English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
April 11, 2019
To All Concerned Parties
REIT Issuer: Japan Rental Housing Investments Inc.
4-17-33 Minami Aoyama, Minato-ku, Tokyo 107-0062
Ikuo Shoda, Executive Director(Securities Code: 8986)
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.
Toshio Fukushima, President and Chief Executive Officer
Inquiries: Seiji Kimoto, Deputy Chief Corporate Division Officer
Tel: +81-3-6757-9680

Notice Concerning Acquisition and Disposition of Assets

Japan Rental Housing Investments Inc. (hereafter referred to as the “Investment Corporation”) hereby announces that Daiwa
Real Estate Asset Management Co. Ltd. (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”) and disposeof the following assets under management (hereafter referred to as the “Disposition”). Details are provided below.

I. Summary and Reasons for the Acquisition and the Disposition[Asset to be acquired]
The property to be acquired will be completed in July this year. The property is planned to be acquired on a date after
completion that is to be determined separately upon consultation between the Investment Corporation and the seller (Note 1).
Considering that certain features of the property to be acquired—including its profitability, its location in central Osaka City, andthe fact that it is a new building—will help improve the quality of the Investment Corporation’s portfolio, the Asset Manager has
decided to make the acquisition. For details, please refer to the following.

Name of Property

Serenite Umeda
RefletRegionThree Major
Metropolitan Areas(Osaka city, Osaka)

Property
Type

Studio(Note 2)

Appraisal Value(as of Feb 2019)(B)(JPY thousand)(Note 3)Difference Between
AnticipatedAcquisition Priceand Appraisal Value(B)-(A)(JPY thousand)((A)/(B))

1,148,753

1,220,000

71,246(94.2%)

AnticipatedAcquisition Price(A)(JPY thousand)(Note 1) The property will be acquired on a date between the day (inclusive) when it will be confirmed that the assumptions specified in the sales agreement aresatisfied and December 27, 2019 (inclusive) to be determined separately upon consultation between the Investment Corporation and the seller. The dateof acquisition will be determined so as to avoid development risk etc. (As of now, the date of acquisition is planned to be around September 2019.)(Note 2) Anticipated Acquisition Price does not include acquisition expenses, adjustments to property tax and city planning tax, and consumption tax and local
consumption tax. The price is rounded down to the nearest thousand yen. The same applies hereinafter.
(Note 3) We conduct appraisals of buildings etc. yet to be completed based on the real estate appraisal standard. The building of the property was not completed
at the time of appraisal, and we conducted an appraisal, assuming that construction work will be completed according to the working drawing etc. anduse and profit generation will become possible.
(Note 4) 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).

1

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
(1) Location
The property is a new condominium for single-person households, targeting working people. It is a three-minute walk from
Minamimori-machi Station on the Osaka Metro Tanimachi Line and Sakaisuji Line and within walking distance from the
Umeda area, which has the greatest concentration of offices and commercial buildings in Osaka. It is close also to theTenjinbashisuji shopping street, which attracts a large number of visitors. The property is convenient for commuting andeveryday life.
(2) Building equipment
The building is a 15-story reinforced concrete structure. It is new, and both the common use space and exclusive space havevery functional features. It is comfortable for the tenants.
[Asset to be disposed]
Each of the properties to be sold is a small property (whose sales price is 500 million yen or less) outside the Tokyo
metropolitan area or a relatively old property, and the disposition price of each property is equal to or exceeds the appraisal
value. Thus, considering that selling those properties and replacing them with new properties to be acquired will help improve
the quality of the Investment Corporation’s portfolio, the Asset Manager has decided to sell them.
PlannedAppraisal Value Difference between(as of the end of Appraisal Value Disposition Price(C)
September 2018) and Book Value(B) - (A)(JPY thousand)(B)(JPY thousand)(Note2)(JPY thousand)Difference between
Difference between
PlannedPlanned
Disposition Price
Disposition Priceand Appraisal
and Book Value
Value(C) - (A)(C) - (B)(JPY thousand)(JPY thousand)Book Value(prospect as ofApril 25, 2019)(A)(JPY thousand)

Building
Age(Note1)

willDo Ishizuecho(Niigata city, Niigata)383,567

12.1yrs

470,000

86,432

488,000

18,000104,432

willDo Sasaguchi(Niigata city, Niigata)228,655

12.1yrs

270,000

41,344

279,000

9,000

50,344

Ark Heim Niigata(Niigata city, Niigata)1,015,562

29.4yrs

847,000(168,562)

1,032,000

185,000

16,437

Johanna Mansion(Niigata city, Niigata)509,491

27.1yrs

353,000(156,491)

428,000

75,000(81,491)

Joyful Sayama(Sayama city, Saitama)

206,91127.7yrs

200,000(6,911)

220,000

20,00013,088

Lumiere Hachioji(Hachioji city, Tokyo)

445,551

33.1yrs

420,000(25,551)

420,000

0(25,551)

willDo Honchiba(Chiba city, Chiba)

354,099

28.4yrs

427,000

72,900484,000

57,000129,900

Maison Flora(Kobe city, Hyogo)

565,072

28.9yrs

494,000(71,072)

494,000

0(71,072)

willDo Tenmabashi(Osaka city, Osaka)

296,253

13.6yrs

316,000

19,746

345,000

29,00048,746

willDo Sakaisujihonmachi(Osaka city, Osaka)

281,510

12.6yrs

268,000(13,510)

310,000

42,00028,489Total

4,286,675-

4,065,000(221,675)

4,500,000

435,000

213,324

Property Name
(Location)(Note1) The age as of today is indicated.
(Note2) Planned Disposition Price excludes sales expenses, fixed asset tax and city planning tax adjustments, and consumption tax and local consumption tax;
hereinafter the same.
(Note3) The disposition dates of the above ten properties are scheduled on April 25, 2019.

With the Acquitision and the Disposition, the total asset size is expected to be 222 billion yen for the 189 portfolio properties(acquisition price base, total of 12,780 units.)2

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

II. Details of Anticipated Properties
O-6-155 Serenite Umeda Reflet◇ Overview of the Property
Category of anticipatedproperty for acquisition
Location (Note 1)
Land

Building

Real estate(Residential indication) (undicided), NishiTenma, Kita-ku, Osaka-city, Osaka(Lot number) 5-35-3 NishiTenma, Kita-ku, Osaka-city, Osaka
Proprietary
Use Area (Note 2)
Commercial districts
Type of ownershipownership
Area (Note 1)
210.40m2 FAR/Building coverage ratio (Note 3)
800% / 80%
Proprietary
Condominium, retail store,
Use (Note 1)
Type of ownershipownership
garage)2
Floor space (Note 1)
1,986.80m
Completion date (Note 1)
July, 2019 (planned)
Structure type (Note 1) RC, 15-story and underground 1-story building with flat roof
57 units (1K: 14 units, 2K: 14 units, 1LDK: 28 units, Office: 1 unit)

No. of leasable units by type
Property management
HASEKO LIVENET, Inc.
company (planned)
Master lease party (planned)
G.K. Japan Rental Housing
Type of master lease (planned)
Pass through◇ Property Lease Summary (Note 4)◇ Property Engeineering Report Summary (Note 8)
Number of tenants (Note 5)
1 Engineering report company
ERI Solution, Co., Ltd.
Leasable area (Note 6)
1,656.38m2 Date of report
March 1, 2019
Leased area
- Priority repairs
Monthly rent (Note 7)
5,634 thousand Near-future repairs (1 year)
Lease and guarantee deposits- Far-future repairs (2~12 years)
18,730 thousand
Occupancy ratio- Probable maximum loss (PML)
11.0%
Special Note: This building is not completed at the time of the contract conclusion. Assuming that the building will be completed, theInvestment Corporation will acquire the property after the building is completed.
Collateral: None
(Note 1) In the Location, Area, Floor space, Structure type, Use, and Completion date fields, information is entered based on the registry and engineering report.
In the Structure type field, the following abbreviations are used: 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 February 1, 2019 for the anticipated properties.
(Note 5) If a master lease agreement is planned to be concluded with a master lease company, the number of tenants is 1.
(Note 6) “Leasable area” shows the leasable area of the anticipated properties as of April 11, 2019, 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) The number in the Monthly rent field is monthly rental income (rent, common area charge, income from parking facilities, etc.) based on the estimatedappraisal value and other data on February 1, 2019 for the property to be acquired. The number is rounded down to the nearest thousand. An expectedoccupancy ratio that is used as an assumption for the abovementioned estimated data may not be achieved at the time of acquisition.
(Note 8) 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 February 2019.

3

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

III. Details of the Property to be Disposed
O-3-079 willDo Ishizuecho
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

O-3-080 willDo Sasaguchi
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Real estate
2267-1 Ishizuecho dori gonomachi, Chuo-ku, Niigata city, Niigata
Proprietary ownership
659.45 square meters
Neighborhood commercial districts
300% / 80%
Proprietary ownership
Condominium
RC 9-story building with flat roof
2,174.07 square meters
February 19, 2007
383,567 thousand yen
488,000 thousand yen
104,432 thousand yen
470,000 thousand yen
Japan Real Estate Institute1
20,620 thousand yen (rental business revenue during the fiscal
period ended September 2018
2,967 thousand yen (as of September 30, 2018)
1,868.64 square meters
1,790.55 square meters (as of September 30, 2018)

Real estate
13-14 Sasaguchi 2-chome, Chuo-ku, Niigata city, Niigata
Proprietary ownership
284.00 square meters
Commercial districts
400% / 80%
Proprietary ownership
Condominium
RC 8-story building with flat roof
1,055.84 square meters
February 21, 2007
228,655 thousand yen
279,000 thousand yen
50,344 thousand yen
270,000 thousand yen
Japan Real Estate Institute1
12,364 thousand yen (rental business revenue during the fiscal
period ended September 2018
1,790 thousand yen (as of September 30, 2018)
1,008.00 square meters
1,008.00 square meters (as of September 30, 2018)4

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
F-3-034 Ark Heim Niigata
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

F-4-005 Johanna Mansion
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Real estate
3-13 Sasaguchi, Chuo-ku, Niigata city, Niigata
Proprietary ownership
2,757.50 square meters
Neighborhood commercial districts
300% / 80%
Proprietary ownership
Condominium, Office, Retail
SRC・RC, 10-story building with flat roof
7,955.53 square meters
November 28, 1989
1,015,562 thousand yen
1,032,000 thousand yen
16,437 thousand yen
847,000 thousand yen
Japan Real Estate Institute1
54,000 thousand yen (rental business revenue during the fiscal
period ended September 2018
11,395 thousand yen (as of September 30, 2018)
6,945.03 square meters
6,895.38 square meters (as of September 30, 2018)

Real estate
287 Koaigi-machi, Maebashi city, Gunma
Proprietary ownership
2,630.32 square meters
Semi-industrial area, Type 1 Middle-to-High Rise Residential Area
200% / 60%
Proprietary ownership
Condominium
SRC 10-story building with flat roof
4,537.72 square meters
February 22, 1992
509,491 thousand yen
428,000 thousand yen(81,491) thousand yen
353,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
1
22,982 thousand yen (rental business revenue during the fiscal
period ended September 2018
3,887 thousand yen (as of September 30, 2018)
4,143.96 square meters
4,143.96 square meters (as of September 30, 2018)5

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-4-006 Joyful Sayama
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

O-4-007 Lumiere Hachioji
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of Ownership
Land

Land Area

Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Real estate8-33 Irumagawa 2-chome, Sayama city, Saitama
Proprietary ownership
620.75 square meters
Type 1 residential area
200% / 60%
Proprietary ownership
Condominium
RC, 4-story building with flat roof
1,046.61 square meters
July 29, 1991
206,911 thousand yen
220,000 thousand yen
13,088 thousand yen
200,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
19,875 thousand yen (rental business revenue during the fiscal
period ended September 2018
1,016 thousand yen (as of September 30, 2018)
870.97 square meters803.97 square meters (as of September 30, 2018)

Real estate519-1 Kobiki-machi, Hachioji city, Tokyo
Proprietary ownership
1,595.42 square meters(Note) A part of the land (about 44 m²) of this property is used as a road.

Type 1 Middle-to-High Rise Residential Area
200% / 60%
Proprietary ownership
Condominium
SRC 5-story building with flat roof
2,254.89 square meters
March 14, 1986
445,551 thousand yen
420,000 thousand yen(25,551) thousand yen
420,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
1
19,428 thousand yen (rental business revenue during the fiscal
period ended September 2018
1,560 thousand yen (as of September 30, 2018)
1,692.90 square meters
1,657.80 square meters (as of September 30, 2018)6

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-4-010 willDo Honchiba
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

O-6-017 Maison Flora
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Real estate29-4 Nagazu 1-chome, Chuo-ku, Chiba city, Chiba
Proprietary ownership (Sight rights)
545.94 square meters
Commercial districts
400% / 80%
Proprietary ownership (Unit ownership)
Residence, Retail, Parking
SRC, 8-story and Underground 1-story building with flat roof
2,201.20 square meters
October 29, 1990
354,099 thousand yen
484,000 thousand yen
129,900 thousand yen
427,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
1
20,500 thousand yen (rental business revenue during the fiscal
period ended September 2018
3,453 thousand yen (as of September 30, 2018)
1,903.82 square meters
1,776.32 square meters (as of September 30, 2018)

Real estate
17-27 Hanakuma-cho, Chuo-ku, Kobe city, Hyogo
Proprietary ownership
470.40 square meters
Commercial districts
400% / 80%
Proprietary ownership
Retail, Condominium
RC 8-story building with slate flat roof
2,064.56 square meters
June 1, 1990
565,072 thousand yen
494,000 thousand yen(71,072) thousand yen
494,000 thousand yen
Japan Real Estate Institute1
18,746 thousand yen (rental business revenue during the fiscal
period ended September 2018
3,417 thousand yen (as of September 30, 2018)
1,686.72 square meters
1,686.72 square meters (as of September 30, 2018)7

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
O-6-047 willDo Tenmabashi
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

O-6-048 willDo Sakaisuji honmachi
Asset to be Disposed
Trust company
Trust agreement period
Location
Type of OwnershipLand Area
Land
Area Classification
FAR / Building Coverage Ratio
Type of Ownership
Use
Building
Type of Structure/No. of floors
Floor Space
Completion Date
Book Value (prospect as of April 25, 2019)
Planned Disposition Price
Planned Disposition Price - Book Value
Appraisal Value (as of the end of September 2018)
Appraiser
Tenant Profile
Number of Tenants
Total Rental Revenue
Lease Deposits and Guarantee Deposits
Total Leasable Area
Total Leased Area

Real estate
4-7 Koku-machi 2-chome, Chuo-ku, Osaka city, Osaka
Proprietary ownership
169.28 square meters
Commercial districts
800% / 80%
Proprietary ownership
Condominium
RC 11-story building with flat roof
801.51 square meters
September 13, 2005
296,253 thousand yen
345,000 thousand yen
48,746 thousand yen
316,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
1
11,141 thousand yen (rental business revenue during the fiscal
period ended September 2018
1,000 thousand yen (as of September 30, 2018)
678.00 square meters678.00 square meters (as of September 30, 2018)

Real estate
2-15 Zaimoku-cho, Chuo-ku, Osaka city, Osaka
Proprietary ownership
178.06 square meters
Commercial districts
800% / 80%
Proprietary ownership
Condominium
RC, 11-story building with flat roof
974.21 square meters
September 9, 2006
281,510 thousand yen
310,000 thousand yen
28,489 thousand yen
268,000 thousand yen
Tanizawa Sogo Appraisal Co., Ltd.
1
10,184 thousand yen (rental business revenue during the fiscal
period ended September 2018
991 thousand yen (as of September 30, 2018)
740,28 square meters740,28 square meters (as of September 30, 2018)8

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

IV. Due Diligence Information
Property Number
and Property Name
O-6-155
Serenite Umeda
RefletBuilding Promoter

Architect

SUNADAPROPERTY Sunada Contruction
INC.
Co., Ltd.

Building Contractor

Verification Agency

Inspection Agency

Sunada Contruction
Co., Ltd.

Osaka Building
Disaster Prevention
Center(Note)(Note) All of the anticipated properties have received approval notices of their structural calculation suitability from an approved structural calculation review
agency under the amended Building Standards Act (June 2007, implementation), so no additional investigation by a third-party has been performed.

V. Profile of the Counterparty[Asset to be acquired]Company nameHead office location
Representative
Main business
Paid-in capital
Date of establishment
Net assets
Total assets
Major shareholders andshareholding ratio
Relationship between theInvestment Corporation or
Asset Manager and thiscompany

SUNADAPROPERTY INC.
2-2-21, Kuzuhanamiki, Hirakata-city, Osaka
President Naoshige Sunada
Real estate business
Non-disclosure (Note)
Non-disclosure (Note)
Non-disclosure (Note)
Non-disclosure (Note)
Non-disclosure (Note)
There are no capital, personnel or business ties between the Investment Corporation or the Asset Manager.
Also, there are no such ties between affiliates of the Investment Corporation or the Asset Manager. The
company is not classified as an interested party, etc. under the Enforcement Order for Act on Investment
Trusts and Investment Corporation, nor is defined as an interested party, etc. under the internal rules on
dealings with interested parties of the Asset Manager.

(Note) We are not disclosing further details as the seller’s consent has not been obtained.

[Asset to be disposed]
All assets to be disposed of will be sold to the domestic companies (the “Buyers”), whose names are not disclosed because thecompanies has not agreed to disclosure. There are no capital, human, or business relationships between the Investment
Corporation or the Asset Manager and the Buyers. The Buyers are not related party of the Investment Corporation or the AssetManager.
The Buyers do not fall under the category of interested persons under the Order for Enforcement of the Act on Investment
Trusts and Investment Corporations. Nor do it fall under the category of interested party, etc. under the internal rules on dealings
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[Asset to be acquired]
Not applicable.

9English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
[Asset to be disposed]
The broker for the assets to be disposed of is a domestic company, whose name is not disclosed because the broker has notagreed on the disclosure of its name etc. There are no capital, human, or business relationships between the Investment
Corporation or the Asset Manager and the broker. The broker is not a related party of the Investment Corporation or the AssetManager.
The broker does not fall under the category of interested persons under the Order for Enforcement of the Act on Investment
Trusts and Investment Corporations. Nor does it fall under the category of interested party, etc. under the internal rules on
dealings with interested parties of the Asset Manager.

VIII. Funds for Acquisition
Own funds or loans

IX. Settlement Method
For the asset to be acquired, Lump-sum settlement at the time of acquisition.
For the asset to be disposed, Lump-sum settlement at the time of disposed.

X．Use of Disposition Proceeds
The proceeds from the Disposition will be kept as cash on hand and allocated to part of funds for future acquisition of
specified assets and associated expenses as well as funds for redemption of investment corporation bonds or repayment ofborrowings.

XI. Acquisition and Disposition Schedule[Acquisition]
・Decision of Acquisition andConclusion of Purchase Agreement
・Payment and Delivery[Disposition]
・Decision of Disposition andConclusion of Transfer Agreement
・Payment and Delivery: April 11, 2019
: Undicided (A date between the day (inclusive) when it will be confirmed that theassumptions specified in the sales agreement are satisfied and December 27, 2019
(inclusive) to be determined separately upon consultation between the Investment
Corporation and the seller. As of now, the date is planned to be around September 2019.): April 11, 2019
: April 25, 2019 (Scheduled)10English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

XII．Impact on the Investment Corporation’s Finances if Forward Commitment, etc. is Not Able to be Met
The sales contract for the asset to be acquired fall under the category of forward commitments, etc. (future-dated sales
contracts where settlement and delivery take place a month or more after the conclusion of the contract, and other similar
contracts) provided for in the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.
Under the sales contract, if the contract is cancelled due to the Investment Corporation’s failure to perform the obligations
specified in the contract, the Investment Corporation shall promptly pay 10% of the entire sales price as a penalty. However, theInvestment Corporation has ample funds of its own, and Investment Corporation considaers that the sales contract is not likely tohave a significant adverse effect on the Investment Corporation’s finances and distributions.

XIII．Rotation Rule between the Investment Corporation and Daiwa Residential Private Investment Corporation
The property to be acquired will be completed in an odd-numbered year in the Christian calendar, and the Investment
Corporation is given priority.

XⅣ．Forecasts
The Acquisition and the Disposition will have only a slight impact on the asset management condition in the fiscal period ending
September 30, 2019 (April 1, 2019 to September 30, 2019), and there is no change in the asset management forecast.
All or part of the gain on the Disposition (estimated to be 131 million yen (see Note)) will be internally reserved in considerationof the leveling of distributions and the effect of the Disposition on distributions from the 27th fiscal period (ending September 30,2019).
While revenue will decline due to the Disposition, we will strive to maintain distributions by acquiring properties using surplus
funds. If we cannot offset the decline in revenue due to the timing of acquisitions, etc., we will endeavor to maintain the level of
distributions using the abovementioned gain on the Disposition and reducing temporary reserves. Details will be announced at thetime of the announcement of financial results for the 26th fiscal period.
(Note) The amount is calculated by deducting the book value as of April 25, 2019 (estimated to be 4,286 million yen) and sales expenses (105 million yen) fromthe planned disposition price (4,500 million yen) and adjustments to property tax and city planning tax (estimated to be 23 million yen).

XV．Property Appraisal Summary[Asset to be acquired] (Note)
Property Name

Serenite Umeda Reflet

Appraisal Value

JPY 1,220,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

February 1, 2019

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

Overview, etc.

JPY thousand

1,220,000-

JPY thousand

1,230,000-

JPY thousand

66,321

Rental revenues includingcommon service fees

JPY thousand

67,615Parking fees

JPY thousand

48

Other revenues

JPY thousand

710

Losses from vacancies

JPY thousand

2,052

Bad debt losses

JPY thousand0

JPY thousand

13,449(a)(b)(2) Total Operating Expenses
Operation costs

JPY thousand

1,427

Utilities

JPY thousand

596

Repairs and maintenance expense

JPY thousand

1,678

Rental revenues: Recurring revenues from renting, or outsourcing the managementof, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc. andrevenues from renting out parking space by the hour (full occupancy is assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due to changesof tenants, etc.
Reductions in revenues based on predictions of bad debt
Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of theproperty, recurring expenses for the usual maintenance and management of the11English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.

Property management fees

JPY thousand

1,313

Tenant promotion fees, etc.

JPY thousand

1,405

Taxes and public dues

JPY thousand

5,428

Nonlife insurance

JPY thousand

141

Other expenses

JPY thousand

1,459(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

52,872(4) Lump-sum Investment Return

JPY thousand

69(5) Capital Expenditure

JPY thousand

1,410(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

51,532(7) Capitalization Rate
Value Indicated by DCF Method(%)
JPY thousand

Discount Rate(%)

Terminal Capitalization Rate(%)

Value indicated by cost approach

JPY thousand

4.2

building and facilities, etc. and for the restoration of the building and facilities, etc.
that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants, etc.
Property tax (land, building, depreciation assets), city planning tax (land, building)Expenses for fire insurance for the property, expenses for liability insurance thatcovers losses incurred by damage done to a third party etc. due to defects of theproperty and accidents in property management, etc.
Expenses including land rent and exclusive road use fees
Adding returns on the investment of guarantees that are like deposits in nature, etc.
Of expenditures for repairs, improvements, etc. of the building and accompanying
facilities, etc. of the property, expenditures that are considered to have increased
the value or durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

1,210,000

-

4.3

-

4.4

-

1,470,000-

Land Ratio

(%)

66.0

-

Property Ratio

(%)

34.0

-

Other items of note by appraiser

None(Note) The building is not completed at the time of appraisal, and we have conducted an appraisal of the building etc. yet to becompleted based on the real estate appraisal standard. The appraisal is on the assumption that construction work were completed
according to the working drawing etc. and use and profit-making were possible at the time of appraisal.
[Asset to be disposed]
Property Name

O-3-079 willDo Ishizuecho

Appraisal Value

JPY 470,000,000

Appraiser

Japan Real Estate Institute

Date of Appraisal

September 30, 2018

Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

470,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

473,000-(1) Total Operating Income: (a)-(b)

JPY thousand

41,069(a)(b)

Rental revenues includingcommon service fees

JPY thousand

39,146

Parking fees

JPY thousand

2,430

Other revenues

JPY thousand

1,273

Losses from vacancies

JPY thousand

1,780

Assessed the unit price level of rent etc. that can be received constantly in themedium to long term as shown in the appendix based on the average rent etc. under
the current rental contracts, the level of new rents, assuming new rental contracts
for the property, the attributes of the existing tenants, etc. and posted rental revenues
and common service fees (hereinafter “Rental Revenues Etc.”) based on theassessment.
Assessed the unit price level of use fees that can be received constantly in themedium to long term as shown in the appendix based on the average use fee under
the current lease agreements and the level of new use fees, assuming new parking
space lease agreements, and posted parking fees based on the assessment.
Assessed the number of months of contract for each tenant, the average rate at
which tenants change annually, and the average contract term as shown in the
appendix and posted key money, renewal fees, etc. based on the assessment. Posted
also revenues from residents’ association fees and utility pole use fees as otherrevenues.
Assessed the medium- to long-term constant occupancy rate level by use as shownin the appendix based on occupancy rates and supply-demand trends of similar
properties that have replacement competition relationships and other relationships
in similar areas in the same supply-demand area, the occupancy rates of the property
in the past, and expected future trends and posted losses from vacancies based on
the assessment.

12English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Assessed other revenues based on projections in the medium to long term andposted no losses from vacancies for other revenues.
Determined that bad debt losses do not need to be posted in consideration of the
Bad debt losses

JPY thousand0
situation of tenants.

(2)Total Operating Expenses

JPY thousand

10,208Posted operation costs, which consist of cleaning, facilities management, andsecurity costs, etc., considering results in previous years, operation costs for similar
properties, and the individuality of the property.
Assessed and posted utility costs for the common use space, considering results inprevious years, utility costs for similar properties, and the individuality of theproperty.
Posted restoration costs based on standard restoration costs by apartment usually
incurred when tenants change, the proportion of the tenant’ burden, the average
period for restoration costs, and the degree of restoration, etc. Assessed and posted
repairs costs, considering results in previous years, the level for similar properties,
and the annual average of repair work and renewal costs reported in the engineering
report.
Assessed and posted property management fees, commission fees paid to acontractor that supervises tenant management and building management, etc.,
considering rates under terms and conditions, etc., rates for similar properties, andthe individuality of the property, etc.
Posted secretarial costs associated with looking for new tenants, the conclusion ofcontracts, and renewals of contracts with tenants, using terms of contracts and rent
conditions for similar properties in neighboring assets, etc. As for rental agents’commissions, posted advertising expense etc. assessed based on rental agents’commissions necessary for looking for new tenants and results in previous years.
As for renewal fees, posted compensation paid to contractors for the conclusion ofcontract renewals etc., considering the average rate at which tenants change
annually and the occupancy rate, etc.

Operation costs

JPY thousand

1,032

Utilities

JPY thousand

570

Repairs and maintenance expense

JPY thousand

1,886

Property management fees

JPY thousand

746

Tenant promotion fees, etc.

JPY thousand

941

Taxes and public dues

JPY thousand

3,832

Posted taxes and public dues based on documents related to taxes and public dues.
Posted nonlife insurance premiums, considering insurance premiums underinsurance contracts and premium rates for properties similar to the property, etc.

Property insurance

JPY thousand

101

Other expenses

JPY thousand

1,100

Posted fees for using parking facilities outside the site and residents’ association
fees as other expenses.
(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

30,861(4) Lump-sum Investment Return

JPY thousand

29(5) Capital Expenditure

JPY thousand

2,050(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

28,840(7) Capitalization Rate%

Value Indicated by DCF Method

Assessed the stable number of months for which deposits are paid in the medium
to long terms as shown in the appendix based on the current rent conditions and thenumber of months for new contracts and multiplied the calculation result (numberof months) by the occupancy rate. Then assessed the lump-sum investment returnby multiplying the abovementioned calculation result by the investment return.
Assessed the appropriate investment return in fund management during the deposit
period at 1.0%, considering interest rates in both fund management and financing,etc.
Renewal costs necessary for maintaining the functions of the building are usually
incurred irregularly. However, decided to accumulate expected average
expenditures in each fiscal period and assessed renewal costs, considering the levelof capital expenditure for similar properties, the building age, and the averageannual repair and renewal cost according to engineering reports, etc.
Assessed the capitalization rate by adding spread attributable to the conditions of
the property, including its location and building, to (or subtracting the spread from)the standard rate set by the research institute for each region and considering
uncertainty and rates for similar properties, etc. (refer to the body text).

466,000-

Discount Rate

%

5.9

-

Terminal Capitalization Rate

%

6.3

-

Value indicated by cost approach

JPY thousand

6.1-

429,000-

Land Ratio

%

19.8

-

Property Ratio

%

80.2

-

Other items of note by appraiser

JPY thousand

None

Property Name

O-3-080 willDo Sasaguchi

Appraisal Value

JPY 270,000,000

Appraiser

Japan Real Estate Institute13

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

September 30, 2018

Item

Details

Overview, etc.

JPY thousand

270,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

272,000-(1) Total Operating Income: (a)-(b)

JPY thousand

23,946

Value indicated by income approach

Rental revenues includingcommon service fees

JPY thousand

22,977

Parking fees

JPY thousand

1,026

Other revenues

JPY thousand

959

Losses from vacancies

JPY thousand

1,016

Bad debt losses

JPY thousand0

JPY thousand

6,624

Operation costs

JPY thousand

972

Utilities

JPY thousand

390

Repairs and maintenance expense

JPY thousand

1,095

Property management fees

JPY thousand

418

Tenant promotion fees, etc.

JPY thousand

530

Taxes and public dues

JPY thousand

2,058

(a)

(b)

(2)Total Operating Expenses

Property insurance

JPY thousand

56

Other expenses

JPY thousand

1,105

JPY thousand

17,322(3) Net Operating Income (NOI):(1)-(2)(4) Lump-sum Investment Return

JPY thousand

17(5) Capital Expenditure

JPY thousand

1,290

Assessed the unit price level of rent etc. that can be received constantly in themedium to long term as shown in the appendix based on the average rent etc.
under the current rental contracts, the level of new rents, assuming new rental
contracts for the property, the attributes of the existing tenants, etc. and posted
rental revenues and common service fees (hereinafter "Rental Revenues Etc.")
based on the assessment.
Assessed the unit price level of use fees that can be received constantly in themedium to long term as shown in the appendix based on the average use fee under
the current lease agreements and the level of new use fees, assuming new parking
space lease agreements, and posted parking fees based on the assessment.
Assessed the number of months of contract for each tenant, the average rate at
which tenants change annually, and the average contract term as shown in the
appendix and posted key money, renewal fees, etc. based on the assessment.
Posted also revenues from residents’ association fees and CATV use fees, etc. asother revenues.
Assessed the medium- to long-term constant occupancy rate level by use as shownin the appendix based on occupancy rates and supply-demand trends of similar
properties that have replacement competition relationships and other relationships
in similar areas in the same supply-demand area, the occupancy rates of theproperty in the past, and expected future trends and posted losses from vacancies
based on the assessment.
Assessed other revenues based on projections in the medium to long term andposted no losses from vacancies for other revenues.
Determined that bad debt losses do not need to be posted in consideration of thesituation of tenants.
Posted operation costs, which consist of cleaning, facilities management, andsecurity costs, etc., considering results in previous years, operation costs for
similar properties, and the individuality of the property.
Assessed and posted utility costs for the common use space, considering results inprevious years, utility costs for similar properties, and the individuality of theproperty.
Posted restoration costs based on standard restoration costs by apartment usually
incurred when tenants change, the proportion of the tenant’ burden, the average
period for restoration costs, and the degree of restoration, etc. Assessed andposted repairs costs, considering results in previous years, the level for similar
properties, and the annual average of repair work and renewal costs reported in
the engineering report.
Assessed and posted property management fees, commission fees paid to acontractor that supervises tenant management and building management, etc.,
considering rates under terms and conditions, etc., rates for similar properties, andthe individuality of the property, etc.
Posted secretarial costs associated with looking for new tenants, the conclusion ofcontracts, and renewals of contracts with tenants, using terms of contracts and rent
conditions for similar properties in neighboring assets, etc. As for rental agents’commissions, posted advertising expense etc. assessed based on rental agents’commissions necessary for looking for new tenants and results in previous years.
As for renewal fees, posted compensation paid to contractors for the conclusion ofcontract renewals etc., considering the average rate at which tenants change
annually and the occupancy rate, etc.
Posted taxes and public dues based on documents related to taxes and public dues.
Posted nonlife insurance premiums, considering insurance premiums underinsurance contracts and premium rates for properties similar to the property, etc.
Posted fees for residents’ association fees and CATV using fees and using parking
facilities outside the site as other expenses.
Assessed the stable number of months for which deposits are paid in the medium
to long terms as shown in the appendix based on the current rent conditions andthe number of months for new contracts and multiplied the calculation result(number of months) by the occupancy rate. Then assessed the lump-sum
investment return by multiplying the abovementioned calculation result by theinvestment return. Assessed the appropriate investment return in fundmanagement during the deposit period at 1.0%, considering interest rates in both
fund management and financing, etc.
Renewal costs necessary for maintaining the functions of the building are usually
incurred irregularly. However, decided to accumulate expected average
expenditures in each fiscal period and assessed renewal costs, considering the14

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
level of capital expenditure for similar properties, the building age, and theaverage annual repair and renewal cost according to engineering reports, etc.
(6) Net Cash Flow (NCF):(3) + (4) - (5)(7) Capitalization Rate

Value Indicated by DCF Method

JPY thousand

16,049%JPY thousand

5.9

Assessed the capitalization rate by adding spread attributable to the conditions of
the property, including its location and building, to (or subtracting the spreadfrom) the standard rate set by the research institute for each region andconsidering uncertainty and rates for similar properties, etc. (refer to the bodytext).

268,000-

Discount Rate

%

5.7

-

Terminal Capitalization Rate

%

6.1

-

248,000-

Value indicated by cost approach

JPY thousand

Land Ratio

%

28.5

-

Property Ratio

%

71.5

-

Other items of note by appraiser

None

Property Name

F-3-034 Ark Heim Niigata

Appraisal Value

JPY 847,000,000

Appraiser

Japan Real Estate Institute

Date of Appraisal

September 30, 2018

Item

Details

Overview, etc.

JPY thousand

847,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

850,000-(1) Total Operating Income: (a)-(b)

JPY thousand

106,096

Value indicated by income approach(a)Rental revenues includingcommon service fees

JPY thousand

98,508Parking fees

JPY thousand

7,488

Other revenues

JPY thousand

4,479

Losses from vacancies

JPY thousand

4,379

Bad debt losses

JPY thousand0

JPY thousand

38,306(b)(2)Total Operating Expenses
Operation costs

JPY thousand

4,856

Utilities

JPY thousand

3,000

Repairs and maintenance expense

JPY thousand

9,492

Property management fees

JPY thousand

2,589

Assessed the unit price level of rent etc. that can be received constantly in themedium to long term as shown in the appendix based on the average rent etc.
under the current rental contracts, the level of new rents, assuming new rental
contracts for the property, the attributes of the existing tenants, etc. and posted
rental revenues and common service fees (hereinafter "Rental Revenues Etc.")
based on the assessment.
Assessed the unit price level of use fees that can be received constantly in themedium to long term as shown in the appendix based on the average use fee under
the current lease agreements and the level of new use fees, assuming new parking
space lease agreements, and posted parking fees based on the assessment.
Assessed the number of months of contract for each tenant, the average rate at
which tenants change annually, and the average contract term as shown in the
appendix and posted key money based on the assessment. In addition, posted
revenues from trunk room use fees, antenna installation fees, electricity fees,
vending machine installation fees, utility pole use fees, etc. as other revenues.
Revenues from renewal fees are not posted in consideration of the condition of thereceipt.
Assessed the medium- to long-term constant occupancy rate level by use as shownin the appendix based on occupancy rates and supply-demand trends of similar
properties that have replacement competition relationships and other relationships
in similar areas in the same supply-demand area, the occupancy rates of theproperty in the past, and expected future trends and posted losses from vacancies
based on the assessment.
Assessed other revenues based on projections in the medium to long term andposted no losses from vacancies for other revenues.
Determined that bad debt losses do not need to be posted in consideration of thesituation of tenants.
Posted operation costs, which consist of cleaning, facilities management, andsecurity costs, etc., considering results in previous years, operation costs for
similar properties, and the individuality of the property.
Assessed and posted utility costs for the common use space, considering results inprevious years, utility costs for similar properties, and the individuality of theproperty.
Posted restoration costs based on standard restoration costs by apartment usually
incurred when tenants change, the proportion of the tenant’ burden, the average
period for restoration costs, and the degree of restoration, etc. Assessed andposted repairs costs, considering results in previous years, the level for similar
properties, and the annual average of repair work and renewal costs reported in
the engineering report.
Assessed and posted property management fees, commission fees paid to acontractor that supervises tenant management and building management, etc.,15

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
considering rates under terms and conditions, etc., rates for similar properties, andthe individuality of the property, etc.
Posted secretarial costs associated with looking for new tenants, the conclusion ofcontracts, and renewals of contracts with tenants, using terms of contracts and rent
conditions for similar properties in neighboring areas, etc. As for rental agents’commissions, posted advertising expense etc. assessed based on rental agents’commissions necessary for looking for new tenants and results in previous years,
considering the average rate at which tenants change annually and the occupancyrate, etc. No renewal fees.

Tenant promotion fees, etc.

JPY thousand

1,512

Taxes and public dues

JPY thousand

11,275

Posted taxes and public dues based on documents related to taxes and public dues.
Posted nonlife insurance premiums, considering insurance premiums underinsurance contracts and premium rates for properties similar to the property, etc.

Property insurance

JPY thousand

360

Other expenses

JPY thousand

5,222

JPY thousand

67,790(3) Net Operating Income (NOI):(1)-(2)(4) Lump-sum Investment Return

JPY thousand

98(5) Capital Expenditure

JPY thousand

14,354(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

53,534(7) Capitalization Rate

Value Indicated by DCF Method%

JPY thousand

6.3

Posted fees for using parking facilities outside the site as other expenses.
Assessed the stable number of months for which deposits are paid in the medium
to long terms as shown in the appendix based on the current rent conditions andthe number of months for new contracts and multiplied the calculation result(number of months) by the occupancy rate. Then assessed the lump-sum
investment return by multiplying the abovementioned calculation result by theinvestment return. Assessed the appropriate investment return in fundmanagement during the deposit period at 1.0%, considering interest rates in both
fund management and financing, etc.
Renewal costs necessary for maintaining the functions of the building are usually
incurred irregularly. However, decided to accumulate expected average
expenditures in each fiscal period and assessed renewal costs, considering thelevel of capital expenditure for similar properties, the building age, and theaverage annual repair and renewal cost according to engineering reports, etc.
Assessed the capitalization rate by adding spread attributable to the conditions of
the property, including its location and building, to (or subtracting the spreadfrom) the standard rate set by the research institute for each region andconsidering uncertainty and rates for similar properties, etc. (refer to the bodytext).

844,000-

Discount Rate

%

6.1

-

Terminal Capitalization Rate

%

6.5

-

829,000-

Value indicated by cost approach

JPY thousand

Land Ratio

%

41.7

-

Property Ratio

%

58.3

-

Other items of note by appraiser

None

Property Name

F-4-005 Johanna Mansion

Appraisal Value

JPY 353,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

September 30, 2018

Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

353,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

356,000-(1) Total Operating Income: (a)-(b)

JPY thousand

46,116

Rental revenues includingcommon service fees

JPY thousand

43,611

Parking fees

JPY thousand

1,101

Other revenues

JPY thousand

3,192

Losses from vacancies

JPY thousand

1,788

(a)

(b)

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.

16English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Bad debt losses(2)Total Operating Expenses

JPY thousand0

JPY thousand

16,871

Operation costs

JPY thousand

1,929

Utilities

JPY thousand

596

Repairs and maintenance expense

JPY thousand

5,197

Property management fees

JPY thousand

2,360

Tenant promotion fees, etc.

JPY thousand

1,370

Taxes and public dues

JPY thousand

4,686

Property insurance

JPY thousand

222

Other expenses

JPY thousand

507

JPY thousand

29,245(3) Net Operating Income (NOI):(1)-(2)(4) Lump-sum Investment Return

JPY thousand

32(5) Capital Expenditure

JPY thousand

6,840(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

22,437(7) Capitalization Rate%

Value Indicated by DCF Method

Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property, expenses for liability insurance thatcovers losses incurred by damage done to a third party etc. due to defects of theproperty and accidents in property management, etc.
Expenses including land rent and exclusive road use fees
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

352,000-

Discount Rate

%

6.4

-

Terminal Capitalization Rate

%

6.5

-

Value indicated by cost approach

JPY thousand

6.3

Reductions in revenues based on predictions of bad debt

355,000-

Land Ratio%

JPY thousand

31.2

-

Property Ratio

%

68.8

-

Other items of note by appraiser

None

Property Name

O-4-006 Joyful Sayama

Appraisal Value

JPY 200,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

September 30, 2018

Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

200,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

201,000-(1) Total Operating Income: (a)-(b)

JPY thousand

20,218-

Rental revenues includingcommon service fees

JPY thousand

19,607

Parking fees

JPY thousand

0

Other revenues

JPY thousand

1,199

Losses from vacancies

JPY thousand588

Bad debt losses

JPY thousand

0

(a)

(b)

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt

17

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
(2)Total Operating Expenses

JPY thousand

6,533

Operation costs

JPY thousand

1,227

Utilities

JPY thousand

491

Repairs and maintenance expense

JPY thousand

1,951

Property management fees

JPY thousand

475

Tenant promotion fees, etc.

JPY thousand

632

Taxes and public dues

JPY thousand

1,151

Property insurance

JPY thousand

57

Other expenses

Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, etc. in property management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.

JPY thousand

545

Other expenses other than the above items related to the operation of the property(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

13,685-(4) Lump-sum Investment Return

JPY thousand

14(5) Capital Expenditure

JPY thousand

2,820(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

10,879(7) Capitalization Rate%

Value Indicated by DCF Method

JPY thousand

5.4

Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

199,000-

Discount Rate

%

5.5

-

Terminal Capitalization Rate

%

5.6

-

181,000-

Value indicated by cost approach

JPY thousand

Land Ratio

%

55.8

-

Property Ratio

%

44.2

-

Other items of note by appraiser

None

Property Name

O-4-007 Lumiere Hachioji

Appraisal Value

JPY 420,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

September 30, 2018

Item

Details

Overview, etc.

JPY thousand

420,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

425,000-(1) Total Operating Income: (a)-(b)

JPY thousand

39,508

Value indicated by income approach

Rental revenues includingcommon service fees

JPY thousand

35,870Parking fees

JPY thousand

1,176

Other revenues

JPY thousand

4,058

Losses from vacancies

JPY thousand

1,596

Bad debt losses

JPY thousand0

JPY thousand

13,030(a)(b)(2)Total Operating Expenses

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt-18

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

JPY thousand

2,052

Utilities

JPY thousand

3,494

Repairs and maintenance expense

JPY thousand

2,338

Property management fees

JPY thousand

888

Tenant promotion fees, etc.

JPY thousand

1,097

Taxes and public dues

JPY thousand

2,589

Property insurance

JPY thousand

136

Other expenses

JPY thousand

434(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

26,478(4) Lump-sum Investment Return

JPY thousand

28(5) Capital Expenditure

JPY thousand

3,962(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

22,544(7) Capitalization Rate
Value Indicated by DCF Method%
JPY thousand

Discount Rate%

Terminal Capitalization Rate%

Value indicated by cost approach

JPY thousand

5.3

Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Expenses including land rent and exclusive road use fees
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

418,000

-

5.4

-

5.5

-

395,000-

Land Ratio

%

59.2

-

Property Ratio

%

40.8

-

Other items of note by appraiser

None

Property Name

O-4-010 willDo HonchibaAppraisal Value

JPY 427,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

September 30, 2018

Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

427,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

432,000-(1) Total Operating Income: (a)-(b)

JPY thousand

39,188

Rental revenues includingcommon service fees

JPY thousand

35,251

Parking fees

JPY thousand

1,872

Other revenues

JPY thousand

3,147

Losses from vacancies

JPY thousand

1,081

(a)

(b)
Bad debt losses(2)Total Operating Expenses

JPY thousand0

JPY thousand

13,252

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt-

19

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

JPY thousand

2,679

Utilities

JPY thousand

1,736

Repairs and maintenance expense

JPY thousand

3,252

Property management fees

JPY thousand

901

Tenant promotion fees, etc.

JPY thousand

785

Taxes and public dues

JPY thousand

3,297

Property insurance

JPY thousand

207

Other expenses

JPY thousand

391(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

25,936(4) Lump-sum Investment Return

JPY thousand

40(5) Capital Expenditure

JPY thousand

4,800(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

21,177(7) Capitalization Rate
Value Indicated by DCF Method%
JPY thousand

Discount Rate%

Terminal Capitalization Rate%

Value indicated by cost approach

JPY thousand

4.9

Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Expenses including land rent and exclusive road use fees
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

425,000

-

5.0

-

5.1

-

400,000-

Land Ratio

%

37.5

-

Property Ratio

%

62.5

-

Other items of note by appraiser

None

Property Name

O-6-017 Maison Flora

Appraisal Value

JPY 494,000,000

Appraiser

Japan Real Estate Institute

Date of Appraisal

September 30, 2018

Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

494,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

499,000-(1) Total Operating Income: (a)-(b)

JPY thousand

36,784(a)(b)

Rental revenues includingcommon service fees

JPY thousand

36,841

Parking fees

JPY thousand

0

Other revenues

JPY thousand

1,488

Losses from vacancies

JPY thousand

1,545

Assessed the unit price level of rent etc. that can be received constantly in themedium to long term as shown in the appendix based on the average rent etc.
under the current rental contracts, the level of new rents, assuming new rental
contracts for the property, the attributes of the existing tenants, etc. and posted
rental revenues and common service fees (hereinafter "Rental Revenues Etc.")
based on the assessment.
No parking fees.
Assessed the number of months of contract for each tenant, the average rate at
which tenants change annually, and the average contract term as shown in the
appendix and posted key money based on the assessment. Posted also revenues
from antenna installation fees and electricity fees as other revenues. No revenues
from renewal fees.
Assessed the medium- to long-term constant occupancy rate level by use as shownin the appendix based on occupancy rates and supply-demand trends of similar
properties that have replacement competition relationships and other relationships
in similar areas in the same supply-demand area, the occupancy rates of theproperty in the past, and expected future trends and posted losses from vacancies
based on the assessment.

20

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

Bad debt losses(2)Total Operating Expenses

JPY thousand0

JPY thousand

8,732

Assessed other revenues based on projections in the medium to long term andposted no losses from vacancies for other revenues.
Determined that bad debt losses do not need to be posted in consideration of thesituation of tenants.
Posted operation costs, which consist of cleaning, facilities management, andsecurity costs, etc., considering results in previous years, operation costs for
similar properties, and the individuality of the property.
Assessed and posted utility costs for the common use space, considering results inprevious years, utility costs for similar properties, and the individuality of theproperty.
Posted restoration costs based on standard restoration costs by apartment usually
incurred when tenants change, the proportion of the tenant’ burden, the average
period for restoration costs, and the degree of restoration, etc. Assessed andposted repairs costs, considering results in previous years, the level for similar
properties, and the annual average of repair work and renewal costs reported in
the engineering report.
Assessed and posted property management fees, commission fees paid to acontractor that supervises tenant management and building management, etc.,
considering rates under terms and conditions, etc., rates for similar properties, andthe individuality of the property, etc.
Posted rental agents’ commissions associated with looking for new tenants and theconclusion of contracts, etc., using terms of contracts, rent conditions for similar
properties in neighboring areas, etc. and considering advertising expense, etc.
assessed based on rental agents’ commissions necessary for looking for new
tenants, etc. and results in previous years.
Renewal fees associated with renewals of contracts with tenants are not posted inconsideration of terms of contracts and rental conditions for similar properties in
neiboring areas.

Operation costs

JPY thousand

1,669

Utilities

JPY thousand

750

Repairs and maintenance expense

JPY thousand

1,789

Property management fees

JPY thousand

989

Tenant promotion fees, etc.

JPY thousand

954

Taxes and public dues

JPY thousand

2,491

Posted taxes and public dues based on documents related to taxes and public dues.

Property insurance

JPY thousand

90

Posted nonlife insurance premiums, considering insurance premiums underinsurance contracts and premium rates for properties similar to the property, etc.

Other expenses

JPY thousand0

No expenses that should be posted as other expenses.

JPY thousand

28,052(3) Net Operating Income (NOI):(1)-(2)(4) Lump-sum Investment Return

JPY thousand

33(5) Capital Expenditure

JPY thousand

2,650(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

25,435(7) Capitalization Rate

Value Indicated by DCF Method%

JPY thousand

5.1

Assessed the stable number of months for which deposits are paid in the medium
to long terms as shown in the appendix based on the current rent conditions andthe number of months for new contracts and multiplied the calculation result(number of months) by the occupancy rate. Then assessed the lump-sum
investment return by multiplying the abovementioned calculation result by theinvestment return. Assessed the appropriate investment return in fundmanagement during the deposit period at 1.0%, considering interest rates in both
fund management and financing, etc.
Renewal costs necessary for maintaining the functions of the building are usually
incurred irregularly. However, decided to accumulate expected average
expenditures in each fiscal period and assessed renewal costs, considering thelevel of capital expenditure for similar properties, the building age, and theaverage annual repair and renewal cost according to engineering reports, etc.
Assessed the capitalization rate by adding spread attributable to the conditions of
the property, including its location and building, to (or subtracting the spreadfrom) the standard rate set by the research institute for each region andconsidering uncertainty and rates for similar properties, etc. (refer to the bodytext).

488,000-

Discount Rate

%

4.9

-

Terminal Capitalization Rate

%

5.3

-

309,000-

Value indicated by cost approach

JPY thousand

Land Ratio

%

71.5

-

Property Ratio

%

28.5

-

Other items of note by appraiser

None

Property Name

O-6-047 willDo Tenmabashi

Appraisal Value

JPY 316,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal

September 30, 201821

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Item
Value indicated by income approach

Details

Overview, etc.

JPY thousand

316,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

321,000-(1) Total Operating Income: (a)-(b)

JPY thousand

21,747

Rental revenues includingcommon service fees

JPY thousand

20,795Parking fees

JPY thousand

1,174

Other revenues

JPY thousand

414

Losses from vacancies

JPY thousand636

Bad debt losses

JPY thousand0

JPY thousand

5,546

(a)

(b)
(2)Total Operating Expenses
Operation costs

JPY thousand

1,003

Utilities

JPY thousand

423

Repairs and maintenance expense

JPY thousand

1,175

Property management fees

JPY thousand

533

Tenant promotion fees, etc.

JPY thousand

468

Taxes and public dues

JPY thousand

1,366

Property insurance

JPY thousand

54

Other expenses

JPY thousand

521(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

16,200(4) Lump-sum Investment Return

JPY thousand

16(5) Capital Expenditure

JPY thousand

1,436(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

14,781(7) Capitalization Rate
Value Indicated by DCF Method%
JPY thousand

4.6

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt
Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Expenses including land rent and exclusive road use fees
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

314,000-

Discount Rate

%

4.7

-

Terminal Capitalization Rate

%

4.8

-

318,000-

Value indicated by cost approach

JPY thousand

Land Ratio

%

54.7

-

Property Ratio

%

45.3

-

Other items of note by appraiser

None

Property Name

O-6-048 Sakaisuji honmachi

Appraisal Value

JPY 268,000,000

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

Date of Appraisal
Item

September 30, 2018
Details

Overview, etc.

22English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
Value indicated by income approach

JPY thousand

268,000-

Value indicated by the Direct Capitalization
MethodJPY thousand

271,000-(1) Total Operating Income: (a)-(b)

JPY thousand

20,348

Rental revenues includingcommon service fees

JPY thousand

20,376

Parking fees

JPY thousand

288

Other revenues

JPY thousand

388

Losses from vacancies

JPY thousand

704

(a)

(b)
Bad debt losses(2)Total Operating Expenses

JPY thousand0

JPY thousand

5,905

Operation costs

JPY thousand

1,152

Utilities

JPY thousand

435

Repairs and maintenance expense

JPY thousand

1,137

Property management fees

JPY thousand

498

Tenant promotion fees, etc.

JPY thousand

431

Taxes and public dues

JPY thousand

1,683

Property insurance

JPY thousand

58

Other expenses

JPY thousand

508(3) Net Operating Income (NOI):(1)-(2)

JPY thousand

14,442(4) Lump-sum Investment Return

JPY thousand

16(5) Capital Expenditure

JPY thousand

1,428(6) Net Cash Flow (NCF):(3) + (4) - (5)JPY thousand

13,031(7) Capitalization Rate%

Value Indicated by DCF Method

JPY thousand

4.8

Rental revenues: Recurring revenues from renting, or outsourcing themanagement of, the entire property or its rooms (full occupancy is assumed)
Revenues from common service fees: Revenues from collecting fees underagreements with tenants to cover expenses related to the common use space inrecurring expenses for the operation and maintenance of the property (fulloccupancy is assumed)
Revenues from renting out the parking space of the property to the tenants etc.
and revenues from renting out parking space by the hour (full occupancy is
assumed)
Revenues from fees for the installation of facilities, including signs, antennas,
vending machines, revenues from one-time payments that do not need to be
returned, including key money and renewal fees, and other revenues
Reductions in revenues based on predictions of vacancies, intervals due tochanges of tenants, etc.
Reductions in revenues based on predictions of bad debt
Recurring expenses incurred for the maintenance of the property, including themanagement of the building and facilities, security, and cleaning
Expenses for electricity, waters, gas, local air-conditioning heat sources, etc. inproperty management
Of expenses for repairs, improvements, etc. of the building and facilities, etc. of
the property, recurring expenses for the usual maintenance and management of thebuilding and facilities, etc. and for the restoration of the building and facilities,
etc. that have been damaged
Expenses related to the management of the property
Expenses for intermediation, advertising, etc. while looking for new tenants andexpenses incurred for renewals and extensions of rental contracts with tenants,
etc.
Property tax (land, building, depreciation assets), city planning tax (land,building)
Expenses for fire insurance for the property and accompanying facilities, expenses
for liability insurance that covers losses incurred by damage done to a third party
etc. due to defects of the property and accidents in property management, etc.
Land rent, exclusive road use fees, expense associated with the use of optical line
network servers, etc.
Adding returns on the investment of guarantees that are like deposits in nature,etc.
Of expenditures for repairs, improvements, etc. of the building, etc. of theproperty, expenditures that are considered to have increased the value or
durability of the building and facilities, etc.
The capitalization rate has been assessed based on a comparison with rates inneighboring areas, similar areas in the same supply-demand area, etc. and inconsideration of projections of changes in net income and the relationship withdiscount rates.

267,000-

Discount Rate

%

4.9

-

Terminal Capitalization Rate

%

5.0

-

Value indicated by cost approach

301,000-

Land Ratio

%

45.5

-

Property Ratio

%

54.5

-

Other items of note by appraiser*URL:

JPY thousand

None

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

23

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

(Reference Material 1)

Anticipated Photograph of the Asset to be Acquired

O-6-155 Serenite Umeda Reflet

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

(Reference Material 2) Location of the Asset to be Acquired25

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 Acquisition and the Disposition<Number of Properties etc.>
Before the Acquisition
and the Disposition
Total Number of Owned
Properties
Total Number of Leasable
Units

Acquisition of
1 Property (+)

Disposition of
10 Property (-)

After the Acquisition
and the Disposition

198 properties

1 property

10 property

189 properties

13,223 units

57 units

500 units

12,780 units

Total Leasable area

532,955.73 m2

1,656.38 m2

21,538.32 m2

513,073.79 m2

Average Age of Buildings(Note)

15.29 years

24.27 years

15.10 years-(Note) The average age of buildings is estimated at the weighted average of the building ages of the properties using (anticipated) acquisition prices. The
building ages as of the date of this notice are used.

<Asset Size etc.>
Before the Acquisition
and the Disposition
Total (Anticipated)
Acquisition Price

Acquisition of
1 Property (+)

Disposition of
10 Property (-)

After the Acquisition
and the Disposition

JPY 225.5 billion

JPY 1.1 billion

JPY 4.6 billion

JPY 222.0 billion

JPY 216.5 billion

JPY 1.1 billion

JPY 4.3 billion

JPY 213.3 billion

JPY 259.4 billion

JPY 1.2 billion

JPY 4.0 billion

JPY 256.6 billion

83.5％

94.2％

106.4％

83.2％

JPY 1.13 billion

JPY 1.14 billion

JPY 0.46 billion

JPY 1.17 billion

5.7%

4.6%

5.8%

5.7%

(Note 1)

Total Book Value (a)(Note 2)

Appraisal Value (b)(Note 3)Ratio(a) / (b) × 100%
Average (Anticipated)
Acquisition Price per
Property(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 Value for Before the Acquisition and the Disposition is the value reported on the balance sheet for the fiscal period ended September 30,
2018. Book Value for Acquisition of Property is the anticipated acquisition price. Book Value for Disposition of Property is the value reported on
the balance sheet for the fiscal period ended September 30, 2018. Book Value for After the Acquisition and the Disposition is the value reported on
the balance sheet for the fiscal period ended September 30, 2018 plus the anticipated acquisition price of Acquisition of Property minus the value of
Disposition of Property reported on the balance sheet for the fiscal period ended September 30, 2018.
(Note 3) Appraisal Value for Before the Acquisition and the Disposition is the appraisal value on September 30, 2018. Appraisal Value for Acquisition of
Property is the appraisal value in February 2019. Appraisal Value for Disposition of Property is the appraisal value on September 30, 2018.
Appraisal Value for After the Acquisition and the Disposition is the appraisal value on September 30, 2018 plus the appraisal value of Acquisitionof Property in February 2019 minus the appraisal value of Disposition of Property on September 30, 2018.
(Note 4) NOI Yield is NOI divided by (anticipated) acquisition price. NOI for Before the Acquisition and the Disposition is the sum of the performance inthe fiscal period ended March 31, 2018 and the performance in the fiscal period ended September 30, 2018. NOI for Acquisition of Property isappraisal NOI on February 1, 2019. NOI for Disposition of Property is the sum of the performance in the fiscal period ended March 31, 2018 andthe performance in the fiscal period ended September 30, 2018. NOI for After the Acquisition and the Disposition is the sum of the performance inthe fiscal period ended March 31, 2018 and the performance in the fiscal period ended September 30, 2018 plus the appraisal NOI of Acquisition of
Property on February 1, 2019 minus the sum of the Disposition of Property performance in the fiscal period ended March 31, 2018 and the
Disposition of Property performance in the fiscal period ended September 30, 2018.

26

English Translation
The following is an English translation of the original Japanesepress release and is being provided for informational purposes only.
<Amount and Rate of Investment by Type (Based on (Anticipated) Acquisition Price) >Rental Property Category
StudioFamilyBefore the Acquisition
and the Disposition
JPY 142.6 billion(63.2%)
JPY 82.9 billion(36.8%)

Acquisition of
1 Property (+)
JPY 1.1 billion(100.0%)-

Disposition of
10 Property (-)
JPY 3.0 billion(65.4%)
JPY 1.6 billion(34.6%)

After the Acquisition
and the Disposition
JPY 140.7 billion(63.4%)
JPY 81.3 billion(36.6%)<Amount and Rate of Investment by Region (Based on (Anticipated) Acquisition Price)>
Region23 Wards of Tokyo
Three Major Metropolitan
Areas
Other Major Cities

Before the Acquisition
and the Disposition
JPY 91.7 billion(40.7%)
JPY 94.0 billion(41.7%)
JPY 39.7 billion(17.6%)

Acquisition of
1 Property (+)

Disposition of
10 Property (-)--

JPY 1.1 billion(100.0%)-27

JPY 2.8 billion(61.7%)
JPY 1.7 billion(38.3%)

After the Acquisition
and the Disposition
JPY 91.7 billion(41.3%)
JPY 92.3 billion(41.6%)
JPY 38.0 billion(71.1%)

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 Acquisition and the Dispositon
Property
NumberName of Property

O-1-001
O-1-032
O-1-034
O-1-035
O-1-090O-1-091
O-1-092
O-1-093O-1-128
O-1-132
O-1-146
O-1-151
O-2-037
O-2-054
O-2-065
O-2-094
O-2-123
O-2-137
O-2-140
O-4-005
O-4-008
O-4-009
O-4-011
O-4-012O-4-024
O-4-025
O-4-031O-4-038
O-4-039
O-4-055
O-4-062
O-4-069
O-4-070
O-4-071
O-4-072
O-4-073
O-4-074
O-4-075
O-4-076
O-4-077
O-4-078
O-4-089
O-4-095
O-4-096
O-4-097
O-4-098
O-4-099
O-4-100
O-4-101
O-4-102
O-4-103
O-4-104
O-4-105
O-4-106
O-4-107
O-4-108

Satella Kita 34jo
willDo Kita 24joGran Casa Minami13jo
Gran Casa Minami9jo
Sky Hills N15
Sky Hills Sakaemachi
Dormy Chitose
Sky Hills Takadai I
Alpha Tower Sapporo Minami4jo
Cresidence Sapporo Minami4jo
Gran Casa NagayamaKoen DoriGran Casa Minami11jo
willDo Nishitadaicho
willDo Kamisugi 3chome
Grandmaison Shichifuku
Living Stage Higashi Sendai
West Park Hasekura
Forest Hill SendaiAoba
Gran Casa Sendai Itsutsubashi
willDo Koshigaya
willDo Kiyosumi
Turkey’s Denenchofu No. 2
willDo Yokohama Minami
Site Pia
VISTA Supreme
Joy Oyamadai
willDoOtsuka
willDo Niiza
Toshin Shoto Mansion
Harmony Kamikitazawa
willDo Minami Urawa
College Square KitaIkebukuro
College SquareTobuNerimaCollege Square Akatsuka
College Square Higashikurume
College Square Waseda II
College Square MyogadaniCollege Square ShinKoiwa
College Square Kiba
College Square KinshichoCollege Square Waseda
Lexington Square ShinjukuGyoen
Prospect NihonbashiHoncho
Maison de Ville Takanawa Gyoranzaka
Roppongi Rise HouseTK Flats Shibuya
Masion de Ville NakaMeguro
Prospect KALON Minowa
Prospect Shinonomebashi
Prospect Monzennakacho
Prospect Ogikubo
Exceria Ikebukuro WEST II
Prospect OmoriKaigan
Prospect MusashiShinjo
Fragrance Kawaski
Prospect Chuo-Rinkan

RegionAcquisition Price(JPY thousands)(Note 1)Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas

28

1,133,714
316,000
463,000
533,000
712,000
832,000
476,000
448,000
1,185,000
1,140,000
1,002,000
830,000
512,000
506,000
342,000
317,200
1,240,000
2,750,000
2,100,000
499,333
5,024,619
281,523
233,142
506,142
563,584624,265
725,229
590,438
912,000
400,000
396,000
727,000
892,000
734,000
523,000
215,000
1,060,000
724,000
639,000
490,000
316,000
1,010,000
808,000
1,480,000
912,000
4,770,000
1,050,000
1,620,000
3,040,000
1,080,000
701,000
852,000
1,480,000
1,050,000
548,900
524,000

Ratio (%)
(Note 2)

0.5
0.1
0.2
0.2
0.3
0.4
0.2
0.2
0.5
0.5
0.5
0.4
0.2
0.2
0.2
0.1
0.6
1.2
0.9
0.2
2.3
0.1
0.1
0.2
0.3
0.3
0.3
0.3
0.4
0.2
0.2
0.3
0.4
0.3
0.2
0.1
0.5
0.3
0.3
0.2
0.1
0.5
0.4
0.7
0.4
2.1
0.5
0.7
1.4
0.5
0.3
0.4
0.7
0.5
0.2
0.2

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

O-4-120
O-4-121O-4-122
O-4-125
O-4-126
O-4-127
O-4-129O-4-133
O-4-134
O-4-138
O-4-145
O-5-013
O-5-026
O-5-027
O-5-040O-5-041O-5-042O-5-043
O-5-056
O-5-057
O-5-063
O-5-066
O-5-081O-5-082
O-5-086
O-5-088
O-5-147
O-5-148
O-5-149
O-6-014O-6-015
O-6-016
O-6-046
O-6-049
O-6-050
O-6-051
O-6-059
O-6-060
O-6-064
O-6-067
O-6-083
O-6-085
O-6-112O-6-113O-6-114O-6-116O-6-117
O-6-118
O-6-119O-6-131O-6-136
O-6-139
O-6-141
O-6-142
O-6-143
O-6-144
O-6-150
O-6-152

Gala Place Shinjuku Gyoen
Joyce Court
Act Forme Asakusa
Gran Casa Roppongi
Gran Casa MinamiAoyama
Storia Jingumae
Gran Casa Shinjuku Gyoen
Lietocourt Yotsuya
Lietocourt Motoakasaka
Gran Casa Ginza East
Gran Casa Minowa
willDo Kanayama masaki
Excelsior Sakae
willDo Hibino
willDo Chiyoda
willDo Taiko dori
willDo Kanayama
willDo Kanayama Sawashita
willDo Kachigawa
Stagea Kogane
willDo Inae
willDo Higashibetsuin
willDo Matsubara
willDoYokkaichi Unomori
willDo Daikancho
willDo Takabata
Sakura Hills Riverside WEST
Sakura Hills Riverside EAST
Sakura Hills Meieki NORTH
willDo Ichioka
willDo Ebie
willDo Imafuku Nishi
willDo Tsukamoto
willDo Tanimachi
willDo Nanba wII
willDo Nanba wI
willDo Hamasaki dori
willDo Minamimorimachi
willDo Matsuyamachi
willDo Shinosaka
willDo Sannomiya East
willDo Kujo
Abreast Sakuragawa
Prospect Bishoen
Prospect Nakanoshima
Prospect Toyonaka Hattori
Prospect Shimogamo
Prospect Kawaramachi Gojo
Gransys Esaka
Serenite Koshien
Pregio Miyakojima
Serenite Shinosaka Nibankan
Gran Casa Umedakita
Serenite Honmachi GrandeGransys Tenmabashi
DayGran Tsurumi
Runai Nippombashi anhelo
HS Umeda EAST

RegionAcquisition Price(JPY thousands)(Note 1)23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas

29

2,170,000
3,010,000
1,216,000
1,480,808
3,750,000
3,160,000
2,525,000
1,716,800
1,095,700
2,000,000
850,000
490,095
641,767
317,603
633,000
1,120,000
370,000
375,000
503,000
600,000
641,000
703,000
549,000
529,150
655,000
494,115
1,920,000
1,030,000
750,000
722,761
350,904
413,857
730,000
1,040,000
486,000
690,000
2,280,000
493,000
810,000
861,000
731,000
537,000
385,800
277,000
734,000
366,000
281,000
583,000
1,260,000
2,550,000
1,610,000
3,510,000
2,050,000
4,286,000
4,050,000
1,030,000
1,400,000
2,151,000

Ratio (%)
(Note 2)

1.0
1.4
0.5
0.7
1.7
1.4
1.1
0.8
0.5
0.9
0.4
0.2
0.3
0.1
0.3
0.5
0.2
0.2
0.2
0.3
0.3
0.3
0.2
0.2
0.3
0.2
0.9
0.5
0.3
0.3
0.2
0.2
0.3
0.5
0.2
0.3
1.0
0.2
0.4
0.4
0.3
0.2
0.2
0.1
0.3
0.2
0.1
0.3
0.6
1.1
0.7
1.6
0.9
1.9
.8
0.5
0.6
1.0

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

O-6-153
O-6-154
O-6-155
O-7-068
O-7-087
O-9-053
O-9-130
O-9-135

Serenite Umeda EST
Serenite Yuhigaoka EST
Serenite Umeda Reflet
willDo Okayamaeki Nishiguchi
willDo Okayamadaiku
willDo Nakasu
Renaissance 21 Hakata
Granpark Tenjin

RegionAcquisition Price(JPY thousands)(Note 1)Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities

Studio Total
Property
NumberName of Property

F-1-041F-1-069
F-1-070F-1-075
F-2-001F-2-002F-2-003
F-2-004F-2-042F-2-043
F-4-006
F-4-007F-4-008
F-4-009
F-4-010F-4-011
F-4-013
F-4-014F-4-015
F-4-016
F-4-017
F-4-018
F-4-019F-4-020F-4-022F-4-028
F-4-029F-4-031F-4-035
F-4-036
F-4-038
F-4-039
F-4-040F-4-044F-4-045
F-4-046
F-4-047
F-4-048
F-4-049
F-4-050F-4-051
F-4-052
F-4-053
F-4-054
F-4-055

Palais d’or Maruyama
Gran Casa Omotesando
Gran CasaKita3jo
Chijikoukanmae Tower ResidenceRoyal Garden Shinrin Koen
Green Park Komatsujima
Dia Palace Izumizaki
willDo Takasago
Living Stage Minamisendai
Takasagoseki Nibankan
Iruma Ekimae Building
Iruma Ekimae Building No. II
Sereno Omiya
Suzuran-kan
Bonheur Tokiwa
Profit Link Takenotsuka
Dream Heights
Green Hills Asukayama
Oji Heights
Sakagami Royal Heights NO. II
willDo Todoroki
Chez Moi Sakuragaoka
Libest NishiChiba
Corinne Tsudanuma
Chigasaki Daikan Plaza
Winbell Chorus Hiratsuka No. 13
Libest Higashi Nakayama
MGA Kanamachi
Greenhills Roka
Lofty Hirai
Colonnade Kasuga
The Palms Yoyogi Uehara Cosmo Terrace
Sun Terrace Yoyogi Uehara
Prospect NihonbashiKoamicho
Park Terrace Ebisu
Prospect Dogenzaka
Prospect Glarsa Hiroo
Prospect Hatsudai
Prospect NishiSugamo
Prospect Machiya
Prospect KiyosumuTeien
Prospect Morishita
Prospect OnshiKoen
BELNOS34
SK Residence

Region30(Note 2)

1,057,000
811,500
1,148,753
1,220,000
1,040,000
2,460,000
1,500,000
4,698,000

0.5
0.4
0.5
0.5
0.5
1.1
0.7
2.1

140,740,711

63.4

Acquisition Price(JPY thousands)

Ratio (%)

(Note 1)Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Other Major Cities
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo

Ratio (%)

559,000
1,510,000
1,265,880
4,530,000
396,190
550,523
355,095
364,904
159,500
558,000
1,517,000
687,666
1,554,523
441,190752,904
636,333
358,666
587,238
347,857
360,714
1,764,809
609,904
2,152,476
352,761453,571477,587
1,371,314
484,000
662,000
324,000
3,115,277
1,250,000
1,180,000
840,000
2,060,000
1,590,000
3,560,000
518,000
1,110,000
484,000
2,630,000
1,260,000
1,110,000
1,700,000
805,000(Note 2)

0.3
0.7
0.6
2.0
0.2
0.2
0.2
0.2
0.1
0.3
0.7
0.3
0.7
0.2
0.3
0.3
0.2
0.3
0.2
0.2
0.8
0.3
1.0
0.2
0.2
0.2
0.6
0.2
0.3
0.1
1.4
0.6
0.5
0.4
0.9
0.7
1.6
0.2
0.5
0.2
1.2
0.6
0.5
0.8
0.4

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

F-4-056
F-4-057
F-4-058
F-4-059
F-4-064F-4-065
F-4-066
F-4-071
F-4-072
F-4-073
F-5-023
F-5-032
F-5-037
F-5-060F-5-061F-5-067
F-5-068
F-5-074
F-6-026
F-6-033
F-6-062
F-6-063

Angel Heim NishiRokugo No. 2
Deim Hashimoto
Prospect Kawasaki
Prospect UrawaTokiwa
Glana Ueno
The Residence Honmoku Yokohama Bayside
Lietocourt Asakusabashi
Gran Casa ShinKoiwa
Gran CasaRyogoku Ichibankan
Gran Casa Ryogoku Nibankan
willDo Temmacho
Stellato City Sakurayama
willDo Kurokawa
Gran Casa Daikancho
Gran Casa Gokiso
Liettecourt Marunouchi
Gran Casa Kamimaezu
Sakura Hills Fujimi
willDo Nishi-Akasi
La Vita Nippombashi
Crown Heim NishiTanabe
Prospect Katsura

RegionAcquisition Price(JPY thousands)(Note 1)23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
23 Wards of Tokyo
Three Major Metropolitan Areas
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
23 Wards of Tokyo
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas
Three Major Metropolitan Areas

Ratio (%)
(Note 2)

1,012,000
748,000
1,520,000
717,000
1,100,000
5,550,000
1,615,800
1,510,000
1,420,000
770,000
627,785735,000
677,000
1,082,000
932,500
3,756,800
2,050,000
2,750,000
635,666
1,860,000
405,000
470,000

0.5
0.3
0.7
0.3
0.5
2.5
0.7
0.7
0.6
0.3
0.3
0.3
0.3
0.5
0.4
1.7
0.9
1.2
0.3
0.8
0.2
0.2

Family Total

81,302,443

36.6

Total

222,043,155

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.

31