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									Translation Purposes Only
                                                                                                                                March 28, 2012
For Immediate Release
                                                                                                                                     REIT Issuer
                                                                                                          HEIWA REAL ESTATE REIT, Inc.
                                                                                                              2-5-1 Atago, Minato-ku, Tokyo
                                                                                                   Masaaki Higashihara, Executive Director
                                                                                                                       (Securities Code: 8966)
                                                                                                                 Asset Management Company
                                                                                    HEIWA REAL ESTATE Asset Management CO., LTD.
                                                                                     Takaya Ichikawa, President & Representative Director
                                                                                    Inquiries: Shinya Ito, General Manager, IR Department
                                                                                                                        TEL. +81-3-5402-8731

                                        Acquisition of Asset (HIROKOJI AQUA PLACE)

  HEIWA REAL ESTATE REIT, Inc. (the “Investment Corporation”) announced today the following decision to
acquire Hirokoji Aqua Place (the “Property”)


1. Overview of the Acquisition
     (1) Property Name                                    HIROKOJI AQUA PLACE
     (2) Type of Asset to be Acquired                     Trust beneficial interest (real estate in Japan)
     (3) Investment Category                              Regional city office building
     (4) Investment Area                                  Regional investment area (Nagoya-shi, Aichi)
     (5) Acquisition Price (Planned)                      ¥2,930,000,000 (Note)
     (6) Agreement Execution Date
                                                          March 30, 2012
     (7) Planned Acquisition Date
                                                          March 30, 2012
         (Delivery Date)
     (8) Seller                                           HEIWA REAL ESTATE Co., Ltd.
     (9) Acquisition Financing                            Cash on hand and borrowings
     (10) Settlement Method                               Settlement in lump-sum at time of delivery
     (11) Trustee                                         Mizuho Trust & Banking Co., Ltd.
     (12) Trust period                                    From December 27, 2011 to November 30, 2021
    (Note) Acquisition price (planned) is the price described in the trust beneficial interest transaction agreement (consumption tax not included),

           and excludes acquisition costs, fixed property tax, and city planning tax, etc.

2. Reasons for the Acquisition and Property Characteristics
  The Investment Corporation will acquire the Property pursuant to the “Asset Management Target and Policy” set
forth in its bylaws.
  Since October 2009, when Heiwa Real Estate Co., Ltd. (hereinafter, “Heiwa Real Estate”) became the sole sponsor of
the Asset Management Company by acquiring its entire shares, the Investment Corporation had been pursuing
“restructuring of foundation for growth” as stage 1. In October 2010, the Investment Corporation merged with Japan
Single-residence REIT, and worked to enhance the profitability and quality of its portfolio in terms of business
operations and to improve loan terms and conditions, including reduction in financial costs, and establish a stable
financial base in terms of financial operations. In June 2011, the Investment Corporation started initiatives for further
improvement both in business and financial operations, in pursuit of stage 2 dubbed as “Towards the Path of
Re-Growth.” As part of these endeavors, the Investment Corporation has decided to acquire the Property by taking
advantage of the warehousing function of Heiwa Real Estate, based on the memorandum on business cooperation
executed between Heiwa Real Estate and the asset management company.
  The Investment Corporation believes that the acquisition of the Property should be beneficial as it increases the
investment ratio of office properties in view of the balance of the entire portfolio and promotes geographical
  The Property is a relatively new, mid-sized office building completed in May 2008 with a total floor space of
9,521.09 m2. Facing Hirokoji-dori, a major street in Nagoya City, it features sufficient competitiveness in building
specifications in comparison with neighboring properties. In addition, Heiwa Real Estate has a branch in Nagoya City,
making it possible for the Investment Corporation to entrust property management operations to Heiwa Real Estate and
utilize its leasing ability, tenant relations, information channels and building operation and administration capabilities. It
is also expected the Property will produce relatively high yields. Considering these points, the Investment Corporation
has judged the Property will contribute to the improvement of the profitability and quality of the portfolio, and decided
on its acquisition.
  The characteristics of the Property are explained below.
                                    ・The Property is approximately four minutes walk from Shinsakae Station on the
                                    Nagoya City Subway Higashiyama Line and approximately seven minutes walk
                                    from Takaoka Station on the Nagoya City Subway Sakura-Dori Line, providing
                                    high convenience that allows use of two stations on two subway lines. The
    (1) Location
                                    Property also commands high visibility as it faces Hirokoji-dori.
                                  ・The Shinsakae district has few relatively new office buildings while offering high
                                    convenience of public transport including subways and expressways. As such, the
                                    location allows expectations for demand for office space.
                                  ・The Property has a leasable floor space of approximately 733 m (approximately
                                    221 tsubos) on a standard floor, and features a ceiling height of 2,700 mm
                                    (standard floor), an OA-compatible floor with a height of 100mm (standard floor),
    (2) Building                    individually controlled air conditioners on each floor, three elevators, smoking
                                    rooms on each floor (standard floor), parking space for 145 vehicles and low
                                    emissivity glass, etc. It is well-equipped for competitiveness as a relatively new,
                                    mid-sized office building.
  Furthermore, the acquisition of the Property will change the property composition by property type from 33.83% for
office, 62.94% for residence and 3.23% for hotel to 35.30% for office, 61.54% for residence and 3.16% for hotel.
  Going forward, the Investment Corporation will continue to pursue both profitability of office properties and stability
of residential properties, a characteristic of a compound portfolio comprising office and residential properties, working
to expand the asset size and enhance profitability.

3. Acquisition Asset Details
     Property Name                                            HIROKOJI AQUA PLACE
                                                              (Residential address)
                                                               1-5-8 Shinsakae, Naka-ku, Nagoya-shi, Aichi
     Location (Note 1)
                                                              (Lot number)
                                                               507 and 514 Shinsakae, Naka-ku, Nagoya-shi, Aichi
                               Form of Ownership              Ownership
                               Area (Note 1)                  1,389.39 m2
                               Use District (Note 2)          Commercial district
                               Building Coverage Ratio
                               (Note 3)
                               Floor Area Ratio (Note 3)      800.00%                         500.00%
                               Form of Ownership              Trust beneficial interest
                               Use (Note 1)                   Office, store and parking
                                                              Steel-framed, flat roof, 11 floors above ground
                               Structure / Floors (Note 1)
                                                              Steel-framed, zinc-coated steel sheets, one-story building
                            Total Floor Space (Note 1)        9,521.09 m2 (Note 4)
                            Construction Completion
     Building                                                 May 2008
                            Date (Note 1)
                            Construction Client               Venus Treasure Godo Kaisha
                            Constructor                       Kajima Corporation
                            Architect                         KOKUBU SEKKEI
                            Structural Designer               KOKUBU SEKKEI
                            Building Certification            Bureau Veritas Japan
     Property Management Company (Planned)                    Heiwa Real Estate Co., Ltd.
     Master Lease Company (Planned)                           Heiwa Real Estate Co., Ltd.
     Master Lease Type (Planned)                              Pass through
     Grant of Security      Present                           None
     Interests              After Acquisition                 Yes (planned to establish revolving pledge)
                            Total Number of Tenants           6
                            Total Leasable Floor Space        7,471.78 m2
                            Total Leased Floor Space          6,245.10 m2
     Lease Status           Monthly Rent (Including
     (Note 5)               Common Expenses)
                            Tenant Leasehold and
                            Security Deposits
                            Occupancy Rate(based on           83.58% (Note 6)
                            floor space)                      [92.70%] (Note 7)
                            (1) 21st Fiscal Period            ¥42,983 thousand
     Assumed NOI
                            (2) Annual assumption
     (Note 8)                                                 ¥215,509 thousand (7.35%)
                            Survey Agent                      Tokyo Bldg-Tech Center Co., Ltd.
                            Survey Date                       January 20, 2012
                            Replacement Value                 ¥2,471,000,000
     Overview of Building
     Status Survey Report PML Value                           10.6%
                            Long-term Maintenance
                            and Repair Cost (Within 15        ¥117,340,000
     Overview of Real       Appraiser                         Tanizawa Sogo Appraisal Co., Ltd.
     Estate Appraisal       Value Date                        January 31, 2012
     Report (Note 9)        Appraisal Value                   ¥3,710,000,000

        (Note 1) “Location (excluding Indication of Residential Address),” “Parcel Area,” “Use,” “Structure/Floors,” “Total Floor Space” and
                 “Construction Completion Date” are as stated in the real estate registry.
        (Note 2) “Use District” is the type of use district as listed in Article 8, Paragraph 1, Item 1of the City Planning Act.
        (Note 3) “Building Coverage Ratio” is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building
                 Standards Act, and “Floor Area Ratio” is the ratio of the total floor space of the building to the site area as stipulated in Article 52
                 of the Building Standards Act.
                    Furthermore, the floor area ratio is 800% for the area up to 30m from the border of the road north to the land of the Property, and
                 500% for the area beyond 30m. The weighted average floor area ratio of the two areas is 684.07%.
        (Note 4) The figure includes the parking lot (156.24 m2), which is annexed to the Property.
        (Note 5) “Lease Status” indicates figures as of March 28, 2012.
        (Note 6) “Occupancy Rate” indicates the figure as of March 28, 2012.
        (Note 7) “[Occupancy Rate]” indicates the figure that reflects the following events as assumed as of March 28, 2012.
                    (1) An agreement was executed with a tenant (leased floor space: 161.28 m2) as of February 27, 2012 concerning its move-in as of
                       April 1, 2012.
                    (2) An agreement was executed with a tenant (leased floor space: 135.24 m2) as of March 15, 2012 concerning its move-in as of
                       May 1, 2012.
                    (3) An agreement was executed with a tenant (leased floor space: 519.68 m2) as of March 23, 2012 concerning its move-in as of
                       June 18, 2012.
                    (4) A notice of cancellation was received from a tenant (leased floor space: 135.24 m2) concerning its move-out as of April 20,
        (Note 8) Of the “Assumed NOI,”
                  (1) is the assumed figure for the 21st fiscal period on the assumption that there will be no new move-in or move-out, except for
                  the move-in and move-out of tenants as described in (Note 7), from the above lease status for the period from March 30, 2012,
                  the planned acquisition date of the Property, to May 31, 2012, which is the last day of the 21st fiscal period, and with an
                  anticipated period-end occupancy rate of 85.74%.
                  (2) is the assumed annual figure excluding special factors concerning operation cost, etc. and at a stable occupancy rate of the
                  Property at 90%.
        (Note 9) For more details, please refer to (Attachment 1) Summary of Real Estate Appraisal Report.

4. Seller Profile
      (1) Name                        Heiwa Real Estate Co., Ltd.
      (2) Head Office Address         1-10 Nihonbashi Kabuto-cho, Chuo-ku, Tokyo
      (3) Representative              Sadao Yoshino, President, Director
                                      1. Leasing
                                      2. Housing development
      (4)   Line of Business
                                      3. Real estate development
                                      4. Other businesses
      (5)   Capital Stock             ¥21,492 million (Note)
      (6)   Date of Incorporation     July 1947
      (7)   Consolidated Net Assets ¥73,010 million (Note)
      (8)   Consolidated Total Assets ¥296,058 million (Note)
                                                Mitsubishi Estate Co., Ltd.                               10.67%
                                                Japan Trustee Services Bank, Ltd. (Trust Account)          4.40%
            Major Shareholders and
      (9)                                       The Master Trust Bank of Japan, Ltd. (Trust Account) 3.88%
            Shareholding Ratio
                                                GOLDMAN SACHS INTERNATIONAL                                2.45%
                                                                            The seller owns 102,292 units (14.69% of total
                                                                            investment units outstanding) of the Investment
                                                                            Corporation’s investment units as of November 30,
           Relationship with the
                                                                            2011. In addition, the seller owns 4,968 shares (100% of
           Investment Corporation
      (10)                                      Capital relationship        total shares outstanding) of the Asset Management
           and Asset Management
                                                                            Company’s shares, and falls within the scope of
                                                                            interested persons, etc. as defined in the Financial
                                                                            Instruments and Exchange Act and Act on Investment
                                                                            Trusts and Investment Corporations.

                                                                  Of the officers and employees of the Asset Management
                                         Personnel Relationship   Company, two persons (excluding part-time directors)
                                                                  are dispatched from the seller as of March 28, 2012.
                                                                  No transaction concerning acquisition or transfer of
                                                                  assets was conducted between the Seller and the
                                         Business Relationship
                                                                  Investment Corporation or the Asset Management
                                                                  Company in the fiscal period ended November 2011.
                                                                  As described above, the seller is a major unitholder of
                                         Whether or Not a Related the Investment Corporation, and falls under the category
                                         Party                    of interested persons, etc. of the Asset Management
   (Note) Figures are as of March 31, 2011.

5. Broker Profile

6. Acquirer’s Profile
                                                                                                        Owner before Previous
                                 Investment Corporation                 Previous Owner
                                                                                                    Party not falling within the
                             HEIWA REAL ESTATE
     Name                                                        Heiwa Real Estate Co., Ltd.        scope of specially-interested
                             REIT, Inc.
                                                                 Please refer to the above 4.
     Relationship with                                           Seller Profile, (10)
     specially-interested    -                                   Relationship with the              -
     party                                                       Investment Corporation and
                                                                 Asset Management Company
                             Please refer to the above 1.
     Background and          Overview of the Acquisition
                                                                 Acquisition for warehousing
     Reason of               and 2. Reasons for the                                                 -
     Acquisition, etc.       Acquisition and Property
     Acquisition Price       ¥2,930 million
                                                                 ¥2,850 million                     -
                                                                 (excluding related expenses)
     Acquisition Date        March 30, 2012 (Planned)            December 27, 2011                  -

7. Transactions with Interested Persons, etc. (Asset Acquisition and Consignment of Property Management Operations)
    In addition to interested persons, etc. as defined in the Financial Instruments and Exchange Act and Act on
Investment Trusts and Investment Corporations, the Asset Management Company regulates transactions involving
conflicts of interest with interested parties, stipulating in its internal regulations that an “interested party” shall refer
collectively to:
(i) A company, etc. that holds more than 10% of the voting rights of all shareholders of the Asset Management
(ii) A company, etc. in which more than 50% of the voting rights of all its shareholders are held by (i); or
(iii) A company, etc. to which (i) or (ii) provides advice, etc. on the management and administration of its

    Since Heiwa Real Estate, which is the seller of the Property and the consignee of its property management
 operations, falls under the scope of the interested party category, the Board of Directors meeting held today decided on
 the transaction after obtaining unanimous consent at the Asset Management Company’s Investment Committee,
 Compliance Committee and the Board of Directors meeting, pursuant to the internal rules of the Asset Management

8. Management Status Outlook
    The acquisition of the Property will have minimal impact on the Investment Corporation’s earnings performance,
 and no change is made to the management status forecast for the fiscal period ending May 2012 (the 21st fiscal period
 from December 1, 2011 to May 31, 2012).

* Distribution: Kabuto Club, Ministry of Land, Infrastructure, Transport and Tourism Press Club, and
               Ministry of Land, Infrastructure, Transport and Tourism Press Club for Construction Publications
* Investment Corporation Website:

 (Attachment 1) Summary of Real Estate Appraisal Report
 (Attachment 2) Photo and Map of Location of the Property
 (Attachment 3) Portfolio List After the Acquisition of the Property

(Attachment 1) Summary of Real Estate Appraisal Report
                                                                                   (Unit: yen)
 Appraiser                                         Tanizawa Sogo Appraisal Co., Ltd.

 Valuation date                                                January 31, 2012

 Appraisal value                                                              3,710,000,000

   Value indicated by the income approach                                     3,710,000,000
      Value indicated by the income approach
      (direct capitalization method)
        Effective gross income                                                    319,763,098

             Potential gross income                                               247,958,570

             Other income                                                          71,804,528

        Operating expenses                                                         95,960,434

        Net operating income (NOI)                                                223,802,664
        Interest of refundable security
        Capital expenditures                                                        3,825,000

        Net cash flow (NCF)                                                       222,731,083

        Capitalization rate                                                             5.9%
      Value indicated by the income approach
      (discounted cash flow method)
        Discount rate                                                                   6.1%

        Terminal capitalization rate                                                    6.2%

   Value indicated by the cost approach                                       3,390,000,000

(Attachment 2) Photo and Map of Location of the Property


Inside Lease Space

Map of Location

      (Attachment 3) Portfolio List After the Acquisition of the Property
                                                                                Investment    Acquisition    Investment
                                Property Name                   Location           Area          Price          Ratio
                                                                                 (Note 1)    (million yen)       (%)
                        Asahi Life Insurance Gotanda
              Of-01                                      Shinagawa-ku, Tokyo        I               1,290          0.98
              Of-05     Suitengu Heiwa Building          Chuo-ku, Tokyo             I               1,550          1.17
              Of-06     NV Tomioka Building              Koto-ku, Tokyo             I               2,500          1.89
              Of-07     Hamamatsucho SS Building         Minato-ku, Tokyo           I               1,530          1.16
              Of-08     Kokusai Tameike Building         Minato-ku, Tokyo           I               2,700          2.04
              Of-09     Grace Building Sengakujimae      Minato-ku, Tokyo           I               1,220          0.92
              Of-10     Nisso Dai 15 Building                                       II              1,550          1.17
              Of-11     Nihonbashi Daiichi Building      Chuo-ku, Tokyo              I              2,150          1.63
              Of-12     Hatchobori SF Building           Chuo-ku, Tokyo              I              3,092          2.34

              Of-13     Shibuya AX Hills                 Shibuya-ku, Tokyo           I              1,860          1.41
              Of-14     KCA Building                     Chiyoda-ku, Tokyo           I              1,730          1.31
              Of-15     Daiwa Nakameguro Building        Meguro-ku, Tokyo            I              2,870          2.17
              Of-16     Anwa Tsukasacho Building         Chiyoda-ku, Tokyo           I              1,385          1.05
              Of-17     Hatchobori MF Building           Chuo-ku, Tokyo              I              1,110          0.84
              Of-18     M2 Harajuku                      Shibuya-ku, Tokyo           I              3,418          2.59
              Of-20     Funabashi Face Building          Funabashi-shi, Chiba       II              3,900          2.95
              Of-21     Adesso Nishiazabu                Minato-ku, Tokyo            I                640          0.48
              Of-22     CIC Toranomon Building           Minato-ku, Tokyo            I              1,675          1.27
              Of-23     Aria Ikebukuro                   Toshima-ku, Tokyo           I              1,314          0.99
              Of-24     CIC Yushima Building             Bunkyo-ku, Tokyo            I              1,434          1.09
              Of-25     Kayabacho Heiwa Building         Chuo-ku, Tokyo              I              4,798          3.63
              Of-26     HIROKOJI AQUA PLACE              Nagoya-shi, Aichi         III              2,930          2.22
                        Office Subtotal                                                            46,646         35.30
              Re-03     Concord Ichikawa                 Ichikawa-shi, Chiba        II                430          0.33
              Re-05     CIC Meguro                       Meguro-ku, Tokyo            I                660          0.50
              Re-09     Regulus Higashikasai             Edogawa-ku, Tokyo           I                650          0.49
              Re-11     Mirum Wakabayashi Koen           Setagaya-ku, Tokyo          I              3,610          2.73
              Re-12     Mirum Himonya                    Meguro-ku, Tokyo            I              1,560          1.18
              Re-14     Main Stage Minami Azabu III      Minato-ku, Tokyo            I              1,370          1.04
              Re-15     Cosmos Gracia Azabujuban         Minato-ku, Tokyo            I              1,260          0.95
              Re-16     Advantage Gakugeidaigaku         Meguro-ku, Tokyo            I              1,000          0.76
              Re-17     Hermitage Higashikanda           Chiyoda-ku, Tokyo           I              1,100          0.83
              Re-18     Hermitage Higashinihonbashi      Chuo-ku, Tokyo              I              1,210          0.92
              Re-19     Hermitage Nerima                 Nerima-ku, Tokyo            I                690          0.52

              Re-20     Landstage Shirokane Takanawa     Minato-ku, Tokyo            I              4,030          3.05
              Re-21     Urbyl Berger Meidaimae           Setagaya-ku, Tokyo          I              1,070          0.81
              Re-22     Joy City Nihonbashi              Chuo-ku, Tokyo              I              1,130          0.86
              Re-23     Grefas Kamishakujii              Nerima-ku, Tokyo            I                950          0.72
              Re-24     T&G KINSHICHO MANSION            Sumida-ku, Tokyo            I              1,100          0.83
              Re-25     Glenpark Ginza EAST              Chuo-ku, Tokyo              I              5,940          4.49
              Re-26     Glenpark Shin-yokohama                                      II              3,350          2.53
              Re-29     Residence Mukogaoka              Bunkyo-ku, Tokyo           I               2,350          1.78
              Re-30     Residence Higashimagome          Ota-ku, Tokyo              I               1,630          1.23
              Re-31     Glenpark Gakugeidaigaku          Meguro-ku, Tokyo           I               1,650          1.25
              Re-33     Advance Kameido                  Koto-ku, Tokyo             I               1,050          0.79
              Re-34     Vante Tanashi                                               II                911          0.69
              Re-35     Single-residence Shiba-koen      Minato-ku, Tokyo           I                 836          0.63
                                                              - 10 -
            Re-36    Single-residence Mita             Minato-ku, Tokyo       I     1,080    0.82
            Re-37    Single-residence Takanawa         Minato-ku, Tokyo       I       749    0.57
            Re-38    La Residence de Shirokanedai      Minato-ku, Tokyo       I       730    0.55
            Re-39    Single-residence Ginzahigashi     Chuo-ku, Tokyo         I     1,460    1.10
            Re-40    Single-residence Hatchobori II    Chuo-ku, Tokyo         I     1,890    1.43
            Re-41    Single-residence Hatchobori III   Chuo-ku, Tokyo         I       793    0.60
            Re-42    Single-residence Ginza            Chuo-ku, Tokyo         I       944    0.71
                     TOUR JAUNE
            Re-43                                      Setagaya-ku, Tokyo     I     6,520    4.93
            Re-44                                      Osaka-shi, Osaka      III    1,920    1.45
                     Umeda TOWER
            Re-45    Single-residence Nakanoshima      Osaka-shi, Osaka      III     453     0.34
            Re-46    Single-residence Awaza            Osaka-shi, Osaka      III     577     0.44
            Re-47    Single-residence Marunouchi       Nagoya-shi, Aichi     III     624     0.47
            Re-48    Single-residence Hirao                                  III    1,780    1.35
                     Single-residence Kawaramachi
            Re-49                                      Kyoto-shi, Kyoto      III     534     0.40
            Re-50    Single-residence Minami 6 Jyo                           III     229     0.17
            Re-51    Single-residence Tenjinminami                           III     631     0.48
            Re-52    Single-residence Tenjinhigashi                          III     502     0.38
            Re-53                                      Kyoto-shi, Kyoto      III    1,820    1.38
                     Shijyo Kawaramachi
            Re-54    La Residence de Sendagi           Bunkyo-ku, Tokyo       I      820     0.62
            Re-55    Single-residence Sendagi          Bunkyo-ku, Tokyo       I      870     0.66
            Re-56                                      Setagaya-ku, Tokyo     I      615     0.47

            Re-57                                      Shinagawa-ku, Tokyo    I      842     0.64
            Re-58    Single-residence Kokubunji        Kokubunji-ku, Tokyo    II      839    0.63
            Re-59    Single-residence Hisayaodori      Nagoya-shi, Aichi     III    1,080    0.82
            Re-60                                      Kyoto-shi, Kyoto      III     572     0.43
                     Karasuma Kuramaguchi
            Re-61                                      Shinjuku-ku, Tokyo     I     1,990    1.51
                     Nishishinjuku WEST
            Re-62                                      Shinjuku-ku, Tokyo     I     1,170    0.89
                     Nishishinjuku EAST
            Re-63                                      Shinjuku-ku, Tokyo     I     1,360    1.03
            Re-64                                      Osaka-shi, Osaka      III     566     0.43
            Re-65    Single-residence Kitayobancho     Sendai-shi, Miyagi    III     809     0.61
            Re-66    Single-residence Atagobashi       Sendai-shi, Miyagi    III     684     0.52
                     Single-residence                  Fukuoka-shi,
            Re-67                                                            III     426     0.32
                     Kyudaibyoin-mae                   Fukuoka
            Re-68    Single-residence Asakusabashi     Taito-ku, Tokyo        I      771     0.58
            Re-69    Single-residence Ichibancho       Sendai-shi, Miyagi    III     834     0.63
            Re-70    Single-residence Higashinakano    Nakano-ku, Tokyo       I      942     0.71
            Re-71    Single-residence Minami 5 Jyo                           III     408     0.31
            Re-72                                      Shinjuku-ku, Tokyo     I     2,090    1.58
                     Waseda First Square
            Re-73                                      Shinjuku-ku, Tokyo     I      872     0.66
                     Waseda Second Square
                    Residence Subtotal                                             81,333   61.54

                                                           - 11 -
         Ho-01   Super Hotel Osaka Tennoji         Osaka-shi, Osaka             III            1,080          0.82
                 Super Hotel Kyoto

         Ho-02                                     Kyoto-shi, Kyoto             III              900          0.68
         Ho-03   Super Hotel Saitama Omiya         Saitama-shi, Saitama          II            1,050          0.79
         Ho-04   Super Hotel Sendai Hirose-dori    Sendai-shi, Miyagi           III            1,150          0.87
                 Hotels Subtotal                                                               4,180          3.16
                 Portfolio Total                                                             132,159        100.00
(Note 1) The Investment Area column entries are in accordance with the following basis:
          Investment in the Primary Investment Area (Tokyo 23 Wards) is entered as “I,” investment in the Secondary
          Investment Area (Tokyo (other than the Primary Investment Area), and major urban areas of Kanagawa
          Prefecture, Chiba Prefecture and Saitama Prefecture) is entered as “II,” and investment in the Regional
          Investment Area (major urban areas of government-ordinance-designated cities other than the Primary and
          Secondary Investment Areas) is entered as “III.”

                                                        - 12 -

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