July 19, 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 Revision to Financial Results Forecast for the Period Ending
August 31, 2013 (15th Period) and Period Ending February 28, 2014 (16th Period)
Nippon Accommodations Fund Inc. (“NAF”) revised its financial results forecast for the period ending August 31,
2013 (15th Period: March 1, 2013 to August 31, 2013) and the period ending February 28, 2014 (16th Period:September 1, 2013 to February 28, 2014) that was announced on April 17, 2013 as follows.
1. Details of Revision
For the period ending August 31, 2013 (15th Period: March 1, 2013 to August 31, 2013)
Distribution perIncome
unit
Total
Operating
beforeNet income(Distribution inrevenuesincomeincome(million yen)excess of(million yen) (million yen)taxesearnings is not(million yen)included)
Previous forecast
8,842
3,907
3,081
3,080
13,350 yen(A)Distribution
in excessof earnings
per unit-

Current revised forecast
(B)

8,958

3,951

3,138

3,137

13,600 yen-

Change(B-A)

115

44

57

57

250 yen-Change

1.3%

1.1%

1.9%

1.9%

1.9%

-

(Reference)
Actual results for the period
8,082
3,655
2,900
2,899
14,890 yen
ended February 28, 2013
(Reference) Projected number of investment units issued as of the end of 15th period: 230,711 units
For the period ending February 28, 2014 (16th Period: September 1, 2013 to February 28, 2014)
Distribution perIncome
unit
Total
Operating
before(Distribution in
Net income
revenues
incomeincomeexcess of(million yen)(million yen) (million yen)taxes
earnings is not(million yen)included)
Previous forecast
8,749
3,945
3,196
3,195
13,850 yen(A)-Distribution
in excessof earnings
per unit-

Current revised forecast
(B)

9,007

4,075

3,277

3,276

14,200 yen-

Change(B-A)

258

13080

80

350 yen-Change

3.0%

3.3%

2.5%

2.5%

2.5%

-

(Reference) Projected number of investment units issued as of the end of 16th period: 230,711 units

2. Main Reason for Revision
Taking into consideration the effects of matters announced today in “Notification Concerning Acquisition ofDomestic Real Estate Property,” the operating results of existing properties and the level of interest rates, NAF
has revised its current forecast of financial results.
Notes
1. The above figures represent the forecast at the date of this notification. Actual total revenues, operating income, income before income taxes, net
income and distribution per unit may vary due to future acquisition or sale of properties, changes in the real estate market and other changes inthe environment in which NAF operates. In addition, these forecasts do not guarantee the distribution amount.
2. A forecast revision shall be performed if significant deviation from above forecast is expected.
3. All amounts less than a single unit has been disregarded. Percentages were rounded to one decimal place.

Japanese original document was distributed to the press clubs within Tokyo Stock Exchange(Kabuto Club) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism,and to the press club for construction publications of the Ministry of Land, Infrastructure, Transportand 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, the Japaneseoriginal shall prevail.