16 Fiscal Period Semi-Annual ReportthFrom February 1, 2023 to July 31, 2023

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

SAMTY RESIDENTIAL

Message to Our Unitholders

Financial Highlights and Change in Asset Size

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

Operating revenue

Operating income

Ordinary income

Net income

5,822 million yen

2,632 million yen

2,149 million yen

2,148 million yen

Change in Asset Size
Aiming forcontinuous
growth(billion yen)200

On behalf of Samty Residential Investment Corporation (Samty Residential), let me express our
sincere gratitude to our unitholders for your loyal patronage.

100

Q. What are the key points for the fiscal period ended July 31, 2023 (the “16th Fiscal Period”)?

0

By implementing marketing measures tailored to the characteristics of respective areas, we maintained high occupancy rates, with an average occupancy rate of 96.9% during the period and 96.7%
at the end of the period.

110.0

108.9

Under the philosophy of revitalizing Japan’s economy starting with 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.

1. Maintained High Occupancy

146.3

150

50

No. of properties

88.2

30.9

3. Borrowing through Green Loans
We borrowed (refinanced) 5.5 billion yen in July 2023. Of which, 2.3 billion yen was procured througha green loan, a first for Samty Residential.

162.6

162.7

160.7

118.2

90.8

Replacement Replacement Replacement Replacement Replacement Replacement Acquisition Replacement Acquisition Replacement Disposition

Jan.
2016

Jan.
2019

Jul.
2019

Jan.
2020

(1st FP)(7th FP)(8th FP)(9th FP)

29

92

96

117

Jul.
2020

Jan.
2021

Jul.
2021

Jan.
2022

Jul.
2022

Jan.
2023

Jul.
2023

Jan.
2024

118

132

132

159

159

178

178

176

(10th FP) (11th FP) (12th FP) (13th FP) (14th FP) (15th FP) (16th FP) (17th FP) Forecast

Distribution Information

2. Implemented Asset Replacement for the Fifth Consecutive Year
We acquired four properties and disposed of four properties, improving portfolio quality and distributing the gain on sale.

118.4

147.6

Finalized DPU
for the fiscal period
ended July 2023
(16th FP)

2,788

yen

ResultForecast

Forecast

Jul. 2023 (16th FP)

Jan. 2024 (17th FP)

Jul. 2024 (18th FP)

Total distribution

2,788 yen

2,820 yen

2,500 yen

Profit distribution

2,562 yen

2,649 yen

2,202 yen

Distribution inexcess of earnings

226 yen

171 yen

298 yen

4. Sustainability Initiatives
In the 16th Fiscal Period, we obtained CASBEE Certification for Real Estate for three properties. We
will continue to focus on sustainability by obtaining environmental certifications and reducing theenvironmental impact of our properties through various energy conservation initiatives.

Total acquisition priceNo. of properties

Period-end occupancy rate

Q. W
 hat is your investment plan for the fiscal period ending January 31, 2024 (the “17thFiscal Period”)?

162,783 million yen

178 properties

96.7 %

Investment Ratio by Geographical Area

Ratio by Room Type

Ratio by Building Age

Two properties are scheduled to be disposed of in November 2023 as well. This should not only
further 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 will endeavor to enhance unitholder
value over the medium to long term and generate stable distributions. We greatly appreciate yourcontinued support of and cooperation with Samty Residential.

Portfolio Composition

Family 12.5％

Greater Tokyo area
24.9％

Ratio ofRegional Cities

15 years toless than
20 years
37.3％

Ratio ofSingle/Compact

75.1%

Other
regional cities
27.6％

20 years or more
4.8％

87.5%

Major
regional cities
47.5％

Compact
41.0％

Single46.6％

10 years
to less than
15 years
13.7％

Averagebuilding age

11.5 years

Less than
5 years
21.1％

5 years
to less than
10 years
23.1％(Note) The ratios shown are calculated based on acquisition price.

1

2

SAMTY RESIDENTIAL

Sustainability Initiatives
Environment

SocialEnvironmental Certifications from External Assessment Organizations

Initiatives for Residents, Regions/Society (Community)
New Initiatives

No. of properties

22 properties

Total floor area

84,139.61 m

Ratio of certified properties(ratio by total floor area)

19.7%

Electric bike sharing services● Introduction of electric bike sharing services
2

Ongoing Initiatives

16 properties

Newly Certified Properties
in the 16th Fiscal Period

1 property

5 properties

Newly Certified Properties
in the 17th Fiscal Period● Introduction of delivery drop-off services● Installation of delivery boxes● Installation of vending machines for social contributions/disaster recovery support● Installation of AEDs
● Disaster prevention initiatives(Adoption of disaster prevention facilities /
installation of disaster prevention cabinets)

S-FORT Todakoen

CASBEE
Certification

S-FORT Motoyawata Mairie

Governancefor Real Estate
S-FORT
Osu Kannon
Rank S ★★★★★

S-RESIDENCE
Shin Osaka Ekimae
Rank A ★★★★

S-FORT
Funabashi Tsukada
Rank A ★★★★

S-RESIDENCE
Midoribashi Ekimae
Rank A ★★★★

S-FORT Nagasaki
Daigaku Byoin-mae
Rank A ★★★★

Ongoing Initiatives
Support for TCFD recommendations
Samty Asset Management expressed its support for the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations. We also joined the TCFD Consortium, an organization formed by domestic companies that supports TCFD recommendations. We are preparing to make disclosures based on the TCFD recommendations.

Ensuring a Management System That Considers Unitholder Interests● Management with a transparent decision-making process● Introduction of accumulative investment system of investment units and investment unit ownership program● Same-boat investment by Samty Co., Ltd. in order to match the interests of unitholders and sponsors
Trends of Samty Residential’s Investment Units Held by Samty Co., Ltd.
(Unit)

Units held (left axis)

Holding ratio (right axis)(%)

160,000

16.0

13.5

140,000

13.5

13.5

13.5

120,000

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.

13.5

9.9

104,042 104,042

9.9

10.0

86,337 86,337

80,00060,00014.0

113,383 113,383 12.0

100,000GRESB Real Estate Assessment

13.5

8.0

6.1

6.1
4.4

4.4

4.4

5.3

5.0

5.0

58,386 58,386

6.0

40,0004.0

24,274 25,205 25,205
20,0000

2.0

10,000 10,000 12,374 12,374 12,374
Jan.
2016

Jul.
2016

Jan.
2017

Jul.
2017

Jan.
2018

Jul.
2018

Jan.
2019

Jul.
2019

Jan.
2020

Jul.
2020

Jan.
2021

Jul.
2021

Jan.
2022

Jul.
2022

Jan.
2023

Jul.
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) (16th FP)

34

I. Asset Management Report

SAMTY RESIDENTIAL

1. Overview of Asset Management(2) 16th Fiscal Period Asset Management Review(1) Changes in Operating Results and Other Management Data
12th fiscal period

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

13th fiscal periodi) Brief History of Samty Residential
14th fiscal period

15th fiscal period

16th fiscal period(From February 1,(From August 1, 2021
(From February 1,(From August 1, 2022
(From February 1,
2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023) 2023 to July 31, 2023)(millions of yen)

4,176

4,842

5,408

5,460

5,822

(millions of yen)

4,067

4,842

5,031

5,460

5,565

(millions of yen)

2,317

2,533

2,859

2,922

3,190

(millions of yen)

1,777

1,950

2,183

2,230

2,446

(millions of yen)

1,859

2,309

2,549

2,537

2,632
2,149

Ordinary income(millions of yen)

1,516

1,833

2,136

2,030

Net income(millions of yen)

1,515

1,832

2,135

2,029

2,148

Total assets(millions of yen)

124,926

154,849

155,528

171,482

171,452

(0.5)

24.0

0.4

10.3

(0.0)

59,91875,98175,99084,141

83,980

(1.0)

26.8

0.0

10.7

(0.2)

(%)

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

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

(millions of yen)

63,43576,93577,43585,30085,150Unitholders' capital, net (Note 3)(millions of yen)

58,402

74,14973,854

82,111

81,831(units)639,300

769,626

769,626

838,726

838,726(yen)

93,724

98,72598,736

100,320

100,128(millions of yen)

1,748

2,127

2,325

2,309

2,338

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

(yen)

2,735

2,764

3,021

2,753

2,788

Of which, distribution of earnings per unit

(yen)

2,371

2,381

2,775

2,420

2,562

Of which, distribution in excess of earnings
per unit

(yen)

364

383

246

333

226

Ratio of ordinary income to total assets (Note 4)

(%)

1.2

1.3

1.4

1.2

1.3

(%)

2.4

2.6

2.8

2.5

2.5

(%)

2.5

2.7

2.8

2.5

2.6

(%)

5.1

5.3

5.7

5.0

5.2

(%)

48.0

49.1

48.9

49.1

49,0

(0.2)

1.1

(0.2)

0.2

(0.1)

(%)

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)

181

184

181

184

181

(properties)

132

159

159

178

178

Depreciation(millions of yen)

817

960

985

1,085

1,096

Capital expenditures(millions of yen)

206

222

300

373

534

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

3,107

3,852

3,832

4,315

4,215

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

2,224

2,792

2,744

3,115

2,987

FFO per unit (Note 4)

(yen)

3,479

3,628

3,565

3,714

3,561

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

(%)

50.8

49.7

49.8

49.7

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 x 100

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 July 2023 (hereinafter, the “end of the 16th fiscal period”), Samty Residential owned realestate, etc. consisting of 178 properties in total (total acquisition price: 162,783 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 July 2023 (hereinafter, the “16th fiscal period”), the Japanese economy recorded a real GDP growth rate(first preliminary estimate) for the April - June 2023 period of 1.5% (seasonally adjusted, period-on-period comparison), or 6.0% whenannualized, achieving positive growth for three consecutive quarters, while the private final consumption expenditure growth rate was-0.5% in real terms (seasonally adjusted, period-on-period comparison), declining for the first time in three quarters. As for theemployment situation, the job opening-to-application ratio in June 2023 was 1.13 times.
Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of June 2023 stood at
99.4 trillion yen, remaining at a high level, according to the quarterly Loans and Bills Discounted by Sector publicized by the Bank ofJapan.
In the real estate transaction market, market participants show a considerable willingness to invest, although they have started 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 16th fiscal period, Samty Residential acquired S-RESIDENCE Minamimaruyama (acquisition price: 410 million yen) in
May 2023 as well as S-RESIDENCE Kachigawa Ekimae and two other properties (total acquisition price: 1,882 million yen) in June
2023, while disposing of S-FORT Kurumamichi (disposition price: 530 million yen) in March 2023 as well as S-FORT Hakata-Higashi I
and two other properties (total disposition price: 2,057 million yen) in June 2023. Consequently, the assets owned by Samty
Residential as of the end of the 16th fiscal period totaled 178 properties with a total acquisition price of 162,783 million yen. The
investment ratio by geographical area was 75.1% for regional cities (47.5% for major regional cities and 27.6% for other regional
cities) and 24.9% for the Greater Tokyo area, on an acquisition price basis.
Samty Residential conducts leasing activities in line with the characteristics and demand of respective regions and works to renovate common areas and rooms for lease in an effort to enhance such usability as comfort, convenience and safety. In conducting
large-scale construction work, Samty Residential endeavors to cooperate with the Samty Group (Note 1) to realize cost reduction.
Rent per unit after adjustment (Note 2) has remained strong, as Samty Residential has cooperated with property management companies and worked on setting rents and receiving key money by taking into account the characteristics and demand of respective
regions. The occupancy of the entire portfolio was kept at its highest level during the 16th fiscal period, with the period-average occupancy rate standing at 96.9%. At the end of the 16th fiscal period, the total rentable area was 376,845.03 m2 and the occupancy rate
stood at 96.7%.
(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

56

I. Asset Management Report

SAMTY RESIDENTIAL

iii) Overview of Fund Procurement
In the 16th fiscal period, Samty Residential took out long-term borrowings (Term Loan 23-A) totaling 3,200 million yen from Sumitomo
Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Aozora Bank, Ltd., The Bank of Fukuoka, Ltd., Resona Bank, Limited, THE
KAGAWA BANK, Ltd., The Juhachi-Shinwa Bank, Ltd., The Kumamoto Bank, Ltd., The Bank of Saga Ltd., San ju San Bank, Ltd.,THE SHIZUOKA BANK, LTD., and The Chiba Bank, Ltd., and long-term borrowings (Term Loan 23-B (Green Loan)) totaling 2,300
million yen from Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Aozora Bank, Ltd., The Bank of Fukuoka, Ltd.,
Resona Bank, Limited, THE KAGAWA BANK, Ltd., The Juhachi-Shinwa Bank, Ltd., The Kumamoto Bank, Ltd., The Bank of SagaLtd., San ju San Bank, Ltd., THE SHIZUOKA BANK, LTD., The Chiba Bank, Ltd. and THE OITA BANK, LTD. on July 31, 2023,
amounting to 5,500 million yen in total, in order to fund the repayment of existing borrowings (Term Loans 8-A, 8-B and 12-A) totaling
5,650 million yen.
As a result, the balance of interest-bearing debt totaled 85,150 million yen as of the end of the 16th 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.
Credit rating agency

Credit rating

Japan Credit Rating Agency, Ltd.
(JCR)

Long-term issuer ratingA (Stable)(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 16th fiscal period,
the total amount of the continuous appraisal value was 184,591,000,000 yen, while the total amount of the book value after adjustment was
156,031,060,673 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation
period was 416,512,450 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 16th fiscal period (184,591,000,000 yen)exceeds the total amount of the book value after adjustment (156,031,060,673 yen) and the total reserve for the planned construction cost of repairs andreplacements to be conducted in the 17th fiscal period (416,512,450 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 178 properties owned by Samty Residential as of the date of this document is 207 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.

iv) Sustainability Initiatives
Samty Residential’s basic philosophy is to “revitalize Japan’s economy, starting with its regional cities, by investing in quality accommodation facilities in wide-ranging regional cities throughout Japan in a way tailored to the situation and characteristics of respective
areas.” Through such investment activities, Samty Residential works to secure stable earnings and endeavors to enhance unitholder
value. Based on this philosophy and under the belief that making endeavors in consideration of environmental, social, and governance (ESG) issues should contribute to maximizing the interests of customers over the medium to long term, we have establishedthe “Sustainability Policy” and are promoting specific initiatives by identifying ESG issues (materiality) that are of particular importance for Samty Residential and the Asset Management Company.
In terms of initiatives on the environment, we are promoting energy conservation and reduction of greenhouse gas (GHG) emissions by installing energy-saving equipment, including LED lighting, and utilizing renewable energy at owned properties, among othermeasures. In addition, we are promoting the acquisition of environmental certifications for owned properties. Of the properties owned
by Samty Residential as of the day of this document, a total of 22 properties have been certified under either DBJ Green Building
Certification, CASBEE Certification for Real Estate, or BELS (Building-Housing Energy-efficiency Labeling System) certification, andthe ratio of certified properties stands at 19.7% of the entire portfolio (ratio by total floor area).
As for our initiatives for society, we have installed delivery boxes, adopted car sharing, introduced IoT equipment, etc. in order toenhance convenience for residents and provide them with a safe and secure residential space. We also contribute to our residents
and the local communities through the installation of donation-type and disaster response vending machines, setting AEDs (automated external defibrillators) and adopting disaster prevention facilities, etc.
As part of our endeavors in governance, the Asset Management Company thoroughly conducts risk management and legal compliance by managing assets through a transparent decision-making process, including the establishment of voluntary rules on transactions with interested parties, etc. Moreover, the main sponsor has conducted same-boat investment from the perspective ofmatching the interests of Samty Residential’s unitholders and the sponsors.
Samty Residential has obtained “1 Star” in the 2022 GRESB Real Estate Assessment, which grants rating in five stages based on
global ranking of total scores.

v) Overview of Performance and Distributions
As a result of the above, Samty Residential posted operating revenue of 5,822 million yen, operating income of 2,632 million yen,ordinary income of 2,149 million yen and net income of 2,148 million yen for the 16th fiscal period.
With regard to the distribution for the 16th 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 2,562 yen.
In addition, as part of its cash management, Samty Residential also decided to make a cash distribution in excess of earnings(hereinafter, “distribution in excess of earnings”) for the 16th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 189,552,076 yen, which is the amount almost equivalent to 17.3/100 of 1,096 million
yen in depreciation for the 16th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 226 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net
income and depreciation combined) stood at 72.1%.
7

Date

Event

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

Increase(decrease)

Increase(decrease)

Balance

Remarks

BalanceAugust 27, 2018

Capital increase through public offering

47,500504,100

4,116

44,589(Note 2)October 22, 2018

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

504,100(213)

44,376(Note 3)

April 22, 2019

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

504,100(229)

44,146(Note 4)

August 26, 2019

Capital increase through third-party allotment

88,500592,600

10,33654,483(Note 5)October 21, 2019

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

592,600(232)

54,250(Note 6)

April 22, 2020

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

592,600(205)

54,044(Note 7)

August 3, 2020

Capital increase through third-party allotment

46,700639,300

4,712

58,756(Note 8)October 19, 2020

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

639,300(231)

58,524(Note 9)April 21, 2021

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

639,300(122)

58,402(Note 10)

August 2, 2021

Capital increase through public offering andthird-party allotment

128,207

767,507

15,725

74,127(Note 11)

August 24, 2021

Capital increase through third-party allotment

2,119

769,626

254

74,381(Note 12)October 18, 2021

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

769,626(232)

74,149(Note 13)

April 22, 2022

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

769,626(294)

73,854(Note 14)

August 1, 2022

Capital increase through public offering andthird-party allotment

67,577

837,203

8,263

82,117(Note 15)

August 30, 2022

Capital increase through third-party allotment

1,523

838,726

182

82,300(Note 16)

October 18, 2022

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

838,726(189)

82,111(Note 17)

April 21, 2023

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

838,726(279)

81,831(Note 18)

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

(Note 4)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.

(Note 5)Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 116,800 yen per unit to fund the acquisitionof new properties, etc.

(Note 6)

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.

8

I. Asset Management Report(Note 7)(Note 8)(Note 9)SAMTY RESIDENTIAL

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.

12th fiscal period

Fiscal period

13th fiscal period

14th fiscal period

15th fiscal period

16th fiscal period(From February 1,(From August 1, 2021
(From February 1,(From August 1, 2022
(From February 1,
2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023) 2023 to July 31, 2023)

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.

Total unappropriated retained earnings(thousands of yen)

1,516,078

1,832,599

2,136,006

2,030,240

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.

Retained earnings(thousands of yen)

298

120

293

523

190

Total cash distribution(thousands of yen)

1,748,485

2,127,246

2,325,040

2,309,012

2,338,368(Note 10) 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 11) 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 12) 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 13) 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 14) 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 15) 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 16) 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 17) 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.
(Note 18) Samty Residential resolved at its Board of Directors’ meeting held on March 17, 2023, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 333 yen per unit as cash distribution for the 15th fiscal period(ended January 2023). Payment of distribution commenced on April 21, 2023.

[Distribution per unit]

(yen)

2,735

2,764

3,021

2,753

2,788

1,515,780

1,832,479

2,135,712

2,029,716

2,148,816

(yen)

2,371

2,381

2,775

2,420

2,562

(thousands of yen)

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

2,149,006

232,705

294,766

189,327

279,295

189,552[Refund of capital contribution per unit]

(yen)

364

383

246

333

226

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

—

—

—

—

—

(yen)

—

—

—

—

—

232,705

294,766

189,327

279,295

189,552

364

383

246

333

226

[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 16th fiscal period, please refer to (Note 1) and (Note 2) for v) Overview of
Performance and Distributions, (2) 16th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

(5) Future Asset Management Policy and Issues to Be Addressed[Changes in Market Price of Investment Certificates]

Outlook of Overall Asset Management

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.

According to the Monthly Economic Report (August 2023) announced by the Cabinet Office on August 28, 2023, the Japanese economy is recovering at a moderate pace. As for the outlook, the report continues, the economy is expected to continue recovering at amoderate pace with the improving employment and income situation, supported by the effects of the policies. However, slowing downof overseas economies is downside risk of the Japanese economy, including the effects of global monetary tightening and the concern about the prospect of the Chinese economy, it says. Moreover, as the report warns, full attention should be given to priceincreases and fluctuations in the financial and capital markets.

Fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period

16th fiscal period(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)(From February 1, 2023 toJuly 31, 2023)

Highest133,500 yen

128,800 yen

141,500 yen

128,000 yen

121,600 yen

Lowest107,300 yen

114,800 yen

113,600 yen

108,600 yen

107,700 yen(Note) Samty Residential’s investment securities were listed on the real estate investment trust market of the Tokyo Stock Exchange on June 30, 2015.

(4) Performance of Distributions, Etc.
With regard to the distribution for the 16th 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 2,562 yen. In addition, as part of its cash
management, Samty Residential also decided to make a distribution in excess of earnings for the 16th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 189,552,076 yen, which is the amountalmost equivalent to 17.3/100 of 1,096 million yen in depreciation for the 16th fiscal period, as refund of capital contribution tounitholders. As a result, distribution in excess of earnings per unit came to 226 yen.

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, in contrast to the supply of rental housing kept 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 therising interest 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.

910

I. Asset Management Report

SAMTY RESIDENTIAL(Reference Information)(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.
Going forward, as it did in the 16th fiscal period, Samty Residential will work to expand rental revenue by maintaining and enhancing the asset value and property competitiveness through implementation of strategic measures for better usability and repairs forhigher property value, improving the occupancy rate through reinforcement of leasing activities, raising rent per unit after adjustment
through rent setting suited for the situation of respective properties and receipt of key money, and securing accompanying income
such as parking fees, based on the real estate market conditions including the operation status of each property and the trends ofcompeting properties in the neighborhood. Moreover, Samty Residential will endeavor to maintain and increase rental income throughreduction of such costs as administrative expenses by optimizing utilities expenses and contracts with building management companies for each property and enhancing efficiency of leasing activities, among other measures.

(C) Financial Strategy
Looking ahead, Samty Residential will closely monitor the financial environment, such as interest rate trends and lending attitude offinancial institutions, and conduct fund procurement in consideration of the soundness of its financial standing and earnings stability,
as well as work to maintain and expand the stable fund procurement system by utilizing the sponsor support from the sub-sponsor.
With regard to borrowings, Samty Residential will conduct optimal fund procurement by working to diversify repayment dates while
paying attention to financing costs. As for issuance of new investment units, Samty Residential will investigate such in accordancewith 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
Acquisition of Assetsi) Disposition of Assets
Samty Residential disposed of the real estate properties described below on November 28, 2023.
Property
numberName of asset

Equity interest in B-1 silent partnership with GK Iris 1 (Note 1)

Location

Buyer

A-019

S-FORT Aoi

Higashi-ku, Nagoya-shi

B-019

S-FORT Kumadaibyoin-mae

Chuo-ku, Kumamoto-shi

Total

—

Disposition price(millions of yen) (Note 1)

Disposition dateNot disclosed (Note 2)

1,230

November 28, 2023

—

1,154

—

2,384

(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.

ii) Acquisition of Assets
Samty Residential acquired the real estate properties described below on November 30, 2023.
Property
number

Property nameLocation

Seller

A-099

S-RESIDENCE Kamiiida West

Kita-ku, Nagoya-shi

A-100

S-RESIDENCE Nishimachi

Nishi-ku, Sapporo-shi

B-056

S-FORT Takamatsu Nakanocho

Takamatsu-shi, Kagawa

C-043

S-FORT Tsurumi Chuo

Tsurumi-ku, Yokohama-shi

Total

Acquisition price(millions of yen) (Note)

Acquisition date

1,100
Samty Co., Ltd.

940

November 30, 2023

459
617

—

—

—

3,116

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

iii) Borrowing of Funds
Samty Residential conducted the following borrowings on November,30 2023, in order to fund the acquisition of specified assets.
LenderSamty Residential acquired the asset (equity interest in silent partnership) described below on November 27, 2023.
Asset acquired 	Equity interest in silent partnership that has beneficiary interest of real estate in trust as asset undermanagement

Property name

Term
Loan 24

Loan amount(millions of yen)Interest rate

Repayment date

Repayment method

Remarks

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

500

Base rate(one-month JPY
TIBOR) + 0.60%

July 31, 2028

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Total

500

—

—

—

—

Real estate in trust (Note 2)	Attirant Itabashihoncho
CASA GRECOGRANDUKE Kodeki fiore
S-RESIDENCE Sanno
S-RESIDENCE Atsuta II
S-RESIDENCE Horita North
S-RESIDENCE Omotecho
SAMTY Residence Funabashi Kaijin
SAMTY Residence Nishi-funabashi Libre
Equity investment amount	100 million yen in total (approximately 3.8% of total amount of equity investment in silent partnership, etc.)
Date of conclusion of contract

November, 27, 2023

Date of acquisition

November, 27, 2023

Acquisition funds

Cash on hand

(Note 1) It refers to equity interest in B-1 silent partnership with GK Iris 1 (the ”GK”) as the operator.
(Note 2) The GK acquired the beneficiary interest on November 29, 2023.

11

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I. Asset Management Report

SAMTY RESIDENTIAL

2. Overview of Samty Residential(4) Matters concerning Directors and Officers Liability Insurance Agreement
Samty Residential has entered into a directors and officers liability insurance agreement as follows:(1) Status of Unitholders’ Capital
Fiscal period

12th fiscal period

13th fiscal period

14th fiscal period

15th fiscal period

16th fiscal period(as of July 31, 2021)(as of January 31, 2022)(as of July 31, 2022)(as of January 31, 2023)(as of July 31, 2023)

Total number of investment units authorized(units)2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

Total number of investment units issued andoutstanding(units)639,300

769,626

769,626

838,726

838,726

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

58,402

74,14973,854

82,111

81,831(persons)

14,053

15,467

14,644

15,50615,191

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

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.

(5) Asset Management Company, Asset Custodian and General Administrative AgentsThe asset management company, asset custodian and general administrative agents as of July 31, 2023, are as follows(2) Matters Concerning Investment Units

Entrustment category

Major unitholders as of July 31, 2023 are as follows.
Name

Scope of the insured

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

50,079

5.97

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

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

43,612

5.19

Kinkisangyou Shinkumi Bank

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

16,8092.00

JP MORGAN CHASE BANK 385771

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

10,8601.29

Daiwa PI Partners Co. Ltd.

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

10,8581.29

Daido Shinyoukumiai

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

6,044

0.72

Osaka Co-sei Shinkin Bank

1-20-19 Shimanouchi, Chuo-ku, Osaka-shi, Osaka

5,820

0.69

602,075

71.78

Total

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.

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

(3) Matters Related to Directorsi) The Executive Director, Supervisory Directors and Independent Auditor during the 16th fiscal period are as follows.
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 16th fiscal period(thousands of yen) (Note 2)—— (Note 3)
1,530
1,530
16,200 (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 16th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 16th 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.

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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I. Asset Management Report

SAMTY RESIDENTIAL

3. Status of Samty Residential’s Assets under Management(3) Details of Portfolio Assets(Real estate assets in the portfolio)(1) Samty Residential’s Asset Structure

The overview of assets owned by Samty Residential as of July 31, 2023 is as follows.

The structure of Samty Residential’s assets as of July 31, 2023, is as follows.

Type of asset

Real estateArea

15th fiscal period
as of January 31, 2023
Total value of
owned assets(millions of yen) (Note 2)

Percentage of
total assets(%) (Note 3)

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

Property
number

Percentage of
total assets(%) (Note 3)

Major regional cities

16,797

9.8

15,945

9.3

Other regional cities

5,684

3.3

5,701

3.3

Greater Tokyo area

2,930

1.7

3,655

2.1

25,41314.8

25,30214.8

Major regional cities

62,103

36.2

61,837

36.1

Other regional cities

40,21823.5

40,338

23.5

Real estate: total
Real estate in trust (Note 1)

16th fiscal period
as of July 31, 2023

37,22421.7

37,15021.7

Real estate in trust: total

Greater Tokyo area

139,54681.4

139,326

81.3

Deposits and other assets

6,522

3.8

6,823

4.0

Total amount of assets

171,482

100.0

171,452100.0(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.

The following is an overview of the major assets (top ten properties on a book value basis) owned by Samty Residential as of July 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

5,436

9,274.43

9,198.32

99.2

2.8

Apartment

S-FORT Kego Tower

4,423

7,415.36

7,246.18

97.7

2.3

Apartment

S-FORT Nakaitabashi

3,438

3,946.25

3,801.53

96.3

1.4

Apartment

S-RESIDENCE Shin Osaka Ekimae

2,362

4,534.98

4,534.98

100.0

1.5

Apartment

Property nameMain use

S-RESIDENCE Kyoto Takeda
Dormitory

2,361

3,233.80

3,233.80

100.0

1.1

Schooldormitory

S-RESIDENCE Kobe Isogamidori

2,341

4,372.45

4,229.61

96.7

1.6

Apartment

S-RESIDENCE Esaka

2,235

3,739.30

3,531.04

94.4

1.4

Apartment

S-RESIDENCE Namba Briller

1,917

3,631.60

3,420.45

94.2

1.2

Apartment

S-RESIDENCE Aoi II

1,896

3,215.72

3,190.20

99.2

1.0

Apartment

S-FORT Funabashi Tsukada

1,890

5,640.60

5,640.60

100.0

1.0

Apartment

28,30349,004.49

48,026.71

98.0

15.3

—

Total

(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 off to the first decimal place.

Type of ownership

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

A-001 S-FORT Shin Osaka ravir

Trust beneficiaryinterest

1,290.84641

730

A-004 S-FORT Chikushi Dori4-4-10 Hakataeki Minami, Hakata-ku,
Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

3,706.56

1,110

1,430

A-005 S-FORT Fukuoka Kencho Mae 4-2-8 Chiyo, Hakata-ku, Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

2,566.72

930

1,200

A-006 S-FORT Takamiya

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

Trust beneficiaryinterest

2,105.13706

964

A-007 S-FORT Tsutsujigaoka Koen

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

3,609.49

1,362

1,600

A-008 S-RESIDENCE Namba Briller

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

Trust beneficiaryinterest

3,631.60

1,917

2,680

A-009 S-FORT Tsurumai marks

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

Trust beneficiaryinterest

2,772.00

966

1,540

A-010 S-FORT Rokuban-cho

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

Trust beneficiaryinterest

1,833.29664

860

A-011 S-FORT Nakajima Koen

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

Trust beneficiaryinterest

5,292.65

1,548

1,780

A-012 S-FORT Hokudai Mae

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

Trust beneficiaryinterest

2,287.22

663

873

S-RESIDENCE Kobe
Isogamidori

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

Trust beneficiaryinterest

4,372.45

2,341

3,260

S-RESIDENCE Shin Osaka
A-017
Ekimae1-18-31 Higashi Nakajima, Higashi
Yodogawa-ku, Osaka-shi, Osaka

Trust beneficiaryinterest

4,534.98

2,362

3,210

A-019 S-FORT Aoi

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

Real estate(actual real estate)

1,842.68

881

1,110

A-022 S-FORT Tsurumai arts

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

Real estate(actual real estate)

1,988.56686

910

A-023 S-FORT Tsurumai cube

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

Trust beneficiaryinterest

1,460.64

550

731

A-024 S-FORT Fukuoka Higashi

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

Trust beneficiaryinterest

5,584.41

1,873

2,230

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

Trust beneficiaryinterest

2,169.67

1,133

1,500

A-026 S-FORT Kobe Kaguracho

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

Trust beneficiaryinterest

4,900.32

1,793

2,440

A-027 S-FORT Nijo-jo mae

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

Trust beneficiaryinterest

1,735.95781

954

A-028 S-FORT Chion-in mae

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

Trust beneficiaryinterest

1,049.01486

565

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

Trust beneficiaryinterest

3,691.67

1,808

2,350

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

Trust beneficiaryinterest

3,597.72

1,540

2,040

A-032 S-FORT Osu Kannon

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

Trust beneficiaryinterest

2,514.12

1,151

1,450

A-033 S-FORT Kita-Sanno

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

Trust beneficiaryinterest

1,757.61

827

908

A-034 S-FORT Aratamabashi

16-21 Yobitsugimotomachi, Minami-ku,
Nagoya-shi, Aichi

Real estate(actual real estate)

1,699.11

457

475

A-035 S-FORT Toyohira Sanjyo

2-3-1 Toyohira Sanjyo, Toyohira-ku,
Sapporo-shi, Hokkaido

Trust beneficiaryinterest

2,868.75

769

871

A-036 S-FORT Kitamaruyama

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

Real estate(actual real estate)

1,613.38

428

483

A-039 S-FORT Kobe Sannomiya-Kita 2-2-13 Nunobikicho, Chuo-ku, Kobe-shi, Hyogo

Real estate(actual real estate)884.88528

561

A-040 S-FORT Nakahirodori

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

Trust beneficiaryinterest

2,127.92874

919

A-041 S-FORT Tsurumicho

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

Trust beneficiaryinterest

2,006.49

811

837

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

Trust beneficiaryinterest

2,072.84

945

1,110

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

Trust beneficiaryinterest

2,083.41

1,320

1,630

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

Trust beneficiaryinterest

1,473.04

885

1,070

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

Real estate(actual real estate)

900.72

537

643

A-025

A-030

S-RESIDENCE Kobe
Motomachi

S-RESIDENCE Midoribashi
EkimaeA-031 S-FORT Tsurumai reale

A-042 S-FORT Aoba Kamisugi
A-043

S-RESIDENCE Shin Osaka
RidenteA-044 S-FORT Fukushima La Luna
A-045 S-FORT Fukushima Libre

15

Location(residential address)
3-14-18 Nishinakajima, Yodogawa-ku,
Osaka-shi, Osaka

A-013(2) Major Assets Owned by Samty Residential

Property name16

I. Asset Management Report

Property
numberPeriod-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Property
numberLocation(residential address)

Type of ownership

A-046 S-FORT Kamiyashiro

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

Real estate(actual real estate)

1,029.42432

453

A-047 S-RESIDENCE Miyanomori

10-2-7 Miyanomori-sanjo, Chuo-ku,
Sapporo-shi, Hokkaido

Trust beneficiaryinterest

1,954.81

655

722

S-FORT Higashi-Sapporo
A-048
Nordo

4-1-10 Kikusui-nanajo, Shiroishi-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,204.96

304

334

A-049 S-RESIDENCE Aoi

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

Trust beneficiaryinterest

2,393.73

1,460

A-050 S-RESIDENCE Shiga Hondori

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

Trust beneficiaryinterest

2,217.60

1,131

A-051 S-FORT Kobe Ogawadori

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

Real estate(actual real estate)

1,322.64

608

627

A-052 S-FORT Sakuragawa Minami

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

Trust beneficiaryinterest

2,458.43

1,080

A-053 S-FORT Fukushima EBIE

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

Real estate(actual real estate)

1,044.72

547

A-054 S-FORT Miyakojima Uchindai

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

Real estate(actual real estate)789.74

463

486

A-091 S-FORT Bentencho

A-055 S-FORT Miyakojima KERS

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

Real estate(actual real estate)

720.69

350

372

A-092

A-056 S-FORT Oimazato-Nishi

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

Real estate(actual real estate)643.77

337

359

A-093 S-RESIDENCE Meieki

A-057 S-RESIDENCE Chikusa

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

Real estate(actual real estate)

1,003.97

558

655

A-058 S-FORT Sakurayama

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

Trust beneficiaryinterest

1,794.42780

A-059 S-FORT Sapporo N15

5-1-31, Kita 15-jo Higashi, Higashi-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

2,229.91

556

A-060 S-FORT Nangodori

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

Real estate(actual real estate)

1,191.66

304

A-061 S-FORT Meinohama

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

Real estate(actual real estate)

1,364.28

485

A-062 S-FORT Osaka Doshin

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

Trust beneficiaryinterest

2,597.52

1,790

1,910

A-063 S-FORT Higashi Betsuin

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

Trust beneficiaryinterest

1,684.48

731

A-064 S-FORT Moriyama24-4 Nijikkenya, Moriyama-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

1,590.84

481

A-065 S-FORT Jingu Minami

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

Real estate(actual real estate)

1,003.64

399

A-066 S-FORT Atsuta Rokuban

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

Trust beneficiaryinterest

1,637.41

A-067 S-FORT Kitachikusa

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

Trust beneficiaryinterest

1,600.00

A-068 S-FORT Saikotori

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

Real estate(actual real estate)

1,463.48

410

400

A-069 S-FORT Fukuzumi

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

Real estate(actual real estate)

1,151.44

324

A-070 S-FORT Muromi

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

Trust beneficiaryinterest

1,848.00

682

A-071 S-FORT Atsuta Hanacho

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

Trust beneficiaryinterest

1,510.56

867

922

A-072 S-FORT Horitatori

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

Real estate(actual real estate)

1,030.40

517

541

A-073 S-FORT Kego Tower

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

Trust beneficiaryinterest

7,415.36

4,423

4,570

A-074 S-RESIDENCE Aoi II

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

Trust beneficiaryinterest

3,215.72

1,896

2,030

5-6-20 Meiekiminami, Nakamura-ku,
Nagoya-shi, Aichi

Trust beneficiaryinterest

1,450.31710

746

A-076 S-FORT Hakozaki Higashi

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

Trust beneficiaryinterest

2,360.60

706

724

A-077 S-RESIDENCE Meiekiminami

3-15-6 Meiekiminami, Nakamura-ku,
Nagoya-shi, Aichi

Trust beneficiaryinterest

1,072.06

689

A-078 S-FORT Kanayama

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

Trust beneficiaryinterest

1,380.28

635

A-079 S-FORT Izumi Chuo45-2 Ishidome, Ichinazaka, Izumi-ku,
Sendai-shi, Miyagi

Trust beneficiaryinterest

2,159.25

566

586

A-080 S-RESIDENCE Soen EAST

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

Real estate(actual real estate)

1,500.45

510

A-081 S-FORT Yagoto

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

Real estate(actual real estate)

1,023.54

464

A-082 S-FORT Sapporo Kita 5-Jo

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

Real estate(actual real estate)

A-075

17

SAMTY RESIDENTIAL

Property name

S-FORT Meiekiminami
5-Chome(Note 1)

1,643.20

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-083 S-FORT Sapporo Motomachi

17-3-11 Kita 23-jo Higashi, Higashi-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,363.97

415

432

A-084 S-RESIDENCE Joshin II

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

Trust beneficiaryinterest

1,486.62820

899

A-085 S-RESIDENCE Sengencho

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

Real estate(actual real estate)843.75

472

524

1,800

A-086 S-FORT Taisho riviere

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

Trust beneficiaryinterest

1,524.60

1,047

1,020

1,300

A-087

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

Trust beneficiaryinterest

3,233.80

2,361

2,300

S-RESIDENCE Maruyama
A-088
Omotesando

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

Trust beneficiaryinterest

3,344.79

1,489

1,430

1,210

A-089 S-RESIDENCE Soen

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

Trust beneficiaryinterest

3,007.01

1,145

1,090

625

A-090 S-FORT Sakuragawa

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

Trust beneficiaryinterest

1,300.10766

756

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

Trust beneficiaryinterest

1,231.50

631

610

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

Real estate(actual real estate)

1,531.93

639

595

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

Trust beneficiaryinterest

788.00546

543

A-094 S-FORT Joshin

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

Real estate(actual real estate)

1,104.80

547

528

758

A-095 S-FORT Sakuranomiya

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

Real estate(actual real estate)795.64

542

547

565

A-096 S-RESIDENCE Horita

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

Real estate(actual real estate)885.96

512

470

325

A-097 S-FORT Tsukisamu

5-1-1 Tsukisamuchuodori Toyohira-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,135.05

358

344

535

A-098

25-2-21 Minami 6-jo Nishi, Chuo-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,102.05441

433

B-003 S-FORT Yokkaichi Motomachi

1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,691.28

445

639

736

B-004 S-FORT Suzuka

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

Trust beneficiaryinterest

2,286.69

607

698

497

B-005 S-RESIDENCE Esaka

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

Trust beneficiaryinterest

3,739.30

2,235

2,880

459

B-006 S-FORT Utsunomiya

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

Trust beneficiaryinterest

2,330.64

591

768

763

809

B-007

17-6 Nishishinchi, Yokkaichi-shi, Mie

Real estate(actual real estate)

2,192.48

620

801

690

744

B-008 S-FORT Saga Honjo

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

Trust beneficiaryinterest

4,972.84

995

1,180

B-009 S-FORT Saga Idaimae

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

Trust beneficiaryinterest

1,507.35

388

450

318

B-010 S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

2,887.26

1,405

1,670

727

B-011

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

Trust beneficiaryinterest

1,546.28

778

914

B-012 S-FORT Mito Chuo

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

Trust beneficiaryinterest

6,503.80

1,855

2,340

B-013 S-FORT Tsu Shinmachi

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

Trust beneficiaryinterest

2,463.30

763

852

B-014 S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

Real estate(actual real estate)

1,874.88

598

645

B-015 S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

3,588.84

985

1,100

B-016 S-FORT Oita Ekimae

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

Trust beneficiaryinterest

2,662.36

879

975

B-017 S-FORT Oita Otemachi

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

Real estate(actual real estate)905.80

277

318

718

B-018 S-FORT Suizenji

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

Trust beneficiaryinterest

4,256.91

1,334

1,360

636

B-019 S-FORT Kumadaibyoin-mae

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

Trust beneficiaryinterest

3,458.07

1,087

1,110

B-021 S-FORT Esaka Tarumicho

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

Trust beneficiaryinterest

1,267.30

759

908

521

B-022 S-FORT Niigata Honcho

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

Trust beneficiaryinterest

2,604.25

968

1,060

456

B-023 S-FORT Motohama

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

Real estate(actual real estate)

1,010.60

244

259

426

S-FORT Kumamoto
B-024
Gofukumachi

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

Real estate(actual real estate)

2,290.68

655

604

437

S-RESIDENCE Kyoto Takeda
Dormitory

S-RESIDENCE
Kindaibijutsukan-mae

S-RESIDENCE
Minamimaruyama

S-FORT Yokkaichi Nishi
Shinchi

S-FORT Nishinomiya
Uegahara18

I. Asset Management Report

Property
number

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)

Property
number

Property name

B-025 S-FORT Esaka Salita

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

Real estate(actual real estate)

B-026 S-FORT Esaka LIBERTS

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

Real estate(actual real estate)

B-027 S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

3,250.36

665

689

C-012 S-FORT Hoya

B-028 S-FORT Saga Tenjin

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

Trust beneficiaryinterest

2,895.36

761

785

C-013

S-FORT Nagasaki Daigaku
Byoin-mae

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

Trust beneficiaryinterest

3,721.97

1,328

1,470

B-030 S-FORT Kumamoto Keitoku

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

Real estate(actual real estate)

B-031 S-FORT Shizuoka Tennocho

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

B-029

B-032

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

Trust beneficiaryinterest
Trust beneficiaryinterest

Location(residential address)

Type of ownership

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

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

Trust beneficiaryinterest

1,255.90845

916

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

Real estate(actual real estate)

1,492.09

808

1,010

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

Trust beneficiaryinterest

1,177.94

634

929

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

Trust beneficiaryinterest

978.75589

704

C-014 S-FORT Tsurukawa

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

Real estate(actual real estate)

1,886.70

570

696

S-RESIDENCE Yokohama
C-015
Tanmachi2-14-10 Tanmachi, Kanagawa-ku,
Yokohama-shi, Kanagawa

Trust beneficiaryinterest

772.38616

789

755.40424

439

C-009 S-FORT Ichikawa

613.08

352

359

C-010

S-RESIDENCE Yokosuka
Chuo

S-FORT
Tamagawagakuen-mae

1,582.77461

453

2,649.60

1,088

1,060

C-016 S-FORT Chigasaki

22-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

1,382.17

1,124

1,290

5,813.49

1,482

1,650

C-017 S-FORT Kawaguchi Namiki

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

Trust beneficiaryinterest

1,457.51

1,097

1,260

C-018 S-FORT Todakoen

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

Trust beneficiaryinterest

1,438.71

900

1,080

B-033 S-FORT Esaka Koen

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

Trust beneficiaryinterest

B-034 S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

3,067.08741

786

C-019 S-FORT Funabashi Tsukada

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

Trust beneficiaryinterest

5,640.60

1,890

2,020

B-035 S-FORT Hotakubo

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

Trust beneficiaryinterest

3,040.33

607

608

C-020 S-FORT Kashiwa

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

Real estate(actual real estate)983.06538

596

S-FORT Kumamoto Kenritsu
B-036
Daigaku-mae

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

Real estate(actual real estate)

1,495.20

481

429

C-021 S-FORT Fujimidai

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

Trust beneficiaryinterest

2,054.86

1,177

1,640

B-037 S-FORT Kasugai

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

Real estate(actual real estate)

2,398.34

484

507

C-022 S-RESIDENCE Matsudo

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

1,180.53831

990

B-038 S-FORT Kokura

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

Trust beneficiaryinterest

5,006.68

1,440

1,450

C-023 S-RESIDENCE Motoyawata

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

Trust beneficiaryinterest

2,180.26

1,671

1,950

B-039 S-FORT Niigata Ekimae

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

Trust beneficiaryinterest

3,303.57

1,461

1,460

C-024 S-FORT Kinshicho

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

Trust beneficiaryinterest

1,956.87

1,530

1,740

B-040 S-FORT Takasaki

5-3 Torimachi, Takasaki-shi, Gunma

Trust beneficiaryinterest

3,775.68

1,147

1,120

C-025 S-FORT Komazawa Daigaku

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

Trust beneficiaryinterest

536.60534

589

B-041 S-FORT Yokkaichi arcam

2-2-4 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

2,604.42869

850

C-026 S-FORT Yokohama Aobadai

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

Trust beneficiaryinterest

9,274.43

5,436

5,860

B-042 S-FORT Kagoshima Chuo

10-3 Nishisengokucho, Kagoshima-shi,
Kagoshima

Trust beneficiaryinterest

2,260.21820

797

C-027 S-FORT Aoba Shiratoridai

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

Trust beneficiaryinterest

2,179.25

874

897

B-043 S-FORT Heisei Keyakidori

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

Trust beneficiaryinterest

3,699.42794

788

C-028 S-FORT Kawasaki Shinmeicho

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

Trust beneficiaryinterest

994.63613

684

2-13 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,876.98

647

627

C-029 S-FORT Motoyawata Mairie

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

Trust beneficiaryinterest

826.18684

725

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

Trust beneficiaryinterest

3,258.30

1,376

1,370

C-030 S-FORT Funabashi roots

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

Trust beneficiaryinterest

1,201.50

830

841

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

Real estate(actual real estate)

1,224.96

585

613

C-031 S-FORT Tama-plaza

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

Trust beneficiaryinterest

1,367.88659

714

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

Trust beneficiaryinterest

1,898.25

1,070

1,170

C-032 S-FORT Odawara

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

Trust beneficiaryinterest

1,279.24

622

653

C-033 S-FORT Nakaitabashi

72-6 Yayoicho, Itabashi-ku, Tokyo

Trust beneficiaryinterest

3,946.25

3,438

3,500

C-034 S-FORT Kameido

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

Trust beneficiaryinterest

2,577.48

1,285

1,340

1,283.80947

988

B-044 S-FORT Yokkaichi zeal
B-045

S-FORT Utsunomiya
Minamiodori

B-046 S-FORT Ichinomiya Honmachi
B-047 S-RESIDENCE Senrioka

1,869.20

1,282

1,320

B-048

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

Trust beneficiaryinterest

3,220.54

1,479

1,510

B-049

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

Trust beneficiaryinterest

1,985.52

957

9782-8-4 Sasaguchi, Chuo-ku, Niigata-shi, Niigata

Trust beneficiaryinterest

1,762.61

791

742

C-035 S-FORT Gyotoku

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

Trust beneficiaryinterest

1-17 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,497.48

776

757

C-036 S-FORT Funabashi Kaijin

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

Trust beneficiaryinterest

1,512.96929

952

12-4 Ogawacho, Kagoshima-shi, Kagoshima

Trust beneficiaryinterest

1,990.92

716

719

C-037 S-FORT Funabashi Honcho

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

Trust beneficiaryinterest

1,235.10792

815

2-7-9 Sakae, Ichinomiya-shi, Aichi

Trust beneficiaryinterest

1,311.75

693

711

C-038 S-FORT Hachioji

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

Real estate(actual real estate)

1,049.43486

491

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

Real estate(actual real estate)868.84514

493

C-039 S-RESIDENCE Kitasenju reiz6-24 Senju Tatsuta-cho, Adachi-ku, Tokyo

Trust beneficiaryinterest

1,432.67

1,244

1,270

S-RESIDENCE Kachigawa
B-055
Ekimae6-68 etc. Kachigawa-cho, Kasugai-shi, Aichi

Trust beneficiaryinterest

2,761.34

1,256

1,200

C-040 S-FORT Odawara Sakaecho

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

Real estate(actual real estate)

1,003.20510

496

C-001 S-FORT Maita Koen

1-12-2 Miyamoto-cho, Minami-ku,
Yokohama-shi, Kanagawa

Trust beneficiaryinterest

1,607.40

910

1,260

C-041 S-FORT Omori Sanno

4-22-20 Nishioi, Shinagawa-ku, Tokyo

Real estate(actual real estate)404.91

374

372

C-002 S-FORT Nihombashi Hakozaki 1-11 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo

Trust beneficiaryinterest

1,114.38

992

1,180

C-042 S-FORT Kamiikedai

4-2-13 Kamiikedai, Ota-ku, Tokyo

Real estate(actual real estate)C-004 S-FORT Shiomi

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

Trust beneficiaryinterest

1,042.48

823

1,090

C-006 S-FORT Shonan Hiratsuka

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

Trust beneficiaryinterest

1,717.46

788

1,110

C-007 S-FORT Nishifunabashi

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

Trust beneficiaryinterest

1,397.64

693

889

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

Trust beneficiaryinterest

1,726.56

1,136

1,430

B-050 S-FORT Niigata Sasaguchi
B-051

S-RESIDENCE Yokkaichi
Motomachi

S-FORT Kagoshima Ekimae
B-052
Bayside
B-053

S-RESIDENCE Ichinomiya
EkimaeB-054 S-FORT Esaka Fiore

C-008 S-FORT Maihama

19

SAMTY RESIDENTIAL

Total

—

—

386.02367

357

376,845.03

164,629

184,591(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 July 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.
(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.

20

I. Asset Management Report

SAMTY RESIDENTIAL

The leasing performance of real estate, etc. owned by Samty Residential are as follows.
15th fiscal period (August 1, 2022 to January 31, 2023)
Property
number

Property name16th fiscal period (February 1, 2023 to July 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-001 S-FORT Shin Osaka ravir

1

98.0

22

0.4

1

93.9

21

0.4

A-004 S-FORT Chikushi Dori

1

97.8

44

0.8

1

98.9

45

0.8

A-005 S-FORT Fukuoka Kencho Mae

1

99.0

37

0.7

1

98.1

37

0.7

A-006 S-FORT Takamiya

1

97.6

29

0.5

1

97.6

30

0.6

A-007 S-FORT Tsutsujigaoka Koen

1

95.9

53

1.0

1

94.4

52

0.9

A-008 S-RESIDENCE Namba Briller

1

94.8

66

1.2

1

94.2

66

1.2

A-009 S-FORT Tsurumai marks

1

95.2

37

0.7

1

92.9

39

0.7

A-010 S-FORT Rokuban-cho

1

93.0

24

0.4

1

96.6

24

0.4

A-011 S-FORT Nakajima Koen

1

96.6

63

1.2

1

99.0

65

1.2

A-012 S-FORT Hokudai Mae

1

100.0

26

0.5

1

100.0

27

0.5

A-013 S-RESIDENCE Kobe Isogamidori

1

97.4

86

1.6

1

96.7

87

1.6

A-017 S-RESIDENCE Shin Osaka Ekimae

1

96.2

84

1.6

1

100.0

85

1.5

A-019 S-FORT Aoi

1

100.0

28

0.5

1

96.4

30

0.5

A-020 S-FORT Kurumamichi (Note 5)

1

100.0

15

0.3

—

—

5

0.1

A-022 S-FORT Tsurumai arts

1

96.4

25

0.5

1

100.0

25

0.4

A-023 S-FORT Tsurumai cube

1

100.0

20

0.4

1

100.0

20

0.4

A-024 S-FORT Fukuoka Higashi

1

96.8

65

1.2

1

97.4

66

1.2

A-025 S-RESIDENCE Kobe Motomachi

1

98.9

40

0.7

1

97.8

41

0.7

A-026 S-FORT Kobe Kaguracho

1

97.0

72

1.3

1

93.5

71

1.3

A-027 S-FORT Nijo-jo mae

1

100.0

22

0.4

1

100.0

22

0.4

A-028 S-FORT Chion-in mae

1

100.0

13

0.3

1

100.0

13

0.3

A-030 S-RESIDENCE Midoribashi Ekimae

1

98.0

61

1.1

1

98.7

63

1.1

A-031 S-FORT Tsurumai reale

1

98.3

51

0.9

1

100.0

53

1.0

A-032 S-FORT Osu Kannon

1

90.9

41

0.8

1

99.1

42

0.8

A-033 S-FORT Kita-Sanno

1

97.6

25

0.5

1

94.2

26

0.5

A-034 S-FORT Aratamabashi

1

100.0

16

0.3

1

100.0

16

0.3

A-035 S-FORT Toyohira Sanjyo

1

100.0

31

0.6

1

96.0

31

0.6

A-036 S-FORT Kitamaruyama

1

96.1

17

0.3

1

94.2

16

0.3

S-FORT Hakata-Higashi I (Note 6)

1

94.2

14

0.3

—

—

12

0.2

A-038 S-FORT Hakata-Higashi II (Note 6)

1

97.1

13

0.2

—

—

11

0.2

A-037

21

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

A-039 S-FORT Kobe Sannomiya-Kita

1

89.0

16

0.3

1

97.7

17

0.3

A-040 S-FORT Nakahirodori

1

98.7

29

0.5

1

100.0

29

0.5

A-041 S-FORT Tsurumicho

1

93.8

27

0.5

1

92.3

25

0.5

A-042 S-FORT Aoba Kamisugi

1

98.5

34

0.6

1

94.0

34

0.6

A-043 S-RESIDENCE Shin Osaka Ridente

1

94.4

39

0.7

1

98.9

41

0.7

A-044 S-FORT Fukushima La Luna

1

96.7

27

0.5

1

100.0

28

0.5

A-045 S-FORT Fukushima Libre

1

97.2

17

0.3

1

100.0

17

0.3

A-046 S-FORT Kamiyashiro

1

81.0

13

0.2

1

85.7

14

0.3

A-047 S-RESIDENCE Miyanomori

1

90.9

23

0.4

1

100.0

24

0.4

A-048 S-FORT Higashi-Sapporo Nordo

1

95.8

12

0.2

1

100.0

13

0.2

A-049 S-RESIDENCE Aoi

1

93.7

41

0.8

1

98.9

45

0.8

A-050 S-RESIDENCE Shiga Hondori

1

98.9

37

0.7

1

94.3

36

0.7

A-051 S-FORT Kobe Ogawadori

1

95.8

19

0.4

1

100.0

20

0.4

A-052 S-FORT Sakuragawa Minami

1

97.0

36

0.7

1

96.9

36

0.7

A-053 S-FORT Fukushima EBIE

1

100.0

17

0.3

1

100.0

17

0.3

A-054 S-FORT Miyakojima Uchindai

1

96.2

13

0.2

1

96.7

13

0.2

A-055 S-FORT Miyakojima KERS

1

100.0

11

0.2

1

100.0

11

0.2

A-056 S-FORT Oimazato-Nishi

1

100.0

10

0.2

1

93.1

10

0.2

A-057 S-RESIDENCE Chikusa

1

91.0

18

0.3

1

93.3

19

0.3

A-058 S-FORT Sakurayama

1

96.6

25

0.5

1

96.6

26

0.5

A-059 S-FORT Sapporo N15

1

98.4

21

0.4

1

93.4

20

0.4

A-060 S-FORT Nangodori

1

96.8

12

0.2

1

100.0

12

0.2

A-061 S-FORT Meinohama

1

94.5

18

0.3

1

89.8

18

0.3

A-062 S-FORT Osaka Doshin

1

100.0

50

0.9

1

97.2

48

0.9

A-063 S-FORT Higashi Betsuin

1

94.6

23

0.4

1

96.4

24

0.4

A-064 S-FORT Moriyama

1

100.0

18

0.3

1

96.2

18

0.3

A-065 S-FORT Jingu Minami

1

92.6

14

0.3

1

87.6

15

0.3

A-066 S-FORT Atsuta Rokuban

1

90.3

23

0.4

1

95.2

24

0.4

A-067 S-FORT Kitachikusa

1

95.0

21

0.4

1

95.0

22

0.4

Property
number

Property name16th fiscal period (February 1, 2023 to July 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-071 S-FORT Atsuta Hanacho

1

94.3

24

0.5

1

91.7

24

0.4

A-072 S-FORT Horitatori

1

100.0

15

0.3

1

88.5

16

0.3

A-073 S-FORT Kego Tower

1

99.4

125

2.3

1

97.7

125

2.3

A-074 S-RESIDENCE Aoi II

1

96.8

57

1.1

1

99.2

58

1.0

A-075 S-FORT Meiekiminami 5-Chome

1

91.1

19

0.4

1

84.5

20

0.4

A-076 S-FORT Hakozaki Higashi

1

93.1

25

0.5

1

98.6

26

0.5

A-077 S-RESIDENCE Meiekiminami

1

93.2

19

0.4

1

97.7

19

0.4

A-078 S-FORT Kanayama

1

97.8

20

0.4

1

100.0

20

0.4

A-079 S-FORT Izumi Chuo

1

93.9

24

0.4

1

100.0

24

0.4

A-080 S-RESIDENCE Soen EAST

1

100.0

17

0.3

1

100.0

18

0.3

A-081 S-FORT Yagoto

1

97.6

15

0.3

1

95.2

15

0.3

A-082 S-FORT Sapporo Kita 5-Jo

1

97.9

16

0.3

1

97.9

16

0.3

A-083 S-FORT Sapporo Motomachi

1

100.0

14

0.3

1

97.2

14

0.3

A-084 S-RESIDENCE Joshin II

1

93.1

26

0.5

1

98.3

27

0.5

A-085 S-RESIDENCE Sengencho

1

100.0

15

0.3

1

94.5

15

0.3

A-086 S-FORT Taisho riviere

1

92.4

26

0.5

1

100.0

27

0.5

A-087 S-RESIDENCE Kyoto Takeda Dormitory

1

100.0

62

1.1

1

100.0

62

1.1

A-088 S-RESIDENCE Maruyama Omotesando

1

98.3

48

0.9

1

100.0

45

0.8

A-089 S-RESIDENCE Soen

1

100.0

38

0.7

1

100.0

37

0.7

A-090 S-FORT Sakuragawa

1

100.0

22

0.4

1

97.3

22

0.4

A-091 S-FORT Bentencho

1

92.0

17

0.3

1

98.0

18

0.3

A-092 S-RESIDENCE Kindaibijutsukan-mae

1

97.5

18

0.3

1

95.0

19

0.4

A-093 S-RESIDENCE Meieki

1

93.6

14

0.3

1

93.8

14

0.3

A-094 S-FORT Joshin

1

92.4

15

0.3

1

100.0

16

0.3

A-095 S-FORT Sakuranomiya

1

84.2

11

0.2

1

100.0

14

0.3

A-096 S-RESIDENCE Horita

1

94.4

15

0.3

1

97.2

15

0.3

A-097 S-FORT Tsukisamu

1

100.0

13

0.2

1

100.0

12

0.2

A-098 S-RESIDENCE Minamimaruyama

—

—

—

—

1

100.0

6

0.1

B-003 S-FORT Yokkaichi Motomachi

1

96.4

22

0.4

1

98.2

22

0.4

B-004 S-FORT Suzuka

1

94.7

27

0.5

1

97.3

27

0.5

B-005 S-RESIDENCE Esaka

1

92.5

71

1.3

1

94.4

75

1.4

B-006 S-FORT Utsunomiya

1

90.4

23

0.4

1

98.1

25

0.5

B-007 S-FORT Yokkaichi Nishi Shinchi

1

97.2

27

0.5

1

90.3

27

0.5

B-008 S-FORT Saga Honjo

1

100.0

36

0.7

1

100.0

36

0.7
0.2

B-009 S-FORT Saga Idaimae

1

100.0

13

0.2

1

100.0

13

B-010 S-FORT Nishinomiya

1

97.0

45

0.8

1

96.8

47

0.9

B-011 S-FORT Nishinomiya Uegahara

1

93.5

23

0.4

1

100.0

28

0.5

B-012 S-FORT Mito Chuo

1

90.9

63

1.2

1

100.0

65

1.2

B-013 S-FORT Tsu Shinmachi

1

89.9

29

0.5

1

94.2

30

0.5

B-014 S-FORT Mie Daigaku-mae

1

98.4

24

0.5

1

100.0

25

0.5

B-015 S-FORT Takasagomachi

1

93.9

42

0.8

1

92.4

43

0.8

B-016 S-FORT Oita Ekimae

1

100.0

30

0.6

1

100.0

30

0.6

B-017 S-FORT Oita Otemachi

1

100.0

10

0.2

1

100.0

10

0.2

B-018 S-FORT Suizenji

1

98.7

46

0.8

1

95.6

47

0.8

B-019 S-FORT Kumadaibyoin-mae

1

100.0

37

0.7

1

93.1

38

0.7

B-020 S-FORT Kumamoto Senba (Note 6)

1

95.8

32

0.6

—

—

29

0.5

B-021 S-FORT Esaka Tarumicho

1

89.5

23

0.4

1

95.6

24

0.4

B-022 S-FORT Niigata Honcho

1

97.7

34

0.6

1

91.5

36

0.7

B-023 S-FORT Motohama

1

94.1

11

0.2

1

82.4

11

0.2

B-024 S-FORT Kumamoto Gofukumachi

1

94.3

21

0.4

1

84.9

20

0.4

B-025 S-FORT Esaka Salita

1

93.4

13

0.2

1

100.0

14

0.3

B-026 S-FORT Esaka LIBERTS

1

95.6

10

0.2

1

100.0

11

0.2

B-027 S-FORT Otsukawa

1

98.4

29

0.5

1

93.3

28

0.5

B-028 S-FORT Saga Tenjin

1

98.3

30

0.6

1

94.1

31

0.6

B-029 S-FORT Nagasaki Daigaku Byoin-mae

1

100.0

51

0.9

1

99.0

53

1.0

B-030 S-FORT Kumamoto Keitoku

1

97.4

14

0.3

1

94.8

15

0.3

B-031 S-FORT Shizuoka Tennocho

1

90.5

34

0.6

1

94.9

36

0.7

B-032 S-FORT Konan Umekage I

1

100.0

63

1.2

1

100.0

63

1.1

B-033 S-FORT Esaka Koen

1

98.4

34

0.6

1

100.0

35

0.6

B-034 S-FORT Oita Kotobukimachi

1

99.0

31

0.6

1

95.2

31

0.6

B-035 S-FORT Hotakubo

1

100.0

26

0.5

1

95.7

27

0.5

A-068 S-FORT Saikotori

1

100.0

14

0.3

1

100.0

14

0.3

A-069 S-FORT Fukuzumi

1

100.0

12

0.2

1

100.0

12

0.2

B-036

A-070 S-FORT Muromi

1

100.0

24

0.5

1

100.0

25

0.5

B-037 S-FORT Kasugai

S-FORT Kumamoto Kenritsu
Daigaku-mae

1

96.3

17

0.3

1

100.0

17

0.3

1

97.3

18

0.3

1

97.2

18

0.3

22

I. Asset Management Report

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

Property
number

Property name(Note 1)

B-038 S-FORT Kokura(Note 3) “Real estate leasing business revenue [during the period] includes other leasing business revenue on top of leasing business revenue.

16th fiscal period (February 1, 2023 to July 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 2)

1

92.4

(Note 3)(Note 4)52

(Note 1)1.0

(Note 2)1

90.9

(Note 3)(Note 4)52

0.9

B-039 S-FORT Niigata Ekimae

1

94.5

46

0.9

1

92.1

46

0.8

B-040 S-FORT Takasaki

1

91.8

43

0.8

1

89.8

44

0.8

B-041 S-FORT Yokkaichi arcam

1

95.2

31

0.6

1

97.6

32

0.6

B-042 S-FORT Kagoshima Chuo

1

93.3

28

0.5

1

96.6

29

0.5

B-043 S-FORT Heisei Keyakidori

1

96.7

32

0.6

1

96.6

33

0.6

B-044 S-FORT Yokkaichi zeal

1

100.0

22

0.4

1

100.0

23

0.4

B-045 S-FORT Utsunomiya Minamiodori

1

93.6

41

0.8

1

93.4

41

0.7

B-046 S-FORT Ichinomiya Honmachi

1

100.0

20

0.4

1

95.8

20

0.4

B-047 S-RESIDENCE Senrioka

1

98.7

32

0.6

1

100.0

33

0.6

B-048 S-RESIDENCE Takaida Central

1

98.6

55

1.0

1

100.0

56

1.0

B-049 S-RESIDENCE Sakaishi Ekimae

1

100.0

34

0.6

1

100.0

35

0.6

B-050 S-FORT Niigata Sasaguchi

1

100.0

24

0.4

1

100.0

26

0.5

B-051 S-RESIDENCE Yokkaichi Motomachi

1

98.3

25

0.5

1

98.3

26

0.5

B-052 S-FORT Kagoshima Ekimae Bayside

1

100.0

27

0.5

1

98.3

24

0.4

B-053 S-RESIDENCE Ichinomiya Ekimae

1

85.5

21

0.4

1

94.5

22

0.4

B-054 S-FORT Esaka Fiore

1

92.9

14

0.3

1

96.4

14

0.3

B-055 S-RESIDENCE Kachigawa Ekimae

—

—

—

—

1

74.3

4

0.1

C-001 S-FORT Maita Koen

1

91.4

32

0.6

1

98.7

33

0.6

C-002 S-FORT Nihombashi Hakozaki

1

97.8

26

0.5

1

96.6

28

0.5

C-004 S-FORT Shiomi

1

98.1

28

0.5

1

96.2

29

0.5

C-006 S-FORT Shonan Hiratsuka

1

85.0

30

0.6

1

100.0

31

0.6

C-007 S-FORT Nishifunabashi

1

93.5

24

0.5

1

92.0

27

0.5

C-008 S-FORT Maihama

1

96.4

38

0.7

1

96.4

39

0.7

C-009 S-FORT Ichikawa

1

93.1

26

0.5

1

100.0

27

0.5

C-010 S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.5

1

100.0

29

0.5

C-012 S-FORT Hoya

1

100.0

20

0.4

1

100.0

19

0.4

C-013 S-FORT Tamagawagakuen-mae

1

100.0

18

0.3

1

100.0

19

0.4

C-014 S-FORT Tsurukawa

1

93.3

20

0.4

1

96.7

20

0.4

C-015 S-RESIDENCE Yokohama Tanmachi

1

100.0

18

0.3

1

100.0

18

0.3

C-016 S-FORT Chigasaki

1

93.6

33

0.6

1

83.8

31

0.6

C-017 S-FORT Kawaguchi Namiki

1

100.0

32

0.6

1

98.6

35

0.6

C-018 S-FORT Todakoen

1

96.7

30

0.6

1

98.4

30

0.5

C-019 S-FORT Funabashi Tsukada

1

100.0

56

1.0

1

100.0

57

1.0
0.3

C-020 S-FORT Kashiwa

1

97.4

17

0.3

1

100.0

18

C-021 S-FORT Fujimidai

1

94.7

37

0.7

1

98.2

37

0.7

C-022 S-RESIDENCE Matsudo

1

90.4

25

0.5

1

100.0

26

0.5

C-023 S-RESIDENCE Motoyawata

1

100.0

48

0.9

1

100.0

48

0.9

C-024 S-FORT Kinshicho

1

91.5

42

0.8

1

97.9

44

0.8
0.2

C-025 S-FORT Komazawa Daigaku

1

100.0

13

0.2

1

100.0

12

C-026 S-FORT Yokohama Aobadai

1

97.8

154

2.8

1

99.2

154

2.8

C-027 S-FORT Aoba Shiratoridai

1

100.0

27

0.5

1

97.5

28

0.5

C-028 S-FORT Kawasaki Shinmeicho

1

94.9

18

0.3

1

100.0

19

0.3

C-029 S-FORT Motoyawata Mairie

1

97.5

19

0.3

1

90.0

19

0.3

C-030 S-FORT Funabashi roots

1

94.9

22

0.4

1

96.6

24

0.4

C-031 S-FORT Tama-plaza

1

97.2

20

0.4

1

96.7

21

0.4

C-032 S-FORT Odawara

1

91.8

22

0.4

1

95.8

23

0.4

C-033 S-FORT Nakaitabashi

1

93.8

79

1.5

1

96.3

80

1.4

C-034 S-FORT Kameido

1

100.0

38

0.7

1

97.2

39

0.7

C-035 S-FORT Gyotoku

1

100.0

26

0.5

1

96.1

28

0.5

C-036 S-FORT Funabashi Kaijin

1

96.9

28

0.5

1

98.4

32

0.6

C-037 S-FORT Funabashi Honcho

1

96.0

24

0.4

1

96.0

24

0.4

C-038 S-FORT Hachioji

1

89.6

16

0.3

1

91.7

17

0.3

C-039 S-RESIDENCE Kitasenju reiz

1

96.5

30

0.6

1

100.0

31

0.6

C-040 S-FORT Odawara Sakaecho

1

95.0

17

0.3

1

95.0

18

0.3

C-041 S-FORT Omori Sanno

—

—

—

—

1

94.5

1

0.0

C-042 S-FORT Kamiikedai
Total

—

—

—

—

1

67.7

1

0.0

178

96.5

5,460

100.0

178

96.7

5,565

100.0

(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 March 31, 2023. The disclosed real estate leasing business revenue for the 16th fiscal period indicates thefigure for the period up to the day preceding the disposition.
(Note 6) Samty Residential disposed the property on June 28, 2023. The disclosed real estate leasing business revenue for the 16th 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 Japan(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.

23

24

I. Asset Management Report

SAMTY RESIDENTIAL

4. Capital Expenditures for Owned Real Estate

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

The following are major items of capital expenditures for renovation work, etc. currently planned for the 17th fiscal period for theassets owned by Samty Residential as of July 31, 2023. Please note that the following planned construction cost includes portions
that are separately accounted under expenses.
Property nameLocation

S-FORT Nakahirodori

Nishi-ku, Hiroshima-shi(Unit: thousands of yen)
Item

PurposeSchedule period

Large-scale refurbishment

From October 2023
to January 2024

72

—

—

Total amount56

16th fiscal period(From February 1, 2023 to July 31, 2023)

Asset management fees

Planned construction cost
(millions of yen)
Payment in the
16th fiscal period

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

Total amountalready paid——

S-FORT Yokkaichi Nishi
ShinchiYokkaichi-shi, Mie

Large-scale refurbishment

From October 2023
to January 2024

S-FORT Nagasaki Daigaku
Byoin-mae

Nagasaki-shi, Nagasaki

Large-scale refurbishment

From October 2023
to January 2024

50

—

—

S-FORT Fujimidai

Nakano-ku, Tokyo

Large-scale refurbishment

From October 2023
to January 2024

50

—

—

424,135

461,586

Asset custody fees

7,551

8,092

Administrative service fees

55,05049,590

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,90016,200186,425

205,292

692,123

743,822

Other expenses
Total(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (15th fiscal period:
150,670 thousand yen, 16th fiscal period: 22,920 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (15th fiscal period: not applicable, 16th fiscal period: 12,935 thousand yen) were paid.

(2) Status of Borrowings
The status of borrowings as of July 31, 2023, is as follows.

(2) Capital Expenditures during the 16th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 16th fiscal
period. Capital expenditures during the 16th fiscal period amounted to 534,450 thousand yen. Combined with repair expenses of279,505 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
813,956 thousand yen in total.
Location

PurposeAmount of capital
expenditures(thousands of yen)

PeriodS-FORT Tsutsujigaoka
Koen

Miyagino-ku, Sendai-shi

Large-scale refurbishment

From January 2023 to July 2023

93,236

S-FORT Suzuka

Suzuka-shi, Mie

Large-scale refurbishment

From March 2023 to July 2023

75,493

S-FORT Kumamoto
Gofukumachi

Chuo-ku, Kumamoto-shi

Large-scale refurbishment

From May 2023 to July 2023

49,555

S-FORT Shizuoka
TennochoAoi-ku, Shizuoka-shi

Large-scale refurbishment

From December 2022 to July 2023

62,370S-FORT Nihombashi
HakozakiChuo-ku, Tokyo

Large-scale refurbishment

From March 2023 to July 2023

69,960

Other capital expenditures

183,836

Total

534,450(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)

Lender

600——

Aozora Bank, Ltd.

250—

THE KAGAWA BANK, Ltd.

250

—

200

—

SBI Shinsei Bank, Limited

150

—

150

—

The Juhachi-Shinwa Bank, Ltd.

100—

The Kumamoto Bank, Ltd.

50

—

150

—

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

—

The Bank of Saga Ltd.

500—

Resona Bank, Limited

400—

Aozora Bank, Ltd.

350—

SBI Shinsei Bank, Limited

350—

The Bank of Fukuoka, Ltd.

300

—

300

—

300

—

San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation

250—

The Juhachi-Shinwa Bank, Ltd.

200

—
—

THE OITA BANK, LTD.

100

The Kumamoto Bank, Ltd.

100—

The Bank of Fukuoka, Ltd.

500

500

Aozora Bank, Ltd.
Mizuho Bank, Ltd.

(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)(From February 1,
2023 to July 31, 2023)

Balance of reserves at beginning of period

161,656

173,290

257,568

365,787

408,745

Reserves during the period

222,590287,631379,301

383,834

493,070

Reversal of reserves during theperiodSBI Shinsei Bank, Limited

210,956

203,354

271,082

340,876

559,686

SBI Shinsei Bank, Limited

Amount carried forward to thenext period

173,290

SBI Shinsei Bank, Limited

August 28,
2018

500

500

460

460

400

400

300

300

350

350

290

290

200

200

1,400

1,400

400

400

1,000

1,000

Sumitomo Mitsui Banking Corporation

—

1,300

The Bank of Fukuoka, Ltd.

—

1,300

Aozora Bank, Ltd.

—

500

—

500

—

400

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

Resona Bank, Limited
Kansai Mirai Bank, Limited

THE KAGAWA BANK, Ltd.
Resona Bank, Limited

25

August 2,
2019

THE KAGAWA BANK, Ltd.

16th fiscal period

342,129

June 29,2018250

15th fiscal period

408,745

June 29,
2018

The Chiba Bank, Ltd.

14th fiscal period

365,787

Balance at endof period(millions of yen)350

13th fiscal period

257,568

Balance at
beginning of period(millions of yen)

Sumitomo Mitsui Banking Corporation

12th fiscal period

Operation period

Drawdown
date

The Bank of Fukuoka, Ltd.

Resona Bank, Limited

Current portion of long-term borrowings

Property nameCategory

November26, 2018
August 26,
2019
August 3,
2020

June 28,
2019

SBI Shinsei Bank, Limited—

400

The Juhachi-Shinwa Bank, Ltd.

—400

The Kumamoto Bank, Ltd.

—

200

Averageinterest rate
(Note 3)0.753%(Note 1)

0.958%(Note 2)0.603%(Note 1)0.753%(Note 1)0.753%(Note 1)0.673%(Note 2)0.503%(Note 1)0.703%(Note 1)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2023

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2023

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2023

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
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
repayment on
repayment date

(Note 5)

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

July 31,2024(Note 4)26

I. Asset Management Report

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

Drawdown
dateAugust 3,
2020

—

500
500

Subtotal of current portion of long-termborrowings

11,45011,800Sumitomo Mitsui Banking Corporation

100

100

The Bank of Fukuoka, Ltd.

100

100

Aozora Bank, Ltd.

February 1,
2018

500

500

500

500

Fukoku Mutual Life Insurance Company

300

300

SBI Shinsei Bank, Limited

600

600

The Bank of Fukuoka, Ltd.

350

350

250

250

100

100

1,250

1,250

Sumitomo Mitsui Banking Corporation

1,300

—

The Bank of Fukuoka, Ltd.

1,300

—

Mizuho Bank, Ltd.

August 28,
2018

Resona Bank, Limited
Mizuho Bank, Ltd.

March 29,
2019

Aozora Bank, Ltd.
THE KAGAWA BANK, Ltd.
Resona Bank, Limited

June 28,
2019

SBI Shinsei Bank, Limited

500

—

500

—

400

—

400

—

The Juhachi-Shinwa Bank, Ltd.

400—

The Kumamoto Bank, Ltd.

200—

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.

450

450

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

Long-term borrowings

Balance at endof period(millions of yen)—

The Higo Bank, Ltd.

August 2,
2019

400

400

300

300

300

300

The Kumamoto Bank, Ltd.

200

200

Resona Bank, Limited

200

200

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

2,500

2,500

Mizuho Bank, Ltd.

August 26,
2019

2,500

2,500

August 26,
2019

500

500

900

900

The Nishi-Nippon City Bank, Ltd.
Resona Bank, Limited
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation

June 30,
2020

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

June 30,
2020

725

725

500

500

375

375

1,075

1,075

900

900

775

775

725

725

THE KAGAWA BANK, Ltd.

625

625

San ju San Bank, Ltd.

500

—

500

—

1,000

1,000

500

500

250

250

The Bank of Saga Ltd.
SBI Shinsei Bank, LimitedAozora Bank, Ltd.
Resona Bank, Limited

August 3,
2020
August 3,
2020

The Nishi-Nippon City Bank, Ltd.

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

The Bank of Fukuoka, Ltd.

1,550

1,550

The Bank of Yokohama, Ltd.

1,250

1,250

600

600

500

500

THE KAGAWA BANK, Ltd.
SBI Shinsei Bank, Limited

27

Balance at
beginning of period(millions of yen)

June 30,
2021

The Juhachi-Shinwa Bank, Ltd.

240

240

The Kumamoto Bank, Ltd.

140

140

Averageinterest rate
(Note 3)0.503%(Note 1)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2024

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 4)

Category

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

Drawdown
date

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

1,000

1,000

1,000

1,000

Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.
1.476%(Note 2)Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 5)

SBI Shinsei Bank, Limited

Unsecured
Unguaranteed

The Nishi-Nippon City Bank, Ltd.

(Note 2)0.903%(Note 1)

July 31,2025(Note 4)Lump-sum
repayment on
repayment dateLump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 5)(Note 5)(Note 1)

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

500

2,000

2,000

Sumitomo Mitsui Banking Corporation

810

810

Resona Bank, Limited

900

900

660

660

540

540

August 3,
2021
August 3,
2021

January 31,
2022

SBI Shinsei Bank, Limited

500

500

The Kumamoto Bank, Ltd.

440

440

500

500

1,000

1,000

500

500

Aozora Bank, Ltd.

THE KAGAWA BANK, Ltd.

February25, 2022
July 29,
2022

Aozora Bank, Ltd.

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

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

(Note 5)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

The Hiroshima Bank, Ltd.

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation(Note 4)

July 31,2026(Note 4)Lump-sum
January 31,
repayment on
2025(Note 4)
repayment dateLump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

0.503%

0.711%

July 31,2025

Lump-sum
repayment on
repayment dateJuly 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

0.829%(Note 2)0.728%(Note 1)0.608%(Note 2)0.614%(Note 2)

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

Unsecured
Unguaranteed
Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 4)

SBI Shinsei Bank, LimitedAozora Bank, Ltd.

August 2,
2022

The Yamaguchi Bank, Ltd.
Sumitomo Mitsui Banking Corporation
SBI Shinsei Bank, LimitedAozora Bank, Ltd.

(Note 5)

July 29,2022

Sumitomo Mitsui Banking Corporation(Note 5)Lump-sum
repayment on
repayment date

(Note 2)

The Dai-ichi Life Insurance Company,
LimitedUnsecured
Unguaranteed

July 31,2024(Note 1)The Higo Bank, Ltd.
Daishi Hokuetsu Bank, Ltd.

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

1,000

500

SBI Shinsei Bank, Limited(Note 2)

1,000

1,500

THE HYAKUGO BANK, LTD.

1.087%

1,500
1,000

1,500

The Juhachi-Shinwa Bank, Ltd.

(Note 5)

1,500
1,000

300

The Bank of Fukuoka, Ltd.
0.703%

500
1,500

1,700

Mizuho Bank, Ltd.

Unsecured
Unguaranteed

500
1,500

300

The Kagoshima Bank, Ltd.

Unsecured
Unguaranteed

Balance at endof period(millions of yen)

1,700

The Higo Bank, Ltd.
1.318%

August 3,
2021

Resona Bank, Limited
Sumitomo Mitsui Banking Corporation

Long-term borrowings

Current portionof long-termborrowings

Category

SAMTY RESIDENTIAL

The Yamaguchi Bank, Ltd.

August 2,
2022

August 2,
2022

Resona Bank, Limited

500

500

1,000

1,000

1,000

1,000

850

850

500

500

500

500

500

500

500

500

500

500

1,000

1,000

500

500

1,050

1,050

500

500

500

500

500

500

450

450

Mizuho Bank, Ltd.

August 2,
2022

500

500

Mizuho Bank, Ltd.

August 2,
2022

500

500

Mizuho Bank, Ltd.

August 2,
2022

500

500

1,050

1,050

The Bank of Fukuoka, Ltd.
The Higo Bank, Ltd.

700

700

Kansai Mirai Bank, Limited

700

700

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

January 31,
2023

550

550

500

500

250

250

THE SHIZUOKA BANK, LTD.

250

250

Resona Bank, Limited

200

200

SBI Shinsei Bank, Limited

150

150

The Chiba Bank, Ltd.

150

150

Averageinterest rate
(Note 3)0.553%(Note 1)0.720%(Note 2)0.726%(Note 2)0.753%(Note 1)0.910%(Note 2)0.940%(Note 2)0.603%(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)

1.434%(Note 2)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2025

Lump-sum
repayment on
repayment date

(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

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)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

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

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 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)28

I. Asset Management Report

Category

LenderDrawdown
date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

Sumitomo Mitsui Banking Corporation—

500

Aozora Bank, Ltd.

—

400

Resona Bank, Limited—

400

The Bank of Fukuoka, Ltd.

—350

SBI Shinsei Bank, Limited—

300

THE KAGAWA BANK, Ltd.
The Bank of Saga Ltd.

Long-term borrowings

SAMTY RESIDENTIAL

July 31,
2023

—

300

—

300

The Juhachi-Shinwa Bank, Ltd.

—200

San ju San Bank, Ltd.

—200

THE SHIZUOKA BANK, LTD.

—

150

The Kumamoto Bank, Ltd.

—50

The Chiba Bank, Ltd.

—

50

Sumitomo Mitsui Banking Corporation—

400

The Bank of Fukuoka, Ltd.

—300

SBI Shinsei Bank, Limited—

200

Aozora Bank, Ltd.

—

200

Resona Bank, Limited—

200

THE KAGAWA BANK, Ltd.

—

200

—

200

—

100

The Kumamoto Bank, Ltd.

—

100

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

July 31,2023

San ju San Bank, Ltd.

—100

THE SHIZUOKA BANK, LTD.

—

100

The Chiba Bank, Ltd.

—

100

—

100

Subtotal of long-term borrowings

THE OITA BANK, LTD.

69,25068,750Total

80,70080,550

Averageinterest rate

Repayment
date(Note 3)

Repayment
methodUse offunds

Remarks

6. Status of Purchase and Sale during the 16th Fiscal Period(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.
Acquisition

July 31,2028

0.653%(Note 1)

(Note 4)

July 31,2028

0.653%(Note 1)

(Note 4)Lump-sum
repayment on
repayment dateLump-sum
repayment on
repayment date

Type of asset(Note 5)(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Property nameReal estate(actual real estate)

S-RESIDENCE
A-098
Minamimaruyama

Real estate trust
beneficiary interest

B-055

Real estate(actual real estate)

Acquisition date

Disposition

Acquisition price(millions of yen)
(Note 1)

Date of disposition

Disposition price(millions of yen)
(Note 1)Gain or loss
Book value
on sale(millions of yen) (millions of yen)
(Note 2)

May 8, 2023

410

—

—

—

—

June 30, 2023

1,168

—

—

—

—

C-041 S-FORT Omori Sanno

June 30, 2023

361

—

—

—

—

Real estate(actual real estate)C-042 S-FORT Kamiikedai

June 30, 2023

353

—

—

—

—

Real estate(actual real estate)

A-020 S-FORT Kurumamichi——

March 31, 2023

530

402

110

Real estate(actual real estate)

A-037 S-FORT Hakata-Higashi I——

June 28, 2023

502

425

59

Real estate(actual real estate)

A-038 S-FORT Hakata-Higashi II——

June 28, 2023

500

417

66

Real estate trust
beneficiary interest

B-020 S-FORT Kumamoto Senba——

June 28, 2023

1,055

993

21

—

2,587

2,239

257

S-RESIDENCE Kachigawa
Ekimae

Total

2,292

(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(Note 1) These loans are with floating interest rates.
(Note 2) These loans are with fixed interest rates.

Not applicable(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,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
Issue date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)Interest rate

Redemption
date

Redemption
methodUse offunds

Remarks

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

December16, 2020

1,700

1,700

0.580%

December16, 2025

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

0.850%

Lump-sum
December
repayment on
8, 2031
redemption date

(Note 2)

Unsecured
Unguaranteed

0.850%

December15, 2027

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

December
8, 2021

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

December15, 2022

Total

—

1,500

1,400
4,600

1,500

1,400
4,600

i) Real estate, etc.

—

—

—

—

—

Acquisition

Disposition(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

Property name

Transaction date

Type of asset

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

Appraisal dateJapan Valuers Co., Ltd.

March 31,2023

Daiwa Real Estate Appraisal Co., Ltd.

May 31,
2023(Note 1)Name

Second Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)(3) Survey on Prices of Specified Assets, Etc.

Acquisition or
disposition

The status of investment corporation bonds as of July 31, 2023, is as follows.

Not applicable

Property
numberS-RESIDENCE
Minamimaruyama

May 8,
2023

Real estate(actual real estate)

410

413

S-RESIDENCE
Kachigawa EkimaeJune 30,
2023

Real estate trust
beneficiary interest

1,168

1,200

S-FORT Omori Sanno

June 30,
2023

Real estate(actual real estate)

361

371

Japan Valuers Co., Ltd.

May 31,
2023

S-FORT Kamiikedai

June 30,
2023

Real estate(actual real estate)

353

356

Japan Valuers Co., Ltd.

May 31,
2023

S-FORT Kurumamichi

March 31,2023

Real estate(actual real estate)

530

490

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2023

S-FORT
Hakata-Higashi I

June 28,2023

Real estate(actual real estate)

502

428

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2023

S-FORT
Hakata-Higashi II

June 28,2023

Real estate(actual real estate)

500

428

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2023

S-FORT Kumamoto
Senba

June 28,2023

Real estate trust
beneficiary interest

1,055

1,000

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2023(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) The appraisal in the table above was conducted by applying to the “Real Estate Appraisal Standards, Specific Thesis Chapter 3: Appraisal on Prices ofReal Estate Subject to Securitization.”ii) Investment securities
Not applicableiii) Other
Not applicable2930

I. Asset Management Report

SAMTY RESIDENTIAL

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

(1) Status of Assets, Liabilities, Principal and Profits and Lossi) Status of transactions with interested parties, etc. (Note 1)

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.

Transaction amount, etc. (Note 2)

Category

Purchase amount, etc.

Sale amount, etc.

2,292 million yen

2,587 million yen

Samty Co., Ltd.

2,292 million yen (100%)

—

Total

2,292 million yen (100%)—

Total amount(2) Changes in Calculation Methods for Depreciation

Breakdown of transactions with interested parties, etc.

Not applicable(3) Changes in Valuation Method of Real Estate and Infrastructure Assets
Not applicableii) Amount of paid fees, etc.
Category

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

Breakdown of transaction with interested parties, etc.
Paid party

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

505,056 thousand yen

Samty Property Management Co., Ltd.

245,889 thousand yen

48.7

77,670 thousand yen

Samty Co., Ltd.

46,815 thousand yen

60.3iii) Major payments to other interested parties, etc.
Samty Property Management Co., Ltd.

513,509 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.

(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.

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 applicable

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

11. Other(1) Noticesi) Unitholders’ Meeting
Not applicableii) Board of Directors of Samty Residential
Not applicable(2) Handling of Fractions of Monetary Amounts and Percentage Figures
Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded off to the nearest specified unit inthis document.

31

32

II. Financial Section

SAMTY RESIDENTIAL

Balance Sheet(Unit: thousands of yen)

(Unit: thousands of yen)
15th fiscal period

16th fiscal period(as of January 31, 2023)(as of July 31, 2023)

Assets15th fiscal period

16th fiscal period(as of January 31, 2023)(as of July 31, 2023)

Liabilities

Current assets

Current liabilities

Cash and deposits

3,185,547

3,617,126

Operating accounts payable

Cash and deposits in trust

2,478,881

2,455,340

Current portion of long-term borrowings

463,360

641,878

11,450,000

11,800,000

109,061

110,527

Operating accounts receivable

16,93924,140Accounts payable - otherPrepaid expenses

206,059

215,109

Accrued expenses

5,226

4,765

Consumption taxes receivable

61,624—

Distributions payable

16,147

15,964

Consumption taxes payable—

96,161

Income taxes payable

984

712

825,754

841,502

Other
Total current assets

4,662

3,198

5,953,716

6,314,915

Non-current assets

Advances received

Property, plant and equipment
Buildings

Deposits received
12,853,592

12,745,431

Total current liabilities

16,867

17,07812,887,403

13,528,590

Accumulated depreciation(1,105,750)(1,180,600)

Buildings, net

11,747,842

11,564,830

Investment corporation bonds

4,600,000

4,600,000

10,6508,267Long-term borrowings

69,250,000

68,750,000

Accumulated depreciation(2,008)(2,162)

Leasehold and guarantee deposits received

92,61090,779Structures, net

8,641

6,104

Leasehold and guarantee deposits received in trust

510,752

502,077

74,453,362

73,942,857

87,340,765

87,471,448

84,710,081

84,710,081

Structures

Machinery and equipment

32,78832,788

Accumulated depreciation(4,191)(5,262)

Machinery and equipment, net

28,59627,525Tools, furniture and fixtures

65,964

72,216

Accumulated depreciation(29,506)(32,605)

Tools, furniture and fixtures, net

36,45739,610Land

13,591,916

13,664,715

Buildings in trust

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital(2,599,022)(2,878,317)

Unitholders’ capital, net

82,111,059

81,831,763
2,149,006

71,207,858

71,608,771

Accumulated depreciation(7,478,293)(8,222,358)

Unappropriated retained earnings (undisposed loss)

2,030,240

Buildings in trust, net

63,729,564

63,386,412

Total surplus

2,030,240

2,149,006

14,572

14,572

84,141,299

83,980,770

Accumulated depreciation(5,443)(6,119)Total net assets (Note 11)

84,141,299

83,980,770

Structures in trust, net

9,128

8,453

Total liabilities and net assets

171,482,065

171,452,218

Structures in trust

Machinery and equipment in trust

786,685

798,771

Accumulated depreciation(174,550)(195,326)

Machinery and equipment in trust, net

612,135

603,445

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

293,711350,578(123,114)(165,270)

170,597

185,307

Land in trust

75,024,593

75,142,697

Total property, plant and equipment

164,959,475

164,629,103

Surplus

Total unitholders’ equity

Intangible assets
Software

1,293

836

Total intangible assets

1,293

836

Investments and other assets
Deferred tax assets

18

5

Leasehold and guarantee deposits

11,69911,745Long-term prepaid expenses

469,422426,158

Total investments and other assets

481,140

437,909

165,441,909

165,067,849

Investment unit issuance expenses

41,81029,331

Investment corporation bond issuance costs

44,62940,122

Total deferred assets

86,43969,453

171,482,065

171,452,218

Total non-current assets
Deferred assets

Total assets

33

34

II. Financial Section

SAMTY RESIDENTIAL

Statement of Income and Retained Earnings

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

15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

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

Operating revenue
Leasing business revenue (Note 10)
Other leasing business revenue (Note 10)
Gain on sale of real estate properties (Note 10)
Total operating revenue

5,057,516

5,077,503

402,742487,703—257,527

5,460,258

5,822,734

2,230,331

2,446,749

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

424,135

461,586

Asset custody fees

7,551

8,092

Administrative service fees

55,05049,590

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,90016,200

Other operating expenses

186,425

205,292

Total operating expenses

2,922,454

3,190,571

2,537,803

2,632,163

Operating income
Non-operating income
Interest income

1115Interest on tax refund

—

182

3,070

2,418

—

6

3,082

2,622

Interest expenses

331,815

338,798

Interest expenses on investment corporation bonds

18,027

17,323Financing fees

140,817

112,122

Amortization of investment unit issuance expenses

13,07012,478

Amortization of investment corporation bond issuance costs

5,877

4,506

Reversal of distributions payable
Other
Total non-operating income
Non-operating expenses

Other

343

342

509,952

485,573

Ordinary income

2,030,933

2,149,212

Income before income taxes

2,030,933

2,149,212

Income taxes - current

988

716

Income taxes - deferred

(0)

13

987

729

2,029,946

2,148,483

Total non-operating expenses

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

35

293

523

2,030,240

2,149,006

Unitholders’ 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

16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)
Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total surplus

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

82,111,059

2,030,240

2,030,240

84,141,299(279,295)(279,295)(279,295)(279,295)(2,029,716)(2,029,716)(2,029,716)(2,029,716)
2,148,483

Total
unitholders’equityTotal net assets

84,141,299

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

2,148,483

2,148,483

2,148,483

Total changes during the period

Net income—(279,295)(279,295)

118,766

118,766(160,529)(160,529)

Balance at end of period (Note 3)

84,710,081(2,878,317)

81,831,763

2,149,006

2,149,006

83,980,770

83,980,770

36II. Financial Section

SAMTY RESIDENTIAL

Statement of Cash Flows

Notes to Financial Statements(Unit: thousands of yen)
15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

Note 1 – Organization

Cash flows from operating activities
Income before income taxes

2,030,933

2,149,212

Depreciation

1,086,266

1,097,006

Interest income

(11)

(15)

Interest expenses

349,842

356,122

Amortization of investment unit issuance expenses

13,07012,478

Amortization of investment corporation bond issuance costs

5,877

4,506

Decrease (increase) in operating accounts receivable(4,854)(7,200)Decrease (increase) in consumption taxes refund receivable(61,624)

61,624

Increase (decrease) in consumption taxes payable(119,656)

96,161

Decrease (increase) in prepaid expenses(13,923)(9,049)

Increase (decrease) in operating accounts payable

65,739(90,794)

Increase (decrease) in accounts payable - other

3,473

1,465

Increase (decrease) in advances received

71,37915,747

Decrease (increase) in long-term prepaid expenses(49,965)

43,264

Decrease in property, plant and equipment due to sale—

1,245,519

Decrease in property, plant and equipment in trust due to sale—993,682

Other, net

40,6601,219

Subtotal

3,417,207

5,970,952

11

15(351,268)(356,583)

Interest received
Interest paid
Income taxes paid

(968)

(988)

3,064,982

5,613,395

Purchase of property, plant and equipment(3,790,168)(1,278,557)

Purchase of property, plant and equipment in trust(12,831,339)(1,459,473)

Payments of leasehold and guarantee deposits

—

(85)

Proceeds from return of leasehold and guarantee deposits—

39(5,602)(14,501)

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

Refund of leasehold and guarantee deposits received
Proceeds from leasehold and guarantee deposits received

12,663

12,671

Refund of leasehold and guarantee deposits received in trust(40,064)(57,868)

Proceeds from leasehold and guarantee deposits received in trust

52,82649,194(16,601,685)(2,748,581)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings

12,500,000

5,500,000

Repayments of long-term borrowings(5,035,000)(5,650,000)

Proceeds from issuance of investment corporation bonds

1,400,000—

Redemption of investment corporation bonds(1,000,000)—(18,131)—8,445,911—

Payments of investment corporation bond issuance costs
Proceeds from issuance of investment units
Payments of investment unit issuance expenses

37(24,630)—

Distributions paid

(2,322,551)(2,306,776)

Net cash provided by (used in) financing activities

13,945,598(2,456,776)

Net increase (decrease) in cash and cash equivalents

408,895

408,037

Cash and cash equivalents at beginning of period

5,255,534

5,664,429

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

5,664,429

6,072,466

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 to longterm.
As of the end of the fiscal period ended July 2023 (hereinafter, the “end of the 16th fiscal period”), Samty Residential owned real estate,etc. consisting of 178 properties in total (total acquisition price: 162,783 million yen), with the total number of investment units issued andoutstanding at 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)
15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)
Total number of investment units authorized
Total number of investment units issued(From February 1, 2023 to July 31, 2023)

2,000,000

2,000,000

838,726

838,72638

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.

15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

Cash and deposits

3,185,547

3,617,126

Cash and deposits in trust

2,478,881

2,455,340

Cash and cash equivalents

5,664,429

6,072,466

Note 6 – Leases
Future minimum lease payments to be received under non-cancelable operating leases(Unit: thousands of yen)
15th fiscal period

16th fiscal period(as of January 31, 2023)(as of July 31, 2023)

Due within 1 year

118,842Due after 1 year

1,021,625

125,097
959,077

Total

1,140,467

1,084,174(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 22,911 thousand yen for the
15th fiscal period and 2,643 thousand yen for the 16th 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.

39

40

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 long-term borrowings and (3) Long-term borrowings

Matters Concerning Status of Financial Instruments

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

(1) Policy on Handling Financial Instruments
Samty Residential makes it a basic policy to conduct stable and sound financial operations in order to ensure stable growth of managed assets, their efficient management and stability of management. Based on this policy, Samty Residential 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.

(2) Investment corporation bonds
As investment corporation bonds are with fixed interest rates, their fair value is calculated by discounting the total amount of principal and interest
with the rate that takes into account the remaining period to maturity of the relevant bonds and credit risk.
(Note 2) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date
15th fiscal period (January 31, 2023)

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 July 31, 2023.

Current portion of long-term borrowings

—

—

—

—

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

Due in1 year or lessDue after
1 year through2 years

Due after
2 years through3 years

Due after
3 years through4 years

Due after
4 years through5 years

Investment corporation bonds(1) Current portion of long-term borrowings

11,450,000

11,458,646

8,646(2) Investment corporation bonds

4,600,000

4,470,441(129,558)(3) Long-term borrowings

69,250,000

69,316,433

66,43385,300,000

85,245,521(54,478)

Total of liabilities

11,800,000

—

—

—

—

—

—

—

1,700,000—

1,400,000

1,500,000

Long-term borrowings—

14,550,000

15,500,000

15,500,000

15,200,000

8,000,000

Total

11,800,000

14,550,000

17,200,000

15,500,000

16,600,000

9,500,000(Unit: thousands of yen)

Property,plant andequipment

Increaseduring theperiodDecreaseduring theperiodBalance at
end of periodOraccumulated
amortization

Depreciation
during theperiodBuildings

12,853,592

470,764

578,925

12,745,431

1,180,600

Structures

10,650

—

2,383

8,267

2,162

Machinery and equipment

32,788——32,788Tools, furniture and fixtures

65,964

16,775

10,52372,216

Net balanceat end ofperiodRemarks

158,521

11,564,830(Note 1)

440

6,104

(Note 1)

5,262

1,070

27,525—32,605

9,593

39,610(Note 1)

Land

13,591,916

817,917745,118

13,664,715——

13,664,715(Note 1)

Buildings in trust

71,207,858

1,160,555

759,641

71,608,771

8,222,358

861,281

63,386,412(Note 2)

Structures in trust

14,572——

14,572

6,119

675

8,453

Machinery and equipment in trust

786,685

12,085—

798,771

195,326

20,775603,445(Note 2)Tools, furniture and fixtures in trust

Intangible
Assets

Accumulated depreciation

Balance at
beginning of
periodType of asset(Unit: thousands of yen)
Difference

Due after
5 years

Note 8 – Schedule of Real Estate Owned

Matters Concerning Fair Value, Etc. of Financial Instruments

Fair value(Unit: thousands of yen)

Current portion of long-term borrowings

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.

Carrying value on the Balance Sheet

Due after
5 years—

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.

Furthermore, information on cash and deposits and cash and deposits in trust 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 and guarantee
deposits received in trust is also omitted as the amounts are immaterial.

Due after
4 years through5 years—

16th fiscal period (July 31, 2023)

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
3 years through4 years—

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.

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

Due after
2 years through3 years

11,450,000

Investment corporation bonds

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

Due after
1 year through2 years

Due in1 year or less

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

2.

(Unit: thousands of yen)—

293,71165,417

8,549

350,578

165,270

44,190185,307(Note 2)Land in trust

75,024,593

463,826

345,723

75,142,697——

75,142,697(Note 2)

Total

173,882,333

3,007,342

2,450,866

174,438,809

9,809,706

1,096,549

164,629,103

—

4,564

—

—

4,564

3,727

456

836

—

4,564

—

—

4,564

3,727

456

836

—

Software
Total(Note 1) The increase is mainly due to the acquisition of 3 properties, and the decrease is mainly due to the sale of 3 properties.
(Note 2) The increase is mainly due to the acquisition of 1 property, and the decrease is mainly due to the sale of 1 property.

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, 2023.
Furthermore, information on cash and deposits and cash and deposits in trust 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 and guarantee
deposits received in trust is also omitted as the amounts are immaterial.
(Unit: thousands of yen)
Carrying value on the Balance Sheet

Difference

11,800,000

11,805,348

5,348(2) Investment corporation bonds

4,600,000

4,515,384(84,615)(3) Long-term borrowings

68,750,000

69,138,527

388,527

85,150,000

85,459,260

309,260

Total of liabilities

41

Fair value(1) Current portion of long-term borrowings

42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)
15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

A. Real estate leasing business revenue

Carrying value on the Balance Sheet

Leasing business revenue
Rent revenue

Balance at beginning of period

149,525,814

164,959,475

Amount of increase (decrease) during the period

15,433,661(330,372)

Fair value at end of period

164,959,475

164,629,103

182,442,000

184,591,000

Fair value at end of period

15th fiscal period(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 15th fiscal period is mainly attributable to the acquisition of 19 properties(16,124,100 thousand yen), and the amount of decrease is mainly attributable to depreciation (1,085,809 thousand yen). The amount of increase in the 16th
fiscal period is mainly attributable to the acquisition of 4 properties (2,443,126 thousand yen), and the amount of decrease is mainly attributable to the sale of 4
properties (2,241,165 thousand yen) and depreciation (1,096,549 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 16th fiscal period for the investment and rental properties is as presented in the “Note 10 – Statement of Income
and Retained Earnings.”

4,668,693

Land rent revenue

4,684,123

244

Common service fees

388,57899
5,057,516

393,280

5,077,503

Other leasing business revenue
Parking fees

180,388

Utilities income

32,847

Other revenues

189,506

Total real estate leasing business revenue

180,51435,500402,742

271,6885,460,258

487,7035,565,207

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

274,423

Utilities expenses

90,136

284,739
86,010

Taxes and public dues

324,351

373,609

Insurance expenses

10,868

11,236

Repair expenses

205,900

279,505
1,096,549

Depreciation

1,085,809

Trust fees

38,91938,699Other expenses related to leasing business

199,920

276,397

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

2,230,331

2,446,749

3,229,927

3,118,457*2. Breakdown of Gain on Sale of Real Estate Properties
15th fiscal period (From August 1, 2022 to January 31, 2023)
Not applicable

16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)
S-FORT Kurumamichi
Proceeds from sale of real estate properties

530,000

Cost of sale of real estate properties

402,577

Other expenses related to sale

17,370Gain on sale of real estate properties

110,051

S-FORT Hakata-Higashi I
Proceeds from sale of real estate properties

502,000

Cost of sale of real estate properties

425,888

Other expenses related to sale

16,722Gain on sale of real estate properties

59,388

S-FORT Hakata-Higashi II
Proceeds from sale of real estate properties

500,000

Cost of sale of real estate properties

417,053

Other expenses related to sale

16,652Gain on sale of real estate properties

66,293

S-FORT Kumamoto Senba
Proceeds from sale of real estate properties

43

1,055,000

Cost of sale of real estate properties

993,682

Other expenses related to sale

39,523Gain on sale of real estate properties

21,79344

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)
15th fiscal period

16th fiscal period(as of January 31, 2023)(as of July 31, 2023)

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

Unappropriated retained earnings

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

2,030,240,185

2,149,006,787

279,295,758

189,552,076

2,309,012,678

2,338,368,088[2,753][2,788]2,029,716,920

2,148,816,012[Of which, distribution of earnings per unit][2,420][2,562]

Of which, distribution in excess of earnings

279,295,758

189,552,076

[333]

[226]

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

523,265

190,775

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%.

With regard to the distribution for the 16th 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 2,562 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 16th fiscal period.
Based on this decision, Samty Residential determined to distribute 189,552,076 yen, which is theamount almost equivalent to 17.3/100 of 1,096
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 226 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 72.1%.

(Note) For the determination of making distribution in excess of earnings for the 16th fiscal period, please refer to (Note 1) and (Note 2) for v) Overview of Performanceand Distributions, (2) 16th 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
15th fiscal period

Balance at
beginning of
periodLender

THE KAGAWA BANK, Ltd.

250,000—

250,000—

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, Limited

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, Limited

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

400,000——

400,000

1,000,000——

1,000,000

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, Limited—

400,000—

400,000

SBI Shinsei Bank, Limited—

400,000—

400,000

The Juhachi-Shinwa Bank, Ltd.

—

400,000—

400,000

The Kumamoto Bank, Ltd.

—

200,000—

200,000

San ju San Bank, Ltd.

—

500,000—

500,000

The Bank of Saga Ltd.

—

500,000—

500,000

11,450,000

6,000,000

5,650,000

11,800,000

Resona Bank, Limited
Kansai Mirai Bank, Limited

Repayment
date

Use offunds

Remarks

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

January 31,
2024(Note 5)

Unsecured
Unguaranteed

July 31,2024(Note 5)

Unsecured
Unguaranteed(Note 1)

July 31,2024(Note 5)

Unsecured
Unguaranteed

—

—

—

—

—

Resona Bank, Limited

Subtotal of current portion of long-termborrowings

45

Average
Balance at end ofinterest rate
period(Note 3)0.753%(Note 1)

0.958%(Note 2)0.603%(Note 1)0.753%(Note 1)0.753%(Note 1)0.673%(Note 2)0.503%(Note 1)0.703%(Note 1)0.503%(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)46

II. Financial Section

SAMTY RESIDENTIAL(Unit: thousands of yen)
Increase during
the period

Decrease during
the period

Sumitomo Mitsui Banking Corporation

100,000——

100,000

The Bank of Fukuoka, Ltd.

100,000——

100,000

Aozora Bank, Ltd.

500,000——

500,000

The Higo Bank, Ltd.

500,000——

500,000

Fukoku Mutual Life Insurance Company

300,000——

300,000

SBI Shinsei Bank, Limited

600,000——

600,000

Long-term borrowings

Category

LenderThe Bank of Fukuoka, Ltd.

350,000——

350,000

Mizuho Bank, Ltd.

250,000——

250,000

Resona Bank, Limited

100,000——

100,000

Mizuho Bank, Ltd.

1,250,000——

1,250,000

Sumitomo Mitsui Banking Corporation

1,300,000—

1,300,000—

The Bank of Fukuoka, Ltd.

1,300,000—

1,300,000—

Aozora Bank, Ltd.

500,000—

500,000—

THE KAGAWA BANK, Ltd.

500,000—

500,000—

Resona Bank, Limited

400,000—

400,000—

SBI Shinsei Bank, Limited

400,000—

400,000—

The Juhachi-Shinwa Bank, Ltd.

400,000—

400,000—

The Kumamoto Bank, Ltd.

200,000—

200,000—

Sumitomo Mitsui Banking Corporation

600,000——

600,000

The Bank of Fukuoka, Ltd.

450,000——

450,000

Aozora Bank, Ltd.

400,000——

400,000

SBI Shinsei Bank, Limited

300,000——

300,000

The Juhachi-Shinwa Bank, Ltd.

300,000——

300,000

The Kumamoto Bank, Ltd.

200,000——

200,000

Resona Bank, Limited

200,000——

200,000

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, Limited

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

Sumitomo Mitsui Banking Corporation
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

San ju San Bank, Ltd.

500,000—

500,000—

The Bank of Saga Ltd.

500,000—

500,000—

1,000,000——

1,000,000

Aozora Bank, Ltd.

500,000——

500,000

Resona Bank, Limited

250,000——

250,000

SBI Shinsei Bank, Limited

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

Mizuho Bank, Ltd.

1,000,000——

1,000,000

Sumitomo Mitsui Banking Corporation

920,000——

920,000

The Bank of Fukuoka, Ltd.

1,550,000——

1,550,000

The Bank of Yokohama, Ltd.

1,250,000——

1,250,000

THE KAGAWA BANK, Ltd.

600,000——

600,000

SBI Shinsei Bank, Limited

500,000——

500,000
240,000

The Juhachi-Shinwa Bank, Ltd.

240,000——

The Kumamoto Bank, Ltd.

140,000——

140,000

JAPAN POST BANK Co., Ltd.

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

500,000——

500,000

Kansai Mirai Bank, Limited

47

Average
Balance at end ofinterest rate
period(Note 3)

1.476%(Note 2)

1.318%(Note 2)0.903%(Note 1)0.703%(Note 1)

Repayment
date

January 31,
2025

Use offunds(Note 5)(Note 4)

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

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

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

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

Category
Remarks

Unsecured
Unguaranteed

LenderResona Bank, Limited

300,000——

300,000

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

Sumitomo Mitsui Banking Corporation

810,000——

810,000

Resona Bank, Limited

900,000——

900,000

The Juhachi-Shinwa Bank, Ltd.

660,000——

660,000

The Bank of Fukuoka, Ltd.

540,000——

540,000

SBI Shinsei Bank, Limited

500,000——

500,000

The Kumamoto Bank, Ltd.

440,000——

440,000

Aozora Bank, Ltd.

500,000——

500,000

THE HYAKUGO BANK, LTD.

1,000,000——

1,000,000

SBI Shinsei Bank, Limited

500,000——

500,000

Mizuho Bank, Ltd.

Unsecured
Unguaranteed

Unsecured
Unguaranteed

THE KAGAWA BANK, Ltd.
1.087%(Note 2)

0.783%(Note 2)0.864%(Note 2)0.907%(Note 2)0.750%(Note 2)0.863%(Note 2)0.503%(Note 1)

0.711%(Note 2)0.829%(Note 2)0.728%(Note 1)0.608%(Note 2)0.614%(Note 2)

0.553%(Note 1)

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

July 31,2025(Note 5)(Note 4)(Note 4)

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

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

July 31,2025

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed

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

Unsecured
Unguaranteed

January 31,
2026(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 5)

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

Average
Balance at end ofinterest rate
period(Note 3)

Sumitomo Mitsui Banking Corporation
The Kagoshima Bank, Ltd.

Unsecured
Unguaranteed

Long-term borrowings

Balance at
beginning of
period500,000——

500,000

Aozora Bank, Ltd.

1,000,000——

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

Sumitomo Mitsui Banking Corporation

500,000——

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

Mizuho Bank, Ltd.

500,000——

500,000

Mizuho Bank, Ltd.

500,000——

500,000
1,050,000

The Bank of Fukuoka, Ltd.

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

Resona Bank, Limited

200,000——

200,000

SBI Shinsei Bank, Limited

150,000——

150,000

The Chiba Bank, Ltd.

150,000——

150,000

0.720%(Note 2)0.726%(Note 2)0.753%(Note 1)0.910%(Note 2)0.940%(Note 2)0.603%(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)

1.434%(Note 2)

Repayment
date

Use offunds

Remarks

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

January 31,
2029(Note 5)

Unsecured
Unguaranteed(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)48

II. Financial Section

Note 15 – Tax Effect Accounting

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

Sumitomo Mitsui Banking Corporation—

500,000—

500,000

Aozora Bank, Ltd.

—

400,000—

400,000

Resona Bank, Limited—

400,000—

400,000

The Bank of Fukuoka, Ltd.

—

350,000—

350,000

SBI Shinsei Bank, Limited—

300,000—

300,000

THE KAGAWA BANK, Ltd.

—

300,000—

300,000

The Bank of Saga Ltd.

—

300,000—

300,000

The Juhachi-Shinwa Bank, Ltd.

—

200,000—

200,000

San ju San Bank, Ltd.

—

200,000—

200,000

THE SHIZUOKA BANK, LTD.

—

150,000—

150,000

The Kumamoto Bank, Ltd.

—

50,000—50,000

The Chiba Bank, Ltd.

—

50,000—50,000Sumitomo Mitsui Banking Corporation—

400,000—

400,000

The Bank of Fukuoka, Ltd.

—

300,000—

300,000

SBI Shinsei Bank, Limited—

200,000—

200,000

Aozora Bank, Ltd.

—

200,000—

200,000

15th fiscal period

16th fiscal period

Resona Bank, Limited—

200,000—

200,000(as of January 31, 2023)(as of July 31, 2023)

THE KAGAWA BANK, Ltd.

—

200,000—

200,000

The Bank of Saga Ltd.

—

200,000—

200,000

The Juhachi-Shinwa Bank, Ltd.

—

100,000—

100,000

The Kumamoto Bank, Ltd.

—

100,000—

100,000

Other

San ju San Bank, Ltd.

—

100,000—

100,000

Effective tax rate after applying tax effect accounting

THE SHIZUOKA BANK, LTD.

—

100,000—

100,000

The Chiba Bank, Ltd.

—

100,000—

100,000

THE OITA BANK, LTD.

—

100,000—

100,000

69,250,000

5,500,000

6,000,000

68,750,000

—

—

—

—

80,700,000

11,500,000

11,650,000

80,550,000

—

—

—

—

Category

Long-term borrowings

SAMTY RESIDENTIAL

LenderSubtotal 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)

0.653%(Note 1)

July 31,2028(Note 5)(Note 4)

Unsecured
Unguaranteed

18

5

Total deferred tax assets

18

5

18

5

2.	Breakdown of Main Items Resulting in Differences between the Statutory Tax Rate and the Effective Tax
Rate after Applying Tax Effect Accounting(Unit: %)0.653%(Note 1)

July 31,2028(Note 5)(Note 4)

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, 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 accompanying expenses, and repaying
borrowings.
(Unit: thousands of yen)

Long-term borrowings

14,550,000

15,500,000

Statutory tax rate

Due after 4 years
through 5 years

15,500,000

Deductible distributions

8,000,000(Unit: thousands of yen)
Balance at
beginning of
periodDecreaseduring theperiodBalance at
end of period

Coupon rate

Redemption
date

Use of funds

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

1,700,000—

1,700,000

0.58000%

December 16,
2025

Refinance ofexistingborrowings

Unsecured

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

December 8,
2021

1,500,000—

1,500,000

0.85000%

December 8,
2031

Refinance ofexistingborrowings

Unsecured

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

December 15,
2022

1,400,000—

1,400,000

0.85000%

December 15,
2027

Refinance ofexistingborrowings

Unsecured

4,600,000—

4,600,000

—

—

—

—

Issue dateTotal

(31.44)(31.45)

0.03

0.03

0.05

0.05

(Unit: yen)
15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

Net assets per unit

100,320

100,128

Net income per unit

2,420

2,561

(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:

Net income (thousands of yen)

Net income attributable to ordinary investment units(thousands of yen)

Note 14 – Schedule of Investment Corporation Bonds

31.46

Note16 – Per Unit Information

Due after 5 years

15,200,000

31.46(Adjustment)

Amounts not attributable to ordinary unitholders(thousands of yen)Name

(as of July 31, 2023)

Deferred tax assets, net(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.

Due after 3 years
through 4 years(as of January 31, 2023)
Accrued business taxes not deductible from taxable income(Note 2) These loans are with fixed interest rates.

Due after 2 years
through 3 years

16th fiscal period

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

Due after 1 year
through 2 years

15th fiscal period

Average number of investment units during the period (units)

15th fiscal period

16th fiscal period(From August 1, 2022 to January 31, 2023)(From February 1, 2023 to July 31, 2023)

2,029,946

2,148,483——

2,029,946

2,148,483

838,486

838,726(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

49—

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

50

II. Financial Section

SAMTY RESIDENTIAL

Note 17 – Transactions with Related Parties
1.

3.

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

Parent company and major corporate unitholders(Unit: thousands of yen)

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

3,402,000

Account
title

Balance at
end ofperiod————(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.
(Note 2) Consumption taxes are not included in the transaction amount.

16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)

Attribute

Name

Location

Capitalstock orinvestments
in capitalBusiness or
occupation

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

Relationship
Interlocking
directors

Businessrelationship

Description oftransaction

Major unitholder

Samty Co.,Ltd.

20,657,000

Real estatebusiness

Ownership in
Samty
Residential
Direct13.51%

Account
title

None

Lease andmanagementof real estate

1,168,000

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

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.

—Asset
One concurrent
management for
officer
Samty Residential

Interlocking
directors

Businessrelationship

None

Lease andmanagementof real estate

None

Lease andmanagementof real estate

None

Consignmentof assetmanagement

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 ofasset management fees
(Note 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.

Balance at
end ofperiod(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.

—

16th fiscal period (From February 1, 2023 to July 31, 2023)—(Unit: thousands of yen)

Purchase of realestate (actual
real estate)

1,124,000

Brokerage fees
for sale of realestate trust
beneficiaryinterest

30,855

Brokerage fees
for sale of realestate (actual
real estate)——
Attribute

15,960——Name

Location——(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.
(Note 2) Consumption taxes are not included in the transaction amount.

2.

Business or
occupation

Attribute

Relationship(Note 3) Consumption taxes are not included in the transaction amount.
Purchase of realestate trust
beneficiaryinterest

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

Transaction
amountCapitalstock orinvestments
in capital

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

Affiliated companies, etc.

Capitalstock orinvestments
in capitalBusiness or
occupation

Real estate
property
management

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

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

40,000Company inwhich major
unitholder(corporation)holds a majorityof voting rights

Samty AssetManagement
Co., Ltd.

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

120,000

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

—

Asset
One concurrent
management for
officer
Samty Residential

Relationship
Interlocking
directors

Businessrelationship

None

Lease andmanagementof real estate

None

Consignmentof assetmanagement

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodConsigned
managementfee

245,889

Operatingaccounts
payable39,666

Repair work

513,509

Operatingaccounts
payable395,277

497,441

Accounts
payable- other

101,843

Payment ofasset management fees
(Note 1)

(Note 1) The amount of asset management fees includes fees for asset management related to the acquisition of properties (22,920 thousand yen) that were paid
and capitalized in the book value of the individual real estate properties, and fees for asset management related to the sale of properties (12,935 thousand yen).

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

16th fiscal period (From February 1, 2023 to July 31, 2023)(Note 3) Consumption taxes are not included in the transaction amount.

Not applicable4.

Directors and major individual unitholders
15th fiscal period (From August 1, 2022 to January 31, 2023)
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.

16th fiscal period (From February 1, 2023 to July 31, 2023)
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.

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II. Financial Section

SAMTY RESIDENTIAL

Note 18 – Revenue Recognition

Note 19 – Segment Information

1.

1.

Breakdown Information on Revenue from Contracts with Customers

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

15th fiscal period (From August 1, 2022 to January 31, 2023)(Unit: thousands of yen)
Revenue from contracts with customers (Note)
Utilities income

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.

(Unit: thousands of yen)
Revenue from contracts with customers (Note 1)
Utilities income

2,587,000

Sales to external customers(Note 2) 257,527

35,50035,500Other—

5,529,706

Total

2,622,500

5,822,734(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.
(Note 2) As proceeds from 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, the amount obtained by deducting cost of sale of real estate properties and other expenses related to sale from proceeds from sale of realestate properties is indicated for sales to external customers.

2.

Information for Understanding Revenue from Contracts with Customers
15th fiscal period (From August 1, 2022 to January 31, 2023)
The information is as described in the Summary of Significant Accounting Policies.

16th fiscal period (From February 1, 2023 to July 31, 2023)
The information is as described in the Summary of Significant Accounting Policies.

3.	Information for Understanding the Amount of Revenue in the Current and Following Fiscal Periods(Reference)
15th fiscal period (From August 1, 2022 to January 31, 2023)
Not applicable

16th fiscal period (From February 1, 2023 to July 31, 2023)
Transaction value allocated to remaining performance obligations
As of July 31, 2023, the transaction value allocated to the remaining performance obligations related to the sale of real estate properties was 2,384,900 thousand yen for the real estate properties for which a sales agreement was concluded on June 21, 2023. Samty
Residential anticipates recognizing revenue for such remaining performance obligations upon the delivery of the real estate properties on November 28, 2023.

53

2.

Related Information
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 Region

16th fiscal period (From February 1, 2023 to July 31, 2023)

Sale of real estate properties

Segment Informationi) Operating revenue
Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceeds 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
ii) Property, plant and equipment
Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japan exceeds 90% of theamount of property, plant and equipment recorded on the Balance Sheet.
(3) Information by Major Customer
Disclosure is omitted as Samty Residential’s operating revenue for a single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

16th fiscal period (From February 1, 2023 to July 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.

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II. Financial Section

SAMTY RESIDENTIAL

Note 20 – Significant Subsequent Events

Independent Auditor's Report

Acquisition of Assets
Samty Residential acquired the asset (equity interest in silent partnership) described below on November 27, 2023.
Asset acquired 	Equity interest in silent partnership that has beneficiary interest of real estate in trust as asset undermanagement
Name of asset

Equity interest in B-1 silent partnership with GK Iris 1 (Note 1)

Real estate in trust (Note 2)	Attirant Itabashihoncho
CASA GRECOGRANDUKE Kodeki fiore
S-RESIDENCE Sanno
S-RESIDENCE Atsuta II
S-RESIDENCE Horita North
S-RESIDENCE Omotecho
SAMTY Residence Funabashi Kaijin
SAMTY Residence Nishi-funabashi Libre
Equity investment amount	100 million yen in total (approximately 3.8% of total amount of equity investment in silent partnership,etc.)
Date of conclusion of contract

November, 27, 2023

Date of acquisition

November, 27, 2023

Acquisition funds

Cash on hand

(Note 1) It refers to equity interest in B-1 silent partnership with GK Iris 1 (the ”GK”) as the operator.
(Note 2) The GK acquired the beneficiary interest on November 29, 2023.

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II. Financial Section

57

SAMTY RESIDENTIAL

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