February 16, 2018 For Immediate Release Real Estate Investment … · 2018. 7. 10. · securities registration statement submitted on January 11, 2018. Since XYMAX Corporation, one

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Disclaimer: ThispressreleaseisanannouncementconcerningacquisitionofassetsbyXYMAXREITandwasnotpreparedforthepurposeofsolicitinginvestment.

February16,2018ForImmediateRelease

RealEstateInvestmentTrustSecuritiesIssuer1‐1‐1Akasaka,Minato‐ku,TokyoXYMAXREITInvestmentCorporationRepresentative: NobuhitoInatsuki,ExecutiveDirector

(SecuritiesCode:3488)AssetManagementCompany

XYMAXREALESTATEINVESTMENTADVISORSCorporationRepresentative: NobuhitoInatsuki,RepresentativeDirectorContact: RieYamaguchi

BusinessAdministrationDivisionTEL: +81‐3‐5544‐6880

NoticeConcerningCompletionofAcquisitionofTrustBeneficiaryInterestsinDomesticRealEstate

XYMAX REIT Investment Corporation (hereinafter, “XYMAX REIT”) announces that it completed todayacquisitionoftrustbeneficiaryinterestsinrealestate(hereinafter,the“AcquiredAssets”)describedinthesecuritiesregistrationstatementsubmittedonJanuary11,2018.

SinceXYMAXCorporation,oneofthesellersoftheAcquiredAssets,fallsunderthecategoryofinterestedpersons,etc.definedintheActonInvestmentTrustsandInvestmentCorporations(ActNo.198of1951,as amended; hereinafter, the “Investment Trusts Act”), the asset management company XYMAX REALESTATE INVESTMENT ADVISORS Corporation (hereinafter, the “Asset Management Company”) hasobtainedconsentofXYMAXREITbasedontheapprovalattheXYMAXREIT’sBoardofDirectorsmeetingheldonDecember19,2017,pursuanttotheInvestmentTrustsAct.Inaddition,sinceXYMAXCorporation,KerspropertySpecialPurposeCompanyand IridiumTokuteiMokutekiKaisha among thesellersof theAcquired Assets fall under the category of interested persons defined in the REIT Regulations onTransactionswith Interested Persons, the internal rules of the AssetManagement Company, the AssetManagement Company has completed the decision‐making procedures stipulated in the said REITRegulationsonTransactionswithInterestedPersons.

1. OverviewoftheAcquisition

Classification Assetno(Note1) Assetname Location

Acquisitionprice(millionyen)(Note2)

Office

OF‐01 XYMAXNishi‐ShimbashiBuilding Minato‐ku,Tokyo 2,500

OF‐02 XYMAXIwamotochoBuilding Chiyoda‐ku,Tokyo 4,250

OF‐03 XYMAXShinjuku‐GyoenBuilding Shinjuku‐ku,Tokyo 5,020

OF‐04 XYMAXKamiyachoBuilding Minato‐ku,Tokyo 880

OF‐05 XYMAXHigashi‐AzabuBuilding Minato‐ku,Tokyo 1,550

OF‐06 XYMAXHigashi‐UenoBuilding Taito‐ku,Tokyo 1,150

OF‐07 XYMAXHachiojiBuilding Hachioji‐shi,Tokyo 2,600

Retail

RT‐01 MuzaKawasaki Kawasaki‐shi,Kanagawa 4,100

RT‐02 LifeKawasakiMiyukiStore Kawasaki‐shi,Kanagawa 790

RT‐03 VitaSeiseki‐Sakuragaoka Tama‐shi,Tokyo 3,100

Hotel HT‐01 HotelVistaSendai Sendai‐shi,Miyagi 4,400

Other OT‐01 Renaissance21Chihaya Fukuoka‐shi,Fukuoka 2,700Total(12properties) ‐ 33,040

(Note1) “Assetno.” isthecodeandnumberassignedtotheportfolioassetsofXYMAXREITbypropertyaccordingtoeachtypeofuse.Thecode“OF”representsofficeproperties,“RT”representsretailproperties,“HT”representshotelpropertiesand“OT”representsotherproperties.

(Note2) “Acquisition price” is the amount of the sale and purchase price of real estate, etc. stated in the trustbeneficiaryrightsaleandpurchasecontract(hereinafter,the“SaleandPurchaseContract”)foreachportfolio

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asset (not including consumption tax and local consumption tax or brokerage fees and other expenses),roundeddowntothenearestmillionyen.

(1) DateofSaleandPurchaseContract December21,2017andJanuary9,2018(Note1)(2) AcquisitionDate February16,2018(Dateofdeliveryandsettlement)(3) Sellers Pleasereferto“3.OverviewofSellers”laterinthis

document(4) AcquisitionFunds Proceedsfromtheissuanceofnewinvestmentunits

resolvedatXYMAXREIT’sBoardofDirectorsmeeting heldofJanuary11,2018andFebruary6,2018and borrowings(Note2)

(5) Settlementmethod Fullpaymentupondelivery(Note1) Out of the 12 Acquired Assets, Date of Sale and Purchase Contract for the 9 properties

excludingXYMAXIwamotochoBuilding,XYMAXShinjuku‐GyoenBuildingandMuzaKawasakiisDecember21, 2017.Date of Sale andPurchaseContract forXYMAX IwamotochoBuilding,XYMAXShinjuku‐GyoenBuildingandMuzaKawasakiisJanuary9,2018.

(Note2) Fordetailsoftheborrowings,pleasereferto“NoticeConcerningExecutionofDebtFinancingandConclusionofInterestRateSwapAgreement”seperatelyannouncedtoday.

2. DetailsoftheAcquiredAssets

The tables below show an overview of each Acquired Asset (hereinafter, the “Individual PropertyTables”). A glossary of the terms used in the Individual Property Tables is provided below to bereferredtoalongwiththeIndividualPropertyTables.

(a) Aboutthe“Category”field

· “Category” indicates one of the categories (office, retail, hotel and other) of investments

targetedbyXYMAXREIT.

(b) Aboutthe“OverviewoftheSpecifiedAsset”field

· “AcquisitionDate”indicatesthedateofacquisitionofeachtrustbeneficiaryinterest(however,

forHotel Vista Sendai, includes sale and purchase ofmovable property associatedwith the

hotel)statedintheSaleandPurchaseContractoftheAcquiredAssets.

· “Type of Specified Asset” indicates the type of the real estate, etc. as a specified asset and

assetsassociatedwithorrelatedtosuch.

· “Acquisition Price” indicates the sale and purchase price stated in the Sale and Purchase

Contract (not including consumption tax and local consumption tax or brokerage fees and

otherexpenses),roundeddowntothenearestmillionyen.

· “Appraisal Value (appraisal date)” indicates the appraisal value stated in the real estate

appraisalreportforeachAcquiredAssetwhichwasobtainedfromJapanRealEstateInstitute,

TanizawaSogoAppraisalCo.,Ltd.andDaiwaRealEstateAppraisalCo.,Ltd.

· “Location(residentialaddress)”indicatestheresidentialaddress,inprinciple.

· “Transportation” indicates the time requiredwhenwalking from the nearest station at the

speed of 80m/minute calculated by the Asset Management Company (amounts below the

specifiedunitareroundedup),orthetimestatedintherealestateappraisalreportorinthe

engineeringreport.Regardlessof theabove,however, it indicates“directlyconnected to the

nearest station” if the property is connected to the nearest station by a pedestrian deck,

undergroundpassageorthelike.

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· “LotNumber”forlandindicatesthelocationofthebuildingstatedintheregistry(whenthere

ismorethanonebuilding,locationofoneofthem).

· “Building Coverage Ratio” for land, in principle, indicates the upper limit of the building

coverage ratio (designated building coverage ratio) (all ratios if there is more than one)

determinedbyCityPlanninginaccordancewiththelandusedistrict,etc.fortheratioofthe

construction area of the structure to the site area, as set forth inArticle 53 of theBuilding

Standards Act (Act No. 201 of 1950, as amended; the same applies hereinafter). The

designatedbuildingcoverageratiomaybeeased/raisedorloweredduetoreasonssuchasthe

buildingbeingafire‐resistantbuildingwithinafirepreventionarea,andthusmaydifferfrom

theactualratioapplied.

· “Floor‐area ratio” for land indicates the upper limit of the floor‐area ratio (designated

floor‐area ratio) (all ratios if there is more than one) determined by City Planning in

accordancewiththelandusedistrict,etc.fortheratioofthetotalareaofthebuildingtothe

site area, as set forth inArticle 52of theBuilding StandardsAct. Thedesignated floor‐area

ratiomaybeeased/raisedorloweredduetoreasonssuchasthewidthofaroadconnectedto

thesite,andthusmaydifferfromtheactualratioapplied.

· “LandUseDistrict” for land indicates the typeof landusedistrict (all types if there ismore

thanone)listedinArticle8,Paragraph1,Item1oftheCityPlanningAct(ActNo.100of1968;

asamended)(“CityPlanningAct”).

· “SiteArea”forlandisbasedonthedescriptionintheregistry(includesareaofleasedlandif

any)andmaydifferfromthepresentstate.ForMuzaKawasakiandVitaSeiseki‐Sakuragaoka,

areascorrespondingtotheownershipratios(respectively6.9%and49.6%,roundeddownto

onedecimalplace)areindicated.

· “TypeofOwnership”forlandandbuildingindicatesthetypeofrightheldbyXYMAXREIT.

· “ConstructionDate”indicatesthedateofnewconstructionofthemainbuildingstatedinthe

registry.

· “Structure/NumberofFloors”forbuildingisbasedonthedescriptionintheregistryregarding

themainbuilding.

· “TotalFloorArea” forbuilding isbasedon thedescription in theregistryand includes floor

areas of ancillary buildings. For Muza Kawasaki and Vita Seiseki‐Sakuragaoka, figures

equivalenttothetotalareasofbuildingsbasedontheregistryoflotswhicharesubjecttothe

trustbeneficiaryinterestsacquiredbyXYMAXREIT(forMuzaKawasaki,buildingswithhouse

numbers 1310‐6, 1310‐7, 1310‐8, 1310‐9, 1310‐10, 1310‐11, 1310‐12, 1310‐16, 1310‐41,

1310‐44,1310‐45,1310‐47,1310‐48,1310‐50and1310‐51;andforVitaSeiseki‐Sakuragaoka,

buildingswithhousenumbersof72‐1,72‐2,72‐3,72‐4,72‐5and72‐7)(however,forlotsthat

are co‐owned (house numbers 72‐3 and 72‐7) among the subject lots of Vita

Seiseki‐Sakuragaoka,areasmultipliedbytherespectiveownershipratios(937,995/1,000,000

and591,485/1,000,000))areindicated,roundedtotwodecimalplaces.

· “Architect” and “Builder” for building indicate the relevant company names at the time of

designingorconstructionofthemainbuilding.

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· “Leased Area” indicates the total leased area based on the lease contract and the building

drawing,etc.attachedtotheleasecontractforeachrealestateintrustasofOctober31,2017.

InthecaseamasterleasecontracthasbeenconcludedforcertainAcquiredAsset,LeasedArea

shouldbethetotalleasedareaunderrespectiveleasecontractwiththeendtenants,rounded

totwodecimalplaces.However,theareastatedintheleasecontractconcludedwiththeML

Company, rounded to two decimal places, is indicated as leased area for Vita

Seiseki‐Sakuragaoka.

· “LeasableArea” indicates the total leasedareabasedon the lease contract and thebuilding

drawing,etc.attachedtotheleasecontractforeachrealestateintrustasofOctober31,2017

andtheareabasedonthebuildingdrawing,etc.ofvacantspaces.

· “OccupancyRate”indicatestheratioofleasedareatoleasableareaforeachAcquiredAssetas

ofOctober31,2017,roundedtoonedecimalplace.

· “MainTenant”indicatesthetenantwiththelargestleasedareaamongthelesseesleasingthe

propertyfromXYMAXREITorthetrustee,basedonaleasecontracteffectiveasofOctober31,

2017. However, this does not apply to residential properties. In the case a master lease

contracthasbeenconcludedfortheAcquiredAssets,thenameoftheendtenantisindicated

forpropertieswithapass‐throughtypemasterleasecontract.Incaseafixed‐renttypemaster

leasecontracthasbeenconcludedwithXYMAXREITor the trustee, thenameof themaster

leasecompanyinthecontractisindicated.

· ”ML company,” “PM Company” and “Trustee” indicate the master lease company, property

managementcompanyand trusteeof theAcquiredAsset. “TypeofML” indicates the typeof

masterleasefortheAcquiredAsset(pass‐throughtype,fixed‐renttypeorvariable‐renttype).

· “Notes”indicatesmattersconsideredmaterialinlightoftheirimpactonthevaluationamount,

profitability, and disposability of the property, as well as matters considered material in

relationtotherightrelationsanduse,etc.oftheAcquiredAsset.

(c) About“OverviewofLeasing”

· “NumberofTenants”indicatesthetotalofthenumberoftenants(thenumberofend‐tenants

ifapass‐throughtypemasterleasecontracthasbeenconcluded)pertainingtotherealestate

intrustbasedontheleasecontractconcludedforeachrealestate intrustasofOctober31,

2017.

· “AnnualRentRevenue”indicatesthetotalamountoftheannualrentincludingcommonarea

maintenancefeesspecifiedintheleasecontract(ifonlymonthlyrentisspecified,theannual

rent calculated in accordance with the rule in the lease contract) concluded for each real

estateintrustasofOctober31,2017,roundeddowntothenearestmillionyen.

· “Security Deposit/Guarantee” indicates the total amount of security deposit and guarantee

specifiedintheleasecontractasofOctober31,2017fortenantswhohavealreadymovedin,

roundeddowntothenearestmillionyen.Incaseamasterleasecontracthasbeenconcluded

for the Acquired Assets and the amount of security deposit is set equivalent to the total

amount of security deposit, guarantee and others specified in the lease contract concluded

withtheend‐tenant,thetotalamountroundeddowntothenearestmillionyenisindicated.

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XYMAXNishi‐ShimbashiBuilding Category Office

OverviewoftheSpecifiedAssetAcquisitionDate February16,2018 TypeofSpecifiedAsset TrustbeneficiaryrightAcquisitionPrice 2,500millionyen AppraisalValue

(appraisaldate)3,070millionyen(November30,2017)

Location (residentialaddress)

2‐6‐2Nishi‐Shimbashi,Minato‐ku,Tokyo

Transportation 3‐minutewalkfromUchisaiwaichoStationontheToeisubwayMitaLine6‐minutewalkfromShimbashiStationontheJRlineandTokyoMetroGinzaLine,etc.

Land Lotnumber 2‐10‐16Nishi‐Shimbashi, Minato‐ku,Tokyo,andother

Building ConstructionDate

August22,2000

Buildingcoverageratio

80% Structure/NumberofFloors

Reinforcedconcretestructurewithflatroof9F

Floor‐arearatio

700% TotalFloorArea

2,517.50m2

LandUseDistrict

Commercialdistrict Architect RUISEKKEISHITSUCo.,Ltd.

SiteArea 402.53m2 Builder FujikiKomutenCo.,Ltd.TypeofOwnership

Ownership TypeofOwnership

Ownership

LeasableArea 1,897.75m2 OccupancyRate 100.0%LeasedArea 1,897.75m2 MainTenant SUNSASCorp.MLCompany ‐ TypeofMasterLease ‐PMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate

September24,2004 TrustExpirationDate February29,2028

Notes:There is a2‐meter setback from the center lineof the roadon the south sideof theproperty.However, the siteareaincludesthesetbackportion(33.96m2).

OverviewofLeasing

NumberofTenants 8AnnualRentRevenue 144millionyen SecurityDeposit/Guarantee

105millionyen

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XYMAXIwamotochoBuilding Category Office


(appraisaldate) 5,240millionyen(November30,2017)


2‐3‐3Iwamotocho,Chiyoda‐ku,Tokyo

Transportation 3‐minutewalkfromIwamotochoStationontheToeisubwayShinjukuLine Land Lotnumber 2‐175‐2Iwamotocho,Chiyoda‐ku,

Tokyo Building Construction

DateMarch22,2001



Steel‐framedreinforcedconcretestructurewithflatroofB1F/9F

Floor‐arearatio

800%,600% TotalFloorArea

6,261.06m2

LandUseDistrict

Commercialdistrict Architect NikkenSekkeiLtd.

SiteArea 864.83m2 Builder Kumagai‐SumitomoConstructionConsortium

TypeofOwnership


Ownership

LeasableArea 4,152.30m2 OccupancyRate 98.4%LeasedArea 4,084.23m2 MainTenant SakaiChemicalIndustryCo.,Ltd. MLCompany GodoKaishaML2 TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate


Notes:None

OverviewofLeasing

NumberofTenants 13AnnualRentRevenue 243 millionyenSecurityDeposit/Guarantee

173 millionyen

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XYMAXShinjuku‐GyoenBuilding Category Office




1‐1‐11Shinjuku,Shinjuku‐ku,Tokyo

Transportation 2‐munitewalkfromShinjuku‐gyoemmaeStationontheTokyoMetroMarunouchiLine Land Lotnumber 1‐1‐7Shinjuku,Shinjuku‐ku,and

other Building Construction

DateFebruary28,2001




Floor‐arearatio

700% TotalFloorArea

6,084.32m2

LandUseDistrict

Commercialdistrict Architect UAssociatesCo.,Ltd.

SiteArea 839.09m2 Builder Kajima‐OrientalConstructionConsortium

TypeofOwnership


Ownership

LeasableArea 4,792.13m2 OccupancyRate 100.0%LeasedArea 4,792.13m2 MainTenant NoharaHoldings,Inc.MLCompany GodoKaishaML2 TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate


Notes:None

OverviewofLeasingNumberofTenants 6AnnualRentRevenue 299 millionyenSecurityDeposit/Guarantee

223 millionyen

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XYMAXKamiyachoBuilding Category Office

OverviewoftheSpecifiedAssetAcquisitionDate February16,2018 TypeofSpecifiedAsset TrustbeneficiaryrightAcquisitionPrice 880millionyen AppraisalValue



5‐12‐13Toranomon,Minato‐ku,Tokyo

Transportation 1‐minutewalkfromKamiyachoStationontheTokyoMetroHibiyaLine Land Lotnumber 5‐13‐1Toranomon,Minato‐ku,

Tokyo,andother Building Construction

DateApril30,1991



Steel‐constructionwithflatroof 8F

Floor‐arearatio

600% TotalFloorArea

1,356.51m2

LandUseDistrict

Commercialdistrict Architect HASEKOCorporation

SiteArea 228.83m2 Builder HASEKOCorporationTypeofOwnership


Ownership

LeasableArea 1,205.29m2 OccupancyRate 100.0%LeasedArea 1,205.29m2 MainTenant IPCInformationSystemsJapanK.K.MLCompany XYMAXALPHACorporation TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate


Notes:None

OverviewofLeasing

NumberofTenants 8AnnualRentRevenue 65millionyenSecurityDeposit/Guarantee

41millionyen

9


XYMAXHigashi‐AzabuBuilding Category Office




1‐5‐2Higashi‐Azabu,Minato‐ku,Tokyo

Transportation 5‐minutewalkfromAkabanebashiStationontheToeiSubwayOedoLine 7‐minutewalkfromKamiyachoStationontheTokyoMetroHibiyaLine

Land Lotnumber 1‐5‐11Higashi‐Azabu,Minato‐ku,Tokyo


November30,1999




Floor‐arearatio

600% TotalFloorArea

2,570.13m2

LandUseDistrict

Commercialdistrict Architect TokyoBranchofTOZAIKENCHIKUSERVICECO.,LTD.

SiteArea 365.05m2 Builder KantoBranchofMaedaCorporationTypeofOwnership


Ownership

LeasableArea 2,016.00m2 OccupancyRate 100.0%LeasedArea 2,016.00m2 MainTenant ZUNOCo.,Ltd. MLCompany XYMAXALPHACorporation TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate


Notes:None

OverviewofLeasingNumberofTenants 5AnnualRentRevenue 99millionyenSecurityDeposit/Guarantee

83millionyen

10


XYMAXHigashi‐UenoBuilding Category Office




1‐11‐4Higashi‐Ueno,Taito‐ku,Tokyo

Transportation 3‐minutewalkfromNaka‐okachimachiStationontheTokyoMetroHibiyaLine4‐minutewalkfromOkachimachiStationontheJRline

Land Lotnumber 1‐22‐9Higashi‐Ueno,Taito‐ku,Tokyo,andother


April9,1999



Steel‐framedreinforcedconcretestructurewithflatroof8F

Floor‐arearatio


1,942.54m2

LandUseDistrict

Commercialdistrict Architect Architect5Partnership

SiteArea(Note)

368.84m2 Builder TokyoBranchofKajimaCorporation

TypeofOwnership


Ownership

LeasableArea 1,735.34m2 OccupancyRate 100.0%LeasedArea 1,735.34m2 MainTenant CanonSystem&SupportInc.MLCompany XYMAXALPHACorporation TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate


Notes:None(Note)Thesiteareaincludesaportionofprivateroadburden(48.62m2).


61millionyen

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XYMAXHachiojiBuilding Category Office




25‐6Yokoyamacho,Hachioji‐shi,Tokyo

Transportation 4‐minutewalkfromKeio‐hachiojiStationontheKeioLine5‐minutewalkfromJRHachiojiStation

Land Lotnumber 3‐2Yokoyamacho,Hachioji‐shi,Tokyo,andother


January26,1993



Steel‐framedreinforcedconcrete/Steel‐constructionwithflatroofB1F/9F

Floor‐arearatio

600% TotalFloorArea

7,404.81m2

LandUseDistrict

Commercialdistrict Architect NIHONSEKKEIInc.

SiteArea 1,220.58m2 Builder MATSUMURA‐GUMICorporationTypeofOwnership


Ownership

LeasableArea 5,556.03m2 OccupancyRate 89.0%LeasedArea 4,944.13m2 MainTenant KaoGroupCustomerMarketingCo.,

Ltd.MLCompany GodoKaishaML1 TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee MitsubishiUFJTrustandBanking

CorporationTrustEstablishmentDate

March9,2001 TrustExpirationDate February29,2028

Notes:None


137millionyen

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MuzaKawasaki Category Retail




1310Omiyacho,Saiwai‐ku,Kawasaki‐shi,Kanagawa

Transportation DirectlyconnectedtoJRKawasakiStationLand Lotnumber 1310Omiyacho,Saiwai‐ku,

Kawasaki‐shi,KanagawaBuilding Construction

DateJanuary7,2004



Steel‐framed/Steel‐framedreinforcedconcretestructurewithflatroof/stainlesssteelplateroofingB2F/27F

Floor‐arearatio


3,671.09m2

LandUseDistrict

Commercialdistrict Architect KanagawaAreaBranchofUrbanDevelopmentCorporation

SiteArea 742.44m2 Builder Shimizu‐Taisei‐AndoConstructionConsortium

TypeofOwnership

Co‐ownershipinterestinownershipright(ratioofrightofsite:6.9%)

TypeofOwnership

Sectionalownership

LeasableArea 3,703.87m2 OccupancyRate 100.0%LeasedArea 3,703.87m2 MainTenant B&DCo.,Ltd. MLCompany XYMAXALPHACorporation TypeofMasterLease Pass‐throughtypePMCompany XYMAXALPHACorporation Trustee SumitomoMitsuiTrustBank,Ltd.TrustEstablishmentDate

May31,2013 TrustExpirationDate February29,2028

Notes:None

OverviewofLeasing

NumberofTenants 17AnnualRentIncome 276 millionyenSecurityDeposit/Guarantee

224 millionyen

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LifeKawasakiMiyukiStore Category Retail

OverviewoftheSpecifiedAssetAcquisitionDate February16,2018 TypeofSpecifiedAsset TrustbeneficiaryrightAcquisitionPrice 790millionyen AppraisalValue

(appraisaldate) 973millionyen(November30,2017)


4‐93Komukai‐nishimachi,Saiwai‐ku,Kawasaki‐shi,Kanagawa

Transportation 15‐minutewalkfrombothJRKashimadaStationandJRYakoStationLand Lotnumber 4‐93Komukai‐nishimachi,

Saiwai‐ku,Kawasaki‐shi,Kanagawa,andother


January13,1997


80%,60% Structure/NumberofFloors


Floor‐arearatio

200% TotalFloorArea

2,596.80m2

LandUseDistrict

Neighborhoodcommercialdistrict,category1residentialdistricts

Architect TokyoFirst‐classArchitectOffice,TakenakaCorporation

SiteArea 1,879.15m2 Builder YokohamaBranchofTakenakaCorporation

TypeofOwnership


Ownership

LeasableArea 2,677.54m2 OccupancyRate 100.0%LeasedArea 2,677.54m2 MainTenant LifeCorporation MLCompany ‐ TypeofMasterLease ‐PMCompany XYMAXALPHACorporation Trustee MitsubishiUFJTrustandBanking


February16,2018 TrustExpirationDate February29,2028

Notes:Undertheleasecontractwiththetenant,inthecasethelessorintendstotransfertheownershiprightofthepropertytoathirdpartythroughsale,etc.,thelessoristonotifysuchtothelesseeinadvancetoallowthelesseetopreferentiallydiscussacquisitionifthelesseewishes.

OverviewofLeasing

NumberofTenants 1AnnualRentRevenue Undisclosed(Note)SecurityDeposit/Guarantee

Undisclosed(Note)

(Note) Theinformationisnotdisclosedastheconsentfordisclosurehasnotbeenobtainedfromthelessee.

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VitaSeiseki‐Sakuragaoka Category Retail




4‐72Sekido,Tama‐shi,Tokyo

Transportation DirectlyconnectedtoSeiseki‐sakuragaokaStationontheKeioLine Land Lotnumber 4‐72Sekido,Tama‐shi,Tokyo Building Construction

DateSeptember17,1999



Steel‐framedreinforcedconcretestructure/reinforcedconcretestructure/steel‐constructionwithflatroof B3F/27F

Floor‐arearatio

500% TotalFloorArea

27,161.00m2

LandUseDistrict

Commercialdistrict Architect TokyoBranchFirst‐ClassArchitectOfficeCorporation,HousingandUrbanDevelopmentCorporation

SiteArea 4,467.51m2 Builder Toda‐Tokyu‐ICHIKENConstructionConsortium

TypeofOwnership

Co‐ownershipinterestinownershipright(ratioofrightofsite:49.6%)

TypeofOwnership

Sectionalownership(however,forhousenumbers72‐3and72‐7,co‐ownershipinterestof937,995/1,000,000and591,485/1,000,000,respectively)

LeasableArea 27,610.61m2 OccupancyRate 100.0%LeasedArea 27,610.61m2 MainTenant NewUrbanLifeHoldingsInc.MLCompany NewUrbanLifeHoldingsInc. TypeofMasterLease Fixed‐renttype PMCompany XYMAXALPHACorporation Trustee MitsubishiUFJTrustandBanking



Notes:As to the part of the building (house numbers 72‐3 and 72‐7), an agreement on the following matters has beenconcludedwiththeco‐ownersofthesections. ·Non‐divisioncovenantforfiveyearsfromtheconclusiondate(renewedautomaticallyunlessanyoneoftheco‐ownersclaimsnottorenewatleastsixmonthspriortotheexpirationdate)·Whentransferringordispositioningbyothermeanstheco‐ownershipinterest,thepartymustnotifyotherco‐owners(hereinafter, the “Counterparties”) of such at least one month prior to the transfer or disposition in writing. TheCounterparties shall have the preferential negotiation right to purchase the said co‐ownership interest within 20businessdaysafterthenotice,andsuchpurchaseshallbeeffectiveaftertwomonthsofawrittennoticestatingexerciseofright‐to‐purchase(hereinafter,the“NoticeofExercisingRight‐to‐Purchase”)reachingthepartywishingtotransfertheco‐ownershipinterest.Insuchacase,thepriceshallbethevalueonanas‐isbasis,andifthepartiesdonotreachanagreement on the price, the price shall be the real estate appraisal value as of the date of theNotice of ExercisingRight‐to‐Purchasedeliveredtothepartywishingtotransfertheco‐ownershipinterest.

OverviewofLeasing

NumberofTenants 1AnnualRentRevenue Undisclosed(Note)SecurityDeposit/Guarantee

Undisclosed(Note)


15


HotelVistaSendai Category Hotel

OverviewoftheSpecifiedAssetAcquisitionDate February16,2018 TypeofSpecifiedAsset Trustbeneficiaryrightandmovable

propertyassociatedwiththehotelAcquisitionPrice 4,400millionyen AppraisalValue



1‐7‐3Tsutsujigaoka,Miyagino‐ku,Sendai‐shi,Miyagi

Transportation 4‐minutewalkfromJRSendaiStation1‐minutewalkfromMiyagino‐doriStationontheSendaiMunicipalsubwayTozaiLine

Land Lotnumber 1‐7‐2Tsutsujigaoka,Miyagino‐ku,Sendai‐shi,Miyagi,andother


March14,2016




Floor‐arearatio

500% TotalFloorArea

6,977.47m2

LandUseDistrict

Commercialdistrict Architect First‐classArchitectOffice,AAandSUNAssociatesINC.

SiteArea 1,461.36m2(Note) Builder TohokuBranchofMaedaCorporation

TypeofOwnership

Ownership(partialsurfaceright) TypeofOwnership

Ownership

LeasableArea 7,066.25m2 OccupancyRate 100.0%LeasedArea 7,066.25m2 MainTenant XYMAXCorporationMLCompany XYMAXCorporation TypeofMasterLease Fixed‐renttype+variable‐renttypePMCompany XYMAXCorporation Trustee MitsubishiUFJTrustandBanking



Notes:Sendai City has sectional surface rights to part of the land (lot number 7‐18) aimed at the ownership of facilitiesrequiredforhigh‐speedrailwaybusiness.Nogroundrentarisesunderthissurfaceright. Undertheleasecontractwiththetenant,thelessorshallnotsellthepropertytootherhoteloperatorsortheiraffiliatecompanies.(Note) Thesiteareaincludes524.21m2ofsurfaceright.

OverviewofLeasing

NumberofTenants 1AnnualRentIncome 240 millionyen(Note)SecurityDeposit/Guarantee

50millionyen

(Note) Themasterlease/propertymanagementcontractstipulatesthat(i)fixedrentshallbe20millionyen/month,

(ii) variable rent from February 16, 2018 to August 31, 2018 shall be exempted, (iii) variable rent from

September2018toFebruary28,2019shallbe4.7millionyen/month,(iv)variablerent inandafterMarch

2019shallbetheamountobtainedbydividingthetotalofvariablerentstobepaidbythesub‐lesseetothe

lessee,whicharoseintheprecedingoneyearincludingthesaidmonthby12(roundeddowntothenearest

yen).

16


Renaissance21Chihaya Category Other(residential)




5‐4‐25Chihaya,Higashi‐ku,Fukuoka‐shi,Fukuoka

Transportation 6‐minutewalkfromChihayaStationontheJRKagoshimaMainLineandNishitetsu‐ChihayaStationontheNishitetsuKaizukaLine

Land Lotnumber 5‐2332Chihaya,Higashi‐ku,Fukuoka‐shi,Fukuoka,andother


October19,2006



Steel‐framedreinforcedconcretestructurewithflatroof14F

Floor‐arearatio

400% TotalFloorArea

10,856.15m2

LandUseDistrict

Commercialdistrict Architect TeiArchitecturalDesignOffice

SiteArea 2,644.63m2 Builder KyushuBranchofNishimatsuConstructionCo.,Ltd.

TypeofOwnership


Ownership

LeasableArea 10,287.93m2 OccupancyRate 96.0%LeasedArea 9,878.81m2 MainTenant ‐MLCompany MiyoshiAssetManagementCo.,

Ltd.TypeofMasterLease Pass‐throughtype

PMCompany MiyoshiAssetManagementCo.,Ltd.

Trustee MitsubishiUFJTrustandBankingCorporation

TrustEstablishmentDate

January8,2016 TrustExpirationDate February29,2028

Notes:None

OverviewofLeasing

NumberofTenants 139AnnualRentRevenue 199 millionyenSecurityDeposit/Guarantee

17millionyen

17


3. OverviewofSellersXYMAX Nishi‐Shimbashi Building, XYMAX Kamiyacho Building, XYMAX Higashi‐Azabu Building,XYMAXHigashi‐UenoBuilding,XYMAXHachiojiBuildingandRenaissance21Chihaya (1) Name HulicCo.,Ltd.(2) Location 7‐3Nihonbashi,Odenmacho,Chuo‐ku,Tokyo(3) Title/nameofrepresentative Manabu Yoshidome,President,RepresentativeDirector(4) Businessdescription Holding,leasing,sale/purchase andbrokerage ofrealestate(5) Capital 62,718millionyen(asofDecember31,2017)(6) Dateofestablishment March26,1957(7) Netassets 378,855 millionyen(asofDecember31,2017)(8) Totalassets 1,352,137 millionyen(asofDecember31,2017)(9) Majorshareholdersand

theirshareholdingratioMeiji Yasuda Life Insurance Company (7.18%), Sompo Japan NipponkoaInsuranceInc. (6.67%),TokyoTatemonoCo.,Ltd. (6.31%)(asofDecember31,2017)

(10) RelationshipwithXYMAXREITandtheAssetManagementCompany Capitalrelationship There is no capital relationship to note between the seller and XYMAX

REIT/theAssetManagementCompany. Personnelrelationship There is no personnel relationship to note between the seller and XYMAX

REIT/theAssetManagementCompany. Businessrelationship There is no business relationship to note between the seller and XYMAX

REIT/theAssetManagementCompany. Applicablestatusasarelatedparty

The seller does not fall under the category of a related party of XYMAXREIT/theAssetManagementCompany.

LifeKawasakiMiyukiStore(1) Name XYMAXCorporation(2) Location 1‐1‐1Akasaka,Minato‐ku,Tokyo(3) Title/nameofrepresentative MasafumiShimada,RepresentativeDirector,Chairman&CEO(4) Businessdescription (i) Owning, sale/purchase, leasing, maintenance, brokerage, consulting

andappraisalofrealestate(ii) Undertakingofoperationofpropertiesincludingoffice,retail,andhotel

management(iii) Planning, undertaking, constructing, designing, supervising and

providingconsultingforconstructionsandotherworks (iv) Sale, consignment sale and brokerage of goods related to building

maintenance(v) Financial instrumentsbusinessset forth in theFinancial Instruments

andExchangeAct (vi) Holding,leasingandmanagementofhotels (vii) Mobileworkofficebusiness;andothers

(5) Capital 2,612millionyen(asofMarch31,2017)(6) Dateofestablishment March1,1990(7) Netassets 16,394millionyen (asofMarch31,2017)(8) Totalassets 101,206millionyen(asofMarch31,2017）(9) Majorshareholdersand

theirshareholdingratioJDCCORPORATION(8.7%)XYMAXCorporation(Treasurystock)(8.1%)SGHOLDINGSCO.,LTD.(5.8%)NIPPONSTEELKOWAREALESTATECO.,LTD.(4.8%)MitsubishiUFJCapitalCo.,Ltd.(4.3%) (Note) Major shareholders and their shareholding ratios are as of January

31, 2018; and the shareholding ratios are rounded to one decimalplace.

(10) RelationshipwithXYMAXREITandtheAssetManagementCompany Capitalrelationship Asoftoday,theseller holds5.8%(roundedtoonedecimalplace)ofthetotal

number of XYMAX REIT’s investment units issued and outstanding. Inaddition,thesellerholds100%ofthetotalnumberoftheAssetManagementCompany’ssharesissuedandoutstandingasoftoday.

Personnelrelationship Asoftoday,12oftheAssetManagementCompany’sofficersandemployeesaresecondedfromthecompany.

Businessrelationship XYMAXREIThasconcludedasponsorsupportcontractwiththeAssetManagementCompanyandtheseller.Inaddition,theselleriscurrentlyleasingonepropertyamongtheAcquiredAssetsbasedonthemasterlease/propertymanagementcontract.

18


Applicablestatusasarelatedparty

ThesellerfallsunderthecategoryofarelatedpartyofXYMAXREIT/theAssetManagementCompany.

VitaSeiseki‐Sakuragaoka(1) Name KerspropertySpecialPurposeCompany(2) Location 3‐22‐10‐201Toranomon,Minato‐ku,Tokyo(3) Title/nameofrepresentative KazuhiroMatsuzawa,Director(4) Businessdescription 1. Accepting specified assets, performing services of managing and

disposing of such specified assets in accordance with an assetsecuritizationplanundertheActontheSecuritizationofAssets

2. Anyotherservicesancillarytosecuritizationofthesaidspecifiedassets(5) Capital 1.1millionyen(Specifiedcapital)(6) Dateofestablishment January24,2014(7) Netassets Undisclosed(8) Totalassets Undisclosed(9) RelationshipwithXYMAXREITandtheAssetManagementCompany Capitalrelationship Theseller isaparentcompany(100%ownership)oftheAssetManagement

Company;andanInvestmentLimitedPartnershipofwhich36.2%(roundedtoonedecimalplace)limitedpartnersinterestisheldbyXYMAXCorporation,aparentcorporation,etc.asdefined inFinancial InstrumentsandExchangeAct,hasmade100%preferredequityinvestmentintheseller.

Personnelrelationship There isnopersonnel relationship tonotebetweenXYMAXREIT/theAssetManagementCompanyandtheseller.

Businessrelationship The Asset Management Company is entrusted with asset managementservicebytheseller.


ThesellerfallsunderthecategoryofinterestedpersonsdefinedintheREITRegulations on Transactions with Interested Persons of the AssetManagementCompany.

HotelVistaSendai(1) Name IridiumTokuteiMokutekiKaisha(2) Location c/oTokyoKyodo AccountingOffice,3‐1‐1Marunouchi,Chiyoda‐ku,Tokyo(3) Title/nameofrepresentative MasakazuHongo,Director(4) Businessdescription 1. Accepting specified assets, performing services of managing and

disposing of such specified assets in accordance with an assetsecuritizationplanundertheActontheSecuritizationofAssets

2. Anyotherservicesancillarytosecuritizationofthesaidspecifiedassets(5) Capital 0.1millionyen(Specifiedcapital)(6) Dateofestablishment July15,2014(7) Netassets Undisclosed(8) Totalassets Undisclosed(9) RelationshipwithXYMAXREITandtheAssetManagementCompany Capitalrelationship Thesellerisaparentcompany(100%ownership)oftheAssetManagement

Company; andXYMAXCorporation, a parent corporation, etc. as defined inFinancial Instruments andExchangeAct, hasmade 51.0%preferred equityinvestmentintheseller.

Personnelrelationship There isnopersonnel relationship tonotebetweenXYMAXREIT/theAssetManagementCompanyandtheseller.

Businessrelationship The Asset Management Company is entrusted with asset managementservicebytheseller.


ThesellerfallsunderthecategoryofinterestedpersonsdefinedintheREITRegulations on Transactions with Interested Persons of the AssetManagementCompany.

XYMAXIwamotochoBuilding,XYMAXShinjuku‐GyoenBuildingandMuzaKawasakiThesellerisadomesticgeneralbusinesscompany,butitsinformationisnotundisclosedheresinceconsentfordisclosurehasnotbeenobtainedfromtheseller.Asoftoday,thereisnocapital,personneland business relationship to note between XYMAXREIT/the AssetManagement Company and theseller, and the seller does not fall under the category of a related party of XYMAXREIT/theAssetManagementCompany.

19


4. TransactionswithInterestedPersons,etc.

SinceXYMAXCorporation,thesellerofLifeKawasakiMiyukiStore,isaparentcompanyoftheAssetManagementCompany,and fallsunder thecategoryof interestedpersons,etc.asdefined inArticle201 of Investment Trusts Act and Article 123 of Order for Enforcement of the Act on InvestmentTrusts and Investment Corporations (Cabinet Order No. 480 of 2000, as amended) as well as thecategory of interested person as defined in the REIT Regulations on Transactions with InterestedPersonsof theAssetManagementCompany, theAssetManagementCompany, uponconcluding theSale and Purchase Contract, has completed required procedures of deliberation, resolution, etc.pursuanttothesaidREITRegulationsonTransactionswithInterestedPersons,andalsohasobtainedconsentofXYMAXREITbasedontheapprovalattheXYMAXREIT’sBoardofDirectorsmeetingheldonDecember19,2017pursuanttotheInvestmentTrustsAct. Furthermore, since the sellers of Vita Seiseki‐Sakuragaoka and Hotel Vista Sendai (Kers propertySpecialPurposeCompanyandIridiumTokuteiMokutekiKaisha,respectively)fallunderthecategoryofinterestedpersonasdefinedintheREITRegulationsonTransactionswithInterestedPersons,theinternalrulesoftheAssetManagementCompany,theAssetManagementCompany,uponconcludingtheSaleandPurchaseContract,hascompletedrequiredproceduresofdeliberation, resolution,etc.pursuanttothesaidREITRegulationsonTransactionswithInterestedPersons.

20


5. StatusofPreviousOwners,etc. Theacquisitionofpropertiesfrompartieswithaspecialvestedinterestisasfollows.Thetablebelowstatesthe(1)nameofthecompany,(2)relationshipwiththepartywithaspecialvestedinterest,and(3)background/reasonfortheacquisition,amongotherinformation.

Propertyname(Location)

InvestmentCorporationPreviousowner/TrustBeneficiary

Ownerbeforethepreviousowner/ TrustBeneficiary

(3)Acquisition(Transfer)

Price Acquisition(Transfer)

Timing

(1),(2),(3)Acquisition(Transfer)


Timing

(1),(2),(3)Acquisition(Transfer)


TimingLifeKawasakiMiyukiStore(4‐93Komukai‐nishimachi,Saiwai‐ku,Kawasaki‐shi,Kanagawa)

(3)Acquisition ismadebasedonthejudgmentthatthepropertysatisfiesinvestmentcriteriaofXYMAXREITandenablessecurementofstableprofits.TheacquisitionpriceisbelowtheappraisalvalueprovidedbyDaiwaRealEstateAppraisalCo.,Ltd.andjudgedtobeappropriate.

(1)XYMAXCorporation(2)Parentcompany

holding100%oftheAssetManagementCompany’ssharesissuedandoutstanding;XYMAX’ssponsor

(3)Acquiredforinvestmentmanagementpurpose

Otherthanapartyhavingspecialvestedinterest

790millionyen Undisclosed(Note2) February2018 April2017

VitaSeiseki‐Sakuragaoka(4‐72Sekido,Tama‐shi,Tokyo)

(3)AcquisitionismadebasedonthejudgmentthatthepropertysatisfiesinvestmentcriteriaofXYMAXREITandenablessecurementofstableprofits.TheacquisitionpriceisbelowtheappraisalvalueprovidedbyTheTanizawaSōgōAppraisalCo.,Ltd.andjudgedtobeappropriate.

(1)KerspropertySpecialPurposeCompany

(2)TMKwhichhasentrustedmanagementanddispositionservicesofspecifiedassetstotheAssetManagementCompany,andwhichXYMAXCorporation,theparentcompanyoftheAssetManagementCompany,hasinvestedin.

(3)Acquiredforinvestmentmanagementpurpose


3,100millionyenOmitted,asheldforover

oneyear

February2018 March2014

21


Propertyname(Location)

InvestmentCorporation Previousowner/TrustBeneficiary

Ownerbeforethepreviousowner/ TrustBeneficiary

HotelVistaSendai(1‐7‐3Tsutsujigaoka,Miyagino‐ku,Sendai‐shi,Miyagi)

(3)AcquisitionismadebasedonthejudgmentthatthepropertysatisfiesinvestmentcriteriaofXYMAXREITandenablessecurementofstableprofits.TheacquisitionpriceisbelowtheappraisalvalueprovidedbyTheTanizawaSōgōAppraisalCo.,Ltd.andjudgedtobeappropriate.

(1) IridiumTokuteiMokutekiKaisha

(2)TMKwhichhasentrustedmanagementanddispositionservicesofspecifiedassetstotheAssetManagementCompany,andwhichXYMAXCorporation,theparentcompanyoftheAssetManagementCompany,hasinvestedin.

(3)Acquiredfordevelopmentpurpose


4,400millionyen Omitted,asheldforover

oneyear

February2018 September2014 (Note1) Acquisitionpricesareroundedofftothenearestspecifiedunit.(Note2) Theinformationisnotdisclosedastheconsentfordisclosurehasnotbeenobtainedfromtheprevious

owner/trustbeneficiary.(Note3) Description of the sellers of XYMAXNishi‐Shimbashi Building, XYMAX IwamotochoBuilding, XYMAX

Shinjuku‐Gyoen Building, XYMAX Kamiyacho Building, XYMAX Higashi‐Azabu Building, XYMAXHigashi‐Ueno Building, XYMAX Hachioji Building, Muza Kawasaki and Renaissance 21 Chihaya isomittedastheydonotfallunderthecategoryofpartieswithaspecialvestedinterest.

6. OverviewofBrokerageThebrokerforHotelVistaSendaiisadomesticcorporation,butitsname,theamountofbrokeragefee,etc.arenotdisclosedheresinceconsentfordisclosurehasnotbeenobtained.Theundisclosedbrokerhasnocapital,personnelorbusinessrelationshiptonotewithXYMAXREIT/theAssetManagementCompany, nor falls under the category of a related party of XYMAX REIT/the Asset ManagementCompany.

7. FutureOutlookFor the future outlook of the operating results of XYMAXREIT, please refer to “Notice ConcerningForecasts of Operating Results for Fiscal Periods ending August 31, 2018, February 28, 2019 andAugust31,2019”datedFebruary15,2018.

22


8. SummaryofAppraisalReportsXYMAXNishi‐ShimbashiBuilding

SummaryofAppraisalReportPropertyname XYMAXNishi‐ShimbashiBuilding

Appraisalvalue 3,070,000thousandyen

Nameofappraiser TheTanizawaSōgōAppraisalCo.,Ltd.

Appraisaldate November30,2017Item Details(unit:thousandyen) Summary,etc.

Valuebasedonincomeapproach 3,070,000 Valuebasedondirectcapitalizationmethod 3,170,000

Operatingrevenue 158,118

(i)Grosspotentialrevenue 166,794 Assessed based on rent revenue recognized as astable level, etc., considering the competitiveness,trackrecord,markettrends,recentleasingcases,etc.ofthesubjectrealestate.

(ii)Vacancyloss,etc. 8,675 Assessed based on a vacancy rate recognized as astable level, etc., considering the competitiveness,track record, market trends, etc. of the subject realestate.

(2)Operatingexpenses(a.+b.+c.+d.+e.+f.+g.+h.)

38,413

a.Maintenanceandmanagementexpenses

7,788 Basedon thebuildingmaintenancecontract and theactualrevenueandexpenditurerecord,etc.

b.Utilitiesexpenses 10,361 Basedontheactualrevenueandexpenditurerecord,etc.

c. Repairexpenses 1,350 Assessed by allocating the figure based on theengineering report and similar cases as “repairexpenses‐30%:capitalexpenditures‐70%.”

d.Propertymanagementfees 2,993 Basedontheactualrevenueandexpenditurerecord,etc.

e.Tenantleasingexpenses,etc. 1,739 Assumed 10.0%/year tenant replacement for bothofficesandshops.

f. Taxesandpublicdues 13,740 AssessedbasedonFY2017taxdocuments.g.Non‐lifeinsurancepremiums 123 Actual amount based on the insurance premium

presented by the client. No earthquake insurancetakenout.

h.Otherexpenses 316 Basedontheactualrevenueandexpenditurerecord,etc.

(3)Netoperatingincome((1)‐(2))

119,704

(4)Gainonfundoperationoflumpsumpayment

1,090 Assessedthegainbysupposingtheyieldat1.0%.

(5)Capitalexpenditures 3,510 Assessed by allocating the figure based on theengineering report and similar cases as “repairexpenses‐30%:capitalexpenditures‐70%.”

Netincome 117,285 Capitalizationrate 3.7% Assessed the capitalization rate of the subject real

estate by making a comparative review of multipletransaction yields in the neighboring areas andsimilar areas within the same supply and demandzone,etc.

ValuebasedonDCFmethod 3,020,000 Discountrate 3.8% Assessedbyaddingtheindividualrisksofthesubject

realestatetothebaseyield.Terminalcapitalizationrate 3.9% Assessed by factoring in future unpredictability,

basedonthecapitalizationrate. Costapproachvalue 2,810,000 Landratio 91.4%

Buildingratio 8.6% Otheritemsconsideredbyrealestateappraiseruponappraisal

Notapplicable.

23


XYMAXIwamotochoBuildingSummaryofAppraisalReport

Propertyname XYMAXIwamotochoBuildingAppraisalvalue 5,240,000thousandyenNameofappraiser JapanRealEstateInstituteAppraisaldate November30,2017

Item Details(unit:thousandyen) Summary,etc. Valuebasedonincomeapproach 5,240,000 Valuebasedondirectcapitalizationmethod 5,340,000

(1)Operatingrevenue（(i)－(ii)）

284,128

(i) Grosspotentialrevenue

295,869 Assessed by taking into account the average revenuebasedon thecurrent contract, the revenue levelunderthenewcontract,etc.Otherrevenues,etc.areassessedbytakingintoaccountthecurrentlevel,etc.

(ii)Vacancyloss,etc. 11,741 Assessed based on the occupancy status andsupply‐demand trendsof similar real estatewithin thesame supply and demand zone, the past occupancystatusandfuturetrendsofthesubjectrealestate,etc.


74,034


15,617 Assessed considering individual characteristics of thesubjectrealestate,byreferencetotheactualamountsinthepastfiscalyearsandmaintenanceandmanagementexpensesofsimilarrealestate.

b.Utilitiesexpenses 19,000 Assessedconsideringtheutilitiesexpensesofsimilarrealestate,individualcharacteristicsofthesubjectrealestate,etc., by reference to the actual amounts in thepast fiscalyears.

c. Repairexpenses 3,828 Assessedconsideringtheactualamountsinthepastfiscalyears,levelofsimilarrealestate,annualaverageofrepairand renewal expenses stated in the engineering report,etc.

d.Propertymanagementfees 6,322 Assessedconsidering the feeratesof similarrealestate,individualcharacteristicsofthesubjectrealestate,etc.,byreferencetothefeeratesbasedonthecontractterms,etc.

e.Tenantleasingexpenses,etc. 2,358 Assessed considering the annual average tenantreplacementrate,occupancyrate,etc.,byreferenttothecontract terms, lease terms and conditions of similarrealestateinthesurroundingareas,etc.

f. Taxesandpublicdues 26,528 Assessedthetaxamounttakingintoaccountthestandardtaxable value and contents of measures for tax burdenadjustmentdescribedinthetax‐relateddocuments.

g.Non‐lifeinsurancepremiums 381 Assessedconsideringinsurancepremiumsforbuildingssimilartothesubjectbuilding,etc.

h.Otherexpenses 0 Notapplicable. (3)Netoperatingincome((1)‐(2))

210,094


1,837 Assessed taking into account the lump‐sum paymentsreceived/to be received under current/new contracts,occupancyratesandmanagementyields.

(5)Capitalexpenditures 8,870 Assessed taking into account the level of capitalexpendituresatsimilarrealestate,buildingage,annualaverage of repair and renewal expenses stated in theengineeringreport,etc.

Netincome((3)+(4)‐(5))

203,061

Capitalizationrate 3.8% Assessed taking into account the conditions specific tothe subject real estate, future uncertainty, transactionyieldsatsimilarrealestate,etc. inadditiontothebaseyieldsforeachdistrict.

ValuebasedonDCFmethod 5,140,000 Discountrate 3.6% Assessed comprehensively taking into account the

individualcharacteristicsofthesubjectrealestate,etc.,byreferencetoinvestmentyieldsofsimilarrealstate,etc.

Terminalcapitalizationrate 4.0% Assessed comprehensively taking into account thefuture trends of investment yields, individualcharacteristics of the subject real estate, etc., byreferencetotransactionyieldsofsimilarrealstate,etc.

Costmethodvalue 4,870,000 Landratio 80.6%


Notapplicable.

24


XYMAXShinjuku‐GyoenBuildingSummaryofAppraisalReport

Propertyname XYMAXShinjuku‐GyoenBuildingAppraisalvalue 6,190,000thousandyenNameofappraiser JapanRealEstateInstituteAppraisaldate November30,2017



320,760

(i)Grosspotentialrevenue 332,068 Assessed by taking into account the average revenuebasedon thecurrent contract, the revenue levelunderthenewcontract,etc.Otherrevenues,etc.areassessedbytakingintoaccountthecurrentlevel,etc.



75,962



b.Utilitiesexpenses 18,720 Assessedconsideringtheutilitiesexpensesofsimilarrealestate,individualcharacteristicsofthesubjectrealestate,etc.,byreferencetotheactualamounts inthepast fiscalyears.

c. Repairexpenses 3,304 Assessedconsideringtheactualamountsinthepastfiscalyears,levelofsimilarrealestate,annualaverageofrepairand renewal expenses stated in the engineering report,etc.


e.Tenantleasingexpenses,etc. 2,614 Assessed considering the annual average tenantreplacementrate,occupancyrate,etc.,byreferent to thecontractterms,leasetermsandconditionsofsimilarrealestateinthesurroundingareas,etc.

f. Taxesandpublicdues 28,953 Assessedthetaxamounttakingintoaccountthestandardtaxable value and contents of measures for tax burdenadjustmentdescribedinthetax‐relateddocuments.


h.Otherexpenses 0 Notapplicable.(3)Netoperatingincome((1)‐(2))

244,798





239,502



individualcharacteristicsofthesubjectrealestate,etc.,byreferencetoinvestmentyieldsofsimilarrealstate,etc.


Costapproachvalue 5,750,000 Landratio 83.2%


Notapplicable.

25


XYMAXKamiyachoBuilding

SummaryofAppraisalReportPropertyname XYMAXKamiyachoBuilding






78,459

(i)Grosspotentialrevenue 82,587 Assessedbasedonrent revenuerecognizedasa stablelevel,etc.,consideringthecompetitiveness,trackrecord,market trends, recent leasing cases, etc. of the subjectrealestate.

(ii)Vacancyloss,etc. 4,127 Assessedbasedonavacancyraterecognizedasastablelevel,etc.,consideringthecompetitiveness,trackrecord,markettrends,etc.ofthesubjectrealestate.


27,584


6,971 Basedonthemasterlease/propertymanagementcontractandtheactualrevenueandexpenditurerecord,etc.

b.Utilitiesexpenses 5,597 Based on the actual revenue and expenditure record,etc.


d.Propertymanagementfees 2,353 Assessed based on the master lease/propertymanagementcontract.

e.Tenantleasingexpenses,etc. 554 Assumed10.0%/yeartenantreplacement.f. Taxesandpublicdues 9,475 AssessedbasedonFY2017taxdocuments.g.Non‐lifeinsurancepremiums 93 Basedontheestimatepresentedbytheclient. h.Otherexpenses 78 Based on the actual revenue and expenditure record,

etc.(3)Netoperatingincome((1)‐(2))

50,875


479 Assessedthegainbysupposingtheyieldat1.0%.



45,410

Capitalizationrate 3.8% Assessed the capitalization rate of the subject realestate by making a comparative review of multipletransactionyields in theneighboringareasandsimilarareaswithinthesamesupplyanddemandzone,etc.

ValuebasedonDCFmethod 1,100,000 Discountrate 3.9% Assessed by adding the individual risks of the subject

realestatetothebaseyield. Terminalcapitalizationrate 4.0% Assessed by factoring in future unpredictability, based

onthecapitalizationrate.Costapproachvalue 1,220,000 Landratio 90.8%


Notapplicable.

26


XYMAXHigashi‐AzabuBuildingSummaryofAppraisalReport

Propertyname XYMAXHigashi‐AzabuBuilding


Nameofappraiser DaiwaRealEstateAppraisalCo.,Ltd.




122,183

(i)Grosspotentialrevenue 127,131 Assessed assumed standardized rent revenue andcommon areamaintenance fees revenue of the subjectreal estate after taking into account the medium‐ tolong‐term competitiveness of the subject property, etc.based on the leasing cases as well as the level andtrends of new rent for similar real estate within thesamesupplyanddemandzone.

(ii)Vacancyloss,etc. 4,948 Assessedbasedonthecurrentvacancyrateandvacancyrateinthemarket.


36,243


8,781 Assumedmaintenanceandmanagementexpensestobe1,200 yen/tsubo/month of leasable floor area, byreference to the maintenance and managementexpensesofsimilarestateandcontractedamount.

b.Utilitiesexpenses 7,318 Assessed by assessing utilities expenses to be 1,000yen/tsubo/monthofleasablefloorarea,byreferencetotheactualamount.

c. Repairexpenses 2,193 Assessed the annual average of repair expenses statedintheengineeringreport.

d.Propertymanagementfees 3,665 Assessed the amount equivalent to 3.0% of operatingrevenue,judgingthefeeleveltobeappropriate.

e.Tenantleasingexpenses,etc. 1,414 Assessedassessingthetenantsolicitationexpenses,etc.to be 2.0months’ those for a newly occupying tenant,judgingthefeeleveltobeappropriate.

f. Taxesandpublicdues 12,340 Land: Assessed considering the land price trends andburdenlevel,basedontheactualamounts. Building and others: Recorded based on the actualamounts.

g.Non‐lifeinsurancepremiums 164 Assessedbasedontheestimate. h.Otherexpenses 365 Assessed assessing other expenses to be 50

yen/tsubo/month of leasable floor area, based on theactualamountsinthepastfiscalyears.


85,939


844 Assessed the management yield to be 1.0% aftercomprehensivelytakingintoaccounttheactualstatusofmanagement of lump sum payments, etc. from bothperspectivesofmanagementandprocurement.

(5)Capitalexpenditures 2,217 Assessed the amount obtained by adding constructionmanagement fees to the annual average of renewalexpensesstatedintheengineeringreport.


84,567

Capitalizationrate 3.9% Assessed comprehensively taking into account thelocation, building and other conditions of the subjectrealestate,aswellasbyreferencetocapitalizationratesof similar real estate within the same supply anddemandzone,etc.

ValuebasedonDCFmethod 2,060,000 Discountrate 3.7% Assessed through comparison with discount rates of

transactions of similar real estate and yields of otherfinancialinstruments.

Terminalcapitalizationrate 4.1% Assessed considering the marketability of the subjectreal estate as of the end of the capitalization rateanalysisperiod,etc.



Notapplicable.

27


XYMAXHigashi‐UenoBuildingSummaryofAppraisalReport

Propertyname XYMAXHigashi‐UenoBuildingAppraisalvalue 1,590,000thousandyenNameofappraiser DaiwaRealEstateAppraisalCo.,Ltd.Appraisaldate November30,2017



91,958

(i)Grosspotentialrevenue 95,752 Assessed assumed standardized rent revenue and commonareamaintenancefeesrevenueofthesubjectrealestateaftertaking into account the medium‐ to long‐termcompetitiveness of the subject property, etc. based on theleasingcasesaswellasthelevelandtrendsofnewrentforsimilarrealestatewithinthesamesupplyanddemandzone.

(ii)Vacancyloss,etc. 3,793 Assessed based on the current vacancy rate and vacancyrateinthemarket.


25,327


5,984 Assumed maintenance and management expenses to be950yen/tsubo/monthofleasablefloorarea,byreferencetothe maintenance and management expenses of similarestateandtheestimatedamount.

b.Utilitiesexpenses 6,299 Assessed by assessing utilities expenses to be 1,000yen/tsubo/monthofleasablefloorarea,byreferencetotheactualamount.

c. Repairexpenses 1,786 Assessed the annual averageof repair expenses stated intheengineeringreport.

d.Propertymanagementfees 2,758 Recorded the amount equivalent to 3.0% of operatingrevenue,judgingthefeeleveltobeappropriate.

e.Tenantleasingexpenses,etc. 1,000 Assessedassessingthetenantsolicitationexpenses,etc.tobe2.0months’thoseforanewlyoccupyingtenant,judgingthefeeleveltobeappropriate.

f. Taxesandpublicdues 7,315 Land: Recorded considering the land price trends andburdenlevel,basedontheactualamounts. Buildingandothers:Recordedbasedontheactualamounts.

g.Non‐lifeinsurancepremiums 120 Assessedbasedontheestimate.h.Otherexpenses 62 Assessed assessing other expenses to be 10

yen/tsubo/monthofleasablefloorarea,basedontheactualamountsinthepastfiscalyears.


66,630


638 Assessed the management yield to be 1.0% aftercomprehensively taking into account the actual status ofmanagement of lump sum payments, etc. from bothperspectivesofmanagementandprocurement.



66,122

Capitalizationrate 4.0% Assessedcomprehensivelytakingintoaccountthelocation,buildingandotherconditionsofthesubjectrealestate,aswell as by reference to capitalization rates of similar realestatewithinthesamesupplyanddemandzone,etc.

ValuebasedonDCFmethod 1,570,000 Discountrate 3.8% Assessed through comparison with discount rates of

transactions of similar real estate and yields of otherfinancialinstruments.

Terminalcapitalizationrate 4.2% Assessed considering themarketabilityof the subject realestateasoftheendofthecapitalizationrateanalysisperiod,etc.



Notapplicable.

28


XYMAXHachiojiBuildingSummaryofAppraisalReport

Propertyname XYMAXHachiojiBuilding


Nameofappraiser JapanRealEstateInstitute




255,892

(i)Grosspotentialrevenue 268,097 Assessed by taking into account the average revenuebasedon thecurrent contract, the revenue levelunderthenewcontract,etc.Otherrevenues,etc.arerecordedbytakingintoaccountthecurrentlevel,etc.



74,086



b.Utilitiesexpenses 18,300 Assessed considering the utilities expenses of similar realestate,individualcharacteristicsofthesubjectrealestate,etc.,byreferencetotheactualamountsinthepastfiscalyears.

c. Repairexpenses 4,123 Assessedconsideringtheactualamounts inthepast fiscalyears, levelof similar realestate, annualaverageof repairandrenewalexpensesstatedintheengineeringreport,etc.


e.Tenantleasingexpenses,etc. 1,383 Assessed considering the annual average tenantreplacementrate,occupancyrate,etc.,byreferenttothecontract terms, lease terms and conditions of similarrealestateinthesurroundingareas,etc.

f. Taxesandpublicdues 16,868 Assessed the tax amount taking into account thestandardtaxablevalueandcontentsofmeasuresfortaxburden adjustment described in the tax‐relateddocuments.


h.Otherexpenses 0 Notapplicable.(3)Netoperatingincome((1)‐(2))

181,806





173,396



individualcharacteristicsofthesubjectrealestate,etc.,by reference to investment yields of similar real state,etc.




Notapplicable.

29


MuzaKawasakiSummaryofAppraisalReport

Propertyname MuzaKawasaki



Appraisaldate November30,2017



308,727




85,178


26,001 Based on the building maintenance contract and theactualrevenueandexpenditurerecord,etc.



d.Propertymanagementfees 3,087 Assessed based on the standard fee rates of similarproperties.

e.Tenantleasingexpenses,etc. 1,736 Assumed10.0%/yeartenantreplacement.f. Taxesandpublicdues 19,682 AssessedbasedonFY2017taxdocuments.g.Non‐lifeinsurancepremiums 382 Based on the estimate presented by the client. No

earthquakeinsurancetakenout.h.Otherexpenses 308 Basedontheactualrevenueandexpenditurerecord,etc.


223,548


2,021 Assessedthegainbysupposingtheyieldat1.0%.



216,120






Notapplicable.

30


LifeKawasakiMiyukiStoreSummaryofAppraisalReport

Propertyname LifeKawasakiMiyukiStore

Appraisalvalue 973,000thousandyen

Nameofappraiser DaiwaRealEstateAppraisalCo.,Ltd.


Item Details(unit:thousandyen) Summary,etc. Valuebasedonincomeapproach 973,000 Valuebasedondirectcapitalizationmethod 986,000


Undisclosed(Note)

(i)Grosspotentialrevenue Undisclosed(Note) (ii)Vacancyloss,etc. 0


Undisclosed(Note)


0 Not assessed since the lessee is supposed to bear theexpenses.

b.Utilitiesexpenses 0 Not assessed since the lessee is supposed to bear theexpenses.

c. Repairexpenses 865 Assessed the annual average of repair expenses statedintheengineeringreport.

d.Propertymanagementfees 1,200 Assessedbasedonpropertymanagementfeesofsimilarrealestate.

e.Tenantleasingexpenses,etc. 0 Tenantsolicitationexpensesarenotassessedsince thecurrent lease agreement is assumed to continue overthelongterm.

f. Taxesandpublicdues Undisclosed(Note) g.Non‐lifeinsurancepremiums Undisclosed(Note) h.Otherexpenses 1,166 Assessed by assessing supplies expenses and

discretionaryreservesforothermiscellaneousexpensestobe20yen/tsubo/monthofleasablefloorarea.


Undisclosed(Note)


Undisclosed(Note)



41,412

Capitalizationrate 4.2% Assessed comprehensively taking into account thelocation, building and other conditions of the subjectrealestate,aswellasbyreferencetocapitalizationratesof similar real estate within the same supply anddemandzone,etc.

ValuebasedonDCFmethod 967,000 Discountrate 4.0% Assessed through comparison with discount rates of

transactions of similar real estate and yields of otherfinancialinstruments,etc.

Terminalcapitalizationrate 4.4% Assessed considering the marketability of the subjectreal estate as of the end of the capitalization rateanalysisperiod,etc.

Costapproachvalue 937,000 Landratio 84.5%


Notapplicable.


31


VitaSeiseki‐SakuragaokaSummaryofAppraisalReport

Propertyname VitaSeiseki‐Sakuragaoka






Undisclosed(Note)

(i)Grosspotentialrevenue Undisclosed(Note) (ii)Vacancyloss,etc. 0


Undisclosed(Note)


0Bornebythetenant.

b.Utilitiesexpenses 0 Bornebythetenant.c. Repairexpenses 46,920 Assessed by allocating the figure based on the

engineering report and repair plans, etc. as “repairexpenses‐30%:capitalexpenditures‐70%.”

d.Propertymanagementfees 2,400 Assessedbasedontheinterviewwiththeclient,etc. e.Tenantleasingexpenses,etc. 0 Assumed0%/yeartenantreplacement.f. Taxesandpublicdues Undisclosed(Note) g.Non‐lifeinsurancepremiums Undisclosed(Note) h.Otherexpenses Undisclosed(Note)


Undisclosed(Note)


Undisclosed(Note)

(5)Capitalexpenditures 113,390 Assessed by allocating the figure based on theengineering report and repair plans, etc. as “repairexpenses‐30%:capitalexpenditures‐70%.”


191,343






Notapplicable.


32


HotelVistaSendaiSummaryofAppraisalReport

Propertyname HotelVistaSendai






312,945

(i)Grosspotentialrevenue 312,945 Assessed using the rent revenue recognized as stablebased on the actual revenue and expenditure record,etc.ofthehotelinthepastfiscalyears,consideringthecontentoftheleasecontract.

(ii)Vacancyloss,etc. 0 Not assessed taking into account the content of theleasecontract.


36,847


0Bornebythetenant.

b.Utilitiesexpenses 0 Bornebythetenant.c. Repairexpenses 1,890 Assessed by allocating the figure based on the

engineering report and repair plans, etc. as “repairexpenses‐30%:capitalexpenditures‐70%.”

d.Propertymanagementfees 3,600 Assessed based on the property managementconsignment contract, the actual revenue andexpenditurerecord,etc.

e.Tenantleasingexpenses,etc. 0 Assumed0%/yeartenantreplacement.f. Taxesandpublicdues 22,214 AssessedbasedonFY2017taxdocuments.g.Non‐lifeinsurancepremiums 430 Based on the insurance materials presented by the

client.Noearthquakeinsurancetakenout.h.Otherexpenses 8,712 Assessed by reference to the actual revenue and

expenditurerecordpresentedbytheclient. (3)Netoperatingincome((1)‐(2))

276,098


374 Assessed the gain by supposing management yield at1.0%.

(5)Capitalexpenditures 16,041 Capital Expenditures:Assessedby allocating the figurebasedontheengineeringreportandrepairplans,etc.as“repairexpenses‐30%:capitalexpenditures‐70%.”FF&E reserve: Assumed by reference to similar cases,etc.


260,430





Buildingratio 39.2% Includingfurniture,fixtures,equipment,etc. Otheritemsconsideredbyrealestateappraiseruponappraisal

Notapplicable.

33


Renaissance21ChihayaSummaryofAppraisalReport

Propertyname Renaissance21Chihaya






224,686




55,501


11,484 Based on the building maintenance contract and theactualrevenueandexpenditurerecord,etc.



d.Propertymanagementfees 6,502 Assessed based on the property managementconsignmentcontract,etc.

e.Tenantleasingexpenses,etc. 4,084 Assumed 25%/year tenant replacement for residencesand10.0%/yearforshops.

f. Taxesandpublicdues 17,321 AssessedbasedonFY2017taxdocuments.g.Non‐lifeinsurancepremiums 590 Based on the estimate presented by the client. No

earthquakeinsurancetakenout.h.Otherexpenses 674 Based on the actual revenue and expenditure record,

etc.(3)Netoperatingincome((1)‐(2))

169,184


262 Assessedthegainbysupposingtheyieldat1.0%.



160,382






Notapplicable.

34


* ThismaterialisdistributedtotheKabutoClub(thepresscluboftheTokyoStockExchange),thepresscluboftheMinistryofLand,Infrastructure,TransportandTourism,andthepressclubforconstructiontradepublicationsoftheMinistryofLand,Infrastructure,TransportandTourism

* XYMAXREITwebsiteaddress:https://xymaxreit.co.jp/<Attachments>Reference1 PortfolioListReference2 MapsofAreasSurroundingPortfolioProperties/PhotosofExteriorViewsReference3 EngineeringReportandSeismicRiskEvaluationReportReference4 StatusofCollateral

35


Reference1 PortfolioList

Classification

Assetno. Assetname ClassificationAcquisitionprice(millionyen)(Note1)

Shareofportfolio(%)

(Note2)

Appraisalvalue(millionyen)(Note3)

Office

OF‐01XYMAXNishi‐ShimbashiBuilding

Minato‐ku, Tokyo

2,500 7.6 3,070

OF‐02XYMAXIwamotochoBuilding

Chiyoda‐ku,Tokyo 4,250 12.9 5,240

OF‐03XYMAXShinjuku‐GyoenBuilding

Shinjuku‐ku,Tokyo

5,020 15.2 6,190

OF‐04XYMAXKamiyachoBuilding

Minato‐ku, Tokyo

880 2.7 1,130

OF‐05XYMAXHigashi‐AzabuBuilding

Minato‐ku, Tokyo 1,550 4.7 2,090

OF‐06XYMAXHigashi‐UenoBuilding

Taito‐ku, Tokyo

1,150 3.5 1,590

OF‐07 XYMAXHachiojiBuildingHachioji‐shi,

Tokyo2,600 7.9 3,430

Subtotal/Average ‐ 17,950 54.3 22,740

Retail

RT‐01 MuzaKawasakiKawasaki‐shi,Kanagawa

4,100 12.4 5,070

RT‐02LifeKawasakiMiyukiStore

Kawasaki‐shi,Kanagawa

790 2.4 973

RT‐03 VitaSeiseki‐SakuragaokaTama‐shi, Tokyo 3,100 9.4 3,830


Hotel HT‐01 HotelVistaSendai

Sendai‐shi,Miyagi

4,400 13.3 5,510


Other OT‐01 Renaissance21Chihaya

Fukuoka‐shi,Fukuoka

2,700 8.2 3,130


Total/Average ‐ 33,040 100.0 41,253

(Note1) “Acquisition price” indicates the sale and purchase price stated in the Sale and Purchase Contract (notincludingconsumptiontaxandlocalconsumptiontaxorbrokeragefeesandotherexpenses),roundeddowntothenearestmillionyen

(Note2) “Shareofportfolio”istheacquisitionpriceofeachportfolioassetexpressedasapercentageofthetotalofacquisitionprices,roundedtoonedecimalplace.

(Note3) AppraisalofeachpropertyisentrustedtoJapanRealEstateInstitute,TheTanizawaSōgōAppraisalCo.,Ltd.andDaiwaRealEstateAppraisalCo.,Ltd. “Appraisalvalue” is theappraisalvaluestated ineachrealestateappraisalreportwithNovember30,2017asthedateofvalue.

36


Reference2 MapsofAreasSurroundingPortfolioProperties/PhotosofExteriorViewsXYMAXNishi‐ShimbashiBuilding

XYMAXIwamotochoBuilding

XYMAXShinjuku‐GyoenBuilding

XYMAXKamiyachoBuilding

XYMAX Nishi-Shimbashi Building

XYMAX Iwamotocho Building

XYMAX Shinjuku-Gyoen Building

XYMAX Kamiyacho Building

37


XYMAXHigashi‐AzabuBuilding

XYMAXHigashi‐UenoBuilding

XYMAXHachiojiBuilding

MuzaKawasaki

XYMAX Higashi-Azabu Building

XYMAX Higashi-Ueno Building

XYMAX Hachioji Building

Muza Kawasaki

38


LifeKawasakiMiyukiStore

VitaSeiseki‐Sakuragaoka

HotelVistaSendai

Renaissance21Chihaya

Life Kawasaki Miyuki Store

Vita Seiseki- Sakuragaoka

Hotel Vista Sendai

Renaissance 21 Chihaya

39


Reference3 EngineeringReportandSeismicRiskEvaluationReport

Assetno. Assetname

EngineeringReportSeismicRiskEvaluationReport(Note1)

Inspectioncompany Inspectiondate

Short‐termrepaircost(thousandyen)

(Note2, Note3)

Long‐termrepaircost (Annualaverage)(thousandyen)

(Note2,Note4)

PMLvalue(probablemaximumloss)(%)

OF‐01XYMAXNishi‐ShimbashiBuilding

SompoRiskManagement&HealthCareInc.

November30,2017

0 4,503 6.1

OF‐02 XYMAXIwamotochoBuildingTokioMarine&NichidoRisk

ConsultingCo.,Ltd.

November30,2017

0 12,297 5.2

OF‐03XYMAXShinjuku‐GyoenBuilding

TokioMarine&NichidoRisk

ConsultingCo.,Ltd.

November30,2017

0 10,665 4.5

OF‐04 XYMAXKamiyachoBuildingEarth‐Appraisal

Co.,Ltd.November30,

20170 7,737 3.8

OF‐05XYMAXHigashi‐AzabuBuilding

Earth‐AppraisalCo.,Ltd.

November30,2017

0 4,282 3.4

OF‐06XYMAXHigashi‐UenoBuilding

Earth‐AppraisalCo.,Ltd.

November30,2017

0 2,820 5.1

OF‐07 XYMAXHachiojiBuildingSompoRisk

Management&HealthCareInc.

November30,2017

0 13,742 3.9

RT‐01 MuzaKawasakiEarth‐Appraisal

Co.,Ltd.November30,

20170 13,357 1.2

RT‐02 LifeKawasakiMiyukiStoreDaiwaRealEstateAppraisalCo.,Ltd.

November30,2017

0 3,662 7.0

RT‐03 VitaSeiseki‐SakuragaokaDaiwaRealEstateAppraisalCo.,Ltd.

November30,2017

0 150,664 2.1

HT‐01 HotelVistaSendaiDaiwaRealEstateAppraisalCo.,Ltd.

November30,2017

0 8,071 1.7

OT‐01 Renaissance21ChihayaTokioMarine&NichidoRisk

ConsultingCo.,Ltd.

November30,2017

0 13,916 1.7

Total/PortfolioPMLvalue(Note5) ‐ ‐ 0 547,393 2.1(Note1) PML values are indicated based on the seismic risk evaluation report datedNovember 2017prepared by

TokioMarine&NichidoRiskConsultingCo., Ltd.The statements in the seismic evaluation reports arenomore than an indication of the opinion of the reporting party, and XYMAX REIT does not guarantee theadequacyoraccuracyofthecontentthereof.

(Note2) “Short‐termrepaircost”and“Long‐termrepaircost”areindicatedbasedontheengineeringreport. (Note3) “Short‐termrepaircost”referstothecostforrepairorupgradingthathaspriorityoverdailymaintenance

andindicatesthetotalamountofestimatesofrepaircostsdeemednecessarywithinoneyearfromthedateoftheengineeringreport.

(Note4) “Long‐termrepaircost”referstothecostforrepairorupgradingtomaintainfunctionsandsafeoperationsagainst the deterioration with age and indicates the total amount of repair/upgrading costs deemednecessarywithin12yearsfromthedateoftheengineeringreport,whichistheannualaveragecalculatedbythe Asset Management company, rounded to the nearest thousand yen. For Muza Kawasaki and VitaSeiseki‐Sakuragaoka, amounts corresponding to the ownership ratios (6.9% and 49.6% respectively,roundeddowntoonedecimalplace)areindicated.

(Note5) “Portfolio PML value” indicates a PML value for a group of the 12AcquiredAssets, obtained in the samemannerasforeachpropertybasedontheseismicriskevaluation(portfolio)reportdatedNovember2017preparedbyTokioMarine&NichidoRiskConsultingCo.,Ltd.

40


Reference4 StatusofCollateralConcerningtheAcquiredAssets,thereisnocollateralscheduledtobeestablishedaftertheacquisitionbyXYMAXREIT.

Documents

February 16, 2018 For Immediate Release Real Estate Investment … · 2018. 7. 10. · securities registration statement submitted on January 11, 2018. Since XYMAX Corporation, one