Sekisui House SI Investment Corporation
Business Results for the 14th Fiscal Period
November 16, 2012

Sekisui House SI Investment Corporation
Business Results for the 14th Fiscal Period from Apr . 1, 2012 to Sep. 30, 2012

8973

Contents
1. Overview of the Fourteenth Fiscal Period Ended
September 30, 2012

6. Appendix

・Progress Highlights

4・Balance Sheets

27

・Summary of Business Results for Fourteenth Fiscal Period

5・Statements of Income

29

・Occupancy Rates and NOI Yield

6

・Statements of Cash Flows / Cash Distributions

30

・Summary of Selected Financial Data

31

・History of the Investment Corporation since Listing

32

・Portfolio Map

33

2. Report on the Public Offering Implemented in October 2012
・Public Offering Implemented in October 20128

3. Portfolio Management Status of the Fourteenth Fiscal Period
Ended September 30, 2012
・Business Results Summary of the Fourteenth Fiscal Period

12・Status of Portfolio

34

・Status of Portfolio

13

・Portfolio at a Glance

36

・Properties Acquired in the Fourteenth Fiscal Period

14・Overview of Interest-Bearing Debt

39

・[Residential] Rent Trends in New Contracts and Contract
Renewals

16・Status of Interest-Bearing Debt

41

・Changes in Unrealized Loss Ratio, Etc.

17

・Overview of Unitholders as of September 30, 2012

42

・Historical Investment Unit Price

43

4. Financial Activities of the Fourteenth Fiscal Period Ended
September 30, 2012

・Overview of Financial Activities

19

5. Forecasts for the Fifteenth Fiscal Period Ending March 31, 2013
and Current Management Policy
・Forecasts for the Fifteenth Fiscal Period

22・Current Management Policy

23

・[Reference] Portfolio Development Policy

25

2

1. Overview of the Fourteenth Fiscal Period
Ended September 30, 2012

PrimeHIGASHISAKURA
MaisonGOKISOMASTHAKATA
Prime Maison

Progress Highlights
Fourteenth Fiscal Period (Ended September 30, 2012)
Main Business Results
 Completed acquisition of assets under management with the intention of replacement for the part of
HAMAMATSU Plaza, etc. sold right before the end of the previous period
 Maintained stable occupancy for the overall portfolio (average occupancy rate during period: 97.3%)
 Completed refinancing concerning borrowings made under the previous sponsor
Initial forecast for cash
distribution per unit

Forecast for cash distribution
per unit after revision¥10,150¥10,300(Announced May 16, 2012)(Announced September 6, 2012)

Resolved first public offering after change of sponsors

Actual cash distribution per unit

¥10,351

Realized increase of cash distributions
through effective utilization of cash position
which increased due to the partial sale of
HAMAMATSU Plaza, etc.

Intended expansion of asset size, increase of residential ratio and reduction of LTV

Fifteenth Fiscal Period (Ending March 31, 2013)
 Implemented public offering with payment date in
October 2012
 Newly acquired 5 residential properties (totalacquisition price: 9,285 million yen)

Forecast cash distribution per unit
for the fifteenth fiscal period ending
March 31, 2013¥10,370

Although the number of investment units
issued and outstanding will increase byapprox. 19%, the cash distribution level is
expected to be maintained and improved

Promote various measures based on the growth strategy with the aim of enhancing profitability and maintaining and improving the cash
distribution level through further increase of the asset size

4

Summary of Business Results for Fourteenth Fiscal Period
Comparison with Forecasts◇Factors for differences between actual results and initial[Reference] Forecasts for
Fiscal Period Ended Sep. 30,
2012 after revision (announced
Sep. 6, 2012)

Initial forecasts for Fiscal
Period Ended Sep. 30, 2012
(announced May 16, 2012)

Fiscal Period Ended
Sep. 30, 2012(183 days) (Actual)

Operating revenue¥3,565 million¥3,550 million¥3,567 million¥17 million

0.5%Operating income¥1,661 million¥1,608 million¥1,663 million¥55 million

3.4%

Ordinary income¥1,187 million¥1,170 million¥1,193 million¥22 million

2.0%

Difference
between actual results andinitial forecasts

forecasts for the fiscal period ended September 30, 2012
・ Operating income
Operating revenue
Increase in rent revenue: +¥14 million
Increase in other lease business revenue: +¥5 million
Decrease in silent partnership distribution: -¥3 million
Operating expenses

Net income¥1,185 million¥1,167 million¥1,191 million¥23 million

2.0%

Increase in expenses related to rent business: +¥8 million
Decrease in other business expenses: -¥47 million

Cash distributions
per unit¥10,300¥10,150¥10,351

¥201

2.0%

・ Ordinary income
Increase in non-operating expenses: +¥32 million

Comparison with Previous Fiscal Period
Fiscal Period Ended
Mar. 31, 2012(183 days) (Actual)

Fiscal Period Ended
Sep. 30, 2012(183 days) (Actual)◇Factors for period-on-period changes to actual results for the

Changefiscal period ended September 30, 2012

Operating revenue¥3,705 million¥3,567 million-¥138 million-3.7%

Operating income¥1,600 million¥1,663 million¥63 million

4.0%

Ordinary income¥1,165 million¥1,193 million¥27 million

2.4%

Decrease in rent revenue: -¥50 million

Net income¥1,164 million¥1,191 million¥26 million

2.3%

Decrease in other lease business revenue: -¥32 million¥10,117¥10,351

¥234

2.3%

Remove gain on sales of real estate properties: -¥60 million

Total assets¥112,800 million¥114,174 million¥1,374 million

Interest-bearing debt

¥58,073 million¥59,503 million¥1,430 million

Decrease in expenses related to rent business: -¥22 million

Net assets¥51,687 million¥51,714 million¥26 million

Remove loss on sales of real estate properties: -¥187 million

Period-end investment unit price¥347,000¥353,500

Number of investment units
issued and outstanding

115,070 units

115,070 units

Period-end market value¥39,929 million¥40,677 million

Cash distributions¥1,164 million¥1,191 million

Cash distributions per unit

・ Operating income
Operating revenue

Increase in silent partnership distribution:+ ¥4 million

Notes: 1. Amounts less than the indicated unit are rounded down.

Operating expenses

Increase in other business expenses: +¥7 million

・ Ordinary income
Increase in non-operating expenses： +¥35 million

2. Percentage figures are rounded to the nearest first decimal place.

5

Occupancy Rates and NOI Yield
Monthly Occupancy Rates at a Glance
Residential

Retail

Total

100%
96.9%

98.3%

97.3%

96.6%

97.7%

95%

90%

85%

80%

75%
Sep. Oct.
2010
End of TenthFiscal Period

Nov.

Dec.

Jan.
2011

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.
2012

Mar.

Apr.

May

Jun.

Jul.

End of Thirteenth
Fiscal Period

End of Twelfth
Fiscal Period

End of Eleventh
Fiscal Period

Feb.

Aug.

Sep.

End of Fourteenth
Fiscal Period

Occupancy Rates

NOI Yields

Fiscal period ended September 30, 2012 (fourteenth fiscal period)

Fiscal period ended September 30, 2012
(Fourteenth fiscal period)

As of September 30, 2012

Average for fourteenth fiscal period(Apr. 1, 2012 through Sep. 30, 2012)

5.1%

Residential

96.4%

95.6%

Retail

99.7%

99.8%

5.4%

Total

97.7%

97.3%

5.1%

Notes: 1. “Occupancy Rates” indicated in the graph describe the rate of total leased space to the total leasable space for assets held by the Investment Corporation as of the end of each month from September 2010 to September 2012.
2. The average occupancy rate for the fourteenth fiscal period ended September 30, 2012 indicates the average of occupancy rates as of the end of each month for the fiscal period from Apr. 1, 2012 through Sep. 30, 2012.
3. The NOI yield in the table is obtained by dividing the annualized NOI for the fiscal period ended Sep. 30, 2012 by the total acquisition price .
4. Percentage figures are rounded to the nearest first decimal place.

62. Report on the Public Offering Implementedin October 2012

Prime Maison
YUHIGAOKAMASTHAKATA
Prime Maison HIGASHISAKURA

Public Offering Implemented in October 2012 (1)Overview of Public Offering
Issuance Resolution Date

Overview of Acquired Assets

September 6, 2012 (Thursday)

Pricing Date

Asset Class

September 19, 2012 (Wednesday)

Number of Newly Issued
Investment Units

5 residential properties

Acquisition Date

22,000 units (Of this, 1,540 units for third-party allotment)

October 1, 2012
Sekisui House, Ltd. , Sekiwa Real Estate
Chubu, Ltd.

SellerOffer Price per Unit

340,957 yen (Discount rate: 2.50%)

Total Appraisal Value

9,438 million yen

Issue Price per Unit

328,717 yen

Total Acquisition Price

9,285 million yen

Total Issue Price

7,231 million yen

Average Appraised NOI Yield

For public offering: October 1, 2012 (Monday)

For third-party allotment: October 26, 2012 (Friday)

For public offering: October 2, 2012 (Tuesday)

For third-party allotment: October 30, 2012 (Tuesday)

Average Property Age

Payment Date

Additional Listing Date of New
Investment Units

5.6％ (Note)
6.3 years (Note)

Overview of New Borrowings
Drawdown date

Loan amount

Loan term

Interest rate/
SpreadOctober 1, 2012

2,300 million yen

Approx. 11 months

Floating / 0.4％

(Note) Average Appraised NOI Yield is calculated by dividing the total of appraised NOI of acquired assets based on real estate appraisal reports by real estate appraisers, valued as of August 1, 2012, by the total acquisition price, and are rounded
to the nearest first decimal place. In addition, the average property ages are the result of calculating the weighted average using age of the acquired assets when placing October 1, 2012, which is the acquisition date, as the reference date and theinvestment ratio calculated based on acquisition price, and are rounded down to the nearest first decimal place.

Trends of Investment Unit Closing Price and Market Value Before and After Issuance Resolution Date (August 24, 2012 to end of October 2012)
The amount of new borrowings also scheduled decreased as the public offering was realized under conditions that were better than what was
expected as of the issuance resolution date(million yen)
54,000(yen)
380,000
Sep. 6, 2012, issuance resolution date:359,000 yen

370,000

Market value (right axis)
Sep. 19, 2012, date of decision of issue price, etc.:
360,000 yen

Investment unit closing price (left axis)

Sep. 25, 2012, final trading day with rights:
361,500 yen

50,000360,000

46,000350,000

42,000340,000

38,000Oct. 2, 2012, additional listing date for public offering:
345,000 yen

Aug. 24, 2012, assumed investment unit price:
353,000 yen

330,000

Oct. 30, 2012, additional listing date for third-party allotment:
361,500 yen

34,000Investment unit price performed steadily even after the pricing date
320,000

Fourteenth Fiscal Period (Ended September 30, 2012)
8/24

8/28

8/30

9/3

9/5

9/7

9/11

9/13

9/18

9/20

9/24

9/26

Fifteenth Fiscal Period (Ending March 31, 2013)
9/28

10/2

10/4

30,00010/9 10/11 10/15 10/17 10/19 10/23 10/25 10/29 10/31
8

Public Offering Implemented in October 2012 (2)Effects of Public Offering

Asset side

 Ratio of acquisition from the Sekisui House Group increased
End of 14th FP

16.2％

9.1％

Mainly acquisition of high-quality residential properties
developed by Sekisui House

Debt sideBrought LTV down through enhancement of unitholders’ equity
End of 14th FP

After public offering

52.1％

49.96％ (Estimate)

Contributed to enhancement of stability of financial standing
which the Investment Corporation has been promoting

Cash distributions per unit

After public offering

Although the number of investment units issued and outstanding at
the end of the 15th fiscal period ending March 31, 2013 will
increase 19.1% compared to the end of the previous period, cash
distribution level is expected to be maintained and improved[As announced on September 6, 2012]¥10,300¥10,300(Forecast)(Forecast)

Period ended
Sep. 2012(14th FP)

Period ending
Mar. 2013(15th FP)[As announced on November 15, 2012]

Upwardrevision¥10,351(Actual)Period ended
Sep. 2012(14th FP)¥10,370(Forecast)

Period ending
Mar. 2013(15th FP)

Trends of Asset Size, LTV and Cash Distributions after Change of Sponsors
(%)
55.0

(millionyen)
200,000

Asset size before change of sponsors (based on acquisition price)
Assets acquired after change of sponsors (based on acquisition price)

49.96%

Sold assets (reduction based on acquisition price)

52.1%

51.5 %LTV (right axis)

48.3%

49.3%

47.1%
100,000

99,920103,974

106,234

110,214101,006(53 properties)(57 properties)(58 properties)(60 properties)(66 properties)

Actual cash
distributions¥8,160

Actual cash
distributions¥9,793

Actual cash
distributions¥10,045

Actual cash
distributions¥10,117

Actual cash
distributions¥10,3510Effectively utilizing
capacity to acquire
properties
generated bybringing down LTV

50.0

45.0

119,499((71 properties)
October 2012
Implementationof public
offering

Forecast cash
distributions¥10,370

Aiming to maintainand improve thefuture cash
distribution level

40.0

35.0

Partial sale of HAMAMATSU
Plaza, etc.
Tenth Fiscal Period(Ended September 30,
2010)

Eleventh Fiscal Period(Ended March 31, 2011)

Twelfth Fiscal Period(Ended September 30,
2011)

Thirteenth Fiscal Period(Ended March 31, 2012)

Fourteenth Fiscal Period(Ended September 30,
2012)

As of date of document(Fifteenth Fiscal Period)

9

Public Offering Implemented in October 2012 (3)Overview of Acquisition of Assets
Residence64

Prime Maison GINZA EAST

Residence65

Residence66

Prime Maison TAKAMI

Prime Maison YADAMINAMI

Acquisition price

Acquisition price

Acquisition price¥5,205 million¥905 million¥715 million

Appraisal value

Appraisal value

Appraisal value¥5,265 million¥930 million¥723 million

Appraised NOI yield

Appraised NOI yield

Appraised NOI yield

5.0%

6.0%

6.2%

Location

Tsukiji, Chuo-ku, Tokyo

LocationTakami, Chikusa-ku, Nagoya-city, Aichi

Location

Yadaminami, Higashi-ku, Nagoya-city, Aichi

CloseststationDirectly connected to Shintomicho Stationon the Tokyo Metro Yurakucho Line

CloseststationApprox. 3 min. walk from Ikeshita
Station on the Nagoya Municipal
Subway Higashiyama Line

CloseststationApprox. 8 min. walk from Nagoya Dome-mae
Yata Station on the Nagoya Municipal
Subway Meijo Line

CompletedFebruary 28, 2006

Completed

August 27, 2008

Completed

July 18, 2007

SellerSekisui House, Ltd.

SellerSekisui House, Ltd.

SellerSekisui House, Ltd.

Residence67

Residence68

Prime Maison TERIHA

Esty Maison HIGASHISHIRAKABE

Acquisition price

Acquisition price¥1,110 million¥1,350 million

Appraisal value

Appraisal value¥1,140 million¥1,380 million

Appraised NOI yield

Appraised NOI yield

6.9%

6.3%

Location

Kashiiteriha, Higashi-ku, Fukuoka-city, Fukuoka

Location

Yoshino, Higashi-ku, Nagoya-city, Aichi

Closest station

Approx. 25 min. walk from Kashii Station on the JR
Kagoshima Main Line

Closest station

Approx. 5 min. walk from Morishita Station on the
Nagoya Railway Seto Line

Completed

August 31, 2005

CompletedFebruary 27, 2006

SellerSekisui House, Ltd.

SellerSekiwa Real Estate Chubu, Ltd.

Note: 1. Appraisal values are the appraisal values by real estate appraisers valued as of August 1, 2012.
2. Appraised NOI yields are calculated by dividing the appraised NOI of acquired assets based on appraisal reports by real estate appraisers, valued as of August 1, 2012, by the acquisition price, and are rounded to the nearest first decimal place.

103. Portfolio Management Status of the Fourteenth
Fiscal Period Ended September 30, 2012

Prime Maison
MAST
HAKATA
Prime Maison HIGASHISAKURAKITATANABE

Business Results Summary of the Fourteenth Fiscal Period
Focused on solidifying foundation for growth to “enhance profitability by significantly increasing the asset size”

Completion of Replacement of Assets Under Management Accompanying Partial Sale of HAMAMATSU Plaza, etc.
Sold properties

Acquired properties Part of HAMAMATSU Plaza Spacia MEGUROFUDOMAE



Acquired “4 Prime Maison
properties” from Sekisui
House



Acquired “Esty Maison AKIHABARA”
utilizing unique channel of the AssetManagement Company



Acquired “Esty Maison SASAZUKA”
utilizing unique channel of the AssetManagement Company

Promoted the reduction of concentration of risk at HAMAMATSU Plaza and improvement of portfolio quality
End of 12th FP

End of 13th FP

End of 14th FP

Investment ratio for residential

Investment ratio for residential

Investment ratio for residential

72.6％

80.0％

81.7％

As of date of document
Investment ratio for residential

Oct. 2012(15th FP)

83.1％

第12期末

第12期末

第12期末

第12期末

HAMAMATSU Plaza
occupation ratio

HAMAMATSU Plaza
occupation ratio

HAMAMATSU Plaza
occupation ratio

HAMAMATSU Plaza
occupation ratio

14.5％

6.4％

5.9％

5.4％

Preparation of infrastructure for expansion of the asset sizeApproval and adoption of partial changes to the Investment Corporation’s Articles
of Incorporation, etc. at the General Meeting of Unitholders



Changes to the Management Guidelines, etc. in accordance with partialchanges to the Investment Corporation’s Articles of Incorporation

Development of brand strategy for residential properties

Implementation of firstpublic offering after
change of sponsors

12Status of Portfolio☞ For details on the portfolio development policy, please see p. 25

Diversification status by asset class
End of 13th fiscal period
ended March 31, 2012
Total Acquisition
Price(No. of properties)

Asset classShare

End of 14th fiscal period
ended September 30, 2012
Average
Property
Age

Total Acquisition
Price(No. of properties)

As of date of document

Share

Average
Property
Age

Total Acquisition
Price(No. of properties)

Average
Property
Age

Share

Core
assetsResidences¥80,830 million(52 properties)

80.0%

6.0 years

90,020 million(58 properties)

81.7%

6.7 years

99,305 million(63 properties)

83.1%

6.8 years

Balance
assetsRetailfacilities, etc.

¥20,175 million(8 properties)

20.0%

10.2 years

20,193 million(8 properties)

18.3%

10.7 years

20,193 million(8 properties)

16.9%

10.8 years¥101,006 million(60 properties)

100.0%

6.7 years

110,214 million(66 properties)

100.0%

7.3 years

119,499 million(71 properties)

100.0%

7.3 years

Total

Diversification Status of Residential Portfolio
End of 13th fiscal period
ended March 31, 2012

Major Regional Cities

Investment
ratios byregion22.6%
Greater Tokyo /Other Urban Areas

6.5%

Greater Tokyo /Major Urban Areas

End of 14th fiscal period
ended September 30, 2012

Major Regional Cities

25.6%

70.9%

Investment ratio
to Greater Tokyo

Greater Tokyo /Other Urban Areas

5.9%

Greater Tokyo /Major Urban Areas

50㎡ or more

Investment
ratios byfloor area

30㎡~50㎡

27.3%

Investment ratio
to Greater Tokyo

33.6 ㎡

Greater Tokyo /Other Urban Areas

5.3%

50㎡ or more

24.0%
52.4%

30㎡~50㎡

27.0%

Average floor area
per unit

36.6 ㎡

Greater Tokyo /Major Urban Areas

67.4%

Investment ratio
to Greater Tokyo

72.7 %

Less than 30㎡

20.6%

55.8%

Average floor area
per unit

27.3%

68.5%

50㎡ or more
Less than 30㎡

Major Regional Cities

74.4 %

77.4 %

17.0%

As of date of document

30㎡~50㎡

27.5%

Less than 30㎡

48.5%

Average floor area
per unit

38.5 ㎡(Note) Calculation of ratios of diversification status by asset class, average property ages and investment ratios by region are based on acquisition prices as of each period and calculation of investment ratios by floor area are based on the number ofresidential units of owned properties as of each period, and all are rounded to the nearest first decimal place. Therefore, the sum total of ratios may not add up to 100%. Also, average floor areas per unit are calculated by dividing the total leasable
residential floor space of residential properties by the total number of leasable residential units, and are rounded down to the nearest first decimal place. Furthermore, stores and offices in residential properties are not included in the number of resi dential
units.

13

Properties Acquired in the Fourteenth Fiscal Period (1)Effectively utilized cash position and acquired 6 residential properties through pipeline with Sekisui House and the Asset Management Company’s own acquisition route

Residence-58

Prime Maison GOKISO
Acquisition price¥1,640 million

Utilization of pipeline with Sekisui House
Location(As of March 1, 2012)
Appraised NOI yield (Note)

6.2%
Residence-59

Prime Maison YUHIGAOKA

Acquisition price

October 2008

Main residential type

Family type

Approx. 4 min. walk from Gokiso Station on
the Nagoya Municipal Subway Tsurumai
Line and Sakura-dori Line

Construction andnumber of floors

SRC, 14F

Total leasable
floor space

4,427.65㎡

Site area

1,429.67㎡

Total number ofleasable units

58

Total floor area

4,691.72㎡

Acquisition Date

April 2, 2012

Utilization of pipeline with Sekisui House
Location¥810 million

Ueshio, Tennoji-ku, Osaka-city,
Osaka

CompletedFebruary 2007

Main residential type

Family type

Closest station

Approx. 3 min. walk from Shitennoji-mae
Yuhigaoka Station on the Osaka Municipal
Subway Tanimachi Line(As of March 1, 2012)

Construction andnumber of floors

RC, 14F

Total leasable
floor space

2,040.35㎡

Appraised NOI yield (Note)

Site area

547.15㎡

Total number ofleasable units

26

Total floor area

2,336.49㎡

Acquisition Date

April 2, 2012

Appraisal value (Note)¥829 million

5.9%
Residence-60

Completed

Closest station

Appraisal value (Note)¥1,670 million

Ayuchitori, Showa-ku, Nagoya-city,
Aichi

Prime Maison KITATANABE

Acquisition price

Utilization of pipeline with Sekisui House
Location¥540 million(As of March 1, 2012)
Appraised NOI yield (Note)

6.4%

Completed

June 2006

Main residential type

Family type

Closest station

Approx. 2 min. walk from Kita-Tanabe
Station on the Kintetsu Minami-Osaka Line

Construction andnumber of floors

RC, 10F

Total leasable
floor space

1,798.97㎡

Site area

640.92㎡

Total number ofleasable units

26

Total floor area

2,112.46㎡

Acquisition Date

April 2, 2012

Appraisal value (Note)¥551 million

Kitatanabe, Higashisumiyoshi-ku,
Osaka-city, Osaka

14

Properties Acquired in the Fourteenth Fiscal Period (2)Residence-61

Utilization of pipeline with Sekisui House

Prime Maison MOMOCHIHAMA

Acquisition price

Location

Momochihama, Sawara-ku, Fukuoka-city,
FukuokaCompletedFebruary 1996

Closest station

Approx. 13 min. walk from Nishijin Stationon the Fukuoka City Subway Kuko Line

Main residential
type

Family type

Construction andnumber of floors

RC, 13F

Total leasable
floor space

7,514.76㎡

Site area

4,069.42㎡

Total number ofleasable units

100

Total floor area

8,945.61㎡

Acquisition Date

April 2, 2012

¥1,810 million
Appraisal value (Note)¥1,820 million(As of March 1, 2012)
Appraised NOI yield (Note)

6.4%
Residence-62

Utilization of the Asset Management Company’s own acquisition route

Esty Maison AKIHABARA

Acquisition price

Location

Ueno Taito-ku, Tokyo¥1,560 million(As of June 1, 2012)
Appraised NOI yield (Note)

5.6%
Residence-63

Approx. 3 min. walk from Suehirocho
Station on the Tokyo Metro Ginza Line

Main residential
type

Single type

Construction andnumber of floors

RC, 12F/B1F

Total leasable
floor space

2,324.65㎡

Site area

458.32㎡

Total number ofleasable units

79

Total floor area

2,821.47㎡

Acquisition Date

June 29, 2012

Utilization of the Asset Management Company’s own acquisition route

Esty Maison SASAZUKA

Acquisition price

Location¥2,830 million(As of July 13, 2012)
Appraised NOI yield (Note)

5.3%

Sasazuka, Shibuya-ku, Tokyo

Completed

September 2004

Closest station

Approx. 5 min. walk from Sasazuka Stationon the Keio Line

Main residential
type

Single/ Compact type

Construction andnumber of floors

RC, 10F

Total leasable
floor space

3,701.70㎡

Site area

909.33㎡

Total number ofleasable units

90

Total floor area

4,263.10㎡

Acquisition Date

September 5, 2012

Appraisal value (Note)¥2,860 million

February 2006

Closest station
Appraisal value (Note)¥1,658 million

Completed(Note) Appraised NOI yields are calculated by dividing the appraised NOI of each property based on appraisal reports by real estate appraisers by the acquisition prices of each property, and are rounded to the nearest first decimal place.

15

[Residential] Rent Trends in New Contracts and Contract Renewals
Rent Trends in Contract Renewals

Rent Trends in New Contracts
11th FP

12th FP

13th FP

14h FP

451

486

488

499

¥521 thousand(138)¥508 thousand(143)¥811 thousand(194)

Total decrease in rent /month (number of cases)-¥2,336
thousand(241)-¥1,706
thousand(212)-¥1,416
thousand(200)-¥1,101
thousand(152)

Change in rent (net)-¥2,107
thousand-¥1,185
thousand-¥908 thousand-¥290 thousand

No. of new contract

Total increase in rent / ¥229 thousand(52)
month (number of cases)

11th FP

12th FP

13th FP

14h FP

No. of contract renewal

483

427

704

616

Total increase in rent /month (number of cases)

(-)

(-)

(-)

¥7 thousand(1)-¥63 thousand(9)-¥59 thousand(8)-¥34 thousand(5)-¥63 thousand-¥59 thousand-¥26 thousand

Total decrease in rent / -¥329 thousand(24)
month (number of cases)
Change in rent (net)Both range of rent increase and number of cases increased⇒ Rate of change in rent against previous rent
is steadily improving
Rate of change inrent against
previous rent

-4.1％

Ratio of decrease in rent
100%

75%

53.4%

-2.2％

-1.7％

Ratio of no rent change

Ratio of increase in rent

Rate of change inrent against
previous rent
Ratio of decrease in rent
100%

43.6%

41.0%

28.0%

29.7%

-0.5％

-0.1％

Ratio of no rent change

2.1%

-0.0％

Ratio of increase in rent

1.1%

0.8%

75%

35.0%

50%

95.0%

97.9%

98.9%

99.0%

25%

28.4%

29.3%

38.9%
0.2%

0%

0%
11th fiscal period(ended March 31, 2011)

-0.1％

30.5%

30.7%

11.5%

Both range of rent decrease and number of cases decreased⇒ Rate of change in rent against previous rent is
at a level of nearly 0

5.0%

50%

25%

-0.5％

-¥329 thousand

12th fiscal period(ended September 30,
2011)

13th fiscal period(ended March 31, 2012)

14th fiscal period(ended September 30,
2012)

11th fiscal period(ended March 31, 2011)

12th fiscal period(ended September 30,
2011)

13th fiscal period
14th fiscal period(ended March 31, 2012) (ended September 30,
2012)(Note) “Rate of change in rent against previous rent“ is calculated by dividing the net change in rent for new contracts and contract renewals in each period by previous rent, and are rounded to the nearest first decimal place. In addition, “ratio of renewals
where rent decreased/increased/didn’t change” are the ratios of cases of decreased, no change and increased rents in the total new contracts or renewed contracts in the respective periods, and are rounded to the nearest first decimal place.
Accordingly, ratio totals may not add up to 100%. Furthermore, stores and offices in residential properties are not included in the calculations, nor is MAST HAKATA and Prime Maison MOMOCHIHAMA for which there is a master lease agreement
and rent guarantee type lease agreement concluded with a master lease company.

16

Changes in Unrealized Loss Ratio, Etc.
Changes in Unrealized Loss and NAV for the Entire Portfolio
The amount of unrealized loss for the entire portfolio decreased further from the end of the fiscal period ended March 31, 2012 (13th fiscal period), and theunrealized loss ratio improved

Changes in Unrealized Loss Ratio, Etc.

Entire Portfolio-20%

Unrealized loss
value (right axis)

Period-end book Value(right axis)

Period-end estimatedvalue (right axis)

98,115 -11,521

101,904 -12,344

103,627 -11,082-7,45586,59489,55992,545

Unrealized loss ratio(left axis)-10%

Decreased 2.0 points
compared toThirteenth fiscal period

98,226

90,771(yen)

120,000

500,000

100,000

400,000

80,000-12.1%-11.7%

Increased ¥12,370
compared tothirteenth fiscal
period386,647

300,000

60,000-10.7%

200,000

374,277

40,000-7.6%

0%-6,031

107,112
101,080

Changes in NAV Per Unit

(million yen)

-5.6%

100,000
20,00053
properties

57
properties

58
properties

60
properties

66
properties

10th fiscal period end(Sep. 30, 2010)

11th fiscal period end(Mar. 31, 2011)

12th fiscal period end(Sep. 30, 2011)

13th fiscal period end(Mar. 31, 2012)

14th fiscal period end(Sep. 30, 2012)

0338,937

331,786

0
10th FP end 11th FP end 12th FP end 13th FP end 14th FP end

NAV(million)

Retail: Partial sale of HAMAMATSU Plaza(Note) Unrealized loss ratio ＝ Unrealized loss value ÷ Period-end book value
Unrealized loss value ＝ Period-end estimated value –Period-end book value

342,757

39,001

38,17839,44143,06844,491(Note) NAV ＝ Period-end net asset - Period distribution value + Unrealized gain/loss value
NAV per unit = Period-end NAV ÷ Period-end number of outstanding investment units

Changes in Unrealized Loss by Asset Class
Changes in Unrealized Loss Ratio, Etc.
Residence-20%

Unrealized loss
ratio (left axis)

Unrealized loss
value (right axis)

Period-end bookvalue (right axis)

Period-end estimatedvalue (right axis)-18.1%-14.4%-10%-10.6%(millionyen)

Retail-18.6%

120,000[Reasons for the Decrease of Unrealized Loss Ratio]

100,000

・ Period-end estimated value increased for a total of 29

80,000-14.6%

properties, 25 residential properties and 4 retailfacilities, from the end of the 13th fiscal period<Main factors>-11.3%-9.8%

60,00040,000

-7.7%
-5.8%
-4.4%
0%

20,000 Decrease of cap rates (residences only) Reduction of taxes and public dues in accordance withrevaluation of noncurrent asset tax, etc. (bothresidences and retail facilities)

・ Acquisition of new properties

0
10th FP end 11th FP end 12th FP end 13th FP end 14th FP end 10th FP end 11th FP end 12th FP end 13th FP end 14th FP end

17

4. Financial Activities of the Fourteenth Fiscal Period
Ended September 30, 2012

Prime
MAST HAKATA
PrimeMaison
Maison MOMOCHIHAMAHIGASHISAKURA

Overview of Financial Activities (1)Overview of Financial Activities in the Fourteenth Fiscal Period
With the refinancing in August 2012, refinancing of all loans taken before the change of sponsors have been completed
Drawdown Date

Loan Amount

LenderLoan Term

August 2, 2012
(Refinance)¥2.705 billion

Mizuho Corporate Bank, Ltd.
The Norinchukin Bank
Sumitomo Mitsui Banking Corporation

August 2, 2012
(Refinance)¥3.882 billion

Mizuho Corporate Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation

September 5, 2012
(New borrowings)¥1.5 billion

Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Interest Rate /Spread
Fixed
with
swap

0.6
%

Fixed
with
swap

0.7
%

Floating

0.4%

Floating

0.4%

Approx. 5 years 1 month

Approx. 6 years 7 months
Longest loan term since thelisting of the Investment
Corporation

Rating Status
As of April 26, 2012
■Rating agency
Rating and Investment Information, Inc. (R&I)■Issuer rating
Ａ [Rating Outlook: Change to Positive]

Approx. 1 year

[Reference] Finance Activities in the Fifteenth Fiscal Period
October 1, 2012
(New borrowings)¥2.3 billion

Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Period Average Borrowing Cost Rate

Approx. 11 months

Use funds for acquiring
new properties(Notes 1 and 2)[Reference] Spread of Long-Term Loans Payable of around 5 Years after Change of Sponsors

3.0%

2.45%

2.47%

Realized further reduction ofborrowing cost rate

2.0%

Drawdown Date

May 9, 2011

March 2, 2012

March 8, 2012

Loan Amount¥2.85 billion¥1.5 billion¥5.0 billion

August 2, 2012

¥3.882 billion¥2.705 billion

1.97%

1.61%
1.56%

1.0%

Loan Term

1.47%
Spread0.0%

Approx. 4 years
Approx. 6 years Approx. 5 years
Approx. 5 years Approx. 5 years
10 months
7 months
1 month
0.8％

0.7％

0.7％

0.7％

0.6％

The spread is trending downwards due to the effects of sponsor credit, financial environment, etc.
9th FP

10th FP

11th FP

12th FP

13th FP

14th FP

Notes: 1. Period average borrowing cost rate = Period borrowing cost (annualized) ÷ Balance of period average interest-bearing debt
2. Rounded to the nearest second decimal place.

Borrowing cost = Borrowing related expenses + Interest expenses on investment corporation bonds + interest expenses

19Overview of Financial Activities (2)(Notes 1 and 2)(Notes 1 and 2)

Ratios of Floating and Fixed Interest Rates
Floating

Ratios of Short-Term and Long-Term Borrowings
Short-term

FixedLong-term (Note 3)

100%

Ratio of long-term borrowings and investment corporation bonds
scheduled to be repaid (redeemed) within a year

100%
37.1%

80%

28.3%

34.5%

21.4%

31.0%

6.1%

24.0%

25.8%

24.8%

100.0%

97.5%

93.9%
93.9
%

Mar. 2012

Sep. 2012

As of date of
document

80%60%

100.0%

60%

40%
62.9%

2.5%

71.7%

65.5%

40%

69.0%

20%

20%

0%

0%
Period ended

Sep. 2011

Mar. 2012

Period ended

As of date of
document

Sep. 2012

Sep. 2011

Promoting the extension of loan terms while maintaining optimal balance of fixed and floating borrowings such as by utilizing interest rate swap agreements(Note 4 and 5)(Note 4)

Average Remaining Period of Borrowings

Diversification Status of Repayment Dates(million yen)(year)

11,80012,0002.0

2.3 years 2.1 years
2.1 years
2.0 years

1.5

10,137

As of date of document

Long-term borrowing (Note 3)
Short-term borrowing

・・・Refinancing during the period ended Sep. 2012

9,509

・・・New borrowings on Oct. 1, 2012

・・・New borrowings on Sep. 5, 2012

9,000

2.0 years

6,587
1.5 years

7,342

Longest borrowing period since the listing of the Investment
Corporation (approx. 6 years and 7 months)

6,650

6,000

1.0

3,882

6,500

0.5

3,000

1.0 year

0.0
Period ended
Mar. 2010

2,850

Sep. 2010

Mar. 2011

Sep. 2011

Mar. 2012

date ofofSep. 2012 As
As of datedocument
document

0
Period ending
Sep.
Mar.
2012
2013

Sep.
2013

Mar.
2014

Sep.
2014

Mar.
2015

Sep.
2015

Mar.
2016

2,705

Sep.
2016

Mar.
2017

Sep.
2017

Mar.
2018

Sep.
2018

Mar.
2019

Switched to policy of further extending the setting of loan terms of long-term debt ⇒Setting repayment dates so that the loan terms are in range of around 3 to 7 years
Notes: 1. The above ratios are rounded to the nearest first decimal place. 2. Ratio against the total interest-bearing debt. 3. Includes long-term borrowings scheduled to be repaid within one year.
4. Does not include interest-bearing tenant leasehold and security deposits. 5. The figures are the result of calculation based on the weighted average using the remaining period from each date to the repayment (redemption) dates of loans
and investment corporation bonds, and their balances and rounded down to the nearest first decimal place.

205. Forecasts for the Fifteenth Fiscal Period Ending
March 31, 2013 and Current Management Policy

MaisonMASTAKIHABARA
HAKATA
PrimeEsty
MaisonHIGASHISAKURA

Forecasts for the Fifteenth Fiscal Period
Fiscal Period Ended
Sep. 30, 2010(183 days)

Fiscal Period Ended
Mar.31, 2011(182 days)

Fiscal Period Ended
Sep. 30, 2011(183 days)

Fiscal Period Ended
Mar.31, 2012(183 days)

Fiscal Period Ended
Sep. 30, 2012(183 days)

Fiscal Period Ending
Mar.31, 2013(182 days) (forecast)

Operating revenue (million yen)

3,334

3,462

3,533

3,705

3,567

3,961

Operating income (million yen)

1,576

1,655

1,622

1,600

1,663

1,866

Ordinary income (million yen)

956

1,144

1,156

1,165

1,193

1,423

Net income (million yen)

938

1,126

1,155

1,164

1,191

1,421

8,160

9,793

10,045

10,117

10,351

10,370Cash distributions per unit (yen)<Assumptions for forecast of fiscal period ending March 31, 2013>◆Assets under management: 71 properties owned as of October 1, 2012
◆Management fees: Approx. ¥333 million◆Noncurrent asset tax, etc. that will be allocated as expenses related to rent business: Approx. ¥179 million ◆Depreciation and amortization: Approx. ¥833 million◆Interest expenses, loan origination fees, etc.: Approx. ¥434 million◆Number of investment units issued and outstanding: 137,070 units
Notes: 1. Amounts less than the indicated denomination are rounded down.
2. The above figures are calculated based upon certain assumptions as of November 15, 2012. Actual operating revenue, operati ng income, ordinary income, net income and cash distributions per unit may differ as a result of subsequentacquisitions or sales of real estate, trends in real estate markets, changes in the operating environment or other conditions affecting the Investment Corporation. The above forecasts are not intended to be guarantees of business results or
cash distributions.

Cash Distribution Per Unit

Operating Revenue, Operating Income and Net Income(million yen)

Operating revenue

Operating income

Net income

4,500

(yen)

4,000

10,000

3,500

8,000

3,000
2,500

6,000

2,000
4,000

1,500
1,000

2,000

500
0

0
Period ended
Sep. 2010

Period ended
Mar. 2011

Period ended
Sep. 2011

Period ended
Mar. 2012

Period ended
Sep. 2012

Period ending
Mar. 2013(outlook)

Period ended
Sep. 2010

Period ended
Mar. 2011

Period ended
Sep. 2011

Period ended
Mar. 2012

Period ended
Sep. 2012

Period ending
Mar. 2013(outlook)

22

Current Management Policy (1)Promotion of a growth strategy that utilized the comprehensive strengths of the Sekisui House Group; its ability to supply properties, nationwide network and creditworthiness

External Growth Strategy

Internal Growth Strategy

Financial Strategy

Steady promotionof policy to expand asset size

Increasing valueof the Sekisui House SI brand

Effective utilizationof capacity to acquire properties

1. Effective utilization of the Sekiwa Real
Estate Group’s nationwide network

1. Conservative control of LTV

1. Enhancement of residential portfolio in the
Greater Tokyo area
Continuation of involvement as an observer in Sekisui
House’s planning and development meetings forPrime Maison in the Greater Tokyo area
Intending increase of future
opportunities to acquire high-quality
properties
Actively consider the incorporation of 15 residential
properties located in Tokyo’s 23 wards for which
preferential negotiation rights have been acquired
through equity interest in silent partnerships
Intending utilization of opportunities toacquire properties established thus far
2. Selective investment in properties in Major
Regional Cities
Actively utilize property pipeline with the Sekiwa
Real Estate Group which is developing not only in
the Greater Tokyo area but also in Major Regional
CitiesPursue increase the qualityof the overall portfolio

Leasing through MAST agents across Japan
including 400 shops in the Tokyo metropolitanareaLeasing through MAST-WEB, a rental housing
website operated by the Sekiwa Real EstateGroup
2. Strengthen collaboration with property
management companies
Collaborate with property managementcompanies and develop the brand strategy
for residences utilizing various mediums(brokerage companies, rental housing websites
and magazines)

Keep the current indication of upper limit of
LTV below 55%
Capacity to acquire
Approx. 14 billion yen
properties to LTV 55%

2. Consider optimum leverage
Based on increase residential ratio anddecrease of unrealized loss and such, raise thetarget for steady LTV
Target for steady LTV
Beforearound 50%

After raisearound 53%

3. Diversification of financing methods, etc.
3. Early establishment of full occupancy stancefor retail facilities

Always prepare and consider optimum financing
methods

Accurate understanding of tenant needs througha review of the property management strategy
for retail facilities

Continued consideration of acquiring new credit
ratingPursue profitabilityof existing portfolio

Firmly maintain stabilityof financial standing⇒ Capital increase, issuance of bonds, borrowing, etc.

Aim for an expansion of asset size focused on maximizing unitholder returns by building a portfolio centering on high-quality residential properties.
23

Current Management Policy (2)History of Property Acquisitions after Change of Sponsors and Future Acquisition Opportunities
Source ofinformation
History ofacquisitions
after change ofsponsors

Sponsors, etc
Sekisui House, Ltd.

Sekiwa Real Estate Group

11 properties,
16,075 million yen

2 properties,
3,270 million yen

The Asset Management Company’s own route

Spring Investment

2 properties,
1,764 million yen

4 properties ,8,100 million yen(Sellers are third parties)

Participated in properties’ planning meetings as an observer andexchanged opinions

Secured preferential negotiation rights for acquisition of 15 high-quality
residential properties through equity interest in silent partnerships
Real estate in trust

Supply information

Features
Sekisui House SI
Asset Management
Real Estate Investment
Department

Main future
opportunitiesforacquisitions

Exchange of opinion
Demand information

Sekisui House
Development Department

Example of rental housing properties
under development by Sekisui House (Note)

Prime Maison
HATCHOBORI

Prime Maison
WASEDA

Prime Maison
JIMBOCHO

All inTokyo’s 23 wards

Average property age
3.1 years (Note 1)

Centering on single
and compact types

Within 5-minutewalking distance
55.4% (Note 2)

Features

Prime Maison
MORISHITA

Centering on
Greater Tokyo area

15 properties inTokyo’s 23 wards

Centering on single
types

Lowest acquisition pricebased on preferential
negotiation rights

Centering on
properties close totrain stations

19,650 million yen

Note) There are no specific plans to acquire these properties. Images are renderings based on design documents and may
differ from the actual buildings. Also, the names of properties are tentative names.

Example of real estate in trust (Note 3)

PLUZ TORITSU-DAIGAKU

PLUS SENGOKU

Notes: 1. Calculated by seeking the weighted average using appraisal values of the real estate in trust, valued as of January 1, 2012, and with thedate of this document as the reference date, and rounded down to the nearest first decimal place. 2. Calculated based contents of the real estatein trust in an appraisal report, valued as of January 1, 2012, and rounded to the nearest first decimal place.
3. There are no specific plans to acquire these properties.

Cooperation with the Sekiwa Real Estate Group in external and internal growth・Fully funded by Sekisui House, the core is the 6 Sekiwa Real Estate companies conducting business nationwide
・ Expand Sekisui House’s real estate department (real estate sale and real estate leasing business)
・The real estate leasing department has records of management of 498 thousand units nationwide centering on
rental housing of Sekisui House (Note 1)
・ Occupancy rate for properties leased as Sha-Maison (Note 2): 95.9% (Note 1)

Sekiwa Real Estate,
Ltd.

Sekiwa Real Estate
Tohoku, Ltd.

Sekiwa Real Estate
Chubu, Ltd.

Sekiwa Real Estate
Kansai, Ltd.

Sekiwa Real Estate
Chugoku, Ltd.

Sekiwa Real Estate
Kyushu, Ltd.

In addition to leasing of residences,promoting the establishment of acollaborative structure for supply of
properties
indicate parties to which property
management is entrusted or parties for which
pipeline support agreements are concluded.

“MAST CLUB” promoted by the Sekiwa Real Estate GroupAs part of its promotional measures for new residents,
the Sekiwa Real Estate Group is promoting the “MASTCLUB” to residents of rental housing managed by
Sekiwa Real Estate companies, which provides
members with life support and other services
MAST Point Service (free membership, no annual fees)
A maximum of 3 months of free rent will be given when relocating toa property managed by the Sekiwa Real Estate Group by giving
points back by turning rent into points. Furthermore, there are some
services for purchasing real estate.

Notes: 1. Figure is as of end of July 2012. 2. “Sha-Maison” refers to the rental housing brand where construction is undertaken by Sekisui House and management by the Sekiwa Real Estate Group.

24[Reference] Portfolio Development Policy ~Changed Management Guidelines in June 2012~
Diversified Investment
Limited core assets to “residences,” clarified that “management-type residences (Note)” are included in residences and expanded the focused investment areas for
Note: Management-type residences are facilities operated by dedicated management companies and providing general services (student dorms, serviced
residences in the Greater Tokyo area.
housing for the elderly, pay nursing homes, etc.)

Allocation rate byasset classDiversified investment by asset classSpecific area
①TokyoWork towards external growth based on high-quality
rental housing properties developed by Sekisui House,the main sponsor, and aim to construct a portfolio
centering on residences

Greater Tokyo /Major Urban Areas(Focused
investment area)

For retail facilities, focus on stable management of
currently owned properties

80%~100%Core
assetsResidences

Diversified investment by regionAllocation rate by region

Managementtype residences
0%~10%

Major Regional
CitiesRetailBalancefacilities,
assetsetc.

0%~20%

About 70%
②Kanagawa

Yokohama-shi,
Kawasaki-shi① Tokyo areas (except islands)
Together withand Kanagawa other than the
Greater Tokyo
Greater Tokyo /above/ Major Urban② Chiba, Saitama
Other Urban Areas
Areas③ Additional areas within
about 80%
commuting distance

Make Greater Tokyo / Major Urban Areas the focusedinvestment area of the portfolio

 Fully utilize the nationwide network of the Sekisui HouseGroup and also conduct diversified investments in otherinvestment areas with careful selection

23 wards,
Musashino-shi,
Mitaka-shi,
Koganei-shi

About 20%

① Sapporo-shi, Sendai-shi,
Nagoya-shi, Kyoto-shi, Osakashi, Kobe-shi, Hiroshima-shi,
Fukuoka-shi, etc.
② Additional areas withincommuting distanceBased on an assessment of the specific characteristics of each
property, region and trade zone
(Note) About means ±10%

Residence TypeWith regard to the types of rental housing that will be targets of investment, investment will be made in a wide range of rental housing types in order to respond tothe various needs of residents.

Single/ Compact

FamilyHad already been positioned as a maininvestment target

Properties that are expected to have stable profitability
considering their area’s characteristics will be included as
main investment target

Participate in the Sekisui House’s development
department’s planning and development meetingas an observer

Large

Invest selectively after carefully analyzing thelocation’s environment, etc.

Sekisui House has extensive performance indevelopment
25

6. Appendix

MaisonMASTSASAZUKA
HAKATA
PrimeEsty
MaisonHIGASHISAKURA

Balance Sheets (1)13th fiscal period(As of March 31, 2012)
Million yen

14th fiscal period(As of September 30, 2012)

Percent of total

Million yen

ChangePercent of total

Million yen

Period on period (%)

AssetsCurrent assets
Cash and deposits

9,355

1,747

Cash and deposits in trust

4,275

4,327

51

Operating accounts receivable

132

29

-103

Prepaid expenses

124

147

22

Deferred tax assets

0

0

0

Consumption tax receivable

-

124

124

Other

12

24

11

Allowance for doubtful accounts-1-1

Total current assets

13,900

12.3

6,399

-7,608-0
5.6-7,501-54.0

Noncurrent assets

Property, plant and equipment
Buildings in trust

44,86449,910

Accumulated depreciation-6,019-6,708-688

Buildings in trust, net

38,845

43,2024,357

Structures in trust

5,046

324

380

56

Accumulated depreciation

-87

-99

-11

Structures in trust, net

44

236

281

Machinery and equipment in trust

518

553

34

Accumulated depreciation

-161

-180

-19

Machinery and equipment in trust, net

15

357

372

Tools, furniture and fixtures in trust

53

62

8

Accumulated depreciation

-17

-22

-4

35

39

3

Land in trust

Tools, furniture and fixtures in trust, net

58,58763,054

4,467

Total property, plant and equipment

98,062

86.9

106,949

93.7

8,887

9.1

Intangible assets
Leasehold rights in trust
Other

Total intangible assets

164

162

4

3

168

0.2

165

-2
-0

0.1

-2

-1.6

Investments and other assets
Investment securities

206

195

-10

Lease and guarantee deposits

241

235

-6

Long-term prepaid expenses

127

128

1

Other

93

100

Total investments and other assets

669

0.6

660

0.6

-9

-1.4

98,90087.7

107,775

94.4

8,875

9.0

112,800

100.0

114,174

100.0

1,374

1.2

Total noncurrent assets

Total Assets

627

Balance Sheets (2)13th fiscal period(As of March 31, 2012)
Million yen

14th fiscal period(As of September 30, 2012)

Percent of total

Million yen

ChangePercent of total

Million yen

Period on period (%)

Liabilities
Current liabilities
Operating accounts payable

144

168

23

Short-Term loans payable

-

1,500

1,500

Current portion of long-term loans payable

13,92915,342

1,413

Accounts payable – other

352

347

-4

Accrued expenses

78

70

-7

Income taxes payable

1

1

-0

Consumption taxes payable

139

-

-139

Advances received

365

359

-6

5

6

Other
Total current liabilities

15,017

13.3

17,796

0
15.6

2,779

18.5

Noncurrent liabilities
Long-term loans payable

43,64642,233Tenant leasehold and security deposits in trust

2,449

2,431

Total noncurrent liabilities

46,09540.9

44,66439.1-1,431-3.1

61,11254.2

62,460

54.7

1,347

2.2

50,52344.8

50,523

44.3--

Total Liabilities-1,413-18

Net Assets
Unitholders’ equity
Unitholders’ capital
Surplus
Unappropriated retained earnings (undisposed loss)

1,164

Total surplus

1,164

1.0

1,191

1.0

26

2.3

Total unitholders’ equity

51,68745.8

51,714

45.3

26

0.1

51,68745.8

51,714

45.3

26

0.1

112,800

100.0

114,174

100.0

1,374

1.2

Total Net Assets
Total Liabilities and Net Assets

1,191

26

28

Statements of Income
13th fiscal period
from October 1, 2011
to March 31, 2012
Million yen

14th fiscal period
from April 1, 2012
to September 30, 2012

Percent of total

Million yen

ChangePercent of total

Period on period(%)

Million yen

Operating revenue
Rent revenue - real estate
Gain on sales of real estate properties
Silent partnership distribution
Total operating revenue

3,645

3,562

-82

60

-

-60

-

4

3,705

100.0

3,567

4
100.0

-138

-3.7

Operating expenses

Expenses related to rent business

1,550

1,528

-22

Loss on sales of real estate properties

187

-

-187

Asset management fee

221

219

-2

Asset custody fee

10

11

0

Administrative service fees

25

25

0

Directors’ compensations

3

3

-

Provision of allowance for doubtful accounts

0

0

0

Other operating expenses

105

Total operating expenses

2,104

56.8

1,903

53.4

-201

-9.6

1,600

43.2

1,663

46.6

63

4.0

Operating income

1148

Non-operating income
Interest income

0

0

0

Reversal of distributions payable

0

0

-0

Total non-operating income

0

0.0

0

0.0

-0

-5.1

Non-operating expenses
Interest expenses

330

366

36

Interest expenses on investment corporation bonds

46

-

-46

-1

Amortization of investment corporation bond issuance costs

1-

Borrowing related expenses

56

62

6

-

39

39

Investment unit issuance expenses
Other
Total non-operating expenses

0

2

1

435

11.7

471

13.1

35

8.2

Ordinary Income

1,165

31.5

1,193

33.5

27

2.4

Income before Income Taxes

1,165

31.5

1,193

33.5

27

2.4

Income taxes - current

1

Income taxes - deferred-0

Total income taxes

1

0.1

2

0.1

0

54.1

1,164

31.4

1,191

33.4

26

2.3

Net Income
Retained earnings brought forward

Unappropriated Retained Earnings (undisposed loss)

2
-0

0

1,164

0
-0

0

31.4

1,191

-0

33.4

26

2.3

29

Statements of Cash Flows / Cash Distributions
Statements of Cash Flows
13th fiscal period
from October 1,
2011
to March 31, 2012
Million yen

14th fiscal period
from April 1, 2012
to September 30,
2012
Million yen

Net cash provided by (used in) operating activities

1,165

1,193

Depreciation and amortization

695

727

1
-0

Amortization of investment corporation bond issuancecosts
Increase (decrease) in allowance for doubtful
accounts

Million yen

Million yen-4,546-9,600Purchase of intangible assets in trust

-164

-0

-

Purchase of investment securities

-205

-0

0

Proceeds from refund of investment securities-

10

Provision of lease and guarantee deposits

Purchase of property, plant and equipment in trust

-231

-

-

6

110

155

-1,733-173

Decrease (increase) in investments and other assets

-5

-6

Other

-

-0

-6,776-9,608-1,500

Interest income-0-0Interest expenses

376

366

Proceeds from repayments of lease and guarantee deposits

Decrease (increase) in operating accounts receivable

-88

103

Decrease (increase) in prepaid expenses

50

-29

Increase (decrease) in consumption tax receivable

-

-124

Proceeds from tenant leasehold and security deposits in trust
received
Repayments of tenant leasehold and security deposits in trust
received

Increase (decrease) in operating accounts payable

-85

16

Increase (decrease) in accounts payable - other

45

-48

Increase (decrease) in consumption taxes payable

122

-139

Net cash provided by (used in) investment activities

Increase (decrease) in advances received

-66

-6

Decrease (increase) in long-term prepaid expenses-75

Decrease (increase) from sale of property, plant andequipment in trust

9,446

-

-10

Other, net
Subtotal

2,094

0

0

-374

Interest expenses paid

-374

-0

-2

11,271

1,718

Income taxes paid
Net cash provided by (used in) operating activities

31

11,646

Interest income received

Cash Distributions
13th fiscal period
from October 1, 2011
to March 31, 2012
Yen

14th fiscal period
from April 1, 2012
to September 30, 2012
Yen

I Unappropriated retained earnings

1,164,203,769

1,191,116,731

II Cash distributions

1,164,163,190

1,191,089,570(10,117)(10,351)

40,57927,161

III Retained earnings brought forward

14th fiscal period
from April 1, 2012
to September 30,
2012

Net cash provided by (used in) investment activities

Income before income taxes(Cash distributions per unit)

13th fiscal period
from October 1,
2011
to March 31, 2012

Net cash provided by (used in) financing activities
Proceeds from short-term loans
Proceeds from long-term loans payable

9,700

6,587

Repayments of long-term loans payable--6,587

Redemption of investment corporation bonds-5,000-

Dividends paid

-1,156-1,164--2

Net cash provided by (used in) financing activities

3,543

333

Net increase (decrease) in cash and cash equivalents

8,037-7,557

Cash and cash equivalents at beginning of period

5,593

13,631

Cash and cash equivalents at end of period

13,631

6,074

Other

30

Summary of Selected Financial Data
13th fiscal period
from October 1, 2011
to March 31, 2012

14th fiscal period
from April 1, 2012
to September 30, 2012

183

183

Total assets

112,800 million yen

114,174 million yen

Net assets

51,687 million yen

51,714 million yen

Unitholders’ capital

50,523 million yen

50,523 million yen

Investment units outstanding

115,070 units

115,070 units

Net assets per unit

449,183 yen

449,417 yen

1,164 million yen

1,191 million yen

Business days

Total cash distributions

10,117 yen

10,351 yen

Ordinary income to total assets1(annualized)

2.1%

2.1%

Return on unitholders’ equity2(annualized)

4.5%

4.6%

Unitholders’ equity ratio3

45.8%

45.3%

60

66

237,289.73㎡

259,178.31㎡

98.3%

97.7%

Depreciation expense

695 million yen

727 million yen

Capital expenditures

30 million yen

51 million yen

2,789 million yen

2,761 million yen

1,986 million yen

1,918 million yen

17,265 yen

16,674 yen

58,073 million yen

59,503 million yen

51.5%

52.1%

53.5%

54.1%

4.7 times

5.4 times

Cash distributions per unit

Total number of properties
Total rentable floor area
Period-end occupancy rate

Leasing Net Operating Income4 (NOI)
5

Funds from Operation (FFO)
FFO per unit
Total interest-bearing debt
6

Loan to Value (LTV)Interest-bearing debt ratio

7

Debt Service Coverage Ratio8 (DSCR)(1) Ordinary income to total assets = Ordinary income (annualized) / Average total assets
Average total assets = (Period-beginning total assets + Period-end total assets) / 2(2) Return on unitholders’ equity = Net income (annualized) / Average net assets
Average net assets = (Period-beginning net assets + Period-end net assets) / 2(3) Unitholders’ equity ratio = Period-end net assets / Period-end total assets(4) Leasing NOI = Leasing operating income (= Rent revenue-real estate – Expenses related to rent
business) + Depreciation and amortization (Expenses related to rent business)(5) FFO = Net income – Gain on sales of real estate properties + Loss on sales of real estate
properties + Depreciation and amortization(6) LTV = Period-end interest-bearing debt / Period-end total assets
Interest-bearing debt = Borrowings + Investment corporation bonds + Interest-bearing tenantleasehold and security deposits(7) Interest-bearing debt ratio = Period-end interest-bearing debt / (Period-end interest-bearing debt +Unitholders’ capital)(8) DSCR = (Net income + Repayment of interest-bearing debt + Interest expenses + Depreciation
and amortization) / (Repayment of interest-bearing debt + Interest expenses)
Note: Ratios are rounded to the nearest first decimal place.

31History of the Investment Corporation since ListingTotalacquisition
price(million yen)Management before change of sponsor

120,000

Assets acquired after change of sponsor
Assets acquired before change of sponsor

110,000
100,000

38
properties
82,21790,00042properties
81,47348
properties
91,81852
properties
99,04853
properties
99,919Management after change of sponsor

53
properties
99,92053
properties
99,92053
properties
99,92058
57
properties properties
106,234
103,97460
properties
101,006

66
properties
110,21471
properties
119,499(Note 1)

(Note 1)80,00070,000July 28, 2005
Listed on the Tokyo
Stock Exchange

40,000

October 24,
2007
Publicoffering
17,500 units

28,500 units

60,00050,00028
properties October 18, 2006
61,707 Public offering

16
properties
41,39230,00021
properties
47,516

November 16,
2006
Third-party
allotment
1,500 units

August 29, 2005
Third-party
allotment
2,000 units

20,000

October 1,
2012
Publicoffering
20,460 units

November21, 2007Third-party
allotment
1,170 units

Change of trade
nameMarch 13,
2007
Investment
corporation
bonds ¥10,000
million

10,0000-10,000
End of 2nd FP(Sep. 30, 2006)

End of 3rd FP(Mar. 31, 2007)

October 26,
2012
Third-party
allotment
1,540 units

April 2, 2010
Third-party
allotment
10,400 units

Sale of 1
property

Sale of 1
property

End of 4th FP(Sep. 30, 2007)

End of 5th FP(Mar. 31, 2008)

Partial sale of
HAMAMATSU
Plaza, etc.

As of IPO

End of 1st FP(Mar. 31, 2006)

End of 6th FP(Sep. 30, 2008)

End of 7th FP(Mar. 31, 2009)

End of 8th FP(Sep. 30, 2009)

End of 9th FP(Mar. 31, 2010)

End of 10th FP(Sep. 30, 2010)

End of 11th FP(Mar. 31, 2011)

End of 12th FP(Sep. 30, 2011)

End of 13th FP(Mar. 31, 2012)

End of 14th FP(Sep. 30, 2012)

As of date of
document

Unitholders’capital¥27,473
million¥28,491
million¥42,297
million¥48,704
million¥50,523
million¥57,755
millionNumber ofinvestment
units

54,000units

56,000units

86,000units

104,670
units

115,070
units

137,070
units

Total interestbearing debt
(Note 2)―

¥23,165
million¥34,724
million¥42,382
million¥43,090
million¥44,523
million¥52,181
million¥51,639
million¥51,449
million¥51,208
million¥49,229
million¥51,874
million¥54,032
million¥58,073
million¥59,503
million¥61,792
millionLTV (Note 3)

―

41.7%

51.7%

47.3%

47.7%

45.2%

49.3%

49.3%

49.0%

48.9%

47.1%

48.3%

49.3%

51.5%

52.1%

-

Cash
distributions perunit (Note 4)―¥17,277(¥12,730)¥12,995¥13,035¥13,023¥14,402¥11,147¥5,485¥10,262¥10,052¥8,160¥9,793¥10,045¥10,117¥10,351-

Notes: 1. With regard to Bell Plaza Shopping Center acquired in the fiscal period ended March 31, 2008, the former waterway on site, adjacent signboards and the site itself were additionally acquired at a total of ¥1 million during the fiscal period ended September 30, 2009. Also, the building additionally built on the site was additionally acquiredon June 29, 2012 for ¥18 million.
2. Total interest-bearing debt = Loans payable + Investment corporation bonds + Interest-bearing tenant leasehold and security deposits
3. LTV = Period-end interest-bearing debt / Period-end total assets
4. The operating period for the first fiscal period was the 346 days between April 20, 2005 and March 31, 2006. The actual management period was the 247 days between July 28, 2005 and March 31, 2006. In order to compare with the successive fiscal periods, the figure calculated with the number of management days as 182 isindicated in parentheses.

32Portfolio Map (1)As of date of document

Residence (property number)
Retail Properties (property number)

Osaka City
Greater Tokyo / Major Urban Areas
Adachi-ku

Itabashi-ku
Kita-ku

Nerima-ku
Arakawa-ku
Musashino
City
Koganei City Mitaka City

Fukuoka City

Suginamiku

Nakanoku

ToshimaTaito-ku
ku
Bunkyo-ku

Katsushika-ku
Sumida-ku

Edogawaku

Shinjuku-ku

Chiyoda-ku
Shibuya-ku

Chuo-ku

Koto-ku

Minato-ku
Setagaya-ku

Meguro-ku
Shinagawa-ku

KawasakiCity

Ota-kuYokohama
City

Greater Tokyo / Other Urban Areas
Nagoya CityTokyo

Kanagawa

Portfolio PML

5.0%(Entire Portfolio)(Note) Portfolio PML is as of the survey in September
2012 on owned assets at the end of the fiscal
period ended September 30, 2012 (14th fiscal
period) and does not include RINKU
HAGURAZAKI Plaza because the Investment
Corporation owns only the land.

33

Status of Portfolio
Investment Ratios by
Walking Distance~Residence~Primary Properties Owned
Greater Tokyo / Major Urban Areas
Esty Maison
GINZA

Esty Maison
OISENDAIZAKA

Esty Maison
YOKOHAMA

Prime Maison GINZA
EAST

10 minutes
Within 3
or moreminutes
12.9%
5 minutes towithin10 minutes

26.7%

34.4%

3 minutes
to within Within 5-minutewalking
5 minutes
distance
26.0%
60.4%

As of date of document

Greater Tokyo / Other Urban Areas
Esty Maison MACHIDA

Prime Maison MUSASHINONOMORI

Major Regional Cities
Prime Maison
HIGASHISAKURAMASTHAKATA(Note) Investment ratios by walking distance to nearest station are calculated based on the acquisition price of each owned residential properties, and are rounded to the nearest first decimal place. Accordingly, ratio totals may not add up to 100%.

34

Status of Portfolio~Retail Properties~

Remaining contract period

Properties Owned
Greater Tokyo / Major Urban Areas

10 years or more

14.5%
5 years toless than
10 years

33.9%

Less than 3
years

b-town JINGUMAE II

b-town MINAMIAOYAMA

32.5%
3 years
to lessthan
5 years

19.0%

Weighted
average ofremainingyears
5.7 years

As of End of fiscal period ended September 30, 2012

Greater Tokyo / Other Urban Areas
b-toss IKEBUKURO

KOJIMA NEW
KAMIFUKUOKATEN

Joy Square YUGAWARA

Major Regional Cities
HAMAMATSU PlazaRINKU HAGURAZAKI
Plaza

Bell Plaza Shopping
Center(Note) The weighted average of remaining years is based on tenant lease agreements effective as of the end of the period ended September 30, 2012 (end of 14th fiscal period) and calculated by seeking the weighted
average with the highest shop rent (excluding sales rent) during the lease period, and are rounded down to the nearest first decimal place.

35

Portfolio at a Glance (1)Properties Owned as of September 30, 2012
Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area (m2)Price(Million yen)

Ratio
(%)

Appraisal
Occupancy Rate (%)
Value at End of
As of Mar. 31, As of Sep. 30,
Period2012
2012(Million yen)Completion Date

Residence-1

Esty Maison GINZA

Ginza, Chuo-ku, Tokyo

636.36

7,836.57

5,290

4.8

5,260

99.2

94.5 February 7, 2005

Residence-3

Esty Maison AZABUNAGASAKA

Roppongi, Minato-ku, Tokyo

677.452,317.87

1,730

1.6

1,490

96.0

94.2 January 16, 2004

Residence-4

Esty Maison EBISU II

Higashi, Shibuya-ku, Tokyo

561.582,452.69

1,960

1.8

1,730

92.6

87.6 June 13, 2003

Residence-5

Esty Maison EBISU

Hiroo, Shibuya-ku, Tokyo

169.00871.90

700

0.6

736

96.1

96.8 October 20, 2004

Residence-6

Esty Maison KANDA

Kandata-cho, Chiyoda-ku, Tokyo

307.692,028.19

1,360

1.2

1,260

98.7

100.0 February 20, 2004

Residence-7

Esty Maison SENDAGAYA

Daikyo-cho, Shinjuku-ku, Tokyo

340.49844.13

576

0.5

471

96.2

87.1 August 31, 2004

Residence-8

Esty Maison KITASHINJUKU

Kita-shinjuku, Shinjuku-ku, Tokyo

504.412,204.07

1,290

1.2

1,350

92.7

95.0 August 6, 2004

Residence-10

Esty Maison ASAKUSAKOMAGATA

Komagata, Taito-ku, Tokyo

663.54

3,406.10

1,870

1.7

1,820

93.6

92.8 July 28, 2004

Residence-11

Esty Maison MACHIDA

Hara-machida, Machida-shi, Tokyo

587.484,033.59

1,360

1.2

1,360

94.4

100.0 February 23, 2004

Residence-12

Esty Maison KAWASAKI

Ogawa-cho, Kawasaki-ku, Kawasaki-shi,
Kanagawa

683.694,656.10

2,130

1.9

2,170

97.3

90.1 July 15, 2004

Residence-13

Esty Maison IMAIKE

Imaike, Chikusa-ku, Nagoya-shi, Aichi

Residence-14

Esty Maison SHINKAWASAKI

Furuichiba, Saiwai-ku, Kawasaki-shi, Kanagawa

Residence-15

Esty Maison YOKOHAMA

Residence-16
Residence-17
Residence-18

Esty Maison YACHIYOMIDORIGAOKA Midorigaoka, Yachiyo-shi, Chiba

Residence-19

Esty Maison SUGAMO

Sugamo, Toshima-ku, Tokyo

Residence-20
Residence-21

360.54

1,375.76

300

0.3

196

91.9

87.2 October 15, 1991

1,992.09

3,737.47

1,018

0.9

981

100.0

100.0 March 5, 1999

Tsuruya-cho, Kanagawa-ku, Yokohama-shi,
Kanagawa

611.41

3,076.45

2,090

1.9

1,930

100.0

100.0 January 23, 2007

Esty Maison KAMEIDO

Kameido, Koto-ku, Tokyo

438.432,899.67

1,650

1.5

1,440

98.0

96.9 November 30, 2005

Esty Maison MEGURO

Mita, Meguro-ku, Tokyo

578.01

1,283.92

887

0.8

978

100.0

97.5 November 28, 2005

1,289.14

5,420.53

1,348

1.2

1,090

100.0

95.3 January 10, 1998

965.702,785.83

1,510

1.4

1,410

97.3

84.4 February 22, 2007

Esty Maison KYOBASHI

Higashinoda-cho, Miyakojima-ku, Osaka-shi,
Osaka

799.685,995.82

2,774

2.5

2,610

98.9

100.0 March 2, 2006

Esty Maison MEGUROHONCHO

Megurohoncho, Meguro-ku, Tokyo

865.22

1,975.84

1,220

1.1

969

100.0

93.8 February 22, 2006

Residence-22

Esty Maison HAKURAKU

Rokkakubashi, Kanagawa-ku, Yokohama-shi,
Kanagawa

457.54

1,593.68

844

0.8

811

98.0

100.0 February 2, 2006

Residence-23

Esty Maison MINAMIHORIE

Minamihorie, Nishi-ku, Osaka-shi, Osaka

475.06

1,994.14

1,055

1.0

930

100.0

96.8 February 19, 2007

Residence-24

Spacia GOTANDA (Note 5)

Nishi-gotanda, Shinagawa-ku, Tokyo

593.325,590.34

3,043

2.8

2,620

93.2

98.7 March 2, 2006

Residence-25

Esty Maison OISENDAIZAKA

Higashi-oi, Shinagawa-ku, Tokyo

558.393,440.73

2,440

2.2

2,330

97.6

94.3 August 10, 2006

Residence-26

Esty Maison SHINAGAWA SEASIDE

Higashi-Shinagawa, Shinagawa-ku, Tokyo

1,049.00

3,127.48

2,200

2.0

1,940

99.0

97.1 June 23, 2006

Residence-27

Esty Maison MINAMIAZABUMinamiazabu, Minato-ku, Tokyo

487.27

1,479.61

1,300

1.2

1,110

96.2

94.2 August 23, 2006

Residence-28

Esty Maison JYOUTOU

Noe, Jyoutou-ku, Osaka-shi, Osaka

740.492,232.26

1,075

1.0

916

96.8

98.5 August 31, 2006

Residence-29

Esty Maison TSUKAMOTO

Tsukamoto, Yodogawa-ku, Osaka-shi, Osaka

808.542,565.66

1,250

1.1

1,030

100.0

99.0 August 10, 2006

Residence-30

Esty Maison KAWASAKI II

Ogawa-cho, Kawasaki-ku, Kawasaki-shi,
Kanagawa

601.383,193.14

1,900

1.7

1,820

97.7

100.0 February 27, 2007

Residence-31

Esty Maison AZABUJUBAN

Azabujuban, Minato-ku, Tokyo

380.26

2,097.45

2,700

2.4

2,250

94.5

98.7 February 22, 200736

Portfolio at a Glance (2)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area (m2)Price(Million yen)

Ratio
(%)

Appraisal
Value at End of
Period(Million yen)

As of Mar. 31,
2012

Occupancy Rate (%)
Completion Date
As of Sep. 30,
2012

Residence-33

Esty Maison ITABASHIHONCHO

Yamato-cho, Itabashi-ku, Tokyo

220.85

1,446.78

1,000

0.9

847

100.0

95.3 February 27, 2007

Residence-34

Esty Maison OIZUMIGAKUEN

Higashi-Oizumi, Nerima-ku, Tokyo

618.001,542.16

871

0.8

742

100.0

94.6 February 22, 2007

Residence-35

Esty Maison TENJINHIGASHI I

Susaki-machi, Hakata-ku, Fukuoka-shi, Fukuoka

239.18

1,158.70

445

0.4

357

100.0

100.0 January 31, 2007

Residence-36

Esty Maison TENJINHIGASHI II

Susaki-machi, Hakata-ku, Fukuoka-shi, Fukuoka

514.892,108.69

840

0.8

662

97.6

100.0 May 23, 2007

Residence-37

Esty Maison SHIJONISHINOTOIN

Myodenji-cho, Shijo-sagaru, Nishinotoin-dori,Shimogyo-ku, Kyoto-shi, Kyoto

400.593,374.74

1,420

1.3

1,020

97.7

97.7 April 8, 2008

Residence-39

Esty Maison HIGASHISHINAGAWA

Higashi-Shinagawa, Shinagawa-ku, Tokyo

1,028.92

3,338.12

2,610

2.4

2,170

99.2

92.5 May 23, 2008

Residence-40

Esty Maison HACHIOJIMINAMINO

Nishikatakura, Hachioji-shi, Tokyo

1,134.50

2,243.06

1,000

0.9

941

87.2

89.5 March 6, 2007

Residence-41

Esty Maison NISHINAKAJIMA

Higashinakajima, Higashiyodogawa-ku, Osaka-shi,
Osaka

969.02

3,947.24

2,250

2.0

1,860

99.2

95.5 April 18, 2007

Residence-42

Esty Maison ITABASHIKUYAKUSHOMAE

Itabashi, Itabashi-ku, Tokyo

731.71

4,322.19

2,700

2.4

2,270

95.2

98.4 April 22, 2007

Residence-43

Esty Maison MUSASHIKOYAMA (Note 5)

Ebara, Shinagawa-ku, Tokyo

512.62

1,616.87

1,012

0.9

919

100.0

96.3 November 5, 2007

Residence-44

Esty Maison SENDAGI (Note 5)

Sendagi, Bunkyo-ku, Tokyo

250.44

1,239.10

757

0.7

623

97.3

93.1 January 9, 2008

Residence-45

Esty Maison YOTSUYASAKAMACHI (Note 5) Sakamachi, Shinjuku-ku, Tokyo

905.083,675.01

2,300

2.1

1,770

96.7

96.3 March 29, 2008

Residence-46

Esty Maison HAKATAHIGASHI

Yoshizuka, Hakata-ku, Fukuoka-shi, Fukuoka

4,590.91

9,465.09

2,250

2.0

2,160

98.3

97.0 November 21, 2007

Residence-47

Esty Maison KAMIGOFUKUKamigofukumachi, Hakata-ku, Fukuoka-shi, Fukuoka

593.552,523.71

900

0.8

757

98.5

97.2 March 14, 2008

Residence-48

Esty Maison SANGENJAYASangenjaya, Setagaya-ku, Tokyo

153.83954.94

871

0.8

753

100.0

100.0 January 22, 2008

Residence-50

Prime Maison MUSASHINONOMORI

Josuihoncho, Kodaira-shi, Tokyo

5,116.62

4,412.42

1,560

1.4

1,690

94.0

98.7 December 19, 2007

Residence-51

Prime Maison HIGASHISAKURA

Higashisakura, Higashi-ku, Nagoya-shi, Aichi

Residence-52

Prime Maison KAYABAKOEN

Kayaba, Chikusa-ku, Nagoya-shi, Aichi

Residence-53

Esty Maison SANGENJAYA IIResidence-54

Mitezza C6Residence-55

MAST HAKATA (Note 6)

Hakata Ekimae, Hakata-ku, Fukuoka-shi, Fukuoka

Residence-56

Esty Maison KINSHICHO

Kinshi, Sumida-ku, Tokyo

Residence-57

Esty Maison MUSASHIKOGANEI

Honcho, Koganei-shi, Tokyo

Residence-58

Prime Maison GOKISO

Residence-59

Prime Maison YUHIGAOKA

Residence-60

Prime Maison KITATANABE

Residence-61

Prime Maison MOMOCHIHAMAResidence-62

Esty Maison AKIHABARA

Residence-63

Esty Maison SASAZUKA

846.053,517.62

1,140

1.0

1,240

95.6

98.6 February 15, 2008

1,129.02

2,301.42

640

0.6

679

92.4

92.8 November 7, 2006

Shimouma, Setagaya-ku, Tokyo

473.85

1,006.89

714

0.6

743

97.0

95.0 January 28, 2008

Oyama-higashi-cho, Itabashi-ku, Tokyo

773.485,249.34

2,260

2.1

2,300

96.8

94.3 March 12, 2008

2,457.01

11,621.67

1,920

1.7

2,070

100.0

100.0 January 15, 2005

338.57

1,718.10

1,050

1.0

1,131

93.1

100.0 September 6, 2006

520.252,676.36

1,450

1.3

1,550

86.3

94.2 February 2, 2005

Ayuchitori, Showa-ku, Nagoya-shi, Aichi

1,429.67

4,691.72

1,640

1.5

1,690

-

100.0

October 28, 2008

Ueshio, Tennoji-ku, Osaka-shi, Osaka

547.152,336.49

810

0.7

840

-

92.3

February 16, 2007

Kitatanabe, Higashisumiyoshi-ku, Osaka-shi, Osaka

640.92

2,112.46

540

0.5

543

-

85.1

June 13, 2006

Momochihama, Sawara-ku Fukuoka-shi, Fukuoka

4,069.42

8,945.61

1,810

1.6

1,820

-

100.0

February 29, 1996

Ueno, Taito-ku, Tokyo

458.322,821.47

1,560

1.4

1,659

-

98.7

February 24, 2006

Sasazuka, Shibuya-ku, Tokyo

909.33

4,263.10

2,830

2.6

2,860

-

92.0

September 7, 2004

51,756.91

187,148.06

90,02081.7

83,67497.1

96.4

Residential Subtotal

37

Portfolio at a Glance (3)Acquisition Price
Property
No.

Property Name

Retail-1

HAMAMATSU Plaza (Note 7)

Kaminishi-cho, Higashi-ku, Hamamatsu-shi,
Shizuoka, etc.

Retail-2

b-town JINGUMAE II

Jingumae, Shibuya-ku, Tokyo

Retail-3

RINKU HAGURAZAKI Plaza (Note 8)

Tajiri-cho , Gashouji, Sennan-gun, Osaka, etc.

Retail-4

b-town MINAMIAOYAMA

Retail-5
Retail-7

Location

Site Area(m2)

Total Floor
Area (m2)Price(Million yen)

Ratio
(%)

Appraisal
Value at End
of Period(Million yen)

As of Mar. 31,
2012

As of Sep. 30,
2012

Occupancy Rate (%)
Completion Date

99,135.98

53,975.49

6,477

5.9

5,625

100.0

100.0

283.83499.67

1,043

0.9

891

100.0

100.0 May 20, 2005

53,231.66

－

4,697

4.3

4,410

100.0

100.0

Minamiaoyama, Minato-ku, Tokyo

385.32797.63

1,530

1.4

1,140

92.3

100.0 February 28, 2006

KOJIMA NEW KAMIFUKUOKATEN

Kamifukuoka, Fujimino-shi, Saitama

4,877.90

3,413.40

1,300

1.2

1,120

100.0

100.0 October 14, 1996

b-toss IKEBUKURO

Nishi-Ikebukuro, Toshima-ku, Tokyo

223.381,474.21

1,980

1.8

1,540

88.8

77.5 November 12, 2005

Retail-8

Joy Square YUGAWARA

Chuo, Yugawaramachi, Ashigarashimo-gun,
Kanagawa

5,425.13

6,326.53

1,810

1.6

1,510

100.0

100.0 September 22, 2006

Retail-9

Bell Plaza Shopping Center

Nakamaruko, Ueda-shi, Nagano

23,304.57

6,283.76

1,355(Note 9)

1.2

1,170

100.0

100.0

Retail Subtotal

186,867.77

72,770.69

20,19318.3

17,406

99.8

99.7

Portfolio Total

238,624.68

259,918.75

110,214100.0

101,080

98.3

97.7

Owned as of September 30, 2012
Acquired October 1, 2012 (15th fiscal period)
Owned as of the date of this document (November 16, 2012)
Notes:

66 properties

110,214 million yen

5 properties

9,285 million yen

71 properties

119,499 million yen(Note 7)－(Note 9)

1. Based on information as of September 30, 2012. Occupancy rates are rounded to the nearest first decimal place.
2. Concerning acquisition prices, amounts of less than one million yen are rounded down, and percentages indicate the portion of the portfolio’s total acquisition price for properties owned and are rounded to the nearest firstdecimal place.
3. The listed site area, total floor area figures and completion dates are based on indications given in the register.
4. The appraisal value at end of period is the amount appraised based on either an appraisal by a real estate appraiser or the amount as found in a real estate price survey, rounded down to the nearest million yen.
5. The ratio of site rights (co-ownership rights) for Spacia GOTANDA, Esty Maison MUSASHIKOYAMA, Esty Maison SENDAGI and Esty Maison YOTSUYASAKAMACHI are 387,036/426,933, 117,678/127,609,
89,730/103,842 and 245,317/329,739, respectively. However, “Site Area” indicates the total land area of the real estate in trust, while “Total Floor Area” indicates the floor area of the entire building. The exclusive portionsof the total floor area that the Investment Corporation has acquired are 3,637.18m2, 1,148.58m2, 867.27m2 and 2,253.07m2, respectively.
6. MAST HAKATA is a leasehold property with a general fixed-term land leasehold of a 50 year lease period which began on December 1, 2002, with the Urban Renaissance Agency as the land owner. As such, its “sitearea” is that which is indicated in the land leasehold agreement.
7. HAMAMATSU Plaza is a commercial complex comprised of five buildings (Ito-Yokado Building, Akachan Honpo Building, XEBIO Building, HAMAPLA Frespo Building and the management building) or Hamamatsu Plaza
East and Hamamatsu Plaza West. Operations began after the property was acquired for ¥15,360 million on July 28, 2005, but a portion was sold on March 30, 2012. Since then, Sekisui House SI Investment Corporation
has held a 49% quasi-co-ownership interest in the real estate trust beneficial interest of Hamamatsu Plaza East, but for “site area” and “total floor area” that for the entire Hamamatsu Plaza East are indicated . In addition,
the HAMAPLA Frespo Building is not included in the “total floor space” because only the land is owned and leased (the buildings on it are owned by the tenants). As “acquisition price” and “appraisal value at end of period”
are for the 49% quasi-co-ownership interest, they are not included in the sale portion. With regard to “completion date” the Ito-Yokado Building and management building were completed on November 7, 2000, andAkachan Honpo Building and XEBIO Building were completed on November 9, 2000. As HAMAPLA Frespo Building its “completion date” is not indicated because only the land is owned and leased (the buildings on it are
owned by the tenants).
8. As for Rinku Hagurazaki Plaza, its “total floor area” and “completion date” are not indicated because only the land is owned and leased (the buildings on it are owned by the tenants).
9. With regard to Bell Plaza Shopping Center acquired in the fiscal period ended March 31, 2008, the former waterway on site, adjacent signboards and the site itself were additionally acquired at a total of ¥1 million during
the fiscal period ended September 30, 2009. Also, the building additionally built on the site was additionally acquired on June 29, 2012 for ¥18 million. Bell-Plaza Shopping Center is commercial complex, with the centerbuilding and shop building completed on November 30, 1992, the restaurant building completed on July 12, 2006 and the separate crystal plaza building completed on June 26, 2012.

38

Overview of Interest-Bearing Debt (1)■ Loans

As of date of document
LenderShort-Termloans payable

Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Current portion of long-term loans payable

The 77 Bank, Ltd.
The Hiroshima Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Resona Bank, Ltd.
Aozora Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Resona Bank, Ltd.

Drawdown
Date

Balance as of date of document(Note 1)¥750 million
September 5, 2012¥750 million¥1,150 million
October 1, 2012
¥1,150 million
Subtotal¥3,800 million¥500 million¥500 million¥2,200 million
August 31, 2010

Long-Term loans payable

Fixed/
Floating

Repayment
Date

Use

Collateral

0.58000%

Floating

August 30, 2013

(Note 4)

Unsecured

0.58000%

Floating

August 30, 2013

(Note 4)

Unsecured

1.12833%

Floating

February 28, 2013

(Note 3)

Unsecured

1.12833%

Floating

February 28, 2013

(Note 4)

Unsecured

1.02833%

Floating

August 31, 2013

(Note 3)

Unsecured

1.02833%

Floating

August 30, 2013

(Note 4)

Unsecured1.42000%

Fixed

February 28, 2014

(Note 3)

Unsecured1.43000%

Fixed

August 31, 2014

(Note 3)

Unsecured

1.57000%

Fixed

February 28, 2016

(Note 3)

Unsecured¥1,342 million¥500 million¥500 million
October 1, 2010

February 28, 2011

June 10, 2011

¥1,300 million¥500 million¥1,500 million¥600 million¥600 million¥3,000 million¥100 million¥400 million¥500 million¥600 million¥200 million
Subtotal

The Senshu Ikeda Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Mitsubishi UFJ Trust and Banking
Corporation
The Yamaguchi Bank, Ltd.
Resona Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Development Bank of Japan Inc.
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Interest Rate
(Note 2)

July 30, 2010

¥500 million¥15,342 million¥500 million¥1,205 million¥1,484 million¥2,146 million¥2,000 million¥1,000 million

February 28, 2011

May 9, 2011

¥500 million¥1,300 million¥4,954 million¥3,954 million¥600 million¥2,000 million¥425 million¥425 million

39

Overview of Interest-Bearing Debt (2)LenderDrawdown
Date

Sumitomo Mitsui Banking Corporation

Fixed/
Floating

Repayment
Date

Use

Collateral

1.15900%

Fixed (Note 5)

February 27, 2015

(Note 3)

Unsecured

0.99850%

Fixed (Note 5)

February 27, 2015

(Note 4)

Unsecured

1,18975%

Fixed (Note 5)

February 28, 2017

(Note 4)

Unsecured

1.19475%

Fixed (Note 5)

February 28, 2017

(Note 6)

Unsecured

0.95750%

Fixed (Note 5)

August 31, 2017

(Note 3)

Unsecured

1.15475%

Fixed (Note 5)

February 28, 2019

(Note 3)

UnsecuredInterest Rate (Note 2)

Fixed/Floating

Repayment
Date

Use

Collateral

2.00000%

Fixed

October 31, 2015 (Note 7)－

Secured¥500 million
July 29, 2011

¥500 million

Resona Bank, Ltd.

¥950 million

The Senshu Ikeda Bank, Ltd.

¥500 million

The Shizuoka Bank, Ltd.

¥500 million¥500 million

The 77 Bank, Ltd.

February 1, 2012

Shinkin Central Bank

Long-Term loans payable

Interest Rate (Note 2)¥1,500 million

The Norinchukin Bank
Mizuho Corporate Bank, Ltd.

Balance as of date of document (Note 1)¥500 million

The Hiroshima Bank, Ltd.

¥500 million

Mizuho Corporate Bank, Ltd.

¥700 million

Aozora Bank, Ltd.

¥100 million

Shinkin Central Bank

¥100 million

Mizuho Corporate Bank, Ltd.

¥200 million

Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation¥200 million
March 2, 2012¥200 million

Sumitomo Mitsui Trust Bank, Limited¥100 million

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥100 million

Mitsubishi UFJ Trust and Banking Corporation¥300 million¥200 million

Resona Bank, Ltd.

¥1,200 million

Development Bank of Japan Inc.

¥500 million

The Bank of Fukuoka
Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation¥400 million
March 8, 2012

¥1,300 million

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥500 million

The Yamaguchi Bank, Ltd.

¥2,352 million

The Norinchukin Bank
Mizuho Corporate Bank, Ltd.

August 2, 2012¥176 million¥176 million

Sumitomo Mitsui Banking Corporation¥941 million

Development Bank of Japan Inc.
Mizuho Corporate Bank, Ltd.

¥1,100 million

August 2, 2012

¥1,470 million¥1,470 million

Sumitomo Mitsui Banking Corporation
Subtotal¥42,233 million

Total loans¥61,375 million■ Interest-bearing Deposit
Counterparty
Ito-Yokado Co., Ltd.

Acceptance Date
November 30, 2000

Balance as of date of document (Note 1)¥416 million

Total interest-bearing deposit¥416 million

Total interest-bearing debt

¥61,792 million

Note: 1. Amounts are rounded down to the nearest million yen. 2. Interest rates as of October 31, 2012 are indicated. 3. Repayment funds for existing borrowings. 4. Acquisition funds for trust beneficiary interest in real estate. 5. Interest rate swap
agreements are concluded in order to avoid the risk of rising interest rates, and the interest rates indicated are the rates fixed with the interest rate swap agreements. 6. Redemption funds for second unsecured investment corporation bonds. 7.
Repayment of ¥11,572,000 per month from March 2012.

40

Status of Interest-Bearing Debt
Overview of Interest-Bearing Debt
Balance at end of
period(million yen)

Average Interest Rate on
Procurement(Note 2)

Balance as of date of
document

70,000Long-term loans payable

Current portion of long-term loans payable

Short-term loans payable416

60,000

Short-term loans payable¥1,500 million

0.6%¥3,800 million

Long-term loans payable(Note 3)

¥57,575 million

1.2%¥57,575 million

Interest-bearing deposits¥428 million

2.0%¥416 million- million-%- million

20,000¥59,503 million

1.2%¥61,792 million

10,000497

428

50,00043,64642,23342,233

13,92915,342
1,500

15,342Mar. 31, 2012

Sep. 30, 2012

As of date of document

40,000Investment corporation
bonds
Total interest-bearing debt

Interest-bearing deposit

LTV (Note 4)

52.1%

30,00003,800

Loans Payable Outstanding by Financial Institution
As of date of document
Financial Institution

Outstanding Balance

Share

Well balanced bank formation centeringon major domestic financial institutions

Mizuho Corporate Bank, Ltd.

¥13,132 million

21.4%

Sumitomo Mitsui Banking Corporation¥12,973 million

21.1%

Sumitomo Mitsui Trust Bank, Limited¥5,100 million

8.3%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥4,800 million

7.8%

Mitsubishi UFJ Trust and Banking Corporation¥4,142 million

6.7%

1.6% 1.6%
1.6%

Development Bank of Japan Inc.

¥4,141 million

6.7%

1.6%

The Norinchukin Bank

¥3,852 million

6.3%

Resona Bank, Ltd.

¥3,450 million

5.6%

Mizuho Trust & Banking Co., Ltd.

¥2,584 million

4.2%

Aozora Bank, Ltd.

¥1,600 million

2.6%

The Senshu Ikeda Bank, Ltd.

¥1,000 million

1.6%

The 77 Bank, Ltd.

¥1,000 million

1.6%

The Hiroshima Bank, Ltd.

¥1,000 million

1.6%

The Yamaguchi Bank, Ltd.

¥1,000 million

1.6%

Shinkin Central Bank

¥600 million

1.0%

The Shizuoka Bank, Ltd.

¥500 million

0.8%

The Bank of Fukuoka¥500 million

0.8%¥61,375 million

100.0%

Total debt

1.0% 0.8%0.8%

Mizuho Corporate Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2.6%
4.2%

21.4%

Mitsubishi UFJ Trust and Banking
Corporation
Development Bank of Japan Inc.
The Norinchukin Bank
Resona Bank, Ltd.

5.6%

Mizuho Trust & Banking Co., Ltd.

6.3%

Aozora Bank, Ltd.
The Senshu Ikeda Bank, Ltd.

6.7%

21.1%

The 77 Bank, Ltd.
The Hiroshima Bank, Ltd.

6.7%

The Yamaguchi Bank, Ltd.

7.8%

8.3%

Shinkin Central BankThe Shizuoka Bank, Ltd.
The Bank of Fukuoka

Notes: 1.Concerning figures in the graphs and tables above, amounts of less than one million yen are rounded down and percentage figures are rounded to the nearest
first decimal place. Accordingly, the ratio totals may not add up to 100%.
2. The average interest rate on procurement is the weighted average of applied interest rates as of September 30, 2012, and the figures are rounded to the nearest first decimal place.
3. Includes current portion of long-term loans payable.
4. LTV = Period-end total interest-bearing debt / Period-end total assets (Interest-bearing debt = Borrowings + Investment corporation bonds + Interest-bearing leasehold and security deposits)

41

Overview of Unitholders as of September 30, 2012
Major Unitholders

Diversification of Unitholders
Investment Units
Ownership of Investment
Owned
Units Outstanding (%)(units)Name / Company NameJapan Trustee Services Bank, Ltd.
(Trust Account)

28,49424.76

Goldman Sachs International

10,672

9.27

Sekisui House Ltd.

7,800

6.77

The Master Trust Bank of Japan, Ltd.
(Trust Account)

5,845

5.07

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

5,438

4.72

The Nomura Trust and Banking Co., Ltd.
(Trust Account)

4,812

4.18

Deutsche Bank AG London-PB Non-Treaty
Clients 613

3,727

3.23

Financial Institutions (including securities companies)

53 (0.87%)
Sep. 30,
2012
6,060
unitholders

3,000

2.60

Nomura Bank (Luxembourg) S.A.

2,808

2.44

Spring Investors Co., Ltd.

2,600

2.25

Total

75,19665.34■Note: The status of large holdings as determined by the large share holdings reports(including Reports of Changes) submitted by November 13, 2012 is as follows.
Mizuho Trust &Banking Co.,
Ltd

Sumitomo Mitsui
Trust Bank,
Limited

DIAM
Co., Ltd.

Tower
Investment
Management
Co., Ltd.

Total units held

8,376 units

12,348 units

9,915 units

16,015 units

Total percentageof ownership

7.28%

9.11%

7.32%

11.82%

Submission date

Sep. 24, 2012

Oct. 4, 2012

Oct. 18, 2012

Oct. 18, 2012

Name

Foreign firms

Individuals and others

107 (1.77%)
100 (1.65%)
5,800 (95.71%)

49 (0.81%)
93 (1.53%)
81 (1.33%)

Mar. 31,2012
6,079
unitholders

5,856 (96.33%)
52 (0.94%)
90 (1.62%)
76 (1.37%)

Sep. 30,
2011
5,547
unitholders

5,329 (96.07%)

0%JOINT CORPORATIONOther domestic firms

20%

40%

60%

80%

100%

Sep. 30,2012
115,070
units

53,833(46.78%)

15,100(13.12%)

25,595(22.24%)

20,542(17.85%)Mar. 31,2012
115,070
units

51,821(45.03%)

14,714(12.79%)28,031(24.36%)

20,504(17.82%)

Sep. 30,2011
115,070
units

53,346(46.36%)

15,527(13.49%)27,488(23.89%)18,709(16.26%)

0%

20%

40%

60%

80%

100%

42

Historical Investment Unit Price
Sekisui House SI Investment Corporation Investment Unit Price Summary(yen)

400,000

2,000

300,000

1,500

200,000

1,000

100,000

500
Sekisui House SI Investment Corporation investment unit price (left axis)

H24.9.4

H24.9.27

H24.9.14

H24.8.23

H24.8.1

H24.8.13

H24.7.9

H24.7.20

H24.6.27

H24.6.5

H24.6.15

H24.5.24

H24.5.14

Mar.
2012

H24.4.27

H24.4.5

H24.4.17

H24.3.1

H24.3.26

H24.3.13

H24.2.8

H24.2.20

H24.1.4

H24.1.27

H24.1.17

H23.12.8

H23.12.20

H23.11.2

H23.11.28

H23.11.15

Sep.
2011

H23.10.21

H23.10.11

H23.9.2

H23.9.28

H23.9.14

H23.8.1

H23.8.23

H23.8.11

H23.7.7

H23.7.20

H23.6.3

H23.6.27

H23.6.15

H23.5.24

H23.5.12

H23.4.4

Mar.
2011

H23.4.26

H23.4.14

H23.3.23

H23.3.10

H23.2.3

H23.2.28

H23.2.16

H23.1.24

H23.1.12

H22.12.3

H22.12.28

H22.12.15

H22.11.22

H22.11.10

Sep.
2010

H22.10.28

H22.10.18

H22.9.9

H22.10.5

H22.9.22

H22.8.6

H22.8.30

H22.8.18

H22.7.2

H22.7.27

H22.7.14

H22.6.22

H22.6.10

H22.5.7

H22.5.31

H22.5.19

H22.4.9

Mar.
2010

H22.4.21

H22.3.8

H22.3.5

H22.3.19

H22.2.23

H22.2.10

H22.1.6

H22.1.29

H22.1.19

H21.12.22

H21.12.10

H21.11.5

H21.11.30

H21.11.17

H21.9.30

H21.10.13

0
Sep.
2009

H21.10.23

TSE REIT Index (right axis)

0

Sep.
2012

(units)5,000

Trading volume
4,000
3,000
2,000
1,000
0
Sep.
2009

H21.09.30

H21.10.31

H21.11.30

H21.12.31

H22.01.31 H22.02.28

H22.03.31

Mar.
2010

H22.04.30

H22.05.31

H22.06.30

H22.07.31

H22.08.31

H22.09.30

Sep.
2010

H22.10.31

H22.11.30

H22.12.31

H23.01.31 H23.02.28

H23.03.31

Mar.
2011

H23.04.30

H23.05.31

H23.06.30

H23.07.31

H23.08.31

H23.09.30

H23.10.31

Sep.
2011

H23.11.30

H23.12.31

H24.01.31 H24.02.29

H24.03.31

Mar.
2012

H24.04.30

H24.05.31

H24.06.30

H24.07.31

H24.08.31

Sep.
2012
43

◇ This document is provided for information purposes only and is not a solicitation for investment, nor a recommendation
or invitation to make specific transactions. We caution readers to contact their securities companies with regard to thepurchase of investment units in Sekisui House SI Investment Corporation and to undertake investment decisions of
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Corporation’s future performance, operating results or financial position. Actual results may differ significantly fromexplicit or implicit statements made herein regarding future performance, operating results, financial position or otherconditions.
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