English Translation Originally Issued in the Japanese Language.

July 18, 2008

Financial Results for the Fiscal Period
From December 1, 2007 to May 31, 2008
Hankyu REIT Inc. is listed on the Tokyo Stock Exchange (J-REIT) with the securities code
number 8977. (Website: http://www.hankyu-reit.jp/)
Executive Director:
Mineo Yamakawa
Inquiries:

Hankyu REIT Asset Management, Inc.
Hideo Natsuaki, General Manager, Investors Relations Dept.
Email: ir@hankyu-rt.jp

Scheduled Filing Date of Securities Report:
Scheduled Commencement Date of Cash Distribution Payment:

August 28, 2008
August 19, 2008

1. Business Results for the Fiscal Period From December 1, 2007 to May 31, 2008
(1) Operating Results(in millions of yen, rounded down; except as noted)
Operating revenues

Operating income

Change (%)

Ordinary income

Change (%)

Change (%)

For the period ended
May 31, 2008
November 30, 2007

4,088
3,583

14.1
11.6

1,487
1,298

14.5
8.7

1,281
1,160

10.4
11.7

Ordinary
Ordinaryincome/Net income Net income/ income/per unit
EquityTotal assets Operatingrevenues

Net income

Change (%)

(yen)

(%)

(%)

(%)

10.4
11.7

14,99013,8562.3
2.51.2
1.4

31.4
32.4

For the period ended
May 31, 2008
November 30, 2007

1,280
1,159

(Percent figures show changes from previous period)1

English Translation Originally Issued in the Japanese Language.

(2) Distributions(in millions of yen, rounded down; except as noted)
Distribution
per unit

Total
distributions(yen)

Distribution in
TotalDistributions/excess of distributions in
Payout ratio
Net assets
earnings
excess ofper unit
earnings
(yen)
(%)
(%)

For the period ended
May 31, 2008

14,99013,572

November 30, 2007

1,280
1,159

00––

100.0
100.02.3
2.1

Note:“Distribution per unit” does not include distribution in excess of earnings per unit.

(3) Financial Position(in millions of yen, rounded down; except as noted)

Total assets

Net assets

Net assets/
Total assets

Net assets per unit

(%)

(yen)

46.9
64.1

663,056
661,638

As ofMay 31, 2008
November 30, 2007

120,736
88,17056,62556,503Note:
Net assets as of May 31, 2008 and November 30, 2007 were respectively ¥56,625 million and¥56,503 million.

(4) Cash Flows(in millions of yen, rounded down; except as noted)

Cash and cash
Cash flows from
Cash flows from
Cash flows fromequivalents
at endoperating activities investing activities financing activitiesof period
For the period ended
May 31, 2008
November 30, 2007

1,865
2,239

(29,032)(9,389)2

29,243
7,338

8,337
6,260

English Translation Originally Issued in the Japanese Language.

2. Forecasts for the Fiscal Period From June 1, 2008 to November 30, 2008
(in millions of yen, rounded down; except as noted)

Operatingrevenues

For the period ending
4,638
November 30, 2008

OperatingincomeOrdinary
incomeDistributionsDistribution in excess ofNet incomeper unit earnings perunit

ChangeChangeChangeChange%%%%13.5 1,650 10.9 1,282

0.1

1,281

0.1(yen)(yen)

15,0000(Percent figures show changes from previous period)

Notes:
1. “Distribution per unit” does not include distribution in excess of earnings per unit.
2. Projected net income per unit for the fiscal period ending November 30, 2008 is 15,000 yen.

3. Others
1. Changes in significant accounting policies(1) Changes due to revisions in accounting standards and others: None
(2) Changes other than in the above item (1): None
2. Number of investment units issued and outstanding(1) The number of investment units issued and outstanding (including treasury investment
units) as of the period-end:
As of May 31, 2008:

85,400 units

As of November 30, 2007:

85,400 units(2) The number of treasury investment units as of the period-end:
As of May 31, 2008:- units

As of November 30, 2007:- units

Disclaimer:
The forecasts for the fiscal period from June 1, 2008 to November 30, 2008 are based on
certain assumptions currently available to Hankyu REIT Inc. Actual operating revenues,
operating income, ordinary income, net income, and distribution per unit may differ substantially
due to changes in conditions and the forecasts do not guarantee any cash distribution amounts.

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