February 6, 2015
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
Nobumi Tobari(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 Properties

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 the acquisition of real estate properties 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 properties was made to ensure the steady growth of assets
under management, and for the diversification and further enhancement of the investment portfolio.
2. Overview of acquisitions
Name of property to be acquired
Property 1
Property 2

Park Axis Kamata Station Gate
Park Axis Kinshicho Residence

Property 3

Park Axis Oshiage Sumida Koen

Property 4

Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Type of property
to be acquired(Note 1)

Acquisition price(Note 2)(Thousands of yen)Appraised value

Real estate
Real estate
Real estate andland leaserights4,144,000
1,251,000

4,290,000
1,310,000

1,055,000

1,090,000

735,000

757,000

7,185,000

7,447,000

Real estate

Total

(1)
(2)

(4)

Date of conclusion of sales contract
Planned dates of handover
Property 1 to Property 3
Property 4
Sellers
Property 1 to Property 3
Property 4
Acquisition funds(5)

Method of payment(3)(Note 3)(Thousands of yen)February 6, 2015
April 3, 2015 (Note 4)
March 31, 2015
Mitsui Fudosan Co., Ltd.
Benesse Style Care Co., Ltd.
Net proceeds from issuance of new investment units through the
public offering and third-party allocation stated in “Notification
Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units” released on February 6, 2015
Full payment at the time of handover(Note 1)

Property 3 of the properties to be acquired is a building with land lease rights, consisting of a building and the rights tolease land.

(Note 2)“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 contract for the sale of real

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

1estate with condition precedent or the contract for the sale of real estate for the properties to be acquired.
(Note 3)

“Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on
December 31, 2014) which Morii Appraisal & Investment Consulting, Inc. or Japan Real Estate Institute prepared for theproperties to be acquired.

(Note 4)

With regard to Properties 1–3, in accordance with the contract for the sale of real estate with condition precedent, theplanned handover date may be changed to a date separately agreed by the buyer and the seller (a date up to April 3,2015).

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

2

3. Description of the properties to be acquired(1) Outline of the properties to be acquired(i) Property 1: Park Axis Kamata Station Gate
Name of property to be acquired
Type of property to be 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 ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

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

Park Axis Kamata Station Gate
Real estateMorii Appraisal & Investment Consulting, Inc.
¥4,290,000 thousand
December 31, 2014
23-1, Nishi-kamata 8-chome, Ota-ku, Tokyo
80%
500%
Commercial zone
1,026.13 m2
Proprietorship
September 18, 2012
Flat-roofed reinforced concrete structure/14 stories
Apartment building, store, parking lot for bicycles, storage, garbage depot
5,799.51 m2
Proprietorship
157 residential, 1 retail, etc.
4,582.72 m2
None
None
The property is approximately a 2-minute walk from Kamata Station on the
JR Keihin-Tohoku Line, Tokyu Ikegami Line, and Tokyu Tamagawa Line,and is therefore advantageously situated close to rail transport. It isapproximately 10 minutes to Shinagawa Station and approximately 20
minutes to Tokyo Station by train, and also offers excellent access to the
Yokohama area and to Haneda Airport.
The property has good living convenience, with a supermarket, several
convenience stores, a shopping district, the ward office and other facilities
within walking distance.
This property is expected to attract single people, DINKS households, andothers who place importance on locational conditions.
1
157 residential, 1 retail etc.
155
4,582.72 m2
4,498.66 m2
98.2%¥46,503 thousand
Refer to “10. Summary of appraisal report” below.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

3

(ii) Property 2: Park Axis Kinshicho Residence
Name of property to be acquired
Type of property to be 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 ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

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

Park Axis Kinshicho Residence
Real estateMorii Appraisal & Investment Consulting, Inc.
¥1,310,000 thousand
December 31, 2014
2-6, Kotobashi 1-chome, Sumida-ku, Tokyo
80%
600%
Commercial zone
326.13 m2
Proprietorship
September 20, 2013
Flat-roofed reinforced concrete structure/14 stories
Apartment building, garbage depot, storage2

2,270.04 m

Proprietorship
56
1,793.33 m2
None
None
The property is approximately an 8-minute walk from Kinshicho Station on
the JR Sobu Line and the Tokyo Metro Hanzomon Line, offering access tomultiple train lines. It has excellent access to central Tokyo, being
approximately an 8-minute ride to Tokyo Station on the rapid service.
The property has good living convenience, with convenience stores, clinics
and other facilities within walking distance, and a concentration of various
large retail facilities in the area around Kinshicho Station.
This property is expected to attract single people, DINKS households, andothers who place importance on locational conditions.
1
56
50
1,793.33 m2
1,603.14 m2
89.4%¥11,169 thousand
Refer to “10. Summary of appraisal report” below.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

4

(iii) Property 3: Park Axis Oshiage Sumida Koen
Name of property to be acquired
Type of property to be 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 ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Park Axis Oshiage Sumida Koen
Real estate and land lease rights
Morii Appraisal & Investment Consulting, Inc.
¥1,090,000 thousand
December 31, 2014
11-3, Mukojima 1-chome, Sumida-ku, Tokyo
80%
500%
Commercial zone
350.14 m2
Land lease rights
January 31, 2014
Flat-roofed reinforced concrete structure/12 stories
Apartment building, parking lot for bicycles, garbage depot, storage2

2,148.81 m

Proprietorship49
1,610.49 m2
None
An outline of the lease agreement with Josenji Temple, the owner(hereinafter the “lessor”) of the land of the property (hereinafter “the site”),in accordance with the Land Lease Law (1921 Act No. 49, including later
amendments) is given below.
(1) Objective of the land lease right: to construct a solid building andconduct a leasing business.
(2) Lease period: from June 30, 2009 until August 30, 2061 (52 years)(3) Rent payable: ¥237,027 per month (from September 1, 2014 to August
31, 2015)
The monthly rent from September 1, 2015 to August 31, 2017 is theamount of fixed property tax and urban planning tax for fiscal 2015,
multiplied by three and divided by twelve. From September 1, 2017
onward, the rent will be revised every three years.
(4) Renewal: after the lease period is finished, the lease can be renewed
under the same conditions as before for a period of 50 years from thedate of renewal by paying a renewal fee to be calculated as follows.
[Renewal fee = Roadside land price at the time of renewal × 1.3 ×
Ratio of land lease right × 5%](5) Transfer of lease right: the lease right may be transferred to a third
party. However, prior to the transfer, the lessee must provide the lessor
with the name of the transfer recipient and the date of the transfer, etc.
in writing, and pay a transfer consent fee to be calculated as follows.
[Transfer consent fee = Transfer price of the lease right × 10%]
(6) Transfer of the site: if the lessor transfers the site, the lessor must firstinquire in writing to the lessee whether the lessee intends to buy thesite, and if the lessee intends to do so, the lessor must give the lessee
the right of priority in negotiation.
(7) Other: if the building of the property is to be expanded, renovated or
rebuilt, or if the site is to be subleased to a third party, the lessee mustobtain permission from the lessor in writing beforehand.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

5

Special features of the property

Details of tenants(Note 7)

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

The property is approximately a 6-minute walk from Honjo-azumabashi
Station on the Toei Subway Asakusa Line and approximately a 6-minute
walk from Tokyo Skytree Station on the Tobu Isesaki Line, offering accessto multiple train lines. It has very good access to central Tokyo, asOtemachi Station is approximately a 15-minute ride from
Honjo-azumabashi Station.
The property has good living convenience, with convenience stores, a post
office, the ward office and other facilities in walking distance, as well as aretail facility, TOKYO SKYTREE TOWN.
This property is expected to attract single people, DINKS households, andothers who place importance on locational conditions.
149
45
1,610.49 m2
1,507.61 m2
93.6%¥11,195 thousand
Refer to “10. Summary of appraisal report” below.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

6

(iv) Property 4: Medical Home Granda Sangen Jaya (Land with leasehold interest)
Name of property to be acquired
Type of property to be 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 ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Medical Home Granda Sangen Jaya (Land with leasehold interest)
Real estate
Japan Real Estate Institute¥757,000 thousand
December 31, 2014
37-2, Taishido 2-chome, Setagaya-ku, Tokyo
80%
200%
Neighborhood commercial zone
1,220.13 m2
Proprietorship
–
–
–
–
–
–
–
None
(1) The owner of the building on the property (hereinafter “the building”) is
Benesse Style Care Co., Ltd. (hereinafter “the lessee”), and NAF(hereinafter “the lessor”) and the lessee have concluded an agreement
for establishment of land lease rights with special provisions for building
transfer (hereinafter “the agreement”) in accordance with Article 24 of
the Act on Land and Building Leases on February 6, 2015. An outline of
the agreement is as follows.
(a) Objective of the land lease right: to have ownership of a building for
operating a fee-based nursing home, etc.
(b) Lease period: from March 31, 2015 until March 31, 2045 (30 years)(c) Rent payable: ¥2,800,000 per month
However, at each base year for fixed property tax (typically once
every three years), the rent shall be revised by an amountcorresponding to the increase or decrease in taxes and public dues
applied to the property, and in proportion to fluctuations in the
consumer price index. Moreover, the rent may be revised by acorresponding amount in years other than the base year if taxes andpublic dues applicable to the property change.
(d) Deposit: ¥28,000,000(e) Other:(i) The lessor may exercise the right to purchase the building on the
final day of the lease period.
(ii) If the lessee intends to transfer the building to a third party, thelessor has the right of priority in purchasing the property, and thelessor’s intention to purchase must be confirmed. Moreover, if thelessor intends to transfer the property to a third party, the lessee
has the right of priority in purchasing the property, and thelessee’s intention to purchase must be confirmed.
(iii) The lessee is obliged to remove the building at the end of theagreement and leave the property as an empty lot to the lessor(except in the case where ownership of the building is transferredfrom the lessee to the lessor pursuant to item (i)).
(2) Part of the property shall be provided for use as a thoroughfare forneighboring residents.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

7

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Deposit / Security
deposit
Total rental
revenues

The property is a 9-minute walk from Sangen-jaya Station on the Tokyu
Den-en-toshi Line, which offers excellent access to the main centers ofTokyo with approximately a 5-minute ride to Shibuya Station andapproximately a 25-minute ride to Otemachi Station.
The area surrounding the property features standalone residences andcondominiums, offering convenient transport access and an outstanding
living environment.
1¥28,000 thousand
Refer to “10. Summary of appraisal report” below.

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal reports prepared with regard to theproperties that NAF plans to acquire by Morii Appraisal & Investment Consulting, Inc. for Properties 1–3, and by Japan
Real Estate Institute for Property 4.
(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
Building Standards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-arearatio” is the ratio 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.
(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 properties that NAF plans to acquire.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is entered as 1 if there is a master lease agreement (a bulk lease agreement) concluded witha master lease company. With regard to the Properties 1–3, a master lease agreement is scheduled to be concluded
with Mitusi Fudosan Housing Lease Co., Ltd. as the master lease company. The “total number of tenants” above istherefore the number of tenants after such a master lease agreement is concluded. With respect to Property 4, anagreement for establishment of land lease rights with special provisions for building transfer in accordance with Article
24 of the Act on Land and Building Leases has been concluded with the lessee as of today, and “total number oftenants” is entered as 1, with the lessee as the tenant.
(ii) “Rentable units” denotes the number of units that can be rented within the property that NAF plans to acquire.
(iii) “Rented units,” “rented area” and “deposit / security deposit” denote figures as of December 31, 2014 based on thereport received by the seller (“Deposit / security deposit” of Property 4 is based on the agreement for establishment ofland lease rights with special provisions for building transfer, concluded as of today.).
(iv) “Rentable area” denotes the total area of the building that can be rented within the property that NAF plans to acquire.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

(2) Effect on NAF’s financial position in the event of inability to execute forward commitments, etc.
Properties 1–4 are applicable to forward commitments (see Note) by investment corporations as provided forin the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc defined by the
Financial Services Agency.
In the event of a violation of the terms and conditions of any sales contract related to the above property (the“Sales Contract”) made by NAF or the seller, the opposing party may cancel the Sales Contract and claim, as apenalty, an amount equivalent to 20% of the trading value of the property whose contract was cancelled.
However, Properties 1–3 are with condition precedent that the issuing of investment units of NAF released on
February 6, 2015 as special provision is effected by NAF. Therefore, in the event such issuing of the investment
units of NAF cannot be effected by NAF, the sales contracts for Properties 1–3 are definitively invalidated and,NAF, unless when the underlying reasons are attributable to NAF, is not obligated to pay a penalty to the seller
concerning the invalidation of the sales contract.
Note:

Refers to the postdated sales contract under which payment and delivery shall be made at least one month after theconclusion of the contract, or any other contract similar thereto.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

8

(3) Outline of investigations into the state of the building, etc.
Name of properties to be acquired

Investigations
into the stateof building

Earthquake
risk diagnosis

Consigned investigatingcompany
Investigation report
date
Urgent repair cost
Short-term repair cost
Repair and renewal
costs expected to benecessary within 12
years
Replacement value
Consigned investigatingcompany
Investigation reportdate
PML value (Note 1)

Property 1
Park Axis Kamata
Station Gate

Property 2
Park Axis Kinshicho
Residence

Property 3
Park Axis Oshiage
Sumida Koen

Tokio Marine & Nichido Risk Consulting Co., Ltd.
December 15, 2014

December 15, 2014

December 15, 2014

–
–

–
–

–
–

¥36,768 thousand¥15,871 thousand¥14,384 thousand¥1,237,700 thousand¥507,600 thousand¥462,200 thousand

Sumitomo Mitsui Construction Co., Ltd.
December 15, 2014

December 15, 2014

December 15, 2014

10.9%

10.7%

9.4%

(Note 1) 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.
(Note 2) With regard to “Medical Home Granda Sangen Jaya (Land with lessehold interest),” Sumitomo Mitsui Construction Co.,
Ltd. has been contracted to conduct an investigation of the land use history. An investigation into the state of the building
and an earthquake risk diagnosis has not been carried out.

Profile of third-party investigative body
Name
Address
Representative
Description of principal
operations
CapitalRelationship with NAF or
investment trust
management company
Name
Address
Representative
Description of principal
operations
CapitalRelationship with NAF or
investment trust
management company

Tokio Marine & Nichido Risk Consulting Co., Ltd.
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Nariki Yasuda, President and Chief Executive Officer
Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.
¥100 million
None

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer
Contracting for civil engineering, construction, prestressed concrete, electrical,
and plumbing work, and other construction operations, as well as design andsupervision, etc.
¥12,003 million
None<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

9

4. Outline of sellers
Property 1 to Property 3
Name
Address
Representative
Description of principal
operations
CapitalDate of establishment
Net assets
Total assets

Mitsui Fudosan Co., Ltd.
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
Masanobu Komoda, President and Chief Executive Officer
Acquisition, ownership, disposition, renting as well as sales and management,
etc. of real estate properties¥339,766 million
July 15, 1941
¥1,055,108 million (As of March 31, 2014)¥3,673,763 million (As of March 31, 2014)
Shareholding
Stockholder nameratio
Major stockholders and
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.22%
shareholding ratio
Japan Trustee Services Bank, Ltd. (Trust Account)
5.73%(As of March 31, 2014)
CBLDN-STICHTING PGGM DEPOSITARY-LISTED REAL
2.66%
ESTATE PF FUND
Relationship between NAF or the investment trust management company, and the seller
The seller holds 3.38% of total NAF investment units issued as of August 31,
Capital relationships
2014 and all issued shares of the investment trust management company.
As of August 31, 2014, eight of the employees and directors of the investment
Personal relationships trust management company (excluding part-time directors) are seconded fromthe seller, and one of them is concurrently serving as executive director of NAF.
During the period ended August 31, 2014, NAF has acquired 3 properties fromthe seller. Other than this, as of August 31, 2014, there are no business
relationships to report between NAF or the investment trust management
Business relationships company and the seller. Moreover, there are no business relationships between
the related parties or associated companies of NAF or the investment trust
management company, and the related parties or associated companies of theseller.
Applicability to related The seller does not fall under the category of related parties of NAF. Also, thepartiesseller is the parent company of the investment trust management company.

Property 4
Name
Address
Representative
Description of principal
operations
CapitalDate of establishment
Net assets
Total assets
Major stockholders andshareholding ratio(As of March 31, 2014)
Relationship between
NAF or the investment
trust managementcompany, and the seller

Benesse Style Care Co., Ltd.
3-1, Nishi-shinjuku 2-chome, Shinjuku-ku, Tokyo
Shinya Takiyama, Representative Director and President
Fee-based nursing home business and other nursing care and service
businesses for the elderly, etc.
¥100 million
September 7, 1995
¥26,340 million (As of March 31, 2014)¥99,011 million (As of March 31, 2014)
Shareholding
Stockholder nameratio
Benesse Holdings, Inc.
100%
There are no capital, personal, or business relationships to report between NAF
or the investment trust management company, or any related parties or
associated companies of NAF or the investment trust management company,
and the seller. Moreover, the seller and any related parties or associatedcompanies of the seller do not fall under the category of related parties of NAF
or the investment trust management company.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

10

5. Situation of the acquirer of the property
Property 4: Not applicableSituation of the property
ownerFormer owner

Property 1:
Park Axis Kamata Station Gate

Owner
before theformerowner

Company name,person’s name

Mitsui Fudosan Co., Ltd.

None

Property 2:
Park Axis Kinshicho Residence

Relationship with a
special related party

Property 3:
Park Axis Oshiage Sumida Koen

Acquisition history,reason, etc.
Acquisition price(including othercosts)
Acquisition time

Parent company of theinvestment trust
management company
Property developed by
Mitsui Fudosan Co., Ltd.

―
―

―

―

―

―

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

11

6. Outlines of brokerage
An outline for the brokerage of Property 4 is as follows. There was no brokerage for the other properties.
(1)

Outline of broker
The broker for Property 4 is Mitsui Fudosan Co., Ltd. The outline of Mitsui Fudosan Co., Ltd. is as describedabove in “4. Outline of sellers.”(2)

Brokerage fee¥7,350 thousand (excluding consumption tax and local consumption tax)

7. Transactions with related parties and the like
Since Mitsui Fudosan Co., Ltd., the seller of Property 1 to Property 3 among the properties scheduled to beacquired by NAF, corresponds to related parties and the like (see Note), the real estate sales contract withcondition precedent has been carried out through deliberation and approval by the compliance committee anddeliberation and decision by the investment committee of the investment trust management company, in
accordance with NAF’s self-established rules on asset management relevant to transactions with related parties
and the like.
Since Mitsui Fudosan Co., Ltd., the broker of Property 4, corresponds to related parties and the like (seeNote), the general brokerage agreement has been carried out through deliberation and approval by thecompliance committee and deliberation and decision by the investment committee of the investment trust
management company, in accordance with NAF’s self-established rules on asset management relevant totransactions with related parties and the like.
Mitsui Fudosan Housing Lease Co., Ltd., which will be the master lease company and property managementcompany for Property 1 to Property 3, corresponds to related parties and the like (see Note). Therefore, themaster lease contract and property management contract will be carried out through deliberation and approval by
the compliance committee and deliberation and decision by the investment committee of the investment trust
management company by the planned date of handover for each property to be acquired, in accordance with
NAF’s self-established rules on asset management relevant to transactions with related parties and the like.
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.

8. Earthquake resistance matters
Property 1 to Property 3 have received a structural calculation conformity judgment pursuant to the BuildingStandards Act as revised by the Act No. 92 of 2006.
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 properties
As stated in “Notification Concerning Financial Results Forecast for the Periods Ending August 31, 2015 andFebruary 29, 2016” released on February 6, 2015.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

12

10. Summary of appraisal report
Property 1: Park Axis Kamata Station Gate
Appraised value¥4,290,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Date of value appraisal

December 31, 2014
(Unit: Thousands of yen)

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
4,290,000
4,350,000
240,929(a) Potential gross revenue

256,130(b) Vacancy loss, etc.

15,201(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses

5,428
3,160

3,062

(f) Property management fees

9,513(g) Tenant soliciting fees, etc.

8,953(h) Taxes and public dues

8,788(i) Property insurance fees

240
469

(3) Net operating income [(1)−(2)]201,316(k) Earnings from temporary
deposits

894(l) Capital expenditures(4) Net income [(3)+(k)−(l)](5) Cap rate
Value calculated by discounted cash flow
methodDiscount rate

Appraised based on medium- and long-term stablerental income, etc. based on current condition, etc. ofrooms for rent and car parking.
Appraised based on standard vacancy rates giving
consideration to individual characteristics of the subject
real estate.

39,613(e) Repair expenses(j) Other expenses

Summary, etc.
Calculated making correlation to the value of earnings
found by the DCF method and the value of earnings
found by the direct capitalization method.

2,145

Appraised based on actual records making reference
to levels at similar real estate.
Repair expenses are posted as a standardized amountassuming the estimate in the engineering report to beappropriate. The cost of restoration to original condition
is appraised giving consideration to actual records andthe evacuation rate, making reference to levels at
similar real estate.
The level of compensation in the contract to beconcluded is applied, making reference to levels at
similar real estate. The renewal fee amount is posted
making reference to the transferal rate.
The amount is posted as 2.0 times the new monthly
rental fee.
Appraised by considering actual amounts and making
reference to the fluctuation rate and annual
depreciation, etc.
The amount is posted assuming the presented
materials to be appropriate.
Neighborhood association fees, etc.
Appraised as temporary deposits minus an amountcorresponding to the vacant portion, multiplied by a
2.0% yield.
Appraised based on a standardized amount assuming
the estimate in the engineering report to beappropriate.

200,065
4.6%

Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

4,230,000
4.4%

Appraised based on the overall market trends forbuyers and sellers, giving consideration to the risk
factors associated with the location and individual
characteristics of the subject real estate.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

13

Item
Terminal cap rate
Cost method value

Details
4.8%

Summary, etc.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deterioration of
the building, and risk of sale, in addition tocapitalization rate.

2,490,000

Land ratio

52.2%

Building ratio

47.8%

Other items
considered by theappraisalcompany inmaking theappraisal—<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

14

Property 2: Park Axis Kinshicho Residence
Appraised value¥1,310,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Date of value appraisal

December 31, 2014

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,310,000
1,330,000
79,593(a) Potential gross revenue

84,204(b) Vacancy loss, etc.

4,611(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses

4,345
1,171

1,176

(f) Property management fees

3,236(g) Tenant soliciting fees, etc.

2,811(h) Taxes and public dues

4,727(i) Property insurance fees

9667(j) Other expenses(3) Net operating income [(1)−(2)]61,964(k) Earnings from temporary
deposits

230(l) Capital expenditures

926(5) Cap rate
Value calculated by discounted cash flow
methodDiscount rate

Appraised based on medium- and long-term stablerental income, etc. based on current condition, etc. ofrooms for rent and car parking.
Appraised based on standard vacancy rates giving
consideration to individual characteristics of the subject
real estate.

17,629(e) Repair expenses(4) Net income [(3)+(k)−(l)](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 the direct capitalization method.

Appraised based on actual records making reference
to levels at similar real estate.
Repair expenses are posted as a standardized amountassuming the estimate in the engineering report to beappropriate. The cost of restoration to original condition
is appraised giving consideration to the evacuation
rate, making reference to levels at similar real estate.
The level of compensation in the contract to beconcluded is applied, making reference to levels at
similar real estate. The renewal fee amount is posted
making reference to the transferal rate.
The amount is posted as 2.0 times the new monthly
rental fee.
Appraised by considering actual amounts and making
reference to the fluctuation rate and annual
depreciation, etc.
The amount is posted assuming the presented
materials to be appropriate.
Neighborhood association fees
Appraised as temporary deposits minus an amountcorresponding to the vacant portion, multiplied by a
2.0% yield.
Appraised based on a standardized amount assuming
the estimate in the engineering report to beappropriate.

61,268
4.6%

Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

1,290,000
4.4%

Appraised based on the overall market trends forbuyers and sellers, giving consideration to the risk
factors associated with the location and individual
characteristics of the subject real estate.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

15

Item
Terminal cap rate

Details
4.8%

Cost method value

758,000

Land ratio

33.6%

Building ratio

66.4%

Other items
considered by theappraisalcompany inmaking theappraisal

Summary, etc.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deterioration of
the building, and risk of sale, in addition tocapitalization rate.

—<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

16

Property 3: Park Axis Oshiage Sumida Koen
Appraised value¥1,090,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting, Inc.

Date of value appraisal

December 31, 2014

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,090,000
1,110,000
73,208(a) Potential gross revenue

77,521(b) Vacancy loss, etc.

4,313(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses

3,073
1,227

1,057

(f) Property management fees

2,980(g) Tenant soliciting fees, etc.

2,599(h) Taxes and public dues

4,137(i) Property insurance fees

87
3,021

(3) Net operating income [(1)−(2)]55,027(k) Earnings from temporary
deposits

215(l) Capital expenditures

839(4) Net income [(3)+(k)−(l)](5) Cap rate
Value calculated by discounted cash flow
methodDiscount rate

Appraised based on medium- and long-term stablerental income, etc. based on current condition, etc. ofrooms for rent and car parking.
Appraised based on standard vacancy rates giving
consideration to individual characteristics of the subject
real estate.

18,181(e) Repair expenses(j) Other expenses(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 the direct capitalization method.

Appraised based on actual records making reference
to levels at similar real estate.
Repair expenses are posted as a standardized amountassuming the estimate in the engineering report to beappropriate. The cost of restoration to original condition
is appraised giving consideration to actual records andthe evacuation rate, making reference to levels at
similar real estate.
The level of compensation in the contract to beconcluded is applied, making reference to levels at
similar real estate. The renewal fee amount is posted
making reference to the transferal rate.
The amount is posted as 2.0 times the new monthly
rental fee.
Appraised by considering annual depreciation, etc.
The amount is posted assuming the presented
materials to be appropriate.
Land rent and Neighborhood association fees
Appraised as temporary deposits minus an amountcorresponding to the vacant portion, multiplied by a
2.0% yield.
Appraised based on a standardized amount assuming
the estimate in the engineering report to beappropriate.

54,403
4.9%

Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

1,070,000
4.7%

Appraised based on the overall market trends forbuyers and sellers, giving consideration to the risk
factors associated with the location and individual
characteristics of the subject real estate.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

17

Item
Terminal cap rate

Details
5.1%

Cost method value

654,000

Land ratio

29.7%

Building ratio

70.3%

Other items
considered by theappraisalcompany inmaking theappraisal

Summary, etc.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deterioration of
the building, and risk of sale, in addition tocapitalization rate.

—<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

18

Property 4: Medical Home Granda Sangen Jaya (Land with leasehold interest)
Appraised value¥757,000 thousand

Appraisal company

Japan Real Estate Institute

Date of value appraisal

December 31, 2014

Item

Details
757,000

Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)](a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses

769,000
33,60033,6001,085––(e) Repair expenses–(f) Property management fees–(g) Tenant soliciting fees, etc.

–(h) Taxes and public dues

1,085(i) Property insurance fees–(j) Other expenses–(3) Net operating income [(1)−(2)](k) Earnings from temporary
deposits(l) Capital expenditures

32,515(4) Net income [(3)+(k)−(l)]33,075560

4.1%

Terminal cap rate

4.5%

No tenant soliciting fees, etc.
Tax amount appraised based on the standard tax
amount in fiscal 2014.
No property insurance fees.
There are no particular expenses to be posted as otherexpenses.
Appraised assuming an investment yield of 2.0% on
temporary deposits.

Appraised by considering market-derived capitalization
rate related to similar real estate, the current
agreement conditions, and the characteristics of thesubject real estate.
Appraised based on an comprehensive considerationof the individual characteristics of the subject realestate, making reference to the investment yield andso forth related to similar real estate.
Appraised based on an comprehensive considerationof the future trends in investment yield and so forth,making reference to the market-derived capitalization
rate, etc. related to similar real estate.

748,000

Land ratio–

Building ratio–

Other items
considered by theappraisalcompany inmaking theappraisal

No repair expenses.
No property management fees.

744,000

Discount rate

Value calculated by the ratio method

No revenue from maintenance expenses and utilities
expenses.

–

4.3%

Value calculated by discounted cash flow
methodPosted as the rental revenues based on the lease
contract.

–(d) Utilities expenses(5) Cap rate

(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 the direct capitalization method.

For this property, we faithfully followed the value formation process based on the aspect of profitability.
We have determined the appraisal value using very convincing earnings values, using the value under
the ratio method only for reference.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

19

*

*

Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
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 properties to be acquired is completed (on an acquisition (planned) pricebasis)
2. Photos of exterior and entrance, and maps of the properties to be acquired<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

20

<Attached Document 1> Portfolio list after the purchase of the properties to be acquired is completed (on an
acquisition (planned) price basis)
1. Rental Apartments
Name

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

30,816

10.4

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

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.3

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.4

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.6

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

1.0

Park Axis Roppongi Hinokicho
Koen

Minato-ku, Tokyo

2,170

0.7

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.3

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

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.9

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.8

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

1.2

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

1.9

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

1,440

0.5

840

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

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

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

21

Name
Park Axis Kameido

Location
Koto-ku, Tokyo

Price of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)
2,359

0.8

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

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

4.8

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

2.7

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.1

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

3.1

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

0.4

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

0.4

248,874

84.4

Tokyo 23 wards total<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

22

Name

LocationPrice of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)

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

970

0.3

1,200

0.4

2,250

0.8

1,119

0.4

1,539

0.5

12,326

4.2

2,440

0.8

1,920

0.7

1,515

0.5

1,890

0.6

742

0.3

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

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

827

0.3

2,369

0.8

2,399

0.8

1,970

0.7

Other major cities total (Note 4)

23,154

7.9

Rental Apartments Total

284,354

96.4<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

23

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

LocationPrice of (planned)
acquisition(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

Dormitory 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

0.4

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

735

0.2

Other Accommodation Assets Total

10,564

3.6

Grand total

294,918

100.0

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi Dori
Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Nakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi
Setagaya-ku, Tokyo(Note 1) The “Price of (planned) acquisition” 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 “Price of (planned)
acquisition” 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.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

24

<Attached Document 2>Photos of exterior and entrance, and maps of the properties to be acquired
Property 1: Park Axis Kamata Station Gate

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

25

Tokyo University of Technology
Kamata Campus
Tamatsutsumi Dori

Kamata Station
Ota City Office
KeikyuKamata Station

Kanpachi Dori

Kamata Police
StationKamata Fire
Station<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

26

Property 2: Park Axis Kinshicho Residence<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

27

Hanzomon Line
Kinshicho Station
Kinshicho Station

Metropolitan Expressway

Sarue Onshi Park

Hanzomon Line
Shinjuku Line
Sumiyoshi Station<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

28

Property 3: Park Axis Oshiage Sumida Koen

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

29

Sumida Park

Metropolitan
Expressway

Asakusa Line
Oshiage Station
Tokyo Skytree
StationAsakusa Line
Honjo‐azumabashi
StationHanzomon Line
Oshiage Station

Asakusa Dori<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

30

Property 4: Medical Home Granda Sangen Jaya (Land with leasehold interest)

Metroplitan
Expressway

Nishi‐taishido
StationSangen‐jaya
StationShowa Women’s
University

Sangen‐jaya
Station<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof (if made), prepared by NAF.

31