June 14, 2013
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition ofDomestic Real Estate Trust Beneficiary Interest
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on and completed the acquisition ofreal estate trust beneficiary interest 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 the entire
portfolio, and for the diversification and further enhancement of the investment portfolio in Tokyo’s 23 wards.
2. Overview of Acquisition(1) Name of property acquired (Note 1)

Park Cube Kasuga Andozaka(2) Type of property acquired

Trust beneficiary interest(3) Acquisition price (Note 2)¥2,670,000 thousand(4) Appraised value (Note 3)¥2,770,000 thousand(5) Date of conclusion of sales contract

June 14, 2013

(6) Date of handoverJune 14, 2013(7) Seller

YK JRF II(8) Acquisition funds

Borrowings and own funds(9) Method of payment

Full payment at time of delivery(Note 1) The current name of the property acquired is “Chester Court Kasuga Andozaka.” NAF plans to rename the property as
stated above without delay after it has acquired the property.
(Note 2) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes and local consumption taxes) specified in the trust beneficiary interest sales
contract for the property acquired.
(Note 3) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on May 31,2013) which Morii Appraisal & Investment Consulting, Inc. prepared for the property acquired.

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

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

Building

Park Cube Kasuga Andozaka
Trust beneficiary interest
Sumitomo Mitsui Trust Bank, Limited.
From November 25, 2005 to June 30, 2023
Morii Appraisal & Investment Consulting, Inc.
¥2,770,000 thousand
May 31, 2013
2-6, Kasuga 2-chome, Bunkyo-ku, Tokyo
80%, 60%
400%, 300%
Neighborhood commercial district, Category 1 residential
district2
953.13m
Proprietorship
October 14, 2005

Structure / number of stories (Note 5)

Flat-roof steel frame reinforced concrete structure,
reinforced concrete structure / 15 stories

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

Apartment building, parking lot, garbage depot
24,425.85m
Proprietorship68
23,581.09m
None
For part of the land of the property, Tokyo Metro Co., Ltd. is
set and registered as superficiary owning the surface rights
for the purpose of construction of a subway line (Tokyo
Metro Marunouchi Line).
The property is approximately a 10-minute walk from
Korakuen Station with access to the two train lines of theTokyo Metro Marunouchi Line and the Nanboku Line; it isapproximately an 11-minute walk from Iidabashi Station of
the Japan Railways Chuo Line, etc. and approximately a
10-minute walk from Kasuga Station of the Toei Subway
Oedo Line. It has very good access to central Tokyo, as it isapproximately an 8-minute ride to Otemachi Station from
Korakuen Station.
The property has good living convenience and environment
with banks, medical facilities, supermarkets and parks, etc.
in the neighborhood.
Demand is expected mainly from segment types such as
business people, DINKS and families.

Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit

1
68
63
2
3,581.09m
2
3,343.26m
93.4%¥26,736 thousand

Total rental revenues

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

(Note 1)“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal reportwhich Morii Appraisal & Investment Consulting, Inc. prepared for the property acquired.
(Note 2) “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-arearatio” 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.
(Note 3) “Site area” of the “Land” item denotes the land area as entered in the register.
(Note 4) “Completion date” of the “Building” item denotes the date as entered in the register.
(Note 5) “Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.
(Note 6) “Special affairs” include issues considered to be important by NAF as of today, with consideration of influence on the rights,
uses, and appraisal values as well as profits of the property that NAF acquired.
(Note 7) Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has beenconcluded with a master lease company. As to the property acquired, NAF has today concluded a master lease
contract with the master lease company, that 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 acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit” are based on information provided by the seller, valid as of
May 31, 2013.
(iv) “Rentable area” denotes the total rentable area of the building of the property 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.

Investigations
into the state ofbuilding

Consigned investigating company

Tokio Marine & Nichido Risk Consulting Co., Ltd.

Investigation date
Urgent repair cost
Short-term repair cost

May 30, 2013－－

Repair and renewal costs expected
to be necessary within 12 years¥58,220 thousand

Replacement value
Earthquake risk
diagnosis

Consigned investigating company¥901,000 thousand
Sumitomo Mitsui Construction Co., Ltd.

Investigation date

May 24, 2013

PML value (Note)

6.5%(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
Address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Ken Kamikouchi, President and Chief Executive Officer

Description of principal
operations

Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.

CapitalRelationship with NAF
or investment trust
management company¥100 million

Name
Address
Representative
Description of principal
operations

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer
Design and construction of civil engineering, building, prestressed concrete workand related operations and others

Capital¥12,003 million

NoneRelationship with NAF
or investment trust
management company

None

4. Outline of Seller
Name

YK JRF II

Address

12-32, Akasaka 1-chome, Minato-ku, Tokyo

Representative

Mitsuru Izumibe, Director

Description of principal
operations

1. Acquisition, ownership, operation, lease and management of real estate
2. Investment business3. Acquisition, ownership, purchase and selling of trust beneficiary interest in realestate4. All business incidental to the above

Capital¥4,000 thousand
Date of establishment
February 6, 2004
Net Assets
Not disclosed
Total Assets
Not disclosed
Relationships between NAF or the investment trust management company, and the seller
There are no capital relationships to report between NAF or the investment trust
management company and the seller. Also, there are no capital relationships toCapital relationships
report between any related parties or associated companies of NAF, or theinvestment trust management company, and any related parties or associatedcompanies of the seller.
There are no personal relationships to report between NAF or the investment trust
management company and the seller. Also, there are no personal relationships to
Personal relationships report between any related parties or associated companies of NAF, or theinvestment trust management company, and any related parties or associatedcompanies of the seller.
There are no business relationships to report between NAF or the investment trust
management company and the seller. Also, there are no business relationships toBusiness relationships report between any related parties or associated companies of NAF, or theinvestment trust management company, and any related parties or associatedcompanies of the seller.
The seller does not fall under the category of the related parties of NAF or the
Applicability to related investment trust management company. Also, any related parties or associatedcompanies of the seller do not fall under the category of the related parties of NAF
partiesor the investment trust management company.
5. Transactions with Related Parties and the Like
The property acquired has not been acquired 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 became the master lease company and property management company of the acquired property asof today, falls under “Related parties and the like” (Note) according to 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 have been carried out through deliberation and approval by thecompliance committee of the investment trust management company and the investment committee.
(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
Not applicable.

7. Earthquake Resistance Matters
NAF outsourced the inspection and verification of the details of earthquake-resistant structures including
structural calculation sheets and, for the corresponding building, obtained confirmation that, no falsification issuspected in the structural calculation and structural drawings with respect to its structure, which ensures
earthquake resistance as per the Building Standards Act.
In addition NAF always performs earthquake risk diagnosis based on drawing reviews using structural design
drawings, structural calculation sheets, etc., as well as on on-site inspection and the like during the course ofdue diligence upon acquisition of properties, from perspectives that are different to building certification
investigations performed by an inspection and certification agency.
8. Outline of Brokerage
Not applicable.
9. Outlook for Management of the Properties after Acquisition
The impact of the acquisition on NAF’s results for the period ending August 2013 (March 1, 2013 to August 31,
2013) will be minor, and there will be no change to the financial results forecast of the period.
Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/index.html

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Summary of the appraisal report on the amount of the property 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 acquired<Attached Document 1> Summary of the appraisal report on the amount of property acquired(unit: Thousands of yen)Appraised value (specified value)
Assessment item(a) Unit rental revenues, including commons area fees(b) Utilities revenues

Details
169,9070(c) Parking lot revenues

4,212(d) Other revenues

4,106

Revenues from key money, etc.
Operatingrevenues

Operatingexpenses

2,770,000

Revenues from renewal fees
Other revenues

0
3,950
156

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

178,225(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]

0

8,925
169,300(g) Maintenance expense

3,152(h) Utilities expense

2,210(i) Repair expense

3,313(j) Property management fees

7,025(k) Tenant soliciting fee, etc.

5,562(l) Taxes and public dues

8,066(m) Property insurance fee

178(n) Other expenses

1,999(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposit(p) Capital expenditures

31,505
137,7955473,396(5) Net income [(4)+(o)-(p)]134,946(6) Cap rate

4.8%

Value of earnings calculated by the direct capitalization method [(5)÷(6)]2,810,000

Value calculated by discounted cash flow method

2,720,000

Discount rate

4.5%

Terminal cap rate

5.1%

Cost method value

1,600,000

Total value of land and building
Land value
Building value
Adjustment

1,601,000
915,000
686,000
0

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

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

Location

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

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

11.3

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.7

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.7

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.0

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.7

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.5

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.9

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.8

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.1

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.1

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

0.8

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.7

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.7

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.9

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.0

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.9

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.6

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.3

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.5

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.5

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.7

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.0

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.1

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.8

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.6

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

Park Axis Nishigahara

Kita-ku, Tokyo

840

0.3

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.8

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.9

745

0.3

1,448

0.6

Park Axis Honancho

Nakano-ku, Tokyo

Park Axis Itabashi

Kita-ku, Tokyo

Name

Location

Park Axis Oshiage

Sumida-ku, Tokyo

Park Axis Takadanobaba
Park Axis Toyosu
Park Axis Hatchobori

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

0.5

Toshima-ku, Tokyo

1,222

0.5

Koto-ku, Tokyo

14,3005.4

Chuo-ku, Tokyo

1,760

0.7

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.0

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.6

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.7

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.0

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.3

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.8

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.5

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.4

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.9

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.5

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.3

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.7

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

1.0

220,616

84.1

Tokyo 23 wards total
Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.5

Park Axis Chiba Shinmachi

Chuo-ku, Chiba-shi, Chiba

1,679

0.6

Park Axis Chiba

Chuo-ku, Chiba-shi, Chiba

970

0.4

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.5

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

2,250

0.9

Park Axis Yokohama Tanmachi
Koen

Kanagawa-ku,
Yokohama-shi, Kanagawa

1,119

0.4

Greater Tokyo Total (Note 3)

10,787

4.1

Nakamura-ku, Nagoya-shi,
Aichi

2,440

0.9

Park Axis Marunouchi

Naka-ku, Nagoya-shi, Aichi

1,920

0.7

Park Axis Ropponmatsu

Chuo-ku, Fukuoka-shi,
Fukuoka

1,515

0.6

Park Axis Meieki Minami

NamePark 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

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

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)
1,890

0.7

742

0.3

1,547

0.6

2,320

0.9

960

0.4

605

0.2

1,650

0.6

827

0.3

Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

0.9

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

0.9

Other Major Cities Total (Note 4)

21,184

8.1

Total

252,587

96.3

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.4

991

0.4

916

0.3

374

0.1

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

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

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Phirosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.4

540

0.2

1,160

0.4

9,829

3.7

262,416

100.0

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi-doriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi

Total

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

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