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

August 20, 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, Executive Officer & General Manager ofBusiness Management Department
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, 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 (2) of the Basic Policy above. In line with (2) of the Basic Policy (mainly with the clause regarding the dispositionof some small-sized properties located in areas other than the Tokyo metropolitan area), earlier today the Investment
Corporation decided upon the disposition of one property located in Kitakyushu.

For details regarding the disposition pleaserefer to the press release “Notice Concerning Disposition of Asset” dated August 20, 2012.

With the Acquisition and Disposition announced today, the total asset size as of September 4, 2012, is expected to reachapproximately 154.3 billion yen for the 177 portfolio properties (acquisition price base, total of 9,836 units)1Summary of the property
Number of
Property

Name of
Property

Area Category

Leasing
Category

Estimated
Acquisition Price(A)(thousands of yen)O-1-128

Alpha
Tower
SapporoMinami4jo

Other major
cities(Sapporo city,
Hokkaido)

Studio1,185,000

Difference between
Appraisal Value (asestimated acquisitionof July 2012)
price and appraisal value(B)(B) – (A)(thousands of yen)(thousands of yen)((B–A)/A)
1,230,000

45,000（3.8％）【Key futures of the property】•

The property boasts of superior access to major stations. It is located at approximately six minutes walking distance fromthe Bus Centre Mae station on the Sapporo Metro Tozai Line. Sapporo Station, which is home to a number of officebuildings and commercial facilities, is two stations away on the subway line, and the Odori Station is one stop away.

•

It is also located in close proximity to the Odori Park (home to a number of events throughout the year), Souseigawa Park
(newly renovated as a place for relaxation), and Toyohira River (the venue for firework festivals), making for a good living
environment.

•

The Sapporo City government has drawn out a local area-level plan with the aim of “creating a good urban environment”.
The plan covers the eastern part of Souseigawa, where the property is located, and the area is actively courting facilities thatenhance ease of living such as commercial facilties.

（Reference） Portfolio changes in properties located in non-urban areas since the 12th Fiscal Period, based on (2) of the Basic

Policy.

【Acquisition】

Acquisition of two properties for a total of 2,425 million yen (average NOI yield (appraisal NOI/acquisition price) 7.3%=
NOI value of 176 million yen)(February 2012 acquisition of West Park Hasekura (Sendai) for 1,240 million yen, scheduled August 2012 acquisition of
aforementioned property (Sapporo) for 1,185 million yen)
Unrealized gains after deducting the acquisition price from the appraisal value of the two properties + 275 million yen【Disposition】
Total book value of nine properties 3,215 million yen (average NOI yield (actual NOI/book value) 4.4%= NOI value of
142 million yen)
(Eight properties in March 2012 (Sapporo 3, Kitakyushu 2, Fukuoka 3) 2,558 million yen; one property in September 2012
656 million yen)
Total profit and loss on sale of nine properties come to -959 million yen. For this, the Investment Corporation willappropriate distribution reserves from gains on negative goodwill

23. Detail of the Property
O-1-128 Alpha Tower Sapporo Minami4jo
Category of
proposed property
for acquisition
Trust company

Real estate

Estimated acquisition price

JPY 1,185,000 thousand–

Trust agreement period–
Unique Features of the Property
The property boasts of superior access to major stations. It is located at approximately six minutes walking distance from the Bus Centre
Mae station on the Sapporo Metro Tozai Line. Sapporo Station, which is home to a number of office buildings and commercial
facilities, is two stations away on the subway line, and the Odori Station is one stop away.
It is also located in close proximity to the Odori Park (home to a number of events throughout the year), Souseigawa Park (newly
renovated as a place for relaxation), and Toyohira River (the venue for firework festivals), making for a good living environment.
The Sapporo City government has drawn out a local area-level plan with the aim of “creating a good urban environment”. The plan
covers the eastern part of Souseigawa, where the property is located, and the area is actively courting facilities that enhance ease of livingsuch as commercial facilities.
Due to these factors, this area has become a favorable location that meets the residential needs of both single tenants as well as families.
The property, which comprises 1LDK and 2 LDK type apartments, is expected to have a steady occupancy rate.
Overview of the Property(Residential indication) 3-17-3,Minami 4johigashi Chuo-ku, Sapporo-shi, Hokkaido
Location (Note 1)(Lot number) 3-17-3,Minami 4johigashi Chuo-ku, Sapporo-shi, Hokkaido
Proprietary
Type of ownership
Use Area (Note 2)
Commercial district
ownershipLand
Land area (Note 1)
913.51 ㎡
FAR / Building coverage ratio (Note 3)
400%／80%
Proprietary
Type of ownership
Use (Note 1)
Condominium, Storeownership
Building
Floor space (Note 1)
5,677.20 ㎡ Completion date (Note 1)
April 15, 2009
Type of structure
RC, 15-story building with flat roof
(Note 1)
Number of leasable units
100 units (Store:2, 1LDK: 56 units, 2LDK: 42 units)by type
Expected property
TAKARA Inc.
management company
Expected master lease
GK Japan Rental Housing
Type of master lease
Pass throughparty
Property Appraisal Summary (Note 4)
Appraiser
Date of appraisal
Appraisal value
Value calculated using thedirect capitalization
methodTenants Details (Note 5)

Japan Real Estate Institute
July 1, 2012
JPY 1,230,000 thousand
JPY 1,230,000 thousand

Gross operating revenue

JPY 103,742 thousand

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

JPY 25,730 thousand

Net cash flow (NCF)

JPY 75,324 thousand

Overall capitalization rate
Value indicated by DCF
MethodDiscount rate
Terminal capitalization
rate
Value indicated by cost
ApproachSpecial Note: N/A

JPY 78,012 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
4,413.21 ㎡
4,175.90 ㎡
JPY 8,122 thousand
JPY 7,684 thousand
95.0%
94.6%

JPY168 thousand
JPY 2,856 thousand

Engineering Report Summary (Note 10)
Engineering report company

ERI Solution Co., Ltd.

6.1%

Date of researchAugust 3, 2012

JPY 1,230,000 thousand

Priority repairs

JPY 0 thousand

5.9 %
6.3 %
JPY 1,050,000 thousand

Collateral: None3

Near-future repairs(within a year)
Far-future repairs(2-12 years timeline)
Probable maximum loss (PML)JPY 6,390 thousand
JPY 83,280 thousand
3.3 %(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.
(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 June 30, 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 June 30, 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 June 30, 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. The figure for the earthquake PML was received from Tokyo Marine & Nichido Risk Consulting Co., Ltd in June 2012.

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.

Building promoter

Architect

Building contractor

Verification agency

Inspection agency

CENTER OF
INTERNATIONAL
Alpha Court co, ltd.

Sekisui House, Ltd.

Sekisui House, Ltd.

ERI SOLUTION CO.,LTD
ARCHITECTURAL
STANDARD

5. Profile of the Counterparty
Company Name
Head Office Address
Representative
Main Business
Paid-in Capital
Date of Establishment
Net asset
Total assets
Relationship between the company
and the Investment Corporation or
the asset management company

Alpha Court co, ltd.
5-3,Kita 1jonishi Chuo-ku, Sapporo-shi, Hokkaido

Yuji Kawamura
Housing business、Real estate agency、Real estate fluidity business、Urban
redevelopment business, etc.
100 million
March 22, 2004
371 million yen (as of May 31,2012)
3,867 million yen (as of May 31,2012)
There are no capital, personnel or business ties between the Investment
Corporation or the asset manager and the brokerage. Also,
there are no such ties between affiliates of the Investment Corporation or the asset
manager and affiliates of the brokerage. The company is
not classified as an interested party, etc. under the Enforcement Order for Act on
Investment Trusts and Investment Corporation, nor isdefined as an interested party, etc. under the internal rules on dealings withinterested parties of the asset manager.

4

6. Profile of the Property Owner
None

7. Profile of Brokerage
The proposed broker is a domestic real estate transaction company, but the details including name are undisclosed as per therequest of the proposed broker.

There are no capital, personnel, business relationships required to mention between theInvestment Corporation or the asset manager and the said company, nor is the company an affiliated party of either theInvestment Corporation or the asset manager. Furthermore, the said company is neither classified as an interested party,
etc. under the Enforcement Order for Act on Investment Trusts and Investment Corporation, nor defined as an interested party, etc.
under the internal rules on dealings with interested parties of the asset manager.

8. Planned Funds for acquisition of the new property
Own funds

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
August 20, 2012

August 31, 2012

11. Forecasts
For details on the projected impact of the acquisition on management performance for the fiscal period ending September
30, 2012(April 1, 2012 to September 30, 2012), please refer to the press release “Notice Concerning Revision of
Earnings and Distribution Forecasts for the Fiscal Period Ending September 30, 2012 (13th Fiscal Period)”dated August20, 2012.

5

(Reference Material I)
Property Appraisal Summary of Price of Property to be Acquired
Property Name

Alpha Tower Sapporo Minami4jo

Appraisal Value(JPY)

1,230,000,000

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
Other revenues
Losses from vacanciesb
Bad debt losses(2) Total Operating Expenses
Operation costs
Utilities
Repairs and maintenance expense
Property management fees
Tenant promotion fees, etc.
Taxes and public dues
Nonlife insurance
Other expenses

(JPY)
(JPY)
(JPY)

Japan Real Estate Institute
July 1, 2012
1,230,000,000
1,230,000,000
103,742,000(JPY)

96,007,000

(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)
(JPY)

11,334,000
759,000
4,358,000
0
25,730,000
2,974,000
4,000,000
3,008,000
3,089,000
3,108,000
9,140,000
408,000
3,000

(JPY)
(JPY)
(JPY)
(JPY)

78,012,000
168,000
2,856,000
75,324,000(7) Capitalization Rate
Value Indicated by DCF Method

(%)
(JPY)

6.1%
1,230,000,000

Discount Rate

(%)

5.9%

Terminal Capitalization Rate

(%)

6.3%

(JPY)

1,050,000,000

(JPY)
(JPY)

179,000,000
867,000,000(3) Net Operating Income (NOI): (1) - (2)(4) Lump-sum Investment Return(5) Capital Expenditure(6) Net Cash Flow (NCF) : (3) + (4) – (5)Value indicated by cost approach
Land value
Building value

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 Property Acquisition and Disposition(Differences following the acquisition and disposition indicated within parentheses. Unit: Number of residential units)
Studio apartments

Family apartments

Total by area

737

368

1,105

4,489

2,008

6,497

Other major cities

1,844（+100）

390（-65）

2,234（+35）

Type Total

7,070（+100）

2,766（-65）

9,836（+35）

Seven central wards ofTokyo
Three major metropolitan
areas(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 Property Acquisition and Disposition

Asset scale (acquisition price)

JPY 154.3 billion

Number of owned properties

177

Total number of leasable units

9,836

8

(Additional Material I)

Overview of Portfolio after the Property Acquisition and Disposition＜Number of Properties etc.＞
Prior to acquisitionand disposition ofproperties
Number of owned properties

Acquisition of 1

Disposition of 1

property (+)

property(-)

After acquisition anddisposition ofproperties

177
9,801

1
100

1
65

177
9,836

Total leasable floor area

382,791.22 ㎡

4,413.21 ㎡

3,590.43 ㎡

383,614.00 ㎡

Average age of buildings(Note)

11.0

3.4

20.1

10.9

Total number of leasable units(Note) Indicates weighted average of age of properties as of today in accordance with acquisition price＜Asset Size etc.＞
Prior to acquisitionand disposition ofproperties

Acquisition of 1

Disposition of 1

property (+)

property(-)

After acquisition anddisposition ofproperties

Asset size (a) (Note 1)

JPY 153.8 billion

JPY 1.1 billion

JPY 0.6 billion

JPY 154.3 billion

Total appraisal value (b)(Note 2)

JPY 140.6 billion

JPY 1.2 billion

JPY 0.3 billion

JPY 141.4 billion

109.4 ％

96.3 ％

189.9 ％

109.1％

JPY0. 869 billion

JPY 1.185 billion

JPY 0.662 billion

JPY 0.872 billion

5.51％

6.58％

4.41％

5.52％

Ratio (a)÷(b)×100%
Asset scale per property(Note 1)NOI yield (Note 3)(Note 1) Asset scale based on acquisition price.
(Note 2) Appraisal value of the acquired properties are as of July 2012, all other properties are as of the end of March 2011
(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 acquisitionand disposition ofproperties

StudioJPY 96.5 billion(62.7%)
JPY 57.3 billion(37.3%)

FamilyAcquisition of 1

Disposition of 1

property (+)

property(-)

JPY 1.1 billion――

JPY0.6 billion

After acquisition anddisposition ofproperties

JPY 97.6 billion(63.3%)JPY56.6 billion(36.7%)＜Amount and Rate of Investment by Region (Based on Acquisition Price)＞
Prior to acquisitionand disposition ofproperties

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

JPY 36.8 billion(24.0%)
JPY 98.0 billion(63.7%)
JPY 18.8 billion(12.3%)

Acquisition of 1

Disposition of 1

properties (+)

properties(-)

―

―

―

―

JPY 1.1 billion

JPY 0.6 billion

After acquisition anddisposition ofproperties

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

The 23 wards of central Tokyo
total
Tokyo metropolitan area total

PY 78.8 billion (51.2%)―

JPY 78.8 billion (51.1%)

JPY 99.2 billion (64.5%)―

JPY 99.2 billion (64.3%)

9(Additional Material II)
Type

List of Portfolio after Property Acquisition and Disposition

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

3.3%

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

233,1420.2%

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

College Square Kiba
College Square Kinshicho

O-4-077
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-Meguro734,000

0.5%

523,000

0.3%

215,000

0.1%

1,060,000

0.7%

724,000

0.5%

Three major
metropolitan areas

639,000

0.4%

Three major
metropolitan areas

490,000

0.3%

316,000

0.2%

1,010,000

0.7%

808,000

0.5%

1,480,000

1.0%

912,000

0.6%

4,770,000

3.1%

seven 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%

1,620,000

1.0%

3,040,000

2.0%

1,080,000

0.7%

701,000

0.5%

852,000

0.6%

1,480,000

1.0%

1,050,000

0.7%

O-4-100

Prospect KALON Minowa

Three major
metropolitan areas

O-4-101

Prospect Shinonomebashi

O-4-102

Prospect Monzennakacho

O-4-103

Prospect Ogikubo

O-4-104

Exceria Ikebukuro West II

O-4-105

Prospect Omori-Kaigan

O-4-106

Prospect Musashi-Shinjo

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

0.4%

O-4-108

Prospect Chuo-Rinkan

Three major
metropolitan areas

524,000

0.3%

O-4-120

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

1.0%

3,750,000

2.4%

3,160,000

2.0%

Three major
metropolitan areas
Three major
metropolitan areas

O-4-121

Joyce Court

O-4-122

Act Forme Asakusa

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-5-013

willDo Kanayama masaki

Three major
metropolitan areas

490,095

0.3%

Excelsior Sakae

Three major
metropolitan areas

641,767

0.4%

O-5-027

willDo Hibino

Three major
metropolitan areas

317,6030.2%

O-5-040

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

370,000

0.2%

O-5-043

willDo Kanayama sawashita

375,000

0.2%

O-5-056

willDo Kachigawa

503,000

0.3%

O-5-057

Stagea Kogane

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

600,000

0.4%

O-5-026

11seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo
seven wards ofcentral Tokyo

641,000

0.4%

703,000

0.5%

549,000

0.4%

529,150

0.3%

willDo Daikancho

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

655,000

0.4%

willDo TakabataThree major
metropolitan areas

494,115

0.3%

Dome Takamine

Three major
metropolitan areas

140,100

0.1%

O-5-110

Dome Yotsuya

Three major
metropolitan areas

126,500

0.1%

O-6-014

willDo Ichioka

Three major
metropolitan areas

722,761

0.5%

willDo Ebie

Three major
metropolitan areas

350,904

0.2%

O-6-016

willDo Imafuku nishi

Three major
metropolitan areas

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

184,7160.1%

O-6-044

willDo Dainichi

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

217,000

0.1%

willDo Tsukamoto

Three major
metropolitan areas

730,000

0.5%

O-6-047

willDo Tenmabashi

Three major
metropolitan areas

338,000

0.2%

O-6-048

willDo Sakaisuji honmachi

Three major
metropolitan areas

325,000

0.2%

O-6-049

willDo Tanimachi

Three major
metropolitan areas

1,040,000

0.7%

O-6-050

willDo Nanba wⅡ

Three major
metropolitan areas

486,000

0.3%

willDo Nanba wⅠ

Three major
metropolitan areas

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

810,000

0.5%

O-6-067

willDo Shin Osaka

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

861,000

0.6%

O-6-083

willDo Sannomiya East

Three major
metropolitan areas

731,000

0.5%

willDo Kamishinjyo wⅠ

Three major
metropolitan areas

366,000

0.2%

O-6-085

Student Heights Kujyo

Three major
metropolitan areas

537,000

0.3%

O-6-111

Abreast Shin-Osaka

Three major
metropolitan areas

1,391,000

0.9%

Abreast Sakuragawa

Three major
metropolitan areas

385,800

0.2%

O-6-113

Prospect Bishoen

Three major
metropolitan areas

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

281,000

0.2%

O-6-118

Prospect Kawaramachi-Gojo

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

583,000

0.4%

O-5-063

willDo Inaei

O-5-066

willDo Higashibetsuin

O-5-081

willDo Matsubara

O-5-082

willDo Yokkaichi Unomori

O-5-086
O-5-088
O-5-109

O-6-015

O-6-046

O-6-051

O-6-084

O-6-11212O-6-119

Gransys esaka

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%

97,697,767

63.3%

Region(Note 1)

Acquisition
Price(Thousandsof yen)(Note 2)

Share(%)
(Note 3)

Studio Total

Type

Type Property
Number
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

556,7140.4%

F-4-006

Iruma-ekimae Building

Three major metropolitan
areas
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%

Suzuran-kan

Three major metropolitan
areas

441,1900.3%

F-4-010Bonheur Tokiwa

Three major metropolitan
areas

752,904

0.5%

F-4-011

Profit Link Takenotsuka

Three major metropolitan
areas

636,333

0.4%

Dream Heights

Three major metropolitan
areas

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

360,7140.2%

F-4-017

willDo Todoroki

1,764,809

1.1%

F-4-018

Chez Moi Sakuragaoka

609,904

0.4%

F-4-019

Libest Nishi-chiba

2,152,476

1.4%

F-4-020

Corinne Tsudanuma

352,7610.2%

F-4-022

Chigasaki Daikan Plaza

453,571

0.3%

F-4-028

Winbell Chorus Hiratsuka No.13

477,587

0.3%

F-4-029

Libest Higashi Nakayama

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

1,371,314

0.9%

MGA Kanamachi

Three major metropolitan
areas

484,000

0.3%

F-4-035

Greenhills Rokaseven wards ofcentral Tokyo

662,000

0.4%

F-4-036

Lofty Hirai

324,000

0.2%

F-4-038

Colonnade Kasuga

3,115,277

2.0%

1,250,000

0.8%

F-4-007F-4-008
F-4-009

FamilyProperty Name

F-4-013

F-4-031F-4-039seven wards of central
Tokyo

Three major metropolitan
areas
Three major metropolitan
areas

The Palms Yoyogi Uehara Cosmo Terrace

13

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

1,180,000

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%

F-4-049

Prospect Nishi-Sugamo

Three major metropolitan
areas

F-4-050

Prospect Machiya

Three major metropolitan
areas

484,000

0.3%

Prospect Kiyosumi-Teien

Three major metropolitan
areas

2,630,000

1.7%

F-4-052

Prospect Morishita

Three major metropolitan
areas

1,260,000

0.8%

F-4-053

Prospect Onshi-Koen

Three major metropolitan
areas

1,110,000

0.7%

F-4-054

BELNOS 34

1,700,000

1.1%

F-4-055

SK Residence

805,000

0.5%

F-4-056

Angel Heim Nishi-Rokugo No.2

1,012,000

0.7%

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

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

717,000

0.5%

F-4-064

Glana Ueno

Three major metropolitan
areas

1,100,000

0.7%

F-5-023

willDo Temmacho

Three major metropolitan
areas

627,7850.4%

F-5-024

Grace Mansion Fuji

Three major metropolitan
areas

492,7610.3%

F-5-032

Stellato City Sakurayama

Three major metropolitan
areas

735,000

0.5%

willDo Kurokawa

Three major metropolitan
areas

677,000

0.4%

F-5-060

Gran Casa Daikan-Cho(Note 4)

Three major metropolitan
areas

1,082,000

0.7%

F-5-061Gran Casa Gokiso (Note 4)

932,500

0.6%

F-6-026

willDo Nishi akashi

635,666

0.4%

F-6-033

La Vita Nipponbashi

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

470,000

0.3%

Family Total

56,683,440

36.7%

Total

154,381,207

100.0%

F-4-051

F-5-037(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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