March 20, 2019
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Takashi Ikeda(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Tetsuji Kawakami(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties(Park Axis Ikegami and another property)
This is a notification that Mitsui Fudosan Accommodations Fund Management Co., Ltd., an investment trust
management company, which has been commissioned by Nippon Accommodations Fund Inc. (“NAF“) to manage
its assets, decided on the acquisition of real estate properties in Japan as shown below.

1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following properties were made to ensure the steady growth of assets
under management, and for the diversification and further enhancement of the investment portfolio.

2. Overview of acquisition
Name of property to be acquired
Property 1
Property 2(Note 3)

Park Axis Ikegami①②

Park Axis Oshiage Terrace (45% of coownership)
Park Axis Oshiage Terrace (55% of coownership)

Type ofproperty to
be acquired

Plannedacquisition price(Note 1)(thousand yen)Appraised Value(Note 2)(thousand yen)

Real estate

1,260,000

1,300,000

Real estate

1,174,500

Real estate

1,435,500

2,750,000

Total

3,870,000(1) Date of conclusion of sale contract

March 20, 2019(2) Planned date of handover
Property 1

April 19, 2019

Property 2 ①

March 28, 2019 (Note 3)

Property 2 ②April 19, 2019 (Note 3)

1

4,050,000

(3) Seller
Property 1

Mitsui Fudosan Residential Co., Ltd.

Property 2 ①

Marubeni Corporation (Note 3)

Property 2 ②

Mitsui Fudosan Residential Co., Ltd.（Note 3）(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at the time of delivery(Note 1) “Planned acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property
taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sale contract forthe properties to be acquired.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal reports (date of value appraisal on January
31, 2019) prepared by Japan Real Estate Institute for Property 1 and by JLL Morii Valuation & Advisory K.K. for Property
2.
(Note 3) Property 2 ① and Property 2 ② are co-ownership interests in the same real estate property and NAF is scheduled tohold 100% co-ownership by acquiring 45% co-ownership (Property 2 ①) from Marubeni Corporation on March 28, 2019
and 55% co-ownership (Property 2 ②) from Mitsui Fudosan Residential Co., Ltd. on April 19, 2019.
Property 2 ② are hereinafter collectively referred to as Property 2.

2

Property 2 ① and3．Description of the properties to be acquired(1) Outline of the properties to be acquired(i) Property 1: Park Axis Ikegami
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)

Park Axis Ikegami
Real estate
Japan Real Estate Institute¥1,300,000 thousand
January 31, 2019
17-8, Ikegami 7-chome, Ota-ku, Tokyo
60%
200%

Land

ZoningCategory 1 medium to high-rise exclusive residential district

Site area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories (Note 5)

773.96 m2
Proprietorship
March 6, 2015
Flat-roofed reinforced concrete structure / 5 stories
Apartment building, storage, parking, parking lot forbicycles, garbage depot
1,795.14 m2
Proprietorship45
1,391.34 m2
None
None
The property is a rental apartment for singles and small
households and is approximately a 7-minute walk from
Ikegami Station on the Tokyu Ikegami Line.
There are various facilities offering convenience in daily
life such as shopping centers and hospitals around thestation and the property is recognized to be superior interms of living environment as it is located in a quiet
residential area with well-organized blocks.

Uses (Note 5)
Building

Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details oftenants(Note 7)

Total number of tenants

1

Rentable units

45

Rented units

43

Rentable area

1,391.34 m2

Rented area

1,325.80 m2

Occupancy rate

95.3%

Deposit / Security deposit¥10,481 thousand

Monthly rental revenue¥5,502 thousand

3

(ii) Property 2: Park Axis Oshiage Terrace
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories (Note 5)
Uses (Note 5)
Building Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Park Axis Oshiage Terrace
Real estate
JLL Morii Valuation & Advisory K.K.
¥2,750,000 thousand
January 31, 201939-12 Mukoujima 3-chome, Sumida-ku, Tokyo
80% / 80%
400% / 300%
Commercial district, neighborhood commercial district
663.93 m2
Proprietorship
December 27, 2016
Flat-roofed reinforced concrete structure / 9 stories
Apartment building, parking, parking lot for bicycles
3,382.83 m2
Proprietorship80
2,498.08 m2
None
Part of the land (approx. 68 m2) is located within the city
planning road (Road No. 13 Branch Line 1, planned width
20 meters). The project has not been determined anddetails such as the implementation period of the project andexpropriation area have yet to be decided, but there is apossibility the building will become a non-conforming
building due to the expropriation of land if the project isdetermined in the future.
Soil with levels of lead and fluorine exceeding thestandard has been confirmed at part of the land, but nounderground water is used for the property. It has also been
confirmed that soil in excess of the standard value andincluded within the range of soil transformation in theconstruction work of the building has been removed throughexcavation and removal, and that soil outside the range has
been replaced with clean soil after excavation and removalof surface soil (GL - 50~60 cm). Therefore, it is estimatedthat measures have been taken corresponding to thecontrol of exposure and blocking of exposure routes
including the restriction of ingestion of underground watercontaminated due to soil contamination and opportunities
for people to come in contact with contaminated soil, and it
has been reported by third-party institutions that there isminimal risk of any impact on health in the current status ofuse. Moreover, a notification concerning measures toprevent the spread of the contamination was sent to theEnvironmental Preservation Division of Sumida Ward
Office based on the “Ordinance on Environmental
Preservation to Secure the Health and Safety of Citizens of
the Tokyo Metropolitan Area” and has been accepted.

4

Special features of the property

Details oftenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit
Monthly rental revenue

The property is approximately a 5-minute walk to Oshiage
Station on the Toei Asakusa Subway Line and Tokyo Metro
Hanzomon Line and approximately a 7-minute walk to
Tokyo Skytree Station on the Tobu Isezaki Line, offering
access to multiple stations and train lines. It also offers
excellent living convenience as it is approximately a 7minute walk to Skytree Town, a large commercial facility.
Rental demand from business people and DINKS
households that place importance on locational conditions
can be expected.

18077
2,498.08 m2
2,403.90 m2
96.2%¥18,050 thousand¥10,601 thousand(Note 1) “Appraised value” and “Date of value appraisal” are based on the real estate appraisal report prepared by Japan Real Estate
Institute for Property 1 and by JLL Morii Valuation & Advisory K.K. for Property 2.
(Note 2) “Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the BuildingStandards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-area ratio” is theratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act, and the figure
stipulated by city planning in accordance with zoning, etc. is indicated.
(Note 3) “Site area” denotes the land area included in the register.
(Note 4) “Completion date” of the building denotes the date included in the register.
(Note 5) “Structure / Number of stories,” “uses,” and “gross floor area” are based on the description in the register.
(Note 6) “Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the property to be acquired.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is denoted as 1 if there is a master lease agreement (a bulk lease agreement) concluded with amaster lease company. With regards to the property to be acquired, a master lease agreement is scheduled to beconcluded with Mitsui Fudosan Residential Lease Co., Ltd. as the master lease company. The “total number of tenants”
above is therefore the number of tenants after such a master lease agreement is concluded.
(ii) “Rentable units” denotes the number of units that can be rented within the property to be acquired.
(iii) “Rented units,” “rented area” and “deposit / security deposit” denote figures as of January 31, 2019 based on the material
received from the seller.
(iv) “Rentable area” denotes the total area of the building that can be rented within the property to be acquired.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.
(ⅵ) ”Monthly rental revenue” is the total monthly rent indicated in the lease agreement concluded between the master lease
company and end tenant as of January 31, 2019 (including common service fees and excluding usage fees of attachedfacilities such as parking lot and trunk room). Amounts are rounded down to the nearest thousand yen and do not include
consumption tax.

(2)Outline of investigations into the state of the building, etc.
Property 1
Park Axis Ikegami

Name of property to be acquired
Consigned
investigatingcompany
Investigation report date
Investigations
Urgent repair cost
into the state ofShort-term repair costbuilding
Repair and renewal costs
expected to be necessary within
12 years

Property 2
Park Axis Oshiage Terrace

SOMPO Risk Management Inc.
February 13, 2019－－¥24,050 thousand

5

February 22, 2019－－
¥32,360 thousand

Earthquake
risk diagnosis

Replacement value
Consigned investigatingcompany
Investigation report date
PML value (Note)¥437,000 thousand¥835,000 thousand

Tokio Marine & Nichido Risk Consulting Co., Ltd.
February 13, 2019
6.7%

February 20, 2019
6.6%

(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does notprovide any guarantee for its contents. PML (Probable Maximum Loss) value represents the rate of probable maximum
loss to be caused by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest
earthquakes anticipated to happen within the expected duration of service (the biggest earthquake which happens once
every 475 years = 10% chance of a big earthquake happening once every 50 years) represented by the rate (%) of theestimated cost of restoration from the damage to the replacement cost.

Profile of third-party investigative body
Name
Address
Representative
Description of principal
operations
CapitalRelationship with NAF or theinvestment trust
management company

SOMPO Risk Management Inc.
24-1, Nishishinjuku 1-chome, Shinjuku-ku, Tokyo
Yasushi Fuse, President and Chief Executive Officer
Study, research, assessment, provision of information, consulting, etc. on
security, disaster prevention, environment conservation, etc.
¥30 million

Name
Address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Taizo Shimakura, President and Chief Executive Officer
Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.
¥100 million

Description of principal
operations
CapitalRelationship with NAF or theinvestment trust
management company

None

None

6

4．Outline of seller
Seller of Property 1 and Property 2 ②
NameAddress
Representative
Description
operationsofprincipal

Mitsui Fudosan Residential Co., Ltd.
17-1, Ginza 6-chome, Chuo-ku, Tokyo
Kiyotaka Fujibayashi, President and CEO
Housing sales and leasing operations, consignment sales operations (sales ofother companies’ properties), and new operations (resort residence operations,overseas operations, etc.)¥40,000 million
December 26, 2005
Not disclosed
Not disclosed
Stockholder nameShareholding ratio

CapitalDate of establishment
Net Assets
Total Assets
Major stockholders andshareholding ratio
Mitsui Fudosan Co., Ltd.
100.0%(As of March 31, 2018)
Relationship with NAF or the investment trust management company
The seller holds 3.21% of total NAF investment units issued as of February 28,
2019. Also, the seller is a subsidiary of Mitsui Fudosan Co., Ltd., which is the
Capital relationships
parent company of the investment trust management company.
There are no personal relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no personal
relationships to report between the related parties or associated companies of
Personal relationships
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
There are no business relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no business
relationships to report between the related parties or associated companies ofBusiness relationships
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
The seller does not fall under the category of related parties of NAF. Also, theApplicability to related
seller is a subsidiary of Mitsui Fudosan Co., Ltd., which is the parent company ofpartiesthe investment trust management company.
Seller of Property 2 ①
Name
Address
Representative
Description
operationsofMarubeni Corporation
7-1 Nihonbashi 2-chome, Chuo-ku, Tokyo
Fumiya Kokubu, President and CEO
principal

Capital (As of March 31, 2018)
Date of establishment
Net Assets(As of March 31, 2018)
Total Assets(As of March 31, 2018)

Export, import and sales of domestic and foreign goods, etc.
¥262,686 million
December 1, 1949
¥622,300 million¥3,663,569 million
Stockholder name

Major stockholders andshareholding ratio(As of March 31, 2018)

Relationship with NAF ortheinvestment
trust
management company

The Master Trust Bank of Japan, Ltd. (Trust Account)

Shareholding ratio
5.11%

Japan Trustee Services Bank, Ltd. (Trust Account)
4.40%
Meiji Yasuda Life Insurance Company (standing proxy,2.41%
asset management service trust bank)
There are no capital, personal, or business relationships to report between NAF
or the investment trust management company, or any related parties or
associated companies of NAF or the investment trust management company,
and the seller. Moreover, the seller and any related parties or associatedcompanies of the seller do not fall under the category of related parties of NAF
or the investment trust management company.

7

5．Situation of the acquirer of the property
Acquisition of Property 1 and Property 2 ②Situation of the property

Property 1：
Park Axis Ikegami

Former owner

Owner before theCompany name,person’s name

Mitsui Fudosan
Residential Co., Ltd.
(Note)

None

Relationship with a
special related party

Wholly-owned
subsidiary of Mitsui
Fudosan Co., Ltd.,
which is the parent
company of theinvestment trust
management company―

Acquisition history,reason, etc.

Property developed by
Mitsui Fudosan Co., Ltd.
(Note)―

Acquisition price(including other costs)――

Acquisition time――

Property 2 ②：Park Axis Oshiage Terrace(55% of co-ownership)(Note) The rights and obligations of the residential leasing business of Mitsui Fudosan Co., Ltd. were transferred to Mitsui Fudosan
Residential Co., Ltd. by way of a company split on October 1, 2015.

The acquisition of Property 2 ① is not acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company, therefore the situation of the acquirer is notstated.
6．Outline of brokerage
Not applicable.
7．Transactions with related parties and the like
Since Mitsui Fudosan Residential Co., Ltd., the seller of Property 1 and Property 2 ②, corresponds to relatedparties and the like (see Note), the conclusion of a real estate sales contract has been carried out throughdeliberation and approval by the compliance committee and deliberation and decision by the investmentcommittee of the investment trust management company, in accordance with NAF’s self-established rules on
asset management relevant to transactions with related parties and the like.
Mitsui Fudosan Residential Lease Co., Ltd., which will be the master lease company and property
management company for Property 1 and Property 2, corresponds to related parties and the like (see Note).
Therefore, the master lease contract and property management contract will be carried out throughdeliberation and approval by the compliance committee and deliberation and decision by the investmentcommittee of the investment trust management company, in accordance with NAF’s self-established rules on
asset management relevant to transactions with related parties and the like.
(Note)“Related parties and the like” means related parties and the like of an investment trust management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment
Trust and Investment Corporation, Article 123.

The acquisition of Property 2 ① is not from a special related party of NAF or the Investment TrustManagement Company.

88．Earthquake resistance matters
The properties to be acquired have received a structural calculation conformity judgment pursuant to the BuildingStandards Act as revised by the Act No. 92 of 2006.
In addition, NAF always entrusts earthquake risk diagnosis to the third party investigating company to review
drawings using structural design drawings, structural calculation sheets, etc., as well as on on-site inspection andthe like during the course of due diligence upon acquisition of properties, besides building certification investigations
performed by an inspection and certification agency.
9．Outlook for management after acquisition of the property
The outlook for NAF’s financial results for the period ending August 31, 2019 (27th Period: March 1, 2019 toAugust 31, 2019) will be disclosed when financial results for the period ended February 28, 2019 are announced(the announcement is scheduled for April 17, 2019) with due consideration of the status of operations of the overall
portfolio.

910．Summary of appraisal report
Property 1: Park Axis Ikegami
Appraised value¥1,300,000 thousand

Appraisal company

Japan Real Estate Institute

Date of value appraisal

January 31, 2019

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,300,000
1,320,000
70,179(a) Potential gross revenue

71,841(b) Vacancy loss, etc.

1,662(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses

3,352
600

(e) Repair expenses

1,106(f) Property management fees

2,060(g) Tenant soliciting fees, etc.

2,468(h) Taxes and public dues

3,733(i) Property insurance fees

94(j) Other expenses

70(3) Net operating income [(1)−(2)]56,696(k) Earnings from temporary
deposits

109(l) Capital expenditures

1,403(4) Net income [(3)+(k)−(l)]55,402

Value calculated by discounted cash flow
methodDiscount rate

Appraised the level of stable rents etc. which can bereceived over the medium to long term and posted unit
rental revenue and common area fee based on it.
Posted vacancy loss, etc. after appraising the level of
medium- to long-term stable occupancy rate based on
past occupancy status and future trend.

13,483(d) Utilities expenses(5) Cap rate

(Unit: Thousands of yen)
Summary, etc.
Calculated the value of earnings using the income
approach by making correlation to the value of earnings
found by the direct capitalization method and the valueof earnings found by the discounted cash flow method.

4.2%

Posted by considering individual characteristics
reference actual records of the past fiscal years andlevel of similar real estate.
Posted the cost of restoration to original condition basedon the level of cost of restoration to original condition
which is usually incurred due to tenant replacement andposted repair expenses by considering actual records ofpast fiscal years.
Posted by considering such factors as the fee rate ofsimilar real estate and individual characteristics of thesubject real estate, referencing such factors as the fee
rate based on contract terms and conditions.
Posted by considering such factors as the rental
conditions, actual records of past fiscal years, annual
average tenant turnover rate, occupancy rate, etc. ofsimilar real estate.
Posted the amount of tax by taking into accountmaterials related to taxes and public dues.
Posted by considering such factors as the insurance
fees based on insurance contract.
Posted neighborhood association fees.
Appraised the investment yield at 1.0% by taking into
account the interest rate level, etc. from the viewpointsof both management and procurement.
Appraised by taking into account such factors as thelevel of capital expenditure and building age of similar
real estate and annual average repair and renewal costsin the engineering report.
Appraised based on a consideration of such factors as
future uncertainties and the market-derived cap rate
related to similar real estate, taking the respective area’s
standard cap rate and adding/subtracting the spread
attributable to locational conditions, etc.

1,280,000
4.0%

10Appraised based on comprehensive consideration ofsuch factors as individual characteristics, referencing
the investment yield of similar real estate.

4.4%

Terminal cap rate

1,270,000

Cost method value
Land ratio

72.8%

Building ratio

27.2%

Other items considered by thecompany in making the appraisal

Appraised based on comprehensive consideration of
future trends of investment yield, etc., referencing
capitalization rates of similar transactions.

appraisal－

11

Property 2: Park Axis Oshiage Terrace
Appraised value¥2,750,000 thousand

Appraisal company

JLL Morii Valuation & Advisory K.K.

Date of value appraisal

January 31, 2019

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)](a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses

Details
2,750,000
2,800,000
135,145
142,608
7,463

4,421
1,178

1,909

(f) Property management fees

3,899(g) Tenant soliciting fees, etc.

6,523(h) Taxes and public dues

5,765(i) Property insurance fees

203(j) Other expenses(k) Earnings from temporary
deposits

182

147
1,888

(4) Net income [(3)+(k)−(l)]109,324

Value calculated by discounted cash flow
method

3.9%

The cost of restoration to original condition is appraised
giving consideration to actual records and theevacuation rate, making reference to levels at similar
real estate. Repair expenses are posted as 30% of astandardized amount assuming the estimate in theengineering report to be appropriate.
Adopted by assuming the content of the contractscheduled to be concluded appropriate making
reference to the levels at similar real estate.
Appraised taking into account local practice and theevacuation rate of the subject real estate.
Appraised by considering actual amounts andreferencing the fluctuation rate and annual depreciation,
etc.
The amount is posted assuming the estimate to beappropriate.
Neighborhood association fees
Appraised by multiplying the amount obtained bysubtracting the amount equivalent to security deposits
of vacancies from the amount of security deposits, etc.
at full occupancy, by yield of 1.0%.
Posted 70% of a standardized amount assuming theestimate in the engineering report to be appropriate.
Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

2,690,000

Discount rate

3.7%

Terminal cap rate

4.1%

Cost method value

Appraised based on actual records making reference tolevels at similar real estate.

111,065(l)Capital expenditures(5) Cap rate

Appraised medium- to long-term stable rental income,etc. based on current condition, etc.
Appraised based on standard vacancy rates giving
consideration to individual characteristics of the subject
real estate.

24,080(e) Repair expenses(3) Net operating income [(1)−(2)](Unit: Thousands of yen)
Summary, etc.
Calculated making correlation to the value of earnings
found by the direct capitalization method and the valueof earnings found by the discounted cash flow method.

1,440,000

Land ratio

44.7%

Building ratio

55.3%

12

Appraised comprehensively taking into account overall
transaction market trends after considering risk factorsof location and individual characteristics of the subject
real estate as well as standard cap rate.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deterioration of
the building, and risk of sale, in addition to capitalization
rate.

Other items considered by thecompany in making the appraisal

appraisal－＜Attached Document＞
1. Portfolio list after the purchase of the properties to be acquired is completed (on a planned acquisition pricebasis)
2. Photos of the properties to be acquired and map of the area
NAF’s website: https://www.naf-r.jp/english/

13

＜Attached Document 1＞
Portfolio list after the purchase of the properties to be acquired is completed (on an acquisition (planned) pricebasis)

Total Planned Acquisition Price¥312,092 million

Number of Investment Properties

127 properties

Total Rentable Units (including retail units)

12,481 units

Proportion of Investment by Asset
Planned Acquisition Price

Portfolio Share(Note 1)

(Note 2)

Rental Apartments¥296,203 million

94.9%

Hospitality Facilities¥15,889 million

5.1%¥312,092 million

100.0%

Grand Total
Proportion of “Rental Apartments” by Area

Planned Acquisition Price

Portfolio Share(Note 1)

(Note 3)

Tokyo 23 Wards¥258,953 million

87.4%

Greater Tokyo (Note 4)¥12,326 million

4.2%

Other Major Cities (Note 5)¥24,924 million

8.4%¥296,203 million

100.0%

Total of “Rental Apartments”(Note 1) “Planned Acquisition Price”

does not include anticipated acquisition expenses, fixed property taxes, urban

planning taxes, consumption taxes or local consumption taxes.
(Note 2) The figure indicates the percentage of asset category to the total (planned) acquisition price.
(Note 3) The figure indicates the percentage of Rental Apartments by area to the total (planned) acquisition price.
(Note 4) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 5) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.
(Note 6) Please refer to NAF’s website for the latest portfolio list:
https://www.naf-r.jp/portfolio/5-1.html

14

＜Attached Document 2＞
Photos of the properties to be acquired and map of the area
Property 1: Park Axis Ikegami

Tokyu Ikegami Line

Ikegami Station

15

Property 2: Park Axis Oshiage Terrace

Hikifune Station

Asakusa Line
Oshiage Station

Tokyo Skytree Station

Hanzomon Line
Oshiage Station

16