February 12, 2014
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on the acquisition of a real estate
property in Japan as shown below.
1. Reason for Acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following property was made to ensure the steady growth of assets
under management, and for the diversification and further enhancement of the investment portfolio.
2. Overview of Acquisition(1) Name of property to be acquired (Note 1)

Park Cube Nishigahara Stage(2) Type of property to be acquired (Note 2)

Real estate and land lease rights(3) Acquisition price (Note 3)¥4,110,000 thousand(4) Appraised value (Note 4)¥4,580,000 thousand(5) Date of conclusion of sales contract

February 12, 2014(6) Planned date of handoverMarch 7, 2014(7) Seller

ITOCHU Property Development, Ltd.

(8) Acquisition funds

Borrowings and own funds(9) Method of payment

Full payment at time of delivery(Note 1) Current name of the property to be acquired is “Artis Nishigahara Park Hills.” NAF plans to rename the property as statedabove without delay after it has acquired the property.
(Note 2) The property to be acquired is a building with land lease rights, consisting of a building and the rights to lease land. The
lease rights for land is a fixed term land lease right, as stipulated in Article 22 of the Act on Land and Building Leases.
(Note 3) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes and local consumption taxes) specified in the real estate sales contract for theproperty to be acquired.
(Note 4) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on
December 31, 2013) which Daiwa Real Estate Appraisal Co., Ltd. prepared for the property to be acquired.

1

3. Description of Property to be Acquired(1) Outline of the property to be acquired
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor area ratio (Note 2)Land

ZoningSite area (Note 3)
Ownership form
Completion date (Note 4)
Structure / number of stories (Note 5)

Building

Uses (Note 5)
Gross floor area (Note 5)

Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Park Cube Nishigahara Stage
Real estate and land lease rights
Daiwa Real Estate Appraisal Co., Ltd.
¥4,580,000 thousand
December 31, 201351-35, Nishigahara 4-chome, Kita-ku, Tokyo ; etc.
60%
200%Category 1 medium-to-high-rise exclusive residential
district2
10,408.81m
Fixed-term land lease right
November 6, 2009
Flat-roof reinforced concrete structure / 14 stories with 2
underground stories
Apartment building, retail store, parking
27,854.87m2
Proprietorship
357 residential, 1 retail, etc.
19,693.35m2
None
The owner and lessor of the site of this property(hereinafter stated as “the site”) is the Incorporated
Administrative Agency, Urban Redevelopment (hereinafterstated as “Urban Renaissance Agency.”) Based on anagreement for fixed-term land lease rights under Article 22of the Act on Land and Building Leases, fixed-term landlease rights (hereinafter stated as “land lease right”) havebeen established on the site. The summary of theagreement for fixed-term land lease is as follows:
1. Purpose of land lease right: To own properties, etc. formanagement of residential rental properties.
2. Lease term: June 25, 2007 to June 24, 2077 (70 years)
3. Rent Fee: ¥30,996,000 per month
However, on each base year for the reevaluation of the
fixed property tax (generally once in three years) the
increased or decreased amount of the taxes and publicdues, which is taxed on the site, is adjusted to the rent
fee. The amount of the fee is revised according to thevariance of Consumer Price Index (CPI). Also, if there
is an increase or decrease in the amount of taxes andpublic dues on the site, the rent fee shall be revised
according to aforesaid amount for years other than thebase year.
4. Guarantee deposits: ¥523,093,000
However, on each base year for the reevaluation of the
fixed property tax (generally once in three years) theamount of guarantee deposits is revised in proportion
to the variance of CPI.
5. Others:(i)
The lessee has an obligation to restore thesite into its original state and return to Urban
Renaissance Agency when lease term
expires.

2

(ii)

(iii)

(iv)

Special features of the property

Details of tenants(Note 7)(Note 1)
(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)The lessee may make an offer to the Urban
Renaissance Agency to acquire the site fromthe date 30 years after the land lease contract
has been concluded until one year before thelease term expires.
If the lessor accepts the offer, the conditions
for transfer such as the sales price, method of
payment etc., shall be decided by the Urban
Renaissance Agency.
The lessee shall not transfer the lease rights
without written consent from the Urban
Renaissance Agency.
Furthermore, the lessee shall not separate
land lease rights, the ownership of thebuilding, etc. and the right to claim return for
the guarantee deposits regarding the site.
When lessee breaches the fixed term landlease agreement and Urban RenaissanceAgency terminates the agreement, the lessee
has an obligation to pay a penalty of¥437,992,000 (the amount is adjusted
according to the variance of CPI.)

The property is approximately a 9-minute walk from
Nishi-sugamo Station of the Toei Subway Mita Line. Threestations and three lines, including Nishigahara Station on
the Tokyo Metro Nanboku Line and Nishigahara-yonchome
Station on the Toei Streetcar Arakawa Line are available foruse. It has very good access to central Tokyo, as it isapproximately a 15-minute ride to Otemachi Station from
Nishi-sugamo Station.
The property faces a large-scale park on the southeast
side and possesses excellent sunlight and views. A
supermarket is within a 5-minute walking distance and aconvenience store and a school is nearby.
Demand primarily from DINKS and family households, etc.
that commute to central Tokyo area are expected.

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit / Security deposit

1
357 residential, 1 retail, etc.
336
19,693.35m2
18,521.38m2
94.0%
5¥90,721 thousand

Total rental revenues

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

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal reportwhich Daiwa Real Estate Appraisal Co., Ltd. prepared for the property to be acquired.
“Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the
Building Standards Act. The figures are indicated as stipulated by city planning in accordance with zoning, etc. “Floor area
ratio” is the ratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act.
The figures are indicated as stipulated by city planning in accordance with zoning, etc.
“Site area” of the “Land” item denotes the land area as entered in the register.
“Completion date” of the “Building” item denotes the date as entered in the register.
“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.
“Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the property that NAF plans to acquire.
Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has beenconcluded with the master lease company. As to the property to be acquired, NAF plans to conclude a master lease3contract with the master lease company, which is Mitsui Fudosan Housing Lease Co., Ltd. The above “Total number oftenants” means the total number of tenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in the property to be acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit / Security deposit” are based on information provided by theseller, valid as of December 31, 2013.
(iv) “Rentable area” denotes the total rentable area of the building of the property to be acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

(2) Outline of investigations into the state of the building, etc.
Sumitomo Mitsui Construction Co., Ltd.
Consigned investigating company
Investigations
into the state ofbuilding

Earthquake risk
diagnosis

January 24, 2014－－

Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal costs expected
to be necessary within 12 years
Replacement value¥243,843 thousand

Consigned investigating company¥6,474,816 thousand
Sumitomo Mitsui Construction Co., Ltd.

Investigation report date

January 24, 2014

PML value (Note)

7.0%(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does not provide
any guarantee for its contents. PML (Probable Maximum Loss) represents the rate of probable maximum loss to be caused
by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest earthquakes anticipated tohappen within the expected duration of service (the biggest earthquake which happens once every 475 years = 10% chanceof a big earthquake happening once every 50 years) represented by the rate (%) of the estimated cost of restoration from thedamage to the replacement cost.

Profile of third party investigative body
Name
Sumitomo Mitsui Construction Co., Ltd.
Address
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Representative
Yoshiyuki Norihisa, President and Chief Executive Officer
Description of principal
operations

Design and construction of civil engineering, building, prestressed concrete workand related operations and others.

CapitalRelationship with NAF
or investment trust
management company¥12,003 million
None

4. Outline of Seller
Name

ITOCHU Property Development, Ltd.

Address

9-11, Akasaka 2-chome, Minato-ku, Tokyo

Representative
Description of principal
operations
CapitalShigeru Tsujimura, President and Chief Executive Officer

Date of establishment
Net Assets
Total Assets
Major stockholders andshareholding ratio (as ofMarch31, 2013)
Relationships with NAF
or the investment trust
management company

Construction and sales of apartments and detached houses, etc.
¥10,225 million
December 1, 1997
¥9,815 million (as of March 31, 2013)¥68,650 million (as of March 31,2013)
Stockholder
Shareholding ratio
ITOCHU Corporation
99.8%
CENTURY 21 REAL ESTATE OF JAPAN LTD.
0.2%
There are no capital, personal or business relationships to report between NAF, theinvestment trust management company or any related parties and associatedcompanies of NAF or the investment trust management company, and the seller.
Also, the seller and any of its related parties or associated companies do not fallunder the category of the related parties of NAF or the investment trust
management company.

45. Transactions with Related Parties and the Like
The property to be acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company. Since Mitsui Fudosan Housing Lease Co.,
Ltd., which will be the master lease company and the property management company of the property to beacquired falls under “Related parties and the like” (Note), in accordance with NAF’s self-established rules on
asset management relevant to transactions with related parties and the like, the conclusion of a master lease
contract and a property management contract will be carried out through deliberation and approval by thecompliance committee and deliberation and decision by the investment committee of the investment trust
management company before completion of the acquisition of the said property.
(Note) “Related parties and the like” means related parties and the like of an investment trust management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment
Trust and Investment Corporation, Article 123.

6. Situation of the Acquirer of the Property
The property to be acquired is not an acquisition from a party classified as having a relationship of special
interest with NAF or the investment trust management company, therefore the situation of the acquirer is notstated.
7. Earthquake Resistance Matters
The property to be acquired has received a structural calculation conformity judgment pursuant to the BuildingStandards Act as revised by the Act No.92 of 2006.
In addition NAF always performs earthquake risk diagnosis by reviewing drawings using structural design
drawings, structural calculation sheets, etc., as well as on on-site inspections and the like during the course ofdue diligence upon acquisition of properties, besides building certification investigations performed by aninspection and certification agency.
8. Outline of Brokerage
Not applicable.
9. Outlook for Management after Acquisition of the Property
There will be no impact on the financial results for the period ending February 28, 2014 (16th period:
September 1, 2013 to February 28, 2014) since acquisition of the property is planned for March 7, 2014.
The outlook on NAF’s financial results for the period ending August 31, 2014 (17th period: March 1, 2014 toAugust 31, 2014) will be disclosed when financial results for the period ending February 28, 2014 areannounced (the announcement is scheduled for mid-April, 2014) with due consideration on the status ofoperations of the overall portfolio.

Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/index.html

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Summary of the appraisal report on the amount of the property to be acquired
2. Portfolio list after the acquisition of the property is completed (on an acquisition price basis)
3. Photos of exterior and entrance, and map of the property to be acquired5<Attached Document 1> Summary of the appraisal report on the amount of property to be acquired(unit: Thousands of yen)Appraised value (specified value)
Assessment item(a) Unit rental revenues, including common area fees(b) Utilities revenues

Details
802,2950(c) Parking lot revenues(d) Other revenues

41,979
7,898

Revenues from key money, etc.
Operatingrevenues

4,580,000

Revenues from renewal fees
Other revenues

0
5,820
2,078

(1): (a)+(b)+(c)+(d)852,174(e) Total loss from vacancies, etc.
(f) Loss on bad debts

46,3240(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expense

805,849
18,587(h) Utilities expense

6,434(i) Repair expense

24,718(j) Property management fees
Operatingexpenses (k) Tenant soliciting fee, etc.
(l) Taxes and public dues

27,974
26,59136,192(m) Property insurance fee

1,176(n) Other expenses

381,960(3) Operating expenses [(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)]523,635
282,214(o) Earnings from temporary deposit

1,506(p) Loss from temporary deposit(q) Capital expenditures

10,461
18,673(5) Net income [(4)+(o)-(p)-(q)]254,585(6)Discount rate based on the Inwood method of capitalization over adefinite term

5.3%

Value of earnings calculated by the direct capitalization method

4,600,000

Value calculated by discounted cash flow method

4,570,000

Discount rate (1st-10th year)

5.2%

Discount rate (11th year to the date of expiration of the landleasehold agreement)

5.6%

Terminal cap rate-

Cost method value
Total value of land and building

4,630,000
6,179,565

Land (Land lease rights) value
Building value
Adjustment

293,008
5,886,557
1,544,891

NAF requested a real estate appraisal by Daiwa Real Estate Appraisal Co., Ltd. for the property to be acquired, based on the Act on Real EstateAppraisal (1963 Act No. 152, including later amendments) and real estate appraisal standards. The above figures are a summary of the
prepared real estate appraisal report. The appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with noguarantees as to the validity or accuracy of the report, nor the possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.

6

<Attached Document 2> Portfolio list after the purchase of the property to be acquired is completed (on an acquisition
price basis)
1. Rental Apartments
Name

Location

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

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

10.8

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

1.9

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.6

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.3

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.4

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.7

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.1

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.0

Park Axis Roppongi Hinokicho Koen

Minato-ku, Tokyo

2,170

0.8

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.5

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.6

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.9

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.9

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.8

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.6

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.2

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.4

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.7

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.0

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.0

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.7

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.5

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

Park Axis Nishigahara

Kita-ku, Tokyo

840

0.3

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.7

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.9

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

7

Name

Location

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

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.4

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.4

Park Axis Toyosu

Koto-ku, Tokyo

14,3005.2

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.0

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.5

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.2

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.7

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.9

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.2

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.8

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.4

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.3

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.8

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.5

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.3

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.7

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

1.0

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.1

Park Axis Shin Okachimachi East

Taito-ku, Tokyo

1,299

0.5

Park Axis Nihonbashi Honcho

Chuo-ku, Tokyo

1,469

0.5

Park Cube Nishigahara Stage

Kita-ku, Tokyo

4,110

1.5

Tokyo 23 wards total

230,514

83.6

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.5

Park Axis Chiba Shinmachi

Chuo-ku, Chiba-shi, Chiba

1,679

0.6

Park Axis Chiba

Chuo-ku, Chiba-shi, Chiba

970

0.4

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.4

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

2,250

0.8

Park Axis Yokohama Tanmachi
Koen

Kanagawa-ku,
Yokohama-shi, Kanagawa

1,119

0.4

Park Axis Yokohama Yamashitacho

Naka-ku, Yokohama-shi,
Kanagawa

1,539

0.6

Park Cube Keio Hachioji II

8

Name

Location

Greater Tokyo Total (Note 3)

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)
12,326

4.5

Nakamura-ku, Nagoya-shi,
Aichi

2,440

0.9

Naka-ku, Nagoya-shi, Aichi

1,920

0.7

1,515

0.5

1,890

0.7

742

0.3

1,547

0.6

2,320

0.8

960

0.3

605

0.2

1,650

0.6

827

0.3

2,369

0.9

2,399

0.9

1,970

0.7

Other Major Cities Total (Note 4)

23,154

8.4

Rental Apartments Total

265,994

96.4

Location

Acquisition price(millions of yen)
(Note 1)

Portfolio Share(%)(Note 2)Ashiya-shi, Hyogo

928

0.3

991

0.4

916

0.3

374

0.1

Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Park Cube Kitahama

Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku, Sapporo-shi,
Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,Osaka
Chuo-ku, Osaka-shi,Osaka

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.5

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.4

540

0.2

1,160

0.4

9,829

3.6

275,823

100.0

Philosophia Nishidai
Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
MiyagiOther Accommodation Assets Total

Grand Total(Note 1)“Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax, urban
planning tax, consumption tax and local consumption tax) of the property acquired.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the respective property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

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

10

Asukayama Park

Takinogawa Police Station

Meiji Dori

Nishigahara Station
Takinogawa
Park
Nishigahara
yonchome Station
Nishi-sugamo Station

Nishigahara
Elementary
Musashino Junior
SchoolHigh School &High School
Nishigahara Minnano
Koen Park

Hakusan Dori11