October 6, 2011
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director Yuji Yokoyama(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO Kosei Murakami
Contact CFO and Director Morio Shibata(TEL 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties
and Domestic Real Estate Trust Beneficiary Interest
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on and completed the acquisitionof real estate properties and real estate trust beneficiary interest in Japan as shown below.

1. Reason for Acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following properties was made to ensure the steady growth of theentire portfolio, and for the diversification and further enhancement of the investment portfolio in Tokyo’s 23
wards.

2. Overview of Acquisition
Name of property acquired(Note 1)
Property 1
Property 2
Property 3

Type of property acquired

Park Cube Kita Matsudo
Park Cube Sasazuka
Park Cube Musashi Kosugi
Total

Real estate property
Real estate property
Trust beneficiary interest

Acquisition priceAppraised value(Note 2)
(Note 3)(Thousands of yen) (Thousands of yen)
1,200,000
1,220,000
2,200,000
2,440,000
2,250,000
2,300,000
5,650,000
5,960,000(1) Date of conclusion of sales contract

September 30, 2011

(2) Date of handover

September 30, 2011(3) Seller

Itochu Property Development, Ltd.

(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at time of delivery(Note 1)

The current names of the properties acquired are “Artis Kita Matsudo,” “Artis Sasazuka,” and “Artis Musashi
Kosugi.” NAF plans to rename the properties as stated above without delay after it has acquired theproperties.

(Note 2)“Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed
property taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the realestate property sales contract or the trust beneficiary interest sales contract for the properties acquired.

(Note 3)

“Appraised value” is based on the amount mentioned in the real estate appraisal report (as of August 31,
2011) which Morii Appraisal & Investment Consulting, Inc., prepared for the properties acquired.

3. Description of Properties Acquired(1) Outline of the properties acquired
Property 1: Park Cube Kita Matsudo
Name of property acquired
Type of property acquired
Acquisition price (Note 1)
Appraisal company
Appraised value (Note 2)
Date of value appraisal

Park Cube Kita Matsudo
Real estate property¥1,200,000 thousand
Morii Appraisal & Investment Consulting, Inc.
¥1,220,000 thousand
August 31, 2011

Location

Residence indication

904-3 Kami-Hongo Aza Santo Maki, Matsudo-shi, Chiba (district
where residence indication has not been implemented yet)

Building-to-land ratio
Floor-area ratio
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)

80%
400%
Commercial zone2
627.34 m
Proprietorship
February 17, 2009

Structure / number ofstories (Note 5)

Flat-roofed reinforced concrete structure / 14 stories

Land

Uses (Note 5)
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Apartment building / retail facilities
2,753.82 m2
Proprietorship
108 residence / 1 retail, etc.
2,358.66 m2
None
None

Special features of the property

The property is a one-minute walk from the nearest station, Kita
Matsudo Station on the JR Joban Line, and has good accessibility.
From Kita Matsudo Station, it is approximately 33 minutes toOtemachi Station on the Tokyo Metro Line and approximately 27
minutes to JR Ueno Station (transfer to JR Joban Line rapid train at
JR Matsudo Station), thus making it a generally favorable location.
In addition, there are supermarkets, restaurants and such, in theproximity, making the location highly convenient. Demands can be
expected mainly from single businesspersons, etc., who seek close
proximity and convenience to the nearest train stations and working
places.

Building

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental revenues

1
109
75
2
2,358.66 m
2
1,678.62 m
71.2%¥11,222 thousand
Please refer to <Attached Document 1>
Summary of the appraisal report on theamount of the property acquired.

Property 2: Park Cube Sasazuka
Name of property acquired
Type of property acquired
Acquisition price (Note 1)
Appraisal company
Appraised value (Note 2)
Date of value appraisal
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / number ofstories (Note 5)

Park Cube Sasazuka
Real estate property¥2,200,000 thousand
Morii Appraisal & Investment Consulting, Inc.
¥2,440,000 thousand
August 31, 2011
4-3 Sasazuka 2-chome, Shibuya-ku, Tokyo
80%
500%
Commercial zone2505.21 m
Proprietorship
August 19, 2009
Flat-roofed reinforced concrete structure / 1 story below and 15
stories above ground

Uses (Note 5)
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Apartment building / shops / parking lot
3,118.51 m2
Proprietorship
92 residence / 1 retail, etc.
2,416.00 m2
None
None

Special features of the property

The property is a four-minute walk from Sasazuka Station on the
Keio Line, and has good accessibility to the nearest station. It is
about 5 minutes from Shinjuku Station, which is its terminal station,and has good accessibility to central Tokyo.
In addition, there are a number of shopping centers,
supermarkets, restaurants, etc. around the property leading to highliving convenience as well as high demand for rental housing.
Demand can be expected mainly from single businesspersons,students, etc., who seek close accessibility and convenience to thenearest stations and work places.

Building

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental revenues

1
93
79
2
2,416.00 m
2
2,064.37 m
85.4%¥28,868 thousand
Please refer to <Attached Document 1>
Summary of the appraisal report on theamount of the property acquired.

Property 3: Park Cube Musashi Kosugi
Name of property acquired
Type of property acquired
Trustee
Trust period
Acquisition price (Note 1)
Appraisal company
Appraised value (Note 2)
Date of value appraisal
Location

Land

Residence indication
Building-to-land ratio
Floor-area ratio
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / number ofstories (Note 5)

Uses (Note 5)
Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)
Building

Special features of the property

Details of tenants(Note 7)Park Cube Musashi Kosugi
Trust beneficiary interest
The Sumitomo Trust and Banking Co., Ltd.
From November 20, 2009 to September 30, 2021
¥2,250,000 thousand
Morii Appraisal & Investment Consulting, Inc.
¥2,300,000 thousand
August 31, 2011890-6 Shinmaruko-higashi 2-chome, Nakahara-ku, Kawasaki-shi,
Kanagawa (district where residence indication has not been
implemented yet)
80% / 80%
400% / 300%
Commercial zone, Neighborhood commercial zone
802.44 m2
Proprietorship
September 25, 2009
Flat-roofed reinforced concrete structure / 14 stories
Apartment building
3,469.18 m2
Proprietorship
136
23,057.36 m
None
None
The property is a five-minute walk from Shinmaruko Station on the
Tokyu Toyoko Line, a six-minute walk from Musashi Kosugi Stationon the Tokyu Toyoko Line and JR Nambu Line, and aneight-minute walk from Musashi Kosugi Station on the JR
Yokosuka Line. This is a very favorable location in terms ofaccessibility to the nearest stations, as Shibuya Station isapproximately 13-minutes via limited express train from Musashi
Kosugi Station on the Tokyu Toyoko Line, and 18-minutes to Tokyo
Station from Musashi Kosugi on the JR Yokosuka Line, making it afavorable location in terms of accessibility to central Tokyo.
There is a shopping district around Shinmaruko Station and theMusashi Kosugi Station area has high living convenience with the
opening of a supermarket along with development. Demand canbe expected mainly from single businesspersons, etc., who seek
close accessibility and convenience to the nearest stations andwork places.

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit

1
136
129
2
3,057.36 m
22,895.34 m
94.7%¥16,980 thousand

Total rental revenues

Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the property acquired.

(Note 1)“Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed
property taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the realestate property sales contract or the trust beneficiary interest sales contract for the property acquired.

(Note 2)

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate(Note 3)“Site area” of the “Land” item denotes the land area as entered in the register.

appraisal report which Morii Appraisal & Investment Consulting, Inc. prepared for the property acquired.
(Note 4)“Completion date” of the “Building” item denotes the date as entered in the register.

(Note 5)“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.

(Note 6)

“Special affairs” denotes matters which NAF recognizes as important as of today, taking into consideration(Note 7)

Description of the “Details of tenants” column:

their effects on title-related matters, use, appraised value, profitability, etc. of the property acquired.
(i)“Total number of tenants” is denoted as “1 tenant” where a master lease contract (blanket lease
contract) has been concluded with a master lease company. As to the properties acquired, NAF has
concluded a master lease contract with the master lease company, that is, Mitsui Fudosan Housing
Lease Co., Ltd. The above “Total number of tenants” means the total number of tenants after conclusionof the said master lease contract.

(ii) “Rentable units” denotes the number of rentable units in the properties acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit” are based on information provided by the seller,
valid as of September 14, 2011.
(iv) “Rentable area” denotes the total rentable area of the building of the property acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

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

Acquired property name

Property 1
Park Cube Kita
MatsudoInvestigations
into the sateof building

Replacement value
Earthquake
risk diagnosis(Note)

Property 3
Park Cube Musashi
Kosugi

Sumitomo Mitsui Construction Co., Ltd.

Consigned investigatingcompany
Investigated date
Urgent repair cost
Short-term repair cost
Repair and renewal
costs expected to benecessary within 12
years

Property 2
Park Cube
Sasazuka––

September 5, 2011
–
–

–
–

¥38,605 thousand¥33,717 thousand¥50,601 thousand¥790,827 thousand¥818,883
thousand¥1,013,974
thousand

9.2%

9.5%

9.6%

PML value (Note)

The PML value is based on a report on earthquake risk diagnosis made by Sumitomo Mitsui Construction
Co., Ltd. However, the report on earthquake risk diagnosis only states the views of the consigned
investigating company and does not provide any guarantee for its contents. PML (Probable Maximum Loss)represents the rate of probable maximum loss to be caused by earthquakes. In this case, it means theextent of damage to be caused by one of the biggest earthquakes anticipated to happen within the expected
duration of service (the biggest earthquake which happens once every 475 years = 10% chance of a big
earthquake happening once every 50 years) represented by the rate (%) of the estimated cost of restorationfrom the damage to the replacement cost.

Profile of third party investigative body
Trade Name
Head office address
Representative
Description of principal operations
CapitalRelationship with NAF and Investment
Trust Management Company

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer
Design and construction of civil engineering, building, prestressed
concrete work and related operations, and other¥12,003 million
None

4. Outline of Seller
Company nameItochu Property Development, Ltd.

Head office address

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

Representative and theirposition

Shigeru Tsujimura, President and Chief Executive Officer

Description
operations

Construction and subdivision sales of condominiums and housing, etc.

ofprincipal

Capital¥10,225 million

Date of establishment
Net assets
Total assets

December 1, 1997
¥6,981 million (as of March 31, 2011)¥71,496 million (as of March 31, 2011)
Shareholder

Major stockholders andshareholding ratio (as ofMarch 31, 2011)

Shareholding ratio

Itochu Corporation

99.8%

Century 21 Real Estate of Japan Ltd.

0.2%

Relationship with NAF and Investment Trust Management Company
There are no capital relationships to report between NAF or the Investment
Trust Management Company, and the broker. Also, there are no capital
Capital relationships
relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, andany related parties or associated companies of the broker.
There are no personal relationships to report between NAF or theInvestment Trust Management Company, and the broker. Also, there are
Personal relationships
no personal relationships to report between any related parties or
associated companies of NAF or the Investment Trust Management
Company, and any related parties or associated companies of the broker.
There are no business relationships to report between NAF or theInvestment Trust Management Company, and the broker. Also, there are
Business relationships
no business relationships to report between any related parties or
associated companies of NAF or the Investment Trust Management
Company, and any related parties or associated companies of the broker.
The broker does not fall under the category of related parties of NAF or the
Applicability to related
Investment Trust Management Company. Also, the related parties andparties
associated companies of the broker do not fall under the category of
related parties of NAF or the Investment Trust Management Company.

5. Transactions with Related Parties and the Like
The properties acquired have not been acquired from a party classified as having a relationship of special
interest with NAF or the Investment Trust Management Company. Since Mitsui Fudosan Housing Lease Co.,
Ltd., which became the master lease company and property management company as of today, falls under“Related parties and the like” (Note) according to NAF’s self-established rules on asset management relevant
to transactions with related parties and the like, the master lease contract and property management contract
have been carried out through deliberation and decision by the compliance committee of the Investment TrustManagement Company and the investment committee.
(Note)“Related parties and the like” means related parties and the like of an Investment Trust Management
Company which has concluded an asset management contract with NAF, as determined in the Order for
Enforcement of the Act on Investment Trust and Investment Corporation, Article 123.

6. Situation of the Acquired Properties
Not applicable.

7. Earthquake Resistance Matters
The properties acquired have undergone structural evaluations to determine conformity pursuant to the
Building Standards Act as revised by Act No. 92 of 2006.
In addition, NAF examines earthquake risks during the course of due diligence upon acquisition of properties,
from perspectives that are different from those of building certification investigations performed by aninspection and certification agency, by inspecting designs and performing on-site reviews using structural
drawings, structural calculation sheets and other information.

8. Outline of Brokerage
There was no brokerage for the transactions of the properties.

9. Outlook for Management of the Properties after Acquisition
Regarding the financial results forecast after the acquisition of properties, NAF plans to separately announceat the time of the financial results forecast release for the period ending August 2011 (planned to be announced
on October 17, 2011), taking into consideration the management situation of the entire portfolio.

*

This English language notice is a translation of the Japanese language notice dated September 30,
2011 and was prepared solely for the convenience of, and reference by, overseas investors. NAF
makes no warranties as to its accuracy or completeness.

<Attached Documents>
1. Summary of the appraisal report on the amount of the properties acquired
2. Portfolio list after the acquisition of the properties are completed (on an acquisition price basis)
3. Photos of exterior and entrance of the properties acquired<Attached Document 1> Summary of the appraisal report on the amount of properties acquired(unit: Thousands of yen)

Acquired property nameAppraised value (specified value)(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Revenues from key money, etc.
Renewal fees
Other revenues(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]Operatingexpenses

Property 2

Property 3

Park Cube Kita
MatsudoPark Cube
SasazukaPark Cube
Musashi Kosugi

1,220,000

Assessment item(a) Unit rental revenues, includingcommons area fees

Operatingrevenues

Property 1

2,440,000

2,300,000

Details
101,889

153,743

152,073

0

0

0

720

3,960

12,972

4,048

6,285

10,867

945

0

5,850

1,914

2,957

3,017

1,189

3,328

2,000

106,657

163,988

175,912

6,597
0

8,780
0

13,2870

100,060

155,208

162,625(g) Maintenance expense

3,993

5,704

5,975

(h) Utilities expense

1,199

1,490

888

(i) Repair expense

2,259

2,054

3,096

(j) Property management fees

3,883

6,223

6,214

(k) Tenant soliciting fee, etc.

3,876

5,387

5,938

(l) Taxes and public dues

4,486

6,645

7,512

(m) Property insurance fee

124

297

356

0

90

251

19,82027,89030,23080,240127,318

132,395

211

606

346

(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposit(p) Capital expenditures(5) Net income [(4)+(o)-(p)](6) Cap rate
Value of earnings calculated
capitalization method [(5)÷(6)]

by

the

directValue calculated by discounted cash flow method

2,252

1,967

2,952

78,199125,957

129,789

6.3%

5.1%

5.6%

1,240,000

2,470,000

2,320,000

1,190,000

2,400,000

2,270,000

Discount rate

6.0%

4.8%

5.3%

Terminal cap rate

6.6%

5.4%

5.9%

Cost method value

934,000

1,410,000

1,390,000

Total value of land and building

934,000

1,413,000

1,391,000

Land value

201,000
733,000

625,000

427,000

788,000

964,000

0

0

0

Building value
Adjustment

NAF requested real estate appraisal by Morii Appraisal & Investment Consulting, Inc., for the property
acquired, based on points to note when appraising real estate from the Act on Securities Investment Trustand Securities Investment Corporations, and based on the Act on Real estate Appraisal (1963 Act No. 152,
including later amendments) and on real estate appraisal standards. The above figures record a summaryof the real estate appraisal report prepared. The appraisal valuation is the judgment and opinion of theappraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor the
possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.

<Attached Document 2> Portfolio list after the acquisitions of the properties are completed (on an acquisition
price basis)
1. Rental Apartments
Location

Acquisition price(millions of yen)
(Note 1)

Portfolio Share(%)(Note 2)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

12.9

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.8

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.4

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.8

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.6

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.2

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.9

Park Axis Tsukishima

Chuo-ku, Tokyo

Name

930

0.4
0.7

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.7

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.6

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

3.3

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.9

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.3

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.2

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

0.9

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

4.2

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.5

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.8

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

1.1

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.8

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.1

Park Cube Ueno

Taito-ku, Tokyo

2,233

1.0

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.7

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.8

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.5

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.5

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.7

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.8

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.2

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.4

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.9

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.7

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.8

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.4

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.6

840

0.4

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

3.3

Park Axis Kameido

Koto-ku, Tokyo

2,359

1.0

745

0.3

Kita-ku, Tokyo

1,448

0.6

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.5

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.5

Park Axis Toyosu

Koto-ku, Tokyo

14,300

6.2

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.8

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Honancho

Nakano-ku, Tokyo

Park Axis Itabashi

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.2

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.8

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.5

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.6

Park Axis Itabashi Honcho Nibankan

Itabashi-ku, Tokyo

1,859

0.8

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.4

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.6

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

1.0

189,555

82.6

Hachioji-shi, Tokyo

991

0.4

Hachioji-shi, Tokyo

1,130

0.5

Funabashi-shi, Chiba

1,020

0.4

1,419

0.6

1,679

0.7

970

0.4

Tokyo 23 wards total
Park Cube Keio Hachioji
Park Cube Keio Hachioji II
Park Axis Nishi Funabashi
Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
ChibaPark Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.5

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi,
Kanagawa

2,250

1.0

10,659

4.6

2,440

1.1

1,920

0.8

1,515

0.7

1,890

0.8

742

0.3

1,547

0.7

2,320

1.0

960

0.4

605

0.3

1,650

0.7

827

0.4

Greater Tokyo Total (Note 3)
Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Park Axis Marunouchi
Aichi
Chuo-ku,Fukuoka-shi,
Park Axis Ropponmatsu
Fukuoka
Hakata-ku,Fukuoka-shi,
Park Axis Hakataeki Minami
Fukuoka
Hakata-ku,Fukuoka-shi,
Park Axis Naka Gofukumachi
Fukuoka
Higashi-ku, Nagoya-shi,
Park Axis Shirakabe
Aichi
Wakabayashi-ku,
Park Axis Sendai
Sendai-shi, Miyagi
Hakata-ku,Fukuoka-shi,
Park Axis Hakata Minoshima
FukuokaMinami-ku,Fukuoka-shi,
Park Axis Takamiya Higashi
Fukuoka
Chuo-ku, Sapporo-shi,
Park Axis Sapporo Shokubutsuen Mae
Hokkaido
Atsubetsu-ku,
Park Axis Shin Sapporo
Sapporo-shi, Hokkaido
Park Axis Meieki Minami

Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

1.0

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

1.0

21,184

9.2

221,398

96.5

Other Major Cities Total (Note 4)Total

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.4

991

0.4

916

0.4

374

0.2

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

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.5

Phirosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

Dormy Musashi Kosugi

Nakahara-ku,
Kawasaki-shi,
Kanagawa

1,152

0.5

8,129

3.5

229,527

100.0

Total

Grand total(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax,
urban planning tax, consumption tax, and local consumption tax) of the property acquired. Amounts less than one
million yen have been rounded off.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” refers to cities designated as regional government ordinance.