April 27, 2007
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification of Acquisition of Assets
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on theacquisition of assets, and has completed the acquisition as shown below.
1. Overview of acquisitions(1) Park Axis Meguro Honcho
1) Name of Property

Park Axis Meguro Honcho

2) Type of Property Acquired

Real Estate3) Acquisition Price¥1,810,000,000(Exclusiveof

miscellaneous

expensesforacquisition, fixed property taxes, urban planningtaxes, consumption taxes and local consumption
taxes)
4) Date of Conclusion of Sales Contract April 19, 2007
5) Date of Handover

April 19, 2007

6) Seller

Mitsui Fudosan Co., Ltd.

7) Acquisition fundOwn funds or loans8) Method of Payment

Full payment at the time of delivery(2) Park Axis Shin Itabashi
1) Name of Property

Park Axis Shin Itabashi

2) Type of Property Acquired

Real Estate3) Acquisition Price¥3,430,000,000(Exclusiveof

miscellaneous

expensesforacquisition, fixed property taxes, urban planningtaxes, consumption taxes and local consumption
taxes)
4) Date of Conclusion of Sales Contract April 19, 2007
5) Date of Handover

April 19, 2007

6) Seller

Mitsui Fudosan Co., Ltd.

7) Acquisition FundOwn funds or loans8) Method of Payment

Full payment at the time of delivery

2. Reason for acquisition
Based on the provisions for investments and policies on asset management set forth in thecontract, the decision to acquire these properties was made to ensure the steady growth of thewhole portfolio, and for the diversification and improvement of the investment portfolio inTokyo’s 23 wards.
3. Description of the property acquired(1) Outline of the property acquired
1) Park Axis Meguro Honcho
Name of Property Acquired
Type of Property Acquired
Acquisition Price (Note 1)
Appraising Organization
Appraised Value at the Time of
Acquisition (Note 2)
Date of Value Appraisal (Note 2)
Location
Residence
Indication
Land
Building-to-land
Ratio
Floor-area Ratio
ZoningSite Area (Note 3)
Ownership Form
Building
Completion Date
(Note 4)Structure/
Number of Stories(Note 5)Uses (Note 5)
Gross Floor Area
(Note 5)
Ownership Form
Rentable Units
Rentable Area
Existence of Security Interests
Special Affairs (Note 6)
Special Features of the Property

Park Axis Meguro Honcho
Real Estate¥1,810,000,000
Daiwa Real Estate Appraisal Corp.
¥1,820,000,000
March 31, 2007
14-21, Meguro Honcho
Meguro-ku, Tokyo60%

2-chome,200%
Light-industrial district
993.73m2
Proprietorship
July 14, 2006
Flat-roofed
reinforced
concrete
structure / 5 storeys above ground
Apartment building, parking lots forcars, parking lots for bicycles andstorages
2,273.58 m2
Proprietorship60
1,884.77m2
None
None
This property’s accessibility to theclosest station is very good, being 13
minutes walk from Gakugei University
Station on the Tokyu Toyoko Line. It isconveniently located in terms of public
transportation, being within reach of
Meguro-dori and having access to bus
services.
Furthermore, as well as being
located in a quiet residential district, it
is also conveniently located in terms ofdaily life as there are many restaurantsand retail stores around Meguro-dori.
The area in question is in the centerof Tokyo and has good access toprincipal office streets and business
districts, and therefore steady demand
for rental is expected, particularly
amongstsingleswho
regardconvenience in terms of transportationand living environment as important.
Details of Tenants (Note
7)

Total
Number of
Tenants
Rentable
Units
RentedUnits
Rentable
Area (m2)RentedArea (m2)2) Park Axis Shin Itabashi
Name of Property Acquired
Type of Property Acquired
Acquisition Price (Note 1)
Appraising Organization
Appraised Value at the Time
Acquisition (Note 2)
Date of Value Appraisal (Note 2)
Location
Residence
Indication
Land

of

Building-to-land
Ratio
Floor-area Ratio
ZoningBuilding

Site Area (Note 3)
Ownership Form
Completion
Date(Note 4)Structure / Numberof Stories (Note 5)
Uses (Note 5)
Gross Floor Area
(Note 5)
Ownership Form
Rentable Units
Rentable Area

160
60
1,884.77m2
1,884.77m2

Park Axis Shin Itabashi
Real Estate¥3,430,000,000
Daiwa Real Estate Appraisal Corp.
¥3,440,000, 000
March 31, 2007
East:
1-1,
Itabashi
4-chome,Itabashi-ku, Tokyo
West:
1-2,
Itabashi
4-chome,Itabashi-ku, Tokyo
East: 80%, West: 80% / 60%
East: 500% / 600%,
West: 500% / 200%
East: Commercial district,
West: Commercial district / First-classresidential district
1,018.09m2
Proprietorship
February 20, 2007
Flat-roofed
reinforced
concrete
structure / 145 storeys above groundand 1 underground story
Apartment buildings, parking lots forcars, parking lots for bicycles, meetingrooms and storage
East: 2,827.51m2,
West: 2,835.90m2
Proprietorship
East: 76, West: 76
East: 2,145.66m2, West: 2,250.33m2

Existence of Security Interests
Special Affairs (Note 6)

None
None

Special Features of the Property

This property’s accessibility to theclosest station is very good, being 2
minutes walk from Shin Itabashi
Station on the Tokyo metropolitan
subway Mita Line, 8 minutes walkfrom Itabashi Station on the JR
Saikyo Line and 11 minutes walk from
Shimo Itabashi Station on the Tobu
Higashiue Line.
The property consists of two
apartment buildings, “East” building
and “West” building. It is also
conveniently located in terms of daily
life as there are many restaurants andretail stores such as Nakajuku
Shopping Street in the neighborhood.
The area in question is in the centerof Tokyo and has good access toprincipal office streets and business
districts, and therefore demand is
expected to come from a wide rangeof people such as singles and families
who regard convenience in terms oftransportation and living environment
as important.

Details of Tenants (Note
7)

Total
Number of
Tenants
Rentable
Units
RentedUnits
Rentable
Area (m2)RentedArea (m2)1
East: 76, West: 76
East: 62, West: 61
East: 2,145.66m2,
West: 2,250.33m2
East: 1,468.10m2 ,West: 1,488.93m2(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed
property taxes, urban planning taxes, consumption taxes and local consumption taxes) specified in the real estate
sales contract for the said property acquired.
(Note 2) “Appraised Value at the Time of Acquisition” and “Date of Value Appraisal” are stated based on theamount mentioned in the real estate appraisal report which Daiwa Real Estate Appraisal Corp. prepared for theproperty acquired.
(Note 3) “Site Area” of the Land item refers to the acreage entered in the register.
(Note 4) “Completion Date” of the Building item refers to the date entered in the register.
(Note 5) “Structure / Number of Storeys”, “Uses” and “Gross Floor Area” are stated based on the entries in theregister.
(Note 6) In “Special Affairs”, matters are included which are regarded as important taking into consideration

their effect on title-related matters, use and the like and the appraised value and profitability of the property
acquired which influence this which the Investment Corporation recognizes as of today.
(Note 7) Description of “Details of Tenants” column:(i) “Total number of Tenants” is stated as “1” where a master lease contract (blanket lease contract) has
been made with a master lease company. As to the property acquired, a master lease contract has been madewith Mitsui Fudosan Housing Lease Co., Ltd. as the maser lease company, and the above Total Number ofTenants means the total number of tenants after conclusion of the said contract.
(ii) “Rentable Units” means the number of rentable units in the property acquired.
(iii) “Rented Units” and “Rented Area” mean those as of April 5, 2007 based on the data received fromthe seller.
(iv) “Rentable Area” means the total rentable area of the building of the property acquired.

(2) Outline of investigations into the state of the building
1) Park Axis Meguro Honcho
Commissioned Shimizu Corporation
Investigation
Company
Urgent Repair ―CostShort-term
Repair Cost
Investigation
into the Stateof theBuilding―

Estimated
RepairandRenewal Costs ¥14,515,000
for the Next 12
Years
Replacement
Value¥516,800,000

Date of Reporton
Investigation of December 28, 2006
Building
Conditions
9.6％

Diagnosis of PML Value
Earthquake
Risks

The aforementioned PML value is based on a report onearthquake risk diagnosis made by Sumitomo Mitsui
Construction Co., Ltd., however, the report on earthquake risk
diagnosis only states the views of the commissioned
investigation company and does not provide any guarantee
for its contents. PML(Probable Maximum Loss）represents therate of expected 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 thedamage to the replacement cost.

2) Park Axis Shin Itabashi
Commissioned
Investigation
Company
Urgent Repair
Cost
Short-term
Repair Cost
Estimated
Investigation Repair
andinto the State Renewalof theCosts for the
Building
Next 12 Years
Replacement
Value
Date of Reporton
Investigationof
Building
Conditions

Diagnosis of PML Value
Earthquake
Risks

4. Profile of the seller
Trade Name

Sumitomo Mitsui Construction Co., Ltd.
――

East: ¥16,621,000
West: 17,770,000
East: ¥633,396,000
West: ¥637,527,000

March 28, 2007

East: 8.7%
West: 9.1%
The aforementioned PML value is based on a report onearthquake risk diagnosis made by Sumitomo Mitsui
Construction Co., Ltd., however, the report on earthquake risk
diagnosis only states the views of the commissioned
investigation company and does not provide any guarantee
for its contents. PML(Probable Maximum Loss）represents therate of expected 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 thedamage to the replacement cost.

Mitsui Fudosan Co., Ltd.

Address of Head Office

1-1, Nihonbashi Muromachi 2-chome, Chuo-ku, Tokyo

Representative
CapitalMajor Stockholders(As of September 30,
2006)

Hiromichi Iwasa, President and Representative Director¥174,296,119,000
The Master Trust Bank of Japan, Ltd. (trust account);
Japan Trustee Services Bank, Ltd. (trust account);;
State Street Bank and Trust Company;
The Chuo Mitsui Trust and Banking Company, Ltd.;State Street Bank and Trust Company 505103;
Sumitomo Mitsui Banking Corporation;
Mitsui Life Insurance Company Limited;Kajima Corporation;

Description of
Principal Operations

Relationship with thisInvestment
Corporation or
Investment TrustManagement
Company

The Chase Manhattan Bank 385036; andMitsui Sumitomo Insurance Company, Limited.
(1) Acquisition, ownership, disposition and lease of real estate;(2) Management and use of real estate;(3) Buying and selling, brokerage and appraisal of real estate;(4) Development and preparation and sales of housing, industrialsites, etc.;(5) Construction and sale of housing;(6) Dredging and reclamation of harbors, rivers and the like;(7) Planning, execution, supervising and receiving construction
contracts;(8) Ownership, lease and management of hotels, restaurants, leisurefacilities, distribution centers, fee based nursing homes, etc.;(9) Management of parking lots;(10) Management of overhead cableway operations;(11) Operations pursuant to the Act on Specified Joint Projects on
Real Estate;(12) Operations concerning life insurance offering, and insurance
agency operations based on the Act on Non-life Insurance andAutomobile Liability Security;(13) Loans for real-estate mortgages and other monetary loans;(14) Investment in specific purpose companies, special purpose
companies (companies as provided for in the rules on terms,
forms and preparation manners of financial statements and thelike) and real-estate investment trusts, and buying and selling,
brokerage and management of interests in the investment;(15) Holding, buying and selling, brokerage and management of
securities and credit;(16) Investment consulting work for real estate, securities and otherfinancial assets;(17) Cultivation, buying and selling, storing and management ofmarkets of flowers and ornamental plants, seeds and saplings,
vegetables, fruit, and the like;(18) Breeding milk cows and other livestock, and processing, storing
and buying and selling of their products;(19) Selling of clothing, miscellaneous daily goods, cigarettes,
revenue stamps, postal stamps and food and drink;(20) Buying and selling, brokerage and import and export of civilengineering and building materials and products pertaining toeach of the above items;(21) Specified in-house nursing care support operations and thelending of welfare equipment in accordance with the Act on
Nursing Care
(22) Selling of welfare equipment for in-house nursing care; and(23) Operations incidental and relevant to each of the above items.
Holds 100% of outstanding stock in Mitsui Fudosan Accommodations
Fund Management Co., Ltd., an investment management company,(hereinafter referred to as the “Asset Management Company”) andconstitutes a related party (sponsoring party) as provided for in the
Asset Management Company’s internal regulations.

5. Transactions with related parties
The property acquired is acquired from Mitsui Fudosan Co., Ltd., and Mitsui Fudosan Housing
Lease Co., Ltd. is the master lease company and also the property management company. Since
Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Housing Lease Co., Ltd. constitutes a relatedparties and the like (Note), in accordance with this Investment Corporation’s self-established rules
on asset management relevant to transactions with related parties and the like, the relevantpurchase and sale of real estate and execution of the contracts for master lease and property
management have been carried out through deliberation and decision by the compliancecommittee of the Asset Management Company and the investment committee.
Note: Related parties and the like means related parties and the like in the investment management company
who have concluded an asset management trust contract with this Investment Corporation as provided for in
Article 20 of Implementation Order of the Act on Investment Trusts and Investment Corporations.

6. Status of the acquirer of the property(1) Park Axis Meguro Honcho
Name of the Property(Address)
Status of Acquirer of
the Property
Company Name /NameRelationship with theParty Having aSpecial Stake
Background to andReasons for
Acquisition
Acquisition Price(inclusive of
miscellaneous
expenses)Acquisition Period

Park Axis Meguro Honcho(14-21, Meguro Honcho 2-chome, Meguro-ku, Tokyo)
The former owner
Mitsui Fudosan Co., Ltd.
Parent company of the asset management company

Developed for the purpose of selling――(2) Park Axis Shin Itabashi
Name of the Property(Address)
Status of Acquirer of
the Property
Company Name /NameRelationship with theParty Having aSpecial Stake
Background to andReasons for
Acquisition
Acquisition Price(inclusive of
miscellaneous
expenses)Acquisition Period

Park Axis Shin Itabashi(East: 1-1, Itabashi 4-chome, Itabashi-ku, Tokyo )(West: 1-2, Itabashi 4-chome, Itabashi-ku, Tokyo)
The former owner
Mitsui Fudosan Co., Ltd.
Parent company of the asset management company

Developed for the purpose of selling――7. Earthquake resistance matters
This Investment Corporation commissioned Mitsui Fudosan Co., Ltd., an expert on building
structure calculations, to closely inspect and verify the details of earthquake-resistant structures
including structure calculation statements (specifically, to verify the structure calculation, load
calculation, stress calculation, computation on framework members and the second-order design,and then to validate the adequateness of the design). As a result, it has been confirmed by theabove mentioned expert Mitsui Fudosan Co., Ltd. that there are no ambiguities concerning the
fabrication of structure calculation and construction drawings by which aseismic capacity requiredin accordance the Building Standards Act is ensured in terms of the building structure of theproperty acquired. Based on the said confirmation, the investment management company has
decided that the aseismic capacity required by the Building Standards Act has been ensured.
Furthermore, the Investment Corporation commissioned, in addition to Mitsui Fudosan Co.,
Ltd., the following third party investigative bodies (Meiho Facility Works Ltd. for Park Axis Meguro
Honcho, and Sumitomo Mitsui Construction Co., Ltd for Park Axis Shin Itabashi) to perform close
inspections and verifications of the buildings of the property acquired. According to the results of
the reinvestigation, no illegal manipulation such as intentional falsification and fabrication was
found in the structure calculation statements, and it has been confirmed that the structure
calculation was appropriately carried out in compliance with the relevant laws.
As of April 11, 2007, the owner, the main contractor and the designer of the property acquired
are as follows. None of these parties has been publicly named by the Ministry of Land,
Infrastructure and Transport as a party who took part in any property structure calculation
statements falsifications.
In addition, the Investment Corporation always examines earthquake risks during the courseof due diligence upon acquisition of the property, from different perspectives to investigations forbuilding certification performed by an inspection and certification agency. The Investment
Corporation makes a decision on acquisition after performing appropriate analysis of earthquake
risks of the property to be acquired, examining the structural earthquake-resistance of thebuilding to be acquired on their own terms based on drawing reviews using structure drawings
and structural design outlines and field investigations.
Companies engaged in the design of the property acquired
Name of theProperty

Building
DesignCompany

Structure Design
Company

Building Certifier

Park
Axis Mitsui
Shinnihon
Shinnihon
MeguroFudosan
Corporation Corporation
HonchoCo., Ltd.

Shinnihon
Corporation

Housing Finance
Association

Mitsui
Park
Axis
Maeda
Maeda
FudosanShin Itabashi
Corporation Corporation
Co., Ltd.

OkamuraArchitectural
Design Office

The
Building
Center of Japan

Owner

Contractor

Profile of the third party investigative bodies (investigation of the state of the building,reinvestigation of earthquake risks and structure calculation statements)
Shimizu Corporation
Company Name

Address of Head Office

Representative
CapitalDescription of Principal
Operations

2-3, Shibaura 1-chome, Minato-ku, Tokyo
Tetsuya Nomura, President and Representative Director¥74,365,317, 000(1) Executing construction work such as building, engineering works
and equipment installation on contract;(2) Investigation, planning, research, assessment, diagnosis,
geologicalsurveys,surveying,
design,supervision,
management and consulting work relevant to construction
works;(3) Investigation, planning, design, supervision, management andconsulting business relevant to regional development, urban
development, ocean development, space development, natural
resource and energy development and environmental
improvement;(4) Buying and selling, lease, brokerage, management and appraisalof real estate, and related consulting work;(5) Construction, sales, lease and management of buildings such as
housing, and preparation and sale of land;(6) Beneficiary right selling operations pursuant to the Act on TrustBusiness and businesses pursuant to the Act on Specified Joint
Projects on Real Estate;(7) Planning, construction, holding, maintenance and management,
and operation of government office buildings, educational andcultural facilities, medical and social welfare facilities, roads,
harbors, parks, water supply and sewerage system and otherpublic facilities, and quasi-public facilities;(8) Power generation and supply of energy such as electricity andheat, trading of greenhouse gas emissions quotas andconsulting work relevant to the such operations;(9) Soil investigation and purification works on contract, waste
collection, treatment, disposal and reuse operations andconsulting work relevant to the such operations;(10) Design, construction, sales, lease and management of
information and communications system and building
management system, and related consulting work;(11) Maintenance and management, security and cleaning ofbuildings, facilities, equipment and devices;(12) Design, manufacturing, sales, lease and brokerage ofmachinery and equipment, concrete products for construction,builder’s woodwork, furniture and interior decorations, andsales, lease and brokerage of construction materials;(13) Acquisition, licensing and sale of software with the use ofindustrial property right, copyright, know-how and computers;(14) Management of sports facilities, hotels, restaurants, rest homes,
etc. and related consulting business;(15) Sale of medicines, medical care materials and medical
equipment and instruments, management and consulting workof senior care homes, and home nursing care service business;(16) Planning, producing and sale of information media such as
advertisement, publishing, printing and images, and planning,
management, operation and consulting work of events;(17) Land transportation operations, and management of
warehouses and delivery centers;(18) Non-life insurance agency operations, life insurance offering
operations, tour operations and labor dispatch services;(19) Financial operations such as loaning money, offering guaranteeof debt, purchase of claims;

(20) Operations outside Japan relevant to each of the above items;and(21) All operations incidental and relevant to each of the above
items.

Relationship with thisInvestment
Corporation or
Investment TrustManagement
Company
Company Name
Address of Head Office
Representative
CapitalDescription of Principal
Operations

None

Meiho Facility Works Ltd.
4, Kojimachi 5-chome, Chiyoda-ku, Tokyo
Kazutoshi Omi, President and Representative Director¥531,285,000(1) Project management (making proposals for a master plan for
construction
projects,
andprovidingcomprehensive
management services as the agent of the ordering party from adesign phase to the construction completion);(2) Construction management (providing support for contractor
selection and management of the state of execution of theconstruction works in construction projects,);(3) Facility management (examination of, analysis of and making
proposals for a facility master plan according to the ordering
party’s business challenges and demands, and consulting work
relevant to such facility management;.
(4) Complete set of building works, electrical works, piping, interior
finishing work, and construction of fire fighting facilities;(5) Design work relevant to the construction project (such asarchitectural design, electrical system design, machinery andequipment design, information equipment design, laying out of
offices, etc.);(6) Consulting operations relevant to design projects;(7) Sales and lease of office appliances, information andtelecommunication equipment, furniture and fixtures and interior
decorations;(8) Development, sales, leasing and rental of computer hardware
and software;(9)
Manufacturing,sales,
importandconstructionoftelecommunication equipment;(10) Specified labor dispatch operations; and(11) All operations incidental and relevant to each of the above items.

Relationship with thisInvestment
Corporation or
Investment TrustManagement
Company

None

Company Name
Address of Head Office
Representative
CapitalSumitomo Mitsui Construction Co., Ltd.
5-25, Nishi Shinjuku 7-chome, Shinjuku-ku, Tokyo
Hisaya Igarashi, President and Representative Director¥16,859,138,000

Description of Principal
Operations(1) Performing on contract, design and supervision of civilengineering, building, prestressed concrete, electrical and piping
works and other construction work;(2) Design and supervision of ocean developments, regional
developments, urban developments, natural resource developments
and environmental improvements;(3) Being entrusted with engineering and consulting services such as
investigation, planning and drawing up plans pertaining to each of
the above items;(4) Acquisition, management, use, disposition and lease of realestate;(5) Buying and selling, brokerage and appraisal of real estate;(6) Manufacturing, supply and sales and lease of civil engineeringand building materials, prestressed concrete products, seismic
isolator, vibration controlling devices and machinery and equipment;(7) Maintenance, repair and safety and security of civil engineering
structures and buildings;(8) Operations relevant to landscape gardening and horticulture;(9) Development, acquisition, licensing and sales of industrial
property right, copyright and software;(10) Information processing services and information providing
services;(11) Development, sales, lease and maintenance management ofoffice electronic devices such as computers;(12) Comprehensive leasing operations;(13) Management, administration, operation and lease of nursing
homes, training, medical and sports facilities, leisure facilities suchas ski areas and amusement parks, accommodation facilities, andrestaurants;(14) Labor dispatch operations;(15) Non-life insurance agency operations;(16) Loan of money and other financial business;(17) Operations in connection with pollution prevention;(18) Collection, transport, disposition and recycling of industrial
waste;(19) Investigation and assessment of soil and groundwatercontamination, and design, implementation and supervision ofrestoration and purification;(20) Operations incidental and relevant to each of the above items.

Relationship with thisInvestment
Corporation or
Investment TrustManagement
CompanyNone

8. Outlines of brokerage
No brokers exist in transactions relevant to the acquisition of the properties herein.
9. Outlook for the state of asset management after acquisition of these properties
Earnings forecast after acquisition of these properties will be released at the time of theannouncement, scheduled for April 20, 2007, of the account settlement for the business term
ending February 2007 included in the earnings forecast of the business term ending August 2007.

This English language notice is a translation of the Japanese language notice dated
April 19, 2007 and was prepared solely for the convenience of, and reference by,overseas investors. NAF makes no warranties as to its accuracy or completeness.

[Attached documents]
1. Summary of the appraisal report on the amount of the properties acquired
2. Portfolio after acquisition of the properties acquired (on an acquisition price basis)
3. The external appearance and photographs of entrances to the properties acquired
4. Maps to locate the properties acquired<Attached document 1> Summary of the appraisal report on the amount of the properties acquired

1) Park Axis Meguro Honcho(Thousands of yen)Amount appraised (identified amount)
Items
Amount calculated by direct-reduction process
Gross income
Potential gross income
Loss amount corresponding to the rate of vacancy
Total cost
Maintenance management costs
Taxes and public dues
Other expenses
Net operating income from lease (NOI)
Capital expenditure
Profits from deposit management
Net cash flow (NCF)
Cap rate
Amount calculated by DCF method
Discount rate
Finalized cap rate
Amount integrated by cost method
1) Park Axis Shin Itabashi

1,820,000
Amount1,850,000
102,039
107,348
5,308
15,171
7,672
4,906
2,592
86,8672,170
297
84,9944.6%
1,790,000
4.5%
4.8%
1,300,000(Thousands of yen)Amount appraised (identified amount)
Items
Amount calculated by direct-reduction process
Gross income
Potential gross income
Loss amount corresponding to the rate of vacancy
Total cost
Maintenance management costs
Taxes and public dues
Other expenses
Net operating income from lease (NOI)
Capital expenditure
Profits from deposit management
Net cash flow (NCF)
Cap rate
Amount calculated by DCF method
Discount rate
Finalized cap rate
Amount integrated by cost method

3,440,000
Amount3,470,000
203,326
213,945
10,61932,226
16,137
10,112
5,977
171,099
5,337
623
166,3844.8%
3,410,000
4.7%
5.0%
2,050,000

This Investment Corporation commissioned Daiwa Real Estate Appraisal Corporation to perform a real estate appraisal of theproperties acquired and the Investment Corporation has made a real estate appraisal report on them, pursuant to important
notices on real estate appraisal based on the Act on Investment Trust and Investment Corporations and the Act on Real EstateAppraisal (Act No. 152 of 1963, as amended thereafter), and real estate appraisal standards. The above data are outlines of thesaid report. The said appraisal is the appraiser’s judgment and views at a specific point in time, and therefore no guarantee has
been provided for the appropriateness or accuracy of its contents or the feasibility of transactions at the said amount appraised.

< Attached document 2> Portfolio after acquisition of the properties acquired (on an acquisition price basis)

Name

No.

1

Ohkawabata
Apartment
Communities

2

Park Axis Gakugei Daigaku

34River Point Tower
Park Side Wings
Pier West House

Location

Chuo-ku, Tokyo

Acquisition
Price(Note 1)

Portfolio
Share(Note 2)

29,696

27.4

1,760

1.6

Park Axis Ichigaya

Setagaya-ku,
TokyoShinjuku-ku, Tokyo

2,570

2.4

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

3.0

5

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

1.6

6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

1.3

7

Park Axis Shiroganedai

Minato-ku, Tokyo

5,140

4.7

8

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

4.1

9

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.9

10

Park Axis Ohtsuka

Toshima-ku, Tokyo

1,655

1.5

11

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

3.6

12

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

1.2

13

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

7.0

14

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

1.9

15

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

2.7

16

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

2.6

17

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

2.0

18

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

9.0

19

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

1.0

20

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

1.6

21

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

2.3

22

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,794

1.7

23

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

2.3

24

Park Cube Ueno

Taito-ku, Tokyo

2,233

2.1

28

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

1.5

29

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

1.7

30

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

3.2

103,672

95.8

Tokyo 23 wards Total
25

Park Cube Keiko Hachioji

Hachioji-shi, Tokyo

991

0.9

26

Park Cube Keio Hachioji 2

Hachioji-shi, Tokyo

1,130

1.0

2,121

2.0

2,440

2.3

2,440

2.3

108,233

100.0

Greater Tokyo Total (Note 3)
27

Park Axis Meieki Minami

Nakamura-ku,
Nagoya-shi, Aichi

Other Major Cities Total (Note 4)
Total(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes and local consumption taxes) of the property acquired or the property to beacquired. Amounts less than one million yen have been rounded off.

(Note 2) “Portforio Shere” means the percentage of the acquisition price for the property acquired or the property to be acquired

compared to the total amount, rounded to the nearest one decimal place.

(Note 3) “Greater(Note 4) “OtherTokyo ” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama and Chiba.

Major Cities” refers to the regional hub government-ordinance-designated cities.

< Appendix 3> The external appearance and photographs of entrances to the properties acquired
1) Park Axis Meguro Honcho

2) Park Axis Shin Itabashi

< Appendix > Maps to locate the properties acquired
1) Park Axis Meguro-Honcho

Park Axis Meguro Honcho

2) Park Axis Shin Itabashi

Park Axis Shin Itabashi