June 15, 2023

Financial Report for the Fiscal Period Ended April 30, 2023
(For the Reporting Period from November 1, 2022 to April 30, 2023)
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 28, 2023
July 20, 2023
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, 2023 (November 1, 2022 – April 30, 2023)(Percentages show changes from the previous period)(1) Operating results
Fiscal period endedApril 30, 2023
October 31, 2022

Operating Revenue

Operating Income

Ordinary Income

Million yen
15,365
15,797

Million yen
7,508
8,078

Million yen
6,637
7,205

%
(2.7)
7.0

Net Income per Unit
Fiscal period endedApril 30, 2023
October 31, 2022

%
(7.1)
5.9

Ordinary Income toTotal Assets

Return on Equity

Yen
1,514
1,636

Net Income

%
(7.9)
6.8

%
2.3
2.4

Million yen
6,637
7,204

%
(7.9)
6.8

Ordinary Income toOperating Revenue
%
1.2
1.3

%
43.2
45.6

(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, 2023
1,781
1,765
16
7,803
7,733
70
116.6
2.6
October 31, 2022
1,714
1,714
－
7,509
7,509
－
104.8
2.5
(Note 1) Total distributions for the fiscal period ended April 30, 2023 is the amount obtained by adding 70 million yen of allowance for temporary
difference adjustments ("ATA") and 194 million yen of reversal of reserve for temporary difference adjustments ("RTA") and 911 million
yen of reversal of reserve for reduction entry to the unappropriated retained earnings.
(Note 2) Total distributions for the fiscal period ended October 31, 2022 is the amount obtained by adding 222 million yen of reversal of RTA and 82
million yen of reversal of reserve for reduction entry to the unappropriated retained earnings.

(3) Financial position
Total Assets
As ofApril 30, 2023
October 31, 2022

Million yen
569,205
570,999

Net Assets
Million yen
293,617
294,484

Equity Ratio

Net Assets per Unit
%
51.6
51.6

Yen
67,01367,211

(4) Cash flows

Fiscal period endedApril 30, 2023
October 31, 2022

Net Cash
Provided by (Used in)Operating Activities
Million yen
8,282
33,187

Net Cash
Provided by (Used in)Investing Activities
Million yen(1,128)(15,694)

Net CashCash and Cash Equivalents
Provided by (Used in)
at End of Period
Financing Activities
Million yen
Million yen(7,509)27,401(16,922)27,757

2. Forecasts of performance for the fiscal period ending October 31, 2023 (May 1, 2023 – October 31, 2023)
and the fiscal period ending April 30, 2024 (November 1, 2023 – April 30, 2024)(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, 2023
16,331 6.3
8,059 7.3
7,094 6.9
7,093 6.9
1,895
1,619
276
April 30, 2024
17,218 5.4
8,726 8.3
7,696 8.5
7,694 8.5
1,794
1,756
38
(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, 2023:
1,618 yen
For the fiscal period ending April 30, 2024:
1,756 yen
(Note) Forecasted distributions for the fiscal period ending October 31, 2023 is 1,209 million yen of ATA added to the unappropriated retained
earnings and forecasted distributions for the fiscal period ending April 30, 2024 is 166 million yen of ATA added to the unappropriatedretained 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, 2023:
4,381,482 units
As of October 31, 2022:
4,381,482 units
b. Number of owned investment units at end of period
As of April 30, 2023:– units
As of October 31, 2022:– 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 31.

* 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 2023 and April 2024" on page 11
for the assumptions of the operating forecast.

Table of contents
1. Operation Status

2(1) Operation Status

2

2. Financial Statements

13(1) Balance Sheet

13(2) Statement of Income and Retained Earnings

15(3) Statement of Changes in Net Assets

16(4) Statement of Cash Distributions

19(5) Statement of Cash Flows

20(6) Notes on Assumption of Going Concern

21(7) Summary of Significant Accounting Policies

21(8) Notes to Financial Statements

23(9) Change in Total Number of Investment Units Issued and Outstanding31

3. Reference Information

32(1) Information Regarding Prices of Assets Under Management32(2) Status of Capital Expenditure72

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,furnished residences with appliances which do not fall under serviced apartments (*1) (*2)). The same applies hereinafter.
(*1) "Serviced apartments" refer to furnished residences with appliances where a dedicated operator provides certain services tousers. The same applies hereinafter.
(*2) Some serviced apartments may fall under apartment houses as defined in the Building Standards Act (Act No. 201 of 1950,
as amended) (the "Building Standards Act"). The same applies hereinafter.
(Note 4) "Commercial properties" refer to real estate whose principal use is for office buildings, hotels and retail and other properties(including serviced apartments, serviced housing for the elderly, paid nursing homes and adult care centers (*); the same applies
hereinafter.) and other non-residential business purposes. The same applies hereinafter.
(*) Some serviced housing for the elderly, paid nursing homes and adult care centers may fall under apartment houses as
defined in the Building Standards Act. The same applies hereinafter.

2

(ii) Operation Environment
During the fiscal period under review, the Japanese economy showed weakness in certain areas, but improved
moderately overall.
Under these circumstances, in the real estate leasing market, residences and office buildings which are
positioned by SHR as core assets in its portfolio, constitutes for approximately 97% (acquisition price basis)of the portfolio as of April 30, 2023 (the "end of the fiscal period under review") . As for residences, supply
and demand is strained due to the accelerating improvement in the employment environment, especially in theTokyo metropolitan area. Rents were on a upward trend, and the occupancy rate of the entire residential
portfolio increased significantly compared to the previous year, resulting in stable growth. As for officebuildings, although the office leasing market is showing signs of activity, it has yet to show progressiveness.
The trend to decrease office floor space continues, resulting in vacancy rates to remain flat or to increase,leading to a slight decline in rent levels. On the other hand, for hotels that make up about 3% of SHR’sportfolio (acquisition price basis), foreign visitors to Japan (estimated by the Japan National Tourism
Organization in April 2023) approached 1.9 million, which is the highest since October 2022 when theJapanese government accepted individual trips and resumed visa exemptions, and is approaching 2 million.
Compared to the same month of 2019, which was before the spread of COVID-19, it is on the way torecovery.
Furthermore, in the real estate transaction market, despite remained uncertainty related to international affairs,
expected yields have remained at low levels as real estate investors maintain their positive investment stancetoward high-quality properties in Japan under the accommodative monetary policy outlined by the Bank ofJapan.
(iii) Operation Performance
As of the end of the fiscal period under review, the number of properties SHR owned was 120 (comprising
113 residential properties and 7 commercial properties) with an aggregate acquisition price(Note) of 554,466
million yen (270,466 million yen for residential properties and 284,000 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 97.2% for residential properties, 94.3% for commercial properties and 96.5% 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 borrowings totaling 18,800 million yen for payment due during the fiscal period underreview. Of which, 15,800 million yen are green loans within the scope of eligible green debt based on theGreen 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 is258,242 million yen and the ratio of total interest-bearing liabilities to total assets ("LTV (total assets basis)")is 45.4%.

3

(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
Based on the vision of "managing assets to better provide for people, society and the future", SHR identifies
materiality (important issues) and establishes targets (KPIs) to promote initiatives aimed at resolving issues
with a view to a sustainable society, while conducting real estate asset management with due consideration
given to ESG (Environment, Social and Governance).
In the fiscal period under review, a new long term greenhouse gas (hereinafter referred to as "GHG")
emissions reduction target was established to achieve net zero by FY 2050, and the medium term target was
adjusted to reduce 42% of the absolute Scope 1 and Scope 2 GHG emissions by FY 2030 (compared to FY2021). In addition, SHR has acquired SBTi validation through the Science Based Targets initiative ("SBTi")
regarding the medium term GHG reduction target.
Furthermore, SHR promotes the acquisition of Green Certification for owned properties, and as of the end of
the fiscal period under review, the acquisition rate (based on total floor area) was 78.9%, achieving theestablished KPI to acquire 70% or more by FY 2022. In terms of social initiatives, for the first time as SHR,
Garden City Shinagawa Gotenyama acquired Certification for CASBEE Wellness Office with the highest
evaluation "S Rank".
These ESG initiatives have been highly evaluated outside the company, resulting in SHR continuously being
selected as a constituent of the MSCI Japan ESG Select Leaders Index, in addition to being selected as aconstituent of the FTSE4Good Index Series provided by FTSE Russell this fiscal period.
(vi) Overview of Business Performance and Distributions
Results in the fiscal period under review are operating revenue of 15,365 million yen, operating income of
7,508 million yen and ordinary income of 6,637 million yen, resulting in net income of 6,637 million yen. In
addition, concerning cash distributions, based on the application of special tax treatment for investment
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 7,733 million yen, which is
obtained by adding a reversal of the reserve for temporary difference adjustments (194 million yen) and areversal of the reserve for reduction entry (911 million yen) to unappropriated retained earnings, as
distribution of 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 make a
distribution for the 70 million yen in allowance for temporary difference adjustments for the purpose ofreflecting the effect on distributions of tax and accounting differences. Total distributions are 7,803 million
yen.

4② Future Trends Outlook(i) Investment Environment
It is expected that the Japanese economy will pick up in the future, partly due to the effects of various policies
with COVID-19 in mind. However, the downturn in the overseas economy poses a risk of downward pressure
on the economy amid the continued global monetary tightening. In addition, due attention should be paid tothe effects of inflation, supply-side constraints, and changes in financial markets.
In this environment, as there are signs of an improvement in the employment environment, we believe that thetrend toward a return to central Tokyo and the separation of households in rural areas will accelerate in
housing, which is the base of living within the real estate leasing market. With regard to offices, wherebusiness activities are based, supply and demand are expected to ease further due to the trend of contractualarea shrinking due to changes in tenant needs following the expansion of remote work and the prospect of
new supply in the future, and thus anticipate that rents will remain weak. Hotel market is expected to recover
due to the Japanese government's policy support and the relaxation of immigration restrictions, in addition to
the increase in tourism demand accumulated globally. However, it is necessary to continue to pay close
attention to international affairs.
In the real estate transaction market, SHR believes that the expected yields will remain at low levels for theforeseeable future amid a financial environment that maintains large-scale monetary easing.
(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 the conduct of 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, with regard to LTV (total assets basis), although SHR has the policy to set the figure at 60% as its
upper limit, SHR will control the figure at mid-40%, which is a conservative level, setting the upper limit for
the time being at around 50% with a focus on securing its funding capabilities.
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
Not applicable.

6

(Reference Information)(i) Disposition of Asset
SHR decided on the disposition of trust beneficiary interest in domestic real estate and entered into a purchaseand sale agreement as follows. The disposition of the quasi co-ownership interest in trust beneficiary interest isscheduled to be carried out in 10 equal installments, with 10/100 of the ownership share to be disposed on eachplanned disposition date.
As a result of this disposition, a gain on sale of real estate properties is expected to be recorded during eachcalculation period as follows.
Property name: Gotenyama SH Building
Type of use: Office building
Location: Shinagawa-ku, Tokyo
Planned disposition price: 70,000 million yen (Note 1)
Contract date: March 29, 2023
Buyer: TIS Inc.
(Unit: million yen)
Planned disposition date

Planned disposition price7,000 (10%)

Gain on disposition(expected) (Note 3)
1,017(Note 2)

(Note 1)

1

End of October 2023

Ending October 2023 (FP 18)

2

End of April 2024

7,000 (10%)

2,080Ending April 2024 (FP 19)

3

End of October 2024

7,000 (10%)

2,093Ending October 2024 (FP 20)

4End of April 2025

7,000 (10%)

2,107Ending April 2025 (FP 21)

5

End of October 2025

7,000 (10%)

2,121Ending October 2025 (FP 22)

6

End of April 2026

7,000 (10%)

2,135Ending April 2026 (FP 23)

7

End of October 2026

7,000 (10%)

2,149Ending October 2026 (FP 24)

8

End of April 2027

7,000 (10%)

2,163Ending April 2027 (FP 25)

9End of October 2027

7,000 (10%)

2,177Ending October 2027 (FP 26)

10

End of April 2028

7,000 (10%)

2,191Ending April 2028 (FP 27)

Calculation period(Note 1) "Planned disposition price" is the sale and purchase price stated in the sale and purchase agreement for the quasi co-ownershipinterest in trust beneficiary interest (excluding consumption tax, local consumption tax, commission for sales, and othervarious 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.
The same applies hereinafter.
(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. The same applies hereinafter.

7

(ii) Borrowing of Funds
On May 31, 2023, SHR decided to undertake new borrowings in order to repay long-term borrowings totaling
9,700 million yen that was due on the same date, as follows. Of these borrowings, part of the borrowings will
be financed as green loans executed based on the Green Finance Framework established by SHR in December
2022.
a. Fixed Interest Rate Borrowing (Green Loan)
Category

Lenders(Note 1)Longterm

Mizuho Bank,
Ltd.
Sumitomo
Mitsui Trust
Bank, Limited
Mizuho Trust &Banking Co.,
Ltd.
Resona Bank,
Limited.
The Norinchukin
Bank
Development
Bank of JapanInc.
Sumitomo
Mitsui Banking
Corporation
MUFG Bank,
Ltd. (Note 6)
Total

Borrowingamount(mm yen)Interest rate
(Note 2)
(Note 3)

Drawdown
date

Borrowing
methodRepayment
date(Note 4)

Repayment
method(Note 5)

Security

May 31, 2030

Lump-sum
repayment atmaturity

Unsecured andUnguaranteed

－

－

－

570
1,240

470
0.875%
1,150

May 31,
2023

850
550

200

0.825%

670

0.875%

5,700

－

－

Borrowingbased onindividual
loan
agreement,
dated May26, 2023.
The lenders
under theloan
agreement are
as indicatedto the left ofthis table.

－(Note 1) MUFG Bank, Ltd., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation are arrangers of the above borrowings.
(Note 2) The borrowing expenses and other charge payable to the lenders are not included.
(Note 3) The first interest payment date will be the last day of November 2023. Subsequent interest payment dates will be the last day of every six
months and the principal 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 preceding business day.
(Note 4) 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.
(Note 5) SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the above borrowings(in whole or in part), in the period between the drawdown date and the repayment date.
(Note 6) The borrowing from MUFG Bank, Ltd. is an ESG Loan for J-REIT.

b. Floating Interest Rate Borrowing
Category

Shortterm

Lenders(Note 1)
MUFG Bank,
Ltd. (Note 7)
Mizuho Bank,
Ltd.
Sumitomo
Mitsui Banking
Corporation
Sumitomo
Mitsui Trust
Bank, Limited
Mizuho Trust &Banking Co.,
Ltd.
Total

Borrowingamount(mm yen)Interest rate
(Note 2)
(Note 3)(Note 4)

Drawdown
date

1,230
980
900

510

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

May 31,
2023

380

4,000

－

－

8

Borrowing
methodRepayment
date(Note 5)

Repayment
method(Note 6)

Security

May 31, 2024

Lump-sum
repayment atmaturity

Unsecured andUnguaranteed

－

－

－

Borrowingbased onindividual
loan
agreement,
dated May26, 2023.
The lenders
under theloan
agreement are
as indicatedto the left ofthis table.
－

(Note 1) MUFG Bank, Ltd., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation are arrangers of the above borrowings.
(Note 2) The borrowing expenses and other charge payable to the lenders are not included.
(Note 3) 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 relevant interest 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 that which corresponds to the concerned period calculated based on the method provided for in therelevant individual loan agreement. For changes in the base rate (being the Japanese Yen TIBOR published by JBA), please check thewebsite of JBA TIBOR Administration (https://www.jbatibor.or.jp/english/rate/).
(Note 4) The first interest payment date will be the last day of June 2023. Subsequent interest payment dates will be the last day of every month andthe principal repayment date. Where the relevant date is not a business day, such date will be the immediately following business day or (ifthe immediately following business day falls into the next calendar month) the immediately preceding business day.
(Note 5) 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.
(Note 6) SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the borrowings (inwhole or in part), in the period between the drawdown date and the repayment date.
(Note 7) The borrowing from MUFG Bank, Ltd. is an ESG Loan for J-REIT.

(iii) Borrowing of Funds
On May 31, 2023, SHR decided to undertake new green loan borrowings in order to fund the early repaymentof long-term borrowings totaling 4,000 million yen as follows.
(Fixed Interest Rate Borrowing)
Category

LenderBorrowingamount(mm yen)

2,000

Long-term

Interest rate
(Note 1)
(Note 2)

1.040%

Nippon Life
Insurance
Company

Total

Drawdown
date

Borrowing
methodRepayment
date(Note 3)

Borrowingbased onindividual
loan
agreement,
dated May18, 2023.

January 30,
2032

The lenderunder theloan
agreement is
as indicatedto the left ofthis table.

November30, 2032－－

May 31, 2023

2,000

1.120%

4,000

－

－

Repayment
method(Note 4)

Security

Lump-sum
repayment atmaturity

Unsecured andUnguaranteed－－(Note 1) The borrowing expenses and other charges payable to the lender are not included.
(Note 2) The first interest payment date will be the last day of November 2023. Subsequent interest payment dates will be the last day of every six
months and the principal 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 preceding business day.
(Note 3) 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.
(Note 4) SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the borrowings (inwhole or in part), in the period between the drawdown date and the repayment date.

9

④ Performance Outlook for the Next Fiscal Period
The forecasts of performance for the fiscal period ending October 31, 2023 (May 1, 2023 – October 31, 2023)
and the fiscal period ending April 30, 2024 (November 1, 2023 – April 30, 2024) is as follows. Please refer to"Prerequisites for the Performance Outlook for the Fiscal Period Ending October 2023 and April 2024" below
for the assumptions of the operating forecast.
Distributions
per Unit
Distributions(including
per Unit
Distributions
Net Income
Distributions (excluding in Excess ofin Excess of Distributions Earnings per
Earnings)
in Excess of
Unit
Earnings)

Operating
Revenue

Operating
IncomeOrdinary
IncomeMillion yen

Million yen

Million yen

Million yen

Yen

Yen

Yen

October 31, 2023

16,331

8,059

7,094

7,093

1,895

1,619

276

April 30, 2024

17,218

8,726

7,696

7,694

1,794

1,756

38

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 2023 and April 2024
Item

Prerequisites

Calculation period

・ 18th Fiscal Period (From May 1, 2023 to October 31, 2023) (184 days)
・ 19th Fiscal Period (From November 1, 2023 to April 30, 2024) (182 days)
・ Of the real estate trust beneficiary interests (total of 120 properties) owned by SHR (hereinafterreferred to as "existing assets") and silent partnership equity interests as of the end of the fiscal
period ended April 2023 (17th fiscal period), excluding the disposition of the 10% quasi
co-ownership interest of the trust beneficiary interest related to the office building "Gotenyama
SH Building" for a total of 10 times (5 years and 10 periods) every six months starting October
31, 2023 (the "Asset to be Disposed"), no changes in assets under management (acquisition of
new assets, disposition of existing assets, etc.) are presumed.
・ Actual figures may fluctuate due to changes in assets under management.
・ A decrease in revenue is expected due to the disposition of the Asset to be Disposed.
・ Property-related operating revenue for existing properties as of the end of the fiscal period endedApril 2023 (17th fiscal period) is calculated based on lease agreements while taking into
consideration the market environment and trends of individual tenants, etc.
・ A gain on disposition of 1,017 million yen for the fiscal period ending October 2023 (18th fiscal
period) and 2,080 million yen for the fiscal period ending April 2024 (19th fiscal period) is
expected from the disposition of the Asset to be Disposed.
・ Operating revenue assumes that there will be no delinquency or non-payment of rent by tenants.
・ Of the property-related operating expenses, which is the main portion of the operating expense,
expenses other than depreciation for existing properties are calculated based on past
performance figures and reflecting variable factors of expenses.
・ Property and other taxes are expected to be 1,140 million yen in the fiscal period ending October
2023 (18th fiscal period) and 1,148 million yen in the fiscal period ending April 2024 (19thfiscal period).
・ Generally, fixed property tax, city planning tax and the depreciable property tax for theacquisition year of the asset 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. Fixed property tax,
city planning tax, and the depreciable property tax for the two residential properties acquired on
February 1, 2022, and the two residential properties acquired on August 2, 2022, is expected tobe recorded as an expense from the fiscal period ending October 2023 (18th 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 the Asset Management Company, taking
into consideration the amount listed on the engineering report and the appraisal report. However,
due to the possibility of urgent repair costs due to damage to buildings due to unforeseen factors,
the difference in the amount being generally large depending on the year, and the fact that theamount does not occur regularly, building repair expenses for each operating period may differ
significantly from the estimated amount.
・ Depreciation is calculated using the straight-line method, including incidental expenses, and is
expected to be 2,644 million yen for the fiscal period ending October 2023 (18th fiscal period)and 2,678 million yen for the fiscal period ending April 2024 (19th fiscal period).
・ Asset management fees are expected to be 1,018 million yen for the fiscal period ending October
2023 (18th fiscal period) and 1,132 million yen for the fiscal period ending April 2024 (19thfiscal 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 2023 (18th fiscal period) and 8 million yen in the fiscal
period ending April 2024 (19th fiscal period).
・ Interest expenses, interest on investment corporation bonds, and other borrowing-related
expenses are expected to be 931 million yen in the fiscal period ending October 2023 (18thfiscal period) and 996 million yen in the fiscal period ending April 2024 (19th fiscal period).
However, it is assumed that 871 thousand yen will be deducted from the interest expenses as areversal of unearned revenue for the fiscal year ending October 2023 (18th fiscal period).

Assets under management

Operating revenue

Operating expenses

Non-operating expenses

11

・ As of the end of the fiscal period ended April 2023 (17th fiscal period), the balance of loans
payable of SHR is 226,742 million yen, the balance of investment corporation bonds is 31,500
million yen, and the total interest-bearing debt is 258,242 million yen.
・ As described in "③ Significant Subsequent Events (Reference Information)" above, as of May
31, 2023, short-term borrowings of 4,000 million yen and long-term borrowings of 9,700
million yen was borrowed, of which was used to repay 9,700 million yen in long-termborrowings due on the same day, in addition to the early repayment of 4,000 million yen in
long-term borrowings.
・ In addition to the above, the total amount of borrowings due for repayment during the fiscal
period ending October 2023 (18th fiscal period) is 10,510 million yen and the total amount ofborrowings due for repayment and investment corporation bonds that are due and redeemableduring the fiscal period ending April 2024 (19th fiscal period) is 18,840 million yen. It is
assumed that the funds for repayment will be procured entirely through borrowings or theissuance of investment corporation bonds.
・ As of the end of the fiscal period ended April 2023 (17th fiscal period), the LTV of total assets is
45.4% and is expected to remain at the same level for the fiscal period ending October 2023
(18th fiscal period), and the fiscal period ending April 2024 (19th fiscal period).
・ 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 date of this document, there will beunits issued and outstanding
no change in the number of investment units due to additional issuance of new investment units
and/or acquisition or cancellation of own investment units by the end of the fiscal period ending
April 2024 (19th fiscal period).
Discrepancy between tax and ・ Depreciation and other discrepancies between tax and accounting reporting (the difference
accounting reporting
between accounting profit and taxable income; the same applies hereinafter.) are expected to be
1,209 million yen for the fiscal period ending October 2023 (18th fiscal period) and 168 million
yen for the fiscal period ending April 2024 (19th fiscal period).
・ Regarding the above discrepancies between tax and accounting reporting, to avoid theoccurrence of tax burden including corporate tax, as described in “Distributions per unit
(excluding distributions in excess of earnings)” and “Distributions in excess of earnings perunit” below, the policy is to distribute the amount equivalent to the discrepancies between tax
and accounting reporting.
Distributions per unit
・ Distributions per unit (excluding distributions in excess of earnings) is calculated based on the(excluding distributions in excess
policy for the distributions of cash stipulated in the Articles of Incorporation of SHR.
of earnings)
・ Distributions per unit (excluding distributions 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・ The distributions of cash in excess of earnings (distributions in excess of earnings) will beearnings per unit
calculated on the assumption that the total amount of discrepancies between tax and accounting
reporting and distributable amount minus the valuation/conversion differences will be
distributed as ATA in order to avoid the occurrence of tax burden such as corporate tax.
Furthermore, it is assumed that the fluctuations in the market value of interest rate swaps will notaffect distribution per unit.
・ It is assumed that ATA of 1,209 million yen for the fiscal period ending October 2023 (18thfiscal period) and 166 million yen for the fiscal period ending April 2024 (19th fiscal period)
will be recorded as distributions in excess of earnings related to part of the amount equivalent to
the discrepancies in tax and accounting reporting that is expected to occur in the said fiscal
period as described in the “Discrepancy between tax and accounting reporting” above.
Others・ 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.
Interest-bearing liabilities

12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
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

13

16th Fiscal Period(As of October 31, 2022)

17th Fiscal Period(As of April 30, 2023)

11,416,266
16,340,838
198,066－
300,452
58,286(2,653)28,311,256

10,950,123
16,451,343
190,5201,243
308,728
170,352(2,791)
28,069,520

184,641,536(23,440,710)
161,200,826

185,350,612(25,844,317)
159,506,295

1,620,073(333,254）
1,286,818
2,387,047(433,368)
1,953,678
870,024(276,299）
593,724
368,656,815
17,859533,709,723

1,623,170(365,798)
1,257,371
2,419,653(490,235)
1,929,418
1,015,435(355,857)
659,578368,656,815－
532,009,479

6,034,763
3,622
6,038,385

5,979,645
8,095
5,987,741

486,179
1,530,346
625,332
157,179
2,799,038
542,547,147

684,9101,530,346
643,969
159,804
3,019,030
541,016,251

107,395
33,602140,997
570,999,401

94,19625,201
119,398569,205,170

(Thousand yen)
16th Fiscal Period(As of October 31, 2022)

17th Fiscal Period(As of April 30, 2023)

1,116,383
7,700,000－
31,310,000
1,169,452
217,054584
678,924
712,064
10,052
12,75842,927,275

923,839－3,000,000
40,050,000
1,082,585
249,713－－692,786
7,099
8,932
46,014,955

31,500,000
187,732,000

28,500,000
186,692,000

14,353,152
2,149
233,587,302
276,514,577

14,380,909－
229,572,909
275,587,864

161,283,304

161,283,304

128,598,415(3,999,964)
124,598,450

128,598,415(3,999,964)
124,598,450

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
Derivatives liabilities
Total non-current liabilities
Total liabilities
Net assets
Unitholders’equity
Unitholders’capital
SurplusCapital surplus
Deduction from capital surplus
Capital surplus, net
Voluntary reserve
Reserve for reduction entry
Reserve for temporary difference adjustments
Total voluntary reserve
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

*3

*4

*1

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

14993,722417,038
1,410,761
7,204,510
133,213,722
294,497,026(12,202)(12,202)294,484,824
570,999,401

*3

*4

*1

911,281
194,129
1,105,411
6,637,238
132,341,100
293,624,405(7,099)(7,099)293,617,306
569,205,170

(2) Statement of Income and Retained Earnings(Thousand yen)
16th Fiscal Period(From May 1, 2022
to October 31, 2022)
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
Asset management fees
Asset custody fees
Administrative service fees
Directors’compensation
Provision of allowance for doubtful accounts
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distribution payable
Interest on refund
Settlement money from sale of real estate properties
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
Total income taxes
Net income
Unappropriated retained earnings

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

15

17th Fiscal Period(From November 1, 2022
to April 30, 2023)

*1
*1
*2

14,623,738
459,098
710,583
3,650
15,797,070*1*1

14,908,879
449,239－
7,818
15,365,937*1

6,275,960
1,021,403
10,67949,9743,600
1,693
355,107
7,718,418*1

6,543,453
943,182
10,571
49,3863,600
540
307,1857,857,920

8,078,652

7,508,017

131
588
539
－
1,258

135
768
－
1,005
1,909

639,740
76,266
122,424
15,502
13,8607,001
874,796
7,205,115
7,205,115605
605
7,204,510
7,204,510

646,240
73,855
126,993
8,400
13,1983,394
872,083
6,637,843
6,637,843
605
605
6,637,238
6,637,238

(3) Statement of Changes in Net Assets
16th Fiscal Period (From May 1, 2022 to October 31, 2022)(Thousand yen)
Unitholders' equity
SurplusCapital surplus
Unitholders'
capitalBalance at beginningof period
Changes of items
during period
Reversal of reserve
for special accountfor reduction entry
Provision of reserve
for reduction entry
Reversal of reserve
for reduction entry
Reversal of reserve
for temporary
difference
adjustments
Distribution fromsurplus
Net income
Acquisition of own
investment units
Cancellation of own
investment units
Net changes of items
other thanunitholders' equity
Total changes of
items during period
Balance at end of
period161,283,304

Capitalsurplus128,598,415

Deductionfrom capitalsurplusCapitalsurplus, net－

128,598,415

Voluntary reserve
Reserve for Reserve forReserve for
special account temporary
reduction
for reduction difference
entry
entry
adjustments
388,798

1,195,848

604,535(1,195,848)(3,999,964)(3,999,964)

Total
voluntary
reserve
2,189,182(1,195,848)

1,195,848

1,195,848(590,923)(590,923)(187,497)(187,497)－－(3,999,964)(3,999,964)

604,924(1,195,848)(187,497)(778,420)*1 161,283,304

128,598,415(3,999,964)

124,598,450

993,722－417,038

1,410,761

16

(Thousand yen)
Unitholders’equity
Surplus
Unappropriatedretained earnings
Balance at beginning of period
Changes of items during period
Reversal of reserve for special
account for reduction entry
Provision of reserve for
reduction entry
Reversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution from surplus
Net income
Acquisition of own investment
units
Cancellation of own
investment units
Net changes of items otherthan unitholders’equity
Total changes of items during
periodBalance at end of period

Own
investment
units

Total
surplus－

Valuation and translation
adjustments
Deferred
Total
Total valuation
gains
unitholders’and translation
or losses
equityadjustmentson hedges
298,816,545(33,897)(33,897)

Total
net assets

6,745,643

137,533,240

1,195,848－－－(1,195,848)

－

－

－

590,923－－－

187,497－－－(7,524,063)(7,524,063)(7,524,063)(7,524,063)

7,204,510

7,204,510

7,204,510

7,204,510(3,999,964)(3,999,964)(3,999,964)

3,999,964－－(3,999,964)

298,782,647

21,695

21,695

21,695458,867(4,319,518)－(4,319,518)

21,695

21,695(4,297,823)

7,204,510

133,213,722－

294,497,026(12,202)(12,202)294,484,824

17

17th Fiscal Period (From November 1, 2022 to April 30, 2023)(Thousand yen)
Unitholders' equity
SurplusCapital surplus
Unitholders’capitalBalance at beginning of period

161,283,304

Capitalsurplus

Deductionfrom capitalsurplusCapitalsurplus, net

128,598,415(3,999,964)

124,598,450

Changes of items during period
Reversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during
periodBalance at end of period

Voluntary reserve
Reserve forReserve for
Total
temporary
reduction
voluntarydifference
entry
reserveadjustments
993,722417,038
1,410,761(82,441)(82,441)(222,908)(222,908)

－

－

－

－

(82,441)(222,908)(305,349)*1 161,283,304

128,598,415(3,999,964)

124,598,450

911,281

194,129

1,105,411(Thousand yen)
Unitholders' equity

Balance at beginning of period
Changes of items during period
Reversal of reserve for
reduction entry
Reversal of reserve fortemporary difference
adjustments
Distribution from surplus
Net income
Net changes of items otherthan unitholders' equity
Total changes of items during
periodBalance at end of period

Valuation and translation adjustments
Totalunitholders’equity82,441－－－

222,908－－－(7,509,860)(7,509,860)(7,509,860)(7,509,860)

6,637,238

6,637,238

6,637,238

6,637,238

294,497,026

Deferred gains Total valuation andor losses
translation
on hedges
adjustments

Total
net assets

Surplus
UnappropriatedTotal
retained earnings
surplus7,204,510
133,213,722(12,202)(12,202)294,484,824

5,103

5,103

5,103

(567,271)(872,621)(872,621)

5,103

5,103

(867,518)

6,637,238

132,341,100

293,624,405(7,099)(7,099)293,617,306

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

18

(4) Statement of Cash Distributions
Item
Ⅰ. Unappropriated retained earnings
Ⅱ. Reversal of voluntary reserve
Reversal of reserve for reduction entry
Reversal of reserve for temporary difference
adjustments
Ⅲ Amount added to distributions in excess of earnings
Allowance for temporary difference adjustments
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

16th Fiscal Period(From May 1, 2022,
to October 31, 2022)
7,204,510,234 yen

17th Fiscal Period(From November 1, 2022,
to April 30, 2023)
6,637,238,451 yen

82,441,009 yen

911,281,820 yen*1

222,908,905 yen*1

194,129,553 yen－ yen
7,509,860,148 yen[1,714 yen]
－ yen[－ yen]*2

70,103,712 yen
7,803,419,442 yen[1,781 yen]
7,733,315,730 yen[1,765 yen]

－ yen

*2

70,103,712 yen[－ yen][16 yen]－ 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.

9,334,094 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.

Based on such policy, SHR
decided to distribute7,509,860,148yen, which is
obtained by adding a reversal of
the reserve for temporary
difference adjustments(222,908,905yen) and a reversal of
the reserve for reduction entry(82,441,009yen) to unappropriatedretained earnings, as distributionof earnings.

Based on such policy, SHR
decided to distribute
7,733,315,730 yen, which is
obtained by adding a reversal of
the reserve for temporary
difference adjustments(194,129,553 yen) and a reversalof the reserve for reduction
entry(911,281,820 yen) tounappropriated retained earnings
as distribution of earnings

SHR will not distribute cash inexcess of earnings as set forth in
Article 46, Paragraph 2 of the
Articles of Incorporation of SHR.

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 70,103,712 yen
in allowance for temporary
difference adjustments for the
purpose of reflecting the effect on
distributions of tax and accounting
differences.

19

(5) Statement of Cash Flows(Thousand yen)
16th Fiscal Period(From May 1, 2022
to October 31, 2022)

17th Fiscal Period(From November 1, 2022
to April 30, 2023)

7,205,115
2,574,622
13,86015,502(131)
716,007(9,646)
156,161(40,674)
15,990181,951
124,450
678,924
14,733

6,637,843
2,629,281
13,1988,400(135)
720,095
7,546(125,262)(8,275)(18,637)(117,546)(87,023)(678,924)(19,277)

22,309,047(61,136)
33,894,779
131(707,296)(600)
33,187,013－
16,976
8,978,259
135(695,165)(584)
8,282,644(10,421,309)(3,726,416)(420)－(482,529)(728,830)
344,981(661,699)(18,585)(15,694,808)(947,849)－(5,995)
21,642(221,507)－
1,521,103(1,493,347)(2,625)(1,128,578)(6,000,000)
16,000,000(12,400,000)(3,000,000)(3,999,964)(7,522,876)(16,922,840)
569,364
27,187,740
27,757,104(7,700,000)
18,800,000(11,100,000)－－(7,509,703)(7,509,703)(355,637)
27,757,104
27,401,467

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
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
Purchases of investment securities
Payments for lease and guarantee deposits
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
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Redemption of investment corporation bonds
Purchase of own investment units
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.

20

*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
3-69 years
Structures
6-52 years
Machinery and equipment
10-61 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.

21

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 54,790
thousand yen for the 16th fiscal period.

22

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 trust23

(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 financial statements, thus disclosure is omitted.
(Notes to Balance Sheet)*1. Minimum net assets designated in Article 67-4 of the Investment Trust Act(Thousand yen)
17th Fiscal Period(As of April 30, 2023)

16th Fiscal Period(As of October 31, 2022)
50,00050,0002. 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)
17th Fiscal Period(As of April 30, 2023)

16th Fiscal Period(As of October 31, 2022)
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*3. Status of cancellation of own investment units
16th Fiscal Period(As of October 31, 2022)
Total number of units cancelled
Total amount cancelled

17th Fiscal Period(As of April 30, 2023)

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)
17th Fiscal Period(As of April 30, 2023)

16th Fiscal Period(As of October 31, 2022)
Gain on negative goodwill (*)
Initial amount

1,556,827

1,556,827

Balance at beginning of period

604,535

417,038

Reserve amount during period－－

Reversal amount during period

187,497

222,908

Balance at end of period

417,038

194,129

Appropriated for distributions

Appropriated for distributions

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

24

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of property-related operating revenue and expenses
16th Fiscal Period(From May 1, 2022
to October 31, 2022)
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

14,263,700
360,038

14,623,738

241,565
217,532

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

459,098
15,082,836(Thousand yen)
17th Fiscal Period(From November 1, 2022
to April 30, 2023)

14,540,845
368,034
216,387
232,852

597,696
470,667
43,221
391,838
1,065,322

621,291
475,41349,506468,192
1,066,052

18,820390,295
2,573,621
724,475

17,504
392,5132,627,759
825,218

6,275,960
6,275,960
8,806,876

14,908,879

449,239
15,358,119

6,543,453
6,543,453
8,814,666*2. Breakdown of gain on sale of real estate properties
16th Fiscal Period (From May 1, 2022 to October 31, 2022)(Thousand yen)
The Ritz-Carlton, Kyoto
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

23,000,000
22,288,419
996
710,583

17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
(Notes to Statement of Changes in Net Assets)*1 Total number of authorized investment units and total number of investment units issued
16th Fiscal Period(From May 1, 2022
to October 31, 2022)

17th Fiscal Period(From November 1, 2022
to April 30, 2023)

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

25

(Notes to Statement of Cash Distributions)*1 Reserve for temporary difference adjustments
16th Fiscal Period(From May 1, 2022
to October 31, 2022)
With regard to the reserve for temporary difference adjustments,
SHR plans to drawdown at least 1% of the reserve for each fiscal
period (corresponding to the amount of the reserve expensed
equally over 50 years) and appropriate the amount for cash
distributions, starting from the fiscal period following the fiscal
period in which the reserve was made. SHR decided to
drawdown 222,908,905 yen for the 16th fiscal period.

17th Fiscal Period(From November 1, 2022
to April 30, 2023)
With regard to the reserve for temporary difference adjustments,
SHR plans to drawdown at least 1% of the reserve for each fiscal
period (corresponding to the amount of the reserve expensed
equally over 50 years) and appropriate the amount for cash
distributions, starting from the fiscal period following the fiscal
period in which the reserve was made. SHR decided to
drawdown 194,129,553 yen for the 17th fiscal period.

*2 Allowance for Temporary Difference Adjustments
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
Not applicable.
17th Fiscal Period (From November 1, 2022 to April 30, 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

63,004

Deferred gains or losses on hedges

Incurrence of loss on valuation of interest swaps

7,099

Total

70,103

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.

(Notes to Statement of Cash Flows)*1 Reconciliation of cash and cash equivalents at end of period to the corresponding balance sheet items
16th Fiscal Period(From May 1, 2022
to October 31, 2022)(Thousand yen)
17th Fiscal Period(From November 1, 2022
to April 30, 2023)

Cash and deposits

11,416,266

10,950,123

Cash and deposits in trust

16,340,838

16,451,343

Cash and cash equivalents

27,757,104

27,401,467

26

(Transactions with Related Parties)
1. Parent company and major corporate unitholders
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
Not applicable.
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
2. Subsidiaries and affiliates
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
Not applicable.
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
3. Sister companies
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
Not applicable.
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
4. Directors and major individual unitholders
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
Not applicable.
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.

27

(Revenue Recognition)
1. Breakdown of revenue from contracts with customers
16th Fiscal Period (From May 1, 2022 to October 31, 2022)(Thousand yen)
Revenue from contracts
with customers *1
Sale of real estate, etc.

23,000,000

Utilities revenue

Total

*2

*2

710,583

241,565

241,565－

14,844,921

23,241,565

15,797,070

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
from Contracts 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.

17th Fiscal Period (From November 1, 2022 to April 30, 2023)(Thousand yen)
Revenue from contracts
with customers *1－

Sale of real estate, etc.
Utilities revenue
Other
Total
*1

*2

Net sales to external customers*2－

216,387

216,387－

15,149,550

216,387

15,365,937

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
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
As stated in (7) Summary of Significant Accounting Policies
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
As stated in (7) Summary of Significant Accounting Policies

28

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)
17th Fiscal Period(From November 1, 2022
to April 30, 2023)

16th Fiscal Period(From May 1, 2022
to October 31, 2022)
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)

43,84355,31255,312

52,404

－

－

－

－

－

－

－

－

(2) Transaction prices allocated to the remaining performance obligations
16th Fiscal Period (From May 1, 2022 to October 31, 2022)
With 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.
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
As of April 30, 2023, the transaction price allocated to the remaining performance obligations related to thesale of real estate, etc. is 70,000,000 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.

1

End of October 2023

7,000,000 (10%)(Thousand yen)Calculation period forrevenue recognition
Ending October 2023 (FP 18)

2

End of April 2024

7,000,000 (10%)

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.
29

(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
16th Fiscal Period (From May 1, 2022 to October 31, 2022)(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

Sekisui House, Ltd.

1,363,547

Name of related segment
Real estate leasing business17th Fiscal Period (From November 1, 2022 to April 30, 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

Sekisui House, Ltd.

1,363,547

30

Name of related segment
Real estate leasing business(Per Unit Information)
16th Fiscal Period(From May 1, 2022
to October 31, 2022)

17th Fiscal Period(From November 1, 2022
to April 30, 2023)

Net assets per unit

67,211 yen

67,013 yen

Net income per unit

1,636 yen

1,514 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.

16th Fiscal Period(From May 1, 2022
to October 31, 2022)
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)17th Fiscal Period(From November 1, 2022
to April 30, 2023)

7,204,510

6,637,238－－

7,204,510

6,637,238

4,402,287

4,381,482(Significant Subsequent Events)
Not applicable.
(Additional Information)(i) Disposition of Asset
SHR decided on the disposition of trust beneficiary interest in domestic real estate and entered into a purchase andsale agreement as follows. The disposition of the quasi co-ownership interest in trust beneficiary interest isscheduled to be carried out in 10 equal installments, with 10/100 of the ownership share to be disposed on eachplanned disposition date.
As a result of this disposition, a gain on sale of real estate properties is expected to be recorded during eachcalculation period as follows.
Property name: Gotenyama SH Building
Type of use: Office building
Location: Shinagawa-ku, Tokyo
Planned disposition price: 70,000 million yen (Note 1)
Contract date: March 29, 2023
Buyer: TIS Inc.
(Million yen)
Planned disposition date

Planned disposition price(Note 2)

(Note 1)

1
2
3
4
5
6
7
8
9
10

End of October 2023
End of April 2024
End of October 2024
End of April 2025
End of October 2025
End of April 2026
End of October 2026
End of April 2027
End of October 2027
End of April 2028

7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)
7,000 (10%)(Note 1)

"Planned disposition price" is the sale and purchase price stated in the sale and purchase agreement for the quasi co-ownership interest in
trust beneficiary interest (excluding consumption tax,local consumption tax, commission for sales, and other various expenses; rounded
down to the nearest million yen).
In the event that the "planned disposition date" is not a business day, the said date will be the immediately preceding business day.
"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.

(Note 2)
(Note 3)31

Gain on disposition(expected) (Note 3)
1,017
2,080
2,093
2,107
2,121
2,135
2,149
2,163
2,177
2,191

Calculation periodEnding October 2023 (FP 18)
Ending April 2024 (FP 19)
Ending October 2024 (FP 20)
Ending April 2025 (FP 21)
Ending October 2025 (FP 22)
Ending April 2026 (FP 23)
Ending October 2026 (FP 24)
Ending April 2027 (FP 25)
Ending October 2027 (FP 26)
Ending April 2028 (FP 27)

(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

May 1, 2018

Split of investment units－

110,189

969,000

1,938,000(Note 1)

May 1, 2018

Allocation of investment
units through merger－

110,189

1,824,091

3,762,091(Note 2)June 10, 2019

Public offering

37,162

147,351

501,500

4,263,591(Note 3)

July 9, 2019

Third-party allotment

1,858

149,21025,075

4,288,666(Note 4)

November 1, 2021

Public offering

11,652160,862

137,500

4,426,166(Note 5)

November 29, 2021

Third-party allotment

420

161,283

4,967

4,431,133(Note 6)

October 17, 2022

Cancellation－

161,283(49,651)

4,381,482(Note 7)(Note 1) SHR implemented a two-for-one split of investment units with April 30, 2018 as the record date and May 1, 2018 as the effective date.
(Note 2) Upon the Investment Corporation Merger, 1.65 SHR units following the investment unit split were allocated to every SHI unit on May 1, 2018
and 1,824,091 investment units were newly issued.
(Note 3) 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 4) 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 the new properties.
(Note 5) 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 6) 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 7) 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.

32

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

Type of asset

Asset category

16th fiscal period(As of Oct. 31, 2022)
Total amount
Ratio toheld
total assets(million yen)(%)

Geographical area, etc.

(Note 1)

(Note 2)17th fiscal period(As of Apr. 30, 2023)
Total amount
Ratio toheld
total assets(million yen)(%)
(Note 1)

(Note 2)

Greater Tokyo

209,51736.7

208,848

36.7

Other areas

55,8969.8

55,642

9.8

Three major metropolitan
areas

274,31248.0

273,498

48.0

－

－

－

－

539,726

94.5

537,989

94.5

Silent partnership equity interests (Note 4)

486

0.1

684

0.1

Deposits and other assets

30,786

5.4

30,531

5.4

Total amount of assets

570,999100.0

569,205

100.0

Total amount in liabilities

276,51448.4

275,587

48.4

Total amount in net income

294,48451.6

293,617

51.6

Residential
properties
Real estate intrust
Commercial
properties

Other areas

Total of real estate in trust(Note 1) "Total amount held" is the carrying amount (or, for real estate in trust, the depreciated book value) 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)

463,402463,4020.1

221,507

221,5070.0(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.

33

(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
6,586
7,980
2005
2018
Minato-ku,
January
May
1,790
0.3
1,765
2,030
Tokyo
2004
2018
Shibuya-ku,
June
May
2,040
0.4
2,024
2,490
Tokyo
2003
2018
Shibuya-ku,
October
May
873
0.2
911
940
Tokyo
2004
2018
Chiyoda-ku,
February
May
1,610
0.3
1,538
1,980
Tokyo
2004
2018
Shinjuku-ku,
August
May
1,590
0.3
1,521
1,910
Tokyo
2004
2018
July
May
Taito-ku, Tokyo
2,190
0.4
2,062
2,610
2004
2018
Kawasaki-shi,
July
May
2,400
0.4
2,350
2,910
Kanagawa
2004
2018
NovemberMay
Koto-ku, Tokyo
1,580
0.3
1,465
1,930
2005
2018
Minato-ku,
November
May
1,060
0.2
1,063
1,440
Tokyo
2005
2018
Toshima-ku,
February
May
1,630
0.3
1,585
1,880
Tokyo
2007
2018
March
May
Osaka-shi, Osaka
2,970
0.5
2,885
3,200
2006
2018
Yokohama-shi,
February
May
931
0.2
877
993
Kanagawa
2006
2018
FebruaryMay
Osaka-shi, Osaka
1,060
0.2
1,111
1,170
2007
2018
Shinagawa-ku,
March
May
3,110
0.6
3,018
3,680
Tokyo
2006
2018
Shinagawa-ku,
August
May
2,720
0.5
2,681
3,130
Tokyo
2006
2018
Shinagawa-ku,
June
May
2,050
0.4
2,107
2,540
Tokyo
2006
2018
Minato-ku,
August
May
1,250
0.2
1,286
1,420
Tokyo
2006
2018
Kawasaki-shi,
February
May
1,910
0.3
1,863
2,470
Kanagawa
2007
2018
Minato-ku,
February
May
2,690
0.5
2,702
3,050
Tokyo
2007
2018
Itabashi-ku,
February
May
937
0.2
967
1,050
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

999

1,220

698

0.1

671

821

2,400

0.4

2,167

2,730

1,850

0.3

1,762

2,320

1,500

0.3

1,530

1,750

801

0.1

808

971

785

0.1

755

957

2,560

0.5

2,435

2,960

2,360

0.4

2,296

2,910

1,260

0.2

1,182

1,500

1,790

0.3

1,733

2,160

34

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
1,918
2,210
Aichi
2008
2018
FebruaryMay
Osaka-shi, Osaka
909
0.2
909
1,180
2007
2018
June
May
Osaka-shi, Osaka
601
0.1
608
767
2006
2018
Fukuoka-shi,
February
May
1,940
0.3
1,902
2,240
Fukuoka
1996
2018
FebruaryMay
Taito-ku, Tokyo
1,930
0.3
1,881
2,230
2006
2018
Shibuya-ku,
September
May
3,340
0.6
3,361
3,820
Tokyo
2004
2018
FebruaryMay
Chuo-ku, Tokyo
6,250
1.1
6,150
7,370
2006
2018
Nagoya-shi,August
May
1,050
0.2
1,043
1,160
Aichi
2008
2018
Nagoya-shi,
July
May
812
0.1
830
939
Aichi
2007
2018
Fukuoka-shi,August
May
1,260
0.2
1,150
1,360
Fukuoka
2005
2018
Nagoya-shi,
February
May
1,580
0.3
1,612
1,790
Aichi
2006
2018
Bunkyo-ku,
August
May
1,360
0.2
1,324
1,520
Tokyo
2009
2018
Setagaya-ku,
February
May
2,270
0.4
2,212
2,650
Tokyo
2010
2018
Shinagawa-ku,
June
May
1,770
0.3
1,704
2,110
Tokyo
2009
2018
NovemberMay
Osaka-shi, Osaka
1,680
0.3
1,584
1,840
2007
2018
Shinagawa-ku,
September
May
2,400
0.4
2,367
3,180
Tokyo
2003
2018
Shinjuku-ku,
April
May
1,680
0.3
1,587
2,080
Tokyo
2009
2018
Minato-ku,
November
May
1,540
0.3
1,500
1,870
Tokyo
2009
2018
Meguro-ku,
February
May
861
0.2
835
1,040
Tokyo
2009
2018
Shinagawa-ku,
May
May
1,030
0.2
984
1,190
Tokyo
2009
2018
Nakano-ku,
June
May
1,870
0.3
1,798
2,110
Tokyo
2009
2018
Nakano-ku,
October
May
1,020
0.2
971
1,120
Tokyo
2009
2018
Nakano-ku,
February
May
984
0.2
948
1,120
Tokyo
2009
2018
Nakano-ku,
October
May
1,160
0.2
1,096
1,290
Tokyo
2009
2018
Suginami-ku,
March
May
1,160
0.2
1,122
1,380
Tokyo
2009
2018
Sumida-ku,
April
May
2,490
0.4
2,370
2,900
Tokyo
2010
2018
NovemberMay
Kita-ku, Tokyo
3,290
0.6
3,208
3,700
2009
2018
July
May
Kita-ku, Tokyo
1,650
0.3
1,548
1,890
2010
2018
Shinjuku-ku,
November
May
1,580
0.3
1,483
2,040
Tokyo
2012
2018
NovemberMay
Chuo-ku, Tokyo
1,460
0.3
1,360
1,740
2012
2018
Chiyoda-ku,
March
May
1,960
0.4
1,843
2,280
Tokyo
2013
2018
Shinagawa-ku,
January
May
2,910
0.5
2,857
3,610
Tokyo
2011
2018
Chiyoda-ku,
October
May
555
0.1
585
636
Tokyo
2006
2018
Nagoya-shi,
October
May
2,460
0.4
2,325
2,630
Aichi
2007
2018
Fukuoka-shi,
February
May
2,430
0.4
2,534
2,780
Fukuoka
2006
2018

35

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-088
R-089
R-091
R-092
R-093
Residence

Property Name

R-094
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

R-112

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
Sha Maison Stage
Kanazawa Nishiizumi
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
Kuramae
Esty Maison
Yokohama-aobadai(Note 13)

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)
Sumida-ku,
January
May
8,250
1.5
7,821
10,700
Tokyo
2008
2018
SeptemberMay
Koto-ku, Tokyo
8,630
1.6
8,220
12,0002007
2018
Nagoya-shi,
April
May
2,070
0.4
2,130
2,240
Aichi
2007
2018
Nagoya-shi,
November
May
4,490
0.8
4,487
5,080
Aichi
1999
2018
May
May
Koto-ku, Tokyo
1,930
0.3
1,805
2,260
2013
2018
Shinagawa-ku,
February
May
1,960
0.4
1,865
2,250
Tokyo
2014
2018
Sapporo-shi,
December
May
3,160
0.6
3,000
3,280
Hokkaido
2008
2018
Sapporo-shi,
November
May
1,930
0.3
1,783
2,070
Hokkaido
2009
2018
Sapporo-shi,
October
May
1,250
0.2
1,159
1,290
Hokkaido
2009
2018
Fukuoka-shi,
February
May
2,309
0.4
2,105
2,495
Fukuoka2011
2018
Sumida-ku,
January
May
1,910
0.3
1,798
2,120
Tokyo
2011
2018
Shibuya-ku,
June
May
4,360
0.8
4,224
5,930
Tokyo
2014
2018
Kanazawa-shi,
September
May
1,080
0.2
988
990
Ishikawa
2007
2018
Yokkaichi-shi,
April
May
830
0.1
748
836
Mie
2009
2018
JanuaryMay
Hino-shi, Tokyo
1,390
0.3
1,361
1,560
2010
2018
Yokohama-shi,
Kanagawa

4,870

0.9

4,546

5,180

Kobe-shi, Hyogo

5,880

1.1

5,137

6,340

2,430

0.4

2,366

2,720

3,010

0.5

2,884

3,280

1,040

0.2

1,046

1,260

4,900

0.9

4,751

5,380

4,220

0.8

4,070

4,270

655

0.1

624

740

7,950

1.4

7,870

11,100

3,700

0.7

3,643

4,770

1,680

0.3

1,661

2,150

2,520

0.5

2,499

3,380

3,400

0.6

3,384

4,760

6,050

1.1

5,659

7,680

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

433

437

2,040

0.4

2,032

2,540

2,600

0.5

2,579

3,070

Taito-ku, Tokyo

2,190

0.4

2,167

2,600

Yokohama-shi,
Kanagawa

3,020

0.5

2,988

3,660

36

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

July
1990

Type

Property
No.
(Note 1)
R-113
R-114
R-115
R-116
R-117
R-118

Residence

R-119
R-120
R-121
R-122
R-123
R-124

Location(Note 2)

Property Name

Esty Maison
Shizuoka-shi,
Shizuoka Takajo
Shizuoka
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
Residence Subtotal

Officebuilding

10,5001.9

11,056

10,900July
2018

August
2022

2,200

0.4

2,256

2,670

February
2020

August2022

270,46648.8

264,490317,384－－
December2014
May 2016
May 2017
June 2019
December
2014
December
2014
June 2019

O-001

Garden City Shinagawa Shinagawa-ku,
GotenyamaTokyo

71,95013.0

69,57088,000February
2011

O-002

Gotenyama SH
Building (Note 15)

Shinagawa-ku,
Tokyo

51,5009.3

49,18763,500February
2011

O-003

Hommachi Minami
Garden City

Osaka-shi, Osaka

44,0007.9

41,931

54,600February
2011

Osaka-shi, Osaka

38,6007.0

35,88544,600

May
2010

May
2015

Osaka-shi, Osaka

4,400

0.8

4,190

6,240

July
2015

May
2016

Nagoya-shi,
Aichi

6,350

1.1

6,112

7,320

March
2011

Minato-ku,
Tokyo50,0009.0

49,985

52,100January
2006

May
2016
June 2019
November
2021

266,800

48.1

256,861

316,360－－

17,2003.1

16,636

16,800

May
2010

May
2017

Hotel Subtotal

17,2003.1

16,636

16,800－－

Portfolio Total

554,466

100.0

537,989

650,544

－

－

O-004
O-005
O-006

Hommachi Garden City
(Office building
portion) (Note 16)
HK Yodoyabashi
Garden Avenue(Note 17)
Hirokoji Garden
AvenueO-007

Akasaka Garden City
(Note 18)

H-001

Hommachi Garden City
(Hotel portion)
Osaka-shi, Osaka(Note 16)

Office Building Subtotal
HotelBook 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)February
January
660
0.1
658
665
2006
2020
January
April
865
0.2
865
949
2006
2020
February
April
2,190
0.4
2,262
2,230
2009
2021
February
April
900
0.2
932
951
2012
2021
January
April
660
0.1
679
697
2014
2021
December September
2,580
0.5
2,632
2,740
2019
2021
AugustSeptember
2,310
0.4
2,351
2,480
2018
2021
February
September
1,530
0.3
1,567
1,600
2019
2021
NovemberFebruary
10,0001.8
10,183
11,1002019
2022
February
February
4,800
0.9
4,942
5,110
2019
2022

(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.
(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.
(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%)).

37

(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 by 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) For Gotenyama SH Building, SHR has decided to dispose of the real estate trust beneficiary interest on March 29, 2023, and has entered intoa sale and purchase agreement as described in "1. Operation Status (1) Operation Status 3. Significant Subsequent Events (Reference
Information)" mentioned previously.
(Note 16) "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. The same applies hereinafter.
(Note 17) 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 18) 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. The same applies hereinafter.

38

(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

5,242.83

95.1

12,019.10

1,927.77

95.5

0.4

1

2,062.10

1,843.00

89.4

24

0.2

1

781.02750.27

96.1

45

0.3

1

1,706.54

1,607.18

94.2

48

0.3

1

1,881.19

1,836.48

97.6

67

0.4

1

2,978.28

2,936.59

98.6

Property
No.

Property Name

R-001

Esty Maison Ginza

176

1.1

1

R-002

Esty Maison
Azabunagasaka

49

0.3

R-003

Esty Maison Ebisu II

55

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

3,667.00

98.0

R-010

Esty Maison Kameido

54

0.4

1

2,279.21

2,255.00

98.9

R-011

Esty Maison Meguro

30

0.2

1

1,070.13

1,016.19

95.0

R-012

Esty Maison Sugamo

52

0.3

1

2,619.17

2,549.14

97.3

R-013

Esty Maison Kyobashi

89

0.6

1

4,613.04

4,444.20

96.3

R-014

Esty Maison Hakuraku

30

0.2

1

1,285.83

1,263.59

98.3

R-015

Esty Maison
Minamihorie

34

0.2

1

1,804.48

1,753.74

97.2

R-016

Esty Maison Gotanda

95

0.6

1

3,871.15

3,707.80

95.8

79

0.5

1

2,979.85

2,916.67

97.9

62

0.4

1

2,602.30

2,538.48

97.5

30

0.2

1

1,082.12

1,040.50

96.2

64

0.4

1

2,824.86

2,803.99

99.3

65

0.4

1

1,755.31

1,711.03

97.5

30

0.2

1

1,274.49

1,254.71

98.4

31

0.2

1

1,176.78

1,176.78

100.0

23

0.2

1

897.30897.30

100.0

87

0.6

1

9,106.08

8,982.90

98.6

65

0.4

1

3,924.58

3,841.31

97.9

53

0.3

1

3,118.11

3,004.10

96.3

30

0.2

1

2,163.98

2,088.74

96.5

24

0.2

1

894.64868.21

97.0

77

0.5

1

4,036.66

3,939.47

97.6

96

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

35

0.2

1

1,611.54

1,566.58

97.2

R-040

Esty Maison
Musashikoganei

56

0.4

1

2,275.24

2,186.24

96.1

R-041

Prime Maison Gokiso

65

0.4

1

4,427.65

4,095.22

92.5

R-042

Prime Maison
Yuhigaoka

30

0.2

1

2,040.35

1,966.96

96.4

39

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

1,798.97

100.0

69

0.5

1

7,514.76

7,514.76

100.0

R-045

Esty Maison Akihabara

56

0.4

1

2,324.65

2,177.12

93.7

R-046

Esty Maison Sasazuka

91

0.6

1

3,701.70

3,629.60

98.1

R-047

Prime Maison
Ginza East

179

1.2

1

6,177.20

6,177.20

100.0

R-048

Prime Maison Takami

32

0.2

1

2,016.79

1,870.00

92.7

R-049

Prime Maison
Yadaminami

28

0.2

1

2,168.59

2,086.20

96.2

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

38

0.3

1

1,498.13

1,473.79

98.4

R-053

Esty Maison Daizawa

61

0.4

1

2,352.90

2,324.55

98.8

R-054

Esty Maison Togoshi

51

0.3

1

1,943.17

1,943.17

100.0

50

0.3

1

2,877.90

2,718.70

94.5

73

0.5

1

2,675.11

2,445.99

91.4

48

0.3

1

1,889.50

1,780.52

94.2

43

0.3

1

1,199.86

1,199.86

100.0

24

0.2

1

1,035.78

1,035.78

100.0

30

0.2

1

1,073.59

1,045.37

97.4

54

0.4

1

2,023.72

1,900.21

93.9

28

0.2

1

1,107.57

1,107.57

100.0

28

0.2

1

1,299.60

1,299.60

100.0

35

0.2

1

1,531.89

1,531.89

100.0

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

1,471.94

96.4

R-066

Esty Maison Oshiage

73

0.5

1

3,180.90

3,117.15

98.0

R-067

Esty Maison Akabane

99

0.6

1

4,302.84

4,226.30

98.2

R-068

Esty Maison Oji

49

0.3

1

2,289.44

2,238.36

97.8

R-069

Prime Maison Waseda

46

0.3

1

1,650.66

1,600.66

97.0

R-070

Prime Maison
Hatchobori

36

0.2

1

1,382.32

1,252.82

90.6

R-071

Prime Maison Jimbocho

54

0.4

1

1,819.90

1,769.94

97.3

88

0.6

1

2,512.91

2,512.91

100.0

15

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

70

0.5

1

4,809.68

4,642.82

96.5

R-075

Esty Maison Yakuin

75

0.5

1

5,213.51

5,175.78

99.3

R-076

Esty Maison
Kinshicho II

230

1.5

1

9,469.65

9,254.59

97.7

R-077

Esty Maison Ojima

257

1.7

1

9,905.97

9,772.77

98.7

R-078

Prime Maison Fujimidai

69

0.5

1

5,704.63

5,247.77

92.0

R-079

Esty Maison Tsurumai(Note 5)

156

1.0

1

13,812.40

13,812.40

100.0

40

Type

Property
No.

Property Name

R-080

Prime Maison Morishita

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

Leased Area(㎡)
(Note 5)

Occupancy
Rate (%)(Note 6)

56

0.4

1

2,180.78

2,155.77

98.9

59

0.4

1

2,107.88

2,014.05

95.5

115

0.8

1

7,360.37

6,797.36

92.4

75

0.5

1

6,019.09

5,879.43

97.7

51

0.3

1

4,102.08

3,989.63

97.3

90

0.6

1

10,268.74

10,207.60

99.4

56

0.4

1

3,409.16

3,409.16

100.0

R-087

Prime Maison Ebisu

114

0.7

1

3,010.66

3,010.66

100.0

R-088

Sha Maison Stage
Kanazawa Nishiizumi

40

0.3

1

4,634.50

4,634.50

100.0

R-089

Esty Maison Unomori

27

0.2

1

2,280.00

2,280.00

100.0

R-091

Sha Maison Stage Hino

49

0.3

1

2,827.55

2,773.62

98.1

142

0.9

1

5,461.13

5,234.71

95.9

219

1.4

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

64

0.4

1

1,972.59

1,805.79

91.5

R-095

Prime Maison Hatsudai

82

0.5

1

2,879.20

2,737.71

95.1

Esty Maison
Uemachidai
Prime Maison
Shirokane-takanawa
Prime Maison
Ichigayayamabushicho

33

0.2

1

2,225.52

2,107.89

94.7

113

0.7

1

3,923.76

3,543.00

90.3

101

0.7

1

4,099.04

3,755.33

91.6

R-100

Esty Maison Morishita

20

0.1

1

748.92723.58

96.6

R-101

Prime Maison
Shirokanedai Tower

235

1.5

1

6,772.89

6,415.68

94.7

R-102

Prime Maison Otsuka

113

0.7

1

3,921.35

3,729.98

95.1

50

0.3

1

2,033.06

1,808.13

88.9

73

0.5

1

1,779.17

1,730.17

97.2

116

0.8

1

3,569.73

3,043.30

85.3

483

3.1

1

23,538.73

22,917.24

97.4

R-096
R-098
R-099
ResidencePrime 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)

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

56

0.4

1

1,387.12

1,387.12

100.0

R-110

Prime Maison Hongo

69

0.5

1

2,423.46

2,202.47

90.9

R-111

Prime Maison Kuramae

61

0.4

1

2,259.40

1,932.13

85.5

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

29

0.2

1

2,170.80

2,089.20

96.2

20

0.1

1

1,240.28

1,240.28

100.0

59

0.4

1

1,991.72

1,991.72

100.0

48

0.3

1

1,335.62

1,335.62

100.0

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

41

Type

Residence

Occupancy
Rate (%)(Note 6)

1,499.10

1,499.10

100.0

16,033.98

5,855.76

97.0

0.8

1

4,557.89

4,356.85

95.6

609

4.0

1

29,048.95

28,258.00

97.3

55

0.4

1

1,819.35

1,704.07

93.7

8,642

56.3

12 422,988.49

411,275.33

97.2

1,633

10.6

1

38,577.99

32,611.77

84.5

1,088

7.1

1

19,999.97

19,999.97

100.0

1,311

8.5

1

29,657.53

29,657.53

100.0

903

5.9

1

17,006.94

17,006.94

100.0

167

1.1

1

4,554.52

4,554.52

100.0

208

1.4

1

4,442.75

4,442.75

100.0

999

6.5

1

21,735.43

18,995.17

87.4

R-120

Prime Maison Ryogoku

33

0.2

1

R-121

Prime Maison
Nakameguro

221

1.4

R-122

Prime Maison Itabashi

117

R-124

Prime Maison
EGOTANOMORI
Prime Maison
Waseda dori

Residence Subtotal
O-001
O-002
O-003
O-004
O-005
O-006
O-007

Garden City Shinagawa
Gotenyama (Note 3)
Gotenyama SH
Building
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)

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

6,313

41.1

4 135,975.13

127,268.65

93.6

Hommachi Garden City
(Hotel portion)

402

2.6

1

18,092.98

18,092.98

100.0

Hotel Subtotal

402

2.6

1

18,092.98

18,092.98

100.0

Portfolio Total

15,358100.0

16 577,056.60

556,636.96

96.5(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 andAkasaka Garden City where pass-through type master lease agreements have been concluded is 17, 16, 8, 7 and 18, respectively, as of the endof the fiscal period under review.
(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’sStudent Housing have entered into a pass-through master lease agreement with a master lease company for the commercial store portion, and afixed master lease rend for the residential portion. For Akasaka Garden City, the figure indicates 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.

42

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

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

194,533.24

34.9

9,548

1,231

(Note 5)

116,364.39

20.9

10,097

8,575(Note 6)

57,693.04

10.4

1,417

178

(Note 7)35,495.96

6.4

584

62

(Note 8)23,580.05

4.2

691

52

(Note 9)Sha Maison Stage
Hirose-dori

2,552.40

0.5

54

5

(Note 10)

Esty Maison
Uemachidai

2,107.89

0.4

61

4

(Note 11)Main Tenant Total

432,326.97

77.7

22,456

10,110－

Portfolio Total

556,636.96

100.0

29,305

14,380－Tenant name

Industry

Property nameSekisui 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

Esty Maison
Ginza, and 61
other properties
Garden City
Shinagawa
Gotenyama, and 3other properties
Prime Maison
Higashisakura, and14 otherproperties
Sha Maison
Stage Hakata,and 4 otherproperties
Esty Maison
Minamihorie, and4 other properties

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

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

Leasedarea (m2)Security
deposits/guarantees(million yen)
(Note 3)(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 2022 to April 2023 (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 Akasaka Garden City, the amount corresponding to the quasi-co-ownership interest held by SHR isused. 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 periodof time during a specified lease term.

43

(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 "Akasaka Garden City", the amount corresponding 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, 2023

Esty Maison Azabujuban

June 10, 2023

Esty Maison Itabashi C6June 30, 2023

Esty Maison Akihabara

July 31, 2023

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, 2023
September 13, 2023

September 30, 2023

Esty Maison Itabashihoncho

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

October 22, 2023

Esty Maison Minamiazabu

October 31, 2023

Prime Maison Shirokane-takanawa

January 20, 2024

Sha Maison Stage Akihabara

January 28, 2024

Prime Maison Yokohama Nihon-odori

January 30, 2024

Esty Maison Kameido

January 31, 2024

Esty Maison Meguro, Esty Maison Kinshicyo

March 27, 2024

Esty Maison Kawasaki II

March 31, 2024

Esty Maison Musashikoganei

April 2, 2024

Esty Maison Hakuraku

November 3, 2024

Sha Maison Stage Yahiro

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

44

November 30, 2024

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

January 31, 2025

Prime Maison Ebisu

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

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

August 31, 2032

Prime Maison EGOTANOMORI

August 31, 2032

Prime Maison Waseda dori

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

45

(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

Property nameContract renewal method

If there is no notification of intention 3 months prior to
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
May 18, 2024
Hommachi Garden Cityprior 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
Garden City Shinagawa Gotenyama, Hommachi Minami
December 2, 2024
prior to the expiration of the contract expiration date, it
Garden City
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(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.
March 31, 2024

Akasaka Garden City (2nd acquisition portion)

Contract expiration date

Property nameContract renewal method

January 31, 2024

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

March 31, 2024

Prime Maison Gokiso

April 30, 2024

Prime Maison Fujimidai

April 30, 2024

Esty Maison Tsurumai

January 31, 2025

Esty Maison Shizuoka Takajo
Sha Maison Stage Kanazawa Nishiizumi, Esty Maison
Unomori
Esty Maison HIGASHIBETSUIN, Esty Maison
SHIRAKABEMINAMI
Esty Maison Higashishirakabe

September 30, 2023

March 31, 2025
March 31, 2026
September 30, 2027

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 name

January 31, 2024

Esty Maison Ijiri

November 30, 2024

Prime Maison Central Park

January 31, 2027

Sha Maison Stage Hakata

March 31, 2027

Prime Maison Momochihama

Contract renewal method
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

September 30, 2027
Prime Maison Teriha(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 29, 2024

Esty Maison Nishitemma

March 8, 2024

Esty Maison Minamihorie

March 31, 2024

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

Contract expiration date

Kobe Women's Student Housing

Property nameContract renewal method

Terminate at the end of the contract period due to a
April 30, 2025
Sha Maison Stage Hirose-dori
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.
Contract expiration date
April 30, 2026

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

46(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)

7,980

8,260

3.2

7,860

3.4

3.4

272

2,030

2,090

3.3

2,010

3.4

3.5

73

2,490

2,560

3.3

2,460

3.4

3.5

88

940

968

3.2

928

3.3

3.4

33

1,980

2,020

3.3

1,960

3.4

3.5

69

1,910

1,930

3.5

1,900

3.5

3.7

69

2,610

2,640

3.5

2,590

3.5

3.7

96

2,910

2,960

3.6

2,890

3.6

3.8

111

1,930

1,960

3.8

1,920

3.6

4.0

79

1,440

1,460

3.1

1,420

2.9

3.2

47

1,880

1,910

3.6

1,840

3.4

3.8

72

3,200

3,260

4.1

3,180

4.0

4.2

139

993

1,010

4.0

985

3.8

4.2

44

1,170

1,190

3.9

1,140

3.7

4.1

50

3,680

3,710

3.7

3,670

3.4

3.9

142

3,130

3,180

3.5

3,110

3.3

3.7

116

2,540

2,590

3.6

2,480

3.4

3.8

96

1,420

1,450

3.3

1,380

3.1

3.5

50

2,470

2,520

3.8

2,420

3.6

4.0

97

3,050

3,120

3.3

2,980

3.1

3.5

104

1,050

1,070

3.7

1,020

3.5

3.9

42

47

Type

PropertyNo.

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.
Sha Maison Stage Japan Real
R-038
HakataEstate InstituteChuo Real
Esty Maison
EstateR-039
Kinshicho
Appraisal Co.,Ltd.
Tanizawa Sogo
Esty Maison
R-040
Appraisal Co.,
Musashikoganei
Ltd.
Tanizawa Sogo
Prime Maison
R-041
Appraisal Co.,
GokisoLtd.
Prime Maison
Japan Real
R-042
Yuhigaoka
Estate InstitutePrime Maison
Japan Real
R-043
Kitatanabe
Estate InstitutePrime Maison
Tanizawa Sogo
R-044 Momochihama
Appraisal Co.,
(Note 2)Ltd.
Chuo Real
Esty Maison
EstateR-045
Akihabara
Appraisal Co.,Ltd.
DAIWA REAL
Esty Maison
ESTATE
R-046
Sasazuka
APPRAISAL
CO., LTD.
Chuo Real
Prime Maison
EstateR-047
Ginza East
Appraisal Co.,Ltd.
Tanizawa Sogo
Prime Maison
R-048
Appraisal Co.,
TakamiLtd.
Tanizawa Sogo
Prime Maison
R-049
Appraisal Co.,
Yadaminami
Ltd.
DAIWA REAL
Prime Maison
ESTATE
R-050
TerihaAPPRAISAL
CO., LTD.
Esty Maison
Tanizawa Sogo
R-051 Higashishirakabe Appraisal Co.,
(Note 3)
Ltd.
R-027

Residence

Property Name

Esty Maison
Musashikoyama

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)

1,220

1,240

3.7

1,190

3.5

3.9

47

821

836

3.7

805

3.5

3.9

33

2,730

2,760

4.3

2,710

4.3

4.4

130

2,320

2,340

4.0

2,310

3.9

4.2

100

1,750

1,760

4.0

1,740

4.0

4.2

75

971

979

4.2

968

4.2

4.4

44

957

979

3.5

948

3.6

3.7

36

2,960

3,000

3.7

2,940

3.5

3.9

118

2,910

2,890

4.3

2,920

3.5

4.5

142

1,500

1,530

3.5

1,490

3.3

3.7

56

2,160

2,210

3.6

2,140

3.7

3.8

85

2,210

2,220

4.2

2,200

4.2

4.4

99

1,180

1,190

3.7

1,170

3.5

3.8

45

767

771

3.9

762

3.7

4.0

31

2,240

2,250

4.2

2,230

3.9

4.4

109

2,230

2,260

3.5

2,210

3.3

3.7

84

3,820

3,890

3.5

3,790

3.3

3.7

145

7,370

7,470

3.4

7,330

3.2

3.6

261

1,160

1,170

4.1

1,150

4.2

4.3

51

939

948

4.2

935

4.2

4.4

42

1,360

1,360

4.6

1,360

4.4

4.8

73

1,790

1,820

4.2

1,770

4.1

4.4

79

48

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

3.4

1,510

3.2

3.6

55

2,650

2,700

3.4

2,630

3.2

3.6

94

2,110

2,160

3.4

2,090

3.5

3.6

76

1,840

1,880

3.8

1,820

3.9

4.0

75

3,180

3,210

3.2

3,150

3.0

3.3

106

2,080

2,140

3.4

2,060

3.5

3.6

75

1,870

1,910

3.2

1,850

3.3

3.4

63

1,040

1,060

3.3

1,030

3.4

3.5

36

1,190

1,210

3.5

1,180

3.3

3.7

44

2,110

2,140

3.5

2,090

3.3

3.7

79

1,120

1,140

3.6

1,110

3.4

3.8

42

1,120

1,140

3.5

1,110

3.6

3.7

41

1,290

1,310

3.6

1,280

3.4

3.8

49

1,380

1,410

3.4

1,370

3.5

3.6

49

2,900

2,950

3.6

2,880

3.6

3.8

111

3,700

3,760

3.7

3,680

3.5

3.9

145

1,890

1,920

3.7

1,880

3.5

3.9

74

2,040

2,060

3.2

2,020

3.0

3.3

68

1,740

1,760

3.2

1,720

3.0

3.3

58

2,280

2,320

3.4

2,260

3.2

3.6

81

3,610

3,630

3.2

3,600

3.0

3.4

119

49

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
Sha Maison StageESTATE
R-088 Kanazawa
APPRAISAL
Nishiizumi
CO., LTD.
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.

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)

636

647

3.6

631

3.4

3.8

25

2,630

2,670

4.0

2,610

4.0

4.2

113

2,780

2,840

3.8

2,760

3.9

4.0

115

10,70010,8003.3

10,600

3.1

3.4

368

12,00012,1003.3

11,800

3.1

3.4

411

2,240

2,270

4.4

2,230

4.2

4.6

107

5,080

5,130

4.5

5,060

4.3

4.7

244

2,260

2,300

3.5

2,240

3.5

3.7

83

2,250

2,300

3.5

2,230

3.3

3.7

81

3,280

3,300

4.0

3,250

3.8

4.1

148

2,070

2,070

4.1

2,060

3.9

4.2

99

1,290

1,290

4.1

1,290

3.9

4.2

63

2,495

2,370

4.6

2,360

4.4

4.7

127

2,120

2,140

3.9

2,110

3.7

4.1

87

5,930

6,010

2.9

5,850

2.7

3.0

178

990

1,000

4.9

986

4.7

5.1

55

836

844

5.0

833

4.8

5.2

45

1,560

1,570

4.1

1,560

3.9

4.2

69

5,180

5,270

3.8

5,080

3.6

4.0

211

6,340

6,370

4.2

6,310

4.0

4.3

308

2,720

2,770

3.4

2,660

3.2

3.6

97

3,280

3,350

3.5

3,210

3.3

3.7

121

1,260

1,270

3.8

1,250

3.5

4.0

50

50

Type

Property
No.

R-098
R-099

R-100

R-101
R-102
R-103
R-104
R-105
R-106

R-108

R-109
Residence
R-110

R-111

R-112

R-113

R-114

R-115

R-116

R-117

R-118

Property Name

Appraiser

JLL Morii
Prime Maison
Valuation&Advisory
Shirokane-takanawa
K.K.
Rich Appraisal
Prime Maison
Institute Co.,
Ichigayayamabushicho
Ltd.
Chuo Real
Esty Maison
EstateMorishitaAppraisal Co.,Ltd.
Prime Maison
Tanizawa Sogo
Shirokanedai
Appraisal Co.,
Tower
Ltd.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
OtsukaLtd.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
Asakusabashi
Ltd.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
Daikanyama
Ltd.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
Gotenyama WestLtd.
Esty Maison
Tanizawa Sogo
Toyosu Residence Appraisal Co.,
(Note 5)Ltd.
DAIWA REALESTATE
Esty Maison Ijiri
APPRAISAL
CO., LTD.
Chuo Real
Prime Maison
EstateMitatsunamachi
Appraisal Co.,Ltd.
Chuo Real
Prime Maison
EstateHongo
Appraisal Co.,Ltd.
Chuo Real
Prime Maison
EstateKuramaeAppraisal Co.,
Ltd.
Esty
North Chuo Real
MaisonEstateYokohama
Appraisal Co.,-aobadai
South
Ltd.
(Note 6)DAIWA REAL
Esty Maison
ESTATE
Shizuoka Takajo APPRAISALCO., LTD.
Chuo RealSha Maison Stage Estate
Hirose-doriAppraisal Co.,Ltd.
DAIWA REAL
Esty Maison
ESTATEHIGASHIAPPRAISALBETSUIN
CO., LTD.
DAIWA REAL
Esty Maison
ESTATE
KayabaAPPRAISAL
CO., LTD.
DAIWA REAL
Esty Maison
ESTATESHIRAKABEAPPRAISALMINAMI
CO., LTD.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
Shimokitazawa
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)

5,380

5,500

3.4

5,250

3.2

3.6

193

4,270

4,380

3.4

4,220

3.2

3.6

156

740

752

3.6

735

3.4

3.8

27

11,10011,4003.2

11,000

3.3

3.4

367

4,770

4,870

3.4

4,720

3.5

3.6

168

2,150

2,200

3.4

2,130

3.5

3.6

76

3,380

3,470

3.2

3,340

3.3

3.4

113

4,760

4,860

3.3

4,720

3.4

3.5

164

7,680

7,870

－

7,600

3.7

－

365

437

439

4.3

436

4.1

4.5

20

2,540

2,570

3.4

2,520

3.2

3.6

88

3,070

3,110

3.4

3,050

3.2

3.6

108

2,600

2,650

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

665

671

4.8

663

4.6

5.0

36

949

962

4.0

944

3.8

4.2

43

2,230

2,240

4.2

2,220

4.0

4.4

101

951

961

4.4

946

4.2

4.6

44

697

702

4.2

695

4.0

4.4

30

2,740

2,820

3.2

2,710

3.3

3.4

91

3,660

51

153

Type

PropertyNo.

Prime Maison
MeguroResidence Subtotal
Garden City
O-001 Shinagawa
Gotenyama
O-002

Officebuilding

Gotenyama SH
Building－
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.
Office Building Subtotal

Hotel

Appraiser

Tanizawa Sogo
Appraisal Co.,Ltd.
Tanizawa Sogo
Prime Maison
R-120
Appraisal Co.,
RyogokuLtd.
Tanizawa Sogo
Prime Maison
R-121
Appraisal Co.,
Nakameguro
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
R-119

Residence

Property Name－

Hommachi Garden
Japan Real
H-001 City (Hotel
Estate Instituteportion)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)

2,480

2,540

3.2

2,450

3.3

3.4

82

1,600

1,630

3.4

1,580

3.5

3.6

56

11,10011,4003.2

11,000

3.3

3.4

369

5,110

5,230

3.4

5,060

3.5

3.6

180

10,90010,700－11,000

4.1

－

540

2,670

2,680

3.1

2,660

2.9

3.2

83

317,384

322,109－314,350－－

12,31688,00091,1003.1

86,700

2.9

3.3

2,844

63,50065,0003.2

62,800

3.2

3.4

2,057

54,60056,100

3.5

54,000

3.2

3.7

1,995

44,60045,5003.3

43,700

3.1

3.5

1,544

6,240

6,410

3.5

6,160

3.6

3.7

229

7,320

7,470

3.9

7,250

3.7

4.1

297

52,10054,9003.2

50,900

3.0

3.4

1,749

316,360

326,480－

311,510－－

10,71916,80017,1003.6

16,500

3.4

3.8

656

Hotel Subtotal－

16,80017,100－16,500－－656

Portfolio Total－

650,544665,689－642,360－－

23,691(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.

52

(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 "Akasaka Garden City" are the amounts corresponding to the portion
held by SHR.

53

(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
SeasideEsty Maison
R-019
Minamiazabu

－

－

3,901

R-021 Esty Maison Kawasaki II

－

－

2,485

R-022 Esty Maison Azabujuban

－

－

2,087

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

－

－

4,127

－

－

2,876

－

－

3,204

－

－

15,365

100

－

8,411

－

－

7,401

－

－

4,493

－

－

2,583

－

－

8,364

R-023
R-027
R-028
R-030
R-033
R-034
R-035
R-036

R-037 Esty Maison Itabashi C6
Sha Maison Stage
R-038
Hakata－－22,549R-039 Esty Maison Kinshicho

－

－

4,061

Esty Maison
R-040
Musashikoganei

－

－

8,557

R-041 Prime Maison Gokiso

－

－

8,652

R-042 Prime Maison Yuhigaoka

－

－

3,703

54

Date of PML Value
Investigation(%)(Note 5)(Note 6)2,003 Tokyo Bldg-Tech Center Co.,Ltd

4.3
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
7.3

April
2020

April
399 SOMPO Risk Management Inc.
2020
October
793 Tokyo Bldg-Tech Center Co.,Ltd
2020
October
488 Tokyo Bldg-Tech Center Co.,Ltd
2020
DAIWA REAL ESTATE
April
400
APPRAISAL CO.,LTD.
2021
October
318 Tokyo Bldg-Tech Center Co.,Ltd
2020
DAIWA REAL ESTATE
April
270
APPRAISAL CO.,LTD.
2021
October
2,264 SOMPO Risk Management Inc.
2021
October
1,249 SOMPO Risk Management Inc.
2021
DAIWA REAL ESTATE
April
980
APPRAISAL CO.,LTD.
2023
DAIWA REAL ESTATE
October644
APPRAISAL CO.,LTD.
2022
October
319 SOMPO Risk Management Inc.
2022
October
1,364 Tokyo Bldg-Tech Center Co.,Ltd
2022
DAIWA REAL ESTATE
April
2,821
APPRAISAL CO.,LTD.
2023
October
572 SOMPO Risk Management Inc.
2022
October
643 Tokyo Bldg-Tech Center Co.,Ltd
2022
DAIWA REAL ESTATE
October
1,292
APPRAISAL CO.,LTD.
2022
DAIWA REAL ESTATE
September
509
APPRAISAL CO.,LTD.
2017

7.3
8.2
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－－

12,352

R-048 Prime Maison Takami

－

－

5,480

Prime Maison
R-049
Yadaminami

－

－

4,700

R-050 Prime Maison Teriha－－

14,870Esty Maison
R-051
Higashishirakabe

－

－

5,815

R-052 Esty Maison Sengoku

－

－

2,914

R-053 Esty Maison Daizawa

－

－

3,362

R-054 Esty Maison Togoshi

－

－

4,231

R-055 Esty Maison Nishitemma

－

－

7,713

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

－

－

5,530

－

－

4,235

R-058 Esty Maison Motoazabu

－

－

3,320

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

－

－

1,820

－

－

2,250

R-061 Esty Maison Nakano

－

－

4,618

R-062 Esty Maison Shinnakano

－

－

2,360

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

－

－

2,050

－

－

2,890

R-065 Esty Maison Koenji

－

－

2,540

R-066 Esty Maison Oshiage

－

－

7,330

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

－

－

8,789

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)

55

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
TOKIO MARINE & NICHIDO
March
2,022
RISK CONSULTING CO.,LTD.
2018
March
625 ERI SOLUTION CO.,LTD.
2018
March
547 ERI SOLUTION CO.,LTD.
2018
March
1,455 ERI SOLUTION CO.,LTD.
2018
March
976 Tokyo Bldg-Tech Center Co.,Ltd2018
TOKIO MARINE & NICHIDO October
489
RISK CONSULTING CO.,LTD.
2018
TOKIO MARINE & NICHIDO October
708
RISK CONSULTING CO.,LTD.
2018
October
600 Tokyo Bldg-Tech Center Co.,Ltd
2018
DAIWA REAL ESTATE
October
968
APPRAISAL CO.,LTD.
2018
DAIWA REAL ESTATE
October
738
APPRAISAL CO.,LTD.
2018
DAIWA REAL ESTATE
October
547
APPRAISAL CO.,LTD.
2018
October
541 ERI SOLUTION CO.,LTD.
2018
October
314 ERI SOLUTION CO.,LTD.
2018
October
355 ERI SOLUTION CO.,LTD.
2018
October
602 Tokyo Bldg-Tech Center Co.,Ltd2018
October
370 ERI SOLUTION CO.,LTD.
2018
October
381 ERI SOLUTION CO.,LTD.
2018
October
473 ERI SOLUTION CO.,LTD.
2018
October
435 ERI SOLUTION CO.,LTD.
2018
DAIWA REAL ESTATE
October
1,042
APPRAISAL CO.,LTD.
2018
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
1,337 SOMPO Risk Management Inc.
2019
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

Property
No.

Property Name

Repair Expenses at the Time of
Building
Investigation (thousand yen) (Note Replacement
2)
Cost (million

Survey Company(Note 4)Emergency Short-term Long-term yen) (Note 3)

Residence

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

Sha Maison Stage
R-088
Kanazawa Nishiizumi

－

－

9,843

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

－

－

677

R-102 Prime Maison Otsuka

－

－

751

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

－

－

171

－

－

3,649

－

－

7,060

－

－

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

56

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
October
1,129
APPRAISAL CO.,LTD.
2021
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
April
2,389 Tokyo Bldg-Tech Center Co.,Ltd
2018
April
1,424 Tokyo Bldg-Tech Center Co.,Ltd
2018
April
671 Tokyo Bldg-Tech Center Co.,Ltd
2018
April
852 Tokyo Bldg-Tech Center Co.,Ltd
2023
April
1,883 Tokyo Bldg-Tech Center Co.,Ltd
2018
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
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
0.6
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

Type

Residence

Officebuilding

Hotel

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)

Survey Company(Note 4)

R-119 Prime Maison Meguro

－

－

402

484 Tokyo Bldg-Tech Center Co.,Ltd

R-120 Prime Maison Ryogoku

－

－

132

471 Tokyo Bldg-Tech Center Co.,Ltd

Prime Maison
R-121
Nakameguro

－

－

797

2,072 Tokyo Bldg-Tech Center Co.,Ltd

R-122 Prime Maison Itabashi

－

－

741

1,665 Tokyo Bldg-Tech Center Co.,Ltd

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

－

－

3,772

10,249 Tokyo Bldg-Tech Center Co.,Ltd

－

－

157

644 Tokyo Bldg-Tech Center Co.,Ltd

Residence Subtotal

100

100

782,394

Garden City Shinagawa
O-001
Gotenyama－－

95,367O-002 Gotenyama SH Building

100

－

7,130

Hommachi Minami
O-003
Garden City
Hommachi Garden City
O-004
(Office building portion)
HK Yodoyabashi Garden
O-005
Avenue (Note 7)－－

33,225－－82,856－－

11,235O-006 Hirokoji Garden Avenue－－

14,428

Akasaka Garden City
O-007
(Note 9)－－21,917

Office Building Subtotal

100－

266,158

Hommachi Garden City
H-001
(Hotel portion)－－

59,274

133,884

Date of PML Value
Investigation(%)(Note 5)(Note 6)
July
2021
July
2021
January2022
January
2022
June
2022
June
2022
－

April
21,175 SOMPO Risk Management Inc.
2019
April
7,203 ERI SOLUTION CO.,LTD.
2020
TOKIO MARINE & NICHIDO
April
15,807RISK CONSULTING CO.,LTD.
2019
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

6.3
8.9
3.4
2.3
4.5
3.3
－
0.7
1.2
1.0
3.1
3.0
3.7
4.3

69,311－－8,920 SOMPO Risk Management Inc.

April
2023

3.2

Hotel Subtotal－－

59,274

8,920

－

－

Portfolio Total

200

100

1,107,826

212,116－

1.9(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. In addition, regarding the properties that were succeeded from SHI in connection with the Investment Corporation
merger, the building replacement cost has been reacquired as of November 2017. Therefore, among the properties owned by SHR as of the endof the fiscal period under review, those properties that were succeeded from SHI and whose dates listed in the above "Date of Investigation"column are before November 2017, the reacquired replacement cost is indicated.
(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 2023 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.
(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 "Akasaka Garden City" are the amounts corresponding to
the portion owned by SHR based on the figures for the entire property.

57

(e) Status of Major Real Estate Assets
Among the properties owned by SHR as of the end of the fiscal period under review, "Garden City
Shinagawa Gotenyama" falls under the category of a major real estate (buildings and facilities related toland that are recognized to be used as an integral part of the property, and whose total rental income
accounts for 10% or more of the total rental income of all assets held by SHR).
(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 Name

Esty Maison Ginza

Management Period

From
To

A. Total Rent Revenue – Real Estate

November 1, 2022
April 30, 2023
176,251

R-002
R-003
Esty Maison
Esty Maison Ebisu II
Azabunagasaka
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
49,98055,200R-004
Esty Maison Ebisu
November 1, 2022
April 30, 2023
24,368Rent Revenue – Real Estate

169,496

48,24553,00023,533

Other Lease Business Revenue

6,755

1,734

2,200

835

B. Total Operating Expenses

60,14817,72823,822

7,862

Subcontract Expenses

6,216

1,728

1,794

1,206

Property Management Fees

9,271

2,465

3,911

1,109

325

325

325

325

Utilities Expenses

2,307

626

979

365

Property and Other Taxes

10,215

3,112

2,798

1,133

Trust Fees

Insurance Expenses

140

43

54

18

Repair Expenses

8,487

2,391

3,381

187

Depreciation

18,362

6,400

7,504

3,314

Other Expenses Related to Rent Business

4,822

634

3,073

202

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

116,10232,252

31,377

16,505(Thousand yen)
Property No.

R-005

Property Name

Esty Maison Kanda

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

From
To

November 1, 2022
April 30, 2023
45,196

R-006
Esty Maison
Kitashinjuku
November 1, 2022
April 30, 2023
48,171

43,492

46,710

R-007
R-008
Esty Maison
Esty Maison Kawasaki
Asakusakomagata
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
67,02976,55463,94273,290

1,703

1,460

3,086

3,264

B. Total Operating Expenses

19,577

20,64233,756

41,572

Subcontract Expenses

1,632

2,436

3,108

3,126

Property Management Fees

2,353

2,238

3,751

4,262

Trust Fees

325

325

325

325

Utilities Expenses

953

436

712

1,374

2,023

2,118

3,749

3,492

Insurance Expenses

34

48

75

87

Repair Expenses

2,083

2,033

3,352

2,796

Depreciation

9,101

9,871

16,224

23,816

Other Expenses Related to Rent Business

1,069

1,134

2,456

2,291

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

25,61827,52833,272

34,982

Property and Other Taxes

58

(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, 2022
November 1, 2022
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
April 30, 2023
April 30, 2023
54,48130,35452,173
89,111

Rent Revenue – Real Estate

53,27528,99149,642

85,119Other Lease Business Revenue

1,205

1,363

2,530

3,991

B. Total Operating Expenses

24,69916,027

20,96946,570Subcontract Expenses

2,442

1,410

2,130

1,464

Property Management Fees

2,307

2,084

3,035

3,448

Trust Fees

325

325

325

325

Utilities Expenses

654

303

722

2,462

2,906

1,588

2,713

4,832

Property and Other Taxes
Insurance Expenses

55

24

49

92

Repair Expenses

846

3,324

2,524

3,985

14,262

5,559

7,352

26,971Other Expenses Related to Rent Business

899

1,409

2,117

2,987

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

29,781

14,326

31,20342,540Depreciation(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, 2022
April 30, 2023
30,12828,919

R-015
R-016
Esty Maison
Esty Maison Gotanda
Minamihorie
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
34,25995,20834,24290,280R-017
Esty Maison
Oisendaizaka
November 1, 2022
April 30, 2023
79,324
76,771

1,209

17

4,928

2,553

B. Total Operating Expenses

17,937

14,45939,23533,088Subcontract Expenses

1,682

2,044

81

3,084

Property Management Fees

1,848

1,187

5,700

4,229

Trust Fees

325

325

325

325

Utilities Expenses

654

451

37

669

1,512

1,995

5,854

3,745

Insurance Expenses

31

38

38

63

Repair Expenses

3,188

1,095

3,744

2,520

Depreciation

7,527

6,754

14,74016,705

Other Expenses Related to Rent Business

1,167

567

8,712

1,744

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

12,19019,80055,972

46,236

Property and Other Taxes

59

(Thousand yen)
Property No.

R-018
Esty Maison
Shinagawa Seaside
November 1, 2022
April 30, 2023
62,617

R-019
Esty Maison
Minamiazabu
November 1, 2022
April 30, 2023
30,415

R-021
Esty Maison
Kawasaki II
November 1, 2022
April 30, 2023
64,296

R-022
Esty Maison
Azabujuban
November 1, 2022
April 30, 2023
65,224

Rent Revenue – Real Estate

60,472

29,63561,43863,539Other Lease Business Revenue

2,144

779

2,857

1,684

B. Total Operating Expenses

32,675

15,52430,693

17,118Subcontract Expenses

3,114

2,388

2,383

2,442

Property Management Fees

4,191

2,328

3,757

3,164

Trust Fees

325

325

325

325

Utilities Expenses

950

376

741

866

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

3,757

1,750

3,198

2,519

Insurance Expenses

56

25

63

35

Repair Expenses

5,135

1,748

1,561

1,140

Depreciation

11,2993,608

17,3395,306

Other Expenses Related to Rent Business

3,844

2,973

1,323

1,318

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

29,942

14,89033,602

48,105(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-023
Esty Maison
Itabashihoncho
November 1, 2022
April 30, 2023
30,091

R-027
R-028
Esty Maison
Esty Maison Sendagi
Musashikoyama
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
31,35923,117

R-030
Esty Maison
Hakatahigashi
November 1, 2022
April 30, 2023
87,291

Rent Revenue – Real Estate

28,83030,23922,58485,594

Other Lease Business Revenue

1,261

1,120

532

1,696

B. Total Operating Expenses

18,402

13,8739,131

44,399Subcontract Expenses

1,710

－

－

2,820

Property Management Fees

2,174

1,888

922

3,618

Trust Fees

325

325

325

325

Utilities Expenses

560

0

－

847

1,578

1,679

1,166

5,016

Property and Other Taxes
Insurance Expenses

27

12

9

144

Repair Expenses

2,317

1,343

623

4,419

Depreciation

7,717

6,181

3,246

25,994

Other Expenses Related to Rent Business

1,991

2,443

2,837

1,213

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

11,68817,485

13,98642,89160

(Thousand yen)
Property No.

R-033
Prime Maison
Musashinonomori
November 1, 2022
April 30, 2023
65,955

R-034
Prime Maison
Higashisakura
November 1, 2022
April 30, 2023
53,557

R-035
Prime Maison
Kayabakoen
November 1, 2022
April 30, 2023
30,198R-036
Esty Maison
Sangenjaya II
November 1, 2022
April 30, 2023
24,236

Rent Revenue – Real Estate

62,26453,034

29,11923,827

Other Lease Business Revenue

3,690

523

1,079

409

B. Total Operating Expenses

31,19429,787

20,303

9,733

Subcontract Expenses

2,694

3,920

1,320

1,050

Property Management Fees

4,791

2,300

1,841

1,176

Trust Fees

275

325

325

275

Utilities Expenses

706

797

543

228

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

3,986

3,947

2,244

1,159

Insurance Expenses

74

67

41

19

Repair Expenses

3,493

917

4,088

591

Depreciation

12,66915,452

8,490

4,570

Other Expenses Related to Rent Business

2,503

2,058

1,406

661

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

34,761

23,7709,895

14,503(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-037
Esty Maison
Itabashi C6
November 1, 2022
April 30, 2023
77,735

R-038
R-039
Sha Maison Stage
Esty Maison Kinshicho
HakataNovember 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
96,04035,952

R-040
Esty Maison
Musashikoganei
November 1, 2022
April 30, 2023
56,328Rent Revenue – Real Estate

75,29995,98034,35353,977

Other Lease Business Revenue

2,436

60

1,598

2,351

B. Total Operating Expenses

44,324

71,14018,69522,855

Subcontract Expenses

2,612

2,709

1,194

2,614

Property Management Fees

5,190

248

2,124

3,379

250

275

250

275

Utilities Expenses

1,257

943

787

927

Property and Other Taxes

4,951

7,645

1,640

2,642

Trust Fees

Insurance Expenses

84

179

26

41

Repair Expenses

6,206

5,458

1,135

3,051

Depreciation

19,10340,21910,4508,354

Other Expenses Related to Rent Business

4,668

13,461

1,087

1,570

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

33,41024,89917,25733,47261

(Thousand yen)
Property No.

R-041

November 1, 2022
April 30, 2023
65,637

R-042
Prime Maison
Yuhigaoka
November 1, 2022
April 30, 2023
30,156

R-043
Prime Maison
Kitatanabe
November 1, 2022
April 30, 2023
23,184R-044
Prime Maison
Momochihama
November 1, 2022
April 30, 2023
69,832Rent Revenue – Real Estate

64,722

29,624

22,376

69,794

Other Lease Business Revenue

915

532

807

38

B. Total Operating Expenses

35,902

16,53913,11825,229Subcontract Expenses

2,279

1,528

1,582

2,850

Property Management Fees

3,043

1,294

802

297

Trust Fees

275

250

250

275

Utilities Expenses

760

383

861

996

Property NameManagement Period

Prime Maison Gokiso
FromTo

A. Total Rent Revenue – Real Estate

Property and Other Taxes

5,023

2,070

1,726

6,803

Insurance Expenses

88

37

32

161

Repair Expenses

2,675

3,487

936

3,771

Depreciation

19,429

6,701

6,396

9,968

Other Expenses Related to Rent Business

2,327

785

531

104

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

29,735

13,617

10,06544,603(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, 2022
November 1, 2022
April 30, 2023
April 30, 2023
56,50691,357

R-047
R-048
Prime Maison
Prime Maison Takami
Ginza East
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
179,869
32,926

Rent Revenue – Real Estate

54,27886,991

171,91732,513

Other Lease Business Revenue

2,227

4,366

7,952

412

B. Total Operating Expenses

31,211

33,511

88,63020,537

Subcontract Expenses

2,694

2,427

6,054

1,768

Property Management Fees

3,319

5,685

11,220

1,376

Trust Fees

250

250

250

275

Utilities Expenses

690

878

2,578

536

2,613

4,627

8,722

2,564

Property and Other Taxes
Insurance Expenses

54

60

148

46

Repair Expenses

2,093

3,448

6,048

2,648

Depreciation

16,974

12,835

41,178

10,074

Other Expenses Related to Rent Business

2,519

3,299

12,4291,247

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

25,294

57,846

91,23912,38862

(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, 2022
November 1, 2022
April 30, 2023
April 30, 2023
28,88953,100Rent Revenue – Real Estate

R-051
R-052
Esty Maison
Esty Maison Sengoku
Higashishirakabe
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
46,60738,55828,85852,992

46,53337,823

31

108

74

735

B. Total Operating Expenses

15,43530,96822,214

16,115

Subcontract Expenses

Other Lease Business Revenue

1,318

4,710

1,981

2,933

Property Management Fees

871

－

171

1,961

Trust Fees

275

250

275

994

Utilities Expenses

503

780

751

355

Property and Other Taxes

2,307

6,005

3,568

2,313

Insurance Expenses

39

108

71

35

Repair Expenses

632

3,885

709

978

8,953

14,463

14,3055,878

Depreciation
Other Expenses Related to Rent Business

535

764

379

664

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

13,453

22,132

24,39322,443(Thousand yen)
Property No.

R-053

November 1, 2022
April 30, 2023
61,976

November 1, 2022
April 30, 2023
51,042

R-055
Esty Maison
Nishitemma
November 1, 2022
April 30, 2023
50,876

Rent Revenue – Real Estate

60,903

48,772

49,771

70,844

Other Lease Business Revenue

1,073

2,270

1,105

2,703

B. Total Operating Expenses

19,44621,161

29,06832,673

Subcontract Expenses

1,584

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, 2022
April 30, 2023
73,547

2,839

2,900

2,242

4,541

Trust Fees

994

994

1,344

1,344

Utilities Expenses

514

545

2,006

497

3,554

2,827

3,939

3,398

Property and Other Taxes
Insurance Expenses

51

43

69

55

Repair Expenses

1,193

1,811

1,509

4,924

Depreciation

7,871

8,674

12,772

11,329Other Expenses Related to Rent Business

842

874

2,962

4,215

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

42,52929,88121,80740,87463

(Thousand yen)
Property No.

R-057
Esty Maison
Higashishinjuku
November 1, 2022
April 30, 2023
48,856

R-058
Esty Maison
Motoazabu
November 1, 2022
April 30, 2023
43,260R-059
Esty Maison
Toritsudaigaku
November 1, 2022
April 30, 2023
24,855

R-060
Esty Maison
Musashikoyama II
November 1, 2022
April 30, 2023
30,110Rent Revenue – Real Estate

46,971

43,26023,381

29,332Other Lease Business Revenue

1,884

－

1,474

778

B. Total Operating Expenses

23,407

14,26012,71012,893

Subcontract Expenses

1,513

1,665

1,242

1,716

Property Management Fees

2,826

1,297

1,491

1,573

Trust Fees

1,000

1,000

1,000

1,000

337

464

410

436

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Utilities Expenses
Property and Other Taxes

2,314

2,817

1,646

1,610

Insurance Expenses

39

38

23

26

Repair Expenses

2,728

69

2,159

331

Depreciation

11,359

6,557

3,903

5,730

Other Expenses Related to Rent Business

1,287

350

833

468

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

25,44928,99912,144

17,216

November 1, 2022
April 30, 2023
54,018

R-062
Esty Maison
Shinnakano
November 1, 2022
April 30, 2023
28,683

R-063
Esty Maison
Nakanofujimicho
November 1, 2022
April 30, 2023
28,766

R-064
Esty Maison
Tetsugakudo
November 1, 2022
April 30, 2023
35,140Rent Revenue – Real Estate

51,75628,27928,19733,236

Other Lease Business Revenue

2,262

404

569

1,904

B. Total Operating Expenses

22,371

13,928

14,467

19,800Subcontract Expenses

3,000

2,190

2,137

2,250

Property Management Fees

3,118

1,200

1,780

2,287

Trust Fees

1,000

1,000

1,000

1,000

548

312

497

788

2,841

1,647

1,794

1,791

(Thousand yen)
Property No.

R-061

Property Name

Esty Maison Nakano

Management Period
A. Total Rent Revenue – Real Estate

Utilities Expenses
Property and Other Taxes

From
To

Insurance Expenses

44

26

27

34

Repair Expenses

1,354

565

716

1,857

Depreciation

9,589

6,059

5,479

8,107

Other Expenses Related to Rent Business

874

925

1,032

1,684

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

31,646

14,755

14,29915,34064

(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, 2022
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
April 30, 2023
35,30673,82699,379Esty Maison Oji
November 1, 2022
April 30, 2023
49,246

Rent Revenue – Real Estate

33,312

69,29995,14547,975

Other Lease Business Revenue

1,993

4,527

4,234

1,270

B. Total Operating Expenses

16,31731,33547,53623,898Subcontract Expenses

1,716

2,874

3,498

1,974

Property Management Fees

2,251

4,390

5,528

2,435

Trust Fees

1,000

1,000

1,000

1,000

439

910

918

977

2,033

3,992

5,498

2,781

Utilities Expenses
Property and Other Taxes
Insurance Expenses

31

75

97

51

Repair Expenses

2,214

1,219

5,521

2,239

Depreciation

6,021

15,302

23,997

11,430

Other Expenses Related to Rent Business

610

1,569

1,476

1,009

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

18,98942,491

51,842

25,347

November 1, 2022
April 30, 2023
46,942R-070
Prime Maison
Hatchobori
November 1, 2022
April 30, 2023
36,399R-071
Prime Maison
JimbochoNovember 1, 2022
April 30, 2023
54,259R-072
Prime Maison
Gotenyama East
November 1, 2022
April 30, 2023
88,44344,613

34,66151,64287,493(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

2,329

1,738

2,617

950

B. Total Operating Expenses

22,07021,41023,18535,006

Subcontract Expenses

3,132

1,614

2,154

7,752

Property Management Fees

2,644

2,543

3,055

3,820

Trust Fees

350

400

400

400

Utilities Expenses

608

618

662

1,641

2,363

1,897

2,779

5,979

Insurance Expenses

42

35

46

93

Repair Expenses

1,230

1,617

1,482

4,215

Depreciation

9,962

10,033

11,854

9,796

Other Expenses Related to Rent Business

1,736

2,650

749

1,306

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

24,872

14,98831,07453,437

Property and Other Taxes

65

(Thousand yen)
Property No.

R-074

R-075

Esty Maison Aoi

Esty Maison Yakuin

November 1, 2022
April 30, 2023
70,675

November 1, 2022
April 30, 2023
75,464

R-076
Esty Maison
Kinshicho II
November 1, 2022
April 30, 2023
230,587

70,66472,037

222,148

19

11

3,426

8,439

B. Total Operating Expenses

6,322

41,96535,87995,523

Subcontract Expenses

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-073
Sha Maison Stage
Akihabara
November 1, 2022
April 30, 2023
15,17315,153

Rent Revenue – Real Estate
Other Lease Business Revenue

1,174

4,560

1,710

5,588

Property Management Fees

－

3,850

3,661

7,454

Trust Fees

300

400

400

400

Utilities Expenses

349

1,012

2,599

4,112

Property and Other Taxes

954

4,878

4,830

10,013

Insurance Expenses

17

83

97

191

Repair Expenses

301

3,508

3,269

7,600

3,125

19,28916,63250,915

Depreciation
Other Expenses Related to Rent Business

98

4,381

2,680

9,245

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

8,851

28,71039,584135,064(Thousand yen)
Property No.

R-077

Property Name

Esty Maison Ojima

Management Period
A. Total Rent Revenue – Real Estate

From
To

November 1, 2022
April 30, 2023
257,831

R-078
R-079
Prime Maison
Esty Maison Tsurumai
Fujimidai
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
69,513
156,527

R-080
Prime Maison
Morishita
November 1, 2022
April 30, 2023
56,493

Rent Revenue – Real Estate

244,160

69,404

156,418

55,291Other Lease Business Revenue

13,671

108

109

1,202

B. Total Operating Expenses

110,582

38,85880,69824,135

Subcontract Expenses

9,591

2,931

12,234

3,216

Property Management Fees

9,652

4,174

769

2,764

400

300

300

300

Utilities Expenses

7,363

730

8,192

591

Property and Other Taxes

11,106

5,922

14,957

2,942

Trust Fees

Insurance Expenses

220

127

262

55

Repair Expenses

11,848

2,798

3,761

164

Depreciation

54,298

16,96039,52912,725

Other Expenses Related to Rent Business

6,100

4,913

692

1,376

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

147,249

30,65475,82832,35866

(Thousand yen)
Property No.

R-081
Prime Maison
Shinagawa
November 1, 2022
April 30, 2023
59,695

R-082
Prime Maison
Odorikoen
November 1, 2022
April 30, 2023
115,910R-083
Prime Maison
Minami 2-joNovember 1, 2022
April 30, 2023
75,740R-084
Prime Maison
Kamokamogawa
November 1, 2022
April 30, 2023
51,219Rent Revenue – Real Estate

53,044112,259

73,07348,800

Other Lease Business Revenue

6,651

3,651

2,666

2,419

B. Total Operating Expenses

24,99965,331

40,77830,473

Subcontract Expenses

1,911

12,143

4,338

3,054

Property Management Fees

2,849

5,704

3,118

1,966

300

250

300

300

Utilities Expenses

4,917

6,483

4,387

2,565

Property and Other Taxes

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Trust Fees

2,686

10,814

8,010

5,868

Insurance Expenses

45

134

126

83

Repair Expenses

1,340

3,339

948

703

Depreciation

9,968

22,497

18,82914,705

Other Expenses Related to Rent Business

980

3,962

719

1,225

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

34,69550,57834,961

20,746(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-085
Prime Maison
Central Park
November 1, 2022
April 30, 2023
90,273

R-086
R-087
R-088
Sha Maison Stage
Sha Maison Stage
Prime Maison Ebisu
YahiroKanazawa Nishiizumi
November 1, 2022
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
April 30, 2023
56,398114,085
40,345

Rent Revenue – Real Estate

87,21756,171

110,10939,407

Other Lease Business Revenue

3,055

227

3,975

937

B. Total Operating Expenses

47,482

26,27836,152

26,984

Subcontract Expenses

3,072

3,906

4,256

4,579

Property Management Fees

3,989

195

5,759

－

Trust Fees

240

300

300

290

Utilities Expenses

846

666

742

792

8,722

4,004

4,516

4,171

Property and Other Taxes
Insurance Expenses

210

67

73

79

Repair Expenses

3,145

3,562

3,854

2,184

Depreciation

22,487

13,357

13,788

14,690

Other Expenses Related to Rent Business

4,768

218

2,860

196

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

42,79130,12077,933

13,36067

(Thousand yen)
Property No.

R-089

R-091

November 1, 2022
April 30, 2023
49,311

R-092
Prime Maison
Yokohama
Nihon-odori
November 1, 2022
April 30, 2023
142,764

Property Name

Esty Maison Unomori

Sha Maison Stage
Hino

November 1, 2022
April 30, 2023
27,180November 1, 2022
April 30, 2023
219,479

27,17147,572

136,541

218,217

9

1,739

6,223

1,261

B. Total Operating Expenses

15,291

29,53165,306

123,721

Subcontract Expenses

1,152

4,104

5,931

23,256

Property Management Fees

－

2,916

8,337

349

Trust Fees

290

290

240

240

Utilities Expenses

454

705

2,445

8,229

1,551

3,159

8,174

17,000Management Period

From
To

A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate
Other Lease Business Revenue

Property and Other Taxes

R-093
Kobe Women'sStudent Housing

Insurance Expenses

35

61

160

359

Repair Expenses

257

5,102

4,918

8,965

Depreciation

10,532

12,53633,19963,424

Other Expenses Related to Rent Business

1,016

656

1,898

1,896

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

11,88819,78077,45895,757(Thousand yen)
Property No.

R-094

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

November 1, 2022
April 30, 2023
64,063

R-095
Prime Maison
HatsudaiNovember 1, 2022
April 30, 2023
82,755

61,231

78,077

Prime Maison Shibuya
From
To

R-096
R-098
Esty Maison
Prime Maison
Uemachidai
Shirokane-takanawa
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
33,731
113,573
32,967111,781

2,832

4,677

764

1,792

B. Total Operating Expenses

20,92433,094

15,61045,878Subcontract Expenses

2,901

3,247

2,205

4,345

Property Management Fees

3,606

5,495

1,230

6,481

Trust Fees

240

240

240

240

Utilities Expenses

587

1,169

874

950

3,317

4,422

2,183

7,184

Insurance Expenses

40

68

41

94

Repair Expenses

2,167

1,999

1,275

5,787

Depreciation

6,407

12,813

7,210

15,193

Other Expenses Related to Rent Business

1,656

3,637

347

5,602

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

43,13949,661

18,121

67,695

Property and Other Taxes

68

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

R-099
R-100
R-101
R-102
Prime Maison
Prime Maison
Esty Maison Morishita
Prime Maison Otsuka
Ichigayayamabushicho
Shirokanedai Tower
From
November 1, 2022
November 1, 2022
November 1, 2022
November 1, 2022
To
April 30, 2023
April 30, 2023
April 30, 2023
April 30, 2023
101,729
20,780235,385
113,991

Rent Revenue – Real Estate

100,017

18,775

223,932

110,026

Other Lease Business Revenue

1,712

2,005

11,453

3,965

B. Total Operating Expenses

49,266

8,829

82,167

46,587

Subcontract Expenses

6,275

1,498

10,746

5,400

Property Management Fees

6,559

1,755

15,293

8,018

Trust Fees

240

240

240

240

Utilities Expenses

913

271

1,988

1,228

Property and Other Taxes

6,628

849

11,374

6,262

Insurance Expenses

99

15

176

106

Repair Expenses

6,953

447

8,049

3,562

Depreciation

15,311

3,093

24,158

14,974

Other Expenses Related to Rent Business

6,286

656

10,139

6,793

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

52,463

11,951

153,21767,404

R-103
Prime Maison
Asakusabashi
November 1, 2022
April 30, 2023
50,301

R-104
Prime Maison
Daikanyama
November 1, 2022
April 30, 2023
73,744

R-105
Prime Maison
Gotenyama West
November 1, 2022
April 30, 2023
116,250

R-106
Esty Maison
Toyosu Residence
November 1, 2022
April 30, 2023
483,105

Rent Revenue – Real Estate

47,71571,821

114,010473,107

Other Lease Business Revenue

2,585

1,923

2,240

9,998

B. Total Operating Expenses

23,45424,22441,542

380,680

Subcontract Expenses

3,317

2,658

8,544

21,954

Property Management Fees

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

From
To

3,933

5,430

4,634

22,553

Trust Fees

240

240

240

325

Utilities Expenses

776

608

2,078

5,246

2,857

2,749

7,787

21,052

Property and Other Taxes
Insurance Expenses

47

57

134

493

Repair Expenses

2,720

1,710

4,578

20,355

Depreciation

5,613

6,973

13,10381,543

Other Expenses Related to Rent Business

3,947

3,796

441

207,156

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

26,84649,51974,708102,42569

(Thousand yen)
Property No.

R-108

Property NameManagement Period

Esty Maison Ijiri
From
To

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

November 1, 2022
April 30, 2023
13,270R-109
R-110
Prime Maison
Prime Maison Hongo
Mitatsunamachi
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
56,326
69,630R-111
Prime Maison
KuramaeNovember 1, 2022
April 30, 2023
61,671

13,27054,627

67,14258,356

－

1,699

2,487

3,315

B. Total Operating Expenses

8,001

19,96323,60422,472

Subcontract Expenses

729

2,124

3,475

3,241

Property Management Fees

15

4,623

3,710

3,634

Trust Fees

235

240

240

240

Utilities Expenses

－

530

709

784

Other Lease Business Revenue

Property and Other Taxes

1,481

2,510

3,148

2,865

Insurance Expenses

28

40

54

50

Repair Expenses

2,136

1,695

1,424

1,851

Depreciation

3,116

5,511

8,959

8,724

Other Expenses Related to Rent Business

258

2,685

1,882

1,080

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

5,268

36,36346,02639,199R-112
Esty Maison
Yokohama-aobadai
November 1, 2022
April 30, 2023
86,288

R-113
Esty Maison
Shizuoka Takajo
November 1, 2022
April 30, 2023
23,38386,28823,35529,02569,666

－

28

－

95

18,825

11,363

11,95834,514

－

2,025

1,050

6,300

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

From
To

Other Lease Business Revenue
B. Total Operating Expenses
Subcontract Expenses

R-114
R-115
Sha Maison Stage
Esty Maison
Hirose-dori
HIGASHIBETSUIN
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
29,02569,761

1,078

－

－

－

Trust Fees

480

240

240

240

Utilities Expenses

－

768

534

1,496

4,506

1,595

2,495

5,895

Property Management Fees

Property and Other Taxes
Insurance Expenses

119

33

49

110

Repair Expenses

2,014

571

1,269

6,348

Depreciation

10,613

5,195

4,923

13,582Other Expenses Related to Rent Business

12

934

1,395

540

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

67,462

12,02017,06635,24770

(Thousand yen)
Property No.

R-116

November 1, 2022
April 30, 2023
29,432

R-117
Esty Maison
SHIRAKABE
MINAMI
November 1, 2022
April 30, 2023
20,260

R-118

R-119

Property Name

Esty Maison Kayaba

Prime Maison
Shimokitazawa

Prime Maison Meguro

November 1, 2022
April 30, 2023
59,038

November 1, 2022
April 30, 2023
48,389Rent Revenue – Real Estate

28,243

Other Lease Business Revenue

1,188

20,26057,61647,077

－

1,422

1,312

B. Total Operating Expenses

13,5698,359

20,04020,098Subcontract Expenses

1,782

1,440

3,438

2,144

Property Management FeesManagement Period

From
To

A. Total Rent Revenue – Real Estate

1,642

－

2,755

3,285

Trust Fees

240

240

240

240

Utilities Expenses

455

415

590

686

2,217

1,761

3,431

2,263

Property and Other Taxes
Insurance Expenses

41

26

45

36

Repair Expenses

1,180

1,202

277

798

Depreciation

4,679

3,148

7,894

7,163

Other Expenses Related to Rent Business

1,329

123

1,368

3,480

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

15,863

11,901

38,99728,290(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate
Other Lease Business Revenue

From
To

R-120
Prime Maison
Ryogoku
November 1, 2022
April 30, 2023
33,801

R-121
R-122
Prime Maison
Prime Maison Itabashi
Nakameguro
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
221,427
117,243

32,588209,861

112,211

R-123
Prime Maison
EGOTANOMORI
November 1, 2022
April 30, 2023
609,908
597,587

1,212

11,565

5,032

12,320B. Total Operating Expenses

18,33461,50850,739429,891

Subcontract Expenses

1,980

4,200

4,740

42,084

Property Management Fees

3,096

10,233

7,720

22,459Trust Fees

240

275

240

400

Utilities Expenses

502

7,114

3,146

24,071

1,805

－

－

－

Insurance Expenses

32

146

114

1,482

Repair Expenses

1,202

3,349

2,266

7,621

Depreciation

6,151

28,70323,224

116,656

Other Expenses Related to Rent Business

3,323

7,486

9,287

215,115

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

15,466

159,919

66,503

180,016

Property and Other Taxes

71

(Thousand yen)
Property No.
Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-124
O-001
Prime Maison
Garden City
Waseda dori
Shinagawa Gotenyama
November 1, 2022
November 1, 2022
April 30, 2023
April 30, 2023
55,678
1,633,896

O-002
Gotenyama SH
Building
November 1, 2022
April 30, 2023
1,088,998

O-003
Hommachi Minami
Garden City
November 1, 2022
April 30, 2023
1,311,527

Rent Revenue – Real Estate

54,187

1,561,805

1,088,998

1,263,574

Other Lease Business Revenue

1,491

72,091－

47,952

B. Total Operating Expenses

17,820681,342

194,074

536,781Subcontract Expenses

3,000

110,100－

71,059Property Management Fees

3,668

23,7301,200

18,287

Trust Fees

240

1,150

400

500

Utilities Expenses

574

111,370－

111,406

Property and Other Taxes－

149,20349,657

124,911

Insurance Expenses

41

1,579

869

1,965

Repair Expenses

415

30,582－

14,554

6,420

205,542

139,642

193,676

Depreciation
Other Expenses Related to Rent Business

3,460

48,0842,304

420

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

37,857

952,554894,923774,745(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate

From
To

O-004
Hommachi Garden
City (Office building
portion)November 1, 2022
April 30, 2023
903,801

O-005

O-006

O-007

HK Yodoyabashi
Garden Avenue

Hirokoji Garden
AvenueAkasaka Garden City

November 1, 2022
April 30, 2023
167,568

November 1, 2022
April 30, 2023
208,272

November 1, 2022
April 30, 2023
999,151

903,801

154,070

197,083

960,925－

13,498

11,18938,225

322,756

65,45079,920315,335－

8,648

12,150

－

6,000

1,680

1,230

20,533

Other Lease Business Revenue
B. Total Operating Expenses
Subcontract Expenses
Property Management Fees
Trust Fees

250

240

225

727

Utilities Expenses－

15,585

15,22048,880103,097

13,23019,57987,976

1,091

403

279

607

Property and Other Taxes
Insurance Expenses
Repair Expenses

9,797

859

4,368

2,349

201,92123,752

26,102

70,623

Other Expenses Related to Rent Business

598

1,050

764

83,635

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

581,045

102,118

128,352

683,816

Depreciation

72

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

From
To

H-001
Hommachi Garden
City(Hotel portion)
November 1, 2022
April 30, 2023
402,500
402,500－

Other Lease Business Revenue
B. Total Operating Expenses

143,850－

Subcontract Expenses
Property Management Fees

1,200

Trust Fees

250

Utilities Expenses－

Property and Other Taxes

62,923

Insurance Expenses

739

Repair Expenses

3,733

Depreciation

74,467

Other Expenses Related to Rent Business

537

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

258,64973

(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)
Prime Maison Central Park
(Fukuoka-shi, Fukuoka)
Hommachi Garden City
(Office portion)(Osaka-shi, Osaka)Prime Maison Musashinomori(Kodaira-shi, Tokyo)
Sha Maison Stage Hirose-dori(Sendai-shi, Miyagi)
Garden City Shinagawa Gotenyama(Shinagawa-ku, Tokyo)
Esty Maison Nakano(Nakano-shi, Tokyo)
Esty Maison Shizuoka Takajo(Shizuoka-shi, Shizuoka)(Note)

PurposePlanned Period

Large-scale
repairs

From: November 2023

LED lighting
repairs

From: November 2023

Large-scale
repairs

From: June 2023

Large-scale
repairs

From: May 2023

LED lighting
repairs

From: November 2023

Large-scale
repairs

From: May 2023

Large-scale
repairs

From: November 2023

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

249

－

－

150

－

－

117

－

－

96

－

－

89

－

－

66

－

－

64

－

－

To: April 2024
To: October 2023
To: October 2023
To: December 2023
To: October 2023
To: April 2024

"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 896 million yen, and a total of
1,289 million yen of construction work was carried out, including repair expenses of 392 million yen classified
as expenses for the current fiscal period.
Name of Real Estate, Etc.
(Location)
Prime Maison Yuhigaoka(Osaka-shi, Osaka)
Sha Maison Stage Hino
(Hino-shi, Tokyo)
Esty Maison Akabane(Kita-ku, Tokyo)
Esty Maison Ijiri(Fukuoka-shi, Fukuoka)

Purpose

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

From: November 2022
To: March 2023
From: November 2022
To: March 2023
From: November 2022
To: April 2023
From: November 2022
To: March 2023

Payment Amount(million yen)
52
84
136
47

Other Capital Expenditures

576

Total

896

74