January 7, 2020
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
1-1 Minami-Aoyama 1-chome, Minato-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 HIGASHISHINJUKU STATION FRONT and other 5 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. Asset Management Company’s Interested Parties in the Assets to be
Acquired”)
1．Summary of Acquisitions

No.
1
2
3
4
5
6

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

Property Name
in
in
in
in
in
in

Acquisition Price(thousand yen)
(Note)

COMFORIA TAKINOGAWA

3,430,000

COMFORIA HIGASHISHINJUKUSTATION FRONT

5,540,000

COMFORIA ESAKAHIROSHIBACHO

1,700,000

COMFORIA KIBASHINSUIKOEN

1,294,000

COMFORIA NAKAOCHIAI

1,489,000

COMFORIA WASEDA DEUX

1,056,000

Total

14,509,000(Note) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of the concerned
asset, etc. (brokerage commission, taxes and public dues, etc.) (the amount of real estate or beneficial interest in realestate trust specified in the Agreement on Purchase and Sale).

(1) Date of Agreement(2) Date of Acquisition

No.1-6
No.1-3January 7, 2020
February 3, 2020

<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(3) Seller(4) Financing for Acquisition(5) Method of Payment

No.4-6
March 2, 2020
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 Offeringof Investment Units” separately announced today, and borrowings (Note).
Full payment at the time of delivery(Note) CRR will announce the details of the borrowings once it's determined.

2. Reason for 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 the featuresof the properties, etc. of the assets stated in “3. Summary of the Assets to be Acquired” Furthermore, CRR judges that thelessees of the assets to be acquired satisfy the criteria for the selection of tenants stated in the “Report on the Management
Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties” set by TRM submitted on
October 30, 2019.

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

COMFORIA TAKINOGAWA

Type of Specified 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

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

Area (Note 1)

963.25 ㎡ (Note 9)

Type of Ownership

Ownership (land ownership interest 87.91%)

Completion Date (Note 1)
Structure / Number of Floors

September, 2018

(Note 1)

Building

February 3, 2035

RC / 15F

Gross Floor Area (Note 1)

5,636.19 ㎡ (Note 10)

Type of Ownership

Ownership (sectional ownership interests)

Use (Note 1)

Apartment building / Storage / Bicycle parking

Rentable Units (Note 5)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

112 Units

Appraisal Company

Japan Real Estate Institute

Appraisal Value

3,540,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Special affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms is located a 6-minute walk from Nishi-sugamo Station on the Toei Mita
Line and a 10-minute walk from Itabashi Station on the JR Saikyo Line. Withtwo stations and two lines available, as well as an approximately 15-minute trainride to Otemachi Station and approximately 3-minute train ride to Ikebukuro
Station, it offers excellent access to major business and commercial zones. The
property is also located near famous sites for cherry trees in Asukayama Parkand Somei Cemetery, the birthplace of the Somei-Yoshino cherry tree, forming
a calm residential environment in the surrounding area. In addition, there aremany supermarkets, restaurants, etc. in the vicinity of Itabashi Station. Given
these features, solid rental demand is expected mainly from singles and DINKS

Features of the Property

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type

<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

families who place a primary emphasis on proximity to the city center, a pleasantresidential environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

4,033.37 ㎡

Rented Area

3,865.52 ㎡

Occupancy Rate

95.8%

Rentable Units

112 Units

Rented Units

109 Units

Total Number of Tenants

1

Total Monthly Rent

14,895 thousand yen

Deposits, guarantees

19,769 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, 2019－70 thousand yen
38,658 thousand yen
1,181,400 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

4.84%

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

IAO Takeda Architects Associates Co., Ltd.

Contractor

Goda Koumuten Co., Ltd.

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

J Architecture Inspection Center
UHEC (K.K. Toshi Kyojyuu Hyouka Center)(2) COMFORIA HIGASHISHINJUKU STATION FRONTProperty Name
COMFORIA HIGASHISHINJUKU STATION FRONTType of Specified 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 CorporationLand

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

Area (Note 1)

636.33 ㎡

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

March, 2017

(Note 1)

Building

February 3, 2035

RC / B1F / 12F

Gross Floor Area (Note 1)

5,613.58 ㎡

Type of Ownership

Ownership

Use (Note 1)

Apartment building / Retail facilities

Rentable Units (Note 5)

104 Units<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

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

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type

Appraisal Company

DAIWA REAL ESTATE APPRAISAL CO., LTD

Appraisal Value

5,700,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Special affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms and other types is located a 1-minute walk from Higashi-shinjuku Stationon the Tokyo Metro Fukutoshin Line and the Toei Oedo Line and a 9-minute walkfrom Shinjuku-sanchome Station on the Tokyo Metro Fukutoshin Line, Tokyo
Metro Marunouchi Line and Toei Shinjuku Line. With two stations and four lines
available and an approximately 12-minute train ride to Kasumigaseki Station andapproximately 6-minute train ride to Shibuya Station, it has excellent access to
Features of the Property
major business and commercial zones. The property is located in a very rare
location being adjacent to an exit of Higashi-Shinjuku Station where multiple
railway lines can be accessed, while being located in the Shinjuku area wherelarge retail facilities including department stores as well as numerous restaurants,
shops and cultural facilities are concentrated. Given these features, solid rental
demand is expected mainly from singles and DINKS families who place a
primary emphasis on proximity to the city center, a convenient residential
environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

4,214.91 ㎡

Rented Area

4,188.66 ㎡

Occupancy Rate

99.4%

Rentable Units

104 Units

Rented Units

103 Units

Total Number of Tenants

1

Total Monthly Rent

21,574 thousand yen

Deposits, guarantees

80,303 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, 2019－－60,430 thousand yen
1,361,900 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

3.09%

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

IAO Takeda Architects Associates Co., Ltd.

Contractor

Fujita Corporation

Building Permit Agency

UHEC (K.K. Toshi Kyojyuu Hyouka Center)<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

Investment Agency or Structural
Calculation Fitness Judge, etc.

Away Building Evaluation Network Inc.

(3) COMFORIA ESAKAHIROSHIBACHO
Property Name

COMFORIA ESAKAHIROSHIBACHO

Type of Specified Asset

Beneficial Interest in Real Estate Trust

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

Sumitomo Mitsui Trust Bank, LimitedLand

19-13 Hiroshibacho, Suita-shi, Osaka

Area (Note 1)

857.56 ㎡

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

July, 2017

(Note 1)

Building

February 28, 2035

RC / 10F

Gross Floor Area (Note 1)

3,234.23 ㎡

Type of Ownership

Ownership

Use (Note 1)

Apartment building

Rentable Units (Note 5)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

99 Units

Appraisal Company

DAIWA REAL ESTATE APPRAISAL CO., LTD

Appraisal Value

1,740,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through typeSpecial affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms is located a 7-minute walk from Esaka Station on the Osaka Metro
Midosuji Line. It takes an approximately 11-minute train ride to Umeda Station,
the central area of Osaka, an approximately 18-minute train ride to Shinsaibashi
Station, which realizes excellent access to major business and commercial zones.
The property is located in the Esaka area with strong demand from workers who
Features of the Property
have been transferred, and the area around Esaka Station is concentrated withvarious types of retail facilities including Tokyu Hands. Furthermore, orderly
town blocks have been developed in the vicinity to form a calm residential
environment. Given these features, solid rental demand is expected mainly fromsingles and DINKS families who place a primary emphasis on living in the city
center, a convenient and pleasant residential environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

2,533.50 ㎡

Rented Area

2,464.97 ㎡

Occupancy Rate

97.3%

Rentable Units

99 Units

Rented Units

96 Units

Total Number of Tenants

1

Total Monthly Rent

7,707 thousand yen

Deposits, guarantees

8,792 thousand yen

Summary of the Engineering Report (Note 6)
Reporting Company

HI International Consultant Co., Ltd.

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

October, 2019－－39,430 thousand yen
767,400 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

6.42%

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

Shinwa Construction Co., Ltd.

Contractor

Shinwa Construction Co., Ltd.

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

Japan ERI Co., Ltd.
General Building Research Corporation of Japan(4) COMFORIA KIBASHINSUIKOEN
Property Name

COMFORIA KIBASHINSUIKOEN

Type of Specified Asset

Beneficial Interest in Real Estate Trust

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

Sumitomo Mitsui Trust Bank, LimitedLand

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

Area (Note 1)

504.37 ㎡

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

December, 2014

(Note 1)

Building

March 31, 2035

RC / 10F

Gross Floor Area (Note 1)

1,582.27 ㎡

Type of Ownership

Ownership

Use (Note 1)

Apartment building

Rentable Units (Note 5)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

54 Units

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,320,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Special affairs (Note 4)

None
The property comprised of single-type rooms is located a 9-minute walk from
Kiba Station on the Tokyo Metro Tozai Line. It takes an approximately 7-minutetrain ride to Otemachi Station and approximately 6-minute train ride to
Nihombashi Station, which realizes excellent access to major business andcommercial zones. The property features an excellent residential environment as
it is located close to Kiba Shinsui Park themed on Edo-period timber shipping
as well as Kiba Park where the Museum of Contemporary Art Tokyo is located.
Furthermore, it offers favorable living convenience with many supermarkets,

Features of the Property

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type

<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

restaurants and other stores in the area surrounding Kiba Station. Given thesefeatures, solid rental demand is expected mainly from singles who place a
primary emphasis on living in the city center, a convenient residential
environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

1,387.80 ㎡

Rented Area

1,310.70 ㎡

Occupancy Rate

94.4%

Rentable Units

54 Units

Rented Units

51 Units

Total Number of Tenants

1

Total Monthly Rent

4,709 thousand yen

Deposits, guarantees

3,911 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, 2019－
100 thousand yen
28,570 thousand yen
409,200 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

3.74%

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

TOYO CONSTRUCTION CO, LTD.

Contractor

TOYO CONSTRUCTION CO, LTD.
The Tokyo Metropolitan Town Creation Center for Disaster Prevention andConstruction

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

Kenchiku Kozo Center Co., Ltd.

(5) COMFORIA NAKAOCHIAI
Property Name

COMFORIA NAKAOCHIAIType of Specified Asset

Beneficial Interest in Real Estate Trust

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

Sumitomo Mitsui Trust Bank, LimitedLand

2-16-29 Nakaochiai, Shinjuku-ku, Tokyo

Area (Note 1)

1,768.92 ㎡ (Note 11)

Type of Ownership

OwnershipCompletion Date (Note 1)

Gross Floor Area (Note 1)

March, 2011
(Main building) RC / 3F
(Accessory building) RC with roofing alloy plated steel sheet / 1F
2,437.30 ㎡

Type of Ownership

Ownership

Use (Note 1)

Apartment building / Garbage depot

Structure / Number of Floors(Note 1)

Building

March 31, 2035

<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

Rentable Units (Note 5)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

62 Units

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,500,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through typeSpecial affairs (Note 4)

None
The property comprised of mailnly single-type and compact-type rooms is
located a 6-minute walk from Shimo-ochiai Station on the Seibu Shinjuku Line.
It takes an approximately 6-minute train ride to Seibu-shinjuku Station andapproximately 2-minute train ride to Takadanobaba Station, which realizes
excellent access to major business and commercial zones. It is located in the
Ochiai area which has a calm town block with rows of low-rise apartments andFeatures of the Property
residences and forms a favorable residential environment with many park
facilities in the surrounding area such as Shimo Ochiai Yacho no mori Park. In
addition, it also has favorable living convenience with convenient facilities fordaily life located in the vicinity of Shimo-Ochiai Station. Given these features,
solid rental demand is expected mainly from singles and DINKS families whoplace a primary emphasis on proximity to the city center, a pleasant residential
environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

1,847.41 ㎡

Rented Area

1,781.92 ㎡

Occupancy Rate

96.5%

Rentable Units

62 Units

Rented Units

60 Units

Total Number of Tenants

1

Total Monthly Rent

6,013 thousand yen

Deposits, guarantees

2,847 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

November, 2019－－45,175 thousand yen
620,400 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

3.68%

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

TOYO CONSTRUCTION CO, LTD.

Contractor

TOYO CONSTRUCTION CO, LTD.
The Tokyo Metropolitan Town Creation Center for Disaster Prevention andConstruction

Building Permit Agency<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

Investment Agency or Structural
Calculation Fitness Judge, etc.

Tokio Marine & Nichido Risk Consulting Co., Ltd.

(6) COMFORIA WASEDA DEUX
Property Name

COMFORIA WASEDA DEUX

Type of Specified Asset

Beneficial Interest in Real Estate Trust

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

Sumitomo Mitsui Trust Bank, Limited

Land

173 Bentencho, Shinjuku-ku, Tokyo

Area (Note 1)

915.20 ㎡ (Note 12)

Type of Ownership

OwnershipCompletion Date (Note 1)

Gross Floor Area (Note 1)

March, 2000
(Mainly) RC with roofing / 4F
(Accessory building) RC with roofing / 1F
1,292.81 ㎡

Type of Ownership

Ownership

Use (Note 1)

Apartment building / Electric Room

Structure / Number of Floors(Note 1)

Building

March 31, 2035

Rentable Units (Note 5)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

50 Units

Appraisal Company

Japan Valuers Co., Ltd.

Appraisal Value

1,090,000 thousand yen (Appraisal Date: October 31, 2019)

Collateral

None

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through typeSpecial affairs (Note 4)

None
The property comprised of mainly single-type rooms is located a 4-minute walkfrom Ushigome-yanagicho Station on the Toei Oedo Line. With anapproximately 7-minute train ride to Shinjuku-nishiguchi Station andapproximately 4-minute train ride to Iidabashi Station, it has excellent access tomajor business and commercial zones. The property offers a favorable residential
Features of the Property
environment as it is located in a quiet residential neighborhood. In addition, it
also offers favorable living convenience with supermarkets, convenience stores,
drug stores, restaurants, etc. in the vicinity of Ushigome-Yanagicho Station.
Given these features, solid rental demand is expected mainly from singles whoplace a primary emphasis on proximity to the city center, a convenient residential
environment, etc.
Summary of Rental Status (as of October 31, 2019) (Note 5)
Rentable Area

1,116.64 ㎡

Rented Area

1,096.48 ㎡

Occupancy Rate

98.2%

Rentable Units

50 Units

Rented Units

49 Units

Total Number of Tenants

1

Total Monthly Rent

4,228 thousand yen

Deposits, guarantees

2,556 thousand yen

Summary of the Engineering Report (Note 6)
Reporting Company

HI International Consultant Co., Ltd.

Report Date

October, 2019

<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

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

20 thousand yen
3,380 thousand yen
43,480 thousand yen
339,600 thousand yen

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

Sompo Risk Management Inc.

Report Date

November, 2019

PML

6.85%

Architect/Contractor/Building Permit Agency, etc. (Note 8)(Note 1)

(Note 2)
(Note 3)(Note 4)(Note 5)

Architect

SIMU Co., Ltd.

Contractor

Omori Kensetsu Co., Ltd.

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

Shinjuku-ku
HI International Consultant Co., Ltd.

“Location” is based on the residential address. However, for properties that have no residential address, the building address on theregistry 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).
“Property Management Company” is the company that is scheduled to provide property management services for each property.
“Master Leasing Company” is the lessee that is scheduled to conclude a master lease agreement with the titleholder of each property.
“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.
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 is 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 ofBeneficial 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 thesublease agreements are excluded. With regard to the properties to be acquired, a master lease agreement is scheduled to beconcluded 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 2019 (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 lease<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

agreement 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
amount of balance of security deposit, as of October 31, 2019, based on lease agreements executed with the end-tenants,
rounded down to the nearest thousand yen. However, if all or a part of a Security Deposit 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
Deposits based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing Company arestated.
(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
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 from an earthquake. There is a PML for individual buildings and for the entire portfolio ofbuildings. In this document, PML is the expected loss (which is equivalent to the 90% non-exceedance probability) as a percentageof 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 large-scale earthquake (which corresponds to a return period of 475 years; the possibility of theearthquake 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 assets to be acquired are 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 theintentional 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 theadequacy and accuracy of the content. For properties that have received from the specified structural calculation fitness judgmentagency the judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Ministerof 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 thirdparty organization.
(Note 9) The sectional ownership interests are 403,337 of 458,786 but the area of a whole land is described.
(Note 10) The total floor area of a whole building is described.
(Note 11) Includes a setback portion (approximately 9.05m2)(Note 12) Includes a setback portion (approximately 6.91m2)

4．Summary of the Appraisal Report(1) COMFORIA TAKINOGAWA(thousand yen)
COMFORIA TAKINOGAWA
Japan Real Estate Institute
October 31, 20193,540,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(including

3,540,000
3,580,000
184,420
194,126
186,865

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

<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

common area
expense)Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income

(2)

0
0
7,261
0

Vacancy Loss

▲9,706

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

035,5535,040
1,760

Repair Cost

2,971

Property
Management Fee

2,663

TenantAdvertisement Cost

8,899

Taxes and PublicDues

12,847

Insurance
Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

607
766

173
2,255

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

146,785

Cap Rate

Price of the DCF Method

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 calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants 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 previous year.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

148,867(5) Capital
Expenditure(7)

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

4.1%

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.

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.

3,500,000

Discount Rate

3.8%

Terminal Cap Rate

4.3%

Cost Approach Value
Total Value of Land andBuilding

3,730,000

Land Value

3,070,000

Building Value

1,310,000

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.

4,380,000
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.

<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Adjustment for Change
Distribution Ratio based on
Relative Utility by Floor
Depreciation byCompartmentalized Ownership

100%

Appraised in consideration of marketability, etc.

87.91%
97%

Other matters taken into consideration byappraisal institutions when issuing appraisals

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

(2) COMFORIA HIGASHISHINJUKU STATION FRONT(thousand yen)
COMFORIA HIGASHISHINJUKU STATION FRONTDAIWA REAL ESTATE APPRAISAL CO., LTD
October 31, 2019
5,700,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(includingcommon area
expense)Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income
Vacancy Loss(2)

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

5,700,000
5,850,000
273,687
284,574

268,721

5,182
5,364
5,306
0
▲10,887
042,602
7,740
6,662

Repair Cost

2,407

Property
Management Fee

3,601

TenantAdvertisement Cost

6,424

Taxes and PublicDues

12,829Insurance
Other Expenses

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

272
2,665

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same supply and demand 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 calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants 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 previous year.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

<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(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

231,085733(5) Capital
Expenditure

3,813(6) Net Cash Flow
(NCF, (3)+(4)-(5))

228,005(7)

Cap Rate

Price of the DCF Method

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.

5,630,000

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

6,110,000

Land Value

4,119,218

Building Value

1,220,262

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, whilereferring to yields on trade pertaining to similar properties.

6,112,318

Supplementary cost

772,838

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals(3)

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.

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 the development cost and development
Profit.
Appraised in consideration of marketability, etc.

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

COMFORIA ESAKAHIROSHIBACHO(thousand yen)
COMFORIA ESAKAHIROSHIBACHODAIWA REAL ESTATE APPRAISAL CO., LTD
October 31, 2019
1,740,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(includingcommon area
expense)Utility Charge
Income1,740,000
1,780,000
97,687102,704

96,469Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents. Other
income is calculated with consideration of the performance of ongoing asset
management.

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.

14

Parking Lot
IncomeKey Money /Renewal Income
Other Income

(2)

4,850
1,382
3

Vacancy Loss

▲5,017

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

017,2742,568
1,470

Repair Cost

1,567

Property
Management Fee

2,407

TenantAdvertisement Cost

2,823

Taxes and Public
Dues

5,824

Insurance
Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

153
459

70
2,300

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

78,182

Cap Rate

Price of the DCF Method

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 calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants 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 previous year.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

80,412(5) Capital
Expenditure(7)

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

4.4%

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.

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.

1,720,000

Discount Rate

4.2%

Terminal Cap Rate

4.6%

Cost Approach Value
Total Value of Land andBuilding

1,780,000

Land Value

838,694

Building Value

713,535

Supplementary cost

231,277

Adjustment for Change

100%

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, whilereferring to yields on trade pertaining to similar properties.

1,783,506
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 the development cost and development
Profit.
Appraised in consideration of marketability, etc.

<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

Other matters taken into consideration byappraisal institutions when issuing appraisals(4)

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

COMFORIA KIBASHINSUIKOEN(thousand yen)
COMFORIA KIBASHINSUIKOEN
Japan Real Estate Institute
October 31, 2019
1,320,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(includingcommon area
expense)Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income(2)

1,320,000
1,340,000
69,901
74,19170,0190Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

1,416
2,756
0

Vacancy Loss

▲4,290

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

014,7703,852
600

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same supply and demand 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 calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.

Repair Cost

1,239

Property
Management Fee

1,682

TenantAdvertisement Cost

2,952

Taxes and Public
Dues

4,231

Appraised based on the standard amount of taxation for the previous year.

214

Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.

Insurance
Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit(5) Capital
Expenditure

055,13153
1,667

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<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

reports.
(6) Net Cash Flow
(NCF, (3)+(4)-(5))(7)

53,517

Cap Rate

Price of the DCF Method

4.0%

1,300,000

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

1,320,000

Land Value

933,000

Building Value

320,000

Adjustment for Change

105%

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, whilereferring to yields on trade pertaining to similar properties.

1,253,000

Other matters taken into consideration byappraisal institutions when issuing appraisals(5)

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 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.

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

COMFORIA NAKAOCHIAI(thousand yen)
COMFORIA NAKAOCHIAI
Japan Real Estate Institute
October 31, 20191,500,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(includingcommon area
expense)Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income

1,500,000
1,510,000
84,73589,18886,5110

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents. Other
income is calculated with consideration of the performance of ongoing asset
management.

120
2,555
2

Vacancy Loss

▲4,453

Collection Loss0

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

<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

(2)

Operating Expense
Maintenance andManagement Fee
Utility Charge

21,6086,198
1,050

Repair Cost

2,270

Property
Management Fee

2,058

TenantAdvertisement Cost

3,641

Taxes and Public
Dues

5,967

Insurance

312

Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

112

65
2,635

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

60,557

Cap Rate

Price of the DCF Method

4.0%

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

1,900,000

Land Value

2,160,000

Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

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.

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, whilereferring to yields on trade pertaining to similar properties.

2,534,000

374,000

Adjustment for Change
Other matters taken into consideration byappraisal institutions when issuing appraisals(6)

Appraised based on the standard amount of taxation for the previous year.

1,480,000

Discount Rate

Building Value

Expenses for restoring rooms to their original conditions are calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.

63,127(5) Capital
Expenditure(7)

Calculated with consideration of the characteristics of the property, referring
to fees for similar properties as well as actual fees in previous years.

75%

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.

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

COMFORIA WASEDA DEUX
(thousand yen)
COMFORIA WASEDA DEUX
Japan Valuers Co., Ltd.
October 31, 2019
1,090,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value<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

Appraisal summary

Content
Income Capitalization
Approach Value
Price of the Direct
Capitalization Method((6)/(7))(1) Operating Income
Potential Gross
IncomeRental Income(includingcommon area
expense)Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income(2)

1,090,000
1,100,000
57,77860,48056,342

0
1,800
2,216
122

Vacancy Loss

▲2,702

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

012,3652,550
567

Repair Cost

2,100

Property
Management Fee

1,391

TenantAdvertisement Cost

2,553

Taxes and Public
Dues

2,922

Insurance
Other Expenses(3) Net Operating
Income (NOI, (1)-(2))(4) Interest on
Security Deposit

178
101

22
2,536

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

42,899Cap Rate

Price of the DCF Method
Discount Rate

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same supply and demand 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 calculated withconsideration of the level of expenses that are usually incurred, while repair
costs are calculated with consideration of the actual costs in previous years,
the cost level in similar properties, and average repair costs presented inengineering reports.
Calculated with consideration of commissions for managing similar
properties and the characteristics of the property, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average the replacement rateof inhabitants 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 previous year.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

45,413(5) Capital
Expenditure(7)

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents. Other
income is calculated with consideration of the performance of ongoing asset
management.

3.9%

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.

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.

1,080,000
3.6%

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.

<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Terminal Cap Rate

4.0%

Cost Approach Value
Total Value of Land andBuilding

1,100,000

Land Value

982,457

Building Value

78,477

Supplementary cost

42,911

Adjustment for Change

100%

1,103,845

Other matters taken into consideration byappraisal institutions when issuing appraisals(Note)

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, whilereferring 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 the development cost and development
Profit.
Appraised in consideration of marketability, etc.

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

“Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were preparedby Japan Real Estate Institute, DAIWA REAL ESTATE APPRAISAL CO., LTD and Japan Valuers Co., Ltd., 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 real estate appraisal standards. The appraisal value isthe 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 TAKINOGAWA / COMFORIA HIGASHISHINJUKU STATION FRONT / COMFORIAESAKAHIROSHIBACHO
Name
Tokyu Land Corporation
Headquarters Address

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

Representative

CapitalPresident & CEO Yuji Okuma
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 and realestate investment trusts
3. Any other business activities related to the items described above.
57,551 million yen (as of March 31, 2019)

Date Established

December 17, 1953

Net Asset

317,053 million yen (as of March 31, 2019)

Total Asset
Major Shareholder & its
Shareholding Ratio
Relationship with CRR and TRM

1,459,687 million yen (as of March 31, 2019)

Principal Business

Capital relationship
Personal relationship
Business relationship
Interested parties

Tokyu Fudosan Holdings Corporation (100%)

The company owns 8.90% of units that CRR has issued as of July 31, 2019. The
company is also the parent company (ownership of 100%) of TRM, and is thus aninterested party under the Act on Investment Trusts and Investment Corporations.
42 employees (and officers) of TRM are seconded from the company as of today.
CRR acquired 4 properties from the company in the fiscal period ended July 31,
2019.
The company is not classified as a related party in relation to CRR. However, as
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

(2) COMFORIA KIBASHINSUIKOEN / COMFORIA NAKAOCHIAI / COMFORIA WASEDA DEUX
NameGodo Kaisha Residence 5<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

Headquarters Address

CapitalTokyo Kyodo Accounting Office, 3-1-1 Marunouchi, Chiyoda-ku, Tokyo
Representative Partner Ippan Shadan Hojin CIS1Managing Director Masakazu Hongo
1. Acquisition, possession, disposition, leasing and management of real estate
2. Acquisition, possession and 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 Established

August 27, 2018

Net Asset

Undisclosed (Note)

Total Asset
Major Shareholder & its
Shareholding Ratio
Relationship with CRR and TRM

Undisclosed (Note)

Representative
Principal Business

Capital relationship
Personal relationship
Business relationship

Interested parties

Undisclosed (Note)

None. Tokyu Land Corporation, the parent company (ownership of 100%) of TRM
funds the company in the form of anonymous partnership equity interests.
None
CRR acquired 5 properties from the company in the fiscal period ended July 31,
2019.
The company is not classified as a related party in relation to CRR. However, thecompany is classified as interested parties defined in the bylaws of TRM and is aninterested party of TRM under the Act on Investment Trusts and Investment
Corporations.

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

6. Ownership History of Assets(1) COMFORIA TAKINOGAWA
Previous Owner
Name
Relationshipwith interested
parties
Background /reasons foracquisition

Tokyu Land Corporation

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner－

Refer to“5. Summary of the Sellers”－－

Development purpose－－

Acquisition
price

Omitted as the land was
acquiredfordevelopment
purpose.

－－Building andLand
Acquisition
date

September, 2018－－

(2) COMFORIA HIGASHISHINJUKU STATION FRONTPrevious Owner
Former Owner
Other than those that have
Name
Tokyu Land Corporation
special interest
Relationship
Refer towith interested－“5. Summary of the Sellers”
parties
Background /reasons forDevelopment purpose－
acquisition
Omitted as the land was
Acquisitionacquiredfordevelopment －pricepurpose.
－Building andNew building: March, 2017

Owner Prior to Former Owner
－
－

－

－
－

<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

Land
Acquisition
date

Land: March, 2015

(3) COMFORIA ESAKAHIROSHIBACHO
Previous Owner
Name
Relationshipwith interested
parties
Background /reasons foracquisition

Tokyu Land Corporation

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner－

Refer to“5. Summary of the Sellers”－－

Development purpose－－

Acquisition
price

Omitted as the land was
acquiredfordevelopment
purpose.

－－Building andLand
Acquisitiondate

New building: August, 2017
Land: August, 2017－－

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner(4) COMFORIA KIBASHINSUIKOEN
Previous Owner
Name
Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Acquisition
date
Warehousingfee (Note)

Godo Kaisha Residence 5
Refer to“5. Summary of the Sellers”－－

Investment purpose－－

1,294 million yen－－

August, 2019－－50 million yen－－

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner(5) COMFORIA NAKAOCHIAI
Previous Owner
Name
Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Acquisition
date
Warehousingfee (Note)

Godo Kaisha Residence 5－

Refer to“5. Summary of the Sellers”－－

Investment purpose－－

1,489 million yen－－

August, 2019－－42 million yen－－

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner(6) COMFORIA WASEDA DEUX
Previous Owner
Name－

Godo Kaisha Residence 5－<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

Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Acquisition
date
Warehousingfee (Note)

Refer to“5. Summary of the Sellers”－－

Investment purpose－－

1,056 million yen－－

August, 2019－－36 million yen－－(Note) “Warehousing fee” denotes the amount exclusive of the acquisition price, required in the acquisition of the concerned asset, and that
CRR is scheduled to pay to the previous owner (brokerage fee, etc.). It is unsettled as at the time of this press release because CRR has
not reached an agreement with the company.

7. Asset Management Company’s Interested Parties in the Assets to be Acquired(1) Tokyu Land Corporation and Godo Kaisha Residence 5, which is the seller of Assets to be Acquired (asdescribed in “5. Summary of the Sellers” above) is an interested party in relation to CRR. Therefore, theprocedures required in accordance with the bylaws were completed with respect to agreements with thesecompanies.
(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 is an interested party in relation to TRM. Therefore,
the procedures required in accordance with the bylaws were completed with respect to agreements withthese companies.
8. Summary of BrokerageNone.
9. Impact on CRR’s finance when forward commitment, etc. cannot be executed
Of the acquisitions, acquisitions of COMFORIA KIBASHINSUIKOEN and two others (4 through 6 of above“1. Summary of Acquisitions”; the “Such Three Assets”) comes under a “forward commitment, etc. byinvestment corporations (Note)” as provided in the “Comprehensive Guidelines for Supervision of Financial
Instruments Business Operators, etc.” by the Financial Service Agency.
CRR plans to purchase Such Three Assets using the proceeds from issuance of new investment units throughprimary offering, announced today in “Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units”, and borrowings. However, 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 contracts for the acquisition of Such Three Assets stipulate that only if CRR is able toraise funds based on 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 andthus fails to execute forward 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
Please refer to the “Notice Concerning Revision to Forecast of Financial Results for the Period Ending July
31, 2020 and Forecast of Financial Results for the Period Ending January 31, 2021” separately announced
today for forecasts of the management performance for the period ending July 31, 2020 (February 1, 2020 July 31, 2020) and the period ending January 31, 2021 (August 1, 2020 - January 31, 2021) after the acquisitionof 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.

23

*The original Japanese version of this press release has been distributed to the press club of TSE (KabutoClub), the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and the press club of theconstruction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.
*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.

24

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.

25

Attachment 1. Portfolio List
Area
(Note 1)

AcquisitionPrice(million
yen)

Share
(Note 3)

Property Name

Location (Residential address)

Type of Asset

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuo-ku,
Tokyo

Beneficial Interest in
Real Estate Trust

1,586

0.7%

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,900

0.8%

COMFORIA SHIMOOCHIAI

2-7-10 Nakaochiai, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,181

0.5%

COMFORIAHIGASHINAKANO

4-34-2 Kitashinjuku, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

552

0.2%

COMFORIA GINZA EAST

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

Beneficial Interest in
Real Estate Trust

3,059

1.3%

COMFORIA AZABUDAI

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

Beneficial Interest in
Real Estate Trust

574

0.2%

COMFORIA SHIBAKOEN

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

Beneficial Interest in
Real Estate Trust

1,398

0.6%

COMFORIA NISHIAZABU

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

Beneficial Interest in
Real Estate Trust

755

0.3%

COMFORIA
MINAMIAOYAMA

4-1-12
Tokyo

Minamiaoyama,

Minato-ku,

Beneficial Interest in
Real Estate Trust

1,041

0.4%

COMFORIA NISHIWASEDA

1-5-19Tokyo

Takadanobaba,

Shinjuku-ku,

Beneficial Interest in
Real Estate Trust

1,685

0.7%

COMFORIA HARAJYUKU

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

Beneficial Interest in
Real Estate Trust

3,629

1.5%

COMFORIA MITA NORTH

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

Beneficial Interest in
Real Estate Trust

850

0.4%

COMFORIA
SHIBAURA BOWHOUSE

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

Beneficial Interest in
Real Estate Trust

2,650

1.1%

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

Beneficial Interest in
Real Estate Trust

1,300

0.5%

3-6-3 NihonbashiNingyocho, Chuo-ku,
Tokyo

Beneficial Interest in
Real Estate Trust

2,139

0.9%

COMFORIA ATAGO

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

Beneficial Interest in
Real Estate Trust

826

0.3%

COMFORIA KUDAN

2-6-12
Tokyo

Chiyoda-ku,

Beneficial Interest in
Real Estate Trust

1,280

0.5%

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

Beneficial Interest in
Real Estate Trust

1,108

0.5%

COMFORIA SHINKAWA

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

Beneficial Interest in
Real Estate Trust

1,840

0.8%

COMFORIA AKASAKA

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

Beneficial Interest in
Real Estate Trust

1,945

0.8%

COMFORIA MITA EAST

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

Beneficial Interest in
Real Estate Trust

3,190

1.3%

COMFORIA
SHIBAURA CANAL

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

Beneficial Interest in
Real Estate Trust

1,570

0.7%

COMFORIA KITASANDO

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

Beneficial Interest in
Real Estate Trust

4,268

1.8%

COMFORIA
YOYOGIUEHARA

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

Beneficial Interest in
Real Estate Trust

1,560

0.6%

COMFORIA SASAZUKA

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

Beneficial Interest in
Real Estate Trust

1,789

0.7%

COMFORIA
SHINJUKUGYOENⅡ

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

Beneficial Interest in
Real Estate Trust

1,806

0.7%

(Note 2)CentralTokyo

COMFORIASHIROKANETAKANAWACOMFORIANIHONBASHININGYOCHO
EAST

Kudanminami,<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.

26

CentralTokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,Tokyo

Beneficial Interest in
Real Estate Trust

1,623

0.7%

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

736

0.3%

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,621

0.7%

COMFORIANISHISHINJUKU

1-20-12
Tokyo

Kitashinjuku,

Shinjuku-ku,

Beneficial Interest in
Real Estate Trust

1,625

0.7%

COMFORIA
KANDAJINBOCHO

1-42-2
Tokyo,

Kandajinbocho

Chiyoda-ku

Beneficial Interest in
Real Estate Trust

1,434

0.6%

COMFORIA NIHONBASHI

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

Beneficial Interest in
Real Estate Trust

1,956

0.8%

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku Tokyo

Beneficial Interest in
Real Estate Trust

3,272

1.4%

COMFORIA AZABUJUBAN

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

Beneficial Interest in
Real Estate Trust

1,471

0.6%

COMFORIA
SHINJUKUGYOENⅠ

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

Beneficial Interest in
Real Estate Trust

1,406

0.6%

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,245

0.5%

COMFORIA AZABU EAST

2-29-1 Higashiazabu, Minato-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,900

0.8%

Beneficial Interest in
Real Estate Trust

13,264

5.5%（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, Shinjukuku, Tokyo

Beneficial Interest in
Real Estate Trust

941

0.4%

COMFORIA AKIHABARA
EAST

2-9-19Tokyo

Beneficial Interest in
Real Estate Trust

4,425

1.8%

COMFORIA MITA TROIS

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

Beneficial Interest in
Real Estate Trust

890

0.4%

COMFORIA SHIBAURA

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

Real Estate

1,065

0.4%

COMFORIA SHINJUKU

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

Beneficial Interest in
Real Estate Trust

2,150

0.9%

COMFORIAHIGASHINIHONBASHI

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

Beneficial Interest in
Real Estate Trust

1,194

0.5%

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

Beneficial Interest in
Real Estate Trust

2,380

1.0%

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

Beneficial Interest in
Real Estate Trust

5,540

2.3%

COMFORIA NAKAOCHIAI

2-16-29 Nakaochiai, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,489

0.6%

COMFORIA
WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,056

0.4%

98,16840.7%

COMFORIA
GINZA EAST NIBANKANCOMFORIAHIGASHISHINJUKUSTATION FRONT

Higashikanda,

Chiyoda-ku,

Subtotal
Sub-central
Tokyo

COMFORIA
BUNKYOKASUGA

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

Beneficial Interest in
Real Estate Trust

1,470

0.6%

COMFORIAASAKUSAMATSUGAYA

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

Beneficial Interest in
Real Estate Trust

910

0.4%

COMFORIA NISHIOI

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

Beneficial Interest in
Real Estate Trust

902

0.4%

COMFORIA NAKANO

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

Beneficial Interest in
Real Estate Trust

881

0.4%

<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.

27

Sub-central
Tokyo

COMFORIA
SHIMOKITAZAWA

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

Beneficial Interest in
Real Estate Trust

2,587

1.1%

COMFORIA NISHIKAMATA

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

Beneficial Interest in
Real Estate Trust

1,550

0.6%

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

Beneficial Interest in
Real Estate Trust

1,987

0.8%

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

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

Beneficial Interest in
Real Estate Trust

740

0.3%

COMFORIA KOMAZAWA

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

Beneficial Interest in
Real Estate Trust

1,290

0.5%

COMFORIA KOISHIKAWA

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

Beneficial Interest in
Real Estate Trust

552

0.2%

COMFORIA SENGOKU

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

Beneficial Interest in
Real Estate Trust

1,219

0.5%

COMFORIA
DAIKANYAMAAOBADAI

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

Beneficial Interest in
Real Estate Trust

926

0.4%

COMFORIA IKEBUKURO

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

Beneficial Interest in
Real Estate Trust

602

0.2%

COMFORIA
RYOGOKUISHIWARA

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

Beneficial Interest in
Real Estate Trust

651

0.3%

COMFORIAASAKUSABASHI DEUX

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

Beneficial Interest in
Real Estate Trust

874

0.4%

COMFORIA OSHIAGE

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

Beneficial Interest in
Real Estate Trust

714

0.3%

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

Beneficial Interest in
Real Estate Trust

762

0.3%

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

Beneficial Interest in
Real Estate Trust

873

0.4%

16-8 Fuyuki, Koto-ku, Tokyo

Beneficial Interest in
Real Estate Trust

2,658

1.1%

COMFORIA HIMONYA

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

Beneficial Interest in
Real Estate Trust

1,189

0.5%

COMFORIA MISYUKU

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

Beneficial Interest in
Real Estate Trust

1,874

0.8%

COMFORIAGAKUGEIDAIGAKU

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

Beneficial Interest in
Real Estate Trust

1,138

0.5%

COMFORIAHIGASHINAKANO DEUXCOMFORIAHIGASHIIKEBUKURO
WEST
COMFORIA
RYOGOKU DEUX

4-2-19Tokyo

Nakano-ku,

Beneficial Interest in
Real Estate Trust

833

0.3%

3-22-21 Higashiikebukuro, Toshima-ku,
Tokyo

Beneficial Interest in
Real Estate Trust

3,911

1.6%

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

Beneficial Interest in
Real Estate Trust

1,014

0.4%

COMFORIA OMORI DEUX

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

Beneficial Interest in
Real Estate Trust

1,188

0.5%

COMFORIA MACHIYA

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

Beneficial Interest in
Real Estate Trust

594

0.2%

COMFORIAASAKUSABASHI

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

Beneficial Interest in
Real Estate Trust

2,680

1.1%

COMFORIA
RYOGOKU SOUTH

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

Beneficial Interest in
Real Estate Trust

1,240

0.5%

COMFORIA TOYOSU

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

Beneficial Interest in
Real Estate Trust

3,096

1.3%

COMFORIA
SUMIDA-TACHIBANA

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

Beneficial Interest in
Real Estate Trust

938

0.4%

COMFORIA
UENOHIROKOJI

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

Beneficial Interest in
Real Estate Trust

1,050

0.4%

COMFORIA
KASUGATOMISAKA

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

Beneficial Interest in
Real Estate Trust

2,912

1.2%

COMFORIA
HONJOAZUMABASHICOMFORIA
KIYOSUMISHIRAKAWATROISCOMFORIAMONZENNAKACHO

Higashinakano,<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.

28

Sub-central
Tokyo

COMFORIA
HONKOMAGOME

2-29-24
Tokyo

COMFORIA MORISHITA

Honkomagome,

Beneficial Interest in
Real Estate Trust

1,344

0.6%

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

Beneficial Interest in
Real Estate Trust

1,530

0.6%

COMFORIA KIBAKOEN

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

Beneficial Interest in
Real Estate Trust

956

0.4%

COMFORIA
MEGURO CHOJAMARU

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

Beneficial Interest in
Real Estate Trust

1,972

0.8%

COMFORIA NISHIMAGOME

2-35-8 Nishimagome, Ota-ku, Tokyo

Beneficial Interest in
Real Estate Trust

990

0.4%

COMFORIAHIGASHIIKEBUKURO EAST

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

Beneficial Interest in
Real Estate Trust

1,712

0.7%

COMFORIAHIGASHIIKEBUKURO

4-3-5
Higashiikebukuro,
ku,TokyoBeneficial Interest in
Real Estate Trust

1,132

0.5%

COMFORIA KOMABA

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

Beneficial Interest in
Real Estate Trust

5,000

2.1%

COMFORIA KINSHICHO

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

Beneficial Interest in
Real Estate Trust

1,042

0.4%

COMFORIA
MINAMISUNAMACHI

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

Beneficial Interest in
Real Estate Trust

4,681

1.9%

COMFORIAHIGASHISHINAGAWA

3-22-11, Higashishinagawa, Shinagawaku, Tokyo

Beneficial Interest in
Real Estate Trust

1,510

0.6%

COMFORIA
MEGUROYAKUMO

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

Beneficial Interest in
Real Estate Trust

813

0.3%

COMFORIA YOGA

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

Beneficial Interest in
Real Estate Trust

1,041

0.4%

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

Beneficial Interest in
Real Estate Trust

3,794

1.6%

COMFORIA
SHINAGAWA EAST

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

Beneficial Interest in
Real Estate Trust

1,430

0.6%

COMFORIA OJIMA

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

Real Estate

2,110

0.9%

COMFORIAOMORI TROIS

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

Real Estate

866

0.4%

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome, Bunkyo-ku Tokyo

Beneficial Interest in
Real Estate Trust

1,330

0.6%

COMFORIA KAMATA

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

Beneficial Interest in
Real Estate Trust

5,721

2.4%

COLLEGE COURTHACHIMANYAMA

1-15-1Tokyo

Beneficial Interest in
Real Estate Trust

1,245

0.5%

COMFORIA UENOIRIYA

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

Beneficial Interest in
Real Estate Trust

2,173

0.9%

COMFORIA IKEJIRI

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

Beneficial Interest in
Real Estate Trust

1,313

0.5%

COMFORIA
SETAGAYAKAMIUMA

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

Beneficial Interest in
Real Estate Trust

2,622

1.1%

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

Beneficial Interest in
Real Estate Trust

2,500

1.0%

COMFORIA
RYOGOKU TROIS

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

Real Estate

1,660

0.7%

COLLEGE SQUAREHACHIMANYAMA

1-15-2Tokyo

Beneficial Interest in
Real Estate Trust

880

0.4%

COMFORIA
KINSHICHO DEUX

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

Beneficial Interest in
Real Estate Trust

2,213

0.9%

COMFORIA
KAMEIDO SOUTH

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

Beneficial Interest in
Real Estate Trust

2,050

0.8%

COMFORIASHIBUYA WEST

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

Beneficial Interest in
Real Estate Trust

5,397

2.2%

Kamitakaido,

Kamitakaido,

Bunkyo-ku,

Toshima-

Suginami-ku,

Suginami-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.

29

Sub-central
Tokyo

COMFORIAASAKUSAKOMAGATA

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

Beneficial Interest in
Real Estate Trust

1,254

0.5%

COMFORIAOMORIKASHIMA

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

Beneficial Interest in
Real Estate Trust

864

0.4%

COMFORIA OMORIMACHI

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

Beneficial Interest in
Real Estate Trust

1,096

0.5%

COMFORIA KAMIIKEDAI

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

Beneficial Interest in
Real Estate Trust

1,842

0.8%

CAMPUSVILLAGE SHIINAMACHI

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

Beneficial Interest in
Real Estate Trust

2,740

1.1%

COMFORIA TAKINOGAWA

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

Beneficial Interest in
Real Estate Trust

3,430

1.4%

COMFORIAKIBASHINSUIKOEN

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

Beneficial Interest in
Real Estate Trust

1,294

0.5%

119,355

49.5%

Subtotal
Tokyo
Metropolitan
Area

COMFORIA
ICHIKAWAMYODEN

1-9-10 Shioyaki, Ichikawa-shi, Chiba

Beneficial Interest in
Real Estate Trust

606

0.3%

COMFORIA YATSUKA

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

Beneficial Interest in
Real Estate Trust

626

0.3%

COMFORIA SHINKOYASU

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

Beneficial Interest in
Real Estate Trust

1,077

0.4%

COMFORIA GYOTOKU

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

Beneficial Interest in
Real Estate Trust

978

0.4%

GRANCREER
CENTER-MINAMI

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

Beneficial Interest in
Real Estate Trust

4,150

1.7%

COMFORIA TAMA-PLAZA

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

Beneficial Interest in
Real Estate Trust

2,220

0.9%

9,657

4.0%

Subtotal
Other Major
CitiesCOMFORIA SHIN-OSAKA

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

Beneficial Interest in
Real Estate Trust

2,400

1.0%

COMFORIA KITASANJO

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

Chuo-ku,

Beneficial Interest in
Real Estate Trust

660

0.3%

COMFORIASAPPOROSHOKUBUTSUEN

10-1-6 Kitanijonishi, Chuo-ku, Sapporoshi Hokkaido

Beneficial Interest in
Real Estate Trust

1,250

0.5%

COMFORIA OGIMACHI

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

Beneficial Interest in
Real Estate Trust

1,435

0.6%

COMFORIASHINSAIBASHI EAST

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

Beneficial Interest in
Real Estate Trust

1,980

0.8%

COMFORIA
KYOMACHIBORI

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

Beneficial Interest in
Real Estate Trust

1,567

0.6%

COMFORIA AWAZA

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

Beneficial Interest in
Real Estate Trust

1,289

0.5%

COMFORIA KITAHAMA

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

Beneficial Interest in
Real Estate Trust

1,719

0.7%

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

Beneficial Interest in
Real Estate Trust

1,700

0.7%

Subtotal

14,000

5.8%

Total

241,180

100.0%(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<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.

30

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.

31

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

Itabashi Station
Nishi-sugamo Station

COMFORIA
TAKINOGAWA(2) COMFORIA HIGASHISHINJUKU STATION FRONTCOMFORIAHIGASHISHINJUKUSTATION FRONT
Higashi-shinjuku Station

Shinjuku Station
Shinjuku-sanchome Station<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.

32

(3)

COMFORIA ESAKAHIROSHIBACHO

Esaka Station

COMFORIA
ESAKAHIROSHIBACHO(4) COMFORIA KIBASHINSUIKOENCOMFORIAKIBASHINSUIKOEN
Monzen-nakacho Station

Kiba Station<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.

33

(5) COMFORIA NAKAOCHIAICOMFORIA
NAKAOCHIAI

Shimo-ochiai Station
Nakai Station(6) COMFORIA WASEDA DEUXCOMFORIA
WASEDA DEUX

Ushigome-yanagicho Station<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.

34