June 6, 2011
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-Chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director Yuji Yokoyama(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO Kosei Murakami
Contact CFO and Director Morio Shibata(TEL. 03-3246-3677)

Notification Concerning Acquisition ofDomestic Real Estate Property (Additional acquisition)
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on andcompleted the acquisition of real estate property in Japan as shown below.
1. Reason for acquisition
Although NAF completed an acquisition of Real Estate Trust Beneficiary Interest (“property
already acquired”) for part of Park Cube Ichigaya (unit ownership interest: 92.96%) on August 7,
2006, our recent additional acquisition of domestic real estate (unit ownership interest: 7.04%)
has resulted in our complete ownership of the building. NAF decided on the acquisition in the
expectation that it will improve the value of the said property and increase efficiency in its
management.
2. Overview of acquisition(1) Name of property acquired (Note 1)
Name of building

Park Cube Ichigaya

Names of appropriated units

1501 and 1502

(2) Type of property acquired

Real estate (Note 2)(3) Acquisition price (Note 3)¥155,430 thousand(4) Appraised value (Note 4)¥159,000 thousand (Date of value appraisal: April 1, 2011)(5) Date of conclusion of sales contract June 1, 2011
(6) Date of handoverJune 1, 2011(7) Seller

Two individuals(8) Acquisition funds

Own funds(9) Method of payment

Full payment at the time of delivery(Note 1): “Name of property acquired” is based on the entry in the register.
(Note 2): After the acquisition of the physical real estate of the acquired property, it was added on the samedate to the existing Real Estate Trust Beneficiary Interest.

(Note 3): “Acquisition Price” denotes the trading value (exclusive of miscellaneous expenses for acquisition,
fixed property tax, urban planning tax, consumption tax, and local consumption tax) specified in thereal estate sales contract for the property acquired.
(Note 4): “Appraised value” is stated based on the amount mentioned in the real estate appraisal report which
Morii Appraisal & Investment Consulting, inc. prepared for the property acquired.

3. Outline of the property acquired (Note 1)
Name of
Name of building
Park Cube Ichigaya
property
Names ofacquired1501 and 1502
appropriated units(Note 2)Type of property acquired
Real estate (Note 3)
Acquisition price (Note 4)¥155,430 thousand
Appraisal company
Morii Appraisal & Investment Consulting, Inc.
Appraised value (Note 5)¥159,000 thousand
Date of value appraisal (Note 5)
April 1, 2011
Location Residence Indication 2-7, Ichigayahonmuracho, Shinjuku-ku, Tokyo
Building-to-land
80%
ratio
Floor-area ratio
600%
Land
ZoningCommercial zone
Site area (Note 6)
386.94m2
Ownership form
Proprietorship
Completion date
October 11, 2005
(Note 7)Structure / Number of
Flat-roofed reinforced concrete structure / 15 stories
stories (Note 8)
Uses (Note 8)
Apartment building, community life support facility
Building
Gross floor area
2,724.78m2(Note 8)
Ownership form
Proprietorship
Rentable units
53
Rentable area
2,288.46m2
Existence of security interests
None
This property cannot be constructed with the samearchitectural design as the current building in the case ofreconstruction on this site, due to the change in the urban
Special affairs (Note 9)planning height district (reinforcement of the absolute height
limit) effective of March 31, 2006, which is after thecompletion of this building.
This property is located a four-minute walk from Ichigaya
Station on the Tokyo Metro Namboku Line, a six-minute
walk from Ichigaya Station on the JR Sobu Line, the Tokyo
Metro Yurakucho Line and the Toei Subway Shinjuku Line,and an eight minute walk from Yotsuya Station on the JR
Chuo Line. The area is adjacent to Chiyoda-ku and hasSpecial features of the property good access to the main business areas, such as
Marunouchi and Otemachi. It is also conveniently situatedbeing close to commercial facilities in the vicinity of
Yotsuya. Facing Chiyoda-ku’s leafy Sotobori Park, thisproperty is highly convenient for everyday living due theconcentration nearby of educational institutions andcommercial facilities.

Details oftenants(Note 7)

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

153
52
2,288.46 m2
2,236.09 m2
97.7%¥19,199 thousand
Refer to attached documents 1 “ Summary of theappraisal report on the amount of property acquired”(Note 1): “Name of property acquired”, “Type of property acquired”, “Acquisition price”, “Appraised value” and“Date of value appraisal” are referred to property acquired, and the other columns are referred toentire property composed of property acquired and property already acquired.
(Note 2): “Name of property acquired” is based on the description in the register.
(Note 3): After acquisition of property acquired, NAF entrusted it to the existing Real Estate Trust beneficiaryof property already acquired.
(Note 4) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses foracquisition, fixed property tax, urban planning tax, consumption tax, and local consumption tax)
specified in the real estate sales contract for the property acquired.
(Note 5) “Appraised value” and “Date of value appraisal” are stated based on the amount noted in the realestate appraisal reports which Morii Appraisal & Investment Consulting, inc. prepared for theproperty acquired.
(Note 6) “Site area” of the Land item denotes the land area as entered in the register.
(Note 7) “Completion date” of the Building item denotes the date as entered in the register.
(Note 8) “Structure / Number of stories”, “Uses,” and “Gross floor area” are stated based on the entries in theregister.
(Note 9) “Special affairs” denotes matters which NAF recognizes as important as of today, taking into
consideration their effects on title-related matters, use, appraised value, profitability, etc. of theproperty acquired.
(Note 10) Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease
contract) has been concluded with a master lease company. As to the property to beacquired, NAF has concluded a master lease contract with Mitsui Fudosan Housing
Lease Co., Ltd. as the master lease company. The above “Total number of tenants” means thetotal number of tenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in property already acquired and property
acquired.
(iii) Figures for “Rented units” and “Rented area” are based on the condition as of May 22, 2011
considering the state of property acquired.
(iv) “Rentable area” shows the total rentable area of the buildings of the property acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal
place, and property acquired.

4. Outline of seller
The sellers of the property acquired are two individuals. Their identities are not disclosed inaccordance with their requests. There are no capital, personal, business and other relationship toreport between NAF or the investment trust management company, and the seller.
5. Transactions with related parties and the like
The property acquired has not been acquired from a party classified as having a relationship ofspecial interest with NAF or the investment trust management company. Please note that, since
Mitsui Fudosan Housing Lease Co., Ltd., which has become the master lease company andproperty management company for the property acquired as of today, constitute related parties
and the like (Note), in accordance with NAF’s self-established rules on asset management

relevant to transactions with related parties and the like, the master lease contract and property
management contract have been carried out through deliberation and decision by the compliancecommittee of the investment trust management company and the investment committee.
(Note) “Related parties and the like” means related parties and the like of an investment trust managementcompany which has concluded an asset management contract with NAF, as determined in the Orderfor Enforcement of the Act on Investment Trust and Investment Corporation, Article 123.

6. Situation of the acquirer of the property
Not applicable.
7. Outline of brokerage(1) Outline of broker
Trade name
Ulife corporation
Head office address
60-8, Nakano 5-chome , Nakano-ku, Tokyo
Representative
Kenji Kato, Representative Director
Description of principal
Sales, brokerage, lease, and management of real estate
operations
Capital¥9,000 thousand
Date of establishment
December 16, 2008
Relationships between NAF or the investment trust management company and the broker
There are no capital relationship to report between NAF or
the investment trust management company and the broker.
Also, there are no capital relationships to report between any
Capital relationshiprelated parties or associated companies of NAF or theinvestment trust management company, and any relatedparties or associated companies of the broker.
There are no personal relationship to report between NAF or
the investment trust management company and the broker.
Also, there are no personal relationships to report between
Personal relationshipany related parties or associated companies of NAF or theinvestment trust management company, and any relatedparties or associated companies of the broker.
There are no business relationship to report between NAF or
the investment trust management company and the broker.
Also, there are no business relationships to report between
Business relationshipany related parties or associated companies of NAF or theinvestment trust management company, and any relatedparties or associated companies of the broker.
The broker does not fall under the category of related partiesof NAF or the investment trust management company. The
Applicability to related
related parties and associated companies of the broker doparties
not fall under the category of related parties of NAF or theinvestment trust management company.
(2) Amount of brokerage fee¥2,355 thousand (excluding consumption tax and local consumption tax.)
8. Outlook for management of property after acquisition
The acquisition has little impact on the operational status of NAF in the fiscal period ending
August 2011.

* This English language notice is a translation of the Japanese language notice dated June 1,
2011 and was prepared solely for the convenience of, and reference by, overseas investors.
NAF makes no warranties as to its accuracy or completeness.
<Attached documents>
1. Summary of the appraisal report on the amount of the property acquired
2. Portfolio list after the acquisition of the property is completed (on an acquisition price basis)

<Attached Document 1> Summary of the appraisal report on the amount of property acquired(Note 1)
(unit: Thousands of yen)
1. Value of property acquired (Note2)
Appraised value (specified value)

159,000

Price of property acquired (Fair market value)
Allocation of added value of property

158,000
667

Value indicated by the sales comparison approach
Cost method value
Value calculated indicated by the income approach
Value calculated by the direct capitalization method
Cap rate
Value calculated by discounted cash flow method
Discount rate
Terminal cap rate

158,000
88,000117,000
119,000
5.4%
115,000
5.1%
5.7%

2. (References) Value of property already acquired (Note 3)
Price of property already acquired (Fair market value)
Cost method value
Value calculated indicated by the income approach
Value calculated by the direct capitalization method
Cap rate
Value calculated by discounted cash flow method
Discount rate
Terminal cap rate

1,730,000
1,090,000
1,730,000
1,760,000
5.2%
1,690,000
4.9%
5.5%

3. (References) Value of entire building and land of property acquired and property alreadyacquired (Note 3)
Value of entire property
Assessment item(a) Unit rental revenues, including commons area fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Operatingrevenues

Revenues from key money, etc.
Renewal fees
Other revenues(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expense(h) Utilities expense(i) Repair expense(j) Property management fees
Operating (k) Tenant soliciting fee, etc.
expenses (l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)]1,890,000
Detail120,446
0
1,584
5,072
1,874
2,774
424
127,1026,450
0120,652
5,363
17
1,722
5,187
3,786
4,922
186
0
21,183

(4) Net operating income [(2) – (3)](o) Earnings from temporary deposit(p) Capital expenditures(5) Net income [(4)+(o)-(p)](6) Cap rate
Value of earnings calculated by the direct capitalization method[(5)÷(6)]Value calculated by discounted cash flow method
Discount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment

99,469378
1,691
98,1565.1%
1,920,000
1,850,000
4.8%
5.4%
1,180,000
1,184,000
750,000
434,0000(Note 1) NAF requested real estate appraisal by Morii Appraisal & Investment Consulting, Inc. for the property acquired, basedon points to note when appraising real estate from the Act on Securities Investment Trust and Securities Investment
Corporations, and based on the Act on Real estate Appraisal (1963 Act No. 152, including later amendments) and onreal estate appraisal standards. The above figures record a summary of the real estate appraisal report prepared. The
appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to thevalidity or accuracy of the report, nor the possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.
(Note 2) Morii appraisal & Investment Consulting, Inc. expresses its opinion that Value calculated by comparative method ismore persuasive value in its real estate appraisal report.
(Note 3) Morii appraisal & Investment Consulting, Inc. expresses its opinion that Value calculated by comparative method ismore persuasive value in its real estate appraisal report.

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

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio
Share(%)(Note 2)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

13.6

Park Axis Gakugei Daigaku
Park Axis Shibuya Jinnan
Park Axis Aoyama Kotto-doriPark Axis Kagurazaka Stage
Park Axis Shiroganedai
Park Axis Bunkyo Stage
Park Axis Tsukishima
Park Axis Otsuka
Park Axis Minami Azabu
Park Axis Shibuya
Park Axis Nihonbashi Stage
Park Axis Hamamatsucho
Park Axis Hongo No Mori
Park Axis Tameike Sanno
Park Axis Roppongi Hinokicho Park
Park Axis Ochanomizu Stage
Park Axis Okachimachi
Park Cube Hongo
Park Cube Kanda
Park Cube Ichigaya (Note 3)
Park Cube Asakusa Tawaramachi
Park Cube Ueno
Park Cube Ikebukuro Kanamecho
Park Axis Meguro Honcho
Park Axis Shin Itabashi
Park Axis Akihabara
Park Axis Toyocho
Park Axis Takinogawa
Park Axis Asakusabashi
Park Axis Nihonbashi Hamacho
Park Cube Yoyogi Tomigaya
Park Axis Monzennakacho
Park Cube Itabashi Honcho
Park Cube Gakugei daigaku
Park Cube Oimachi
Park Axis Nishigahara
Park Axis Kinshicho
Park Axis Tatsumi Stage
Park Axis Kameido
Park Axis Honancho
Park Axis Itabashi
Park Axis Oshiage
Park Axis Takadanobaba
Park Axis Toyosu
Park Axis Hatchobori
Park Axis Itabashi Honcho
Park Axis Sumiyoshi

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

1,760
3,230
1,730
1,400
5,140
4,440
930
1,655
3,939
1,282
7,557
2,025
2,910
2,860
2,170
9,710
1,070
1,760
2,454
1,949
2,508
2,233
1,608
1,810
3,430
1,200
3,950
1,820
2,717
5,540
1,975
1,700
4,170
910
1,440
840
1,448
7,464
2,359
745
1,448
1,193
1,222
14,300
1,760
987
1,006

0.8
1.5
0.8
0.6
2.4
2.0
0.4
0.8
1.8
0.6
3.5
0.9
1.3
1.3
1.0
4.5
0.5
0.8
1.1
0.9
1.2
1.0
0.7
0.8
1.6
0.6
1.8
0.8
1.2
2.5
0.9
0.8
1.9
0.4
0.7
0.4
0.7
3.4
1.1
0.3
0.7
0.5
0.6
6.6
0.8
0.5
0.5

Park Cube Yotsuya Sanchome
Park Cube Hatchobori
Park Axis Kamata Ichibankan
Park Axis Taito Negishi
Park Axis Komagome
Park Axis Itabashi Honcho Nibankan
Shibaura Island Air Tower
Tokyo 23 wards Total

Shinjuku-ku, Tokyo
Chuo-ku, Tokyo
Ota-ku, Tokyo
Taito-ku, Tokyo
Toshima-ku, Tokyo
Itabashi-ku, Tokyo
Minato-ku, Tokyo

2,749
4,200
1,069
672
1,389
1,859
7,905
181,295

1.3
1.9
0.5
0.3
0.6
0.9
3.6
83.2

Park Cube Keio Hachioji
Park Cube Keio Hachioji 2Park Axis Nishi Funabashi

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

991
1,130
1,020

0.5
0.5
0.5

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.7

Park Axis Chiba Shinmachi
Park Axis Chiba
Greater Tokyo Total (Note 4)

Chuo-ku, Chiba-shi, Chiba
Chuo-ku, Chiba-shi, Chiba

1,679
970
7,209

0.8
0.4
3.3

Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe

Nakamura-ku, Nagoya-shi, Aichi

2,440
1,920
1,515
1,890
742
1,547

1.1
0.9
0.7
0.9
0.3
0.7

2,320

1.1

960
605
1,650

0.4
0.3
0.8

827

0.4

2,369
2,399
21,184
209,688

1.1
1.1
9.7
96.3

Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen Mae
Park Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Other Major Cities Total (Note 5)

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,
MiyagiHakata-ku,Fukuoka-shi,Fukuoka
Minami-ku,Fukuoka-shi,Fukuoka

Chuo-ku, Sapporo-shi, Hokkaido
Atsubetsu-ku, Sapporo-shi,
Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi, OsakaTotal

2. Other Accommodation Assets
AcquisitionPrice(millions of yen)
(Note 1)
928
991
916
374

Portfolio
Share(%)(Note 2)
0.4
0.5
0.4
0.2

Shiki-shi, Saitama

1,478

0.7

Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Nakahara-ku, Kawasaki-shi,
Kanagawa

1,041
1,249

0.5
0.6

1,152

0.5

8,129
217,817

3.7
100.0

Name

Location

Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo
Dormitory Rakuhoku
Rikkyo University International Dormitory(RUID) Shiki
Dormy Naka Itabashi
Phirosophia Nishidai

Ashiya-shi, Hyogo
Nakagyo-ku, Kyoto-shi, Kyoto
Kamigyo-ku, Kyoto-shi, Kyoto
Kita-ku, Kyoto-shi, Kyoto

Dormy Musashi Kosugi
Total
Grand total(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed
property tax, urban planning tax, consumption tax, and local consumption tax) of the property
acquired. Amounts less than one million yen have been rounded off.

(Note 2) “Portfolio Share” means the percentage of the acquisition price of the property acquired comparedwith the total amount, rounded to the nearest one decimal place.
(Note 3) Figures for “Park Cube Ichigaya ” denotes the entire property composed of property acquired andproperty already acquired.
(Note 4) “Greater Tokyo ” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama,
and Chiba.
(Note 5) “Other Major Cities” refers to cities designated as regional government ordinance.