Notice Concerning Additional Acquisition of Assets (investment units of domestic real estate investment corporation)（PDF：472KB）

To all concerned parties:

Investment Corporation

December 19, 2025

Japan Metropolitan Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953） Representative: Masahiko Nishida, Executive Director

URL: https://www.jmf-reit.com/english/ Asset Management Company

Representative: Keita Araki, President & Representative

Director

Inquiries: Tadateru Kitaoka, Executive Director,

Capital Markets Department

TEL: +81-3-5293-7081

Notice Concerning Additional Acquisition of Assets (investment units of domestic real estate investment corporation)

Japan Metropolitan Fund Investment Corporation ("JMF") announced today that KJR Management, JMF's asset manager (the "Asset Manager"), determined additional acquisition (the "Acquisition") of investment units of Nisshin Private Residential Reit, Inc. and Hoosiers Private REIT Investment Corporation (assets related real estate) as outlined below.

1. Overview of acquired assets

   Acquired assets	Investment units of Nisshin Private Residential Reit, Inc. ("NSPR")	Investment units of Hoosiers Private REIT Investment Corporation ("HPR")
   Underlying assets	40 properties including N-stage Akabane-Shimo and N-flats Kawasaki-Sakuramoto (note 1)	9 properties including Duo Flats Akasaka, Duo Flats Shibakōen, and Duo Flats Sakae (note 1)
   Number of investment units to be acquired	960 units (note 2)	800 units (note 2)
   Acquisition price (Planned)	1,199 million yen	877 million yen
   	Based on the base value (note 3) as of the end of June, 2025
   Scheduled Investment Units contract date	December 24, 2025	December 25, 2025
   Scheduled Investment Units acquisition date (note 4)	January 6, 2026
   Seller	Mizuho Securities Co., Ltd. (the "Seller")
   Source of funds for acquisition of Investment Units	Cash on hand

   (Note 1) NSPR intends to allocate the net proceeds from the issuance of the new investment units to fund the acquisition of two properties, including N-stage Nishitokorozawaekimae (aggregate scheduled acquisition price: 4,461 million yen). HPR intends to acquire an additional six properties, including Duo Flats Shinozaki (aggregate scheduled acquisition price: 5,538 million yen).

   (Note 2) The 960 units represent 4.2% of NSPR's total number of issued and scheduled-to-be-issued investment units (22,850 units), and the 800 units represent 9.2% of HPR's total number of issued and scheduled-to-be-issued investment units (8,650 units).

   (Note 3) "Base price" refers to the per-unit price calculated based on the appraisal value (1,249,468 yen for NSPR and 1,096,525 yen for HPR).

   (Note 4) The date indicates the value date.

   (Note 5) After the Acquisition, the ratio of real estate, etc. to the total assets of JMF will be maintained at 70% or more.

2. Reason for Acquisition

   As announced in "2. Reason for Acquisition" in the release titled "Notice Concerning Acquisition of assets (investment units of domestic real estate investment corporation)" dated April 28, 2021 and "Notice Concerning Acquisition of assets (investment units of domestic real estate investment corporation)" dated March 18, 2022, in order to acquire the high-quality, and high-profitability residential portion of its portfolio through the acquisition of the investment units, JMF reached agreement on good-faith discussion for supporting the growth of the private residential REITs, NSPR and HPR, through the ongoing acquisition of investment units.

   NSPR plans to issue 1,650 new investment units (the "Capital Increase (i)") on December 22, 2025, to fund the acquisition of two properties (aggregate (planned) acquisition price: 4,461 million yen). JMF intends to acquire 960 of these new units.

   Similarly, HPR plans to issue 2,800 new investment units (the "Capital Increase (ii)") on December 24, 2025, to fund the acquisition of six new properties (aggregate (planned) acquisition price: 5,538 million yen). JMF intends to acquire 800 of these new units.

   The asset scale of NSPR and HPR has expanded and the dividend yield has improved by promoting internal growth and assets rotation, since JMF started acquiring investment units of NSPR and HPR, and JMF believes that this acquisition will contribute to the enhancement of JMF's unitholder value, because the stability and growth of the dividends to be acquired by JMF will also raise in line with the sustainable growth of NSPR and HPR in the future.

   Please also refer to the "Supplemental Material Concerning Today's Press Release" published today.

   ➀ Overview of NSPR

   1. Overview

      Investment Corporation name		Nisshin Private Residential Reit, Inc.
      Location		28-11, Shinjuku 1-chome, Shinjuku-ku, Tokyo
      Name and job title of the representative		Takeshi Hioki, Executive Officer
      Investment corporation format		Unlisted open-ended investment corporation
      Total capital		22,169 million yen (as of June 30, 2025)
      Date established		December 22, 2017
      Liabilities		22,420 million yen (as of June 30, 2025)
      Net assets		23,881 million yen (Net assets per unit 1,126,464 yen) (as of June 30, 2025)
      Total assets		46,301 million yen (as of June 30, 2025)
      Net income		1,119 million yen (Net income per unit 52,787 yen) (as of June 30, 2025)
      Major unitholder (unitholding ratio)		Not disclosed as the Investment Corporation has not agreed to the disclosure. (Note)
      Relationship with JMF / the Asset Manager
      	Capital relationship Personal relationship Trade relationship	JMF holds 29.9% of the Investment Units issued by NSPR. Other than the above, there are no capital, personal or business relationships to note between JMF/the Asset Manager and NSPR.
      	Related parties	NSPR is not a related party of JMF or the Asset Manager.

      (Note) However, according to NSPR, NSPR is not a family-owned company of which more than 50% of the total number of issued investment units or voting rights are held by a single unitholder and its special related parties (as defined in Article 4 of the Order for Enforcement of the Corporation Tax Act).

   2. Overview of NSPR's Investment Policy, Financial Data, Etc.

      Investment policy	NSPR seeks to maximize unitholder value by achieving steady growth of assets under management and stable income over the medium to long term.
      Investment targets	Residential property (including company housing and student dorms) (investment ratio: 100%)
      Portfolio development policy	(Tokyo, Kanagawa, Saitama, and Chiba): At least 80% : No more than 20%
      LTV (as of June 30, 2025)	43.2%
      Ratio of net assets to total assets (as of June 30, 2025)	51.6%
      Distributions (June 2025 fiscal period）	54,717 yen (per unit)
      Fiscal period	The end of June and December
      The Date to start operating	March 23, 2018

      • Investment target regions

      • Tokyo metropolitan area

      • Regional cities (cities with populations of at least 300,000 or cities with a population of at least 200,000 where the sponsor of the asset management company has business operations, etc.)

      • Sponsor-developed new properties (properties that are no more than three years old at the time of acquisition by NSPR): At least 50%

   3. Overview of NSPR's Portfolio（As of June 30, 2025）

      The number of properties	40 properties
      The amount of acquisition price	42,869 million yen
      The amount of appraisal value (Note 1)	46,822 million yen
      Appraisal NOI yield (Note 2)	5.0％
      Ratio in Tokyo metropolitan region	100%
      Total leasable area	72,436.57 ㎡
      Average occupancy rate (Note 3)	97.5%
      Average age (Note 4) (Based on acquisition price)	9.4 years
      Total number of leasable units	2,605 units

      (Note 1) The amount of appraisal value is the total appraisal value as of June 30, 2025. Japan Real Estate Institute, Japan Valuers Co., Ltd. and JLL Morii Valuation & Advisory K.K. are employed as the appraisal organizations.

      (Note 2) The value equal to the total amount of NOI based on the direct capitalization method in appraisal reports divided by the total acquisition price.

      (Note 3) The value equal to the area actually leased of all properties divided by the leasable area of all properties as of June 30, 2025. (Note 4) The value based on the completion date recorded in the registry books of main properties.

   4. Details of NSPR's Main Asset Portfolio（As of June 30, 2025）

      Name of real estate, etc. (Note 1)	Location	Total leasable area (㎡) (Note 2)	NOI yield (Note 3)
      N-stage Gyotoku	2-12-1 Gyotoku-ekimae, Ichikawa City, Chiba	1,567.59	5.3%
      N-stage Minami-Hatogaya	5-34-19 Minami-Hatogaya, Kawaguchi City, Saitama	1,896.45	5.3%
      N-stage Sagamino	6-24-11 Higashi-Kashiwagaya, Ebina City, Kanagawa	2,354.17	5.3%
      N-stage Motosumiyoshi	4-16-5 Kimuki, Nakahara Ward, Kawasaki City, Kanagawa	1,120.60	5.7%
      N-stage Shimousa-Nakayama	4-6-12 Motonakayama, Funabashi City, Chiba	1,768.51	5.0%

      N-stage Tama Student Residence	4-216-4 Higashinakano, Hachioji City, Tokyo	1,965.13	5.5%
      N-stage Nishikawaguchi	3-29-15 Namiki, Kawaguchi City, Saitama	2,946.40	5.3%
      N-stage Motoyawata	2-7-15 Yawata, Ichikawa City, Chiba	1,220.57	5.0%
      N-stage Akihabara	3-34-3 Kanda Sakumacho, Chiyoda Ward, Tokyo	1,477.06	4.2%
      N-stage Nishi-Funabashi II	2-417Katsushika-cho, Funabashi City, Chiba	1,986.46	5.0%
      N-stage Musashi-Urawa	3-7-5 Shirahata, Minami Ward, Saitama City, Saitama	1,454.25	5.0%
      N-stage Kameido	6-27-2 Kameido, Koto Ward, Tokyo	2,006.77	4.9%
      N-stage Dokkyo-Daigaku-mae	2-9-25 Sakae-cho, Soka City, Saitama	3,029.72	6.5%
      N-stage Hachioji-Otsuka Student Residence	497-1 Otsuka, Hachioji City, Tokyo	1,634.74	5.0%
      N-stage Kumegawa	2-6-6 Sakae-cho, Higashimurayama City, Tokyo	2,283.84	5.0%
      N-stage Chofu-Kokuryo	7-5-1 Kokuryo-cho, Chofu City, Tokyo	1,422.50	5.3%
      N-stage Hachioji II	1-3 Yorozu-cho, Hachioji City, Tokyo	1,449.56	5.5%
      N-stage Matsudo	914-1 Hinokuchi, Matsudo City, Chiba	2,802.78	5.2%
      N-stage Yamato II	3-4-10 Yamato-Higashi, Yamato City, Kanagawa	2,068.80	6.6%
      N-stage Akabane-Shimo	5-20-14 Shimo, Kita Ward, Tokyo	4,590.94	4.7%
      N-stage Hiratsuka	19-2 Akashi-cho, Hiratsuka City, Kanagawa	1,266.95	5.4%
      N-stage Soka-Shinden	4-4-8 Asahi-cho, Soka City, Saitama	839.71	5.6%
      N-stage Tsukimino	629-4 Shimotsuruma, Yamato City, Kanagawa	2,402.00	4.9%
      N-stage Hiratsuka II	18-2 Akashi-cho, Hiratsuka City, Kanagawa	1,454.31	4.7%
      N-stage Funabori	5-10-16 Matsue, Edogawa Ward, Tokyo	2,475.88	3.8%
      N-stage Yokosuka-Chuo	2-6-9 Yonegahama-dori, Yokosuka City, Kanagawa	932.55	4.1%
      N-flats Higashi-Oi (Note 4)	1-21-5 Higashi-Oi, Shinagawa Ward, Tokyo	832.20	4.6%
      N-flats Kawasaki-Sakuramoto	1-2-12 Sakuramoto, Kawasaki Ward, Kawasaki City, Kanagawa	3,913.60	6.7%
      N-flats Odai	5-8-22 Nishi-Ogu, Arakawa Ward, Tokyo	1,032.11	5.1%
      N-flats Musashi-Nakahara	4-17-12 Shimokodanaka, Nakahara Ward, Kawasaki City, Kanagawa	1,564.60	4.8%
      N-flats Chiba-Soga	2-3-5 Minami-cho, Chuo Ward, Chiba City, Chiba	2,931.14	6.1%
      N-flats Yokohama-Ooka	1-1-25 Ooka, Minami Ward, Yokohama City, Kanagawa	1,952.41	5.0%
      N-flats Yokohama-Nakata	4-5-9 Nakata-Minami, Izumi Ward, Yokohama City, Kanagawa	1,841.22	5.3%
      N-flats Kawasaki-Hamacho	1-9-4 Hamacho, Kawasaki Ward, Kawasaki City, Kanagawa	901.46	6.0%
      N-flats Fujisawa-Zengyo	5-1-5 Zengyo, Fujisawa City, Kanagawa	2,254.50	4.6%
      N-flats Yokohama-Kannai	1-12-3 Sueyoshi-cho, Naka Ward, Yokohama City, Kanagawa	1,237.50	4.1%
      N-flats Yokohama-Tanmachi	2-15-14 Matsumoto-cho, Kanagawa Ward, Yokohama City, Kanagawa	425.86	4.1%
      N-flats Aoto	4-21-24 Aoto, Katsushika Ward, Tokyo	1,167.17	4.3%
      N-flats Omori-Sanno	1-25-12 Sanno, Ota Ward, Tokyo	1,014.14	3.9%
      N-flats Naka-Itabashi	20-4 Futaba-cho, Itabashi Ward, Tokyo	950.42	3.8%
      Total		72,436.57	5.0%

      (Note 1) The name of the real estate, etc. will be "N-stage+●" for NSPR's sponsor-developed properties and "N-flats+●" for third-party developed properties.

      (Note 2) "Total leasable area" means the total leasable area of properties that are trust real estate; the leasable area based on the lease agreement or building plans and the like rounded down to the first digit after the decimal is indicated.

      (Note 3) "NOI yield" is calculated by dividing NOI used in the Direct Capitalization Method on the appraisal report as of the end of June 2025 by the acquisition price.

      (Note 4) N-flats Higashi-Oi was disposed of on July 10, 2025.

   5. Assets Scheduled to Be Acquired through NSPR Capital Increase (i)

      (Scheduled acquisition date: January 7, 2026. However, N-stage Nishitokorozawaekimae was acquired on October 31, 2025.)

      Name of real estate, etc.	Location	Leasable Area (㎡)	NOI Yield (Note 1)
      N-stage Nishitokorozawaekimae	1-10-3 Nishitokorozawa, Tokorozawa-shi, Saitama	1,844.96	4.3%
      LOC'S MUSASHINAKAHARA	3-1263-9 Kamiodanaka, Kawasaki-shi, Kanagawa	2,954.52	3.8%
      Total		4,799.48	3.9%

      (Note 1) For "NOI Yield," the figures for N-stage Nishitokorozawaekimae and LOC'S MUSASHINAKAHARA are calculated by dividing the NOI under the direct capitalization method as stated in the appraisal reports as of September 30, 2025 and October 31, 2025, respectively, by the acquisition price.

   6. Overview of NISSHIN FUDOSAN Investment Advisors, Inc.