March 30, 2017
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-0027
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
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property(Park Axis Higashi Koenji)
This is a notification that Mitsui Fudosan Accommodations Fund Management Co., Ltd., an investment trust
management company, which has been commissioned by Nippon Accommodations Fund Inc. (“NAF“) to manage
its assets, decided on the acquisition of 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 undermanagement, and for the diversification and further enhancement of the investment portfolio.
2. Overview of acquisition(1) Name of property to be acquired

Park Axis Higashi Koenji(2) Type of property to be acquired

Real estate(3) Planned acquisition price (Note 1)¥2,300,000 thousand(4) Appraised value (Note 2)¥2,310,000 thousand(5) Date of conclusion of sale contract

March 30, 2017(6) Planned date of handover

April 27, 2017(7) Seller

Mitsui Fudosan Residential Co., Ltd.

(8) Acquisition funds

Borrowings and own funds(9) Method of payment

Full payment at the time of delivery(Note 1) “Planned 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 sale contract
for the property to be acquired.
(Note 2) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on
February 28, 2017) which Daiwa Real Estate Appraisal Co., Ltd. prepared for the property to be acquired.

1

3. Description of the 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)
Uses (Note 5)
Building

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

The property is approximately a 10-minute walk from
Higashi-koenji Station on the Tokyo Metro Marunouchi
Line and approximately a 15-minute walk from
Honancho Station on the same line, offering access to
two stations. It has excellent access to Shinjuku Station
with the use of subways and buses and via Shinjuku
Station it is easy to access each major area in central
Tokyo.
As there are various retail stores and restaurants inthe area around Higashi-koenji Station, convenience indaily life is also good.
The property has a locational characteristic that
acknowledges stable rental demands from one-person
and DINKS households that place importance on living
convenience.

Special features of the property

Details oftenants(Note 7)Park Axis Higashi Koenji
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥2,310,000 thousand
February 28, 201750-1 Horinouchi 3-chome, Suginami-ku, Tokyo
80%
400%
Neighborhood commercial district
747.56m2
Proprietorship
February 27, 2015
Flat-roofed reinforced concrete structure/10 stories
Apartment building, storage, parking, parking lot forbicycles, garbage depot
3,656.90m2
Proprietorship85
2,679.96m2
None
None

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

185
81
2,679.96m2
2,523.66m2
94.2%¥20,200 thousand

Total rental revenues

Refer to “10. Summary of appraisal report” below.

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal report prepared by Daiwa Real EstateAppraisal Co., Ltd. for the property to be 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 BuildingStandards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-area ratio” is theratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act, and the figure2

stipulated by city planning in accordance with zoning, etc. is indicated.
(Note 3) “Site area” denotes the land area included in the register.
(Note 4) “Completion date” of the building denotes the date included in the register.
(Note 5) “Structure / Number of stories,” “uses,” and “gross floor area” are based on the description 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 to be acquired.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is denoted as 1 if there is a master lease agreement (a bulk lease agreement) concluded with amaster lease company. With regards to the property to be acquired, a master lease agreement is scheduled to beconcluded with Mitsui Fudosan Residential Lease Co., Ltd. as the master lease company. The “total number of tenants”
above is therefore the number of tenants after such a master lease agreement is concluded.
(ii) “Rentable units” denotes the number of units that can be rented within the property to be acquired.
(iii) “Rented units,” “rented area” and “deposit / security deposit” denote figures as of February 28, 2017 based on thematerial received from the seller.
(iv) “Rentable area” denotes the total area of the building that can be rented within the property to be acquired.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

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

Investigations
into the state ofbuilding

Earthquake
risk diagnosis

Consigned investigating company
Investigation report date
Urgent repair cost
Short-term repair cost
Repair and renewal costs expected tobe necessary within 12 years
Replacement value
Consigned investigating company
Investigation report date
PML value (Note)

SOMPO Risk Management & Health Care Inc.
February 17, 2017－－¥28,210 thousand¥849,000 thousand
Tokio Marine & Nichido Risk Consulting Co., Ltd.
February 28, 2017
5.1%

(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does notprovide any guarantee for its contents. PML (Probable Maximum Loss) value 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 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 theestimated cost of restoration from the damage to the replacement cost.

Profile of third-party investigative body
Name
Address
Representative
Description of principal
operations
CapitalRelationship with NAF
or the investment trust
management company

SOMPO Risk Management & Health Care Inc.
24-1, Nishishinjuku 1-chome, Shinjuku-ku, Tokyo
Yasushi Fuse, President and Chief Executive Officer
Study, research, assessment, provision of information, consulting, etc. on security,
disaster prevention, environment conservation, etc.
¥30 million

Name
Address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
Nariki Yasuda, President and Chief Executive Officer
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.
¥100 million
None

Description of principal
operations
CapitalRelationship with NAF

None

3

or the investment trust
management company
4. Outline of seller
Name
Address
Representative
Description
operationsofMitsui Fudosan Residential Co., Ltd.
17-1, Ginza 6-chome, Chuo-ku, Tokyo
Koyotaka Fujibayashi, President and CEO
principal

Housing sales and leasing operations, consignment sales operations (sales ofother companies’ properties), and new operations (resort residence operations,overseas operations, etc.)

Capital¥40,000 million
Date of establishment
December 26, 2005
Net Assets
Not disclosed
Total Assets
Not disclosed
Major stockholders andStockholder nameShareholding ratio
shareholding ratio
Mitsui Fudosan Co., Ltd.
100.0%(As of March 31, 2016)
Relationship with NAF or the investment trust management company, and the seller
The seller holds 3.21% of total NAF investment units issued as of February 28,
Capital relationships
2017. Also, the seller is a subsidiary of Mitsui Fudosan Co., Ltd., which is theparent company of the investment trust management company.
There are no personal relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no personal
Personal relationships relationships to report between the related parties or associated companies of
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
There are no business relationships to report between NAF or the investment
trust management company and the seller. Moreover, there are no businessBusiness relationships relationships to report between the related parties or associated companies of
NAF or the investment trust management company, and the related parties or
associated companies of the seller.
The seller does not fall under the category of related parties of NAF. Also, theApplicability to related
seller is a subsidiary of Mitsui Fudosan Co., Ltd., which is the parent company ofpartiesthe investment trust management company.
5. Situation of the acquirer of the property
Situation of the property
ownerCompany name,person’s name

Property: Park Axis Higashi Koenji

Relationship with a
special related party

Former owner
Mitsui Fudosan
Residential Co., Ltd.
(Note)
Wholly-owned subsidiaryof Mitsui Fudosan Co.,
Ltd., which is the parent
company of the asset
management company

Owner before
the former
None―

Acquisition history,reason, etc.

Property developed by
Mitsui Fudosan Co., Ltd.
(Note)―

Acquisition price(including other costs)――

Acquisition time――

(Note) The rights and obligations of the residential leasing business of Mitsui Fudosan Co., Ltd. were transferred to Mitsui Fudosan
Residential Co., Ltd. by way of a company split on October 1, 2015.

4

6. Outline of brokerage
Not applicable.
7. Transactions with related parties and the like
Since Mitsui Fudosan Residential Co., Ltd., the seller of the property to be acquired, corresponds to relatedparties and the like (see Note), the conclusion of a real estate sales contract has been carried out throughdeliberation and approval by the compliance committee and deliberation and decision by the investment committeeof the investment trust management company, in accordance with NAF’s self-established rules on asset
management relevant to transactions with related parties and the like.
Mitsui Fudosan Residential Lease Co., Ltd., which will be the master lease company and property managementcompany for the property to be acquired, corresponds to related parties and the like (see Note). Therefore, themaster lease contract and property management contract will be carried out through deliberation and approval by
the compliance committee and deliberation and decision by the investment committee of the investment trust
management company by the planned date of handover for the property, in accordance with NAF’s
self-established rules on asset management relevant to transactions with related parties and the like.
(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.

8. 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 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 andthe like during the course of due diligence upon acquisition of properties, besides building certification
investigations performed by an inspection and certification agency.
9．Outlook for management after acquisition of the property
The outlook for NAF’s financial results for the period ending August 31, 2017 (23rd Period: March 1, 2017 toAugust 31, 2017) will be disclosed when financial results for the period ended February 28, 2017 are announced(the announcement is scheduled for April 18, 2017) with due consideration of the status of operations of the overall
portfolio.

510．Summary of appraisal report
Appraised value¥2,310,000 thousand

Appraisal company

Daiwa Real Estate Appraisal Co., Ltd.

Date of value appraisal

February 28, 2017
(Unit: Thousands of yen)

Item
Value of earnings
Value calculated by the direct capitalization
method [(4)÷(5)](1) Operating revenues [(a)−(b)](a) Potential gross revenue(b) Vacancy loss, etc.
(2) Operating expenses[(c)+(d)+(e)+(f)+(g)+(h)+(i)+(j)](c) Maintenance expenses(d) Utilities expenses

Details
2,310,000

Summary, etc.
Calculated judging the value of earnings found by thediscounted cash flow method to be more convincing
and also verifying with the value of earnings found by
the direct capitalization method.

2,350,000
127,938
135,178
7,240

Appraised based on a consideration of such factors as
medium- to long-term competitiveness, based on thelevel of new rent and its trends of similar real estate.
Appraised by considering competitiveness of thesubject real estate based on the vacancy record andstandard vacancy of similar real estate.

22,2903,361
1,459

Posted based on planned agreement price.
Appraised based on the level and actual records of pastfiscal years of similar real estate.
Posted making reference to repair cost in theengineering report and the level of repair cost of similar
real estate for repair expenses. Appraised making
reference to actual records of past fiscal years and thelevel of similar real estate for maintenance costassociated with evacuation of lessee.

(e) Repair expenses

1,883(f) Property management fees

4,394(g) Tenant soliciting fees, etc.

4,011(h) Taxes and public dues

6,376(i) Property insurance fees

208

Appraised making reference to the level of similar realestate.
Appraised based on the level of similar real estate,making reference to actual records of past fiscal years.
Appraised making reference to the price equivalent toactual price.
Posted based on estimated price.

(j) Other expenses

596

Neighborhood association fees, etc.

(3) Net operating income [(1)−(2)](k) Earnings from temporary
deposits

105,647
189(l) Capital expenditures

2,377(4) Net income [(3)+(k)−(l)]103,460(5) Cap rate
Value calculated by discounted cash flow
method

4.4%

Posted the value arrived from multiplying expectedvalue of deposits by value obtained from appraising
investment yield based on a comprehensive
consideration from the viewpoints of both management
and procurement aspects.
Appraised making reference to renewal cost in theengineering report and the level of renewal cost ofsimilar real estate.
Appraised making reference to interviews frominvestors while using the method of comparing similar
real estate transactions as standard.

2,290,000

Discount rate

4.2%

Terminal cap rate

4.6%

6

Appraised using the method of comparing similar realestate transactions as well as method of making
adjustment to yield of financial assets by considering
individual factors of the real estate, and making
reference to interviews from investors.
Appraised based on a comprehensive consideration of
future trends of investment yield, etc., making reference

to capitalization rates of similar transactions.
Cost method value

2,080,000

Land ratio

56.6%

Building ratio

43.4%

Other items
considered by theappraisalcompany inmaking theappraisal**－

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to
the press club for construction publications of the Ministry of Land, Infrastructure, Transport andTourism.
NAF’s website: http://www.naf-r.jp/english/

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 Document＞
1. Portfolio list after the purchase of the property to be acquired is completed (on an acquisition (planned) pricebasis)
2. Photos of exterior and entrance, map of the property to be acquired7

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

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

30,816

10.3

Setagaya-ku, Tokyo

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

1.7

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

1.3

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.5

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

0.7

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.2

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

0.8

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.8

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.7

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.5

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.6

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.1

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.3

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

1.8

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

840

0.3

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.5

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.8

Park Axis Honancho

Nakano-ku, Tokyo

745

0.2

8

Name

LocationPrice of (planned)
Portfolio shareacquisition(%)(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

14,300

4.8

Park 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

0.9

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.4

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

2.6

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.0

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.7

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

3.0

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

0.4

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

2.9

Park Axis Shibaura

Minato-ku, Tokyo

1,045

0.3

Park Axis Asakusa Kuramae

Taito-ku, Tokyo

1,095

0.4

Park Axis Kamata Station Gate

Ota-ku, Tokyo

4,144

1.4

Park Axis Kinshicho Residence

Sumida-ku, Tokyo

1,251

0.4

Park Axis Oshiage Sumida Koen

Sumida-ku, Tokyo

1,055

0.4

Park Axis Magome Residence

Ota-ku, Tokyo

1,450

0.5

Park Axis Higashi Ueno

Taito-ku, Tokyo

1,250

0.4

Park Axis Higashi Koenji

Suginami-ku, Tokyo

2,300

0.8

252,591

84.3

Tokyo 23 wards total

9

Name

LocationPrice of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.3

1,419

0.5

1,679

0.6

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba
Park Cube Kita Matsudo
Park Cube Musashi Kosugi
Park Axis Yokohama Tanmachi
Koen
Park Axis Yokohama Yamashitacho

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
Chiba
Matsudo-shi, Chiba
Nakahara-ku,
Kawasaki-shi,
Kanagawa
Kanagawa-ku,
Yokohama-shi,
Kanagawa
Naka-ku, Yokohama-shi,
Kanagawa

Greater Tokyo total (Note 3)
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

Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
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

970

0.3

1,200

0.4

2,250

0.8

1,119

0.4

1,539

0.5

12,326

4.1

2,440

0.8

1,920

0.6

1,515

0.5

1,890

0.6

742

0.2

1,547

0.5

2,320

0.8

960

0.3

605

0.2

1,650

0.6

827

0.3

2,369

0.8

2,399

0.8

1,970

0.7

Other major cities total (Note 4)

23,154

7.7

Rental Apartments Total

288,07196.1

10

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

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

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

928

0.3

991

0.3

916

0.3

374

0.1

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

Dormy 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

0.3

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.4

1,152

0.4

540

0.2

1,160

0.4

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

Medical Home Granda Sangen
Jaya (Land with leasehold interest)

Setagaya-ku, Tokyo

735

0.2

Dormy Nishi Ogikubo

Suginami-ku, Tokyo

1,100

0.4

Other Accommodation Assets Total

11,664

3.9Grand total

299,735100.0(Note 1) The “Price of (planned) acquisition” item does not include anticipated acquisition expenses, fixed property taxes, urban
planning taxes, consumption taxes or local consumption taxes.
(Note 2) The “Portfolio share” item indicates the percentage contribution of each property holding to the “Price of (planned)
acquisition” item. The percentage figure is rounded to one decimal place.
(Note 3) “Greater Tokyo” indicates Tokyo metropolis (excluding Tokyo 23 wards), and the 3 prefectures of Kanagawa, Saitama andChiba.
(Note 4) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

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<Attached Document 2> Photos of exterior and entrance, and map of the property to be acquired

12Marunouchi Line
Higashi‐koenji Station
Ome Kaido

Kannana Dori

13