October 17, 2013
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-Chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Revision to Financial Results Forecast for the Period EndingFebruary 28, 2014 (16th Period)
Nippon Accommodations Fund Inc. (“NAF”) revised its financial results forecast for the period ending February 28,
2014 (16th Period: September 1, 2013 to February 28, 2014) that was announced on July 19, 2013 as follows.
1. Details of Revision

Net income(million yen)

Distribution perunit(Distribution inexcess ofearnings is notincluded)

Total
revenues(million yen)

Operatingincome(million yen)

Incomebeforeincometaxes(million yen)Previous forecast
(A)

9,007

4,075

3,277

3,276

14,200 yen-

Current revised forecast
(B)

9,162

4,117

3,323

3,322

14,400 yen-

Change(B-A)

154

41

46

46200 yen-

Change

1.7%

1.0%

1.4%

1.4%

1.4%

-(Reference)
Actual results for the period
9,002
3,964
3,165
3,164
13,717 yen
ended August 31, 2013
(Reference) Projected number of investment units issued as of the end of 16th period: 230,711 units

Distribution
in excessof earnings
per unit-

2. Main Reason for Revision
Taking into consideration the effects on revenues due to matters such as announcement on September 27,
2013 in “Notification Concerning Acquisition of Domestic Real Estate Properties,” the operating results of existing
properties as well as the level of interest rates, NAF has revised its current forecast of financial results.
Notes
1. The above forecasted figures are calculated under assumptions described in “The Preconditions of Forecast for the Financial Results for the 16thPeriod (from September 1, 2013 to February 28, 2014)” stated in the Kessan Tanshin released on the date of this notification. Actual totalrevenues, operating income, income before income taxes, net income and distribution per unit may vary due to future acquisitions or sale ofproperties, changes in the real estate market and other changes in the environment in which NAF operates. In addition, these forecasts do notguarantee the distribution amount.
2. A forecast revision shall be performed if significant deviation from above forecast is expected.
3. All amounts less than a single unit has been disregarded. Percentages were rounded to one decimal place.

Japanese original document was distributed to the press clubs within Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/index.html

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, the Japaneseoriginal shall prevail.