March 23, 2016
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties
This is a notification that Mitsui Fudosan Accommodations Fund Management Co., Ltd., an investment trust
management company, which has been commissioned by Nippon Accommodations Fund Inc. (“NAF“) to manage
its assets, decided on the acquisition of real estate properties in Japan as shown below.

1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following properties was made to ensure the steady growth of assets
under management, and for the diversification and further enhancement of the investment portfolio.

2. Overview of acquisition
Planned acquisition price(Note 1)(thousands of yen)Appraised value(Note 2)(thousands of yen)

Real estate

1,450,000

1,460,000

Real estate

1,250,000

1,270,000

2,700,000

2,730,000

Name of property
to be acquired

Type of property
to be acquired

Property 1

Park Axis Magome Residence

Property 2

Park Axis Higashi Ueno
Total(1) Date of conclusion of sales contract

March 23, 2016(2) Planned date of handover

April 7, 2016(3) Seller

Mitsui Fudosan Residential Co., Ltd.

(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at the time of delivery(Note 1) “Planned acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property
taxes, urban planning taxes, consumption taxes, and local consumption taxes) specified in the real estate sales contract forthe properties to be acquired.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on
February 29, 2016) which Japan Real Estate Institute prepared for the properties to be acquired.

1

3. Description of the properties to be acquired(1) Outline of the properties to be acquired(i) Property 1: Park Axis Magome Residence
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories (Note 5)
Uses (Note 5)
Building Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)Park Axis Magome Residence
Real estate
Japan Real Estate Institute¥1,460,000 thousand
February 29, 2016
5-16, Minami-magome 1-chome, Ota-ku, Tokyo
60%
200%
Category 1 residential district
859.49 m2
Proprietorship
August 29, 2014
Flat-roofed reinforced concrete structure / 5 stories
Apartment building, garbage depot, storage
1,986.98 m2
Proprietorship
55
1,621.94 m2
None
None
The property is located in a residential district of Ota
Ward in close proximity to a train station as it isapproximately a 4-minute walk from Magome Station on
the Toei Subway Asakusa Line. It is approximately 30
minutes to Tokyo Station by train from said station, andtherefore offers also relatively convenient transportation
access.
The property has a range of facilities offering
convenience in daily life, such as stores selling daily
necessities and medical facilities, within walking distanceand is thus recognized to be also superior in terms ofliving environment.
The property is expected to attract mainly one-personand small households that place importance on
convenient transportation access to central Tokyo.

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit

155
52
1,621.94 m2
1,528.35 m2
94.2%¥12,074 thousand

Total rental revenues

Refer to “10. Summary of appraisal report” below.

2

(ii) Property 2: Park Axis Higashi Ueno
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor-area ratio (Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / Number of stories (Note 5)
Uses (Note 5)
Building Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)Park Axis Higashi Ueno
Real estate
Japan Real Estate Institute¥1,270,000 thousand
February 29, 2016
27-3, Higashi-ueno 6-chome, Taito-ku, Tokyo
80%
600%
Commercial district
336.16 m2
Proprietorship
January 30, 2015
Flat-roofed reinforced concrete structure / 13 stories
Apartment building, parking, garbage depot, storage
1,894.57 m2
Proprietorship45
1,460.10 m2
None
None
The property is located in a mixed commercial andresidential district of Taito Ward. It is a 7-minute walk from
Inaricho Station on the Tokyo Metro Ginza Line, a7-minute walk from Iriya Station on the Tokyo Metro
Hibiya Line and a 9-minute walk from Ueno Station on JR
Lines, offering access to multiple train lines. It isapproximately 7 minutes to Tokyo Station by train from
Ueno Station, and therefore offers convenienttransportation access.
With “Kappabashi-hondori” nearby and also facilities
offering convenience of various types within walking
distance, convenience in daily life is also good.
The property is expected to attract mainly one-personand small households that place importance on
convenient transportation access to central Tokyo.

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit

14540
1,460.10 m2
1,332.20 m2
91.2%¥10,674 thousand

Total rental revenues

Refer to “10. Summary of appraisal report” below.

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal report prepared by Japan Real
Estate Institute for the properties to be acquired.
(Note 2) “Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the
Building Standards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-arearatio” is the ratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act,and the figure stipulated by city planning in accordance with zoning, etc. is indicated.
(Note 3) “Site area” denotes the land area included in the register.
(Note 4) “Completion date” of the building denotes the date included in the register.
(Note 5) “Structure / Number of stories”, “uses”, and “gross floor area” are based on the description in the register.
(Note 6) “Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the properties to be acquired.

3

(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is entered as 1 if there is a master lease agreement (a bulk lease agreement) concluded with amaster lease company. With regard to the properties to be acquired, a master lease agreement is scheduled to beconcluded with Mitsui Fudosan Housing Lease Co., Ltd. as the master lease company. The “total number of tenants”
above is therefore the number of tenants after such a master lease agreement is concluded.
(ii) “Rentable units” denotes the number of units that can be rented within the properties to be acquired.
(iii) “Rented units,” “rented area” and “deposit / security deposit” denote figures as of February 29, 2016 based on thematerials received from the seller.
(iv) “Rentable area” denotes the total area of the building that can be rented within the properties to be acquired.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

(2) Outline of investigations into the state of the building, etc.
Property 1
Property 2
Park Axis
Park Axis
Magome Residence
Higashi Ueno
Tokio Marine & Nichido Risk Consulting Co., Ltd.
March 8, 2016
March 8, 2016－－－－

Name of property to be acquired

Investigations
into the state ofbuilding

Earthquake
risk diagnosis(Note)

Consigned investigating company
Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal costs
expected to be necessary
within 12 years
Replacement value
Consigned investigating company
Investigation report date
PML value (Note)¥14,800 thousand¥12,800 thousand¥432,900 thousand¥417,200 thousand
Tokio Marine & Nichido Risk Consulting Co., Ltd.
March 8, 2016
March 8, 2016
9.6%
4.0%

The report on earthquake risk diagnosis only states the views of the consigned investigating company and does not provide
any guarantee for its contents. PML (Probable Maximum Loss) value represents the rate of probable maximum loss to becaused by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest earthquakes
anticipated to happen within the expected duration of service (the biggest earthquake which happens once every 475 years= 10% chance of a big earthquake happening once every 50 years) represented by the rate (%) of the estimated cost ofrestoration from the damage to the replacement cost.

Profile of third-party investigative body
Name
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Address
5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Representative
Nariki Yasuda, President and Chief Executive Officer
Research, study, provision of information, assessment, consulting, holding of
Description ofseminars, publishing, provision of training, etc. on security, disaster prevention,
principal operations
sanitation, environment, product safety and information management, etc.
Capital¥100 million

Relationship with NAF
or investment trust
management company

None

4

4. Outline of seller
Name
Address
Representative

Mitsui Fudosan Residential Co., Ltd.
17-1, Ginza 6-chome, Chuo-ku, Tokyo
Kiyotaka Fujibayashi, President and Chief Executive Officer
Housing sales and leasing operations, consignment sales operations (sales of
Description ofother companies’ properties), and new operations (resort residence operations,principal operations
overseas operations, etc.)
Capital¥40,000 million
Date of establishment
December 26, 2005
Net assets
Not disclosed
Total assets
Not disclosed
Shareholding
Major stockholder andStockholder nameratio
shareholding ratio(As of March 31, 2015)
Mitsui Fudosan Co., Ltd.
100.0%
Relationship between NAF or the investment trust management company, and the seller
The seller holds 3.21% of total NAF investment units issued as of February 29,
2016. Also, the seller is a subsidiary of Mitsui Fudosan Co., Ltd., which is the
Capital relationships
parent company of the investment trust management company.
There are no personal relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no personal
Personal relationships relationships to report between the related parties or associated companies of
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
There are no business relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no businessBusiness relationships relationships to report between the related parties or associated companies of
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
The seller does not fall under the category of related parties of NAF. Also, theApplicability toseller is a subsidiary of Mitsui Fudosan Co., Ltd., which is the parent company ofrelated parties
the investment trust management company.

5. Situation of the acquirer of the properties
Situation of
the property owner
Company name,person’s name
Property 1:
Park Axis Magome Residence
Property 2:
Park Axis Higashi Ueno

(Note)

Former owner

Relationship with a
special related party

Mitsui Fudosan ResidentialCo., Ltd. (Note)
Wholly-owned subsidiary of
Mitsui Fudosan Co., Ltd., whichis the parent company of theinvestment trust managementcompany
Property developed by
Mitsui Fudosan Co., Ltd. (Note)

Owner before
the former owner
None―

Acquisition history,―reason, etc.
Acquisition price――(including other costs)
Acquisition time――
The rights and obligations of the residential leasing business of Mitsui Fudosan Co., Ltd. were transferredto Mitsui Fudosan Residential Co., Ltd. by way of a company split on October 1, 2015.

6. Outline of brokerage
Not applicable.

57. Transactions with related parties and the like
Since Mitsui Fudosan Residential Co., Ltd., the seller of the properties to be acquired, corresponds to relatedparties and the like (see Note), the conclusion of a real estate sales contract has been carried out throughdeliberation and approval by the compliance committee and deliberation and decision by the investment committeeof the investment trust management company, in accordance with NAF’s self-established rules on asset
management relevant to transactions with related parties and the like.
Mitsui Fudosan Housing Lease Co., Ltd., which will be the master lease company and property managementcompany of the properties to be acquired, corresponds to related parties and the like (see Note). Therefore,
deliberation and approval by the compliance committee of the investment trust management company for theconclusion of a master lease contract and property management contract was conducted, and deliberation anddecision by the investment committee is to be carried out before completion of the acquisition of the properties tobe acquired in accordance with NAF’s self-established rules on asset management relevant to transactions withrelated parties and the like.
(Note) “Related parties and the like” means related parties and the like of an investment trust management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment
Trust and Investment Corporation, Article 123.

8. Earthquake resistance matters
The properties to be acquired have received a structural calculation conformity judgment pursuant to the
Building Standards Act as revised by the Act No. 92 of 2006.
In addition, NAF always entrusts earthquake risk diagnosis to the third party investigating company to review
drawings using structural design drawings, structural calculation sheets, etc., as well as on on-site inspection andthe like during the course of due diligence upon acquisition of properties, besides building certification
investigations performed by an inspection and certification agency.
9. Outlook for management after acquisition of the properties
The outlook for NAF’s financial results for the period ending August 31, 2016 (21st Period: March 1, 2016 toAugust 31, 2016) will be disclosed when financial results for the period ended February 29, 2016 are announced(the announcement is scheduled for April 19, 2016) with due consideration of the status of operations of the overall
portfolio.

610. Summary of appraisal report
Property 1: Park Axis Magome Residence
Appraised value¥1,460,000 thousand

Appraisal company

Japan Real Estate Institute

Date of value appraisal

February 29, 2016
(Unit: Thousands of yen)

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,460,000
1,480,000
83,316(a) Potential gross revenue

87,410(b) Vacancy loss, etc.

4,094(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)]15,850(c) Maintenance expenses

2,548(d) Utilities expenses

900(e) Repair expenses

958(f) Property management fees

2,409(g) Tenant soliciting fees, etc.

4,326(h) Taxes and public dues

4,505(i) Property insurance fees

72(j) Other expenses(3) Net operating income [(1)−(2)]

132

241

(l) Capital expenditures

950(5) Cap rate

Appraised medium- to long-term stably stable rental
income, etc. based on current condition, etc. of rooms
for rent and car parking.
Appraised medium- to long-term stable occupancy ratelevel based on such factors as the state of occupancy
of similar real estate in the market area and the subject
property. Posted loss from vacancies, etc. based on
this.

Posted by considering the individual characteristics ofthe subject property, making reference to the actual
records of past fiscal years and expenses of similar realestate.
For the cost of restoration to original condition, posted
based on such factors as the level that is usually
incurred. For repair expenses, posted by considering
the actual records of past fiscal years, level of similar
real estate and repair and renewal costs in theengineering report.
Posted by considering such factors as the fee rate ofsimilar real estate and individual characteristics of thesubject real estate, making reference to such factors as
the fee rate based on contract terms and conditions.
Posted by considering such factors as the contract
terms and conditions and annual average tenant
turnover rate.
For the building, appraised based on the replacementcost. For depreciable assets, appraised by consideringsuch factors as the depreciable asset tax of similarbuildings.
Posted by considering such factors as the insurance
fees based on the contract and insurance fee rate ofsimilar buildings.
Neighborhood association fees.

67,466(k) Earnings from temporary deposits(4) Net income [(3)+(k)−(l)]Summary, etc.
Calculated making correlation to the value of earnings
found by the direct capitalization method and the valueof earnings found by the discounted cash flow method.

Appraised assuming an investment yield of 2.0% on
temporary deposits.
Appraised based on a consideration of such factors as
the level of similar real estate, building age and repair
and renewal costs in the engineering report.

66,757

4.5%

7Appraised based on a consideration of such factors as
future uncertainties and the market-derived cap rate
related to similar real estate, taking the respectivearea’s standard cap rate and adding/subtracting the
spread attributable to various conditions of the subject
real estate.

Item
Value calculated by the discounted cash flow
methodDetails
1,440,000

Discount rate

4.3%

Terminal cap rate

4.7%

Cost method value

Summary, etc.

Appraised based on a comprehensive consideration ofsuch factors as the individual characteristics of thesubject real estate, making reference to such factors as
the investment yield in transactions of similar realestate.
Appraised based on a comprehensive consideration ofsuch factors as the future trends in investment yield,
making reference to such factors as the market-derived
cap rate related to similar real estate.

1,320,000

Land ratio

68.1%

Building ratio

31.9%

Other items considered by the appraisal company
in making the appraisal－

8Property 2: Park Axis Higashi Ueno
Appraised value¥1,270,000 thousand

Appraisal company

Japan Real Estate Institute

Date of value appraisal

February 29, 2016
(Unit: Thousands of yen)

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)]Details
1,270,000
1,280,000
72,915(a) Potential gross revenue

77,214(b) Vacancy loss, etc.

4,299(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)]14,754(c) Maintenance expenses

2,397(d) Utilities expenses

1,000(e) Repair expenses

850(f) Property management fees

2,127(g) Tenant soliciting fees, etc.

4,037(h) Taxes and public dues

4,144(i) Property insurance fees

73(j) Other expenses(3) Net operating income [(1)−(2)]

126

216

(l) Capital expenditures

820(5) Cap rate

Appraised medium- to long-term stably stable rental
income, etc. based on current condition, etc. of rooms
for rent and car parking.
Appraised medium- to long-term stable occupancy ratelevel based on the state of occupancy, etc. of similar
real estate in the market area and the subject property.
Posted loss from vacancies, etc. based on this.

Posted by considering the individual characteristics ofthe subject property, making reference to the actual
records of past fiscal years and expenses of similar realestate.
For the cost of restoration to original condition, posted
based on such factors as the level that is usually
incurred. For repair expenses, posted by considering
the actual records of past fiscal years, level of similar
real estate and repair and renewal costs in theengineering report.
Posted by considering such factors as the fee rate ofsimilar real estate and individual characteristics of thesubject real estate, making reference to such factors as
the fee rate based on contract terms and conditions.
Posted by considering such factors as the contract
terms and conditions and annual average tenant
turnover rate.
For the building, appraised based on the replacementcost. For depreciable assets, appraised by consideringsuch factors as the depreciable asset tax of similarbuildings.
Posted by considering such factors as the insurance
fees based on the contract and insurance fee rate ofsimilar buildings.
Neighborhood association fees.

58,161(k) Earnings from temporary deposits(4) Net income [(3)+(k)−(l)]Summary, etc.
Calculated making correlation to the value of earnings
found by the direct capitalization method and the valueof earnings found by the discounted cash flow method.

Appraised assuming an investment yield of 2.0% on
temporary deposits.
Appraised based on a consideration of such factors as
the level of similar real estate, building age and repair
and renewal costs in the engineering report.

57,557

4.5%

9

Appraised based on a consideration of such factors as
future uncertainties and the market-derived cap rate
related to similar real estate, taking the respectivearea’s standard cap rate and adding/subtracting the
spread attributable to various conditions of the subject
real estate.

Item
Value calculated by the discounted cash flow
methodDetails
1,260,000

Discount rate

4.2%

Terminal cap rate

4.6%

Cost method value

Summary, etc.

Appraised based on a comprehensive consideration ofsuch factors as the individual characteristics of thesubject real estate, making reference to such factors as
the investment yield in transactions of similar realestate.
Appraised based on a comprehensive consideration ofsuch factors as the future trends in investment yield,
making reference to such factors as the market-derived
cap rate related to similar real estate.

1,120,000

Land ratio

62.7%

Building ratio

37.3%

Other items considered by the appraisal company
in making the appraisal

*

*

－

Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF’s website: http://www.naf-r.jp/english/

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Portfolio list after the purchase of the properties to be acquired is completed (on an acquisition (planned) pricebasis)
2. Photos of exterior and entrance, and maps of the properties to be acquired10<Attached Document 1> Portfolio list after the purchase of the properties to be acquired is completed (on an
acquisition (planned) price basis)
1. Rental Apartments
Name

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

30,816

10.4

Setagaya-ku, Tokyo

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.1

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

1.7

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.5

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.3

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.3

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.4

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.5

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo no Mori

Bunkyo-ku, Tokyo

2,910

1.0

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.0

Park Axis Roppongi Hinokicho
Koen

Minato-ku, Tokyo

2,170

0.7

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.3

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.6

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.8

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.8

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.8

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.5

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.6

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.2

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.3

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.6

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

0.9

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

1.9

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.7

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.4

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

1,440

0.5

840

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.5

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.8

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

11

Name

LocationPrice of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.4

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.4

Park Axis Toyosu

Koto-ku, Tokyo

14,300

4.8

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.3

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.3

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

0.9

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.4

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.2

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.6

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.7

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.0

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.7

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.4

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.0

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

0.9

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.8

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.4

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.2

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.6

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

0.9

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.0

Park Axis Shin Okachimachi East

Taito-ku, Tokyo

1,299

0.4

Park Axis Nihonbashi Honcho

Chuo-ku, Tokyo

1,469

0.5

Park Cube Nishigahara Stage

Kita-ku, Tokyo

4,110

1.4

Park Cube Atagoyama Tower

Minato-ku, Tokyo

8,650

2.9

Park Axis Shibaura

Minato-ku, Tokyo

1,045

0.4

Park Axis Asakusa Kuramae

Taito-ku, Tokyo

1,095

0.4

Park Axis Kamata Station Gate

Ota-ku, Tokyo

4,144

1.4

Park Axis Kinshicho Residence

Sumida-ku, Tokyo

1,251

0.4

Park Axis Oshiage Sumida Koen

Sumida-ku, Tokyo

1,055

0.4

Park Axis Magome Residence

Ota-ku, Tokyo

1,450

0.5

Park Axis Higashi Ueno

Taito-ku, Tokyo

1,250

0.4

251,574

84.5

Tokyo 23 wards total

12

Name

LocationPrice of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.3

1,419

0.5

1,679

0.6

970

0.3

1,200

0.4

2,250

0.8

1,119

0.4

1,539

0.5

12,326

4.1

2,440

0.8

1,920

0.6

1,515

0.5

1,890

0.6

742

0.2

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

0.6

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba
Park Cube Kita Matsudo
Park Cube Musashi Kosugi
Park Axis Yokohama Tanmachi
Koen
Park Axis Yokohama Yamashitacho

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
Chiba
Matsudo-shi, Chiba
Nakahara-ku,
Kawasaki-shi,
Kanagawa
Kanagawa-ku,
Yokohama-shi,
Kanagawa
Naka-ku, Yokohama-shi,
Kanagawa

Greater Tokyo total (Note 3)
Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Park Cube Kitahama

Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku,
Sapporo-shi, Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,Osaka
Chuo-ku, Osaka-shi,
Osaka

827

0.3

2,369

0.8

2,399

0.8

1,970

0.7

Other major cities total (Note 4)

23,154

7.8

Rental Apartments Total

287,054

96.5

13

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)Ashiya-shi, Hyogo

928

0.3

991

0.3

916

0.3

374

0.1

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormy Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.5

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.3

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

735

0.2

Other Accommodation Assets Total

10,564

3.5

Grand total

297,618

100.0

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi Dori
Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Nakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi
Setagaya-ku, Tokyo(Note 1) The “Price of (planned) acquisition” item does not include anticipated acquisition expenses, fixed property taxes, urban
planning taxes, consumption taxes or local consumption taxes.
(Note 2) The “Portfolio share” item indicates the percentage contribution of each property holding to the “Price of (planned)
acquisition” item. The percentage figure is rounded to one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 4) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

14

<Attached Document 2>Photos of exterior and entrance, and maps of the properties to be acquired
Property 1: Park Axis Magome Residence

15

Asakusa Line
Magome Station

Daini Keihin

16Property 2: Park Axis Higashi Ueno

17

Uguisudani Station

Hibiya Line
Iriya Station

Shitaya Police
StationUeno Park

Ueno Gakuen
University

Ueno Station

Ginza Line
Ueno Station

Taito Ward Office
Ueno Police
Ueno Fire
StationStation18