June 29, 2017
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Takashi Ikeda(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property(Dormy Kamisugi)
This is a notification that Mitsui Fudosan Accommodations Fund Management Co., Ltd., an investment trust
management company, which has been commissioned by Nippon Accommodations Fund Inc. (“NAF“) to manage
its assets, decided on and completed the acquisition of real estate property in Japan as shown below.
1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following property was made to ensure the steady growth of assets undermanagement, and for the diversification and further enhancement of the investment portfolio.
2. Overview for acquisition(1) Name of property acquired

Dormy Kamisugi(2) Type of property acquired

Real estate(3) Acquisition price (Note 1)¥1,050,000 thousand(4) Appraised value (Note 2)¥1,140,000 thousand(5) Date of conclusion of sale contract

June 29, 2017

(6) Date of handoverJune 29, 2017(7) Seller

Not disclosed (Note 3)(8) Acquisition fund s

Own funds(9) Method of payment

Full payment at the time of delivery(Note 1) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sale contract forthe property acquired.
(Note 2)

“Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on(Note 3)Not disclosed as the consent from the seller has not been obtained.

May 31, 2017) which Morii Appraisal & Investment Consulting, Inc. prepared for the property acquired.

1

3. Description of the property acquired(1) Outline of the property acquired
Name of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories(Note 5)Use (Note 5)
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)
Building

Special features of the property

Details oftenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit
Total rental revenues

Dormy Kamisugi
Real EstateMorii Appraisal & Investment Consulting, Inc.
¥1,140,000 thousand
May 31, 20172-53 Kamisugi 6-chome, Aoba-ku, Sendai-shi, Miyagi
60%
200%
Category 2 residential district
1,767.93 m2
Proprietorship
March 13, 1997
Flat-roofed reinforced concrete structure / 8 stories
Dormitory
3,131.41 m2
Proprietorship
124
2,362.92 m2
None
None
The property is an approximately 11-minute walk from KitaYobancho Station on the Sendai Subway Namboku Line, and it
provides excellent access to the city center as it is anapproximately 5-minute ride to Sendai Station on the Namboku
Subway Line from Kita-Yobancho Station and an approximately
12-minute walk to Kita-Sendai Station on the JR Senzan Line.
The property is located at an excellent residential district asmultiple lines can be used and facilities offering convenience indaily life stand in the neighboring area.
Demand from businesspersons emphasizing accessibility toworkplace and residence as well as demand from students
communing to schools in the neighboring area are assumed forthe property.

1
124
124
2,362.92 m2
2,362.92 m2
100.0%
Not disclosed as the consent from the lessee has not beenobtained.
Refer to “10. Summary of appraisal report” below.

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal report prepared by Morii Appraisal &Investment Consulting, Inc. for the property acquired.
(Note 2) “Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the BuildingStandards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-area ratio” is theratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act, and the figure
stipulated by city planning in accordance with zoning, etc. is indicated.
(Note 3) “Site area” denotes the land area included in the register.
(Note 4) “Completion date” of the building denotes the date included in the register.
(Note 5) “Structure / Number of stories,” “uses,” and “gross floor area” are based on the description in the register.

2

(Note 6) “Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the property acquired.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is denoted as “1 tenant” where a master lease agreement (blanket lease agreement) has beenconcluded with the lessee (operator). As to the property acquired, NAF has concluded a fixed-term building leaseagreement with NAF as the lessor and Kyoritsu Maintenance Co., Ltd. as the lessee and operator, as of today. The
above “Total number of tenants” is denoted as “1” indicating the number of said lessee.
(ii) “Rentable units” denotes the number of units that can be rented within the property acquired.
(iii) ”Rented units” and “rented area” are based on the fixed term building lease agreement concluded as of today. “Deposit /Security deposit” is not disclosed as the consent from the lessee has not been obtained.
(iv) “Rentable area” denotes the total area of the building that can be rented within the property acquired.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

(2) Outline of investigations into the state of the building, etc.
Consigned investigating company
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Investigation report dateJune 12, 2017
Urgent repair cost－
Investigations
into the state ofShort-term repair cost－building
Repair and renewal costs expected¥93,459 thousand
to be necessary within 12 years
Replacement value¥723,700 thousand
Consigned investigating company
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Earthquake risk
Investigation report dateJune 12, 2017
diagnosis
PML value (Note)
4.6%(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does notprovide any guarantee for its contents. PML (Probable Maximum Loss) value represents the rate of probable 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 theestimated cost of restoration from the damage to the replacement cost.

Profile of third-party investigative body
Name
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Address
5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Representative
Taizo Shimakura, President and Chief Executive Officer
Research, study, provision of information, assessment, consulting, holding of
Description of principal
seminars, publishing, provision of training, etc. on security, disaster prevention,
operations
sanitation, environment, product safety and information management, etc.
Capital¥100 million

Relationship with NAF
or the investment trust
management company

None

4. Outline of seller
The seller is a domestic business corporation, but information is not disclosed as the consent from the seller
has not been obtained. There are no capital, personal or business relationships to report between the seller and
NAF, the investment trust management company, or any related parties or associated companies of NAF or theinvestment trust management company. Moreover, the seller and any related parties or associated companies ofthe seller do not fall under the category of related parties of NAF or the investment trust management company.

35. Situation of the acquirer of the property
The property acquired is not an acquisition from a party classified as having a relationship of special interest
with NAF or the investment trust management company, therefore the situation of the acquirer is not stated

6. Outline of brokerage(1) Outline of broker
Name
Address
Representative
Description of principal
operations
CapitalDate of establishment
Relationship with NAF or
the investment trust
management company

Mizuho Trust & Banking Co., Ltd.
2-1 Yaesu 1-chome, Chuo-ku, Tokyo
Tetsuo Iimori, President & CEO
Trust business, acceptance of deposits or installment savings and other¥247,369 million
May 9, 1925
There are no capital, personal or business relationships to report between thebroker and NAF, the investment trust management company, or any relatedparties or associated companies of NAF or the investment trust managementcompany. Moreover, the broker and any related parties or associated companiesof the broker do not fall under the category of related parties of NAF or theinvestment trust management company.

(2) Amount of brokerage fee
Not disclosed as the consent from the broker has not been obtained.
7. Transactions with related parties and the like
The property acquired has not been acquired from a party classified as having a relationship of special interest
with NAF or the investment trust management company.
8. Earthquake resistance matters
NAF outsourced the inspection and verification of the details of earthquake-resistant structures including
structural calculation sheets and, for the building of the property acquired, obtained confirmation that, no
falsification is suspected in the structural calculation and structural drawings with respect to their structure, which
ensures earthquake resistance as per the Building Standards Act.
In addition, NAF always entrusts earthquake risk diagnosis to the third party investigating company to review
drawings using structural design drawings, structural calculation sheets, etc., as well as on on-site inspection andthe like during the course of due diligence upon acquisition of properties, besides building certification
investigations performed by an inspection and certification agency.
9. Outlook for management after acquisition of the property
The impact of the acquisition on NAF’s financial results for the period ending August 31, 2017 (23rd Period:
March 1, 2017 to August 31, 2017) will be minor, and there will be no change to financial results forecast for theperiod.

4

10. Summary of appraisal report
Appraised value¥1,140,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting Inc.

Date of value appraisal

May 31, 2017

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,140,000(Unit: Thousands of yen)
Summary, etc.
Calculated making correlation to the value of earnings
found by the DCF method and the value of earnings
found by direct capitalization method.

1,150,000
76,656(a) Potential gross revenue

76,656(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses

0Appraised based on medium- and long-term stablerental income, etc. based on current condition, etc.

6,310
0

Not posted as it is paid by the tenant.

(d) Utilities expenses

0

Not posted as it is paid by the tenant.

(e) Repair expenses

2,336(f) Property management fees0(g) Tenant soliciting fees, etc.

0(h) Taxes and public dues

3,802(i) Property insurance fees

172(k) Earnings from temporary
deposits

70,346635(l) Capital expenditures

5,452(4) Net income [(3)+(k)−(l)]65,529(5) Cap rate
Value calculated by discounted cash flow
methodFor the land, appraised based on actual amountconsidering the fluctuation rate. For the building,appraised by considering annual depreciation, etc. For
depreciable assets, appraised based on actual amountconsidering the annual depreciation.
Posted based on the estimated amount0(j) Other expenses(3) Net operating income [(1)−(2)]Posted based on the standardized amount of theestimate in the engineering report.

5.7%

Appraised by multiplying the amount obtained bysubtracting the amount equivalent to security deposits
of vacancies from the amount of security deposits, etc.
at full occupancy, by yield of 1.0%.
Posted based on the standardized amount of theestimate in the engineering report.
Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

1,120,000

Discount rate

5.5%

Terminal cap rate

5.9%

Cost method value

775,000

Land ratio

77.2%

Building ratio

22.8%

Other items
considered by theappraisal company inmaking the appraisal

Appraised comprehensively taking into account market
trends, etc. after considering risk factors oflocation/individual characteristics of the subject realestate as well as standard cap rate of real estate
standing in an area judged to have the lowest risk.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deterioration of
the building, and risk of sale, in addition to capitalization
rate.

－

5

*

*

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to
the press club for construction publications of the Ministry of Land, Infrastructure, Transport andTourism.
NAF’s website: http://www.naf-r.jp/english/

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Portfolio list after the purchase of the property is completed (on an acquisition price basis)
2. Photo and map of the property acquired6

<Attached Document 1> Portfolio list after the purchase of the property is completed (on an acquisition pricebasis)
1. Rental Apartments
Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

30,816

10.2

Setagaya-ku, Tokyo

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.1

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

1.7

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.5

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.3

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.5

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.3

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.5

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo no Mori

Bunkyo-ku, Tokyo

2,910

1.0

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

0.9

Park Axis Roppongi Hinokicho
Koen

Minato-ku, Tokyo

2,170

0.7

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.2

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.6

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.8

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.6

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.8

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.7

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.5

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.6

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.1

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.3

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.6

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

0.9

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

1.8

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.7

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.4

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

840

0.3

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.5

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.8

Park Axis Honancho

Nakano-ku, Tokyo

745

0.2

7

Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.4

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.4

Park Axis Toyosu

Koto-ku, Tokyo

14,300

4.7

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.3

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.3

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

0.9

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.4

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.2

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.6

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.6

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.0

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.7

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.4

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.0

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

0.9

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.8

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.4

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.2

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.6

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

0.9

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.0

Park Axis Shin Okachimachi East

Taito-ku, Tokyo

1,299

0.4

Park Axis Nihonbashi Honcho

Chuo-ku, Tokyo

1,469

0.5

Park Cube Nishigahara Stage

Kita-ku, Tokyo

4,110

1.4

Park Cube Atagoyama Tower

Minato-ku, Tokyo

8,650

2.9

Park Axis Shibaura

Minato-ku, Tokyo

1,045

0.3

Park Axis Asakusa Kuramae

Taito-ku, Tokyo

1,095

0.4

Park Axis Kamata Station Gate

Ota-ku, Tokyo

4,144

1.4

Park Axis Kinshicho Residence

Sumida-ku, Tokyo

1,251

0.4

Park Axis Oshiage Sumida Koen

Sumida-ku, Tokyo

1,055

0.3

Park Axis Magome Residence

Ota-ku, Tokyo

1,450

0.5

Park Axis Higashi Ueno

Taito-ku, Tokyo

1,250

0.4

Park Axis Higashi Koenji

Suginami-ku, Tokyo

2,300

0.8

252,591

83.8

Tokyo 23 wards total

8

Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.3

1,419

0.5

1,679

0.6

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba
Park Cube Kita Matsudo
Park Cube Musashi Kosugi
Park Axis Yokohama Tanmachi
Koen
Park Axis Yokohama Yamashitacho

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
Chiba
Matsudo-shi, Chiba
Nakahara-ku,
Kawasaki-shi,
Kanagawa
Kanagawa-ku,
Yokohama-shi,
Kanagawa
Naka-ku, Yokohama-shi,
Kanagawa

Greater Tokyo total (Note 3)
Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Park Cube Kitahama

Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku,
Sapporo-shi, Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,Osaka
Chuo-ku, Osaka-shi,
Osaka

970

0.3

1,200

0.4

2,250

0.7

1,119

0.4

1,539

0.5

12,326

4.1

2,440

0.8

1,920

0.6

1,515

0.5

1,890

0.6

742

0.2

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

0.5

827

0.3

2,369

0.8

2,399

0.8

1,970

0.7

Other major cities total (Note 4)

23,154

7.7

Rental Apartments Total

288,07195.5

9

2. Hospitality Facilities
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)Ashiya-shi, Hyogo

928

0.3

991

0.3

916

0.3

374

0.1

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormy Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.5

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.3

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi

Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Setagaya-ku, Tokyo

735

0.2

Dormy Nishi Ogikubo

Suginami-ku, Tokyo

1,100

0.4

774

0.3

1,050

0.3

Hospitality Facilities Total

13,488

4.5Grand total

301,559

100.0

Granda Kanazawa Hakkei
Dormy Kamisugi

Kanazawa-ku,
Yokohama-shi,
Kanagawa
Aoba-ku, Sendai-shi,
Miyagi(Note 1) The “Acquisition price” item does not include anticipated acquisition expenses, fixed property taxes, urban planning taxes,
consumption taxes or local consumption taxes.
(Note 2) The “Portfolio share” item indicates the percentage contribution of each property holding to the “Acquisition price” item.
The percentage figure is rounded to one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 4) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

10

<Attached Document 2> Photo and map of the property acquired

Namboku line
Kita‐Sendai Station

Kita‐Sendai Station
Sendai Kita
Police Station

Tohoku University
Faculty of Agriculture
Sendai Fire
BureauNamboku line
Kita‐Yobancho Station

11