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[null,null," (as of Feb. 28, 2010)"]
["Usage Guidelines                                                                                                                                                       "]
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["1. Introduction"]
[null,"These data are financial results, portfolio properties and other related information as they relate to Advance Residence Investment Corporation (ADR) that have been compiled into Excel files."]
[null,"Please read these [Use Precautions] and the \"Indemnification\" on the top page of ADR's website before use of these data."]
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["2. Explanation Concerning All Files"]
[null,"*","These data are limited to the 51 properties in ADR's portfolio as of the end of the nineth fiscal period (ended Feb. 28, 2010)."]
[null,"*","The figures are rounded down to the nearest specified unit.  Furthermore, in principle, percentages are rounded to the nearest specified unit."]
[]
["3. Explanation Concerning Each Worksheet"]
["(1) Worksheet: \"Property Outline\""]
[null,"*","Under \"Area\"...\n\"Tokyo Central 7 Wards\" indicates the Minato, Chiyoda, Shibuya, Shinjuku, Meguro, Setagaya and Shinagawa wards of Tokyo.\n\"Tokyo 23 Wards Exclusive of Central 7 Wards\" indicates the Tokyo 23 wards other than the Tokyo Central 7 Wards.\n\"Toky"]
[null,"*","\"Type of ownership\" provides the kind of rights held by the trustee of the real estate trust for the real estate in trust."]
[null,"*","\"Site area,\" \"Total floor area,\" \"Structure / Floors\" and \"Construction completion date\" are pursuant to the entries indicated in the registry."]
[null,"*","\"Leasable units\" and \"Leasable floor area\" provides the number of units and floor area of the portion of each real estate in trust to be acquired by ADR that is leasable."]
[null,"*","\"Acquisition price\" is exclusive of taxes and public dues and acquisition costs."]
[null,"*","\"Investigation value at end of fiscal period\" provides the price investigated by the real estate appraiser, the appraised date being Feb. 28, 2010."]
[null,"*","\"PML\" refers to the probability of the maximum loss expected to result from an earthquake.  The term PML is used in connection with individual properties and also in connection with the entire portfolio.  While there is no standardized precise definition "]
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["(2) Worksheet: \"Profitability\""]
[null,"*","The income/expenditure amounts are, in principle, the amounts exclusive of tax based on an accrual basis."]
[null,"*","\"Occupancy rate at end of fiscal period\" indicates the ratio of leased floor area to leasable floor area as of Feb. 28, 2010."]
[null,"*","\"Rent income\" includes rent (in addition to the residential portion, also includes the rent of stores, offices and warehouses), common service charges, parking space use fees, etc."]
[null,"*","\"Other income\" includes key money income, amortization of deposits, tenant replacement fee income, etc."]
[null,"*","In principle, the obligation to pay real property tax, urban planning tax and depreciable asset tax included in \"Taxes and public dues\" is imposed on the titleholder as at January 1 of each year.  The amount of reimbursement of the pro rata portion of the amount equivalent to the prepaid real property tax, etc. with the prior titleholder at the time of acquisition is calculated in the cost of acquisition of the real estate, etc. as part of incidental expenses and is not recorded as expenses from rental business."]
[null,"*","Concerning \"Repair costs\" and \"Capital expenditures,\" the repair costs and capital expenditures for the subject fiscal period may significantly differ from repair costs and capital expenditures when ADR continues to own the acquired asset for a long term due to various reasons, including large variances depending on the fiscal year and the amount not accruing on a regular basis."]
[null,"*","\"Other expenses\" includes trust fees, neighborhood association fees, etc."]
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["(3) Worksheet: \"Book Value\""]
[null,"*","\"Due diligence related costs\" indicates the acquisition expenses on the real estate appraisal report, acquisition costs on the engineering report, acquisition costs on the earthquake PML assessment report, attorney fees, etc."]
[null,"*","\"Asset management company fee\" indicates the amount of acquisition fees paid to AD Investment Management Co., Ltd., with which ADR has executed an asset management agreement."]
[null,"*","\"Broker commission\" indicates the broker commission, etc. paid to the broker upon ADR's acquisition of the respective real estate in trust."]
[null,"*","\"Taxes and public dues\" indicates the amount of reimbursement of the pro rata portion of the amount equivalent to the prepaid real property tax, etc. paid to the seller based on the trust beneficiary interests transfer contract executed upon ADR's transaction of the respective real estate in trust."]
[null,"*","\"Other\" indicates the miscellaneous expenses paid in relation to ADR's acquisition of the respective real estate in trust."]
[null,"*","\"Accumulated capital expenditures\" indicates the cumulative amount of capital expenditures recorded from the date of acquisition by ADR up to Feb. 28, 2010 for the respective real estate in trust."]
[null,"*","\"Accumulated depreciation\" indicates the cumulative amount of depreciation recorded from the date of acquisition by ADR up to Feb 28, 2010 for the respective real estate in trust."]
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["(4) Worksheet: \"Appraisal\""]
[null,"*","Appraisal (investigated values indicated on investigation reports) by the real estate appraiser as of Feb. 28, 2010 are shown."]
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["(5) Worksheet: \"Lease Conditions\""]
[null,"*","\"Occupancy rate at end of fiscal period\" indicates the ratio of leased floor area to leasable floor area at each real estate in trust as of Feb. 28, 2010.  When the type of master lease is guaranteed payment, occupancy rate is indicated as 100%.  Furthermore, \"total\" indicates the ratio of total leased floor area to total leasable floor area."]