Fifth Fiscal Period Financial Results(ended May 2009)Basic Principles

Nomura Real Estate Residential Fund, Inc. (the “Fund”) will adhere to the following basic principles in order to
execute fund management in accordance with solid investment policies for investment in residential properties:

Strategy

The Fund will aim to secure stable mid-to-long-term earnings through the strategic selection of properties
and expert asset management based on sufficient understanding of “tenant demands” reflecting thecharacteristics of residential rental property investments and market trends.

Acquisition

The Fund will create a stable portfolio with consideration to rent levels, geographic area, building age,
property type, etc., through the continuous acquisition of “PROUD FLAT” properties from the Nomura Real
Estate Group and “PRIME URBAN” and “URBAN STAGE” properties from other sources utilizing oursourcing expertise.

Asset Management

To maximize the long-term profitability and asset value of the properties under management, the Fund will
select the “optimal property management company corresponding to the characteristics of the property,”
and, at the same time, implement flexible and organized leasing and renewal strategies corresponding totenant trends, aging of the portfolio and the increase of the number of properties under management.

Finance

The Fund will establish a strong financial base such as “conservative LTV ratio,” ”appropriate control ofinterest fluctuation risk through the lengthening of loan periods and fixing of interest rates,” and“diversification of lenders,” in order to manage the Fund in a stable manner with minimum impact fromfinancial market conditions.

Compliance

The Fund will implement fair and transparent fund management through prevention of conflict of interestsand enforcement of compliance to maintain our position as a “REIT committed to meeting the trust andexpectations of the investors.”

Contents

Highlights of the Fifth Fiscal Period (ended May 31, 2009)
 Highlights of the Fifth Fiscal Period

Fund Management Results2

 Investment Results
Properties Acquired During the Fifth Fiscal Period
 Management Results

Fund Management Summary

Portfolio Occupancy Rate
 Investment Strategy(1) Seek Stable Revenues(Investment Strategy Targeting Class with
Strong Tenant Demand)

4(2) Seek Stable Revenues(Stability of Residential Property Investments)

15

5

16

 Financial Status (Fifth Fiscal Period End)17

 Appraisal Value Status (Fifth Fiscal Period End)18

 Portfolio Status (139 Properties at Fifth Fiscal Period End)19

 Unitholders (Fifth Fiscal Period End)20

 Seek Internal Growth Opportunities(1) Enhance Value through Renovation

6(2) Fifth Fiscal Period Performance7

 Investment Performance
Growth of Asset Size8

 Financial Strategy
Establish Stable Financial Base (Status of Loan)

9

Overview of the Financial Results Income Statement11 Balance Sheet

12 Forecasts for the Sixth Fiscal Period

13

APPENDIX Portfolio Map (Greater Tokyo Area 112 Properties)

22 Portfolio Map (Other Areas 27 Properties)23

 Portfolio (At Fifth Fiscal Period End)

24-27

 Interest-bearing Debts (At Fifth Fiscal Period End)28

 Organization of the Asset Management Company

29

Highlights of the Fifth Fiscal Period

1Highlights of the Fifth Fiscal Period
Notable Activities
Property Acquisitions
 Concluded Acquisitions:
5 Properties/¥5,543 million

 Acquired Properties:
PROUD FLAT Kawaramachi
PRIME URBNAN Chitose Funabashi
PRIME URBAN Shinyurigaoka
PRIME URBAN Tsurumai
PRIME URBAN Esaka III⇒ Portfolio Size
139 Properties/¥121,482 million

Finance

Asset Management

 Establish an optimum interest-bearing debt
portfolio

 5th FP End Portfolio Occupancy Rate: 93.1%⇒Operating Property Occupancy Rate: 93.1% (134Properties)⇒Newly Built Property Occupancy Rate:
91.3% ＇5 Properties（
Dealing with fiscal year end tenant turnovers

Property Acquisition：
Procurement of credit loan
(5 properties/approx. ¥5.7 billion)
Refinancing：
Enhance financial conservativenessthrough two term-loans, “Long-term (1.5
years)” and “Long-term fixed rate (3 years)”(Approx. ¥15.1 billion)

 Maintain & enhance property competitivenessthrough large-scale repairs & renovations⇒Remodeling a large-scale unit into 3 units⇒Renovating unused sections into leasable units

Financial Overview
Fifth Fiscal Period(ended May 2009)

Comparison with Forecasts(released January 15, 2009)

Sixth Fiscal Period Forecast＇参考（第4期＇08年11月期（予想(ending November 2009)－－¥4,025 million- 2¥39 million- 1.0 ％

¥4,028 million

Current Profits¥1,346 million+2¥49 million+ 3.8 ％

¥1,336 million

Net Income¥1,345 million+2¥49 million+ 3.8 ％

¥1,335 million¥13,910+ ¥510+ 3.8 ％

¥13,800

Number of Business Days

182 days

Operating Revenues

Cash Distribution Per Unit

183 days million

2Fund Management Summary

3

Investment Strategy (1)Seek Stable Revenues (Investment Strategy Targeting Class with Strong Tenant Demand)
Target Tenant Class with
Strong Demands and Stable Rent Potential

Target Tenant Classes of the Fund

TargetMiddle class tenants,
mainly coporate employees
in their 20s and 30s and students.

Priority on certain level of convenience forcommuting and rent.

Features

Rent

Other Tenant Classes

Upper middle class tenants,
such as foreign company employees.

Priority on location, floor plan andspecifications/equipments.

Upper class tenants, such as employeeswith company rent support, businessowners, management class emplayees offoreign companies.

Priority on prime metropolitan location,
property grade, value-added services, etc.

Annual income is stable.
Less likely to be affected by economic trends.

Annual income is relatively stable.
Relatively less likely to be affected byeconomic trends.

Annual income is likely to be affected byeconomic trends.

less than ￥100,000/month(generally)￥100,000-￥150,000/month(generally)

over ￥150,000/month(generally)

The Fund’s Portfolio
Leasable Units

7,066 Units

Leasable Space

196,313 Sqm

Average Rent per Unit

Approx. ¥92,000

Average Leasable Space per Unit

Approx. 27 Sqm

Average Unit per Property

Approx. 50 Units

The Fund’s Rent Distribution
Relative Frequency Distribution of the Number of Households Based on Income(Units)Units under ¥150,000
6,615 units
94.0%(Rent)

Source: Ministry of Health Labour and Welfare

Rent
Unit
Percentage
Occupancy Rate

Under ￥150,000
6,615 Units
94.0%
93.4%

Over ￥150,000
422 Units
6.0%
91.1%
※Over ¥200,000
Units: 118 Units (1.7%)
Occupancy Rate: 88.7%

 Targeting the “Class with the most stable rent demands”, insusceptible to economic fluctuations
 Structuring the portfolio according to target tenant class※The Distribution of Rent above is based on only the residential sector

4Investment Strategy (2)Seek Stable Revenues (Stability of Residential Property Investments)
Rent Stability (In Comparison to Other Asset Categories)
Changes in Rent Level of Residence and Other Real Estate
Private housing rent (Tokyo ward area, RC house)
Other real estate rent

(1989=100)

Characteristics of Rent
As expense applied for living base, influence
from economic fluctuations is limited andresidential rent has been historically stable.

‟89

‟90

‟91

‟92

‟93

‟94

‟95

‟96

‟97

‟98

‟99

‟00

‟01

‟02

‟03

‟04

‟05

‟06

‟07

„08

Source: Ministry of Internal Affairs and Communications “Report on the Consumer Price Index”
Bank of Japan “Corporate Service Price Index”

The Fund’s Rent per Tsubo/Occupancy Rate From the Inception (Greater Tokyo Area)
Rent Per Tsubo

Rent Per Tsubo

Occupancy Rate

Occupancy Rate＇％（20,000100
90

Average 94.3%

15,00080
70
60

10,00050

Average ¥12,648/Tsubo

40

Rent per Tsubo/Occupancy Rate both stable

5,000⇒Stable cash flow of portfolio
May 31,2007(1st FP end)

Aug. 31,2007

Nov. 30,
2007(2nd FP end)

Feb. 29,2008

May 31,2008(3rd FP end)

Aug. 31,2008

Nov. 30,
2008(4th FP end)

20
10

0
Feb. 28,
2007(Inception)

30

Feb. 28,
20090
May 31,2009(5th FP end)5

Seek Internal Growth Opportunities (1) Enhance Value through Renovation
Enhancing Value According to Market Needs
After Renovation

Former Owner‟s Unit
 Large-scale unit over 200㎡
＇6LDK Duplex（※Low demand

5F

4F

A．96㎡ (3LDK Duplex)
B．51㎡ (2LDK)Rise in Rent per Tsubo(13% increase*)

C．52㎡ (2LDK)Fast Lease Up※Meet market needs

Remodelinto 3 units

B

5F

4F

*Compared to same unit types as A & B

AC

Enhance cash flow through renovations which fit each property characteristic

6

Seek Internal Growth Opportunities (2) Fifth Fiscal Period Performance
Revenue Increase
1．Turn unused space into leaseable units
URBAN STAGE Oimachi II

2．Procurement of incidental revenues

URBAN STAGE Kachidoki

 Install cellular phone antennae, etc.

10 Properties

 Install vending machines

114 Properties

Antennae Installment

Basement ⇒ Office

Custodian office ⇒ Apartment unit
※Both items include scheduled installments

Cut Expenses
2．Other

1．Curtail building management expenses(Review of suitable management specifics)

 Review elevator management specifics, etc. 30 Properties Curtail CATV fees

6 Properties

 Changes in building management company

 Curtail electricity bill for common areas

1 Properties

9 Properties※Both items include scheduled changes

 ¥9.6 million Revenue Increase ¥9.6 million Curtail Expenses⇒ ¥19.3 million leverage effect (annual basis of 5th FP performance)

7

Investment Performance Growth of Asset Size

Stable Growth of Portfolio(¥billion)
200

Changes in Asset Size

PROUD FLATPRIME URBAN

URBAN STAGE, etc.

Stable Growth of Asset Size

180
160
140

131 Properties¥110.3 billion

120
100

89 Properties¥67.0 billion

8060

134 Properties¥115.9 billion

139 Properties¥121.4 billion

URBAN STAGE, etc¥37.5 billion

PROUD FLAT
¥26.2 billion

97 Properties¥75.4 billion

57 Properties¥38.4 billion

PRIME URBAN¥57.7 billion

40
20
0

3rd FP end
Inception
1st FP end
2nd FP end
4th FP end
5th FP end(Feb. 14, 2007) (May 31, 2007) (Nov. 30, 2007) (May 31, 2008) (Nov. 30, 2008) (May 31, 2009)※上図は、各物件の取得価格＇千万円未満切り捨て（に基づき記載しています。

 Asset Size at the end of the 5th Fiscal Period: 139 Properties/¥121.48 billion
 Aim to realize continuous growth, fully utilizing the sponsor‟s resources (warehousing, etc.)8Financial Strategy Establish Stable Financial Base (Status of Loan)
Results of Fifth Fiscal Period Debt Financing(Long-term Fixation of Interest Rates through Refinancing)
Existing Loans(millions of yen)

5th FP Loans

Long-term Fixation through Refinancing

5th
FP

②

①

①

Short-term Loanat time of acquisition(Credit Loan/¥5.7 billion)

Long-term Loan
(1.5 years/Floating Rate)

Long-term Loan
(3.0 years/Fixed Rate)

6th
FP

7th
FP

8th
FP

9th
FP

10th
FP

11th
FP

12th
FP

13th
FP

14th
FP

15th
FP

16th
FP

17th
FP

End of 5th FP① Turning the short-term credit loan, at time of acquisition, to long-term loan, at time of refinanceLong-term Ratio 78.5 %② Debt financing of credit loan at time of acquisition in the 5th fiscal period (¥5.7 billion)

Fixed Rate Ratio 71.5 %9Overview of the Financial Results

10Income Statement

Fourth Fiscal Period

Fifth Fiscal Period

Difference Between 4th & 5th Fiscal Period

From December 1, 2008
From June 1, 2008
To November 30, 2008
To May 31, 2009
Amount(￥000)

Ratio(%)

Amount(￥000)

Ratio(%)＜Main Factors＞

Real Estate Rental Business Revenues

3,809,998

100.0

4,025,732

100.0

Rental Business Revenues

3,553,687

93.3

3,679,413

91.4

Other Rental Business Revenues

256,311

6.7

346,319

8.6

Real Estate Rental Business Expenses

1,466,569

38.5

1,630,849

40.5

Real Estate Rental Business Expenses

645,47316.9

737,825

18.3

Tax and Public Dues

125,3213.3

149,415

3.7

Depreciation and Amortization

695,77418.3

743,608

18.5

2,343,428

61.5

2,394,882

59.5

Asset management Fees

282,0317.4

290,943

7.2

Other Operating Expenses

170,900

4.5

154,840

3.8

1,890,497

49.6

1,949,098

48.4

Non-Operating Revenues

10,392

0.3

9,396

0.2

Non-Operating Expenses

531,215

13.9

611,524

15.2

Current Profits

1,369,674

35.9

1,346,971

33.5

Net Income Before Tax

1,369,674

35.9

1,346,971

33.5

1,010

0.0

986

0.0

⇒ Decrease in Net Income¥22 million

1,368,664

35.9

1,345,984

33.4⇒ Cash Distribution per Unit

¥13,910Retained Earnings Brought Forw ard

32

0.0

52

0.0

Retained Earnings at Fiscal Period End

1,368,696

35.9

1,346,037

33.4

Real Estate Rental Business Profits and Losses

Operating Income

Corporate Income Tax, etc.
Net Income Increase in Revenues¥215 million

・4th & 5th FP Property Acquisitions

Approx. ¥181 million

・Properties Owned at 3rd FP End(Seasonal Factors)

Approx. ¥33 million

 Increase in Expenses¥238 million

・ 4th & 5th FP Property Acquisitions(Leasing Expenses)

Approx. ¥96 million

・Properties Owned at 3rd FP End
Approx. ¥67 million(Tax and Public Dues/Renovation Expenses/etc.)
・Interest Expense, etc.
Approx. ¥74 million(Increase Debt Financing, Long-term Fixation)※Difference in Forecast＋ ¥51011

Balance Sheet
AssetsLiabilities and Net Assets

Current Assets

Fourth Fiscal Period

Fifth Fiscal Period

Fourth Fiscal Period

Fifth Fiscal Period

as of Nov. 30, 2008

as of May 31, 2009

as of Nov. 30, 2008

as of May 31, 2009

Amount(￥000)

Amount(￥000)

Amount(￥000)

Amount(￥000)

Ratio
(%)

Ratio
(%)

5,855,457

4.7

6,323,645

4.8

Cash and Cash Equivalents

4,363,420

3.5

4,830,941

3.7

Trade Accounts Payable

114,028

Cash and Cash Equivalent in Trust

1,412,438

1.1

1,414,015

1.1

Short-term Loans

15,144,000

79,5980.1

78,6880.1

Long-term Loan Due Within One Year

4,500,000

118,849,573

95.3

124,109,773

95.2

Other Accounts Payable

Tangible Fixed Assets

118,835,168

95.3

124,095,538

95.1 ※１

Taxes Payable

Real Estate

58,593,851

47.0

64,155,692

49.2

Building

27,381,447

22.0

30,557,099

Land

31,212,404

25.0Real Estate in Trust

Other Current Assets
Fixed Assets

Current Liabilities

20,765,053

Ratio
(%)
16.7

Ratio
(%)

16,794,825

12.9

0.1

113,8200.1

12.1

5,760,000

4.4 ※２

3.6

9,940,000

7.6 ※２

193,8720.2

178,655

0.1

1,171

0.0

537

0.0

Accrued Expenses

338,684

0.3

298,7120.2

23.4

Rent Received in Advance466,1150.4

498,132

0.4

33,598,592

25.8

Deposits Payable

7,181

0.0

4,967

0.0

60,224,498

48.3

59,939,845

46.0

48,801,416

39.1

58,522,692

44.9

Building in Trust

20,753,510

16.6

20,468,858

15.7

Long-term Loans

47,592,000

38.2

57,296,000

43.9 ※２

Land in Trust

39,470,987

31.7

39,470,987

30.3

Security Deposits

478,178

0.4

518,909

16,8180.0－－

Security Deposits in Trust

731,2380.6

707,782

0.5

1,357

0.0

1,218

0.0

Total Liabilities

69,566,469

55.8

75,317,517

57.7

55,138,561

44.2

55,115,902

42.3

53,769,864

43.1

53,769,864

41.2

Construction in Progress
Intangible Fixed Assets
Other Intangible Fixed Assets

Fixed Liabilities

0.4

1,357

0.0

1,218

0.0

Investment and Other Assets

13,0470.0

13,0160.0

Unitholders Capital

Security Deposits

10,6920.0

10,794

0.0

Retained Earnings

1,368,696

1.1

1,346,037

1.0Long-term Repaid Expenses

2,355

0.0

2,222

0.0

Total Net Assets

55,138,561

44.2

55,115,902

42.3

124,705,031

100.0

130,433,419

100.0

Total Liabilities and Net Assets

124,705,031

100.0

130,433,419

100.0

Total Assets*1 Tangible Fixed Assets

Real Estate
Building
Land
Building in trust
Land in trust(unit: millions of yen)

AcquisitionPrice

Accumulated
depreciation(Depreciation
for current FP)

Book value
at FP end

126,905

2,810

(743)

124,095

31,66833,59822,16739,470

1,111
－
1,698
－

(412)
－
(331)
－

30,55733,59820,46839,470Unitholders Equity*2※2Loans
借入金（1年内返済予定の長期借入金は短期借入金に含める。）

Balanceof interest-bearing debts (millions of yen)
有利子負債残高（百万円）

72,99672,996

総資産有利子負債比率（％）
Total
asset interest-bearing debt ratio

短期借入金＋長期借入金
short-term + long-term loans
総資産
total assets

56.0
56.0%

長期有利子負債比率（％）
Long-terminterest-bearing debt ratio

長期借入金
long-term loans
短期借入金＋長期借入金
shot-term + long-term loans

78.5
78.5%

12

Forecasts for the Sixth Fiscal Period

Sixth Fiscal Period Forecasts(June 1, 2009 – November 30, 2009)
Rental Business Revenues

Assumptions¥4,028 million[Assets Under Management]

Rental Business Expenses¥1,601 million

Asset Management Fees

¥295 million

Other Operating Expenses¥176 million

Operating Income¥1,954 million

Non-Operating Profit/Loss- ¥617 million

The calculation is based on the 139 properties owned, as
of July 17, 2009. Assumes it will remain the same until
November 30, 2009 (Sixth Fiscal Period end).

[Depreciation]¥739 million is expected.

Current Profits¥1,336 million

Net Income¥1,335 million

Total Investment Units at
end of Fiscal Period

96,765 units万Cash Distribution per Unit

¥13,800[Debt Financing]
The Fund has a total of ¥72,996 million in loans as ofJuly 17, 2009. Assumes it will remain the same until
November 30, 2009 (Sixth Fiscal Period end).

[Investment Units]
Assumes that the total number of investment units issued(96,765 units) will remain the same until November 30,
2009 (Sixth Fiscal Period end).

yen

13

Fund Management Results

14Investment Results Properties Acquired During the Fifth Fiscal Period
Properties Acquired During the Fourth Fiscal Period
PROUD FLAT
Kawaramachi

PRIME URBAN
Chitose Funabashi

PRIME URBAN
Shinyurigaoka

PRIME URBAN
Tsurumai

PRIME URBAN
Esaka III

Location：

Sendai-shi

Location：Tokyo

Location：

Kawasaki-shi

Location：

Nagoya-shi, Aichi

Location：

Osaka

Structure：RC, 6F

Structure：RC, 5F

Structure：RC, 10F

Structure：RC, 14F

Structure：

RC, B1/15F

Total Units：

64 Units

Total Units：

38 Units

Total Units：

64 Units

Total Units：

104 Units

Total Units：

79 Units

Acquisition Date： Dec. 19, 2008

Acquisition Date： Feb. 27, 2009

Acquisition Date： Mar. 3, 2009

Occupancy Rate： 86.3% (FP end)

Occupancy Rate： 85.7% (FP end)

Occupancy Rate： 100.0% (FP end) Occupancy Rate： 93.3% (FP end)

Acquisition from
Nomura Real Estate Development

Acquisition Date： Mar. 5, 2009

Acquisition Date： Dec. 4, 2008
Occupancy Rate： 89.4% (FP end)

Acquisitions from External Providers

Acquired during the Fifth Fiscal Period： 5 Properties/¥5,543 million(Portfolio at Fifth Fiscal Period End： 139 Properties/ ¥121,482 million)

15

Management Results Portfolio Occupancy Rate

Details:
Operating/Newly Built Property Occupancy Rate

Portfolio Occupancy Rate

Occupancy Rate

Nov. 30,
2008(4th FP end)

Portfolio Average

Dec. 31,2008

Jan. 31,
2009

Operating Properties

Feb. 28,
2009

Mar. 31,2009

Newly Built Properties

Apr. 30,
2009

Leasable SpaceMay 31,2009(5th FP end)

Occupancy Rate

Operating Properties

Nov. 30,
2008(4th FP end)

Dec. 31,
2008

Operating Properties

Newly Built Properties

Jan. 31,2009

Feb. 28,
2009

Mar. 31,2009

Newly Built Properties

Apr. 30,
2009

Leasable SpaceMay 31,2009(5th FP end)

※Operating Properties ：Properties owned at the start of the Fifth Fiscal Period※Newly Built Properties ：Of the properties acquired during the Fifth Fiscal Period,
properties less than a year old at the time of acquisition Portfolio： Maintain stable portfolio occupancy rates

 Operating Properties： Strategic leasing activities to accommodate tenant turnovers that center at the fiscal year end⇒ Maintain Occupancy Rates

 Newly Built Properties ： Strengthen advertising activities by setting up model apartments, etc.
⇒ Realize an Early Lease Up

16

Financial Status (Fifth Fiscal Period End)Interest-bearing Debt
Interest-bearing Debt Total

Status of Lenders¥72,996 million(millions of yen)

Bank of Tokyo-Mitsubishi UFJ

Average Remaining Duration of Long-term Loans 2.8 years
Weighted Average Interest Rate
Long-term Interest-bearing Debt Ratio

1.57 ％

Sumitomo Mitsui Banking
Mitsubishi UFJ Trust and Banking

78.5 ％

Sumitomo Trust and Banking
Mizuho Corporate Bank
Development Bank of Japan

Loan Interest Rate Fixed Ratio

71.5 ％

Nomura Trust and Banking
Taiyo Life Insurance

56.0 ％

LTV Level

Mitsui Sumitomo Insurance
Iyo Bank※Long-term Ratio, when including “long-term loans due within a year” in long-term loans, is 92.1%.
※“Loan Interest Rate Fixed Ratio” includes floating rate loans which have been fixed through interest rate swaps.

Chiba Bank

Credit Ratings
AgencyJCR

Daido Life Insurance

Dai-ichi Mutual Life Insurance

RatingOutlook

ＡＡ : Long-term Senior Debt Rating

StableＡ2 : Issuer Rating

Negative

Long-term Loan (Term)
Long-term Loan to be Repaid
Within 1 Year

Aozora Bank

Short-term Loan (Credit)

Types of Financial Institutions
Moody‟s

S＆P

Ａ＋ : Long-term Corporate Credit Rating
Ａ-１ : Short-term Corporate Credit Rating

Major Banks Trust Banks
Credit Watch(Negative Implications)33

Regional
Banks2

Insurance
Companies
4

Others2

17

Appraisal Value Status (Fifth Fiscal Period End)

Appraisal Value (Fourth & Fifth Fiscal Period End Difference（
4th FP End Appraisal Value (A) ※¥118,893 million

5th FP End Appraisal Value (B)¥113,576 million

Difference (A)-(B)- ¥5,317 million※Includes appraisal value at time of acquisition for
5th Fiscal Period property acquisitions[Details]
 Decline of Cash Flow

Approx. 888 million ( 1.4%)

 Increase of Cap Rate

Approx. 5,241 million (98.6%)※Maintain and Enhance Cash Flow
[Performance][Solution]

Stable occupancy rate and rent since inception

1．Turn unused space into leaseable units(basement / custodian office)2．Procure incidental revenue (cellular phone antennae / vending machine)
3．Curtail management feel (elevator management / building management)
4．Other(CATV fee / common area electricity bill)⇒ Maintaining Cash Flow

⇒ Further Enhancing Cash Flow

18

Portfolio Status (139 Properties at Fifth Fiscal Period End）

Building Age

Diversification Within Assets

Over 10 years

Top 5 Properties

Under 1 year

¥14.59 billion

Improve portfolio stability
through promotion ofdiversification

Considering the combination ofvarious building age to avoid thebias of large-scale repair
expenses⇒Top 10 Properties 21.2%⇒Average Building Age
7.2 Years
Other 129 Properties

Top 10 Properties¥95.72 billion¥25.76 billion

Investment Area
Greater Tokyo Area
70% or more

Investing in properties targeting
single/DINKS/young family
households for theforeseeable future

Other Areas(Kanagawa, Chiba, Saitama)⇒Greater Tokyo Area
85.8%

Over 10 min.

Over 70 sqm

Retail & Office50-70 sqm

Tokyo (23 wards)

Within 5 min.

Units Per Property

30-50 sqm

Under 30 sqm

Over 100 Units

Under 30 Units

Investing in properties withstrong lease-up potential in ashort timeframe

Selection focusing onaccessibility to the nearest
railway stations⇒Within 10 mins

1-3 years⇒Under 50 sqm 92.4%
Tokyo (excluding the 23 wards)

Nearest Station on Foot3-5 years

Floor Area Per Unit
Greater Tokyo Area

Other Areas

Other Areas
30% or less5-10 years(General aim 100 units for newly
built properties*)

91.5%*excludes sub-lease properties, etc.
5-10 min.

*Of the graphs above, “Floor area per unit” is based on units, the others are based on acquisition price.

50-100 Units

30-50 Units

19

Unitholders (At Fifth Fiscal Period End)
Number of Unitholders and Investment Units
Other Domestic
Corporations(151 unitholders)Foreign
Corporations(9,237 units)

Foreign Corporations(94 unitholders)

Individuals(17,577 units)※Foreign Corporation Increase Ratio
7.5% → 9.5%

Financial Institutions(82 unitholders)

Other Domestic
Corporations(15,555 units)

Individuals(7,515 unitholders)

Financial Institutions(54,396 units)

Total Number of Investment Units : 96,765

Total Number of Unitholders : 7,842

Top 10 Unitholders
Unitholders
1 Nomura Real Estate Development Co., Ltd.
2 Japan Trustee Services Bank, Ltd.
3 NikkoCiti Trust and Banking Corporation
4 Trust & Custody Services Bank, Ltd.
5 Tokio Marine & Nichido Fire Insurance Co., Ltd.
6 The Master Trust Bank of Japan, Ltd.
7 Pictet & Cie
8 Asahi Fire & Marine Insurance Co., Ltd.
9 The Nomura Trust and Banking Co., Ltd.
10 North Pacific Bank, Ltd.
Total

Units
12,500
10,489
8,347
6,505
5,000
3,646
2,391
2,000
1,838
1,632
54,348

Ratio (Note)
12.92%
10.84%
8.63%
6.72%
5.17%
3.77%
2.47%
2.07%
1.90%
1.69%
56.16%(Note) Ratio is calculated as the percentage of Total Number of Owned Investment Units divided by Total Number of Issued Investment Units

20

ＡＰＰＥＮＤＩＸ

21

Portfolio Map (139 Properties: Greater Tokyo Area 112 Properties)
Greater Tokyo Area
PROUD FLAT Shirokane Takanawa

PRIME URBAN Kasai

PROUD FLAT Yoyogi Uehara
PROUD FLAT Hatsudai

PRIME URBAN Kasai II

PROUD FLAT Shibuya Sakuragaoka

PRIME URBAN Shinyurigaoka
PRIME URBAN Urayasu

PROUD FLAT Gakugei Daigaku

PRIME URBAN Gyotoku I

PROUD FLAT Meguro Gyoninzaka

PRIME URBAN Gyotoku II

PROUD FLAT Sumida Riverside

PRIME URBAN Gyotoku Ekimae

PROUD FLAT Kagurazaka
PROUD FLAT Waseda

PRIME URBAN Nishi Funabashi
PRIME URBAN Kawaguchi

PROUD FLAT Shinjuku Kawadacho

URBAN STAGE Azabu Juban

PROUD FLAT Sangen Jaya

URBAN STAGE Hatagaya

PROUD FLAT Kamata

URBAN STAGE Toritsu Daigaku

PROUD FLAT Shinotsuka

URBAN STAGE Kachidoki

PROUD FLAT Kiyosumi Shirakawa

URBAN STAGE Shinkawa
URBAN STAGE Hongo Ikizaka

PROUD FLAT Monzen Nakacho II
PROUD FLAT Monzen Nakacho I

Omiya

Greater Tokyo Area

112 Properties

SaitamaMinami Urawa

Tobu
IsesakiLine
Adachi-ku
Itabashi-ku

URBAN STAGE Naka Ochiai

PROUD FLAT Yokohama
PROUD FLAT Kamioooka

URBAN STAGE Ochiai

PRIME URBAN Akasaka

URBAN STAGE Roka Koen
URBAN STAGE Kamiuma

Toshima-ku

URBAN STAGE Sangen Jaya

Ikebukuro

PRIME URBAN Tamachi
PRIME URBAN Ebisu Minami
PRIME URBAN Yoyogi

URBAN STAGE Chitose Karasuyama

PRIME URBAN Bancho

URBAN STAGE Sangen Jaya II

PRIME URBAN Chiyoda Fujimi

URBAN STAGE Komazawa

PRIME URBAN Iidabashi

URBAN STAGE Karasuyama

PRIME URBAN Ebisu
PRIME URBAN Naka Meguro

URBAN STAGE Kamikitazawa
URBAN STAGE Oimachi

PRIME URBAN Gakugei Daigaku

URBAN STAGE Oimachi II

PRIME URBAN Senzoku

URBAN STAGE Yukigaya

PRIME URBAN Meguro Riverside

URBAN STAGE Ikegami

PRIME URBAN Meguro Ohashi Hills

URBAN STAGE Nakano

PRIME URBAN Hakusan
PRIME URBAN Yotsuya Gaien Higashi

URBAN STAGE Takaido

PRIME URBAN Nishi Shinjuku I

URBAN STAGE Mukojima

PRIME URBAN Nishi Shinjuku II

URBAN STAGE Ekoda

PRIME URBAN Shinjuku Naitomachi

URBAN STAGE Takinokawa
URBAN STAGE Asakusa

PRIME URBAN Nishi Waseda
PRIME URBAN Sangen Jaya

Kita-ku

URBAN STAGE Shinjuku Ochiai

URBAN STAGE Komagome

Nerima-ku

Arakawa-ku

Taito-ku

Bunkyo-ku

Takadanobaba
Tachikawa

Chiba

Katsushika-ku

Ueno

Sumida-ku

Kichijoji

Edogawa-ku

Shinjuku-ku
Nakano-ku

Suginami-ku

Shinjuku
Nishi Funabashi
Chiyoda-ku

Tokyo
Chuo-ku
Shibuya-ku

Minato-ku

Koto-ku

Tokyo Metro
Tozai Line
Urayasu

Shibuya
Setagaya-ku

Tokyu
ToyokoLine

Tokyu
Denentoshi
Line

ShinagawaMeguro-ku

Shinagawa-ku

URBAN STAGE Machiya

PRIME URBAN Minami Karasuyama

URBAN STAGE Koganei

PRIME URBAN Karasuyama Galleria

URBAN STAGE Musashi Koganei

PRIME URBAN Karasuyama Court

URBAN STAGE Musashino Hills

PRIME URBAN Chitose Funabashi
PRIME URBAN Shinagawa Nishi

URBAN STAGE Hino
URBAN STAGE Musashi Kosugi comodo

PRIME URBAN Osaki

URBAN STAGE Kawasaki

PRIME URBAN Omori

URBAN STAGE Tsurumi Teraya

PRIME URBAN Kita Senzoku

URBAN STAGE Tennocho

PRIME URBAN Denenchofu Minami

URBAN STAGE Urayasu

PRIME URBAN Nakano Kamitakada

URBAN STAGE Minami Gyotoku I

PRIME URBAN Nishi Ogikubo

URBAN STAGE Minami Gyotoku II

PRIME URBAN Otsuka

URBAN STAGE Minami Gyotoku III

PRIME URBAN Monzen Nakacho

URBAN STAGE Minami Gyotoku IV

PRIME URBAN Kameido

URBAN STAGE Gyotoku Ekimae

PRIME URBAN Sumiyoshi
PRIME URBAN Kinshi Koen

URBAN STAGE Minami Gyotoku V
URBAN STAGE Gyotoku

PRIME URBAN Kinshicho

URBAN STAGE Minami Urawa

PRIME URBAN Hirai

URBAN STAGE Yono Hommachi

KeikyuMain
Line

Kanagawa

Ota-kuJR
KeihinTohokuLine

Yokohama

JR Lines
Other Lines*Greater Tokyo Area
(Tokyo, Kanagawa, Chiba, Saitama)

22

Portfolio Map (139 Properties: Other Areas 27 Properties)
SapporoPRIME URBAN Yamahana
PRIME URBAN Kita Juyo Jo

Osaka 3 Properties

PRIME URBAN Odori Koen I
PRIME URBAN Odori Koen II

Osaka
International
AirportHankyuSenri
LineHankyuTakarazuka
Line

JR
Kyoto
Line

PRIME URBAN Kita Juichi Jo
PRIME URBAN Miyanosawa
PRIME URBAN Odori Higashi
PRIME URBAN Chiji Kokan
PRIME URBAN Maruyama
PRIME URBAN Kita Nijuyo Jo
PRIME URBAN Sapporo Idaimae

JR Lines
Other Lines

Esaka

Sapporo11 Properties
SapporoTokaidoShinkansen

JR
Fukuchiyama
Line

JR Sassho Line

Miyanosawa

SendaiOsaka
Kanjo Line

Kotoni

Kotoni

Kita
NijuyoJo
JR Hakodate
Main Line

Sapporo

Osaka

PROUD FLAT Itsutsubashi
PROUD FLAT Kawaramachi

Sakae Machi

Asabu

Shin Osaka

Sapporo

Umeda

Odori

PRIME URBAN Nagamachi Icchome
PRIME URBAN Yaotome Chuo
URBAN STAGE Tsutsumidori Amamiya

Sapporo Municipal
Subway Tozai Line

Maruyama
Koen
Namba

Sapporo City
Street Car Line

Sapporo Municipal
Subway Toho Line

SapporoMunicipal Subway
Namboku Line

NagoyaFukuzumi

PRIME URBAN Aoi
PRIME URBAN Kanayama
PRIME URBAN Tsurumai

NagoyaNagoya3 Properties

Fukuoka
Fukuoka5 Properties

Meitetsu
Seto Line

Kashii
JR Kashii
Line

Osaka

Sanyo
Shinkansen

PRIME URBAN Esaka II
PRIME URBAN Esaka III

Fukuoka

5 Properties

Benefis Hakata Grand Sweet
Benefis Yakuin Minami
Benefis Kashii Verbena
Benefis Hakata Higashi Grand Sweet

Nagoya Municipal
Subway Meijo Line

Fukuoka
Municipal Subway
Hakozaki Line

TenjinMeinohamaFukuoka Municipal
Subway Kuko Line

Hashimoto

YakuinFukuoka
Municipal Suway
Nanakuma Line

Motoyama

Sakae Chikusa

NagoyaTsurumaiMunicipal
SubwayTsurumai Line

Nishitetsu
JR Hakata
Tenjin-Omuta Minami LineLine

OhashiJR
Kagoshima
Main Line

JR Tohoku
Main Line

JR Senzan Line

FushimiJR Sasaguri Line

Fukuoka
Hakata Airport

Izumi Chuo

JR Chuo
Main Line

NagoyaPRIME URBAN Esaka I

SendaiSendai 5 Properties

Ozone

Kanayama
TokaidoShinkansen
JR Todaido
Main Line
NagoyaMunicipal
SubwayMeijo Line

Meitetsu
NagoyaMain Line

NagoyaMunicipal
SubwaySakura-doriLine

Kita Sendai
TohokuShinkansen

Sendai
Municipal
SubwayNamboku LineSendaiYagotoNagamachi
Minami

Aratama-bashi

Nagamachi

Tomizawa

Benefis Chihaya Grand Sweet*Other Areas (3 major metropolitan areas (excluding Tokyo) and other government designated cities)

23

Portfolio (At Fifth Fiscal Period End)#

Name of Property

Location

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

PROUD FLAT Shirokane Takanawa
PROUD FLAT Yoyogi Uehara
PROUD FLAT Hatsudai
PROUD FLAT Shibuya Sakuragaoka
PROUD FLAT Gakugei Daigaku
PROUD FLAT Meguro Gyoninzaka
PROUD FLAT Sumida Riverside
PROUD FLAT Kagurazaka
PROUD FLAT Waseda
PROUD FLAT Shinjuku Kawadacho
PROUD FLAT Sangen Jaya
PROUD FLAT Kamata
PROUD FLAT Shinotsuka
PROUD FLAT Kiyosumi Shirakawa
PROUD FLAT Monzen Nakacho II
PROUD FLAT Monzen Nakacho I
PROUD FLAT Yokohama
PROUD FLAT Kamioooka
PRIME URBAN Akasaka
PRIME URBAN Tamachi
PRIME URBAN Ebisu Minami
PRIME URBAN Yoyogi
PRIME URBAN Bancho
PRIME URBAN Chiyoda Fujimi
PRIME URBAN Iidabashi
PRIME URBAN Ebisu
PRIME URBAN Naka Meguro
PRIME URBAN Gakugei Daigaku
PRIME URBAN Senzoku
PRIME URBAN Meguro Riverside
PRIME URBAN Meguro Ohashi Hills
PRIME URBAN Hakusan
PRIME URBAN Yotsuya Gaien Higashi *1
PRIME URBAN Nishi Shinjuku I
PRIME URBAN Nishi Shinjuku II
PRIME URBAN Shinjuku Naitomachi

Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Ota-ku, Tokyo
Toshima-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Minato-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Meguro-ku, Tokyo
Bunkyo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 5th FP) (%)
3,510,000
1,100,000
865,000
800,000
812,000
882,000
2,260,000
1,540,000
1,110,000
1,010,000
1,350,000
1,140,000
695,000
900,000
650,000
1,130,000
2,340,000
2,770,000
956,000
941,000
947,000
408,000
1,170,000
707,000
2,030,000
1,200,000
1,320,000
886,000
536,000
464,000
3,580,000
893,000
1,700,000
1,290,000
1,000,000
512,000

2.9
0.9
0.7
0.7
0.7
0.7
1.9
1.3
0.9
0.8
1.1
0.9
0.6
0.7
0.5
0.9
1.9
2.3
0.8
0.8
0.8
0.3
1.0
0.6
1.7
1.0
1.1
0.7
0.4
0.4
2.9
0.7
1.4
1.1
0.8
0.4

2,950.11
1,151.34
958.98638.70934.39855.23
3,055.21
1,793.43
1,450.91
1,102.20
1,277.82
1,541.64
752.091,209.56
830.55
1,191.08
3,118.12
4,872.17
1,062.05
1,107.36
881.89439.56
1,277.04
793.872,087.70
1,444.40
1,302.42
1,008.39
655.27453.772,955.74
1,069.82
1,759.11
1,459.86
1,162.55
578.18

106
44
31
30
41
40
110
70
60
41
48
67
35
55
35
55
113
200
25
48
21
19
52
32
90
29
49
32
22
24
99
42
51
60
46
14

100.0
89.5
82.1
86.7
95.4
97.5
90.8
100.0
100.0
92.3
79.2
100.0
94.4
100.0
94.8
100.0
98.5
100.0
90.4
95.9
82.7
88.6
87.9
90.9
81.9
90.5
95.9
88.9
91.7
95.6
91.1
96.5
88.8
98.4
87.8
85.6

24

Portfolio (At Fifth Fiscal Period End)
#
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

Name of Property
PRIME URBAN Nishi Waseda
PRIME URBAN Sangen Jaya
PRIME URBAN Minami Karasuyama
PRIME URBAN Karasuyama Galleria
PRIME URBAN Karasuyama Court
PRIME URBAN Chitose Funabashi
PRIME URBAN Shinagawa Nishi
PRIME URBAN Osaki
PRIME URBAN Omori
PRIME URBAN Kita Senzoku
PRIME URBAN Denenchofu Minami
PRIME URBAN Nakano Kamitakada
PRIME URBAN Nishi Ogikubo
PRIME URBAN Otsuka
PRIME URBAN Monzen Nakacho
PRIME URBAN Kameido
PRIME URBAN Sumiyoshi
PRIME URBAN Kinshi Koen
PRIME URBAN Kinshicho
PRIME URBAN Hirai
PRIME URBAN Kasai
PRIME URBAN Kasai II
PRIME URBAN Shinyurigaoka
PRIME URBAN Urayasu
PRIME URBAN Gyotoku I
PRIME URBAN Gyotoku II
PRIME URBAN Gyotoku Ekimae
PRIME URBAN Nishi Funabashi
PRIME URBAN Kawaguchi
URBAN STAGE Azabu Juban
URBAN STAGE Hatagaya
URBAN STAGE Toritsu Daigaku
URBAN STAGE Kachidoki
URBAN STAGE Shinkawa
URBAN STAGE Hongo Ikizaka
URBAN STAGE Naka Ochiai

Location
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shinagawa-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Nakano-ku, Tokyo
Suginami-ku, Tokyo
Toshima-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Koto-ku, Tokyo
Sumida-ku, Tokyo
Sumida-ku, Tokyo
Edogawa-ku, Tokyo
Edogawa-ku, Tokyo
Edogawa-ku, Tokyo
Kawasaki-shi, Kanagawa
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Funabashi-shi, Chiba
Kawaguchi-shi, Saitama
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Meguro-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Shinjuku-ku, Tokyo

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 5th FP) (%)
503,000
835,000
840,000
645,000
413,000
885,000
624,000
1,700,000
824,000
576,000
900,000
640,000
435,000
794,000
2,200,000
705,000
552,000
1,180,000
668,000
700,000
637,000
958,000
1,210,000
840,000
635,000
741,000
476,000
772,000
2,170,000
991,000
452,000
524,000
2,290,000
2,250,000
647,000
655,000

0.4
0.7
0.7
0.5
0.3
0.7
0.5
1.4
0.7
0.5
0.7
0.5
0.4
0.7
1.8
0.6
0.5
1.0
0.5
0.6
0.5
0.8
1.0
0.7
0.5
0.6
0.4
0.6
1.8
0.8
0.4
0.4
1.9
1.9
0.5
0.5

507.11
874.15
1,049.73
835.05576.201,027.44
961.252,106.16
1,190.70
834.901,100.17
818.75543.09944.993,127.94
1,117.34
813.52
1,886.50
991.62
1,095.91
905.81
1,437.84
1,708.19
1,264.84
1,151.36
1,244.00
778.191,237.80
2,477.11
1,222.13
650.60996.81
4,524.00
3,600.61
662.581,237.98

28
33
41
33
23
38
46
99
54
46
44
33
24
46
117
52
40
77
49
53
45
68
64
60
52
58
37
60
98
40
38
16
145
46
27
18

100.0
91.2
97.6
90.8
91.3
85.7
92.3
93.0
94.4
97.8
97.9
92.6
96.1
93.6
96.6
100.0
100.0
96.1
100.0
98.1
97.8
98.5
100.0
100.0
96.1
100.0
100.0
100.0
94.2
88.5
100.0
80.5
88.1
100.0
88.9
94.2

25

Portfolio (At Fifth Fiscal Period End)
#
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108

Name of Property
URBAN STAGE Ochiai
URBAN STAGE Shinjuku Ochiai
URBAN STAGE Roka Koen
URBAN STAGE Kamiuma
URBAN STAGE Sangen Jaya
URBAN STAGE Chitose Karasuyama
URBAN STAGE Sangen Jaya II
URBAN STAGE Komazawa
URBAN STAGE Karasuyama
URBAN STAGE Kamikitazawa
URBAN STAGE Oimachi
URBAN STAGE Oimachi II
URBAN STAGE Yukigaya
URBAN STAGE Ikegami
URBAN STAGE Nakano
URBAN STAGE Takaido
URBAN STAGE Komagome
URBAN STAGE Mukojima
URBAN STAGE Ekoda
URBAN STAGE Takinokawa
URBAN STAGE Asakusa
URBAN STAGE Machiya
URBAN STAGE Koganei
URBAN STAGE Musashi Koganei *2
URBAN STAGE Musashino Hills *3
URBAN STAGE Hino
URBAN STAGE Musashi Kosugi comodo
URBAN STAGE Kawasaki
URBAN STAGE Tsurumi Teraya
URBAN STAGE Tennocho
URBAN STAGE Urayasu
URBAN STAGE Minami Gyotoku I
URBAN STAGE Minami Gyotoku II
URBAN STAGE Minami Gyotoku III
URBAN STAGE Minami Gyotoku IV
URBAN STAGE Gyotoku Ekimae

Location
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Shinagawa-ku, Tokyo
Shinagawa-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Nakano-ku, Tokyo
Suginami-ku, Tokyo
Toshima-ku, Tokyo
Sumida-ku, Tokyo
Nerima-ku, Tokyo
Kita-ku, Tokyo
Taito-ku, Tokyo
Arakawa-ku, Tokyo
Koganei-shi, Tokyo
Koganei-shi, Tokyo
Koganei-shi, Tokyo
Hino-shi, Tokyo
Kawasaki-shi, Kanagawa
Kawasaki-shi, Kanagawa
Yokohama-shi, Kanagawa
Yokohama-shi, Kanagawa
Urayasu-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 5th FP) (%)
324,000
635,000
362,000
900,000
755,000
730,000
539,000
396,000
344,000
738,000
530,000
1,100,000
970,000
1,460,000
472,000
1,080,000
412,000
487,000
385,000
287,000
350,000
210,000
229,000
2,390,000
1,590,000
319,000
2,150,000
1,150,000
457,000
136,000
277,000
357,000
285,000
263,000
256,000
561,000

0.3
0.5
0.3
0.7
0.6
0.6
0.4
0.3
0.3
0.6
0.4
0.9
0.8
1.2
0.4
0.9
0.3
0.4
0.3
0.2
0.3
0.2
0.2
2.0
1.3
0.3
1.8
0.9
0.4
0.1
0.2
0.3
0.2
0.2
0.2
0.5

517.53
1,053.39
567.201,739.86
1,018.72
1,774.01
810.98572.41507.52
1,384.45
722.701,782.26
1,536.59
2,456.48
801.301,746.20
990.18
1,108.91
872.49554.39876.70455.19682.43
5,999.80
2,961.06
994.683,690.37
1,706.46
952.06332.48437.94682.05611.61
543.84535.08927.33

32
28
34
37
47
27
17
26
28
29
45
93
94
95
51
107
19
55
35
29
22
26
27
98
80
54
56
80
50
20
27
41
37
33
32
46

96.8
96.3
91.3
97.3
94.6
100.0
94.6
85.4
96.7
83.6
95.6
95.2
97.9
97.2
80.5
93.5
100.0
92.8
94.8
96.3
100.0
92.5
94.6
84.7
87.9
94.4
100.0
90.3
91.9
100.0
100.0
100.0
91.9
69.7
100.0
100.0

26

Portfolio (At Fifth Fiscal Period End)
#
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139

Name of Property
URBAN STAGE Minami Gyotoku V
URBAN STAGE Gyotoku
URBAN STAGE Minami Urawa
URBAN STAGE Yono Honmachi
Greater Tokyo Area
PROUD FLAT Itsutsubashi
PROUD FLAT Kawaramachi
PRIME URBAN Yamahana
PRIME URBAN Kita Juyo Jo
PRIME URBAN Odori Koen I
PRIME URBAN Odori Koen II
PRIME URBAN Kita Juichi Jo
PRIME URBAN Miyanosawa
PRIME URBAN Odori Higashi
PRIME URBAN Chiji Kokan
PRIME URBAN Maruyama
PRIME URBAN Kita Nijuyo Jo
PRIME URBAN Sapporo Idaimae
PRIME URBAN Nagamachi Icchome
PRIME URBAN Yaotome Chuo
PRIME URBAN Aoi
PRIME URBAN Kanayama
PRIME URBAN Tsurumai
PRIME URBAN Esaka I
PRIME URBAN Esaka II
PRIME URBAN Esaka III
URBAN STAGE Tsutsumidori Amamiya
Benefis Hakata Grand Sweet
Benefis Yakuin Minami
Benefis Kashii Verbena
Benefis Hakata Higashi Grand Sweet
Benefis Chihaya Grand Sweet
Other Areas
Total Properties

Location
Ichikawa-shi, Chiba
Ichikawa-shi, Chiba
Saitama-shi, Saitama
Saitama-shi, Saitama
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sapporo-shi, Hokkaido
Sendai-shi, Miyagi
Sendai-shi, Miyagi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Suita-shi, Osaka
Suita-shi, Osaka
Suita-shi, Osaka
Sendai-shi, Miyagi
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka

Leasable
Occupancy Rate
Acquisition Price Percentage Leasable(Thousands of Yen) of Total (%) Space (㎡) Units (Units) (end of 5th FP) (%)
293,000
948,000
274,000
519,000
104,191,000
682,000
724,000
377,000
336,000
530,000
322,000
600,000
576,200
424,000
337,900
283,200
503,700
731,600
1,110,000
428,000
724,000
632,000
1,189,096
672,000
790,000
1,535,000
969,000
830,000
351,000
396,000
693,000
545,000
17,291,696
121,482,696

0.2
0.8
0.2
0.4
85.8
0.6
0.6
0.3
0.3
0.4
0.3
0.5
0.5
0.3
0.3
0.2
0.4
0.6
0.9
0.4
0.6
0.5
1.0
0.6
0.7
1.3
0.8
0.7
0.3
0.3
0.6
0.4
14.2
100.0

662.68
1,766.47
694.05
1,372.74
148,087.47
1,861.56
1,967.54
1,518.58
1,155.60
1,850.20
1,148.72
1,851.39
2,114.53
1,494.36
1,007.30
911.07
1,773.90
2,439.90
3,411.24
1,380.21
1,571.04
1,391.02
2,502.11
1,189.12
1,392.00
2,151.67
4,251.91
2,176.23
897.84
1,222.34
1,854.13
1,740.70
48,226.21
196,313.68

38
77
32
70
5,658
60
64
33
36
53
36
60
54
36
42
27
36
58
60
43
46
58
104
48
57
79
65
67
34
39
65
48
1,408
7,066

90.0
100.0
90.9
90.0
94.0
95.2
86.3
79.2
91.3
100.0
100.0
98.3
95.7
80.8
100.0
96.3
94.5
76.6
89.3
96.1
92.3
100.0
93.3
85.3
98.3
89.4
78.7
86.6
95.8
97.3
76.7
100.0
90.2
93.1

*1 The property name has been changed from "Cosmos Gracia Yotsuya Gaien Higashi" to "PRIME URBAN Yotsuya Gaien Higashi" as of May 1, 2009.
*2 The property name has been changed from "Koganei Habitation" to "URBAN STAGE Musashi Koganei" as of December 5, 2008.
*3 The property name has been changed from "Musashino Green Hills" to "URBAN STAGE Musashino Hills" as of December 5, 2008.

27

Interest-bearing Debts (At Fifth Fiscal Period End)
LenderShort-term Loan
(Includes long-termloans to be repayedwithin a year)

Short-term Loan
Sub Total

Long-term Loan

Long-term Loan
Sub Total
Total

Amount(Millions of Yen)

Type of Interest

Interest Rate

Date of Repayment

Collateral

5 Financial Institutions

4,500

Floating Rate

1.05667%

August 27, 2009

3 Financial Institutions

1,600

Floating Rate

1.13167%

December 3, 2009

3 Financial Institutions

720

Floating Rate

1.15250%

December 3, 2009

3 Financial Institutions

2,240

Floating Rate

1.35833%

February 26, 2010

3 Financial Institutions

1,200

Floating Rate

1.35833%

February 26, 2010

6 Financial Institutions

5,000

Fixed Rate (*1)

1.46045％

February 27, 2010

1 Financial Institution

440

Floating Rate

1.03667%

February 27, 2010

8 Financial Institutions

15,700－－－3 Financial Institutions

10,096

Floating Rate

1.33167%

June 26, 2010

4 Financial Institutions

4,980

Fixed Rate (*2)

1.24920％

February 26, 2011

3 Financial Institutions

3,400

Fixed Rate

1.51625％

September 4, 2011

6 Financial Institutions

3,500

Fixed Rate (*3)

1.84464％

September 30, 2011

2 Financial Institutions

5,048

Fixed Rate (*5)

1.43250％

December 26, 2011

7 Financial Institutions

11,000

Fixed Rate (*1)

1.79300％

February 27, 2012

2 Financial Institutions

2,200

Fixed Rate

1.81375％

August 27, 2012

3 Financial Institutions

5,500

Fixed Rate

1.83625％

May 23, 2013

3 Financial Institutions

5,472

Fixed Rate (*4)

1.74250％

September 29, 2013

1 Financial Institution

800

Fixed Rate

1.99875％

September 30, 2013

2 Financial Institutions

2,000

Fixed Rate (*1)

2.14360％

February 27, 2014

1 Financial Institution

2,000

Fixed Rate

2.13625％

February 27, 2014

1 Financial Institution

1,300

Fixed Rate

2.23500％

February 27, 2015

12 Financial Institutions

57,296－－－－14 Financial Institutions

72,996－－－－

Unsecured
Unguaranteed－

Unsecured
Unguaranteed(*1) This loan has started the Interest Rate Sw ap transaction on Feburary 27, 2007.
(*2) This loan has started the Interest Rate Sw ap transaction on February 26, 2008.
(*3) This loan has started the Interest Rate Sw ap transaction on May 31, 2007.
(*4) This loan has started the Interest Rate Sw ap transaction on September 29, 2008.
(*5) This loan has started the Interest Rate Sw ap transaction on December 26, 2008.

28

Organization of the Asset Management Company

Shareholders Meeting

Corporate Data of NREAM
Auditors
Name

Board of Directors

Nomura Real Estate Asset Management Co., Ltd.
Executive Director
Internal Audit

Date of Establishment
January 24, 2003

Compliance
Committee

CapitalCompliance & Risk
Management Group

OfficeManagement Division¥300,000,000

Shareholder

ResidenceManagement Division

Investment
Committee

Nomura Real Estate Holdings, Inc. (100%)

Investment
Committee

Representative
Tatsuo Inoue, President & CEO

Description of Business

Acquisition
Group

Asset
Management
Group

Fund
Management
Group

Financial &Control GroupAcquisitionGroup■ Businessrelevant to due
diligence andacquisition ofproperties.

Asset
Management
Group

Fund
ManagementGroup■ Businessrelevant to theoperations,management,
and dispositionof real estate
undermanagement.

■ Businessrelevant to the
managementof the portfolio
of investment
assets anddisclosure (IR).

Financial &Control Group

Asset management business for investment
corporations (J-REITs)■ Businessrelevant to thefunding,accounting,taxation, andmanagementof capital forinvestment
assets.

Registration & Licenses■Registered for a financial instruments business:
Director of Kanto Local Finance Bureau No. 374■Licensed for discretionary proxy in realty trading:
Minister of Land, Infrastructure and Transport No. 18■Licensed for real estate trading:Governor of Tokyo No. (2) 81679

NRF Management Division29This document has been prepared solely for the purpose of provision of information andshould not be construed as an offer, solicitation or commercial conduct of any natureassociated with any specific products. Investors wishing to purchase the investment unitsof Nomura Real Estate Residential Fund, Inc. should contact their own securities brokers
or dealers.
The forecast statements with respect to the future financial results contained in thisdocument should not be construed as a guarantee of the actual performance in the future.
Although the information contained in this document is intended to be complete andthorough, there is no assurance of precision and safety. Please note that the contents ofthis document is subject to change or cancellation without prior notice.
It is prohibited to make duplication, reproduction, distribution or use of any part or whole ofthe information contained in this document without express prior written consent.