June 1, 2017
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Takashi Ikeda(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property(Granda Kanazawa Hakkei)
This is a notification that Mitsui Fudosan Accommodations Fund Management Co., Ltd., an investment trust
management company, which has been commissioned by Nippon Accommodations Fund Inc. (“NAF“) to manage
its assets, decided on and completed the acquisition of real estate property in Japan as shown below.
1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following property was made to ensure the steady growth of assets undermanagement, and for the diversification and further enhancement of the investment portfolio.
2. Overview of acquisition(1) Name of property acquired

Granda Kanazawa Hakkei(2) Type of property acquired

Real estate(3) Acquisition price (Note 1)¥774,000 thousand(4) Appraised value (Note 2)¥826,000 thousand(5) Date of conclusion of sale contract

June 1, 2017

(6) Date of handoverJune 1, 2017(7) Seller

Not disclosed (Note 3)(8) Acquisition funds

Own funds(9) Method of payment

Full payment at the time of delivery(Note 1) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property
taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sale contract
for the property acquired.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on
February 28, 2017) which Morii Appraisal & Investment Consulting, Inc. prepared for the property acquired.
(Note 3) Not disclosed as the consent from the seller has not been obtained.

1

3. Description of the property acquired(1) Outline of the property acquired
Name of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location

Residence indication

Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories (Note 5)
Uses (Note 5)
Building
Gross floor area (Note 5)
Ownership form
Rentable area
Existence of security interests

Granda Kanazawa Hakkei
Real estateMorii Appraisal & Investment Consulting, Inc.
¥826,000 thousand
February 28, 2017
9-1 Mutsuura 3-chome, Kanazawa-ku, Yokohama-shi,
Kanagawa
60%
200%
Quasi-residential district
1,228.86m2
Proprietorship
June 8, 2012
Flat-roofed steel structure/3 stories
Homes for the elderly
1,822.16m2
Proprietorship
1,826.29 m2
None2

Special affairs (Note 6)

NAF has succeeded the status as lessor on thebuilding lease agreement that stipulates Benesse Style
Care Co., Ltd. as a lessee (as well as an operator) fromthe seller as of today. The summary of building leaseagreement is as shown below.
(1) Agreement type: Ordinary building leaseagreement intending to be used forbusinesses including fee-based homes for theelderly(2) Agreement term: From June 15, 2012 to June
14, 2037(3) Rent revision: In principle, no revision will bemade. However, in case when the rent is
acknowledged to be notably inadequate
compared to a neighboring building of thesame type due to increase/decrease in taxes
and public dues, notable change in economic
conditions and other factors, lessor and lessee
will negotiate rent revision.
(4) Agreement renewal: Unless any otherintention is manifested in writing from either
lessor or lessee six months prior totermination,
theagreementwillbeautomatically renewed for another 3-year
terms with the same conditions as at the timeof termination (same applies thereafter).
(5) Cancellation: When the lessee cancels theagreement, it must notify the lessor in writing
12 months prior to the termination date.
However, the lessee may immediately cancel
the agreement by paying an amountequivalent to 12 months of rent as well as apenalty separately specified. When the lessee
introduces a party that will succeed status of
the lessee and when NAF can newly conclude
a lease agreement with the concerning partyon satisfactory conditions, the lessee will be
exempt from the penalty(6) Preferential negotiation right: When the lessor
transfers the property to a third party, rights
for preferential purchase will be granted to thelessee and the lessor will confirm theexistence or absence of intention of
acceptance of the transfer with the lessee in
writing beforehand.

3

The property is an approximately 18-minute walk from
Kanazawa-hakkei Station on the Keikyu Line and an
approximately 13-minute walk from Mutsuura Station on
the Keikyu Zushi Line and a bus may be used to accessKanazawa-hakkei Station. In addition, the property isapproximately 20 minutes to Yokohama Station andapproximately 40 minutes to Shinagawa Station from
Kanazawa-hakkei Station via a limited express train(Kaitoku) on the Keikyu Main Line.
The property is used for business of fee-based
homes for the elderly with nursing care with Benesse
Style Care Co., Ltd. as an operator. The property is
located in a residential district featuring many
standalone residences and is within a quiet residential
environment.

Special features of the property

Details oftenants(Note 7)

Total number of tenants
Rentable area
Rented area
Occupancy rate

11,826.29m2
1,826.29m2
100.0%

Deposit / Security
depositNot disclosed as the consent from the lessee has not been obtained.

Total rental revenues

Not disclosed as the consent from the lessee has not been obtained.

Overview ofresidents andfacility(Date of preparing
the written
explanation ofimportant matters:
July 1, 2016)(Note 8)Operator
Opening date
Type of facility
Number of Rooms
Resident capacity

Benesse Style Care Co., Ltd.
July 1, 2012
Fee-based homes for the elderly with nursing care
58
58

Condition of rights ofresident

Right to use

Room area range
Entering requirement
Number of residents
Occupancy rate

15.0 -15.5m²
Certification for need for nursing care58
100.0%

Average required level ofnursing care

2.76

Average age of residents

88.4

Service fee payment method
One-time entrance fee
Monthly service fee
Staff engaged in nursing
careStaff at nighttime (numberof staff members at
minimum)
Cooperative medicalorganization
Cooperative dentalorganization

One-time entrance fee¥3,000,000¥203,400Monthly fee basis

More than 3:1

3 nursing care staff (when all beds are occupied)Kanazawabunko Hospital
Shonan Life Care Clinic
Kamakura Urban Clinic
Maiokamachi Dental Clinic

4－－

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal report prepared by Morii Appraisal &Investment Consulting, Inc. for the property acquired.
(Note 2) “Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the BuildingStandards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-area ratio” is theratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act, and the figure
stipulated by city planning in accordance with zoning, etc. is indicated.
(Note 3) “Site area” denotes the land area included in the register.
(Note 4) “Completion date” of the building denotes the date included in the register.
(Note 5) “Structure / Number of stories,” “uses,” and “gross floor area” are based on the description in the register.
(Note 6) “Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the property acquired.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is denoted as 1 where a master lease agreement (blanket lease agreement) has beenconcluded with a lessee (as well as an operator). As to the property acquired, NAF has succeeded the status as lessor
with Benesse Style Care Co., Ltd. as a lessee (as well as an operator) from the seller as of today and the above “Total
number of tenants” is therefore the number of lessees after succeeding the status as lessor is concluded, which is 1.
(ii) “Rented area” denotes conditions after the succession of the building lease agreement which NAF has succeeded as oftoday.
(iii ) “Rentable area” denotes the total area of the building that can be rented within the property acquired.
(iv) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.
(Note 8) “Overview of residents and facility” denotes based on the description in the written explanation of important matter.

(2) Outline of investigations into the state of the building, etc.

Investigations
into the state ofbuilding

Earthquake
risk diagnosis

Consigned investigating company
Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal costs expected tobe necessary within 12 years
Replacement value
Consigned investigating company
Investigation report date
PML value (Note)

Tokio Marine & Nichido Risk Consulting Co., Ltd.
March 24, 2017－－¥13,368 thousand¥355,400 thousand
Tokio Marine & Nichido Risk Consulting Co., Ltd.
March 24, 2017
9.6%

(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does notprovide any guarantee for its contents. PML (Probable Maximum Loss) value represents the rate of probable maximum
loss to be caused by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest
earthquakes anticipated to happen within the expected duration of service (the biggest earthquake which happens
once every 475 years = 10% chance of a big earthquake happening once every 50 years) represented by the rate (%)
of the estimated cost of restoration from the damage to the replacement cost.

Profile of third-party investigative body
Name
Address
Representative
Description of principal
operations

Tokio Marine & Nichido Risk Consulting Co., Ltd.
5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Taizo Shimakura, President and Chief Executive Officer
Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.

Capital¥100 million

Relationship with NAF
or the investment trust
management company

None

5

4. Outline of seller
The seller is a domestic business corporation, but information is not disclosed as the consent from the seller has
not been obtained. There are no capital, personal or business relationships to report between the seller and NAF,
the investment trust management company, or any related parties or associated companies of NAF or theinvestment trust management company. Also, the seller and any related parties or associated companies of theseller do not fall under the category of related parties of NAF or the investment trust management company.
5. Situation of the acquirer of the property
The property acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company, therefore the situation of the acquirer is notstated.
6. Outline of operator
Name
Address
Representative
Description of principal
operations
CapitalDate of establishment
Relationship with NAF or
the investment trust
management company,
and the operator

Benesse Style Care Co., Ltd.
Shinjuku Monolith Building, 3-1, Nishishinjuku 2-chome, Shinjuku-ku, Tokyo
Shinya Takiyama, Representative Director and President
Fee-based homes for the elderly business and other nursing care and service
businesses for the elderly, etc.
¥100 million
September 7, 1995
There are no capital, personal or business relationships to report between NAF
or the investment trust management company, or any related parties or
associated companies of NAF or the investment trust management company,
and the operator. Moreover, the operator and any related parties or associatedcompanies of the operator do not fall under the category of related parties of
NAF or the investment trust management company.

7. Outline of brokerage
Not applicable.
8. Transactions with related parties and the like
The property acquired has not been acquired from a party classified as having a relationship of special interest
with NAF or the investment trust management company.
9. Earthquake resistance matters
The property acquired has received a structural calculation conformity judgment pursuant to the BuildingStandards Act as revised by the Act No. 92 of 2006.
In addition, NAF always entrusts earthquake risk diagnosis to the third party investigating company to review
drawings using structural design drawings, structural calculation sheets, etc., as well as on on-site inspection andthe like during the course of due diligence upon acquisition of properties, besides building certification
investigations performed by an inspection and certification agency.
10．Outlook for management after acquisition of the property
The impact of the acquisition on NAF’s financial results for the period ending August 31, 2017 (23rd Period:
March 1, 2017 to August 31, 2017) will be minor, and there will be no change to financial results forecast for theperiod.

6

11．Summary of appraisal report
Appraised value¥826,000 thousand

Appraisal company

Morii Appraisal & Investment Consulting Inc.

Date of value appraisal

February 28, 2017
(Unit: Thousands of yen)

Item
Value of earnings

Details
826,000

Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Not disclosed(a) Potential gross revenue

Not disclosed(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses‐

838,000‐‐(e) Repair expenses

334(f) Property management fees‐(g) Tenant soliciting fees, etc.

‐(h) Taxes and public dues

2,698(i) Property insurance fees

90(j) Other expenses

Posted based on the standardized amount of theestimate in the engineering report.

For the land, appraised based on actual amountconsidering the fluctuation rate. For the building,appraised by considering annual depreciation, etc. For
depreciable assets, appraised based on actual amountconsidering the annual depreciation.

‐

224(l) Capital expenditures

780(4) Net income [(3)+(k)−(l)]41,082

Value calculated by discounted cash flow
methodNot posted as it is paid by the tenant.

41,638(k) Earnings from temporary
deposits(5) Cap rate

(Note)

3,122(d) Utilities expenses(3) Net operating income [(1)−(2)]Summary, etc.
Calculated making correlation to the value of earnings
found by the DCF method and the value of earnings
found by direct capitalization method.

4.9%

Appraised by multiplying the amount obtained bysubtracting the amount equivalent to security deposits
of vacancies from the amount of security deposits, etc.
at full occupancy, by yield of 1.0%.
Posted based on the standardized amount of theestimate in the engineering report.
Appraised by considering the income and capitalfluctuation risk in addition to the discount rate.

814,000

Discount rate

4.7%

Terminal cap rate

5.1%

Cost method value

539,000

Land ratio

52.8%

Building ratio

47.2%

Other items
considered by theappraisal company
in making theappraisal

Appraised comprehensively taking into accountmarket trends, etc. after considering risk factors oflocation/individual characteristics of the subject realestate as well as standard cap rate of real estate
standing in an area judged to have the lowest risk.
Appraised by considering uncertainty of fluctuation
projections for future net income, future deteriorationof the building, and risk of sale, in addition tocapitalization rate.

－(Note) Not disclosed as the figure is based on actual results for which consent from the lessee for disclosure has not been obtained.

7

*

*

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to
the press club for construction publications of the Ministry of Land, Infrastructure, Transport andTourism.
NAF’s website: http://www.naf-r.jp/english/

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
＜Attached Documents＞
1. Portfolio list after the purchase of the property is completed (on an acquisition price basis)
2. Photos and map of the property acquired8

<Attached Document 1> Portfolio list after the purchase of the property is completed (on an acquisition pricebasis)
1. Rental Apartments
Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

30,816

10.3

Setagaya-ku, Tokyo

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.1

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

1.7

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.5

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.3

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.3

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.5

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo no Mori

Bunkyo-ku, Tokyo

2,910

1.0

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.0

Park Axis Roppongi Hinokicho
Koen

Minato-ku, Tokyo

2,170

0.7

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.2

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.6

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.8

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.6

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.8

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.7

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.5

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.6

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.1

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.3

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.6

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

0.9

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

1.8

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.7

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.4

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

840

0.3

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.5

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.8

Park Axis Honancho

Nakano-ku, Tokyo

745

0.2

9

Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.4

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.4

Park Axis Toyosu

Koto-ku, Tokyo

14,300

4.8

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.3

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.3

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

0.9

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.4

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.2

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.6

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.6

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.0

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.7

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.4

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.0

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

0.9

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.8

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.4

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.2

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.6

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

0.9

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.0

Park Axis Shin Okachimachi East

Taito-ku, Tokyo

1,299

0.4

Park Axis Nihonbashi Honcho

Chuo-ku, Tokyo

1,469

0.5

Park Cube Nishigahara Stage

Kita-ku, Tokyo

4,110

1.4

Park Cube Atagoyama Tower

Minato-ku, Tokyo

8,650

2.9

Park Axis Shibaura

Minato-ku, Tokyo

1,045

0.3

Park Axis Asakusa Kuramae

Taito-ku, Tokyo

1,095

0.4

Park Axis Kamata Station Gate

Ota-ku, Tokyo

4,144

1.4

Park Axis Kinshicho Residence

Sumida-ku, Tokyo

1,251

0.4

Park Axis Oshiage Sumida Koen

Sumida-ku, Tokyo

1,055

0.4

Park Axis Magome Residence

Ota-ku, Tokyo

1,450

0.5

Park Axis Higashi Ueno

Taito-ku, Tokyo

1,250

0.4

Park Axis Higashi Koenji

Suginami-ku, Tokyo

2,300

0.8

252,591

84.1

Tokyo 23 wards total

10

Name

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.3

1,419

0.5

1,679

0.6

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba
Park Cube Kita Matsudo
Park Cube Musashi Kosugi
Park Axis Yokohama Tanmachi
Koen
Park Axis Yokohama Yamashitacho

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
Chiba
Matsudo-shi, Chiba
Nakahara-ku,
Kawasaki-shi,
Kanagawa
Kanagawa-ku,
Yokohama-shi,
Kanagawa
Naka-ku, Yokohama-shi,
Kanagawa

Greater Tokyo total (Note 3)
Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Park Cube Kitahama

Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku,
Sapporo-shi, Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,Osaka
Chuo-ku, Osaka-shi,
Osaka

970

0.3

1,200

0.4

2,250

0.7

1,119

0.4

1,539

0.5

12,326

4.1

2,440

0.8

1,920

0.6

1,515

0.5

1,890

0.6

742

0.2

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

0.5

827

0.3

2,369

0.8

2,399

0.8

1,970

0.7

Other major cities total (Note 4)

23,154

7.7

Rental Apartments Total

288,071

95.9

11

2. Hospitality Facilities
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Location

AcquisitionPrice(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)Ashiya-shi, Hyogo

928

0.3

991

0.3

916

0.3

374

0.1

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormy Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.5

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.3

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi

Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Setagaya-ku, Tokyo

735

0.2

Dormy Nishi Ogikubo

Suginami-ku, Tokyo

1,100

0.4

Granda Kanazawa Hakkei

Kanazawa-ku,
Yokohama-shi,
Kanagawa

774

0.3

Hospitality Facilities Total

12,438

4.1

Grand total

300,509

100.0(Note 1) The “Acquisition price” item does not include anticipated acquisition expenses, fixed property taxes, urban planning taxes,
consumption taxes or local consumption taxes.
(Note 2) The “Portfolio share” item indicates the percentage contribution of each property holding to the “Acquisition price” item.
The percentage figure is rounded to one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 4) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

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<Attached Document 2> Photos and map of the property acquired13

Yokohama City University

Kanazawa‐hakkei
StationKanjo yongo

Yokosuka Kaido

Mutsuura Station

14