November 20, 2007
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 this by securing stable income,diversifying investment in rental apartment categories, and diversifying investment on a nationwide basis.

2. Property details(1) Details of the properties are:Rights regarding the property trust beneficiary interests.
Anticipated
Property

Property Name

NumberSelleracquisition price(note 1)(thousand yen)(note 2)O-4-069

College Square Kita IkebukuroYK MC First

727,000

O-4-070

College Square Tobu Nerima

YK MC First

892,000

O-4-071

College Square Akatsuka

YK MC Second

734,000

O-4-072

College Square Higashi Kurume

GK MC Third

523,000

O-4-073

College Square Waseda II

GK MC Third

215,000

O-4-074

College Square Myogadani

GK MC Third

1,060,000

O-4-075

College Square Shinkoiwa

GK MC Third

724,000

O-4-076

College Square Kiba

YK MC Second

639,000

O-4-077

College Square Kinshicho

YK MC Second

490,000

O-4-078

College Square Waseda

GK MC Third

316,000

P-4-007

Storia Jingumae

GK re-plus residential warehouse No.5
Total

(note 1)
(note 2)(2)

3,160,000
9,480,000

YK stands for Yugen Kaisha, and GK stands for Godo Kaisha.
The Anticipated Acquisition Price does not include costs related to the acquisition, Property Tax, City Planning Tax, and Consumption Tax.
The numbers are rounded down to the nearest thousand. Total Acquisition Price represents the sum of the Acquisition Price of each property
before rounding down and the resultant total then being rounded down to the nearest JPY 1,000.

Signing Date of Transfer Agreement of Trust Beneficiary Interest
November 20, 2007

1

(3)

Scheduled Date of Property Acquisition① November 27, 2007
Properties tobe acquired

College Square Kita Ikebukuro
College Square Tobu NerimaCollege Square Akatsuka
College Square Kiba
College Square Kinshicho② December 14, 2007
Property to
be acquired

Storia Jingumae③ December 18, 2007
Properties tobe acquired

College Square Higashi Kurume
College Square Waseda II
College Square MyogadaniCollege Square Shinkoiwa
College Square Waseda(4)Funds for the Acquisition
Funds from borrowings and cash on hand

(5)

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

Special Note
Among the transactions of the Properties listed above, the one with the Seller of P-4-007, Storia Jingumae, isdefined as a transaction with a related party under the internal rules and regulations of the Asset Management
Company. Please refer to Section 7 for the details of transactions with related parties.

(7)

Property Area and Property Category
Property number

Property name

Property area (note)

Property category

O-4-069

College Square Kita Ikebukuro

Tokyo Metropolitan area

StudioO-4-070

College Square Tobu NerimaTokyo Metropolitan area

StudioO-4-071

College Square Akatsuka

Tokyo Metropolitan area

StudioO-4-072

College Square Higashi Kurume

Tokyo Metropolitan area

StudioO-4-073

College Square Waseda II

Tokyo Metropolitan area

StudioO-4-074

College Square Myogadani

Tokyo Metropolitan area

StudioO-4-075

College Square Shinkoiwa

Tokyo Metropolitan area

StudioO-4-076

College Square Kiba

Tokyo Metropolitan area

StudioO-4-077

College Square KinshichoTokyo Metropolitan area

StudioO-4-078

College Square Waseda

Central Tokyo

StudioP-4-007

Storia Jingumae

Central Tokyo

Premium(note)

Central Tokyo represents the seven central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku andMeguro-ku. Tokyo Metropolitan Area represents the Kanto area excluding the seven central Tokyo wards. Major Metropolitan Area refers to
Sapporo, Sendai, Chukyo, Keihanshin, Hiroshima, Kita-Kyushu/Fukuoka areas and other major metropolitan areas with population larger than
300,000 people.

2

3. Details of the Properties to be Acquired
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 October 31, 2007.
I. College Square Kita Ikebukuro
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 727,000 thousand
November 30,2015

College Square Kita Ikebukuro is close to central Tokyo. It is located about nine minutes walk from Shimo Itabashi Station on the Tobu Tojo line, which is only
about four minutes by train to Ikebukuro Station, one of central Tokyo’s commercial centers. The property was completed in February 2006, and is managed well interms of cleaning and other areas. Almost all apartments are 1K studio type. Stable and highly operation can be expected as a student apartment due to its proximity
to central Tokyo. In addition, the property can sufficiently meet the demands of its most likely tenants, namely students and single people, after the current lease
contract expires.
Property Summary(Residential) 5-11 Kumano-cho, Itabashi-ku Tokyo
Location (note 1)(Registered) 5-3,22, 24 Kumano-cho, Itabashi-ku, Tokyo
Proprietary
Commercial Zone,
Type of OwnershipArea Classification (note 2)Land
Ownership
Quasi Industrial Zone
Land area (Note 1)
332.25m2
FAR/Building Coverage Ratio (note 3)500% / 300%, 80%/60%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
2
Floor space (note 1)
1,215.44 m Completion Date (note 1)
February 28, 2006
Type of Structure(note 1)
RC 11-story building with a flat roof
Leasable units in unit type
50 units (1K studio: 50 units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Master Lease Company
Mainichi Comnet Co., Ltd.
Type of Master Lease
Rent Guarantee Master Lease
Property Appraisal Summary (note 4)
Tenant Details (note 5)
DAIWA REAL ESTATE
Appraiser
Number of Tenants (note 6)
1
APPRAISAL Corporation.
Date of Appraisal
October 1, 2007
Leasable Area
1,029.50 ㎡
Appraisal ValueJPY 705,000 thousand
Leased Area
1,029.50 ㎡
Value Calculated Using the Direct
JPY 708,000 thousand
Monthly Rent (note 7)
JPY 3,385 thousand
Capitalization Method
Gross Operating Revenue
JPY 43,842 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 8,036 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 35,805 thousand
Occupancy Ratio (area base) (note 8)
100.00%Lump-Sum Investment ReturnJPY 124 thousand
Engineering Report Summary (note 9)
Capital Expenditure
JPY 1,236 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 34,693 thousand
Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
4.9％
Date of Research
September 13, 2007
Value Indicated by DCF Method
JPY 704,000 thousand
Priority Repairs－
Discount Rate
4.1％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
5.1％
Far-Future Repairs (within 12 years)
JPY 8,856 thousand
Value Indicated by Cost Approach
JPY 372,000 thousand
Probable Maximum Loss (PML)
8.6％
Special Notes: None
* A part of land (about 8.03 ㎡) in this property is used as road.
(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 thebuilding 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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. College Square Tobu NerimaType of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 892,000 thousand
November 30,2015

College Square Tobu Nerima is located about five minutes walk from Tobu Nerima Station on the Tobu Tojo line. There are many shopping centers andrestaurants near the station. The station is about 16 minutes by train to Ikebukuro Station, adding convenience and good access to central Tokyo.
Standard apartments for rent in the property are 1K studios. Stable and highly operation can be expected as a student apartment due to the dual benefits of
convenience and good access. In addition, the property can sufficiently meet the demands of its most likely tenants, namely students and single people after thecurrent lease contract expires.
Property Summary(Residential) 3-5-21 Tokumaru, Itabashi-ku, Tokyo(Registered) 3-152-1, 17,21 Tokumaru, Itabashi-ku Tokyo
Proprietary
Class 1 mid-high rise residential zone,
Type of OwnershipArea Classification (note 2)Land
Ownership
Neighborhood commercial zone
Land area (note 1)
523.02m2
FAR/Building Coverage Ratio (note 3)
200% / 300%, 60%/80%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
2
Floor space (note 1)
1,706.90 m Completion Date (note 1)
October 31, 2005
Type of Structure (note 1)
RC 6-story building with a flat roof
Leasable units by unit type63 units (1K studio: 62 units, 2DK:1 unit)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Master Lease Company
Mainichi Comnet Co., Ltd.
Type of Master Lease
Rent Guarantee Master Lease
Property Appraisal Summary (note 4)
Tenant Details (note 5)
DAIWA REAL ESTATE
Appraiser
Number of Tenants (note 6)
1
APPRAISAL Corporation.
Date of Appraisal
October 1, 2007
Leasable Area
1,337.00 ㎡
Appraisal Value
JPY 858,000 thousand
Leased Area
1,337.00 ㎡
Value Calculated Using the Direct
JPY 856,000 thousand
Monthly Rent (note 7)
JPY 4,335 thousand
Capitalization Method
Gross Operating Revenue
JPY 55,068 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 10,682 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 44,386 thousand
Occupancy Ratio (area base) (note 8)
100.00%Lump-Sum Investment ReturnJPY 156 thousand
Engineering Report Summary (note 9)
Capital Expenditure
JPY 1,761 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 42,782 thousand
Engineering Report Company
Consulting Co., Ltd.
September 13, 2007
Overall Capitalization Rate
5.0％
Date of Research－
Value Indicated by DCF Method
JPY 859,000 thousand
Priority Repairs－
Discount Rate
4.1％
Near-Future Repairs (within a year)
JPY 13,690 thousand
Terminal Capitalization Rate
5.2％
Far-Future Repairs (within 12 years)
9.5％
Value Indicated by Cost Approach
JPY 597,000 thousand
Probable Maximum Loss (PML)
Special Notes: Part of the boundary between the property’s land and the adjacent land has not been settled.
(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 thebuilding 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.
Location (note 1)

4

III. College Square Akatsuka
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY734,000 thousand
September 30, 2016

College Square Akatsuka is located at about seven minutes walk from Akatsuka Subway Station on the Tokyo Metro Yurakucho line, and about nine minutes walkfrom Shimo Akatsuka Station on the Tobu Tojo line, making it possible for the residents of the property to access two stations on two different rail lines. Currently, it isrented as a student apartment, and a stable operation can be expected from the property due to the existence of many universities and technical colleges along the Tobu
Tojo line. Standard apartments for rent in the property are 1K studios. Each apartment is equipped with an air conditioner, a separate toilet/bath unit, wooden floor, anda space for a washing machine. For these reasons, the property can sufficiently meet the demands of its most likely tenants, namely students and single people, after thecurrent lease contract expires.
Property Summary(Residential) 3-15-14 Kitamachi, Nerima-ku, Tokyo(Registered) 3-829-2 Kitamachi, Nerima-ku Tokyo
Proprietary
Neighborhood commercial zone,
Type of OwnershipArea Classification ( note 2)Land
Ownership
Quasi commercial zone
Land area ( note 1)
401.38m2
FAR/Building Coverage Ratio ( note 3)
200% / 300%, 60%/80%
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
1,360.07 m Completion Date ( note 1)
March 15, 2006
Type of Structure ( note 1)
RC 8-story building with a flat roof
Leasable units by unit type54 units (1K studio:54 units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
DAIWA REAL ESTATE
Appraiser
Number of Tenants ( note 6)
1
APPRAISAL Corporation.
Date of Appraisal
October 1, 2007
Leasable Area
1,090.64 ㎡
Appraisal ValueJPY 723,000 thousand
Leased Area
1,090.64 ㎡
Value Calculated Using the Direct
JPY 718,000 thousand
Monthly Rent ( note 7)
JPY 3,949 thousand
Capitalization Method
Gross Operating Revenue
JPY 45,669 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 8,635 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 37,034 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 129 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 1,239 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) ( note 10)
JPY 35,924 thousand
Engineering Report Company
Consulting Co., Ltd.
September 13, 2007
Overall Capitalization Rate
5.0％
Date of Research－
Value Indicated by DCF Method
JPY 727,000 thousand
Priority Repairs
JPY 50 thousand
Discount Rate
4.1％
Near-Future Repairs (within a year)
JPY 9,714 thousand
Terminal Capitalization Rate
5.2％
Far-Future Repairs (within 12 years)
10.3%
Value Indicated by Cost Approach
JPY 444,000 thousand
Probable Maximum Loss (PML)
Special Notes: None
(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 thebuilding 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.
Location ( note 1)(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.

5

IV. College Square Higashikurume
Type of Asset
Trustee

Anticipated Acquisition Price
Trust Beneficiary Interest
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY523,000 thousand
September 30, 2018

College Square Higashi Kurume is located about three minutes walk from Higashi Kurume Station on the Seibu Ikebukuro line. It has relatively good access to central
Tokyo, with only about 20 minutes required to travel from Higashi Kurume Station to Ikebukuro Station via express, and about 40 minutes to Shinjuku. Public institutions,such as the City Hall, as well as banks, supermarkets, restaurants, and shops are concentrated around the station, making it a convenient area in terms of lifestyle andaccess.
Standard apartments for rent in the property are 1K studios. The property can sufficiently meet the demands of its most likely tenants, namely college students and otherpersons who commute to destinations along the Seibu Ikebukuro line and in central Tokyo.
Property Summary(Residential) 1-4-24 Shinkawa-cho, Higashikurume-shi, Tokyo(Registered)1-299-4 Shinakawa-cho, Higashikurume-shi Tokyo
Proprietary
Type of OwnershipArea Classification ( note 2)
Commerial zone
OwnershipLand
Land area
250.00m2
FAR/Building Coverage Ratio ( note 3) 400% / 100%( note 1)
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
1,175.55 m Completion Date ( note 1)
September 26, 2007
Type of Structure (note 1)
RC 10-story building with a flat roof
Leasable units by unit type45 units (1K studio: 45 units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Number of Tenants ( note 6)
1
Date of Appraisal
October 15, 2007
Leasable Area
913.32 ㎡
Appraisal Value
JPY 523,000 thousand
Leased Area
913.32 ㎡
Value Calculated Using the Direct
JPY 539,000 thousand
Monthly Rent ( note 7)
JPY 2,642 thousand
Capitalization Method
Gross Operating Revenue
JPY 37,643 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 8,203 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 29,440 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 89 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 966 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) ( note 10)
JPY 28,563 thousand
Engineering Report Company
Consulting Co., Ltd.
October 5, 2007
Overall Capitalization Rate
5.3％
Date of Research－
Value Indicated by DCF Method
JPY 516,000 thousand
Priority Repairs－
Discount Rate
5.3％
Near-Future Repairs (within a year)
JPY 10,190 thousand
Terminal Capitalization Rate
5.6％
Far-Future Repairs (within 12 years)
11.0%
Value Indicated by Cost Approach
JPY 382,000 thousand
Probable Maximum Loss (PML)
Special Notes: Part of the boundary between the property’s land and the adjacent land has not been settled.
(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 thebuilding 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 October 31, 2007.
Location ( note 1)(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

6

V. College Square Waseda II
Type of Asset
Trustee

Anticipated Acquisition Price
Trust Beneficiary Interest
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY215,000 thousand
September 30, 2018

College Square Waseda II is located about four minutes walk from Waseda Station on the Toden Arakawa line. Its neighborhood is a commercial-residential mix areawith middle-rise stores/apartments and family houses. The property’s access to central Tokyo is excellent, as residents can reach Ikebukuro Station in about 20 minutes andShinjuku Station in about 30 minutes.
Standard apartments for rent in the property are 1K studios. Stable operation can be expected as a student apartment given its proximity to Waseda University, Japan
Women’s University, and Gakushuin University. The property can sufficiently meet the demands of its most likely tenants, namely students and single people, after thecurrent lease contract expires.
Property Summary(Residential) 1-10-22 Takada, Toshima-ku, Tokyo(Registered) 1-104-1 Takada, Toshima-ku, Tokyo
Proprietary
Type of OwnershipArea Classification ( note 2)Class 1 residential zone
Land
Ownership
2
Land Area( note 1)
139.09m
FAR/Building Coverage Ratio ( note 3) 300% / 60%
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
395.43 m
Completion Date ( note 1)
July 20, 2007
Type of Structure ( note 1)
RC 7-story building with a flat roof
Leasable units by unit type14units (1K studio: 14units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary (note 4)
Tenant Details ( note 5)
DAIWA REAL ESTATE
Appraiser
Number of Tenants ( note 6)
1
APPRAISAL Corporation.
Date of Appraisal
October 1, 2007
Leasable Area
292.62 ㎡
Location ( note 1)

Appraisal Value

JPY 209,000 thousand

Leased Area

292.62 ㎡

Value Calculated Using the Direct
JPY 207,000 thousand
Monthly Rent ( note 7)
JPY 1,058 thousand
Capitalization Method
Gross Operating Revenue
JPY 12,977 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 2,827 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 10,150 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 36 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 247 thousand
JAPAN ERI CO.,LTD.
Net Cash Flow (NCF) (Note 10)
JPY 9,939 thousand
Engineering Report Company
September 20, 2007
Overall Capitalization Rate
4.8％
Date of Research－
Value Indicated by DCF Method
JPY 210,000 thousand
Priority Repairs－
Discount Rate
4.1％
Near-Future Repairs (within a year)
JPY 4,910 thousand
Terminal Capitalization Rate
5.0％
Far-Future Repairs (within 12 years)
12.0%
Value Indicated by Cost Approach
JPY 238,000 thousand
Probable Maximum Loss (PML)
Special Notes: None
(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 thebuilding 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

7

VI. Name of Property: College Square MyogadaniType of Asset

Trust Beneficiary Interest
Mitsubishi UFJ Trust and Banking
Corporation

Trustee

Anticipated Acquisition Price

JPY1,060,000 thousand

Trust Due Date

September 30, 2018

Property Features
The Property is located about a ten-minute walk from Myogadani Station on Tokyo Metro Marunouchi line. The major features of Bunkyo-ku, where the property
is situated, include a wide array of high-quality, select housing, and a number of universities and institutes of higher education, such as the University of Tokyo,
Ochanomizu University, and Chuo University. In recent years, the ward’s residential population has risen largely due to a trend among residents to return to central
Tokyo, which has made Bunkyo-ku one of the popular residential areas. Access from the property is excellent, as it only takes about 12 minutes to reach Tokyo
Station from the nearby station. A good, convenient environment has been formed around the station because of the concentration of restaurants, retail, and service
establishments there.
The apartments in the property are single-room apartments with a kitchen. The property could cater for student demand in the property area.
Property Summary
Location (Note 1)
Land

Building

Leasable units by unit type(Residential) 3- 41-12 Otsuka, Bunkyo-ku, Tokyo(Registered) 3-41-10,11,12 Otsuka Bunkyo-ku, Tokyo
Type of Ownership

LeaseholdArea Classification ( note 2)

Quasi industrial zone

Land Aaea ( note 1)

389.80m2

FAR/Building Coverage Ratio ( note 3)

400% / 80%

Type of Ownership

Proprietary
Ownership

Use ( note 1)

Apartment complex

Floor space ( note 1)

1,565.89 m2

Completion Date ( note 1)

Type of Structure (note 1)

RC 11-story building with a flat roof

68 units (1K studio: 68 units)

Property Management Company

Mainichi Comnet Co., Ltd.

Sub Property Management Company

Master Lease Company

Mainichi Comnet Co., Ltd.

Type of Master Lease

Property Appraisal Summary
Appraiser
Date of Appraisal
Appraisal Value
Value Calculated Using the Direct
Capitalization Method
Gross Operating Revenue(Note 4)

Tenant Details ( note 5)

Tanizawa Sogo Appraisal Co., Ltd.

Number of Tenants ( note 6)

1

Leasable Area

1,386.53 m2

JPY 1,030,000 thousand

Leased Area

1,386.53 m2

JPY 1,070,000 thousand

Monthly Rent ( note 7)

September 30, 2007

JPY 4,926 thousand

Lease Deposits and Guarantee Deposits

Gross Operating Expenses

JPY 17,682 thousand

Occupancy Ratio (unit base)

Net Operating Income (NOI)

JPY 53,831thousand

Occupancy Ratio (area base)Lump-Sum Investment ReturnJPY 226 thousand

Capital Expenditure

JPY 1,489 thousand

Net Cash Flow (NCF) ( note 10)

JPY 52,568 thousand

Value Indicated by DCF Method－
Rent Guarantee Master Lease

JPY 71,514 thousand

OveraGKapitalization Rate

March 5, 2007－
100.00%( note 8)100.00%Engineering Report Summary ( note 9)
Engineering Report Company

4.9%

Date of Research

JPY 1,010,000 thousand

Priority Repairs

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
September 14, 2007－

Discount Rate

4.9%

Near-Future Repairs (within a year)－

Terminal Capitalization Rate

5.2%

Far-Future Repairs (within 12 years)

JPY 17,040 thousand

Probable Maximum Loss (PML)
Value Indicated by Cost Approach
JPY 619,000 thousand
10.1%
Special Notes: (1) The property’s land is subject to a land leasehold.
(2) Part of the boundary between the property’s land and the adjacent land has not been settled.
(3) A memorandum concerning a part of the property’s transgression has not been finalized.
(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 thebuilding 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 anticipatedacquisition of property based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts andInvestment 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 October 31,
2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master leaseagreement 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 October 31, 2007. 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 shown in 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.

8VII. College Square Shinkoiwa
Type of Asset
Trustee

Anticipated Acquisition Price
Trust Beneficiary Interest
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY724,000 thousand
September 30, 2018

College Square Shinkoiwa is located at about 14 minutes walk from Shinkoiwa Station on the JR Sobu line. The north exit area, where the property is situated, hassmall commercial facilities and an extensive shopping street. Currently, the property is rented as a student apartment, and stable operation can be expected from theproperty given the existence of a variety of universities and technical colleges along the JR Sobu line, as well as its proximity to central Tokyo.
Standard apartments for rent in the property are 1K studios. Given the dual benefits of convenience and good access, the property can sufficiently meet the demandsof its most likely tenants, namely students and single people, after the current lease contract expires.
Property Summary(Residential) 4-13-8 Higashi Shinkoiwa, Katsushika-ku, Tokyo
Location ( note 1)(Registered) 4-586-1, 11,12 Higashi Shinkoiwa, Katsushika-ku, Tokyo
4-587-1, 2,3,4,16,17 Higashi Shinkoiwa, Katsushika-ku, Tokyo
Proprietary
Type of OwnershipArea Classification ( note 2)Class 1 residential zone
OwnershipLand
Land Area
682.51m2
FAR/Building Coverage Ratio ( note 3) 200% / 60%( note 1)
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex/bicycle lots
Ownership
Building
2
Floor space ( note 1)
1,483.24 m Completion Date ( note 1)
March 20, 2007
Type of Structure ( note 1)
RC 6-story building with a flat roof
Leasable units by unit type54 units (1K studio: 44units, 1R:10 units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
DAIWA REAL ESTATE
Appraiser
Number of Tenants ( note 6)
1
APPRAISAL Corporation.
Date of Appraisal
October 1, 2007
Leasable Area
1,139.10 ㎡
Appraisal ValueJPY 710,000 thousand
Leased Area
1,139.10 ㎡
Value Calculated Using the Direct
JPY 720,000 thousand
Monthly Rent ( note 7)
JPY 3,393 thousand
Capitalization Method
Gross Operating Revenue
JPY 46,521 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 9,260 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 37,261 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 132 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 1,391 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) ( note 10)
JPY 36,002 thousand
Engineering Report Company
Consulting Co., Ltd.
September 18, 2007
Overall Capitalization Rate
5.0％
Date of Research－
Value Indicated by DCF Method
JPY 705,000 thousand
Priority Repairs－
Discount Rate
4.1％
Near-Future Repairs (within a year)
JPY 12,970 thousand
Terminal Capitalization Rate
5.2％
Far-Future Repairs (within 12 years)
9.6%
Value Indicated by Cost Approach
JPY 460,000 thousand
Probable Maximum Loss (PML)
Special Notes:(1)
Part of the boundary between the property’s land and the adjacent land has not been settled.
(2)
A memorandum concerning a part of the property’s transgression has not been finalized.
(3)
Height of the building in the property is restricted under Aviation Law.
* A part of land (about 84.22 ㎡) in this property is used as road.
(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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

9

VIII. College Square Kiba
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY639,000 thousand
September 30, 2016

College Square Kiba is located about six minutes walk from Kiba Station on the Tokyo Metro Tozai line. It is a very convenient area, having one of the largest
cinema/shopping center complexes in the Tokyo Metropolitan area. In addition, access to central Tokyo is good: 16 minutes from Kiba Station to Tokyo Station, andabout 20 minutes to Ochanomizu Station. This ensures convenient access.
Standard apartments for rent in the property are 1K studios. The property can sufficiently meet the demands of likely tenants in the area.
Property Summary(Residential) 1-25-7 Toyo, Koto-ku, Tokyo
Location ( note 1)(Registered) 1-28-2 Toyo, Koto-ku, Tokyo
Proprietary
Type of OwnershipArea Classification (Note 2)Class 1 residential zone
Land
Ownership
2
Land Area ( note 1)
248.97m
FAR/Building Coverage Ratio (Note 3)
400% / 100%
Proprietary
Type of Ownership
Use (Note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
1,078.38m
Completion Date (Note 1)
March 24, 2006
Type of Structure ( note 1)
RC 10-story building with a flat roof
Leasable units by unit type42 units (1K studio: 42units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Number of Tenants ( note 6)
1
Date of Appraisal
September 30, 2007
Leasable Area
877.48 ㎡
Appraisal ValueJPY 638,000 thousand
Leased Area
877.48 ㎡
Value Calculated Using the Direct
JPY 655,000 thousand
Monthly Rent ( note 7)
JPY 3,247 thousand
Capitalization Method
Gross Operating Revenue
JPY 41,315 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 7,804 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 33,510 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 132 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 870 thousand
JAPAN ERI CO.,LTD.
Net Cash Flow (NCF) ( note 10)
JPY 32,773 thousand
Engineering Report Company
September 21, 2007
Overall Capitalization Rate
5.0％
Date of Research
JPY 200 thousand
Value Indicated by DCF Method
JPY 631,000 thousand
Priority Repairs－
Discount Rate
5.1％
Near-Future Repairs (within a year)
JPY 15,540 thousand
Terminal Capitalization Rate
5.3％
Far-Future Repairs (within 12 years)
14.1%
Value Indicated by Cost Approach
JPY 437,000 thousand
Probable Maximum Loss (PML)
Special Notes: Height of the building in the property is restricted under Aviation Law.
(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 thebuilding 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 anticipatedacquisition of property based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts andInvestment 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

10

IX. College Square KinshichoType of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY490,000 thousand
November 30, 2016

College Square Kinshicho is located at about nine minutes walk from Kinshicho Station on the JR Sobu and Tokyo Metro Hanzomon lines. Kinshicho is a major
Tokyo town and a Tokyo subcenter designated by the Tokyo Metropolitan government, along with Kameido, Shibuya, Shinjuku, Ikebukuro, and the waterfront
subcenter. The area is very convenient, with a concentration of commercial facilities, such as department stores, supermarkets, and large electronics shops, around thestation, which serves as an eastern Tokyo terminal.
Standard apartments for rent in the property are 1K studios. The major target tenants for the property are students of universities that are situated along the JR Sobu
line including Nihon University, Meiji University, among others. It can adequately meet the demands of its most likely tenants, namely students.
Property Summary(Residential) 2-9-7 Mouri, Koto-ku, Tokyo
Location ( note 1)(Registered) 2-9-1 Mouri, Koto-ku, Tokyo
Proprietary
Type of OwnershipArea Classification (note 2)
Quasi industrial zone
OwnershipLand
2
Land Area ( note 1)
244.16m
FAR/Building Coverage Ratio (note 3)
300% / 60%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
2
Building
Floor space ( note 1)
749.27m
Completion Date (note 1)
March 24, 2006
Type of Structure
RC 9-story building with a flat roof
( note 1)
Leasable units by unit type
31 units (1K studio : 31units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Number of Tenants ( note 6)
1
Date of Appraisal
September 30, 2007
Leasable Area
667.36 ㎡
Appraisal Value
JPY 488,000 thousand
Leased Area
667.36 ㎡
Value Calculated Using the Direct
JPY 510,000 thousand
Monthly Rent ( note 7)
JPY 2,301 thousand
Capitalization Method
Gross Operating Revenue
JPY 31,184 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 5,641 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 25,543 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 99 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 630 thousand
JAPAN ERI CO.,LTD.
Net Cash Flow (NCF) ( note 10)
JPY 25,012 thousand
Engineering Report Company
September 21, 2007
Overall Capitalization Rate
4.9％
Date of Research－
Value Indicated by DCF Method
JPY 478,000 thousand
Priority Repairs
JPY 600 thousand
Discount Rate
4.9％
Near-Future Repairs (within a year)
JPY 10,590 thousand
Terminal Capitalization Rate
5.2％
Far-Future Repairs (within 12 years)
13.2％
Value Indicated by Cost Approach
JPY 324,000 thousand
Probable Maximum Loss (PML)
Special Notes: Height of the building in the property is restricted under Aviation Law.
(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 thebuilding 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 anticipatedacquisition of property based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts andInvestment 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

11

X. College Square Waseda
Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

Type of Asset
Trustee

JPY316,000 thousand
September 30, 2018

College Square Waseda is located about eight minutes walk from Waseda Station on the Tokyo Metro Tozai line and Ushigome Yanagicho Station on the Toei Oedoline. Waseda University is situated in the area, as are a number of technical colleges. For that reason, the area has many restaurants and apartments for rent that cater tostudents.
Standard apartments for rent in the property, which was completed in March 2007, are 1K studios. College Square Waseda’s exterior is tile wall, giving it a
fashionable design and durability. Because of the benefits of good access to central Tokyo, convenience, and the location in a student town, the property can sufficiently
meet the demands of its most likely tenants, namely students.
Property Summary(Residential) 157-9 Benten-cho, Shinjyuku-ku, Tokyo
Location ( note 1)(Registered) 157-9 Benten-cho, Shinjyuku-ku, Tokyo
Proprietary
Type of OwnershipArea Classification ( note 2)Class 1 mid-high rise residential zone
OwnershipLand
Land Area
252.99m2
FAR/Building Coverage Ratio ( note 3)
300% / 60%( note 1)
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
431.71m
Completion Date ( note 1)
March 20, 2007
Type of Structure ( note 1)
RC 3-story building with a flat roof with 1 basement floor
Leasable units by unit type
19 units (1K studio : 19units)
Sub Property Management Company
Property Management Company
Mainichi Comnet Co., Ltd.
－
Type of Master Lease
Master Lease Company
Mainichi Comnet Co., Ltd.
Rent Guarantee Master Lease
Property Appraisal Summary ( note 4)
Tenant Details ( note 5)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Number of Tenants ( note 6)
1
Date of Appraisal
September 30, 2007
Leasable Area
385.39 ㎡
Appraisal Value
JPY 307,000 thousand
Leased Area
385.39 ㎡
Value Calculated Using the Direct
JPY 315,000 thousand
Monthly Rent ( note 7)
JPY 1,416 thousand
Capitalization Method
Gross Operating Revenue
JPY 19,391 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 3,878 thousand
Occupancy Ratio (unit base)
100.00%Net Operating Income (NOI)
JPY 15,512 thousand
Occupancy Ratio (area base) ( note 8)
100.00%Lump-Sum Investment ReturnJPY 62 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 476 thousand
JAPAN ERI CO.,LTD.
Net Cash Flow (NCF) ( note 10)
JPY 15,098 thousand
Engineering Report Company
September 20, 2007
Overall Capitalization Rate
4.8％
Date of Research－
Value Indicated by DCF Method
JPY 303,000 thousand
Priority Repairs－
Discount Rate
5.0％
Near-Future Repairs (within a year)
JPY 8,670 thousand
Terminal Capitalization Rate
5.1％
Far-Future Repairs (within 12 years)
8.2％
Value Indicated by Cost Approach
JPY 296,000 thousand
Probable Maximum Loss (PML)
Special Notes :(1) Part of the boundary between the property’s land and the adjacent land has not been settled.
(2)

A memorandum concerning a part of the property’s transgression has not been finalized.

* A part of land (about 19.94 ㎡) in this property is used as road.
(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 thebuilding 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 anticipatedacquisition of property based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts andInvestment 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

12

XI. Storia Jingumae
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Chuo Mitsui Trust and Banking
Trust Due Date
Company, Limited.
Property Features

JPY3,160,000 thousand
September 30, 2011

Storia Jingumae is in a highly accessible location, about eight minutes walk from Meiji Jingumae Station on the Tokyo Metro Chiyoda line, about nine minutes walkfrom Omotesando Station on the Tokyo Metro Hanzomon line, and about 10 minutes walk from Harajuku Station on the JR Yamanote line. The property is close to
Omotesando, a heavily-populated business/shopping area that is highly convenient with its large-scale commercial facilities.
The property offers a high level of facilities and security. Each apartment in the property is equipped with the SECOM condominium security system, a TV intercom
system, air conditioner/cisternless toilet, bathroom dryer, automated bath with repeat tub-water heating system, Internet access, optical fiber TV (cable, broadcast andsatellite, and FM receptions), sensor-activated entrance lighting, and a space for a washing machine.
Property Summary(Residential) 3-18-6 Jingumae, Shibuya-ku, Tokyo
Location ( note 1)(Registered) 3-18-22 Jingumae, Shibuya-ku, Tokyo
Proprietary
Type of OwnershipArea Classification ( note 2)Class 1 mid-high rise residential zone
OwnershipLand
Land area
1,279.71m2 FAR/Building Coverage Ratio ( note 3)
60% / 200%
( note 1)
Proprietary
Type of Ownership
Use ( note 1)
Apartment complex
Ownership
Building
2
Floor space ( note 1)
2,625.20m
Completion Date ( note 1)
November 16, 2004
Type of Structure ( note 1)
RC 5-story building with a flat roof with 1 basement floor
Leasable units by unit type49 units (1K studio : 23units, 1DK:6 units, 1LDK:16 units, Office : 4)
Sub Property Management Company
Property Management Company
re-plus investments inc.
－
Master Lease Company
Yugen-Kaisha re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary ( note 4)
Tenant Details ( note 5)
AppraiserLand Coordinating Research Inc.
Number of Tenants ( note 6)
1
Date of Appraisal
November 6, 2007
Leasable Area
2,042.54 ㎡
Appraisal Value
JPY 3,160,000 thousand
Leased Area
1,680.34 ㎡
Value Calculated Using the Direct
JPY 3,260,000 thousand
Monthly Rent ( note 7)
JPY 10,701 thousand
Capitalization Method
Gross Operating Revenue
JPY 154,400 thousand
Lease Deposits and Guarantee Deposits
JPY 21,048 thousand
Gross Operating Expenses
JPY 18,741 thousand
Occupancy Ratio (unit base)85.71%Net Operating Income (NOI)
JPY 135,659 thousand
Occupancy Ratio (area base) ( note 8)
82.27%
Lump-Sum Investment ReturnJPY 23 thousand
Engineering Report Summary ( note 9)
Capital Expenditure
JPY 2,090 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) ( note 10)
JPY 133,592 thousand
Engineering Report Company
Consulting Co., Ltd.
October 29, 2007
Overall Capitalization Rate
4.1％
Date of Research－
Value Indicated by DCF Method
JPY 3,160,000 thousand
Priority Repairs－
Discount Rate
4.0％
Near-Future Repairs (within a year)
JPY 21,366 thousand
Terminal Capitalization Rate
4.2％
Far-Future Repairs (within 12 years)
8.8％
Value Indicated by Cost Approach
JPY 3,690,000 thousand
Probable Maximum Loss (PML)
Special notes: None
* A part of land (about 8.07 ㎡) in this property is used as road.
(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 thebuilding 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 anticipatedacquisition of property based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts andInvestment 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 October 31, 2007.
(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 agreementwith 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 October 31, 2007. 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” andshown in 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.

13

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.
Name of Property

Building Promoter

Architect

Building Contractor
KitanoConstruction Corp.,
Tokyo Head Office

Verification
AgencyeHomes, Ltd. andJapan Construction
Inspection
Association Co.,
Ltd.

Structural Engineer

Inspection Agency

ALL Creation Co.,
Ltd., First-Class
AuthorizedArchitect Office

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square Kita
IkebukuroYK MC FirstALL Creation Co.,
Ltd., First-Class
AuthorizedArchitect Office

College Square Tobu
NerimaYK MC First

Kankyou Koubou
Co., Ltd.

OdakyuConstruction Co.,Ltd.

Bureau Veritas
Japan Co., Ltd.

Kozo Form Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square
AkatsukaYK MC Second

YK A.M.S.
Construction
Design Office

Goda KoumutenCo., Ltd., Tokyo
BrancheHomes, Ltd. andJapan Construction
Inspection
Association Co.,Ltd.

SebtechConstruction
Research Co., Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square Higashi
KurumeGK MC Third

Kankyou Koubou
Co., Ltd.

KitanoConstruction Corp.

Bureau Veritas
Japan Co., Ltd.

Kozo Form Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square Waseda
II

GK MC Third

I & I Architecture
Research Co,, Ltd.

Watanabe Kensetsu
Co,, Ltd.

Japan Construction
Inspection
Association Co.,Ltd.

Hikari Construction
Design Office Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square
Myogadani

GK MC Third

Kankyou Koubou
Co., Ltd.

Ueki Komuten Co,,
Ltd. Tokyo Branch

East Japan House
Evaluation Center

Beams Design
Consultant Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square
Shinkoiwa

GK MC Third

Syu Corp.

Nankai Tatsumura
Construction Co.,Ltd.

Beams Design
Consultant Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square Kiba

YK MC Second

Kankyou Koubou
Co., Ltd.

KitanoConstruction Corp.,
Tokyo Head Office

SebtechConstruction
Research Co., Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square
Kinshicho

YK MC Second

ALL Creation Co.,
Ltd., First-Class
AuthorizedArchitect Office

Yamada Corp.

ALL Creation Co.,
Ltd., First-Class
AuthorizedArchitect Office

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

College Square Waseda

GK MC Third

Kankyou Koubou
Co., Ltd.

Kono Construction
Co., Ltd.

Kozo Form Co.,
Ltd.

Tokio Marine &Nichido Risk
Consulting Co,.Ltd.

Storia Jingumae

Total Housing, Inc.

Shimizu Corp.
First-Class
AuthorizedArchitect OfficeShimizu Corp.

Shimizu Corp.
First-Class
AuthorizedArchitect Office

ABSG Consulting,
Inc.

Japan Building
Equipment andElevator Center
Foundation
Bureau Veritas
Japan Co., Ltd. andJapan Construction
Inspection
Association Co.,Ltd.
eHomes, Ltd. andJapan Construction
Inspection
Association Co.,
Ltd.
Japan Construction
Inspection
Association Co.,Ltd.
Tokyo Bldg-TechCenter Co., Ltd.

5. Profiles of the Property Owners
Name of Property: College Square Kita Ikebukuro
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC First
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

14

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－Name of Property: College Square Tobu Nerima
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC First
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Akatsuka
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Second
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Higashikurume
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Third
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Waseda II
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Third
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Myogadani
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Third
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Shinkoiwa
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Third
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Kiba
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Second
Not a specific related party－－－

Previous Owner of Trust
Beneficiary Interest
－
－
－
－
－

15

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－Name of Property: College Square Kinshicho
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Second
Not a specific related party
－
－
－

－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: College Square Waseda
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of AcquisitionYK MC Third
Not a specific related party
－
－
－

－
－
－
－
－

The Owner Before Previous
Owner of Trust BeneficiaryInterest－－－－－

Name of Property: Storia Jingumae
Profiles of Property Owner
Company name/Name
Relationship with specific related parties
Reason for Acquisition

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

GK re-plus residential warehouse
No.5
SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management

GK re-plus residential warehouse
No.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
February 24, 2006

Acquisition Price (thousand yen)
Date of Acquisition

3,170,000
December 15, 2006

The Owner Before Previous
Owner of Trust BeneficiaryInterest
YK Senzoku Kojimachi Housing
Investment Holdings
Not a specific related party

6. Seller’s Profile
Profiles of the sellers are as follows:
Names of Properties: College Square Kita Ikebukuro, College Square Tobu Nerima
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain
Relationship with the Investment
Corporation(note)YK MC First
１-9-13 Nihonbashi Honcho, Chuo-ku, Tokyo
Operator : Masami Kenjo
JPY 3,000 thousand－(Note)1. Investment in goods, rights, and other corporate businesses
2. All activities related to the above
N/A

Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

Names of Properties: College Square Akatsuka, College Square Kiba, College Square KinshichoCompany Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain
Relationship with the Investment
Corporation(note)YK MC Second
１-9-13 Nihonbashi Honcho, Chuo-ku, Tokyo
Operator : Masami Kenjo
JPY 3,000 thousand－(Note)1. Investment in goods, rights, and other corporate businesses
2. All activities related to the above
N/A

Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

16

－
－

－

Names of Properties: College Square Higashikurume, College Square Waseda II, College Square Myogadani,College Square Shinkoiwa, College Square Waseda
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain
Relationship with the Investment
Corporation(note)GK MC Third
１-9-13 Nihonbashi Honcho, Chuo-ku, Tokyo
Operating Personnel : Yugen Sekinin Chukan Hojin MC Investment
Operator : Masami Kenjo
JPY 100,000－(Note)1. Acquisition, ownership, disposition of real estate
2. Rent and management activities of properties
3. Acquisition, ownership, disposition of trust beneficiary interests
4. All activities related to the above
N/A

Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

Name of Property: Storia Jingumae
Company Name

GK re-plus residential warehouse No.5

Head Office Address

Toranomon Towers Office, 4-1-28 Tranomon, Minato-ku, Tokyo
Yugen-Sekinin-Chukan Hojin re-plus residential (Managing partner)

Representative

Operator : Masato Sasaki

Paid-in-Capital

JPY 100,000

Principal Shareholder(s)－(Note)・ Purchase/sale, exchange, rent, ownership, brokerage and management activities ofproperties
・ Purchase/sale, exchange, ownership and management of real estate trust beneficiaryinterests
・ All activities related to above

Business Domain

Relationship with the Investment

Related Party as defined under the internal rules and regulations of the Asset Management

Corporation
Company(note) Because of the intention of the principal shareholder(s) , the specific name of those shareholders are not disclosed.

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

Transactions of Properties
Outline of the Transaction
Acquisition of one of the Properties (Storia Jingumae)
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.
SellerProfileAn SPC established by re-plus inc., a related party defined under the Investment Trust

GK re-plus residential warehouse No.5

Law. The seller is a Related Party as defined under the internal rules and regulations of
the Asset Management Company.

(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 November 16, 2007, and on approval,
then submitted it to the Investment Committee and the Board of Directors of the Asset Management Company on
November 20, 2007 for ratification. The transaction was then approved by the Investment Corporation’s Board of
Directors on November 20, 2007.
Appointment of a Property Management Company
Outline of the Transaction
Entrustment of Property Management for the Properties acquired by the Investment Corporation

17

(ii)

Outline of Property Management Fees
Property Name
Storia Jingumae(iii)

Property Management Fee
1.0% of rental revenue (Rent + Parking) (Including consumption tax)

Profile of Property Management Company
Profile of the Property Management Company is as follows:
Property Management Company
re-plus investments inc.

(iv)

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

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties of the AssetManagement Company, submitted the transaction to its Compliance Committee for deliberation and approval on
November 16, 2007, and upon approval, then submitted it to the Investment Committee and the Board of Directorsof the Asset Management Company on November 20, 2007 for ratification. The transaction was then approved by
the Investment Corporation’s Board of Directors on November 20, 2007.

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

Brokerage Fee
JPY 189,600 thousand (excluding consumption tax)
＊Rounded off to one thousand yen.

(iii)

Profiles of Brokers
Profiles of the brokers for the transactions are as follows:
Names of properties:
College Square Kita Ikebukuro, College Square Tobu Nerima, College Square Akatsuka, College Square Higashi
Kurume, College Square Waseda II, College Square Myogadani, College Square Shinkoiwa, College Square Kiba,
College Square Kinshicho, and College Square Waseda
Brokerre-plus investments inc.

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

Name of property : Storia Jingumae
Brokerre-plus inc.

(4)

Profilere-plus inc. owns more than 50% of shares of the Asset Management Company, andqualifies as a related party as defined under the Investment Trust Law and the internal
rules and regulations of the Asset Management Company.

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties of the AssetManagement Company submitted the transaction to its Compliance Committee for deliberation and approval on
November 16, 2007, and upon approval, then submitted it to the Investment Committee and the Board of Directors of
the Asset Management Company on November 20, 2007 for ratification. The transaction was then approved by theInvestment Corporation’s Board of Directors on November 20, 2007.

8. Forecasts
The effects of the acquisition of the properties on the Investment Corporation’s operations in the fiscal period ending
March 2008 has been reflected in “The Forecast for the Fiscal Period ending March 31, 2008 (from October 1, 2007 to
March 31, 2008)” in the Financial Report for the fiscal period ended September 2007 (from April 1, 2007 to September 30,2007) in Japanese, which was announced on November 20, 2007.
●

URL : http://www.re-plus-ri.co.jp/18

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

O-1-001

Satella Kita 34-jo

Major Metropolitan Areas

AnticipatedAcquisition Price（JPY thousand）(note２)
1,133,714

O-1-002

Carrera 2.9

Major Metropolitan Areas

281,285

O-1-003

Sapporo Hills

Major Metropolitan Areas

287,666

0.3

O-1-004

Satella Nagayama

Major Metropolitan Areas

342,4280.3

O-1-023

willDo Minami 12 jo

Major Metropolitan Areas

460,8390.5

O-1-032

willDo Kita 24 jo

Major Metropolitan Areas

316,000

0.3

O-1-033

Flat Carerra

Major Metropolitan Areas

290,000

0.3

O-1-034s13w9 h+Major Metropolitan Areas

463,000

0.5

O-1-035s9w12 h+Major Metropolitan Areas

533,000

0.5

O-1-036

willDo Minami hiragishi

Major Metropolitan Areas

315,000

0.3

O-2-037

willDo Nishishitadai cho

Major Metropolitan Areas

512,000

0.5

O-2-054

willDo Kamisugi 3 chome

Major Metropolitan Areas

506,000

0.5

O-4-005

Bell Koshigaya 21

Tokyo Metropolitan Area

499,333

0.5

Property No.

Area（note 1）Name of Property

Percentage ofPortfolio(％) (note３)
1.1
0.3

StudioO-4-006

Joyful Sayama

Tokyo Metropolitan Area

216,6190.2

O-4-007

Lumiere Hachioji

Tokyo Metropolitan Area

480,7610.5

O-4-008

willDo Kiyosumi

Tokyo Metropolitan Area

5,024,619

5.1

O-4-009

Turkey's Denen-Chofu No.2

Tokyo Metropolitan Area

281,523

0.3

O-4-010Sky Court 100

Tokyo Metropolitan Area

379,857

0.4

O-4-011

FC Takasago-choTokyo Metropolitan Area

233,1420.2

O-4-012

Tokyo Metropolitan Area

506,1420.5

O-4-024Site Pia
VISTA Supreme

Tokyo Metropolitan Area

563,584

0.6

O-4-025

Joy Oyamadai

Central Tokyo

624,265

0.6

O-4-031

Estage Otsuka

Tokyo Metropolitan Area

725,2290.7

O-4-038

willDo Niiza

Tokyo Metropolitan Area

590,438

0.6

O-4-039

Toshin Shoto Mansion

Central Tokyo

912,000

0.9

O-4-055

Harmony Kamikitazawa

Central Tokyo

400,000

0.4

O-4-062

Sho Minami Urawa

Tokyo Metropolitan Area

396,000

0.4

O-5-013

willDo Kanayama Masaki

Major Metropolitan Areas

490,095

0.5

O-5-026

Excelsior Sakae

Major Metropolitan Areas

641,767

0.6

O-5-027

Stegea Hibino

Major Metropolitan Areas

317,6030.3

O-5-040

willDo Chiyoda

Major Metropolitan Areas

633,000

0.6

O-5-041

willDo Taiko dori

Major Metropolitan Areas

1,120,000

1.1

O-5-042

willDo Kanayama

Major Metropolitan Areas

370,000

0.4

O-5-043

willDo Kanayama Sawashita

Major Metropolitan Areas

375,000

0.4

O-5-056

willDo Kachigawa

Major Metropolitan Areas

503,000

0.5

O-5-057

Stagea Kogane

Major Metropolitan Areas

600,000

0.6

O-5-063

willDo Inaei

Major Metropolitan Areas

641,000

0.6

O-6-014

willDo Ichioka

Major Metropolitan Areas

722,7610.7

O-6-015

willDo Ebie

Major Metropolitan Areas

350,904

0.4

O-6-016

willDo Imafuku nishi

Major Metropolitan Areas

413,857

0.4

O-6-017

Maison Flora

Major Metropolitan Areas

584,285

0.6

O-6-018

Wind Four Minami-Honmachi

Major Metropolitan Areas

307,1420.3

O-6-028

willDo Shin-Osaka sⅠ

Major Metropolitan Areas

285,723

0.3

O-6-029

Grand Mer Higashi Yodogawa

Major Metropolitan Areas

236,069

0.2

O-6-030

willDo Fukae minami

Major Metropolitan Areas

184,7160.2

O-6-044

willDo Dainichi

Major Metropolitan Areas

217,000

0.2

O-6-045

willDo Shin-Osaka sⅡ

Major Metropolitan Areas

244,000

0.2

O-6-046

willDo Tsukamoto

Major Metropolitan Areas

730,000

0.7

O-6-047

willDo Tenmabashi

Major Metropolitan Areas

338,000

0.3

O-6-048

willDo Sakaisuji Honmachi

Major Metropolitan Areas

325,000

0.3

O-6-049

willDo Tanimachi

Major Metropolitan Areas

1,040,000

1.0

O-6-050Imperial Sakurakawa-minami II

Major Metropolitan Areas

486,000

0.5
0.7

O-6-051

willDo Nanba wⅠ

Major Metropolitan Areas

690,000

O-6-052

Zekubenten

Major Metropolitan Areas

466,000

0.5

O-6-058

willDo Tsurumi Morokuchi

Major Metropolitan Areas

180,000

0.2

O-6-059

willDo Hamasaki dori

Major Metropolitan Areas

2,280,000

2.3

19

Type

StudioO-6-060

St.Ammy Nishitenma

Major Metropolitan Areas

AnticipatedAcquisition Price（JPY thousand）(note２)493,000

O-6-064

Excellent Matsuyamachi

Major Metropolitan Areas

810,000

0.8

O-9-019

Stars Uchiyama

Major Metropolitan Areas

160,000

0.2

O-9-020

Uchiyama-MinamiKokura-ekimae
Building

Major Metropolitan Areas

579,7610.6

O-9-021Duminas Tojin-machi

Major Metropolitan Areas

209,7140.2

O-9-022

Stream Line Ohori

Major Metropolitan Areas

382,857

0.4

O-9-053

willDo Nakasu

Major Metropolitan Areas

2,460,000

2.5

O-9-061

NKR Gofuku-cho

Major Metropolitan Areas

231,000

0.2

O-2-065

Grand Mason Shichifuku

Major Metropolitan Areas

342,000

0.3

O-5-066

willDo Higashibetsuin

Major Metropolitan Areas

703,000

0.7

O-6-067

willDo Shin-Osaka

Major Metropolitan Areas

861,000

0.9

O-7-068

willDo Okayama-eki Nishiguchi

Major Metropolitan Areas

1,220,000

1.2

O-4-069

College Square Kitaikebukuro

Tokyo Metropolitan Area

727,000

0.7

O-4-070

College Square Tobu NerimaTokyo Metropolitan Area

892,000

0.9

O-4-071

College Square Akatsuka

Tokyo Metropolitan Area

734,000

0.7

O-4-072

Colleg Square Higashikurume

Tokyo Metropolitan Area

523,000

0.5

O-4-073

College Square Waseda II

Tokyo Metropolitan Area

215,000

0.2

O-4-074

College Square Myogadani

Tokyo Metropolitan Area

1,060,000

1.1

O-4-075

College Square Shinkoiwa

Tokyo Metropolitan Area

724,000

0.7

O-4-076

College Square Kiba

Tokyo Metropolitan Area

639,000

0.6

O-4-077

College Squrare KinshichoTokyo Metropolitan Area

490,000

0.5

O-4-078

College Square Waseda

Central Tokyo

Property No.

Area（note 1）Name of Property

Studio Sub-total

Percentage ofPortfolio(％) (note３)
0.5

316,000

0.3

47,819,714

48.2

FamilyF-2-001

Royal Garden Shinrin Koen

Major Metropolitan Areas

396,1900.4

F-2-002

Green Park Komatsujima

Major Metropolitan Areas

550,523

0.6

F-2-003

Dia Palace Izumizaki

Major Metropolitan Areas

355,095

0.4

F-2-004

Sun Vario Takasago

Major Metropolitan Areas

364,904

0.4

F-3-034

Ark Heim Niigata

Major Metropolitan Areas

1,060,000

1.1

F-4-005

Johanna Mansion

Tokyo Metropolitan Area

556,7140.6

F-4-006

Iruma-ekimae Building

Tokyo Metropolitan Area

1,517,000

1.5

F-4-007

Iruma-ekimae Building No.II

Tokyo Metropolitan Area

687,666

0.7

F-4-008

Sereno Omiya

Tokyo Metropolitan Area

1,554,523

1.6

F-4-009

Suzuran-kan

Tokyo Metropolitan Area

441,1900.4

F-4-010Bonheur Tokiwa

Tokyo Metropolitan Area

752,904

0.8

F-4-011

Profit Link Takenotsuka

Tokyo Metropolitan Area

636,333

0.6

F-4-012

Takenotsuka Flat

Tokyo Metropolitan Area

2,051,809

2.1

F-4-013

Dream Heights

Tokyo Metropolitan Area

358,666

0.4

F-4-014

Green Hills Asukayama

Tokyo Metropolitan Area

587,238

0.6

F-4-015

Oji Heights

Tokyo Metropolitan Area

347,857

0.4

F-4-016

Sakagami Royal Heights No. II

Tokyo Metropolitan Area

360,7140.4

F-4-017

willDo Todoroki

Central Tokyo

1,764,809

1.8

F-4-018

Chez Moi Sakuragaoka

Tokyo Metropolitan Area

609,904

0.6

F-4-019

Libest Nishi-chiba

Tokyo Metropolitan Area

2,152,476

2.2

F-4-020

Corinne Tsudanuma

Tokyo Metropolitan Area

352,761

0.4

F-4-021

Isogo Flat

Tokyo Metropolitan Area

5,290,571

5.3

F-4-022

Chigasaki Daikan Plaza

Tokyo Metropolitan Area

453,571

0.5

F-4-028

Winbell Chorus Hiratsuka No.13

Tokyo Metropolitan Area

477,587

0.5

F-4-029

Libest Higashi Nakayama

Tokyo Metropolitan Area

1,371,314

1.4

F-4-030

Libest Nakayama

Tokyo Metropolitan Area

837,3480.8

F-4-031

MGA Kanamachi

Tokyo Metropolitan Area

484,000

0.5

F-4-035

Greenhills RokaCentral Tokyo

662,000

0.7

F-4-036

Lofty Hirai

Tokyo Metropolitan Area

324,000

0.3

F-5-023

Stellato City Temmacho

Major Metropolitan Areas

627,785

0.6

F-5-024

Grace Mansion Fuji

Major Metropolitan Areas

492,761

0.5

F-5-032

Stellato City Sakurayama

Major Metropolitan Areas

735,000

0.7

F-5-037

Grand court Kurokawa

Major Metropolitan Areas

677,000

0.7

F-6-025

Rene Kobe-Kitamachi II Center
Court

Major Metropolitan Areas

878,857

0.9

20

Type

F-6-026

willDo Nishi akashi

Major Metropolitan Areas

AnticipatedAcquisition Price（JPY thousand）(note２)635,666

F-6-033

La Vita Nipponbashi

Major Metropolitan Areas

1,860,000

F-9-027

Image Kirigaoka

Major Metropolitan Areas

662,7140.7

F-4-038

Colonnade Kasuga

Tokyo Metropolitan Area

3,115,277

3.1

37,044,740

37.3

P-4-001

Chelsea Garden

Central Tokyo

4,238,476

4.3

P-4-002

c-MA1

Central Tokyo

618,095

0.6

P-4-003

c-MA2

Central Tokyo

699,285

0.7

P-4-004c-MA3

Central Tokyo

1,480,808

1.5

Property No.

Area（note 1）Name of Property

Family Sub-total

Premium(note1)(note 2)
(note 3)

Percentage ofPortfolio(％) (note３)
0.6
1.9

P-4-005

n-GT1

Central Tokyo

466,095

0.5

P-4-006

n-OM1

Central Tokyo

3,750,000

3.8

P-4-007

Storia Jingumae

3,160,000

3.2

Premium Sub-total

Central Tokyo

14,412,760

14.5

Portfolio Total

99,277,214

100.0

Central Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku andMeguro-ku. Tokyo Metropolitan Area represents the Kanto area excluding the 7 central Tokyo wards. Major Metropolitan Area refers to
Sapporo, Sendai, Chukyo, Keihanshin, Hiroshima and Kita-Kyushu, Fukuoka area and Major Metropolitan Areas with population larger
than 300,000 people.
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.
In the column of the “Percentage of Portfolio”,the figures are calcurated as a percentage of the aggregate total acquisition price ofout anticipated portfolio of 123 properties and rounded to the second decimal place.

21

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

Property No.

Name of Property

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

Overall
Capitalization
Rate
（％）

DCF Method (note 2)

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）O-1-001

Satella Kita 34-jo

1,175,000

1,180,000

1,186,000

6.3

1,163,000

6.1

6.6

1,133,714

O-1-002

Carrera 2.9

249,000

231,000

249,000

5.6

249,000

5.4

5.8

281,2858

O-1-003

Sapporo Hills

291,000

268,000

292,000

5.4

289,000

5.2

5.6

287,666

8

O-1-004

Satella Nagayama

361,000

356,000

361,000

6.6

361,000

6.4

6.8

342,4288

O-1-023

willDo Minami 12 jo

442,000

398,000

445,000

5.7

439,000

5.5

5.9

460,8398

O-1-032

willDo Kita 24 jo

314,000

336,000

310,000

5.8

315,000

5.5

5.9

316,000

5

O-1-033

Flat Carerra

291,000

194,000

290,000

5.5

291,000

5.2

5.6

290,000

5

O-1-034s13w9 h+465,000

462,000

461,000

5.6

466,000

5.3

5.7

463,000

5

O-1-035s9w12 h+542,000

571,000

538,000

5.6

544,000

5.3

5.7

533,000

5

O-1-036

willDo Minami hiragishi

316,000

311,000

313,000

5.7

317,000

5.4

5.8

315,000

5

O-2-037

willDo Nishishitadai-cho

550,000

542,000

558,000

6.3

541,000

5.9

6.5

512,000

8

O-2-054

willDo Kamisugi 3 chome

498,000

512,000

504,000

5.6

491,000

5.5

5.8

506,000

3

O-4-005

Bell Koshigaya 21
Joyful Sayama

532,000

475,000

539,000

5.6

529,000

5.8

5.9

499,333

1

O-4-006

230,000

197,000

232,000

6.0

229,000

6.2

6.3

216,6191

O-4-007

Lumiere Hachioji

541,000

413,000

544,000

6.0

540,000

6.2

6.3

480,7611

O-4-008

willDo Kiyosumi

5,580,000

5,180,000

5,630,000

4.6

5,530,000

4.4

4.8

5,024,619

8

O-4-009

Turkey's Denen-Chofu
No.2

303,000

172,000

308,000

5.3

301,000

5.5

5.6

281,523

1

O-4-010

3

Sky Court 100
FC Takasago-cho

401,000

335,000

404,000

5.7

399,000

5.3

5.9

379,857

2

O-4-011

256,000

190,000

259,000

5.5

255,000

5.7

5.8

233,1421

O-4-012Site Pia

547,000

530,000

553,000

5.4

541,000

5.2

5.6

506,1428

O-4-024

VISTA Supreme

523,000

424,000

529,000

5.2

516,000

5.0

5.4

563,5848

O-4-025

Joy Oyamadai

647,000

584,000

656,000

4.9

637,000

4.7

5.1

624,2658

O-4-031

Estage Otsuka

671,000

611,000

679,000

5.0

663,000

4.8

5.2

725,2298

O-4-038

willDo Niiza

634,000

597,000

640,000

5.4

627,000

5.2

5.6

590,4388

O-4-039

Toshin Shoto Mansion

913,000

1,250,000

926,000

5.0

899,000

4.8

5.2

912,000

3

O-4-055

Harmony Kamikitazawa

387,000

375,000

392,000

4.9

382,000

4.7

5.1

400,000

8

O-4-062
O-5-013

Sho Minami Urawa

396,000

327,000

403,000

5.3

393,000

5.1

5.5

396,000

6553,000

527,000

558,000

5.5

548,000

5.3

5.7

490,095

8

O-5-026

willDo Kanayama Masaki
Excelsior Sakae

645,000

657,000

653,000

5.2

637,000

5.0

5.4

641,7678

O-5-027

Stegea Hibino

315,000

313,000

318,000

5.5

312,000

5.3

5.7

317,6038

O-5-040

willDo Chiyoda

634,000

544,000

640,000

5.5

632,000

5.3

5.7

633,000

6

O-5-041

willDo Taiko dori

1,170,000

938,000

1,180,000

5.4

1,160,000

5.1

5.7

1,120,000

2O-5-042

willDo Kanayama

370,000

297,000

375,000

5.6

367,000

5.4

5.8

370,000

6

O-5-043

willDo Kanayama
Sawashita

376,000

330,000

380,000

5.6

375,000

5.4

5.8

375,000

6

O-5-056

willDo Kachigawa

517,000

438,000

526,000

5.7

507,000

5.4

6.0

503,000

4

O-5-057

Stagea Kogane

600,000

497,000

609,000

5.7

587,000

5.5

6.0

600,000

3

O-5-063

willDo Inaei

641,000

637,000

635,000

5.8

643,000

5.6

6.0

641,000

6

O-6-014

willDo Ichioka

717,000

672,000

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

342,000

431,000

5.5

420,000

5.2

5.8

413,857

2

O-6-017

Maison FloraWind FourMinami-Honmachi
willDo Shin-Osaka sⅠ

579,000

440,000

593,000

5.6

570,000

5.4

6.0

584,2852

301,000

296,000

306,000

6.2

295,000

5.9

6.4

307,1424

307,000

212,000

311,000

5.4

303,000

5.1

5.6

285,723

4

Grand Mer Higashi
Yodogawa

261,000

214,900

264,000

5.6

258,000

5.3

5.8

236,0694

178,000

181,000

178,000

5.6

177,000

5.4

5.8

184,7168

222,000

178,000

223,000

5.8

221,000

6.0

6.1

217,000

1
4

O-6-018
O-6-028
O-6-029
O-6-030
O-6-044

willDo Fukae minami
willDo Dainichi

O-6-045

willDo Shin-Osaka sⅡ

241,000

197,000

244,000

5.4

238,000

5.1

5.6

244,000

O-6-046

willDo Tsukamoto

764,000

605,000

775,000

5.6

752,000

5.3

5.8

730,000

4

O-6-047

willDo Tenmabashi

336,000

271,000

338,000

5.3

335,000

5.5

5.6

338,000

1

O-6-048

willDo Sakaisuji Honmachi

328,000

276,000

331,000

5.5

327,000

5.7

5.8

325,000

1

22

Direct Capitalization Method(note 1)

Property No.

Name of Property

DCF Method (note 2)

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

Overall
Capitalization
Rate
（％）

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）O-6-049

willDo Tanimachi

998,000

806,000

1,010,000

5.3

993,000

5.0

5.6

1,040,000

2

O-6-050Imperial
Sakurakawa-minami II

490,000

395,000

495,000

5.6

488,000

5.8

5.9

486,000

1

O-6-051

willDo Nanba w I

697,000

542,000

702,000

5.6

695,000

5.8

5.9

690,000

1

O-6-052

Zekubenten

489,000

388,000

495,000

5.4

482,000

5.1

5.6

466,000

4

O-6-058

willDo Tsurumi Morokuchi

181,000

165,000

182,000

5.9

180,000

6.1

6.2

180,000

1

O-6-059

willDo Hamasaki dori

2,280,000

1,850,000

2,290,000

5.8

2,270,000

5.6

6.0

2,280,000

6O-6-060

St.Ammy Nishitenma

505,000

412,000

508,000

5.3

503,000

5.5

5.6

493,000

1

O-6-064

Excellent Matsuyamachi

810,000

677,000

815,000

5.3

808,000

5.1

5.5

810,000

6

O-9-019

Stars Uchiyama

172,000

146,300

174,000

6.2

169,000

5.9

6.4

160,000

4

O-9-020

Uchiyama-MinamiKokuraekimae Building

440,000

549,100

456,000

6.2

423,000

5.9

6.5

579,7614

O-9-021Duminas Tojin-machi

213,000

222,400

215,000

5.6

210,000

5.3

5.8

209,7144

O-9-022

Stream Line Ohori

449,000

419,000

457,000

5.7

446,000

5.4

6.0

382,857

2

O-9-053

willDo Nakasu

2,620,000

2,600,000

2,640,000

5.3

2,600,000

5.1

5.5

2,460,000

8O-9-061

NKR Gofuku-cho

233,000

263,400

236,000

5.5

229,000

5.2

5.7

231,000

4

O-2-065

Grand Mason Shichifuku

342,000

290,000

341,000

5.8

343,000

5.6

6.0

342,000

6

O-5-066

willDo Higashibetsuin

703,000

538,000

722,000

5.4

695,000

5.1

5.7

703,000

5

O-6-067

willDo Shin-Osaka

861,000

926,000

863,000

5.3

860,000

5.5

5.6

861,000

3

O-7-068

willDo Okayama-eki
Nishiguchi

1,220,000

887,000

1,230,000

5.8

1,220,000

6.0

6.1

1,220,000

3O-4-069

College Square
Kitaikebukuro

705,000

372,000

708,000

4.9

704,000

4.1

5.1

727,000

6

O-4-070

College Square Tobu
Nerima858,000

597,000

856,000

5.0

859,000

4.1

5.2

892,000

6

O-4-071

College Square Akatsuka

723,000

444,000

718,000

5.0

727,000

4.1

5.2

734,000

6

O-4-072

Colleg Square
Higashikurume523,000

382,000

539,000

5.3

516,000

5.3

5.6

523,000

1

O-4-073

College Square Waseda II

209,000

238,000

207,000

4.8

210,000

4.1

5.0

215,000

6

O-4-074

College Square
Myogadani

1,030,000

619,000

1,070,000

4.9

1,010,000

4.9

5.2

1,060,000

1O-4-075

College Square Shinkoiwa

710,000

460,000

720,000

5.0

705,000

4.1

5.2

724,000

6

O-4-076

College Square Kiba

638,000

437,000

655,000

5.0

631,000

5.1

5.3

639,000

1

O-4-077

College Squrare Kinshicho

488,000

324,000

510,000

4.9

478,000

4.9

5.2

490,000

1

O-4-078

College Square Waseda

307,000

296,000

315,000

4.8

303,000

5.0

5.1

316,000

1

48,803,000

42,658,100

49,300,000－

48,411,000－－

47,819,714

410,000

5.5

6.0

396,190

Studio Sub-total

F-2-001

Royal Garden Shinrin
Koen

416,000

339,000

422,000

5.7

F-2-002

Green Park Komatsujima

485,000

464,000

491,000

5.9

478,000

5.7

6.2

550,5233

F-2-003

Dia Palace Izumizaki

354,000

401,000

358,000

5.7

349,000

5.5

6.0

355,095

3

F-2-004

Sun Vario Takasago

F-3-034

Ark Heim Niigata

F-4-005

Johanna Mansion

574,000

663,000

575,000

6.7

F-4-006

Iruma-ekimae Building

1,610,000

990,000

1,640,000

6.1

F-4-007

Iruma-ekimae Building
No.II

780,000

580,000

795,000

6.2

773,000

F-4-008

Sereno Omiya

1,780,000

2,370,000

1,800,000

5.6

1,760,000

F-4-009

Suzuran-kan

446,000

431,000

459,000

5.5

440,000

F-4-010Bonheur Tokiwa

747,000

735,000

754,000

5.5

739,000

F-4-011

Profit Link Takenotsuka

621,000

661,000

627,000

5.7

F-4-012

Takenotsuka Flat

2,070,000

2,240,000

2,110,000

F-4-013

Dream Heights

374,000

312,000

376,000

F-4-014

Green Hills Asukayama

596,000

600,000

602,000

F-4-015

Oji Heights

399,000

258,000

F-4-016

Sakagami Royal Heights
No. II

369,000

348,000

3

372,000

339,000

372,000

6.0

363,000

5.8

6.4

364,9042

1,040,000

1,120,000

1,050,000

6.2

1,020,000

6.0

6.5

1,060,000

3574,000

6.9

7.0

556,7141

1,590,000

6.3

6.4

1,517,000

1

6.4

6.5

687,666

1

5.4

5.9

1,554,523

3

5.7

5.8

441,190

1

5.3

5.7

752,904

3

618,000

5.9

6.0

636,3331

5.7

2,030,000

5.4

5.9

2,051,809

4

5.5

373,000

5.7

5.8

358,6661

5.5

594,000

5.7

5.8

587,2381

402,000

5.0

398,000

5.2

5.3

347,8571

372,000

5.5

367,000

5.7

5.8

360,7141

23

Direct Capitalization Method(note 1)

Property No.

Name of Property

F-4-017

willDo Todoroki

F-4-018

Chez Moi Sakuragaoka

F-4-019

Libest Nishi-chiba

F-4-020

Corinne Tsudanuma

F-4-021

Isogo Flat

F-4-022

DCF Method (note 2)

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

Overall
Capitalization
Rate
（％）

1,869,000

1,340,000

1,895,000

4.4

1,842,000

4.2

4.6

1,764,809

626,000

420,000

631,000

5.6

624,000

5.8

5.9

609,90412,360,000

2,940,000

2,380,000

5.7

2,350,000

5.9

6.0

2,152,476

1

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）

3

377,000

395,000

382,000

5.5

371,000

5.3

5.8

352,76185,410,000

6,320,000

5,450,000

6.0

5,370,000

5.7

6.2

5,290,571

4

Chigasaki Daikan Plaza

473,000

337,000

479,000

5.8

470,000

6.0

6.1

453,5711

F-4-028

Winbell Chorus Hiratsuka
No.13

434,000

427,000

436,000

5.5

431,000

5.3

5.7

477,5878

F-4-029

Libest Higashi Nakayama

1,530,000

1,490,000

1,530,000

5.7

1,530,000

5.9

6.0

1,371,314

1

F-4-030

Libest Nakayama

893,000

1,190,000

894,000

6.2

893,000

6.4

6.5

837,3481

F-4-031

MGA Kanamachi

484,000

470,000

491,000

5.2

476,000

5.0

5.4

484,000

8

F-4-035

Greenhills Roka

683,000

754,000

689,000

5.1

681,000

4.8

5.4

662,000

2

F-4-036

Lofty Hirai

344,000

239,000

348,000

5.6

342,000

5.6

5.9

324,000

1

F-5-023

Stellato City Temmacho

710,000

669,000

711,000

5.5

708,000

5.3

5.7

627,7858F-5-024

Grace Mansion Fuji

495,000

435,000

494,000

6.1

495,000

5.9

6.3

492,7618

F-5-032

Stellato City Sakurayama

735,000

671,000

742,000

5.5

727,000

5.3

5.8

735,000

3

F-5-037

Grand court Kurokawa

647,000

677,000

652,000

5.4

645,000

5.1

5.7

677,000

2

F-6-025

Rene Kobe-Kitamachi II
Center Court

793,000

1,450,000

812,000

6.4

773,000

6.1

6.6

878,857

4

F-6-026

willDo Nishi akashi

718,000

1,226,000

727,000

6.5

708,000

6.2

6.7

635,666

4

F-6-033

La Vita Nipponbashi

1,860,000

1,980,000

1,880,000

5.4

1,840,000

5.1

5.6

1,860,000

4F-9-027

Image Kirigaoka

616,000

674,000

615,000

6.2

616,000

5.9

6.4

662,7144

F-4-038

Colonnade Kasuga

3,160,000

2,975,000

3,260,000

4.7

3,160,000

4.6

4.8

3,115,277

7

Family Sub-total

38,250,000

39,930,000

38,703,000－

37,928,000－－

37,044,740

P-4-001

Chelsea Garden

4,318,000

4,528,000

4,353,000

4.4

4,303,000

4.1

4.5

4,238,476

5P-4-002c-MA1

626,000

614,000

630,000

4.5

624,000

4.2

4.6

618,095

5P-4-003c-MA2

813,000

833,000

824,000

4.5

802,000

4.3

4.7

699,2858P-4-004c-MA3

1,420,000

2,150,000

1,430,000

4.6

1,420,000

4.3

4.7

1,480,808

5P-4-005

n-GT1

478,000

453,000

484,000

4.8

475,000

5.0

5.1

466,095

1

P-4-006

n-OM1

3,840,000

4,280,000

3,820,000

4.5

3,860,000

4.4

4.7

3,750,000

6P-4-007

Storia Jingumae

3,160,000

3,690,000

3,260,000

4.1

3,160,000

4.0

4.2

3,160,000

7

Premium Sub-total

14,655,000

16,548,000

14,801,000－

14,644,000－－

14,412,760

Total

101,708,000

99,136,100

102,804,000－

100,983,000－－

99,277,214(note 1) ”Direct Capitalization Method” is under Capitalization Method ( method to calcurate 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 second decimal place.
(note 2) “DCF Method”is under the method referred at (note 1), sum of each present value, which is calcurated from discounts of net income or recovery price generated
during a continuing 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 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.

24

(Reference No. 3)

O-4-069 College Square Kita Ikebukuro

O-4-070 College Square Tobu Nerima

O-4-071College Square Akatsuka

O-4-072 College Square HigashikurumeO-4-073 College Square Waseda II

O-4-074 College Square Myogadani

O-4-075 College Square Shinkoiwa

O-4-076 College Square Kiba

O-4-077 College Square Kinshicho25O-4-078 College Square Waseda

P-4-007 Storia Jingumae

26