English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
September 30, 2013
To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004
Toshiya Kuroda, Executive Director(Securities Code: 8986)
Asset Manager: Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer
Inquiries: Atsushi Chikamochi, Chief Financial Officer
Tel: +81-3-5425-5600

Notice Concerning Acquisition of AssetJapan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that it has
decided at a meeting of its Board of Directors held earlier today to acquire the following asset under management (hereafter toas the “Acquisition”). Details are provided below.

I. Basic Policy
In order to distribute stable profits to investors over the long term, the Investment Corporation will aim for continued growthof the asset size and increase of the portfolio’s quality by acquiring new properties in the Tokyo metropolitan area centeringon the 23 wards of Tokyo as well as new regional top-class properties outside the Tokyo metropolitan area (Sapporo, Sendai,
Nagoya, Osaka and Fukuoka).

II. Reasons for the acquisition and details of the proposed acquisition
The Investment Corporation decided on the investment after having comprehensively considered the profitability of theproperty, its location, the building age as well as the quality of the property’s characteristics and its competitiveness for themid- to long-term, and as a result, judged that the property to be acquired would be an appropriate fit according to thecriterion outlined in the Basic Policy above.
With the Acquisition announced today, the total asset size is expected to reach approximately 160.3 billion yen for the 179
portfolio properties (acquisition price base, total of 10,231 units)

1English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
<Summary of the property>
Number of
Property

Name of
Property

O-9-130

Renaissance
21 HakataO-6-131

Serenite
KoshienArea Category

Other Major Cities(Fukuoka city,
Fukuoka)Three Major
Metropolitan Areas(Nishinomiya city,
Hyogo)

Difference between
Proposed
Appraisal Value
proposed acquisition
Acquisition Price
Leasing(as of September 2013) price and appraisal value(A)
Category(B)(B) – (A)(JPY thousand)(JPY thousand)(JPY thousand)(Note)((B–A)/A)
Studio1,500,000

1,570,000

70,000 (4.7%)

Studio2,550,000

2,610,000

60,000 (2.4%)

4,050,000

4,180,000

130,000 (3.2%)

Total(Note) Proposed Acquisition Price excludes acquisition expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local
consumption tax; hereinafter the same.

<Key futures of the property>
Name of Properties
O-9-130
Renaissance 21 Hakata
O-6-131
Serenite Koshien

Property Characteristics, etc.
A six-year seven-month old condominium that has superior access to central Fukuoka City as it is locatedan approximate 10-minute walk from Nakasu-Kawabata Station and Gofukumachi Station on the Fukuoka
City Subway. A wide range of demand is expected from single persons to families as the type ofresidential units range from 1DK to 4LDK.
A three-year eight-month old condominium mainly comprised of studio type units for single persons. It
has excellent traffic convenience located a six-minute walk from Koshien Station on the Hanshin MainLine. In addition, it is extremely convenient in terms of daily living as there are large commercial
facilities, etc. located nearby.

2

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

III. Details of the Property(1) O-9-130 Renaissance 21 Hakata
Category of
proposed property
for acquisition
Trust company

Real estate

Proposed acquisition price

JPY 1,500,000 thousand–

Trust agreement period–
Unique Features of the Property
The property is a 15-story SRC building located a 10-minute walk from Gofukumachi Station on the Fukuoka City Subway HakozakiLine. It is comprised primarily of 1DK units, with some 2DK to 4LDK units on the upper floors, and targets a wide range of tenants fromsingle persons to families. Demand is expected mainly from single persons and DINKs as the property has superior transportation accessto the commercial district near Tenjin Station and Hakata Station and is located within walking distance of the Nakasu area, which is anentertainment district.
Overview of the Property(Residential indication) 5-9, Kamiyacho, Hakata-ku, Fukuoka-city, Fukuoka
Location (Note 1)(Lot number) 121, 122, 137, 138, Kamiyacho, Hakata-ku, Fukuoka-city, Fukuoka
Type of ownership Proprietary ownership Use Area (Note 2)
Commercial districtLand
FAR / Building coverage ratio
Land area (Note 1)
930.56 square meter
400/500% / 80/80%(Note 3)
Type of ownership Proprietary ownership Use (Note 1)
Condominium
Floor space (Note 1) 4,345,79 square meter Completion date (Note 1)
March 12, 2007
Building
Type of structure
SRC, 15-story building with flat roof
(Note 1)
Number of leasable units
109 units (1DK:78 units, 2LDK:12 units, 3LDK:8 units, 4LDK:11 units)by type
Expected property
HASEKO LIVENET, Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Appraiser
Date of appraisal
Appraisal value
Value calculated using thedirect capitalization
methodTenants Details (Note 5)

Japan Real Estate Institute
September 1, 2013
JPY 1,570,000 thousand
JPY 1,580,000 thousand

Gross operating revenue

JPY 113,789 thousand

Gross operating expenses
Net operating income(NOI)
Lump-sum investment
returnCapital expenditure

JPY 22,568 thousand

Net cash flow (NCF)

JPY 88,578 thousand

Overall capitalization rate
Value indicated by DCF
MethodDiscount rate
Terminal capitalization
rate
Value indicated by cost
ApproachSpecial Note: None

JPY 91,221 thousand
JPY 87 thousand
JPY 2,730 thousand

Number of tenants (Note 6)
Leasable area (Note 7)
Leased area
Monthly rent (Note 8)
Lease deposits and guarantee
deposits
Occupancy ratio (unit base)
Occupancy ratio (area base)(Note 9)14,010.95 square meters
3,961.51 square meters
JPY 9,267 thousand
JPY 5,234 thousand
98.2%
98.8%

Engineering Report Summary (Note 10)
Engineering report company

ERI Solution Co., Ltd.

5.6%

Date of research

September 3, 2013

JPY 1,560,000 thousand

Priority repairs

-

5.4%
5.8%
JPY 1,060,000 thousand

Collateral: Secured

3

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)
Probable maximum loss (PML)JPY 300 thousand
JPY 32,600 thousand
5.9%

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(2) O-6-131 Serenite Koshien
Category of
proposed property
for acquisition

Trust beneficiary interest

Proposed acquisition price

JPY 2,550,000 thousand

Mitsubishi UFJ Trust and Banking
From October 18, 2013
Trust agreement period (Plan)
Corporation
To the end of October 2023
Unique Features of the Property
The property is located a six-minute walk from Koshien Station on the Hanshin Main Line. It is a seven-story SRC building and is a
condominium primarily comprised of 1K units for single persons. It has good access to major central city areas as Koshien Station isapproximately a 13-minute ride to Umeda Station in Osaka and approximately an 18-minute ride to Sannomiya Station in Kobe. Demand
from a wide range of single households is expected as it has excellent traffic convenience and is also extremely convenient in terms ofdaily living as there are large commercial facilities such as Daiei Koshien Store, Lalaport Koshien and Hanshin Koshien Stadium nearby,in addition to there being educational facilities such as Mukogawa Women’s University.
Overview of the Property(Residential indication) 7-8, Koshien Takashiocho, Nishinomiya-city, Hyogo
Location (Note 1)(Lot number) 68-2, 68-4, 68-5, 70-1, 71-1, Koshien Takashiocho, Nishinomiya-city, Hyogo
Neighborhood
Type of ownership Proprietary ownership Use Area (Note 2)commercial districtLand
FAR / Building coverage ratio
Land area (Note 1) 1,921.34 square meters300% / 80%(Note 3)
Type of ownership Proprietary ownership Use (Note 1)
Condominium, Store
Floor space (Note 1) 5,928.93 square meters Completion date (Note 1)
February 11, 2010
Building
Type of structureRC, 7-story building with flat roof
(Note 1)
Number of leasable units
197 units (1K:141 units, 1DK:36 units, 1LDK:18 units, Retail:2 units)by type
Expected property
HASEKO LIVENET, Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Trust company (Plan)

Property Appraisal Summary (Note 4)
Appraiser
Date of appraisal
Appraisal value
Value calculated using thedirect capitalization
methodTenants Details (Note 5)

Japan Real Estate Institute
September 1, 2013
JPY 2,610,000 thousand
JPY 2,630,000 thousand

Gross operating revenue

JPY 183,296 thousand

Gross operating expenses
Net operating income(NOI)
Lump-sum investment
returnCapital expenditure

JPY 30,782 thousand

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodDiscount rate

JPY 152,514 thousand
JPY 366 thousand
JPY 3,195 thousand
JPY 149,685 thousand

Number of tenants (Note 6)
Leasable area (Note 7)
Leased area
Monthly rent (Note 8)
Lease deposits and guarantee
deposits
Occupancy ratio (unit base)
Occupancy ratio (area base)(Note 9)1
5,615.79 square meters
5,334.75 square meters
JPY 14,836 thousand
JPY 17,851 thousand
94.4%
95.0%

Engineering Report Summary (Note 10)
Engineering report company

ERI Solution Co., Ltd.

5.7%

Date of research

September 4, 2013

JPY 2,580,000 thousand

Priority repairs

-

5.5%

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)

JPY 2,600 thousand

Terminal capitalization
5.9%
JPY 84,800 thousand
rate
Value indicated by cost
JPY 2,520,000 thousand Probable maximum loss (PML)
10.0%
ApproachSpecial Note: The trust has not been established for the real estate in trust as of today, and the trust is scheduled to be established upon theacquisition by the Investment Corporation.
Collateral (Note11): None
(Note 1) Figures and information in the columns “Location (lot number),” “Land area,” “Floor space,” ”Type of structure,” “Use” and “Completion date”
are as per the registry of the property. In the column “Type of structure,” “SRC” indicates “steel reinforced-concrete,” “RC” indicates“reinforced-concrete” and “S” indicates “steel.”(Note 2) Figures and information in the column “Area classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(Note 3) Figures and information in the column “FAR/Building coverage ratio,” FAR uses the ratio of the floor area of the building versus the land area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio

4

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
uses the building area versus the land area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area incity planning.
(Note 4) Figures and information in the column “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the property to beacquired based on the points to consider in the appraisal valuation of real estate arising from the Act on Investment Trusts and Investment
Corporation, the Act on Real Estate Appraisal (Law No.152 of 1963, including revisions thereafter) and Real Estate Appraisal Standards.
Furthermore, for details of items, please refer to “(Reference Material I) Property Appraisal Summary of Prices of Properties to be Acquired” below.
Net earnings (NCF) = Net earnings from rentals (NOI) + one-time asset management gains – capital expenditure. The numbers are rounded off tothe nearest thousand yen, and ratios are rounded off to the first decimal place.
(Note 5) Figures and information in the column “Tenants details” are based on the information as of August 31, 2013 of the property to be acquired.
(Note 6) Figures and information in the column “Number of tenants” are entered as one tenant when Investment Corporation retains a master leaseagreement with the Master Lease Company.
(Note 7) Leasable area is the area that can be leased in the building of property under management as of August 31, 2013. The areas that are leased inassociation with the main purpose of lessees, including warehouses, parking facilities, the building manager’s office, signs, automatic vending
machines and antennas, and the areas that the lessor leases to maintain the building (including areas with respect to which the lessor grants
temporary use under loan-for-use agreements) are excluded. Moreover, the leasable area is the area enclosed by the center line of the wall, andincludes areas for the meter boxes and pipe space allocated to each residential unit.
(Note8) Monthly rent (rent, common service fees and parking fees) in the column “Monthly rent” are based on information as of August 31, 2013
concerning the properties to be acquired. The numbers are rounded off to the nearest thousand yen.
(Note9) Figures in the column “Occupancy ratio (area base)” are calculated from the “Leased area” number divided by the “Leasable area” number andshown as a percentage rounded off to the first decimal place.
(Note10) Figures in the column “Engineering report summary” are rounded off to the nearest thousand yen, and ratios are rounded off to the first decimal
place. The figures for the earthquake PML was received from Tokyo Marine & Nichido Risk Consulting Co., Ltd. in August 2013.
(Note 11) A right of pledge is scheduled to set with the operator as the pledger and the non-recourse lenders as the pledgees concerning the trust beneficiaryinterest in real estate in trust

IV. Notes on the Property Due Diligence
Name of Property(Number of
Property)
O-9-130
Renaissance 21
HakataO-6-131
Serenite Koshien

Building promoter
K.K. Invest
Knowledge
Corporation

Architect
K.K. MAYUMIArchitects andPlanners
Fukushima
Architecture Office

Building Contractor

Verification Agency

Inspection Agency

Mori-Gumi Co.,Ltd

JAPAN ERI
CO.,LTD.

ERI Solution Co.,Ltd.

Sunada Co., Ltd

Kenchiku Kensa
Kikou K.K.

(Note)The Investment Corporation conducted supplementary due diligence on Renaissance 21 Hakata to avoid the problem of thefabrication of data relating to building structural strength. The Investment Corporation asked third-party due diligence
consultants to check if the property was in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength. As a result of the due diligence, no violation of thebuilding laws was found.
(Note) Concerning Serenite Koshien, the Investment Corporation has not requested an additional inspection by third-party due-diligence
consultants concerning the structural calculation sheet as it has received a notification of structural calculation compatibility
judgment by the designated structural calculation compatibility judgment agency under the Amendment of the Building Standards
Law implemented in June 2007.

V. Profile of the Counterparty(1) O-9-130 Renaissance 21 Hakata
The counterparty (planned) is a domestic business company, but the company’s details are undisclosed as per the request of
the counterparty. There are no capital, personnel, business relationships required to mention between the Investment
Corporation or the asset management company and the said company, nor is the company an affiliated party of either theInvestment Corporation or the asset management company. Furthermore, the said company is not classified as an interested
party, etc. under the Order for Enforcement of the Law Concerning Investment Trusts and Investment Corporations, nor isit defined as an “interested party, etc.” under the internal rules on dealings with interested parties of the asset managementcompany.

5English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(2) O-6-131 Serenite Koshien
Company Name
Head Office Location
Representative
Main Business
Paid-in Capital
Date of Establishment
Net Asset
Total Assets
Relationship between the company
and the Investment Corporation or
the asset management company

Daiichi Kikaku K.K.
1-33-27, NishiFunahashi, Hirakata-city, Osaka
Naoshige Sunada
1.
Real estate management business
2.
Real estate leasing business3.
All business incidental to the above
JPY 1,000 thousand
November 2, 2008
JPY 19,165,557 (as of March 31, 2013)
JPY 2,266,934,596 (as of March 31, 2013)
There are no capital, personnel or business ties between the Investment Corporation or theasset manager. Also, there are no such ties between affiliates of the Investment
Corporation or the asset manager. The company is not classified as an interested party, etc.
under the Enforcement Order for Act on Investment Trusts and Investment Corporation,
nor is defined as an interested party, etc. under the internal rules on dealings withinterested parties of the asset manager.

VI. Profile of the Property Owner
NoneVII. Profile of Brokerage(1) O-9-130 Renaissance 21 Hakata
Company Name
Head Office Location
Representative
Main Business
Paid-in Capital
Date of Establishment
Relationship between the company
and the Investment Corporation or
the asset manager
Brokerage Fees

Kyushu-REP Corporation
4-10-10Watanabe Dori, Chuo-ku, Fukuoka
Mitsunori Shirasuna
Real-estate securitization business, brokerage business, rentals and real estate management
JPY 10 million
May 21, 2010
The broker is neither classified as an interested party, etc. under Enforcement Order for
Act on Investment Trusts and Investment Corporation, nor defined as an interested party,
etc. under the internal rules on dealings with interested parties of the asset manager.
JPY 47,313,000 (not including consumption tax and regional consumption tax)(2) O-6-131 Serenite Koshien
No brokerage for the acquisition of this property.

VIII. Planned Funds for acquisition of the new property
Own funds and loans (for details regarding the borrowings, please refer to the press release “Notice Concerning Borrowingof Funds” announced today.)

IX. Settlement Method
Full settlement at the time of the purchase.

6English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

X. Date of Acquisition
Number of Property
Name of Property

Scheduled Date of the Acquisition
and Signing Date of Acquisition
Agreement

O-9-130
Renaissance 21 Hakata
O-6-131
Serenite Koshien

September 30, 2013

Payment and Delivery Date
October 4, 2013
October 18, 2013

XI. Forecasts
There is minimal impact from this acquisition on asset management conditions for the fiscal period ending September 30,
2013 (April 1, 2013 to September 30, 2013), and we have thus left our forecasts unchanged. Impact for the fiscal period
ending March 31, 2014 (October 1, 2013 to March 31, 2014) is currently being assessed and will be announced in the results
for the fiscal period ending September 30, 2013.

*URL: http: //www.jrhi.co.jp/en/

7English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material I)

Property Appraisal Summary of Price of Property to be Acquired
O-9-130
Renaissance 21 Hakata

Property Name
Appraisal Value(JPY)

Appraiser-

Date of Appraisal-

O-6-131
Serenite Koshien

1,570,000,000
Japan Real Estate Institute2,610,000,000
Japan Real Estate Institute

September 1, 2013

September 1, 2013

(JPY)

1,570,000,000

2,610,000,000(JPY)

1,580,000,000

2,630,000,000

Total Operating Income (a-b)(JPY)

113,789,000

183,296,000

Rental revenues includingcommon service fees

(JPY)

107,851,000

183,602,000

Parking fees

(JPY)

5,587,000

6,972,000

Other revenues(JPY)

3,951,000

1,356,000

Losses from vacancies(JPY)

3,600,000

8,634,000

Bad debt losses

(JPY)

0

0

(JPY)

22,568,000

30,782,000

Operation costs(JPY)

3,600,000

5,260,000

Utilities(JPY)

1,300,000

2,039,000

Repairs and maintenance expense(JPY)3,386,000

4,406,000

Property management fees

(JPY)

2,748,000

4,550,000

Tenant promotion fees, etc.

(JPY)

4,297,000

4,134,000

Taxes and public dues

(JPY)

7,021,000

10,070,000

Nonlife insurance(JPY)

216,000

323,000

Other expenses

(JPY)

0

0

(3) Net Operating Income (NOI): (1) - (2)(JPY)

91,221,000

152,514,000(4) Lump-sum Investment Return(JPY)

87,000366,000(5) Capital Expenditure(JPY)

2,730,000

3,195,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

88,578,000

149,685,000(7) Capitalization Rate

(%)

5.6

5.7

Value Indicated by DCF Method(JPY)

1,560,000,000

2,580,000,000

Discount Rate

(%)

5.4

5.5

Terminal Capitalization Rate

(%)

5.8

5.9

(JPY)

1,060,000,000

2,520,000,000

Land portion

(%)

29.0

37.3

Building portion

(%)

71.0

62.7

Value indicated by income approach
Value indicated by the Direct Capitalization Method
(1)

a

b

(2) Total Operating Expenses

Value indicated by cost approach8English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material II)

Photograph of Property to be Acquired(1) O-9-130 Renaissance 21 Hakata

9English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(2) O-6-131 Serenite Koshien

10English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material III)

Location Map of Property to be Acquired(1) O-9-130 Renaissance 21 Hakata

11English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(2) O-6-131 Serenite Koshien

12English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material IV)

Portfolio by Type and Category after the Acquisition(Differences following the acquisition indicated within parentheses. Unit: Number of residential units)
StudioFamilyTotal by Area

825

368

1,193

4,686 (+197)

2,009

6,695 (+197）

Other Major Cities (Note 3)

1,953 (+109）

390

2,343 (+109)

Total by Type7,464 (+306)

2,767

10,231(+306)

Seven Central Wards ofTokyo (Note 1)
Three Major Metropolitan
Areas (Note 2)(Note 1) The seven central wards of Tokyo mean Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya, and Meguro wards.
(Note 2) The three major metropolitan areas mean Kanto metropolitan area excluding the seven central wards of Tokyo, Chukyo metropolitanarea, and Kinki metropolitan area.
(Note 3) The other major cities mean Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, and Kitakyushu/Fukuoka metropolitan areasand cities with a population of 300,000 or more.

(Reference Material V)

Situation of the Portfolio after the Acquisition

Asset scale (acquisition price)

JPY 160.33 billion

Number of owned properties

179

Total number of leasable units

10,23113

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material I)

Overview of Portfolio after the Acquisition<Number of Properties etc.>
Prior to Acquisition of
Properties

Acquisition of 2 Properties (+) After Acquisition of Properties

Number of Owned Properties

177

2

179

Total Number of Leasable
Units

9,925

306

10,231

Total Leasable Floor Area

386,534.46 ㎡

9,626.74 ㎡

396,161.20 ㎡

Average Age of Buildings
11.9
4.7
11.8
(Note)(Note) Indicates weighted average of age of properties in accordance with acquisition price. “Prior to Acquisition of Properties” is asof today, “Acquisition of 2 Properties” is as of each payment and delivery date, and “After Acquisition of Properties” is as ofpayment and delivery date of Serenite Koshien.

<Asset Size etc.>
Prior to Acquisition of
Properties

Acquisition of 2 Properties (+)

After Acquisition of Properties

Asset Size (a) (Note 1)

JPY 156.28 billion

JPY 4.05 billion

JPY 160.33 billion

Total Appraisal Value (b)(Note 2)

JPY 146.3 billion

JPY 4.18 billion

JPY 150.48 billion

106.8%

96.9%

106.6%

JPY 0.88 billion

JPY 2.02 billion

JPY 0.89 billion

5.72%

6.02%

5.88%

Ratio (a)÷(b)×100%
Asset Scale per Property(Note 1)NOI Yield (Note 3)(Note 1) Asset scale based on acquisition price.
(Note 2) Appraisal value of the acquired properties are at the time of acquisition, all other properties are as of the end of March 2013.
(Note 3) NOI Yield is NOI/acquisition price. Figures for prior to acquisition of properties were calculated using actual results of the 14th fiscal period,
and those for acquired properties calculated using appraisal NOI.

<Amount and Rate of Investment by Type (Based on Acquisition Price)>
Prior to Acquisition of
Properties

Acquisition of 2 Properties (+)

After Acquisition of Properties

StudioJPY 99.60 billion (63.7%)

JPY 4.05 billion

JPY 103.65 billion (64.6%)

FamilyJPY 56.68 billion (36.3%)―

JPY 56.68 billion (35.4%)<Amount and Rate of Investment by Region (Based on Acquisition Price)>
Prior to Acquisition of
Properties

Acquisition of 2 Properties (+)

After Acquisition of Properties

The Seven Wards of Central
Tokyo

JPY 38.79 billion (24.8%)―

JPY 38.79 billion (24.2%)

Three Major Metropolitan
Areas

JPY 98.08 billion (62.8%)

JPY 2.55 billion

JPY 100.63 billion (62.8%)

Other Major Cities

JPY 19.41 billion (12.4%)

JPY 1.50 billion

JPY 20.91 billion (13.0%)

14

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material II)

List of Portfolio after the Acquisition

Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)O-1-001

Satella Kita 34-jo

Other Major Cities

1,133,714

0.7

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2

O-1-032

willDo Kita 24 jo

Other Major Cities

316,000

0.2

O-1-033

Flat Carerra

Other Major Cities

290,000

0.2

O-1-034s13w9 h+Other Major Cities

463,000

0.3

O-1-035s9w12 h+Other Major Cities

533,000

0.3

O-1-036

willDo Minami hiragishi

Other Major Cities

315,000

0.2

O-1-090

Sky Hills N15

Other Major Cities

712,000

0.4

O-1-091

Sky Hills Sakaemachi

Other Major Cities

832,000

0.5

O-1-092

Domy Chitose

Other Major Cities

476,000

0.3

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.3

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.7

O-2-037

willDo Nishishitadai cho

Other Major Cities

512,000

0.3

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.3

O-2-065

Grand Mason Shichifuku

Other Major Cities

342,000

0.2

O-2-094

Living Stage Higashi-Sendai

Other Major Cities

317,200

0.2

O-2-123

West Park Hasekura

Other Major Cities

1,240,000

0.8

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.3

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.2

O-4-005

willDo Koshigaya

Three Major Metropolitan Areas

499,333

0.3

O-4-006

Joyful Sayama

Three Major Metropolitan Areas

216,6190.1

O-4-007

Lumiere Hachioji

Three Major Metropolitan Areas

480,7610.3

O-4-008

willDo Kiyosumi

Three Major Metropolitan Areas

5,024,619

3.1

O-4-009

Turkey's Denen-Chofu No.2

Three Major Metropolitan Areas

281,523

0.2

O-4-010

willDo Honchiba

Three Major Metropolitan Areas

379,857

0.2

O-4-011

willDo Yokohama Minami

Three Major Metropolitan Areas

233,1420.1

O-4-012Site Pia

Three Major Metropolitan Areas

506,1420.3

O-4-024

VISTA Supreme

Three Major Metropolitan Areas

563,584

0.4

O-4-025

Joy Oyamadai

Seven Wards of Central Tokyo

624,265

0.4

O-4-031

willDo Otsuka

Three Major Metropolitan Areas

725,2290.5

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.4

O-4-039

Toshin Shoto Mansion

Seven Wards of Central Tokyo

912,000

0.6

O-4-055

Harmony Kamikitazawa

Seven Wards of Central Tokyo

400,000

0.2

O-4-062

willDo Minami Urawa

Three Major Metropolitan Areas

396,000

0.2

O-4-069

College Square Kitaikebukuro

Three Major Metropolitan Areas

727,000

0.5

15

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-4-070

College Square Tobu Nerima

Three Major Metropolitan Areas

892,000

0.6

O-4-071

College Square Akatsuka

Three Major Metropolitan Areas

734,000

0.5

O-4-072

College Square Higashikurume

Three Major Metropolitan Areas

523,000

0.3

O-4-073

College Square WasedaⅡ

Three Major Metropolitan Areas

215,000

0.1

O-4-074

College Square Myogadani

Three Major Metropolitan Areas

1,060,000

0.7

O-4-075

College Square Shinkoiwa

Three Major Metropolitan Areas

724,000

0.5

O-4-076

College Square Kiba

Three Major Metropolitan Areas

639,000

0.4

O-4-077

College Square Kinshicho

Three Major Metropolitan Areas

490,000

0.3

O-4-078

College Square Waseda

Seven Wards of Central Tokyo

316,000

0.2

O-4-089

Lexington Square Shinjuku Gyoen

Seven Wards of Central Tokyo

1,010,000

0.6

O-4-095

Prospect Nihonbashi-Honcho

Seven Wards of Central Tokyo

808,000

0.5

O-4-096

Maison de Ville Takanawa Gyoranzaka

Seven Wards of Central Tokyo

1,480,000

0.9

O-4-097

Roppongi Rise House

Seven Wards of Central Tokyo

912,000

0.6

O-4-098

TK Flats Shibuya

Seven Wards of Central Tokyo

4,770,000

3.0

O-4-099

Maison de Ville Naka-Meguro

Seven Wards of Central Tokyo

1,050,000

0.7

O-4-100

Prospect KALON Minowa

Three Major Metropolitan Areas

1,620,000

1.0

O-4-101

Prospect Shinonomebashi

Three Major Metropolitan Areas

3,040,000

1.9

O-4-102

Prospect Monzennakacho

Three Major Metropolitan Areas

1,080,000

0.7

O-4-103

Prospect Ogikubo

Three Major Metropolitan Areas

701,000

0.4

O-4-104

Exceria Ikebukuro West II

Three Major Metropolitan Areas

852,000

0.5

O-4-105

Prospect Omori-Kaigan

Three Major Metropolitan Areas

1,480,000

0.9

O-4-106

Prospect Musashi-Shinjo

Three Major Metropolitan Areas

1,050,000

0.7

O-4-107

Fragrance Kawasaki

Three Major Metropolitan Areas

548,900

0.3

O-4-108

Prospect Chuo-Rinkan

Three Major Metropolitan Areas

524,000

0.3

O-4-120

Gala Place Shinjuku Gyoen

Seven Wards of Central Tokyo

2,170,000

1.4

O-4-121

Joyce Court

Three Major Metropolitan Areas

3,010,000

1.9

O-4-122

Act Forme Asakusa

Three Major Metropolitan Areas

1,216,000

0.8

O-4-125

Gran Casa Roppongi

Seven Wards of Central Tokyo

1,480,808

0.9

O-4-126

Gran Casa Minami Aoyama

Seven Wards of Central Tokyo

3,750,000

2.3

O-4-127

Storia Jingumae

Seven Wards of Central Tokyo

3,160,000

2.0

O-4-129

Spacia Shinjuku

Seven Wards of Central Tokyo

2,525,000

1.6

O-5-013

willDo Kanayama masaki

Three Major Metropolitan Areas

490,095

0.3

O-5-026

Excelsior Sakae

Three Major Metropolitan Areas

641,767

0.4

O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.2

O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.4

O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.7

O-5-042

willDo Kanayama

Three Major Metropolitan Areas

370,000

0.2

O-5-043

willDo Kanayama sawashita

Three Major Metropolitan Areas

375,000

0.2

O-5-056

willDo Kachigawa

Three Major Metropolitan Areas

503,000

0.3

16

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.4

O-5-063

willDo Inaei

Three Major Metropolitan Areas

641,000

0.4

O-5-066

willDo Higashibetsuin

Three Major Metropolitan Areas

703,000

0.4

O-5-081

willDo Matsubara

Three Major Metropolitan Areas

549,000

0.3

O-5-082

willDo Yokkaichi Unomori

Three Major Metropolitan Areas

529,1500.3

O-5-086

willDo Daikancho

Three Major Metropolitan Areas

655,000

0.4

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,115

0.3

O-5-109

Dome Takamine

Three Major Metropolitan Areas

140,100

0.1

O-5-110

Dome Yotsuya

Three Major Metropolitan Areas

126,500

0.1

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.5

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2

O-6-016

willDo Imafuku nishi

Three Major Metropolitan Areas

413,857

0.3

O-6-017

Maison FloraThree Major Metropolitan Areas

584,285

0.4

O-6-018

Wind Four Minami-Honmachi

Three Major Metropolitan Areas

307,1420.2

O-6-028

willDo Shin-Osaka sⅠ

Three Major Metropolitan Areas

285,723

0.2

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1

O-6-030

willDo Fukae minami

Three Major Metropolitan Areas

184,7160.1

O-6-044

willDo Dainichi

Three Major Metropolitan Areas

217,000

0.1

O-6-046

willDo Tsukamoto

Three Major Metropolitan Areas

730,000

0.5

O-6-047

willDo Tenmabashi

Three Major Metropolitan Areas

338,000

0.2

O-6-048

willDo Sakaisuji honmachi

Three Major Metropolitan Areas

325,000

0.2

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.6

O-6-050

willDo Nanba w II

Three Major Metropolitan Areas

486,000

0.3

O-6-051

willDo Nanba w I

Three Major Metropolitan Areas

690,000

0.4

O-6-052

Zekubenten

Three Major Metropolitan Areas

466,000

0.3

O-6-058

willDo Tsurumi morokuchi

Three Major Metropolitan Areas

180,000

0.1

O-6-059

willDo Hamasaki dori

Three Major Metropolitan Areas

2,280,000

1.4

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.3

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.5

O-6-067

willDo Shin Osaka

Three Major Metropolitan Areas

861,000

0.5

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.5

O-6-084

willDo Kamishinjyo w I

Three Major Metropolitan Areas

366,000

0.2

O-6-085

willDo Kujo (Note 4)

Three Major Metropolitan Areas

537,000

0.3

O-6-111

Abreast Shin-Osaka

Three Major Metropolitan Areas

1,391,000

0.9

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2

O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.2

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.5

O-6-116

Prospect Toyonaka Hattori

Three Major Metropolitan Areas

366,000

0.2

O-6-117

Prospect Shimogamo

Three Major Metropolitan Areas

281,000

0.2

17

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-6-118

Prospect Kawaramachi-Gojo

Three Major Metropolitan Areas

583,000

0.4

O-6-119

Gransys esaka

Three Major Metropolitan Areas

1,260,000

0.8

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.6

O-7-068

willDo Okayama-eki Nishiguchi

Other Major Cities

1,220,000

0.8

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.6

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.5

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.9

103,654,672

64.6

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)

Studio Total

Type Property
NumberRegion(Note 1)

Property Name

F-1-041

Palais d'or Maruyama

Other Major Cities

559,000

0.3

F-2-001

Royal Garden Shinrin Koen

Other Major Cities

396,1900.2

F-2-002

Green Park Komatsujima

Other Major Cities

550,5230.3

F-2-003

Dia Palace Izumizaki

Other Major Cities

355,095

0.2

F-2-004

willDo Takasago

Other Major Cities

364,9040.2

F-2-042

Living Stage Minami-Sendai

Other Major Cities

159,500

0.1

F-2-043

Takasagoseki Nibankan

Other Major Cities

558,000

0.3

F-3-034

Ark Heim Niigata

Other Major Cities

1,060,000

0.7

F-4-005

Johanna Mansion

Three Major Metropolitan Areas

556,7140.3

F-4-006

Iruma-ekimae Building

Three Major Metropolitan Areas

1,517,000

0.9

F-4-007

Iruma-ekimae Building No. II

Three Major Metropolitan Areas

687,666

0.4

F-4-008

Sereno Omiya

Three Major Metropolitan Areas

1,554,523

1.0

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.3

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.5

F-4-011

Profit Link Takenotsuka

Three Major Metropolitan Areas

636,333

0.4

F-4-013

Dream Heights

Three Major Metropolitan Areas

358,666

0.2

F-4-014

Green Hills Asukayama

Three Major Metropolitan Areas

587,238

0.4

F-4-015

Oji Heights

Three Major Metropolitan Areas

347,857

0.2

F-4-016

Sakagami Royal Heights No. II

Three Major Metropolitan Areas

360,7140.2

F-4-017

willDo Todoroki

Seven Wards of Central Tokyo

1,764,809

1.1

F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.4

F-4-019

Libest Nishi-chiba

Three Major Metropolitan Areas

2,152,476

1.3

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,571

0.3

F-4-028

Winbell Chorus Hiratsuka No.13

Three Major Metropolitan Areas

477,587

0.3

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.9

F-4-031

MGA Kanamachi

Three Major Metropolitan Areas

484,000

0.3

F-4-035

Greenhills Roka

Seven Wards of Central Tokyo

662,000

0.4

18

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
F-4-036

Lofty Hirai

Three Major Metropolitan Areas

324,000

0.2

F-4-038

Colonnade Kasuga

Three Major Metropolitan Areas

3,115,277

1.9

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

Seven Wards of Central Tokyo

1,250,000

0.8

F-4-040

Sun Terrace Yoyogi Uehara

Seven Wards of Central Tokyo

1,180,000

0.7

F-4-044

Prospect Nihonbashikoamicho

Seven Wards of Central Tokyo

840,000

0.5

F-4-045

Park Terrace Ebisu

Seven Wards of Central Tokyo

2,060,000

1.3

F-4-046

Prospect Dogenzaka

Seven Wards of Central Tokyo

1,590,000

1.0

F-4-047

Prospect Glarsa Hiroo

Seven Wards of Central Tokyo

3,560,000

2.2

F-4-048

Prospect Hatsudai

Seven Wards of Central Tokyo

518,000

0.3

F-4-049

Prospect Nishi-Sugamo

Three Major Metropolitan Areas

1,110,000

0.7

F-4-050

Prospect Machiya

Three Major Metropolitan Areas

484,000

0.3

F-4-051

Prospect Kiyosumi-Teien

Three Major Metropolitan Areas

2,630,000

1.6

F-4-052

Prospect Morishita

Three Major Metropolitan Areas

1,260,000

0.8

F-4-053

Prospect Onshi-Koen

Three Major Metropolitan Areas

1,110,000

0.7

F-4-054

BELNOS 34

Three Major Metropolitan Areas

1,700,000

1.1

F-4-055

SK Residence

Three Major Metropolitan Areas805,000

0.5

F-4-056

Angel Heim Nishi-Rokugo No.2

Three Major Metropolitan Areas

1,012,000

0.6

F-4-057

Deim-Hashimoto

Three Major Metropolitan Areas

748,000

0.5

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.9

F-4-059

Prospect Urawa-Tokiwa

Three Major Metropolitan Areas

717,000

0.4

F-4-064

Glana Ueno

Three Major Metropolitan Areas

1,100,000

0.7

F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.4

F-5-024

Grace Mansion Fuji

Three Major Metropolitan Areas

492,7610.3

F-5-032

Stellato City Sakurayama

Three Major Metropolitan Areas

735,000

0.5

F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.4

F-5-060

Gran Casa Daikan-Cho

Three Major Metropolitan Areas

1,082,000

0.7

F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.6

F-6-026

willDo Nishi akashi

Three Major Metropolitan Areas

635,666

0.4

F-6-033

La Vita Nipponbashi

Three Major Metropolitan Areas

1,860,000

1.2

F-6-062

Crown Heim Nishi-Tanabe

Three Major Metropolitan Areas

405,000

0.3

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.3

Family Total

56,683,440

35.4

Total

160,338,112

100.0(Note 1) The Seven Wards of Central Tokyo represent Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya and Meguro Wards.
The Three Major Metropolitan Areas represent the Kanto metropolitan area excluding the seven wards of central Tokyo, the Chukyo metropolitan
area and the Kinki metropolitan area.
Other Major Cities indicate the Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, Kitakyushu and Fukuoka metropolitan areas, as wellas cities with a population of 300,000 or more.
(Note 2) Each of the amounts in the column “Acquisition Price” is rounded off to the nearest thousand yen. Figures for “Total” and sub-totals are the sum of
the actual acquisition prices, and show the sum of the amounts rounded off to the nearest thousand yen.
(Note 3) In the column “Share,” the figures are calculated as a percentage of the acquisition price of the concerned property under management to theaggregate total of acquisition prices of properties under management and rounded off to the first decimal place.
(Note 4) Student Heights Kujo was renamed willDo Kujo on September 1, 2013.

19