Additional Documentation for Press Release Notice Concerning Acquisition of Assets (4 Properties)

March 15, 2021 Overview of Newly Acquired Property Ⅰ- Office

ACROSS SHINKAWA BUILDING (Additional acquisition 5.67%) • After acquisition, the Investment Corporation's owned share of the building will be 34.5％. • High NOI yield of 6.7%. • High unrealized gain ratio of 50.0%.

• The Property to be acquired is located on Eitai Street, a main road in Tokyo, and it is a 5 minutes’ walk from Kayabacho Station on the Tokyo Metro Tozai Line and Hibiya Line. Hatchobori Station on the Tokyo Metro Hibiya Line and Suitengumae Station on the Tokyo Metro Hanzomon Line are also within walking distance where it can be accessed from multiple railroad lines and stations. It is near Hakozaki Junction on the Metropolitan Expressway as well as Tokyo City Air Terminal, giving the property exceptional accessibility to various destinations by car and to the airport.

• The exterior and entrance are harmonized through a calm design that creates a sense of luxury and the overall building grade, including the materials used, is high for the area. The Kayabacho/Hatchobori/Shinkawa area in which the property is located has many small and mid-sized offices and the acquired property is very competitive compared with these.

＜Section to be acquired＞

14F Residence 13F Location Chuo-ku, Tokyo 12F 11F Total Floor Space 17,817.98㎡ 10F Construction Date June 27, 1994 9F 8F Acquisition Price 500 million yen 7F Office Appraisal Value(as of January 2021) 750 million yen 6F Scheduled Acquisition date March 19, 2021 5F 4F NOI Yield(note) 6.71% 3F

NOI Yield After Depreciation (note) 6.46% 2F Section already owned(28.84%) 1F Retail Section to be acquired(5.67%) (note) NOI Yield = NOI ÷ Acquisition price NOI Yield After Depreciation = (NOI - Depreciation) ÷ Acquisition price NOI is NOI for 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report of each acquired asset, Depreciation is depreciation for 12 months, which we estimated by the depreciation ratio in the straight-line method corresponding to the service life, in the same way as for our existing assets under management © 2021 HEIWA REAL ESTATE REIT, Inc. page. 2 Overview of Newly Acquired Property Ⅱ- Office

KABUTO-CHO UNI-SQUARE • As a result of the Acquisition, the Investment Corporation will own the entire property. (Additional acquisition 41.93%) • The change in property management company to Heiwa Real Estate is intended to improve the property's ability to generate revenue. • Increase in appraisal value due to incremental value • The property to be acquired is located about a 4 minutes’ walk from Kayabacho Station of the Hibiya Line and the Tozai Line of the Tokyo Metro, about a 5 minutes’ walk from Hacchobori Station of the JR Keiyo Line and the Hibiya Line of the Tokyo Metro and about a 13 minutes’ walk from Tokyo Station where several lines intersect, therefore multiple train lines are available. In addition, the property offers excellent access to not only main areas in Tokyo but also wide-ranging areas including other regions by Shinkansen and car, due to proximity to main roads such as Eitai Dori, Showa Dori and the inner Circular Route. • Nihonbashi Kabutocho, where the property to be acquired is located, has been developing as a financial district where the securities industry centered on the Tokyo Stock Exchange, the futures trading industry centered on the Tokyo Commodity Exchange in Nihonbashi Horidomecho, and related companies and industry groups and peripheral industries have collected since early times. Recently, the redevelopment of large buildings has also progressed because the Tokyo Metropolitan government announced policy of developing the area from Otemachi to Nihonbashi Kabutocho as a financial hub by establishing the International Financial City Tokyo vision for a special financial business zone. For this reason, in the Acquisition area, it is possible to anticipate the expansion of new demand and the development of the neighborhood associated with progress in the special business zone projects and redevelopment projects in Kabutocho, in addition to conventional stable office demand.

Location Chuo-ku, Tokyo ＜Benefits of the Acquisition＞

Total Floor Space 4,229.47㎡

Construction Date March 31, 1993

Acquisition Price 1,480 million yen

Appraisal Value (as of February, 2021) (note1) 1,600 million yen

Scheduled Acquisition date March 23, 2021

NOI Yield(note 2) 4.36%

NOI Yield After Depreciation (note 2) 4.10%

(note1) The appraisal value is calculated based on a limited price (a market value is 1,560 million yen) due to the Investment Corporation will own the property in its entirety, restoring the property’s market potential and increasing its economic value. And due to the acquisition, limited price of section already owned increase to 2,380 million yen. (note2) NOI Yield = NOI ÷ Acquisition price NOI Yield After Depreciation = (NOI - Depreciation) ÷ Acquisition price NOI is NOI for 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report of each acquired asset, Depreciation is depreciation for 12 months, which we estimated by the depreciation ratio in the straight-line method corresponding to the service life, in the same way as for our existing assets under management (note3) The figure of section already owned is calculated as of 38th fiscal period. The figures of section to be acquired and entire property after the acquisition are calculated by subtracting the acquisition Price from the appraisal value. © 2021 HEIWA REAL ESTATE REIT, Inc. page. 3 Overview of Newly Acquired Property Ⅲ- Residence

HF HAKATA-HIGASHI RESIDENCE Ⅱ • Large-scale residential property with a total of 110 units, offering excellent access to key areas in Fukuoka City • Track record of stable occupancy and potential to generate revenue, with high NOI yield of 5.5%

• Located an 8-minute walk from Higashi-Hie Station on the Fukuoka City Subway Kuko Line and with Hakata Station one stop (3 minutes) and Tenjin Station fours stops (9 minutes) away from the nearest station, the acquired property has excellent access to the center of Fukuoka City, a major commercial hub. Besides convenient access to Fukuoka City, the property is ideally located for access to other regions of Japan, with good access to Fukuoka Airport and in close proximity to the Fukuoka Urban Expressway Circular Route.

• In terms of the level of facilities provided, co-owned areas are equipped with home delivery boxes and security cameras, while exclusively owned areas are fitted with automatic door locks, TV door phones and other facilities. The property was built to meet high-level requirements of single-person and DINK households, which are the target market, and it is sufficiently competitive compared with neighboring properties.

Location Hakata-ku, Fukuoka City

Total Floor Space 3,653.80㎡

Construction Date February 5, 2006

Acquisition Price 1,198.5 million yen Appraisal Value 1,370 million yen (as of January 2021) Scheduled Acquisition date March 24, 2021

NOI Yield(note) 5.55% NOI Yield After Depreciation 4.73% (note)

(note) NOI Yield = NOI ÷ Acquisition price NOI Yield After Depreciation = (NOI - Depreciation) ÷ Acquisition price NOI is NOI for 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report of each acquired asset, Depreciation is depreciation for 12 months, which we estimated by the depreciation ratio in the straight-line method corresponding to the service life, in the same way as for our existing assets under management © 2021 HEIWA REAL ESTATE REIT, Inc. page. 4 Overview of Newly Acquired Property Ⅳ- Residence

HF FUKUOKA RESIDENCE EAST • Large-scale residential property with a total of 119 units, offering excellent access through Hakata Station • Track record of stable occupancy and potential to generate revenue, with high NOI yield of 6.1%

• Situated an 8-minute walk from Yusu Station on the JR Sasaguri Line and with Hakata Station two stops (8 minutes) away from the nearest station, the property has excellent access to the center of Fukuoka City. Besides convenient access to Fukuoka City, the property is ideally located for access to other regions of Japan, with good access to Fukuoka Airport and in close proximity to the Fukuoka Urban Expressway Circular Route.

• In terms of the level of facilities provided, co-owned areas are equipped with security cameras, while exclusively owned areas are fitted with automatic door locks, TV door phones and other facilities. The property was built to meet the general requirements of single-person and DINK households, which are the target market, and it is sufficiently competitive compared with neighboring properties. The parking lot also meets the need to commute to work by car, providing 86 parking spaces, which is equivalent to 73% of the total number of units.

Location Higashi-ku, Fukuoka City

Total Floor Space 4,283.07㎡

Construction Date January 4, 2007

Acquisition Price 1,180 million yen Appraisal Value 1,440 million yen (as of January 2021) Scheduled Acquisition date March 24, 2021

NOI Yield(note) 6.05% NOI Yield After Depreciation 4.56% (note)

Acquisition

PO PO PO PO Current Period

KABUTO‐CHO UNI-SQUARE

HF SENDAI HF HIGASHI- HF SENDAI HF MINAMI- RESIDENCE SAPPORO ITSUTSUBASHI SUNAMACHI KABUTO‐CHO EAST RESIDENCE RESIDENCE RESIDENCE UNI-SQUARE

ACROSS SHINKAWA BUILDING

MITA HEIWA HF SENDAI HF KUDAN HF HF HF HAKATA- HF MONZEN- HF SENDAI BUILDING HONCHO MINAMI BANSUI-DORI MEIEKI-KITA HIGASHI ARK Mori NAKACHO HONCHO （leasehold land） BUILDING BUILDING RESIDENCE RESIDENCE RESIDENCE Building RESIDENCE RESIDENCE

HF HAKATA-HIGASHI RESIDENCE Ⅱ

SAKAE MINAMI HF NIHONBASHI HF HF SHOKOJI HEIWA HAMACHO KOJIMACHI HF NISHI-KOEN HF KANNAI SENJU HF HACHIOJI SOUTHERN SKY HF MITA AKABANE BUILDING BUILDING BUILDING RESIDENCE RESIDENCE MILDIX II RESIDENCE TOWER HACHIOJI RESIDENCE II RESIDENCE HF FUKUOKA RESIDENCE EAST

KAYABACHO KOBE HF WAKAMATSU- HF KANDA ACROSS HAMACHO KINSHICHO HF SENDAI HF OHORI HEIWA HIROKOJI KYU-KYORYUCHI KAWADA HF SAKURADORI HF UENO OGAWAMACHI NISSO 5 SHINKAWA HF TABATA HF RYOGOKU Itopia Nihonbashi HEIWA SQUARE NAGAMACHI RESIDENCE BUILDING AQUA PLACE HEIWA BUILDING RESIDENCE BUILDING BUILDING BUILDING BUILDING BUILDING RESIDENCE RESIDENCE SA Building BUILDING BUILDING RESIDENCE BAYSIDE TORYO BUILDING

th th 16th 17th 19th 21th 23th 24th 25th 27th 28 29 30th 31th 32th 33th 34th 35th 36th 37th 38th 39th ’09/11 ’10/05 ’11/05 ’12/05 ’13/05 ’13/11 ’14/05 ’15/05 ’15/11 ’16/05 ‘16/11 ‘17/05 ’17/11 ’18/05 ’18/11 ’19/05 ’19/11 ’20/05 ’20/11 ’21/05

HF MITA HEIWA MITA HEIWA HF UMEDA Sannomiya Sanwa Toyo HF Miami 6 Jo Residence Super Hotel SHIBUYA ANWA HF SHIN-YOKOHAMA HF GOTANDA HF AZABUJUBAN HF TAKANAWA KCA Building RESIDENCE Building Osaka Tennoji AX HILLS NAKAMEGURO TSUKASAMACHI BUILDING BUILDING BUILDING BUILDING RESIDENCE RESIDENCE HF Tenjin-Minami Residence BUILDING BUILDING (leasehold land) (leasehold land) TOWER HF TORANOMON Glenpark Ikedayama HF Minami 5 Jo Residence Super Hotel Kyoto ※50% ※50% Karasumagojyo BUILDING quasi-co-ownership quasi-co-ownership Rune Higashiterao Super Hotel HIROKOJI AQUA Sendai Hirose-dori PLACE

Super Hotel HF TENJIN-HIGASHI Saitama Omiya RESIDENCE

Disposition

(Note) Excluding the properties that succeeded by the merger with Japan Shingle-Residence REIT Inc. on October 2,2010

 This material is not a disclosure document, nor is it a report as defined in the Financial Instruments and Exchange Act, Investment Trusts and Investment Corporations Act, public listing regulations of the Tokyo Stock Exchange or other related laws or regulations.

 The contents of this information material contain a statement on future forecasts, but the statement was made based on the judgment by this investment corporation and this fund management company on the basis of the information available on the date of the preparation of this information material. The contents do not guarantee the future performance of this investment corporation, management results, financial contents, etc. In addition, the accuracy and certainty of the contents of this information material are not guaranteed. Please understand in advance that the contents may be revised or abolished without prior notice.

 Because this investment corporation invests in real estate and real estate-related assets whose prices fluctuate due to the economic situation, interest rate trends, demand and supply of investment equities, real estate market conditions, fluctuations in prices of real estate managed and rent revenue, disasters, etc., the market price of the investment equities may fall or the distribution amount may be reduced and the investment corporation may not be able to sell in the price higher than the price when obtained investment securities and, consequently, investors may suffer losses.

 For the purchase of this investment corporation’s investment equities or investment corporation bonds, please contact each securities company. Before your purchase, please read the contents of the pre-contract document (or prospectus), etc. carefully.

 The contents of these materials may not be duplicated or transcribed without prior permission. 15