English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
September 23, 2016
To All Concerned Parties
REIT Issuer:
Japan Rental Housing Investments Inc.
6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004
Masaki Yamane, Executive Director(Securities Code: 8986)
Asset Manager: Mi-Casa Asset Management Inc.
Yutaka Higashino, President and Chief Executive Officer
Inquiries: Shuji Nakamura, Chief Financial Officer
Tel: +81-3-5425-5600

Notice Concerning Acquisition of AssetJapan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that Mi-Casa
Asset Management Inc. (hereafter referred to as the “Asset Manager”), the asset manager of the Investment Corporation, has
resolved to acquire the asset described below (hereafter collectively referred to as the “Acquisition”) at the Asset Manager’s
investment committee and the board of directors’ meeting held today. Details are provided below.

I. Basic Policy for External Growth
The Investment Corporation contemplates to achieve stable profit distributions in the medium to long term by increasing its
asset size and improving its portfolio quality. The Investment Corporation’s strategy is to target properties with an acquisition
price of generally at least JPY1 billion that are either located in the Tokyo metropolitan area, with an emphasis on the 23 wardsof Tokyo, or are large-scale properties located in other major cities. The Investment Corporation will also aim to improve thequality of our portfolio through selective dispositions of mostly, relative to our current portfolio, older and smaller properties
located outside the Tokyo metropolitan area, especially properties with disposition prices of generally less than JPY 500 million.

II. Reasons for the Acquisition and Overview of the Anticipated Properties
The Asset Manager decided on the investment after having comprehensively considered the location of the asset to beacquired, its size, scarcity value as a tower condominium as well as the profitability, etc.
With the Acquisition, the asset size of the Investment Corporation is expected to reach approximately JPY 224.7 billion (basedon acquisition price (scheduled)) for the 202 portfolio properties with a total of 13,301 units.
<Property to be acquired>

Property
NumberName of Property(Note 1)

RegionAnticipatedAcquisition Price(A)(JPY thousand)

Property
Type(Note 2)F-1-075

Chijikoukanmae
Tower Residence

Other Major Cities(Sapporo city,
Hokkaido)

Family4,530,000

Appraisal Value(as of August 2016)(B)(JPY thousand)Difference Between
AnticipatedAcquisition Priceand Appraisal Value(B)-(A)(JPY thousand)((A)/(B))

4,560,000

30,000(99.3%)(Note 1) The current names of the property to be acquired above are “Belle Feerique Chijikoukanmae”, but after the Acquisition by the Investment Corporation
it will promptly be changed to “Chijikoukanmae Tower Residence”.
(Note 2) “Anticipated Acquisition Price” does not include any necessary expenses (real estate agent intermediary fees, taxes and public dues, etc.) of acquiring
the trust beneficiary interest of the real estate (the purchase price of the trust beneficiary interest of the real estate, as provided for in the trust beneficiaryinterest purchase and sale agreement). The same applies to all following.
(Note 2) The ratio shown with bracket in “Difference between Anticipated Acquisition Price and Appraisal Value” shows the result of dividing the anticipatedacquisition price by the appraisal value (rounded off to the first decimal).

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English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

III. Details of Anticipated Properties
F-1-075 Chijikoukanmae Tower Residence
Category of anticipatedproperty for acquisition

Trust beneficiary interests

Anticipated acquisition price

JPY 4,530,000 thousand

Mitsubishi UFJ Trust and Banking
From August 21, 2006
Trust agreement period
Corporation
To the end of October, 2026
◇ Unique Features of the Property
The property is a 31-story tower condominium with reinforced concrete structure targeting families and DINKs couples, located aseven-minute walk from Nishi 18chome Station on the Sapporo City Subway Tozai Line. It is a high-grade property with a fitness room and atrimming room for pets in the common-use area in addition to having a favorable living environment with the Hokkaido Governor’s Official
Residence in the vicinity. Since access to major business districts in the Sapporo City and to Susukino area, a central commercial area, isexcellent, living convenience is high and a wide range of rental demand is expected from those transferred to Sapporo City as well as local
residents.
◇ Overview of the Property(Residential indication) 16-1-1, Kita3jo Nishi, Chuo-ku, Sapporo-city, Hokkaido (no residential indication)
Location (Note 1)(Lot number) 16-1-1, Kita3jo Nishi, Chuo-ku, Sapporo-city, Hokkaido
Proprietary
Type of ownership
Use Area (Note 2)
Neighborhood commercial area
ownershipLand
Area (Note 1)
3,108.18 m2 FAR/Building coverage ratio (Note 3)
300%/80%
Proprietary
Condominium/Parking/Parking/Type of ownership
Use (Note 1)
ownership
Parking/Parking
15,762.35 m2
212.84 m2
Floor space (Note 1)
175.44 m2 Completion date (Note 1)
May 19, 2006
Building
113.50 m2
175.44 m2
RC, B1/31-story building with flat roof / S, 1-story building with flat roof /Structure type (Note 1) S, 1-story building with flat roof / S, 1-story building with flat roof /S, 1-story building with flat roof
No. of leasable units by type141 units (1LDK: 1 unit, 2LDK: 43 units, 2LDK+S: 1 unit, 3LDK: 78 units, 3LDK+S: 1 unit, 4LDK: 17 units)
Property management
TAKARA Co., LTD.
company (planned)
Planned master lease party
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary(Note 4)◇ Property Engeineering Report Summary (Note 9)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
11,705.28 m2 Date of reportAugust 10, 2016
Leased area
10,558.82m2 Priority repairs
Monthly rent (Note 7)
JPY 23,096 thousand Near-future repairs (1 year)
JPY 810 thousand
Lease and guarantee deposits
JPY 39,825 thousand Far-future repairs (2~12 years)
JPY 122,280 thousand
Occupancy ratio (unit base)
90.1% Probable maximum loss (PML)
1.6%
Occupancy ratio (area basis)
90.2%
Trust company(Note 8)Special Note: After the launch of construction of the property-to-be-acquired, the surrounding area including the area where theproperty-to-be-acquired stands was designated, on March 31, 2006, as a district with a height limit of 45m. Thus theproperty-to-be-acquired has become an existing non-conforming building (height of 94.55m) and construction of the same scalebuilding may not be possible upon reconstruction, etc. of the property-to-be-acquired. Upon reconstruction and such, however,when it is a reconstruction and such to build a building of the same scale as the present building and if the mayor of Sapporo
City acknowledges that the building will not interfere with conservation of the surrounding environment and approves such,
construction of a building with a height exceeding the limit of the district may be possible within the scope of the approval.
Collateral: None
(Note 1) Descriptions for “location (lot number)”, “area”, “floor space”, “type of structure”, “use”, and “completion date” are based on the information on theregistry. However, descriptions in “type of structure”, while based on information in the registry, use the following abbreviations: SRC: steel reinforced
concrete; RC: reinforced concrete; S: steel construction.
(Note 2) In the “Use Area” column, the class of Use Area under Article 8, Paragraph 1, Item 1 of the City Planning Act (Law No. 100, 1968, including later
amendments) is listed.
(Note 3) Figures for “FAR” in the “FAR/Building coverage ratio” column show, as indicated in Article 52 of the Building Standards Act (Law No. 201 of 1950,
including later amendments) (hereafter the “Building Standads Act”), the ratio of the sum of the floor space of the building to the land area, and theupper limit as determined by city planning according to the use area. Figures for “building coverage ratio” show, as indicated in Article 53 of the
Building Standards Act, the ratio of the building area to the land area, and the upper limit as determined by city planning according to the use area.
(Note 4) Figures and information in the “Property Lease Summary” column are as of September 5, 2016 for the anticipated properties.
(Note 5) Figure for the “Number of Tenants” column is “1” if a master lease agreement has been or will be concluded with a master lease company.
(Note 6) “Leasable area” shows the leasable area of the anticipated properties as of September 5, 2016, excluding area used by storage spaces, parking spaces,
custodian’s areas, signboards, vending machines, antennas and other spaces leased to the lessee in addition to their main use, or other areas leased for the
maintenance and supervision of the relevant property (including loan for use). Furthermore, leasable area is calculated using the center line of the wall,and includes the meter boxes and pipe spaces allotted to each unit.
(Note 7) Figures for “monthly rent” show the monthly rent income (rent, public usage fee, parking fees, etc.) for the anticipated properties based on figures anddata as of September 5, 2016 and rounded to the thousands.

2

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
(Note 8) Figures in “occupancy ratio (area base)” show the ratio between leased area and leasable area as a percentage rounded to the second decimal. The
average occupancy ratio from January 2014 to August 2016 is 94.8%.
(Note 9) The figures in the “Property Engineering Report Summary” column are rounded down to the thousands, and the ratios are rounded to the first decimal.
Furthermore, earthquake PML data was acquired from Tokyo Marine & Nichido Fire Insurance in July 2016.

IV. Due Diligence Information
Property Number
and Property Name

Building Promoter

Architect

Building Contractor

Verification Agency

Inspection Agency

F-1-075
Chijikoukanmae
Tower Residence

Meiwa EstateCo., Ltd.

Architects &Engineers Ort
Co., Ltd.

Maeda Corporation

Japan ERI Co.,Ltd.

Not applicable

The asset to be acquired is a super high-rise building with a height of over 60m evaluated for super high-rise structure by The
Building Center of Japan and has been certified by the Minister of Land, Infrastructure, Transport and Tourism. Therefore, noadditional investigation on structural calculation sheets has been conducted by third-party specialized agencies.

V. Profile of the Counterparty
The seller of the anticipated property is a domestic limited liability company (Godo Kaisha), but we are not disclosing further
details, as the seller’s consent has not been obtained. There are no capital, personnel, or business relationships required to note
between the Investment Corporation or the Asset Manager and the seller, nor are the seller affiliated parties of either theInvestment Corporation or the Asset Manager.
Furthermore, the seller is not classified as an interested party, etc. under the Order for Enforcement of the Law Concerning
Investment Trusts and Investment Corporations, nor is it defined as “interested parties, etc.” under the internal rules on dealing
with interested parties of the Asset Manager.

VI. Profile of the Property Seller
Each of the sellers of the anticipated properties is not classified as a special related party of the Investment Corporation and theAsset Manager.

VII. Profile of Brokerage
Not applicable.

VIII. Funds for Acquisition
Own funds

IX．Settlement Method
Lump-sum settlement at the time of acquisition

X．Acquisition Schedule
Date of Decision of Acquisition
Date of Conclusion of Purchase
Agreement

Payment Date (planned)
Delivery Date (planned)

September 23, 2016

October 3, 2016

XI．Forecasts
There is no impact from the Acquisition on the asset management conditions for the fiscal period ending September 30, 2016
(from April 1, 2016 to September 30, 2016). Also, there is minimal impact from the Acquisition on asset management conditions
for the fiscal period ending March 31, 2017 (from October 1, 2016 to March 31, 2017).
3

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

XII．Property Appraisal Summary
Property Name

F-1-075
Chijikoukanmae Tower Residence

Appraisal Value

JPY 4,560,000,000

Appraiser

Japan Real Estate Institute

Date of Appraisal

August 1, 2016

Item

Details

Value indicated by income approach
Value indicated by the Direct
Capitalization Method(1) Total Operating Income: (a)-(b)(a)

Overview, etc.

JPY

4,560,000,000-

JPY

4,610,000,000-

JPY

307,169,000

Rental revenues includingcommon service fees

JPY

294,176,000

Parking fees

JPY

20,830,000

Other revenues

JPY

8,200,000

Losses from vacancies

JPY

16,037,000

Bad debt losses

JPY

0

JPY

64,436,000(b)(2) Total Operating Expenses
Operation costs

JPY

12,139,000

Utilities

JPY

8,200,000

Repairs and maintenanceexpenseJPY

6,238,000

Property management fees

JPY

4,487,000

Tenant promotion fees, etc.

JPY

6,012,000

Taxes and public dues

JPY

26,152,000

Nonlife insurance

JPY

908,000

Other expenses

JPY

300,000(3) Net Operating Income (NOI):(1)-(2)

JPY

242,733,000(4) Lump-sum Investment ReturnJPY

508,000

4-

Assessed using average rent based on the lease agreement with thecurrent resident, standards for new rent, etc. based on an assumed
new contract for the property, and price standards for collectible rent,
etc. over the mid- and long-term based on the reputation of thecurrent tenants.
Assessed using the average rent based on the lease agreement withthe current resident, standards, etc. for usage fees based on lease of anew parking space, and price standards for stable, collectible rent
over the mid- and long-term.
Revenue from key money was assessed based on number of months
received from individual residents and average turnover rate. Fees fortrunk room, resident’s association membership fees, etc. are also
included.
Assessed for each use according to stable mid- to long-term
occupancy rates based on operational status and demand trends for
similar properties in position for equivalent competition, withinsimilar regions and identical ranges of demand, past occupancy
situations and future trends.
Judged unnecessary given situation of lessee-

Assessed in consideration of the unique attributes of the relevant
property, based on performance in past fiscal years, estimates and themaintenance fees for similar properties.
Assessed based on utilities expenses for similar properties, referring
to performance in past fiscal years, and in consideration of the unique
attributes of the relevant property.
Assessed using restoration costs based on standard restoration costs
caused by change of residents in a single room, share of burden on
the lessor, and average period for burden of expense and degree ofrestoration cost, as well as consideration of performance in past fiscal
years, repair and average annual renewal fees on engineering reports.
Assessed using the reward rate, etc. based on planned property
management terms and conditions, reward rate for similar properties,
and consideration of the unique attributes of the relevant property
Assessed based on average annual resident turnover rate using
clerical fees for attracting new residents and signing contracts, andcontract terms and terms of lease, etc. for nearby similar properties,
as well as consideration of rental agency fees including advertising
fees and results from similar properties
Based on calculation of standard taxable value.
Assessed based on insurance estimates and insurance rates for similarbuildings.
Expenses such as resident’s association membership fees wereassessed.
-

Assessed using asset gain, based on current lease terms andcondition, mid and long-term stable predictions of the number ofmonths of rent in deposit for new contract, multiplied by theEnglish Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
occupancy rate and then the operating yield to determine a lump sum(5) Capital Expenditure

JPY

7,944,000

Assessed using the capital expenditure for similar properties as astandard, calculated assuming that the renewal fees necessary tomaintain building function, although actually irregular, willaccumulate on an average amount every period, the building age, andthe average value for repair and renewal fees on the engineering
report.

(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY

235,297,000-(7) Capitalization Rate

(%)

5.1

Value Indicated by DCF Method

JPY

4,500,000,000

Discount Rate

(%)

4.9

Terminal Capitalization Rate

(%)

5.3

JPY

4,140,000,000

Value indicated by cost approach
Land Ratio

(%)

26.7

Property Ratio

(%)

73.3

Other items of note by appraiser

*URL:

None

http//www.jrhi.co.jp/en/

5

Assessed based on standard yield for each region, geographicalconditions for the relevant property, adjustments to the spread basedon the building conditions and other conditions, transaction yield
based on J-REITs’ announced cases and transaction yield for similar
properties.
Assessed based on the investment yield, etc. for similar properties, aswell as overall consideration of the unique characteristics of thisproperty, etc.
Assessed based on overall consideration of the investment yield, etc.
for similar properties, as well as future trends for yield, investment
risks of the property, general predictions of future growth rate andtrends for real estate prices and rent.
-

Assessed by applying the sales comparison approach to actual
transaction prices.
Calculated through assessment of the replacement costs for theproperty given its unique characteristics, then application ofdepreciation adjustment and consideration of the marketability of theproperty and premises as a whole.

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material 1) Photographs of the Anticipated Properties

6

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

7

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material 2) Locations of the Anticipated Properties

8

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Reference Material 3) Portfolio by Type and Category after the Acquisitions(Differences following the Acquisitions indicated within parentheses. Unit: Number of residential units)
RegionStudioFamilyTotal by Area

23 Wards of Tokyo

2,314

1,188

3,502

Three Major Metropolitan Areas

4,461

1,751

6,212

Other Major Cities

2,893

694(+141)

3,587(+141)

Total by Type

9,668

3,633(+141)

13,301(+141)(Reference Material 4) Portfolio Status after the Acquisitions
Asset size((anticipated) acquisition price)

JPY 224.7 billion

Total Number of properties owned

202 properties

Total number of leasable units

13,301 units

9English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material 1) Overview of Portfolio after the Acquisitions<Number of Properties etc.>
Before the Acquisition

Acquisition of Property (+)

After the Acquisition

Total Number of Owned Properties

201 properties

1 property

202 properties

Total Number of Leasable Units

13,160 units

141 units

13,301 units

Total Leasable area

524,741.05 m2

11,705.28 m2

536,446.33 m2

13.1 years

10.3 years

13.0 years

Average Age of Buildings (Note)(Note) Indicates weighted average of age of properties in accordance with (anticipated) acquisition price. “Before the Acquisition” and “Acquisition of
Property” are as of today, “After the Acquisition” is as of payment and delivery date of the asset to be acquired.

<Asset Size etc.>
Before the Acquisition
Total (Anticipated) Acquisition Price(Note 1)

Total Book Value (a)(Note 2)

Appraisal Value (b)(Note 3)Ratio(a) / (b) × 100%
Average (Anticipated) Acquisition
Price per Property

Acquisition of Property (+)

After the Acquisition

JPY 220.23 billion

JPY 4.53 billion

JPY 224.76 billion

JPY 214.47 billion

JPY 4.53 billion

JPY 219.00 billion

JPY 236.80 billion

JPY 4.56 billion

JPY 241.36 billion

90.6%

99.3%

90.7%

JPY 1.09 billion

JPY 4.53 billion

JPY 1.11 billion

5.88%

5.36%

5.87%

(Note 1)NOI Yield(Note 4)(Note 1) Total (Anticipated) Acquisition Price and Average (Anticipated) Acquisition Price per Property are calculated based on the acquisition(anticipated) price.
(Note 2) Book Values are based on the values on the balance sheet for end of the 20th fiscal period for “Before the Acquisition”, on the anticipatedacquisition price for the “Acquisition of Property”, and on sum of the total of the values on the balance sheet for end of the 20th fiscal period andthe anticipated acquisition price for anticipated property for “After the Acquisition.”(Note 3) Appraisal Values are based on the end of the 20th fiscal period for “Before the Acquisition”, as of acquisition for “Acquisition of Property”, andusing the total of the Appraisal Value at the end of the 20th fiscal period and the anticipated property for “After the Acquisition.”(Note 4) NOI yield is calculated by NOI/(anticipated) acquisition price. Figures are based on annualizations of 20th fiscal period performance for “Before
the Acquisition”, on appraised NOI at the time of acquisition for “Acquisition of Property”, and on the total of annualizations of 20th fiscal period
performance and appraised NOI of the anticipated property at the time of acquisition for “After the Acquisition.”<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price) >Rental Property Category

Before the Acquisition

Acquisition of Property (+)

After the Acquisition

StudioJPY 141.84 billion (64.4%)-

JPY 141.84 billion (63.1%)

FamilyJPY 78.38 billion (35.6%)

JPY 4.53 billion (100.0%)

JPY 82.91 billion (36.9%)<Amount and Rate of Investment by Region (Based on (Anticipated) Acquisition Price)>
RegionBefore the Acquisition

Acquisition of Property (+)

After the Acquisition

23 Wards of Tokyo

JPY 91.70 billion (41.6%)-

JPY 91.70 billion (40.8%)

Three Major Metropolitan Areas

JPY 92.62 billion (42.1%)-

JPY 92.62 billion (41.2%)

Other Major Cities

JPY 35.89 billion (16.3%)

JPY 4.53 billion (100.0%)

JPY 40.42 billion (18.0%)

10English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

(Additional Material 2) List of Portfolio after the Acquisitions
Property
NumberName of Property

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-1-001

Satella Kita 34jo

Other Major Cities

1,133,714

0.5

O-1-004

Satella Nagayama

Other Major Cities

342,4280.2

O-1-032

willDo Kita 24jo

Other Major Cities

316,000

0.1

O-1-033

Flat Carerra

Other Major Cities

290,000

0.1

O-1-034

Gran Casa Minami13jo

Other Major Cities

463,000

0.2

O-1-035

Gran Casa Minami9jo

Other Major Cities

533,000

0.2

O-1-090

Sky Hills N15

Other Major Cities

712,000

0.3

O-1-091

Sky Hills Sakaemachi

Other Major Cities

832,000

0.4

O-1-092

Dormy Chitose

Other Major Cities

476,000

0.2

O-1-093

Sky Hills Takadai I

Other Major Cities

448,000

0.2

O-1-128

Alpha Tower Sapporo Minami4jo

Other Major Cities

1,185,000

0.5

O-1-132

Cresidence Sapporo Minami4jo

Other Major Cities

1,140,000

0.5

O-1-146

Gran Casa NagayamaKoen DoriOther Major Cities

1,002,000

0.4

O-1-151

Gran Casa Minami11jo

Other Major Cities

830,000

0.4

O-2-037

willDo Nishitadaicho

Other Major Cities

512,000

0.2

O-2-054

willDo Kamisugi 3chome

Other Major Cities

506,000

0.2

O-2-065

Grandmaison Shichifuku

Other Major Cities

342,000

0.2

O-2-094

Living Stage Higashi Sendai

Other Major Cities

317,200

0.1

O-2-123

West Park Hasekura

Other Major Cities

1,240,000

0.6

O-2-137

Forest Hill SendaiAoba

Other Major Cities

2,750,000

1.2

O-2-140

Gran Casa Sendai Itsutsubashi

Other Major Cities

2,100,000

0.9

O-3-079

willDo Ishizue-cho

Other Major Cities

462,5100.2

O-3-080

willDo Sasaguchi

Other Major Cities

266,000

0.1

O-4-005

willDo Koshigaya

Three Major Metropolitan Areas

499,333

0.2

O-4-006

Joyful Sayama

Three Major Metropolitan Areas

216,6190.1

O-4-007

Lumiere Hachioji

Three Major Metropolitan Areas

480,7610.2

O-4-008

willDo Kiyosumi

23 Wards of Tokyo

5,024,619

2.2

O-4-009

Turkey’s Denenchofu No. 2

23 Wards of Tokyo

281,523

0.1

O-4-010

willDo Honchiba

Three Major Metropolitan Areas

379,857

0.2

O-4-011

willDo Yokohama Minami

Three Major Metropolitan Areas

233,1420.1

O-4-012Site Pia

Three Major Metropolitan Areas

506,1420.2

O-4-024

VISTA Supreme

Three Major Metropolitan Areas

563,584

0.3

O-4-025

Joy Oyamadai

23 Wards of Tokyo

624,265

0.3

O-4-031

willDoOtsuka

23 Wards of Tokyo

725,2290.3

O-4-038

willDo Niiza

Three Major Metropolitan Areas

590,438

0.3

O-4-039

Toshin Shoto Mansion

23 Wards of Tokyo

912,000

0.4

O-4-055

Harmony Kamikitazawa

23 Wards of Tokyo

400,000

0.2

O-4-062

willDo Minami Urawa

Three Major Metropolitan Areas

396,000

0.2

11

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-4-069

College Square KitaIkebukuro

23 Wards of Tokyo

727,000

0.3

O-4-070

College SquareTobuNerima

23 Wards of Tokyo

892,000

0.4

O-4-071

College Square Akatsuka

23 Wards of Tokyo

734,000

0.3

O-4-072

College Square Higashikurume

Three Major Metropolitan Areas

523,000

0.2

O-4-073

College Square Waseda II

23 Wards of Tokyo

215,000

0.1

O-4-074

College Square Myogadani

23 Wards of Tokyo

1,060,000

0.5

O-4-075

College Square ShinKoiwa

23 Wards of Tokyo

724,000

0.3

O-4-076

College Square Kiba

23 Wards of Tokyo

639,000

0.3

O-4-077

College Square Kinshicho

23 Wards of Tokyo

490,000

0.2

O-4-078

College Square Waseda

23 Wards of Tokyo

316,000

0.1

O-4-089

Lexington Square ShinjukuGyoen

23 Wards of Tokyo

1,010,000

0.4

O-4-095

Prospect NihonbashiHoncho

23 Wards of Tokyo

808,000

0.4

O-4-096

Maison de Ville Takanawa Gyoranzaka

23 Wards of Tokyo

1,480,000

0.7

O-4-097

Roppongi Rise House

23 Wards of Tokyo

912,000

0.4

O-4-098

TK Flats Shibuya

23 Wards of Tokyo

4,770,000

2.1

O-4-099

Masion de Ville NakaMeguro

23 Wards of Tokyo

1,050,000

0.5

O-4-100

Prospect KALON Minowa

23 Wards of Tokyo

1,620,000

0.7

O-4-101

Prospect Shinonomebashi

23 Wards of Tokyo

3,040,000

1.4

O-4-102

Prospect Monzennakacho

23 Wards of Tokyo

1,080,000

0.5

O-4-103

Prospect Ogikubo

23 Wards of Tokyo

701,000

0.3

O-4-104

Exceria Ikebukuro WEST II

23 Wards of Tokyo

852,000

0.4

O-4-105

Prospect OmoriKaigan

23 Wards of Tokyo

1,480,000

0.7

O-4-106

Prospect MusashiShinjo

Three Major Metropolitan Areas

1,050,000

0.5

O-4-107

Fragrance Kawaski

Three Major Metropolitan Areas

548,900

0.2

O-4-108

Prospect Chuo-Rinkan

Three Major Metropolitan Areas

524,000

0.2

O-4-120

Gala Place Shinjuku Gyoen

23 Wards of Tokyo

2,170,000

1.0

O-4-121

Joyce Court

23 Wards of Tokyo

3,010,000

1.3

O-4-122

Act Forme Asakusa

23 Wards of Tokyo

1,216,000

0.5

O-4-125

Gran Casa Roppongi

23 Wards of Tokyo

1,480,808

0.7

O-4-126

Gran Casa MinamiAoyama

23 Wards of Tokyo

3,750,000

1.7

O-4-127

Storia Jingumae

23 Wards of Tokyo

3,160,000

1.4

O-4-129

Gran Casa Shinjuku Gyoen

23 Wards of Tokyo

2,525,000

1.1

O-4-133

Lietocourt Yotsuya

23 Wards of Tokyo

1,716,800

0.8

O-4-134

Lietocourt Motoakasaka

23 Wards of Tokyo

1,095,700

0.5

O-4-138

Gran Casa Ginza East

23 Wards of Tokyo

2,000,000

0.9

O-4-145

Gran Casa Minowa

23 Wards of Tokyo

850,000

0.4

O-5-013

willDo Kanayama masaki

Three Major Metropolitan Areas

490,095

0.2

O-5-026

Excelsior Sakae

Three Major Metropolitan Areas

641,767

0.3

O-5-027

willDo Hibino

Three Major Metropolitan Areas

317,6030.1

O-5-040

willDo Chiyoda

Three Major Metropolitan Areas

633,000

0.3

12

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)O-5-041

willDo Taiko dori

Three Major Metropolitan Areas

1,120,000

0.5

O-5-042

willDo Kanayama

Three Major Metropolitan Areas

370,000

0.2

O-5-043

willDo Kanayama Sawashita

Three Major Metropolitan Areas

375,000

0.2

O-5-056

willDo Kachigawa

Three Major Metropolitan Areas

503,000

0.2

O-5-057

Stagea Kogane

Three Major Metropolitan Areas

600,000

0.3

O-5-063

willDo Inae

Three Major Metropolitan Areas

641,000

0.3

O-5-066

willDo Higashibetsuin

Three Major Metropolitan Areas

703,000

0.3

O-5-081

willDo Matsubara

Three Major Metropolitan Areas

549,000

0.2

O-5-082

willDoYokkaichi Unomori

Three Major Metropolitan Areas

529,1500.2

O-5-086

willDo Daikancho

Three Major Metropolitan Areas

655,000

0.3

O-5-088

willDo TakabataThree Major Metropolitan Areas

494,1150.2

O-5-147

Sakura Hills Riverside WEST

Three Major Metropolitan Areas

1,920,000

0.9

O-5-148

Sakura Hills Riverside EAST

Three Major Metropolitan Areas

1,030,000

0.5

O-5-149

Sakura Hills Meieki NORTH

Three Major Metropolitan Areas

750,000

0.3

O-6-014

willDo Ichioka

Three Major Metropolitan Areas

722,7610.3

O-6-015

willDo Ebie

Three Major Metropolitan Areas

350,904

0.2

O-6-016

willDo Imafuku Nishi

Three Major Metropolitan Areas

413,857

0.2

O-6-017

Maison FloraThree Major Metropolitan Areas

584,2850.3

O-6-018

Wind Four Minami Honmachi

Three Major Metropolitan Areas

307,1420.1

O-6-028

willDo Shin-Osaka s I

Three Major Metropolitan Areas

285,723

0.1

O-6-029

Grand Mer Higashi Yodogawa

Three Major Metropolitan Areas

236,069

0.1

O-6-046

willDo Tsukamoto

Three Major Metropolitan Areas

730,000

0.3

O-6-047

willDo Tenmabashi

Three Major Metropolitan Areas

338,000

0.2

O-6-048

willDo SakaisujiHommachi

Three Major Metropolitan Areas

325,000

0.1

O-6-049

willDo Tanimachi

Three Major Metropolitan Areas

1,040,000

0.5

O-6-050

willDo Nanba wII

Three Major Metropolitan Areas

486,000

0.2

O-6-051

willDo Nanba wI

Three Major Metropolitan Areas

690,000

0.3

O-6-059

willDo Hamasaki dori

Three Major Metropolitan Areas

2,280,000

1.0

O-6-060

willDo Minamimorimachi

Three Major Metropolitan Areas

493,000

0.2

O-6-064

willDo Matsuyamachi

Three Major Metropolitan Areas

810,000

0.4

O-6-067

willDo Shinosaka

Three Major Metropolitan Areas

861,000

0.4

O-6-083

willDo Sannomiya East

Three Major Metropolitan Areas

731,000

0.3

O-6-084

willDo Kamishinjo wI

Three Major Metropolitan Areas

366,000

0.2

O-6-085

willDo Kujo

Three Major Metropolitan Areas

537,000

0.2

O-6-111

Abreast ShinOsaka

Three Major Metropolitan Areas

1,391,000

0.6

O-6-112

Abreast Sakuragawa

Three Major Metropolitan Areas

385,800

0.2

O-6-113

Prospect Bishoen

Three Major Metropolitan Areas

277,000

0.1

O-6-114Prospect Nakanoshima

Three Major Metropolitan Areas

734,000

0.3

O-6-116

Prospect Toyonaka Hattori

Three Major Metropolitan Areas

366,000

0.2

O-6-117

Prospect Shimogamo

Three Major Metropolitan Areas

281,000

0.1

13

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)

O-6-118

Prospect Kawaramachi Gojo

Three Major Metropolitan Areas

583,000

0.3

O-6-119

Gransys Esaka

Three Major Metropolitan Areas

1,260,000

0.6

O-6-131

Serenite Koshien

Three Major Metropolitan Areas

2,550,000

1.1

O-6-136

Pregio Miyakojima

Three Major Metropolitan Areas

1,610,000

0.7

O-6-139

Serenite Shinosaka Nibankan

Three Major Metropolitan Areas

3,510,000

1.6

O-6-141

Gran Casa Umedakita

Three Major Metropolitan Areas

2,050,000

0.9

O-6-142

Serenite Honmachi Grande

Three Major Metropolitan Areas

4,286,000

1.9

O-6-143

Gransys Tenmabashi

Three Major Metropolitan Areas

4,050,000

1.8

O-6-144

DayGran Tsurumi

Three Major Metropolitan Areas

1,030,000

0.5

O-6-150

Runai Nippombashi anhelo

Three Major Metropolitan Areas

1,400,000

0.6

O-7-068

willDo Okayamaeki Nishiguchi

Other Major Cities

1,220,000

0.5

O-7-087

willDo Okayamadaiku

Other Major Cities

1,040,000

0.5

O-9-053

willDo Nakasu

Other Major Cities

2,460,000

1.1

O-9-130

Renaissance 21 Hakata

Other Major Cities

1,500,000

0.7

O-9-135

Granpark Tenjin

Other Major Cities

4,698,000

2.1

141,843,855

63.1(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)

Studio Total

Property
Number

Property Name

Region(Note 2)

(Note 1)F-1-041

Palais d’or Maruyama

Other Major Cities

559,000

0.2

F-1-069

Gran Casa Omotesando

Other Major Cities

1,510,000

0.7

F-1-070

Gran CasaKita3jo

Other Major Cities

1,265,880

0.6

F-1-075

Chijikoukanmae Tower Residence

Other Major Cities

4,530,000

2.0

F-2-001

Royal Garden Shinrin Koen

Other Major Cities

396,1900.2

F-2-002

Green Park Komatsujima

Other Major Cities

550,523

0.2

F-2-003

Dia Palace Izumizaki

Other Major Cities

355,095

0.2

F-2-004

willDo Takasago

Other Major Cities

364,9040.2

F-2-042

Living Stage Minamisendai

Other Major Cities

159,500

0.1

F-2-043

Takasagoseki Nibankan

Other Major Cities

558,000

0.2

F-3-034

Ark Heim Niigata

Other Major Cities

1,060,000

0.5

F-4-005

Johanna Mansion

Three Major Metropolitan Areas

556,7140.2

F-4-006

Iruma Ekimae Building

Three Major Metropolitan Areas

1,517,000

0.7

F-4-007

Iruma Ekimae Building No. II

Three Major Metropolitan Areas

687,666

0.3

F-4-008

Sereno Omiya

Three Major Metropolitan Areas

1,554,523

0.7

F-4-009

Suzuran-kan

Three Major Metropolitan Areas

441,1900.2

F-4-010Bonheur Tokiwa

Three Major Metropolitan Areas

752,904

0.3

F-4-011

Profit Link Takenotsuka

23 Wards of Tokyo

636,333

0.3

F-4-013

Dream Heights

23 Wards of Tokyo

358,666

0.2

F-4-014

Green Hills Asukayama

23 Wards of Tokyo

587,238

0.3

F-4-015

Oji Heights

23 Wards of Tokyo

347,857

0.2

14

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)F-4-016

Sakagami Royal Heights NO. II

23 Wards of Tokyo360,7140.2

F-4-017

willDo Todoroki

23 Wards of Tokyo

1,764,809

0.8

F-4-018

Chez Moi Sakuragaoka

Three Major Metropolitan Areas

609,904

0.3

F-4-019

Libest NishiChiba

Three Major Metropolitan Areas

2,152,476

1.0

F-4-020

Corinne Tsudanuma

Three Major Metropolitan Areas

352,7610.2

F-4-022

Chigasaki Daikan Plaza

Three Major Metropolitan Areas

453,571

0.2

F-4-028

Winbell Chorus Hiratsuka No. 13

Three Major Metropolitan Areas

477,587

0.2

F-4-029

Libest Higashi Nakayama

Three Major Metropolitan Areas

1,371,314

0.6

F-4-031

MGA Kanamachi

23 Wards of Tokyo

484,000

0.2

F-4-035

Greenhills Roka

23 Wards of Tokyo

662,000

0.3

F-4-036

Lofty Hirai

23 Wards of Tokyo

324,000

0.1

F-4-038

Colonnade Kasuga

23 Wards of Tokyo

3,115,277

1.4

F-4-039

The Palms Yoyogi Uehara Cosmo Terrace

23 Wards of Tokyo

1,250,000

0.6

F-4-040

Sun Terrace Yoyogi Uehara

23 Wards of Tokyo

1,180,000

0.5

F-4-044

Prospect NihonbashiKoamicho

23 Wards of Tokyo

840,000

0.4

F-4-045

Park Terrace Ebisu

23 Wards of Tokyo

2,060,000

0.9

F-4-046

Prospect Dogenzaka

23 Wards of Tokyo

1,590,000

0.7

F-4-047

Prospect Glarsa Hiroo

23 Wards of Tokyo

3,560,000

1.6

F-4-048

Prospect Hatsudai

23 Wards of Tokyo

518,000

0.2

F-4-049

Prospect NishiSugamo

23 Wards of Tokyo

1,110,000

0.5

F-4-050

Prospect Machiya

23 Wards of Tokyo

484,000

0.2

F-4-051

Prospect KiyosumuTeien

23 Wards of Tokyo

2,630,000

1.2

F-4-052

Prospect Morishita

23 Wards of Tokyo

1,260,000

0.6

F-4-053

Prospect OnshiKoen

23 Wards of Tokyo

1,110,000

0.5

F-4-054

BELNOS34

23 Wards of Tokyo

1,700,000

0.8

F-4-055

SK Residence

23 Wards of Tokyo

805,000

0.4

F-4-056

Angel Heim NishiRokugo No. 2

23 Wards of Tokyo

1,012,000

0.5

F-4-057

Deim Hashimoto

Three Major Metropolitan Areas

748,000

0.3

F-4-058

Prospect Kawasaki

Three Major Metropolitan Areas

1,520,000

0.7

F-4-059

Prospect UrawaTokiwa

Three Major Metropolitan Areas

717,000

0.3

F-4-064

Glana Ueno

23 Wards of Tokyo

1,100,000

0.5

F-4-065

The Residence Honmoku Yokohama
BaysideThree Major Metropolitan Areas

5,550,000

2.5

F-4-066

Lietocourt Asakusabashi

23 Wards of Tokyo

1,615,800

0.7F-4-071Gran Casa ShinKoiwa

23 Wards of Tokyo

1,510,000

0.7

F-4-072

Gran CasaRyogoku Ichibankan

23 Wards of Tokyo

1,420,000

0.6

F-4-073Gran Casa Ryogoku Nibankan

23 Wards of Tokyo

770,000

0.3

F-5-023

willDo Temmacho

Three Major Metropolitan Areas

627,7850.3

F-5-032

Stellato City Sakurayama

Three Major Metropolitan Areas

735,000

0.3

F-5-037

willDo Kurokawa

Three Major Metropolitan Areas

677,000

0.3

F-5-060

Gran Casa Daikancho

Three Major Metropolitan Areas

1,082,000

0.5

15English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Property
Number

Property Name

Region(Anticipated)
Acquisition Price(JPY thousands)

Ratio (%)
(Note 2)

(Note 1)F-5-061Gran Casa Gokiso

Three Major Metropolitan Areas

932,500

0.4

F-5-067

Liettecourt Marunouchi

Three Major Metropolitan Areas

3,756,800

1.7

F-5-068

Gran Casa Kamimaezu

Three Major Metropolitan Areas

2,050,000

0.9

F-5-074

Sakura Hills Fujimi

Three Major Metropolitan Areas

2,750,000

1.2

F-6-026

willDo Nishi-Akasi

Three Major Metropolitan Areas

635,666

0.3

F-6-033

La Vita Nippombashi

Three Major Metropolitan Areas

1,860,000

0.8

F-6-062

Crown Heim NishiTanabe

Three Major Metropolitan Areas

405,000

0.2

F-6-063

Prospect Katsura

Three Major Metropolitan Areas

470,000

0.2

Family Total

82,919,158

36.9

Total

220,233,013

100.0(Note 1) Figures in “(Anticipated) Acquisition Price” are rounded off to thousands of yen. Totals and subtotals of (anticipated) acquisition prices add up thefigures without rounding down and are rounded down to thousands of yen.
(Note 2) Figures in “Ratio (%)” show the ratio of the (anticipated) acquisition price of each owened property or anticipated property to the total of the(anticipated) acquisition price of the owened properties and anticipated properties.

16