March 15, 2024
For Immediate Release

Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,Tokyo
Kentaro Yoshikawa
Executive Director(TSE Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Akira Kubo
President & CEO
Inquiries:
Daisuke Kawauchi
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition of Investment Assets (COMFORIA KAMIMEGURO and other 2 assets)
Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc. (“TRM”), to which
CRR entrusts management of its assets decided today for CRR to acquire the investment assets as shown below.
In addition, the acquisition of investment assets was approved by CRR’s Board of Directors in accordance with
the Act on Investment Trusts and Investment Corporations (Act No.198 of 1951. Including subsequent revisions)(“Act on Investment Trusts and Investment Corporations”) and the bylaws of TRM concerning transaction withinterested parties. (Please refer to “7. TRM’s Interested Parties in the Assets to be Acquired”)
1. Summary of the Acquisition
No.
1
2
3

Type of Asset

Property Name

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

Acquisition Price(thousand yen)
(Note 1)COMFORIA HIKIFUNE (Note 2)

1,164,000

COMFORIA NISHINOMIYA (Note 3)

1,782,000

COMFORIA KAMIMEGURO (Note 4)

2,070,000

Total

5,016,000(Note 1) “Acquisition Price” denotes the amount exclusive of the various expenses required (brokerage commission, taxes and publicdues, etc.) in the acquisition of the concerned asset, etc. (the amount of real estate or beneficial interest in real estate trust
specified in the Agreement on Purchase and Sale).
(Note 2) The property name is “Hamahaitsu Sumida” currently, but will be changed to “COMFORIA HIKIFUNE” around 1 monthafter the acquisition. The current property name will be omitted hereinafter.
(Note 3) The property name is “Perfect Life Nishinomiya” currently, but will be changed to “COMFORIA NISHINOMIYA” around
1 month after the acquisition. The current property name will be omitted hereinafter.
(Note 4)Since “COMFORIA KAMIMEGURO” is an uncompleted property scheduled to be completed in March 2024, the(scheduled) name after the acquisition is indicated. The same applies below.

(1) Date of Agreement(2) Date of Acquisition(3) Seller

March 15, 2024
No.1, 2
No.3
No.1
No.2

March 27, 2024
August 28, 2024
Sumitomo Mitsui Trust Panasonic Finance Co., Ltd.
(Refer to “5. Summary of the Seller(1)”)
Tokyu Land Corporation(Refer to “5. Summary of the Seller(2)”)

1

No.3
(4) Financing for acquisition(5) Method of payment

Ascot Corporation(Refer to “5. Summary of the Seller(3)”)
Borrowings (Note) and cash on hand
Full payment at the time of delivery(Note) CRR will announce the details of the borrowings once it's determined.

2. Reason for the Acquisition
TRM decided to acquire the investment assets based on asset management class and policy described in bylaws to ensurestable earnings and steady growth of the portfolio. On deciding to acquire the investment assets, TRM evaluated 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 HIKIFUNE
Property Name

COMFORIA HIKIFUNE

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)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

March 31, 2039
2-33-5, Oshiage, Sumida-ku, Tokyo

Area (Note 1)

742.15 m2 (Note 10)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

March, 1995
SRC / 9F

Gross Floor Area (Note 1)

1,718.77 m2

Type of Ownership

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

Pass-through type

Appraisal Company

Japan Valuers Co., Ltd.

Appraisal Value

1,200,000 thousand yen (Appraisal Date: January 31, 2024)

Collateral

None

Special affairs (Note 4)

None

Features of the Property

Apartment building, Retail store
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation

This property is mainly a 2LDK family-type rental residence, located a
3-minute walk from Hikifune Station on the Tobu Isesaki Line andTobu Kameido Line, a 6-minute walk from Keisei-Hikifune Station on
the Keisei Oshiage Line, and an 8-minute walk from Oshiage Stationon the Tokyo Metro Hanzomon Line, Toei Asakusa Line, Tobu Isesaki
Line and one other line. With access to 3 stations and 5 lines, theproperty has good access to main business and commercial zones inCentral Tokyo. In the area where the property resides, the "Tokyo Sky
Tree" and the surrounding office and commercial facilities are being
developed, while the shopping streets with a downtown atmosphere canalso be enjoyable. There is a convenience store on the first floor of theproperty, as well as supermarkets, shopping malls, restaurants, andother daily life convenient facilities in the surrounding area. Moreover,elementary school and junior high school are at close distance,
contributing to form educational environment.
As a whole, the property’s proximity to Central Tokyo area as well as
comfort of living environment features could mainly satisfy thedemands of family tenants.

2

Summary of Rental Status (as of January 31, 2024) (Note 5)
Rentable Area

1,596.78 m2

Rented Area

1,540.22 m2

Occupancy Rate

96.5%

Rentable Units

26 Units

Rented Units

25 Units

Total Number of Tenants

1

Total Monthly Rent

4,119 thousand yen

Security Deposit

10,039 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

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

February, 2024――
42,701 thousand yen
476,100 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

February, 2024

PML

6.9%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Fujiki Komuten Co.,Ltd.

Contractor

Fujiki Komuten Co.,Ltd.

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

Sumida-ku
Tokio Marine dR Co., Ltd.

(2) COMFORIA NISHINOMIYA
Property Name

COMFORIA NISHINOMIYAType 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)

Sumitomo Mitsui Trust Bank, Limited

Land

Building

March 31, 2039
1-12, Rokutanjicho, Nishinomiya-shi, Hyogo

Area (Note 1)

889.65 m2 (Note 11)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

January, 2020
RC 7F

Gross Floor Area (Note 1)

2,630.23 m2

Type of Ownership

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

Apartment building, OfficePass-through type

Appraisal Company

Tanizawa Sogo Appraisal Co., Ltd.

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation3

Appraisal Value

1,800,000 thousand yen (Appraisal Date: January 31, 2024)

Collateral

None

Special affairs (Note 4)

None

Features of the Property

This property is a rental residence mainly composed of compact typeunits, located in Nishinomiya-shi, Hyogo. It is a 6-minute walk from
Nishinomiya Station on the Tokaido Main Line (JR Kobe Line) andNishinomiya Station on the HANSHIN Main Line, and has good accessto major cities in the vicinity area, with the minimum time to Osaka
Station around 12 minutes, to Osaka Umeda Station around 16 minutes,
and Kobe-sannomiya Station around 14 minutes without transfers. In
the surrounding area, parks, hospital and city hall are at close distance,
and there are also plenty of department stores, home centers,
supermarkets, convenience stores, drugstores, restaurants near thestations, and other daily life convenient facilities.
As a whole, the property’s convenience of transportation as well as
comfort of living environment features could mainly satisfy thedemands of single and DINKs tenants.

Summary of Rental Status (as of January 31, 2024) (Note 5)
Rentable Area

2,460.08 m2

Rented Area

2,167.60 m2

Occupancy Rate

88.1%

Rentable Units

71 Units

Rented Units

62 Units

Total Number of Tenants

1

Total Monthly Rent

6,086 thousand yen

Security Deposit

10,159 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

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

February, 2024――
44,768 thousand yen
681,600 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

February, 2024

PML

2.5%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

SEIWA CORPORATION

Contractor

SEIWA CORPORATION

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

Kenchikukensakikou
Hyogo Prefectural Housing Construction Center(3) COMFORIA KAMIMEGURO
Property Name

COMFORIA KAMIMEGURO

Type of Asset

Real Estate

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)――4Location (Residential address) (Note 1)
Land

Building

5-17-23, Kamimeguro, Meguro-ku, Tokyo

Area (Note 1)

709.41 m2 (Note 12)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors

March, 2024
RC B1~5F

Gross Floor Area (Note 1)

1,737.44 m2

Type of Ownership

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

Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

2,150,000 thousand yen (Appraisal Date: January 31, 2024)

Collateral

None
Since this property is an uncompleted property scheduled to becompleted in March 2024, it will be acquired under a low-occupancy
condition.
This property is a rental residence mainly composed of single andcompact type units, located a 12-minute walk from Ikejiri-Ohashi
Station on the Tokyu Den-en-toshi Line and a 14-minute walk from
Yutenji Station on the Tokyu Toyoko Line. From the nearest bus stop,
it is approximately 12 minutes to Shibuya Station and approximately
20 minutes to Meguro Station, providing good access to main businessand commercial zones. While located in a quiet residential area withlots of greenery, the property is close to sophisticated areas such as
Daikanyama and Nakameguro, and several shopping streets close to
Yutenji Station and restaurants around Ikejiri-Ohashi Station are also
within walking distance. In the surroundings, there are parks, hospital,and other daily life convenient facilities such as supermarkets,convenience stores, and drugstores.
As a whole, the property’s proximity to Central Tokyo area as well as
comfort of living environment features could mainly satisfy thedemands of single and DINKs tenants.

Special affairs (Note 4)

Features of the Property

Apartment building
Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation

Summary of Rental Status (Note 5) (Note 6)
Rentable Area

1,402.63 m2

Rented Area―

Occupancy Rate―

Rentable Units

43 Units

Rented Units―

Total Number of Tenants

1

Total Monthly Rent―

Security Deposit―

Summary of the Engineering Report (Note 7)
Reporting Company

Japan Constructive Inspection Association (JCIA)

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses

March, 2024――
7,221 thousand yen

5Replacement Value

358,484 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

February, 2024

PML

4.7%

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

SHIKI Architectural Design Studio

Contractor

P.S.Mitsubishi Construction Co., Ltd.

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

Japan Housing Finance Agency
Japan Housing Finance Agency(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).
However, since “COMFORIA KAMIMEGURO” is an uncompleted property that has not yet been registered, the “CompletionDate” indicates the scheduled completion date, and the “Structure / Number of Floors”, “Gross Floor Area” and “Use” indicate
the figures, etc. based on the building permit.
(Note 2) “Property Management Company” is the company that has provided or is scheduled to provide property management service foreach property.
(Note 3) “Master Leasing Company” is the lessee that has conducted or is scheduled to conclude a master lease agreement with thetitleholder 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
lease agreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is therentable area based on the lease agreement concluded or scheduled to be conducted between CRR or Trustee of Beneficial
Trust and the Master Leasing Company. The Rentable Area is not based on the real estate registry, but the floor area statedin the lease agreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identicalto the floor 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 or scheduled to be conducted between CRR or
Trustee of Beneficial Trust and the Master Leasing Company.
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease.
v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental
contract relationship (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee ofBeneficial Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master
Leasing Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the subleaseagreements are excluded. With regard to the asset to be acquired, master lease agreement is scheduled to be concluded with
Tokyu Housing Lease Corporation as the master leasing companies on the acquisition dates of these 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 (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room),stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estate or real estate inreal estate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-through master leaseagreement, the monthly fixed rent (common area expense are included (except when the common area expense is not a
fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between
CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to thenearest thousand yen. Consumption tax and other taxes are excluded.
viii In the case that the master leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total
amount of balance of Security Deposit, 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

6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) Since “COMFORIA KAMIMEGURO” is an uncompleted property, the “Rentable Area” and “Rentable Units” indicate figures
based on information provided by the seller, and the “Rented Area”, “Occupancy Rate”, “Rented units”, “Total Monthly Rent”
and “Security Deposit” are not stated.
(Note 7) This section is a summary based on each of the engineering reports (dated on each of the dates included in “ Report Date”) on theacquired 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 ofthe 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 8) 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 probablemaximum loss from an earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In thisdocument, PML is calculated based on the definition of PML3, an indicator of earthquake risk assessment by the Architectural
Institute of Japan, and are expressed as a percentage (%) of the replacement price of the amount of loss with a 10% probabilityof exceedance (amount of loss equivalent to a 475-year return period) during the assumed expected period of use (50 years =the useful life of a typical building).
(Note 9) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and theinvestment 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 suchas 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 themethods 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.
(Note 10) A portion of private road burden (approximately 92.21m2) is included.
(Note 11) A portion of private road burden (approximately 22.68m2) is included.
(Note 12) A portion of setback area (approximately 1.79m2) is included.

4. Summary of the Appraisal Report(1) COMFORIA HIKIFUNE(thousand yen)

COMFORIA HIKIFUNEJapan Valuers Co., Ltd.
January 31, 2024
1,200,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

Appraisal summary

1,200,000
1,260,000
63,36265,74061,916
0
2,100
1,695
28

Vacancy Loss

-2,378

Collection Loss
Operating Expense
Maintenance and Management Fee

013,744
3,048

Calculated with consideration of the average income according toongoing rental agreements as well as the assumed income level of newrents.
Calculated with consideration of occupancy rates of historicalconditions and similar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,

7

Utility Charge

561

Repair Cost

2,923

Property Management Fee

1,152

Tenant Advertisement Cost

2,503

Taxes and Public Dues

2,628

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security Deposit(5) Capital Expenditure478
448
49,6171183,095(6) Net Cash Flow
(NCF, (3)+(4)-(5))

46,641(7) Cap Rate

3.7%

Value by the DCF Method

1,180,000

Discount Rate

3.5%

Terminal Cap Rate

3.9%

Cost Approach Value
Total Value of Land and Building
Land Value

1,080,000
1,080,000
1,022,000

Building Value

58,000Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the actual costs
in previous years, the cost level in similar properties, and average repair
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
rate of residents per year and occupancy rates, while referring to theconditions of ongoing agreements and rental agreements of similar
properties.
Appraised based on the taxes and public dues materials of the property
in previous year, etc.
Calculated with consideration of insurance premium rates of theproperty and those for similar properties.
Calculated with consideration of the management of current asset.
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 inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other 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 andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

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 value is used only for reference.

(2) COMFORIA NISHINOMIYA(thousand yen)

COMFORIA NISHINOMIYA
Tanizawa Sogo Appraisal Co., Ltd.
January 31, 2024
1,800,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income

Content

Appraisal summary

1,800,000
1,860,000
95,314
102,642

Calculated with consideration of the average income according to8

Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)94,813
0
5,532
2,187
109

Vacancy Loss

-7,328

Collection Loss
Operating Expense
Maintenance and Management Fee

018,933
2,095

Utility Charge

590

Repair Cost

2,796

Property Management Fee

2,166

Tenant Advertisement Cost

2,313

Taxes and Public Dues

5,840

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

271
2,859

129
4,017
72,492(7) Cap Rate

3.9%
1,770,000

Discount Rate

4.0%

Terminal Cap Rate

4.1%

Cost Approach Value
Total Value of Land and Building

1,700,000
1,700,000

Land Value

950,000

Building Value

750,000

Adjustment for Change

100%

Other matters taken into consideration byappraisal institutions when issuing appraisals

Calculated with consideration of occupancy rates of historicalconditions and similar 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 usually incurred,
while repair costs are calculated with consideration of the actual costs
in previous years, the cost level in similar properties, and average repair
costs presented 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
rate of residents per year and occupancy rates, while referring to theconditions of ongoing agreements and rental agreements of similar
properties.
Appraised based on the taxes and public dues materials of the property
in previous year, etc.
Calculated with consideration of insurance premium rates of theproperty and those for similar properties.
Calculated with consideration of the management of current asset.

76,380(6) Net Cash Flow
(NCF, (3)+(4)-(5))

Value by the DCF Method

ongoing rental agreements as well as the assumed income level of newrents.

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 inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other 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 andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

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 value is used only for reference.

(3) COMFORIA KAMIMEGURO(thousand yen)

COMFORIA KAMIMEGURO
Japan Real Estate Institute

Property Name
Appraisal Company

9

January 31, 2024
2,150,000

Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct Capitalization Method((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income (includingcommon area expense)
Utility Charge Income
Parking Lot Income, etc.
Key Money / Renewal Income
Other Income(2)

Content

2,160,000
93,372
97,65591,740
0
2,780
2,732
403

Vacancy Loss

-4,283

Collection Loss
Operating Expense
Maintenance and Management Fee

017,496
3,226

Utility Charge
Repair Cost

615
818

Property Management Fee

1,807

Tenant Advertisement Cost

4,843

Taxes and Public Dues

5,315

Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))

185
687

70

(5) Capital Expenditure421(6) Net Cash Flow
(NCF, (3)+(4)-(5))

75,525(7) Cap Rate

3.5%
2,140,000

Discount Rate

3.2%

Terminal Cap Rate

3.5%

Cost Approach Value
Total Value of Land and Building
Land Value

Calculated with consideration of the income according to the assumed
income level of new rents.

Calculated with consideration of occupancy rates of similar 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.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are usually incurred,
while repair costs are calculated with consideration of the 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
rate of residents per year and occupancy rates, while referring to theconditions of rental agreements of similar properties.
Appraised based on the taxes and public dues materials of the property,
etc.
Calculated with consideration of insurance premium rates for similar
properties.
Calculated with consideration of the management of similar properties.

75,876(4) Interest on Security Deposit

Value by the DCF Method

Appraisal summary

2,150,000

2,390,000
2,390,000
2,020,000

Building Value

370,000

Adjustment for Change

100%

Assumed in consideration of rental conditions for assumed 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 inengineering reports.
Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in comprehensive consideration of the characteristics of theproperty and other 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 andrents, and other factors, while referring to yields on trade pertaining tosimilar properties.
Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

10Other matters taken into consideration byappraisal institutions when issuing appraisals

Income approach value is adopted based on the determination that it is more convincing
to use income approach value as it precisely recreates a value building process in terms
of profitability, while the cost approach value 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., Tanizawa Sogo Appraisal Co., Ltd. and Japan Real Estate Institute based on an important notice concerning
real estate appraisal in the context of the Act on Investment Trusts and Investment Corporations, the Act on Real Estate Appraisal(Act No. 152 of 1963. Including subsequent revisions) 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 Seller(1) COMFORIA HIKIFUNE
Name

Sumitomo Mitsui Trust Panasonic Finance Co., Ltd.

Headquarters Address

1-2-3, Shibaura, Minato-ku, Tokyo

Representative

Toshiya Nishino, President

Principal Business

General finance business

Capital25,584 million yen (as of March 31, 2023)

Date EstablishedFebruary 27, 1967

Net Asset

187,666 million yen (as of March 31, 2023)

Total Asset
1,373,189 million yen (as of March 31, 2023)
Major
Shareholder&
its
Sumitomo Mitsui Trust Bank, Limited (84.90%), etc.
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

Personal relationship

None.

Business relationship

None.

Interested parties

The company is not classified as interested party in relation to CRR or TRM underthe Act on Investment Trusts and Investment Corporations.

(2) COMFORIA NISHINOMIYA
Name

Tokyu Land Corporation

Headquarters Address

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

Representative

CapitalHiroaki Hoshino, President & CEO
1. Management, leasing, buying and selling, brokerage, consulting, appraising ofreal estate
2. Buying and selling, brokerage, and management of investments and equities ininvestment, etc. in specific purpose companies, special purpose companies andreal estate investment trusts
3. Any other business activities related to the items described above
57,551 million yen (as of March 31, 2023)

Date Established

December 17, 1953

Net Asset

400,364 million yen (as of March 31, 2023)

Principal BusinessTotal Asset
1,841,797 million yen (as of March 31, 2023)
Major
Shareholder&
its
Tokyu Fudosan Holdings Corporation (100.0%)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
The company owns 9.1% of units that CRR has issued as of January 31, 2024. The
company is also the parent company (ownership of 100%) of TRM, and is thus an
Capital relationshipinterested party of TRM under the Act on Investment Trusts and Investment
Corporations.
Personal relationship27 employees (and officers) of TRM are seconded from the company as of today.

11Business relationship
Interested parties

CRR acquired 3 properties from the company in the fiscal period ended January2024.
The company is not classified as a related party in relation to CRR. However, as
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

(3) COMFORIA KAMIMEGURO
Name

Ascot Corporation

Headquarters Address

3-1-30, Jingumae, Shibuya-ku, Tokyo

Representative

Takeshi Nakabayashi, President

Principal Business

Real Estate Development, Investment, Fund Management and Leasing Business

Capital10,867 million yen (as of September 30, 2023)

Date Established

April 20, 1999

Net Asset

24,983 million yen (as of September 30, 2023)

Total Asset
60,530 million yen (as of September 30, 2023)
Major
Shareholder&
its
SUN YE COMPANY LIMITED (46.78%), etc.
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
Capital relationship

None.

Personal relationship

None.

Business relationship

None.

Interested parties

The company is not classified as interested party in relation to CRR or TRM underthe Act on Investment Trusts and Investment Corporations.

6. Ownership History of the Assets to be Acquired(1) Details are omitted for “COMFORIA HIKIFUNE” and “COMFORIA KAMIMEGURO”, whose sellers are notclassified as interested party in relation to CRR or TRM.
(2) COMFORIA NISHINOMIYA
Previous Owner, etc.
Name
Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Building andLand
Acquisition
date
Warehousing
Cost (Note)

Former Owner, etc.

Owner Prior to Former Owner,etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller(2)”－－Investment purpose－－

1,782 million yen－－

June, 2023－－

68 million yen(Note) “Warehousing fee” denotes the expenses exclusive of the brokerage fee, the acquisition price, etc., that is scheduled to pay tothe previous owner by the Investment Corporation in the acquisition of the concerned asset. It is unsettled as at the time of thispress release because the Investment Corporation has not reached a final agreement with the previous owner.

127. TRM’s Interested Parties in the Assets to be Acquired(1) Tokyu Land Corporation, which is seller of the Assets to be Acquired (as described in “5. Summary of the Seller (2)”above) is an interested party in relation to CRR. Therefore, the procedures required in accordance with the bylaws
were completed with respect to agreements with Tokyu Land Corporation.
(2) CRR plans to entrust the master leasing service and property management service in relation to the Assets to be
Acquired to Tokyu Housing Lease Corporation, which is an interested party in relation to TRM. Therefore, theprocedures required in accordance with the bylaws were completed with respect to agreements with Tokyu Housing
Lease Corporation.

8. Summary of Brokerage(1) No broker was involved in the transaction of “COMFORIA HIKIFUNE” and “COMFORIA NISHINOMIYA”.
(2) The broker of the transaction of “COMFORIA KAMIMEGURO” is a business company in Japan, whose details areomitted as it is not classified as interested parties in relation to CRR or TRM.

9. Risks Related to the Acquisition of “COMFORIA KAMIMEGURO”
Since “COMFORIA KAMIMEGURO” is a property under construction scheduled to be completed in March 2024,
construction completion and building delivery risks, etc. are inherent before the building completion. However, CRR
believes that such risks are minimized to a reasonable extent mainly by making the following points the terms of paymentof the purchase price.
(i) It is expected to be certain that the building of the property will be delivered to the seller from the building contractor
in a legal and valid manner and in a condition satisfactory to CRR.
(ii) The inspection certificate for the building of the property has been delivered to CRR by the seller.
Although leasing risk exists after the acquisition of the property as the property will be delivered to CRR under thecondition of zero or low occupancy, CRR expects to be able to secure tenants by setting appropriate rents based on therental market and the operating conditions of the assets managed by CRR in the vicinity of the property throughconsultations with the property's master leasing and property management company (planned).
Moreover, the investment ratio of the property after the acquisition is approximately 0.7%, and the risks related to theacquisition of the property are considered to have a limited impact on the overall portfolio of CRR.

10. Impact on CRR’s Finance When Forward Commitment, etc. Cannot be Executed
The acquisition of “COMFORIA KAMIMEGURO” falls under the category of “forward commitment, etc. (Note)” byinvestment corporations as defined in the “Comprehensive Guidelines for Supervision of Financial Instruments Business
Operators, etc.” established by the Financial Services Agency, the Japanese Government.
CRR plans to purchase the property using borrowings and cash on hand, but in the case that the forward commitment
cannot be executed, CRR shall pay 10% of the acquisition price as a penalty for breach of sales contract. However, thesales contract for the acquisition stipulates that only if CRR is able to raise funds based on the satisfactory content, theobligation to pay the purchase price shall be fulfilled, and that if the fundraising could not be completed, the sales contract
may be cancelled without CRR undertaking any obligation including damage compensation. Therefore, CRR considers
that even if CRR fails to complete fundraising and thus fails to execute forward commitment, etc., CRR’s finance and suchare unlikely to be materially impacted.
(Note) “Forward commitment, etc.” refers to a postdated sales contract under which settlement payment and asset delivery shall bemade at least one month after the conclusion of the contract, or any other contract similar thereto.

11. Forecast
For the earnings forecast for the period ending July 31, 2024 (February 1, 2024 – July 31, 2024) and the period ending
January 31, 2025 (August 1, 2024– January 31, 2025) reflecting the acquisition effects, please refer to the press release“Financial Results for the Fiscal Period Ended January 31, 2024” announced today.
*Website of CRR: https://www.comforia-reit.co.jp/en/

13

<Attachments>
1. Portfolio List after the Acquisition
2. Exterior Images and Maps of the Assets to be Acquired14

<Attachment 1> Portfolio List after the Acquisition (Estimated on August 28, 2024)
Area(Note 1)
Central Tokyo

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 Nihonbashi, Ningyocho, 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 Nihonbashi
Chuo-ku, 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

15

Horidomecho,

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

0.5%

1,900

0.6%

1,181

0.4%

552

0.2%

3,059

1.0%

574

0.2%

1,398

0.4%

755

0.2%

1,041

0.3%

1,685

0.5%

3,629

1.1%

850

0.3%

2,650

0.8%

1,300

0.4%

2,139

0.7%

826

0.3%

1,280

0.4%

1,108

0.3%

1,840

0.6%

1,945

0.6%

3,190

1.0%

1,570

0.5%

Central Tokyo

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
SHINJUKUGYOEN Ⅱ

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, Chiyoda-ku,
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
SHINJUKUGYOEN Ⅰ

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

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1
Tokyo

Higashiazabu,

Minato-ku,(Tower Building)
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER(Annex Building)
6-27-28 Shinjuku, Shinjuku-ku, Tokyo(Gate Building)
6-27-14 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYAKUOJI

74-23 Ichigayayakuojimachi,
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,

16

Chiyoda-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

4,268

1.3%

1,560

0.5%

1,789

0.6%

1,806

0.6%

1,623

0.5%

736

0.2%

1,621

0.5%

1,625

0.5%

1,434

0.5%

1,956

0.6%

3,272

1.0%

1,471

0.5%

1,406

0.4%

1,245

0.4%

1,900

0.6%

13,2644.2%

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

941

0.3%

4,425

1.4%

890

0.3%

Real Estate

1,065

0.3%

2,150

0.7%

1,194

0.4%

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

Central Tokyo

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 NAKANO

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

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 Koishikawa, Bunkyo-ku,
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

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

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, Tokyo17

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

2,380

0.8%

5,540

1.7%

1,489

0.5%

1,056

0.3%

98,168

31.0%

1,470

0.5%

910

0.3%

881

0.3%

2,587

0.8%

1,550

0.5%

1,987

0.6%

740

0.2%

1,290

0.4%

552

0.2%

1,219

0.4%

926

0.3%

602

0.2%

651

0.2%

874

0.3%

714

0.2%

762

0.2%

873

0.3%

2,658

0.8%

Sub-central
Tokyo

COMFORIA HIMONYA

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

COMFORIA MISYUKU

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

COMFORIAGAKUGEIDAIGAKU

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

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

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

COMFORIAHIGASHIIKEBUKURO EAST

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

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro, Toshimaku,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, Tokyo18

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

0.4%

1,874

0.6%

1,138

0.4%

833

0.3%

3,911

1.2%

1,014

0.3%

1,188

0.4%

594

0.2%

2,680

0.8%

1,240

0.4%

3,096

1.0%

938

0.3%

1,050

0.3%

2,912

0.9%

1,344

0.4%

1,530

0.5%

956

0.3%

1,972

0.6%

1,712

0.5%

1,132

0.4%

5,000

1.6%

Beneficial
Interest in Real
Estate Trust

1,042

0.3%

Beneficial
Interest in Real
Estate Trust

4,681

1.5%

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, Setagaya-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, Bunkyo-ku,
Tokyo

COMFORIA KAMATA

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

COLLEGE COURTHACHIMANYAMA

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

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, Tokyo19

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

0.5%

813

0.3%

1,041

0.3%

3,794

1.2%

1,430

0.5%

Real Estate

2,110

0.7%

Real Estate

866

0.3%

1,330

0.4%

5,721

1.8%

1,245

0.4%

2,173

0.7%

1,313

0.4%

2,622

0.8%

2,500

0.8%

1,660

0.5%

880

0.3%

2,213

0.7%

2,050

0.6%

5,397

1.7%

1,254

0.4%

864

0.3%

1,096

0.3%

1,842

0.6%

2,740

0.9%

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 DEUX

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

3,430

1.1%

1,294

0.4%

Real Estate

1,330

0.4%

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.6%

COMFORIA NARIMASU

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

Real Estate

1,551

0.5%

COMORIASHIN-OKACHIMACHI

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

1,237

0.4%

COMFORIA
MORISHITA WEST

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

1,222

0.4%

COMFORIA TOYOCHO

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

3,674

1.2%

COMFORIA FUDOMAE

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

1,622

0.5%

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

3,031

1.0%

COMFORIAMONZENNAKACHO SOUTH

1-13-6 Botan, Koto-ku, Tokyo

1,428

0.5%

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

2,905

0.9%

GRANCREERBAJIKOEN (LAND)

1-22-23 Kamiyoga, Setagaya-ku,
Tokyo

4,546

1.4%

COMFORIA
AKIHABARA NORTH

1-1-13 Taito, Taito-ku, Tokyo

1,850

0.6%

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido,
Suginami-ku,Tokyo

3,750

1.2%

COMFORIA KITAZAWA

1-24-8 Kitazawa, Setagaya-ku, Tokyo

3,816

1.2%

CAMPUS VILLAGEAKATSUKA-SHINMACHI

2-10-8 Akatsuka-shinmachi, Itabashiku, Tokyo

2,280

0.7%

NEIGHBORS HIGASHI-JUJO

2-14-13 Higashijujo, Kita-ku, Tokyo

1,860

0.6%

COMFORIA NIPPORI

2-7-17 Nishinippori, Arakawa-ku,
Tokyo

2,660

0.8%

COMFORIA KANAMECHO

5-27-9 Nishiikebukuro, Toshima-ku,
Tokyo

1,950

0.6%

COMFORIA
HONKOMAGOME 1-CHOME

1-6-7 Honkomagome, Bunkyo-ku,
Tokyo

1,600

0.5%

COMFORIA
MORISHITA SOUTH

2-2-8 Shinohashi, Koto-ku, Tokyo

2,180

0.7%

COMFORIA OJIMA DEUX

8-5-3 Ojima, Koto-ku, Tokyo

1,350

0.4%

COMFORIA
TAKASHIMADAIRA

2-1-40 Shingashi, Itabashi-ku, Tokyo

3,900

1.2%

20

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

COMFORIA NISHIOGIKITA

1-8-13, Nishiogikita, Suginami-ku,
Tokyo

COMFORIA HIKIFUNE

2-33-5, Oshiage, Sumida-ku, Tokyo

COMFORIA KAMIMEGURO

5-17-23, Kamimeguro, Meguro-ku,
Tokyo

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

Subtotal
Tokyo
Metropolitan
Area

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

1.0%

1,164

0.4%

2,070

0.7%

175,588

55.4%

626

0.2%

1,077

0.3%

978

0.3%

4,150

1.3%

2,220

0.7%

4,420

1.4%

1,500

0.5%

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
CENTER-MINAMI

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

COMFORIA TAMA-PLAZA

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

COMFORIA OMIYA

3-36-1 Nakamachi, Omiya-ku,
Saitama-shi, Saitama

CAMPUS VILLAGE
URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWA

2-3-21 Fujimicho, Tachikawa-shi,
Tokyo

Real Estate

2,933

0.9%

COMFORIA
SAGINUMA 3-CHOME

3-13-2 Saginuma, Miyamae-ku,
Kawasaki-shi, Kanagawa

Real Estate

2,620

0.8%

NICHII HOME KAWAGUCHI

2-11-1 Honcho, Kawaguchi-shi,
Saitama

1,395

0.4%

COMFORIA
KAWAGUCHI HONCHO

2-11-2 Honcho, Kawaguchi-shi,
Saitama

1,082

0.3%

23,001

7.3%

660

0.2%

1,250

0.4%

1,435

0.5%

1,980

0.6%

1,567

0.5%

1,289

0.4%

1,719

0.5%

1,700

0.5%

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

Subtotal
Other Major
Cities3,220

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, Nishi-ku,
Osaka-shi, Osaka

COMFORIA AWAZA

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

COMFORIA KITAHAMA

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

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

21

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Other Major
CitiesCAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto

COMFORIA NISHITENMA

3-9-1 Nishitenma, Kita-ku, Osaka-shi,
Osaka

CAMPUS VILLAGE
KYOTO ICHIJOJI

6-109 Takanoizumicho, Sakyo-ku,
Kyoto-shi, Kyoto

CAMPUS VILLAGE KYOTO
SHIMOGAMOHIGASHI

44 Tanakanishiuracho, Sakyo-ku,
Kyoto-shi, Kyoto

LUXAS TAKATSUKI

4-2 Otecho, Takatsuki-shi, Osaka

COMFORIA NISHINOMIYA

1-12, Rokutanjicho, Nishinomiya-shi,
Hyogo

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

1,075

0.3%

1,400

0.4%

1,722

0.5%

1,289

0.4%

1,095

0.3%

1,782

0.6%

Subtotal

19,963

6.3%

Total

316,721100.0%(Note 1) Explanation of “Area”
i “Central Tokyo” denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
ii “Sub-central Tokyo” denotes the other 18 wards of Tokyo.
iii “Tokyo Metropolitan Area” denotes residential areas equivalent to Central Tokyo and Sub-central Tokyo (areas in Tokyo,
Kanagawa, Saitama and Chiba) where demand for rental residences is strong, but excluding Central Tokyo and Sub-central
Tokyo.
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.

22

<Attachment 2> Exterior Images and Maps of the Assets to be Acquired(1) COMFORIA HIKIFUNE(2) COMFORIA NISHINOMIYA

23

(3) COMFORIA KAMIMEGURO

24