January 21, 2019
For Immediate Release<Investment Corporation>
Japan Real Estate Investment Corporation
Hiroshi Nakajima, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Naoki Umeda, President & CEO
Contact: Ryuta Yoshida
Director, Senior Executive Officer &General Manager, Planning Department
Phone: +81-3-3211-7951

Announcement of Acquisition of Domestic Properties
Japan Real Estate Investment Corporation (“JRE”) announced today that Japan Real Estate AssetManagement Co., Ltd., an asset management company to which JRE entrusts the management of its
properties, decided on January 21, 2019 the acquisition of domestic properties as follows:<<Properties to be acquired>>Name of property

Location

Front PlaceMinami-Shinjuku
Daido Seimei Niigata
Building

Shibuya-ku,
Tokyo
Niigata city,
Niigata

Type of property to
be acquired

Acquisition
price

Scheduledacquisition dateDomestic property¥ 9,250 million

January 23, 2019

Domestic property¥ 1,770 million

March 1, 2019<<Property to be acquired: Front Place Minami-Shinjuku>>
1. Outline of acquisition
1) Property to be acquired:
2) Name of property:3) Acquisition price:4) Scheduled acquisition date:5) Seller:6) Method of Settlement:7) Acquisition funds:

Domestic property
Front Place Minami-Shinjuku¥ 9,250 million
January 23, 2019
Sendagaya 5 Chome Tokutei Mokuteki Kaisha (“TMK”)(TMK invested by Mitsubishi Estate Co., Ltd.)
Lump-sum payment at closing of acquisition
Loan (Note) and own funds(Note) For more detailed information on the loan, please refer to the news release “Announcement of Debt Financing”
dated today.

12. Reasons for the acquisition
JRE will acquire the property based on the basic policies and investment attitude for acquisition under the
Articles of Incorporation of JRE. In particular, the following points have been highly evaluated in thedetermination of the acquisition.
(1) Superior location
The property is located in Shinjuku, one of the world’s leading urban areas where a wide variety offunctions are concentrated, including business and commercial functions. The property has greattransportation access, as it is extremely close to Shinjuku Station on the JR Line and Shinjuku
3chome Station on the Tokyo Metro Line.
(2) Brand new and environmentally friendly office building that is highly competitive
The property is a recently constructed office building completed in 2015. It acquired “2015”under the DBJ Green Building certification program as it is equipped with excellent
earthquake-resistant facilities, etc., which deserves a high reputation in its consideration towards theenvironment and the society.
3. Details of the property to be acquired
The relevant information is as set out below. The information on “area,” “structure,” and “completiondate” is derived from the real property registry, and the “usage” described below is among the main
usages listed in the real property registry.
(1) Details of real estate property
Location
Address shownin real property
registry
Address
Usage
Area
Land
Building
Structure
Completion dateArchitect
Constructor
Building confirmation and inspection
bodyType of ownership
Land
Building
Acquisition priceAppraisal value(Appraisal institution)(Appraisal date)
PML value
Collateral
Property management company

5-33-1, Sendagaya, Shibuya-ku, Tokyoand other 2 lots
Building
5-33-1, Sendagaya, Shibuya-ku, Tokyo
5-33-6, Sendagaya, Shibuya-ku, Tokyo
Offices and shops
Land

1,040.80 m2
5,982.36 m2
Steel structure, flat roof
Above ground: 8 floors; Below ground: 1 floor
September 2015
Mitsubishi Jisho Sekkei Inc.
TODA CORPORATIONThe Building Center of Japan

Freehold
Ownership¥ 9,250 million¥ 9,400 million(Japan Real Estate Institute)(as of January 1, 2019)2.6% (Based on an earthquake risk assessment report issued
by Tokio Marine & Nichido Risk Consulting Co., Ltd.)
None
Mitsubishi Estate Co., Ltd. (Note)
2

(Note) Outline of the property management company
Corporate name
Mitsubishi Estate Co., Ltd.
Address of the registered1-1-1, Otemachi, Chiyoda-ku, Tokyo
head office
Representative
Junichi Yoshida, President and CEO
Date of establishment
May 1937
Paid-in capital¥ 142,023 million (as of September 30, 2018)
Major shareholders
The Master Trust Bank of Japan, Ltd. (Trust Account) (7.25%)(Ratio of shareholder)Japan Trustee Services Bank, Ltd. (Trust Account) (4.52%)(as of September 30, 2018)
Meiji Yasuda Life Insurance Company (3.37%)
Principal business
Real estate
Net assets (consolidated):
Net assets and total assets¥ 1,879,088 million (as of March 2018 period)in the preceding fiscal
Total assets (consolidated):
period¥ 5,803,689 million (same as above)
Relationship with JRE or the asset management company
Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) is a parent company
and shareholder that holds a 90% stake in Japan Real EstateManagement Co., Ltd. (asset management company) to which JRE
Capital relationshipentrusts the management of its properties. In addition, Mitsubishi
Estate holds 17,120 JRE investment units as of September 30, 2018(1.24% of total outstanding investment units).
14 personnel of the asset management company are on temporary
Personal relationships
assignment from Mitsubishi Estate as of January 21, 2019.
Mitsubishi Estate is the previous owner and beneficiary of trust ofsome of the properties held by JRE. It is also a tenant of JRE’s
Business relationshipproperties. It also enters into several associated contracts related to theproperties held by JRE.
Mitsubishi Estate falls within the definition of related party of the asset
management company under the Regulation for Terminology, Forms
and Preparation of Financial Statements. Furthermore, Mitsubishi
Estate falls within the definition of related party of the asset
Applicability to
management company under the Order for Enforcement of the Act on
related parties
Investment Trusts and Investment Corporations (Cabinet Order No.480
of 2000, including later amendments), and also falls within thedefinition of related party under the internal rules of the asset
management company.

3(2) Tenant details
Total number of tenants
Total leasable space
Total leased space2
4,095 m2
4,095m2
September 30, 2015 95.8%
September 30, 2016 100.0%
Trend in occupancy rates
September 30, 2017 100.0%
September 30, 2018 100.0%
Acquisition date
100.0%
Total rent revenue
Undisclosed due to non-approval of disclosure by tenants
Security deposit
Undisclosed due to non-approval of disclosure by tenants
Reference
NOI (Net Operating Income)¥ 311 million per year
(Estimated under ordinary state occupancy)¥ 61 million per year
Depreciation(Estimated under ordinary state occupancy)- JRE, upon acquisition of the property, will lease the space by pass-through method to
Mitsubishi Estate who will sublease the space to tenants.
- Total number of tenants, total leasable space, total leased space, and occupancy rate on
the acquisition date are projections as of the acquisition date.
(Notes) - NOI is an estimated amount under ordinary state occupancy given the fixed property
taxes and city planning taxes, etc. based on the terms and conditions of leaseagreements as of the acquisition date.
-The above figures, except for NOI and depreciation, are based on the data provided by
the seller.
(3) Specifications for rental floor space
Ceiling heightStandard floor area
Office automation floor
Electric capacity
Air conditioning system
Floor load
Other

2,800 mm
560 m2
100 mm50 VA/m2
Individual air conditioning by zone (max. 13 zones per floor)
500 kg/m2
Around-the-clock entry and exit by card security (contactless IC
card key)4

(4) Outline of the engineering report
i. Outline of repair items
Date of report
Preparer of report
Repair expenses/Capital expenditure forthe next 15 years (Annual average)

Repair expenses
Capital expenditure
Total

January 11, 2019SHIMIZU CORPORATION¥ 3 million¥ 1 million¥ 5 million

ii. Description concerning utilization status of asbestos(Description on the possible use of asbestos)Sprayed materials with asbestos
None recorded
4. Outline of seller
Corporate name

Sendagaya 5 Chome Tokutei Mokuteki Kaisha

Address of the registeredhead office2-7-1, Nihonbashi, Chuo-ku, Tokyo

Representative

Akihiro Kanayasu, Director

Date of establishment

February 27, 2012

Paid-in capital

Undisclosed due to non-approval of disclosure by the seller

Major shareholder

Undisclosed due to non-approval of disclosure by the seller

Principal business(1) Operation related to transfer, management and dispositionof specified assets in line with the Securitization Plan set
forth in the Act on Securitization of Assets(2) Any other operations incidental or relating to the operationof securitization of the above specified assets

Net assets and total assets
in the preceding fiscal Undisclosed due to non-approval of disclosure by the seller
periodRelationship with JRE or the asset management company
Mitsubishi Estate, a parent company that holds a 90% stake ofthe asset management company to which JRE entrusts the
Capital relationshipmanagement of its assets, has a preferred equity investment in
Sendagaya 5 Chome Tokutei Mokuteki Kaisha (“TMK”).
Personal relationship
None in particularBusiness relationship
None in particular
TMK falls within the definition of related party of the asset
management company under the Regulation for Terminology,
Forms and Preparation of Financial Statements. Furthermore,
TMK falls within the definition of related party of the asset
Applicability to
management company under the Order for Enforcement of therelated parties
Japanese Act on Investment Trusts and Investment
Corporations, and also falls within the definition of related
party under the internal rules of the asset management company.

55. Information on property owners, etc.
Property name
(Address)
Corporate name
Relationship to party
with special interest
Acquisition backgroundand reason, etc.
Acquisition price
Acquisition date

Front Place Minami-Shinjuku(5-33-6, Sendagaya, Shibuya-ku, Tokyo)
Previous Owner
Second Previous Owner
Sendagaya 5 Chome Tokutei
None
Mokuteki Kaisha
Please refer to “4. Outline of seller”
on page 5.
Newly built in September 2015

-

-

-

6. Transaction with related parties
This transaction is deemed as a transaction with related parties. Before executing such a transaction, theasset management company has obtained a review and approval from the compliance committee, andundergone approval procedures at an asset management meeting, pursuant to the Rules for Related Party
Transactions.
7. Outline of brokerage
Not applicable
8. Acquisition schedule
January 21, 2019
January 22, 2019
January 23, 2019

Determination of the acquisition of the property
Execution of an agreement for the acquisition (scheduled)
Lump-sum payment at closing of the acquisition (scheduled)

9. Outline of appraisal report
Name of property
Appraisal value
Appraisal institution
Date of appraisal
Item

Front Place Minami-Shinjuku¥ 9,400 million
Japan Real Estate Institute
January 1, 2019
Amount(thousand yen)

General Outline
Estimated by combining the capitalization values

Capitalization Value

9,400,000

under the direct capitalization method and DCF
method, as it was determined that both methods offer
similar normative validity.

Direct Capitalization Value(1) Operating Revenue [①－②]9,500,000
442,085
Estimated by assessing price level of rental income① Annual Rent Revenue

464,648 that could be earned on a stable basis over the midto long term.
Estimated by assessing the level of occupancy rates② Amount of Loss due to Vacancy

22,563 that are expected on a stable basis over the mid- tolong term.
131,287(2) Operating Expenses
6Referenced actual costs in past years and comparable

Maintenance Cost for Building

properties for the estimation of building maintenance

49,953 costs, and referenced current contract terms for the(Note) estimation of the property management fee.
Individual characteristics of respective properties

Property Management Fee

were also analyzed for the estimation.

Leasing cost

3,674

Utilities Expenses

22,020Estimated the average annual leasing cost based on
the assumed turnover period of tenants.
Estimated based on the actual costs in past years andby analyzing factors such as occupancy rates.
Referenced actual costs in past years and estimatedRepair Expenses

3,544

by analyzing future management plan, level ofcomparable properties, and annual average expenses
stated in the engineering reports.

Property and Other Taxes

51,271

Casualty Insurance

825

Other Expenses(3) Net Operating Income [(1)－(2)](4) Investment gains of temporary deposits

Estimated based on property and other tax-relatedmaterials.
Estimated by analyzing current insurance premiums
and those for comparable properties.

0
310,798
4,158 Estimated by assuming an interest rate of 1%(5) Capital Expenditure

1,610(6) Net Cash Flow [(3)+(4)－(5)]Estimated by average annual expenditure stated in
the engineering reports, etc.

313,346
Determined by applying the relevant spread derived
from the locational conditions of the target(7) Cap Rate

3.3% properties, etc. to the standard cap rate, which is
assigned to each district, while also analyzing thetransaction yields of comparable properties.

Discounted Cash Flow Value

9,300,000
Determined by referencing the investment yields of

Discount Rate

3.0%

comparable properties and analyzing the individual
characteristics of target properties from acomprehensive perspective.
Determined by referencing the transaction yields ofTerminal Cap Rate

3.4%

comparable properties and analyzing future trends
with regard to investment yields from acomprehensive perspective.

Integrated Value
Ratio of Land
Ratio of Building

9,380,000
85.1%
14.9%

* Values below one thousand yen are eliminated.

Any special considerations made in the reconciliation of estimated value
and determination of the final appraisal value

None in particular(Note) The property management company did not provide us with consent to disclose the property management fee. If the fee
for the subject property were to be disclosed, it may impact on other deals related to the property management company,
which could affect JRE in delegation of effective property management service based on our policy of property

7maintenance and operation. This could in turn undermine the interest of our unitholders. Accordingly, maintenance costs
for the building and property management fees are shown in the total amount.

<<Property to be acquired: Daido Seimei Niigata Building>>
1. Outline of acquisition
1) Property to be acquired:
2) Name of property:3) Acquisition price:4) Scheduled acquisition date:5) Seller:6) Method of Settlement:7) Acquisition funds:

Domestic property
Daido Seimei Niigata Building¥ 1,770 million
March 1, 2019
Domestic business corporation (Note)
Lump-sum payment at closing of acquisition
Own funds(Note) Details of the seller are undisclosed due to non-approval of disclosure by the seller.

2. Reasons for the acquisition
JRE will acquire the property based on the basic policies and investment attitude for acquisition under the
Articles of Incorporation of JRE. In particular, the following points have been highly evaluated in thedetermination of the acquisition.
(1) Competitive advantages
The property is a relatively recently constructed building in the Niigata office market that has manyolder buildings. The property also features building improvements, including air-conditioning
upgrades and LED lighting installation, etc., which makes it relatively advantageous in terms ofbuilding specifications. Thus a certain level of demand can be expected, and it is believed that it will
be possible to stably attract tenants to this property in the future as well.
(2) Superior location
The property is located in the business district where major companies including city governments
and financial institutions are concentrated, and it is a high visibility building as it is located along themain road in Niigata city. In addition, the property has great transportation access from Niigata
Station by bus and BRT (Bus Rapid Transit), so stable demand can be expected.
3. Details of the property to be acquired
The relevant information is as set out below. The information on “area,” “structure,” and “completiondate” are derived from the real property registry and the “usage” described below is among the main
usages listed in the real property registry.
(1) Details of real estate property
Location
Address shown in real
property registry
Address
Usage
Area
Land
Building

6-1214-2 Kamiohkawamae-dori, Chuo-ku,
Niigata city, Niigata
6-1214-2 Kamiohkawamae-dori, Chuo-ku,
Building
Niigata city, Niigata
6-1214-2 Kamiohkawamae-dori, Chuo-ku, Niigata city, Niigata
OfficesLand875.05 m2
5,327.23 m2*Carport (76.82 m2) of attached units are included
8Structure
Completion dateArchitect
Constructor
Building confirmation andinspection bodyType of ownership
Land
Building
Acquisition priceAppraisal value(Appraisal institution)(Appraisal date)
PML value
Collateral
Property management company

Steel structure, flat roof
Above ground: 9 floors
October 1998
Ishimoto Architectural & Engineering Firm, Inc.
Joint Venture of Kagata Corporation, TOYO CONSTRUCTION
CO., LTD. and Ohirakogyo Co., Ltd.
Niigata city

Freehold
Ownership¥ 1,770 million¥ 1,850 million(Daiwa Real Estate appraisal Co., Ltd.)(as of January 1, 2019)5.6% (Based on an earthquake risk assessment report issued by
Tokio Marine & Nichido Risk Consulting Co., Ltd.)None
The Dai-ichi Building Co., Ltd. (Note 1) (Note 2)(Note 1) The property management company to be appointed after the acquisition(Note 2) Outline of the property management company

Corporate name
Address of the registered head office
Representative
Paid-in capital
Major shareholders
Principal business
Relationship with JRE or the asset
management company

The Dai-ichi Building Co., Ltd.
2-4-12, Kyobashi, Chuo-ku, Tokyo
Nobuyuki Akimoto, President and CEO¥ 900 million
Takenaka Corporation, SHIMIZU CORPORATION,
Nihonbussan Corporation, etc.
Real estate brokerage, Planning and consulting on realestate and so forth.
None in particular9(2) Tenant details
Total number of tenants
Total leasable space
Total leased space

9
3,928 m2
3,719 m2
January 1, 2015
68.7%
January 1, 2016
84.3%
January 1, 2017
84.9%
Trends in occupancy rates
January 1, 2018
82.3%
January 1, 2019
94.7%
Acquisition date
94.7%
Total rent revenue¥ 148 million per year
Security deposit¥ 86 million in total
Reference
NOI (Net Operating Income)¥ 101 million per year
(Estimated under ordinary state occupancy)¥ 67 million per year
Depreciation(Estimated under ordinary state occupancy)- Total number of tenants, total leasable space, total leased space, and occupancy rate on
the acquisition date are projections as of the acquisition date.
- NOI is an estimated amount under ordinary state occupancy given the fixed property
taxes and city planning taxes, etc. based on the terms and conditions of lease(Note)
agreements as of the acquisition date.
- The above figures, except for NOI and depreciation, are based on the data provided by
the seller.

(3) Specifications for rental floor space
Ceiling heightStandard floor area
Office automation floor
Electric capacity
Air conditioning system
Floor load
Other2,580 mm
483 m260 mm
40 VA/m2
Individual air conditioning
400 kg/m2
Around-the-clock entry and exit

(4) Outline of the engineering report
i. Outline of repair items
Date of report
Preparer of report
Repair expenses/Capital expenditure forthe next 15 years (Annual average)

Repair expenses
Capital expenditure
Total

ii. Description concerning utilization status of asbestos(Description on the possible use of asbestos)Sprayed materials with asbestos
None recorded
10

January 11, 2019SHIMIZU CORPORATION¥ 6 million¥ 9 million¥ 16 million

4. Outline of seller
Seller is domestic business corporation, but the details concerning the domestic business corporation are
undisclosed due to non-approval of disclosure by the corporation. The domestic business corporation is
not applicable to a party with special interest.
5. Transaction with related parties
Transactions with interested parties stipulated by the Act on Investment Trusts and Investment
Corporations of Japan will not be conducted with the acquisition of the property.
6. Outline of brokerage
Corporate name
Address of the registered head
officeRepresentative
Date of establishment
Paid-in capital
Principal business
Relationship with JRE or theasset management company

Brokerage fee
7. Acquisition schedule
January 21, 2019
February 15, 2019
March 1, 2019

Mitsubishi UFJ Trust and Banking Corporation
1-4-5, Marunouchi, Chiyoda-ku, Tokyo
Mikio Ikegaya, President and CEO
March 10, 1927
¥324.2 billion (as of March 31, 2018)
Trust asset business, Banking business, Stock transfer agency, Realestate business and others
The Corporation is the Administrative Agent for the Company(for the business affairs related to Articles 117, paragraph (2) to (6)of the Act on Investment Trusts and Investment Corporations ofJapan other than those pertaining to investment corporation bonds).
There is no other special mention matter.
Undisclosed due to non-approval of disclosure by the broker

Determination of the acquisition of the property
Execution of the agreement for the acquisition (scheduled)
Lump-sum payment at closing of the acquisition (scheduled)11

8. Outline of appraisal report
Name of property
Daido Seimei Niigata Building
Appraisal value¥ 1,850 million
Appraisal institution
Daiwa Real Estate appraisal Co., Ltd.
Date of appraisal
January 1, 2019
AmountItem

General Outline(thousand yen)

Estimated with DCF method which is referring future

Capitalization Value

1,850,000 net cash flow and also with the validation ofcapitalization value by direct method.

Direct Capitalization Value(1) Operating Revenue [①－②]1,910,000
164,922① Annual Rent Revenue

173,549

Estimated based on level and trend of comparable
cases referring medium-to long competitiveness etc.
Estimated by assessing the level of occupancy rates② Amount of Loss due to Vacancy

8,627 that are expected on a stable basis over the mid- tolong term.
54,950(2) Operating Expenses

Referenced actual costs in past years for the

Maintenance Cost for Building

23,748 estimation of building maintenance costs, and(Note) referenced comparable properties’ cases for theProperty Management Fee

evaluation of the property management fee.

Leasing cost

915

Utilities Expenses

10,000

Repair Expenses

6,606

Property and Other Taxes

12,880Casualty Insurance
Other Expenses(3) Net Operating Income [(1)－(2)](4) Investment gains of temporary deposits

Applied one month rent fee referring comparable
properties’ cases.
Estimated taking account of the actual figures in past
years and the occupancy rates.
Estimated based on annual average costs listed on theengineering reports.
Estimated based on the actual figures for the fiscal
year 2018.

800 Estimated based on comparable properties’ cases.
0109,971951 Estimated by assuming an interest rate of 1%(5) Capital Expenditure

9,808(6) Net Cash Flow [(3)+(4)－(5)]Estimated taking account of annual average
expenditure listed on the engineering reports, etc.

101,114
Estimated based on the standard yield out of analyzed(7) Cap Rate

5.3%

transaction yield of comparable cases for A classbuilding, taking account of market trend of leasing
and acquisition for the area.

Discounted Cash Flow Value

1,830,000
Estimated referencing analyzed transactions yield for

Discount Rate

5.1% comparable cases and analyzing the individual
characteristics.

Terminal Cap Rate

5.5%
12

Estimated referencing analyzed transactions yield forcomparable cases and analyzing future trend of

investment yield from a comprehensive perspective

Integrated Value
Ratio of Land
Ratio of Building

1,150,000
40.3%
59.7%

* Values below one thousand yen are eliminated.

Any special considerations made in the reconciliation of estimated value
and determination of the final appraisal value

None in particular(Note) The property management company to be appointed for the subject property did not provide us with consent todisclose the property management fee. If the fee for the subject property were to be disclosed, it may impact on otherdeals related to the property management company, which could affect JRE’s delegation of effective property
management service based on our policy of property maintenance and operation. This could in turn undermine theinterest of our unitholders. Accordingly, maintenance costs for the building and property management fees are shownin the total amount.

<< Future outlook>>
As the impact of the acquisition on JRE's management performance for the March 2019 period (fromOctober 1, 2018 to March 31, 2019) and the September 2019 period (from April 1, 2019 to September 30,2019) is expected to be minor, no revision of the forecast for performance will be made.

Reference materials (attachments)• Information maps, Photos of exterior• List of all JRE properties following acquisition of these properties

This is an English translation of the announcement in Japanese dated January 21, 2019.
No assurance or warranties are given for the completeness or accuracy of this English translation.

13

(Reference) Information map of Front Place Minami-Shinjuku(Reference) Exterior of Front Place Minami-Shinjuku

14

(Reference) Information map of Daido Seimei Niigata Building(Reference) Exterior of Daido Seimei Niigata Building

15

(Reference) List of all JRE properties following acquisition of these properties
Area

Name

Location

Type of property

Acquisition date

Percentage
of portfolio

Kitanomaru Square

Chiyoda-ku, Tokyo

Real property

February 24, 2006

８１，５５５，５００

８．０％

MD Kanda Building

Chiyoda-ku, Tokyo

Real property

May 31, 2002

９，５２０，０００

０．９％

Kandabashi Park Building

Chiyoda-ku, Tokyo

Real property

August 15, 2002

４，８１０，０００

０．５％

Otemachi Financial City
North Tower

Chiyoda-ku, Tokyo

Real property

March 31, 2014

１５，４６２，９００

１．５％

Nibancho Garden

Chiyoda-ku, Tokyo

Real property

April 1, 2005

１４，７００，０００

１．４％

Mitsubishi UFJ Trust and Banking
Building

Chiyoda-ku, Tokyo

Real property

March 28, 2007

４４，７００，０００

４．４％

Burex Kojimachi Building

Chiyoda-ku, Tokyo

Real property

July 29, 2005

７，０００，０００

０．７％

１０，２００，０００
１０，７００，０００

２．０％

Sanno Grand Building

Chiyoda-ku, Tokyo

Real property

January 31, 2005
April 3, 2006
Total

Yurakucho Denki Building

Chiyoda-ku, Tokyo

Real property

August 1, 2003

７，２００，０００

０．７％

Kodenmacho Shin-Nihonbashi Building

Chuo-ku, Tokyo

Trust beneficiary rights

September 25, 2001

３，１７３，０００

０．３％

Front Place Nihonbashi

Chuo-ku, Tokyo

Real property

January 19, 2018

１７，５６０，０００

１．７％

Kyodo Building(Kayabacho 2Chome)

Chuo-ku, Tokyo

Trust beneficiary rights

March 1, 2011

４，４１０，０００

０．４％
０．５％

Burex Kyobashi Building

Chuo-ku, Tokyo

Real property

July 22, 2002

５，２５０，０００

Chuo-ku, Tokyo

Trust beneficiary rights

March 2, 2015

６，４５９，０００

０．６％

Ginza Sanwa Building

Chuo-ku, Tokyo

Real property

March 10, 2005

１６，８３０，０００

１．６％

Ryoshin Ginza East Mirror Building

Chuo-ku, Tokyo

Real property

March 15, 2005
May 24, 2010
Total

５，３５３，５００２，６４５，９２２

０．８％

７，９９９，４２２

Harumi Front

Chuo-ku, Tokyo

Real property

January 7, 2013

３１，３００，０００

３．１％

Harumi Center Building

Chuo-ku, Tokyo

Real property

December 18, 2007

２６，８００，０００

２．６％

Akasaka Park Building

Minato-ku, Tokyo

Real property

November 15, 2011

６０，８００，０００

５．９％

Aoyama Crystal Building

Minato-ku, Tokyo

Real property

March 14, 2003

７，６８０，０００

０．７％

Clover Shiba-koen

Minato-ku, Tokyo

Trust beneficiary rights

January 20, 2015

４，５００，０００

０．４％

２１，２５０，０００

Trust beneficiary rights

December 19, 2008
January 15, 2010
May 1, 2015
March 30, 2017
September 1, 2017
Total

１０，５３０，０００
１０６，９３０，０００

Minato-ku, Tokyo

５４，６００，０００
１０，１００，０００
１０，４５０，０００

１０．４％

Shiba 2Chome Daimon Building

Minato-ku, Tokyo

Trust beneficiary rights

September 10, 2001

４，８５９，０００

０．５％

Cosmo Kanasugibashi Building

Minato-ku, Tokyo

Trust beneficiary rights

September 25, 2001

２，８０８，０００

０．３％

Tamachi Front Building

Minato-ku, Tokyo

Real property

March 30, 2017

６，２１０，０００

０．６％

Shinjuku-ku, Tokyo

Trust beneficiary rights

October 1, 2014
January 25, 2017
March 30, 2018
Total

２３，１００，０００

Shinjuku Eastside Square

６，６６０，０００２５，４６０，０００

５．４％

Shinjuku-ku, Tokyo

Trust beneficiary rights

April 17, 2018

２５，０２５，０００

２．４％

Shinwa Building

Shinjuku-ku, Tokyo

Real property

September 1, 2004

７，８３０，０００

０．８％

Tokyo Opera City Building

Shinjuku-ku, Tokyo

Real property

September 13, 2005
March 24, 2010
Total

９，３５０，０００２２，４２６，８３１

３．１％

３１，７７６，８３１

TIXTOWER UENO

Taito-ku, Tokyo

Real property

June 15, 2012

２２，０００，０００

２．１％

Higashi-Gotanda 1Chome Building

Shinagawa-ku, Tokyo

Real property

November 1, 2004

５，５００，０００

０．５％

Osaki Front Tower

Shinagawa-ku, Tokyo

Real property

February 1, 2011

１２，３００，０００

１．２％

Omori-Eki Higashiguchi Building

Ota-ku, Tokyo

Trust beneficiary rights

September 10, 2001

５，１２３，０００

０．５％

Front Place Minami-Shinjuku

Shibuya-ku, Tokyo

Real property

January 23, 2019

Shinjuku South Gate Project(tentative name)(Land with leasehold interest)

March 24, 2004

６，６７０，０００

Shibuya-ku, Tokyo

Real property

August 23, 2013

－１，１７０，０００

Total

５，５００，０００

Yoyogi 1Chome Building

Shibuya-ku, Tokyo

Real property

April 1, 2004

８，７００，０００

Jingumae Terrace

Shibuya-ku, Tokyo

Real property

November 22, 2002

４，８８５，０００

０．５％

Jingumae Media Square Building

Shibuya-ku, Tokyo

Real property

October 9, 2003

１２，２００，０００

１．２％

November 30, 2001

３４，６００，０００

Shibuya Cross Tower(Land with leasehold interest)

Shibuya-ku, Tokyo

Real property

January 18, 2018

－８，０７６，０００

Total

２６，５２４，０００

Shibuya-ku, Tokyo

November 14, 2003
April 1, 2004
February 18, 2014
Total
February 28, 2005
December 19, 2012
March 27, 2015
Total

Real property

９，２５０，０００

３，７４０，０００
３６０，０００
１０，５１２，０００

０．９％
０．５％

０．８％

２．６％

１．４％

１４，６１２，０００
８，５００，０００
５２０，０００

１．１％

Harmony Tower

Nakano-ku, Tokyo

Real property

Otsuka Higashi-Ikebukuro Building

Toshima-ku, Tokyo

Trust beneficiary rights

September 25, 2001

３，５４１，０００

Ikebukuro 2Chome Building

Toshima-ku, Tokyo

Trust beneficiary rights

September 25, 2001

１，７２８，０００

０．２％

Ikebukuro YS Building

Toshima-ku, Tokyo

Real property

August 2, 2004

４，５００，０００

０．４％

Hachioji City, Tokyo

Real property

March 31, 2005
March 19, 2008
Total
September 25, 2001
October 11, 2001
Total

３，３００，０００

Hachioji First Square

Saitama Urawa Building

Saitama City,
Saitama Prefecture

MM Park Building

Yokohama City,
Kanagawa PrefectureTokyo
metropolitan
area(excluding 23 wards)

Queen's Tower A
Kawasaki Isago Building
Musashi Kosugi STM Building

Yokohama City,
Kanagawa Prefecture
Kawasaki City,
Kanagawa Prefecture
Kawasaki City,
Kanagawa Prefecture

Real property

２，１００，０００
１１，１２０，０００

２，３７９，１１２
５，６７９，１１２
１，２３２，０００
１，３４２，０００

０．３％

０．６％

０．３％

２，５７４，０００

Real property

March 24, 2008

３７，４００，０００

３．６％

Trust beneficiary rights

January 31, 2014

１７，２００，０００

１．７％

Trust beneficiary rights

September 25, 2001

３，３７５，０００

０．３％

March 25, 2008

４，０００，０００

０．４％

８５６，９７９，７６６

８３．６％

Real property

Total: Tokyo metropolitan area

16

７６．７％

５５，２２０，０００

Shinjuku Front Tower

Ebisu Neonato

Percentage
by area

２０，９００，０００

Ginza 1Chome East Building

Shiodome BuildingTokyo
metropolitan
area(23 wards)

Acquisition price (Note 1)(thousand yen)

６．８％

８３．６％

Area

Name

Hokkaido

8 • 3 Square Kita Building
Jozenji Park Building

Percentage
of portfolio

Acquisition date

Real property

June 1, 2007

７，１００，０００

０．７％

Real property

January 31, 2005

１，０００，０００

０．１％

Higashi Nibancho Square

Real property

January 7, 2013

９，９５０，０００

１．０％

Sendai Honcho Honma
Building

Sendai City,
Miyagi Prefecture

Trust beneficiaryrights

September 25, 2001
June 28, 2006
Total

２，９２４，０００
２５０，０００３，１７４，０００

０．３％

AER

Sendai City,
Miyagi Prefecture

Real property

September 1, 2015

１８，６４０，０００

１．８％

Daido Seimei Niigata Building

Niigata city,
Niigata Prefecture

Real property

March 1, 2019

１，７７０，０００

０．２％

２，８８０，０００
１，７００，０００
４，５８０，０００

０．４％

Kanazawa Park Building

Kanazawa City,
Ishikawa Prefecture

Real property

Kanazawa Kamitsutsumicho
Building

Kanazawa City,
Ishikawa Prefecture

Real property

October 3, 2016

２，７８０，０００

０．３％

Real property

October 2, 2006
November 1, 2006
June 9, 2014
April 1, 2016
Total

３，８５０，０００
１，３００，０００
６５０，０００
１７５，０００５，９７５，０００

０．６％

Trust beneficiaryrightsJuly 31, 2013８，５６７，０００

０．８％Real property

September 10, 2001

１４，５３３，０００

１．４％

Real property

August 8, 2003

１，８６５，０００

０．２％

Real property

September 3, 2013

４，４００，０００

０．４％

April 1, 2015

１５，５２３，５２０

１．５％

September 1, 2008

２４，０００，０００

２．３％

September 25, 2001
December 26, 2003
Total
September 25, 2001
February 28, 2002
Total

２，２６４，０００
１，９００，０００４，１６４，０００６，９３４，０００
７，３８０，０００
１４，３１４，０００

Nishiki Park Building

Chubu
regionNagoya Hirokoji Place
Nagoya Hirokoji Building
Nagoya Misono Building
Shijo Karasuma Center Building
Umeda Square Building
Shin-Fujita Building

Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Kyoto City,
Kyoto Prefecture
Osaka City,
Osaka Prefecture
Osaka City,
Osaka Prefecture

Trust beneficiaryrightsTrust beneficiaryrightsSakaisujihonmachi Building

Osaka City,
Osaka Prefecture

Real property

Midosuji Daiwa Building

Osaka City,
Osaka Prefecture

Trust beneficiaryrightsAmagasaki Front Building

Amagasaki City,
Hyogo Prefecture

Trust beneficiaryrightsLit City Building
NHK Hiroshima Broadcasting
Center Building
Tosei Tenjin Building
KyushuregionTenjin Crystal Building
Hinode Tenjin Building

Okayama City,
Okayama Prefecture
Hiroshima City,
Hiroshima
Prefecture
Fukuoka City,
Fukuoka Prefecture
Fukuoka City,
Fukuoka Prefecture
Fukuoka City,
Fukuoka Prefecture

９，３００，０００
４，６５０，０００－５５５，１３１４，０９４，８６８
１，３２０，０００
１，４５０，０００
２，７７０，０００

Real property

September 25, 2001

１，５５０，０００

０．２％

Real property

June 1, 2005

５，０００，０００

０．５％

Trust beneficiaryrights

September 10, 2001

Total: Other major cities
Total: Portfolio

０．９％

３．０％

７．０％

１．４％

March 25, 2015

Real property

０．７％

０．４％

February 1, 2006
September 28, 2018
Total
March 25, 2004
March 3, 2008
Total

Real property

Percentage
by area

３．２％

February 28, 2002
March 3, 2003
Total

Hokuriku
regionChugokuregionSapporo City,
Hokkaido
Sendai City,
Miyagi Prefecture

Acquisition price (Note 1)(thousand yen)Type of property

Sendai City,
Miyagi Prefecture

TohokuregionKinki
regionLocation

０．９％

０．４％
０．７％
０．３％

１．０％

３，６５７，０００

０．４％

１６８，７０７，３８８

１６．４％

１６．４％

１，０２５，６８７，１５４

１００．０％

１００．０％(Note 1) Acquisition prices are expressed by eliminating the numbers below a thousand.
(Note 2) Ratio and ratio by region are rounded to the nearest first decimal place.
(Note 3) The acquisition price of Shinjuku South Gate Project (tentative name) (Land with leasehold interest) represents the acquisition price ofthe land and building net of the acquisition price of the building on March 24, 2004, as the building section was disposed on August 23,
2013.
(Note 4) The acquisition price of Jingumae Media Square Building is the price of the property on the date of acquisition (October 9, 2003),
including the sales cost (¥614 million) of the part of the property that was sold on October 30, 2009.
(Note 5) The acquisition price of Shibuya Cross Tower (Land with leasehold interest) represents the acquisition price of the land and building
net of the acquisition price of the building on November 30, 2001, as the building section was disposed on January 18, 2018.
(Note 6) The acquisition price of Lit City Building represents the acquisition price of the property net of the acquisition price of the retail unitsof the building on the date of acquisition, as the retail units of the building was disposed on September 28, 2018.

17