English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

March 23, 2010
To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
Clover Shibakoen Bldg.
1-3-12 Shibakoen
Minato-ku, Tokyo 105-0001
Takao Sakuma, Executive Director(Securities Code: 8986)
Asset Management Company:
Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer
Inquiries: Aki Sadahiro, Manager
Tel: +81-3-5425-5600

Notice Concerning Acquisition of Trust Beneficiary Interests in Domestic Real Estate
Japan Rental Housing Investments Inc. (hereinafter referred to as the “Investment Corporation”) hereby
announces that today it decided to acquire the following properties (hereinafter collectively referred to as the“Properties to be Acquired”).
1.

Reason for Acquisition

The Investment Corporation completed a large-scale refinancing in June 2009. Following this, it bolstered its
financial base by completely redeeming all of its investment corporation bonds (7,800 million yen, 4,000 million
yen in November 2009 and 3,800 million yen in February 2010) with funds procured through a capital increase
through third-party allotment that was implemented in October 2009.

Based on this performance, the Investment

Corporation judged that since last year, the groundwork for returning to growth has been established.

Therefore,

in order to achieve external growth by expanding the portfolio in the Tokyo metropolitan area, mainly focusing on
central Tokyo, we decided to aim for expansion of asset size through the acquisition of new properties and amerger with another investment corporation.
As for the investment corporation merger, the Investment Corporation executed a Letter of Intent regarding
Merger of Investment Corporation with Prospect Reit Investment Corporation on February 26, 2010.
currently devoting our utmost efforts to realizing this merger of the two investment corporations.

We are(For details,

please refer to the “Notice Regarding Execution of Letter of Intent regarding Merger of Investment
Corporation” announced by the Investment Corporation on February 26, 2010.)
This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

As for the acquisition of new properties, discussions have been held centering on properties located in central
Tokyo and which have excellent conditions in terms of location and competitiveness, in line with theabovementioned acquisition policy. As a result, we have decided to acquire three properties that match thepolicy.

The Investment Corporation believes that the portfolio in central Tokyo will be expanded through thisacquisition of three properties, along with the merger with Prospect Reit Investment Corporation.
The Investment Corporation will continue to devote its utmost efforts with the aim of realizing further external
growth.
2. Summary of Properties(1) Properties to be acquired
Trust beneficiary interest in real estate
Acquisition Price(Thousands of yen)

Property
Number

Property Name

O-4-089

Lexington Square
Shinjuku Gyoen

Invincible Investment
Corporation

The seven wardsof central Tokyo

Studio1,010,000

F-4-039

The Palms Yoyogi
Uehara Cosmo Terrace

Invincible Investment
Corporation

The seven wardsof central Tokyo

Family1,250,000

F-4-040

Sun Terrace Yoyogi
UeharaInvincible Investment
Corporation

The seven wardsof central Tokyo

Family1,180,000

RegionSeller(Note 1)

Total

Type

Note 2)3,440,000(Note 1) The seven wards of central Tokyo represent Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya and Meguro Wards.
(Note 2) The Acquisition Price does not include costs related to acquisitions, property tax, city planning tax, consumption tax and local
consumption tax.

(2) Scheduled date of the acquisition:(3) Signing date of transfer agreement of trust
beneficiary interest:(4) Payment date:(5) Delivery date:(6) Planned funds for the acquisition:(7) Settlement method:(8)

March 23, 2010
March 23, 2010
March 25, 2010
March 25, 2010
Funds from borrowings (For details, please refer to the “NoticeConcerning Borrowing of Funds” announced by the Investment
Corporation today.)Full payment on the dates of the acquisition

Details of the properties to be acquired

The details of the above trust beneficiary interest in real estate are provided as follows. The figures for Tenant
Details are as of February 28, 2010.
This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

I. Property Name: Lexington Square Shinjuku Gyoen
Type of Asset
Trustee

Trust Beneficiary Interest

Acquisition Price

JPY 1,010,000 thousand

The Chuo Mitsui Trust and Banking
Period of Trust Agreement
Company, Ltd.
Property Features

From March 30, 2007 to end of
March 2017

The property is an RC, 10-story building located about a 5-minute walk from Shinjuku-Gyoenmae Station on the Tokyo Metro Marunouchi Line, and is an apartmentcomplex mainly for single people. The quality of interior and exterior finishes and equipment are above that of its competition. Furthermore, it has great access tomajor business districts and there is an accumulation of many retail facilities in the vicinity. The property can sufficiently meet the demands of single people and
DINKs households who prefer convenience in terms of urban lifestyle.

Property Summary(Residential Indication) 1-36-15, Shinjuku, Shinjuku-ku, Tokyo
Location (Note 1)(Lot Number) 1-36-18 and 19, Shinjuku, Shinjuku-ku, Tokyo
Proprietary
Type of OwnershipCommercial zone
Area Classification (Note 2)
OwnershipLand
FAR／Building Coverage363%/90%
Land Area (Note 1)
402.83m2
Ratio (Note 3)
Proprietary
Type of Ownership
Use (Note 1)
Apartment complex
Ownership
Building
2
Floor Space (Note 1)
1,853.64m
Completion Date (Note 1)
August 3, 2005
Type of Structure (Note 1) RC, 10-story building with flat roof
Leasable Units in Unit Type 48 units (1K: 42 units, 1LDK: 6 units)
Property Management
Sub Property Management
Tokyu Livable, Inc.
Company
Company
Master Lease Company
GK Japan Rental Housing
Type of Master Lease
Pass throughProperty Appraisal Summary (Note 4)
Tenants Details (Note 5)
Daiwa Real Estate Appraisal Co.,
Appraiser
Number of Tenants (Note 6)
1
Ltd.
Date of Appraisal
February 16, 2010 Leasable Area (Note 7)
1,383.59m2
Appraisal Value
JPY 1,050,000 thousand Leased Area
1,332.12m2
Value Calculated Using the
JPY 1,060,000 thousand
Monthly Rent (Note 8)
JPY 6,151 thousand
Direct Capitalization Method
JPY 74,627 thousand Lease Deposits and Guarantee
Gross Operating Revenue
JPY 10,622 thousand
Deposits
Gross Operating Expenses
JPY 14,590 thousand Occupancy Ratio (unit base)
95.8%
JPY
60,036thousandOccupancy
Ratio
(area
base)
Net Operating Income (NOI)
96.3%(Note 9)Lump-Sum Investment
ReturnCapital Expenditure
Net Cash Flow (NCF)

JPY 223 thousand
Engineering Report Summary (Note 10)
JPY 3,213 thousand
JPY 57,047 thousand

5.4% Date of Research

Nikken Sekkei Construction
Management, Inc.
February 16, 2010

JPY 1,040,000 thousand Priority Repairs-(Note 11)Overall Capitalization Rate
Value Indicated by DCF
MethodDiscount Rate
Terminal Capitalization Rate
Value Indicated by Cost
ApproachSpecial Note: None

Engineering Report Company

Near-Future Repairs(within a year)
Far-Future Repairs
5.6%(within 12 years)
5.2%

JPY 70,670 thousand

JPY 868,000 thousand Probable Maximum Loss (PML)

Collateral: Secured

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

5.4%

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

II. Property Name: The Palms Yoyogi Uehara Cosmo Terrace
Type of Asset
Trustee

Trust Beneficiary Interest
The Chuo Mitsui Trust andBanking Company, Ltd.

Acquisition Price

JPY 1,250,000 thousand

Period of Trust Agreement

From March 30, 2007 to
the end of March, 2017

Property Features
The property is an SRC, 11-story building located about a 7-minute walk from Higashi-Kitazawa Station on the Odakyu Odawara Line, a 9-minute walk from
Yoyogi-Uehara Station on the Odakyu Odawara Line and Tokyo Metro Chiyoda Line and a 10-minute walk from Ikenoue Station on the Keio Inokashira Line,and is an apartment complex mainly for DINKs and family households. The quality of interior and exterior finishes and equipment are above average for rental
housing. Furthermore, it has an excellent dwelling environment due to Komaba Park in the vicinity as well as a quiet residential area in the neighborhood.
Moreover, it has excellent access to central city areas such as Shinjuku and Shibuya, and so the property can sufficiently meet the demands of people who preferconvenience in terms of commuting or who prefer excellent dwelling environments.

Location (Note 1)

Property Summary(Residential) 2-33-2, Uehara, Shibuya-ku, Tokyo(Registered) 2-1213-2, 9, 17, 18, 19 and 20, Uehara, Shibuya-ku, Tokyo
Type of Ownership

Land
Land Area (Note 1)
Type of Ownership
Building

Floor Space (Note 1)
Type of Structure(Note 1)

Ownership ofsiteArea Classification (Note 2)

Neighborhood commercial zone,
Exclusively Residential Zone for
Low-rise Buildings (Class 1)

753.79m2

FAR／Building Coverage
Ratio (Note 3)

300・150%/80・60%

Proprietary
Use (Note 1)
Ownership
2
1,868.12m
Completion Date (Note 1)

Apartment complex
November 29, 2004

SRC 11-story building with flat roof

Leasable Units in Unit Type
30 units (1LDK: 8 units, 2LDK: 15 units, 3LDK: 7 units)
Property Management
Sub Property Management
Tokyu Livable,Inc.
Company
Company
Master Lease Company
GK Japan Rental Housing
Type of Master Lease
Pass throughProperty Appraisal Summary (Note 4)
Tenants Details (Note 5)
Daiwa Real Estate Appraisal Co., Ltd. Number of Tenants (Note 6)
Appraiser
1
Date of Appraisal
February 16, 2010 Leasable Area (Note 7)
1,804.69m2
Appraisal Value
JPY 1,270,000 thousand Leased Area
1,682.91m2
Value Calculated Using the
JPY 1,280,000 thousand
Monthly Rent (Note 8)
JPY 6,882 thousand
Direct Capitalization Method
JPY 86,645 thousand Lease Deposits and Guarantee
Gross Operating Revenue
JPY 13,470 thousand
Deposits
Gross Operating Expenses
JPY 14,812 thousand Occupancy Ratio (unit base)
93.3%
JPY
71,832
thousandOccupancy
Ratio
(area
base)
Net Operating Income (NOI)
93.3%(Note 9)Lump-sum Investment Return
Capital Expenditure
Net Cash Flow (NCF)

JPY 265 thousand
JPY 3,126 thousand
JPY 68,970 thousand
5.4%

Date of Research

Nikken Sekkei Construction
Management, Inc.
February 16, 2010

JPY 1,260,000 thousand

Priority Repairs-(Note 11)Overall Capitalization Rate
Value Indicated by DCF
MethodEngineering Report Summary (Note 10)

Discount Rate

5.2%

Terminal Capitalization Rate

5.6%

Engineering Report Company

Near-Future Repairs(within a year)
Far-Future Repairs(within 12 years)

Value Indicated by Cost
JPY 1,290,000 thousand Probable Maximum Loss (PML)
ApproachSpecial Note: For the land of the property, there exist obligations for private roads (approx. 64m2).

JPY 300 thousand
JPY 69,000 thousand
5.6%

Collateral: Secured

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

III. Property Name: Sun Terrace Yoyogi Uehara
Type of Asset
Trustee

Trust Beneficiary Interest
The Chuo Mitsui Trust andBanking Company, Ltd.

Acquisition Price

JPY 1,180,000 thousand

Period of Trust Agreement

From March 30, 2007 to
the end of March 2017

Property Features
The property is an RC, 8-story building located about a 5-minute walk from Yoyogi-Uehara Station on the Odakyu Odawara Line and Tokyo Metro Chiyoda Line,and is an apartment complex for families. It has an excellent dwelling environment due to a quiet and established residential area in the vicinity, but is also
located in central Tokyo with the nearest station about a 7-minute train ride from Shinjuku Station. Therefore, the property can sufficiently meet the demands ofpeople who prefer convenience in terms of commuting or excellent dwelling environments.

Location (Note 1)

Land

Property Summary(Residential) 2-3-7, Uehara, Shibuya-ku, Tokyo(Registered) 2-1139-3, and other lots, Uehara, Shibuya-ku, Tokyo
Proprietary
Type of OwnershipArea Classification (Note 2)
Ownership
Land Area (Note 1)
Type of Ownership

Building

Floor Space (Note 1)
Type of Structure(Note 1)638.05m2

FAR／Building Coverage
Ratio (Note 3)

Proprietary
Use (Note 1)
Ownership
22,001.24m
Completion Date (Note 1)

Neighborhood commercial zone
300%/80%(A building coverage ratio of 100% is
possible due to deregulation)

Apartment complex, garage
February 26, 1999

RC, 8-story building with flat roof

Leasable Units in Unit Type21 units (2LDK: 7 units, 3LDK: 14 units)
Property Management
Sub Property Management
KenRealEstateLeaseLtd.
Company
Company
Master Lease Company
GK Japan Rental Housing
Type of Master Lease
Pass throughProperty Appraisal Summary (Note 4)
Tenants Details (Note 5)
Daiwa Real Estate Appraisal Co.,
Appraiser
Number of Tenants (Note 6)
1
Ltd.
Date of Appraisal
February 16, 2010 Leasable Area (Note 7)
1,763.33m2
Appraisal Value
JPY 1,210,000 thousand Leased Area
1,763.33m2
Value Calculated Using the
JPY 1,220,000 thousand
Monthly Rent (Note 8)
JPY 7,187 thousand
Direct Capitalization Method
JPY 83,844 thousand Lease Deposits and Guarantee
Gross Operating Revenue
JPY 13,458 thousand
Deposits
Gross Operating Expenses
JPY 15,730 thousand Occupancy Ratio (unit base)
100.0%
JPY
68,113thousandOccupancy
Ratio
(area
base)
Net Operating Income (NOI)
100.0%(Note 9)Lump-sum Investment Return
Capital Expenditure
Net Cash Flow (NCF) (Note 11)
Overall Capitalization Rate
Value Indicated by DCF
MethodJPY 263 thousand
JPY 2,706 thousand
JPY 65,671 thousand

Engineering Report Summary (Note 10)

5.4%

Date of Research

Nikken Sekkei Construction
Management, Inc.
February 16, 2010

JPY 1,200,000 thousand

Priority Repairs-

Discount Rate

5.2%

Terminal Capitalization Rate

5.6%

Engineering Report Company

Near-Future Repairs(within a year)
Far-Future Repairs(within 12 years)

Value Indicated by Cost
JPY 1,100,000 thousand Probable Maximum Loss (PML)
ApproachSpecial Note: For the land of the property, there exist obligations for private roads (approx. 34m2).

JPY 1,300 thousand
JPY 59,010 thousand
7.0%

Collateral: Secured

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.
(Note 1) Figures and information in the columns “Location (Registered),” “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 lot
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 lot area as stipulated in Article 53 of the Building Standards Law, and the figuresdesignated for use and area in 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 theproperty acquired based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment
Trusts and Investment Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963, including revisions thereafter) andReal Estate Appraisal Standards. The numbers are rounded off to the nearest thousand yen, and ratios are rounded off to the second
decimal place. Furthermore, for details of items, please refer to “(Reference Material I) Property Appraisal Summary of Prices ofProperties to Be Acquired” below.
(Note 5) Figures and information in the column “Tenants Details” are based on the information obtained from the seller of the property as ofFebruary 28, 2010.
(Note 6) Figures and information in the column “Number of Tenants” are entered as one tenant when JRF retains a master lease agreement with the
Master Lease Company.
(Note 7) The leasable floor area is the area that can be leased in the building of each property under management as of February 28, 2010. The
areas that are leased in association 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 floor area is the area
enclosed by the center line of the wall, and includes 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 February 28,
2010. 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 and shown as a percentage rounded off to the second 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 thesecond decimal place.
(Note 11) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure].
rounded off to the nearest thousand yen.

The numbers areThis press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

3. 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 properties were 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
PromoterArchitect

Building
Contractor

Lexington Square
Shinjuku Gyoen

Mitsubishi
Estate Co.,Ltd.

Matsui Kensetsu
K.K. Tokyo
Branch FirstClass Registered
Architect Office

Matsui
Kensetsu
K.K. Tokyo
BranchThe Palms Yoyogi
Uehara Cosmo
Terrace

Tosei
Corporation

Spacetech Co.,
Ltd.

Tobu
Construction
Co., Ltd.

eHomes, Inc.

Sun Terrace Yoyogi
UeharaYurakucho
Sogo Kaihatsu
K.K.

Mitsui Home
Co., Ltd.

Mitsui Home
Co., Ltd.

Shibuya Ward,Tokyo

Name of Property

Verification
AgencyUHEC

StructuralEngineer
Matsui
Kensetsu K.K.
Tokyo BranchFirst Class
Registered
ArchitectSpacetech Co.,
Ltd. FirstClass
Registered
Architect
Mitsui Home
Co., Ltd.

Inspection
AgencyTokio Marine &Nichido Risk
Consulting Co.,
Ltd.
Tokio Marine &Nichido Risk
Consulting Co.,
Ltd.
Tokio Marine &Nichido Risk
Consulting Co.,
Ltd.

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

4. Seller’s Profile
Profile of the seller of the properties to be acquired (Lexington Square Shinjuku Gyoen, The Palms Yoyogi Uehara
Cosmo Terrace and Sun Terrace Yoyogi Uehara) is as follows.
Company Name
Head Office Address
Representative

Invincible Investment Corporation
Nihonbashi Nishikawa Building, 1-5-3, Nihonbashi, Chuo-ku, Tokyo
Executive Director, Naoki Shibatsuji
Asset management pursuant to the Law Concerning Investment Trust and Investment
Main BusinessCorporations
Paid-in-Capital (Unitholders’ capital)
JPY 19,134 million (as of end of December 2009)
Date of Establishment
January 18, 2002
Relationship between the seller and the Investment Corporation or the asset management company
There are no capital ties between the Investment Corporation or the asset management
Capital Relationshipcompany and the seller. Also, there are no capital ties between affiliates of theInvestment Corporation or the asset management company and affiliates of the seller.
Human Resources

Business Relationship

Related Parties

There are no personnel ties between the Investment Corporation or the asset managementcompany and the seller. Also, there are no personnel ties between affiliates of theInvestment Corporation or the asset management company and affiliates of the seller.
There are no business ties between the Investment Corporation or the asset managementcompany and the seller. Also, there are no business ties between affiliates of theInvestment Corporation or the asset management company and affiliates of the seller.
The seller is not classified as an interested party, etc. under the Order for Enforcement of
the Law Concerning Investment Trusts and Investment Corporations, nor is defined as aninterested party, etc. under the internal rules on dealings with interested parties of the asset
management company.

5. Profiles of the Property Owners
I. Name of Property: Lexington Square Shinjuku Gyoen

Profiles of Property Owner

Seller (previous owner)

Former Owner

Company name/Name
Relationship with specific related parties
Reason for acquisition, acquisition price,date of acquisition

Invincible Investment Corporation
Not a specific related party― (Note)― (Note)Not a specific related party― (Note)II. Name of Property: The Palms Yoyogi Uehara Cosmo Terrace
Profiles of Property Owner

Seller (previous owner)

Former Owner

Company name/Name
Relationship with specific related parties
Reason for acquisition, acquisition price,date of acquisition

Invincible Investment Corporation
Not a specific related party― (Note)― (Note)Not a specific related party― (Note)This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

III. Name of Property: Sun Terrace Yoyogi Uehara
Profiles of Property Owner

Seller (previous owner)

Former Owner

Company name/Name
Relationship with specific related parties
Reason for acquisition, acquisition price,date of acquisition

Invincible Investment Corporation
Not a specific related party― (Note)― (Note)Not a specific related party― (Note)(Note) Since the owner is not a specific related party, details have been omitted.

6. Profile of Brokerage(1) Profile of broker
Company nameHead office address
Representative
Main business
Paid-in capital
Date of establishment
Relationship between the company
and the Investment Corporation or theasset management company

The Chuo Mitsui Trust and Banking Company, Ltd.
3-33-1, Shiba, Minato-ku, Tokyo
Jun Okuno (as of March 23, 2010)
Trust banking
Trust business, banking business, concurrent businesses, finance-related
businesses and other businesses
Securities business, credit guarantee business, credit card business, etc.
JPY 399,600 million (as of September 30, 2009)
May 1962
The broker is not classified as an interested party, etc. under the Order for
Enforcement of the Law Concerning Investment Trusts and Investment
Corporations, nor is defined as an interested party, etc. under the internal rules
on dealings with interested parties of the asset management company.

(2) Brokerage fee
The fee paid to the abovementioned broker for acquisition of the properties is undisclosed by the broker’s request.

7. Forecasts
There is no revision scheduled for the management performance forecasts of the Investment Corporation for the
fiscal period ending March 31, 2010 as a result of the acquisition of the properties.

*URL: http://www.jrhi.co.jp/

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

(Reference Material I) Property Appraisal Summary of Prices of Properties to Be Acquired

Property Name
Appraisal Value(JPY)

Appraiser-

Date of Appraisal-

Lexington Square
Shinjuku Gyoen

The Palms Yoyogi
Uehara Cosmo
Terrace

Sun Terrace Yoyogi
Uehara1,050,000,000
Daiwa Real EstateAppraisal Co., Ltd.
February 16, 2010

1,270,000,000
Daiwa Real EstateAppraisal Co., Ltd.
February 16, 2010

1,210,000,000
Daiwa Real EstateAppraisal Co., Ltd.
February 16, 2010

(JPY)

1,050,000,000

1,270,000,000

1,210,000,000

Value indicated by the Direct Capitalization
Method(JPY)

1,060,000,000

1,280,000,000

1,220,000,000(１) Total Operating Income (ａ-ｂ)

Net Income

ａ

ｂ

(JPY)

74,627,714

86,645,071

83,844,658

Rental revenues includingcommon service fees

(JPY)

74,631,252

84,628,896

80,493,144

Parking fees

(JPY)

1,855,200

4,400,000

5,400,000

Other revenues(JPY)

2,232,825

2,279,620

2,246,171(JPY)

4,091,563

4,663,445

4,294,657

(JPY)

-

-

-

(JPY)

14,590,799

14,812,919

15,730,941

Losses from vacancies
Bad debt losses(２) Total Operating Expenses
Operation costs(JPY)

2,256,000

2,568,000

2,502,000

Utilities(JPY)

1,478,400

915,000

639,000

Repairs and maintenance expense(JPY)2,106,164

2,943,959

3,188,807

Property management fees

(JPY)

2,172,405

1,687,309

3,264,573

Tenant promotion fees, etc.

(JPY)

2,544,990

2,037,730

2,039,961

Taxes and public dues(JPY)

3,558,781

4,384,755

3,834,400

Nonlife insurance(JPY)

186,059

218,566

185,400

Other expenses(JPY)

288,000

57,60076,800(３) Net Operating Income (NOI): (１)-(２)(JPY)

60,036,915

71,832,152

68,113,717(４) Lump-sum Investment Return(JPY)

223,821265,217

263,445(５) Capital Expenditure(JPY)

3,213,333

3,126,700

2,706,000(６) Net Cash Flow (NCF): (３)+(４)-(５)(JPY)

57,047,403

68,970,669

65,671,162(７) Capitalization Rate

(%)

5.4

5.4

5.4

Value Indicated by DCF Method(JPY)

1,040,000,000

1,260,000,000

1,200,000,000

Discount Rate

(%)

5.2

5.2

5.2

Terminal Capitalization Rate

(%)

5.6

5.6

5.6

Value *Figures less than a thousand have beenrounded off(JPY)

868,000,000

1,290,000,000

1,100,000,000

Land value(JPY)

476,932,000

821,493,000

778,580,000

Building value(JPY)

391,500,000

466,274,000

325,840,000

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

(Reference Material II) List of Portfolio after Property Acquisition
Type

StudioProperty
Number

Property Name

O-1-001
O-1-002
O-1-003
O-1-004
O-1-023
O-1-032
O-1-033
O-1-034
O-1-035
O-1-036
O-2-037
O-2-054
O-2-065
O-3-079
O-3-080
O-4-005
O-4-006
O-4-007O-4-008
O-4-009
O-4-010O-4-011
O-4-012O-4-024
O-4-025
O-4-031O-4-038
O-4-039
O-4-055
O-4-062
O-4-069
O-4-070
O-4-071
O-4-072
O-4-073
O-4-074
O-4-075
O-4-076
O-4-077
O-4-078
O-4-089
O-5-013
O-5-026
O-5-027
O-5-040

Satella Kita 34-jo
Carrera 2.9
Sapporo Hills
Satella Nagayama
willDo Minami 12 jo
willDo Kita 24 jo
Flat Carerra
s13w9 h+s9w12 h+willDo Minami hiragishi
willDo Nishishitadai cho
willDo Kamisugi 3chome
Grand Mason Shichifuku
willDo Ishizue-cho
willDo Sasaguchi
willDo Koshigaya
Joyful Sayama
Lumiere Hachioji
willDo Kiyosumi
Turkey's Denen-Chofu No.2
willDo Honchiba
willDo Yokohama Minami
Site Pia
VISTA Supreme
Joy Oyamadai
willDo Otsuka
willDo Niiza
Toshin Shoto Mansion
Harmony Kamikitazawa
willDo Minami Urawa
College Square Kitaikebukuro
College Square Tobu NerimaCollege Square Akatsuka
College Square Higashikurume
College Square WasedaⅡ
College Square MyogadaniCollege Square Shinkoiwa
College Square Kiba
College Square KinshichoCollege Square Waseda
Lexington Square Shinjuku Gyoen
willDo Kanayama masaki
Excelsior Sakae
willDo Hibino
willDo Chiyoda

Region (Note 1)
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
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
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
Central Tokyo
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
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
Central Tokyo
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)

1,133,714
281,285
287,666
342,428
460,839
316,000
290,000
463,000
533,000
315,000
512,000
506,000
342,000
462,510
266,000
499,333
216,619
480,761
5,024,619
281,523
379,857
233,142
506,142
563,584624,265
725,229
590,438
912,000
400,000
396,000
727,000
892,000
734,000
523,000
215,000
1,060,000
724,000
639,000
490,000
316,000
1,010,000
490,095
641,767
317,603
633,000

1.1%
0.3%
0.3%
0.3%
0.4%
0.3%
0.3%
0.4%
0.5%
0.3%
0.5%
0.5%
0.3%
0.4%
0.3%
0.5%
0.2%
0.5%
4.8%
0.3%
0.4%
0.2%
0.5%
0.5%
0.6%
0.7%
0.6%
0.9%
0.4%
0.4%
0.7%
0.8%
0.7%
0.5%
0.2%
1.0%
0.7%
0.6%
0.5%
0.3%
1.0%
0.5%
0.6%
0.3%
0.6%

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

Type

Property
NumberStudioO-5-041O-5-042O-5-043
O-5-056
O-5-057
O-5-063
O-5-066
O-5-081O-5-082
O-5-086
O-5-088
O-6-014O-6-015
O-6-016
O-6-017
O-6-018
O-6-028
O-6-029
O-6-030
O-6-044
O-6-045
O-6-046
O-6-047
O-6-048
O-6-049
O-6-050
O-6-051
O-6-052
O-6-058
O-6-059
O-6-060
O-6-064
O-6-067
O-6-083
O-6-084
O-6-085
O-7-068
O-7-087
O-9-019
O-9-020
O-9-021O-9-022
O-9-053
O-9-061

Property Name

Region (Note 1)

willDo Taiko dori
willDo Kanayama
willDo Kanayama sawashita
willDo Kachigawa
Stagea Kogane
willDo Inaei
willDo Higashibetsuin
willDo Matsubara
willDo Yokkaichi Unomori
willDo Daikancho
willDo Takabata
willDo Ichioka
willDo Ebie
willDo Imafuku nishi
Maison FloraWind Four Minami-Honmachi
willDo Shin-Osaka sⅠ
Grand Mer Higashi Yodogawa
willDo Fukae minami
willDo Dainichi
willDo Shin-Osaka sⅡ
willDo Tsukamoto
willDo Tenmabashi
willDo Sakaisuji honmachi
willDo Tanimachi
willDo Nanba wⅡ
willDo Nanba wⅠ
Zekubenten
willDo Tsurumi morokuchi
willDo Hamasaki dori
willDo Minamimorimachi
willDo Matuyamachi
willDo Shin Osaka
willDo Sannomiya East
willDo Kamishinjyo wⅠ
Student Heights Kujyo
willDo Okayama-eki Nishiguchi
willDo Okayamadaiku
Stars Uchiyama
Uchiyama-Minami
Kokura-ekimae Building
willDo Tojin-machi
Stream Line Ohori
willDo Nakasu
willDo Gofuku-machi
Studio Total

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
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
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
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
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
Three major metropolitan areas

Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)

1,120,000
370,000
375,000
503,000
600,000
641,000
703,000
549,000
529,150
655,000
494,115
722,761
350,904
413,857
584,285
307,142285,723
236,069
184,716
217,000
244,000
730,000
338,000
325,000
1,040,000
486,000
690,000
466,000
180,000
2,280,000
493,000
810,000
861,000
731,000
366,000
537,000
1,220,000
1,040,000
160,000

1.1%
0.4%
0.4%
0.5%
0.6%
0.6%
0.7%
0.5%
0.5%
0.6%
0.5%
0.7%
0.3%
0.4%
0.6%
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.7%
0.3%
0.3%
1.0%
0.5%
0.7%
0.4%
0.2%
2.2%
0.5%
0.8%
0.8%
0.7%
0.3%
0.5%
1.2%
1.0%
0.2%

579,7610.5%

209,714382,857
2,460,000
231,000
54,459,489

0.2%
0.4%
2.3%
0.2%
51.7%

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

Type

Property
NumberFamilyF-2-001F-2-002F-2-003
F-2-004F-3-034
F-4-005
F-4-006
F-4-007F-4-008
F-4-009
F-4-010F-4-011
F-4-013
F-4-014F-4-015
F-4-016
F-4-017
F-4-018
F-4-019F-4-020F-4-021F-4-022F-4-028
F-4-029F-4-030
F-4-031F-4-035
F-4-036
F-4-038
F-4-039
F-4-040F-5-023
F-5-024
F-5-032
F-5-037
F-6-026
F-6-033
F-9-027

Property NameRoyal Garden Shinrin Koen
Green Park Komatsujima
Dia Palace Izumizaki
willDo Takasago
Ark Heim Niigata
Johanna Mansion
Iruma-ekimae Building
Iruma-ekimae Building No.Ⅱ
Sereno Omiya
Suzuran-kan
Bonheur Tokiwa
Profit Link Takenotsuka
Dream Heights
Green Hills Asukayama
Oji Heights
Sakagami Royal Heights No.Ⅱ
willDo Todoroki
Chez Moi Sakuragaoka
Libest Nishi-chiba
Corinne Tsudanuma
Isogo Flat
Chigasaki Daikan Plaza
Winbell Chorus Hiratsuka No.13
Libest Higashi Nakayama
Libest Nakayama
MGA Kanamachi
Greenhills Roka
Lofty Hirai
Colonnade Kasuga
The Palms Yoyogi Uehara Cosmo
Terrace
Sun Terrace Yoyogi Uehara
willDo Temmacho
Grace Mansion Fuji
Stellato City Sakurayama
willDo Kurokawa
willDo Nishi akashi
La Vita Nipponbashi
Image Kirigaoka
Family Total

Region (Note 1)
Other major cities
Other major cities
Other major cities
Other major cities
Other major cities
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
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
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
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
Three major metropolitan areas
Three major metropolitan areas

Central Tokyo
Central Tokyo
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas
Three major metropolitan areas

Other major cities

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)396,190
550,523
355,095
364,904
1,060,000
556,714
1,517,000
687,666
1,554,523
441,190752,904
636,333
358,666
587,238
347,857
360,714
1,764,809
609,904
2,152,476
352,761
5,290,571
453,571477,587
1,371,314
837,348
484,000
662,000
324,000
3,115,277

0.4%
0.5%
0.3%
0.3%
1.0%
0.5%
1.4%
0.7%
1.5%
0.4%
0.7%
0.6%
0.3%
0.6%
0.3%
0.3%
1.7%
0.6%
2.0%
0.3%
5.0%
0.4%
0.5%
1.3%
0.8%
0.5%
0.6%
0.3%
3.0%

1,250,000

1.2%

1,180,000
627,785492,761735,000
677,000
635,666
1,860,000
662,71436,544,074

1.1%
0.6%
0.5%
0.7%
0.6%
0.6%
1.8%
0.6%
34.7%

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.

English Translation
The following is an English translation summary of the original Japanesepress release and is being provided for informational purposes only.
THIS MATERIAL IS NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES. THIS IS NOT AN OFFER TO
PURCHASE SECURITIES IN THE UNITED STATES. THE TENDER OFFEROR DOES NOT INTEND TO CONDUCT THE OFFER IN
THE UNITED STATES OR TO PERSONS RESIDING IN THE UNITED STATES.

Type

Property
NumberPremium

P-4-001
P-4-002
P-4-003P-4-004
P-4-005
P-4-006
P-4-007

Property Name
Chelsea Garden
c-MA1
c-MA2
c-MA3
n-GT1
n-OM1
Storia Jingumae

Region (Note 1)
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo

Premium
Total

Total

Acquisition Price(Thousands of yen)
(Note 2)

Share(%)
(Note 3)4,238,476
618,095
699,285
1,480,808
466,095
3,750,000
3,160,000
14,412,760
105,416,324

4.0%
0.6%
0.7%
1.4%
0.4%
3.6%
3.0%
13.7%
100.0%(Note 1) The seven wards of central Tokyo represent Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Setagaya and Meguro Wards. The threemajor metropolitan areas represent the Kanto metropolitan area excluding the seven wards of central Tokyo, the Chukyo metropolitan
area and the Keihanshin metropolitan area. Other major cities indicate the Sapporo, Sendai, 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 the aggregate total of acquisition prices of properties under management and rounded off to the second decimal place.

This press release includes forward-looking statements about the Investment Corporation. These
forward-looking statements express the current intentions of the Investment Corporation, some of which
are based on assumptions and beliefs of the Investment Corporation. Accordingly, they are subject toknown and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors
may cause the Investment Corporation's actual actions, results, performance or financial position to bematerially different from any future actions, results, performance or financial position expressed or
implied by these forward-looking statements.