English Translation Originally Issued in the Japanese Language.

January 24, 2017

Hankyu REIT, Incorporated Financial Results for the 23rd Fiscal Period
From June 1, 2016 to November 30, 2016
Hankyu REIT Inc. is listed on the Tokyo Stock Exchange (J-REIT) with the securities code number 8977. (Website:
http://www.hankyu-reit.jp/eng/)
Executive Director:
Yoshiaki Shiraki
Inquiries:

Hankyu REIT Asset Management, Inc.
Hiroshi Yoshida, General Manager, IR and Public Relations Department
Email: hankyureit-ir@hankyu-rt.jp

Scheduled Filing Date of Securities Report:
February 22, 2017
Scheduled Commencement Date of Cash Distribution Payment: February 15, 2017
Supplement Material to Financial and Business Results:
Yes
Financial and Business Results Briefing:
Yes (for institutional investors and analysts)

1. Business Results for the Fiscal Period from June 1, 2016 to November 30, 2016
(1) Operating Results(millions of yen, rounded down; except as noted)
Operating revenues

Operating income

Change (%)

Ordinary income

Change (%)

Change (%)

For the period ended
November 30, 2016

4,721

(14.6)

1,976(3.7)

1,570

(5.3)

May 31, 2016

5,527

13.4

2,053

4.7

1,659

5.9Net income

Ordinary
Ordinaryincome/Net income Net income/income/per unit
EquityTotal assets Operating
revenues

Change (%)

(yen)

(%)

(%)

(%)

(5.4)
5.9

2,626
2,774

2.1
2.3

1.1
1.2

33.3
30.0

For the period ended
November 30, 2016
May 31, 2016

1,569
1,657

(Percent figures show changes from previous period)1

English Translation Originally Issued in the Japanese Language.

(2) Distributions(millions of yen, rounded down; except as noted)
Distribution
per unit

Totaldistributions(yen)

Distribution inTotal
excess of distributions inDistributions/
Payout ratio
excess ofNet assets
earnings
per unit
earnings
(yen)
(%)
(%)

For the period ended
November 30, 2016

2,626

1,5690–

100.0

2.1

May 31, 2016

2,775

1,6580–

100.0

2.3

Note:
“Distribution per unit” and “Total distributions” do not include distribution in excess of earnings per unit.

(3) Financial Position(millions of yen, rounded down; except as noted)

Total assets

Net assets

Net assets/
Total assets

Net assets per unit

(%)

(yen)

49.5
50.9

122,558
122,706

As of
November 30, 2016

147,958143,964

May 31, 2016

73,22873,317(4) Cash Flows(millions of yen, rounded down; except as noted)

Cash and cash
Cash flows from
Cash flows from
Cash flows fromequivalents
at endoperating activities investing activities financing activitiesof period
For the period ended
November 30, 2016

2,279
7,958

May 31, 2016

(9,216)
(564)

2,318
(1,564)

13,327
17,947

2. Forecasts for the Fiscal Period from December 1, 2016 to May 31, 2017
and from June 1, 2017 to November 30, 2017
(millions of yen, rounded down; except as noted)

OperatingrevenuesFor the period ending
4,731
May 31, 2017
For the period ending
4,849
November 30, 2017

Operatingincome

Ordinary
incomeDistributions
Distribution in excess ofNet incomeper unit earnings perunit

ChangeChangeChangeChange%%%%0.2

1,945 (1.6) 1,573

0.2

1,571

2.5

2,075 6.7

6.5

1,673

1,674(yen)

(yen)

0.1

2,630

0

6.5

2,8000(Percent figures show changes from previous period)
Notes:
1. “Distribution per unit” does not include distribution in excess of earnings per unit.
2. Projected net income per unit for the fiscal period ending May 31, 2017 and November 30, 2017 are 2,630 yen and 2,800 yen,respectively.

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English Translation Originally Issued in the Japanese Language.

3. Others
1. Changes in accounting policies, changes in accounting estimates, and retrospective restatement(1) Changes in accounting policies due to revisions in accounting standards: None
(2) Changes in accounting policies other than in the above item (1): None
(3) Changes in accounting estimates: None
(4) Retrospective restatement: None
2. Number of investment units issued and outstanding(1) The number of investment units issued and outstanding (including treasury investment units) as of theperiod-end:
As of November 30, 2016:

597,500 units

As of May 31, 2016:

597,500 units(2) The number of treasury investment units as of the period-end:
As of November 30, 2016:- units

As of May 31, 2016:- units

Disclaimer:* As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has
been completed for the financial statements.
* The forecasts for the fiscal period from December 1, 2016 to May 31, 2017 and from June 1, 2017 to November 30, 2017 arebased on certain assumptions currently available to Hankyu REIT Inc. Actual operating revenues, operating income, ordinary
income, net income, and distribution per unit may differ substantially due to changes in conditions and the forecasts do notguarantee any cash distribution amounts.

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