December 14, 2015

Financial Report for the Fiscal Period Ended October 31, 2015
(For the Reporting Period from May 1, 2015 to October 31, 2015)
Name of REIT issuer:

Sekisui House Reit, Inc. (“SHR”)

Stock exchange listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange3309
http://www.sekisuihouse-reit.co.jp/en/
Junichi Inoue, Executive Director

Asset management company:
Representative:
Inquiries:

Sekisui House Investment Advisors, Ltd.
Junichi Inoue, President & Representative Director
Atsuhiro Kida, Director & General Manager, Management Division
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:January 28, 2016
January 21, 2016
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

1. Summary of financial results for the fiscal period ended October 31, 2015
(May 1, 2015 – October 31, 2015)(1) Operating results
Operating Revenue
Fiscal period ended
October 31, 2015
April 30, 2015

Millions of yen3,379
2,108Operating Income% Millions of yen

60.3–

Net Income per Unit
Fiscal period ended
October 31, 2015
April 30, 2015

(Percentages show changes from the previous period)
Ordinary IncomeNet Income

2,290
1,580% Millions of yen

44.9–% Millions of yen

92.4–

Ordinary Income toTotal Assets

Return on Equity

Yen

1,952
1,014%

2,511
2,525

2.5
1.5

1,951
1,013%

92.6–

Ordinary Income toOperating Revenue
%

1.3
0.8%

57.8
48.1

(Note 1) Although the accounting period for the fiscal period ended April 30, 2015 includes 235 days from September 8,2014 to April 30, 2015, its actual asset management period covers only 149 days from December 3, 2014 to April
30, 2015.
(Note 2) Net income per unit is calculated by dividing net income by the day-weighted average number of investment units
outstanding during the period. Net income per unit was 1,614 yen, if calculated based on the day-weighted average
number of investment units outstanding during the period assuming the beginning date of the fiscal period isDecember 3, 2014, the beginning date of the actual asset management period (627,771 units).
(Note 3) Return on equity and ordinary income to total assets for the fiscal period ended April 30, 2015 were each calculated
based on the respective day-weighted average amounts of equity and total assets during the period assuming thebeginning date of the fiscal period is December 3, 2014, the beginning date of the actual asset management period.
The amounts of equity and total assets as of December 3, 2014, were each calculated by aggregating the figures asof the end of November 2014 with transactions from December 1, 2014 to December 3, 2014.
(Note 4) The purpose of the percentages of operating revenue, operating income, ordinary income and net income is to showchanges from the previous period. However, no applicable figures are shown for the period ended April 30, 2015, as
this period was SHR’s first fiscal period.

This is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-1-(2) Distributions
Distributions
per Unit

Total
Distributions

Distributions in
TotalDistributions
Excess ofDistributions in
Payout Ratio to Net Assets(excluding(excluding
Earnings per
Excess ofDistributions inDistributions inUnit
Earnings
Excess of Earnings) Excess of Earnings)
Yen

Fiscal period ended
October 31, 2015
April 30, 2015
(Note)

Millions of yen

2,458
1,603

Yen

1,951
1,013

Millions of yen

00%

00

100.0
100.0

%

2.2
1.5

The payout ratio was calculated by the following formula because the number of investment units changed during
the period due to issuances of new investment units during the period.
Payout ratio = Total distributions (excluding distributions in excess of earnings) / Net income × 100(3) Financial position
Total Assets

Net Assets

Equity Ratio

Net Assets per Unit

Millions of yen

Millions of yen

165,999
129,482

89,69568,08754.0
52.6

112,966
107,733

Net Cash
Provided by (Used in)Operating Activities

Net Cash
Provided by (Used in)Investing Activities

Net Cash
Provided by (Used in)
Financing Activities

Cash and Cash
Equivalents
at End of Period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

4,046(1,059)(37,146)(108,317)

32,733
121,954

12,21012,577

As ofOctober 31, 2015
April 30, 2015

%Yen(4) Cash flows

Fiscal period ended
October 31, 2015
April 30, 2015

2. Forecasts of performance for the fiscal period ending April 30, 2016 (November 1, 2015 – April 30,2016) and the fiscal period ending October 31, 2016 (May 1, 2016 – October 31, 2016)

OperatingRevenue(Percentages show changes from the previous period)
Distributions
per Unit Distributions
in Excess of(excluding
Ordinary Income Net Income
Distributions in Earnings perExcess ofUnit

OperatingIncomeEarnings)

Fiscal period ending
April 30, 2016
October 31, 2016

Millionsof yen3,467
3,467%

2.60.0Millionsof yen

2,268
2,233%

(0.9)
(1.6)

Millionsof yen

1,954
1,914%0.1(2.0)

Millionsof yen

1,953
1,913%0.1(2.0)

Yen

2,460
2,410

Yen

00(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the fiscal period ending April 30, 2016:
2,460 yen
For the fiscal period ending October 31, 2016:
2,410 yenThis is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-2-* 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: Noneb. Changes in accounting policies due to reasons other than a. above:Nonec. Changes in accounting estimates:
None
d. Retrospective restatement:
None(2) Number of investment units issued
a. Number of investment units issued at end of period (including treasury investment units)
As of October 31, 2015:
794,000 units
As of April 30, 2015:
632,000 units
b. Number of treasury investment units at end of period
As of October 31, 2015:– units
As of April 30, 2015:– units* Status of audit procedures• As of the time of disclosure of this financial report, audit procedures for the financial statements
pursuant to the Financial Instruments and Exchange Act of Japan are not yet completed.
* Remarks on appropriate use of forecasts of performance and other special notes• Forward-looking statements presented in this financial report, including forecasts of performance, arebased on information currently available to SHR and on certain assumptions it deems to be reasonable.
As such, actual operating and other results may differ materially from these forecasts as a consequenceof numerous factors. These forecasts do not guarantee the distribution amount.

This is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-3-