Japan Exchange : Notice Concerning Acquisition of Investment Asset (COMFORIA NISHIMAGOME HILLSIDE)

March 16, 2020

For Immediate Release

Real Estate Investment Trust Securities Issuer:

Comforia Residential REIT, Inc

1-1Minami-Aoyama1-chome,Minato-ku, Tokyo

Takehiro Izawa

Executive Director

(Code: 3282)

Asset Management Company:

TLC REIT Management Inc.

Hiroyuki Tohmata

President & CEO

Inquires:

Kentaro Yoshikawa

General Manager of Strategy Department

Comforia Management Division

(TEL: [phone])

Notice Concerning Acquisition of Investment Asset (COMFORIA NISHIMAGOME HILLSIDE)

Comforia Residential REIT, Inc ("CRR") announces that TLC REIT Management Inc. ("TRM"), to which CRR entrusts management of its assets decided today for CRR to acquire the investment asset as shown below.

1. Summary of the Acquisition

No.	Type of Asset	Property Name	Acquisition Price
(thousand yen)
			(Note 1)
1	Real Estate	COMFORIA NISHIMAGOME HILLSIDE	1,330,000
(Note 2)
		Total	1,330,000

(Note 1) "Acquisition Price" denotes the amount ex clusive of the various expenses required in the acquisition of the concerned asset, etc. (brokerage commission, taxes and public dues, etc.) (the amount of real estate or beneficial interest in real estate trust specified in the Agreement on Purchase and Sale).

(Note 2) Although the current property name is "CO NCIERIA NISHIMAGOME HILLSIDE SQUARE", CRR plans to change the name to "COMFORIA NISHIMAGOME HILLSIDE" about one month after the acquisition. The current property name will be omitted hereinafter

①	Date of Agreement	March 17, 2020
②	Date of Acquisition	March 30, 2020
③	Seller	Refer to "4. Summary of the Seller"
④	Financing for acquisition	Borrowed funds (Note)
⑤	Method of payment	Full payment at the time of delivery

(Note) For the borrowed funds, CRR will announce concerning the borrowings after its decision.

2. Reason for the Acquisition

TRM decided to acquire the investment asset based on asset management class and policy described in bylaws to ensure stable earnings and steady growth of the portfolio. On deciding to acquire the investment asset, TRM evaluated the features of the property, etc. of the asset stated in "3. Summary of the Asset to be Acquired."

3. Summary of the Asset to be Acquired

1. Details of the Asset

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Property Name	COMFORIA NISHIMAGOME HILLSIDE
Type of Asset	Real Estate
Trustee of Beneficial Trust (planned)	―
Expiration Date of Beneficial Trust Contract	―
(planned)
Location (Residential address) (Note 1)	1-30-8 Nishimagome, Ota-ku, Tokyo
Land	Area (Note 1)	861.18 m2
Type of Ownership	Ownership
		Completion Date (Note 1)	July, 2015
		Structure / Number of Floors	(Main building) RC / 6F
Building	(Note 1)	(Accessory building) RC / 1F
Gross Floor Area (Note 1)	1,528.74 m2
		Type of Ownership	Ownership
		Use (Note 1)	Apartment building / Parking / Bicycle parking
Property Management Company (Note 2)	Tokyu Housing Lease Corporation
(planned)
Master Leasing Company (Note 3)	Tokyu Housing Lease Corporation
(planned)
Master Leasing Type (planned)	Pass-through type
Appraisal Company	Japan Real Estate Institute
Appraisal Value	1,400,000 thousand yen (Appraisal Date: January 1, 2020)
Collateral	None
Special affairs (Note 4)	None
			The property comprised of mainly single-type rooms is located a 4-minute walk
			from Nishi-magome Station on the Toei Asakusa Line It takes an approximately
			19-minute train ride to Shimbashi Station and an approximately 21-minute train
			ride to Higashi-ginza Station, which realizes good access to major business and
			commercial zones. The Magome area where the property is located is on the
Features of the Property	southern end of Musashino Plateau, and the property is located on a quiet hill
where there are many detached houses and low-rise apartment buildings. On the
			other hand, supermarkets, convenience stores, restaurants, etc. are located in the
			surrounding area of Nishi-Magome Station, offering excellent living
			convenience. Given these features, solid rental demand is expected mainly from
			singles who place a primary emphasis on proximity city-center and a pleasant
			residential environment, etc.
Summary of Rental Status (as of February 29, 2020) (Note 5)
	Rentable Area	1,333.36 m2
	Rented Area	1,307.55 m2
	Occupancy Rate	98.1%
	Rentable Units	47 Units
	Rented Units	46 Units
	Total Number of Tenants	1
	Total Monthly Rent	5,155 thousand yen
	Security Deposit	4,682 thousand yen
Summary of the Engineering Report (Note 6)
	Reporting Company	HI International Consultant Co., Ltd
	Report Date	January, 2020
	Estimated Amount	―
	of Emergency Repair Expenses
	Estimated Amount	190 thousand yen
	of Short-Term Repair Expenses
	Estimated Amount	24,830 thousand yen
	of Long-Term Repair Expenses

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	Replacement Value	412,000 thousand yen
Summary of the Earthquake Risk Analysis (Note 7)
	PML Reporting Company	Sompo Risk Management Inc.
	Report Date	February, 2020
	PML	7.98%
Architect/Contractor/Building Permit Agency, etc. (Note 8)
	Architect	Shinyasekkei Co., Ltd.
	Contractor	Shioda Construction Co., Ltd.
	Building Permit Agency	Kakunin Service Inc.
	Investment Agency or Structural	The Japan Building Equipment and Elevator Center Foundation
	Calculation Fitness Judge, etc.

(Note 1) "Location" is based on the residential add ress. However, for properties that have no residential address, the building address on the registry is indicated. In addition, "Area" of " Land," "Completion Date," "Structure / Number of Fl oors," "Gross Floor Area" and "Use" of building are based on information in t he real estate registry, and may not necessarily be identical with the actual figures. "Gross Floor Area" of building denotes the area of the entire building (excepting annexes).

(Note 2) "Property Management Company" is the compa ny that is scheduled to provide property management service for each property. (Note 3) "Master Leasing Company" is the lessee tha t is scheduled to conclude a master lease agreement with the titleholder of each property. (Note 4) "Special affairs" are matters recognized a s important, regarding the right and use, etc. of the asset, as well as consideration of the

degree of impact on the appraised value, profitability, and appropriation. They include the following matters:

1. Significant limitation or restriction by laws, regulations and rules
2. Significant burdens or limitations on rights, etc.
3. Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases where there are issues with boundary confirmation, etc., and related arrangements, etc.
4. Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.

(Note 5) Explanation of "Summary of Rental Status"

1. "Rentable Area" is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. is leased, the concerned area is also included)."Renta ble Area" for Non-Pass-through type master lease ag reements (master lease agreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is the rentable area based on the lease agreement concluded between the Investment Corporation or Trustee of Beneficial Trust and the Master Leasing Company. The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the real estate registry.
2. In the following cases, "Rented Area" means the flo or area (based on the floor area in the lease agreement; however, limited to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units) and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant. Cases where all or some units are leased in bulk, based on the lease agreement ("Master Lease Agreemen t"), and the Master Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent of Master Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease Agreement is referred to as "Pass-through type Mast er Lease Agreement"). "Rented Area" for Non-Pass-th rough type master lease agreements is the rented area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust and the Master Leasing Company.
3. "Occupancy Rate" is the rate of rented area to rent able area.
4. "Rentable Units" is the number of rentable units (i ncluding the number of stores, if any). "Rentable U nits" for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease.
5. "Rented Units" is the number of rented units (whic h includes the number of stores, if any) that is actually leased and a lease agreement is executed with the end-tenant. "Rented Units" for Non-Pass-through type master lease agree ments is the number of units leased to the Master Leasing Company.
6. "Total Number of Tenants" is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental contract relationship (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee of Beneficial Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the sublease agreements are excluded. With regard to the properties to be acquired, a master lease agreement is scheduled to be concluded with Tokyu Housing Lease Corporation as the master leasing company on the acquisition date of the properties. The "total number of tenants" above is therefore the number of tenants after such a master lease agreement is concluded.
7. When the Master Leasing type is a Pass-Through type Master Lease Agreement, "Total Monthly Rent" means the total monthly rent, as of February 29, 2020 (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room) stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estate or real estate in real estate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-through master lease agreement, the monthly rent (common area expense are included (except when the common area expense is not a fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to the nearest thousand yen. Consumption tax and other taxes are excluded.
8. In the case that the master leasing type is a Pass-Through type Master Lease Agreement, "Security Depo sit" is the total amount of balance of Security Deposit, as of February 29 , 2020, based on lease agreements executed with the end-tenants, rounded down to the nearest thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to special policy conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is excluded.
   In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing Company are stated.

(Note 6) This section is a summary of the Engineering Report on the acquired asset prepared by the reporting company which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the

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reporting company above, and CRR does not guarantee the adequacy and accuracy of the content.

1. "Estimated Amount of Emergency Repair Expenses" is the amount of repair and renewal costs expected to emergently arise, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
2. "Estimated Amount of Short-term Repair expenses" is the amount of repair and renewal costs that are assumed to be required within one year, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
3. "Estimated Amount of Long-term Repair expenses" is the amount of repair and renewal costs that are assumed to be required for 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
4. "Replacement Value" is the estimated money amount p rovided in the Engineering Report of construction work required if the acquired asset with the same design and the same specifications were to be newly constructed at the time when the report was

prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does not guarantee the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.

(Note 7) This section is a summary of the "Earthqua ke Risk Analysis" report on the acquired asset prep ared by the PML reporting company which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the PML reporting company above, and CRR does not guarantee the adequacy or accuracy of the content. "PML" is the probab le maximum loss from an earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In this document, PML is the expected loss (which is equivalent to the 90% non-exceedance probability) as a percentage of the replacement price, and denotes the costs incurred during the anticipated usable period (generally, the duration of a building is 50 years) from an expected large- scale earthquake (which corresponds to a return period of 475 years; the possibility of the earthquake occurring during the next 50 years exceeds 10%).

(Note 8) In "Architect/Contractor/Building Permit A gency, etc.," the architect, the contractor, the bu ilding permit agency and the investment agency or structural calculation fitness judge, etc. of the asset to be acquired is stated. As a general rule, CRR has asked a specialized third-party organization to make an inspection and received a report stating that there is no wrongful act such as the intentional falsification and forgery of documents related to structural design (structural drawings and structural calculation sheets, etc.). However, the content of the report is simply an opinion of the third-party organization, and CRR does not guarantee the adequacy and accuracy of the content. For properties that have received from the specified structural calculation fitness judgment agency the judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Minister of Land, Infrastructure, Transport and Tourism in accordance with the Building Standards Act revised in June 2007 (Act No. 201 of 1950. Including subsequent revisions), the specified structural calculation fitness judgment agency constitutes a specialized third-party organization.

1. Summary of the Appraisal Report

(thousand yen)

Property Name		COMFORIA NISHIMAGOME HILLSIDE
Appraisal Company			Japan Real Estate Institute
Appraisal Date			January 1, 2020
Appraisal Value			1,400,000
						Content		Appraisal summary
Income Approach Value	1,400,000
	Price of the Direct	1,410,000
	Capitalization Method ((6)/(7))
		(1)		Operating Income	70,285
				Potential Gross Income	73,330
					Rental Income
					(including common	69,213
					area expense)		Calculated with consideration of the average income according to ongoing
					Utility Charge Income	0
					rental agreements as well as the assumed income level of new rents.
					Parking Lot Income	812
					Key Money / Renewal	3,305
					Income
					Other Income	0
				Vacancy Loss	▲3,045	Calculated with consideration of occupancy rates in the past and those of
				similar properties in the same market area.
				Collection Loss	0	Collection loss has not been calculated.
		(2)		Operating Expense	13,732
				Maintenance and	3,230	Calculated	with consideration of the characteristics of the property,
				Management Fee	referring to fees for similar properties as well as actual fees in previous
				Utility Charge	629	years.
							Expenses for restoring rooms to their original conditions are calculated
							with consideration of the level of expenses that are typically incurred,
				Repair Cost	1,226	while repair costs are calculated with consideration of the cost level in
							similar properties, and average repair costs presented in engineering
							reports.
				Property Management	1,678	Calculated	with consideration of commissions for managing similar
				Fee	properties	and the property's characteristics, referring to the tariff of
							- 4 -

							commissions of the property management company.
				Tenant Advertisement		Calculated with consideration of such factors as average replacement rate
				2,865	of residents per year and occupancy rates, while referring to the conditions
				Cost
						of ongoing agreements and rental agreements of similar properties.
				Taxes and Public Dues	3,273	Appraised referring to the standard amount of taxation for the property.
				Insurance	211	Calculated with consideration of insurance premium rates of those for
				similar properties.
				Other Expenses	620	Calculated with consideration of the management of current assets.
		(3)	Net Operating Income	56,553
				(NOI, (1)-(2))
				(4)	Interest on Security	51	Assumed in consideration of rental conditions for ongoing and new
				Deposit	contracts, as well as occupancy rates and yields on deposits.
							Appraised in consideration of capital expenditure in similar properties,
				(5)	Capital Expenditure	1,448	building ages, and the average renovation expenses per year in engineering
							reports.
		(6)	Net Cash Flow	55,156
				(NCF, (3)+(4)-(5))
							Appraised based on basic yields for the respective areas, adjusted with
							spreads calculated from the geographical and social conditions of the
		(7)	Cap Rate	3.9%	property's location, conditions of the building, and other factors, while
							considering future uncertainties, yields on trades pertaining to similar
							properties, etc.
	Price of the DCF Method	1,390,000
		Discount Rate	3.6%	Appraised in full consideration of the characteristics of the property and
		other factors, referring to yields on investments in similar properties.
							Appraised in full consideration of future trends in yields on investments,
		Terminal Cap Rate	4.0%	possible risks from investment in the property, general forecasts on future
		economic growth, trends in property prices and rents, and other factors,
							while referring to yields on trade pertaining to similar properties.
Cost Approach Value	1,330,000
		Total Value of Land and	1,268,000
		Building
				Land Value	930,000	Appraised based on actual trade prices, calculated using a market
				comparison approach method.
							Appraised based on a cost approach method, where new prices for
				Building Value	338,000	repurchasing properties are multiplied by a discount rate that has been
							decided from current situations and regional characteristics.
		Adjustment for Change	105%	Appraised in consideration of marketability etc.

Other matters taken into consideration by appraisal institutions when issuing appraisals

Income approach value is adopted based on the determination that it is more convincing to use income approach value as it precisely recreates a value building process in terms of profitability, while the cost approach is used only for reference.

(Note) "Summary of the Appraisal Report" is the ap praisal value described in the respective real estate appraisal reports that were prepared by Japan Real Estate Institute based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts and Investment Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility of transactions at the appraised value.

4．Summary of the Sellers

The seller is an individual in Japan, but the details aren't disclosed by the intention of the one. The seller is not an interested party of TRM or CRR.

5. Ownership History of Asset

Description is omitted because the acquisition of the asset is not an acquisition from any persons having a special interest in CRR or TRM.

6. TRM's Interested Parties in the Asset to be Acquired

CRR plans to entrust the master leasing and property management service in relation to the assets to be acquired to Tokyu Housing Lease Corporation, which are interested parties in relation to TRM. Therefore, the

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procedures required in accordance with the bylaws were completed with respect to agreements with these companies.

7. Summary of Brokerage

Brokerage is an operating company in Japan which is not an interested party of TRM or CRR.

8. Forecast

For the earnings forecasts for fiscal period ending July 31, 2020 (February 1, 2020 - July 31, 2020) and fiscal period ending January 31, 2021 (August 1, 2020 - Ja nuary 31, 2021) as a result of the Acquisition, please refer to the "Financial Results for the Fiscal Peri od Ended January 31, 2020" released today.

*The original Japanese version of this press release has been distributed to the press club of TSE (Kabuto Club), the Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.

*Website of CRR: https://www.comforia-reit.co.jp/en/

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Attachments

1. Portfolio List
2. Exterior Image and Map of the Asset to be Acquired

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Attachment 1. Portfolio List

				Acquisition	Share
Area (Note 1)	Property Name	Location (Residential address)	Type of Asset	Price (million
(Note 3)
				yen) (Note 2)
Central	COMFORIA	3-5-10 Nihonbashi Ningyocho, Chuo-	Beneficial
Interest in Real	1,586	0.7%
Tokyo	NIHONBASHININGYOCHO	ku, Tokyo
Estate Trust
			Beneficial
	COMFORIA WASEDA	147 Bentencho, Shinjuku-ku, Tokyo	Interest in Real	1,900	0.8%
			Estate Trust
		2-7-10 Nakaochiai, Shinjuku-ku,	Beneficial
	COMFORIA SHIMOOCHIAI	Interest in Real	1,181	0.5%
	Tokyo
		Estate Trust
		4-34-2 Kitashinjuku, Shinjuku-ku,	Beneficial
	COMFORIA HIGASHINAKANO	Interest in Real	552	0.2%
	Tokyo
		Estate Trust
			Beneficial
	COMFORIA GINZA EAST	1-3-1 Irifune, Chuo-ku, Tokyo	Interest in Real	3,059	1.3%
			Estate Trust
			Beneficial
	COMFORIA AZABUDAI	3-4-4 Azabudai, Minato-ku, Tokyo	Interest in Real	574	0.2%
			Estate Trust
			Beneficial
	COMFORIA SHIBAKOEN	2-2-15 Shibakoen, Minato-ku, Tokyo	Interest in Real	1,398	0.6%
			Estate Trust
			Beneficial
	COMFORIA NISHIAZABU	4-1-10 Nishiazabu, Minato-ku, Tokyo	Interest in Real	755	0.3%
			Estate Trust
		4-1-12 Minamiaoyama, Minato-ku,	Beneficial
	COMFORIA MINAMIAOYAMA	Interest in Real	1,041	0.4%
	Tokyo
		Estate Trust
		1-5-19 Takadanobaba, Shinjuku-ku,	Beneficial
	COMFORIA NISHIWASEDA	Interest in Real	1,685	0.7%
	Tokyo
		Estate Trust
			Beneficial
	COMFORIA HARAJYUKU	3-61-3 Sendagaya, Shibuya-ku, Tokyo	Interest in Real	3,629	1.5%
			Estate Trust
			Beneficial
	COMFORIA MITA NORTH	2-7-16 Mita, Minato-ku, Tokyo	Interest in Real	850	0.4%
			Estate Trust
	COMFORIA		Beneficial
	3-13-12 Kaigan, Minato-ku, Tokyo	Interest in Real	2,650	1.1%
	SHIBAURA BOWHOUSE
		Estate Trust
	COMFORIA		Beneficial
	5-1-21 Mita, Minato-ku, Tokyo	Interest in Real	1,300	0.5%
	SHIROKANETAKANAWA
		Estate Trust
	COMFORIA	3-6-3 NihonbashiNingyocho, Chuo-	Beneficial
	NIHONBASHININGYOCHO	Interest in Real	2,139	0.9%
	ku, Tokyo
	EAST	Estate Trust
			Beneficial
	COMFORIA ATAGO	3-23-7 Toranomon, Minato-ku, Tokyo	Interest in Real	826	0.3%
			Estate Trust
		2-6-12 Kudanminami, Chiyoda-ku,	Beneficial
	COMFORIA KUDAN	Interest in Real	1,280	0.5%
	Tokyo
		Estate Trust
	COMFORIA	1-1-6 NihonbashiHoridomecho, Chuo-	Beneficial
	NIHONBASHININGYOCHO	Interest in Real	1,108	0.5%
	ku, Tokyo
	NORTH	Estate Trust
			Beneficial
	COMFORIA SHINKAWA	2-15-5 Shinkawa, Chuo-ku, Tokyo	Interest in Real	1,840	0.8%
			Estate Trust
			Beneficial
	COMFORIA AKASAKA	2-17-63 Akasaka, Minato-ku, Tokyo	Interest in Real	1,945	0.8%
			Estate Trust
			Beneficial
	COMFORIA MITA EAST	4-18-1 Shiba, Minato-ku, Tokyo	Interest in Real	3,190	1.3%
			Estate Trust
Central			Beneficial
COMFORIA SHIBAURA CANAL	3-1-9 Kaigan, Minato-ku, Tokyo	Interest in Real	1,570	0.6%
Tokyo
		Estate Trust

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Central

Tokyo

				Beneficial
COMFORIA KITASANDO	4-5-10 Sendagaya, Shibuya-ku, Tokyo	Interest in Real	4,268	1.8%
				Estate Trust
				Beneficial
COMFORIA YOYOGIUEHARA	2-31-5 Uehara, Shibuya-ku, Tokyo	Interest in Real	1,560	0.6%
				Estate Trust
				Beneficial
COMFORIA SASAZUKA	1-59-10 Sasazuka, Shibuya-ku, Tokyo	Interest in Real	1,789	0.7%
				Estate Trust
COMFORIA				Beneficial
1-13-3 Shinjuku, Shinjuku-ku, Tokyo	Interest in Real	1,806	0.7%
SHINJUKUGYOENⅡ
			Estate Trust
COMFORIA	18-2 Ichigayayanagicho, Shinjuku-ku,	Beneficial
Interest in Real	1,623	0.7%
ICHIGAYAYANAGICHO	Tokyo
		Estate Trust
				Beneficial
COMFORIA KAGURAZAKA	26-1 Iwatocho, Shinjuku-ku, Tokyo	Interest in Real	736	0.3%
				Estate Trust
				Beneficial
COMFORIA NIBANCHO	4-8 Nibancho, Chiyoda-ku, Tokyo	Interest in Real	1,621	0.7%
				Estate Trust
	1-20-12	Kitashinjuku,	Shinjuku-ku,	Beneficial
COMFORIA NISHISHINJUKU	Interest in Real	1,625	0.7%
Tokyo
			Estate Trust
	1-42-2	Kandajinbocho	Chiyoda-ku	Beneficial
COMFORIA KANDAJINBOCHO	Interest in Real	1,434	0.6%
Tokyo,
			Estate Trust
	1-2-2 Nihonbashibakurocho, Chuo-ku,	Beneficial
COMFORIA NIHONBASHI	Interest in Real	1,956	0.8%
Tokyo
			Estate Trust
				Beneficial
COMFORIA TAMACHI	4-5-13 Shibaura, Minato-ku Tokyo	Interest in Real	3,272	1.3%
				Estate Trust
				Beneficial
COMFORIA AZABUJUBAN	1-2-15 Mita, Minato-ku, Tokyo	Interest in Real	1,471	0.6%
				Estate Trust
COMFORIA				Beneficial
1-10-4 Shinjuku, Shinjuku-ku, Tokyo	Interest in Real	1,406	0.6%
SHINJUKUGYOENⅠ
			Estate Trust
COMFORIA				Beneficial
7-3 Iwatocho, Shinjuku-ku, Tokyo	Interest in Real	1,245	0.5%
KAGURAZAKA DEUX
			Estate Trust
	2-29-1	Higashiazabu,	Minato-ku,	Beneficial
COMFORIA AZABU EAST	Interest in Real	1,900	0.8%
Tokyo
			Estate Trust
	（Tower Building）
	6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKU	（Annex Building）		Beneficial		5.5%
	Interest in Real	13,264
EASTSIDE TOWER	6-27-28 Shinjuku, Shinjuku-ku, Tokyo
Estate Trust
	（Gate Building）
	6-27-14 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA	74-23	Ichigayayakuojimachi,	Beneficial
Interest in Real	941	0.4%
ICHIGAYAYAKUOJI	Shinjuku-ku, Tokyo
	Estate Trust
COMFORIA AKIHABARA	2-9-19	Higashikanda,	Chiyoda-ku,	Beneficial
Interest in Real	4,425	1.8%
EAST	Tokyo
		Estate Trust
				Beneficial
COMFORIA MITA TROIS	3-43-6 Shiba, Minato-ku, Tokyo	Interest in Real	890	0.4%
				Estate Trust
COMFORIA SHIBAURA	2-3-33 Shibaura, Minato-ku, Tokyo	Real Estate	1,065	0.4%
				Beneficial
COMFORIA SHINJUKU	5-8-20, Shinjuku, Shinjuku-ku, Tokyo	Interest in Real	2,150	0.9%
				Estate Trust
COMFORIA	3-6-4Higashi-Nihonbashi,Chuo-ku,	Beneficial
Interest in Real	1,194	0.5%
HIGASHINIHONBASHI	Tokyo
		Estate Trust

- 9 -

	COMFORIA		2-1-8 Minato, Chuo-ku, Tokyo	Beneficial
		Interest in Real	2,380	1.0%
	GINZA EAST NIBANKAN
			Estate Trust
	COMFORIA			Beneficial
	HIGASHISHINJUKU STATION		7-27-12 Shinjuku, Shinjuku-ku, Tokyo	Interest in Real	5,540	2.3%
	FRONT			Estate Trust
			2-16-29 Nakaochiai, Shinjuku-ku,	Beneficial
	COMFORIA NAKAOCHIAI		Interest in Real	1,489	0.6%
		Tokyo
			Estate Trust
	COMFORIA			Beneficial
		173 Bentencho, Shinjuku-ku, Tokyo	Interest in Real	1,056	0.4%
	WASEDA DEUX
			Estate Trust
		Subtotal		98,168	40.5%
Sub-central				Beneficial
COMFORIA BUNKYOKASUGA		1-15-12 Nishikata, Bunkyo-ku, Tokyo	Interest in Real	1,470	0.6%
Tokyo
			Estate Trust
	COMFORIA			Beneficial
		1-11-5 Matsugaya, Taito-ku, Tokyo	Interest in Real	910	0.4%
	ASAKUSAMATSUGAYA
			Estate Trust
				Beneficial
	COMFORIA NISHIOI		6-6-1 Nishioi, Shinagawa-ku, Tokyo	Interest in Real	902	0.4%
				Estate Trust
			2-40-12 Kamitakada, Nakano-ku,	Beneficial
	COMFORIA NAKANO		Interest in Real	881	0.4%
		Tokyo
			Estate Trust
				Beneficial
	COMFORIA SHIMOKITAZAWA		1-9-14 Hanegi, Setagaya-ku, Tokyo	Interest in Real	2,587	1.1%
				Estate Trust
				Beneficial
	COMFORIA NISHIKAMATA		6-37-3 Nishikamata, Ota-ku, Tokyo	Interest in Real	1,550	0.6%
				Estate Trust
				Beneficial
	COMFORIA OYAMA		4-4 Oyamacho, Itabashi-ku, Tokyo	Interest in Real	1,987	0.8%
				Estate Trust
	COMFORIA			Beneficial
	KIYOSUMISHIRAKAWA		3-2-13 Miyoshi, Koto-ku, Tokyo	Interest in Real	740	0.3%
	SOUTH			Estate Trust
				Beneficial
	COMFORIA KOMAZAWA		2-1-5 Komazawa, Setagaya-ku, Tokyo	Interest in Real	1,290	0.5%
				Estate Trust
			2-17-27 Koishikawa, Bunkyo-ku,	Beneficial
	COMFORIA KOISHIKAWA		Interest in Real	552	0.2%
		Tokyo
			Estate Trust
				Beneficial
	COMFORIA SENGOKU		4-3-20 Sengoku, Bunkyo-ku, Tokyo	Interest in Real	1,219	0.5%
				Estate Trust
	COMFORIA			Beneficial
		2-1-7 Aobadai, Meguro-ku, Tokyo	Interest in Real	926	0.4%
	DAIKANYAMAAOBADAI
			Estate Trust
				Beneficial
	COMFORIA IKEBUKURO		2-57-1 Ikebukuro, Toshima-ku, Tokyo	Interest in Real	602	0.2%
				Estate Trust
	COMFORIA			Beneficial
		1-36-1 Ishiwara, Sumida-ku, Tokyo	Interest in Real	651	0.3%
	RYOGOKUISHIWARA
			Estate Trust
	COMFORIA		5-24-10 Asakusabashi, Taito-ku,	Beneficial
		Interest in Real	874	0.4%
	ASAKUSABASHI DEUX		Tokyo
		Estate Trust
				Beneficial
	COMFORIA OSHIAGE		4-7-2 Narihira, Sumida-ku, Tokyo	Interest in Real	714	0.3%
				Estate Trust
Sub-central	COMFORIA			Beneficial
	2-11-12 Honjo, Sumida-ku, Tokyo	Interest in Real	762	0.3%
Tokyo	HONJOAZUMABASHI
		Estate Trust
	COMFORIA			Beneficial
		3-5-14 Shirakawa, Koto-ku, Tokyo	Interest in Real	873	0.4%
	KIYOSUMISHIRAKAWA TROIS
			Estate Trust
	COMFORIA			Beneficial
		16-8 Fuyuki, Koto-ku, Tokyo	Interest in Real	2,658	1.1%
	MONZENNAKACHO
			Estate Trust

- 10 -

						Beneficial
	COMFORIA HIMONYA	2-3-3 Himonya, Meguro-ku, Tokyo	Interest in Real	1,189	0.5%
						Estate Trust
						Beneficial
	COMFORIA MISYUKU	3-23-2 Ikejiri, Setagaya-ku, Tokyo	Interest in Real	1,874	0.8%
						Estate Trust
	COMFORIA	6-46-6	Shimouma,	Setagaya-ku,	Beneficial
	Interest in Real	1,138	0.5%
	GAKUGEIDAIGAKU	Tokyo
				Estate Trust
	COMFORIA	4-2-19	Higashinakano,	Nakano-ku,	Beneficial
	Interest in Real	833	0.3%
	HIGASHINAKANO DEUX	Tokyo
				Estate Trust
	COMFORIA	3-22-21	Higashiikebukuro,	Toshima-	Beneficial
	Interest in Real	3,911	1.6%
	HIGASHIIKEBUKURO WEST	ku, Tokyo
			Estate Trust
						Beneficial
	COMFORIA RYOGOKU DEUX	1-2-10 Chitose, Sumida-ku, Tokyo	Interest in Real	1,014	0.4%
						Estate Trust
						Beneficial
	COMFORIA OMORI DEUX	3-4-2 Omorikita, Ota-ku, Tokyo	Interest in Real	1,188	0.5%
						Estate Trust
						Beneficial
	COMFORIA MACHIYA	5-51-7 Arakawa, Arakawa-ku, Tokyo	Interest in Real	594	0.2%
						Estate Trust
						Beneficial
	COMFORIA ASAKUSABASHI	2-20-10 Yanagibashi, Taito-ku, Tokyo	Interest in Real	2,680	1.1%
						Estate Trust
						Beneficial
	COMFORIA RYOGOKU SOUTH	2-14-8 Chitose, Sumida-ku, Tokyo	Interest in Real	1,240	0.5%
						Estate Trust
						Beneficial
	COMFORIA TOYOSU	1-4-12 Edagawa, Koto-ku, Tokyo	Interest in Real	3,096	1.3%
						Estate Trust
	COMFORIA					Beneficial
	5-18-5 Tachibana, Sumida-ku, Tokyo	Interest in Real	938	0.4%
	SUMIDA-TACHIBANA
					Estate Trust
						Beneficial
	COMFORIA UENOHIROKOJI	3-17-4 Ueno, Taito-ku, Tokyo	Interest in Real	1,050	0.4%
						Estate Trust
	COMFORIA					Beneficial
	1-11-18 Kasuga, Bunkyo-ku, Tokyo	Interest in Real	2,912	1.2%
	KASUGATOMISAKA
					Estate Trust
		2-29-24	Honkomagome,	Bunkyo-ku,	Beneficial
	COMFORIA HONKOMAGOME	Interest in Real	1,344	0.6%
	Tokyo
					Estate Trust
						Beneficial
	COMFORIA MORISHITA	3-6-8 Shinohashi, Koto-ku, Tokyo	Interest in Real	1,530	0.6%
						Estate Trust
						Beneficial
	COMFORIA KIBAKOEN	2-17-7 Kiba, Koto-ku, Tokyo	Interest in Real	956	0.4%
						Estate Trust
	COMFORIA	2-6-25	Kamiosaki, Shinagawa-ku,	Beneficial
	Interest in Real	1,972	0.8%
	MEGURO CHOJAMARU	Tokyo
				Estate Trust
						Beneficial
	COMFORIA NISHIMAGOME	2-35-8 Nishimagome, Ota-ku, Tokyo	Interest in Real	990	0.4%
						Estate Trust
	COMFORIA	2-8-1 Higashiikebukuro, Toshima-ku,	Beneficial
	Interest in Real	1,712	0.7%
	HIGASHIIKEBUKURO EAST	Tokyo
				Estate Trust
Sub-central	COMFORIA	4-3-5	Higashiikebukuro,	Toshima-	Beneficial
Interest in Real	1,132	0.5%
Tokyo	HIGASHIIKEBUKURO	ku,Tokyo
		Estate Trust
						Beneficial
	COMFORIA KOMABA	4-8-25 Ikejiri, Setagaya-ku, Tokyo	Interest in Real	5,000	2.1%
						Estate Trust
						Beneficial
	COMFORIA KINSHICHO	3-8-6 Taihei, Sumida-ku, Tokyo	Interest in Real	1,042	0.4%
						Estate Trust
	COMFORIA					Beneficial
	4-4-20 Miamisuna, Koto-ku, Tokyo	Interest in Real	4,681	1.9%
	MINAMISUNAMACHI
					Estate Trust

- 11 -

	COMFORIA	3-22-11, Higashishinagawa,	Beneficial
	Interest in Real	1,510	0.6%
	HIGASHISHINAGAWA	Shinagawa-ku, Tokyo
		Estate Trust
	COMFORIA				Beneficial
	1-12-10 Yakumo, Meguro-ku, Tokyo	Interest in Real	813	0.3%
	MEGUROYAKUMO
				Estate Trust
					Beneficial
	COMFORIA YOGA	3-24-3 Yoga, Setagayaku-ku, Tokyo	Interest in Real	1,041	0.4%
					Estate Trust
	COMFORIA				Beneficial
	62-2 Nakajuku, Itabashi-ku, Tokyo	Interest in Real	3,794	1.6%
	ITABASHINAKAJUKU
				Estate Trust
	COMFORIA	1-20-8 Kitashinagawa, Shinagawa-ku,	Beneficial
	Interest in Real	1,430	0.6%
	SHINAGAWA EAST	Tokyo
			Estate Trust
	COMFORIA OJIMA	4-8-10 Ojima, Koto-ku, Tokyo	Real Estate	2,110	0.9%
	COMFORIA OMORI TROIS	3-36-7 Omorikita, Ota-ku, Tokyo	Real Estate	866	0.4%
	COMFORIA	1-3-2	Honkomagome,	Bunkyo-ku	Beneficial
	Interest in Real	1,330	0.5%
	BUNKYOHAKUSAN	Tokyo
			Estate Trust
					Beneficial
	COMFORIA KAMATA	4-21-2 Kamata, Ota-ku, Tokyo	Interest in Real	5,721	2.4%
					Estate Trust
	COLLEGE COURT	1-15-1	Kamitakaido,	Suginami-ku,	Beneficial
	Interest in Real	1,245	0.5%
	HACHIMANYAMA	Tokyo
			Estate Trust
					Beneficial
	COMFORIA UENOIRIYA	2-6-8 Ryusen, Taito-ku, Tokyo	Interest in Real	2,173	0.9%
					Estate Trust
					Beneficial
	COMFORIA IKEJIRI	2-31-18 Ikejiri, Setagaya-ku, Tokyo	Interest in Real	1,313	0.5%
					Estate Trust
	COMFORIA				Beneficial
	3-6-11 Kamiuma, Setagaya-ku, Tokyo	Interest in Real	2,622	1.1%
	SETAGAYAKAMIUMA
				Estate Trust
	COMFORIA				Beneficial
	26-11 Iwabuchimachi, Kita-ku, Tokyo	Interest in Real	2,500	1.0%
	AKABANEIWABUCHI
				Estate Trust
	COMFORIA RYOGOKU TROIS	1-5-15 Kamezawa, Sumida-ku, Tokyo	Real Estate	1,660	0.7%
	COLLEGE SQUARE	1-15-2 Kamitakaido, Suginami-ku,	Beneficial
	Interest in Real	880	0.4%
	HACHIMANYAMA	Tokyo
			Estate Trust
	COMFORIA				Beneficial
	2-10-20 Mori, Koto-ku, Tokyo	Interest in Real	2,213	0.9%
	KINSHICHO DEUX
				Estate Trust
	COMFORIA				Beneficial
	6-25-5 Kameido, Koto-ku, Tokyo	Interest in Real	2,050	0.8%
	KAMEIDO SOUTH
				Estate Trust
	COMFORIA				Beneficial
	4-4-5 Aobadai, Meguro-ku, Tokyo	Interest in Real	5,397	2.2%
	SHIBUYA WEST
				Estate Trust
Sub-central	COMFORIA				Beneficial
2-4-7 Komagata, Taito-ku, Tokyo	Interest in Real	1,254	0.5%
Tokyo	ASAKUSAKOMAGATA
			Estate Trust
	COMFORIA				Beneficial
	6-20-10 Oi, Shinagawa-ku, Tokyo	Interest in Real	864	0.4%
	OMORIKASHIMA
				Estate Trust
					Beneficial
	COMFORIA OMORIMACHI	4-11-5Omori-nishi,Ota-ku, Tokyo	Interest in Real	1,096	0.5%
					Estate Trust
					Beneficial
	COMFORIA KAMIIKEDAI	5-7-22 Kamiikedai, Ota-ku, Tokyo	Interest in Real	1,842	0.8%
					Estate Trust
	CAMPUS				Beneficial
	3-2-19 Nagasaki, Toshima-ku, Tokyo	Interest in Real	2,740	1.1%
	VILLAGE SHIINAMACHI
				Estate Trust

- 12 -

Beneficial

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

Interest in Real

3,430

1.4%

Estate Trust

COMFORIA

Beneficial

3-11-13 Kiba, Koto-ku, Tokyo

Interest in Real

1,294

0.5%

KIBASHINSUIKOEN

Estate Trust

COMFORIA

Beneficial

1-30-8 Nishimagome, Ota-ku, Tokyo

Interest in Real

1,330

0.5%

NISHIMAGOME HILLSIDE

Estate Trust

Subtotal

120,685

49.8%

Tokyo

COMFORIA

Beneficial

Metropolitan

1-9-10 Shioyaki, Ichikawa-shi, Chiba

Interest in Real

606

0.2%

ICHIKAWAMYODEN

Area

Estate Trust

Beneficial

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

Interest in Real

626

0.3%

Estate Trust

2-216-2 Koyasudori, Kanagawa-ku,

Beneficial

COMFORIA SHINKOYASU

Interest in Real

1,077

0.4%

Yokohama-shi, Kanagawa

Estate Trust

2-1-13 Gyotokuekimae, Ichikawa-shi,

Beneficial

COMFORIA GYOTOKU

Interest in Real

978

0.4%

Chiba

Estate Trust

GRANCREER

CENTER-

40-3 Chigasaki Chuo, Tsuzuki-ku,

Beneficial

Interest in Real

4,150

1.7%

MINAMI

Yokohama-shi, Kanagawa

Estate Trust

2-12-1 Utsukushigaoka, Aoba-ku,

Beneficial

COMFORIA TAMA-PLAZA

Interest in Real

2,220

0.9%

Yokohama-shi, Kanagawa

Estate Trust

Subtotal

9,657

4.0%

Other Major

1-21-24 Higashinakajima,

Beneficial

COMFORIA SHIN-OSAKA

Higashiyodogawa-ku,Osaka-shi,

Interest in Real

2,400

1.0%

Cities

Osaka

Estate Trust

2-2-51 Kitasanjohigashi, Chuo-ku,

Beneficial

COMFORIA KITASANJO

Interest in Real

660

0.3%

Sapporo-shi, Hokkaido

Estate Trust

COMFORIA SAPPORO

10-1-6 Kitanijonishi, Chuo-ku,

Beneficial

Interest in Real

1,250

0.5%

SHOKUBUTSUEN

Sapporo-shi Hokkaido

Estate Trust

3-7-15 Tenjinbashi, Kita-ku, Osaka-

Beneficial

COMFORIA OGIMACHI

Interest in Real

1,435

0.6%

shi, Osaka

Estate Trust

COMFORIA

2-6-8 Bakuromachi, Chuo-ku, Osaka-

Beneficial

Interest in Real

1,980

0.8%

SHINSAIBASHI EAST

shi, Osaka

Estate Trust

1-16-14 Kyomachibori, Nishi-ku,

Beneficial

COMFORIA KYOMACHIBORI

Interest in Real

1,567

0.6%

Osaka-shi, Osaka

Estate Trust

1-5-5 Enokojima, Nishi-ku,Osaka-shi,

Beneficial

COMFORIA AWAZA

Interest in Real

1,289

0.5%

Osaka

Estate Trust

Other Major

2-1-14 Imabashi, Chuo-ku,Osaka-shi,

Beneficial

COMFORIA KITAHAMA

Interest in Real

1,719

0.7%

Cities

Osaka

Estate Trust

COMFORIA

Beneficial

19-13 Hiroshibacho, Suita-shi, Osaka

Interest in Real

1,700

0.7%

ESAKAHIROSHIBACHO

Estate Trust

Subtotal

14,000

5.8%

Total

242,510

100.0%

(Note 1) Explanation of "Area"

1. "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
2. "Sub-centralTokyo" denotes the other 18 wards of Tokyo.

1. "Tokyo Metropolitan Area" denotes residential areas equivalent to Central Tokyo and Sub-central Tokyo (areas in Tokyo, Kanagawa, Saitama and Chiba) where demand for rental residences is strong, but excluding Central Tokyo and Sub-central
2. • 13 -

Tokyo.

1. "Other Major Cities" denotes residential areas in ordinance-designated cities, etc. except for Central Tokyo, Sub-central Tokyo and Tokyo Metropolitan Area.

(Note 2) "Acquisition Price" is the purchase price (not including tax and rounded down to the nearest million yen) of the trust beneficial interest in real estate or the real estate listed in the respective sales and purchase agreement.

(Note 3) "Share" refers to the ratio of the Acquisi tion Price of each property to the total Acquisition Price and rounded to the first decimal place.

- 14 -

Attachment 2. Exterior Image and Map of the Asset to be Acquired

Nishi-magome

©2019 Google

- 15 -