July 12, 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 ofDomestic Real Estate Trust Beneficiary Interest
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on the acquisition of domestic realestate trust beneficiary interest 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 property 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(1) Name of property to be acquired (Note 1)

Park Cube Kameido(2) Type of property to be acquired

Trust beneficiary interest(3) Acquisition price (Note 2)¥3,020,000 thousand(4) Appraised value (Note 3)¥3,070,000 thousand(5) Date of conclusion of sales contract

July 12, 2013(6) Planned date of handoverJuly 17, 2013(7) Seller

Not disclosed (Note 4)(8) Acquisition funds

Borrowings and own funds(9) Method of payment

Full payment at time of delivery(Note 1) Current name of the property to be acquired is “Comforia Kameido.” NAF plans to rename the property as stated above
without delay after it has acquired the property.
(Note 2) “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 trust beneficiary interest sales
contract for the property to be acquired.
(Note 3) “Appraised value” is based on the amount mentioned in the real estate appraisal report (as of the date of value appraisal on
May 31, 2013) which Morii Appraisal & Investment Consulting, Inc. prepared for the property to be acquired.
(Note 4) Not disclosed by seller’s request.

1

3. Description of Property to be Acquired(1) Outline of the property to be acquired
Name of property to be acquired
Type of property to be acquired
Trustee
Trust period
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)

Mitsubishi UFJ Trust and Banking Corporation
From September 28, 2007 to July 31, 2023
Morii Appraisal & Investment Consulting, Inc.
¥3,070,000 thousand
May 31, 2013
36-9, Kameido 2-chome, Koto-ku, Tokyo
80%
600%

Land

ZoningCommercial district

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

787.39m2
Proprietorship
August 23, 2007

Structure / number of stories (Note 5)

Building

Uses (Note 5)
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)(Note 1)
(Note 2)

Park Cube Kameido
Trust beneficiary interest

Flat-roof reinforced concrete structure/ 13 stories

Apartment building, retail facilities
4,898.09m2
Proprietorship
121 residential, 1 retail, etc.
4,442.09m2
None
None
The property is approximately a 5-minute walk from
Kameido Station of the JR Sobu Main Line, andapproximately a 6-minute walk from Kameido Station of the
Tobu Kameido Line. It has very good access to central
Tokyo, as it is approximately a 10-minute ride to Akihabara
Station and a 16-minute ride to Tokyo Station from
Kameido Station.
The property has good living convenience and environment
with banks, medical facilities, supermarkets and parks, etc.,
in the neighborhood.
Demand is expected mainly from such segment types asbusiness people and DINKS, etc.

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit /Security deposit1
121 residential, 1 retail, etc.
116
24,442.09m
2
4,221.61m
95.0%
5¥55,142 thousand

Total rental revenues

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

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal reportwhich Morii Appraisal & Investment Consulting, Inc. prepared for the property to be 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 Standards Act. The figures are indicated as stipulated by city planning in accordance with zoning, etc. “Floor area
ratio” is the ratio of 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.

2

(Note 3) “Site area” of the “Land” item denotes the land area as entered in the register.
(Note 4) “Completion date” of the “Building” item denotes the date as entered in the register.
(Note 5) “Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries 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 property that NAF plans to acquire.
(Note 7) 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 beenconcluded with the master lease company. As to the property to be acquired, NAF plans to conclude a master lease
contract with the master lease company, which is Mitsui Fudosan Housing Lease Co., Ltd. The above “Total number oftenants” means the total number of tenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in the property to be acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit” are based on information provided by the seller, valid as ofJune 30, 2013.
(iv) “Rentable area” denotes the total rentable area of the building of the property to be 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.
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Consigned investigating company

Investigations
into the state ofbuilding

Investigation report date
Urgent repair cost
Short-term repair cost

July 3, 2013－－

Repair and renewal costs expected
to be necessary within 12 years¥67,226 thousand

Replacement value
Earthquake risk
diagnosis

Consigned investigating company¥1,053,800 thousand
Sumitomo Mitsui Construction Co., Ltd.

Investigation report dateJune 12, 2013

PML value (Note)

10.4%(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 tohappen within the expected duration of service (the biggest earthquake which happens once every 475 years = 10% chanceof a big earthquake happening once every 50 years) represented by the rate (%) of the estimated cost of restoration from thedamage to the replacement cost.

Profile of third party investigative body
Name
Tokio Marine & Nichido Risk Consulting Co., Ltd.
Address
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Representative
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
Description of principal
operations

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

None

None

3

4. Outline of Seller
The seller is a domestic special purpose company but is not disclosed by request of the seller. Furthermore,
there are no capital, personal or business relationships to report between the seller and NAF, the investment
trust management company, or any related parties or associated companies of NAF and the investment trust
management company. Also, the seller and any related parties or associated companies of the seller do not
fall under the category of related parties of NAF or the investment trust management company.
5. Transactions with Related Parties and the Like
The property to be acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company. Since Mitsui Fudosan Housing Lease Co.,
Ltd., which will be the master lease company and the property management company of the said property falls
under “Related parties and the like” (Note), in accordance with NAF’s self-established rules on asset
management relevant to transactions with related parties and the like, the conclusion of a master lease contract
and a property management contract will be carried out through deliberation and approval by the compliancecommittee of the investment trust management company and the investment committee before completion of
the acquisition of the said property.
(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.

6. Situation of the Acquirer of the Property
The property to be acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company, therefore the situation of the acquirer is not
mentioned.
7. Earthquake Resistance Matters
NAF outsourced the inspection and verification of the details of earthquake-resistant structures including
structural calculation sheets and, for the building of the property to be acquired, obtained confirmation that, no
falsification is suspected in the structural calculation and structural drawings with respect to its structure, which
ensures earthquake resistance as per the Building Standards Act.
In addition NAF always performs earthquake risk diagnosis by reviewing drawings using structural design
drawings, structural calculation sheets, etc., as well as on on-site inspections and the like during the course ofdue 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 Property
The impact of the acquisition on NAF’s results for the period ending August 2013 (March 1, 2013 to August 31,
2013) will be minor, and there will be no change to the financial results forecast of the period.

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 property to be acquired
2. Portfolio list after the acquisition of the property is completed (on an acquisition price basis)
3. Photos of exterior and entrance, and map of the property to be acquired4

<Attached Document 1> Summary of the appraisal report on the amount of property to be acquired(unit: Thousands of yen)Appraised value (specified value)
Assessment item(a) Unit rental revenues, including commons area fees(b) Utilities revenues

Details
194,7100(c) Parking lot revenues

5,040(d) Other revenues

5,454

Operatingrevenues

Operatingexpenses

3,070,000

Revenues from key money, etc.

1,522

Revenues from renewal fees

3,570

Other revenues

362(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.

205,204(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]

0

9,088
196,116(g) Maintenance expense

5,503(h) Utilities expense

1,612(i) Repair expense

3,907(j) Property management fees

7,606(k) Tenant soliciting fee, etc.

6,395(l) Taxes and public dues

8,481(m) Property insurance fee

204(n) Other expenses

670(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)]34,378
161,738(o) Earnings from temporary deposit

1,093(p) Capital expenditures

3,922(5) Net income [(4)+(o)-(p)]158,909(6) Cap rate

5.1%

Value of earnings calculated by the direct capitalization method [(5)÷(6)]3,120,000

Value calculated by discounted cash flow method

3,020,000

Discount rate

4.8%

Terminal cap rate

5.4%

Cost method value

1,960,000

Total value of land and building

1,957,000

Land value
Building value
Adjustment

1,100,000
857,000
0

NAF requested a real estate appraisal by Morii Appraisal & Investment Consulting, Inc. for the property to be acquired, based on the Act on Real
Estate Appraisal (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.

5

<Attached Document 2> Portfolio list after the acquisition of the property 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

11.2

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.7

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.7

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

1.7

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.5

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

0.8

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

3.7

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.7

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

0.5

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

2.1

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

1.6

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

2.8

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

6

Name
Park Axis Oshiage

Location
Sumida-ku, Tokyo

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

0.4

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.5

Park Axis Toyosu

Koto-ku, Tokyo

14,3005.4

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.7

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

1.6

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

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

3.0

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.3

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

0.5

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.4

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.9

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

Tokyo 23 wards total

3,020

1.1

223,63684.3

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

0.5

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

Greater Tokyo Total (Note 3)

10,787

4.1

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

7

Name

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

Location
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

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

Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

0.9

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

0.9

Other Major Cities Total (Note 4)

21,1848.0

Rental Apartments Total

255,607

96.3

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

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

0.6

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

3.7

265,436

100.0

Phirosophia Nishidai
Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
MiyagiOther Accomodation 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 withthe 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.

8

<Attached Document 3> Photos of exterior and entrance, and map of the property to be acquired.

9

Suijin Elementary School

Daiichi Kameido Elementary School

Kameido Station
Seishokai Memorial Hospital10