May 26, 2008
To All Concerned Parties
REIT Issuer :re-plus residential investment inc.
Toranomon Towers Office
4-1-28 Toranomon, Minato-ku,
Tokyo 105-0001
Takao Sakuma, Executive Director(Securities Code：8986)
Asset Management Company: re-plus REIT management inc.
Ichiro Okamura, President and Chief Executive Officer
Inquiries: Aki Sadahiro, Manager
Tel: +81-3-5425-5600
Notice Concerning the Acquisition of Properties
re-plus residential investment inc. (the “Investment Corporation”) announced today its decision to acquire thefollowing assets (the “Properties”) :1.

Reason for acquisition
The purpose of the transaction is to acquire assets in accordance with the Investment Corporation’s investment
management targets and policies set out in its Articles of Incorporation, with the intention of increasing the benefits ofdiversification in the overall portfolio. The Investment Corporation plans to achieve those benefits and securing stable
income by diversifying investment in rental apartment categories, and diversifying investment on a nationwide basis.

2. Summary of Properties(1)

Acquired Properties
Trust beneficiary interests in real estates, following 2 properties
Number of
Property

SellerName of Property(note 1)O-5-086

willDo Daikancho

re-plus Residential Construction 4 TMK

O-7-087

willDo Okayamadaiku

GK re-plus Residential Construction management 1
Total(note 1)
(note 2)Acquisition Price（Thousand of yen）
（note2）655,000
1,040,000
1,695,000

GK stands for Godo Kaisha. TMK stands for Tokutei Mokuteki Kaisha.
The Acquisition Price does not include costs related to acquisitions, property tax, city planning tax, consumption tax and local
consumption tax.

(2)

Signing Date of Transfer Agreement of Trust Beneficiary Interest
May 26, 2008(3)

Scheduled Date of Property Acquisition
May 28, 2008

(4)

Funds for the Acquisition
Cash on hand

(5)

Settlement method
Full payment on the dates of the acquisition(6)

Special Note
In the transactions of the Property listed above, the Seller is defined as a transaction with a related party under
the internal rules and regulations of re-plus REIT management inc.(the “Asset Management Company”). Pleaserefer to Section 7 for the details of transactions with related parties. The internal rules posted and regulations areon Website in Japanese.

1

(7)

Property Area and Property Category
Property number

Name of Property

Property area (note1) (note2)

Property category

O-5-086

willDo Daikancho

Three Major Metropolitan area

StudioO-7-087

willDo Okayamadaiku

Other Major cities

Studio(note1) Central Tokyo means Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya, and Meguro Wards.
(note2) Three Major Metropolitan area means Kanto metropolitan area excluding Central Tokyo, Chukyo and Keihanshin
metropolitan area.
(note3) Other Major cities mean Sapporo, Sendai, Hiroshima, Kitakyushu, Fukuoka metropolitan areas and cities with apopulation of 300,000 or more.

3. Details of the Properties to be Acquired
In the details of the above trust beneficiary interest along with the Properties are provided as follows. The figures for
the Tenant Details are as of April 30, 2008.

2

I. willDo Daikancho
Type of Asset

Trust Beneficiary Interest
Anticipated Acquisition Price
JPY 655,000 thousand
Mitsubishi
UFJ
Trust
and
Banking
Trustee
Trust Due Date
May 31, 2018
Corporation
Property Feature
The property is located 7 minutes walk from Kurumamichi station of Nagoya City Subway Sakura-dori line. The characteristics of this area iseasy to access to the central part of Nagoya city. That is, it is within a distance by bicycle to Sakae area of one of the central part , and 8 minutes
from above station by the subway to Nagoya station of another central part. In addition, as generally speaking, Higashi-ku of this property locationis comfortable place to live, it is relatively popular in Nagoya city area.
The property was completed in March 2008. All apartments are 1K studio type. The property can meet sufficiently the demands of office
workers and students who prefer better access to center of the city.
Property Summary(Residential)
40-6,
Daikancho,
Higashi-ku, Nagoya-shi, Aichi
Location (note 1)(Registered) 4005, Daikancho, Higashi-ku, Nagoya-shi, Aichi
Commercial zone/
Proprietary Area Classification (note 2)
Type of Ownership
Neighborhood commercial
Ownership
Land
zone,
Land Area (note 1)
Building

454.49 ㎡

Type of Ownership

FAR／Building Coverage
Ratio (note 3)

Proprietary Use (note 1)
Ownership
1,408.79 ㎡ Completion Date (note 1)
RC 12-story building with flat roof

303.18%/80%
Apartment complex

Leasable Units in Unit Type

Floor Space (note 1)
Type of Structure (note 1)
55 units (1K : 55units)

Property Management Company

re-plus investments inc.

Sub Property Management
Company

Sekimura Building Management
Co.,Ltd

Master Lease Company

YK re-plus residential 2

Type of Master Lease

Pass throughProperty Appraisal Summary (note 4)
Appraiser
Japan Real Estate Institute
Date of Appraisal
May 1, 2008
Appraisal ValueJPY 655,000 thousand
Value Calculated Using the Direct
JPY 661,000 thousand
Capitalization Method
Gross Operating Revenue
Gross Operating Expenses
Net Operating Income（NOI）
Lump-sum Investment Return
Capital Expenditure

Tenants Details (note 5）
Number of Tenants (note 6)
Leasable Area
Leased Area
Monthly Rent (note 7）

Lease Deposits and Guarantee
Deposits
JPY 10,371 thousand Occupancy Ratio (unit base）
Occupancy Ratio (area base）
JPY 36,920 thousand

JPY 47,291 thousand－
JPY 581 thousand

Overall Capitalization Rate
Value Indicated by DCF Method

5.5％ Date of Research
JPY 648,000 thousand Priority Repairs
Near-Future Repairs
5.3％(within a year)
Far-Future Repairs
5.7％(within 12 years)
JPY 645,000 thousand Probable Maximum Loss(PML)

Value Indicated by Cost Approach
Special Note： None

JPY 3,383 thousand
JPY 6,103 thousand
92.73％
92.73％Engineering Report Summary (note 9）

JPY 36,339 thousand Engineering Report Company

Terminal Capitalization Rate1
1,320.00 ㎡
1,224.00 ㎡（note 8）Net Cash Flow（NCF）(note 10)

Discount Rate

March 6, 2008

Tokio Marine & Nichido
Risk Consulting Co., Ltd.
April 10, 2008－－
JPY9,150 thousand
11.2%(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as stipulated
in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses the building area
versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of April 30, 2008.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreement with
the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of April 30, 2008. The numbers
are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” and shownin a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.

3

II. willDo Okayamadaiku
Type of Asset

Trust Beneficiary Interest
Anticipated Acquisition Price
JPY 1,040,000 thousand
Mitsubishi
UFJ
Trust
and
Banking
Trustee
Trust Due Date
May 31, 2018
Corporation
Property Feature
The property is in the east exit area of JR Okayama Station and is located 13 minutes walk to southward from the station. The characteristics ofthis area is much convenient for daily life, such as underground mall near the station “Ichibangai” which is formed mainly by boutiques andrestaurants, and big shopping center along the street extending from the station to southward, so called “City office Street”.
The property was completed in March 2008 and is covered by tile veneer with high quality of designing and endurance. The standard apartments
for rent in the property are 1K and 1LDK studios. It is good for not only single but also small family.
Property Summary(Residential) 3-1-4, Daiku, Okayama-shi, Okayama
Location (note 1)(Registered) 3-1-103, 1-105, 1-106, 1-144, Daiku, Okayama-shi, Okayama
Proprietary Area Classification (note 2)
Type of OwnershipCommercial zone
OwnershipLand
CoverageLand Area (note 1)
595.92 ㎡ FAR／Building
600%／80%
Ratio (note 3)
Proprietary Use (note 1)
Ownership
3,546.29 ㎡ Completion Date (note 1)

Type of Ownership
Building

Floor Space (note 1)
Type of Structure

Apartment complex
March 11, 2008

RC 15-story building with flat roof

(note 1)

Leasable Units in Unit Type98 units (1LDK : 56units, 1K: 42 units)

Property Management Company

re-plus investments inc.

Sub Property Management
Company

KYOEI SANGYO CO.,LTD

Master Lease Company

YK re-plus residential 2

Type of Master Lease

Pass throughProperty Appraisal Summary (note 4)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Date of Appraisal
May 1, 2008
Appraisal Value
JPY 1,040,000 thousand
Value Calculated Using the Direct
JPY 1,030,000 thousand
Capitalization Method

Tenants Details (note 5）
Number of Tenants (note 6)
Leasable Area
Leased Area
Monthly Rent (note 7）

Net Operating Income（NOI）

Lease Deposits and Guarantee
Deposits
JPY 20,755 thousand Occupancy Ratio (unit base）
Occupancy Ratio (area base）
JPY 36,471 thousand

Lump-sum Investment Return
Capital Expenditure

JPY 124 thousand
JPY 1,957 thousand

Net Cash Flow（NCF）(note 10)

JPY 61,638 thousand Engineering Report Company

Gross Operating Revenue
Gross Operating Expenses

1
3,446.94 ㎡
3,206.44 ㎡
JPY 5,767 thousand

JPY 84,226 thousand

JPY 6,079 thousand
92.86％
93.02％（note 8）Overall Capitalization Rate
Value Indicated by DCF Method

Engineering Report Summary (note 9）
Tokio Marine & Nichido
Risk Consulting Co., Ltd.
April 9, 2008

6.0％ Date of Research
JPY 1,050,000 thousand Priority Repairs
Near-Future Repairs
Discount Rate
6.2％
(within a year)
Far-Future Repairs
Terminal Capitalization Rate
6.3％
(within 12 years)
Value Indicated by Cost Approach
JPY 997,000 thousand Probable Maximum Loss(PML)
Special Note：
Domain of use on above land of registered №1-144 is placed to the City of Okayama as superficiary.
1.Reason: For retaining facility of public sewerage line
2.Duration: Available period of above facility
3.Rent Fee: Free－－
JPY10,150 thousand
1.0%(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as stipulated
in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses the building area
versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of April 30, 2008.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreement with
the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of April 30, 2008. The numbers
are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” and shownin a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.

44. Notes on the Property Due Diligence
The Investment Corporation conducted supplementary due diligence on all of the Properties to avoid the problem of
the fabrication of data relating to building structural strength. The Investment Corporation asked third party due diligence
consultants to check if the Properties are in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength.
As a result of the due diligence, no violation of the building laws was found.
Building
PromoterName of Property

willDo Daikancho

willDoOkayamadaiku

re-plusResidential
Construction 4
TMK
GK re-plus
Residential
Construction
management 1

Building
Contractor

Verification
AgencyStructuralEngineer

Inspection
AgencyTamaoka
Sekkei, Inc.

Moritani
Corporation
Nagoya Branch

Bureau Veritas
Japan Co., Ltd.

Ookouchi
KishikoArchitectural
officeNTT
FACILITIES,INC.

Earthresonance,
Inc.

Kyoei Sangyo
Co.,Ltd.

Okayama-ken
Kenchiku
Jyutaku Center
Co.,Ltd

Yugen kaisha
M2 Architect
DesignNTT
FACILITIES,
INC.

Architect

5. Profiles of the Property Owners
Name of Property: willDo Daikancho
Profiles of Property Owner
Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

Current Owner of Trust Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

re-plus Residential Construction 4 TMKWada Corporation

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
February 28, 2007

Not a specific related party－－－

Name of Property: willDo Okayamadaiku
Profiles of Property Owner
Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

Current Owner of Trust Beneficiary Interest
GK re-plus Residential Construction
management 1
SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
December 27, 2006

5

Previous Owner of Trust
Beneficiary Interest
Individual
Not a specific related party－－－

6. Seller’s Profile
Profiles of the sellers are as follows:
Names of Properties: willDo Daikancho
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain
Relationship with the Investment
Corporation

re-plus Residential Construction 4 TMK
Toranomon Towers Office, 4-1-28 Tranomon, Minato-ku, Tokyo
Operator: Yoshifumi Okumura
JPY 100,000－(note)・Trasfer of asset, asset management and asset disposition along with plan ofasset liquidation based on the laws regarding liquidation of assets
・Other activities accompanied to liquidation of the above specified assets
Related Party as defined under the internal rules and regulations of the AssetManagement Company(note) Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

Names of Properties: willDo Okayamadaiku
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain

Relationship with the Investment
Corporation

GK re-plus Residential Construction management 1
Toranomon Towers Office, 4-1-28 Tranomon, Minato-ku, TokyoManaging partner : Yugen-sekinin-Chukan Hojin re-plus residential
Operator : Yoshifumi Okumura
JPY 100,000－(note)・ Purchase/sale, exchange, rent, ownership, brokerage and management
activities of properties
・Purchase/sale, exchange, ownership and management of trust beneficiaryinterests in real estate・Construction
・All activities related to above
Related Party as defined under the internal rules and regulations of the AssetManagement Company(note) Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

7. Transactions with Related Parties(1)(i)

Transactions of Properties
Outline of the Transaction
Acquisition of the Properties(ii)

Seller’s Profile
The seller is a Related Party as defined under the internal rules and regulations of the Asset Management
Company. Profile of the seller is as follows.
SellerProfilere-plus Residential Construction 4 TMK

SPC established by re-plus inc., and a Related Party as defined under theinternal rules and regulations of the Asset Management Company as well as arelated party defined under the Investment Trust Law

GK re-plus Residential Construction
management 1

(iii)

(2)
(i)

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties submitted thetransaction to its Compliance Committee for deliberation and approval on May 22, 2008, and on approval, thensubmitted it to the Investment Committee and the Board of Directors of the Asset Management Company on May
26, 2008 for ratification. The transaction was then approved by the Investment Corporation’s Board of Directors
on May 26, 2008.

Appointment of a Property Management Company
Outline of the Transaction
Entrustment of Property Management for the Properties acquired by the Investment Corporation
6

(ii)

Outline of Property Management Fees
Property Name(iii)

Property Management Fee

willDo Daikancho

2.0% of rental revenue (Rent + Parking)(Excluding consumption tax and local consumption tax)

willDo Okayamadaiku

2.0% of rental revenue (Rent + Parking)(Including consumption tax and local consumption tax )Profile of Property Management Company
Profile of the Property Management Company is as follows:
Property Management Company

re-plus investments inc.

(iv)

(3)
(i)

ProfileWholly owned subsidiary of re-plus inc., and a Related Party as defined
under the internal rules and regulations of the Asset Management
Company as well as a related party defined under the Investment Trust
Law

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties submitted thetransaction to its Compliance Committee for deliberation and approval on May 22, 2008 and on approval, thensubmitted it to the Investment Committee and the Board of Directors of the Asset Management Company on May
26, 2008 for ratification. The transaction was then approved by the Investment Corporation’s Board of Directors
on May 26, 2008.

Details of Brokerage
Outline of the Transaction
Brokerage related to the Properties to be acquired(ii)

Brokerage Fee
JPY33,900 thousand （excluding consumption tax)(iii)

Profiles of Brokers
Profiles of the brokers for the transactions are as follows.
Brokerre-plus investments inc.

(4)

ProfilePlease see above Profile of Property Management Company

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties, submitted thetransaction to its Compliance Committee for deliberation and approval on May 22, 2008, and on approval, thensubmitted it to the Investment Committee and the Board of Directors of the Asset Management Company on May
26, 2008 for ratification. The transaction was then approved by the Investment Corporation’s Board of Directors
on May 26, 2008.

8. Forecasts
The effects of the acquisition of the properties on the Investment Corporation’s operations in the fiscal period ending
September 2008 has been reflected in the forecast for the fifth fiscal period ending September 30, 2008 (from April 1,2008 to September 30, 2008)” . Please refer to the press release dated May 26, 2008 regarding the “Notice Concerning
Business Performance Forecasts for the Fifth Fiscal Period Ending September 30, 2008.
●

URL : http://www.re-plus-ri.co.jp/7

(Reference No.1)
List of Portfolio afte Property Acquisition

AnticipatedArea（ note 1）

Anticipated Acquisition

Acquisition Price

Price(Yen)（ JPY thousand）(note 2)

Percentage
of Portfolio(％) (note 3)

Type

Property
NumberStudioO-1-001

Satella Kita 34-jo

Other Major cities

1,133,714,286

1,133,714

1.1

StudioO-1-002

Carrera 2.9

Other Major cities

281,285,714

281,285

0.3

StudioO-1-003

Sapporo Hills

Other Major cities

287,666,666

287,666

0.3

StudioO-1-004

Satella Nagayama

Other Major cities

342,428,571

342,428

0.3

StudioO-1-023

willDo Minami 12 jo

Other Major cities

460,839,552

460,839

0.5

StudioO-1-032

willDo Kita 24 jo

Other Major cities

316,000,000

316,000

0.3

StudioO-1-033

Flat Carerra

Other Major cities

290,000,000

290,000

0.3

StudioO-1-034s13w9 h+Other Major cities

463,000,000

463,000

0.5

StudioO-1-035s9w12 h+Other Major cities

533,000,000

533,000

0.5

StudioO-1-036

willDo Minami hiragishi

Other Major cities

315,000,000

315,000

0.3

StudioO-2-037

willDo Nishishitadai cho

Other Major cities

512,000,000

512,000

0.5

Property Name

StudioO-2-054

willDo Kamisugi 3 chome

Other Major cities

506,000,000

506,000

0.5

StudioO-2-065

Grand Mason Shichifuku

Other Major cities

342,000,000

342,000

0.3

StudioO-3-079

AS Premium Ishizue-machi

Other Major cities

462,510,428

462,5100.5

StudioO-3-080

AS Residence Sasaguchi

Other Major cities

266,000,000

266,000

0.3

StudioO-4-005

Bell Koshigaya 21

Three Major Metropolitan area

499,333,333

499,333

0.5

StudioO-4-006

Joyful Sayama

Three Major Metropolitan area

216,619,048

216,619

0.2

StudioO-4-007

Lumiere Hachioji

Three Major Metropolitan area

480,761,905

480,761

0.5

StudioO-4-008

willDo Kiyosumi

Three Major Metropolitan area

5,024,619,047

5,024,619

5.0

StudioO-4-009

Turkey's Denen-Chofu No.2

Three Major Metropolitan area

281,523,810

281,523

0.3

StudioO-4-010Sky Court 100

Three Major Metropolitan area

379,857,142

379,857

0.4

StudioO-4-011

FC Takasago-cho

Three Major Metropolitan area

233,142,857

233,1420.2

StudioO-4-012Site Pia

Three Major Metropolitan area

506,142,857

506,1420.5

StudioO-4-024

VISTA Supreme

Three Major Metropolitan area

563,584,788

563,584

0.6

StudioO-4-025

Joy Oyamadai

Central Tokyo

624,265,594

624,265

0.6

StudioO-4-031

Estage Otsuka

Three Major Metropolitan area

725,229,446

725,229

0.7

StudioO-4-038

willDo Niiza

Three Major Metropolitan area

590,438,466

590,438

0.6

StudioO-4-039

Toshin Shoto Mansion

Central Tokyo

912,000,000

912,000

0.9

StudioO-4-055

Harmony Kamikitazawa

Central Tokyo

400,000,000

400,000

0.4

StudioO-4-062

Sho Minami Urawa

Three Major Metropolitan area

396,000,000

396,000

0.4

StudioO-4-069

College Square Kitaikebukuro

Three Major Metropolitan area

727,000,000

727,000

0.7

StudioO-4-070

College Square Tobu Nerima

Three Major Metropolitan area

892,000,000

892,000

0.9

StudioO-4-071

College Square Akatsuka

Three Major Metropolitan area

734,000,000

734,000

0.7

StudioO-4-072

Colleg Square Higashikurume

Three Major Metropolitan area

523,000,000

523,000

0.5

StudioO-4-073

College Square Waseda II

Three Major Metropolitan area

215,000,000

215,000

0.2

StudioO-4-074

College Square Myogadani

Three Major Metropolitan area

1,060,000,000

1,060,000

1.0StudioO-4-075

College Square Shinkoiwa

Three Major Metropolitan area

724,000,000

724,000

0.7

StudioO-4-076

College Square Kiba

Three Major Metropolitan area

639,000,000

639,000

0.6

StudioO-4-077

College Squrare Kinshicho

Three Major Metropolitan area

490,000,000

490,000

0.5

StudioO-4-078

College Square Waseda

Central Tokyo

316,000,000

316,000

0.3

StudioO-5-013

willDo Kanayama Masaki

Three Major Metropolitan area

490,095,238

490,095

0.5

StudioO-5-026

Excelsior Sakae

Three Major Metropolitan area

641,767,245

641,767

0.6

StudioO-5-027

Stegea Hibino

Three Major Metropolitan area

317,603,175

317,603

0.3

StudioO-5-040

willDo Chiyoda

Three Major Metropolitan area

633,000,000

633,000

0.6

StudioO-5-041

willDo Taiko dori

Three Major Metropolitan area

1,120,000,000

1,120,000

1.1

StudioO-5-042

willDo Kanayama

Three Major Metropolitan area

370,000,000

370,000

0.4

StudioO-5-043

willDo Kanayama Sawashita

Three Major Metropolitan area

375,000,000

375,000

0.4

StudioO-5-056

willDo Kachigawa

Three Major Metropolitan area

503,000,000

503,000

0.5

StudioO-5-057

Stagea Kogane

Three Major Metropolitan area

600,000,000

600,000

0.6

StudioO-5-063

willDo Inaei

Three Major Metropolitan area

641,000,000

641,000

0.6

StudioO-5-066

willDo Higashibetsuin

Three Major Metropolitan area

703,000,000

703,000

0.7

8Anticipated

Type

Property
NumberArea（note 1）

Property Name

Anticipated Acquisition

Acquisition Price

Price(Yen)（ JPY thousand）(note 2)

Percentage
of Portfolio(％) (note 3)

StudioO-5-081

willDo Matsubara

Three Major Metropolitan area

549,000,000

549,000

0.5

StudioO-5-082

willDo Yokkaichi Unomori

Three Major Metropolitan area

529,150,000

529,150

0.5StudioO-5-086

willDo Daikancho

Three Major Metropolitan area

655,000,000

655,000

0.6

StudioO-6-014

willDo Ichioka

Three Major Metropolitan area

722,761,904

722,761

0.7

StudioO-6-015

willDo Ebie

Three Major Metropolitan area

350,904,761

350,904

0.3

StudioO-6-016

willDo Imafuku nishi

Three Major Metropolitan area

413,857,142

413,857

0.4
0.6

StudioO-6-017

Maison FloraThree Major Metropolitan area

584,285,714

584,285

StudioO-6-018

Wind Four Minami-Honmachi

Three Major Metropolitan area

307,142,857

307,1420.3

StudioO-6-028

willDo Shin-Osaka sⅠ

Three Major Metropolitan area

285,723,604

285,723

0.3

StudioO-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan area

236,069,281

236,069

0.2

StudioO-6-030

willDo Fukae minami

Three Major Metropolitan area

184,716,668

184,7160.2

StudioO-6-044

willDo Dainichi

Three Major Metropolitan area

217,000,000

217,000

0.2

StudioO-6-045

willDo Shin-Osaka sⅡThree Major Metropolitan area

244,000,000

244,000

0.2

StudioO-6-046

willDo Tsukamoto

Three Major Metropolitan area

730,000,000

730,000

0.7

StudioO-6-047

willDo Tenmabashi

Three Major Metropolitan area

338,000,000

338,000

0.3

StudioO-6-048

willDo Sakaisuji Honmachi

Three Major Metropolitan area

325,000,000

325,000

0.3

StudioO-6-049

willDo Tanimachi

Three Major Metropolitan area

1,040,000,000

1,040,000

1.0StudioO-6-050Imperial Sakurakawa-minami II

Three Major Metropolitan area

486,000,000

486,000

0.5

StudioO-6-051

willDo Nanba wⅠ

Three Major Metropolitan area

690,000,000

690,000

0.7

StudioO-6-052

Zekubenten

Three Major Metropolitan area

466,000,000

466,000

0.5

StudioO-6-058

willDo Tsurumi Morokuchi

Three Major Metropolitan area

180,000,000

180,000

0.2

StudioO-6-059

willDo Hamasaki dori

Three Major Metropolitan area

2,280,000,000

2,280,000

2.2

StudioO-6-060

St.Ammy Nishitenma

Three Major Metropolitan area

493,000,000

493,000

0.5

StudioO-6-064

Excellent Matsuyamachi

Three Major Metropolitan area

810,000,000

810,000

0.8

StudioO-6-067

willDo Shin-Osaka

Three Major Metropolitan area

861,000,000

861,000

0.8

StudioO-6-083

willDo Sannomiya East

Three Major Metropolitan area

731,000,000

731,000

0.7

StudioO-6-084

willDo Kamishinjyo wIThree Major Metropolitan area

366,000,000

366,000

0.4

StudioO-6-085

Student Heights Kujo

Three Major Metropolitan area

537,000,000

537,000

0.5

StudioO-7-068

willDo Okayama-eki Nishiguchi

Other Major cities

1,220,000,000

1,220,000

1.2

StudioO-7-087

willDo Okayamadaiku

Other Major cities

1,040,000,000

1,040,000

1.0StudioO-9-019

Stars Uchiyama

Other Major cities

160,000,000

160,000

0.2

StudioO-9-020

Uchiyama-MinamiKokura-ekimae Building

Other Major cities

579,761,905

579,761

0.6

StudioO-9-021Duminas Tojin-machi

Other Major cities

209,714,286

209,714

0.2

StudioO-9-022

Stream Line Ohori

Other Major cities

382,857,143

382,857

0.4

StudioO-9-053

willDo Nakasu

Other Major cities

2,460,000,000

2,460,000

2.4

O-9-061

NKR Gofuku-cho

Other Major cities

StudioStudio Sub-total

231,000,000

231,000

0.2

52,955,374,432

52,955,374

52.2
0.4

FamilyF-2-001

Royal Garden Shinrin Koen

Other Major cities

396,190,476

396,190

FamilyF-2-002

Green Park Komatsujima

Other Major cities

550,523,810

550,523

0.5

FamilyF-2-003

Dia Palace Izumizaki

Other Major cities

355,095,238

355,095

0.3

FamilyF-2-004

Sun Vario Takasago

Other Major cities

364,904,761

364,904

0.4

FamilyF-3-034

Ark Heim Niigata

Other Major cities

1,060,000,000

1,060,000

1.0

FamilyF-4-005

Johanna Mansion

Three Major Metropolitan area

556,714,286

556,7140.5

FamilyF-4-006

Iruma-ekimae Building

Three Major Metropolitan area

1,517,000,000

1,517,000

1.5

FamilyF-4-007

Iruma-ekimae Building No.II

Three Major Metropolitan area

687,666,666

687,666

0.7

FamilyF-4-008

Sereno Omiya

Three Major Metropolitan area

1,554,523,810

1,554,523

1.5

FamilyF-4-009

Suzuran-kan

Three Major Metropolitan area

441,190,476

441,190

0.4

FamilyF-4-010Bonheur Tokiwa

Three Major Metropolitan area

752,904,762

752,904

0.7

FamilyF-4-011

Profit Link Takenotsuka

Three Major Metropolitan area

636,333,333

636,333

0.6

FamilyF-4-013

Dream Heights

Three Major Metropolitan area

358,666,667

358,666

0.4

FamilyF-4-014

Green Hills Asukayama

Three Major Metropolitan area

587,238,095

587,238

0.6

FamilyF-4-015

Oji Heights

Three Major Metropolitan area

347,857,143

347,857

0.3

FamilyF-4-016

Sakagami Royal Heights No. II

Three Major Metropolitan area

360,714,285

360,7140.4

FamilyF-4-017

willDo Todoroki

Central Tokyo

1,764,809,523

1,764,809

1.7

FamilyF-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan area

609,904,762

609,9040.6

9AnticipatedArea（note 1）

Anticipated Acquisition

Acquisition Price

Price(Yen)（ JPY thousand）(note 2)

Percentage
of Portfolio(％) (note 3)

Type

Property
NumberFamilyF-4-019

Libest Nishi-chiba

Three Major Metropolitan area

2,152,476,190

2,152,476

FamilyF-4-020

Corinne Tsudanuma

Three Major Metropolitan area

352,761,904

352,761

0.3

FamilyF-4-021

Isogo FlatThree Major Metropolitan area

5,290,571,429

5,290,571

5.2

FamilyF-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan area

453,571,429

453,571

0.4

FamilyF-4-028

Winbell Chorus Hiratsuka No.13

Three Major Metropolitan area

477,587,210

477,587

0.5

FamilyF-4-029

Libest Higashi Nakayama

Three Major Metropolitan area

1,371,314,286

1,371,314

1.4

FamilyF-4-030

Libest Nakayama

Three Major Metropolitan area

837,348,361

837,348

0.8

FamilyF-4-031

MGA Kanamachi

Three Major Metropolitan area

484,000,000

484,000

0.5

FamilyF-4-035

Greenhills RokaCentral Tokyo

662,000,000

662,000

0.7

FamilyF-4-036

Lofty Hirai

Three Major Metropolitan area

324,000,000

324,000

0.3

FamilyF-4-038

Colonnade Kasuga

Three Major Metropolitan area

3,115,277,463

3,115,277

3.1

FamilyF-5-023

Stellato City Temmacho

Three Major Metropolitan area

627,785,000

627,785

0.6

FamilyF-5-024

Grace Mansion Fuji

Three Major Metropolitan area

492,761,904

492,761

0.5

FamilyF-5-032

Stellato City Sakurayama

Three Major Metropolitan area

735,000,000

735,000

0.7

FamilyF-5-037

Grand court Kurokawa

Three Major Metropolitan area

677,000,000

677,000

0.7

FamilyF-6-026

willDo Nishi akashi

Three Major Metropolitan area

635,666,667

635,666

0.6

FamilyF-6-033

La Vita Nipponbashi

Three Major Metropolitan area

1,860,000,000

1,860,000

1.8

FamilyF-9-027

Image Kirigaoka

Other Major cities

662,714,286

662,7140.7

Property Name

Family Sub-total

2.1

34,114,074,220

34,114,074

33.6

Premium

P-4-001

Chelsea Garden

Central Tokyo

4,238,476,190

4,238,476

4.2

Premium

P-4-002

c-MA1

Central Tokyo

618,095,238

618,095

0.6

Premium

P-4-003

c-MA2

Central Tokyo

699,285,714

699,2850.7

Premium

P-4-004c-MA3

Central Tokyo

1,480,808,082

1,480,808

1.5

Premium

P-4-005

n-GT1

Central Tokyo

466,095,238

466,095

0.5

Premium

P-4-006

n-OM1

Central Tokyo

3,750,000,000

3,750,000

3.7

P-4-007

Storia Jingumae

Central Tokyo

Premium

3,160,000,000

3,160,000

3.1

Premium Sub-total

14,412,760,463

14,412,760

14.2

Total

101,482,209,115

101,482,209

100.0(note1) Central Tokyo means Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya, and Meguro Wards. Three Major Metropolitan area means
Kanto metropolitan area excluding Central Tokyo, Chukyo and Keihanshin metropolitan area. Other Major cities mean Sapporo,
Sendai, Hiroshima, Kitakyushu, Fukuoka metropolitan areas and cities with a population of 300,000 or more.
(note 2) Each of the amounts in the column of the “Anticipated Acquisition Price” are rounded off at thousand. Figures in the “Portfolio total”
and the “Sub-total are the sum of the anticipated acquisition prices, and shows the sum of the amounts rounded off at thousand.
(note 3) In the column of the “Percentage of Portfolio”, the figures are calculated as a percentage of the aggregate total acquisition price of out
anticipated portfolio of 129 properties and rounded to the second decimal place.

10

(Reference No.2)
Summary of Appraisal Reports
Direct Capitalization Method(note 1)

DCF Method (note 2)
Acquisition Price

Property No.

Name of Property

Value IndicatedAppraisal Valueby CostApproach（JPY（JPY
thousand）
thousand）

Value indicatedby Direct
Capitalization
Method（ JPY
thousand）

Overall
Value IndicatedCapitalization
by DCF
Rate(JPY
thousand）
（％ ）

DCF
Rate
（％ ）

DCF
Terminal
Capitalization
Rate（％ ）（ Anticipated）（ JPY

Appraiser（note 3）thousand）

O-1-001

Satella Kita 34-jo

1,165,000

1,180,000

1,175,000

6.3

1,155,000

6.1

6.6

1,133,714

O-1-002

Carrera 2.9

249,000

234,000

249,000

5.6

249,000

5.4

5.8

281,28538

O-1-003

Sapporo Hills

285,000

274,000

286,000

5.5

283,000

5.3

5.7

287,666

8

O-1-004

Satella Nagayama

361,000

350,000

361,000

6.6

361,000

6.4

6.8

342,4288

O-1-023

willDo Minami 12 jo

442,000

396,000

444,000

5.7

440,000

5.5

5.9

460,8398
5

O-1-032

willDo Kita 24 jo

303,000

326,000

299,000

5.8

305,000

5.6

5.9

316,000

O-1-033

Flat Carerra

290,000

201,000

289,000

5.5

291,000

5.3

5.6

290,000

5

O-1-034s13w9 h+454,000

470,000

450,000

5.6

455,000

5.4

5.7

463,000

5

O-1-035s9w12 h+522,000

596,000

517,000

5.6

524,000

5.4

5.7

533,000

5

O-1-036

willDo Minami hiragishi

310,000

318,000

308,000

5.7

311,000

5.5

5.8

315,000

5

O-2-037

willDo Nishishitadai cho

549,000

534,000

557,000

6.3

541,000

5.9

6.5

512,000

8

O-2-054

willDo Kamisugi 3 chome

517,000

492,000

521,000

5.6

513,000

5.5

5.8

506,000

3

O-2-065

Grand Mason Shichifuku

338,000

291,000

340,000

5.8

335,000

5.6

6.0

342,000

3

O-3-079

AS Premium Ishizue-machi

469,000

501,000

466,000

6.2

472,000

6.0

6.4

462,5108

O-3-080

AS Residence Sasaguchi

266,000

287,000

266,000

6.0

266,000

5.8

6.2

266,000

8

O-4-005

Bell Koshigaya 21

527,000

468,000

528,000

5.7

526,000

5.9

6.0

499,333

1

O-4-006

Joyful Sayama

230,000

190,000

232,000

6.2

229,000

6.4

6.5

216,6191

O-4-007

Lumiere Hachioji

523,000

419,000

525,000

6.2

522,000

6.4

6.5

480,7611

O-4-008

willDo Kiyosumi

5,630,000

5,230,000

5,680,000

4.6

5,580,000

4.4

4.8

5,024,619

8

O-4-009

Turkey's Denen-Chofu No.2

297,000

175,000

300,000

5.4

295,000

5.6

5.7

281,523

1

O-4-010Sky Court 100

391,000

329,000

394,000

5.7

390,000

5.3

5.9

379,857

2

O-4-011

FC Takasago-cho

252,000

192,000

253,000

5.6

252,000

5.8

5.9

233,1421

O-4-012Site Pia

550,000

533,000

555,000

5.4

545,000

5.2

5.6

506,1428

O-4-024

VISTA Supreme

528,000

432,000

532,000

5.2

523,000

5.0

5.4

563,5848

O-4-025

Joy Oyamadai

620,000

598,000

628,000

4.9

612,000

4.7

5.1

624,2658

O-4-031

Estage Otsuka

682,000

646,000

690,000

5.0

673,000

4.8

5.2

725,2298

O-4-038

willDo Niiza

634,000

582,000

640,000

5.4

628,000

5.2

5.6

590,4388

O-4-039

Toshin Shoto Mansion

957,000

1,190,000

970,000

5.0

944,000

4.8

5.2

912,000

3

O-4-055

Harmony Kamikitazawa

396,000

386,000

401,000

4.9

390,000

4.7

5.1

400,000

8

O-4-062

Sho Minami Urawa

396,000

334,000

402,000

5.3

393,000

5.1

5.5

396,000

6

O-4-069

College Square Kitaikebukuro

705,000

381,000

708,000

4.9

703,000

4.7

5.1

727,000

6

O-4-070

College Square Tobu Nerima

858,000

614,000

854,000

5.0

860,000

4.8

5.2

892,000

6

O-4-071

College Square Akatsuka

723,000

450,000

718,000

5.0

727,000

4.8

5.2

734,000

6

O-4-072

Colleg Square Higashikurume517,000

378,000

532,000

5.4

511,000

5.4

5.7

523,000

1

O-4-073

College Square Waseda II

209,000

242,000

206,000

4.8

210,000

4.6

5.0

215,000

6

O-4-074

College Square Myogadani

1,030,000

641,000

1,080,000

4.9

1,010,000

4.9

5.2

1,060,000

1O-4-075

College Square Shinkoiwa

710,000

457,000

720,000

5.0

706,000

4.8

5.2

724,000

6

O-4-076

College Square Kiba

645,000

439,000

658,000

5.0

639,000

5.1

5.3

639,000

1
1

O-4-077

College Squrare Kinshicho

492,000

335,000

512,000

4.9

483,000

4.9

5.2

490,000

O-4-078

College Square Waseda

310,000

309,000

316,000

4.8

308,000

5.0

5.1

316,000

1

O-5-013

willDo Kanayama Masaki

554,000

530,000

558,000

5.5

550,000

5.3

5.7

490,095

88

O-5-026

Excelsior Sakae

630,000

662,000

639,000

5.3

621,000

5.1

5.5

641,767

O-5-027

Stegea Hibino

315,000

312,000

317,000

5.5

313,000

5.3

5.7

317,6038

O-5-040

willDo Chiyoda

634,000

541,000

640,000

5.5

631,000

5.3

5.7

633,000

6

O-5-041

willDo Taiko dori

1,170,000

926,000

1,180,000

5.4

1,160,000

5.1

5.7

1,120,000

2O-5-042

willDo Kanayama

370,000

306,000

375,000

5.6

369,000

5.4

5.8

370,000

6

O-5-043

willDo Kanayama Sawashita

376,000

340,000

381,000

5.6

374,000

5.4

5.8

375,000

64

O-5-056

willDo Kachigawa

518,000

444,000

526,000

5.7

510,000

5.4

6.0

503,000

O-5-057

Stagea Kogane

587,000

498,000

598,000

5.7

575,000

5.5

6.0

600,000

3

O-5-063

willDo Inaei

639,000

622,000

638,000

5.8

639,000

5.6

6.0

641,000

62

O-5-066

willDo Higashibetsuin

712,000

529,000

723,000

5.4

707,000

5.1

5.7

703,000

O-5-081

willDo Matsubara

566,000

548,000

569,000

5.8

562,000

5.6

6.0

549,000

8

O-5-082

willDo Yokkaichi Unomori

567,000

528,000

565,000

6.1

569,000

5.9

6.3

529,15088

O-5-086

willDo Daikancho

655,000

645,000

661,000

5.5

648,000

5.3

5.7

655,000

O-6-014

willDo Ichioka

717,000

673,000

723,000

5.3

711,000

5.1

5.5

722,7618

O-6-015

willDo Ebie

376,000

329,000

379,000

5.2

372,000

5.0

5.4

350,9048

O-6-016

willDo Imafuku nishi

423,000

337,000

431,000

5.5

420,000

5.2

5.8

413,857

2

O-6-017

Maison Flora

580,000

442,000

595,000

5.6

570,000

5.4

6.0

584,2852

O-6-018

Wind Four Minami-Honmachi

301,000

273,000

305,000

6.2

297,000

5.9

6.4

307,1424

O-6-028

willDo Shin-Osaka sⅠ

307,000

215,000

310,000

5.4

303,000

5.1

5.6

285,723

4

11

Direct Capitalization Method(note 1)

DCF Method (note 2)
Acquisition Price

Property No.

Name of Property

Value IndicatedAppraisal Valueby CostApproach（JPY（JPY
thousand）
thousand）

Value indicatedby Direct
Capitalization
Method（JPY
thousand）

Overall
Value IndicatedCapitalization
by DCF
Rate(JPY
thousand）
（ ％）

DCF
Rate
（ ％）

DCF
Terminal
Capitalization
Rate（ ％）（ Anticipated）（ JPY

Appraiser（ note 3）

thousand）

O-6-029

Grand Mer Higashi Yodogawa

260,000

215,000

263,000

5.6

257,000

5.3

5.8

236,069

4

O-6-030

willDo Fukae minami

182,000

180,000

182,000

5.6

181,000

5.4

5.8

184,7168

O-6-044

willDo Dainichi

221,000

179,000

220,000

5.9

221,000

6.1

6.2

217,000

1

O-6-045

willDo Shin-Osaka sⅡ

241,000

200,000

243,000

5.4

239,000

5.1

5.6

244,000

4

O-6-046

willDo Tsukamoto

756,000

611,000

766,000

5.6

745,000

5.3

5.8

730,000

4

O-6-047

willDo Tenmabashi

332,000

274,000

332,000

5.4

332,000

5.6

5.7

338,000

1

O-6-048

willDo Sakaisuji Honmachi

324,000

275,000

321,000

5.6

325,000

5.8

5.9

325,000

1

O-6-049

willDo Tanimachi

1,000,000

806,000

1,010,000

5.3

995,000

5.0

5.6

1,040,000

2

O-6-050Imperial Sakurakawa-minami II

474,000

397,000

473,000

5.7

475,000

5.9

6.0

486,000

1

O-6-051

willDo Nanba wⅠ

691,000

531,000

690,000

5.7

691,000

5.9

6.0

690,000

1

O-6-052

Zekubenten

486,000

381,000

492,000

5.4

480,000

5.1

5.6

466,000

4

O-6-058

willDo Tsurumi Morokuchi

178,000

166,000

177,000

6.0

178,000

6.2

6.3

180,000

1

O-6-059

willDo Hamasaki dori

2,280,000

1,860,000

2,310,000

5.8

2,270,000

5.6

6.0

2,280,000

6O-6-060

St.Ammy Nishitenma

500,000

419,000

501,000

5.4

500,000

5.6

5.7

493,000

1

O-6-064

Excellent Matsuyamachi

811,000

680,000

819,000

5.3

809,000

5.1

5.5

810,000

6

O-6-067

willDo Shin-Osaka

851,000

618,000

850,000

5.4

852,000

5.6

5.7

861,000

1

O-6-083

willDo Sannomiya East

732,000

730,000

737,000

5.6

727,000

5.4

5.8

731,000

8

O-6-084

willDo Kamishinjyo wI

366,000

383,000

370,000

5.4

361,000

5.2

5.6

366,000

8

O-6-085

Student Heights Kujo

565,000

450,000

573,000

5.6

557,000

5.4

5.8

537,000

8

O-7-068

willDo Okayama-eki Nishiguchi

1,220,000

866,000

1,200,000

6.0

1,230,000

6.2

6.3

1,220,000

1O-7-087

willDo Okayamadaiku

1,040,000

997,000

1,030,000

6.0

1,050,000

6.2

6.3

1,040,000

1O-9-019

Stars Uchiyama

168,000

147,000

171,000

6.2

165,000

5.9

6.4

160,000

4

O-9-020

Uchiyama-MinamiKokura-ekimae Building

441,000

552,000

446,000

6.2

436,000

5.9

6.5

579,7614

O-9-021Duminas Tojin-machi

211,000

226,000

214,000

5.6

208,000

5.3

5.8

209,7144

O-9-022

Stream Line Ohori

O-9-053

willDo Nakasu

O-9-061

NKR Gofuku-cho

Studio Sub-total

449,000

418,000

457,000

5.7

446,000

5.4

6.0

382,8572

2,610,000

2,590,000

2,630,000

5.3

2,590,000

5.1

5.5

2,460,000

8
4231,000

266,000

234,000

5.5

228,000

5.2

5.7

231,000

53,949,000

47,517,000

54,386,000-

53,609,000--

52,955,374

F-2-001

Royal Garden Shinrin Koen

415,000

339,000

419,000

5.8

410,000

5.6

6.1

396,1903F-2-002

Green Park Komatsujima

456,000

455,000

461,000

6.0

450,000

5.8

6.3

550,5233

F-2-003

Dia Palace Izumizaki

334,000

404,000

338,000

5.8

329,000

5.6

6.1

355,095

3

F-2-004

Sun Vario Takasago

377,000

334,000

378,000

6.0

368,000

5.8

6.4

364,9042

F-3-034

Ark Heim Niigata

1,070,000

1,060,000

1,080,000

6.5

1,050,000

6.3

6.9

1,060,000

3F-4-005

Johanna Mansion

558,000

663,000

553,000

7.0

560,000

7.2

7.3

556,7141

F-4-006

Iruma-ekimae Building

1,570,000

990,000

1,590,000

6.3

1,560,000

6.5

6.6

1,517,000

1F-4-007

Iruma-ekimae Building No.II

756,000

580,000

773,000

6.4

749,000

6.6

6.7

687,666

1

F-4-008

Sereno Omiya

1,840,000

2,340,000

1,860,000

5.6

1,810,000

5.4

5.9

1,554,523

3F-4-009

Suzuran-kan

428,000

441,000

437,000

5.6

424,000

5.8

5.9

441,1901

F-4-010Bonheur Tokiwa

744,000

728,000

750,000

5.6

738,000

5.4

5.8

752,9043

F-4-011

Profit Link Takenotsuka

600,000

698,000

601,000

5.9

599,000

6.1

6.2

636,333

1

F-4-013

Dream Heights

378,000

325,000

379,000

5.6

378,000

5.8

5.9

358,666

1

F-4-014

Green Hills Asukayama

597,000

607,000

601,000

5.6

595,000

5.8

5.9

587,2381

F-4-015

Oji Heights

397,000

268,000

396,000

5.1

397,000

5.3

5.4

347,857

1

F-4-016

Sakagami Royal Heights No. II

F-4-017

willDo Todoroki

F-4-018

Chez Moi Sakuragaoka

615,000

432,000

613,000

F-4-019

Libest Nishi-chiba

2,350,000

2,960,000

2,350,000

F-4-020

Corinne Tsudanuma

377,000

397,000

382,000

F-4-021

Isogo Flat

5,430,000

6,260,000

F-4-022

Chigasaki Daikan Plaza

465,000

F-4-028

Winbell Chorus Hiratsuka No.13

440,000

F-4-029

Libest Higashi Nakayama

F-4-030

359,000

358,000

359,000

5.7

359,000

5.9

6.0

360,7141

1,865,000

1,450,000

1,891,000

4.5

1,839,000

4.3

4.7

1,764,809

3

5.8

616,000

6.0

6.1

609,9041

5.8

2,350,000

6.0

6.1

2,152,476

1

5.5

372,000

5.3

5.8

352,76185,470,000

6.0

5,380,000

5.7

6.2

5,290,571

4

333,000

468,000

6.1

464,000

6.3

6.4

453,5711

427,000

442,000

5.5

437,000

5.3

5.7

477,5878

1,530,000

1,500,000

1,530,000

5.8

1,530,000

6.0

6.1

1,371,314

1

Libest Nakayama

875,000

1,200,000

871,000

6.4

876,000

6.6

6.7

837,3481

F-4-031

MGA Kanamachi

484,000

484,000

491,000

5.1

477,000

4.9

5.3

484,000

8

F-4-035

Greenhills Roka

673,000

750,000

688,000

5.1

666,000

4.8

5.4

662,000

2

F-4-036

Lofty Hirai

338,000

244,000

338,000

5.8

338,000

5.9

6.1

324,000

1

F-4-038

Colonnade Kasuga

3,230,000

3,326,000

3,310,000

4.7

3,230,000

4.6

4.8

3,115,2777F-5-023

Stellato City Temmacho

710,000

666,000

711,000

5.5

709,000

5.3

5.7

627,7858F-5-024

Grace Mansion Fuji

494,000

429,000

494,000

6.1

494,000

5.9

6.3

492,7618

F-5-032

Stellato City Sakurayama

734,000

674,000

744,000

5.5

724,000

5.3

5.8

735,000

3

F-5-037

Grand court Kurokawa

644,000

668,000

649,000

5.4

642,000

5.1

5.7

677,000

2

12

Direct Capitalization Method(note 1)

DCF Method (note 2)
Acquisition Price

Property No.

Name of Property

Appraisal Value（JPY
thousand）

Value Indicatedby CostApproach（ JPY
thousand）

Value indicatedby Direct
Capitalization
Method（JPY
thousand）

Overall
Value IndicatedCapitalization
by DCF
Rate(JPY
thousand）
（％ ）

DCF
Rate
（ ％）

DCF
Terminal
Capitalization
Rate（ ％）（ Anticipated）（ JPY

Appraiser（note 3）thousand）

F-6-026

willDo Nishi akashi

711,000

1,230,000

721,000

6.5

701,000

6.2

6.7

635,666

4

F-6-033

La Vita Nipponbashi

1,880,000

1,970,000

1,900,000

5.4

1,860,000

5.1

5.6

1,860,000

4F-9-027

Image Kirigaoka

618,000

652,000

617,000

6.2

618,000

5.9

6.4

662,7144

35,342,000

36,642,000

35,655,000-

35,099,000--

34,114,074

Family Sub-total
P-4-001

Chelsea Garden

4,318,000

5,616,000

4,368,000

4.4

4,296,000

4.2

4.5

4,238,476

5P-4-002c-MA1

626,000

642,000

633,000

4.5

623,000

4.3

4.6

618,095

5P-4-003c-MA2

813,000

827,000

824,000

4.5

802,000

4.3

4.7

699,2858P-4-004c-MA3

1,430,000

2,150,000

1,440,000

4.6

1,420,000

4.4

4.7

1,480,808

5P-4-005

n-GT1

485,000

469,000

491,000

4.8

483,000

5.0

5.1

466,095

1

P-4-006

n-OM1

3,840,000

5,050,000

3,810,000

4.5

3,850,000

4.4

4.7

3,750,000

6P-4-007

Storia Jingumae

3,190,000

4,000,000

3,280,000

4.1

3,190,000

4.0

4.2

3,160,000

7

Premium Sub-total

14,702,000

18,754,000

14,846,000-

14,664,000--

14,412,760

-

Total

103,993,000

102,913,000

104,887,000-

103,372,000--

101,482,209-(note 1) ”Direct Capitalization Method” is under Capitalization Method ( method to calculate assessment value of target property by sum of present values of net income to begenerated by the target property), a method to capitalize net income during a fixed period by a capitalization rate (overall capitalization rate), and the capitalized value of the
net income is a value indicated by direct capitalization method. Overall capitalization rate is rounded off at the second decimal place.

(note 2) “DCF Method” is under the method referred at (note 1), sum of each present value, which is calculated from discounts of net income or recovery price generated during acontinuing period. Discount rate during a final period in continuous several periods is DCF Terminal Cap Rate, and discount rate during the period excluding the final period
is DCF rate. Both of DCF rate and DCF Terminal Cap Rate are rounded off at the second decimal place.

(note 3) In colum of “Appraiser”, representation of “1” is for Tanizawa Sogo Appraisal Co., Ltd.,”2” for Nippon Tochi-Tatemono Ltd., “3”for Real Estate Investment Advisors

Co.,Ltd., “4”for Morii Appraisal & Investment Consulting Inc., “5” for Rich Appraisal Institute K.K., “6”for Daiwa Real Estate Appraisal Co.,Ltd., “7”for Land Coordinating
Research Inc., “8”for Japan Real Estate Institute.

13