April 7, 2008
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification Concerning Acquisition of Assets
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on the acquisition of an asset, and has completed
the acquisition as shown below.
1. Overview of acquisitions(1) Name of the property(2) Type of property(3) Acquisition price (Note 1)(4) Date of conclusion of sales contract(5) Date of handover(6) Seller(7) Acquisition funds(8) Method of Payment

Park Axis Monzen Nakacho
Real estate¥1,700,000,000
March 27, 2008
March 27, 2008
Mitsui Fudosan Co., Ltd.
Own funds or loans
Full payment at the time of delivery(Note 1) “Acquisition Price” denotes the sales price (exclusive of miscellaneous expenses for acquisition, fixed property
taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sales contract for theproperty acquired.
2. Reason for Acquisition
Based on the provisions for investments and policies on asset management set forth in the by-laws, the decision to acquire
this property was made to ensure the steady growth of the whole portfolio, and for the diversification and improvement of theinvestment portfolio in Tokyo’s 23 wards.
3. Description of the properties acquired(1) Outline of the properties acquired
Name of property

Park Axis Monzen NakachoType of property
Acquisition price (Note 1)

Real Estate¥1,700 million

Appraisal company

Daiwa Real Estate Appraisal Corporation

Appraised value¥1,700 million

Date of value appraisal (Note 2)

January 31, 2008

Location

Residence Indication

2-7-10, Monzennakacho, Koto-ku, Tokyo

Building-to-land ratio

80%

Floor-area ratio

400%

Land

Buildings

ZoningCommercial zone

Site area (Note 3)

508.30㎡

Ownership form

Proprietorship

Completion Date (Note 4)

February 28, 2007

Structure / Number ofstories (Note 5)
Uses (Note 5)

Flat-roofed reinforced concrete structure / 12 stories
Apartment building/ Storeroom/ Parking Lot/ Garbage Depot

Gross floor area (Note 5)

2,415.10㎡

Ownership form

Proprietorship

Rentable units

55

Rentable area (m2))

1,886.39㎡

Existence of security interests

None

Special affairs (Note 6)

None
This property has good accessibility to the nearest station and convenienttransportation. It is located 2 minutes walk from the Monzennakacho station on theTokyo Metro Tozai and Toei Oedo Line.
This area is located in a central urban area, and has good access to major business
districts such as Nihonbashi, Marunouchi/ Otemachi, and Ginza, so steady rental
demand can be expected to center on single people and small households, who valuetransportation convenience and the living environment.

Special features of the property

Total number of tenants

1

Rentable units

55
2

Details of tenants(Note 7)

Rented units ( m )2

Rentable area ( m )2Rented area ( m )54
1,886.39
1,842.12

Operating rate (%)

97.7

Deposit (1,000)

16,576(Note 1) “Acquisition Price” denotes the sales price (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes, and local consumption taxes)specified in the real estate sales contract for the property
acquired.
(Note 2) “Appraised Value at the Time of Acquisition” and “Date of Value Appraisal” are stated based on the amount mentioned
in the real estate appraisal report which Daiwa Real Estate Appraisal Corp. prepared for the property acquired.
(Note 3) “Site Area” of the Land item denotes the land area as entered in the register.
(Note 4) “Completion Date” of the Buildings item denotes the date that the seller plans to complete the building.
(Note 5) “Structure / Number of Storeys”, “Uses” and “Gross Floor Area” are stated based on the entries in the register.
(Note 6) “Special Affairs” denotes matters which NAF recognizes as important as of today, taking into consideration their effects
on title-related matters, use, appraised value, profitability, etc. of the property acquired.
(Note 7) Description of the “Details of tenants” column:(i) “Total number of Tenants” is denoted as “1” where a master lease contract (blanket lease contract) has beenconcluded with a master lease company. As to the property acquired, NAF has concluded a master lease contract
with Mitsui Fudosan Housing Lease Co., Ltd. as the master lease company. The above “Total Number of tenants”
means the total number of tenants after conclusion of the said master lease contract.
(ii) “Rentable Units” denotes the number of rentable units in the property acquired.
(iii) Figures for “Rented units”, “Rented area”, and “Deposit” are based on information provided by the seller, valid asof March 12, 2008.
(iv)“Rentable Area” denotes the total rentable area of the building of the property acquired.
(v)All calculations of ratios for "Operating rate," "Rented area," and "Rentable area" were rounded to one decimal
place.
（２）

Outline of investigations into the state of the building
Investigating company

Investigation into state of building

Diagnosis of earthquake risks

Shimizu Corporation

Urgent repair cost.

-

Short-term repair cost.

-

Estimated repair and renewal costs for the next 12
years¥11,358,000

Replacement value¥487,000,000

Date of report on investigations into the state of thebuilding

May 18, 2007

PML (Note 1)

10.1%(Note 1): The aforementioned PML value is based on a report on earthquake risk diagnosis made by Sumitomo Mitsui

Construction Co., Ltd. However, the report on earthquake risk diagnosis only states the views of the commissioned investigationcompany and does not provide any guarantee for its contents. PML (Probable Maximum Loss) represents the rate of expected
maximum loss to be caused by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest
earthquakes anticipated to happen within the expected duration of service (the biggest earthquake which happens once every
475 years = 10% chance of a big earthquake happening once every 50 years) represented by the rate (%) of the estimated costof restoration from the damage to the replacement cost.

4. Outline of seller
Trade name

Mitsui Fudosan Co., Ltd.

Head office address

1-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo

Representative

Hiromichi Iwasa, President and Chief Executive Officer

Capital¥174,296,119
The Master Trust Bank of Japan, Ltd. (trust account)
Japan Trustee Services Bank, Ltd.
State Street Bank and Trust Company
The Chuo Mitsui Trust and Banking Company, Ltd.
Sumitomo Mitsui Banking Corporation
Mitsui Life Insurance, Co., Ltd.
State Street Bank and Trust Company 505103
Kajima Corporation
The Bank of New York, Treaty Jasdec Account
Mitsui Sumitomo Insurance Co.,, Limited(1) Acquisition, ownership, disposition and lease of real estate.
(2) Management and use of real estate.
(3) Buying, selling, brokerage and appraisal of real estate.
(4) Development, preparation and sales of sites for housing, industrial use, etc.
(5) Construction and sale of housing.
(6) Dredging and reclamation of harbors, rivers, etc.
(7) Planning, execution, supervising and performing construction contracts;(8) Ownership, leasing and management of hotels, restaurants, leisure facilities, distribution
centers, fee based nursing homes, etc.
(9) Management of parking lots.
(10) Management of overhead cableway operations.
(11) Business based on the Real Estate Specified Joint Enterprise Law.
(12) Operations concerning life insurance offering, and insurance agency operations basedon the Act on Non-life Insurance and Automobile Liability Security Law.
(13) Loans for real estate mortgages and other monetary loans.
(14) Investment in specific purpose companies, special purpose companies (companies asprovided for in the Regulation for Terminology, Forms and Preparation of Financial
Statements) and real-estate investment trusts, and buying and selling, brokerage andmanagement of interests in such investments.
(15) Holding, buying and selling, brokerage and management of securities and credit.
(16) Investment consulting work for real estate, securities and other financial assets.
(17) Cultivation, buying and selling, storing and management of markets of flowers andornamental plants, seeds and saplings, vegetables, fruit, etc.
(18) Raising milk cows and other livestock, and processing, storing, buying and selling of
their products.
(19) Selling of clothing, miscellaneous daily goods, cigarettes, revenue stamps, postal
stamps, food and drink.
(20) Buying, selling, brokerage, import and export of civil engineering and building
materials and products related to each of the above items.
(21) Specified in-house nursing care support operations and the lending of welfare
equipment in accordance with the Nursing Care Insurance Law.
(22) Sales of welfare equipment for in-house nursing care.
(23) Business incidental or relevant to each of the above items.
Holds 100% of the outstanding shares of Mitsui Fudosan Accommodations FundManagement Co., Ltd., an investment asset management company, (hereinafter referred toas the "Asset Management Company") and constitutes a related party (sponsoring party)
as provided for in the Asset Management Company's internal rules.

Major Stockholders(as of September 30, 2007)

Description of Principal
Operations

Relationship with NAF or
investment trust managementcompany

5. Transactions with related parties and the like
The property acquired is acquired from Mitsui Fudosan Co., Ltd., and Mitsui Fudosan Housing Lease Co., Ltd. is the master
lease company and also the property management company. Since Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Housing
Lease Co., Ltd. constitutes a related parties and the like (Note), in accordance with this Investment Corporation’s self-establishedrules on asset management relevant to transactions with related parties and the like, the relevant purchase and sale of realestate and execution of the contracts for master lease and property management have been carried out through deliberation anddecision by the compliance committee of the Asset Management Company and the investment committee.
(Note 1) "Related parties and the like" means related parties and the like of an asset management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on
Investment Trust and Investment Corporation, Article 123.
6. Situation of the acquirer of the property
Situation of the property
owner

Owner
before theFormer ownerformer owner
Company name,person’s namePark Axis Monzennakacho(2-7-10, Monzennakacho, Koto-ku, Tokyo)

Mitsui Fudosan Co., Ltd.

Relationship with a
special related party

Parent company ofinvestment trust
management company

Acquisition history,reason, etc.

Development with goal ofsale

Acquisition price(including other costs)―

Acquisition time

―

None

7. Earthquake resistance matters
NAF commissioned Mitsui Fudosan Co., Ltd., an expert on building structure calculations, to closely inspect and verify thedetails of earthquake-resistant structures, including structure calculation statements (specifically, to verify the structure
calculations, load calculations, stress calculations, computation on framework members, and the second-order design, and thento validate the adequacy of the design). As a result, it has been confirmed by the above expert Mitsui Fudosan that there are no
suspicions concerning the falsification of structure calculations and construction drawings by which aseismic capacity required inaccordance with the Building Standards Act is ensured for the buildings of the acquired properties. Based on the said
confirmation, the investment trust management company has judged that the aseismic capacity required by the Building Standard
Law has been ensured, and thus plans to accept handover of the property.
Furthermore, NAF requested the third party investigative body described below (Sumitomo Mitsui Construction Co., Ltd.) toinspect and verify the buildings of the acquired properties. NAF thus confirmed that no illegal manipulation, such as intentional
falsification, was found in the structure calculation statements, and that the structure calculations were appropriately carried out
in compliance with the relevant laws.
As of January 1, 2008, the building owners, the main contractors, and the designers of the property to be acquired were as
follows. None of these parties has been publicly named by the Ministry of Land, Infrastructure and Transport as a party who took
part in any property structure calculation statement falsifications.
In addition, NAF always examines earthquake risks during the course of due diligence upon acquisition of properties, fromperspectives that are different to building certification investigations performed by an inspection and certification agency. NAF
makes a decision on acquisition after performing appropriate analysis of earthquake risks of the property to be acquired,independently considering the structural earthquake-resistance of the building to be acquired, based on drawing reviews using
structure drawings, structural design outlines, etc.

Companies engaged in design of the properties acquired
Property name

Building
ownerContractor

Building design
company

Structure design
company

Building
certifier(Note 1)

Park Axis
Monzen Nakacho

Mitsui
FudosanCo., Ltd.

Sato Kogyo Co., Ltd.

Sato Kogyo Co., Ltd.

eSpace Architectural
Design Office Co., Ltd.

E house Architecture
Center Co., Ltd.

(Note 1) The building permit completion inspection certificate has been delivered from the building certification inspection agency
Japan ERI Co., Ltd. The permit of the completion inspection certificate from the building permit inspection agency of theabove-mentioned statement was received at the building completion time.

Profiles of third party investigative body (investigations of the state of the buildings, reinvestigation of earthquake risk
assessments and structure calculation statements)
Trade name

Shimizu Corporation

Head office address

1-2-3, Shibaura, Minato-ku, Tokyo

Representative

Yoichi Miyamoto, President and Chief Executive Officer

Capital¥74,365,317,000
1. Executing construction work such as building, civil engineering works and equipment
installation on contract.
2. Investigation, planning, research, appraisal, assessment, geological surveys,
surveying, design, supervision, management and consulting work related to constructionwork.
3. Investigation, planning, design, supervision, management and consulting business
related to regional development, urban development, ocean development, spacedevelopment, natural resource and energy development and environmental
improvement.
4. Buying and selling, lease, brokerage, management and appraisal of real estate, andrelated consulting work.
5. Construction, sales, lease and management of buildings such as housing, andpreparation and sale of land.
6. Beneficiary right selling operations pursuant to the Trust Business Law, and businesspursuant to the Real Estate Specified Joint Enterprise Law.
7. Planning, construction, ownership, maintenance, management and operation of
government office buildings, educational and cultural facilities, medical care and social
welfare facilities, roads, harbors, airports, parks, water supply and sewerage systems,
other public facilities, and related facilities.
8. Power generation and supply of energy such as electricity and heat, greenhouse gas
emissions trading and consulting work relevant to such operations.
9. Soil survey and purification work on contract, waste collection, treatment, disposal andreuse operations and consulting work related to such operations.
10. Design, construction, sales, lease and management of information andcommunications systems and building management systems, and related consultingwork.
11. Maintenance, security and cleaning of buildings, facilities and equipment.
12. Design, manufacturing, sales, lease and brokerage of machinery and equipment,
concrete products for construction, wood construction products, furniture and interior
decorations, and sales, lease and brokerage of construction materials.
13. Acquisition, licensing and sale of industrial property rights, copyrights, know-how, andcomputer software.
14. Management of sports facilities, hotels, restaurants, rest homes, etc. and related
consulting business.
15. Sale of pharmaceuticals, medical care materials and medical equipment andinstruments, management and consulting work for senior care homes, and home nursing
care service business.
16. Planning, production and sale of information media such as advertisements,
publishing, printing and images, and planning, management, operation and consulting
work of events.
17. Land transportation operations, and management of warehouses and delivery
centers.
18. Non-life insurance agency operations, life insurance offering operations, tourism
operations and labor dispatch services.
19. Financial operations such as loaning money, offering guarantee of debt, andpurchase of claims.
20. Operations outside Japan related to each of the above items.
21. All operations incidental and related to each of the above items.

Description of principal operations

Relationship with NAF or
investment trust managementcompany

None

Trade name

Sumitomo Mitsui Construction Co., Ltd.

Head office address

5-25, Nishi-Shinjuku 7-chome, Shinjuku-ku, Tokyo

Representative

Hisaya Igarashi, President and Chief Executive Officer

Capital¥16,859,138,000

Description of principal operations(1) Performing on contracts, design and supervision of civil engineering, building,prestressed concrete, electrical and piping works and other construction work.
(2) Design and supervision of ocean developments, regional developments, urban
developments, natural resource developments and environmental improvements.
(3) Being entrusted with engineering and consulting services such as investigation,planning and drawing up plans pertaining to each of the above items.
(4) Acquisition, management, use, disposition and lease of real estate.
(5) Buying and selling, brokerage and appraisal of real estate.
(6) Manufacturing, supply, sales and lease of civil engineering and building materials,
prestressed concrete products, seismic isolators, vibration controlling devices, machineryand equipment.
(7) Maintenance, repair, safety and security of civil engineering structures and buildings.
(8) Business related to landscaping and gardening.
(9) Development, acquisition, licensing and sales of industrial property rights, copyrights,
and software.
(10) Information processing services and information provision services.
(11) Development, sales, lease, maintenance and management of electronic officeequipment such as computers.
(12) Comprehensive leasing business(13) Management, administration, operation and lease of nursing homes, training,
medical and sports facilities, leisure facilities such as ski areas and amusement parks,
accommodation facilities, and restaurants.
(14) Labor dispatch operations.
(15) Non-life insurance agency operations.
(16) Loan of money and other financial business.
(17) Business related to pollution prevention.
(18) Collection, transport, disposition and recycling of industrial waste.
(19) Investigation and assessment of soil and groundwater contamination, and design,
implementation and supervision of restoration and purification.
(20) Operations incidental and relevant to each of the above items.

Relationship with NAF or
investment trust managementcompanyNone

8. Outlines of brokerage
There was no brokerage for the transaction concerning acquisition of the property.
9. Outlook for management of the properties after acquisition
NAF plans to separately announce the results forecasts after acquisitions of the properties when it announces its results forthe period ending February 2008 (planned in April 2008), also considering the operating situation of the entire portfolio.
* This English language notice is a translation of the Japanese language notice dated November 21, 2007 and was preparedsolely for the convenience of, and reference by, overseas investors. NAF makes no warranties as to its accuracy orcompleteness.
[Attached documents]
1. Summaries of the appraisal reports on the prices of the acquired properties
2. Portfolio list after acquisition of the properties (on a (planned) acquisition price basis)
3. Photographs of exteriors and entrances of the acquired properties
4. Maps to locate the acquired properties

Summary of the appraisal report on the amount of the properties acquired(unit: Thousands of yen)Appraised value (specified value)

Assessment item(a) Unit rental revenues, including

1,700,000

Details

Basis for assessment

97,225commons area fees

Assessed stable rents etc. which can be received over the mid
and long term, based on the appraised real estate and on thestandard levels of rents and commons area fees when assuming
they are newly rented.

(b) Utilities revenues(c) Parking lot revenues

0
1,800

There are no utilities charges collected from renters.
Assessed stable usage fees which can be received over the mid
and long term, based on levels of usage fees etc. when assumingthat they are newly rented.

(d) Other revenues
Operatingrevenues

Revenues from key money,

4,912
3,824

Assessed based on mid and long term stable rent revenues
which can be received from each tenant

when new contracts

are signed, and the estimated number of months of key money

etc.
Renewal fees968

and average annual average tenant turnover ratio and vacancy

Other revenues

120

rate.

(1) (a)+(b)+(c)+(d)(e) Total loss from vacancies etc.

103,938
5,581

Assessed at mid and long term operating levels, consideringcharacteristics of the appraised property and vacancies ofcomparable real estate nearby, etc.

(f) Loss on bad debts

0

Not totaled, due to consideration of collateral such as security
deposits.

(2) Operating revenues [(1) -(e)] -(f)](g) Maintenance expense

98,356
3,350

Assessed by referring to current
comparable

rentalapartment

expenses, consideringbuilding

utilities

expenses,particular characteristics of the assessed real estate, etc.
(h) Utilities expense

1,369

Assessed by referring to current expenses, and considering
utilities

expensesofcomparable

rentalapartments,characteristics of the real estate subject to evaluation, etc.
(i) Repair expense

849

Assessed by considering expenses to restore units to their
original condition accompanying tenant turnover, repair expenses
in the engineering report, etc.

(j) Property management fees

3,275

Assessed considering property management fees of comparable
buildings.

(k) Tenant soliciting fee, etc.

3,055

OperatingAssessed at 1.3 months of the unit rental revenue as fees,considering annual average tenant turnover ratio, operating rate,

expensescurrent contract terms, lease terms of comparable real estate
nearby, etc. The administrative costs for recruiting new tenants,
and signing and renewal of contracts are also taken into account.
(l) Taxes and public dues

3,801

For the land, this was assessed based on the 2007 business year
tax register, considering the special measures for small
residential lots.

For the building, this was assessed based on

replacement cost, considering adjustments for the passage oftime, etc.
(m) Property insurance fee

240

Assessed by considering insurance rates for comparable(n) Other expenses

396

Recorded based on contract amount presented.

(3) Operating expenses

16,336[(g)+(h)+(i)+(j)+(k) +(l)+(m)+(n)](4) Net operating income [(2) – (3)]82,020(o) Earnings from temporary deposits

308

Assumed security deposits held multiplied by an assumed 2.0%
investment yield. This yield is from a medium to long term
perspective, based on data independently obtained by the realestate appraiser.

(p) Capital expenditures

1,379

Assessed by considering the building age, annual averageamount of renewal expenses in the engineering report, etc.

(5) Net income [(4) +(o)] -(p)](6) Cap rate

80,9504.7%

Decided on a cap rate for apartment buildings located in thelowest risk districts, after comprehensively considering yields oftransactions in comparable apartment buildings in the market,
results of a real estate investor survey, etc. Then assessed ayield difference in comparison with districts which meet the above
criteria, based on cap rates for the appraisal values of theassessed real estate and for comparable real estate, consideringrental supply and demand trends and property sales trends inthese districts, etc.

Value of earnings calculated by the direct capitalization

1,720,000

method [(5)÷(6)]Value calculated by discounted cash flow method
Discount rate

1,690,000
4.5%

Assessed by a method comparing with sample transactions incomparable real estate, together with a method which considers
the specific characteristics of real estate to adjust yields offinancial assets, and also considering interviews with investors,

Terminal cap rate

4.9%

Adjusts the cap rate assessed above by comprehensively
considering the characteristics of the net income adopted, future
uncertainties, liquidity, market characteristics, etc.

Cost method value
Total value of land and building

887,000
887,124

Land value

410,375

Building value

476,749

Adjustment0

The combined value of the land and building is judged to beunchanged.

NAF requested real estate appraisals for the properties acquired, by Daiwa Real Estate Appraisal Corp., based on points to note when appraising
real estate from the Act on Securities Investment Trust and Securities Investment Corporations, and based on the Act on Real Estate Appraisal(1963 Law No. 152, including later amendments) and on real estate appraisal standards. The above figures record a summary of the real estateappraisal reports prepared. Each corresponding appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with noguarantees as to the validity or accuracy of these reports, nor the possibility of transactions at the appraised values.
Yen amounts are rounded off to the nearest thousand yen.

<Attached Document 2>Portfolio list after the acquisition of the property is completed (on a (planned) acquisition price basis)

No.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
28
29
30
31
32
33
34
38
39
41
42
43
44

Name

Okawabata
River Point Tower
Apartment
Park Side Wings
Communities
Pier West House
Park Axis Gakugei Daigaku
Park Axis Ichigaya
Park Axis Shibuya Jinnan
Park Axis Aoyama Kotto-doriPark Axis Kagurazaka Stage
Park Axis Shiroganedai
Park Axis Bunkyo Stage
Park Axis Tsukishima
Park Axis Otsuka
Park Axis Minami Azabu
Park Axis Shibuya
Park Axis Nihonbashi Stage
Park Axis Hamamatsucho
Park Axis Hongo No Mori
Park Axis Tameike Sanno
Park Axis Roppongi Hinokicho Park
Park Axis Ochanomizu Stage
Park Axis Okachimachi
Park Cube Hongo
Park Cube Kanda
Park Cube Ichigaya
Park Cube Asakusa Tawaramachi
Park Cube Ueno
Park Cube Ikebukuro Kanamecho
Park Axis Meguro Honcho
Park Axis Shin Itabashi
Park Axis Akihabara
Park Axis Toyocho
Park Axis Takinogawa
Park Axis Asakusabashi
Park Axis Nihonbashihamacho
Park Cube Yoyogi Tomigaya
Park Axis Monzen Nakacho
Park Cube Itabashi Honcho
Park Cube Gakugei Daigaku(Tentative name) Park Cube Oimachi (Acquisition
planned)Tokyo 23 Wards Total

LocationPrice of(Planned)
Acquisition(Note 1)

Portfolio
Share(Note 2)Chuo-ku, Tokyo

29,69621.2

Setagaya-ku, Tokyo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Chuo-ku, Tokyo
Toshima-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Bunkyo-ku, Tokyo
Taito-ku, Tokyo
Bunkyo-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Taito-ku, Tokyo
Taito-ku, Tokyo
Toshima-ku, Tokyo
Meguro-ku, Tokyo
Itabashi-ku, Tokyo
Chiyoda-ku, Tokyo
Koto-ku, Tokyo
Kita-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo
Shibuya-ku, Tokyo
Koto-ku, Tokyo
Itabashi-ku, Tokyo
Meguro-ku, Tokyo

1,760
2,570
3,230
1,730
1,400
5,140
4,440
930
1,655
3,939
1,282
7,557
2,025
2,910
2,860
2,170
9,710
1,070
1,760
2,454
1,794
2,508
2,233
1,608
1,810
3,430
1,200
3,950
1,820
2,717
5,540
1,975
1,700
4,170
910

1.3
1.8
2.3
1.2
1.0
3.7
3.2
0.7
1.2
2.8
0.9
5.4
1.4
2.1
2.0
1.5
6.9
0.8
1.3
1.8
1.3
1.8
1.6
1.1
1.3
2.4
0.9
2.8
1.3
1.9
4.0
1.4
1.2
3.0
0.6

Shinagawa-ku, Tokyo

1,440

1.0

129,094

92.2

25
26
40

Park Cube Keio Hachioji
Park Cube Keio Hachioji II
Park Axis Nishifunabashi
Greater Tokyo Total (note 3)

Hachioji-shi, Tokyo
Hachioji-shi, Tokyo
Funabashi-shi, Chiba

991
1,130
1,020
3,141

0.7
0.8
0.7
2.2

27

Park Axis Meieki Minami

Nakamura-ku, Nagoya-shi, Aichi

2,440

1.7

35

Park Axis Marunouchi

Nakaku, Nagoya-shi, Aichi

1,920

1.4

36

Park Axis Ropponmatsu

Chuo-ku, Fukuoka-shi, Fukuoka

1,515

1.1

Park Axis Hatakaeki Minami

Hakata-ku, Fukuoka-shi, Fukuoka

1,890

1.3

7,765

5.5

140,000

100.0

37

Other Major Cities Total (note 4)
Total(Note 1) “Price of (Planned) Acquisition” denotes the sale price (exclusive of miscellaneous expenses for acquisition, fixed property taxes, urban
planning taxes, consumption taxes and local consumption taxes) of the property which NAF acquired or the property to be acquired. Amounts lessthan one million yen have been rounded off.
(Note 2) “Portfolio Share” means the percentage resulting from the acquisition price of the property acquired or the property to be acquiredcompared with the total amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo’s 23 wards), and the 3 prefectures of Kanagawa, Saitama and Chiba.
(Note 4) “Other Major Cities” indicates the regional core cities designated by government ordinance.

<Attached Document 3> Photographs of exteriors and entrances of the acquired properties

<Attached Document 4> Maps to locate the acquired properties

Monzennakacho
Station

Z07BB 第 152 号

Park Axis Monzen Nakacho