English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
December 19, 2014

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 Mi-Casa
Asset Management Inc. (hereafter referred to as the “Asset Manager”), asset manager of the Investment Corporation, hasdecided at a meeting of its Investment Committee and Board of Directors held earlier today to acquire the following asset(hereafter referred to as the “Acquisition”).

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 (1) acquiring new properties in the Tokyo metropolitan area
centering on the 23 wards of Tokyo (over JPY1bn per property as a general) as well as new regional top-class properties
outside the Tokyo metropolitan area (over JPY1bn per property as a general), and (2) selling primarily small (especiallyproperties below JPY500mn) and relatively older properties outside the Tokyo metropolitan area to increase management
efficiency.

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

II. Reasons for the Acquisition
The Asset Manager decided on the investment after having comprehensively considered the location of the asset to beacquired, its characteristics (total of 224 units (1R: 14 units, 1K: 168 units and 1DK: 42 units)) as well as the profitability ofthe property, and as a result, judged that the property to be acquired would be an appropriate fit according to the criterion
outlined in Basic Policy (1) above.
With the Acquisition, the total asset size is expected to reach approximately 193.0 billion yen for the 190 portfolio properties(acquisition price base, total of 11,814 units.)

Number of
Property

Name of Property

O-6-139

Three Major
Serenite ShinOsaka
Metropolitan Areas
Nibankan(Osaka city, Osaka)

Area Category

Property
Type

Proposed
Acquisition Price(A)(JPY thousand)(Note1)

Appraisal Value(as of October 2014)(B)(JPY thousand)Difference between
proposed acquisition
price and appraisal value(B) – (A)(JPY thousand)((A)/(B))

Studio3,510,000

3,600,000

90,000 (97.5%)(Note1) Proposed Acquisition Price excludes acquisition expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local
consumption tax; hereinafter the same.
(Note2) Amounts are rounded down to the nearest million yen. Ratios are rounded off to one decimal place; hereinafter the same.

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 to be Acquired
O-6-139

Serenite ShinOsaka Nibankan

Category of proposed
property for acquisition
Trust company

Trust beneficiary interest

Proposed acquisition price

JPY 3,510,000 thousand

Mitsubishi UFJ Trust and Banking
Corporation

Trust agreement period

From December 24, 2014
To December 31, 2024

Unique Features of the Property
This property is a 15-story condominium with a reinforced concrete structure targeting single persons. It is located an approximately
four-minute walk from Shin-Osaka Station on the JR Tokaido Shinkansen Line and an approximately five-minute walk from Shin-Osaka
Station on the JR Tokaido Main Line and the Osaka City Subway Midosuji Line. Shin-Osaka area where the property is located features
good access to various urban areas as a gateway of Osaka. It also features close proximity to central Osaka, with Osaka Station andUemda Station only about four to six minutes from Shin-Osaka Station. The location also boasts high convenience in terms of dailyliving having ample retail facilities and restaurants in the surroundings. The property was built in January 2009 and is anti cipated to
attract demand mainly from working adults.
Overview of the Property(Residential indication) 1-3-14, Miyahara, Yodogawa-ku, Osaka-city, Osaka
Location (Note 1)(Lot number) 1-3-5, Miyahara, Yodogawa-ku, Osaka-city, Osaka
Type of ownership
Proprietary ownership Use Area (Note 2)
Commercial districtLand
FAR / Building coverage ratio
Land area (Note 1)
794.00 square meters800% / 80%(Note 3)
Condominium, Parking,Type of ownership
Proprietary ownership Use (Note 1)
Electric Room
Floor space (Note 1) 7,517.43 square meters Completion date (Note 1)
January 22, 2009
Building
Type of structure
RC, B1/15-story building with flat roof
(Note 1)
Number of leasable units
224 units (1R: 14 units, 1K: 168 units, 1DK: 42 units)by typePlanned property
HASEKO LIVENET, Inc.
management company
Planned master lease party

G.K. Japan Rental Housing

Type of master lease

Property Appraisal Summary (Note 4)

Tenants Details (Note 5)

Appraiser
The Tanizawa Sōgō Appraisal Co., Ltd.
Date of appraisal
October 31, 2014
Appraisal value
JPY 3,600,000 thousand
Value calculated by direct
JPY 3,600,000thousand
capitalization method
Gross operating revenue

JPY 3,660,000thousand

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

JPY 228,049thousand

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
methodDiscount rate
Terminal capitalization
rate
Value indicated by cost
approach

Pass throughJPY 37,970thousand
JPY 190,078thousand

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
6,173.16 square meters
5,576.76 square meters
JPY 16,398 thousand
JPY 782 thousand
90.2%
90.3%

Engineering Report Summary (Note 10)

JPY 339thousand
Engineering report company

ERI Solution Co., Ltd.

JPY 186,743thousand

JPY 3,675thousand

Date of research

November 19, 2014

5.1%

Priority repairs-

JPY 3,570,000thousand
5.2%
5.3%

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)
Probable maximum loss (PML)

JPY 100 thousand
JPY 53,560 thousand
6.7%

Special Note: None
Collateral: 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.

3

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
(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
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 December 5, 2014 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 December 5, 2014. 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 t he 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 December 5, 2014
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 November 2014.

4

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

IV. Notes on the Due Diligence of the Property to be Acquired
Concerning the property to be acquired, 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
The counterparty (planned) is two domestic business companies, but details of the companies are undisclosed as per therequest of the counterparty. There are no capital, personnel, business relationships required to mention between theInvestment Corporation or the Asset Manager and the said companies, nor is either of the companies an affiliated party ofeither the Investment Corporation or the Asset Manager. Furthermore, neither of the said companies is classified as aninterested party, etc. under the Order for Enforcement of the Law Concerning Investment Trusts and Investment Corporations,and neither is defined as an “interested party, etc.” under the internal rules on dealings with interested parties of the Assetmanager.

VI. Profile of the Property Owner
The property owner of the asset to be acquired is not classified as a special related party of the Investment Corporation and
the Asset Manager.

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

VII. Profile of Brokerage
Company Name

Resona Bank, Limited

Head Office Location

2-2-1, Bingomachi, Chuo-ku, Osaka-city

Representative

Kazuhiro Higashi, President

Main BusinessBanking and trust business

Paid-in Capital

JPY 279.9 billion (as of April 1, 2014)

Date of Establishment

May 15, 1918 (operation started on March 3, 2003)
There are no capital, personnel or business ties between the Investment Corporation or
the Asset 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 with interested parties of the Asset Manager.

Relationship between thecompany and the Investment
Corporation or the asset
managerBrokerage fees

- (Note)(Note) Brokerage fees are not disclosed as consent from the broker has not been obtained.

VIII. Planned Funds for acquisition of the new property
Loans and own funds (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.

X. Date of Acquisition
December 19, 2014

Conclusion date of the Acquisition and signing date of the transaction agreement for theAcquisition

December 24, 2014

Payment and delivery date for the asset to be acquired (plan)

XI. Forecasts
There is minimal impact from the Acquisition on asset management conditions for the fiscal period ending March 31,
2015 (October 31, 2014 to March 31, 2015).

6

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

XII. Property Appraisal Summary of Price of Property to be Acquired
Property Name

O-6-139
Serenite ShinOsaka Nibankan

Appraisal Value

JPY 3,600,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

Appraiser
Date of Appraisal

October 31, 2014

Item
Value indicated by income approach

Details

Overview, etc.

(JPY)

3,600,000,000-

Value indicated by the Direct Capitalization
Method(JPY)

3,660,000,000-(1) Total Operating Income (a-b)(JPY)

228,049,036-

Rental revenues includingcommon service fees

(JPY)

217,344,623

Parking fees

(JPY)

9,936,000

Other revenues(JPY)

8,383,152

Losses from vacancies(JPY)

7,614,739

Bad debt losses

(JPY)

-

(2) Total Operating Expenses(JPY)

37,970,692

Operation costs(JPY)

6,660,000

Utilities(JPY)

2,963,117

Repairs and maintenance expense(JPY)6,138,452

Property management fees

(JPY)

4,393,318

Tenant promotion fees, etc.

(JPY)

4,528,013

Based on considering the details of planned outsourcing
agreements.

Taxes and public dues

(JPY)

11,002,500

Actual amount.

Nonlife insurance(JPY)

460,900

Other expenses(JPY)

1,824,392(3) Net Operating Income (NOI):(1) - (2)(JPY)

190,078,344(4) Lump-sum Investment Return(JPY)

339,666(5) Capital Expenditure(JPY)

3,675,000(6) Net Cash Flow (NCF) :(3) + (4) – (5)(JPY)

186,743,010

ab(7) Capitalization Rate

(%)

5.1

Value Indicated by DCF Method(JPY)

3,570,000,000

Discount Rate

(%)

5.2

Terminal Capitalization Rate

(%)

5.3

(JPY)

2,700,000,000

Value indicated by cost approach

7

Based on considering competitiveness, current leasecondition and planned tenant relocations of the subject
property, market environment, etc.
Based on considering lease format, competitiveness andcurrent lease condition of the subject property, market
environment, etc.
Not indicated due to being secured by lease deposits,
etc.
Based on considering the details of planned outsourcing
agreements.
Based on historical results, similar cases within thesame scale, etc.
Based on the building maintenance and management
status, quality, age, etc.

Based on materials presented by the client.
Based on historical results.
Based on recent earnings ratio of financial assets, future
economic forecast, etc.
Based on the building maintenance and management
status, quality, age, etc.
Assessed by conducting comparative investigations
with multiple transaction yields in a similar area within
the same demand/supply zone, etc. and taking forecasts
on future fluctuations in net income into consideration
while also keeping relationship with discount rate inmind.
Assessed by setting base yield for subject residential
properties through build-up approach based on yields offinancial instrument, etc., and taking individual risks
concerning the subject real estate into consideration on
the concerned base yield.
Assessed based on capitalization rate and taking into
consideration future forecast uncertainties.
-

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

Land portion

(%)

36.11

Building portion

(%)

63.89

Other items of note by appraiser

None*URL: http: //www.jrhi.co.jp/en/

8

Assessed by comparing with transaction cases locatedin a similar area within the same demand/supply zone,
etc. and that have comparability, and consideringvarious adjustments, amendments, factor comparisons,etc. which arise during the comparison process based oncollective analysis on abundant transaction materials.
Assessed by referring to ER and taking into
consideration design and supervision fees, while paying
attention to levels in similar construction cases, etc.

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

(Reference Material I)

Photograph of Property to be Acquired9English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material II)

Location Map of Property to be Acquired10English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material III)

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

StudioFamilyTotal by Area

Seven Central Wards of Tokyo (Note 1)

964

368

1,332

Three Major Metropolitan Areas (Note 2)

4,958 (+224)

2,410

7,368 (+224)

Other Major Cities (Note 3)

2,645

469

3,114

Total by Type8,567 (+224)

3,247

11,814 (+224)(Note 1) The seven central wards of Tokyo mean Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku, and Meguro-ku.
(Note 2) The three major metropolitan areas mean Kanto metropolitan area excluding the seven central wards of Tokyo, Chukyo metropolitan area, andKinki metropolitan area.
(Note 3) The other major cities mean Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, and Kitakyushu/Fukuoka metropolitan areas and cities
with a population of 300,000 or more.

(Reference Material IV)

Situation of the Portfolio after the Acquisition

Asset scale (acquisition price)

JPY 193.0 billion

Number of owned properties

190 properties

Total number of leasable units

11,814 units

11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.>
Acquisition of
1 Property(+)

Before the Acquisition

After the Acquisition

Number of Owned Properties

189 properties

1 property

190 properties

Total Number of Leasable Units

11,590 units

224 units

11,814 units

464,260.71 sq. meters

6,173.16 sq. meters

470,433.87 sq. meters12.28 years

5.92 years

12.17 years

Total Net Rentable Area
Average Age of Buildings(Note)(Note) Indicates weighted average of age of properties in accordance with acquisition price. “Before the Acquisition” is as of today,“Acquisition of 1 Property” and “After the Acquisition” are as of payment and delivery date of the asset to be acquired.

<Asset Size etc.>
Acquisition of
1 Property(+)

Before the Acquisition
Total Acquisition Price(Note 1)

Total Book Value (a)(Note 2)

Total Appraisal Value (b)(Note 3)

Ratio (a) / (b) x 100%
Asset Scale per Property(Note 1)NOI Yield

After the Acquisition

JPY 189.56 bn

JPY 3.51 bn

JPY 193.07 bn

JPY 184.58 bn

JPY 3.51 bn

JPY 188.09 bn

JPY 189.72 bn

JPY 3.60 bn

JPY 193.32 bn

97.3%

97.5%

97.3%

JPY 1.00 bn

JPY 3.51 bn

JPY 1.01 bn

5.7%

5.4%

5.7%

(Note 4)(Note 1) Total Acquisition Price and Asset Scale per Property are calculated based on the acquisition price.
(Note 2) Book Values for the property to be acquired is based on acquisition prices, and Book Values for others are based on the amounts posted on thebalance sheet as of the end of September 2014.
(Note 3) Appraisal Values for the property to be acquired is based on the appraisal values at the time of the acquisition, and Appraisal Values for others are
based on the appraisal values as of the end of September 2014.
(Note 4) NOI Yield is NOI/acquisition price. Figure for the property to be acquired is appraisal NOI as of the acquisitions, for properties acquired during the
fiscal period ended March and September 2014 are annualized actual figures for the fiscal period ended September 2014 and all other properties arecalculated using total of actual NOI during the fiscal periods ended September 2013 and March 2014.

12

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
<Amount and Rate of Investment by Type (Based on Acquisition Price)>
Acquisition of
1 Property(+)

Before the Acquisition
StudioJPY 118.3 bn (62.5%)

FamilyJPY 71.1 bn (37.5%)

JPY 3.5 bn―

After the Acquisition
JPY 121.9 bn (63.1%)
JPY 71.1 bn (36.9%)<Amount and Rate of Investment by Region (Based on Acquisition Price)>
Acquisition of
1 Property(+)

Before the Acquisition
The Seven Wards of Central Tokyo

JPY 43.6 bn (23.0%)

Three Major Metropolitan Areas

JPY 114.9 bn (60.6%)

Other Major Cities

JPY 31.0 bn (16.4%)

13―

JPY 43.6 bn (22.6%)
JPY 3.5 bn―

After the Acquisition

JPY 118.4 bn (61.4%)
JPY 31.0 bn (16.1%)

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(JPY thousands)(Note 2)

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

Satella Kita 34jo

Other Major Cities

1,133,714

0.6

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2

O-1-032

willDo Kita 24jo

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

0.2

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

0.4

O-1-092

Dormy Chitose

Other Major Cities

476,000

0.2

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.2

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.6

O-1-132

Cresidence Sapporo Minami4jo

Other Major Cities

1,140,000

0.6

O-2-037

willDo Nishishitadaicho

Other Major Cities

512,000

0.3

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.3

O-2-065

Grandmaison 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

0.6

O-2-137

Forest Hill SendaiAoba

Other Major Cities

2,750,000

1.4

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.2

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.1

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

480,7610.2

O-4-008

willDo Kiyosumi

Three Major Metropolitan Areas

5,024,619

2.6

O-4-009

Turkey's Denenchofu No.2

Three Major Metropolitan Areas

281,523

0.1

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

0.3

O-4-025

Joy Oyamadai

Seven Wards of Central Tokyo

624,265

0.3

O-4-031

willDo Otsuka

Three Major Metropolitan Areas

725,2290.4

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.3

O-4-039

Toshin Shoto Mansion

Seven Wards of Central Tokyo

912,000

0.5

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

14

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-4-069

College Square KitaIkebukuro

Three Major Metropolitan Areas

727,000

0.4

O-4-070

College Square TobuNerima

Three Major Metropolitan Areas

892,000

0.5

O-4-071

College Square Akatsuka

Three Major Metropolitan Areas

734,000

0.4

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

0.5

O-4-075

College Square Shinkoiwa

Three Major Metropolitan Areas

724,000

0.4

O-4-076

College Square Kiba

Three Major Metropolitan Areas

639,000

0.3

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 ShinjukuGyoen

Seven Wards of Central Tokyo

1,010,000

0.5

O-4-095

Prospect NihonbashiHoncho

Seven Wards of Central Tokyo

808,000

0.4

O-4-096

Maison de Ville Takanawa Gyoranzaka

Seven Wards of Central Tokyo

1,480,000

0.8

O-4-097

Roppongi Rise House

Seven Wards of Central Tokyo

912,000

0.5

O-4-098

TK Flats Shibuya

Seven Wards of Central Tokyo

4,770,000

2.5

O-4-099

Maison de Ville NakaMeguro

Seven Wards of Central Tokyo

1,050,000

0.5

O-4-100

Prospect KALON Minowa

Three Major Metropolitan Areas

1,620,000

0.8

O-4-101

Prospect Shinonomebashi

Three Major Metropolitan Areas

3,040,000

1.6

O-4-102

Prospect Monzennakacho

Three Major Metropolitan Areas

1,080,000

0.6

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

0.4

O-4-105

Prospect OmoriKaigan

Three Major Metropolitan Areas

1,480,000

0.8

O-4-106

Prospect MusashiShinjo

Three Major Metropolitan Areas

1,050,000

0.5

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

1.1

O-4-121

Joyce Court

Three Major Metropolitan Areas

3,010,000

1.6

O-4-122

Act Forme Asakusa

Three Major Metropolitan Areas

1,216,000

0.6

O-4-125

Gran Casa Roppongi

Seven Wards of Central Tokyo

1,480,808

0.8

O-4-126

Gran Casa MinamiAoyama

Seven Wards of Central Tokyo

3,750,000

1.9

O-4-127

Storia Jingumae

Seven Wards of Central Tokyo

3,160,000

1.6

O-4-129

Spacia Shinjuku

Seven Wards of Central Tokyo

2,525,000

1.3

O-4-133

Lietocourt Yotsuya

Seven Wards of Central Tokyo

1,716,800

0.9

O-4-134

Lietocourt Motoakasaka

Seven Wards of Central Tokyo

1,095,700

0.6

O-4-138

Gran Casa Ginza East

Seven Wards of Central Tokyo

2,000,000

1.0

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

0.3

O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.2

15

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.3

O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.6

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

O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.3

O-5-063

willDo Inaei

Three Major Metropolitan Areas

641,000

0.3

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

0.3

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,115

0.3

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.4

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2

O-6-016

willDo ImafukuNishi

Three Major Metropolitan Areas

413,857

0.2

O-6-017

Maison FloraThree Major Metropolitan Areas

584,2850.3

O-6-018

Wind Four MinamiHonmachi

Three Major Metropolitan Areas

307,1420.2

O-6-028

willDo Shin-Osaka s I

Three Major Metropolitan Areas

285,723

0.1

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1

O-6-030

willDo FukaeMinami

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

0.4

O-6-047

willDo Temmabashi

Three Major Metropolitan Areas

338,000

0.2

O-6-048

willDo SakaisujiHommachi

Three Major Metropolitan Areas

325,000

0.2

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.5

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

0.2

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

1.2

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.3

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.4

O-6-067

willDo ShinOsaka

Three Major Metropolitan Areas

861,000

0.4

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.4

O-6-084

willDo Kamishinjo wI

Three Major Metropolitan Areas

366,000

0.2

O-6-085

willDo Kujo

Three Major Metropolitan Areas

537,000

0.3

O-6-111

Abreast ShinOsaka

Three Major Metropolitan Areas

1,391,000

0.7

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2

16

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.1

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.4

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

0.1

O-6-118

Prospect Kawaramachi Gojo

Three Major Metropolitan Areas

583,000

0.3

O-6-119

Gransys Esaka

Three Major Metropolitan Areas

1,260,000

0.7

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.3

O-6-136

Pregio Miyakojima

Three Major Metropolitan Areas

1,610,000

0.8

O-6-139

Serenite ShinOsaka Nibankan

Three Major Metropolitan Areas

3,510,000

1.8

O-7-068

willDo Okayamaeki Nishiguchi

Other Major Cities

1,220,000

0.6

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.5

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.3

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.8

O-9-135

Granpark Tenjin

Other Major Cities

4,698,000

2.4

121,908,572

63.1

Acquisition Price(JPY thousands)(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-1-069

Gran Casa Urasando

Other Major Cities

1,510,000

0.8

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 MinamiSendai

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

0.5

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

0.8

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

0.8

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.2

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.4

F-4-011

Profit Link Takenotsuka

Three Major Metropolitan Areas

636,333

0.3

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

0.3

F-4-015

Oji Heights

Three Major Metropolitan Areas

347,857

0.2

17

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)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

0.9

F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.3

F-4-019

Libest NishiChiba

Three Major Metropolitan Areas

2,152,476

1.1

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,571

0.2

F-4-028

Winbell Chorus Hiratsuka No.13

Three Major Metropolitan Areas

477,587

0.2

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.7

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

0.3

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

1.6

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

Seven Wards of Central Tokyo

1,250,000

0.6

F-4-040

Sun Terrace Yoyogi Uehara

Seven Wards of Central Tokyo

1,180,000

0.6

F-4-044

Prospect NihonbashiKoamicho

Seven Wards of Central Tokyo

840,000

0.4

F-4-045

Park Terrace Ebisu

Seven Wards of Central Tokyo

2,060,000

1.1

F-4-046

Prospect Dogenzaka

Seven Wards of Central Tokyo

1,590,000

0.8

F-4-047

Prospect Glarsa Hiroo

Seven Wards of Central Tokyo

3,560,000

1.8

F-4-048

Prospect Hatsudai

Seven Wards of Central Tokyo

518,000

0.3

F-4-049

Prospect NishiSugamo

Three Major Metropolitan Areas

1,110,000

0.6

F-4-050

Prospect Machiya

Three Major Metropolitan Areas

484,000

0.3

F-4-051

Prospect KiyosumiTeien

Three Major Metropolitan Areas

2,630,000

1.4

F-4-052

Prospect Morishita

Three Major Metropolitan Areas

1,260,000

0.7

F-4-053

Prospect OnshiKoen

Three Major Metropolitan Areas

1,110,000

0.6

F-4-054

BELNOS 34

Three Major Metropolitan Areas

1,700,000

0.9

F-4-055

SK Residence

Three Major Metropolitan Areas805,000

0.4

F-4-056

Angel Heim NishiRokugo No.2

Three Major Metropolitan Areas

1,012,000

0.5

F-4-057

Deim Hashimoto

Three Major Metropolitan Areas

748,000

0.4

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.8

F-4-059

Prospect UrawaTokiwa

Three Major Metropolitan Areas

717,000

0.4

F-4-064

Glana Ueno

Three Major Metropolitan Areas

1,100,000

0.6

F-4-065

The Residence Honmoku Yokohama BaysideThree Major Metropolitan Areas

5,550,000

2.9

F-4-066

Lietocourt Asakusabashi

Three Major Metropolitan Areas

1,615,800

0.8F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.3

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

0.4

F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.4

F-5-060

Gran Casa Daikancho

Three Major Metropolitan Areas

1,082,000

0.6

18English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Type Property
NumberRegion(Note 1)

Property Name

Acquisition Price(JPY thousands)(Note 2)

Share(%)
(Note 3)F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.5

F-5-067

Lietocourt Marunouchi

Three Major Metropolitan Areas

3,756,800

1.9

F-5-068

Gran Casa Kamimaezu

Three Major Metropolitan Areas

2,050,000

1.1

F-6-026

willDo NishiAkashi

Three Major Metropolitan Areas

635,666

0.3

F-6-033

La Vita Nippombashi

Three Major Metropolitan Areas

1,860,000

1.0

F-6-062

Crown Heim NishiTanabe

Three Major Metropolitan Areas

405,000

0.2

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.2

Family Total

71,166,040

36.9

Total

193,074,612

100.0(Note 1) The Seven Wards of Central Tokyo represent Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku and Meguro-ku.
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 well as
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.

19