English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

September 18, 2012
To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004
Toshiya Kuroda, Executive Director(Securities Code: 8986)
Asset Manager: Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer

Inquiries: Tetsu Kasuga, Chief Financial Officer
Tel: +81-3-5425-5600

Notice Concerning Acquisition of AssetJapan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that it has
decided at a meeting of its Board of Directors held earlier today to acquire the following asset under management(hereafter to as the “Acquisition”). Details are provided below.

1. Basic Policy
In order to implement stable distributions of profits on the long-term to all our unitholders by means of raising profitability, theInvestment Corporation is aiming to improve the quality of the portfolio and continuously expand the asset scale through ourmanagement policy of (1) “Acquire new properties in the Tokyo metropolitan area, particularly in Tokyo’s 23 wards,” and (2)“dispose of primarily some small-sized properties located in areas other than the Tokyo metropolitan area and acquire newproperties of the highest quality in the area.”

2. Reasons for the acquisition and details of the proposed acquisition

The Investment Corporation decided on the investment after having comprehensively considered the profitability of theproperty, its location, the building age as well as the quality of the property’s characteristics and its competitiveness for themid- to long-term, and as a result, judged that the property to be acquired would be an appropriate fit according to the criterion
outlined in (1) of the Basic Policy above.

With the Acquisition announced today, the total asset size as of September 21, 2012, is expected to reach approximately 156.9
billion yen for the 178 portfolio properties (acquisition price base, total of 9,928 units)1Summary of the property
Number of
Property

Name of
Property

Area Category

Leasing
Category

Estimated
Acquisition Price(A)(thousands of yen)

O-4-129SPACIASHINJUKU

The seven wards ofcentral Tokyo(Shinjuku ward,
Tokyo)

Studio2,525,000

Difference between
Appraisal Value (asestimated acquisitionof August 2012)
price and appraisal value(B)(B) – (A)(thousands of yen)(thousands of yen)((B–A)/A)
2,870,000

345,000（13.7％）【Key futures of the property】•

SPACIA SHINJUKU is an apartment mainly comprised of studio type units located in Shinjuku, one of the threemajor subcenters of Tokyo. It has excellent traffic convenience located five minutes on foot from
Shinjuku-Gyoemmae Station on the Tokyo Metro Marunouchi Line and is also located within walking distance from
JR Shinjuku Station.

•

Furthermore, there is an accumulation of retail facilities such as major department stores and brand shops in thevicinity and it is very close to Shinjuku Gyoen National Garden with its ample nature. Therefore, the property has
great appeal for single person and DINKS households that prefer convenience in terms of urban lifestyle.

2

3. Details of the Property
O-4-129 SPACIA SHINJUKU
Category of
proposed property
for acquisition
Trust company

Real estate–

Estimated acquisition price

JPY 2,525,000 thousand

Trust agreement period
Unique Features of the Property–

The property is an SRC, 14-story building located about a 5-minute walking distance from Shinjuku-Gyoemmae Station on the Tokyo
Metro Marunouchi Line and is an apartment complex mainly for single dwellers. In addition to having restaurants on the ground floor
and the second floor, there are many restaurants, retail facilities and amusement facilities within walking distance and it is also locatedvery close to Shinjuku Gyoen National Garden with its ample nature. Furthermore, it has great access to major business districts andthere is an accumulation of retail facilities in the vicinity. The property can sufficiently meet the demands of single person and DINKS
households that prefer convenience in terms of urban lifestyle.

Location (Note 1)
Land

Building

Number of leasable units
by type
Expected property
management company
Expected master lease
party

Overview of the Property(Residential indication) 1-33-10,Shinjuku Shinjuku-ku Tokyo(Lot number) 1-33-2,3,4,5,Shinjuku Shinjuku-ku Tokyo
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownership
Land area (Note 1)
FAR / Building coverage ratio (Note 3)492.99 ㎡
700%／80%
Proprietary
Condominium, Store,
Type of ownership
Use (Note 1)
ownership
Parking
Floor space (Note 1)
February 10, 2003
4,171.21 ㎡ Completion date (Note 1)
Type of structure
SRC, 1-floor basement,14-story building with flat roof
(Note 1)92 units (Store:2, 1R: 72 units, 1LDK: 6 units, 2LDK: 12 units)
TOKYU LIVABLE,INC.
GK Japan Rental Housing

Type of master lease

Property Appraisal Summary (Note 4)

Tenants Details (Note 5)

Appraiser
The Tanizawa Sōgō Appraisal Co., Ltd.
Date of appraisal
August 6, 2012
Appraisal value
JPY 2,870,000 thousand
Value calculated using thedirect capitalization
JPY2,950,000 thousand
methodGross operating revenue

JPY 183,688 thousand

Gross operating expenses
Net operating income(NOI)
Lump-sum investment
returnCapital expenditure

JPY 30,318 thousand

Net cash flow (NCF)
Overall capitalization rate
Value indicated by DCF
MethodDiscount rate
Terminal capitalization
rate
Value indicated by cost
ApproachSpecial Note: N/A

Pass throughJPY 153,370 thousand

Number of tenants (Note 6)
Leasable area (Note 7)
Leased area
Monthly rent (Note 8)
Lease deposits and guarantee
deposits
Occupancy ratio (unit base)
Occupancy ratio (area base)(Note 9)1
3,307.07 ㎡
2,875.83 ㎡
JPY 13,602 thousand
JPY 35,939 thousand
87.0％
86.9％

JPY713 thousand
JPY 3,760 thousand
JPY 150,324 thousand

Engineering Report Summary (Note 10)
Engineering report company

ERI Solution Co., Ltd.

5.1%

Date of researchAugust 30, 2012

JPY 2,840,000 thousand

Priority repairs

JPY 0 thousand

5.3％
5.4％
JPY 1,720,000 thousand

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)
Probable maximum loss (PML)JPY 420 thousand
JPY 94,230 thousand
4.1 %Collateral: Secured(Note 1) Figures and information in the columns “Location (lot number),” “Land area,” “Floor space,” ”Type of structure,” “Use” and “Completion date”
are as per the registry of the property. In the column “Type of structure,” “SRC” indicates “steel reinforced-concrete,” “RC” indicates“reinforced-concrete” and “S” indicates “steel.”(Note 2) Figures and information in the column “Area classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.

3

(Note 3) Figures and information in the column “FAR/Building coverage ratio,” FAR uses the ratio of the floor area of the building versus the land area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio
uses the building area versus the land area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and areain city planning.
(Note 4) Figures and information in the column “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the property to
be acquired based on the points to consider in the appraisal valuation of real estate arising from the Act on Investment Trusts and Investment
Corporation, the Act on Real Estate Appraisal (Law No.152 of 1963, including revisions thereafter) and Real Estate Appraisal Standards.
Furthermore, for details of items, please refer to “(Reference Material I) Property Appraisal Summary of Prices of Properties to be Acquired”
below. Net earnings (NCF) = Net earnings from rentals (NOI) + one-time asset management gains – capital expenditure. The numbers arerounded off to the nearest thousand yen, and ratios are rounded off to the first decimal place.
(Note 5) Figures and information in the column “Tenants details” are based on the information as of July31, 2012 of the property to be acquired.
(Note 6) Figures and information in the column “Number of tenants” are entered as one tenant when Investment Corporation retains a master leaseagreement with the Master Lease Company.
(Note 7) Leasable area is the area that can be leased in the building of property under management as of July 31, 2012. The areas that are leased inassociation with the main purpose of lessees, including warehouses, parking facilities, the building manager’s office, signs, automatic vending
machines and antennas, and the areas that the lessor leases to maintain the building (including areas with respect to which the lessor grants
temporary use under loan-for-use agreements) are excluded. Moreover, the leasable area is the area enclosed by the center line of the wall, andincludes areas for the meter boxes and pipe space allocated to each residential unit.
(Note 8) Monthly rent (rent, common service fees and parking fees) in the column “Monthly rent” are based on information as of July 31, 2012
concerning the properties to be acquired. The numbers are rounded off to the nearest thousand yen.
(Note 9) Figures in the column “Occupancy ratio (area base)” are calculated from the “Leased area” number divided by the “Leasable area” number andshown as a percentage rounded off to the first decimal place.
(Note 10) Figures in the column “Engineering report summary” are rounded off to the nearest thousand yen, and ratios are rounded off to the first decimal
place.

4. Notes on the Property Due Diligence
The Investment Corporation conducted supplementary due diligence on all of the properties to avoid the problem of thefabrication of data relating to building structural strength. The Investment Corporation asked third-party due diligence
consultants to check if the property was in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength.
As a result of the due diligence, no violation of the building laws was found.

Name of
Property

Building(Number ofpromoterArchitect

Building

Verification

contractor

agencyInspection agency

Property)SPACIAJOINT

JV-PLANNING

CORPORATION

Corporation

SHINJUKU(O-4-129)

5. Profile of the Counterparty
Company Name
Head Office Address
Representative

Daiichi Kensetsu.

Shinjuku ward,

ERI SOLUTION

Tokyo

CO.,LTD

Paid-in Capital
Date of Establishment

KAG 4 Investment TMK
6-56-15 kameido koto-ku Tokyo
Masaki Aguni
１. Acquisition, management and disposal of specific assets in line with theasset liquidation plan, based on the laws governing the liquidation ofassets.
２. All other business operations related to the aforementioned asset
liquidation activities.
JPY 329,750 thousand
November 28, 2006

Principal Shareholder(s)(Note)

Main Business

4

Relationship between the Company(TMK) and the Investment
Corporation or the Asset Manager

No contribution has been made by the Investment Corporation, the AssetManager, their Affiliates or related persons to this specific purpose
company, directly or indirectly. Furthermore, there is no capital, personnel
or transactional relationship requiring mention between the Investment
Corporation, the Asset Manager, their Affiliates or related persons, and thespecific purpose company (including the initial investor (s)).
The specific purpose company is not classified as an interested party, etc.
under the Enforcement Order for Act on Investment Trusts and Investment
Corporation, nor is defined as an interested party, etc. under the internal
rules on dealings with interested parties of the asset manager.

(Note)The details are undisclosed as per the request of the counterparty.

6. Profile of the Property Owner
None

7. Profile of Brokerage
No brokerage

8. Planned Funds for acquisition of the new property
Own funds and loans (for details regarding the borrowings, please refer to the press release “Notice Concerning Borrowingof Funds” dated September 18, 2012.

9. Settlement Method
Full settlement at the time of the purchase

10. Date of Acquisition
Scheduled date of the acquisition and signing date ofPayment and delivery date

Acquisition agreement
September 18, 2012

September 21, 2012

11. Forecasts

There is minimal impact from this acquisition on asset management conditions for the fiscal period ending September
30, 2012(April 1, 2012 to September 30, 2012), and we have thus left our forecasts unchanged.

5

(Reference Material I)
Property Appraisal Summary of Price of Property to be acquired
Property NameSPACIA SHINJUKUAppraisal Value(JPY)

Appraiser
Date of Appraisal
Value indicated by income approach
Value indicated by the Direct Capitalization Method(1) Total Operating Income (a-b)
Rental revenues includingcommon service feesaParking fees

(JPY)
(JPY)
(JPY)

2,870,000,000
The Tanizawa Sōgō Appraisal Co., Ltd.

August 6, 2012
2,870,000,000
2,950,000,000
183,688,960(JPY)

181,950,492(JPY)

5,040,000

Other revenues(JPY)

7,811,992

Losses from vacancies(JPY)

11,113,524

Bad debt losses

(JPY)

0

(2) Total Operating Expenses(JPY)

30,318,063

Operation costs(JPY)

3,333,248

Utilities(JPY)

1,999,949

Repairs and maintenance expense(JPY)3,586,367

Property management fees

(JPY)

3,517,539

Tenant promotion fees, etc.

(JPY)

5,388,230

Taxes and public dues

(JPY)

8,755,600

Nonlife insurance(JPY)

247,040

Other expenses(JPY)

3,490,090(3) Net Operating Income (NOI): (1) - (2)(JPY)

153,370,897(4) Lump-sum Investment Return(JPY)

713,589(5) Capital Expenditure(JPY)

3,760,000(6) Net Cash Flow (NCF) : (3) + (4) – (5)(JPY)

150,324,486(7) Capitalization Rate

(%)

5.1％

Value Indicated by DCF Method(JPY)

2,840,000,000

Discount Rate

(%)

5.3％

Terminal Capitalization Rate

(%)

5.4％

(JPY)

1,720,000,000

Land value(JPY)

1,060,000,000

Building value(JPY)

660,000,000bValue indicated by cost approach

6

(Reference Material Ⅱ)
Photograph and location chart of the proposed acquisition.

〈Photograph〉〈Entrance〉〈Location chart〉

7

(Reference Material Ⅲ)

Portfolio by Type and Category after the Acquisition(Differences following the acquisition indicated within parentheses. Unit: Number of residential units)
Studio apartments

Family apartments

Total by area

829（+92）368

1,197（+92）

4,489

2,008

6,497

Other major cities (Note 3)

1,844

390

2,234

Type Total

7,162（+92）

2,766

9,928（+92）

Seven central wards ofTokyo (Note 1)
Three major metropolitan
areas (Note 2)(Note 1) The seven central wards of Tokyo mean Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya, and Meguro wards.
(Note 2) The three major metropolitan areas mean Kanto metropolitan area excluding the seven central wards of Tokyo, Chukyo metropolitan area,
and Kinki metropolitan area.
(Note 3) The other major cities mean Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, and Kitakyushu/Fukuoka metropolitan areas andcities with a population of 300,000 or more.
(Note 4) On May 24, 2012, the Investment Corporation decided to remove Premium type properties from its investment policy and streamline focus
to Studio type and the Family type alone(Reference Material Ⅳ)

Situation of the Portfolio after the Acquisition

Asset scale (acquisition price)

JPY 156.9 billion

Number of owned properties

178

Total number of leasable units

9,928

8

(Additional Material I)

Overview of Portfolio after the Acquisition＜Number of Properties etc.＞
Prior to acquisition ofproperty

Number of owned properties
Total number of leasable units
Total leasable floor area
Average age of buildings(Note)

Acquisition of 1 property
After acquisition of property
(+)

177
9,836

1
92

178
9,928

383,614.00 ㎡

3,307.07 ㎡

386,921.07 ㎡

11.03

9.61

11.00

(Note) Indicates weighted average of age of properties as of today in accordance with acquisition price＜Asset Size etc.＞
Prior to acquisition ofproperty

Asset size (a) (Note 1)
Total appraisal value (b)(Note 2)
Ratio (a)÷(b)×100%
Asset scale per property(Note 1)NOI yield (Note 3)

Acquisition of 1 property
After acquisition of property(+)

JPY154.3 billion

JPY 2.5 billion

JPY 156.9 billion

JPY 141.4 billion

JPY 2.8 billion

JPY 144.3 billion

109.1 ％

88.0 ％

108.7％

JPY0. 872 billion

JPY 2.525 billion

JPY 0.881 billion

5.52％

6.07％

5.53％

(Note 1) Asset scale based on acquisition price.
(Note 2) Appraisal value of the acquired properties are at the time of acquisition, all other properties are as of the end of March 2012
(Note 3) NOI Yield is NOI/acquisition price. Figures for prior to acquisition of properties were calculated using actual results of the 12th
fiscal period, and those for acquired properties calculated using appraisal NOI.

＜Amount and Rate of Investment by Type (Based on Acquisition Price)＞
Prior to acquisition ofproperty

StudioFamilyAcquisition of 1 property
After acquisition of property(+)

JPY 97.6 billion (63.3%)

JPY 2.5 billion

JPY 56.6 billion (36.7%)―

JPY 100.2 billion(63.9%)JPY56.6 billion (36.1%)＜Amount and Rate of Investment by Region (Based on Acquisition Price)＞
Prior to acquisition ofproperty

The seven wards of central Tokyo
Three major metropolitan areas
Other major cities

JPY 36.8 billion (23.9%)
JPY 98.0 billion (63.5%)
JPY 19.4 billion (12.6%)

Acquisition of 1 property
After acquisition of property(+)

2.5 billion

JPY 39.4 billion (25.1%)
JPY 98.0 billion (62.5%)
JPY 19.4 billion (12.4%)

PY 78.8 billion (51.1%)

2.5 billion

JPY 81.3 billion (51.8%)

JPY 99.2 billion (64.3%)

2.5 billion JPY 101.7 billion (64.9%)――(Reference)

The 23 wards of central Tokyo
total
Tokyo metropolitan area total9

(Additional Material II)
Type

List of Portfolio after the Acquisition

Type Property
Number

Property Name

Region(Note 1)

Acquisition
Price(Thousandsof yen)(Note 2)

Share
(%)
(Note 3)O-1-001

Satella Kita 34-jo

Other major cities

1,133,714

0.7%

O-1-004

Satella Nagayama

Other major cities

342,4280.2%

O-1-032

willDo Kita 24 jo

Other major cities

316,000

0.2%

O-1-033

Flat Carerra

Other major cities

290,000

0.2%

O-1-034s13w9 h+Other major cities

463,000

0.3%

O-1-035s9w12 h+Other major cities

533,000

0.3%

O-1-036

willDo Minami hiragishi

Other major cities

315,000

0.2%

O-1-090

Sky Hills N15

Other major cities

712,000

0.5%

O-1-091

Sky Hills Sakaemachi

Other major cities

832,000

0.5%

O-1-092

Domy Chitose

Other major cities

476,000

0.3%

O-1-093

Sky Hills Takadai I

Other major cities

448,000

0.3%

O-1-128

Alpha Tower Sapporo Minami4jo

Other major cities

1,185,000

0.8%

O-2-037

willDo Nishishitadai cho

Other major cities

512,000

0.3%

O-2-054

willDo Kamisugi 3chome

Other major cities

506,000

0.3%

O-2-065

Grand Mason Shichifuku

Other major cities

342,000

0.2%

O-2-094

Living Stage Higashi-Sendai

Other major cities

317,200

0.2%

O-2-123

West Park Hasekura

Other major cities

1,240,000

0.8%

O-3-079

willDo Ishizue-cho

Other major cities

462,5100.3%

O-3-080

willDo Sasaguchi

Other major cities

266,000

0.2%

O-4-005

willDo Koshigaya

499,333

0.3%

O-4-006

Joyful Sayama

216,6190.1%

O-4-007

Lumiere Hachioji

480,7610.3%

O-4-008

willDo Kiyosumi

5,024,619

3.2%

O-4-009

Turkey's Denen-Chofu No.2

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

281,523

0.2%

O-4-010

willDo Honchiba

Three major
metropolitan areas

379,857

0.2%

O-4-011

willDo Yokohama Minami

Three major
metropolitan areas

233,1420.1%

Site Pia

Three major
metropolitan areas

506,1420.3%

O-4-024

VISTA Supreme

Three major
metropolitan areas

563,584

0.4%

O-4-025

Joy Oyamadai

seven wards ofcentral Tokyo

624,265

0.4%

willDo Otsuka

Three major
metropolitan areas

725,2290.5%

O-4-038

willDo Niiza

Three major
metropolitan areas

590,438

0.4%

O-4-039

Toshin Shoto Mansion

912,000

0.6%

O-4-055

Harmony Kamikitazawa

400,000

0.3%

396,000

0.3%

727,000

0.5%

892,000

0.6%

StudioO-4-012O-4-031seven wards ofcentral Tokyo
seven wards ofcentral Tokyo

O-4-062

willDo Minami Urawa

O-4-069

College Square Kitaikebukuro

O-4-070

College Square Tobu Nerima

10

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

O-4-071

College Square Akatsuka

O-4-072

College Square HigashikurumeO-4-073

College Square WasedaⅡ

O-4-074

College Square Myogadani

O-4-075

College Square Shinkoiwa

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

O-4-076
O-4-077

734,000

0.5%

523,000

0.3%

215,000

0.1%

1,060,000

0.7%

724,000

0.5%

College Square Kiba

Three major
metropolitan areas

639,000

0.4%

College Square Kinshicho

Three major
metropolitan areas

490,000

0.3%

316,000

0.2%

1,010,000

0.6%

808,000

0.5%

1,480,000

0.9%

912,000

0.6%

4,770,000

3.0%

O-4-078

College Square Waseda

O-4-089

Lexington Square Shinjuku Gyoen

O-4-095

Prospect Nihonbashi-Honcho

O-4-096

Maison de Ville Takanawa Gyoranzaka

O-4-097

Roppongi Rise House

O-4-098

TK Flats Shibuya

O-4-099

Maison de Ville Naka-Meguroseven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo

1,050,000

0.7%

Prospect KALON Minowa

Three major
metropolitan areas

1,620,000

1.0%

O-4-101

Prospect Shinonomebashi

3,040,000

1.9%

O-4-102

Prospect Monzennakacho

1,080,000

0.7%

O-4-103

Prospect Ogikubo

701,000

0.4%

O-4-104

Exceria Ikebukuro West II

852,000

0.5%

O-4-105

Prospect Omori-Kaigan

1,480,000

0.9%

O-4-106

Prospect Musashi-Shinjo

1,050,000

0.7%

O-4-107

Fragrance Kawasaki

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

548,900

0.3%

Prospect Chuo-Rinkan

Three major
metropolitan areas

524,000

0.3%

Gala Place Shinjuku Gyoen

seven wards ofcentral Tokyo

2,170,000

1.4%

3,010,000

1.9%

1,216,000

0.8%

618,095

0.4%

1,480,808

0.9%

3,750,000

2.4%

3,160,000

2.0%

O-4-100

O-4-108
O-4-120
O-4-121

Joyce Court

O-4-122

Act Forme Asakusa

Three major
metropolitan areas
Three major
metropolitan areas

O-4-124

Gran Casa Motoazabu(Note 4)O-4-125

Gran Casa Roppongi (Note 4)O-4-126

Gran Casa Minami Aoyama (Note 4)O-4-127

Storia Jingumae

O-4-129SPACIA SHINJUKU

seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo

2,525,000

1.6%

490,095

0.3%

641,767

0.4%

O-5-013

willDo Kanayama masaki

O-5-026

Excelsior Sakae

O-5-027

willDo Hibino

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

317,603

0.2%

willDo Chiyoda

Three major
metropolitan areas

633,000

0.4%

O-5-041

willDo Taiko dori

Three major
metropolitan areas

1,120,000

0.7%

O-5-042

willDo Kanayama

Three major
metropolitan areas

370,000

0.2%

willDo Kanayama sawashita

Three major
metropolitan areas

375,000

0.2%

willDo Kachigawa

Three major
metropolitan areas

503,000

0.3%

O-5-040O-5-043
O-5-05611

600,000

0.4%

641,000

0.4%

703,000

0.4%

549,000

0.3%

willDo Yokkaichi Unomori

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

529,150

0.3%

willDo Daikancho

Three major
metropolitan areas

655,000

0.4%

willDo TakabataThree major
metropolitan areas

494,115

0.3%

O-5-109

Dome Takamine

Three major
metropolitan areas

140,100

0.1%

O-5-110

Dome Yotsuya

Three major
metropolitan areas

126,500

0.1%

willDo Ichioka

Three major
metropolitan areas

722,7610.5%

O-6-015

willDo Ebie

Three major
metropolitan areas

350,904

0.2%

O-6-016

willDo Imafuku nishi

413,857

0.3%

O-6-017

Maison Flora584,285

0.4%

O-6-018

Wind Four Minami-Honmachi

307,1420.2%

O-6-028

willDo Shin-Osaka sⅠ

285,723

0.2%

O-6-029

Grand Mer Higashi Yodogawa

236,069

0.2%

O-6-030

willDo Fukae minami

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

184,716

0.1%

willDo Dainichi

Three major
metropolitan areas

217,000

0.1%

O-6-046

willDo Tsukamoto

Three major
metropolitan areas

730,000

0.5%

O-6-047

willDo Tenmabashi

Three major
metropolitan areas

338,000

0.2%

willDo Sakaisuji honmachi

Three major
metropolitan areas

325,000

0.2%

willDo Tanimachi

Three major
metropolitan areas

1,040,000

0.7%

willDo Nanba w II

Three major
metropolitan areas

486,000

0.3%

O-6-051

willDo Nanba w I

690,000

0.4%

O-6-052

Zekubenten

466,000

0.3%

O-6-058

willDo Tsurumi morokuchi

180,000

0.1%

O-6-059

willDo Hamasaki dori

2,280,000

1.5%

O-6-060

willDo Minamimorimachi

493,000

0.3%

O-6-064

willDo Matsuyamachi

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

810,000

0.5%

willDo Shin Osaka

Three major
metropolitan areas

861,000

0.5%

willDo Sannomiya East

Three major
metropolitan areas

731,000

0.5%

O-6-084

willDo Kamishinjyo w I

Three major
metropolitan areas

366,000

0.2%

O-6-085

Student Heights Kujyo

Three major
metropolitan areas

537,000

0.3%

Abreast Shin-Osaka

Three major
metropolitan areas

1,391,000

0.9%

O-6-112

Abreast Sakuragawa

Three major
metropolitan areas

385,800

0.2%

O-6-113

Prospect Bishoen

277,000

0.2%

O-6-114Prospect Nakanoshima

734,000

0.5%

O-6-116

Prospect Toyonaka Hattori

366,000

0.2%

O-6-117

Prospect Shimogamo

Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas
Three major
metropolitan areas

281,000

0.2%

O-5-057

Stagea Kogane

O-5-063

willDo Inaei

O-5-066

willDo Higashibetsuin

O-5-081

willDo Matsubara

O-5-082
O-5-086
O-5-088

O-6-014O-6-044

O-6-048
O-6-049
O-6-050

O-6-067
O-6-083

O-6-11112

583,000

0.4%

Gransys esaka

Three major
metropolitan areas
Three major
metropolitan areas

1,260,000

0.8%

O-7-068

willDo Okayama-eki Nishiguchi

Other major cities

1,220,000

0.8%

O-7-087

willDo Okayamadaiku

Other major cities

1,040,000

0.7%

O-9-053

willDo Nakasu

Other major cities

2,460,000

1.6%

100,222,767

63.9%

Region(Note 1)

Acquisition
Price(Thousandsof yen)(Note 2)

Share(%)
(Note 3)O-6-118

Prospect Kawaramachi-Gojo

O-6-119

Studio Total

Type

Type Property
Number

Property Name

F-1-041

Palais d'or Maruyama

Other major cities

559,000

0.4%

F-2-001

Royal Garden Shinrin Koen

Other major cities

396,1900.3%

F-2-002

Green Park Komatsujima

Other major cities

550,523

0.4%

F-2-003

Dia Palace Izumizaki

Other major cities

355,095

0.2%

F-2-004

willDo Takasago

Other major cities

364,9040.2%

F-2-042

Living Stage Minami-Sendai

Other major cities

159,500

0.1%

F-2-043

Takasagoseki Nibankan

Other major cities

558,000

0.4%

F-3-034

Ark Heim Niigata

Other major cities

1,060,000

0.7%

F-4-005

Johanna Mansion

Three major metropolitan
areas556,714

0.4%

Iruma-ekimae Building

Three major metropolitan
areas

1,517,000

1.0%

Iruma-ekimae Building No. II

Three major metropolitan
areas

687,666

0.4%

Sereno Omiya

Three major metropolitan
areas

1,554,523

1.0%

F-4-009

Suzuran-kan

Three major metropolitan
areas

441,1900.3%

F-4-010Bonheur Tokiwa

Three major metropolitan
areas

752,904

0.5%

Profit Link Takenotsuka

Three major metropolitan
areas

636,333

0.4%

F-4-013

Dream Heights

358,666

0.2%

F-4-014

Green Hills Asukayama

587,238

0.4%

F-4-015

Oji Heights

347,857

0.2%

F-4-016

Sakagami Royal Heights No. II

Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas

360,7140.2%

1,764,809

1.1%

609,904

0.4%

2,152,476

1.4%

352,7610.2%

453,571

0.3%

F-4-006
F-4-007F-4-008

F-4-011
FamilyF-4-017seven wards of central
TokyowillDo Todoroki

F-4-018

Chez Moi Sakuragaoka

F-4-019

Libest Nishi-chiba

F-4-020

Corinne Tsudanuma

F-4-022

Chigasaki Daikan Plaza

F-4-028

Winbell Chorus Hiratsuka No.13

Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas

477,587

0.3%

Libest Higashi Nakayama

Three major metropolitan
areas

1,371,314

0.9%

F-4-031

MGA Kanamachi

Three major metropolitan
areas

484,000

0.3%

F-4-035

Greenhills Rokaseven wards ofcentral Tokyo

662,000

0.4%

Lofty Hirai

Three major metropolitan
areas

324,000

0.2%

Colonnade Kasuga

Three major metropolitan
areas

3,115,277

2.0%

F-4-029F-4-036
F-4-03813

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

F-4-040

Sun Terrace Yoyogi Uehara

F-4-044

Prospect Nihonbashikoamicho

F-4-045

Park Terrace Ebisu

F-4-046

Prospect Dogenzaka

F-4-047

Prospect Glarsa Hiroo

F-4-048

Prospect Hatsudai

F-4-049

Prospect Nishi-Sugamo

F-4-050

Prospect Machiya

F-4-051
F-4-052

seven wards of centralTokyo
seven wards of centralTokyo
seven wards of centralTokyo
seven wards of centralTokyo
seven wards of centralTokyo
seven wards of centralTokyo
seven wards of central
Tokyo

1,250,000

0.8%

1,180,000

0.8%

840,000

0.5%

2,060,000

1.3%

1,590,000

1.0%

3,560,000

2.3%

518,000

0.3%

1,110,000

0.7%

484,000

0.3%

Prospect Kiyosumi-Teien

Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas

2,630,000

1.7%

Prospect Morishita

Three major metropolitan
areas

1,260,000

0.8%

Prospect Onshi-Koen

Three major metropolitan
areas

1,110,000

0.7%

F-4-054

BELNOS 34

Three major metropolitan
areas

1,700,000

1.1%

F-4-055

SK Residence

Three major metropolitan
areas

805,000

0.5%

Angel Heim Nishi-Rokugo No.2

Three major metropolitan
areas

1,012,000

0.6%

F-4-057

Deim-Hashimoto

748,000

0.5%

F-4-058

Prospect Kawasaki

1,520,000

1.0%

F-4-059

Prospect Urawa-Tokiwa

717,000

0.5%

F-4-064

Glana Ueno

1,100,000

0.7%

F-5-023

willDo Temmacho

627,7850.4%

F-5-024

Grace Mansion Fuji

492,7610.3%

F-5-032

Stellato City Sakurayama

Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas
Three major metropolitan
areas

735,000

0.5%

willDo Kurokawa

Three major metropolitan
areas

677,000

0.4%

Gran Casa Daikan-Cho(Note 4)

Three major metropolitan
areas

1,082,000

0.7%Gran Casa Gokiso (Note 4)

Three major metropolitan
areas

932,500

0.6%

F-6-026

willDo Nishi akashi

Three major metropolitan
areas

635,666

0.4%

F-6-033

La Vita Nipponbashi

Three major metropolitan
areas

1,860,000

1.2%

F-6-062

Crown Heim Nishi-Tanabe

405,000

0.3%

F-6-063

Prospect Katsura

Three major metropolitan
areas
Three major metropolitan
areas

470,000

0.3%

Family Total

56,683,440

36.1%

Total

156,906,207

100.0%

F-4-053

F-4-056

F-5-037
F-5-060F-5-061(Note 1) The seven wards of central Tokyo represent Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya and Meguro Wards. The three major
metropolitan areas represent the Kanto metropolitan area excluding the seven wards of central Tokyo, the Chukyo metropolitan area and the Kinki
metropolitan area. Other major cities indicate the Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Hiroshima, Kitakyushu and Fukuoka
metropolitan areas, as well as cities with a population of 300,000 or more.
(Note 2) Each of the amounts in the column “Acquisition Price” is rounded off to the nearest thousand yen. Figures for “Total” and sub-totals are the sum of
the actual acquisition prices, and show the sum of the amounts rounded off to the nearest thousand yen.
(Note 3) In the column “Share,” the figures are calculated as a percentage of the acquisition price of the concerned property under management to theaggregate total of acquisition prices of properties under management and rounded off to the first decimal place.
(Note 4) U House Daikan-Cho and U House Gokiso were renamed Gran Casa Daikan-Cho and Gran Casa Gokiso on November 1, 2011. Also, ｃ-MA1,ｃ-MA3 and ｎ-OM1 were renamed Gran Casa Motoazabu, Gran Casa Roppongi and Gran Casa Minami Aoyama on February 1, 2012.

*URL:

14

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