March 4, 2019
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Director(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative: Atsushi Kato
President and CEO
Contact: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Revision to Forecasts for Operating Results and Distribution
for the 6th Fiscal Period Ended January 31, 2019
Star Asia Investment Corporation (“SAR”) announces that it has decided to revise the operating results forecasts
and distribution forecasts for the 6th fiscal period ended January 31, 2019 (August 1, 2018 to January 31, 2019)
described in “Financial Report for Fiscal Period Ended July 31, 2018” announced on September 13, 2018(“Previous Forecast”).
SAR also plans to announce the account settlement for the 6th fiscal period ended January 31, 2019 (August 1,2018 to January 31, 2019) on March 15, 2019.
1.

Revision to forecasts for operating results for the fiscal period ending January 31, 2019 and distribution
Operating Operating
revenueincome(million(millionyen)yen)

Ordinaryincome(millionyen)

Netincome(millionyen)

Cashdistribution
per unit (notincluding cash
distribution inexcess ofearnings) (yen)Cashdistribution perunit (includingcash distribution
in excess ofearnings)
(yen)

Cash
distribution
in excess ofearnings perunit (yen)Previous
Forecast
(A)

3,795

2,298

1,936

1,936

3,580

0

3,580

Revised
Forecast
(B)

3,844

2,406

2,073

2,049

3,720

0

3,720

Change(C)=(B)-(A)

49

108

136

113

140

0140

Rate ofchange(D)=(C)/(A)

1.3%

4.7%

7.1%

5.9%

3.9%

-

3.9%(Notes)
1.

The above forecast figures represent the financial results and the cash distribution forecasted as of this moment, and theactual operating revenue, operating income, ordinary income, net income and distribution per unit may vary. In addition,
SAR does not guarantee any actual distribution amount with this forecast.

2.

The forecast may be subject to revision when a disparity beyond a certain degree is expected between the above
forecast and actual figures.

1

3.

Amounts are rounded down to the nearest specified unit and percentage figures are rounded to the first decimal place .

2.

Reason for revisions and announcementSAR has revised the forecast for operating results and distribution as it has become clear in the process of
settling accounts that net income will exceed the assumption for the 6th fiscal period ended January 31,
2019 (August 1, 2018 to January 31, 2019) described in “(REIT) Financial Report for Fiscal Period Ended July
31, 2018” announced on September 13, 2018, as well as due to adopting the policy to retain internalreserves.
The main factors for the revision are (1) operating revenue is likely to exceed the previous forecast with theincrease in rental income for office/residential properties and increase in gain on sale of real estate, thedecrease in expenses accompanying property sales, etc., and (2) both operating expenses andnon-operating expenses are likely to be less than in the previous forecast with the decrease in expenses
related to rent business, general and administrative expenses, investment unit issuance expenses andborrowing related expenses, etc.
In addition, with operating revenue exceeding the previous forecast by 5.9% as described above, SAR has
adopted a policy to retain approximately 37 million yen as internal reserves, which was not in the previous
forecast, for the purpose of securing stability of future cash distribution level. Furthermore, the amount ofaccompanying income tax, etc. is expected to be approximately 24 million yen.

3.

Fiscal periods ending July 31, 2019 (7th Fiscal Period) and ending January 31, 2020 (8th Fiscal Period)
There will be no revisions to the forecasts for operating results and distribution for the fiscal period ending
July 31, 2019 (7th Fiscal Period) (February 1, 2019 to July 31, 2019) as of present. However, forecast figuresreflecting the recent changes in situations are scheduled to be announced in Summary of Financial Results
for the Fiscal Period Ended January 31, 2019 (6th Fiscal Period) (August 1, 2018 to January 31, 2019) to beannounced on March 15, 2019.
Furthermore, the forecasts for operating results and distribution for the fiscal period ending January 31,2020 (8th Fiscal Period) (August 1, 2019 to January 31, 2020) are scheduled to be announced in Summary ofFinancial Results for the Fiscal Period Ended January 31, 2019 (6th Fiscal Period) (August 1, 2018 to Janaury
31, 2019) to be announced on March 15, 2019.

* Star Asia Investment Corporation website: http://starasia-reit.com/en/2