13 th Fiscal Period
Semi-Annual Report

From August 1, 2021 to January 31, 2022

Samty Residential Investment Corporation
1-8-3 Marunouchi Chiyoda-ku, Tokyo
https://www.samty-residential.com/en/
Securities Code: 3459

Message to Our Unitholders

We would like to extend our respect and heartfelt appreciation to
the medical practitioners and other related people who areendeavoring to address the novel coronavirus (COVID-19) pandemic. On behalf of Samty Residential Investment Corporation(Samty Residential), let me express our sincere gratitude to ourunitholders for your loyal patronage.
Under the philosophy of revitalizing Japan’s economy startingwith its regional cities by providing residents with a safe, secure,and comfortable living environment, Samty Residential has
invested in residential properties in a broad range of Japan’s
regional cities to build a diversified portfolio.
Since the declaration of a state of emergency was announced by
the government two years ago, Samty Residential had seen theoccupancy rate of its assets decrease slightly. By implementing
operational and marketing measures that match the characteristics of respective areas in which the assets are located, the occupancy rate has been improved and stabilized. Meanwhile, wehave accelerated external growth by acquiring assets totaling
25.6 billion yen through a large-scale capital increase conductedin August 2021, followed by the acquisition of three, relatively-new properties (totaling 2.5 billion yen) in November. Moreover,with the asset replacement we conducted in February 2022, weplan to achieve a significant period-on-period increase in earnings for the 14th fiscal period ending July 2022, anticipating an
increase in distributions.
Looking ahead, taking advantage of the sponsor support from
Samty Co., Ltd., the main sponsor, and Daiwa Securities Group
Inc., the sub-sponsor, we will continue working to expand theasset size by acquiring excellent properties and enhance portfolio quality by conducting asset replacement. Through these
efforts, we will endeavor to maximize earnings, generate stable
distributions and enhance unitholder value over the medium tolong term. We greatly appreciate your continued support of andcooperation with Samty Residential.

Masafumi Takahashi
Executive Director,
Samty Residential Investment Corporation
Representative Director,
Samty Asset Management Co., Ltd.

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SAMTY RESIDENTIAL

Sustainability Initiatives
Assessments and Certifications by External Organizations

Social

DBJ Green Building Certification
Number of certified properties

Total floor area

8 properties

29,695.06 m2

Ratio of certified properties(ratio by total floor area)

7.6 %Properties newly
certified in the 13th
fiscal period

Initiatives for Residents, Regions/Society(Community)

Initiatives for Investors/Information Disclosure• Installation of AED (automated external defibrillator)• Installation of delivery boxes• Introduction of free Internet access• Installation of ports for car sharing and bicycle sharing• Introduction of disaster prevention facilities and displaying ofdisaster prevention posters• Installation of vending machines arranged for social contributions(charity) and for disaster recovery support

Samty Residential publishes articles featuring regional cities in its asset management
report (available only in Japanese) under
its philosophy of “revitalizing Japan’s economy starting with its regional cities.”•P roactive disclosure of information and IR activities

An example of features on regional cities in
the asset management report (available only inJapanese) issued every fiscal period to unitholders•D issemination and awareness building activities
A-71

A-74

B-39

S-FORT Atsuta Hanacho

S-RESIDENCE Aoi II

S-FORT Niigata Ekimae
AED (automated external defibrillator)

Future Initiatives
2021 GRESB Real Estate Assessment (Provisional) Granted
With provisional assessment granted, the following initiatives will bepromoted• Establish policies for energy saving and GHG (greenhouse gas)
reduction

Bicycle sharing

2022 GRESB Real Estate Assessment to
Be Granted

Initiatives for Employees of the AssetManagement Company

Assessment results planned to be announced in
October 2022

• Prepare operation manuals for EMS (Environmental Management
System)Samty Residential proactively holds briefing sessions and participates in various IR events with an aim to be more recognized andbetter understood. Going forward, Samty Residential will work tocommunicate with all investors in an appropriate manner while
taking into consideration the situation of the spread of COVID-19.

Vending machines arranged forsocial contributions (charity) andfor disaster recovery support• Set up environmental performance goals and figure out actual results• Capacity Development/Personnel Training• Support for qualification acquisition and training• Regular health checkups• Promotion of work-life balance• Whistleblowing system named "Samty Asset Hotline"

Governance

Other Assessments and Certifications
Proactively work to obtain environmental certifications for owned
properties

Decision-Making Procedures Concerning
Transactions with Interested Parties, Etc.

DBJ Green Building Certification
Continuously promote obtainment

The acquisition or sale of assets by Samty
Residential shall be managed through a transparent
decision-making process.

BELS (Building-Housing Energy-efficiency Labeling System)
Certification
Conduct in-house training and education, aiming to obtaincertification by the end of the 14th fiscal period

We will work to enhance the reliability andobjectivity of the achievements of ourinitiatives to reduce environmental burdens.

CASBEE (Comprehensive Assessment System for Built Environment
Efficiency) for Building Certification
Preparations for obtainment underway, as apartments were includedin the property types to be assessed in the 2021 version program

Examination by Senior Compliance Officer
Deliberation and approval by Residential REIT Compliance Committee
Deliberation and approval by Residential REIT Investment Committee

Instructions tocancel or changedetails of the
proposal

Deliberation and approval by Board of Directors
Deliberation and approval by Board of Directors of Samty Residential
Resolution by Board of Directors

Same Boat Investment by Samty Co., Ltd., the Main Sponsor
In order to align interests of unitholders and sponsors, Samty Co., Ltd. has confirmed with Samty Residential and the Asset Management
Company in the main sponsor support agreement that it intends to seriously investigate acquisition of part of new investment units thatSamty Residential may issue in the future and that, when owning Samty Residential’s investment units, it intends to continue owning suchinvestment units unless there are special circumstances.

Environment
Waste Management through Sorting

In the capital increase through third-party allotment conducted in August 2021, 17,705 units were allocated to Samty Co., Ltd.

• Wastes are managed appropriately through sorting; countermeasuresagainst garbage smells were conducted at some properties by installing ozone deodorization units• Displayed posters to raise awareness of 3Rs (Reduce, Reuse andRecycle) for utilizing limited resources

Voluntary rules have been established on transactions with interested parties, etc. with an aim toprevent harm to the interests of Samty Residential
caused by conducting transactions with suchparties.

Proposal by Acquisition Department of Residential REIT Division

As of the end of January 2022, Samty Co., Ltd. owns 104,042 units, representing 13.5% of the total number of investment units issued andoutstanding.
Ozone deodorization unit

Cumulative Investment Unit Purchase and Employee Investment Unit Ownership Program
The program is intended for the officers and employees of Samty Co., Ltd. and Samty Asset Management Co., Ltd. to raise awareness forthe business performance of Samty Residential, and to enhance unitholder value over the medium to long term by aligning interests with
Samty Residential’s unitholders.

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I. Asset Management Report

SAMTY RESIDENTIAL

1. Overview of Asset Management(2) 13th Fiscal Period Asset Management Review(1) Changes in Operating Results and Other Management Data
9th fiscal period

Fiscal period
Operating revenue
Of which, leasing business revenue
Operating expenses
Of which, expenses related to leasing
business
Operating income

10th fiscal periodi) Brief History of Samty Residential
11th fiscal period

12th fiscal period

13th fiscal period(From August 1, 2019
(From February 1,(From August 1, 2020
(From February 1,(From August 1, 2021
to January 31, 2020) 2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022)(millions of yen)

3,777

3,900

4,357

4,176

4,842

(millions of yen)

3,665

3,786

4,003

4,067

4,842

(millions of yen)

1,908

2,123

2,186

2,317

2,533

(millions of yen)

1,477

1,633

1,661

1,777

1,950

(millions of yen)

1,869

1,776

2,171

1,859

2,309
1,833

Ordinary income(millions of yen)

1,499

1,449

2,008

1,516

Net income(millions of yen)

1,499

1,448

2,007

1,515

1,832

Total assets(millions of yen)

116,327

115,827

125,498

124,926

154,849

(%)

19.7

(0.4)

8.3

(0.5)

24.0

(millions of yen)

55,74955,49260,532

59,91875,981

(%)

21.7

(0.5)

9.1

(1.0)

26.8

Interest-bearing debt

(millions of yen)

58,98558,98563,43563,43576,935Unitholders' capital, net (Note 4)(millions of yen)

54,25054,04458,52458,402

74,149(units)592,600

592,600

639,300

639,300

769,626(yen)

94,076

93,642

94,686

93,724

98,725(millions of yen)

1,704

1,679

2,130

1,748

2,127

[Period-on-period change]
Net assets[Period-on-period change]

Total number of investment units issued andoutstanding
Net assets per unit (base value)
Total distribution

(yen)

2,877

2,834

3,333

2,735

2,764

Of which, distribution of earnings per unit

(yen)

2,530

2,443

3,141

2,371

2,381

Of which, distribution in excess of earnings
per unit

(yen)

347

391

192

364

383

Ratio of ordinary income to total assets (Note 5)

(%)

1.4

1.2

1.7

1.2

1.3

(%)

2.8

2.5

3.3

2.4

2.6

(%)

3.0

2.6

3.5

2.5

2.7

(%)

5.9

5.2

6.9

5.1

5.3

(%)

47.9

47.9

48.2

48.0

49.1

0.8

0.0

0.3

(0.2)

1.1

(%)

100.0

100.0

100.0

100.0

100.0

Distribution per unit

(Annualized)
Ratio of net income to equity (Note 5)(Annualized)
Equity ratio at end of period (Note 5)[Period-on-period change]
Payout ratio (Note 5)[Other Reference Information](days)

184

182

184

181

184

(properties)

117

118

132

132

159

Depreciation(millions of yen)

762

774

819

817

960

Capital expenditures(millions of yen)

123

77

209

206

222

NOI (Net Operating Income) from leasing (Note 5) (millions of yen)

2,950

2,926

3,161

3,107

3,852

Number of days of management
Number of investment properties at end of
period(millions of yen)

2,149

2,107

2,473

2,224

2,792

FFO per unit (Note 5)

(yen)

3,627

3,555

3,869

3,479

3,628

Ratio of interest-bearing debt to total assets
at end of period (LTV)

(%)

50.7

50.9

50.5

50.8

49.7

FFO (Funds from Operation) (Note 5)(Note 1) The fiscal periods of Samty Residential Investment Corporation are the six months from February 1 through July 31 of each year and from August 1
through January 31 of the following year.
(Note 2) Operating revenue and other figures do not include consumption taxes.
(Note 3) Unless otherwise stated, the figures less than the specified unit are rounded down and percentage figures are rounded off to the first decimal place.
(Note 4) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders' capital.
(Note 5) The figures are calculated by using the following formulas.
Ratio of ordinary income to total assets

Ordinary income ÷ (total assets at beginning of period + total assets at end of period) ÷ 2

Ratio of net income to equity

Net income ÷ [(net assets at beginning of period + net assets at end of period) ÷ 2] × 100

Equity ratio at end of period

Net assets at end of period ÷ total assets at end of period × 100

Payout ratio

Total distribution (excluding distribution in excess of earnings) ÷ net income × 100

NOI (Net Operating Income) from leasing

Real estate leasing business revenue – expenses related to leasing business + depreciation

FFO (Funds from Operation)

Net income + depreciation - gain or loss on the sale of real estate or other properties

FFO (Funds from Operations) per unit

FFO ÷ total number of investment units issued and outstanding

Samty Residential Investment Corporation (hereinafter, “Samty Residential”) was established in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), with Samty Asset Management Co., Ltd. (hereinafter, the “the Asset Management Company”) serving as the organizer, and was registered with the Kanto Local Finance Bureau on
April 6, 2015 (registration number: Director of Kanto Local Finance Bureau No. 101). Subsequently, on June 30, 2015, Samty
Residential was listed on the real estate investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3459).
With rental housing (hereinafter referred to as “rental housing” or “residential properties”) as the main investment target, Samty
Residential has managed its assets by conducting diversified investments in wide-ranging cities throughout Japan centering on major
regional cities (Note), aiming to enhance unitholder value over the medium to long term.
As of the end of the fiscal period ended January 2022 (hereinafter, the “end of the 13th fiscal period”), Samty Residential owned
real estate, etc. consisting of 159 properties in total (total acquisition price: 146,346 million yen), with the total number of investment
units issued and outstanding at 769,626 units.
(Note) “Major regional cities” refers to the eight cities of Sapporo-shi, Sendai-shi, Nagoya-shi, Kyoto-shi, Osaka-chi, Kobe-shi, Hiroshima-shi, and Fukuoka-shi.

ii) Investment Environment and Management Performance
In the fiscal period ended January 2022 (hereinafter, the “13th fiscal period”), the Japanese economy recorded a real GDP growthrate (first preliminary estimate) for the October - December 2021 period of 1.3% (seasonally adjusted, period-on-period comparison),or 5.4% when annualized, and a private final consumption expenditure growth rate of 2.7% in real terms (seasonally adjusted, period-on-period comparison), both achieving a positive growth for the first time in two quarters. As for the employment situation, the job
opening-to-application ratio in 2021 was 1.13 times on average.
Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of December 2021 stoodat 91.3 trillion yen, remaining at a high level, according to the quarterly Loans and Bills Discounted by Sector publicized by the Bankof Japan.
In the real estate transaction market where the low-interest-rate environment continues, market participants have a strong willingness to invest, which has kept transaction prices stuck at a high level.
In the rental housing market, supply of rental housing has been at low levels, while the number of households in the major regional
cities in which Samty Residential mainly invests and manages assets has not decreased regardless of declarations of a state of
emergency and pre-emergency measures announced under the impact of the COVID-19 pandemic. Furthermore, according to theReport on Internal Migration in Japan Derived from the Basic Resident Registration publicized by the Ministry of Internal Affairs andCommunications, the 23 wards of Tokyo have seen a net out-migration in 2021 for the first time since 2014, while major regional
cities continued to record net-migrations.
During the 13th fiscal period, Samty Residential conducted a capital increase through public offering and third-party allotment on
August 2, 2021, and newly borrowed funds on August 3, 2021. Using the funds from these arrangements, Samty Residential acquired
24 properties of real estate, etc. (total acquisition price: 25,565 million yen). Moreover, it additionally acquired three properties of realestate, etc. (total acquisition price: 2,539 million yen) on November 30, 2021. Consequently, the assets owned by Samty Residential
as of the end of the 13th fiscal period totaled 159 properties with a total acquisition price of 146,346 million yen. The investment ratio
by geographical area was 73.1% for regional cities (47.3% for major regional cities and 25.8% for other regional cities) and 26.9% for
the Greater Tokyo area, on an acquisition price basis.
Samty Residential conducts leasing activities in line with the characteristics and demand of respective regions and works to renovate common areas and rooms for lease in an effort to enhance such usability as comfort, convenience and safety. In conducting
large-scale construction work, Samty Residential endeavors to cooperate with the Samty Group (Note 1) to realize cost reduction.
Rent per unit after adjustment (Note 2) has remained strong, even under the environment of the COVID-19 pandemic, as Samty
Residential has cooperated with property management companies and worked on setting rents and receiving key money by taking
into account the characteristics and demand of respective regions. The occupancy rate for the 13th fiscal period remained at roughly
the same level as in the last year, although impacted by the declarations of a state of emergency and pre-emergency measuresannounced by the government. The total rentable area at the end of the 13th fiscal period was 347,140.95 m2, with the occupancy
rate standing at 95.9%.
Moreover, Samty Residential believes that making endeavors to promote sustainability in consideration of environmental, socialand governance (ESG) issues should contribute to maximizing the interests of customers over the medium to long term. Under thisbelief, “Sustainability Policy” and “Rules on Sustainability Promotion System” were established at the Asset Management Company inorder to promote preparation, including formation of internal systems, for acquiring recognition of the GRESB Real Estate
Assessment.

4

5

I. Asset Management Report

SAMTY RESIDENTIAL(Note 1) The Samty Group refers to Samty Co., Ltd. (hereinafter, the “main sponsor”), the consolidated subsidiaries of the main sponsor (collectively referring to
the consolidated subsidiaries stipulated in Article 2, Paragraph 4 of the Ordinance on Terminology, Forms, and Preparation Methods of Consolidated
Financial Statements (Ordinance of the Ministry of Finance No. 28 of 1976, as amended)), and special purpose companies (other than the consolidated
subsidiaries of the main sponsor) for which the main sponsor has funded on its own, but excludes Samty Residential. The same shall apply hereinafter.

reserves to the total amount of “book value after adjustment” (referring to the value obtained by deducting the amount equivalent to accompanying
expenses upon acquiring the owned real estate from the book value of each real estate owned as of the end of the calculation period of Samty
Residential; the same shall apply hereinafter) of real estate owned as of the end of the relevant calculation period. At the end of the 13th fiscal period,
the total amount of the continuous appraisal value was 160,168,000,000 yen, while the total amount of the book value after adjustment was
141,037,587,613 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation
period was 379,301,205 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 13th fiscal period (160,168,000,000 yen)exceeds the total amount of the book value after adjustment (141,037,587,613 yen) and the total reserve for the planned construction cost of repairs andreplacements to be conducted in the 14th fiscal period (379,301,205 yen) combined.

(Note 2) Rent per unit after adjustment is calculated using the following formula, with the assumed contract period of 4 years. Rent per unit after adjustment =[monthly rent revenue + (revenues from key money revenue ÷ assumed contract period)] ÷ contracted areaiii) Overview of Fund Procurement(A) Issuance of new investment units
In the 13th fiscal period, Samty Residential issued additional investment units (128,207 units) through public offering and third-party
allotment (total amount raised: 15,725 million yen) on August 2, 2021, in order to fund the acquisition of 24 newly acquired properties,
etc. It also issued additional investment units (2,119 units) through third-party allotment (total amount raised: 254 million yen) on
August 24, 2021. As a result, the total number of investment units issued and outstanding at the end of the 13th fiscal period stood at
769,626 units.

(B) Borrowings and investment corporation bonds
In the 13th fiscal period, Samty Residential took out long-term borrowings (Term Loans 17-A, 17-B, 17-C and 17-D) totaling 13,500
million yen from Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., The Nishi-Nippon City Bank, Ltd., Aozora Bank, Ltd., The
Higo Bank, Ltd., Shinsei Bank, Ltd., Japan Post Bank Co., Ltd., Kansai Mirai Bank, Limited, The Kagoshima Bank, Ltd. and Resona
Bank, Ltd. on August 3, 2021, in order to fund the acquisition of the 24 newly acquired properties, etc. Moreover, it took out long-termloans (Term Loan 18) of 3,850 million yen from Sumitomo Mitsui Banking Corporation, Resona Bank, Ltd., The Juhachi-Shinwa Bank,
Ltd., The Bank of Fukuoka, Ltd., Shinsei Bank, Ltd. and The Kumamoto Bank, Ltd. on January 31, 2022, in order to partly fund therepayment of existing borrowings (Term Loan 7-B) amounting to 5,350 million yen.
In addition, Samty Residential issued the Second Series Unsecured Investment Bonds as follows in order to lengthen the borrowing periods, fix interest rates and disperse the repayment dates of its interest-bearing debt as well as to diversify fund procurement
methods.
Name:	Second Series Unsecured Investment Bonds of Samty Residential Investment Corporation (with pari passu
conditions among specified investment corporation bonds)
Total amount:
1,500 million yen
Interest rate:
0.850% per annum
Issue date:
December 8, 2021
Redemption date:
December 8, 2031
Collateral and guarantee: Unsecured and unguaranteed
As a result, the balance of interest-bearing debt totaled 76,935 million yen as of the end of the 13th fiscal period, with the ratio ofinterest-bearing debt to total assets (“LTV”) standing at 49.7%.
As of the date of this document, Samty Residential is granted the following credit rating.

(3) Status of Capital Increase, Etc.
The total number of investment units issued and outstanding and changes in unitholders’ capital over the last five years are as
follows.

Date

Event

Total number of investment units
issued and outstanding(units)Unitholders' capital, net (Note 1)(millions of yen)

Increase(decrease)

Increase(decrease)

Balance

Remarks

Balance

April 21, 2017

Cash distribution in excess of earnings(refund of capital contribution)—

283,000(143)

25,648(Note 2)October 23, 2017

Cash distribution in excess of earnings(refund of capital contribution)—

283,000(141)

25,506(Note 3)February 1, 2018

Capital increase through third-party allotment

173,600

456,600

15,10340,610(Note 4)

April 23, 2018

Cash distribution in excess of earnings(refund of capital contribution)—

456,600(136)

40,473(Note 5)

August 27, 2018

Capital increase through public offering

47,500504,100

4,116

44,589(Note 6)

October 22, 2018

Cash distribution in excess of earnings(refund of capital contribution)—

504,100(213)

44,376(Note 7)

April 22, 2019

Cash distribution in excess of earnings(refund of capital contribution)—

504,100(229)

44,146(Note 8)August 26, 2019

Capital increase through third-party allotment

88,500592,600

10,33654,483(Note 9)October 21, 2019

Cash distribution in excess of earnings(refund of capital contribution)—

592,600(232)

54,250(Note 10)

April 22, 2020

Cash distribution in excess of earnings(refund of capital contribution)—

592,600(205)

54,044(Note 11)

August 3, 2020

Capital increase through third-party allotment

46,700639,300

4,712

58,756(Note 12)October 19, 2020

Cash distribution in excess of earnings(refund of capital contribution)—

639,300(231)

58,524(Note 13)—639,300(122)

58,402(Note 14)Credit rating agency

Credit rating

April 21, 2021

Japan Credit Rating Agency, Ltd.
(JCR)

Long-term issuer rating
A- (positive)

Cash distribution in excess of earnings(refund of capital contribution)

August 2, 2021

Capital increase through public offering andthird-party allotment

128,207

767,507

15,725

74,127(Note 15)

August 24, 2021

Capital increase through third-party allotment

2,119

769,626

254

74,381(Note 16)

October 18, 2021

Cash distribution in excess of earnings(refund of capital contribution)—

769,626(232)

74,149(Note 17)iv) Overview of Performance and Distributions
As a result of the above, Samty Residential posted operating revenue of 4,842 million yen, operating income of 2,309 million yen,ordinary income of 1,833 million yen and net income of 1,832 million yen for the 13th fiscal period.
With regard to the distribution for the 13th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution perinvestment unit of less than 1 yen, in application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation). As a result, distribution per unit came to 2,381 yen.
In addition, as part of its cash management, Samty Residential also decided to make a cash distribution in excess of earnings(hereinafter, “distribution in excess of earnings) for the 13th fiscal period, as it did for preceding fiscal periods. Based on this decision,
Samty Residential determined to distribute 294,766,758 yen, which is the amount almost equivalent to 30.7/100 of 960 million yen in
depreciation for the 13th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings
per unit came to 383 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 76.2%.
(Note 1) Samty Residential shall conduct distributions in excess of earnings as part of its cash management only when the total amount of “continuous appraisal
value” (referring to the appraisal value stated in the appraisal report obtained for real estate assets owned by Samty Residential, with the end of eachfiscal period as the appraisal date, or the survey value (period-end estimated value) stated in the price survey report for such; the same shall apply
hereinafter) of real estate owned as of the end of the relevant calculation period (referring to Samty Residential’s calculation period for which distributionsof cash flows and distributions in excess of earnings are conducted by Samty Residential) exceeds the amount obtained by adding the total reserves forthe planned construction cost (capital expenditures) of repairs and replacements to be conducted in the following calculation period and other planned

6(Note 2) The six-month average value of the sum total of the estimated amounts for emergency repair expenses, short-term repair expenses and long-term repair
expenses stated in the building condition survey reports for the 159 properties owned by Samty Residential as of the date of this document is 197 million
yen. Accordingly, Samty Residential has decided to conduct the abovementioned distribution in excess of earnings as part of cash management, determining that it is within the scope of healthy financial stability maintained after comprehensively considering the current external environment, real estatemarket conditions and its financial conditions (including, but not limited to, the LTV level and conflict with the financial covenants set for the liabilities of
Samty Residential).

(Note 1)

Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders' capital.

(Note 2)Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2017, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 507 yen per unit as cash distribution for the 3rd fiscal period(ended January 2017). Payment of distribution commenced on April 21, 2017.

(Note 3)Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2017, to make a distribution in excess of earnings (refund of
capital contribution as reduction in unitholders’ capital for tax purposes) of 501 yen per unit as cash distribution for the 4th fiscal period (ended July2017). Payment of distribution commenced on October 23, 2017.

(Note 4)Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 87,000 yen per unit to fund the acquisitionof new properties, etc.

(Note 5)Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2018, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 484 yen per unit as cash distribution for the 5th fiscal period(ended January 2018). Payment of distribution commenced on April 23, 2018.

(Note 6)

Samty Residential issued additional investment units through public offering at an issue price of 89,895 yen (purchase price of 86,668 yen) per unit tofund the acquisition of new properties, etc.

(Note 7)

Samty Residential resolved at its Board of Directors’ Meeting held on September 14, 2018, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 468 yen per unit as cash distribution for the 6th fiscal
period (ended July 2018). Payment of distribution commenced on October 22, 2018.

(Note 8)Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2019, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 456 yen per unit as cash distribution for the 7th fiscal period(ended January 2019). Payment of distribution commenced on April 22, 2019.

7

I. Asset Management Report(Note 9)SAMTY RESIDENTIAL

Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 116,800 yen per unit to fund the acquisitionof new properties, etc.

(Note 10) Samty Residential resolved at its Board of Directors’ meeting held on September 13, 2019, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 462 yen per unit as cash distribution for the 8th fiscal
period (ended July 2019). Payment of distribution commenced on October 21, 2019.
(Note 11) Samty Residential resolved at its Board of Directors’ meeting held on March 13, 2020, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 347 yen per unit as cash distribution for the 9th fiscal period(ended January 2020). Payment of distribution commenced on April 22, 2020.
(Note 12) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 100,900 yen per unit to fund the acquisitionof new properties, etc.
(Note 13) Samty Residential resolved at its Board of Directors’ Meeting held on September 15, 2020, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 391 yen per unit as cash distribution for the 10th fiscal
period (ended July 2020). Payment of distribution commenced on October 19, 2020.
(Note 14) Samty Residential resolved at its Board of Directors’ meeting held on March 12, 2021, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 192 yen per unit as cash distribution for the 11th fiscal period(ended January 2021). Payment of distribution commenced on April 21, 2021.
(Note 15) Samty Residential issued additional investment units through public offering and third-party allotment at an issue price of 124,675 yen (purchase priceof 120,199 yen) per unit to fund the acquisition of new properties, etc.
(Note 16) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 120,199 yen per unit to fund the acquisitionof new properties, etc.
(Note 17) Samty Residential resolved at its Board of Directors’ meeting held on September 15, 2021, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 364 yen per unit as cash distribution for the 12th fiscal
period (ended July 2021). Payment of distribution commenced on October 18, 2021.

The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, where Samty
Residential’s investment securities are listed, by fiscal period are as follows.
9th fiscal period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period(From August 1, 2019 toJanuary 31, 2020)(From February 1, 2020 toJuly 31, 2020)(From August 1, 2020 toJanuary 31, 2021)(From February 1, 2021 toJuly 31, 2021)(From August 1, 2021 toJanuary 31, 2022)

Highest125,000 yen

114,300 yen

111,500 yen

133,500 yen

128,800 yen

Lowest110,900 yen

69,300 yen

92,200 yen

107,300 yen

114,800 yen(Note) Samty Residential’s investment securities were listed on the real estate investment trust market of the Tokyo Stock Exchange on June 30, 2015.

With regard to the distribution for the 13th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution perinvestment unit of less than 1 yen, in application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation). As a result, distribution per unit came to 2,381 yen. In addition, as part of its cash
management, Samty Residential also decided to make a distribution in excess of earnings for the 13th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 294,766,758 yen, which is the amountalmost equivalent to 30.7/100 of 960 million yen in depreciation for the 13th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 383 yen.
9th fiscal period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period(From August 1, 2019
(From February 1,(From August 1, 2020
(From February 1,(From August 1, 2021
to January 31, 2020) 2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022)

Total unappropriated retained earnings(thousands of yen)

1,499,338

1,448,102

2,008,173

1,516,078

Retained earnings(thousands of yen)

60

381

131

298

120

Total cash distribution(thousands of yen)

1,704,910

1,679,428

2,130,786

1,748,485

2,127,246[Distribution per unit]

(yen)

2,877

2,834

3,333

2,735

2,764

1,499,278

1,447,721

2,008,041

1,515,780

1,832,479

Of which, total distribution of earnings[Distribution of earnings per unit]
Of which, total refund of capital
contribution(thousands of yen)

1,832,599

(yen)

2,530

2,443

3,141

2,371

2,381

(thousands of yen)

205,632

231,706

122,745

232,705

294,766[Refund of capital contribution per unit]

(yen)

347

391

192

364

383

Of the total refund of capital contribution,
total distribution from reserve for temporary difference adjustments(thousands of yen)

—

—

—

—

—

(yen)

—

—

—

—

—

205,632

231,706

122,745

232,705

294,766

347

391

192

364

383

[Of the refund of capital contribution perunit, distribution per unit from reserve fortemporary difference adjustments]
Of the total refund of capital contribution,
total distribution reducing unitholders’capital for tax purposes(thousands of yen)

[Of the refund of capital contribution perunit, distribution reducing unitholders’capital for tax purposes](yen)According to the Monthly Economic Report (February 2022) announced by the Cabinet Office on February 17, 2022, the Japanese
economy is continuing to pick up, although weakness is observed in some areas amid the severe situation caused by COVID-19
lingering. As for the outlook, the economy is expected to be picking up as anti-infection measures are thoroughly taken and economic
and social activities are maintained, with various political measures proving effective and overseas economies improving. Full attention should be paid, however, to the downside risks due to the impact of the spread of the infection, restrictions in supply and thetrends of raw material prices. The impact of fluctuations in the financial and capital markets, etc. must also be watched carefully.
In the real estate transaction market, it is anticipated that transaction prices will remain in the high price zone as the low-interest-rate environment is extended. In the rental housing market, demand is expected to remain solid. However, the impact of COVID19 on these markets must be closely monitored.
Based on the outlook stated above, Samty Residential will aim to further enhance unitholder value through “investments in residential properties mainly located in major regional cities” and “utilization of the Samty Group,” and by taking advantage of the networks
and know-how in the financial and capital markets possessed by Daiwa Securities Group Inc. (hereinafter, the “sub-sponsor”) (Note).
(Note) Daiwa Securities Group Inc. concluded a sponsor support agreement (hereinafter, the “sub-sponsor support agreement”) with Samty Residential and theAsset Management Company as of January 15, 2018. The company is also a shareholder of the Asset Management Company.

(A) External Growth Strategy
Samty Residential will invest in accommodation facilities and other assets in wide-ranging regional cities throughout Japan with an
aim to secure stable earnings and steady growth of managed assets by managing such assets over the medium to long term.
As of the date of this document, Samty Residential is granted with preferential negotiation rights for the “S-RESIDENCE” series ofcondominiums that the main sponsor is developing, based on the sponsor support agreement with the main sponsor. In addition,
Samty Residential will work to flexibly acquire properties by taking advantage of the warehousing function of the main sponsor andthe proprietary networks of the Asset Management Company, in pursuit of expanding the asset size.

(B) Internal Growth Strategy(4) Performance of Distributions, Etc.

Fiscal period

Outlook of Overall Asset Management

Based on the sub-sponsor support agreement, the company provides various information, gives such support as formation of bridge funds, and cooperates
with the Asset Management Company in securing staff.

[Changes in Market Price of Investment Certificates]

Fiscal period(5) Future Asset Management Policy and Issues to Be Addressed

Samty Residential aims to maximize unitholder value over the medium to long term by securing stable rental revenue. For this goal,
Samty Residential will conduct efficient administration and operations by utilizing the sponsor support from the main sponsor and thesub-sponsor and cooperating with respective property management companies and the Asset Management Company in an endeavor
to maintain and enhance the occupancy rate and the rent levels.
Going forward, as it did in the 13th fiscal period, Samty Residential will work to expand rental revenue by maintaining and enhancing the asset value and property competitiveness through implementation of strategic measures for better usability and repairs forhigher property value, improving the occupancy rate through reinforcement of leasing activities, raising rent per unit after adjustment
through rent setting suited for the situation of respective properties and receipt of key money, and securing accompanying income
such as parking fees, based on the real estate market conditions including the operation status of each property and the trends ofcompeting properties in the neighborhood. Moreover, Samty Residential will endeavor to maintain and increase rental income throughreduction of such costs as administrative expenses by optimizing utilities expenses and contracts with building management companies for each property and enhancing efficiency of leasing activities, among other measures.

(C) Financial Strategy
Looking ahead, Samty Residential will closely monitor the financial environment, such as interest rate trends and lending attitude offinancial institutions, and conduct fund procurement in consideration of the soundness of its financial standing and earnings stability,
as well as work to maintain and expand the stable fund procurement system by utilizing the sponsor support from the sub-sponsor.
With regard to borrowings, Samty Residential will conduct optimal fund procurement by efficiently combining short-term borrowings
with a focus on flexibility and long-term borrowings intended to secure financial stability. As for issuance of new investment units,
Samty Residential will investigate such in accordance with fund requirements for property acquisitions, etc. and its financial situation,
while setting the upper limit of LTV at 60% in an effort to establish the optimal financial base.

(6) Significant Subsequent Events
Not applicable(Note) For the determination of making distribution in excess of earnings for the 13th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of
Performance and Distributions, (2) 13th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

89

I. Asset Management Report

SAMTY RESIDENTIAL(Reference Information)

2. Overview of Samty Residentiali) Acquisition of Assets(1) Status of Unitholders’ Capital

Samty Residential acquired the real estate trust beneficiary interests and real estate (physical real estate) described below on
February 25 and February 28, 2022.
Property
number
A-86

Property name
S-FORT Taisho Riviere

Location

Acquisition date

Samty Co., Ltd.
Not disclosed (Note 2)

February 25, 2022

Samty Co., Ltd.

February 28, 2022

B-46

S-FORT Ichinomiya Honmachi

Ichinomiya-shi, Aichi

S-RESIDENCE Senrioka

Settsu-shi, Osaka

C-39

S-RESIDENCE Kitasenju reiz

Adachi-ku, Tokyo—

February 28, 2022—

Total number of investment units authorized

Acquisition price(millions of yen) (Note 1)

Taisho-ku, Osaka-shi

B-47

Total

Seller

1,000
540
1,012
1,200

—

9th fiscal period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period(as of January 31, 2020)(as of July 31, 2020)(as of January 31, 2021)(as of July 31, 2021)(as of January 31, 2022)(units)2,000,000

2,000,000

2,000,000

2,000,000

2,000,000
769,626

Fiscal period
Total number of investment units issued andoutstanding
Unitholders' capital, net (Note)(units)592,600

592,600

639,300

639,300(millions of yen)

54,25054,04458,52458,402

74,149(persons)

13,752

14,485

14,883

14,053

15,467

Number of unitholders(Note)

Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders' capital.

3,752(Note 1) Acquisition price indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses (transaction brokerage fees, taxes and dues, etc.) required for acquisition of the relevant asset, rounded down to the nearest million yen.
(Note 2) Not disclosed as no consent for disclosure has been obtained from the seller.

(2) Matters Concerning Investment Units
Major unitholders as of January 31, 2022 are as follows.

ii) Disposition of Assets

Name

Samty Residential disposed the real estate trust beneficiary interests described below on February 28, 2022.

Number of investment
units owned(units)Address

Percentage of total numberof investment units issued
and outstanding (%)

Daiwa Securities Group Inc.

1-9-1 Marunouchi, Chiyoda-ku, Tokyo

298,440

38.77

Samty Co., Ltd.

1-8-39 Nishimiyahara, Yodogawa-ku, Osaka-shi, Osaka

104,042

13.51

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

2-11-3 Hamamatsucho, Minato-ku, Tokyo

38,284

4.97

Custody Bank of Japan, Ltd.
(Trust Account)

1-8-12 Harumi, Chuo-ku, Tokyo

31,078

4.03

Kinki Sangyo Credit Union

2-1-3 Awajimachi, Chuo-ku, Osaka-shi, Osaka

18,4002.39

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

2-2-2 Otemachi, Chiyoda-ku, Tokyo

13,326

1.73(Note 1) Disposition price indicates the amount (transaction price of real estate properties stated in the trust beneficiary interest disposition agreement) excluding
various expenses (transaction brokerage fees, taxes and public dues, etc.) required for disposition of the relevant asset, rounded down to the nearest
million yen.

Custody Bank of Japan, Ltd.
(Securities Investment Trust Account)

1-8-12 Harumi, Chuo-ku, Tokyo

12,811

1.66

Daiwa PI Partners Co. Ltd.

1-9-1 Marunouchi, Chiyoda-ku, Tokyo

10,8581.41(Note 2) Not disclosed as no consent for disclosure has been obtained from the planned buyer.

SSBTC CLIENT OMNIBUS ACCOUNTOne Lincoln Street, Boston, MA 02111, U.S.A.

10,392

1.35

Daido Shinyoukumiai

1-4-3 Kitahorie, Nishi-ku, Osaka-shi, Osaka

6,044

0.78

543,675

70.64

Property
number

Property nameLocation

Buyer

A-16

S-FORT Gakuenmae

Toyohira-ku, Sapporo-shi

C-03

S-FORT Itabashi Shimura

Itabashi-ku, Tokyo

C-05

S-FORT Noborito

Tama-ku, Kawasaki-shi

A-21

S-FORT Kamiotai

Nishi-ku, Nagoya-shi

Total

Disposition price(millions of yen) (Note)

Disposition date

523
Samty Co., Ltd.

February 28, 2022

740
760

Not disclosed (Note 2)—

March 24, 2022

864

—

2,887

—

iii) Borrowing of Funds

Total

Samty Residential conducted the following borrowings on February 25, 2022, in order to fund the acquisition of specified assets.
LenderTerm
Loan 19

Loan amount(millions of yen)Interest rate

Repayment date

Repayment method

Remarks

Aozora Bank, Ltd.

500

0.940%(fixed interest rate)

January 31, 2028

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Total

500

—

—

—

—

(Note) “Percentage of total number of investment units issued and outstanding” is rounded down to the second decimal place.

(3) Matters Related to Directorsi) The Executive Director, Supervisory Directors and Independent Auditor during the 13th fiscal period are as follows.
Position
Executive Director
Supervisory Directors (Note 1)
dependent Auditor

NameMajor concurrent assignments

Masafumi Takahashi

Representative Director, Samty Asset Management
Co., Ltd.

Takahiro Fujiki

Representative, FUJIKI CPA OFFICE

Takeo Nakahara

Representative Partner, Lawyer, HOKUTO Law Office

Ernst & Young ShinNihon LLC—

Total remuneration for each position
during the 13th fiscal period(thousands of yen) (Note 2)— (Note 3)
1,530
1,530
18,950 (Note 4)(Note 1) Supervisory Directors may be directors of corporations other than those indicated above, but have no conflict of interest with Samty Residential at thoseand the above positions.
(Note 2) Remuneration for the Supervisory Directors is the amounts paid to them in the 13th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 13th fiscal period.
(Note 3) The Executive Director does not receive any remuneration from Samty Residential.
(Note 4) The remuneration for the Independent Auditor includes fees regarding auditing of Samty Residential’s English financial statements and fees regarding
preparation of comfort letters for issuance of investment corporation bonds.

ii) Policy for Determining Dismissal or Refusal of Reappointment of Independent Auditor
Dismissal of the Independent Auditor shall be considered in accordance with the provisions of the Investment Trust Act, and refusal ofreappointment of an Independent Auditor shall be studied by Samty Residential’s Board of Directors following comprehensive consideration of audit quality, the amount of remuneration and other various conditions.

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I. Asset Management Report

SAMTY RESIDENTIAL

3. Status of Samty Residential’s Assets under Management(4) Matters concerning Directors and Officers Liability Insurance Agreement
Samty Residential has entered into a directors and officers liability insurance agreement as follows:
Scope of the insured

Overview of directors and officers liability insurance agreement

Executive Director and all
Supervisory Officersof Samty Residential

The directors and officers liability insurance agreement shall cover loss, such as compensation payment for damages and disputecosts, etc. (hereinafter, “compensation for damages, etc.”) to be borne by the insured when they receive a claim for compensationof damages caused by the actions they have taken as a director of Samty Residential.
However, the agreement shall not cover compensation for damages, etc. to be borne by the insured for their malpractice, criminal
acts, fraudulent conduct (including omissions) or for the actions they have taken with knowledge that it may violate laws and regulations. This shall serve as the measure to ensure that the appropriateness of the execution of duties by the officers, etc. who are theinsured is not impaired.
As for the insurance premium, Samty Residential shall bear the entire amount.

(1) Samty Residential’s Asset Structure
The structure of Samty Residential’s assets as of January 31, 2022, is as follows.

Type of asset

Real estateArea

12th fiscal period
as of July 31, 2021
Total value of owned
assets(millions of yen) (Note 2)

The asset management company, asset custodian and general administrative agents as of January 31, 2022, are as follows.
Entrustment category

Name

Percentage of total
assets(%) (Note 3)

Total value of owned
assets(millions of yen) (Note 2)

Percentage of total
assets(%) (Note 3)

Major regional cities

12,011

9.6

14,283

9.2

Other regional cities

4,618

3.7

4,601

3.0

Greater Tokyo area

1,924

1.5

2,398

1.5

18,55414.9

21,283

13.7

Real estate: total(5) Asset Management Company, Asset Custodian and General Administrative Agents

13th fiscal period
as of January 31, 2022

Major regional cities

45,53536.4

55,891

36.1

Other regional cities

25,45320.4

34,00022.0Greater Tokyo area

30,14124.1

37,476

24.2

Real estate in trust: total

101,130

81.0

127,36882.3

Deposits and other assets

5,240

4.2

6,197

4.0

Total amount of assets

124,926100.0

154,849

100.0

Real estate in trust (Note 1)

Asset management company

Samty Asset Management Co., Ltd.

Asset custodian

Mizuho Trust & Banking Co., Ltd.

Transfer agent

Mitsubishi UFJ Trust and Banking Corporation(Note 1) All properties of the “real estate in trust” above are owned in the form of trust beneficiary interest in real estate.

General administrative agent for institutional operations

Mizuho Trust & Banking Co., Ltd.

General administrative agent for accounting operations and part of tax operations

Reiwa Accounting Holdings Co., Ltd.

(Note 2) “Total value of owned assets” indicates the amount posted on the Balance Sheets as of the closing of accounts (the book value after depreciation for realestate and real estate in trust).

General administrative agent for part of tax operations

Reiwakaikeisha Tax Corporation

General administrative agent for investment corporation bonds

Shinsei Bank, Ltd. and Mizuho Bank, Ltd.

(Note 3) “Percentage of total assets” is rounded off to the first decimal place. Note that the sum of the percentage of total assets may not equal the total becauseof rounding off.

(2) Major Assets Owned by Samty Residential
The following is an overview of the major assets (top ten properties on a book value basis) owned by Samty Residential as ofJanuary 31, 2022.
Ratio to total realestate leasing
business revenue(%) (Note 5)

Book value(millions of yen) (Note 1)

Rentable area(m2) (Note 2)

Leased area(m2) (Note 3)

Occupancy rate(%) (Note 4)

S-FORT Yokohama Aobadai

5,478

9,274.43

9,175.15

98.9

3.1

Apartment

S-FORT Kego Tower

4,451

7,415.36

7,292.36

98.3

2.5

Apartment

S-FORT Nakaitabashi

3,469

3,946.25

3,946.25

100.0

1.7

Apartment

S-RESIDENCE Shin Osaka Ekimae

2,418

4,534.98

4,487.30

98.9

1.8

Apartment

S-RESIDENCE Kobe Isogamidori

2,383

4,372.45

4,348.20

99.4

1.8

Apartment

S-RESIDENCE Esaka

2,275

3,739.30

3,585.32

95.9

1.6

Apartment

S-RESIDENCE Namba Briller

1,958

3,631.60

3,397.87

93.6

1.3

Apartment

S-RESIDENCE Aoi II

1,927

3,215.72

3,190.20

99.2

1.2

Apartment

S-FORT Funabashi Tsukada

1,916

5,640.60

5,640.60

100.0

1.2

Apartment

S-FORT Fukuoka Higashi

1,907

5,584.41

5,584.41

100.0

1.3

Apartment

28,18651,355.10

50,647.66

98.6

17.5

—

Property name

Total

Main use(Note 1) “Book value” indicates the book value after depreciation of each property, rounded down to the nearest million yen. The same shall apply hereinafter.
(Note 2) “Rentable area” indicates the area stated in the lease agreement of respective managed assets or the area calculated based on the building completiondrawings. The same shall apply hereinafter.
(Note 3) For “Leased area,” when the master lease agreement is pass-through type, the figure indicates the area that is actually leased to end tenants based onlease agreements concluded with them (the area stated in the lease agreements, although only including the area of residences and stores, etc. (or thearea of the entire rooms for rent if all the rooms are leased in a lump-sum) and excluding the leased area of parking lots, etc.).
(Note 4) “Occupancy rate” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the first decimal place.
(Note 5) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded to the first decimal place.

1213

I. Asset Management Report

SAMTY RESIDENTIAL(3) Details of Portfolio Assets

Property
number(Real estate assets in the portfolio)
The overview of assets owned by Samty Residential as of January 31, 2022 is as follows.
Property
numberPeriod-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Location(residential address)

Type of ownership

2,072.84

965

1,050

(Note 1)

A-42

S-FORT Aoba Kamisugi

1-16-28 Kamisugi, Aoba-ku, Sendai-shi, Miyagi

Trust beneficiaryinterest

A-43

S-RESIDENCE Shin Osaka
Ridente

2-5-34 Nishimiyahara, Yodogawa-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

2,083.41

1,343

1,510

A-44

S-FORT Fukushima La Luna

3-11-15 Oyodominami, Kita-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

1,473.04

899

1,000

Location(residential address)

Type of ownership

S-FORT Shin Osaka ravir

3-14-18 Nishinakajima, Yodogawa-ku, Osakashi, Osaka

Trust beneficiaryinterest

1,290.84

608

716

A-45

S-FORT Fukushima Libre

3-24-44 Ebie, Fukushima-ku, Osaka-shi, Osaka

900.72

547

606

S-FORT Chikushi Dori4-4-10 Hakataeki Minami, Hakata-ku, Fukuokashi, Fukuoka

Trust beneficiaryinterest

Real estate(physical real estate)

3,706.56

1,141

1,360

A-46

S-FORT Kamiyashiro

4-17-1 Kamiyashiro, Meito-ku, Nagoya-shi, Aichi

1,029.42

436

449

S-FORT Fukuoka Kencho Mae 4-2-8 Chiyo, Hakata-ku, Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

Real estate(physical real estate)

2,566.72

958

1,150

A-47

S-RESIDENCE Miyanomori

Trust beneficiaryinterest

1,954.81

666

694

S-FORT Takamiya

3-8-18 Noma, Minami-ku, Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

10-2-7 Miyanomori-sanjo, Chuo-ku, Sapporoshi, Hokkaido

2,105.13

730

916

A-48

Real estate(physical real estate)

309

315

S-FORT Tsutsujigaoka Koen

Trust beneficiaryinterest

4-1-10 Kikusui-nanajo, Shiroishi-ku, Sapporoshi, Hokkaido

1,204.96

1-3-66 Haranomachi, Miyagino-ku, Sendai-shi,
Miyagi

S-FORT Higashi-Sapporo
Nordo

3,609.49

1,305

1,550

A-49

S-RESIDENCE Aoi

2-12-27 Aoi, Higashi-ku, Nagoya-shi, Aichi

2,393.73

1,490

1,690

Trust beneficiaryinterest

Trust beneficiaryinterest

S-RESIDENCE Namba Briller

2-8-15 Motomachi, Naniwa-ku, Osaka-shi,
Osaka

3,631.60

1,958

2,490

A-50

S-RESIDENCE Shiga Hondori

1-43 Shigahondori, Kita-ku, Nagoya-shi, Aichi

2,217.60

1,155

1,250

3-32-33 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

Trust beneficiaryinterest

2,772.00

994

1,460

A-51

S-FORT Kobe Ogawadori

2-1-8 Ogawadori, Hyogo-ku, Kobe-shi, Hyogo

1,322.64

615

619

S-FORT Rokuban-cho

3-5-3 Rokuban, Atsuta-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

Real estate(physical real estate)

1,833.29

679

831

A-52

S-FORT Sakuragawa Minami

3-6-26 Shiokusa, Naniwa-ku, Osaka-shi, Osaka

2,458.43

1,090

1,160

Trust beneficiaryinterest

Trust beneficiaryinterest

S-FORT Nakajima Koen

1-13-139 Minami Hachijo Nishi, Chuo-ku,
Sapporo-shi, Hokkaido

5,292.65

1,584

1,740

A-53

S-FORT Fukushima EBIE

8-14-2 Ebie, Fukushima-ku, Osaka-shi, Osaka

1,044.72

554

601

A-12

S-FORT Hokudai Mae

5-2-38 Kita Juhachijo Nishi, Kita-ku, Sapporoshi, Hokkaido

Trust beneficiaryinterest

Real estate(physical real estate)

2,287.22

678

828

A-54

S-FORT Miyakojima Uchindai

471

475

A-13

4-2-16 Isogamidori, Chuo-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Real estate(physical real estate)789.74

S-RESIDENCE Kobe
Isogamidori

1-11-7 Uchindaicho, Miyakojima-ku, Osaka-shi,
Osaka

4,372.45

2,383

2,980

A-55

S-FORT Miyakojima KERSReal estate(physical real estate)

720.69354

358

S-FORT Gakuenmae

Trust beneficiaryinterest

4-8-15 Nakanocho, Miyakojima-ku, Osaka-shi,
Osaka

A-16

7-1-23 Toyohira 6-jo, Toyohira-ku, Sapporo-shi,
Hokkaido

1,757.28

446

523

A-56

S-FORT Oimazato-Nishi

342

342

A-17

1-18-31 Higashi Nakajima, Higashi
Yodogawa-ku, Osaka-shi, Osaka

Trust beneficiaryinterest

Real estate(physical real estate)643.77

S-RESIDENCE Shin Osaka
Ekimae1-24-18 Oimazatonishi, Higashinari-ku, Osakashi, Osaka

4,534.98

2,418

2,970

A-57

S-RESIDENCE Chikusa

3-14-14 Uchiyama, Chikusa-ku, Nagoya-shi,
Aichi

Real estate(physical real estate)

1,003.97571

606

1,794.42

789

750

A-01
A-04
A-05
A-06
A-07
A-08
A-09
A-10
A-11

Property name

S-FORT Tsurumai marks(Note 1)

2-14-5 Aoi, Higashi-ku, Nagoya-shi, Aichi

Real estate(physical real estate)

1,842.68

896

1,050

A-58

S-FORT Sakurayama

2-6-1 Komabacho, Mizuho-ku, Nagoya-shi, Aichi

2-6-9 Tsutsui, Higashi-ku, Nagoya-shi, Aichi

Real estate(physical real estate)

Trust beneficiaryinterest

1,214.20

407

461

A-59

S-FORT Sapporo N15

Real estate(physical real estate)

2,229.91551

555

6-1 Futakata-cho, Nishi-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

5-1-31, Kita 15-jo Higashi, Higashi-ku, Sapporoshi, Hokkaido

2,624.40

739

786

A-60

S-FORT Nangodori

1,191.66

309

317

3-33-20 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Real estate(physical real estate)

Minami 2-41, Nangodori 20-chome, Shiroishi-ku,
Real estate
Sapporo-shi, Hokkaido(physical real estate)

1,988.56

699

867

A-61

S-FORT Meinohama

Real estate(physical real estate)

1,364.28

498

510

S-FORT Tsurumai cube

3-33-19 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

3-4-26 Meinohama, Nishi-ku, Fukuoka-shi,
Fukuoka

1,460.64

562

706

A-62

S-FORT Osaka Doshin

2-1-28 Doshin, Kita-ku, Osaka-shi, Osaka

2,597.52

1,814

1,860

A-24

S-FORT Fukuoka Higashi

1-3-55 Enokida, Hakata-ku, Fukuoka-shi,
Fukuoka

Trust beneficiaryinterest

Trust beneficiaryinterest

5,584.41

1,907

2,090

A-63

S-FORT Higashi Betsuin

2-10-18 Heiwa, Naka-ku, Nagoya-shi, Aichi

1,684.48

742

722

1-2-15 Aioi-cho, Chuo-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Trust beneficiaryinterest

A-25

S-RESIDENCE Kobe
Motomachi

2,169.67

1,162

1,470

A-64

S-FORT Moriyama

1,590.84

485

471

5-3-25 Kagura-cho, Nagata-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Real estate24-4 Nijikkenya, Moriyama-ku, Nagoya-shi, Aichi(physical real estate)

4,900.32

1,829

2,280

A-65

S-FORT Jingu Minami

1-1-14 Tenma, Atsuta-ku, Nagoya-shi, Aichi

1,003.64

399

446

S-FORT Nijo-jo mae

471 Taruya-cho, Nakagyo-ku, Kyoto-shi, Kyoto

Trust beneficiaryinterest

Real estate(physical real estate)

1,735.95

790

927

A-66

S-FORT Atsuta Rokuban

2-8-30 Rokuban, Atsuta-ku, Nagoya-shi, Aichi

1,637.41

781

760

S-FORT Chion-in mae

Trust beneficiaryinterest

Trust beneficiaryinterest

A-28

577-3 Inari-cho Minamigumi, Higashiyama-ku,
Kyoto-shi, Kyoto

1,049.01

492

551

A-67

S-FORT Kitachikusa

705

692

A-30

2-13-3 Nakamoto, Higashinari-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

Trust beneficiaryinterest

1,600.00

S-RESIDENCE Midoribashi
Ekimae1-1-11 Kitachikusa, Chikusa-ku, Nagoya-shi,
Aichi

3,691.67

1,846

2,160

A-68

S-FORT Saikotori

1-2-24 Yonban, Atsuta-ku, Nagoya-shi, Aichi

1,463.48

413

398

2-9-3 Tsurumai, Showa-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

Real estate(physical real estate)

3,597.72

1,572

1,900

A-69

S-FORT Fukuzumi

Real estate(physical real estate)

1,151.44

330

313

S-FORT Osu Kannon

2-10-12 Matsubara, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

14-4-6 Tsukisamu Higashiichijo, Toyohira-ku,
Sapporo-shi, Hokkaido

2,514.12

1,173

1,430

A-70

S-FORT Muromi

684

718

S-FORT Kita-Sanno

Trust beneficiaryinterest

Trust beneficiaryinterest

1,848.00

2-2-2 Nishihioki, Nakagawa-ku, Nagoya-shi,
Aichi

6-6-17 Minamisho, Sawara-ku, Fukuoka-shi,
Fukuoka

1,757.61

843

869

A-71

S-FORT Atsuta Hanacho

2-3 Hanacho, Atsuta-ku, Nagoya-shi, Aichi

1,510.56

878

883

S-FORT Aratamabashi

16-21 Yobitsugimotomachi, Minami-ku, Nagoyashi, Aichi

Real estate(physical real estate)

Trust beneficiaryinterest

1,699.11

462

467

A-72

S-FORT Horitatori

7-14-1 Horitatori, Mizuho-ku, Nagoya-shi, Aichi

1,030.40

528

507

S-FORT Toyohira Sanjyo

2-3-1 Toyohira Sanjyo, Toyohira-ku, Sapporoshi, Hokkaido

Trust beneficiaryinterest

Real estate(physical real estate)

2,868.75

790

811

A-73

S-FORT Kego Tower

2-13-17 Kego, Chuo-ku, Fukuoka-shi, Fukuoka

7,415.36

4,451

4,380

S-FORT Kitamaruyama

20-2-20 Kita-4jo-Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(physical real estate)

Trust beneficiaryinterest

1,613.38

437

456

A-74

S-RESIDENCE Aoi II

3-11-22 Aoi, Higashi-ku, Nagoya-shi, Aichi

3,215.72

1,927

1,930

Real estate(physical real estate)

Trust beneficiaryinterest

S-FORT Hakata-Higashi I

1-10-7 Enokida, Hakata-ku, Fukuoka-shi,
Fukuoka

1,034.20

398

424

A-75

Trust beneficiaryinterest

719

696

S-FORT Hakata-Higashi II

Real estate(physical real estate)

5-6-20 Meiekiminami, Nakamura-ku, Nagoyashi, Aichi

1,450.31

1-10-22 Enokida, Hakata-ku, Fukuoka-shi,
Fukuoka

S-FORT Meiekiminami
5-Chome

1,034.20

398

424

A-76

S-FORT Hakozaki Higashi

Trust beneficiaryinterest

2,360.60

719

689

Real estate(physical real estate)

3-20-8 Matsushima, Higashi-ku, Fukuoka-shi,
Fukuoka

A-77

S-RESIDENCE Meiekiminami

3-15-6 Meiekiminami, Nakamura-ku, Nagoyashi, Aichi

Trust beneficiaryinterest

1,072.06

696

681

Trust beneficiaryinterest

1,380.28

646

613

Trust beneficiaryinterest

2,159.25

576

564

A-19
A-20
A-21
A-22
A-23

A-26
A-27

A-31
A-32
A-33
A-34
A-35
A-36
A-37
A-38

S-FORT Aoi
S-FORT Kurumamichi
S-FORT Kamiotai
S-FORT Tsurumai arts

S-FORT Kobe Kaguracho

S-FORT Tsurumai reale

A-39

S-FORT Kobe Sannomiya-Kita 2-2-13 Nunobikicho, Chuo-ku, Kobe-shi, Hyogo

884.88

536

549

A-40

S-FORT Nakahirodori

2-20-1 Nakahiromachi, Nishi-ku, Hiroshima-shi,
Hiroshima

Trust beneficiaryinterest

2,127.92

888

899

A-78

S-FORT Kanayama

S-FORT Tsurumicho

7-10 Tsurumicho, Naka-ku, Hiroshima-shi,
Hiroshima

Trust beneficiaryinterest

1-5-20 Yaguma, Nakagawa-ku, Nagoya-shi,
Aichi

2,006.49

826

831

A-79

S-FORT Izumi Chuo45-2 Ishidome, Ichinazaka, Izumi-ku, Sendaishi, Miyagi

A-41

14

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Property name15

I. Asset Management Report

Property
numberLocation(residential address)

Type of ownership

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )(Note 1)

Property
numberReal estate(physical real estate)

1,500.45

516

496

B-35

1,023.54

470

447

B-36

Property nameLocation(residential address)

Type of ownership

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )(Note 1)

A-80

S-RESIDENCE Soen EAST

11-3 Kita 7-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

A-81

S-FORT Yagoto

345 Yagotoyama, Tempaku-ku, Nagoya-shi,
Aichi

Real estate(physical real estate)

A-82

S-FORT Sapporo Kita 5-Jo

16-2-8 Kita 5-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(physical real estate)

1,643.20

443

414

B-37

S-FORT Kasugai

7-2-7 Nyoisarucho, Kasugai-shi, Aichi

Real estate(physical real estate)

A-83

S-FORT Sapporo Motomachi

17-3-11 Kita 23-jo Higashi, Higashi-ku, SapporoReal estateshi, Hokkaido(physical real estate)

1,363.97

422

415

B-38

S-FORT Kokura

1-10-30 Nakatsuguchi, Kokurakita-ku,
Kitakyushu-shi, Fukuoka

Trust beneficiaryinterest

5,006.68

1,459

1,430

A-84

S-RESIDENCE Joshin II

2-16-2 Kaminagoya, Nishi-Ku, Nagoya-shi, Aichi

1,486.62

832

841

B-39

S-FORT Niigata Ekimae

1-10-24 Yoneyama, Chuo-ku, Niigata-shi,
Niigata

Trust beneficiaryinterest

3,303.57

1,493

1,410

3,775.68

1,163

1,100

Trust beneficiaryinterest

S-FORT Hotakubo

2-11-10 Hotakubo, Chuo-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

3,040.33

620

587

S-FORT Kumamoto Kenritsu
Daigaku-mae

2-6-60 Tsukide, Higashi-ku, Kumamoto-shi,
Kumamoto

Real estate(physical real estate)

1,495.20

453

412

2,398.34

485

490

Real estate(physical real estate)843.75

474

483

B-40

S-FORT Takasaki

5-3 Torimachi, Takasaki-shi, Gunma

Trust beneficiaryinterest

A-85

S-RESIDENCE Sengencho

1-5-6 Sengen, Nishi-Ku, Nagoya-shi, Aichi

B-03

S-FORT Yokkaichi Motomachi

1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,691.28

462

607

B-41

S-FORT Yokkaichi arcam

2-4 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

2,604.42

892

828

B-04

S-FORT Suzuka

361-7, Nishijo-cho, Suzuka-shi, Mie

Trust beneficiaryinterest

2,286.69

551

667

B-42

S-FORT Kagoshima Chuo

10-3 Nishisengokucho, Kagoshima-shi,
Kagoshima

Trust beneficiaryinterest

2,260.21835

790

3,739.30

2,275

2,680

B-43

S-FORT Heisei Keyakidori

2-20-18 Hirata, Minami-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

3,699.42

814

761

B-05

S-RESIDENCE Esaka

12-31 Hiroshiba-cho, Suita-shi, Osaka

Trust beneficiaryinterest

B-06

S-FORT Utsunomiya

4-2-23 Higashi Shukugo, Utsunomiya-shi,
Tochigi

Trust beneficiaryinterest

2,330.64

607

717

B-44

S-FORT Yokkaichi zeal

2-13 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,876.98

663

616

B-07

S-FORT Yokkaichi Nishi
Shinchi17-6 Nishishinchi, Yokkaichi-shi, Mie

Real estate(physical real estate)

2,192.48

637

767

B-45

S-FORT Utsunomiya
Minamiodori

3-1-1 Minamiodori, Utsunomiya-shi, Tochigi

Trust beneficiaryinterest

3,258.30

1,399

1,330

B-08

S-FORT Saga Honjo

1167-3 Honjo Ipponmatsu, Honjo-cho, Saga-shi,
Saga

Trust beneficiaryinterest

4,972.84

1,020

1,140

C-01

S-FORT Maita Koen

1-12-2 Miyamoto-cho, Minami-ku, Yokohamashi, Kanagawa

Trust beneficiaryinterest

1,607.40

932

1,190

B-09

S-FORT Saga Idaimae

4-3-4 Nabeshima, Saga-shi, Saga

Trust beneficiaryinterest

1,507.35

356

433

C-02

S-FORT Nihombashi Hakozaki 1-11 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo

Trust beneficiaryinterest

1,114.38

926

1,110

B-10

S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

2,887.26

1,426

1,600

C-03

S-FORT Itabashi Shimura

1-26-5 Sakashita, Itabashi-ku, Tokyo

Trust beneficiaryinterest

1,119.54

627

740

B-11

S-FORT Nishinomiya
Uegahara

2-43 Uegahara-rokubancho, Nishinomiya-shi,
Hyogo

Trust beneficiaryinterest

1,546.28

790

879

C-04

S-FORT Shiomi

1-21-7 Shiomi, Koto-ku, Tokyo

Trust beneficiaryinterest

1,042.48

838

1,050

B-12

S-FORT Mito Chuo

1-2-10 Chuo, Mito-shi, Ibaraki

Trust beneficiaryinterest

6,503.80

1,808

2,060

C-05

S-FORT Noborito

3369-1 Noborito, Tama-ku, Kawasaki-shi,
Kanagawa

Trust beneficiaryinterest

1,022.10640760

2,463.30

785

851

C-06

S-FORT Shonan Hiratsuka

8-8 Daikan-cho, Hiratsuka-shi, Kanagawa

Trust beneficiaryinterest

1,717.46

807

1,050

B-13

S-FORT Tsu Shinmachi

1-1-5 Shinmachi, Tsu-shi, Mie

Trust beneficiaryinterest

B-14

S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

Real estate(physical real estate)

1,874.88

610

642

C-07

S-FORT Nishifunabashi

3-2-25 Nishifuna, Funabashi-shi, Chiba

Trust beneficiaryinterest

1,397.64

704

825

B-15

S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

3,588.84

1,007

1,090

C-08

S-FORT Maihama

5-18-8 Fujimi, Urayasu-shi, Chiba

Trust beneficiaryinterest

1,726.56

1,155

1,360

2,662.36

901

923

C-09

S-FORT Ichikawa

1-21-8 Ichikawa, Ichikawa-shi, Chiba

Trust beneficiaryinterest

1,255.90

816

882

B-16

S-FORT Oita Ekimae

3-1-4 Chuomachi, Oita-shi, Oita

Trust beneficiaryinterest

B-17

S-FORT Oita Otemachi

1-4-9 Otemachi, Oita-shi, Oita

Real estate(physical real estate)905.80

284

302

C-10

S-RESIDENCE Yokosuka
Chuo

1-5-15 Yonegahamadori, Yokosuka-shi,
Kanagawa

Real estate(physical real estate)

1,492.09

831

967

B-18

S-FORT Suizenji

3-34-10 Suizenji, Chuo-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

4,256.91

1,362

1,350

C-12

S-FORT Hoya

2-6-5 Higashicho, Nishi-Tokyo-shi, Tokyo

Trust beneficiaryinterest

1,177.94

646

852

B-19

S-FORT Kumadaibyoin-mae

3-2-22 Honjo, Chuo-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

3,458.07

1,110

1,120

C-13

S-FORT
Tamagawagakuen-mae

2-16-28 Tamagawagakuen, Machida-shi, Tokyo

Trust beneficiaryinterest

978.75

599

674

B-20

S-FORT Kumamoto Senba

1-23 Senbamachi-Shimo, Chuo-ku, Kumamotoshi, Kumamoto

Trust beneficiaryinterest

3,224.24

998

993

C-14

S-FORT Tsurukawa

2-19-4 Tsurukawa, Machida-shi, Tokyo

Real estate(physical real estate)

1,886.70

532

622

B-21

S-FORT Esaka Tarumicho

3-5-13 Tarumicho, Suita-shi, Osaka

Trust beneficiaryinterest

1,267.30

775

872

C-15

S-RESIDENCE Yokohama
Tanmachi2-14-10 Tanmachi, Kanagawa-ku, Yokohamashi, Kanagawa

Trust beneficiaryinterest

772.38

629

733

B-22

S-FORT Niigata Honcho

7-1082 Honchodori, Chuo-ku, Niigata-shi,
Niigata

Trust beneficiaryinterest

2,604.25

992

1,000

C-16

S-FORT Chigasaki

22-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

1,382.17

1,144

1,220

B-23

S-FORT Motohama

33-28 Motohamacho, Naka-ku, Hamamatsu-shi,
Shizuoka

Real estate(physical real estate)

1,010.60

252

250

C-17

S-FORT Kawaguchi Namiki

4-4-5 Namiki, Kawaguchi-shi, Saitama

Trust beneficiaryinterest

1,457.51

1,117

1,180

B-24

S-FORT Kumamoto
Gofukumachi

2-36-6 Gofukumachi, Chuo-ku, Kumamoto-shi,
Kumamoto

Real estate(physical real estate)

2,290.68

617

599

C-18

S-FORT Todakoen

2-11-13 Shimomae, Toda-shi, Saitama

Trust beneficiaryinterest

1,438.71

919

1,010

B-25

S-FORT Esaka Salita

3-20-26 Tarumicho, Suita-shi, Osaka

Real estate(physical real estate)755.40

431

433

C-19

S-FORT Funabashi Tsukada

2-39-1 Kitahoncho, Funabashi-shi, Chiba

Trust beneficiaryinterest

5,640.60

1,916

1,940

B-26

S-FORT Esaka LIBERTS

2-3-26 Esaka, Suita-shi, Osaka

Real estate(physical real estate)613.08

356

346

C-20

S-FORT Kashiwa

3-4-17 Kashiwa, Kashiwa-shi, Chiba

Real estate(physical real estate)983.06548

573

3,250.36

678

678

C-21

S-FORT Fujimidai

4-16-13 Kamisaginomiya, Nakano-ku, Tokyo

Trust beneficiaryinterest

2,054.86

1,189

1,490

B-27

S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

B-28

S-FORT Saga Tenjin

1-2-59 Tenjin, Saga-shi, Saga

Trust beneficiaryinterest

2,895.36

783

756

C-22

S-RESIDENCE Matsudo

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

1,180.53

846

917

B-29

S-FORT Nagasaki Daigaku
Byoin-mae

4-5 Hamaguchi-machi, Nagasaki-shi, Nagasaki

Trust beneficiaryinterest

3,721.97

1,354

1,400

C-23

S-RESIDENCE Motoyawata

5-7-16 Minamiyawata, Ichikawa-shi, Chiba

Trust beneficiaryinterest

2,180.26

1,693

1,830

B-30

S-FORT Kumamoto Keitoku

33, 34 and 35 Toricho, Chuo-ku, Kumamoto-shi,
Kumamoto

Real estate(physical real estate)

1,956.87

1,532

1,690

B-31

S-FORT Shizuoka Tennocho

4-10 Tennocho, Aoi-ku, Shizuoka-shi, Shizuoka

B-32

16

Property nameSAMTY RESIDENTIAL

S-FORT Konan Umekage I(Note 2)4-1 Umekagecho, Konan-shi, Shiga

Trust beneficiaryinterest
Trust beneficiaryinterest

B-33

S-FORT Esaka Koen

1-21-16 Esakacho, Suita-shi, Osaka

Trust beneficiaryinterest

B-34

S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

1,582.77

472

443

C-24

S-FORT Kinshicho

4-1-2 Yokokawa, Sumida-ku, Tokyo

Trust beneficiaryinterest

2,649.60

1,040

1,040

C-25

S-FORT Komazawa Daigaku

4-40-3 Kamiuma, Setagaya-ku, Tokyo

Trust beneficiaryinterest

536.60537

556

5,813.49

1,514

1,510

C-26

S-FORT Yokohama Aobadai

2-34-1 Aobadai, Aoba-ku, Yokohama-shi,
Kanagawa

Trust beneficiaryinterest

9,274.43

5,478

5,580

Trust beneficiaryinterest

2,179.25

866

880

Trust beneficiaryinterest

994.63620

655

1,869.20

1,291

1,300

C-27

S-FORT Aoba Shiratoridai

21-4 Shiratoridai, Aoba-ku, Yokohama-shi,
Kanagawa

3,067.08

760

755

C-28

S-FORT Kawasaki Shinmeicho

2-29-8 Shinmeicho, Saiwai-ku, Kawasaki-shi,
Kanagawa

17

I. Asset Management Report

Property
number

Property nameSAMTY RESIDENTIAL
Location(residential address)

Type of ownership

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )12th fiscal period (February 1, 2021 to July 31, 2021)(Note 1)

Property name

A-01

S-FORT Shin Osaka ravir

1

91.9

21

0.5

1

87.8

20

0.4

A-04

S-FORT Chikushi Dori

1

97.8

45

1.1

1

94.4

43

0.9

S-FORT Motoyawata Mairie

1-16-9 Yawata, Ichikawa-shi, Chiba

Trust beneficiaryinterest

826.18

689

694

C-30

S-FORT Funabashi roots

3-9-27 Honcho, Funabashi-shi, Chiba

Trust beneficiaryinterest

1,201.50

837

828

C-31

S-FORT Tama-plaza

2-24-8 Inukura, Miyamae-ku, Kawasaki-shi,
Kanagawa

Trust beneficiaryinterest

1,367.88

665

698

C-32

S-FORT Odawara

1-20-5 Sakaecho, Odawara-shi, Kanagawa

Trust beneficiaryinterest

1,279.24

634

636

C-33

S-FORT Nakaitabashi

72-6 Yayoicho, Itabashi-ku, Tokyo

Trust beneficiaryinterest

3,946.25

3,469

3,480

9-6-13 Kameido, Koto-ku, Tokyo

Trust beneficiaryinterest

2,577.48

S-FORT Gyotoku

3-15-17 Gyotoku Ekimae, Ichikawa-shi, Chiba

Trust beneficiaryinterest

1,283.80

S-FORT Funabashi Kaijin

1-1441-1 Kaijinchominami, Funabashi-shi,
Chiba

Trust beneficiaryinterest

1,512.96940

904

1,235.10

802

774

A-17

487

474

A-18

160,168

A-19

S-FORT Aoi

C-35
C-36

S-FORT Kameido

C-37

S-FORT Funabashi Honcho

2-3-21 Honcho, Funabashi-shi, Chiba

Trust beneficiaryinterest

C-38

S-FORT Hachioji

2-3-10 Sennincho, Hachioji-shi, Tokyo

Real estate(physical real estate)

1,049.43—

347,140.95

Total

—

1,295
956

148,6521,260
927(Note 1) “Period-end estimated value” indicates the appraisal value stated in the appraisal reports prepared by the real estate appraisers of Japan Real Estate
Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation & Advisory K.K. and Japan Valuers Co., Ltd.,
with January 31, 2022, as the appraisal date, or the survey value stated in the price survey reports for such, based on the asset appraisal methods andstandards stipulated in the Articles of Incorporation of Samty Residential as well as the rules provided by The Investment Trusts Association, Japan.
(Note 2) The property consists of S-FORT Konan Umekage I, S-FORT Konan Umekage II and S-FORT Umekagecho. The same shall apply hereinafter.

13th fiscal period (August 1, 2021 to January 31, 2022)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period]Property
number

C-29

C-34

18

The leasing performance of real estate, etc. owned by Samty Residential are as follows.

(Note 1)

(Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)(Note 4)

A-05

S-FORT Fukuoka Kencho Mae

1

97.1

37

0.9

1

100.0

37

0.8

A-06

S-FORT Takamiya

1

98.8

29

0.7

1

98.8

29

0.6

A-07

S-FORT Tsutsujigaoka Koen

1

94.3

52

1.3

1

93.6

51

1.1

A-08

S-RESIDENCE Namba Briller

1

91.0

65

1.6

1

93.6

65

1.3

A-09

S-FORT Tsurumai marks

1

100.0

39

1.0

1

97.6

38

0.8

A-10

S-FORT Rokuban-cho

1

94.7

24

0.6

1

93.0

26

0.5

A-11

S-FORT Nakajima Koen

1

88.5

59

1.5

1

95.1

60

1.3

A-12

S-FORT Hokudai Mae

1

100.0

26

0.6

1

95.7

26

0.5

A-13

S-RESIDENCE Kobe Isogamidori

1

97.1

87

2.2

1

99.4

87

1.8

A-16

S-FORT Gakuenmae

1

96.6

16

0.4

1

96.6

17

0.4

S-RESIDENCE Shin Osaka Ekimae

1

96.8

85

2.1

1

98.9

84

1.8

S-FORT Aoi 1-Chome (Note 5)

—

—

19

0.5

—

—

—

—

1

92.9

29

0.7

1

100.0

29

0.6

A-20

S-FORT Kurumamichi

1

90.0

14

0.4

1

74.8

12

0.3

A-21

S-FORT Kamiotai

1

97.5

28

0.7

1

100.0

28

0.6

A-22

S-FORT Tsurumai arts

1

92.9

24

0.6

1

100.0

24

0.5

A-23

S-FORT Tsurumai cube

1

100.0

21

0.5

1

94.5

20

0.4

A-24

S-FORT Fukuoka Higashi

1

96.0

65

1.6

1

100.0

65

1.3

A-25

S-RESIDENCE Kobe Motomachi

1

96.8

41

1.0

1

95.7

39

0.8

A-26

S-FORT Kobe Kaguracho

1

97.0

74

1.8

1

100.0

73

1.5

A-27

S-FORT Nijo-jo mae

1

100.0

23

0.6

1

100.0

22

0.5

A-28

S-FORT Chion-in mae

1

100.0

14

0.4

1

100.0

14

0.3

A-30

S-RESIDENCE Midoribashi Ekimae

1

96.6

62

1.5

1

95.4

61

1.3

A-31

S-FORT Tsurumai reale

1

91.1

49

1.2

1

96.7

50

1.0

A-32

S-FORT Osu Kannon

1

94.7

42

1.1

1

98.2

41

0.9

A-33

S-FORT Kita-Sanno

1

97.6

25

0.6

1

100.0

26

0.5

A-34

S-FORT Aratamabashi

1

93.1

15

0.4

1

96.6

15

0.3

A-35

S-FORT Toyohira Sanjyo

1

100.0

30

0.8

1

95.8

31

0.6

A-36

S-FORT Kitamaruyama

1

100.0

17

0.4

1

90.3

16

0.3

A-37

S-FORT Hakata-Higashi I

1

91.5

14

0.4

1

94.6

13

0.3

A-38

S-FORT Hakata-Higashi II

1

90.5

14

0.3

1

91.7

13

0.3

A-39

S-FORT Kobe Sannomiya-Kita

1

91.2

16

0.4

1

90.8

15

0.3

A-40

S-FORT Nakahirodori

1

97.4

30

0.7

1

100.0

30

0.6

A-41

S-FORT Tsurumicho

1

95.4

27

0.7

1

95.4

25

0.5

A-42

S-FORT Aoba Kamisugi

1

90.9

31

0.8

1

98.5

33

0.7

A-43

S-RESIDENCE Shin Osaka Ridente

1

93.5

40

1.0

1

96.6

39

0.8

A-44

S-FORT Fukushima La Luna

1

93.4

27

0.7

1

97.6

27

0.6

A-45

S-FORT Fukushima Libre

1

91.6

15

0.4

1

100.0

17

0.4

A-46

S-FORT Kamiyashiro

1

92.9

14

0.4

1

92.9

13

0.3

A-47

S-RESIDENCE Miyanomori

1

100.0

24

0.6

1

95.3

24

0.5

A-48

S-FORT Higashi-Sapporo Nordo

1

100.0

12

0.3

1

95.8

12

0.3

A-49

S-RESIDENCE Aoi

1

94.7

44

1.1

1

92.7

42

0.9

A-50

S-RESIDENCE Shiga Hondori

1

96.6

36

0.9

1

94.3

35

0.7

A-51

S-FORT Kobe Ogawadori

1

93.6

19

0.5

1

93.6

19

0.4

A-52

S-FORT Sakuragawa Minami

1

98.0

35

0.9

1

100.0

36

0.8

A-53

S-FORT Fukushima EBIE

1

88.9

15

0.4

1

94.5

16

0.3

A-54

S-FORT Miyakojima Uchindai

1

93.4

13

0.3

1

100.0

13

0.3

A-55

S-FORT Miyakojima KERS

1

100.0

10

0.3

1

100.0

10

0.2

A-56

S-FORT Oimazato-Nishi

1

93.1

10

0.3

1

96.5

10

0.2

A-57

S-RESIDENCE Chikusa

1

95.4

18

0.5

1

100.0

19

0.4

A-58

S-FORT Sakurayama

1

96.6

27

0.7

1

98.3

27

0.6

A-59

S-FORT Sapporo N15

1

95.2

21

0.5

1

93.6

20

0.4

A-60

S-FORT Nangodori

1

93.7

12

0.3

1

96.9

12

0.3

A-61

S-FORT Meinohama

1

94.5

17

0.4

1

94.5

17

0.4

A-62

S-FORT Osaka Doshin

1

91.9

47

1.2

1

88.8

46

1.0

A-63

S-FORT Higashi Betsuin

1

96.4

24

0.6

1

91.1

23

0.5

A-64

S-FORT Moriyama

1

98.2

18

0.5

1

96.2

18

0.4

A-65

S-FORT Jingu Minami

1

95.0

15

0.4

1

95.0

15

0.3

A-66

S-FORT Atsuta Rokuban

1

100.0

24

0.6

1

98.4

24

0.5

A-67

S-FORT Kitachikusa

1

95.0

21

0.5

1

97.5

22

0.5

19

I. Asset Management Report

SAMTY RESIDENTIAL
12th fiscal period (February 1, 2021 to July 31, 2021)

Property
number

Property name(Note 1)20

13th fiscal period (August 1, 2021 to January 31, 2022)

12th fiscal period (February 1, 2021 to July 31, 2021)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period](Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)

Property
number

Property name(Note 4)13th fiscal period (August 1, 2021 to January 31, 2022)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period](Note 1)

(Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)(Note 4)

A-68

S-FORT Saikotori

1

95.9

14

0.4

1

95.9

14

0.3

C-02

S-FORT Nihombashi Hakozaki

1

92.3

26

0.7

1

91.4

26

0.5

A-69

S-FORT Fukuzumi

1

100.0

12

0.3

1

91.0

12

0.3

C-03

S-FORT Itabashi Shimura

1

100.0

19

0.5

1

97.3

21

0.4

A-70

S-FORT Muromi

1

100.0

25

0.6

1

100.0

25

0.5

C-04

S-FORT Shiomi

1

90.4

27

0.7

1

84.6

25

0.5

A-71

S-FORT Atsuta Hanacho

1

89.2

7

0.2

1

86.1

21

0.4

C-05

S-FORT Noborito

1

95.1

20

0.5

1

92.6

21

0.4

A-72

S-FORT Horitatori

1

97.2

5

0.1

1

91.3

15

0.3

C-06

S-FORT Shonan Hiratsuka

1

95.6

33

0.8

1

95.2

31

0.6

A-73

S-FORT Kego Tower

—

—

—

—

1

98.3

121

2.5

C-07

S-FORT Nishifunabashi

1

97.1

25

0.6

1

98.5

25

0.5

A-74

S-RESIDENCE Aoi II

—

—

—

—

1

99.2

56

1.2

C-08

S-FORT Maihama

1

95.2

38

1.0

1

86.7

37

0.8

A-75

S-FORT Meiekiminami 5-Chome

—

—

—

—

1

92.3

19

0.4

C-09

S-FORT Ichikawa

1

96.5

29

0.7

1

91.3

26

0.5
0.6

A-76

S-FORT Hakozaki Higashi

—

—

—

—

1

94.5

25

0.5

C-10

S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.7

1

100.0

29

A-77

S-RESIDENCE Meiekiminami

—

—

—

—

1

100.0

18

0.4

C-11

S-FORT Sagamihara (Note 5)

—

—

13

0.3

—

—

—

—

A-78

S-FORT Kanayama

—

—

—

—

1

86.1

18

0.4

C-12

S-FORT Hoya

1

100.0

19

0.5

1

100.0

19

0.4

A-79

S-FORT Izumi Chuo

—

—

—

—

1

100.0

23

0.5

C-13

S-FORT Tamagawagakuen-mae

1

97.8

20

0.5

1

100.0

18

0.4

A-80

S-RESIDENCE Soen EAST

—

—

—

—

1

100.0

19

0.4

C-14

S-FORT Tsurukawa

1

90.0

17

0.4

1

96.7

18

0.4

A-81

S-FORT Yagoto

—

—

—

—

1

90.5

15

0.3

C-15

S-RESIDENCE Yokohama Tanmachi

1

100.0

18

0.5

1

100.0

18

0.4

A-82

S-FORT Sapporo Kita 5-Jo

—

—

—

—

1

89.6

16

0.3

C-16

S-FORT Chigasaki

1

100.0

34

0.8

1

100.0

33

0.7

A-83

S-FORT Sapporo Motomachi

—

—

—

—

1

100.0

15

0.3

C-17

S-FORT Kawaguchi Namiki

1

94.3

36

0.9

1

95.7

31

0.7

A-84

S-RESIDENCE Joshin II

—

—

—

—

1

100.0

7

0.1

C-18

S-FORT Todakoen

1

100.0

30

0.7

1

90.3

30

0.6

A-85

S-RESIDENCE Sengencho

—

—

—

—

1

100.0

4

0.1

C-19

S-FORT Funabashi Tsukada

1

100.0

57

1.4

1

100.0

56

1.2

B-01

S-FORT Shizuoka Hondori (Note 5)

—

—

7

0.2

—

—

—

—

C-20

S-FORT Kashiwa

1

97.4

18

0.4

1

97.4

17

0.4

B-03

S-FORT Yokkaichi Motomachi

1

96.4

23

0.6

1

100.0

22

0.5

C-21

S-FORT Fujimidai

1

97.0

38

0.9

1

100.0

37

0.8

B-04

S-FORT Suzuka

1

100.0

27

0.7

1

97.0

27

0.6

C-22

S-RESIDENCE Matsudo

1

98.1

27

0.7

1

98.0

25

0.5

B-05

S-RESIDENCE Esaka

1

96.9

77

1.9

1

95.9

75

1.6

C-23

S-RESIDENCE Motoyawata

1

100.0

48

1.2

1

100.0

48

1.0

B-06

S-FORT Utsunomiya

1

94.2

24

0.6

1

92.3

23

0.5

C-24

S-FORT Kinshicho

1

87.7

41

1.0

1

85.4

40

0.8
0.2

B-07

S-FORT Yokkaichi Nishi Shinchi

1

97.2

27

0.7

1

98.6

27

0.6

C-25

S-FORT Komazawa Daigaku

1

100.0

13

0.3

1

95.0

12

B-08

S-FORT Saga Honjo

1

100.0

36

0.9

1

100.0

36

0.7

C-26

S-FORT Yokohama Aobadai

1

98.5

151

3.7

1

98.9

151

3.1

B-09

S-FORT Saga Idaimae

1

100.0

12

0.3

1

100.0

13

0.3

C-27

S-FORT Aoba Shiratoridai

1

100.0

27

0.7

1

97.1

27

0.6

B-10

S-FORT Nishinomiya

1

97.3

48

1.2

1

95.0

46

1.0

C-28

S-FORT Kawasaki Shinmeicho

1

100.0

18

0.5

1

97.4

19

0.4

B-11

S-FORT Nishinomiya Uegahara

1

98.4

28

0.7

1

95.1

24

0.5

C-29

S-FORT Motoyawata Mairie

1

92.4

19

0.5

1

92.5

18

0.4

B-12

S-FORT Mito Chuo

1

97.6

67

1.7

1

98.9

65

1.4

C-30

S-FORT Funabashi roots

1

96.6

24

0.6

1

89.8

23

0.5

B-13

S-FORT Tsu Shinmachi

1

100.0

31

0.8

1

97.1

31

0.6

C-31

S-FORT Tama-plaza

1

100.0

22

0.5

1

97.1

19

0.4

B-14

S-FORT Mie Daigaku-mae

1

96.8

23

0.6

1

88.7

23

0.5

C-32

S-FORT Odawara

1

93.9

23

0.6

1

93.9

22

0.5

B-15

S-FORT Takasagomachi

1

91.4

41

1.0

1

97.7

42

0.9

C-33

S-FORT Nakaitabashi

—

—

—

—

1

100.0

84

1.7

B-16

S-FORT Oita Ekimae

1

100.0

31

0.8

1

100.0

30

0.6

C-34

S-FORT Kameido

—

—

—

—

1

93.4

36

0.8

B-17

S-FORT Oita Otemachi

1

100.0

10

0.3

1

100.0

10

0.2

C-35

S-FORT Gyotoku

—

—

—

—

1

98.0

24

0.5
0.6

B-18

S-FORT Suizenji

1

86.5

44

1.1

1

89.2

42

0.9

C-36

S-FORT Funabashi Kaijin

—

—

—

—

1

100.0

28

B-19

S-FORT Kumadaibyoin-mae

1

86.3

36

0.9

1

88.9

37

0.8

C-37

S-FORT Funabashi Honcho

—

—

—

—

1

86.0

22

0.5

B-20

S-FORT Kumamoto Senba

1

84.4

33

0.8

1

84.9

33

0.7

C-38

S-FORT Hachioji

—

—

—

—

1

89.7

17

0.4

Total

132

95.7

4,067

100.0

159

95.9

4,842

100.0

B-21

S-FORT Esaka Tarumicho

1

95.8

25

0.6

1

85.1

23

0.5

B-22

S-FORT Niigata Honcho

1

94.2

36

0.9

1

97.6

35

0.7

B-23

S-FORT Motohama

1

88.2

11

0.3

1

100.0

11

0.2

B-24

S-FORT Kumamoto Gofukumachi

1

94.3

21

0.5

1

94.1

21

0.4

B-25

S-FORT Esaka Salita

1

96.8

14

0.4

1

96.7

13

0.3

B-26

S-FORT Esaka LIBERTS

1

86.9

10

0.3

1

91.3

10

0.2

B-27

S-FORT Otsukawa

1

92.8

27

0.7

1

94.6

27

0.6

B-28

S-FORT Saga Tenjin

1

90.9

31

0.8

1

96.2

30

0.6

B-29

S-FORT Nagasaki Daigaku Byoin-mae

1

96.8

53

1.3

1

100.0

52

1.1

B-30

S-FORT Kumamoto Keitoku

1

92.3

14

0.4

1

92.3

14

0.3

B-31

S-FORT Shizuoka Tennocho

1

90.7

35

0.9

1

93.5

35

0.7

B-32

S-FORT Konan Umekage I

1

100.0

63

1.6

1

100.0

63

1.3

B-33

S-FORT Esaka Koen

1

94.7

34

0.9

1

93.2

32

0.7

B-34

S-FORT Oita Kotobukimachi

1

97.4

31

0.8

1

98.4

30

0.6

B-35

S-FORT Hotakubo

1

96.9

24

0.6

1

99.0

26

0.5

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

1

92.7

17

0.4

1

89.0

16

0.3

B-37

S-FORT Kasugai

1

97.3

5

0.1

1

97.2

18

0.4

B-38

S-FORT Kokura

—

—

—

—

1

88.7

47

1.0

B-39

S-FORT Niigata Ekimae

—

—

—

—

1

95.4

46

1.0

B-40

S-FORT Takasaki

—

—

—

—

1

96.0

43

0.9

B-41

S-FORT Yokkaichi arcam

—

—

—

—

1

100.0

29

0.6

B-42

S-FORT Kagoshima Chuo

—

—

—

—

1

86.1

33

0.7

B-43

S-FORT Heisei Keyakidori

—

—

—

—

1

86.6

27

0.6

B-44

S-FORT Yokkaichi zeal

—

—

—

—

1

100.0

21

0.5

B-45

S-FORT Utsunomiya Minamiodori

—

—

—

—

1

100.0

14

0.3

C-01

S-FORT Maita Koen

1

97.2

33

0.8

1

92.7

33

0.7

(Note 1) “Total number of tenants [at end of period]” indicates the total number of tenants under a direct lease relationship with Samty Residential or the trustee.
Therefore, in cases where the master lease company subleases each apartment room to end tenants based on a master lease agreement, the total
number of tenants is shown as “1,” and does not include the number of end tenants related to the said sublease. Even for managed assets where amaster lease is adopted, end tenants who do not accept the adoption of a master lease will be under a direct lease relationship with Samty Residential or
the trustee. However, the number of said end tenants is not included in the total number of tenants.
(Note 2) “Occupancy rate [at end of period] ” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the firstdecimal place.
(Note 3) “Real estate leasing business revenue [during the period] includes other leasing business revenue on top of leasing business revenue.
(Note 4) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded to the first decimal place.
(Note 5) Samty Residential disposed the property on May 31, 2021. The disclosed real estate leasing business revenue for the 12th fiscal period indicates thefigure for the period up to the day preceding the disposition.

(4) Status of Other Assets
All real estate and trust beneficiary interests in real estate are listed on the aforementioned “(3) Details of Portfolio Assets.”(5) Status of Owned Assets by Country and Region
Not applicable for countries and regions other than Japan21

I. Asset Management Report

SAMTY RESIDENTIAL

4. Capital Expenditures for Owned Real Estate

5. Status of Expenses and Liabilities(1) Planned Capital Expenditures(1) Details of Expenses Related to Asset Management

The following are major items of capital expenditures for renovation work, etc. currently planned for the 14th fiscal period for theassets owned by Samty Residential as of January 31, 2022. Please note that the following planned construction cost includes portions that are separately accounted under expenses.
Property nameLocation

S-FORT Shin Osaka ravir

Yodogawa-ku, Osaka-shi(Unit: thousands of yen)
Item

PurposeSchedule period

Large-scale refurbishment

From May 2022
to July 2022

35

—

—

Total amount58

Total amountalready paid——

S-FORT Hakata-Higashi I

Hakata-ku, Fukuoka-shi

Large-scale refurbishment

From May 2022
to July 2022

S-FORT Hakata-Higashi II

Hakata-ku, Fukuoka-shi

Large-scale refurbishment

From May 2022
to July 2022

35

—

—

S-FORT Kumadaibyoin-mae

Chuo-ku, Kumamoto-shi

Large-scale refurbishment

From May 2022
to July 2022

57

—

—

Large-scale refurbishment

From May 2022
to July 2022

27

—

—

S-FORT Kumamoto Senba

Chuo-ku, Kumamoto-shi

13th fiscal period(From August 1, 2021 to January 31, 2022)

Asset management fees

Planned construction cost
(millions of yen)
Payment in the
13th fiscal period

12th fiscal period(From February 1, 2021 to July 31, 2021)
327,092

340,066

Asset custody fees

6,031

6,222

Administrative service fees

41,951

51,897

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

13,00015,350148,306

165,691

539,442582,287

Other expenses
Total(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (12th fiscal period:
17,870 thousand yen, 13th fiscal period: 281,040 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (12th fiscal period: 10, 435 thousand yen, 13th fiscal period: not applicable) were paid.

(2) Status of Borrowings
The status of borrowings as of January 31, 2022, is as follows.

(2) Capital Expenditures during the 13th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 13th fiscal
period. Capital expenditures during the 13th fiscal period amounted to 222,773 thousand yen. Combined with repair expenses of
197,844 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
420,617 thousand yen in total.
Property nameLocation

Purpose

PeriodCategory

Hakata-ku, Fukuoka-shi

Large-scale refurbishment

From October 2021 to January 2022

40,700S-FORT Aoba Kamisugi

Aoba-ku, Sendai-shi

Large-scale refurbishment

From November 2021 to January 2022

55,000

Other capital expenditures

127,073

Total

222,773

Drawdown
date

810

—

540

—

The Juhachi-Shinwa Bank, Ltd.
Shinsei Bank, Ltd.

9th fiscal period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period(From August 1, 2019
to January 31, 2020)(From February 1,
2020 to July 31, 2020)(From August 1, 2020
to January 31, 2021)(From February 1,
2021 to July 31, 2021)(From August 1, 2021
to January 31, 2022)

Balance of reserves at beginning of period

64,564 thousand yen

64,057 thousand yen

89,995 thousand yen

161,656 thousand yen

173,290 thousand yen

Reserves during the period

118,806 thousand yen

118,892 thousand yen

318,346 thousand yen

222,590 thousand yen

287,631 thousand yen

Reversal of reserves during theperiod119,313 thousand yen

92,953 thousand yen

246,685 thousand yen

210,956 thousand yen

203,354 thousand yen

Amount carried forward to thenext period

64,057 thousand yen

89,995 thousand yen

161,656 thousand yen

173,290 thousand yen

257,568 thousand yen

Operation period

—

660

—

500

—
—

The Minato Bank, Ltd.

500—

The Kumamoto Bank, Ltd.

440—

The Tochigi Bank, Ltd.

300—

San ju San Bank, Ltd.

100—

Sumitomo Mitsui Banking Corporation

60

60

February 1,
2018

20

20

Aozora Bank, Ltd.

1,000

1,000

The Higo Bank, Ltd.

1,000

1,000

Fukoku Mutual Life Insurance Company

800

800

The Kagawa Bank, Ltd.

500

500

500

500

Shinsei Bank, Ltd.
The Dai-ichi Life Insurance Company,
LimitedFebruary 1,
2018

The Hyakugo Bank, Ltd.

500

500

500

500

The Oita Bank, Ltd.

300

300

The Kagoshima Bank, Ltd.

150

150

The Kumamoto Bank, Ltd.

20

20

Sumitomo Mitsui Banking Corporation—

600

The Bank of Fukuoka, Ltd.

—

350

Aozora Bank, Ltd.

—

250

—

250

The Kagawa Bank, Ltd.
The Shizuoka Bank, Ltd.
Resona Bank, Ltd.

January 31,
2018

—

250

—

200

Shinsei Bank, Ltd.

—150

The Chiba Bank, Ltd.

—150

The Juhachi-Shinwa Bank, Ltd.

—100

The Kumamoto Bank, Ltd.

—

50

—

150

—

835

The Hiroshima Bank, Ltd.

January 31,
2018

The Bank of Fukuoka, Ltd.
The Higo Bank, Ltd.
Kansai Mirai Bank, LimitedAozora Bank, Ltd.
Subtotal of current portion of long-termborrowings

22

1,000

500

The Hyakugo Bank, Ltd.

Current portion of long-term borrowings

Based on the long-term repairs and maintenance plans prepared for each property, Samty Residential sets aside repair reserves fromthe cash flows generated during the fiscal period, as shown below, in order to fund future large-scale repairs, etc. over the medium tolong term.

Balance at endof period(millions of yen)

Sumitomo Mitsui Banking Corporation

The Bank of Fukuoka, Ltd.

(3) Reserves for Long-Term Repair and Maintenance Plans

Balance at
beginning of period(millions of yen)

The Bank of Fukuoka, Ltd.
Resona Bank, Ltd.

Amount of capital
expenditures(thousands of yen)

S-FORT Chikushi Dori

LenderAugust 26,
2019

—

700

—

700

—

300

10,70010,385

Averageinterest rate
(Note 3)0.730%(Note 1)0.995%(Note 2)0.880%(Note 1)

1.099%(Note 2)0.572%(Note 2)

Repayment
date

Use offunds

Remarks

January 31,
Lump-sum2022
repayment on(Note 5) repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2022(Note 4)

Repayment
method23

I. Asset Management Report

Category

LenderSAMTY RESIDENTIAL
Drawdown
date

Balance at endof period(millions of yen)

Averageinterest rate
(Note 3)

Repayment
date

Repayment
methodUse offunds

Remarks

Category

LenderBalance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

Sumitomo Mitsui Banking Corporation

600—

Sumitomo Mitsui Banking Corporation

600

600

350

—

The Bank of Fukuoka, Ltd.

450

450

Aozora Bank, Ltd.

250—

Aozora Bank, Ltd.

The Kagawa Bank, Ltd.

250—

Shinsei Bank, Ltd.

The Shizuoka Bank, Ltd.

January 31,
2018

250

—

200

—

0.880%(Note 1)

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)The Juhachi-Shinwa Bank, Ltd.

Unsecured
Unguaranteed

August 2,
2019

The Kumamoto Bank, Ltd.

400

400

300

300

300

300

200

200

Shinsei Bank, Ltd.

150—

Resona Bank, Ltd.

200

200

The Chiba Bank, Ltd.

150—

The Bank of Fukuoka, Ltd.

835—

The Juhachi-Shinwa Bank, Ltd.

100—

The Higo Bank, Ltd.

The Kumamoto Bank, Ltd.

50—

Kansai Mirai Bank, Limited

150—

January 31,
2018

Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Higo Bank, Ltd.

100
February 1,
2018

Fukoku Mutual Life Insurance Company
Sumitomo Mitsui Banking Corporation

100

100
500

500

500

300

300

The Bank of Fukuoka, Ltd.

350

350

250

250

The Kagawa Bank, Ltd.

250

250

200

200

150

150

The Chiba Bank, Ltd.

150

150

The Juhachi-Shinwa Bank, Ltd.

100

100

Shinsei Bank, Ltd.

June 29,2018

The Kumamoto Bank, Ltd.
The Hiroshima Bank, Ltd.
The Shizuoka Bank, Ltd.

June 29,
2018

50

50

150

150

250

250

The Bank of Fukuoka, Ltd.

500

500

Aozora Bank, Ltd.

500

500

460

460

Mizuho Bank, Ltd.
Shinsei Bank, Ltd.

August 28,
2018

400

400

Resona Bank, Ltd.

300

300

Shinsei Bank, Ltd.

600

600

The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.

August 28,
2018

350

350

250

250

Resona Bank, Ltd.

100

100

The Bank of Fukuoka, Ltd.

350

350

290

290

200

200

1,250

1,250

Sumitomo Mitsui Banking Corporation

1,300

1,300

The Bank of Fukuoka, Ltd.

1,300

1,300

Mizuho Bank, Ltd.
Shinsei Bank, Ltd.
Mizuho Bank, Ltd.

November26, 2018
March 29,
2019

Aozora Bank, Ltd.
The Kagawa Bank, Ltd.
Resona Bank, Ltd.

June 28,2019

Shinsei Bank, Ltd.

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)1.476%(Note 2)Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 6)

500

500

500

500

400

400

400

400

0.780%(Note 1)

July 31,2023(Note 4)Lump-sum
repayment on
repayment date

Shinsei Bank, Ltd.
Resona Bank, Ltd.

(Note 6)

August 26,
2019

Aozora Bank, Ltd.

Unsecured
Unguaranteed

Unsecured
Unguaranteed

600

Aozora Bank, Ltd.
Resona Bank, Ltd.

(Note 2)

100

500

600

1.099%

August 26,
2019(Note 2)0.780%(Note 1)1.318%(Note 2)0.780%(Note 1)0.930%(Note 1)0.730%(Note 1)

(Note 4)Lump-sum
repayment on
repayment dateLump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 6)

Lump-sum
repayment on
repayment date

(Note 6)

Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 6)

Lump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 6)

July 31,2025(Note 4)

July 31,2024(Note 4)Lump-sum
repayment on
repayment dateUnsecured
Unguaranteed

Unsecured
Unguaranteed

400

400

August 26,
2019

2,500

2,500

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

500

500

900

900

Aozora Bank, Ltd.
The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.

June 30,
2020

June 30,
2020

The Kagawa Bank, Ltd.
Kansai Mirai Bank, Limited
San ju San Bank, Ltd.
The Bank of Saga Ltd.
Shinsei Bank, Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.

(Note 6)—
1,400

Mizuho Bank, Ltd.

Shinsei Bank, Ltd.

Unsecured
Unguaranteed

300
1,400

2,500

Sumitomo Mitsui Banking Corporation(Note 6)—2,500

The Bank of Fukuoka, Ltd.
July 31,
2023

—

700

August 26,
2019

Sumitomo Mitsui Banking Corporation
0.958%

700

The Nishi-Nippon City Bank, Ltd.

Resona Bank, Ltd.

Unsecured
Unguaranteed

Long-term borrowings

The Hiroshima Bank, Ltd.

August 3,
2020
August 3,
2020
August 3,
2020

725

725

500

500

375

375

1,075

1,075

900

900

775

775

725

725

625

625

1,000

1,000

500

500

500

500

1,000

1,000

500

500

250

250

Unsecured
Unguaranteed

The Nishi-Nippon City Bank, Ltd.

August 3,
2020

1,000

1,000

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

August 3,
2020

1,000

1,000

Sumitomo Mitsui Banking Corporation

June 30,
2021

920

920

The Bank of Fukuoka, Ltd.

1,550

1,550

The Bank of Yokohama, Ltd.

1,250

1,250

600

600

500

500

Unsecured
Unguaranteed

The Kagawa Bank, Ltd.
Shinsei Bank, Ltd.

June 30,
2021

The Juhachi-Shinwa Bank, Ltd.

400

400

The Juhachi-Shinwa Bank, Ltd.

240

240

The Kumamoto Bank, Ltd.

200

200

The Kumamoto Bank, Ltd.

140

140

The Bank of Saga Ltd.

500

500

JAPAN POST BANK Co., Ltd.

—

1,000

Resona Bank, Ltd.

400

400

The Nishi-Nippon City Bank, Ltd.

—

1,000

Aozora Bank, Ltd.

350

350

Kansai Mirai Bank, Limited

Shinsei Bank, Ltd.

350

350

Sumitomo Mitsui Banking Corporation

The Bank of Fukuoka, Ltd.
San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation

August 2,
2019

300

300

300

300

300

300

0.630%(Note 1)

July 31,2023(Note 4)Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
UnguaranteedAozora Bank, Ltd.
Shinsei Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

August 3,
2021

August 3,
2021

—

500

—

1,500

—

1,500

—

1,000

—

1,000

The Kagawa Bank, Ltd.

250

250

Resona Bank, Ltd.

—300

The Juhachi-Shinwa Bank, Ltd.

200

200

Sumitomo Mitsui Banking Corporation

—

1,700

The Oita Bank, Ltd.

100

100

The Higo Bank, Ltd.

—

1,500

The Kumamoto Bank, Ltd.

100

100

The Kagoshima Bank, Ltd.

—

500

—

2,000

Mizuho Bank, Ltd.

24

Drawdown
date

The Bank of Fukuoka, Ltd.

Resona Bank, Ltd.

Long-term borrowings

Balance at
beginning of period(millions of yen)August 3,
2021
August 3,
2021

Averageinterest rate
(Note 3)1.087%(Note 2)0.572%(Note 2)

0.673%(Note 2)

0.783%(Note 2)0.864%(Note 2)0.907%(Note 2)0.750%(Note 2)0.863%(Note 2)0.530%(Note 1)0.530%(Note 1)

0.711%(Note 2)0.829%(Note 2)0.755%(Note 1)0.608%(Note 2)0.614%(Note 2)0.580%(Note 1)0.720%(Note 2)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2026(Note 4)
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

Lump-sum
January 29,
repayment on
2027
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)0.726%

July 30,2027

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

0.780%

July 30,2027

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 2)

(Note 1)25

I. Asset Management Report

Long-term borrowings

Category

LenderSAMTY RESIDENTIAL
Drawdown
date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

Sumitomo Mitsui Banking Corporation—

810

Resona Bank, Ltd.

—900

The Juhachi-Shinwa Bank, Ltd.
The Bank of Fukuoka, Ltd.

January 31,
2022

Shinsei Bank, Ltd.
The Kumamoto Bank, Ltd.

—

660

—

540

—

500

Averageinterest rate

Repayment
date(Note 3)0.910%(Note 2)

Repayment
methodLump-sum
January 31,
repayment on
2028
repayment date

Use offunds

Remarks(Note 6)

Unsecured
Unguaranteed—

440

Subtotal of long-term borrowings

50,03562,350

—

—

—

—

—

Total

60,73572,735

—

—

—

—

—

(Note 1) These loans are with floating interest rates.
(Note 2) These loans are with fixed interest rates.
(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.
(Note 4) If the repayment date is not a business day, the immediately preceding business day shall be the repayment date.
(Note 5) If the repayment date is not a business day, the immediately following business day shall be the repayment date.
(Note 6) The funds are appropriated for part of acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses, andrepaying borrowings.

(3) Status of Investment Corporation Bonds
The status of investment corporation bonds as of January 31, 2022, is as follows.
Name
Second Series Unsecured Investment Corporation
Bonds (offering limited to qualified institutional
investors)

Issue date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)Interest rate

1,000

1,000

1.054%

Lump-sum
January 31,
repayment on
2023
repayment date

(Note 1)

Unsecured
Unguaranteed

0.580%

Lump-sum
December
repayment on
16, 2025
repayment date

(Note 2)

Unsecured
Unguaranteed

February 1,
2018

First Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)

December16, 2020

Second Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)

December
8, 2021

Total

—

1,700

1,700

Redemption
date

Redemption
method1,500

0.850%

December
8, 2031

Lump-sum
repayment on
repayment date

(Note 2)

Unsecured
Unguaranteed

2,700

4,200

—

—

—

—

—

(Note 2) The funds are used to partly repay existing borrowings.

(4) Status of Short-Term Investment Corporation Bonds(5) Status of Investment Unit Acquisition Rights
Not applicable

Remarks—(Note 1) The funds are used for acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses.

Not applicableUse offunds

6. Status of Purchase and Sale during the 13th Fiscal Period(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.
Acquisition

Property
number

Property nameReal estate trust
beneficiary interest

A-73

Real estate trust
beneficiary interest

Type of asset

Disposition

Acquisition date

Acquisition price(millions of yen)

S-FORT Kego Tower

August 3, 2021

4,320

(Note)(Note)

Book value(millions of yen)

Gain or loss
on sale(millions of yen)

—

—

—

—

Date ofdisposition

Disposition price(millions of yen)

A-74

S-RESIDENCE Aoi II

August 3, 2021

1,820

—

—

—

—

Real estate trust
beneficiary interest

A-75

S-FORT Meiekiminami
5-Chome

August 3, 2021

684

—

—

—

—

Real estate trust
beneficiary interest

A-76

S-FORT Hakozaki Higashi

August 3, 2021

680

—

—

—

—

Real estate trust
beneficiary interest

A-77

S-RESIDENCE
Meiekiminami

August 3, 2021

665

—

—

—

—

Real estate trust
beneficiary interest

A-78

S-FORT Kanayama

August 3, 2021

612

—

—

—

—

Real estate trust
beneficiary interest

A-79

S-FORT Izumi Chuo

August 3, 2021

545

—

—

—

—

Real estate(physical real estate)

A-80

S-RESIDENCE Soen
EAST

August 3, 2021

477

—

—

—

—

Real estate(physical real estate)

A-81

S-FORT Yagoto

August 3, 2021

442

—

—

—

—

Real estate(physical real estate)

A-82

S-FORT Sapporo Kita 5-Jo

August 3, 2021

405

—

—

—

—

Real estate(physical real estate)

A-83

S-FORT Sapporo
Motomachi

August 3, 2021

385

—

—

—

—

Real estate trust
beneficiary interest

A-84

S-RESIDENCE Joshin II

November 30, 2021

787

—

—

—

—

Real estate(physical real estate)

A-85

S-RESIDENCE Sengencho November 30, 2021

443

—

—

—

—

Real estate trust
beneficiary interest

B-38

S-FORT Kokura

August 3, 2021

1,400

—

—

—

—

Real estate trust
beneficiary interest

B-39

S-FORT Niigata Ekimae

August 3, 2021

1,395

—

—

—

—

Real estate trust
beneficiary interest

B-40

S-FORT Takasaki

August 3, 2021

1,098

—

—

—

—

Real estate trust
beneficiary interest

B-41

S-FORT Yokkaichi arcam

August 3, 2021

823

—

—

—

—

Real estate trust
beneficiary interest

B-42

S-FORT Kagoshima Chuo

August 3, 2021

787

—

—

—

—

Real estate trust
beneficiary interest

B-43

S-FORT Heisei Keyakidori

August 3, 2021

755

—

—

—

—

Real estate trust
beneficiary interest

B-44

S-FORT Yokkaichi zeal

August 3, 2021

612

—

—

—

—

Real estate trust
beneficiary interest

B-45

S-FORT Utsunomiya
Minamiodori

November 30, 2021

1,309

—

—

—

—

Real estate trust
beneficiary interest

C-33

S-FORT Nakaitabashi

August 3, 2021

3,365

—

—

—

—

Real estate trust
beneficiary interest

C-34

S-FORT Kameido

August 3, 2021

1,248

—

—

—

—

Real estate trust
beneficiary interest

C-35

S-FORT Gyotoku

August 3, 2021

919

—

—

—

—

Real estate trust
beneficiary interest

C-36

S-FORT Funabashi Kaijin

August 3, 2021

898

—

—

—

—

Real estate trust
beneficiary interest

C-37

S-FORT Funabashi
HonchoAugust 3, 2021

768

—

—

—

—

Real estate(physical real estate)

C-38

S-FORT Hachioji

August 3, 2021

462

—

—

—

—

28,104

—

—

—

—

Total

(Note) “Acquisition price” indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses (transaction brokerage fees, taxes and dues, etc.) required for acquisition of the relevant real estate properties, rounded down to the nearest million yen.

(2) Status of Acquisition and Sale of Other Assets
Not applicable26

27

I. Asset Management Report

SAMTY RESIDENTIAL(3) Survey on Prices of Specified Assets, Etc.

(4) Status of Transactions with Interested Parties, Etc.

i) Real estate, etc.

Acquisition

Acquisitionordisposition

Property namei) Status of transactions with interested parties, etc. (Note 1)
Transaction date

Type of asset

Acquisition price Appraisal value(millions of yen) (millions of yen)
(Note 1)

(Note 2)

AppraiserTransaction amount, etc. (Note 2)

Category

Appraisal date

Total amount

S-FORT Kego Tower

August 3,
2021

Real estate trust
beneficiary interest

4,320

4,380

Japan Valuers Co., Ltd.

May 1, 2021

S-RESIDENCE Aoi II

August 3,
2021

Real estate trust
beneficiary interest

1,820

1,880

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Meiekiminami
5-Chome

August 3,
2021

Real estate trust
beneficiary interest

684

687

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2021

S-FORT Hakozaki Higashi

August 3,
2021

Real estate trust
beneficiary interest

680

684

Japan Valuers Co., Ltd.

May 1, 2021

S-RESIDENCE
Meiekiminami

August 3,
2021

Real estate trust
beneficiary interest

665

668

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2021

S-FORT Kanayama

August 3,
2021

Real estate trust
beneficiary interest

612

613

Japan Valuers Co., Ltd.

May 1, 2021

Category

Total amount of paid fees,
etc. (A)S-FORT Izumi Chuo

August 3,
2021

Real estate trust
beneficiary interest

545

550

Japan Valuers Co., Ltd.

May 1, 2021

Property management fees

379,438 thousand yen

S-RESIDENCE Soen EAST

August 3,
2021

Real estate(physical real estate)

477

481

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Yagoto

August 3,
2021

Real estate(physical real estate)

442

447

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Sapporo Kita 5-Jo

August 3,
2021

Real estate(physical real estate)

405

414

JLL Morii Valuation & Advisory K.K.

May 1, 2021

S-FORT Sapporo
Motomachi

August 3,
2021

Real estate(physical real estate)

385

405

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-RESIDENCE Joshin II

November30, 2021

Real estate trust
beneficiary interest

787

801

Daiwa Real Estate Appraisal Co., Ltd.

September
30, 2021

S-RESIDENCE Sengencho

November30, 2021

Real estate(physical real estate)

443

457

The Tanizawa Sōgō Appraisal Co., Ltd.

September
30, 2021

S-FORT Kokura

August 3,
2021

Real estate trust
beneficiary interest

1,400

1,420

Japan Valuers Co., Ltd.

May 1, 2021

S-FORT Niigata Ekimae

August 3,
2021

Real estate trust
beneficiary interest

1,395

1,410

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Takasaki

August 3,
2021

Real estate trust
beneficiary interest

1,098

1,100

Japan Valuers Co., Ltd.

May 1, 2021

S-FORT Yokkaichi arcam

August 3,
2021

Real estate trust
beneficiary interest

823

825

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Kagoshima Chuo

August 3,
2021

Real estate trust
beneficiary interest

787

789

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Heisei Keyakidori

August 3,
2021

Real estate trust
beneficiary interest

755

761

JLL Morii Valuation & Advisory K.K.

May 1, 2021

S-FORT Yokkaichi zeal

August 3,
2021

Real estate trust
beneficiary interest

612

614

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Utsunomiya
Minamiodori

November30, 2021

Real estate trust
beneficiary interest

1,309

1,320

Daiwa Real Estate Appraisal Co., Ltd.

September
30, 2021

S-FORT Nakaitabashi

August 3,
2021

Real estate trust
beneficiary interest

3,365

3,370

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2021

S-FORT Kameido

August 3,
2021

Real estate trust
beneficiary interest

1,248

1,260

Japan Valuers Co., Ltd.

May 1, 2021

S-FORT Gyotoku

August 3,
2021

Real estate trust
beneficiary interest

919

922

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Funabashi Kaijin

August 3,
2021

Real estate trust
beneficiary interest

898

901

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

S-FORT Funabashi Honcho

August 3,
2021

Real estate trust
beneficiary interest

768

773

Japan Valuers Co., Ltd.

May 1, 2021

S-FORT Hachioji

August 3,
2021

Real estate(physical real estate)

462

464

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2021

Purchase amount, etc.

Sale amount, etc.

28,104 million yen—

Breakdown of transactions with interested parties, etc.
Samty Co., Ltd.

25,791 million yen (91.8%)—

Samty Hotel Management Co., Ltd.

768 million yen (2.7%)

—

Total

26,559 million yen (94.5%)—ii) Amount of paid fees, etc.
Breakdown of transaction with interested parties, etc.
Paid party

Paid amount (B)Percentage of total amount(B/A) (%)

Samty Property Management Co., Ltd.

149,530 thousand yen

39.4iii) Major payments to other interested parties, etc.
Samty Property Management Co., Ltd.

218,229 thousand yen (repair work)(Note 1) “Interested parties, etc.” refer to the interested parties, etc., as defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations and in Article 26, Paragraph 1, Item 27 of the Regulations Concerning Investment Reports of Investment Trusts and Investment
Corporations issued by The Investment Trusts Association, Japan, of the asset management company that has entered into an asset managementagreement with Samty Residential.
(Note 2) “Transaction amount, etc.” indicates the transaction amount stated in the sales agreement, etc. Figures in parentheses indicate the percentage of total
amount.
(Note 3) Aside from the above, the status of buyer under trust beneficiary interest transfer agreements, real estate sales agreements and real estate transfer
agreements has been transferred from the sponsor to Samty Residential (total purchase amount: 1,545 million yen).

(5)	Status of Transactions with the Asset Management Company regarding Concurrent Work
Conducted by the Asset Management Company
The Asset Management Company (Samty Asset Management Co., Ltd.) concurrently conducts the type II financial instruments business and land and building transaction business, but has no relevant transactions with Samty Residential. Moreover, the AssetManagement Company concurrently is not engaged in any of the type I financial instruments business or the real estate syndication
business, and has no relevant transactions with Samty Residential.

(Note 1) “Acquisition price” indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses(transaction brokerage fees, taxes and dues, etc.) required for acquisition of the relevant real estate properties, rounded down to the nearest million yen.
(Note 2) The appraisal in the table above was conducted by applying to the “Real Estate Appraisal Standards, Specific Thesis Chapter 3: Appraisal on Prices ofReal Estate Subject to Securitization.”ii) Investment Securities
Not applicableiii) Other
Not applicable2829

I. Asset Management Report

SAMTY RESIDENTIAL

7. Status of Accounting

11. Other(1) Status of Assets, Liabilities, Principal and Profits and Loss

(1) Notices

Please refer to the Balance Sheet, Statement of Income and Retained Earnings, Statement of Changes in Unitholders' Equity,
Statement of Cash Flows and Notes to Financial Statements.

(2) Changes in Calculation Methods for Depreciation
Not applicable(3) Changes in Valuation Method of Real Estate and Infrastructure Assets
Not applicable

8. Overview of Self-Managed Investment Trust Beneficiary Certificatesi) Unitholders’ Meeting
The 5th General Meeting of Unitholders of Samty Residential was held on October 20, 2021. Matters approved at the General
Meeting of Unitholders are summarized as follows.
Agenda 1

Partial amendments to the Articles of Incorporation: approved as proposed

Agenda 2

Appointment of a Substitute Executive Director: approved as proposed and Yukihisa Nagashima was appointed as suchii) Board of Directors of Samty Residential
The overview of the execution and modification, etc. of major agreements approved by the Board of Directors of Samty Residential in
the 13th fiscal period is as follows.

i) Acquisition

Date of approval

AgendaOverview

Not applicable

December 2, 2021

Conclusion of an underwriting agreement
concerning issuance of investment corporation bonds and a financial advisory
agreement

Upon issuing the Second Series Unsecured Investment Corporation Bonds, Samty
Residential concluded a purchase and underwriting agreement with Daiwa Securities
Co. Ltd., SMBC Nikko Securities Inc. and Mizuho Securities Co., Ltd., and a Financial
agent, issuing agent, and paying agent agreement with Mizuho Bank, Ltd.

ii) Units Held
Not applicable(2) Handling of Fractions of Monetary Amounts and Percentage Figures
Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded off to the nearest specified unit inthis document.

9. Disclosure on Corporation Owning Foreign Real Estate
Not applicable

10. Disclosure on Real Estate Owned by Corporation Owning Foreign Real Estate
Not applicable30

31II. Financial Section

SAMTY RESIDENTIAL

Balance Sheet(Unit: thousands of yen)

(Unit: thousands of yen)
12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

Assets12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

Liabilities

Current assets

Current liabilities

Cash and deposits

2,780,018

3,051,921

Operating accounts payable

Cash and deposits in trust

1,872,773

2,365,556

Current portion of long-term Investment corporation bonds

271,247

470,534—

1,000,000

Operating accounts receivable

11,22812,081

Current portion of long-term borrowings

10,700,000

10,385,000

Prepaid expenses

156,253

192,540

Accounts payable - other70,553

88,883—34,367

Accrued expenses

3,237

4,711

43,805935

Distributions payable

14,525

15,255

4,864,079

5,657,402

Accrued consumption taxes

81,725

—

965

788

Advances received

598,581

738,479

Deposits received

14,654

13,365

11,755,492

12,717,019

Consumption taxes receivable
Other
Total current assets
Non-current assets

Income taxes payable

Property, plant and equipment
Buildings

9,125,702

10,579,150

Accumulated depreciation(672,589)(806,201)

Buildings, net

8,453,113

9,772,948

6,682

6,682

Investment corporation bonds

2,700,000

3,200,000(959)(1,265)Long-term borrowings

50,035,000

62,350,000

5,722

5,416

Leasehold and guarantee deposits received

78,89086,0909,312

28,187

Leasehold and guarantee deposits received in trust

439,113514,561

53,253,003

66,150,651

65,008,495

78,867,671

60,284,277

76,264,169

Structures
Accumulated depreciation
Structures, net
Machinery and equipment

Total current liabilities
Non-current liabilities

Accumulated depreciation(1,230)(2,172)

Machinery and equipment, net

8,082

26,014Tools, furniture and fixtures

36,40046,397

Accumulated depreciation(10,466)(15,362)

Tools, furniture and fixtures, net

25,93431,034Land

10,061,976

11,448,470

Deduction from unitholders' capital(1,882,222)(2,114,927)

Buildings in trust

52,952,836

63,719,516

Unitholders' capital, net

58,402,055

74,149,242

Unappropriated retained earnings (undisposed loss)

1,516,078

1,832,599

Total surplus

1,516,078

1,832,599

59,918,134

75,981,842

Accumulated depreciation(5,283,335)(6,063,274)

Buildings in trust, net

47,669,501

57,656,242

23,10523,889(6,845)(7,947)Structures in trust
Accumulated depreciation

Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital

Surplus

Total unitholders' equity

16,25915,941

Total net assets (Note 11)59,918,134

75,981,842

585,635

718,896

Total liabilities and net assets

124,926,629

154,849,513

Accumulated depreciation(117,805)(136,680)

Machinery and equipment in trust, net

467,829582,216

151,630

199,327

Structures in trust, net
Machinery and equipment in trust

Tools, furniture and fixtures in trust
Accumulated depreciation(46,920)(67,628)

Tools, furniture and fixtures in trust, net

104,710

131,699

Land in trust

52,872,589

68,982,135

Total property, plant and equipment

119,685,721

148,652,120

Intangible assets
Software

2,662

2,206

Total intangible assets

2,662

2,206

Investments and other assets
Deferred tax assets

17

8

Leasehold and guarantee deposits

11,588

11,746Long-term prepaid expenses

323,676446,732

Total investments and other assets

335,282

458,487

120,023,666

149,112,814

Investment unit issuance expenses

15,283

41,607

Investment corporation bond issuance costs

23,59937,689Total deferred assets

38,88379,297

124,926,629

154,849,513

Total non-current assets
Deferred assets

Total assets

32

33

II. Financial Section

SAMTY RESIDENTIAL

Statement of Income and Retained Earnings

Statement of Changes in Unitholders’ Equity(Unit: thousands of yen)

12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

12th fiscal period (From February 1, 2021 to July 31, 2021)(Unit: thousands of yen)

Operating revenue
Leasing business revenue (Note 10)

3,703,995

4,467,642

Other leasing business revenue (Note 10)363,378

374,871

Gain on sale of real estate properties (Note 10)

109,509—

4,176,883

4,842,514

1,777,790

1,950,819

Total operating revenue
Operating expenses
Expenses related to leasing business (Note 10)
Asset management fees

327,092

340,066

Asset custody fees

6,031

6,222

Administrative service fees

41,951

51,897

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

13,00015,350

Other operating expenses

148,306

165,691

Total operating expenses

2,317,233

2,533,107

1,859,650

2,309,406

Interest income

1312Interest on tax refund

173—

Reversal of distributions payable

896

942

Other

631

1,101

1,714

2,056

Interest expenses

246,423

295,013Interest expenses on investment corporation bonds

10,242

12,108Financing fees

74,329

153,972

Amortization of investment unit issuance expenses

8,234

11,971

Amortization of investment corporation bond issuance costs

4,380

4,736

Operating income

Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total unitholders’ equity

Total net assets

Total surplus

60,284,277(1,759,476)

58,524,801

2,008,173

2,008,173

60,532,974

60,532,974(122,745)(122,745)(122,745)(122,745)(2,008,041)(2,008,041)(2,008,041)(2,008,041)
1,515,947

Changes during the period
Distributions in excess of earnings
Dividends of surplus

1,515,947

1,515,947

1,515,947

Total changes during the period

Net income—(122,745)(122,745)(492,094)(492,094)(614,839)(614,839)

Balance at end of period (Note 3)

60,284,277(1,882,222)

58,402,055

1,516,078

1,516,078

59,918,134

59,918,134

13th fiscal period (From August 1, 2021 to January 31, 2022)(Unit: thousands of yen)

Non-operating income

Total non-operating income
Non-operating expenses

Other

848

559

344,459

478,361

Ordinary income

1,516,905

1,833,101

Income before income taxes

1,516,905

1,833,101

Income taxes - current

968

791

Income taxes - deferred

(10)

8

Total income taxes

958

800

1,515,947

1,832,301

Total non-operating expenses

Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

34

131

298

1,516,078

1,832,599

Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total unitholders’ equity

Total net assets

Total surplus

60,284,277(1,882,222)

58,402,055

1,516,078

1,516,078

59,918,134

59,918,134

15,979,892

15,979,892

15,979,892(232,705)(232,705)(232,705)(1,515,780)(1,515,780)

Changes during the period
Issuance of new investment units

15,979,892

Distributions in excess of earnings(232,705)

Dividends of surplus
Net income(1,515,780)(1,515,780)

1,832,301

1,832,301

1,832,301

1,832,301

Total changes during the period

15,979,892(232,705)

15,747,187

316,520

316,520

16,063,707

16,063,707

Balance at end of period (Note 3)

76,264,169(2,114,927)

74,149,242

1,832,599

1,832,599

75,981,842

75,981,842

35

II. Financial Section

SAMTY RESIDENTIAL

Statement of Cash Flows

Notes to Financial Statements(Unit: thousands of yen)
12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

Note 1 – Organization

Cash flows from operating activities
Income before income taxes
Depreciation
Interest income

1,516,905

1,833,101

818,438

960,839

(13)

(12)

256,666

307,122

Amortization of investment unit issuance expenses

8,234

11,971

Amortization of investment corporation bond issuance costs

4,380

4,736

Interest expenses

Decrease (increase) in operating accounts receivable

10,244(852)

Decrease (increase) in consumption taxes refund receivable

157,007(34,367)

Increase (decrease) in accrued consumption taxes

81,725(81,725)

Decrease (increase) in prepaid expenses(6,883)(36,287)

Increase (decrease) in operating accounts payable(101,378)

140,845

Increase (decrease) in accounts payable - other(19,780)

18,3294,807

139,897

6,387(123,056)

Increase (decrease) in advances received
Decrease (increase) in long-term prepaid expenses
Decrease in property, plant and equipment in trust due to sale

1,956,876—

Other, net(40,819)

40,637

Subtotal

4,652,799

3,181,180

Interest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

13

12(258,705)(305,647)

(754)

(968)

4,393,352

2,874,576

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Payments of leasehold and guarantee deposits
Income from the return of leasehold and guarantee deposits
Refund of leasehold and guarantee deposits received(1,051,972)(2,860,065)(976,713)(27,008,275)

(217)

(326)

92

169

(8,317)(10,759)

Proceeds from leasehold and guarantee deposits received

13,117

17,959Refund of leasehold and guarantee deposits received in trust(54,767)(49,181)

Proceeds from leasehold and guarantee deposits received in trust

45,631

124,629(2,033,146)(29,785,849)

Proceeds from long-term borrowings

5,200,000

17,350,000

Repayments of long-term borrowings

Net cash provided by (used in) investing activities
Cash flows from financing activities(5,200,000)(5,350,000)

Proceeds from issuance of investment corporation bonds—

1,500,000

Payments of investment corporation bond issuance costs—(18,826)

Proceeds from issuance of investment units—

15,979,892

Payments of investment unit issuance expenses—(38,295)

Distributions paid

(2,129,732)(1,746,812)

Net cash provided by (used in) financing activities(2,129,732)

27,675,957

Net increase (decrease) in cash and cash equivalents

230,473764,685

Cash and cash equivalents at beginning of period

4,422,318

4,652,791

Cash and cash equivalents at end of period (Note 6)

4,652,791

5,417,477

Samty Residential Investment Corporation (hereinafter, “Samty Residential”) was established in accordance with the Act on Investment
Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereinafter, the “Investment Trust Act”), with Samty AssetManagement Co., Ltd. serving as the organizer, and was listed on the real estate investment trust market of the Tokyo Stock Exchange,
Inc. (securities code: 3459) on June 30, 2015.
With rental housing as the main investment target, Samty Residential has managed its assets by conducting diversified investments inwide-ranging cities throughout Japan, centering on major regional cities (Note), aiming to enhance unitholder value over the medium tolong term.
In August 2021, Samty Residential conducted property acquisitions (24 properties with a total acquisition price of 25.5 billion yen) byusing proceeds from issuance of investment units through public offering and third-party allotment. Moreover, it conducted additional property acquisitions (3 properties with a total acquisition price of 2.5 billion yen) in November 2021. As a result, the assets owned by Samty
Residential as of the end of the 13th fiscal period (January 31, 2022) comprised 159 properties with a total acquisition price of 146.3 billion
yen.
(Note) “Major regional cities” refers to the following eight cities: Sapporo, Sendai, Nagoya, Kyoto, Osaka, Kobe, Hiroshima, and Fukuoka.

Note 2 – Basis of Presentation
The financial statements of Samty Residential have been prepared in accordance with accounting principles generally accepted in Japan(“J-GAAP”), including provisions set forth in the Financial Instruments and Exchange Act of Japan, the Investment Trust Act, theCompanies Act of Japan and related regulations, which are different in certain respects as to the application and disclosure requirementsof International Financial Reporting Standards (“IFRS”). The accompanying financial statements are basically a translation of the financial
statements of Samty Residential, which were prepared in accordance with J-GAAP and were presented in the Securities Report of Samty
Residential filed with the Kanto Local Finance Bureau of the Ministry of Finance. In preparing the accompanying financial statements,
certain reclassifications have been made to the financial statements issued domestically in order to present them in a format which is morefamiliar to readers outside Japan. Amounts less than one thousand yen have been rounded down. As a result, the totals shown in thefinancial statements and notes thereto do not necessarily agree with the sum of the individual amounts. Samty Residential does not prepare consolidated financial statements, as Samty Residential has no subsidiaries.
Samty Residential fiscal periods are for six months ending at the end of every January and July.

Note 3 – Statement of Changes in Unitholders’ Equity*1. Total Number of Authorized Investment Units and Total Number of Investment Units Issued(Unit: units)
12th fiscal period(From February 1, 2021 to July 31, 2021)
Total number of investment units authorized
Total number of investment units issued

36

13th fiscal period(From August 1, 2021 to January 31, 2022)

2,000,000

2,000,000

639,300

769,62637

II. Financial Section

SAMTY RESIDENTIAL

Note 4 – Changes in Accounting Policies
1.

ii) Utilities income amty Residential recognizes utilities income in accordance with the supply of electricity and water, etc. to the lessee, who is aScustomer, based on the lease agreement for the real estate properties and details of agreements incidental to it. Of the utilities
income, in the case Samty Residential deems itself to be an agent, the net amount obtained by deducting the amount it pays toother parties from the amount it receives as charges for electricity and water, etc. supplied by said other parties is recognized asrevenue.

Application of Accounting Standard for Revenue Recognition, Etc.
Samty Residential has adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, revised on March 31,2020), etc. from the beginning of the 13th fiscal period, and recognizes revenue at the amount expected to be received in exchange
for the promised goods or services when control of the goods or services is transferred to the customer. The impact of this change on
the financial statements for the 13th fiscal period is immaterial.

(2) Accounting Treatment of Property Taxes, etc.

Furthermore, in accordance with the transitional measures stipulated in Paragraph 89-3 of the Accounting Standard for Revenue
Recognition, the note related to Revenue Recognition for the previous fiscal period is not indicated.

2.

In connection with property taxes, city planning taxes and depreciated asset taxes, Samty Residential uses the method of charging
the corresponding amounts of assessed taxes to the current fiscal period as expenses related to leasing business.
The amount equivalent to property taxes, etc. for the initial fiscal year to be paid by Samty Residential upon acquisition of realestate or trust beneficiary interests in real estate as trust property are not expensed but capitalized as part of the acquisition cost of
the real estate, etc.

Application of Accounting Standard for Fair Value Measurement, Etc.
Samty Residential has adopted the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, issued on July 4,2019), etc. from the beginning of the 13th fiscal period, and decided to adopt the new accounting policies set forth by said AccountingStandard, etc. prospectively in accordance with the transitional arrangements as stipulated in Paragraph 19 of the AccountingStandard for Fair Value Measurement and Paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement
No. 10, revised on July 4, 2019). The impact of this change on the financial statements for the 13th fiscal period is immaterial.

The amount equivalent to property taxes, etc. capitalized in the acquisition cost of real estate, etc. were 5,546 thousand yen for
the 12th fiscal period and 46,242 thousand yen for the 13th fiscal period.

4.

Cash and cash equivalents in the Statement of Cash Flows consist of cash on hand and cash in trust; deposits and deposits in trustthat can be withdrawn at any time and short-term investments with a maturity of 3 months or less from the date of acquisition, which
are readily convertible to cash and bear only an insignificant risk of value fluctuation.

Note 5 – Summary of Significant Accounting Policies
1.

Depreciation Method for Non-Current Assets(1) Property, Plant and Equipment (Including Assets in Trust)
Depreciation is calculated using the straight-line method. The useful lives of major categories of property, plant and equipment are as
follows:
Buildings
2 - 69 years
Structures
10 - 20 years
Machinery and equipment
6 - 29 years
Tools, furniture and fixtures
3 - 15 years(2) Intangible Assets
Intangible assets are amortized using the straight-line method.
(3) Long-Term Prepaid Expenses
Long-term prepaid expenses are amortized using the straight-line method.

2.

Accounting for Deferred Assets(1) Investment Unit Issuance Expenses

Scope of Funds in Statement of Cash Flows5.

Other Significant Items Fundamental to Preparing the Financial Statements(1) Accounting Policies on Trust Beneficiary Interests in Real Estate as Trust Property
Regarding trust beneficiary interests in real estate as trust property, all asset and liability accounts of the trust properties as well as
revenue and expense accounts generated by the trust properties are recorded in relevant accounts on the Balance Sheet andStatement of Income and Retained Earnings.
Furthermore, among trust properties recorded in relevant accounts, the following material accounts are separately stated on the
Balance Sheet.
i) Cash and deposits in trustii) Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land in trustiii) Leasehold and guarantee deposits received in trust(2) Accounting for Consumption Taxes
National and local consumption taxes are excluded from the transaction amounts. Non-deductible consumption taxes related to theacquisition of assets, etc. are included in the acquisition cost of each asset.

Investment unit issuance expenses are amortized using the straight-line method over three years.
(2) Investment Corporation Bond Issuance Costs
Investment corporation bond issuance costs are amortized using the straight-line method over the redemption period.

3.

Standards for Recording Revenues and Expenses

Note 6 – Statement of Cash Flows*1.	Reconciliation of the Amounts of the Cash and Cash Equivalents at the End of the Period in theStatement of Cash Flows with the Amounts of the Corresponding Accounts on the Balance Sheet(Unit: thousands of yen)

(1) Standards for Revenue Recognition

12th fiscal period

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021 to January 31, 2022)

The details of the main performance obligations concerning revenue generated from contracts between Samty Residential and its
customers and the ordinary time to satisfy said performance obligations (ordinary time to recognize revenue) are as follows.

Cash and deposits

2,780,018

3,051,921

Cash and deposits in trust

1,872,773

2,365,556i) Sale of real estate properties

Cash and cash equivalents

4,652,791

5,417,477

 or sale of real estate properties, Samty Residential recognizes revenue when the purchaser, who is a customer, obtains control ofFthe relevant real estate properties as a result of Samty Residential satisfying its delivery obligations stipulated in the transaction
agreement for the real estate properties.

38

39

II. Financial Section

SAMTY RESIDENTIAL

Note 7 – Financial Instruments
1.

(Note 1) Calculation method for fair value of financial instruments
Liabilities(2) Current portion of long-term borrowings and (4) Long-term borrowings

Matters Concerning Status of Financial Instruments

For those with floating interest rates, the interest rates should reflect market rates over the short term and their fair values are deemed to be approximately the same as the carrying values. Accordingly, the carrying values are presented as their fair values. For those with fixed interest rates, theirfair values are calculated by discounting the total amount of principal and interest with the rate assumed as being applicable when similar borrowings
are newly made for the period corresponding to the remaining period to their maturity.

(1) Policy on Handling Financial Instruments
Samty Residential makes it a basic policy to conduct stable and sound financial operations in order to ensure stable growth of managed assets, their efficient management and stability of management. Based on this policy, Samty Residential procures funds
through borrowings from financial institutions, issuance of investment corporation bonds and issuance of investment units, and othermeans, for acquisition of assets and repayment of borrowings, etc.

(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
As investment corporation bonds are with fixed interest rates, their fair value is calculated by discounting the total amount of principal and interest
with the rate that takes into account the remaining period to maturity of the relevant bonds and credit risk.
(Note 2) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date
12th fiscal period (July 31, 2021)

Samty Residential may enter into derivatives transactions, which shall be executed solely for the purpose of hedging against interest-rate fluctuations and other risks associated with borrowings, etc. Samty Residential has not entered into any derivatives transactions as of January 31, 2022.

Current portion of long-term borrowings

The funds from borrowings are mainly used for acquiring investment assets and repaying borrowings, etc. With regard to liquidity andinterest rate fluctuation risks associated with the procurement of these funds, Samty Residential endeavors to manage and limit themby considering and implementing multifaceted funding methods including the utilization of surplus funds and raising funds. from capital markets through issuance of investment units, etc. while diversifying funding sources.

—

—

—

—

—

—

—

1,700,000—

Long-term borrowings—

10,685,000

11,800,000

12,050,000

15,500,000

—

Total

10,700,000

11,685,000

11,800,000

12,050,000

17,200,000—

Due in1 year or lessDue after
1 year through2 years

Due after
2 years through3 years

Due after
3 years through4 years

Due after
4 years through5 years

Current portion of investment corporation
bonds

1,000,000

—

—

—

—

Current portion of long-term borrowings

10,385,000

—

—

—

—

—

—

—

—

1,700,000-—

1,500,000

Long-term borrowings—

11,450,000

12,500,000

14,320,000

14,530,000

9,550,000

Total

11,385,000

11,450,000

12,500,000

16,020,000

14,530,000

11,050,000

Property,plant andequipment(Unit: thousands of yen)
Difference

10,700,000

10,741,671

41,671(2) Investment corporation bonds

2,700,000

3,071,210

371,210(3) Long-term borrowings

50,035,000

50,047,456

12,45663,435,000

63,860,338

425,338

Total of liabilities

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of January 31, 2022.

Due after
5 years—(Unit: thousands of yen)

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of July 31, 2021.

(1) Current portion of long-term borrowings(Unit: thousands of yen)

Note 8 – Schedule of Real Estate Owned

Intangible
Assets

Accumulated depreciation

Balance at
beginning of
periodIncreaseduring theperiodDecreaseduring theperiodBalance at
end of period

Or accumulated
amortization

Depreciation
during theperiodBuildings

9,125,702

1,453,447—

10,579,150

806,201

Structures

6,682

—

—

6,682

1,265

Machinery and equipment

9,312

18,874—28,187

Tools, furniture and fixtures

36,4009,997—

46,397

Matters Concerning Fair Value, Etc. of Financial Instruments

Fair value

Due after
5 years

1,000,000

Type of asset

Carrying value on the Balance Sheet

Due after
4 years through5 years—

Investment corporation bonds

Samty Residential deposits its surplus funds to financial institutions. Such deposits are exposed to the credit risks, including bankruptcy, of the relevant financial institutions. Samty Residential mitigates the risks by limiting its deposits to financial institutions with acertain level of creditworthiness and setting only short durations for these deposits.

Furthermore, information on cash and deposits, cash and deposits in trust and short-term borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the carrying value. Information on leasehold andguarantee deposits received in trust is also omitted as the amounts are immaterial.

Due after
3 years through4 years

13th fiscal period (January 31, 2022)

Although borrowings with floating interest rates are exposed to the risk of rising interest rates, Samty Residential may employ
derivatives transactions (such as interest-rate swap transactions) as hedging instruments in order to avoid the risk of rising interest
rates and fix payment of interest expenses.

The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when there is no market price. Certain assumptions are used in calculating those values and there may be cases where thevalues will vary when different assumptions are used.

Due after
2 years through3 years

10,700,000

Investment corporation bonds(3) Supplementary Explanation on Matters Concerning Fair Value of Financial Instruments

Due after
1 year through2 years

Due in1 year or less

(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure

2.

(Unit: thousands of yen)

Net balanceat end ofperiodRemarks

133,612

9,772,948(Note 1)

306

5,416

(Note 1)

2,172

942

26,014—

15,362

4,896

31,034(Note 1)Land

10,061,976

1,386,493—

11,448,470——

11,448,470(Note 1)

Buildings in trust

52,952,836

10,766,680—

63,719,516

6,063,274

779,939

57,656,242(Note 2)

Structures in trust

23,105784—

23,889

7,947

1,102

15,941(Note 2)

Machinery and equipment in trust

585,635

133,260—

718,896

136,680

18,874582,216(Note 2)Tools, furniture and fixtures in trust

151,630

47,696—

199,327

67,62820,708

131,699(Note 2)Land in trust

52,872,589

16,109,545—

68,982,135——

68,982,135(Note 2)

Total

125,825,871

29,926,781—

155,752,653

7,100,533

960,382

148,652,120

—

4,564

—

—

4,564

2,358

456

2,206

—

4,564

—

—

4,564

2,358

456

2,206

—

Software
Total(Note 1) The increase is mainly due to the payment of real estate acquisition tax for 7 properties (accounted for as capital expenditures) and acquisition of 6 properties.
(Note 2) The increase is mainly due to the acquisition of 21 properties.

Furthermore, information on cash and deposits, cash and deposits in trust and Short-term borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the carrying value. Information on leasehold andguarantee deposits received in trust is also omitted as the amounts are immaterial.
(Unit: thousands of yen)
Carrying value on the Balance Sheet

Difference

1,000,000

1,008,734

8,734(2) Current portion of long-term borrowings

10,385,000

10,419,430

34,430(3) Investment corporation bonds

3,200,000

3,210,339

10,339(4) Long-term borrowings

62,350,000

62,705,828

355,828

76,935,000

77,344,333

409,333

Total of liabilities

40

Fair value(1) Current portion of investment corporation bonds

41

II. Financial Section

SAMTY RESIDENTIAL

Note 9 – Investment and Rental Properties

S-FORT Shizuoka Hondori

Samty Residential owns rental housing, etc. (including land) in major regional cities and other areas.
The following table provides the carrying value on the Balance Sheet, amount of increase (decrease) during the period and fair value ofthese investment and rental properties.

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021 to January 31, 2022)

Carrying value on the Balance Sheet
Balance at beginning of period

120,350,019

Amount of increase (decrease) during the period
Balance at end of period
Fair value at end of period

119,685,721(664,298)

28,966,398

119,685,721

148,652,120

129,211,000

160,168,000

310,000

Cost of sale of real estate properties

286,257

Other expenses related to sale

5,363

Gain on sale of real estate properties

18,378

S-FORT Sagamihara(Unit: thousands of yen)
12th fiscal period

Proceeds from sale of real estate properties

Proceeds from sale of real estate properties

627,000

Cost of sale of real estate properties

574,906

Other expenses related to sale

4,934

Gain on sale of real estate properties

47,15913th fiscal period (From August 1, 2021 to January 31, 2022)
Not applicable(Note 1) The carrying value on the Balance Sheet is the acquisition cost less accumulated depreciation.
(Note 2) Of the increase (decrease) during the period, the amount of increase in the 12th fiscal period is mainly attributable to the acquisition of 3 properties (1,895,283
thousand yen), and the amount of decrease is mainly attributable to the transfer of 3 properties (1,956,876 thousand yen) and depreciation (817,982 thousandyen). The amount of increase in the 13th fiscal period is mainly attributable to the acquisition of 27 properties (29,678,078 thousand yen), and the amount ofdecrease is mainly attributable to depreciation (960,382 thousand yen).
(Note 3) The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Note 11 – Balance Sheet*1. Minimum Net Assets Designated in Article 67- 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousands of yen)

The income (loss) in the 13th fiscal period for the investment and rental properties is as presented in the “Note 10 – Statement of Income
and Retained Earnings.”

12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

50,00050,000Note 10 – Statement of Income and Retained Earnings
Note 12 – Cash Distributions*1. Breakdown of Revenues and Expenses Related to Real Estate Leasing Business(Unit: yen)

(Unit: thousands of yen)
12th fiscal period

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021 to January 31, 2022)

A. Real estate leasing business revenue

I.

Unappropriated retained earnings

12th fiscal period

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021 to January 31, 2022)

1,516,078,898

1,832,599,835

II. Addition of distributions in excess of earnings

Leasing business revenue
Rent revenue

3,428,135

Land rent revenue

275,761

Deduction from unitholders’ capital

4,142,481

98

Common service fees

III. Distribution amount136
3,703,995

325,025

4,467,642

Other leasing business revenue
Parking fees

135,504

167,542

Utilities income

26,74328,257

Other revenues

201,130

Total real estate leasing business revenue

363,378

179,071

4,067,374

374,871
4,842,514

B. Expenses related to real estate leasing business
Expenses related to leasing business
Property management fees

212,880

Utilities expenses

53,63865,872

Taxes and public dues

260,494258,187

Insurance expenses

245,289

8,342

10,481

Repair expenses

198,163

197,844960,382

Depreciation

817,982

Trust fees

28,192

34,513

Other expenses related to leasing business

198,095

178,248

Total expenses related to real estate leasing business
C. Income from real estate leasing business (A-B)*2. Breakdown of Gain on Sale of Real Estate Properties
12th fiscal period (From February 1, 2021 to July 31, 2021)(Unit: thousands of yen)
S-FORT Aoi 1-Chome

42

Category

Proceeds from sale of real estate properties

1,150,000

Cost of sale of real estate properties

1,095,712

Other expenses related to sale

10,316

Gain on sale of real estate properties

43,9701,777,790

1,950,819

2,289,584

2,891,694[Distribution amount per unit]
Of which, distribution of earnings

232,705,200

294,766,758

1,748,485,500

2,127,246,264[2,735][2,764]

1,515,780,300

1,832,479,506[Of which, distribution of earnings per unit][2,371][2,381]

Of which, distribution in excess of earnings

232,705,200

294,766,758[Of which, distribution in excess of earnings per unit]
IV. Retained earnings brought forward
Method for calculating distribution amount

[364]

[383]

298,598

120,329

With regard to the distribution for the 12th fiscal
period, pursuant to the distribution policy stipulated
in its Articles of Incorporation, Samty Residential
decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of
distribution per investment unit of less than 1 yen, inapplication of the special provision on taxation of
investment corporations (Article 67-15 of the Act on
Special Measures Concerning Taxation). As a result,distribution per unit amounted to 2,371 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 12th fiscal period.
Based on this decision, Samty Residential determined to distribute 232,705,200 yen, which is theamount almost equivalent to 28.5/100 of 817 million
yen in depreciation for the fiscal period, as refund of
capital contribution to unitholders. As a result, distribution in excess of earnings per unit amounted to
364 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 74.9%.

With regard to the distribution for the 13th fiscal
period, pursuant to the distribution policy stipulated
in its Articles of Incorporation, Samty Residential
decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of
distribution per investment unit of less than 1 yen, inapplication of the special provision on taxation of
investment corporations (Article 67-15 of the Act on
Special Measures Concerning Taxation). As a result,distribution per unit amounted to 2,381 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 13th fiscal period.
Based on this decision, Samty Residential determined to distribute 294,766,758 yen, which is theamount almost equivalent to 30.7/100 of 960 million
yen in depreciation for the fiscal period, as refund of
capital contribution to unitholders. As a result, distribution in excess of earnings per unit amounted to
383 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 76.2%.

(Note) For the determination of making distribution in excess of earnings for the 13th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of Performanceand Distributions, (2) 13th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

43

II. Financial Section

SAMTY RESIDENTIAL

Note 13 – Schedule of Borrowings(Unit: thousands of yen)

Sumitomo Mitsui Banking Corporation

600,000——

The Bank of Fukuoka, Ltd.

350,000——

350,000

Aozora Bank, Ltd.

250,000——

250,000

Average
Balance at end ofinterest rate
period(Note 3)

Sumitomo Mitsui Banking Corporation

810,000—

810,000—

The Kagawa Bank, Ltd.

250,000——

250,000

The Bank of Fukuoka, Ltd.

540,000—

540,000—

Resona Bank, Ltd.

200,000——

200,000

1,000,000—

1,000,000—

Shinsei Bank, Ltd.

150,000——

150,000

The Juhachi-Shinwa Bank, Ltd.

660,000—

660,000—

The Chiba Bank, Ltd.

150,000——

150,000

Shinsei Bank, Ltd.

500,000—

500,000—

The Juhachi-Shinwa Bank, Ltd.

100,000——

100,000

The Hyakugo Bank, Ltd.

500,000—

500,000—

The Kumamoto Bank, Ltd.

50,000——50,000The Minato Bank, Ltd.

500,000—

500,000—

The Hiroshima Bank, Ltd.

150,000——

150,000

The Kumamoto Bank, Ltd.

440,000—

440,000—

The Shizuoka Bank, Ltd.

250,000——

250,000

The Bank of Fukuoka, Ltd.

500,000——

500,000

Aozora Bank, Ltd.

500,000——

500,000

Mizuho Bank, Ltd.

460,000——

460,000

Shinsei Bank, Ltd.

400,000——

400,000

Resona Bank, Ltd.

300,000——

300,000

Shinsei Bank, Ltd.

600,000——

600,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

Mizuho Bank, Ltd.

250,000——

250,000

Resona Bank, Ltd.

100,000——

100,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

Mizuho Bank, Ltd.

290,000——

290,000

Shinsei Bank, Ltd.

200,000——

200,000

Mizuho Bank, Ltd.

1,250,000——

1,250,000

Sumitomo Mitsui Banking Corporation

1,300,000——

1,300,000

The Bank of Fukuoka, Ltd.

1,300,000——

1,300,000

Aozora Bank, Ltd.

500,000——

500,000

The Kagawa Bank, Ltd.

500,000——

500,000

Resona Bank, Ltd.

400,000——

400,000

Shinsei Bank, Ltd.

400,000——

400,000

The Juhachi-Shinwa Bank, Ltd.

400,000——

400,000

The Kumamoto Bank, Ltd.

200,000——

200,000

The Bank of Saga Ltd.

500,000——

500,000

Resona Bank, Ltd.

400,000——

400,000

Aozora Bank, Ltd.

350,000——

350,000

Shinsei Bank, Ltd.

350,000——

350,000

The Bank of Fukuoka, Ltd.

300,000——

300,000

San ju San Bank, Ltd.

300,000——

300,000

Sumitomo Mitsui Banking Corporation

300,000——

300,000

The Kagawa Bank, Ltd.

250,000——

250,000

The Juhachi-Shinwa Bank, Ltd.

200,000——

200,000

The Oita Bank, Ltd.

100,000——

100,000

The Kumamoto Bank, Ltd.

100,000——

100,000

Sumitomo Mitsui Banking Corporation

600,000——

600,000

The Bank of Fukuoka, Ltd.

450,000——

450,000

Aozora Bank, Ltd.

400,000——

400,000

Shinsei Bank, Ltd.

300,000——

300,000

The Juhachi-Shinwa Bank, Ltd.

300,000——

300,000

The Kumamoto Bank, Ltd.

200,000——

200,000

Resona Bank, Ltd.

200,000——

200,000

The Bank of Fukuoka, Ltd.

835,000—

835,000—

The Higo Bank, Ltd.

700,000—

700,000—

Kansai Mirai Bank, Limited

700,000—

700,000—

Average
Balance at end ofinterest rate
period(Note 3)

The Tochigi Bank, Ltd.

300,000—

300,000—

San ju San Bank, Ltd.

100,000—

100,000—

Sumitomo Mitsui Banking Corporation

60,000——60,000

The Bank of Fukuoka, Ltd.

20,000——20,000Aozora Bank, Ltd.

1,000,000——

1,000,000

The Higo Bank, Ltd.

1,000,000——

1,000,000

Fukoku Mutual Life Insurance Company

800,000——

800,000

The Kagawa Bank, Ltd.

500,000——

500,000

Shinsei Bank, Ltd.

500,000——

500,000

The Dai-ichi Life Insurance Company,
Limited

500,000——

500,000

The Hyakugo Bank, Ltd.

500,000——

500,000

The Oita Bank, Ltd.

300,000——

300,000

The Kagoshima Bank, Ltd.

150,000——

150,000

The Kumamoto Bank, Ltd.

20,000——20,000Sumitomo Mitsui Banking Corporation—

600,000—

600,000

The Bank of Fukuoka, Ltd.

—

350,000—

350,000

Aozora Bank, Ltd.

—

250,000—

250,000

The Kagawa Bank, Ltd.

—

250,000—

250,000

The Shizuoka Bank, Ltd.

—

250,000—

250,000

Resona Bank, Ltd.

—

200,000—

200,000

Shinsei Bank, Ltd.

—

150,000—

150,000

The Chiba Bank, Ltd.

—

150,000—

150,000

The Juhachi-Shinwa Bank, Ltd.

—

100,000—

100,000

The Kumamoto Bank, Ltd.

—

50,000—50,000

The Hiroshima Bank, Ltd.

—

150,000—

150,000

The Bank of Fukuoka, Ltd.

—

835,000—

835,000

The Higo Bank, Ltd.

—

700,000—

700,000

Kansai Mirai Bank, Limited—

700,000—

700,000

Aozora Bank, Ltd.

—

300,000—

300,000

10,700,000

5,035,000

5,350,000

10,385,000

Subtotal of current portion of long-termborrowings

0.730%(Note 1)0.995%(Note 2)0.880%(Note 1)

1.099%(Note 2)0.572%(Note 2)

Repayment
date

Use offunds

January 31,
2022(Note 6)(Note 5)

July 31,2022(Note 6)(Note 4)January 31,
2023(Note 6)(Note 4)January 31,
2023(Note 6)(Note 4)January 31,
2023(Note 6)(Note 4)

Remarks

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed(Unit: thousands of yen)
Balance at
beginning of
periodIncrease during
the period

Sumitomo Mitsui Banking Corporation

600,000—

600,000—

The Bank of Fukuoka, Ltd.

350,000—

350,000—

Aozora Bank, Ltd.

250,000—

250,000—

The Kagawa Bank, Ltd.

250,000—

250,000—

The Shizuoka Bank, Ltd.

250,000—

250,000—

Resona Bank, Ltd.

200,000—

200,000—

Category

LenderDecrease during
the period

Average
Balance at end ofinterest rate
period(Note 3)

Shinsei Bank, Ltd.

150,000—

150,000—

The Chiba Bank, Ltd.

150,000—

150,000—

The Juhachi-Shinwa Bank, Ltd.

100,000—

100,000—

The Kumamoto Bank, Ltd.

50,000—50,000—

The Hiroshima Bank, Ltd.

150,000—

150,000—

Sumitomo Mitsui Banking Corporation

100,000——

100,000

The Bank of Fukuoka, Ltd.

100,000——

100,000

Aozora Bank, Ltd.

500,000——

500,000

The Higo Bank, Ltd.

500,000——

500,000

Fukoku Mutual Life Insurance Company

300,000——

300,000

0.880%(Note 1)

1.099%(Note 2)

1.476%(Note 2)

Repayment
date

January 31,
2023

Use offunds(Note 6)(Note 4)January 31,
2023(Note 6)(Note 4)January 31,
2025(Note 4)(Note 6)

Remarks

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
UnguaranteedAozora Bank, Ltd.

300,000—

300,000—

Shinsei Bank, Ltd.

1,400,000——

1,400,000

Resona Bank, Ltd.

400,000——

400,000

The Nishi-Nippon City Bank, Ltd.

2,500,000——

2,500,000

Mizuho Bank, Ltd.

2,500,000——

2,500,000

500,000——

500,000

The Nishi-Nippon City Bank, Ltd.

Repayment
date

Use offunds

Remarks

July 31,2023(Note 6)

Unsecured
Unguaranteed

July 31,2023(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

January 30,
2026(Note 6)

Unsecured
Unguaranteed

July 31,2024(Note 6)

Unsecured
Unguaranteed

July 31,2023(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

Unsecured
Unguaranteed

January 31,
2023(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

January 31,
2025(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

Unsecured
Unguaranteed

600,000

Decrease during
the period

Long-term borrowings

Current portion of long-term borrowings

Decrease during
the period

Increase during
the period

LenderResona Bank, Ltd.

Long-term borrowings

Increase during
the period

LenderBalance at
beginning of
periodCategory

44

Balance at
beginning of
periodCategory

0.780%(Note 1)

0.958%(Note 2)0.780%(Note 1)1.318%(Note 2)0.780%(Note 1)0.930%(Note 1)0.730%(Note 1)0.630%(Note 1)1.087%(Note 2)0.572%(Note 2)

0.673%(Note 2)

0.783%(Note 2)0.864%(Note 2)0.907%(Note 2)

(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)45

II. Financial Section

SAMTY RESIDENTIAL
Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

Resona Bank, Ltd.

900,000——

900,000

Shinsei Bank, Ltd.

725,000——

725,000

Sumitomo Mitsui Banking Corporation

500,000——

500,000

Category

LenderThe Bank of Fukuoka, Ltd.

375,000——

375,000

1,075,000——

1,075,000

Aozora Bank, Ltd.

900,000——

900,000

The Bank of Fukuoka, Ltd.

775,000——

775,000

Mizuho Bank, Ltd.

725,000——

725,000

The Kagawa Bank, Ltd.

625,000——

625,000

Sumitomo Mitsui Banking Corporation

Kansai Mirai Bank, Limited

1,000,000——

1,000,000

San ju San Bank, Ltd.

500,000——

500,000

The Bank of Saga Ltd.

500,000——

500,000

Shinsei Bank, Ltd.

1,000,000——

1,000,000

Aozora Bank, Ltd.

500,000——

500,000

Resona Bank, Ltd.

250,000——

250,000

The Nishi-Nippon City Bank, Ltd.

1,000,000

Mizuho Bank, Ltd.
Long-term borrowings

Average
Balance at end ofinterest rate
period(Note 3)

—

—

—

—

1,000,000

920,000——

920,000

The Bank of Fukuoka, Ltd.

1,550,000——

1,550,000

The Bank of Yokohama, Ltd.

1,250,000——

1,250,000

The Kagawa Bank, Ltd.

600,000——

600,000

Shinsei Bank, Ltd.

500,000——

500,000

The Juhachi-Shinwa Bank, Ltd.

240,000——

240,000

The Kumamoto Bank, Ltd.

140,000——

140,000

JAPAN POST BANK Co., Ltd.

—

1,000,000—

1,000,000

The Nishi-Nippon City Bank, Ltd.

—

1,000,000—

1,000,000

Kansai Mirai Bank, Limited—

500,000—

500,000

Sumitomo Mitsui Banking Corporation—

1,500,000—

1,500,000

Aozora Bank, Ltd.

—1,500,000—

1,500,000

Shinsei Bank, Ltd.

—

1,000,000—

1,000,000

The Nishi-Nippon City Bank, Ltd.

—

1,000,000—

1,000,000

Resona Bank, Ltd.

—

300,000—

300,000

Sumitomo Mitsui Banking Corporation—

1,700,000—

1,700,000

The Higo Bank, Ltd.

—1,500,000—

1,500,000

The Kagoshima Bank, Ltd.

—

500,000—

500,000

Mizuho Bank, Ltd.

—2,000,000—

2,000,000

Sumitomo Mitsui Banking Corporation—

810,000—

810,000

Resona Bank, Ltd.

—

900,000—

900,000

The Juhachi‐Shinwa Bank, Ltd.

—

660,000—

660,000

The Bank of Fukuoka, Ltd.

—

540,000—

540,000

Shinsei Bank, Ltd.

—

500,000—

500,000

The Kumamoto Bank, Ltd.

—

440,000—

440,000

Subtotal of long-term borrowings
Total(Note 2)0.863%(Note 2)0.530%(Note 1)0.530%(Note 1)

0.711%(Note 2)0.829%

1,000,000

1,000,000

Sumitomo Mitsui Banking Corporation

0.750%(Note 2)0.755%(Note 1)0.608%(Note 2)0.614%(Note 2)

Repayment
date

Use offunds

January 31,
2025(Note 6)(Note 4)January 30,
2026(Note 6)(Note 4)

Remarks

Unsecured
Unguaranteed(Note 6)

July 31,2024(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)(Note 4)(Note 4)(Note 4)

Unsecured
Unguaranteed(Note 6)

Unsecured
Unguaranteed

January 31,
2026(Note 6)

Unsecured
Unguaranteed(Note 4)

July 31,2026(Note 6)(Note 4)

Name

Issue date

Second Series Unsecured
Investment Corporation Bonds(offering limited to qualified institutional investors)

February 1,
2018

1,000,000—

1,000,000

1.05424%

January 31,
2023

Propertyacquisition

UnsecuredFirst Series Unsecured Investment
Corporation Bonds
December 16,(with pari passu conditions among
2020
specified investment corporation
bonds)

1,700,000—

1,700,000

0.58000%

December 16,
2025

Refinance ofexistingborrowings

Unsecured——1,500,000

0.85000%

December 8,
2031

Refinance ofexistingborrowings

Unsecured

2,700,000—

4,200,000

—

—

—

—

Second Series Unsecured
Investment Corporation Bonds(with pari passu conditions among
specified investment corporation
bonds)

Unsecured
Unguaranteed

December 8,
2021

Total

Decreaseduring theperiodBalance at
end of period

Coupon rate

Redemption
date

Use of funds

Security(Note) The total amount of redemption of investment corporation bonds for each year during the five years after the Balance Sheet date is as follows.
(Unit: thousands of yen)Unsecured
Unguaranteed

July 31,2026(Note 4)

(Unit: thousands of yen)
Balance at
beginning of
periodUnsecured
Unguaranteed

January 31,
2024(Note 4)Note 14 – Schedule of Investment Corporation Bonds

Due in 1 year or less
Investment corporation bonds

1,000,000

Due after 1 year
through 2 years

Due after 2 years
through 3 years—

Due after 3 years
through 4 years—

Due after 4 years
through 5 years

1,700,000—

Note 15 – Tax Effect Accounting
1.

Breakdown of Primary Components of Deferred Tax Assets and Deferred Tax Liabilities(Unit: thousands of yen)

0.580%(Note 1)0.720%(Note 2)0.726%(Note 2)0.780%(Note 1)

July 31,2025(Note 6)(Note 4)January 29,
2027(Note 6)(Note 4)

July 30,2027(Note 6)(Note 4)

July 30,2027(Note 6)(Note 4)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

Deferred tax assets
Accrued business taxes not deductible from taxable income

178

Total deferred tax assets

17

8

17

8

Deferred tax assets, net

2.	Breakdown of Main Items Resulting in Differences between the Statutory Tax Rate and the Effective Tax
Rate after Applying Tax Effect Accounting(Unit: %)Unsecured
Unguaranteed

12th fiscal period

13th fiscal period(as of July 31, 2021)(as of January 31, 2022)

Statutory tax rate

31.46

31.46

(31.44)(31.45)

0.04

0.03

0.06

0.04

(Adjustment)
0.910%(Note 2)January 31,
2028(Note 6)(Note 4)

Unsecured
Unguaranteed

Deductible distributions
Other
Effective tax rate after applying tax effect accounting

50,035,000

17,350,000

5,035,000

62,350,000

—

—

—

—

60,735,000

22,385,000

10,385,000

72,735,000

—

—

—

—

(Note 1) These loans are with floating interest rates.

Note16 – Per Unit Information(Note 2) These loans are with fixed interest rates.

(Unit: yen)

(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.
(Note 4) If the repayment date is not a business day, the immediately preceding business day shall be the repayment date.
(Note 5) If the repayment date is not a business day, the immediately following business day shall be the repayment date.
(Note 6) The funds are appropriated for part of acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses, and repaying
borrowings.
(Unit: thousands of yen)
Due after 1 year through2 years
Long-term borrowings

46

11,450,000

Due after 2 years
through 3 years
12,500,000

Due after 3 years
through 4 years
14,320,000

Due after 4 years
through 5 years
14,530,000

12th fiscal period

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021to January 31, 2022)

Net assets per unit

93,724

98,725

Net income per unit

2,371

2,383

(Note 1) Net income per unit is calculated by dividing net income by the daily weighted average number of investment units for the fiscal period.
The amount of diluted net income per unit is not presented as there are no dilutive investment units.

Due after 5 years
9,550,000

47

II. Financial Section

SAMTY RESIDENTIAL
13th fiscal period (From August 1, 2021 to January 31, 2022)(Note 2) Net income per unit was calculated based on the following data:
12th fiscal period

13th fiscal period(From February 1, 2021 to July 31, 2021)(From August 1, 2021 to January 31, 2022)

Net income (thousands of yen)

Average number of investment units during the period (units)

1,832,301——

1,515,947

1,832,301(2) Information by Region639,300

768,664i) Operating revenue
Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceeds 90% of
operating revenue recorded in the Statement of Income and Retained Earnings.

Note 17 – Revenue Recognition
1.

Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside
customers exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.

1,515,947

Amounts not attributable to ordinary unitholders(thousands of yen)
Net income attributable to ordinary investment units(thousands of yen)

(1) Information by Product and Serviceii) Property, plant and equipment
Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japanexceeds 90% of the amount of property, plant and equipment recorded on the Balance Sheet.

Breakdown Information on Revenue from Contracts with Customers
13th fiscal period (From August 1, 2021 to January 31, 2022)(Unit: thousands of yen)
Revenue from contracts with customers (Note)
Sale of real estate properties
Utilities income
Other
Total

Sales to external customers——

28,25728,257—

4,814,256

28,257

4,842,514(Note) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) is excluded from “Revenue from contracts with customers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts with customers mainly represents
proceeds from sale of real estate properties and utilities income.

(3) Information by Major Customer
Disclosure is omitted as Samty Residential’s operating revenue for a single outside customer is less than 10% of
operating revenue recorded in the Statement of Income and Retained Earnings.

Note 19 – Significant Subsequent Events
Not applicable

Note 18 – Segment Information
1.

Segment Information
Disclosure is omitted as Samty Residential has a single business segment of real estate leasing business.

2.

Related Information
12th fiscal period (From February 1, 2021 to July 31, 2021)(1) Information by Product and Service
Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
(2) Information by Regioni) Operating revenue
Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceeds 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
ii) Property, plant and equipment
Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japan exceeds 90% of theamount of property, plant and equipment recorded on the Balance Sheet.
(3) Information by Major Customer
Disclosure is omitted as Samty Residential’s operating revenue for a single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

48

49

II. Financial Section

SAMTY RESIDENTIAL

Independent Auditor's Report50

51

II. Financial Section

52