September 9, 2022

To All Concerned Parties
REIT Issuer: Daiwa Securities Living Investment Corporation
6-2-1 Ginza, Chuo-ku, Tokyo 104-0061
Yoshio Urata, Executive Director(Securities Code: 8986)
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.
Yoshiki Nishigaki, President and Chief Executive Officer
Inquiries: Kentaro Azumi, General Manager, Corporate Division
Tel: +81-3-6757-9680

Notice Concerning Acquisition and Leasing of Assets(6 Rental Apartments and 1 Healthcare Facility)
Daiwa Securities Living Investment Corporation (hereinafter referred to as the “Investment Corporation”) hereby announcesthat Daiwa Real Estate Asset Management Co. Ltd. (hereinafter referred to as the “Asset Manager”), the asset manager of theInvestment Corporation, has resolved to acquire and lease the real estate trust beneficiary interests (hereinafter referred to as the“Assets to Be Acquired”) described below. Details are provided below.
Ⅰ. General Outline of the Acquisition
A general outline of the Assets to Be Acquired is detailed in the table below. As of September 9, 2022, the Investment
Corporation has concluded trust beneficiary interest purchase agreements with each of the sellers for the Assets to Be Acquired,
which are scheduled for acquisition on October 4, 2022.

GK Tokyo
Residential 3
GK Tokyo
Residential 6

Property nameLocation

Property type
(Note 1)

Anticipatedacquisition price(A)(JPY thousand)(Note2) (Note 3)

Gran Casa MinamiSenju

Arakawa-ku, Tokyo

Residence(Family)

1,159,000

1,260,000

Gran Casa Hikifune

Sumida-ku, Tokyo

2,760,000

2,900,000

140,000(95.2%)

Serenite Namba Plie

Osaka City, Osaka

2,739,200

2,790,000

50,800(98.2%)

Gran Casa Oji

Kita-ku, Tokyo

1,150,000

1,210,000

60,000(95.0%)

Gran Casa Ryogoku
East (Note 4)

Sumida-ku, Tokyo

1,120,000

1,160,000

40,000(96.6%)

Gran Casa Tabata

Kita-ku, Tokyo

825,000

917,000

92,000(90.0%)

Subtotal for residences

9,753,200

10,237,000

483,800(95.3%)

6,280,000

6,450,000

170,000(97.4%)

Subtotal for healthcare facilities

6,280,000

6,450,000

170,000(97.4%)

Total

16,033,200

16,687,000

653,800(96.1%)

Sunny Life Shibaura

Minato-ku, Tokyo

Residence(Studio)

Healthcare
facility

Appraisal value(August 2022)(B)(JPY thousand)(Note 3)Difference
betweenanticipatedacquisition priceand appraisal
value (B)-(A)(JPY thousand)((A)/(B))(Note 3)101,000(92.0%)

Seller

GK Tokyo
Residential 5

GK Tokyo
Residential 8

GK DA
Healthcare 11(Note 1) Studio means residences with 1R, 1K, 1DK, or 1LDK. Family means residences with 2K, 2DK, 2LDK or more rooms.
(Note 2) Anticipated Acquisition Price does not include acquisition expenses, adjustments to property tax and city planning tax and consumption tax and local
consumption tax. The same applies hereinafter.
(Note 3) Amounts are rounded to the nearest unit and percentages are rounded to the first decimal place. Unless stated otherwise, the same applies hereinafter.
(Note 4) The name of the property was changed from “Rivio Maison Ryogoku East” to “Gran Casa Ryogoku East” on April 1, 2022. The same applies hereinafter.
(Note 5) Although there is intermediaries for the acquisition of Serenite Namba Plie, Gran Casa Oji and Sunny Life Shibaura, it does not fall under the categoryof an interested persons and other close affiliate.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

II. Reason for the Acquisition and Leasing
Based on the asset management objectives and policies set forth in the Investment Corporations Agreement, we have decided
to acquire and lease the Assets to Be Acquired in order to diversify and enhance the portfolio to achieve asset size growth andsecure stable earnings.
The tenants of the Assets to Be Acquired meet the tenant selection criteria outlined in the Investment Corporation’sManagement System Report dated June 29, 2022.
Ⅲ. Details of Assets to Be Acquired and Leasing
The details of the Assets to Be Acquired and leasing are summarized in the following individual property tables. The
following is a description of the items mentioned in the individual property tables.
<Description of Items>
a． Explanation of Overview of Properties
1.
2.
3.
4.
5.

6.

7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

“Location (residential indication)” is stated based on the residential indication in principle. Where residential indication is
not shown, building location (if there is more than one, the location of one of the buildings) is shown in accordance witheither the housing number indication or the registry (including the Registration Record; the same applies hereinafter).
“Form of ownership” for both Land and Building refers the type of rights held by the Investment Corporation for real estateand by the Trustee for real estate trust beneficiary interests.
“Zoning” for Land refers to the types of use districts stipulated by Item 1, Paragraph 1, Article 8 of the City Planning Act(Law No. 100 of 1968, including later amendments) (hereinafter referred to as the “City Planning Act”).
“Area” for Land is shown in accordance with the registry and may not correspond to the current reality.
“FAR” for Land refers to the ratio of the sum of the floor space of the building to the land area as stipulated in Article 52 of
the Building Standards Act (Law No. 201 of 1950, including later amendments) (hereinafter referred to as the “BuildingStandards Act”), and the upper limit of floor-to-area ratio (designated floor-to-area ratio) as determined by city planningaccording to the use area. The designated floor-to-area ratio can be mitigated, increased, or reduced due to the width of roads
connected to the site and other reasons, and may differ from the floor-to-area ratio that is actually in use.
“Building-to-land ratio” for Land shows the ratio of the building area to the land area as stipulated in Article 53 of the
Building Standards Act, and the upper limit of building-to-land ratio (designated building-to-land ratio) as determined bycity planning according to the use area. The designated building-to-land ratio can be mitigated, increased, or reduced due tofireproofed structures in a fire prevention district and other factors, and may differ from the building-to-land ratio that is
actually in use.
“Use” for Building refers to the building type recorded in the registry.
“Structure/Floors” for Building is based on records in the registry.
“Number of leasable units” (in the case of a residence) indicates the number of units that can be leased as of July 31, 2022,
for the Assets to Be Acquired.
“Number of leasable compartments” (in the case of healthcare facilities) indicates the number of compartments of a building
where a lease contract has been concluded as of July 31, 2022, for the Assets to Be Acquired and includes retail stores,
offices, etc., if any.
“Total floor area” for Building is based on records in the registry and does not include the floor area of annexed buildings.
“Construction completion” for Building refers to the date of completion recorded in the registry.
“Estimated emergency repair expenses,” “Estimated short-term repair expenses,” and “Estimated long-term repair expenses”
are rounded down to the nearest thousand, while ratios are rounded to the first decimal place.
“PML” data was acquired from Tokyo Marine dR Co., Ltd. in August 2022.
“Property manager” is the property management company entrusted with, or scheduled to be entrusted with the property
management operations.
“Master lessee” is the party that has, or is scheduled to enter into a master lease agreement concerning the asset in question.
“Type of master lease” is either “Pass through” or “Guaranteed rent.” “Pass through” is a master lease agreement where themaster lessee passes on the rent equivalent to rent paid by the end tenant and “Guaranteed rent” is a master lease agreementin which the master lessee pays a fixed rent.
“Real estate rent revenue” is the monthly rental income (rent, common service fee, parking lot income, etc.) rounded down
to less than JPY 1,000 based on the figures and information available as of July 31, 2022, of the Assets to Be Acquired.
“Lease and guarantee deposits, etc.” are the lease or guarantee deposits (residences, retail stores, offices, parking lots, etc.)
rounded down to less than JPY 1,000 based on the figures and information available as of July 31, 2022, of the Assets to Be
Acquired.
“Leasable area” shows the leasable area of each of the Assets to Be Acquired as of July 31, 2022, excluding area used bystorage spaces, parking spaces, custodian areas, signboards, vending machines, antennas and other spaces leased to the lessee

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

21.
22.

23.
24.
25.
26.

in addition to their main use, or other areas leased for the maintenance and supervision of the relevant property (including
loan for use). Furthermore, leasable area is calculated using the center line of the wall, and includes the meter boxes and pipe
spaces allotted to each unit.
“Number of tenants” shows the total number of tenants for the Assets to Be Acquired as of July 31, 2022, and shall be one(1) if a master lease agreement has been concluded with a master lessee.
“Total leased area” is the sum of the area leased through lease agreements with end-tenants (however, in cases whereproperties are wholly leased to realtors through guaranteed rent agreements or where a master lessee wholly leases it toanother company, lease agreements where properties are wholly leased to a lessee) at the Assets to Be Acquired that are ineffect as of July 31, 2022.
“Occupancy rate” is the figure obtained by dividing the total leased area by the leasable area for the Assets to Be Acquired
as of July 31, 2022, rounded down to the first decimal place.
The “Collateral” section denote if there is collateral to be borne by the Investment Corporation for the asset to be acquired,or if there is collateral to be borne after the acquisition.
The “Features” sections have been prepared based on the analyses of the Asset Manager and the appraisal reports of the realestate appraiser concerning the Assets to Be Acquired.
The “Special Notes” section denotes important factors upon considering the rights, appraisal values, the impact on
profitability and disposability, etc., concerning the Assets to Be Acquired.

b. Explanation of Overview of Operator and Facility (Only for Healthcare Facilities)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

11.

12.
13.
14.
15.
16.
17.
18.

“Operator” refers to the party operating the long-term care facilities at the Assets to Be Acquired as displayed in the
explanation of important matters.
“Opening date” refers to the date the facility opened as displayed in the explanation of important matters.
“Type of facility” refers the type of the facility as displayed in the explanation of important matters.
“Number of rooms” refers to the number of rooms as displayed in the explanation of important matters.
“Right to reside status” refers to the right to reside status as displayed in the explanation of important matters.
“Resident capacity” refers to the resident capacity as displayed in the explanation of important matters.
“Room area range” refers to the floor area of rooms as displayed in the explanation of important matters.
“Number of residents” refers to the number of residents as displayed in the explanation of important matters.
“Requirements for entry” refers to the requirements for occupancy at the facility as displayed in the explanation of importantmatters.
“Occupancy rate” is the ratio obtained by dividing the number of residents by resident capacity as displayed in the explanationof important matters, rounded down to one decimal place. Furthermore, the occupancy rate indicated in the explanation ofimportant matters may differ from the ratio obtained by dividing the number of residents by resident capacity due to situations
wherein people temporarily not residing at the facility are included.
“Average level of nursing care required” refers to the figure obtained by multiplying the respective number of residents
categorized in the explanation of important matters as either “independent,” “requiring support level 1,” “requiring support
level 2,” “requiring nursing care levels 1-5,” and “other” by 0, 0.375, 1, 1-5 and 1, respectively and dividing the total by the
number of residents, rounded down to one decimal place.
“Average age of residents” refers to the average age as displayed in the explanation of important matters, rounded down to
the nearest whole number.
“One-time entrance fee” refers to the one-time entrance fee for single occupancy for the general public as displayed in the
explanation of important matters or on the price list obtained from the operator.
“Monthly service fee” refers to the monthly service fee for single occupancy for the general public (excluding user payments
for long-term care insurance services) as displayed in the explanation of important matters or on the price list obtained fromthe operator.
“Staff engaged in nursing care” refers to the assignment ratio of staff on contract as displayed in the explanation of importantmatters.
“Staff at night (number of staff members at minimum)” refers to the staff at night (number of staff members at minimum) as
displayed in the explanation of important matters.
“Cooperating medical organization” refers to the cooperating medical organization, etc. as displayed in the explanation ofimportant matters.
“Cooperating dental organization” refers to the cooperating dental organization as displayed in the explanation of importantmatters.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

1. Gran Casa Minami-Senju
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownership

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
February 1, 2022 to October 31, 2032
JPY 1,159 million
Scheduled acquisition date
JPY 1,260 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
Tanizawa Sogo Appraisal
Co., Ltd.

3-4-7, Minami-Senju, Arakawa-ku, Tokyo
Approximately 350 meters from Minami-Senju Station on the Tokyo Metro Hibiya Line
Approximately 520 meters from Minami-Senju Station on the JR Joban Line, TsukubaExpress Line
Ownership

Zoning

Quasi-Industrial District

Area

482.96 m2

300% / 60%

Form ofownership

FAR/Building-to-land
ratio

Ownership

Use

Condominium

Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area
Total leased area
CollateralRC, 9-story building with
Number of leasable units
flat roof
1,752.36 m2
Construction completion
Kanoh Design .Co,Ltd.
SHINSAMPEI CONSTRUCTION CO.,LTD.
J Architecture Inspection Center (JAIC)
Estimated short-term
JPY 0 thousand
repair expenses
JPY 12,017 thousand

PML

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 5,141 thousand

37 units
December 1, 2021

JPY 0 thousand
5.9%
Pass throughJPY 7,002 thousand
1,430.06 m2
1,379,38 m2
None

Number of tenants
Occupancy rate

1
96.5%

Features
The property is a condominium consisting of 1R, 1K and 2LDK completed in December 2021, locateda 5-minute walk from Minami-Senju Station on the Tokyo Metro Hibiya Line and a 7-minute walkfrom Minami-Senju Station on the JR Joban Line and Tsukuba Express. With multiple train lines
available and good access to central Tokyo, this property is expected to have stable needs, mainly forsingles and DINKS.
Property features: The property is a 9-story reinforced concrete building, consisting of 8 units of 1R, 10 units of 1K and
19 units of 2LDK. In addition to common facilities such as auto-lock, intercom with monitor, security
camera, delivery box, etc. and in-house facilities such as bathroom dryer, warm water washing toilet
seat, etc., internet connection is standard equipment in each unit. It is a property that provides residents
with a high quality and comfortable life.
Special Notes
None
Site features:

2. Gran Casa Hikifune
Category of anticipatedproperty for acquisition

Overview of the Property
Trust beneficiary interests

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area
Total leased area
Collateral

Sumitomo Mitsui Trust Bank, Limited.
From September 30, 2021 to October 31, 2032
JPY 2,760 million
Scheduled acquisition date
JPY 2,900 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

2-47-12, Yahiro, Sumida-ku, Tokyo
Approximately 600 meters from Omurai Station on the Tobu Tetsudo Kameido Line
Approximately 750 meters from Keisei Hikifune Station on the Keisei Oshiage Line
(A) Commercial District
Ownership
Zoning(B) Quasi-Industrial District
FAR/Building-to-land(A) 400% / 80%2928.55 m (Note)
ratio(B) 300% / 80%
OwnershipUse

RC, 9-story building with
Number of leasable units
flat roof2
3,532.19 m
Construction completion
GUY PLANNING Co., Ltd.
Nankai Tatsumura Construction Co., Ltd.
UHEC
Estimated short-term
JPY 0 thousand
repair expenses
JPY 27,910 thousand

PML

Haseko Livenet, Inc.
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 10,774 thousand

Condominium
92 units
May 25, 2021

JPY 710 thousand
5.6%
Pass throughJPY 3,351 thousand
2,887.11 m2
2,805.22 m2
None

Number of tenants
Occupancy rate

1
97.2%

FeaturesThis property is a condominium completed in May 2021 located a 9-minute walk from Omurai Stationon the Tobu Kameido Line and a 10-minute walk from Keisei Hikifune Station on the Keisei Oshiage
Line. The Keisei Oshiage Line connects to the Toei Subway Asakusa Line from Oshiage Station. From
Keisei Hikifune Station, it takes about 17 minutes to Nihonbashi Station and about 21 minutes to
Shimbashi Station, providing good access to central Tokyo. In addition to houses and factories, there
are many high-rise apartment buildings in the surrounding area and there are supermarkets,convenience stores and shopping streets within walking distance.
Property features: The property is a 9-story reinforced concrete building, consisting of 59 units of 1DK, 23 units of 1LDK,
8 units of 2DK and 2 units of 2LDK. In addition to common facilities such as auto-lock, intercom with
monitor, security camera, delivery box, etc. and in-house facilities such as bathroom dryer, warm water
washing toilet seat, etc., each unit is equipped with internet connection as standard equipment. In
addition, the common area on the 1st floor is equipped with a large common space that residents canuse and a pet foot washing area, providing residents with a high quality and comfortable life.
Special Notes
The road on the southwest side of the property is a city planning road that received a planning decision on March 26, 1946
(the start date of the project is undecided). Therefore, when the road is constructed, the boundary line between theproperty and the road is scheduled to retreat approximately 3.8m toward the property.
Site features:(Note) Part of the land of this property (1.22 ㎡) is used as a road.
3. Serenite Namba Plie
Category of anticipatedproperty for acquisition

Overview of the Property
Trust beneficiary interests

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)

AccessLand

Building

Form ofownership

Mitsubishi UFJ Trust and Banking Corporation
From April 4, 2022, to October 31, 2032
JPY 2,739 million
Scheduled acquisition date
JPY 2,790 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
Tanizawa Sogo Appraisal
Co., Ltd.

2-2-3, Nihonbashi-Higashi, Naniwa-ku, Osaka city, Osaka
Approximately 600 meters from Ebisu Station on the Osaka Metro Sakaisuji Line
Approximately 800 meters from Namba Station on the Nankai Electric Railway Nankai
Main Line
Approximately 950 meters from Nippombashi Station on the Osaka Metro Sakaisuji Lineand Sennichimae Line
Approximately 700 meters from Shitennoji-mae Yuhigaoka Station on the Osaka Metro
Tanimachi Line
Ownership

ZoningCommercial District

Area

658.80 m2

600% / 80%

Form ofownership

FAR/Building-to-land
ratio

Ownership

Use

Condominium

Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.

RC, 15-story building with
Number of leasable units
flat roof
5,271.22 m2
Construction completion
Sunada Construction Co., Ltd.
Sunada Construction Co., Ltd.
General Building Research Corporation of Japan (GBRC)
Estimated short-term repair
JPY 0 thousand
expenses
JPY 38,394 thousand

PML

Haseko Livenet, Inc.
G.K. Japan Rental Housing
Type of master lease
Overview of Leasing
JPY 10,557 thousand

154 units
November 1, 2021

JPY 0 thousand
11.7%
Pass throughJPY 1,726 thousand

Total leasable area

3,903.90 m2

Number of tenants

1

Total leased area
Collateral

3,313.11 m
None

Occupancy rate

84.9%

2

Features
The property is a condominium completed in November 2021, consisting of 1K, 1DK and 1LDK units,
located an 8-minute walk from Ebisucho Station on the Osaka Metro Sakaisuji Line, a 10-minute walkfrom Namba Station on the Nankai Electric Railway Nankai Main Line, a 12-minute walk from
Nippombashi Station on the Osaka Metro Sakaisuji Line and Sennichimae Line and 9-minute walkfrom Shitennoji-mae Yuhigaoka Station on the Tanimachi Line. It is within walking distance to the
Namba area, which is a downtown area that represents Osaka and there are supermarkets, convenience
stores, restaurants, etc. in the surrounding area.
Property features: The 15-story reinforced concrete building consists of 84 units of 1K, 56 units of 1DK and 14 units of
1LDK. In addition to common facilities such as auto locks, intercoms with monitors, security cameras,delivery boxes, etc. and in-house facilities such as bathroom dryers and warm water washing toilet
seats, each unit is equipped with an internet connection as standard equipment. It is a property thatprovides high-quality and comfortable living to residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

4. Gran Casa Oji
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Form ofownership
Area

Building

Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From November 16, 2021 to October 31, 2032
JPY 1,150 million
Scheduled acquisition date
JPY 1,210 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

3-15-9, Oji, Kita-ku, Tokyo
Approximately 640 meters from Oji Station on the JR Keihin Tohoku Line, the Tokyo
Metro Nanboku Line
Approximately 500m from Oji Kamiya Station on the Tokyo Metro Nanboku Line
(A) Commercial District
Ownership
Zoning(B) Category 1 Residential
District
FAR/Building-to-land(A) 500% / 80%2382.59 m
ratio(B) 200% / 60%
OwnershipUse

RC, 13-story building with
Number of leasable units
flat roof2
1,522.58 m
Construction completion
PCMC Architect Support Co., Ltd.
CMC CORPORATIONTokyo Bldg-Tech Center Co.,Ltd (TBTC)
Estimated short-term
JPY 0 thousand
repair expenses
JPY 12,176 thousand

PML

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 4,732 thousand

Condominium
42 units
September 16, 2021

JPY 0 thousand
4.6%
Pass throughJPY 1,752 thousand
1,249.00 m2
1,249.00 m2
None

Number of tenants
Occupancy rate

1
100.0%

FeaturesThis property is an apartment completed in September 2021, located an 8-minute walk from Oji Stationon the JR Keihin Tohoku Line and Tokyo Metro Namboku Line and a 7-minute walk from Oji Kamiya
Station on the Tokyo Metro Namboku Line. It takes about 20 minutes from Oji Kamiya Station to get to
Ikebukuro Station via Komagome Station and about 22 minutes from Oji Station to Tokyo Station,
providing excellent access to central Tokyo. There are supermarkets, convenience stores, various stores,
etc. within walking distance, making daily life convenient.
Property features: The property is a 13-story reinforced concrete building, consisting of 36 units of 1K and 6 units of
2LDK. In addition to common facilities such as auto locks, intercoms with monitors, security cameras,delivery boxes, etc. and in-house facilities such as bathroom dryers and warm water washing toilet
seats, each unit is equipped with an internet connection as standard equipment. It is a property thatprovides high-quality and comfortable living to residents.
Special Notes
None
Site features:Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

5. Gran Casa Ryogoku East
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area
Total leased area
Collateral

Overview of the Property
Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From April 1, 2022 to October 31, 2032
JPY 1,120 million
Scheduled acquisition date
JPY 1,160 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
Tanizawa Sogo Appraisal
Co., Ltd.

3-2-11, Midori, Sumida-ku, Tokyo
Approximately 680 meters from Kikukawa Station on the Toei Shinjuku Line
Approximately 790 meters from Ryogoku Station on the Toei Oedo Line
Neighborhood Commercial
Ownership
ZoningDistrict
FAR/Building-to-land
277.09 m2
400% / 80%
ratio
OwnershipUse

RC, 10-story building with
Number of leasable units
flat roof2
1,270.80 m
Construction completion
Jiyuu Sekkei Co., Ltd.
URATA CO., LTD.
JAPAN ERI CO.,LTD. (ERI)
Estimated short-term
JPY 0 thousand
repair expenses
JPY 13,770 thousand

PML

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 3,919 thousand

Condominium
33 units
February 9, 2021

JPY 210 thousand
5.8%
Pass throughJPY 4,191 thousand
1,105.88 m2
952.34 m2
None

Number of tenants
Occupancy rate

1
86.1%

FeaturesThis property is a 1R/1K/2LDK condominium completed in February 2021, located a 9-minute walkfrom Kikugawa Station on the Toei Shinjuku Line and a 10-minute walk from Ryogoku Station on the
Toei Oedo Line. With good access to central Tokyo, the property is expected to have stable needs
centered on singles and DINKS.
Property features: The property is a 10-story reinforced concrete building, consisting of 9 units of 1R, 14 units of 1K and
10 units of 2LDK. Developed by a major developer, the property is equipped with shared facilities suchas auto-locking doors, intercoms with monitors, security cameras, delivery boxes, etc., as well as inhouse facilities such as bathroom dryers and warm water washing toilet seats, providing high-quality
comfort for residents. It is a property that provides a comfortable life.
Special Notes
The road on the east side of the land of this property is a road stipulated in Article 42, Paragraph 2 of the BuildingStandards Act and the portion of the land of this property that is used for that road and is used for a private road. The area
is approximately 39.3 ㎡.
Site features:

6. Gran Casa Tabata
Overview of the Property
Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceAppraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area
Total leased area
Collateral

Trust beneficiary interests
Sumitomo Mitsui Trust Bank, Limited.
From October 1, 2021 to October 31, 2032
JPY 825 million
Scheduled acquisition date
JPY 917 million
Appraisal firm
(as of August 1, 2022)

October 4, 2022
Japan Real Estate Institute1-24-2, Tabata, Kita-ku, Tokyo
Approximately 240 meters from Tabata Station on the JR Yamanote Line, JR Keihin
Tohoku Line
Approximately 680 meters from Nishi-Nippori Station on the Tokyo Metro Chiyoda Line
Category 1 Residential
Ownership
ZoningDistrict
FAR/Building-to-land
480.51 m2
300% / 60%
ratio
OwnershipUse

RC, 4-story building with
Number of leasable units
flat roof
936.21 m2
Construction completion
Kenchiku Keikaku Art Studio
Mizukami Construction Co., Ltd.
Bureau Veritas Japan Co., Ltd.
Estimated short-term
JPY 0 thousand
repair expenses
JPY 8,357 thousand

PML

Tokyu Housing Lease Corporation
G.K. Japan Rental Housing Type of master lease
Overview of Leasing
JPY 3,277 thousand

Condominium
32 units
August 18, 2021

JPY 0 thousand
3.4%
Pass throughJPY 830 thousand
844.94 m2
844.94 m2
None

Number of tenants
Occupancy rate

1
100.0%

Features
The property is a condominium consisting of 1R, 1K, and 2LDK completed in August 2021, located a
3-minute walk from Tabata Station on the JR Yamanote Line and Keihin Tohoku Line and a 9-minute
walk from Nishi-Nippori Station on the Tokyo Metro Chiyoda Line. Although it is located in a quiet
residential area, it has good access to major stations in Tokyo such as Tokyo, Shinjuku, and Ikebukuro.
Property features: The property is a 4-story reinforced concrete building consisting of 5 units of 1R, 26 units of 1K and 1
unit of 2LDK. In addition to common facilities such as auto-lock, intercom with monitor, security
camera, delivery box, etc. and in-house facilities such as bathroom dryer, warm water washing toilet
seat, etc., internet connection is standard equipment in each unit. It is a property that provides residents
with a high quality and comfortable life.
Special Notes
None
Site features:

7. Sunny Life Shibaura
Category of anticipatedproperty for acquisition
Trustee (scheduled)
Trust agreement period
Anticipated acquisition priceOverview of the Property
Trust beneficiary interests
Mizuho Trust & Banking Co., Ltd.
From April 27, 2022 to October 31, 2032
JPY 6,280 million
Scheduled acquisition date

October 4, 2022

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Appraisal value(appraisal date)
Location(residential indication)
AccessLand

Building

Form ofownershipArea
Form ofownership
Structure/Floors

Total floor area
Building engineer
Constructor
Building inspection agency
Estimated emergency repair
expenses
Estimated long-term repair
expenses
Property manager
Master lessee
Real estate rent revenue
Lease and guarantee deposits,
etc.
Total leasable area

JPY 6,450 million(as of August 1, 2022)

Appraisal firm

Tanizawa Sogo Appraisal
Co., Ltd.

5-5-35, Konan, Minato-ku, Tokyo
Approximately 1,200 meters from Tennoz Isle Station on the Tokyo Monorail Haneda
Airport Line
Ownership (Right of site)

Zoning

Quasi-Industrial District

1,657.04 m2
Sectional ownership (Own
all sections)

FAR/Building-to-land ratio

400% / 60%

Use

Home for the elderly

Number of leasable
compartments
6,645.70 m2
Construction completion
Mamoru Takeda First-Class Architect Office
YATSU CONSTRUCTION CO.,LTD
Away Building Evaluation Network Inc.
Estimated short-term repair
JPY 0 thousand
expensesRC, 10-story building

JPY 52,618 thousand

PML

AIP Healthcare Japan GK
The Investment Corporation Type of master lease
Overview of Leasing
Undisclosed (Note)

1April 10, 2020

JPY 0 thousand
9.8%
Pass throughUndisclosed (Note)
6,802.69 m2

Major tenant

Kawashima Corporation

Total leased area
6,802.69 m
Occupancy rate
100.0%
Area of space occupied by
2
6,802.69 m
Ratio to total leasable area 100.0%
major tenant(Overview of contract with major tenant)Contract format:
Standard building lease contract
Contract period:
From April 28, 2020 to March 31, 2045
Rent revision:
In principle, the lessor and lessee shall not change the rent during the lease term. However, if it isdetermined that the rent is unreasonable due to changes in prices, changes in taxes and publicdues on land and buildings, changes in neighboring land and building rents and changes in
economic and social conditions, shall be able to revise the rent when agreed upon after
consultation.
Contract renewal:
If the other party does not express any intention to the other party six months before theexpiration date of the above contract period, this contract shall be renewed for three years under
the same conditions at the same time as the expiration date. The same shall apply to subsequent
expiry of the period.
Mid-term cancellation: This contract cannot be canceled during the lease period. However, even during the lease period,
the Lessee may cancel this Agreement by submitting a written request for cancellation up to 12
months in advance and if the Lessor accepts this. After the lease period has expired and thiscontract has been renewed, the lessee may cancel this contract by submitting a written request to
the lessor up to 6 months in advance. If, upon mutual agreement, a new user is selected tocontinue leasing the property after the termination of the contract, the lessee may cancel thecontract even during the lease term.
Overview of Operator and Facility (Date of explanation of important matters: October 1, 2021)
Operator
Kawashima Corporation
Opening dateJune 1, 2020
Fee-based home for theType of facility
elderly with nursing care
Number of rooms
228(designated facility)
Right to reside status
Right to use
Resident capacity
228
2
2
Room area range
15.1 m to 15.6 m
Number of residents
852

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Requirements for entry
Average level of nursing carerequiredService fee payment method

Independent / requiringsupport / requiring nursing
care

Occupancy rate

37.2%

2.4

Average age of residents

84

One-time entrance fee

Monthly fee

One-time entrance fee(rent received in advance)－－

Monthly service fee－

JPY 110,000 to JPY
215,955

Staff at night (number ofStaff engaged in nursing care
3.0:1
staff members at
3 nursing care staff
minimum)
Cooperating medical
Medical Corporation Aoitori-Kai Ueda Clinic
organization
Medical Corporation Shichifuku-Kai Holy Mam Clinic Hatanodai
Cooperating dental organization Medical Corporation Keijitsu-Kai Grace Dental Clinic Main Clinic
Features
Site features:
The property is located approximately 1.2 km from Tennozu Isle Station on the Tokyo Monorail
Haneda Airport Line. It can be said that the location has a high degree of superiority due to its
convenient location and convenient transportation. In addition, it takes about 6 minutes by bus from thenearest bus stop to Shinagawa Station, which is a major terminal station for the Tokaido Shinkansen, JR
Yamanote Line, Keihin Tohoku Line, Keihin Electric Railway Main Line etc.
Property features: This property is a relatively new paid nursing home with nursing care that was completed in April 2020and offers private rooms ranging from 15.1 ㎡ to 15.6 ㎡. All rooms are private rooms equipped with a
washbasin, toilet with warm water washing toilet seat, nursing care bed, storage, etc. Common areas
include a dining room, functional training room, rooftop terrace, bathroom and mechanical bathroom. It
also has a small bathroom on the second floor to 9th floor.
Special Notes
The lease agreement with the tenant stipulates that in the case where the Trustee is to sell the property to a third party, thelessee is to be given an opportunity to negotiate a preferential purchase agreement.
(Note) Undisclosed as the tenant has not provided consent for disclosure.
IV. Profile of the Counterparty
Gran Casa Minami-Senju
(1)
(2)
(3)

Company nameLocation
Title and name ofrepresentative(4)

Description ofbusiness(5)

Amount of capital(6)

Sales amount(7)

Date ofincorporation(8)

Net assets(9)

Total assets

GK Tokyo Residential 3
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 3
Function Manager Takanori Mishina
1. Acquisition, owning, and disposition of trust beneficiary interests in real estate
as asset in trust
2. Trading, leasing, management, acquisition, owning, disposition and use of realestate3. All operations incidental to or relating to the preceding items
JPY 400,000
The sales amount is not disclosed as consent for disclosure has not been obtained
from the seller.
December 16, 2020
The amount of net assets is not disclosed as consent for disclosure has not beenobtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not beenobtained from the seller.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(10)
(11)

Major
Major shareholders are not disclosed as consent for disclosure has not beenshareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Group Inc. (hereinafter referred to as the “Daiwa
Securities Group”), the parent company of the Asset Manager, has conducted
Capitalrelationshipinvestment equal to the entire equity of silent partnership interest of the seller as
its sole silent partner. In addition, the seller falls under the category of interested
persons or other close affiliate of the Asset Manager as stipulated in the Act on
Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is no
Personnel
personnel relationship required to be disclosed between the affiliated parties andrelationshipthe affiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and therelationshipaffiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group, the parent company of theclassification as
Asset Manager and falls under the classification of related party.
related party

Gran Casa Hikifune
(1)
(2)
(3)

Company nameLocation
Title and name ofrepresentative(4)

Description ofbusiness(5)

Amount of capital(6)

Sales amount(7)

Date ofincorporation(8)

Net assets

(9)
(10)
(11)

GK Tokyo Residential 6
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 6
Function Manager Takanori Mishina
1. Acquisition, owning and disposition of trust beneficiary interests in real estate
as asset in trust
2. Trading, leasing, management, acquisition, owning, disposition and use of realestate3. All operations incidental to or relating to the preceding items
JPY 400,000
The sales amount is not disclosed as consent for disclosure has not been obtained
from the seller.
July 29, 2021

The amount of net assets is not disclosed as consent for disclosure has not beenobtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major
Major shareholders are not disclosed as consent for disclosure has not beenshareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty Co. Ltd., (hereinafter referred to as the “Daiwa
Securities Realty”), the sister company of the Asset Manager, has conducted
Capitalrelationshipinvestment equal to the entire equity of silent partnership interest of the seller as
its sole silent partner. In addition, the seller falls under the category of interested
persons or other close affiliate of the Asset Manager as stipulated in the Act on
Investment Trusts and Investment Corporations.
Personnel
There is no personnel relationship required to be disclosed between the

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

relationship

Businessrelationship
Status ofclassification as
related party

Investment Corporation/Asset Manager and the operator. In addition, there is no
personnel relationship required to be disclosed between the affiliated parties andthe affiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no business
relationship required to be disclosed between the affiliated parties and theaffiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
The seller is a subsidiary of Daiwa Securities Group, the parent company of theAsset Manager and falls under the classification of related party.

Serenite Namba Plie, Gran Casa Oji, Gran Casa Ryogoku East
(1)
(2)
(3)

Company nameLocation
Title and name ofrepresentative(4)

Description ofbusiness(5)

Amount of capital(6)

Sales amount(7)

Date ofincorporation(8)

Net assets

(9)
(10)
(11)

GK Tokyo Residential 5
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 5
Function Manager Takanori Mishina
1. Acquisition, owning and disposition of trust beneficiary interests in real estate
as asset in trust
2. Trading, leasing, management, acquisition, owning, disposition and use of realestate3. All operations incidental to or relating to the preceding items
JPY 400,000
The sales amount is not disclosed as consent for disclosure has not been obtained
from the seller.
July 1, 2021

The amount of net assets is not disclosed as consent for disclosure has not beenobtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major
Major shareholders are not disclosed as consent for disclosure has not beenshareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty, the sister company of the Asset Manager, has
Capitalconducted investment equal to the entire equity of silent partnership interest of therelationshipseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the
Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there is no
Personnel
personnel relationship required to be disclosed between the affiliated parties andrelationshipthe affiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and therelationshipaffiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group, the parent company of theclassification as
Asset Manager and falls under the classification of related party.
related party

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Gran Casa Tabata
(1)
(2)
(3)

Company nameLocation
Title and name ofrepresentative(4)

Description ofbusiness(5)

Amount of capital(6)

Sales amount(7)

Date ofincorporation(8)

Net assets

(9)
(10)
(11)

GK Tokyo Residential 8
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Representative member, General Incorporated Association Tokyo Residential 8
Function Manager Takanori Mishina
1. Acquisition, owning and disposition of trust beneficiary interests in realestate as asset in trust
2. Trading, leasing, management, acquisition, owning, disposition and use of realestate3. All operations incidental to or relating to the preceding items
JPY 400,000
The sales amount is not disclosed as consent for disclosure has not been obtained
from the seller.
August 2, 2021

The amount of net assets is not disclosed as consent for disclosure has not beenobtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major
Major shareholders are not disclosed as consent for disclosure has not beenshareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty, the sister company of the Asset Manager, has
Capitalconducted investment equal to the entire equity of silent partnership interest of therelationshipseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the
Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there is no
Personnel
personnel relationship required to be disclosed between the affiliated parties andrelationshipthe affiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and therelationshipaffiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group, the parent company of theclassification as
Asset Manager and falls under the classification of related party.
related party

Sunny Life Shibaura
(1)
(2)
(3)

Company nameLocation
Title and name ofrepresentative(4)

Description ofbusiness(5)

Amount of capital

GK DA Healthcare 11
1-1-7 Motoakasaka, Minato-ku, Tokyo
Representative member, General Incorporated Association DA Healthcare 11
Function Manager Terumitsu Nosaka
1. Trading, owning, leasing and management of real estate
2. Development, creation and sale of residential land, commercial sites andindustrial sites, etc.
3. Acquisition, owning, disposition and trading of real estate trust beneficiaryinterests
4. All operations incidental or relating to the preceding items
JPY 200,000

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(6)Sales amount(7)

Date ofincorporation(8)

Net assets

(9)
(10)
(11)

The sales amount is not disclosed as consent for disclosure has not been obtained
from the seller.
November 1, 2021

The amount of net assets is not disclosed as consent for disclosure has not beenobtained from the seller.
The amount of total assets is not disclosed as consent for disclosure has not been
Total assets
obtained from the seller.
Major
Major shareholders are not disclosed as consent for disclosure has not beenshareholders
obtained from the seller.
Relationship between the seller and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between the Investment
Corporation and the seller.
However, Daiwa Securities Realty, the sister company of the Asset Manager, has
Capitalconducted investment equal to the entire equity of silent partnership interest of therelationshipseller as its sole silent partner. In addition, the seller falls under the category ofinterested persons or other close affiliate of the Asset Manager as stipulated in the
Act on Investment Trusts and Investment Corporations.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is no
Personnel
personnel relationship required to be disclosed between the affiliated parties andrelationshipthe affiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
There is no business relationship required to be disclosed between the Investment
Corporation/Asset Manager and the seller. In addition, there is no businessBusinessrelationship required to be disclosed between the affiliated parties and therelationshipaffiliated companies of the Investment Corporation/Asset Manager and theaffiliated parties and the affiliated companies of the seller.
Status of
The seller is a subsidiary of Daiwa Securities Group., the parent company of theclassification as
Asset Manager and falls under the classification of related party.
related party

V. Profile of the Property Seller
The sellers of the respective Assets to Be Acquired are special purpose companies in which Daiwa Securities Group, theparent company of the Asset Manager, or Daiwa Securities Realty, the sister company of the Asset Manager, have conductedinvestment equal to the entire equity of silent partnership interest, or companies wholly owned by Daiwa Securities Group andeach of them is a subsidiary of Daiwa Securities Group. Each of the sellers falls under the category of interested persons orother close affiliate as stipulated in the Investment Trusts Act and under Interested Parties pursuant to the “Rules on
Prevention of Conflicts of Interest,” an internal rule of the Asset Manager. Thus, the Asset Manager proceeded withprocedures to reach a decision as stipulated in the Rules on Prevention of Conflicts of Interest in making transactions with thesellers to acquire the respective Assets to Be Acquired, in addition to ensuring that the scheduled acquisition price was equal
to or lower than the appraisal value.
The following table indicates (1) Company name, (2) Relationship with party having special relationship of interest, (3)History/reason, etc. for acquisition, (4) Acquisition price, (5) Date of acquisition and (6) Estimated warehousing fees to be
paid by the Investment Corporation to the previous owner (Note 1).
Property nameGran Casa Minami-Senju

Previous owner(1) GK Tokyo Residential 3
Company in which parent company of Asset(2)
Manager conducts silent partnership investment(3) Acquired for the purpose of investment management

Earlier previous
owner
Not a party having
special relationshipof interest(4) JPY 1,150 million(5) February 2022
(6) JPY 53million

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Gran Casa Hikifune(1) GK Tokyo Residential 6
Company in which sister company of Asset Manager(2)
conducts silent partnership investment(3) Acquired for the purpose of investment management

Not a party having
special relationshipof interest(4) JPY 2,669 million(5) September 2021
(6) JPY 107 million

Serenite Namba Plie

(1) GK Tokyo Residential 5
Company in which sister company of Asset Manager(2)
conducts silent partnership investment(3) Acquired for the purpose of investment management

Not a party having
special relationshipof interest(4) JPY 2,687 million(5) April 2022
(6) JPY 15million

Gran Casa Oji(1) GK Tokyo Residential 5
Company in which sister company of Asset Manager(2)
conducts silent partnership investment(3) Acquired for the purpose of investment management

Not a party having
special relationshipof interest(4) JPY 1,127 million(5) November 2021
(6) JPY 11 million

Gran Casa Ryogoku East

(1) GK Tokyo Residential 5
Company in which sister company of Asset Manager(2)
conducts silent partnership investment(3) Acquired for the purpose of investment management

Not a party having
special relationshipof interest(4) JPY 1,050 million(5) April 2022
(6) JPY 45 million(1) GK Tokyo Residential 8
Company in which sister company of Asset Manager
conducts silent partnership investment(3) Acquired for the purpose of investment management(2)

Gran Casa Tabata

Not a party having
special relationshipof interest(4) JPY 882 million(5) October 2021
(6) JPY 46 million

Sunny Life Shibaura(1) GK DA Healthcare 11
Company in which sister company of Asset Manager(2)
conducts silent partnership investment(3) Acquired for the purpose of investment management

Not a party having
special relationshipof interest(4) JPY 6,310 million(5) April 2022
(6) JPY 16million(Note 1) The warehousing fees indicated are expenses such as brokerage fees scheduled to be paid by the Investment Corporation to theprevious owner apart from the sale and purchase price in the acquisition of each property. Furthermore, as the warehousing fees will
be determined following a final agreement with the previous owner, the amounts are not determined at the present time.
Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(Note 2) Each of the Assets to Be Acquired will be acquired from a bridge fund aiming to own the properties temporarily with an aim totransfer them to the Investment Corporation utilizing the bridge scheme of the sponsor. Therefore, the holding period by the previous
owner may be short depending on the date of acquisition by the previous owner, which is the bridge fund, etc.

VI. Details of Operators of Healthcare Facilities
Sunny Life Shibaura(1)Company name(2)
Location
Title and name of(3)
representative(4)

Description ofbusiness

Kawashima Corporation
248-2 Higashiinohara, Kimitsu-shi, Chiba
President and CEO, Teruo Kawashima
1. Non-life insurance agency business
2. Operations related to solicitation of life insurance
3. Sales of food, alcoholic beverages, soft drinks and daily necessities
4. Secondhand goods trading
5. Worker dispatch business6. Brokerage, intermediation and sales of real estate transactions and lifetime
use rights of fee-based nursing homes
7. Leasing of automobiles, futons, videos and items necessary for ceremonial
occasions
8. Building maintenance business, building cleaning business
9. Civil engineering work, construction work, landscaping work and interiorwork
10. Reupholstery of tatami mats, shoji screens and fusuma sliding doors
11. Planning and designing events related to sales promotion such as various
events and campaigns
12. Lunch service
13. Parcel shipping, cleaning, and agency business for photo development andprinting
14. Operation and entrustment of operation of fee-based homes for the elderly
15. Provision of meals to residents and conducting physical healthexaminations for residents
16. In-home service businesses consisting of home-visit long-term care,home-visit bathing long-term care, home-visit nursing, home-visit
rehabilitation, guidance for management of in-home medical long-termcare, outpatient day long-term care, outpatient rehabilitation, short-term
admission for daily life long-term care, short-term admission forrecuperation, communal daily long-term care for a dementia patient andrental of specified equipment for preventive long-term care covered bypublic aid based on the Long-Term Care Insurance Act
17. Preventive long-term care home-visit care under the Long-Term Care
Insurance Act, preventive long-term care home-visit bathing care,preventive long-term care home visit nursing, preventive long-term carehome-visit rehabilitation, preventive long-term care home caremanagement guidance, preventive long-term care outpatient care,preventive long-term care outpatient rehabilitation, preventive long-termcare short-term admission daily life care, long-term care preventive shortterm inpatient medical care, preventive dementia-response communal
living care, preventive care welfare equipment rental service business18. In-home long-term care support and preventive long-term care support
based on the Long-Term Care Insurance Act
19. Rental and sale of welfare equipment
20. Sale of specified welfare equipment and other preventive long-term careservice based on the Long-Term Care Insurance Act
21. Fee-based home for the elderly consulting
22. Training and nurturing of home-visit care workers
23. Daily long-term care for those admitted to a specified facility, a specified
preventative long-term care facility, etc. based on the Long-Term Care
Insurance Act
24. Sales of medical equipment, health equipment and nursing care products
25. Planning, design, construction and supervision of construction work
26. Planning, design, construction and supervision of civil engineering works
27. money lending businessNote: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(5)
(6)
(7)
(8)
(9)
(10)
(11)

(Note)

28. Inn and restaurant business
29. Buying/selling, leasing, brokerage, and management of real estate
30. Patient transport service
31. Management of funeral business
32. Management of general freight truck transportation business (hearth)
33. Outpatient nursing care for dementia under the Long-Term Care InsuranceAct
34. Outpatient nursing care for preventive dementia according to the Longterm Care Insurance Act
35. First case visit business based on the Long-Term Care Insurance Act
36. First case outpatient business based on the Long-Term Care Insurance Act
37. Elderly housing business with services
38. All operations incidental to the preceding articles
JPY 50 million
Not disclosed as consent for disclosure has not been obtained.
September 17, 1990

Amount of capital
Sales amount
Date of incorporation
Attribute (listed
Unlisted
market)Number of facilities
149 facilities
operated (Note)
Number of resident
13,346 rooms
rooms operated (Note)
Relationship between the operator and the Investment Corporation/Asset Manager
There is no capital relationship required to be disclosed between theInvestment Corporation/Asset Manager and the seller. In addition, there is
Capital relationshipno capital relationship required to be disclosed between the affiliated parties
and the affiliated companies of the Investment Corporation/Asset Manager
and the affiliated parties and the affiliated companies of the operator.
There is no personnel relationship required to be disclosed between theInvestment Corporation/Asset Manager and the operator. In addition, there
is no personnel relationship required to be disclosed between the affiliated
Personnel relationshipparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator.
The operator is a lessee and operator of the Investment Corporation’s assets
under management. There is no business relationship required to bedisclosed between the Asset Manager and the operator. In addition, there isBusiness relationshipno business relationship required to be disclosed between the affiliatedparties and the affiliated companies of the Investment Corporation/AssetManager and the affiliated parties and the affiliated companies of theoperator
The operator does not fall under the classification of related party of the
Status of classification Investment Corporation/Asset Manager. In addition, the affiliated parties
as related party
and the affiliated companies of the operator do not fall under theclassification of related party of the Investment Corporation/Asset Manager.

“Number of facilities operated and number of resident rooms operated” indicate number of facilities and resident rooms of fee-based
homes for the elderly, group homes and elderly housing with supportive services, whose information was obtained from theoperator’s website and by interviewing the operator (as of July 31, 2022).

VII. Funds for Acquisition
Funds are scheduled to be allotted from the proceeds from the issuance of new investment units by way of public offering
indicated in “Notice Concerning Issuance of New Investment Units and Secondary Offering” separately announced today andborrowing to be determined in the future (Note).
(Note) Details will be announced as soon as decided.
VIII. Acquisition Schedule・ Decision on acquisition and conclusion of purchase agreement: September 9, 2022
・ Payment and delivery: October 4, 2022
Ⅸ. Payment Method, Etc.
Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Lump-sum payment at the time of transaction.
Ⅹ. Future Prospects
Please refer to “Notice Concerning Revision of Forecasts of Operating Results and Distribution for the Fiscal Period Ending
March 2023 (34th Fiscal Period) and Forecasts of Operating Results and Distribution for the Fiscal Period Ending September
2023 (35th Fiscal Period)” separately announced today for the impact of the acquisition on the prospects for the operating results
and distributions.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Ⅺ. Summary of Appraisal Report
Property nameAppraisal value
Appraiser
Date of appraisal

Gran Casa Minami-Senju
JPY 1,260,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2022

Item

Details(JPY
thousand)

1,260,000(JPY
thousand)

1,290,000(JPY
thousand)

65,940Rental revenue includingcommon service fees

(JPY
thousand)

62,446

Parking fees

(JPY
thousand)

3,600

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(a)

Other revenue(b)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

2,847
2,953
0
14,644

Operation costs(JPY
thousand)

2,952

Utilities(JPY
thousand)

514

Repairs and maintenanceexpense(JPY
thousand)

1,365

Property management fees

(JPY
thousand)947

Tenant promotion fees, etc.

(JPY
thousand)

1,979

Taxes and public dues

(JPY
thousand)

3,588

Nonlife insurance(JPY
thousand)131

Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method
Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield－
Rental revenue: Revenue that can be earned on an ordinary basis byleasing or contracting the operation of all or part of the subject property(assuming full occupancy)
Common service fee revenue: Among the expenses required on arecurring basis for the maintenance, management and operation of thesubject property, revenue collected through contracts with lessees
related to common areas (assuming full occupancy)
Income generated by leasing the parking lot attached to the subject
property to tenants, etc. and income generated by renting the parking lot
by the hour (assuming the lot is full)
Non-refundable lump-sum payments such as key money and renewal
fees, and bicycle parking fees
Decrease in each income based on the projected occurrence of vacancy
and replacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－
Expenses required on a recurring basis for the maintenance andmanagement of the subject property, including building and facility
management, security, cleaning, etc.
Expenses required for electricity, water, gas, district heating and coolingheat source, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities, etc.
related to the subject property, the cost required for ordinary maintenanceand management of the said buildings, facilities, etc. or to restore thepartially damaged buildings, facilities, etc. to their original state.
Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. whenrecruiting new tenants, as well as expenses required for the renewal oftenant lease contracts and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (landand buildings)
Charges for fire insurance for the subject property and attached facilities,
liability insurance to cover damage to third parties, etc. due to defects or
accidents in the management of the subject property, etc.
Other expenses such as Internet usage fees and neighborhood
membership fee

JPY
thousand(JPY
thousand)(JPY
thousand)

51,29548

Investment income is recorded assuming an investment yield of 1.0%.

(5) Capital Expenditure(JPY
thousand)860(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)Expenses for repair or improvement of buildings, facilities, etc. related tothe subject property that are recognized to increase the value of the saidbuildings, facilities, etc. or increase their durability

50,484－

Other expenses(3) Net Operating Income (NOI): (1) –(2)(4) Lump-Sum Investment Return(7) Capitalization Rate

(%)

3,165

3.9

－

Assessed by comprehensively considering the subject property's
location, building conditions, and contract conditions.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Value indicated by DCF method(JPY
thousand)

1,250,000

Discount rate

(%)

4.0

Terminal capitalization rate

(%)

4.1

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser

－

68.6
31.4

－
－

None

Gran Casa Hikifune
JPY 2,900,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2022

Item

Details(JPY
thousand)

2,900,000(JPY
thousand)

2,980,000(JPY
thousand)

133,936

Rental revenue includingcommon service fees

(JPY
thousand)

132,201

Parking fees

(JPY
thousand)

1,428

Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)(a)

Other revenue(b)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses

Assessed by comparing with transaction examples of similar properties
and by adding the individual characteristics of the property to the yieldof the financial assets.
Assessed by taking into account the nature of the net income employed
for the capitalization yield, future uncertainty, liquidity, marketability,etc.

1,400,000

Name of property
Appraisal value
Appraiser
Date of appraisal
Value indicated by income approach－(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

4,416
4,108
0
24,124

Operation costs(JPY
thousand)

4,992

Utilities(JPY
thousand)

1,571

Repairs and maintenanceexpense(JPY
thousand)

2,664

Property management fees

(JPY
thousand)

1,949

Tenant promotion fees, etc.

(JPY
thousand)

3,905

Taxes and public dues

(JPY
thousand)

7,455

Nonlife insurance(JPY
thousand)

389

Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method
Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield－
Taking into consideration the medium- to long-term competitiveness ofthe target real estate, the estimated standardized assumed rental
revenue and common service fees of the target real estate are recorded.
Taking into consideration the medium- to long-term competitiveness ofthe target real estate, the estimated standardized parking fees of thetarget real estate are recorded.
Key money income, renewal fee income, bicycle parking lot income,etc. are recorded.
Taking into consideration the competitiveness of the target real estate,losses from vacancies are recorded.
Not posted because bad debt losses are deemed to be secured by key
money, etc.
－
Based on the contract amount for building management services, thelevel of maintenance and management costs for similar real estate wasverified and recorded.
Appraised and recorded based on the level of utility bills of similar realestate and the actual amount in the past years.
Regarding repair costs, the annual average amount of long-term repair
costs for ER was determined to be reasonable and recorded. Tenant
replacement costs were assessed and recorded taking into consideration
the replacement rate and vacancy rate.
Based on the content of the management service contract, we verified
the PM fee level of similar real estate and recorded it.
Posted secretarial costs associated with solicitation for new tenants forrental units and parking space by assessing the portion to which theassumed tenant change rate would apply, taking into account the levelof secretarial costs associated with solicitation for new tenants of similar
properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term
perspective.
The actual amount was recorded after verifying the level of non-life
insurance premiums for similar real estate.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

JPY
thousand

1,196(3) Net Operating Income (NOI): (1) –
(2)

(JPY
thousand)

Other spot management expenses and miscellaneous expenses wereassessed and recorded based on the contract amount and past
performance.

109,812－(4) Lump-Sum Investment Return(JPY
thousand)99

Other expenses(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)(JPY
thousand)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

2,611
107,300
3.6
2,860,000

Discount rate

(%)

3.4

Terminal capitalization rate

(%)

3.8

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser

－

70.3
29.7

－
－

None

Serenite Namba Plie
JPY 2,790,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2022

Item

Details(JPY
thousand)

2,790,000(JPY
thousand)

2,850,000(JPY
thousand)

145,938

Rental revenue includingcommon service fees

(JPY
thousand)

144,569

Parking fees

(JPY
thousand)

4,116

Other revenue(JPY
thousand)

1,590

Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)

(a)

(b)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses
Operation costs－
Assessment based on comparison with the capitalization rate fortransactions of similar properties, etc.
The income value was assessed by the DCF method by summing thepresent value of the cash flow and the return value within the holding
period.
Assessed the discount rate, taking into account discount rates used intransactions of similar properties, comparison with yields from otherfinancial instruments and so forth.
Assessed terminal capitalization rate, taking into account factors suchas the marketability of the property at the maturity of the holding
period in relation to capitalization rate.

2,980,000

Name of property
Appraisal value
Appraiser
Date of appraisal
Value indicated by income approach

The investment yield of the lump-sum payment was assessed and theamount obtained by multiplying the amount of the assumed security
deposit, etc., was recorded.
The amount of capital expenditure assessed from a medium- to longterm perspective includes the CM fee.

(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)

4,337
0Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method
Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield－
Rental revenue: Revenue that can be earned on an ordinary basis byleasing or contracting the operation of all or part of the subject property(assuming full occupancy)
Common service fee revenue: Among the expenses required on arecurring basis for the maintenance, management, and operation of thesubject property, revenue collected through contracts with lessees
related to common areas (assuming full occupancy)
Income generated by leasing the parking lot attached to the subject
property to tenants, etc. and income generated by renting the parking
lot by the hour (assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as
bicycle parking lot registration fees and non-refundable lump-sum
payments such as key money and renewal fees
Decrease in each income based on the projected occurrence of vacancy
and replacement period, etc.
Decrease in each income based on the projected occurrence of bad debt

30,176－

3,651

Expenses required on a recurring basis for the maintenance andmanagement of the subject property, including building and facility
management, security, cleaning, etc.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Utilities(JPY
thousand)

1,405

Repairs and maintenanceexpense(JPY
thousand)

4,242

Property management fees

(JPY
thousand)

3,325

Tenant promotion fees, etc.

(JPY
thousand)

3,094

Taxes and public dues

(JPY
thousand)

11,006

Nonlife insurance(JPY
thousand)385

Expenses required for electricity, water, gas, district heating and coolingheat source, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities,
etc. related to the subject property, the cost required for ordinary
maintenance and management of the said buildings, facilities, etc. or to
restore the partially damaged buildings, facilities, etc. to their originalstate.
Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. whenrecruiting new tenants, as well as expenses required for the renewal oftenant lease contracts and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (landand buildings)
Charges for fire insurance for the subject property and attached facilities,
liability insurance to cover damage to third parties, etc. due to defects or
accidents in the management of the subject property, etc.

JPY
thousand(JPY
thousand)(JPY
thousand)

115,761
106

Investment income is recorded assuming an investment yield of 1.0%.

(5) Capital Expenditure(JPY
thousand)

1,935(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)Expenses for repair or improvement of buildings, facilities, etc. related
to the subject property that are recognized to increase the value of thesaid buildings, facilities, etc. or increase their durability

113,933－

Other expenses(3) Net Operating Income (NOI): (1) –(2)(4) Lump-Sum Investment Return(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

3,064

4.0
2,770,000

Discount rate

(%)

4.1

Terminal capitalization rate

(%)

4.2

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser

Rental revenue includingcommon service fees(a)Parking fees
Other revenue－
Assessed by comparing with transaction examples of similar properties
and by adding the individual characteristics of the property to the yieldof the financial assets.
Assessed by taking into account the nature of the net income employed
for the capitalization yield, future uncertainty, liquidity, marketability,
etc.
－

60.5
39.5

－
－

Gran Casa Oji
JPY 1,210,000,000
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
August 1, 2022
Details(1) Total Operating Income: (a) – (b)Assessed by comprehensively considering the subject property's
location, building conditions, and contract conditions.

None

Item

Value indicated by the direct capitalization
method－3,370,000

Name of property
Appraisal value
Appraiser
Date of appraisal
Value indicated by income approach

Other expenses such as Internet usage fees

Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method
Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield(JPY
thousand)

1,210,000(JPY
thousand)

1,240,000(JPY
thousand)

57,302－(JPY
thousand)

57,244

Taking into consideration the medium- to long-term competitiveness ofthe target real estate, the estimated standardized assumed rental
revenue and common service fees of the target real estate are recorded.

(JPY
thousand)(JPY
thousand)

117
1,657

Motorbike and bicycle parking lot income was recorded.
Key money income, renewal fee income, bicycle parking lot income,etc. are recorded.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(b)Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,717
012,097

Operation costs(JPY
thousand)

2,904

Utilities(JPY
thousand)

815

Repairs and maintenanceexpense(JPY
thousand)

1,403

Property management fees

(JPY
thousand)

834

Tenant promotion fees, etc.

(JPY
thousand)

1,765

Taxes and public dues

(JPY
thousand)

3,391

Nonlife insurance(JPY
thousand)231

Other expenses

JPY
thousand750(3) Net Operating Income (NOI): (1) –
(2)

(JPY
thousand)

45,205(4) Lump-Sum Investment Return(JPY
thousand)42(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)(JPY
thousand)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

558
44,6903.6
1,190,000

Discount rate

(%)

3.4

Terminal capitalization rate

(%)

3.8

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser－
Based on the contract amount for building management services, thelevel of maintenance and management costs for similar real estate wasverified and recorded.
Appraised and recorded based on the level of utility bills of similar realestate and the actual amount in the past years.
Regarding repair costs, the annual average amount of long-term repair
costs for ER was determined to be reasonable and recorded. Tenant
replacement costs were assessed and recorded taking into consideration
the replacement rate and vacancy rate.
Based on the content of the management service contract, we verified
the PM fee level of similar real estate and recorded it.
Posted secretarial costs associated with solicitation for new tenants forrental units and parking space by assessing the portion to which theassumed tenant change rate would apply, taking into account the levelof secretarial costs associated with solicitation for new tenants of similar
properties.
Land: Recorded after appraisal with reference to the actual amount.
Property: Posted after appraisal from a medium- to long-term
perspective.
The actual amount was recorded after verifying the level of non-life
insurance premiums for similar real estate.
Other spot management expenses and miscellaneous expenses wereassessed and recorded based on the contract amount and past
performance.
－
The investment yield of the lump-sum payment was assessed and theamount obtained by multiplying the amount of the assumed security
deposit, etc., was recorded.
The amount of capital expenditure assessed from a medium- to longterm perspective includes the CM fee.
－
Assessment based on comparison with the capitalization rate fortransactions of similar properties, etc.
The income value was assessed by the DCF method by summing thepresent value of the cash flow and the return value within the holding
period.
Assessed the discount rate, taking into account discount rates used intransactions of similar properties, comparison with yields from otherfinancial instruments and so forth.
Assessed terminal capitalization rate, taking into account factors suchas the marketability of the property at the maturity of the holding
period in relation to capitalization rate.

1,160,000

－

63.6
36.4

－
－

None

Name of property
Appraisal value
Appraiser
Date of appraisal

Gran Casa Ryogoku East
JPY 1,160,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2022

Item
Value indicated by income approach

Taking into consideration the competitiveness of the target real estate,losses from vacancies are recorded.
Not posted because bad debt losses are deemed to be secured by key
money, etc.

Details(JPY
thousand)

1,160,000

Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Value indicated by the direct capitalization
method(JPY
thousand)

1,190,000(JPY
thousand)

55,407

Rental revenue includingcommon service fees

(JPY
thousand)

55,102

Parking fees

(JPY
thousand)

144

Other revenue(JPY
thousand)

1,864(1) Total Operating Income: (a) – (b)

(a)

(b)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses(JPY
thousand)(JPY
thousand)(JPY
thousand)

1,703
010,560Operation costs(JPY
thousand)

2,832

Utilities(JPY
thousand)

398

Repairs and maintenanceexpense(JPY
thousand)

1,088

Property management fees

(JPY
thousand)803

Tenant promotion fees, etc.

(JPY
thousand)

1,723

Taxes and public dues

(JPY
thousand)

2,670

Nonlife insurance(JPY
thousand)102

Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield－
Rental revenue: Revenue that can be earned on an ordinary basis byleasing or contracting the operation of all or part of the subject property(assuming full occupancy)
Common service fee revenue: Among the expenses required on arecurring basis for the maintenance, management and operation of thesubject property, revenue collected through contracts with lessees
related to common areas (assuming full occupancy)
Income generated by leasing the parking lot attached to the subject
property to tenants, etc. and income generated by renting the parking
lot by the hour (assuming the lot is full)
Other revenue such as signage fees, facility installation fees such as
bicycle parking lot registration fees, and non-refundable lump-sum
payments such as key money and renewal fees
Decrease in each income based on the projected occurrence of vacancy
and replacement period, etc.
Decrease in each income based on the projected occurrence of bad debt－
Expenses required on a recurring basis for the maintenance andmanagement of the subject property, including building and facility
management, security, cleaning, etc.
Expenses required for electricity, water, gas, district heating and coolingheat source, etc. in the operation of the subject property
Of the amount paid for repair or improvement of buildings, facilities,
etc. related to the subject property, the cost required for ordinary
maintenance and management of the said buildings, facilities, etc. or to
restore the partially damaged buildings, facilities, etc. to their originalstate.
Expenses for the management of the subject property
Expenses required for intermediary services and advertising, etc. whenrecruiting new tenants, as well as expenses required for the renewal oftenant lease contracts and re-signing of lease contracts.
Property tax (land, buildings, depreciable assets), city planning tax (landand buildings)
Charges for fire insurance for the subject property and attached facilities,
liability insurance to cover damage to third parties, etc. due to defects or
accidents in the management of the subject property, etc.

JPY
thousand(JPY
thousand)(JPY
thousand)

44,84740

Investment income is recorded assuming an investment yield of 1.0%.

(5) Capital Expenditure(JPY
thousand)825(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)Expenses for repair or improvement of buildings, facilities, etc. related
to the subject property that are recognized to increase the value of thesaid buildings, facilities, etc. or increase their durability

44,063－

Other expenses(3) Net Operating Income (NOI): (1) –(2)(4) Lump-Sum Investment Return(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)941

3.7
1,150,000

Discount rate

(%)

3.8

Terminal capitalization rate

(%)

3.9

Other expenses such as Resident association fees－

Assessed by comprehensively considering the subject property's
location, building conditions and contract conditions.
－
Assessed by comparing with transaction examples of similar properties
and by adding the individual characteristics of the property to the yieldof the financial assets.
Assessed by taking into account the nature of the net income employed
for the capitalization yield, future uncertainty, liquidity, marketability,
etc.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser

1,150,000

－

68.7
31.3

－
－

None

Name of property
Appraisal value
Appraiser
Date of appraisal
Item
Value indicated by income approach
Value indicated by the direct capitalization
method(1) Total Operating Income: (a) – (b)Rental revenue includingcommon service fees(a)Parking fees
Other revenue(b)

Losses from vacancies
Bad debt losses(2) Total Operating Expenses
Operation costs
Utilities
Repairs and maintenanceexpenseProperty management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) –(2)(4) Lump-Sum Investment Return

Gran Casa Tabata
JPY 917,000,000
Japan Real Estate Institute
August 1, 2022
(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)
JPY
thousand(JPY
thousand)(JPY
thousand)

Details
917,000
928,000
41,69440,787
805
1,921
1,819
0

Outline, etc.
Estimated by associating the profit price by the direct capitalization
method with the profit price by the DCF method
Assessed by capitalizing medium-to long-term stable net income at thecapitalization rate－
Assessed based on appropriate rent level recognized as stable formedium-to long-term
Assessment based on the level of appropriate royalties considered to bestable over the medium to long term
Revenues from key money and renewal fees are posted.
Assessed on the assumption that the occupancy rate will be stable inthe medium to long term
It is deemed unnecessary to record the amount considering the status of
the lessee, etc.

9,652

－

3,000

Assessment based on the maintenance and management expenses andthe expense level of similar properties in accordance with the terms andconditions of the agreement

307
465
717
1,682
2,517
161
803
32,042

Assessment based on actual value of similar properties
Assessment taking into account the cost level of similar properties andthe average annual repair and renewal costs in the Engineering Report
Assessment based on the remuneration rate based on the contract terms
and the remuneration rate for similar properties
Assessment based on contract conditions, lease conditions of similar
properties, etc.
Land: Assessed based on the standard taxable amount for 2022
Property: Assessed based on the standard taxable amount for 2022
Depreciable assets: Assessed based on the standard taxable amount for
2022
Assessment based on insurance contracts and insurance premium rates
for similar properties
Record Internet usage fees as other expenses－

9

Investment income is recorded assuming an investment yield of 1.0%.

(5) Capital Expenditure(JPY
thousand)487(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)Expenses for repair or improvement of buildings, facilities, etc. related
to the subject property that are recognized to increase the value of thesaid buildings, facilities, etc. or increase their durability

31,564－(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)

3.4
905,000

Assessed by comprehensively considering the subject property's
location, building conditions and contract conditions.
－

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Discount rate

(%)

3.2

Terminal capitalization rate

(%)

3.5

Value indicated by cost approach
Land ratio
Property ratio(JPY
thousand)(%)(%)

Other items of note by appraiser

Assessed by comparing with transaction examples of similar properties
and by adding the individual characteristics of the property to the yieldof the financial assets.
Assessed by taking into account the nature of the net income employed
for the capitalization yield, future uncertainty, liquidity, marketability,etc.

848,000

－

69.8
30.2

－
－

None

Property nameAppraisal value
Appraiser
Date of appraisal

Sunny Life Shibaura
JPY 6,450,000,000
Tanizawa Sogo Appraisal Co., Ltd.
August 1, 2022

Item

Details

Value indicated by income approach
Value indicated by the direct capitalization
method(1) Operating Income
Gross potential income
Losses from vacancies(2) Operating Expenses
Operation costs
Utilities
Repairs and maintenanceexpenseProperty management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses(3) Net Operating Income (NOI): (1) –(2)(4) Lump-Sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF): (3) + (4) – (5)(JPY
thousand)

6,450,000(JPY
thousand)

6,550,000(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)
JPY
thousand(JPY
thousand)(JPY
thousand)(JPY
thousand)(JPY
thousand)(7) Capitalization Rate(%)

Value indicated by DCF method(JPY
thousand)Discount rate(%)

Outline, etc.
Assessed by using the standardized net income value using the DCF
method and by conducting verification from the net income value using
the direct capitalization method
Assessed by capitalizing the standardized net income, which isrecognized to be stable over the medium to long term, with thecapitalization yield

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed(Note)

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
251,133－

1,368

Investment income is recorded assuming an investment yield of 1.0%.

3,420

Assessed by allocating the figures based on ER and similar cases to“Repairs and maintenance expense 3: Capital Expenditures 7.”

249,081－3.8
6,400,000
3.9

Assessed by comprehensively considering the subject property's
location, building conditions, and contract conditions.
－
Assessed by comparing with transaction examples of similar properties
and by adding the individual characteristics of the property to the yieldof the financial assets.

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

Terminal capitalization rate
Value indicated by cost approach
Land ratio
Property ratio

(%)
(JPY
thousand)
(%)
(%)

4.0

Assessed by taking into account the nature of the net income employed
for the capitalization yield, future uncertainty, liquidity, marketability,etc.

6,080,000

－

71.0
29.0

－
－

Other items of note by appraiser
None(Note) The figures are not disclosed as the Asset Manager judged that the disclosure of these might negatively impact the competitiveness of theInvestment Corporation and harm unitholder interest as the appraisal uses figures based on actual results as reference.

End
URL: https://www.daiwa-securities-living.co.jp/en/

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(Reference Material) Exterior and Map of the Assets to Be Acquired
1. Gran Casa Minami-Senju

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

2. Gran Casa Hikifune

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

3. Serenite Namba Plie

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

4. Gran Casa Oji

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

5. Gran Casa Ryogoku East

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

6. Gran Casa Tabata

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

7. Sunny Life Shibaura

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.

(Additional Material) Overview of Portfolio After the Acquisition<Number of Properties, Etc.>

Total number ofproperties
Number of leasable
units
Total leasable area

(Note)

Other properties
scheduled to beacquired(c) (Note)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

240 properties

7 properties

1 property

248 properties

17,355 units

618 units

36 units

18,009 units

746,387.63 m

18,223.58 m

1,423.92 m

766,035.13 m2

22(a) + (b) + (c)2This refers to the Kuramae Project (tentative name) announced on August 23, 2021 (scheduled acquisition date: March 31, 2023).

<Asset Size, Etc.>

Total (anticipated)acquisition price(Note 1)
Appraisal value (Note 2)

Other properties
scheduled to beacquired(c)

Properties owned asof today(a)

Properties scheduled
to be acquired(b)

JPY 345.6 billion

JPY 16.0 billion

JPY 1.5 billion

JPY 363.2 billion

JPY 419.8 billion

JPY 16.6 billion

JPY 1.5 billion

JPY 438.0 billion(a) + (b) + (c)(Note 1) Total (anticipated) acquisition price is calculated based on the (anticipated) acquisition price.
(Note 2) Appraisal value is calculated based on the appraisal value as of February 1, 2022 for Gran Casa Kiyosumishirakawa and the appraisal value as ofthe end of March 2022 for the other properties among the properties owned as of today. Each appraisal value is calculated based on each appraisal
value as of August 1, 2022 for properties scheduled to be acquired and other properties scheduled to be acquired.

<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price)>
Other properties
Properties owned as
Properties scheduledscheduled to beof todayto be acquired
acquired
(a)
(b)
(c)
JPY 164.0 billion
Studio
JPY 8.5 billion
JPY 1.5 billion(47.5%)
JPY 79.6 billion
FamilyJPY 1.1 billion(23.1%)
JPY 101.9 billion
Healthcare
JPY 6.2 billion(29.5%)(a) + (b) + (c)JPY 174.1 billion(47.9%)
JPY 80.8 billion(22.3%)
JPY 108.2 billion(29.8%)

End

Note: This press release was prepared as a public announcement regarding the acquisition and leasing of assets by the Investment Corporation and was notprepared with the aim of soliciting investments. Investors should exercise their own judgment in making investment decisions upon reviewing theprospectus, including any amendments thereto, prepared by the Investment Corporation in relation to the issuance of any new investment units.