April 12, 2012
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 Yuji Yokoyama(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 Sale of Domestic Real Estate Trust Beneficiary Interest
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on the sale of a real estate trust
beneficiary interest in Japan as shown below.

1. Reason for Sale
NAF has decided the sale of the property after comprehensively considering the area strategy of theportfolio and trends in the real estate market, etc.
Regarding the capital gains resulting from the sale of the property, it is planned to be internally reserved asa reserve through reduction entry utilizing the “Special Provisions for Taxation in the Event of Advance
Acquisition of Land, etc. in 2009 and 2010.”
2. Overview of Sale
(1) Name of property to be soldPark Cube Keio Hachioji(2) Type of property to be sold

Trust beneficiary interest(3) Sale price (Note 1)¥1,020,000 thousand(4) Book value¥944,735 thousand (as of August 31, 2011)(5) Difference between sale price and book value¥75,265 thousand(6) Appraised value (Note 2)¥1,010,000 thousand(7) Date of conclusion of sales contract

April 6, 2012(8) Planned date of handover

April 25, 2012(9) Buyer

Not disclosed (Note 3)(10) Settlement

Lump sum settlement at time of handover(Note 1) ”Sales price” denotes the trading value (exclusive of miscellaneous expenses, fixed property taxes, urban planning taxes,
consumption taxes, and local consumption taxes) specified in the trust beneficiary interest sales contract for the property
to be sold.
(Note 2) ”Appraised value” is based on the amount mentioned in the real estate appraisal report (price as of August 31, 2011)
which Morii Appraisal & Investment Consulting, Inc., prepared for the property to be sold.
(Note 3) Not disclosed per buyer’s instructions

3. Outline of Property to be Sold
Name of property to be soldType of property to be soldTrustee
Trust period
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication

Land

Building

Building-to-land ratio
Floor-area ratio
ZoningSite area (Note 2)
Ownership form
Completion date (Note 3)

Park Cube Keio Hachioji
Trust beneficiary interest
Sumitomo Mitsui Trust Bank, Limited
From April 21, 2005 to September 30, 2015
Morii Appraisal & Investment Consulting Inc.
¥1,010,000 thousand
August 31, 201125-3 Myojin-cho 1-chome, Hachioji-shi, Tokyo
60% / 80%
200% / 300% / 600%
Neighborhood commercial zone, Commercial zone, Light-industrial zone
2578.87 m
Proprietorship
January 31, 2005

Structure / number ofstories (Note 4)

Flat-roofed reinforced concrete structure / 14 stories

Uses (Note 4)

Apartment building

Gross floor area (Note 4)
Ownership form
Rentable units
Rentable area

3,128.97 m2
Proprietorship
52
2,814.32 m2

Total number of tenants

Details of tenants(Note 5)

Total rental revenues
Rentable units
Rented units
Rentable area
Rented area
Occupancy rateDeposit

1¥6,687 thousand
5252
2
2,814.32 m
2
2,814.32 m
100.0%¥13,874 thousand(Note 1)

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate(Note 2)“Site area” of the “Land” item denotes the land area as entered in the register.

appraisal report which Morii Appraisal & Investment Consulting Inc. prepared for the property to be sold.
(Note 3)“Completion date” of the “Building” item denotes the date as entered in the register.

(Note 4)

“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.

(Note 5)

Description of the “Details of tenants” column:(i)“Total number of tenants” is denoted as 1 tenant because, as to the property to be sold, NAF has concluded amaster lease contract (blanket lease contract) with Mitsui Fudosan Housing Lease Co., Ltd as the master lease
company.

(ii)“Total rental revenues” denotes the monthly rent under the lease contract (total of housing rent and common
service fees, excluding parking fees) concluded as of March 31, 2012.

(iii) “Rentable units” denotes the number of rentable units in the property to be sold.
(iv) Figures for “Rented units” and “Rented area” and “Deposit” are based on information valid as of March 31,
2012.
(v)

“Rentable area” denotes the total rentable area of the building of the property to be sold.

(vi) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

4. Outline of Buyer
Not disclosed per buyer’s instructions, but the buyer is a domestic general business company.
The buyer does not fall under the category of related parties of NAF or the Investment Trust ManagementCompany.

5. Outline of Brokerage
There was no brokerage for the transaction of the property.

6. Outlook for Management of the Properties after Sale
NAF will separately disclose the outlook for results of operations subsequent to sale of the property after it
has considered the financial results of the other properties in the portfolio. NAF plans to make the disclosure
when the financial results for the fiscal period ending in February 2012 are announced (scheduled for April 16,2012).

*The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the Ministry of Land, Infrastructure, Transport, and Tourism and to the press clubof the construction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.

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

Please note that this English language notice is a translation of the Japanese language notice dated April 6,2012 and was prepared solely for the convenience of, and reference by, overseas investors. NAF makes nowarranties as to its accuracy or completeness.

<Attached Document>
1. Portfolio list after the sale of the property is completed (on an acquisition price basis)

<Attached Document > Portfolio list after the sale of the property is completed (on an acquisition price basis)
1. Rental Apartments
Location

Acquisition price(millions of yen)
(Note 1)

Portfolio Share(%)(Note 2)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

12.8

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.8

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.4

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.7

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo1,4000.6

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.2

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.9

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.7

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.7

Name

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.6

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

3.3

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.9

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.3

Park Axis Tameike Sanno

Minato-ku, Tokyo2,860

1.2Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

0.9

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

4.2

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.5

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.8

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

1.1

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.8

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.1

Park Cube Ueno

Taito-ku, Tokyo

2,233

1.0

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.7

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,8100.8

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.5

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,2000.5

Park Axis Toyocho

Koto-ku, Tokyo

3,9501.7

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.8

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.2

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.4

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.9

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,7000.7

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.8

Park Cube Gakugei DaigakuMeguro-ku, Tokyo

Park Cube Oimachi

Shinagawa-ku, Tokyo

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

9100.4

1,4400.6840

0.4Sumida-ku, Tokyo

1,4480.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

3.2

Park Axis Kameido

Koto-ku, Tokyo

2,359

1.0

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.6

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.5

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,2220.5

Park Axis Toyosu

Koto-ku, Tokyo

14,300

6.2

Park Axis Hatchobori

Chuo-ku, Tokyo

1,7600.8

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

1.2

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.8

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.5

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.6

Park Axis Itabashi Honcho Nibankan

Itabashi-ku, Tokyo

1,8590.8

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.4Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.6

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.9

Park Axis HigashiJujo

Kita-ku, Tokyo

1,7000.7

191,255

82.5

Tokyo 23 wards total
Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,1300.5

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

1,419

0.6

1,679

0.7

970

0.4

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba

Minami-ku,
Yokohama-shi,Kanagawa
Chuo-ku, Chiba-shi,Chiba
Chuo-ku, Chiba-shi,Chiba

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,2000.5

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi,
Kanagawa

2,250

1.0

9,668

4.2

2,440

1.1

1,920

0.8

1,515

0.7

1,890

0.8

742

0.3

1,547

0.7

2,320

1.0

960

0.4

605

0.3

1,650

0.7

827

0.4

Greater Tokyo Total (Note 3)
Nakamura-ku,
Park Axis Meieki Minami
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Park Axis Marunouchi
Aichi
Chuo-ku, Fukuoka-shi,
Park Axis Ropponmatsu
Fukuoka
Hakata-ku, Fukuoka-shi,Park Axis Hakataeki Minami
Fukuoka
Hakata-ku, Fukuoka-shi,
Park Axis Naka Gofukumachi
Fukuoka
Higashi-ku, Nagoya-shi,
Park Axis Shirakabe
Aichi
Wakabayashi-ku,
Park Axis Sendai
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
Park Axis Hakata Minoshima
FukuokaMinami-ku, Fukuoka-shi,
Park Axis Takamiya Higashi
Fukuoka
Chuo-ku, Sapporo-shi,
Park Axis Sapporo Shokubutsuen Mae
Hokkaido
Atsubetsu-ku,
Park Axis Shin Sapporo
Sapporo-shi, Hokkaido
Park Axis Esaka Hiroshibacho

Suita-shi, Osaka2,369

1.0Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

1.0

21,184

9.1

222,107

95.8

Other Major Cities Total (Note 4)Total

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

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.4

991

0.4

916

0.4

374

0.2

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

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, KyotoRikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,4780.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Phirosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

1,1520.5540

0.2

1,1600.5

9,829

4.2

231,936

100.0

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi-doriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi

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. Amounts less than one
million yen have been rounded off.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the respective property compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” refers to cities designated by regional government ordinance.