July 12, 2024
For Immediate Release

Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,Tokyo
Takashi Sakamoto
Executive Director(TSE Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Akira Kubo
President & CEO
Inquiries:
Shogo Momma
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition and Sale of Investment Assets
Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc. (“TRM”), to which
CRR entrusts management of its assets decided today for CRR to acquire the investment assets as shown below
1(1) and sell the investment asset as shown below 1(2) (hereafter referred to as “the Acquisition” and “the Sale”
respectively and “the Transactions” collectively). In addition, the acquisition of investment assets was approvedby CRR’s Board of Directors in accordance with the Act on Investment Trusts and Investment Corporations (ActNo.198 of 1951. Including subsequent revisions) (“Act on Investment Trusts and Investment Corporations”) andthe bylaws of TRM concerning transaction with interested parties. (Please refer to “7. TRM’s Interested Parties
in the Assets to be Acquired”)
1. Summary of the Transactions(1) Summary of the Acquisition
No.
1
2
3
4
5

Type of Asset
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust

Property Name

Acquisition Price(thousand yen)
(Note 1)COMFORIA NISHIOGU (Note 2)

1,350,000

COMFORIA HONJOAZUMABASHI II

1,300,000

CAMPUS VILLAGE
CHITOSE-KARASUYAMA

4,126,000

COMFORIA KITAIKEBUKURO (Note 4)

1,790,000

COMFORIA KITAKOGANE (Note 5)

1,180,000

Total

9,746,000(Note 3)(Note 1) “Acquisition Price” denotes the amount exclusive of the various expenses required (brokerage commission, taxes and publicdues, etc.) in the acquisition of the concerned asset, etc. (the amount of real estate or beneficial interest in real estate trust
specified in the Agreement on Purchase and Sale).
(Note 2) Since “COMFORIA NISHIOGU” is an uncompleted property scheduled to be completed in August 2024, the (scheduled)name after the acquisition is indicated. The same applies below.
(Note 3) Since “COMFORIA HONJOAZUMABASHI II” is completed in April 2024, the (scheduled) name after the acquisition isindicated. The same applies below.
(Note 4) Since “COMFORIA KITAIKEBUKURO” is an uncompleted property scheduled to be completed in October 2024, the(scheduled) name after the acquisition is indicated. The same applies below.
(Note 5) The property name is “GRANDE MAISON CEDRE” currently, but will be changed to “COMFORIA KITAKOGANE”
around 1 month after the acquisition. The current property name will be omitted hereinafter.

1) Date of Agreement

July 12, 2024

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

12) Date of Acquisition

3) Seller4) Financing for acquisition

5) Method of payment

No.1
No.2
No.3
No.4
No.5
No.1, 4September 13, 2024
August 8, 2024
November 1, 2024
November 15, 2024
October 1, 2024
Not disclosed(Refer to “5. Summary of the Seller and the Buyer (1)①”)
No. 2
JYUKYO KENSETSU CO.,LTD.
(Refer to “5. Summary of the Seller and the Buyer (1)②”)
No.3①Tokyu Land Corporation(60% Quasi-co-ownership interests)②NIPPON STEEL KOWA REAL ESTATE CO.,LTD.
(40% Quasi-co-ownership interests)(Refer to “5. Summary of the Seller and the Buyer (1)③,④”)
No.5
Tokyu Land Corporation(Refer to “5. Summary of the Seller and the Buyer (1)③”)
Proceeds from the issuance of new investment units outlined in the press release“Notice Concerning Issuance of New Investment Units and Secondary Offering ofInvestment Units” separately announced today, borrowings (Note) and cash on hand.
Full payment at the time of delivery(Note) CRR will announce the details of the borrowings once it's determined.

(2) Summary of the Sale
No.

Type of Asset1

Beneficial Interest in
Real Estate Trust

Property Name

Sale Price(thousand yen)
(Note)

COMFORIA OGIMACHI

1,560,000

Total

1,560,000(Note) “Sale Price” denotes the amount exclusive of the various expenses required in the sale of the concerned asset, etc. (brokeragecommission, taxes and public dues, etc.) (the amount of real estate or beneficial interest in real estate trust specified in theAgreement on Purchase and Sale).

1) Date of Agreement
July 12, 2024
2) Date of Sale
August 30, 2024
3) Book Value
1,435,403 thousand yen (As of January 31, 2024)
4) Difference between sale price and book value
124,596 thousand yen5) Buyer
A.D.Works Co., Ltd.
(Refer to “5. Summary of the Seller and the Buyer (2)”)6) Method of payment
Full payment at the time of delivery
7) Use of proceeds from the salePlans to allocate to future acquisitions of properties, repayment of borrowings,
payment for repairs and maintenances, working funds, etc.

2. Reason for the Transactions
TRM decided to acquire the investment assets based on asset management class and policy described in bylaws to ensurestable earnings and steady growth of the portfolio. On deciding upon the Acquisition, TRM evaluated the features of theproperty, etc. of the assets stated in “3. Summary of the Assets to be Acquired.”
As to the Sale, the decision was made in consideration of the fact that the market competitiveness of the property has
declined relative to other properties in the portfolio, etc. Capital gain on the sale of the property is planned to be returnedto the unitholders as cash distribution.

3. Summary of the Assets to be Acquired(1) Details of the Assets to be Acquired<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

2

① COMFORIA NISHIOGU
Property Name

COMFORIA NISHIOGU

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

September 30, 2039
3-17-5 Nishiogu, Arakawa-ku, Tokyo

Area (Note 1)

396.60 m2 (Note 10)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

August, 2024
RC / 11F

Gross Floor Area (Note 1)

1,911.77 m2

Type of Ownership

Ownership(Note 1)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,380,000 thousand yen (Appraisal Date: April 30, 2024)

Collateral

None

Special affairs (Note 4)

Since this property is an uncompleted property scheduled to becompleted in August 2024, it will be acquired in an unoccupied orunderoccupied condition.

Features of the Property

This property is a rental residence composed of single and compact
types, located a 2-minute walk from Odai Station on the Toden
Arakawa Line, an 11-minute walk from Kumanomae Station on the
Nippori-Toneri Liner, and a 14-minute walk from Oku Station on the
JR Ueno Tokyo Line and two other lines. The property is located in a
tranquil environment rich in nature, with nostalgic atmosphere of theToden Arakawa Line and Arakawa Amusement Park, while having
good access to main business and commercial zones by taking
advantage of 3 stations on 5 lines, with Ueno Station approximately 6
minutes away and Tokyo Station approximately 12 minutes away. In
the surrounding area, there are plenty of supermarkets, convenience
stores, drugstores, and other daily life convenient facilities, andelementary school, junior high school and riverside playgrounds arealso within walking distance.
As a whole, the property’s proximity to Central Tokyo area as well as
convenience of living environment features could mainly satisfy thedemands of single, DINKs, and family tenants.

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation

Summary of Rental Status (planned) (Note 5) (Note 6)
Rentable Area

1,548.00 m2

Rented Area―

Occupancy Rate―

Rentable Units

40 Units

Rented Units―

Total Number of Tenants

1

Total Monthly Rent―

Security Deposit―

Summary of the Engineering Report (Note 7)
Reporting Company

Japan Constructive Inspection Association (JCIA)<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

3

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

June, 2024――
8,863 thousand yen
405,373 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

June, 2024

PML

7.3%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Yusuke Kamioka Architecture & Design OfficeContractor

Link Construction Corporation

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Japan Housing Finance Agency
Bureau Veritas Japan Co., Ltd.

② COMFORIA HONJOAZUMABASHI II
Property Name

COMFORIA HONJOAZUMABASHI II

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

August 31, 2039
2-10-4 Honjo, Sumida-ku, Tokyo

Area (Note 1)

267.71 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

April, 2024
RC / 10F

Gross Floor Area (Note 1)

1,202.42 m2

Type of Ownership

Ownership(Note 1)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,330,000 thousand yen (Appraisal Date: April 30, 2024)

Collateral

None
Since this property is completed in April 2024, it will be acquired in
an underoccupied condition.
This property is a rental residence with mainly compact type and also
single type, located a 9-minute walk from Honjo-azumabashi Stationon the Toei Asakusa Line, a 10-minute walk from Kuramae Station on
the Toei Oedo Line and Asakusa Line, and an 11-minute walk from
Asakusa Station on the Tokyo Metro Ginza Line and one other line.
The property has good access to main business and commercial zones
in Central Tokyo, with Ningyocho Station approximately 10 minutes
away and Nihonbashi Station approximately 12 minutes away. The
property is surrounded by daily life convenient facilities such as
supermarkets, convenience stores, and restaurants, etc.

Special affairs (Note 4)

Features of the Property

Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

4As a whole, the property’s proximity to Central Tokyo area as well as
convenience of living environment features could mainly satisfy thedemands of DINKs, and single tenants.
Summary of Rental Status (planned) (Note 5) (Note 6)
Rentable Area

1,036.21 m2

Rented Area―

Occupancy Rate―

Rentable Units

26 Units

Rented Units―

Total Number of Tenants
Total Monthly Rent

1―

Security Deposit―

Summary of the Engineering Report (Note 7)
Reporting Company

Japan Constructive Inspection Association (JCIA)

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

June, 2024――
6,140 thousand yen
307,786 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

May, 2024

PML

9.3%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

GLOBAN, Inc

Contractor

JYUKYO KENSETSU CO.,LTD.

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Japan Housing Finance Agency
Kenchiku Kozo Center③ CAMPUS VILLAGE CHITOSE-KARASUYAMA
Property Name

CAMPUS VILLAGE CHITOSE-KARASUYAMA

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

October 31, 2039
4-4-9 Minamikarasuyama, Setagaya-ku, Tokyo

Area (Note 1)

1,946.47 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

March, 2023
RC / 5F

Gross Floor Area (Note 1)

3,945.71 m2

Type of Ownership

Ownership(Note 1)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)

Boarding HouseNATIONAL STUDENTS INFORMATION CENTER CO., LTD.
(Note 11)

SIGMA Japan CO., LTD. (Note 12)<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

5

Master Leasing Type (planned)

Non-Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

4,240,000 thousand yen (Appraisal Date: April 30, 2024)

Collateral

None

Special affairs (Note 4)

The summary of the master lease agreement with the master leasing
company is as shown below.
(1) Agreement type: Fixed-term building lease agreement(2) Agreement term: From March 1, 2023 to March 31, 2033

This property is a sponsor-developed student residence, located a 4minute walk from Chitose-Karasuyama Station on the Keio Line, andis primarily targeted students attending universities in Tokyo. Aroundthe property, there are many universities that can be reached on foot orby bicycle, and with Meidaimae Station approximately 4 minutes away
and Shinjuku Station approximately 12 minutes away, the access touniversities along the Keio Line and in Central Tokyo area is excellent.
Inside the building, cafeteria (dining) hall, shared kitchen, study room,
Features of the Property
dance room, and party space, etc. are well-equipped, and all rooms are
fully furnished with electrical appliances and free internet access. In
addition, daily life convenient facilities such as supermarkets,convenience stores, and restaurants are also abundant in thesurrounding area.
As a whole, the property’s proximity to universities as well as comfort
and convenience of environmental features could satisfy the demandsof students.
Summary of Rental Status (as of April 30, 2024) (Note 5)
Rentable Area

3,945.71 m2

Rented Area

3,945.71 m2

Occupancy Rate

100.0%

Rentable Units

182 Units

Rented Units

182 Units

Total Number of Tenants

1

Total Monthly Rent

15,197 thousand yen

Security Deposit

30,394 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Japan Constructive Inspection Association (JCIA)

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

June, 2024――
27,782 thousand yen
865,848 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

June, 2024

PML

7.3%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Freecs Co.,Ltd.

Contractor

Keio Construction Co.,Ltd.

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

URBAN HOUSING EVALUATION CENTER (UHEC)Tokyo Bldg-Tech Center Co.,Ltd (TBTC)<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

6

④ COMFORIA KITAIKEBUKURO
Property Name

COMFORIA KITAIKEBUKURO

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

November 30, 2039
2-6 Kumanocho, Itabashi-ku, Tokyo

Area (Note 1)

337.24 m2 (Note 13)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

October, 2024
RC / 11F

Gross Floor Area (Note 1)

2,095.91 m2

Type of Ownership

Ownership(Note 1)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,840,000 thousand yen (Appraisal Date: April 30, 2024)

Collateral

None

Special affairs (Note 4)

Since this property is an uncompleted property scheduled to becompleted in October 2024, it will be acquired in an unoccupied orunderoccupied condition.

Features of the Property

This property is a rental residence with mainly compact type and also
single type, located a 9-minute walk from Shimo-itabashi Station on
the Tobu Tojo Line and a 12-minute walk from Itabashikuyakushomae
Station on the Toei Mita Line. With only 2 stations to Ikebukuro Station
approximately 3 minutes, and Otemachi Station approximately 18
minutes away, the property also has good access to Shinjuku, Shibuya,and other business and commercial zones in Central Tokyo area. The
property is surrounded by supermarkets, convenience stores,
drugstores, etc., and the adjacent Ikebukuro area has plenty ofdepartment stores and restaurants.
As a whole, the property’s proximity to Central Tokyo area as well as
convenience of living environment features could mainly satisfy thedemands of DINKs, and single tenants.

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation

Summary of Rental Status (planned) (Note 5) (Note 6)
Rentable Area

1,626.85 m2

Rented Area―

Occupancy Rate―

Rentable Units

49 Units

Rented Units―

Total Number of Tenants

1

Total Monthly Rent―

Security Deposit―

Summary of the Engineering Report (Note 7)
Reporting Company

Japan Constructive Inspection Association (JCIA)

Report Date
Estimated Amountof Emergency Repair Expenses

June, 2024―

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

7

Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value―
9,726 thousand yen
446,100 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

June, 2024

PML

5.6%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Imaizumi Architectural Design OfficeContractor

Link Construction Corporation

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Japan Housing Finance Agency
Bureau Veritas Japan Co., Ltd.

⑤ COMFORIA KITAKOGANE
Property Name

COMFORIA KITAKOGANE

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

October 31, 2039
43-1 Kogane, Matsudo-shi, Chiba

Area (Note 1)

747.40 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

January, 2014
RC / 10F

Gross Floor Area (Note 1)

2,250.80 m2

Type of Ownership

Ownership(Note 1)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Pass-through type

Appraisal Company

Japan Valuers Co., Ltd.

Appraisal Value

1,200,000 thousand yen (Appraisal Date: April 30, 2024)

CollateralNone
A portion of the land (approximately 52.08m2) is included in theplanned widening area of the Matsudo-shi Planning Road (No. 3, 4,
and 18). The project decision has not been made currently, thus thetiming of project implementation and the area to be expropriated have
not yet been determined. However, if the project decision is made in
the future, part of bicycle parking areas, etc. may be affected due toland expropriation.

Special affairs (Note 4)

Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

8This property is a rental residence located in Matsudo-shi, Chiba, withmainly compact type and also large type. With a 4-minute walk from
Kitakogane Station on the JR Joban Line, the property is adjacent to the“Kitakogane Station South Exit Eastern Area Category I
Redevelopment Project”, which is expected to revitalize local area andimprove the living environment. It is approximately 40 minutes toOtemachi Station without transfers, and approximately 32 minutes to
Ueno Station and 39 minutes to Tokyo Station by transferring to JR
Features of the Property
Ueno Tokyo Line at Matsudo Station, providing generally good accessto main business and commercial zones in Tokyo. In the surroundingarea, there are shopping malls and restaurants near the station, as well
as abundant daily life convenient facilities such as supermarkets,convenience stores, and drugstores.
As a whole, the property’s convenience of transportation and comfort
of living environment features could mainly satisfy the demands of
DINKs, and family tenants.
Summary of Rental Status (as of April 30, 2024) (Note 5)
Rentable Area

2,133.91 m2

Rented Area

1,978.32 m2

Occupancy Rate

92.7%

Rentable Units

39 Units

Rented Units

36 Units

Total Number of Tenants

1

Total Monthly Rent

4,193 thousand yen

Security Deposit

4,725 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

June, 2024――
50,555 thousand yen
698,800 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

June, 2024

PML

5.2%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

SEIWA CORPORATION

Contractor

SEIWA CORPORATION

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Japan Housing Finance Agency
Chiba Prefectural Construction Technology Center(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land” “Completion Date” “Structure / Number of Floors” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
However, since “COMFORIA NISHIOGU” and “COMFORIA KITAIKEBUKURO” are uncompleted properties that have notyet been registered, the “Completion Date” indicates the scheduled completion dates, and the “Structure / Number of Floors”,“Gross Floor Area” and “Use” indicate the figures, etc. based on the building permit.
(Note 2) “Property Management Company” is the company that has provided or is scheduled to provide property management service foreach property.
(Note 3) “Master Leasing Company” is the lessee that has conducted or is scheduled to conclude a master lease agreement with thetitleholder of each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of the<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

9degree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. isleased, the concerned area is also included).“Rentable Area” for Non-Pass-through type master lease agreements (master
lease agreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is therentable area based on the lease agreement concluded or scheduled to be conducted between CRR or Trustee of Beneficial
Trust and the Master Leasing Company. The Rentable Area is not based on the real estate registry, but the floor area statedin the lease agreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identicalto the floor area written in the real estate registry.
ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited
to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units)
and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant.
Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master
Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent ofMaster Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease
Agreement is referred to as “Pass-through type Master Lease Agreement”). “Rented Area” for Non-Pass-through type master
lease agreements is the rented area based on the lease agreement concluded or scheduled to be conducted between CRR or
Trustee of Beneficial Trust and the Master Leasing Company.
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease.
v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental
contract relationship (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee ofBeneficial Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master
Leasing Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the subleaseagreements are excluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room),stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estate or real estate inreal estate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-through master leaseagreement, the monthly fixed rent (common area expense are included (except when the common area expense is not a
fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between
CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to thenearest thousand yen. Consumption tax and other taxes are excluded.
viii In the case that the master leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total
amount of balance of Security Deposit, based on lease agreements executed with the end-tenants, rounded down to the nearest
thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to special policy
conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is excluded.
In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security
Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing
Company are stated.
(Note 6) Since “COMFORIA NISHIOGU”, “COMFORIA HONJOAZUMABASHI II” and “COMFORIA KITAIKEBUKURO” areunoccupied properties as of April 30, 2024, the “Rentable Area” and “Rentable Units” indicate figures based on information
provided by the sellers, and the “Rented Area”, “Occupancy Rate”, “Rented units”, “Total Monthly Rent” and “Security Deposit”
are not stated.
(Note 7) This section is a summary based on each of the engineering reports (dated on each of the dates included in “ Report Date”) on theacquired asset prepared by the reporting company which is a third party with no special interest in CRR. However, the content
of the report is simply the opinion of the reporting company above, and CRR does not guarantee the adequacy and accuracy ofthe content.
i “Estimated Amount of Emergency Repair Expenses” is the amount of repair and renewal costs expected to emergently arise,and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
ii “Estimated Amount of Short-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be required
within one year, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iii “Estimated Amount of Long-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be requiredfor 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iv “Replacement Value” is the estimated money amount provided in the engineering report of construction work required if theacquired asset with the same design and the same specifications were to be newly constructed at the time when the report
was prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does notguarantee the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.
(Note 8) This section is a summary of the “Earthquake Risk Analysis” report on the acquired asset prepared by the PML reporting
company which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the
PML reporting company above, and CRR does not guarantee the adequacy or accuracy of the content. “PML” is the probablemaximum loss from an earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In thisdocument, PML is calculated based on the definition of PML3, an indicator of earthquake risk assessment by the Architectural
Institute of Japan, and are expressed as a percentage (%) of the replacement price of the amount of loss with a 10% probabilityof exceedance (amount of loss equivalent to a 475-year return period) during the assumed expected period of use (50 years = theuseful life of a typical building).
(Note 9) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and theinvestment agency or structural calculation fitness judge, etc. of the Asset to be Acquired is stated. As a general rule, CRR has<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

10asked a specialized third-party organization to make an inspection and received a report stating that there is no wrongful act suchas the intentional falsification and forgery of documents related to structural design (structural drawings and structural
calculation sheets, etc.). However, the content of the report is simply an opinion of the third-party organization, and CRR does
not guarantee the adequacy and accuracy of the content. For properties that have received from the specified structural
calculation fitness judgment agency the judgment that the structural calculation is appropriately conducted according to themethods prescribed by the Minister of Land, Infrastructure, Transport and Tourism in accordance with the Building Standards
Act revised in June 2007 (Act No. 201 of 1950. Including subsequent revisions), the specified structural calculation fitness
judgment agency constitutes a specialized third-party organization.
(Note 10) A portion of setback area (approximately 1.11m2) is included.
(Note 11) NATIONAL STUDENTS INFORMATION CENTER CO., LTD. is a wholly-owned subsidiary of Tokyu Fudosan Holdings
Corporation.
(Note 12) SIGMA Japan CO., LTD. is a subsidiary fully invested by NATIONAL STUDENTS INFORMATION CENTER CO.,LTD.,
which is a wholly-owned subsidiary of Tokyu Fudosan Holdings Corporation.
(Note 13) A portion of private road burden (approximately 41.18m2) and setback area (approximately 3.68m2) is included.

(2) Summary of the Appraisal Reports of the Assets to be Acquired① COMFORIA NISHIOGU(thousand yen)

COMFORIA NISHIOGU
Japan Real Estate Institute
April 30, 2024
1,380,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

1,400,000
68,26771,306
67,763
0
720
2,823
0

Vacancy Loss

-3,039Collection Loss
Operating Expense
Maintenance and Management Fee

014,786
3,258

Utility Charge

Repair Cost

674

721

Property Management Fee

1,311

Tenant Advertisement Cost

2,830

Taxes and Public Dues

5,447

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))

Appraisal summary

1,380,000

209
336

Calculated with consideration of the income according to the assumed
income level of new rents.

Calculated with consideration of occupancy rates of similar properties
in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement
rate of residents per year and occupancy rates, while referring to theconditions of rental agreements of similar properties.
Appraised based on the taxes and public dues materials of the property,
etc.
Calculated with consideration of insurance premium rates of similar
properties.
Calculated with consideration of the management of similar properties.

53,481(4) Interest on Security Deposit

55(5) Capital Expenditure

520(6) Net Cash Flow
(NCF, (3)+(4)-(5))

53,016(7) Cap Rate

3.8%

Assumed in consideration of rental conditions for assumed newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

11

Value by the DCF Method

1,360,000

Discount Rate

3.6%

Terminal Cap Rate

3.9%

Cost Approach Value
Total Value of Land and Building

1,370,000
1,369,000

Land Value

952,000

Building Value

417,000

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value is used only for reference.

② COMFORIA HONJOAZUMABASHI II(thousand yen)

COMFORIA HONJOAZUMABASHI II
Japan Real Estate Institute
April 30, 2024
1,330,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

1,350,000
61,44063,99561,312
0
128
2,555
0

Vacancy Loss

-2,555

Collection Loss
Operating Expense
Maintenance and Management Fee

012,677
3,023

Utility Charge

Repair Cost

Appraisal summary

1,330,000

376

530

Property Management Fee

1,475

Tenant Advertisement Cost

2,759

Taxes and Public Dues

4,078

Insurance

158

Other Expenses

278(3) Net Operating Income(NOI, (1)-(2))

48,763Calculated with consideration of the income according to the assumed
income level of new rents.

Calculated with consideration of occupancy rates of similar properties
in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement
rate of residents per year and occupancy rates, while referring to theconditions of rental agreements of similar properties.
Appraised based on the taxes and public dues materials of the property,
etc.
Calculated with consideration of insurance premium rates of similar
properties.
Calculated with consideration of the management of similar properties.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

12(4) Interest on Security Deposit

49(5) Capital Expenditure358(6) Net Cash Flow
(NCF, (3)+(4)-(5))

48,454(7) Cap Rate

3.6%

Value by the DCF Method

1,300,000

Discount Rate

3.4%

Terminal Cap Rate

3.7%

Cost Approach Value
Total Value of Land and Building

1,310,000
1,311,000

Land Value

996,000

Building Value

315,000

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

Assumed in consideration of rental conditions for assumed newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value is used only for reference.

③ CAMPUS VILLAGE CHITOSE-KARASUYAMA(thousand yen)

CAMPUS VILLAGE CHITOSE-KARASUYAMAJapan Real Estate Institute
April 30, 2024
4,240,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income
Vacancy Loss(2)

Collection Loss
Operating Expense
Maintenance and Management Fee

Content

4,270,000
182,367
182,367
182,36400030014,5980

Utility Charge

0

Repair Cost

695

Property Management Fee
Tenant Advertisement Cost
Taxes and Public Dues

Appraisal summary

4,240,000

0012,957

Calculated with consideration of the average income according toongoing rental agreements as well as the assumed income level of newrents.
Not calculated assuming the current lessee will remain taking into
account the contents of the lease agreement, lessee’s attribute, lease
type, etc.
Collection loss has not been calculated.
Not calculated assuming the lessee will bear them based on the current
lease agreement.
Repair costs are calculated with consideration of the actual costs inprevious years, the cost level in similar properties, and average repair
costs presented in engineering reports.
Not calculated assuming the lessee will bear them based on the current
lease agreement.
Appraised based on the taxes and public dues materials of the property,
etc.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

13

Insurance

446

Other Expenses(3) Net Operating Income(NOI, (1)-(2))

500
167,769(4) Interest on Security Deposit(5) Capital Expenditure(6) Net Cash Flow
(NCF, (3)+(4)-(5))

304

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.

1,620

Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.

166,453(7) Cap Rate

3.9%

Value by the DCF Method

4,200,000

Discount Rate

3.7%

Terminal Cap Rate

4.0%

Cost Approach Value
Total Value of Land and Building

4,210,000
3,661,000

Land Value

2,840,000

Building Value

821,000

Adjustment for Change

115%

Other matters taken into consideration byappraisal institutions when issuing appraisals

Calculated with consideration of insurance premium rates of theproperty and those for similar properties.
Calculated with consideration of the management of current asset.

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value is used only for reference.

④ COMFORIA KITAIKEBUKURO(thousand yen)

COMFORIA KITAIKEBUKUROJapan Real Estate Institute
April 30, 2024
1,840,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

1,860,000
84,806
88,53583,958
0
1,308
3,269
0

Vacancy Loss

-3,729Collection Loss
Operating Expense
Maintenance and Management Fee

017,1803,222

Utility Charge

Appraisal summary

1,840,000

720

Calculated with consideration of the income according to the assumed
income level of new rents.

Calculated with consideration of occupancy rates of similar properties
in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

14

Repair Cost

833

Property Management Fee

1,633

Tenant Advertisement Cost

3,551

Taxes and Public Dues

5,970

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))

231
1,020
67,626(4) Interest on Security Deposit

64(5) Capital Expenditure

568(6) Net Cash Flow
(NCF, (3)+(4)-(5))

67,122(7) Cap Rate

3.6%

Value by the DCF Method

1,810,000

Discount Rate

3.4%

Terminal Cap Rate

3.7%

Cost Approach Value
Total Value of Land and Building
Land Value

1,780,000
1,781,000
1,320,000

Building Value

461,000

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement
rate of residents per year and occupancy rates, while referring to theconditions of rental agreements of similar properties.
Appraised based on the taxes and public dues materials of the property,
etc.
Calculated with consideration of insurance premium rates of similar
properties.
Calculated with consideration of the management of similar properties.
Assumed in consideration of rental conditions for assumed newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value is used only for reference.

⑤ COMFORIA KITAKOGANE(thousand yen)

COMFORIA KITAKOGANE
Japan Valuers Co., Ltd.
April 30, 2024
1,200,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income

Content

Appraisal summary

1,200,000
1,250,000
65,377
68,16865,0670Calculated with consideration of the average income according toongoing rental agreements as well as the assumed income level of newrents.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

15

Parking Lot Income, etc.
Key Money / Renewal Income
Other Income

(2)

1,080
2,021
0

Vacancy Loss

-2,791

Collection Loss
Operating Expense
Maintenance and Management Fee

013,340
1,854

Utility Charge

542

Repair Cost

1,882

Property Management Fee

1,585

Tenant Advertisement Cost

2,911

Taxes and Public Dues

3,883

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security Deposit(5) Capital Expenditure

216
464

58

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.

3,492

Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.

48,602(7) Cap Rate

3.9%
1,180,000

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land and Building

957,000
957,000

Land Value

672,000

Building Value

285,000

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the actual costs
in previous years, the cost level in similar properties, and average repair
costs presented in engineering reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement
rate of residents per year and occupancy rates, while referring to theconditions of ongoing agreements and rental agreements of similar
properties.
Appraised based on the taxes and public dues materials of the property,
etc.
Calculated with consideration of insurance premium rates of theproperty and those for similar properties.
Calculated with consideration of the management of current asset.

52,036(6) Net Cash Flow
(NCF, (3)+(4)-(5))

Value by the DCF Method

Calculated with consideration of occupancy rates of historicalconditions and similar properties in the same market area.
Collection loss has not been calculated.

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value is used only for reference.

(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were preparedby Japan Real Estate Institute and Japan Valuers Co., Ltd. based on an important notice concerning real estate appraisal in the context
of the Act on Investment Trusts and Investment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including
subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment and opinion of the appraiser at a fixed
point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility of transactions at the appraisedvalue.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

16

4. Summary of the Asset to be Sold
(1) Details of the Asset to be Sold
Property Name

COMFORIA OGIMACHI

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust

Sumitomo Mitsui Trust Bank, Limited

Expiration Date of Beneficial Trust Contract

September 29, 2031

Location (Residential address) (Note 1)

3-7-15 Tenjinbashi, Kita-ku, Osaka-shi, OsakaLand

Building

Area (Note 1)

385.70 m2 (Note 6)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

September, 2014
RC / 12F

Gross Floor Area (Note 1)

2,374.77 m2

Type of Ownership

Ownership

Use (Note 1)

Apartment building

Rentable Units (Note 5)

88 Units(Note 1)

Property Management Company (Note 2)

Tokyu Housing Lease Corporation

Master Leasing Company (Note 3)

Tokyu Housing Lease Corporation

Master Leasing Type

Pass-through type

Appraisal Company

Japan Valuers Co., Ltd.

Appraisal Value

1,520,000 thousand yen (Appraisal Date: January 31, 2024)

Collateral

None

Special affairs (Note 4)

None

Summary of Rental Status (as of April 30, 2024) (Note 5)
Rentable Area

2,147.60 m2

Rented Area

2,041.12 m2

Occupancy Rate

95.0 %

Rentable Units

88 Units

Rented Units

84 Units

Total Number of Tenants

1

Total Monthly Rent

6,677 thousand yen

Security Deposit

7,713 thousand yen(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land” “Completion Date” “Structure / Number of Floors” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
(Note 2) “Property Management Company” is the company that has provided property management service for the property.
(Note 3) “Master Leasing Company” is the lessee that has conducted a master lease agreement with the titleholder of the property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. isleased, the concerned area is also included).“Rentable Area” for Non-Pass-through type master lease agreements (master
lease agreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is therentable area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust and the Master Leasing
Company. The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or thefloor area calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in
the real estate registry.
ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited
to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units)
and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant.
<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

17

Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master
Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent ofMaster Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease
Agreement is referred to as “Pass-through type Master Lease Agreement”). “Rented Area” for Non-Pass-through type master
lease agreements is the rented area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust andthe Master Leasing Company.
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease.
v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental
contract relationship. Therefore, when CRR or Trustee of Beneficial Trust leases comprehensively to the Master Leasing
Company all units of the property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number ofTenants is 1; that is, the end-tenants of the sublease agreements are excluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room),stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estate or real estate inreal estate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-through master leaseagreement, the monthly fixed rent (common area expense are included (except when the common area expense is not a
fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between
CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to thenearest thousand yen. Consumption tax and other taxes are excluded.
viii In the case that the master leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total
amount of balance of Security Deposit, based on lease agreements executed with the end-tenants, rounded down to the nearest
thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to special policy
conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is excluded.
In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security
Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing
Company are stated.
(Note 6) A portion of private road burden (approximately 18.16m2) is included.

(2) Summary of the Appraisal Report of the Asset to be Sold(thousand yen)

COMFORIA OGIMACHI
Japan Valuers Co., Ltd.
January 31, 2024
1,520,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

Appraisal summary

1,520,000
1,540,000
84,20787,751
83,880
0
2,880
388
602

Vacancy Loss

-3,543

Collection Loss
Operating Expense
Maintenance and Management Fee

021,226
1,651

Utility Charge

1,559

Repair Cost

3,892

Property Management Fee

1,925

Tenant Advertisement Cost

5,990

Calculated with consideration of the average income according toongoing rental agreements as well as the assumed income level of newrents.
Calculated with consideration of occupancy rates of historicalconditions and similar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the actual costs
in previous years, the cost level in similar properties, and average repair
costs presented in engineering reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement
rate of residents per year and occupancy rates, while referring to theconditions of ongoing agreements and rental agreements of similar
properties.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

18

Taxes and Public Dues

5,523

Insurance

97

Other Expenses(3) Net Operating Income(NOI, (1)-(2))

586Appraised based on the taxes and public dues materials of the property
in previous year, etc.
Calculated with consideration of insurance premium rates of theproperty and those for similar properties.
Calculated with consideration of the management of current asset.

62,981(4) Interest on Security Deposit

62(5) Capital Expenditure

4,534(6) Net Cash Flow
(NCF, (3)+(4)-(5))

58,508(7) Cap Rate

3.8%

Value by the DCF Method

1,490,000

Discount Rate

3.6%

Terminal Cap Rate

4.0%

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other factors, referring to yields on investments in similar
properties.
Appraised in full consideration of future trends in yields on
investments, possible risks from investment in the property, general
forecasts on future economic growth, trends in property prices andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.

Determined appraisal value by combining the valuation of the direct capitalization
method and valuation by the DCF method, as it was judged that both methods offer
similar normative validity.

Other matters taken into consideration byappraisal institutions when issuing appraisals(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal report that was prepared by
Japan Valuers Co., Ltd. based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts
and Investment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estateappraisal standards. The appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as tothe validity or accuracy of the report, nor to the possibility of transactions at the appraised value.

5. Summary of the Seller and the Buyer(1) Summary of the Seller① The sellers of “COMFORIA NISHIOGU” & “COMFORIA KITAIKEBUKURO” are both operating companies inJapan, whose details would not be disclosed without permission. Moreover, the sellers are not classified as interested
parties in relation to CRR or TRM.
② “COMFORIA HONJOAZUMABASHI II”
Name

JYUKYO KENSETSU CO.,LTD.

Headquarters Address

4-27-38 Sayamadai, Sayama-shi, Saitama

Representative

Hisato Yasunaga, President & CEO
General construction, real estate transaction, reform planning and construction,etc.
100 million yen (as of September 30, 2023)

Principal Business
CapitalDate Established

July 1, 1982

Net Asset

26,276 million yen (as of September 30, 2023)

Total Asset
68,248 million yen (as of September 30, 2023)
Major
Shareholder&
its
JYUKYO Holdings Co., Ltd. 100.0% (as of September 30, 2023)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

19

③Personal relationship

None.

Business relationship

None.

Interested parties

The company is not classified as interested party in relation to CRR or TRM underthe Act on Investment Trusts and Investment Corporations.

“CAMPUS VILLAGE CHITOSE-KARASUYAMA” (60% Quasi-co-ownership interests) & “COMFORIAKITAKOGANE”

NameTokyu Land Corporation

Headquarters Address

1-21-1 Dogenzaka, Shibuya-ku, Tokyo

Representative

CapitalHiroaki Hoshino, President & CEO
1. Management, leasing, buying and selling, brokerage, consulting, appraising ofreal estate
2. Buying and selling, brokerage, and management of investments and equities ininvestment, etc. in specific purpose companies, special purpose companies andreal estate investment trusts
3. Any other business activities related to the items described above
57,551 million yen (as of March 31, 2024)

Date Established

December 17, 1953

Net Asset

440,205 million yen (as of March 31, 2024)

Principal BusinessTotal Asset
1,992,867 million yen (as of March 31, 2024)
Major
Shareholder&
its
Tokyu Fudosan Holdings Corporation 100.0% (as of March 31, 2024)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
The company owns 9.1% of units that CRR has issued as of March 15, 2024. The
company is also the parent company (ownership of 100%) of TRM and is thus an
Capital relationshipinterested party of TRM under the Act on Investment Trusts and Investment
Corporations.
Personal relationship
Business relationship
Interested parties

26 employees (and officers) of TRM are seconded from the company as of today.
CRR acquired 3 properties from the company in the fiscal period ended January
31, 2024.
The company is not classified as a related party in relation to CRR. However, as
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

④ “CAMPUS VILLAGE CHITOSE-KARASUYAMA” (40% Quasi-co-ownership interests)
Name

NIPPON STEEL KOWA REAL ESTATE CO.,LTD.

Headquarters Address

1-8-1 Akasaka, Minato-ku, Tokyo

Representative

CapitalMasahiro Miwa, President & CEO
Development, sale, lease management, appraisal and consulting service of realestate, etc.
19,824 million yen (as of March 31, 2024)

Date EstablishedMarch 24, 1997

Net Asset

287,465 million yen (as of March 31, 2024)

Principal BusinessTotal Asset
1,171,180 million yen (as of March 31, 2024)
Major
Shareholder&
its
NIPPON STEEL CORPORATION 45.0%, etc. (as of March 31, 2024)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

Personal relationship

None.

Business relationship

None.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

20

The company is not classified as interested party in relation to CRR or TRM underthe Act on Investment Trusts and Investment Corporations.

Interested parties(2) Summary of the Buyer
Name

A.D.Works Co., Ltd.

Headquarters Address

Capital2-2-3 Uchisaiwai-cho, Chiyoda-ku, Tokyo
Hideo Tanaka, Representative Director and Chair
Toshiya Suzuki, Representative Director and President
Income property business, small-lot real estate investment product business,overseas real estate business, etc.
100 million yen (as of December 31, 2023)

Date EstablishedMay 5, 1936

Net Asset

13,364 million yen (as of December 31, 2023)

Representative
Principal BusinessTotal Asset
50,320 million yen (as of December 31, 2023)
Major
Shareholder&
its
A.D. Works Group Co., Ltd. 100.0% (as of December 31, 2023)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

Personal relationship

None.

Business relationship

None.

Interested parties

The company is not classified as interested party in relation to CRR or TRM underthe Act on Investment Trusts and Investment Corporations.

6. Ownership History of the Assets to be Acquired(1) The acquisition of “COMFORIA NISHIOGU”, “COMFORIA HONJOAZUMABASHI II” and “COMFORIAKITAIKEBUKURO” is not from any person or company having a special interest in CRR or TRM, therefore the details
are omitted.
(2) “CAMPUS VILLAGE CHITOSE-KARASUYAMA” (60% Quasi-co-ownership interests)
Owner Prior to Former Owner,
Previous Owner, etc.
Former Owner, etc.
etc.
Name

Tokyu Land Corporation

Other than those that havespecial interest－

Relationshipwith interested
parties
Background /reasons foracquisition

Refer to“5. Summary of the Seller andthe Buyer (1)③”－－Development purpose－－

Omitted, as the properties wereacquiredfordevelopment
purpose.

－－Building: March, 2023
Land: April, 2022－－

Acquisition
price
Building andLand
Acquisition
date

Moreover, the acquisition of “CAMPUS VILLAGE CHITOSE-KARASUYAMA” (40% Quasi-co-ownershipinterests) is not from any person or company having a special interest in CRR or TRM, therefore the details are omitted.
(3) “COMFORIA KITAKOGANE”
Previous Owner, etc.

Former Owner, etc.

Owner Prior to Former Owner,
etc.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

21

Name

Tokyu Land Corporation

Other than those that havespecial interest－

Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Building andLand
Acquisition
date

Refer to“5. Summary of the Seller andthe Buyer (1)③”－－

Investment purpose－－

Omitted, as the property was
owned for over 1 year.

－－

July, 2023－－

7. TRM’s Interested Parties in the Assets to be Acquired(1) Tokyu Land Corporation, which is the seller of the assets to be acquired as described in “5. Summary of the Seller andthe Buyer (1)③” above, is an interested party in relation to CRR. Therefore, the procedures required in accordance withthe bylaws were completed with respect to agreements with Tokyu Land Corporation.

(2) CRR plans to entrust the master leasing service and property management service in relation to “COMFORIANISHIOGU”, “COMFORIA HONJOAZUMABASHI II”, “COMFORIA KITAIKEBUKURO” and “COMFORIAKITAKOGANE” to Tokyu Housing Lease Corporation, and to NATIONAL STUDENTS INFORMATION CENTER
CO., LTD. and SIGMA Japan CO., LTD separately in relation to “CAMPUS VILLAGE CHITOSE-KARASUYAMA”,
which are interested parties in relation to TRM. Therefore, the procedures required in accordance with the bylaws werecompleted with respect to agreements with those companies.
(3) Tokyu Livable Inc., which is the broker of the assets to be acquired as described in “8. Summary of Brokerage (1)”below, is an interested party in relation to TRM. Therefore, the procedures required in accordance with the bylaws werecompleted with respect to agreements with Tokyu Livable Inc..

8. Summary of Brokerage(1) The acquisition of “COMFORIA NISHIOGU” and “COMFORIA KITAIKEBUKURO”
Name

Tokyu Livable Inc.

Headquarters Address

1-9-5 Dogenzaka, Shibuya-ku, Tokyo

Representative

Yoichi Ota, President Director and President

Principal Business

Real estate brokerage, seller agency, property sales, etc.

Capital1,396 million yen (as of March 31, 2024)

Date EstablishedMarch 10, 1972

Relationship with the Investment Corporation and the Asset Management Company
None. The company is a wholly-owned subsidiary of Tokyu Fudosan Holdings,
Capital relationshipthe same as TRM’s parent company Tokyu Land Corporation, and is thus aninterested party under the Act on Investment Trusts and Investment Corporations.
Personal relationship
Business relationship
Interested parties
Brokerage commission

None.
CRR paid leasing commissions 1,130 thousand yen to the company for the assets
held during the fiscal period ended January 31, 2024.
The company is not classified as a related party in relation to CRR. However, as
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.
COMFORIA NISHIOGU: 40,500 thousand yen (consumption taxes excluded)
COMFORIA KITAIKEBUKURO: 53,700 thousand yen (consumption taxes
excluded)(2) The broker of the acquisition of “COMFORIA HONJOAZUMABASHI II” is an operating company in Japan, whose
details are omitted as it is not classified as interested party in relation to CRR or TRM.
<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

22

(3) No broker was involved in the acquisition of “CAMPUS VILLAGE CHITOSE-KARASUYAMA” and “COMFORIAKITAKOGANE”, or in the sale of “COMFORIA OGIMACHI”.

9. Risks Related to the Acquisition of Uncompleted/Unoccupied Assets
Since “COMFORIA NISHIOGU” and “COMFORIA KITAIKEBUKURO” are under construction and uncompleted asof the time of writing, construction completion and building delivery risks, etc. are inherent before the building completion.
However, CRR believes that such risks are minimized to a reasonable extent mainly by making the following points theterms of payment of the purchase price.
(i) It is expected to be certain that the building of the property will be delivered to the seller from the building contractor
in a legal and valid manner and in a condition satisfactory to CRR.
(ii)The inspection certificate for the building of the property has been delivered to CRR by the seller.
In addition, the 2 assets stated above and “COMFORIA HONJOAZUMABASHI II” will be delivered to CRR in
unoccupied or underoccupied conditions, accompanied by leasing risks after the acquisition, CRR expects to be able tosecure tenants by setting appropriate rents based on the rental market and the operating conditions of the assets managed
by CRR in the vicinity of the properties through consultations with the properties' master leasing and property managementcompany (planned).
Moreover, the investment ratio of the uncompleted/unoccupied 3 assets after the Transactions is approximately 1.4%,
and the risks related to the acquisition are considered to have a limited impact on the overall portfolio of CRR.

10. Impact on CRR’s finance when forward commitment, etc. cannot be executed
The acquisition of “COMFORIA NISHIOGU”, “CAMPUS VILLAGE CHITOSE-KARASUYAMA”, “COMFORIAKITAIKEBUKURO” and “COMFORIA KITAKOGANE” falls under the category of “forward commitment, etc. (Note)”
by investment corporations as defined in the “Comprehensive Guidelines for Supervision of Financial Instruments Business
Operators, etc.” established by the Financial Services Agency, the Japanese Government.
CRR plans to purchase the 4 assets stated above using the proceeds from the issuance of new investment units outlined
in “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” announced today,
borrowings and cash on hand. However, in the case that the forward commitment cannot be executed, CRR shall pay 20%of the acquisition price in relation to “COMFORIA NISHIOGU” and “COMFORIA KITAIKEBUKURO”, and 5% of theacquisition price in relation to “CAMPUS VILLAGE CHITOSE-KARASUYAMA” and “COMFORIA KITAKOGANE”,
as a penalty for breach of sales contract.
However, the sales contracts for the acquisition of the 4 assets stated above stipulate that only if CRR is able to raise
funds based on the satisfactory content, the obligation to pay the purchase price shall be fulfilled, and that if the fundraising
could not be completed, the sales contracts may be cancelled without CRR undertaking any obligation including damage
compensation. Therefore, CRR considers that even if CRR fails to complete fundraising and thus fails to execute forward
commitment, etc., CRR’s finance and such are unlikely to be materially impacted.
(Note) “Forward commitment, etc.” refers to a postdated sales contract under which settlement payment and asset delivery shall be madeat least one month after the conclusion of the contract, or any other contract similar thereto.

11. Forecast
Please refer to the “Notice Concerning Revision to Forecast of Financial Results for the Period Ending January 31, 2025
and Forecast of Financial Results for the Period Ending July 31, 2025” separately announced today for forecasts of the
management performance for the period ending January 31, 2025 (August 1, 2024 – January 31, 2025) and the period
ending July 31, 2025 (February 1, 2025 – July 31, 2025) after the Transactions.
*Website of CRR: https://www.comforia-reit.co.jp/en/<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

23

<Attachments>
1. Portfolio List after the Transactions
2. Exterior Images and Maps of the Assets to be Acquired<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

24

<Attachment 1> Portfolio List after the Transactions (Estimated on November 15, 2024)
Area(Note 1)
Central Tokyo

Property Name

Location (Residential address)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi, Ningyocho, Chuoku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10Tokyo

Nakaochiai,

Shinjuku-ku,

COMFORIA HIGASHINAKANO

4-34-2
Tokyo

Kitashinjuku,

Shinjuku-ku,

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

COMFORIA MINAMIAOYAMA

4-1-12 Minamiaoyama, Minato-ku,
Tokyo

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku,
Tokyo

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA
SHIBAURA BOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 Nihonbashi, Ningyocho, Chuoku, Tokyo

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA KUDAN

2-6-12 Kudanminami, Chiyoda-ku,
Tokyo

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 Nihonbashi
Chuo-ku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

Horidomecho,

Type of Asset
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Acquisition Price(million yen)
(Note 2)
1,586

0.5%

1,900

0.6%

1,181

0.4%

552

0.2%

3,059

0.9%

574

0.2%

1,398

0.4%

755

0.2%

1,041

0.3%

1,685

0.5%

3,629

1.1%

850

0.3%

2,650

0.8%

1,300

0.4%

2,139

0.7%

826

0.3%

1,280

0.4%

1,108

0.3%

1,840

0.6%

1,945

0.6%

3,190

1.0%

1,570

0.5%

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

25

Share
(Note 3)

Central Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

COMFORIA YOYOGIUEHARA

2-31-5 Uehara, Shibuya-ku, Tokyo

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA
SHINJUKUGYOEN Ⅱ

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,
Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

1-20-12 Kitashinjuku, Shinjuku-ku,
Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kandajinbocho, Chiyoda-ku,
Tokyo

COMFORIA NIHONBASHI

1-2-2 Nihonbashibakurocho, Chuo-ku,
Tokyo

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku, Tokyo

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

COMFORIA
SHINJUKUGYOEN Ⅰ

1-10-4 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1
Tokyo

Higashiazabu,

Minato-ku,(Tower Building)
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER(Annex Building)
6-27-28 Shinjuku, Shinjuku-ku, Tokyo(Gate Building)
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYAKUOJI

74-23 Ichigayayakuojimachi,
Shinjuku-ku, Tokyo

COMFORIA AKIHABARA EAST

2-9-19Tokyo

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

COMFORIA SHINJUKU

5-8-20 Shinjuku, Shinjuku-ku, Tokyo

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku,
Tokyo

Higashikanda,

Chiyoda-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Beneficial
Interest in Real
Estate Trust

4,268

1.3%

1,560

0.5%

1,789

0.5%

1,806

0.6%

1,623

0.5%

736

0.2%

1,621

0.5%

1,625

0.5%

1,434

0.4%

1,956

0.6%

3,272

1.0%

1,471

0.4%

1,406

0.4%

1,245

0.4%

1,900

0.6%

13,2644.1%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

941

0.3%

4,425

1.4%

890

0.3%

Real Estate

1,065

0.3%

2,150

0.7%

1,194

0.4%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

26

Central Tokyo

COMFORIA
GINZA EAST NIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

COMFORIAHIGASHISHINJUKU STATION
FRONT

7-27-12 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA NAKAOCHIAI

2-16-29
Tokyo

COMFORIA
WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

COMFORIA HATAGAYA

1-5-1 Hatagaya, Shibuya-ku, Tokyo

Nakaochiai,

Shinjuku-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate

Subtotal
Sub-central
Tokyo

COMFORIA BUNKYOKASUGA

1-15-12 Nishikata, Bunkyo-ku, Tokyo

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku,
Tokyo

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

COMFORIA NISHIKAMATA

6-37-3 Nishikamata, Ota-ku, Tokyo

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

3-2-13 Miyoshi, Koto-ku, Tokyo

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku,
Tokyo

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku,
Tokyo

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIAASAKUSABASHI DEUX

5-24-10 Asakusabashi, Taito-ku,
Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

COMFORIAMONZENNAKACHO

16-8 Fuyuki, Koto-ku, Tokyo

COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

2,380

0.7%

5,540

1.7%

1,489

0.5%

1,056

0.3%

1,073

0.3%

99,241

30.3%

1,470

0.4%

910

0.3%

881

0.3%

2,587

0.8%

1,550

0.5%

1,987

0.6%

740

0.2%

1,290

0.4%

1,219

0.4%

926

0.3%

602

0.2%

651

0.2%

874

0.3%

714

0.2%

762

0.2%

873

0.3%

2,658

0.8%

1,189

0.4%

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

27

Sub-central
Tokyo

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

COMFORIAGAKUGEIDAIGAKU

6-46-6 Shimouma, Setagaya-ku,
Tokyo

COMFORIAHIGASHINAKANO DEUX

4-2-19 Higashinakano, Nakano-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashiikebukuro, Toshimaku, Tokyo

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku,
Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

COMFORIA
SUMIDA-TACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku,
Tokyo

COMFORIA MORISHITA

3-6-8 Shinohashi, Koto-ku, Tokyo

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

COMFORIA
MEGURO CHOJAMARU

2-6-25 Kamiosaki, Shinagawa-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashiikebukuro, Toshima-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro, Toshimaku,Tokyo

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

COMFORIA
MINAMISUNAMACHI

4-4-20 Minamisuna, Koto-ku, Tokyo

COMFORIAHIGASHISHINAGAWA

3-22-11 Higashishinagawa,Shinagawa-ku, Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,874

0.6%

1,138

0.3%

833

0.3%

3,911

1.2%

1,014

0.3%

1,188

0.4%

594

0.2%

2,680

0.8%

1,240

0.4%

3,096

0.9%

938

0.3%

1,050

0.3%

2,912

0.9%

1,344

0.4%

1,530

0.5%

956

0.3%

1,972

0.6%

1,712

0.5%

1,132

0.3%

5,000

1.5%

1,042

0.3%

4,681

1.4%

1,510

0.5%

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

28

Sub-central
Tokyo

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

COMFORIA YOGA

3-24-3 Yoga, Setagaya-ku, Tokyo

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA
SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku,
Tokyo

COMFORIA OJIMA

4-8-10 Ojima, Koto-ku, Tokyo

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome, Bunkyo-ku,
Tokyo

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

COLLEGE COURTHACHIMANYAMA

1-15-1 Kamitakaido, Suginami-ku,
Tokyo

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku,
Tokyo

COMFORIA
KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

COMFORIA
KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

COMFORIASHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

COMFORIAOMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

CAMPUSVILLAGE SHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

813

0.2%

1,041

0.3%

3,794

1.2%

1,430

0.4%

Real Estate

2,110

0.6%

Real Estate

866

0.3%

1,330

0.4%

5,721

1.7%

1,245

0.4%

2,173

0.7%

1,313

0.4%

2,622

0.8%

2,500

0.8%

1,660

0.5%

880

0.3%

2,213

0.7%

2,050

0.6%

5,397

1.6%

1,254

0.4%

864

0.3%

1,096

0.3%

1,842

0.6%

2,740

0.8%

3,430

1.0%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

29

Sub-central
Tokyo

Beneficial
Interest in Real
Estate Trust

1,294

0.4%

1-30-8 Nishimagome, Ota-ku, Tokyo

Real Estate

1,330

0.4%

COMFORIAIKEBUKURO DEUX

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.6%

COMFORIA NARIMASU

3-18-13 Asahicho, Nerima-ku, Tokyo

Real Estate

1,551

0.5%

COMORIASHIN-OKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

1,237

0.4%

COMFORIA
MORISHITA WEST

1-3-5 Shin-Ohashi, Koto-ku, Tokyo

1,222

0.4%

COMFORIA TOYOCHO

2-26-11 Minamisuna, Koto-ku, Tokyo

3,674

1.1%

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku,
Tokyo

1,622

0.5%

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

3,031

0.9%

COMFORIAMONZENNAKACHO SOUTH

1-13-6 Botan, Koto-ku, Tokyo

1,428

0.4%

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

2,905

0.9%

GRANCREERBAJIKOEN (LAND)

1-22-23 Kamiyoga, Setagaya-ku,
Tokyo

4,546

1.4%

COMFORIA
AKIHABARA NORTH

1-1-13 Taito, Taito-ku, Tokyo

1,850

0.6%

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido,
Suginami-ku,Tokyo

3,750

1.1%

COMFORIA KITAZAWA

1-24-8 Kitazawa, Setagaya-ku, Tokyo

3,816

1.2%

CAMPUS VILLAGEAKATSUKA-SHINMACHI

2-10-8 Akatsuka-shinmachi, Itabashiku, Tokyo

2,280

0.7%

NEIGHBORS HIGASHI-JUJO

2-14-13 Higashijujo, Kita-ku, Tokyo

1,860

0.6%

COMFORIA NIPPORI

2-7-17 Nishinippori, Arakawa-ku,
Tokyo

2,660

0.8%

COMFORIA KANAMECHO

5-27-9 Nishiikebukuro, Toshima-ku,
Tokyo

1,950

0.6%

COMFORIA
HONKOMAGOME 1-CHOME

1-6-7 Honkomagome, Bunkyo-ku,
Tokyo

1,600

0.5%

COMFORIA
MORISHITA SOUTH

2-2-8 Shinohashi, Koto-ku, Tokyo

2,180

0.7%

COMFORIA OJIMA DEUX

8-5-3 Ojima, Koto-ku, Tokyo

1,350

0.4%

COMFORIA
TAKASHIMADAIRA

2-1-40 Shingashi, Itabashi-ku, Tokyo

3,900

1.2%

COMFORIA NISHIOGIKITA

1-8-13 Nishiogikita, Suginami-ku,
Tokyo

3,220

1.0%

COMFORIAKIBASHINSUIKOEN

3-11-13 Kiba, Koto-ku, Tokyo

COMFORIANISHIMAGOME HILLSIDE

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

30

Sub-central
Tokyo

COMFORIA HIKIFUNE

2-33-5 Oshiage, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,164

0.4%

COMFORIA KAMIMEGURO

5-1488-22 Kamimeguro, Meguro-ku,
Tokyo and 3 other lots

Real Estate

2,070

0.6%

COMFORIA SHIN-NAKANO II

4-38-17 Honcho, Nakano-ku, Tokyo

1,610

0.5%

COMFORIA NISHIOGU

3-17-5 Nishiogu, Arakawa-ku, Tokyo

1,350

0.4%

COMFORIA
HONJOAZUMABASHI II

2-10-4 Honjo, Sumida-ku, Tokyo

1,300

0.4%

CAMPUS VILLAGE
CHITOSE-KARASUYAMA

4-4-9 Minamikarasuyama, Setagayaku, Tokyo

4,126

1.3%

COMFORIA KITAIKEBUKURO

2-6 Kumanocho, Itabashi-ku, Tokyo

1,790

0.5%

185,213

56.6%

626

0.2%

1,077

0.3%

978

0.3%

4,150

1.3%

2,220

0.7%

4,420

1.4%

1,500

0.5%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Tokyo
Metropolitan
Area

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi,
Chiba

GRANCREER
CENTER-MINAMI

40-3 Chigasaki Chuo, Tsuzuki-ku,
Yokohama-shi, Kanagawa

COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku,
Yokohama-shi, Kanagawa

COMFORIA OMIYA

3-36-1 Nakamachi, Omiya-ku,
Saitama-shi, Saitama

CAMPUS VILLAGE
URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWA

2-3-21 Fujimicho, Tachikawa-shi,
Tokyo

Real Estate

2,933

0.9%

COMFORIA
SAGINUMA 3-CHOME

3-13-2 Saginuma, Miyamae-ku,
Kawasaki-shi, Kanagawa

Real Estate

2,620

0.8%

NICHII HOME KAWAGUCHI

2-11-1 Honcho, Kawaguchi-shi,
Saitama

1,395

0.4%

COMFORIA
KAWAGUCHI HONCHO

2-11-2 Honcho, Kawaguchi-shi,
Saitama

1,082

0.3%

COMFORIA KITAKOGANE

43-1 Kogane, Matsudo-shi, Chiba

1,180

0.4%

24,181

7.4%

660

0.2%

1,250

0.4%

1,980

0.6%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Other Major
CitiesCOMFORIA KITASANJO

2-2-51 Kitasanjohigashi, Chuo-ku,
Sapporo-shi, Hokkaido

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijonishi, Chuo-ku,
Sapporo-shi, Hokkaido

COMFORIASHINSAIBASHI EAST

2-6-8 Bakuromachi, Chuo-ku, Osakashi, Osaka

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

31

Other Major
CitiesCOMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku,
Osaka-shi, Osaka

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osakashi, Osaka

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi,
Osaka

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto

COMFORIA NISHITENMA

3-9-1 Nishitenma, Kita-ku, Osaka-shi,
Osaka

CAMPUS VILLAGE
KYOTO ICHIJOJI

6-109 Takanoizumicho, Sakyo-ku,
Kyoto-shi, Kyoto

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

44 Tanakanishiuracho, Sakyo-ku,
Kyoto-shi, Kyoto

LUXAS TAKATSUKI

4-2 Otecho, Takatsuki-shi, Osaka

COMFORIA NISHINOMIYA

1-12 Rokutanjicho, Nishinomiya-shi,
Hyogo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,567

0.5%

1,289

0.4%

1,719

0.5%

1,700

0.5%

1,075

0.3%

1,400

0.4%

1,722

0.5%

1,289

0.4%

1,095

0.3%

1,782

0.5%

Subtotal

18,528

5.7%

Total

327,164100.0%(Note 1) Explanation of “Area”
i “Central Tokyo” denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
ii “Sub-central Tokyo” denotes the other 18 wards of Tokyo.
iii “Tokyo Metropolitan Area” denotes residential areas equivalent to Central Tokyo and Sub-central Tokyo (areas in Tokyo,
Kanagawa, Saitama and Chiba) where demand for rental residences is strong, but excluding Central Tokyo and Sub-central
Tokyo.
iv “Other Major Cities” denotes residential areas in ordinance-designated cities, etc. except for Central Tokyo, Sub-central Tokyoand Tokyo Metropolitan Area.
(Note 2) “Acquisition Price” is the purchase price (not including tax and rounded down to the nearest million yen) of the trust beneficial
interest in real estate or the real estate listed in the respective sales and purchase agreement.
(Note 3) “Share” refers to the ratio of the Acquisition Price of each property to the total Acquisition Price and rounded to the first decimal
place.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

32

<Attachment 2> Exterior Images and Maps of the Assets to be Acquired(1) COMFORIA NISHIOGU<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

33

(2) COMFORIA HONJOAZUMABASHI II<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

34

(3) CAMPUS VILLAGE CHITOSE-KARASUYAMA<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

35

(4) COMFORIA KITAIKEBUKURO*This is an elevation view of the building to be completed and may differ from the actual building exterior.

<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

36

(5) COMFORIA KITAKOGANE<Disclaimer>This document is a press release to make a public announcement of acquisition and sale of investment assets andhas not been prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for
notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto
prepared by CRR before undertaking investments and that investments be made at their own discretion and responsibility.

37