Portfolio Data (9th Fiscal Period)

	Portfolio
	Profitability
	Book Value
	Real Estate Appraisal Report
	Leasing
	Use Precautions

Portfolio Data Summary (7th Fiscal Period)

(as of June 30, 2009)

Portfolio Size	Number of Properties	Average Building Age	Leasable Units	PML (Note)
86,186 mm yen	51	6.1years	4,963	5.99%

(Note) PML (Probable Maximum Loss) refers to the expected maximum loss rated caused by earthquakes.

Growth of Portfolio

*The size is calculated based on the acquisition prices and rounded down to the nearest million yen.

Growth in Properties and Leasable Units

*Leasable units indicate the number of units that ADR can lease in the portfolio.

Portfolio Diversification by Geographic Location

Central Tokyo 71%

Portfolio Diversification by Building Age

Building Age Five years or Younger 79%

Portfolio Diversification by Unit Type

Single or Compact 76%

Size of Asset by Source

Invest in properties with well defined target tenant and afforble rent => High Occupancy and Profitability
Convenience - High Yielding Student Housing
Type of Lease Contracts - Well Balanced Portfolio Between Growth and Stability
-Calculation based on leasable area at the end of December 2008. -If a property is lump-sum leased to one tenant. the contract type is categorized as guaranteed occupancy contract even if the master lease contract is a pass-through payment contract
Units' Rents in TOKYO (3,900units)
Famiy Type - Compact Type - Single Type