September 12, 2023

For Immediate Release
Advance Residence Investment Corporation
Securities Code: 3269
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Wataru Higuchi, Executive Director
Asset Management Company:
ITOCHU REIT Management Co., Ltd.
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Junichi Shoji, Representative Director, President & CEO
Inquiries:
Isao Kudo, Executive Officer
TEL. +81-3-6821-5483

Notice Concerning Acquisition of Investment Asset(RESIDIA Shirokane-Takanawa II and 10 other properties)
ITOCHU REIT Management Co., Ltd. (IRM), the asset management company to which Advance Residence
Investment Corporation (ADR) entrusts the management of its assets, announced its decision today to have ADR
acquire an asset located in Japan (hereafter, the “Acquisition”) as detailed below as part of ADR`s growth strategy.
1. Details of the Acquisition
IRM decided on the following acquisition pursuant to the target and policy of asset management as stipulated in the
Articles of Incorporation of ADR, for steady increase in asset size and diversification and enhancement of the portfolio.

No.

Property
NumberName of the Asset-To-BeAcquired
RESIDIA Shirokane-

Proposed

Building
Age(Note2)

NOI Yield(Note3)

Yield after
Depreciation

1,009 million yen

8.1 years

4.2%

3.6%

1,853 million yen

7.7 years

4.2%

3.7%

1,772 million yen

7.0 years

4.2%

3.6%

3,315 million yen

5.5 years

4.2%

3.5%

694 million yen

2.0 years

4.7%

3.9%

Acquisition
Price(Note1)(Note4)

(1)

T-182

(2)

T-183

(3)

T-184

(4)

T-185

(5)

T-186.

(6)

T-187

RESIDIA Ochanomizu III

1,279 million yen

6.8 years

4.2%

3.6%

(7)

T-188

RESIDIA Sangenjaya III

2,016 million yen

6.4 years

4.2%

3.6%

(8)

T-189

RESIDIA Sendagi

2,912 million yen

5.9 years

4.2%

3.5%

Takanawa II
RESIDIA Meguro IV
RESIDIA Bunkyo
Koishikawa II
RESIDIA Shinagawa
SeasideShare Place
Shimo-kitazawa

1
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(9)

S-036

(10)

R-087

(11)

R-088

Tokyo Student-House
Musashi-Kosugi
RESIDIA KyudaiGakkentoshi
RESIDIA Kyusandaimae

5,835 million yen

6.6 years

4.5%

3.6%

1,048 million yen

3.5 years

5.1%

3.8%

806 million yen

1.6 years

5.2%

3.6%

6.1 years

4.4%

3.6%

22,539 million

Total/Average(Note5)yen（Note1） “Proposed Acquisition Price” refers to the purchase price written in the beneficiary transfer agreements for the Asset-To-Be-Acquired anddoes not include various expenses needed for the acquisition such as taxes and public dues.
（Note2） “Building Age” is the age of the building as of the date of this document and is rounded at the second decimal point.
（Note3） “NOI Yield” is calculated as follows: annualized NOI written in the appraisal document at the time of the acquisition of the asset-to-beacquired and calculated using direct capitalization method / proposed acquisition price x 100. The calculated yield is rounded at the second
decimal point.
（Note4） “Yield after Deprecation” is calculated as follows: (annualized NOI written in the appraisal document at the time of the acquisition of theasset-to-be-acquired and calculated using direct capitalization method – annual depreciation cost) / proposed acquisition price x 100. The
calculated yield is rounded at the second decimal point. As is the case with the existing portfolio of ADR, the depreciation cost of theassets-to-be-acquired is calculated by ADR, using the straight-line method under certain assumptions, and estimated as below; T-182
RESIDIA Shirokane-Takanawa II: 5,808 thousand yen per annum, T-183 RESIDIA Meguro IV: 8,641 thousand yen per annum, T-184
RESIDIA Bunkyo Koishikawa II: 9,956 thousand yen per annum, T-185 RESIDIA Shinagawa Seaside: 21,865 thousand yen per annum,
T-186 Share Place Shimo-kitazawa: 5,497 thousand yen per annum, T-187 RESIDIA Ochanomizu III: 8,255 thousand yen per annum, T188 RESIDIA Sangenjaya III: 13,418 thousand yen per annum, T-189 RESIDIA Sendagi: 20,194 thousand yen per annum, S-036 Tokyo
Student-House Musashi-Kosugi: 50,452 thousand yen per annum, R-087 RESIDIA Kyudai-Gakkentoshi: 13,955 thousand yen per annum,
and R-088 RESIDIA Kyusandaimae: 12,793 thousand yen per annum.
（Note5） Building Age, NOI Yield, and Yield after Depreciation are weighted-average figures calculated by the Proposed Acquisition Price androunded to the second decimal point.

In the real estate trading market, the supply of new, high-quality rental housing in good locations is limited, and the
trading prices of properties in central metropolitan areas, where stable rental demand can be expected, continue toremain high, creating a difficult acquisition environment.
In this environment, ADR has decided to acquire properties located in Tokyo 23 Wards and Kawasaki City developedby IRM's sponsors, ITOCHU Corporation and ITOCHU Property Development, Ltd. as well as a recently built property
located in Fukuoka City from a third party. The average Building Age of the Asset-To-Be-Acquired is 6.1 years, which
is much lower than the average Building Age of the entire portfolio of 16.7 years (Note6) as of the end of July 2023.
（Note6） The Average Building Age for the entire portfolio is the weighted average Building Age of the properties in the portfolio, weighted byAcquisition Price and rounded to the second decimal place.

2
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

ADR has evaluated the characteristics of each property at the time of this acquisition as follows.
No.

Property Name

Property Characteristics(1)

RESIDIA ShirokaneTakanawa II

Located an 8-minute walk from Shirokane-Takanawa Station on theTokyo Metro Namboku Line and Toei Mita Line, the property has easy
access to the Marunouchi and Otemachi areas, which are major business
districts, and is therefore expected to enjoy broad demand from singles
and DINKs who work in these areas.

(2)

RESIDIA Meguro IV

Located a 9-minute walk from Meguro Station on the JR Yamanote Lineand other lines, the property has easy access to terminal stations such as
Shinjuku and Shibuya, and is expected to attract a wide range of demand
from singles and families who work in the area.

(3)

RESIDIA Bunkyo
Koishikawa II

Located a 5-minute walk from Korakuen Station on the Tokyo Metro
Marunouchi Line and Namboku Line, and a 5-minute walk from Kasuga
Station on the Toei Mita Line, both stations provide easy access to the
Marunouchi and Otemachi areas, which are major business districts, andtherefore, a wide range of demand is expected, including single working
people, DINKs, and families working in these areas. Therefore, a wide
range of demand is expected, including singles, DINKs, and families
working in the area.

(4)

RESIDIA Shinagawa Seaside

The property is a 4-minute walk from Aomono-Yokocho Station on the
Keihin Kyuko Main Line, a stop on the limited express and express train
lines, and as Shinagawa Station, a terminal station, is easily accessible
from the station, solid demand from single persons working in the area
is expected. In addition, there is a convenience store on the first floor of
the property, making it convenient for daily life.

(5)

Share Place Shimo-Kitazawa

Located a 4-minute walk from Ikenoue Station on the Keio InokashiraLine and a 5-minute walk from Shimokitazawa Station on the Odakyu
and Keio Inokashira Lines, this dormitory for working people is also
equipped with a work lounge in the common area of the property, so it
can expect diverse demand from single people working at Shibuya andShinjuku stations as well as freelance IT engineers. The property is
located in the Shimokitazawa Station area. The area aroundShimokitazawa Station is also conveniently located with supermarkets,convenience stores, drugstores, etc.

(6)

RESIDIA Ochanomizu III

Located a 6-minute walk from Suehirocho Station on the Tokyo Metro
Ginza Line and a 7-minute walk from Akihabara Station on the JR
Yamanote Line and Ochanomizu Station on the Tokyo Metro
Marunouchi Line, the station provides easy access to the Marunouchi
and Otemachi areas and Shinbashi Station, which are major businessareas, and is therefore expected to attract a wide range of single persons
and DINKs working in these areas. Therefore, the property is expected
to attract a wide range of demand from singles and DINKS who work in
the area.

(7)

RESIDIA Sangenjaya III

Located a 6-minute walk from Sangenjaya Station on the Tokyu
Denentoshi Line, the property has easy access to Shibuya Station, aterminal station, and can expect demand from singles, DINKs, andfamilies who work in the area. In addition, the property has aconvenience store on the first floor, making it convenient for daily life.

(8)

RESIDIA Sendagi

Located a 3-minute walk from Sendagi Station on the Tokyo Metro
Chiyoda Line, the property has easy access to the Marunouchi andOtemachi areas, which are major business areas, and can expect demand
from singles, DINKs, and families who work in the area. In addition, theproperty has a supermarket on the first floor, making it convenient fordaily life.
3

Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(9)Tokyo Student-House
Musashi-Kosugi

Located a 14-minute walk from Musashi Kosugi Station on the JR
Yokosuka Line, this student dormitory with meals is expected to be indemand by students commuting to Keio University (Hiyoshi Campus),
Aoyama Gakuin University (Aoyama Campus), Temple University andother schools.

(10)

RESIDIA KyudaiGakkentoshi

The dormitory is a 4-minute walk from Kyudai-Gakkentoshi Station on
the JR Chikuhi Line and about 15 minutes by bus to Kyushu University
Ito Campus, and as it is a student dormitory with meals, demand fromstudents commuting to Kyushu University can be expected.

(11)

RESIDIA Kyusandaimae

This student dormitory with meals is located a 16-minute walk from
Kashii Station on the JR Kagoshima Main Line, an 18-minute walk from
Kyusandaimae Station on the same line, a 10-minute walk from the maingate of Kyushu Sangyo University, and a 15-minute walk from the maingate of Fukuoka Women's University, so demand from students
attending Kyushu Sangyo University and Fukuoka Women's University
is expected.

(1) T-182 RESIDIA Shirokane-Takanawa II

4
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(2) T-183 RESIDIA Meguro IV(3) T-184 RESIDIA Bunkyo Koishikawa II

5
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(4) T-185 RESIDIA Shinagawa Seaside(5) T-186 Share Place Shimo-kitazawa

6
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(6) T-187 RESIDIA Ochanomizu III(7) T-188 RESIDIA Sangenjaya III

7
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(8) T-189 RESIDIA Sendagi(9) S-036 Tokyo Student-House Musashi-Kosugi

8Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(10) R-087 RESIDIA Kyudai-Gakkentoshi(11) R-088 RESIDIA Kyusandaimae

9
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

2. Overview of acquisition
Property No.
Name of Asset-ToBe-Acquired
Type of Ownership
Acquisition Price(Price / Appraisal
ratio)
Appraisal Value(Note1)

T-182
RESIDIA
ShirokaneTakanawa II
BeneficiaryInterests in Trust

SellerScheduled Contract
Date

Scheduled
Acquisition Date

Acquisition
Financing

T-187

T-188

RESIDIA
Meguro IV

RESIDIA
Ochanomizu III

RESIDIA
Sangenjaya III

BeneficiaryInterests in
Trust
1,853
1,279
million yen
million yen(88.7%)(87.6%)
2,090
1,460
million yen
million yen
ITOCHU Corporation

BeneficiaryInterests in Trust

1,009
million yen(88.5%)
1,140
million yen

BeneficiaryInterests in
Trust
2,016
million yen(87.7%)
2,300
million yen

RESIDIA
Sendagi

BeneficiaryInterests in
Trust
2,912
million yen(89.1%)
3,270
million yen

September 12, 2023
September 29, 2023 or a date to be
separately agreed upon with theCounterparty

April 18, 2024 or a date to be separately agreed uponwith the Counterparty

Proceeds from issuance of new
investment units and cash on hand(planned)

Proceeds fromthe issuance of
new investment
units and
Loans(Note2)(planned)

Payment Method

Proceeds from issuance of new
investment units and cash on hand(planned)

Full payment upon delivery

Collateral

Property No.

T-189

T-183

None

T-184

T-185

T-186.

Name of Asset-ToBe-Acquired

RESIDIA Bunkyo
Koishikawa II

RESIDIA Shinagawa
SeasideShare Place
Shimokitazawa

Type of OwnershipBeneficiary Interests
in Trust

Beneficiary Interests
in Trust

Beneficiary Interests
in Trust

S-036
Musashi Kosugi,
Student House,Tokyo
Beneficiary Interests
in Trust

1,772 million yen(88.6%)

3,315 million yen(90.6%)

694 million yen(89.0%)

5,835 million yen(92.3%)

2,000 million yen

3,660 million yen

780 million yen

6,320 million yen

Acquisition Price(Price / Appraisal
ratio)
Appraisal Value(Note1)
SellerScheduled Contract
Date

ITOCHU Property Development, Ltd..
September 12, 2023

Scheduled
Acquisition Date

September 29, 2023 or a date to be separately agreed upon with theCounterparty

April 18, 2024 or adate to be separately
agreed upon with theCounterparty

Acquisition
Financing

Proceeds fromissuance of new
investment units andcash on hand(planned)

Proceeds from theissuance of new
investment units andLoans(Note2) (planned)

Payment Method

Proceeds fromissuance of new
investment units andcash on hand(planned)
Full payment upon delivery

Proceeds from theissuance of new
investment units andLoans(Note2) (planned)

Collateral

None
10

Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Property No.
Name of Asset-ToBe-Acquired
Type of Ownership
Acquisition Price(Price / Appraisal
ratio)
Appraisal Value(Note1)

R-087

R-088

RESIDIA Kyudai Gakkentoshi

RESIDIA Kyusandai-mae

Beneficiary Interests in Trust

Beneficiary Interests in Trust

1,048 million yen(86.6%)

806 million yen(87.9%)

1,210 million yen

918 million yen

SellerScheduled Contract
Date

Scheduled
Acquisition Date
Acquisition
FinancingNot disclosed
September 12, 2023
September 29, 2023 or a date to be separately agreed upon with the Counterparty
Proceeds from issuance of new investment units and cash on hand (planned)

Payment Method

Full payment upon delivery

Collateral

None(Note1)

T-182 Appraisal Value of RESIDIA Shirokane-Takanawa II is the value as of June 1, 2023. The appraisal prices of the other 10 assets-to-be-(Note2)

Details of Loans will be announced as soon as they are finalized.

acquired are as of August 1, 2023.

3.Details of Asset-To-Be-AcquiredNo.
Property Number
Name of the Asset-To-BeAcquired
Address

(1)
T-182

(2)
T-183

RESIDIA Shirokane-Takanawa II

RESIDIA Meguro IV

6-11, Mita 5-chome, Minato-ku, Tokyo

10-18, Meguro 2-chome, Meguro-ku, Tokyo

Ownership
224.13 ㎡
Semi-industrial zone
400%/60%

Ownership
789.08 ㎡
Commercial district, Type II residential district
500%/80%, 300%/60%

Ownership
1,104.28 ㎡
Reinforced concrete structure with a flat-topped
roof; 10 stories
Apartment house
August 26, 2015
Urban Habitat Evaluation Center, Inc.
Kawamura Koei Corporation, First Class
Registered Architect Office
Atlas Design, Inc.
Kawamura Kouei Co.

Ownership
1,632.92 ㎡
Reinforced concrete structure with a flat-topped
roof; 10 stories
Apartment house
January 20, 2016
Bureau Veritas Japan K.K.
Kawamura Koei Corporation, First Class
Registered Architect Office
Hikari Architectural Design Office, Inc.
Kawamura Kouei Co.

Sumitomo Mitsui Trust Bank, Limited (planned)
From September 29, 2023 to September 30,
2033 (planned)

Sumitomo Mitsui Trust Bank, Limited (planned)
From September 29, 2023 to September 30,
2033 (planned)

ITOCHU Urban Community Co., Ltd.
(planned)
ITOCHU Urban Community Co., Ltd.
(planned)

ITOCHU Urban Community Co., Ltd.

Land
Type of Ownership
Area
ZoningFAR / Building Coverage Ratio
Building
Type of Ownership
Total Floor Space
Structure / Floors
Use
Construction Completion Date
Building Inspector
Building Designer
Structural Engineer
Construction Contractor
Trustee
Trust Contract Period
Property Management Company
Master Lessee
Master Lease typePass-throughSummary of Building Conditions Investigation Report
Investigator
Tokio Marine dR Co., Ltd.
Investigation Date
April 21, 2023
Emergency Repair Costs-(planned)
ITOCHU Urban Community Co., Ltd.

(planned)
Pass-throughTokio Marine dR Co., Ltd.
April 21, 2023-

11
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Short-term Repair Costs(within 1 year)
Long-term Repair Costs(next 12 years)
Building Replacement Price
Earthquake PML--

18,699 thousand yen

32,284 thousand yen

264,000 thousand yen

455,000 thousand yen

2.8%

3.2%

As of July 31, 2023
1
27 units
27 units
867.42 ㎡
867.42 ㎡

As of July 31, 2023
1
51 units
46 units
1,513.52 ㎡
1,383.85 ㎡

Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.

100.0%

91.4%

4,386 thousand yen
4,302 thousand yen

7,068 thousand yen
6,521 thousand yen

18 units
9 units
0 units
0 units
0 units
0 units

44 units
0 units
7 units
0 units
0 units
0 units

None

None

(3)
T-184

(4)
T-185

RESIDIA Bunkyo Koishikawa II

RESIDIA Shinagawa Seaside

3-26-3 Koishikawa, Bunkyo-ku, Tokyo

4-3-1 Higashi-Shinagawa, Shinagawa-ku, Tokyo

Ownership
344.14 ㎡.
Commercial district
600%/80%

Ownership
904.30 ㎡
Semi-industrial zone
300%/60%

Ownership
1,799.11 ㎡
Reinforced concrete structure with a flat-topped
roof; 15 stories
Apartment unit
September 14, 2016
The Building Center of Japan

Beams Design Consultants, Inc.
Sato Kogyo Corporation Tokyo Branch

Ownership
3,604.99 ㎡
Reinforced concrete structure with a flat-topped
roof; 11 stories
Apartment buildings and stores
March 13, 2018
ERI Japan, Ltd.
Matsuo Corporation First-Class Architect's
OfficeTei & A Associates, Inc.
Matsuo Corporation

Mitsubishi UFJ Trust and Banking Corporation

Mitsubishi UFJ Trust and Banking Corporation

Number of Units by Type
SingleCompact
FamilyLarge
Dormitory
Other
Other Relevant Information

No.
Property Number
Name of the Asset-To-BeAcquired
Address
Land
Type of Ownership
Area
ZoningFAR / Building Coverage Ratio
Building
Type of Ownership
Total Floor Space
Structure / Floors
Use
Construction Completion Date
Building Inspector
Building Designer
Structural Engineer
Construction Contractor
Trustee
Trust Contract Period
Property Management Company
Master Lessee
Master Lease type

Raymond Design Office, Inc.

(planned)(planned)

From September 29, 2023 to September 30,
2033 (planned)

From September 29, 2023 to September 30,
2033 (planned)

ITOCHU Urban Community Co., Ltd.
(planned)
ITOCHU Urban Community Co., Ltd.
(planned)

ITOCHU Urban Community Co., Ltd.

Pass-through(planned)
ITOCHU Urban Community Co., Ltd.

(planned)
Pass-through12
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Summary of Building Conditions
Investigation Report
Investigator
Investigation Date
Emergency Repair Costs
Short-term Repair Costs(within 1 year)
Long-term Repair Costs(next 12 years)
Building Replacement Price
Earthquake PML

Tokio Marine dR Co., Ltd.
May 11, 2023-

Tokio Marine dR Co., Ltd.
April 20, 2023---

31,651 thousand yen

40,626 thousand yen

444,000 thousand yen

888,000 thousand yen

3.5%

5.7%

As of July 31, 2023
1
43 units
43 units
1,513.59 ㎡
1,455.90 ㎡

As of July 31, 2023
1
107 units
107 units
2,600.11 ㎡
2,600.11 ㎡

Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.

96.2%

100.0%

7,416 thousand yen
6,923 thousand yen

14,090 thousand yen
30,266 thousand yen

15 units
26 units
2 units
0 units
0 units
0 units

92 units
14 units
0 units
0 units
0 units
1 unit

None

None

(5)
T-186

(6)
T-187

Share Place Shimo-kitazawa

RESIDIA Ochanomizu III

1-42-3 Kitazawa, Setagaya-ku, Tokyo

5-6, Sotokanda 2-chome, Chiyoda-ku, Tokyo

Number of Units by Type
SingleCompact
FamilyLarge
Dormitory
Other
Other Relevant Information

No.
Property Number
Name of the Asset-To-BeAcquired
Address
Land
Type of Ownership
Area
ZoningFAR / Building Coverage Ratio

Ownership (3600/3600 co-ownership interest in
the private road portion (Lot No. 352-1))
500.54 ㎡ (However, this does not include thearea corresponding to the co-ownership interestin the private road portion.) (*1)
Type 1 residential area
200%/60%

Ownership
358.12 ㎡ (*2)
Commercial district
500%/80%

Building
Type of Ownership
Total Floor Space

Ownership
735.38 ㎡.

Structure / Floors

Steel-framed structure with flat roof; 4 stories

Use
Construction Completion Date
Building Inspector

school dormitory
September 14, 2021
UDI Verification and Inspection Co.
Sekisui Unit, Ltd. Kawasaki Sha Maison BranchFirst-Class Registered Architect Office
TOYO ARCHITECTURAL STRUCTURE
DESIGN OFFICE Co.
Sekisui Unit, Ltd. Kawasaki Sha Maison Branch

Building Designer
Structural Engineer
Construction Contractor

Ownership
1,301.32 ㎡
Reinforced concrete structure with a flat-topped
roof; 10 stories
apartment unit
November 18, 2016
Urban Habitat Evaluation Center, Inc.
Goda Corporation First-Class Architect Office
Cross Factory Co.
Goda Corporation Tokyo Head Office13
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Mitsubishi UFJ Trust and Banking Corporation

Trustee(planned)

Sumitomo Mitsui Trust Bank, Limited (planned)

From September 29, 2023 to September 30,
2033 (planned)

From April 18, 2024 to April 30, 2034 (planned)

ITOCHU Urban Community Co., Ltd.
ITOCHU Urban Community Co., Ltd.

ITOCHU Urban Community Co., Ltd.
ITOCHU Urban Community Co., Ltd.

Pass-throughPass-throughTokio Marine dR Co., Ltd.
May 11, 2023-

Tokio Marine dR Co., Ltd.
April 20, 2023---

7,394 thousand yen

22,524 thousand yen

178,000 thousand yen

316,000 thousand yen

9.0%

5.8%

As of July 31, 2023
1
43 units
43 units
735.38 ㎡.
735.38 ㎡.

As of July 31, 2023
1
35 units
34 units
1,126.32 ㎡
1,096.19 ㎡

100.0%

97.3%

2,881 thousand yen
2,881 thousand yen

5,367 thousand yen
5,848 thousand yen

0 units
0 units
0 units
0 units
43 units
0 units

17 units
17 units
1 unit0 units
0 units
0 units

The land (Lot No. 352-1) pertaining to theprivate road burden portion (co-cwnership) is
undetermined except for the boundary with thetrust land (Lot No. 352-9).

None

Trust Contract Period
Property Management Company
Master Lessee
Master Lease type
Summary of Building Conditions
Investigation Report
Investigator
Investigation Date
Emergency Repair Costs
Short-term Repair Costs(within 1 year)
Long-term Repair Costs(next 12 years)
Building Replacement Price
Earthquake PML
Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.
Number of Units by Type
SingleCompact
FamilyLarge
Dormitory
Other
Other Relevant Information(*1) Setback area (approx. 8.23㎡) is included.
(*2) Includes the portion of the private road (approx. 98.51㎡).

(7)
T-188

No.
Property Number
Name of the Asset-To-BeAcquired
Address(8)
T-189

RESIDIA Sangenjaya III

RESIDIA Sendagi

2-19-7 Sangenjaya, Setagaya-ku, Tokyo

3-7-9 Yanaka, Taito-ku, Tokyo

Ownership
341.41 ㎡ (*3)

500%/80%

Ownership
1,086.80 ㎡
Neighborhood commercial district, Type 1
residential district
300%/80%, 300%/60%

Ownership
1,811.48 ㎡
Reinforced concrete structure with a flat-topped
roof; 10 stories and 1 basement story
Apartment buildings and stores

Ownership
2,745.30 ㎡
Reinforced concrete structure with a flat-topped
roof; 6 stories
Apartment buildings and stores

Land
Type of Ownership
Area
ZoningFAR / Building Coverage Ratio

Commercial district

Building
Type of Ownership
Total Floor Space
Structure / Floors
Use

14
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Construction Completion Date
Building Inspector

May 2, 2017
Urban Habitat Evaluation Center, Inc.

Building Designer

Goda Corporation First-Class Architect Office

Structural Engineer

Cross Factory Inc. first-class architect officeConstruction Contractor
Trustee
Trust Contract Period
Property Management Company
Master Lessee
Master Lease type
Summary of Building Conditions
Investigation Report
Investigator
Investigation Date
Emergency Repair Costs
Short-term Repair Costs (within 1
year)Long-term Repair Costs (next 12
years)
Building Replacement Price
Earthquake PML

Goda Corporation Tokyo Head Office
Sumitomo Mitsui Trust Bank, Limited (planned)
From April 18, 2024 to April 30, 2034 (planned)

October 6, 2017
ERI Japan Ltd.
Matsuo Construction Co., Ltd. first-classarchitect's officeTetsuken Kanda Design Studio First Class
Architect Office, Inc.
Matsuo Corporation Tokyo BranchPass-throughSumitomo Mitsui Trust Bank, Limited (planned)
From April 18, 2024 to April 30, 2034 (planned)
ITOCHU Urban Community Co., Ltd.
ITOCHU Urban Community Co., Ltd.
Pass-throughTokio Marine dR Co., Ltd.
April 25, 2023-

Tokio Marine dR Co., Ltd.
April 25, 2023---

30,512 thousand yen

41,695 thousand yen

470,000 thousand yen

664,000 thousand yen

3.2%

6.4%

As of July 31, 2023
1
49 units
47 units
1,596.15 ㎡
1,518.83 ㎡

As of July 31, 2023
1
50 units
49 units
2,376.48 ㎡
2,326.26 ㎡

95.2%

97.9%

8,182 thousand yen
14,304 thousand yen

11,757 thousand yen
48,490 thousand yen

36 units
6 units
6 units
0 units
0 units
1 unit24 units
18 units
7 units
0 units
0 units
1 unit

None

None

(9)
S-036

(10)
R-087

ITOCHU Urban Community Co., Ltd.
ITOCHU Urban Community Co., Ltd.

Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.
Number of Units by Type
SingleCompact
FamilyLarge
Dormitory
Other
Other Relevant Information(*3) Includes setback area (approx. 8.20 ㎡).

No.
Property Number
Name of the Asset-To-BeAcquired

Tokyo Student-House Musashi-Kosugi

RESIDIA Kyudai-Gakkentoshi

399-1 Ichinotsubo, Nakahara-ku, Kawasaki City,
Kanagawa Prefecture

1-11-28, Nishi-To, Nishi-ku, Fukuoka City,
Fukuoka Prefecture, Japan

Type of Ownership
Area

Ownership
3,419.11 ㎡

ZoningIndustrial zone
200%/60%

Ownership
1,423.59 ㎡
Type 1 exclusive district for medium and highrise residential buildings
150%/60%

Ownership

Ownership

AddressLand

FAR / Building Coverage Ratio
Building
Type of Ownership

15
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Total Floor Space
Structure / Floors
Use
Construction Completion Date
Building Inspector
Building Designer
Structural Engineer
Construction Contractor
Trustee
Trust Contract Period
Property Management Company
Master Lessee
Master Lease type
Summary of Building Conditions
Investigation Report
Investigator
Investigation Date
Emergency Repair Costs
Short-term Repair Costs(within 1 year)
Long-term Repair Costs(next 12 years)
Building Replacement Price
Earthquake PML

6,845.00 ㎡
Reinforced concrete structure with a flat-topped
roof; 7 stories
School dormitory
January 26, 2017
Bureau Veritas Japan K.K.
Raymond Design Office, Inc.
Beams Design Consultants, Inc.
Matsuo Corporation Tokyo Branch

2,164.50 ㎡
Reinforced concrete structure with a flat-topped
roof; 5 stories
School dormitory
March 13, 2020
ERI Japan Ltd.
Frameworks Inc.
Fukuoka Structure Co.
Matsuo Construction Co.

Mitsubishi UFJ Trust and Banking Corporation

Mitsubishi UFJ Trust and Banking Corporation(planned)(planned)

From April 18, 2024 to April 30, 2034 (planned)

From September 29, 2023 to September 30,
2033 (planned)

ITOCHU Urban Community Co., Ltd.
ITOCHU Urban Community Co., Ltd.

Student Information Center, Inc.

Rent Guarantee

Sigma Japan K.K. (planned)
Rent Guarantee

Tokio Marine dR Co., Ltd.
April 24, 2023-

Tokio Marine dR Co., Ltd.
May 25, 2023---

114,487 thousand yen

24,108 thousand yen

1,738,000 thousand yen

529,000 thousand yen

6.6%

4.9%

As of July 31, 2023
1
390 units
390 units
6,845.00 ㎡
6,845.00 ㎡

As of July 31, 2023
1
94 units
94 units
2,164.50 ㎡
2,164.50 ㎡

Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.

100%

100%

23,010 thousand yen
300 thousand yen

4,888 thousand yen
154 thousand yen

0 units
0 units
0 units
0 units
390 units
0 units

0 units
0 units
0 units
0 units
94 units
0 units

None

None

Number of Units by Type
SingleCompact
FamilyLarge
Dormitory
Other
Other Relevant Information

(11)
R-088

No.
Property Number
Name of the Asset-To-BeAcquired

RESIDIA Kyusandaimae
1-20-18 Shokadai, Higashi-ku, Fukuoka City,
Fukuoka Prefecture

Address
Land
Type of Ownership
Area
ZoningOwnership
1,709.95 ㎡
Type 1 exclusive district for medium and highrise residential buildings

16
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

FAR / Building Coverage Ratio

100%/60%

Building
Type of Ownership
Total Floor Space
Structure / Floors
Use
Construction Completion Date
Building Inspector
Building Designer
Structural Engineer
Construction Contractor
Trustee

Ownership
2,004.88 ㎡
Reinforced concrete structure with a flat-topped
roof; 4 stories
Apartment unit
January 20, 2022
Bureau Veritas Japan K.K.
Heisei Corporation
Tanaka Kozo Sekkei First Class Architect OfficeCo.
Heisei Corporation
Mitsubishi UFJ Trust and Banking Corporation
From July 1, 2023 to September 30, 2033

Trust Contract Period
Property Management Company
Master Lessee
Master Lease type
Summary of Building Conditions
Investigation Report
Investigator
Investigation Date
Emergency Repair Costs
Short-term Repair Costs(within 1 year)
Long-term Repair Costs(next 12 years)
Building Replacement Price
Earthquake PML(planned)
J.S.B. Corporation (planned)
J.S.B. Corporation (planned)

Rent Guarantee

Tokio Marine dR Co., Ltd.
May 25, 2023
20,243 thousand yen
479,000 thousand yen
2.6%

Lease Conditions
Point in Time
Total Tenants
Leasable Units
Leased Units
Leasable Floor Area
Leased Area
Occupancy Rate(based on floor area)
Monthly Rent
Deposits, Guarantees, etc.

As of July 31, 2023
1
80 units
80 units
2,004.88 ㎡
2,004.88 ㎡
100%
3,912 thousand yen
0 yen

Number of Units by Type
SingleCompact
FamilyLarge
DormitoryOther

0 units
0 units
0 units
0 units
80 units
0 units

Other Relevant Information
None
For details regarding the items in the above table, please refer to "For an explanation of the items stated in the Notice Concerning Acquisition of Assets" on ADR's website.
(https://www.adr-reit.com/ir/news/)

17
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

4. Appraisal Report Summary(1)T-182 RESIDIA Shirokane-Takanawa II

Appraisal date: as of June 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

1,140,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

1,140,000

Direct Capitalization Price

1,150,000

Total Potential Income

55,936

Rental income

54,353

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

1,583

Renewal fee income was allocated based on an assessment of the average annual turnover rate of tenants and theaverage contract period, as well as actual amounts.

Total Effective Income

53,261

Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

2,675
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

10,646
2,988

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

600

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

1,035

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

2,900

Non-life Insurance
Premium

57

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

2,205

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

861

Other Expenses

0

Net Operating Income

39

Capital Expenditures

1,091

Net Cash Flow DCF
Price

41,563

DCF price

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.
Not accounted for.

42,615

Earnings from Deposits

Cap Rate

Recorded based on documents related to taxes and public dues, etc.

3.6%

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

1,130,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

1,120,000

Land ratio

81.4%

Building Ratio

18.6%
Other items considered by the appraiser in the appraisal
None in particular.

18
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(2)T-183 RESIDIA Meguro IV

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

2,090,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization ApproachValue

2,090,000

Direct Capitalization Price

2,110,000

Total Potential Income

98,264

Rental income

95,214

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

3,050

Renewal fee income was allocated based on an assessment of the average annual turnover rate of tenants and theaverage contract period, as well as actual amounts.

Total Effective Income

92,504Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

5,760
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

14,5832,214

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

1,000

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

1,792

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

4,256

Non-life Insurance
Premium

96

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

3,760

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

1,465

Other Expenses

0

Net Operating Income

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Not accounted for.

77,921

Earnings from Deposits

68

Capital Expenditures

1,883

Net Cash Flow DCF
Price

76,106

Cap Rate

3.6%

DCF price

Recorded based on documents related to taxes and public dues, etc.

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

2,070,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

2,070,000

Land ratio

84.2%

Building Ratio

15.8%
Other items considered by the appraiser in the appraisal
None in particular.

19
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(3) T-184 RESIDIA Bunkyo Koishikawa II

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

2,000,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

2,000,000

Direct Capitalization Price

2,020,000

Total Potential Income

94,948

Rental income

91,677

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

3,271

Key Money and Renewal fee income is recorded based on an assessment of the average annual turnover rate of
tenants and the average length of tenancy.

Total Effective Income

90,205Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

4,743
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recognition is required, taking into account the situation of the lessee and otherfactors.

15,755
4,150

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

880

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

1,742

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

3,818

Non-life Insurance
Premium

95

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

3,646

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

1,424

Other Expenses

0

Net Operating Income

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Not accounted for.

74,450Earnings from Deposits

68

Capital Expenditures

1,847

Net Cash Flow DCF
Price

72,671

Cap Rate

3.6%

DCF price

Recorded based on documents related to taxes and public dues, etc.

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

1,980,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

1,960,000

Land ratio

79.0%

Building Ratio

21.0%
Other items considered by the appraiser in the appraisal
None in particular.

20
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(4) T-185 RESIDIA Shinagawa Seaside

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

3,660,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

3,660,000

Direct Capitalization Price

3,690,000

Total Potential Income

177,680

Rental income

171,533

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

6,147

Renewal fee income was allocated based on an assessment of the average annual turnover rate of tenants and theaverage contract period, as well as actual amounts.

Total Effective Income

168,395

Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

9,285
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

29,5794,846

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

1,900

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

3,063

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

9,340

Non-life Insurance
Premium

185

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

8,138

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

2,107

Other Expenses

0

Net Operating Income

210

Capital Expenditures

2,370

Net Cash Flow DCF
Price136,656

DCF price

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Not accounted for.

138,816

Earnings from Deposits

Cap Rate

Recorded based on documents related to taxes and public dues, etc.

3.7%

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

3,630,000

Discount Rate

3.5%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.8%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

3,210,000

Land ratio

76.4%

Building Ratio

23.6%
Other items considered by the appraiser in the appraisal
None in particular.

21
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(5) T-186 Share Place Shimokitazawa

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

Income Capitalization
Approach Value

780,000

Direct Capitalization Price

787,000

Total Potential Income

34,574

Rental income

34,572Other income

2

Total Effective
IncomeLosses from
Vacancies, etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

780,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Rental income is recorded based on the current lease contract, taking into consideration the contracted rent levelin the surrounding area and the rent level of end-tenants.
Recorded with reference to actual amounts.

34,57400

Not recorded because the amount of income is assessed based on mid- to long-term estimates.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

2,062
0

Utilities Costs

0

Management
Commission Fees

240

Taxes and Public Dues

1,598

Non-life Insurance
Premium

39

Leasing Expenses

0

Not recorded as it is the lessee's responsibility.

Not recorded as it is the lessee's responsibility.
Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate of similar properties and the individual characteristics of the subject
property.
Recorded based on documents related to taxes and public dues, etc.
Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.
No tenant solicitation costs, etc., are recorded.
Restoration costs are not recorded because they are based on the terms of the scheduled contract. Repair andmaintenance costs are recorded by taking into account the actual amounts of repair and maintenance costs inprevious years, the level of similar properties, and the annual average of repair and renewal costs in theengineering report, etc.

Repair Costs

185

Other Expenses

0

Net Operating Income

32,512

Earnings from
Deposits

29

Capital Expenditures

431

Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

FF&E Reserve

1,400

The appraisal was made with reference to the level of FF&E reserve and repair and renewal contracts in similar
properties.

Net Cash Flow DCF
Price

30,710Cap Rate

3.9%

DCF price

Not accounted for.

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

773,000

Discount Rate

3.7%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

4.0%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

781,000

Land ratio

74.8%

Building Ratio

23.7%

Other Auxiliary Facilities

1.5%
Other items considered by the appraiser in the appraisal
None in particular.

22
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(6) T-187 RESIDIA Ochanomizu III

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

1,460,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

1,460,000

Direct Capitalization Price

1,470,000

Total Potential Income

69,194

Rental income

66,984

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

2,210

Renewal fee income was allocated based on an assessment of the average annual turnover rate of tenants and theaverage contract period, as well as actual amounts.

Total Effective Income

65,800Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

3,394
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

11,6062,136

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

800

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

1,277

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

3,351

Non-life Insurance
Premium

68

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

2,440

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

1,074

Other Expenses

460

Net Operating Income

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Town council fees and other expenses are recorded as other expenses.

54,194

Earnings from Deposits

49

Capital Expenditures

1,314

Net Cash Flow DCF
Price

52,929Cap Rate

3.6%

DCF price

Recorded based on documents related to taxes and public dues, etc.

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

1,440,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

1,370,000

Land ratio

79.1%

Building Ratio

20.9%
Other items considered by the appraiser in the appraisal
None in particular.

23
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(7) T-188 RESIDIA Sangenjaya III

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

2,300,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

2,300,000

Direct Capitalization Price

2,320,000

Total Potential Income

105,911

Rental income

103,403

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

2,508

Renewal fee income is recorded based on an assessment of the average annual turnover rate of tenants and theaverage contract period.

Total Effective Income

100,711

Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

5,200
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

15,422
2,394

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

900

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

1,815

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

5,081

Non-life Insurance
Premium

99

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

3,723

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

1,410

Other Expenses

0

Net Operating Income

85,289Earnings from Deposits

141

Capital Expenditures

1,780

Net Cash Flow DCF
Price

83,650Cap Rate

3.6%

DCF price

Recorded based on documents related to taxes and public dues, etc.

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Not accounted for.

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

2,280,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

1,860,000

Land ratio

77.4%

Building Ratio

22.6%
Other items considered by the appraiser in the appraisal
None in particular.

24
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(8) T-189 RESIDIA Sendagi

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

3,270,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

3,270,000

Direct Capitalization Price

3,300,000

Total Potential Income

148,058

Rental income

145,192

Appraised, taking into account the rent based on the current lease contract and the rent that would be paid if thesubject property were newly leased, etc.

Other income

2,866

Renewal fee income was recorded based on an assessment of the average annual turnover rate of tenants and theaverage contract period.

Total Effective Income

141,816

Losses from Vacancies,
etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

6,242
0

Recorded after assessing a stable mid- to long-term Occupancy rate level based on the occupancy status andsupply-demand trends of similar properties, as well as the occupancy status and future trends for the subject
property.
The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

20,963
3,228

The amount is recorded in consideration of the individual characteristics of the subject property, with reference tothe actual amount in past fiscal years and the level of similar properties.

Utilities Costs

1,000

The amount is recorded with reference to the actual results of past fiscal years and taking into consideration thelevel of similar properties and the individual characteristics of the subject property.

Management
Commission Fees

2,308

Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate for similar properties and the individual characteristics of the subject
property.

Taxes and Public Dues

6,604

Non-life Insurance
Premium

139

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

4,849

Administrative fees required when recruiting new tenants, with reference to contract terms and lease terms ofsimilar properties, and advertising expenses, etc., with reference to actual results from previous years, andRenewal fees, taking into account the annual average turnover rate and Occupancy rate, etc.

Repair Costs

1,757

Other Expenses

1,078

Net Operating Income

467

Capital Expenditures

2,433

Net Cash Flow DCF
Price

118,887

DCF price

In addition to the restoration costs based on the level of restoration costs normally incurred and the lessor's shareof such costs, repair and maintenance costs were recorded by considering the actual amount of repair andmaintenance costs in previous years, the level of similar properties, and the annual average amount of repair andrenewal costs in the engineering report.

Town council fees and internet costs, etc. are accounted for.

120,853

Earnings from Deposits

Cap Rate

Recorded based on documents related to taxes and public dues, etc.

3.6%

Appraised the number of months of stable deposits over the medium to long term, and multiplied by the
Occupancy rate, and then multiplied by the assumed investment yield of 1.0%.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

3,240,000

Discount Rate

3.4%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

3.7%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

2,810,000

Land ratio

75.3%

Building Ratio

24.7%
Other items considered by the appraiser in the appraisal
None in particular.

25
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(9) S-036 Student House Musashi Kosugi, TokyoJapan Real Estate Institute

Appraiser

Appraisal Items

Appraisal date: as of August 1, 2023
Appraisal
Value

Appraised Value(thousands of yen)

6,320,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Income Capitalization Approach
Value

6,320,000

Direct Capitalization Price

6,370,000

Total Potential Income

283,155

Rental income

279,817

Other income

3,338

Total Effective Income

281,869

Losses from Vacancies,
etc.

1,286

The residential portion is not recorded as it is subject to the terms and conditions of the scheduled contract. The
parking lot portion is recorded after assessing a stable mid- to long-term Occupancy rate level based on theoccupancy status and supply-demand trends of similar properties, as well as the occupancy status and future
trends related to the subject property.

0

The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

20,359

Utilities Costs

0

Management
Commission Fees

72

Taxes and Public Dues

15,565

Non-life Insurance
Premium

362

Leasing Expenses

00

Repair Costs

2,860

Other Expenses

1,500

Net Operating Income0

Capital Expenditures

6,681

Net Cash Flow DCF
Price

254,829

DCF price

Recorded with reference to actual amounts.

Not recorded as it is the lessee's responsibility.
Not recorded as it is the lessee's responsibility.
Recorded with reference to the remuneration rate based on the terms of the scheduled contract, etc., and taking
into consideration the remuneration rate of similar properties and the individual characteristics of the subject
property.
Recorded based on documents related to taxes and public dues, etc.
Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.
Not recorded as it is the lessee's responsibility.
Restoration costs are not recorded because they are based on the terms of the scheduled contract. Repair andmaintenance costs are recorded by taking into account the actual amounts of repair and maintenance costs inprevious years, the level of similar properties, and the annual average of repair and renewal costs in theengineering report, etc.

Recorded with reference to actual amounts.

261,510

Earnings from Deposits

Cap Rate

Rental income is recorded based on the current lease agreement, taking into account the rent level of end-tenants,
etc.

4.0%

No lump-sum payments were given or received and therefore not recorded.
Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

6,270,000

Discount Rate

3.8%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

4.1%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

5,800,000

Land ratio

70.6%

Building Ratio

29.4%
Other items considered by the appraiser in the appraisal
None in particular.

26
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(10) R-087 RESIDIA Kyudai Gakkentoshi

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items

Appraised Value(thousands of yen)

Income Capitalization
Approach Value

1,210,000

Direct Capitalization Price

1,210,000

Total Potential Income

59,582

Rental income

59,579Other income

3

Total Effective
IncomeLosses from
Vacancies, etc.

1,210,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Recorded rent based on the current lease agreement.
Recorded with reference to actual amounts.

59,402180

The residential portion is not recorded, taking into account the content of the lease contract and thecreditworthiness of the lessee. For the parking lot portion, the stable mid- to long-term Occupancy rate level isassessed and recorded based on the occupancy status and supply-demand trend of similar properties, as well as
the occupancy status and future trend of the subject property.

0

The Company determined that no recording is required, taking into account the situation of the lessee and otherfactors.

Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

5,760

Utilities Costs

0

Management
Commission Fees

22

Taxes and Public Dues

5,024

Non-life Insurance
Premium

111

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

0

The building lease contract is a single building lease contract, and therefore, the cost of tenant replacement or
renewal is not recorded, as it is considered appropriate to consider such costs in the capitalization rate.

0

Repair Costs

603

Other Expenses

0

Net Operating Income

53,642

Earnings from
Deposits

0

Capital Expenditures

1,406

FF&E Reserve
Net Cash Flow DCF
Price

200
52,036

Cap Rate

4.3%

DCF price

Not recorded as it is the lessee's responsibility.

Not recorded as it is the lessee's responsibility.
The residential portion is not recorded because the lessee performs building management services according to
the lease agreement. The parking lot portion is recorded in consideration of the remuneration rate for similar
properties and the individual nature of the subject property.
Recorded based on documents related to taxes and public dues, etc.

Restoration costs are not recorded because they are borne by the lessee. Repair and maintenance expenses arerecorded by taking into account the actual amount of repair and maintenance expenses in previous years, the levelof similar properties, and the annual average amount of repair and renewal expenses in the engineering report,
etc.

Not accounted for.

No lump-sum payments were given or received and therefore not recorded.

Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

The appraisal was based on the level of FF&E reserve in comparable properties.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

1,200,000

Discount Rate

4.1%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

4.4%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

1,260,000

Land ratio

57.5%

Building Ratio

42.0%

Other Auxiliary Facilities

0.5%

27
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Other items considered by the appraiser in the appraisal
None in particular.

(11) R-088 RESIDIA Kyusandai-mae

Appraisal date: as of August 1, 2023
Appraisal
Value

Japan Real Estate Institute

Appraiser

Appraisal Items
Income Capitalization
Approach Value

Appraised Value(thousands of yen)
918,000

Direct Capitalization Price

922,000

Total Potential Income

48,267

Rental income

48,264

Other income

3

Total Effective
IncomeLosses from
Vacancies, etc.
Losses from
Delinquencies
Expenses from rental
business
Maintenance andManagement Fees

918,000 thousand yen
Basis.

The Income Capitalization Approach Value of the subject property was estimated by relating the Income
Capitalization Value obtained by the DCF to the Income Capitalization Value obtained by the Direct
Capitalization Approach Value.

Recorded rent based on the current lease agreement.
Recorded with reference to actual amounts.

48,26700

Not recorded in consideration of the contents of the lease contract and the creditworthiness of the lessee.
The Company determined that no recognition is required, taking into account the situation of the lessee and otherfactors.

6,046
240

The amount was recorded in consideration of the individual characteristics of the subject property, with reference
to the details of the lease agreement and actual amounts in previous years.

Utilities Costs

500

Utilities Costs of similar properties and the individual characteristics of the subject property were taken into
account.

Management
Commission Fees40

The residential portion is not recorded because the lessee performs building management services according to
the lease agreement. The parking lot portion is recorded in consideration of the remuneration rate for similar
properties and the individual nature of the subject property.

Taxes and Public Dues

4,659

Non-life Insurance
Premium

101

Recorded in consideration of premiums based on insurance policies and premium rates for buildings similar tothe subject building.

Leasing Expenses

0

The building lease contract is a single building lease contract, and therefore, the cost of tenant replacement or
renewal is not recorded, as it is considered appropriate to consider such costs in the capitalization rate.

Recorded based on documents related to taxes and public dues, etc.

Restoration costs are not recorded because they are borne by the lessee. Repair and maintenance expenses arerecorded by taking into account the actual amount of repair and maintenance expenses in previous years, the levelof similar properties, and the annual average amount of repair and renewal expenses in the engineering report,
etc.

Repair Costs

506

Other Expenses

0

Net Operating Income

42,221

Earnings from
Deposits

0

Capital Expenditures

1,181

Appraised, taking into account the level of Capital Expenditures of similar properties, Building Age, and theaverage annual amount of repair and renewal expenses in the engineering report, etc.

FF&E Reserve
Net Cash Flow DCF
Price

1,399

The appraisal was based on the level of FF&E reserve in comparable properties.

39,641

Cap Rate

4.3%

DCF price

Not accounted for.

Not accounted for.

Appraised by adding/subtracting the spread resulting from the subject property's location, building conditions,and other conditions to/from the standard yield of each area, and also by taking into account future uncertainties
and transaction yields on similar properties, etc.

913,000

Discount Rate

4.1%

Appraised by comprehensively taking into account the individual characteristics of the subject property, etc., withreference to the investment yields, etc., in transactions with similar properties.

Terminal Cap Rate

4.4%

The appraisal was made with reference to the transaction yields of similar properties, etc., and comprehensively
taking into account future trends in investment yields, the riskiness of the subject property as an investment,
general forecasts of future economic growth rates, and trends in real estate prices and rents, etc.

Cost Approach Value

986,000

Land ratio

47.0%

28
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Building Ratio

51.2%

Other Auxiliary Facilities

1.8%
Other items considered by the appraiser in the appraisal
None in particular.

5. Financial Impact on ADR in the Event of Failure to Fulfill Forward Commitment, etc.
Beneficiary Interests in Trust transfer agreements(hereafter, the “Agreement”) for the asset-to-be-acquired (T-187

RESIDIA Ochanomizu III, T-188 RESIDIA Sangenjaya III, T-189 RESIDIA Sendagi and S-036 Tokyo Student-House MusashiKosugi) constitutes a forward commitment, etc.(Note) by an investment corporation defined in the Comprehensive

Guidelines for Supervision of Financial Instruments Business Operators, etc. published by the Financial Services Agency.
The Agreement provides that if ADR or the seller violates a provision of the Agreement, the counterparty has the right toterminate the Agreement and claim an amount equivalent to 20% of the transaction price of the asset-to-be-acquired aspenalty.
However, ADR is not obliged to pay penalties to the seller for the expiration or cancellation of the Agreement except
where ADR is at fault.
(Note) Refers to a postdated sales agreement under which payment and property delivery shall be made at least one month after the conclusion of theagreement, or any other agreement similar thereto.

6. Overview of the Seller（1） T-182 RESIDIA Shirokane-Takanawa II, T-183 RESIDIA Meguro IV, T-187 RESIDIA Ochanomizu III, T-188
RESIDIA Sangenjaya III, T-189 RESIDIA Sendagi
Trade Name

ITOCHU Corporation

Location

3-1-3 Umeda, Kita-ku, Osaka-shi, Osaka

Representative

Keita Ishii, President and Chief Operating Officer

Principal business

ITOCHU is involved in domestic trading, import/export, and overseas trading of various products
such as textile, machinery, metals, energy, chemicals, food, general product, realty, information,
insurance, logistics, construction, and finance, as well as business investment in Japan andoverseas.

Capital253,448 million yen

Data of establishment

December 1, 1949

Total assets

13,111,652 million yen (as of March 31, 2023)

Shareholders’ equity

4,819,511 million yen (as of March 31, 2023)

Total capital

5,463,627 million yen (as of March 31, 2023)

Large shareholders andShareholding ratio

The Master Trust Bank of Japan, Ltd.(16.25%) etc. (as of March 31, 2023)

Relationship with ADR or ADIM
Equity relations
Personnel relations
Business relations

As of the end of July 2023, the said company owns 2.5% of ADR's outstanding investment units. In
addition, the said company is a shareholder of IRM and falls under the category of an interested party,
etc. of ADR as defined in the Law Concerning Investment Trusts and Investment Corporations.
As of today, one of the IRM's executives and employees is seconded from the said company.
The following is a summary of specified asset sales transactions, etc. for the fiscal year ended July 31,29
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Related parties’ status

2023.
Bought amount 0 yen /Sold amount 0 yen
The said company is not a related party of ADR. The said company is the parent company of IRM andfalls under the category of a related party.

（2） T-184 RESIDIA Bunkyo Koishikawa II, T-185 RESIDIA Shinagawa Seaside, T-186 Share Place Shimo-kitazawa,
S-036 Tokyo Student-House Musashi-Kosugi
Trade Name

ITOCHU Property Development, Ltd.

Location

2-9-11 Akasaka, Minato-ku, Tokyo

Representative

Norio Matsu, President

Principal business

Apartment and house construction and sales, real estate operation, management, and consulting,etc.

Capital10,225 million yen

Data of establishment

December 1, 1997

Total assets-

Shareholders’ equity-

Total capital-

Large shareholders andShareholding ratio

ITOCHU Corporation(100.0%)

Relationship with ADR or ADIM
Equity relations
Personnel relations
Business relations
Related parties’ status

The said company holds 20.0% of IRM's outstanding shares and is a support line company of ADR.
As of today, one of the IRM's executives and employees is seconded from the said company.
The following is a summary of specified asset sales transactions, etc. for the fiscal year ended July 31,
2023.
Bought amount 0 yen Sold amount 0 yen
The said company is not a related party of ADR. The said company is the subsidiary of parent company
ITOCHU Corporation (100%) and falls under the category of a related party.

（3） R-087 RESIDIA Kyudai-Gakkentoshi, R-088 RESIDIA Kyusandaimae
The seller is a domestic corporation, but details are not disclosed because consent could not be obtained from theseller. The company does not fall under the category of a party having a special interest relationship with ADR or
IRM.

7. Status of seller(1) T-182 RESIDIA Shirokane-Takanawa II
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Corporation

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-

Acquisition period(Land)
June 201430-

Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(Building)August 2015

(2) T-183 RESIDIA Meguro IV
Status of Property Owners,
etc.
Company Name / Name
Special Interests.

Previous owner, etc.

The time before last owner, etc.

ITOCHU Corporation

Other than those with a special interest

Interested parties as defined in the

Relationship with ainternal rules of IRM

certain person
Background and reason-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)
August 2014, October 2014

Acquisition period(Building)-January 2016

(3) T-184 RESIDIA Bunkyo Koishikawa II
Status of Property Owners,

Previous owner, etc.

The time before last owner, etc.

ITOCHU Property Development, Ltd.

Other than those with a special interest

etc.
Company Name / Name
Special Interests.

Interested parties as defined in the

Relationship with ainternal rules of IRM

certain person
Background and reason-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)
July 2014

Acquisition period(Building)-

September 2016

(4) T-185 RESIDIA Shinagawa Seaside
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Property Development, Ltd.

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM
Rental Housing Development
Objectives-

31
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

for acquisition, etc.
Acquisition Price

Omitted for development purposes-(Land)
Acquisition period

April 2014
(Building)-March 2018
(5) T-186 Share Place Shimokitazawa
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Property Development, Ltd.

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)
Acquisition period

October 2017
(Building)-

September 2021
(6) T-187 RESIDIA Ochanomizu III
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Corporation

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)
September 2014
Acquisition period

July 2015
July 2023 (Note 10)-(Building)November 2016
(Note) A portion of this site (98.51m2) is a private road, which the previous owner will purchase from a third party for 1,000 thousand yen in July
2023 and then sell to ADR. The 407 thousand yen in registration-related costs incurred by the previous owner in acquiring the said private road will
be settled between the previous owner and ADR.

32
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

(7) T-188 RESIDIA Sangenjaya III
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Corporation

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)March 2015
Acquisition period

April 2015-

(Building)
May 2017(8) T-189 RESIDIA Sendagi
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Corporation

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-(Land)
November 2014
Acquisition period

December 2014-

(Building)
October 2017(9) S-036 Tokyo-Student House Musashi-Kosugi
Status of Property Owners,
etc.
Company Name / Name
Special Interests.
Relationship with acertain person
Background and reason

Previous owner, etc.

The time before last owner, etc.

ITOCHU Property Development, Ltd.

Other than those with a special interest

Interested parties as defined in theinternal rules of IRM-

for acquisition, etc.

Rental Housing Development
Objectives-

Acquisition Price

Omitted for development purposes-

Acquisition period(Land)
December 2014-33
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

April 2015
(Building)January 2017(10) R-087 RESIDIA Kyudai-Gakkentoshi, R-088 RESIDIA Kyusandaimae
Omitted since the acquisition is not from a specially interested party.
8. Interest of IRM in the Asset-To-Be-Acquired(1) In conducting transactions with interested parties as described in 7. Seller Status (Acquisition of properties fromparties with special relationships) above, IRM has followed the required procedures in accordance with theprovisions of IRM's internal rules "Rules on Transactions with Interested Parties.
(2) Of the above assets-to-be-acquired, ADR has agreed that T-182 RESIDIA Shirokane-Takanawa II, T-183 RESIDIA
Meguro IV, T-184 RESIDIA Bunkyo Koishikawa II, T-185 RESIDIA Shinagawa Seaside, T-186 Share Place
Shimo-kitazawa, T-187 RESIDIA Ochanomizu III, T-188 RESIDIA Sangenjaya T-189 RESIDIA Sendagi and
S-036 Tokyo Student-House Musashi-Kosugi, the master lease and property management services will be
entrusted to ITOCHU Urban Community Co., Ltd. which is an interested party of the IRM. Therefore, necessary
procedures are scheduled to be taken in accordance with internal rules regarding the conclusion of a building
lease and management operation consignment agreement, etc. with the company.

9. Matters concerning earthquake resistance, etc.
For the Asset-To-Be-Acquired (except for R-088 RESIDIA Kyusandaimae), ADR has received notifications that thestructural calculation documents have been approved by the designated structural calculation inspection institute inaccordance with the revision of the Building Standard Act that came into effect in June 2007.
For R-088 RESIDIA Kyusandaimae, a third-party investigation was conducted on the validity of the structural
calculation report, and the investigation results were obtained to the effect that there was no evidence of willfulfalsification, forgery, or other irregularities in the structural calculation report, etc., and that the structural calculation was
conducted in compliance with the law.
Survey Company Overview
Trade name

Tokio Marine dR Co., Ltd.

Head Office Address

5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo

Representative

Nobuhiro Tsutsumi, Representative Director and President

Amount of Capital

100 million yen
Tokio Marine Holdings, Inc.
1. research, study, information provision, diagnosis, consulting, seminar organization,
publication, and training services related to safety, disaster prevention, hygiene,
environment, product safety, information management, etc.
(2) Contracted work and administrative work related to safety, disaster prevention,
hygiene, the environment, product safety, information management, etc., performed bycompanies, etc.

Major Shareholder

Principal Businesses

34
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.

Design, construction, and supervision of building construction, civil engineering,equipment construction, soil decontamination, etc.
4. due diligence services such as collection and analysis of market information, risk
measurement, and calculation of corporate value, etc.
ADR andRelationship with IRM

none in particular

10. Broker Profile
Not applicable.

11. Outlook
As described in the "Notice Concerning Revision to Forecast of Financial Results for the Period Ending January
31, 2024 (FP27) and Forecast of Financial Results for the Period Ending July 31, 2024 (FP28)" released today.

About Advance Residence Investment Corporation
Advance Residence Investment Corporation is the largest J-REIT specializing in residential properties and is managed by ITOCHU REITManagement Co., Ltd. (IRM), the asset management company of the ITOCHU Group, investing in over 270 rental apartments located mostly
in central Tokyo and in other major cities throughout Japan (AUM over 470 billion yen). ADR can be expected have a stable dividend in thelong-term and can be considered as a defensive J-REIT, on back of the stable income from residential assets and with the largest dividend reserve
among J-REITs.
"Advance" is the common brand name of the real estate investment corporation managed by ITOCHU REIT Management Co., Ltd.
ADR’s website: https://www.adr-reit.com/en/
IRM’s website : https://www.itc-rm.co.jp/en/

35
Note: This press release was prepared as a public announcement regarding the acquisition of assets by ADR and was notprepared with the aim of soliciting investments. ADR asks that investors make investment decisions only after
they have made sure to refer to the prospectus for the issue of new investment units and secondary offering ofinvestment units as well as amendments thereto (if any) prepared by ADR, and that they make investment
decisions at their own discretion and responsibility.