[For Translation Purposes Only]
February 21, 2017

Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Property Acquisition
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced thedecision made today by Nomura Real Estate Asset management Co., Ltd., a licensed investment trust
management company retained by the Fund to provide asset management services, that it will acquire
asset (the “Acquisition”), as described below.
1．Summary of Assets scheduled to be AcquiredNo

Property name

Use

Type of asset

Date ofagreement(Scheduled)
Date ofacquisition

Seller1nORBESA

RetailTrust beneficiaryinterest in realestateFebruary 21,
2017

March 17,2017

Undisclosed(Not2Nakaza Cui-daore
Building

RetailReal estate

February 21,
2017

March 31,2017

Undisclosed(Not

e 2)

e 2)

Total

(Scheduled)
Acquisition price(¥million)(Note 1)
8,500
11,60020,100(Note 1) The amount excluding acquisition related costs, property tax, city planning tax, consumption tax and local
consumption tax is stated.
(Note 2) Undiscoled, since concent have not obetained from the seller.
(Note 3) This property is scheduled to acquire using cash on hand and borrowing.

2．Reason for the Acquisition
In accordance with the Medium to Long-term Management Strategy it announced in November
2015, Nomura Master Fund designated the next three years as its Quality Phase and has been
implementing various related measures.
One key measure is Strategic Property Replacement (SPR), which is aimed at improving the qualityof our portfolio. As part of this measure, the Fund decided to acquire the Property at this time.
The Fund evaluated the points below concerning the acquisition of the Property.

－ １ －（1）nORBESA・ The Property is a one-minute walk from Susukino Station on the Sapporo Municipal Subway’s
Namboku Line. Located in one of Hokkaido’s busiest areas, the Property is near theunderground mall that connects the area with Japan Railroad’s Sapporo Station. It is also close
to the Tanuki Koji shopping arcade, which has a high density of diverse restaurants and shops,
and lies within walking distance of the numerous office buildings of the Odori area. This
unique location attracts many different types of visitors from within the city and beyond.
・ Sapporo City has exhibited steady population growth, boasting the second highest net influxof people nationwide after Tokyo’s 23 special wards(Note). Based on this, the city is expected tocontinue demonstrating high growth potential, surpassing other cities outside of the major
Tokyo and Osaka metropolitan areas. And with the increased number of domestic andinternational flights following the renovation of the New Chitose Airport terminal building, anincreasing number of tourists are visiting Sapporo. Demand from domestic and overseas
tourists is expected to continue to increase going forward.
・ The Noria Ferris Wheel on the roof of the Property provides a full view of Sapporo’s
cityscape, making it one of the best tourist spots in the city. As a retail facility, the Property canbe expected to continue attracting a steady stream of visitors.
・ The Property can be expected to enable various investment opportunities in the future due tothe potential for redevelopment of its unused floor space into a hotel, retail facility or otheroperation.
(Note) Based on the Report on Internal Migration in Japan Derived from the Basic Resident Registration by theStatistics Bureau of the Ministry of Internal Affairs.

（2）Nakaza Cui-daore Building
・ The Property is located in the center of one of Osaka’s busiest commercial districts, a south
side district that includes Dotonbori, Shinsaibashi, and Namba. The Dotonbori shopping areain front of the Property has a cluster of diverse retail facilities, such as restaurants and stores
selling a wide range of products, sundries and clothes. As the area’s major retail center, itboasts high traffic volume and activity.
・ The number of overseas tourists is vastly increasing, thanks especially to efforts by Osaka City
to bolster tourist demand, the expansion of the middle class in Southeast Asia, and an increasein flights by low cost carriers to Kansai International Airport. Inbound demand can therefore
be expected going forward.
・ The Cuidaore Taro statue, which is a symbol of Dotonbori, sits at the entrance of theProperty. This major Osaka tourist spot is iconic, exciting the interest of visitors to the retailfacility, which targets both domestic and foreign tourists.
・ The Property boasts a wide variety of tenants from the basement level to the sixth floor, withan especially high concentration of restaurants where visitors can taste an assortment ofJapanese foods, including famous Osaka dishes. Demand is expected from tenants targeting awide range of domestic and foreign customers.
・ The total floor area of the Property is over 650 square meters per floor. It is also possible tosub-divide tenant space. The Property is highly visible due to its proximity to the street in front.
This distinctive building meets diverse tenant needs and remains one of the area’s mostcompetitive. The profitability of the Property is expected to improve going forward.

－ ２ －3．Property Summary of Assets（1）nORBESA
Property Name
Type of Asset
Trustee
Trust term
Registry
Location(Note 2)StreetAccessCompletion date (Note 2)
Use (Note 2)
Structure (Note 2)
Architect
Constructor

nORBESA
Trust beneficiary interest in real estateMizuho Trust & Banking Co., Ltd
September 30, 2004 to June 30, 2035(Note 1)
5-1-1 Minamisanjo-Nishi, Chuo Ward, Sapporo City, Hokkaido
5-1-1 Minamisanjo-Nishi, Chuo Ward, Sapporo City, Hokkaido (Note 2)
A two-minute walk from Susukino Station (Sapporo Streetcar and Namboku Line)
April 13, 2006
Retail and entertainment
S/RC B1/7F
Sapporo Mia Jimusho K.K., first-class registered architectural firm
SHIMIZU CORPORATION

Building inspection agency

City of Sapporo

Area (Note 2)
Type ofownership

Land

3,491.74 ㎡

Building

21,564.42 ㎡
OwnershipLand

Building
Building coverage ratio
Floor area ratio
Collateral
Property Management
Company（Note 5）
Master leasing company（Note 6）
Type of master leasing（Note 6）
Seismic risk (PML)(Note 7)
Notes
Acquisition Price(Scheduled)

Ownership
100％(Note 4)
800％
None
Jones Lang LaSalle Inc.
Jones Lang LaSalle Inc.
Pass through
0.07％（SOMPO RISK MANAGEMENT & HEALTH CARE Inc.’s Earthquake PML Appraisal
Report as of January 2017）
None.
¥8,500 million¥8,540 million（Based on the capitalization approach as of December 1, 2016）(Appraiser: Japan Real Estate Institute)
Appraisal NOI（Note 8）¥452 million
Leasing Status (As of February 21, 2017) （Note 9）
Total Number of Tenants
29
Appraisal Value and Method

Total Rental Income¥543 million

Security Deposits¥363 million

Occupancy Rate

99.3％

Total Leased Floor Space

14,274.80 ㎡

Total Leasable Floor Space

14,382.33 ㎡

Occupancy Rates in the Past
（Note 10）

August,2012
90.1％

August,2013
85.4％

August,2014
94.9％

August,2015
97.0％

August,2016
98.9％(Note 1) Trust term
On March 17, 2017 (the planned acquisition date of the Property), the trust agreement is expected to be amended, with
its expiration date changed to March 16, 2027.

－ ３ －(Note 2)Location and other Items
Location (registry), Completion Date, Use, Structure, and Area are based on the information in the real estate registry.
(Note 3)Street
Concerning location of the Property, Street has not been officially indicated.
(Note 4)Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building isfire resistant in a fire zone, however, an increased ratio of 100% applies.
(Note 5)Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 6)Master leasing company
At the time of the Property’s acquisition the Fund intends to enter into a master lease agreement with Jones Lang LaSalle
Incoporated, under which the building of the Property will be collectively leased for the purpose of subleasing. The
master lease agreement is a pass-through type, where the master lease company pays to NMF an amount equivalent to thetotal amount of rent stipulated in rental contracts concluded between the master lease company and end tenants.
(Note 7)PML（Probable Maximum Loss）
PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to thereplacement cost. PML is calculated based on the statistical assumption that within next 475 years there is a 0.211%
annual chance (10% probability of once every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 8)Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal
report with December 1, 2016 as the appraisal date.
(Note 9)Leasing Status“Total Number of Tenants” is listed as one because, as stated above, at the time of the Property’s acquisition the Fund
entered into a master lease agreement, under which the building of the Property will be collectively leased for the purposeof subleasing. The master lease company plans to sublease the Property’s units to end tenants.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants
actually leasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded
down the nearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 10)Occupancy Rates in the Past
Based on the information from the seller.

－ ４ －（2）Nakaza Cui-daore Building
Nakaza Cui-daore Building

Property Name
Type of AssetRegistry
Location(Note 1)StreetAccessCompletion Date(Note 1)
Use(Note 1)
Structure(Note 1)
Architect
Constructor
Building inspection agency
Area(Note 1)
Type ofOwnership

Real Estate
1-8-7 Dotonbori, Chuo Ward, Osaka City, Osaka
1-7-21 Dotonbori, Chuo Ward, Osaka City, Osaka
A three-minute walk from Nanba Station (Osaka Municipal Subway Midosuji Line,Sennichi-mae Line, and Yotsubashi Line)
February 18, 2004
Retail and entertainment
S B2F/7F
ADORES, Inc.
ADORES, Inc.
K.K. Nihon Kakunin Kensa Center

Land

1,686.28 ㎡

Floor Area

8,280.08 ㎡
OwnershipLand

Building
Building Coverage Ratio
Floor Area Ratio
Collateral
Property Management
Company（Note 3）
Master leasing company（Note 4）
Type of master leasing（Note 4）

Ownership
100％（Note 2）
500％
None
GEO-AKAMATSU Co., Ltd.
GEO-AKAMATSU Co., Ltd.
Pass throughSeismic Risk (PML)(Note 5)

7.78％（SOMPO RISK MANAGEMENT & HEALTH CARE Inc.’s Earthquake PML Appraisal
Report as of February 2017）

Notes

・The property management company and master lease company, GEO-AKAMATSU
Co., Ltd. is considered a Related Party under the Law Concerning Investment Trust Law.
・A portion of the Property's grounds (around 14 m2) form a passageway with aneighboring property and is used as a private road.

Acquisition Price(Scheduled)¥11,600 million¥11,600 million(Based on the capitalization approach as of January 1, 2017)(Appraiser: Japan Valuers Co.,Ltd.)
Appraisal NOI（Note 6）¥426million
Leasing Status (As of February 21, 2017) （Note 7）
Total Number of Tenants
19
Appraisal Value and Method

Total Rental Income¥480 million

Security Deposits¥207 million

Occupancy Rate

94.23％

Total Leased Floor Space

5,402.18 ㎡

Total Leasable Floor Space

5,732.71 ㎡

Occupancy Rates in the Past
（Note 8）August,2012

August,2013－－

August,2014
100.0％

August,2015
100.0％

August,2016
100.0％(Note 1)Location and other Items

Location (registry), Completion Date, Use, Structure, and Area are based on the information in the real estateregistry.
(Note 2)Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire

－ ５ －resistant in a fire zone, however, an increased ratio of 100% applies.

(Note 3)Property Management Company

Refers to the Property Management Company that is scheduled to be appointed.
(Note 4)Master leasing company

The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, amaster lease agreement, under which the building of the Property will be collectively leased for the purposeof subleasing, with GEO AKAMATSU Co., Ltd. The master lease agreement is “pass-through scheme”
where GEO AKAMATSU Co., Ltd., the master lease company, pays the same amount as the total sum of therent based on the lease agreement which the master lease company has concluded with each end tenant to the
New Investment Corporation. The items in the above chart are indicated based on the following assumptions.
(Note 5)PML（Probable Maximum Loss）

PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery costto the replacement cost. PML is calculated based on the statistical assumption that within next 475 years there
is a 0.211% annual chance (10% probability of once every 50 years, i.e., average life time of buildings) ofmajor earthquake occurring(Note 6)Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estateappraisal report with January 1, 2017 as the appraisal date.
(Note 7)Leasing Status“Total Number of Tenants” is listed as one because, as stated above, at the time of the Property’s acquisition
the Fund entered into a master lease agreement, under which the building of the Property will be collectively
leased for the purpose of subleasing. The master lease company plans to sublease the Property’s units to end
tenants.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement withend tenants actually leasing the building of the Property as of today by 12 (rounded down to the nearest
million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned leaseagreement (rounded down the nearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 8)Occupancy Rates in the Past
Regarding the occupancy rates before the end of August 2013, the figures are not stated, as the information
has not been received from the seller.

4．Seller Profile（1）nORBESAAs the Fund has not obtained an agreement with the Seller, who are Japanese specific purpose
Companies, this information is not disclosed. There is no capital involvement, personnel involvement
or transaction involvement between the Seller and the Fund or asset management company as of today.
The Seller is not Related Parties under the Investment Trust Law of the asset management company.
（2）Nakaza Cui-daore Building
As the Fund has not obtained an agreement with the Seller, who are Japanese specific purpose
Companies, this information is not disclosed. There is no capital involvement, personnel involvement
or transaction involvement between the Seller and the Fund or asset management company as of today.
The Seller is not Related Parties under the Investment Trust Law of the asset management company.
5．Status of Owners
This transaction is not with Seller is specific Related Parties of the Fund and the Asset Management
Company.

－ ６ －6．Broker Profile（1）nORBESA
There is no brokerage involved for this property.
（2）Nakaza Cui-daore Building
As the Fund has not obtained consent to disclosure from the broker, this information is notdisclosed.
There are no capital, personnel and transaction relationships between the broker and the Fund
and/or the asset management company as of today. Also, the broker is not considered a directly
associating party of the Fund and/or the asset management company.
7．Transaction with Related Parties（1）nORBESA
There is no special relation between the said company and the Fund or asset management company
for this transaction.
（2）Nakaza Cui-daore Building
The property management company and master lease company of this property, GEOAKAMATSU Co., Ltd. is Related Party under the Investment Trust Law. Nomura Master Fund and theAsset Management Company determined the consignment and the terms and conditions of thetransaction, including the fees, etc., pursuant to the restrictions and formalities concerning thetransactions with related party as set forth in the Investment Trust Law and the Asset Management
Company’s bylaws and duly authorized by the Compliance Committee and Investment Committee in
the Asset Management Company.
8. Form of Payment, etc.
（1）Form of Payment
With respect to the purchase price of the Asset, Nomura Master Fund plans to make a package
payment to the Seller of the purchase price through borrowing on the scheduled date of theacquisition.
（2）Impact on the New Investment Corporation’s Financial Status in Case of Failure of the Forward
Commitment
The real estate sales contract related to the Nakaza Cui-daore Building is categorized as a forward
commitment as set forth in the Comprehensive Guidelines for Supervision of Financial Instruments
Business Operators set by the Financial Services Agency(Note). The content of the cancellation
clauses set forth in the sales contract are as follows.
①

If the seller or buyer violates the sales contract (exempting immaterial infractions), the otherparty can formally demand the violator fulfill its obligations. If the violation is not resolved
within a set period from the issuance of the demand or if resolution within the period is
objectively and logically deemed impossible, the sales contract is nullified.

－ ７ －② In the event that the sales contract is nullified, the other party may request an amountequivalent to 20% of the sales price as a penalty for violation of the contract. If thedamage the other party actually suffers differs significantly from the amount of thepenalty, through mutual deliberation or through a trial, it may be determined that theviolator only provide compensation for the damage it directly caused. In addition, theviolator may not be held liable for compensation exceeding the 20% penalty.
③ Under the sales contract, as a prerequisite NMF is obligated to procure funds
equivalent to the sales price by a specified date and time. If said funds are not procured
within the specified period and deliberations regarding the alteration of the transfer date
are not held within a specified period, the seller may cancel the sales contract.
④ If the sales contract is cancelled in line with clause ③, regardless of clause ②, NMF
is not obligated to pay a penalty to the seller. However, NMF will swiftly pay the
expenses that the seller incurred in relation to concluding the contract.
(Note) The forward commitment, etc., refers to postdated sale agreements where the conclusion and deliveryof the property is scheduled over one month ahead of the contract date, and other similar agreements.

9．Schedule for Acuisition
February 21, 2017
March 17, 2017
March 31, 2017Conclusion of agreement on purchase and sale for the acquisition ofthese Assets.
Delivery of real estate and trust beneficiary rights of nORBESA
Delivery of real estate of Nakaza Cui-daore Building.

10．Forecasts of Financial Results
There is only small impact to Nomura Master Fund’s forecasts of financial results for the fiscal
period ending February 28, 2017 (September 1, 2016 to February 28, 2017), there is no revision to
the forecast of financial results. Furthermore, the effects of the acquisition on the entire portfolio
will be accounted for in the forecasts of financial results for the period ending August 31, 2017.
This announcement is planned for April 14, 2017, in tandem with the disclosure of results for theperiod ending February 28, 2017.

－ ８ －11．Appraisal Summary（1）nORBESA
Property NamenORBESA

Appraisal Value￥8,540,000,000

Appraiser

Japan Real Estate Institute

Appraisal Date

December 1, 2016
(Yen)
Amount orpercentage

Item
Capitalization approach price

8,540,000,000

Price calculated by the direct capitalization
approach(1) Operating income (a)-(b)(a) Gross rental income(b) Losses due to vacancies, etc.

8,730,000,000
892,840,000
908,245,000
15,405,000(2) Operating expenses
Maintenance

440,443,000

Utilities costs

193,833,000

Repair costs

8,387,000

Property management fees

24,000,000

105,000,000

Advertisement for leasing, etc.
7,565,000
Taxes

58,965,000

Insurance premium

693,000
42,000,000

Grounds
In calculating, both the discounted cash flow
approach and the direct capitalization approach aretaken into account.
Calculated by capitalization rate based on a net
revenue of the stable mid-to-long term.
Assumed based on the expected mid- to long-term
stable rent.
Assumed based on the expected mid- to long-term
stable occupancy rate.
Assumed based on the estimated amount and of asimilar building.
Assumed based on past actual expences takinginto
account the occupancy rate.
Allocation of appraised restoration expenses andrepair expenses based on the Engineering Report.
Assumed based on agreement conditions, generalstandard, etc.
Assumed based on the agreement conditions,taking into account the standard tenant recruit
expenses of similar buildings, and applying theestimated turnover ratio of unit.
Assumed based on mid to long term perspectiveof the tax base of year 2016.
Allocation, taking into account the actual amount,insurance premium rates of similar buildings, etc.
Assumed based on past actual other expences.

Other expenses(3) Net operating income from leasing
business (NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.

452,397,000
4,217,000

Assumed interest rates of 1.0%.

(5) Capital Expenditure Reserve

19,960,000(6) Net Cash Flow (NCF = (3)+(4)-(5))

436,654,000

Assumed in consideration of building age, as well
as average maintenance and lease renewal fees
based on the engineering report.

(7) Capitalization rate

5.0％

Price calculated by the Discounted Cash Flow
Approach
Discount rate

8,340,000,000
4.8％

Terminal capitalization rate
5.2％
Cost Approach Price
Ratio of land
Ratio of building

Matters noted in reconciliationof indicated value anddetermination of appraisal value

Assumed based on conditions of the location, thebuilding, and the contract of the Property.

9,040,000,000
82.0％
18.0％

Assumed based on the yield on investment ofsimilar buildings and the characteristics of theProperty.
Assumed based on the yield on investment ofsimilar buildings, the future movement of the yield
on investment, risks of the Property as a preferredinvestment, general forecasts of economic growthrate, and price trends of real estate and rents.

The Property is a retail facility situated in the commercial district south of the Tanuki Koji shopping
area between the Odori and Susukino districts, two of the busiest areas within Sapporo City. While itdoes not lie along the main drag, it is only a one-minute walk from Susukino Station on the Namboku
Subway Line.
In addition, the Property features some unique design elements, including a ferris wheel on its roof.
The facility is highly visible and well known, making the Property one of the area’s most competitive.
The appraisal value was determined taking the above factors into consideration.

－ ９ －（2）Nakaza Cui-daore Building
Property Name

Nakaza Cui-daore Building

Appraisal Value￥11,600,000,000

Appraiser

Japan Valuers Co.,Ltd.

Appraisal Date

January 1, 2017
(Yen)
Amount orpercentage

Item
Capitalization approach price

11,600,000,000

Price calculated by the direct capitalization
approach(1) Operating income (a)-(b)(a) Gross rental income(b) Losses due to vacancies, etc.

11,700,000,000
630,554,528
642,683,600
12,129,072(2) Operating expenses
MaintenanceUtilities costs

203,324,277
43,237,200
85,162,000

Repair costs

2,572,500

Property management fees
Advertisement for leasing, etc.
Taxes
Insurance premium
Other expenses

11,199,167
1,969,675
37,899,304
413,450
20,870,981(3) Net operating income from leasing
business (NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.

427,230,251(5) Capital Expenditure Reserve(6) Net Cash Flow (NCF = (3)+(4)-(5))(7) Capitalization rate

Cost Approach Price
Ratio of land
Ratio of building

Matters noted in reconciliation ofindicated value anddetermination of appraisal value

6,733,083

In calculating, both the discounted cash flow approachand the direct capitalization approach are taken into
account.
Calculated by capitalization rate based on normalized net
cash flow (NCF) using the direct capitalization approach.
Assumed based on actual values and standard levels
Assumed based on current vacancy rate and market
vacancy rate
Assumed based on existing contracts and standard levels
Assumed based on actual values and standard levels
Assumed based on the engineering report of Tokio
Marine & Nichido Risk Consulting Co., Ltd.
Assumed based on estimates and standard levels
Assumed based on estimates and standard levels
Assumed based on the actual amount
Assumed based on estimates and standard levels
Assumed based on actual values and standard levels

Assumed based on normal deposit interest rates andother factors
Assumed based on the engineering report of Tokio
Marine & Nichido Risk Consulting Co., Ltd

422,546,620
3.60%

Price calculated by the Discounted Cash
Flow Approach
Discount rate
Terminal capitalization rate

2,049,452

Grounds

Assumed based on capitalization rates of surrounding
properties and with consideration for the location andunique characteristics of the Property

11,400,000,000
3.40%
3.80%
10,200,000,000
95.0%
5.0%

The Property is located in Dotonbori, which is a major tourist area in Osaka with a large variety ofshops, especially restaurants. In addition, this unique retail building is famous for possessing
Cuidaore Taro, a statue synonomous throughout Japan as a symbol of Osaka, a city reknowned forindulgence (kuidaore in Japanese). Thus, this building is more highly competitive than otherwise
similar real estate. The appraisal value was determined in light of the above factors, utilizing theincome capitalization approach, to properly reflect the investment value.

－ １０ －

【Exhibits】
Exhibit 1

Portfolio Over View after Acquisition

Exhibit 2

Photos of the Assets

Exhibit 3

Maps of the Assets*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/－ １１ －

Exhibit 1
Portfolio Overview after Acquisition of the Assets

Area (Note 1)

Acquisition Price(mln)

Percentage tototal (%)
(Note 2)

Tokyo Area

371,944

39.2

Other Area

71,9307.6

Total

443,874

46.8

Tokyo Area

104,877

11.1

Other Area

65,996

7.0

Total

170,873

18.0

Tokyo Area

137,030

14.4

Other Area

10,0401.1

Total

147,070

15.5

Tokyo Area

149,623

15.8

Other Area

32,527

3.4

Total

182,150

19.2

Tokyo Area

4,900

0.5

Total

4,900

0.5

-

948,867

100.0(Scheduled)

Asset Type

OfficeRetailLogistics

Residential

OthersGrand Total(Note 1)“Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture andSaitama Prefecture. “Other Areas” refers to cabinet-order designated cities, prefectural
capitals, and cities having a population of at least 100,000 and their peripheral areas,
excluding Greater Tokyo.
(Note 2)“Tokyo Area”Areater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba
Prefecture and Saitama Prefecture. “Other Areas” refers to cabinet-order designated cities,
prefecturs the figures were rounded to the first decimal place, the total may not necessarily be
100%.
(Note 3)Figures in the above table assume the successful dispositions of NOF Technoport Kamata
Center Building and Ito-Yokado Higashi-Narashino Store (announced in the December 20,
2016 press release entitled “Notice Concerning Property Disposition”) and the successfulacquisition of PRIME URBAN Gakugei Daigaku Parkfront (announced in the January 27,
2017 press release entitled "Notice Concerning Property Acquisition").

Exhibit 2
nORBESANakaza Cui-daore Building

Exhibit 3
nORBESANakaza Cui-daore Building