May 1, 2018
Real Estate Investment Trust Securities Issuer
Sekisui House Reit, Inc.
Representative:
Junichi Inoue, Executive Director(Securities Code: 3309)
Asset Management Company
Sekisui House Asset Management, Ltd.
Representative:
Junichi Inoue,
President & Representative Director
Inquiries:
Yoshiya Sasaki, Chief Manager
Investor Relations Department
TEL: +81-3-6447-4870 (main)

Notice Concerning Completion of Merger with Sekisui House Residential Investment Corporation
Sekisui House Reit, Inc. (“SHR”) hereby announces that SHR, as the surviving corporation, and Sekisui House
Residential Investment Corporation ("SHI"), as the dissolved corporation, have implemented an absorption-typemerger (the “Investment Corporation Merger”), effective as of today, as announced in the “Notice Concerning
Conclusion of a Merger Agreement between Sekisui House Reit, Inc. and Sekisui House Residential Investment
Corporation” released on January 24, 2018.
SHR will primarily target “residential properties” including residential buildings and other assets, and“commercial properties”, including office buildings and hotels which fall under “High Quality” Prime Properties
situated in “Strategic Locations” and will pursue a growth strategy leveraging to the fullest the real estatedevelopment and management capabilities of the Sekisui House Group. In addition, it will strive to make itpossible for its unitholders, tenants and all other stakeholders to move forward together while aiming to“provide high quality social capital” and “maximization of unitholders value” through asset management seeking
medium and long-term income stability and a steady increase of managed assets.
1. Outline of the Investment Corporation Merger(1)Surviving corporation(2)

Dissolved corporation(3)

Effective date of the Investment Corporation MergerSekisui House Reit, Inc.
(Securities Code: 3309)
Sekisui House Residential Investment Corporation(Securities Code: 8973)
May 1, 2018

2. Unitholders Equity, etc., of SHR after the Investment Corporation Merger (as of May 1, 2018)
Unitholders’ equity
Unitholders’ capital

110,189 million yen (Note 1)

Capital surplus

128,598 million yen (Note 1)

Total number of authorized investment units

20,000,000 units (Note 2)

Total number of issued and outstanding units

3,762,091 units (Note 3)(Note 1) There is no increase or decrease in total of unitholders’ capital as a result of the Investment Corporation Merger, but
the acquisition consideration for the Investment Corporation Merger (which is the amount arrived at when theinvestment unit price per SHR investment unit is multiplied by the "(iv) Number of investment units allotted to SHIDisclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

investment units following the Investment Corporation Merger" given in (Note 3) below) is scheduled to be recordedas capital surplus.
(Note 2) Proposed partial amendments to the Articles of Incorporation were approved at the Third General Meeting ofUnitholders of SHR held on March 27, 2018, and resulted in a change in the total number of authorized investment
units from 10,000,000 investment units to 20,000,000 investment units as of May 1, 2018 in according with theeffectuation of the Investment Corporation Merger.
(Note 3) Total number of investment units increased from 969,000 to 3,762,091 as a result of (i) the split of investment units
in conjunction with the Investment Corporation Merger (split at a ratio of 1 SHR investment unit to 2 investmentunits) and (ii) the allotment of post-split SHR investment units to 1,105,510 SHI investment units.
The increased number of investment units and other details are provided as follows:i)

Total number of issued and outstanding units of SHR prior to the Investment Corporation:

969,000 units

Mergerii)

Increased number of units through the split of units on the Investment Corporation Merger:

969,000 unitsiii)

Total number of issued and outstanding units of SHR after the split:

1,938,000 unitsiv)

Number of investment units allotted to SHI investment units following the Investment:

1,824,091 units:

3,762,091 units

Corporation Mergerv)

Total number of issued and outstanding units of SHR after the Investment CorporationMerger* Sekisui House Reit, Inc. website: http://sekisuihouse-reit.co.jp/en/

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