June 14, 2024

Financial Report for the Fiscal Period Ended April 30, 2024
(For the Reporting Period from November 1, 2023 to April 30, 2024)
Name of REIT issuer:
Stock exchange listing:
Securities code:
URL:
Representative:

Sekisui House Reit, Inc. (“SHR”)
Tokyo Stock Exchange3309
https://sekisuihouse-reit.co.jp/en/
Atsuhiro Kida, Executive Director

Asset management company:
Representative:
Inquiries:

Sekisui House Asset Management, Ltd.
Toru Abe, President & Representative Director
Koichi Saito, Investor Relations Department Chief Manager
TEL: +81-3-6447-4870

Scheduled date to file securities report:
Scheduled date to commence distribution payment:
Preparation of supplementary material on financial report:
Holding of financial report presentation meeting:

July 26, 2024
July 19, 2024
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

1. Summary of financial results for the fiscal period ended April 30, 2024 (November 1, 2023 - April 30, 2024)(Percentages show changes from the previous period)(1) Operating results
Fiscal period endedApril 30, 2024
October 31, 2023

Operating Revenue

Operating Income

Ordinary Income

Million yen
22,07816,485

Million yen
5,896
8,343

Million yen
4,955
7,411

%
33.9
7.3

Net Income per Unit
Fiscal period endedApril 30, 2024
October 31, 2023%
(29.3)
11.1

Ordinary Income toTotal Assets

Return on Equity

Yen
1,130
1,690

Net Income%(33.1)
11.7

%
1.7
2.5

Million yen
4,954
7,408

%
(33.1)
11.6

Ordinary Income toOperating Revenue
%
0.9
1.3

%
22.4
45.0

(Note) Net income per unit is calculated by dividing net income by the day-weighted average number of investment units outstanding during theperiod.

(2) Distributions
Distributions
Total
Distributions
Total
per Unit
Distributions
per Unit
Distributions
Distributions
Total(including(including
Distributions(excluding in Excess of(excluding Distributions Payout Ratio
Distributions
Distributions
to Net Assets
Distributions Earnings perDistributions in Excess ofin Excess ofin Excess ofin Excess of
Unit
in Excess of Earnings
Earnings)
Earnings)
Earnings)
Earnings)
Fiscal period ended
Yen
Yen
Yen Million yen Million yen Million yen%%
April 30, 2024
2,095
1,131
964
9,179
4,955
4,223
100.1
1.7
October 31, 2023
1,976
1,691
285
8,657
7,409
1,248
100.1
2.5
(Note 1) Total distributions for the fiscal period ended April 30, 2024 is the amount of unappropriated retained earnings for the period plus anallowance for temporary difference adjustment ("ATA") of 4,223 million yen.
(Note 2) Total distributions for the fiscal period ended October 31, 2023 is the amount of unappropriated retained earnings for the period plus ATA of
1,248 million yen.

(3) Financial position
Total Assets
As ofApril 30, 2024
October 31, 2023

Million yen
565,030
569,478

Net Assets
Million yen
289,526
293,226

Equity Ratio

Net Assets per Unit
%
51.2
51.5

Yen
66,07966,924

(4) Cash flows

Fiscal period endedApril 30, 2024
October 31, 2023

Net Cash
Provided by (Used in)Operating Activities
Million yen
68,812
17,860Net Cash
Provided by (Used in)Investing Activities
Million yen(43,454)(1,634)

Net CashCash and Cash Equivalents
Provided by (Used in)
at End of Period
Financing Activities
Million yen
Million yen(8,656)
51,525(8,802)
34,824

2. Forecasts of performance for the fiscal period ending October 31, 2024 (May 1, 2024 - October 31, 2024)
and the fiscal period ending April 30, 2025 (November 1, 2024 - April 30, 2025)(Percentages show changes from the previous period)
Distributions
Distributions
per Unit
per Unit Distributions
OperatingOperating
OrdinaryNet(including
Revenue
IncomeIncomeIncomeDistributions (excluding in Excess ofin Excess of Distributions Earnings per
in Excess of
Unit
Earnings)
Earnings)
Fiscal period ending Million% Million% Million% Million
%
Yen
Yen
Yen
yen
yen
yen
yen
October 31, 2024
21,444 (2.9) 12,582 113.4 11,527 132.6 11,527 132.7
1,749
1,749
0
April 30, 2025
18,931 (11.7) 10,852 (13.7)
9,694 (15.9)
9,693 (15.9)
2,252
2,213
39
(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the fiscal period ending October 31, 2024:
2,630 yen
For the fiscal period ending April 30, 2025:
2,212 yen
(Note) Forecasted distributions for the fiscal period ending April 30, 2025 is the amount obtained by adding 170 million yen of ATA to theunappropriated retained earnings.

* Other(1) Changes in accounting policies, changes in accounting estimates, and retrospective restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations:b. Changes in accounting policies due to reasons other than a. above:c. Changes in accounting estimates:
d. Retrospective restatement:

None
None
None
None

(2) Number of investment units issued
a. Number of investment units issued at end of period (including owned investment units)
As of April 30, 2024:
4,381,482 units
As of October 31, 2023:
4,381,482 units
b. Number of owned investment units at end of period
As of April 30, 2024:– units
As of October 31, 2023:– units(Note) For the number of units used as the basis for calculating net income per unit, please refer to "Notes on Per Unit Information" on page 36.

* Status of audit proceduresThis financial report is not subject to audit procedures by public accountants or audit corporations.
* Remarks on appropriate use of forecasts of performance and other special notes
・Forward-looking statements presented in this financial report, including forecasts of performance, are based on
information currently available to Sekisui House Reit, Inc. ("SHR") and on certain assumptions it deems to bereasonable. As such, actual operating and other results may differ materially from these forecasts as a consequenceof numerous factors. In addition, these forecasts do not guarantee the distributions amount. Please refer to"Prerequisites for the Performance Outlook for the Fiscal Period Ending October 2024 and April 2025" on page 11
for the assumptions of the operating forecast.

Table of contents
1. Operation Status

2(1) Operation Status

2

2. Financial Statements(1) Balance Sheet

14(2) Statement of Income and Retained Earnings

16(3) Statement of Changes in Net Assets

17(4) Statement of Cash Distributions

20(5) Statement of Cash Flows21(6) Notes on Assumption of Going Concern

22(7) Summary of Significant Accounting Policies

22(8) Notes to Financial Statements

25(9) Change in Total Number of Investment Units Issued and Outstanding38

3. Reference Information

39(1) Information Regarding Prices of Assets Under Management

39(2) Status of Capital Expenditure84

11. Operation Status(1) Operation Status① Overview of the Fiscal Period under Review(i) Major Developments of the Investment Corporation
SHR was established on September 8, 2014 as an investment corporation investing primarily in commercial
properties including office buildings, hotels and retail and other properties, sponsored by Sekisui House, Ltd.
("Sekisui House"), a leading homebuilder representing Japan with an established development andmanagement track record also in the property development business. SHR was listed on the Real Estate
Investment Trust Section of the Tokyo Stock Exchange, Inc. ("Tokyo Stock Exchange") on December 3,
2014 (securities code: 3309).
Sekisui House Residential Investment Corporation ("SHI", and collectively with SHR, the "Two Investment
Corporations") was established on April 20, 2005 as an investment corporation investing primarily inresidences and retail properties, with the corporate name of JOINT REIT Investment Corporation, and listedon the Real Estate Investment Trust Section of the Tokyo Stock Exchange on July 28, 2005. In March 2010, a
collaboration system was established with Sekisui House serving as the main sponsor and Spring Investment
Co., Ltd. as joint sponsor for the investment corporation, which was renamed from JOINT REIT Investment
Corporation to Sekisui House SI Investment Corporation in June 2010. Later, in June 2014, its Articles ofIncorporation were revised to set residences as the sole target of investment, and the corporate name waschanged to Sekisui House SI Residential Investment Corporation. Subsequently, in association with the shift
to a structure in which Sekisui House serves as the sole sponsor in March 2017, SHI was renamed to Sekisui
House Residential Investment Corporation in June 2017.
The Two Investment Corporations, each under the support of the Sekisui House Group(Note 1), had separately
conducted asset management to expand their assets and secure stable returns by utilizing their respective
strengths with the aim of continuous enhancement of unitholder value. However, intending to secure strong
returns and stability and growth of cash distributions through promoting a steady increase of assets undermanagement and endeavor to maximize unitholder value by further expanding the scale of their assets andincreasing their market presence and expanding a variety of opportunities for growth through utilizing the
integrated corporate strength of the Sekisui House Group, the Two Investment Corporations conducted anabsorption-type merger with SHR as the surviving corporation and SHI as the dissolving corporation (the"Investment Corporation Merger"), setting May 1, 2018 as the effective date(Note 2).
SHR's investment policy is to conduct asset management that seeks to secure stable earnings over the medium
to long term and steady growth of its investment assets, with residential properties(Note 3) and commercial
properties(Note 4) as major investment targets.
(Note 1) "Sekisui House Group" refers to a group of companies comprised of Sekisui House and its consolidated subsidiaries and its
affiliates accounted for by the equity method. The same applies hereinafter.
(Note 2) In association with the Investment Corporation Merger, Sekisui House Asset Management, Ltd. (the "former SHAM"), the asset
management company for SHI, and Sekisui House Asset Management, Ltd. (former name: Sekisui House Investment Advisors,Ltd.) ("SHAM"), the asset management company for SHR, carried out an absorption-type merger as of the same date as theeffective date of the Investment Corporation Merger, with SHAM being the surviving company and the former SHAM being thedissolving company, and changed the company name to the current one.
(Note 3) "Residential properties" refer to real estate whose principal use is residence (including student dormitories, company housing,
serviced apartments (*), serviced housing for the elderly, and paid nursing homes). The same applies hereinafter.
(*) "Serviced apartments" refer to furnished residences with appliances where a dedicated operator provides certain services tousers.
(Note 4) "Commercial properties" refer to real estate whose principal use is for office buildings, hotels and retail and other properties andother non-residential business purposes. The same applies hereinafter.

(ii) Operation Environment
During the fiscal period under review, the Japanese economy has been recovering moderately, although there
have been some standstills recently.
Under these circumstances, in the real estate leasing market, as of April 30, 2024 (the "end of the fiscal period
under review"), regarding residentials which constitutes approximately 58% of the portfolio (acquisition pricebasis), the supply and demand balance remains strained due to the inflow of population into urban areas withlarge economic scale as the employment environment continued to improve, especially in the Tokyo area. As
a result, rents continued to rise for all types of residentials while overall occupancy rates of the entire
residential portfolio remained stable, with occupancy rates for new buildings in the major metropolitan areas
all significantly higher than the previous year. As for office buildings, which constitutes approximately 42%2

of the portfolio (acquisition price basis), in the five central wards of Tokyo, the vacancy rate was on a
downward trend, mainly for well-located properties, and rent levels have begun to rise in some areas, even in
an environment of increased new supply. This is due to improved corporate location and a recovery indemand, including expansion and relocation due to business expansion. However, vacancy rates remained
high for properties struggling in terms of location, and rent levels remained weak. In central Osaka, vacancy
rates began to rise due to new supply.
Furthermore, in the real estate transaction market, expected yields have remained at low levels as real estate
investors maintain their very aggressive investment stance toward high-quality properties in Japan, with theeasing financial environment remaining despite the lifting of the negative interest rate policy, and examples oflarge-scale acquisitions were also seen.
(iii) Operation Performance
Under the circumstances described in "(ii) Operation Environment" above, SHR disposed of 2 office building properties(10/100 of the ownership share and 51/100 of the ownership share, respectively) and 1 hotel property, and acquired 10
residential properties and 1 office building property with the aim of improving profitability and securing stable revenue ofthe portfolio.

As of the end of the fiscal period under review, the number of properties SHR owned was 131 (comprised of
123 residential properties and 8 commercial properties) with an aggregate acquisition price(Note) of 529,331
million yen (304,526 million yen for residential properties and 224,805 million yen for commercial
properties).
Moreover, the occupancy rate of SHR’s investment assets as of the end of the fiscal period under review
stood at 97.0% for residential properties, 96.6% for commercial properties and 96.9% for the entire portfolio
against the backdrop of the real estate leasing market as described above.
(Note) The "acquisition price" indicates the transaction price shown in the sales agreements for respective properties (excluding
consumption tax, local consumption tax and commission and other various expenses, rounded down to the nearest million yen).
For properties SHR succeeded from SHI through the Investment Corporation Merger, however, the value based on the appraisal
by real estate appraisers with April 30, 2018 as the appraisal date is used as the acquisition price, because the acceptance priceshould be the appraisal value upon the acquisition by SHR as such properties are accounted for by the purchase method with SHR
set as the acquiring corporation and SHI as the acquired corporation. The same applies hereinafter.

(iv) Overview of Fund Procurement(a) Borrowing of Funds
SHR refinanced a total of 18,840 million yen to repay 15,840 million yen in borrowings that becamedue during the fiscal period under review and to redeem 3,000 million yen in investment corporation bondsthat became due for redemption. Of such refinancing, 10,780 million yen was executed as a green loan
within the scope of eligible green debt based on the Green Finance Framework established in December
2022.
As a result, the balance of interest-bearing liabilities as of the end of the fiscal period under review is257,242 million yen and the ratio of total interest-bearing liabilities to total assets ("LTV (total assets basis)")is 45.5%.
(b) Credit Rating
The following table sets forth the status of credit ratings of SHR as of the end of the fiscal period underreview.
Credit Rating Agency

Rating TypeJapan Credit Rating Agency, Ltd.
(JCR)

Long-term issuer rating: AA
Rating outlook: Stable

Japan Credit Rating Agency, Ltd.
(JCR)

Bond rating: AA

Rating and Investment Information, Inc.
(R&I)

Issuer rating: AARating outlook: Stable(v) ESG Initiatives
a. Overview of the fiscal period under review

3

On the environmental aspect, SHR has made efforts toward achieving net zero greenhouse gas (GHG)
emissions by acquiring Prime Maison Asakusa EAST, the first ZEH (Net Zero Energy House) property for
SHR. On the social aspect, Hommachi Minami Garden City and Akasaka Garden City received theCertification for CASBEE Wellness Office Rating Certification as buildings that take into consideration thehealth and comfort of their users, and were given "A Rank". On the governance aspect, SHR increased thenumber of female supervisory directors by one in order to further strengthen the supervisory system bypromoting diversity. As a result, the Board of Directors now consists of one executive director and three
supervisory directors, and the ratio of female directors is 50%.
These ESG initiatives have been highly evaluated outside the company, and SHR received a score of "A-" inthe CDP Climate Change 2023 Category, in which SHR participated for the first time in 2023.
In addition, SHR was selected as a constituent of the Dow Jones Sustainability Asia/Pacific Index for the firsttime and was named a Sustainability Yearbook Member in S&P Global's "The Sustainability Yearbook
2024". Furthermore, SHR has continued to be selected as a constituent of the MSCI Japan ESG SelectLeaders Index and the FTSE4Good Index Series.
b. Climate change initiatives
Based on the recognition that environmental initiatives, as typified by climate change, are one of the key
issues in ESG-conscious investment management, SHR and SHAM have set "promoting of response to
climate change" as one of SHR's materiality, and consider various risks and opportunities associated withclimate change as one of the key points in its business strategy. In addition, SHAM has established a
Sustainability Committee as a decision-making body for sustainability, and has formulated policies andtargets, and is promoting efforts related to climate change mitigation and adaptation.
Furthermore, under the company-wide risk management system, SHR assesses risks and opportunities to its
business activities, evaluating their financial impact, and considering and implementing countermeasures,
assuming various situations that may occur in the future due to climate change.
SHR has set the following indicators and targets for addressing climate change. The medium-term targets for
GHG emission reductions have been SBTi (Note) validated.
GHG Emissions Reduction Target
・Medium term target (by 2030): Reduce 42% of Scope 1 and Scope 2 emissions of portfolio
compared to 2021
・Long term target (by 2050): Achieve net zero・Calculate and reduce Scope 3 emissions
Energy Consumption Reduction Target
・Reduce 10% energy consumption intensity of portfolio by 2028 compared to 2018
Portfolio Green Certification Target
・Maintain 70% or more of the portfolio with green certification(Note) SBT is a Science-based target for reducing GHG emissions that is certified by the SBTi, an international joint initiative
established in 2015 by CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide
Fund for Nature (WWF). SBT is necessary to align GHG emission reduction targets with the levels required by the Paris
Agreement (reduce the increase of global average temperature to 2 ℃ or less and make an effort to keep it to 1.5℃
compared to before the Industrial Revolution).

(ⅵ)Overview of Business Performance and Distributions
Results in the fiscal period under review are operating revenue of 22,078 million yen, operating income of
5,896 million yen and ordinary income of 4,955 million yen, resulting in net income of 4,954 million yen. In
the fiscal period under review, the book value of "Garden City Shinagawa Gotenyama", for which adisposition agreement was concluded on March 19, 2024, was reduced to the recoverable amount, and theamount of the reduction was recorded as an impairment loss (4,008 million yen) in the operating expense
category. In addition, concerning cash distributions, based on the application of special tax treatment forinvestment corporations (Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of
1957, as amended) ("Special Taxation Measures Act")), SHR decided to distribute 4,955 million yen of theunappropriated retained earnings for the current fiscal period as distribution of retained earnings. In addition,
pursuant to the policy for "distribution of money in excess of profits" as set forth in Article 46, Paragraph 2 of
the Articles of Incorporation of SHR, SHR decided to distribute 4,223 million yen of ATA as distribution in4

excess of earnings for the purpose of reflecting the impact of the tax and accounting differences on
distributions. Total distributions are 9,179 million yen.
② Future Trends Outlook(i) Investment Environment
It is expected that the Japanese economy will continue its gradual recovery, with an improving employment
and income environment with the effects of various policies. However, the downturn in the overseas economy
poses a risk of downward pressure on the Japanese economy amid the continued global monetary tightening
and concerns about the future of the Chinese economy. In addition, due attention should be paid to the effects
of inflation, the situation in the Middle East, and changes in financial capital markets.
In this environment, the employment and income environment has improved for the residential real estate
rental market, which is the base of daily life, and it is believed that the trend toward a return to central
Tokyo and the separation of households will continue, but there are also increasing uncertainties such as
inflation and rising interest rates, and SHR believes that these trends must be closely monitored.
Regarding offices, where business activities are based, demand remains strong in the five central wards ofTokyo, but there are concerns that vacancy rates will rise as secondary vacancies become apparent due tocontinued new supply and relocations, and that the disparity between areas and properties will widen due tosuperiority in terms of location. In addition, the largest new supply in recent years is expected to be in central
Osaka, and SHR believes that the impact of this supply will need to be closely monitored.
In the real estate transaction market, although there are concerns about cap rates rising due to higher interest
rates and soaring construction costs, SHR believes that the expected yields will remain at low levels for theforeseeable future, as the domestic financing environment remains favorable compared to overseas, and thewillingness of real estate investors and business companies to invest has not waned.
(ii) Future Operational Policy and Challenges to Address
SHR will continue to focus on prime properties―high-quality residential properties and commercial
properties situated in strategic locations―as its core investment targets among other main investment targets.
By implementing growth strategies that take full advantage of the real estate development and operation
capabilities and other strengths of the Sekisui House Group, which has established an extensive track recordof developing and operating residential properties and commercial properties, SHR will seek to secure stableearnings over the medium to long term and steady growth of its investment assets and thereby aim to
maximize unitholder value.
On the other hand, SHR will endeavor to expand its asset size by exploring investment opportunities throughthe initiatives of SHAM on its own.
Concerning main investment target areas in Japan for residential properties, SHR has set Greater Tokyo(Note 1) as
the core investment area with a focus on Tokyo 23 wards, which are believed to have a number of prime
properties that offer locations accommodating residents’needs as well as excellent basic functions as aresidence including comfort and safety and such and are expected to see strong leasing demand and supplies
of prime properties. In addition, SHR will invest in other major cities throughout Japan outside of Greater
Tokyo including government designated cities as well as their surrounding commutable areas, where networks
of Sekisui House and Six Sekisui House Real Estate Companies(Note 2) can be fully utilized.
SHR has set the three major metropolitan areas(Note 1) with three large cities, namely the Tokyo 23 wards, Osaka
City and Nagoya City, all of which SHR has knowledge in the course of developments by Sekisui House, as
the core investment areas in Japan for commercial properties, with a focus on the three large cities, in which
SHR can expect stable management against the backdrop of solidified demand resulting from being bases fortenant companies' business activities. In addition, major cities throughout Japan other than the three major
metropolitan areas are set as investment areas.
SHR has executed a sponsor support agreement with Sekisui House. This agreement provides for utilizationof the urban redevelopment business track record and know-how of Sekisui House, allowing SHR to seek
from Sekisui House property acquisition support for external growth (pipeline support). Specifically, suchsupport will (a) grant SHR preferential negotiation rights with regard to the sale of domestic real estate, etc.
owned or developed by Sekisui House, (b) provide SHR with information on real estate, etc. owned ordeveloped in Japan by third parties, (c) provide SHR with warehousing functions, and (d) provide SHR withsupport for the redevelopment of owned properties.
5

Furthermore, SHR has concluded agreements concerning preferential negotiation rights (and others) with theSix Sekisui House Real Estate Companies. Thus, particularly with residential properties, SHR will be able toreceive support in acquiring properties for external growth, such as granting of preferential negotiation rights
regarding sale of domestic real estate, etc. owned or developed by the Six Sekisui House Real Estate
Companies.
Sekisui House and Sekisui House Real Estate Group(Note 3) possess (a) property management ("PM") skills basedon their relationship with tenants, (b) know-how as a real estate developer to maintain/improve real estatevalue through large-scale repair, renovation/value enhancement, redevelopment, etc., and (c) know-how ondeveloping various types of master leasing businesses. In relation to management of owned assets, byconcluding a sponsor support agreement with Sekisui House, SHR and SHAM can seek (i) technologies andknow-how that contribute to the improvement of tenant satisfaction or other factors, including energy
efficiency and eco-friendliness, that contribute to the renovation/value enhancement of properties, (ii)personnel support, including provision of know-how required for the operation of SHR, and (iii) support inareas such as negotiation of master lease agreements with regard to commercial properties.
(Note 1) The "three major metropolitan areas" refer to "Greater Tokyo", the "Osaka area" and the "Nagoya area", where "Greater Tokyo"
refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture, the "Osaka area" refers to Osaka Prefecture,
Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture and the "Nagoya area" refers to Aichi Prefecture. The same applies
hereinafter.
(Note 2) "Six Sekisui House Real Estate Companies" is a collective name for Sekisui House Real Estate Tohoku, Ltd., Sekisui House
Real Estate Tokyo, Ltd., Sekisui House Real Estate Chubu, Ltd., Sekisui House Real Estate Kansai, Ltd., Sekisui House Real
Estate Chugoku&Shikoku, Ltd. and Sekisui House Real Estate Kyushu, Ltd., which are wholly-owned subsidiaries of Sekisui
House Real Estate Holdings, Ltd. ,which is a wholly-owned subsidiary of Sekisui House, and are core companies of real estate
unit of the Sekisui House Group operating nationwide. The same applies hereinafter.
(Note 3) "Sekisui House Real Estate Group" refers to a group of companies comprised of Six Sekisui House Real Estate Companies as thecore, and of its subsidiaries and affiliates.

(iii) Financial Strategy
SHR has adopted as its policy to conduct stable and sound financial operations in order to secure stableearnings over the medium to long term and enhance unitholder value. Specifically, the policy is to form strong
and stable business relationships with leading domestic financial institutions, centering on megabanks,bolstered by the creditworthiness of the sponsor, Sekisui House, and also to reduce refinancing risks and risksof fluctuations in interest rates by exploring the extension of borrowing periods and working to diversify dates
for repayment, etc., while pursuing the optimum balance between fixed-rate and floating-rate debts.
In addition, the LTV (total assets basis) policy was set at a cruising range of 45 to 50% for the time being, andthe policy is to manage conservatively while paying attention to securing sufficient funding capacity.
Furthermore, SHR will work to diversify its sources for direct and indirect financing, such as by issuinginvestment corporation bonds, in comprehensive consideration of the market environment, SHR's financial
standing and other factors, while continuing its endeavors for stable and sound financial operations.
③ Significant Subsequent Events(ⅰ) Acquisition of Asset
SHR acquired the following overseas real estate through investment in two LLCs located in the U.S. that own
overseas real estate.
a. Investment in overseas real estate holding corporations
Name

Location

Investment price (Note)

SHR Boren Avenue
Partners I, LLC
SHR Boren Avenue

Investment date

Investment ratio

May 28, 2024

100.0%

164 mm USD(25,830 mm yen)
Delaware,
U.S.A.
164 mm USD(25,830 mm yen)Partners Ⅱ, LLC(Note) Converted into yen at the exchange rate at the time of investment, 1USD = 156.95 JPY.

6

b. Real estate acquired by the above two overseas real estate holding corporations
Property name
The Ivey on Boren(Note 2)Acquisition priceType of use

Location

Residence

Seattle, Washington
U.S.A.

(Note 1)

Acquisition dateSellerMay 29, 2024

NASH – Holland Boren& Lenora, LLC

328 mm USD(51,479 mm yen)

(Note 1)

Converted into yen at the exchange rate at the time of acquisition, which is 1USD = 156.95 JPY.

(Note 2)The two overseas SPCs acquired ownership interest in all of the exclusively-owned portions of the 5th floor through the 44th floor above groundand all of the exclusively-owned portions of the 1st floor through the 7th floor underground along with the land equivalent to 19,007 sq/ft(1,765.75 ㎡) which is the total site 21,234 sq/ft (1,972.63 ㎡) multiplied by the ownership interest ratio (89.51%).

(ⅱ) Disposition of Assets
SHR concluded a contract on March 19, 2024 for the disposition of two real estate trust beneficiary interests. The
disposition was completed on May 1, 2024 and is scheduled to be completed on November 1, 2024, as follows.
As a result of these dispositions, SHR expects to record a gain on disposition of real estate of 5,734 million yen in
the fiscal period ending October 31, 2024 (from May 1, 2024 to October 31, 2024) and 3,143 million yen in thefiscal period ending April 30, 2025 (from November 1, 2024 to April 30, 2025).
Property name

Type of use(Planned)
disposition price(million yen)

Location(Planned)
disposition date

Buyer

(Note 1)

Garden City
Shinagawa Gotenyama(quasi co-ownership interest 49.0%)

Shinagawa-ku,
Tokyo

29,890
May 1,
2024(Note 2)

(quasi co-ownership
Hommachi Gardeninterest 65.0%)
City(Office building(quasi co-ownership
portion)interest 35.0%)

Officebuilding

Godo Kaisha
Gotenyama
Capital28,925
Osaka-shi, Osaka
1,
15,575 November
2024

Godo Kaisha
Pothos(Note 1) "(Planned) disposition price" is the sale and purchase price stated in the sale and purchase agreement (excluding consumption tax, local
consumption tax, commission for sales, and other various expenses; rounded down to the nearest million yen).
(Note 2) The amount equivalent to the loss on sale of real estate and other assets arising from such transfer is recorded as an impairment loss. For details,
please refer to "2. Financial Statements (8) Notes to Financial Statements Notes to Statements of Income and Retained Earnings*3 Impairment losses" below.

(Reference Information)(ⅰ) Acquisition of Asset
SHR acquired one domestic residential property on May 31, 2024 as follows.
Property name

Type of use

Acquisition price(million yen)

Location

Acquisition dateSellerMay 31, 2024

Taisei-Yuraku
Real Estate Co.,Ltd.

(Note)

Esty Maison
Minamigyotoku

Residence

Ichikawa-shi,
Chiba

950

(Note) "Acquisition price" is the sale and purchase price stated in the sale and purchase agreement (excluding consumption tax, local consumption tax,
commission for sales, and other various expenses; rounded down to the nearest million yen). The same applies hereinafter.

7

(ⅱ) Disposition of Asset
SHR decided on the disposition of one office building (the "Disposition of Asset") and executed a sale andpurchase agreement as of March 29, 2023 as follows. The Disposition of Asset is scheduled to be carried out
in 10 equal installments from the end of October 2023, with 10/100 of the ownership share to be disposed oneach planned disposition date. As of the date of this document, the first disposition and second disposition
have been executed, and a gain on sale of real estate properties is expected to be recorded during eachcalculation period as follows.
Property name

Type of use

Location

Office building

Shinagawa-ku,
TokyoTotal disposition
price(million yen)

Planned disposition
date (Note 2)

Buyerstated as below

TIS Inc.

(Note 1)

Gotenyama SH
Building

70,000(Unit: million yen)
Planned disposition date

Planned disposition price(Note 1)Gain on disposition(expected) (Note 3)(Note 2)

Calculation period3

End of October 2024

7,000 (10%)

2,095Ending October 2024 (FP 20)

4End of April 2025

7,000 (10%)

2,106Ending April 2025 (FP 21)

5

End of October 2025

7,000 (10%)

2,117Ending October 2025 (FP 22)

6

End of April 2026

7,000 (10%)

2,127Ending April 2026 (FP 23)

7

End of October 2026

7,000 (10%)

2,142Ending October 2026 (FP 24)

8

End of April 2027

7,000 (10%)

2,156Ending April 2027 (FP 25)

9End of October 2027

7,000 (10%)

2,170Ending October 2027 (FP 26)

10

End of April 2028

7,000 (10%)

2,185Ending April 2028 (FP 27)(Note 1) "Total disposition price" and "Planned disposition price" is the sale and purchase price stated in the sale and purchase agreement (excluding
consumption tax, local consumption tax, commission for sales, and other various expenses; rounded down to the nearest million yen).
(Note 2) In the event that the "planned disposition date" is not a business day, the said date will be the immediately preceding business day.
(Note 3) "Gain on disposition (expected)" is the approximate value to be recorded on each planned disposition date as of the date of this document andis subject to change.

(ⅲ) Changes of the Management Guideline

SHAM resolved at a meeting of its Board of Directors held on May 28, 2024, to make changes to its
investment policy and management structure for overseas real estate investment in conjunction with theacquisition of assets in the U.S., as announced in the "Notice Concerning Investment in an Overseas Real
Estate Holding Corporation (The Ivey on Boren)" separately released on the same date. In addition, SHAM
has resolved to change part of its Management Guideline with the aim of building a portfolio with a focus
more on residential properties.
The major changes for the Portfolio Development Policy are as follows (changes are indicated by underline).
a. Investment ratio by asset category(After change)
Main investment target assets

Asset type

Portfolio investment ratio(acquisition price basis)

Residential properties

Residence

70% - 100%Commercial properties, etc.

Office building , etc.

0% - 30%8

(Before change)
Main investment target assets

Asset type

Portfolio investment ratio(acquisition price basis)

Medium term target
investment ratio

Residential
Properties

Residence

50% - 80%

Approx. 65%

Office building

15% - 45%

Approx. 30%

0% - 15%

Approx. 5%

Commercial properties, etc.

Hotel
Retail and otherproperties

b. Investment ratio for residential properties by geographical area
(After change)
Category

Investment ratio(acquisition price basis)

Specific area

Including overseas

Domestic

Greater Tokyo≪priority
investment area≫(a)Tokyo(b)Kanagawa Prefecture(c)Chiba Prefecture(d)Saitama Prefecture

70% or more
70% or more

Major cities(a)Designated cities, etc.
(b)Commutable areas of (a) above

U.S.

－

Overseas

Only domestic

30% or lower
30% or lower－(Before change)
Category
Greater Tokyo≪priority investment area≫
Major cities

Specific area

Investment ratio (acquisition price basis)(a)Tokyo(b)Kanagawa Prefecture(c)Chiba Prefecture(d)Saitama Prefecture

70% or more(a)Designated cities, etc.
(b)Commutable areas of (a) above

Less than 30%

9

(ⅳ) Borrowing of Funds

On May 31, 2024, SHR decided to undertake new borrowings in order to repay short-term borrowings totaling
3,000 million yen that was due on the same date, as follows.
(Floating Interest Rate Borrowing)
Lenders(Note 1)Category

Shortterm

MUFG Bank, Ltd.

922

Mizuho Bank, Ltd.

735

Sumitomo Mitsui
Banking Corporation

675

Sumitomo Mitsui
Trust Bank, Limited

383

Mizuho Trust &Banking Co., Ltd.

285

Total
(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)

Borrowingamount(mm yen)

3,000

Interest rate
(Note 2) (Note 3)(Note 4)

Drawdown
date

Borrowing
methodRepayment
date(Note 5)

Repayment
method(Note 6)

Security

May 30, 2025

Lump-sum
repayment
at maturity

UnsecuredandUnguaranteed

－

－

－

Borrowingbased onindividual loan
agreement,
dated

Base rate (JBA
1-month Japanese
Yen TIBOR) plus
0.170%

May 31, 2024－－

May 28, 2024.
The lenders
under the loan
agreement are
as indicated to
the left of thistable.

－MUFG Bank, Ltd., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation are arrangers of the above borrowings.
The borrowing expenses and other charge payable to the lenders are not included.
The base rate applicable to the calculation period for the interest payable on an interest payment date shall be the Japanese Yen TIBOR (Tokyo
Inter Bank Offered Rate), corresponding to the calculation period of the interest, two business days prior to the immediately preceding relevantinterest payment date. The Japanese Yen TIBOR is published by the Japanese Bankers Association (JBA) TIBOR Administration. The base rate is
subject to review every interest payment date. Where no rate that corresponds to the interest calculation period exists, the base rate shall be thatwhich corresponds to the concerned period calculated based on the method provided for in the relevant individual loan agreement. For changes inthe base rate (being the Japanese Yen TIBOR published by JBA), please check the website of JBA TIBOR Administration(https://www.jbatibor.or.jp/english/rate/).
The first interest payment date will be the last day of June 2024. Subsequent interest payment dates will be the last day of every month and theprincipal repayment date. Where the relevant date is not a business day, such date will be the immediately following
business day or (if the immediately following business day falls into the next calendar month) the immediately precedingbusiness day.
Where the repayment date is not a business day, such date will be the immediately following business day or (if the immediately following
business day falls in the next calendar month) the immediately preceding business day.
SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the borrowings (in whole or inpart), in the period between the drawdown date and the repayment date.

④ Performance Outlook for the Next Fiscal Period
The forecasts of performance for the fiscal period ending October 31, 2024 (May 1, 2024 – October 31, 2024) and the fiscal
period ending April 30, 2025 (November 1, 2024 – April 30, 2025) is as follows. Please refer to "Prerequisites for the
Performance Outlook for the Fiscal Period Ending October 2024 and April 2025" below for the assumptions of the operating
forecast.

Operating
Revenue

Operating
IncomeOrdinary
IncomeDistributions
Distributions
per Unit
per Unit
Distributions(including
Net Income
Distributions (excluding in Excess ofin Excess of Distributions Earnings per
in Excess of
Unit
Earnings)
Earnings)

Million yen

Million yen

Million yen

Million yen

Yen

Yen

Yen

October 31, 2024

21,444

12,582

11,527

11,527

1,749

1,749

0

April 30, 2025

18,931

10,852

9,694

9,693

2,252

2,213

39

Fiscal period ending(Note) The above forecasts have been calculated under certain assumptions as of the date of this document. Actual operating revenue,
operating income, ordinary income, net income, distributions per unit (including distributions in excess of earnings), distributions perunit (excluding distributions in excess of earnings), and distributions in excess of earnings per unit may fluctuate depending on futureacquisitions and/or dispositions of real estate, etc., trends in the real estate market, and changes in circumstances surrounding SHR,
etc. In addition, this forecast does not guarantee the distribution amount.

10Prerequisites for the Performance Outlook for the Fiscal Period Ending October 2024 and April 2025
Item

Prerequisites

Calculation period

・ 20th Fiscal Period (From May 1, 2024 to October 31, 2024) (184 days)
・ 21st Fiscal Period (From November 1, 2024 to April 30, 2025) (181 days)
・ It is assumed that the following is added to the real estate trust beneficiary interests (total of 131
properties) ("existing assets") and silent partnership equity interests owned by SHR as of the endof the fiscal period ended April 2024 (19th fiscal period): the investment in two LLCs located in
the U.S. that own overseas real estate (overseas (U.S.), one residential property) as describedabove in "③Significant Subsequent Events (i) Acquisition of Asset", the acquisition of realestate trust beneficiary interests (domestic, one residential property) as described above in "③
Significant Subsequent Events (Reference Information) (i) Acquisition of Asset" (these two
residential properties, collectively referred to as the "Newly Acquired Assets") and thedisposition of real estate trust beneficiary interests (three office buildings) (these three officebuildings are hereinafter referred to as the "(Planned) Assets to be Disposed") as described in "③Significant Subsequent Events (ⅱ) Disposition of Assets" and "③Significant Subsequent
Events (Reference Information) (ⅱ) Disposition of Assets".
Also, other than the disposition of the (Planned) Assets to be Disposed and the acquisition of the
Newly Acquired Assets, no changes in assets under management (acquisition of new assets,
disposition of existing assets, etc.) until the end of the fiscal period ending April 30, 2025 (21stfiscal period) are presumed. For details of the Newly Acquired Assets, please refer to the"Notice Concerning Investment in an Overseas Real Estate Holding Corporation (The Ivey on
Boren)" and "Notice Concerning Acquisition of Trust Beneficiary Interest in Domestic Real
Estate (Esty Maison Minamigyotoku)" separately announced by SHR on May 28, 2024.
・ Actual figures may fluctuate due to changes in assets under management.
・ A decrease in revenue due to the disposition of the (Planned) Assets to be Disposed and anincrease in revenue due to the acquisition of Newly Acquired Assets are expected.
・ Property-related operating revenue for the existing assets are calculated based on leaseagreements in effect as of this document while taking into consideration the market environment
and trends of individual tenants, etc. For "Esty Maison Minamigyotoku", calculations are basedon information provided by the seller of the property, lease agreements, which will be in effectas of the time of the acquisition, while taking into consideration the market environment andtrends of individual tenants, etc.
・ Gain on disposition of real estate properties are expected to be 7,829 million yen in the fiscal
period ending October 31, 2024 (20th fiscal period) and 5,250 million yen in the fiscal period
ending April 30, 2025 (21st fiscal period) due to the disposition of the (Planned) Assets to be
Disposed.
・ Dividend income of two LLCs located in the U.S. that own overseas real estate is calculated
based on the assumption that dividends will be received during the fiscal period ending October
31, 2024 (20th fiscal period) and the fiscal period ending April 30, 2025 (21st fiscal period),
respectively. Furthermore, it is assumed that dividend income will be converted into yen at therate of 1USD = 155.90 JPY for the fiscal period ending October 31, 2024 (20th fiscal period)
and at the rate of 1USD = 152.32 JPY for the fiscal period ending April 30, 2025 (21st fiscal
period).
・ Operating revenue assumes that there will be no delinquency or non-payment of rent by tenants.

Assets under management

Operating revenue

11

Operating expenses

Non-operating expenses

・ Of the property-related operating expenses, which is the main portion of the operating expense,
expenses other than depreciation for the existing assets are calculated based on past performance
figures and reflecting variable factors of expenses. In addition, such expenses for "Esty Maison
Minamigyotoku" are calculated based on historical data, taking into account information
provided by the seller of the property, and a lease agreement, etc., that is to be in effect at thetime of the acquisition, and reflecting factors that may cause expenses to fluctuate.
・ Property and other taxes are expected to be 888 million yen in the fiscal period ending October
31, 2024 (20th fiscal period) and 851 million yen in the fiscal period ending April 30, 2025 (21stfiscal period).
・ Generally, fixed property tax, city planning tax and the depreciable property tax for theacquisition year of the assets to be acquired are calculated on a proportional basis with the sellerand settled at the time of the acquisition. The amount equivalent to the settlement amount will be
included in the acquisition cost, thus will not be recorded as an expense. The total amount of
fixed property tax, city planning tax, and depreciable property tax including the cost of
acquisition for "Esty Maison Minamigyotoku" is assumed to be 1 million yen (equivalent to 215
days). Fixed property tax, city planning tax, and the depreciable property tax for "Esty Maison
Minamigyotoku" is expected to be recorded as expenses from the fiscal period ending April 30,
2025 (21st fiscal period).
・ For building repair expenses, the amount assumed to be necessary for each operating period isrecorded as expenses based on the amount planned by SHAM, taking into consideration theamount listed on the engineering report and the appraisal report. However, due to the possibilityof urgent repair costs due to damage to buildings due to unforeseen factors, the difference in theamount being generally large depending on the year, and the fact that the amount does not occur
regularly, building repair expenses for each operating period may differ significantly from theestimated amount.
・ Depreciation is calculated using the straight-line method, including incidental expenses, and is
expected to be 2,358 million yen in the fiscal period ending October 31, 2024 (20th fiscal
period) and 2,317 million yen in the fiscal period ending April 30, 2025 (21st fiscal period).
・ Asset management fees are expected to be 2,186 million yen in the fiscal period ending October
31, 2024 (20th fiscal period) and 1,631 million yen in the fiscal period ending April 30, 2025
(21st fiscal period).
・ Investment unit issuance expenses will be depreciated over three years using the straight-line
method, with the expected depreciation of investment unit issuance expense to be 8 million yen
in the fiscal period ending October 31, 2024 (20th fiscal period).
・ Interest expenses, interest on investment corporation bonds, and other borrowing-related
expenses are expected to be 1,024 million yen in the fiscal period ending October 31, 2024 (20thfiscal period) and 1,142 million yen in the fiscal period ending April 30, 2025 (21st fiscal
period).

12

・ As of the end of the fiscal period ended April 2024 (19th fiscal period), the balance of loans
payable of SHR is 228,742 million yen, the balance of investment corporation bonds is 28,500
million yen, and the total interest-bearing debt is 257,242 million yen.
・ As described in "③Significant Subsequent Events (Reference Information) (ⅳ) Borrowing ofFunds", SHR borrowed 3,000 million yen in short-term borrowings on May 31, 2024, and used
the proceeds to repay 3,000 million yen in short-term borrowings due on the same date in a
lump-sum repayment at maturity.
・ In addition to the above, total amount of borrowings and investment corporation bonds due forrepayment and redemption during the fiscal period ending October 31, 2024 (20th fiscal period)
and the fiscal period ending April 30, 2025 (21st fiscal period) are 22,705 million yen and23,960 million yen, respectively. It is assumed that the funds for repayment will be procured
entirely through borrowings or the issuance of investment corporation bonds.
・ As of the end of the fiscal period ending October 31, 2024 (20th fiscal period) and fiscal period
ending April 30, 2025 (21st fiscal period), the LTV of total assets are both estimated to beapproximately 45.7%.
・ The following formula is used to calculate the LTV of total assets.
LTV of total assets = Total interest-bearing debt (estimated) / Total assets (estimated) x100
Number of investment
・ It is assumed that based on 4,381,482 units issued as of the end of the fiscal period ended April
units issued and outstanding
2024 (19th fiscal period), there will be no change in the number of investment units due toadditional issuance of new investment units and/or acquisition or cancellation of own investment
units by the end of the fiscal period ending April 2025 (21st fiscal period).
Discrepancy between tax and ・ Regarding depreciation and other discrepancies between tax and accounting reporting (theaccounting reporting
difference between accounting profit and taxable income; the same applies hereinafter.), for the
fiscal period ending October 31, 2024 (20th fiscal period), it is expected that 3,890 million yenof the tax discrepancies in excess of profit (refers to a tax discrepancy where accounting profit
exceeds income for tax purposes) will be recorded, due to the subtraction of impairment losses.
For the fiscal period ending April 30, 2025 (21st fiscal period), it is expected that 173 million
yen of tax discrepancies in excess of income (refers to a tax discrepancy where income for tax
purposes exceeds accounting profit; the same applies hereinafter.) will be recorded.
・ Regarding the above tax discrepancies in excess of income, to avoid the occurrence of tax
burden including corporate tax, as described in "Distribution per unit (excluding distribution inexcess of earnings)" and "Distribution in excess of earnings per unit" below, the policy is to
distribute the amount equivalent to the discrepancies between tax and accounting reporting.
Distributions per unit
・ Distribution per unit (excluding distribution in excess of earnings) is calculated based on the(excluding distributions in excess
policy for the distribution of cash stipulated in the Articles of Incorporation of SHR.
of earnings)
・ Distribution per unit (excluding distribution in excess of earnings) is subject to fluctuate due tovarious factors including changes in assets under management, changes in rental income due tochanges in tenants, occurrence of unexpected repairs, changes in interest rates, etc.
Distributions in excess of・ Distributions in excess of earnings per unit is calculated based on the policy stipulated in theearnings per unit
Articles of Incorporation of SHR.
・ The cash distribution in excess of earnings (distribution in excess of earnings) is calculated on
the assumption that the total amount of tax discrepancies in excess of income will be distributed
as ATA in order to avoid the occurrence of tax burden such as corporate tax.
Interest-bearing liabilities

Others・ With respect to the amount equivalent to the tax discrepancies in excess of income expected tobe generated in the relevant fiscal period as stated in the "Discrepancy between tax andaccounting reporting" above, it is assumed that ATA of 170 million yen will be allocated as
distribution in excess of earnings for the fiscal period ending April 30, 2025 (21st fiscal
period).
・ It is assumed that no revision to laws, tax systems, accounting standards, listing regulations,
regulations of the Investment Trusts Association, Japan, etc., that affect the figures in thisforecast will be implemented.
・ It is assumed that there will be no unexpected material changes in general economic trends, realestate market conditions, etc.

13

2. Financial Statements(1) Balance Sheet(Thousand yen)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Income taxes refund receivable
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Long-term prepaid expenses
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Investment unit issuance costs
Total deferred assets
Total assets

14

18th Fiscal Period(As of October 31, 2023)

19th Fiscal Period(As of April 30, 2024)

15,062,344
19,762,618
238,031－
310,685
10,031(2,764)35,380,946

33,680,216
17,845,283
221,518876
296,575
307,507(1,111)
52,350,867

184,234,435(27,880,590)
156,353,844

178,643,432(27,400,982)
151,242,450

1,568,777(381,283)
1,187,493
2,410,950(540,306)
1,870,644
1,150,034(441,710)
708,324
364,940,202－
525,060,508

1,557,352(395,211)
1,162,140
2,459,646(597,717)
1,861,929
1,255,814(537,262)
718,552
348,497,395
262,100
503,744,567

5,924,527
21,045
5,945,572

5,869,408
19,162
5,888,571

668,655
1,530,346
626,899
154
167,648
2,993,704
533,999,785

649,0021,530,226
622,9517
168,3172,970,506
512,603,645

80,99816,801
97,799569,478,531

67,7998,400
76,200565,030,712

(Thousand yen)
18th Fiscal Period(As of October 31, 2023)

19th Fiscal Period(As of April 30, 2024)

1,015,564
3,000,000
10,000,000
31,545,000
2,522,935
305,4101,749
372,140
692,918
2,775
4,821
49,463,317

911,330
5,160,000
12,000,000
32,505,000
2,145,488
323,261－
1,364,271
721,807－
12,71755,143,875

21,500,000
191,197,000

16,500,000
191,077,000

14,091,351
226,788,351
276,251,668

12,783,739
220,360,739
275,504,615

161,283,304

161,287,627

128,598,415

128,598,415

Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Derivatives liabilities
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits in trust
Total non-current liabilities
Total liabilities
Net assets
Unitholders’equity
Unitholders’capital
SurplusCapital surplus
Deduction from capital surplus
Allowance for temporary difference adjustments
Other deduction from capital surplus
Total deduction from capital surplus
Capital surplus, net
Unappropriated retained earnings
Total surplus
Total unitholders’equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

*5
*3

*1

The accompanying notes are an integral part of these financial statements.

15(70,103)(3,999,964)(4,070,068)*5*3

124,528,346
7,417,987
131,946,334
293,229,639(1,314,502)(4,004,287)(5,318,790)
123,279,624
4,958,844
128,238,469
289,526,097(2,775)(2,775)
293,226,863
569,478,531－－
289,526,097
565,030,712*1

(2) Statement of Income and Retained Earnings(Thousand yen)
18th Fiscal Period(From May 1, 2023
to October 31, 2023)
Operating revenue
Rent revenue – real estate
Other lease business revenue
Gain on sale of real estate properties
Gain on investments in silent partnership
Total operating revenue
Operating expenses
Expenses related to rent business
Loss on sale of real estate properties
Impairment losses
Asset management fees
Asset custody fees
Administrative service fees
Directors’compensation
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distribution payable
Compensation for damage
Reversal of allowance for doubtful accounts
Interest on refund
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Borrowing related expenses
Amortization of investment unit issuance costs
Amortization of investment corporation bond issuance costs
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings

The accompanying notes are an integral part of these financial statements.

16

19th Fiscal Period(From November 1 2023
to April 30, 2024)

*1
*1
*2

14,894,546
489,891
1,097,186
4,021
16,485,645

*1
*1
*2

14,761,986
454,7876,854,718
6,768
22,078,262*1

6,596,150－－
1,073,228
10,55049,846
3,600
408,726*1*2*3

6,783,722
4,224,299
4,008,462
716,972
10,55349,671
4,500
383,272

8,142,102
8,343,542

16,181,454
5,896,807

133
712
－
－
491
1,336

153
731
3,736
1,653
－
6,274

704,948
74,741
129,981
8,400
13,1982,236
933,506
7,411,373
7,411,373
2,874
(154)
2,720
7,408,653
9,334
7,417,987

722,174
68,574
132,864
8,400
13,1982,696
947,909
4,955,173
4,955,173
759
146
906
4,954,266
4,578
4,958,844

(3) Statement of Changes in Net Assets
18th Fiscal Period (From May 1, 2023 to October 31, 2023)(Thousand yen)
Unitholders’equity
SurplusCapital surplus
Unitholders’capitalBalance at beginning of
periodChanges of items during
periodReversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution fromsurplusDistributions in excess ofearnings fromallowance fortemporary difference
adjustments
Net income
Net changes of items
other than unitholders’equityTotal changes of items
during period
Balance at end of period*1161,283,304

Deduction from capital surplus
Allowance for
Other deduction Total deduction
temporaryfrom unitholders' from unitholders'difference
capital surplus
capital surplus
adjustments

Capitalsurplus－128,598,415(3,999,964)(70,103)

Capital surplus,
net(3,999,964)

124,598,450(70,103)(70,103)－－(70,103)－(70,103)(70,103)

161,283,304

128,598,415(70,103)(3,999,964)(4,070,068)

124,528,346

Unitholders’equity
SurplusReserve for
reduction entry
Balance at beginning of
periodChanges of items during
periodReversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution from surplus
Distributions in excess ofearnings from allowancefor temporary difference
adjustments
Net income
Net changes of items
other than unitholders’equityTotal changes of items
during period
Balance at end of period

911,281

Voluntary reserve
Reserve fortemporarydifference
adjustments

Total voluntary
reserve

194,129(911,281)(194,129)

Unappropriatedretained earnings

Total unitholders’equityTotal
surplus1,105,411

6,637,238

132,341,100

293,624,405(911,281)

911,281－－(194,129)

194,129－－(7,733,315)(7,733,315)(7,733,315)(70,103)(70,103)7,408,653

7,408,653

7,408,653(911,281)(194,129)(1,105,411)

780,749(394,766)(394,766)－－－

7,417,987

131,946,334

293,229,639

17

Valuation and translation adjustments
Deferred gains
Total valuation
or losses
and translation
on hedges
adjustments
Balance at beginning of
periodChanges of items during
periodReversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution from surplus
Distributions in excess ofearnings from allowancefor temporary difference
adjustments
Net income
Net changes of items
other than unitholders’equityTotal changes of items
during period
Balance at end of period(7,099)Total
net assets(7,099)293,617,306－－(7,733,315)(70,103)7,408,653
4,323

4,323

4,323

4,323

4,323

(390,442)(2,775)(2,775)

293,226,863

18

19th Fiscal Period (From November 1, 2023 to April 30, 2024)(Thousand yen)
Unitholders’equity
SurplusCapital surplus
Unitholders’capitalBalance at beginning of
periodDeduction from capital surplus
Allowance for
Other deduction Total deduction
temporaryfrom unitholders' from unitholders'difference
capital surplus
capital surplus
adjustments

Capitalsurplus161,283,304

128,598,415

Capital surplus,
net(70,103)(3,999,964)(4,070,068)

124,528,346

4,323(4,323)－－(1,248,722)(1,248,722)

Changes of items during
periodDistribution fromsurplus
Reversal of allowance fortemporary difference
adjustments
Distributions in excess ofearnings from allowancefor temporary difference
adjustments

4,323(1,248,722)

Net income
Net changes of items
other than unitholders’equityTotal changes of items
during period

Balance at end of period *1

4,323

－

(1,244,399)(4,323)(1,248,722)(1,248,722)

161,287,627

128,598,415(1,314,502)(4,004,287)(5,318,790)

123,279,624

Unitholders’equity

Balance at beginning of
periodChanges of items during
periodDistribution fromsurplus
Reversal of allowance fortemporary difference
adjustments
Distributions in excess ofearnings from allowancefor temporary difference
adjustments
Net income
Net changes of items
other than unitholders’equityTotal changes of items
during period
Balance at end of period

Surplus
Unappropriatedretained earnings

Valuation and translation adjustments
Total
net assets

Total
surplusTotal
unitholders’equityDeferred gains
or losseson hedges

Total valuation andtranslation
adjustments

7,417,987

131,946,334

293,229,639(2,775)(2,775)(7,409,086)(7,409,086)(7,409,086)(7,409,086)(4,323)(4,323)－－(1,248,722)(1,248,722)(1,248,722)

4,954,266

4,954,266

4,954,266

4,954,266

293,226,863

2,775

2,775

2,775

(2,459,142)(3,707,864)(3,703,541)

2,775

2,775

(3,700,765)

4,958,844

128,238,469

289,526,097－－

289,526,097

The accompanying notes are an integral part of these financial statements.

19

(4) Statement of Cash Distributions
Item
Ⅰ. Unappropriated retained earnings
Ⅱ. Amount added to distributions in excess of earnings
Allowance for temporary difference adjustments
Ⅲ. Capitalization
Reversal of allowance for temporary difference
adjustment
Ⅳ. Cash distributions[Cash distributions per unit]
Of which, distributions of earnings[Of which, distributions of earnings per unit]
Of which, allowance for temporary difference
adjustments[Of which, distributions in excess of earnings per unit
[associated with the allowance for temporary
difference adjustments]]
Ⅴ. Retained earnings carried forward
Method for calculating cash distributions

18th Fiscal Period(From May 1, 2023
to October 31, 2023)
7,417,987,467 yen*1*1

1,248,722,370 yen
4,323,083 yen

19th Fiscal Period(From November 1, 2023
to April 30, 2024)
4,958,844,944 yen*1

4,223,748,648 yen
2,775,930 yen

4,323,083 yen

2,775,930 yen

8,657,808,432 yen[1,976 yen]
7,409,086,062 yen[1,691 yen]

9,179,204,790 yen[2,095 yen]
4,955,456,142 yen[1,131 yen]

1,248,722,370 yen*14,223,748,648 yen[285 yen][964 yen]

4,578,322 yen
The basic policy is to distribute inexcess of an amount equivalent to
90% of the amount of earnings
available for distribution of SHR
provided in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation as
set forth in Article 46, Paragraph
1, Item 2 of the Articles ofIncorporation of SHR.

612,872 yen
The basic policy is to distribute inexcess of an amount equivalent
to 90% of the amount of
earnings available for distributionof SHR provided in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation as
set forth in Article 46, Paragraph
1, Item 2 of the Articles ofIncorporation of SHR.

Based on such policy, SHR
decided to distribute
7,409,086,062 yen, which isunappropriated retained earnings
as distribution of earnings.

Based on such policy, SHR
decided to distribute
4,955,456,142 yen, which isunappropriated retained earnings
as distribution of earnings.

In addition, pursuant to the policy
for "distribution of money inexcess of profits" as set forth in
Article 46, Paragraph 2 of the
Articles of Incorporation of SHR,SHR decided to make a
distribution for the 1,248,722,370
yen in allowance for temporary
difference adjustments for the
purpose of reflecting the effect on
distributions of tax and accounting
differences.

In addition, pursuant to the policy
for "distribution of money inexcess of profits" as set forth in
Article 46, Paragraph 2 of the
Articles of Incorporation of SHR,SHR decided to make a
distribution for the 4,223,748,648
yen in allowance for temporary
difference adjustments for the
purpose of reflecting the effect(including impairment losses) on
distributions of tax and accounting
differences.

20

(5) Statement of Cash Flows(Thousand yen)
18th Fiscal Period(From May 1, 2023
to October 31, 2023)

19th Fiscal Period(From November 1 2023
to April 30, 2024)

7,411,373
2,639,988
13,198
8,400
－
(133)
779,689(47,511)125,262(1,957)
17,069(94,624)
1,439,327
372,140

4,955,173
2,710,085
13,1988,400
4,008,462(153)
790,749
16,512－
14,110
3,948(20,558)(378,336)
992,130

131
5,889,063
33,526
18,584,946
133(725,047)
119
17,860,150

28,88856,734,725(288,913)
69,588,423
153(772,775)(3,385)68,812,415(1,336,351)－(15,374)
14,868402,890(692,447)(7,843)(1,634,258)(42,158,907)(579)－
18,523
795,429(2,103,041)(6,382)(43,454,958)

4,000,000(1,000,000)
20,210,000(24,210,000)－(7,802,396)(8,802,396)
7,423,495
27,401,467
34,824,962

2,160,000－
16,680,000(15,840,000)(3,000,000)(8,656,919)(8,656,919)
16,700,537
34,824,962
51,525,500

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance costs
Impairment losses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable – other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Decrease due to sale of property, plant and equipment in trust
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment in trust
Purchase of intangible assets in trust
Purchase of intangible assets
Proceeds from refunds of investment securities
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Decrease (increase) in other investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Redemption of investment corporation bonds
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

The accompanying notes are an integral part of these financial statements.

21

*1

*1

(6) Notes on Assumption of Going Concern
Not applicable(7) Summary of Significant Accounting Policies
1. Standards and methods forvaluation of assets

2. Method of depreciation andamortization of non-current assets

3. Accounting for deferred assets

4. Standards for recording allowance

Securities
Other securities
Silent partnership equity interests
The amount equivalent to the share of the net profit or loss of the silent partnershipwill be incorporated.
(1) Property, plant and equipment (including assets in trust)
Depreciation is calculated using the straight-line method.
The useful lives of principal property, plant and equipment are as follows:
Buildings
2-69 years
Structures
2-52 years
Machinery and equipment
2-61 years
Tools, furniture and fixtures
2-15 years(2) Intangible assets
Intangible assets are amortized utilizing the straight-line method.
Leasehold rights in trust are amortized on a straight-line basis over the remaining lifeof each fixed-term land lease contract.
(3) Long-term prepaid expenses
Long-term prepaid expenses are amortized utilizing the straight-line method.
(1) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized utilizing the straight-line
method over the redemption periods.
(2) Investment unit issuance costs
Investment unit issuance costs are amortized utilizing the straight-line method (over 3
years).
Allowance for doubtful accounts
To prepare for possible losses arising from default on receivables, the estimateduncollectable amount is recorded by examining collectability on a case-by-case basis
for doubtful and other specific receivables.

22

5. Standards for revenue and expense
recognition(1) Revenue recognition
The details of the main performance obligations relating to revenue arising fromcontracts with customers and the timing (usual timing of revenue recognition) whensuch performance obligations are satisfied areas follows.
1) Sale of real estate, etc.
With regard to the sale of real estate, etc., income is calculated based on when thebuyer gains control over the real estate, etc., at the point in time the delivery
obligation stipulated in the contract relating to the sale of the real estate issatisfied.
2) Utilities revenue
Utilities revenue mainly represents water utility revenue. With regard to water
utility revenue, revenue is calculated based on the provision of electricity, water,etc. to lessees, as customers, under lease contracts for real estate, etc., and theagreements that are attached to the contracts.
As for the water utility revenue when SHR is deemed to be acting as an agent in
the transaction, revenue is recognized at the net amount after deducting theamount to be paid to other parties from the amount received as the payment forelectricity, gas, etc. supplied by those other parties.

Rent revenue
Other leasebusiness revenue

SHR generally recognizes rent revenue, including fixed rent
revenues, variable rent revenues and common area charges, onan accrual basis over the term of each lease agreement.
Other lease business revenue is recognized in accordance withJapanese GAAP, typically as the amounts under the relevant
agreements become due.

(2) Accounting for property taxes
In accounting for property tax, city planning tax, depreciable asset tax, etc. on realestate, etc., of the tax amount assessed and determined, the amount corresponding to
the applicable calculation period is expensed as expenses related to rent business.
Reimbursement of property tax, paid to the seller upon the acquisition of real estate ortrust beneficiary interests of real estate as assets in trust, is not recognized as expenses
related to rent business in the corresponding fiscal period but included in theacquisition cost of the property.
Property taxes capitalized as a part of the acquisition cost amounted to 396 thousand
yen for the 18th fiscal period and 565 thousand yen for the 19th fiscal period.

23

6. Method of hedge accounting(1) Method of hedge accounting
Deferral hedge accounting is applied. However, the special accounting treatment isapplied to interest rate swaps that meet the criteria for the special accounting treatment.
(2) Hedging instruments and hedged items
Hedging instruments:
Interest rate swap transactions
Hedged items:
Interest on loans(3) Hedging policy
SHR conducts derivative transactions for the purpose of hedging the risks set forth in
its Articles of Incorporation based on its basic risk management policy.
(4) Method for assessing the effectiveness of hedging
Interest rate swaps meet the criteria for the special accounting treatment and anassessment of the effectiveness is thus omitted.
(5)Special accounting treatment
Under the special accounting treatment, interest rate swaps are not measured at fairvalue, but the differential paid or received under the swap agreements is recognized andincluded in or deducted from interest expense. Any amounts received under interest rate
swaps subject to such accounting treatment are not recognized as income on theaccompanying statements of income and retained earnings but rather have the effect of
decreasing interest expenses.
7. Scope of funds in the statement of
The funds (cash and cash equivalents) in the statement of cash flows consist of cash on
cash flows
hand and cash in trust; deposits that can be withdrawn at any time and deposits in trust;and short-term investments with a maturity of three months or less from the date ofacquisition, which are readily convertible to cash and bear only an insignificant risk ofprice fluctuation.
8. Other significant matters serving as
Accounting for trust beneficiary interests of real estate, etc. as assets in trust
basis for preparation of financial
Concerning trust beneficiary interests of real estate, etc. as assets in trust, all accounts
statementsof assets and liabilities within assets in trust as well as all accounts of revenue andexpenses from the assets in trust are recognized in the relevant account items on thebalance sheet and the statement of income and retained earnings.
The following material items of the assets in trust recognized in the relevant accountitems are separately listed on the balance sheet.
1) Cash and deposits in trust2) Buildings in trust; Structures in trust; Machinery and equipment in trust; Tools,
furniture and fixtures in trust; Land in trust; Construction in progress in trust;
Leasehold rights in trust3) Tenant leasehold and security deposits in trust24

(8) Notes to Financial Statements(Omission of Disclosure)
Lease transactions, financial instruments, securities, derivative transactions, retirement benefits, tax effectaccounting, equity-method profit and loss, asset retirement obligations, and notes on real estate for rent, etc., arenot considered necessary to be disclosed in the financial statements, thus disclosure is omitted.
(Significant accounting estimates)
Impairment Losses of Fixed Assets
1. Amounts recorded in the financial statements(Thousand yen)
19th Fiscal Period(As of April 30, 2024)

18th Fiscal Period(As of October 31, 2023)
Impairment Losses－

4,008,462

Property, plant and equipment－

503,744,567

Intangible Assets－

5,888,571

2.Information on the nature of significant accounting estimates for identified items
Fiscal period under review (April 30, 2024)
In accordance with Accounting Standard for Impairment of Fixed Assets, SHR has adopted the accounting
treatment to reduce the book value of fixed assets to the recoverable amount when recovery of the investment is nolonger expected due to a decline in profitability.
In adopting the accounting treatment, each property owned by SHR is regarded as a single asset group, and SHR
makes an evaluation whether it is required to recognize impairment losses when there are indications of
impairment due to continued negative operating income or cash flow, changes in the range or method of use thatsignificantly reduce the recoverable amounts, a significant deterioration of the business environment, and asignificant decline in the market value, etc.
The estimated future cash flows are used to determine whether to recognize impairment losses. If impairment loss
es are deemed necessary, the book value is reduced to the recoverable amount, and the reduced amount is recorded
as impairment losses.
In estimating the future cash flow, the assumed rents, property-related expenses, and discount rate, etc. aredetermined by comprehensively considering the market trends and transaction cases of similar properties, etc. inreference to information from outside experts, such as assumptions used for real estate appraisals. The
performance and the market value of each property may be affected by the trends in the real estate rental market
and real estate transaction market.
Since it is difficult to accurately predict these various events, changes in the assumptions used for the estimates
may affect financial position, operating results, and cash flows of SHR in the following fiscal period.

(Notes to Balance Sheet)*1. Minimum net assets designated in Article 67-4 of the Investment Trust Act
18th Fiscal Period(As of October 31, 2023)
50,000(Thousand yen)
19th Fiscal Period(As of April 30, 2024)
50,0002. Commitment line agreement
SHR has entered into a commitment line agreement with three financial institutions in order to secure flexible
and stable financing.
(Thousand yen)25

18th Fiscal Period(As of October 31, 2023)
Total amount of commitment line

15,000,000

15,000,000－－

15,000,000

15,000,000

Balance executed as loans
Unused line of credit

19th Fiscal Period(As of April 30, 2024)*3. Status of cancellation of own investment units
18th Fiscal Period(As of October 31, 2023)
Total number of units cancelled
Total amount cancelled

19th Fiscal Period(As of April 30, 2024)

49,651 units

49,651 units

3,999,964 thousand yen

3,999,964 thousand yen(Note) There were no cancellations of own investment units during the fiscal period under review.

*4. Matters concerning accounting for reserve and reversal of reserve for temporary difference adjustments(Thousand yen)
19th Fiscal Period(As of April 30, 2024)

18th Fiscal Period(As of October 31, 2023)
Gain on negative goodwill (*)
1,556,827－

Balance at beginning of period

194,129－

Reserve amount during period－－

Reversal amount during period

194,129－－－

Appropriated for distributions－

Initial amount

Balance at end of period
Reason for reserve and reversal(*) This is part of the gain on
negative goodwill that occurred in
the past fiscal years, and from thefiscal period following the fiscal
period in which it was
accumulated, SHR has planned toreverse 1% or more of thecorresponding amount divided
equally over 50 years and apply it
to cash distributions, and thencomplete to reverse in the current
fiscal period.

26―

*5. Allowance for Temporary Difference Adjustments
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
1. Reason for provision, related assets etc. and amount of provision

Related assets,
etc.

Buildings in trust,etc.
Deferred gains orlosses on hedges

Reason forprovision
Excessdepreciation
related todepreciation atmerger
Incurrence ofloss on valuationof interest swaps

Total

Balance at
beginning of
periodAmount ofprovision
duringperiodAmount ofreversalduringperiodBalance at
end of period

63,004－63,004－63,004

－

7,099

－

7,099

－

7,099

－

70,103－70,103－70,103

InitialamountReason forreversal

2. Specific method of reversal
Item
Buildings in trust, etc.
Deferred gains or losses on hedges

Method of reversal
In principle, the allowance for temporary difference adjustments related to amerger is not reversed.
Schedule to be reversed based on changes in fair value of derivatives as hedging
instruments.

19th Fiscal Period (From November 1, 2023 to April 30, 2024)
1. Reason for provision, related assets etc. and amount of provision
Amount ofprovision
duringperiodAmount ofreversalduringperiodBalance at
end ofperiod63,004

303,722－366,727

－

4,323

2,775

Changes infair valueofderivatives

945,000－

945,000－

1,248,722

4,323

1,314,502

Reason forprovision

Buildings in trust,etc.

Excessdepreciation
related todepreciation atmergerDeferred gains orlosses on hedges

Incurrence ofloss on valuationof interest swaps

7,099

7,099

－

Gain on sale ofreal estate
properties

Lump-sum record
the expensesof split sale

945,000－

1,318,826

70,103Total

InitialamountBalance at
beginning of
periodRelated assets,
etc.

366,727

Reason forreversal

2. Specific method of reversal
Item
Buildings in trust, etc.
Deferred gains or losses on hedges
Gain on sale of real estate properties

Method of reversal
In principle, the allowance for temporary difference adjustments related to amerger is not reversed.
Schedule to be reversed based on changes in fair value of derivatives as hedging
instruments.
Schedule to be reversed as of sale of applicable properties.

27

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of property-related operating revenue and expenses
18th Fiscal Period(From May 1, 2023
to October 31, 2023)
A. Property-related operating revenue
Rent revenue – real estate
Rental income
Other
Other lease business revenue
Utilities revenue
Other
Total property-related operating revenue
B. Property-related operating expenses
Expenses related to rent businessSubcontract expenses
Property management fees
Trust fees
Utilities expenses
Property and other taxes

14,521,624
372,922257,660
232,230

Insurance expenses
Repair expenses
Depreciation
Other expenses related to rent businessTotal property-related operating expenses
C. Property-related operating income [A − B]

14,894,546

489,891
15,384,437(Thousand yen)
19th Fiscal Period(From November 1 2023
to April 30, 2024)

14,385,078
376,908
189,499
265,288623,370
481,934
38,173438,325
1,134,233

614,346
537,124
44,008379,968
1,224,156

17,824
408,033
2,637,563
816,690

17,838411,154
2,707,623
847,501

6,596,150
6,596,150
8,788,287

14,761,986

454,787
15,216,774

6,783,722
6,783,722
8,433,052*2. Breakdown of gain on sale of real estate properties
18th Fiscal Period (From May 1, 2023 to October 31, 2023)(Thousand yen)
Sha Maison Stage Kanazawa Nishiizumi
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

1,100,000
984,307
38,77676,915(Thousand yen)

Gotenyama SH Building
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

7,000,000
4,904,756
1,074,973
1,020,270

19th Fiscal Period (From November 1, 2023 to April 30, 2024)(Thousand yen)
Garden City Shinagawa Gotenyama
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Loss on sale of real estate property

31,110,000
35,327,086
7,213
4,224,299

28

(Thousand yen)
Hommachi Garden City (Hotel portion)
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

21,350,000
16,516,847
66,402
4,766,750(Thousand yen)

Gotenyama SH Building
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

7,000,000
4,890,791
21,2402,087,968*3. Impairment losses
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
Impairment losses for the fiscal period ended April 30,2024 were as follows:(Thousand yen)
Property Name

LocationType

Impairment losses

Garden City Shinagawa Gotenyama

Shinagawa-ku, Tokyo

Land in trust, etc.

4,008,462

In assessing impairment losses, each property owned by SHR is regarded as a single asset group.
The book value for one asset group planned to be sold was reduced to its recoverable amount and the amountof the reduction(4,008,462 thousand yen) was recorded under operating expenses as impairment losses.
The breakdown of the impairment losses is buildings in trust of 573,075 thousand yen, structures in trust of 33
thousand yen, tools, furniture and fixtures in trust of 100 thousand yen, and land in trust of 3,435,252
thousand yen.
The impairment losses on the sale are deemed to have the nature of operating expenses and thus recorded
under operating expenses in accordance with Article 48, Paragraph 2 of the Regulation on Accountings ofInvestment Corporations.
The recoverable amount for the asset group is measured at net realizable value. Net realizable value iscalculated by deducting the estimated costs of disposal from the actual selling price.
(Notes to Statement of Changes in Net Assets)*1 Total number of authorized investment units and total number of investment units issued
18th Fiscal Period(From May 1, 2023
to October 31, 2023)

19th Fiscal Period(From November 1 2023
to April 30, 2024)

Total number of authorized investment units

20,000,000 units

20,000,000 units

Total number of investment units issued

4,381,482 units

4,381,482 units

29

(Notes to Statement of Cash Distributions)*1 Allowance for Temporary Difference Adjustments
18th Fiscal Period (From May 1, 2023 to October 31,2023)
1. Reason for provision, related assets etc. and amount of provision

Related assets, etc.

Reason for provision(Thousand yen)Amount of allowancefor temporary
difference adjustments

Buildings in trust, etc.

Excess depreciation related to depreciation at merger

303,722

Gain on sale of real estate properties

Record the split sales expenses as combined calculation

945,000

Total

1,248,722

2. Reason for reversal, related assets,etc. and amount of reversal

Related assets, etc.
Deferred gains or losses on hedges

Reason for reversal
Changes in fair value of derivatives as hedging instruments.
Total(Thousand yen)Amount of allowancefor temporary
difference adjustments
4,323
4,323

3. Specific method of reversal
Item
Buildings in trust, etc.
Deferred gains or losses on hedges
Gain on sale of real estate properties

Method of reversal
In principle, the allowance for temporary difference adjustments related to amerger is not reversed.
Schedule to be reversed based on changes in fair value of derivatives as hedging
instruments.
Schedule to be reversed as of sale of applicable properties.

19th Fiscal Period (From November 1 2023 to April 30, 2024)
1. Reason for provision, related assets etc. and amount of provision

Related assets, etc.

Reason for provision(Thousand yen)Amount of allowancefor temporary
difference adjustments

Buildings in trust, etc.

Excess depreciation related to depreciation at merger

Land in trust, etc.

Record of impairment losses

3,991,040

Gain on sale of real estate properties

Record the split sales expenses as combined calculation(105,000)

Buildings in trust, etc.

Excess depreciation related to impairment losses

50,783

Leasehold rights in trust

Depreciation of leasehold rights in trust

55,118

Total

231,806

4,223,748

2. Reason for reversal, related assets,etc. and amount of reversal

Related assets, etc.
Deferred gains or losses on hedges

Reason for reversal
Changes in fair value of derivatives as hedging instruments.
Total(Thousand yen)Amount of allowancefor temporary
difference adjustments
2,775
2,775

30

3. Specific method of reversal
Item
Buildings in trust, etc.
Deferred gains or losses on hedges

Method of reversal
In principle, the allowance for temporary difference adjustments related to amerger is not reversed.
Schedule to be reversed based on changes in fair value of derivatives as hedging
instruments.

Gain on sale of real estate properties

Schedule to be reversed as of sale of applicable properties.

Impairment losses

Schedule to be reversed as of sale of applicable properties.

Depreciation as Impairment losses

Schedule to be reversed as of sale of applicable properties were processed
impairment losses.

Leasehold rights in trust

Schedule to be reversed such as of sale of applicable properties.

(Notes to Statement of Cash Flows)*1 Reconciliation of cash and cash equivalents at end of period to the corresponding balance sheet items
18th Fiscal Period(From May 1, 2023
to October 31, 2023)(Thousand yen)
19th Fiscal Period(From November 1 2023
to April 30, 2024)

Cash and deposits

15,062,344

33,680,216

Cash and deposits in trust

19,762,618

17,845,283

Cash and cash equivalents

34,824,962

51,525,500(Transactions with Related Parties)
1. Parent company and major corporate unitholders
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
Not applicable.
2. Subsidiaries and affiliates
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
Not applicable.
3. Sister companies
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
Not applicable.
4. Directors and major individual unitholders
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
Not applicable.

31

(Revenue Recognition)
1. Breakdown of revenue from contracts with customers
18th Fiscal Period (From May 1, 2023 to October 31, 2023)(Thousand yen)
Revenue from contracts
with customers *1
Sale of real estate, etc.

8,100,000

Utilities revenue

Total

*2

*2

1,097,186

257,660

257,660－

15,130,798

8,357,660

16,485,645

Other

*1

Net sales to external customers

Rental revenue, etc. subject to ASBJ Statement No. 13, “Accounting Standard for Lease Transactions” is not included in “Revenue fromContracts with Customers” because such revenue is excluded from the application of the revenue recognition standard. Revenues fromcontracts with major customers consist of revenues from the sale of real estate and other assets and utilities revenue.
Regarding the sale of real estate, etc., in accordance with Article 48, Paragraph 2 of the Regulations on Accounting of Investment
Corporations (Cabinet Office Ordinance No. 47, 2006), gain on the sale of real estate properties, etc. is shown in the statement of income andretained earnings after deducting cost of real estate property and direct sales expenses from the proceeds from the sale of real estate, etc.

19th Fiscal Period (From November 1, 2023 to April 30, 2024)(Thousand yen)
Revenue from contracts
with customers *1
Sale of real estate, etc.

59,460,000

Utilities revenue

Total

*2

*2

2,630,418

189,499

189,499－

15,034,044

59,649,499

17,853,962

Other

*1

Net sales to external customers

Rental revenue, etc. subject to ASBJ Statement No. 13, “Accounting Standard for Lease Transactions” is not included in “Revenue fromContracts with Customers” because such revenue is excluded from the application of the revenue recognition standard. Revenues fromcontracts with major customers consist of revenues from the sale of real estate and other assets and utilities revenue.
Regarding the sale of real estate, etc., in accordance with Article 48, Paragraph 2 of the Regulations on Accounting of Investment
Corporations (Cabinet Office Ordinance No. 47, 2006), gain on the sale of real estate properties, etc. is shown in the statement of income andretained earnings after deducting cost of real estate property and direct sales expenses from the proceeds from the sale of real estate, etc.

2. Information to understand revenue from contracts with customers
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
As stated in (7) Summary of Significant Accounting Policies
19th Fiscal Period (From November 1, 2023 to April 30, 2024)
As stated in (7) Summary of Significant Accounting Policies

32

3. Information on the relationship between performance obligations under contracts with customers and cash
flows resulting from such contracts, and the amount and timing of proceeds expected to be recognized in thenext fiscal period or thereafter from contracts with customers existing at the end of this fiscal period(1) Balance of contract assets and contract liabilities, etc.
(Thousand yen)
19th Fiscal Period(From November 1 2023
to April 30, 2024)

18th Fiscal Period(From May 1, 2023
to October 31, 2023)
Claims arising from contracts with customers(Balance at beginning of period)
Claims arising from contracts with customers(Balance at end of period)
Contract assets(Balance at beginning of period)
Contract assets(Balance at end of period)
Contract liabilities(Balance at beginning of period)
Contract liabilities(Balance at end of period)

52,40455,28955,28935,535

－

－

－

－

－

－

－

－

(2) Transaction prices allocated to the remaining performance obligations
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
As of October 31, 2023, the transaction price allocated to the remaining performance obligations related to thesale of real estate, etc. is 63,000,000 thousand yen for which the sale and purchase agreement was entered into
on March 29, 2023.
SHR assumes to recognize revenue for the remaining performance obligations as follows upon delivery ofmentioned real estate.

2

End of April 2024

7,000,000 (10%)(Thousand yen)Calculation period forrevenue recognition
Ending April 2024 (FP 19)

3

End of October 2024

7,000,000 (10%)

Ending October 2024 (FP 20)

4End of April 2025

7,000,000 (10%)

Ending April 2025 (FP 21)

5

End of October 2025

7,000,000 (10%)

Ending October 2025 (FP 22)

6

End of April 2026

7,000,000 (10%)

Ending April 2026 (FP 23)

7

End of October 2026

7,000,000 (10%)

Ending October 2026 (FP 24)

8

End of April 2027

7,000,000 (10%)

Ending April 2027 (FP 25)

9End of October 2027

7,000,000 (10%)

Ending October 2027 (FP 26)

10

End of April 2028

7,000,000 (10%)

Ending April 2028 (FP 27)

Planned disposition date

Planned disposition priceWith regard to utilities revenue, SHR recognizes proceeds in the amount that SHR has the right to claim in
accordance with Clause 19 of the Accounting Standard for Revenue Recognition, because SHR has the rightto receive from the lessee, as the customer, an amount of compensation directly corresponding to the value ofthe items provided up to the end of the fiscal period. Accordingly, SHR applies the provisions of Clause
80-22(2) of Accounting Standard for Revenue Recognition and does not include related information in thenotes on transaction prices allocated to the remaining performance obligations.

33

19th Fiscal Period (From November 1, 2023 to April 30, 2024)
As of April 30, 2024, the transaction price allocated to the remaining performance obligations related to thesale of real estate, etc. is 56,000,000 thousand yen for which the sale and purchase agreement was entered into
on March 29, 2023 and 74,390,000 thousand yen for which the sale and purchase agreement was entered into
on March 19, 2024.
SHR assumes to recognize revenue for the remaining performance obligations as follows upon delivery ofmentioned real estate.
1.Agreement allocation as of March 29, 2023

3

End of October 2024

7,000,000 (10%)(Thousand yen)Calculation period forrevenue recognition
Ending October 2024 (FP 20)

4End of April 2025

7,000,000 (10%)

Ending April 2025 (FP 21)

5

End of October 2025

7,000,000 (10%)

Ending October 2025 (FP 22)

6

End of April 2026

7,000,000 (10%)

Ending April 2026 (FP 23)

7

End of October 2026

7,000,000 (10%)

Ending October 2026 (FP 24)

8

End of April 2027

7,000,000 (10%)

Ending April 2027 (FP 25)

9End of October 2027

7,000,000 (10%)

Ending October 2027 (FP 26)

10

End of April 2028

7,000,000 (10%)

Ending April 2028 (FP 27)

Planned disposition date

Planned disposition price2.Agreement allocation as of March 19, 2024

May 1, 2024

58,815,000(Thousand yen)Calculation period forrevenue recognition
Ending October 2024 (FP 20)

November 1, 2024

15,575,000

Ending April 2025 (FP 21)

Planned disposition date

Planned disposition priceWith regard to utilities revenue, SHR recognizes proceeds in the amount that SHR has the right to claim in
accordance with Clause 19 of the Accounting Standard for Revenue Recognition, because SHR has the rightto receive from the lessee, as the customer, an amount of compensation directly corresponding to the value ofthe items provided up to the end of the fiscal period. Accordingly, SHR applies the provisions of Clause
80-22(2) of Accounting Standard for Revenue Recognition and does not include related information in thenotes on transaction prices allocated to the remaining performance obligations.

34

(Segment Information)
1. Segment information
Segment information is omitted because SHR operates a single segment, which is the real estate leasing
business.
2. Related information
18th Fiscal Period (From May 1, 2023 to October 31, 2023)(1) Information about products and services
Information about products and services is omitted because net sales to external customers for a single
products and services category are in excess of 90% of operating revenue on the statement of income andretained earnings.
(2) Information about geographic areas
1) Operating revenue
Information about net sales is omitted because net sales to external customers in Japan are in excessof 90% of operating revenue on the statement of income and retained earnings.
2) Property, plant and equipment
Information about property, plant and equipment is omitted because the property, plant andequipment located in Japan is in excess of 90% of property, plant and equipment on the balance
sheet.
(3) Information about major customers(Thousand yen)
Name of customer

Operating revenue

Name of related segment

TIS Inc.

2,108,683

Real estate leasing businessSekisui House, Ltd.

1,363,712

Real estate leasing business19th Fiscal Period (From November 1, 2023 to April 30, 2024)(1) Information about products and services
Information about products and services is omitted because net sales to external customers for a single
products and services category are in excess of 90% of operating revenue on the statement of income andretained earnings.
(2) Information about geographic areas
1) Operating revenue
Information about net sales is omitted because net sales to external customers in Japan are in excessof 90% of operating revenue on the statement of income and retained earnings.
2) Property, plant and equipment
Information about property, plant and equipment is omitted because the property, plant andequipment located in Japan is in excess of 90% of property, plant and equipment on the balance
sheet.
(3) Information about major customers(Thousand yen)
Name of customer

Operating revenue

Name of related segment

Godo Kaisha Pothos

4,766,750

Real estate leasing business

TIS Inc.

3,067,461

Real estate leasing businessSekisui House, Ltd.

1,362,595

Real estate leasing business

35

(Per Unit Information)
18th Fiscal Period(From May 1, 2023
to October 31, 2023)

19th Fiscal Period(From November 1 2023
to April 30, 2024)

Net assets per unit

66,924 yen

66,079 yen

Net income per unit

1,690 yen

1,130 yen

(Note 1) Net income per unit is calculated by dividing net income by the daily weighted average number of investment units. In addition, diluted net
income per unit is not stated because there are no dilutive investment units.
(Note 2) The basis for calculating net income per unit is as follows.

18th Fiscal Period(From May 1, 2023
to October 31, 2023)
Net income (Thousand yen)Amount not attributable to common unitholders(Thousand yen)
Net income attributable to common investment units(Thousand yen)
Average number of investment units during period(Units)19th Fiscal Period(From November 1 2023
to April 30, 2024)

7,408,653

4,954,266－－

7,408,653

4,954,266

4,381,482

4,381,482(Significant Subsequent Events)(ⅰ) Acquisition of Asset
SHR acquired the following overseas real estate through investment in two LLCs located in the U.S. that own overseas realestate.

a. Investment in overseas real estate holding corporations
Name

Location

Investment price (Note)

SHR Boren Avenue

Investment date

Investment ratio

May 28, 2024

100.0%

164 mm USD(25,830 mm yen)Partners I, LLC

Delaware,
U.S.A.

SHR Boren Avenue

164 mm USD(25,830 mm yen)Partners Ⅱ, LLC(Note) Converted into yen at the exchange rate at the time of investment, 1USD = 156.95 JPY.

b. Real estate acquired by the above two overseas real estate holding corporations
Property name
The Ivey on Boren(Note 2)
(Note 1)
(Note 2)Acquisition priceType of use

Location

Residence

Seattle, Washington
U.S.A.

(Note 1)

328 mm USD(51,479 mm yen)

Acquisition dateSellerMay 29, 2024

NASH – Holland Boren& Lenora, LLC"Acquisition price" for "The Ivey on Boren" is converted based on the exchange rate between the U.S. dollar and the Japanese yen at the time ofacquisition, which is 1USD = 156.95 JPY.
The two overseas SPCs acquired ownership interest in all of the exclusively-owned portions of the 5th floor through the 44th floor above
ground and all of the exclusively-owned portions of the 1st floor through the 7th floor underground along with the land equivalent to 19,007 sq/ft(1,765.75 ㎡) which is the total site 21,234 sq/ft (1,972.63 ㎡) multiplied by the ownership interest ratio (89.51%).

(ⅱ) Disposition of Assets
SHR concluded a contract on March 19, 2024 for the disposition of real estate trust beneficiary interests. The
disposition was completed on May 1, 2024 and is scheduled to be completed on November 1, 2024, as follows.
As a result of these dispositions, SHR expects to record a gain on disposition of real estate of 5,734 million yen in
the fiscal period ending October 31, 2024 (from May 1, 2024 to October 31, 2024) and 3,143 million yen in thefiscal period ending April 30, 2025 (from November 1, 2024 to April 30, 2025).
Property name

Type of use

Location(Planned)(Planned)
disposition pricedisposition date(million yen)
(Note 1)

36

Buyer

Garden City
Shinagawa Gotenyama(quasi co-ownership interest 49.0%)

Shinagawa-ku,
Tokyo

29,890
May 1,
2024(Note 2)

(quasi co-ownership
Hommachi Gardeninterest 65.0%)
City(Office building(quasi co-ownership
portion)interest 35.0%)

Officebuilding

Godo Kaisha
Gotenyama
Capital28,925
Osaka-shi, Osaka
1,
15,575 November
2024

Godo Kaisha
Pothos(Note 1) "(Planned) disposition price" is the sale and purchase price stated in the trust beneficiary interest transfer agreement concluded between SHR andthe seller (excluding consumption tax, local consumption tax, commission for sales, and other various expenses; rounded down to the nearest
million yen).
(Note 2) The amount equivalent to the loss on sale of real estate and other assets arising from such transfer is recorded as an impairment loss. For details,
please refer to "2. Financial Statements (8) Notes to Financial Statements Notes to Statements of Income and Retained Earnings *3
Impairment losses" above.

(Additional Information)
1.Disposition of Asset
SHR decided on the disposition of trust beneficiary interest in domestic real estate and entered into a purchase andsale agreement as of March 29, 2023 as follows. The disposition of the quasi co-ownership interest in trust
beneficiary interest is scheduled to be carried out in 10 equal installments, with 10/100 of the ownership share to
be disposed on each planned disposition date. As of the date of this document, the first disposition and the second
disposition have been executed, and a gain on sale of real estate properties is expected to be recorded during eachcalculation period as follows.
Property name

Type of use

Location

Total disposition
price (Note 1)(million yen)

Planned disposition

70,000stated as below

Buyerdate (Note2)

Gotenyama SH
Office building

Shinagawa-ku, Tokyo

TIS Inc.

Building(Unit: million yen)
Planned disposition date

Planned disposition priceGain on disposition(Note 2)

(Note 1)(expected) (Note 3)

Calculation period3

End of October 2024

7,000 (10%)

2,095Ending October 2024 (FP 20)

4End of April 2025

7,000 (10%)

2,106Ending April 2025 (FP 21)

5

End of October 2025

7,000 (10%)

2,117Ending October 2025 (FP 22)

6

End of April 2026

7,000 (10%)

2,127Ending April 2026 (FP 23)

7

End of October 2026

7,000 (10%)

2,142Ending October 2026 (FP 24)

8

End of April 2027

7,000 (10%)

2,156Ending April 2027 (FP 25)

9End of October 2027

7,000 (10%)

2,170Ending October 2027 (FP 26)

10

End of April 2028

7,000 (10%)

2,185Ending April 2028 (FP 27)(Note 1) "Total disposition price" and "Planned disposition price" is the sale and purchase price stated in the sale and purchase agreement(excluding consumption tax, local consumption tax, commission for sales, and other various expenses; rounded down to the nearest
million yen).
(Note 2) In the event that the "planned disposition date" is not a business day, the said date will be the immediately preceding business day.
(Note 3) "Gain on disposition (expected)" is the approximate value to be recorded on each planned disposition date as of the date of thisdocument and is subject to change.

37(9) Change in Total Number of Investment Units Issued and Outstanding
The following table sets forth the increase (/decrease) in unitholders' capital and the total number of investment
units issued and outstanding for the last five years from the end of the fiscal period under review.

Date

Event

Unitholders' capital(million yen)
Increase(Decrease)

Balance

Total number of investment units
issued and outstanding(units)Increase
Balance(Decrease)

Note

June 10, 2019

Public offering

37,162

147,351

501,500

4,263,591(Note 1)

July 9, 2019

Third-party allotment

1,858

149,21025,075

4,288,666(Note 2)

November 1, 2021

Public offering

11,652160,862

137,500

4,426,166(Note 3)

November 29, 2021

Third-party allotment

420

161,283

4,967

4,431,133(Note 4)

October 17, 2022

Cancellation－

161,283(49,651)

4,381,482(Note 5)

December 21,2023

Reversal of ATA

4

161,287－

4,381,482(Note 6)(Note 1) New investment units were issued at an issue price of 76,537 yen (with the issue amount being 74,103 yen) per unit through a public offering
to procure funds for the acquisition of new properties.
(Note 2) New investment units were issued at an issue amount of 74,103 yen per unit by way of third-party allotment, with the proceeds thereof
intended to be used for the partial repayment of the short-term loans that had been taken up to finance the acquisition of new properties.
(Note 3) New investment units were issued at an issue price of 87,574 yen (with the issue amount being 84,744 yen) per unit through a public offering
to procure funds for the acquisition of new properties.
(Note 4) New investment units were issued at an issue amount of 84,744 yen per unit by way of third-party allotment, with the proceeds thereof
intended to be used for the acquisition of new properties.
(Note 5) From June 16, 2022 to September 7, 2022, SHR acquired its own investment units through market purchases via the Tokyo Stock Exchange
based on a discretionary transaction contract with a securities company. As resolved at SHR's Board of Directors Meeting on September 30,
2022, all acquired investment units were canceled on October 17, 2022. In addition, funds related to the buyback of investment units werededucted from the capital surplus, thus there is no change in Unitholders' Capital.
(Note 6) At SHR’s Board of Directors Meeting held on December 21, 2023, a resolution was passed for the reversal of ATA and incorporate it into theunitholders' capital.

38

3. Reference Information(1) Information Regarding Prices of Assets Under Management① Investment Status

Type of asset

Asset category

18th Fiscal Period(As of Oct. 31, 2023)
Total amount
Ratio toheld
total assets(million yen)(%)

Geographical area, etc.

(Note 1)

(Note 2)19th Fiscal Period(As of Apr. 30, 2024)
Total amount
Ratio toheld
total assets(million yen)(%)
(Note 1)

(Note 2)

Greater Tokyo

208,67636.6

243,538

43.1

Other areas

54,498

9.6

54,576

9.7

Three major metropolitan
areas

267,81047.0

211,238

37.4

－

－

－

－

530,98593.2

509,352

90.1

Silent partnership equity interests (Note 4)

668

0.1

649

0.1

Deposits and other assets

37,824

6.6

55,029

9.7

Total amount of assets

569,478100.0

565,030

100.0

Total amount in liabilities

276,25148.5

275,504

48.8

Total amount in net income

293,22651.5

289,526

51.2

Residential
properties
Real estate intrust
Commercial
properties, etc.

Other areas

Total of real estate in trust(Note 1) "Total amount held" is recorded on the balance sheet the carrying amount (or, for" real estate in trust", the book value after depreciation andimpairment loss) as of the end of each fiscal period, rounded down to the nearest million yen.
(Note 2) Figures for "Ratio to total assets" have been rounded to the nearest first decimal place.
(Note 3) SHR does not own any overseas real estate, etc. as of the end of the fiscal period under review.
(Note 4) This is the equity interest in a silent partnership with Godo Kaisha Gemini1 and Godo Kaisha Gemini2 as the business operator.

② Investment Assets(i) Details of Investment Securities
The following are the details for investment securities as of the end of the fiscal period under review.
Type
Silent Partnership
Equity Interests

RegionQuantity

Domestic－

Domestic－(Note 3)

Silent Partnership
Equity Interests

Stock nameSilent partnership equity
interests with Gemini1
LLC as the operator
Silent partnership equity
interests with Gemini2
LLC as the operator

Book Value(thousand yen)

Valuation(thousand yen)
(Note 1)

Ratio to total
assets(%)(Note 2)442,898442,898

0.1

206,103206,103

0.0(Note 4)(Note 1) "Valuation" is the book value.
(Note 2) "Ratio to total assets" is rounded to the first decimal place.
(Note 3) The underlying asset refers to 34.55% quasi co-ownership interest of the trust beneficiary interest in real estate regarding thecompartmentalized ownership interest in all of the exclusively-owned portions of the 1st floor underground through 4th floor above groundand 11th floor through 19th floor above ground of the "Akasaka Garden City" building, as well as the accompanying right of site (ratio of rightof site: 662,768/1,000,000 (or approximately 66.3%)), which has not yet been acquired by SHR.
(Note 4) The underlying asset refers to the trust beneficiary interest in real estate of "Ningyocho PREX".

(ii) Investment Properties
Not applicable.

39

(iii) Other Major Investment Assets(a) Property Overview, Price and Investment Ratio
An overview of the properties owned by SHR as of the end of the fiscal period under review is as follows.
Type

Property
No.
(Note 1)

Property Name

R-001

Esty Maison Ginza

R-002

Esty Maison
Azabunagasaka

R-003

Esty Maison Ebisu II

R-004

Esty Maison Ebisu

R-005

Esty Maison Kanda

R-006
R-007
R-008
R-010
R-011
R-012
R-013
R-014
R-015
R-016
R-017
Residence

R-018
R-019
R-021
R-022
R-023
R-027
R-028
R-030
R-033
R-034
R-035
R-036
R-037
R-038
R-039
R-040

Esty Maison
Kitashinjuku
Esty Maison
Asakusakomagata
Esty Maison
Kawasaki
Esty Maison
KameidoEsty Maison
MeguroEsty Maison
SugamoEsty Maison
Kyobashi
Esty Maison
Hakuraku
Esty Maison
Minamihorie
Esty Maison
Gotanda (Note 7)
Esty Maison
Oisendaizaka
Esty Maison
Shinagawa Seaside
Esty Maison
Minamiazabu
Esty Maison
Kawasaki II
Esty Maison
Azabujuban
Esty Maison
Itabashihoncho
Esty Maison
Musashikoyama(Note 8)Esty Maison
Sendagi (Note 9)
Esty Maison
Hakatahigashi
Prime Maison
Musashinonomori
Prime Maison
Higashisakura
Prime Maison
Kayabakoen
Esty Maison
Sangenjaya II
Esty Maison
Itabashi C6
Sha Maison Stage
Hakata (Note 10)
Esty Maison
Kinshicho
Esty Maison
Musashikoganei

Appraisal
Book value atvalue at theAcquisition Investment the end of theCompletion Acquisition
Locationend of thepriceratio (%)
perioddate
date(Note 2)
period(million yen) (Note 3) (million yen)
(Note 2)
(Note 6)(million yen)
(Note 4)(Note 5)FebruaryMay
Chuo-ku, Tokyo
6,540
1.2
6,577
8,200
2005
2018
Minato-ku,
January
May
1,790
0.3
1,756
2,030
Tokyo
2004
2018
Shibuya-ku,
June
May
2,040
0.4
2,020
2,520
Tokyo
2003
2018
Shibuya-ku,
October
May
873
0.2
913
989
Tokyo
2004
2018
Chiyoda-ku,
February
May
1,610
0.3
1,522
2,000
Tokyo
2004
2018
Shinjuku-ku,
August
May
1,590
0.3
1,505
1,970
Tokyo
2004
2018
July
May
Taito-ku, Tokyo
2,190
0.4
2,043
2,690
2004
2018
Kawasaki-shi,
July
May
2,400
0.5
2,319
3,120
Kanagawa
2004
2018
NovemberMay
Koto-ku, Tokyo
1,580
0.3
1,442
1,980
2005
2018
Minato-ku,
November
May
1,060
0.2
1,055
1,420
Tokyo
2005
2018
Toshima-ku,
February
May
1,630
0.3
1,574
2,000
Tokyo
2007
2018
March
May
Osaka-shi, Osaka
2,970
0.6
2,836
3,280
2006
2018
Yokohama-shi,
February
May
931
0.2
870
1,020
Kanagawa
2006
2018
FebruaryMay
Osaka-shi, Osaka
1,060
0.2
1,099
1,190
2007
2018
Shinagawa-ku,
March
May
3,110
0.6
3,003
3,820
Tokyo
2006
2018
Shinagawa-ku,
August
May
2,720
0.5
2,657
3,220
Tokyo
2006
2018
Shinagawa-ku,
June
May
2,050
0.4
2,101
2,610
Tokyo
2006
2018
Minato-ku,
August
May
1,250
0.2
1,285
1,460
Tokyo
2006
2018
Kawasaki-shi,
February
May
1,910
0.4
1,840
2,510
Kanagawa
2007
2018
Minato-ku,
February
May
2,690
0.5
2,698
3,140
Tokyo
2007
2018
Itabashi-ku,
February
May
937
0.2
954
1,070
Tokyo
2007
2018
Shinagawa-ku,
TokyoBunkyo-ku,
TokyoFukuoka-shi,
Fukuoka
Kodaira-shi,Tokyo
Nagoya-shi,
Aichi
Nagoya-shi,
Aichi
Setagaya-ku,
Tokyo
Itabashi-ku,
TokyoFukuoka-shi,
Fukuoka
Sumida-ku,
Tokyo
Koganei-shi,
Tokyo

1,050

0.2

988

1,250

698

0.1

666

842

2,400

0.5

2,128

2,870

1,850

0.3

1,878

2,420

1,500

0.3

1,514

1,820

801

0.2

801

987

785

0.1

749

986

2,560

0.5

2,403

3,030

2,360

0.4

2,228

2,810

1,260

0.2

1,172

1,510

1,790

0.3

1,722

2,230

40

November
2007

May
2018

January
2008
November
2007
December
2007
February
2008
November
2006
January
2008
March
2008
January
2005
September
2006
February
2005

May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018

Type

Property
No.
(Note 1)
R-041
R-042
R-043
R-044
R-045
R-046
R-047
R-048
R-049
R-050
R-051
R-052
R-053
R-054
R-055
R-056
R-057

Residence

R-058
R-059
R-060
R-061
R-062
R-063
R-064
R-065
R-066
R-067
R-068
R-069
R-070
R-071
R-072
R-073

Property Name

Prime Maison
GokisoPrime Maison
Yuhigaoka
Prime Maison
Kitatanabe
Prime Maison
Momochihama
Esty Maison
Akihabara
Esty Maison
SasazukaPrime Maison
Ginza East
Prime Maison
TakamiPrime Maison
Yadaminami
Prime Maison
TerihaEsty Maison
Higashishirakabe
Esty Maison
Sengoku
Esty Maison
Daizawa
Esty Maison
Togoshi
Esty Maison
Nishitemma
Esty Maison
Shirokanedai
Esty Maison
Higashishinjuku
Esty Maison
Motoazabu
Esty Maison
Toritsudaigaku
Esty Maison
Musashikoyama II
Esty Maison
NakanoEsty Maison
Shinnakano
Esty Maison
Nakanofujimicho
Esty Maison
Tetsugakudo
Esty Maison Koenji
Esty Maison
Oshiage
Esty Maison
AkabaneEsty Maison Oji
Prime Maison
WasedaPrime Maison
Hatchobori
Prime Maison
JimbochoPrime Maison
Gotenyama East
Sha Maison Stage
Akihabara

R-074

Esty Maison Aoi

R-075

Esty Maison Yakuin

Appraisal
Book value atvalue at theAcquisition Investment the end of theCompletion Acquisition
Locationend of thepriceratio (%)
perioddate
date(Note 2)
period(million yen) (Note 3) (million yen)
(Note 2)
(Note 6)(million yen)
(Note 4)(Note 5)
Nagoya-shi,
October
May
1,950
0.4
1,888
2,280
Aichi
2008
2018
FebruaryMay
Osaka-shi, Osaka
909
0.2
899
1,200
2007
2018
June
May
Osaka-shi, Osaka
601
0.1
598
768
2006
2018
Fukuoka-shi,
February
May
1,940
0.4
1,955
2,360
Fukuoka
1996
2018
FebruaryMay
Taito-ku, Tokyo
1,930
0.4
1,860
2,230
2006
2018
Shibuya-ku,
September
May
3,340
0.6
3,345
3,890
Tokyo
2004
2018
FebruaryMay
Chuo-ku, Tokyo
6,250
1.2
6,099
7,400
2006
2018
Nagoya-shi,August
May
1,050
0.2
1,033
1,180
Aichi
2008
2018
Nagoya-shi,
July
May
812
0.2
832
964
Aichi
2007
2018
Fukuoka-shi,August
May
1,260
0.2
1,138
1,380
Fukuoka
2005
2018
Nagoya-shi,
February
May
1,580
0.3
1,671
1,880
Aichi
2006
2018
Bunkyo-ku,
August
May
1,360
0.3
1,315
1,520
Tokyo
2009
2018
Setagaya-ku,
February
May
2,270
0.4
2,199
2,650
Tokyo
2010
2018
Shinagawa-ku,
June
May
1,770
0.3
1,690
2,170
Tokyo
2009
2018
NovemberMay
Osaka-shi, Osaka
1,680
0.3
1,568
1,780
2007
2018
Shinagawa-ku,
September
May
2,400
0.5
2,360
3,240
Tokyo
2003
2018
Shinjuku-ku,
April
May
1,680
0.3
1,573
2,200
Tokyo
2009
2018
Minato-ku,
November
May
1,540
0.3
1,493
2,060
Tokyo
2009
2018
Meguro-ku,
February
May
861
0.2
878
1,120
Tokyo
2009
2018
Shinagawa-ku,
May
May
1,030
0.2
975
1,230
Tokyo
2009
2018
Nakano-ku,
June
May
1,870
0.4
1,859
2,200
Tokyo
2009
2018
Nakano-ku,
October
May
1,020
0.2
962
1,130
Tokyo
2009
2018
Nakano-ku,
February
May
984
0.2
943
1,120
Tokyo
2009
2018
Nakano-ku,
October
May
1,160
0.2
1,082
1,350
Tokyo
2009
2018
Suginami-ku,
March
May
1,160
0.2
1,113
1,450
Tokyo
2009
2018
Sumida-ku,
April
May
2,490
0.5
2,345
2,980
Tokyo
2010
2018
NovemberMay
Kita-ku, Tokyo
3,290
0.6
3,168
3,810
2009
2018
July
May
Kita-ku, Tokyo
1,650
0.3
1,530
1,930
2010
2018
Shinjuku-ku,
November
May
1,580
0.3
1,471
2,040
Tokyo
2012
2018
NovemberMay
Chuo-ku, Tokyo
1,460
0.3
1,340
1,750
2012
2018
Chiyoda-ku,
March
May
1,960
0.4
1,820
2,310
Tokyo
2013
2018
Shinagawa-ku,
January
May
2,910
0.5
2,862
3,630
Tokyo
2011
2018
Chiyoda-ku,
October
May
555
0.1
580
659
Tokyo
2006
2018
Nagoya-shi,
October
May
2,460
0.5
2,304
2,640
Aichi
2007
2018
Fukuoka-shi,
February
May
2,430
0.5
2,511
2,650
Fukuoka
2006
2018

41

Type

Property
No.
(Note 1)
R-076

Esty Maison
Kinshicho II

R-077

Esty Maison Ojima

R-078
R-079
R-080
R-081
R-082
R-083
R-084
R-085
R-086
R-087
R-089
R-091
R-092
R-093
R-094
Residence

Property Name

R-095
R-096
R-098
R-099
R-100
R-101
R-102
R-103
R-104
R-105
R-106
R-108
R-109
R-110
R-111

Prime Maison
Fujimidai
Esty Maison
TsurumaiPrime Maison
Morishita
Prime Maison
ShinagawaPrime Maison
Odorikoen
Prime Maison
Minami 2-joPrime Maison
Kamokamogawa
Prime Maison
Central Park (Note 11)
Sha Maison Stage
YahiroPrime Maison Ebisu
Esty Maison
Unomori
Sha Maison Stage
Hino
Prime Maison
Yokohama Nihonodori
Kobe Women'sStudent Housing
Prime Maison
ShibuyaPrime Maison
Hatsudai
Esty Maison
Uemachidai
Prime Maison
Shirokane-takanawa
Prime Maison
Ichigayayamabushicho
Esty Maison
Morishita
Prime Maison
Shirokanedai Tower
Prime Maison
OtsukaPrime Maison
Asakusabashi
Prime Maison
Daikanyama
Prime Maison
Gotenyama West
Esty Maison Toyosu
Residence (Note 12)
Esty Maison Ijiri
Prime Maison
Mitatsunamachi
Prime Maison
Hongo
Prime Maison
KuramaeAppraisal
Book value atvalue at theAcquisition Investment the end of theCompletion Acquisition
Locationend of thepriceratio (%)
perioddate
date(Note 2)
period(million yen) (Note 3) (million yen)
(Note 2)
(Note 6)(million yen)
(Note 4)(Note 5)
Sumida-ku,
January
May
8,250
1.6
7,732
10,800
Tokyo
2008
2018
SeptemberMay
Koto-ku, Tokyo
8,630
1.6
8,129
12,2002007
2018
Nagoya-shi,
April
May
2,070
0.4
2,112
2,290
Aichi
2007
2018
Nagoya-shi,
November
May
4,490
0.8
4,441
5,080
Aichi
1999
2018
May
May
Koto-ku, Tokyo
1,930
0.4
1,781
2,260
2013
2018
Shinagawa-ku,
February
May
1,960
0.4
1,846
2,280
Tokyo
2014
2018
Sapporo-shi,
December
May
3,160
0.6
2,969
3,350
Hokkaido
2008
2018
Sapporo-shi,
November
May
1,930
0.4
1,758
2,120
Hokkaido
2009
2018
Sapporo-shi,
October
May
1,250
0.2
1,131
1,340
Hokkaido
2009
2018
Fukuoka-shi,
February
May
2,309
0.4
2,335
2,576
Fukuoka2011
2018
Sumida-ku,
January
May
1,910
0.4
1,785
2,160
Tokyo
2011
2018
Shibuya-ku,
June
May
4,360
0.8
4,197
5,850
Tokyo
2014
2018
Yokkaichi-shi,
April
May
830
0.2
731
836
Mie
2009
2018
JanuaryMay
Hino-shi, Tokyo
1,390
0.3
1,345
1,630
2010
2018
Yokohama-shi,
Kanagawa

4,870

0.9

4,484

5,270

Kobe-shi, Hyogo

5,880

1.1

5,065

6,360

2,430

0.5

2,355

2,800

3,010

0.6

2,859

3,420

1,040

0.2

1,034

1,270

4,900

0.9

4,724

5,530

4,220

0.8

4,041

4,390

655

0.1

618

742

7,950

1.5

7,827

11,200

3,700

0.7

3,614

4,770

1,680

0.3

1,650

2,130

2,520

0.5

2,486

3,490

3,400

0.6

3,376

5,000

6,050

1.1

5,524

7,600

Shibuya-ku,
TokyoShibuya-ku,
Tokyo
Osaka-shi, Osaka
Minato-ku,
TokyoShinjuku-ku,
Tokyo
Sumida-ku,
Tokyo
Shinagawa-ku,
TokyoToshima-ku,
Tokyo
Taito-ku, Tokyo
Meguro-ku,
TokyoShinagawa-ku,
Tokyo
Koto-ku, Tokyo
Fukuoka-shi,
FukuokaMinato-ku,
TokyoBunkyo-ku,
Tokyo

390

0.1

436

441

2,040

0.4

2,021

2,540

2,600

0.5

2,565

3,050

Taito-ku, Tokyo

2,190

0.4

2,150

2,600

June
2014

May
2018

February
2002
July
2014
December
2014
August
2005
June
2015
October2015
February
2017
May
2016
January
2017
October
2016
January
2017
January
2011
February
2008
January
2008
October
2017
March
2018
November
2018

May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
May
2018
January
2019
June
2019
June
2019
June
2019
June
2019
September
2019
January
2020

R-112

Esty Maison
Yokohama-aobadai(Note 13)

Yokohama-shi,
Kanagawa

3,020

0.6

2,967

3,660

July
1990

R-113

Esty Maison
Shizuoka Takajo

Shizuoka-shi,
Shizuoka

660

0.1

729

643

February
2006

42

Type

Property
No.
(Note 1)
R-114
R-115
R-116
R-117
R-118
R-119
R-120
R-121
R-122
R-123

Residence

R-124
R-125
R-126
R-127
R-128
R-129
R-130
R-131
R-132
R-133
R-134
R-135

Location(Note 2)

Property Name

Sha Maison Stage
Sendai-shi,
Hirose-dori
MiyagiEsty Maison
Nagoya-shi,
HIGASHIBETSUIN
Aichi
Esty Maison
Nagoya-shi,
KayabaAichi
Esty Maison
Nagoya-shi,
SHIRAKABEMINAMI Aichi
Prime Maison
Setagaya-ku,
Shimokitazawa
Tokyo
Prime Maison
Meguro-ku,
MeguroTokyo
Prime Maison
Sumida-ku,
RyogokuTokyo
Prime Maison
Meguro-ku,
Nakameguro
Tokyo
Prime Maison
Itabashi-ku,
ItabashiTokyo
Prime Maison
Nakano-ku,
EGOTANOMORI
Tokyo(Note 14)
Prime Maison
Shinjuku-ku,
Waseda doriTokyo
Kawasaki-shi,
Esty Maison Noborito
Kanagawa
Ota-ku,Esty Maison Omori
Tokyo
Esty Maison
Koto-ku,Monzennakacho
Tokyo
Esty Maison Akabane Kita-ku,
ⅡTokyo
Bunkyo-ku,
Prime Maison Yushima
Tokyo
Prime Maison
Nakano-ku,
Nakanosakaue
Tokyo
Prime Maison
Nakano-ku,
HonanchoTokyo
Prime Maison
Koto-ku,MonzennakachoTokyo
Prime Maison
Shinjuku-ku,
Nishiwaseda
Tokyo
Prime Maison Asakusa Sumida-ku,
EAST
Tokyo
Prime Maison
Setagaya-ku,
Sakurashinmachi
Tokyo
Residence Subtotal

Officebuilding

Book value at Appraisal
Acquisition Investment the end of the value at the Completion Acquisitionend of thepriceratio (%)
perioddate
date
period(million yen) (Note 3) (million yen) (million yen) (Note 2)(Note 6)(Note 4)(Note 5)January
April
865
0.2
964
972
2006
2020
February
April
2,190
0.4
2,250
2,230
2009
2021
February
April
900
0.2
926
958
2012
2021
January
April
660
0.1
676
706
2014
2021
December September
2,580
0.5
2,617
2,840
2019
2021
AugustSeptember
2,310
0.4
2,337
2,540
2018
2021
February
September
1,530
0.3
1,555
1,620
2019
2021
NovemberFebruary
10,0001.9
10,126
11,2002019
2022
February
February
4,800
0.9
4,896
5,220
2019
2022
July
2018

August2022

February
2020
January
2008
January2024
January
2023
April
2023
February
2022
January
2022
March
2021
October
2021
August
2022
June
2022
August2022

August2022
October
2023
March
2024
March
2024
March
2024
April
2024
April
2024
April
2024
April
2024
April
2024
April
2024
April
2024

359,039－－

10,5002.0

10,825

11,400

2,200

0.4

2,243

2,690

490

0.1

520

510

3,600

0.7

3,825

4,020

1,570

0.3

1,673

1,730

980

0.2

1,043

1,130

10,0001.9

10,235

10,500

5,490

1.0

5,614

5,570

3,220

0.6

3,298

3,360

3,200

0.6

3,280

3,330

2,570

0.5

2,628

2,590

2,180

0.4

2,238

2,230

1,840

0.3

1,889

1,870

304,52657.5

298,114

December2014
May 2016
May 2017
June 2019
December
2014
December
2014
June 2019

O-001

Garden City Shinagawa Shinagawa-ku,
Gotenyama (Note 15)Tokyo35,255

6.7

29,87429,000February
2011

O-002

Gotenyama SH
Building (Note 16)

Shinagawa-ku,
Tokyo

41,2007.8

39,12650,600February
2011

O-003

Hommachi Minami
Garden City

Osaka-shi, Osaka

44,0008.3

41,564

55,100February
2011

Osaka-shi, Osaka

38,6007.3

35,52341,800

May
2010

May
2015

Osaka-shi, Osaka

4,400

0.8

4,144

6,330

July
2015

May
2016

Nagoya-shi,
Aichi

6,350

1.2

6,072

7,380

March
2011

O-004
O-005

Hommachi Garden City
(Office building
portion) (Note 17)
HK Yodoyabashi
Garden Avenue(Note 18)
Hirokoji Garden
AvenueO-007

Akasaka Garden City
(Note 19)

Minato-ku,
Tokyo50,0009.4

49,89350,200January
2006

O-008

Shinjuku Hirose
Building

Shinjuku-ku,
Tokyo

5,000

0.9

5,039

5,110

June
1985

May
2016
June 2019
November
2021
December
2023

Office Building Subtotal

224,80542.5

211,238

245,520－－

Portfolio Total

529,331100.0

509,352

604,559

－

－

O-006

(Note 1) "Property No." is classified by use of properties held by SHR, whereby each property is given a number and any of the following letters: R
representing residences, O representing office buildings, and H representing hotels, respectively. The same applies hereinafter.

43

(Note 2) "Location" and "Completion date" is indicated based on the statement in the registry. If there are multiple statements of locations in theregistry, either one of them is indicated.
(Note 3) "Investment ratio" indicates the ratio of acquisition price of each asset to the total acquisition price of assets held. Therefore, total ofinvestment ratio of residences, office buildings and hotels may not be 100%. Figures are rounded to the nearest first decimal place.
(Note 4) "Book value at the end of the period" refers to the depreciated book value of each property as of the end of the fiscal period under review,rounded down to the nearest million yen. As for "Garden City Shinagawa Gotenyama", the amount is after recording an impairment loss dueto the disposition.
(Note 5) "Appraisal value at the end of the period" for each fiscal period ending April refers to the appraisal value stated in each real estate appraisal
report with the valuation date ending April, and for each fiscal period ending October, each survey value stated in each real estate appraisal
report or the result of a price survey stated in each survey report that does not conform to the real estate appraisal standards with the valuation
date ending October, rounded down to the nearest million yen.
(Note 6) "Acquisition date" is based on the effective date of the merger for properties acquired through the Investment Corporation merger.
(Note 7) For Esty Maison Gotanda, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to part of the
exclusively-owned portions of the building and for the accompanying right of site (ratio of right of site: 387,036/426,933 (or approximately
90.7%)).
(Note 8) For Esty Maison Musashikoyama, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to part of the
exclusively-owned portions of the building and for the accompanying right of site (ratio of right of site: 117,678/127,609 (or approximately
92.2%)).
(Note 9) For Esty Maison Sendagi, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to part of the
exclusively-owned portions of the building and for the accompanying right of site (ratio of right of site: 89,730/103,842 (or approximately
86.4%)).
(Note 10) Sha Maison Stage Hakata is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed termleasehold right is established with a lease term of 50 years from December 1, 2002.
(Note 11) Part of the land of Prime Maison Central Park (lot number: 23-32) is a leased land, while the building (store) on the leased land is owned by
the lessee.
(Note 12) Esty Maison Toyosu Residence is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed-termleasehold right is established with a lease term of 65 years from March 17, 2006.
(Note 13) Esty Maison Yokohama-aobadai is comprised of two buildings, Esty Maison Yokohama-aobadai North acquired on June 10, 2019
(completed in July 2018) and Esty Maison Yokohama-aobadai South acquired on September 27, 2019 (completed in July 1990). As the twobuildings are located on the same site, SHR manages these buildings as a single property referring to collectively as Esty Maison
Yokohama-aobadai and the total amount of each building is indicated. The above “Completion date” indicates the completion date of
Esty Maison Yokohama-aobadai South for convenience. In addition, throughout this document the property may be described separately as
Esty Maison Yokohama-aobadai North and Esty Maison Yokohama-aobadai South. The same applies hereinafter.
(Note 14) Prime Maison EGOTANOMORI is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed-termleasehold right is established with a lease term of 70 years from April 24, 2015.
(Note 15) As of April 30, 2024, SHR has already disposed 51/100 (51.0%) of its quasi co-ownership interest in "Garden City Shinagawa Gotenyama"
in installments, and owns 49.0% of the quasi co-ownership interest in the real estate trust beneficiary right for this property. Therefore, the"appraised value at end of period" of "Garden City Shinagawa Gotenyama" is the amount corresponding to the quasi co-ownership interest
held by SHR.
(Note 16) As of April 30, 2024, SHR has disposed 20/100 (20.0%) quasi co-ownership interest in "Gotenyama SH Building", and owns 80.0% of thequasi co-ownership interest in the real estate trust beneficiary for this property. Therefore, the "Appraisal value at the end of the period" of"Gotenyama SH Building" is the amount corresponding to the quasi co-ownership interest held by SHR.
(Note 17) "Hommachi Garden City" comprises the portions used as office building and retail property ("Hommachi Garden City (Office building
portion)") and the portions used as a hotel ("Hommachi Garden City (Hotel portion)"). In this document, the overview and other information
regarding the property may be described separately for the Office building portion and the Hotel portion. SHR disposed of "Hommachi
Garden City (Hotel portion)" as of April 30, 2024.
(Note 18) For HK Yodoyabashi Garden Avenue, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to all of
the exclusively owned portions of the 1st through 6th floors above ground of the building and for the accompanying right of site (ratio ofright of site: 405,901/1,000,000 (or approximately 40.6%)).
(Note 19) For "Akasaka Garden City", as of June 10, 2019, SHR owned 65.45% quasi co-ownership interest of trust beneficiary interest in real estate
regarding the compartmentalized ownership interest in all of the exclusively-owned portions of the 1st floor under ground through 4th floor
above ground and 11th floor through 19th floor above ground of the building, as well as the accompanying right of site (ratio of right of site:662,768/1,000,000 (or approximately 66.3%)). As of November 1, 2021, SHR acquired the trust beneficiary interest in all of the
exclusively-owned portions of the 5th floor through 9th floor above ground of the building, as well as the accompanying right of site (ratio ofright of site: 273,490/1,000,000 (or approximately 27.3%)) and in 96.05% of co-ownership of all of the exclusively-owned portions of the10th floor above ground of the building, as well as the accompanying right of site (ratio of right of site: 54,698/1,000,000 (or approximately
5.5%)), and the figures indicate the value corresponding to the portions owned by SHR.

44

(b) Overview of Lease Status① Overview of lease status
The following table sets forth an overview of the leasing status of the properties owned by SHR during
the fiscal period under review.
Type

Real Estate Rental
Ratio to Total Real
Total Number Leasable
Revenue (during fiscal
Estate Rentalof Tenants Area (㎡)period) (million yen)
Revenue (%)(Note 3)(Note 4)(Note 1)
(Note 2)

Leased Area(㎡)
(Note 5)

Occupancy
Rate (%)(Note 6)

5,515.43

5,342.4496.9

12,019.10

2,019.10

100.0

0.4

1

2,062.10

1,939.74

94.1

24

0.2

1

781.02750.27

96.1

47

0.3

1

1,706.54

1,683.95

98.7

47

0.3

1

1,881.19

1,837.76

97.7

68

0.5

1

2,978.28

2,923.29

98.2

Property
No.

Property Name

R-001

Esty Maison Ginza

184

1.2

1

R-002

Esty Maison
Azabunagasaka

47

0.3

R-003

Esty Maison Ebisu II

57

R-004

Esty Maison Ebisu

R-005

Esty Maison Kanda

R-006
R-007

Esty Maison
Kitashinjuku
Esty Maison
Asakusakomagata

R-008

Esty Maison Kawasaki

76

0.5

1

3,741.01

3,587.89

95.9

R-010

Esty Maison Kameido

54

0.4

1

2,279.21

2,256.11

99.0

R-011

Esty Maison Meguro

30

0.2

1

1,070.13

1,009.82

94.4

R-012

Esty Maison Sugamo

50

0.3

1

2,619.17

2,336.64

89.2

R-013

Esty Maison Kyobashi

88

0.6

1

4,613.04

4,420.67

95.8

R-014

Esty Maison Hakuraku

31

0.2

1

1,285.83

1,263.25

98.2

R-015

Esty Maison
Minamihorie

34

0.2

1

1,804.48

1,804.48

100.0

R-016

Esty Maison Gotanda

96

0.6

1

3,871.15

3,672.33

94.9

79

0.5

1

2,979.85

2,837.47

95.2

65

0.4

1

2,602.30

2,474.98

95.1

35

0.2

1

1,082.12

1,082.12

100.0

63

0.4

1

2,824.86

2,779.66

98.4

66

0.4

1

1,755.31

1,693.43

96.5

30

0.2

1

1,274.49

1,274.49

100.0

32

0.2

1

1,176.78

1,176.78

100.0

24

0.2

1

897.30826.74

92.1

88

0.6

1

9,106.08

8,949.44

98.3

67

0.4

1

3,924.58

3,643.75

92.8

50

0.3

1

3,118.11

3,032.97

97.3

29

0.2

1

2,163.98

2,079.15

96.1

25

0.2

1

894.64894.64

100.0

82

0.5

1

4,036.66

3,935.47

97.5

95

0.6

1

9,614.80

9,614.80

100.0

R-017
R-018
Residence
R-019
R-021
R-022
R-023
R-027
R-028
R-030
R-033
R-034
R-035
R-036
R-037
R-038

Esty Maison
Oisendaizaka
Esty Maison
Shinagawa Seaside
Esty Maison
Minamiazabu
Esty Maison
Kawasaki II
Esty Maison
Azabujuban
Esty Maison
Itabashihoncho
Esty Maison
Musashikoyama
Esty Maison Sendagi
Esty Maison
Hakatahigashi
Prime Maison
Musashinonomori
Prime Maison
Higashisakura
Prime Maison
Kayabakoen
Esty Maison
Sangenjaya II
Esty Maison
Itabashi C6
Sha Maison Stage
HakataR-039

Esty Maison Kinshicho

37

0.2

1

1,611.54

1,455.27

90.3

R-040

Esty Maison
Musashikoganei

57

0.4

1

2,275.24

2,208.49

97.1

R-041

Prime Maison Gokiso

66

0.4

1

4,427.65

4,269.38

96.4

R-042

Prime Maison
Yuhigaoka

29

0.2

1

2,040.35

1,966.96

96.4

45

Type

Property
No.
R-043
R-044

Prime Maison
Kitatanabe
Prime Maison
Momochihama

Real Estate Rental
Ratio to Total Real
Total Number Leasable
Revenue (during fiscal
Estate Rentalof Tenants Area (㎡)period) (million yen)
Revenue (%)(Note 3)(Note 4)(Note 1)
(Note 2)

Leased Area(㎡)
(Note 5)

Occupancy
Rate (%)(Note 6)

23

0.2

1

1,798.97

1,738.04

96.6

69

0.5

1

7,514.76

7,514.76

100.0

R-045

Esty Maison Akihabara

58

0.4

1

2,324.65

2,264.89

97.4

R-046

Esty Maison Sasazuka

91

0.6

1

3,701.70

3,545.22

95.8

R-047

Prime Maison
Ginza East

180

1.2

1

6,177.20

5,783.01

93.6

R-048

Prime Maison Takami

33

0.2

1

2,016.79

1,960.54

97.2

R-049

Prime Maison
Yadaminami

25

0.2

1

2,168.59

2,011.49

92.8

R-050

Prime Maison Teriha

53

0.3

1

6,728.20

6,728.20

100.0

R-051

Esty Maison
Higashishirakabe

46

0.3

1

4,014.07

4,014.07

100.0

R-052

Esty Maison Sengoku

40

0.3

1

1,498.13

1,498.13

100.0

R-053

Esty Maison Daizawa

64

0.4

1

2,352.90

2,352.90

100.0

R-054

Esty Maison Togoshi

51

0.3

1

1,943.17

1,943.17

100.0

52

0.3

1

2,877.90

2,853.13

99.1

80

0.5

1

2,675.11

2,675.11

100.0

49

0.3

1

1,889.50

1,812.18

95.9

44

0.3

1

1,199.86

1,199.86

100.0

23

0.2

1

1,035.78

842.91

81.4

31

0.2

1

1,073.59

1,050.13

97.8

54

0.4

1

2,023.72

1,976.81

97.7

30

0.2

1

1,107.57

1,107.57

100.0

29

0.2

1

1,299.60

1,299.60

100.0

35

0.2

1

1,531.89

1,463.28

95.5

R-055
R-056
R-057
R-058
R-059
R-060
Residence

Property Name

R-061
R-062
R-063
R-064

Esty Maison
Nishitemma
Esty Maison
Shirokanedai
Esty Maison
Higashishinjuku
Esty Maison Motoazabu
Esty Maison
Toritsudaigaku
Esty Maison
Musashikoyama II
Esty Maison Nakano
Esty Maison
Shinnakano
Esty Maison
Nakanofujimicho
Esty Maison
Tetsugakudo

R-065

Esty Maison Koenji

35

0.2

1

1,527.52

1,527.52

100.0

R-066

Esty Maison Oshiage

74

0.5

1

3,180.90

3,180.90

100.0

R-067

Esty Maison Akabane

100

0.7

1

4,302.84

4,149.08

96.4

R-068

Esty Maison Oji

50

0.3

1

2,289.44

2,156.67

94.2

R-069

Prime Maison Waseda

45

0.3

1

1,650.66

1,495.60

90.6

R-070

Prime Maison
Hatchobori

39

0.3

1

1,382.32

1,356.42

98.1

R-071

Prime Maison Jimbocho

53

0.4

1

1,819.90

1,697.50

93.3

86

0.6

1

2,512.91

2,280.06

90.7

16

0.1

1

803.36803.36

100.0

R-072
R-073

Prime Maison
Gotenyama East
Sha Maison Stage
Akihabara

R-074

Esty Maison Aoi

69

0.5

1

4,809.68

4,530.60

94.2

R-075

Esty Maison Yakuin

77

0.5

1

5,213.51

5,180.68

99.4

R-076

Esty Maison
Kinshicho II

235

1.5

1

9,469.65

9,152.03

96.6

R-077

Esty Maison Ojima

262

1.7

1

9,905.97

9,575.62

96.7

R-078

Prime Maison Fujimidai

68

0.5

1

5,704.63

5,261.22

92.2

R-079

Esty Maison Tsurumai(Note 5)

157

1.0

1

13,812.40

13,812.40

100.0

46

Type

Property
No.

Property Name

R-080

Prime Maison Morishita

R-081
R-082
R-083
R-084
R-085
R-086

Prime Maison
ShinagawaPrime Maison
Odorikoen
Prime Maison
Minami 2-joPrime Maison
Kamokamogawa
Prime Maison
Central Park
Sha Maison Stage
Yahiro (Note 5)

Real Estate Rental
Ratio to Total Real
Total Number Leasable
Revenue (during fiscal
Estate Rentalof Tenants Area (㎡)period) (million yen)
Revenue (%)(Note 3)(Note 4)(Note 1)
(Note 2)

Leased Area(㎡)
(Note 5)

Occupancy
Rate (%)(Note 6)

59

0.4

1

2,180.78

2,130.65

97.7

59

0.4

1

2,107.88

2,069.80

98.2

119

0.8

1

7,360.37

7,267.06

98.7

75

0.5

1

6,019.09

5,740.59

95.4

49

0.3

1

4,102.08

3,948.30

96.3

89

0.6

1

10,268.74

10,056.15

97.9

56

0.4

1

3,409.16

3,409.16

100.0

R-087

Prime Maison Ebisu

113

0.7

1

3,010.66

2,931.53

97.4

R-089

Esty Maison Unomori

27

0.2

1

2,280.00

2,280.00

100.0

R-091

Sha Maison Stage Hino

51

0.3

1

2,827.55

2,658.60

94.0

139

0.9

1

5,461.13

5,218.31

95.6

221

1.5

1

15,341.68

15,341.68

100.0

R-092
R-093

Prime Maison
Yokohama Nihon-odori
Kobe Women's Student
Housing (Note 5)

R-094

Prime Maison Shibuya

65

0.4

1

1,972.59

1,972.59

100.0

R-095

Prime Maison Hatsudai

81

0.5

1

2,879.20

2,803.33

97.4

Esty Maison
Uemachidai
Prime Maison
Shirokane-takanawa
Prime Maison
Ichigayayamabushicho

34

0.2

1

2,225.52

2,183.79

98.1

125

0.8

1

3,923.76

3,675.64

93.7

104

0.7

1

4,099.04

3,735.70

91.1

R-100

Esty Maison Morishita

19

0.1

1

748.92748.92

100.0

R-101

Prime Maison
Shirokanedai Tower

237

1.6

1

6,772.89

6,567.62

97.0

R-102

Prime Maison Otsuka

114

0.8

1

3,921.35

3,796.56

96.8

51

0.3

1

2,033.06

2,007.95

98.8

69

0.5

1

1,779.17

1,684.22

94.7

129

0.9

1

3,569.73

3,453.62

96.7

492

3.2

1

23,538.73

22,717.50

96.5

R-096
R-098
R-099
Residence

R-103
R-104
R-105
R-106

Prime Maison
Asakusabashi
Prime Maison
Daikanyama
Prime Maison
Gotenyama West
Esty Maison
Toyosu Residence

R-108

Esty Maison Ijiri

13

0.1

1

1,430.60

1,430.60

100.0

R-109

Prime Maison
Mitatsunamachi

59

0.4

1

1,387.12

1,387.12

100.0

R-110

Prime Maison Hongo

68

0.4

1

2,423.46

2,237.08

92.3

R-111

Prime Maison Kuramae

61

0.4

1

2,259.40

2,205.90

97.6

86

0.6

1

6,808.84

6,808.84

100.0

23

0.2

1

1,731.52

1,731.52

100.0

29

0.2

1

2,552.40

2,552.40

100.0

69

0.5

1

4,856.22

4,856.22

100.0

30

0.2

1

2,170.80

2,007.60

92.5

20

0.1

1

1,240.28

1,240.28

100.0

58

0.4

1

1,991.72

1,810.57

90.9

51

0.3

1

1,335.62

1,178.04

88.2

R-112
R-113
R-114
R-115
R-116
R-117
R-118
R-119

Esty Maison
Yokohama-aobadai
Esty Maison
Shizuoka Takajo
Sha Maison Stage
Hirose-dori
Esty Maison
HIGASHIBETSUIN
Esty Maison Kayaba
Esty Maison
SHIRAKABEMINAMI
Prime Maison
Shimokitazawa
Prime Maison Meguro

47

Type

Occupancy
Rate (%)(Note 6)

1,499.10

1,398.99

93.3

16,033.98

5,713.46

94.7

0.8

1

4,557.89

4,450.40

97.6

628

4.1

1

29,048.95

28,592.25

98.4

56

0.4

1

1,819.35

1,691.45

93.0

R-120

Prime Maison Ryogoku

35

0.2

1

R-121

Prime Maison
Nakameguro

228

1.5

R-122

Prime Maison Itabashi

123

R-124

Prime Maison
EGOTANOMORI
Prime Maison
Waseda dori

R-125

Esty Maison Noborito

14

0.1

1

657.79636.43

96.8

R-126

Esty Maison Omori

12

0.1

1

2,457.68

2,414.10

98.2

4

0.0

1

1,121.12

917.28

81.8

1

0.0

1

757.80478.68

63.2

35

0.2

1

6,671.59

6,417.68

96.2

16

0.1

1

3,428.41

3,273.01

95.5

10

0.1

1

2,556.36

2,300.84

90.0

12

0.1

1

2,357.28

2,306.73

97.9

8

0.1

1

1,725.98

1,618.46

93.8

6

0.0

1

1,640.09

1,532.07

93.4

5

0.0

1

1,364.84

1,240.62

90.9

8,875

58.3

12 443,092.93

429,666.28

97.0

1,355

8.9

1

18,903.22

16,419.99

86.9

979

6.4

1

15,999.98

15,999.98

100.0

1,296

8.5

1

29,657.53

29,283.17

98.7

903

5.9

1

17,006.94

17,006.94

100.0

164

1.1

1

4,554.52

4,554.52

100.0

207

1.4

1

4,442.75

4,442.75

100.0

946

6.2

1

21,735.42

20,718.33

95.3

85

0.6

3

3,120.48

3,120.48

100.0

5,941

39.0

7 115,420.84

111,546.16

96.6

Hommachi Garden City
(Hotel portion) (Note 7)

400

2.6

－

－

－

－

Hotel Subtotal

400

2.6

－

－

－

－

Portfolio Total

15,216100.0

19 558,513.77

541,212.44

96.9

R-128

Esty Maison
Monzennakacho
Esty Maison Akabane
Ⅱ

R-129

Prime Maison Yushima

R-127
Residence

R-130
R-131
R-132
R-133
R-134
R-135

Prime Maison
Nakanosakaue
Prime Maison
HonanchoPrime Maison
MonzennakachoPrime Maison
Nishiwaseda
Prime Maison Asakusa
EAST
Prime Maison
Sakurashinmachi
Residence Subtotal

O-001
O-002
O-003
O-004
O-005
O-006
O-007
O-008

Garden City Shinagawa
Gotenyama(Note 3) (Note 5)
Gotenyama SH
Building (Note 5)
Hommachi Minami
Garden City (Note 3)
Hommachi Garden City
(Office building
portion)HK Yodoyabashi
Garden Avenue(Note 3)
Hirokoji Garden
Avenue (Note 3)
Akasaka Garden City
(Note 3) (Note 5)
Shinjuku Hirose
Building

Office Building Subtotal
Hotel

Leased Area(㎡)
(Note 5)

Property Name

R-123

Officebuilding

Real Estate Rental
Ratio to Total Real
Total Number Leasable
Revenue (during fiscal
Estate Rentalof Tenants Area (㎡)period) (million yen)
Revenue (%)(Note 3)(Note 4)(Note 1)
(Note 2)

Property
No.

H-001

(Note 1) "Real Estate Rental Revenue (during fiscal period)" indicates the rental revenue of each property for each fiscal period, rounded down to thenearest million yen.
(Note 2) "Ratio to Total Real Estate Rental Revenue" indicates the ratio of real estate rental revenue of each property for each fiscal period or the
subtotal of real estate rental revenue of each property classified by usage type for each fiscal period to total real estate rental revenue of each
property for each fiscal period, rounded to the nearest first decimal place.
(Note 3) "Total Number of Tenants" refers to the sum total of the number of tenants under, and indicated in, the respective lease agreements for each
property that are valid as of the end of fiscal period under review (or, if a master lease agreement that is valid as of the end of each fiscal period
has been concluded for the property, the number of lessees under the master lease agreement). In the "Subtotal" and "Total" columns, however,a tenant that leases spaces in multiple properties is counted as one. Furthermore, of the office buildings, the total number of end tenants for"Garden City Shinagawa Gotenyama", "Hommachi Minami Garden City", "HK Yodoyabashi Garden Avenue", "Hirokoji Garden Avenue"and "Akasaka Garden City" where pass-through type master lease agreements have been concluded is 21, 15, 8, 7 and 20, respectively, as ofthe end of the fiscal period under review.

48

(Note 4) "Leasable area" refers to the floor area presumably available for leasing based on the lease agreement or building drawing, etc. for each
property that is valid as of the end of the fiscal period under review, rounded down to the second decimal place. In cases where the properties
SHR owns are co-ownership interest or quasi co-ownership interest of trust beneficiary interests in real estate for respective properties, thefigure indicates the value obtained by multiplying the leasable area of real estate or real estate in trust (or the leasable area of exclusively
owned portions for properties under compartmentalized ownership interest) by the ratio of the ownership interest owned by SHR or trustees.
(Note 5) "Leased area" refers to the sum total of the leased area indicated in the respective lease agreements, which are valid as of the end of the fiscal
period under review, with the end tenants for each of the properties or the leased area based on building drawings. However, the leasable areaof each property is indicated in case fixed-rent type master lease agreements have been concluded with the master lease companies, regardlessof whether lease agreements have been concluded with the end tenants. "Etsy Maison Tsurumai", "Sha Maison Stage Yahiro" and "Kobe
Women’
s Student Housing" have entered into a pass-through master lease agreement with a master lease company for the commercial store
portion, and a fixed master lease rend for the residential portion. For "Garden City Shinagawa Gotenyama", "Gotenyama SH Building" and"Akasaka Garden City", the figures indicate the area corresponding to the portions owned by SHR.
(Note 6) "Occupancy rate" refers to the ratio of leased area to leasable area of each property as of the end of each fiscal period, rounded to the nearest
first decimal place. The figures indicated in the "Subtotal" columns are the ratio of the subtotal of lease d area of each property classified byusage type to the subtotal of leasable area of each property classified by usage type, and the figure indicated in the "Total" column is the ratioof the total of leased area of each property to the sum total of leasable area of each property, as the occupancy rate of the entire portfolio. Bothfigures have been rounded to the nearest first decimal place.
(Note 7) SHR disposed of "Hommachi Garden City (Hotel portion)" as of April 30, 2024. Therefore, the above figures for "Real Estate Rental
Revenue (during fiscal period)" and "Ratio to Total Real Estate Rental Revenue" of the property are the figures corresponding to the period
during in which SHR held the property in the fiscal period under review.

49

② Overview of Major Tenants
The following lists the major tenants of the owned properties of SHR as of the end of the fiscal period
under review.
The “Major tenant” here refers to lessees who have a direct lease agreement relationship with thetrustee for each owned property (including the master lease company when a master lease agreement
has been concluded between the trustee and the master lease company) who meet any of the following
conditions:(a) Tenants whose leased area occupies 10% or more of the leased area of all properties owned by
SHR(b) Persons other than (a) above who fall under the category of interested parties as defined inSHAM’s internal regulations on transactions with interested parties

Tenant name

Industry

Sekisui House Real
Estate Tokyo, Ltd.

Real Estate
Sales and Rental
Business

Sekisui House, Ltd.

Construction
Business

Sekisui House Real
Estate Chubu, Ltd.

Real Estate
Sales and Rental
Business

Sekisui House Real
Estate Kyushu, Ltd.

Real Estate
Sales and Rental
Business

Sekisui House GM
Partners, Ltd.
Sekisui House Real
Estate Tohoku, Ltd.

Real EstateManagement
Business
Real Estate
Sales and Rental
Business
Real Estate
Sales and Rental
Business

Property nameLeasedarea (m2)

Esty Maison
Ginza, and 68
213,775.44
other properties
Garden City
Shinagawa
83,428.43
Gotenyama, and 3other properties
Prime Maison
Higashisakura, and53,087.44
13 otherproperties
Sha Maison
Stage Hakata,35,344.51
and 4 otherproperties
Esty Maison
Minamihorie, and23,704.29
4 other properties

Contract
expiration
date andcontract
renewalmethod, etc.
(Note 4)

Area ratio(%)(Note 1)Gross rental
income(million yen)
(Note 2)

Security
deposits/guarantees(million yen)
(Note 3)

39.5

10,8691,432(Note 5)

15.4

7,775

7,261

(Note 6)

9.8

1,344

164

(Note 7)

6.5

583

62

(Note 8)

4.4

698

52

(Note 9)Sha Maison Stage
Hirose-dori

2,552.40

0.5

54

5 (Note 10)

Esty Maison
Uemachidai

2,183.79

0.464

4 (Note 11)

Main Tenant Total

414,076.30

76.5

21,391

8,984－

Portfolio Total

541,212.44

100.0

28,314

12,783－

Sekisui House Real
Estate Kansai, Ltd.

(Note 1) "Area ratio" is the ratio of the total leased area to each tenant to the leased area of the entire property owned by SHR, rounded to the nearest
first decimal place.
(Note 2) "Gross rental income" is the annualized amount calculated by multiplying the monthly rent (not including usage fees for parking lots,
warehouses, signboards, etc. If there is a provision for free rent or rent holiday in the lease agreement, free rent/rent holiday as of the end of the
fiscal period under review will not be taken into consideration. Additionally, if multiple lease agreements are concluded, the sum will be thetotal.) (Consumption tax and local consumption tax are not included.) indicated in each lease agreement (however, if a fixed rent type master
lease agreement has been concluded with the master lease company, the relevant master lease agreement) with each end tenant for each
property effective as of the end of the fiscal period under review by 12. In addition, due to all figures being rounded down to the nearest
million yen, the gross rental income of each tenant may not match the figure stated in the "Main Tenant Total" column. If the lease agreement
stipulates that the rent will be increased in stages according to the period, the monthly rent is the amount applicable as of the end of the fiscal
period under review. Furthermore, if the lease agreement stipulates revenue from variable rent in which the amount of rent is linked to revenue,
the amount of monthly rent will be the average of the actual results for the period from May 2023 to April 2024 (if free rent/rent holiday isapplied during the period, the average monthly rent for each month excluding the period when free rent/rent holiday is applied). If a property is
acquired or additionally acquired during the relevant period, revenue for the period prior to the period owned by SHR are based on theinformation provided by the seller. As for "Garden City Shinagawa Gotenyama" and "Akasaka Garden City", the amount corresponding to thequasi co-ownership interest held by SHR is used. Additionally, "free rent" refers to an agreement to set free or considerably low rent for a
specified period of time (mainly for new tenants), and "rent holiday" refers to an agreement to set free or considerably low rent, either regularly
or irregularly, for a specified period of time during a specified lease term.

50

(Note 3) "Security deposits/guarantees" refers to the total amount of security deposits and guarantees received based on each lease agreement with end
tenants effective as of the end of the current fiscal period (however, if a fixed-rent master lease agreement has been concluded with a master
lease company, the master lease agreement concluded as of the end of the current fiscal period) and retained in the account as of the end of thecurrent period, rounded down to the nearest million yen. As for "Garden City Shinagawa Gotenyama" and "Akasaka Garden City", the amountcorresponding to the portion held by SHR is used.
(Note 4) "Contract expiration date and contract renewal method, etc." are both listed based on each lease agreement (each master lease agreement if amaster lease agreement has been concluded) with each tenant that is effective as of the end of the fiscal period under review. The same applies
hereinafter.
(Note 5) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House Real Estate Tokyo, Ltd. as themaster lease company are as follows.
Contract expiration date

Property nameContract renewal method

May 10, 2024

Esty Maison Azabujuban

June 10, 2024

Esty Maison Itabashi C6June 30, 2024

Esty Maison Akihabara

July 31, 2024

Esty Maison Ginza, Esty Maison Azabunagasaka,
Esty Maison Ebisu Ⅱ, Esty Maison Ebisu,
Esty Maison Kanda, Esty Maison Kitashinjuku,
Esty Maison Asakusakomagata,
Esty Maison Kawasaki, Esty Maison Sangenjaya II

August 20, 2024

Esty Maison Itabashihoncho

September 13, 2024

September 30, 2024

Esty Maison Gotanda, Esty Maison Oisendaizaka,
Esty Maison Shinagawa Seaside
Prime Maison Musashinonomori,
Esty Maison Sasazuka, Prime Maison Ginza East,
Prime Maison Waseda, Prime Maison Hatchobori,Prime Maison Jimbocho,
Prime Maison Gotenyama East

October 22, 2024

Esty Maison Minamiazabu

October 31, 2024

Prime Maison Shirokane-takanawa

November 3, 2024

Sha Maison Stage Yahiro

November 30, 2024

Prime Maison Morishita, Prime Maison Shinagawa,Prime Maison Odorikoen, Prime Maison Minami 2-jo,Prime Maison Kamokamogawa

January 28, 2025

Prime Maison Yokohama Nihon-odori

January 30, 2025

Esty Maison Kameido

January 31, 2025

Esty Maison Meguro, Esty Maison Kinshicho,
Prime Maison Ebisu

March 27, 2025

Esty Maison Kawasaki Ⅱ

March 31, 2025

Esty Maison Musashikoganei

April 2,2025

Esty Maison Hakuraku

October 31, 2025

Sha Maison Stage Hino

March 31, 2026

Prime Maison Shibuya, Prime Maison Hatsudai

October 31, 2026

Prime Maison Ichigayayamabushicho

March 31, 2027

Esty Maison Morishita

April 30, 2028

June 30, 2029

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

Terminate at the end of the contract period due to a
fixed-term building lease contract

Prime Maison Shirokanedai Tower,
Prime Maison Otsuka, Prime Maison Asakusabashi,
Prime Maison Daikanyama,
Prime Maison Gotenyama West
Prime Maison Mitatsunamachi, Prime Maison Hongo,
Prime Maison Kuramae,
Esty Maison Yokohama-aobadai North

September 30, 2029

Esty Maison Yokohama-aobadai South

August 31, 2031

Prime Maison Shimokitazawa, Prime Maison Meguro

September 30, 2031

Prime Maison Ryogoku

January 31, 2032

Prime Maison Nakameguro, Prime Maison Itabashi

51

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

Terminate at the end of the contract period due to a
fixed-term building lease contract

August 31, 2032

Prime Maison EGOTANOMORI

August 31, 2032

Prime Maison Waseda dori

January 31, 2034

Sha Maison Stage Akihabara

April 30, 2034

Prime Maison Yushima, Prime Maison Nakanosakaue,
Prime Maison Honancho,
Prime Maison Monzennakacho,
Prime Maison Nishiwaseda,
Prime Maison Asakusa EAST,
Prime Maison Sakurashinmachi

52

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

(Note 6) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House, Ltd. as the master lease
company are as follows.
Contract expiration date
May 1, 2024

Property nameContract renewal method－

Garden City Shinagawa Gotenyama (*1)

If there is no notification of intention 6 to 12 months
prior to the expiration of the contract expiration date, itwill be automatically renewed for 2 years
If there is no notification of intention 6 to 12 months
December 2, 2024
Hommachi Minami Garden Cityprior to the expiration of the contract expiration date, itwill be automatically renewed for 1 year
If there is no notification of intention 3 months prior to
March 31, 2025
Akasaka Garden City (2nd acquisition portion)
the expiration of the contract expiration date, it will be
automatically renewed for 1 year
If there is no notification of intention 6 to 12 months
June 30, 2029
Akasaka Garden City (1st acquisition portion)prior to the expiration of the contract expiration date, itwill be automatically renewed for 2 years(*1) As for "Garden City Shinagawa Gotenyama", 51/100 (51.0%) and 49/100 (49.0%) of the quasi co-ownership interests were already disposed
as of March 19, 2024 and May 1, 2024, respectively, which was completed as of May 1, 2024.
(*2) As for "Hommachi Garden City (Office building portion)", 65/100 (65.0%) of the quasi co-ownership interest was already disposed ininstallments as of May 1, 2024, and a "Cancellation Agreement Concerning Master Lease and Property Management Agreement" wasexecuted and terminated as of May 1, 2024.
(Note 7) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House Real Estate Chubu, Ltd. as
the master lease company are as follows.
May 18, 2024

Hommachi Garden City (Office building portion) (*2)

Contract expiration date
April 30, 2024

Property name

January 31, 2025

Prime Maison Fujimidai
Prime Maison Higashisakura,Prime Maison Kayabakoen,
Prime Maison Takami,
Prime Maison Yadaminami
Esty Maison Aoi

January 31, 2025

Esty Maison Shizuoka Takajo

March 31, 2025

Prime Maison Gokiso

March 31, 2025

September 30, 2027

Esty Maison Unomori
Esty Maison HIGASHIBETSUIN,
Esty Maison SHIRAKABEMINAMI
Esty Maison Higashishirakabe

April 30, 2029

Esty Maison Tsurumai

September 30, 2024

March 31, 2026

Contract renewal method

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year
Terminate at the end of the contract period due to a
fixed-term building lease contract
If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

Terminate at the end of the contract period due to a
fixed-term building lease contract

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year
(Note 8) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House Real Estate Kyushu, Ltd. as
the master lease company are as follows.
March 31, 2031

Esty Maison Kayaba

Contract expiration date

Property nameNovember 30, 2024

Prime Maison Central Park

January 31, 2027

Sha Maison Stage Hakata

March 31, 2027

Prime Maison Momochihama

September 30, 2027

Prime Maison TerihaContract renewal method
If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year
Terminate at the end of the contract period due to a
fixed-term building lease contract

January 31, 2029
Esty Maison Ijiri(Note 9) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House GM Partners, Ltd. as themaster lease company are as follows.
Contract expiration date

Property nameContract renewal method

February 28, 2025

Esty Maison Nishitemma

March 8, 2025

Esty Maison Minamihorie

March 31, 2025

Prime Maison Yuhigaoka, Prime Maison Kitatanabe

If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

Terminate at the end of the contract period due to a
fixed-term building lease contract(Note 10) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House Real Estate Tohoku, Ltd. as
the master lease company are as follows.
March 31, 2026

Kobe Women's Student Housing

53

Contract expiration date

Property nameContract renewal method

Terminate at the end of the contract period due to a
fixed-term building lease contract(Note 11) The expiration date and renewal method of the master lease agreement for owned properties with Sekisui House Real Estate Kansai, Ltd. as
the master lease company are as follows.
April 30, 2025

Contract expiration date
April 30, 2026

Sha Maison Stage Hirose-dori

Property nameContract renewal method
If there is no notification of intention 6 months prior to
the expiration of the contract expiration date, it will be
automatically renewed for 1 year

Esty Maison Uemachidai

54

(c) Overview of Real Estate Appraisals
The following table sets forth an overview of real estate appraisals or real estate price surveys forproperties owned by SHR as of the end of the fiscal period under review.
Revenue Price
Type

Residence

Property
No.

Property Name

Appraiser

Tanizawa Sogo
R-001 Esty Maison Ginza Appraisal Co.,Ltd.
Tanizawa Sogo
Esty Maison
R-002
Appraisal Co.,
Azabunagasaka
Ltd.
Tanizawa Sogo
Esty Maison
R-003
Appraisal Co.,
Ebisu II
Ltd.
Tanizawa Sogo
R-004 Esty Maison Ebisu Appraisal Co.,Ltd.
Tanizawa Sogo
Esty Maison
R-005
Appraisal Co.,
Kanda
Ltd.
Tanizawa Sogo
Esty Maison
R-006
Appraisal Co.,
Kitashinjuku
Ltd.
Tanizawa Sogo
Esty Maison
R-007
Appraisal Co.,
Asakusakomagata
Ltd.
Tanizawa Sogo
Esty Maison
R-008
Appraisal Co.,
KawasakiLtd.
DAIWA REAL
Esty Maison
ESTATE
R-010
Kameido
APPRAISAL
CO., LTD.
Esty Maison
Japan Real
R-011
MeguroEstate Institute
JLL Morii
Esty Maison
R-012
Valuation&Advisory
SugamoK.K.
Rich Appraisal
Esty Maison
R-013
Institute Co.,
KyobashiLtd.
DAIWA REAL
Esty Maison
ESTATE
R-014
Hakuraku
APPRAISAL
CO., LTD.
JLL Morii
Esty Maison
R-015
Valuation&Advisory
Minamihorie
K.K.
DAIWA REAL
Esty Maison
ESTATE
R-016
GotandaAPPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-017
Oisendaizaka
APPRAISAL
CO., LTD.
JLL Morii
Esty Maison
R-018
Valuation&Advisory
Shinagawa Seaside
K.K.
JLL Morii
Esty Maison
R-019
Valuation&Advisory
Minamiazabu
K.K.
JLL Morii
Esty Maison
R-021
Valuation&Advisory
Kawasaki II
K.K.
JLL Morii
Esty Maison
R-022
Valuation&Advisory
Azabujuban
K.K.
JLL Morii
Esty Maison
R-023
Valuation&Advisory
Itabashihoncho
K.K.

Period-end
Appraisal
Value(million yen)Appraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization
Price
Discount
Capitalization (Note 1)(million Yield (%) (million
Rate (%)
Yield (%)
yen)
yen)

8,200

8,500

3.1

8,070

3.3

3.3

272

2,030

2,090

3.3

2,000

3.4

3.5

73

2,520

2,590

3.3

2,490

3.4

3.5

89

989

1,020

3.1

975

3.2

3.3

34

2,000

2,060

3.3

1,980

3.4

3.5

70

1,970

2,000

3.4

1,950

3.4

3.6

70

2,690

2,740

3.4

2,670

3.4

3.6

97

3,120

3,180

3.5

3,090

3.5

3.7

116

1,980

2,010

3.7

1,960

3.5

3.9

79

1,420

1,430

3.1

1,400

2.9

3.2

46

2,000

2,030

3.5

1,960

3.3

3.7

74

3,280

3,340

4.0

3,260

3.9

4.1

139

1,020

1,030

3.9

1,010

3.7

4.1

44

1,190

1,210

3.8

1,170

3.6

4.0

50

3,820

3,850

3.6

3,800

3.3

3.8

143

3,220

3,280

3.4

3,190

3.2

3.6

116

2,610

2,660

3.5

2,550

3.3

3.7

96

1,460

1,490

3.2

1,430

3.0

3.4

50

2,510

2,560

3.7

2,460

3.5

3.9

96

3,140

3,210

3.2

3,060

3.0

3.4

103

1,070

1,090

3.6

1,050

3.4

3.8

42

55

Type

Property
No.

Property Name

Appraiser

JLL Morii
Valuation&Advisory
K.K.
JLL Morii
Esty Maison
R-028
Valuation&Advisory
Sendagi
K.K.
Rich Appraisal
Esty Maison
R-030
Institute Co.,
Hakatahigashi
Ltd.
Tanizawa Sogo
Prime Maison
R-033
Appraisal Co.,
Musashinonomori
Ltd.
Tanizawa Sogo
Prime Maison
R-034
Appraisal Co.,
Higashisakura
Ltd.
Tanizawa Sogo
Prime Maison
R-035
Appraisal Co.,
Kayabakoen
Ltd.
Tanizawa Sogo
Esty Maison
R-036
Appraisal Co.,
Sangenjaya II
Ltd
DAIWA REAL
Esty Maison
ESTATE
R-037
Itabashi C6
APPRAISAL
CO., LTD.
R-027

Esty Maison
Musashikoyama

R-038

Sha Maison Stage Japan Real
HakataEstate InstituteR-039

Esty Maison
Kinshicho

R-040

Esty Maison
Musashikoganei

R-041

Prime Maison
GokisoR-042

Prime Maison
Yuhigaoka

Japan Real
Estate InstitutePrime Maison
Kitatanabe
Prime Maison
R-044 Momochihama(Note 2)

Japan Real
Estate InstituteTanizawa Sogo
Appraisal Co.,Ltd.
Chuo Real
EstateAppraisal Co.,Ltd.
DAIWA REALESTATEAPPRAISAL
CO., LTD.
Chuo Real
EstateAppraisal Co.,Ltd.
Tanizawa Sogo
Appraisal Co.,Ltd
Tanizawa Sogo
Appraisal Co.,Ltd.
DAIWA REALESTATEAPPRAISAL
CO., LTD.
Tanizawa Sogo
Appraisal Co.,Ltd.

Residence

R-043

R-045

Esty Maison
Akihabara

R-046

Esty Maison
Sasazuka

R-047

Prime Maison
Ginza East

R-048

Prime Maison
Takami

R-049

Prime Maison
Yadaminami

R-050

Prime Maison
TerihaEsty Maison
R-051 Higashishirakabe(Note 3)Chuo Real
EstateAppraisal Co.,Ltd.
Tanizawa Sogo
Appraisal Co.,Ltd.
Tanizawa Sogo
Appraisal Co.,Ltd.

Revenue PriceAppraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization Price
Discount
Capitalization (Note 1)(million Yield (%) (million Rate (%)
Yield (%)
yen)
yen)

Period-end
Appraisal
Value(million yen)

1,250

1,270

3.6

1,220

3.4

3.8

47

842

859

3.6

825

3.4

3.8

33

2,870

2,900

4.1

2,850

4.1

4.2

131

2,420

2,440

3.9

2,410

3.8

4.1

101

1,820

1,850

3.9

1,800

3.9

4.1

77

987

999

4.1

982

4.1

4.3

44

986

1,010

3.4

975

3.5

3.6

36

3,030

3,080

3.6

3,010

3.4

3.8

118

2,810

2,810

4.5

2,810

3.5

4.9

145

1,510

1,540

3.5

1,500

3.3

3.7

56

2,230

2,280

3.5

2,210

3.6

3.7

85

2,280

2,310

4.1

2,270

4.1

4.3

101

1,200

1,210

3.7

1,190

3.5

3.8

46

768

773

3.9

762

3.7

4.0

31

2,360

2,390

4.1

2,350

3.8

4.3

113

2,230

2,250

3.5

2,220

3.3

3.7

84

3,890

3,970

3.4

3,850

3.2

3.6

143

7,400

7,530

3.4

7,350

3.2

3.6

264

1,180

1,210

4.0

1,170

4.1

4.2

51

964

976

4.1

959

4.1

4.3

42

1,380

1,390

4.6

1,380

4.4

4.8

71

1,880

1,910

4.1

1,860

4.0

4.3

82

56

Type

Property
No.

Property NameDAIWA REALESTATEAPPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-053
Daizawa
APPRAISAL
CO., LTD.
Tanizawa Sogo
Esty Maison
R-054
Appraisal Co.,
TogoshiLtd.
Tanizawa Sogo
Esty Maison
R-055
Appraisal Co.,
NishitemmaLtd.
Esty Maison
Japan Real
R-056
Shirokanedai
Estate InstituteTanizawa Sogo
Esty Maison
R-057
Appraisal Co.,
Higashishinjuku
Ltd.
Tanizawa Sogo
Esty Maison
R-058
Appraisal Co.,
Motoazabu
Ltd.
Tanizawa Sogo
Esty Maison
R-059
Appraisal Co.,
Toritsudaigaku
Ltd.
DAIWA REAL
Esty Maison
ESTATE
R-060
Musashikoyama II APPRAISALCO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-061
NakanoAPPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-062
Shinnakano
APPRAISAL
CO., LTD.
Tanizawa Sogo
Esty Maison
R-063
Appraisal Co.,
Nakanofujimicho
Ltd.
DAIWA REAL
Esty Maison
ESTATE
R-064
Tetsugakudo
APPRAISAL
CO., LTD.
Tanizawa Sogo
Esty Maison
R-065
Appraisal Co.,
KoenjiLtd
Tanizawa Sogo
Esty Maison
R-066
Appraisal Co.,
OshiageLtd.
DAIWA REAL
Esty Maison
ESTATE
R-067
Akabane
APPRAISAL
CO., LTD.
DAIWA REALESTATE
R-068 Esty Maison Oji
APPRAISAL
CO., LTD.
Prime Maison
Japan Real
R-069
WasedaEstate InstitutePrime Maison
Japan Real
R-070
Hatchobori
Estate InstituteChuo Real
Prime Maison
EstateR-071
JimbochoAppraisal Co.,Ltd.
Chuo Real
Prime Maison
EstateR-072
Gotenyama East
Appraisal Co.,Ltd.
Esty Maison
R-052
Sengoku

Residence

Appraiser

Revenue PriceAppraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization
Price
Discount
Capitalization (Note 1)(million Yield (%) (million
Rate (%)
Yield (%)
yen)
yen)

Period-end
Appraisal
Value(million yen)

1,520

1,550

3.3

1,510

3.1

3.5

55

2,650

2,710

3.4

2,630

3.2

3.6

97

2,170

2,230

3.3

2,150

3.4

3.5

77

1,780

1,820

3.7

1,760

3.8

3.9

74

3,240

3,270

3.2

3,210

3.0

3.3

109

2,200

2,260

3.3

2,180

3.4

3.5

78

2,060

2,120

3.1

2,040

3.2

3.3

68

1,120

1,150

3.2

1,110

3.3

3.4

38

1,230

1,250

3.4

1,220

3.2

3.6

45

2,200

2,240

3.4

2,180

3.2

3.6

80

1,130

1,150

3.5

1,120

3.3

3.7

42

1,120

1,150

3.4

1,110

3.5

3.6

41

1,350

1,380

3.5

1,340

3.3

3.7

50

1,450

1,480

3.3

1,440

3.4

3.5

50

2,980

3,040

3.5

2,960

3.5

3.7

112

3,810

3,870

3.6

3,780

3.4

3.8

146

1,930

1,960

3.6

1,910

3.4

3.8

74

2,040

2,060

3.2

2,020

3.0

3.3

68

1,750

1,770

3.2

1,730

3.0

3.3

58

2,310

2,350

3.4

2,290

3.2

3.6

82

3,630

3,640

3.2

3,620

3.0

3.4

120

57

Type

Residence

Property
No.

Property Name

Appraiser

DAIWA REAL
Sha Maison Stage ESTATE
R-073
Akihabara
APPRAISAL
CO., LTD.
Tanizawa Sogo
R-074 Esty Maison Aoi Appraisal Co.,Ltd.
Tanizawa Sogo
Esty Maison
R-075
Appraisal Co.,
YakuinLtd.
Esty Maison
Japan Real
R-076
Kinshicho II
Estate InstituteEsty Maison
Japan Real
R-077
Ojima
Estate Institute
DAIWA REAL
Prime Maison
ESTATE
R-078
Fujimidai
APPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-079
Tsurumai
APPRAISAL
CO., LTD.
Tanizawa Sogo
Prime Maison
R-080
Appraisal Co.,
Morishita
Ltd.
DAIWA REAL
Prime Maison
ESTATE
R-081
Shinagawa
APPRAISAL
CO., LTD.
Prime Maison
Japan Real
R-082
Odorikoen
Estate InstitutePrime Maison
Japan Real
R-083
Minami 2-jo
Estate InstitutePrime Maison
Japan Real
R-084
Kamokamogawa Estate InstitutePrime Maison
Rich Appraisal
R-085 Central Park
Institute Co.,
(Note 4)Ltd.
DAIWA REAL
Sha Maison Stage ESTATE
R-086
YahiroAPPRAISAL
CO., LTD.
Prime Maison
Japan Real
R-087
Ebisu
Estate Institute
DAIWA REAL
Esty Maison
ESTATE
R-089
Unomori
APPRAISAL
CO., LTD.
Rich Appraisal
Sha Maison Stage
R-091
Institute Co.,
Hino
Ltd.
Prime Maison
JLL Morii
R-092 Yokohama
Valuation&Advisory
Nihon-odori
K.K.
Kobe Women's
Japan Real
R-093
Student Housing Estate Institute
JLL Morii
Prime Maison
R-094
Valuation&Advisory
Shibuya
K.K.
JLL Morii
Prime Maison
R-095
Valuation&Advisory
Hatsudai
K.K.
Chuo Real
Esty Maison
EstateR-096
Uemachidai
Appraisal Co.,Ltd.
JLL Morii
Prime Maison
R-098
Valuation&Advisory
Shirokane-takanawa
K.K.
Rich Appraisal
Prime Maison
R-099
Institute Co.,
Ichigayayamabushicho
Ltd.

Revenue PriceAppraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization
Price
Discount
Capitalization (Note 1)(million Yield (%) (million
Rate (%)
Yield (%)
yen)
yen)

Period-end
Appraisal
Value(million yen)

659

669

3.5

654

3.3

3.7

25

2,640

2,680

3.9

2,620

3.9

4.1

111

2,650

2,710

3.7

2,630

3.8

3.9

111

10,80010,9003.3

10,700

3.1

3.4

372

12,20012,3003.3

12,000

3.1

3.4

418

2,290

2,320

4.3

2,280

4.1

4.5

107

5,080

5,150

4.4

5,050

4.2

4.6

240

2,260

2,300

3.5

2,240

3.5

3.7

83

2,280

2,330

3.5

2,260

3.3

3.7

82

3,350

3,370

3.9

3,330

3.7

4.0

147

2,120

2,130

4.0

2,110

3.8

4.1

100

1,340

1,340

4.0

1,330

3.8

4.1

63

2,576

2,450

4.4

2,440

4.2

4.5

127

2,160

2,190

3.8

2,140

3.6

4.0

86

5,850

5,930

3.0

5,770

2.8

3.1

182

836

844

5.0

832

4.8

5.2

45

1,630

1,640

4.0

1,630

3.8

4.1

70

5,270

5,370

3.7

5,170

3.5

3.9

209

6,360

6,400

4.2

6,320

4.0

4.3

310

2,800

2,860

3.3

2,730

3.1

3.5

97

3,420

3,490

3.4

3,340

3.2

3.6

123

1,270

1,280

3.8

1,260

3.5

4.0

50

5,530

5,660

3.3

5,400

3.1

3.5

192

4,390

4,520

3.3

4,340

3.1

3.5

156

58

Type

Property
No.

Property Name

Chuo Real
EstateAppraisal Co.,Ltd.
Prime Maison
Tanizawa Sogo
R-101 Shirokanedai
Appraisal Co.,
Tower
Ltd.
Tanizawa Sogo
Prime Maison
R-102
Appraisal Co.,
OtsukaLtd.
Tanizawa Sogo
Prime Maison
R-103
Appraisal Co.,
Asakusabashi
Ltd.
Tanizawa Sogo
Prime Maison
R-104
Appraisal Co.,
Daikanyama
Ltd.
Tanizawa Sogo
Prime Maison
R-105
Appraisal Co.,
Gotenyama WestLtd.
Esty Maison
Tanizawa Sogo
R-106 Toyosu Residence Appraisal Co.,
(Note 5)Ltd.
DAIWA REALESTATE
R-108 Esty Maison Ijiri
APPRAISAL
CO., LTD.
Chuo Real
Prime Maison
EstateR-109
Mitatsunamachi
Appraisal Co.,Ltd.
Chuo Real
Prime Maison
EstateR-110
Hongo
Appraisal Co.,Ltd.
Chuo Real
Prime Maison
EstateR-111
KuramaeAppraisal Co.,
Ltd.
Esty
North Chuo Real
MaisonEstateR-112 Yokohama
Appraisal Co.,-aobadaiSouth Ltd.
(Note 6)DAIWA REAL
Esty Maison
ESTATE
R-113
Shizuoka Takajo APPRAISALCO., LTD.
Chuo RealSha Maison Stage Estate
R-114
Hirose-doriAppraisal Co.,Ltd.
DAIWA REAL
Esty Maison
ESTATE
R-115 HIGASHIAPPRAISALBETSUIN
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-116
KayabaAPPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
R-117 SHIRAKABEAPPRAISALMINAMI
CO., LTD.
Tanizawa Sogo
Prime Maison
R-118
Appraisal Co.,
Shimokitazawa
Ltd.
Tanizawa Sogo
Prime Maison
R-119
Appraisal Co.,
MeguroLtd.
Tanizawa Sogo
Prime Maison
R-120
Appraisal Co.,
RyogokuLtd.
Esty Maison
R-100
Morishita

Residence

Appraiser

Revenue PriceAppraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization Price
Discount
Capitalization (Note 1)(million Yield (%) (million Rate (%)
Yield (%)
yen)
yen)

Period-end
Appraisal
Value(million yen)

742

753

3.6

737

3.4

3.8

27

11,20011,5003.1

11,100

3.2

3.3

365

4,770

4,890

3.3

4,720

3.4

3.5

168

2,130

2,180

3.3

2,110

3.4

3.5

75

3,490

3,590

3.1

3,440

3.2

3.3

113

5,000

5,100

3.2

4,960

3.3

3.4

169

7,600

7,820

－

7,500

3.6

－

361

441

447

4.3

439

4.1

4.5

21

2,540

2,580

3.4

2,520

3.2

3.6

88

3,050

3,110

3.4

3,020

3.2

3.6

108

2,600

2,640

3.5

2,580

3.3

3.7

93

1,740

3.9

1,690

3.7

4.1

1,990

4.0

1,930

3.8

4.2

643

651

4.8

640

4.6

5.0

35

972

986

4.0

966

3.8

4.2

43

2,230

2,250

4.1

2,220

3.9

4.3

99

958

968

4.3

953

4.1

4.5

43

706

711

4.2

704

4.0

4.4

30

2,840

2,920

3.1

2,800

3.2

3.3

91

2,540

2,600

3.1

2,510

3.2

3.3

81

1,620

1,650

3.3

1,610

3.4

3.5

55

3,660

59

153

Type

PropertyNo.

Appraiser

Tanizawa Sogo
Appraisal Co.,Ltd.
Tanizawa Sogo
Prime Maison
R-122
Appraisal Co.,
ItabashiLtd.
Prime Maison
Rich Appraisal
R-123 EGOTANOMORI Institute Co.,
(Note 7)
Ltd.
Prime Maison
Japan Real
R-124
Waseda dori
Estate Institute
JLL Morii
Esty Maison
R-125
Valuation&Advisory
Noborito
K.K.
Chuo Real
Esty Maison
EstateR-126
Omori
Appraisal Co.,Ltd.
Chuo Real
Esty Maison
EstateR-127
Monzennakacho
Appraisal Co.,Ltd.
Chuo Real
Esty Maison
EstateR-128
Akabane ⅡAppraisal Co.,Ltd.
Prime Maison
Japan RealR-129
YushimaEstate InstitutePrime Maison
Japan Real
R-130
Nakanosakaue
Estate InstitutePrime Maison
Japan Real
R-131
Honancho
Estate InstitutePrime Maison
Japan Real
R-132
Monzennakacho
Estate InstitutePrime Maison
Japan Real
R-133
Nishiwaseda
Estate InstitutePrime Maison
Japan Real
R-134
Asakusa EAST
Estate InstitutePrime Maison
Japan Real
R-135
Sakurashinmachi Estate Institute
R-121

Residence

Property Name

Prime Maison
Nakameguro

11,20011,5003.1

11,000

3.2

3.3

361

5,220

5,350

3.3

5,170

3.4

3.5

179

11,40011,300－11,500

4.0

－

564

2,690

2,700

3.1

2,680

2.9

3.2

83

510

521

3.7

499

3.5

3.9

20

4,020

4,130

3.1

3,970

2.9

3.3

128

1,730

1,780

3.1

1,710

2.9

3.3

55

1,130

1,160

3.1

1,110

2.9

3.3

36

10,50010,6003.3

10,400

3.1

3.4

358

5,570

5,630

3.3

5,510

3.1

3.4

189

3,360

3,400

3.3

3,320

3.1

3.4

114

3,330

3,360

3.4

3,290

3.2

3.5

116

2,590

2,620

3.3

2,560

3.1

3.4

88

2,230

2,260

3.4

2,200

3.2

3.5

78

1,870

1,890

3.4

1,850

3.2

3.5

65

359,039

364,887－355,282－－

13,58029,00029,7003.1

28,700

2.9

3.3

934

50,60051,9003.2

50,100

3.2

3.4

1,643

55,10056,700

3.4

54,400

3.1

3.6

1,976

41,80042,5003.4

41,100

3.1

3.6

1,487

6,330

6,500

3.5

6,260

3.6

3.7

233

7,380

7,490

3.8

7,330

3.6

4.0

291

50,20053,5003.1

48,800

2.9

3.3

1,653

5,110

5,320

3.1

5,020

3.2

3.3

169

Office Building Subtotal

245,520

253,610－

241,710

－

－

8,388

Portfolio Total

604,559

618,497－

596,992－－

21,969－Residence Subtotal
Garden City
Shinagawa
O-001
Gotenyama(Note 8)O-002

Officebuilding

Revenue PriceAppraisal
Profit Return Method
Discounted Cash Flow Method
NOI
Revenue
Revenue(million yen)
Final
Price
Capitalization
Price
Discount
Capitalization (Note 1)(million Yield (%) (million
Rate (%)
Yield (%)
yen)
yen)

Period-end
Appraisal
Value(million yen)

Gotenyama SH
Building (Note 8)

DAIWA REALESTATEAPPRAISAL
CO., LTD.
Tanizawa Sogo
Appraisal Co.,
Ltd.
Rich Appraisal
Institute Co.,Ltd.

HommachiO-003 Minami Garden
City
Hommachi Garden
Japan RealO-004 City (Office
Estate Institutebuilding portion)
Tanizawa Sogo
HK Yodoyabashi
O-005
Appraisal Co.,
Garden Avenue
Ltd.
DAIWA REAL
Hirokoji Garden
ESTATE
O-006
AvenueAPPRAISAL
CO., LTD.
Chuo RealAkasaka Garden
Estate
O-007
City (Note 8)
Appraisal Co.,Ltd.
Tanizawa Sogo
Shinjuku Hirose
O-008
Appraisal Co.,
Building
Ltd.

60

(Note 1) "Appraisal NOI" refers to NOI (Net Operating Income) obtained by deducting operating expenses from the operating revenue stated in eachreal estate appraisal report or real estate survey report and is the income before deducting depreciation expenses. This figure differs from NCF(Net Cash Flow), which is NOI after adding investment income such as security deposits and deducting capital expenditures. The above"Appraisal NOI" is NOI based on the direct capitalization method. Furthermore, "Appraisal NOI" is rounded down to the nearest million yen.
The same applies hereinafter.
(Note 2) "Prime Maison Momochihama" has entered into a fixed rent master lease agreement with Sekisui House Real Estate Kyushu, Ltd. The
discount rate varies depending on the contract period based on the agreement, but for the sake of convenience, the discount rate until the
expiration of the contract period is indicated in the above "Discount Rate".
(Note 3) "Esty Maison Higashi Shirakabe" has entered into a fixed rent master lease agreement with Sekisui House Real Estate Chubu, Ltd. The
discount rate varies depending on the contract period based on the agreement, but for the sake of convenience, the discount rate until the
expiration of the contract period is indicated in the above "Discount Rate".
(Note 4) Partial land of "Prime Maison Central Park" (lot number: 23-32) is leased land, thus the Discount Cash Flow (DCF) method is used todetermine the income price of the leased land portion, and “capitalization yield” and “final capitalization yield” is not set. For thisreason, the above "revenue price", "capitalization yield", "discount rate" and "final capitalization yield" are figures for each residential portion
only. In addition, as mentioned above, the DCF method is used to determine the revenue price of the leased land portion, therefore, the above"period-end appraisal value" is the sum of the revenue price of the residential portion and the revenue price of the leased land portion based on
the DCF method. The appraisal NOI above is the sum of the appraisal NOI for the residential portion and the appraisal NOI for the leased land
portion for the first year based on the DCF method.
(Note 5) As the right to use of land for "Etsy Maison Toyosu Residence" is a fixed-term land leasehold, the fixed-term capitalization method is adopted
in light of the finite period of revenue. Therefore, "capitalization yield" and "final capitalization yield" are not set. In addition, for the sake of
convenience, the above "discount rate" indicates the discount rate until the end of the acquired period.
(Note 6) "Esty Maison Yokohama Aobadai" is a total of two buildings, "Esty Maison Yokohama Aobadai North" and "Esty Maison Yokohama
Aobadai South", thus the above "Period-end Appraisal Value" and "Appraisal NOI" are the total figures for each building.
(Note 7) As the right to use of land for "Prime Maison EGOTANOMORI" is a fixed-term land leasehold, the fixed-term capitalization method isadopted in light of the finite period of revenue. Therefore, "capitalization yield" and "final capitalization yield" are not set. In addition, for thesake of convenience, the above "discount rate" indicates the discount rate from the first to tenth year of the acquired period.
(Note 8) "Period-end Appraisal Value", "Revenue Price" and "Appraisal NOI" for "Garden City Shinagawa Gotenyama", "Gotenyama SH Building"and "Akasaka Garden City" are the amounts corresponding to the portion held by SHR.

61

(d) Overview of Engineering Reports
The following table sets forth an overview of the engineering reports(Note 1) pertaining to properties owned
by SHR as of the end of the fiscal period under review.
Type

Residence

PropertyNo.

Building
Repair Expenses at the Time of
Investigation (thousand yen) (Note 2) Replacement
Cost (million
Emergency Short-term Long-term yen) (Note 3)

Property Name

Survey Company(Note 4)September
2019
April
705 SOMPO Risk Management Inc.
2020
April
756 SOMPO Risk Management Inc.
2019
April
262 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
581 SOMPO Risk Management Inc.
2020
April
695 SOMPO Risk Management Inc.
2019
April
1,065 SOMPO Risk Management Inc.
2019
April
1,241 SOMPO Risk Management Inc.
2019
September
849 SOMPO Risk Management Inc.
2019
DAIWA REAL ESTATE
September
332
APPRAISAL CO., LTD.
2019
DAIWA REAL ESTATE
October709
APPRAISAL CO., LTD.
2020
April
1,415 Tokyo Bldg-Tech Center Co.,Ltd
2021
April
450 Tokyo Bldg-Tech Center Co.,Ltd
2021
April
534 Tokyo Bldg-Tech Center Co.,Ltd
2020
April
1,203 Tokyo Bldg-Tech Center Co.,Ltd
2020
October
992 SOMPO Risk Management Inc.
2020

R-001 Esty Maison Ginza－－

11,658Esty Maison
R-002
Azabunagasaka

－

100

6,678

R-003 Esty Maison Ebisu II

－

－

4,683

R-004 Esty Maison Ebisu

－

－

3,023

R-005 Esty Maison Kanda

－

－

3,542

Esty Maison
R-006
Kitashinjuku
Esty Maison
R-007
Asakusakomagata

－

－

2,456

－

－

5,013

R-008 Esty Maison Kawasaki

－

－

7,278

R-010 Esty Maison Kameido

－

－

6,467

R-011 Esty Maison Meguro

－

－

3,062

R-012 Esty Maison Sugamo

－

－

5,294

R-013 Esty Maison Kyobashi

－

－

7,988

R-014 Esty Maison Hakuraku

－

－

4,771

Esty Maison
R-015
Minamihorie
Esty Maison Gotanda
R-016(Note 7)
Esty Maison
R-017
Oisendaizaka

－

－

5,942

－

－

8,609

－

－

7,303

Ⅰ

－

－

2,107

313

Ⅱ

－

－

2,103

312 Tokyo Bldg-Tech Center Co.,Ltd

Ⅲ

－

－

1,214

167

Esty Maison
R-018 Shinagawa
Seaside2,003 Tokyo Bldg-Tech Center Co.,Ltd

－

3,901

399 SOMPO Risk Management Inc.

R-021 Esty Maison Kawasaki II

－

－

2,485

793 Tokyo Bldg-Tech Center Co.,Ltd

R-022 Esty Maison Azabujuban

－

－

2,087

488 Tokyo Bldg-Tech Center Co.,Ltd

R-027
R-028
R-030
R-033
R-034
R-035
R-036

R-037 Esty Maison Itabashi C6

DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

－

－

4,127

400

－

－

2,876

318 Tokyo Bldg-Tech Center Co.,Ltd
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

－

－

3,204

－

－

15,3652,264 SOMPO Risk Management Inc.

100

－

8,411

1,249 SOMPO Risk Management Inc.

270

DAIWA REAL ESTATEAPPRAISAL CO.,LTD.
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

－

－

7,401

980

－

－

4,493

644

－

－

2,583

319 SOMPO Risk Management Inc.

－

－

8,364

1,364 Tokyo Bldg-Tech Center Co.,Ltd

Sha Maison Stage
R-038
Hakata－－22,549R-039 Esty Maison Kinshicho

－

－

4,061

572 SOMPO Risk Management Inc.

Esty Maison
R-040
Musashikoganei

－

－

8,557

643 Tokyo Bldg-Tech Center Co.,Ltd

2,821

R-041 Prime Maison Gokiso

－

－

8,652

1,292

R-042 Prime Maison Yuhigaoka

－

－

2,655

572

62

3.2
4.8
5.5
4.1
5.4
4.4
4.2
6.0
5.2
6.5
2.2
8.9
4.5
7.6
3.6

April
2020

7.3
8.2

－

R-023

4.3

7.3

Esty Maison
R-019
Minamiazabu

Esty Maison
Itabashihoncho
Esty Maison
Musashikoyama (Note 7)
Esty Maison Sendagi(Note 7)
Esty Maison
Hakatahigashi
Prime Maison
Musashinonomori
Prime Maison
Higashisakura
Prime Maison
Kayabakoen
Esty Maison
Sangenjaya II

Date of PML Value
Investigation(%)(Note 5)(Note 6)DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

DAIWA REAL ESTATEAPPRAISAL CO.,LTD.
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

April
2020
October
2020
October
2020
April
2021
October
2020
April
2021
October
2021
October
2021
April
2023
October
2022
October
2022
October
2022
April
2023
October
2022
October
2022
October
2022
October
2023

7.8
4.0
6.2
4.3
9.9
3.9
0.8
4.0
1.7
1.7
7.2
2.6
Less than
0.1
6.0
6.0
2.0
1.2

Type

Property
No.

Property Name

Prime Maison
Kitatanabe
Prime Maison
R-044
Momochihama

－

－

2,592

－

－

21,359

R-045 Esty Maison Akihabara

－

－

7,840

R-046 Esty Maison Sasazuka

－

－

9,195

Prime Maison
R-047
Ginza East－－

18,563

R-048 Prime Maison Takami

－

－

3,895

Prime Maison
R-049
Yadaminami

－

－

3,293

R-050 Prime Maison Teriha－－

13,825

Esty Maison
R-051
Higashishirakabe

－

－

4,578

R-052 Esty Maison Sengoku

－

－

4,253

R-053 Esty Maison Daizawa

－

220

5,630

R-054 Esty Maison Togoshi

－

－

4,833

R-055 Esty Maison Nishitemma

－

－

9,599

Esty Maison
R-056
Shirokanedai
Esty Maison
R-057
Higashishinjuku

－

－

6,646

－

－

4,942

R-058 Esty Maison Motoazabu

－

－

4,894

Esty Maison
R-059
Toritsudaigaku
Esty Maison
R-060
Musashikoyama II

－

－

1,820

－

－

3,569

R-061 Esty Maison Nakano

－

－

4,356

R-062 Esty Maison Shinnakano

－

－

3,541

392

－

3,527

－

－

2,890

R-065 Esty Maison Koenji

－

－

2,540

R-066 Esty Maison Oshiage

－

－

8,133

R-067 Esty Maison Akabane

－

－

7,318

R-068 Esty Maison Oji

－

－

3,898

R-069 Prime Maison Waseda

－

－

3,697

Prime Maison
R-070
Hatchobori

－

－

2,924

R-071 Prime Maison Jimbocho

－

－

4,035

Prime Maison
R-072
Gotenyama East
Sha Maison Stage
R-073
Akihabara

－

－

5,291

－

－

2,373

R-074 Esty Maison Aoi

－

－

9,982

R-075 Esty Maison Yakuin－－

19,087

Esty Maison
R-076
Kinshicho II－－

16,804R-077 Esty Maison Ojima－－

19,130R-078 Prime Maison Fujimidai

－

－

8,225

R-043

Residence

Building
Repair Expenses at the Time of
Investigation (thousand yen) (Note 2) Replacement
Cost (million
Emergency Short-term Long-term yen) (Note 3)

Esty Maison
R-063
Nakanofujimicho
Esty Maison
R-064
Tetsugakudo

63

Survey Company(Note 4)

April
2023
April
2,573
2023
April
884 ERI SOLUTION CO.,LTD.
2023
April
937 Tokyo Bldg-Tech Center Co.,Ltd
2023
DAIWA REAL ESTATE
October
2,288
APPRAISAL CO.,LTD.
2023
DAIWA REAL ESTATE
October
670
APPRAISAL CO.,LTD.
2023
DAIWA REAL ESTATE
October
617
APPRAISAL CO.,LTD.
2023
October
2,550 SOMPO Risk Management Inc.
2023
October
1,230 SOMPO Risk Management Inc.
2023
October
578 Tokyo Bldg-Tech Center Co.,Ltd
2023
October
805 Tokyo Bldg-Tech Center Co.,Ltd
2023
October
693 Tokyo Bldg-Tech Center Co.,Ltd
2023
DAIWA REAL ESTATE
April
1,076
APPRAISAL CO.,LTD.
2024
DAIWA REAL ESTATE
April
789
APPRAISAL CO.,LTD.
2024
DAIWA REAL ESTATE
April
581
APPRAISAL CO.,LTD.
2024
DAIWA REAL ESTATE
October
499
APPRAISAL CO.,LTD.
2023
October
314 ERI SOLUTION CO.,LTD.
2018
DAIWA REAL ESTATE
April
385
APPRAISAL CO.,LTD.
2024
April
746 Tokyo Bldg-Tech Center Co.,Ltd
2024
DAIWA REAL ESTATE
April
415
APPRAISAL CO.,LTD.
2024
DAIWA REAL ESTATE
April
418
APPRAISAL CO.,LTD.
2024
October
473 ERI SOLUTION CO.,LTD.
2018
October
435 ERI SOLUTION CO.,LTD.
2018
April
1,288 Tokyo Bldg-Tech Center Co.,Ltd
2024
October
1,335 Tokyo Bldg-Tech Center Co.,Ltd2018
October
712 Tokyo Bldg-Tech Center Co.,Ltd
2018
April
603 SOMPO Risk Management Inc.
2019
April
503 SOMPO Risk Management Inc.
2019
April
650 SOMPO Risk Management Inc.
2019
April
1,291 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
246 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
1,345 SOMPO Risk Management Inc.
2020
April
1,584 SOMPO Risk Management Inc.
2024
September
2,669 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
2,919 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
1,799 Tokyo Bldg-Tech Center Co.,Ltd
2019
494

DAIWA REAL ESTATEAPPRAISAL CO.,LTD.
DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

Date of PML Value
Investigation(%)(Note 5)(Note 6)
2.6
0.2
8.8
5.2
5.6
1.7
1.4
0.9
1.0
7.5
4.7
9.9
2.0
5.6
7.3
5.1
4.3
7.3
7.0
7.8
4.6
9.7
4.7
7.0
5.9
4.9
6.6
6.1
6.4
5.6
8.5
1.6
0.2
5.5
4.9
2.9

Type

Residence

Property
No.

Property Name

Building
Repair Expenses at the Time of
Investigation (thousand yen) (Note 2) Replacement
Cost (million
Emergency Short-term Long-term yen) (Note 3)

R-079 Esty Maison Tsurumai－－

14,637R-080 Prime Maison Morishita

－

－

4,661

Prime Maison
R-081
Shinagawa

－

－

3,490

R-082 Prime Maison Odorikoen－－

23,430Prime Maison
R-083
Minami 2-joPrime Maison
R-084
Kamokamogawa
Prime Maison Central
R-085
Park (Note 8)－－

20,758－－14,562－－

17,265

R-086 Sha Maison Stage Yahiro

－

－

6,768

R-087 Prime Maison Ebisu

－

－

6,966

R-089 Esty Maison Unomori

－

－

4,522

R-091 Sha Maison Stage Hino

－

－

6,224

Prime Maison Yokohama
R-092
Nihon-odori
Kobe Women's Student
R-093
Housing－－

16,317－－

58,200R-094 Prime Maison Shibuya

－

－

4,218

R-095 Prime Maison Hatsudai

－

－

6,858

R-096 Esty Maison Uemachidai

－

－

2,717

Prime Maison
R-098
Shirokane-takanawa
Prime Maison
R-099
Ichigayayamabushicho

－

－

9,136

－

－

9,855

R-100 Esty Maison Morishita

－

－

1,669

Prime Maison
R-101
Shirokanedai Tower－－

13,083

R-102 Prime Maison Otsuka－－

10,995

Prime Maison
Asakusabashi
Prime Maison
Daikanyama
Prime Maison
Gotenyama West
Esty Maison
Toyosu Residence

－

－

5,446

－

－

3,649

－

－

8,110

－

－

38,154

R-108 Esty Maison Ijiri

－

－

3,092

Prime Maison
R-109
Mitatsunamachi

－

－

378

R-110 Prime Maison Hongo

－

－

1,640

R-111 Prime Maison Kuramae

－

－

162

North

－

－

1,600

South

R-103
R-104
R-105
R-106

R-112

Esty Maison
Yokohama-aobadai

－

－

4,510

Esty Maison
R-113
Shizuoka Takajo
Sha Maison Stage
R-114
Hirose-dori
Esty Maison
R-115
HIGASHIBETSUIN

－

－

5,433

－

－

5,376

－

－

10,514R-116 Esty Maison Kayaba

－

－

3,403

Esty Maison
R-117
SHIRAKABEMINAMI
Prime Maison
R-118
Shimokitazawa

－

－

1,732

－

－

153

R-119 Prime Maison Meguro

－

－

402

64

Survey Company(Note 4)

Date of PML Value
Investigation(%)(Note 5)(Note 6)

April
2019
DAIWA REAL ESTATE
September
747
APPRAISAL CO.,LTD.
2019
DAIWA REAL ESTATE
September
623
APPRAISAL CO.,LTD.
2019
September
2,374 SOMPO Risk Management Inc.
2019
September
2,118 SOMPO Risk Management Inc.
2019
September
1,537 SOMPO Risk Management Inc.
2019
September
2,162 SOMPO Risk Management Inc.
2019
DAIWA REAL ESTATE
September
962
APPRAISAL CO.,LTD.
2019
September
1,074 SOMPO Risk Management Inc.
2019
DAIWA REAL ESTATE
April
526
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
October
867
APPRAISAL CO.,LTD.
2020
October
2,705 SOMPO Risk Management Inc.
2020
DAIWA REAL ESTATE
October
5,442
APPRAISAL CO.,LTD.
2021
April
649 SOMPO Risk Management Inc.
2021
DAIWA REAL ESTATE
October
1,008
APPRAISAL CO.,LTD.
2021
April
721 SOMPO Risk Management Inc.
2021
DAIWA REAL ESTATE
April
1,433
APPRAISAL CO.,LTD.
2022
DAIWA REAL ESTATE
April
1,534
APPRAISAL CO.,LTD.
2022
DAIWA REAL ESTATE
October254
APPRAISAL CO.,LTD.
2022
October
2,760 Tokyo Bldg-Tech Center Co.,Ltd
2023
April
1,629 Tokyo Bldg-Tech Center Co.,Ltd
2024
April
773 Tokyo Bldg-Tech Center Co.,Ltd
2024
April
852 Tokyo Bldg-Tech Center Co.,Ltd
2023
October
2,204 Tokyo Bldg-Tech Center Co.,Ltd
2023
April
6,722 Tokyo Bldg-Tech Center Co.,Ltd
2018
DAIWA REAL ESTATE
January
407
APPRAISAL CO.,LTD.
2019
April
540 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
752 ERI SOLUTION CO.,LTD.
2019
April
692 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
736
2019
ERI SOLUTION CO.,LTD.
September
950
2019
January
475 SOMPO Risk Management Inc.
2020
March
716 Tokyo Bldg-Tech Center Co.,Ltd
2020
DAIWA REAL ESTATE
March
1,581
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
March
616
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
March
377
APPRAISAL CO.,LTD.
2021
July
663 Tokyo Bldg-Tech Center Co.,Ltd
2021
July
484 Tokyo Bldg-Tech Center Co.,Ltd
2021
3,581 Tokyo Bldg-Tech Center Co.,Ltd

2.0
5.9
6.9
0.2
0.3
0.7
0.4
5.7
3.8
7.8
3.1
4.9
3.6
4.5
3.6
2.0
6.2
3.6
4.9
1.2
4.6
8.0
5.6
5.2
6.8
0.6
6.5
3.4
3.2
6.4
5.8
6.5
1.0
2.7
2.7
4.6
5.6
6.3

Type

Residence

PropertyNo.

Building
Repair Expenses at the Time of
Investigation (thousand yen) (Note 2) Replacement
Cost (million
Emergency Short-term Long-term yen) (Note 3)

R-120 Prime Maison Ryogoku

－

－

132

Prime Maison
R-121
Nakameguro

－

－

797

R-122 Prime Maison Itabashi

－

－

741

Prime Maison
R-123
EGOTANOMORI
Prime Maison
R-124
Waseda dori

－

－

3,772

－

－

157

R-125 Esty Maison Noborito

－

－

2,227

R-126 Esty Maison Omori

－

－

510

Esty Maison
R-127
Monzennakacho

－

－

520

R-128 Esty Maison Akabane Ⅱ

60

－

480

R-129 Prime Maison Yushima

－

－

759

Prime Maison
R-130
Nakanosakaue

－

－

342

R-131 Prime Maison Honancho

－

－

272

Prime Maison
R-132
Monzennakacho

－

－

298

R-133 Prime Maison Nishiwaseda

－

－

160

Prime Maison Asakusa
R-134
EAST
Prime Maison
R-135
Sakurashinmachi

－

－

180

－

－

150

Residence Subtotal

552

320

831,621

Survey Company(Note 4)

Date of PML Value
Investigation(%)(Note 5)(Note 6)

July
2021
January
2,072 Tokyo Bldg-Tech Center Co.,Ltd
2022
January
1,665 Tokyo Bldg-Tech Center Co.,Ltd
2022
June
10,249 Tokyo Bldg-Tech Center Co.,Ltd
2022
June
644 Tokyo Bldg-Tech Center Co.,Ltd
2022
September
216 Tokyo Bldg-Tech Center Co.,Ltd
2023
February
846 ERI SOLUTION CO.,LTD.
2024
December
429 ERI SOLUTION CO.,LTD.
2023
December
300 ERI SOLUTION CO.,LTD.
2023
March
2,643 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
1,223 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
858 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
851 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
595 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
615 Tokyo Bldg-Tech Center Co.,Ltd
2024
March
513 Tokyo Bldg-Tech Center Co.,Ltd
2024
471 Tokyo Bldg-Tech Center Co.,Ltd

145,816

－

－

3.4
2.3
4.5
3.3
7.4
4.6
7.4
5.3
2.0
3.8
7.6
6.9
5.8
6.1
8.2
－

－

－

46,729

80

－

5,704

－

－

101,600－－

82,856－－

11,235O-006 Hirokoji Garden Avenue－－

14,428

Akasaka Garden City
O-007
(Note 9)－－21,917O-008 Shinjuku Hirose Building

800

－

8,310

Office Building Subtotal

880－

292,779

60,048－－－

Portfolio Total

1,432

320

1,124,400

205,864

－

－

2.2

O-002
O-003
O-004
O-005

April
10,375 SOMPO Risk Management Inc.
2019
April
5,762 ERI SOLUTION CO.,LTD.
2020
April
17,404
Tokio Marine dR Co., Ltd.
2024
April
9,934 SOMPO Risk Management Inc.
2023
April
2,277 SOMPO Risk Management Inc.
2022
October
2,337 SOMPO Risk Management Inc.
2021
September
10,577 Tokyo Bldg-Tech Center Co.,Ltd
2021
December
1,381 ERI SOLUTION CO.,LTD.
2023

8.9

Garden City Shinagawa
Gotenyama (Note 9)
Gotenyama SH Building(Note 9)Hommachi Minami
Garden City
Hommachi Garden City
(Office building portion)
HK Yodoyabashi Garden
Avenue (Note 7)

O-001

Officebuilding

Property Name

0.7
1.2
1.0
3.1
3.0
3.7
4.3
6.3

(Note 1) As of the end of the fiscal period under review, SHR has obtained engineering reports for the properties owned. The statements in eachengineering report are limited to the opinions of the reporter, and SHR does not guarantee the accuracy of its content.
(Note 2) Of the "Repair Expenses at the Time of Investigation", "short-term" refers to the repair and renewal expenses required within one year at thetime of investigation calculated by each survey company, and “long-term” refers to the annual average of repair and renewal expenses for
12 years at the time of investigation calculated by each survey company, with figures rounded down to the nearest thousand yen based on thedescriptions in the engineering report. However, if the annual average is not stated in the engineering report, the annual average amount will becalculated by SHAM based on the total repair and renewal costs for 12 years stated in the engineering report, rounded down the nearest
thousand yen.
(Note 3) "Building Replacement Cost" is the amount excluding consumption tax, rounded down to the nearest million yen, based on the statements ineach engineering report.
(Note 4) "Survey Company" is the company name at the time of preparing the engineering report, even if the company name has been changed as of thedate of this document. In addition, "Survey Company" refers to the investigation company related to "Repair Expenses at the Time of
Investigation" and "Building Replacement Cost" respectively.
(Note 5) "Date of Investigation" indicates the year and month in which the engineering report was prepared.
(Note 6) SHR has obtained a portfolio seismic PML evaluation report as of April 2024 from Sompo Risk Management Inc. Statements in the portfolio
seismic PML evaluation report are limited to the opinions of the reporter, and SHR does not guarantee the accuracy of its content.
Additionally, "PML (Probable Maximum Loss) Value" refers to the probable maximum loss due to an earthquake and includes both individual
properties and the portfolio as a whole. Although there is no unified definition of PML, throughout this document it is defined as the ratio (%)
of the loss amount with an excess probability of 10% (equivalent to a recurrence period of 475 years) during the expected period of use (50years = the service life of a typical building) to the replacement cost. However, the expected loss amount is only for the direct damage of thebuilding (structure, finish, building facilities) solely due to earthquakes, and damage to equipment, furniture, fixtures, etc., and loss due towater or fire after the earthquake, compensation to victims and secondary damage such as business loss due to business interruption are notincluded.

65

(Note 7) "Esty Maison Gotanda", "Esty Maison Musashikoyama", "Esty Maison Sendagi" and "HK Yodoyabashi Garden Avenue", where SHR owns
sectional ownership of buildings and trust beneficiary rights related to the accompanying right of site, indicates the figures for the portion
already acquired by SHR as of the end of the fiscal period under review.
(Note 8) Partial land of "Prime Maison Central Park" (lot number: 23-32) is leased land, and the building (stores) on this leased land are owned by thelessee. Therefore, only the “PML Value” for buildings other than the relevant building (stores) are stated.
(Note 9) "Repair Expenses at the Time of Investigation" and "Building Replacement Cost" for "Garden City Shinagawa Gotenyama", "Gotenyama SH
Building" and "Akasaka Garden City" are the amounts corresponding to the portion owned by SHR based on the figures for the entire
property.

66

(e) Status of Major Real Estate Assets
Not applicable.
(f) Income and Expenditure Status of Individual Properties
The revenue status of individual real estate properties in trust is as follows. Amounts are rounded to thenearest thousand yen.
(Thousand yen)
Property No.

R-001

Property NameManagement Period

Esty Maison Ginza
From
To

A. Total Rent Revenue – Real Estate

November 1, 2023
April 30, 2024
184,388

R-002
R-003
Esty Maison
Esty Maison Ebisu II
Azabunagasaka
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
47,56257,456

R-004
Esty Maison Ebisu
November 1, 2023
April 30, 2024
24,063

Rent Revenue – Real Estate

175,239

45,97854,26523,352Other Lease Business Revenue

9,149

1,584

3,191

711

58,796

21,47225,876

9,634

Subcontract Expenses

6,216

1,728

1,727

1,206

Property Management Fees

10,083

3,019

3,604

1,385

325

325

325

325

Utilities Expenses

1,883

635

749

314

Property and Other Taxes

B. Total Operating Expenses

Trust Fees

10,424

3,188

2,852

1,152

Insurance Expenses

143

44

55

19

Repair Expenses

5,502

2,864

5,010

1,023

Depreciation

19,148

7,087

8,038

3,537

Other Expenses Related to Rent Business

5,068

2,578

3,513

670

C. Property-Related Operating Income (A-B)

125,592

26,09031,57914,429(Thousand yen)
Property No.

R-005

November 1, 2023
April 30, 2024
47,073

R-006
Esty Maison
Kitashinjuku
November 1, 2023
April 30, 2024
47,745

Property Name

Esty Maison Kanda

Rent Revenue – Real Estate

44,941

46,046

66,62572,677

Other Lease Business Revenue

2,131

1,699

2,007

3,823

B. Total Operating Expenses

19,571

23,47433,13043,313

Subcontract Expenses

1,632

2,436

3,036

3,126

Property Management FeesManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-007
R-008
Esty Maison
Esty Maison Kawasaki
Asakusakomagata
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
68,63276,501

2,587

3,143

3,471

4,762

Trust Fees

325

325

325

325

Utilities Expenses

742

348

545

1,180

2,036

2,142

3,786

3,535

Property and Other Taxes
Insurance Expenses

35

49

76

88

Repair Expenses

1,559

2,810

3,360

3,020

Depreciation

9,215

9,993

16,81424,562Other Expenses Related to Rent Business

1,437

2,226

1,713

2,711

C. Property-Related Operating Income (A-B)

27,502

24,27135,502

33,18767

(Thousand yen)
Property No.

R-010

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-011

R-012

R-013

Esty Maison Kameido Esty Maison Meguro Esty Maison Sugamo Esty Maison Kyobashi
November 1, 2023
November 1, 2023
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
April 30, 2024
April 30, 2024
54,942
30,95850,65588,650Rent Revenue – Real Estate

52,50630,25849,191

84,727

Other Lease Business Revenue

2,435

700

1,464

3,922

B. Total Operating Expenses

27,217

12,872

17,53949,570Subcontract Expenses

2,426

1,410

2,130

1,464

Property Management Fees

3,499

1,650

2,271

3,609

Trust Fees

325

325

325

325

Utilities Expenses

545

240

425

1,802

2,989

1,607

2,762

4,845

Property and Other Taxes
Insurance Expenses

56

24

50

94

Repair Expenses

2,384

1,143

1,468

7,059

Depreciation

13,546

5,388

7,582

27,185

Other Expenses Related to Rent Business

1,444

1,081

524

3,184

C. Property-Related Operating Income (A-B)

27,72418,08633,11539,079(Thousand yen)
Property No.

R-014

Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate
Other Lease Business Revenue

Esty Maison Hakuraku
FromTo

November 1, 2023
April 30, 2024
31,311
29,774R-015
R-016
Esty Maison
Esty Maison Gotanda
Minamihorie
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
34,676
96,05834,65892,194

R-017
Esty Maison
Oisendaizaka
November 1, 2023
April 30, 2024
79,81977,021

1,537

17

3,864

2,797

B. Total Operating Expenses

15,971

15,39734,88335,616

Subcontract Expenses

1,630

2,044

81

3,084

Property Management Fees

1,781

1,380

5,088

4,384

Trust Fees

325

325

325

325

Utilities Expenses

478

341

36

542

1,520

2,026

5,932

3,785

Insurance Expenses

32

39

40

64

Repair Expenses

1,862

1,427

2,840

4,688

Depreciation

7,739

6,993

15,377

16,918Other Expenses Related to Rent Business

599

819

5,160

1,823

C. Property-Related Operating Income (A-B)

15,34019,27861,174

44,202

Property and Other Taxes

68

(Thousand yen)
Property No.

R-018
Esty Maison
Shinagawa Seaside
November 1, 2023
April 30, 2024
65,746

R-019
Esty Maison
Minamiazabu
November 1, 2023
April 30, 2024
35,821

R-021
Esty Maison
Kawasaki II
November 1, 2023
April 30, 2024
63,584

R-022
Esty Maison
Azabujuban
November 1, 2023
April 30, 2024
66,669Rent Revenue – Real Estate

63,19733,914

61,47664,933

Other Lease Business Revenue

2,548

1,906

2,107

1,735

B. Total Operating Expenses

32,292

15,93831,313

16,816

Subcontract Expenses

3,085

2,388

2,383

2,442

Property Management Fees

3,840

2,404

3,520

3,052

Trust Fees

325

325

325

325

Utilities Expenses

753

296

709

432

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

3,791

1,791

3,224

2,565

Insurance Expenses

57

26

64

36

Repair Expenses

4,951

3,407

2,187

1,055

Depreciation

12,1303,832

17,6805,640

Other Expenses Related to Rent Business

3,358

1,465

1,217

1,265

C. Property-Related Operating Income (A-B)

33,453

19,88232,27149,852(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-023
Esty Maison
Itabashihoncho
November 1, 2023
April 30, 2024
30,190R-027
R-028
Esty Maison
Esty Maison Sendagi
Musashikoyama
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
32,11824,501

R-030
Esty Maison
Hakatahigashi
November 1, 2023
April 30, 2024
88,665

Rent Revenue – Real Estate

29,41530,881

22,667

86,624

Other Lease Business Revenue

775

1,237

1,834

2,040

B. Total Operating Expenses

16,81812,257

8,713

48,095

Subcontract Expenses

1,710

－

－

2,820

Property Management Fees

1,780

1,746

1,613

3,738

Trust Fees

325

325

325

325

Utilities Expenses

457

－

－

664

1,589

1,696

1,179

5,088

Property and Other Taxes
Insurance Expenses

28

12

9

146

Repair Expenses

1,485

304

180

6,846

Depreciation

7,845

6,247

3,300

26,744

Other Expenses Related to Rent Business

1,596

1,924

2,105

1,721

C. Property-Related Operating Income (A-B)

13,372

19,861

15,78840,56969

(Thousand yen)
Property No.

R-033
Prime Maison
Musashinonomori
November 1, 2023
April 30, 2024
67,995

R-034
Prime Maison
Higashisakura
November 1, 2023
April 30, 2024
50,314

R-035
Prime Maison
Kayabakoen
November 1, 2023
April 30, 2024
29,416

R-036
Esty Maison
Sangenjaya II
November 1, 2023
April 30, 2024
25,112Rent Revenue – Real Estate

65,13049,87828,88524,349Other Lease Business Revenue

2,864

436

531

762

B. Total Operating Expenses

29,937

33,637

17,442

9,988

Subcontract Expenses

2,694

3,374

1,320

1,050

Property Management Fees

3,270

3,116

1,366

1,344

Trust Fees

275

325

325

275

Utilities Expenses

532

704

415

182

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

3,997

3,977

2,257

1,159

Insurance Expenses

76

68

41

20

Repair Expenses

2,597

2,422

2,352

305

Depreciation

14,60815,969

8,808

4,720

Other Expenses Related to Rent Business

1,886

3,678

556

931

C. Property-Related Operating Income (A-B)

38,057

16,677

11,974

15,123(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-037
Esty Maison
Itabashi C6
November 1, 2023
April 30, 2024
82,451

R-038
R-039
Sha Maison Stage
Esty Maison Kinshicho
HakataNovember 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
95,42937,171

R-040
Esty Maison
Musashikoganei
November 1, 2023
April 30, 2024
57,135

Rent Revenue – Real Estate

79,104

95,36935,81654,793

Other Lease Business Revenue

3,347

59

1,354

2,342

B. Total Operating Expenses

46,06670,382

17,956

20,811

Subcontract Expenses

2,612

2,709

1,194

2,614

Property Management Fees

5,157

269

1,704

3,056

250

275

250

275

Utilities Expenses

1,111

876

680

722

Property and Other Taxes

4,959

7,656

1,654

2,668

Trust Fees

Insurance Expenses

85

180

27

41

Repair Expenses

4,920

4,136

635

1,390

Depreciation

19,51340,80911,3198,616

Other Expenses Related to Rent Business

7,456

13,468490

1,426

C. Property-Related Operating Income (A-B)

36,38425,046

19,21436,32470

(Thousand yen)
Property No.

R-041

November 1, 2023
April 30, 2024
66,577

R-042
Prime Maison
Yuhigaoka
November 1, 2023
April 30, 2024
29,748R-043
Prime Maison
Kitatanabe
November 1, 2023
April 30, 2024
23,047

R-044
Prime Maison
Momochihama
November 1, 2023
April 30, 2024
69,456

Rent Revenue – Real Estate

64,86929,38522,441

69,416

Other Lease Business Revenue

1,708

363

605

40

B. Total Operating Expenses

37,427

14,267

13,00826,288Subcontract Expenses

1,977

1,600

1,582

2,850

Property Management Fees

3,231

1,052

791

304

Trust Fees

275

250

250

275

Utilities Expenses

580

242

697

924

Property NameManagement Period

Prime Maison Gokiso
FromTo

A. Total Rent Revenue – Real Estate

Property and Other Taxes

5,036

2,090

1,729

6,843

Insurance Expenses

89

37

32

163

Repair Expenses

3,801

1,341

613

3,120

Depreciation

19,855

7,270

6,552

11,348Other Expenses Related to Rent Business

2,578

381

760

457

C. Property-Related Operating Income (A-B)

29,150

15,48010,03843,168(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-045
R-046
Esty Maison
Esty Maison Sasazuka
Akihabara
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
58,206
91,228R-047
R-048
Prime Maison
Prime Maison Takami
Ginza East
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
180,065
33,994

Rent Revenue – Real Estate

55,543

88,108171,001

33,365

Other Lease Business Revenue

2,663

3,120

9,063

629

B. Total Operating Expenses

29,01133,07886,25920,567

Subcontract Expenses

2,659

2,427

6,054

1,629

Property Management Fees

3,295

4,741

10,921

2,195

Trust Fees

250

250

250

275

Utilities Expenses

507

676

1,743

432

2,653

4,669

8,898

2,581

Property and Other Taxes
Insurance Expenses

55

61

152

47

Repair Expenses

1,790

4,477

13,116

1,057

Depreciation

16,36013,26239,53910,502Other Expenses Related to Rent Business

1,437

2,512

5,584

1,846

C. Property-Related Operating Income (A-B)

29,194

58,14993,805

13,42771

(Thousand yen)
Property No.
Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-049
R-050
Prime Maison
Prime Maison Teriha
Yadaminami
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
25,91753,200R-051
R-052
Esty Maison
Esty Maison Sengoku
Higashishirakabe
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
46,60140,222Rent Revenue – Real Estate

25,29153,09046,534

38,250

Other Lease Business Revenue

625

110

67

1,972

B. Total Operating Expenses

22,11730,476

24,916

16,113

Subcontract Expenses

1,300

4,710

1,938

2,933

Property Management Fees

1,829

－

211

2,292

Trust Fees

275

250

275

250

Utilities Expenses

421

698

504

283

Property and Other Taxes

2,311

6,046

3,617

2,337

Insurance Expenses

39

109

72

35

Repair Expenses

4,048

2,572

262

1,362

Depreciation

9,389

14,62017,135

6,056

Other Expenses Related to Rent Business

2,501

1,467

899

561

C. Property-Related Operating Income (A-B)

3,799

22,724

21,685

24,109(Thousand yen)
Property No.

R-053

November 1, 2023
April 30, 2024
64,289November 1, 2023
April 30, 2024
51,905

R-055
Esty Maison
Nishitemma
November 1, 2023
April 30, 2024
52,836

Rent Revenue – Real Estate

61,74449,872

51,89877,777

Other Lease Business Revenue

2,545

2,033

938

2,325

B. Total Operating Expenses

19,90721,06027,80928,005

Subcontract Expenses

1,560

2,490

2,221

2,366

Property Management Fees

Property NameManagement Period
A. Total Rent Revenue – Real Estate

R-054

Esty Maison Daizawa Esty Maison Togoshi
From
To

R-056
Esty Maison
Shirokanedai
November 1, 2023
April 30, 2024
80,102

3,688

2,634

2,264

4,690

Trust Fees

250

250

250

250

Utilities Expenses

420

402

1,508

537

3,553

2,844

3,939

3,382

Property and Other Taxes
Insurance Expenses

53

44

70

56

Repair Expenses

1,112

2,942

2,041

2,396

Depreciation

8,232

8,897

13,018

11,914

Other Expenses Related to Rent Business

1,036

555

2,495

2,410

C. Property-Related Operating Income (A-B)

44,38230,84525,02752,09772

(Thousand yen)
Property No.

R-057
Esty Maison
Higashishinjuku
November 1, 2023
April 30, 2024
49,409R-058
Esty Maison
Motoazabu
November 1, 2023
April 30, 2024
44,202

R-059
Esty Maison
Toritsudaigaku
November 1, 2023
April 30, 2024
23,956

R-060
Esty Maison
Musashikoyama II
November 1, 2023
April 30, 2024
31,070Rent Revenue – Real Estate

47,356

43,202

22,461

29,882Other Lease Business Revenue

2,053

1,000

1,495

1,188

B. Total Operating Expenses

21,881

19,485

13,201

11,863

Subcontract Expenses

1,513

1,665

1,242

1,646

Property Management Fees

2,927

3,690

1,861

1,723

Trust Fees

250

250

250

250

Utilities Expenses

284

373

357

358

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

2,314

2,856

1,641

1,603

Insurance Expenses

40

39

23

26

Repair Expenses

1,558

2,317

2,862

146

Depreciation

11,881

6,868

4,342

5,872

Other Expenses Related to Rent Business

1,111

1,424

621

236

C. Property-Related Operating Income (A-B)

27,527

24,717

10,754

19,207

November 1, 2023
April 30, 2024
54,428

R-062
Esty Maison
Shinnakano
November 1, 2023
April 30, 2024
30,019R-063
Esty Maison
Nakanofujimicho
November 1, 2023
April 30, 2024
29,963

R-064
Esty Maison
Tetsugakudo
November 1, 2023
April 30, 2024
35,583

Rent Revenue – Real Estate

51,87928,25629,13733,930

Other Lease Business Revenue

2,549

1,762

826

1,653

B. Total Operating Expenses

24,941

14,307

13,464

16,977

Subcontract Expenses

2,934

2,190

2,116

2,217

Property Management Fees

(Thousand yen)
Property No.

R-061

Property Name

Esty Maison Nakano

Management Period
A. Total Rent Revenue – Real Estate

From
To

3,858

1,900

1,600

1,845

Trust Fees

250

250

250

250

Utilities Expenses

442

286

381

625

2,788

1,613

1,813

1,806

Property and Other Taxes
Insurance Expenses

44

27

28

34

Repair Expenses

2,329

1,280

1,144

1,541

Depreciation

10,645

6,232

5,801

8,295

Other Expenses Related to Rent Business

1,647

528

328

362

C. Property-Related Operating Income (A-B)

29,487

15,711

16,49818,60673

(Thousand yen)
Property No.

R-065

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-066

R-067

R-068

Esty Maison Koenji Esty Maison Oshiage Esty Maison Akabane
November 1, 2023
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
April 30, 2024
35,61074,778100,804

Esty Maison Oji
November 1, 2023
April 30, 2024
50,248Rent Revenue – Real Estate

34,91672,28095,532

48,290

Other Lease Business Revenue

693

2,498

5,272

1,958

B. Total Operating Expenses

12,44730,95347,46825,029Subcontract Expenses

1,716

3,147

3,468

1,924

Property Management Fees

1,458

3,928

6,363

2,788

Trust Fees

250

250

250

250

Utilities Expenses

376

769

725

774

2,050

3,991

5,504

2,777

Property and Other Taxes
Insurance Expenses

31

77

98

52

Repair Expenses

98

2,214

3,462

3,786

6,419

15,701

25,682

11,753

Other Expenses Related to Rent Business

46

873

1,914

922

C. Property-Related Operating Income (A-B)

23,163

43,82553,33525,219November 1, 2023
April 30, 2024
45,167

R-070
Prime Maison
Hatchobori
November 1, 2023
April 30, 2024
39,594R-071
Prime Maison
JimbochoNovember 1, 2023
April 30, 2024
53,574R-072
Prime Maison
Gotenyama East
November 1, 2023
April 30, 2024
86,26143,53737,81852,02684,081

Depreciation(Thousand yen)
Property No.

R-069

Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate
Other Lease Business Revenue

Prime Maison Waseda
From
To

1,630

1,776

1,548

2,180

B. Total Operating Expenses

22,241

19,961

22,10334,256

Subcontract Expenses

3,132

1,614

2,154

7,494

Property Management Fees

2,561

2,428

2,651

3,874

Trust Fees

350

400

250

250

Utilities Expenses

551

443

543

1,204

2,385

1,914

2,808

6,040

43

36

47

94

Property and Other Taxes
Insurance Expenses
Repair Expenses

1,014

873

958

2,871

Depreciation

10,233

10,048

11,898

11,115

Other Expenses Related to Rent Business

1,970

2,202

791

1,312

C. Property-Related Operating Income (A-B)

22,926

19,63331,47052,00474

(Thousand yen)
Property No.

R-073
Sha Maison Stage
Akihabara
November 1, 2023
April 30, 2024
16,616

R-074

R-075

Esty Maison Aoi

Esty Maison Yakuin

November 1, 2023
April 30, 2024
69,210November 1, 2023
April 30, 2024
77,900R-076
Esty Maison
Kinshicho II
November 1, 2023
April 30, 2024
235,758

Rent Revenue – Real Estate

16,192

68,631

74,107

223,924

Other Lease Business Revenue

423

578

3,792

11,833

B. Total Operating Expenses

9,509

43,342

42,21296,476

Subcontract Expenses

1,174

4,200

1,710

5,590

776

3,741

3,886

9,310

1,425

1,350

3,872

1,050

Utilities Expenses

276

1,050

2,554

2,896

Property and Other Taxes

978

4,941

4,930

10,107

Insurance Expenses

17

85

98

194

Repair Expenses

932

3,732

4,275

9,353

3,250

20,13817,29051,612

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property Management Fees
Trust Fees

Depreciation
Other Expenses Related to Rent Business

677

4,103

3,594

6,359

C. Property-Related Operating Income (A-B)

7,106

25,86735,687139,281(Thousand yen)
Property No.

R-077

Property Name

Esty Maison Ojima

Management Period
A. Total Rent Revenue – Real Estate

From
To

November 1, 2023
April 30, 2024
262,942

R-078
R-079
Prime Maison
Esty Maison Tsurumai
Fujimidai
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
68,570157,926

R-080
Prime Maison
Morishita
November 1, 2023
April 30, 2024
59,398Rent Revenue – Real Estate

247,981

68,372

157,818

55,463

Other Lease Business Revenue

14,961

197

108

3,935

B. Total Operating Expenses

117,270

39,74377,721

28,725

Subcontract Expenses

9,591

2,728

12,234

3,216

Property Management Fees

10,606

3,509

801

4,816

Trust Fees

1,050

950

780

300

Utilities Expenses

5,338

688

1,870

501

Property and Other Taxes

11,302

5,956

15,0802,957

Insurance Expenses

226

129

265

56

Repair Expenses

17,072

5,072

4,039

940

Depreciation

55,241

17,641

40,771

12,821Other Expenses Related to Rent Business

6,840

3,067

1,878

3,115

C. Property-Related Operating Income (A-B)

145,671

28,82680,20530,67375

(Thousand yen)
Property No.

R-081
Prime Maison
Shinagawa
November 1, 2023
April 30, 2024
59,539R-082
Prime Maison
Odorikoen
November 1, 2023
April 30, 2024
119,213

R-083
Prime Maison
Minami 2-joNovember 1, 2023
April 30, 2024
75,826R-084
Prime Maison
Kamokamogawa
November 1, 2023
April 30, 2024
49,716

Rent Revenue – Real Estate

53,255

117,142

73,47849,099Other Lease Business Revenue

6,283

2,070

2,347

616

B. Total Operating Expenses

23,64562,01640,74629,992

Subcontract Expenses

1,875

12,143

4,309

3,054

Property Management Fees

2,912

5,230

2,852

1,967

300

250

300

300

Utilities Expenses

3,556

5,757

4,131

2,257

Property and Other Taxes

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Trust Fees

2,710

10,934

7,931

5,835

Insurance Expenses

46

137

127

84

Repair Expenses

1,181

1,925

995

661

Depreciation

9,984

23,033

19,452

14,766

Other Expenses Related to Rent Business

1,077

2,602

645

1,064

C. Property-Related Operating Income (A-B)

35,89357,19735,08019,724(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-085
Prime Maison
Central Park
November 1, 2023
April 30, 2024
89,073

R-086
R-087
R-089
Sha Maison Stage
Prime Maison Ebisu Esty Maison Unomori
YahiroNovember 1, 2023
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
April 30, 2024
56,171
113,796
27,171

Rent Revenue – Real Estate

88,36056,171

109,210

27,171Other Lease Business Revenue

712

－

4,586

－

B. Total Operating Expenses

56,55026,37338,89916,968Subcontract Expenses

3,072

3,770

4,256

1,152

Property Management Fees

3,338

81

6,553

－

Trust Fees

240

300

300

290

Utilities Expenses

927

523

604

343

8,783

4,026

4,581

1,558

Property and Other Taxes
Insurance Expenses

212

68

75

36

Repair Expenses

13,633

3,261

4,458

1,926

Depreciation

23,22914,003

13,812

10,780

Other Expenses Related to Rent Business

3,114

338

4,256

879

C. Property-Related Operating Income (A-B)

32,522

29,79774,897

10,20276

(Thousand yen)
Property No.

R-091

November 1, 2023
April 30, 2024
51,790R-092
Prime Maison
Yokohama
Nihon-odori
November 1, 2023
April 30, 2024
139,291

R-093

R-094

Property Name

Sha Maison Stage
Hino

Kobe Women'sStudent Housing

Prime Maison Shibuya

November 1, 2023
April 30, 2024
221,272

November 1, 2023
April 30, 2024
65,358Rent Revenue – Real Estate

48,841Other Lease Business Revenue

2,949

134,341

220,282

62,159

4,950

989

3,199

B. Total Operating Expenses

27,022

61,764

116,175

21,004

Subcontract Expenses

4,104

5,931

23,256

2,865

Property Management FeesManagement Period

From
To

A. Total Rent Revenue – Real Estate

3,461

7,272

55

3,972

Trust Fees

290

240

240

240

Utilities Expenses

461

2,277

5,820

453

3,154

8,515

16,9803,356Property and Other Taxes
Insurance Expenses

61

163

363

41

Repair Expenses

1,473

1,556

11,686

1,711

Depreciation

13,57533,31055,983

6,481

Other Expenses Related to Rent Business

439

2,497

1,789

1,881

C. Property-Related Operating Income (A-B)

24,76877,527105,097

44,354(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate
Other Lease Business Revenue

From
To

R-095
Prime Maison
HatsudaiNovember 1, 2023
April 30, 2024
81,822
78,691

R-096
R-098
R-099
Esty Maison
Prime Maison
Prime Maison
Uemachidai
Shirokane-takanawa Ichigayayamabushicho
November 1, 2023
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
April 30, 2024
34,437
125,497104,21333,028

118,686

101,088

3,131

1,408

6,811

3,125

B. Total Operating Expenses

33,26915,672

41,15145,853

Subcontract Expenses

3,226

2,205

4,292

6,115

Property Management Fees

4,911

1,472

7,158

6,714

Trust Fees

240

240

240

240

Utilities Expenses

979

687

700

660

4,459

2,203

7,252

6,644

70

42

96

101

Repair Expenses

2,726

1,314

3,070

5,547

Depreciation

12,831

6,994

15,314

15,333

Other Expenses Related to Rent Business

3,823

512

3,026

4,495

C. Property-Related Operating Income (A-B)

48,55318,76584,34658,359Property and Other Taxes
Insurance Expenses

77

(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

R-100

R-101
R-102
Prime Maison
Esty Maison Morishita
Prime Maison Otsuka
Shirokanedai Tower
From
November 1, 2023
November 1, 2023
November 1, 2023
To
April 30, 2024
April 30, 2024
April 30, 2024
19,351
237,442
114,852

R-103
Prime Maison
Asakusabashi
November 1, 2023
April 30, 2024
51,471

Rent Revenue – Real Estate

18,606

227,589

112,10250,190

Other Lease Business Revenue

745

9,852

2,750

1,280

B. Total Operating Expenses

8,867

79,65645,467

23,386

Subcontract Expenses

1,498

10,648

5,400

3,317

Property Management Fees

1,259

14,589

7,036

3,584

Trust Fees

240

240

240

240

Utilities Expenses

227

1,510

1,058

633

Property and Other Taxes

1,088

11,498

7,008

2,877

Insurance Expenses

16

180

108

49

Repair Expenses

324

7,329

4,001

3,197

3,108

24,51315,003

5,635

Depreciation
Other Expenses Related to Rent Business

1,104

9,145

5,610

3,852

C. Property-Related Operating Income (A-B)

10,484

157,786

69,38428,084

R-104
Prime Maison
Daikanyama
November 1, 2023
April 30, 2024
69,426

R-105
Prime Maison
Gotenyama West
November 1, 2023
April 30, 2024
129,383

R-106
Esty Maison
Toyosu Residence
November 1, 2023
April 30, 2024
492,170

November 1, 2023
April 30, 2024
13,420Rent Revenue – Real Estate

65,816

126,523

480,663

13,420

Other Lease Business Revenue

3,609

2,860

11,506－

B. Total Operating Expenses

30,107

43,230381,314

7,399

Subcontract Expenses

2,655

8,262

22,113729

Property Management Fees

(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-108
Esty Maison Ijiri

5,990

5,708

21,879－Trust Fees

240

240

325

235

Utilities Expenses

571

1,976

4,116

－

3,774

7,834

21,082

1,475

Property and Other Taxes
Insurance Expenses

58

137

503

28

Repair Expenses

2,434

3,246

21,782990

Depreciation

6,981

14,15083,341

3,702

Other Expenses Related to Rent Business

7,402

1,675

206,171

238

C. Property-Related Operating Income (A-B)

39,31986,152

110,855

6,020

78

(Thousand yen)
Property No.
Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-109
R-110
Prime Maison
Prime Maison Hongo
Mitatsunamachi
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
59,783
68,191

R-111
Prime Maison
KuramaeNovember 1, 2023
April 30, 2024
61,763

R-112
Esty Maison
Yokohama-aobadai
November 1, 2023
April 30, 2024
86,288Rent Revenue – Real Estate

58,461

66,12260,12286,288Other Lease Business Revenue

1,322

2,069

1,640

－

B. Total Operating Expenses

21,50922,59722,095

19,260Subcontract Expenses

2,115

3,475

3,241

－

Property Management Fees

4,770

3,210

3,225

1,078

Trust Fees

240

240

240

480

Utilities Expenses

466

577

651

－

Property and Other Taxes

3,353

3,144

2,856

5,275

Insurance Expenses

41

55

51

121

Repair Expenses

1,352

1,432

1,654

1,650

Depreciation

5,436

9,007

8,746

10,618Other Expenses Related to Rent Business

3,733

1,453

1,427

36

C. Property-Related Operating Income (A-B)

38,27345,59339,66767,028(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate

From
To

R-113
Esty Maison
Shizuoka Takajo
November 1, 2023
April 30, 2024
23,366

R-114
R-115
R-116
Sha Maison Stage
Esty Maison
Esty Maison Kayaba
Hirose-dori
HIGASHIBETSUIN
November 1, 2023
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
April 30, 2024
29,02569,75430,70723,35529,02569,66630,248

11

－

87

459

B. Total Operating Expenses

14,065

12,35233,44911,295

Subcontract Expenses

2,025

1,050

6,300

1,782

Other Lease Business Revenue

Property Management Fees

55

－

－

1,299

Trust Fees

240

240

240

240

Utilities Expenses

564

471

1,180

322

1,608

2,496

5,947

2,232

Property and Other Taxes
Insurance Expenses

33

50

111

42

Repair Expenses

3,595

779

4,428

207

Depreciation

5,786

6,056

14,594

4,886

Other Expenses Related to Rent Business

155

1,208

647

282

C. Property-Related Operating Income (A-B)

9,301

16,67236,304

19,41279

(Thousand yen)
Property No.

R-118

R-119

R-120

Prime Maison
Shimokitazawa

Prime Maison Meguro

Prime Maison
Ryogoku

November 1, 2023
April 30, 2024
58,989November 1, 2023
April 30, 2024
51,112

November 1, 2023
April 30, 2024
35,92020,26055,245

48,69835,260

－

3,744

2,414

660

B. Total Operating Expenses

8,599

23,16921,614

17,493

Subcontract Expenses

1,413

3,438

2,144

1,980

Property Management Fees

－

4,431

4,046

2,461

Trust Fees

240

240

240

240

Utilities Expenses

332

490

523

394

1,782

3,420

2,202

1,805

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate

R-117
Esty Maison
SHIRAKABE
MINAMI
November 1, 2023
April 30, 2024
20,260

Other Lease Business Revenue

Property and Other Taxes
Insurance Expenses

26

47

36

33

Repair Expenses

1,087

1,180

768

1,795

Depreciation

3,479

7,950

7,277

6,166

Other Expenses Related to Rent Business

237

1,970

4,376

2,616

C. Property-Related Operating Income (A-B)

11,66035,81929,497

18,426

R-121
R-122
Prime Maison
Prime Maison Itabashi
Nakameguro
November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
228,761
123,398

R-123
Prime Maison
EGOTANOMORI
November 1, 2023
April 30, 2024
628,028

R-124
Prime Maison
Waseda doriNovember 1, 2023
April 30, 2024
56,705614,035

55,455(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

Rent Revenue – Real Estate

210,122

Other Lease Business Revenue

117,098

18,6386,299

13,992

1,250

B. Total Operating Expenses

74,862

55,904446,425

23,322

Subcontract Expenses

4,200

4,740

42,0843,000

Property Management Fees

14,742

7,768

20,878

4,222

Trust Fees

275

240

400

240

Utilities Expenses

5,705

2,237

17,118417

Property and Other Taxes

9,088

7,464

29,162

3,381

149

116

1,460

46

Insurance Expenses
Repair Expenses

3,697

3,460

10,936613

Depreciation

28,722

23,260116,732

6,486

Other Expenses Related to Rent Business

8,279

6,616

207,653

4,914

C. Property-Related Operating Income (A-B)

153,898

67,493

181,60233,38380

(Thousand yen)
Property No.
Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-125
Esty Maison
Noborito
November 1, 2023
April 30, 2024
14,861

R-126

March 1, 2024
April 30, 2024
12,528

R-127
Esty Maison
Monzennakacho
March 1, 2024
April 30, 2024
4,178

R-128
Esty Maison
Akabane Ⅱ
March 1, 2024
April 30, 2024
1,187

Esty Maison Omori

Rent Revenue – Real Estate

14,058

9,767

3,531

832

Other Lease Business Revenue

803

2,761

647

355

B. Total Operating Expenses

6,419

38,94015,317

8,531

Subcontract Expenses

822

846

584

590

Property Management Fees

947

12,412

4,548

2,262

Trust Fees

279

83

83

83

Utilities Expenses

233

91

78

56

Property and Other Taxes

546

－

－

－

Insurance Expenses

13

16

8

5

Repair Expenses

1,397

－

－

－

Depreciation

1,537

3,464

1,585

950

Other Expenses Related to Rent Business

641

22,025

8,428

4,582

C. Property-Related Operating Income (A-B)

8,442(26,411)(11,139)(7,343)

April 1, 2024
April 30, 2024
35,833

R-130
Prime Maison
Nakanosakaue
April 1, 2024
April 30, 2024
16,982

R-131
Prime Maison
Honancho
April 1, 2024
April 30, 2024
10,371

R-132
Prime Maison
Monzennakacho
April 1, 2024
April 30, 2024
12,079Rent Revenue – Real Estate

35,612

16,506

10,262

11,958Other Lease Business Revenue

221

475

109

121

B. Total Operating Expenses

11,931

7,322

3,850

4,541

Subcontract Expenses

1,087

641

550

651

Property Management Fees

3,103

2,096

1,043

1,202

－

－

－

－

1,879

50

170

109

－

－

－

－

Insurance Expenses

28

12

9

8

Repair Expenses

130

88

－

143

Depreciation

4,696

2,327

1,585

1,545

Other Expenses Related to Rent Business

1,005

2,104

492

879

C. Property-Related Operating Income (A-B)

23,902

9,660

6,521

7,538

(Thousand yen)
Property No.

R-129

Property Name

Prime Maison Yushima

Management Period
A. Total Rent Revenue – Real Estate

From
To

Trust Fees
Utilities Expenses
Property and Other Taxes

81

(Thousand yen)
Property No.

R-133
Prime Maison
Nishiwaseda
April 1, 2024
April 30, 2024
8,160

R-134
Prime Maison
Asakusa EAST
April 1, 2024
April 30, 2024
6,539

Rent Revenue – Real Estate

8,160

6,539

5,699

1,323,178

Other Lease Business Revenue

－

－

－

32,645

B. Total Operating Expenses

2,371

2,360

2,602

736,176

Subcontract Expenses

467

361

362

98,533

Property Management Fees

601

513

614

25,481

Trust Fees

－

－

－

1,003

Utilities Expenses

46

27

23

61,646

Property and Other Taxes

－

－

－

236,213

Insurance Expenses

6

6

5

1,434

Repair Expenses

78

－

225

22,438

1,013

1,027

852

241,696

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Depreciation

R-135
O-001
Prime Maison
Garden City
Sakurashinmachi Shinagawa Gotenyama
April 1, 2024
November 1, 2023
April 30, 2024
April 30, 2024
5,699
1,355,824

Other Expenses Related to Rent Business

157

424

519

47,727

C. Property-Related Operating Income (A-B)

5,789

4,179

3,097

619,648(Thousand yen)
Property No.

O-002

Property Name

Gotenyama SH
Building

Management Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate

From
To

O-003

November 1, 2023
April 30, 2024
979,506
979,506

HK Yodoyabashi
Garden Avenue
November 1, 2023
April 30, 2024
164,964

903,801

154,241－

41,900－10,722509,827

328,676

63,960－72,183

－

8,674

1,079

13,459

6,000

2,194

Subcontract Expenses
Property Management Fees

1,254,957

O-005

180,544

Other Lease Business Revenue
B. Total Operating Expenses

O-004
Hommachi Garden
Hommachi Minami
City (Office building
Garden City
portion)November 1, 2023
November 1, 2023
April 30, 2024
April 30, 2024
1,296,858
903,801

Trust Fees

359

500

250

240

Utilities Expenses－

84,145－

12,79344,607

131,742

109,787

13,649

786

1,976

1,097

405

Property and Other Taxes
Insurance Expenses
Repair Expenses

5,963

10,975

6,445

1,250

125,678

194,307204,030

23,818Other Expenses Related to Rent Business

2,069

537

1,064

933

C. Property-Related Operating Income (A-B)

798,961

787,031

575,124

101,004

Depreciation

82

(Thousand yen)
Property No.

O-006

O-007

O-008

Property Name

Hirokoji Garden
AvenueAkasaka Garden City

Shinjuku
Hirose Building

November 1, 2023
April 30, 2024
207,797

November 1, 2023
April 30, 2024
946,514

December 21, 2023
April 30, 2024
85,829H-001
Hommachi Garden
City(Hotel portion)
November 1, 2023
April 29, 2024
400,263

Rent Revenue – Real Estate

196,123

892,441

77,575400,263

Other Lease Business Revenue

11,67354,0728,253－

B. Total Operating Expenses

78,854

371,092

24,768152,365

Subcontract Expenses

12,635

－

3,414

－

Property Management Fees

1,260

41,500

1,649

1,193

225

727

195

250

Utilities Expenses

12,561

72,191

8,561－

Property and Other Taxes

20,89392,322－

67,054

Management Period
A. Total Rent Revenue – Real Estate

Trust Fees

From
To

Insurance Expenses

280

672

205

834

Repair Expenses

3,928

5,186

698

5,985

Depreciation

26,48371,936

10,007

76,100

Other Expenses Related to Rent Business

586

86,55535946

C. Property-Related Operating Income (A-B)

128,942

575,42161,060247,89883

(2) Status of Capital Expenditure① Scheduled Capital Expenditures
The principal capital expenditures associated with renovation work, etc. currently planned for properties owned
by SHR are as follows. Please note that some of the planned construction costs may be classified as expenses foraccounting purposes.

Name of Real Estate, Etc.
(Location)
Esty Maison Toyosu Residence(Koto-ku, Tokyo)
Kobe Women’s Student Housing(Kobe-shi, Hyogo)
Esty Maison HIGASHIBETSUIN(Nagoya-shi, Aichi)(Note)

PurposePlanned Period

Large-scale
repairs

From: November 2023

Large-scale
repairs

From: June 2024

Large-scale
repairs

From: October 2024

Planned Construction Costs(million yen) (Note)
Payment for
Amount Already
Total
Current Fiscal
Paid
PeriodTo: October 2024
To: February 2025
To: April 2025

672

232

232

276

－

－

121

－

－

"Planned Construction Costs" refers to the amount obtained by multiplying the total cost required for construction by the proportion ofownership or quasi co-ownership interest in the compartmentalized ownership held by SHR (if SHR owns a quasi co-ownership interest in thereal estate trust beneficiary interest with compartmentalized ownership as trust property, the total cost is multiplied by the ownership ratio of
the compartmentalized ownership, and then the quasi co-ownership amount is multiplied by percentage), if SHR owns the sectional ownershipor the quasi co-ownership interest in the real estate trust beneficiary right of the property subject to the construction.

② Capital Expenditure During the Period
An overview of capital expenditures for properties owned by SHR during the fiscal period under review is asfollows. In addition, the total capital expenditure for the current fiscal period was 1,026 million yen, and a total of
1,437 million yen of construction work was carried out, including repair expenses of 411 million yen classified as
expenses for the current fiscal period.
Name of Real Estate, Etc.
(Location)
Prime Maison Central Park
(Fukuoka-shi, Fukuoka)
Esty Maison Shizuoka Takajo(Shizuoka-shi, Shizuoka)
Esty Maison Toritsudaigaku(Meguro-ku, Tokyo)

Purpose

PeriodLarge-scale repairs
Large-scale repairs
Large-scale repairs

From: October 2023
To: April 2024
From: November 2023
To: March 2024
From: November 2023
To: March 2024

Payment Amount(million yen)
268
71
44

Other Capital Expenditures

641

Total

1,026

84