Explanation of the “Summary of the Asset-To-Be-Acquired” and “Summary of the Appraisal Report”
in the Notice Concerning Acquisition of Investment AssetThe following is a supplemental explanation regarding the press releases "Notice Concerning Acquisition of Assets" or"Notice Concerning Acquisition of Real Estate Trust Beneficiary Interest in Japan " after February 28, 2024, and "today" in thefollowing refers to the date of publication of the press release.
In addition, if the acquisition of the assets is completed on or after the date of the press release, we will announce on the press
release page of the ADR website that the acquisition of assets has been completed.

■Explanation of Summary of the Asset-To-Be-Acquired
Trustee“Trustee” indicates the trustee of the trust agreement for the real estate in trust as of today or the trustee scheduled tobe appointed is listed.

Address"Address" indicates the residential indication. However, for those that do not have a residential indication, the building
address based on the street number or the building address in the registry book is stated.

Type ofOwnership“Type of Ownership” indicates the type of rights
held or to be held by the trustee or owner withrespect to the real estate in trust or real estate.

Zoning“Zoning” for the land indicates the type ofzoning as listed in Article 8, Paragraph 1,
Item 1 of the City Planning Act.

Land Area“ Land Area” is based on the description in theregistry book. The description in the registry may
not match the status of the property.

FAR /Building
CoverageRatio“FAR / Building Coverage Ratio” indicatesthe designated floor-area ratio or designatedbuilding-to-land ratio as stipulated in the cityplan.

Structure /Floors“Total Floor Area,” “Structure / Floors,” “Use” and “Construction Completion Date” for the building are eachpursuant to the entries indicated in the registry for the property.

Type ofOwnership“Type of Ownership” indicates the type of rights
held or to be held by the trustee or owner withrespect to the real estate in trust or real estate.

Use“Use” is pursuant to the entries indicated in
the registry for the property. However, “Use”
provides the primary use out of the types
indicated in the registry.

Total FloorSpace“Total Floor Space” is pursuant to the entries
indicated in the registry for the property. “Totalfloor area” provides the floor area of the overallbuilding (excludes floor area of annexed buildings).

Construction
Completion
Date“Construction Completion Date” is pursuant
to the entries indicated in the registry for theproperty.

Land

Building

Property Management
Company“Property Management Company” provides the property management (here in after, PM) companies that have been or
will be entrusted with PM services for each real estate in trust or real estate as of today are listed.
In cases where the PM services have been or will be recommissioned, the PM company to which the recommissioning
has been made is listed.

Master Lessee“Master lessee” indicates the lessee that has executed or will execute a master lease agreement with the real estate
owner in trust or the real estate owner as of today.

Master Lease type

“Master lease type” is based on the type of master lease agreement as of today and is “Pass-through” when themaster lessee pays the same amount of rent as the end-tenant owes to the master lessee, and “Guaranteed Rent” whenthe master lessee pays the guaranteed rent.
In addition, although the master lease agreement that has been executed or is scheduled to be executed is “Passthrough” type, the case in which a sublessee that has been or is scheduled to be subleased in bulk by the master lessee isentrusted with PM services and is required to pay guaranteed rent to the master lease company is also considered a“Guaranteed Rent” type.

Lease Conditions

Total Tenants“Total Tenants” indicates the number of tenants as 1 when a master lease agreement has been executed or is scheduled
to be executed with the master lessee.

Leasable Units“Leasable Units” indicates the number of units available for lease as of today, based on information provided by thecurrent owner, and for properties with guaranteed rent, the number of units available for sublease by the lessee.

Leasable Floor Area

“Leasable Floor Area” means the total leasable area of each building as of today, excluding the leasable area of land(parking lots, etc.), and includes information provided by the current owner or indicated in the lease agreement or plansof the relevant property, etc.

Leased Area

“Leased Area” indicates the area that is leased out of the leasable area.
In the case where a master lease agreement is executed or scheduled to be executed with a master lessee and the typeof master lease is Pass-through, the leased area is the area that is actually leased through the execution of the leaseagreement with the end-tenant.
When the master lease type is Guaranteed Rent, the area covered by the rent guarantee is stated in principle.
However, in cases where an agreement of the different master lease type has been executed or is scheduled to beexecuted, the figure is the sum of the area leased and the area subject to the rent guarantee, where the lease agreement
has been executed between the master lessee or each property or property owner in trust and the end tenant.
For each master lease type, the information is based on the information provided by the current owner or indicated in
the lease agreement or drawings of the relevant property.

Occupancy Rate(based on floor area)“Occupancy Rate (based on floor area)” is calculated as follows. “Leased area” ÷” Leasable area” × 100. The figures
are rounded to the second decimal place.

Total Monthly Rent

“Total Monthly Rent”, in principle, when the master lease agreement has been executed or is scheduled to beexecuted with a master lessee and the type of master lease is Pass-through, the total amount of monthly rent indicatedin the lease agreement, etc. executed between the master lessee or the owner of each property or property in trust andthe end-tenant (including common service charges, but excluding the charges for the use of annex facilities such as
parking lots and trunk rooms) is used.
In the case where the master lease agreement is executed or scheduled to be executed with the master lessee, and thetype of master lease is a Guaranteed Rent, the lease agreement with a guaranteed rent that has been executed orscheduled to be executed between the master lessee and each real estate or real estate in trust owner, or in the case of
Guaranteed Rent, it is the total amount of the monthly guaranteed rent (including the fixed amount of common service
charges, but excluding the usage fees of annex facilities such as monthly parking lots and trunk rooms) indicated in thesublease agreement with the rent guarantee concluded or to be concluded between the master lessee and the sublessor
who has a bulk sublease from the master lessee.
However, in cases where contracts of different master lease types have been executed or are scheduled to be executed,
the total amount of Pass-through monthly rent and guaranteed monthly rent is shown. Figures are rounded down to thenearest thousand yen and exclude consumption tax, etc.

Deposits,Guarantees, etc.

“Deposits, Guarantees, etc.”, in principle, in cases where the master lease agreement has been executed or isscheduled to be executed with a master lessee and the type of master lease is Pass-through, the total balance of security
deposit, guarantee money, etc. of each end tenant based on the lease agreement executed between the master lessee or
each property or property owner in trust and the end tenant is stated, rounded down to the nearest thousand yen.
However, if there is any portion that is not required to be returned due to a special agreement such as a security
deposit or amortization of security deposit in each lease contract, the amount after deduction of such amount is stated.
In cases where a master lease agreement has been executed or is scheduled to be executed with the master lessee andthe type of master lease is a Guaranteed Rent, the balance of security deposits, etc. based on the lease agreement withthe rent guarantee executed or to be executed between the master lessee and the owner of each property or property intrust, or the sublease agreement with the rent guarantee executed or to be executed between the master lessee and asublessee who is subleasing in bulk from the master lessee with a rent guarantee is shown.
However, in cases where contracts of different master lease types have been executed or are scheduled to be executed,
the total amount of Pass-through security deposits, guarantees, etc. and rent-guaranteed security deposits, guarantees,etc. is shown. The amount is rounded down to the nearest thousand yen.

“Number of Units by Type (Excluding Operational Rental Housing)” indicates the number of unit type based on thefollowing classification.
“Other” indicates uses other than residential units, such as stores and offices. Based on information provided by thecurrent owner, the number of leasable units of each unit type as of today in the number of leasable units of the realestate in trust or real estate, and for properties with guaranteed rent, the number of units that can be subleased by thelessee is shown.
In addition, Operating rental housing is excluded. Operational rental housing is a property operated differently from
common rental housing by their operators, and its uses include serviced apartments (furnished rental housing for shortterm residents), dormitories for working people and students, and housing for the elderly, etc.

FloorPlanStudio

Number of Units byType（Excluding Operational
Rental Residence）

Number of Operated
Rental Residence

Other Relevant Information

1bedro2bedro
om
3
bedro
om
4
bedro
om

~30m2

~40m2

~50m2

S
S
S

S
C
C

C
C
C
F

Exclusive-use floor area
~60m2
~70m2
C
C
F
F

~80m2

~90m2

Over
90m2

L
L
F
F
F

L
L
F
F
F

L
L
L
L
L

L
L
F
FFom

S:

Single typePrimarily residential units designed for single-person households

C:Compact typePrimarily residential units designed for single-person households
and small-family households (2 to 3 people)

F:

Family typePrimarily residential units designed for family households

L:

Large typePrimarily residential units designed for foreigners

Studio1R or 1K

1 bedroom

1DK or 1LDK

2 bedroom

2DK, 2LDK, 1LDK+S, etc.

3 bedroom

3DK, 3LDK, 2LDK+S, etc.

4 bedroom

4DK, 4LDK, 3LDK+S, etc., or those with 5 or more rooms that are in ongoing use forliving, working, gathering, leisure or other similar purposes“Number of Operational Rental Housing Units” indicates the number of leasable units of the real estate in trust or realestate as of today, based on information provided by the current owner, and for Rent Guarantee properties, the numberof units available for sublease by the lessee.

“Other Relevant Information” presents matters recognized to be of importance in association with the rights, use of the Asset-to-be-Acquired,as well as matters recognized to be of importance in the consideration of the degree of impact on the appraised value, profitability andappropriation of the Asset-To-Be-Acquired, including the following items.
・Major limitations or restrictions under laws and regulations
・Major burdens or restrictions on rights, etc. ・Main cases where there are structures, etc. beyond the boundaries of the relevant real estate intrust or real estate, or where there are problems with boundary confirmation, etc., and the agreements, etc. related thereto
・Major agreements or understandings made with co-owners/compartmentalized owners
Summary of Building Conditions Investigation Report
・The summary is based on the report prepared by the investigator listed in this column regarding the Asset-To-Be-Acquired. However, thecontents of the report are solely the opinion of the aforementioned investigator, and ADR does not guarantee its validity or accuracy.
・“Long-term Repair Costs (next 12 years)” is rounded down to the nearest unit.
・“Building Replacement Price” is rounded down to the nearest unit.

■Explanation of “Summary of the Appraisal Report”• The values are those stated in the appraisal report or price survey report prepared for the property to be appraised by the appraiser stated in thiscolumn.
• Even if an appraisal or price survey is conducted again for the same property, the appraisal value or survey price may differ depending on thereal estate appraiser who conducts the appraisal or price survey, the method or timing of the appraisal or price survey.
• The appraisal value or survey price of a property is not a guarantee or promise that the property will be sold or purchased at that appraisal value
or survey price at present or in the future.
• There is no conflict of interest between the appraiser listed in this column who conducted the appraisal or price survey and ADR.