November 13, 2012
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.
Executive Director
Yuji Yokoyama(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on 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 the entire
portfolio, and for the diversification and further enhancement of the investment portfolio in Tokyo’s 23 wards.

2. Overview of Acquisition
Name of property to beacquired (Note 1)

Type of property to beacquired (Note 2)

Apartments Tower Meguro

Real estate(1% of co-ownership)
Real estate(99% of co-ownership)

(1)
(2)
Total

Acquisition
price (Note 3)(thousand yen)Seller

90,000Tokyo Tatemono Co., Ltd.

8,910,000

Not disclosed (Note 4)

9,000,000(1) Date of conclusion of sales contract

November 9, 2012

(2) Date of handover (planned)

December 14, 2012

(3) Appraised value (Note 5)¥9,630,000 thousand(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at time of delivery(Note 1) The current name of the property to be acquired is “Apartments Tower Meguro.” NAF plans to rename theproperty without delay after it has acquired the property.
(Note 2) NAF will acquire all ownership of the property to be acquired.
(Note 3) “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 sales
contract for the property to be acquired.
(Note 4) Not disclosed by request.
(Note 5) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal in
September 30, 2012) which Daiwa Real Estate Appraisal Co., Ltd. prepared for the property to be acquired.

3. Description of Property to be Acquired(1) Outline of the property to be acquired
Name of property to be acquired (Note1)
Type of property to be acquired
Appraisal company
Appraised value (Note 2)
Date of value appraisal (Note 2)
Location Residence indication
Building-to-land ratio (Note 3)
Floor-area ratio (Note 3)
Land
ZoningSite area (Note 4)
Ownership form
Completion date (Note 5)

Building

Apartments Tower Meguro
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥9,630,000 thousand
September 30, 2012
2-2, Shimo-Meguro 2-chome, Meguro-ku, Tokyo
60%
300%

Light-industrial zone
3,316.50m2
Proprietorship
February 18, 2008

Structure / number of stories (Note 6)

Flat-roofed reinforced concrete structure / 22 stories
and 2 underground stories

Uses (Note 6)
Gross floor area (Note 6)

Apartment building/ parking lot / retail facilities
2
18,601.89m
Proprietorship
193 residential / 1 retail, etc.
12,367.62m2
None
None
The property is approximately a five-minute walk from
Meguro Station. Excellent accessibility to the 4transportation lines of JR Yamanote Line, Tokyu
Meguro Line, Toei Subway Mita Line and Tokyo Metro
Namboku Line. In addition, access to major city centersin Tokyo is excellent as Shinagawa Station isapproximately a 10-minute ride and Otemachi Station
approximately a 20-minute ride from Meguro Station.
Furthermore, the area has a living environment with arelatively rich nature for a city center such as the rowsof cherry trees along Meguro River which runs along
the northeast side of the property.
Due to the property’s locational features that allow
good access to central Tokyo, demand will comemainly from single person and DINK households with arelatively high income level, and demand for corporate
contracts from domestic and overseas companies isalso expected.

Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 7)

Special features of the property

Details oftenants(Note 8)

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

1

193 residential / 1 retail, etc.
174212,367.62m
2
10,880.24m
88.0%¥107,439 thousand
Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the property to beacquired.

(Note 1) The current name of the property to be acquired is “Apartments Tower Meguro.” NAF plans to rename theproperty without delay after it has acquired the property.

(Note 2) “Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal
report which Daiwa Real Estate Appraisal Corporation prepared for the property to be acquired.
(Note 3) The “Land” item’s “Building-to-land ratio” is the ratio of the building’s construction area to the site area as
stipulated in Article 53 of the Building Standards Act, and the figure stipulated by city planning in accordance with
use and area, etc. is indicated. The “Land” item’s "floor-area ratio” is the ratio of the building’s gross floor area tothe site area as stipulated in Article 52 of the Building Standards Act, and the figure stipulated by city planning inaccordance with use and area is indicated.
(Note 4) “Site area” of the “Land” item denotes the land area as entered in the register.
(Note 5) “Completion date” of the “Building” item denotes the date as entered in the register.
(Note 6) “Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.
(Note 7) “Special affairs” denotes matters which NAF recognizes as important as of today, taking into consideration theireffects on title-related matters, use, appraised value, profitability, etc. of the property to be acquired.
(Note 8) 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 to be acquired, NAF plans to conclude a master
lease contract with the master lease company, that is, Mitsui Fudosan Housing Lease Co., Ltd. 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 to be acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit” are based on information provided by the seller, valid
as of October 31, 2012.
(iv) “Rentable area” denotes the total rentable area of the building of the property to be acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

(2) Effect on NAF financial position in the event of inability to execute forward commitments, etc.
The sales contract related to the property to be acquired (the “Sales Contract”) is applicable as forward
commitments (Note) by investment corporation pursuant to the general supervisory policy for financial
instruments firms released by the Financial Services Agency.
In the event of a violation of the terms and conditions of the Sales Contract with respect to NAF or the seller,
the opposing party may cancel the Sales Contract and claim an amount equivalent to 20% of the trading value ofthe property whose contract was cancelled as a penalty.

(Note) Referring to a postdate sales contract under which payment and delivery shall be made at least 1 month after theconclusion of the contract, or any other contract similar thereto.

(3) Outline of investigations into the state of the building, etc.
Consigned investigating company

Investigations
into the state ofbuilding

Earthquake risk
diagnosis

Investigation report date
Urgent repair cost
Short-term repair cost

Sumitomo Mitsui Construction Co., Ltd.
November 5, 2012－¥578 thousand

Repair and renewal costs expected
to be necessary within 12 years¥245,020 thousand

Replacement value¥3,892,275 thousand

PML value (Note)

3.1%(Note) The 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 consigned investigating company anddoes not provide any guarantee for its contents. PML (Probable Maximum Loss) represents the rate of probablemaximum loss to be caused by earthquakes. In this case, it means the extent of damage to be caused by one of thebiggest earthquakes anticipated to happen within the expected duration of service (the biggest earthquake whichhappens once every 475 years = 10% chance of a big earthquake happening once every 50 years) represented by

the rate (%) of the estimated cost of restoration from the damage to the replacement cost.

Profile of third party investigative body
Name
Address
Representative
Description of principal
operations

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer
Design and construction of civil engineering, building, prestressed concrete workand related operations, and others

CapitalRelationship with NAF
and Investment TrustManagement Company¥12,003 million
None

4. Outline of Seller(1) Seller (a)NameAddress
Representative

Tokyo Tatemono Co., Ltd.
9-9 Yaesu1-chome, Chuo-ku, Tokyo
Hajime Sakuma, President

Description of principal operations

Development and management of buildings, development and salesof condominiums and detached houses, etc.

CapitalDate of establishment
Net assets
Total assets¥92,451 million
October 1, 1896
¥182,171 million (as of December 31, 2011)¥807,542 million (as of December 31, 2011)

Major Stockholders and shareholding
ratio (as of December 31, 2011)

Shareholder
Japan Trustee Services Bank Ltd. (Trust Account)
Master Trust Bank of Japan, Ltd. (Trust Account)

Shareholding
Ratio
11.42%
8.66%

Relationship between NAF or the Investment Trust Management Company, and seller

Capital relationships

Personal relationships

Business relationships

Applicability to relatedparties

There are no capital relationships to report between NAF or the Investment
Trust Management Company, and the seller. Also, there are no capital
relationships to report between any related parties or associated companiesof NAF or the Investment Trust Management Company, and any relatedparties or associated companies of the seller.
There are no personal relationships to report between NAF or the Investment
Trust Management Company, and the seller. Also, there are no personal
relationships to report between any related parties or associated companiesof NAF or the Investment Trust Management Company, and any relatedparties or associated companies of the seller.
There are no business relationships to report between NAF or the Investment
Trust Management Company, and the seller. Also, there are no business
relationships to report between any related parties or associated companiesof NAF or the Investment Trust Management Company, and any relatedparties or associated companies of the seller.
The seller does not fall under the category of related parties of NAF or theInvestment Trust Management Company. Also, the related parties andassociated companies of the seller do not fall under the category of relatedparties of NAF or the Investment Trust Management Company.

(2) Seller (b)The seller is a domestic special purpose company but is not disclosed by request of the seller. Furthermore,
there are no direct or indirect investments in the seller either from NAF, the Investment Trust Management
Company, nor any related parties or associated companies of NAF and the Investment Trust Management

Company. Also, there are no capital, personal or business relationships to report between the seller’s
investors (including original investors) and NAF, the Investment Trust Management Company, and any
related parties or associated companies of NAF and the Investment Trust Management Company.
5. Transactions with Related Parties and the Like
The property to be acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the Investment Trust Management Company. Please note that since Mitsui Fudosan
Housing Lease Co., Ltd., which will be the master lease company and property management company of theproperty to be acquired, falls under “Related parties and the like” (Note) according to NAF’s self-establishedrules on asset management relevant to transactions with related parties and the like, the master lease contract
and property management contract will be carried out through deliberation and approval by the compliancecommittee of the Investment Trust Management Company and the investment committee by the completion of
the acquisition of the property.

(Note) “Related parties and the like” means related parties and the like of an Investment Trust 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
Not applicable.

7. Earthquake Resistance Matters
The property to be acquired has acquired the approval of the Minister of Land, Infrastructure, Transport andTourism pursuant to the provisions of Article 68-26, Paragraph 1 of the Building Standards Act.
In addition, NAF always performs earthquake risk diagnosis based on drawing reviews using structuraldesign drawings, structural calculation sheets, etc., as well as on on-site inspection and the like during thecourse of due diligence upon acquisition of properties, from perspectives that are different to building
certification investigations performed by an inspection and certification agency.
8. Outline of Brokerage(1) Outline of broker (Note)
Trade nameHead office address
Representative
Description of principle operations
CapitalTokyo Tatemono Co., Ltd.
9-9 Yaesu 1-chome, Chuo-ku, Tokyo
Hajime Sakuma, President
Development and management of buildings, development and salesof condominiums and detached houses, etc.

¥92,451 million
Date of establishment
October 1, 1896
Relationship between NAF or the Investment Trust Management Company, and broker
There are no capital relationships to report between NAF or the Investment
Trust Management Company, and the broker. Also, there are no capital
relationships to report between any related parties or associated companies
Capital relationshipsof NAF or the Investment Trust Management Company, and any relatedparties or associated companies of the broker.

Personal relationships

Business relationships

Applicability to relatedparties

There are no personal relationships to report between NAF or theInvestment Trust Management Company, and the broker. Also, there are no
personal relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, and any
related parties or associated companies of the broker.
There are no business relationships to report between NAF or theInvestment Trust Management Company, and the broker. Also, there are nobusiness relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, and any
related parties or associated companies of the broker.
The broker does not fall under the category of related parties of NAF or theInvestment Trust Management Company. Also, the related parties andassociated companies of the broker do not fall under the category of relatedparties of NAF or the Investment Trust Management Company.

(Note) The acquisition of co-ownership from seller (b) will be subject to brokerage by Tokyo Tatemono Co., Ltd.

(2) Amount of brokerage fee¥250,000 thousand (excluding consumption tax and local consumption tax)
9. Outlook for Management of the Properties after Acquisition
As stated in “Notification Concerning Revision to Financial Results Forecast for the Period Ending
February 28, 2013 (14th Period)” released on November 9, 2012.
* The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the Ministry of Land, Infrastructure, Transport, and Tourism and to the press club of theconstruction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.
* NAF website: http://www.naf-r.jp/english/index.html

Please note that this English language notice is a translation of the Japanese language notice dated
November 9, 2012 and was prepared solely for the convenience of, and reference by, overseas investors.
NAF makes no warranties as to its accuracy or completeness.

<Attached Documents>
1. Summary of the appraisal report on the amount of the property to be acquired
2. Portfolio list after the acquisition of the property to be acquired is completed (on an acquisition price basis)
3. Photos of exterior and entrance of the property to be acquired
4. Map of the property to be acquired<Attached Document 1> Summary of the appraisal report on the amount of property acquired(unit: Thousands of yen)Appraised value (specified value)
Assessment item(a) Unit rental revenues, including commons area fees

9,630,000
Details(b) Utilities revenues

0(c) Parking lot revenues

30,651(d) Other revenues

6,475

Revenues from key money, etc.
Operatingrevenues

Operatingexpenses

631,049

Revenues from renewal fees
Other revenues

0
5,870
604

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

668,176(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]0620,396(g) Maintenance expense

26,93547,779(h) Utilities expense

8,080(i) Repair expense

14,697(j) Property management fees

21,508(k) Tenant soliciting fee, etc.

19,425(l) Taxes and public dues

34,513(m) Property insurance fee

1,603(n) Other expenses

5,269(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)]132,034
488,362(o) Earnings from temporary deposit

2,220(p) Capital expenditures

11,225(5) Net income [(4)+(o)-(p)]479,357(6) Cap rate

4.9%

Value of earnings calculated by the direct capitalization method [(5)+(6)]9,780,000

Value calculated by discounted cash flow method

9,560,000

Discount rate

4.7%

Terminal cap rate

5.1%

Cost method value

6,730,000

Total value of land and building
Land value
Building value
Adjustment

6,725,993
3,351,715
3,374,278
0

NAF requested a real estate appraisal by Daiwa Real Estate Appraisal Co., Ltd., for the property acquired, based on the Act on Real EstateAppraisal (1963 Act No. 152, including later amendments) and real estate appraisal standards. The above figures are a summary of the
prepared real estate appraisal report. The 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 the report, nor the possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.

<Attached Document 2> Portfolio list after the acquisition of the property is completed (on an acquisition price basis)
1. Rental Apartments
Name

Location

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)

Okawabata Apartment
Communities

Chuo-ku, Tokyo

29,696

12.3

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.7

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.3

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.7

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.6

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.1

Park Axis Bunkyo Stage

Bukyo-ku, Tokyo

4,440

1.8

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.7

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.6

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

3.1

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.8

Park Axis Hongo No Mori

Bukyo-ku, Tokyo

2,910

1.2

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.2

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

0.9

Park Axis Ochanomizu Stage

Bukyo-ku, Tokyo

9,710

4.0

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bukyo-ku, Tokyo

1,760

0.7

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

1.0

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.8

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.0

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.9

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.7

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.4

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.5

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.6

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.8

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.1

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.3

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.8

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.7

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.7

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

Park Cube Oimachi

Shinagawa-ku, Tokyo

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

910

0.4

1,440

0.6

840

0.3

1,448

0.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

3.1

Park Axis Kameido

Koto-ku, Tokyo

2,359

1.0

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.6

Name

Location

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.5

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.5

Park Axis Toyosu

Koto-ku, Tokyo

14,3005.9

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.7

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.1

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.7

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.6

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.8

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.3

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.5

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.9

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.7

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.5

Apartments Tower Meguro(Note 5)Meguro-ku, Tokyo

9,000

3.7

Tokyo 23 wards total

201,459

83.2

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.5

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.6

Park Axis Chiba Shinmachi

Chuo-ku, Chiba-shi, Chiba

1,679

0.7

Park Axis Chiba

Chuo-ku, Chiba-shi, Chiba

970

0.4

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.5

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

2,250

0.9

9,668

4.0

2,440

1.0

1,920

0.8

1,515

0.6

1,890

0.8

742

0.3

1,547

0.6

2,320

1.0

960

0.4

605

0.2

1,650

0.7

827

0.3

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

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

Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

1.0

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

1.0

21,184

8.7

Other Major Cities Total (Note 4)

Total

223,31195.9

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.4

991

0.4

916

0.4

374

0.2

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

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Phirosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.5

540

0.2

1,160

0.5

9,829

4.1

242,140

100.0

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

Total

Grand Total(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax,
urban planning tax, consumption tax, and local consumption tax) of the property acquired. Amounts less than one
million yen have been rounded off.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” refers to cities designated as regional government ordinance.
(Note5)The current name of the property is “Apartments Tower Meguro,” NAF plans to rename the property without delay
after it has acquired the property.

<Attached Document 3> Photos of exterior and entrance of the property acquired<Attached Document 4> Map of the property acquired