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

November 19, 2020
To All Concerned Parties
REIT Issuer: Daiwa Securities Living Investment Corporation
6-2-1 Ginza, Chuo-ku, Tokyo 104-0061
Ikuo Shoda, Executive Director(Securities Code: 8986)
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.
Toshio Fukushima, President and Chief Executive Officer
Inquiries: Takashi Chiba, General Manager, Corporate Division
Tel: +81-3-6757-9680

Notice Concerning Acquisition and Leasing of Assets (2 Rental Apartments and 3 Healthcare Facilities)
Daiwa Securities Living Investment Corporation (hereinafter referred to as the “Investment Corporation”) hereby announcesthat Daiwa Real Estate Asset Management Co. Ltd. (hereinafter referred to as the “Asset Manager”), the asset manager of theInvestment Corporation, has resolved to acquire and lease the real estate trust beneficiary interests (hereinafter referred to as the“Assets to Be Acquired” ) described below. Details are provided below.

I. General Outline of the Acquisition
A general outline of the Assets to Be Acquired are listed in the table below. As of November 19, 2020, the Investment
Corporation has concluded trust beneficiary interest purchase agreements with each of the sellers for the Assets to Be Acquired,
which are scheduled to be acquire on December 10, 2020.
Anticipatedacquisition price(A)(JPY thousand)(Note2) (Note 3)

Difference between
anticipatedAppraisal value
acquisition price and(as of October 2020)
appraisal value(B)(B)-(A)(JPY thousand)(JPY thousand)(Note 3)((A)/(B))(Note 3)Name of property

Location

Property
type(Note 1)

SplendideNambamotomachi(Note 4)

Osaka city,
Osaka

Residence(Studio)

5,820,000

6,120,000

300,000(95.1%)GK Tokyo
Residential 1

Gran Casa Fujisawa

Fujisawa city,
Kanagawa

Residence(Family)

1,000,000

1,050,000

50,000(95.2%)GK Tokyo
Residential 1

6,820,000

7,170,000

350,000(95.1%)

Subtotal for residences

SellerGood Time Living
Osaka-Bay

Osaka city,
Osaka

Healthcare
facility

4,700,000

4,820,000

120,000(97.5%)GK GTL
Healthcare 2

Sunny Life Hiyoshi

Kawasaki city,
Kanagawa

Healthcare
facility

2,060,000

2,190,000

130,000(94.1%)

Sunny Life Chofu

Chofu city,
Tokyo

Healthcare
facility

1,920,000

2,150,000

230,000(89.3%)

Daiwa Facilities,
Co., Ltd.
GK DA
Healthcare 4

Subtotal for healthcare facilities

8,680,000

9,160,000

480,000(94.8%)

Total

15,500,000

16,330,000

830,000(94.9%)(Note 1) Studio means residences with 1R, 1K, 1DK, or 1LDK. Family means residences with 2K, 2DK, 2LDK, or more.
(Note 2) Anticipated Acquisition Price does not include acquisition expenses, adjustments to property tax and city planning tax, and consumption tax and local
consumption tax. The same applies hereinafter.
(Note 3) Amounts are rounded to the nearest unit and percentages are rounded to the first decimal place. Unless stated otherwise, the same applies hereinafter.
(Note 4) The name of the property will be changed to “Gran Casa Nambamotomachi” in January 2021. The same applies hereinafter.
(Note 5) There are no intermediaries in the acquisition of the respective Assets to Be Acquired.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Ⅱ. Reason for the Acquisition and Leasing
Based on the asset management objectives and policies set forth in the Investment Corporations Agreement, we have decided
to acquire and lease the Assets to Be Acquired in order to diversify and enhance the portfolio to achieve asset size growth andsecure stable earnings.
The tenants of the Assets to Be Acquired meet the tenant selection criteria outlined in the Investment Corporation’sManagement System Report dated June 19, 2020.
Ⅲ. Details of Assets to Be Acquired and Leasing
The details of the Assets to Be Acquired and leasing are summarized in the following individual property tables. The following
is a description of the items mentioned in the individual property tables.

<Description of Items>
a. Explanation of Overview of Properties
1. Where residential indication is not shown under “Residential indication” for Location, the building location is shownin accordance with either the housing number indication or the registry (including the Registration Record. The same
applies hereinafter). The “Lot number” for Location shows the parcel number assigned to each parcel of land as
stipulated in Paragraph 17, Article 2 of the Real Property Registration Act (Law No. 123 of 2004, including later
amendments).
2. “Form of ownership” for both Land and Building refers the type of rights held by the Investment Corporation for realestate and by the Trustee for real estate trust beneficiary interests.
3. “Area” for Land is shown in accordance with the registry and may not correspond to the current reality.
4. “Zoning” for Land refers to the types of use districts stipulated by Item 1, Paragraph 1, Article 8 of the City Planning
Act (Law No. 100 of 1968, including later amendments) (hereinafter referred to as the “City Planning Act”).
5. “FAR” for Land refers to the ratio of the sum of the floor space of the building to the land area as stipulated in Article
52 of the Building Standards Act (Law No. 201 of 1950, including later amendments) (hereinafter referred to as the“Building Standards Act”), and the upper limit of floor-to-area ratio (designated floor-to-area ratio) as determined bycity planning according to the use area. The designated floor-to-area ratio can be mitigated, increased, or reduced dueto the width of roads connected to the site and other reasons, and may differ from the floor-to-area ratio that is actuallyin use.
6. “Building-to-land ratio” for Land shows the ratio of the building area to the land area as stipulated in Article 53 of the
Building Standards Act, and the upper limit of building-to-land ratio (designated building-to-land ratio) as determinedby city planning according to the use area. The designated building-to-land ratio can be mitigated, increased, or
reduced due to fireproofed structures in a fire prevention districts and other factors, and may differ from the buildingto-land ratio that is actually in use.
7. “Total floor area” for Building is based on records in the registry and does not include the floor area of annexedbuildings.
8. “Structure/Floors” for Building is based on records in the registry.
9. “Use” for Building refers to the building type recorded in the registry.
10. “Construction completion” for Building refers to the date of completion recorded in the registry.
11. “Number of leasable units” indicates the number of units that can be leased as of September 30, 2020, for the Assets
to Be Acquired (only recorded for residences).
12. “Number of leasable compartments” indicates the number of compartments of a building where a lease contract has
been concluded as of September 30, 2020, for the Assets to Be Acquired, and includes retail stores, offices, etc., ifany (only recorded for healthcare facilities).
13. “Property manager” is the property management company entrusted with, or scheduled to be entrusted with theproperty management operations.
14. “Master lessee” is the party that has, or is scheduled to enter into a master lease agreement concerning the asset inquestion.
15. “Type of master lease” is either “Pass through” or “Guaranteed rent.” “Pass through” is a master lease agreement
where the master lessee passes on the rent equivalent to rent paid by the end tenant, and “Guaranteed rent” is a master
lease agreement in which the master lessee pays a fixed rent.
16. “Number of tenants” shall be 1 if a master lease agreement has been concluded with a master lessee.
17. “Leasable area” shows the leasable area of each of the Assets to Be Acquired as of September 30, 2020, excludingarea used by storage spaces, parking spaces, custodian 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 therelevant 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: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
18. “Total leased area” is the sum of the area leased through lease agreements with end tenants (however, in cases whereproperties are wholly leased to realtors through guaranteed rent agreements or where a master lessee wholly leases it
to another company, lease agreements where properties are wholly leased to a lessee) at the Assets to Be Acquiredthat are in effect as of September 30, 2020.
19. “Real estate rent revenue” is the monthly rental income (rent, common service fee, parking lot income, etc.) rounded
down to less than 1,000 yen based on the figures and information available as of September 30, 2020, of the Assets to
Be Acquired.
20. “Lease and guarantee deposits, etc.” are the lease or guarantee deposits (residences, retail stores, offices, parking lots,etc.) rounded down to less than 1,000 yen based on the figures and information available as of September 30, 2020,of the Assets to Be Acquired.
21. “Occupancy rate” is the figure obtained by dividing the total leased area by the leasable area for the Assets to Be
Acquired as of September 30, 2020.
22. “Estimated emergency repair expenses,” “Estimated short-term repair expenses,” and “Estimated long-term repair
expenses” are rounded down to the thousands, while ratios are rounded to the first decimal place.
23. “PML” data was acquired from Tokyo Marine & Nichido Risk Consulting Co., Ltd. in August 2020.
24. The “Features” sections have been prepared based on the analyses of the Asset Manager and the appraisal reports of
the real estate appraiser concerning the Assets to Be Acquired.
25. The “Special Notes” section denotes important factors upon considering the rights, appraisal values, the impact on
profitability and disposability, etc., concerning the Assets to Be Acquired.
b. Explanation of Overview of Operator and Facility (Only for Healthcare Facilities)
1. “Operator” refers to the party operating the long-term care facilities at the Assets to Be Acquired as displayed in the
explanation of important matters.
2. “Opening date” refers to the date the facility opened as displayed in the explanation of important matters.
3. “Type of facility” refers the type of the facility as displayed in the explanation of important matters.
4. “Number of rooms” refers to the number of rooms as displayed in the explanation of important matters.
5. “Right to reside status” refers to the right to reside status as displayed in the explanation of important matters.
6. “Resident capacity” refers to the resident capacity as displayed in the explanation of important matters.
7. “Room area range” refers to the floor area of rooms as displayed in the explanation of important matters.
8. “Number of residents” refers to the number of residents as displayed in the explanation of important matters.
9. “Requirements for entry” refers to the requirements for occupancy at the facility as displayed in the explanation ofimportant matters.
10. “Occupancy rate” is the ratio obtained by dividing the number of residents by resident capacity as displayed in the
explanation of important matters, rounded down to one decimal place. Furthermore, the occupancy rate indicated in
the explanation of important matters may differ from the ratio obtained by dividing the number of residents by resident
capacity due to situations where people temporarily not residing at the facility are included.
11. “Average level of nursing care required” refers to the figure obtained by multiplying the respective number of residents
categorized in the explanation of important matters as either “independent,” “requiring support level 1,” “requiringsupport level 2,” “requiring nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5, and 1, respectively, and dividing
the total by the number of residents, rounded down to one decimal place.
12. “Average age of residents” refers to the average age as displayed in the explanation of important matters, rounded
down to one decimal place.
13. “One-time entrance fee” refers to the one-time entrance fee for single occupancy for the general public as displayedin the explanation of important matters or on the price list obtained from the operator.
14. “Monthly service fee” refers to the monthly service fee for single occupancy for the general public (excluding user
payments for long-term care insurance services) as displayed in the explanation of important matters or on the pricelist obtained from the operator.
15. “Staff engaged in nursing care” refers to the ratio of the number of full-time equivalency nursing and nursing carestaff to the number of facility users as displayed in the explanation of important matters.
16. “Staff at night (number of staff members at minimum)” refers to the staff at night (number of staff members at
minimum) as displayed in the explanation of important matters.
17. “Cooperating medical organization” refers to the cooperating medical organization, etc., as displayed in the
explanation of important matters.
18. “Cooperating dental organization” refers to the cooperating dental organization as displayed in the explanation ofimportant matters.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
1. Splendide Nambamotomachi
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Scheduled acquisition priceAppraisal value(appraisal date)
Location
AccessLand

Form of ownership
Area
Structure/Floors

Building

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

Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited
From December 6, 2019 to December 31, 2030
JPY 5,820 million
Scheduled acquisition date
December 10, 2020
JPY 6,120 million
Tanizawa Sogo Appraisal
Appraisal firm
(as of October 1, 2020)
Co., Ltd.
(Residential indication) 2-3-14 Motomachi, Naniwa-ku, Osaka city, Osaka(Lot number) 2-3-33 Motomachi, Naniwa-ku, Osaka city, Osaka
Approximately 350 meters from JR Namba Station on the JR Kansai Main Line andapproximately 400 meters from Namba Station on the Osaka Metro Yotsubashi Line
Ownership
ZoningCommercial District
1,301.29 m²
FAR／Building-to-land
600%／80%
ratio
RC, 15-story building with
Number of leasable units
196 unitsasphalt roof
8,409.56 m²
Construction completion
November 16, 2019
Ownership
Use
Condominium
Shinwa Construction. Co., Ltd.
Shinwa Construction. Co., Ltd.
The Building Center of JapanERI SOLUTION CO.,LTD.
JPY 0 thousand

Estimated short-term
repair expenses

JPY 0 thousand

JPY 63,160 thousand

PML

7.8%

Shinwa Construction. Co., Ltd.
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 25,188 thousand
JPY 1,682 thousand
7,640.08 m²
Number of tenants
7,328.24 m²
Occupancy rate
None
Features

Pass through

1
95.9%

Site features:This property is a compact rental apartment located a 5-minute walk from Namba Station on the Osaka Metro Yotsubashi
Line. Namba Station has excellent transportation convenience as it has access to both the JR Line and the Nankai Line inaddition to the fact that Namba Station is approximately 8 minutes from Umeda Station and approximately 16 minutes from
Shin-Osaka Station, the only Shinkansen station in Osaka Prefecture. Although the Namba area is a bustling area where
there are many large-scale retail facilities such as Namba Parks and Namba SkyO as well as offices, etc., the property is
located in a relatively quiet area and is expected to attract stable demand as a residence that has a balance of convenienceand comfort.
Property features:This building is a 15-story building made of reinforced concrete and all of the rooms are 1LDK. Each room is designed inwhite, brown, or black with careful attention to detail, from the height of the frame of the entrance to the kitchen counter.
Moreover, the common use spaces are well-equipped with a luxurious fireplace and sofas for guests in the entrance, in
addition to a mechanical parking lot with sufficient spaces, and the building provides its residents with a high-quality,
comfortable lifestyle.
Special Notes
None.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
2. Gran Casa Fujisawa
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Scheduled acquisition priceAppraisal value(appraisal date)
Location
AccessLand

Form of ownershipArea (Note)

Structure/Floors
Total floor area
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Building

Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited
From January 21, 2020, to December 31, 2030
Scheduled acquisition
JPY 1,000 million
December 10, 2020
date
JPY 1,050 million
Tanizawa Sogo Appraisal
Appraisal firm
(as of October 1, 2020)
Co., Ltd.
(Residential indication) 89-6 Omichi-Higashi, Fujisawa, Fujisawa city, Kanagawa(Lot number) 89-6, 89-23 Omichi-Higashi, Fujisawa, Fujisawa city, Kanagawa
Approximately 450 meters from Fujisawa Station on the JR Tokaido Main Line
Ownership
ZoningCommercial District
FAR／Building-to-land
457.93 m²
400%／80%
ratio
RC, 13-story building
Number of leasable units
24 units
1,912.51 m²
Construction completion
April 5, 2019
Ownership
Use
Condominium
DAISUE CONSTRUCTION CO.,LTD.
DAISUE CONSTRUCTION CO.,LTD.
Bureau Veritas Japan Co., Ltd.
ERI SOLUTION CO.,LTD.
JPY 0 thousand

Estimated short-term
repair expenses

JPY 340 thousand

JPY 15,860 thousand

PML

10.3%

Real estate rent revenue
Lease and guarantee deposits

Shimizu Comprehensive Development Corporation
G.K. Japan Rental Housing
Type of master lease
Overview of Leasing
JPY 4,776 thousand
JPY 5,502 thousand

Total leasable area

1,701.84 m²

Number of tenants

1

Total leased area
Collateral

1,701.84 m²
None

Occupancy rate

100.0%

Pass throughFeatures
Site features:This property is located a 6-minute walk from Fujisawa Station on the JR Tokaido Main Line. Fujisawa Station isapproximately a 20-minute direct ride to Yokohama Station and approximately a 47-minute direct ride to Tokyo Station,
providing excellent direct access to terminal stations. Fujisawa Station also offers excellent access to tourist destinations
such as Enoshima, a nationally renowned scenic spot, and Kamakura, a popular year-round destination, both of which areaccessible in 20 minutes or less. In addition to the fact that the property is near the station-front commercial district where
there are large retail facilities and electronic retail stores such as LUMINE, Opa, and Bic Camera in front of Fujisawa
Station, there are other facilities in the area such as supermarkets, convenience stores, banks, post offices, and city hall, andthis excellent convenience is expected to attract stable demand for the property as a residence.
Property features:
The building is a 13-story, 3LDK family rental apartment made of reinforced concrete that was developed to be sold. The
common use space has an entrance with natural stone tyles, a parcel delivery locker with an integrated mailbox, as well asa storage room for emergencies, while each of the private rooms have a walk-in closet, large volume pantries, a dishwashingmachine, and a bathroom with a mist sauna. Overall, it has a balance between the beauties of both style and function and it
is a high-quality building that provides its residents with a comfortable lifestyle.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Special Notes
The road on the southwest side of the target site is a city planning road (3.5.2 Kamakura-Katase Fujisawa road with aplanned width of 15 meters), and a portion of the southwest side of the target site is included in the area scheduled to be
widened. While no decision has been made to execute the project, and the details of when the project would be conducted
is undetermined, if the project is determined, a portion of the southwest side of the target site (approximately 12.53 m2)
would likely be expropriated to expand the road, which could make the existing building unfit.
(Note) A portion of the property’s land (approximately 19.7 m2) is used as a road.
3. Good Time Living Osaka-Bay
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Scheduled acquisition priceAppraisal value(appraisal date)
Location
AccessForm of ownership
Land

Area
Structure/Floors

Building

Total floor area
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses
Estimated long-term repair
expenses
Property manager
Master lessee

Trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From January 31, 2020, to December 31, 2030
Scheduled acquisition
JPY 4,700 million yen
December 10, 2020
date
JPY 4,820 million yen
Tanizawa Sogo Appraisal
Appraisal firm
(as of October 1, 2020)
Co., Ltd.
(Residential indication) 1-3-3 Benten, Minato-ku, Osaka city, Osaka(Lot number) 1-3-1 Benten, Minato-ku, Osaka city, Osaka
Approximately 24 meters from Bentencho Station on the Osaka Metro Chuo Line
Ownership (right of site)
ZoningCommercial District
5,568.41 m² (ratio of right
FAR ／ Building-to-land
800%／80%of site: 177,250/1,000,000)
ratio
SRC, 2-floor basement, 10- Number of leasable
2
story building
compartments
13,372.09 m²
Construction completion
August 15, 2006
Home for the elderly,Compartmentalized
parking lot, retail stores,
Use
ownership
hospitalShowa Sekkei, Inc. (initial construction), MASA Co., Ltd. (change of use)
KAJIMA CORPORATION (initial construction) Itoi Daiken Co., Ltd. (change of use)
General Building Research Corporation of JapanERI SOLUTION CO.,LTD.
JPY 0 thousand

Estimated short-term
repair expenses

JPY 20,570 thousand

JPY 92,320 thousand

PML

7.5%

Real estate rent revenue
Lease and guarantee deposits

Jones Lang LaSalle IP, Inc.
The Investment Corporation Type of master lease
Overview of Leasing
Undisclosed (Note)
Undisclosed (Note)

Total leasable area

8,107.32 m²

Major tenant

Pass throughGood Time Living Co. Ltd.

Total leased area
8,107.32 m²
Occupancy rate
100.0%
Area of space occupied by
4,915.39 m²
Ratio to total leasable area 60.6%
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From September 1, 2006, to January 30, 2040
Rent revision:
After 3 full years from the commencement date of the lease, the lease can be revised throughdeliberation, taking into account changes in economic conditions, etc.
Contract renewal:
If the lessor or lessee does not indicate in writing to the other party of their intentions at least 6months prior to the expiration date of the above-mentioned agreement period, the contract shallNote: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

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

Mid-term cancellation:

be automatically renewed for a period of 3 years starting the day following the expiration date of
the agreement period, and the same shall apply thereafter.
The lessee may not cancel the contract mid-term until January 30, 2030. However, if the lessee
wishes for a mid-term cancellation during the non-cancellable period, the lessee may do so by
giving a written notice to the lessor at least 12 months prior to the desired date of mid-term
cancellation. Furthermore, mid-term cancellations shall be limited to cases where either there isa penalty payment to the lessor of the full amount of rent equivalent to the rent of the property
for the period starting the day after the desired cancellation date to the expiration date of the noncancelable period, or a potential replacement lessee is introduced to the lessor at least 6 months
prior to the desired mid-term cancellation date and a new lease agreement is concluded between
the replacement lessee and the lessor.

Overview of Operator and Facility (date of explanation of important matters: July 1, 2020)
Operator
Good Time Living Co. Ltd. Opening date
October 1, 2006
Fee-based home for theType of facility
elderly with nursing care
Number of rooms
93(designated facility)
Right to reside status
Right to use
Resident capacity
101
Room area range
18.01 m² to 43.18 m²
Number of residents
88
Independent/requiring
Requirements for entry
support/requiring nursing
Occupancy rate
87.1%
care
Average level of nursing care
2.8
Average age of residents
88.0
requiredService fee payment method
One-time entrance fee
Monthly fee
One-time entrance fee
JPY 9,800,000 to JPY－(rent received in advance)
13,210,000
Monthly service fee
JPY 242,000
JPY 405,400
Staff at night (number of
Total of 3 nursing andStaff engaged in nursing care
3.0:1
staff members at
nursing care staff
minimum)
Kikkokai Medical Corp. Tane General Hospital
Cooperating medical organization Japan Community Health Care Organization, Osaka Minato Central Hospital
Kita Clinic, Bentencho Clinic, Kamome Clinic
Cooperating dental organization
Eichikai Medical Association, Ono Dental Clinic
Features
Site features:This property is directly connected to Bentencho Station on the Osaka Metro Chuo Line and is located inside Cross City
Bentencho, a super high-rise mixed-use building approximately 1-minute walk away from the station. With good access to
Osaka Station, a major station, and a grocery store on the first floor, the property offers a living environment with bothtransportation and livelihood conveniences.
Property features:
The building is a fee-based home for the elderly with nursing care and provides private rooms of 18 m2 or more, a standard
size for specified facilities for people in need of nursing care. The room facilities include a washstand, a toilet, and a partial
kitchen, while the common space has various common use facilities including an exclusive salon for residents, a beautysalon, a library, and a rooftop garden. In addition to the grocery stores on the first through third floors of the building, there
are also restaurants and various clinics.
Special Notes
None.
(Note) Undisclosed as the tenant has not provided consent for disclosure.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
4. Sunny Life Hiyoshi
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Scheduled acquisition priceAppraisal value(appraisal date)
Location
AccessForm of ownership
Land
Area
Structure/Floors
Building

Total floor area
Form of ownership

Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses
Estimated long-term repair
expenses
Property manager
Master lessee

Trust beneficiary interests
Mitsubishi UFJ Trust and Banking Corporation
From March 30, 2020, to December 31, 2030
Scheduled acquisition
JPY 2,060 million
December 10, 2020
date
JPY 2,190 million
JLL Morii Valuation &Appraisal firm
(as of October 1, 2020)
Advisory K.K.
(Residential indication) 15-8 Yagami, Saiwai-ku, Kawasaki city, Kanagawa(Lot number) 965-3 Yagami, Saiwai-ku, Kawasaki city, Kanagawa and six others
Approximately 1.3 kilometers from Shin-Kawasaki Station on the JR Yokosuka Line,approximately 1.4 kilometers from Motosumiyoshi Station and approximately 1.8
kilometers from Hiyoshi Station on the Tokyu Toyoko Line.
(A) Quasi-Residential
District
Ownership
Zoning(B) Category 1 Residential
District
FAR ／ Building-to-land (A) 300%／60%
1,903.98 m²
ratio(B) 200%／60%
S, 6-story building with flat Number of leasable
3
roof
compartments
4,079.21 m²
Construction completion
February 27, 2020
Home for the elderly, retail
Ownership
UsestoresDaiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd.
Away Building Evaluation Network Inc.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
JPY 0 thousand

Estimated short-term
repair expenses

JPY 0 thousand

JPY 24,053 thousand

PML

7.6%

Real estate rent revenue
Lease and guarantee deposits

AIP Healthcare Japan GK
The Investment Corporation Type of master lease
Overview of Leasing
Undisclosed (Note)
Undisclosed (Note)

Total leasable area

4,104.96 m²

Major tenant

Pass throughKawashima Corporation

Total leased area
4,104.96 m²
Occupancy rate
100.0%
Area of space occupied by
3,747.49 m²
Ratio to total leasable area 91.2%
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From March 23, 2020, to April 30, 2040
Rent revision:
The lessor and lessee may revise rents by mutual agreement upon deliberation, even during thecontract period, when it is deemed that the rent is unreasonable due to changes in commodity
prices, changes in land and building taxes or dues, changes in rents of neighboring land andbuildings, revisions to the Long-Term Care Insurance Act, or circumstances based on changes toeconomic and social conditions.
Contract renewal:
If neither the lessor nor the lessee indicates any intention to the other party at least 6 months prior
to the expiration date of the agreement period, the contract shall be renewed for 3 years under thesame conditions as the expiration of the period.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Mid-term cancellation:

The contract cannot be cancelled mid-term during the lease period. However, if the lessee makes
a written request for cancellation at least 12 months in advance, and the lessor agrees to therequest, the agreement can be cancelled. Furthermore, if the lessor and lessee undergo discussion
and a lease agreement equivalent to this agreement is concluded between the lessor and a newlessee, the agreement can be cancelled even during the lease period. If the lessee cancels theagreement during the lease period, the lessee shall pay the following penalties. However, if alease agreement is concluded with a new lessee, the penalties do not apply.
If it has been less than 5 years since the beginning of the lease period, the amount equivalent to
36 months’ rent.
If it has been 5 or more years but under 10 years since the beginning of the lease period, theamount equivalent to 24 months’ rent.
If it has been 10 or more years but under 15 years since the beginning of the lease period, theamount equivalent to 12 months’ rent.

Overview of Operator and Facility
Operator
Kawashima Corporation
Fee-basedType of facility
assisted-living homes
for the elderly
Right to reside status
Right to use
Room area range
14.82 m² to 15.50 m²
Requirements for entry
Independent/requiringsupport/requiring nursing
care
Average level of nursing care
3.1
requiredService fee payment method

Staff engaged in nursing care
Cooperating medical organization
Cooperating dental organization(date of explanation of important matters: July 1, 2020)
Opening date
May 1, 2020
Number of rooms

106

Resident capacity
Number of residents

106
10

Occupancy rate

9.4%

Average age of residents

86.5

One-time entrance fee

Monthly fee

One-time entrance fee(rent received in advance)

None

－

Monthly service fee－

JPY 163,955 to JPY
200,620

Staff at night (number ofstaff members at
2 nursing care staff
minimum)
Minayoshikai Medical Corporation, Prymecoast Minatomirai Clinic(internal medicine, orthopedics)
Minayoshikai Medical Corporation Prymecoast Minatomirai Dental Clinic
Features－

Site features:This property is located in Saiwai-ku, Kawasaki city, and is in an area where there are many detached houses and apartmentcomplexes. The Hiyoshi Chugakko-mae bus stop located a 2-minute walk from the facility has excellent transportation
access to Shin-Kawasaki Station on the JR Yokosuka Line and Motosumiyoshi Station on the Tokyu Toyoko Line, and thearea is convenient to live in as there are supermarkets and pharmacies within walking distance. In addition, the Yagami
River flows about a 1-minute walk from the facility, making it a living environment where one can feel the change in theseasons.
Property features:
The building is a new fee-based assisted-living home for the elderly that was completed in March 2020, providing privaterooms ranging from 14.82 m2 to 15.50 m2 equipped with a washstand, a toilet, storage, etc. Furthermore, a convenience
store occupies a portion of the first floor of the building.
Special Notes
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
The written consent of the lessee is required to transfer the property.
(Note) Undisclosed as the tenant has not provided consent for disclosure.
Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
5. Sunny Life Chofu
Overview of the Property
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Scheduled acquisition priceAppraisal value(appraisal date)
Location
AccessLand

Form of ownership
Area
Structure/Floors

Building

Total floor area
Form of ownership
Building engineer
Constructor
Building inspection agency
Investigation agency or
structural calculation
confirmation agency
Estimated emergency
repair expenses
Estimated long-term repair
expenses
Property manager
Master lessee

Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited
From March 16, 2020, to December 31, 2030
Scheduled acquisition
JPY 1,920 million
December 10, 2020
date
JPY 2,150 million
Tanizawa Sogo Appraisal
Appraisal firm
(as of October 1, 2020)
Co., Ltd.
(Residential indication) 3-54-1 Tamagawa, Chofu city, Tokyo(Lot number) 3-54-1 Tamagawa, Chofu city, Tokyo
Approximately 750 meters from Keio-Tamagawa Station on the Keio Sagamihara Line
Ownership
Zoning
Quasi-Industrial District
1,949.10 m²
FAR／Building-to-land
200%／60%
ratio
RC, 5-story building with
Number of leasable
1
flat roof
compartments
3,376.95 m²
Construction completion
January 15, 2020
Ownership
Use
Home for the elderly
GY ARCHITECTS Inc.
Daikatsu Co., Ltd.
The Building Center of JapanDAIWA REAL ESTATE APPRAISAL CO.,LTD.
JPY 0 thousand

Estimated short-term
repair expenses

JPY 0 thousand

JPY 24,311 thousand

PML

10.4%

Real estate rent revenue
Lease and guarantee deposits

AIP Healthcare Japan GK
The Investment Corporation Type of master lease
Overview of Leasing
Undisclosed (Note)
Undisclosed (Note)

Total leasable area

3,490.28 m²

Major tenant

Pass throughKawashima Corporation

Total leased area
3,490.28 m²
Occupancy rate
100.0%
Area of space occupied by
3,490.28 m²
Ratio to total leasable area 100.0%
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From January 24, 2020, to February 28, 2045
Rent revision:
The rent can be revised every 3 years through deliberation if it is deemed that the rent is extremely
unreasonable due to changes in commodity prices, changes in land and building taxes or dues,changes in rents of neighboring land and buildings, revisions to the Long-Term Care Insurance
Act, or circumstances based on changes to economic and social conditions.
Contract renewal:
If neither the lessor nor the lessee indicates any intention to the other party at least 6 months prior
to the expiration of the agreement period, the contract shall be renewed for 3 years under thesame conditions as the expiration of the period.
Mid-term cancellation: The contract cannot be cancelled mid-term during the lease period. However, the agreement canbe cancelled only in cases where the lessee makes a written request for cancellation at least 12
months in advance, and the lessor agrees to the request. Furthermore, if a new user (new lessee)that would lease the property is found, and an agreement with the lessor is concluded, the lessee
can cancel the agreement even during the lease agreement period. If the lessee cancels theagreement during the lease period, the lessee shall pay the following penalties. However, if alease agreement is concluded with a new lessee, the penalties do not apply.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
If it has been less than 5 years since the beginning of the lease period, the amount equivalent to
36 months’ rent.
If it has been 5 or more years but under 10 years since the beginning of the lease period, theamount equivalent to 24 months’ rent.
If it has been 10 or more years but under 15 years since the beginning of the lease period, theamount equivalent to 12 months’ rent.
Overview of Operator and Facility
Operator
Kawashima Corporation
Fee-based home for theType of facility
elderly with nursing care(designated facility)
Right to reside status
Right to use
Room area range
15.60 m² to 16.64 m²
Requiring
Requirements for entry
support/requiring nursing
care
Average level of nursing care
2.8
requiredService fee payment method
One-time entrance fee(rent received in advance)
Monthly service fee
Staff engaged in nursing care

Cooperating medical organization
Cooperating dental organization(date of explanation of important matters: April 1, 2020)
Opening date
March 1, 2020
Number of rooms

99

Resident capacity
Number of residents

99
8

Occupancy rate

8.0%

Average age of residents

87.3

One-time entrance fee

Monthly fee

None

－

－
JPY 169,290
Staff at night (number of
3.0:1
staff members at
1 nursing care staff
minimum)
Medical Corporation Aoitori-kai, Ueda Clinic (internal medicine)
Medical Corporation Onshin-kai, Izumi Clinic (internal medicine)
Medical Corporation Keijitsu-kai, Grace Dental Clinic, Tama Branch
Features

Site features:This property is located in a low-rise residential area, approximately a 10-minute walk from Keio-Tamagawa Station on the
Keio Sagamihara Line. The Tama River and botanical gardens are in the area, creating a tranquil environment where one
can live and enjoy nature.
Property features:
The building is a new fee-based assisted-living home for the elderly that was completed in January 2020, providing privaterooms ranging from 15.60 m2 to 16.64 m2 equipped with a washstand, a toilet, storage, etc.
Special Notes
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
(Note) Undisclosed as the tenant has not provided consent for disclosure.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
IV. Profile of the Counterparty(Splendide Nambamotomachi, Gran Casa Fujisawa)
(1)
(2)
(3)

(4)

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

Company nameLocation
Title and name ofrepresentative

GK Tokyo Residential 1

1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 1
Function Manager Takanori Mishina
1. Acquisition, owning, and disposition of trust beneficiary interests in real estate
as asset in trust
Description of
2. Trading, leasing, management, acquisition, owning, disposition, and use of realbusiness
estate3. All operations incidental to or relating to the preceding articles
Amount of capital
JPY 100,000
The sales amount is not disclosed as consent for disclosure has not been obtained
Sales amountfrom the seller.
Date of incorporation
October 15, 2019
The amount of net assets is not disclosed as consent for disclosure has not been
Net assets
obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major shareholders are not disclosed as consent for disclosure has not been
Major shareholders
obtained from the seller.
Relationship between the Seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Group Inc. (hereinafter referred to as the “Daiwa
Securities Group”), the parent company of the Asset Manager, has conducted
Capitalrelationshipinvestment equal to the entire equity of silent partnership interest of the seller as its
sole silent partner. In addition, the seller falls under the category of interested
persons or other close affiliate of the Asset Manager as stipulated in the Act on
Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
Status of classification The seller is a subsidiary of Daiwa Securities Group, the parent company of theas related party
Asset Manager, and falls under the classification of related party.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
(Good Time Living Osaka-Bay)(1)
Company name(2)
Location
Title and name of(3)
representative

(4)

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

GK GTL Healthcare 2
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association DGH 2
Function Manager Takanori Mishina
1. Acquisition, owning, and disposition of trust beneficiary interests in real estate
as asset in trust
Description of
2. Trading, leasing, management, acquisition, owning, disposition, and use of realbusiness
estate3. All operations incidental to or relating to the preceding articles
Amount of capital
JPY 400,000
The sales amount is not disclosed as consent for disclosure has not been obtained
Sales amountfrom the seller.
Date of incorporation
November 22, 2019
The amount of net assets is not disclosed as consent for disclosure has not been
Net assets
obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major shareholders are not disclosed as consent for disclosure has not been
Major shareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Group, the parent company of the Asset Manager, has
Capitalconducted investment equal to the entire equity of silent partnership interest of therelationshipseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the
Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
Status of classification The seller is a subsidiary of Daiwa Securities Group, the parent company of theas related party
Asset Manager, and falls under the classification of related party.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
(Sunny Life Hiyoshi)(1)Company name(2)
Location
Title and name of(3)
representative

(4)

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

Daiwa Facilities, Co., Ltd.

1-2-1 Kyobashi, Chuo-ku, Tokyo
President and Chief Executive Officer, Shinji Kawakami

1. Operations related to the ownership and leasing of commercial stores,
dormitories, and other real estate of Daiwa Securities Group and its subsidiaries
and affiliated companies
2. Operations related to the maintenance, management, and repair of real estateand facilities owned by Daiwa Securities Group and its subsidiaries andaffiliated companies
3. Operations related to sale, purchase, exchange, lease, agency, and brokerage ofreal estate
Description of
4. Consulting services related to management and building management of realbusiness
estate5. Brokerage and leasing of construction equipment and materials, etc.
6. Ownership, brokerage, and leasing of office assets (appliances, furniture, andIT assets), etc.
7. Real estate appraisal services
8. Operations related to Type II Financial Instruments Business9. Design, construction, supervision, and contracting of construction work
10. Consulting services related to real estate specific joint ventures, etc.
Amount of capital
JPY 100 million
The sales amount is not disclosed as consent for disclosure has not been obtained
Sales amountfrom the seller.
Date of incorporation
November 29, 2019
The amount of net assets is not disclosed as consent for disclosure has not been
Net assets
obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major shareholders
Daiwa Securities Group Inc,
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller.
CapitalHowever, Daiwa Securities Group, the parent company of the Asset Manager is therelationship100% parent company of the seller. In addition, the seller falls under the categoryof interested persons or other close affiliate of the Asset Manager as stipulated in
the Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
The seller has entered into a basic warehousing, etc., agreement with the AssetBusiness
Manager and the seller provides warehousing functions and other cooperation in
relationshipthe bridge scheme.
Status of classification The seller is a subsidiary of Daiwa Securities Group, the parent company of theas related party
Asset Manager, and falls under the classification of related party.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
(Sunny Life Chofu)(1)Company name(2)
Location
Title and name of(3)
representative

(4)

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

GK DA Healthcare 4
Shiroyama Trust Tower 33F, 4-3-1 Toranomon, Minato-ku, Tokyo
Representative member, Japan HC Holdings
Function Manager, Yusuke Sato
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial site andindustrial site
Description ofbusiness
3. Acquisition, owning, disposition and trading of real estate trust beneficiaryinterests
4. All operations incidental or relating to the preceding articles
Amount of capital
JPY 300,000
The sales amount is not disclosed as consent for disclosure has not been obtained
Sales amountfrom the seller.
Date of incorporation
February 19, 2019
The amount of net assets is not disclosed as consent for disclosure has not been
Net assets
obtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major shareholders are not disclosed as consent for disclosure has not been
Major shareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Group, the parent company of the Asset Manager, has
Capitalconducted investment equal to the entire equity of silent partnership interest of therelationshipseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the
Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no personnel
Personnel
relationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and the affiliatedrelationshipcompanies of the Investment Corporation/Asset Manager and the affiliated parties
and the affiliated companies of the seller.
Status of classification The seller is a subsidiary of Daiwa Securities Group, the parent company of theas related party
Asset Manager, and falls under the classification of related party.

V. Profile of the Property Seller
The sellers of the respective Assets to Be Acquired are special purpose companies in which Daiwa Securities Group, the parent
company of the Asset Manager, has conducted investment equal to the entire equity of silent partnership interest, or companies
wholly owned by Daiwa Securities Group, and each of them are subsidiaries of Daiwa Securities Group. Each of the sellers fallunder the category of interested persons or other close affiliate as stipulated in the Investment Trusts Act and fall under Interested
Parties pursuant to the “Rules on Prevention of Conflicts of Interest,” an internal rule of the Asset Manager. Thus, the AssetManager proceeded with procedures to reach a decision as stipulated in the Rules on Prevention of Conflicts of Interest in making
transactions with the sellers to acquire the respective Assets to Be Acquired, in addition to ensuring that the scheduled acquisition
price was equal to or lower than the appraisal value.
The following table indicates (1) Company name, (2) Relationship with party having special relationship of interest, (3)History/reason, etc., for acquisition, (4) Acquisition price, (5) Date of acquisition, and (6) Estimated warehousing fees to be paidby the Investment Corporation to the previous owner (Note 1).

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

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

Property nameSplendideNambamotomachi

Previous owner(1) GK Tokyo Residential 1(2) Company in which parent company of Asset Manager
conducts silent partnership investment(3) Acquired for the purpose of investment management(4) 5,820 million yen

Earlier previous
owner

Not a party having
special relationshipof interest(5) December 2019(6) 194 million yen

Gran Casa Fujisawa(1) GK Tokyo Residential 1(2) Company in which parent company of Asset Manager
conducts silent partnership investment(3) Acquired for the purpose of investment management(4) 1,000 million yen

Not a party having
special relationshipof interest(5) January 2020
(6) 41 million yen

Good Time Living
Osaka-Bay(1) GK GTL Healthcare 2(2) Company in which parent company of Asset Manager
conducts silent partnership investment(3) Acquired for the purpose of investment management(4) 4,700 million yen

Not a party having
special relationshipof interest(5) January 2020
(6) 15 million yen(1) Daiwa Facilities Co., Ltd.
(2) Subsidiary of parent company of the Asset Manager
Sunny Life Hiyoshi(3) Acquired for the purpose of investment management(4) 2,050 million yen

Not a party having
special relationshipof interest(5) March 2020
(6) 9 million yen

Sunny Life Chofu(1) GK DA Healthcare 4(2) Company in which parent company of Asset Manager
conducts silent partnership investment(3) Acquired for the purpose of investment management(4) 1,920 million yen

Not a party having
special relationshipof interest(5) March 2020
(6) 67 million yen(Note 1) The warehousing fees indicated are expenses such as brokerage fees scheduled to be paid by the Investment Corporation to theprevious owner apart from the sale and purchase price in the acquisition of each property. Furthermore, as the warehousing fees will
be determined following a final agreement with the previous owner, the amounts are not determined at the present time.
(Note 2) Each of the Assets to Be Acquired will be acquired from a bridge fund aiming to own the properties temporarily with an aim totransfer them to the Investment Corporation utilizing the bridge scheme of the sponsor. Therefore, the holding period by the previous
owner may be short depending on the date of acquisition by the previous owner, which is the bridge fund, etc.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
VI. Details of Operators of Healthcare Facilities(Good Time Living Osaka-Bay)(1)
Company name(2)
Location
Title and name of(3)
representative

Good Time Living Co. Ltd.
1-9-1 Marunouchi, Chiyoda-ku, Tokyo
President and CEO, Yoshiaki Morikawa
1. Planning, development, business management, operation, management
and guidance of rental housing and facilities for the elderly including feebased homes for the elderly, long-term care facilities for the elderly andsenior housing
2. Following businesses stipulated in the Long-Term Care Insurance Act(1) Operations related to Designated In-Home Long-Term Care
Support Business(2) Operations related to Designated In-Home Service Business(3) Operations related to Designated Preventive Long-Term Care
Service Business(4) Operations related to Designated Category 1 Business
3. Sale of food stuff
4. Leasing, trading and management of real estate and development ofresidential land
5. Management of sport facilities including golf courses and tennis courts,
amusement facilities and other various facilities for accommodation,
medical care and educational training, management of restaurants andtravel agency business6. Money lending, sale and purchase of various claims, payment on behalfof a third party, guarantee and underwriting of debt and other financial
business
7. Non-life insurance agency business, insurance agency business based on
the Act on Securing Compensation for Automobile Accidents andbusiness related to the solicitation of life insurance
8. Leasing and rental of various movable properties
9. Worker dispatching business, etc.
10. All operations incidental to the preceding articles
50 million yen
Not disclosed as consent for disclosure has not been obtained.
April 1, 2005

(4)

Description of business

(5)
(6)
(7)
(8)

Amount of capital
Sales amount
Date of incorporation
Attribute
Group company of a listed company (Note 1)(listed market)
Number of facilities
31 facilities
operated (Note 2)
Number of resident
rooms operated
2,560 rooms(Note 2)
Relationship between the operator and the Investment Corporation/Asset Manager
Good Time Living Co. Ltd. owns 10,111 units or 0.49% of Daiwa Securities
Living Investment Corporation’s investment units. Also, there is capital
Capital relationshiprelationship between Daiwa Securities Group Inc., which is the parent
company owning 100% of the total number of outstanding shares of theoperator, and the Investment Corporation/Asset Manager.
A director of the operator also serves as the director of the Asset Manager andPersonnel relationshiphas personnel relationship with the operator.
The operator is a lessee and operator of the Investment Corporation’s assets
under management, and has concluded a backup operator agreement with theInvestment Corporation. There is no business relationship required to be
Business relationshipdisclosed between the Asset Manager and the operator. In addition, there isno business relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator.
The operator is a subsidiary of Daiwa Securities Group Inc., the parent
Status of classification ascompany of the Asset Manager, and falls under the classification of related
related party
party.

(9)
(10)
(11)

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

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

(Sunny Life Hiyoshi and Sunny Life Chofu)(1)Company name
Kawashima Corporation(2)
Location248-2 Higashiinohara, Kimitsu-shi, Chiba
Title and name of(3)
President and CEO, Teruo Kawashima
representative
1. Operation and entrustment of operation of fee-based homes for the elderly
2. Provision of meals to residents and conducting physical healthexaminations for residents
3. In-home service businesses consisting of home-visit long-term care,home-visit bathing long-term care, home-visit nursing, home-visit
rehabilitation, guidance for management of in-home medical long-termcare, outpatient day long-term care, outpatient rehabilitation, short-term
admission for daily life long-term care, short-term admission forrecuperation, communal daily long-term care for a dementia patient andrental of specified equipment for preventive long-term care covered bypublic aid based on the Long-Term Care Insurance Act(4)
Description of business4. In-home long-term care support and preventive long-term care support
based on the Long-Term Care Insurance Act
5. Rental and sale of welfare equipment
6. Sale of specified welfare equipment and other preventive long-term careservice based on the Long-Term Care Insurance Act
7. Fee-based home for the elderly consulting
8. Training and nurturing of home-visit care workers
9. Daily long-term care for those admitted to a specified facility, a specified
preventative long-term care facility, etc. based on the Long-Term Care
Insurance Act
10. All operations incidental to the preceding articles(5)
Amount of capital
50 million yen(6)
Sales amountNot disclosed as consent for disclosure has not been obtained.
(7)
Date of incorporation
September 17, 1990
(8)
Attribute
Unlisted(listed market)(9)
Number of facilities
131 facilities
operated (Note 2)
Number of resident(10) rooms operated
11,319 rooms(Note 2)(11) Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is no
capital relationship required to be disclosed between the affiliated parties andCapital relationshipthe affiliated companies of the Investment Corporation/Asset Manager andthe affiliated parties and the affiliated companies of the operator.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there is
Personnel relationshipno personnel relationship required to be disclosed between the affiliatedparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of the operator.
There is no business relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there isBusiness relationshipno business relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator
The operator does not fall under the classification of related party of the
Status of classification as Investment Corporation/Asset Manager. In addition, the affiliated parties andrelated party
the affiliated companies of the operator do not fall under the classification ofrelated party of the Investment Corporation/Asset Manager.
(Note 1)
(Note 2)

Subsidiary of Daiwa Securities Group Inc., a company listed on the first section of the Tokyo Stock Exchange.
Number of Facilities Operated and Number of Resident Rooms Operated indicate number of facilities and resident rooms of fee-based
homes for the elderly, group homes and elderly housing with supportive services, whose information was obtained from the operator’s
website and by interviewing the operator (as of September 30, 2020).

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
VII. Funds for Acquisition
Funds are scheduled to be allotted from the proceeds from the issuance of new investment units by way of public offering
indicated in “Notice Concerning Issuance of New Investment Units and Secondary Offering” separately announced today,
borrowings indicated in “Notice Concerning Borrowing of Funds” separately announced today, and cash on hand.
VIII. Acquisition Schedule・ Decision of acquisition and conclusion of purchase agreement: November 19, 2020
・ Payment and delivery: December 10, 2020
IX. Payment Method, Etc.
Lump-sum payment at the time of transaction.
X. Future Prospects
Please refer to “Notice Concerning Revision of Forecasts of Operating Results and Distribution for the Fiscal Period Ending
March 2021 (30th Fiscal Period) and Forecasts of Operating Results and Distribution for the Fiscal Period Ending September
2021 (31st Fiscal Period)” separately announced today for the impact of the acquisition on the prospects for the operating results
and distributions of the fiscal period ending March 2021 (October 1, 2020, to March 31, 2021) and the fiscal period ending
September 2021 (April 1, 2021, to September 31, 2021).

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
XI. Summary of Appraisal Report
Property nameAppraisal value
Appraiser
Date of appraisal

Splendide Nambamotomachi
6,120,000,000 yen
Tanizawa Sogo Appraisal Co., Ltd.
October 1, 2020

Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)JPY thousand

Details
6,120,000

JPY thousand

6,200,000

JPY thousand

312,812

Rental revenues includingcommon service fees

JPY thousand

307,357

Parking fees

JPY thousand

9,977

Other revenues

JPY thousand

5,961

Losses from vacancies

JPY thousand

10,484

JPY thousand
JPY thousand

053,972

Operation costs

JPY thousand

4,644

Utilities

JPY thousand

2,750

Repairs and maintenanceexpense

JPY thousand

7,677

Property management fees

JPY thousand

5,523

Tenant promotion fees, etc.

JPY thousand

6,578

Taxes and public dues

JPY thousand

19,995

Nonlife insurance

JPY thousand

546

Other expenses(3) Net Operating Income (NOI):(1) – (2)(4) Lump-Sum Investment Return

JPY thousand

6,256

JPY thousand

258,839

JPY thousand

224(5) Capital Expenditure

JPY thousand

4,750(6) Net Cash Flow (NCF): (3) + (4) – (5)JPY thousand

254,314(a)(b)

Bad debt losses(2) Total Operating Expenses(7) Capitalization Rate(%)

Value indicated by DCF method

JPY thousand

Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio
Other items of note by appraiser(%)(%)
JPY thousand
(%)
(%)

4.1
6,080,000
4.2
4.3
5,840,000
63.3
36.7

Outline, etc.
Assessed by verifying direct capitalization value based on DCF method with reference
Assessed by capitalizing standardized net income recognized to be stable over the
medium to long term－
Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with lessees to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt－
Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of
the building and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Expenses including land rent and exclusive road use fees－
Investment return is assumed at 1.0%
Based on figures of ER and similar cases allocated at 3:7 for Repair and Capital
Expenditures－
Comprehensive consideration taking into account the property’s location, thecharacteristics of the building and contractual characteristics－
Compared with transaction cases of similar properties and investigated by taking
into account the property’s individuality on the yields of other financial assets
Characteristics of net income used for Capitalization Rate, future uncertainties,
liquidity, market value, etc. are accounted for in the determination of the rate.
－－－

The property is located approximately 470 meters south of Namba Station on the Osaka Metro
Yotsubashi Line. It is excellent in terms of transportation and proximity to urban centers as thelocation allows access to the Osaka Metro Midosuji Line, JR line, Kintetsu lines, and the NankaiLine. The area surrounding the property is host to apartments, hotels, offices, etc. Besides
supermarkets and convenience stores, there are facilities that make for convenience of living suchas restaurants near the station. The building, completed in 2019, is a rental apartment with 1DK and
1LDK units, a high building grade with excellent interior/exterior, facility standards, etc., and sostrong demand from married couples and singles is expected. The appraisal value was determined
after comprehensively taking into account the location, building grade, facility standards, age andother factors of the property.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Property nameAppraisal value
Appraiser
Date of appraisal

Gran Casa Fujisawa
1,050,000,000 yen
Tanizawa Sogo Appraisal Co., Ltd.
October 1, 2020

Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)JPY thousand

Details
1,050,000

Other expenses(3) Net Operating Income (NOI):(1) – (2)(4) Lump-Sum Investment Return

JPY thousand

3,682

Outline, etc.
Assessed by verifying direct capitalization value based on DCF method with reference
Assessed by capitalizing standardized net income recognized to be stable over the
medium to long term－
Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with lessees to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt－
Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of
the building and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Expenses including land rent and exclusive road use fees

JPY thousand

1,060,000

JPY thousand

60,774

Rental revenues includingcommon service fees

JPY thousand

57,447

Parking fees

JPY thousand

3,336

Other revenues

JPY thousand

2,730

Losses from vacancies

JPY thousand

2,738

JPY thousand
JPY thousand

0
15,205

Operation costs

JPY thousand

2,574

Utilities

JPY thousand

612

Repairs and maintenanceexpense

JPY thousand

1,569

Property management fees

JPY thousand

1,044

Tenant promotion fees, etc.

JPY thousand

1,382

Taxes and public dues

JPY thousand

4,118

Nonlife insurance

JPY thousand

220

JPY thousand

45,569－JPY thousand

43(5) Capital Expenditure

JPY thousand

1,080(6) Net Cash Flow (NCF): (3) + (4) – (5)JPY thousand

44,532(a)(b)

Bad debt losses(2) Total Operating Expenses(7) Capitalization Rate(%)

Value indicated by DCF method

JPY thousand

Discount rate
Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio

Other items of note by appraiser(%)(%)
JPY thousand
(%)
(%)

4.2
1,040,000
4.3
4.4
1,220,000
54.1
45.9

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

The property is located approximately 450 meters northeast of Fujisawa Station on the JR Tokaido
Main Line, JR Shonan Shinjuku Line, and Odakyu Enoshima Line. The area surrounding theproperty has many apartments as well as shops, offices, and such. Living convenience is excellent
due to proximity to supermarkets, convenience stores, banks, a post office, city office, etc. The
building is a family rental apartment completed in 2019 and all units feature corner rooms. Facility
standards are very high as units are equipped with floor heating, mist saunas, dish washers/dryers,etc., and so stable demand from married couples and family households is expected. The appraisal
value was determined after comprehensively taking into account the location, building grade,
facility standards, age, and other factors of the property.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Property nameAppraisal value
Appraiser
Date of appraisal
Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenanceexpenseProperty management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI):(1) – (2)(4) Lump-Sum Investment ReturnGood Time Living Osaka-Bay
4,820,000,000 yen
Tanizawa Sogo Appraisal Co., Ltd.
October 1, 2020
Details
4,820,000

JPY thousand

4,840,000

JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

JPY thousand

Undisclosed

JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

JPY thousand

223,028－
Investment return is assumed at 1.0%
Based on figures of ER and similar cases allocated at 3:7 for Repair and Capital
Expenditures－
Comprehensive consideration taking into account the property’s location, thecharacteristics of the building and contractual characteristics－
Compared with transaction cases of similar properties and investigated bytaking into account the property’s individuality on the yields of other financial
assetsCharacteristics of net income used for Capitalization Rate, future uncertainties,
liquidity, market value, etc. are accounted for in the determination of the rate.
－－－

JPY thousand

1,690(5) Capital Expenditure

JPY thousand

6,700(6) Net Cash Flow (NCF): (3) + (4) – (5)JPY thousand

218,018(7) Capitalization Rate(%)

Value indicated by DCF method

JPY thousand

4,810,000

Discount rate(%)

4.5/4.6

Terminal capitalization rate

(%)

4.7

Value indicated by cost approach
Land ratio
Property ratio

Other items of note by appraiser

Outline, etc.
Assessed by verifying direct capitalization value based on DCF method withreference
Assessed by capitalizing standardized net income recognized to be stable overthe medium to long term

JPY thousand

JPY thousand
(%)
(%)

4.5

5,490,000
61.3
38.7

(Note)The property is connected to Bentencho Station on the Osaka Metro Chuo Line by pedestrian deckand is situated in an area where there are shops and high-rise apartments along a central avenue.
The building was completed in 2006 and its tenants include a supermarket on the first floor, clinicon the second floor, restaurant and drug store on the third floor, and a fee-based home for the elderlywith nursing care on the fourth through tenth floors. The home for the elderly is large with a totalof 93 rooms for a capacity of 101 persons and differentiates itself from competing facilities with its
living space consisting of single rooms and superior common-area facilities, etc. The surroundingarea is host to a certain level of commercial concentration centering on the Bentencho Station-front
intersection of the central avenue and National Route 43 and has favorable conditions for retailfacilities. As such, the property is believed to be relatively competitive in the market compared withother properties. The appraisal value was determined after comprehensively taking into account thelocation, building grade, age, and other factors of the property.

(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact the competitiveness of the Investment
Corporation and harm unitholder interest as the appraisal uses figures based on actual results as reference.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Property nameAppraisal value
Appraiser
Date of appraisal
Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenanceexpenseProperty management fees
Tenant promotion fees, etc.
Taxes and public dues

Sunny Life Hiyoshi
2,190,000,000 yen
Jones Lang LaSalle IP, Inc.
October 1, 2020
JPY thousand

Details
2,190,000－

JPY thousand

2,220,000－

JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

JPY thousand

Undisclosed

JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed

Nonlife insurance
Other expenses(3) Net Operating Income (NOI):(1) – (2)

JPY thousand
JPY thousand

Undisclosed
Undisclosed

JPY thousand

103,203(4) Lump-Sum Investment Return

JPY thousand

509(5) Capital Expenditure

JPY thousand

1,403(6) Net Cash Flow (NCF): (3) + (4) – (5)JPY thousand

102,309(7) Capitalization Rate(%)

Value indicated by DCF method

JPY thousand

Discount rate

Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio

Other items of note by appraiser

(%)

(%)
JPY thousand
(%)
(%)

4.6
2,150,000
4.4

4.8
2,320,000
71.4
28.6

Outline, etc.

(Note)－
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
－
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.
－
Regarding the discount rate, the base yield for a healthcare facility wasdetermined first using a build-up method, etc. based on the yields of financial
products, and the discount rate was then assessed based on said base yield,
taking into account individual risks associated with the subject property.
Assessed terminal capitalization rate based on the capitalization rate, taking
into account future unpredictability－－－

The property is located approximately 1,400 meters northwest from Shin-Kawasaki Station on the
JR Yokosuka Line. While there is somewhat of a distance between the property and station,transportation convenience is standard as there is a bus station nearby with buses headed frequently
to the station. Convenience and the living environment are excellent as there are shops, offices, etc.
along an arterial road near the property, and there are general residences and apartments behind theproperty. The building, just completed in 2020, is a fee-based assisted-living home for the elderlywith a shop/office section on the first floor. The home for the elderly has a total of 106 rooms andthere are facilities in the rooms and common areas that meet demand. Because the property is new,the maintenance status is excellent and the nursing care know-how and abilities of the operator are
thought to be abundant. Moreover, the shop/office section has high visibility as it is facing a wide
arterial road. In addition, entry and exit is easy and there is sufficient parking. As such, the property
was deemed to have superior competitiveness within the same supply-demand area. The appraisal
value was determined after comprehensively taking into account the location, building grade, age,and other factors of the property.

(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact the competitiveness of the Investment
Corporation and harm unitholder interest as the appraisal uses figures based on actual results as reference.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
Property nameAppraisal value
Appraiser
Date of appraisal
Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenanceexpenseProperty management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI):(1) – (2)(4) Lump-Sum Investment Return

Sunny Life Chofu
2,150,000,000 yen
Tanizawa Sogo Appraisal Co., Ltd.
October 1, 2020
Details
JPY thousand

2,150,000

JPY thousand

2,180,000

JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

JPY thousand

Undisclosed

JPY thousand
JPY thousand
JPY thousand
JPY thousand
JPY thousand

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

JPY thousand

92,498JPY thousand

517(5) Capital Expenditure

JPY thousand

1,540(6) Net Cash Flow (NCF): (3) + (4) – (5)JPY thousand

91,475(7) Capitalization Rate(%)

Value indicated by DCF method

JPY thousand

2,140,000

Discount rate(%)

4.2/4.3

Terminal capitalization rate

(%)

4.4

Value indicated by cost approach
Land ratio
Property ratio

JPY thousand(%)(%)

Other items of note by appraiser

4.2

2,160,000
59.7
40.3

Outline, etc.
Assessed by verifying direct capitalization value based on DCF method withreference
Assessed by capitalizing standardized net income recognized to be stable overthe medium to long term

(Note)－
Investment return is assumed at 1.0%
Based on figures of ER and similar cases allocated at 3:7 for Repair and Capital
Expenditures－
Comprehensive consideration taking into account the property’s location, thecharacteristics of the building and contractual characteristics－
Compared with transaction cases of similar properties and investigated bytaking into account the property’s individuality on the yields of other financial
assetsCharacteristics of net income used for Capitalization Rate, future uncertainties,
liquidity, market value, etc. are accounted for in the determination of the rate.
－－－

The property is located approximately 860 meters from Keio-Tamagawa Station on the Keio
Sagamihara Line in a residential area with general residences as well as apartments and such. The
building is new, completed in 2020, and is occupied by a fee-based assisted-living home for theelderly with a total of 99 rooms and a capacity of 99 persons. The Tama River flows near theproperty and there are several parks and green areas, making the area excellent for living and giving
the property superior competitiveness compared with competitors. The appraisal value wasdetermined after comprehensively taking into account the location, building grade, age, and otherfactors of the property.

(Note) The figures are not disclosed as the Asset Manager judged that disclosing these may negatively impact the competitiveness of the Investment Corporationand harm unitholder interest as the appraisal uses figures based on actual results as reference.

URL: https://www.daiwa-securities-living.co.jp/en/

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

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

(Reference Material) Exterior and Map of the Assets to Be Acquired

1. Splendide Nambamotomachi

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
2. Gran Casa Fujisawa

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
3. Good Time Living Osaka-Bay

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
4. Sunny Life Hiyoshi

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

English Translation
The following is an English translation of the Japanese original press
release and is being provided for information purposes only.
5. Sunny Life Chofu

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

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

(Additional Material) Overview of Portfolio After the Acquisition<Number of Properties, Etc.>

Total number ofproperties
Total number ofleasable units
Total leasable area

Other properties
scheduled to beacquired(c)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

219 properties

5 properties

6 properties

230 properties

15,794 units

518 units

198 units

16,510 units

687,912.74 m2

25,044.48 m2

5,905.73 m2

718,862.95 m2(a) + (b) + (c)(Note) This refers to the properties scheduled to be acquired which were announced on October 21, 2020.

<Asset Size, Etc.>

Total (anticipated)acquisition price(Note 1)
Appraisal value(Note 2)Other properties
scheduled to beacquired(c)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

JPY 304.3 billion

JPY 15.5 billion

JPY 6.3 billion

JPY 326.2 billion

JPY 358.6 billion

JPY 16.3 billion

JPY 6.6 billion

JPY 381.6 billion(a) + (b) + (c)(Note 1) Total (anticipated) acquisition price is calculated based on the (anticipated) acquisition price.
(Note 2) Appraisal value is calculated based on the appraisal value as of September 30, 2020, for properties owned as of today and on the appraisal value asof October 31, 2020, for properties scheduled to be acquired and other properties scheduled to be acquired.

<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price>
Other properties
Properties owned as
Properties scheduledscheduled to beof todayto be acquired
acquired
(a)
(b)
(c)
JPY 138.7 billion
StudioJPY 5.8 billion
JPY 6.3 billion(45.6%)
JPY 78.6 billion
FamilyJPY 1.0 billion(25.9%)
JPY 86.9 billion
Healthcare
JPY 8.6 billion(28.6%)(a) + (b) + (c)JPY 150.9 billion(46.3%)
JPY 79.6 billion(24.4%)
JPY 95.5 billion(29.3%)

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgement in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.