June 26, 2007
To All Concerned Parties
REIT Issuer:
re-plus residential investment inc.
Tornanomon Tower Office
1-28, Toranomon 4-choume
Minato-ku, Tokyo 105-0001
Takao Sakuma, Executive Director(Securities Code：8986)
Asset Management Company:
re-plus REIT management inc.
Ichiro Okamura: President and Chief Executive Officer
Inquiries: Masato Emura (Director)
Tel: +81-3-5425-5600

Notice Concerning the Acquisition of Properties
re-plus residential investment inc. (the “Investment Corporation”) announced its decision to acquire the following
properties (the “Properties”). Details are provided as follows.
1. Reason for the Acquisition
The purpose of the acquisition of the Properties is to stabilize portfolio revenues and increase the assets owned by theInvestment Corporation in the mid to long term, in accordance with the investment policies outlined in its Articles ofIncorporation.
2. Property details(1)

Property details
Rights regarding the property trust beneficiary interests

Property
Number

O-2-054
O-4-055
O-5-056
O-5-057
O-6-058
O-6-059
O-6-060
O-9-061F-3-034
F-4-035
F-4-036
F-5-037(Note 1)

(note 2)

Property Name

SellerViare Kamisugi 3-chome
Harmony Kamikitazawa (note 2)
Stagea Kachigawa
Stagea KoganeDream Neo Polis Tsurumi (note 2)
Premio Hyogo
St.Ammy Nishitemma
NKR Gofuku-cho
Ark Heim Niigata
Greenhills Roka
Lofty Hirai (note 2)Grand court Kurokawa (note 2)
Total

LLC R-Bridge
LLC re-plus residential warehouse No.5
LLC re-plus residential warehouse No.8
LLC re-plus residential warehouse No.8
Yugen Kaisha re-plus road No.3
LLC re-plus residential warehouse No.8
LLC re-plus residential warehouse No.8
LLC re-plus residential warehouse No.5
LLC re-plus residential warehouse No.5
LLC re-plus residential warehouse No.5
Yugen Kaisha re-plus road No.3
LLC re-plus residential warehouse No.5

AnticipatedAcquisition
Price（inthousandsyen）(Note 1)
506,000
400,000
503,000
600,000
180,000
2,280,000
493,000
231,000
1,060,000
662,000
324,000
677,000
7,916,000

The Acquisition Price does not include costs related to the acquisition, Property Tax, City Planning Tax, andConsumption Tax. Round off less than JPY 1,000. Total Acquisition Price represents the sum of the Acquisition Price ofeach property before rounding off and total number being rounded off less than JPY1,000.
The trust beneficiary interest on the 4 properties will be cancelled immediately after completion of acquisition dated June
28, 2007.

1

(2) Date of Signing of the Trust Beneficiay Interest Sale & Purchase Agreement
June 26, 2007
(3)

Scheduled Date of the Acquisition
June 28, 2007

(4)

Funds for the Acquisition
Funds from borrowings and cash on hand

(5)

Settlement Method
Full payment on the date of the Acquisition(6) Note
Transactions of the Properties listed above are defined as related party transaction under the internal rules andregulations of the Asset Management Company. Please refer to Section 6 for the details of transactions withrelated-parties.
(7)

Property Area and Property Category
Property
Number
O-2-054
O-4-055
O-5-056
O-5-057
O-6-058
O-6-059
O-6-060
O-9-061F-3-034
F-4-035
F-4-036
F-5-037(note1)

Property Name

Area (Note)

Property Category

Viare Kamisugi 3-chome
Harmony Kamikitazawa
Stagea Kachigawa
Stagea KoganeDream Neo Polis Tsurumi
Premio Hyogo
St.Ammy Nishitemma
NKR Gofuku-cho
Ark Heim Niigata
Greenhills Roka
Lofty Hirai
Grand court Kurokawa

Major Metropolitan Area
Central Tokyo
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Major Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Major Metropolitan Area

StudioStudioStudioStudioStudioStudioStudioStudioFamilyFamilyFamilyFamilyCentral Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku,
Shibuya-ku, Setagaya-ku and Meguro-ku. Tokyo Metropolitan Area represents the Kanto area excluding
the 7 central Tokyo wards. Major Metropolitan Area refers to Sapporo, Sendai, Chukyo, Keihanshin,
Hiroshima and Kita-Kyushu, Fukuoka area and other areas with population larger than 300,000.

3. Details of the Assets to be Acquired
The details of the above trust beneficiary interest along with the 12 properties are provided as follows. The figures
for the Tenant Details are as of May 31, 2007.

2

Property 1： Viare Kamisugi 3-chome
Ⅰ．Summary of Acquisitiona. Name of Property
b. Type of Assetc. Acquisition Price

Viare Kamisugi 3-chome
Trust beneficiay interest in realestate
JPY506,000 thounsand

Ⅱ．Property Profile
Trustee

Mitsubishi UFJ Trust and Banking Corporation
Trust Due Date
（Residential）3 chome 3-7 Kamisugi, Aoba-ku, Sendai, Miyagi（Registered）3 chome 2-5 Kamisugi, Aoba-ku, Sendai, Miyagi
Proprietary
Type of ownershipArea Classification
ownership

LocationLand
Land（note 1）
Type of ownership
Building

Building（note１）

Type of Structure

839.87 ㎡

FAR／Building Coverage Ratio

Proprietary
ownership
1,594.43 ㎡

June 30, 2017
Commercial zone、
Neighborhood commercial zone
Commercial zone：400%、
Neighborhood commercial
zone：300％／80%

Usage（note 1）

Residence

Completion date（note 1）

March 22, 2007

RC, 6-story building（note１）
Leasable Units in Unit Type46 units（1K：34 units、1DK：10 units、2DK：2 units）
Property Management Company
re-plus investments inc.
（note 6）Master Lease Company （note 9）
Yugen Kaisha re-plus residential No.2 Type of Master Lease
Pass Through◇Property Appraisal Summary (note 2)◇Tenants Details （note 5）
Appraiser
Real Estate Investment Advisors Co.,Ltd
Number of Tenants
１
Date of Appraisal
May 15, 2007
Leasable Area
1,511.65 ㎡
Appraisal Value（thousand）
506,000
Leased Area
553.48 ㎡
Value Calculated Using
Monthly Rent（thousand）
the Direct Capitalization Method
510,000
1,290（note 3）（thousand ）Lease Deposits andGross Operating Revenue（thousand ）41,647
2,312
Guarantee Deposits （thousand ）Gross Operating Expenses
Occupancy Ratio
11,52932.6%（thousand ）（unit base）（note 5）
Occupancy Ratio
Net Operating Income（thousand ）30,11836.6%（area base）（note 5 ）Capital Expenditure（thousand )1,570◇Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Net Cash Flow （thousand ）28,548Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
5.6％ Priority Repairs（thousand ）Value Indicated by DCF method
501,000
Near-Future Repairs（thousand ）（thousand ）Discount Rate
5.5％
Far-Future Repairs（thousand ）25,560Terminal Capitalization Rate
5.8％
Probable Maximum Loss
8.4％
Value Indicated by Cost Approach
512,000（thousand ）（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at thousand.
（note 3） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4） Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 year and“Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for Acquisition
Acquisition Price（thousand）
Timing of AcquisitionA
LLC R-Bridge
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL due to confidentiality obligations
under the agreement with the seller
May 30, 2007

B
Company A

C－

Other than specific related party

－

－

－

－

－

－

－

3

Property 2： Harmony Kamikitazawa
Ⅰ．Summary of Acquisitiona. Name of Property
Harmony Kamikitazawa
Trust Beneficiary Interest（to be cancelled immediately following completion ofacqsuition）
JPY400,000 thousandb. Type of Assetc. Acquisition Price
Ⅱ．Property Profile

Trust Due Date
（Residential）4-chome 28-6, Kamikitazawa, Setagaya-ku Tokyo（Registered）4-chome 1072-16, 1072-5, Kamikitazawa, Setagaya-ku Tokyo
proprietary
Type of ownershipArea Classification
ownership
Land（note 1）
350.14 ㎡
FAR／Building Coverage Ratio
proprietary
Type of ownership
Usage（note 1）
ownership
Building（note１）
662.15 ㎡
Completion date（note 1）

Trustee

LocationLand

Building

Type of Structure（note１）-class 1 residential zone
200%／70%
residence
February 18, 1993

RC, 4-story building

Leasable Units in Unit Type29 units（1K：29 units）
Property Management Company
mini-tech Co., Ltd（note 6）Master Lease Company （note 7）
Yugen Kaisha re-plus residential No.2
Property Appraisal Summary (note 2)
AppraiserLand Coordinating Research Inc.
Date of Appraisal
March 5, 2007
Appraisal Value（thousand）
400,000
Value Calculated Using
410,000
the Direct Capitalization Method（thousand ）Type of Master Lease
Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass Through１

539.65 ㎡
502.40 ㎡

Monthly Rent（thousand）（note 3）

1,967

Capital Expenditure（thousand )Lease Deposits andGuarantee Deposits （thousand ）Occupancy Ratio
3,134（unit base）（note 5）
Occupancy Ratio
21,426（area base）（note 5 ）2,150Engineering Report Summary（note 8）

Net Cash Flow （thousand ）19,275Engineering Report Company

Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）4.70％
400,000

Priority Repairs（thousand ）-Near-Future Repairs（thousand ）

-

4.60％
4.80％
328,000

Far-Future Repairs（thousand ）23,083

Probable Maximum Loss

8.2％

Gross Operating Revenue（thousand ）2,533

24,560Gross Operating Expenses（thousand ）Net Operating Income（thousand ）

93.1%
93.1%

TOKYO BISO KOGYOCORPORATION（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at thousand.
（note 3） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4） Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 year and“Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ． Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationship with specific related
party

Reason for AcquisitionA
LLC re-plus residential No.5
SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment and assets
management

Acquisition Price（thousand）

364,710

Timing of Acquisition

December 15, 2006

B
Yugen Kaisha re-plus residential
warehouse No.1
SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
March 10, 2006

4

C
Company B
Other than specific related party－－－Property 3： Stagea Katsukawa
Ⅰ．Summary of Acquisition
Stagea Katsukawa

a. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY503,000 thousand

Ⅱ．Property Profile

The Chuo Mitsui
Company, Limited

Trustee

Trust

and

Banking

Trust Due Date（residential）1-chome 2-1, Asahi-machi, Kasugai-shi, Aichi（registered）1-chome2-1, 2-2, Asahi-machi, Kasugai-shi, Aichi
proprietary
Type of ownershipArea Classification
ownership
Land（note 1）
402.08 ㎡
FAR／Building Coverage Ratio
proprietary
Type of ownership
Usage（note 1）
ownership
Building（note１）
1,601.41 ㎡Completion date（note 1）

LocationLand

Building

Type of Structure

June 30, 2017

commercial zone
400％／80％
residence
February 15, 2007

RC, 9-story building（note１）64units（1K：64 units）

Leasable Units in Unit Type
Property Management Company（note 6）Master Lease Company （note 7）
Property Appraisal Summary (note 2)

re-plus investments inc.
Yugen Kaisha re-plus residential No.2

Type of Master Lease
Tenants Details （note 3）
Morii Appraisal & Investment Consulting Inc. Number of Tenants
May 1, 2007
Leasable Area
503,000 Leased Area

Appraiser
Date of Appraisal
Appraisal Value（Thousand）
Value Calculated Using
the Direct Capitalization Method（thousand ）513,000

Gross Operating Revenue（thousand ）Gross Operating Expenses（thousand ）40,947
10,525Net Operating Income（thousand ）30,422

Capital Expenditure（thousand )1,207

Net Cash Flow （thousand ）29,215Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）5.7％

Pass Through１
1,548.80 ㎡
1,548.80 ㎡Monthly Rent（thousand）（note 3）

3,653

Lease Deposits andGuarantee Deposits （thousand ）Occupancy Ratio（unit base）（note 5）
100.0%
Occupancy Ratio（area base）（note 5 ）100.0%Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-493,000

Near-Future Repairs（thousand ）

5.4％
6.0％

Far-Future Repairs（thousand ）25,863

Probable Maximum Loss

13.6％

430,000-（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure”, SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4） Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ.

Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationship with specific related
party

Reason for Acquisition
Acquisition Price（thousand）
Timing of AcquisitionA
LLC
re-plusresidential
warehouse No.8
SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller
April 27, 2007

B
Company C
Other than specific related party

5

C
－
－

－

－

－

－

－

－

Property 4：Stagea Kogane
Ⅰ．Summary of Acquisition
Stagea Koganea. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY600,000 thousand

Ⅱ．Property Profile
The Chuo Mitsui Trust and Banking Company,
Trust Due Date
Limited（residential）5-chome 15 Koganedoori, Nakamura-ku, Nagoya-shi, Aichi（registered）5-chome 15, 16, 17, 18, Koganedoori, Nakamura-ku, Nagoya-shi, Aichi
proprietary
Type of ownershipArea Classification
ownership

Trustee

LocationLand
Land（note 1）

Building

FAR／Building Coverage Ratio（note 3）438.00 ㎡

Type of ownershipproprietary
ownership

Building（note１）

1,725.48 ㎡

Type of Structure

Usage（note 1）

June 30, 2017

commercial zone、
quasi industrial zone

commercial zone：400%／80%
quasi industrial zone：200%／60%residence

Completion date（note 1）

February 17, 2007

Type of Master Lease
Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass ThroughRC, 11-story building（note１）67 units（1K：67 units）

Leasable Units in Unit Type
Property Management Company
re-plus investment inc.
（note 6）Master Lease Company （note 7）
Yugen-Kaisha re-plus residential No.2
◇Property Appraisal Summary (note 2)
Appraiser
Real Estate Investment Advisors Co.,Ltd
Date of Appraisal
June 8, 2007
Appraisal Value（Thousand）
600,000
Value Calculated Using
the Direct Capitalization Method
610,000（thousand ）Gross Operating Revenue（thousand ）Gross Operating Expenses（thousand ）46,162
9,362

Net Operating Income（thousand ）36,800Capital Expenditure（thousand )2,025

Net Cash Flow （thousand ）

34,775Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）5.7％

１
1,617.04 ㎡
1,111.92 ㎡Monthly Rent（thousand）（note 3）2,502

Lease Deposits andGuarantee Deposits （thousand ）Occupancy Ratio
68.7%（unit base）（note 5）
Occupancy Ratio
68.8%（area base）（note 5 ）Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-589,000

Near-Future Repairs（thousand ）

5.5％
6.0％

Far-Future Repairs（thousand ）30,377

Probable Maximum Loss

13.8％

498,000-（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of theproperty.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers
are rounded off at thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition ofproperty and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in apercentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair
cost to occur within 1 year and “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal
place.

Ⅲ.

Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name

Acquisition Price(thousand）

A
LLC re-plus residential warehouse
No.8
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL due to confidentiality
obligations under the agreementwith the seller

Timing of Acquisition

April 27, 2007

Relationshiprelated party

withspecific

Reason for Acquisition

B
Company D
Other than specific related party
－

C
－
－
－

－
－
－

6

－

Property 5：Dream Neopolis Tsurumi
Ⅰ．Summary of Acquisitiona. Name of Property
b. Type of Assetc. Acquisition Price

Dream Neopolis Tsurumi
Trust Beneficiary Interest（to be cancelled immediately following completion of acqsuition）
JPY180,000 thousand

Ⅱ．Property Profile
Trustee

Trust Due Date（residential）1-chome 1-80, Moroguchi, Tsurumi-ku, Osaka-shi,Osaka（registered）1-chom 1100-3, Moroguchi, Tsurumi-ku, Osaka-shi,Osaka

Location

Type of ownershipproprietary
ownership

Area Classificationindustrial zone

Land（note 1）

294.19 ㎡

FAR／Building Coverage Ratio

200%／60%

Type of ownershipproprietary
ownership

Usage（note 1）

residence、retail617.64 ㎡

Completion date（note 1）

March 13, 2005

Land

Building-

Building（note１）

Type of Structure

RC, 4-story building（note１）
Leasable Units in Unit Type16 units(1LDK：14 units、1R：1units、Office：1)
Property Management Company
Re-plus inc.
（note 6）Master Lease Company （note 7）
Yugen-kaisha re-plus road No.6
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 2)◇Tenants Details （note 3）
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Number of Tenants
1
Date of Appraisal
May 1, 2007
Leasable Area
571.28
Appraisal Value（thousand）
180,000 Leased Area
534.71
Value Calculated Using
Monthly Rent（thousand）
the Direct Capitalization Method
183,000
1,099（note 3）（thousand ）Lease Deposits andGross Operating Revenue（thousand ）14,244
2,173
Guarantee Deposits （thousand ）Gross Operating Expenses
Occupancy Ratio
2,580
93.8%
（thousand ）（unit base）（note 5）
Occupancy Ratio
Net Operating Income（thousand ）11,663
93.6%（area base）（note 5 ）Capital Expenditure（thousand )842 ◇Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Net Cash Flow （thousand ）10,821 Engineering Report Company
Consulting Co,.Ltd
Overall Capitalization Rate
5.9％ Priority Repairs（thousand ）Value Indicated by DCF method
178,000 Near-Future Repairs（thousand ）（thousand ）Discount Rate
6.1％ Far-Future Repairs（thousand ）8,684
Terminal Capitalization Rate
6.2％
Probable Maximum Loss
14.8％
Value Indicated by Cost Approach
168,000（thousand ）（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2） Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at thousand.
（note 3） Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4） Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5） Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 year and“Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for Acquisition

A
Yugen-kaisha re-plus road No.3
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management

Acquisition Price(thousand）

180,499

Timing of Acquisition

November 1, 2006

B
Yugen-kaisha re-plus road No.6
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreementwith the seller
July 28, 2005

7

C
Company E
Other than specific related party－－－Property 6： Premio Hyogo
Ⅰ．Summary of Acquisitiona. Name of Property
b. Type of Assetc. Acquisition Price

Premio Hyogo
Trust Beneficiary Interest
JPY2,280,000 thousand

Ⅱ．Property Profile
Mitsubishi UFJ
Corporation

Trustee

Location

Trust

and

Banking

Trust Due Date

June 30, 2017

（residential）2-31 Hamazakitoori, Hyogo-ku, Kobe-shi, Hyogo（registered）2-1, 2-2, 2-3, 2-4, 2-16 Hamazakitoori, Hyogo-ku, Kobe-shi, Hyogo

Land

Building

Type of ownershipproprietary
ownership

Area Classification

Land（note 1）

1,505.03 ㎡

FAR／Building Coverage Ratio

Type of ownershipproprietary
ownership

Usage（note 1）

Building（note１）

6,779.61 ㎡Completion date（note 1）neighborhood commercial zone
400% ／
80%⇒90％(Cornner Area)
residence
February 28, 2007

Type of Structure

RC12-story building（note１）
Leasable Units in Unit Type199 units (1K：199 units)
Property Management Company
Re-plus investments inc.
（note 6）Master Lease Company （note 7）
Yugen-kaisha re-plus residential No.2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 2)◇Tenants Details （note 3）
Appraiser
Daiwa Real Estate Appraisal Co.,Ltd.
Number of Tenants
１
Date of Appraisal
May 23, 2007
Leasable Area
5,774.51
Appraisal Value（thousand）
2,280,000 Leased Area
4,612.79
Value Calculated Using
Monthly Rent（thousand）
the Direct Capitalization Method
2,310,000
11,973（note 3）（thousand ）Gross Operating Revenue
Lease Deposits and170,465（thousand ）Guarantee Deposits （thousand ）Gross Operating Expenses
Occupancy Ratio
30,511
79.9%（thousand ）（unit base）（note 5）
Occupancy Ratio
Net Operating Income（thousand ）139,953
79.9%（area base）（note 5 ）Capital Expenditure（thousand )5,762
Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Net Cash Flow （thousand ）134,191 Engineering Report Company
Consulting Co,.Ltd
Overall Capitalization Rate
5.8％ Priority Repairs（thousand ）Value Indicated by DCF method
2,260,000 Near-Future Repairs（thousand ）（thousand ）Discount Rate
5.7％ Far-Future Repairs（thousand ）85,733
Terminal Capitalization Rate
6.0％ Probable Maximum Loss
12.7％
Value Indicated by Cost Approach
1,850,000（thousand ）（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for Acquisition
Acquisition Price(thousand）

Timing of AcquisitionA
LLC re-plus residential warehouse
No.8
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreement withthe seller
May 30, 2007

B
Company F
Other than specific related party
－
－
－

8

C
－
－
－
－
－

Property 7：St.Ammy Nishitemma
Ⅰ．Summary of Acquisition
St.Ammy Nishitemmaa. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY493,000 thousand

Ⅱ．Property Profile
Mitsubishi UFJ
Corporation

Trustee

Trust

and

Banking

Trust Due Date（residential）3-chome 2-13 Nishi-temma, Kita-ku, Osaka-shi, Osaka（registered）3chome 10-7, 11, 12, Nishi-temma, Kita-ku, Osaka-shi, Osaka
proprietary
Type of ownershipArea Classification
ownership

LocationLand

Building

Land（note 1）

266.29 ㎡

FAR／Building Coverage Ratio

Type of ownershipproprietary
ownership

Usage（note 1）

1,163.88 ㎡

Completion date（note 1）

Building（note１）

Type of Structure

June 20, 2017

commercial zone
400%／80%

residence
March 6, 2007

RC, 11-story building（note１）
Leasable Units in Unit Type
31units（1K：31units）
Property Management Company
re-plus investments inc.
（note 6）Master Lease Company （note 7）
Yugen kaisha re-plus residential No.2
◇Property Appraisal Summary (note 2)
Appraiser
Tanizawa Sogo Appraisal Co., Ltd.
Date of Appraisal
May 1, 2007
Appraisal Value（thousand）
493,000
Value Calculated Using
503,000
the Direct Capitalization Method（thousand ）Gross Operating Revenue（thousand ）Gross Operating Expenses（thousand ）

34,8696,260

Net Operating Income（thousand ）28,608

Capital Expenditure（thousand )1,969

Net Cash Flow （thousand ）26,638Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）5.3％

Type of Master Lease◇Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass Through１
1,013.30
1,013.30

Monthly Rent（thousand）（note 3）2,957

Lease Deposits andGuarantee Deposits （thousand ）Occupancy Ratio（unit base）（note 5）
100.0%
Occupancy Ratio（area base）（note 5 ）100.0%◇Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-488,000

Near-Future Repairs（thousand ）

5.5％
5.6％

Far-Future Repairs（thousand ）16,426

Probable Maximum Loss

9.5％

418,000-（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ.

Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for Acquisition
Acquisition(thousand）

Price

Timing of AcquisitionA
LLC re-plus residneital warehouse
No.8
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreement withthe seller
May 30, 2007

B
Company G
Other than specific related party
－
－
－

9

C
－
－
－
－
－

Property 8：ＮＫＲ Gofuku-cho
Ⅰ．Summary of Acquisitiona. Name of Property
b. Type of Assetc. Acquisition Price

ＮＫＲGofuku-cho
Trust Beneficiary Interest
JPY 231,000 thousand

Ⅱ．Property Profile
Trustee

Mitsubishi UFJ Trust and Banking Corporation
Trust Due Date（residential）1-12 Naka-Gofuku-cho, Hakata-ku, Fukuoka-shi, Fukuoka（registered）66-2, Naka-Gofuku-cho, Hakata-ku, Fukuoka-shi, Fukuoka
proprietary
Type of ownershipArea Classification
ownership
Land（note 1）
204.12 ㎡
FAR／Building Coverage Ratio
proprietary
Type of ownership
Usage（note 1）
ownership
Building（note１）
714.21 ㎡
Completion date（note 1）

LocationLand

Building

Type of Structure

June 30, 2007

commercial zone
400％／80％
residence
February 20, 2006

RC 8-story building（note１）
Leasable Units in Unit Type
26 units（1K：24units、1DK：1units、1LDK：1units）
Property Management Company
miyoshi Real Estate co., Ltd.
（note 6）Master Lease Company （note 7）
Yugen Kaisha re-plus residential No.2
Type of Master Lease
Pass Through◇Property Appraisal Summary (note 2)◇Tenants Details （note 3）
Appraiser
Morii Appraisal & Investment Consulting Inc. Number of Tenants
１
Date of Appraisal
May 1, 2007
Leasable Area
666.37
Appraisal Value（thousand）
231,000 Leased Area
592.66
Value Calculated Using
Monthly Rent（thousand）
the Direct Capitalization Method
232,000
1,390（note 3）（thousand ）Lease Deposits andGross Operating Revenue（thousand ）18,742
Guarantee Deposits （thousand ）Gross Operating Expenses
Occupancy Ratio
5,290
88.5%
（thousand ）（unit base）（note 5）
Occupancy Ratio
Net Operating Income（thousand ）13,45288.9%（area base）（note 5 ）Capital Expenditure（thousand )672 ◇Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Net Cash Flow （thousand ）12,780 Engineering Report Company
Consulting Co,.Ltd
Overall Capitalization Rate
5.5％ Priority Repairs（thousand ）Value Indicated by DCF method
229,000 Near-Future Repairs（thousand ）（thousand ）Discount Rate
5.2％ Far-Future Repairs（thousand ）14,399Terminal Capitalization Rate
5.7％
Probable Maximum Loss
3.4％
Value Indicated by Cost Approach
252,200（thousand ）（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ．Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for Acquisition
Acquisition(thousand）
Timing of Acquisition

Price

A
LLC re-plus residential warehouse
No.5
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
228,751
December 15, 2006

B
LLC re-plus residential warehouse
No.1
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreement withthe seller
April 28, 2006

10

C
Company H
Other than specific related party－－－Property 9：Ark Heim Niigata
Ⅰ．Summary of Acquisition
Ark Heim Niigata
Trust Beneficiary Interest
JPY 1,060,000 thousanda. Name of Property
b. Type of Assetc. Acquisition Price
Ⅱ．Property Profile
Trustee

Mitsubishi UFJ Trust and Banking Corporation
Trust Due Date
June 30, 2017
（residential）3-13 Sasaguchi, Chuo-ku Niigata-shi, Niigata（registered）220-1、220-2、220-3、221-1、249-1、249-2、414、445 Sasaguchi, Chuo-ku Niigata-shi, Niigata
proprietary
Neighbourhood commercial
Type of ownershipArea Classification
ownershipzone
Land（note 1）
2,757.50 ㎡
FAR／Building Coverage Ratio
300%／80%

LocationLand

Building

proprietary
ownership

Usage（note 1）

7,955.53 ㎡Completion date（note 1）

Type of ownership
Building（note１）

Type of Structure

residence、retail、 officeNovember28, 1989

SRC・RC 10-story building（note１）115 units（2DK：45 units、3LDK：52 units、4DK：9 units、1SDK+Outside Balcony：4 units、Office：4、Retail ：1）

Leasable Units in Unit Type
Property Management Company（note 6）Master Lease Company （note 7）
Property Appraisal Summary (note 2)

Appraiser
Date of Appraisal
Appraisal Value（thousand）
Value Calculated Using
the Direct Capitalization Method（thousand ）Re-plus investments inc.
Yugen-kaisha re-plus residential No.2
Real Estate Investment Advisors Co.,Ltd
May 16, 2007
1,060,000

Gross Operating Revenue（thousand ）Gross Operating Expenses（thousand ）1,070,000
113,465
41,717

Net Operating Income（thousand ）71,748

Capital Expenditure（thousand )5,404

Net Cash Flow （thousand ）66,344Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）6.2％

Type of Master Lease
Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass Through１
6,935.69
5,389.08

Monthly Rent（thousand）（note 3）8,324

Lease Deposits and17,728
Guarantee Deposits （thousand ）Occupancy Ratio
78.4%（unit base）（note 5）
Occupancy Ratio
77.7%（area base）（note 5 ）Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-1,050,000

Near-Future Repairs（thousand ）

6.0％
6.5％

Far-Future Repairs（thousand ）Probable Maximum Loss

83,6288.2％

1,140,000（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ.

Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationshiprelated party

withspecific

Reason for AcquisitionA
LLC re-plus residential warehouse
No.5
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management

Acquisition Price(thousand）

956,174

Timing of Acquisition

December 15, 2006

B
Yugen-kaisha re-plus residential
warehouse No.1
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreement withthe seller
July 25, 2006

11

C
Company H
Other than specific related party－－－Property 10：Greenhills Roka
Ⅰ．Summary of Acquisition
Greenhills Rokaa. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY 662,000 thousand

Ⅱ．Property Profile
Trustee

LocationLand

Building

The Chuo Mitsui Trust and Banking
Trust Due Date
Company, Limited（residential）3-chome 21-15, Minami-karasuyama, Setagaya-ku, Tokyo（registered）844-2、850-3 Minami-karasuyama, Setagaya-ku, Tokyo
Type ofproprietary ownership Area Classification
ownershipLand
1,087.08 ㎡
FAR／Building Coverage Ratio（note 1）
Type ofproprietary ownership Usage（note 1）
ownership
Building
1,708.79 ㎡Completion date（note 1）（note１）

June 30, 2017Class 1 residential zone
160%／60%
residence・parking lot
Marh 11, 1988

Type of
StructureRC, 4-Story building（note１）21 units（3DK：18 units、2LDK：2 units、3LDK：1 unit）

Leasable Units in Unit Type
Property Management Company
House Mate Co., Ltd.
（note 6）Master Lease Company
Yugen kaisha re-plus residential No.2
（note 7）
◇Property Appraisal Summary (note 2)
Appraiser
Nippon Tochi-Tatemono Ltd.
Date of Appraisal
June 7, 2007
Appraisal Value（thousand）
662,000
Value Calculated Using
the Direct Capitalization Method
667,000（thousand ）Gross Operating Revenue
43,221（thousand ）Gross Operating Expenses
7,435（thousand ）Net Operating Income
35,786（thousand ）Capital Expenditure（thousand )1,747
Net Cash Flow （thousand ）34,039Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost
Approach（thousand ）5.1％
660,000
4.8％
5.4％735,000

Type of Master Lease◇Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass Through１
1,165.27
1,111.39

Monthly Rent（thousand）（note 3）

3,364

Lease Deposits and4,671
Guarantee Deposits （thousand ）Occupancy Ratio
95.2%（unit base）（note 5）
Occupancy Ratio
95.4%（area base）（note 5 ）◇Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk Consulting
Engineering Report Company
Co,.Ltd
Priority Repairs（thousand ）Near-Future Repairs（thousand ）Far-Future Repairs（thousand ）26,200
Probable Maximum Loss

10.4％

（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name

Relationship with specificrelated party
Reason for Acquisition
Acquisition Price(thousand）
Timing of AcquisitionA
LLC re-plus residential warehouse
No.5
SPC established by the parent
company of the Asset Management
Company
Purpose of investment and assets
management
678,104
December 15, 2006

B
Yugen-kaisha re-plus residential
warehouse No.1
SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment and assets
management
NIL
due
to
confidentiality
obligations under the agreementwith the seller

February 24, 2006

12

C
Company I
Other than specific related party－－－Property 11：Lofty Hirai
Ⅰ．Summary of Acquisition
Lofty Hiraia. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY324,000 thousand

Ⅱ．Property Profile
TrusteeMizuho Trust & Banking Co.,Ltd.
Trust Due Date（residential）7-chome 32-12 Hirai, Edogawa-ku, Tokyo（registered）1218-2, Hirai Edogawa-ku, Tokyo
proprietary
Type of ownershipArea Classification
ownership

LocationLand

Land（note 1）
Type of ownership

Building

Building（note１）

Type of Structure

Leasable Units in Unit Type
Property Management Company（note 6）Master Lease Company （note 7）◇Property Appraisal Summary (note 2)

Appraiser
Date of Appraisal

Appraisal Value（thousand）
Value Calculated Using
the Direct Capitalization Method（thousand ）410.15 ㎡

June 31, 2010

quasi industrial zone

200%／ 80%

FAR／Building Coverage Ratio

proprietary
ownership

1,156.73 ㎡

Usage（note 1）

residence

Completion date（note 1）

May 1, 1989

RC 7-story building（note１）19 units（2DK：16 units、1LDK+Loft：2 units、3LDK＋Loft：1 unit）
re-plus inc.
re-plus road No.6
Tanizawa Sogo Appraisal Co., Ltd.
March 1, 2007
324,000

Type of Master Lease
Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

331,000

Monthly Rent（thousand）（note 3）Gross Operating Revenue（thousand ）24,771Gross Operating Expenses（thousand ）4,272

Net Operating Income（thousand ）20,499

Capital Expenditure（thousand )1,946

Net Cash Flow （thousand ）18,553Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）5.6％

Pass Through１
821.00 ㎡
780.91 ㎡

2,103

Lease Deposits and2,465
Guarantee Deposits （thousand ）Occupancy Ratio
94.7%（unit base）（note 5）
Occupancy Ratio
95.1%（area base）（note 5 ）Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-321,000

Near-Future Repairs（thousand ）

5.8％
5.9％

Far-Future Repairs（thousand ）9,650

Probable Maximum Loss

14.3%

236,000-（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ. Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationship with specific related
party

Reason for Acquisition
Acquisition

Price (thousand）

Timing of Acquisition

A
Yugen-kaisha re-plus road No.3

SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment andassets management336,415
November 1, 2006

B
Yugen-kaisha re-plus road No.6

SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
July 28, 2005

13

C
Company J

Other than specific related
party
－
－
－

Property 12：Grand court Kurokawa
Ⅰ．Summary of Acquisition
Grand court Kurokawa

a. Name of Property
b. Type of Assetc. Acquisition Price

Trust Beneficiary Interest
JPY677,000 thousand

Ⅱ．Property Profile
TrusteeMizuho Trust & Banking Co.,Ltd.
Trust Due Date（residential）2-chome 7 Shiga-minamitoori, Kita-ku Nagoya-shi, Aichi（registered）2-chome 7, Shiga-minamitoori, Kita-ku Nagoya-shi, Aichi

Location

Type of ownershipproprietary
ownership

March 31, 2016

Area Classificationcommercial zone

FAR／Building Coverage Ratio

400%／ 80%Land
Land（note 1）
Type of ownership
Building

Building（note１）

Type of Structure

485.95 ㎡
proprietary
ownership

2,203.10 ㎡

Usage（note 1）

residence

Completion date（note 1）

February 6, 2006

RC 10-story building（note１）
Leasable Units in Unit Type
26 unit(3LDK：25 unit、4LDK：1 unit)
Property Management Company
re-plus investments inc.
（note 6）Master Lease Company （note 7）
Yugen-kaisha re-plus residential No. 2◇Property Appraisal Summary (note 2)
Appraiser
Nippon Tochi-Tatemono Ltd.
Date of Appraisal
February 1, 2007
Appraisal Value（thousand）
677,000
Value Calculated Using
the Direct Capitalization Method
680,000（thousand ）Gross Operating Revenue（thousand ）50,991Gross Operating Expenses（thousand ）12,175Net Operating Income（thousand ）38,816

Capital Expenditure（thousand )1,410

Net Cash Flow （thousand ）37,406Overall Capitalization Rate
Value Indicated by DCF method（thousand ）Discount Rate
Terminal Capitalization Rate
Value Indicated by Cost Approach（thousand ）5.5％Type of Master Lease◇Tenants Details （note 3）
Number of Tenants
Leasable Area
Leased Area

Pass Through１
1,873.94
1,660.46

Monthly Rent（thousand）（note 3）

3,699

Lease Deposits andGuarantee Deposits （thousand ）Occupancy Ratio
88.5%（unit base）（note 5）
Occupancy Ratio
88.6%（area base）（note 5 ）Engineering Report Summary（note 8）
Tokio Marine & Nichido Risk
Engineering Report Company
Consulting Co,.Ltd
Priority Repairs（thousand ）-676,000

Near-Future Repairs（thousand ）

5.2％
5.8％

Far-Future Repairs（thousand ）9,030

Probable Maximum Loss

14.4％

674,000-（note1） Figures and information in colums of ”Location（Registered）”, “Land”, “Buiilding”, ”Type of Structure”, “Usage” and “Completion Date” are as per the resistry of the property.
In column of “Type of Structure” , SRC represents for Steel Reinforced -Concrete、RC for Reinforced-Concrete and S for Steel.
（note 2）Figures and information in a column of “Property Appraisal Summary” are as per report by the appraisal firm along with the anticipated acquisition of property. The numbers are rounded off at
thousand.
（note 3）Figures and information in a column of “Tenants Details” are based on the information obtained from the seller of the property as of May 31, 2007.
（note 4）Montthly Rent ( rent and a fee for common service ) in a column of “Montly Rent” are based on the information as of May 31, 2007 along with the anticipated acquisition of property and the figures arerounded off at thousand.
（note 5）Figures in “Occupancy Ratio(area base）” are the number calculated from the number of “Leasad Area” divided by the number of “Leasable Area” and shown in a percentage rounded off at second
decimal place.
（note 6） re-plus investments inc. will be appointed as a Property Management Company following the acquisition of the property.
（note 7） Yugen Kaisha re-plus residential No.2 will be appointed as a Master Lease Company following the acquisition of the property.
（note 8) Figures and information in colums of “Engineering Report Summary” are as per report by the engineering report company. “Near-Future Repairs” represents for the repair cost to occur within 1 yearand “Far-Future Repair” represents for repair cost to occure over 1 to 15years. The figures are shown in a percentage rounded at second decimal place.

Ⅲ.

Profiles of the Property Owners( note: “A” represents current owner of trust beneficiary interests. “B” represents previous owner of trust beneficiary interests. “C” represents former owner of trust beneficiary interests. )Property Buyer
Name of Company/ Name
Relationship with specific related
party

Reason for Acquisition
Acquisition

Price (thousand）

Timing of AcquisitionA
LLC
re-plus
warehouse No. 5

residential

SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment andassets management
660,763
December 15, 2006

B
Yugen-kaisha re-plus residential
warehouse No.1

SPC established by the parent
company
of
the
Asset
Management Company
Purpose of investment andassets management
NIL due to confidentiality
obligations under the agreementwith the seller
March 30, 2006

14

C
Company K

Other than specific related party－－－

4. Notes on the Property Due Diligence
The Investment Corporation conducted supplemental due diligence on the all of the Properties in order to avoid the
problem of fabrication of data relating to building structural strength. The Investment Corporation requested third
party due diligence consultants, NTT FACILITIES, INC., and Index Consulting, Inc. and ABSG Consulting Inc. andTokio Marine & Nichido Risk Consulting Co., Ltd. to check if the Properties are in compliance with building laws byreviewing construction plans, structural drawings, and documents regarding calculation of structural strength.
As a result of the due diligence, no violation of the building laws was found.
4.

Seller’s Profile
Profiles of the sellers are as follows.
O-4-055、O-9-061、F-3-034、F-4-035
Company Name
LLC re-plus residential warehouse No.5（SPC）
Head Office Address
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Representative
CapitalPrincipal Shareholder
Business Activities

Relationship with theInvestment Corporation

Yugen-sekinin-Chukan Hojin re-plus residential（Managing partner）
Takahiro Abe (Director)
JPY 100,000－(Footnote )・ Purchase/sale, exchange, rent, ownership, brokerage andmanagement activities of properties
・ Purchase/sale, exchange, ownership and management of trust
beneficiary interests
・ Activities related to above
Related Party defined under the internal rules and regulations of the AssetManagement Company(Footnote ) Due to the intention of the principal shareholder(s), we do not disclose the specific name of those shareholders.

O-5-056、O-5-057、O-6-059、O-6-060、F-5-037
Company Name
LLC re-plus residential warehouse No.8（SPC）
Head Office Address
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Representative
CapitalPrincipal Shareholder
Business Activities

Relationship with theInvestment Corporation

Yugen-sekinin-Chukan Hojin re-plus residential（Managing partner）
Takahiro Abe (Director)
JPY 100,000－(Footnote )・ Purchase/sale, exchange, rent, ownership, brokerage andmanagement activities of properties
・ Purchase/sale, exchange, ownership and management of trust
beneficiary interests
・ Activities related to above
Related Party defined under the internal rules and regulations of the AssetManagement Company(Footnote ) Due to the intention of the principal shareholder(s), we do not disclose the specific name of those shareholders.

15O-6-058、F-4-036
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

Yugen Kaisha re-plus road No.3
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Takahiro Abe (Director)
JPY 3 million－(Footnote )・ Purchase/sale, exchange, rent, ownership, brokerage andmanagement activities of properties
・ Purchase/sale, exchange, ownership and management of trust
beneficiary interests

Relationship with theInvestment Corporation

・ Disposal / Purchase of shares/capital of firms which engage inabove activities
・ Activities related to above
Related Party defined under the internal rules and regulations of theAsset Management Company(Footnote ) Due to the intention of the principal shareholder(s), we do not disclose the specific name of those shareholders.

O-2-054
Company Name
Head Office Address
Representative
CapitalPrincipal Shareholder
Business Activities

LLC R-Bridge（SPC）
Toranomon Towers Office, 4-1-28Tranomon Minato-ku Tokyo
Yugen-sekinin-Chukan Hojin re-plus residential（Managing partner）
Takahiro Abe (Director)
JPY100,000－（note）
・ Purchase/sale, exchange, rent, ownership, brokerage andmanagement activities of properties
・ Purchase/sale, exchange, ownership and management of trust
beneficiary interests

Relationship with theInvestment Corporation

・ Disposal / Purchase of shares/capital of firms which engage inabove activities
・ Activities related to above
Related Party defined under the internal rules and regulations of theAsset Management Company(Footnote ) Due to the intention of the principal shareholder(s), we do not disclose the specific name of those shareholders.

6. Transactions with Related Parties(1) Transactions of Properties
a. Outline of Transactions
Acquisitions of the Properties
b. Seller’s Profile
The sellers are qualified as an Related-Party defined under the Investment Trust Law and the internal rules andregulations of the Asset Management Company. Profiles of the sellers are as follows.
SellerProfileSPC
establishedby re-plus inc., and
LLC re-plus residential warehouse No.5
qualifies as a related party defined
LLC re-plus residential warehouse No.8
under the Investment Trust Law andthe internal rules and regulations of the
Yugen Kaisha re-plus road No.3
Asset Management Company
LLC R-Bridge（SPC）

16

c. Procedures of Related Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked toensure strict compliance with statutory and other regulatory requirements. Furthermore, in order toensure that the transactions were conducted in an open and fair manner and that the Investment
Corporation was not disadvantaged, the Asset Management Company submitted all transactions fordeliberation and approval by its Compliance Committee on June 15, 2007 and June 22, 2007. Subject toapproval, each transaction was then submitted to Invesment Committee and the Board of Directors of
the Asset Management Company for ratification on June 26, 2007. It was then approved by the Board of
Directors of the Investment Corporation on June 26, 2007.

(2)

Appointment of a Property Management Company
a. Transactions of Properties
Acquisitions of the properties
b．Outline of Property Managements Fees :Property Name

Viare Kamisugi 3-chome
Harmony Kamikitazawa
Stegea Kachigawa
Stegea KoganeDream Neo Polis Tsurumi
Premio Hyogo
St.Ammy Nishitemma
NKR Gofuku-cho
Ark Heim Niigata
Greenhills Roka
Lofty Hirai
Grand court Kurokawa

Property Managements Fee
3.5％of rental revenue (Rent+Parking)(Including consumption tax)
3.5％of rental revenue (Rent+Parking)(Including consumption tax)
2.0% of rental revenue (Rent+Parking)(Including consumption tax)
2.0% of rental revenue (Rent+Parking)(Including consumption tax)
4.0% of rental revenue (Rent+Parking)(Including consumption tax)
1.5％of rental revenue (Rent+Parking)(Including consumption tax)
2.5％of rental revenue (Rent+Parking)(Including consumption tax)
3.8％of rental revenue (Rent+Parking)(Excuding consumption tax)
5.0％of rental revenue (Rent+Parking)(Excuding consumption tax)
4.0％of rental revenue (Rent+Parking)(Incuding consumption tax)
4.0％of rental revenue (Rent+Parking)(Incuding consumption tax)
3.5％of rental revenue (Rent+Parking)(Excuding consumption tax)c．Property Management Company’s profile

The Property Management Company’s profile is as follows.
Property Management Company
Profilere-plus investments inc.
Wholly owned subsidiary of re-plus inc. and qualifies as arelated party as defined under the Investment Trust Law andthe internal rules and regulations of the Asset Management
Company17

d．Procedures of Related Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked toensure strict compliance with statutory and other regulatory requirements. Furthermore, in order toensure that the transactions were conducted in an open and fair manner and that the Investment
Corporation was not disadvantaged, the Asset Management Company submitted all transactions fordeliberation and approval by its Compliance Committee on June 15, 2007 and June 22, 2007. Subject toapproval, each transaction was then submitted to Invesment Committee and the Board of Directors of
the Asset Management Company for ratification on June 26, 2007. It was then approved by the Boardof Directors of the Investment Corporation on June 26, 2007.
(3)

Details of Brokeragea．Outline of transaction
Brokerage related to the Properties to be acquiredb ．Brokerage Fee
JPY158,320 thousand (excluding consumption tax)
＊Rounded to nearest JPY 1,000
c．Profile of Broker
The profile of the Broker of these transactions as follows
Brokerre-plus inc.

ProfileOwns more than 50% of shares of the Asset Management
Company and qualifies as an related party as defined underthe Investment Trust Law and the internal rules andregulations of the Asset Management Company

d．Procedures of Interested Party Transactions
The Investment Corporation, subject to its rules as they relate to related party transactions, worked toensure strict compliance with statutory and other regulatory requirements. Furthermore, in order toensure that the transactions were conducted in an open and fair manner and that the Investment
Corporation was not disadvantaged, the Asset Management Company submitted all transactions fordeliberation and approval by its Compliance Committee on June 15, 2007 and June 22, 2007. Subject toapproval, each transaction was then submitted to Invesment Committee and the Board of Directors of
the Asset Management Company for ratification on June 26, 2007. It was then approved by the Board of
Directors of the Investment Corporation on June 26, 2007.

7. Forecast
For the forecast for the third fiscal period ending September 30, 2007 (from April 1, 2007 to September 30,2007) reflecting the acquisitions of the properties, please refer to “Notice Concerning Operating Forecasts for
the Fiscal Periods Ending September 30, 2007 dated June 26, 2007.

● URL : http://www.re-plus-ri.co.jp/

18