Translation
November 17, 2014

Sekisui House SI Residential Investment Corporation
Financial Report for the Fiscal Period ended September 30, 2014

Head Office:Stock Exchange Listing:
URL:
Inquiries:

Tokyo
Tokyo Stock Exchange (code number 8973)
http://www.shsi-reit.co.jp/
Makoto Asamoto
Sekisui House SI Asset Management, Ltd. (Asset Management Company)
General Manager, Administration+81-3-5770-8973

Name:
Title:
TEL:

Planned date of submissionof the Securities Report:
Planned commencement date ofdistribution payment:

December 25, 2014
December 15, 2014
(Note: Figures rounded down to nearest million yen)

1. Performance for the Fiscal Period ended September 30, 2014 (April 1, 2014 to September 30, 2014)(1) Operating Results*Percentages indicate changes over the previous fiscal period.
Operating Revenue

Operating Income

Ordinary Income

Net Income

Million yen％*

Million yen％*

Million yen％*

Million yen％*

Fiscal period ended
September 30, 2014

5,591

12.9

2,463

9.9

1,952

10.5

1,950

10.5

Fiscal period ended
March 31, 2014

4,952

5.6

2,242

2.9

1,767

5.0

1,765

5.0Net Income
per Unit
Fiscal period ended
September 30, 2014

Return on Unitholders’Equity (ROE)

Ordinary Income on
Total Assets

Ordinary Income on
Operating Revenue

Yen％％％

2,163

2.6

1.2

34.9

Fiscal period ended
2,212
2.5
1.2
35.7
March 31, 2014
Note : Sekisui House SI Residential Investment Corporation implemented a five-for-one split of investment units with the effective date of April 1,
2014. “Net Income per Unit” for the fiscal period ended March 31, 2014 is calculated on the assumption that this split of investment units wasimplemented at the start of the period ended March 31, 2014.

(2) Distributions
Distributionper Unit
Total Distributions(excluding(excluding Total
Distribution inDistribution in
Excess of Earnings Excess of Earnings)
per Unit)
Fiscal period ended
September 30, 2014

Distribution in
Excess ofEarnings per Unit

Total
Distributions in
Excess ofEarnings

DistributionRatio toNet Assets

Payout Ratio

YenMillion yen

Yen

Million yen％％

2,131

1,950

0099.92.4

Fiscal period ended
11,062
1,765
00100.0
2.5
March 31, 2014
Note 1: Sekisui House SI Residential Investment Corporation implemented a five-for-one split of investment units with the effective date of April 1,2014.
Note 2: The payout ratio is rounded down to the first decimal place.

1This translation is for informational purpose only. If there is any discrepancy between the Japanese version and theEnglish translation, the Japanese version shall prevail.

Note 3: The payout ratio for the fiscal period ended September 30, 2014 is calculated by the following formula as new investment units were issued:
Payout Ratio = Total Distributions (excluding Total Distribution in Excess of Earnings) ÷ Net Income × 100(3) Financial Position
Total Assets

Unitholders’ Equity toTotal Assets

Net Assets

Net Assets per Unit

Million yen

Million yen%

Yen

176,892

81,01045.8

88,512

Fiscal period ended
September 30, 2014

Fiscal period ended
156,878
70,05944.7
87,791March 31, 2014
Note : Sekisui House SI Residential Investment Corporation implemented a five-for-one split of investment units with the effective date of April 1,
2014. “Net Assets per Unit” for the fiscal period ended March 31, 2014 is calculated on the assumption that this split of investment units wasimplemented at the start of the period ended March 31, 2014.

(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at the End ofthe Period

Million yen

Million yen

Million yen

Million yen

Fiscal period ended
September 30, 2014

3,173

△20,051

17,626

8,365

Fiscal period ended
March 31, 2014

3,270

△11,211

6,071

7,616

2. Forecast of Results for the Fiscal Period ending March 2015 (October 1, 2014 to March 31, 2015)*Percentages indicate changes over the previous fiscal period.

Operating
Revenue

Millionyen

Operating
Income％*Millionyen

Ordinary
Income％*MillionyenNet
Income％*Millionyen％*

Distributionper Unit(excluding
Distribution in
Excess of Earnings
per Unit)

Distribution in
Excess ofEarnings per Unit

YenYenFiscal period ended
6,252
11.8
2,771
12.5
2,249
15.2
2,247
15.2
2,1300March 31, 2015
Reference: Estimated net income per unit for the fiscal period ending March 31, 2015: 2,235yen
Note : It is assumed that 78 million yen (planned) is recorded as reserve for reduction entry out of the gain on sale of “b-town JINGUMAE II” of 151
million yen (planned) to be recorded for the fiscal period ending March 2015, to the extent pursuant to the “Special Provisions for Taxation on
Investment Corporations” stipulated in Article 67-15 of Act on Special Measures Concerning Taxation and “Special Provisions for Taxation inthe case of advance acquisition of land and such in 2009 and 2010” stipulated in Article 66-2 of Act on Special Measures Concerning Taxation.
However, the actual amount to be internally reserved may change.

Explanation concerning the Proper Use of the Forecast of Results and Other Issues to be Noted
Descriptions with regard to future issues including the forecast of operating results are based on the current information
held by the Sekisui House SI Residential Investment Corporation and certain assumptions deemed reasonable. The actual
operating results may materially differ from the forecast for various reasons. The forecast is not intended to assure theamount of distributions to investors.

2This translation is for informational purpose only. If there is any discrepancy between the Japanese version and theEnglish translation, the Japanese version shall prevail.