December 10, 2007
To All Concerned Parties
REIT Issuer :re-plus residential investment inc.
Toranomon Towers Office
4-1-28 Toranomon, Minato-ku,
Tokyo 105-0001
Takao Sakuma, Executive Director(Securities Code：8986)
Asset Management Company: re-plus REIT management inc.
Ichiro Okamura, President and Chief Executive Officer
Inquiries: Aki Sadahiro, Manager
Tel: +81-3-5425-5600
Notice Concerning the Acquisition of Properties
re-plus residential investment inc. (the “Investment Corporation”) announced today its decision to acquire thefollowing assets (the “Properties”) :1.

Reason for acquisition
The purpose of the transaction is to acquire assets in accordance with the Investment Corporation’s investment
management targets and policies set out in its Articles of Incorporation, with the intention of increasing the benefits ofdiversification in the overall portfolio. The Investment Corporation plans to achieve those benefits and securing stable
income by diversifying investment in rental apartment categories, and diversifying investment on a nationwide basis.

2. Summary of Properties(1)

Acquired Properties
Trust beneficiary interests in real estates, following 6 properties
No. of Property

SellerName of Property(note 1)

（note2）O-3-079

AS Premium Ishizue-machi

GK re-plus residential warehouse 8462,510O-3-080

AS Residence Sasaguchi

GK re-plus residential warehouse 8

266,000

O-5-081

willDo Matsubara

GK re-plus residential warehouse 8549,000

willDo Yokkaichi Unomori

SBI Planners Corporation.

529,150

willDo Sannomiya East

GK re-plus residential warehouse 8731,000

willDo Kamishinjyo wI

GK re-plus residential warehouse 8366,000

O-5-082
O-6-083
O-6-084

Total(note 1)
(note 2)

(2)

Acquisition Price（Thousand of yen）

2,903,660

GK stands for Godo Kaisha.
The Acquisition Price does not include costs related to acquisitions, property tax, city planning tax and consumption tax. Total
Acquisition Price represents the sum of the Acquisition Price of each property before roundings with the total rounded off tothousand.

Signing Date of Transfer Agreement of Trust Beneficiary Interest
December 10, 2007

1

(3)

Scheduled Date of Property Acquisition
December 14, 2007

(4)

Funds for the Acquisition
Funds from borrowings and cash on hand

(5)

Settlement method
Full payment on the dates of the acquisition(6)

Special Note
Among the transactions of the Properties listed above except the Seller of O-5-082, the Sellers are defined as atransaction with a related party under the internal rules and regulations of re-plus REIT management inc.(the “AssetManagement Company”). Please refer to Section 7 for the details of transactions with related parties.

(7)

Property Area and Property Category
Property number(note)

Property name

Property area (note)

Property category

Major Metropolitan Area

StudioO-3-079

AS Premium Ishizue-machi

O-3-080

AS Residence Sasaguchi

Major Metropolitan Area

StudioO-5-081

willDo Matsubara

Major Metropolitan Area

StudioO-5-082

willDo Yokkaichi Unomori

Major Metropolitan Area

StudioO-6-083

willDo Sannomiya East

Major Metropolitan Area

StudioO-6-084

willDo Kamishinjyo wI

Major Metropolitan Area

StudioCentral Tokyo represents the seven central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku and Meguro-ku.
Tokyo Metropolitan Area represents the Kanto area excluding the seven central Tokyo wards. Major Metropolitan Area refers to Sapporo, Sendai,
Chukyo, Keihanshin, Hiroshima, Kita-Kyushu/Fukuoka areas and other major metropolitan areas with population larger than 300,000 people.

3. Details of the Properties to be Acquired
The details of the above trust beneficiary interest along with the Properties are provided as follows. The figures for
the Tenant Details are as of October 31, 2007.

2

I. As Premium Ishizue-machi
Type of Asset
Trustee

Trust Beneficiary Interests
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY462,510 thousand
December 31, 2017

The property is located 23 minutes walk from Nigata Station of Shinetsu Honsen of JR. Furumachi area is located within 800m to 1.5km from Bandai City in thecenter of commercial zone, and also 6 minutes walk from Ishizue-machi bus stop, making it possible for residents to access Niigata Station from the bus stop in every
2 to 6 minutes of bus service during 7:00 to 20:00 where the bus line is one of the major transportation in the city of Niigata. Standard apartments for rent in thisproperty are 1LDK studio type. Each apartment is equipped with automated bath with repeat tub-water heating system, washlet in toilet, and two closets in livingroom. For these facilities, the property can sufficiently meet the demand of it most likely tenants, office workers working around Furumachi area or Niigata Station.
Property Summary(Residential) 2267-1 Gono-machi, Ishizuemachi-doori, Chuo–ku, Niigata-shi, Niigata
Location (note 1)(Registered) 2267-1, 2269-5 Gono-machi, Ishizuemachi-doori, Chuo–ku, Niigata-shi, Niigata
Proprietary
Type of OwnershipArea Classification (note 2)
Neighborhood commercial zone
Land
Ownership
Land area (note 1)
659.45 ㎡ FAR/Building Coverage Ratio (note 3)
300％／80％
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
Floor space (note 1)
2,174.07 ㎡ Completion Date (note 1)
February 19, 2007
Type of Structure(note 1)
RC 9-story building with a flat roof
Leasable units in unit type
48 units (1LDK:48 units)
Sub Property Management Company
Property Management Company
re-plus investments inc.
Apamanshop Leasing Co.,Ltd
Master Lease Company
YK re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary (note 4)
Tenant Details (note 5)
Japan Real Estate Institute
Appraiser
Number of Tenants (note 6)
1
Date of Appraisal
December 1, 2007
Leasable Area
1,868.64 ㎡
Appraisal Value
JPY 469,000 thousand
Leased Area
1,868.64 ㎡
Value Calculated Using the Direct
JPY 467,000 thousand
Monthly Rent (note 7)
JPY 3,615 thousand
Capitalization Method
Gross Operating Revenue
JPY 41,697 thousand
Lease Deposits and Guarantee Deposits
JPY 6,441 thousand
Gross Operating Expenses
JPY 11,448 thousand
Occupancy Ratio (unit base)
100.00％Net Operating Income (NOI)
JPY 30,249 thousand
Occupancy Ratio (area base) (note 8)
100.00％Lump-Sum Investment ReturnJPY 119 thousand
Engineering Report Summary (note 9)
Capital Expenditure
JPY 1,409 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 28,959 thousand
Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
6.2％
Date of Research
December 12, 2007
Value Indicated by DCF Method
JPY 471,000 thousand
Priority Repairs－
Discount Rate
6.0％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
6.4％
Far-Future Repairs (within 12 years)
JPY 29,273 thousand
Value Indicated by Cost Approach
JPY 506,000 thousand
Probable Maximum Loss (PML)
13.9％
Special Notes: None
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.

3

II. AS Residence Sasaguchi
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 266,000 thousand
December 31, 2017

The property is located 10 minutes walk from Niigata Station of Shinetsu Honsen of JR, and also 2 minutes walk from Sasaguchi bus stop where the bus line is oneof the main transportations in the city of Niigata. Commercial complex such as restaurants, discount stores and large book stores are concentrated along theKeyaki-dori located in south part of Niigata Station, making this area convenient in terms of lifestyle and accessibility. Standard apartments for rent in the property
are 1LDK studio type for single. The property can sufficiently meet the demand of its most likely tenants, office workers, college students and students of careercollege.
Property Summary(Residential) 2-13-14 Sasaguchi, Chuo-ku, Niigata-shi, Niigata
Location (note 1)(Registered) 2-13-14 Sasaguchi, Chuo-ku, Niigata-shi, Niigata
Proprietary
Type of OwnershipArea Classification (note 2)
Commericial Zone
Land
Ownership
Land area (note 1)
284.00 ㎡ FAR/Building Coverage Ratio (note 3)
400%／80%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
Floor space (note 1)
1,055.84 ㎡ Completion Date (note 1)
February 21, 2007
Type of Structure (note 1)
RC 8 story-building with a flat roof
Leasable units in unit type
28 units (1LDK:28 units)
Sub Property Management Company
Property Management Company
re-plus investments inc.
Apamanshop Leasing Co.,Ltd
Master Lease Company
YK re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary (note 4)
Tenant Details (note 5)
Japan Real Estate Institute
Appraiser
Number of Tenants (note 6)
1
Date of Appraisal
December 1, 2007
Leasable Area
970.20 ㎡
Appraisal Value
JPY 266,000 thousand
Leased Area
970.20 ㎡
Value Calculated Using the Direct
JPY 267,000 thousand
Monthly Rent (note 7)
JPY 2,051 thousand
Capitalization Method
Gross Operating Revenue
JPY 23,832 thousand
Lease Deposits and Guarantee Deposits
JPY 1,726 thousand
Gross Operating Expenses
JPY 7,142 thousand
Occupancy Ratio (unit base)
100.00％Net Operating Income (NOI)
JPY 16,690 thousand
Occupancy Ratio (area base) (note 8)
100.00％Lump-Sum Investment ReturnJPY 34 thousand
Engineering Report Summary (note 9)
Capital Expenditure
JPY 728 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 15,996 thousand
Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
6.0％
Date of Research
December 12, 2007
Value Indicated by DCF Method
JPY 264,000 thousand
Priority Repairs－
Discount Rate
5.8％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
6.2％
Far-Future Repairs (within 12 years)
JPY 14,482 thousand
Value Indicated by Cost Approach
JPY 288,000 thousand
Probable Maximum Loss (PML)
9.9％
Special Notes: Asphalt concrete pavement crosses over the boundary between south part of the property’s land and the adjacent land. The issue of the crossing boundary
has not been settled with the owner of the adjacent land. But the former owner of the property is scheduled to correct the crossing boundary.
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.

4

III. willDo Matsubara
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 549,000 thousand
December 31, 2017

The property is located 9 minutes walk from Osu Kannon Station of Nagoya City Lin. There is “Osu Shotengai” big arcade mall, giving convenience toneighborhood around the property with its size of 500m from north to south and 500m from east to west. The property is located in 3 minutes by train to Nagoya
Station and, adding good access to center of the city. Standard apartments for rent in this property are mostly 1K studios for single. The property can sufficiently meetthe demands of its area.

Leasable units in unit type

Property Summary(Residential) 2-16-1 Matsubara, Naka-ku, Nagoya-shi, Aichi(Registered) 2-1601, 1619 Matsubara, Naka-ku, Nagoya-shi, Aichi
Proprietary
Type of OwnershipArea Classification (note 2)
Ownership
Land area (note 1)
350.21 ㎡ FAR/Building Coverage Ratio (note 3)
Proprietary
Type of Ownership
Use (note 1)
Ownership
Floor space (note 1)
1,395.41 ㎡ Completion Date (note 1)
Type of Structure (note 1)
RC 10-story building with a flat roof
54 units (1K:54 units)

Property Management Company

re-plus investments inc.

Location (note 1)
Land

Building

Master Lease Company
YK re-plus residential 2
Property Appraisal Summary (note 4)
Japan Real Estate Institute
Appraiser
Date of Appraisal
December 1, 2007
Appraisal Value
JPY 549,000 thousand
Value Calculated Using the Direct
JPY 554,000 thousand
Capitalization Method
Gross Operating Revenue
JPY 42,073 thousand
Gross Operating Expenses
JPY 9,213 thousand
Net Operating Income (NOI)
JPY 32,860 thousand
Lump-Sum Investment Return－
Capital Expenditure
JPY 754 thousand
Net Cash Flow (NCF) (note 10)

JPY 32,106 thousand

Neighborhood Commericial Zone
400%／80%
Apartment complex
August 7, 2007

Sekimura Building Management
Co.,Ltd.
Pass throughTenant Details (note 5)

Sub Property Management Company
Type of Master Lease
Number of Tenants (note 6)
Leasable Area
Leased Area

1
1,344.60 ㎡
348.60 ㎡

Monthly Rent (note 7)

JPY 1,015 thousand

Lease Deposits and Guarantee Deposits
Occupancy Ratio (unit base)
Occupancy Ratio (area base) (note 8)－
25.93％（note 11）25.93％（note 11）

Engineering Report Summary (note 9)
Engineering Report Company

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
November 8, 2007

Overall Capitalization Rate
5.8％
Date of Research
Value Indicated by DCF Method
JPY 543,000 thousand
Priority Repairs－
Discount Rate
5.6％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
6.0％
Far-Future Repairs (within 12 years)
JPY 2,916 thousand
Value Indicated by Cost Approach
JPY 546,000 thousand
Probable Maximum Loss (PML)
12.5％
Special Notes: None
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.
(note 11) Occupancy ratio as of November 30, 2007 was 79.63% in unit base, and 79.63% in area base.

5IV. willDo Yokkaichi Unomori
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 529,150 thousand
December 31, 2017

The property is located in 10 minutes walk from Kintetsu Yokkaichi Station of Kintetsu Nagoya Line. There are parks and hospital in the area around the property,
and also primary schools and municipal government within 1.5km from the property. There are also commercial complex with a theater around the nearest stationfrom the property, adding convenience to residents in the area. The nearest station is located in 35 minutes away by Kintetsu Nagoya Station, adding good access tothe center of the city. This property was completed in September 2007 as a compound type with 1K studios, 1LDK and 2LDK. The property’s exterior was coveredby tile veneer, with quality of designing and endurance. For good access to commercial zone, life convenience and its compound type of unit design, the property
meets the demands of its most likely tenants, namely families and single peoples.
Property Summary(Residential) 2-12-17 Unomomri, Yokkaichi-shi, Mie(Registered) 2-759-1 Unomori, Yokkaichi-shi, Mie
Proprietary
Type of OwnershipArea Classification (note 2)
Neighborhood Commericial Zone
Land
Ownership
Land area (note 1)
1,064.79 ㎡ FAR/Building Coverage Ratio (note 3)
300%／80%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
Floor space (note 1)
2,426.31 ㎡ Completion Date (note 1)
September 25, 2007
Type of Structure (note 1)
RC 7-story building with a flat roof
Leasable units in unit type54 units (1K:24 units, 1LDK:18 units, 2LDK:12 units)
Sub Property Management Company
Property Management Company
re-plus investments inc.
minitech Co., Ltd.
Master Lease Company
YK re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary (note 4)
Tenant Details (note 5)
Japan Real Estate Institute
Appraiser
Number of Tenants (note 6)
1
Date of Appraisal
December 1, 2007
Leasable Area
2,160.00 ㎡
Appraisal Value
JPY 558,000 thousand
Leased Area
1,650.60 ㎡
Value Calculated Using the Direct
JPY 560,000 thousand
Monthly Rent (note 7)
JPY 3,077 thousand
Capitalization Method
Gross Operating Revenue
JPY 46,724 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 11,218 thousand
Occupancy Ratio (unit base)72.22％Net Operating Income (NOI)
JPY 35,506 thousand
Occupancy Ratio (area base) (note 8)
76.42％
Lump-Sum Investment Return－
Engineering Report Summary (note 9)
Capital Expenditure
JPY 1,345 thousand
Net Cash Flow (NCF) (note 10)
JPY 34,161 thousand
Engineering Report Company
JAPAN ERI CO.,LTD.
Overall Capitalization Rate
6.1％
Date of Research
October 9, 2007
Value Indicated by DCF Method
JPY 556,000 thousand
Priority Repairs－
Discount Rate
5.9％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
6.3％
Far-Future Repairs (within 12 years)
JPY 29,630 thousand
Value Indicated by Cost Approach
JPY 534,000 thousand
Probable Maximum Loss (PML)
10.4％
Special Notes: Concrete boundary wall of the property crosses over the boundary between the land of the property and the adjacent land(conduit). The issue of the crossing
boundary has been settled with the owner of the adjacent land for the reason that the owner of the adjacent land permitted to work vandalism as beinga cause of the issue. The Investment Corporation obtained commitment to deal with the case as no issue from the owner of the adjacent land.
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.
Location (note 1)

6V.willDo Sannomiya East
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 731,000 thousand
December 31, 2017

The property is located in 9 minutes walk from Kasuganomichi Station and 11 minutes walk from Sannomiya Station of Tokaido Line of JR. The Kasuganomichi
Station faces the route 2, the national highway and there is “Kasugano Shotengai” mall behind the Kasuganomichi Station, adding life convenience to residents. The
standard apartments for rent in the property are 1K studios for single. The property has sufficient level of competitiveness with the convenient access to the center ofKobe for the reason that the target of its most likely tenants are office workers working around Sannomiya Station and also college students going to the universities
located around the property.
Property Summary(Residential) 6-1-24 Higure-dori, Chuo-ku, Kobe-shi, Hyogo(Registered) 6-362-1 Higure-dori, Chuo-ku, Kobe-shi, Hyogo
Proprietary
Neighborhood Commericial Zone,
Type of OwnershipArea Classification (note 2)Land
Ownership
Class 2 Residential Zone
Land area (note 1)
618.45 ㎡ FAR/Building Coverage Ratio (note 3)
300%/288%／80%/60%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
Floor space (note 1)
2,061.71 ㎡ Completion Date (note 1)
August 24, 2007
Type of Structure(note 1)
RC 9-story building with a flat roof
Leasable units in unit type63 units(1K:62 units, 1DK:1 unit)
Sub Property Management Company
Property Management Company
re-plus investments inc.
TOKYU LIVABLE, Inc.
Master Lease Company
YK re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary (note 4)
Tenant Details (note 5)
Japan Real Estate Institute
Appraiser
Number of Tenants (note 6)
1
Date of Appraisal
December 1, 2007
Leasable Area
1,722.13 ㎡
Appraisal ValueJPY 731,000 thousand
Leased Area
1,694.86 ㎡
Value Calculated Using the Direct
JPY 737,000 thousand
Monthly Rent (note 7)
JPY 4,398 thousand
Capitalization Method
Gross Operating Revenue
JPY 54,452 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 12,718 thousand
Occupancy Ratio (unit base)98.41％Net Operating Income (NOI)
JPY 41,734 thousand
Occupancy Ratio (area base) (note 8)
98.42％
Lump-Sum Investment Return－
Engineering Report Summary (note 9)
Capital Expenditure
JPY 477 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 41,257 thousand
Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
5.6％
Date of Research
November 5, 2007
Value Indicated by DCF Method
JPY 725,000 thousand
Priority Repairs－
Discount Rate
5.4％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
5.8％
Far-Future Repairs (within 12 years)
JPY 3,625 thousand
Value Indicated by Cost Approach
JPY 735,000 thousand
Probable Maximum Loss (PML)
14.9％
Special Notes: Part of the boundary between the property’s land and the adjacent land has not been settled.
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.
Location (note 1)

7

VI.willDo Kamishinjyo wI
Type of Asset
Trustee

Trust Beneficiary Interest
Anticipated Acquisition Price
Mitsubishi UFJ Trust and Banking
Trust Due Date
Corporation
Property Features

JPY 366,000 thousand
December 31, 2017

The property is located 7 minutes walk from Kamishinjyo Station of Hankyu Kyoto Honsen. It takes 14 minutes from the closest station of the property toward
Shin-Osaka Station as being commercial center and 15 minutes toward Umeda Station, giving a convenient access to the center of city. There are super markets,convenience stores, hospitals, banks and other commercial facilities around the stations. The standard apartments for rents in the property are 1K studios for single.
Each apartments is equipped with wash-let, air conditioner and partially modular l kitchen design.
Property Summary(Residential) 5-54 Higashi Otabi-machi, Suita-shi, Osaka(Registered) 5123-15, 16, 17, 18 Higashi Otabi-machi, Suita-shi, Osaka
Proprietary
Type of OwnershipArea Classification (note 2)
Industrial Zone
Land
Ownership
Land area (note 1)
767.92 ㎡ FAR/Building Coverage Ratio (note 3)
200%/60%
Proprietary
Type of Ownership
Use (note 1)
Apartment complex
Ownership
Building
Floor space (note 1)
987.00 ㎡ Completion Date (note 1)
June 15, 2007
Type of Structure(note 1)
RC 8-story building with slate roof
Leasable units in unit type
31 units(1K:31units)
Sub Property Management Company
Property Management Company
re-plus investments inc.
TOKYU LIVABLE, Inc.
Master Lease Company
YK re-plus residential 2
Type of Master Lease
Pass throughProperty Appraisal Summary (note 4)
Tenant Details (note 5)
Japan Real Estate Institute.
Appraiser
Number of Tenants (note 6)
1
Date of Appraisal
December 1, 2007
Leasable Area
912.95 ㎡
Appraisal Value
JPY 366,000 thousand
Leased Area
883.50 ㎡
Value Calculated Using the Direct
JPY 370,000 thousand
Monthly Rent (note 7)
JPY 2,065 thousand
Capitalization Method
Gross Operating Revenue
JPY 26,813 thousand
Lease Deposits and Guarantee Deposits－
Gross Operating Expenses
JPY 6,130 thousand
Occupancy Ratio (unit base)
96.77％Net Operating Income (NOI)
JPY 20,683 thousand
Occupancy Ratio (area base) (note 8)
96.77％
Lump-Sum Investment Return－
Engineering Report Summary (note 9)
Capital Expenditure
JPY 704 thousand
Tokio Marine & Nichido Risk
Net Cash Flow (NCF) (note 10)
JPY 19,979 thousand
Engineering Report Company
Consulting Co., Ltd.
Overall Capitalization Rate
5.4％
Date of Research
November 9, 2007
Value Indicated by DCF Method
JPY 361,000 thousand
Priority Repairs－
Discount Rate
5.2％
Near-Future Repairs (within a year)－
Terminal Capitalization Rate
5.6％
Far-Future Repairs (within 12 years)
JPY 15,170 thousand
Value Indicated by Cost Approach
JPY 385,000 thousand
Probable Maximum Loss (PML)
12.5％
Special Notes: None
(note 1) Figures and information in the columns of “Location (Registered),” “Land Area,” “Floor Space,” ”Type of Structure and the Number of Stories,” “Use,” and“Completion Date” are as per the registry of the property.
In the column of “Type of Structure”, “SRC” represents for “Steel Reinforced-Concrete”, “RC” for “Reinforced-Concrete”, and “S” for “Steel.”(note 2) Figures and information in the column of “Area Classification” is from the zoning type indicated by Article 8-1-1 of the City Planning Law.
(note 3) Figures and information in the columns of “FAR/Building Coverage Ratio,” FAR uses the ratio of the floor area of the building versus the lot area as
stipulated in Article 52 of the Building Standards Law, and the figures designated for use and area in city planning. The building coverage ratio uses thebuilding area versus the lot area as stipulated in Article 53 of the Building Standards Law, and the figures designated for use and area in city planning.
(note 4) Figures and information in a column of “Property Appraisal Summary” are as per the report by the appraisal firm with respect to the anticipated acquisition ofproperty based on the points to consider in the appraisal valuation of real estate arising from the Law Concerning Investment Trusts and Investment
Corporations, the Law Concerning Real Estate Appraisal (Law No.152 of 1963 including revisions thereafter) and Real Estate Appraisal Standards. The
numbers are rounded off at thousand yen, and ratios are rounded off at the second decimal place.
(note 5) Figures and information in the column of “Tenants Details” are based on the information obtained from the seller of the property as of October 31, 2007.
(note 6) Figures and information in the column of “Number of Tenants” is entered as one tenant when the Investment Corporation retains a master lease agreementwith the Master Lease Company.
(note 7) Monthly Rent (rent, common service fees and parking fees) in the column of “Monthly Rent” are based on the information as of October 31, 2007. The
numbers are rounded off at thousand.
(note 8) Figures in the column of “Occupancy Ratio (area base)” are calculated from the number of “Leased Area” divided by the number of “Leasable Area” andshown in a percentage rounded off at the second decimal place.
(note 9) Figures in the columns of “Engineering Report Summary” are rounded off at thousand, and ratios are rounded off at the second decimal place.
(note 10) Net Cash Flow is equal to [Net Operating Income (NOI) + Investment Return on Lump-Sum – Capital Expenditure]. The numbers are rounded off at one
thousand.
Location (note 1)

8

4. Notes on the Property Due Diligence
The Investment Corporation conducted supplementary due diligence on all of the Properties to avoid the problem of
the fabrication of data relating to building structural strength. The Investment Corporation asked third party due diligence
consultants to check if the Properties are in compliance with building laws by reviewing construction plans, structural
drawings and documents regarding calculation of structural strength.
As a result of the due diligence, no violation of the building laws was found.
Name of Property

Building Promoter

Architect

Building Contractor

AS Premium
Ishizue-machi

YK ASN
Development

RIKEN SEKKEICO., LTD.

HONMA
Corporation.

AS Residence
Sasaguchi

NisseiRealestate.Co.Ltd.

M&A Sogo Sekkei
Co., Ltd.

ShinkohConstruction Co.,Ltd.

willDo Matsubara

KH Housing Co.,Ltd.

willDo Yokkaichi
Unomori

SBI Planners
Corporation.

willDo Sannomiya East

WADA KOSAN
CO., LTD.

willDo Kamishinjyo wIIndividual

NITTO
CONSTRUCTION.
CO., LTD.- FirstClass Architect
OfficeSBI Planners
Corporation.- FirstClass Architect
OfficeVerification
AgencyNiigataArchitecture
Confirmation
Inspection
Organization
NiigataArchitecture
Confirmation
Inspection
Organization

Yokkaichi-shi, MieCore Architect Co.,Ltd.

NTT FACILITIES,INC.

YK Ohtoro
Construction
Architect Office

Yamadakoumuten
Inc.

NIHON TESTINGLtd.

YK Ohshiro
Construction
Architect Office

NTT FACILITIES,
INC.

Morishige
Construction Co.,
Ltd.- First Class
Architect OfficeMorishige
Construction Co.,Ltd.

Kinki Architecture
Confirmation
Inspection
Organization

Morishige
Construction Co.,Ltd.

NTT FACILITIES,
INC.

Company name/Name

GK re-plus residential warehouse 8

YK ASN Development

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
September 27, 2007

Not a specific related party－－－

Name of Property: AS Residence Sasaguchi
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

Company name/Name

GK re-plus residential warehouse 8

YK ASN Development

Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

NTT FACILITIES,INC.

SBI Planners
Corporation.

Previous Owner of Trust
Beneficiary Interest

Relationship with specific related parties

M&A Sogo Sekkei
Co., Ltd.

NTT FACILITIES,INC.

Current Owner of Trust
Beneficiary Interest

Date of Acquisition

NTT FACILITIES,
INC.

GOTO Structural
Design Office

Profiles of Property Owner

Acquisition Price (thousand yen)

RIKEN SEKKEICO., LTD.

Nagoya-shi, Aichi

Name of Property: AS Premium Ishizue-machi

Reason for Acquisition

Inspection Agency

NITTO
CONSTRUCTION.
CO., LTD.

5. Profiles of the Property Owners

Relationship with specific related parties

Structural Engineer

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
September 27, 20079

Not a specific related party－－－

Name of Property: willDo Matsubara
Profiles of Property Owner
Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

GK re-plus residential warehouse 8

KH Housing Co., Ltd.

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
September 28, 2007

Not a specific related party－－－

Name of Property: willDo Yokkaichi Unomori
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Company name/Name

SBI Planners Corporation.

Relationship with specific related parties

Not a specific related party

Previous Owner of Trust
Beneficiary Interest－－

Reason for Acquisition－－

Acquisition Price (thousand yen)－－

Date of Acquisition－－

Name of Property: willDo Sannomiya East
Profiles of Property Owner
Company name/Name
Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

GK re-plus residential warehouse 8

WADA KOSAN CO., LTD.

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
September 28, 2007

Not a specific related party－－－

Name of Property: willDo Kamishinjyo wI
Profiles of Property Owner

Current Owner of Trust
Beneficiary Interest

Previous Owner of Trust
Beneficiary Interest

Company name/Name

GK re-plus residential warehouse 8

Individual

Relationship with specific related parties
Reason for Acquisition
Acquisition Price (thousand yen)
Date of Acquisition

SPC established by the parent
company of the AssetManagement Company
Purpose of investment and asset
management
Nil due to confidentiality
obligations under the agreementwith the seller
October 30, 200710

Not a specific related party－－－

6. Seller’s Profile
Profiles of the sellers are as follows:
Names of Properties: AS Premium Ishizue-machi, AS Residence Sasaguchi, willDo Matsubara,
willDo Sannomiya East, willDo Kamishinjyo wI
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain

Relationship with the Investment
Corporation(note)

GK re-plus residential warehouse 8
Toranomon Towers Office, 4-1-28 Tranomon, Minato-ku, Tokyo
Yugen-Sekinin-Chukan Hojin re-plus residential (Managing partner)
Operator : Masato Sasaki
JPY 100,000－(note)・
Purchase/sale, exchange, rent, ownership, brokerage and management activities ofproperties
・
Purchase/sale, exchange, ownership and management of real estate trust beneficiaryInterests
・All activities related to above
Related Party as defined under the internal rules and regulations of the Asset Management
Company

Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

Names of Properties:willDo Yokkaichi Unomori
Company Name
Head Office Address
Representative
Paid-in-Capital
Principal Shareholder(s)Business Domain
Relationship with the Investment
Corporation(note)SBI Plannners Corporation.
1-18-24 Naeki-Minami, Nakamura-ku, Nagoya-shi, Aichi
CEO : Yoshitaka Yada
JPY470,648,092－(note)・
Civil engineering and construction
・Development, creation and allotment sale of land, purchase/sale, exchange, ownershipand management of real estate trust beneficiary・
Purchase/sale, brokerage, agency etc.
Not a specific related party

Due to the intention of the principal shareholder(s), the specific name of those shareholders are not disclosed

7. Transactions with Related Parties
(1)
(i)
(ii)

Transactions of Properties
Outline of the Transaction
Acquisition of the Properties
Seller’s Profile
The seller is a Related Party as defined under the internal rules and regulations of the Asset Management
Company. Profile of the seller is as follows.
SellerProfileSPC established by re-plus inc., a related party defined under the Investment Trust Law.

GK re-plus residential warehouse 8

The seller is a Related Party as defined under the internal rules and regulations of theAsset Management Company.

(iii)

(2)
(i)

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties submitted thetransaction to its Compliance Committee for deliberation and approval on December 7, 2007, and on approval,
then submitted it to the Investment Committee and the Board of Directors of the Asset Management Company on
December 10, 2007 for ratification. The transaction was then approved by the Investment Corporation’s Board of
Directors on December 10, 2007.
Appointment of a Property Management Company
Outline of the Transaction
Entrustment of Property Management for the Properties acquired by the Investment Corporation

11

(ii)

Outline of Property Management Fees
Property Name(iii)

2.0% of rental revenue (Rent + Parking) (Including consumption tax)

AS Residence Sasaguchi

2.0% of rental revenue (Rent + Parking) (Including consumption tax)

willDo Matsubara

2.5% of rental revenue (Rent + Parking) (Including consumption tax)

willDo Yokkaichi Unomori

3.5% of rental revenue (Rent + Parking) (Including consumption tax)

willDo Sannomiya East

2.5% of rental revenue (Rent + Parking) (Including consumption tax)

willDo Kamishinjyo wI

2.5% of rental revenue (Rent + Parking) (Including consumption tax)

Profile of Property Management Company
Profile of the Property Management Company is as follows:
Property Management Company
re-plus investments inc.

(iv)

(3)
(i)

ProfileWholly owned subsidiary of re-plus inc., and qualifies as a related party as defined underthe Investment Trust Law and the internal rules and regulations of the Asset Management
Company.

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties submitted thetransaction to its Compliance Committee for deliberation and approval on December 7, 2007, and on approval,
then submitted it to the Investment Committee and the Board of Directors of the Asset Management Company on
December 10, 2007 for ratification. The transaction was then approved by the Investment Corporation’s Board of
Directors on December 10, 2007.
Details of Brokerage
Outline of the Transaction
Brokerage related to the Properties to be acquired(ii)

Brokerage Fee
JPY47,490 thousand (excluding consumption tax)
＊Rounded off to one thousand yen.

(iii)

Profiles of Brokers
Profiles of the brokers for the transactions are as follows.
Brokerre-plus inc.

(4)

Property Management Fee

AS Premium Ishizue-machi

Profilere-plus inc. owns more than 50% of shares of the Asset Management Company, andqualifies as a related party as defined under the Investment Trust Law and the internal
rules and regulations of the Asset Management Company.

Procedures for Transactions with Related Parties
The Asset Management Company, subject to its rules on transactions with related parties submitted thetransaction to its Compliance Committee for deliberation and approval on December 7, 2007, and on approval,
then submitted it to the Investment Committee and the Board of Directors of the Asset Management Company on
December 10, 2007 for ratification. The transaction was then approved by the Investment Corporation’s Board of
Directors on December 10, 2007.

8. Forecasts
The effects of the acquisition of the properties on the Investment Corporation’s operations in the fiscal period ending
March 2008 is small.
●

URL : http://www.re-plus-ri.co.jp/12

(Reference No.1)
List of Portfolio afte Property AcquisitionType

O-1-001

Satella Kita 34-jo

Major Metropolitan Areas

AnticipatedAcquisition Price（JPY thousand）(note 2)
1,133,714

O-1-002

Carrera 2.9

Major Metropolitan Areas

281,285

O-1-003

Sapporo Hills

Major Metropolitan Areas

287,666

O-1-004

Satella Nagayama

Major Metropolitan Areas

342,428

O-1-023

willDo Minami 12 jo

Major Metropolitan Areas

460,839

O-1-032

willDo Kita 24 jo

Major Metropolitan Areas

316,000

O-1-033

Flat Carerra

Major Metropolitan Areas

290,000

O-1-034s13w9 h+Major Metropolitan Areas

463,000

O-1-035s9w12 h+Major Metropolitan Areas

533,000

O-1-036

willDo Minami hiragishi

Major Metropolitan Areas

315,000

O-2-037

willDo Nishishitadai cho

Major Metropolitan Areas

512,000

O-2-054

willDo Kamisugi 3 chome

Major Metropolitan Areas

506,000

O-4-005

Bell Koshigaya 21

Tokyo Metropolitan Area

499,333

Property No.

Area（note 1）Name of Property

StudioO-4-006

Joyful Sayama

Tokyo Metropolitan Area

216,619

O-4-007

Lumiere Hachioji

Tokyo Metropolitan Area

480,761

O-4-008

willDo Kiyosumi

Tokyo Metropolitan Area

5,024,619

O-4-009

Turkey's Denen-Chofu No.2

Tokyo Metropolitan Area

281,523

O-4-010Sky Court 100

Tokyo Metropolitan Area

379,857

O-4-011

FC Takasago-choTokyo Metropolitan Area

233,142O-4-012

Tokyo Metropolitan Area

506,142O-4-024Site Pia
VISTA Supreme

Tokyo Metropolitan Area

563,584

O-4-025

Joy Oyamadai

Central Tokyo

624,265

O-4-031

Estage Otsuka

Tokyo Metropolitan Area

725,229

O-4-038

willDo Niiza

Tokyo Metropolitan Area

590,438

O-4-039

Toshin Shoto Mansion

Central Tokyo

912,000

O-4-055

Harmony Kamikitazawa

Central Tokyo

400,000

O-4-062

Sho Minami Urawa

Tokyo Metropolitan Area

396,000

O-4-069

College Square Kitaikebukuro

Tokyo Metropolitan Area

727,000

O-4-070

College Square Tobu NerimaTokyo Metropolitan Area

892,000

O-4-071

College Square Akatsuka

Tokyo Metropolitan Area

734,000

O-4-072

Colleg Square Higashikurume

Tokyo Metropolitan Area

523,000

O-4-073

College Square Waseda II

Tokyo Metropolitan Area

215,000

O-4-074

College Square Myogadani

Tokyo Metropolitan Area

1,060,000

O-4-075

College Square Shinkoiwa

Tokyo Metropolitan Area

724,000

O-4-076

College Square Kiba

Tokyo Metropolitan Area

639,000

O-4-077

College Squrare KinshichoTokyo Metropolitan Area

490,000

O-4-078

College Square Waseda

Central Tokyo

316,000
490,095

O-5-013

willDo Kanayama Masaki

Major Metropolitan Areas

O-5-026

Excelsior Sakae

Major Metropolitan Areas

641,767

O-5-027

Stegea Hibino

Major Metropolitan Areas

317,603

O-5-040

willDo Chiyoda

Major Metropolitan Areas

633,000

O-5-041

willDo Taiko dori

Major Metropolitan Areas

1,120,000

O-5-042

willDo Kanayama

Major Metropolitan Areas

370,000

O-5-043

willDo Kanayama Sawashita

Major Metropolitan Areas

375,000
503,000

O-5-056

willDo Kachigawa

Major Metropolitan Areas

O-5-057

Stagea Kogane

Major Metropolitan Areas

600,000

O-5-063

willDo Inaei

Major Metropolitan Areas

641,000

O-6-014

willDo Ichioka

Major Metropolitan Areas

722,761

O-6-015

willDo Ebie

Major Metropolitan Areas

350,904

O-6-016

willDo Imafuku nishi

Major Metropolitan Areas

413,857

O-6-017

Maison Flora

Major Metropolitan Areas

584,285

O-6-018

Wind Four Minami-Honmachi

Major Metropolitan Areas

307,142

O-6-028

willDo Shin-Osaka sⅠ

Major Metropolitan Areas

285,723

O-6-029

Grand Mer Higashi Yodogawa

Major Metropolitan Areas

236,069

O-6-030

willDo Fukae minami

Major Metropolitan Areas

184,716

O-6-044

willDo Dainichi

Major Metropolitan Areas

217,000

13

Percentage ofPortfolio(％) (note 3)

1.1
0.3
0.3
0.3
0.5
0.3
0.3
0.5
0.5
0.3
0.5
0.5
0.5
0.2
0.5
4.9
0.3
0.4
0.2
0.5
0.6
0.6
0.7
0.6
0.9
0.4
0.4
0.7
0.9
0.7
0.5
0.2
1.0
0.7
0.6
0.5
0.3
0.5
0.6
0.3
0.6
1.1
0.4
0.4
0.5
0.6
0.6
0.7
0.3
0.4
0.6
0.3
0.3
0.2
0.2
0.2

Type

O-6-045

willDo Shin-Osaka sⅡ

Major Metropolitan Areas

AnticipatedAcquisition Price（JPY thousand）(note 2)
244,000

O-6-046

willDo Tsukamoto

Major Metropolitan Areas

730,000

O-6-047

willDo Tenmabashi

Major Metropolitan Areas

338,000

O-6-048

willDo Sakaisuji Honmachi

Major Metropolitan Areas

325,000

Property No.

Area（note 1）Name of Property

Percentage ofPortfolio(％) (note 3)

StudioO-6-059

willDo Hamasaki dori

Major Metropolitan Areas

O-6-060

St.Ammy Nishitenma

Major Metropolitan Areas

493,000

O-6-064

Excellent Matsuyamachi

Major Metropolitan Areas

810,000

O-9-019

Stars Uchiyama

Major Metropolitan Areas

160,000

0.2
0.7
0.3
0.3
1.0
0.5
0.7
0.5
0.2
2.2
0.5
0.8
0.2

O-9-020

Uchiyama-MinamiKokura-ekimae
Building

Major Metropolitan Areas

579,7610.6

O-9-021Duminas Tojin-machi

Major Metropolitan Areas

209,714O-9-022

Stream Line Ohori

Major Metropolitan Areas

382,857
2,460,000

0.2
0.4
2.4
0.2
0.3
0.7
0.8
1.2
0.5
0.3
0.5
0.5
0.7
0.4
49.6
0.4
0.5
0.3
0.4
1.0
0.5
1.5
0.7
1.5
0.4
0.7
0.6
2.0
0.4
0.6
0.3
0.4
1.7
0.6
2.1
0.3
5.2
0.4
0.5
1.3
0.8
0.5
0.6
0.3

O-6-049

willDo Tanimachi

Major Metropolitan Areas

1,040,000

O-6-050Imperial Sakurakawa-minami II

Major Metropolitan Areas

486,000

O-6-051

willDo Nanba wⅠ

Major Metropolitan Areas

690,000

O-6-052

Zekubenten

Major Metropolitan Areas

466,000

O-6-058

willDo Tsurumi Morokuchi

Major Metropolitan Areas

180,000
2,280,000

O-9-053

willDo Nakasu

Major Metropolitan Areas

O-9-061

NKR Gofuku-cho

Major Metropolitan Areas

231,000

O-2-065

Grand Mason Shichifuku

Major Metropolitan Areas

342,000

O-5-066

willDo Higashibetsuin

Major Metropolitan Areas

703,000

O-6-067

willDo Shin-Osaka

Major Metropolitan Areas

861,000

O-7-068

willDo Okayama-eki Nishiguchi

Major Metropolitan Areas

1,220,000

O-3-079

AS Premium Ishizue-machi

Major Metropolitan Areas

462,510O-3-080

AS Residence Sasaguchi

Major Metropolitan Areas

266,000

O-5-081

willDo Matsubara

Major Metropolitan Areas

549,000

O-5-082

willDo Yokkaichi Unomori

Major Metropolitan Areas

529,000

O-6-083

willDo Sannomiya East

Major Metropolitan Areas

731,000

O-6-084

willDo Kamishinjyo wI

Major Metropolitan Areas

Studio Sub-total

366,000
50,723,374

FamilyF-2-001

Royal Garden Shinrin Koen

Major Metropolitan Areas

396,190F-2-002

Green Park Komatsujima

Major Metropolitan Areas

550,523

F-2-003

Dia Palace Izumizaki

Major Metropolitan Areas

355,095

F-2-004

Sun Vario Takasago

Major Metropolitan Areas

364,904F-3-034

Ark Heim Niigata

Major Metropolitan Areas

1,060,000

F-4-005

Johanna Mansion

Tokyo Metropolitan Area

556,714F-4-006

Iruma-ekimae Building

Tokyo Metropolitan Area

1,517,000

F-4-007

Iruma-ekimae Building No.II

Tokyo Metropolitan Area

687,666

F-4-008

Sereno Omiya

Tokyo Metropolitan Area

1,554,523

F-4-009

Suzuran-kan

Tokyo Metropolitan Area

441,190F-4-010Bonheur Tokiwa

Tokyo Metropolitan Area

752,904F-4-011

Profit Link Takenotsuka

Tokyo Metropolitan Area

636,333

F-4-012

Takenotsuka Flat

Tokyo Metropolitan Area

2,051,809

F-4-013

Dream Heights

Tokyo Metropolitan Area

358,666

F-4-014

Green Hills Asukayama

Tokyo Metropolitan Area

587,238

F-4-015

Oji Heights

Tokyo Metropolitan Area

347,857

F-4-016

Sakagami Royal Heights No. II

Tokyo Metropolitan Area

360,714F-4-017

willDo Todoroki

Central Tokyo

1,764,809

F-4-018

Chez Moi Sakuragaoka

Tokyo Metropolitan Area

609,904F-4-019

Libest Nishi-chiba

Tokyo Metropolitan Area

2,152,476

F-4-020

Corinne Tsudanuma

Tokyo Metropolitan Area

352,761F-4-021

Isogo Flat

Tokyo Metropolitan Area

5,290,571

F-4-022

Chigasaki Daikan Plaza

Tokyo Metropolitan Area

453,571

F-4-028

Winbell Chorus Hiratsuka No.13

Tokyo Metropolitan Area

477,587

F-4-029

Libest Higashi Nakayama

Tokyo Metropolitan Area

1,371,314

F-4-030

Libest Nakayama

Tokyo Metropolitan Area

837,348

F-4-031

MGA Kanamachi

Tokyo Metropolitan Area

484,000

Central Tokyo

662,000

Tokyo Metropolitan Area

324,000

F-4-035

Greenhills Roka

F-4-036

Lofty Hirai

14

Type

F-4-038

Colonnade Kasuga

Tokyo Metropolitan Area

AnticipatedAcquisition Price（JPY thousand）(note 2)627,785F-5-023

Stellato City Temmacho

Major Metropolitan Areas

492,761F-5-024

Grace Mansion Fuji

Major Metropolitan Areas

735,000

F-5-032

Stellato City Sakurayama

Major Metropolitan Areas

677,000

F-5-037

Grand court Kurokawa

Major Metropolitan Areas

878,857

0.6
0.5
0.7
0.7
0.9

F-6-025

Rene Kobe-Kitamachi II Center
Court

Major Metropolitan Areas

635,666

0.6
1.8
0.6
3.0
36.3
4.1
0.6
0.7
1.4
0.5
3.7
3.1
14.1
100.0

Property No.

Area（note 1）Name of Property

F-6-026

willDo Nishi akashi

Major Metropolitan Areas

1,860,000

F-6-033

La Vita Nipponbashi

Major Metropolitan Areas

662,714F-9-027

Image Kirigaoka

Major Metropolitan Areas

Family Sub-total

Premium(note1)(note 2)
(note 3)

3,115,277
37,044,740

P-4-001

Chelsea Garden

Central Tokyo

4,238,476

P-4-002

c-MA1

Central Tokyo

618,095

P-4-003

c-MA2

Central Tokyo

699,285P-4-004c-MA3

Central Tokyo

1,480,808

P-4-005

n-GT1

Central Tokyo

466,095

P-4-006

n-OM1

Central Tokyo

3,750,000

P-4-007

Storia Jingumae

Central Tokyo

3,160,000

Premium Sub-total

14,412,760

Portfolio Total

102,180,875

Percentage ofPortfolio(％) (note 3)

Central Tokyo represents the 7 central Tokyo wards of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku, Setagaya-ku
and Meguro-ku. Tokyo Metropolitan Area represents the Kanto area excluding the 7 central Tokyo wards. Major Metropolitan Area
refers to Sapporo, Sendai, Chukyo, Keihanshin, Hiroshima and Kita-Kyushu, Fukuoka area and Major Metropolitan Areas withpopulation larger than 300,000 people.
Each of the amounts in the column of the “Anticipated Acquisition Price” are rounded off at thousand. Figures in the “Portfolio
total” and the “Sub-total are the sum of the anticipated acquisition prices, and shows the sum of the amounts rounded off at
thousand.
In the column of the “Percentage of Portfolio”, the figures are calculated as a percentage of the aggregate total acquisition
price of out anticipated portfolio of 129 properties and rounded to the second decimal place.

15

(Reference No.2)
Summary of Appraisal Reports
Direct Capitalization Method(note 1)

Property No.

Name of Property

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

Overall
Capitalization
Rate
（％）

DCF Method (note 2)

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）O-1-001

Satella Kita 34-jo

1,175,000

1,180,000

1,186,000

6.3

1,163,000

6.1

6.6

1,133,7143

O-1-002

Carrera 2.9

249,000

231,000

249,000

5.6

249,000

5.4

5.8

281,2858

O-1-003

Sapporo Hills

291,000

268,000

292,000

5.4

289,000

5.2

5.6

287,666

8

O-1-004

Satella Nagayama

361,000

356,000

361,000

6.6

361,000

6.4

6.8

342,4288

O-1-023

willDo Minami 12 jo

442,000

398,000

445,000

5.7

439,000

5.5

5.9

460,8398

O-1-032

willDo Kita 24 jo

314,000

336,000

310,000

5.8

315,000

5.5

5.9

316,000

5

O-1-033

Flat Carerra

291,000

194,000

290,000

5.5

291,000

5.2

5.6

290,000

5

O-1-034s13w9 h+465,000

462,000

461,000

5.6

466,000

5.3

5.7

463,000

5

O-1-035s9w12 h+542,000

571,000

538,000

5.6

544,000

5.3

5.7

533,000

5

O-1-036

willDo Minami hiragishi

316,000

311,000

313,000

5.7

317,000

5.4

5.8

315,000

5

O-2-037

willDo Nishishitadai cho

550,000

542,000

558,000

6.3

541,000

5.9

6.5

512,000

8

O-2-054

willDo Kamisugi 3 chome

498,000

512,000

504,000

5.6

491,000

5.5

5.8

506,000

3

O-4-005

532,000

475,000

539,000

5.6

529,000

5.8

5.9

499,333

1

O-4-006

Bell Koshigaya 21
Joyful Sayama

230,000

197,000

232,000

6.0

229,000

6.2

6.3

216,6191

O-4-007

Lumiere Hachioji

541,000

413,000

544,000

6.0

540,000

6.2

6.3

480,7611

O-4-008

willDo Kiyosumi

5,580,000

5,180,000

5,630,000

4.6

5,530,000

4.4

4.8

5,024,619

8

O-4-009

Turkey's Denen-Chofu
No.2

303,000

172,000

308,000

5.3

301,000

5.5

5.6

281,523

1

O-4-010Sky Court 100
FC Takasago-cho

401,000

335,000

404,000

5.7

399,000

5.3

5.9

379,857

2

O-4-011

256,000

190,000

259,000

5.5

255,000

5.7

5.8

233,1421

O-4-012Site Pia

547,000

530,000

553,000

5.4

541,000

5.2

5.6

506,1428

O-4-024

VISTA Supreme

523,000

424,000

529,000

5.2

516,000

5.0

5.4

563,5848

O-4-025

Joy Oyamadai

647,000

584,000

656,000

4.9

637,000

4.7

5.1

624,2658

O-4-031

Estage Otsuka

671,000

611,000

679,000

5.0

663,000

4.8

5.2

725,2298

O-4-038

willDo Niiza

634,000

597,000

640,000

5.4

627,000

5.2

5.6

590,4388

O-4-039

Toshin Shoto Mansion

913,000

1,250,000

926,000

5.0

899,000

4.8

5.2

912,000

3

O-4-055

Harmony Kamikitazawa

387,000

375,000

392,000

4.9

382,000

4.7

5.1

400,000

8

O-4-062

Sho Minami Urawa
College Square
Kitaikebukuro
College Square Tobu
Nerima396,000

327,000

403,000

5.3

393,000

5.1

5.5

396,000

6705,000

372,000

708,000

4.9

704,000

4.1

5.1

727,000

6

858,000

597,000

856,000

5.0

859,000

4.1

5.2

892,000

6

O-4-071

College Square Akatsuka

723,000

444,000

718,000

5.0

727,000

4.1

5.2

734,000

6

O-4-072

Colleg Square
Higashikurume523,000

382,000

539,000

5.3

516,000

5.3

5.6

523,000

1

O-4-073

College Square Waseda II

209,000

238,000

207,000

4.8

210,000

4.1

5.0

215,000

6

O-4-074

College Square
Myogadani

1,030,000

619,000

1,070,000

4.9

1,010,000

4.9

5.2

1,060,000

1O-4-075

College Square Shinkoiwa

710,000

460,000

720,000

5.0

705,000

4.1

5.2

724,000

6

O-4-076

College Square Kiba

638,000

437,000

655,000

5.0

631,000

5.1

5.3

639,000

1

O-4-077

College Squrare Kinshicho

488,000

324,000

510,000

4.9

478,000

4.9

5.2

490,000

1

O-4-078

College Square Waseda

307,000

296,000

315,000

4.8

303,000

5.0

5.1

316,000

1

O-5-013

willDo Kanayama Masaki

553,000

527,000

558,000

5.5

548,000

5.3

5.7

490,095

8

O-5-026

Excelsior Sakae

645,000

657,000

653,000

5.2

637,000

5.0

5.4

641,7678

O-5-027

Stegea Hibino

315,000

313,000

318,000

5.5

312,000

5.3

5.7

317,6038

O-5-040

willDo Chiyoda

634,000

544,000

640,000

5.5

632,000

5.3

5.7

633,000

6

O-5-041

willDo Taiko dori
willDo Kanayama

1,170,000

938,000

1,180,000

5.4

1,160,000

5.1

5.7

1,120,000

2

370,000

297,000

375,000

5.6

367,000

5.4

5.8

370,000

6

376,000

330,000

380,000

5.6

375,000

5.4

5.8

375,000

6

O-4-069
O-4-070

O-5-042O-5-043
O-5-056

willDo Kanayama
Sawashita
willDo Kachigawa
Stagea Kogane

517,000

438,000

526,000

5.7

507,000

5.4

6.0

503,000

4

O-5-057

600,000

497,000

609,000

5.7

587,000

5.5

6.0

600,000

3

O-5-063

willDo Inaei

641,000

637,000

635,000

5.8

643,000

5.6

6.0

641,000

6

O-6-014

willDo Ichioka

717,000

672,000

723,000

5.3

711,000

5.1

5.5

722,7618

16

Direct Capitalization Method(note 1)

Property No.

Name of Property

DCF Method (note 2)

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

Overall
Capitalization
Rate
（％）

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）O-6-015

willDo Ebie

376,000

329,000

379,000

5.2

372,000

5.0

5.4

350,9048

O-6-016

willDo Imafuku nishi

423,000

342,000

431,000

5.5

420,000

5.2

5.8

413,857

2

O-6-017

Maison Flora579,000

440,000

593,000

5.6

570,000

5.4

6.0

584,2852

O-6-018

Wind FourMinami-Honmachi

301,000

296,000

306,000

6.2

295,000

5.9

6.4

307,1424

O-6-028

willDo Shin-Osaka sⅠ

307,000

212,000

311,000

5.4

303,000

5.1

5.6

285,7234

O-6-029

Grand Mer Higashi
Yodogawa

261,000

214,900

264,000

5.6

258,000

5.3

5.8

236,069

4

O-6-030

willDo Fukae minami

178,000

181,000

178,000

5.6

177,000

5.4

5.8

184,7168

O-6-044

willDo Dainichi

222,000

178,000

223,000

5.8

221,000

6.0

6.1

217,000

1

O-6-045

willDo Shin-Osaka sⅡ

241,000

197,000

244,000

5.4

238,000

5.1

5.6

244,000

4

O-6-046

willDo Tsukamoto

764,000

605,000

775,000

5.6

752,000

5.3

5.8

730,000

4

O-6-047

willDo Tenmabashi

336,000

271,000

338,000

5.3

335,000

5.5

5.6

338,000

1

O-6-048

willDo Sakaisuji Honmachi

328,000

276,000

331,000

5.5

327,000

5.7

5.8

325,000

1

O-6-049

willDo Tanimachi

998,000

806,000

1,010,000

5.3

993,000

5.0

5.6

1,040,000

2

O-6-050Imperial
Sakurakawa-minami II

490,000

395,000

495,000

5.6

488,000

5.8

5.9

486,000

1

O-6-051

willDo Nanba wⅠ

697,000

542,000

702,000

5.6

695,000

5.8

5.9

690,000

1

O-6-052

Zekubenten

489,000

388,000

495,000

5.4

482,000

5.1

5.6

466,000

4

O-6-058

willDo Tsurumi Morokuchi

181,000

165,000

182,000

5.9

180,000

6.1

6.2

180,000

1

O-6-059

willDo Hamasaki dori

2,280,000

1,850,000

2,290,000

5.8

2,270,000

5.6

6.0

2,280,000

6O-6-060

St.Ammy Nishitenma

505,000

412,000

508,000

5.3

503,000

5.5

5.6

493,000

1

O-6-064

Excellent Matsuyamachi

810,000

677,000

815,000

5.3

808,000

5.1

5.5

810,000

6

O-9-019

Stars Uchiyama

172,000

146,300

174,000

6.2

169,000

5.9

6.4

160,000

4

O-9-020

Uchiyama-MinamiKokuraekimae Building

440,000

549,100

456,000

6.2

423,000

5.9

6.5

579,7614

O-9-021Duminas Tojin-machi

213,000

222,400

215,000

5.6

210,000

5.3

5.8

209,7144

O-9-022

Stream Line Ohori

449,000

419,000

457,000

5.7

446,000

5.4

6.0

382,857

2

O-9-053

willDo Nakasu

2,620,000

2,600,000

2,640,000

5.3

2,600,000

5.1

5.5

2,460,000

8O-9-061

NKR Gofuku-cho

233,000

263,400

236,000

5.5

229,000

5.2

5.7

231,000

4

O-2-065

Grand Mason Shichifuku

342,000

290,000

341,000

5.8

343,000

5.6

6.0

342,000

6

O-5-066

willDo Higashibetsuin

703,000

538,000

722,000

5.4

695,000

5.1

5.7

703,000

5

O-6-067

willDo Shin-Osaka

861,000

926,000

863,000

5.3

860,000

5.5

5.6

861,000

3

O-7-068

willDo Okayama-eki
Nishiguchi

1,220,000

887,000

1,230,000

5.8

1,220,000

6.0

6.1

1,220,000

3O-3-079

AS Premium
Ishizue-machi

469,000

506,000

467,000

6.2

471,000

6.0

6.4

462,5108

O-3-080

AS Residence Sasaguchi

266,000

288,000

267,000

6.0

264,000

5.8

6.2

266,000

8

O-5-081

willDo Matsubara

549,000

546,000

554,000

5.8

543,000

5.6

6.0

549,000

8

O-5-082

willDo Yokkaichi Unomori

558,000

534,000

560,000

6.1

556,000

5.9

6.3

529,1508

O-6-083

willDo Sannomiya East

731,000

735,000

737,000

5.6

725,000

5.4

5.8

731,000

8

O-6-084

willDo Kamishinjyo wI

366,000

385,000

370,000

5.4

361,000

5.2

5.6

366,000

8

51,742,000

45,652,100

52,255,000－

51,331,000－－

50,723,374

F-2-001

Royal Garden Shinrin
Koen

416,000

339,000

422,000

5.7

410,000

5.5

6.0

396,190F-2-002

Green Park Komatsujima

485,000

464,000

491,000

5.9

478,000

5.7

6.2

550,5233

F-2-003

Dia Palace Izumizaki

354,000

401,000

358,000

5.7

349,000

5.5

6.0

355,095

3

F-2-004

Sun Vario Takasago

F-3-034

Ark Heim Niigata

F-4-005

Johanna Mansion

574,000

663,000

575,000

6.7

F-4-006

Iruma-ekimae Building

1,610,000

990,000

1,640,000

6.1

F-4-007

Iruma-ekimae Building
No.II

780,000

580,000

795,000

6.2

773,000

F-4-008

Sereno Omiya

1,780,000

2,370,000

1,800,000

5.6

1,760,000

F-4-009

Suzuran-kan

446,000

431,000

459,000

5.5

440,000

F-4-010Bonheur Tokiwa

747,000

735,000

754,000

5.5

739,000

5.3

Studio Sub-total

3372,000

339,000

372,000

6.0

363,000

5.8

6.4

364,9042

1,040,000

1,120,000

1,050,000

6.2

1,020,000

6.0

6.5

1,060,000

3574,000

6.9

7.0

556,7141

1,590,000

6.3

6.4

1,517,000

1

6.4

6.5

687,666

1

5.4

5.9

1,554,523

3

5.7

5.8

441,1901

5.7

752,904

317

Direct Capitalization Method(note 1)

Property No.

Name of Property

Appraisal Value（thousand）

Value Indicatedby CostApproach（thousand）

Value
indicated by
DirectCapitalization
Method（thousand）

DCF Method (note 2)

Overall
Capitalization
Rate
（％）

Value Indicated DCF
by DCF
Rate(thousand）（％）

DCF
Terminal
Capitalization
Rate（％）

Acquisition Price（Anticipated）（thousand）

Appraiser（note 3）F-4-011

Profit Link Takenotsuka

621,000

661,000

627,000

5.7

618,000

5.9

6.0

636,333

1

F-4-012

Takenotsuka Flat

2,070,000

2,240,000

2,110,000

5.7

2,030,000

5.4

5.9

2,051,809

4F-4-013

Dream Heights

374,000

312,000

376,000

5.5

373,000

5.7

5.8

358,666

1

F-4-014

Green Hills Asukayama

596,000

600,000

602,000

5.5

594,000

5.7

5.8

587,2381

F-4-015

Oji Heights

399,000

258,000

402,000

5.0

398,000

5.2

5.3

347,857

1

F-4-016

Sakagami Royal Heights
No. II

369,000

348,000

372,000

5.5

367,000

5.7

5.8

360,7141

F-4-017

willDo Todoroki

1,869,000

1,340,000

1,895,000

4.4

1,842,000

4.2

4.6

1,764,809

3F-4-018

Chez Moi Sakuragaoka

626,000

420,000

631,000

5.6

624,000

5.8

5.9

609,9041

F-4-019

Libest Nishi-chiba

2,360,000

2,940,000

2,380,000

5.7

2,350,000

5.9

6.0

2,152,476

1

F-4-020

Corinne Tsudanuma

F-4-021

Isogo Flat

F-4-022

377,000

395,000

382,000

5.5

371,000

5.3

5.8

352,76185,410,000

6,320,000

5,450,000

6.0

5,370,000

5.7

6.2

5,290,571

4

Chigasaki Daikan Plaza

473,000

337,000

479,000

5.8

470,000

6.0

6.1

453,5711

F-4-028

Winbell Chorus Hiratsuka
No.13

434,000

427,000

436,000

5.5

431,000

5.3

5.7

477,5878

F-4-029

Libest Higashi Nakayama

1,530,000

1,490,000

1,530,000

5.7

1,530,000

5.9

6.0

1,371,314

1

F-4-030

Libest Nakayama

893,000

1,190,000

894,000

6.2

893,000

6.4

6.5

837,3481

F-4-031

MGA Kanamachi

484,000

470,000

491,000

5.2

476,000

5.0

5.4

484,000

8

F-4-035

Greenhills Roka

683,000

754,000

689,000

5.1

681,000

4.8

5.4

662,000

2

F-4-036

Lofty Hirai

344,000

239,000

348,000

5.6

342,000

5.6

5.9

324,000

1

F-4-038

Colonnade Kasuga

710,000

669,000

711,000

5.5

708,000

5.3

5.7

627,7858F-5-023

Stellato City Temmacho

495,000

435,000

494,000

6.1

495,000

5.9

6.3

492,7618

F-5-024

Grace Mansion Fuji

735,000

671,000

742,000

5.5

727,000

5.3

5.8

735,000

3

F-5-032

Stellato City Sakurayama

647,000

677,000

652,000

5.4

645,000

5.1

5.7

677,000

2

F-5-037

Grand court Kurokawa

793,000

1,450,000

812,000

6.4

773,000

6.1

6.6

878,857

4

F-6-025

Rene Kobe-Kitamachi II
Center Court

718,000

1,226,000

727,000

6.5

708,000

6.2

6.7

635,666

4

F-6-026

willDo Nishi akashi

1,860,000

1,980,000

1,880,000

5.4

1,840,000

5.1

5.6

1,860,000

4F-6-033

La Vita Nipponbashi

616,000

674,000

615,000

6.2

616,000

5.9

6.4

662,7144

F-9-027

Image Kirigaoka

3,160,000

2,975,000

3,260,000

4.7

3,160,000

4.6

4.8

3,115,277

7

Family Sub-total

38,250,000

39,930,000

38,703,000－

37,928,000－－

37,044,740

P-4-001

Chelsea Garden

4,318,000

4,528,000

4,353,000

4.4

4,303,000

4.1

4.5

4,238,476

5P-4-002c-MA1

626,000

614,000

630,000

4.5

624,000

4.2

4.6

618,095

5P-4-003c-MA2

813,000

833,000

824,000

4.5

802,000

4.3

4.7

699,2858P-4-004c-MA3

1,420,000

2,150,000

1,430,000

4.6

1,420,000

4.3

4.7

1,480,808

5P-4-005

n-GT1

478,000

453,000

484,000

4.8

475,000

5.0

5.1

466,095

1

P-4-006

n-OM1

3,840,000

4,280,000

3,820,000

4.5

3,860,000

4.4

4.7

3,750,000

6P-4-007

Storia Jingumae

3,160,000

3,690,000

3,260,000

4.1

3,160,000

4.0

4.2

3,160,000

7

Premium Sub-total

14,655,000

16,548,000

14,801,000－

14,644,000－－

14,412,760

101,708,000 99,136,100 102,804,000
99,277,214
Total－ 100,983,000－－(note 1) ”Direct Capitalization Method” is under Capitalization Method ( method to calcurate assessment value of target property by sum of present values of net income to begenerated by the target property), a method to capitalize net income during a fixed period by a capitalization rate (overall capitalization rate), and the capitalized
value of the net income is a value indicated by direct capitalization method. Overall capitalization rate is rounded off at second decimal place.
(note 2) “DCF Method”is under the method referred at (note 1), sum of each present value, which is calcurated from discounts of net income or recovery price generated
during a continuing period. Discount rate during a final period in continuous several periods is DCF Terminal Cap Rate, and discount rate during the period excluding
the final period is DCF rate. Both of DCF rate and DCF Terminal Cap Rate are rounded off at second decimal place.
(note 3) In colum of “Appraiser”, representation of “1” is for Tanizawa Sogo Appraisal Co., Ltd.,”2” for Nippon Tochi-Tatemono Ltd., “3”for Real Estate Investment Advisors
Co.,Ltd., “4”for Morii Appraisal & Investment Consulting Inc., “5” for Rich Appraisal Institute K.K., “6”for Daiwa Real Estate Appraisal Co.,Ltd., “7”for Land
Coordinating Research Inc., “8”for Japan Real Estate Institute.

18