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December 24, 2013 for Immediate Release Real Estate Investment

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December 24, 2013 for Immediate Release Real Estate Investment December 24, 2013 For Immediate Release Real Estate Investment Trust Securities Issuer: Comforia Residential REIT, Inc 1-16-3 Dogenzaka, Shibuya-ku, Tokyo Hiroyuki Tohmata, Executive Director (Code: 3282) Asset Management Company: TLC Comforia Investment Management INC. Hiroyuki Tohmata, President & CEO Inquires: Nobuhide Kashiwagi, Director, General Manager of Finance & Accounting department (TEL: +81-3-6415-6200) Notice Concerning Acquisition of Investment Asset (COMFORIA SUMIDA-TACHIBANA) Comforia Residential REIT, Inc (“Investment Corporation”) announces its decision to acquire the investment asset (COMFORIA SUMIDA-TACHIBANA) as shown below. 1．Summary of Acquisition Acquisition Price Type of Asset Property Name (thousand yen) (Note 2) Beneficial Interest in COMFORIA SUMIDA-TACHIBANA 1 938,000 Real Estate Trust (GLOBE TACHIBANAⅡ) (Note 1) (Note 1) Although the current property name is GLOBE TACHIBANAⅡ, the Investment Corporation plans to change the name to COMFORIA SUMIDA-TACHIBANA about one month after the acquisition. The current property name will be omitted hereinafter. (Note 2) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of the concerned asset, etc. (taxes and public dues, etc.) (specified in the Agreement on Purchase and Sale of Beneficial Interest in Real Estate Trust, etc). (1) Date of Agreement December 24, 2013 (2) Date of Acquisition December 27, 2013 (3) Seller Refer to “3. Summary of the Seller” (4) Financing for acquisition Borrowed funds (Note). (5) Method of payment Full payment at the time of delivery (Note) Refer to the “Notice Concerning Borrowing of Funds” released today, for the borrowed funds. 2. Summary of the Property Property Name COMFORIA SUMIDA-TACHIBANA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust Mizuho Trust & Banking Co., Ltd. Expiration Date of Beneficial Trust Contract December 26, 2028 (Planned) Location (Residential address) (Note 1) 5-18-5 Tachibana, Sumida-ku, Tokyo Area (Note 1, 10) 884.62 ㎡ Land Type of Ownership Ownership Building Completion Date (Note 1) September, 2007 - 1 - Structure / Number of Floors (Main building) RC / 8F (Note 1) (Sub building) RC / 1F Gross Floor Area (Note 1) 1,888.25 ㎡ Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 56 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (Planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (Planned) Collateral None This property met the application requirements of urban planning at the time it was constructed, but following an urban planning review (absolute height limit Special affairs (Note 4) of the building) on March 31, 2010, it became an existing non-conforming building. This property is a rental residence principally comprising single-type rooms as well as compact-type rooms located a 6-minute walk from Omurai Station on the Tobu Kameido Line. Taking approximately 25 minutes to Otemachi Station and approximately 24 minutes to Mitsukoshimae Station (Both stations can be reached by changing to Tobu Isesaki Line at Hikifune Station), it has good Features of the Property access to major business and commercial zones. This area is convenient with supermarkets, convenience stores, eating and drinking establishments, etc. in the surroundings. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company DAIWA REAL ESTATE APPRAISAL CO.,LTD. Appraisal Date October 31, 2013 Appraisal Value 977,000 thousand yen Direct Capitalization Price 987,000 thousand yen Cap Rate 5.2% DCF Price 972,000 thousand yen Discount Rate 5.0% Terminal Cap Rate 5.4% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,708.15 m2 Rented Area 1,550.72 m2 Occupancy Rate 90.8% Rentable Units 56 Units Rented Units 51 Units Total Number of Tenants 1 Total Monthly Rent 4,770 thousand yen Deposits, guarantees 4,517 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date September, 2013 Estimated Amount 320 thousand yen of Emergency Repair Expenses Estimated Amount 790 thousand yen of Short-Term Repaid Expenses Estimated Amount 29,010 thousand yen of Long-Term Repaid Expenses Replacement Value 421,200 thousand yen Summary of the Earthquake Risk Analysis (Note 8) - 2 - PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 3.93% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K.GUY PLANNING Contractor K.K.TOYODA KOGYO Building Permit Agency Bureau Veritas Japan Co., Ltd. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc. (Note 1) “Location” is based on the residential address. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area” and “Use” of “Building” are based on information in the real estate registry, and may not necessarily be identical with the actual figures. “Gross Floor Area” of “Building” denotes the area of the entire building (excepting annexes). (Note 2) “Property Management Company” is the company that provides a property management service for each property. (Note 3) “Master Leasing Company” is the lessee that concluded a master lease agreement with the titleholder of each property. (Note 4) “Special affairs” are matters recognized as important as of October 31, 2013, regarding the right and use, etc. of the asset, as well as consideration of the degree of impact on the appraised value, profitability, and appropriation. They include the following matters: i Significant limitation or restriction by laws, ordinances, rules and regulations ii Significant burdens or limitations on rights, etc. iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases where there are issues with boundary confirmation, etc., and related arrangements, etc. iv Significant agreements, arrangements, etc. made with co-owners / sectional owners. (Note 5) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were prepared by DAIWA REAL ESTATE APPRAISAL CO.,LTD., based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts and Investment Corporations, Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility of transactions at the appraised value. (Note 6) Explanation of “Summary of Rental Status” i “Rentable Area” is the total rentable floor area of residences. of the asset (if the common area, etc. is leased, the concerned area is also included). The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the real estate registry. ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited to the floor area of residences. [when all units are leased in bulk, the floor area of the entire leased units] and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant. Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent of Master Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease Agreement is referred to as “Pass-through type Master Lease Agreement”). iii “Occupancy Rate” is the rate of rented area to rentable area. iv “Rentable Units” is the number of rentable units. v “Rented Units” is the number of rented units that is actually leased and a lease agreement is executed with the end-tenant. vi “Total Number of Tenants” is the number of tenants with which the Investment Corporation or Trustee of Beneficial Trust has a direct rental contract relationship. Therefore, when the Investment Corporation or Trustee of Beneficial Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the sublease agreements are excluded. Further, even if the acquired property is leased by the Master Leasing Company, if there are end-tenants who do not accept the master leasing, the end-tenants and the Investment Corporation or Trustee of Beneficial Trust have a direct rental contract relationship. In those cases, however, the end-tenants in question are not included in the Total Number of Tenants either. vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the total monthly rent, as of the last day of October 31, 2013 (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room) stated in the lease agreement executed by the Master Leasing Company, or the owner of each real estate or Beneficial Interest in Real Estate Trust with end-tenants. Amounts are rounded down to the nearest thousand yen. Consumption tax and other taxes are excluded. viii “Security Deposit” is the total amount of security deposit, as of the last day of October 31, 2013, based on lease agreements executed with the end-tenants, rounded down to the nearest thousand yen. However, if a Security Deposit does not need to be repaid based on special policy conditions such as the redemption of the deposit in a lease agreement, the amount of the Security Deposit is excluded.
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