<For translation purposes only>
October 27, 2009For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Mineo Yamakawa, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Mineo Yamakawa, President & Representative Director
Contact:
Hideo Natsuaki
General Manager, Corporate Planning Dept.
Email: ir@hankyu-rt.jp

Notice Concerning Forecasts of Financial Results for the Fiscal Period Ending May 31, 2010 andRevision to Forecasts of Financial Results for the Fiscal Period Ending November 30, 2009
Hankyu REIT, Inc. (hereafter “Hankyu REIT”) announces a revision to its forecasts of financial results forthe fiscal period ending November 30, 2009 (June 1, 2009, to November 30, 2009) which was disclosed on
July 15, 2009 in the Financial Results for the Fiscal Period ending May 31, 2009 (December 1, 2008 to May
31, 2009) as described below.
Furthermore, Hankyu REIT announces its forecasts of financial results for the fiscal period ending May 31,
2010 (December 1, 2009, to May 31, 2010). The forecasts are summarized as follows.
Details
1. Revision to the Forecasts of Financial Results for the Fiscal Period Ending November 30, 2009
(1) Revision to the Forecasts of Financial Results for the Fiscal Period ending November 30, 2009 (June 1,2009, to November 30, 2009)
Distribution per unit
Distribution in(not includingexcess of earnings
distributions inper unit
excess of earnings)
(yen)
(yen)

Operatingrevenues(millions ofyen)

Operatingincome(millions ofyen)

Ordinaryincome(millions ofyen)

Net income(millions ofyen)

Prior forecasts (A)(Disclosure date: July15, 2009)

5,366

1,803

1,205

1,204

14,1000Revised forecasts (B)5,928

1,535958956

11,2000562(267)

(247)

(247)

(2,900)0

10.5%(14.8%)(20.5%)(20.6%)(20.6%)－Change (B) - (A)Change(Reference) Previous
fiscal period’s actual
5,243
2,006
1,484
1,482
17,3650results (period endedMay 31, 2009)
Note 1: Expected number of issued investment units as of November 30, 2009: 85,400 units
Note 2: Fractional unit amounts are discarded and percentage amount has been rounded to the nearest tenth of apercent.
Note 3: The above forecasts assume the proposed amendment to the Articles of Incorporation concerning theabolishment of management remuneration 4 (remuneration upon transfer) is approved at the 5th General
Unitholders’ Meeting to be held on November 6, 2009 and management remuneration 4 (remuneration upontransfer) is abolished.

1(2) Reason for Revision
Hankyu REIT has decided to conclude “agreements on sales” for Hankyu Corporation Head Office
Building and HEP Five (partial transfer). As a result, we expect a loss on transfer of Hankyu Corporation
Head Office Building and a gain on transfer of HEP Five (partial transfer). We therefore expect the actualfinancial results of the fiscal period ending November 30, 2009 (June 1, 2009, to November 30, 2009) todiffer from the forecasted financial results of the same period that was disclosed on July 15, 2009 in theFinancial Results for the Fiscal Period from December 1, 2008 to May 31, 2009. Consequently, we arerevising the forecasts of financial results at this point in time. For details of these transfers, please refer to“Notice Concerning Transfers of Domestic Real Estate Trust Beneficiary Interests (Conclusion ofAgreements)” separately released today.
Reference: Difference between proposed transfer price and book value as of May 31, 2009
Hankyu Corporation Head Office Building
Negative 1,005,380,360 yen
HEP Five (partial transfer)
639,522,034 yen
Note: The above numerical forecasts are forecasts of management circumstances based on current conditions witha given set of specific assumptions. Future acquisitions or transfer of real estate, fluctuations in the real estatemarket, and other changes in conditions surrounding Hankyu REIT have the potential to change our financialresults. Furthermore, this forecast is in no way a guarantee of any distribution amount. .

2. Forecasts of Financial Results for the Fiscal Period Ending May 31, 2010
(1) Forecasts of Financial Results for the Fiscal Period ending May 31, 2010 (December 1, 2009, to May 31,2010)
Operatingrevenues(millions ofyen)

Operatingincome(millions ofyen)

Ordinary
income(millions ofyen)

Net income(millions ofyen)

Distribution per unit
Distribution in(not includingexcess of earnings
distributions inper unit
excess of earnings)
(yen)
(yen)

Fiscal period ending
4,864
1,635
1,111
1,110
13,000
0May 31, 2010
Note 1: Expected number of issued investment units as of May 31, 2010: 85,400 units
Note 2: Fractional unit amounts are discarded.
Note 3: The above forecasts assume the proposed amendment to the Articles of Incorporation concerning theabolishment of management remuneration 4 (remuneration upon transfer) is approved at the 5th General
Unitholders’ Meeting to be held on November 6, 2009 and management remuneration 4 (remuneration upontransfer) is abolished.

(2) Reason for Announcement
Hankyu REIT has decided to conclude “agreements on sales” for Hankyu Corporation Head Office
Building and HEP Five (partial transfer). Consequently, we announce the forecasts for the fiscal period
ending May 31, 2010. For details of these transfers, please refer to “Notice Concerning Transfers ofDomestic Real Estate Trust Beneficiary Interests (Conclusion of Agreements)” separately released today.
Note:

••

The above numerical forecasts are forecasts of management circumstances based on current conditions witha given set of specific assumptions. Future acquisitions or transfer of real estate, fluctuations in the realestate market, and other changes in conditions surrounding Hankyu REIT have the potential to change ourfinancial results. Furthermore, this forecast is in no way a guarantee of any distribution amount.
In the event we foresee a significant departure from the above forecasts, Hankyu REIT will revise its
forecasts accordingly.

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka
Securities Exchange, Ministry of Land, Infrastructure and Transport, and to the press club of the construction trade newspaperof the Ministry of Land, Infrastructure and Transport.
Hankyu REIT website: http://www.hankyu-reit.jp/

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Assumptions for Forecasts of Financial Results for the Fiscal Period ending May 31, 2010
(December 1, 2009, to May 31, 2010)
ItemAccounting period
Managed assets

Operating revenues

Operating expenses

Non-operating
expensesAssumption
Tenth Fiscal Period: December 1, 2009, to May 31, 2010
Operating period: 182
・ The transfer of Hankyu Corporation Head Office Building on November 25,
2009 and partial transfer of HEP Five (10% of quasi co-ownership (equityinterest 50%)) on November 27, 2009.
・ No changes in other currently held real estate assets under management (e.g.
new property acquisitions, the sale of existing portfolio properties, etc.).
・ Potential for changes in the forecasts exists if there are changes in the assets
under management.
・ Calculated based on lease agreements currently in effect and taking into
consideration portfolio property competitiveness, market conditions and otherfactors. Also, with regard to other factors such as items that might change
revenue or contract cancellation notices, we have made calculations taking
into account a reasonable margin for fluctuation in the reported figures basedon past financial results and the conditions of individual tenants.
・ Assumes there are no rental fees in arrears or defaulting tenants.
・ The calculation of real estate lease operating costs, main part of operating
expenses, reflect factors that might affect expenses based on past financial
results (excluding depreciation costs).
・ Property tax, city planning tax, and other taxes are estimated to be 368 million
yen. Furthermore, generally these taxes are settled upon transfer of thebuilding from the previous owner to the buyer pro rata according to the owning
time of period at the time of acquisition, and we include these taxes in ouracquisition cost.
・ Building repair expenses at the predicted necessary costs are included.
Furthermore, the potential exists for unexpended costs arising from damage tobuildings from unforeseen factors, and the potential for significant changes inthese repair expenses exists because these expenses may not occur at fixedintervals and the amount in any given fiscal year may vary.
・ Property/facility management fees are estimated to be 602 million yen.
・ Depreciation costs are calculated by the straight-line method and its
calculation basis includes incidental expenses at acquisition and capital
expenditures we forecasted for the tenth fiscal period (302 million yen). We
assume 1,045 million yen in depreciation.
・ Operating expenses unassociated with lease operating costs such as asset
management remuneration, asset consignment remuneration andadministrative agency remuneration are 338 million yen. Note that it isassumed that the proposed amendment to the Articles of Incorporation
concerning the abolishment of management remuneration 4 (remuneration
upon transfer) will be approved at the 5th General Unitholders’ Meeting to beheld on November 6, 2009 and that management remuneration 4(remuneration upon transfer) will be abolished.
・ Borrowing related costs, such as interest due, are estimated to be 522 millionyen.

3Loans payable

Investment units

Distribution per unit

Distribution in excessof earnings per unit
Other・ As of today, Hankyu REIT has 70,700 million yen in borrowed funds, but weplan to repay 2,000 million yen in short-term borrowings due on October 30,
2009. Also, we plan to use part of the transfer prices from the transfers ofHankyu Corporation Head Office Building and HEP Five (partial transfer) (10%of quasi co-ownership (equity ratio 50%)) on November 30, 2009 to makeearly repayment of 6,300 million yen in short-term borrowings. As a result, thebalance of loans payable at the end of the ninth fiscal period (November 30,2009) is expected to be 62,400 million yen (4,900 million yen in short-termborrowings and 57,500 million yen in long-term debt).
・ Loans payable during the tenth fiscal period shall not increase or decrease
from 62,400 million yen.
・ The short-term borrowings due in the tenth fiscal period, which amount to3,900 million yen (to be repaid by January 21, 2010 and February 26, 2010),
shall be refinanced. Also, no long-term debt is due in the tenth fiscal period.
・ Before or during the tenth fiscal period, there will be no additional issuance ofinvestment units added to the 85,400 issued investment units as of today.
・ Net income per unit and distributions are calculated based on 85,400 issued
investment units expected as of May 31, 2010.
・ To follow corporate policy and distribute as set out in Hankyu REIT’s Articles ofIncorporation.
・ Depending on factors such as changes in rent income resulting from a change
in assets under management, or a change in tenants—including various
factors such as unexpected repairs—may result in changes to distribution perunit.
・ No current plans.
・ There will be no revisions in the laws and ordinances, taxation system,
accounting standards, exchange listing rules, or The Investment Trusts
Association’s regulations that will influence the above financial forecasts.
・ No significant unforeseen or unexpected changes in general economic trends
or the real estate market.

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