March 30, 2018
Real Estate Investment Trust Securities Issuer
Sekisui House Reit, Inc.
Representative:
Junichi Inoue, Executive Director(Securities Code: 3309)
Asset Management Company
Sekisui House Investment Advisors, Ltd.
Representative:
Junichi Inoue,
President & Representative Director
Inquiries:
Atsuhiro Kida,
Director & General Manager
Management Division
TEL: +81-3-6447-4870 (main)
Real Estate Investment Trust Securities Issuer
Sekisui House Residential Investment Corporation
Representative:
Osamu Minami, Executive Director(Securities Code: 8973)
Asset Management Company
Sekisui House Asset Management, Ltd.
Representative:
Osamu Minami,President & Representative DirectorInquiries:
Yoshiya Sasaki, General Manager
IR & Financial Affairs Department
TEL: +81-3-5770-8973 (main)
Notice Concerning Changes in Credit Rating Outlooks
As announced in the “Notice Concerning Conclusion of a Merger Agreement between Sekisui House Reit, Inc. andSekisui House Residential Investment Corporation” released on January 24, 2018, Sekisui House Reit, Inc., (“SHR”) andSekisui House Residential Investment Corporation (“SHI” and collectively with SHR, the “Two Investment
Corporations”) plan to implement an absorption-type merger (the “Investment Corporation Merger”) effective May 1,2018, with SHR as the surviving corporation and SHI as the dissolving corporation. SHR and SHI hereby announce thatJapan Credit Rating Agency, Ltd., (“JCR”) today disclosed changes to the rating outlooks for the long-term issuer ratingof the Two Investment Corporations in light of the Investment Corporation Merger, as described below.
1. Status of Credit Ratings<Credit Rating Agency> Japan Credit Rating Agency, Ltd. (JCR)<Subject of Rating> Long-term Issuer RatingIssuerRating (Rating Outlook)
Before ChangeAfter Change

AA- (Stable)AA- (Positive)

Sekisui House Reit, Inc.

IssuerRating (Rating Outlook)
Before Change

After Change

AA- (Stable)AA- (Positive)

Sekisui House Residential Investment Corporation

This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.
12. Rationale of Credit Rating Outlooks Changes
JCR stated in a document disclosed today that the changes in credit rating outlooks are based on factors that include
the facts that each of the Two Investment Corporations have built high-quality portfolios by utilizing the pipeline withSekisui House Group in addition to accumulating stable track records in management, as well as the expectedmaintenance of stable management even after the merger under a growth strategy capitalizing on the integrated
corporate strength of the Sekisui House Group, and the fact that, the strengthening of portfolios and diversification ofproperties have further progressed through the expansion of asset scale, and in light of these facts JCR decided tochange the outlook to positive for each of the Two Investment Corporations while leaving the ratings unchanged.
(Note) For more details, please refer to the JCR website.
[Reference] JCR website: https://www.jcr.co.jp/en/*Addresses of the websites of the Two Investment Corporations
Sekisui House Reit, Inc.:
Sekisui House Residential Investment Corporation:

http://www.sekisuihouse-reit.co.jp/en/
http://www.shi-reit.co.jp/eng/

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