Comforia Residential REIT : Notice Concerning Acquisition of Investment Assets (COMFORIA TOYOCHO, and other 3 assets)

September 15, 2020

For Immediate Release

Real Estate Investment Trust Securities Issuer:

Comforia Residential REIT, Inc

21-1 Dogenzaka 1-chome,Shibuya-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 Assets (COMFORIA TOYOCHO, and other 3 assets)

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 assets as shown below.

In addition, the acquisition of investment assets were approved by CRR's Board of Directors in accordance with the Act on Investment Trusts and Investment Corporations (Act No.198 of 1951. Including subsequent revisions) ("Act on Investment Trusts and Investment Corporations") and the bylaws of TRM concerning transaction with interested parties. (Please refer to "7. Asset Management Company's Interested Parties in the Assets to be Acquired")

1. Summary of the Acquisition

	No.	Type of Asset		Property Name	Acquisition Price
		(thousand yen)
						(Note)
	1	Beneficial Interest in	COMFORIA SHIN-OKACHIMACHI	1,237,000
	Real Estate Trust
	2	Beneficial Interest in	COMFORIA MORISHITA WEST	1,222,000
	Real Estate Trust
	3	Beneficial Interest in	COMFORIA TOYOCHO	3,674,000
	Real Estate Trust
	4	Beneficial Interest in	COMFORIA FUDOMAE	1,622,000
	Real Estate Trust
					Total	7,755,000
	(Note) "Acquisition Price" denotes the amount exclusive 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).
①	Date of Agreement	No.1 -4	September 29, 2020
②	Date of Acquisition	No.1 -4	September 29, 2020
③	Seller		Refer to "5. 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.

- 1 -

2. Reason for the Acquisition

TRM decided to acquire the investment assets 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 assets, TRM evaluated the features of the properties, etc. of the assets stated in "3. Summary of the Assets to be Acquired."

3. Summary of the Assets to be Acquired

(1) COMFORIA SHIN-OKACHIMACHI

Property Name	COMFORIA SHIN-OKACHIMACHI
Type of Asset	Beneficial Interest in Real Estate Trust
Trustee of Beneficial Trust (planned)	Sumitomo Mitsui Trust Bank, Limited
Expiration Date of Beneficial Trust Contract	30 September, 2035
(planned)
Location (Residential address) (Note 1)	2-18-8 Misuji, Taito-ku, Tokyo
Land	Area (Note 1)	253.07m2 (Note 9)
Type of Ownership	Ownership
	Completion Date (Note 1)	August, 2019
	Structure / Number of Floors	RC / 14F
	(Note 1)
Building
Gross Floor Area (Note 1)	1,298.69m2
	Type of Ownership	Ownership
	Use (Note 1)	Apartment building
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	JLL Morii Valuation & Advisory K.K
Appraisal Value	1,290,000 thousand yen (Appraisal Date: July 31, 2020)
Collateral	None
Special affairs (Note 4)	None
		The property comprised of compact-type rooms is located a 4-minute walk from
		Shin-Okachimachi Station on the Toei-Ooedo Line and Tsukuba Express line.
		It takes an approximately 2-minute train ride to Akihabara Station and an
		approximately 1-minute train ride to Ueno-Okachimachi Station, which realizes
Features of the Property	good access to major business and commercial zones. The Ueno and
Okachimachi area, which is within walking distance, is a major commercial area
		formed by Ameya Yokocho, a famous street in Japan, department stores, retail
		stores and eating and drinking establishments. Given these features, solid rental
		demand is expected mainly from DINKS who place a primary emphasis on
		proximity city-center and a convenient residential environment, etc.

Summary of Rental Status (as of July 31, 2020) (Note 5)

	Rentable Area	1,186.06 m2
	Rented Area	1,011.70 m2
	Occupancy Rate	85.3 %
	Rentable Units	27 Units
	Rented Units	23 Units
	Total Number of Tenants	1
	Total Monthly Rent	4,468 thousand yen
	Security Deposit	7,033 thousand yen
Summary of the Engineering Report (Note 6)
	Reporting Company	HI International Consultant Co., Ltd
	Report Date	August, 2020

- 2 -

		Estimated Amount	―
		of Emergency Repair Expenses
		Estimated Amount	―
		of Short-Term Repair Expenses
		Estimated Amount	17,750 thousand yen
		of Long-Term Repair Expenses
		Replacement Value	328,200 thousand yen
	Summary of the Earthquake Risk Analysis (Note 7)
		PML Reporting Company	Sompo Risk Management Inc.
		Report Date	August, 2020
		PML	8.13 %
	Architect/Contractor/Building Permit Agency, etc. (Note 8)
		Architect	King House Co., Ltd.
		Contractor	King House Co., Ltd.
		Building Permit Agency	C･I Kenchiku Ninsho Kikou K.K
		Investment Agency or Structural	CENTER FOR INTERNATIONAL ARCHITECTURAL STANDARD
		Calculation Fitness Judge, etc.
(2) COMFORIA MORISHITA WEST
	Property Name	COMFORIA MORISHITA WEST
	Type of Asset	Beneficial Interest in Real Estate Trust
	Trustee of Beneficial Trust (planned)	Mitsubishi UFJ Trust and Banking Corporation
	Expiration Date of Beneficial Trust Contract	29 September, 2035
	(planned)
	Location (Residential address) (Note 1)	1-3-5Shin-Ohashi,Koto-ku, Tokyo
	Land	Area (Note 1)	253.18 m2 (Note 10)
	Type of Ownership	Ownership
			Completion Date (Note 1)	December, 2017
			Structure / Number of Floors	RC / 9F
			(Note 1)
	Building
	Gross Floor Area (Note 1)	1,388.02 m2
			Type of Ownership	Ownership
			Use (Note 1)	Apartment building
	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	JLL Morii Valuation & Advisory K.K
	Appraisal Value	1,270,000 thousand yen (Appraisal Date: July 31, 2020)
	Collateral	None
	Special affairs (Note 4)	None
				The property comprised of single-type rooms is located a 3-minute walk from
				Morishita Station on the Toei-Shinjuku Line and Toei-Ooedo Line and 12-
				minute walk from Kiyosumi-Shirakawa Station on the Tokyo Metro Hanzomon
				Line and Toei-Ooedo Line. With two stations and three lines available and an
				approximately 7-minute train ride to Ootemachi Station and an approximately
	Features of the Property	13-minute train ride to Shinjuku Station, which realizes good access to major
	business and commercial zones. Various restaurants from cafés to izakaya-style
				pubs can be found in the area, and the presence of convenience stores and other
				facilities make for a convenient residential environment. Given these
				circumstances, solid rental demand is expected mainly from singles who place a
				primary emphasis on proximity city-center and a convenient residential
				environment, etc.
				- 3 -

Summary of Rental Status (as of July 31, 2020) (Note 5)

		Rentable Area	1,153.68 m2
		Rented Area	1,078.44 m2
		Occupancy Rate	93.5 %
		Rentable Units	46 Units
		Rented Units	43 Units
		Total Number of Tenants	1
		Total Monthly Rent	4,838 thousand yen
		Security Deposit	6,065 thousand yen
	Summary of the Engineering Report (Note 6)
		Reporting Company	Tokio Marine & Nichido Risk Consulting Co., Ltd.
		Report Date	August, 2020
		Estimated Amount	―
		of Emergency Repair Expenses
		Estimated Amount	―
		of Short-Term Repair Expenses
		Estimated Amount	14,424 thousand yen
		of Long-Term Repair Expenses
		Replacement Value	383,800 thousand yen
	Summary of the Earthquake Risk Analysis (Note 7)
		PML Reporting Company	Sompo Risk Management Inc.
		Report Date	August, 2020
		PML	3.79 %
	Architect/Contractor/Building Permit Agency, etc. (Note 8)
		Architect	K.K Aidekku Keikaku Kenkyujo
		Contractor	TADA CORPORATION
		Building Permit Agency	UHEC (K.K. Toshi Kyojyuu Hyouka Center)
		Investment Agency or Structural	K.K good-eyes.Kenchiku Kensa Kikou
		Calculation Fitness Judge, etc.
(3) COMFORIA TOYOCHO
	Property Name	COMFORIA TOYOCHO
	Type of Asset	Beneficial Interest in Real Estate Trust
	Trustee of Beneficial Trust (planned)	Mitsubishi UFJ Trust and Banking Corporation
	Expiration Date of Beneficial Trust Contract	29 September, 2035
	(planned)
	Location (Residential address) (Note 1)	2-26-11 Minamisuna, Koto-ku, Tokyo
	Land	Area (Note 1)	1,236.53 m2
		Ownership
		Type of Ownership
		Completion Date (Note 1)	February, 2020
		Structure / Number of Floors	RC / 15F
		(Note 1)
	Building
	Gross Floor Area (Note 1)	5,409.09 m2
		Type of Ownership	Ownership
		Use (Note 1)	Apartment building
	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
			- 4 -

Appraisal Company	Japan Real Estate Institute
Appraisal Value	3,760,000 thousand yen (Appraisal Date: July 31, 2020)
Collateral	None
Special affairs (Note 4)	None
	The property comprised of mainly single-type rooms and some compact-type
	rooms is located a 13-minute walk from MinamiSunamachi station and 14-
	minutes walk from Toyocho Station on the Tokyo Metro Tozai Line. It takes an
	approximately 9-minute train ride to Ootemachi Station and an approximately 8-
	minute train ride to Nihonbashi Station, which realizes good access to major
Features of the Property	business and commercial zones. A favorable living environment is provided with
	a greenway along Sendaibori River as well as nearby Kiba Park with lush
	greenery. Furthermore, with convenience stores and restaurants in the area, it
	also excels in convenience for living. Given these features, solid rental demand
	is expected mainly from singles and DINKS who place a primary emphasis on
	proximity city-center and a pleasant residential environment, etc.

Summary of Rental Status (as of July 31, 2020) (Note 5)

		Rentable Area	3,993.42m2
		Rented Area	3,634.16m2
		Occupancy Rate	91.0%
		Rentable Units	140 Units
		Rented Units	131 Units
		Total Number of Tenants	1
		Total Monthly Rent	13,878 thousand yen
		Security Deposit	24,611 thousand yen
	Summary of the Engineering Report (Note 6)
		Reporting Company	HI International Consultant Co., Ltd
		Report Date	August, 2020
		Estimated Amount	―
		of Emergency Repair Expenses
		Estimated Amount	―
		of Short-Term Repair Expenses
		Estimated Amount	20,310 thousand yen
		of Long-Term Repair Expenses
		Replacement Value	1,360,800 thousand yen
	Summary of the Earthquake Risk Analysis (Note 7)
		PML Reporting Company	Sompo Risk Management Inc.
		Report Date	August, 2020
		PML	8.05 %
	Architect/Contractor/Building Permit Agency, etc. (Note 8)
		Architect	K.K Cosmoalpha
		Contractor	Mabuchi Construction Co., Ltd.
		Building Permit Agency	J.E. Support Co., Ltd.
		Investment Agency or Structural	K.K good-eyes. Kenchiku Kensa Kikou
		Calculation Fitness Judge, etc.
(4) COMFORIA FUDOMAE
	Property Name	COMFORIA FUDOMAE
	Type of Asset	Beneficial Interest in Real Estate Trust
	Trustee of Beneficial Trust (planned)	Mitsubishi UFJ Trust and Banking Corporation
	Expiration Date of Beneficial Trust Contract	29 September, 2035
	(planned)
	Location (Residential address) (Note 1)	5-1-12 Nishigotanda, Shinagawa-ku, Tokyo
			- 5 -

Land	Area (Note 1)	652.47m2
Type of Ownership	Ownership
	Completion Date (Note 1)	February, 2020
	Structure / Number of Floors	RC / 5F
	(Note 1)
Building
Gross Floor Area (Note 1)	1,425.02m2
	Type of Ownership	Ownership
	Use (Note 1)	Apartment building
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	1,700,000 thousand yen (Appraisal Date: July 31, 2020)
Collateral	None
Special affairs (Note 4)	None
		The property comprised of mainly single-type rooms and some compact-rooms
		is located a 2-minute walk from Fudomae Station on the Tokyu Meguro Line
		and 11-minute walk from Gotanda Station on the Tokyu Ikegami Line, Toei
		Asakusa Line and JR Yamanote Line. With two stations and four lines available
		and an approximately 15-minute train ride to Nagatacho Station and an
		approximately 7-minute train ride to Shibuya Station, which realizes good access
Features of the Property	to major business and commercial zones. Located in central Tokyo, the property
		is in an area with a calm, quiet environment and lush greenery, and spots famous
		for cherry blossoms such as Meguro River and Kamurozaka Slope, as well as
		Rinshinomori Park, are located nearby. In addition, there are many supermarkets,
		restaurants, etc. in the surrounding area. Given these features, solid rental
		demand is expected mainly from singles and DINKS who place a primary
		emphasis on proximity city-center and a convenient residential environment, etc.

Summary of Rental Status (as of July 31, 2020) (Note 5)

	Rentable Area	1,273.47 m2
	Rented Area	1,115.81 m2
	Occupancy Rate	87.6 %
	Rentable Units	46 Units
	Rented Units	40 Units
	Total Number of Tenants	1
	Total Monthly Rent	6,056 thousand yen
	Security Deposit	7,968 thousand yen
Summary of the Engineering Report (Note 6)
	Reporting Company	Tokio Marine & Nichido Risk Consulting Co., Ltd.
	Report Date	August, 2020
	Estimated Amount	―
	of Emergency Repair Expenses
	Estimated Amount	―
	of Short-Term Repair Expenses
	Estimated Amount	16,830 thousand yen
	of Long-Term Repair Expenses
	Replacement Value	383,900 thousand yen

Summary of the Earthquake Risk Analysis (Note 7)

	PML Reporting Company	Sompo Risk Management Inc.
	Report Date	August, 2020
	PML	7.47 %

- 6 -

Architect/Contractor/Building Permit Agency, etc. (Note 8)

	Architect	AsakuraTakao Toshikenchikusekkei Co., LTD.
	Contractor	GODA KOUMUTEN CO., LTD
	Building Permit Agency	J ARCHITECTURE INSTPECTION CENTER
	Investment Agency or Structural	Tokio Marine & Nichido Risk Consulting Co., Ltd.
	Calculation Fitness Judge, etc.

(Note 1) "Location" is based on the residential address. 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 Floors," "Gross Floor Area" and "Use" of building are based on information in the 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 company that is scheduled to provide property management service for each property. (Note 3) "Master Leasing Company" is the lessee that is scheduled to conclude a master lease agreement with the titleholder of each property. (Note 4) "Special affairs" are matters recognized as 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:

• Significant limitation or restriction by laws, regulations and rules ii Significant burdens or limitations on rights, etc.
  iii 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.
  iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.

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

• "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)."Rentable Area" for Non-Pass-through type master lease agreements (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.

1. In the following cases, "Rented Area" means the floor 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 Agreement"), 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 Master Lease Agreement"). "Rented Area" for Non-Pass-through 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.

1. "Occupancy Rate" is the rate of rented area to rentable area.
2. "Rentable Units" is the number of rentable units (including the number of stores, if any). "Rentable Units" for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease.

• "Rented Units" is the number of rented units (which 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 agreements is the number of units leased to the Master Leasing Company.

1. "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.
2. When the Master Leasing type is a Pass-Through type Master Lease Agreement, "Total Monthly Rent" means the total monthly rent, as of July, 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.
3. In the case that the master leasing type is a Pass-Through type Master Lease Agreement, "Security Deposit" is the total amount of balance of Security Deposit, as of July, 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 reporting company above, and CRR does not guarantee the adequacy and accuracy of the content.

• "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.

1. "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.
2. "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.

1. "Replacement Value" is the estimated money amount provided in the Engineering Report of construction work required if the
2. • 7 -

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 "Earthquake Risk Analysis" report on the acquired asset prepared 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 probable 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 Agency, etc.," the architect, the contractor, the building 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.

(Note 9) Includes a setback portion (approximately 10.36 ㎡) (Note10) Includes a setback portion (approximately 15.83 ㎡)

4.Summary of the Appraisal Report

1. COMFORIA SHIN-OKACHIMACHI

(thousand yen)

Property Name		COMFORIA SHIN-OKACHIMACHI
Appraisal Company		JLL Morii Valuation & Advisory K.K
Appraisal Date			July 31, 2020
Appraisal Value			1,290,000
						Content		Appraisal summary
Income Approach Value	1,290,000
	Price of the Direct	1,310,000
	Capitalization Method ((6)/(7))
	(1)		Operating Income	65,089
				Potential Gross Income	68,032
					Rental Income
					(including common	65,442
					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	577
					Key Money / Renewal	2,013
					Income
					Other Income	0
				Vacancy Loss	▲2,943	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	11,627
				Maintenance and	2,008	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	603	years.
							Expenses for restoring rooms to their original conditions are calculated
							with consideration of the level of expenses that are typically incurred,
				Repair Cost	923	while repair costs are calculated with consideration of the cost level in
							similar properties, and average repair costs presented in engineering
							reports.
				Property Management		Calculated	with consideration	of commissions for managing	similar
				1,577	properties	and the property's	characteristics, referring to the	tariff of
				Fee
					commissions of the property management company.
				Tenant Advertisement	3,280	Calculated with consideration of such factors as average replacement rate
				Cost	of residents per year and occupancy rates, while referring to the conditions

- 8 -

							of ongoing agreements and rental agreements of similar properties.
				Taxes and Public Dues	2,942	Appraised referring to the standard amount of taxation for the property.
				Insurance	197	Calculated with consideration of insurance premium rates of those for
				similar properties.
				Other Expenses	97	Calculated with consideration of the management of current assets.
(3)	Net Operating Income	53,462
				(NOI, (1)-(2))
				(4)	Interest on Security	75	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	1,035	building ages, and the average renovation expenses per year in engineering
							reports.
(6)	Net Cash Flow	52,502
				(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	4.0%	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	1,270,000
		Discount Rate	3.8%	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	4.2%	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	1,150,000
		Total Value of Land and	1,146,800
		Building
				Land Value	704,000	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	301,000	repurchasing properties are multiplied by a discount rate that has been
							decided from current situations and regional characteristics.
				Supplementary cost	141,800	Appraised in consideration of the development cost and development
				profit.
		Adjustment for Change	100%	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.

(2) COMFORIA MORISHITA WEST

(thousand yen)

Property Name		COMFORIA MORISHITA WEST
Appraisal Company		JLL Morii Valuation & Advisory K.K
Appraisal Date		July 31, 2020
Appraisal Value		1,270,000
					Content	Appraisal summary
Income Approach Value	1,270,000
	Price of the Direct	1,290,000
	Capitalization Method ((6)/(7))
		(1) Operating Income	64,990
			Potential Gross Income	68,018
				Rental Income		Calculated with consideration of the average income according to ongoing
				(including common	65,330
				rental agreements as well as the assumed income level of new rents.
				area expense)
				Utility Charge Income	0
						- 9 -

						Parking Lot Income	744
						Key Money / Renewal	1,944
						Income
						Other Income	0
				Vacancy Loss	▲3,028	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	12,426
				Maintenance and	2,862	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	586	years.
								Expenses for restoring rooms to their original conditions are calculated
								with consideration of the level of expenses that are typically incurred,
				Repair Cost	942	while repair costs are calculated with consideration of the cost level in
								similar properties, and average repair costs presented in engineering
								reports.
				Property Management		Calculated	with consideration	of commissions for managing	similar
				1,576	properties	and the property's	characteristics, referring to the	tariff of
				Fee
					commissions of the property management company.
				Tenant Advertisement		Calculated with consideration of such factors as average replacement rate
				3,167	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	2,980	Appraised based on the standard amount of taxation for the property, etc.
				Insurance	230	Calculated with consideration of insurance premium rates of those for
				similar properties.
				Other Expenses	83	Calculated with consideration of the management of current assets.
(3)		Net Operating Income	52,564
					(NOI, (1)-(2))
				(4)	Interest on Security	48	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	841	building ages, and the average renovation expenses per year in engineering
								reports.
(6)		Net Cash Flow	51,771
					(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	4.0%	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	1,250,000
		Discount Rate	3.8%	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	4.2%	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	1,111,000
		Total Value of Land and	1,112,300
		Building
				Land Value	693,000	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	294,900	repurchasing properties are multiplied by a discount rate that has been
								decided from current situations and regional characteristics.
				Supplementary cost	124,400	Appraised	in consideration of the development cost and development
				profit.
		Adjustment for Change	100%	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.

- 10 -

(3) COMFORIA TOYOCHO

(thousand yen)

Property Name

COMFORIA TOYOCHO

Appraisal Company

Japan Real Estate Institute

Appraisal Date

July 31, 2020

Appraisal Value

3,760,000

Content

Appraisal summary

Income Approach Value

3,760,000

Price of the Direct

3,820,000

Capitalization Method ((6)/(7))

(1)

Operating Income

193,380

Potential Gross Income

203,649

Rental Income

(including common

192,788

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

3,110

Key Money / Renewal

7,560

Income

Other Income

191

Vacancy Loss

▲10,269

Calculated

with consideration

of occupancy rates

those of

similar

properties in the same market area.

Collection Loss

0

Collection loss has not been calculated.

(2)

Operating Expense

36,084

Maintenance and

5,800

Calculated

with consideration

of the characteristics

of the property,

Management Fee

referring to fees for similar properties.

Utility Charge

2,000

Expenses for restoring rooms to their original conditions are calculated

with consideration of the level of expenses that are typically incurred,

Repair Cost

2,738

while repair costs are calculated with consideration of the cost level in

similar properties, and average repair costs presented in engineering

reports.

Property Management

Calculated

with consideration

of commissions for

managing

similar

2,790

properties

and the property's

characteristics, referring to the

tariff of

Fee

commissions of the property management company.

Tenant Advertisement

Calculated with consideration of such factors as average replacement rate

9,514

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

11,699

Appraised referring to the standard amount of taxation for the property.

Insurance

705

Calculated with consideration of insurance premium rates of those for

similar properties.

Other Expenses

838

Calculated with consideration of the management of current assets.

(3)

Net Operating Income

157,296

(NOI, (1)-(2))

(4)

Interest on Security

144

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

978

building ages, and the average renovation expenses per year in engineering

reports.

(6)

Net Cash Flow

156,462

(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

4.1%

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

3,700,000

Discount Rate

3.9%

Appraised in full consideration of the characteristics of the property and

other factors, referring to yields on investments in similar properties.

Terminal Cap Rate

4.3%

Appraised in full consideration of future trends in yields on investments,

possible risks from investment in the property, general forecasts on future

- 11 -

economic growth, trends in property prices and rents, and other factors, while referring to yields on trade pertaining to similar properties.

Cost Approach Value	4,190,000
	Total Value of Land and	4,190,000
	Building
		Land Value	2,840,000	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	1,350,000	repurchasing properties are multiplied by a discount rate that has been
				decided from current situations and regional characteristics.
	Adjustment for Change	100%	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.

(4) COMFORIA FUDOMAE

(thousand yen)

Property Name			COMFORIA FUDOMAE
Appraisal Company			Japan Real Estate Institute
Appraisal Date			July 31, 2020
Appraisal Value			1,700,000
						Content		Appraisal summary
Income Approach Value	1,700,000
	Price of the Direct	1,710,000
	Capitalization Method ((6)/(7))
	(1)		Operating Income	84,541
				Potential Gross Income	88,828
					Rental Income
					(including common	83,472
					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	1,176
					Key Money / Renewal	4,180
					Income
					Other Income	0
				Vacancy Loss	▲4,287	Calculated	with consideration	of occupancy rates	those of	similar
				properties in the same market area.
				Collection Loss	0	Collection loss has not been calculated.
(2)		Operating Expense	16,949
				Maintenance and	3,252	Calculated	with consideration	of the characteristics	of the property,
				Management Fee
					referring to fees for similar properties.
				Utility Charge	650
							Expenses for restoring rooms to their original conditions are calculated
							with consideration of the level of expenses that are typically incurred,
				Repair Cost	999	while repair costs are calculated with consideration of the cost level in
							similar properties, and average repair costs presented in engineering
							reports.
				Property Management		Calculated	with consideration	of commissions for	managing	similar
				2,013	properties	and the property's	characteristics, referring to the	tariff of
				Fee
					commissions of the property management company.
				Tenant Advertisement		Calculated with consideration of such factors as average replacement rate
				4,431	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	4,392	Appraised referring to the standard amount of taxation for the property.
				Insurance	196	Calculated with consideration of insurance premium rates of those for
				similar properties.
				Other Expenses	1,016	Calculated with consideration of the management of current assets.

- 12 -

	(3)	Net Operating Income	67,592
				(NOI, (1)-(2))
				(4)	Interest on Security	64	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	982	building ages, and the average renovation expenses per year in engineering
							reports.
(6)	Net Cash Flow	66,674
				(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	1,690,000
		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	1,710,000
		Total Value of Land and	1,706,000
		Building
				Land Value	1,330,000	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	376,000	repurchasing properties are multiplied by a discount rate that has been
							decided from current situations and regional characteristics.
		Adjustment for Change	100%	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 appraisal value described in the respective real estate appraisal reports that were prepared by JLL Morii Valuation & Advisory K.K and 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.

5．Summary of the Sellers

Name	Tokyu Land Corporation
Headquarters Address	1-21-1, Dogenzaka, Shibuya-ku, Tokyo
Representative	President & CEO Masashi Okada
	1. Management, leasing, buying and selling, brokerage, consulting, appraising of real
	estate
Principal Business	2. Buying and selling, brokerage, and management of investments and equities in
	investment, etc. in specific purpose companies, special purpose companies and
	real estate investment trusts
	3. Any other business activities related to the items described above.
Capital	57,551 million yen (as of March 31, 2020)
Date Established	December 17, 1953
Net Asset	325,156 million yen (as of March 31, 2020)
Total Asset	1,679,106 million yen (as of March 31, 2020)
Major Shareholder & its	Tokyu Fudosan Holdings Corporation (100%)
Shareholding Ratio

Relationship with the Investment Corporation and the Asset Management Company

- 13 -

		The company owns 8.95% of units that CRR has issued as of July, 2020. The
	Capital relationship	company is also the parent company (ownership of 100%) of TRM, and is thus an
		interested party under the Act on Investment Trusts and Investment Corporations.
	Personal relationship	39 employees (and officers) of TRM are seconded from the company as of today
	Business relationship	CRR acquired 3 properties from the company in the fiscal period ended July,
	2020.
		The company is not classified as a related party in relation to CRR. However, as
	Interested parties	described above, the company is an interested party of TRM under the Act on
		Investment Trusts and Investment Corporations.

6. Ownership History of Asset

1. COMFORIA SHIN-OKACHIMACHI

	Previous Owner	Former Owner	Owner Prior to Former Owner
Name	Tokyu Land Corporation	Other than those that have	－
		special interest
Relationship	Refer to
with interested	－	－
"5. Summary of the Sellers"
parties
Background /
reasons for	Development purpose	－	－
acquisition
Acquisition	Omitted, as the properties were
acquired for development	－	－
price
purpose.
Building and
Land	Building: September, 2019	－	－
Acquisition	Land: September, 2019
date

1. COMFORIA MORISHITA WEST

	Previous Owner	Former Owner	Owner Prior to Former Owner
Name	Tokyu Land Corporation	Other than those that have	－
		special interest
Relationship	Refer to
with interested	－	－
"5. Summary of the Sellers"
parties
Background /
reasons for	Development purpose	－	－
acquisition
Acquisition	Omitted, as the properties were
acquired for development	－	－
price
purpose.
Building and
Land	Building: January, 2018	－	－
Acquisition	Land: November, 2016
date

1. COMFORIA TOYOCHO

	Previous Owner	Former Owner	Owner Prior to Former Owner
Name	Tokyu Land Corporation	Other than those that have	－
		special interest
Relationship	Refer to
with interested	－	－
"5. Summary of the Sellers"
parties
Background /
reasons for	Development purpose	－	－
acquisition
Acquisition	Omitted, as the properties were
acquired for development	－	－
price
purpose.

- 14 -

	Building and
	Land	Building: March, 2020	－	－
	Acquisition	Land: January, 2018
	date
(4) COMFORIA FUDOMAE
		Previous Owner	Former Owner	Owner Prior to Former Owner
	Name	Tokyu Land Corporation	Other than those that have	－
			special interest
	Relationship	Refer to
	with interested	－	－
	"5. Summary of the Sellers"
	parties
	Background /
	reasons for	Development purpose	－	－
	acquisition
	Acquisition	Omitted, as the properties were
	acquired for development	－	－
	price
	purpose.
	Building and
	Land	Building: February, 2020	－	－
	Acquisition	Land: February, 2020
	date

1. TRM's Interested Parties in the Assets to be Acquired
2. 1. Tokyu Land Corporation, which is the seller of Assets to be Acquired (as described in "5. Summary of the Sellers" above) is an interested party in relation to CRR. Therefore, the procedures required in accordance with the bylaws were completed with respect to agreements with these companies.
   2. 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 procedures required in accordance with the bylaws were completed with respect to agreements with these companies.
3. Summary of Brokerage

None

9. Forecast

Please refer to the "Financial Results for the Fiscal Period Ended July 31, 2020" separately announced today for forecasts of the management performance for the period ending January 31, 2021 (August 1, 2020 - January 31, 2021) and the period ending July 31, 2021 (February 1, 2021 -July 31, 2021) after the acquisition of the Assets to be Acquired.

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

- 15 -

Attachments

1. Portfolio List
2. Exterior Images and Maps of the Assets to be Acquired

- 16 -

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	0.6%
Tokyo	NIHONBASHININGYOCHO	ku, Tokyo
Estate Trust
			Beneficial
	COMFORIA WASEDA	147 Bentencho, Shinjuku-ku, Tokyo	Interest in Real	1,900	0.7%
			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	1.2%
			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	1.4%
			Estate Trust
			Beneficial
	COMFORIA MITA NORTH	2-7-16 Mita, Minato-ku, Tokyo	Interest in Real	850	0.3%
			Estate Trust
	COMFORIA		Beneficial
	3-13-12 Kaigan, Minato-ku, Tokyo	Interest in Real	2,650	1.0%
	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	0.8%
	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	0.4%
	ku, Tokyo
	NORTH	Estate Trust
			Beneficial
	COMFORIA SHINKAWA	2-15-5 Shinkawa, Chuo-ku, Tokyo	Interest in Real	1,840	0.7%
			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
			Beneficial
	COMFORIA SHIBAURA CANAL	3-1-9 Kaigan, Minato-ku, Tokyo	Interest in Real	1,570	0.6%
			Estate Trust

- 17 -

Central

Tokyo

				Beneficial
COMFORIA KITASANDO	4-5-10 Sendagaya, Shibuya-ku, Tokyo	Interest in Real	4,268	1.7%
				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	0.6%
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	0.6%
				Estate Trust
	1-20-12	Kitashinjuku,	Shinjuku-ku,	Beneficial
COMFORIA NISHISHINJUKU	Interest in Real	1,625	0.6%
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	0.7%
Tokyo
			Estate Trust
	（Tower Building）
	6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKU	（Annex Building）		Beneficial
	Interest in Real	13,264	5.2%
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	1.7%
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	0.8%
				Estate Trust
COMFORIA	3-6-4Higashi-Nihonbashi,Chuo-ku,	Beneficial
Interest in Real	1,194	0.5%
HIGASHINIHONBASHI	Tokyo
		Estate Trust

- 18 -

Central	COMFORIA		2-1-8 Minato, Chuo-ku, Tokyo	Beneficial
	Interest in Real	2,380	0.9%
Tokyo	GINZA EAST NIBANKAN
		Estate Trust
	COMFORIA			Beneficial
	HIGASHISHINJUKU STATION		7-27-12 Shinjuku, Shinjuku-ku, Tokyo	Interest in Real	5,540	2.2%
	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	38.7%
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	0.3%
		Tokyo
			Estate Trust
				Beneficial
	COMFORIA SHIMOKITAZAWA		1-9-14 Hanegi, Setagaya-ku, Tokyo	Interest in Real	2,587	1.0%
				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	0.3%
	ASAKUSABASHI DEUX		Tokyo
		Estate Trust
				Beneficial
	COMFORIA OSHIAGE		4-7-2 Narihira, Sumida-ku, Tokyo	Interest in Real	714	0.3%
				Estate Trust
	COMFORIA			Beneficial
		2-11-12 Honjo, Sumida-ku, Tokyo	Interest in Real	762	0.3%
	HONJOAZUMABASHI
			Estate Trust
	COMFORIA			Beneficial
		3-5-14 Shirakawa, Koto-ku, Tokyo	Interest in Real	873	0.3%
	KIYOSUMISHIRAKAWA TROIS
			Estate Trust
	COMFORIA			Beneficial
		16-8 Fuyuki, Koto-ku, Tokyo	Interest in Real	2,658	1.0%
	MONZENNAKACHO
			Estate Trust

- 19 -

Sub-central

Tokyo

					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	0.7%
					Estate Trust
COMFORIA	6-46-6	Shimouma,	Setagaya-ku,	Beneficial
Interest in Real	1,138	0.4%
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	1.5%
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	1.2%
					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	1.1%
KASUGATOMISAKA
				Estate Trust
	2-29-24	Honkomagome,	Bunkyo-ku,	Beneficial
COMFORIA HONKOMAGOME	Interest in Real	1,344	0.5%
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
COMFORIA	4-3-5	Higashiikebukuro,	Toshima-	Beneficial
Interest in Real	1,132	0.4%
HIGASHIIKEBUKURO	ku,Tokyo
		Estate Trust
					Beneficial
COMFORIA KOMABA	4-8-25 Ikejiri, Setagaya-ku, Tokyo	Interest in Real	5,000	2.0%
					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	1.8%
MINAMISUNAMACHI
				Estate Trust

- 20 -

Sub-central	COMFORIA	3-22-11, Higashishinagawa,	Beneficial
Interest in Real	1,510	0.6%
Tokyo	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	1.5%
	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	0.8%
	COMFORIA OMORI TROIS	3-36-7 Omorikita, Ota-ku, Tokyo	Real Estate	866	0.3%
	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	2.3%
					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	1.0%
	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	0.3%
	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	2.1%
	SHIBUYA WEST
				Estate Trust
	COMFORIA				Beneficial
	2-4-7 Komagata, Taito-ku, Tokyo	Interest in Real	1,254	0.5%
	ASAKUSAKOMAGATA
				Estate Trust
	COMFORIA				Beneficial
	6-20-10 Oi, Shinagawa-ku, Tokyo	Interest in Real	864	0.3%
	OMORIKASHIMA
				Estate Trust
					Beneficial
	COMFORIA OMORIMACHI	4-11-5Omori-nishi,Ota-ku, Tokyo	Interest in Real	1,096	0.4%
					Estate Trust
					Beneficial
	COMFORIA KAMIIKEDAI	5-7-22 Kamiikedai, Ota-ku, Tokyo	Interest in Real	1,842	0.7%
					Estate Trust
	CAMPUS				Beneficial
	3-2-19 Nagasaki, Toshima-ku, Tokyo	Interest in Real	2,740	1.1%
	VILLAGE SHIINAMACHI
				Estate Trust

- 21 -

Sub-central

Beneficial

COMFORIA TAKINOGAWA

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

Interest in Real

3,430

1.4%

Tokyo

Estate Trust

COMFORIA

Beneficial

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

Interest in Real

1,294

0.5%

KIBASHINSUIKOEN

Estate Trust

COMFORIA

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

Real Estate

1,330

0.5%

NISHIMAGOME HILLSIDE

COMFORIA

2-19-14 Minami Ikebukuro, Toshima-

Beneficial

Interest in Real

1,930

0.8%

IKEBUKURO DEUX

ku, Tokyo

Estate Trust

COMFORIA NARIMASU

3-18-13 Asahicho, Nerima-ku, Tokyo

Real Estate

1,551

0.6%

COMFORIA

Beneficial

2-18-8 Misuji, Taito-ku, Tokyo

Interest in Real

1,237

0.5%

SHIN-OKACHIMACHI

Estate Trust

Beneficial

COMFORIA MORISHITA WEST

1-3-5Shin-Ohashi,Koto-ku, Tokyo

Interest in Real

1,222

0.5%

Estate Trust

Beneficial

COMFORIA TOYOCHO

2-26-11 Minamisuna, Koto-ku, Tokyo

Interest in Real

3,674

1.4%

Estate Trust

5-1-12 Nishigotanda, Shinagawa-ku,

Beneficial

COMFORIA FUDOMAE

Interest in Real

1,622

0.6%

Tokyo

Estate Trust

Subtotal

131,921

52.0%

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

0.2%

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

1.6%

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

3.8%

Other Major

1-21-24 Higashinakajima,

Beneficial

COMFORIA SHIN-OSAKA

Higashiyodogawa-ku,Osaka-shi,

Interest in Real

2,400

0.9%

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

- 22 -

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	5.5%
		Total		253,746	100.0%

(Note 1) Explanation of "Area"

• "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya). ii "Sub-central Tokyo" denotes the other 18 wards of Tokyo.
  iii "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 Tokyo.
  iv "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 Acquisition Price of each property to the total Acquisition Price and rounded to the first decimal place.

- 23 -

Attachment 2. Exterior Images and Maps of the Assets to be Acquired

1. COMFORIA SHIN-OKACHIMACHI

1. COMFORIA MORISHITA WEST

- 24 -

1. COMFORIA TOYOCHO

©2020Google

1. COMFORIA FUDOMAE

©2020Google

- 25 -