September 1, 2023
To All Concerned Parties
Issuer of Real Estate Investment Trust
Securities:
Nippon Accommodations Fund Inc.
1-4-1 Nihonbashi, Chuo Ward, Tokyo
Takashi Ikeda, Executive Director(TSE Code: 3226)
Investment Trust Management Company:
Mitsui Fudosan Accommodations FundManagement Co., Ltd.
Hiroshi Kojima, President and CEO
Inquiries: Tetsuji Kawakami, CFO and
Director(TEL: +81-3-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties(Smile Hotel Nishi-Akashi, Smile Hotel Okinawa Naha, Smile Hotel Matsuyama)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 ofassets under management, and for the diversification and further enhancement of the investment portfolio.
2. Overview of acquisition
Name of Acquired Property
Property
1
Property2
Property3

Smile Hotel Nishi-Akashi

Type of Acquired
Property(Note 1)
Real estate andreal estateleasehold rights

Acquisition Price(Note 2)

Appraised Value(Note 3)¥970,000,000¥994,000,000

Smile Hotel Okinawa Naha

Real estate¥1,120,000,000¥1,240,000,000

Smile Hotel Matsuyama

Real estate¥1,010,000,000¥1,040,000,000¥3,100,000,000¥3,274,000,000

Total(1) Date of conclusion of sale contract

September 1, 2023

(2) Date of handover

September 1, 2023

(3) Seller

Hirakawamon Kanri GK(4) Acquisition funds

Own funds (Note 4)(5) Method of payment

Full payment at time of handover(Note 1) NAF completed commissioning of the acquired properties today following acquisition of the trust beneficiary rights, withthe acquired properties as the assets in trust.
(Note 2) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,<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

urban planning taxes, consumption taxes, and local consumption taxes) specified in the contract for the sale of trust
beneficiary rights for the acquired properties.
(Note 3) ”Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal: July 1,2023) prepared by JLL Morii Valuation & Advisory K.K.. for the acquired properties.
(Note 4) Following the acquisition of the properties today using NAF’s own funds, NAF may newly borrow funds to cover for said
decrease in NAF’s own funds. Details of the new borrowings, if any, will be announced once they are finalized.

3．Description of the acquired properties(1) Outline of acquired properties
1. Property 1: Smile Hotel Nishi-Akashi
Name of acquired property
Type of acquired property
Appraisal company
Appraised value (Note 2)
Date of value appraisal(Note 2)
Location

Land

July 1, 2023

Residenceindication

12-5 Wasaka, Akashi-shi, Hyogo (area whose lot number and residence
indication are undisclosed)

Building-to-landratio (Note 3)

80%

Floor-area ratio(Note 3)

600%

ZoningSite area (Note4)
Ownership form
Completion date
(Note 5)

Building

Smile Hotel Nishi-Akashi
Real estate and real estate leasehold rights
JLL Morii Valuation & Advisory K.K.
¥994,000,000

Structure /number of stories(Note 6)
Uses (Note 6)
Gross floor area
(Note 6)
Ownership form

Commercial zone
1) 403.43 m2, 2) 41.90 m2
1) Proprietorship, 2) Leasehold
January 8, 2003
Flat-roofed steel structure / 10-stories
Hotel
2,045.00 m2
Proprietorship

Number of
guestrooms

106 rooms

Rentable area

2,045.00 m2

Existence of security
interests

None

Special affairs (Note 7)

The following is an overview of the land lease agreement with the individual
who owns part of the property’s land (“the site”):
1) Purpose of leasehold rights: parking lot2) Leasehold term: August 1, 2023, to July 31, 2073
3) Rent paid: ¥80,000/month4) Security deposit: ¥500,0005) Other: If the lessor attempts to transfer the site to a third party, the lessee
must be notified in advance and granted first refusal right with respect toacquiring ownership of the site

<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

Special features

Tenantdetails(Note 8)

Total number oftenants
Occupancy rate
Deposit / Security
depositMonthly rental
revenue

The property is a 2-minute walk from Nishi-Akashi Station on the JR Kobe Lineand San-yo Shinkansen Line. It therefore is highly convenient in terms of travel
across a wide area, and with a number of major companies having opened
plants and other facilities nearby, it is a convenient location for accommodating
business demand.
The guestrooms, which total 106, are mainly single rooms that focus on
business demand, but since the location is about 20 minutes by train from
Sannomiya Station on the JR Kobe Line, the property also captures a certain
amount of tourism demand. The indoor facilities include a breakfast meetingvenue, large communal bath (for men only), and coin-operated laundry.

1
100.0%
Undisclosed because consent was not obtained from the lessee
Undisclosed because consent was not obtained from the lessee<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

2. Property 2: Smile Hotel Okinawa Naha
Name of acquired property
Type of acquired property (Note 1)
Appraisal company
Appraised value (Note 2)
Date of value appraisal (Note 2)
Location Residence indication
Building-to-land ratio(Note 3)
Floor-area ratio (Note3)
Land
ZoningSite area (Note 4)
Ownership form

Building

Completion date (Note5)
Structure / number ofstories (Note 6)
Uses (Note 6)
Gross floor area (Note6)
Ownership form
Number of guestrooms

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

Special features

Tenantdetails(Note 8)

Total number oftenants
Occupancy rate
Deposit / Security
depositMonthly rental
revenue

Smile Hotel Okinawa Naha
Real estate
JLL Morii Valuation & Advisory K.K.
¥1,240,000,000
July 1, 2023
24-1, Maeshima 3-chome, Naha-shi, Okinawa
80%
600%・400%
Commercial zone
527.19 m2
Proprietorship
August 27, 2007
Flat-roofed reinforced concrete structure / 10-stories
Hotel
2,772.69 m2
Proprietorship
128 rooms
2,772.69 m2
None
None
The property is located a 7-minute walk from Miebashi Station on the
Okinawa Urban Monorail (Yui Rail) line. It offers access to the
Kokusai-dori and Matsuyama districts, which are popular tourist
destinations, and the Kumoji office district, which are 15 minutes away
by foot. It is also near Tomari Port, which serves high-speed boats andferries to and from the outer islands.
The guestrooms, which total 128, are mainly single rooms. The
property is a business hotel mainly occupied by businesspeople ortourists traveling alone. The facilities include a breakfast meeting venue
and coin-operated laundry.

1
100.0%
Undisclosed because consent was not obtained from the lessee
Undisclosed because consent was not obtained from the lessee<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

3. Property 3: Smile Hotel Matsuyama
Name of acquired property
Type of acquired property (Note 1)
Appraisal company
Appraised value (Note 2)
Date of value appraisal (Note 2)

Smile Hotel Matsuyama
Real estate
JLL Morii Valuation & Advisory K.K.
¥1,040,000,000
July 1, 2023

Location

Residence indication

18-1, Katsuyamacho 1-chome, Matsuyama-shi, Ehime (area whose lot
number and residence indication are undisclosed)

Land

Building-to-land ratio(Note 3)
Floor-area ratio (Note3)
ZoningSite area (Note 4)
Ownership form

Building

Completion date (Note5)
Structure / number ofstories (Note 6)
Uses (Note 6)
Gross floor area (Note6)
Uses (Note 6)
Number of guestrooms

80%
500%
Commercial zone
433.77 m2
Proprietorship
October 19, 2007
Flat-roofed reinforced concrete structure / 11-stories
Hotel, parking lot
2,144.46 m2 , 41.79 m2
Proprietorship
97 rooms

Rentable area
Existence of security interests

2,144.46 m2
None

Special affairs (Note 7)

Part of the boundary between the property’s site and the adjacent site
has not been defined.

Special features

The property is a 1-minute walk from Iyo Railway Katsuyama Station,
which is about 10 minutes from Matsuyama City Station and Dogo
Onsen Station, making it convenient for both business and tourism.
The guestrooms, which total 97, are mainly single and double rooms.
They focus on business demand but are also able to accommodate
tourism demand. The facilities include a breakfast meeting venue andcoin-operated laundry.

Tenant details (Note8)

Total number oftenants
Occupancy rate
Deposit / Security
depositMonthly rental
revenue1
100.0%
Undisclosed because consent was not obtained from the lessee
Undisclosed because consent was not obtained from the lessee(Note 1) NAF completed commissioning of the acquired properties today following acquisition of the trust beneficiary rights, with theacquired properties as the assets in trust.
(Note 2) “Appraised value” and “date of value appraisal” are based on the description in the real estate appraisal report prepared by
JLL Morii Valuation & Advisory K.K. for the acquired properties.
(Note 3) “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 4) “Site area” denotes the land area included in the register.
(Note 5) “Completion date” of the building denotes the date included in the register.

<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

(Note 6) “Structure / number of stories,” “uses,” and “gross floor area” are based on the description in the register.
(Note 7) “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 acquired properties.
(Note 8) Explanation of “Tenant details”(ⅰ) “Total number of tenants” is denoted as 1 if there is a master lease agreement (bulk lease agreement) concluded withthe lessee. With regards to the acquired properties, a fixed-term building lease agreement had been concluded with
Hospitality Operations, Inc. as the lessee, and NAF will take over the status of lessor.
(ⅱ) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

<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

(2) Outline of investigations into the state of the building, etc. for the acquired properties
Property 2
Property 1
Name of properties acquired

Investigations
into the stateof the building

Earthquake
risk diagnosis

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

Smile Hotel
Nishi-Akashi

Property 3

Smile Hotel
Okinawa Naha

Smile Hotel
Matsuyama

Sompo Risk Management Inc.
August 24, 2023

August 24, 2023

August 24, 2023

－

－

－

－

－

－

¥90,990,000¥60,500,000¥80,010,000¥724,000,000¥1,040,000,000¥817,000,000

Tokio Marine & Nichido Risk Consulting Co., Ltd.
August 23, 2023

August 23, 2023

5.7%

August 23, 2023

3.1%

2.8%

(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 the estimated cost of restoration from the damage to the replacement cost.

4. Outline of seller
Name
Address
Outline of managing
partner

Description of principal
operations

Hirakawamon Kanri GK
3-1-1 Marunouchi Chiyoda-ku Tokyo
Name
Ippan Shadan Hojin F.B. Holding
Tokyo Kyodo Accounting Office 3-1-1 Marunouchi Chiyoda-ku
AddressTokyo
Representa
Office administrator: Hisayoshi Kitagawa
tive
1. Acquisition, holding, disposal, leasing and management of real estate
2. Acquisition, holding, and disposition of trust beneficiary interest in real estate
3. Any and all other businesses related to the businesses listed in the preceding
items

Date of establishment
March 15,2021
Capital¥100 thousand
Relationship between NAF or the investment trust management company, and the seller
Capital relationships

There are no investments in the seller either from NAF, the investment trust
management company.

Personal relationships

There are no personal relationships between NAF or the investment trust
management company.

Business relationships

There are no business relationships between NAF or the investment trust
management company.

Applicability to relatedparties

There are no applicability to related parties between 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.
7

The seller of the acquired properties is a domestic limited liability company, but information is not disclosed
since the seller’s consent has not been obtained. There are no noteworthy capital, personal, or business
relationships between the seller and NAF and the investment trust management company, parties related tothem, and affiliated companies. Also, the seller, parties related to it, and its affiliates do not fall under the
category of related parties of NAF or the investment trust management company.
5. Situation of the acquirer of the properties
Since the acquisition of the acquired properties does not correspond to an acquisition from a related partyor the like of NAF or the investment trust management company, this information has been omitted.
6. Outlines of brokerage(1) Outline of broker
Name
Address
Representative

Main business

CapitalDate of establishment
Relationship with NAF
andinvestment
trust
management company

Jones Lang LaSalle, Inc.
1-3 Kioicho, Chiyoda Ward, Tokyo
Toshinobu Kasai, President & CEO
Real estate transaction support (real estate acquisition, disposition, andsecuritization support), cross-border transaction support, corporate real estate
strategy, portfolio/property management, project management, facility
management, leasing/transaction management, hotel investment support &advisory, supply chain consulting, energy & sustainability consulting, real estateappraisal, research/consulting, real estate technology¥195 million
April 23, 1985
There are no noteworthy capital, personal, or business relationships between
the broker and NAF and the investment trust management company, parties
related to them, and affiliated companies. Also, the broker, parties related to it,
and its affiliates do not fall under the category of related parties of NAF or theinvestment trust management company.

(2) Amount of brokerage fees
The information is not disclosed because the broker’s consent was not obtained.

<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

7. Transactions with related parties and the like
The acquisition of the acquired properties does not correspond to an acquisition from a related party or the
like of NAF or the investment trust management company.
8. Earthquake resistance matters
NAF commissioned investigation and verification of details relating to the seismic resistance structure,including structural calculation sheets, and for the buildings relating to the acquired properties, it obtained ajudgment indicating that the structural calculations and structural drawings provide the seismic resistancestipulated in the Building Standards Act with respect to building structure and that there are no concerns about
falsification.
9. Outlook for management after acquisition of the properties
The impact of the acquisition on NAF’s financial results for the period ending February 2024 (36th Period:
September 1, 2023, to February 29, 2024) will be minor, and there will be no change to financial results
forecast for the period.

<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

10．Summary of appraisal reports(１) Property 1: Smile Hotel Nishi-Akashi
Appraised value¥994,000,000

Appraisal company

JLL Morii Valuation & Advisory K.K.

Date of value appraisal

July 1, 2023

Item

Details
994,000

Value of earnings
Value calculated by the direct capitalization
method [④÷⑤](1) Operating revenues [(a)-(b)](Unit: Thousands of yen)
Summary, etc.
Estimated by linking the value of earnings based on
the direct capitalization method and value of earnings
based on the discounted cash flow method.

1,010,000(a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses

Undisclosed(Note)(d) Utilities expenses(e) Repair expenses(f) Property management fees(g) Tenant soliciting fees, etc.
(h) Taxes and public dues(i) Property insurance fees(j) Other expenses(3) Net operating income [(1)-(2)](k) Earnings from temporary
deposits(l) Capital expenditures

58,428
Undisclosed(Note)
53,278(4) Net income [(3)+(k)-(l)]5.3%(5) Cap rate
Value calculated by discounted cash flow
method978,000

Discount rate

5.1%

Terminal cap rate

5.5%

Cost method value

448,000

Land ratio

56.0%

Building ratio

44.0%

Other items considered by thecompany in making the appraisal

Appraised by factoring income and principal fluctuation
risks into the discount rate.
Appraised by comprehensively factoring market trends,
etc. on the transaction market into the basic yield, after
considering regionality- and individuality-related risk
factors for the applicable property.
Appraised by factoring the uncertainty of forecastchanges in net income in the future, future
deterioration of buildings, and selling risks into the cap
rate.

appraisal－(Note) Information is not disclosed because the lessee’s consent was not obtained.

<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

(2) Property 2: Smile Hotel Okinawa Naha
Appraised value¥1,240,000,000

Appraisal company

JLL Morii Valuation & Advisory K.K.

Date of value appraisal

July 1, 2023
(Unit: Thousands of yen)

Item
Value of earnings
Value calculated by the direct capitalization
method [④÷⑤](1) Operating revenues [(a)-(b)]Details
1,240,000

Summary, etc.
Estimated by linking the value of earnings based on
the direct capitalization method and value of earnings
based on the discounted cash flow method.

1,260,000(a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses(e) Repair expenses

Undisclosed(Note)(f) Property management fees(g) Tenant soliciting fees, etc.
(h) Taxes and public dues(i) Property insurance fees(j) Other expenses(3) Net operating income [(1)-(2)](k) Earnings from temporary
deposits(l) Capital expenditures(4) Net income [(3)+(k)-(l)](5) Cap rate
Value calculated by discounted cash flow
method

58,856
Undisclosed(Note)
55,4944.4%
1,220,000

Discount rate

4.2%

Terminal cap rate

4.6%

Cost method value

Appraised by factoring income and principal fluctuation
risks into the discount rate.

1,230,000

Land ratio

70.0%

Building ratio

30.0%

Appraised by comprehensively factoring market trends,
etc. on the transaction market into the basic yield, after
considering regionality- and individuality-related risk
factors for the applicable property.
Appraised by factoring the uncertainty of forecastchanges in net income in the future, future
deterioration of buildings, and selling risks into the cap
rate.

Other items considered by the appraisal
company in making the appraisal－(Note) Information is not disclosed because the lessee’s consent was not obtained.

<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

(3) Property 3: Smile Hotel Matsuyama
Appraised value¥1,040,000,000

Appraisal company

JLL Morii Valuation & Advisory K.K.

Date of value appraisal

July 1, 2023

Item

Details
1,040,000

Value of earnings
Value calculated by the direct capitalization
method [④÷⑤](1) Operating revenues [(a)-(b)](Unit: Thousands of yen)
Summary, etc.
Estimated by linking the value of earnings based on
the direct capitalization method and value of earnings
based on the discounted cash flow method.

1,060,000(a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses

Undisclosed(Note)(d) Utilities expenses(e) Repair expenses(f) Property management fees(g) Tenant soliciting fees, etc.
(h) Taxes and public dues(i) Property insurance fees(j) Other expenses(3) Net operating income [(1)-(2)](k) Earnings from temporary
deposits(l) Capital expenditures

57,266
Undisclosed(Note)
52,757(4) Net income [(3)+(k)-(l)]5.0%(5) Cap rate
Value calculated by discounted cash flow
method

1,020,000

Discount rate

4.8%

Terminal cap rate

5.2%

Cost method value

597,000

Land ratio

53.4%

Building ratio

46.6%

Other items considered by thecompany in making the appraisal

Appraised by factoring income and principal fluctuation
risks into the discount rate.
Appraised by comprehensively factoring market trends,
etc. on the transaction market into the basic yield, after
considering regionality- and individuality-related risk
factors for the applicable property.
Appraised by factoring the uncertainty of forecastchanges in net income in the future, future
deterioration of buildings, and selling risks into the cap
rate.

appraisal－(Note) Information is not disclosed because the lessee’s consent was not obtained.

NAF’s website: https://www.naf-r.jp/english/<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

<Attached Documents>
1.

Portfolio List After the Transaction

2.

Photos of the Acquired Properties and Area Maps

<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

＜Attached Document 1＞
Portfolio list after the purchase of properties to be acquired is completed (on a planned acquisition price basis)
Total Planned Acquisition Price¥342,138 million

Number of Investment Properties

136 properties

Total Rentable Units (including retail units)

13,477 units

Proportion of Investment by Asset
Planned Acquisition Price

Portfolio Share(Note 1)

(Note 2)

Rental Apartments¥322,641 million

94.3%

Hospitality Facilities¥19,497 million

5.7%¥342,138 million

100.0%

Grand Total
Proportion of “Rental Apartments” by Area

Planned Acquisition Price

Portfolio Share(Note 1)

(Note 3)

Tokyo 23 Wards¥285,660 million

88.5%

Greater Tokyo (Note 4)¥14,426 million

4.5%

Other Major Cities (Note 5)¥22,555 million

7.0%¥322,641 million

100.0%

Total of “Rental Apartments”(Note 1) “Planned Acquisition Price” does not include anticipated acquisition expenses, fixed property taxes, urban
planning taxes, consumption taxes or local consumption taxes.
(Note 2) The figure indicates the percentage of asset category to the total (planned) acquisition price.
(Note 3) The figure indicates the percentage of Rental Apartments by area to the total (planned) acquisition price.
(Note 4) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 5) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.
(Note 6) Proportion of all properties by area (including Hospitality Facilities)
Tokyo 23 wards 85.2%
Other area 14.8%(Note 7) Please refer to NAF’s website for the latest portfolio list:
https://www.naf-r.jp/portfolio/5-1.html<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

＜Attached Document 2＞
Photo of the property to be acquired and map of the area
1.

Smile Hotel Nishi-Akashi

Nishi-Akashi
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.
15

2.

Smile Hotel Okinawa Naha

Miebashi
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.
16

3.

Smile Hotel Matsuyama

Shinonome
Shrine<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.
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