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ORIX JREIT Announces Acquisition of Two Properties: Koshigaya Logistics Center and Shinjuku 5-Chome Building (Provisional Name)

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ORIX JREIT Announces Acquisition of Two Properties: Koshigaya Logistics Center and Shinjuku 5-Chome Building (Provisional Name) [Provisional Translation Only] This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail. For Immediate Release March 27, 2006 ORIX JREIT Inc. (TSE: 8954) Hiroshi Ichikawa Executive Director Inquiries: ORIX Asset Management Corporation Mitsuo Sato Director, Corporate Executive Vice President Tel: +81 3 3435 3285 ORIX JREIT Announces Acquisition of Two Properties: Koshigaya Logistics Center and Shinjuku 5-chome Building (provisional name) TOKYO, March 27, 2006－ORIX JREIT Inc. (“OJR”) announced today that it has decided to purchase the Koshigaya Logistics Center and the Shinjuku 5-chome Building (“property” below). 1. Acquisition summary Shinjuku 5-chome Building Property name Koshigaya Logistics Center (provisional name, under construction) Asset to be acquired Property Property Acquisition price ¥ 4,000,000,000 ¥ 4,500,000,000 (excluding consumption tax on the building) (excluding consumption tax on the building) Expected acquisition date April 28, 2006 April 26, 2007 Current owner / Seller ORIX Corporation ORIX Real Estate Corporation Anticipated funding method Loan proceeds Loan proceeds Approximately 5% down on execution Payment terms 100% on transfer of contract and 95% on transfer Others Office Property type (Warehouses/distribution facilities) (Project under development) ・OJR may conduct necessary due diligence on completion ・Completion is condition precedent to transfer of property Terms of acquisition ― (related to project development) ・Settlement of price to be on or after completion ・Presence or absence of tenants shall not affect the sale price 1/12 2. Acquisition based on new OJR WAY investment principles The acquisition of both properties is based on the new OJR WAY investment principles. OJR adopted these principles on August 18, 2006 as a strategy for taking full advantage of its strengths as a comprehensive J-REIT. The principles enable OJR to pursue opportunities to acquire prime properties in a flexible manner, thus realizing further growth. (Please see the explanation below for more details on OJR WAY.) Reference: New OJR WAY investment principles OJR's basic policy is to further strengthen steady growth in asset management and assurance of stable earnings in a well-balanced manner from a medium to long-term perspective. In order to achieve this, the company will make investments based on the two new perspectives described below to a ceiling of 20% of its total portfolio on the basis of acquisition price. (As a result of the acquisition of the two properties and the disposal of the two properties announced today, OJR WAY properties now account for 7.7% of the total portfolio (acquisition price basis). For details, refer to “IV. Portfolio Summary after Acquisition of Two Properties”). ＜Asset type perspective＞ * Applies to Koshigaya Logistics Center OJR shall not only acquire occupied properties such as offices and commercial facilities that have a well-established market reputation, but also properties for which a market appraisal has not yet been established, such as warehouses and distribution facilities, nursing and personal care facilities, training facilities, and limited property rights to land, when it deems that they satisfy the requirements for investment. ＜Method of acquisition of asset perspective＞ * Applies to Shinjuku 5-chome Building (provisional name) The acquisition of properties through projects under development shall be a new means of expanding assets in order to capitalize on the early acquisition of premium properties as well as to benefit from the advantages that come with the strengthening of collaboration with ORIX group companies (ORIX synergy), including ORIX Real Estate Corporation. 3. OJR's first acquisition of warehouse/distribution facilities Taking into account the market environment, and the risks and advantages of the sector as a target for investment, as described below, OJR has decided to acquire the property in the belief that warehouse/distribution facilities may be a promising investment sector. This sector has the potential to reinforce asset value while also enhancing diversification of the portfolio. (1) Warehouse/distribution facilities market and environment The need for new, general-purpose properties with a high level of utility is rising with the increase in moves to restructure distribution networks accompanying the centralization of distribution points and the shift of production centers overseas. Moreover, distribution companies have become wary of owning warehouses/distribution facilities, as they seek to improve asset efficiency and strengthen their finances, and expectations are strong that these properties will be supplied by real estate investment funds. (2) Risks and advantages of warehouses/distribution facilities as an investment target One of the advantages of warehouses/distribution facilities is that long-term, stable earnings can be expected since lease agreements tend to be long term and tenant retention rates high. In a single tenant-lease as in the property acquired on this occasion, the tenant carries out management and repairs, so the burden of administration for operations and management is small in comparison with offices, allowing efficient management. The risks include low market liquidity due to the small scale of the market with a low number of facilities in comparison to offices. In the case of a single tenant-type warehouse/distribution facility, specifications are customized by the user, so it is difficult to attract a replacement tenant when a tenant vacates a property. However, OJR considers that these risks are alleviated in the case of Koshigaya Logistics Center, which it has acquired on this occasion, by such factors as the outstanding location and the high level of the basic specifications noted as follows in 4. 2/12 4. Purpose of the acquisition Based on the goals and principles of asset management set out in the articles of incorporation, OJR has decided to acquire Koshigaya Logistics Center for the reasons set out in “3. OJR's first acquisition of warehouse/distribution facilities,” and it has decided to acquire Shinjuku 5-chome Building with a view to enhancing its portfolio in the Tokyo metropolitan area. OJR particularly appreciates the features of the two properties described below. (1) Koshigaya Logistics Center Location Saitama Prefecture has strong advantages as a strategic point for overland distribution — its advanced expressway network, convenient transport access to the metropolitan area, and the ease of securing employees for light work. These advantages mean that a certain level of demand can be anticipated. Koshigaya City and its vicinity (eastern Saitama), where the property is located, is a major delivery and dispatch point, comparable with the southern part of Saitama Prefecture and northern Tokyo (Adachi-ku and Kita-ku), and it plays an important role in meeting the distribution needs for the metropolitan area. The demand for properties that give access to a large area will remain firm as there is still a brisk trend toward centralizing and integrating distribution points. Property The property allows for delivery and dispatch throughout the metropolitan area via Tokyo Gaikan Expressway and also to the heart of Tokyo on National Route 4. It also enjoys good access to interchanges at Soka, Misato, and Urawa. Located inside a large distribution complex, it provides a good environment for distribution operations and management. Moreover, access from the nearby residential area is good, so the location can be said to be advantageous in terms of labor supply. In addition, it is a newly constructed property, which was completed in January 2006 and is equipped with high-standard basic specifications, including a floor loading of 1,530 kg/m2 and ceiling heights (effective under beams) of 5,500 mm – 6,100 mm. At the same time, adequate truck yards and berths (parking spaces for loading and unloading) have been secured. Thanks to these characteristics, it enjoys the distinct advantage. (2) Shinjuku 5-chome Building Location The eastern exit zone of Shinjuku Station where the property is located has extremely strong customer attraction power, since Shinjuku Station is a major terminus that welcomes over 3 million passengers a day. As one of Tokyo's leading areas of commercial concentration, the zone is lined with large commercial facilities such as major department stores and theaters. Its image as an office area is undeniably relatively weak in comparison with the western exit area of Shinjuku Station. However, in today's strong office market environment, there is a shortage of buildings in the western exit area of Shinjuku Station with its high concentration of business, so demand is tending to flow into the eastern exit zone of Shinjuku Station. OJR considers that high occupancy rates can be anticipated in buildings with relative advantages (such as recent build date) like those seen in this property. Property The property is located in a section of the commercial district lined with shops and offices, just a three-minute walk from Shinjuku 3-chome Station on the Tokyo Metro Marunouchi Line and the Toei Shinjuku Line. It is also within walking distance of JR Shinjuku Station, a prominent transport access point in the city, and there are plans to directly connect the basement floor 2 of the property to Shinjuku 3-chome Station on the Tokyo Metro No. 13 Line, which will open in March 2008, via an underground concourse, giving it outstanding transport convenience. Moreover, amidst a large number of old properties in the competing areas, while the standard floor area is somewhat small at less than 330 m2 (100 tsubo), OJR considers that it will have a strong competitive edge with a high level of specifications that include individual air conditioning, OA floors, and 24-hour security cover as a matter of course. This is in addition to floor loading of 500 kg/m2 (1,000 kg/m2 in some areas) and ceiling heights of 2,600 mm. Another plus is that it is a new property with areas for lease that are largely regular in shape with no columns, making them easy to use.
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