Notice concerning the Acquisition, Lease, and Transfer of

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Disclaimer: This press release is an announcement concerning the acquisition, lease, and transfer of property of Hulic Reit

and was not prepared for the purpose of soliciting investment. When investing, Hulic Reit advises investors to

do so at their own responsibility and discretion, after carefully reading the prospectus on the issuance of new

investment units and the secondary offering of investment units as well as any amendments prepared by Hulic

Reit.

Translation Purposes Only

To All Concerned Parties

October 14, 2021

Name of REIT Issuer:

Hulic Reit, Inc.

2-26-9 Hatchobori, Chuo-ku, Tokyo, Japan Kazuaki Chokki, Executive Officer

(TSE Code: 3295)

Contact:

Asset Management Company

Hulic REIT Management Co., Ltd.

Kazuaki Chokki, President and CEO

Person to Contact:

Hiroshi Machiba, CFO, Head of Planning and

Administration Division and General Manager of

Finance and Planning Department

Tel: +81-3-6222-7250

Notice concerning the Acquisition, Lease, and Transfer of Property

TOKYO, October 14, 2021 – Hulic Reit, Inc. (“Hulic Reit”) announces today that Hulic REIT Management Co.,

Ltd. (“Hulic REIT Management”), which is entrusted with the management of the assets of Hulic Reit, has made

the decision today to acquire (“Acquisition”), lease (“Lease”), and transfer (“Transfer”) the properties listed below

(the “Properties,” or each, the “Property”).

The counterparty to the Acquisition , Lease, and Transfer of the Property is an Interested Person (as defined in item

3 of Notes below) of Hulic REIT Management, and is also considered an Interested Party according to Hulic REIT

Management’s Regulations on Transactions with Interested Parties; the procedures required by the Act on Investment

Trusts and Investment Corporations (Act No. 198 of 1951, as amended) (the “Act”) and Hulic REIT Management’s

internal policies (including Regulations on Transactions with Interested Parties) have been completed concerning the

Acquisition , Lease, and Transfer.

1. Overview of the acquisition and transfer

(A) Assets planned for acquisition

(1) (2) (3) (4) (5) (6) (7)

Category Property name Location Assets scheduled to

be acquired

Anticipated

acquisition price

(Millions of yen)

(Note 1)

Seller Presence of

Intermediary

Tokyo Commercial Property

Office Hulic Kojimachi

Building

Chiyoda-ku,

Tokyo

Real estate trust

beneficiary rights

(Note 2)

12,600 Hulic Co.,

Ltd. (Note 3) None

Office Kichijoji Fuji

Building

Musashino-shi,

Tokyo

Real estate trust

beneficiary rights

(Note 2)

5,150 Hulic Co.,

Ltd. (Note 3) None

Next-Generation Assets Plus

Private

nursing

homes

Aristage Kyodo Setagaya-ku,

Tokyo

Real estate trust

beneficiary rights

(Note 2)

9,000 Hulic Co.,

Ltd. (Note 3) None

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Others Hulic Kobe

Building

Kobe-shi,

Hyogo

Real estate trust

beneficiary rights

(Note 2)

6,710 Hulic Co.,

Ltd. (Note 3) None

Total －－ 33,460 －－

(8) Acquisition decision date : October 14, 2021

(9) Date of purchase and sale agreement : October 14, 2021

(10) Anticipated acquisition date (Note 4) : Novemver 1, 2021

(11) Payment date (Note 4) : Novemver 1, 2021

(12) Acquisition funds : Proceeds from the issuance of new investment units

(Note 5) resolved at the Board of Directors Meeting

of Hulic Reit held on October 14, 2021, borrowings

(Note 6), proceeds from the Transfer and cash on hand

(13) Settlement method : Full payment upon delivery Notes:

1. “Anticipated acquisition price” does not include consumption or local taxes or the costs and expenses related to the

acquisition.

2. For Hulic Kojimachi Building, Kichijoji Fuji Building, and Hulic Kobe Building, the quasi co-ownership interest is

90.0% of the trust beneficiary interest in a single building and its site as trust assets. For Aristage Kyodo, the quasi

co-ownership interest is 95.0% of the trust beneficiary interest in a single building and its site.

3. Hulic Co., Ltd. is an Interested Person (as defined in Article 201 of the Act and Article 123 of the Order for

Enforcement of the Act on Investment Trusts and Investment Corporations (Cabinet Order No. 480 of 2000, as

amended); the same shall apply hereinafter) of Hulic REIT Management, and is also considered an Interested Party

according to Hulic REIT Management’s Regulations on Transactions with Interested Parties.

4. The anticipated acquisition date and payment date are stated in the relevant purchase and sale agreement.

However, the anticipated acquisition date may be changed by separate agreement between the parties to the

agreement. The same applies hereinafter.

5. For details, please refer to “Notice concerning the Issuance of New Investment Units and Secondary Offering of

Investment Units” announced today.

6. For details, please refer to “Notice concerning the Borrowing of Funds” announced today. In addition to the

borrowings described therein, Hulic Reit also plans to procure funds through short-term borrowings. However, the

details of these borrowings have not been determined as of today and will be announced once determined.

(B) Asset planned for transfer

(1) Category Tokyo Commercial Property (Retail properties)

(2) Property name Hulic Shinjuku 3 Chome Building

(3) Location Shinjuku-ku, Tokyo

(4) Asset planned for transfer Real estate trust beneficiary rights (Note 1), Real estate

(Note 1)

(5) Anticipated transfer price (Note 1)

(Note 2)

8,200 million yen

(6) Estimated book value (Note 3) (1) (Quasi co-ownership of trust beneficiary interests

and co-ownership of part of the land 50.0%) 3,401 million yen

(2) (Quasi co-ownership of trust beneficiary interests

and co-ownership of part of the land 50.0%) 3,400 million yen

(7) Transfer difference (Note 4) (1) (Quasi co-ownership of trust beneficiary interests

and co-ownership of part of the land 50.0%) +698 million yen


and co-ownership of part of the land 50.0%) +699 million yen

(8) Transfer decision date October 14, 2021

(9) Date of purchase and sale agreement October 14, 2021

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(10) Anticipated transfer date (Note 5) (1) (Quasi co-ownership of trust beneficiary interests

and co-ownership of part of the land 50.0%)

November 1, 2021


and co-ownership of part of the land 50.0%)

March 1, 2022

(11) Date payment received (Note 5) Same day as the scheduled transfer date described in

(10)

(12) Counterparty to the transfer Hulic Co., Ltd. (Note 6)

(13) Presence of intermediary None

(14) Transferred funds The remaining amount after the distribution of the gain on

transfer will be used as part of the acquisition cost of the

acquisition for the 1st transfer, and as cash reserves for the

2nd transfer, and is planned to be used as funds for the

repayment of borrowings or to supplement cash reserves that

will decrease due to the repayment of borrowings, or as part

of funds for future property acquisitions (Note 7).

(15) Settlement method Full payment upon delivery

Notes:

1. The transfer is scheduled to be made in two parts. The first transfer for 50.0% quasi co-ownership interest in these

trust beneficiary rights and co-ownership of part of the land will be on November 1, 2021, and the second transfer

for 50.0% quasi co-ownership interest and co-ownership of part of the land will be on March 1, 2022. With respect

to the anticipated transfer price, the total of anticipated transfer prices is stated.

2. “Anticipated transfer price” does not include consumption or local taxes or the costs and expenses related to the

transfer.

3. Estimated book value as of the anticipated transfer date rounds down units of less than one million yen.

4. The difference between the anticipated transfer price and estimated book value rounds down units of less

than one million yen.

5. The anticipated transfer date and payment date are stated in the purchase and sale agreement.

6. Hulic Co., Ltd. is an Interested Person of Hulic REIT Management, and is an interested party according to Hulic

REIT Management’s Regulations on Transactions with Interested Parties.

7. The details have not been decided on as of today and will be announced once they are decided on.

2. Reason for acquisition, lease, and transfer


(1) Reason for acquisition

In accordance with the basic policies of Hulic Reit, the purpose of acquiring the Property is to improve the

portfolio. Hulic REIT Management has assessed each property based on the following factors:

・Hulic Kojimachi Building

1) Characteristics of the location

The property is a one-minute walk from Kojimachi Station on the Tokyo Metro Yurakucho Line, an area lined

with office buildings along Shinjuku-dori. The property is not only close to Kojimachi Station, which is the

nearest station, but is also a five-minute walk from Hanzomon Station on the Tokyo Metro Hanzomon Line. It

is accessible by multiple train lines and has excellent transportation convenience, as it is about a five-minute

ride to Yurakucho Station on the Tokyo Metro Yurakucho Line and about a seven-minute ride to Otemachi

Station on the Tokyo Metro Hanzomon Line.

The Kojimachi, Hirakawacho and Kioicho area, where the property is located, is a commercial and business

area with a relatively quiet and calm atmosphere despite being in the center of the city, where there is

considerable business concentration with office buildings along Shinjuku-dori, as well as embassies, educational

institutions, government offices, hotels, etc., in the vicinity.

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In addition to excellent transportation convenience, the property has a wide frontage as well as good visibility

owing to its location on Shinjuku-dori, a major street, and we believe the property is highly competitive in the

Kojimachi, Hirakawacho and Kioicho area.

2) Characteristics of the property

The property is a nine-story office building with one basement floor, with bank offices, etc. on the first

through third floors and offices on the fourth through ninth floors.

It is a medium-sized office building with a total floor area of approximately 8,510m2 (approximately 2,574

tsubo) and a standard area per floor of approximately 660m2 (approximately 200 tsubo), which is a relatively

strong advantage, as there are many small and medium-scale buildings in the area and the standard area per

floor is approximately 100-200 tsubo as a standard. Its basic specifications are a ceiling height of 2,800 mm, a

100 mm OA floor, individual air-conditioning systems, and a floor load capacity of 500kg/m2, which are

facility standards that meet the needs of recent tenants. The rental units are rectangular in shape, with few

pillars in the office space, allowing for efficient use of space and a high degree of freedom in layout. The

shape is such that the space can also be divided into sections, making it possible to meet a wide range of tenant

needs, from medium to small scale tenants, and we believe such flexibility is a comparative advantage of the

property.

・Kichijoji Fuji Building


The property is located along Kichijoji-dori, one of the main streets in the Kichijoji area, a four-minute

walk from Kichijoji Station on the JR Chuo and Sobu Lines, and is in an area lined with office buildings

with large stores such as Tokyu Department Store and Kichijoji Parco, as well as various services and retail

stores.

The Kichijoji area is primarily commercial, but also has one of the largest residential areas in the Tokyo

suburbs, and therefore the office needs are mainly for tenants such as financial institutions, real estate

brokers, clinics, and other tenants that are visited by customers.

The property is in a good location along the main street, which is close to the station and has a

concentration of large stores and offices of financial institutions, etc. It is located on a corner lot with good

visibility, and we believe the property is highly competitive in the area.


The property is a six-story office building with one basement floor, and the first through sixth floors are

used as offices for banks, trust banks, and securities firms, etc.

It is a midsize office building with a total floor space of about 4,398 m2 (about 1,330 tsubo) and a standard

area per floor of about 625 m2 (about 189 tsubo), which is the volume zone scale in the area. The basic

specifications of the building include a ceiling height of 2,600 mm, and the shape of the rental units allows

for a high degree of space utilization efficiency and layout flexibility.

・Aristage Kyodo


The property is an 11-minute walk from Kyodo Station on the Odakyu Odawara Line and is located in a

quiet residential area lined with medium-sized general houses and apartment buildings.

The surrounding area of the property has a lush green environment with seasonal promenades such as

Karasuyamagawa Green Road and Kitazawa River Greenway, as well as Roka Koshun-en Gardens, etc. The

property is located in a well-depeveloped residential area with convenient access to the city center and

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convenient facilities such as Kyodo Corty, Kyodo Suzuran Dori Shopping Street and Kyodo Nodai Dori

Shopping Street.


The property is a private nursing home with a high price range, completed in May 2012. It is a seven-

story building with common facilities including a lobby lounge, courtyard, multipurpose hall, reception

room, beauty salon, etc. on the first floor, support lounge, etc. on the second floor, and private lounge, large

bath, guest room, sauna room, etc. on the third floor. The total floor space is approximately 13,907 m2

(approximately 4,206 tsubo), and there are 146 rooms, making it a relatively large facility for this use. The

building is designed with dark brown porcelain tile exterior walls with concrete balcony lines, dark brown

fine-pitch vertical lattice handrails, and an entrance gate to create a sense of luxury. There is a courtyard

where residents can enjoy seasonal plants, and the atrium lobby lounge and main dining room are arranged

around the courtyard to ensure the comfort of the living space and to allow residents to relax.

In addition, the building has acquired JHEP certification (rank A), and has introduced environmentally

friendly technologies such as a hybrid outdoor lighting system (using wind power) and tubes that conduct air

from outside using stable geothermal heat to reduce air-conditioning needs.

・Hulic Kobe Building


The property is a two-minute walk from Sannnomiya-Hanadokei-mae Station on the Kobe City Subway

Kaigan Line and is located in a commercial area lined with large-scale commercial facilities, office

buildings, retail buildings, etc., along Flower Road, a major road running north–south through Sannomiya.

In addition to the nearest station, the property is located within a five-minute walk from Sannomiya Station

on the JR Kobe Line, Kobe Sannomiya Station on the Hankyu Kobe Line, and Kobe Sannomiya Station on

the Hanshin Main Line, , and is within walking distance of many railroad stations, providing excellent

transportation convenience.

The Sannomiya area, where the property is located, is the most concentrated business area in Kobe City,

and with its prosperity and excellent transportation convenience, the area is home to a wide range of

companies that conduct business mainly in Hyogo Prefecture and the Kobe area, as well as companies with

branches and sales offices, banks and clinics, and companies that conduct customer-oriented business such

as staffing agencies, call centers, etc., in the vicinity of the station.

The property is conveniently located close to the nearest station, and at the corner of the intersection of

Flower Road and Sannomiya Chuo-dori, which has good visibility, and is expected to be well received as a

location in the area, mainly by tenants with sales offices for customer visits.


The property is a 12-story office building with one basement floor and an exterior with a circular glass

curtain wall, with retail stores on the first basement floor, bank offices on the first to sixth and 12th floors,

and sales offices for customer visits and offices on the seventh to 11th floors.

It is a medium-scale building with a total floor space of approximately 7,594 m2 (approximately 2,297

tsubo) and a standard area per floor of approximately 420 m2 (approximately 128 tsubo), and its basic

specifications are a ceiling height of 2,600 mm, a 100 mm OA floor, individual air-conditioning systems,

and a floor load capacity of 300 kg/ m2, which is a standard level of such facilities. In addition, as it has a

parking lot for 46 cars, the property has strong appeal as an office location that serves as a sales office.

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(2) Reason for leasing

Hulic Reit believes that the lessee of the property complies with its tenant selection criteria as listed in the

“Report on Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related

Parties” and “Securities Report” submitted on May 21, 2021.

(B) Assets planned for transfer

Based on the basic policies of Hulic Reit, Hulic REIT Management is building a portfolio in accordance with

comprehensive decisions taking into account competitiveness, among other factors, of each property along with

the growth potential, profitability, and risk factors for the portfolio overall.

The decision to sell the property was made after comprehensive assessment of individual factors such as the

possibility of a decline in profitability in the future triggered by changes in the surrounding environment and

tenants stemming from factors including the spread of COVID-19, etc.

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3. Overview of the Properties


・Hulic Kojimachi Building (Note 1)

Specified assets category Real estate trust beneficiary rights

Anticipated acquisition price 12,600 million yen

Trustee Mizuho Trust & Banking Co., Ltd.

Date trust initiated November 1, 2021 (Note 2)

Expiration date of trust period November 30, 2031

Nearest station One-minute walk from Kojimachi Station on Tokyo Metro Yurakucho Line

Address (domicile) 3-2-10 Kojimachi, Chiyoda-ku, Tokyo

Land

Lot number 3-2-10 Kojimachi, Chiyoda -ku, Tokyo and others

Building-to-land ratio 100% (Note 3)

Floor-area ratio 800%

Zoning Commercial area

Site area 1,001.35 m2 (Note 4)

Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)

Building

Completed October 2010

Structure SRC

Number of floors 9F/B1

Use Bank, Office and Parking lot

Total floor space 8,510.13 m2 (Note 5)

Number of parking

spaces 27


Collateral None

PM company Hulic Co., Ltd. (anticipated) (Note 6)

Master lease company Hulic Co., Ltd. (anticipated) (Note 6)

Appraisal value 13,100 million yen (Note 7)

(Date of valuation) (September 1, 2021)

Appraisal company DAIWA REAL ESTATE APPRAISAL CO.,LTD.

PML 1.03% (Note 8)

Details of Tenant (Note 9)

Total leased floor space 5,380.17 m2 (Note 10)

Total leasable floor space 5,380.17 m2 (Note 10)

Occupancy rate 100.0%

Main tenant Mizuho Bank, Ltd.

Total number of tenants 6

Total lease income (annualized) 523 million yen (Note 10) (Note 11)

Lease and guarantee deposits 324 million yen (Note 10) (Note 12)

Special remarks Preferential negotiation rights for purchase of mutual quasi-co-ownership

interests are granted to quasi-co-owners.

Notes:

1. Details are as of the anticipated acquisition date, confirmed as of October 14, 2021.

2. The anticipated acquisition date may be changed by a separate agreement between the parties to the purchase and

sale agreement, in which case the date trust initiated may be changed.

3. The designated building-to-land ratio of the land of the Property is 80%; however, since the building is a fire-

resistant building within a fire prevention area, the applied building-to-land ratio is 100%.

4. Based on the entry in the property registry. The actual status may differ in some cases. This figure includes the site

area of the entire building.

5. Based on the entry in the property registry. This figure includes the site area of the entire building.

6. Hulic Co., Ltd. is an Interested Person of Hulic REIT Management, and is an Interested Party according to Hulic


7. The price equals the quasi-co-ownership interest expected to be acquired by Hulic Reit is stated.

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8. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc.

9. As the trustee and the master lease company enter into a pass-through master lease agreement with no rent

guarantee, total leased floor space, occupancy rate, total number of tenants, total lease income, and lease and

guarantee deposits of the end-tenants subleased by the master lease company are indicated in the “Details of Tenant.”

10. The figure equals the quasi-co-ownership interest expected to be acquired by Hulic Reit.

11. The annualized amount is calculated by multiplying the total amount of monthly rent in each lease agreement with

end-tenants (including common services fees; limited to rent for rooms that are occupied by tenants and excluding

fees for using warehouses, signboards, and parking lots; also not taking free rent, etc. into consideration and

excluding consumption taxes) by 12 and rounding to the nearest million yen.

12. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

・Kichijoji Fuji Building (Note 1)






Nearest station Four-minute walk from Kichijoji Station on JR Chuo Line and other lines

Address (domicile) 2-2-13 Kichijojihoncho, Musashino-shi, Tokyo

Land

Lot number 2-2023-12 Kichijojihoncho, Musashino-shi, Tokyo and others




Site area 812.53 m2 (Note 4)


Building

Completed October 1980 (Note 5)

Structure SRC/RC (Note 5)


Use Bank


Number of parking

spaces 6


Collateral None





Appraisal company The Tanizawa Sōgō Appraisal Co., Ltd.

PML 6.43 % (Note 9)







Total lease income (annualized) Undisclosed (Note 12)

Lease and guarantee deposits Undisclosed (Note 12)



Notes:



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5. Earthquake resistance reinforcement work was conducted in 2006, and the building has earthquake resistance

performance equivalent to the new earthquake resistance standards.








guarantee deposits of the end-tenants subleased by the master lease company are indicated in the “Details of

Tenant.”


12. Not disclosed because approval for disclosure has not been obtained from the tenant.

・Aristage Kyodo (Note 1)



Trustee Sumitomo Mitsui Trust Bank, Limited



Nearest station Eleven-minute walk from Kyodo Station on Odakyu Odawara Line

Address (domicile) 3-20-22 Kyodo, Setagaya-ku, Tokyo

Land

Lot number 3-485-1 Kyodo, Setagaya-ku, Tokyo



Zoning Category I medium-to-high-rise exclusive residential zone

Site area 6,913.13 m2 (Note 4)


Building

Completed May 2012

Structure RC

Number of floors 7F

Use Dormitory


Number of parking

spaces 18


Collateral None



Operator Keio Wealthy Stage Corporation (Note 7)

Back-up operator None



Appraisal company Japan Real Estate Institute

PML 6.09 % (Note 9)





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Main tenant Keio Corporation (Note 12)


Total lease income (annualized) Undisclosed (Note 13)

Lease and guarantee deposits Undisclosed (Note 13)

Special remarks

Preferential negotiation rights for purchase of mutual quasi-co-ownership

interests are granted to quasi-co-owners. Preferential negotiating rights for

purchase of quasi-co-ownership interests are granted to the end tenant of private

nursing home.

Notes:




3. The designated building-to-land ratio of the land of the Property is 60%, but the actual applicable ratio was set at

80% as its location on a corner was taken into account and it is a fire-resistant building within a quasi-fire prevention

area.

4. Based on the entry in the property registry. The actual status may differ in some cases.

5. Based on the entry in the property registry.

6. Hulic Co., Ltd. is an Interested Person of Hulic REIT Management, and is an interested party according to Hulic


7. A care service provider that operates a fee-based home for the aged is indicated.

8. The figure equals the quasi-co-ownership interest expected to be acquired by Hulic Reit. It is rounded to the nearest

million yen.





Tenant.”


12. The lease agreement with the end-tenant, the operator's parent company includes the rental agreement for the private

nursing home. The outline of this rental agreement is as follows.

Form of agreement : Ordinary building lease agreement for the purpose of use as a senior housing business and

related businesses

Period : May 8, 2012 to May 7, 2042

Revision of rent : The rent for the property shall not be revised during the above contract period. However, in the

event that the rent becomes significantly unreasonable due to changes in economic conditions, etc., the rent may be

revised upon consultation between the lessor and lessee even during the above contract period.

Renewal of agreement: The contract period may be extended for 10 years only when the lessor or lessee does not

make a separate request at least six months prior to the expiration date of the above contract period, and the same

shall apply thereafter. The rent shall be determined upon consultation between the lessor and lessee at least three

months prior to the expiration of the respective contract periods.

Termination during the lease term: The lessor and lessee shall not mutually cancel the contract prematurely during

the above contract period. However, in the event that the lessee wishes to terminate the contract before the end of the

contract period due to unavoidable reasons, the lessee shall be required to pay a penalty fee separately stipulated in

the lease contract.

13. Not disclosed because approval for disclosure has not been obtained from the tenant.

Status of Tenants and Overview of Facilities (Date of Statement of Material Matters: July 1, 2021)

Facility type With nursing care (basic

type) Opening date August 1, 2012

Tenant rights format Usage rights Number of rooms 146

Living space floor area

(m2) 21.71~133.42 Capacity (persons) 208

Tenancy requirements Mixed type (excluding

independence)

Number of tenants

(persons) 144

Average tenant age 85.9 Occupancy rate (%) 69

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Method of payment of fees Lump-sum payment Monthly payment

Occupancy lump-

sum fee (yen)

19,800,000 to 190,650,000 －

Monthly use fee

(yen)

247,040 to 439,080 554,840 to 1,633,320

(Note)

Personnel systems relating

to nursing care

At least 1.5:1 Night time personnel

system

(Minimum number of

workers)

Minimum 2 care staff

Minimum 1 nursing staff

Minimum 1 other staff

(Note) The amount is the monthly use fee stated in the Statement of Material Matters plus the amount equivalent to rent.

・Hulic Kobe Building (Note 1)






Nearest station Two-minute walk from Sannomiya Hanadokei-mae Station on Kobe City

Subway Kaigan Line

Address (domicile) 1-3-1 Sannomiyacho, Chuo-ku, Kobe-shi, Hyogo

Land

Lot number 1-3-9 Sannomiyacho, Chuo-ku, Kobe-shi, Hyogo




Site area 964.47 m2 (Note 4)


Building

Completed October 1990

Structure SRC/S


Use Stores, Office and Parking lot

Total floor space 7,594.05m2 (Note 5)

Number of parking

spaces 46


Collateral None





Appraisal company DAIWA REAL ESTATE APPRAISAL CO.,LTD.

PML 3.02% (Note 8)



Total leasable floor space 5,126.01m2 (Note 10)




Total lease income (annualized) 361 million yen (Note 10) (Note 11)

Lease and guarantee deposits 424 million yen (Note 10) (Note 12)

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Notes:
















Tenant.”


11. The annualized amount is calculated by multiplying the total amount of monthly rent in each lease agreement with end-

tenants (including common services fees; limited to rent for rooms that are occupied by tenants and excluding fees for

using warehouses, signboards, and parking lots; also not taking free rent, etc. into consideration and excluding

consumption taxes) by 12 and rounding to the nearest million yen.

12. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

(B) Asset planned for transfer

For information on the Asset planned for transfer, please refer to the table on the Hulic Shinjuku 3 Chome

Building in “Chapter 1. Fund Information, Part 1. Fund status, 5. Status of operation, (2) Invested assets, (3)

Other primary invested assets, I. Overview of Property, etc.” in the securities report submitted on May 21,

2021.

4. Overview of Operator

・Aristage Kyodo

Trade name Keio Wealthy Stage Corporation

Location 1-9-1 Sekido, Tama-shi, Tokyo

Name and title of

representative Representative Director Takumi Kuroiwa

Primary business lines Management, operation and administration of private nursing homes and housing for

senior citizens

Business Overview Operation of the private nursing home Aristage Kyodo and the Smilus Seiseki

Sakuragaoka serviced housing for senior citizens, both of which are wholly owned by

Keio Corporation.

Paid-in capital 100 million yen (as of April 1, 2021)

Date of establishment August 26, 2010 Number of facilities operated 2 (as of April 1, 2021) (Note 1)

Number of tenant rooms

operated 199 (as of April 1, 2021) (Note 1)

Net sales Undisclosed (Note 2)

Ordinary income Undisclosed (Note 2)

Relationship with Hulic Reit and Hulic REIT Management

Capital relationship

There are no significant capital relationships among Hulic Reit, Hulic REIT Management,

and Keio Wealthy Stage Corporation. There are no significant capital relationships

between the related persons or affiliates of Hulic Reit, Hulic REIT Management, and

Keio Wealthy Stage Corporation.

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Personnel relationship

There are no significant personnel relationships among Hulic Reit, Hulic REIT

Management, and Keio Wealthy Stage Corporation. There are no significant personnel

relationships between the related persons or affiliates of Hulic Reit, Hulic REIT

Management, and Keio Wealthy Stage Corporation.

Transactional

relationship The operator of the property to be acquired by Hulic Reit.

Status as a related party

Keio Wealthy Stage Corporation does not constitute a related party of Hulic Reit and

Hulic REIT Management. In addition, parties or affiliates related to Keio Wealthy Stage

Corporation do not constitute related parties of Hulic Reit and Hulic REIT Management.

Note:

1. The “number of facilities under management” and “number of rooms under management” of Keio Wealthy Stage

Corporation are the figures announced by the company or based on interviews with the company.

2. Not disclosed because approval for disclosure has not been obtained from the operator.

5. Overview of the counterparty of the acquisition, lease, and transfer

Trade name Hulic Co., Ltd.

Location 7-3 Nihonbashi Odenmacho, Chuo-ku, Tokyo

Name and title of

representative President, Representative Director Manabu Yoshidome

Primary business lines Holding, lease, purchase, and sale of real estate and brokerage services

Paid-in capital 62,718 million yen (as of June 30, 2021)

Date of establishment March 26, 1957 Net assets 519,527 million yen (as of June 30, 2021)

Total assets 2,140,663 million yen (as of June 30, 2021)

Major shareholders and

shareholding ratios

Meiji Yasuda Life Insurance Company (7.07%), Sompo Japan Insurance Inc. (6.28%),

Tokyo Tatemono Co., Ltd. (6.05%), Fuyo General Lease Co.,Ltd. (6.04%) (as of June 30,

2021)

Relationship with Hulic Reit and Hulic REIT Management

Capital relationship

As of today, Hulic Co., Ltd. holds approximately 10.62% of the total number of

investment units issued by Hulic Reit. Hulic Co., Ltd. is the parent company (100%

investment ratio) of Hulic REIT Management, and is therefore an Interested Person of

Hulic REIT Management.

Personnel relationship

As of today, certain employees of Hulic REIT Management are on secondment from

Hulic Co., Ltd.

Transactional

relationship

Hulic Reit acquired two properties (7,440 million yen) and transferred one property

(1,945 million yen) (including spin off) in the fiscal period ended August 31, 2021

from/to Hulic Co., Ltd.

Status as a related party

Hulic Co., Ltd. is a related party of Hulic Reit and Hulic REIT Management. Moreover,

as described above, Hulic Co., Ltd. is an Interested Person of Hulic REIT Management.

6. Status of the property acquirer

None of the planned acquisition is from persons with special interests. In the table below, (i) the company

name/name, (ii) the relationship with the person that has special interests, and (iii) the background/reason for the

acquisition are indicated.

Property name

Location Previous owner / Trust beneficiary

Owner / Trust beneficiary prior to the

previous owner / trust beneficiary

(i), (ii), (iii)

Acquisition (transfer) price

Acquisition (transfer) date

(i), (ii), (iii)

Acquisition (transfer) price

Acquisition (transfer) date

Hulic Kojimachi Building

(3-2-10 Kojimachi,

Chiyoda-ku, Tokyo)

(i) Hulic Co., Ltd.

(ii) Parent company of Hulic REIT

Management

(iii) Acquired with the intention of investment

Those other than a person with special

interests

Omitted as the current owner/trust beneficiary －

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Property name

Location Previous owner / Trust beneficiary

Owner / Trust beneficiary prior to the

previous owner / trust beneficiary

has owned the property for over a year

March 1996, April 1999 －

Kichijoji Fuji Building

(2-2-13 Kichijojihoncho,

Musashino-shi, Tokyo)

(i) Hulic Co., Ltd.


Management



interests

Omitted as the current owner/trust beneficiary

has owned the property for over a year －

March 1996 －

Aristage Kyodo

(3-20-22 Kyodo,

Setagaya-ku, Tokyo)

(i) Hulic Co., Ltd.


Management



interests



March 1999 －

Hulic Kobe Building

(1-3-1 Sannomiyacho,

Chuo-ku, Kobe-shi, Hyogo)

(i) Hulic Co., Ltd.


Management

(iii) Acquired with the intention of

development


interests



December 1989 －

7. Future outlook

For the operations forecast of Hulic Reit for the period ending February 2022 (September 1, 2021 to February

28, 2022) or the period ending August 2022 (March 1, 2022 to August 31, 2022) resulting from the acquisition and

transfer of the property, please refer to “Notice concerning Revisions to the Forecasts of Financial Results, etc. for

the Fiscal Period Ending February 28, 2022 and Announcement of Forecasts of Financial Results, etc. for the

Fiscal Period Ending August 31, 2022” announced today.

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8. Summary of Appraisal Report


・Hulic Kojimachi Building

Appraisal value 13,100 million yen (Note 1) (Note 2)

Appraiser DAIWA REAL ESTATE APPRAISAL CO.,LTD.

Date of valuation September 1, 2021

(Millions of yen)

Item Breakdown Remarks

Appraisal value based on income

method (Note 2) 13,100

Estimated based on the DCF method which was deemed a

more accurate valuation method, as well as the direct

capitalization method as additional verification

Appraisal value based on direct

capitalization method (Note 3) 13,600

(1) Operating revenue 624

Potential gross income 656

Standardized estimated rental revenues, etc. are recorded,

taking into account the medium- to long-term

competitiveness of the subject property.

Losses from vacancy, etc. 31

Assessed based on the actual vacancy rate of the subject

property and standard vacancy rates of similar properties,

while taking into account the competitiveness of the subject

property. (2) Operating expenses 152

Maintenance and management

fee/PM fee (Note 4) 50

Assessed and recorded in reference to the cost level of similar

properties and the current contract amount.

Utility expenses 25 Assessed and recorded based on the cost level of similar

properties and the actual amount of the past fiscal years. Repair expenses 4 Estimated based on repair expenses for similar real estate

Tenant recruitment/solicitation

expenses, etc. 4

Estimated based on consideration of the assumed turnover

rate, in reference to tenant recruitment/solicitation expenses

for similar real estate, etc.

Taxes and public dues 64 Assessed and recorded based on the actual amount in

consideration of burden levels and land price trends, etc.

Insurance premium 1 Assessed and recorded in reference to the insurance premium

rate of similar properties, etc. Other expenses 3 Assessed and recorded based on the past actual amount.

(3) Net operating income

(NOI: (1) - (2)) 473

(4) Profit from security

deposits 4

Estimated based on evaluation of security deposit and

investment return (5) Capital expenditures 9 Estimated based on capital expenditure for similar real estate

Net cash flow

(NCF: (3) + (4) - (5)) 468

Cap rate 3.1%

Assessed based on the capitalization yield of similar uses

located in the area with the lowest risk, adding or subtracting

the spread of the subject property's location conditions,

building conditions, etc., and using the capitalization yield,

etc. of assessments of properties owned by J-REITs within the

same area as a reference.

Appraisal value based on DCF

method 12,900

Discount rate 2.9%

Estimated based on the method of comparing similar real

estate transactions and the method of evaluating based on

financial assets yields and the individual characteristics of the

target real estate, as well as feedback from investors

Terminal cap rate 3.3%

Estimated based on the investment yields of similar

properties, after taking into consideration comprehensive

factors including future trends in investment yields, risks

16





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posed by the property in question as an investment, general

forecasts on economic growth in the future, and trends in real

estate prices and rents

Appraisal value based on cost method

(Note 2) 15,100

Ratio of land 88.0 %

Ratio of building 12.0 %

Other matters considered by appraiser in determination of

appraisal value

None

Notes:

1. Appraisal value based on the income method that reflects the profitability and investment return of the Property is

used.

2. An amount equals the quasi-co-ownership interest acquired by Hulic Reit (90.0%).

3. The appraisal value figures for the one building and its premises (single unit) have been rounded to the first decimal place

for figures less than 1 million yen (of which, the portion understood as attributable to Hulic Reit is equivalent to 90.0% of

quasi-co-ownership interest). Note that these figures are not the revenue and expenses forecast by Hulic Reit or Hulic REIT

Management.

4. The maintenance and management fee and PM fee stated above are combined, because individual disclosure of the

maintenance and management fee and PM fee amount levels may affect the other transactions of each contractor with respect

to building management and PM services, which could pose an obstacle to efficient performance of services by Hulic Reit

and could harm unitholder interests.

・Kichijoji Fuji Building


Appraiser The Tanizawa Sōgō Appraisal Co., Ltd.


(Millions of yen)




Estimated by verifying the direct capitalization method using

the income value by the DCF method as a standard.



(1) Operating revenue Undisclosed

Potential gross income Undisclosed

Losses from vacancy, etc. Undisclosed

(2) Operating expenses Undisclosed


fee/PM fee Undisclosed

Utility expenses Undisclosed

Repair expenses Undisclosed


expenses, etc. Undisclosed

Taxes and public dues Undisclosed

Insurance premium Undisclosed

Other expenses Undisclosed


(NOI: (1) - (2)) 292


deposits 3


investment return

(5) Capital expenditures 2

Assessed by verifying the annual appraisal value based on the

long-term repair cost stated in the engineering report using

many similar examples. Net cash flow 293

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(NCF: (3) + (4) - (5))

Cap rate 4.2%

Estimated based on comparative examination of multiple

investment yields in neighboring regions or similar regions in

the same market area, with reference to projected fluctuations

in net cash flow in the future and in consideration of the

relationship with the discount rate


method 6,140

Discount rate 4.3%

Estimated based on a summation method based on the yield

for financial instruments to find the base yield for office

buildings while reflecting the individual risks for the target

yield estate in that base yield

Terminal cap rate 4.4% Estimated based on the cap rate while taking into

consideration future forecast uncertainty


(Note 2) 6,080




appraisal value

None

Notes:


used.





Management.

・Aristage Kyodo


Appraiser Japan Real Estate Institute


(Millions of yen)




Estimated with appraisal value based on direct capitalization

method and appraisal value based on DCF method handled

equally


capitalization method 9,830

(1) Operating revenue Undisclosed

Potential gross income Undisclosed

Losses from vacancy, etc. Undisclosed

(2) Operating expenses Undisclosed


fee/PM fee Undisclosed

Utility expenses Undisclosed

Repair expenses Undisclosed


expenses, etc. Undisclosed

Taxes and public dues Undisclosed

Insurance premium Undisclosed

Other expenses Undisclosed

18





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(NOI: (1) - (2)) 403


deposits 4


investment return


Estimated taking into account capital expenditure levels for

similar real estate, the age of the building, and average annual

repair and renewal expenses, etc. in engineering reports

Net cash flow

(NCF: (3) + (4) - (5)) 393

Cap rate 4.0%

Estimated by using the yields for real estate deemed to have

the lowest investment risk as the standard and adjusting the

spread appropriate for the property to be examined reflecting

site conditions, building conditions, use, conditions related to

business feasibility, and other factors, as well as

comprehensively taking into account future uncertainty and

investment yields for similar real estate properties, etc.


method 9,510

Discount rate 3.8%

Estimated based on the investment yield for similar real estate

transactions, after taking into consideration the individuality

of the target real estate









(Note 3) 9,550

Ratio of land 76.0%

Ratio of building 24.0%


appraisal value

None

Notes:

1. Appraisal value is based on income method that reflects the profitability and investment return of the Property. In addition

to the unique characteristics of a home for the aged (inclusion of system correction risks and other business risks, difficulty

of changing use based on the low level of general versatility of the building and social factors, the reliance on the operator

for rental income stability and continuity, and restrictions on market participants and the relative lack of fluidity), appraisal

agencies appraise the real estate by taking into consideration the appropriateness of rent levels in light of the income and

expenditures of the individual property, the operating capabilities of the lessee (operator), details of the lease agreement, and

other factors.

2. An amount equals the quasi-co-ownership interest acquired by Hulic Reit (95.0%). It is rounded to the nearest million yen.




Management.

・Hulic Kobe Building


Appraiser DAIWA REAL ESTATE APPRAISAL CO.,LTD.


(Millions of yen)




Estimated based on the DCF method which was judged to be

a more accurate indicator of value, as well as the direct

19





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capitalization method to provide additional verification




Potential gross income 467

Standardized estimated rental revenues, etc. are recorded,

taking into account the medium- to long-term

competitiveness of the subject property.

Losses from vacancy, etc. 14

Assessed based on the actual vacancy rate of the subject

property and standard vacancy rates of similar properties,

while taking into account the competitiveness of the subject

property. (2) Operating expenses 114



Assessed and recorded with reference to the expense level of

similar properties and the scheduled contract.

Utility expenses 21 Assessed and recorded based on the cost level of similar

properties and the actual amount of the past fiscal years.

Repair expenses 4

Recorded based on the annual average of the medium- to

long-term repair costs indicated in the engineering report, and

judged to be appropriate based on verification of the level of

repair costs of similar properties.


expenses, etc. 3

Estimated based on the assumed turnover rate, in reference to

tenant recruitment/solicitation expenses for similar real estate,

etc.

Taxes and public dues 36 Assessed and recorded based on the actual amount in

consideration of burden levels and land price trends, etc.

Insurance premium 1 Assessed and recorded in reference to the insurance premium

rate of similar properties, etc.

Other expenses 2 Assessed and recorded the reserve costs for consumables and

other operating expenses, based on the past actual amounts.


(NOI: (1) - (2)) 339


deposits 3


investment return


Determined as appropriate and recorded the medium- to long-

term renewal costs in the engineering report as reasonable,

based on verification of the level of renewal costs of similar

properties.

Net cash flow

(NCF: (3) + (4) - (5)) 327

Cap rate 4.2%

Assessed based on the capitalization yield of similar uses

located in the area with the lowest risk, adding or subtracting

the spread of the subject property's location conditions,

building conditions, etc., and using the capitalization yield,

etc. of assessments of properties owned by J-REITs within the

same area as a reference.


method 6,900

Discount rate 4.0%

Estimated based on the method of comparing similar real

estate transactions and the method of evaluating based on

financial assets yields and the individual characteristics of the

target real estate, as well as feedback from investors.









(Note 2) 6,930

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appraisal value

None

Notes:


used.





Management.


maintenance and management fee and PM fee levels may affect the other transactions of each contractor with respect to

building management and PM services, which could pose an obstacle to efficient performance of services by Hulic Reit


(B) Assets planned for transfer

・Hulic Shinjuku 3 Chome Building


Appraiser Japan Real Estate Institute

Date of valuation August 31, 2021

(Millions of yen)




Estimated with appraisal value based on direct capitalization

method and appraisal value based on DCF method handled

equally


capitalization method 8,340


Potential gross income 361 Estimated based on evaluation of rent levels deemed stable in

the medium and long term

Losses from vacancy, etc. 14 Estimated based on evaluation of stable occupancy rate level

in the medium and long term (2) Operating expenses 72



Estimated in consideration of the individual characteristics of

the target real estate, in reference to past results, expense

levels for similar real estate, etc.

Utility expenses 10 Estimated based on past results, after giving consideration to

the occupancy rate for rental units, etc.

Repair expenses 1

Estimated in reference to past results, and in consideration of

future management and operation plans, expense levels for

similar real estate, and average annual repair and renewal

expenses in engineering reports


expenses, etc. 3

The annual average amount assessed based on the forecasted

turnaround period for the lessee is posted here

Taxes and public dues 35 Estimated based on materials related to taxes and public dues

and burden adjustment measures, etc.

Insurance premium 0

Estimated in reference to insurance premiums based on

insurance contracts and the premium rate for similar real

estate, etc.

Other expenses 13 Land rent and road occupancy fees are posted as other

expenses

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(NOI: (1) - (2)) 275

(4) Investment profit and loss

from security deposits 2

Estimated based on evaluation each of security deposit and

investment return


Estimated in consideration of capital expenditure levels for

similar real estate, the age of the building, and average annual

repair and renewal expenses, etc. in engineering reports

Net cash flow

(NCF: (3) + (4) - (5)) 275

Cap rate 3.3%

Estimated by adding or subtracting the spread due to the

individuality of the target real estate to the yield that is

standard for the area


method 7,920

Discount rate 3.0%

Estimated in reference to the investment yield for similar real

estate transactions, after taking into consideration the

individuality of the target real estate


Estimated in reference to the investment yields of similar real

estate transactions, after taking into consideration

comprehensive factors including general forecasts and trends

in real estate prices and rents


(Note 2) 7,890

Ratio of leasehold interest 99.1%

Ratio of building 0.9%


appraisal value

None

Notes:

1. Appraisal value based on income method that reflects the profitability and investment return of the Property is used.

2. The value figures have been rounded to the first decimal place for figures less than 1 million yen. Note that these figures

are not the revenue and expenses forecast by Hulic Reit or Hulic Reit Management.


maintenance and management fee and PM fee levels may affect the other transactions of each contractor with respect to

building management and PM services, which could pose an obstacle to efficient performance of services by Hulic Reit


9. Overview of Building Inspection Report

Property Name Inspection company Inspection

performed on

Cost of urgent / short-term repairs

(Millions of yen)

(Note 1)

Cost of long-term repairs

(Millions of yen)

(Note 2)

Hulic Kojimachi

Building

(Note 3)

Tokio Marine dR Co., Ltd. October 2021 － 10

Kichijoji Fuji

Building

(Note 3)


Aristage Kyodo

(Note 3) Tokio Marine dR Co., Ltd. October 2021 － 19

Hulic Kobe

Building

(Note 3)


Notes:

1. “Cost of urgent / short-term repair” includes the expense of updating and repair work and urgent repairs generally required

within one year as shown on the Building Inspection Report.

2. “Cost of long-term repairs” includes the average annual amount rounded to the nearest million yen for the expense appearing

on the Building Inspection Report as updating and repair work forecast over the next 12-year period.

22





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3. The figures equivalent to quasi-co-ownership interest acquired by Hulic Reit are stated for “cost of urgent/short-term repairs”

and “cost of long-term repairs.”

* Hulic Reit’s website: https://www.hulic-reit.co.jp/en/index.html

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Attachments

Reference Attachment 1 Map and Photo of the Property

Reference Attachment 2 Portfolio List after Acquisition and Transfer of the Property

24





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Reference Attachment 1 Map and Photo of the Property

・ Hulic Kojimachi Building

25





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・ Kichijoji Fuji Building

26





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・ Aristage Kyodo

27





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・ Hulic Kobe Building

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Reference Attachment 2 Portfolio List after Acquisition and Transfer of the Property

Category Property name Location

(Anticipated)

Acquisition price

(Millions of yen)

(Note 1)

Investment

ratio

(%)

(Note 2)

(Anticipated)

Acquisition date

(Note 3)

Toky

o C

om

mer

cial

Pro

per

ties

Off

ice

pro

per

ties

Hulic Kamiyacho Building Minato-ku, Tokyo 55,250 14.7%

February 7, 2014

March 15, 2016

October 16, 2018

Hulic Kudan Building (Land) Chiyoda-ku, Tokyo 11,100 2.9% February 7, 2014

Toranomon First Garden Minato-ku, Tokyo 8,623

(Note 4) 2.3% February 7, 2014

Rapiros Roppongi Minato-ku, Tokyo 6,210

(Note 4) 1.6%

February 7, 2014

September 16, 2016

Hulic Takadanobaba Building Toshima-ku, Tokyo 3,900 1.0% February 7, 2014

Hulic Kanda Building Chiyoda-ku, Tokyo 3,780 1.0% February 7, 2014

Hulic Kandabashi Building Chiyoda-ku, Tokyo 2,500 0.7% February 7, 2014

Hulic Kakigaracho Building Chuo-ku, Tokyo 2,210 0.6% February 7, 2014

Ochanomizu Sola City Chiyoda-ku, Tokyo 38,149

(Note 4) 10.1%

November 7, 2014

October 4, 2016

Hulic Higashi Ueno 1 Chome

Building Taito-ku, Tokyo 2,678 0.7%

October 16, 2014

June 29, 2018

Tokyo Nishi Ikebukuro Building Toshima-ku, Tokyo 1,580

(Note 4) 0.4% March 31, 2015

Hulic Toranomon Building Minato-ku, Tokyo 18,310 4.9% December 25, 2015

September 1, 2016

Hulic Shibuya 1 Chome Building Shibuya-ku, Tokyo 5,100 1.4% March 31, 2017

Hulic Higashi Nihombashi Building Chuo-ku, Tokyo 3,480 0.9% March 31, 2017

Hulic Jimbocho Building Chiyoda-ku, Tokyo 1,460 0.4% April 28, 2017

Hulic Ginza 7 Chome Building Chuo-ku, Tokyo 21,080

(Note 4) 5.6%

March 29, 2018 June 28, 2019

September 27, 2019

Hulic Gotanda Yamate-dori Building Shinagawa-ku, Tokyo

3,450 0.9% October 1, 2018

Bancho House Chiyoda-ku, Tokyo 2,750 0.7% November 1, 2018

Ebisu Minami Building Shibuya-ku, Tokyo 2,420 0.6% December 27, 2018

Hulic Iidabashi Building Chiyoda-ku, Tokyo 1,450 0.4% June 28, 2019

Hulic Asakusabashi Building Taito-ku, Tokyo 4,750

(Note 4) 1.3% December 20, 2019

Hulic Ebisu Building Shibuya-ku, Tokyo 1,275 0.3% December 20, 2019

Hulic Ryogoku Building Sumida-ku, Tokyo 5,610

(Note 4) 1.5% March 26, 2020

Hulic Asakusabashi Edodori Taito-ku, Tokyo 5,420

(Note 4) 1.4% March 26, 2020

Hulic Nakano Building Nakano-ku, Tokyo 3,200

(Note 4) 0.8% October 16, 2020

Hulic Ueno Building Taito-ku, Tokyo 4,100

(Note 4) 1.1% March 31, 2021

Hulic Kojimachi Building Chiyoda-ku, Tokyo 12,600

(Note 4) 3.3% November 1, 2021

Kichijoji Fuji Building Musashino-shi,

Tokyo

5,150


Subtotal - 237,585 63.1% -

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Ret

ail

pro

per

ties

Oimachi Redevelopment Building (#2)

Shinagawa-ku,

Tokyo 9,456 2.5% February 7, 2014

Oimachi Redevelopment Building (#1) Shinagawa-ku,

Tokyo

6,166

(Note 4) 1.6% February 7, 2014

Dining Square Akihabara Building Chiyoda-ku, Tokyo 3,200 0.8% February 7, 2014

Hulic Jingu-mae Building Shibuya-ku, Tokyo 2,660 0.7% February 7, 2014

Yokohama Yamashitacho Building Yokohama-shi,

Kanagawa 4,850 1.3% October 16, 2014

Hulic Todoroki Building Setagaya-ku, Tokyo 1,200 0.3% December 27, 2016

HULIC &New SHIBUYA Shibuya-ku, Tokyo 3,150

(Note 4) 0.8% June 30, 2017

HULIC &New SHINBASHI Minato-ku, Tokyo 3,100 0.8% November 1, 2017

Hulic Shimura-sakaue Itabashi-ku, Tokyo 7,556 2.0% June 29, 2018

Hulic Mejiro Toshima-ku, Tokyo 5,670 1.5% March 26,2020

Subtotal - 47,008 12.5% -

Intermediate total - 284,593 75.5%

Nex

t-G

ener

atio

n A

sset

s P

lus

Pri

vat

e nu

rsin

g h

om

es

Aria Matsubara Setagaya-ku, Tokyo 3,244 0.9% February 7, 2014

Trust Garden Youganomori Setagaya-ku, Tokyo 5,390 1.4% February 7, 2014

Trust Garden Sakurashinmachi Setagaya-ku, Tokyo 2,850 0.8% February 7, 2014

Trust Garden Suginami Miyamae Suginami-ku, Tokyo 2,760 0.7% February 7, 2014

Trust Garden Tokiwamatsu Shibuya-ku, Tokyo 3,030 0.8% September 1, 2016

Sompo Care La vie Re Kita-kamakura Kamakura-shi,

Kanagawa 1,780 0.5% June 30, 2017

Charm Suite Shinjukutoyama Shinjuku-ku, Tokyo 3,323 0.9% September 27, 2019

Charm Suite Shakujiikoen Nerima-ku, Tokyo 3,200 0.8% September 12, 2019

Hulic Chofu Chofu-shi, Tokyo 3,340 0.9% March 31, 2021

Aristage Kyodo Setagaya-ku, Tokyo 9,000


Subtotal - 37,917 10.1% -

Net

work

cen

ters

Ikebukuro Network Center Toshima-ku, Tokyo 4,570 1.2% February 7, 2014

Tabata Network Center Kita-ku, Tokyo 1,355 0.4% February 7, 2014

Hiroshima Network Center Hiroshima-shi,

Hiroshima 1,080 0.3% February 7, 2014

Atsuta Network Center Nagoya-shi, Aichi 1,015 0.3% February 7, 2014

Nagano Network Center Nagano-shi, Nagano 305 0.1% February 7, 2014

Chiba Network Center Inzai-shi, Chiba 7,060 1.9% December 16, 2014

Sapporo Network Center Sapporo-shi,

Hokkaido 2,510 0.7% December 16, 2014

Keihanna Network Center Kizukawa-shi,

Kyoto 1,250 0.3% October 16, 2014

Subtotal - 19,145 5.1% -

Ho

tels

Sotetsu Fresa Inn Ginza 7 Chome Chuo-ku, Tokyo 11,520 3.1% September 16, 2016

November 1, 2017

Sotetsu Fresa Inn Tokyo-Roppongi Minato-ku, Tokyo 5,000


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Hulic Tsukiji 3 Chome Building Chuo-ku, Tokyo 6,972 1.9% March 26, 2020

Subtotal - 23,492 6.2% -

Oth

ers

Hulic Hachioji Building Hachioji-shi,

Tokyo

4,900

(Note4) 1.3% October 16, 2020

Hulic Kobe Building Kobe-shi, Hyogo 6,710


Subtotal - 11,610 3.1% -

Intermediate total - 92,164 24.5%

Total of the portfolio - 376,757 100.0％ -

Notes:

1. “(Anticipated) Acquisition price” is the purchase price noted in the purchase and sale agreement for each asset held

and the Property (total value in the event that the acquisition takes place over multiple times), rounded to the nearest

million yen. The acquisition price does not include consumption or local taxes or the costs and expenses related to the

acquisition.

2. “Investment ratio” represents the percentage of the (anticipated) acquisition price for each asset held and the Property

(total value in the event that the acquisition takes place over multiple times) to the total (anticipated) acquisition price,

rounded to the first decimal place.

3. “(Anticipated) Acquisition date” is the anticipated date of acquisition stated in the relevant purchase and sale

agreement for each asset held and the Property.

4. The figure is based on the ratio of sectional ownership interest or quasi-co-ownership interest owned by Hulic Reit in

the properties.

Documents

Notice concerning the Acquisition, Lease, and Transfer of