki Nibankan

Other Major Cities

558,000

0.3%

F-3-034

Ark Heim Niigata

Other Major Cities

1,060,000

0.6%

F-4-005

Johanna Mansion

Three Major Metropolitan Areas

556,7140.3%

F-4-006

Iruma-ekimae Building

Three Major Metropolitan Areas

1,517,000

0.8%

F-4-007

Iruma-ekimae Building No. II

Three Major Metropolitan Areas

687,666

0.4%

F-4-008

Sereno Omiya

Three Major Metropolitan Areas

1,554,523

0.9%

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.2%

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.4%

F-4-011

Profit Link Takenotsuka

Three Major Metropolitan Areas

636,333

0.4%

F-4-013

Dream Heights

Three Major Metropolitan Areas

358,666

0.2%

F-4-014

Green Hills Asukayama

Three Major Metropolitan Areas

587,238

0.3%

F-4-015

Oji Heights

Three Major Metropolitan Areas

347,857

0.2%

F-4-016

Sakagami Royal Heights No. II

Three Major Metropolitan Areas

360,7140.2%

F-4-017

willDo Todoroki

Seven Wards of Central Tokyo

1,764,809

1.0%

F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.3%

F-4-019

Libest Nishi-chiba

Three Major Metropolitan Areas

2,152,476

1.2%

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2%

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,5710.3%

38

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
F-4-028

Winbell Chorus Hiratsuka No.13

Three Major Metropolitan Areas

477,587

0.3%

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.8%

F-4-031

MGA Kanamachi

Three Major Metropolitan Areas

484,000

0.3%

F-4-035

Greenhills Roka

Seven Wards of Central Tokyo

662,000

0.4%

F-4-036

Lofty Hirai

Three Major Metropolitan Areas

324,000

0.2%

F-4-038

Colonnade Kasuga

Three Major Metropolitan Areas

3,115,277

1.7%

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

Seven Wards of Central Tokyo

1,250,000

0.7%

F-4-040

Sun Terrace Yoyogi Uehara

Seven Wards of Central Tokyo

1,180,000

0.7%

F-4-044

Prospect Nihonbashikoamicho

Seven Wards of Central Tokyo

840,000

0.5%

F-4-045

Park Terrace Ebisu

Seven Wards of Central Tokyo

2,060,000

1.1%

F-4-046

Prospect Dogenzaka

Seven Wards of Central Tokyo

1,590,000

0.9%

F-4-047

Prospect Glarsa Hiroo

Seven Wards of Central Tokyo

3,560,000

2.0%

F-4-048

Prospect Hatsudai

Seven Wards of Central Tokyo

518,000

0.3%

F-4-049

Prospect Nishi-Sugamo

Three Major Metropolitan Areas

1,110,000

0.6%

F-4-050

Prospect Machiya

Three Major Metropolitan Areas

484,000

0.3%

F-4-051

Prospect Kiyosumi-Teien

Three Major Metropolitan Areas

2,630,000

1.5%

F-4-052

Prospect Morishita

Three Major Metropolitan Areas

1,260,000

0.7%

F-4-053

Prospect Onshi-Koen

Three Major Metropolitan Areas

1,110,000

0.6%

F-4-054

BELNOS 34

Three Major Metropolitan Areas

1,700,000

0.9%

F-4-055

SK Residence

Three Major Metropolitan Areas805,000

0.4%

F-4-056

Angel Heim Nishi-Rokugo No.2

Three Major Metropolitan Areas

1,012,000

0.6%

F-4-057

Deim-Hashimoto

Three Major Metropolitan Areas

748,000

0.4%

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.8%

F-4-059

Prospect Urawa-Tokiwa

Three Major Metropolitan Areas

717,000

0.4%

F-4-064

Glana Ueno

Three Major Metropolitan Areas

1,100,000

0.6%

F-4-065

The Residence Honmoku Yokohama BaysideThree Major Metropolitan Areas

5,550,000

3.1%

F-4-066

Lietocourt Asakusabashi

Three Major Metropolitan Areas

1,615,800

0.9%F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.3%

F-5-024

Grace Mansion Fuji

Three Major Metropolitan Areas

492,7610.3%

F-5-032

Stellato City Sakurayama

Three Major Metropolitan Areas

735,000

0.4%

F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.4%

F-5-060

Gran Casa Daikan-Cho

Three Major Metropolitan Areas

1,082,000

0.6%

F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.5%

F-5-067

Lietocourt Marunouchi

Three Major Metropolitan Areas

3,756,800

2.1%

F-6-026

willDo Nishi akashi

Three Major Metropolitan Areas

635,666

0.4%

F-6-033

La Vita Nipponbashi

Three Major Metropolitan Areas

1,860,000

1.0%

F-6-062

Crown Heim Nishi-Tanabe

Three Major Metropolitan Areas

405,000

0.2%

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.3%

39

English Translation

The following is an English translation of the original
Japanese press release and is being provided for
informational purposes only.
Family Total

67,606,040

37.6%

Total

179.911,212

100.0(Note 1) The Seven Wards of Central Tokyo represent Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya and Meguro Wards.
The Three Major Metropolitan Areas represent the Kanto metropolitan area excluding the seven wards of central Tokyo, the Chukyo metropolitan
area and the Kinki metropolitan area.
Other Major Cities indicate the Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, Kitakyushu and Fukuoka metropolitan areas, as well as
cities with a population of 300,000 or more.
(Note 2) Each of the amounts in the column “Acquisition Price” is rounded off to the nearest thousand yen. Figures for “Total” and sub-totals are the sum of
the actual acquisition prices, and show the sum of the amounts rounded off to the nearest thousand yen.
(Note 3) In the column “Share,” the figures are calculated as a percentage of the acquisition price of the concerned property under management to theaggregate total of acquisition prices of properties under management and rounded off to the first decimal place.
(Note 4) Student Heights Kujo was renamed willDo Kujo on September 1, 2013.

40