December 10, 2020
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,Tokyo
Takehiro Izawa
Executive Director(Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Hiroyuki Tohmata
President & CEO
Inquiries:
Kentaro Yoshikawa
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)
Notice Concerning Sale of Investment Assets(COMFORIA ICHIKAWAMYODEN and other 1 asset)

Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc., to which CRR entrusts
management of its assets (“TRM”) decided today for CRR to sell the investment assets as shown below. (hereafterreferred to as the “Sale”).
1. Summary of the Sale
Type of Asset1
2

Beneficial Interest in
Real Estate
Beneficial Interest in
Real Estate

Property Name
COMFORIA ICHIKAWAMYODENCOMFORIA NISHIMAGOME
Total(Note)③④⑤⑥⑦

805,000
1,261,000
2,066,000“Sale Price” denotes the amount exclusive of the various expenses required in the Sale of the concerned asset, etc.
(brokerage commission, taxes and public dues, etc.) (the amount of real estate or beneficial interest in real estate trust
specified in the Agreement on Purchase and Sale).

① Book value②

Sale Price(thousand yen)
(Note)

1,546,255 thousand yen (total book value) (as of July 31, 2020)(Detail) COMFORIA ICHIKAWAMYODEN
589,316 thousand yen
COMFORIA NISHIMAGOME
956,938 thousand yen
Difference between sale price and book value
519,744 thousand yen (total difference)(Detail) COMFORIA ICHIKAWAMYODEN
215,683 thousand yen
COMFORIA NISHIMAGOME
304,061 thousand yen
Date of agreement
December 10, 2020
Date of sale
December 22, 2020
Buyer
Refer to “4. Summary of the Buyer”
Method of payment
Full payment at the time of delivery
Use of proceeds from the sale of the properties
Plans to allocate to future acquisitions of properties, repayment of borrowings,
payment for repairs and maintenance, working funds, etc.

-1-

2. Reason for the Sale
TRM decided to sell the investment assets based on the asset management policy and subject defined in thearticles of CRR for ensuring steady growth of the portfolio and stable earnings.
As to the Sale, the decision was made in consideration of the fact that the market competitiveness of theproperties have declined relative to other properties in the portfolio, etc.
Regarding capital gains resulting from the sale of the properties, a portion is planned to be internally reserved
through reduction entry utilizing the “Special Provisions for Taxation in the Event of Advance Acquisition ofLand, etc. in 2009 and 2010”.
3. Summary of the Sale
(1)

Details of the Sale

① COMFORIA ICHIKAWAMYODEN
Property Name
COMFORIA ICHIKAWAMYODEN
Type of Asset

Beneficial Interest in Real Estate

Trustee of Beneficial Trust

Mitsubishi UFJ Trust and Banking Corporation

Expiration Date of Beneficial Trust Contract

September 19, 2027

Location (Residential address) (Note 1)

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

Area (Note 1)

750.59 m2

Type of Ownership

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

April 2007

Type of Ownership

Ownership

Use (Note 1)

Apartment building

Rentable Units (Note 5)
Property Management Company (Note 2)

48 Units
Tokyu Housing Lease Corporation

Master Leasing Company (Note 3)

Tokyu Housing Lease Corporation

Master Leasing Type

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

766,000 thousand yen (Appraisal Date: July 31, 2020)

Collateral

None

Special affairs (Note 4)

None

Land

Building

RC / 5F
1,533.11 m2

Summary of Rental Status (as of October 31, 2020) (Note 5)
Rentable Area

1,408.46 m2

Rented Area

1,378.08 m2

Occupancy Rate

97.8 %

Rentable Units

48 Units

Rented Units

47 Units

Total Number of Tenants

1

Total Monthly Rent

3,801 thousand yen

Security Deposit

4,548 thousand yen② COMFORIA NISHIMAGOME
Property Name

COMFORIA NISHIMAGOME

Type of Asset

Beneficial Interest in Real Estate

Trustee of Beneficial Trust

Sumitomo Mitsui Trust Bank, Limited

Expiration Date of Beneficial Trust Contract

February 3, 2029

Location (Residential address) (Note 1)

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

Area (Note 1)

958.66 m2

Type of Ownership

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

August 2005

Type of Ownership

Ownership (sectional ownership 100%)Use (Note 1)

Apartment building / Garbage depot

Rentable Units (Note 5)
Property Management Company (Note 2)

52 Units
Tokyu Housing Lease Corporation

Master Leasing Company (Note 3)

Tokyu Housing Lease Corporation

Master Leasing Type

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,110,000 thousand yen (Appraisal Date: July 31, 2020)

Collateral

None

Land

Building

RC with roofing alloy plated steel sheet / 5F
1,797.93 m2

A part of this land (about 339.45 m2) is located in the city planning road zone
(plan width 33m). No business decision concerning the road construction (i.e.
Special affairs (Note 4)
details of construction schedule and land area) has been made as of yet, however
if construction proceeds as planned there is a possibility that the building will bedeemed as a non-conforming structure during the land acquisition process.
Summary of Rental Status (as of October 31, 2020) (Note 5)
Rentable Area

1,553.35 m2

Rented Area

1,466.20 m2

Occupancy Rate

94.4 %

Rentable Units

52 Units

Rented Units

49 Units

Total Number of Tenants

1

Total Monthly Rent

5,173 thousand yen

Security Deposit

7,276 thousand yen(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry, and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
(Note 2) “Property Management Company” is the company that is scheduled to provide property management service for each property.
(Note 3) “Master Leasing Company” is the lessee that is scheduled to conclude a master lease agreement with the titleholder of each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. is leased,
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-Pass--3-

through type master lease agreements is the number of units that the Master Leasing Company can sublease.
“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. Therefore, when CRR or Trustee of Beneficial Trust leases comprehensively to the Master Leasing Company allunits of the acquired property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number ofTenants is 1; that is, the end-tenants of the sublease agreements are excluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent, as of October 31, 2020 (including the common area expense, but not fees for incidental facilities such as parking
lot or trunk room) stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estateor real estate in real estate trust with end-tenants. In addition, in the case that the master lease type is a non-pass-throughmaster lease agreement, the monthly rent (common area expense are included (except when the common area expense is nota fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease 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 lease type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total amountof security deposit, as of October 31, 2020, based on lease agreements executed with the end-tenants, rounded down to thenearest thousand yen. However, if a Security Deposit does not need to be repaid according to special policy conditions suchas the redemption of the deposit in a lease agreement, the amount of the Security Deposit is excluded. In addition, in the casethat the Master Lease type is a Non-Pass-Through type Master Lease Agreement, the Security Deposits based on the leaseagreement between CRR or the Trustee of Beneficial Trust and the Master Leasing Company are stated.
v(2) Summary of the Appraisal Report① COMFORIA ICHIKAWAMYODEN(thousand yen)
COMFORIA ICHIKAWAMYODEN
Japan Real Estate Institute
July 31, 2020
766,000

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 common
area expense)
Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income
Vacancy Loss
(2)

766,000
776,000
48,244
51,122
46,6130
1,920

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 ongoingasset management.

1,339
1,250
▲ 2,878

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

0
11,031

Repair Cost

1,943

Property Management
Fee

1,372

Tenant Advertisement
Cost

1,514

2,069
440

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 calculatedwith consideration 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 costspresented in engineering 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
rate of inhabitants per year and occupancy rates, while referring to the-4-conditions of ongoing agreements and rental agreements of similar
properties.
Taxes and Public
Dues

2,854

Insurance

39

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

800

39
3,102

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

34,150Cap Rate

4.4%

Price of the DCF Method

755,000

Discount Rate

4.2%

Terminal Cap Rate

4.6%

Cost Approach Value
Total Value of Land andBuilding

583,000

Land Value

289,000

Building Value

197,000

Adjustment for Change

120%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals②

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.

37,213(5) Capital
Expenditure(7)

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

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,
while referring to yields on trade pertaining to similar properties.

486,000
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability etc.

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

COMFORIA NISHIMAGOME(thousand yen)
COMFORIA NISHIMAGOME
Japan Real Estate Institute
July 31, 2020
1,110,000

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
Income1,110,000
1,130,000
65,33869,338Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents. Other-5-

Rental Income(including common
area expense)
Utility Charge
IncomeParking Lot
IncomeKey Money /Renewal Income
Other Income
Vacancy Loss
(2)

65,628
0
1,670
1,980
60
▲ 4,000

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

015,266

Repair Cost

2,876

Property Management
Fee

1,521

Tenant Advertisement
Cost

3,272

Taxes and Public
Dues

4,155

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

2,600
700

46
96

73
4,999

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

45,146

Cap Rate

Price of the DCF Method

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 calculatedwith consideration 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 costspresented in engineering 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
rate of inhabitants per year and occupancy rates, while referring to theconditions of 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.

50,072(5) Capital
Expenditure(7)

income is calculated with consideration of the performance of ongoingasset management.

4.0%

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.

1,090,000

Discount Rate

3.8%

Terminal Cap Rate

4.2%

Cost Approach Value
Total Value of Land andBuilding

1,080,000

Land Value

652,000

Building Value

245,000

Adjustment for Change

120%

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.

897,000
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability etc.

-6-Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

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

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

4．Summary of the Buyer
The buyer is the special purpose company in Japan, but the details aren’t disclosed by the intention of thecompany. The buyer is not an interested party of TRM or CRR.
5. TRM’s Interested Parties in the Sale
None.
6. Summary of BrokerageNone.
7. Forecast
Capital gains are forecast to arise from the Sale. Regarding some of the capital gains, it is planned to beinternally reserved as reserve for reduction entry utilizing the “Special Provisions for Taxation in the Event ofAdvance Acquisition of Land, etc. in 2009 and 2010.”
The Sale has only a minor influence on the earnings forecasts for fiscal period ending January 31, 2021
(August 1, 2020 - January 31, 2021) and fiscal period ending July 31, 2021 (February 1, 2021 - July 31, 2021).
Therefore, the earnings forecasts remain unchanged.
*Website of CRR: https://www.comforia-reit.co.jp/en/-7-

Attachments 1. Portfolio List
Area (Note 1)

CentralTokyo

Property Name

Location (Residential address)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuoku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10Tokyo

Nakaochiai,

Shinjuku-ku,

COMFORIA HIGASHINAKANO

4-34-2
Tokyo

Kitashinjuku,

Shinjuku-ku,

COMFORIA GINZA EAST

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

COMFORIA AZABUDAI

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

COMFORIA SHIBAKOEN

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

COMFORIA NISHIAZABU

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

COMFORIA MINAMIAOYAMA

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

COMFORIA NISHIWASEDA

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

COMFORIA HARAJYUKU

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

COMFORIA MITA NORTH

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

COMFORIA
SHIBAURA BOWHOUSE

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

COMFORIASHIROKANETAKANAWA

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

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 NihonbashiNingyocho, Chuoku, Tokyo

COMFORIA ATAGO

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

COMFORIA KUDAN

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

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

COMFORIA SHINKAWA

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

COMFORIA AKASAKA

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

COMFORIA MITA EAST

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

COMFORIA SHIBAURA CANAL

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

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

Acquisition
Price (million
yen) (Note 2)

Share(Note 3)

1,586

0.6%

1,900

0.8%

1,181

0.5%

552

0.2%

3,059

1.2%

574

0.2%

1,398

0.6%

755

0.3%

1,041

0.4%

1,685

0.7%

3,629

1.4%

850

0.3%

2,650

1.1%

1,300

0.5%

2,139

0.8%

826

0.3%

1,280

0.5%

1,108

0.4%

1,840

0.7%

1,945

0.8%

3,190

1.3%

1,570

0.6%

CentralTokyo

COMFORIA KITASANDO

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

COMFORIA YOYOGIUEHARA

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

COMFORIA SASAZUKA

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

COMFORIA
SHINJUKUGYOENⅡ

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

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,
Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

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

COMFORIA KANDAJINBOCHO

1-42-2 Kandajinbocho
Tokyo,

COMFORIA NIHONBASHI

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

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku Tokyo

COMFORIA AZABUJUBAN

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

COMFORIA
SHINJUKUGYOENⅠ

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

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1
Tokyo

Higashiazabu,

Chiyoda-ku

Minato-ku,

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

4,268

1.7%

1,560

0.6%

1,789

0.7%

1,806

0.7%

1,623

0.6%

736

0.3%

1,621

0.6%

1,625

0.6%

1,434

0.6%

1,956

0.8%

3,272

1.3%

1,471

0.6%

1,406

0.6%

1,245

0.5%

1,900

0.8%

13,264

5.3%（Tower Building）
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER（Annex Building）
6-27-28 Shinjuku, Shinjuku-ku, Tokyo

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

74-23
Ichigayayakuojimachi,
Shinjuku-ku, Tokyo

COMFORIA AKIHABARA
EAST

2-9-19Tokyo

COMFORIA MITA TROIS

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

COMFORIA SHIBAURA

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

COMFORIA SHINJUKU

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

COMFORIAHIGASHINIHONBASHI

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

Higashikanda,-9-

Chiyoda-ku,

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

941

0.4%

4,425

1.8%

890

0.4%

Real Estate

1,065

0.4%

2,150

0.9%

1,194

0.5%

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

CentralTokyo

COMFORIA
GINZA EAST NIBANKAN

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

COMFORIAHIGASHISHINJUKU STATION
FRONT

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

COMFORIA NAKAOCHIAI

2-16-29
Tokyo

COMFORIA
WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Nakaochiai,

Shinjuku-ku,

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

Subtotal
Sub-central
Tokyo

COMFORIA BUNKYOKASUGA

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

COMFORIAASAKUSAMATSUGAYA

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

COMFORIA NISHIOI

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

COMFORIA NAKANO

2-40-12Tokyo

COMFORIA SHIMOKITAZAWA

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

COMFORIA NISHIKAMATA

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

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

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

COMFORIA KOMAZAWA

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

COMFORIA KOISHIKAWA

2-17-27
Tokyo

COMFORIA SENGOKU

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

COMFORIA
DAIKANYAMAAOBADAI

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

COMFORIA IKEBUKURO

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

COMFORIA
RYOGOKUISHIWARA

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

COMFORIAASAKUSABASHI DEUX

5-24-10Tokyo

COMFORIA OSHIAGE

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

COMFORIA
HONJOAZUMABASHI

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

COMFORIA
KIYOSUMISHIRAKAWA TROIS

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

COMFORIAMONZENNAKACHO

16-8 Fuyuki, Koto-ku, Tokyo

Kamitakada,

Koishikawa,

Nakano-ku,

Bunkyo-ku,

Asakusabashi,- 10 -

Taito-ku,

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

2,380

0.9%

5,540

2.2%

1,489

0.6%

1,056

0.4%

98,168

38.9%

1,470

0.6%

910

0.4%

902

0.4%

881

0.3%

2,587

1.0%

1,550

0.6%

1,987

0.8%

740

0.3%

1,290

0.5%

552

0.2%

1,219

0.5%

926

0.4%

602

0.2%

651

0.3%

874

0.3%

714

0.3%

762

0.3%

873

0.3%

2,658

1.1%

Sub-central
Tokyo

COMFORIA HIMONYA

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

COMFORIA MISYUKU

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

COMFORIAGAKUGEIDAIGAKU

6-46-6Tokyo

COMFORIAHIGASHINAKANO DEUX

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

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashiikebukuro, Toshimaku, Tokyo

COMFORIA RYOGOKU DEUX

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

COMFORIA OMORI DEUX

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

COMFORIA MACHIYA

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

COMFORIA ASAKUSABASHI

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

COMFORIA RYOGOKU SOUTH

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

COMFORIA TOYOSU

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

COMFORIA
SUMIDA-TACHIBANA

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

COMFORIA UENOHIROKOJI

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

COMFORIA
KASUGATOMISAKA

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

COMFORIA HONKOMAGOME

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

COMFORIA MORISHITA

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

COMFORIA KIBAKOEN

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

COMFORIA
MEGURO CHOJAMARU

2-6-25Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro,
ku,Tokyo

COMFORIA KOMABA

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

COMFORIA KINSHICHO

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

COMFORIA
MINAMISUNAMACHI

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

COMFORIAHIGASHISHINAGAWA

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

Shimouma,

Kamiosaki,- 11 -

Setagaya-ku,

Shinagawa-ku,

Toshima-

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

1,189

0.5%

1,874

0.7%

1,138

0.5%

833

0.3%

3,911

1.6%

1,014

0.4%

1,188

0.5%

594

0.2%

2,680

1.1%

1,240

0.5%

3,096

1.2%

938

0.4%

1,050

0.4%

2,912

1.2%

1,344

0.5%

1,530

0.6%

956

0.4%

1,972

0.8%

1,712

0.7%

1,132

0.4%

5,000

2.0%

1,042

0.4%

4,681

1.9%

1,510

0.6%

Sub-central
Tokyo

COMFORIA
MEGUROYAKUMO

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

COMFORIA YOGA

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

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA
SHINAGAWA EAST

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

COMFORIA OJIMA

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

COMFORIA OMORI TROIS

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

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome,
Tokyo

COMFORIA KAMATA

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

COLLEGE COURTHACHIMANYAMA

1-15-1Tokyo

COMFORIA UENOIRIYA

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

COMFORIA IKEJIRI

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

COMFORIA
SETAGAYAKAMIUMA

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

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

COLLEGE SQUAREHACHIMANYAMA

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

COMFORIA
KINSHICHO DEUX

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

COMFORIA
KAMEIDO SOUTH

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

COMFORIASHIBUYA WEST

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

COMFORIAASAKUSAKOMAGATA

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

COMFORIAOMORIKASHIMA

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

COMFORIA OMORIMACHI

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

COMFORIA KAMIIKEDAI

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

CAMPUSVILLAGE SHIINAMACHI

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

COMFORIA TAKINOGAWA

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

Kamitakaido,- 12 -

Bunkyo-ku

Suginami-ku,

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

813

0.3%

1,041

0.4%

3,794

1.5%

1,430

0.6%

Real Estate

2,110

0.8%

Real Estate

866

0.3%

1,330

0.5%

5,721

2.3%

1,245

0.5%

2,173

0.9%

1,313

0.5%

2,622

1.0%

2,500

1.0%

1,660

0.7%

880

0.3%

2,213

0.9%

2,050

0.8%

5,397

2.1%

1,254

0.5%

864

0.3%

1,096

0.4%

1,842

0.7%

2,740

1.1%

3,430

1.4%

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

Beneficial
Interest in Real
Estate Trust

1,294

0.5%

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

Real Estate

1,330

0.5%

COMFORIAIKEBUKURO DEUX

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.8%

COMFORIA NARIMASU

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

Real Estate

1,551

0.6%

COMFORIA
SHIN-OKACHIMACHI

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

1,237

0.5%

COMFORIA MORISHITA WEST

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

1,222

0.5%

COMFORIA TOYOCHO

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

3,674

1.5%

COMFORIA FUDOMAE

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

1,622

0.6%

130,931

51.9%

626

0.2%

1,077

0.4%

978

0.4%

4,150

1.6%

2,220

0.9%

9,051

3.6%

2,400

1.0%

660

0.3%

1,250

0.5%

1,435

0.6%

1,980

0.8%

1,567

0.6%

1,289

0.5%

1,719

0.7%

1,700

0.7%

COMFORIAKIBASHINSUIKOEN

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

COMFORIANISHIMAGOME HILLSIDE

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

Subtotal
Tokyo
Metropolitan
Area

COMFORIA YATSUKA

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

COMFORIA SHINKOYASU

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

COMFORIA GYOTOKU

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

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

CENTER-COMFORIA TAMA-PLAZA

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

Aoba-ku,

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

Subtotal
Other Major
CitiesCOMFORIA SHIN-OSAKA

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

COMFORIA KITASANJO

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

COMFORIA SAPPOROSHOKUBUTSUEN

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

COMFORIA OGIMACHI

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

COMFORIASHINSAIBASHI EAST

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

COMFORIA KYOMACHIBORI

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

COMFORIA AWAZA

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

COMFORIA KITAHAMA

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

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka- 13 -

Nishi-ku,

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

14,000

5.6%

Total

252,150

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 in Central Tokyo and Sub-central Tokyo (areas outside of Central Tokyoand Sub-central Tokyo (including Tokyo, Kanagawa, Saitama and Chiba) where demand for rental residences is strong.
iv "Other Major Cities" denotes ordinance-designated cities, etc except for Central Tokyo, Sub-central Tokyo and Tokyo
Metropolitan Area.
(Note 2) “Acquisition (planned) 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 rounded to the nearest hundredths.

- 14 -