June 17, 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
Inquires:
Kentaro Yoshikawa
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition of Investment Assets (COMFORIA IKEBUKURO DEUX, and other 1 asset)

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 asset No.1 was approved by CRR’s Board of Directors in accordancewith 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 concerningtransaction with interested parties. (Please refer to “7. Asset Management Company’s Interested Parties in
the Assets to be Acquired”)

1. Summary of the Acquisition
Property Name

Acquisition Price(thousand yen)No.

Type of Asset1

Beneficial Interest in
Real Estate Trust

COMFORIA IKEBUKURO DEUX(Note 2)

1,930,000

2Real Estate

COMFORIA NARIMASU(Note 2)

1,551,000

Total

3,481,000(Note 1)

(Note 1) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of theconcerned asset, etc. (brokerage commission, taxes and public dues, etc.) (the amount of real estate or
beneficial interest in real estate trust specified in the Agreement on Purchase and Sale).
(Note 2) Although the current property name is “R’s Ikebukuro” and “Leone Narimasu.” respectively, CRR plans tochange the name to “COMFORIA IKEBUKURO DEUX” and “COMFORIA NARIMASU” about one monthafter the acquisition. The current property name will be omitted hereinafter.

① Date of Agreement
No.1
No.2
②
③
④
⑤

Date of Acquisition
SellerFinancing for acquisition
Method of payment

June 26, 2020
June 18, 2020

No.1 – 2June 26, 2020
Refer to “5. Summary of the Seller”
Borrowed funds (Note)
Full payment at the time of delivery(Note) For the borrowed funds, CRR will announce concerning the borrowings after its decision.

2. Reason for the Acquisition-1-

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

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

COMFORIA IKEBUKURO DEUX

Type of Asset

Beneficial Interest in Real Estate Trust

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

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

26 June, 2035
2-19-14 Minami-Ikebukuro, Toshima-ku, Tokyo

Area (Note 1)

430.84m2

Type of Ownership

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

February, 2011

Type of Ownership

Ownership

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

RC / 13F
2,531.03m2
Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type
Japan Valuers Co., Ltd

Appraisal Value

1,960,000 thousand yen (Appraisal Date: May 31, 2020)

Collateral

None
None

Special affairs (Note 4)

The property comprised of compact-type rooms and single-rooms is located a
4-minute walk from Ikebukuro Station on the JR Yamanote Line, Tokyo Metro
Marunouchi Line Fukutoshin Line and other 5 Lines and 5-minute walk from
Higashi Ikebukuro Station on the Tokyo Metro Yurakucho Line. It can use 2
stations and 8 Lines and it takes an approximately 13-minute train ride to
Nagatacho Station and an approximately 11-minute train ride to Shibuya Station,
Features of the Property
which realizes good access to major business and commercial zones. Since theproperty is within walking distance of Ikebukuro Station, a commercial area
concentrated with department stores, retail shops and restaurants, it offers
excellent transportation and living convenience. Given these features, solid
rental demand is expected mainly from singles and DINKS who place a primaryemphasis on proximity city-center and a convenient residential environment, etc.
Summary of Rental Status (as of May 31, 2020) (Note 5)
Rentable Area

1,936.80m2

Rented Area

1,710.36m2

Occupancy Rate

88.3%

Rentable Units

56 Units

Rented Units

49 Units

Total Number of Tenants

1

Total Monthly Rent

8,237 thousand yen

Security Deposit

8,895 thousand yen

Summary of the Engineering Report (Note 6)
Reporting Company

HI International Consultant Co., Ltd

Report Date

March, 2020-2-

Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value―
110 thousand yen
89,390 thousand yen
619,400 thousand yen

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

Sompo Risk Management Inc.

Report Date

May, 2020

PML

2.35%

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

KDO Two., LLC

Contractor

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

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.
(2) COMFORIA NARIMASU
Property NameUHEC (K.K. Toshi Kyojyuu Hyouka Center)

COMFORIA NARIMASU

Type of Asset

Real Estate

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)――
3-18-13 Asahi-cho, Nerima-ku, Tokyo

Area (Note 1)

807.47m2

Type of Ownership

Ownership (sectional ownership interest 100%)

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

February, 2020
RC / 7F

Type of Ownership

Ownership (sectional ownership 100%)Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building / Garbage depot

Land

Building

Appraisal Company

1,664.78m2

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type
DAIWA REAL ESTATE APPRAISAL CO., LTD

Appraisal Value

1,580,000thousand yen (Appraisal Date:May 31, 2020)

Collateral

None
None

Special affairs (Note 4)

Features of the Property

The property comprised of mainly single-type rooms is located a 6-minute walkfrom Chikatetsu-Narimasu Station on the Tokyo Metro Yuurakucho Line andFukutoshin Line and 9-minute walk from Narimasu Station on the Tobu Tojo
Line. It can take 2 station and 3 Lines and it takes an approximately 11-minutetrain ride to Ikebukuro Station and an approximately 20-minute train ride to
Shinjuku 3-Chome Station, which realizes good access to major business andcommercial zones. The area is popular as a town where it is easy to live, and in
addition to 5 shopping streets spreading in front of Narimasu Station, several
supermarkets, convenience stores and drugstores offer living convenience, while
several parks make for an area abundant with nature. Given these circumstances,solid rental demand is expected mainly from singles who place a primaryemphasis on proximity city-center and a pleasant residential environment, etc.

-3-Summary of Rental Status (as of May 31, 2020) (Note 5)
Rentable Area

1,586.26m2

Rented Area

1,327.36m2

Occupancy Rate

83.7%

Rentable Units

61 Units

Rented Units

51 Units

Total Number of Tenants

1

Total Monthly Rent

5,337 thousand yen

Security Deposit

4,923 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

May, 2020――
7,150 thousand yen
407,100 thousand yen

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

Sompo Risk Management Inc.

Report Date

May, 2020

PML

7.42%

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

Syu Corporation., Ltd.

Contractor

Ohki Corporation., Ltd.

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

Jyutaku kinyu fukyu kyokai general incorporated foundation
The Tokyo Metropolitan Town Creation Center for Disaster Prevention andConstruction(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry, and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
(Note 2) “Property Management Company” is the company that is scheduled to provide property management service for each property.
(Note 3) “Master Leasing Company” is the lessee that is scheduled to conclude a master lease agreement with the titleholder of each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. isleased, the concerned area is also included).“Rentable Area” for Non-Pass-through type master lease agreements (master leaseagreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is the rentablearea based on the lease agreement concluded between the Investment Corporation or Trustee of Beneficial Trust and theMaster Leasing Company. The Rentable Area is not based on the real estate registry, but the floor area stated in the leaseagreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identical to thefloor area written in the real estate 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-4-

type master lease agreements are 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 (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee of Beneficial
Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing
Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the subleaseagreements are excluded. With regard to the properties to be acquired, a master lease agreement is scheduled to be concluded
with Tokyu Housing Lease Corporation as the master leasing company on the acquisition date of the properties. The “total
number of tenants” above is therefore the number of tenants after such a master lease agreement is concluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent, as of May 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 leasing 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 leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total amountof balance of Security Deposit, as of May 31, 2020, based on lease agreements executed with the end-tenants, rounded down
to the nearest thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to special
policy conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is excluded.
In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security
Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing
Company are stated.
(Note 6) This section is a summary of the Engineering Report on the acquired asset prepared by the reporting company which is a third party
with no special interest in CRR. However, the content of the report is simply the opinion of the reporting company above, and CRR
does not guarantee the adequacy and accuracy of the content.
i “Estimated Amount of Emergency Repair Expenses” is the amount of repair and renewal costs expected to emergently arise,and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
ii “Estimated Amount of Short-term Repair expenses” is the amount of repair and renewal costs that are assumed to be required
within one year, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iii “Estimated Amount of Long-term Repair expenses” is the amount of repair and renewal costs that are assumed to be requiredfor 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iv “Replacement Value” is the estimated money amount provided in the Engineering Report of construction work required if theacquired asset with the same design and the same specifications were to be newly constructed at the time when the report was
prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does notguarantee the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.
(Note 7) This section is a summary of the “Earthquake Risk Analysis” report on the acquired asset prepared by the PML reporting company
which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the PML reporting
company above, and CRR does not guarantee the adequacy or accuracy of the content. “PML” is the probable maximum loss froman earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In this document, PML is the
expected loss (which is equivalent to the 90% non-exceedance probability) as a percentage of the replacement price, and denotes
the costs incurred during the anticipated usable period (generally, the duration of a building is 50 years) from an expected largescale earthquake (which corresponds to a return period of 475 years; the possibility of the earthquake occurring during the next 50
years exceeds 10%).
(Note 8) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and the investment
agency or structural calculation fitness judge, etc. of the asset to be acquired is stated. As a general rule, CRR has asked a specialized
third-party organization to make an inspection and received a report stating that there is no wrongful act such as the intentional
falsification and forgery of documents related to structural design (structural drawings and structural calculation sheets, etc.).
However, the content of the report is simply an opinion of the third-party organization, and CRR does not guarantee the adequacy
and accuracy of the content. For properties that have received from the specified structural calculation fitness judgment agency the
judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Minister of Land,
Infrastructure, Transport and Tourism in accordance with the Building Standards Act revised in June 2007 (Act No. 201 of 1950.
Including subsequent revisions), the specified structural calculation fitness judgment agency constitutes a specialized third-party
organization.
v

4.Summary of the Appraisal Report(1)

COMFORIA IKEBUKURO DEUX
(thousand yen)
COMFORIA IKEBUKURO DEUX
Japan Valuers Co., Ltd
May 31, 2020
1,960,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Price of the Direct
Capitalization Method ((6)/(7))(1) Operating Income

Appraisal summary

Content
1,960,000
1,990,000
102,358-5-

Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income

108,564

Vacancy Loss

▲6,205

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

101,943
0
1,728
4,893
0

0
21,4742,928
1,265

Repair Cost

3,640

Property Management
Fee

2,442

Tenant Advertisement
Cost

4,648

Taxes and Public Dues

5,803

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

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

323
421

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement rateof residents per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.
Appraised referring to the standard amount of taxation for the property.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the management of current assets.

80,88497
5,214

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.

75,767

3.8%

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.

1,920,000

Discount Rate

3.6%

Terminal Cap Rate

4.0%

Cost Approach Value
Total Value of Land andBuilding

1,940,000

Land Value

1,684,521

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

2,071,162

Building Value

258,576

Supplementary cost

128,065

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.

-6-

Decrease Value of Building
and Land as a Whole
Other matters taken into
consideration by appraisal
institutions when issuing
appraisals▲128,232

Appraised in consideration of the status of utilization of floor area ratio.

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

(2) COMFORIA NARIMASU(thousand yen)
COMFORIA NARIMASUDAIWA REAL ESTATE APPRAISAL CO., LTD
May 31, 2020
1,580,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Price of the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income
Vacancy Loss
Collection Loss
(2) Operating Expense
Maintenance andManagement Fee
Utility Charge
Repair Cost

1,620,000
78,653
81,83079,4410230

0▲3,1770
14,247
4,140
690
949

1,912

Tenant Advertisement
Cost

1,798

Taxes and Public Dues

4,257

Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5) Capital Expenditure(6) Net Cash Flow

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

2,158

Property Management
Fee

Insurance

Appraisal summary

Content
1,580,000

162
335

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement rateof residents per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the management of current assets.

64,40557
1,139

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.

63,323-7-

(NCF, (3)+(4)-(5))(7) Cap Rate
Price of the DCF Method

3.9%
1,560,000

Discount Rate

3.7%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land andBuilding

1,690,000

Land Value

1,065,860

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

1,693,904

Building Value

407,100

Supplementary cost

220,944

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

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 the development cost and development
profit.
Appraised in consideration of marketability etc.

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

(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were preparedby Japan Valuers Co., Ltd and DAIWA REAL ESTATE APPRAISAL CO., LTD based on an important notice concerning realestate appraisal in the context of the Act on Investment Trusts and Investment Corporations, the Act on Real Estate Appraisal (ActNo. 152 of 1963. Including subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment andopinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibilityof transactions at the appraised value.

5．Summary of the Sellers(1) COMFORIA IKEBUKURO DEUX
Name
Tokyu Housing Lease Corporation
Headquarters Address

2-3-1, Nishi Shinjuku, Shinjuku-ku, Tokyo

Representative

CapitalPresident Katsushi Miki
1. Property management and tenant leasing
2.Corporate rental housing management
3. Support business related to rental housing¥100 million yen (as of March 31, 2019)

Date Established

April 1, 2014

Net Asset

6,549 million yen (as of March 31, 2019)

Principal BusinessTotal Asset
32,142 million yen (as of March 31, 2019)
Major Shareholder & its
Tokyu Fudosan Holdings Corporation (100%)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
None. The company is a consolidated subsidiary of Tokyu Fudosan Holdings
Corporation which is the parent company of Tokyu Land Corporation(ownership
Capital relationshipof 100%). Tokyu Land Corporation is the parent company (ownership of 100%) of
the Asset Management Company, and is thus an interested party under the Act on
Investment Trusts and Investment Corporations.
Personal relationship
None
The Investment Corporation delegated the master leasing and property management
Business relationshipservice to the company about 122 properties as of January 31, 2020.
The company is not classified as a related party in relation to the Investment
Interested parties
Corporation. However, as described above, the company is an interested party of-8-the Asset Management Company under the Investment Trusts and the Investment
Corporations.
(2)

COMFORIA NARIMASUName

J-REX CORPORATION Co., Ltd

Headquarters Address

1-23-7, Nishi-shinjuku, Shinjuku-ku, Tokyo

Representative

Representative Hideki Haruta
1. Ownership, selling and buying, trading, renting and leasing, management, and theappraisal of real estate
2. Buying and selling of real estate and leasing brokerage
485 million yen

Principal Business
CapitalDate Established

October 8, 2002

Net Asset－(Note)Total Asset－(Note)Major Shareholder－(Note)Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None

Personal relationship

None

Trade relationship

None

Interested parties
None(Note) Details aren’t disclosed as permission for disclosure was not obtained from the seller.

6. Ownership History of Asset(1)

COMFORIA IKEBUKURO DEUX
Previous Owner
Tokyu
Housing
Lease
Name
Corporation (Note)
Relationship
Refer towith interested“5. Summary of the Sellers”
parties
Background /reasons forDevelopment purpose
acquisition
Omitted, as the land was
Acquisitionacquiredfordevelopment
price
purpose.
Building andLand
Building: February, 2011
Acquisition
Land: October, 2008
date

Former Owner
Other than those that havespecial interest

Owner Prior to Former Owner
－

－

－

－

－

－

－

－

－

(Note) The owner of the property at the time of development was Tokyu Relocation Service Co., Ltd. However, Tokyu Housing Lease
Corporation succeeded the business of Tokyu Relocation Service Co., Ltd. on April 1, 2015, through an absorption-type split.

(2) COMFORIA NARIMASU
Description is omitted because the acquisition of the asset is not an acquisition from any persons having a special interestin CRR or TRM.

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

-9-8. Summary of Brokerage(1)

COMFORIA IKEBUKURO DEUX
No brokers were involved in the transaction of the acquired assets above.

(2)

COMFORIA NARIMASU
Brokerage is the operating company in Japan, but the details aren’t disclosed by the intention of the company.
Brokerage is not an interested party of the Asset Management Company or the Investment Corporation.

.

9. Forecast
The Transactions have only a minor influence on the earnings forecasts for fiscal period ending July 31, 2020 (February
1, 2020 - July 31, 2020) and for fiscal period ending January 31, 2021 (August 1 2020 – January 31, 2021). Therefore, theearnings forecasts remain unchanged.
*The original Japanese version of this press release has been distributed to the press club of TSE (Kabuto Club), the Ministryof Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade newspaper of the Ministry ofLand, Infrastructure, Transport and Tourism.
*Website of CRR: https://www.comforia-reit.co.jp/en/- 10 -

Attachments
1. Portfolio List
2. Exterior Image and Map of the Asset to be Acquired- 11 -

Attachment 1. Portfolio List
Area (Note 1)
CentralTokyo

Property Name

Location (Residential address)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuoku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10Tokyo

Nakaochiai,

Shinjuku-ku,

COMFORIA HIGASHINAKANO

4-34-2
Tokyo

Kitashinjuku,

Shinjuku-ku,

COMFORIA GINZA EAST

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

COMFORIA AZABUDAI

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

COMFORIA SHIBAKOEN

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

COMFORIA NISHIAZABU

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

COMFORIA MINAMIAOYAMA

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

COMFORIA NISHIWASEDA

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

COMFORIA HARAJYUKU

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

COMFORIA MITA NORTH

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

COMFORIA
SHIBAURA BOWHOUSE

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

COMFORIASHIROKANETAKANAWA

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

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 NihonbashiNingyocho, Chuoku, Tokyo

COMFORIA ATAGO

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

COMFORIA KUDAN

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

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

COMFORIA SHINKAWA

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

COMFORIA AKASAKA

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

COMFORIA MITA EAST

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

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo- 12 -

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

1.5%

850

0.3%

2,650

1.1%

1,300

0.5%

2,139

0.9%

826

0.3%

1,280

0.5%

1,108

0.5%

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

0.7%

736

0.3%

1,621

0.7%

1,625

0.7%

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

5.4%（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,- 13 -

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,- 14 -

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

1.0%

5,540

2.3%

1,489

0.6%

1,056

0.4%

98,168

39.9%

1,470

0.6%

910

0.4%

902

0.4%

881

0.4%

2,587

1.1%

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

0.4%

714

0.3%

762

0.3%

873

0.4%

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

COMFORIA NISHIMAGOME

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

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

Shimouma,

Kamiosaki,- 15 -

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

0.8%

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

1.3%

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%

990

0.4%

1,712

0.7%

1,132

0.5%

5,000

2.0%

1,042

0.4%

4,681

1.9%

Sub-central
Tokyo

COMFORIAHIGASHISHINAGAWA

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

COMFORIA
MEGUROYAKUMO

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

COMFORIA YOGA

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

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

COMFORIA
SHINAGAWA EAST

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

COMFORIA OJIMA

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

COMFORIA OMORI TROIS

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

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome,
Tokyo

COMFORIA KAMATA

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

COLLEGE COURTHACHIMANYAMA

1-15-1Tokyo

COMFORIA UENOIRIYA

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

COMFORIA IKEJIRI

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

COMFORIA
SETAGAYAKAMIUMA

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

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

COMFORIA RYOGOKU TROIS

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

COLLEGE SQUAREHACHIMANYAMA

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

COMFORIA
KINSHICHO DEUX

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

COMFORIA
KAMEIDO SOUTH

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

COMFORIASHIBUYA WEST

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

COMFORIAASAKUSAKOMAGATA

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

COMFORIAOMORIKASHIMA

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

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

Kamitakaido,- 16 -

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
Beneficial
Interest in Real
Estate Trust

1,510

0.6%

813

0.3%

1,041

0.4%

3,794

1.5%

1,430

0.6%

Real Estate

2,110

0.9%

Real Estate

866

0.4%

1,330

0.5%

5,721

2.3%

1,245

0.5%

2,173

0.9%

1,313

0.5%

2,622

1.1%

2,500

1.0%

1,660

0.7%

880

0.4%

2,213

0.9%

2,050

0.8%

5,397

2.2%

1,254

0.5%

864

0.4%

1,096

0.4%

1,842

0.7%

2,740

1.1%

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Sub-central
Tokyo

COMFORIA TAKINOGAWA

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

COMFORIAKIBASHINSUIKOEN

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

COMFORIANISHIMAGOME HILLSIDE

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

COMFORIAIKEBUKURO DEUXCOMFORIA NARIMASU

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

3,430

1.4%

1,294

0.5%

Real Estate

1,330

0.5%

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.8%

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

Real Estate

1,551

0.6%

124,166

50.5%

606

0.2%

626

0.3%

1,077

0.4%

978

0.4%

4,150

1.7%

2,220

0.9%

9,657

3.9%

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%

Subtotal

14,000

5.7%

Total

245,991

100.0%

Subtotal
Tokyo
Metropolitan
Area

COMFORIA
ICHIKAWAMYODEN

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

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
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- 17 -

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

- 18 -

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

COMFORIA IKEBUKURO DEUX

©2020Google(2)

COMFORIA NARIMASU- 19 -