January 5, 2021
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.
Hiroyuki Tohmata
President & CEO
Inquiries:
Kentaro Yoshikawa
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition of Investment Assets (COMFORIA TAITONEGISHI and other 2 assets)

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 assets as shown below.
In addition, the acquisition of investment assets was approved by CRR’s Board of Directors in accordance with
the Act on Investment Trusts and Investment Corporations (Act No.198 of 1951. Including subsequent revisions)(“Act on Investment Trusts and Investment Corporations”) and the bylaws of TRM concerning transaction withinterested parties. (Please refer to “7. TRM’s Interested Parties in the Assets to be Acquired”)
1. Summary of the Acquisition
No.

Type of Asset

Property Name

Acquisition Price(thousand yen)
(Note1)

1
2
3

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

COMFORIA TAITONEGISHI (Note2)

3,031,000

COMFORIA MONZENNAKACHO SOUTH

1,428,000

COMFORIA MAGOME

2,905,000

Total

7,364,000(Note1) “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).
(Note2) Although the current property name is “ASYL COURT TAITONEGISHI”, CRR plans to change the name to“COMFORIA TAITONEGISHI” about one month after the acquisition. The current property name will beomitted hereinafter.

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

Date of Agreement
Date of Acquisition
SellerFinancing for acquisition(5) Method of payment

No.1 –3
January 5, 2021
No.1 –3
February 1, 2021
Refer to “5. Summary of the Sellers”
Proceeds from the issuance of new investment units outlined in the press release“Notice Concerning Issuance of New Investment Units and Secondary Offering ofInvestment Units” separately announced today and own funds.
Full payment at the time of delivery<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-1-2. Reason for the Acquisition
TRM decided to acquire the investment assets 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 properties, etc. of the assets stated in “3. Summary of the Assets to be Acquired.”

3. Summary of the Assets to be Acquired(1) COMFORIA TAITONEGISHI
Property Name

COMFORIA TAITONEGISHI

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

February 1, 2036
3-18-15 Negishi, Taito-ku, Tokyo

Area (Note 1)

675.04 m2 (Note 9)

Type of Ownership

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

October, 2019RC / 11F

Type of Ownership

Ownership

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

3,596.87 m2
Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type
Japan Real Estate Institute

Appraisal Value

3,130,000 thousand yen (Appraisal Date: October 31, 2020)

Collateral

None

Special affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms is located 6-minute walk from Iriya Station on the Tokyo Metro Hibiya
line, and 9-minute walk from Uguisudani Station on the JR Yamanote Line andKeihin-Tohoku Line. With two stations and three lines available and it takes anapproximately 6-minute train ride to Akihabara Station and an approximately 2minute train ride to Ueno Station, which realizes good access to major businessFeatures of the Property
and commercial zones. While the area surrounding the property still has a
traditional townscape rendering an atmosphere reminiscent of an old Tokyo, withlong-established restaurants, temples, shrines and such, the area surrounding
Iriya Station offers a convenient living environment having a concentration ofsupermarkets, retail stores, etc. Given these features, solid rental demand is
expected mainly from singles and DINKS who place a primary emphasis on
proximity city-center and a convenient residential environment.
Summary of Rental Status (as of October 31, 2020) (Note 5)
Rentable Area

2,885.50 m2

Rented Area

2,699.18 m2

Occupancy Rate

93.5 %

Rentable Units

90 Units

Rented Units

84 Units

Total Number of Tenants

1

Total Monthly Rent

11,970 thousand yen

Security Deposit

15,944 thousand yen<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-2-

Summary of the Engineering Report (Note 6)
Reporting Company

HI International Consultant Co., Ltd

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

October, 2020――
31,030 thousand yen
861,400 thousand yen

Summary of the Earthquake Risk Analysis (Note 7)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2020

PML

6.33 %

Architect/Contractor/Building Permit Agency, etc. (Note 8)
ArchitectJIN SEKKEI Co., Ltd.

Contractor

TADA CORPORATION

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

J Architecture Inspection Center
Away Building Evaluation Network Inc.

(2) COMFORIA MONZENNAKACHO SOUTH
Property Name
COMFORIA MONZENNAKACHO SOUTH
Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

February 1, 2036
1-13-6 Botan, Koto-ku, Tokyo

Area (Note 1)

359.45 m2

Type of Ownership

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

July, 2019RC / 8F

Type of Ownership

Ownership

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

1,523.43 m2
Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type
Japan Real Estate Institute

Appraisal Value

1,500,000 thousand yen (Appraisal Date: October 31, 2020)

Collateral

None

Special affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms is located a 3-minute walk from Monzennakacho Station on the Tokyo
Metro Tozai Line and Toei Oedo Line. With two lines available and an
approximately 5-minute train ride to Otemachi Station and an approximately 4minute train ride to Nihombashi Station, which realizes good access to major
business and commercial zones. In addition to many restaurants, convenience

Features of the Property<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-3-

stores and other convenient facilities for everyday life located around the station,
the area has many temples, such as Tomioka Hachimangu, and historic buildings
including historic sites, rendering an atmosphere reminiscent of an old Tokyo.
Given these circumstances, solid rental demand is expected mainly from singles
and DINKS who place a primary emphasis on proximity city-center and aconvenient residential environment.
Summary of Rental Status (as of October 31, 2020) (Note 5)
Rentable Area

1,276.31 m2

Rented Area

1,148.81 m2

Occupancy Rate

90.0 %

Rentable Units

47 Units

Rented Units

42 Units

Total Number of Tenants

1

Total Monthly Rent

5,547 thousand yen

Security Deposit

8,404 thousand yen

Summary of the Engineering Report (Note 6)
Reporting Company

HI International Consultant Co., Ltd

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

October, 2020――
12,770 thousand yen
389,100 thousand yen

Summary of the Earthquake Risk Analysis (Note 7)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2020

PML

4.61 %

Architect/Contractor/Building Permit Agency, etc. (Note 8)
Architect

K.K ATELIER T PLUS

Contractor

Matsumura-gumi Corporation

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

The Building Center of Japan (BCJ)The Tokyo Metropolitan Town Creation Center for Disaster Prevention andConstruction(3) COMFORIA MAGOME
Property Name

COMFORIA MAGOME

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

February 1, 2036
1-1-4 Nishimagome, Ota-ku, Tokyo

Area (Note 1)

1,028.66 m2

Type of Ownership

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

July, 2016
RC / B2 - 9F
4,061.04 m2<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-4-Type of Ownership
Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Ownership
Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

2,990,000 thousand yen (Appraisal Date: October 31, 2020)

Collateral

None

A part of this land (about 75 m2) is located in the city planning road zone (Radial
Road No.1, plan width 30m). No business decision concerning the road
construction (i.e. details of construction schedule and land area) has been madeSpecial affairs (Note 4)
yet as of today, however if construction proceeds as planned there is a possibility
that the building will be deemed as a non-conforming structure during the landacquisition process.
The property comprised of mainly single-type rooms and some compact-typerooms is located a 6-minute walk from Magome station on the Toei Asakusa
Line. It takes an approximately 17-minute train ride to Shimbashi Station and an
approximately 19-minute train ride to Higashi-Ginza Station, which realizes
good access to major business and commercial zones. The Magome area where
the property is located stands on the southern edge of the Musashino Terrace andFeatures of the Property
has formed a quiet residential environment with sites of former residences ofwriters scattered around. In addition, there are supermarkets, medical
institutions, a library and such located around Magome Station, providing a
convenient living environment. Given these features, solid rental demand is
expected mainly from singles and DINKS who place a primary emphasis on
proximity city-center and a convenient residential environment.
Summary of Rental Status (as of October 31, 2020) (Note 5)
Rentable Area

3,074.08 m2

Rented Area

2,832.61 m2

Occupancy Rate

92.1 %

Rentable Units

111 Units

Rented Units

102 Units

Total Number of Tenants

1

Total Monthly Rent

11,257 thousand yen

Security Deposit

13,913 thousand yen

Summary of the Engineering Report (Note 6)
Reporting Company

Tokio Marine & Nichido Risk Consulting Co., Ltd.

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

December, 2020――
81,316 thousand yen
1,129,000 thousand yen

Summary of the Earthquake Risk Analysis (Note 7)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2020

PML

3.55 %

Architect/Contractor/Building Permit Agency, etc. (Note 8)
ArchitectShin-Nihonkougyou K.K<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-5-

Contractor

Mabuchi Construction Co., Ltd.

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

UHEC (K.K Toshi Kyojyuu Hyouka Center)
Kenchiku Kozo Center 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).
(Note 2) “Property Management Company” is the company that is scheduled to provide property management service for each property.
(Note 3) “Master Leasing Company” is the lessee that is scheduled to conclude a master lease agreement with the titleholder of 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-Passthroughtype master lease agreements are the number of units that the Master Leasing Company can sublease.
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, as of the last day of October, 2020 (including the common area expense, but not fees for incidental facilities
such as parking lot or trunk room) stated in the lease agreements executed by the Master Leasing Company, or the owner of
each real estate or real estate in real estate trust with end-tenants. In addition, in the case that the master leasing type is a nonpass-through master lease agreement, the monthly 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 leaseagreement between CRR or the Trustee of 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, as of the last day of October, 2020, 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) 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<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-6-

prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does notguarantee the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.
(Note 7) 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 the
expected loss (which is equivalent to the 90% non-exceedance probability) as a percentage of the replacement price, and denotes
the costs incurred during the anticipated usable period (generally, the duration of a building is 50 years) from an expected largescale earthquake (which corresponds to a return period of 475 years; the possibility of the earthquake occurring during the next 50
years exceeds 10%).
(Note 8) 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 9) Includes a setback portion (approximately 60.36 m2)

4.Summary of the Appraisal Report(1)

COMFORIA TAITONEGISHI(thousand yen)
COMFORIA TAITONEGISHI
Japan Real Estate Institute
October 31, 2020
3,130,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Price of 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
Vacancy Loss
Collection Loss
(2) Operating Expense
Maintenance andManagement Fee
Utility Charge

Appraisal summary

Content
3,130,000
3,180,000
158,840
165,875
157,10902,610

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

6,156
0▲7,035030,0044,248
1,600

Repair Cost

2,085

Property Management
Fee

3,059

Tenant Advertisement
Cost

8,168

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically 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 conditions<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-7-

Taxes and Public Dues
Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5) Capital Expenditure(6) Net Cash Flow
(NCF, (3)+(4)-(5))(7) Cap Rate
Price of the DCF Method

9,607
437
800
128,836144
1,810

Assumed in consideration of rental conditions for ongoing and newcontracts, 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.

127,170

4.0%

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.

3,070,000

Discount Rate

3.8%

Terminal Cap Rate

4.2%

Cost Approach Value
Total Value of Land andBuilding

3,140,000

Land Value

1,810,000

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.

2,614,000

Building Value

804,000

Adjustment for Change

120%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisalsof ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the management of current assets.

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, etc.

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

(2) COMFORIA MONZENNAKACHO SOUTH(thousand yen)
COMFORIA MONZENNAKACHO SOUTH
Japan Real Estate Institute
October 31, 2020
1,500,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Price of the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income

Appraisal summary

Content
1,500,000
1,520,000
74,89778,27674,815

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

0<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-8-

Parking Lot Income
Key Money / Renewal
IncomeOther Income
Vacancy Loss
Collection Loss
(2) Operating Expense
Maintenance andManagement Fee
Utility Charge
Repair Cost

540
2,921
0
▲3,3790
14,908
2,788
520
782

Property Management
Fee

1,442

Tenant Advertisement
Cost

3,868

Taxes and Public Dues

4,997

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5) Capital Expenditure(6) Net Cash Flow
(NCF, (3)+(4)-(5))(7) Cap Rate
Price of the DCF Method

201
310

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically 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 ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the management of current assets.

59,98990745

Assumed in consideration of rental conditions for ongoing and newcontracts, 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.

59,334

3.9%

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.

1,470,000

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

1,430,000

Land Value

873,000

Building Value

369,000

Adjustment for Change

115%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.

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.

1,242,000
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 etc.

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

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-9-(3) COMFORIA MAGOME(thousand yen)
COMFORIA MAGOME
Japan Real Estate Institute
October 31, 2020
2,990,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Price of 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
Vacancy Loss
Collection Loss
(2) Operating Expense
Maintenance andManagement Fee
Utility Charge

3,000,000
155,972
162,650
152,519
0
1,354

2,900
▲6,678031,217
4,836
1,500
3,242

Property Management
Fee

2,219

Tenant Advertisement
Cost

7,774

Taxes and Public Dues

10,001Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5) Capital Expenditure(6) Net Cash Flow
(NCF, (3)+(4)-(5))(7) Cap Rate
Price of the DCF Method

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

5,877

Repair Cost

Insurance

Appraisal summary

Content
2,990,000

570
1,075

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically 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 ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the management of current assets.

124,755
147
4,743

Assumed in consideration of rental conditions for ongoing and newcontracts, 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.

120,159

4.0%

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.

2,970,000<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 10 -

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

3,430,000

Land Value

2,510,000

3,433,000

Building Value

923,000

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

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.

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 etc.

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

(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were preparedby Japan Real Estate Institute based on an important notice concerning real estate appraisal in the context of the Act on Investment
Trusts and Investment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and realestate 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．Summary of the Sellers(1) COMFORIA TAITONEGISHI / COMFORIA MONZENNAKACHO SOUTH
Name
Tokyu Land Corporation
Headquarters Address

1-21-1, Dogenzaka, Shibuya-ku, Tokyo

Representative

President & CEO Masashi Okada
1. Management, leasing, buying and selling, brokerage, consulting, appraising of realestate2. Buying and selling, brokerage, and management of investments and equities ininvestment, etc. in specific purpose companies, special purpose companies andreal estate investment trusts
3. Any other business activities related to the items described above.
57,551 million yen (as of March 31, 2020)

Principal Business

CapitalDate Established

December 17, 1953

Net Asset

325,156 million yen (as of March 31, 2020)

Total Asset
1,679,106 million yen (as of March 31, 2020)
Major Shareholder & its
Tokyu Fudosan Holdings Corporation (100%)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
The company owns 8.95% of units that CRR has issued as of end of July, 2020. The
Capital relationshipcompany is also the parent company (ownership of 100%) of TRM, and is thus aninterested party under the Act on Investment Trusts and Investment Corporations.
Personal relationship38 employees (and officers) of TRM are seconded from the company as of today.
CRR acquired 3 properties from the company in the fiscal period ended July,Business relationship2020 and 4 properties from the company in the fiscal period ended January, 2021.
The company is not classified as a related party in relation to CRR. However, asInterested parties
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 11 -

(2) COMFORIA MAGOME
Name
Headquarters Address

TRY Residence 1 Godo Kaisha

CapitalTokyo Kyodo Accounting Office, 3-1-1 Marunouchi, Chiyoda-ku, Tokyo
Representative Partner Ippan Shadan Hojin TRY Residence 1
Managing Director Masakazu Hongo
1. Acquisition, possession, disposition, leasing and management of real estate
2. Acquisition, possession, disposal of beneficial interests in real estate trust
3. Any other auxiliary and/or related businesses to the items described above
100 thousand yen

Date EstablishedFebruary 22, 2018

Net Asset

Undisclosed（Note）

Representative
Principal Business

Undisclosed（Note）
Total Asset
Major Shareholder & its
Undisclosed（Note）
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

Personal relationship

None

Business relationship

None

Interested parties

None.

（Note）Details aren’t disclosed as permission for disclosure was not obtained from the seller.

6. Ownership History of Assets(1)

COMFORIA TAITONEGISHI
Previous Owner, etc.

Former Owner, etc.

Owner Prior to Former Owner,etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Sellers”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquiredfordevelopment
purpose.

－－Building andLand
Acquisition
date

Building: November, 2019
Land: November, 2019

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition(2)

COMFORIA MONZENNAKACHO SOUTH
Previous Owner, etc.

Former Owner, etc.

Owner Prior to Former Owner,etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Sellers”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquiredfordevelopment
purpose.

－－Building andLand
Acquisition

Building: July, 2019
Land: July, 2019

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 12 -

date(3)

COMFORIA MAGOME
Description is omitted because the acquisition of the asset is not an acquisition from any persons having a special
interest in CRR or TRM.

7. TRM’s Interested Parties in the Assets to be Acquired(1) Tokyu Land Corporation, which is seller of Assets to be Acquired (as described in “5. Summary of the Sellers”
above) is an interested parties in relation to CRR. Therefore, the procedures required in accordance with the bylaws
were completed with respect to agreements with these companies.
(2) CRR plans to entrust the master leasing and property management service in relation to the Assets to be Acquired
to Tokyu Housing Lease Corporation, which are interested parties in relation to TRM. Therefore, the procedures
required in accordance with the bylaws were completed with respect to agreements with these companies.

8. Summary of Brokerage(1)

COMFORIA TAITONEGISHI / COMFORIA MONZENNAKACHO SOUTH
No brokers were involved in the transaction of the acquired assets above.

(2)

COMFORIA MAGOME
Brokerage is the operating company in Japan, but the details aren’t disclosed by the intention of the company.
Brokerage is not an interested party of TRM or CRR.

9. Forecast
Please refer to the “Notice Concerning Revision to Forecast of Financial Results for the Period Ending July 31, 2021 andForecast of Financial Results for the Period Ending January 31, 2022” separately announced today for forecasts of the
management performance for the period ending July 31, 2021( February 1, 2021 – July 31, 2021) and Period ending
January 31, 2022 ( August 1, 2021 – January 31, 2022) after the acquisition of the Assets to be Acquired.
*Website of CRR: https://www.comforia-reit.co.jp/en/<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 13 -

Attachments
1. Portfolio List
2. Exterior Images and Maps of the Assets to be Acquired<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 14 -

Attachment 1. Portfolio List
Area (Note 1)
CentralTokyo

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

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

Acquisition
Price (million
yen) (Note 2)

Share(Note 3)

1,586

0.6%

1,900

0.7%

1,181

0.5%

552

0.2%

3,059

1.2%

574

0.2%

1,398

0.5%

755

0.3%

1,041

0.4%

1,685

0.6%

3,629

1.4%

850

0.3%

2,650

1.0%

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

1.2%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 15 -

CentralTokyo

COMFORIA SHIBAURA CANAL

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

Chiyoda-ku

Minato-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

1,570

0.6%

4,268

1.6%

1,560

0.6%

1,789

0.7%

1,806

0.7%

1,623

0.6%

736

0.3%

1,621

0.6%

1,625

0.6%

1,434

0.6%

1,956

0.8%

3,272

1.3%

1,471

0.6%

1,406

0.5%

1,245

0.5%

1,900

0.7%

13,264

5.1%（Tower Building）
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER（Annex Building）
6-27-28 Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust（Gate Building）
6-27-14 Shinjuku, Shinjuku-ku, Tokyo
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

941

0.4%

4,425

1.7%

890

0.3%

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

Real Estate

1,065

0.4%

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

Beneficial
Interest in Real
Estate Trust

2,150

0.8%

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 SHIBAURACOMFORIA SHINJUKU

Higashikanda,

Chiyoda-ku,<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 16 -

CentralTokyo

COMFORIAHIGASHINIHONBASHI

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

COMFORIA
GINZA EAST NIBANKAN

2-1-8 Minato, Chuo-ku, 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
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

2-40-12Tokyo

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
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

5-24-10Tokyo

COMFORIA OSHIAGE

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

COMFORIA
HONJOAZUMABASHI

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

Kamitakada,

Koishikawa,Asakusabashi,

Nakano-ku,

Bunkyo-ku,

Taito-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
Beneficial
Interest in Real
Estate Trust

1,194

0.5%

2,380

0.9%

5,540

2.1%

1,489

0.6%

1,056

0.4%

98,168

37.8%

1,470

0.6%

910

0.4%

902

0.3%

881

0.3%

2,587

1.0%

1,550

0.6%

1,987

0.8%

740

0.3%

1,290

0.5%

552

0.2%

1,219

0.5%

926

0.4%

602

0.2%

651

0.3%

874

0.3%

714

0.3%

762

0.3%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 17 -

Sub-central
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

COMFORIA MISYUKU

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

COMFORIAGAKUGEIDAIGAKU

6-46-6Tokyo

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

2-6-25Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro,
ku,Tokyo

COMFORIA KOMABA

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

Shimouma,

Kamiosaki,

Setagaya-ku,

Shinagawa-ku,

Toshima-

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

873

0.3%

2,658

1.0%

1,189

0.5%

1,874

0.7%

1,138

0.4%

833

0.3%

3,911

1.5%

1,014

0.4%

1,188

0.5%

594

0.2%

2,680

1.0%

1,240

0.5%

3,096

1.2%

938

0.4%

1,050

0.4%

2,912

1.1%

1,344

0.5%

1,530

0.6%

956

0.4%

1,972

0.8%

1,712

0.7%

1,132

0.4%

5,000

1.9%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 18 -

Sub-central
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

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,
Tokyo

COMFORIA KAMATA

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

COLLEGE COURTHACHIMANYAMA

1-15-1Tokyo

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

Kamitakaido,

Bunkyo-ku

Suginami-ku,

Beneficial
Interest in Real
Estate Trust

1,042

0.4%

4,681

1.8%

1,510

0.6%

813

0.3%

1,041

0.4%

3,794

1.5%

1,430

0.6%

Real Estate

2,110

0.8%

Real Estate

866

0.3%

1,330

0.5%

5,721

2.2%

1,245

0.5%

2,173

0.8%

1,313

0.5%

2,622

1.0%

2,500

1.0%

1,660

0.6%

880

0.3%

2,213

0.9%

2,050

0.8%

5,397

2.1%

1,254

0.5%

864

0.3%

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
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<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 19 -

Sub-central
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

COMFORIANISHIMAGOME HILLSIDE

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

COMFORIAIKEBUKURO DEUX

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

1,096

0.4%

1,842

0.7%

2,740

1.1%

3,430

1.3%

1,294

0.5%

Real Estate

1,330

0.5%

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

0.5%

COMFORIA
MORISHITA WEST

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

1,222

0.5%

COMFORIA TOYOCHO

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

3,674

1.4%

COMFORIA FUDOMAE

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

1,622

0.6%

COMFORIA TAITONEGISHI

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

3,031

1.2%

COMFORIAMONZENNAKACHO SOUTH

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

1,428

0.6%

COMFORIA MAGOME

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

2,905

1.1%

138,295

53.3%

626

0.2%

1,077

0.4%

978

0.4%

4,150

1.6%

2,220

0.9%

9,051

3.5%

2,400

0.9%

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
MINAMI40-3 Chigasaki Chuo, Tsuzuki-ku,
Yokohama-shi, Kanagawa

CENTER-COMFORIA TAMA-PLAZA

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

Aoba-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

Subtotal
Other Major
CitiesCOMFORIA SHIN-OSAKA

1-21-24 Higashinakajima,
Higashiyodogawa-ku, Osaka-shi,
Osaka

Beneficial
Interest in Real
Estate Trust<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 20 -

Other Major
CitiesBeneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

660

0.3%

1,250

0.5%

1,435

0.6%

Beneficial
Interest in Real
Estate Trust

1,980

0.8%

1,567

0.6%

1,289

0.5%

1,719

0.7%

1,700

0.7%

Subtotal

14,000

5.4%

Total

259,514100.0%

COMFORIA KITASANJO

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

COMFORIA 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,
Osaka-shi, Osaka

COMFORIA AWAZA

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

COMFORIA KITAHAMA

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

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

Nishi-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(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.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 21 -

Attachment 2. Exterior Images and Maps of the Assets to be Acquired(1)

COMFORIA TAITONEGISHI©2020Google(2)

COMFORIA MONZENNAKACHO SOUTH<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 22 -

(3)COMFORIA MAGOME©2020Google<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 23 -