September 27, 2013
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-Ku,
Tokyo 103-0022
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
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on and completed the acquisition ofreal 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 theassets under management, and for the diversification and further enhancement of the investment portfolio.
2. Overview of Acquisition(Thousands of Yen)
Type of
Property
AcquiredName of Property Acquired
Property 1
Property 2
Property 3

Park Axis Shin Okachimachi East
Park Axis Yokohama Yamashitacho
Park Axis Nihonbashi Honcho
Total

Acquisition Price(Note 1)

Appraised Value(Note 2)

1,299,000
1,539,000
1,469,000
4,307,000

1,300,000
1,540,000
1,470,000
4,310,000

Real Estate
Real Estate
Real Estate(1) Date of conclusion of sales contract

September 27, 2013

(2) Date of handover

September 27, 2013(3) Seller

Mitsui Fudosan Co., Ltd.

(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at time of delivery(Note 1) “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 for the properties
acquired.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on August 31, 2013)
which Daiwa Real Estate Appraisal Co., Ltd. prepared for the properties acquired.

1

3. Description of Properties Acquired(1) Outline of the properties acquired
1. Property 1: Park Axis Shin Okachimachi East
Name of property acquired
Type of property 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)

Park Axis Shin Okachimachi East
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,300,000 thousand
August 31, 201321-10, Misuji 2-chome, Taito-ku, Tokyo
80%
600%

Land

ZoningCommercial district

Site area (Note 3)
Ownership form
Completion date (Note 4)

330.73m
Proprietorship
September 21, 2012

Structure / number of stories (Note 5)

Flat-roof reinforced concrete structure / 14 stories

Uses (Note 5)

Apartment building, storage, bicycle parking area, parking,garbage depot

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)2

2080.53m2
Proprietorship
49
1,847.01m2
None
None
The property is approximately a 3-minute walk from
Shin-Okachimachi Station on the Toei Oedo and Tsukuba
Express lines. Five stations and seven lines, including
Kuramae Station on the Toei Asakusa Line and Inaricho
Station on the Tokyo Metro Ginza Line, are available foruse. It has very good access to major city centers as
Shin-Okachimachi Station is an approximate 15-minute rideto Tokyo Station and an approximate 16-minute ride to
Ginza Station.
The property has good living convenience as there is asupermarket, convenience store, financial institution,
medical facility, etc. near the property within an approximate
5-minute walk.
Demand is expected mainly from single people and DINKs
households who commute to central Tokyo.

Total number of tenants
Rentable units
Rented units

1

Rentable area

1,847.01m
2
1,821.17m
98.6%

Rented area
Occupancy rate
Deposit / Security deposit
Total rental revenues

49
48
2

¥13,412 thousand
Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the properties acquired.

22. Property 2: Park Axis Yokohama Yamashitacho
Name of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)

Park Axis Yokohama Yamashitacho
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,540,000 thousand
August 31, 2013

Location

Residence indication

210-3, Yamashitacho, Naka-ku, Yokohama-City, Kanagawa(District where residence indication has not been
implemented yet.)

Building-to-land ratio (Note 2)
Floor area ratio (Note 2)

80%
600%

ZoningCommercial district

Site area (Note 3)
Ownership form
Completion date (Note 4)

760.72m2
Proprietorship
October 5, 2012

Structure / number of stories (Note 5)

Flat-roof reinforced concrete structure / 9 stories

Uses (Note 5)

Apartment building, retail store, parking, garbage depot,
assembly room, storage

Land

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

Total number of tenants

Details of tenants(Note 7)

Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit

3,117.98m2
Proprietorship
70 Residential, 1 Retail,etc.
2,325.92m2
None
None
The property is approximately a 5-minute walk from
Ishikawacho Station on the JR Negishi Line andapproximately a 7-minute walk from Nihon-odori Station andMotomachi-Chukagai Station on the Minatomirai Line. It hasvery good access to Yokohama Station and major city
centers of Tokyo as Yokohama Station is an approximate
7-minute ride from Ishikawacho Station while Tokyo Station
is an approximate 40-minute ride from Yokohama Stationand Shibuya Station is an approximate 40-minute ride from
Nihon-odori Station.
The property has good living convenience as there arerestaurants of Yokohama Chinatown and public offices suchas the Kanagawa Prefectural Office Building and Yokohama
City Office nearby as well as customer facilities such as theMotomachi Shopping Street, Yamashita Park and
Yokohama Stadium.
Demand is expected mainly from single people and DINKs
households who commute to central Tokyo and Yokohama
and who seek convenience.
1
70 Residential, 1 Retail,etc.
6922,325.92m
2,274.64m2
97.8%¥17,172 thousand3

Total rental revenues

Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the properties acquired.

3. Property 3: Park Axis Nihonbashi Honcho
Name of property acquired
Type of property 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)

Park Axis Nihonbashi Honcho
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,470,000 thousand
August 31, 2013
6-8, Nihonbashi 4-chome, Chuo-ku, Tokyo80%
800%, 600%

Land

ZoningCommercial district

Site area (Note 3)
Ownership form
Completion date (Note 4)

273.93m
Proprietorship
February 8, 2013

Structure / number of stories (Note 5)

Flat-roof reinforced concrete structure / 14 stories

Uses (Note 5)

Apartment building, garbage depot, bicycle parking area,
parking, storage

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)

The property is approximately a 6-minute walk from
Mitsukoshimae Station on the Tokyo Metro Ginza andHanzomon lines. It has very good access to major city
centers as there are four other stations on Tokyo Metro,
Toei and JR lines within walking distance of the property.
The property has good living convenience as there is a
department store and financial institution nearby in addition
to a convenience store, small supermarket and medical
institution also located in the area.
Demand is expected mainly from single people and DINKs
households who seek the convenience of urban living.
1
49

Rented units

48
2
1,808.12m
1,778.52m2

Rentable area
Rented area
Occupancy rate

Total rental revenues(Note 2)

2,317.22m2
Proprietorship49
1,808.12m2
None
None

Total number of tenants
Rentable units

Deposit / Security deposit(Note 1)

2

98.4%
¥16,134 thousand
Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the properties acquired.

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal report which Daiwa
Real Estate Appraisal Co., Ltd. prepared for the property acquired.
“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

4

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

Standards Act. The figures are indicated as stipulated by city planning in accordance with Zoning, etc. “Floor-area ratio” is the ratioof the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act. The figures are indicated as
stipulated by city planning in accordance with Zoning, etc.
“Site area” of the “Land” column denotes the land area as entered in the real estate register.
“Completion date” of the “Building” column denotes the date as entered in the real estate register.
“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the real estate register.
“Special affairs” include issues considered to be important by NAF as of today, with consideration to influence on the rights, uses,
and appraisal values as well as profits of the property that NAF acquired.
Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has been concluded with amaster lease company. As to the property acquired, NAF has today concluded a master lease contract with the master lease
company, that is, Mitsui Fudosan Housing Lease Co., Ltd. The above “Total number of tenants” means the total number oftenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in the property acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit / Security Deposit” are based on information provided by the seller,
valid as of August 31, 2013.
(iv) “Rentable area” denotes the total rentable area of the building of the property acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

(2) Outline of investigations into the state of the building, etc.
Property 1
Park Axis Shin
Okachimachi East
Consigned investigating

Investigations
into the stateofbuilding

Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal costs
expected to be necessary
within 12 years
Replacement value

Earthquake
risk
Diagnosis

Property 2
Park Axis
Yokohama
Yamashitacho

Property 3
Park Axis
Nihonbashi Honcho

Tokio Marine & Nichido Risk Consulting Co., Ltd.
September 5, 2013
－
－
－
－
－
－
¥17,935 thousand¥31,642 thousand¥22,006 thousand¥446,300 thousand¥670,840 thousand¥461,540 thousand

Consigned investigatingcompany
Investigation report date

Sumitomo Mitsui Construction Co., Ltd.
September 4, 2013

PML value (Note)

7.4%

11.2%

7.6%

(Note) 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) represents the rate of probable maximum loss to be caused 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” = “the biggest earthquake which is to happen withinevery 50 years by 10% probability”) represented by the rate (%) of the estimated restoration cost from the damage, to the replacement
cost.

Profile of third party investigative body
Name
Address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Ken Kamikouchi, President and Chief Executive Officer

Description of principal
operations

Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.

CapitalRelationship with NAF
or investment trust
management company¥100 million

Name
Address
Representative

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer

None

5

Description of principal
operations

Design and construction of civil engineering, building, prestressed concrete workand related operations and others

CapitalRelationship with NAF
or investment trust
management company¥12,003 million

4. Outline of Seller
Name
Address
Representative
PurposeCapitalDate of establishment
Net Assets
Total Assets
Major stockholders andshareholding ratio(as of March 31, 2013)

None

Mitsui Fudosan Co., Ltd.
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
Masanobu Komoda, President and Chief Executive Officer
Acquisition, ownership, disposition, renting as well as sales and management,
etc. of real estate properties¥174,296 million
July 15, 1941
¥1,008,349 thousand (As of March 31, 2013)¥3,681,166 thousand (As of March 31, 2013)
Stockholder

The Master Trust Bank of Japan, Ltd. (Trust Account)
Japan Trustee Services Bank, Ltd. (Trust Account)
CBLDN-STICHTING PGGM DEPOSITARY-LISTED REALESTATE PF FUND
Relationship with the Seller and NAF or the Investment Trust Management Company
Capital relationships
Personal Relationships

Business Relationships

Applicability to relatedparties

Shareholding ratio
8.33%
5.93%
2.92%

The seller holds 3.38% of total NAF investment units issued as of August 31,
2013 and all issued shares of the investment trust management company.
As of August 31, 2013, eight of employees and directors of the investment trust
management company (excluding part-time directors) are seconded from theseller, and one of them is concurrently serving as executive director of NAF.
During the period ending August 31, 2013, NAF has acquired 7 properties fromthe seller. Other than this, there are no business relationships to report between
NAF or the investment trust management company and the seller. Moreover,there are no business relationships between the related persons or relatedcompanies of NAF or the investment trust management company, and therelated persons or related companies of the seller.
The seller does not fall under the category of related parties of NAF. Also, theseller is the parent company of the investment trust management company.

5. Transactions with Interested Parties and the Like
Since Mitsui Fudosan Co., Ltd. falls under the category of “interested parties and the like,” in accordance with
NAF’s self-established rules on asset management relevant to transactions with interested parties and the like,the conclusion of a real estate sales contract have been carried out through deliberation and approval by thecompliance committee of the investment trust management company and the investment committee.
Mitsui Fudosan Housing Lease Co., Ltd., which became the master lease company and property
management company of the acquired property also falls under the category of “Interested parties and the like”(Note), therefore in accordance with NAF’s self-established rules on asset management relevant totransactions with interested parties and the like, the conclusion of a master lease contract and a property
management contract have been carried out through deliberation and approval by the compliance committee of
the investment trust management company and the investment committee.
(Note) “Interested parties and the like” means interested 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 andInvestment Corporation, Article 123.

6

6. Situation of the Acquirer of the Properties

Property 1: Park Axis Shin
Okachimachi East
Property 2: Park Axis
Yokohama Yamashitacho
Property 3: Park Axis
Nihonbashi Honcho

Status etc. of the owner ofthe properties
Company Name/
Name of the Individual
Relationship withparties of special
interest
Details, Reason etc. of
the acquisition
Acquisition price(including otherexpenses)
Date of Acquisition

Former Ownership

The Owner before
the Former Owner

Mitsui Fudosan Co., Ltd.

None

The parent company of theInvestment TrustManagement Company
Property developed for sales
purpose

―
―

―

―

―

―

7. Earthquake Resistance Matters
The acquired properties have been determined as compatible with the criteria for structural calculations under
Building Standards Act No.92, amended on 2006.
In addition NAF always performs earthquake risk diagnosis based on reviewing drawings using structuraldesign drawings, structural calculation sheets, etc., as well as on on-site inspection and the like during thecourse of due diligence upon acquisition of properties, from perspectives that are different to building
certification investigations performed by an inspection and certification agency.
8. Outline of Brokerage
Not applicable.
9. Outlook for Management after Acquisition of the Properties
The outlook for the results of operations for the period ending February 28, 2014 (16th Period: September 1,
2013 to February 28, 2014), subsequent to acquisitions of these investment assets, will be disclosed
separately when financial results for the fiscal period ending in August 2013 is announced. The announcement
is scheduled for October 17, 2013.


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 website: http://www.naf-r.jp/english/index.html

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. Summary of the appraisal report on the amount of the properties acquired
2. Portfolio list after the acquisition of the properties is completed (on an acquisition price basis)
3. Photos of exterior and entrance, and map of the properties acquired7

<Attached Document 1> Summary of the appraisal report on the amount of properties acquired(unit: Thousands of yen)
Property 1
Park Axis Shin
Okachimachi
East
1,300,000

Name of property acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues, including common
area fees(b) Utilities revenues

85,932

103,112

93,209

0

0

0

907

8,028

1,245

1,581

2,313

1,923

735

1,434

1,055

832

834

867

12

43

0

(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.
(f) Loss on bad debts

88,421

113,453

96,377

4,800
0

9,831
0

5,380
0

(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expense

83,620103,622

90,996(h) Utilities expense

2,682

3,293

2,231

1,341

1,604

1,181

1,681

2,877

2,050

2,871

3,546

3,117

2,220

3,029

2,520

4,276

6,042

5,528

102

151

105

755

655

513

15,92921,202

17,24967,691

82,41973,747

250

317

298

Revenues from key money, etc.
Revenues from renewal fees
Other revenues(i) Repair expense
Operatingexpenses

Property 3
Park Axis
Nihonbashi
Honcho1,470,000

Details(c) Parking lot revenues(d) Other revenues
Operatingrevenues

Property 2
Park Axis
Yokohama
Yamashitacho
1,540,000(j) Property management fees(k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposit(p) Capital expenditures

1,287

1,934

2,643

(5) Net income [(4)+(o)-(p)]66,65580,802

71,402(6) Cap rate
Value of earnings calculated by the direct capitalization
method [(5)÷(6)]

5.1%

5.2%

4.8%

1,310,000

1,550,000

1,490,000

Value calculated by discounted cash flow method

1,290,000

1,540,000

1,460,000

4.9%

5.0%

4.6%

Discount rate
Terminal cap rate

5.3%

5.4%

5.0%

Cost method value
Total value of land and building

871,000

1,180,000

930,000

870,7141,183,240

930,348

Land value

426,655

515,768

471,125

Building value

444,059

667,472

459,223000Adjustment

NAF requested a real estate appraisal by Daiwa Real Estate Appraisal Co., Ltd. for the properties acquired, based on the Act on Real EstateAppraisal (1963 Act No. 152, including later amendments) and real estate appraisal standards. The above figures are a summary of the
prepared real estate appraisal report. The appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with noguarantees as to the validity or accuracy of the report, nor the possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.

8

<Attached Document 2> Portfolio list after the acquisition of the properties is completed (on an acquisition price basis)
1. Rental Apartments
Name

Location

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

10.9

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

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

1.9

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.6

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

1.4

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.8

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.1

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.1

Park Axis Roppongi Hinokicho Koen

Minato-ku, Tokyo

2,170

0.8

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.6

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

0.9

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.9

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.8

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.6

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.3

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.5

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.7

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.0

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.0

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

1.5

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

Park Axis Nishigahara

Kita-ku, Tokyo

840

0.3

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.7

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.9

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

9

Name

Location

Park Axis Oshiage

Sumida-ku, Tokyo

Park Axis Takadanobaba
Park Axis Toyosu

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)
1,193

0.4

Toshima-ku, Tokyo

1,222

0.4

Koto-ku, Tokyo

14,300

5.3

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.0

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.5

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

0.7

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.9

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.2

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.8

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

3.3

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

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

0.5

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.3

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

0.7

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

1.0

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.1

Park Axis Shin Okachimachi East

Taito-ku, Tokyo

1,299

0.5

Park Axis Nihonbashi Honcho

Chuo-ku, Tokyo

Tokyo 23 wards total

1,469

0.5

226,404

83.3

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.5

Park Axis Chiba Shinmachi

Chuo-ku, Chiba-shi, Chiba

1,679

0.6

Park Axis Chiba

Chuo-ku, Chiba-shi, Chiba

970

0.4

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.4

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

2,250

0.8

Park Axis Yokohama Tanmachi
Koen

Kanagawa-ku,
Yokohama-shi, Kanagawa

1,119

0.4

Park Axis Yokohama Yamashitacho

Naka-ku, Yokohama-shi,
Kanagawa

1,539

0.6

12,326

4.5

Greater Tokyo Total (Note 3)

10

Park Axis Meieki Minami

Nakamura-ku, Nagoya-shi,
Aichi

2,440

0.9

Park Axis Marunouchi

Naka-ku, Nagoya-shi, Aichi

1,920

0.7

1,515

0.6

1,890

0.7

742

0.3

1,547

0.6

2,320

0.9

960

0.4

605

0.2

1,650

0.6

827

0.3

2,369

0.9

2,399

0.9

1,970

0.7

Other Major Cities Total (Note 4)

23,154

8.5

Rental Apartments Total

261,884

96.4

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.3

991

0.4

916

0.3

374

0.1

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

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

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

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

Dormitory 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

0.4

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.4

540

0.2

1,160

0.4

9,829

3.6

271,713100.0

Philosophia Nishidai
Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
MiyagiOther Accommodation Assets Total
Grand Total(Note 1)“Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax, urban
planning tax, consumption tax and local consumption tax) of the property acquired.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the respective property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

11

<Attached Document 3> Photos of exterior and entrance, and map of the properties acquired
Property 1: Park Axis Shin Okachimachi East

12

Tawaramachi Station(Ginza Line)

Kiyosubashi Dori

Shin-okachimachi Station(Oedo Line)
Shin-Okachimachi Station
Kasuga DoriKuramae Station(Asakusa Line)13

Property 2: Park Axis Yokohama Yamashitacho

14

Naka Ward OfficeKannai Station

Yokohama City Office

Yokohama Park

Ishikawacho Station

15

Property 3: Park Axis Nihonbashi Honcho

16Ginza Station(Ginza Line)

Showa Dori
Kanda Station

Chuo DoriBank of Japan

Mitsukoshimae Station(Ginza Line)17