March 7, 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 Properties
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided and partially completed on theacquisition of real estate properties 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 properties was made to ensure the steady growth of assets
under management, and for the diversification and further enhancement of the investment portfolio.
NAF also believes that the acquisition of “Okawabata Parking” in addition to “Okawabata Apartment
Communities” that has already been owned by NAF, will enable overall management of the area including theparking facilities to benefit the enhancement of the value of NAF’s assets.
2. Overview of Acquisition(Thousands of Yen)

Name of Properties
Property 1
Property 2
Property 3

Park Axis Shibaura
Park Axis Asakusa Kuramae
Okawabata Parking
Total

Type of
Properties

Acquisition Price(Note 1)

Appraised Value(Note 2)

Real Estate
Real Estate
Real Estate

1,045,000
1,095,000
1,120,000
3,260,000

1,080,000
1,130,000
1,300,000
3,510,000(1) Date of conclusion of sales contract

March 7, 2014

(2) Planned date of handover (Property 1, 2)April 1, 2014

Date of Handover (Property 3)

March 7, 2014(3) Seller

Mitsui Fudosan Co., Ltd.

(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at time of delivery(Note 1) “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 the properties.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on January 31, 2014)
which Morii Appraisal & Investment Consulting, Inc. prepared for the properties.

13. Description of Properties(1) Outline of the properties
1. Property 1: Park Axis Shibaura
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)
Uses (Note 5)
Building

Gross floor area (Note 5)

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

Special features of the property

Details of tenants(Note 7)Park Axis Shibaura
Real estateMorii Appraisal & Investment Consulting, Inc.
¥1,080,000 thousand
January 31, 2014
8-11, Shibaura 2-chome, Minato-ku, Tokyo
80%
400%
Commercial district2
347.10m
Proprietorship
October 31, 2012
Flat-roof reinforced concrete structure / 10 stories
Apartment building, parking, storage, bicycle parking area,
garbage depot
1,756.09m2
Proprietorship42
2
1,273.60m
None
None
The property is approximately an 8-minute walk from
Tamachi Station on the JR Yamanote Line, approximately a7-minute walk from Shibaura-futo Station on the
Yurikamome Line and approximately an 11-minute walkfrom Mita Station on the Toei Mita Line and Toei Asakusa
Line. It has very good access to central Tokyo as it isapproximately a 10-minute ride to Tokyo Station from
Tamachi Station on the JR Yamanote Line.
A supermarket and convenience stores, etc. convenient forliving purposes are within walking distance.
Demand is expected mainly from business people and
DINK households, etc. that place importance on locational
conditions.

Total number of tenants

1

Rentable units
Rented units

42
42

Rentable area

1,273.60m

2Rented area

1,273.60m

2

Occupancy rate

100.0%

Deposit / Security deposit¥10,833 thousand

Total rental revenues

Please refer to <Attached Document 1> Summary of theappraisal report on the properties.

22. Property 2: Park Axis Asakusa Kuramae
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)

Park Axis Asakusa Kuramae
Real estateMorii Appraisal & Investment Consulting, Inc.
¥1,130,000 thousand
January 31, 2014

Location

Residence indication
Building-to-land ratio (Note 2)
Floor area ratio (Note 2)

13-6, Kotobuki 3-chome, Taito-ku, Tokyo
80%
500%

Land

ZoningCommercial district

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

362.69m
Proprietorship
May 22, 2013

Structure / number of stories (Note 5)

Flat-roof reinforced concrete structure / 13 stories

Uses (Note 5)

Apartment building, storage, bicycle parking area, garbage
depot

Building

Gross floor area (Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)2

1,985.42m2
Proprietorship45
1,456.35m2
None
None
The property is approximately a 2-minute walk from
Kuramae Station on the Toei Oedo Line, approximately a5-minute walk from Kuramae Station on the Toei Asakusa
Line, approximately a 6-minute walk from Asakusa Stationon the same line and approximately a 6-minute walk from
Tawaramachi Station on the Tokyo Metro Ginza Line and it
has good access to various towns in Tokyo and central
Tokyo.
A supermarket and convenience stores, etc. convenient forliving purposes are within walking distance.
Demand is expected mainly from business people and
DINK households, etc. that place importance on locational
conditions.

Total number of tenants
Rentable units
Rented units

145

Rentable area

1,456.35m
2
1,353.65m
92.9%

Rented area
Occupancy rate
Deposit / Security deposit
Total rental revenues

422¥10,460 thousand
Please refer to <Attached Document 1> Summary of theappraisal report on the properties.

33. Property 3: Okawabata Parking
Name of property acquired
Type of property acquired

Okawabata Parking
Real estateAppraisal company

Morii Appraisal & Investment Consulting, Inc.

Appraised value (Note 1)¥1,300,000 thousand

Date of value appraisal (Note 1)

January 31, 2014

Location

Residence indication

50-1, Tsukuda 1-chome, Chuo-ku, Tokyo (Lot number
address)

Building-to-land ratio (Note 2)

60%

Land

Building

Floor area ratio (Note 2)

400%

ZoningCategory 1 residential district

Site area (Note 3)

30,291.75 m2

Ownership form

Proprietorship (Common ownership: 1,926,003/10,000,000)

Completion date (Note 4)

Completion on March 30, 1989, Extension on August 26,
1991, Extension on February 23, 1993

Structure / number of stories (Note 5)

Reinforced concrete structure, steel framed reinforced
concrete structure / 3 underground stories

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

Parking, garbage depot
32,137.93m2

Ownership form

Proprietorship

Existence of security interests
Special affairs (Note 6)

None
None

Special features of the property

The property is situated on the underground floor of
Okawabata Rivercity 21 “West Block Area.” For a diagram ofthe overall area, please refer to <Attached Document 3>.
The parking meets diverse needs as it is mainly rented to
the residents of the rental and condominium towers as wellas pay-by-the-hour parking for corporations renting at Pier
West Square and also visitors to the West Block Area.

Details of tenants(Note 8)(Note 1)
(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

Total number of tenants
Deposit / Security deposit

2¥40,586 thousand

Total rental revenues

Please refer to <Attached Document 1> Summary of theappraisal report on the properties.

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal report which Morii
Appraisal & Investment Consulting, Inc. prepared for the properties.
“Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the BuildingStandards Act. The figures are indicated as stipulated by city planning according to the 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 according to the zoning, etc.
“Site area” of the “Land” item denotes the land area as entered in the real estate register.
“Completion date” of the “Building” item denotes the date as entered in the real estate register.
“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the real estate register.
“Special affairs” include issues considered to be important by NAF as of today, with consideration to influence on the rights, uses,
and appraised values as well as profits of the properties.
Description of the “Details of tenants” item: (Property 1, 2)(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has been concluded with amaster lease company. As for the properties to be acquired, NAF plans to conclude a master lease contract with the master
lease company, Mitsui Fudosan Housing Lease Co., Ltd. The above “Total number of tenants” means the total number oftenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in the properties to be acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit / Security deposit” are based on information provided by the seller,
valid as of January 31, 2014.

4

(Note 8)(iv) “Rentable area” denotes the total rentable area of the building of the properties to be acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.
Description of the “Details of tenants” column (Property 3):(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has been concluded with amaster lease company. As for property 3, for different areas of the parking lots a master lease contract has been concluded
respectively, which designates Mitsui Fudosan Housing Lease Co., Ltd. as a master lease company for a part of and Mitsui
Fudosan Realty Co., Ltd. for the remaining areas of the parking lots. Therefore, the above “Total number of tenants” is denoted
as “2” indicating the number of tenants after the conclusion of such master lease contracts.
(ii) Figures for “Deposit / Security deposit” are based on information provided by the seller, valid as of January 31, 2014.
(iii) The number of leasable parking lots (Leasable parking lots) for the acquired property is 907. The number of “Leased parkinglots” based on information provided by the seller, valid as of January 31, 2014, is 687. Therefore, the ratio of “Leased parkinglots” to “Leasable parking lots” is 75.7% (rounded to one decimal place).

(2) Outline of investigations into the state of the building, etc.
Property 1

Name of properties

Investigations
into the stateofbuilding

Consigned investigatingcompany
Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal
costs expected to benecessary within 12
years

Property 2
Park Axis
Park Axis Shibaura
Asakusa Kuramae
Tokio Marine & Nichido Risk Consulting
Co., Ltd.
February 10, 2014
February 10, 2014－－－－

Replacement value
Earthquake
risk
diagnosis

Consigned investigatingcompany
Investigation report date

Property 3
Okawabata
Parking
Shimizu Corporation
February 13, 2014－－

¥13,145 thousand¥14,864 thousand¥917,361 thousand¥337,500 thousand¥378,700 thousand¥9,772,200 thousand

Sumitomo Mitsui Construction Co., Ltd.
January 24, 2014

January 24, 2014

February 19, 2014

9.1%

6.7%

3.2%

PML value (Note)(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) value represents the rate of probable maximum loss to be caused byearthquakes. In this case, it means the extent of damage to be caused by one of the biggest earthquakes anticipated to happen within
the expected duration of service (the biggest earthquake which happens once every 475 years = 10% chance of a big earthquake
happening once every 50 years) represented by the rate (%) of the estimated cost of restoration from the damage 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

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
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

None

5

Name
Address
Representative

SHIMIZU CORPORATION
16-1, Kyobashi 2-chome, Chuo-ku, Tokyo
Yoichi Miyamoto, President and Representative Director

Description of principal
operations

Building, civil engineering, and construction (general contractor), etc.

CapitalRelationship with NAF
or investment trust
management company¥74,365 million
None

4. Outline of Seller
Name

Mitsui Fudosan Co., Ltd.

Address

1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo

Representative
Description of principal
operations
CapitalDate of establishment
Net Assets
Total Assets

Masanobu Komoda, President and Chief Executive Officer
Acquisition, ownership, disposition, renting as well as sales and management,
etc. of real estate properties¥174,296 million
July 15, 1941
¥1,008,349 million (As of March 31, 2013)¥3,681,166 million (As of March 31, 2013)
Stockholder

Major stockholders andshareholding ratio(as of March 31, 2013)

The Master Trust Bank of Japan, Ltd. (Trust Account)
Japan Trustee Services Bank, Ltd. (Trust Account)
CBLDN-STICHTING PGGM DEPOSITARY-LISTED REALESTATE PF FUND
Relationship with NAF or the investment trust management company
Capital relationships
Personal Relationships

Business Relationships

Applicability to relatedparties

Shareholding ratio
8.33%
5.93%
2.92%

The seller holds 3.38% of total NAF investment units issued as of August 31,
2013 and all issued shares of the investment trust management company.
As of February 28, 2014, eight of the employees and directors of the investment
trust management company (excluding part-time directors) are seconded fromthe seller, and one of them is concurrently serving as executive director of NAF.
During the period ending February 28, 2014, NAF has acquired 3 properties
from the seller. Other than this, as of February 28, 2014, there are no business
relationships to report between NAF or the investment trust managementcompany and the seller. Moreover, there are no business relationships between
the related persons or related companies of NAF or the investment trust
management company, and the related persons or related companies of theseller.
The seller does not fall under the category of related parties of NAF. Also, theseller is the parent company of the investment trust management company.

5. Transactions with Interested Parties and the Like
Since Mitsui Fudosan Co., Ltd., the seller of the properties falls under the category of “Interested parties andthe like” (Note), in accordance with NAF’s self-established rules on asset management relevant to transactions
with interested parties and the like, the conclusion of a real estate sales contract have been carried out throughdeliberation and approval by the compliance committee and the investment committee of the investment trust
management company.
Mitsui Fudosan Housing Lease Co., Ltd. which will be the master lease company and property managementcompany of the property 1 and 2 also falls under the category of “Interested parties and the like” (Note),therefore in accordance with NAF’s self-established rules on asset management relevant to transactions withinterested 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 the compliance committee and deliberation anddecision by the investment committee of the investment management company before completion of
acquisition of the said properties.
Since Mitsui Fudosan Housing Lease Co., Ltd., which became the master lease company and the property
management company and Mitsui Fudosan Realty Co., Ltd., which became the master lease company of6

Property 3 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 were carried out through deliberation and approval by thecompliance committee and deliberation and decision by the investment committee of the investment trust
management company.
(Note) “Interested parties and the like” means interested 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 andInvestment Corporation, Article 123.

6. Situation of the Acquirer of the Properties

Property 1:
Park Axis Shibaura
Property 2:
Park Axis Asakusa Kuramae
Property 3:
Okawabata Parking

Status etc. of the owner ofthe properties
Company Name /Name of the Individual
Relationship withparties of special
interest
Details, Reason etc. of
the acquisition
Acquisition price(including otherexpenses)
Date of Acquisition

Former Ownership

The Owner before
the Former Owner

Mitsui Fudosan Co., Ltd.

None

The parent company of theinvestment trust
management company
Property developed by
Mitsui Fudosan

―
―

―

―

―

―

7. Earthquake Resistance Matters
Properties 1 and 2 have received a structural calculation conformity judgment pursuant to the BuildingStandards Act as revised by the Act No.92 of 2006. For property 3, NAF outsourced the inspection andverification of the details of earthquake-resistant structures including structural calculation sheets to the third
party investigating company and, for the building of the property, obtained confirmation that no falsification issuspected in the structural calculation which largely ensures the compatibility to the rules on earthquake
resistance set by the Building Standards Act and its enforcement ordinances.
In addition NAF always entrusts earthquake risk diagnosis to the third party investigating company to review
drawings using structural design drawings, structural calculation sheets, etc., as well as on on-site inspection
and the like during the course of due diligence upon acquisition of properties, besides building certification
investigations performed by an inspection and certification agency.
8. Outline of Brokerage
Not applicable.
9. Outlook for Management after Acquisition of the Properties
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 with due consideration on the status of operations on the overall portfolio. The announcement isscheduled for mid-April, 2014.


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 properties
2. Portfolio list after the acquisition of the properties is completed (on an acquisition price basis)
3. Photos of exterior and entrance, and maps, etc. of the properties.

7

<Attached Document 1> Summary of the appraisal report on the properties(Unit: Thousands of yen)
Name of properties
Appraised value (specified value)

Property 3

Park Axis
Shibaura

Park Axis
Asakusa Kuramae

Okawabata
Parking

1,130,000

1,300,000

Details
68,696

71,956

0

0

0

0

1,548

912

416,232

2,873

2,816

29,940

1,099

1,131

0

1,432

1,511

0

342

174

29,940(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.
(f) Loss on bad debts

73,11775,684446,172

4,668
0

4,279
0

126,0080(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expense

68,44971,405

320,164(h) Utilities expense

4,056

3,120

60,897

1,155

1,057

10,499912

1,001

22,934

2,752

2,882

13,230

2,482

2,558

0

3,827

3,718

52,597(c) Parking lot revenues(d) Other revenues
Revenues from key money, etc.
Revenues from renewal fees
Other revenues(i) Repair expense
Operatingexpenses

Property 2

1,080,000

Assessment item(a) Unit rental revenues, including common
area fees(b) Utilities revenues

Operatingrevenues

Property 1(j) Property management fees(k) Tenant soliciting fee, etc.
(l) Taxes and public dues(m) Property insurance fee(n) Other expenses(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

65

72

1,645

101

162

19,073

15,35014,570180,875

53,09956,835

139,289

204

209

486

767

867

53,513(5) Net income [(4)+(o)-(p)]52,53656,177

86,262(6) Cap rate
Value of earnings calculated by the direct capitalization
method [(5)÷(6)]

4.8%

4.9%

6.5%

1,090,000

1,150,000

1,330,000

Value calculated by discounted cash flow method

1,060,000

1,110,000

1,270,000

4.6%

4.7%

6.3%

Discount rate
Terminal cap rate

5.0%

5.1%

6.7%

Cost method value
Total value of land and building

881,000

601,000

1,440,000

881,000

601,000

14,380,000

Land value

545,000

225,000

10,700,000

Building value

336,000

376,000

3,680,000

0012,942,000

Adjustment

NAF requested a real estate appraisal by Morii Appraisal & Investment Consulting, Inc. for the properties, 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.

8

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

Location

Okawabata Apartment
Communities (Note 3)

Chuo-ku, Tokyo

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)30,816(Note 3)

10.7
(Note 3)

1,760

0.6

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.1

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

1.8

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.5

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

0.4

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.6

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.7

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.0

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

3.4

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

0.6

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

0.6

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

0.9

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

1.9

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

1.4

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

2.6

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.8

9

Name

Location

Park Axis Honancho

Nakano-ku, Tokyo

Park Axis Itabashi

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)745

0.3

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

14,3005.0Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.6

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.3

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.3

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

0.6

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

2.7

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.1

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

3.1

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

0.9

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

0.4

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.2

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

0.6

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

0.9

Park Cube Kameido

Koto-ku, Tokyo

3,020

1.0

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

1.4

Park Cube Atagoyama Tower

Minato-ku, Tokyo

8,650

3.0

Park Axis Shibaura

Minato-ku, Tokyo

1,045

0.4

Park Axis Asakusa Kuramae

Taito-ku, Tokyo

1,095

0.4

242,424

84.3

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

0.3

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.4

Tokyo 23 wards total
Park Cube Keio Hachioji II

10

Name

Location

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

Park Axis Yokohama Tanmachi
Koen
Park Axis Yokohama Yamashitacho

2,250

0.8

Kanagawa-ku,
Yokohama-shi, Kanagawa

1,119

0.4

Naka-ku, Yokohama-shi,
Kanagawa

1,539

0.5

Greater Tokyo Total (Note 4)
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

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

12,326

4.3

Nakamura-ku, Nagoya-shi,
Aichi

2,440

0.8

Naka-ku, Nagoya-shi, Aichi

1,920

0.7

1,515

0.5

1,890

0.7

742

0.3

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

0.6

827

0.3

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

Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

0.8

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi, Osaka

2,399

0.8

Park Cube Kitahama

Chuo-ku, Osaka-shi,
Osaka

1,970

0.7

Other Major Cities Total (Note 5)

23,1548.0

Rental Apartments Total

277,904

96.6

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.3

991

0.3

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

0.5

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

9,829

3.4

287,733

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

11

(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) “Okawabata Apartment Communities” includes “Okawabata Parking” which is acquired on the date of this notice.
(Note 4) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo 23 wards), Kanagawa, Saitama, and Chiba.
(Note 5) “Other Major Cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

12

<Attached Document 3> Photos of exterior and entrance, and maps, etc. of the properties.
Property 1: Park Axis Shibaura

13Mita Line
Mita Station

Kaigan Dori

Tamachi Station
Japan Seafarers
Relief Association
Tokyo Clinic

Shibaura Institute ofTechnology
Shibaura Campus

Shibaura–futo Station

14

Property 2: Park Axis Asakusa Kuramae

15

Asakusa Station

Ginza Line
Asakusa Station
Ginza Line
Tawaramachi Station

Kokusai Dori

Asakusa Line
Asakusa Station

Oedo Line
Kuramae Station

16

Property 3: Okawabata Parking

Okawabata Parking(Acquired on the date ofthis notice)

Etchujima Park

River Point Tower(Owned by NAF)

Pier West House(Owned by NAF)
Ishikawajima Park

Park Side Wings(Owned by NAF)

TsukudaElementary School
TsukudaJunior High School
Ishikawajima
Memorial Hospital

Yurakucho Line
Tsukishima Station
Oedo Line
Tsukishima Station
Kiyosumi Dori

17

Nakanoshima Park