15th Fiscal Period

Semi-Annual Report

From August 1, 2022 to January 31, 2023

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 to the medical practitioners
and other related people who are endeavoring to address thenovel coronavirus (COVID-19) pandemic.
On behalf of Samty Residential Investment Corporation (Samty
Residential), let me express our sincere gratitude to our unitholders 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.
Although socioeconomic activities have been gradually resuming
due to political measures to significantly relax restrictions related
to COVID-19, there are concerns about the impact of soaring
general prices and material prices as well as rising interest rates
on corporate earnings and the living environment. At Samty
Residential, the occupancy of properties it owns was maintained
at a high level through marketing measures tailored to the characteristics of respective areas. Moreover, in the 15th fiscal period,
we acquired properties amounting to some 15 billion yen in total
by way of the large-scale capital increase conducted in August
2022, in an endeavor to reinforce our earnings power throughexternal growth. In addition, the disposition of a property we conducted in March 2023 should not only improve portfolio quality
but also presumably enhance the probability of delivering the
expected distributions despite ongoing increases in expenses.
Looking ahead, taking advantage of the sponsor support, we willcontinue working to expand the asset size and enhance portfolio
quality by conducting property 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.

1

SAMTY RESIDENTIAL

Sustainability Initiatives
Environment

GRESB Real Estate Assessment

Examples of Initiatives at Owned Properties

Samty Residential obtained “1 Star” in the 2022 GRESB (Global Real Estate Sustainability
Benchmark) Real Estate Assessment, which grants rating in five stages based on global
ranking of total scores.

● Reduction of CO2 emissions by utilizing renewable energy

Adoption of LEDs

Adoption of LEDs

S-FORT Funabashi Tsukada

S-RESIDENCE Aoi II● Reduction of environmental burdens by adopting LEDs forlighting in common areas● Waste management through sorting and implementation ofcountermeasures against garbage smells

Formulation of a Green Finance Framework
Samty Residential formulated a Green Finance Framework in order to contribute to the realization of a sustainable environment and society through fund procurement for investmentsthat help solve the environmental issues (green financing).

● Introduction of electronic breakers to reduce electricity
usage

Based on the Framework, Samty Residential issued its first green bonds in December 2022.

SocialIn a third-party assessment of the Framework, Samty Residential obtained a Green 1 (F)rating, the highest rating in the JCR Green Finance Framework Evaluation from Japan Credit
Rating Agency, Ltd. (JCR).

Initiatives for Residents, Regions/Society (Community)● Introduction of delivery drop-off services(Note) For more details about the Framework, please refer to the website of JCR (jcr.co.jp).

Vending machines fordisaster recovery support

Disaster prevention
cabinet

S-FORT Utsunomiya Minamiodori[Recipient of support]
The Japanese Red Cross Society

S-FORT Saikotori

Delivery box

New initiative● Installation of delivery boxes

Materiality● Installation of vending machines for social
contributions/disaster recovery support

ESG issues (materiality) that are of particular importance have been identified for the purpose of recognizing the importance of ESG awareness and promoting sustainability initiatives in a more specific manner. For more details, please refer to the website of Samty
Residential.

● Installation of AEDs

List of Properties Having Obtained Environmental Certifications from External Assessment
Organizations
No. of properties

17 properties

Total floor area

62,431.41 m2

Ratio of certified properties(ratio by total floor area)

14.6%● Disaster prevention initiatives(Adoption of disaster prevention facilities /
installation of disaster prevention cabinets)

S-FORT
Hakata-Higashi I and II

Aim to reduce environmental burdens throughour initiatives to promote acquisition ofenvironmental certifications

DBJ Green Building

BELS(16 properties in total)(1 property in total)

GovernanceSamty Co., Ltd., the main sponsor, has conducted same-boat investment in order to match the interests of unitholders
and sponsors. In the capital increase through third-party allotment conducted in August 2022, 9,341 units were allotted to Samty Co., Ltd., which held 113,383 units as of the end of January 2023 with a holding ratio of 13.5%.
Trends of Samty Residential’s Investment Units Held by Samty Co., Ltd.
(Unit)

Units held (left axis)

Holding ratio (right axis)

13.5

140,000★★★

★★

(12 properties)(4 properties)

13.5

13.5

13.5

120,000

9.9

9.9
86,337

10.0

86,337

8.0

6.1

6.1

60,000

4.4

4.4

5.3

5.0

5.0

24,27425,20525,205

4.4

58,38658,3866.0

40,000S-RESIDENCE
Maruyama
Omotesando

S-RESIDENCE
Soen

S-FORT
Yokohama
Aobadai

S-RESIDENCE
Kyoto Takeda
Dormitory

S-RESIDENCE
Senrioka

S-RESIDENCE
Sakaishi Ekimae

S-FORT
Ichinomiya
Honmachi0

14.0

104,042 104,042

80,00020,000(%)

113,383 12.0

100,000

Newly Certified Properties in the 15th Fiscal Period

13.5

4.0

10,00010,00012,374

12,374

12,374

Jan.
2016

Jul.
2016

Jan.
2017

Jul.
2017

Jan.
2018

2.0

Jul.
2018

Jan.
2019

Jul.
2019

Jan.
2020

Jul.
2020

Jan.
2021

Jul.
2021

Jan.
2022

Jul.
2022

Jan.
2023

0.0

(1st FP) (2nd FP) (3rd FP) (4th FP) (5th FP) (6th FP) (7th FP) (8th FP) (9th FP) (10th FP) (11th FP) (12th FP) (13th FP) (14th FP) (15th FP)

23

I. Asset Management Report

SAMTY RESIDENTIAL

1. Overview of Asset Management(2) 15th Fiscal Period Asset Management Review(1) Changes in Operating Results and Other Management Data
11th fiscal period

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

12th fiscal periodi) Brief History of Samty Residential
13th fiscal period

14th fiscal period

15th fiscal period(From August 1, 2020
(From February 1,(From August 1, 2021
(From February 1,(From August 1, 2022
to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023)(millions of yen)

4,357

4,176

4,842

5,408

5,460

(millions of yen)

4,003

4,067

4,842

5,031

5,460

(millions of yen)

2,186

2,317

2,533

2,859

2,922

(millions of yen)

1,661

1,777

1,950

2,183

2,230

(millions of yen)

2,171

1,859

2,309

2,549

2,537
2,030

Ordinary income(millions of yen)

2,008

1,516

1,833

2,136

Net income(millions of yen)

2,007

1,515

1,832

2,135

2,029

Total assets(millions of yen)

125,498

124,926

154,849

155,528

171,482

8.3

(0.5)

24.0

0.4

10.3

60,532

59,91875,98175,99084,141

9.1

(1.0)

26.8

0.0

10.7

(%)

[Period-on-period change]
Net assets(millions of yen)(%)

[Period-on-period change]
Interest-bearing debt

(millions of yen)

63,43563,43576,93577,43585,300Unitholders' capital, net (Note 3)(millions of yen)

58,52458,402

74,14973,854

82,111(units)639,300

639,300

769,626

769,626

838,726(yen)

94,686

93,724

98,72598,736

100,320(millions of yen)

2,130

1,748

2,127

2,325

2,309

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

(yen)

3,333

2,735

2,764

3,021

2,753

Of which, distribution of earnings per unit

(yen)

3,141

2,371

2,381

2,775

2,420

Of which, distribution in excess of earnings
per unit

(yen)

192

364

383

246

333

Ratio of ordinary income to total assets (Note 4)

(%)

1.7

1.2

1.3

1.4

1.2

(%)

3.3

2.4

2.6

2.8

2.5

(%)

3.5

2.5

2.7

2.8

2.5

(%)

6.9

5.1

5.3

5.7

5.0

(%)

48.2

48.0

49.1

48.9

49.1

0.3

(0.2)

1.1

(0.2)

0.2

(%)

100.0

100.0

100.0

100.0

100.0

Distribution per unit

(Annualized)
Ratio of net income to equity (Note 4)(Annualized)
Equity ratio at end of period (Note 4)[Period-on-period change]
Payout ratio (Note 4)[Other Reference Information](days)

184

181

184

181

184

(properties)

132

132

159

159

178
1,085

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

819

817

960

985

Capital expenditures(millions of yen)

209

206

222

300

373

NOI (Net Operating Income) from leasing (Note 4) (millions of yen)

3,161

3,107

3,852

3,832

4,315

(millions of yen)

2,473

2,224

2,792

2,744

3,115

FFO per unit (Note 4)

(yen)

3,869

3,479

3,628

3,565

3,714

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

(%)

50.5

50.8

49.7

49.8

49.7

FFO (Funds from Operation) (Note 4)(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) 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 3) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders' capital.
(Note 4) 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 2023 (hereinafter, the “end of the 15th fiscal period”), Samty Residential owned
real estate, etc. consisting of 178 properties in total (total acquisition price: 162,672 million yen), with the total number of investment
units issued and outstanding at 838,726 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 2023 (hereinafter, the “15th fiscal period”), the Japanese economy recorded a real GDP growthrate (first preliminary estimate) for the October - December 2022 period of 0.2% (seasonally adjusted, period-on-period comparison),or 0.6% when annualized, achieving positive growth for the first time in two quarters, and a private final consumption expenditure
growth rate of 0.5% in real terms (seasonally adjusted, period-on-period comparison). As for the employment situation, the job opening-to-application ratio in 2022 was 1.28 times on average, surpassing the previous year’s results for the first time in four years.
Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of December 2022 stoodat 95.6 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, market participants show a considerable willingness to invest, although they are starting toclosely monitor the trends in the financial market, and transaction prices remain 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 remained on an upward trend.
During the 15th fiscal period, Samty Residential conducted a capital increase through public offering and third-party allotment on
August 1, 2022, and newly borrowed funds on August 2, 2022. Using the funds from these arrangements, Samty Residential additionally acquired 19 properties of real estate, etc. (total acquisition price: 15,067 million yen). Consequently, the assets owned by Samty
Residential as of the end of the 15th fiscal period totaled 178 properties with a total acquisition price of 162,672 million yen. The
investment ratio by geographical area was 75.6% for regional cities (48.0% for major regional cities and 27.5% for other regional
cities) and 24.4% 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, as Samty Residential has cooperated with property managementcompanies and worked on setting rents and receiving key money by taking into account the characteristics and demand of respective
regions. The occupancy of the entire portfolio was kept stable during the 15th fiscal period, with the period-average occupancy rate
standing at 96.4%. At the end of the 15th fiscal period, the total rentable area was 368,697.55 m2 and the occupancy rate stood at
96.5%.
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, Samty Residential obtained “1 Star” in the 2022 GRESB (Global Real Estate Sustainability Benchmark) Real Estate
Assessment, which grants rating in five stages based on global ranking of total scores.
(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.
Furthermore, the main sponsor concluded a sponsor support agreement with Samty Residential and the Asset Management Company as of March 27,
2015 (hereinafter, the “sponsor support agreement”).
(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 area

45

I. Asset Management Report

SAMTY RESIDENTIAL

iii) Overview of Fund Procurement(A) Issuance of New Investment Units
In the 15th fiscal period, Samty Residential issued additional investment units (67,577 units) through public offering and third-party
allotment (total amount raised: 8,263 million yen) on August 1, 2022, in order to fund the acquisition of 19 newly acquired properties,
etc. It also issued additional investment units (1,523 units) through third-party allotment (total amount raised: 182 million yen) on
August 30, 2022. As a result, the total number of investment units issued and outstanding at the end of the 15th fiscal stood at
838,726 units.

(B) Borrowings and Investment Corporation Bonds
In the 15th fiscal period, Samty Residential took out long-term borrowings (Term Loans 21-A, 21-B, 21-C, 21-D, 21-E and 21-F) totaling 8,000 million yen from Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Shinsei Bank, Ltd. (currently SBI Shinsei Bank,
Limited), Aozora Bank, Ltd., The Hiroshima Bank, Ltd., The Yamaguchi Bank, Ltd. and Resona Bank, Limited on August 2, 2022, inorder to fund the acquisition of the 19 newly acquired properties, etc. Moreover, it took out long-term loans (Term Loan 22) of 4,500
million yen from Sumitomo Mitsui Banking Corporation, The Bank of Fukuoka, Ltd., Kansai Mirai Bank, Limited, The Higo Bank, Ltd.,
Aozora Bank, Ltd., THE KAGAWA BANK, Ltd., THE SHIZUOKA BANK, LTD., Resona Bank, Limited, SBI Shinsei Bank, Limited and
The Chiba Bank, Ltd. on January 31, 2023, in order to partly fund the repayment of existing borrowings (Term Loans 6-A, 6-B and
13-A) amounting to 5,035 million yen in total.

(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
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 15th fiscal period,
the total amount of the continuous appraisal value was 182,442,000,000 yen, while the total amount of the book value after adjustment was
156,330,841,470 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation
period was 493,070,300 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 15th fiscal period (182,442,000,000 yen)exceeds the total amount of the book value after adjustment (156,330,841,470 yen) and the total reserve for the planned construction cost of repairs andreplacements to be conducted in the 16th fiscal period (493,070,300 yen) combined.
(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 177 properties owned by Samty Residential as of the date of this document is 211 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).

(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.

In addition, Samty Residential formulated a Green Finance Framework in order to further promote sustainability initiatives andcontribute to the realization of a sustainable environment and society, as well as to strengthen its foundation of fund procurement by
expanding the base of investors who are interested in ESG investment, and issued the Third Series Unsecured Investment
Corporation Bonds (Green Bonds) as follows.
Name:	Third Series Unsecured Investment Corporation Bonds of Samty Residential Investment Corporation(with pari passu conditions among specified investment corporation bonds)(Green Bonds)
Total amount:
1,400 million yen
Interest rate:
0.850% per annum
Issue date:
December 15, 2022
Redemption date:
December 15, 2027
Security and guarantee: Unsecured and unguaranteed
As a result, the balance of interest-bearing debt totaled 85,300 million yen as of the end of the 15th 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.

Event

February 1, 2018

Capital increase through third-party allotment

April 23, 2018

Unitholders' capital, net (Note 1)(millions of yen)

Increase(decrease)

Increase(decrease)

Balance

Remarks

Balance

173,600

456,600

15,10340,610(Note 2)

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

456,600(136)

40,473(Note 3)

August 27, 2018

Capital increase through public offering

47,500504,100

4,116

44,589(Note 4)

October 22, 2018

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

504,100(213)

44,376(Note 5)

April 22, 2019

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

504,100(229)

44,146(Note 6)

August 26, 2019

Capital increase through third-party allotment

88,500592,600

10,33654,483(Note 7)

October 21, 2019

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

592,600(232)

54,250(Note 8)

April 22, 2020

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

592,600(205)

54,044(Note 9)46,700639,300

4,712

58,756(Note 10)Credit rating agency

Credit rating

August 3, 2020

Capital increase through third-party allotment

Japan Credit Rating Agency, Ltd.
(JCR)

Long-term issuer ratingA (Stable)

October 19, 2020

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

639,300(231)

58,524(Note 11)

April 21, 2021

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

639,300(122)

58,402(Note 12)

August 2, 2021

Capital increase through public offering andthird-party allotment

128,207

767,507

15,725

74,127(Note 13)

August 24, 2021

Capital increase through third-party allotment

2,119

769,626

254

74,381(Note 14)

With regard to the distribution for the 15th 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 2,420 yen.

October 18, 2021

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

769,626(232)

74,149(Note 15)

April 22, 2022

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

769,626(294)

73,854(Note 16)

August 1, 2022

Capital increase through public offering andthird-party allotment

67,577

837,203

8,263

82,117(Note 17)

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 15th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 279,295,758 yen, which is the amount almost equivalent to 25.7/100 of 1,085 million
yen in depreciation for the 15th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 333 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net
income and depreciation combined) stood at 74.1%.

August 30, 2022

Capital increase through third-party allotment

1,523

838,726

182

82,300(Note 18)

October 18, 2022

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

838,726(189)

82,111(Note 19)iv) Overview of Performance and Distributions
As a result of the above, Samty Residential posted operating revenue of 5,460 million yen, operating income of 2,537 million yen,ordinary income of 2,030 million yen and net income of 2,029 million yen for the 15th fiscal period.

6

Date

Total number of investment units
issued and outstanding(units)(Note 1)

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

(Note 2)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 3)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 4)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 5)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.

7

I. Asset Management Report(Note 6)(Note 7)SAMTY RESIDENTIAL

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.

11th fiscal period

Fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period(From August 1, 2020
(From February 1,(From August 1, 2021
(From February 1,(From August 1, 2022
to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023)

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.

Total unappropriated retained earnings(thousands of yen)

2,008,173

1,516,078

1,832,599

2,136,006(Note 8)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.

Retained earnings(thousands of yen)

131

298

120

293

523

Total cash distribution(thousands of yen)

2,130,786

1,748,485

2,127,246

2,325,040

2,309,012(Note 9)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 10) 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 11) 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 12) 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 13) 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 14) 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 15) 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.
(Note 16) Samty Residential resolved at its Board of Directors’ meeting held on March 17, 2022, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 383 yen per unit as cash distribution for the 13th fiscal period(ended January 2022). Payment of distribution commenced on April 22, 2022.
(Note 17) Samty Residential issued additional investment units through public offering and third-party allotment at an issue price of 124,293 yen (purchase priceof 119,831 yen) per unit to fund the acquisition of new properties, etc.
(Note 18) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 119,831 yen per unit to fund the acquisitionof new properties, etc.
(Note 19) Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2022, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 246 yen per unit as cash distribution for the 14th fiscal
period (ended July 2022). Payment of distribution commenced on October 18, 2022.

[Changes in Market Price of Investment Certificates]
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.
11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period(From August 1, 2020 toJanuary 31, 2021)(From February 1, 2021 toJuly 31, 2021)(From August 1, 2021 toJanuary 31, 2022)(From February 1, 2022 toJuly 31, 2022)(From August 1, 2022 toJanuary 31, 2023)

Highest111,500 yen

133,500 yen

128,800 yen

141,500 yen

128,000 yen

Lowest92,200 yen

107,300 yen

114,800 yen

113,600 yen

108,600 yen

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

(4) Performance of Distributions, Etc.
With regard to the distribution for the 15th 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 2,420 yen. In addition, as part of its cash
management, Samty Residential also decided to make a distribution in excess of earnings for the 15th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 279,295,758 yen, which is the amountalmost equivalent to 25.7/100 of 1,085 million yen in depreciation for the 15th fiscal period, as refund of capital contribution tounitholders. As a result, distribution in excess of earnings per unit came to 333 yen.

[Distribution per unit]

(yen)

3,333

2,735

2,764

3,021

2,753

2,008,041

1,515,780

1,832,479

2,135,712

2,029,716

(yen)

3,141

2,371

2,381

2,775

2,420

(thousands of yen)

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

2,030,240

122,745

232,705

294,766

189,327

279,295[Refund of capital contribution per unit]

(yen)

192

364

383

246

333

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

—

—

—

—

—

(yen)

—

—

—

—

—

122,745

232,705

294,766

189,327

279,295

192

364

383

246

333

[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)(Note) For the determination of making distribution in excess of earnings for the 15th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of
Performance and Distributions, (2) 15th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

(5) Future Asset Management Policy and Issues to Be Addressed
Outlook of Overall Asset Management
According to the Monthly Economic Report (February 2023) announced by the Cabinet Office on February 21, 2023, the Japanese
economy is picking up moderately, although some weaknesses are observed recently. As for the outlook, the report continues, theeconomy is expected to be picking up, supported by the effects of various policies while co-existence with COVID-19 is underway.
However, amid ongoing global monetary tightening and other factors, a downward swing of overseas economies may pose a downside risk to the Japanese economy, it says. Moreover, as the report warns, full attention should be given to price hikes, supply-side
constraints and the impact of fluctuations in the financial and capital markets as well as the impact of the spread of COVID-19 infections in China.
In the real estate transaction market, it is anticipated that transaction prices will remain in the high price zone, although the trends
in the financial market must be closely monitored. In the rental housing market, while supply of rental housing has been at low levels,
demand is anticipated to remain solid, led by an increase in the number of households. At the same time, close attention should be
paid continuously to the impact on these markets of the fluctuations in the financial and capital markets associated with the risinginterest rates both in and outside Japan.
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.
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.

(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 and some properties it owns, based on the sponsor support agreement with themain sponsor. In addition, Samty Residential will work to flexibly acquire properties by taking advantage of the warehousing functionof the main sponsor and the proprietary networks of the Asset Management Company, in pursuit of expanding the asset size.

(B) Internal Growth Strategy
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.

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Going forward, as it did in the 15th 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.

2. Overview of Samty Residential(1) Status of Unitholders’ Capital
11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period(as of January 31, 2021)(as of July 31, 2021)(as of January 31, 2022)(as of July 31, 2022)(as of January 31, 2023)(units)2,000,000

2,000,000

2,000,000

2,000,000

2,000,000
838,726

Fiscal period
Total number of investment units authorized
Total number of investment units issued andoutstanding
Unitholders' capital, net (Note)(units)639,300

639,300

769,626

769,626(millions of yen)

58,52458,402

74,14973,854

82,111(persons)

14,883

14,053

15,467

14,644

15,506(C) Financial Strategy

Number of unitholders

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.

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

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(Reference Information)i) Disposition of Asset
Samty Residential disposed the real estate (actual real estate) described below on March 31, 2023.
Property
number
A-20

Property name
S-FORT Kurumamichi
Total

Location
Higashi-ku, Nagoya-shi

Buyer
Not disclosed (Note 2)—

Disposition date

Disposition price(millions of yen) (Note 1)

March 31, 2023

530

—

530

—

(Note 1) Disposition price indicates the amount (transaction price of real estate property stated in the sales agreement, etc.) 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.
(Note 2) Not disclosed as no consent for disclosure has been obtained from the buyer.

A-98

S-RESIDENCE Minamimaruyama
Total

Location
Chuo-ku, Sapporo-shi—

Name

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

326,210

38.89

Samty Co., Ltd.

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

113,383

13.51

Custody Bank of Japan, Ltd. (Trust
Account)

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

54,064

6.44

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

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

43,283

5.16

Kinki Sangyo Credit Union

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

18,4002.19

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

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

16,721

1.99

Daiwa PI Partners Co. Ltd.

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

10,8581.29

JP MORGAN CHASE BANK 385771

25 Bank Street, Canary Wharf, London E14 5JP, United
Kingdom

9,506

1.13

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

6,591

0.78

Daido Shinyoukumiai

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

6,044

0.72

605,060

72.14

Total

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

i) The Executive Director, Supervisory Directors and Independent Auditor during the 15th fiscal period are as follows.

Samty Residential acquired the real estate (actual real estate) described below on May 8, 2023.
Property name

Major unitholders as of January 31, 2023 are as follows.

(3) Matters Related to Directorsii) Acquisition of Asset
Property
number(2) Matters Concerning Investment Units

SellerSamty Co., Ltd.
—

Acquisition date

Acquisition price(millions of yen) (Note)

May 8, 2023

410

—

410

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

Position
Executive Director
Supervisory Directors (Note 1)
Independent 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 15th fiscal period(thousands of yen) (Note 2)— (Note 3)
1,530
1,530
21,700 (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 any ofsuch positions.
(Note 2) Remuneration for the Supervisory Directors is the amounts paid to them in the 15th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 15th 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 new investment units and investment corporation bonds.

ii) 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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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 Officers of
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, 2023, is as follows.

Type of asset

Real estate(5) Asset Management Company, Asset Custodian and General Administrative AgentsThe asset management company, asset custodian and general administrative agents as of January 31, 2023, are as follows.
Entrustment category

Name

Asset management company

Samty Asset Management Co., Ltd.

Asset custodian

Mizuho Trust & Banking Co., Ltd.

Transfer agent

Mitsubishi UFJ Trust and Banking Corporation

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.

General administrative agent for part of tax operations

Reiwakaikeisha Tax Corporation

General administrative agent for investment corporation bonds

Mizuho Bank, Ltd.

Area

14th fiscal period
as of July 31, 2022
Total value of owned
assets(millions of yen) (Note 2)

15th fiscal period
as of January 31, 2023

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

14,266

9.2

16,797

9.8

Other regional cities

5,199

3.3

5,684

3.3

Greater Tokyo area

2,389

1.5

2,930

1.7

21,855

14.1

25,413

14.8

Real estate: total
Major regional cities

55,47435.7

62,103

36.2

Other regional cities

34,87522.4

40,218

23.5

Greater Tokyo area

37,32024.0

37,224

21.7

Real estate in trust: total

127,670

82.1

139,546

81.4

Deposits and other assets

6,002

3.9

6,522

3.8

Total amount of assets

155,528100.0

171,482

100.0

Real estate in trust (Note 1)(Note 1) All properties of the “real estate in trust” above are owned in the form of trust beneficiary interest in real estate.
(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).
(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, 2023.
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

5,450

9,274.43

9,067.59

97.8

2.8

Apartment

S-FORT Kego Tower

4,429

7,415.36

7,370.32

99.4

2.3

Apartment

S-FORT Nakaitabashi

3,448

3,946.25

3,700.03

93.8

1.5

Apartment

S-RESIDENCE Shin Osaka Ekimae

2,380

4,534.98

4,362.65

96.2

1.6

Apartment

S-RESIDENCE Kyoto Takeda
Dormitory

2,376

3,233.80

3,233.80

100.0

1.1

Schooldormitory

S-RESIDENCE Kobe Isogamidori

2,350

4,372.45

4,256.78

97.4

1.6

Apartment

S-RESIDENCE Esaka

2,245

3,739.30

3,457.09

92.5

1.3

Apartment

S-RESIDENCE Namba Briller

1,930

3,631.60

3,441.27

94.8

1.2

Apartment

S-RESIDENCE Aoi II

1,906

3,215.72

3,113.64

96.8

1.1

Apartment

S-FORT Funabashi Tsukada

1,899

5,640.60

5,640.60

100.0

1.0

Apartment

28,41849,004.49

47,643.77

97.2

15.5

—

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.

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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, 2023 is as follows.
Property
numberType of ownership

S-FORT Shin Osaka ravir

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

Trust beneficiaryinterest

1,290.84

645

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

Trust beneficiaryinterest

3,706.56

1,120

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

Trust beneficiaryinterest

2,566.72

939

S-FORT Takamiya

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

Trust beneficiaryinterest

2,105.13

S-FORT Tsutsujigaoka Koen

1-3-66 Haranomachi, Miyagino-ku, Sendai-shi,
MiyagiTrust beneficiaryinterest

S-RESIDENCE Namba Briller

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

Trust beneficiaryinterest

Type of ownership

A-43

S-RESIDENCE Shin Osaka
Ridente

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

Trust beneficiaryinterest

2,083.41

1,327

1,590

A-44

S-FORT Fukushima La Luna

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

Trust beneficiaryinterest

1,473.04

889

1,060

900.72

540

643(Note 1)

A-45

S-FORT Fukushima Libre

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

Real estate(actual real estate)

726

A-46

S-FORT Kamiyashiro

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

Real estate(actual real estate)

1,029.42

432

452

1,420

A-47

S-RESIDENCE Miyanomori

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

Trust beneficiaryinterest

1,954.81

658

722

1,190

A-48

S-FORT Higashi-Sapporo
Nordo

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

Real estate(actual real estate)

1,204.96

306

334

714

962

A-49

S-RESIDENCE Aoi

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

Trust beneficiaryinterest

2,393.73

1,470

1,760

3,609.49

1,281

1,600

A-50

S-RESIDENCE Shiga Hondori

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

Trust beneficiaryinterest

2,217.60

1,139

1,290

3,631.60

1,930

2,620

A-51

S-FORT Kobe Ogawadori

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

1,322.64

610

627

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

Trust beneficiaryinterest

Real estate(actual real estate)

2,772.00

975

1,540

A-52

S-FORT Sakuragawa Minami

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

2,458.43

1,083

1,190

S-FORT Rokuban-cho

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

Trust beneficiaryinterest

Trust beneficiaryinterest

1,833.29

669

859

A-53

S-FORT Fukushima EBIE

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

1,044.72

549

604

Trust beneficiaryinterest

Real estate(actual real estate)

S-FORT Nakajima Koen

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

5,292.65

1,558

1,780

A-54

S-FORT Miyakojima Uchindai

465

481

A-12

S-FORT Hokudai Mae

Trust beneficiaryinterest

Real estate(actual real estate)789.745-2-38 Kita Juhachijo Nishi, Kita-ku, Sapporoshi, Hokkaido

1-11-7 Uchindaicho, Miyakojima-ku, Osaka-shi,
Osaka2,287.22

667

872

A-55

S-FORT Miyakojima KERS

351

370

A-13

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

Trust beneficiaryinterest

Real estate(actual real estate)

720.69S-RESIDENCE Kobe
Isogamidori

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

4,372.45

2,350

3,160

A-56

S-FORT Oimazato-Nishi

339

351

Trust beneficiaryinterest

Real estate(actual real estate)643.77

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

1-24-18 Oimazatonishi, Higashinari-ku, Osakashi, Osaka

A-17

S-RESIDENCE Shin Osaka
Ekimae4,534.98

2,380

3,120

A-57

S-RESIDENCE Chikusa

Real estate(actual real estate)

1,003.97562

643

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

Real estate(actual real estate)

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

1,842.68

886

1,080

A-58

S-FORT Sakurayama

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

1,794.42780

754

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

Real estate(actual real estate)

Trust beneficiaryinterest

1,214.20

403

490

A-59

S-FORT Sapporo N15

Real estate(actual real estate)

2,229.91

558

562

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

Real estate(actual real estate)

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

1,988.56

690

899

A-60

S-FORT Nangodori

Real estate(actual real estate)

1,191.66

306

322

S-FORT Tsurumai cube

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

Trust beneficiaryinterest

Minami 2-41, Nangodori 20-chome, Shiroishi-ku,
Sapporo-shi, Hokkaido

1,460.64

553

723

A-61

S-FORT Meinohama

490

533

A-24

S-FORT Fukuoka Higashi

Trust beneficiaryinterest

Real estate(actual real estate)

1,364.28

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

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

5,584.41

1,885

2,180

A-62

S-FORT Osaka Doshin

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

2,597.52

1,798

1,910

A-25

S-RESIDENCE Kobe
Motomachi

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

Trust beneficiaryinterest

Trust beneficiaryinterest

2,169.67

1,143

1,470

A-63

S-FORT Higashi Betsuin

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

1,684.48734

730

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

Trust beneficiaryinterest

Trust beneficiaryinterest

4,900.32

1,804

2,410

A-64

S-FORT Moriyama24-4 Nijikkenya, Moriyama-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

1,590.84

478

492

S-FORT Nijo-jo mae

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

Trust beneficiaryinterest

1,735.95

786

954

A-65

S-FORT Jingu Minami

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

1,003.64

395

456

A-28

S-FORT Chion-in mae

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

Trust beneficiaryinterest

Real estate(actual real estate)

1,049.01

489

565

A-66

S-FORT Atsuta Rokuban

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

1,637.41

769

788

A-30

S-RESIDENCE Midoribashi
Ekimae2-13-3 Nakamoto, Higashinari-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

Trust beneficiaryinterest

3,691.67

1,821

2,270

A-67

S-FORT Kitachikusa

1-1-11 Kitachikusa, Chikusa-ku, Nagoya-shi,
Aichi

Trust beneficiaryinterest

1,600.00

695

729

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

Trust beneficiaryinterest

3,597.72

1,550

2,000

A-68

S-FORT Saikotori

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

1,463.48

412

400

S-FORT Osu Kannon

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

Trust beneficiaryinterest

Real estate(actual real estate)

2,514.12

1,158

1,440

A-69

S-FORT Fukuzumi

326

316

S-FORT Kita-Sanno

Trust beneficiaryinterest

Real estate(actual real estate)

1,151.44

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

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

1,757.61

833

896

A-70

S-FORT Muromi

683

723

S-FORT Aratamabashi

Real estate(actual real estate)

Trust beneficiaryinterest

1,848.00

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

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

1,699.11

457

475

A-71

S-FORT Atsuta Hanacho

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

1,510.56

871

904

S-FORT Toyohira Sanjyo

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

Trust beneficiaryinterest

Trust beneficiaryinterest

2,868.75

776

868

A-72

S-FORT Horitatori

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

1,030.40

520

531

S-FORT Kitamaruyama

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

Real estate(actual real estate)

Real estate(actual real estate)

1,613.38

431

477

A-73

S-FORT Kego Tower

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

7,415.36

4,429

4,570

S-FORT Hakata-Higashi I

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

Real estate(actual real estate)

Trust beneficiaryinterest

1,034.20

428

428

A-74

S-RESIDENCE Aoi II

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

3,215.72

1,906

2,030

S-FORT Hakata-Higashi II

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

Real estate(actual real estate)

Trust beneficiaryinterest

1,034.20

419

428

A-75

S-FORT Meiekiminami
5-Chome5-6-20 Meiekiminami, Nakamura-ku, Nagoyashi, Aichi

Trust beneficiaryinterest

1,450.31

713

728

884.88

530

553

A-76

S-FORT Hakozaki Higashi

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

Trust beneficiaryinterest

2,360.60

710

718

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

A-19
A-20
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 Tsurumai marks

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

S-FORT Kobe Kaguracho

S-FORT Tsurumai reale(Note 1)

A-39

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

Real estate(actual real estate)

A-40

S-FORT Nakahirodori

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

Trust beneficiaryinterest

2,127.92

879

919

A-77

S-RESIDENCE Meiekiminami

691

700

S-FORT Tsurumicho

Trust beneficiaryinterest

Trust beneficiaryinterest

1,072.06

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

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

2,006.49

815

837

A-78

S-FORT Kanayama

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

Trust beneficiaryinterest

1,380.28

638

623

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

Trust beneficiaryinterest

2,072.84

952

1,080

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

Trust beneficiaryinterest

2,159.25

569

577

A-41
A-42

14

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Location(residential address)

Property name

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Location(residential address)

Property name

S-FORT Aoba Kamisugi

A-79

15

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(actual real estate)

1,500.45

514

519

B-22

1,023.54466

456

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(actual real estate)

A-82

S-FORT Sapporo Kita 5-Jo

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

Real estate(actual real estate)

1,643.20

438

418

B-24

S-FORT Kumamoto
Gofukumachi

A-83

S-FORT Sapporo Motomachi

17-3-11 Kita 23-jo Higashi, Higashi-ku, Sapporoshi, Hokkaido

Real estate(actual real estate)

1,363.97

418

432

B-25

S-FORT Esaka Salita

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

Real estate(actual real estate)755.40

426

438

A-84

S-RESIDENCE Joshin II

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

Trust beneficiaryinterest

1,486.62

824

899

B-26

S-FORT Esaka LIBERTS

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

Real estate(actual real estate)

S-FORT Niigata Honcho

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

Trust beneficiaryinterest

2,604.25

976

1,040

B-23

S-FORT Motohama

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

Real estate(actual real estate)

1,010.60

247

259

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

Real estate(actual real estate)

2,290.68

611

602

613.08354

355

843.75

474

512

B-27

S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

3,250.36

669

686

A-85

S-RESIDENCE Sengencho

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

Real estate(actual real estate)

A-86

S-FORT Taisho riviere

3-1-5 Sangenyanishi, Taisho-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

1,524.60

1,053

1,020

B-28

S-FORT Saga Tenjin

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

Trust beneficiaryinterest

2,895.36

768

771

A-87

S-RESIDENCE Kyoto Takeda
Dormitory

15-12 Takeda Nanasegawacho, Fushimi-ku,
Kyoto-shi, Kyoto

Trust beneficiaryinterest

3,233.80

2,376

2,290

B-29

S-FORT Nagasaki Daigaku
Byoin-mae

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

Trust beneficiaryinterest

3,721.97

1,338

1,430

A-88

S-RESIDENCE Maruyama
Omotesando

21-2-15 Kita 1-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Trust beneficiaryinterest

3,344.79

1,495

1,400

B-30

S-FORT Kumamoto Keitoku

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

Real estate(actual real estate)

1,582.77

464

451

A-89

S-RESIDENCE Soen

19-35-10 Kita 8-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Trust beneficiaryinterest

3,007.01

1,152

1,070

B-31

S-FORT Shizuoka Tennocho

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

2,649.60

1,030

1,060

A-90

S-FORT Sakuragawa

3-2-10 Saiwaicho, Naniwa-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

1,300.10

767

749

B-32

S-FORT Konan Umekage I (Note 2)

4-1 Umekagecho, Konan-shi, Shiga

1,231.50

634

610

B-33

S-FORT Esaka Koen

1,531.93

635

582

B-34

A-91

S-FORT Bentencho

2-6-2 Ichioka, Minato-ku, Osaka-shi, Osaka

Trust beneficiaryinterest

A-92

S-RESIDENCE
Kindaibijutsukan-mae

18-1-10 Odorinishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(actual real estate)

Trust beneficiaryinterest
Trust beneficiaryinterest

5,813.49

1,493

1,590

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

Trust beneficiaryinterest

1,869.20

1,287

1,320

S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

3,067.08

747

770

Trust beneficiaryinterest

3,040.33

608

597

A-93

S-RESIDENCE Meieki

2-22-19 Nagono, Nishi-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

788.00

549

528

B-35

S-FORT Hotakubo

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

A-94

S-FORT Joshin

2-2-3 Kaminagoya, Nishi-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

1,104.80

544

526

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

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

Real estate(actual real estate)

1,495.20

485

423

A-95

S-FORT Sakuranomiya

3-11-14 Nakanocho, Miyakojima-ku, Osaka-shi,
Osaka

Real estate(actual real estate)795.64

540

547

B-37

S-FORT Kasugai

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

Real estate(actual real estate)

2,398.34

486

507

A-96

S-RESIDENCE Horita

28-19 Naeshirocho, Mizuho-ku, Nagoya-shi,
Aichi

Real estate(actual real estate)885.96

509

465

B-38

S-FORT Kokura

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

Trust beneficiaryinterest

5,006.68

1,446

1,450

A-97

S-FORT Tsukisamu

5-1-1 Tsukisamuchuodori Toyohira-ku, Sapporoshi, Hokkaido

Real estate(actual real estate)

1,135.05

357

344

B-39

S-FORT Niigata Ekimae

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

Trust beneficiaryinterest

3,303.57

1,472

1,460

B-03

S-FORT Yokkaichi Motomachi

1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,691.28

451

638

B-40

S-FORT Takasaki

5-3 Torimachi, Takasaki-shi, Gunma

Trust beneficiaryinterest

3,775.68

1,154

1,120

2,286.69

537

698

B-41

S-FORT Yokkaichi arcam

2-4 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

2,604.42

877

846

B-04

S-FORT Suzuka

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

Trust beneficiaryinterest

B-05

S-RESIDENCE Esaka

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

Trust beneficiaryinterest

3,739.30

2,245

2,820

B-42

S-FORT Kagoshima Chuo

10-3 Nishisengokucho, Kagoshima-shi,
Kagoshima

Trust beneficiaryinterest

2,260.21

825

796

B-06

S-FORT Utsunomiya

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

Trust beneficiaryinterest

2,330.64

596

768

B-43

S-FORT Heisei Keyakidori

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

Trust beneficiaryinterest

3,699.42

800

774

B-07

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

Real estate(actual real estate)

2,192.48

625

793

B-44

S-FORT Yokkaichi zeal

2-13 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,876.98

652

627

B-08

S-FORT Saga Honjo

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

Trust beneficiaryinterest

4,972.84

1,006

1,180

B-45

S-FORT Utsunomiya
Minamiodori

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

Trust beneficiaryinterest

3,258.30

1,386

1,360

1,224.96

590

596

B-09

S-FORT Saga Idaimae

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

Trust beneficiaryinterest

1,507.35

392

450

B-46

S-FORT Ichinomiya Honmachi

4-4-14 Honmachi, Ichinomiya-shi, Aichi

Real estate(actual real estate)

B-10

S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

2,887.26

1,414

1,660

B-47

S-RESIDENCE Senrioka

1-14-20 Senrioka, Settsu-shi, Osaka

Trust beneficiaryinterest

1,898.25

1,078

1,120

B-11

S-FORT Nishinomiya
Uegahara

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

Trust beneficiaryinterest

1,546.28

782

914

B-48

S-RESIDENCE Takaida
Central2-3-13 Nishizutsumi, Higashiosaka-shi, Osaka

Trust beneficiaryinterest

3,220.54

1,489

1,430

6,503.80

1,869

2,340

B-49

S-RESIDENCE Sakaishi
Ekimae1-4-32 Shinonome Higashi Machi, Kita-ku,
Sakai-shi, Osaka

Trust beneficiaryinterest

1,985.52

963

962

B-12

S-FORT Mito Chuo

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

Trust beneficiaryinterest

B-13

S-FORT Tsu Shinmachi

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

Trust beneficiaryinterest

2,463.30

770

852

B-50

S-FORT Niigata Sasaguchi

2-8-4 Sasaguchi, Chuo-ku, Niigata-shi, Niigata

Trust beneficiaryinterest

1,762.61

796

740

B-14

S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

Real estate(actual real estate)

1,874.88

602

643

B-51

S-RESIDENCE Yokkaichi
Motomachi

1-17 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,497.48

783

732

3,588.84

992

1,100

B-52

S-FORT Kagoshima Ekimae
Bayside12-4 Ogawacho, Kagoshima-shi, Kagoshima

Trust beneficiaryinterest

1,990.92

721

714

B-15

S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

B-16

S-FORT Oita Ekimae

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

Trust beneficiaryinterest

2,662.36

886

956

B-53

S-RESIDENCE Ichinomiya
Ekimae2-7-9 Sakae, Ichinomiya-shi, Aichi

Trust beneficiaryinterest

1,311.75

698

683

B-17

S-FORT Oita Otemachi

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

Real estate(actual real estate)905.80

279

313

B-54

S-FORT Esaka Fiore

5-15-28 Minamisuita, Suita-shi, Osaka

Real estate(actual real estate)868.84

512

492

B-18

S-FORT Suizenji

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

Trust beneficiaryinterest

4,256.91

1,342

1,360

C-01

S-FORT Maita Koen

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

Trust beneficiaryinterest

1,607.40

917

1,260

B-19

S-FORT Kumadaibyoin-mae

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

Trust beneficiaryinterest

3,458.07

1,097

1,110

C-02

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

Trust beneficiaryinterest

1,114.38

927

1,160

B-20

S-FORT Kumamoto Senba

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

Trust beneficiaryinterest

3,224.24

1,001

1,000

C-04

S-FORT Shiomi

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

Trust beneficiaryinterest

1,042.48

826

1,070

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

Trust beneficiaryinterest

8-12 Daikan-cho, Hiratsuka-shi, Kanagawa

Trust beneficiaryinterest

1,717.46

794

1,100

B-21

16

Property nameSAMTY RESIDENTIAL

S-FORT Esaka Tarumicho

1,267.30

764

908

C-06

S-FORT Shonan Hiratsuka

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 )S-FORT Nishifunabashi

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

Trust beneficiaryinterest

1,397.64

697

869

C-08

S-FORT Maihama

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

Trust beneficiaryinterest

1,726.56

1,142

1,430

1,255.90

850

908

C-09

S-FORT Ichikawa

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

Trust beneficiaryinterest

C-10

S-RESIDENCE Yokosuka
Chuo

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

Real estate(actual real estate)

1,492.09

815

1,010

C-12

S-FORT Hoya

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

Trust beneficiaryinterest

1,177.94

638

928

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

Trust beneficiaryinterest

978.75
1,886.70

S-FORT
Tamagawagakuen-mae

592

C-14

S-FORT Tsurukawa

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

C-15

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

Trust beneficiaryinterest

772.38620

769

1,382.17

1,130

1,260

1,104

1,240

571

664

C-16

S-FORT Chigasaki

22-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

C-17

S-FORT Kawaguchi Namiki

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

Trust beneficiaryinterest

1,457.51

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

Trust beneficiaryinterest

1,438.71
5,640.60

1,899

1,990

S-FORT Todakoen

906

1,060

15th fiscal period (August 1, 2022 to January 31, 2023)

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

Property name

A-01

S-FORT Shin Osaka ravir

1

98.0

20

0.4

1

98.0

22

0.4

A-04

S-FORT Chikushi Dori

1

98.9

44

0.9

1

97.8

44

0.8

(Note 1)

(Note 2)

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

(Note 2)

(Note 3)(Note 4)

A-05

S-FORT Fukuoka Kencho Mae

1

93.3

37

0.7

1

99.0

37

0.7

A-06

S-FORT Takamiya

1

98.8

30

0.6

1

97.6

29

0.5

A-07

S-FORT Tsutsujigaoka Koen

1

98.4

52

1.0

1

95.9

53

1.0

A-08

S-RESIDENCE Namba Briller

1

93.4

66

1.3

1

94.8

66

1.2

A-09

S-FORT Tsurumai marks

1

90.5

37

0.7

1

95.2

37

0.7

A-10

S-FORT Rokuban-cho

1

96.6

24

0.5

1

93.0

24

0.4

A-11

S-FORT Nakajima Koen

1

94.7

63

1.3

1

96.6

63

1.2

A-12

S-FORT Hokudai Mae

1

96.8

26

0.5

1

100.0

26

0.5
1.6

A-13

S-RESIDENCE Kobe Isogamidori

1

97.7

91

1.8

1

97.4

86

A-16

S-FORT Gakuenmae (Note 5)

—

—

2

0.1

—

—

—

—

A-17

S-RESIDENCE Shin Osaka Ekimae

1

98.9

85

1.7

1

96.2

84

1.6

A-19

S-FORT Aoi

1

89.3

28

0.6

1

100.0

28

0.5

A-20

S-FORT Kurumamichi

1

100.0

14

0.3

1

100.0

15

0.3

A-21

S-FORT Kamiotai (Note 6)

—

—

9

0.2

—

—

—

—

A-22

S-FORT Tsurumai arts

1

96.4

25

0.5

1

96.4

25

0.5

C-19

S-FORT Funabashi Tsukada

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

Trust beneficiaryinterest

C-20

S-FORT Kashiwa

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

Real estate(actual real estate)983.06

541

586

S-RESIDENCE Kobe Motomachi

1

93.8

39

0.8

1

98.9

40

0.7

S-FORT Fujimidai

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

Trust beneficiaryinterest

A-25

C-21

2,054.86

1,181

1,620

A-26

S-FORT Kobe Kaguracho

1

100.0

73

1.5

1

97.0

72

1.3

C-22

S-RESIDENCE Matsudo

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

1,180.53

836

958

A-27

S-FORT Nijo-jo mae

1

100.0

22

0.5

1

100.0

22

0.4

A-28

S-FORT Chion-in mae

1

100.0

13

0.3

1

100.0

13

0.3

C-23

S-RESIDENCE Motoyawata

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

Trust beneficiaryinterest

2,180.26

1,678

1,900

C-24

S-FORT Kinshicho

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

Trust beneficiaryinterest

1,956.87

1,529

1,720

C-25

S-FORT Komazawa Daigaku

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

Trust beneficiaryinterest

536.60535

589

S-FORT Yokohama Aobadai

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

Trust beneficiaryinterest

9,274.43

C-27

S-FORT Aoba Shiratoridai

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

Trust beneficiaryinterest

2,179.25

877

897

C-28

S-FORT Kawasaki Shinmeicho

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

Trust beneficiaryinterest

994.63

616

684

C-29

S-FORT Motoyawata Mairie

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

Trust beneficiaryinterest

826.18

686

705

C-30

S-FORT Funabashi roots

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

Trust beneficiaryinterest

1,201.50

832

837

C-31

S-FORT Tama-plaza

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

Trust beneficiaryinterest

1,367.88

661

714

C-32

S-FORT Odawara

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

Trust beneficiaryinterest

1,279.24

626

643

C-33

S-FORT Nakaitabashi

72-6 Yayoicho, Itabashi-ku, Tokyo

Trust beneficiaryinterest

3,946.25

3,448

3,470

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

Trust beneficiaryinterest

2,577.48
1,283.80

950

988

C-26

C-34

S-FORT Kameido

5,450

1,285

5,840

1,300

A-23

S-FORT Tsurumai cube

1

88.9

20

0.4

1

100.0

20

0.4

A-24

S-FORT Fukuoka Higashi

1

95.5

66

1.3

1

96.8

65

1.2

A-30

S-RESIDENCE Midoribashi Ekimae

1

96.6

61

1.2

1

98.0

61

1.1

A-31

S-FORT Tsurumai reale

1

94.2

50

1.0

1

98.3

51

0.9

A-32

S-FORT Osu Kannon

1

98.2

43

0.9

1

90.9

41

0.8

A-33

S-FORT Kita-Sanno

1

96.7

26

0.5

1

97.6

25

0.5

A-34

S-FORT Aratamabashi

1

96.6

16

0.3

1

100.0

16

0.3

A-35

S-FORT Toyohira Sanjyo

1

98.7

31

0.6

1

100.0

31

0.6

A-36

S-FORT Kitamaruyama

1

100.0

17

0.3

1

96.1

17

0.3

A-37

S-FORT Hakata-Higashi I

1

100.0

14

0.3

1

94.2

14

0.3

A-38

S-FORT Hakata-Higashi II

1

100.0

14

0.3

1

97.1

13

0.2

A-39

S-FORT Kobe Sannomiya-Kita

1

93.4

16

0.3

1

89.0

16

0.3

A-40

S-FORT Nakahirodori

1

98.7

29

0.6

1

98.7

29

0.5

A-41

S-FORT Tsurumicho

1

95.4

26

0.5

1

93.8

27

0.5

A-42

S-FORT Aoba Kamisugi

1

96.9

34

0.7

1

98.5

34

0.6

A-43

S-RESIDENCE Shin Osaka Ridente

1

98.9

40

0.8

1

94.4

39

0.7

A-44

S-FORT Fukushima La Luna

1

100.0

27

0.5

1

96.7

27

0.5

A-45

S-FORT Fukushima Libre

1

94.5

17

0.3

1

97.2

17

0.3

A-46

S-FORT Kamiyashiro

1

83.3

14

0.3

1

81.0

13

0.2

A-47

S-RESIDENCE Miyanomori

1

100.0

24

0.5

1

90.9

23

0.4

A-48

S-FORT Higashi-Sapporo Nordo

1

100.0

13

0.3

1

95.8

12

0.2

A-49

S-RESIDENCE Aoi

1

94.7

41

0.8

1

93.7

41

0.8

A-50

S-RESIDENCE Shiga Hondori

1

100.0

37

0.7

1

98.9

37

0.7

A-51

S-FORT Kobe Ogawadori

1

96.0

19

0.4

1

95.8

19

0.4

C-35

S-FORT Gyotoku

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

Trust beneficiaryinterest

C-36

S-FORT Funabashi Kaijin

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

Trust beneficiaryinterest

1,512.96

933

951

S-FORT Miyakojima Uchindai

1

96.2

13

0.3

1

96.2

13

0.2

S-FORT Funabashi Honcho

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

Trust beneficiaryinterest

A-54

C-37

1,235.10

795

794

A-55

S-FORT Miyakojima KERS

1

95.8

10

0.2

1

100.0

11

0.2

C-38

S-FORT Hachioji

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

Real estate(actual real estate)

1,049.43

488

490

A-56

S-FORT Oimazato-Nishi

1

100.0

10

0.2

1

100.0

10

0.2

A-57

S-RESIDENCE Chikusa

1

93.4

18

0.4

1

91.0

18

0.3

C-39

S-RESIDENCE Kitasenju reiz6-24 Senju Tatsuta-cho, Adachi-ku, Tokyo

Trust beneficiaryinterest

1,432.67

1,249

1,270

C-40

S-FORT Odawara Sakaecho

1-17-35 Sakaecho, Odawara-shi, Kanagawa

Real estate(actual real estate)

1,003.20

513

489

—

378,697.55

164,959

182,442

A-62

S-FORT Osaka Doshin

1

97.2

48

(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, 2023, 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.

A-63

S-FORT Higashi Betsuin

1

96.4

22

Total

—

(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.

18

704

Real estate(actual real estate)

C-18

14th fiscal period (February 1, 2022 to July 31, 2022)(Note 1)

C-07

C-13

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

A-52

S-FORT Sakuragawa Minami

1

98.0

37

0.7

1

97.0

36

0.7

A-53

S-FORT Fukushima EBIE

1

83.3

16

0.3

1

100.0

17

0.3

A-58

S-FORT Sakurayama

1

86.4

26

0.5

1

96.6

25

0.5

A-59

S-FORT Sapporo N15

1

93.6

21

0.4

1

98.4

21

0.4

A-60

S-FORT Nangodori

1

90.5

12

0.2

1

96.8

12

0.2

A-61

S-FORT Meinohama

1

96.4

18

0.4

1

94.5

18

0.3

1.0

1

100.0

50

0.9

0.5

1

94.6

23

0.4

A-64

S-FORT Moriyama

1

100.0

18

0.4

1

100.0

18

0.3

A-65

S-FORT Jingu Minami

1

85.3

15

0.3

1

92.6

14

0.3

A-66

S-FORT Atsuta Rokuban

1

92.0

24

0.5

1

90.3

23

0.4

A-67

S-FORT Kitachikusa

1

90.0

21

0.4

1

95.0

21

0.4

A-68

S-FORT Saikotori

1

100.0

14

0.3

1

100.0

14

0.3

19

I. Asset Management Report

SAMTY RESIDENTIAL
14th fiscal period (February 1, 2022 to July 31, 2022)

Property
number

Property name(Note 1)20

15th fiscal period (August 1, 2022 to January 31, 2023)

14th fiscal period (February 1, 2022 to July 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 2)

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

(Note 2)

(Note 3)

Property
number

Property name(Note 4)15th fiscal period (August 1, 2022 to January 31, 2023)

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-69

S-FORT Fukuzumi

1

96.4

12

0.2

1

100.0

12

0.2

B-37

S-FORT Kasugai

1

97.3

18

0.4

1

97.3

18

0.3

A-70

S-FORT Muromi

1

100.0

25

0.5

1

100.0

24

0.5

B-38

S-FORT Kokura

1

96.9

51

1.0

1

92.4

52

1.0

A-71

S-FORT Atsuta Hanacho

1

97.3

23

0.5

1

94.3

24

0.5

B-39

S-FORT Niigata Ekimae

1

98.8

46

0.9

1

94.5

46

0.9

A-72

S-FORT Horitatori

1

97.1

16

0.3

1

100.0

15

0.3

B-40

S-FORT Takasaki

1

97.9

48

1.0

1

91.8

43

0.8

A-73

S-FORT Kego Tower

1

97.4

122

2.4

1

99.4

125

2.3

B-41

S-FORT Yokkaichi arcam

1

95.2

31

0.6

1

95.2

31

0.6

A-74

S-RESIDENCE Aoi II

1

97.6

57

1.1

1

96.8

57

1.1

B-42

S-FORT Kagoshima Chuo

1

93.5

29

0.6

1

93.3

28

0.5

A-75

S-FORT Meiekiminami 5-Chome

1

98.0

20

0.4

1

91.1

19

0.4

B-43

S-FORT Heisei Keyakidori

1

93.5

32

0.6

1

96.7

32

0.6

A-76

S-FORT Hakozaki Higashi

1

95.9

25

0.5

1

93.1

25

0.5

B-44

S-FORT Yokkaichi zeal

1

97.6

22

0.5

1

100.0

22

0.4

A-77

S-RESIDENCE Meiekiminami

1

100.0

20

0.4

1

93.2

19

0.4

B-45

S-FORT Utsunomiya Minamiodori

1

100.0

46

0.9

1

93.6

41

0.8

A-78

S-FORT Kanayama

1

95.2

18

0.4

1

97.8

20

0.4

B-46

S-FORT Ichinomiya Honmachi

1

97.9

17

0.3

1

100.0

20

0.4

A-79

S-FORT Izumi Chuo

1

95.2

24

0.5

1

93.9

24

0.4

B-47

S-RESIDENCE Senrioka

1

100.0

27

0.5

1

98.7

32

0.6

A-80

S-RESIDENCE Soen EAST

1

100.0

17

0.4

1

100.0

17

0.3

B-48

S-RESIDENCE Takaida Central

—

—

—

—

1

98.6

55

1.0

A-81

S-FORT Yagoto

1

97.6

16

0.3

1

97.6

15

0.3

B-49

S-RESIDENCE Sakaishi Ekimae

—

—

—

—

1

100.0

34

0.6

A-82

S-FORT Sapporo Kita 5-Jo

1

100.0

16

0.3

1

97.9

16

0.3

B-50

S-FORT Niigata Sasaguchi

—

—

—

—

1

100.0

24

0.4

A-83

S-FORT Sapporo Motomachi

1

96.9

14

0.3

1

100.0

14

0.3

B-51

S-RESIDENCE Yokkaichi Motomachi

—

—

—

—

1

98.3

25

0.5

A-84

S-RESIDENCE Joshin II

1

100.0

28

0.6

1

93.1

26

0.5

B-52

S-FORT Kagoshima Ekimae Bayside

—

—

—

—

1

100.0

27

0.5

A-85

S-RESIDENCE Sengencho

1

100.0

15

0.3

1

100.0

15

0.3

B-53

S-RESIDENCE Ichinomiya Ekimae

—

—

—

—

1

85.5

21

0.4

A-86

S-FORT Taisho riviere

1

92.3

23

0.5

1

92.4

26

0.5

B-54

S-FORT Esaka Fiore

—

—

—

—

1

92.9

14

0.3

A-87

S-RESIDENCE Kyoto Takeda Dormitory

—

—

—

—

1

100.0

62

1.1

C-01

S-FORT Maita Koen

1

97.5

34

0.7

1

91.4

32

0.6

A-88

S-RESIDENCE Maruyama Omotesando

—

—

—

—

1

98.3

48

0.9

C-02

S-FORT Nihombashi Hakozaki

1

86.7

25

0.5

1

97.8

26

0.5

A-89

S-RESIDENCE Soen

—

—

—

—

1

100.0

38

0.7

C-03

S-FORT Itabashi Shimura (Note 5)

—

—

3

0.1

—

—

—

—

A-90

S-FORT Sakuragawa

—

—

—

—

1

100.0

22

0.4

C-04

S-FORT Shiomi

1

98.1

26

0.5

1

98.1

28

0.5

A-91

S-FORT Bentencho

—

—

—

—

1

92.0

17

0.3

C-05

S-FORT Noborito (Note 5)

—

—

3

0.1

—

—

—

—

A-92

S-RESIDENCE Kindaibijutsukan-mae

—

—

—

—

1

97.5

18

0.3

C-06

S-FORT Shonan Hiratsuka

1

97.0

33

0.7

1

85.0

30

0.6

A-93

S-RESIDENCE Meieki

—

—

—

—

1

93.6

14

0.3

C-07

S-FORT Nishifunabashi

1

96.9

25

0.5

1

93.5

24

0.5

A-94

S-FORT Joshin

—

—

—

—

1

92.4

15

0.3

C-08

S-FORT Maihama

1

98.8

37

0.7

1

96.4

38

0.7

A-95

S-FORT Sakuranomiya

—

—

—

—

1

84.2

11

0.2

C-09

S-FORT Ichikawa

1

98.0

27

0.5

1

93.1

26

0.5

A-96

S-RESIDENCE Horita

—

—

—

—

1

94.4

15

0.3

C-10

S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.6

1

100.0

29

0.5

A-97

S-FORT Tsukisamu

—

—

—

—

1

100.0

13

0.2

C-12

S-FORT Hoya

1

100.0

19

0.4

1

100.0

20

0.4

B-03

S-FORT Yokkaichi Motomachi

1

98.2

23

0.5

1

96.4

22

0.4

C-13

S-FORT Tamagawagakuen-mae

1

97.8

20

0.4

1

100.0

18

0.3

B-04

S-FORT Suzuka

1

98.7

28

0.6

1

94.7

27

0.5

C-14

S-FORT Tsurukawa

1

96.7

18

0.4

1

93.3

20

0.4

B-05

S-RESIDENCE Esaka

1

93.8

76

1.5

1

92.5

71

1.3

C-15

S-RESIDENCE Yokohama Tanmachi

1

100.0

21

0.4

1

100.0

18

0.3

B-06

S-FORT Utsunomiya

1

88.5

23

0.5

1

90.4

23

0.4

C-16

S-FORT Chigasaki

1

100.0

33

0.7

1

93.6

33

0.6

B-07

S-FORT Yokkaichi Nishi Shinchi

1

95.9

27

0.6

1

97.2

27

0.5

C-17

S-FORT Kawaguchi Namiki

1

98.6

33

0.7

1

100.0

32

0.6
0.6

B-08

S-FORT Saga Honjo

1

100.0

36

0.7

1

100.0

36

0.7

C-18

S-FORT Todakoen

1

98.4

30

0.6

1

96.7

30

B-09

S-FORT Saga Idaimae

1

100.0

13

0.3

1

100.0

13

0.2

C-19

S-FORT Funabashi Tsukada

1

100.0

57

1.1

1

100.0

56

1.0

B-10

S-FORT Nishinomiya

1

98.1

46

0.9

1

97.0

45

0.8

C-20

S-FORT Kashiwa

1

100.0

18

0.4

1

97.4

17

0.3

B-11

S-FORT Nishinomiya Uegahara

1

96.8

27

0.5

1

93.5

23

0.4

C-21

S-FORT Fujimidai

1

95.8

37

0.7

1

94.7

37

0.7

B-12

S-FORT Mito Chuo

1

97.3

64

1.3

1

90.9

63

1.2

C-22

S-RESIDENCE Matsudo

1

100.0

25

0.5

1

90.4

25

0.5

B-13

S-FORT Tsu Shinmachi

1

98.6

31

0.6

1

89.9

29

0.5

C-23

S-RESIDENCE Motoyawata

1

100.0

56

1.1

1

100.0

48

0.9

B-14

S-FORT Mie Daigaku-mae

1

100.0

23

0.5

1

98.4

24

0.5

C-24

S-FORT Kinshicho

1

90.8

43

0.9

1

91.5

42

0.8
0.2

B-15

S-FORT Takasagomachi

1

94.2

44

0.9

1

93.9

42

0.8

C-25

S-FORT Komazawa Daigaku

1

92.5

13

0.3

1

100.0

13

B-16

S-FORT Oita Ekimae

1

100.0

30

0.6

1

100.0

30

0.6

C-26

S-FORT Yokohama Aobadai

1

96.9

151

3.0

1

97.8

154

2.8

B-17

S-FORT Oita Otemachi

1

100.0

10

0.2

1

100.0

10

0.2

C-27

S-FORT Aoba Shiratoridai

1

94.1

26

0.5

1

100.0

27

0.5

B-18

S-FORT Suizenji

1

93.3

45

0.9

1

98.7

46

0.8

C-28

S-FORT Kawasaki Shinmeicho

1

97.4

18

0.4

1

94.9

18

0.3

B-19

S-FORT Kumadaibyoin-mae

1

84.5

35

0.7

1

100.0

37

0.7

C-29

S-FORT Motoyawata Mairie

1

97.5

19

0.4

1

97.5

19

0.3

B-20

S-FORT Kumamoto Senba

1

88.4

33

0.7

1

95.8

32

0.6

C-30

S-FORT Funabashi roots

1

94.9

24

0.5

1

94.9

22

0.4

B-21

S-FORT Esaka Tarumicho

1

93.6

23

0.5

1

89.5

23

0.4

C-31

S-FORT Tama-plaza

1

100.0

21

0.4

1

97.2

20

0.4

B-22

S-FORT Niigata Honcho

1

84.9

35

0.7

1

97.7

34

0.6

C-32

S-FORT Odawara

1

95.9

22

0.4

1

91.8

22

0.4

B-23

S-FORT Motohama

1

100.0

11

0.2

1

94.1

11

0.2

C-33

S-FORT Nakaitabashi

1

99.3

83

1.7

1

93.8

79

1.5

B-24

S-FORT Kumamoto Gofukumachi

1

92.6

21

0.4

1

94.3

21

0.4

C-34

S-FORT Kameido

1

97.2

38

0.8

1

100.0

38

0.7

B-25

S-FORT Esaka Salita

1

100.0

13

0.3

1

93.4

13

0.2

C-35

S-FORT Gyotoku

1

98.1

26

0.5

1

100.0

26

0.5

B-26

S-FORT Esaka LIBERTS

1

95.6

10

0.2

1

95.6

10

0.2

C-36

S-FORT Funabashi Kaijin

1

100.0

28

0.6

1

96.9

28

0.5

B-27

S-FORT Otsukawa

1

96.4

28

0.6

1

98.4

29

0.5

C-37

S-FORT Funabashi Honcho

1

100.0

23

0.5

1

96.0

24

0.4

B-28

S-FORT Saga Tenjin

1

94.1

32

0.7

1

98.3

30

0.6

C-38

S-FORT Hachioji

1

98.0

16

0.3

1

89.6

16

0.3

B-29

S-FORT Nagasaki Daigaku Byoin-mae

1

95.8

53

1.1

1

100.0

51

0.9

C-39

S-RESIDENCE Kitasenju reiz

1

100.0

25

0.5

1

96.5

30

0.6

C-40

S-FORT Odawara Sakaecho

B-30

S-FORT Kumamoto Keitoku

1

89.6

15

0.3

1

97.4

14

0.3

B-31

S-FORT Shizuoka Tennocho

1

90.3

37

0.7

1

90.5

34

0.6

B-32

S-FORT Konan Umekage I

1

100.0

64

1.3

1

100.0

63

1.2

B-33

S-FORT Esaka Koen

1

100.0

35

0.7

1

98.4

34

0.6

B-34

S-FORT Oita Kotobukimachi

1

95.1

32

0.6

1

99.0

31

0.6

B-35

S-FORT Hotakubo

1

95.7

26

0.5

1

100.0

26

0.5

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

1

95.4

16

0.3

1

96.3

17

0.3

Total

—

—

—

—

1

95.0

17

0.3

159

96.4

5,031

100.0

178

96.5

5,460

100.0

(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.

21

I. Asset Management Report(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 properties on February 28, 2022. The disclosed real estate leasing business revenue for the 14th fiscal period indicatesthe figure for the period up to the day preceding the disposition.
(Note 6) Samty Residential disposed the property on March 24, 2022. The disclosed real estate leasing business revenue for the 14th 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 JapanSAMTY RESIDENTIAL

4. Capital Expenditures for Owned Real Estate(1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation work, etc. currently planned for the 16th fiscal period for theassets owned by Samty Residential as of January 31, 2023. Please note that the following planned construction cost includes portions that are separately accounted under expenses.
Property nameLocation

PurposeSchedule period

S-FORT Tsutsujigaoka Koen

Miyagino-ku, Sendai-shi

Large-scale refurbishment

S-FORT Suzuka

Suzuka-shi, Mie

Planned construction cost
(millions of yen)
Total amountPayment in the
15th fiscal period

Total amountalready paid

From January 2023
to July 2023

82

—

—

Large-scale refurbishment

From March 2023
to July 2023

68

—

—

42

—

—

S-FORT Kumamoto
Gofukumachi

Chuo-ku, Kumamoto-shi

Large-scale refurbishment

From May 2023
to July 2023

S-FORT Shizuoka Tennocho

Aoi-ku, Shizuoka-shi

Large-scale refurbishment

From December 2022
to July 2023

57

—

—

Large-scale refurbishment

From March 2023
to July 2023

46

—

—

S-FORT Nihombashi
HakozakiChuo-ku, Tokyo(2) Capital Expenditures during the 15th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 15th fiscal
period. Capital expenditures during the 15th fiscal period amounted to 373,859 thousand yen. Combined with repair expenses of
205,900 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
579,759 thousand yen in total.
Property nameLocation

PurposeAmount of capital
expenditures(thousands of yen)

PeriodS-FORT Mito Chuo

Mito-shi, Ibaraki

Large-scale refurbishment

From June 2022 to November 2022

90,200S-FORT Ichikawa

Ichikawa-shi, Chiba

Large-scale refurbishment

From October 2022 to January 2023

41,360S-FORT Tsurukawa

Machida-shi, Tokyo

Large-scale refurbishment

From October 2022 to January 2023

39,600S-FORT Saga Idaimae

Saga-shi, Saga

Large-scale refurbishment

From October 2022 to January 2023

38,500

Other capital expenditures

164,199

Total

373,859(3) Reserves for Long-Term Repair and Maintenance Plans
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.
(Unit: thousands of yen)
11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period(From August 1, 2020
to January 31, 2021)(From February 1,
2021 to July 31, 2021)(From August 1, 2021
to January 31, 2022)(From February 1,
2022 to July 31, 2022)(From August 1, 2022
to January 31, 2023)

Balance of reserves at beginning of period

89,995

161,656

173,290

257,568

365,787

Reserves during the period

318,346

222,590287,631379,301

383,834

Reversal of reserves during theperiod246,685

210,956

203,354

271,082

340,876

Amount carried forward to thenext period

161,656

173,290

257,568

365,787

408,745

Operation period

2223

I. Asset Management Report

SAMTY RESIDENTIAL

5. Status of Expenses and Liabilities(1) Details of Expenses Related to Asset Management(Unit: thousands of yen)Item

14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

Asset management fees

420,426

424,135

Asset custody fees

7,314

7,551

Administrative service fees

46,67255,050

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,90015,900

Other expenses

181,648

186,425

675,021692,123

Total

Current portion of long-termborrowings

Category

600——

Aozora Bank, Ltd.

250—

THE KAGAWA BANK, Ltd.

250—

January 31,
2018

250

—

200

—

150

—

The Chiba Bank, Ltd.

150—

The Juhachi-Shinwa Bank, Ltd.

100—

The Kumamoto Bank, Ltd.

50—

January 31,
2018

150

—

835

—

700

—

700

—

Aozora Bank, Ltd.

300—

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.
The Higo Bank, Ltd.
Kansai Mirai Bank, Limited
Current portion of long-term borrowings

Balance at endof period(millions of yen)350

SBI Shinsei Bank, Limited

August 26,
2019

The Bank of Fukuoka, Ltd.

350

350

Aozora Bank, Ltd.

250

250

THE KAGAWA BANK, Ltd.
Resona Bank, Limited
SBI Shinsei Bank, Limited

June 29,
2018

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

100

500

500

500

500
300

The Bank of Fukuoka, Ltd.

500—

Aozora Bank, Ltd.

500

—

460

—

400

—

(Note 2)0.572%(Note 2)Lump-sum
January 31,
repayment on
2023(Note 4)
repayment dateLump-sum
January 31,
repayment on
2023(Note 4)
repayment date

250

250

500

500
400
350

SBI Shinsei Bank, Limited

350

350

300

300

300

300

300

300

THE KAGAWA BANK, Ltd.

250

250

The Juhachi-Shinwa Bank, Ltd.

200

200

The Oita Bank, Ltd.

100

100

The Kumamoto Bank, Ltd.

100

100

The Bank of Fukuoka, Ltd.

—

500

Aozora Bank, Ltd.

—

500

—

460

—

400

—

300

0.770%(Note 1)

0.958%(Note 2)0.617%(Note 1)

July 31,2023(Note 4)

July 31,2023(Note 4)

July 31,2023(Note 4)Lump-sum
repayment on
repayment dateLump-sum
repayment on
repayment dateLump-sum
repayment on
repayment dateAugust 28,
2018

Resona Bank, Limited

300—

SBI Shinsei Bank, Limited

600

600

350

350

250

250

Resona Bank, Limited

100

100

The Bank of Fukuoka, Ltd.

350

—

290

—

200

—

1,250

1,250

Sumitomo Mitsui Banking Corporation

1,300

1,300

The Bank of Fukuoka, Ltd.

1,300

1,300

The Bank of Fukuoka, Ltd.

SBI Shinsei Bank, Limited

Unsecured
Unguaranteed

February 1,
2018

300

Mizuho Bank, Ltd.

August 28,
2018

November26, 2018
March 29,
2019

Aozora Bank, Ltd.
(Note 5)(Note 5)

THE KAGAWA BANK, Ltd.

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Resona Bank, Limited(Note 5)(Note 5)(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

June 28,
2019

400

The Kumamoto Bank, Ltd.

200

200

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.

450

450

Aozora Bank, Ltd.

400

400

300

300

300

300

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

August 2,
2019

The Kumamoto Bank, Ltd.

200

200

Resona Bank, Limited

200

200

1,400

—

400

—

August 26,
2019

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

2,500

2,500

Mizuho Bank, Ltd.

August 26,
2019

2,500

2,500

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

500

500

900

900

Resona Bank, Limited
SBI Shinsei Bank, LimitedAozora Bank, Ltd.
Mizuho Bank, Ltd.
Unsecured
Unguaranteed

400
400

Sumitomo Mitsui Banking Corporation(Note 5)400
400

The Bank of Fukuoka, Ltd.

(Note 1)500400

June 30,
2020

The Bank of Fukuoka, Ltd.

0.770%

500

500

SBI Shinsei Bank, Limited

Sumitomo Mitsui Banking Corporation

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

500

The Juhachi-Shinwa Bank, Ltd.

100

400

August 28,
2018

1.099%(Note 5)

August 3,
2020

Fukoku Mutual Life Insurance Company

Resona Bank, Limited

350

Resona Bank, Limited100

SBI Shinsei Bank, Limited

Resona Bank, Limited

Mizuho Bank, Ltd.

100

The Bank of Fukuoka, Ltd.

150

Aozora Bank, Ltd.

SBI Shinsei Bank, Limited

11,450150

50Sumitomo Mitsui Banking Corporation(Note 1)

1,400

100

Mizuho Bank, Ltd.
0.870%

200—

10,685

Mizuho Bank, Ltd.

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

Sumitomo Mitsui Banking Corporation

150

150

August 2,
2019

Remarks

350
290

Subtotal of current portion of long-termborrowings

150

50

The Bank of Fukuoka, Ltd.

Use of
funds

—
—

1,000

250

150

San ju San Bank, Ltd.

Repayment
methodNovember26, 2018
August 26,
2019

Balance at endof period(millions of yen)—

Kansai Mirai Bank, Limited

200

The Hiroshima Bank, Ltd.
THE SHIZUOKA BANK, LTD.

(Note 3)

Repayment
date

Balance at
beginning of period(millions of yen)

400

250

The Kumamoto Bank, Ltd.
June 29,2018

Averageinterest rate

Drawdown
date

—

200

100

The Bank of Saga Ltd.

24

Balance at
beginning of period(millions of yen)

Long-term borrowings

Drawdown
date

Sumitomo Mitsui Banking Corporation

The Hiroshima Bank, Ltd.

Resona Bank, Limited

SBI Shinsei Bank, Limited

The Bank of Fukuoka, Ltd.

THE SHIZUOKA BANK, LTD.

SBI Shinsei Bank, Limited

Mizuho Bank, Ltd.

The status of borrowings as of January 31, 2023, is as follows.

Resona Bank, Limited

SBI Shinsei Bank, Limited

The Higo Bank, Ltd.

(2) Status of Borrowings
LenderThe Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.

Aozora Bank, Ltd.

(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (14th fiscal period:
37,520 thousand yen, 15th fiscal period: 150,670 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (14th fiscal period: 14,435 thousand yen, 15th fiscal period: not applicable) were paid.

Category

LenderJune 30,
2020

THE KAGAWA BANK, Ltd.
Kansai Mirai Bank, Limited

August 3,
2020

725

725

500

500

375

375

1,075

1,075

900

900

775

775

725

725

625

625

1,000

—

Averageinterest rate
(Note 3)0.770%(Note 2)

0.673%(Note 2)0.517%(Note 2)

1.476%(Note 2)0.770%(Note 1)1.318%(Note 2)0.770%(Note 1)0.917%(Note 1)0.717%(Note 1)1.087%(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)0.517%(Note 1)

Repayment
date

Use offunds

Remarks

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2024

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)

Repayment
method25

I. Asset Management Report

Lender
San ju San Bank, Ltd.
The Bank of Saga Ltd.

Drawdown
dateAugust 3,
2020

500

500
500

1,000

1,000

500

500

250

250

August 3,
2020

1,000

1,000

Mizuho Bank, Ltd.

August 3,
2020

1,000

1,000

Sumitomo Mitsui Banking Corporation

June 30,
2021

920

920

Aozora Bank, Ltd.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.

August 3,
2020

The Bank of Fukuoka, Ltd.

1,550

1,550

The Bank of Yokohama, Ltd.

1,250

1,250

THE KAGAWA BANK, Ltd.

600

600

500

500

The Juhachi-Shinwa Bank, Ltd.

240

240

The Kumamoto Bank, Ltd.

140

140

1,000

1,000

1,000

1,000

500

500

Sumitomo Mitsui Banking Corporation

1,500

1,500

Aozora Bank, Ltd.

1,500

1,500

1,000

1,000

1,000

1,000

300

300

1,700

1,700

1,500

1,500

500

500

SBI Shinsei Bank, Limited

JAPAN POST BANK Co., Ltd.
The Nishi-Nippon City Bank, Ltd.
Kansai Mirai Bank, Limited

SBI Shinsei Bank, Limited
The Nishi-Nippon City Bank, Ltd.

June 30,
2021

August 3,
2021

August 3,
2021

Resona Bank, Limited
Sumitomo Mitsui Banking Corporation
The Higo Bank, Ltd.
Long-term borrowings

Balance at endof period(millions of yen)500

SBI Shinsei Bank, Limited

The Kagoshima Bank, Ltd.
Mizuho Bank, Ltd.

August 3,
2021
August 3,
2021

Sumitomo Mitsui Banking Corporation
Resona Bank, Limited
The Juhachi-Shinwa Bank, Ltd.
The Bank of Fukuoka, Ltd.

January 31,
2022

2,000

2,000

810

810

900

900

660

660

540

540

SBI Shinsei Bank, Limited

500

500

The Kumamoto Bank, Ltd.

440

440

Aozora Bank, Ltd.

February25, 2022

500

500

1,000

1,000

500

500

500

500

Aozora Bank, Ltd.

1,000

1,000

The Higo Bank, Ltd.

1,000

1,000

850

850

500

500

—

500

THE HYAKUGO BANK, LTD.
SBI Shinsei Bank, Limited
THE KAGAWA BANK, Ltd.

Daishi Hokuetsu Bank, Ltd.
The Dai-ichi Life Insurance Company,
LimitedJuly 29,
2022

July 29,2022

Sumitomo Mitsui Banking Corporation
SBI Shinsei Bank, Limited

—

500

—

500

—

500

—

1,000

—

500

Sumitomo Mitsui Banking Corporation

—

1,050

SBI Shinsei Bank, Limited

—

500

—

500

—

500

Aozora Bank, Ltd.

August 2,
2022

The Yamaguchi Bank, Ltd.
The Hiroshima Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Aozora Bank, Ltd.
The Yamaguchi Bank, Ltd.

August 2,
2022

August 2,
2022

Resona Bank, Limited

26

Balance at
beginning of period(millions of yen)—

450

Mizuho Bank, Ltd.

August 2,
2022

—

500

Mizuho Bank, Ltd.

August 2,
2022

—

500

Averageinterest rate
(Note 3)0.517%(Note 1)

0.711%(Note 2)0.829%(Note 2)0.742%(Note 1)0.608%(Note 2)0.614%(Note 2)0.567%(Note 1)0.720%(Note 2)0.726%(Note 2)0.767%(Note 1)0.910%(Note 2)0.940%(Note 2)0.617%(Note 1)

0.993%(Note 2)0.891%(Note 2)

1.034%(Note 2)

1.181%(Note 2)0.891%(Note 2)

1.034%(Note 2)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2024

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)Lump-sum
repayment on
repayment date

(Note 5)Lump-sum
repayment on
repayment date

(Note 5)Lump-sum
January 31,
repayment on
2026(Note 4)
repayment date

(Note 5)(Note 4)(Note 4)

July 31,2026(Note 4)

July 31,2026(Note 4)

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

(Note 5)

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 29,
repayment on
2027(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 4)Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)Lump-sum
January 29,
repayment on
2027(Note 4)
repayment date

(Note 5)Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2028

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2029

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2028

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)August 2,
2022

—

500

The Bank of Fukuoka, Ltd.

—

1,050

The Higo Bank, Ltd.

—

700

Kansai Mirai Bank, Limited

—

700

—

550

LenderMizuho Bank, Ltd.

Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
THE KAGAWA BANK, Ltd.

January 31,
2023

—

500

—

250

THE SHIZUOKA BANK, LTD.

—

250

Resona Bank, Limited—

200

SBI Shinsei Bank, Limited—

150

The Chiba Bank, Ltd.

—

150

Subtotal of long-term borrowings

62,55069,250Total

73,23580,700

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2029

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2029(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 3)1.181%(Note 2)

1.434%(Note 2)

(Note 4)(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.

Lump-sum
repayment on
repayment dateJuly 31,2025

Drawdown
dateCategory

Long-term borrowings

Category

SAMTY RESIDENTIAL

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed(Note 4) If the repayment date is not a business day, the immediately following business day shall be the repayment date. If such a day is in the following month,the immediately preceding business day shall be the repayment date.
(Note 5) 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, 2023, is as follows.
Name

Issue date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)Interest rate

Redemption
date

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

February 1,
2018

1,000

—

1.054%First Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)

December16, 2020

1,700

1,700

0.580%

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

December
8, 2021

1,500

1,500

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

December15, 2022

—

Total

—

4,200

Redemption
methodUse offunds

Remarks

Lump-sum
January 31,
repayment on2023
redemption date

(Note 1)

Unsecured
Unguaranteed

December16, 2025

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

0.850%

December
8, 2031

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

1,400

0.850%

December15, 2027

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

4,600

—

—

—

—

—

(Note 1) The funds are used for acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses.
(Note 2) The funds are used to partly repay existing borrowings.

(4) Status of Short-Term Investment Corporation Bonds
Not applicable(5) Status of Investment Unit Acquisition Rights
Not applicable27

I. Asset Management Report

SAMTY RESIDENTIAL

6. Status of Purchase and Sale during the 15th Fiscal Period(3) Survey on Prices of Specified Assets, Etc.

(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.
Acquisition
Type of asset

Property
number

Property nameAcquisition datei) Real estate, etc.

Disposition

Acquisition price(millions of yen)
(Note 1)

Date of disposition

Gain or loss
Disposition priceBook value
on sale(millions of yen)(millions of yen) (millions of yen)
(Note 1)

Acquisition or
disposition(Note 2)Acquisition price Appraisal value(millions of yen) (millions of yen)Appraiser

Appraisal date

2,170

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2022

1,421

1,380

JLL Morii Valuation & Advisory K.K.

May 1, 2022

1,081

1,050

JLL Morii Valuation & Advisory K.K.

May 1, 2022

Real estate trust
beneficiary interest

743

744

JLL Morii Valuation & Advisory K.K.

May 1, 2022

August 2,
2022

Real estate trust
beneficiary interest

607

609

Japan Valuers Co., Ltd.

May 1, 2022

S-RESIDENCE
Kindaibijutsukan-mae

August 2,
2022

Real estate (actual
real estate)

594

577

JLL Morii Valuation & Advisory K.K.

May 1, 2022

S-RESIDENCE Meieki

August 2,
2022

Real estate trust
beneficiary interest

522

507

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2022

S-FORT Joshin

August 2,
2022

Real estate (actual
real estate)

522

524

Japan Valuers Co., Ltd.

May 1, 2022

S-FORT Sakuranomiya

August 2,
2022

Real estate (actual
real estate)

512

521

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2022

S-RESIDENCE Horita

August 2,
2022

Real estate (actual
real estate)

475

462

JLL Morii Valuation & Advisory K.K.

May 1, 2022

S-FORT Tsukisamu

August 2,
2022

Real estate (actual
real estate)

326

328

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2022

S-RESIDENCE Takaida
CentralAugust 2,
2022

Real estate trust
beneficiary interest

1,388

1,400

JLL Morii Valuation & Advisory K.K.

May 1, 2022

S-RESIDENCE Sakaishi
EkimaeAugust 2,
2022

Real estate trust
beneficiary interest

906

908

Daiwa Real Estate Appraisal Co., Ltd.

May 1, 2022

S-FORT Niigata
Sasaguchi

August 2,
2022

Real estate trust
beneficiary interest

720

720

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2022

S-RESIDENCE
Yokkaichi Motomachi

August 2,
2022

Real estate trust
beneficiary interest

720

722

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2022

S-FORT Kagoshima
Ekimae Bayside

August 2,
2022

Real estate trust
beneficiary interest

672

674

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2022

S-RESIDENCE
Ichinomiya Ekimae

August 2,
2022

Real estate trust
beneficiary interest

650

675

The Tanizawa Sōgō Appraisal Co., Ltd.

May 1, 2022

S-FORT Esaka Fiore

August 2,
2022

Real estate (actual
real estate)

489

491

Japan Valuers Co., Ltd.

May 1, 2022

S-FORT Odawara
Sakaecho

August 2,
2022

Real estate (actual
real estate)

484

486

Japan Valuers Co., Ltd.

May 1, 2022

Property name

Transaction date

Type of asset

S-RESIDENCE Kyoto
Takeda Dormitory

August 2,
2022

Real estate trust
beneficiary interest

2,235

S-RESIDENCE
Maruyama Omotesando

August 2,
2022

Real estate trust
beneficiary interest

S-RESIDENCE Soen

August 2,
2022

Real estate trust
beneficiary interest

S-FORT Sakuragawa

August 2,
2022

S-FORT Bentencho(Note 1)

(Note 2)

Real estate trust
beneficiary interest

A-87

S-RESIDENCE Kyoto
Takeda Dormitory

August 2, 2022

2,235

—

—

—

—

Real estate trust
beneficiary interest

A-88

S-RESIDENCE Maruyama
Omotesando

August 2, 2022

1,421

—

—

—

—

Real estate trust
beneficiary interest

A-89

S-RESIDENCE Soen

August 2, 2022

1,081

—

—

—

—

Real estate trust
beneficiary interest

A-90

S-FORT Sakuragawa

August 2, 2022

743

—

—

—

—

Real estate trust
beneficiary interest

A-91

S-FORT Bentencho

August 2, 2022

607

—

—

—

—

Real estate (actual
real estate)

A-92

S-RESIDENCE
Kindaibijutsukan-mae

August 2, 2022

594

—

—

—

—

Real estate trust
beneficiary interest

A-93

S-RESIDENCE Meieki

August 2, 2022

522

—

—

—

—

Real estate (actual
real estate)

A-94

S-FORT Joshin

August 2, 2022

522

—

—

—

—

Real estate (actual
real estate)

A-95

S-FORT Sakuranomiya

August 2, 2022

512

—

—

—

—

Real estate (actual
real estate)

A-96

S-RESIDENCE Horita

August 2, 2022

475

—

—

—

—

Real estate (actual
real estate)

A-97

S-FORT Tsukisamu

August 2, 2022

326

—

—

—

—

Real estate trust
beneficiary interest

B-48

S-RESIDENCE Takaida
CentralAugust 2, 2022

1,388

—

—

—

—

Real estate trust
beneficiary interest

B-49

S-RESIDENCE Sakaishi
EkimaeAugust 2, 2022

906

—

—

—

—

Real estate trust
beneficiary interest

B-50

S-FORT Niigata Sasaguchi

August 2, 2022

720

—

—

—

—

Real estate trust
beneficiary interest

B-51

S-RESIDENCE Yokkaichi
Motomachi

August 2, 2022

720

—

—

—

—

Real estate trust
beneficiary interest

B-52

S-FORT Kagoshima Ekimae
BaysideAugust 2, 2022

672

—

—

—

—

Real estate trust
beneficiary interest

B-53

S-RESIDENCE Ichinomiya
EkimaeAugust 2, 2022

650

—

—

—

—

Real estate (actual
real estate)

B-54

S-FORT Esaka Fiore

August 2, 2022

489

—

—

—

—

Real estate (actual
real estate)

C-40

S-FORT Odawara
Sakaecho

August 2, 2022

484

—

—

—

—

(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.

15,067————(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.”

Total(Note 1) “Acquisition price” or “Disposition 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 or disposition of the relevant real estate properties, rounded
down to the nearest million yen.
(Note 2) “Gain or loss on sale” indicates the amount obtained by deducting the book value and various expenses related to disposition from the disposition price.

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

Acquisitionii) Investment securities
Not applicableiii) Other
Not applicable(4) Status of Transactions with Interested Parties, Etc.
i) Status of transactions with interested parties, etc. (Note 1)
Category
Total amountTransaction amount, etc. (Note 2)
Purchase amount, etc.

Sale amount, etc.

15,067 million yen—

Breakdown of transactions with interested parties, etc.

28

Samty Co., Ltd.

13,175 million yen (87.4%)—

Samty Bridge One LLC

1,172 million yen (7.8%)

—

Total

14,347 million yen (95.2%)—

29

I. Asset Management Report

SAMTY RESIDENTIAL

10.Disclosure on Real Estate Owned by Corporation Owning Foreign Real Estateii) Amount of paid fees, etc.
Category

Total amount of paid fees,
etc. (A)Property management fees

419,303 thousand yen

Breakdown of transaction with interested parties, etc.
Paid party

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

Samty Property Management Co., Ltd.

194,554 thousand yen

46.4iii) Major payments to other interested parties, etc.
Samty Property Management Co., Ltd.

361,198 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 real estate trust beneficiary interest transfer agreements has been transferred from Samty Co., Ltd. to
Samty Residential (total purchase amount: 720 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.

7. Status of Accounting(1) Status of Assets, Liabilities, Principal and Profits and Loss
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

11. Other(1) Noticesi) Unitholders’ Meeting
The 6th General Meeting of Unitholders of Samty Residential was held on October 20, 2022. 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 an Executive Director: approved as proposed and Masashi Takahashi was appointed as such
Agenda 3
Appointment of a Substitute Executive Director: approved as proposed and Yukihisa Nagashima was appointed as such
Agenda 4	Appointment of two Supervisory Directors: approved as proposed and Takahiro Fujiki and Takeo Nakahara wereappointed 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 15th fiscal period is as follows.
Date of approval

AgendaOverview

December 9, 2022

Conclusion of an underwriting agreement
and a fiscal agent agreement concerning
issuance of investment corporation bonds

Upon issuing the Third Series Unsecured Investment Corporation Bonds, Samty
Residential executed a purchase and underwriting agreement with Daiwa Securities
Co. Ltd. and Mizuho Securities Co. Ltd. and a fiscal agent, issuing agent and payment
agent agreement with Mizuho Bank, Ltd.

(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.

Not applicable(3) Changes in Valuation Method of Real Estate and Infrastructure Assets
Not applicable

8. Overview of Self-Managed Investment Trust Beneficiary Certificatesi) Acquisition
Not applicableii) Units Held
Not applicable

9. Disclosure on Corporation Owning Foreign Real Estate
Not applicable30

31II. Financial Section

SAMTY RESIDENTIAL

Balance Sheet(Unit: thousands of yen)

(Unit: thousands of yen)
14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

Assets14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

Liabilities

Current assets

Current liabilities

Cash and deposits

2,957,767

3,185,547

Operating accounts payable

Cash and deposits in trust

2,297,766

2,478,881

Current portion of investment corporation bonds

1,000,000—

Operating accounts receivable

12,085

16,939Current portion of long-term borrowings

10,685,000

11,450,000

Prepaid expenses

192,136

206,059

Accounts payable - other105,587

109,061—

61,624

Accrued expenses

6,652

5,226

47,022

4,662

Distributions payable

16,72916,147

5,506,778

5,953,716

Consumption taxes payable

119,656

—

964

984
825,754

Consumption taxes receivable
Other
Total current assets
Non-current assets

Income taxes payable

Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment

499,317463,360

Advances received

754,375

11,110,677

12,853,592

Deposits received

15,837

16,867(945,589)(1,105,750)

Total current liabilities

13,204,121

12,887,403

10,165,088

11,747,842

8,049

10,650Investment corporation bonds

3,200,000

4,600,000(1,590)(2,008)Long-term borrowings

62,550,000

69,250,000

6,459

8,641

Leasehold and guarantee deposits received

85,54992,61028,18732,788

Leasehold and guarantee deposits received in trust

497,990

510,752

66,333,539

74,453,362

79,537,661

87,340,765

76,264,169

84,710,081

Non-current liabilities

Accumulated depreciation(3,121)(4,191)

Machinery and equipment, net

25,06528,596

Tools, furniture and fixtures

56,81865,964

Accumulated depreciation(21,683)(29,506)

Tools, furniture and fixtures, net

35,13536,457Land

11,623,401

13,591,916

Deduction from unitholders’ capital(2,409,694)(2,599,022)

Buildings in trust

64,235,521

71,207,858

Unitholders’ capital, net

73,854,475

82,111,059

Unappropriated retained earnings (undisposed loss)

2,136,006

2,030,240

Total surplus

2,136,006

2,030,240

75,990,481

84,141,299

Accumulated depreciation(6,618,156)(7,478,293)

Buildings in trust, net

57,617,365

63,729,564

14,572

14,572(4,768)(5,443)Structures in trust
Accumulated depreciation

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

Surplus

Total unitholders’ equity

9,804

9,128

Total net assets (Note 11)75,990,481

84,141,299

715,257

786,685

Total liabilities and net assets

155,528,142

171,482,065

Accumulated depreciation(154,169)(174,550)

Machinery and equipment in trust, net

561,088612,135

Structures in trust, net
Machinery and equipment in trust

Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net

236,394

293,711(88,230)(123,114)

148,163

170,597

Land in trust

69,334,241

75,024,593

Total property, plant and equipment

149,525,814

164,959,475

Intangible assets
Software

1,749

1,293

Total intangible assets

1,749

1,293

Investments and other assets
Deferred tax assets

17

18

Leasehold and guarantee deposits

11,699

11,699Long-term prepaid expenses

419,456

469,422

Total investments and other assets

431,174

481,140

149,958,738

165,441,909

Investment unit issuance expenses

30,24941,810Investment corporation bond issuance costs

32,37544,629Total deferred assets

62,62586,439155,528,142

171,482,065

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)

14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

14th fiscal period (From February 1, 2022 to July 31, 2022)(Unit: thousands of yen)

Operating revenue
Leasing business revenue (Note 10)

4,572,823

5,057,516

Other leasing business revenue (Note 10)458,558

402,742Gain on sale of real estate properties (Note 10)376,999—

5,408,382

5,460,258

2,183,993

2,230,331

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

420,426

424,135

Asset custody fees

7,314

7,551

Administrative service fees

46,67255,050

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,90015,900

Other operating expenses

181,648

186,425

Total operating expenses

2,859,015

2,922,454

2,549,366

2,537,803

23

11

Operating income

Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total surplus

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

74,149,242

1,832,599

1,832,599

75,981,842(294,766)(294,766)(294,766)(294,766)(1,832,479)(1,832,479)(1,832,479)(1,832,479)
2,135,885

Interest on tax refund

100—

Reversal of distributions payable

1,057

3,070

Total non-operating income

1,181

3,082

Interest expenses

289,050

331,815Interest expenses on investment corporation bonds

16,54818,027

Financing fees

91,385140,817

Amortization of investment unit issuance expenses

11,357

13,070

Amortization of investment corporation bond issuance costs

5,313

5,877

44

343

Non-operating expenses

Other413,700

509,952

Ordinary income

Total non-operating expenses

2,136,847

2,030,933

Income before income taxes

2,136,847

2,030,933

Income taxes - current

970

988

Income taxes - deferred

(8)

(0)

961

987

2,135,885

2,029,946

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

34

120

293

2,136,006

2,030,240

Total net assets

75,981,842

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

2,135,885

2,135,885

2,135,885

Total changes during the period

Net income—(294,766)(294,766)

303,406

303,406

8,639

8,639

Balance at end of period (Note 3)

76,264,169(2,409,694)

73,854,475

2,136,006

2,136,006

75,990,481

75,990,481

15th fiscal period (From August 1, 2022 to January 31, 2023)(Unit: thousands of yen)

Non-operating income
Interest income

Total
unitholders’equityUnitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total surplus

76,264,169(2,409,694)

73,854,475

2,136,006

2,136,006

Total
unitholders’equityTotal net assets

75,990,481

75,990,481

8,445,911

8,445,911

8,445,911(189,327)(189,327)(189,327)

Changes during the period
Issuance of new investment units

8,445,911

Distributions in excess of earnings(189,327)

Dividends of surplus
Net income(2,135,712)(2,135,712)(2,135,712)(2,135,712)
2,029,946

2,029,946

2,029,946

2,029,946

Total changes during the period

8,445,911(189,327)

8,256,583(105,765)(105,765)

8,150,817

8,150,817

Balance at end of period (Note 3)

84,710,081(2,599,022)

82,111,059

2,030,240

2,030,240

84,141,299

84,141,299

35

II. Financial Section

SAMTY RESIDENTIAL

Statement of Cash Flows

Notes to Financial Statements(Unit: thousands of yen)
14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

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

2,136,847

2,030,933

985,672

1,086,266

(23)

(11)

Interest expenses

305,599

349,842

Amortization of investment unit issuance expenses

11,357

13,070

Amortization of investment corporation bond issuance costs

5,313

5,877

Decrease (increase) in operating accounts receivable(3)(4,854)

Decrease (increase) in consumption taxes refund receivable

34,367(61,624)

Increase (decrease) in consumption taxes payable

119,656(119,656)

404(13,923)

Increase (decrease) in operating accounts payable(35,628)

65,739

Increase (decrease) in accounts payable - other

16,703

3,473

Increase (decrease) in advances received

15,89571,37927,275(49,965)

Decrease (increase) in prepaid expenses

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

2,447,740—

Other, net(43,578)

40,660Subtotal

6,027,600

3,417,207

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

23

11(303,658)(351,268)

(793)

(968)

5,723,171

3,064,982

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from return of leasehold and guarantee deposits
Refund of leasehold and guarantee deposits received(627,935)(3,790,168)(3,615,397)(12,831,339)

46—(8,061)(5,602)

Proceeds from leasehold and guarantee deposits received

7,519

12,663

Refund of leasehold and guarantee deposits received in trust(73,826)(40,064)

Proceeds from leasehold and guarantee deposits received in trust

57,25552,826(4,260,399)(16,601,685)

Proceeds from long-term borrowings

5,850,000

12,500,000

Repayments of long-term borrowings(5,350,000)(5,035,000)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from issuance of investment corporation bonds—

1,400,000

Redemption of investment corporation bonds—(1,000,000)

Payments of investment corporation bond issuance costs—(18,131)

Proceeds from issuance of investment units—

8,445,911

Payments of investment unit issuance expenses—(24,630)

Distributions paid

(2,124,715)(2,322,551)

Net cash provided by (used in) financing activities(1,624,715)

13,945,598

Net increase (decrease) in cash and cash equivalents(161,942)

408,895

Cash and cash equivalents at beginning of period

5,417,477

5,255,534

Cash and cash equivalents at end of period (Note 5)

5,255,534

5,664,429

Note 1 – Organization
Samty Residential Investment Corporation (hereinafter referred to as “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
Asset Management 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 manages 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 2022, Samty Residential conducted property acquisitions (19 properties with a total acquisition price of approximately 15
billion yen) by using proceeds from issuance of investment units through public offering and third-party allotment. As a result, as of the endof the fiscal period ended January 2023 (hereinafter, the “end of the 15th fiscal period”), Samty Residential owned real estate, etc. consisting of 178 properties in total (total acquisition price: 162,672 million yen), with the total number of investment units issued and outstandingat 838,726 units.
(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)
14th fiscal period(From February 1, 2022 to July 31, 2022)
Total number of investment units authorized
Total number of investment units issued

36

15th fiscal period(From August 1, 2022 to January 31, 2023)

2,000,000

2,000,000

769,626

838,72637

II. Financial Section

Note 4 – Summary of Significant Accounting Policies
1.

Depreciation Method for Non-Current Assets

SAMTY RESIDENTIAL
5.

(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.

(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

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 trust(2) Intangible Assets
Intangible assets are amortized using the straight-line method.

Other Significant Items Fundamental to Preparing the Financial Statementsiii) Leasehold and guarantee deposits received in trust(2) Accounting for Consumption Taxes(3) Long-Term Prepaid Expenses

Non-deductible consumption taxes related to the acquisition of assets, etc. are included in the acquisition cost of each asset.

Long-term prepaid expenses are amortized using the straight-line method.

2.

Accounting for Deferred Assets(1) Investment Unit Issuance Expenses
Investment unit issuance expenses are amortized using the straight-line method over three years.

Note 5 – 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(2) Investment Corporation Bond Issuance Costs(Unit: thousands of yen)

Investment corporation bond issuance costs are amortized using the straight-line method over the redemption period.

3.

Standards for Recording Revenues and Expenses(1) Standards for Revenue Recognition
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.
i) Sale of real estate properties
 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.
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.

14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

Cash and deposits

2,957,767

3,185,547

Cash and deposits in trust

2,297,766

2,478,881

Cash and cash equivalents

5,255,534

5,664,429

Note 6 – Leases
Future minimum lease payments to be received under non-cancelable operating leases(Unit: thousands of yen)
14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

Due within 1 year—

118,842Due after 1 year—

1,021,625

Total

—

1,140,467(2) Accounting Treatment of Property Taxes, etc.
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.
The amount equivalent to property taxes, etc. capitalized in the acquisition cost of real estate, etc. was 6,120 thousand yen for the
14th fiscal period and 22,911 thousand yen for the 15th fiscal period.

4.

Scope of Funds in Statement of Cash Flows
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.

38

39

II. Financial Section

SAMTY RESIDENTIAL

Note 7 – Financial Instruments
1.

(Note 1) Calculation method for fair value of financial instruments
Liabilities(1) Current portion of investment corporation bonds and (3) Investment corporation bonds

Matters Concerning Status of Financial Instruments

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.

(1) Policy on Handling Financial Instruments(2) Current portion of long-term borrowings and (4) Long-term borrowings

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 conducts fund procurement through borrowings from financial institutions, issuance of investment corporation bonds and issuance of investment units, andother means, for acquisition of assets and repayment of borrowings, etc.

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.
(Note 2) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date
14th fiscal period (July 31, 2022)

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, 2023.

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.

1,000,000

—

—

—

—

—

—

—

—

—

—

Investment corporation bonds

—

—

—

1,700,000-—

1,500,000

Long-term borrowings—

11,800,000

14,550,000

15,500,000

13,000,000

7,700,000

Total

11,685,000

11,800,000

14,550,000

17,200,000

13,000,000

9,200,000

Current portion of long-term borrowings

1,004,657

4,657(2) Current portion of long-term borrowings

10,685,000

10,694,422

9,422(3) Investment corporation bonds

3,200,000

3,251,779

51,779(4) Long-term borrowings

62,550,000

63,086,869

536,869

77,435,000

78,037,729

602,729

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, 2023.

Due after
2 years through3 years

Due after
3 years through4 years

Due after
4 years through5 years

Due after
5 years

11,450,000

—

—

—

—

—

—

—

1,700,000—

1,400,000

1,500,000

Long-term borrowings—

12,500,000

14,320,000

16,530,000

15,900,000

10,000,000

Total

11,450,000

12,500,000

16,020,000

16,530,000

17,300,000

11,500,000(Unit: thousands of yen)

Property,plant andequipment

Difference

1,000,000

Due after
1 year through2 years

Note 8 – Schedule of Real Estate Owned(Unit: thousands of yen)
(1) Current portion of investment corporation bonds(Unit: thousands of yen)

Investment corporation bonds

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, 2022.

Fair value

Due after
5 years

10,685,000

Intangible
Assets

Accumulated depreciation

Balance at
beginning of
periodIncreaseduring theperiodDecreaseduring theperiodBalance at
end of periodOraccumulated
amortization

Depreciation
during theperiodBuildings

11,110,677

1,742,915—

12,853,592

1,105,750

Structures

8,049

2,600

—

10,6502,008

Machinery and equipment

28,1874,600—

32,788Tools, furniture and fixtures

56,818

9,145

—

Land

11,623,401

1,968,514

Buildings in trust

64,235,521

Structures in trust

Net balanceat end ofperiodRemarks

160,160

11,747,842(Note 1)

418

8,641

(Note 1)

4,191

1,069

28,596(Note 1)

65,96429,506

7,823

36,457(Note 1)—

13,591,916——

13,591,916(Note 1)

6,972,336—

71,207,858

7,478,293

860,136

63,729,564(Note 2)

14,572——

14,572

5,443

675

9,128

(Note 2)

Machinery and equipment in trust

715,257

71,428—786,685

174,550

20,381

612,135(Note 2)Tools, furniture and fixtures in trust

236,394

57,918

601

293,711

123,114

35,143

170,597(Note 2)Land in trust

69,334,241

5,690,352—

75,024,593——

75,024,593(Note 2)

Total

157,363,123

16,519,811

601

173,882,333

8,922,858

1,085,809

164,959,475

—

4,564

—

—

4,564

3,271

456

1,293

—

4,564

—

—

4,564

3,271

456

1,293

—

Matters Concerning Fair Value, Etc. of Financial Instruments

Carrying value on the Balance Sheet

Due after
4 years through5 years

Current portion of long-term borrowings

Type of asset

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

Current portion of investment corporationbonds

Due in1 year or lessSamty 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.

2.

Due after
2 years through3 years

15th fiscal period (January 31, 2023)

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
1 year through2 years

Due in1 year or less

(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure(3) Supplementary Explanation on Matters Concerning Fair Value of Financial Instruments(Unit: thousands of yen)

Software
Total(Note 1) The increase is mainly due to the acquisition of 7 properties.
(Note 2) The increase is mainly due to the acquisition of 12 properties, and the decrease is mainly due to asset retirement.

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(2) Current portion of long-term borrowings

11,450,000

11,458,646

8,646(3) Investment corporation bonds

4,600,000

4,470,441(129,558)(4) Long-term borrowings

69,250,000

69,316,433

66,43385,300,000

85,245,521(54,478)

Total of liabilities

40

Fair value41II. Financial Section

SAMTY RESIDENTIAL

Note 9 – Investment and Rental Properties

Note 10 – Statement of Income and Retained Earnings

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.

*1. Breakdown of Revenues and Expenses Related to Real Estate Leasing Business(Unit: thousands of yen)

(Unit: thousands of yen)
14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

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

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

A. Real estate leasing business revenue

Carrying value on the Balance Sheet
Balance at beginning of period

14th fiscal period

Leasing business revenue
Rent revenue

148,652,120

149,525,814

Land rent revenue

873,694

15,433,661

Common service fees

149,525,814

164,959,475

163,368,000

182,442,000(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 14th fiscal period is mainly attributable to the acquisition of 4 properties (4,005,168
thousand yen), and the amount of decrease is mainly attributable to the transfer of 4 properties (2,448,833 thousand yen) and depreciation (985,215 thousandyen). The amount of increase in the 15th fiscal period is mainly attributable to the acquisition of 19 properties (16,124,100 thousand yen), and the amount ofdecrease is mainly attributable to depreciation (1,085,809 thousand yen).
(Note 3) The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

The income (loss) in the 15th fiscal period for the investment and rental properties is as presented in the “Note 10 – Statement of Income
and Retained Earnings.”

4,230,332

4,668,693

142
342,349244
4,572,823

388,578

5,057,516

Other leasing business revenue
Parking fees

169,580

Utilities income

31,476

Other revenues

257,502

Total real estate leasing business revenue

180,388
32,847458,558

189,506

5,031,382

402,7425,460,258

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

263,669

Utilities expenses

77,225

274,423
90,136

Taxes and public dues

324,265

324,351

Insurance expenses

10,52010,868

Repair expenses

242,412205,900
1,085,809

Depreciation

985,215

Trust fees

33,88738,919Other expenses related to leasing business

246,796

199,920

Total expenses related to real estate leasing business
C. Income from real estate leasing business (A-B)

2,183,993

2,230,331

2,847,388

3,229,927*2. Breakdown of Gain on Sale of Real Estate Properties
14th fiscal period (From February 1, 2022 to July 31, 2022)(Unit: thousands of yen)
S-FORT Gakuenmae
Proceeds from sale of real estate properties

523,000

Cost of sale of real estate properties

445,253

Other expenses related to sale

19,246

Gain on sale of real estate properties

58,500S-FORT Kamiota
Proceeds from sale of real estate properties

864,000

Cost of sale of real estate properties

737,930

Other expenses related to sale

31,877

Gain on sale of real estate properties

94,192

S-FORT Itabashi Shimura
Proceeds from sale of real estate properties

740,000

Cost of sale of real estate properties

626,460

Other expenses related to sale
Gain on sale of real estate properties

5,359
108,180

S-FORT Noborito
Proceeds from sale of real estate properties

760,000

Cost of sale of real estate properties

639,190

Other expenses related to sale
Gain on sale of real estate properties

4,682
116,126

15th fiscal period (From August 1, 2022 to January 31, 2023)
Not applicable42

43

II. Financial Section

SAMTY RESIDENTIAL

Note 11 – Balance Sheet

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

*1. Minimum Net Assets Designated in Article 67- 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousands of yen)
14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

50,00050,000(Unit: yen)
CategoryI.

Unappropriated retained earnings

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

2,136,006,110

2,030,240,185

189,327,996

279,295,758

2,325,040,146

2,309,012,678

III. Distribution amount[Distribution amount per unit]
Of which, distribution of earnings[3,021][2,753]2,135,712,150

2,029,716,920[Of which, distribution of earnings per unit][2,775][2,420]Of which, distribution in excess of earnings

189,327,996

279,295,758[Of which, distribution in excess of earnings per unit]
IV. Retained earnings brought forward
Method for calculating distribution amount

[246]

[333]

293,960

523,265

With regard to the distribution for the 14th 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 2,775 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 14th fiscal period.
Based on this decision, Samty Residential determined to distribute 189,327,996 yen, which is theamount almost equivalent to 19.2/100 of 985 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
246 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 74.5%.

With regard to the distribution for the 15th 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 2,420 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 15th fiscal period.
Based on this decision, Samty Residential determined to distribute 279,295,758 yen, which is theamount almost equivalent to 25.7/100 of 1,085
million yen in depreciation for the fiscal period, as
refund of capital contribution to unitholders. As aresult, distribution in excess of earnings per unit
amounted to 333 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 74.1%.

(Note) For the determination of making distribution in excess of earnings for the 15th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of Performanceand Distributions, (2) 15th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

Current portion of long-term borrowings

II. Addition of distributions in excess of earnings
Deduction from unitholders’ capital

Increase during
the period

Decrease 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—

Category

Note 12 – Cash Distributions
14th fiscal period

Balance at
beginning of
periodLenderRepayment
date

Use offunds

Remarks

January 31,
2023(Note 5)

Unsecured
Unguaranteed

January 31,
2023(Note 5)

Unsecured
Unguaranteed

January 31,
2023(Note 5)

Unsecured
Unguaranteed

July 31,2023(Note 5)

Unsecured
Unguaranteed

July 31,2023(Note 5)

Unsecured
Unguaranteed

July 31,2023(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed(Note 1)January 31,
2024(Note 5)

Unsecured
Unguaranteed

—

—

—

—

—

THE KAGAWA BANK, Ltd.

250,000—

250,000—

THE SHIZUOKA BANK, LTD.

250,000—

250,000—

Resona Bank, Limited

200,000—

200,000—

SBI Shinsei Bank, Limited

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—

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

Resona Bank, Ltd.

200,000——

200,000

SBI Shinsei Bank, Limited

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 SHIZUOKA BANK, LTD.

250,000——

250,000

The Bank of Saga Ltd.

500,000——

500,000

Resona Bank, Ltd.

400,000——

400,000

Aozora Bank, Ltd.

350,000——

350,000

SBI Shinsei Bank, Limited

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

The Bank of Fukuoka, Ltd.

—

500,000—

500,000

Aozora Bank, Ltd.

—

500,000—

500,000

Mizuho Bank, Ltd.

—

460,000—

460,000

SBI Shinsei Bank, Limited—

400,000—

400,000

Resona Bank, Ltd.

—

300,000—

300,000

The Bank of Fukuoka, Ltd.

—

350,000—

350,000

Mizuho Bank, Ltd.

—

290,000—

290,000

SBI Shinsei Bank, Limited—

200,000—

200,000

SBI Shinsei Bank, Limited—

1,400,000—

1,400,000

Resona Bank, Ltd.

—

400,000—

400,000

Kansai Mirai Bank, Limited—

1,000,000—

1,000,000

10,685,000

5,800,000

5,035,000

11,450,000

Subtotal of current portion of long-termborrowings

44

Average
Balance at end ofinterest rate
period(Note 3)0.870%(Note 1)

1.099%(Note 2)0.572%(Note 2)0.770%(Note 1)

0.958%(Note 2)0.630%(Note 1)0.770%(Note 1)0.770%(Note 1)0.673%(Note 2)0.517%(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(Unit: thousands of yen)

Category

LenderSumitomo Mitsui Banking Corporation

Decrease during
the period

100,000——

Repayment
date

Use offunds

Category

LenderRemarks
Mizuho Bank, Ltd.

100,000

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

1,000,000——

1,000,000

920,000——

920,000

Average
Balance at end ofinterest rate
period(Note 3)

Repayment
date

Use offunds

Remarks

0.742%

July 31,2026(Note 5)

Unsecured
Unguaranteed

January 31,
2026(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 5)

Unsecured
Unguaranteed

January 29,
2027(Note 5)

Unsecured
Unguaranteed

July 30,2027(Note 5)

Unsecured
Unguaranteed

July 30,2027(Note 5)

Unsecured
Unguaranteed

January 31,
2028(Note 5)

Unsecured
Unguaranteed

January 31,
2028(Note 5)

Unsecured
Unguaranteed

January 29,
2027(Note 5)

Unsecured
Unguaranteed

January 31,
2028(Note 5)

Unsecured
Unguaranteed

July 30,2027(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2029(Note 5)

Unsecured
Unguaranteed

July 30,2027(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2029(Note 5)

Unsecured
Unguaranteed

The Bank of Fukuoka, Ltd.

100,000——

100,000

500,000——

500,000

The Higo Bank, Ltd.

500,000——

500,000

Fukoku Mutual Life Insurance Company

300,000——

300,000

The Bank of Fukuoka, Ltd.

1,550,000——

1,550,000

The Bank of Fukuoka, Ltd.

500,000—

500,000—

The Bank of Yokohama, Ltd.

1,250,000——

1,250,000

Aozora Bank, Ltd.

500,000—

500,000—

THE KAGAWA BANK, Ltd.

600,000——

600,000

Mizuho Bank, Ltd.

460,000—

460,000—

SBI Shinsei Bank, Limited

500,000——

500,000

SBI Shinsei Bank, Limited

400,000—

400,000—

The Juhachi-Shinwa Bank, Ltd.

240,000——

240,000

Resona Bank, Ltd.

300,000—

300,000—

The Kumamoto Bank, Ltd.

140,000——

140,000

SBI Shinsei Bank, Limited

600,000——

600,000

JAPAN POST BANK Co., Ltd.

1,000,000——

1,000,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

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—

SBI Shinsei Bank, Limited

200,000—

200,000—

1,250,000——

1,250,000

1.476%(Note 2)0.770%(Note 1)1.318%(Note 2)0.770%(Note 1)0.917%(Note 1)January 31,
2025(Note 5)(Note 4)January 31,
2024(Note 5)(Note 4)

July 31,2025(Note 5)(Note 4)January 31,
2024(Note 5)(Note 4)January 30,
2026(Note 5)(Note 4)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Kansai Mirai Bank, Limited

Unsecured
Unguaranteed

500,000——

500,000

Sumitomo Mitsui Banking Corporation

1,500,000——

1,500,000

Aozora Bank, Ltd.

1,500,000——

1,500,000

SBI Shinsei Bank, Limited

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

Resona Bank, Ltd.

Unsecured
Unguaranteed

300,000——

300,000

Sumitomo Mitsui Banking Corporation

1,700,000——

1,700,000

The Higo Bank, Ltd.

1,500,000——

1,500,000

500,000——

500,000

2,000,000——

2,000,000
810,000

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

Sumitomo Mitsui Banking Corporation

810,000——

SBI Shinsei Bank, Limited

400,000——

400,000

Resona Bank, Ltd.

900,000——

900,000

The Juhachi-Shinwa Bank, Ltd.

400,000——

400,000

The Juhachi-Shinwa Bank, Ltd.

660,000——

660,000

The Kumamoto Bank, Ltd.

200,000——

200,000

The Bank of Fukuoka, Ltd.

540,000——

540,000

Sumitomo Mitsui Banking Corporation

600,000——

600,000

SBI Shinsei Bank, Limited

500,000——

500,000

The Bank of Fukuoka, Ltd.

450,000——

450,000

The Kumamoto Bank, Ltd.

440,000——

440,000

Aozora Bank, Ltd.

400,000——

400,000

SBI Shinsei Bank, Limited

300,000——

300,000

Aozora Bank, Ltd.

500,000——

500,000

The Juhachi-Shinwa Bank, Ltd.

300,000——

300,000

The Kumamoto Bank, Ltd.

200,000——

200,000

THE HYAKUGO BANK, LTD.

1,000,000——

1,000,000

Resona Bank, Ltd.

200,000——

200,000

SBI Shinsei Bank, Limited

500,000——

500,000

1,400,000—

1,400,000—

400,000—

400,000—

SBI Shinsei Bank, Limited
Resona Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

2,500,000——

2,500,000

Mizuho Bank, Ltd.

2,500,000——

2,500,000

The Nishi-Nippon City Bank, Ltd.

500,000——

500,000

Resona Bank, Ltd.

900,000——

900,000

SBI Shinsei Bank, Limited

725,000——

725,000

Sumitomo Mitsui Banking Corporation

500,000——

500,000

The 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

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

Sumitomo Mitsui Banking Corporation

SBI Shinsei Bank, Limited

1,000,000——

1,000,000

Aozora Bank, Ltd.

500,000——

500,000

Resona Bank, Ltd.

250,000——

250,000

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

The Kagoshima Bank, Ltd.

0.717%(Note 1)1.087%(Note 2)

July 31,2024

Mizuho Bank, Ltd.
(Note 5)(Note 4)

July 31,2026(Note 5)(Note 4)January 31,
2024

0.783%

January 31,
2025(Note 5)

July 31,2025(Note 5)(Note 2)0.864%(Note 2)0.907%(Note 2)0.750%(Note 2)0.863%(Note 2)0.517%(Note 1)0.517%(Note 1)

0.711%(Note 2)0.829%(Note 2)

(Note 5)(Note 4)(Note 4)(Note 4)

July 31,2026(Note 5)(Note 4)January 31,
2025(Note 5)(Note 4)January 30,
2026

Unsecured
Unguaranteed

THE KAGAWA BANK, Ltd.

0.673%(Note 2)

Unsecured
Unguaranteed(Note 5)(Note 4)

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

500,000—

1,000,000

The Higo Bank, Ltd.

1,000,000——

1,000,000

Daishi Hokuetsu Bank, Ltd.

850,000——

850,000

The Dai-ichi Life Insurance Company,
Limited

500,000——

500,000

Sumitomo Mitsui Banking Corporation—

500,000—

500,000

SBI Shinsei Bank, Limited—

500,000—

500,000

Aozora Bank, Ltd.

—

500,000—

500,000

The Yamaguchi Bank, Ltd.

—

500,000—

500,000

The Hiroshima Bank, Ltd.

—

1,000,000—

1,000,000—

500,000

Sumitomo Mitsui Banking Corporation—

1,050,000—

1,050,000

SBI Shinsei Bank, Limited—

500,000—

500,000

Aozora Bank, Ltd.

—

500,000—

500,000

The Yamaguchi Bank, Ltd.

—

500,000—

500,000

Resona Bank, Limited—

450,000—

450,000

Mizuho Bank, Ltd.

—

500,000—

500,000

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

—

500,000—

500,000

Unsecured
Unguaranteed

Mizuho Bank, Ltd.

—

500,000—

500,000

Unsecured
Unguaranteed

Unsecured
Unguaranteed(Note 5)

July 31,2025(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed(Note 4)——500,000

July 31,2024(Note 4)—1,000,000—(Note 5)(Note 4)500,000

Aozora Bank, Ltd.

Sumitomo Mitsui Banking Corporation

January 31,
2024(Note 4)Long-term borrowings

Long-term borrowings

Increase during
the period

Average
Balance at end ofinterest rate
period(Note 3)

Aozora Bank, Ltd.

Mizuho Bank, Ltd.

46

Balance at
beginning of
period(Note 1)0.608%(Note 2)0.614%(Note 2)0.567%(Note 1)0.720%(Note 2)0.726%(Note 2)0.767%(Note 1)0.910%(Note 2)0.940%(Note 2)0.617%(Note 1)

0.993%(Note 2)0.891%(Note 2)

1.034%(Note 2)

1.181%(Note 2)0.891%(Note 2)

1.034%(Note 2)

1.181%(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)(Note 4)(Note 4)(Note 4)47

II. Financial Section

Note 15 – Tax Effect Accounting

LenderBalance at
beginning of
periodIncrease during
the period

Decrease during
the period

The Bank of Fukuoka, Ltd.

—

1,050,000—

1,050,000

The Higo Bank, Ltd.

—

700,000—

700,000

Kansai Mirai Bank, Limited—

700,000—

700,000

Aozora Bank, Ltd.

—

550,000—

550,000

Sumitomo Mitsui Banking Corporation—

500,000—

500,000

THE KAGAWA BANK, Ltd.

—

250,000—

250,000

THE SHIZUOKA BANK, LTD.

—

250,000—

250,000

Accrued business taxes not deductible from taxable income

17

18

Resona Bank, Limited—

200,000—

200,000

Total deferred tax assets

17

18

SBI Shinsei Bank, Limited—

150,000—

150,000

17

18

The Chiba Bank, Ltd.

—

150,000—

150,000

Category

Long-term borrowings

SAMTY RESIDENTIAL

Subtotal of long-term borrowings
Total

Average
Balance at end ofinterest rate
period(Note 3)

Repayment
date

Use offunds

Remarks

1.

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

1.434%(Note 2)January 31,
2029(Note 5)(Note 4)

Unsecured
Unguaranteed

14th fiscal period

15th fiscal period(as of July 31, 2022)(as of January 31, 2023)

Deferred tax assets

Deferred tax assets, net

62,550,000

12,500,000

5,800,000

69,250,000

—

—

—

—

73,235,000

18,300,000

10,835,000

80,700,000

—

—

—

—

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

2.	Breakdown of Main Items Resulting in Differences between the Statutory Tax Rate and the Effective Tax
Rate after Applying Tax Effect Accounting(Note 2) These loans are with fixed interest rates.

(Unit: %)(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 following business day shall be the repayment date. If such a day is in the following month, theimmediately preceding business day shall be the repayment date.
(Note 5) 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
through 2 years
Long-term borrowings

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

16,530,000

Due after 5 years

15,900,000

Statutory tax rate
Deductible distributions
Other

Decreaseduring theperiodBalance at
end of period

Coupon rate

Redemption
date

Use of funds

Security

February 1,
2018

1,000,000

1,000,000—

1.05424%

January 31,
2023

Propertyacquisition

Unsecured

December 8,
2021

Third Series Unsecured
Investment Bonds (with paripassu conditions among specified
investment corporation bonds)(Green Bonds)

December 15,
2022

Total

(31.44)(31.44)0.03

Effective tax rate after applying tax effect accounting

0.03

0.04

0.05

(Unit: yen)

Balance at
beginning of
periodSecond Series Unsecured
Investment Corporation Bonds(with pari passu conditions among
specified investment corporation
bonds)

31.46

Note16 – Per Unit Information

Issue date

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

31.46(Adjustment)(Unit: thousands of yen)

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

15th fiscal period(as of January 31, 2023)

10,000,000

Note 14 – Schedule of Investment Corporation Bonds
Name

14th fiscal period(as of July 31, 2022)

14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

Net assets per unit

98,736

100,320

Net income per unit

2,775

2,420

(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.
(Note 2) Net income per unit was calculated based on the following data:

1,700,000

1,500,000—

1,700,000—

1,500,000

0.58000%

0.85000%

December 16,
2025

Refinance ofexistingborrowings

Unsecured
Net income (thousands of yen)

December 8,
2031

Refinance ofexistingborrowings
Refinance ofexistingborrowings

Unsecured

—

—

—

—

1,400,000

0.85000%

December 15,
2027

4,200,000

1,000,000

4,600,000——

Unsecured

Amounts not attributable to ordinary unitholders(thousands of yen)
Net income attributable to ordinary investment units(thousands of yen)
Average number of investment units during the period (units)

14th fiscal period

15th fiscal period(From February 1, 2022 to July 31, 2022)(From August 1, 2022 to January 31, 2023)

2,135,885

2,029,946——

2,135,885

2,029,946

769,626

838,486(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)Due in 1 year or less
Investment corporation bonds

48—

Due after 1 year
through 2 years

Due after 2 years
through 3 years—

1,700,000

Due after 3 years
through 4 years

Due after 4 years
through 5 years—

1,400,000

49

II. Financial Section

SAMTY RESIDENTIAL

Note 17 – Transactions with Related Parties
1.

4.

Directors and major individual unitholders
14th fiscal period (From February 1, 2022 to July 31, 2022)

Parent company and major corporate unitholders

Not applicable

14th fiscal period (From February 1, 2022 to July 31, 2022)

15th fiscal period (From August 1, 2022 to January 31, 2023)

Not applicable

The transaction performed by Masafumi Takahashi in the role of representative of a third party (Samty Asset Management Co., Ltd.)is the transaction with Samty Asset Management Co., Ltd. as described above in (3) Sister companies.

15th fiscal period (From August 1, 2022 to January 31, 2023)(Unit: thousands of yen)

Attribute

Major unitholder

NameSamty Co.,Ltd.

Location

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

Capitalstock orinvestments
in capital

20,657,000

Business or
occupation

Real estatebusiness

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]
Ownership in
Samty
Residential
Direct13.51%

Relationship
Interlocking
directors

None

Businessrelationship

Description oftransaction

Purchase of realestate trust
beneficiary
Lease andinterest
managementof real estate Purchase of realestate (actual
real estate)Transaction
amount

9,773,000

Account
title

Balance at
end ofperiod——1.

Breakdown Information on Revenue from Contracts with Customers
14th fiscal period (From February 1, 2022 to July 31, 2022)(Unit: thousands of yen)

3,402,000——

Revenue from contracts with customers (Note 1)
Sale of real estate properties(Note 2) Consumption taxes are not included in the transaction amount.

Sales to external customers(Note 2) 376,999

31,476

31,476

Other—

4,999,906

Total

2,918,476

5,408,382

Affiliated companies, etc.

(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) is excluded from “Revenue from contracts withcustomers” 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.

14th fiscal period (From February 1, 2022 to July 31, 2022)(Note 2) As sale of real estate properties is recorded as gain or loss on sale of real estate properties in the Statement of Income and Retained Earnings, theamount obtained by deducting cost of sale of real estate properties and other expenses related to sale from proceeds from sale of real estate properties
is indicated for sales to external customers.

Not applicable

15th fiscal period (From August 1, 2022 to January 31, 2023)

15th fiscal period (From August 1, 2022 to January 31, 2023)(Unit: thousands of yen)

Not applicable3.

2,887,000

Utilities income(Note 1) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.

2.

Note 18 – Revenue Recognition

Revenue from contracts with customers (Note)
Utilities income

Sister companies
14th fiscal period (From February 1, 2022 to July 31, 2022)

Sales to external customers

32,847

32,847

Other—

5,427,411

Total

32,8475,460,258(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.

Not applicable

15th fiscal period (From August 1, 2022 to January 31, 2023)(Unit: thousands of yen)
Capitalstock orinvestments
in capitalBusiness or
occupation

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

100

Acquisition, saleand management,
etc. of trust
beneficiary interestin real estate in
trust

—

1-8-39Samty
Nishimiyahara,
Property
Yodogawa-ku,
Management
Osaka-shi,Co., Ltd.
Osaka

40,000Real estate
property
management—

1-8-3,
Marunouchi
Chiyoda-ku,
Tokyo

120,000

Asset management for Samty
Residential

One concurrent
officer

Attribute

Name

Location

Company inwhich major
unitholder(corporation)holds a majorityof voting rights

Samty
Bridge One
LLC

1-8-39Nishimiyahara,
Yodogawa-ku,
Osaka-shi,
OsakaCompany inwhich major
unitholder(corporation)holds a majorityof voting rights
Company inwhich major
unitholder(corporation)holds a majorityof voting rights

Samty AssetManagement
Co., Ltd.

Relationship
Interlocking
directors

Businessrelationship

None

Lease andmanagementof real estate

None

Lease andmanagementof real estate

None

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodPurchase of realestate trust
beneficiaryinterest

1,172,000——

Consigned
managementfee

194,554

Operatingaccounts
payable35,371

Repair work

361,198

Operatingaccounts
payable159,415574,805

Accounts
payable- other

71,320

Payment ofConsignment
asset manageof asset
ment fees (Notemanagement
1)(Note 1) The amount of asset management fees includes fees for asset management related to the acquisition of properties (150,670 thousand yen) that were
paid and capitalized in the book value of the individual real estate properties.
(Note 2) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.
(Note 3) Consumption taxes are not included in the transaction amount.

50

51

II. Financial Section

Note 19 – Segment Information
1.

SAMTY RESIDENTIAL

Independent Auditor's Report

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

2.

Related Information
14th fiscal period (From February 1, 2022 to July 31, 2022)(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 any single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

15th fiscal period (From August 1, 2022 to January 31, 2023)(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 any single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

Note 20 – Significant Subsequent Events
Not applicable52

53

II. Financial Section

54

SAMTY RESIDENTIAL

55