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English Translation Notice Concerning Acquisition of Assets

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English Translation The following is an English translation of the original Japanese press release and is being provided for informational purposes only. November 8, 2013 To All Concerned Parties REIT Issuer: Japan Rental Housing Investments Inc. 6-16-12 Shinbashi, Minato-ku, Tokyo 105-0004 Toshiya Kuroda, Executive Director (Securities Code: 8986) Asset Manager: Mi-Casa Asset Management Inc. Yutaka Higashino, President and Chief Executive Officer Inquiries: Atsushi Chikamochi, Chief Financial Officer Tel: +81-3-5425-5600 Notice Concerning Acquisition of Assets Japan Rental Housing Investments Inc. (the “Investment Corporation”) hereby announces that it has decided at a meeting of its Board of Directors held earlier today to acquire the following assets (the “Acquisition”). Details are provided below. I. Basic Policy In order to distribute stable profits to investors over the long term, the Investment Corporation will aim for continued growth of the asset size and increase of the portfolio’s quality by (1) acquiring new properties in the Tokyo metropolitan area centering on the 23 wards of Tokyo (over JPY1bn per property as general) as well as new regional top-class properties outside the Tokyo metropolitan area (over JPY1bn per property as general), and (2) selling primarily small (especially properties below JPY500mn) and relatively older properties outside the Tokyo metropolitan area as well as former premium type properties (a former rental housing category of the Investment Corporation whose main users are households with relatively high income) to increase management efficiency. II. Reasons for the Acquisition and Details of the Proposed Acquisition (General Overview) In terms of increasing the portfolio’s quality, the Investment Corporation realized the increase in the average portfolio NOI yield (5.68% for the same period) through efforts including asset replacement of (1) and (2) above, and increase in occupancy rate (average occupancy rate during the 15th fiscal period (ended September 2013): 97.2%) by enhancing operations and reduction of rental expenses. On the other hand, in terms of a continued growth of the asset size, while the asset size had remained almost at the same level as 2010 until the end of the 15th fiscal period, since the Investment Corporation’s investment unit price had been maintained at a level higher than the amount of net assets per unit since the beginning of 2013, Mi-Casa Asset Management Inc. which is the asset manager of Investment Corporation (the “Asset Manager”) has put the resumption of public offerings into view and has committed itself to secure a total of about JPY 20 billion of new properties from the beginning of the year. As a result, in addition to the two properties acquired in October 1 English Translation The following is an English translation of the original Japanese press release and is being provided for informational purposes only. 2013 (total acquisition price of JPY 4.05 billion; Renaissance 21 Hakata and Serenite Koshien), the Investment Corporation is set to be able to secure seven assets scheduled to be acquired (total acquisition price of JPY 19.57 billion). Therefore, after comprehensively considering factors including the fund procurement (capital market and borrowings) environment, the impact on distributions, the impact of the consumption tax hike to be implemented in April 2014, trends in the real estate transaction market, and the capacity to acquire properties following the Acquisition, the Investment Corporation decided to acquire all seven of these properties through fund procurement through a public offering and borrowings. Furthermore, the Investment Corporation will continue to focus on the acquisition of new properties as it believes that it will have the capacity to additionally acquire properties to an extent after the Acquisition with cash on hand and borrowings. (Reason for the Acquisition) All of the assets scheduled for acquisition will be acquired through the Asset Manager’s own route from several sellers without any mediation. As a result, scheduled acquisition prices of the assets scheduled for acquisition are 89.7% to 97.4% (average of 94.3% for the seven properties) of their respective appraisal values. Therefore, considering also profitability, location, diversification effect on the portfolio, building age and overall quality of the properties, the Investment Corporation determined that the properties would contribute to increasing the portfolio’s quality and maintaining mid- to long-term competitiveness and decided on the Acquisition as it is in accordance with the basic policy of the Investment Corporation stated above. The reasons for acquiring each property is as stated below. (Furthermore, five of the properties (properties scheduled for acquisition excluding The Residence Honmoku Yokohama Bayside and Cresidence Sapporo Minami4jo) are acquisitions from bridge funds. For details please see the press releases “Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)” dated June 25 and September 4.) F-4-065 The Residence Honmoku Yokohama Bayside ・High-quality large family-type apartment with for-sale units located in Honmoku, a popular residential area, that is convenient for living as it is near a large commercial facility (located in Honmoku area approx. 10-minute ride by bus from Motomachi-Chukagai Station on the Minatomirai Line; 159 units total (1LDK: seven units; 2LDK: 33 units; 3LDK: 75 units; 4LDK; 37 units; Shops: seven units)) ・Average occupancy rate: 94.8% (most recent year) ・Completed 2008; scheduled to be acquired at JPY 5,550mn, 97.4% of its appraisal value of JPY 5,700mn (no brokerage) O-1-132 Cresidence Sapporo Minami4jo ・Apartment for single persons; convenient as central Sapporo is within walking distance (approx. four-minute walk from Hosui-Susukino Station on the Toho subway line and approx. five-minute walk from Odori Station on the Tozai, Namboku and Toho subway lines; 99 units total (1K: 42 units; 1LDK: 28 units; 2LDK: 28 units; Shops: 1 unit)) ・Average occupancy rate: 98.8% (most recent year) ・Completed 2007; scheduled to be acquired at JPY 1,140mn, 96.6% of its appraisal value of JPY 1,180mn (no brokerage) 2 English Translation The following is an English translation of the original Japanese press release and is being provided for informational purposes only. F-4-066 Lietocourt Asakusabashi (acquisition from the Bridge Fund) ・High-quality property built by major developer; wide range of rental demand expected from single persons to families (approx. four-minute walk from Asakusa Station on the JR Sobu Line and Asakusa subway line; 49 units total (1LDK: 23 units; 2LDK: 20 units; 3LDK: 6 units)) ・Average occupancy rate: 97% (most recent year) (continuously maintains occupancy of 95% or more) ・Completed 2005; scheduled to be acquired at JPY 1,615.8mn, 92.3% of its appraisal value of JPY 1,750mn (no brokerage) F-5-067 Lietocourt Marunouchi (acquisition from the Bridge Fund) ・Family-type apartment with for-sale units centering on 3LDK; located in business and commercial area of central Nagoya; developed by major developer (approx. three-minute walk from Marunouchi Station on the Sakura-dori subway line; 120 units total (2LDK: 13 units; 2SLDK: 12 units, 3LDK: 72 units; 4LDK: 23 units)) ・Average occupancy rate: 85.8% (most recent year) ・Completed 2005; scheduled to be acquired at JPY 3,756.8mn, 89.6% of its appraisal value of JPY 4,190mn (no brokerage from bridge fund incorporation) O-4-133 Lietocourt Yotsuya (acquisition from the Bridge Fund) ・Convenient high-grade apartment in quiet residential area of central Tokyo; wide demand ranging from single persons to DINKs (approx. six-minute walk from Yotsuya-sanchome Station on the Marunouchi subway line; 49 units total (1DK: 16 units; 1LDK: 7 units; 1LDK/S: 9 units; 2LDK: 16 units; 3LDK: 1 unit)) ・Average occupancy rate: 92.6% (most recent year) ・Completed 2006; scheduled to be acquired at JPY 1,716.8mn, 90.8% of its appraisal value of JPY 1,890mn (no brokerage from bridge fund incorporation) O-4-134 Lietocourt Motoakasaka (acquisition from the Bridge Fund) ・Apartment near the Akasaka Detached Palace away from the hustle and bustle in other parts of central Tokyo; convenient, high-grade and targets single persons (approx. six-minute walk from Akasaka-mitsuke Station on the Ginza subway line; 49 units total (1DK: 16 units; 1LDK: 7 units; 1LDK/S: 9 units; 2LDK: 16 units; 3LDK: 1 unit)) ・Average occupancy rate: 93.4% (most recent year) ・Completed 2006; Scheduled to be acquired at JPY 1,095.7mn, 90.6% of its appraisal value of JPY 1,210mn (no brokerage from bridge fund incorporation) O-9-135 Granpark Tenjin (acquisition from the Bridge Fund) ・Large apartment located in Tenjin, almost at the center of Fukuoka City; convenient for transportation and living; wide demand from single persons to DINKs expected (approx. seven-minute walk from Tenjin Station on the subway line; 341 units (1R: 56 units; 1K: 42 units; 1DK: 14 units; 1LDK: 80 units; 2K: 14 units; 2LDK: 126 units; Shops: 9 units)) ・Average occupancy rate: 92.6% (most recent year) ・Completed 2005; scheduled to be acquired at JPY4,698mn, 97.3% of its appraisal value of JPY4,830mn (no brokerage from bridge fund incorporation) 3 English Translation The following is an English translation of the original Japanese press release and is being provided for informational purposes only. With the Acquisition announced today, the total asset size is expected to reach approximately JPY 179.9 billion (acquisition
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