Translation
May 12, 2017

Financial Report for the Fiscal Period ended March 31, 2017

Name of Real Estate Investment Trust Securities Issuer :Stock Exchange Listing :URL :Representative :Sekisui House SI Residential Investment Corporation

Asset Management Company :Representative :Inquiries :Sekisui House Asset Management, Ltd.
Osamu Minami, President
Koichi Iso, General Manager, Management Department
TEL: +81-3-5770-8973 (main)

Planned Date of Submission of the Securities Report :Planned Commencement Date of Distribution Payment :June 28, 2017 (Japanese only)
June 15, 2017

Preparation of Supplementary Material on Financial Report :Holding of Financial Report Presentation Meeting :Yes
Yes (for institutional investors and analysts)

Tokyo Stock Exchange (code number 8973)

http://www.shsi-reit.co.jp/eng/Osamu Minami, Executive Director(Note: Figures rounded down to nearest million yen)

1. Performance for the Fiscal Period ended March 31, 2017 (October 1, 2016 to March 31, 2017)(1) Operating Results*Percentages indicate changes over the previous fiscal period.
Operating Revenue

Fiscal period endedMarch 31, 2017
Fiscal period ended
September 30, 2016

Operating Income

Ordinary IncomeNet Income

Million yen％*

Million yen％*

Million yen％*

Million yen％*

6,919

3.4

3,060

11.7

2,502

14.1

2,501

14.1

6,693

2.3

2,739

(0.1)

2,193(0.9)

2,192(0.8)

Net Incomeper Unit
Fiscal period ended
March 31, 2017
Fiscal period ended
September 30, 2016

Return on Unitholders’Equity (ROE)

Ordinary Income toTotal Assets

Ordinary Income toOperating Revenue

Yen％％％

2,288

2.6

1.2

36.2

2,153

2.4

1.1

32.8

(2) Distributions
Distributionper Unit
(excluding
Distribution in
Excess ofEarnings)
Fiscal period ended
March 31, 2017

Total Distributions(excludingDistribution in
Excess ofEarnings)

Distribution in
Excess ofEarnings per Unit

Total
Distributions in
Excess ofEarnings

Yen

Million yen

Yen

Million yen％％

2,234

2,469

0098.7

2.5

Distribution
Ratio toNet Assets

Payout Ratio

Fiscal period ended
2,145
2,183
0099.6
2.4
September 30, 2016
Note 1: Distribution per unit for the fiscal periods ended September 30, 2016 and March 31, 2017 are calculated based on the amount of
unappropriated retained earnings less the amount of reserve for reduction entry of 8 million yen and 31 million yen respectively, divided by
the number of investment units issued as of the end of each fiscal period.
Note 2: The payout ratio is rounded down to the first decimal place.
Note 3: The payout ratio for the fiscal period ended March 31, 2017 is calculated by the following formula as new investment units were issued:
Payout Ratio = Total Distributions (excluding Total Distributions in Excess of Earnings) ÷ Net Income × 100

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

(3) Financial Position
Total Assets

Net Assets

Unitholders’ Equity Ratio

Net Assets per Unit

Million yen

Million yen%

Yen

210,166

101,31848.2

91,648203,257

91,292

44.9

89,668

Fiscal period ended
March 31, 2017
Fiscal period ended
September 30, 2016

(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at the End of
the Fiscal Period

Million yen

Million yen

Million yen

Million yen

5,150(9,747)

4,477

8,889

5,226

(7,498)2,837

9,009Fiscal period ended
March 31, 2017
Fiscal period ended
September 30, 2016

2. Forecasts of Operating Results for the Fiscal Period ending September 30, 2017 (April 1, 2017 to September 30,2017) and March 31, 2018 (October 1, 2017 to March 31, 2018)

OperatingRevenue

Million yen

Operating Income％*

Million yen％**Percentages indicate changes over the previous fiscal period.
Distributionper Unit
Distribution inNet(excluding
Excess ofIncome
Distribution inEarnings per Unit
Excess of Earnings)

Ordinary
IncomeMillion yen％*

Million yen％*YenYen

Fiscal period ending
6,896(0.3)
2,974(2.8)
2,434(2.7)
2,432(2.8)
2,2000
September 30, 2017
Fiscal period ending
6,938
0.6
2,989
0.5
2,4560.9
2,4540.92,2200March 31, 2018
Reference: Estimated net income per unit for the fiscal period ending September 30, 2017: 2,200 yen; and for the fiscal period ending March 31, 2018:
2,220 yen

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

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