Sekisui House SI
Residential Investment Corporation
Business Results for the 19th Fiscal Period
May 19, 20151◇ 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 the purchase ofinvestment units in Sekisui House SI Residential Investment Corporation and to undertake investment decisions at their own
discretion.
◇ This document is not a disclosure document or report under the Financial Instruments and Exchange Act, the Act on Investment
Trusts and Investment Corporations, public listing regulations of the Tokyo Stock Exchange or other related laws and regulations.
◇ Strategies, goals and forward-looking statements contained herein are based upon specific assumptions and judgments made asof the date of the document in accordance with information available to Sekisui House SI Residential Investment Corporation at
the time. Information herein is subject to impact from risks, uncertainties, assumptions and other factors. Accordingly, strategies,
goals and forecasts regarding future dates do not guarantee the Investment Corporation’s future performance, operating results
or financial position. Actual results may differ significantly from explicit or implicit statements made herein regarding future
performance, operating results, financial position or other conditions.
◇ While Sekisui House SI Residential Investment Corporation has taken due care in the preparation of this document, it does notguarantee the accuracy, completeness, rationality or fairness of its content. Readers are also cautioned that the contents of thisdocument are subject to change or removal without prior notice.
◇ Duplication and reproduction of the content contained herein without prior consent is prohibited.
◇ This English language document is an abridged translation of the Japanese language document issued on May 19,2015 and was
prepared solely for the convenience of, and reference by, overseas investors. Sekisui House SI Residential Investment Corporation
gives no warranties as to its accuracy or completeness.

2

Contents
I. Summary of Business Results for 19th FP Ended March 31, 2015
and Forecasts for 20th FP Ending September 30, 2015

IV. Financial Activities in and after 19th FP Ended March 31, 2015
and Future Policy

・Summary of Business Results for 19th FP

5

・Summary of Financial Activities in and after 19th FP

32

・Forecasts for the 20th FP

6・Major Initiatives in and after 19th FP

33

・Analysis of Change in Forecast Cash Distributions for 20th FP

7

・Future Financial Policy

35・Future Distribution Policy

8・[Reference] Overview of Interest-Bearing Debt

36

・Status of 19th Fiscal Period-End Estimated Values

10

II. External Growth Results in and after 19th FP and Future Policy
・Summary of External Growth in and after 19th FP

13

・Property Acquisitions Utilizing Pipeline with Sekiwa Real EstateGroup・Property Acquisitions Utilizing the Asset Management
Company’s Proprietary Routes
・Sales of Retail Properties

16

V. CSR and Environmental Activities
・CSR and Environmental Activities

38

VI. Appendix

・Balance Sheet

41

・Statement of Income and Retained Earnings

43

・Statements of Cash Flows / Cash Distributions

44

19

・Summary of Selected Financial Data

45

・Future External Growth Policy

20

・History of the Investment Corporation since Listing46

・Residential Properties Planned, Developed or Owned by Sekisui
House Group

21

・Portfolio Development Policy

47

・Portfolio Map

48

・Status of Portfolio

50・List of Properties Owned at End of Period

52

・List of Fiscal Period-End Estimated Values

57

・Overview of Interest-Bearing Debt

62

・Overview of Unitholders as of March 31, 2015

66

・Historical Investment Unit Price

67

18

III. Internal Growth Results for 19th FP and Future Policy
・Summary of Internal Growth for 19th FP

23

・Residential Properties Occupancy Status by Investment Area

25

・Residential Properties New / Renewed Contract Trends

26

・Status of Selected Management Data on Residential Properties

27

・Implemented Cost Reduction Measures at Residential
Properties
・Occupancy Status and Tenant Trends at Retail Properties

28

・Future Internal Growth Policy

30

29

3

Prime Maison MORISHITA

I. Summary of Business Results for 19th FP Ended March 31,
2015 and Forecasts for 20th FP Ending September 30, 2015

プライムメゾン東桜
マスト博多
マスト博多

Summary of Business Results for 19th FP
 Increase of 2.6% from forecast for 19th fiscal period

Actual cash distributionsfor 19th FP[Major factor is the increased profitability of managed assets including occupancy rates] Increase of 2.5% from result for 18th fiscal period¥2,185 per unit

[Major factor is the increase in profit from replacement of assets under management and increase in asset size]

Comparison with Forecasts
Forecast for Fiscal Period
ended Mar. 31, 2015
(announced Nov. 17, 2014)

Fiscal Period
ended Mar. 31, 2015
(182 days)(actual)◇Factors for differences between actual results and forecasts
for the fiscal period ended Mar. 31, 2015

Difference・ Operating income

Operating revenue¥6,252 million¥6,286 million¥34 million

0.6%

Operating income¥2,771 million¥2,814 million¥43 million

1.6%

Ordinary income¥2,249 million¥2,305 million¥55 million

2.5%

Net income¥2,247 million¥2,302 million¥54 million

2.4%¥78 million¥77 million-¥0 million-1.0%¥2,130¥2,185¥55

2.6%

Provision for reserve for
reduction entry
Cash distributions per unit

Operating revenue
Increase in rent revenue
Increase in other lease business revenue
Gain on sale of real estate property:::+¥17 million+¥17 million+¥0 million

Decrease in expenses related to lease business :Increase in other business expenses:-¥9 million+¥0 million

Operating expense

・ Ordinary income
Increase in non-operating revenue
Decrease in non-operating expenses::+¥0 million-¥11 million

Comparison with Previous Fiscal Period
Fiscal Period
ended Sept. 30, 2014

Fiscal Period
ended Mar. 31, 2015(183 days)(actual)(182 days)(actual)◇Factors for period-on-period changes to actual results forthe fiscal period ended Mar. 31, 2015

Change・ Operating income

Operating revenue¥5,591 million¥6,286 million¥695 million

12.4%

Operating income¥2,463 million¥2,814 million¥350 million

14.2%

Ordinary income¥1,952 million¥2,305 million¥352 million

18.0%

Net income¥1,950 million¥2,302 million¥351 million

18.0%

‒

¥77 million¥77 million‒¥2,131¥2,185¥54

2.5%

Provision for reserve for
reduction entry
Cash distributions per unit

Operating revenue
Increase in rent revenue
Increase in other lease business revenue
Gain on sale of real estate property: +¥524 million: +¥18 million: +¥152 million

Operating expense
Increase in expenses related to lease business
Increase in other business expenses: +¥274 million: +¥69 million

・ Ordinary income
Decrease in non-operating revenue
Decrease in non-operating expenses::-¥0 million-¥1 million

Note : Amounts less than the indicated unit are rounded down and percentage figures are rounded to the nearest first decimal place.

5Forecasts for the 20th FP
Forecast cash distribution
for the 20th fiscal period

Decrease of 3.0% from result for 19th fiscal period
Major factors are absence of gain on sale of b-town JINGUMAE II sold at start of 19th fiscal period andrecording of fixed property taxes, etc. for properties acquired in 2014 as expenses¥2,120 per unit
Comparison with Forecasts
Fiscal Period
ended Mar. 31, 2015
(182 days)(actual)Forecast for Fiscal Period
ending Sept. 30, 2015

◇Factors for period-on-period changes to forecasts for the
fiscal period ending Sept. 30, 2015

Change(183 days)

・ Operating income

Operating revenue¥6,286 million¥6,411 million¥124 million

2.0%

Operating income¥2,814 million¥2,730 million-¥84 million-3.0%

Ordinary income¥2,305 million¥2,194 million-¥110 million-4.8%

Net income¥2,302 million¥2,192 million-¥109 million-4.8%¥77 million¥34 million-¥43 million-56.4%¥2,185¥2,120

-¥65

-3.0%

Provision for reserve for
reduction entry
Cash distributions per unit

Operating revenue
Increase in rent revenue
Decrease in other lease business revenue
Gain on sale of real estate property: +¥234 million: -¥15 million: -¥94 million

Operating expense
Increase in expenses related to lease business
Increase in other business expenses: +¥157 million: +¥51 million

・ Ordinary income
Increase in non-operating revenue
Increase in non-operating expenses::+¥2 million+¥28 million[Assumptions of forecast for the fiscal period ending September 30, 2015]◆ Assets under management: 110 properties owned as of the date of this document◆ Average occupancy rate for the fiscal period: Residence 95.9%, Other real estate in trust (retail properties) 99.9%, Entire Portfolio 96.6%◆ Gain on sale of real estate properties:
Gain on sale of part of RINKU HAGURAZAKI Plaza (which is leased to Kojima Co., Ltd.) of ¥57 million (of which ¥34 million is planned to be reserved internally as reserves
for reduction entry)◆ Administration service fees: Approx. ¥597 million◆ Fixed property taxes, etc. that will be recorded as expenses related to lease business: Approx. ¥381 million◆ Depreciation: Approx. ¥1,423 million◆ Interest expenses, borrowing related expenses, etc.: Approx. ¥516 million◆ Amortization of investment unit issuance costs and investment corporation bond issuance costs: Approx. ¥22 million◆ Number of investment units issued: 1,018,110 units
Note 1: Money amounts less than the indicated denomination are rounded down.
Note 2: The above figures are calculated based upon certain assumptions as of May 18, 2015. Actual operating revenue, operating income, ordinary income, net income and cash distributions per unit may differ as a result of subsequent acquisitions orsales 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.

6Analysis of Change in Forecast Cash Distributions for 20th FP
The decrease of distributions due to the absence of gain on sale and increase of taxes and public dues are expected to becovered to a certain extent by such as the contribution of newly acquired properties to earnings over full period
Factors of change

Impact on distributable profit

Impact on cash distribution(1) Absence of gain on sale from sale of b-town JINGUMAE II in 19th FP (excluding internal reserve (¥77 million))-¥74 million-¥72 /unit(2) Gain on sale from sale of part of RINKU HAGURAZAKI Plaza in 20th FP (excluding internal reserve (¥34 million))+¥23 million+¥22 /unit(3) Decrease in lease business profit from sale of part of RINKU HAGURAZAKI Plaza in 20th FP-¥27 million-¥27 /unit(4) Increase in lease business profit through full-period operation of properties acquired along with PO in 19th FP (8 properties)+¥60 million+¥59 /unit(5)

Increase in lease business profit through full-period operation of a property additionally acquired in the 19th FP(Esty Maison SHIBAURA)+¥50 million+¥49 /unit(6)

Increase in lease business profit with the acquisition of new properties in the 20th FP (Granmast KANAZAWA NISHIIZUMI,
Granmast UNOMORI and Esty Maison TSUTSUJIGAOKA)+¥44 million+¥43 /unit(7) Decrease in lease business profit from other existing owned properties (98 properties)-¥65 million-¥64 /unit(8) Increase of general management fees, non-operating expenses, etc. and other factors-¥77 million-¥75 /unit

Increase in lease businessprofit through full-period
operation of Esty Maison
SHIBAURA(yen)
Absence of gain onsale from sale ofb-town JINGUMAE II

2,300

-¥72

2,200

(2)
(1)

2,000
1,900

Actual cash
distribution for
19th Fiscal Period

1,800¥2,185 per unit

1,600

(4)

+¥22

Forecast cash
distribution for
19th Fiscal Period¥2,130 per unit

+¥59

(3)

Increase in leasebusiness profit throughfull-period operation ofproperties acquired alongwith PO in 19th FP

Amount of impact on cash distributions
due to recording of fixed property taxes,
etc. for seven properties acquired in
November 2014 as expenses

-¥64
(8)

+¥43

-¥27

Gain on sale from sale of partof RINKU HAGURAZAKI Plaza

(6)

+¥49
(5)

2,100

1,700

Decrease in lease businessprofit from sale of part of
RINKU HAGURAZAKI Plaza

Decrease in lease business profit
from existing owned properties

Increase in lease businessprofit with the acquisition ofGranmast KANAZAWANISHIIZUMI, Granmast
UNOMORI and Esty Maison
TSUTSUJIGAOKA

(7)
-¥75
Increase of generalmanagement fees, nonoperating expenses, etc.

Forecast cash
distribution for
20th Fiscal Period-¥39 per unit
Amount of impact on cash distributions due torecording of fixed property taxes, etc. forseven properties acquired in January, Marchand May 2014 as expenses¥2,120 per unit-¥51 per unit

1,500
7

Future Distribution Policy (1)Until the 19th fiscal period ended March 31, 2015

The 20th fiscal period ending September 30, 2015 and Onward

Accumulated stable cash distribution results even after
achieving cash distribution of ¥2,000 yen per unit in 12th FP with
development of the phase II of the growth strategy• Forecast cash distribution for 20th fiscal period is ¥2,120 per unit, same level with before• Continue to aim further increase while securing this cash distribution level stably in the
21st fiscal period and onward

Changes in Cash Distribution per Unit

¥1,958¥2,107¥2,009¥2,212¥2,131¥2,185¥2,120(Forecast)

Aim further increase
while securing a stable
cash distribution level11th FP(Mar. 2011)

12th FP(Sept. 2011)

～
～

～
～

Accumulated stable cash distribution results with
development of the phase II of the growth strategy
Note : As the Investment Corporation executed a five-for-one split ofinvestment units on April 1, 2014, “cash distributions per unit” for the
fiscal periods ended March 2014 or before are indicated as theamounts arrived at by dividing the actual amount of each period by five,
taking into consideration the impact of the split of investment units.

16th FP(Sept. 2013)

17th FP(Mar. 2014)

18th FP(Sept. 2014)

19th FP(Mar. 2015)

20th FP(Sept. 2015)

Major Factors of Change in Cash Distributions for the 21st FP Ending March 31, 2016 and the 22nd FP Ending September 30, 2016
Factors of change

Amount of impact on cash distributions(estimate)• Absence of gain on sale of part of RINKU HAGURAZAKI Plaza (which is leased to Kojima Co., Ltd.) anddecrease in lease business profit-¥27 per unit (the 21st FP)• Full-period operation of Esty Maison TSUTSUJIGAOKA additionally acquired on May 14, 2015+¥4 per unit (the 21st FP)• Recording of fixed property taxes, etc. for five properties acquired in January 2015 and after as expenses-¥18 per unit (the 22nd FP)

8

Future Distribution Policy (2)Specific Measures for Management of Cash Distributions
Borrowing Capacity

Free Cash Flow (Note)

Reserves for Reduction Entry

In case the Investment Corporation madeborrowings up to LTV of 55%, the ceiling target

Internal reserves of cash flow throughdepreciation of properties owned

Internal reserves of gain on sale of properties
which utilized special measures concerning
taxation for advance acquisition of land and such

¥15.1 billion (estimate)¥2.8 billion per annum (estimate)

Utilize in property acquisitions to maintain and increase the cash
distribution level¥0.111 billion in total (assumption)

Utilize for measures that will contribute to securing a stable cash
distribution level in the future and such

Secure stable distribution level and aim for further increase
Note : “Free Cash Flow” is calculated based on estimated annual depreciation of 110 properties scheduled to be under management in the 20th fiscal period ending September 30, 2015.

Specific Policy for Using Free Cash Flow
Examples of utilization of free cash flow

Approach to the examples

Period of implementation• Implement on a planned basis to maintain and improve thecompetitiveness of properties

Implement as appropriate basedon plans for repairs

Repayment of interest-bearing debt

• Both (2) and (3) on the left have positive effects on cash
distributions• (2) will be prioritized in the current low-interest rate environment• The need for (3) will be considered depending on the situation ofproperty pipeline

Consider as part of cash
distributions management andselect the effective timing(4)

Payment as distributions in excess ofearnings• Consider implementation when the cash distributions significantly
drop temporarily(5)

Acquisition of investment units ofInvestment Corporation• Consider the efficiency in the future in accordance withperformance of the J-REIT market, etc.

(1)

Capital expenditure for owned
properties(2)

Acquisition of new assets(3)

No plans as of now

Effectively utilize cash on hand that was set aside as internal reserves due to the posting of depreciation,
and aim to realize a growth strategy for the maximization of unitholder value
9Status of 19th Fiscal Period-End Estimated Values
Entire Portfolio(million yen)

(%)

10.0

10,000

Unrealized gain + ¥9,980 million

The entire portfolio’s unrealized gain increased further
in the 19th fiscal period ended March 31, 2015
(amount of unrealized loss of retail properties continues to shrink)

Unrealized gain / loss ratio + 5.4%+¥5,947 million

5.0

5,000

+¥1,488 million-¥6,031 million

0.0-¥4,211 million+3.6%-¥2,413 million

0

+1.0%

-1.7%
-3.4%

-5.0

-5,000-5.6%

Unrealized gain / loss ratio (left axis)

Unrealized gain / loss (right axis)-10.0-10,000
End of 14th FP(Sept. 30, 2012)

End of 15th FP(Mar. 31, 2013)

End of 16th FP(Sept. 30, 2013)

End of 17th FP(Mar. 31, 2014)

End of 18th FP(Sept. 30, 2014)

End of 19th FP(Mar. 31, 2015)

Appraisal value¥101,080 million¥121,380 million¥136,094 million¥149,737 million¥173,301 million¥194,662 million

Period-end
book value¥107,112 million¥125,592 million¥138,507 million¥148,249 million¥167,353 million¥184,681 million

Retail Property

Residence

Status by Asset Class
End of 18th FP

End of 19th FP

Appraisal value, etc.

¥158,249 million¥180,613 million

Book value¥150,139 million¥168,486 million

Unrealized gain / loss+¥8,109 million+¥12,126 million

5.4%

7.2%

Appraisal value, etc.

¥15,052 million¥14,049 million

Book value¥17,214 million¥16,195 million

Unrealized gain / loss-¥2,161 million-¥2,146 million-12.6%-13.3%

Unrealized gain / loss ratio

Unrealized gain / loss ratio

Major factors in the change of unrealized gain / loss ratio
Unrealized gain / loss ratio increased 1.8 points
 Appraisal values, etc. increased at 78 out of 91 properties due to decrease of cap rate, etc.
(Increased at 78 properties, maintained at 6 properties and decreased at 7 properties)
 Acquired new properties (9 properties) at price discounted from appraisal value during the 19th FP

Unrealized gain / loss ratio decreased 0.7 points
 Appraisal values, etc. increased at 4 out of 7 properties due to decrease of cap rate, etc.
(Increased at 4 properties, maintained at 2 properties and decreased at 1 property)
 KOJIMA NEW KAMIFUKUOKATEN saw a decrease (-¥210 million) with agreement on decrease inrent with the tenantNote: Period-end unrealized gain / loss ratio = Period-end unrealized gain / loss ÷Period-end book value
Period-end unrealized gain / loss = Period-end appraisal value – Period-end book value
The “Appraisal value, etc.” indicates either the appraisal value or survey value

10

Memo

11

Prime Maison SINAGAWA

II. External Growth Results in and after 19th FP and Future
Policyプライムメゾン東桜
マスト博多
マスト博多

Summary of External Growth in and after 19th FP (1)Properties acquired in and after 19th FP

Properties sold in and after 19th FP(all residential properties)(all retail properties)

Asset size of the portfolio

Residential properties among the left

¥190.3 billion / 110 properties¥174.8 billion / 103 properties¥21.3 billion / 12 properties¥2.1 billion / 2 properties(as of date of document)(as of date of document)

properties acquired from the beginning of
19th FP to the date of document

properties sold from the beginning of 19th
FP to the date of document

Note : Amounts in “Asset size of the portfolio”, “Residential properties among the left”, “Properties acquired in and after 19th FP” and “Properties sold in and after 19th FP” are indicated based on the acquisition price.

Promote external growth geared around property pipeline with Sekisui House Group• Acquired 8 residential properties from Sekisui House, Sekiwa Real Estate, etc. by using funds procured through a public offering(total acquisition price: ¥15.9 billion) 19th FP• Acquired 2 residential properties from Sekiwa Real Estate Chubu by utilizing borrowing capacity (total acquisition price: ¥1.7 billion) 20th FP• Acquired 2 residential properties through Asset Management Company’s proprietary routes by utilizing borrowing capacity and cash on hand(total acquisition price: ¥3.6 billion) 19th FP 20th FP

Steadily promote sales of retail properties which aim is to strengthen the portfolio's stability• Sold b-town JINGUMAE II (gain on sale ¥152 million

Part of which was internally reserved)• Sold part of RINKU HAGURAZAKI Plaza (gain on sale ¥57 million (estimate)

Futurepolicy19th FPPart of which is scheduled to be internally reserved)

20th FP

Promote enhancement of residential portfolio geared around property pipeline
with Sekisui House Group and aim to achieve asset size of ¥200 billion,
current strategic target, at an early stage

13

Summary of External Growth in and after 19th FP (2)19th Fiscal Period Ended March 31, 2015

20th Fiscal Period Ending September 30, 2015 and Onward
Aim to achieve asset size of ¥200 billion
at an early stage

Acquired Prime Maison MORISHITA and 7 other properties
by using funds procured through a public offering+¥1.7 billion+¥2.7 billion--¥1.0 billion¥188.7 billion+¥0.8 billion ¥190.3 billion

Acquired Esty Maison TSUTSUJIGAOKA*+¥3.5 billion
Acquired Esty Maison SHIBAURA

Acquired Granmast KANAZAWA NISHIIZUMI
and one other property¥171 billion--¥1.0 billion+¥12.4 billion

Sold b-town JINGUMAE II
Sold part of RINKU HAGURAZAKI Plaza

End of 18th FP(Sept. 30, 2014)

Oct. 3,
2014

Nov. 4,2014

Jan. 15,2015

After public offering

Mar. 31,2015～
End of 19th FP(Mar. 31, 2015)

Apr. 2,2015

Apr. 28,
2015

～ ～
～
～

～

May 14, As of date of document
2015(20th FP)

Rate of residential
properties(as of January 31, 2015)

Rate of residential
properties

Rate of residential
properties

89.8%

91.1%

91.3%

91.9%

LTV

After public offering(as of January 31, 2015)

LTV

LTV

52.3%

50.5% (estimate)

51.1%

51.5% (estimate)Continue to promote further
increase in rate ofresidential properties
Effectively utilize
approximately ¥15.1 billionof borrowing capacity, up to
55% LTV* As for Esty Maison TSUTSUJIGAOKA, the Investment Corporation plans to change the property name brand to “Esty Maison” following a certain period of notifications to the residents, and thus the property name after the change is indicated. The same
follows hereafter.

14

Summary of External Growth in and after 19th FP (3)Status of Residential Portfolio
Diversification status by area(based on acquisition price)

Diversification statusby property age

Diversification status
by walking distance to station(based on acquisition price)(based on acquisition price)

10 years or more

22.2%

Major Cities
Nationwide

End of 18th FP(Sept. 30, 2014)

Less than 5 years

26.0%

9.5%

Greater Tokyo

74.0%

70.6%
Of these,Tokyo’s 23 wards

64.4%

8.5 years

Greater Tokyo /Other Urban Areas

28.6%
5 years toless than
10 years

23.1%

0.7%
Less than 30m2

48.9%
Within 10-Minute walk

30m2 to lessthan 50m2

90.5%

27.3%

Average area
per unit

38.4㎡

More than 3 minutes
to within 5 minutes

30.1%

72.9%

3.4%

100m2 or more

50m2 to lessthan 100m2

Within 3 minutes

31.8%

More than 5 minutes
to within 10 minutes

Averageproperty age(based on rentable residential units)More than 10 minutes

4.9%

Greater Tokyo /Major Urban Areas

Diversification status by floor area

100m2 or more
10 years or more
Major Cities
Nationwide

End of 19th FP(Mar. 31, 2015)

Greater Tokyo /Major Urban Areas

27.4%

Greater Tokyo

69.5%
Of these,Tokyo’s 23 wards

72.6%

Less than 5 years More than 10 minutes

8.2 years

5 years toless than
10 years

Greater Tokyo /Other Urban Areas

32.4%

10 years or more
Greater Tokyo /Major Urban Areas

21.5% 10.6%

28.0%

68.5%

Averageproperty age

Greater TokyoOf these,Tokyo’s 23 wards

Greater Tokyo /Other Urban Areas

3.5%
Primarily Greater Tokyo

63.1%

30m2 to lessthan 50m2

27.4%

67.9%

Primarily new properties

39.2㎡

50m2 to lessthan 100m2

Within 3 minutes

25.9%

32.0%

More than 5 minutes
to within 10 minutes Within 10
28.5% -Minute walk5 years toless than
10 years

Average area
per unit

29.9%

10.1%

8.2 years

Less than 30m2

More than 3 minutes
to within 5 minutes

Less than 5 years More than 10 minutes

Major Cities
Nationwide

25.3%

0.7%
46.6%

90.2%

67.9%

3.1%

72.0%

Within 3 minutes

More than 5 minutes
to within 10 minutes Within 10
27.9% -Minute walk

Averageproperty age

64.1%

As of dateof document

9.8%

21.3% 10.7%50m2 to lessthan 100m2

0.7%
Less than 30m2

46.1%
30m2 to lessthan 50m2

89.9%

100m2 or more

27.3%

Average area
per unit

39.5㎡

More than 3 minutes
to within 5 minutes

29.4%
Primarily properties near stations

Primarily single and compact type

Note: The ratios of the above diversification statuses are rounded to the nearest first decimal place. Accordingly, the ratios may not add up to 100% respectively. Also, “Average property age” uses the day of this document as the reference date and is
calculated by seeking the weighted average of the building age of each property with the investment ratio calculated based on the acquisition price. “Average area per unit” is calculated based on the total rentable residential area of owned properties andthe total number of rentable residential units as of each period and are rounded down to the nearest first decimal place.

15

Property Acquisitions Utilizing Pipeline with Sekiwa Real Estate Group (1)Granmast KANAZAWA NISHIIZUMIHigh-quality rental residential property in Kanazawa City, Ishikawa Prefecture planned and developed by Sekiwa Real Estate Chubu
First selective investment in properties in ”Other Major Cities Nationwide”
Fully utilized the nationwide network of the Sekisui House GroupAcquired in the 20th FP

Acquisition priceAppraisal NOI Yield

Other Major Cities Nationwide¥1,005 million

6.2%

Property age 7.6 years

Appraisal value

Occupancy rate at end of the monthjust before the acquisition

Mainly of family type¥1,010 million

89.9%(as of March 31, 2015)

Rent guarantee type

Location

Nearest station

Nishiizumi, Kanazawa-shi, Ishikawa
Approx. 3.7 km from Kanazawa Station on the JR Hokuriku
Shinkansen and Hokuriku Main Line
Approx. 8-minute walk from Nishiizumi Station on the Hokuriku
Railroad Ishikawa Line

Construction/number of floors RC, 14F
Completed

September 14, 2007

Rentable units

60 units

Acquisition date

April 2, 2015

Area characteristics of Kanazawa City
Through the launch of JR Hokuriku Shinkansen service, Kanazawa can be reached from Tokyo within as little as about two and a half hours. Further
development of the area is highly expected• Population of the surrounding areas of Kanazawa City where the property is located generally
tends to increase over the past 10 years (refer to the table on the right).
• As a result of the launch of JR Hokuriku Shinkansen service in March 2015, effects including
enhancement of industrial base through attracting companies, etc. are being expected.
• Large-scale redevelopment is underway at land adjacent to ”Nishi-Kanazawa Station” West
Exit near the property.
• There are sufficient lifestyle support facilities such as many shopping malls, etc. in thesurrounding areas of the property while it being located near “Korinbo,” a central
entertainment district in Kanazawa City.

[reference] Demographic trends of the area where the property is locatedIshikawa Prefecture

Kanazawa City

Surrounding areas

as of Feb. 1, 2006

1,173,406 people

454,855 people

13,711 people

as of Feb. 1, 2015

1,154,349 people

464,993 people

14,338 people

Rate of change

-1.6%

2.2%

4.6%

Note 1: The figures above are calculated by Asset Management Company based on “population andhouseholds in Ishikawa Prefecture” announced by Ishikawa Prefecture and “population and numberof households by town and block in Kanazawa City” announced by Kanazawa City.
Note 2: Surrounding areas are Izumi, Izumi Honmachi, Nishiizumi and Yonaizumimachi.

Note 1: “Appraisal values” are those on the appraisal reports by real estate appraisers as of the acquisition of the properties and appraisal NOI yields are calculated by dividing the appraisal NOI based on the direct capitalization method on the appraisal
reports by the acquisition price and rounded to the nearest first decimal place. Furthermore, the direct capitalization method in the concerned appraisal report isn’t assuming lease agreements with rent guarantee. Also, the reference date for theproperty ages is the date of this document, and is rounded down to the nearest first decimal place. The same follows hereafter.

16

Property Acquisitions Utilizing Pipeline with Sekiwa Real Estate Group (2)Granmast UNOMORIHigh-quality rental residential property in Yokkaichi City, Mie Prefecture which Sekiwa Real Estate Chubu owned in recognition of its valueFirst selective investment in properties in ”Other Major Cities Nationwide”
Fully utilized the nationwide network of the Sekisui House GroupAcquired in the 20th FP

Acquisition priceAppraisal NOI Yield

Other Major Cities Nationwide¥745 million

6.3%

Property age 6.1 years

Appraisal value

Occupancy rate at end of the monthjust before the acquisition

Single type¥757 million

97.4%(as of March 31, 2015)

Rent guarantee type
Unomori, Yokkaichi-shi, Mie

Location

Approx. 7-minute walk from Kintetsu Yokkaichi Station on the
Kintetsu Nagoya Line

Nearest station

Construction/number of floors RC, 8F
April 13, 2009

Completed
Rentable units

76 units

Acquisition date

April 2, 2015

Area characteristics of Yokkaichi City
The area is concentrated with major companies and is in high demand from corporations. Kintetsu Nagoya Station can be reached from the nearest
station by limited express train in about 30 minutes• Yokkaichi City where the property is located boasts economy larger than that of theprefectural capital, Tsu City, and is a top-ranked central city in the Mie Prefecture• Population of the Yokkaichi City’s Chubu district where the property is located increased byabout 0.7% over past ten years. When limited to Unomori district, the population increased byabout 17.5% over the same period.

[reference] Number of employees of industrial businesses in Yokkaichi City
(thousand people)
40
30• Number of employees in industrial businesses centered on Chukyo Industrial Area remains
stable, and stable rental demand mainly from tenants related to businesses in the area is
expected into the future.

20• Offer favorable convenience in daily life as the property is located nearby the nearest station,
Kintetsu Yokkaichi Station, with multi-use commercial facilities in front of the station.

0

29.4

28.7

27.8

29.3

31.1

2002

2003

2004

2005

2006

32.6

32.6

31.8

32.0

30.8

2007

2008

2009

2010

2012

10

Note 1: Source: “statistic report of Yokkaichi City (2013 edition)” by Yokkaichi City, Mie Prefecture
Note 2: Number of employees of industrial businesses in the city with four or more employees

17Property Acquisitions
Utilizing the Asset Management Company’s Proprietary Routes
Esty Maison SHIBAURA

Esty Maison TSUTSUJIGAOKA

A residential property located in an area where further development in the future is
expected due to the establishment of a new station on JR Yamanote Line andredevelopment of Tamachi Station, one of the nearest stations from the property.

A residential property located on a hill along the Kokubunji Gaisen, one of the largest
greenery areas in Tokyo, and enable natural scenes to be closely felt although in thesuburbs of Tokyo.

Acquired in
the 19th FP

Acquired in
the 20th FP

Property age
18.7 years

Greater Tokyo / Major Urban Areas

Acquisition priceAppraisal value

Appraisal
NOI Yield¥2,730 million¥2,780 million

5.0%

Location
Nearest station

Occupancy rate at end of themonth just before theacquisition

98.6%(as of February 28, 2015)

Shibaura, Minato-ku, Tokyo
Approx. 8-minute walk from Shibaura-futo Station on Yurikamome Lineand approx. 10-minute walk from Tamachi Station on the Yamanote
Line, etc.

Construction/number of floors SRC, 10F
Completed

Compact type

August 26, 1996

Greater Tokyo / Other Urban Areas

Property age
13.2 years

Acquisition priceAppraisal value

Appraisal
NOI Yield¥871 million¥908 million

5.6%

Location
Nearest station

Family typeOccupancy rate at end of themonth just before theacquisition

77.9%(as of April 30, 2015)

Nishitsutsujigaoka, Chofu-shi, Tokyo
Approx. 11-minute walk from Tsutsujigaoka Station on the Keio Line

Construction/number of floors RC, 5F / B1F

Completed

March 9, 2002

Rentable units

69 units (as well as 1 office section)

Rentable units

28 units

Acquisition date

March 31, 2015

Acquisition date

May 14, 201518

Sales of Retail Properties
b-town JINGUMAE II

Part of RINKU HAGURAZAKI Plaza (leased to Kojima Co., Ltd.)

Sold a single-tenant property at a price above the book value as the real estatetransaction market was favorable

Greater Tokyo / Major Urban Areas

Retail properties

Single-tenant

Sold in an aim to avoid the risk of decrease in profitability associated with the closure of
Kojima NEW Rinku Hagurazaki Store operated by the lessee which might surface

Sold in the 19th FP

Major Cities Nationwide

Retail properties

Single-tenant

Sold in the 20th FP

Continuous ownership part(leased to Kohnan Shoji Co., Ltd.)

Continuous ownership part(leased to AEON TOWN Co., Ltd.)

Continuous ownership parts
Acquisition price¥3,624 million

Book value¥3,653 million

Appraisal value¥3,960 million

Sold part(leased to Kojima Co., Ltd.)Sale priceAppraisal value

Book value

Gain on sale

Sale priceAppraisal value

Book value

Gain on sale

¥1,200 million¥983 million¥1,013 million¥152 million¥1,150 million¥1,150 million¥1,081 million¥57 million

Location

Jingumae, Shibuya-ku, Tokyo

Buyer

Domestic general business company

Date of sale

October 3, 2014

Location

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

Buyer

Domestic general business company

Date of sale

April 28, 2015

Actual NOI yield

3.9%

Actual NOI yield

6.2%(before depreciation)(actual results for 18th FP (annualized) / acquisition price basis)(before depreciation)(actual results for 19th FP (annualized) / acquisition price basis)

Recorded gain on sale of ¥152 million for the 19th
fiscal period and reserved internally part of it (¥77
million) as reserve for reduction entry

Amount of internal reserve from gain on sale
(expected)¥111 million in total

Record gain on sale of ¥57 million for the 20th
fiscal period and reserved internally part of it(¥34 million) as reserve for reduction entry

Use internal reserve for measures that will contribute to securing a stable distribution level in the future and such
Note: The above appraisal values are those on the appraisal reports by real estate appraisers as of September 30, 2014 for b-town JINGUMAE II and as of March 31, 2015 for part (leased to Kojima Co., Ltd.) and continuous ownership parts of RINKU
HAGURAZAKI Plaza, respectively. In addition, the book values are figures as of the date of sale (expected values for part (leased to Kojima Co., Ltd.) and continuous ownership parts of RINKU HAGURAZAKI Plaza) and the gain on sales are figures
after deduction of sales and other expenses (expected values for part (leased to Kojima Co., Ltd.) and continuous ownership parts of RINKU HAGURAZAKI Plaza) with money amounts of less than one million yen rounded down, respectively.

19

Future External Growth Policy
Recognition of Current Real EstateTransaction Market

Attitude on Acquisition Yield Levels

Cap rate has been decreasing further centering on the threemajor metropolitan areas backed by monetary easing andweak yen

Maintain appropriate view on acquisition yield levels without
participating in excessive competition over property
acquisitions

Information on residential properties with good quality thatcan be our investment targets is on a decreasing trend

Be aware of NOI yields after depreciation in an aim to
improve profitability of the portfolio

 Principal pillar is the property
pipeline with Sekisui HouseGroup mentioned below

 Enhancement of activities for
obtaining property informationfrom the Asset Management
Company’s proprietary routes

Attitude for Existing Retail Properties

Attitude for Investment Area

While striving for stable management for the time being,
consider selling properties on a timely basis

No change in the policy from prior attitude on core
investment area and area diversification

When selling existing retail properties, consider replacementwith residential properties while taking the cash distribution
level into consideration

Fully utilize information directly provided from nationwide
network of Sekiwa Real Estate Group for judging investment
in areas we haven’t invested in before

Aim to achieve an asset size of ¥200
billion at an early stage

System for acquiring property information which enable covering all target investment areas of the Investment Corporation
Status of acquisition by property information provider(as of date of document)
Asset Management
Company’s proprietary routes¥20.8 billion

Sekisui House¥38.3 billion

Sekisui House
Sekiwa Real Estate Companies

Sekisui House SI
Asset Management

Spring Investment

Total acquisition priceafter change of sponsor¥105.3 billion
Asset Management Company’s
proprietary routes

Bridge fund¥33.4 billion

Sekiwa Real Estate
Companies¥10.9 billion

Note: The “Sekiwa Real Estate Companies” represents Sekiwa Real Estate, Sekiwa Real Estate Kanto, Sekiwa Real Estate Tohoku, Sekiwa Real Estate
Chubu, Sekiwa Real Estate Kansai, Sekiwa Real Estate Chugoku and Sekiwa Real Estate Kyushu that are fully-owned subsidiaries of Sekisui House.

Spring Investment¥1.7 billion

20

Residential Properties Planned, Developed or Owned
by Sekisui House Group
Supply information

SponsorAssetmanagementcompany

Exchange of opinions

Sekisui House holds
property planningmeetings periodicallyDevelopment Department

0

Sekisui House
SI Asset Management

Sekisui House

Real Estate Investment Department

Demand information

All 11 properties are in Greater Tokyo / Major Urban Areas (of these, 10 properties are in Tokyo’s 23 wards)
Asset Management
Company participates
as an observer

Completed properties

Under construction (confirmed)

Properties in theplanning stage

3 properties 313 units in total

5 properties 693 units in total

3 properties

Sekisui House plans
and constructs“Prime Maison” basedon the property planningmeetings
AllinTokyo’s
23 wards(Tentative name)(Tentative name)(Shibuya-ku, Tokyo)

Prime Maison
SHIROKANE TAKANAWA

Prime Maison
KAMIOSAKI

Prime Maison
OTSUKA(Shinagawa-ku, Tokyo)(Toshima-ku, Tokyo)

220 units in total

145 units in total

Prime Maison
YOKOHAMA NIHONODORIPrime Maison
SHIBUYA

Prime Maison
HATSUDAI(Yokohama-shi, Kanagawa)(Shibuya-ku, Tokyo)

137 units in total

70 units in total

106 units in total(Minato-ku, Tokyo)<Completed in June 2014><Completed in July 2014><Completed in Dec. 2014>147 units in total(Tentative name)An example of MAST properties
planned, developed or owned
by Sekiwa Real Estate companies
in recognition of their value

An example of “Prime
Maison” properties
owned by Sekisui Houseother than the above
Prime Maison

GOTENYAMA WEST

MAST LIFE
HINO(Shinagawa-ku, Tokyo)(Hino-shi, Tokyo)

26 units in total

73 units in total<Completed in Jan. 2011><Completed in Jan. 2010>

Note: With regard to properties on this page, the Investment Corporation has no specific plans to acquire any of the properties above as of the date of this document. Also, images of properties that are “Under construction” are renderings based on thedesign documents and may differ from the actual buildings. Furthermore, “total units” includes units that are not for residential purpose.

21

Prime Maison ODORI KOEN

III. Internal Growth Results for 19th FP and Future Policy

プライムメゾン東桜
マスト博多
マスト博多

Summary of Internal Growth for 19th FP (1)Average occupancy rateduring the fiscal period

NOI Yields

Rate of change in rent in new contracts

Rate of change in rent in contract renewals

Entire portfolio

Entire portfolio

Residential properties only

Residential properties only

97.0%

5.2%

-0.1%

+0.2%

(Rentable area basis)(Acquisition price basis)(against previous rent)(against previous rent)Management Status of Residential Properties• Occupancy rate remained high and stable, and average occupancy rate during the fiscal period increased period-on-period and year-on-year.
• As a result of promoting new contracts and contract renewals with higher rent, total change in rent turned to increase.
• Maintained higher level of key money acquisition rate and renewal rate than in the previous period.

Management Status of Other Real Estate in Trust (Retail Properties)• Achieved full occupancy for entire retail portfolio through early leasing of sections which the Investment Corporation received notices of cancellation in
the previous period.
• Concluded memorandum on rent decrease with a tenant of Kojima NEW Kamifukuoka Store.
• Focus on early leasing for a section in b-toss IKEBUKURO which the Investment Corporation received a notice of cancellation.

FuturepolicyPromote establishment of “Sekisui House SI Residential” brand throughfurther enhancement of management system and aim for stable management
and further increase in profitability of owned properties.

23

Summary of Internal Growth for 19th FP (2)Occupancy Rate and NOI Yields
Residential properties

Other real estate in trust (retail properties)

97.5%

97.1%

Total

100%

97.7%

97.1%

97.4%

95%

90%

85%

80%

75%
Mar.
2013
End of15th FP

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.
2014

Feb.

End of16th FP

Mar.

Apr.

May

June

July

End of17th FPAs of end of the fiscal
periodAverage for the fiscal
period

Sept.

Oct.

Nov.

Dec.

Jan.
2015

End of18th FP

Occupancy Rates
Fiscal period ended September 30, 2014
(18th FP)

Aug.

Feb.

Mar.
End of19th FPNOI Yields

Fiscal period ended March 31, 2015
(19th FP)As of end of the fiscal
periodAverage for the fiscal
periodResidential properties

96.3%

95.7%

96.7%

96.2%

Other real estate in trust(retail properties)

99.9%

99.9%

100.0%

100.0%

Total

97.1%

96.7%

97.4%

97.0%

Fiscal period ended
September 30, 2014
(18th FP)

Fiscal period ended
March 31, 2015
(19th FP)

5.1%

5.2%

5.4%

5.3%

5.1%

5.2%

Note 1: “Occupancy Rate” in the above chart indicates the rate of total leased space to the total rentable area for the properties in each category held by the Investment Corporation as of the end of each month from March 2013 to March 2015.
Note 2: Figures for the average for the fiscal period in the above table indicate the average of occupancy rates as of the end of each month during the fiscal period ended September 30, 2014 (18th fiscal period) and the fiscal period ended March 31, 2015
(19th fiscal period).
Note 3: The NOI yields in the above table are ratios obtained by dividing the annualized leasing NOI of assets pertaining to each section as well as all assets owned by the Investment Corporation in the fiscal period ended September 30, 2014 (18th fiscal
period) and the fiscal period ended March 31, 2015 (19th fiscal period) by the total acquisition price.
Note 4: All of the figures above are rounded to the nearest first decimal place.

24

Residential Properties Occupancy Status by Investment Area
Greater Tokyo / Major Urban Areas

Greater Tokyo / Other Urban Areas

Major Cities Nationwide

While there were large cancellations bycorporations at some properties, theoccupancy is increasing due to early response

Recovered significantly year-on-year due toagile leasing strategies

Occupancy was sluggish in some areas but
was generally high and stable

Average occupancy rate during the fiscal period:

Average occupancy rate during the fiscal period:

Average occupancy rate during the fiscal period:

95.8% (+0.4% year-on-year)

96.1% (+2.8% year-on-year)

96.8% (+0.3% year-on-year)

Number of properties:

64 properties

Total rentable area:

160,146.75m2

Number of rentable units:

4,749 units

Area data

Area data

Number of properties:

4 properties

Total rentable area:

13,985.89m2

Number of rentable units:

319 units

Number of properties:

32 properties

Total rentable area:

141,631.06m2

Number of rentable units:

2,787 units

Area data

The average occupancy rate during the 19th FP increased 0.5 points compared to the corresponding period of the previous year as aresult of focusing on increasing occupancy rate and conducting management to maintain optimal balance between rent conditions.

Change in Occupancy Rates by Investment Area
Greater Tokyo/Major Urban Areas

Greater Tokyo / Other Urban Areas

Major Cities Nationwide

Residences overall

100%

97.4%

97.5%

96.6%

96.1%
95%

97.7%

97.5%

96.8%

96.8%

96.7%

96.3%

96.7%

96.7%

96.6%

95.4%

96.7%

95.5%

95.3%

94.6%

94.0%
93.8%
90%

Average occupancy rate
： 95.2%during the 16th FP

Average occupancy rate
： 95.7%during the 17th FP

Average occupancy rate
： 95.7%during the 18th FP

Average occupancy rate
： 96.2%during the 19th FP

85%
End of Mar. 2013(End of 15th FP)

End of June

End of Sept. 2013(End of 16th FP)

End of Dec.

End of Mar. 2014(End of 17th FP)

End of June

End of Sept. 2014(End of 18th FP)

End of Dec.

End of Mar. 2015
(End of 19th FP)

Note: “Change in occupancy rates by investment area” shows the month-end occupancy rates with classification by investment area based on residential properties owned as of the end of each month and are rounded to the nearest fist decimal place. Also,
the average occupancy rates during the periods are the average occupancy rates as of the end of each month during each period. Furthermore, “Area data” shows figures for properties owned as of the end of the 19th FP (ended March 2015 ).

25

Residential Properties New / Renewed Contract Trends
As a result of promoting new contracts and contract renewals with higher rent, the number of cases with increased
rent and total change in rent became surplus of ¥148 thousand
Rent Trends in New Contracts

Rent Trends in Contract Renewals

15th FP

16th FP

17th FP

18th FP

19th FP

No. of new contract

547

588

704

699

834

Total increase
in rent¥411
thousand
(138)

¥678
thousand
(193)

¥736
thousand(190)¥1,101
thousand(225)¥1,357thousand(314)-¥1,514-¥1,337-¥2,265-¥1,845-¥1,431

thousand(223)

thousand(186)

thousand(302)

thousand(244)

thousand(253)

Change in rent (net)-¥1,103thousand-¥659
thousand-¥1,528
thousand-¥744
thousand-¥73
thousandRate of change in rent
against previous rent

-1.7%

-0.9%

-1.8%

-0.8%

-0.1%

(number of cases)

Total decrease
in rent(number of cases)

Ratio of decrease in rent

Ratio of no rent change

16th FP

17th FP

18th FP

19th FP

No. of renew contract

657

641

923

972

1,136

Total increase
in rent

‒

‒

‒

¥20
thousand(6)¥224
thousand(77)-¥40
thousand
(9)

‒

-¥31
thousand(19)-¥38
thousand(5)

thousand(1)

Change in rent (net)-¥40
thousand‒-¥31
thousand-¥17
thousand¥222
ThousandRate of change in rent
against previous rent

-0.1%

‒

-0.0%

-0.0%

0.2%

(number of cases)

Total decrease
in rent(number of cases)

Ratio of decrease in rent

Ratio of increase in rent

100%
75%

15th FP

Ratio of no rent change-¥2

Ratio of increase in rent

100%

40.8%

31.6%

42.9%

35.5%

50%

34.0%

30.1%

34.9%

32.8%

27.0%

0.5%

2.1%

0.1%

75%

32.9%

25%

25.2%

1.4%

30.3%

32.2%

32.0%

37.6%

50%

98.6%

100.0%

93.1%

98.9%

97.9%

25%

0.6%
6.8%

0%

0%
15th FP

16th FP

17th FP

18th FP

19th FP

Rent Trends in New Contracts by Investment Area
19th FP

15th FP

16th FP

17th FP

18th FP

19th FP

Rent Trends in Contract Renewals by Investment Area

No. of new contracts

Change in rent (net)Rate of change in rent

Greater Tokyo /Major Urban Areas

562¥31 thousand

0.0%Greater Tokyo /Other Urban Areas

50-¥66 thousand

Major Cities Nationwide

222-¥38 thousand

19th FP

No. of renewed contracts

Change in rent (net)Rate of change in rent

Greater Tokyo /Major Urban Areas

774¥216 thousand

0.2%

-1.4%

Greater Tokyo /Other Urban Areas

39¥6 thousand

0.2%

-0.2%

Major Cities Nationwide

323

‒

‒

Note: The “Rate of change in rent against previous rent” and “Rate of change in rent” are the ratio of the total change in rent for each period for new or renewed contracts against the total of previous rent. Both of these ratios are rounded to the nearest fi rst
decimal place.

26

Status of Selected Management Data on Residential Properties
Trend in Unit Rent per Tsubo for Occupied Space
Based on residential properties owned
as of the end of the 19th FP

Based on residential properties owned as of the end of the 18th FP
End of fiscal period ended Sept. 2014(end of 18th FP)

End of fiscal period ended Mar. 2015(end of 19th FP)

End of fiscal period ended Mar. 2015(end of 19th FP)

Rate of change
in unit rent per tsubo

Period-end
occupancy rate

Period-end unit
rent per tsubo

Period-end
occupancy rate

Period-end unit
rent per tsubo

Greater Tokyo /Major Urban Areas

95.5%¥12,761

96.4%¥12,774

0.1%

Greater Tokyo /Other Urban Areas

94.3%¥7,603

97.6%¥7,583-0.3%

Major Cities
Nationwide

96.1%¥7,825

95.7%¥7,811-0.2%

Overall

95.6%¥10,894

96.3%¥10,906

0.1%(against end of 18th FP)

Period-end
occupancy rate

Period-end unit
rent per tsubo

96.5%¥12,844

97.6%¥7,58395.3%¥7,313

96.1%¥10,533* The figures above do not include the rent of shops and offices within residential properties as well as the floor area and the rent of residential properties that have master lease agreements with rent guarantee concluded with master lease companies for
its calculation.

Changes in key money acquisition rate

Changes in renewal rate

100%

100%

Continuously secured level above 50%
for key money acquisition rate

Continuously secured 80% level for renewal rate

85.8%

50%

85.2%
83.2%

59.7%

60.8%

16th FP

17th FP

52.8%

53.8%

81.6%

54.7%

82.1%

50%

0%
15th FP

18th FP

19th FP

15th FP

16th FP

17th FP

18th FP

19th FP

Note: The “key money acquisition rate” indicates ratio of cases which the Investment Corporation was able to acquire key money among the number of new contracts in each period. Also, the “renewal rate” is the ratio of the number of residential units
at which contracts were renewed among the number of residential units with contracts maturing during each period. Both of these ratios are rounded to the nearest first decimal place.

27

Implemented Cost Reduction Measures at Residential Properties
Implemented measures to reduce utility expenses by promoting environmentally-conscious management including
energy conservation and reduction of greenhouse gas.
Construction for Replacement to LED Light Fixtures
 Following the18th fiscal period, executed replacement of common area light fixtures to LED in 6 properties in the 19th fiscal period
Period of
implementation
Fiscal period ended
September 30, 2014
(18th FP)

Property nameEsty Maison GINZA
Prime Maison GINZA EAST

Construction cost

Approx. ¥8 million in total(all capital expenditure)

Combined with properties executed in 18th fiscal
period, annual electricity use costs, etc. are expected
to decrease by approx. ¥9 million (estimate)
Construction cost of approx. ¥26 million in total is
expected to recover in about 3 years

Esty Maison OJIMA
Esty Maison KYOBASHI
Fiscal period ended
March 31, 2015
(19th FP)

Esty Maison KINSHICHO II
Esty Maison AKABANE

Approx. ¥18 million in total(all capital expenditure)

Prime Maison HIGASHISAKURA
Esty Maison ITABASHI C6

Replacements are scheduled to be executed in 20th
fiscal period as well on a continuous basis centeringon those at which reduction of costs would bringabout high effects

Construction for Installing Remotely Monitored Snowmelt System Introduced system to reduce electricity charges for road heating (device to increase temperature of land to melt snow and prevent
being frozen) in 3 properties located in Sapporo City, Hokkaido.
Significantly reduced excessive operation by monitoring snow from remote areas and carrying out operations on an asneeded basis
Period of
implementation

Fiscal period ended
March 31, 2015
(19th FP)

Property nameConstruction cost

Expected to decrease by approx. ¥1.1 million(estimate) annually

Prime Maison MINAMI 2-JO
Prime Maison ODORI KOEN
Prime Maison KAMOKAMOGAWA

Electricity charges

Approx. ¥1.8 million in total(all capital expenditure)

Construction cost of approx. ¥1.8 million in total is
expected to recover in about 2 years

Note: “Estimate” are figures estimated by the Asset Management Company based on proposal materials provided by the construction company. In addition, there is no guarantee that construction costs will be recovered for sure.

28

Occupancy Status and Tenant Trends at Retail Properties
Achieved 100% occupancy for retail portfolio by agile leasing such as attracting tenants as soon as possible forsections for which the Investment Corporation received notices of cancellation in the previous period
Occupancy Status of Retail Properties
Contract and Renewal Status in the 19th FP ended March 2015

Occupancy Status in the 19th FP ended March 2015
End of 18th FP

End of 19th FP

Periodaverage

HAMAMATSU Plaza

100%

100%

100%

b-town JINGUMAE II (Note)

100%

‒

‒

RINKU HAGURAZAKI Plaza

100%

100%

100%

b-town MINAMIAOYAMA

92.3%

100%

100%

KOJIMA NEW KAMIFUKUOKATEN

100%

100%

100%

b-toss IKEBUKURO

100%

100%

100%

Joy Square YUGAWARA

100%

100%

100%

Property nameBell Plaza Shopping Center

100%

100%

100%

Tenant’s business type

Retail properties’ name99.9%

Retail properties total

100%

 Concluded a memorandum on rent decrease with Kojima Co., Ltd., atenant of KOJIMA NEW KAMIFUKUOKATEN, in March 2015
Property name

Kojima NEW KAMIFUKUOKA TEN

Tenant’s business type

Home appliances retailing businessContract period

March 2014 ‒ March 2016

Leased floor area

3,413.40m2

 Successfully invited a succeeding tenant to Bell Plaza Shopping Centerat early stage which became partially vacant in December 2014

Service businessContract period

December 2014 ‒ December 2019

Leased floor area

200.00m2100%

Note: b-town JINGUMAE II was sold on October 3, 2014.

Bell Plaza Shopping Center

Main Issues of Tenants at Retail Properties and Response Policies Going Forward
Name
HAMAMATSU Plazab-toss IKEBUKUROCurrent status

Response policy going forward● Ito-Yokado, the tenant associated with the section whose
ownership the Investment Corporation sold fearing risk ofsignificant decrease of profitability, closed in January, 2015

A succeeding tenant has been finalized by leasing activities of Sekisui
House, a quasi co-owner of the facility. Deepen relation with otherexisting tenants while aiming to make the whole facility more attractive.

● Received notice of cancellation as of March 31, 2015 from anexisting tenant on the 4th floor of the property(leased floor area:149.69m2)

Focus on leasing to a successor tenant as soon as possible while
comprehensively considering terms and conditions, etc. as receiving
inquiries from restaurants, etc.

● Received notice of cancellation as of September 27, 2015 from anexisting tenant on the 1st floor of the property(leased floor area: 45.12m2)

The impact on performance for the 20th fiscal period is minor. We will
execute agile leasing strategies under cooperation with the PM company
and focus on leasing to a successor tenant as soon as possible.

29Future Internal Growth Policy
Deepen cooperation
with Sekiwa Real Estate Group

Promote agile leasing strategies

Aggressively utilize “MAST agents,” the Sekiwa Real EstateGroup’s community-based agency network on nationwide
rental residential properties

Promote maintenance of renewal rate and shortening of
vacant period while focusing on maximization ofopportunities to increase rents and aggressive acquisition of
key money

Effectively utilize “MAST-WEB,” a website of the Sekiwa
Real Estate Group on rental residential properties, and otherleasing tools

 Promote efficient management
and operation by further
enhancement of management
structureImplement measures to increase other ancillary income suchas improving occupancy rates of parking lots

Maintain asset valueof the owned properties

 Promote establishment of“Sekisui House SI Residential”
brand

Promote sustainability

Conduct building deterioration diagnosis sequentiallydepending on the building age and prepare efficient mid-to
long-term repair plan

Promote replacement to energy-saving air conditioners,
installment of water-saving shower, etc. having intention ofincreasing tenant satisfaction as well

Implement value-adding work for common areas andexclusive areas with the intention of increasing rents or
tenant satisfaction

Promote cost reduction measures that are evenenvironmentally-conscious such as introducing LED lighting
in common areas and installation of water-saving equipment

Aim for stable management ofowned properties and further
improvement in profitability

Collaborative structure with the Sekiwa Real Estate Group concerning leasing
Number of properties which property management has
been entrusted to the Sekiwa Real Estate Group as ofdate of the document<only residential properties>

71 properties/ 103 properties

Sekiwa Real Estate
TohokuOsaka City
Sekiwa Real Estate Kansai(8 properties)
・Esty Maison TSUKAMOTO
・Prime Maison YUHIGAOKA, etc.

Tokyo / Sapporo City
Sekiwa Real Estate
Kanto

Sekiwa Real Estate(48 properties)
・Esty Maison GINZA
・Prime Maison WASEDA, etc.

<Overview of the Sekiwa Real Estate Group>• The seven Sekiwa Real Estate companies which are wholly-owned subsidiaries of
Sekisui House and operate nationwide are at the core
• They unfold the real estate business (real estate sale and real estate leasing
business) of Sekisui House• The real estate leasing department manages 545,000 units nationwide centering
on rental housing developed by Sekisui House and SHAMAISON (as of end ofJanuary 2015)• SHAMAISON is one of the rental housing brands of Sekisui House and occupancy
rate for those leased by the Sekiwa Real Estate Group is 96.4% (as of end ofJanuary 2015)

Nagoya City

Fukuoka City
Sekiwa Real Estate Kyushu(4 properties)
・MAST HAKATA・Prime Maison MOMOCHIHAMA, etc.

Sekiwa Real Estate
Chugoku

Sekiwa Real Estate Chubu(11 properties)
・Prime Maison HIGASHISAKURA
・Esty Maison AOI, etc.

30

Prime Maison MINAMI 2-JO

IV. Financial Activities in and after 19th FP Ended March 31,
2015 and Future Policy

プライムメゾン東桜
マスト博多
マスト博多

Summary of Financial Activities in and after 19th FP
Total interest-bearing debt

LTV

Average borrowing cost rate

¥100,909 million

51.5%

1.04%

as of date of document

as of date of document (estimate)

19th FP ended March 31, 2015

Ratio of fixed interest rates

Ratio of Long-Term Borrowings

Average remaining periods of borrowings

89.1%

94.4%

4.7 years

as of date of document

as of date of document

as of date of document

Note: “LTV” is calculated by dividing total interest-bearing debt as of date of the document with estimated amount of total assets as of the same date.

Debt Finance• Promoted lengthening of borrowing periods, diversification of repayment dates and fixing of interest rates on the occasion of refinancing ¥15.35 billion
in total• Conducted agile new borrowings to procure funds for property acquisitions• Interest rate spreads dropped for both short-term and long-term borrowings

Equity Finance• Brought LTV down by enhancement of unitholders’ equity through implementation of public offering• Increased NAV per unit through the issuance of new investment units at conditions exceeding NAV per unit

FuturepolicyAim further reinforcement of the stability of financial base by promoting
maintenance and enhancement of financial soundness and selecting appropriate
ways among a variety of methods to procure funds32

Major Initiatives in and after 19th FP (1)Overview of Debt Finance Nov. 2014 and Jan., Mar. and Apr. 2015
Conducted new borrowings of ¥8.45 billion in total to procure funds for property acquisitions
For short-term loans borrowed in March and April 2015, spreads dropped to
17.5bp from 20bp at the previous fund procurement

Status of credit rating(as of date of document)

Compared to previous
fund procurement-2.5bp Feb. 2015
Refinanced a total of ¥15.35 billion (short-term and long-term borrowings (period: 3.6 years and 3.1 years))

Japan Credit Rating Agency, Ltd.
(JCR)

AA- (Stable)

Along with fixing interest rates with interest rate swap agreements, intended to extend and diversify
borrowing periods further by diversifying borrowing periods by 8, 7 and 6 years. Achieved further drop in
spreads from previous fund procurement.
Borrowing
periods

Spreads at previous fundprocurement

Spreads at this fundprocurement

8 years

50bp (Aug. 2014)

45bp

Compared to previous
fund procurement

7 years

45bp (Aug. 2014)

40bp

-5bp

6 years

40bp (Feb. 2014)

35bp

Rating and Investment Information,
Inc.
(R&I)

A+ (Stable)

Aim further decrease in average borrowing cost rate and promote extending average remaining periods of borrowings
(%)

2.45%

4.2
years

1.97%

0.00

1.61%

1.0
year

1.5
years

6.0

Average remaining period of borrowing (Note 3) (right axis)

2.47%

2.00

1.00

(years)Average borrowing cost rates during the fiscal period (Notes 1 and 2) (left axis)

3.00

1.56%

1.47%

3.1
years

4.5
years

4.9 years

4.7
years
4.5

3.2
years
3.0

2.0
years

1.38%
2.0
years

2.1
years

2.3
years

1.25%

1.20%

1.09%
1.04%

Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
Fiscal period
as of the date of thisended Mar. 31, 2010 ended Sept. 30, 2010 ended Mar. 31, 2011 ended Sept. 30, 2011 ended Mar. 31, 2012 ended Sept. 30, 2012 ended Mar. 31, 2013 ended Sept. 30, 2013 ended Mar. 31, 2014 ended Sept. 30, 2014 ended Mar. 31, 2015
document(9th FP)(10th FP)
(11th FP)
(12th FP)
(13th FP)
(14th FP)
(15th FP)
(16th FP)
(17th FP)
(18th FP)
(19th FP)

1.5

0.0

Note 1: Average borrowing cost rate during the fiscal period = Period borrowing cost (annualized) / Balance of period average interest-bearing debt; Borrowing cost = Interest expenses + Borrowing related expenses + Interest expenses on investment
corporation bonds.
Note 2: Rounded to the nearest second decimal place.
Note 3: The figures are the result of calculation based on the weighted average using the remaining period from each corresponding date to the repayment (redemption) dates of loans and investment corporation bonds, and their balances and rounded
down to the nearest first decimal place.

33

Major Initiatives in and after 19th FP (2)Overview of Equity Finance
Overview of acquired assets and new borrowings

Issuance Resolution
Date

October 3, 2014 (Friday)

Price Determination
Date

October 15, 2014 (Wednesday)

Number of Newly
Issued Investment
Units

Primary offering portion: 97,970 units(102,870 units including third-party allotment portion)

Offer Price per Unit

¥99,157 (discount rate: 2.5%)

Issue Amount per
Unit¥95,902 (underwriting fee: 3.2%)

Total Issue AmountPrimary offering portion: ¥9,395 million(¥9,865 million including third-party allotment portion)
For Primary offering

Asset Class

8 residential properties

Acquisition dateNovember 4, 2014 (7 properties)
January 15, 2015 (1 property)

SellerSekisui House, Sekiwa Real Estate, Fukuoka Shoji Co., Ltd.

Total appraisal value¥16,872 million

Total acquisition price¥15,985 million

Appraised NOI yield

5.6% (on the basis of appraisal value at the time of acquisition)

Average property age

3.5 years (as of date of document): October 22, 2014 (Wednesday)

Payment Date
Third-party allotment portion: November 18, 2014 (Tuesday)

Drawdown date

Borrowing amount

Borrowing period

Interest rate / Spread

Listing Date of Newly For Primary offering: October 23, 2014 (Thursday)
Issued Investment
Third-party allotment portion: November 20, 2014 (Thursday)
Units

November 4, 2014

¥1,000 million

Approx. 10 months

Floating rate / 20bp

January 15, 2015

¥2,800 million

Approx. 1 year 2 months

Floating rate / 20bp

Changes in NAV per Unit (taking into consideration the split of investment units)
Unitholders’ capital per unit

¥74,855

Unrealized gain / loss per unit (entire portfolio)¥77,329¥87,813¥87,813-¥12,958-¥10,484

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

End of 14th FP(Fiscal period ended Sept. 30, 2012)¥78,125¥84,270-¥6,145
End of 15th FP(Fiscal period ended Mar. 31, 2013)

NAV per unit

¥92,880¥87,444¥82,555¥6,499¥97,222¥9,803¥1,865¥85,579¥85,579-¥3,024

Resolution of unrealized loss

End of 16th FP(Fiscal period ended Sept. 30, 2013)

End of 17th FP(Fiscal period ended Mar. 31, 2014)¥86,381¥87,343

End of 18th FP(Fiscal period ended Sept. 30, 2014)

End of 19th FP(Fiscal period ended Mar. 31, 2015)

Public offering
implemented in
October 2014
contributed tofurther increaseof NAV per unit

Note: NAV per unit for each fiscal period is calculated by subtracting total distributions in each fiscal period from the amount of market value net assets based on appraisal values, etc. and dividing the obtained amount with the number of investment units
issued and outstanding as of the end of each fiscal period.

34

Future Financial Policy
Aim maintenance and enhancement of financial soundness and promote further reinforcement of the stability offinancial base
Ratios of Floating and Fixed Interest Rates

Ratios of Short-Term and Long-Term Borrowings
Maintain stable ratio of long-term borrowings

Maintain stable ratio of borrowings with fixed interest
Floating

Short-termLong-term (

Fixed

100%

9.4%

5.6%

（5.7%）

80%

LTV

55%

Borrowing Capacity
51.1%

3.9%

10.9%

Control LTV conservatively

long-term borrowings scheduled to be repaid within 1 year)

100%

9.2%

12.1%

Changes in LTV¥18 billion

52.3%

50%

（5.6%）¥20 billion

51.5%¥16 billion（7.2%）

60%

45%

40%

80%

90.8%

87.9%

96.1%

90.6%

89.1%

¥14 billion

94.4%¥16.9 billion¥15.1 billion¥12 billion

40%
20%

¥10 billion¥10.7 billion0%

End of 18th FP(Sept. 30, 2014)

End of 19h FP(Mar. 31, 2015)

As of date of
document

60%

End of 18th FP(Sept. 30, 2014)

End of 19h FP(Mar. 31, 2015)

As of date of
document

35%¥8 billion

End of 18th FP(Sept. 30, 2014)

End of 19h FP(Mar. 31, 2015)

As of date of
document(estimate)

Maturity ladder (as of date of document)
Promote further diversification of repayment dates targeting about ¥10 billion in a fiscal period(million yen)
16,000Long-term borrowing

14,000

Short-term borrowing

・・・Refinancing during the fiscal period ended Mar. 31, 2015
・・・New borrowings during the fiscal period ended Mar. 31, 2015
・・・New borrowing on Apr. 2, 2015

Investment corporation bonds

12,00010,000

2,500

8,000

4,650

2,000

6,000
9,500

4,000
2,000

1,000

6,792

2,705

2,100

2,500

24th FPEndingSept. 30,2017

25th FPEndingMar. 31,2018

26th FPEndingSept. 30,
2018

9,830

9,900

8,382

4,000

5,650

8,100

5,500

5,400
4,400

3,000

3,000

37th FPEndingMar. 31,2024

38th FPEndingSept. 30,2024

019th FP
Ended
Mar. 31,2015

20th FPEndingSept. 30,2015

21st FPEndingMar. 31,2016

22nd FPEndingSept. 30,2016

23rd FPEndingMar. 31,2017

27th FPEndingMar. 31,2019

28th FPEndingSept. 30,2019

29th FPEndingMar. 31,2020

30th FPEndingSept. 30,2020

31st FPEndingMar. 31,2021

32nd FPEndingSept. 30,2021

33rd FPEndingMar. 31,2022

34th FPEndingSept. 30,2022

35th FPEndingMar. 31,2023

36th FPEndingSept. 30,2023

Note 1: The above ratios are rounded to the nearest first decimal place.
Note 2: Ratio against the total interest-bearing debt.

35

[Reference] Overview of Interest-Bearing Debt
Overview of Interest-Bearing Debt

(million yen)

End of 19th FP (Mar. 31, 2015)
Average Interest
Rate onProcurement(Note 2)

Balance

Short-term loans payable
Long-term loans payable(Note 3)
Investment corporation
bonds
Total interest-bearingdebt

As of date of document

Balance

Average Interest
Rate onProcurement(Note 2)100,000

14,50080,0000.3%¥5,650 million

0.3%

60,000¥80,759 million

0.9%¥80,759 million

0.9%

40,000¥14,500 million

0.8%¥14,500 million

0.8%¥99,109 million

0.9%¥100,909 million

0.9%

51.1%

Long-term loans payable
Short-term loans payable

120,000¥3,850 million

LTV (Note 4)

Investment corporation bonds
Current portion of long-term loans

62,60914,50014,50075,10975,10920,000

6,650

8,700

0
Sept. 30, 2014(End of 18th FP)

51.5% (estimate)

5,650

3,850

5,650
Mar. 31, 2015
(End of 19th FP)

5,650

As of date of document

Loans Payable Outstanding by Financial Institution
As of date of document

Financial Institution

Outstanding Balance

Share¥16,626 million

19.2%

Sumitomo Mitsui Banking Corporation¥16,466 million

19.1%

1.4%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥11,200 million

13.0%

1.7%

Mizuho Trust & Banking Co., Ltd.

¥6,030 million

7.0%

2.3%

Sumitomo Mitsui Trust Bank, Limited¥6,000 million

6.9%

Mitsubishi UFJ Trust and Banking Corporation¥5,142 million

6.0%

Development Bank of Japan Inc.

¥5,141 million

5.9%

The Norinchukin Bank

¥4,152 million

4.8%

Resona Bank, Limited.

¥3,950 million

4.6%

The Bank of Fukuoka, Ltd.

¥2,200 million

2.5%

Aozora Bank, Ltd.

¥2,000 million

2.3%

Shinkin Central Bank

¥1,500 million

1.7%

The Senshu Ikeda Bank, Ltd.

¥1,200 million

1.4%

The 77 Bank. Ltd.

¥1,200 million

1.4%

The Hiroshima Bank, Ltd.

¥1,200 million

1.4%

The Yamaguchi Bank, Ltd.

¥1,200 million

1.4%

The Shizuoka Bank, Ltd.

¥1,200 million

1.4%¥86,409 million

100.0%

Total debt

1.4%

1.4%

Mizuho Bank, Ltd.

1.4%

Mizuho Bank, Ltd.

1.4%

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

2.5%
19.2%

4.6%

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

4.8%

Resona Bank, Limited.

5.9%

The Bank of Fukuoka, Ltd.

19.1%
6.0%

Aozora Bank, Ltd.
Shinkin Central BankThe Senshu Ikeda Bank, Ltd.

6.9%

13.0%

The 77 Bank. Ltd.

7.0%
The Hiroshima Bank, Ltd.
The Yamaguchi Bank, Ltd.
The Shizuoka Bank, Ltd.

Note 1: Concerning figures in the graphs and tables above, money amounts of less than one million yen are rounded down and percentage figures are rounded to the nearest first decimal place.
Note 2: The average interest rate on procurement is the weighted average of applied interest rates as of March 31, 2015 or as of date of document, and the figures are rounded to the nearest first decimal place.
Note 3: Includes current portion of long-term loans payable.
Note 4: LTV = Period-end total interest-bearing debt ÷Period-end total assets (Interest-bearing debt = Loans+ Investment corporation bonds)

36

Prime Maison KAMOKAMOGAWA

V. CSR and Environmental Activities

プライムメゾン東桜
マスト博多
マスト博多

CSR and Environmental Activities (1)Environmental Policy
environment
Based on “Sustainability
Vision” of Sekisui House,the main sponsor of theInvestment Corporation,

considersocietyandconduct

real estate
investment
management

governanceRealize sustainable society

Provide high-quality residences
through the J-REIT scheme

Sustainability Policy
1. Compliance with Environment-related Laws and Regulations and Rules
In addition to performing in-house training for the purpose of enhancing knowledge with regard to environment-related laws andregulations and rules, we conduct real estate investment and management while maintaining compliance with environmentrelated laws and regulations and rules toward the realization of a sustainable society.

2. Energy Conservation Measures
We conduct measurement and management of energy consumption levels of properties owned by the Investment Corporation,and proactively promote activities toward the conservation of energy.

<Case Studies>
Energy Conservation MeasuresReplaced light fixtures in common
areas with LED fixtures
Reduced environmental burden

3. Resource Depletion Countermeasures
Through the effective use of limited resources and energy conservation measures, we proactively undertake measures against
the depletion of resources.

4. Biodiversity Activities

completed at 8 properties
as of the end of 19th FP

In accordance with the “Gohon no ki” (Five Trees) project promoted by Sekisui House, we conduct maintenance andmanagement of planting, selecting tree species while considering vegetation existing within each region.

5. Information Disclosure
While regularly monitoring environmental activities, we disclose information concerning sustainability performance at our
website. Furthermore, we will continue our efforts to acquire recognition from outside agencies, such as the DBJ Green Building
Certification.

Resource Depletion Countermeasures
Installed water-saving equipment
reduction in water usage

6. Contributing to regions in which we own properties
While promoting the establishment of facilities to enable tenants to continue living safely and securely in the event of a disaster,by opening our facilities to neighborhood residents when a disaster occurs, we aim to contribute to areas in which we own
properties.

“Sustainability Vision” of Sekisui House indicates“13 guidelines” based on “four values (environmental value, economic value,social value and residents’ value)” in order to contribute to formulation ofsustainable society through providing homes.

completed at 157 places
as of the end of 19th FP“Gohon no ki” (Five Trees) project promoted by Sekisui House indicates
A gardening proposal as a dialogue with nature and is an attempt to revitalize biodiversity byplanting familiar species of trees original, wild and native to Japan according to the regional
climate.
38

CSR and Environmental Activities (2)Examples of Environmental Certification from External Agencies

In January 2015, we received DBJ Green Building Certification for the first time as residential properties
Ranked highly (4 stars) as "properties with exceptionally high environmental & social awareness”
Certification Rank (4 stars)

Prime Maison SHINAGAWA

Photovoltaic panels

Photovoltaic
panelsPrime Maison GOTENYAMA EAST

Semi-outdoor greening
Rooftopgreening(4 stars)
Wall greening

Roadside greening

Wall greening

Assessment Points• Proactively promotes energy saving and energy creation by employing LED lighting for not only common areas but also exclusive areas, as well as installingphotovoltaic power generation panels, to demonstrate how sustainable residences should be.
• Conducts greening on the rooftop and walls, and gives considerations to biodiversity by frequently planting Japan’s original, wild and native species that have long
been familiar to the local community, based on the “Gohon no ki” (Five Trees) project promoted by Sekisui House, Ltd., the developer.
• (Particularly for Prime Maison SHINAGAWA) Responds to a variety of tenant needs by introducing latest facilities, including installment of electric vehicle battery
chargers as well as emergency power sources that are directly connected to the photovoltaic power generation panels to supply electricity to the common areas.

The DBJ Green Building Certification System
It is a system designed to mark buildings by using a scoring model originally developed by Development Bank of Japan Inc. and select blue-chip real estate that meets the demands ofthe times. Its purpose is to promote real estate properties that demonstrate environmental performance as well as security measures and disaster prevention measures and take into
account the social requirements from various stakeholders surrounding the properties (“Green Buildings”).
39Prime Maison CENTRAL PARK

Ⅵ. Appendix

プライムメゾン東桜
マスト博多
マスト博多

Balance Sheet (1)18th Fiscal Period(As of September 30, 2014)
Million yen

19th Fiscal Period(As of March 31, 2015)

Percent of total

Million yen

ChangePercent of total

Million yen

Period on period (%)

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

Total assets

3,595
4,769
145
137
0
69
0
-1
8,715

82,643-10,188
72,454
594
-141
453
1,292
-321
970
102
-44
58
93,263
167,199
154
‒
1
155

235
341
120
697
168,052
89
34
124
176,892

4.9

2,941
5,128
177
139
0
39
0
-1
8,425

94.5

91,755-11,426
80,328
709
-161
548
1,733
-381
1,351
135
-51
83
102,216
184,529

0.1

152
0
0
153

0.4
95.0

235
417
125
778
185,461

0.1
100.0

82
67
149
194,035

4.3

-654
359
32
2
0
-29
-0
-0
-290

-3.3

95.1

9,111
-1,237
7,874
115
-19
95
440
-59
381
32
-7
25
8,953
17,330

10.4

0.1

-2
0
-0
-1

-1.1

0.4
95.6

-0
75
4
80
17,408

11.6
10.4

0.1
100.0

-7
32
24
17,142

19.8
9.7

41

Balance Sheet (2)18th Fiscal Period(As of September 30, 2014)
Million yen

19th Fiscal Period(As of March 31, 2015)

Percent of total

Million yen

ChangePercent of total

Million yen

Period on period (%)

Liabilities
Current liabilities
Operating accounts payable

289

413

123

Short-term loans payable

8,700

3,850

-4,850Current portion of long-term loans payable

6,650

5,650

-1,000Accounts payable – other

446

538

92

Accrued expenses

64

58

-6

Income taxes payable

2

2

0

Advances received

303

286

-17

Other
Total current liabilities

12
16,46913
9.3

10,8120
5.6-5,656-34.3

Non-current liabilities
Investment corporation bond

14,50014,500‒Long-term loans payable

62,60975,10912,500Tenant leasehold and security deposits in trust

2,303

Total non-current liabilities

79,41344.9

91,995

47.4

12,582

15.8

95,88254.2

102,808

53.0

6,925

7.2

79,05944.7

88,925

45.8

9,865

12.5

Total liabilities

2,385

82

Net assets
Unitholders’ equity
Unitholders’ capital
Surplus
Unappropriated retained earnings

1,950

Total surplus

1,950

1.1

2,302

1.2

351

18.0

Total unitholders’ equity

81,01045.8

91,22747.0

10,217

12.6

81,01045.8

91,22747.0

10,217

12.6

176,892

100.0

194,035

100.0

17,142

9.7

Total net assets

Total liabilities and net assets

2,302

351

42

Statement of Income and Retained Earnings
18th Fiscal Period
from April 1, 2014 to September 30, 2014
Million yen

Percent of total

19th Fiscal Period
from October 1, 2014 to March 31, 2015
Million yen

Percent of total

ChangeMillion yen

Period on period (%)

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

5,591

6,134

‒

152

5,591

100.0

6,286

543
152
100.0

695

12.4

Operating expenses
Expenses related to rent business

2,560

2,835

274

Asset management fee

360

417

56

Asset custody fee

13

14

0

Administrative service fees

31

33

2

Directors’ compensations

3

3

‒

Provision of allowance for doubtful accounts

1

0

-0

Other operating expenses

156

Total operating expenses

3,127

55.9

3,472

55.2

344

11.0

2,463

44.1

2,814

44.8

350

14.2

Operating income

167

10

Non-operating income
Interest income

0

0

0

Reversal of distributions payable

0

0

0

Interest on tax refund

0

0

0

Other

0

‒

-0

Total non-operating income

1

0.0

1

0.0

-0

-2.9

Non-operating expenses
Interest expenses

390

371

-19

Interest expenses on investment corporation bonds

45

56

10

Amortization of investment corporation bond issuance costs

6

7

1

Borrowing related expenses

62

62

-0

Amortization of investment unit issuance costs

6

13

7

Other

0

0

Total non-operating expenses

0

512

9.2

510

8.1

-1

-0.3

Ordinary Income

1,952

34.9

2,305

36.7

352

18.0

Income before income taxes

1,952

34.9

2,305

36.7

352

18.0

Income taxes - current

2

2

0

21.7

Income taxes - deferred

-0

-0

-0

116.8
21.0

Total income taxes
Net Income

2

0.0

2

0.0

0

1,950

34.9

2,302

36.6

351

18.0

0

672.8

351

18.0

Retained earnings brought forward

0

Unappropriated retained earnings

1,950

0
34.9

2,302

36.6

43

Statements of Cash Flows / Cash Distributions
Statement of Cash Flows
18th Fiscal Period
from April 1, 2014 toSeptember 30, 2014

19th Fiscal Period
from October 1, 2014 toMarch 31, 2015

Million yen

Million yen

Cash flows from operating activities

18th Fiscal Period
from April 1, 2014 toSeptember 30, 2014

19th Fiscal Period
from October 1, 2014 toMarch 31, 2015

Million yen

Million yen

Cash flows from investing activities

Income before income taxes

1,952

2,305

Depreciation

1,253

1,370

Amortization of investment corporation bond issuance
costs

6

7

Amortization of investment unit issuance costs

6

Increase (decrease) in allowance for doubtful accounts

00Interest income-0-0Interest expenses

436

427

13

Purchase of property, plant and equipment in trust-20,382-19,664‒-1

Proceeds from tenant leasehold and security
deposits in trust

505

257

Repayments of tenant leasehold and security
deposits in trust

-169

-175

Decrease (increase) in investments and otherassets, net-4-4-20,051-19,587

Purchase of intangible assets

Net cash used in investing activities

Decrease (increase) in operating accounts receivable

14

-32

Decrease (increase) in prepaid expenses

-17

16

Decrease (increase) in consumption taxes receivable

-55

29

Proceeds from short-term loans payable

8,700

3,850

Increase (decrease) in operating accounts payable

-9

104

Repayments of short-term loans payable-3,300-8,700

Increase (decrease) in accounts payable – other46

64

Proceeds from long-term loans payable

9,800

18,150

Increase (decrease) in advances received

45

-17

Decrease due to sale of property, plant and equipmentin trust

Repayments of long-term loans payable‒-9,509-6,6501,013

Decrease (increase) in long-term prepaid expenses

-44

-94

Proceeds from the issuance of investment
corporation bonds

2,976

‒

Proceeds from the issuance of investment units

10,724

9,819

Dividends paid

-1,765-1,949Net cash provided by financing activities

17,626

14,520

Other, net-170

Subtotal

3,617

5,206

Interest income received

0

0

-442

-433

-2

-2

3,173

4,772

18th Fiscal Period
from April 1, 2014 toSeptember 30, 2014

19th Fiscal Period
from October 1, 2014 toMarch 31, 2015

Interest expenses paid
Income taxes paid
Net cash provided by operating activities

Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents

748

-295

Cash and cash equivalents at the beginning of period

7,616

8,365

Cash and cash equivalents at the end of period

8,365

8,069

Cash Distributions

Yen

Yen

I. Unappropriated retained earnings

1,950,792,909

2,302,778,596

II. Cash distributions(Cash distributions per unit)

1,950,376,440（2,131）2,224,570,350(2,185)‒77,988,021

416,469

220,225

III. Voluntary retained earnings(Provision for reserve for reduction entry)
IV. Retained earnings brought forward

44

Summary of Selected Financial Data
18th Fiscal Period
from April 1, 2014 toSeptember 30, 2014

19th Fiscal Period
from October 1, 2014 toMarch 31, 2015

183 days

182 days

Total assets

176,892 million yen

194,035 million yen

Net assets

81,010 million yen

91,227 million yen

Unitholders’ capital

79,059 million yen

88,925 million yen

915,240 units

1,018,110 units

88,512 yen

89,605 yen

1,950 million yen

2,224 million yen

Business days

Investment units issued
Net assets per unit
Total cash distributions
Cash distributions per unit

2,131 yen

2,185 yen

Ordinary income to total assets(annualized) (Note 1)

2.3%

2.5%

Return on unitholders’ equity(annualized) (Note 2)

5.2%

5.4%

Unitholders’ equity ratio (Note 3)

45.8%

47.0%

99

107

357,494.91m2

399,249.82m2

97.1%

97.4%

1,252 million yen

1,369 million yen

Total number of properties
Total leasable floor area
Period-end occupancy rate
Depreciation expense (Expenses
related to rent business)
Capital expenditures

Note 1: Ordinary income to total assets = Ordinary income (annualized) / Average total assets
Average total assets = (Period-beginning total assets + Period-end total assets) / 2

68 million yen

153 million yen

Leasing Net Operating Income(NOI) (Note 4)4,283 million yen

4,669 million yen

Note 3: Unitholders’ equity ratio = Period-end net assets / Period-end total assets

Funds from Operation (FFO) (Note 5)

3,204 million yen

3,520 million yen

Note 4: Leasing NOI = Leasing income for the fiscal period (= Rent revenue-real estate – Expenses related to rent
business) + Depreciation expense (Expenses related to rent business)

3,500 yen

3,458 yen

92,459 million yen

99,109 million yen

FFO per unit

Note 2: Return on unitholders’ equity = Net income (annualized) / Average net assets
Average net assets = (Period-beginning net assets + Period-end net assets) / 2

Note 5: FFO = Net income – Gain on sales of real estate properties + Loss on sales of real estate properties +Depreciation
Note 6: LTV = Period-end total interest-bearing debt / Period-end total assets

Total interest-bearing debt

Interest-bearing debt = Borrowings + Investment corporation bonds

Loan to Value (LTV) (Note 6)

52.3%

51.1%

Note 7: Interest-bearing debt ratio = Period-end interest-bearing debt / (Period-end interest-bearing debt +Unitholders’ capital)

Interest-bearing debt ratio (Note 7)

53.9%

52.7%

Note 8: DSCR = (Net income + Repayment of interest-bearing debt + Interest expenses + Depreciation) /(Repayment of interest-bearing debt + Interest expenses)

8.3 times

9.6 times

Debt Service Coverage Ratio(DSCR) (Note 8)* Ratios are rounded to the nearest first decimal place.

45

History of the Investment Corporation since ListingManagement before change of sponsor

Management after change of sponsor

Total acquisitionPrice(million yen)

190,000

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

180,000

99
properties
171,099

170,000

95
properties
151,744

160,000
150,000

140,000
July 28, 2005
Listed on the Tokyo
Stock Exchange

130,000
120,000
110,000
100,000

48
properties
91,81842properties
81,47390,00080,00050,00020,000(Note 1)53
properties
99,92053
properties
99,92057
properties
103,97458
properties
106,234

60
properties
101,006

66
properties
110,214

Trade namechange(Note 1)

Oct. 24, 2007
Public offering
17,500 units

21
properties
47,516

Apr. 2, 2010
Third-party
allotment
10,400 units

Nov. 21, 2007
Third-party
allotment
1,170 units

40,00030,00053
properties
99,91953
properties
99,92077
properties
128,79489
properties
141,472

Apr. 1, 2014
Split ofInvestment Units

70,00060,00052
properties
99,048Trade namechangeAug. 29, 2005
Third-party
allotment
2,000 units

Oct. 1,
2012
Public offering
20,460 units

Apr. 22,2013
PublicOffering
21,430 units

Apr. 21, 2014
Public Offering
111,600 units

Oct. 22, 2014
Public Offering
97,970 units

Oct. 26, 2012
Third-party
allotment
1,540 units

May 23, 2013
Third-party
allotment
1,105 units

May 22, 2014
Third-party
allotment
5,615 units

Nov. 18, 2014
Third-party
allotment
4,900 units

Feb. 28, 2013
Investment
corporation
bonds¥6,000 million

10,000Feb. 28, 2014
Investment
corporationbonds¥5,500 million～～

0

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

Aug. 29, 2014
Investment
corporationbonds¥3,000 million

Sale of 1 property

Sale of 1 property-10,000

110
properties
190,320

107
properties
188,771

End of 4th FP
End of 5th FP
End of 6th FP
End of 7th FP
End of 8th FP
End of 9th FP(Sept. 30, 2007) (Mar. 31, 2008) (Sept. 30, 2008) (Mar. 31, 2009) (Sept. 30, 2009) (Mar. 31, 2010)

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

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

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

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

Sale of1 property

Sale of Hamamatsu Plaza East,
Ito-Yokado Building

Sale of part of
HAMAMATSU Plaza, etc.
End of 14th FP(Sept. 30, 2012)

End of 15th FP(Mar. 31, 2013)

End of 16th FP(Sept. 30, 2013)

End of 17th FP End of 18th FP(Mar. 31, 2014) (Sept. 30, 2014)

Sale ofpart of RINKU
HAGURAZAKI Plaza

End of 19th FP(Mar. 31, 2015)

As of date of
document

Unitholders’ capital¥28,491
million¥42,297
million¥48,704
million¥50,523
million¥57,755
million¥68,294
million¥79,059
million¥88,925
millionNumber ofinvestment units

56,000units

86,000units

104,670
units

115,070
units

137,070
units

159,605
units

915,240
units

1,018,110
units

Total interest-bearing ¥23,165
debt
million(Note 2)¥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¥71,434
million¥75,975
million¥83,768
million¥92,459
million¥99,109
million¥100,909
millionLTV(Note 3)

41.7%

47.7%

45.2%

49.3%

49.3%

49.0%

48.9%

47.1%

48.3%

49.3%

51.5%

52.1%

53.4%

51.0%

53.4%

52.3%

51.1%

-

Cash distribution
per unit(Note 4)

¥17,277（¥12,730）¥13,023¥14,402¥11,147¥5,485¥10,262¥10,052¥8,160¥9,793¥10,045¥10,117¥10,351¥10,459¥10,537¥11,062¥2,131¥2,185-Note 1:

With regard to Bell Plaza Shopping Center acquired in the fiscal period ended March 31, 2008, the former land for 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. Furthermore, the building
additionally built on the site was additionally acquired on June 29, 2012 for ¥18 million.

Note 2:

Total interest-bearing debt = Borrowings + Investment corporation bonds + Interest-bearing tenant leasehold and security deposits

Note 3:

LTV = Period-end total interest-bearing debt / Period-end total assets

Note 4:The operating period for the first fiscal period was the 346 days between April 20, 2005 and March 31, 2006. The substantial 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 thenumber of management days as 182 is indicated in parentheses. Furthermore, a split of investment units was executed on April 1, 2014.

46

Portfolio Development Policy
Investment target
Invests only in real estate-related assets that are mainly used (Note) as residences
Residences include student dorms, company housing and serviced housing for the elderly

Promote the establishment of a portfolio comprised of high-quality
residential properties with greater strength and appropriatenessfrom a medium- to long-term perspective

Note : “Mainly used” means that a majority of the total exclusive area of the relevant real estate-related asset is allocated for a specific use.

Target Investment Areas
Set Greater Tokyo / Major Urban Areas as the focused investment area for the portfolio
Establish an investment area called Major Cities Nationwide in the investment area categories
outside Greater Tokyo and diversify investment after severely selecting properties.

Major Cities
Nationwide

Greater Tokyo

Investment area category
Greater Tokyo / Major Urban Areas(Focused investment area)

Greater Tokyo / Other Urban Areas
Major Regional Cities
Other Major Cities Nationwide

Maximally utilize the nationwide network of the Sekisui House Group

Allocation ratio (Note 3)(based on acquisition price)

Specific area
(1) Tokyo： 23 wards, Musashino-shi, Mitaka-shi, Koganei-shi(2) Kanagawa： Yokohama-shi, Kawasaki-shi

About 70%
(1) Tokyo areas (except islands) and Kanagawa other than the above

Together with Greater Tokyo / Major Urban Areas(2) Chiba, Saitama

About 80%

(1) Sapporo-shi, Sendai-shi, Nagoya-shi, Kyoto-shi, Osaka-shi, Kobe-shi, Hiroshima-shi, Fukuoka-shi(2) Additional areas within commuting distance (Note 1)
Government designated cities, etc. other than the above (Note 2)

About 20%
[Up to roughly 10% for Other Major Cities Nationwide]

Note 1: “Areas within commuting distance” represent the peripheral areas from which it generally requires around 30 minutes to commute to the central parts of Sapporo-shi, Sendai-shi, Nagoya-shi, Kyoto-shi, Osaka-shi, Kobe-shi, Hiroshima-shi
and Fukuoka-shi.
Note 2: “Government designated cities, etc. other than the above” represent cities in areas other than Greater Tokyo and that fall under the category of either government designated cities, core cities, special ordinance cities or prefectural capitals
in areas other than Major Regional Cities.
Note 3: “About.” in the allocation ratio means ± 10%.
Note 4: Retail properties owned as of the date of this document have been excluded from the calculation of the above allocation ratio.

Residence TypeWith 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 to the various
needs of residents.
Single / Compact

FamilyLarge

Had already been positioned as a main investment target

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

Invest selectively after carefully analyzing the location
environment, etc.

Participate in the Sekisui House’s development department’splanning and development meeting as an observer

Acquired 2 properties after public offering in 16th FP
Sekisui House has extensive performance in development

47

Portfolio Map (1)As of date of document

Residence (property number)
Retail Properties (property number)

Osaka-shi
Greater Tokyo / Major Urban Areas
Adachi-ku

Itabashi-ku
Kita-ku

Katsushika-ku

Nerima-ku
Arakawa-ku
Toshima-ku

Fukuoka-shi

Musashino-shi
Koganei-shi

Mitaka-shi

Nakano-ku

Suginami-ku

Taito-ku

Bunkyo-ku
Shinjuku-ku

Sumida-ku

Edogawa-ku

Chiyoda-ku
Shibuya-ku

Chuo-ku

Setagaya-ku

Koto-ku

Minato-ku

Meguro-ku

Kawasaki-shi

Shinagawa-ku

Ota-kuYokohama-shi

Greater Tokyo / Other Urban Areas
Nagoya-shi
Tokyo

Kanagawa

Portfolio Earthquake PML

2.6%（Entire portfolio）

Note: “Portfolio Earthquake PML” is as of the survey in March 2015
on assets owned at the end of the fiscal period ended March
31, 2015 (19th fiscal period) and does not include RINKU
HAGURAZAKI Plaza because the Investment Corporation
owns only the land.
The figure is rounded to the nearest first decimal place.

48

Portfolio Map (2)Greater Tokyo / Major Urban Areas

Greater Tokyo / Other Urban Areas
Residence

Residence

Residence

Major Cities Nationwide
Residence

Residence-1

Esty Maison GINZA

Residence-69

Esty Maison SENGOKU

Residence-11 Esty Maison MACHIDA

Residence-96

Prime Maison FUJIMIDAI

Residence-3

Esty Maison AZABUNAGASAKA

Residence-70

Esty Maison DAIZAWA

Residence-18 Esty Maison YACHIYOMIDORIGAOKA

Residence-97

Esty Maison TSURUMAI

Residence-4

Esty Maison EBISU II

Residence-71

Esty Maison TOGOSHI

Residence-40 Esty Maison HACHIOJIMINAMINO

Residence-100 Prime Maison ODORI KOEN

Residence-5

Esty Maison EBISU

Residence-74

Esty Maison SHIROKANEDAI

Residence-50 Prime Maison MUSASHINONOMORI

Residence-101 Prime Maison MINAMI 2-JO

Residence-6

Esty Maison KANDA

Residence-75

Esty Maison HIGASHISHINJUKUResidence-8

Esty Maison KITASHINJUKUResidence-76

Esty Maison MOTOAZABURetail-5

KOJIMA NEW KAMIFUKUOKATENResidence-10 Esty Maison ASAKUSAKOMAGATA

Residence-77

Esty Maison TORITSUDAIGAKU

Retail-8

Joy Square YUGAWARA

Residence-12 Esty Maison KAWASAKI

Residence-78

Esty Maison MUSASHIKOYAMA II

Residence-14 Esty Maison SHINKAWASAKI

Residence-79

Esty Maison NAKANO

Residence-15 Esty Maison YOKOHAMA

Residence-80

Esty Maison SHINNAKANO

Residence-16 Esty Maison KAMEIDO

Residence-81

Esty Maison NAKANOFUJIMICHO

Residence-13 Esty Maison IMAIKE

Residence-17 Esty Maison MEGURO

Residence-82

Esty Maison TETSUGAKUDO

Residence-20 Esty Maison KYOBASHI

Residence-19 Esty Maison SUGAMO

Residence-83

Esty Maison KOENJI

Residence-23 Esty Maison MINAMIHORIE

Residence-21 Esty Maison MEGUROHONCHO

Residence-84

Esty Maison OSHIAGE

Residence-28 Esty Maison JOTO

Residence-22 Esty Maison HAKURAKU

Residence-85

Esty Maison AKABANE

Residence-29 Esty Maison TSUKAMOTO

Residence-24 Esty Maison GOTANDA

Residence-86

Esty Maison OJI

Residence-35 Esty Maison TENJINHIGASHI I

Residence-25 Esty Maison OISENDAIZAKA

Residence-87

Prime Maison WASEDA

Residence-36 Esty Maison TENJINHIGASHI II

Residence-26 Esty Maison SHINAGAWA SEASIDE

Residence-88

Prime Maison HATCHOBORIResidence-37 Esty Maison SHIJONISHINOTOIN

Residence-27 Esty Maison MINAMIAZABUResidence-89

Prime Maison JINBOCHO

Residence-41 Esty Maison NISHINAKAJIMA

Residence-30 Esty Maison KAWASAKI II

Residence-90

Prime Maison GOTENYAMA EAST

Residence-46 Esty Maison HAKATAHIGASHI

Residence-31 Esty Maison AZABUJUBAN

Residence-91

MAST LIFE AKIHABARA

Residence-47 Esty Maison KAMIGOFUKUResidence-33 Esty Maison ITABASHIHONCHO

Residence-94

Esty Maison KINSHICHO II

Residence-51 Prime Maison HIGASHISAKURA

Residence-34 Esty Maison OIZUMIGAKUEN

Residence-95

Esty Maison OJIMA

Residence-52 Prime Maison KAYABAKOEN

Residence-39 Esty Maison HIGASHISHINAGAWA

Residence-98

Prime Maison MORISHITA

Residence-55 MAST HAKATA

Residence-42 Esty Maison ITABASHIKUYAKUSHOMAE

Residence-99

Prime Maison SHINAGAWA

Residence-58 Prime Maison GOKISO

Residence-43 Esty Maison MUSASHIKOYAMA

Residence-104 MAST LIFE YAHIRO

Residence-59 Prime Maison YUHIGAOKA

Residence-44 Esty Maison SENDAGIResidence-105 Prime Maison EBISU

Residence-60 Prime Maison KITATANABE

Residence-45 Esty Maison YOTSUYASAKAMACHI

Residence-106 Esty Maison SHIBAURA

Residence-61 Prime Maison MOMOCHIHAMAResidence-48 Esty Maison SANGENJAYAOther Real Estate in Trust (Retail Properties)

Other Real Estate in Trust (Retail Properties)

Major Cities Nationwide
Residence

Residence-102 Prime Maison KAMOKAMOGAWA
Residence-103 Prime Maison CENTRAL PARK

Other Real Estate in Trust (Retail Properties)
Retail-1

HAMAMATSU Plaza

Retail-3

RINKU HAGURAZAKI Plaza

Retail-9

Bell Plaza Shopping Center

Properties acquired as of Apr. 2, 2015

Residence
Residence-107 Granmast KANAZAWA NISHIIZUMIResidence-108 Granmast UNOMORI

Properties acquired as of May 14, 2015

Residence
Residence-109 Esty Maison TSUTSUJIGAOKA

Residence-65 Prime Maison TAKAMI

Residence-53 Esty Maison SANGENJAYA II

Retail-4

b-town MINAMIAOYAMA

Residence-66 Prime Maison YADAMINAMI

Residence-54 Esty Maison ITABASHI C6Retail-7

b-toss IKEBUKURO

Residence-67 Prime Maison TERIHA

Residence-56 Esty Maison KINSHICHO

Residence-68 Esty Maison HIGASHISHIRAKABE

Residence-57 Esty Maison MUSASHIKOGANEIResidence-72 Esty Maison KAWARAMACHI

Residence-62 Esty Maison AKIHABARA

Residence-73 Esty Maison NISHITENMA

Residence-63 Esty Maison SASAZUKA

Residence-92 Esty Maison AOIResidence-64 Prime Maison GINZA EAST

Residence-93 Esty Maison YAKUIN

49

Status of Portfolio ~Residence~Primary Properties Owned
Greater Tokyo / Major Urban Areas
Esty Maison
GINZA

Esty Maison
OISENDAIZAKAGreater Tokyo / Other Urban Areas
Esty Maison
MACHIDA

Prime Maison
GINZA EAST

Prime Maison
WASEDA

Prime Maison
SHINAGAWA

Major Cities Nationwide
Prime Maison
MUSASHINONOMORI

Prime Maison
HIGASHISAKURAMASTHAKATA50

Status of Portfolio ~ Other Real Estate in Trust (Retail Properties )~Remaining Contract Period

Properties Owned
Greater Tokyo
Other Urban Areas

Greater Tokyo / Major Urban Areas

10 years or more

Less than 3 years

27.3%

5 years toless than 10 years

31.4%

41.0%

b-townMINAMIAOYAMA

b-tossIKEBUKURO

KOJIMA NEW
KAMIFUKUOKATEN

Weighted average ofremaining years (Note)
6.5 years

Joy Square
YUGAWARA

3 years toless than 5 years

0.3%
As of end of fiscal period ended
March 31, 2015 (19th fiscal period)

Major Cities Nationwide
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 fiscal period ended March 31, 2015 (19th fiscal period) and calculated by seeking the weighted average with the highest shop
rent during the lease period, and are rounded down to the nearest first decimal place.

51

List of Properties Owned at End of Period (1)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area
(m2)

Price
(Million yen)Occupancy Rate (%)
Estimated
Value at
End of
As of Sept. 30, As of Mar. 31,
Period2014
2015(Million yen)

Ratio
(%)

Completion Date

Residence- 1

Esty Maison GINZA

Ginza, Chuo-ku, Tokyo

636.36

7,836.57

5,290

2.8

5,810

96.0

100.0 February 7, 2005

Residence- 3

Esty Maison AZABUNAGASAKA

Roppongi, Minato-ku, Tokyo

677.452,317.87

1,730

0.9

1,630

90.6

85.3 January 16, 2004

Residence- 4

Esty Maison EBISU II

Higashi, Shibuya-ku, Tokyo

561.582,452.69

1,960

1.0

1,860

87.2

95.7 June 13, 2003

Residence- 5

Esty Maison EBISU

Hiroo, Shibuya-ku, Tokyo

169.00871.90

700

0.4

790

92.8

96.1 October 20, 2004

Residence- 6

Esty Maison KANDA

Kandata-cho, Chiyoda-ku, Tokyo

307.692,028.19

1,360

0.7

1,410

96.1

100.0 February 20, 2004

Residence- 8

Esty Maison KITASHINJUKU

Kita-shinjuku, Shinjuku-ku, Tokyo

504.412,204.07

1,290

0.7

1,450

98.7

94.2 August 6, 2004

Residence-10

Esty Maison ASAKUSAKOMAGATA

Komagata, Taito-ku, Tokyo

663.54

3,406.10

1,870

1.0

1,970

97.7

96.5 July 28, 2004

Residence-11

Esty Maison MACHIDA

Hara-machida, Machida-shi, Tokyo

587.484,033.59

1,360

0.7

1,460

95.5

95.8 February 23, 2004

Residence-12

Esty Maison KAWASAKI

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

683.694,656.10

2,130

1.1

2,310

96.8

98.0 July 15, 2004

196

98.3

96.9 October 15, 1991

Residence-13 Esty Maison IMAIKE

Imaike, Chikusa-ku, Nagoya-shi, Aichi

360.54

1,375.76300

0.2

1,992.09

3,737.47

1,018

0.5

1,170

100.0

100.0 March 5, 1999

Residence-14

Esty Maison SHINKAWASAKI

Furuichiba, Saiwai-ku, Kawasaki-shi, Kanagawa

Residence-15

Esty Maison YOKOHAMA

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

611.41

3,076.45

2,090

1.1

2,010

95.8

100.0 January 23, 2007

Residence-16

Esty Maison KAMEIDO

Kameido, Koto-ku, Tokyo

438.432,899.67

1,650

0.9

1,430

96.0

98.9 November 30, 2005

Residence-17

Esty Maison MEGURO

Mita, Meguro-ku, Tokyo

578.01

1,283.92

887

0.5

1,020

97.5

91.8 November 28, 2005

Residence-18

Esty Maison YACHIYOMIDORIGAOKA

Midorigaoka, Yachiyo-shi, Chiba

1,289.14

5,420.53

1,348

0.7

1,130

95.3

98.4 January 10, 1998

Residence-19

Esty Maison SUGAMO

Sugamo, Toshima-ku, Tokyo

965.702,785.83

1,510

0.8

1,550

97.3

94.7 February 22, 2007

Residence-20

Esty Maison KYOBASHI

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

799.685,995.82

2,774

1.5

2,710

99.4

97.0 March 2, 2006

Residence-21

Esty Maison MEGUROHONCHO

Megurohoncho, Meguro-ku, Tokyo

865.22

1,975.84

1,220

0.6

1,030

100.0

96.9 February 22, 2006

Residence-22

Esty Maison HAKURAKU

Rokkakubashi, Kanagawa-ku, Yokohama-shi, Kanagawa

457.54

1,593.68

844

0.4

837

96.5

98.2 February 2, 2006

984

97.2

98.6 February 19, 2007

Residence-23 Esty Maison MINAMIHORIE

Minamihorie, Nishi-ku, Osaka-shi, Osaka

475.06

1,994.14

1,055

0.6

Residence-24

Esty Maison GOTANDA (Note 5)

Nishi-gotanda, Shinagawa-ku, Tokyo

593.325,590.34

3,043

1.6

2,830

94.6

96.0 March 2, 2006

Residence-25

Esty Maison OISENDAIZAKA

Higashi-oi, Shinagawa-ku, Tokyo

558.393,440.73

2,440

1.3

2,490

96.1

99.2 August 10, 2006

Residence-26

Esty Maison SHINAGAWA SEASIDE

Higashi-Shinagawa, Shinagawa-ku, Tokyo

1,049.00

3,127.48

2,200

1.2

1,980

96.7

98.2 June 23, 2006

Residence-27

Esty Maison MINAMIAZABUMinamiazabu, Minato-ku, Tokyo

487.27

1,479.61

1,300

0.7

1,160

96.2

98.1 August 23, 2006

Residence-28

Esty Maison JOTO

Noe, Joto-ku, Osaka-shi, Osaka

740.492,232.26

1,075

0.6

922

90.7

97.0 August 31, 2006

Residence-29

Esty Maison TSUKAMOTO

Tsukamoto, Yodogawa-ku, Osaka-shi, Osaka

808.542,565.66

1,250

0.7

1,050

96.9

88.5 August 10, 2006

52

List of Properties Owned at End of Period (2)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area
(m2)

Price
(Million yen)Occupancy Rate (%)
Estimated
Value at
End of
As of Sept. 30, As of Mar. 31,
Period2014
2015(Million yen)

Ratio
(%)

Completion Date

Residence-30

Esty Maison KAWASAKI II

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

601.383,193.14

1,900

1.0

1,910

96.0

96.1 February 27, 2007

Residence-31

Esty Maison AZABUJUBAN

Azabujuban, Minato-ku, Tokyo

380.26

2,097.45

2,700

1.4

2,550

96.8

100.0 February 22, 2007

Residence-33

Esty Maison ITABASHIHONCHO

Yamato-cho, Itabashi-ku, Tokyo

220.85

1,446.78

1,000

0.5

925

93.8

95.4 February 27, 2007

Residence-34

Esty Maison OIZUMIGAKUEN

Higashi-Oizumi, Nerima-ku, Tokyo

618.001,542.16

871

0.5

808

94.6

91.2 February 22, 2007

Residence-35

Esty Maison TENJINHIGASHI I

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

239.18

1,158.70

445

0.2

382

97.8

97.8 January 31, 2007

Residence-36

Esty Maison TENJINHIGASHI II

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

514.892,108.69

840

0.4

708

96.3

98.8 May 23, 2007

Residence-37

Esty Maison SHIJONISHINOTOIN

Myodenji-cho, Shijo-sagaru, Nishinotoin-dori, Shimogyoku, Kyoto-shi, Kyoto

400.593,374.74

1,420

0.8

1,110

100.0

97.8 April 8, 2008

Residence-39

Esty Maison HIGASHISHINAGAWA

Higashi-Shinagawa, Shinagawa-ku, Tokyo

1,028.92

3,338.12

2,610

1.4

2,360

96.1

97.6 May 23, 2008

Residence-40

Esty Maison HACHIOJIMINAMINO

Nishikatakura, Hachioji-shi, Tokyo

1,134.50

2,243.06

1,000

0.5

840

94.2

98.8 March 6, 2007

Residence-41

Esty Maison NISHINAKAJIMA

Higashinakajima, Higashiyodogawa-ku, Osaka-shi,
Osaka

969.02

3,947.24

2,250

1.2

1,870

92.9

91.5 April 18, 2007

Residence-42

Esty Maison ITABASHIKUYAKUSHOMAE

Itabashi, Itabashi-ku, Tokyo

731.71

4,322.19

2,700

1.4

2,500

91.9

92.8 April 22, 2007

Residence-43

Esty Maison MUSASHIKOYAMA (Note 5)

Ebara, Shinagawa-ku, Tokyo

512.62

1,616.87

1,012

0.5

1,030

100.0

97.4 November 5, 2007

Residence-44

Esty Maison SENDAGI (Note 5)

Sendagi, Bunkyo-ku, Tokyo

250.44

1,239.10

757

0.4

695

97.6

97.7 January 9, 2008

Residence-45

Esty Maison YOTSUYASAKAMACHI (Note 5)

Sakamachi, Shinjuku-ku, Tokyo

905.083,675.01

2,300

1.2

1,950

85.1

98.1 March 29, 2008

Residence-46

Esty Maison HAKATAHIGASHI

Yoshizuka, Hakata-ku, Fukuoka-shi, Fukuoka

4,590.91

9,465.09

2,250

1.2

2,390

98.4

98.9 November 21, 2007

Residence-47

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

593.552,523.71

900

0.5

841

97.0

97.0 March 14, 2008

Residence-48

Esty Maison SANGENJAYASangenjaya, Setagaya-ku, Tokyo

153.83954.94

871

0.5

833

97.3

100.0 January 22, 2008

Residence-50

Prime Maison MUSASHINONOMORI

Josuihoncho, Kodaira-shi, Tokyo

5,116.62

4,412.42

1,560

0.8

1,810

93.2

97.6 December 19, 2007

Residence-51

Prime Maison HIGASHISAKURA

Higashisakura, Higashi-ku, Nagoya-shi, Aichi

846.053,517.62

1,140

0.6

1,370

95.0

97.3 February 15, 2008

Residence-52

Prime Maison KAYABAKOEN

Kayaba, Chikusa-ku, Nagoya-shi, Aichi

1,129.02

2,301.42

640

0.3

744

100.0

100.0 November 7, 2006

Residence-53

Esty Maison SANGENJAYA II

Shimouma, Setagaya-ku, Tokyo

473.85

1,006.89

714

0.4

812

91.1

100.0 January 28, 2008

Residence-54

Esty Maison ITABASHI C6Oyama-higashi-cho, Itabashi-ku, Tokyo

773.485,249.34

2,260

1.2

2,380

94.5

94.6 March 12, 2008

Residence-55

MAST HAKATA (Note 6)

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

2,457.01

11,621.67

1,920

1.0

2,380

100.0

100.0 January 15, 2005

Residence-56

Esty Maison KINSHICHO

Kinshi, Sumida-ku, Tokyo

338.57

1,718.10

1,050

0.6

1,200

95.8

97.3 September 6, 2006

Residence-57

Esty Maison MUSASHIKOGANEI

Honcho, Koganei-shi, Tokyo

520.252,676.36

1,450

0.8

1,610

90.2

93.2 February 2, 2005

53

List of Properties Owned at End of Period (3)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area
(m2)

Price
(Million yen)Occupancy Rate (%)
Estimated
Value at
End of
As of Sept. 30, As of Mar. 31,
Period2014
2015(Million yen)

Ratio
(%)

Completion Date

Residence-58

Prime Maison GOKISO

Ayuchitori, Showa-ku, Nagoya-shi, Aichi

1,429.67

4,691.72

1,640

0.9

1,790

98.3

90.7 October 28, 2008

Residence-59

Prime Maison YUHIGAOKA

Ueshio, Tennoji-ku, Osaka-shi, Osaka

547.152,336.49

810

0.4

878

87.7

100.0 February 16, 2007

Residence-60

Prime Maison KITATANABE

Kitatanabe, Higashisumiyoshi-ku, Osaka-shi, Osaka

640.92

2,112.46

540

0.3

573

92.0

100.0 June 13, 2006

Residence-61

Prime Maison MOMOCHIHAMA

Momochihama, Sawara-ku Fukuoka-shi, Fukuoka

4,069.42

8,945.61

1,810

1.0

1,950

100.0

100.0 February 29, 1996

Residence-62

Esty Maison AKIHABARA

Ueno, Taito-ku, Tokyo

458.322,821.47

1,560

0.8

1,790

95.0

100.0 February 24, 2006

Residence-63

Esty Maison SASAZUKA

Sasazuka, Shibuya-ku, Tokyo

909.33

4,263.10

2,830

1.5

3,020

95.7

97.8 September 7, 2004

Residence-64

Prime Maison GINZA EAST

Tsukiji, Chuo-ku, Tokyo

969.108,724.48

5,205

2.8

5,720

98.1

97.3 February 28, 2006

Residence-65

Prime Maison TAKAMI

Takami, Chikusa-ku, Nagoya-shi, Aichi

1,129.17

2,354.34

905

0.5

972

100.0

92.4 August 27, 2008

Residence-66

Prime Maison YADAMINAMI

Yadaminami, Higashi-ku, Nagoya-shi, Aichi

1,148.53

2,430.23

715

0.4

753

100.0

96.2 July 18, 2007

Residence-67

Prime Maison TERIHA

Kashiiteriha, Higashi-ku, Fukuoka-shi, Fukuoka

4,130.59

7,953.60

1,110

0.6

1,230

100.0

100.0 August 31, 2005

Residence-68

Esty Maison HIGASHISHIRAKABE

Yoshino, Higashi-ku, Nagoya-shi, Aichi

1,959.76

4,232.39

1,350

0.7

1,470

100.0

100.0 February 27, 2006

Residence-69

Esty Maison SENGOKU

Sengoku, Bunkyo-ku, Tokyo

1,002.14

2,068.21

1,075

0.6

1,210

94.4

89.7 August 6, 2009

Residence-70

Esty Maison DAIZAWA

Daizawa, Setagaya-ku, Tokyo

1,901.36

2,948.98

1,870

1.0

2,020

97.6

93.4 February 18, 2010

Residence-71

Esty Maison TOGOSHI

Togoshi, Shinagawa-ku, Tokyo

679.82

2,545.90

1,370

0.7

1,550

100.0

98.9 June 25, 2009

Residence-72

Esty Maison KAWARAMACHI

Kawaramachi, Chuo-ku, Osaka-shi, Osaka

655.894,580.48

1,640

0.9

1,810

95.1

99.0 October 17, 2006

Residence-73

Esty Maison NISHITENMA

Nishitenma, Kita-ku, Osaka-shi, Osaka

519.65

4,514.05

1,440

0.8

1,590

95.0

93.3 November 30, 2007

Residence-74

Esty Maison SHIROKANEDAI

Kamiosaki, Shinagawa-ku, Tokyo

1,279.67

2,797.66

1,900

1.0

2,200

90.1

97.9 September 16, 2003

Residence-75

Esty Maison HIGASHISHINJUKU

Shinjuku, Shinjuku-ku, Tokyo

704.82

2,227.87

1,370

0.7

1,510

94.0

92.2 April 17, 2009

Residence-76

Esty Maison MOTOAZABU

Motoazabu, Minato-ku, Tokyo

755.991,699.44

1,170

0.6

1,390

100.0

100.0 November 9, 2009

1,399.75

729

0.4

800

92.8

93.5 February 23, 2009

Residence-77

Esty Maison TORITSUDAIGAKU

Tairamachi, Meguro-ku, Tokyo

766.84

Residence-78

Esty Maison MUSASHIKOYAMA II

Koyama, Shinagawa-ku, Tokyo

609.81

1,436.58

844

0.4

937

100.0

100.0 May 25, 2009

Residence-79

Esty Maison NAKANO

Chuo, Nakano-ku, Tokyo

687.472,608.04

1,540

0.8

1,680

92.1

98.9 June 24, 2009

Residence-80

Esty Maison SHINNAKANO

Honcho, Nakano-ku, Tokyo

747.64

1,508.07

847

0.4

914

96.2

98.0 October 22, 2009

Residence-81

Esty Maison NAKANOFUJIMICHO

Yayoicho, Nakano-ku, Tokyo

907.66

1,531.56

863

0.5

937

100.0

87.4 February 16, 2009

Residence-82

Esty Maison TETSUGAKUDO

Matsugaoka, Nakano-ku, Tokyo

686.93

1,858.00

954

0.5

1,100

97.6

80.6 October 21, 2009

Residence-83

Esty Maison KOENJI

Koenjiminami, Suginami-ku, Tokyo

1,100.15

1,977.24

958

0.5

1,090

89.1

96.7 March 10, 200954

List of Properties Owned at End of Period (4)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)

Total Floor
Area
(m2)

Price
(Million yen)Occupancy Rate (%)
Estimated
Value at
End of
As of Sept. 30, As of Mar. 31,
Period2014
2015(Million yen)

Ratio
(%)

Completion Date

Residence-84

Esty Maison OSHIAGE

Narihira, Sumida-ku, Tokyo

1,134.70

4,344.84

1,950

1.0

2,250

95.9

96.7 April 23, 2010

Residence-85

Esty Maison AKABANE

Akabane, Kita-ku, Tokyo

1,157.02

5,675.18

2,730

1.4

2,990

97.6

98.8 November 25, 2009

Residence-86

Esty Maison OJI

Oji, Kita-ku, Tokyo

518.872,939.76

1,380

0.7

1,500

94.4

94.0 July 6, 2010

Residence-87

Prime Maison WASEDA

Waseda Tsurumaki-cho, Shinjuku-ku, Tokyo

358.54

1,914.93

1,280

0.7

1,450

98.5

97.6 November 8, 2012

Residence-88

Prime Maison HATCHOBORI

Hatchobori, Chuo-ku, Tokyo

302.07

1,901.58

1,160

0.6

1,310

100.0

93.2 November 16, 2012

Residence-89

Prime Maison JINBOCHO

Kandajinbo-cho, Chiyoda-ku, Tokyo

389.482,341.30

1,640

0.9

1,790

93.6

98.6 March 1, 2013

Residence-90

Prime Maison GOTENYAMA EAST

Kitashinagawa, Shinagawa-ku, Tokyo

2,167.60

3,727.89

2,120

1.1

2,570

100.0

92.2 January 18, 2011

Residence-91

MAST LIFE AKIHABARA

Kanda Sakumagashi, Chiyoda-ku, Tokyo

151.48939.79

480

0.3

509

100.0

100.0 October 3, 2006

Residence-92

Esty Maison AOI

Aoi, Higashi-ku, Nagoya-shi, Aichi

906.67

5,107.47

2,160

1.1

2,280

94.8

94.5 October 3, 2007

Residence-93

Esty Maison YAKUIN

Hirao, Chuo-ku, Fukuoka-shi, Fukuoka

1,342.00

5,590.13

2,008

1.1

2,220

94.0

96.7 February 2, 2006

Residence-94

Esty Maison KINSHICHO II

Kotobashi, Sumida-ku, Tokyo

1,679.75

11,160.19

6,720

3.6

7,560

94.1

95.2 January 17, 2008

Residence-95

Esty Maison OJIMA

Ojima, Koto-ku, Tokyo

3,003.87

11,940.22

7,120

3.8

8,170

94.9

98.8 September 13, 2007

Residence-96

Prime Maison FUJIMIDAI

Fujimidai, Chikusa-ku, Nagoya-shi, Aichi

4,882.14

6,173.03

1,755

0.9

1,910

92.2

88.7 April 24, 2007

Residence-97

Esty Maison TSURUMAI

Chiyoda, Naka-ku, Nagoya-shi, Aichi

3,470.05

21,577.20

3,760

2.0

4,110

100.0

100.0 November 27, 1999

Residence-98

Prime Maison MORISHITA

Morishita, Koto-ku, Tokyo

461.602,668.30

1,720

0.9

1,800

‒

97.7 May 14, 2013

Residence-99

Prime Maison SHINAGAWA

Kita-Shinagawa, Shinagawa-ku, Tokyo

972.94

2,693.31

1,680

0.9

1,740

‒

97.3 February 18, 2014

Residence-100 Prime Maison ODORI KOEN

Odori-nishi, Chuo-ku, Sapporo-shi, Hokkaido

1,007.42

11,090.88

2,660

1.4

2,870

‒

94.1 December 15, 2008

Residence-101 Prime Maison MINAMI 2-JO

Minami-2jo, Chuo-ku, Sapporo-shi, Hokkaido

1,085.66

8,477.68

1,470

0.8

1,700

‒

98.3 November 30, 2009

Residence-102 Prime Maison KAMOKAMOGAWA

Minami-7jo, Chuo-ku, Sapporo-shi, Hokkaido

754.61

6,160.49

970

0.5

1,110

‒

98.0 October 30, 2009

Residence-103 Prime Maison CENTRAL PARK (Note 7)

Kashii teriha, Higashi-ku, Fukuoka-shi, Fukuoka

5,000.02

10,249.72

2,230

1.2

2,273

‒

91.4 February 3, 2011

Residence-104 MAST LIFE YAHIRO

Yahiro, Sumida-ku, Tokyo

1,296.64

4,012.49

1,670

0.9

1,720

‒

100.0 January 14, 2011

Residence-105 Prime Maison EBISU

Ebisu, Shibuya-ku, Tokyo

587.16

3,798.12

3,585

1.9

3,920

‒

99.0 June 5, 2014

Residence-106 Esty Maison SHIBAURA

Shibaura, Minato-ku, Tokyo

1,217.25

4,855.53

2,730

1.4

2,780

‒

95.8 August 26, 1996

107,606.95

387,040.83

172,277

91.3

180,613

96.3

Residence Subtotal

96.7

55

List of Properties Owned at End of Period (5)Acquisition Price
Property No.

Property Name

Occupancy Rate (%)
Estimated
Value at
End of
As of Sept. 30, As of Mar. 31,
Period2014
2015(Million yen)

Location

Site Area(m2)

Total Floor
Area (m2)

11,229.79

3,820

2.0

2,249

100.0

100.0

Price
(Million yen)

Ratio
(%)

Completion Date

Retail-1

HAMAMATSU Plaza (Note 8)

Kaminishi-cho, Higashi-ku, Hamamatsu-shi, Shizuoka,
and others

73,937.28

Retail-3

RINKU HAGURAZAKI Plaza (Note 9)

Tajiri-cho, Sennan-gun, Osaka, and others

53,231.66

‒

4,697

2.5

5,110

100.0

100.0

‒

Retail-4

b-town MINAMIAOYAMAMinamiaoyama, Minato-ku, Tokyo

385.32797.63

1,530

0.8

1,120

92.3

100.0

February 28, 2006

Retail-5

KOJIMA NEW KAMIFUKUOKATEN

Kamifukuoka, Fujimino-shi, Saitama

4,877.90

3,413.40

1,300

0.7

1,120

100.0

100.0

October 14, 1996

Retail-7

b-toss IKEBUKURO

Nishi-Ikebukuro, Toshima-ku, Tokyo

223.381,474.21

1,980

1.0

1,720

100.0

100.0

November 12, 2005

Retail-8

Joy Square YUGAWARA

Chuo, Yugawaramachi, Ashigarashimo-gun, Kanagawa

5,425.13

6,326.53

1,810

1.0

1,540

100.0

100.0

September 22, 2006

6,283.76

1,355(Note 10)

0.7

1,190

100.0

100.0

(Note 10)Retail-9

Bell Plaza Shopping Center

Nakamaruko, Ueda-shi, Nagano

23,304.57

Other real estate in trust （retail properties） Subtotal

161,385.24

29,525.32

16,4938.7

14,049

99.9

100.0

Portfolio Total

268,992.19

416,566.15

188,771

100.0

194,662

97.1

97.4

Owned as of March 31, 2015 (end of 19th fiscal period)

107 properties

188,771 million yen

2 properties

1,750 million yen

Part of RINKU HAGURAZAKI Plaza-1,072 million yen

1 property

871million yen

110 properties

190,320 million yen

Acquired on April 2, 2015 (20th fiscal period)
Sold on April 28, 2015 (20th fiscal period)
Acquired on May 14, 2015 (20th fiscal period)
Owned as of the date of this document (May 19, 2015)(Note 8)Note 1: Based on information as of March 31, 2015. Occupancy rates are rounded to the nearest first decimal place.
Note 2: Concerning “Acquisition Price”, 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 first decimal place.
Note 3: The listed “Site Area”, “Total Floor Area” figures and “Completion Date” are based on indications given in the register.
Note 4: The “Estimated Value at End of Period” is the amount appraised based on an appraisal by a real estate appraiser and rounded down to the nearest million yen.
Note 5: The ratio of site rights (co-ownership rights) for Esty Maison GOTANDA, Esty Maison MUSASHIKOYAMA, Esty Maison SENDAGI and Esty Maison YOTSUYASAKAMACHI are 387,036/426,933, 117,678/127,609, 89,730/103,842 and245,317/329,739, respectively. However, “Site Area” indicates the total land area of the real estate in trust, and “Total Floor Area” indicates the floor area of the entire building. The exclusive portions of the total floor area that the Investment
Corporation has acquired are 3,637.18m2, 1,148.58m2, 867.27m2 and 2,253.07m2, respectively.
Note 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 “site area” is that which isindicated in the land leasehold agreement.
Note 7: Part of the land of Prime Maison CENTRAL PARK (Lot: 23-32) is leased land and the building (store) on the leased land is owned by the leaseholder, and thus the floor area of the building (store) isn’t included in the “Total Floor Area” above and“Completion Date” of the building (store) isn’t indicated.
Note 8: Hamamatsu Plaza is a commercial complex divided into Hamamatsu Plaza East area and the Hamamatsu Plaza West area, comprises a total of seven buildings, with five buildings located in Hamamatsu Plaza East area (the Ito-Yokado Building,the Akachan Honpo Building, the Xebio Building, the Hamapla & Frespo Building, and a management building) and two buildings l ocated in the Hamamatsu Plaza West area (the Hamamatsu West Building and the Hamamatsu Plaza Sports
Building (Zexis)). The Investment Corporation acquired trust beneficiary interests in real estate for these other than the Hamapla & Frespo Building and the building of the Hamamatsu Plaza Sports Building (Zexis) on July 28, 2005 and started
operations, but a portion was sold on March 30, 2012 and September 30, 2013. From September 30, 2013 onward, the Investment Corporation holds only a 49% quasi-co-ownership interest in the real estate trust beneficial interest of Hamamatsu
Plaza East excluding the Ito-Yokado Building and its site (hereafter, the “Hamamatsu Plaza East Xebio Building and Other Portions”). However, for the “Site Area” and “Total Floor Area,” those for the entire Hamamatsu Plaza East Xebio Building
and Other Portions are indicated. In addition, the HAMAPLA Frespo Building is not included in the “Total Floor Area” because only the land is owned and leased by the Investment Corporation (the buildings on it are owned by the tenants). The“Acquisition Price” and “Estimated Value at End of Period” are for the 49% quasi-co-ownership interest of the Hamamatsu Plaza East Xebio Building and Other Portions, and do not include the sold portion. With regard to “completion date”, themanagement building was completed on November 7, 2000, and Akachan Honpo Building and XEBIO Building were completed on November 9, 2000. The “Completion Date” of HAMAPLA Frespo Building is not indicated, however, because thebuildings on the land are owned by the tenants. Furthermore, a store Ito-Yokado Co., Ltd. operated in the 0Ito-Yokado Building had been closed on January 18, 2015.
Note 9: RINKU HAGURAZAKI Plaza is a retail property comprised of three sections where Kohnan Shoji Co., Ltd., AEONTOWN Co., Ltd. and Kojima Co., Ltd. respectively have land leasehold rights for business purposes as the lessees. The property isleased land and the building is owned by the lessee, and thus its “Total Floor Area” and “Completion Date” aren’t indicated. In addition, part of the site leased to Kojima Co., Ltd. had been sold on April 28, 2015.
Note 10: With regard to Bell Plaza Shopping Center acquired in the fiscal period ended March 31, 2008, the former land for waterway on site, adjacent signboards and the site itself were additionally acquired at a total of ¥1million during the fiscal period
ended September 30, 2009. Furthermore, 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 center building 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.

56

List of Fiscal Period-End Estimated Values (1)Period-end estimated value(million yen)
Property No.

Property Name
As of Sept. 30,
2014

As of Mar. 31,
2015

Direct capitalization rate (%)
Change(million yen)

Discount rate (%)

Terminal capitalization rate (%)

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

Balance sheet
amount(million yen)

Unrealized
gain/loss(million yen)

Residence-1

Esty Maison GINZA

5,810

5,810

‒

4.5

4.5

4.7

4.7

4.7

4.7

4,814

995

Residence-3

Esty Maison AZABUNAGASAKA

1,590

1,630

40

4.7

4.6

4.8

4.7

4.9

4.8

1,642

-12

Residence-4

Esty Maison EBISU II

1,820

1,860

40

4.7

4.6

4.8

4.7

4.9

4.8

1,843

16

Residence-5

Esty Maison EBISU

774

790

16

4.6

4.5

4.7

4.6

4.8

4.7

650

139

Residence-6

Esty Maison KANDA

1,380

1,410

30

4.7

4.6

4.8

4.7

4.9

4.8

1,242

167

Residence-8

Esty Maison KITASHINJUKU

1,430

1,450

20

4.9

4.8

4.9

4.8

5.1

5.0

1,190

259

Residence-10

Esty Maison ASAKUSAKOMAGATA

1,950

1,970

20

4.9

4.8

4.9

4.8

5.1

5.0

1,678

291

Residence-11

Esty Maison MACHIDA

1,450

1,460

10

5.4

5.3

5.3

5.2

5.6

5.5

1,125

334

Residence-12

Esty Maison KAWASAKI

2,280

2,310

30

5.1

5.0

5.1

5.0

5.3

5.2

1,874

435

Residence-13

Esty Maison IMAIKE

195

196

1

6.2

6.1

5.6

5.5

6.4

6.3

268

-72

Residence-14

Esty Maison SHINKAWASAKI

1,150

1,170

20

5.5

5.4

4.3

4.2

5.7

5.6

946

223

Residence-15

Esty Maison YOKOHAMA

2,010

2,010

‒

5.1

5.0

4.9

4.8

5.3

5.2

1,952

57

Residence-16

Esty Maison KAMEIDO

1,410

1,430

20

5.1

5.0

4.9

4.8

5.3

5.2

1,460

-30

Residence-17

Esty Maison MEGURO

987

1,020

33

4.7

4.5

4.5

4.3

4.9

4.7

810

209

Residence-18

Esty Maison YACHIYOMIDORIGAOKA

1,120

1,130

10

5.5

5.4

5.4

5.3

5.6

5.5

1,191

-61

Residence-19

Esty Maison SUGAMO

1,510

1,550

40

4.6

4.5

4.4

4.3

4.8

4.7

1,478

71

Residence-20

Esty Maison KYOBASHI

2,700

2,710

10

5.3

5.2

5.2

5.1

5.4

5.3

2,398

311

Residence-21

Esty Maison MEGUROHONCHO

998

1,030

32

4.8

4.7

4.6

4.5

5.0

4.9

1,136

-106

Residence-22

Esty Maison HAKURAKU

829

837

8

5.2

5.1

5.0

4.9

5.4

5.3

739

97

Residence-23

Esty Maison MINAMIHORIE

1,020

984

-36

5.1

5.0

4.9

4.8

5.3

5.2

970

13

Residence-24

Esty Maison GOTANDA

2,780

2,830

50

5.0

4.9

4.7

4.6

5.2

5.1

2,804

25

Residence-25

Esty Maison OISENDAIZAKA

2,450

2,490

40

4.8

4.7

4.6

4.5

5.0

4.9

2,267

222

Residence-26

Esty Maison SHINAGAWA SEASIDE

1,940

1,980

40

4.6

4.5

4.4

4.3

4.8

4.7

2,022

-42

Residence-27

Esty Maison MINAMIAZABU

1,130

1,160

30

4.3

4.2

4.1

4.0

4.5

4.4

1,218

-58

Residence-28

Esty Maison JOTO

940

922

-18

5.6

5.4

5.4

5.2

5.8

5.6

1,000

-78

57

List of Fiscal Period-End Estimated Values (2)Period-end estimated value(million yen)
Property No.

Property Name
As of Sept. 30,
2014

As of Mar. 31,
2015

Direct capitalization rate (%)
Change(million yen)

Discount rate (%)

Terminal capitalization rate (%)

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

Balance sheet
amount(million yen)

Unrealized
gain/loss(million yen)

Residence-29

Esty Maison TSUKAMOTO

1,060

1,050

-10

5.6

5.4

5.4

5.2

5.8

5.6

1,144

-94

Residence-30

Esty Maison KAWASAKI II

2,010

1,910

-100

4.8

4.7

4.6

4.5

5.0

4.9

1,761

148

Residence-31

Esty Maison AZABUJUBAN

2,490

2,550

60

4.3

4.2

4.1

4.0

4.5

4.4

2,626

-76

Residence-33

Esty Maison ITABASHIHONCHO

905

925

20

4.7

4.6

4.5

4.4

4.9

4.8

933

-8

Residence-34

Esty Maison OIZUMIGAKUEN

811

808

-3

4.8

4.7

4.6

4.5

5.0

4.9

812

-4

Residence-35

Esty Maison TENJINHIGASHI I

376

382

6

5.7

5.6

5.5

5.4

5.9

5.8

396

-14

Residence-36

Esty Maison TENJINHIGASHI II

698

708

10

5.7

5.6

5.5

5.4

5.9

5.8

746

-38

Residence-37

Esty Maison SHIJONISHINOTOIN

1,070

1,110

40

5.5

5.3

5.3

5.1

5.7

5.5

1,319

-209

Residence-39

Esty Maison HIGASHISHINAGAWA

2,320

2,360

40

4.9

4.8

4.7

4.6

5.1

5.0

2,495

-135

Residence-40

Esty Maison HACHIOJIMINAMINO

958

840

-118

5.5

5.4

5.4

5.3

5.6

5.5

911

-71

Residence-41

Esty Maison NISHINAKAJIMA

1,920

1,870

-50

5.5

5.3

5.3

5.1

5.7

5.5

1,995

-125

Residence-42

Esty Maison ITABASHIKUYAKUSHOMAE

2,450

2,500

50

4.7

4.6

4.5

4.4

4.9

4.8

2,534

-34

Residence-43

Esty Maison MUSASHIKOYAMA

1,010

1,030

20

4.7

4.6

4.5

4.4

4.9

4.8

971

58

Residence-44

Esty Maison SENDAGI

680

695

15

4.7

4.6

4.5

4.4

4.9

4.8

730

-35

Residence-45

Esty Maison YOTSUYASAKAMACHI

1,930

1,950

20

4.6

4.5

4.4

4.3

4.8

4.7

2,238

-288

Residence-46

Esty Maison HAKATAHIGASHI

2,350

2,390

40

5.5

5.4

5.5

5.4

5.6

5.5

2,089

300

Residence-47

Esty Maison KAMIGOFUKU

828

841

13

5.4

5.3

5.4

5.3

5.5

5.4

840

0

Residence-48

Esty Maison SANGENJAYA

820

833

13

4.7

4.6

4.8

4.7

4.9

4.8

856

-23

Residence-50

Prime Maison MUSASHINONOMORI

1,780

1,810

30

5.4

5.3

5.3

5.2

5.6

5.5

1,518

291

Residence-51

Prime Maison HIGASHISAKURA

1,340

1,370

30

5.4

5.3

5.3

5.2

5.6

5.5

1,082

287

Residence-52

Prime Maison KAYABAKOEN

734

744

10

5.6

5.5

5.5

5.4

5.8

5.7

616

127

Residence-53

Esty Maison SANGENJAYA II

807

812

5

4.8

4.7

4.9

4.8

5.0

4.9

690

121

Residence-54

Esty Maison ITABASHI C6

2,340

2,380

40

4.9

4.8

4.7

4.6

5.1

5.0

2,182

197

Residence-55

MAST HAKATA

2,280

2,380

100

5.6

5.4

5.1

4.9

5.8

5.6

1,875

504

Residence-56

Esty Maison KINSHICHO

1,180

1,200

20

4.8

4.7

4.6

4.5

5.0

4.9

1,068

131

58

List of Fiscal Period-End Estimated Values (3)Period-end estimated value(million yen)
Property No.

Property Name
As of Sept. 30,
2014

As of Mar. 31,
2015

Direct capitalization rate (%)
Change(million yen)

Discount rate (%)

Terminal capitalization rate (%)

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

Balance sheet
amount(million yen)

Unrealized
gain/loss(million yen)

Residence-57

Esty Maison MUSASHIKOGANEI

1,610

1,610

‒

5.0

5.0

5.1

5.1

5.2

5.2

1,480

129

Residence-58

Prime Maison GOKISO

1,760

1,790

30

5.4

5.3

5.4

5.3

5.6

5.5

1,597

192

Residence-59

Prime Maison YUHIGAOKA

851

878

27

5.3

5.1

5.1

4.9

5.5

5.3

789

88

Residence-60

Prime Maison KITATANABE

553

573

20

5.6

5.4

5.4

5.2

5.8

5.6

525

47

5.2
(Note 4)

5.8

5.7

1,807

142

Residence-61

Prime Maison MOMOCHIHAMA

1,950

1,950

‒

5.6

5.5

5.3
(Note 4)

Residence-62

Esty Maison AKIHABARA

1,760

1,790

30

4.7

4.6

4.5

4.4

4.9

4.8

1,550

239

Residence-63

Esty Maison SASAZUKA

2,980

3,020

40

4.8

4.7

4.6

4.5

5.0

4.9

2,824

195

Residence-64

Prime Maison GINZA EAST

5,580

5,720

140

4.5

4.4

4.3

4.2

4.7

4.6

5,125

594

Residence-65

Prime Maison TAKAMI

955

972

17

5.2

5.1

5.3

5.2

5.4

5.3

892

79

Residence-66

Prime Maison YADAMINAMI

749

753

4

5.6

5.5

5.5

5.4

5.8

5.7

704

48

Residence-67

Prime Maison TERIHA

1,220

1,230

10

5.8

5.7

5.6

5.5

6.0

5.9

1,090

139

5.2
(Note 4)

5.7

5.6

1,323

146

Residence-68

Esty Maison HIGASHISHIRAKABE

1,440

1,470

30

5.5

5.4

5.3
(Note 4)

Residence-69

Esty Maison SENGOKU

1,190

1,210

20

4.6

4.5

4.4

4.3

4.8

4.7

1,104

105

Residence-70

Esty Maison DAIZAWA

1,970

2,020

50

4.6

4.5

4.4

4.3

4.8

4.7

1,918

101

Residence-71

Esty Maison TOGOSHI

1,520

1,550

30

4.7

4.6

4.8

4.7

4.9

4.8

1,402

147

Residence-72

Esty Maison KAWARAMACHI

1,790

1,810

20

5.2

5.1

5.3

5.2

5.4

5.3

1,628

181

Residence-73

Esty Maison NISHITENMA

1,590

1,590

‒

5.2

5.1

5.3

5.2

5.4

5.3

1,432

157

Residence-74

Esty Maison SHIROKANEDAI

2,140

2,200

60

4.7

4.5

4.5

4.3

4.9

4.7

1,992

207

Residence-75

Esty Maison HIGASHISHINJUKU

1,490

1,510

20

4.7

4.6

4.8

4.7

4.9

4.8

1,393

116

Residence-76

Esty Maison MOTOAZABU

1,330

1,390

60

4.5

4.4

4.6

4.5

4.7

4.6

1,197

192

Residence-77

Esty Maison TORITSUDAIGAKU

787

800

13

4.6

4.5

4.7

4.6

4.8

4.7

748

51

Residence-78

Esty Maison MUSASHIKOYAMA II

921

937

16

4.7

4.6

4.5

4.4

4.9

4.8

863

73

Residence-79

Esty Maison NAKANO

1,660

1,680

20

4.7

4.6

4.5

4.4

4.9

4.8

1,573

106

Residence-80

Esty Maison SHINNAKANO

906

914

8

4.8

4.7

4.6

4.5

5.0

4.9

865

48

Residence-81

Esty Maison NAKANOFUJIMICHO

920

937

17

4.8

4.7

4.9

4.8

5.0

4.9

882

54

59

List of Fiscal Period-End Estimated Values (4)Period-end estimated value(million yen)
Property No.

Property Name
As of Sept. 30,
2014

As of Mar. 31,
2015

Direct capitalization rate (%)
Change(million yen)

Discount rate (%)

Terminal capitalization rate (%)

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

Balance sheet
amount(million yen)

Unrealized
gain/loss(million yen)

Residence-82

Esty Maison TETSUGAKUDO

1,100

1,100

‒

4.8

4.7

4.6

4.5

5.0

4.9

973

126

Residence-83

Esty Maison KOENJI

1,070

1,090

20

4.7

4.6

4.8

4.7

4.9

4.8

981

108

Residence-84

Esty Maison OSHIAGE

2,210

2,250

40

4.9

4.8

4.9

4.8

5.1

5.0

1,989

260

Residence-85

Esty Maison AKABANE

2,940

2,990

50

4.9

4.8

4.7

4.6

5.1

5.0

2,778

211

Residence-86

Esty Maison OJI

1,480

1,500

20

4.9

4.8

4.7

4.6

5.1

5.0

1,406

93

Residence-87

Prime Maison WASEDA

1,390

1,450

60

4.7

4.5

4.5

4.3

4.9

4.7

1,288

161

Residence-88

Prime Maison HATCHOBORI

1,260

1,310

50

4.7

4.5

4.5

4.3

4.9

4.7

1,167

142

Residence-89

Prime Maison JINBOCHO

1,710

1,790

80

4.7

4.5

4.5

4.3

4.9

4.7

1,648

141

Residence-90

Prime Maison GOTENYAMA EAST

2,530

2,570

40

4.4

4.3

4.2

4.1

4.6

4.5

2,138

431

Residence-91

MAST LIFE AKIHABARA

507

509

2

4.8

4.7

4.6

4.5

5.0

4.9

489

19

Residence-92

Esty Maison AOI

2,240

2,280

40

5.4

5.3

5.4

5.3

5.6

5.5

2,186

93

Residence-93

Esty Maison YAKUIN

2,180

2,220

40

5.2

5.1

5.3

5.2

5.4

5.3

2,105

114

Residence-94

Esty Maison KINSHICHO II

7,250

7,560

310

4.8

4.6

4.6

4.4

5.0

4.8

6,926

633

Residence-95

Esty Maison OJIMA

7,990

8,170

180

4.8

4.6

4.6

4.4

5.0

4.8

7,325

844

Residence-96

Prime Maison FUJIMIDAI

1,880

1,910

30

5.5

5.4

5.3

5.2

5.7

5.6

1,816

93

Residence-97

Esty Maison TSURUMAI

4,090

4,110

20

5.6

5.5

5.4

5.3

5.8

5.7

3,908

201

Residence-98

Prime Maison MORISHITA

‒

1,800

‒

‒

4.8

‒

4.8

‒

5.0

1,788

11

Residence-99

Prime Maison SHINAGAWA

‒

1,740

‒

‒

4.7

‒

4.5

‒

4.9

1,737

2

Residence-100 Prime Maison ODORI KOEN

‒

2,870

‒

‒

5.4

‒

5.2

‒

5.6

2,765

104

Residence-101 Prime Maison MINAMI 2-JO

‒

1,700

‒

‒

5.5

‒

5.3

‒

5.7

1,542

157

Residence-102 Prime Maison KAMOKAMOGAWA

‒

1,110

‒

‒

5.5

‒

5.3

‒

5.7

1,021

88

Residence-103 Prime Maison CENTRAL PARK (Note 5)

‒

2,273

‒

‒

5.5

‒

5.2

‒

5.6

2,340

-67

Residence-104 MAST LIFE YAHIRO

‒

1,720

‒

‒

5.0

‒

4.8

‒

5.2

1,740

-20

Residence-105 Prime Maison EBISU

‒

3,920

‒

‒

4.4

‒

4.2

‒

4.6

3,677

242

Residence-106 Esty Maison SHIBAURA

‒

2,780

‒

‒

4.5

‒

4.3

‒

4.7

2,862

-82

180,6132,451(Note 6)

5.0

4.9

4.9

4.8

5.2

5.1

168,486

12,126

Residence Subtotal

158,249

60

List of Fiscal Period-End Estimated Values (5)Period-end estimated value(million yen)
Property No.

Direct capitalization rate (%)

Property Name
As of Sept. 30,
2014

As of Mar. 31,
2015

Change(million yen)

Discount rate (%)

Terminal capitalization rate (%)

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

As of Sept. 30,
2014

As of Mar. 31,
2015

Balance sheet
amount(million yen)

Unrealized
gain/loss(million yen)

Retail-1

HAMAMATSU Plaza (Note 7)

2,219

2,249

29

6.6

6.5

6.3
(Note 8)6.2
(Note 8)

6.7

6.6

3,642

-1,393Retail-2

b-town JINGUMAE II (Note 9)

983

‒

‒

4.2

‒

4.0

‒

4.4

‒

‒

‒

Retail-3

RINKU HAGURAZAKI Plaza (Note 10)

5,040

5,110

70

‒

‒

‒

‒

‒

‒

4,734

375

Retail-4

b-town MINAMIAOYAMA

1,120

1,120

‒

4.5

4.4

4.5

4.4

4.6

4.5

1,505

-385

Retail-5

KOJIMA NEW KAMIFUKUOKATEN

1,330

1,120

-210

6.2

6.1

6.0

5.9

6.4

6.3

1,251

-131

Retail-7

b-toss IKEBUKURO

1,640

1,720

80

5.1

4.9

5.1

4.9

5.2

5.0

1,970

-250

Retail-8

Joy Square YUGAWARA

1,530

1,540

10

6.4

6.3

6.3

6.2

6.6

6.5

1,712

-172

Retail-9

Bell Plaza Shopping Center

1,190

1,190

‒

6.3

6.2

6.2

6.1

6.4

6.3

1,378

-188

Other real estate in trust （retail properties） Subtotal

14,06914,049-20(Note 6)

5.6

5.7

5.5

5.6

5.8

5.9

16,195-2,146

Portfolio Total

172,318

194,6622,430(Note 6)

5.1

5.0

4.9

4.8

5.2

5.2

184,6819,980

Note 1: Amounts of less than one million yen are rounded down.
Note 2: “Period-end estimated value,” “Direct capitalization rate,” “Discount rate” and “Terminal capitalization rate” are the amount based on real estate appraisal or on real estate price survey while “Balance sheet amount” is the amount recorded on thebalance sheet as of March 31, 2015 for assets owned at the end of the fiscal period ended March 31, 2015 (the 19th fiscal period).
Note 3: “Direct capitalization rate,” “Discount rate” and “Terminal capitalization rate” in the residence subtotal, other real estate in trust （retail properties） subtotal and portfolio total are the simple averages of the figures for the owned properties and arerounded to the nearest first decimal place.
Note 4: A master lease agreement with rent guarantee is concluded with Sekiwa Real Estate Kyushu, Ltd. with regard to Prime Maison MOMOCHIHAMA. In calculating the period-end estimated value as of September 30, 2014, the property’s discountrate until the expiry of the contract is 5.3% and its discount rate after the expiry of the contract is 5.5%, while in calculating the period-end estimated value as of March 31, 2015, the property’s discount rate until the expiry of the contract is 5.2%
and its discount rate after the expiry of the contract is 5.4%. Furthermore, a master lease agreement with rent guarantee is concluded with Sekiwa Real Estate Chubu, Ltd. with regard to Esty Maison HIGASHISHIRAKABE. In calculating theperiod-end estimated value as of September 30, 2014 the property’s discount rate until the expiry of the contract is 5.3% and its discount rate after the expiry of the contract is 5.5%, while in calculating the period-end estimated value as of March
31, 2015, the property’s discount rate until the expiry of the contract is 5.2% and its discount rate after the expiry of the contract is 5.4%. Furthermore, for the sake of convenience, the above chart shows the discount rates until the expiry of thecontracts.
Note 5: Part of the land of Prime Maison CENTRAL PARK (Lot: 23-32) is leased land and the value of earnings for the leased land is calculated by the DCF method, and thus no “Direct capitalization rate” or ”Terminal capitalization rate” for the leased
land are established.
Therefore, “Direct capitalization rate” and “Terminal capitalization rate” in the above table only indicate those for the residential portion. “Discount rate” of the leased land portion is calculated to be 5.0% by the DCF method.
Note 6: The residence subtotal, other real estate in trust (retail properties) subtotal and portfolio total of the “Change” column indicate the aggregate amount of changes of properties owned as of the end of the fiscal period ended September 30, 2014 (the18th FP) (excluding the nine properties acquired and the one property assigned in the period ended March 31, 2015 (the 19th fiscal period)).
Note 7: Hamamatsu Plaza is a commercial complex divided into Hamamatsu Plaza East area and the Hamamatsu Plaza West area, comprises a total of seven buildings, with five buildings located in Hamamatsu Plaza East area (the Ito-Yokado Building,the Akachan Honpo Building, the Xebio Building, the Hamapla & Frespo Building, and a management building) and two buildings l ocated in the Hamamatsu Plaza West area (the Hamamatsu West Building and the Hamamatsu Plaza Sports
Building (Zexis)). The Investment Corporation acquired trust beneficiary interests in real estate for these other than the Hamapla & Frespo Building and the building of the Hamamatsu Plaza Sports Building (Zexis) on July 28, 2005 and started
operations, but a portion was sold on March 30, 2012 and September 30, 2013. As of September 30, 2013, the Investment Corporation holds only a 49% quasi-co-ownership interest in the trust beneficiary interest in real estate for Hamamatsu
Plaza East excluding the Ito-Yokado Building and its site (hereafter, the “Hamamatsu Plaza East Xebio Building and Other Portions”). Consequently, “Period-end appraisal value” and “Balance sheet amount ” are for the 49% quasi-co-ownershipinterest of the Hamamatsu Plaza East Xebio Building and Other Portions and do not include the portion that was sold. Furthermore, a store Ito-Yokado Co., Ltd. operated in Ito-Yokado Building had been closed on January 18, 2015.
Note 8: As for Hamapla & Frespo Building located in the Hamamatsu Plaza East indicated above (Note 7), because only the land is owned and leased by the Investment Corporation through real estate trust, appraisal value is calculated using the DCF
method and “Direct capitalization rate” and “Terminal capitalization rate” are not indicated. Furthermore, “Discount rate” is indicated in the above table for all properties except Hamapla & Frespo Building. “Discount rate” of the leased land portionof the Hamapla & Frespo Building is calculated to be 5.3% using the DCF method.
Note 9: b-town JINGUMAE II was sold on October 3, 2014.
Note 10: As for RINKU HAGURAZAKI Plaza, “Direct capitalization rate,” “Discount rate” and “Terminal capitalization rate” are not indicated because only the land is owned by the Investment Corporation through real estate trust and its appraisal method
differs from that of other acquired assets. Please refer to the following table for the appraisal of the property.
Discount rate in the DCF method (%)
Property
No.

Property Name

Retail-3

RINKU HAGURAZAKI Plaza

Fiscal period ended
September 30, 2014
(the 18th FP)

Fiscal period ended
March 31, 2015
(the 19th FP)

5.8‒6.5*

5.5‒6.2** There are three buildings on the property which are evaluation objects
and the discount rate in the DCF method differs according to contract
conditions and such.

61

Overview of Interest-Bearing Debt (1)As of date of document■ Loans

Long-Term loans payable

Current portion of
long-termloans payable

Short-TermloanspayableLenderMizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Subtotal
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Subtotal
Aozora Bank, Ltd.
Shinkin Central Bank
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
Resona Bank, Limited
Development Bank of Japan Inc.
The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The Yamaguchi Bank, Ltd.
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Norinchukin Bank
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Drawdown Date
November 4, 2014

March 31, 2015

April 2, 2015

May 9, 2011

January 15, 2015

March 2, 2012

March 8, 2012

August 2, 2012

August 2, 2012

February 8, 2013

Balance as of date of document(Note 1)¥500 million¥500 million¥950 million¥950 million¥950 million¥600 million¥600 million¥600 million¥5,650 million¥2,000 million¥425 million¥425 million¥800 million¥800 million¥1,200 million¥5,650 million¥100 million¥100 million¥200 million¥200 million¥200 million¥100 million¥100 million¥300 million¥200 million¥1,200 million¥500 million¥400 million¥1,100 million¥1,300 million¥500 million¥941 million¥1,470 million¥1,470 million¥2,352 million¥176 million¥176 million¥750 million¥2,250 million¥750 million¥750 million

Interest Rate
(Note 2)

Fixed/Floating

Repayment Date

Use

Collateral

0.33000%

Floating

August 31, 2015

(Note 3)

Unsecured

0.30500%

Floating

February 29, 2016

(Note 3)

Unsecured

0.30500%

Floating

February 29, 2016

(Note 3)

Unsecured

1.57000%

Fixed

February 29, 2016

(Note 4)

Unsecured

0.33000%

Floating

February 29, 2016

(Note 3)

Unsecured

1.18975%

Fixed(Note 5)February 28, 2017

(Note 3)

Unsecured

1.19475%

Fixed(Note 5)February 28, 2017

(Note 6)

Unsecured

1.15475%

Fixed(Note 5)February 28, 2019

(Note 4)

Unsecured

0.95750%

Fixed(Note 5)

August 31, 2017

(Note 4)

Unsecured

0.89900%

Fixed(Note 5)February 28, 2019

(Note 3)

Unsecured

62

Overview of Interest-Bearing Debt (2)Long-Term loans payable

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

Drawdown Date

February 28, 2013

February 28, 2013

March 1, 2013

August 30, 2013

August 30, 2013

January 31, 2014

February 28, 2014

Balance as of date of document(Note 1)¥400 million¥500 million¥1,700 million¥2,142 million¥500 million¥500 million¥500 million¥100 million¥500 million¥500 million¥200 million¥200 million¥300 million¥400 million¥300 million¥200 million¥700 million¥500 million¥200 million¥1,000 million¥500 million¥200 million¥2,500 million¥600 million¥200 million¥500 million¥500 million¥200 million¥200 million¥1,100 million¥500 million¥300 million¥300 million¥400 million¥800 million¥400 million¥980 million¥500 million¥1,500 million¥500 million¥800 million

Interest Rate
(Note 2)

Fixed/Floating

Repayment Date

Use

Collateral

1.02225%

Fixed(Note 5)February 28, 2020

(Note 4)

Unsecured

0.75600%

Fixed(Note 5)(Note 4)

Unsecured

0.65475%

Fixed(Note 5)February 28, 2017

(Note 3)

Unsecured

1.17200%

Fixed(Note 5)

August 31, 2020

(Note 4)

Unsecured

0.57182%

Floating

August 31, 2018

1.17350%

Fixed(Note 5)February 28, 2022

(Note 3)

Unsecured1.11000%

Fixed(Note 5)February 28, 2022

(Note 4)

Unsecured

February 28, 2018

(Note 4)

Unsecured

63

Overview of Interest-Bearing Debt (3)Long-Term loans payable

LenderThe Senshu Ikeda Bank, Ltd.
Mizuho 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, Limited
Mizuho Bank, Ltd
Sumitomo Mitsui Banking Corporation
The Shizuoka Bank, Ltd.
Shinkin Central Bank
The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.
The Senshu Ikeda Bank, Ltd.
The Shizuoka Bank, Ltd.
The 77 Bank, Ltd.
Shinkin Central Bank
The Norinchukin Bank
The Hiroshima Bank, Ltd.
The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Yamaguchi Bank, Ltd.
Resona Bank, Limited
Development Bank of Japan Inc.

Drawdown Date

February 28, 2014

February 28, 2014

March 28, 2014

August 29, 2014

August 29, 2014

February 27, 2015

February 27, 2015

Balance as of date of document(Note 1)¥500 million¥400 million¥500 million¥500 million¥500 million¥500 million¥500 million¥500 million¥405 million¥1,145 million¥500 million¥500 million¥500 million¥300 million¥300 million¥2,500 million¥2,000 million¥900 million¥2,450 million¥1,950 million¥200 million¥200 million¥200 million¥200 million¥200 million¥500 million¥200 million¥700 million¥1,000 million¥800 million¥600 million¥300 million¥800 million¥500 million¥200 million¥500 million¥1,000 million

Interest Rate
(Note 2)

Fixed/Floating

Repayment Date

0.95225%

Fixed(Note 5)February 26, 2021

0.79614%

Fixed(Note 5)0.97300%

Fixed(Note 5)0.96475%

Fixed(Note 5)0.83600%

Use

Collateral(Note 4)

Unsecured(Note 4)

Unsecured(Note 3)

Unsecured

August 31, 2022

(Note 4)

Unsecured

Fixed(Note5)

August 31, 2021

(Note 4)

Unsecured

0.86650%

Fixed(Note5)February 28, 2023

(Note 4)

Unsecured

0.85250%

Fixed

February 28, 2023

(Note 4)

Unsecured

February 28, 2020

February 26, 2021

64

Overview of Interest-Bearing Debt (4)Long-Term loans payable

LenderDrawdown Date

The Norinchukin Bank
The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Limited
The Senshu Ikeda Bank, Ltd.
The Shizuoka Bank, Ltd.
The 77 Bank, Ltd.
Shinkin Central Bank
The Norinchukin Bank
The Hiroshima Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation

February 27, 2015

February 27, 2015

Balance as of date of document(Note 1)¥800 million¥500 million¥500 million¥500 million¥300 million¥750 million¥500 million¥500 million¥500 million¥500 million¥500 million¥500 million¥600 million¥300 million

Subtotal¥75,109 million

Total loans¥86,409 million

Interest Rate
(Note 2)

Fixed/Floating

Repayment Date

0.73975%

Fixed(Note 5)February 28, 2022

0.62800%

Fixed(Note 5)February 26, 2021

Interest Rate
(Note 2)

Fixed/Floating

0.63000%
1.00000%
0.37400%
1.06900%
0.87100%

Fixed
Fixed
Fixed
Fixed
Fixed

Use

Collateral(Note 4)

Unsecured(Note 4)

Unsecured

Redemption Date

Use

Collateral

February 28, 2018
February 28, 2020
February 28, 2019
February 28, 2024
August 30, 2024

(Note 3)(Note 4)

Unsecured(Note 4)

Unsecured(Note 4)

Unsecured■ Investment Corporation Bonds
Name

Date of issuance

Balance as of date of document(Note 1)First Series Unsecured Investment Corporation Bonds
Second Series Unsecured Investment Corporation Bonds
Third Series Unsecured Investment Corporation Bonds
Fourth Series Unsecured Investment Corporation Bonds
Fifth Series Unsecured Investment Corporation Bonds

February 28, 2013
February 28, 2013
February 28, 2014
February 28, 2014
August 29, 2014

¥4,000 million¥2,000 million¥2,500 million¥3,000 million¥3,000 million

Total Investment Corporation Bonds¥14,500 million

Total interest-bearing debt

¥100,909 million

Note 1:Amounts are rounded down to the nearest million yen.
Note 2:Interest rates as of date of document are indicated.
Note 3:Acquisition funds for trust beneficiary interest in real estate.
Note 4:Repayment funds for existing borrowings.
Note 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.
Note 6:Redemption funds for the Second Series Unsecured Investment Corporation Bonds issued in March 2007 (private placement limited to qualified institutional investors).

65

Overview of Unitholders as of March 31, 2015
Major Unitholders

Diversification of Unitholders
Investment Units
Owned(units)Ownership ofInvestment Units
Issued (%)

Japan Trustee Services Bank, Ltd.
(Trust Account)

255,935

25.13

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

70,351

6.90

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

53,750

5.27

Sekisui House Ltd.

39,000

3.83

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

38,342

3.76

Nomura Bank (Luxembourg) S.A

33,4843.28

Mizuho Trust & Banking Co., Ltd.

20,7392.03

THE FUJI FIRE AND MARINE INSURANCECOMPANY, LIMITED

20,6302.02

Deutsche Bank AG London-PB Non-Treaty
Clients 613

19,759

1.94

The Hachijuni Bank, Ltd.

17,704

1.73

569,694

55.95

Name / Company Name

Financial Institutions(including securities companies)
138 (1.10%)

Note: The above ratios are rounded down to the nearest second decimal place.

Sumitomo Mitsui
Trust Bank, Limited

Mizuho Trust & Banking Co.,Ltd

Total units held

112,891 units

98,507 units

Total percentage of Ownership12.33%

10.76%

Submission date

October 6, 2014

October 22, 2014

Individuals and others

12,028 (95.98%)
127 (1.09%)
262 (2.26%)
104 (0.90%)

Sept. 30, 2014
11,612 unitholders

11,119 (95.75%)

98 (1.30%)
208 (2.77%)
96 (1.28%)
Mar. 31, 2014
7,511 unitholders

7,109 (94.65%)

20%

40%

60%

80%

100%

Note: The above ratios are rounded to the nearest second decimal place.

Mar. 31, 2015
1,018,110 units

669,049 units(65.71%)

92,151 units
128,862 units(9.05%)(12.66%)
128,048 units(12.58%)

Sept. 30, 2014
915,240 units

571,655 units(62.46%)88,186 units
136,685 units(9.64%)(14.93%)
118,714 units(12.97%)Mar. 31, 2014
159,605 units

104,356 units(65.38%)16,558 units
22,279 units(10.37%)(13.96%)
16,412 units(10.28%)■The status of large holdings as determined by the large share holdings reports (including
reports of changes) submitted by May 14, 2015 is as follows.
Name

Foreign firms

241 (1.92%)
125 (1.00%)

Mar. 31, 2015
12,532 unitholders

0%

Total

Other domestic firms

0%

20%

40%

60%

80%

100%

Note: The above ratios are rounded to the nearest second decimal place.

66

0

Mar.
2010
Mar.
2010
Sept.
2010

Sept.
2010
Mar.
2011
H2 3.7 .19
H2 3.7 .22
H2 3.7 .27
H2 3.8 .1H2 3.8 .4
H2 3.8 .9H2 3.8 .12H2 3.8 .17

H2 3.6 .9H2 3.6 .14
H2 3.6 .17
H2 3.6 .22
H2 3.6 .27
H2 3.6 .30
H2 3.7 .5
H2 3.7 .8
H2 3.7 .13

H2 3.8 .22
H2 3.8 .25
H2 3.8 .30
H2 3.9 .2H2 3.9 .7
H2 3.9 .12H2 3.9 .15
H2 3.9 .21
H2 3.9 .27
H2 3.9 .30
H2 3.1 0.5
H2 3.1 0.1 1
H2 3.1 0.1 4
H2 3.1 0.1 9
H2 3.1 0.2 4

Mar.
2011
H2 3.5 .19
H2 3.5 .24
H2 3.5 .27
H2 3.6 .1H2 3.6 .6H2 3.4 .1H2 3.4 .6
H2 3.4 .11
H2 3.4 .14
H2 3.4 .19
H2 3.4 .22
H2 3.4 .27
H2 3.5 .6H2 3.5 .11
H2 3.5 .16

H2 3.2 .17
H2 3.2 .22
H2 3.2 .25
H2 3.3 .2H2 3.3 .7
H2 3.3 .10
H2 3.3 .15
H2 3.3 .18
H2 3.3 .24
H2 3.3 .29

H2 3.1 .4
H2 3.1 .7
H2 3.1 .13
H2 3.1 .18
H2 3.1 .21
H2 3.1 .26
H2 3.1 .31
H2 3.2 .3
H2 3.2 .8
H2 3.2 .14

H2 2.1 2.1
H2 2.1 2.6
H2 2.1 2.9
H2 2.1 2.1 4
H2 2.1 2.1 7
H2 2.1 2.2 2H2 2.1 2.2 8

H2 2.1 0.2 6
H2 2.1 0.2 9
H2 2.1 1.4
H2 2.1 1.9
H2 2.1 1.1 2H2 2.1 1.1 7
H2 2.1 1.2 2H2 2.1 1.2 6

H2 2.9 .29
H2 2.1 0.4
H2 2.1 0.7
H2 2.1 0.1 3
H2 2.1 0.1 8
H2 2.1 0.2 1

H2 2.9 .6
H2 2.9 .9H2 2.9 .14
H2 2.9 .17
H2 2.9 .24

H2 2.8 .16
H2 2.8 .19
H2 2.8 .24
H2 2.8 .27
H2 2.9 .1

H2 2.7 .15
H2 2.7 .21
H2 2.7 .26
H2 2.7 .29
H2 2.8 .3
H2 2.8 .6
H2 2.8 .11

H2 2.7 .12

H2 2.6 .24
H2 2.6 .29
H2 2.7 .2
H2 2.7 .7H2 2.6 .11
H2 2.6 .16
H2 2.6 .21

H2 2.5 .21
H2 2.5 .26
H2 2.5 .31
H2 2.6 .3
H2 2.6 .8

H2 2.4 .26
H2 2.4 .30
H2 2.5 .10
H2 2.5 .13
H2 2.5 .18

H2 2.3 .31
H2 2.4 .5
H2 2.4 .8
H2 2.4 .13
H2 2.4 .16
H2 2.4 .21

Sept.
2011

Sept.
2011
Mar.
2012

Mar.
2012
Sept.
2012

Sept.
2012

Mar.
2013

Mar.
2013

Sept.
2013

Sept.
2013

Mar.
2014

Mar.
2014

2014年9月11日
2014年9月17日
2014年9月22日
2014年9月26日
2014年10月1日
2014年10月6日
2014年10月9日

2014年7月31日
2014年8月5日
2014年8月8日
2014年8月13日
2014年8月18日
2014年8月21日
2014年8月26日
2014年8月29日
2014年9月3日
2014年9月8日

2014年6月26日
2014年7月1日
2014年7月4日
2014年7月9日
2014年7月14日
2014年7月17日
2014年7月23日
2014年7月28日

2014年4月11日
2014年4月16日
2014年4月21日
2014年4月24日
2014年4月30日
2014年5月7日
2014年5月12日
2014年5月15日
2014年5月20日
2014年5月23日
2014年5月28日
2014年6月2日
2014年6月5日
2014年6月10日
2014年6月13日
2014年6月18日
2014年6月23日

2014年4月3日
2014年4月8日

H2 6.2 .27
H2 6.3 .4
H2 6.3 .7
H2 6.3 .12
H2 6.3 .17
H2 6.3 .20
H2 6.3 .26
H2 6.3 .31

H2 6.1 .6
H2 6.1 .9
H2 6.1 .15
H2 6.1 .20
H2 6.1 .23
H2 6.1 .28
H2 6.1 .31
H2 6.2 .5
H2 6.2 .10
H2 6.2 .14
H2 6.2 .19
H2 6.2 .24

H2 5.1 2.1 7
H2 5.1 2.2 0
H2 5.1 2.2 6

H2 5.1 2.4
H2 5.1 2.9
H2 5.1 2.1 2H2 5.1 1.1 3H2 5.1 1.1 8
H2 5.1 1.2 1
H2 5.1 1.2 6
H2 5.1 1.2 9

H2 5.1 1.5
H2 5.1 1.8

H2 5.9 .19
H2 5.9 .25
H2 5.9 .30
H2 5.1 0.3
H2 5.1 0.8
H2 5.1 0.1 1
H2 5.1 0.1 7
H2 5.1 0.2 2
H2 5.1 0.2 5
H2 5.1 0.3 0

H2 5.8 .28
H2 5.9 .2H2 5.9 .5
H2 5.9 .10H2 5.9 .13

H2 5.8 .23

H2 5.7 .8
H2 5.7 .11
H2 5.7 .17
H2 5.7 .22
H2 5.7 .25
H2 5.7 .30
H2 5.8 .2H2 5.8 .7
H2 5.8 .12
H2 5.8 .15
H2 5.8 .20

H2 5.6 .17
H2 5.6 .20
H2 5.6 .25
H2 5.6 .28
H2 5.7 .3

H2 5.6 .4
H2 5.6 .7
H2 5.6 .12

H2 5.5 .14
H2 5.5 .17
H2 5.5 .22
H2 5.5 .27
H2 5.5 .30

H2 5.3 .19
H2 5.3 .25
H2 5.3 .28
H2 5.4 .2H2 5.4 .5
H2 5.4 .10
H2 5.4 .15
H2 5.4 .18
H2 5.4 .23
H2 5.4 .26
H2 5.5 .2H2 5.5 .9

H2 5.2 .13
H2 5.2 .18
H2 5.2 .21
H2 5.2 .26
H2 5.3 .1H2 5.3 .6
H2 5.3 .11
H2 5.3 .14

H2 5.1 .22
H2 5.1 .25
H2 5.1 .30
H2 5.2 .4
H2 5.2 .7

H2 5.1 .8
H2 5.1 .11
H2 5.1 .17

H2 4.1 2.3
H2 4.1 2.6
H2 4.1 2.1 1H2 4.1 2.1 4
H2 4.1 2.1 9
H2 4.1 2.2 5
H2 4.1 2.2 8

H2 4.1 1.1
H2 4.1 1.6
H2 4.1 1.9
H2 4.1 1.1 4
H2 4.1 1.1 9
H2 4.1 1.2 2H2 4.1 1.2 8

H2 4.9 .27
H2 4.1 0.2
H2 4.1 0.5
H2 4.1 0.1 1
H2 4.1 0.1 6
H2 4.1 0.1 9
H2 4.1 0.2 4
H2 4.1 0.2 9

Sept.
2014

Sept.
2014

2015年2月6日
2015年2月12日
2015年2月17日
2015年2月20日
2015年2月25日
2015年3月2日
2015年3月5日
2015年3月10日
2015年3月13日
2015年3月18日
2015年3月23日
2015年3月26日
2015年3月31日

2014年12月30日
2015年1月7日
2015年1月13日
2015年1月16日
2015年1月21日
2015年1月26日
2015年1月29日
2015年2月3日

2014年10月15日
2014年10月20日
2014年10月23日
2014年10月28日
2014年10月31日
2014年11月6日
2014年11月11日
2014年11月14日
2014年11月19日
2014年11月25日
2014年11月28日
2014年12月3日
2014年12月8日
2014年12月11日
2014年12月16日
2014年12月19日
2014年12月25日

40,000H2 4.8 .2H2 4.8 .7
H2 4.8 .10
H2 4.8 .15
H2 4.8 .20
H2 4.8 .23
H2 4.8 .28
H2 4.8 .31
H2 4.9 .5
H2 4.9 .10H2 4.9 .13
H2 4.9 .19
H2 4.9 .24

H2 4.7 .17
H2 4.7 .20
H2 4.7 .25
H2 4.7 .30

H2 4.5 .25
H2 4.5 .30
H2 4.6 .4
H2 4.6 .7
H2 4.6 .12H2 4.6 .15
H2 4.6 .20
H2 4.6 .25
H2 4.6 .28
H2 4.7 .3
H2 4.7 .6
H2 4.7 .11

H2 4.4 .18
H2 4.4 .23
H2 4.4 .26
H2 4.5 .2H2 4.5 .9H2 4.5 .14
H2 4.5 .17
H2 4.5 .22

H2 4.3 .28
H2 4.4 .2H2 4.4 .5
H2 4.4 .10
H2 4.4 .13

H2 4.2 .6
H2 4.2 .9
H2 4.2 .14
H2 4.2 .17
H2 4.2 .22
H2 4.2 .27
H2 4.3 .1H2 4.3 .6
H2 4.3 .9
H2 4.3 .14
H2 4.3 .19
H2 4.3 .23

H2 4.1 .16
H2 4.1 .19
H2 4.1 .24
H2 4.1 .27
H2 4.2 .1H2 4.1 .5
H2 4.1 .11

H2 3.1 2.7
H2 3.1 2.1 2H2 3.1 2.1 5
H2 3.1 2.2 0
H2 3.1 2.2 6
H2 3.1 2.2 9

H2 3.1 2.2

H2 3.1 0.2 7
H2 3.1 1.1
H2 3.1 1.7
H2 3.1 1.1 0
H2 3.1 1.1 5
H2 3.1 1.1 8
H2 3.1 1.2 4
H2 3.1 1.2 9

Historical Investment Unit Price
Investment Unit Price and Trading Volume after Change of Sponsor(Yen)160,000
2,400

120,000
1,800

80,0001,200

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

TSE REIT Index (right axis)

600

Mar.
2015

0

（Units）

30,00025,000
Trading volume

20,00015,00010,000

5,000

0

Mar.
2015

Note: As a five-for-one split of investment units was implemented on April 1, 2014, investment units have been traded at one-fifth (the ex-rights) unit price on and after March 27, 2014. In consideration of the impact of the split, the abovegraph is based on actual figures of “Investment unit price” for March 27, 2014 and earlier being divided by five and actual figures of “Trading volume” being multiplied by five.

67

68