Notice concerning the Acquisition, Lease, and Transfer of ...
Transcript of Notice concerning the Acquisition, Lease, and Transfer of ...
1
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
2
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.
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
(2) (Quasi co-ownership of trust beneficiary interests
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
3
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.
(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
(2) (Quasi co-ownership of trust beneficiary interests
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
(A) Assets planned for acquisition
(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.
4
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.
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
1) Characteristics of the location
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.
2) Characteristics of the property
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
1) Characteristics of the location
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
5
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.
convenient facilities such as Kyodo Corty, Kyodo Suzuran Dori Shopping Street and Kyodo Nodai Dori
Shopping Street.
2) Characteristics of the property
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
1) Characteristics of the location
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.
2) Characteristics of the property
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.
6
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.
(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.
7
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.
3. Overview of the Properties
(A) Assets planned for acquisition
・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
Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)
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
REIT Management’s Regulations on Transactions with Interested Parties.
7. The price equals the quasi-co-ownership interest expected to be acquired by Hulic Reit is stated.
8
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.
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)
Specified assets category Real estate trust beneficiary rights
Anticipated acquisition price 5,150 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 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
Building-to-land ratio 100% (Note 3)
Floor-area ratio 600%
Zoning Commercial area
Site area 812.53 m2 (Note 4)
Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)
Building
Completed October 1980 (Note 5)
Structure SRC/RC (Note 5)
Number of floors 6F/B1
Use Bank
Total floor space 4,398.37 m2 (Note 6)
Number of parking
spaces 6
Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)
Collateral None
PM company Hulic Co., Ltd. (anticipated) (Note 7)
Master lease company Hulic Co., Ltd. (anticipated) (Note 7)
Appraisal value 6,180 million yen (Note 8)
(Date of valuation) (September 1, 2021)
Appraisal company The Tanizawa Sōgō Appraisal Co., Ltd.
PML 6.43 % (Note 9)
Details of Tenant (Note 10)
Total leased floor space 3,958.37 m2 (Note 11)
Total leasable floor space 3,958.37 m2 (Note 11)
Occupancy rate 100.0%
Main tenant Mizuho Bank, Ltd.
Total number of tenants 1
Total lease income (annualized) Undisclosed (Note 12)
Lease and guarantee deposits Undisclosed (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
9
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.
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. Earthquake resistance reinforcement work was conducted in 2006, and the building has earthquake resistance
performance equivalent to the new earthquake resistance standards.
6. Based on the entry in the property registry. This figure includes the site area of the entire building.
7. 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.
8. The price equals the quasi-co-ownership interest expected to be acquired by Hulic Reit is stated.
9. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc.
10. 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.”
11. The figure equals the quasi-co-ownership interest expected to be acquired by Hulic Reit.
12. Not disclosed because approval for disclosure has not been obtained from the tenant.
・Aristage Kyodo (Note 1)
Specified assets category Real estate trust beneficiary rights
Anticipated acquisition price 9,000 million yen
Trustee Sumitomo Mitsui Trust Bank, Limited
Date trust initiated November 1, 2021 (Note 2)
Expiration date of trust period November 30, 2031
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
Building-to-land ratio 80% (Note 3)
Floor-area ratio 200%
Zoning Category I medium-to-high-rise exclusive residential zone
Site area 6,913.13 m2 (Note 4)
Type of ownership Proprietary ownership (quasi-co-ownership interest of 95.0%)
Building
Completed May 2012
Structure RC
Number of floors 7F
Use Dormitory
Total floor space 13,907.18 m2 (Note 5)
Number of parking
spaces 18
Type of ownership Proprietary ownership (quasi-co-ownership interest of 95.0%)
Collateral None
PM company Hulic Co., Ltd. (anticipated) (Note 6)
Master lease company Hulic Co., Ltd. (anticipated) (Note 6)
Operator Keio Wealthy Stage Corporation (Note 7)
Back-up operator None
Appraisal value 9,187 million yen (Note 8)
(Date of valuation) (September 1, 2021)
Appraisal company Japan Real Estate Institute
PML 6.09 % (Note 9)
Details of Tenant (Note 10)
Total leased floor space 13,279.12 m2 (Note 11)
Total leasable floor space 13,279.12 m2 (Note 11)
Occupancy rate 100.0%
10
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.
Main tenant Keio Corporation (Note 12)
Total number of tenants 1
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:
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 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
REIT Management’s Regulations on Transactions with Interested Parties.
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.
9. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc.
10. 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.”
11. The figure equals the quasi-co-ownership interest expected to be acquired by Hulic Reit.
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
11
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.
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)
Specified assets category Real estate trust beneficiary rights
Anticipated acquisition price 6,710 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 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
Building-to-land ratio 100% (Note 3)
Floor-area ratio 800%
Zoning Commercial area
Site area 964.47 m2 (Note 4)
Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)
Building
Completed October 1990
Structure SRC/S
Number of floors 12F/B1
Use Stores, Office and Parking lot
Total floor space 7,594.05m2 (Note 5)
Number of parking
spaces 46
Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%)
Collateral None
PM company Hulic Co., Ltd. (anticipated) (Note 6)
Master lease company Hulic Co., Ltd. (anticipated) (Note 6)
Appraisal value 6,930 million yen (Note 7)
(Date of valuation) (September 1, 2021)
Appraisal company DAIWA REAL ESTATE APPRAISAL CO.,LTD.
PML 3.02% (Note 8)
Details of Tenant (Note 9)
Total leased floor space 4,548.68 m2 (Note 10)
Total leasable floor space 5,126.01m2 (Note 10)
Occupancy rate 88.7%
Main tenant Mizuho Bank, Ltd.
Total number of tenants 7
Total lease income (annualized) 361 million yen (Note 10) (Note 11)
Lease and guarantee deposits 424 million yen (Note 10) (Note 12)
12
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.
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
REIT Management’s Regulations on Transactions with Interested Parties.
7. The price equals the quasi-co-ownership interest expected to be acquired by Hulic Reit is stated.
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.
(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.
13
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.
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 -
14
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.
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.
(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
has owned the property for over a year -
March 1996 -
Aristage Kyodo
(3-20-22 Kyodo,
Setagaya-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
has owned the property for over a year -
March 1999 -
Hulic Kobe Building
(1-3-1 Sannomiyacho,
Chuo-ku, Kobe-shi, Hyogo)
(i) Hulic Co., Ltd.
(ii) Parent company of Hulic REIT
Management
(iii) Acquired with the intention of
development
Those other than a person with special
interests
Omitted as the current owner/trust beneficiary
has owned the property for over a year -
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.
15
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.
8. Summary of Appraisal Report
(A) Assets planned for acquisition
・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
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.
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
Appraisal value 6,180 million yen (Note 1) (Note 2)
Appraiser The Tanizawa Sōgō Appraisal Co., Ltd.
Date of valuation September 1, 2021
(Millions of yen)
Item Breakdown Remarks
Appraisal value based on income
method (Note 2) 6,180
Estimated by verifying the direct capitalization method using
the income value by the DCF method as a standard.
Appraisal value based on direct
capitalization method (Note 3) 6,280
(1) Operating revenue Undisclosed
Potential gross income Undisclosed
Losses from vacancy, etc. Undisclosed
(2) Operating expenses Undisclosed
Maintenance and management
fee/PM fee Undisclosed
Utility expenses Undisclosed
Repair expenses Undisclosed
Tenant recruitment/solicitation
expenses, etc. Undisclosed
Taxes and public dues Undisclosed
Insurance premium Undisclosed
Other expenses Undisclosed
(3) Net operating income
(NOI: (1) - (2)) 292
(4) Profit from security
deposits 3
Estimated based on evaluation of security deposit and
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
17
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.
(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
Appraisal value based on DCF
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
Appraisal value based on cost method
(Note 2) 6,080
Ratio of land 95.0 %
Ratio of building 5.0 %
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.
・Aristage Kyodo
Appraisal value 9,187 million yen (Note 1) (Note 2)
Appraiser Japan Real Estate Institute
Date of valuation September 1, 2021
(Millions of yen)
Item Breakdown Remarks
Appraisal value based on income
method (Note 3) 9,670
Estimated with appraisal value based on direct capitalization
method and appraisal value based on DCF method handled
equally
Appraisal value based on direct
capitalization method 9,830
(1) Operating revenue Undisclosed
Potential gross income Undisclosed
Losses from vacancy, etc. Undisclosed
(2) Operating expenses Undisclosed
Maintenance and management
fee/PM fee Undisclosed
Utility expenses Undisclosed
Repair expenses Undisclosed
Tenant recruitment/solicitation
expenses, etc. Undisclosed
Taxes and public dues Undisclosed
Insurance premium Undisclosed
Other expenses Undisclosed
18
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.
(3) Net operating income
(NOI: (1) - (2)) 403
(4) Profit from security
deposits 4
Estimated based on evaluation of security deposit and
investment return
(5) Capital expenditures 14
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.
Appraisal value based on DCF
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
Terminal cap rate 4.2%
Estimated based on the investment yields of similar
properties, after taking into consideration comprehensive
factors including future trends in investment yields, risks
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 3) 9,550
Ratio of land 76.0%
Ratio of building 24.0%
Other matters considered by appraiser in determination of
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.
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 95.0% of
quasi-co-ownership interest). Note that these figures are not the revenue and expenses forecast by Hulic Reit or Hulic REIT
Management.
・Hulic Kobe Building
Appraisal value 6,930 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) 6,930
Estimated based on the DCF method which was judged to be
a more accurate indicator of value, as well as the direct
19
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.
capitalization method to provide additional verification
Appraisal value based on direct
capitalization method (Note 3) 6,990
(1) Operating revenue 453
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
Maintenance and management
fee/PM fee (Note 4) 47
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.
Tenant recruitment/solicitation
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.
(3) Net operating income
(NOI: (1) - (2)) 339
(4) Profit from security
deposits 3
Estimated based on evaluation of security deposit and
investment return
(5) Capital expenditures 16
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.
Appraisal value based on DCF
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.
Terminal cap rate 4.4%
Estimated based on the investment yields of similar
properties, after taking into consideration comprehensive
factors including future trends in investment yields, risks
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) 6,930
20
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.
Ratio of land 94.2 %
Ratio of building 5.8 %
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 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.
(B) Assets planned for transfer
・Hulic Shinjuku 3 Chome Building
Appraisal value 8,130 million yen (Note 1)
Appraiser Japan Real Estate Institute
Date of valuation August 31, 2021
(Millions of yen)
Item Breakdown Remarks
Appraisal value based on income
method (Note 2) 8,130
Estimated with appraisal value based on direct capitalization
method and appraisal value based on DCF method handled
equally
Appraisal value based on direct
capitalization method 8,340
(1) Operating revenue 347
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
Maintenance and management
fee/PM fee (Note 3) 11
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
Tenant recruitment/solicitation
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
21
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.
(3) Net operating income
(NOI: (1) - (2)) 275
(4) Investment profit and loss
from security deposits 2
Estimated based on evaluation each of security deposit and
investment return
(5) Capital expenditures 2
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
Appraisal value based on DCF
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
Terminal cap rate 3.5%
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
Appraisal value based on cost method
(Note 2) 7,890
Ratio of leasehold interest 99.1%
Ratio of building 0.9%
Other matters considered by appraiser in determination of
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.
3. The maintenance and management fee and PM fee stated above are combined, because individual disclosure of the
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
and could harm unitholder interests.
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)
Tokio Marine dR Co., Ltd. October 2021 - 2
Aristage Kyodo
(Note 3) Tokio Marine dR Co., Ltd. October 2021 - 19
Hulic Kobe
Building
(Note 3)
Tokio Marine dR Co., Ltd. October 2021 - 18
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
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.
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
23
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.
Attachments
Reference Attachment 1 Map and Photo of the Property
Reference Attachment 2 Portfolio List after Acquisition and Transfer of the Property
24
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.
Reference Attachment 1 Map and Photo of the Property
・ Hulic Kojimachi Building
25
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.
・ Kichijoji Fuji Building
26
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.
・ Aristage Kyodo
27
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.
・ Hulic Kobe Building
28
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.
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
(Note 4) 1.4% November 1, 2021
Subtotal - 237,585 63.1% -
29
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.
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
(Note 4) 2.4% November 1, 2021
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
(Note 4) 1.3% November 1, 2017
30
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.
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
(Note 4) 1.8% November 1, 2021
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.