March 15, 2022
For Immediate Release

Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,Tokyo
Takehiro Izawa
Executive Director(Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Masaoki Kanematsu
President & CEO
Inquiries:
Daisuke Kawauchi
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition of Investment Asset (COMFORIA KITAZAWA)
Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc. (“TRM”), to which
CRR entrusts management of its assets decided today for CRR to acquire the investment asset as shown below.
1. Summary of the Acquisition
No.

Type of Asset1

Beneficial Interest in
Real Estate Trust

Property Name

Acquisition Price(thousand yen)
(Note 1)COMFORIA KITAZAWA (Note 2)

3,816,000

Total

3,816,000(Note 1) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of theconcerned asset, etc. (brokerage commission, taxes and public dues, etc.) (the amount of real estate or
beneficial interest in real estate trust specified in the Agreement on Purchase and Sale).
(Note 2) Since “COMFORIA KITAZAWA” is an uncompleted property scheduled to be completed in June 2022, the(scheduled) name after the acquisition is indicated. The same applies below.

(1)
(2)
(3)
(4)
(5)

Date of Agreement
Date of Acquisition
SellerFinancing for acquisition
Method of payment

March 15, 2022
July 1, 2022
Undisclosed (Refer to “4. Summary of the Seller”)
Borrowings (Note 1) and cash on hand
Full payment at the time of delivery(Note 1) CRR will announce the details of the borrowings once it's determined.
(Note 2) Since “COMFORIA KITAZAWA” is an uncompleted property, “Date of Acquisition” denotes the schedule as of today.
“Date of Acquisition” may change depending on the progress of the building construction work.

2. Reason for the Acquisition
TRM decided to acquire the investment asset based on asset management class and policy described in bylaws to ensurestable earnings and steady growth of the portfolio. On deciding to acquire the investment assets, TRM evaluated thefeatures of the property, etc. of the asset stated in “3. Summary of the Asset to be Acquired.”

3. Summary of the Asset to be Acquired(1) Details of the Acquisition
Property Name
Type of Asset

COMFORIA KITAZAWA
Beneficial Interest in Real Estate Trust-1-Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)
Land

Building

Sumitomo Mitsui Trust Bank, Limited
June 30, 2037
1-506 Kitazawa, Setagaya-ku, Tokyo and 4 other lots

Area (Note 1)

2,105.56 m2(Note 10)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

June, 2022
RC / 5F

Type of Ownership

Ownership

3,832.32 m2

Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

4,000,000 thousand yen (Appraisal Date: January 31, 2022)

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation

CollateralNone
1. As the property is not yet completed, scheduled for completion in June 2022,
CRR will acquire the property in an unoccupied or under-occupied condition.
2. A portion of this land (approximately 8.86 m²) is currently owned by anadjacent landowner, but will be exchanged by the acquisition date for adjacentland which is owned by the seller as of today but not included in the subject
property. This exchange will be carried out at the seller's responsibility andexpense by the acquisition date.
Special affairs (Note 4)
3. A portion of this land (approx. 358.83 m²) is located in the district of a city
planning road (trunk road auxiliary line street No.54 with a planned width of 16m). No project has been assigned, and the project schedule, size of expropriationarea, and other details have yet to be determined. However, once a project is
assigned, the existing building may become nonconforming as result of land
expropriation.
The property comprised of mainly compact-type rooms is located a 9-minute
walk from Shimokitazawa Station on the Odakyu Odawara Line and the Keio
Inokashira Line, a 4-minute walk from Higashikitazawa Station on the Odakyu
Odawara Line, and a 5-minute walk from Ikenoue Station on the Keio InokashiraLine. With 3 stations and 2 lines available, and approximately a 4-minute trainride to Shibuya Station and approximately an 8-minute train ride to Shinjuku
Features of the Property
Station, it has excellent access to major business and commercial zones. The areaaround Shimokitazawa Station, which is popular among young people, isgrowing into an even more attractive area as the redevelopment project in frontof the station improves convenience and new commercial facilities are being
developed. Given these characteristics, solid rental demand focused mainly on
singles and DINK families who place an emphasis on a city-center location, aconvenient residential environment is expected.
Summary of Rental Status (planned) (Note 5) (Note 6)
Rentable Area

3,025.74 m2

Rented Area―

Occupancy Rate―

Rentable Units

76 Units

Rented Units―

Total Number of Tenants

1

Total Monthly Rent―

Security Deposit―

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

-2-

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

March, 2022――
28,442 thousand yen
1,004,700 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

March, 2022

PML

4.1 %

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Chiba Architect Inc.

Contractor

RAITO KOGYO Co., Ltd

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Urban Architectural Verification Center Co.
HI International Consultant Co., Ltd(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
However, since "COMFORIA KITAZAWA" is an uncompleted property and is yet to be registered, "Location" indicates lot
number of the land, and "Completion date" indicates planned completion period, while "Structure / Number of Floors", "Gross
Floor Area", and "Use" of building indicate the figures, etc. based on the building permit.
(Note 2) “Property Management Company” is the company that has provided or is scheduled to provide property management service foreach property.
(Note 3) “Master Leasing Company” is the lessee that has conducted or is scheduled to conclude a master lease agreement with the titleholderof each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. isleased, the concerned area is also included).“Rentable Area” for Non-Pass-through type master lease agreements (master leaseagreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is the rentablearea based on the lease agreement concluded between CRR or Trustee of Beneficial Trust and the Master Leasing Company.
The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area
calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the realestate registry.
ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited
to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units)
and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant.
Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master
Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent ofMaster Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease
Agreement is referred to as “Pass-through type Master Lease Agreement”). “Rented Area” for Non-Pass-through type master
lease agreements is the rented area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust andthe Master Leasing Company.
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease. "Number ofrooms" indicates the number of rooms described in the Important Matters.
v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental contract
relationship (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee of Beneficial
Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing
Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the subleaseagreements are excluded. With regard to the properties to be acquired, a master lease agreement is scheduled to be concluded
with Tokyu Housing Lease Corporation as the master leasing company on the acquisition date of the properties. The “total
number of tenants” above is therefore the number of tenants after such a master lease agreement is concluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room)-3-

stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estate or real estate in realestate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-through master lease agreement,
the monthly fixed rent (common area expense are included (except when the common area expense is not a fixed amount.),
except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between CRR or the Trusteeof Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to the nearest thousand yen.
Consumption tax and other taxes are excluded.
viii In the case that the master leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total amountof balance of Security Deposit, based on lease agreements executed with the end-tenants, rounded down to the nearest
thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to special policy
conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is excluded.
In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security
Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing
Company are stated.
(Note 6) Since "COMFORIA KITAZAWA" is an uncompleted property, "Rentable Area" and "Rentable Units" indicate figures based on
information provided by the seller, and "Rented Area", "Occupancy Rate", "Rented Units", "Total Monthly Rent", and "Security
Deposit" are not stated.
(Note 7) This section is a summary of the Engineering Report on the acquired asset prepared by the reporting company which is a third party
with no special interest in CRR. However, the content of the report is simply the opinion of the reporting company above, and CRR
does not guarantee the adequacy and accuracy of the content.
i “Estimated Amount of Emergency Repair Expenses” is the amount of repair and renewal costs expected to emergently arise,and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
ii “Estimated Amount of Short-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be required
within one year, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iii “Estimated Amount of Long-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be requiredfor 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iv “Replacement Value” is the estimated money amount provided in the Engineering Report of construction work required if theacquired asset with the same design and the same specifications were to be newly constructed at the time when the report was
prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does not guarantee
the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.
(Note 8) This section is a summary of the “Earthquake Risk Analysis” report on the acquired asset prepared by the PML reporting company
which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the PML reporting
company above, and CRR does not guarantee the adequacy or accuracy of the content. “PML” is the probable maximum loss froman earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In this document, PML is calculated
based on PML3, the definition of PML, an index of earthquake risk assessment by the Architectural Institute of Japan, and are
expressed as a percentage (%) of the replacement price of the amount of loss with a 10% probability of exceedance (amount of loss
equivalent to a 475-year return period) during the assumed expected period of use (50 years = the useful life of a typical building).
(Note 9) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and the investment
agency or structural calculation fitness judge, etc. of the asset to be acquired is stated. As a general rule, CRR has asked a specialized
third-party organization to make an inspection and received a report stating that there is no wrongful act such as the intentional
falsification and forgery of documents related to structural design (structural drawings and structural calculation sheets, etc.).
However, the content of the report is simply an opinion of the third-party organization, and CRR does not guarantee the adequacy
and accuracy of the content. For properties that have received from the specified structural calculation fitness judgment agency the
judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Minister of Land,
Infrastructure, Transport and Tourism in accordance with the Building Standards Act revised in June 2007 (Act No. 201 of 1950.
Including subsequent revisions), the specified structural calculation fitness judgment agency constitutes a specialized third-party
organization.
(Note 10) Includes a portion of private road burden and a setback portion (total approximately 170 m2).

(2)

Summary of the Appraisal Report(thousand yen)
COMFORIA KITAZAWA
Japan Real Estate Institute
January 31, 2022
4,000,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income

Appraisal summary

Content
4,000,000
4,030,000
178,744
186,355
176,0620
1,490

Calculated with consideration of the income level of new rents, etc.,
assuming that the property is newly leased.

0
8,803

-4-

Vacancy Loss
Collection Loss
(2) Operating Expense
Maintenance andManagement Fee
Utility Charge

(7)

3,168
1,098
1,626

Property Management
Fee

2,554

Tenant Advertisement
Cost

8,471

Taxes and Public Dues

10,563

Other Expenses
Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5)(6)

0
27,995

Repair Cost

Insurance(3)-7,611

Capital Expenditure

Net Cash Flow
(NCF, (3)+(4)-(5))
Cap Rate

Value by the DCF Method

515
0

142
1,659

3.7%
3,970,000

Terminal Cap Rate

3.7%
4,190,000

Assumed in consideration of rental conditions for assumed new contracts,
as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

4,190,000

Land Value

3,160,000

Building Value

1,030,000

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement rateof residents per year and occupancy rates, while referring to the conditionsof rental agreements of similar properties.
Appraised based on the taxes and public dues etc. for the property.
Calculated with consideration of insurance premium rates of those forsimilar properties.
There are no specific expenses calculated as Other Expenses.

149,232

3.4%

Adjustment for Change

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties.

150,749

Discount Rate

Cost Approach Value
Total Value of Land andBuilding

Calculated with consideration of occupancy rates of similar properties inthe same market area.
Collection loss has not been calculated.

100%

Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing touse income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach value is used only for reference.

(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal report that was prepared by
Japan Real Estate Institute, based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts andInvestment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estate appraisal
standards. The appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or
accuracy of the report, nor to the possibility of transactions at the appraised value.

-5-4．Summary of the Seller
The seller is an operating company in Japan, but the details aren’t disclosed by the intention of the one. The
seller is not an interested party of CRR or TRM.
5. Ownership History of Asset
Description is omitted because the acquisition of the asset is not an acquisition from any persons having a
special interest in CRR or TRM.
6. TRM’s Interested Parties in the Asset to be Acquired
CRR plans to entrust the master leasing and property management service in relation to the asset to beacquired to Tokyu Housing Lease Corporation, which is an interested party in relation to TRM. Therefore,
the procedures required in accordance with the bylaws were completed with respect to agreements with thiscompany.
7. Risks in the Acquisition
Since “COMFORIA KITAZAWA” is an uncompleted property scheduled to be completed in June 2022, there
are risks concerning construction completion and building delivery etc. before the building is completed.
However, we believe that such risks are minimized to a reasonable extent mainly by making the followings
conditions for paying the purchase price.
① It is certain that the building of the property will be delivered to the seller from the building contractor
legally and validly in a condition satisfactory to CRR.
② The inspection certificate for the building of the property has been delivered to CRR by the seller.
Although leasing risk exists after the acquisition of the property because the property will be delivered in an
unoccupied or under-occupied condition, we expect that it will be sufficient to secure tenants by setting
appropriate rents based on the rental market environment and the operating conditions of the assets managed
by CRR in the vicinity of the property, after consulting with the ML/PM (planned) company for the property.
The investment ratio of the property after the transaction will be 1.4%, and we believe that the risk associatedwith this acquisition will have a limited impact on the overall portfolio of CRR.
8. Summary of Brokerage
Brokerage is an operating company in Japan, but the details aren’t disclosed by the intention of the one. The
brokerage is not an interested party of CRR or TRM.
9. Matters related to forward commitments, etc.
The acquisition falls under the category of “forward commitment, etc. (Note)” as defined in the“Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” established by
the Financial Service Agency.
CRR plans to purchase the asset using borrowings and cash on hand, but in the case that the forward
commitment cannot be executed, CRR shall pay 5% of the acquisition price as a penalty for breach of sales
contract. However, the sales contract for the acquisition stipulate that only if CRR is able to raise funds basedon the satisfactory content, the obligation to pay the purchase price shall be fulfilled, and that if the fundraising
is not completed, the sales contract may be cancelled without CRR undertaking any obligation including damage
compensation. Therefore, CRR considers that even if CRR fails to complete fundraising and thus fails to executeforward commitment, etc., CRR’s finance and such are unlikely to have material impact.
(Note) “Forward commitment, etc.” refers to a postdated sales contract under which payment and delivery shall be made at least one monthafter the conclusion of the contract, or any other contract similar thereto.

10. Forecast
For the earnings forecasts for fiscal period ending July 31, 2022 (February 1, 2022 - July 31, 2022) and forfiscal period ending January 31, 2023 (August 1, 2022 – January 31, 2023) as a result of the acquisition, pleaserefer to the “Financial Results for the Fiscal Period Ended January 31, 2022” released today.
*Website of CRR: https://www.comforia-reit.co.jp/en/-6-Attachments
1. Portfolio List
2. Exterior Image and Map of the Asset to be Acquired-7-

Attachment 1. Portfolio List
Area (Note 1)

Central Tokyo

Property Name

Location (Residential address)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuoku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10Tokyo

Nakaochiai,

Shinjuku-ku,

COMFORIA HIGASHINAKANO

4-34-2
Tokyo

Kitashinjuku,

Shinjuku-ku,

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

COMFORIA MINAMIAOYAMA

4-1-12 Minamiaoyama, Minato-ku,
Tokyo

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku,
Tokyo

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA
SHIBAURA BOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 NihonbashiNingyocho, Chuoku, Tokyo

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA KUDAN

2-6-12 Kudanminami, Chiyoda-ku,
Tokyo

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo-8-

Type of Asset
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Acquisition Price(million yen)
(Note 2)

Share
(Note 3)

1,586

0.6%

1,900

0.7%

1,181

0.4%

552

0.2%

3,059

1.1%

574

0.2%

1,398

0.5%

755

0.3%

1,041

0.4%

1,685

0.6%

3,629

1.3%

850

0.3%

2,650

0.9%

1,300

0.5%

2,139

0.8%

826

0.3%

1,280

0.5%

1,108

0.4%

1,840

0.7%

1,945

0.7%

3,190

1.1%

1,570

0.6%

Central Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

COMFORIA YOYOGIUEHARA

2-31-5 Uehara, Shibuya-ku, Tokyo

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA
SHINJUKUGYOENⅡ

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,
Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

1-20-12 Kitashinjuku, Shinjuku-ku,
Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kandajinbocho Chiyoda-ku
Tokyo,

COMFORIA NIHONBASHI

1-2-2 Nihonbashibakurocho, Chuo-ku,
Tokyo

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku Tokyo

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

COMFORIA
SHINJUKUGYOENⅠ

1-10-4 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1
Tokyo

Higashiazabu,

Minato-ku,（Tower Building）
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER（Annex Building）
6-27-28 Shinjuku, Shinjuku-ku, Tokyo（Gate Building）
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYAKUOJI

74-23
Ichigayayakuojimachi,
Shinjuku-ku, Tokyo

COMFORIA AKIHABARA EAST

2-9-19Tokyo

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

COMFORIA SHINJUKU

5-8-20, Shinjuku, Shinjuku-ku, Tokyo

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku,
Tokyo

COMFORIA
GINZA EAST NIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

Higashikanda,-9-

Chiyoda-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Beneficial
Interest in Real
Estate Trust

4,268

1.5%

1,560

0.6%

1,789

0.6%

1,806

0.6%

1,623

0.6%

736

0.3%

1,621

0.6%

1,625

0.6%

1,434

0.5%

1,956

0.7%

3,272

1.2%

1,471

0.5%

1,406

0.5%

1,245

0.4%

1,900

0.7%

13,2644.7%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

941

0.3%

4,425

1.6%

890

0.3%

Real Estate

1,065

0.4%

2,150

0.8%

1,194

0.4%

2,380

0.8%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Central Tokyo

COMFORIAHIGASHISHINJUKU STATION
FRONT

7-27-12 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA NAKAOCHIAI

2-16-29
Tokyo

COMFORIA
WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Nakaochiai,

Shinjuku-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Sub-central
Tokyo

COMFORIA BUNKYOKASUGA

1-15-12 Nishikata, Bunkyo-ku, Tokyo

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

COMFORIA NISHIOI

6-6-1 Nishioi, Shinagawa-ku, Tokyo

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku,
Tokyo

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

COMFORIA NISHIKAMATA

6-37-3 Nishikamata, Ota-ku, Tokyo

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

3-2-13 Miyoshi, Koto-ku, Tokyo

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku,
Tokyo

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku,
Tokyo

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku,
Tokyo

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIAASAKUSABASHI DEUX

5-24-10 Asakusabashi, Taito-ku,
Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

COMFORIAMONZENNAKACHO

16-8 Fuyuki, Koto-ku, Tokyo

COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo- 10 -

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

5,540

2.0%

1,489

0.5%

1,056

0.4%

98,168

34.9%

1,470

0.5%

910

0.3%

902

0.3%

881

0.3%

2,587

0.9%

1,550

0.6%

1,987

0.7%

740

0.3%

1,290

0.5%

552

0.2%

1,219

0.4%

926

0.3%

602

0.2%

651

0.2%

874

0.3%

714

0.3%

762

0.3%

873

0.3%

2,658

0.9%

1,189

0.4%

Sub-central
Tokyo

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

COMFORIAGAKUGEIDAIGAKU

6-46-6 Shimouma, Setagaya-ku,
Tokyo

COMFORIAHIGASHINAKANO DEUX

4-2-19 Higashinakano, Nakano-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashiikebukuro, Toshimaku, Tokyo

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku,
Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

COMFORIA
SUMIDA-TACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku,
Tokyo

COMFORIA MORISHITA

3-6-8 Shinohashi, Koto-ku, Tokyo

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

COMFORIA
MEGURO CHOJAMARU

2-6-25 Kamiosaki, Shinagawa-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashiikebukuro, Toshima-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro, Toshimaku,Tokyo

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

COMFORIA
MINAMISUNAMACHI

4-4-20 Miamisuna, Koto-ku, Tokyo

COMFORIAHIGASHISHINAGAWA

3-22-11, Higashishinagawa,Shinagawa-ku, Tokyo

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo- 11 -

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,874

0.7%

1,138

0.4%

833

0.3%

3,911

1.4%

1,014

0.4%

1,188

0.4%

594

0.2%

2,680

1.0%

1,240

0.4%

3,096

1.1%

938

0.3%

1,050

0.4%

2,912

1.0%

1,344

0.5%

1,530

0.5%

956

0.3%

1,972

0.7%

1,712

0.6%

1,132

0.4%

5,000

1.8%

1,042

0.4%

4,681

1.7%

1,510

0.5%

813

0.3%

Sub-central
Tokyo

COMFORIA YOGA

3-24-3 Yoga, Setagayaku-ku, Tokyo

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA
SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku,
Tokyo

COMFORIA OJIMA

4-8-10 Ojima, Koto-ku, Tokyo

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome, Bunkyo-ku
Tokyo

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

COLLEGE COURTHACHIMANYAMA

1-15-1 Kamitakaido, Suginami-ku,
Tokyo

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku,
Tokyo

COMFORIA
KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

COMFORIA
KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

COMFORIASHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

COMFORIAOMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

CAMPUSVILLAGE SHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

COMFORIAKIBASHINSUIKOEN

3-11-13 Kiba, Koto-ku, Tokyo- 12 -

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,041

0.4%

3,794

1.4%

1,430

0.5%

Real Estate

2,110

0.8%

Real Estate

866

0.3%

1,330

0.5%

5,721

2.0%

1,245

0.4%

2,173

0.8%

1,313

0.5%

2,622

0.9%

2,500

0.9%

1,660

0.6%

880

0.3%

2,213

0.8%

2,050

0.7%

5,397

1.9%

1,254

0.4%

864

0.3%

1,096

0.4%

1,842

0.7%

2,740

1.0%

3,430

1.2%

1,294

0.5%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate TrustSub-central
Tokyo

COMFORIANISHIMAGOME HILLSIDE

1-30-8 Nishimagome, Ota-ku, Tokyo

Real Estate

1,330

0.5%

COMFORIAIKEBUKURO DEUX

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.7%

COMFORIA NARIMASU

3-18-13 Asahicho, Nerima-ku, Tokyo

Real Estate

1,551

0.6%

COMORIASHIN-OKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

1,237

0.4%

COMFORIA
MORISHITA WEST

1-3-5, Shin-Ohashi, Koto-ku, Tokyo

1,222

0.4%

COMFORIA TOYOCHO

2-26-11, Minamisuna, Koto-ku,
Tokyo

3,674

1.3%

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku,
Tokyo

1,622

0.6%

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

3,031

1.1%

COMFORIAMONZENNAKACHO SOUTH

1-13-6 Botan, Koto-ku, Tokyo

1,428

0.5%

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

2,905

1.0%

GRANCREERBAJIKOEN (LAND)

1-22-23, Kamiyoga, Setagaya-ku,
Tokyo

4,546

1.6%

COMFORIA
AKIHABARA NORTH

1-1-13 Taito, Taito-ku, Tokyo

1,850

0.7%

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido,
Suginami-ku,Tokyo

3,750

1.3%

COMFORIA KITAZAWA

1-506 Kitazawa, Setagaya-ku,
Tokyo and 4 other lots

3,816

1.4%

152,257

54.2%

626

0.2%

1,077

0.4%

978

0.3%

4,150

1.5%

2,220

0.8%

4,420

1.6%

1,500

0.5%

2,933

1.0%

17,904

6.4%

660

0.2%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Tokyo
Metropolitan
Area

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi,
Chiba

GRANCREER
CENTER-MINAMI

40-3 Chigasaki Chuo, Tsuzuki-ku,
Yokohama-shi, Kanagawa

COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku,
Yokohama-shi, Kanagawa

COMFORIA OMIYA

3-36-1 Nakamachi, Omiya-ku,
Saitama-shi, Saitama

CAMPUS VILLAGE
URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWA

2-3-21 Fujimicho, Tachikawa-shi,Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate

Subtotal
Other Major
CitiesCOMFORIA KITASANJO

2-2-51 Kitasanjohigashi, Chuo-ku,
Sapporo-shi, Hokkaido- 13 -

Beneficial
Interest in Real
Estate TrustOther Major
CitiesCOMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijonishi, Chuo-ku,
Sapporo-shi Hokkaido

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osakashi, Osaka

COMFORIASHINSAIBASHI EAST

2-6-8 Bakuromachi, Chuo-ku, Osakashi, Osaka

COMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku,
Osaka-shi, Osaka

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osakashi, Osaka

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi,
Osaka

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,250

0.4%

1,435

0.5%

1,980

0.7%

1,567

0.6%

1,289

0.5%

1,719

0.6%

1,700

0.6%

1,075

0.4%

Subtotal

12,675

4.5%

Total

281,004

100.0%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust(Note 1) Explanation of “Area”
i "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
ii "Sub-central Tokyo" denotes the other 18 wards of Tokyo.
iii "Tokyo Metropolitan Area" denotes residential areas equivalent to Central Tokyo and Sub-central Tokyo (areas in Tokyo,
Kanagawa, Saitama and Chiba) where demand for rental residences is strong, but excluding Central Tokyo and Sub-central
Tokyo.
iv "Other Major Cities" denotes residential areas in ordinance-designated cities, etc. except for Central Tokyo, Sub-central Tokyoand Tokyo Metropolitan Area.
(Note 2) “Acquisition Price” is the purchase price (not including tax and rounded down to the nearest million yen) of the trust beneficial
interest in real estate or the real estate listed in the respective sales and purchase agreement.
(Note 3) “Share” refers to the ratio of the Acquisition Price of each property to the total Acquisition Price and rounded to the first decimal
place.

- 14 -

Attachment 2. Exterior Image and Map of the Asset to be Acquired(1)

COMFORIA KITAZAWA©2022Google- 15 -