December 21, 2023

Financial Report for the Fiscal Period Ended October 31, 2023
(For the Reporting Period from May 1, 2023 to October 31, 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:January 23, 2024
January 23, 2024
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

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

Operating Revenue

Operating Income

Ordinary Income

Million yen
16,485
15,365

Million yen
8,343
7,508

Million yen
7,411
6,637

%
7.3
(2.7)

Net Income per Unit
Fiscal period ended
October 31, 2023
April 30, 2023

%
11.1
(7.1)

Ordinary Income toTotal Assets

Return on Equity

Yen
1,690
1,514

Net Income

%
11.7
(7.9)

%
2.5
2.3

Million yen
7,408
6,637

%
11.6
(7.9)

Ordinary Income toOperating Revenue
%
1.3
1.2

%
45.0
43.2

(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%%
October 31, 2023
1,976
1,691
285
8,657
7,409
1,248
100.1
2.5
April 30, 2023
1,781
1,765
16
7,803
7,733
70
116.6
2.6
(Note 1) Total distributions for the fiscal period ended October 31, 2023 is the amount obtained by adding 1,248 million yen of allowance fortemporary difference adjustments ("ATA") to the unappropriated retained earnings.
(Note 2) Total distributions for the fiscal period ended April 30, 2023 is the amount obtained by adding 70 million yen of ATA and 194 million yenof reversal of reserve for temporary difference adjustments ("RTA") and 911 million yen of reversal of reserve for reduction entry to theunappropriated retained earnings.

(3) Financial position
Total Assets
As of
October 31, 2023
April 30, 2023

Million yen
569,478
569,205

Net Assets
Million yen
293,226
293,617Equity Ratio

Net Assets per Unit
%
51.5
51.6

Yen
66,92467,013

(4) Cash flows

Fiscal period ended
October 31, 2023
April 30, 2023

Net Cash
Provided by (Used in)Operating Activities
Million yen
17,8608,282

Net Cash
Provided by (Used in)Investing Activities
Million yen(1,634)(1,128)Net CashCash and Cash Equivalents
Provided by (Used in)
at End of Period
Financing Activities
Million yen
Million yen(8,802)
34,824(7,509)27,401

2. Forecasts of performance for the fiscal period ending April 30, 2024 (November 1, 2023 - April 30, 2024)
and the fiscal period ending October 31, 2024 (May 1, 2024 - October 31, 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
April 30, 2024
17,321 5.1
8,851 6.1
7,875 6.3
7,873 6.3
1,835
1,797
38
October 31, 2024
16,956 (2.1)
8,511 (3.8)
7,424 (5.7)
7,422 (5.7)
1,732
1,694
38
(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the fiscal period ending April 30, 2024:
1,797 yen
For the fiscal period ending October 31, 2024:
1,694 yen
(Note) Forecasted distributions for the fiscal period ending April 30, 2024 is 166 million yen of ATA added to the unappropriated retained earnings
and forecasted distributions for the fiscal period ending October 31, 2024 is 166 million yen of ATA added to the unappropriated retained
earnings.

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

None
None
None
None

(2) Number of investment units issued
a. Number of investment units issued at end of period (including owned investment units)
As of October 31, 2023:
4,381,482 units
As of April 30, 2023:
4,381,482 units
b. Number of owned investment units at end of period
As of October 31, 2023:– units
As of April 30, 2023:– units(Note) For the number of units used as the basis for calculating net income per unit, please refer to "Notes on Per Unit Information" on page 35.

* 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 April 2024 and October 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(1) Balance Sheet

14(2) Statement of Income and Retained Earnings

16(3) Statement of Changes in Net Assets

17(4) Statement of Cash Distributions

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

22(7) Summary of Significant Accounting Policies

22(8) Notes to Financial Statements

25(9) Change in Total Number of Investment Units Issued and Outstanding37

3. Reference Information

38(1) Information Regarding Prices of Assets Under Management

38(2) Status of Capital Expenditure

791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.

(ii) Operation Environment
During the fiscal period under review, the Japanese economy recovered moderately amid an improving
employment and income environment.
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 October 31, 2023 (the "end of the fiscal period under review"). As for residences, supply

2

and demand is strained due to the continuous improvement in the employment environment, especially in theTokyo area. Rents continued to rise for all types of residences while overall occupancy rates of the entire
residential portfolio remained stable. As for office buildings, rent levels remained weak despite the demandfor office floor space showing a recovery trend. This is due to the continued downsizing of offices based on
the penetration of new work styles such as hybrid work, especially among major companies. On the other
hand, for hotels that make up about 3% of SHR’s portfolio (acquisition price basis), foreign visitors to Japan(estimated by the Japan National Tourism Organization as of October 2023) approached 2.51 million,
exceeding the same month in 2019 for the first time since the spread of COVID-19, and inbound demand ison a recovery trend.
Furthermore, in the real estate transaction market, expected yields have remained at low levels as real estate
investors maintain their very positive investment stance toward high-quality properties in Japan, despite
caution about the review of the monetary easing policy.
(iii) Operation Performance
Under the circumstances described in “(ii) Operation Environment” above, SHR disposed of one
residential property and one office building property (10/100 of the ownership share), and acquired one
residential property with the aim of improving profitability and securing stable revenue of the portfolio.
As of the end of the fiscal period under review, the number of properties SHR owned was 120 (comprised of
113 residential properties and 7 commercial properties) with an aggregate acquisition price(Note) of 548,726
million yen (269,876 million yen for residential properties and 278,850 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 97.3% for residential properties, 95.1% for commercial properties and 96.7% for the entire portfolio
against the backdrop of the real estate leasing market as described above.
(Note) The "acquisition price" indicates the transaction price shown in the sales agreements for respective properties (excluding
consumption tax, local consumption tax and commission and other various expenses, rounded down to the nearest million yen).
For properties SHR succeeded from SHI through the Investment Corporation Merger, however, the value based on the appraisal
by real estate appraisers with April 30, 2018 as the appraisal date is used as the acquisition price, because the acceptance priceshould be the appraisal value upon the acquisition by SHR as such properties are accounted for by the purchase method with SHR
set as the acquiring corporation and SHI as the acquired corporation. The same applies hereinafter.

(iv) Overview of Fund Procurement(a) Borrowing of Funds
SHR refinanced a total of 20,210 million yen in borrowings that came due during the fiscal period underreview along with the procurement of long-term borrowings totaling 4,000 million yen on May 31, 2023 to
be used toward the early repayment of long-term borrowings. Furthermore, a portion of the proceeds fromthe asset disposition on August 3, 2023 was used to fund the partial early repayment of short-termborrowings of 1,000 million yen. 16,210 million yen of the refinancing and long-term borrowings of 4,000
million yen are green loans within the scope of eligible green debt based on the Green Finance Framework
established in December 2022.
As a result, the balance of interest-bearing liabilities as of the end of the fiscal period under review is257,242 million yen and the ratio of total interest-bearing liabilities to total assets ("LTV (total assets basis)")is 45.2%.
Additionally, on October 25, 2023, SHR reestablished a commitment line agreement with a maximum
amount of 15,000 million yen to secure flexible and stable financing methods.
(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

3

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, on the environmental aspect, SHR further promoted initiatives such as
switching to electricity derived from renewable energy and purchasing non-fossil certificates to achieve
net-zero GHG emissions, and the ratio of renewable energy in the entire portfolio was 91.7% (number ofproperties basis) as of the end of the fiscal period. In addition, to proceed with investment in real estate withexcellent environmental performance, SHR promotes the acquisition of green certifications, and thepercentage of owned properties that have acquired green certifications is 82.8% (total floor area basis) as ofthe end of the fiscal period. On the social aspect, SHR conducted satisfaction surveys of residents and tenants
of office buildings owned by SHR to understand their needs. On the governance aspect, SHR conducted anevaluation of the effectiveness of the board of directors in order to verify whether the required functions ofSHR’s board of directors and SHAM’s board of directors are being properly fulfilled and to improve thefunctions of these boards.
These ESG initiatives have been highly evaluated outside the company, and in December 2023, SHR was
selected as a constituent of the Dow Jones Sustainability Asia/Pacific Index for the first time. In addition,
SHR has continued to be selected as a constituent of the MSCI Japan ESG Select Leaders Index and theFTSE4Good Index Series.
(vi) Overview of Business Performance and Distributions
Results in the fiscal period under review are operating revenue of 16,485 million yen, operating income of
8,343 million yen and ordinary income of 7,411 million yen, resulting in net income of 7,408 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 7,409 million yen of theunappropriated retained earnings for the current fiscal period as distribution of retained earnings. In addition,
pursuant to the policy for “distribution of money in excess of profits” as set forth in Article 46, Paragraph
2 of the Articles of Incorporation of SHR, SHR decided to distribute 1,248 million yen of ATA as distribution
in excess of earnings for the purpose of reflecting the impact of the tax and accounting differences on
distributions. Total distributions are 8,657 million yen.
② Future Trends Outlook(i) Investment Environment
It is expected that the Japanese economy will continue its gradual recovery, with an improving employment
and income environment with the effects of various policies. However, the downturn in the overseas economy
poses a risk of downward pressure on the Japanese economy amid the continued global monetary tightening
and concerns about the future of the Chinese economy. In addition, due attention should be paid to the effects
of inflation, the situation in the Middle East, and changes in financial capital markets.
In this environment, as there are signs of improvement in the employment and income environment, it isbelieved that the trend toward a return to central Tokyo and the separation of households in rural areas willcontinue in housing, which is the base of living within the real estate leasing market.
Regarding offices, where business activities are based, although demand is expected to recover as companies
plan to improve office environments in response to changes in work styles, such as the establishment of
remote work and the generalization of online meetings, rent levels will not reach a reversal due to cost
increases caused by high resource prices and the impact of new supply on the market, and a full-scale
recovery will take time. As for hotels, demand for lodging is expected to continue to improve as the numberof foreign visitors to Japan is steadily recovering, one year after the country reopened for individual travelers
for sightseeing purposes.
In the real estate transaction market, SHR believes that the expected yields will remain at low levels for the4foreseeable future, as the domestic financing environment remains favorable compared to overseas, and thewillingness of real estate investors and business companies to invest has not waned.
(ii) Future Operational Policy and Challenges to Address
SHR will continue to focus on prime properties―high-quality residential properties and commercial
properties situated in strategic locations―as its core investment targets among other main investment targets.
By implementing growth strategies that take full advantage of the real estate development and operation
capabilities and other strengths of the Sekisui House Group, which has established an extensive track recordof developing and operating residential properties and commercial properties, SHR will seek to secure stableearnings over the medium to long term and steady growth of its investment assets and thereby aim to
maximize unitholder value.
On the other hand, SHR will endeavor to expand its asset size by exploring investment opportunities throughthe initiatives of SHAM on its own.
Concerning main investment target areas in Japan for residential properties, SHR has set Greater Tokyo(Note 1) as
the core investment area with a focus on Tokyo 23 wards, which are believed to have a number of prime
properties that offer locations accommodating residents’needs as well as excellent basic functions as aresidence including comfort and safety and such and are expected to see strong leasing demand and supplies
of prime properties. In addition, SHR will invest in other major cities throughout Japan outside of Greater
Tokyo including government designated cities as well as their surrounding commutable areas, where networks
of Sekisui House and Six Sekisui House Real Estate Companies(Note 2) can be fully utilized.
SHR has set the three major metropolitan areas(Note 1) with three large cities, namely the Tokyo 23 wards, Osaka
City and Nagoya City, all of which SHR has knowledge in the course of developments by Sekisui House, as
the core investment areas in Japan for commercial properties, with a focus on the three large cities, in which
SHR can expect stable management against the backdrop of solidified demand resulting from being bases fortenant companies' business activities. In addition, major cities throughout Japan other than the three major
metropolitan areas are set as investment areas.
SHR has executed a sponsor support agreement with Sekisui House. This agreement provides for utilizationof the urban redevelopment business track record and know-how of Sekisui House, allowing SHR to seek
from Sekisui House property acquisition support for external growth (pipeline support). Specifically, suchsupport will (a) grant SHR preferential negotiation rights with regard to the sale of domestic real estate, etc.
owned or developed by Sekisui House, (b) provide SHR with information on real estate, etc. owned ordeveloped in Japan by third parties, (c) provide SHR with warehousing functions, and (d) provide SHR withsupport for the redevelopment of owned properties.
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.

5

(Note 3) "Sekisui House Real Estate Group" refers to a group of companies comprised of Six Sekisui House Real Estate Companies as thecore, and of its subsidiaries and affiliates.

(iii) Financial Strategy
SHR has adopted as its policy to conduct stable and sound financial operations in order to secure stableearnings over the medium to long term and enhance unitholder value. Specifically, the policy is to form strong
and stable business relationships with leading domestic financial institutions, centering on megabanks,bolstered by the creditworthiness of the sponsor, Sekisui House, and also to reduce refinancing risks and risksof fluctuations in interest rates by exploring the extension of borrowing periods and working to diversify dates
for repayment, etc., while pursuing the optimum balance between fixed-rate and floating-rate debts.
In addition, the LTV (total assets basis) policy was set at around 50% as the upper limit for the time being
with a conservative level at mid-40%. However, in order to securely capture property acquisition
opportunities by ensuring flexibility in financing, the policy has been revised upward to operateconservatively within the level of 45% to 50%.
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.

(Reference Information)(i) Acquisition of Assets
SHR decided on the acquisition of one office building and three residential properties (the “Planned” Assets to be
Acquired”) as of December 21, 2023 as follows.
(Planned)acquisition price(Planned)
Property name
Type of use
Location
Seller(million yen)acquisition date
(Note)

Shinjuku Hirose
Building

Office building

Esty Maison Omori
Esty Maison
Monzennakacho
Esty Maison
Akabane Ⅱ

Residence

Shinjuku-ku,
Tokyo

5,000

Ota-ku, Tokyo

3,600

Koto-ku, Tokyo

1,570

Kita-ku, Tokyo

980

Total (planned) acquisition price

11,150December 21, 2023

G10 Japan 4 TMK

March 1, 2024

TOKYO NISSHOESTEM CO.,Ltd.

－－(Note) "(Planned) acquisition price" is the sale and purchase price stated in the trust beneficiary interest transfer agreements concluded between SHR and thesellers (excluding consumption tax, local consumption tax, commission for sales, and other various expenses; rounded down to the nearest million yen).

(ⅱ) Disposition of Asset
SHR decided on the disposition of one office building (the “Disposition of Asset”) and executed a sale and purchaseagreement as of March 29, 2023 as follows. The Disposition of Asset is scheduled to be carried out in 10 equal installmentsfrom the end of October 2023, with 10/100 of the ownership share to be disposed on each planned disposition date. As ofthe date of this document, the first disposition has been executed, and a gain on sale of real estate properties is expected tobe recorded during each calculation period as follows.
Total disposition
price
Planned disposition
Property name
Type of use
Location
Buyer(million yen)date (Note 2)(Note 1)

Gotenyama SH
Building

Office building

Shinagawa-ku,
Tokyo

70,0006

stated as below

TIS Inc.

(Unit: million yen)
Planned disposition date

Planned disposition price(Note 2)

(Note 1)Gain on disposition(expected) (Note 3)

Calculation period2

End of April 2024

7,000 (10%)

2,079Ending April 2024 (FP 19)

3

End of October 2024

7,000 (10%)

2,092Ending October 2024 (FP 20)

4End of April 2025

7,000 (10%)

2,104Ending April 2025 (FP 21)

5

End of October 2025

7,000 (10%)

2,119Ending October 2025 (FP 22)

6

End of April 2026

7,000 (10%)

2,133Ending April 2026 (FP 23)

7

End of October 2026

7,000 (10%)

2,147Ending October 2026 (FP 24)

8

End of April 2027

7,000 (10%)

2,161Ending April 2027 (FP 25)

9End of October 2027

7,000 (10%)

2,175Ending October 2027 (FP 26)

10

End of April 2028

7,000 (10%)

2,189Ending April 2028 (FP 27)(Note 1) "Total disposition price" and "Planned disposition price" is the sale and purchase price stated in the sale and purchase agreement 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). The same applies hereinafter.
(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 this document andis subject to change. The same applies hereinafter.

7

(ⅲ) Change in the Portfolio Development Policy
As of December 21, 2023, SHR changed the portfolio development policy, and the investment ratio (acquisition pricebasis) and the target investment ratio for each asset category were changed as follows.
a. Investment ratio by asset category after the change
Main investment
target assets

Asset type

Examples of specificasset types

Portfolio investment
ratio(acquisition price basis)

Medium term target
investment ratio

Residential properties

Residence

Residences
Student dormitories
Company housings

50% - 80%

Approx. 65%

Office building

Office buildings
Data centers

15% - 45%

Approx. 30%

Hotel

HotelsRetail properties
Serviced apartments
Senior housing (Note)

0% - 15%

Approx. 5%

Retail and otherproperties

Commercial properties(Note) Senior housing includes serviced housing for the elderly, paid nursing homes and adult daycare centers. The same applies hereinafter.

b. Investment ratio by asset category before the change
Main investment
target assets

Asset type

Examples of specificasset types

Portfolio investment
ratio(acquisition price basis)

Medium to long term
target investment ratio

Residential properties

Residence

Residences
Student dormitories
Company housings

30% - 55%

Approx. 45%

Office building

Office buildings
Data centers

30% - 55%

Approx. 45%

Hotel

Hotels0% - 30%

Retail and otherproperties

Retail properties
Serviced apartments
Senior housing

0% - 10%

Commercial properties

Approx. 15%(The ratio of Hotel isApprox. 10%)(ⅳ) Borrowing of Funds
On November 30, 2023, SHR decided to undertake new borrowings in order to repay long-term borrowings totaling 9,340
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)

Borrowingamount(mm yen)Interest rate

Drawdown

Borrowing(Note 2) (Note 3)

datemethod8

Repayment

Repayment

date

method(Note 4)(Note 5)

SecurityMizuho Bank, Ltd.

230

Sumitomo Mitsui Trust
Bank, Limited

570

Mizuho Trust &Banking Co., Ltd.

100

1.195%Longterm(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)Development Bank ofJapan Inc.

220

Sumitomo Mitsui
Banking Corporation

510

1.145%MUFG Bank, Ltd.
(Note 6)1,810

1.195%

Total

3,440

－

Borrowingbased onindividual loan
agreement, dated
November 27,
November 30,
November 29,
2023.
2023
2030
The lenders
under the loan
agreement are as
indicated to theleft of this table.

－－

Lump-sum

Unsecured

repayment

andat maturity

Unguaranteed

－

－

－

MUFG Bank, Ltd., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation are arrangers of the above borrowings.
The borrowing expenses and other charge payable to the lenders are not included.
The first interest payment date will be the last day of May 2024. Subsequent interest payment dates will be the last day of every six months andthe principal repayment date. Where the relevant date is not a business day, such date will be the immediately following business day or (if theimmediately following business day falls into the next calendar month) the immediately preceding business day.
Where the repayment date is not a business day, such date will be the immediately following business day or (if the immediately following business
day falls in the next calendar month) the immediately preceding business day.
SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the borrowings (in whole or inpart), in the period between the drawdown date and the repayment date.
The borrowing from MUFG Bank, Ltd. is an ESG Loan for J-REIT.

b. Floating Interest Rate Borrowing
Lenders

Category

Longterm(Note 1)

Interest rate

amount(Note 2) (Note 3)(mm yen)(Note 4)

MUFG Bank, Ltd.
(Note 7)990

Mizuho Bank, Ltd.

810

Sumitomo Mitsui
Banking Corporation

740

Sumitomo Mitsui
Trust Bank, Limited

440

Mizuho Trust &Banking Co., Ltd.

320

MUFG Bank, Ltd.
(Note 7)900

Mizuho Bank, Ltd.

110

Sumitomo Mitsui
Banking Corporation

250

Sumitomo Mitsui
Trust Bank, Limited

1,140

Mizuho Trust &Banking Co., Ltd.

100

Resona Bank, Limited.

100

Drawdown

Borrowingdate

methodRepayment

Repayment

date

method(Note 5)(Note 6)

Security

November 28,
2025

Base rate (JBA
1-month Japanese

Total(Note 1)
(Note 2)

Borrowing

Yen TIBOR) plus

November 30,
2023

0.190%

Borrowingbased onindividual loan
agreement,
dated
November 27,
2023.
The lenders
under the loan
agreement are
as indicated to
the left of thistable.

Lump-sum

Unsecured

repayment

andat maturity

Unguaranteed－－

November 30,
2027

5,900

－

－

－

－

MUFG Bank, Ltd., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation are arrangers of the above borrowings.
The borrowing expenses and other charge payable to the lenders are not included.

9

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)The base rate applicable to the calculation period for the interest payable on an interest payment date shall be the Japanese Yen TIBOR (Tokyo
Inter Bank Offered Rate), corresponding to the calculation period of the interest, two business days prior to the immediately preceding relevantinterest payment date. The Japanese Yen TIBOR is published by the Japanese Bankers Association (JBA) TIBOR Administration. The base rate is
subject to review every interest payment date. Where no rate that corresponds to the interest calculation period exists, the base rate shall be thatwhich corresponds to the concerned period calculated based on the method provided for in the relevant individual loan agreement. For changes inthe base rate (being the Japanese Yen TIBOR published by JBA), please check the website of JBA TIBOR Administration(https://www.jbatibor.or.jp/english/rate/).
The first interest payment date will be the last day of December 2023. Subsequent interest payment dates will be the last day of every
month 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.
Where the repayment date is not a business day, such date will be the immediately following business day or (if the immediately following
business day falls in the next calendar month) the immediately preceding business day.
SHR may, by giving prior written notice and if certain other terms and conditions are met, make early repayment of the borrowings (in whole or inpart), in the period between the drawdown date and the repayment date.
The borrowing from MUFG Bank, Ltd. is an ESG Loan for J-REIT.

④ Performance Outlook for the Next Fiscal Period
The forecasts of performance for the fiscal period ending April 30, 2024 (November 1, 2023 – April 30, 2024) and the fiscal
period ending October 31, 2024 (May 1, 2024 – October 31, 2024) is as follows. Please refer to "Prerequisites for the
Performance Outlook for the Fiscal Period Ending April 2024 and October 2024" below for the assumptions of the operating
forecast.

Operating
Revenue

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

Million yen

Million yen

Million yen

Million yen

Yen

Yen

Yen

April 30, 2024

17,321

8,851

7,875

7,873

1,835

1,797

38

October 31, 2024

16,956

8,511

7,424

7,422

1,732

1,694

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 April 2024 and October 2024
Item

Prerequisites

Calculation period

・ 19th Fiscal Period (From November 1, 2023 to April 30, 2024) (182 days)
・ 20th Fiscal Period (From May 1, 2024 to October 31, 2024) (184 days)
・ Regarding the real estate trust beneficiary interests (total of 120 properties) owned by SHR(hereinafter referred to as "existing assets") and silent partnership equity interests as of the endof the fiscal period ended October 2023 (18th fiscal period), it is assumed that 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"), and the acquisition of one officebuilding (Shinjuku Hirose Building) on December 21, 2023, as real estate trust beneficiaryinterests, acquisition of three residential properties (Esty Maison Omori and two otherproperties) on March 1, 2024, as real estate trust beneficiary interests will be made. Also, otherthan the disposition of the Asset to be Disposed and the acquisition of the (Planned) Assets to be
Acquired, no changes in assets under management (acquisition of new assets, disposition ofexisting assets, etc.) are presumed.
・ Actual figures may fluctuate due to changes in assets under management.
・ A revenue increase is expected due to the acquisition of the (Planned) Asset to be Acquired anda 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 ended
October 2023 (18th fiscal period) is calculated based on lease agreements while taking into
consideration the market environment and trends of individual tenants, etc. For the (Planned)
Assets to be Acquired, calculations are based on information provided by the sellers of theproperties, lease agreements in effect after the acquisition of each (Planned) Asset to be
Acquired, and other factors, considering the market environment and trends of individual
tenants.
・ 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. In addition, the (Planned) Assets
to be Acquired are calculated based on historical data, taking into account information provided
by the sellers of the properties, and each lease agreement, etc., that is to be in effect after theacquisition of each (Planned) Asset to be Acquired, and reflecting factors that may cause
expenses to fluctuate.
・ Property and other taxes are expected to be 1,141 million yen for the fiscal period ending April
2024 (19th fiscal period) and 1,187 million yen for the fiscal period ending October 2024 (20thfiscal 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. The total amount of
fixed property tax, city planning tax, and depreciable property tax including the cost of
acquisition for assets acquired during the fiscal period ended October 2023 (18th fiscal period) is
396 thousand yen (equivalent to 90 days) for Esty Maison Noborito acquired on October 3,
2023. In addition, the total amount of fixed property tax, city planning tax, and depreciable
property tax that will be included into the acquisition cost for the (Planned) Assets to be
Acquired is assumed to be 585 thousand yen (equivalent to 11 days) for Shinjuku Hirose
Building acquired on December 21, 2023, and is assumed to be 12,310 thousand yen (equivalent
to 306 days) for Esty Maison Omori and two other properties to be acquired on March 1, 2024.
Fixed property tax, city planning tax, and depreciable property tax on the one residential
property acquired on October 3, 2023 is expected to be recorded as expenses from the fiscal
period ending April 2024 (19th fiscal period) and fixed property tax, city planning tax, anddepreciable property tax on the one office building acquired on December 21, 2023 is expected
to be recorded as expenses from the fiscal period ending October 2024 (20th fiscal period) , andfixed property tax, city planning tax, and depreciable property tax on the three residential
properties to be acquired on March 1, 2024 is expected to be recorded as expenses from thefiscal period ending October 2025 (22nd fiscal period).

Assets under management

Operating revenue

Operating expenses

11Non-operating expenses

・ 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 2,664 million yen for the fiscal period ending April 2024 (19th fiscal period) and
2,709 million yen for the fiscal period ending October 2024 (20th fiscal period).
・ Asset management fees are expected to be 1,184 million yen for the fiscal period ending April
2024 (19th fiscal period) and 1,092 million yen for the fiscal period ending October 2024 (20thfiscal 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
for the fiscal period ending April 2024 (19th fiscal period) and 8 million yen for the fiscal period
ending October 2024 (20th fiscal period).
・ Interest expenses, interest on investment corporation bonds, and other borrowing-related
expenses are expected to be 943 million yen for the fiscal period ending April 2024 (19th fiscal
period) and 1,057 million yen for the fiscal period ending October 2024 (20th fiscal period).

12

・ As of the end of the fiscal period ended October 2023 (18th fiscal period), the balance of loans
payable of SHR is 225,742 million yen, the balance of investment corporation bonds is 31,500
million yen, and the total interest-bearing debt is 257,242 million yen.
・ As described in " ③ Significant Subsequent Events (Reference Information)" above, as ofNovember 30, 2023, long-term borrowings of 9,340 million yen were borrowed, of which wasused to repay 9,340 million yen in long-term borrowings due on the same day.
・ In order to allocate part of the acquisition funds for the three residential properties scheduled tobe acquired on March 1, 2024, it is assumed that short-term borrowings of 6,150 million yen
will be borrowed on the same date.
・ In addition to the above, the total amount of borrowings due for repayment and investment
corporation bonds that are due and redeemable during the fiscal period ending April 2024 (19thfiscal period) is 9,500 million yen and the total amount of borrowings due for repayment andinvestment corporation bonds that are due and redeemable during the fiscal period ending
October 2024 (20th fiscal period) is 25,705 million yen. It is assumed that the funds for
repayment will be procured entirely through borrowings or the issuance of investment
corporation bonds.
・ As of the end of the fiscal period ended October 2023 (18th fiscal period), the LTV of total
assets is 45.2% and is expected to increase to approximately 45.8% due to the borrowings ofshort-term borrowings scheduled for March 1, 2024 as mentioned above, and remains thereafter.
・ 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
October 2024 (20th 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
167 million yen for the fiscal period ending April 2024 (19th fiscal period) and 168 million yen
for the fiscal period ending October 2024 (20th 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・ Distributions in excess of earnings per unit is calculated based on the policy stipulated in theearnings per unit
Articles of Incorporation of SHR.
・ The distributions of cash in excess of earnings (distributions in excess of earnings) will becalculated 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 166 million yen for the fiscal period ending April 2024 (19th fiscal
period) and 166 million yen for the fiscal period ending October 2024 (20th fiscal period) will
be recorded as distributions in excess of earnings related to part of the amount equivalent to thediscrepancies 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

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

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

14

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

28,500,000
186,692,000

21,500,000
191,197,000

14,380,909
229,572,909
275,587,864

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

161,283,304

161,283,304

128,598,415

128,598,415

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

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

15

*3

*4

*1

－
(3,999,964)(3,999,964)
124,598,450
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

*5
*3

*4

*1

(70,103)(3,999,964)(4,070,068)
124,528,346－－－
7,417,987
131,946,334
293,229,639(2,775)(2,775)
293,226,863
569,478,531

(2) Statement of Income and Retained Earnings(Thousand yen)
17th Fiscal Period(From November 1, 2022
to April 30, 2023)
Operating revenue
Rent revenue – real estate
Other lease business revenue
Gain on sale of real estate properties
Gain on investments in silent partnership
Total operating revenue
Operating expenses
Expenses related to rent business
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
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings

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

16

18th Fiscal Period(From May 1, 2023
to October 31, 2023)*1*1

14,908,879
449,239－
7,818
15,365,937

*1
*1
*2

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

6,543,453
943,182
10,571
49,3863,600
540
307,1857,857,920*1

6,596,150
1,073,228
10,55049,846
3,600－
408,726
8,142,102

7,508,017

8,343,542

135
768
－
1,005
1,909

133
712
491
－
1,336

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

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

(3) Statement of Changes in Net Assets
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

17

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

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

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

Capital surplus,
net(3,999,964)

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

161,283,304

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

124,528,346

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

911,281

Voluntary reserve
Reserve fortemporarydifference
adjustments

Total voluntary
reserve

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

Unappropriatedretained earnings

Total unitholders’equityTotal
surplus1,105,411

6,637,238

132,341,100

293,624,405(911,281)

911,281－－(194,129)

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

7,408,653

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

780,749(394,766)(394,766)－－－

7,417,987

131,946,334

293,229,639

18

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

4,323

4,323

4,323

4,323

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

293,226,863

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

19

(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. Capitalization
Of which, reversal of allowance for temporary
difference adjustments
Ⅴ. 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]]
Ⅵ. Retained earnings carried forward
Method for calculating cash distributions

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

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

911,281,820 yen

- yen

*1

194,129,553 yen

- yen

*2

70,103,712 yen
- yen

*2

*2

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

4,323,083 yen

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

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

70,103,712 yen*21,248,722,370 yen[16 yen][285 yen]

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.

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

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

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

In addition, pursuant to the policy
for "distribution of money inexcess of profits" as set forth in
Article 46, Paragraph 2 of the
Articles of Incorporation of SHR,SHR decided to make a
distribution for the 70,103,712 yen
in allowance for temporary
difference adjustments for the
purpose of reflecting the effect on
distributions of tax and accounting
differences.

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

20

(5) Statement of Cash Flows(Thousand yen)
17th Fiscal Period(From November 1, 2022
to April 30, 2023)

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

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)

7,411,373
2,639,988
13,1988,400(133)
779,689(47,511)125,262(1,957)
17,069(94,624)
1,439,327
372,140
131－
16,976
8,978,259
135(695,165)(584)
8,282,644

5,889,063
33,526
18,584,946
133(725,047)
119
17,860,150(947,849)(5,995)
21,642(221,507)
1,521,103(1,493,347)(2,625)(1,128,578)(1,336,351)(15,374)
14,868－402,890(692,447)(7,843)(1,634,258)－(7,700,000)
18,800,000(11,100,000)(7,509,703)(7,509,703)(355,637)
27,757,104
27,401,467

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

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
Proceeds from refunds of investment securities
Purchases of investment securities
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Decrease (increase) in other investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Repayments of short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

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

21

*1

*1

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

2. Method of depreciation andamortization of non-current assets

3. Accounting for deferred assets

4. Standards for recording allowance

Securities
Other securities
Silent partnership equity interests
The amount equivalent to the share of the net profit or loss of the silent partnershipwill be incorporated.
(1) Property, plant and equipment (including assets in trust)
Depreciation is calculated using the straight-line method.
The useful lives of principal property, plant and equipment are as follows:
Buildings
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.

22

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

Rent revenue
Other leasebusiness revenue

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

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

23

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

(8) Notes to Financial Statements(Omission of Disclosure)
Lease transactions, financial instruments, securities, derivative transactions, retirement benefits, tax effectaccounting, equity-method profit and loss, asset retirement obligations, and notes on real estate for rent, etc., arenot considered necessary to be disclosed in 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)
18th Fiscal Period(As of October 31, 2023)

17th Fiscal Period(As of April 30, 2023)
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)
18th Fiscal Period(As of October 31, 2023)

17th Fiscal Period(As of April 30, 2023)
Total amount of commitment line

15,000,000

15,000,000－－

15,000,000

15,000,000

Balance executed as loans
Unused line of credit*3. Status of cancellation of own investment units
17th Fiscal Period(As of April 30, 2023)
Total number of units cancelled
Total amount cancelled

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

17th Fiscal Period(As of April 30, 2023)
Gain on negative goodwill (*)
Initial amount

1,556,827

1,556,827

Balance at beginning of period

417,038

194,129

Reserve amount during period－－

Reversal amount during period

222,908

194,129

Balance at end of period

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 innegative goodwill that occurred in the past fiscal years, and from thethe past fiscal years, and from the fiscal period following the fiscal
fiscal period following the fiscal
period in which it was
period in which it was
accumulated, SHR has planned toaccumulated, SHR plans to reverse reverse 1% or more of the
1% or more of the corresponding corresponding amount divided
amount divided equally over 50
equally over 50 years and apply it
years and apply it to cash
to cash distributions, and thendistributions.
complete to reverse in the current
fiscal period.

25*5. Allowance for Temporary Difference Adjustments
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
1. Reason for provision, related assets etc. and amount of provision

Related assets,
etc.

Buildings in trust,etc.
Deferred gains orlosses on hedges

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

Total

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

63,004－63,004－63,004

－

7,099

－

7,099

－

7,099

－

70,103－70,103－70,103

InitialamountReason forreversal

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

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

26

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of property-related operating revenue and expenses
17th Fiscal Period(From November 1, 2022
to April 30, 2023)
A. Property-related operating revenue
Rent revenue – real estate
Rental income
Other
Other lease business revenue
Utilities revenue
Other
Total property-related operating revenue
B. Property-related operating expenses
Expenses related to rent businessSubcontract expenses
Property management fees
Trust fees
Utilities expenses
Property and other taxes

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

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

14,908,879

449,239
15,358,119(Thousand yen)
18th Fiscal Period(From May 1, 2023
to October 31, 2023)

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

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

623,370
481,934
38,173438,325
1,134,233

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

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

6,543,453
6,543,453
8,814,666

14,894,546

489,891
15,384,437

6,596,150
6,596,150
8,788,287*2. Breakdown of gain on sale of real estate properties
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)(Thousand yen)
Sha Maison Stage Kanazawa Nishiizumi
Proceeds from sale of real estate property
Cost of real estate property
Other sales expenses
Gain on sale of real estate property

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

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

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

27

(Notes to Statement of Changes in Net Assets)*1 Total number of authorized investment units and total number of investment units issued
17th Fiscal Period(From November 1, 2022
to April 30, 2023)

18th Fiscal Period(From May 1, 2023
to October 31, 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(Notes to Statement of Cash Distributions)*1 Reserve for temporary difference adjustments
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.

18th Fiscal Period(From May 1, 2023
to October 31, 2023)―*2 Allowance for Temporary Difference Adjustments
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

Method of reversal

Buildings in trust, etc.
Deferred gains or losses on hedges

18th Fiscal Period

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.

(From May 1, 2023 to October 31,2023)

1. Reason for provision, related assets etc. and amount of provision

Related assets, etc.

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

Buildings in trust, etc.

Excess depreciation related to depreciation at merger

303,722

Gain on sale of real estate properties

Record the split sales expenses as combined calculation

945,000

Total

1,248,722

28

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

Related assets, etc.
Deferred gains or losses on hedges(Thousand yen)Amount of allowancefor temporary
difference adjustments

Reason for reversal
Changes in fair value of derivatives as hedging instruments.

4,323

Total

4,323

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

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

(Notes to Statement of Cash Flows)*1 Reconciliation of cash and cash equivalents at end of period to the corresponding balance sheet items
17th Fiscal Period(From November 1, 2022
to April 30, 2023)(Thousand yen)
18th Fiscal Period(From May 1, 2023
to October 31, 2023)

Cash and deposits

10,950,123

15,062,344

Cash and deposits in trust

16,451,343

19,762,618

Cash and cash equivalents

27,401,467

34,824,962(Transactions with Related Parties)
1. Parent company and major corporate unitholders
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
2. Subsidiaries and affiliates
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
3. Sister companies
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
Not applicable.
4. Directors and major individual unitholders
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
Not applicable.
18th Fiscal Period (From May 1, 2023 to October 31, 2023)

29

Not applicable.

30

(Revenue Recognition)
1. Breakdown of revenue from contracts with customers
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

Total

*2

*2

－

216,387

216,387－

15,149,550

216,387

15,365,937

Other

*1

Net sales to external customers

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

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

8,100,000

Utilities revenue
Other
Total
*1

*2

Net sales to external customers*2

1,097,186

257,660

257,660－

15,130,798

8,357,660

16,485,645

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
17th Fiscal Period (From November 1, 2022 to April 30, 2023)
As stated in (7) Summary of Significant Accounting Policies
18th Fiscal Period (From May 1, 2023 to October 31, 2023)
As stated in (7) Summary of Significant Accounting Policies

31

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

17th Fiscal Period(From November 1, 2022
to April 30, 2023)
Claims arising from contracts with customers(Balance at beginning of period)
Claims arising from contracts with customers(Balance at end of period)
Contract assets(Balance at beginning of period)
Contract assets(Balance at end of period)
Contract liabilities(Balance at beginning of period)
Contract liabilities(Balance at end of period)

55,312

52,40452,40455,289

－

－

－

－

－

－

－

－

(2) 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.

32

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

2

End of April 2024

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

3

End of October 2024

7,000,000 (10%)

Ending October 2024 (FP 20)

4End of April 2025

7,000,000 (10%)

Ending April 2025 (FP 21)

5

End of October 2025

7,000,000 (10%)

Ending October 2025 (FP 22)

6

End of April 2026

7,000,000 (10%)

Ending April 2026 (FP 23)

7

End of October 2026

7,000,000 (10%)

Ending October 2026 (FP 24)

8

End of April 2027

7,000,000 (10%)

Ending April 2027 (FP 25)

9End of October 2027

7,000,000 (10%)

Ending October 2027 (FP 26)

10

End of April 2028

7,000,000 (10%)

Ending April 2028 (FP 27)

Planned disposition date

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

33

(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
17th 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

Name of related segment
Real estate leasing business18th Fiscal Period (From May 1, 2023 to October 31, 2023)(1) Information about products and services
Information about products and services is omitted because net sales to external customers for a single
products and services category are in excess of 90% of operating revenue on the statement of income andretained earnings.
(2) Information about geographic areas
1) Operating revenue
Information about net sales is omitted because net sales to external customers in Japan are in excessof 90% of operating revenue on the statement of income and retained earnings.
2) Property, plant and equipment
Information about property, plant and equipment is omitted because the property, plant andequipment located in Japan is in excess of 90% of property, plant and equipment on the balance
sheet.
(3) Information about major customers(Thousand yen)
Name of customer

Operating revenue

Name of related segment

TIS Inc.

2,108,683

Real estate leasing businessSekisui House, Ltd.

1,363,712

Real estate leasing business

34

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

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

Net assets per unit

67,013 yen

66,924 yen

Net income per unit

1,514 yen

1,690 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.

17th Fiscal Period(From November 1, 2022
to April 30, 2023)
Net income (Thousand yen)Amount not attributable to common unitholders(Thousand yen)
Net income attributable to common investment units(Thousand yen)
Average number of investment units during period(Units)18th Fiscal Period(From May 1, 2023
to October 31, 2023)

6,637,238

7,408,653－－

6,637,238

7,408,653

4,381,482

4,381,482(Significant Subsequent Events)
Not applicable.
(Additional Information)
1.Disposition of Asset
SHR decided on the disposition of trust beneficiary interest in domestic real estate and entered into a purchase andsale agreement as of March 29, 2023 as follows. The disposition of the quasi co-ownership interest in trust
beneficiary interest is scheduled to be carried out in 10 equal installments, with 10/100 of the ownership share to
be disposed on each planned disposition date. As of the date of this document, the first disposition has been
executed, and a gain on sale of real estate properties is expected to be recorded during each calculation period as
follows.
Property name

Type of use

Location

Total disposition
price (Note 1)(million yen)

Planned disposition

70,000stated as below

Buyerdate (Note2)

Gotenyama SH
Office building

Shinagawa-ku, Tokyo

TIS Inc.

Building(Unit: million yen)
Planned disposition date

Planned disposition priceGain on disposition(Note 2)

(Note 1)(expected) (Note 3)

Calculation period2

End of April 2024

7,000 (10%)

2,079Ending April 2024 (FP 19)

3

End of October 2024

7,000 (10%)

2,092Ending October 2024 (FP 20)

4End of April 2025

7,000 (10%)

2,104Ending April 2025 (FP 21)

5

End of October 2025

7,000 (10%)

2,119Ending October 2025 (FP 22)

6

End of April 2026

7,000 (10%)

2,133Ending April 2026 (FP 23)

7

End of October 2026

7,000 (10%)

2,147Ending October 2026 (FP 24)

8

End of April 2027

7,000 (10%)

2,161Ending April 2027 (FP 25)

9End of October 2027

7,000 (10%)

2,175Ending October 2027 (FP 26)

10

End of April 2028

7,000 (10%)

2,189Ending April 2028 (FP 27)

35

(Note 1) "Total disposition price" and "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).
(Note 2) In the event that the "planned disposition date" is not a business day, the said date will be the immediately preceding business day.
(Note 3) "Gain on disposition (expected)" is the approximate value to be recorded on each planned disposition date as of the date of thisdocument and is subject to change.

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

Date

Event

Unitholders' capital(million yen)
Increase(Decrease)

Balance

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

Note

June 10, 2019

Public offering

37,162

147,351

501,500

4,263,591(Note 1)

July 9, 2019

Third-party allotment

1,858

149,21025,075

4,288,666(Note 2)

November 1, 2021

Public offering

11,652160,862

137,500

4,426,166(Note 3)

November 29, 2021

Third-party allotment

420

161,283

4,967

4,431,133(Note 4)

October 17, 2022

Cancellation－

161,283(49,651)

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

37

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

Type of asset

Asset category

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

Geographical area, etc.

(Note 1)

(Note 2)18th Fiscal Period(As of Oct. 31, 2023)
Total amount
Ratio toheld
total assets(million yen)(%)
(Note 1)

(Note 2)

Greater Tokyo

208,84836.7

208,676

36.6

Other areas

55,6429.8

54,498

9.6

Three major metropolitan
areas

273,49848.0

267,810

47.0

－

－

－

－

537,989

94.5

530,985

93.2

Silent partnership equity interests (Note 4)

684

0.1

668

0.1

Deposits and other assets

30,531

5.4

37,824

6.6

Total amount of assets

569,205

100.0

569,478

100.0

Total amount in liabilities

275,58748.4

276,251

48.5

Total amount in net income

293,61751.6

293,226

51.5

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)455,423

455,4230.1

213,231

213,2310.0(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.

38

(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
6,575
8,110
2005
2018
Minato-ku,
January
May
1,790
0.3
1,761
2,090
Tokyo
2004
2018
Shibuya-ku,
June
May
2,040
0.4
2,020
2,520
Tokyo
2003
2018
Shibuya-ku,
October
May
873
0.2
910
971
Tokyo
2004
2018
Chiyoda-ku,
February
May
1,610
0.3
1,531
2,040
Tokyo
2004
2018
Shinjuku-ku,
August
May
1,590
0.3
1,513
1,960
Tokyo
2004
2018
July
May
Taito-ku, Tokyo
2,190
0.4
2,052
2,690
2004
2018
Kawasaki-shi,
July
May
2,400
0.4
2,337
3,040
Kanagawa
2004
2018
NovemberMay
Koto-ku, Tokyo
1,580
0.3
1,453
1,970
2005
2018
Minato-ku,
November
May
1,060
0.2
1,059
1,430
Tokyo
2005
2018
Toshima-ku,
February
May
1,630
0.3
1,579
1,980
Tokyo
2007
2018
March
May
Osaka-shi, Osaka
2,970
0.5
2,860
3,210
2006
2018
Yokohama-shi,
February
May
931
0.2
871
1,010
Kanagawa
2006
2018
FebruaryMay
Osaka-shi, Osaka
1,060
0.2
1,105
1,200
2007
2018
Shinagawa-ku,
March
May
3,110
0.6
3,010
3,760
Tokyo
2006
2018
Shinagawa-ku,
August
May
2,720
0.5
2,665
3,220
Tokyo
2006
2018
Shinagawa-ku,
June
May
2,050
0.4
2,106
2,600
Tokyo
2006
2018
Minato-ku,
August
May
1,250
0.2
1,286
1,460
Tokyo
2006
2018
Kawasaki-shi,
February
May
1,910
0.3
1,849
2,530
Kanagawa
2007
2018
Minato-ku,
February
May
2,690
0.5
2,703
3,140
Tokyo
2007
2018
Itabashi-ku,
February
May
937
0.2
960
1,070
Tokyo
2007
2018
Shinagawa-ku,
TokyoBunkyo-ku,
TokyoFukuoka-shi,
Fukuoka
Kodaira-shi,Tokyo
Nagoya-shi,
Aichi
Nagoya-shi,
Aichi
Setagaya-ku,
Tokyo
Itabashi-ku,
TokyoFukuoka-shi,
Fukuoka
Sumida-ku,
Tokyo
Koganei-shi,
Tokyo

1,050

0.2

994

1,250

698

0.1

668

842

2,400

0.4

2,147

2,800

1,850

0.3

1,882

2,390

1,500

0.3

1,526

1,820

801

0.1

804

989

785

0.1

753

986

2,560

0.5

2,420

3,030

2,360

0.4

2,265

2,860

1,260

0.2

1,183

1,510

1,790

0.3

1,728

2,220

39

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
1,904
2,280
Aichi
2008
2018
FebruaryMay
Osaka-shi, Osaka
909
0.2
904
1,200
2007
2018
June
May
Osaka-shi, Osaka
601
0.1
603
767
2006
2018
Fukuoka-shi,
February
May
1,940
0.4
1,898
2,300
Fukuoka
1996
2018
FebruaryMay
Taito-ku, Tokyo
1,930
0.4
1,872
2,230
2006
2018
Shibuya-ku,
September
May
3,340
0.6
3,352
3,890
Tokyo
2004
2018
FebruaryMay
Chuo-ku, Tokyo
6,250
1.1
6,123
7,380
2006
2018
Nagoya-shi,August
May
1,050
0.2
1,042
1,190
Aichi
2008
2018
Nagoya-shi,
July
May
812
0.1
828
965
Aichi
2007
2018
Fukuoka-shi,August
May
1,260
0.2
1,140
1,380
Fukuoka
2005
2018
Nagoya-shi,
February
May
1,580
0.3
1,632
1,850
Aichi
2006
2018
Bunkyo-ku,
August
May
1,360
0.2
1,319
1,520
Tokyo
2009
2018
Setagaya-ku,
February
May
2,270
0.4
2,207
2,650
Tokyo
2010
2018
Shinagawa-ku,
June
May
1,770
0.3
1,697
2,140
Tokyo
2009
2018
NovemberMay
Osaka-shi, Osaka
1,680
0.3
1,574
1,890
2007
2018
Shinagawa-ku,
September
May
2,400
0.4
2,361
3,190
Tokyo
2003
2018
Shinjuku-ku,
April
May
1,680
0.3
1,581
2,160
Tokyo
2009
2018
Minato-ku,
November
May
1,540
0.3
1,496
2,000
Tokyo
2009
2018
Meguro-ku,
February
May
861
0.2
833
1,080
Tokyo
2009
2018
Shinagawa-ku,
May
May
1,030
0.2
980
1,230
Tokyo
2009
2018
Nakano-ku,
June
May
1,870
0.3
1,865
2,150
Tokyo
2009
2018
Nakano-ku,
October
May
1,020
0.2
966
1,140
Tokyo
2009
2018
Nakano-ku,
February
May
984
0.2
945
1,150
Tokyo
2009
2018
Nakano-ku,
October
May
1,160
0.2
1,089
1,320
Tokyo
2009
2018
Suginami-ku,
March
May
1,160
0.2
1,119
1,430
Tokyo
2009
2018
Sumida-ku,
April
May
2,490
0.5
2,358
2,990
Tokyo
2010
2018
NovemberMay
Kita-ku, Tokyo
3,290
0.6
3,188
3,780
2009
2018
July
May
Kita-ku, Tokyo
1,650
0.3
1,539
1,930
2010
2018
Shinjuku-ku,
November
May
1,580
0.3
1,479
2,040
Tokyo
2012
2018
NovemberMay
Chuo-ku, Tokyo
1,460
0.3
1,350
1,740
2012
2018
Chiyoda-ku,
March
May
1,960
0.4
1,831
2,300
Tokyo
2013
2018
Shinagawa-ku,
January
May
2,910
0.5
2,858
3,610
Tokyo
2011
2018
Chiyoda-ku,
October
May
555
0.1
583
652
Tokyo
2006
2018
Nagoya-shi,
October
May
2,460
0.4
2,321
2,650
Aichi
2007
2018
Fukuoka-shi,
February
May
2,430
0.4
2,527
2,850
Fukuoka
2006
2018

40

Type

Property
No.
(Note 1)
R-076

Esty Maison
Kinshicho II

R-077

Esty Maison Ojima

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

Property Name

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

Prime Maison
Fujimidai
Esty Maison
TsurumaiPrime Maison
Morishita
Prime Maison
ShinagawaPrime Maison
Odorikoen
Prime Maison
Minami 2-joPrime Maison
Kamokamogawa
Prime Maison
Central Park (Note 11)
Sha Maison Stage
YahiroPrime Maison Ebisu
Esty Maison
Unomori
Sha Maison Stage
Hino
Prime Maison
Yokohama Nihonodori
Kobe Women'sStudent Housing
Prime Maison
ShibuyaPrime Maison
Hatsudai
Esty Maison
Uemachidai
Prime Maison
Shirokane-takanawa
Prime Maison
Ichigayayamabushicho
Esty Maison
Morishita
Prime Maison
Shirokanedai Tower
Prime Maison
OtsukaPrime Maison
Asakusabashi
Prime Maison
Daikanyama
Prime Maison
Gotenyama West
Esty Maison Toyosu
Residence (Note 12)
Esty Maison Ijiri
Prime Maison
Mitatsunamachi
Prime Maison
Hongo
Prime Maison
KuramaeAppraisal
Book value atvalue at theAcquisition Investment the end of theCompletion Acquisition
Locationend of thepriceratio (%)
perioddate
date(Note 2)
period(million yen) (Note 3) (million yen)
(Note 2)
(Note 6)(million yen)
(Note 4)(Note 5)
Sumida-ku,
January
May
8,250
1.5
7,779
10,700
Tokyo
2008
2018
SeptemberMay
Koto-ku, Tokyo
8,630
1.6
8,174
12,1002007
2018
Nagoya-shi,
April
May
2,070
0.4
2,122
2,290
Aichi
2007
2018
Nagoya-shi,
November
May
4,490
0.8
4,476
5,100
Aichi
1999
2018
May
May
Koto-ku, Tokyo
1,930
0.4
1,793
2,260
2013
2018
Shinagawa-ku,
February
May
1,960
0.4
1,856
2,300
Tokyo
2014
2018
Sapporo-shi,
December
May
3,160
0.6
2,988
3,280
Hokkaido
2008
2018
Sapporo-shi,
November
May
1,930
0.4
1,774
2,070
Hokkaido
2009
2018
Sapporo-shi,
October
May
1,250
0.2
1,145
1,290
Hokkaido
2009
2018
Fukuoka-shi,
February
May
2,309
0.4
2,084
2,535
Fukuoka2011
2018
Sumida-ku,
January
May
1,910
0.3
1,793
2,160
Tokyo
2011
2018
Shibuya-ku,
June
May
4,360
0.8
4,211
5,960
Tokyo
2014
2018
Yokkaichi-shi,
April
May
830
0.2
740
836
Mie
2009
2018
JanuaryMay
Hino-shi, Tokyo
1,390
0.3
1,352
1,580
2010
2018
Yokohama-shi,
Kanagawa

4,870

0.9

4,513

5,260

Kobe-shi, Hyogo

5,880

1.1

5,113

6,360

2,430

0.4

2,361

2,800

3,010

0.5

2,872

3,400

1,040

0.2

1,041

1,260

4,900

0.9

4,739

5,530

4,220

0.8

4,056

4,290

655

0.1

621

740

7,950

1.4

7,851

11,200

3,700

0.7

3,629

4,900

1,680

0.3

1,656

2,190

2,520

0.5

2,492

3,510

3,400

0.6

3,385

4,920

6,050

1.1

5,592

7,760

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

431

437

2,040

0.4

2,026

2,530

2,600

0.5

2,573

3,050

Taito-ku, Tokyo

2,190

0.4

2,159

2,600

June
2014

May
2018

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

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

R-112

Esty Maison
Yokohama-aobadai(Note 13)

Yokohama-shi,
Kanagawa

3,020

0.6

2,977

3,660

July
1990

R-113

Esty Maison
Shizuoka Takajo

Shizuoka-shi,
Shizuoka

660

0.1

659

656

February
2006

41

Type

Property
No.
(Note 1)
R-114
R-115
R-116
R-117
R-118
R-119

Residence

R-120
R-121
R-122
R-123
R-124
R-125

Location(Note 2)

Property Name

Sha Maison Stage
Sendai-shi,
Hirose-dori
MiyagiEsty Maison
Nagoya-shi,
HIGASHIBETSUIN
Aichi
Esty Maison
Nagoya-shi,
KayabaAichi
Esty Maison
Nagoya-shi,
SHIRAKABEMINAMI Aichi
Prime Maison
Setagaya-ku,
Shimokitazawa
Tokyo
Prime Maison
Meguro-ku,
MeguroTokyo
Prime Maison
Sumida-ku,
RyogokuTokyo
Prime Maison
Meguro-ku,
Nakameguro
Tokyo
Prime Maison
Itabashi-ku,
ItabashiTokyo
Prime Maison
Nakano-ku,
EGOTANOMORI
Tokyo(Note 14)
Prime Maison
Shinjuku-ku,
Waseda doriTokyo
Kawasaki-shi,
Esty Maison Noborito
Kanagawa
Residence Subtotal

Officebuilding

10,5001.9

10,94010,900

2,200

0.4

2,250

2,690

490

0.1

520

510

269,87649.2

263,174

321,654

July
2018

August2022

February
2020
January
2008

August2022
October2023－－
December2014
May 2016
May 2017
June 2019
December
2014
December
2014
June 2019

O-001

Garden City Shinagawa Shinagawa-ku,
GotenyamaTokyo

71,95013.1

69,40866,700February
2011

O-002

Gotenyama SH
Building (Note 15)

Shinagawa-ku,
Tokyo

46,3508.4

44,142

57,100February
2011

O-003

Hommachi Minami
Garden City

Osaka-shi, Osaka

44,0008.0

41,74354,600February
2011

Osaka-shi, Osaka

38,6007.0

35,71644,200

May
2010

May
2015

Osaka-shi, Osaka

4,400

0.8

4,168

6,330

July
2015

May
2016

Nagoya-shi,
Aichi

6,350

1.2

6,090

7,450

March
2011

Minato-ku,
Tokyo50,0009.1

49,94952,800January
2006

May
2016
June 2019
November
2021

261,65047.7

251,219

289,180－－

17,2003.1

16,59016,700

May
2010

May
2017

Hotel Subtotal

17,2003.1

16,59016,700－－

Portfolio Total

548,726100.0

530,985

627,534

－

－

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)January
April
865
0.2
966
972
2006
2020
February
April
2,190
0.4
2,259
2,230
2009
2021
February
April
900
0.2
931
958
2012
2021
January
April
660
0.1
679
708
2014
2021
December September
2,580
0.5
2,624
2,840
2019
2021
AugustSeptember
2,310
0.4
2,344
2,560
2018
2021
February
September
1,530
0.3
1,561
1,630
2019
2021
NovemberFebruary
10,0001.8
10,155
11,2002019
2022
February
February
4,800
0.9
4,920
5,220
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%)).

42

(Note 8) For Esty Maison Musashikoyama, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to part of the
exclusively-owned portions of the building and for the accompanying right of site (ratio of right of site: 117,678/127,609 (or approximately
92.2%)).
(Note 9) For Esty Maison Sendagi, SHR owns real estate trust beneficiary interests for the compartmentalized ownership interest to part of the
exclusively-owned portions of the building and for the accompanying right of site (ratio of right of site: 89,730/103,842 (or approximately
86.4%)).
(Note 10) Sha Maison Stage Hakata is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed termleasehold right is established with a lease term of 50 years from December 1, 2002.
(Note 11) Part of the land of Prime Maison Central Park (lot number: 23-32) is a leased land, while the building (store) on the leased land is owned by
the lessee.
(Note 12) Esty Maison Toyosu Residence is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed-termleasehold right is established with a lease term of 65 years from March 17, 2006.
(Note 13) Esty Maison Yokohama-aobadai is comprised of two buildings, Esty Maison Yokohama-aobadai North acquired on June 10, 2019
(completed in July 2018) and Esty Maison Yokohama-aobadai South acquired on September 27, 2019 (completed in July 1990). As the twobuildings are located on the same site, SHR manages these buildings as a single property referring to collectively as Esty Maison
Yokohama-aobadai and the total amount of each building is indicated. The above “Completion date” indicates the completion date of
Esty Maison Yokohama-aobadai South for convenience. In addition, throughout this document the property may be described separately as
Esty Maison Yokohama-aobadai North and Esty Maison Yokohama-aobadai South. The same applies hereinafter.
(Note 14) Prime Maison EGOTANOMORI is a property on a leased land owned by the Urban Renaissance Agency and for which a general fixed-termleasehold right is established with a lease term of 70 years from April 24, 2015.
(Note 15) As of October 31, 2023, SHR has disposed 10/100 (10.0%) quasi co-ownership interest in "Gotenyama SH Building", and owns 90.0% of thequasi co-owership interest in the real estate trust beneficiary for this property. Therefore, the "Appraisal value at the end of the period" of"Gotenyama SH Building" is the amount corresponding to the quasi co-ownership interest held by SHR.
(Note 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.

43

(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

5,387.24

97.7

12,019.10

1,916.52

94.9

0.4

1

2,062.10

1,973.32

95.7

23

0.2

1

781.02781.02

100.0

47

0.3

1

1,706.54

1,662.46

97.4

48

0.3

1

1,881.19

1,837.76

97.7

66

0.4

1

2,978.28

2,817.69

94.6

Property
No.

Property Name

R-001

Esty Maison Ginza

178

1.2

1

R-002

Esty Maison
Azabunagasaka

50

0.3

R-003

Esty Maison Ebisu II

59

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

75

0.5

1

3,741.01

3,491.25

93.3

R-010

Esty Maison Kameido

54

0.4

1

2,279.21

2,279.21

100.0

R-011

Esty Maison Meguro

30

0.2

1

1,070.13

976.40

91.2

R-012

Esty Maison Sugamo

51

0.3

1

2,619.17

2,619.17

100.0

R-013

Esty Maison Kyobashi

91

0.6

1

4,613.04

4,484.04

97.2

R-014

Esty Maison Hakuraku

31

0.2

1

1,285.83

1,285.83

100.0

R-015

Esty Maison
Minamihorie

34

0.2

1

1,804.48

1,779.11

98.6

R-016

Esty Maison Gotanda

94

0.6

1

3,871.15

3,705.77

95.7

82

0.5

1

2,979.85

2,932.39

98.4

66

0.4

1

2,602.30

2,486.96

95.6

33

0.2

1

1,082.12

1,040.50

96.2

65

0.4

1

2,824.86

2,759.69

97.7

64

0.4

1

1,755.31

1,685.87

96.0

30

0.2

1

1,274.49

1,274.49

100.0

32

0.2

1

1,176.78

1,176.78

100.0

23

0.2

1

897.30872.83

97.3

87

0.6

1

9,106.08

9,038.22

99.3

67

0.4

1

3,924.58

3,924.58

100.0

49

0.3

1

3,118.11

2,743.95

88.0

31

0.2

1

2,163.98

2,082.98

96.3

23

0.2

1

894.64868.50

97.1

81

0.5

1

4,036.66

3,893.83

96.5

95

0.6

1

9,614.80

9,614.80

100.0

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

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

Esty Maison Kinshicho

36

0.2

1

1,611.54

1,611.54

100.0

R-040

Esty Maison
Musashikoganei

56

0.4

1

2,275.24

2,208.34

97.1

R-041

Prime Maison Gokiso

64

0.4

1

4,427.65

4,127.01

93.2

R-042

Prime Maison
Yuhigaoka

30

0.2

1

2,040.35

2,040.35

100.0

44

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)

22

0.1

1

1,798.97

1,798.97

100.0

69

0.4

1

7,514.76

7,514.76

100.0

R-045

Esty Maison Akihabara

56

0.4

1

2,324.65

2,265.67

97.5

R-046

Esty Maison Sasazuka

92

0.6

1

3,701.70

3,576.08

96.6

R-047

Prime Maison
Ginza East

182

1.2

1

6,177.20

6,057.10

98.1

R-048

Prime Maison Takami

33

0.2

1

2,016.79

1,871.79

92.8

R-049

Prime Maison
Yadaminami

27

0.2

1

2,168.59

1,843.77

85.0

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

1,498.13

100.0

R-053

Esty Maison Daizawa

62

0.4

1

2,352.90

2,270.95

96.5

R-054

Esty Maison Togoshi

51

0.3

1

1,943.17

1,902.63

97.9

51

0.3

1

2,877.90

2,877.90

100.0

78

0.5

1

2,675.11

2,510.15

93.8

48

0.3

1

1,889.50

1,734.74

91.8

44

0.3

1

1,199.86

1,199.86

100.0

24

0.2

1

1,035.78

968.87

93.5

30

0.2

1

1,073.59

1,073.59

100.0

53

0.3

1

2,023.72

1,960.63

96.9

28

0.2

1

1,107.57

1,057.90

95.5

29

0.2

1

1,299.60

1,243.05

95.6

35

0.2

1

1,531.89

1,461.38

95.4

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

34

0.2

1

1,527.52

1,504.01

98.5

R-066

Esty Maison Oshiage

75

0.5

1

3,180.90

3,180.90

100.0

R-067

Esty Maison Akabane

98

0.6

1

4,302.84

4,252.04

98.8

R-068

Esty Maison Oji

49

0.3

1

2,289.44

2,289.44

100.0

R-069

Prime Maison Waseda

45

0.3

1

1,650.66

1,550.13

93.9

R-070

Prime Maison
Hatchobori

37

0.2

1

1,382.32

1,382.32

100.0

R-071

Prime Maison Jimbocho

52

0.3

1

1,819.90

1,744.88

95.9

86

0.6

1

2,512.91

2,423.71

96.5

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

67

0.4

1

4,809.68

4,281.82

89.0

R-075

Esty Maison Yakuin

76

0.5

1

5,213.51

4,947.89

94.9

R-076

Esty Maison
Kinshicho II

234

1.5

1

9,469.65

9,281.16

98.0

R-077

Esty Maison Ojima

265

1.7

1

9,905.97

9,573.60

96.6

R-078

Prime Maison Fujimidai

70

0.5

1

5,704.63

5,361.87

94.0

R-079

Esty Maison Tsurumai(Note 5)

157

1.0

1

13,812.40

13,812.40

100.0

45

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)

55

0.4

1

2,180.78

2,103.62

96.5

59

0.4

1

2,107.88

2,039.76

96.8

120

0.8

1

7,360.37

7,133.14

96.9

75

0.5

1

6,019.09

5,962.46

99.1

49

0.3

1

4,102.08

4,066.11

99.1

89

0.6

1

10,268.74

10,140.33

98.7

56

0.4

1

3,409.16

3,409.16

100.0

R-087

Prime Maison Ebisu

113

0.7

1

3,010.66

2,928.26

97.3

R-088

Sha Maison Stage
Kanazawa Nishiizumi(Note 7)

21

0.1

－

－

－

－

R-089

Esty Maison Unomori

27

0.2

1

2,280.00

2,280.00

100.0

R-091

Sha Maison Stage Hino

50

0.3

1

2,827.55

2,773.55

98.1

140

0.9

1

5,461.13

5,323.58

97.5

220

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

63

0.4

1

1,972.59

1,906.17

96.6

R-095

Prime Maison Hatsudai

81

0.5

1

2,879.20

2,777.67

96.5

Esty Maison
Uemachidai
Prime Maison
Shirokane-takanawa
Prime Maison
Ichigayayamabushicho

33

0.2

1

2,225.52

2,170.90

97.5

116

0.8

1

3,923.76

3,776.37

96.2

105

0.7

1

4,099.04

3,836.01

93.6

R-100

Esty Maison Morishita

18

0.1

1

748.92723.58

96.6

R-101

Prime Maison
Shirokanedai Tower

234

1.5

1

6,772.89

6,360.17

93.9

R-102

Prime Maison Otsuka

115

0.7

1

3,921.35

3,762.85

96.0

48

0.3

1

2,033.06

1,827.17

89.9

76

0.5

1

1,779.17

1,643.46

92.4

117

0.8

1

3,569.73

3,443.88

96.5

486

3.2

1

23,538.73

22,633.12

96.2

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

1,321.90

95.3

R-110

Prime Maison Hongo

62

0.4

1

2,423.46

2,315.31

95.5

R-111

Prime Maison Kuramae

57

0.4

1

2,259.40

2,160.84

95.6

86

0.6

1

6,808.84

6,808.84

100.0

23

0.2

1

1,731.52

1,731.52

100.0

29

0.2

1

2,552.40

2,552.40

100.0

69

0.5

1

4,856.22

4,856.22

100.0

30

0.2

1

2,170.80

2,089.20

96.2

20

0.1

1

1,240.28

1,240.28

100.0

59

0.4

1

1,991.72

1,834.41

92.1

50

0.3

1

1,335.62

1,180.46

88.4

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

46

Type

Occupancy
Rate (%)(Note 6)

1,499.10

1,356.02

90.5

16,033.98

5,879.69

97.4

0.8

1

4,557.89

4,479.11

98.3

623

4.1

1

29,048.95

28,490.54

98.1

55

0.4

1

1,819.35

1,769.33

97.3

2

0.0

1

657.79616.99

93.8

8,690

56.5

12 419,011.78

407,676.78

97.3

1,547

10.1

1

38,577.99

32,524.13

84.3

1,088

7.1

1

17,999.97

17,999.97

100.0

1,323

8.6

1

29,657.53

29,657.53

100.0

903

5.9

1

17,006.94

17,006.94

100.0

173

1.1

1

4,554.52

4,554.52

100.0

211

1.4

1

4,442.75

4,442.75

100.0

1,042

6.8

1

21,735.42

20,323.29

93.5

R-120

Prime Maison Ryogoku

37

0.2

1

R-121

Prime Maison
Nakameguro

223

1.5

R-122

Prime Maison Itabashi

118

R-123
R-124
R-125

Prime Maison
EGOTANOMORI
Prime Maison
Waseda dori
Esty Maison Noborito
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 (Note 5)
Hommachi Minami
Garden City (Note 3)
Hommachi Garden City
(Office building
portion)HK Yodoyabashi
Garden Avenue(Note 3)
Hirokoji Garden
Avenue (Note 3)
Akasaka Garden City
(Note 3) (Note 5)

Office Building Subtotal
Hotel

Leased Area(㎡)
(Note 5)

Property Name

Residence

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

6,291

40.9

4 133,975.12

126,509.13

94.4

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

15,384100.0

16 571,079.88

552,278.89

96.7(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 19, 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 Gotenyama SH Building and Akasaka Garden City, the figures indicate the area
corresponding to the portions owned by SHR.
(Note 6) "Occupancy rate" refers to the ratio of leased area to leasable area of each property as of the end of each fiscal period, rounded to the nearest
first decimal place. The figures indicated in the "Subtotal" columns are the ratio of the subtotal of lease d area of each property classified byusage type to the subtotal of leasable area of each property classified by usage type, and the figure indicated in the "Total" column is the ratioof the total of leased area of each property to the sum total of leasable area of each property, as the occupancy rate of the entire portfolio. Bothfigures have been rounded to the nearest first decimal place.
(Note 7) SHR disposed of Sha Maison Stage Kanazawa Nishiizumi as of August 3, 2023. Therefore, the above figures for "Real Estate Rental Revenue(during fiscal period)" and "Ratio to Total Real Estate Rental Revenue" of the property are the figures corresponding to the period during inwhich SHR held the property in the fiscal period under review.

47

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

Tenant name

Industry

Sekisui House Real
Estate Tokyo, Ltd.

Real Estate
Sales and Rental
Business

Sekisui House, Ltd.

Construction
Business

Sekisui House Real
Estate Chubu, Ltd.

Real Estate
Sales and Rental
Business

Sekisui House Real
Estate Kyushu, Ltd.

Real Estate
Sales and Rental
Business

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

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

Property nameLeasedarea (m2)

Esty Maison
Ginza, and 61
195,997.83
other properties
Garden City
Shinagawa
117,604.87
Gotenyama, and 3other properties
Prime Maison
Higashisakura, and52,336.88
13 otherproperties
Sha Maison
Stage Hakata,35,428.69
and 4 otherproperties
Esty Maison
Minamihorie, and23,838.01
4 other properties

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

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

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

35.5

9,642

1,231

(Note 5)

21.3

10,171

8,625(Note 6)

9.5

1,322

163

(Note 7)

6.4

583

62

(Note 8)

4.3

701

53

(Note 9)Sha Maison Stage
Hirose-dori

2,552.40

0.5

54

5 (Note 10)

Esty Maison
Uemachidai

2,170.90

0.4

63

4 (Note 11)

Main Tenant Total

429,929.58

77.8

22,53910,146－

Portfolio Total

552,278.89

100.0

29,19914,091－

Sekisui House Real
Estate Kansai, Ltd.

(Note 1) "Area ratio" is the ratio of the total leased area to each tenant to the leased area of the entire property owned by SHR, rounded to the nearest
first decimal place.
(Note 2) "Gross rental income" is the annualized amount calculated by multiplying the monthly rent (not including usage fees for parking lots,
warehouses, signboards, etc. If there is a provision for free rent or rent holiday in the lease agreement, free rent/rent holiday as of the end of the
fiscal period under review will not be taken into consideration. Additionally, if multiple lease agreements are concluded, the sum will be thetotal.) (Consumption tax and local consumption tax are not included.) indicated in each lease agreement (however, if a fixed rent type master
lease agreement has been concluded with the master lease company, the relevant master lease agreement) with each end tenant for each
property effective as of the end of the fiscal period under review by 12. In addition, due to all figures being rounded down to the nearest
million yen, the gross rental income of each tenant may not match the figure stated in the "Main Tenant Total" column. If the lease agreement
stipulates that the rent will be increased in stages according to the period, the monthly rent is the amount applicable as of the end of the fiscal
period under review. Furthermore, if the lease agreement stipulates revenue from variable rent in which the amount of rent is linked to revenue,
the amount of monthly rent will be the average of the actual results for the period from November 2022 to October 2023 (if free rent/rent
holiday is applied 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
the information provided by the seller. As for Akasaka Garden City, the amount corresponding to the quasi-co-ownership interest held by SHR
is used. Additionally, "free rent" refers to an agreement to set free or considerably low rent for a specified period of time (mainly for new
tenants), and “rent holiday” refers to an agreement to set free or considerably low rent, either regularly or irregularly, for a specified periodof time during a specified lease term.

48

(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
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

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 Kinshicho

March 27, 2024

Esty Maison Kawasaki II

March 31, 2024

Esty Maison Musashikoganei

April 2, 2024

Esty Maison Hakuraku

May 10, 2024

Esty Maison Azabujuban

June 10, 2024

Esty Maison Itabashi C6June 30, 2024

Esty Maison Akihabara

July 31, 2024

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

August 20, 2024

Esty Maison Itabashihoncho

September 30, 2024

September 30, 2024

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
Prime Maison Musashinonomori, Esty Maison Sasazuka,
Prime Maison Ginza East, Prime Maison Waseda,
Prime Maison Hatchobori, Prime Maison Jimbocho,
Prime Maison Gotenyama East

October 22, 2024

Esty Maison Minamiazabu

November 3, 2024

Sha Maison Stage Yahiro

Terminate at the end of the contract period due to a
fixed-term building lease contract49

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

50

(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,
December 2, 2024
prior to the expiration of the contract expiration date, it
Hommachi Minami 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 name

January 31, 2024

Esty Maison Aoi

March 31, 2024

Prime Maison Gokiso

April 30, 2024

Prime Maison Fujimidai

April 30, 2024

Esty Maison Tsurumai

September 30, 2024
January 31, 2025
March 31, 2025
March 31, 2026
September 30, 2027

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

Prime Maison Higashisakura,Prime Maison Kayabakoen, Prime Maison Takami,
Prime Maison Yadaminami
Esty Maison Shizuoka Takajo
Esty Maison Unomori
Esty Maison HIGASHIBETSUIN,
Esty Maison SHIRAKABEMINAMI
Esty Maison Higashishirakabe

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

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

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

Esty Maison Kayaba

Contract expiration date

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

Contract expiration date
April 30, 2026

Sha Maison Stage Hirose-dori

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

Esty Maison Uemachidai

51

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

Residence

Property
No.

Property Name

Appraiser

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

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

8,110

8,400

3.1

7,990

3.3

3.3

269

2,090

2,150

3.2

2,060

3.3

3.4

73

2,520

2,580

3.3

2,490

3.4

3.5

88

971

1,000

3.1

958

3.2

3.3

33

2,040

2,090

3.2

2,020

3.3

3.4

69

1,960

1,990

3.4

1,950

3.4

3.6

69

2,690

2,730

3.4

2,670

3.4

3.6

96

3,040

3,100

3.5

3,020

3.5

3.7

113

1,970

2,000

3.7

1,960

3.5

3.9

79

1,430

1,440

3.1

1,410

2.9

3.2

46

1,980

2,010

3.5

1,940

3.3

3.7

73

3,210

3,260

4.1

3,190

4.0

4.2

140

1,010

1,030

3.9

1,000

3.7

4.1

44

1,200

1,220

3.8

1,170

3.6

4.0

50

3,760

3,790

3.6

3,740

3.3

3.8

141

3,220

3,290

3.4

3,190

3.2

3.6

117

2,600

2,650

3.5

2,540

3.3

3.7

96

1,460

1,490

3.2

1,420

3.0

3.4

50

2,530

2,580

3.7

2,480

3.5

3.9

97

3,140

3,210

3.2

3,060

3.0

3.4

103

1,070

1,090

3.6

1,050

3.4

3.8

42

52

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)

1,250

1,270

3.6

1,220

3.4

3.8

47

842

858

3.6

826

3.4

3.8

33

2,800

2,830

4.2

2,780

4.2

4.3

130

2,390

2,410

3.9

2,380

3.8

4.1

100

1,820

1,840

3.9

1,810

3.9

4.1

77

989

997

4.1

986

4.1

4.3

44

986

1,010

3.4

975

3.5

3.6

36

3,030

3,080

3.6

3,010

3.4

3.8

118

2,860

2,850

4.4

2,870

3.5

4.7

144

1,510

1,530

3.5

1,500

3.3

3.7

56

2,220

2,280

3.5

2,200

3.6

3.7

85

2,280

2,310

4.1

2,270

4.1

4.3

100

1,200

1,210

3.7

1,190

3.5

3.8

46

767

771

3.9

762

3.7

4.0

31

2,300

2,310

4.1

2,300

3.8

4.3

109

2,230

2,250

3.5

2,220

3.3

3.7

84

3,890

3,970

3.4

3,850

3.2

3.6

143

7,380

7,510

3.4

7,320

3.2

3.6

264

1,190

1,210

4.0

1,180

4.1

4.2

51

965

975

4.1

960

4.1

4.3

42

1,380

1,380

4.6

1,380

4.4

4.8

71

1,850

1,880

4.1

1,840

4.0

4.3

80

53

Type

Property
No.

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

Residence

Appraiser

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

Period-end
Appraisal
Value(million yen)

1,520

1,550

3.3

1,500

3.1

3.5

55

2,650

2,710

3.4

2,630

3.2

3.6

97

2,140

2,200

3.3

2,120

3.4

3.5

76

1,890

1,920

3.7

1,870

3.8

3.9

75

3,190

3,220

3.2

3,160

3.0

3.3

106

2,160

2,220

3.3

2,140

3.4

3.5

76

2,000

2,060

3.1

1,980

3.2

3.3

67

1,080

1,100

3.2

1,070

3.3

3.4

36

1,230

1,250

3.4

1,220

3.2

3.6

44

2,150

2,190

3.4

2,130

3.2

3.6

78

1,140

1,170

3.5

1,130

3.3

3.7

42

1,150

1,180

3.4

1,140

3.5

3.6

41

1,320

1,350

3.5

1,310

3.3

3.7

49

1,430

1,460

3.3

1,410

3.4

3.5

49

2,990

3,050

3.5

2,970

3.5

3.7

111

3,780

3,840

3.6

3,760

3.4

3.8

145

1,930

1,960

3.6

1,910

3.4

3.8

74

2,040

2,060

3.2

2,020

3.0

3.3

68

1,740

1,760

3.2

1,720

3.0

3.3

58

2,300

2,330

3.4

2,280

3.2

3.6

81

3,610

3,640

3.2

3,590

3.0

3.4

120

54

Type

Residence

Property
No.

Property Name

Appraiser

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

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)

652

665

3.5

647

3.3

3.7

25

2,650

2,690

3.9

2,630

3.9

4.1

111

2,850

2,910

3.7

2,830

3.8

3.9

115

10,70010,8003.3

10,600

3.1

3.4

368

12,10012,2003.3

11,900

3.1

3.4

415

2,290

2,320

4.3

2,270

4.1

4.5

107

5,100

5,160

4.4

5,070

4.2

4.6

240

2,260

2,300

3.5

2,240

3.5

3.7

83

2,300

2,340

3.4

2,280

3.2

3.6

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

2,535

2,410

4.5

2,400

4.3

4.6

127

2,160

2,190

3.8

2,140

3.6

4.0

86

5,960

6,040

2.9

5,880

2.7

3.0

179

836

844

5.0

832

4.8

5.2

45

1,580

1,590

4.1

1,580

3.9

4.2

70

5,260

5,360

3.7

5,160

3.5

3.9

209

6,360

6,390

4.2

6,330

4.0

4.3

309

2,800

2,860

3.3

2,740

3.1

3.5

97

3,400

3,470

3.4

3,320

3.2

3.6

122

1,260

1,270

3.8

1,250

3.5

4.0

50

5,530

5,660

3.3

5,400

3.1

3.5

193

55

Type

Property
No.

R-099

R-100

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

R-108

R-109

R-110
Residence
R-111

R-112

R-113

R-114

R-115

R-116

R-117

R-118
R-119

Property Name

AppraiserRich 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.,-aobadaiSouth 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.
Tanizawa Sogo
Prime Maison
Appraisal Co.,
MeguroLtd.

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)

4,290

4,410

3.4

4,240

3.2

3.6

157

740

753

3.6

734

3.4

3.8

27

11,20011,5003.1

11,000

3.2

3.3

365

4,900

5,020

3.3

4,850

3.4

3.5

168

2,190

2,240

3.3

2,170

3.4

3.5

75

3,510

3,600

3.1

3,470

3.2

3.3

114

4,920

5,000

3.2

4,890

3.3

3.4

166

7,760

7,920

－

7,690

3.6

－

363

437

440

4.3

436

4.1

4.5

20

2,530

2,580

3.4

2,510

3.2

3.6

88

3,050

3,110

3.4

3,020

3.2

3.6

108

2,600

2,640

3.5

2,580

3.3

3.7

93

1,740

3.9

1,690

3.7

4.1

1,990

4.0

1,930

3.8

4.2

656

664

4.8

653

4.6

5.0

36

972

985

4.0

966

3.8

4.2

43

2,230

2,250

4.1

2,220

3.9

4.3

99

958

969

4.3

953

4.1

4.5

44

708

712

4.1

706

3.9

4.3

30

2,840

2,920

3.1

2,800

3.2

3.3

91

2,560

2,620

3.1

2,530

3.2

3.3

82

3,660

56

153

Type

PropertyNo.

Prime Maison
Ryogoku

Residence Subtotal
Garden City
O-001 Shinagawa
Gotenyama
O-002

Officebuilding

Gotenyama SH
Building (Note 8)－
DAIWA REALESTATEAPPRAISAL
CO., LTD.
Tanizawa Sogo
Appraisal Co.,
Ltd.
Rich Appraisal
Institute Co.,Ltd.

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

Hotel

Appraiser

Tanizawa Sogo
Appraisal Co.,Ltd.
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
JLL Morii
Esty Maison
R-125
Valuation&Advisory
Noborito
K.K.
R-120

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)

1,630

1,660

3.3

1,610

3.4

3.5

55

11,20011,6003.1

11,000

3.2

3.3

361

5,220

5,350

3.3

5,160

3.4

3.5

179

10,90010,700－11,000

4.1

－

543

2,690

2,690

3.1

2,680

2.9

3.2

83

510

522

3.7

498

3.5

3.9

20

321,654

326,765－

318,282－－

12,28366,70068,4003.1

66,000

2.9

3.3

2,148

57,10058,5003.2

56,500

3.2

3.4

1,852

54,60055,9003.5

54,100

3.2

3.7

1,992

44,20045,1003.3

43,300

3.1

3.5

1,528

6,330

6,500

3.5

6,250

3.6

3.7

233

7,450

7,550

3.8

7,400

3.6

4.0

293

52,80056,5003.1

51,300

2.9

3.3

1,738

289,180

298,450－

284,850

－

－

9,787

16,70016,9003.6

16,400

3.4

3.8

649

Hotel Subtotal－

16,70016,900－16,400－－649

Portfolio Total－

627,534

642,115－

619,532－－

22,720(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.

57

(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 "Gotenyama SH Building" and "Akasaka Garden City" are theamounts corresponding to the portion held by SHR.

58

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

Residence

PropertyNo.

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

Property Name

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

R-001 Esty Maison Ginza－－

11,658Esty Maison
R-002
Azabunagasaka

－

100

6,678

R-003 Esty Maison Ebisu II

－

－

4,683

R-004 Esty Maison Ebisu

－

－

3,023

R-005 Esty Maison Kanda

－

－

3,542

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

－

－

2,456

－

－

5,013

R-008 Esty Maison Kawasaki

－

－

7,278

R-010 Esty Maison Kameido

－

－

6,467

R-011 Esty Maison Meguro

－

－

3,062

R-012 Esty Maison Sugamo

－

－

5,294

R-013 Esty Maison Kyobashi

－

－

7,988

R-014 Esty Maison Hakuraku

－

－

4,771

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

－

－

5,942

－

－

8,609

－

－

7,303

Ⅰ

－

－

2,107

313

Ⅱ

－

－

2,103

312 Tokyo Bldg-Tech Center Co.,Ltd

Ⅲ

－

－

1,214

167

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

－

3,901

399 SOMPO Risk Management Inc.

R-021 Esty Maison Kawasaki II

－

－

2,485

793 Tokyo Bldg-Tech Center Co.,Ltd

R-022 Esty Maison Azabujuban

－

－

2,087

488 Tokyo Bldg-Tech Center Co.,Ltd

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

R-037 Esty Maison Itabashi C6

DAIWA REAL ESTATEAPPRAISAL CO.,LTD.

－

－

4,127

400

－

－

2,876

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

－

－

3,204

－

－

15,3652,264 SOMPO Risk Management Inc.

100

－

8,411

1,249 SOMPO Risk Management Inc.

270

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

－

－

7,401

980

－

－

4,493

644

－

－

2,583

319 SOMPO Risk Management Inc.

－

－

8,364

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

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

－

－

4,061

572 SOMPO Risk Management Inc.

Esty Maison
R-040
Musashikoganei

－

－

8,557

643 Tokyo Bldg-Tech Center Co.,Ltd

2,821

R-041 Prime Maison Gokiso

－

－

8,652

1,292

R-042 Prime Maison Yuhigaoka

－

－

2,655

572

59

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

April
2020

7.3
8.2

－

R-023

4.3

7.3

Esty Maison
R-019
Minamiazabu

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

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

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

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

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

Type

Property
No.

Property Name

Prime Maison
Kitatanabe
Prime Maison
R-044
Momochihama

－

－

2,592

－

－

21,359

R-045 Esty Maison Akihabara

－

－

7,840

R-046 Esty Maison Sasazuka

－

－

9,195

Prime Maison
R-047
Ginza East－－

18,563

R-048 Prime Maison Takami

－

－

3,895

Prime Maison
R-049
Yadaminami

－

－

3,293

R-050 Prime Maison Teriha－－

13,825

Esty Maison
R-051
Higashishirakabe

－

－

4,578

R-052 Esty Maison Sengoku

－

－

4,253

R-053 Esty Maison Daizawa

－

220

5,630

R-054 Esty Maison Togoshi

－

－

4,833

R-055 Esty Maison Nishitemma

－

－

7,713

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

－

－

5,530

－

－

4,235

R-058 Esty Maison Motoazabu

－

－

4,894

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)

60

Survey Company(Note 4)

April
2023
April
2,573
2023
April
884 ERI SOLUTION CO.,LTD.
2023
April
937 Tokyo Bldg-Tech Center Co.,Ltd
2023
DAIWA REAL ESTATE
October
2,288
APPRAISAL CO.,LTD.
2023
DAIWA REAL ESTATE
October
670
APPRAISAL CO.,LTD.
2023
DAIWA REAL ESTATE
October
617
APPRAISAL CO.,LTD.
2023
October
2,550 SOMPO Risk Management Inc.
2023
October
1,230 SOMPO Risk Management Inc.
2023
October
578 Tokyo Bldg-Tech Center Co.,Ltd
2023
October
805 Tokyo Bldg-Tech Center Co.,Ltd
2023
October
693 Tokyo Bldg-Tech Center Co.,Ltd
2023
DAIWA REAL ESTATE
October
968
APPRAISAL CO.,LTD.
2018
DAIWA REAL ESTATE
October
738
APPRAISAL CO.,LTD.
2018
DAIWA REAL ESTATE
October
547
APPRAISAL CO.,LTD.
2018
DAIWA REAL ESTATE
October
499
APPRAISAL CO.,LTD.
2023
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

Residence

Property
No.

Property Name

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

R-079 Esty Maison Tsurumai－－

14,637R-080 Prime Maison Morishita

－

－

4,661

Prime Maison
R-081
Shinagawa

－

－

3,490

R-082 Prime Maison Odorikoen－－

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

20,758－－14,562－－

17,265

R-086 Sha Maison Stage Yahiro

－

－

6,768

R-087 Prime Maison Ebisu

－

－

6,966

R-089 Esty Maison Unomori

－

－

4,522

R-091 Sha Maison Stage Hino

－

－

6,224

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

16,317－－

58,200R-094 Prime Maison Shibuya

－

－

4,218

R-095 Prime Maison Hatsudai

－

－

6,858

R-096 Esty Maison Uemachidai

－

－

2,717

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

－

－

9,136

－

－

9,855

R-100 Esty Maison Morishita

－

－

1,669

Prime Maison
R-101
Shirokanedai Tower－－

13,083

R-102 Prime Maison Otsuka

－

－

751

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

－

－

171

－

－

3,649

－

－

8,110

－

－

38,154

R-108 Esty Maison Ijiri

－

－

3,092

Prime Maison
R-109
Mitatsunamachi

－

－

378

R-110 Prime Maison Hongo

－

－

1,640

R-111 Prime Maison Kuramae

－

－

162

North

－

－

1,600

South

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

R-112

Esty Maison
Yokohama-aobadai

－

－

4,510

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

－

－

5,433

－

－

5,376

－

－

10,514R-116 Esty Maison Kayaba

－

－

3,403

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

－

－

1,732

－

－

153

R-119 Prime Maison Meguro

－

－

402

61

Survey Company(Note 4)

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

April
2019
DAIWA REAL ESTATE
September
747
APPRAISAL CO.,LTD.
2019
DAIWA REAL ESTATE
September
623
APPRAISAL CO.,LTD.
2019
September
2,374 SOMPO Risk Management Inc.
2019
September
2,118 SOMPO Risk Management Inc.
2019
September
1,537 SOMPO Risk Management Inc.
2019
September
2,162 SOMPO Risk Management Inc.
2019
DAIWA REAL ESTATE
September
962
APPRAISAL CO.,LTD.
2019
September
1,074 SOMPO Risk Management Inc.
2019
DAIWA REAL ESTATE
April
526
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
October
867
APPRAISAL CO.,LTD.
2020
October
2,705 SOMPO Risk Management Inc.
2020
DAIWA REAL ESTATE
October
5,442
APPRAISAL CO.,LTD.
2021
April
649 SOMPO Risk Management Inc.
2021
DAIWA REAL ESTATE
October
1,008
APPRAISAL CO.,LTD.
2021
April
721 SOMPO Risk Management Inc.
2021
DAIWA REAL ESTATE
April
1,433
APPRAISAL CO.,LTD.
2022
DAIWA REAL ESTATE
April
1,534
APPRAISAL CO.,LTD.
2022
DAIWA REAL ESTATE
October254
APPRAISAL CO.,LTD.
2022
October
2,760 Tokyo Bldg-Tech Center Co.,Ltd
2023
April
1,424 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
October
2,204 Tokyo Bldg-Tech Center Co.,Ltd
2023
April
6,722 Tokyo Bldg-Tech Center Co.,Ltd
2018
DAIWA REAL ESTATE
January
407
APPRAISAL CO.,LTD.
2019
April
540 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
752 ERI SOLUTION CO.,LTD.
2019
April
692 Tokyo Bldg-Tech Center Co.,Ltd
2019
April
736
2019
ERI SOLUTION CO.,LTD.
September
950
2019
January
475 SOMPO Risk Management Inc.
2020
March
716 Tokyo Bldg-Tech Center Co.,Ltd
2020
DAIWA REAL ESTATE
March
1,581
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
March
616
APPRAISAL CO.,LTD.
2021
DAIWA REAL ESTATE
March
377
APPRAISAL CO.,LTD.
2021
July
663 Tokyo Bldg-Tech Center Co.,Ltd
2021
July
484 Tokyo Bldg-Tech Center Co.,Ltd
2021
3,581 Tokyo Bldg-Tech Center Co.,Ltd

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

Type

Residence

Property
No.

Property Name

R-120 Prime Maison Ryogoku

－

－

132

Prime Maison
R-121
Nakameguro

－

－

797

R-122 Prime Maison Itabashi

－

－

741

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

－

－

3,772

－

－

157

R-125 Esty Maison Noborito

－

－

2,227

100

320

793,906

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

95,367

90

－

6,417

－

－

33,225－－82,856－－

11,235O-006 Hirokoji Garden Avenue－－

14,428

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

Office Building Subtotal

90－

265,445

O-001
O-002
O-003
Officebuilding

O-004
O-005

Hotel

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

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

59,274

Survey Company(Note 4)

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

July
2021
January
2,072 Tokyo Bldg-Tech Center Co.,Ltd
2022
January
1,665 Tokyo Bldg-Tech Center Co.,Ltd
2022
June
10,249 Tokyo Bldg-Tech Center Co.,Ltd
2022
June
644 Tokyo Bldg-Tech Center Co.,Ltd
2022
September
216 Tokyo Bldg-Tech Center Co.,Ltd
2023
471 Tokyo Bldg-Tech Center Co.,Ltd

135,693

－

－

April
21,175 SOMPO Risk Management Inc.
2019
April
6,482 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
68,591－8,920 SOMPO Risk Management Inc.

Hotel Subtotal－－

59,274

8,920

Portfolio Total

190

320

1,118,625

213,204

－

8.9
3.4
2.3
4.5
3.3
7.4
－
0.7
1.2
1.0
3.1
3.0
3.7
4.3

－

－

April
2023

3.2

－

－

－

2.0

(Note 1) As of the end of the fiscal period under review, SHR has obtained engineering reports for the properties owned. The statements in eachengineering report are limited to the opinions of the reporter, and SHR does not guarantee the accuracy of its content.
(Note 2) Of the "Repair Expenses at the Time of Investigation", "short-term" refers to the repair and renewal expenses required within one year at thetime of investigation calculated by each survey company, and “long-term” refers to the annual average of repair and renewal expenses for
12 years at the time of investigation calculated by each survey company, with figures rounded down to the nearest thousand yen based on thedescriptions in the engineering report. However, if the annual average is not stated in the engineering report, the annual average amount will becalculated by SHAM based on the total repair and renewal costs for 12 years stated in the engineering report, rounded down the nearest
thousand yen.
(Note 3) "Building Replacement Cost" is the amount excluding consumption tax, rounded down to the nearest million yen, based on the statements ineach engineering report.
(Note 4) "Survey Company" is the company name at the time of preparing the engineering report, even if the company name has been changed as of thedate of this document. In addition, "Survey Company" refers to the investigation company related to "Repair Expenses at the Time of
Investigation" and "Building Replacement Cost" respectively.
(Note 5) "Date of Investigation" indicates the year and month in which the engineering report was prepared.
(Note 6) SHR has obtained a portfolio seismic PML evaluation report as of October 2023 from Sompo Risk Management Inc. Statements in theportfolio 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 "Gotenyama SH Building" and "Akasaka Garden City"
are the amounts corresponding to the portion owned by SHR based on the figures for the entire property.

62

(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

May 1, 2023
October 31, 2023
178,634

R-002
R-003
Esty Maison
Esty Maison Ebisu II
Azabunagasaka
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
50,721
59,683

R-004
Esty Maison Ebisu
May 1, 2023
October 31, 2023
23,124

Rent Revenue – Real Estate

172,456

48,10556,08322,147

Other Lease Business Revenue

6,177

2,615

3,599

977

B. Total Operating Expenses

55,80019,703

20,981

10,388Subcontract Expenses

6,216

1,728

1,782

1,206

Property Management Fees

8,336

2,906

3,268

1,449

325

325

325

325

Utilities Expenses

2,537

531

727

315

Property and Other Taxes

10,433

3,188

2,845

1,152

Trust Fees

Insurance Expenses

144

44

56

19

Repair Expenses

5,074

2,097

2,221

1,558

Depreciation

18,676

6,991

7,786

3,390

Other Expenses Related to Rent Business

4,057

1,890

1,966

971

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

122,833

31,01738,701

12,736(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

May 1, 2023
October 31, 2023
47,298R-006
Esty Maison
Kitashinjuku
May 1, 2023
October 31, 2023
48,87744,44145,873

R-007
R-008
Esty Maison
Esty Maison Kawasaki
Asakusakomagata
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
66,79575,12964,40072,474

2,856

3,004

2,394

2,655

B. Total Operating Expenses

21,59822,54332,70240,596

Subcontract Expenses

1,632

2,436

3,096

3,126

Property Management Fees

2,986

3,254

3,518

3,746

Trust Fees

325

325

325

325

Utilities Expenses

743

359

563

1,098

2,037

2,142

3,786

3,501

Insurance Expenses

35

50

77

89

Repair Expenses

3,145

2,403

2,560

2,880

Depreciation

9,180

9,919

16,39424,224

Other Expenses Related to Rent Business

1,512

1,653

2,380

1,605

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

25,69926,33434,092

34,533

Property and Other Taxes

63

(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
May 1, 2023
May 1, 2023
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
October 31, 2023
October 31, 2023
54,74030,22751,521
91,454

Rent Revenue – Real Estate

53,04029,24449,50086,249Other Lease Business Revenue

1,699

983

2,020

5,205

B. Total Operating Expenses

25,82514,003

19,876

47,113

Subcontract Expenses

2,442

1,410

2,130

1,464

Property Management Fees

2,438

1,925

2,765

4,041

Trust Fees

325

325

325

325

Utilities Expenses

532

239

429

1,933

2,977

1,607

2,762

4,834

Property and Other Taxes
Insurance Expenses

57

24

50

95

Repair Expenses

2,678

1,637

2,005

4,065

Depreciation

13,461

5,316

7,487

27,064

Other Expenses Related to Rent Business

911

1,516

1,919

3,290

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

28,915

16,224

31,64444,341(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

May 1, 2023
October 31, 2023
31,13730,235

R-015
R-016
Esty Maison
Esty Maison Gotanda
Minamihorie
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
34,813
94,06734,72490,724

R-017
Esty Maison
Oisendaizaka
May 1, 2023
October 31, 2023
82,03678,414

902

88

3,343

3,622

B. Total Operating Expenses

13,831

15,372

36,733

34,772

Subcontract Expenses

1,673

2,044

81

3,084

Property Management Fees

1,291

1,683

5,145

4,805

Trust Fees

325

325

325

325

Utilities Expenses

469

318

39

505

1,512

2,022

5,932

3,785

32

39

40

64

Property and Other Taxes
Insurance Expenses
Repair Expenses

364

740

4,205

3,713

7,620

6,931

15,057

16,778Other Expenses Related to Rent Business

542

1,266

5,906

1,709

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

17,306

19,44057,33347,264

Depreciation

64

(Thousand yen)
Property No.

R-018
Esty Maison
Shinagawa Seaside
May 1, 2023
October 31, 2023
66,409R-019
Esty Maison
Minamiazabu
May 1, 2023
October 31, 2023
33,422

R-021
Esty Maison
Kawasaki II
May 1, 2023
October 31, 2023
65,097

R-022
Esty Maison
Azabujuban
May 1, 2023
October 31, 2023
64,347

Rent Revenue – Real Estate

63,93032,68462,07062,958Other Lease Business Revenue

2,478

738

3,026

1,389

B. Total Operating Expenses

30,59916,25230,23324,566

Subcontract Expenses

3,109

2,388

2,383

2,442

Property Management Fees

3,383

1,840

3,182

3,689

Trust Fees

325

325

325

325

Utilities Expenses

739

281

595

620

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

3,790

1,791

3,204

2,562

Insurance Expenses

57

26

64

36

Repair Expenses

4,660

3,679

1,522

6,237

Depreciation

11,916

3,734

17,417

5,465

Other Expenses Related to Rent Business

2,617

2,186

1,538

3,187

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

35,80917,17034,86339,781(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-023
Esty Maison
Itabashihoncho
May 1, 2023
October 31, 2023
30,315

R-027
R-028
Esty Maison
Esty Maison Sendagi
Musashikoyama
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
32,147
23,142

R-030
Esty Maison
Hakatahigashi
May 1, 2023
October 31, 2023
87,787

Rent Revenue – Real Estate

29,80230,721

22,58885,539Other Lease Business Revenue

512

1,426

554

2,247

B. Total Operating Expenses

15,988

12,208

8,176

47,745

Subcontract Expenses

1,710

－

－

2,650

Property Management Fees

1,323

1,551

947

4,128

Trust Fees

325

325

325

325

Utilities Expenses

423

－

－

587

1,586

1,694

1,191

5,032

Property and Other Taxes
Insurance Expenses

28

12

9

147

Repair Expenses

1,293

422

318

6,422

Depreciation

7,783

6,247

3,272

26,397

Other Expenses Related to Rent Business

1,513

1,954

2,110

2,054

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

14,327

19,938

14,96640,04165

(Thousand yen)
Property No.

R-033
Prime Maison
Musashinonomori
May 1, 2023
October 31, 2023
67,852

R-034
Prime Maison
Higashisakura
May 1, 2023
October 31, 2023
49,350R-035
Prime Maison
Kayabakoen
May 1, 2023
October 31, 2023
31,314

R-036
Esty Maison
Sangenjaya II
May 1, 2023
October 31, 2023
23,817

Rent Revenue – Real Estate

64,593

48,99830,601

23,324

Other Lease Business Revenue

3,259

352

713

493

B. Total Operating Expenses

32,22335,84016,056

11,323

Subcontract Expenses

2,694

3,829

1,320

1,050

Property Management Fees

4,176

2,462

1,309

1,171

Trust Fees

275

325

325

275

Utilities Expenses

511

712

423

184

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

4,005

3,959

2,242

1,159

Insurance Expenses

76

68

42

20

Repair Expenses

6,198

6,284

1,221

1,610

Depreciation

13,181

15,669

8,614

4,650

Other Expenses Related to Rent Business

1,104

2,527

557

1,202

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

35,62813,51015,25812,494(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-037
Esty Maison
Itabashi C6
May 1, 2023
October 31, 2023
81,266

R-038
R-039
Sha Maison Stage
Esty Maison Kinshicho
HakataMay 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
95,55536,567

R-040
Esty Maison
Musashikoganei
May 1, 2023
October 31, 2023
56,524

Rent Revenue – Real Estate

78,45495,50335,37454,461Other Lease Business Revenue

2,811

51

1,192

2,063

B. Total Operating Expenses

38,183

71,174

18,53021,162

Subcontract Expenses

2,612

2,709

1,194

2,614

Property Management Fees

3,982

232

1,965

2,878

Trust Fees

250

275

250

275

Utilities Expenses

929

1,056

617

700

4,959

7,642

1,658

2,670

Property and Other Taxes
Insurance Expenses

86

182

27

42

Repair Expenses

3,510

5,302

747

1,949

Depreciation

19,30940,553

11,067

8,509

Other Expenses Related to Rent Business

2,543

13,219

1,003

1,522

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

43,08324,38018,03635,36166

(Thousand yen)
Property No.

R-041

May 1, 2023
October 31, 2023
64,948R-042
Prime Maison
Yuhigaoka
May 1, 2023
October 31, 2023
30,251

R-043
Prime Maison
Kitatanabe
May 1, 2023
October 31, 2023
22,746R-044
Prime Maison
Momochihama
May 1, 2023
October 31, 2023
69,147

Rent Revenue – Real Estate

63,44930,041

21,52969,147

Other Lease Business Revenue

1,498

210

1,217

－

B. Total Operating Expenses

39,142

13,811

14,45625,887

Subcontract Expenses

2,229

1,609

1,582

2,850

Property Management Fees

3,441

1,096

1,035

384

Trust Fees

275

250

250

275

Utilities Expenses

566

237

678

740

Property NameManagement Period

Prime Maison Gokiso
FromTo

A. Total Rent Revenue – Real Estate

Property and Other Taxes

5,012

2,076

1,726

6,826

Insurance Expenses

90

37

32

165

Repair Expenses

4,390

840

1,592

4,383

Depreciation

19,710

7,166

6,488

10,201Other Expenses Related to Rent Business

3,426

496

1,070

61

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

25,805

16,4408,289

43,259(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
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
56,06092,683

R-047
R-048
Prime Maison
Prime Maison Takami
Ginza East
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
182,997
33,330Rent Revenue – Real Estate

53,69688,650176,618

33,297

Other Lease Business Revenue

2,364

4,032

6,378

32

B. Total Operating Expenses

32,31031,71275,931

19,928Subcontract Expenses

2,688

2,427

6,054

1,745

Property Management Fees

3,549

5,213

8,855

1,564

Trust Fees

250

250

250

275

Utilities Expenses

504

637

2,696

436

2,653

4,669

8,893

2,566

Property and Other Taxes
Insurance Expenses

55

61

152

47

Repair Expenses

3,623

3,564

5,712

1,540

Depreciation

16,107

13,03538,796

10,228Other Expenses Related to Rent Business

2,877

1,853

4,519

1,523

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

23,75060,970107,065

13,40267

(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
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
27,056
53,111

Rent Revenue – Real Estate

R-051
R-052
Esty Maison
Esty Maison Sengoku
Higashishirakabe
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
46,63038,95527,02752,992

46,56737,443

29

119

63

1,512

B. Total Operating Expenses

16,35932,147

23,704

17,460Subcontract Expenses

Other Lease Business Revenue

1,315

4,710

1,974

2,933

Property Management Fees

786

－

283

2,159

Trust Fees

275

250

275

250

Utilities Expenses

393

731

532

278

Property and Other Taxes

2,303

6,012

3,573

2,337

Insurance Expenses

39

110

73

36

Repair Expenses

1,544

4,994

495

2,655

Depreciation

9,098

14,39015,508

5,982

Other Expenses Related to Rent Business

602

947

988

828

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

10,697

20,96322,926

21,494(Thousand yen)
Property No.

R-053

May 1, 2023
October 31, 2023
62,894

May 1, 2023
October 31, 2023
51,658

R-055
Esty Maison
Nishitemma
May 1, 2023
October 31, 2023
51,536

Rent Revenue – Real Estate

60,68549,30050,56476,850

Other Lease Business Revenue

2,208

2,358

971

2,091

B. Total Operating Expenses

20,85519,041

28,32428,385

Subcontract Expenses

1,560

2,490

2,221

2,366

Property Management Fees

Property NameManagement Period
A. Total Rent Revenue – Real Estate

R-054

Esty Maison Daizawa Esty Maison Togoshi
From
To

R-056
Esty Maison
Shirokanedai
May 1, 2023
October 31, 2023
78,942

3,342

2,835

2,623

4,717

Trust Fees

250

250

250

250

Utilities Expenses

414

396

1,657

451

3,553

2,841

3,925

3,383

Property and Other Taxes
Insurance Expenses

53

44

71

56

Repair Expenses

2,618

904

1,605

2,157

Depreciation

8,125

8,796

12,893

11,562Other Expenses Related to Rent Business

937

482

3,077

3,439

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

42,03832,61623,21250,55768

(Thousand yen)
Property No.

R-057
Esty Maison
Higashishinjuku
May 1, 2023
October 31, 2023
48,842

R-058
Esty Maison
Motoazabu
May 1, 2023
October 31, 2023
44,440R-059
Esty Maison
Toritsudaigaku
May 1, 2023
October 31, 2023
24,219R-060
Esty Maison
Musashikoyama II
May 1, 2023
October 31, 2023
30,936

Rent Revenue – Real Estate

47,40942,96023,067

29,120

Other Lease Business Revenue

1,433

1,480

1,152

1,816

B. Total Operating Expenses

19,20019,549

11,16813,304

Subcontract Expenses

1,513

1,665

1,242

1,704

Property Management Fees

2,349

3,336

1,626

2,116

Trust Fees

250

250

250

250

Utilities Expenses

269

391

325

338

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Property and Other Taxes

2,314

2,856

1,661

1,603

Insurance Expenses

40

39

23

26

Repair Expenses

186

3,096

1,373

708

11,608

6,675

4,074

5,809

Depreciation
Other Expenses Related to Rent Business

667

1,237

590

748

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

29,642

24,89013,051

17,631

May 1, 2023
October 31, 2023
53,629

R-062
Esty Maison
Shinnakano
May 1, 2023
October 31, 2023
28,466

R-063
Esty Maison
Nakanofujimicho
May 1, 2023
October 31, 2023
29,429R-064
Esty Maison
Tetsugakudo
May 1, 2023
October 31, 2023
35,636

Rent Revenue – Real Estate

51,202

27,53028,46833,977

Other Lease Business Revenue

2,427

935

961

1,659

B. Total Operating Expenses

24,165

16,44815,253

16,730Subcontract Expenses

2,989

2,190

2,134

2,244

Property Management Fees

(Thousand yen)
Property No.

R-061

Property Name

Esty Maison Nakano

Management Period
A. Total Rent Revenue – Real Estate

From
To

3,014

1,865

1,969

1,748

Trust Fees

250

250

250

250

Utilities Expenses

455

269

453

628

2,777

1,613

1,813

1,806

Property and Other Taxes
Insurance Expenses

45

27

28

34

Repair Expenses

3,674

2,733

2,212

901

Depreciation

9,895

6,176

5,619

8,241

Other Expenses Related to Rent Business

1,063

1,324

772

875

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

29,46412,017

14,175

18,90569

(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
May 1, 2023
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
October 31, 2023
34,68775,03398,449Esty Maison Oji
May 1, 2023
October 31, 2023
49,704

Rent Revenue – Real Estate

33,221

71,66894,91547,420

Other Lease Business Revenue

1,466

3,365

3,534

2,283

B. Total Operating Expenses

15,98730,68543,594

23,597

Subcontract Expenses

1,716

3,147

3,493

1,965

Property Management Fees

2,168

4,172

5,037

3,273

Trust Fees

250

250

250

250

Utilities Expenses

330

705

706

765

2,050

3,992

5,504

2,777

Property and Other Taxes
Insurance Expenses

32

77

99

52

Repair Expenses

2,132

1,821

1,913

1,502

Depreciation

6,348

15,42825,32911,609Other Expenses Related to Rent Business

958

1,091

1,260

1,400

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

18,70044,34754,855

26,107

May 1, 2023
October 31, 2023
45,707

R-070
Prime Maison
Hatchobori
May 1, 2023
October 31, 2023
37,495

R-071
Prime Maison
Jimbocho
May 1, 2023
October 31, 2023
52,642

R-072
Prime Maison
Gotenyama East
May 1, 2023
October 31, 2023
86,59643,70435,91250,033

85,106(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

2,002

1,583

2,609

1,490

B. Total Operating Expenses

22,285

20,21024,95537,896

Subcontract Expenses

3,132

1,614

2,154

7,709

Property Management Fees

2,209

2,414

3,268

3,682

Trust Fees

830

900

1,026

1,026

Utilities Expenses

545

444

540

1,754

2,397

1,926

2,820

6,047

43

36

47

95

Property and Other Taxes
Insurance Expenses
Repair Expenses

1,879

534

1,825

3,767

Depreciation

10,054

10,047

11,881

10,248Other Expenses Related to Rent Business

1,193

2,293

1,390

3,566

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

23,421

17,284

27,687

48,69970

(Thousand yen)
Property No.

R-074

R-075

Esty Maison Aoi

Esty Maison Yakuin

May 1, 2023
October 31, 2023
67,875

May 1, 2023
October 31, 2023
76,497

R-076
Esty Maison
Kinshicho II
May 1, 2023
October 31, 2023
234,418

15,15367,49972,727221,066

－

376

3,770

13,351

B. Total Operating Expenses

6,487

41,25938,352

98,688Subcontract Expenses

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-073
Sha Maison Stage
Akihabara
May 1, 2023
October 31, 2023
15,153

Rent Revenue – Real Estate
Other Lease Business Revenue

1,174

4,500

1,710

5,588

Property Management Fees

－

3,501

3,387

7,975

Trust Fees

300

400

400

400

Utilities Expenses

301

1,025

2,641

4,295

Property and Other Taxes

970

4,880

4,846

10,084

Insurance Expenses

17

85

99

195

Repair Expenses

339

4,156

6,020

11,4203,158

19,814

17,05951,274

Depreciation
Other Expenses Related to Rent Business

225

2,896

2,189

7,452

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

8,665

26,61538,145

135,729(Thousand yen)
Property No.

R-077

Property Name

Esty Maison Ojima

Management Period
A. Total Rent Revenue – Real Estate

From
To

May 1, 2023
October 31, 2023
265,267

R-078
R-079
Prime Maison
Esty Maison Tsurumai
Fujimidai
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
70,161
157,832

R-080
Prime Maison
Morishita
May 1, 2023
October 31, 2023
55,743

Rent Revenue – Real Estate

251,404

70,010157,818

54,704

Other Lease Business Revenue

13,863

150

14

1,039

B. Total Operating Expenses

112,091

40,76577,47824,750Subcontract Expenses

9,591

2,897

12,234

3,216

Property Management Fees

10,040

3,822

801

2,493

400

300

300

300

Utilities Expenses

7,821

639

1,694

488

Property and Other Taxes

11,275

5,909

14,977

2,957

Trust Fees

Insurance Expenses

227

130

267

56

Repair Expenses

13,039

5,580

6,865

949

Depreciation

54,716

17,32739,97912,767

Other Expenses Related to Rent Business

4,980

4,157

358

1,522

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

153,176

29,39680,35330,99271

(Thousand yen)
Property No.

R-081
Prime Maison
ShinagawaMay 1, 2023
October 31, 2023
59,219R-082
Prime Maison
Odorikoen
May 1, 2023
October 31, 2023
120,567

R-083
Prime Maison
Minami 2-jo
May 1, 2023
October 31, 2023
75,587

R-084
Prime Maison
Kamokamogawa
May 1, 2023
October 31, 2023
49,682Rent Revenue – Real Estate

51,556

115,370

72,82548,837

Other Lease Business Revenue

7,662

5,196

2,761

845

B. Total Operating Expenses

29,41062,37441,31729,447

Subcontract Expenses

1,905

12,143

4,338

3,054

Property Management Fees

3,020

5,594

3,108

1,981

300

250

300

300

Utilities Expenses

5,755

3,812

3,451

1,394

Property and Other Taxes

Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

Trust Fees

2,710

10,865

7,878

5,857

Insurance Expenses

47

138

129

85

Repair Expenses

3,534

1,735

1,819

829

Depreciation

9,979

22,717

19,09914,719Other Expenses Related to Rent Business

2,157

5,117

1,192

1,226

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

29,80858,192

34,27020,235(Thousand yen)
Property No.
Property NameManagement Period
A. Total Rent Revenue – Real Estate

From
To

R-085
Prime Maison
Central ParkMay 1, 2023
October 31, 2023
89,360

R-086
R-087
R-088
Sha Maison Stage
Sha Maison Stage
Prime Maison Ebisu
YahiroKanazawa Nishiizumi
May 1, 2023
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
August 2, 2023
56,171
113,119
21,163

Rent Revenue – Real Estate

88,29856,171

109,644

20,127

Other Lease Business Revenue

1,061

－

3,474

1,035

B. Total Operating Expenses

44,69927,24936,26817,855

Subcontract Expenses

3,072

3,883

4,256

2,339

Property Management Fees

3,144

81

5,674

－

Trust Fees

240

300

300

149

Utilities Expenses

679

531

857

315

8,801

4,032

4,581

2,144

Property and Other Taxes
Insurance Expenses

214

68

75

59

Repair Expenses

3,310

4,239

4,208

2,017

Depreciation

22,534

13,73513,807

10,059Other Expenses Related to Rent Business

2,702

376

2,504

771

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

44,66028,921

76,851

3,307

72

(Thousand yen)
Property No.

R-089

R-091

May 1, 2023
October 31, 2023
50,472

R-092
Prime Maison
Yokohama
Nihon-odori
May 1, 2023
October 31, 2023
140,205

Property Name

Esty Maison Unomori

Sha Maison Stage
Hino

May 1, 2023
October 31, 2023
27,208May 1, 2023
October 31, 2023
220,386

27,17149,052

136,291

219,359

37

1,420

3,914

1,027

B. Total Operating Expenses

15,387

27,10063,488108,134

Subcontract Expenses

1,152

4,104

5,931

23,256

Property Management Fees

－

2,570

7,082

27

Trust Fees

290

290

240

240

Utilities Expenses

334

463

2,530

7,500

1,555

3,161

8,474

16,983

Management 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

36

62

164

366

Repair Expenses

499

2,148

3,512

3,569

10,645

13,371

33,23655,211Other Expenses Related to Rent Business

873

929

2,315

978

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

11,821

23,372

76,717112,252

Depreciation(Thousand yen)
Property No.

R-094

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

May 1, 2023
October 31, 2023
63,720R-095
Prime Maison
Hatsudai
May 1, 2023
October 31, 2023
81,912

61,581

78,393

Prime Maison Shibuya
From
To

R-096
R-098
Esty Maison
Prime Maison
Uemachidai
Shirokane-takanawa
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
33,213
116,435
31,838111,139

2,138

3,518

1,375

5,295

B. Total Operating Expenses

20,74832,603

17,47046,506

Subcontract Expenses

2,895

3,244

2,205

4,336

Property Management Fees

3,634

4,973

1,848

8,593

Trust Fees

240

240

240

240

Utilities Expenses

486

990

844

952

3,356

4,459

2,188

7,252

Insurance Expenses

41

70

42

96

Repair Expenses

1,791

2,072

2,150

3,236

Depreciation

6,430

12,825

6,949

15,225

Other Expenses Related to Rent Business

1,871

3,728

1,002

6,573

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

42,97149,30815,742

69,928Property and Other Taxes73

(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
May 1, 2023
May 1, 2023
May 1, 2023
May 1, 2023
To
October 31, 2023
October 31, 2023
October 31, 2023
October 31, 2023
105,606
18,847
234,781
115,103

Rent Revenue – Real Estate

103,789

18,391

221,989

112,265

Other Lease Business Revenue

1,817

456

12,791

2,838

B. Total Operating Expenses

44,097

7,817

87,35445,642

Subcontract Expenses

6,248

1,498

10,7295,400

Property Management Fees

6,139

767

16,507

6,860

Trust Fees

240

240

240

240

Utilities Expenses

880

218

1,828

1,238

Property and Other Taxes

6,651

1,088

11,498

7,009

Insurance Expenses

102

16

181

108

Repair Expenses

3,605

481

9,468

3,517

Depreciation

15,323

3,095

24,256

14,989Other Expenses Related to Rent Business

4,905

410

12,644

6,278

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

61,50911,029147,426

69,460R-103
Prime Maison
Asakusabashi
May 1, 2023
October 31, 2023
48,645

R-104
Prime Maison
Daikanyama
May 1, 2023
October 31, 2023
76,911

R-105
Prime Maison
Gotenyama WestMay 1, 2023
October 31, 2023
117,486

R-106
Esty Maison
Toyosu Residence
May 1, 2023
October 31, 2023
486,443

Rent Revenue – Real Estate

46,95473,335

114,286

474,927

Other Lease Business Revenue

1,690

3,576

3,200

11,516

B. Total Operating Expenses

23,46521,96160,397

380,554

Subcontract Expenses

3,317

2,657

8,497

21,954

Property Management Fees

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

From
To

3,484

3,803

9,573

21,327

Trust Fees

240

240

240

325

Utilities Expenses

628

545

2,434

5,020

2,878

3,769

7,834

21,282

Property and Other Taxes
Insurance Expenses

49

58

137

505

Repair Expenses

3,514

1,815

9,190

24,449Depreciation

5,627

6,985

13,752

82,619Other Expenses Related to Rent Business

3,725

2,086

8,737

203,072

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

25,17954,95057,088105,88874

(Thousand yen)
Property No.

R-108

Property NameManagement Period

Esty Maison Ijiri
From
To

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

May 1, 2023
October 31, 2023
13,270R-109
R-110
Prime Maison
Prime Maison Hongo
Mitatsunamachi
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
56,956
62,678R-111
Prime Maison
Kuramae
May 1, 2023
October 31, 2023
57,637

13,27056,39060,14855,816

－

566

2,529

1,821

B. Total Operating Expenses

6,701

19,11830,32926,081

Subcontract Expenses

729

2,122

3,475

3,241

Property Management Fees

－

2,930

5,181

4,300

Trust Fees

235

240

240

240

Utilities Expenses

－

473

746

677

Other Lease Business Revenue

Property and Other Taxes

1,468

3,353

3,144

2,856

Insurance Expenses

28

41

55

51

Repair Expenses

563

1,426

2,401

1,994

3,498

5,507

8,975

8,734

Depreciation
Other Expenses Related to Rent Business

178

3,022

6,107

3,984

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

6,568

37,83832,34831,556

R-112
Esty Maison
Yokohama-aobadai
May 1, 2023
October 31, 2023
86,288

R-113
Esty Maison
Shizuoka Takajo
May 1, 2023
October 31, 2023
23,35586,28823,35529,02569,666－－3

818,922

11,256

16,596

31,841

－

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
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
29,02869,675

1,078

－

121

－

Trust Fees

480

240

240

240

Utilities Expenses

－

559

346

1,161

4,474

1,626

2,475

5,905

Property Management Fees

Property and Other Taxes
Insurance Expenses

122

34

50

112

Repair Expenses

1,392

1,332

5,688

3,417

Depreciation

10,613

5,379

5,109

14,222Other Expenses Related to Rent Business

760

59

1,512

480

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

67,365

12,09812,431

37,83375

(Thousand yen)
Property No.

R-116

May 1, 2023
October 31, 2023
30,018

R-117
Esty Maison
SHIRAKABE
MINAMIMay 1, 2023
October 31, 2023
20,260

R-118

R-119

Property Name

Esty Maison Kayaba

Prime Maison
Shimokitazawa

Prime Maison Meguro

May 1, 2023
October 31, 2023
59,956

May 1, 2023
October 31, 2023
50,644

Rent Revenue – Real Estate

29,538Other Lease Business Revenue

479

20,26058,33049,479

－

1,625

1,165

B. Total Operating Expenses

12,923

7,972

19,721

18,118Subcontract Expenses

1,782

1,435

3,438

2,144

Property Management FeesManagement Period

From
To

A. Total Rent Revenue – Real Estate

1,408

－

2,606

2,658

Trust Fees

240

240

240

240

Utilities Expenses

333

322

452

554

2,223

1,763

3,420

2,201

Property and Other Taxes
Insurance Expenses

42

27

47

36

Repair Expenses

1,516

645

342

921

Depreciation

4,797

3,277

7,907

7,272

Other Expenses Related to Rent Business

579

262

1,267

2,089

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

17,095

12,28740,23432,525(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
May 1, 2023
October 31, 2023
37,937

R-121
R-122
Prime Maison
Prime Maison Itabashi
Nakameguro
May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
223,781
118,685

36,023

209,406

113,873

R-123
Prime Maison
EGOTANOMORI
May 1, 2023
October 31, 2023
623,227
610,922

1,913

14,374

4,812

12,304

B. Total Operating Expenses

14,796

71,77055,739447,153

Subcontract Expenses

1,980

4,200

4,740

42,084

Property Management Fees

2,014

10,832

7,370

19,663

Trust Fees

240

275

240

400

Utilities Expenses

391

8,891

3,217

16,810

1,805

9,089

7,464

29,163

33

150

117

1,492

Property and Other Taxes
Insurance Expenses
Repair Expenses

835

2,818

2,347

11,412

Depreciation

6,165

28,71723,260116,672

Other Expenses Related to Rent Business

1,329

6,796

6,981

209,455

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

23,140152,01062,946

176,07376

(Thousand yen)
Property No.
Property NameManagement Period

From
To

A. Total Rent Revenue – Real Estate

R-124
Prime Maison
Waseda dori
May 1, 2023
October 31, 2023
55,520R-125
O-001
Esty Maison
Garden City
Noborito
Shinagawa Gotenyama
October 3, 2023
May 1, 2023
October 31, 2023
October 31, 2023
2,168
1,547,546

O-002
Gotenyama SH
Building
May 1, 2023
October 31, 2023
1,088,412

Rent Revenue – Real Estate

55,3252,168

1,501,174

1,088,412

Other Lease Business Revenue

195－

46,372－

B. Total Operating Expenses

20,350399

653,291

194,258

Subcontract Expenses

3,000

128

113,411－

Property Management Fees

3,101

17

29,122

1,199

Trust Fees

240

－

1,150

399

Utilities Expenses

472－

83,686

－

3,381

－

154,493

49,784

Insurance Expenses

44

2

1,605

883

Repair Expenses

610

－

9,480

45

6,432

250

206,200

139,642

Property and Other Taxes

Depreciation
Other Expenses Related to Rent Business

3,066

0

54,1402,303

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

35,1701,769

894,255

894,154(Thousand yen)
Property No.

O-003

Property NameManagement Period
A. Total Rent Revenue – Real Estate
Rent Revenue – Real Estate

From
To

O-004
Hommachi Garden
Hommachi Minami
City (Office building
Garden City
portion)May 1, 2023
May 1, 2023
October 31, 2023
October 31, 2023
1,323,666
903,801
1,264,837

O-005

O-006

HK Yodoyabashi
Garden Avenue

Hirokoji Garden
AvenueMay 1, 2023
October 31, 2023
173,680

May 1, 2023
October 31, 2023
211,741

903,801

154,070

196,132

58,829－19,60915,609B. Total Operating Expenses

530,084

323,311

68,402

81,716

Subcontract Expenses

72,163－

8,680

12,278Property Management Fees

19,627

6,000

1,704

1,230

Other Lease Business Revenue

Trust Fees

500

250

240

225

Utilities Expenses

107,397－

15,53514,801

Property and Other Taxes

127,119

105,284

13,422

19,982

1,997

1,109

410

283

Insurance Expenses
Repair Expenses

7,143

7,056

4,120

5,911

193,950

203,572

23,773

26,388Other Expenses Related to Rent Business

184

38

515

614

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

793,582

580,490105,277

130,025

Depreciation

77

(Thousand yen)
Property No.

O-007

May 1, 2023
October 31, 2023
1,042,745

H-001
Hommachi Garden
City(Hotel portion)
May 1, 2023
October 31, 2023
402,500

Property Name

Akasaka Garden City

Rent Revenue – Real Estate

967,036

402,500

Other Lease Business Revenue

75,709－380,605

146,852－－

28,809

1,200

727

250

Utilities Expenses

78,879－Property and Other Taxes

92,323

63,795

Management Period
A. Total Rent Revenue – Real Estate

B. Total Operating Expenses

From
To

Subcontract Expenses
Property Management Fees
Trust Fees

Insurance Expenses

617

751

Repair Expenses

18,9884,903

Depreciation

70,81475,917

Other Expenses Related to Rent Business

89,44434

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

662,140

255,64778

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

Name of Real Estate, Etc.
(Location)
Esty Maison Toyosu Residence(Koto-ku, Tokyo)
Prime Maison Central Park
(Fukuoka-shi, Fukuoka)
Esty Maison Shizuoka Takajo(Shizuoka-shi, Shizuoka)
Esty Maison Toritsudaigaku(Meguro-ku, Tokyo)(Note)

PurposePlanned Period

Large-scale
repairs

From: November 2023

Large-scale
repairs

From: October 2023

Large-scale
repairs

From: November 2023

Large-scale
repairs

From: November 2023

To: October 2024
To: April 2024
To: March 2024
To: March 2024

Planned Construction Costs(million yen) (Note)
Payment for
Amount Already
Total
Current Fiscal
Paid
Period
672

－

－

238

－

－

63

－

－

39

－

－

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

② Capital Expenditure During the Period
An overview of capital expenditures for properties owned by SHR during the fiscal period under review is asfollows. In addition, the total capital expenditure for the current fiscal period was 1,016 million yen, and a totalof 1,424 million yen of construction work was carried out, including repair expenses of 408 million yenclassified as expenses for the current fiscal period.
Name of Real Estate, Etc.
(Location)
Prime Maison Musashinonomori(Kodaira-shi, Tokyo)
Sha Maison Stage Hirose-dori(Sendai-shi, Miyagi)
Esty Maison Nakano(Nakano-ku, Tokyo)

Purpose

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

From: May 2023
To: October 2023
From: May 2023
To: October 2023
From: May 2023
To: October 2023

Payment Amount(million yen)
129
105
74

Other Capital Expenditures

707

Total

1,016

79