14 th Fiscal Period
Semi-Annual Report

From February 1, 2022 to July 31, 2022

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

SAMTY RESIDENTIAL

Sustainability Initiatives
Sustainability Policy
The Asset Management Company has established its“Sustainability Policy” under the belief that making
endeavors to promote sustainability in consideration ofenvironmental, social and governance (ESG) issues
should contribute to maximizing the interests of customers over the medium to long term, and will put it into
practice.

Message to Our Unitholders

We would like to extend our respect and heartfelt appreciation to
the medical practitioners and other related people who areendeavoring to address the novel coronavirus (COVID-19)
pandemic.

Consideration
for theenvironment

On behalf of Samty Residential Investment Corporation (Samty
Residential), let me express our sincere gratitude to our unitholders for your loyal patronage.
Under the philosophy of revitalizing Japan’s economy startingwith its regional cities by providing residents with a safe, secure,and comfortable living environment, Samty Residential has
invested in residential properties in a broad range of Japan’s
regional cities to build a diversified portfolio.

Disclosure of
information•C onduct management
reviews (evaluation andinstructions for
improvement)

Act

Review/improvement

Check

Governance•C heck how environmental
targets are achieved•C heck how environmental
action plans are
implemented• Analyze forecasts and results• Take corrective and preventive measures• Formulate environmental
targets (values)• Formulate environmental
action plans

Plan

Conduct planningDo

Act and implement• Implement measures• Find actual values• Conduct training
programs

Ongoing Initiatives October 2022: GRESB Real Estate Assessment Results Announced•F irst participated in 2021
•B ased on the assessment results,
took specific measures to reinforce
the implementation system andreduce environmental burdens forowned properties• Hold regular meetings based on the Rules on Sustainability Promotion
System to identify issues related to owned properties and internal regulations and systems• Continue to check energy consumption results at owned properties andtake specific measures to reduce environmental burdens• Formulate “Procurement Policy” for property management companies
and suppliers in an effort to further collaborate with external stakeholders

Promoting Regional Development and Sustainability
It is Samty Residential’s philosophy to revitalize Japan’s economy starting with its regional cities, in the belief that,through its investment activities, effectively using funds it procures from the capital market as medium- to long-term
initiatives should provide lateral support to local governments which actively and creatively promote measures to prepare an environment, services and employment opportunities, etc. that are attractive to residents.

Creating Employment in Regional Areas► Creating Employment in Major Regional Cities by Establishing Satellite Offices

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

1

Established “Policy on Energy Conservation” and“Policy on Reduction of Greenhouse Gas Emissions” asguidelines to achieve the individual items listed in the
Sustainability Policy. To implement these policies, theAsset Management Company will establish and practicean environment management system (EMS) based on
the Plan-Do-Check-Act cycle.

Conduct inspections andmanage forecasts and results

Sustainability
PolicyAmid the ongoing COVID-19 pandemic, the properties owned by
Samty Residential enjoyed a good occupancy rate, which wasmaintained at a high level through smooth leasing even in
February and March, a busy season with many people relocating
living places. In the fiscal period under review (the 14th fiscal
period), we conducted property replacement in February andMarch in an effort to improve portfolio quality, and returned thegains to our unitholders. Moreover, as we did last year, we conducted capital increase through issuance of new investment units
in August to acquire properties totaling approximately 15 billion
yen, further accelerating external growth by expanding the asset
size.
Looking ahead, taking advantage of the sponsor support from
Samty Co., Ltd., the main sponsor, and Daiwa Securities Group
Inc., the sub-sponsor, we will continue working to expand theasset size by acquiring excellent properties and enhance portfolio quality by conducting property replacement. Through these
efforts, we will endeavor to maximize earnings, generate stable
distributions and enhance unitholder value over the medium tolong term. We greatly appreciate your continued support of andcooperation with Samty Residential.

Improvement ofwork environment
and education/
training of officers
and employees

Collaboration
withstakeholders

Policies and Establishment ofEnvironmental Management System (EMS)On December 10, 2021, the Asset Management Company newly established Asset Management Division and opened
satellite offices in major regional cities (Sapporo, Nagoya, Osaka, Hiroshima and Fukuoka). The satellite offices willproactively hire local people as their staff, so as to promote regional development by creating employment.
► Creating Regional Employment by Hiring Local PM/BM Companies
Samty Residential contributes to the revitalization of regional city economies through creation of new employment inregional areas by proactively hiring local companies that are well aware of the characteristics of respective areas forproperty management and building management operations of its owned properties.
2

SAMTY RESIDENTIAL

Sustainability Initiatives
Environment

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

12 properties

Total floor area

38,065.09 m2

Ratio of certified properties(ratio by total floor area)

8.9%

BELS
★★★★★

Aim to reduce environmental burdens through our initiatives
to promote acquisition of environmental certifications

B-46
S-FORT Ichinomiya
HonmachiDBJ Green Building | ★★★

★★
2022

2020

Newly certified on August 8, 2022

Certified (continuously) on August 8, 2022

Installation of Vending Machines Arranged forSocial Contributions
Installed vending machines arranged for social contribution, withpart of their sales proceeds donated to organizations that conductsocial contribution activities and environmental conservation activities, etc. The vending machines are contributing to local communities as a familiar social contribution tool that allow people todonate through product purchase.

Certified on
April 19, 2022

2022

Initiatives for Residents, Regions/Society (Community)

Installation of Vending Machines for Disaster
Recovery Support
Installed vending machines for disaster recovery support, whichhave a function to offer products stored in them free of charge
when disasters occur, thereby contributing to local communities by
providing support that utilizes a unique function of vending
machines.

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

S-FORT Esaka Koen
[Recipient of support]
Specified non-profit
organization green bird

S-FORT Yokohama
Aobadai[Vending machine fordisaster recovery support]

Disaster Prevention Initiatives
At some properties, disaster prevention facilities such as rooftop
waterproofing have been installed and disaster prevention posters
have been displayed in preparation for such disasters as typhoons
and earthquakes, in an effort to provide a safe and secure residential space to residents.
A-11
S-FORT
Nakajima Koen

B-05
S-RESIDENCE
Esaka

A-62
S-FORT
Osaka Doshin

C-23
S-RESIDENCE
Motoyawata

2021

B-47
S-RESIDENCE
Senrioka

2020

Installation of AEDs

Goods stored in disaster prevention cabinets

S-FORT Saikotori

S-FORT Yokohama
Aobadai

Installation of AEDs (automated external defibrillators) is being
promoted to contribute to the safety and security of residents andcommunity members.

Newly certified on April 22, 2022

Installation of Delivery Boxes

No. of properties with delivery boxes installed:

Delivery boxes are installed in sequence with an aim to enhance
convenience for residents as well as to reduce CO2 emissions bydecreasing the need of delivery operators to re-deliver parcels.

A-84
S-RESIDENCE
Joshin II

B-45
S-FORT Utsunomiya
Minamiodori

A-71
S-FORT
Atsuta Hanacho

A-74
S-RESIDENCE
Aoi II

B-39
S-FORT
Niigata Ekimae

A-31
S-FORT
Tsurumai reale

Examples of Initiatives at Owned Properties
Reduction of CO2 Emissions by Utilizing Renewable
EnergyWaste Management through Sorting andEnvironmental Improvement• Introduced a renewable energy-based power plan for electricity
used in common areas of some properties• Wastes are managed appropriately through sorting; countermeasures against garbage smells were conducted at some properties by installing ceiling-embedded ozone deodorization units• The plan, which is environmentally value-added from non-fossil
certificates with renewable energy tracking information, provides
electricity from practically 100% renewable energy sources, andis compliant with RE100, an international initiative on renewableenergy use promoted by the Ministry of the Environment.

Adoption of LED Lighting in Common Areas
Reduction of electricity usage and environmental burdens is
promoted by adopting LEDs for lighting in common areas such as
entrances and corridors.
3• Delivered energy saving practice guidelines at home and displayed posters to raise awareness of 3Rs (Reduce, Reuse andRecycle) for utilizing limited resources

Introduction of Electronic Breakers
Along with adoption of LED lighting, conventional breakers aregradually switched to electronic ones in order to reduce electricity
usage.

173/178 properties

GovernanceInternal Compliance Systems
With legal compliance set as a management policy of the Asset Management Company, its management team proactively endeavors toestablish and enhance legal compliance systems and internal control systems. In order to create an appropriate implementation system, aSenior Compliance Officer has been appointed as a manager responsible for compliance-related matters of the Asset Management
Company, who works to secure the effectiveness of internal control functions for other departments. Moreover, the Asset Management
Company works to establish a multi-layer system for compliance with laws and regulations, etc., by setting and operating the Residential
REIT Compliance Committee.

Decision-Making Procedures Concerning
Transactions with Interested Parties, Etc.
The acquisition or sale of assets by Samty
Residential shall be managed through a transparent
decision-making process.
Voluntary rules have been established on transactions with interested parties, etc. with an aim toprevent harm to the interests of Samty Residential
caused by conducting transactions with suchparties.

Proposal by Acquisition Department of Residential REIT Division
Examination by Senior Compliance Officer
Deliberation and approval by Residential REIT Compliance Committee
Deliberation and approval by Residential REIT Investment Committee

Instructions tocancel or changedetails of the
proposal

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

4

I. Asset Management Report

SAMTY RESIDENTIAL

1. Overview of Asset Management(2) 14th Fiscal Period Asset Management Review(1) Changes in Operating Results and Other Management Data
10th fiscal period

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

11th fiscal periodi) Brief History of Samty Residential
12th fiscal period

13th fiscal period

14th fiscal period(From February 1,(From August 1, 2020
(From February 1,(From August 1, 2021
(From February 1,
2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022)(millions of yen)

3,900

4,357

4,176

4,842

5,408

(millions of yen)

3,786

4,003

4,067

4,842

5,031

(millions of yen)

2,123

2,186

2,317

2,533

2,859

(millions of yen)

1,633

1,661

1,777

1,950

2,183

(millions of yen)

1,776

2,171

1,859

2,309

2,549
2,136

Ordinary income(millions of yen)

1,449

2,008

1,516

1,833

Net income(millions of yen)

1,448

2,007

1,515

1,832

2,135

Total assets(millions of yen)

115,827

125,498

124,926

154,849

155,528

(0.4)

8.3

(0.5)

24.0

0.4

55,49260,532

59,91875,98175,990

(0.5)

9.1

(1.0)

26.8

0.0

(%)

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

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

(millions of yen)

58,98563,43563,43576,93577,435Unitholders' capital, net (Note 3)(millions of yen)

54,04458,52458,402

74,14973,854(units)592,600

639,300

639,300

769,626

769,626(yen)

93,642

94,686

93,724

98,72598,736(millions of yen)

1,679

2,130

1,748

2,127

2,325

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

(yen)

2,834

3,333

2,735

2,764

3,021

Of which, distribution of earnings per unit

(yen)

2,443

3,141

2,371

2,381

2,775

Of which, distribution in excess of earnings
per unit

(yen)

391

192

364

383

246

Ratio of ordinary income to total assets (Note 4)

(%)

1.2

1.7

1.2

1.3

1.4

(%)

2.5

3.3

2.4

2.6

2.8

(%)

2.6

3.5

2.5

2.7

2.8

(%)

5.2

6.9

5.1

5.3

5.7

(%)

47.9

48.2

48.0

49.1

48.9

0.0

0.3

(0.2)

1.1

(0.2)

(%)

100.0

100.0

100.0

100.0

100.0

Distribution per unit

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

182

184

181

184

181

(properties)

118

132

132

159

159

Depreciation(millions of yen)

774

819

817

960

985

Capital expenditures(millions of yen)

77

209

206

222

300

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

2,926

3,161

3,107

3,852

3,832

(millions of yen)

2,107

2,473

2,224

2,792

2,744

FFO per unit (Note 4)

(yen)

3,555

3,869

3,479

3,628

3,565

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

(%)

50.9

50.5

50.8

49.7

49.8

Number of days of management
Number of investment properties at end of
periodFFO (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.

5

Ratio of ordinary income to total assets

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

Ratio of net income to equity

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

Equity ratio at end of period

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

Payout ratio

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

NOI (Net Operating Income) from leasing

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

FFO (Funds from Operation)

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

FFO (Funds from Operations) per unit

FFO ÷ total number of investment units issued and outstanding

Samty Residential Investment Corporation (hereinafter, “Samty Residential”) was established in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), with Samty Asset Management Co., Ltd. (hereinafter, the “the Asset Management Company”) serving as the organizer, and was registered with the Kanto Local Finance Bureau on
April 6, 2015 (registration number: Director of Kanto Local Finance Bureau No. 101). Subsequently, on June 30, 2015, Samty
Residential was listed on the real estate investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3459).
With rental housing (hereinafter referred to as “rental housing” or “residential properties”) as the main investment target, Samty
Residential has managed its assets by conducting diversified investments in wide-ranging cities throughout Japan centering on major
regional cities (Note), aiming to enhance unitholder value over the medium to long term.
As of the end of the fiscal period ended July 2022 (hereinafter, the “end of the 14th fiscal period”), Samty Residential owned realestate, etc. consisting of 159 properties in total (total acquisition price: 147,605 million yen), with the total number of investment units
issued and outstanding at 769,626 units.
(Note) “Major regional cities” refers to the eight cities of Sapporo-shi, Sendai-shi, Nagoya-shi, Kyoto-shi, Osaka-chi, Kobe-shi, Hiroshima-shi, and Fukuoka-shi.

ii) Investment Environment and Management Performance
In the fiscal period ended July 2022 (hereinafter, the “14th fiscal period”), the Japanese economy recorded a real GDP growth rate(first preliminary estimate) for the April - June 2022 period of 0.5% (seasonally adjusted, period-on-period comparison), or 2.2% whenannualized, and a private final consumption expenditure growth rate of 1.1% in real terms (seasonally adjusted, period-on-period
comparison), both achieving a positive growth for three consecutive quarters. As for the employment situation, the job opening-to-application ratio in June 2022 was 1.27 times.
Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of June 2022 stood at
93.1 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 where the low-interest-rate environment continues, market participants show a considerable
willingness to invest, which has kept transaction prices stuck at a high level.
In the rental housing market, supply of rental housing has been at low levels, while the number of households in the major regional
cities in which Samty Residential mainly invests and manages assets has remained on an upward trend. Furthermore, according to
the Report on Internal Migration in Japan Derived from the Basic Resident Registration publicized by the Ministry of Internal Affairs
and Communications, the 23 wards of Tokyo have continued to see a net out migration since May 2022, while major regional cities asa whole have continued to record net migrations except for June 2022.
During the 14th fiscal period, Samty Residential acquired four properties of real estate, etc. (total acquisition price: 3,752 million
yen) in February 2022, and disposed three properties of real estate, etc. (total disposition price: 2,023 million yen) in February 2022
and S-FORT Kamiotai (disposition price: 864 million yen) in March 2022. Consequently, the assets owned by Samty Residential as ofthe end of the 14th fiscal period totaled 159 properties with a total acquisition price of 147,605 million yen. The investment ratio bygeographical area was 73.4% for regional cities (46.8% for major regional cities and 26.6% for other regional cities) and 26.6% for theGreater Tokyo area, on an acquisition price basis.
Samty Residential conducts leasing activities in line with the characteristics and demand of respective regions and works to renovate common areas and rooms for lease in an effort to enhance such usability as comfort, convenience and safety. In conducting
large-scale construction work, Samty Residential endeavors to cooperate with the Samty Group (Note 1) to realize cost reduction.
Rent per unit after adjustment (Note 2) has remained strong, even under the environment of the COVID-19 pandemic (with variants), 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
stable during the 14th fiscal period, with the period-average occupancy rate standing at 96.0%. At the end of the 14th fiscal period,
the total rentable area was 346,698.11 m2 and the occupancy rate stood at 96.4%.
Moreover, Samty Residential believes that making endeavors to promote sustainability in consideration of environmental, socialand governance (ESG) issues should contribute to maximizing the interests of customers over the medium to long term. Under thisbelief, the Asset Management Company has established “Energy Conservation Policy,” “GHG Emission Reduction Policy” and“Environment Management System (EMS) Operation Manual” based on its “Sustainability Policy” and “Rules on Sustainability
Promotion System.” As such, the Asset Management Company promotes preparation, including formation of internal systems, foracquiring recognition of the GRESB Real Estate Assessment.

6

I. Asset Management Report

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

(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.

(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

Date

Event

In the 14th fiscal period, Samty Residential refinanced long-term borrowings of 5,350 million yen (Term Loan 7-C) due for repayment
on July 31, 2022, into long-term borrowings (Term Loan 20-A) totaling 2,000 million yen from THE HYAKUGO BANK, LTD., Shinsei
Bank, Limited and THE KAGAWA BANK, Ltd. and long-term borrowings (Term Loan 20-B) totaling 3,350 million yen from Aozora
Bank, Ltd., The Higo Bank, Ltd., Daishi Hokuetsu Bank, Ltd. and The Dai-ichi Life Insurance Company, Limited, as of July 29, 2022.

October 23, 2017

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

February 1, 2018

Capital increase through third-party allotment

April 23, 2018

As a result, the balance of interest-bearing debt totaled 77,435 million yen as of the end of the 14th fiscal period, with the ratio ofinterest-bearing debt to total assets (“LTV”) standing at 49.8%.

iii) Overview of Fund Procurement

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

Increase(decrease)

Increase(decrease)

Balance

Remarks

Balance—

283,000(141)

25,506(Note 2)

173,600

456,600

15,10340,610(Note 3)

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

456,600(136)

40,473(Note 4)

August 27, 2018

Capital increase through public offering

47,500504,100

4,116

44,589(Note 5)October 22, 2018

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

504,100(213)

44,376(Note 6)

April 22, 2019

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

504,100(229)

44,146(Note 7)

August 26, 2019

Capital increase through third-party allotment

88,500592,600

10,33654,483(Note 8)October 21, 2019

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

592,600(232)

54,250(Note 9)iv) Overview of Performance and Distributions

April 22, 2020

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

592,600(205)

54,044(Note 10)

As a result of the above, Samty Residential posted operating revenue of 5,408 million yen, operating income of 2,549 million yen,ordinary income of 2,136 million yen and net income of 2,135 million yen for the 14th fiscal period.

August 3, 2020

Capital increase through third-party allotment

46,700639,300

4,712

58,756(Note 11)

October 19, 2020

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

639,300(231)

58,524(Note 12)April 21, 2021

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

639,300(122)

58,402(Note 13)

August 2, 2021

Capital increase through public offering andthird-party allotment

128,207

767,507

15,725

74,127(Note 14)

August 24, 2021

Capital increase through third-party allotment

2,119

769,626

254

74,381(Note 15)

October 18, 2021

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

769,626(232)

74,149(Note 16)

April 22, 2022

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

769,626(294)

73,854(Note 17)

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)

With regard to the distribution for the 14th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution 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 2,775 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 14th fiscal period, as it did for preceding fiscal periods. Based on this decision,
Samty Residential determined to distribute 189,327,996 yen, which is the amount almost equivalent to 19.2/100 of 985 million yen in
depreciation for the 14th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings
per unit came to 246 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 74.5%.
(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 14th fiscal period,
the total amount of the continuous appraisal value was 163,368,000,000 yen, while the total amount of the book value after adjustment was
141,887,823,335 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation
period was 383,834,900 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 14th fiscal period (163,368,000,000 yen)exceeds the total amount of the book value after adjustment (141,887,823,335 yen) and the total reserve for the planned construction cost of repairs andreplacements to be conducted in the 15th fiscal period (383,834,900 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 210 million
yen. Accordingly, Samty Residential has decided to conduct the abovementioned distribution in excess of earnings as part of cash management, determining that it is within the scope of healthy financial stability maintained after comprehensively considering the current external environment, real estatemarket conditions and its financial conditions (including, but not limited to, the LTV level and conflict with the financial covenants set for the liabilities of
Samty Residential).

(Note 1)

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

(Note 2)Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2017, to make a distribution in excess of earnings (refund of
capital contribution as reduction in unitholders’ capital for tax purposes) of 501 yen per unit as cash distribution for the 4th fiscal period (ended July2017). Payment of distribution commenced on October 23, 2017.

(Note 3)Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 87,000 yen per unit to fund the acquisitionof new properties, etc.

(Note 4)Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2018, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 484 yen per unit as cash distribution for the 5th fiscal period(ended January 2018). Payment of distribution commenced on April 23, 2018.

(Note 5)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 6)

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 7)

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 8)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 9)Samty Residential resolved at its Board of Directors’ meeting held on September 13, 2019, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 462 yen per unit as cash distribution for the 8th fiscal
period (ended July 2019). Payment of distribution commenced on October 21, 2019.

(Note 10) Samty Residential resolved at its Board of Directors’ meeting held on March 13, 2020, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 347 yen per unit as cash distribution for the 9th fiscal period(ended January 2020). Payment of distribution commenced on April 22, 2020.
(Note 11) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 100,900 yen per unit to fund the acquisitionof new properties, etc.
(Note 12) Samty Residential resolved at its Board of Directors’ Meeting held on September 15, 2020, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 391 yen per unit as cash distribution for the 10th fiscal
period (ended July 2020). Payment of distribution commenced on October 19, 2020.
(Note 13) 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 14) 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.

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I. Asset Management Report

SAMTY RESIDENTIAL(Note 15) 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 16) 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 17) 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.

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).

[Changes in Market Price of Investment Certificates](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

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.
Fiscal period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period(From February 1, 2020 toJuly 31, 2020)(From August 1, 2020 toJanuary 31, 2021)(From February 1, 2021 toJuly 31, 2021)(From August 1, 2021 toJanuary 31, 2022)(From February 1, 2022 toJuly 31, 2022)

Highest114,300 yen

111,500 yen

133,500 yen

128,800 yen

141,500 yen

Lowest114,300 yen

111,500 yen

133,500 yen

128,800 yen

141,500 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 14th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution 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 2,775 yen. In addition, as part of its cash
management, Samty Residential also decided to make a distribution in excess of earnings for the 14th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 189,327,996 yen, which is the amountalmost equivalent to 19.2/100 of 985 million yen in depreciation for the 14th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 246 yen.
10th fiscal period

Fiscal period

11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period(From February 1,(From August 1, 2020
(From February 1,(From August 1, 2021
(From February 1,
2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021) to January 31, 2022) 2022 to July 31, 2022)

Total unappropriated retained earnings(thousands of yen)

1,448,102

2,008,173

1,516,078

1,832,599

Retained earnings(thousands of yen)

381

131

298

120

293

Total cash distribution(thousands of yen)

1,679,428

2,130,786

1,748,485

2,127,246

2,325,040[Distribution per unit](yen)2,136,006

2,834

3,333

2,735

2,764

3,021

1,447,721

2,008,041

1,515,780

1,832,479

2,135,712

(yen)

2,443

3,141

2,371

2,381

2,775

(thousands of yen)

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

231,706

122,745

232,705

294,766

189,327[Refund of capital contribution per unit]

(yen)

391

192

364

383

246

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

—

—

—

—

—

(yen)

—

—

—

—

—

231,706

122,745

232,705

294,766

189,327

391

192

364

383

246

[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 14th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of
Performance and Distributions, (2) 14th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

(5) Future Asset Management Policy and Issues to Be Addressed
Outlook of Overall Asset Management
According to the Monthly Economic Report (August 2022) announced by the Cabinet Office on August 25, 2022, the Japanese economy is picking up moderately. As for the outlook, the report continues, the economy is expected to be picking up, supported by theeffects of the policies while economic and social activities will increasingly normalize with all possible measures against infections
being taken. However, a downward swing of overseas economies due to global monetary tightening and other factors may pose adownside risk to the Japanese economy, it says. Moreover, as the report warns, full attention should be given to the impact of pricehikes on households and businesses as well as to supply side constraints.

9

In the real estate transaction market, it is anticipated that transaction prices will remain in the high price zone as the low-interest-rate environment continues to stay. In the rental housing market, demand is expected to remain solid. However, the impact of
COVID-19 on these markets must be closely monitored.

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, based on the sponsor support agreement with the main sponsor. In addition,
Samty Residential will work to flexibly acquire properties by taking advantage of the warehousing function of the main sponsor andthe proprietary networks of the Asset Management Company, in pursuit of expanding the asset size.

(B) Internal Growth Strategy
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 14th fiscal period, Samty Residential will work to expand rental revenue by maintaining and enhancing the asset value and property competitiveness through implementation of strategic measures for better usability and repairs forhigher property value, improving the occupancy rate through reinforcement of leasing activities, raising rent per unit after adjustment
through rent setting suited for the situation of respective properties and receipt of key money, and securing accompanying income
such as parking fees, based on the real estate market conditions including the operation status of each property and the trends ofcompeting properties in the neighborhood. Moreover, Samty Residential will endeavor to maintain and increase rental income throughreduction of such costs as administrative expenses by optimizing utilities expenses and contracts with building management companies for each property and enhancing efficiency of leasing activities, among other measures.

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

(6) Significant Subsequent Eventsi) Issuance of New Investment Units through Public Offering and Third-Party Allotment
At its Board of Directors’ meetings held on July 15, 2022, and July 25, 2022, Samty Residential resolved to issue new investment
units through public offering and third-party allotment in order to fund the acquisition of specified assets. The payments were completed on August 1, 2022, for the new investment units issued through public offering and on August 30, 2022, for those issued
through third-party allotment. As a result, unitholders’ capital, net was 82,300,387,182 yen as of August 30, 2022, with the total
number of investment units issued and outstanding at 838,726 units.
(Issuance of new investment units through public offering)Number of new investment units issued:
Issue price (offer price):
Total issue price (total offer price):
Paid-in amount (issue amount):
Total paid-in amount (total issue amount):
Payment date:

30,466 units
124,293 yen per unit
3,786,710,538 yen
119,831 yen per unit
3,650,771,246 yen
August 1, 2022

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I. Asset Management Report

SAMTY RESIDENTIAL(Issuance of new investment units through third-party allotment with Daiwa Securities Group Inc. and Samty Co., Ltd. as the allottees)
Number of new investment units issued:
37,111 units
Paid-in amount (issue amount):
124,293 yen per unit
Total paid-in amount (total issue amount):
4,612,637,523 yen
Payment date:August 1, 2022
Allottees and number of investment units allotted: Daiwa Securities Group Inc. 27,770 units
Samty Co., Ltd.
9,341 units(Reference Information)i) Acquisition of Assets
Samty Residential acquired the real estate trust beneficiary interests and real estate (physical real estate) described below on August
2, 2022.
Property
number

Property nameSellerAcquisition price(millions of yen) (Note 1)

Acquisition date

(Issuance of new investment units through third-party allotment with Daiwa Securities Co. Ltd. as the allottee)

A-87

S-RESIDENCE Kyoto Takeda Dormitory Fushimi-ku, Kyoto-shi

Samty Co., Ltd.

2,235

Number of new investment units issued:
Paid-in amount (issue amount):
Total paid-in amount (total issue amount):
Payment date:
Allottee:

A-88

S-RESIDENCE Maruyama Omotesando Chuo-ku, Sapporo-shi

Samty Co., Ltd.

1,421

A-89

S-RESIDENCE Soen

Chuo-ku, Sapporo-shi

Samty Co., Ltd.

1,081

A-90

S-FORT Sakuragawa

Naniwa-ku, Osaka-shi

Samty Co., Ltd.

743

A-91

S-FORT Bentencho

Minato-ku, Osaka-shi

Samty Co., Ltd.

607

A-92

S-RESIDENCE Kindaibijutsukan-mae

Chuo-ku, Sapporo-shi

Samty Co., Ltd.

594

A-93

S-RESIDENCE Meieki

Nishi-ku, Nagoya-shi

Samty Bridge One LLC

522

A-94

S-FORT Joshin

Nishi-ku, Nagoya-shi

Samty Co., Ltd.

522ii) Decision to Issue Investment Corporation Bonds

A-95

S-FORT Sakuranomiya

Miyakojima-ku, Osaka-shi Samty Co., Ltd.

A-96

S-RESIDENCE Horita

Mizuho-ku, Nagoya-shi

Samty Co., Ltd.

Samty Residential made a resolution to issue green bonds under the following terms and conditions based on the general resolution
on Samty Residential bond issuance adopted at the Board of Directors’ meeting held on November 18, 2022.

A-97

S-FORT Tsukisamu

Toyohira-ku, Sapporo-shi

Samty Co., Ltd.

326

B-48

S-RESIDENCE Takaida Central

Higashiosaka-shi, Osaka

Samty Co., Ltd.

1,388

Name	Third Series Unsecured Investment Bonds of Samty Residential Investment
Corporation (with pari passu conditions among specified investment corporation
bonds) (“Green Bonds”)
Total amount of investment corporation bonds
1.4 billion yen
Paid-in amount
100 yen per par value of 100 yen
Interest rate
0.850% per annum
Collateral and guarantee	No collateral or guarantee is applicable to and no assets are specifically reserved
as collateral for the Green Bonds
Method and date of redemption	The total amount of the Investment Corporation Bonds will be redeemed on
December 15, 2027.
Retirement by repurchase of the Investment Corporation Bonds can be made any
time starting the day after the payment date, unless specified otherwise by Japan
Securities Depository Center, Incorporated, the transfer agency.
Use of funds procured	Repayment of long-term debt

B-49

S-RESIDENCE Sakaishi Ekimae

Kita-ku, Sakai-shi

Samty Co., Ltd.

906

B-50

S-FORT Niigata Sasaguchi

Chuo-ku, Niigata-shi

Not disclosed (Note 2)

720

B-51

S-RESIDENCE Yokkaichi Motomachi

Yokkaichi-shi, Mie

Samty Co., Ltd.

720

B-52

S-FORT Kagoshima Ekimae Bayside

Kagoshima-shi, Kagoshima Samty Co., Ltd.

672

B-53

S-RESIDENCE Ichinomiya Ekimae

Ichinomiya-shi, Aichi

Samty Bridge One LLC

650

B-54

S-FORT Esaka Fiore

Suita-shi, Osaka

Samty Co., Ltd.

489

C-40

S-FORT Odawara Sakaecho

Odawara-shi, Kanagawa

Samty Co., Ltd.

484

Total

—

1,523 units
119,831 yen per unit
182,502,613 yen
August 30, 2022
Daiwa Securities Co. Ltd.

512
475

August 2, 2022——

15,067(Note 1) Acquisition price indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses (transaction brokerage fees, taxes and public dues, etc.) required for acquisition of the relevant asset, rounded down to the nearest million yen.
(Note 2) Not disclosed as no consent for disclosure has been obtained from the seller.

ii) Borrowing of Funds
Samty Residential conducted the following borrowings on August 2, 2022, in order to fund the acquisition of specified assets.
LenderLoan amount(millions of yen)Interest rate

Repayment
date

Repayment method

Remarks

July 30, 2027

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Term Loan
21-A

Loan syndicate with Sumitomo Mitsui
Banking Corporation as arranger

2,000

0.891%(fixed interest rate)

Term Loan
21-B

Loan syndicate with Sumitomo Mitsui
Banking Corporation as arranger

1,500

1.033%(fixed interest rate)

July 31, 2028

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Term Loan
21-C

Loan syndicate with Sumitomo Mitsui
Banking Corporation as arranger

3,000

1.181%(fixed interest rate)

July 31, 2029

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Term Loan
21-D

Mizuho Bank, Ltd.

500

0.891%(fixed interest rate)

July 30, 2027

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Term Loan
21-E

Mizuho Bank, Ltd.

500

1.033%(fixed interest rate)

July 31, 2028

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

Term Loan
21-F

Mizuho Bank, Ltd.

500

1.181%(fixed interest rate)

July 31, 2029

Lump-sum repayment
on repayment dateUnsecured andunguaranteed

8,000

—

—

—

—

Total

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

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period(as of July 31, 2020)(as of January 31, 2021)(as of July 31, 2021)(as of January 31, 2022)(as of July 31, 2022)

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)592,600

639,300

639,300

769,626

769,626

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

54,04458,52458,402

74,14973,854(persons)

14,485

14,883

14,053

15,467

14,644

Number of unitholders

Scope of the insured

Overview of directors and officers liability insurance agreement

Executive Director and all
Supervisory Officersof Samty Residential

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

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

(5) Asset Management Company, Asset Custodian and General Administrative Agents(2) Matters Concerning Investment Units

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

Major unitholders as of July 31, 2022 are as follows.
Name

Entrustment category
Number of investment
units owned(units)Address

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

Daiwa Securities Group Inc.

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

298,440

38.77

Samty Co., Ltd.

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

104,042

13.51

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

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

44,205

5.74

Custody Bank of Japan, Ltd. (Trust
Account)

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

41,685

5.41

Kinki Sangyo Credit Union

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

18,4002.39

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

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

14,746

1.91

Daiwa PI Partners Co. Ltd.

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

10,858

1.41

JP MORGAN CHASE BANK 385771

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

9,510

1.23

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

6,902

0.89

Daido Shinyoukumiai

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

6,044

0.78

554,832

72.09

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

Shinsei Bank, Limited and 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 14th fiscal period are as follows.
Position
Executive Director
Supervisory Directors (Note 1)
dependent Auditor

NameMajor concurrent assignments

Masafumi Takahashi

Representative Director, Samty Asset Management
Co., Ltd.

Takahiro Fujiki

Representative, FUJIKI CPA OFFICE

Takeo Nakahara

Representative Partner, Lawyer, HOKUTO Law Office

Ernst & Young ShinNihon LLC

Total remuneration for each position
during the 13th fiscal period(thousands of yen) (Note 2)—— (Note 3)
1,530
1,530
15,900 (Note 4)(Note 1) Supervisory Directors may be directors of corporations other than those indicated above, but have no conflict of interest with Samty Residential at thoseand the above positions.
(Note 2) Remuneration for the Supervisory Directors is the amounts paid to them in the 14th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 14th 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) Policy for Determining Dismissal or Refusal of Reappointment of Independent Auditor
Dismissal of the Independent Auditor shall be considered in accordance with the provisions of the Investment Trust Act, and refusal ofreappointment of an Independent Auditor shall be studied by Samty Residential’s Board of Directors following comprehensive consideration of audit quality, the amount of remuneration and other various conditions.

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I. Asset Management Report

SAMTY RESIDENTIAL

3. Status of Samty Residential’s Assets under Management(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, 2022 is as follows.

The structure of Samty Residential’s assets as of July 31, 2022, is as follows.

Type of asset

Real estateArea

13th fiscal period
as of January 31, 2022
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)

Percentage of total
assets(%) (Note 3)

Major regional cities

14,283

9.2

14,266

9.2

Other regional cities

4,601

3.0

5,199

3.3

Greater Tokyo area

2,398

1.5

2,389

1.5

21,283

13.7

21,855

14.1

Major regional cities

55,89136.1

55,474

35.7

Other regional cities

34,00022.0

34,875

22.4

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

14th fiscal period
as of July 31, 2022

37,47624.2

37,32024.0

Real estate in trust: total

Greater Tokyo area

127,368

82.3

127,67082.1

Deposits and other assets

6,197

4.0

6,002

3.9

Total amount of assets

154,849100.0

155,528100.0(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.

(2) Major Assets Owned by Samty Residential
The following is an overview of the major assets (top ten properties on a book value basis) owned by Samty Residential as of July 31,
2022.
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

5,461

9,274.43

8,983.24

96.9

S-FORT Kego Tower

4,441

7,415.36

7,224.70

S-FORT Nakaitabashi

3,459

3,946.25

S-RESIDENCE Shin Osaka Ekimae

2,399

S-RESIDENCE Kobe Isogamidori

Ratio to total realestate leasing
business revenue(%) (Note 5)

Property name

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

Type of ownership
Trust beneficiaryinterest

1,290.84649

718(Note 1)

A-01

S-FORT Shin Osaka ravir

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

A-04

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

Trust beneficiaryinterest

3,706.56

1,130

1,360

A-05

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

Trust beneficiaryinterest

2,566.72

948

1,150

A-06

S-FORT Takamiya

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

Trust beneficiaryinterest

2,105.13

722

922

A-07

S-FORT Tsutsujigaoka Koen

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

3,609.49

1,293

1,550

A-08

S-RESIDENCE Namba Briller

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

Trust beneficiaryinterest

3,631.60

1,944

2,550

A-09

S-FORT Tsurumai marks

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

Trust beneficiaryinterest

2,772.00

984

1,490

A-10

S-FORT Rokuban-cho

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

Trust beneficiaryinterest

1,833.29

673

834

A-11

S-FORT Nakajima Koen

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

Trust beneficiaryinterest

5,292.65

1,570

1,740

A-12

S-FORT Hokudai Mae

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

Trust beneficiaryinterest

2,287.22

672

849

A-13

S-RESIDENCE Kobe
Isogamidori

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

Trust beneficiaryinterest

4,372.45

2,364

3,090

A-17

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

Trust beneficiaryinterest

4,534.98

2,399

3,030

A-19

S-FORT Aoi

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

Real estate(physical real estate)

1,842.68

891

1,070

A-20

S-FORT Kurumamichi

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

Real estate(physical real estate)

1,214.20

405

468

1,988.56695

884

Main use

A-22

S-FORT Tsurumai arts

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

Real estate(physical real estate)

3.0

Apartment

A-23

S-FORT Tsurumai cube

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

1,460.64

558

710

97.4

2.4

Apartment

Trust beneficiaryinterest

3,917.90

99.3

1.7

Apartment

A-24

S-FORT Fukuoka Higashi

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

Trust beneficiaryinterest

5,584.41

1,897

2,130

4,534.98

4,484.75

98.9

1.7

Apartment

2,364

4,372.45

4,271.71

97.7

1.8

Apartment

A-25

S-RESIDENCE Kobe
Motomachi

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

Trust beneficiaryinterest

2,169.67

1,153

1,470

S-RESIDENCE Esaka

2,260

3,739.30

3,508.32

93.8

1.5

Apartment

S-RESIDENCE Namba Briller

1,944

3,631.60

3,392.83

93.4

1.3

Apartment

A-26

S-FORT Kobe Kaguracho

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

Trust beneficiaryinterest

4,900.32

1,817

2,350

S-RESIDENCE Aoi II

1,917

3,215.72

3,137.47

97.6

1.1

Apartment

1,735.95

790

927

S-FORT Funabashi Tsukada

1,907

5,640.60

5,640.60

100.0

1.1

Apartment

S-FORT Fukuoka Higashi

1,897

5,584.41

5,335.89

95.5

1.3

Apartment

28,05451,355.10

49,897.41

97.2

17.0

—

Property name

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 to the first decimal place.

15

Property
number

A-27

S-FORT Nijo-jo mae

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

Trust beneficiaryinterest

A-28

S-FORT Chion-in mae

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

Trust beneficiaryinterest

1,049.01

492

551

A-30

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

Trust beneficiaryinterest

3,691.67

1,834

2,220

3,597.72

1,561

1,950

A-31

S-FORT Tsurumai reale

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

Trust beneficiaryinterest

A-32

S-FORT Osu Kannon

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

Trust beneficiaryinterest

2,514.12

1,166

1,430

A-33

S-FORT Kita-Sanno

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

Trust beneficiaryinterest

1,757.61

837

890

A-34

S-FORT Aratamabashi

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

Real estate(physical real estate)

1,699.11

460

469

A-35

S-FORT Toyohira Sanjyo

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

Trust beneficiaryinterest

2,868.75

783

812

A-36

S-FORT Kitamaruyama

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

Real estate(physical real estate)

1,613.38

434

467

A-37

S-FORT Hakata-Higashi I

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

Real estate(physical real estate)

1,034.20

430

425

A-38

S-FORT Hakata-Higashi II

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

Real estate(physical real estate)

1,034.20422

426

Real estate(physical real estate)884.88

533

552

A-39

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

A-40

S-FORT Nakahirodori

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

Trust beneficiaryinterest

2,127.92

883

906

A-41

S-FORT Tsurumicho

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

Trust beneficiaryinterest

2,006.49821

834

2,072.84

958

1,050

2,083.41

1,335

1,550

A-42

S-FORT Aoba Kamisugi

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

Trust beneficiaryinterest

A-43

S-RESIDENCE Shin Osaka
Ridente

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

Trust beneficiaryinterest

16

I. Asset Management Report

Property
number17

Property nameSAMTY RESIDENTIAL
Location(residential address)

Type of ownership

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

Property
numberTrust beneficiaryinterest

1,473.04

894

1,010

A-82

Real estate(physical real estate)

900.72

543

606

A-83

Property nameLocation(residential address)

A-44

S-FORT Fukushima La Luna

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

A-45

S-FORT Fukushima Libre

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

A-46

S-FORT Kamiyashiro

Real estate
4-17-1 Kamiyashiro, Meito-ku, Nagoya-shi, Aichi(physical real estate)

1,029.42

433

449

A-84

S-RESIDENCE Joshin II

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

A-47

S-RESIDENCE Miyanomori

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

Trust beneficiaryinterest

1,954.81

662

694

A-85

S-RESIDENCE Sengencho

A-48

S-FORT Higashi-Sapporo
Nordo

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

Real estate(physical real estate)

1,204.96

308

328

A-86

S-FORT Taisho riviereType of ownership

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

S-FORT Sapporo Kita 5-Jo

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

Real estate(physical real estate)

1,643.20

441

418

S-FORT Sapporo Motomachi

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

1,363.97

419

415

Trust beneficiaryinterest

1,486.62828

858

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

Real estate(physical real estate)843.75471

501

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

Trust beneficiaryinterest

1,524.60

1,059

1,010

1,691.28

457

620

A-49

S-RESIDENCE Aoi

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

Trust beneficiaryinterest

2,393.73

1,480

1,720

B-03

S-FORT Yokkaichi Motomachi

1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

A-50

S-RESIDENCE Shiga Hondori

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

Trust beneficiaryinterest

2,217.60

1,147

1,270

B-04

S-FORT Suzuka

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

Trust beneficiaryinterest

2,286.69

544

676

A-51

S-FORT Kobe Ogawadori

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

Real estate(physical real estate)

1,322.64

613

627

B-05

S-RESIDENCE Esaka

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

Trust beneficiaryinterest

3,739.30

2,260

2,750

2,458.43

1,087

1,180

B-06

S-FORT Utsunomiya

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

Trust beneficiaryinterest

2,330.64

602

733

Real estate(physical real estate)

2,192.48

631

775

A-52

S-FORT Sakuragawa Minami

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

Trust beneficiaryinterest

A-53

S-FORT Fukushima EBIE

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

Real estate(physical real estate)

1,044.72

552

619

B-07

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

A-54

S-FORT Miyakojima Uchindai

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

Real estate(physical real estate)789.74

468

481

B-08

S-FORT Saga Honjo

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

Trust beneficiaryinterest

4,972.84

1,018

1,140

A-55

S-FORT Miyakojima KERS

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

Real estate(physical real estate)

720.69

353

360

B-09

S-FORT Saga Idaimae

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

Trust beneficiaryinterest

1,507.35

357

433

A-56

S-FORT Oimazato-Nishi

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

Real estate(physical real estate)643.77

340

351

B-10

S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

2,887.26

1,419

1,600

A-57

S-RESIDENCE Chikusa

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

Real estate(physical real estate)

1,003.97

566

628

B-11

S-FORT Nishinomiya
Uegahara

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

Trust beneficiaryinterest

1,546.28786

880

6,503.80

1,793

2,110

A-58

S-FORT Sakurayama

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

Trust beneficiaryinterest

A-59

S-FORT Sapporo N15

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

Real estate(physical real estate)

A-60

S-FORT Nangodori

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

1,191.66

307

320

B-14

S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

A-61

S-FORT Meinohama

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

Real estate(physical real estate)

1,364.28

494

524

B-15

S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

3,588.84

997

1,090

A-62

S-FORT Osaka Doshin

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

Trust beneficiaryinterest

2,597.52

1,806

1,870

B-16

S-FORT Oita Ekimae

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

Trust beneficiaryinterest

2,662.36

894

942

Trust beneficiaryinterest

1,684.48

738

723

B-17

S-FORT Oita Otemachi

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

Real estate(physical real estate)905.80282

308

1,794.42

784

752

B-12

S-FORT Mito Chuo

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

Trust beneficiaryinterest

2,229.91

549

560

B-13

S-FORT Tsu Shinmachi

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

Trust beneficiaryinterest

2,463.30

778

852

Real estate(physical real estate)

1,874.88

606

643

A-63

S-FORT Higashi Betsuin

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

A-64

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

Real estate(physical real estate)

1,590.84

481

480

B-18

S-FORT Suizenji

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

Trust beneficiaryinterest

4,256.91

1,352

1,350

A-65

S-FORT Jingu Minami

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

Real estate(physical real estate)

1,003.64

397

454

B-19

S-FORT Kumadaibyoin-mae

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

Trust beneficiaryinterest

3,458.07

1,100

1,120

1,637.41

775

770

B-20

S-FORT Kumamoto Senba

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

Trust beneficiaryinterest

3,224.24

1,011

993

A-66

S-FORT Atsuta Rokuban

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

Trust beneficiaryinterest

A-67

S-FORT Kitachikusa

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

Trust beneficiaryinterest

1,600.00

700

714

B-21

S-FORT Esaka Tarumicho

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

Trust beneficiaryinterest

1,267.30

770

872

A-68

S-FORT Saikotori

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

Real estate(physical real estate)

1,463.48

412

398

B-22

S-FORT Niigata Honcho

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

Trust beneficiaryinterest

2,604.25

984

1,020

A-69

S-FORT Fukuzumi

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

Real estate(physical real estate)

1,151.44

328

314

B-23

S-FORT Motohama

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

Real estate(physical real estate)

1,010.60

250

250

A-70

S-FORT Muromi

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

Trust beneficiaryinterest

1,848.00

683

722

B-24

S-FORT Kumamoto
Gofukumachi

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

Real estate(physical real estate)

2,290.68

615

602

Trust beneficiaryinterest

1,510.56

875

903

B-25

S-FORT Esaka Salita

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

Real estate(physical real estate)755.40

428

435

A-71

S-FORT Atsuta Hanacho

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

A-72

S-FORT Horitatori

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

Real estate(physical real estate)

1,030.40

524

517

B-26

S-FORT Esaka LIBERTS

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

Real estate(physical real estate)613.08

355

355

A-73

S-FORT Kego Tower

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

Trust beneficiaryinterest

7,415.36

4,441

4,450

B-27

S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

3,250.36674

681

3,215.72

1,917

1,930

B-28

S-FORT Saga Tenjin

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

Trust beneficiaryinterest

2,895.36

776

771

A-74

S-RESIDENCE Aoi II

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

Trust beneficiaryinterest

A-75

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

Trust beneficiaryinterest

1,450.31

716

712

B-29

S-FORT Nagasaki Daigaku
Byoin-mae

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

Trust beneficiaryinterest

3,721.97

1,345

1,410

A-76

S-FORT Hakozaki Higashi

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

Trust beneficiaryinterest

2,360.60

715

696

B-30

S-FORT Kumamoto Keitoku

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

Real estate(physical real estate)

1,582.77

468

447

A-77

S-RESIDENCE Meiekiminami

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

Trust beneficiaryinterest

1,072.06

694

685

B-31

2,649.60

1,035

1,050

A-78

S-FORT Kanayama

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

Trust beneficiaryinterest

1,380.28

642

623

B-32

S-FORT Shizuoka Tennocho
S-FORT Konan Umekage I(Note 2)4-10 Tennocho, Aoi-ku, Shizuoka-shi, Shizuoka
4-1 Umekagecho, Konan-shi, Shiga

Trust beneficiaryinterest
Trust beneficiaryinterest

5,813.49

1,503

1,530

1,869.20

1,290

1,320

A-79

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

Trust beneficiaryinterest

2,159.25

573

567

B-33

S-FORT Esaka Koen

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

Trust beneficiaryinterest

A-80

S-RESIDENCE Soen EAST

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

Real estate(physical real estate)

1,500.45

512

496

B-34

S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

3,067.08

753

769

A-81

S-FORT Yagoto

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

Real estate(physical real estate)

1,023.54

468

447

B-35

S-FORT Hotakubo

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

Trust beneficiaryinterest

3,040.33

614

589

18

I. Asset Management Report

19

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

Property name

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

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

Real estate(physical real estate)

1,495.20

488

420

C-30

S-FORT Funabashi roots

B-37

S-FORT Kasugai

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

Real estate(physical real estate)

2,398.34

484

500

C-31

S-FORT Tama-plaza

B-38

S-FORT Kokura

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

Trust beneficiaryinterest

5,006.68

1,453

1,430

C-32

B-39

S-FORT Niigata Ekimae

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

Trust beneficiaryinterest

3,303.57

1,483

1,420

B-40

S-FORT Takasaki

5-3 Torimachi, Takasaki-shi, Gunma

Trust beneficiaryinterest

3,775.68

1,157

1,120

2,604.42

884

829

C-35

Location(residential address)

Type of ownership(Note 1)

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)

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

Trust beneficiaryinterest

1,201.50

835

831

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

Trust beneficiaryinterest

1,367.88

663

699

S-FORT Odawara

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

Trust beneficiaryinterest

1,279.24

630

638

C-33

S-FORT Nakaitabashi

72-6 Yayoicho, Itabashi-ku, Tokyo

Trust beneficiaryinterest

3,946.25

3,459

3,460

C-34

S-FORT Kameido

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

Trust beneficiaryinterest

2,577.48

1,290

1,290

S-FORT Gyotoku

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

Trust beneficiaryinterest

1,283.80

953

939

B-41

S-FORT Yokkaichi arcam

2-4 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

B-42

S-FORT Kagoshima Chuo

10-3 Nishisengokucho, Kagoshima-shi,
Kagoshima

Trust beneficiaryinterest

2,260.21

830

791

C-36

S-FORT Funabashi Kaijin

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

Trust beneficiaryinterest

1,512.96

937

904

B-43

S-FORT Heisei Keyakidori

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

Trust beneficiaryinterest

3,699.42

807

772

C-37

S-FORT Funabashi Honcho

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

Trust beneficiaryinterest

1,235.10799

776

1,876.98

657

616

C-38

S-FORT Hachioji

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

Real estate(physical real estate)

1,049.43

486

474

C-39

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

Trust beneficiaryinterest

1,432.67

1,254

1,210

—

346,698.11

149,525

163,368

B-44

S-FORT Yokkaichi zeal

2-13 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

B-45

S-FORT Utsunomiya
Minamiodori

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

Trust beneficiaryinterest

3,258.30

1,391

1,330

B-46

S-FORT Ichinomiya Honmachi

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

Real estate(physical real estate)

1,224.96

587

575

B-47

S-RESIDENCE Senrioka

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

Trust beneficiaryinterest

1,898.25

1,086

1,070

C-01

S-FORT Maita Koen

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

Trust beneficiaryinterest

1,607.40

924

1,220

C-02

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

Trust beneficiaryinterest

1,114.38

929

1,120

C-04

S-FORT Shiomi

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

Trust beneficiaryinterest

1,042.48

832

1,070

C-06

S-FORT Shonan Hiratsuka

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

Trust beneficiaryinterest

1,717.46

800

1,080

1,397.64

700

844

C-07

S-FORT Nishifunabashi

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

Trust beneficiaryinterest

C-08

S-FORT Maihama

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

Trust beneficiaryinterest

1,726.56

1,148

1,400

C-09

S-FORT Ichikawa

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

Trust beneficiaryinterest

1,255.90

812

887

C-10

S-RESIDENCE Yokosuka
Chuo

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

Real estate(physical real estate)

1,492.09

823

985

C-12

S-FORT Hoya

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

Trust beneficiaryinterest

1,177.94

642

886

C-13

S-FORT
Tamagawagakuen-mae

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

Trust beneficiaryinterest

978.75595

683

Real estate(physical real estate)

1,886.70

534

639

C-14

S-FORT Tsurukawa

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

C-15

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

Trust beneficiaryinterest

772.38

625

751

C-16

S-FORT Chigasaki

22-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

1,382.17

1,137

1,240

1,457.51

1,110

1,210

C-17

S-FORT Kawaguchi Namiki

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

Trust beneficiaryinterest

C-18

S-FORT Todakoen

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

Trust beneficiaryinterest

1,438.71

913

1,030

Trust beneficiaryinterest

5,640.60

1,907

1,970

Real estate(physical real estate)983.06

544

580

C-19

S-FORT Funabashi Tsukada

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

C-20

S-FORT Kashiwa

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

C-21

S-FORT Fujimidai

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

Trust beneficiaryinterest

2,054.86

1,185

1,540

1,180.53

841

939

C-22

S-RESIDENCE Matsudo

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

C-23

S-RESIDENCE Motoyawata

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

Trust beneficiaryinterest

2,180.26

1,685

1,870

C-24

S-FORT Kinshicho

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

Trust beneficiaryinterest

1,956.87

1,532

1,710

536.60

536

557

C-25

S-FORT Komazawa Daigaku

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

Trust beneficiaryinterest

C-26

S-FORT Yokohama Aobadai

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

Trust beneficiaryinterest

9,274.43

5,461

5,730

C-27

S-FORT Aoba Shiratoridai

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

Trust beneficiaryinterest

2,179.25

866

880

C-28

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

Trust beneficiaryinterest

994.63

618

660

C-29

S-FORT Motoyawata Mairie

Trust beneficiaryinterest

826.18687

701

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

Total

—

(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, 2022, as the appraisal date, or the survey value stated in the price survey reports for such, based on the asset appraisal methods andstandards stipulated in the Articles of Incorporation of Samty Residential as well as the rules provided by The Investment Trusts Association, Japan.
(Note 2) The property consists of S-FORT Konan Umekage I, S-FORT Konan Umekage II and S-FORT Umekagecho. The same shall apply hereinafter.

20

I. Asset Management Report

SAMTY RESIDENTIAL

The leasing performance of real estate, etc. owned by Samty Residential are as follows.
13th fiscal period (August 1, 2021 to January 31, 2022)
Property
number

Property name14th fiscal period (February 1, 2022 to July 31, 2022)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period](Note 1)21

13th fiscal period (August 1, 2021 to January 31, 2022)(Note 2)

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

(Note 2)

(Note 3)(Note 4)

A-01

S-FORT Shin Osaka ravir

1

87.8

20

0.4

1

98.0

20

0.4

A-04

S-FORT Chikushi Dori

1

94.4

43

0.9

1

98.9

44

0.9

A-05

S-FORT Fukuoka Kencho Mae

1

100.0

37

0.8

1

93.3

37

0.7

A-06

S-FORT Takamiya

1

98.8

29

0.6

1

98.8

30

0.6

A-07

S-FORT Tsutsujigaoka Koen

1

93.6

51

1.1

1

98.4

52

1.0

A-08

S-RESIDENCE Namba Briller

1

93.6

65

1.3

1

93.4

66

1.3

A-09

S-FORT Tsurumai marks

1

97.6

38

0.8

1

90.5

37

0.7

A-10

S-FORT Rokuban-cho

1

93.0

26

0.5

1

96.6

24

0.5

A-11

S-FORT Nakajima Koen

1

95.1

60

1.3

1

94.7

63

1.3

A-12

S-FORT Hokudai Mae

1

95.7

26

0.5

1

96.8

26

0.5

A-13

S-RESIDENCE Kobe Isogamidori

1

99.4

87

1.8

1

97.7

91

1.8

A-16

S-FORT Gakuenmae (Note 5)

1

96.6

17

0.4

—

—

2

0.1

A-17

S-RESIDENCE Shin Osaka Ekimae

1

98.9

84

1.8

1

98.9

85

1.7

A-19

S-FORT Aoi

1

100.0

29

0.6

1

89.3

28

0.6

A-20

S-FORT Kurumamichi

1

74.8

12

0.3

1

100.0

14

0.3

A-21

S-FORT Kamiotai (Note 6)

1

100.0

28

0.6

—

—

9

0.2

A-22

S-FORT Tsurumai arts

1

100.0

24

0.5

1

96.4

25

0.5

A-23

S-FORT Tsurumai cube

1

94.5

20

0.4

1

88.9

20

0.4

A-24

S-FORT Fukuoka Higashi

1

100.0

65

1.3

1

95.5

66

1.3

A-25

S-RESIDENCE Kobe Motomachi

1

95.7

39

0.8

1

93.8

39

0.8

A-26

S-FORT Kobe Kaguracho

1

100.0

73

1.5

1

100.0

73

1.5

A-27

S-FORT Nijo-jo mae

1

100.0

22

0.5

1

100.0

22

0.5

A-28

S-FORT Chion-in mae

1

100.0

14

0.3

1

100.0

13

0.3

A-30

S-RESIDENCE Midoribashi Ekimae

1

95.4

61

1.3

1

96.6

61

1.2

A-31

S-FORT Tsurumai reale

1

96.7

50

1.0

1

94.2

50

1.0

A-32

S-FORT Osu Kannon

1

98.2

41

0.9

1

98.2

43

0.9

A-33

S-FORT Kita-Sanno

1

100.0

26

0.5

1

96.7

26

0.5

A-34

S-FORT Aratamabashi

1

96.6

15

0.3

1

96.6

16

0.3

A-35

S-FORT Toyohira Sanjyo

1

95.8

31

0.6

1

98.7

31

0.6

A-36

S-FORT Kitamaruyama

1

90.3

16

0.3

1

100.0

17

0.3

A-37

S-FORT Hakata-Higashi I

1

94.6

13

0.3

1

100.0

14

0.3

A-38

S-FORT Hakata-Higashi II

1

91.7

13

0.3

1

100.0

14

0.3

A-39

S-FORT Kobe Sannomiya-Kita

1

90.8

15

0.3

1

93.4

16

0.3

A-40

S-FORT Nakahirodori

1

100.0

30

0.6

1

98.7

29

0.6

A-41

S-FORT Tsurumicho

1

95.4

25

0.5

1

95.4

26

0.5

A-42

S-FORT Aoba Kamisugi

1

98.5

33

0.7

1

96.9

34

0.7

A-43

S-RESIDENCE Shin Osaka Ridente

1

96.6

39

0.8

1

98.9

40

0.8

A-44

S-FORT Fukushima La Luna

1

97.6

27

0.6

1

100.0

27

0.5

A-45

S-FORT Fukushima Libre

1

100.0

17

0.4

1

94.5

17

0.3

A-46

S-FORT Kamiyashiro

1

92.9

13

0.3

1

83.3

14

0.3

A-47

S-RESIDENCE Miyanomori

1

95.3

24

0.5

1

100.0

24

0.5

A-48

S-FORT Higashi-Sapporo Nordo

1

95.8

12

0.3

1

100.0

13

0.3

A-49

S-RESIDENCE Aoi

1

92.7

42

0.9

1

94.7

41

0.8

A-50

S-RESIDENCE Shiga Hondori

1

94.3

35

0.7

1

100.0

37

0.7

A-51

S-FORT Kobe Ogawadori

1

93.6

19

0.4

1

96.0

19

0.4

A-52

S-FORT Sakuragawa Minami

1

100.0

36

0.8

1

98.0

37

0.7

A-53

S-FORT Fukushima EBIE

1

94.5

16

0.3

1

83.3

16

0.3

A-54

S-FORT Miyakojima Uchindai

1

100.0

13

0.3

1

96.2

13

0.3

A-55

S-FORT Miyakojima KERS

1

100.0

10

0.2

1

95.8

10

0.2

A-56

S-FORT Oimazato-Nishi

1

96.5

10

0.2

1

100.0

10

0.2

A-57

S-RESIDENCE Chikusa

1

100.0

19

0.4

1

93.4

18

0.4

A-58

S-FORT Sakurayama

1

98.3

27

0.6

1

86.4

26

0.5

A-59

S-FORT Sapporo N15

1

93.6

20

0.4

1

93.6

21

0.4

A-60

S-FORT Nangodori

1

96.9

12

0.3

1

90.5

12

0.2

A-61

S-FORT Meinohama

1

94.5

17

0.4

1

96.4

18

0.4

A-62

S-FORT Osaka Doshin

1

88.8

46

1.0

1

97.2

48

1.0

A-63

S-FORT Higashi Betsuin

1

91.1

23

0.5

1

96.4

22

0.5

A-64

S-FORT Moriyama

1

96.2

18

0.4

1

100.0

18

0.4

A-65

S-FORT Jingu Minami

1

95.0

15

0.3

1

85.3

15

0.3

A-66

S-FORT Atsuta Rokuban

1

98.4

24

0.5

1

92.0

24

0.5

A-67

S-FORT Kitachikusa

1

97.5

22

0.5

1

90.0

21

0.4

A-68

S-FORT Saikotori

1

95.9

14

0.3

1

100.0

14

0.3

Property
number

Property name14th fiscal period (February 1, 2022 to July 31, 2022)

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

(Note 2)

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

(Note 2)

(Note 3)(Note 4)

A-69

S-FORT Fukuzumi

1

91.0

12

0.3

1

96.4

12

0.2

A-70

S-FORT Muromi

1

100.0

25

0.5

1

100.0

25

0.5

A-71

S-FORT Atsuta Hanacho

1

86.1

21

0.4

1

97.3

23

0.5

A-72

S-FORT Horitatori

1

91.3

15

0.3

1

97.1

16

0.3

A-73

S-FORT Kego Tower

1

98.3

121

2.5

1

97.4

122

2.4

A-74

S-RESIDENCE Aoi II

1

99.2

56

1.2

1

97.6

57

1.1

A-75

S-FORT Meiekiminami 5-Chome

1

92.3

19

0.4

1

98.0

20

0.4

A-76

S-FORT Hakozaki Higashi

1

94.5

25

0.5

1

95.9

25

0.5

A-77

S-RESIDENCE Meiekiminami

1

100.0

18

0.4

1

100.0

20

0.4

A-78

S-FORT Kanayama

1

86.1

18

0.4

1

95.2

18

0.4

A-79

S-FORT Izumi Chuo

1

100.0

23

0.5

1

95.2

24

0.5

A-80

S-RESIDENCE Soen EAST

1

100.0

19

0.4

1

100.0

17

0.4

A-81

S-FORT Yagoto

1

90.5

15

0.3

1

97.6

16

0.3

A-82

S-FORT Sapporo Kita 5-Jo

1

89.6

16

0.3

1

100.0

16

0.3

A-83

S-FORT Sapporo Motomachi

1

100.0

15

0.3

1

96.9

14

0.3

A-84

S-RESIDENCE Joshin II

1

100.0

7

0.1

1

100.0

28

0.6

A-85

S-RESIDENCE Sengencho

1

100.0

4

0.1

1

100.0

15

0.3

A-86

S-FORT Taisho riviere

—

—

—

—

1

92.3

23

0.5

B-03

S-FORT Yokkaichi Motomachi

1

100.0

22

0.5

1

98.2

23

0.5

B-04

S-FORT Suzuka

1

97.0

27

0.6

1

98.7

28

0.6

B-05

S-RESIDENCE Esaka

1

95.9

75

1.6

1

93.8

76

1.5

B-06

S-FORT Utsunomiya

1

92.3

23

0.5

1

88.5

23

0.5

B-07

S-FORT Yokkaichi Nishi Shinchi

1

98.6

27

0.6

1

95.9

27

0.6

B-08

S-FORT Saga Honjo

1

100.0

36

0.7

1

100.0

36

0.7

B-09

S-FORT Saga Idaimae

1

100.0

13

0.3

1

100.0

13

0.3

B-10

S-FORT Nishinomiya

1

95.0

46

1.0

1

98.1

46

0.9

B-11

S-FORT Nishinomiya Uegahara

1

95.1

24

0.5

1

96.8

27

0.5

B-12

S-FORT Mito Chuo

1

98.9

65

1.4

1

97.3

64

1.3

B-13

S-FORT Tsu Shinmachi

1

97.1

31

0.6

1

98.6

31

0.6

B-14

S-FORT Mie Daigaku-mae

1

88.7

23

0.5

1

100.0

23

0.5

B-15

S-FORT Takasagomachi

1

97.7

42

0.9

1

94.2

44

0.9

B-16

S-FORT Oita Ekimae

1

100.0

30

0.6

1

100.0

30

0.6

B-17

S-FORT Oita Otemachi

1

100.0

10

0.2

1

100.0

10

0.2

B-18

S-FORT Suizenji

1

89.2

42

0.9

1

93.3

45

0.9
0.7

B-19

S-FORT Kumadaibyoin-mae

1

88.9

37

0.8

1

84.5

35

B-20

S-FORT Kumamoto Senba

1

84.9

33

0.7

1

88.4

33

0.7

B-21

S-FORT Esaka Tarumicho

1

85.1

23

0.5

1

93.6

23

0.5

B-22

S-FORT Niigata Honcho

1

97.6

35

0.7

1

84.9

35

0.7

B-23

S-FORT Motohama

1

100.0

11

0.2

1

100.0

11

0.2

B-24

S-FORT Kumamoto Gofukumachi

1

94.1

21

0.4

1

92.6

21

0.4

B-25

S-FORT Esaka Salita

1

96.7

13

0.3

1

100.0

13

0.3

B-26

S-FORT Esaka LIBERTS

1

91.3

10

0.2

1

95.6

10

0.2

B-27

S-FORT Otsukawa

1

94.6

27

0.6

1

96.4

28

0.6

B-28

S-FORT Saga Tenjin

1

96.2

30

0.6

1

94.1

32

0.7

B-29

S-FORT Nagasaki Daigaku Byoin-mae

1

100.0

52

1.1

1

95.8

53

1.1

B-30

S-FORT Kumamoto Keitoku

1

92.3

14

0.3

1

89.6

15

0.3

B-31

S-FORT Shizuoka Tennocho

1

93.5

35

0.7

1

90.3

37

0.7

B-32

S-FORT Konan Umekage I

1

100.0

63

1.3

1

100.0

64

1.3

B-33

S-FORT Esaka Koen

1

93.2

32

0.7

1

100.0

35

0.7

B-34

S-FORT Oita Kotobukimachi

1

98.4

30

0.6

1

95.1

32

0.6

B-35

S-FORT Hotakubo

1

99.0

26

0.5

1

95.7

26

0.5

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

1

89.0

16

0.3

1

95.4

16

0.3

B-37

S-FORT Kasugai

1

97.2

18

0.4

1

97.3

18

0.4

B-38

S-FORT Kokura

1

88.7

47

1.0

1

96.9

51

1.0

B-39

S-FORT Niigata Ekimae

1

95.4

46

1.0

1

98.8

46

0.9

B-40

S-FORT Takasaki

1

96.0

43

0.9

1

97.9

48

1.0

B-41

S-FORT Yokkaichi arcam

1

100.0

29

0.6

1

95.2

31

0.6

B-42

S-FORT Kagoshima Chuo

1

86.1

33

0.7

1

93.5

29

0.6

B-43

S-FORT Heisei Keyakidori

1

86.6

27

0.6

1

93.5

32

0.6

B-44

S-FORT Yokkaichi zeal

1

100.0

21

0.5

1

97.6

22

0.5

B-45

S-FORT Utsunomiya Minamiodori

1

100.0

14

0.3

1

100.0

46

0.9

B-46

S-FORT Ichinomiya Honmachi

—

—

—

—

1

97.9

17

0.3

B-47

S-RESIDENCE Sen-rioka

—

—

—

—

1

100.0

27

0.5

22

I. Asset Management Report

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

Property
number

Property name14th fiscal period (February 1, 2022 to July 31, 2022)

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

(Note 2)

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

(Note 2)

(Note 3)(Note 4)

C-01

S-FORT Maita Koen

1

92.7

33

0.7

1

97.5

34

0.7

C-02

S-FORT Nihombashi Hakozaki

1

91.4

26

0.5

1

86.7

25

0.5

C-03

S-FORT Itabashi Shimura (Note 5)

1

97.3

21

0.4

—

—

3

0.1

C-04

S-FORT Shiomi

1

84.6

25

0.5

1

98.1

26

0.5

C-05

S-FORT Noborito (Note 5)

1

92.6

21

0.4

—

—

3

0.1

C-06

S-FORT Shonan Hiratsuka

1

95.2

31

0.6

1

97.0

33

0.7

C-07

S-FORT Nishifunabashi

1

98.5

25

0.5

1

96.9

25

0.5

C-08

S-FORT Maihama

1

86.7

37

0.8

1

98.8

37

0.7

C-09

S-FORT Ichikawa

1

91.3

26

0.5

1

98.0

27

0.5

C-10

S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.6

1

100.0

29

0.6

C-12

S-FORT Hoya

1

100.0

19

0.4

1

100.0

19

0.4

C-13

S-FORT Tamagawagakuen-mae

1

100.0

18

0.4

1

97.8

20

0.4

C-14

S-FORT Tsurukawa

1

96.7

18

0.4

1

96.7

18

0.4

C-15

S-RESIDENCE Yokohama Tanmachi

1

100.0

18

0.4

1

100.0

21

0.4

C-16

S-FORT Chigasaki

1

100.0

33

0.7

1

100.0

33

0.7

C-17

S-FORT Kawaguchi Namiki

1

95.7

31

0.7

1

98.6

33

0.7

C-18

S-FORT Todakoen

1

90.3

30

0.6

1

98.4

30

0.6

C-19

S-FORT Funabashi Tsukada

1

100.0

56

1.2

1

100.0

57

1.1

C-20

S-FORT Kashiwa

1

97.4

17

0.4

1

100.0

18

0.4

C-21

S-FORT Fujimidai

1

100.0

37

0.8

1

95.8

37

0.7

C-22

S-RESIDENCE Matsudo

1

98.0

25

0.5

1

100.0

25

0.5

C-23

S-RESIDENCE Motoyawata

1

100.0

48

1.0

1

100.0

56

1.1

C-24

S-FORT Kinshicho

1

85.4

40

0.8

1

90.8

43

0.9

C-25

S-FORT Komazawa Daigaku

1

95.0

12

0.2

1

92.5

13

0.3

C-26

S-FORT Yokohama Aobadai

1

98.9

151

3.1

1

96.9

151

3.0

C-27

S-FORT Aoba Shiratoridai

1

97.1

27

0.6

1

94.1

26

0.5

C-28

S-FORT Kawasaki Shinmeicho

1

97.4

19

0.4

1

97.4

18

0.4

C-29

S-FORT Motoyawata Mairie

1

92.5

18

0.4

1

97.5

19

0.4

C-30

S-FORT Funabashi roots

1

89.8

23

0.5

1

94.9

24

0.5

C-31

S-FORT Tama-plaza

1

97.1

19

0.4

1

100.0

21

0.4

C-32

S-FORT Odawara

1

93.9

22

0.5

1

95.9

22

0.4

C-33

S-FORT Nakaitabashi

1

100.0

84

1.7

1

99.3

83

1.7

C-34

S-FORT Kameido

1

93.4

36

0.8

1

97.2

38

0.8

C-35

S-FORT Gyotoku

1

98.0

24

0.5

1

98.1

26

0.5
0.6

C-36

S-FORT Funabashi Kaijin

1

100.0

28

0.6

1

100.0

28

C-37

S-FORT Funabashi Honcho

1

86.0

22

0.5

1

100.0

23

0.5

C-38

S-FORT Hachioji

1

89.7

17

0.4

1

98.0

16

0.3

C-39

S-RESIDENCE Kitasenju reiz

—

—

—

—

1

100.0

25

0.5

Total

159

95.9

4,842

100.0

159

96.4

5,031

100.0

(Note 1) “Total number of tenants [at end of period]” indicates the total number of tenants under a direct lease relationship with Samty Residential or the trustee.
Therefore, in cases where the master lease company subleases each apartment room to end tenants based on a master lease agreement, the total
number of tenants is shown as “1,” and does not include the number of end tenants related to the said sublease. Even for managed assets where amaster lease is adopted, end tenants who do not accept the adoption of a master lease will be under a direct lease relationship with Samty Residential or
the trustee. However, the number of said end tenants is not included in the total number of tenants.
(Note 2) “Occupancy rate [at end of period] ” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the firstdecimal place.
(Note 3) “Real estate leasing business revenue [during the period] includes other leasing business revenue on top of leasing business revenue.
(Note 4) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded to the first decimal place.
(Note 5) Samty Residential disposed the properties on February 28, 2022. The disclosed real estate leasing business revenue for the 14th fiscal period indicatesthe figure for the period up to the day preceding the disposition.
(Note 6) Samty Residential disposed the property on March 24, 2022. The disclosed real estate leasing business revenue for the 14th fiscal period indicates thefigure for the period up to the day preceding the disposition.

4. Capital Expenditures for Owned Real Estate(1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation work, etc. currently planned for the 15th fiscal period for theassets owned by Samty Residential as of July 31, 2022. Please note that the following planned construction cost includes portions
that are separately accounted under expenses.
Property nameLocation

PurposeSchedule period

Planned construction cost
(millions of yen)
Total amountPayment in the
14th fiscal period

Total amountalready paid

S-FORT Saga Idaimae

Saga-shi, Saga

Large-scale refurbishment

From October 2022
to January 2023

50

—

—

S-FORT Mito Chuo

Mito-shi, Ibaraki

Large-scale refurbishment

From June 2022
to November 2022

90

—

—

40

—

—

35

—

—

S-FORT Ichikawa

Ichika-wa-shi, Chiba

Large-scale refurbishment

From October 2022
to January 2023

S-FORT Tsurukawa

Machida-shi, Tokyo

Large-scale refurbishment

From October 2022
to January 2023

(2) Capital Expenditures during the 14th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 14th fiscal
period. Capital expenditures during the 14th fiscal period amounted to 300,934 thousand yen. Combined with repair expenses of242,412 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
543,346 thousand yen in total.
Property nameLocation

PurposeAmount of capital
expenditures(thousands of yen)

PeriodS-FORT Shin Osaka ravir

Yodogawa-ku, Osaka-shi

Large-scale refurbishment

From May 2022 to July 2022

45,540S-FORT Haka-ta-Higashi I

Hakata-ku, Fu-kuoka-shi

Large-scale refurbishment

From May 2022 to July 2022

34,650S-FORT Haka-ta-Higashi II Hakata-ku, Fu-kuoka-shi

Large-scale refurbishment

From May 2022 to July 2022

26,840S-FORT Kumamoto Senba Chuo-ku, Ku-mamoto-shi

Large-scale refurbishment

From May 2022 to July 2022

22,000Higashi-ku, Ku-mamoto-shi Large-scale refurbishment

From May 2022 to July 2022

S-FORT Kumamoto
Kenritsu Daigaku-mae

37,950

Other capital expenditures

133,954

Total

300,934(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.
Operation period

10th fiscal period

11th fiscal period

12th fiscal period

13th fiscal period

14th fiscal period(From February 1,
2020 to July 31, 2020)(From August 1, 2020
to January 31, 2021)(From February 1,
2021 to July 31, 2021)(From August 1, 2021
to January 31, 2022)(From February 1,
2022 to July 31, 2022)

Balance of reserves at beginning of period

64,057 thousand yen

89,995 thousand yen

161,656 thousand yen

173,290 thousand yen

257,568 thousand yen

Reserves during the period

118,892 thousand yen

318,346 thousand yen

222,590 thousand yen

287,631 thousand yen

379,301 thousand yen

Reversal of reserves during theperiod92,953 thousand yen

246,685 thousand yen

210,956 thousand yen

203,354 thousand yen

271,082 thousand yen

Amount carried forward to thenext period

89,995 thousand yen

161,656 thousand yen

173,290 thousand yen

257,568 thousand yen

365,787 thousand yen(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

23

24

I. Asset Management Report

SAMTY RESIDENTIAL

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

13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)(From February 1, 2022 to July 31, 2022)

Asset management fees

340,066

420,426

Asset custody fees

6,222

7,314

Administrative service fees

51,897

46,672

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,35015,900

Other expenses

165,691

181,648582,287

675,021

Total(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (13th fiscal period:
281,040 thousand yen, 14th fiscal period: 37,520 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (13th fiscal period: not applicable, 14th fiscal period: 14,435 thousand yen) were paid.

Current portion of long-term borrowings

Category

LenderBalance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

Sumitomo Mitsui Banking Corporation

60—

The Bank of Fukuoka, Ltd.

20—

Aozora Bank, Ltd.

1,000

—

The Higo Bank, Ltd.

1,000

—

Category

LenderDrawdown
date

—

500

—

400

Aozora Bank, Ltd.

—350

Shinsei Bank, Limited—

350

The Bank of Fukuoka, Ltd.

—

300

—

300

—

300

San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation
THE KAGAWA BANK, Ltd.

—

250

—

200

The Oita Bank, Ltd.

—100

The Kumamoto Bank, Ltd.

—100

Subtotal of current portion of long-termborrowings

10,385

10,685

Sumitomo Mitsui Banking Corporation

100

100

The Bank of Fukuoka, Ltd.

100

100

500

500

Repayment
date

Repayment
methodUse of
funds

500

500

300

300

Sumitomo Mitsui Banking Corporation

600—

The Bank of Fukuoka, Ltd.

350—

Aozora Bank, Ltd.

250

—

250

—

200

—

150

—

The Chiba Bank, Ltd.

150—

The Juhachi-Shinwa Bank, Ltd.

100—

The Kumamoto Bank, Ltd.

50

—

150

—

250

—

The Bank of Fukuoka, Ltd.

500

500

Aozora Bank, Ltd.

500

500

460

460

400

400

THE KAGAWA BANK, Ltd.

Remarks

Resona Bank, Limited
Shinsei Bank, Limited

800—

The Hiroshima Bank, Ltd.

500—

THE SHIZUOKA BANK, LTD.

500

—

500

—

500

—

THE HYAKUGO BANK, LTD.
The Oita Bank, Ltd.

300—

The Kagoshima Bank, Ltd.

150—

The Kumamoto Bank, Ltd.

20—

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.

350

350

Aozora Bank, Ltd.

250

250

THE KAGAWA BANK, Ltd.

250

250

THE SHIZUOKA BANK, LTD.

250

250

Resona Bank, Limited

January 31,
2018

0.995%(Note 2)

(Note 4)Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Mizuho Bank, Ltd.
Shinsei Bank, Limited

0.880%(Note 1)

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

(Note 5)

Unsecured
Unguaranteed

Long-term borrowings

February 1,
2018

July 31,2022

February 1,
2018

Fukoku Mutual Life Insurance Company

Fukoku Mutual Life Insurance Company
Shinsei Bank, Limited

Current portion of long-term borrowings(Note 3)

August 2,
2019

The Juhachi-Shinwa Bank, Ltd.

THE KAGAWA BANK, Ltd.
The Dai-ichi Life Insurance Company,
LimitedJune 29,2018

June 29,2018

August 28,
2018

Resona Bank, Limited

300

300

Shinsei Bank, Limited

600

600

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

August 28,
2018

350

350

250

250

Resona Bank, Limited

100

100

The Bank of Fukuoka, Ltd.

350

350

290

290

200

200

1,250

1,250

Mizuho Bank, Ltd.
Shinsei Bank, Limited

November26, 2018

200

200

Shinsei Bank, Limited

150

150

The Chiba Bank, Ltd.

150

150

The Juhachi-Shinwa Bank, Ltd.

100

100

Sumitomo Mitsui Banking Corporation

1,300

1,300

The Kumamoto Bank, Ltd.

5050

The Bank of Fukuoka, Ltd.

1,300

1,300

The Hiroshima Bank, Ltd.

January 31,
2018

The Bank of Fukuoka, Ltd.
The Higo Bank, Ltd.
Kansai Mirai Bank, Limited

August 26,
2019

150

150

835

835

700

700

700

700

Aozora Bank, Ltd.

300

300

Sumitomo Mitsui Banking Corporation—

600

The Bank of Fukuoka, Ltd.

—

350

Aozora Bank, Ltd.

—250

THE KAGAWA BANK, Ltd.

—

250

—

200

—

150

The Chiba Bank, Ltd.

—150

The Juhachi-Shinwa Bank, Ltd.

—100

The Kumamoto Bank, Ltd.

—50

The Hiroshima Bank, Ltd.

—

150

Resona Bank, Limited
Shinsei Bank, Limited

THE SHIZUOKA BANK, LTD.

25

Averageinterest rate

Balance at endof period(millions of yen)

The Bank of Saga Ltd.

The Higo Bank, Ltd.

The status of borrowings as of January 31, 2022, is as follows.

Balance at
beginning of period(millions of yen)

Resona Bank, LimitedAozora Bank, Ltd.

(2) Status of Borrowings

Drawdown
dateJune 29,2018

June 29,
2018

—

250

Mizuho Bank, Ltd.

1.099%(Note 2)0.572%(Note 2)0.780%(Note 1)

0.958%(Note 2)Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 5)Lump-sum
January 31,
repayment on
2023(Note 4)
repayment date

(Note 5)

July 31,2023(Note 4)

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

(Note 5)

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
UnguaranteedAozora Bank, Ltd.
THE KAGAWA BANK, Ltd.
Resona Bank, Limited

Unsecured
Unguaranteed

June 28,
2019

500

500

500

500

400

400

Shinsei Bank, Limited

400

400

The Juhachi-Shinwa Bank, Ltd.

400

400

The Kumamoto Bank, Ltd.

200

200

The Bank of Saga Ltd.

500—

Resona Bank, Limited

400—

Aozora Bank, Ltd.

350—

Shinsei Bank, Limited

350—

The Bank of Fukuoka, Ltd.

300

—

300

—

300

—

San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation(Note 5)

March 29,2019

August 2,
2019

THE KAGAWA BANK, Ltd.

250—

The Juhachi-Shinwa Bank, Ltd.

200—

The Oita Bank, Ltd.

100—

The Kumamoto Bank, Ltd.

100—

Averageinterest rate
(Note 3)0.630%(Note 1)1.476%(Note 2)0.780%(Note 1)

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

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2023

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

January 31,
Lump-sum2025
repayment on(Note 4)
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
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2024

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2023

Lump-sum
repayment on
repayment date

(Note 5)

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

July 31,2025(Note 4)(Note 4)(Note 4)26

I. Asset Management Report

LenderDrawdown
date

Sumitomo Mitsui Banking Corporation

600

600

450

450

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

August 2,
2019

400

400

300

300

300

300

The Kumamoto Bank, Ltd.

200

200

Resona Bank, Limited

200

200

1,400

1,400

Shinsei Bank, Limited
Resona Bank, Limited

August 26,
2019

400

August 26,
2019

2,500

Mizuho Bank, Ltd.

August 26,
2019

2,500

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

The Nishi-Nippon City Bank, Ltd.

Resona Bank, Limited
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

THE KAGAWA BANK, Ltd.
Kansai Mirai Bank, Limited
San ju San Bank, Ltd.
Long-term borrowings

Balance at endof period(millions of yen)

The Bank of Fukuoka, Ltd.
Shinsei Bank, Limited

The Bank of Saga Ltd.
Shinsei Bank, LimitedAozora Bank, Ltd.
Resona Bank, Limited
The Nishi-Nippon City Bank, Ltd.

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

Mizuho Bank, Ltd.

August 3,
2020

Sumitomo Mitsui Banking Corporation

June 30,
2021

400
2,500
2,500

500

500

900

900

725

725

500

500

375

375

1,075

1,075

900

900

775

775

725

725

625

625

1,000

1,000

500

500

500

500

1,000

1,000

500

500

250

250

1,000
1,000

1,000
1,000

920

920

The Bank of Fukuoka, Ltd.

1,550

1,550

The Bank of Yokohama, Ltd.

1,250

1,250

THE KAGAWA BANK, Ltd.
Shinsei Bank, Limited

June 30,
2021

600

600

500

500

The Juhachi-Shinwa Bank, Ltd.

240

240

The Kumamoto Bank, Ltd.

140

140

1,000

1,000

1,000

1,000

500

500

Sumitomo Mitsui Banking Corporation

1,500

1,500

Aozora Bank, Ltd.

1,500

1,500

1,000

1,000

1,000

1,000

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

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

August 3,
2021

August 3,
2021

Resona Bank, Limited

300

300

1,700

1,700

1,500

1,500

500

500

2,000

2,000

Sumitomo Mitsui Banking Corporation

810

810

Resona Bank, Limited

900

900

660

660

540

540

Sumitomo Mitsui Banking Corporation
The Higo Bank, Ltd.
The Kagoshima Bank, Ltd.
Mizuho Bank, Ltd.

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

27

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

January 31,
2022

Shinsei Bank, Limited

500

500

The Kumamoto Bank, Ltd.

440

440

Averageinterest rate
(Note 3)

Repayment
date

Repayment
methodUse offunds

Remarks

Drawdown
date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)February25, 2022

—

500

—

1,000

—

500

—

500

Aozora Bank, Ltd.

—

1,000

The Higo Bank, Ltd.

—

1,000

—

850

Category

LenderAozora Bank, Ltd.

1.087%(Note 2)

July 31,2026(Note 4)Lump-sum
repayment on
repayment dateLump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

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

(Note 5)

Unsecured
Unguaranteed

July 31,2024

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

0.829%

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)0.755%

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 5)

Unsecured
Unguaranteed

0.673%(Note 2)

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

0.711%(Note 2)

(Note 2)

(Note 1)0.608%(Note 2)

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

Long-term borrowings

Category

SAMTY RESIDENTIAL

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

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

July 29,
2022

Averageinterest rate

Repayment
date

Use offunds

Remarks

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(Note 3)0.940%(Note 2)0.630%(Note 1)

0.993%(Note 2)

Repayment
method—500

Subtotal of long-term borrowings

62,35062,550

—

—

—

—

—

Total

72,73573,235

—

—

—

—

—

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

(3) Status of Investment Corporation Bonds
The status of investment corporation bonds as of July 31, 2022, is as follows.
Name

Issue date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)Interest rate

Redemption
date

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

February 1,
2018

1,000

1,000

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

December16, 2020

1,700

1,700

0.580%

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

December
8, 2021

1,500

1,500

Total

—

4,200

4,200

Redemption
methodUse offunds

Remarks

Lump-sum
January 31,
repayment on
2023
repayment date

(Note 1)

Unsecured
Unguaranteed

December16, 2025

Lump-sum
repayment on
repayment date

(Note 2)

Unsecured
Unguaranteed

0.850%

December
8, 2031

Lump-sum
repayment on
repayment date

(Note 2)

Unsecured
Unguaranteed

—

—

—

—

—

(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
0.614%(Note 2)0.580%(Note 1)0.720%(Note 2)0.726%(Note 2)0.780%(Note 1)0.910%(Note 2)

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

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

Not applicable(5) Status of Investment Unit Acquisition Rights
Not applicable28

I. Asset Management Report

SAMTY RESIDENTIAL

6. Status of Purchase and Sale during the 14th Fiscal Periodiii) Other(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.

Not applicable

Acquisition
Property
numberType of asset

Property nameAcquisition 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)

Real estate trust
beneficiary interest

A-86

Real estate(physical real estate)

B-46

S-FORT Ichinomiya
HonmachiFebruary 25, 2022

540

—

—

—

—

Real estate trust
beneficiary interest

B-47

S-RESIDENCE Senrioka

February 28, 2022

1,012

—

—

—

—

Real estate trust
beneficiary interest

C-39

S-RESIDENCE Kitasenju
reiz

February 28, 2022

1,200

—

—

—

—

Real estate trust
beneficiary interest

A-16

S-FORT Gakuenmae——

February 28, 2022

523

445

58

Real estate trust
beneficiary interest

A-21

S-FORT Kamiotai——

March 24, 2022

864

737

94

Real estate trust
beneficiary interest

C-03

S-FORT Itabashi Shimura——

February 28, 2022

740

626

108

Real estate trust
beneficiary interest

C-05

S-FORT Noborito——

February 28, 2022

760

639

116

—

2,887

2,448

376

S-FORT Taisho riviere

February 28, 2022

1,000

Total

—

3,752

—

—

(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.

Not applicable

Purchase amount, etc.

Sale amount, etc.

3,752 million yen

2,887 million yen

Samty Co., Ltd.

3,212 million yen (85.6%)

2,023 million yen (70.1%)

Total

3,212 million yen (85.6%)

2,023 million yen (70.1%)

Total amount

Breakdown of transactions with interested parties, etc.

ii) 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.

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

Paid party

Paid amount (B)459,413 thousand yen

Samty Property Management Co., Ltd.

197,748 thousand yen

43.0

25,980 thousand yen

Samty Co., Ltd.

25,980 thousand yen

100.0iii) Major payments to other interested parties, etc.
Samty Property Management Co., Ltd.

313,542 thousand yen (repair work)(Note 2) “Transaction amount, etc.” indicates the transaction amount stated in the sales agreement, etc. Figures in parentheses indicate the percentage of total
amount.
(Note 3) Aside from the above, the status of buyer under real estate transfer agreements has been transferred from Samty Co., Ltd. to Samty Residential (totalpurchase amount: 540 million yen).

(3) Survey on Prices of Specified Assets, Etc.
i) Real estate, etc.

Disposition

Transaction amount, etc. (Note 2)

Category(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.

(2) Status of Acquisition and Sale of Other Assets

Acquisitioni) Status of transactions with interested parties, etc. (Note 1)—(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.

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

Acquisition price Appraisal value(millions of yen) (millions of yen)Appraiser

Appraisal date

1,010

The Tanizawa Sōgō Appraisal Co., Ltd.

January 1,
2022

540

557

The Tanizawa Sōgō Appraisal Co., Ltd.

November30, 2021

Real estate trust
beneficiary interest

1,012

1,050

The Tanizawa Sōgō Appraisal Co., Ltd.

January 1,
2022

February 28,
2022

Real estate trust
beneficiary interest

1,200

1,210

Daiwa Real Estate Appraisal Co., Ltd.

December31, 2021

S-FORT Gakuenmae

February 28,
2022

Real estate trust
beneficiary interest

523

523

Japan Real Estate Institute

January 31,
2022

S-FORT Kamiotai

March 24,2022

Real estate trust
beneficiary interest

864

786

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2022

S-FORT Itabashi
ShimuraFebruary 28,
2022

Real estate trust
beneficiary interest

740

740

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2022

S-FORT Noborito

February 28,
2022

Real estate trust
beneficiary interest

760

760

Daiwa Real Estate Appraisal Co., Ltd.

January 31,
2022

Property name

Transaction date

Type of asset

S-FORT Taisho riviere

February 28,
2022

Real estate trust
beneficiary interest

1,000

S-FORT Ichinomiya
HonmachiFebruary 25,
Real estate2022(physical real estate)

S-RESIDENCE
Senrioka

February 28,
2022

S-RESIDENCE
Kitasenju reiz

(Note 1)

(Note 2)(5)	Status of Transactions with the Asset Management Company regarding Concurrent Work
Conducted by the Asset Management Company
The Asset Management Company (Samty Asset Management Co., Ltd.) concurrently conducts the type II financial instruments business and land and building transaction business, but has no relevant transactions with Samty Residential. Moreover, the AssetManagement Company concurrently is not engaged in any of the type I financial instruments business or the real estate syndication
business, and has no relevant transactions with Samty Residential.

(Note 1) “Acquisition price 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 applicable2930

I. Asset Management Report

SAMTY RESIDENTIAL

7. Status of Accounting(1) Status of Assets, Liabilities, Principal and Profits and Loss
Please refer to the Balance Sheet, Statement of Income and Retained Earnings, Statement of Changes in Unitholders' Equity,
Statement of Cash Flows and Notes to Financial Statements.

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

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

9. Disclosure on Corporation Owning Foreign Real Estate
Not 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
The overview of the execution and modification, etc. of major agreements approved by the Board of Directors of Samty Residential in
the 14th fiscal period is as follows.
Date of approval
July 15, 2022

AgendaConclusion of an underwriting agreement concerning issuance of
new investment units through public offering and third-party allotment and secondary offering of investment units

Overview
Samty Residential consigned the administration services
regarding the offering of investment units to Daiwa Securities
Co. Ltd.

(2) Handling of Fractions of Monetary Amounts and Percentage Figures
Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded off to the nearest specified unit inthis document.

31

32

II. Financial Section

SAMTY RESIDENTIAL

Balance Sheet(Unit: thousands of yen)

(Unit: thousands of yen)
13th fiscal period

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

Assets13th fiscal period

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

Liabilities

Current assets

Current liabilities

Cash and deposits

3,051,921

2,957,767

Operating accounts payable

470,534

499,317

Cash and deposits in trust

2,365,556

2,297,766

Current portion of investment corporation bonds

1,000,000

1,000,000

Operating accounts receivable

12,081

12,085Current portion of long-term borrowings

10,385,000

10,685,000

Prepaid expenses

192,540

192,136

Accounts payable - other

88,883

105,587

Consumption taxes receivable

34,367—

Accrued expenses

4,711

6,652

935

47,022Distributions payable

15,255

16,7295,657,402

5,506,778

Consumption taxes payable—

119,656

Income taxes payable

788

964

738,479

754,375

Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings

Advances received
10,579,150

11,110,677

Accumulated depreciation(806,201)(945,589)

Buildings, net

9,772,948

10,165,088

6,682

8,049

Investment corporation bonds

3,200,000

3,200,000(1,265)(1,590)Long-term borrowings

62,350,000

62,550,000

5,416

6,459

Leasehold and guarantee deposits received

86,09085,54928,18728,187

Leasehold and guarantee deposits received in trust

514,561

497,990

66,150,651

66,333,539

78,867,671

79,537,661

76,264,169

76,264,169

Structures
Accumulated depreciation
Structures, net
Machinery and equipment

Deposits received
Total current liabilities

13,365

15,837

12,717,019

13,204,121

Non-current liabilities

Accumulated depreciation(2,172)(3,121)

Machinery and equipment, net

26,01425,065Tools, furniture and fixtures

46,39756,818

Accumulated depreciation(15,362)(21,683)

Tools, furniture and fixtures, net

31,03435,135Land

11,448,470

11,623,401

Deduction from unitholders' capital(2,114,927)(2,409,694)

Buildings in trust

63,719,516

64,235,521

Unitholders' capital, net

74,149,242

73,854,475

Unappropriated retained earnings (undisposed loss)

1,832,599

2,136,006

Total surplus

1,832,599

2,136,006

75,981,842

75,990,481

Accumulated depreciation(6,063,274)(6,618,156)

Buildings in trust, net

57,656,242

57,617,365

23,88914,572(7,947)(4,768)Structures in trust
Accumulated depreciation

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

Surplus

Total unitholders' equity

15,941

9,804

Total net assets (Note 10)75,981,842

75,990,481

718,896715,257

Total liabilities and net assets

154,849,513

155,528,142

Accumulated depreciation(136,680)(154,169)

Machinery and equipment in trust, net

582,216

561,088

199,327

236,394

Structures in trust, net
Machinery and equipment in trust

Tools, furniture and fixtures in trust
Accumulated depreciation(67,628)(88,230)

Tools, furniture and fixtures in trust, net

131,699

148,163

Land in trust

68,982,135

69,334,241

Total property, plant and equipment

148,652,120

149,525,814

Intangible assets
Software

2,206

1,749

Total intangible assets

2,206

1,749

Investments and other assets
Deferred tax assets

8

17

Leasehold and guarantee deposits

11,746

11,699Long-term prepaid expenses

446,732

419,456

Total investments and other assets

458,487

431,174

149,112,814

149,958,738

Investment unit issuance expenses

41,60730,249Investment corporation bond issuance costs

37,68932,375

Total deferred assets

79,29762,625

154,849,513

155,528,142

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)

13th fiscal period

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

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

Operating revenue
Leasing business revenue (Note 9)
Other leasing business revenue (Note 9)
Gain on sale of real estate properties (Note 9)
Total operating revenue

4,467,642

4,572,823

374,871458,558—

376,999

4,842,514

5,408,382

1,950,819

2,183,993

Operating expenses
Expenses related to leasing business (Note 9)
Asset management fees

340,066

420,426

Asset custody fees

6,222

7,314

Administrative service fees

51,897

46,672

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

15,35015,900

Other operating expenses

165,691

181,648

Total operating expenses

2,533,107

2,859,015

2,309,406

2,549,366

Operating income
Non-operating income
Interest income

1223Interest on tax refund—

100

Reversal of distributions payable

942

1,057

Other

1,101

—

Total non-operating income

2,056

1,181

Interest expenses

295,013

289,050

Interest expenses on investment corporation bonds

12,10816,548Financing fees

153,972

91,385

Amortization of investment unit issuance expenses

11,971

11,357

Amortization of investment corporation bond issuance costs

4,736

5,313

Non-operating expenses

Other

559

44

478,361

413,700

Ordinary income

1,833,101

2,136,847

Income before income taxes

1,833,101

2,136,847

Income taxes - current

791

970

Income taxes - deferred

8

(8)

800

961

1,832,301

2,135,885

Total non-operating expenses

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

35

298

120

1,832,599

2,136,006

Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total unitholders’ equity

Total net assets

Total surplus

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

58,402,055

1,516,078

1,516,078

59,918,134

59,918,134

15,979,892

15,979,892

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

Changes during the period
Issuance of new investment units

15,979,892

Distributions in excess of earnings(232,705)

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

1,832,301

1,832,301

1,832,301

1,832,301

Total changes during the period

15,979,892(232,705)

15,747,187

316,520

316,520

16,063,707

16,063,707

Balance at end of period (Note 3)

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

74,149,242

1,832,599

1,832,599

75,981,842

75,981,842

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

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total unitholders’ equity

Total net assets

Total surplus

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

74,149,242

1,832,599

1,832,599

75,981,842

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

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

2,135,885

2,135,885

2,135,885

Total changes during the period

Net income—(294,766)(294,766)

303,406

303,406

8,639

8,639

Balance at end of period (Note 3)

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

73,854,475

2,136,006

2,136,006

75,990,481

75,990,48136

II. Financial Section

SAMTY RESIDENTIAL

Statement of Cash Flows

Notes to Financial Statements(Unit: thousands of yen)
13th fiscal period

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

Note 1 – Organization

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

1,833,101

2,136,847

960,839985,672

(12)

(23)

Interest expenses

307,122305,599

Amortization of investment unit issuance expenses

11,971

11,357

Amortization of investment corporation bond issuance costs

4,736

5,313

(852)

(3)

Decrease (increase) in consumption taxes refund receivable

Decrease (increase) in operating accounts receivable(34,367)

34,367

Increase (decrease) in consumption taxes payable(81,725)

119,656

Decrease (increase) in prepaid expenses(36,287)404

Increase (decrease) in operating accounts payable

140,845(35,628)

Increase (decrease) in accounts payable - other

18,32916,703

Increase (decrease) in advances received

139,897

15,895Decrease (increase) in long-term prepaid expenses(123,056)

27,275—2,447,740

Decrease in property, plant and equipment in trust due to sale
Other, net

40,637(43,578)

Subtotal

3,181,180

6,027,600

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

12

23(305,647)(303,658)

(968)

(793)

2,874,576

5,723,171

Cash flows from investing activities
Purchase of property, plant and equipment(2,860,065)(627,935)

Purchase of property, plant and equipment in trust(27,008,275)(3,615,397)

Payments of leasehold and guarantee deposits

(326)

—

Proceeds from return of leasehold and guarantee deposits

169

46

Refund of leasehold and guarantee deposits received(10,759)(8,061)

Proceeds from leasehold and guarantee deposits received

17,959

7,519

Refund of leasehold and guarantee deposits received in trust(49,181)(73,826)

Proceeds from leasehold and guarantee deposits received in trust
Net cash provided by (used in) investing activities

124,629

57,255(29,785,849)(4,260,399)

Samty Residential Investment Corporation (hereinafter, “Samty Residential”) was established in accordance with the Act on Investment
Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereinafter, the “Investment Trust Act”), with Samty AssetManagement Co., Ltd. serving as the organizer, and was listed on the real estate investment trust market of the Tokyo Stock Exchange,
Inc. (securities code: 3459) on June 30, 2015.
With rental housing (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 2022 (hereinafter, the “end of the 14th fiscal period”), Samty Residential owned real estate,etc. consisting of 159 properties in total (total acquisition price: 147,605 million yen), with the total number of investment units issued andoutstanding at 769,626 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.

Cash flows from financing activities
Proceeds from long-term borrowings

17,350,000

5,850,000

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

Proceeds from issuance of investment corporation bonds

1,500,000—(18,826)—

15,979,892—

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

37(38,295)—

Distributions paid

(1,746,812)(2,124,715)

Net cash provided by (used in) financing activities

27,675,957(1,624,715)

Net increase (decrease) in cash and cash equivalents

764,685(161,942)

Cash and cash equivalents at beginning of period

4,652,791

5,417,477

Cash and cash equivalents at end of period (Note 5)5,417,477

5,255,534

Note 3 – Statement of Changes in Unitholders’ Equity*1. Total Number of Authorized Investment Units and Total Number of Investment Units Issued(Unit: units)
13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)
Total number of investment units authorized
Total number of investment units issued(From February 1, 2022 to July 31, 2022)

2,000,000

2,000,000

769,626

769,62638

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.
(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 46,242 thousand yen for
the 13th fiscal period and 6,120 thousand yen for the 14th 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

13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)(From February 1, 2022 to July 31, 2022)

Cash and deposits

3,051,921

2,957,767

Cash and deposits in trust

2,365,556

2,297,766

Cash and cash equivalents

5,417,477

5,255,534

Note 6 – Financial Instruments
1.

Matters Concerning Status of Financial Instruments(1) Policy on Handling Financial Instruments
Samty Residential makes it a basic policy to conduct stable and sound financial operations in order to ensure stable growth of managed assets, their efficient management and stability of management. Based on this policy, Samty Residential procures funds
through borrowings from financial institutions, issuance of investment corporation bonds and issuance of investment units, and othermeans, for acquisition of assets and repayment of borrowings, etc.
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, 2022.
(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure
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.
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.
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.

40II. Financial Section

SAMTY RESIDENTIAL

Note 7 – Schedule of Real Estate Owned(3) Supplementary Explanation on Matters Concerning Fair Value of Financial Instruments
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.

2.

(Unit: thousands of yen)

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of January 31, 2022.
Furthermore, information on cash and deposits, cash and deposits in trust and short-term borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the carrying value. Information on leasehold andguarantee deposits received and leasehold and guarantee deposits received in trust are also omitted as the amounts are immaterial.

Property,plant andequipment(Unit: thousands of yen)
Carrying value on the Balance Sheet

Fair value

Difference(1) Current portion of investment corporation bonds

1,000,000

1,008,734

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

10,385,000

10,419,430

34,430(3) Investment corporation bonds

3,200,000

3,210,339

10,339(4) Long-term borrowings

62,350,000

62,705,828

355,828

76,935,000

77,344,333

409,333

Total of liabilities

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of July 31, 2022.
Furthermore, information on cash and deposits, cash and deposits in trust and short-term borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the carrying value. Information on leasehold andguarantee deposits received in trust is also omitted as the amounts are immaterial.
(Unit: thousands of yen)
Carrying value on the Balance Sheet

Fair value

1,000,000

1,004,675

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

10,685,000

10,694,422

9,422(3) Investment corporation bonds

3,200,000

3,251,779

51,779(4) Long-term borrowings

62,550,000

63,086,869

536,869

77,435,000

78,037,729

602,729(Note 1) Calculation method for fair value of financial instruments

Decreaseduring theperiodBalance at
end of periodOraccumulated
amortization

Depreciation
during theperiodBuildings

10,579,150

531,527—

11,110,677

945,589

Structures

6,682

1,367

—

8,049

1,590

Machinery and equipment

28,187——28,187

Tools, furniture and fixtures

46,397

10,421—

Land

11,448,470

174,931

Buildings in trust

63,719,516

Structures in trust

Net balanceat end ofperiodRemarks

139,387

10,165,088(Note 1)

324

6,459

(Note 1)

3,121

949

25,065(Note 1)

56,81821,683

6,320

35,135(Note 1)—

11,623,401——

11,623,401(Note 1)

1,804,709

1,288,705

64,235,521

6,618,156

790,91057,617,365(Note 2)

23,889409

9,726

14,572

4,768

791

9,804

(Note 2)

Machinery and equipment in trust

718,896

589

4,228

715,257

154,169

18,847561,088(Note 2)Tools, furniture and fixtures in trust

199,327

49,257

12,190236,394

88,23027,683

148,163(Note 2)Land in trust

68,982,135

1,734,530

1,382,424

69,334,241——

69,334,241(Note 2)

Total

155,752,653

4,307,744

2,697,275

157,363,123

7,837,308

985,215

149,525,814

Intangible
Assets

—

4,564

—

—

4,564

2,814

456

1,749

—

Total

4,564

—

—

4,564

2,814

456

1,749

—

Software(Note 1) The increase is mainly due to the acquisition of 1 property.
(Note 2) The increase is mainly due to the acquisition of 3 properties, and the decrease is mainly due to the sale of 4 properties.

Note 8 – Investment and Rental Properties
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.
(Unit: thousands of yen)
13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)(From February 1, 2022 to July 31, 2022)

Carrying value on the Balance Sheet
Balance at beginning of period

119,685,721

Amount of increase (decrease) during the period

28,966,398

873,694

Balance at end of period

148,652,120

149,525,814

160,168,000

163,368,000

Fair value at end of period

Liabilities(1) Current portion of investment corporation bonds and (3) Investment corporation bonds(2) Current portion of long-term borrowings and (4) Long-term borrowings
For those with floating interest rates, the interest rates should reflect market rates over the short term and their fair values are deemed to be approximately the same as the carrying values. Accordingly, the carrying values are presented as their fair values. For those with fixed interest rates, theirfair values are calculated by discounting the total amount of principal and interest with the rate assumed as being applicable when similar borrowings
are newly made for the period corresponding to the remaining period to their maturity.
(Note 2) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date
13th fiscal period (January 31, 2022)

(Unit: thousands of yen)Due in1 year or lessDue after
1 year through2 years

Due after
2 years through3 years

Due after
3 years through4 years

Due after
4 years through5 years

Current portion of investment corporation
bonds

1,000,000

—

—

—

—

Current portion of long-term borrowings

10,385,000

—

—

—

—

—

—

—

—

1,700,000-—

1,500,000

Long-term borrowings—

11,450,000

12,500,000

14,320,000

14,530,000

9,550,000

Total

11,385,000

11,450,000

12,500,000

16,020,000

14,530,000

11,050,000

Investment corporation bonds

14th fiscal period (July 31, 2022)

(Note 2) Of the increase (decrease) during the period, the amount of increase in the 13th fiscal period is mainly attributable to the acquisition of 27 properties(29,678,078 thousand yen), and the amount of decrease is mainly attributable to depreciation (960,382 thousand yen). The amount of increase in the 14th
fiscal period is mainly attributable to the acquisition of 4 properties (4,005,168 thousand yen), and the amount of decrease is mainly attributable to the transfer
of 4 properties (2,448,833 thousand yen) and depreciation (985,215 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 14th fiscal period for the investment and rental properties is as presented in the “Note 9 – Statement of Income
and Retained Earnings.”

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

Due after
5 years

Current portion of investment corporation
bonds

1,000,000

—

—

—

—

Current portion of long-term borrowings

10,685,000

—

—

—

—

—

—

—

—

1,700,000-—

1,500,000

Long-term borrowings—

11,800,000

14,550,000

15,500,000

13,000,000

7,700,000

Total

11,685,000

11,800,000

14,550,000

17,200,000

13,000,000

9,200,000

Investment corporation bonds

148,652,120(Note 1) The carrying value on the Balance Sheet is the acquisition cost less accumulated depreciation.

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.

41

Increaseduring theperiodDifference(1) Current portion of investment corporation bonds

Total of liabilities

Balance at
beginning of
periodType of asset

Matters Concerning Fair Value, Etc. of Financial Instruments

Accumulated depreciation—42

II. Financial Section

SAMTY RESIDENTIAL

Note 9 – Statement of Income and Retained Earnings

Note 10 – Balance Sheet*1. Breakdown of Revenues and Expenses Related to Real Estate Leasing Business*1. Minimum Net Assets Designated in Article 67- 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousands of yen)

(Unit: thousands of yen)

13th fiscal period

14th fiscal period

13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)(From February 1, 2022 to July 31, 2022)(as of January 31, 2022)(as of July 31, 2022)

50,00050,000

A. Real estate leasing business revenue
Leasing business revenue
Rent revenue

4,142,481

Land rent revenue

4,230,332

136

Common service fees

325,025

142
4,467,642

342,349

4,572,823

Other leasing business revenue
Parking fees

167,542

169,580

Utilities income

28,25731,476

Other revenues

179,071

Total real estate leasing business revenue

374,871257,502

4,842,514

Note 11 – Cash Distributions(Unit: yen)
Category

458,558
5,031,382

B. Expenses related to real estate leasing business

I.

Unappropriated retained earnings

13th fiscal period

14th fiscal period(From August 1, 2021 to January 31, 2022)
1,832,599,835(From February 1, 2022 to July 31, 2022)
2,136,006,110

II. Addition of distributions in excess of earnings

Expenses related to leasing business
Property management fees

245,289

Utilities expenses

65,872

77,225

Taxes and public dues

258,187

324,265

Insurance expenses

10,481

10,520

Repair expenses

197,844

242,412

Depreciation

960,382

985,215

Trust fees

34,51333,887

Other expenses related to leasing business

178,248

Total expenses related to real estate leasing business
C. Income from real estate leasing business (A-B)*2. Breakdown of Gain on Sale of Real Estate Properties
13th fiscal period (From August 1, 2021 to January 31, 2022)
Not applicable

14th fiscal period (From February 1, 2022 to July 31, 2022)(Unit: thousands of yen)
S-FORT Gakuenmae
Proceeds from sale of real estate properties

523,000

Cost of sale of real estate properties

445,253

Other expenses related to sale

19,246

Gain on sale of real estate properties

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

864,000

Cost of sale of real estate properties

737,930

Other expenses related to sale

31,877

Gain on sale of real estate properties

94,192

Deduction from unitholders’ capital

263,669

III. Distribution amount[Distribution amount per unit]
Of which, distribution of earnings

2,183,993

2,891,694

2,847,388[2,764][3,021]

1,832,479,506

2,135,712,150[2,381][2,775]

Of which, distribution in excess of earnings

294,766,758

189,327,996[Of which, distribution in excess of earnings per unit]

246,796

189,327,996
2,325,040,146[Of which, distribution of earnings per unit]

IV. Retained earnings brought forward

1,950,819

294,766,758
2,127,246,264

Method for calculating distribution amount

[383]

[246]

120,329

293,960

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

With regard to the distribution for the 14th fiscal
period, pursuant to the distribution policy stipulated
in its Articles of Incorporation, Samty Residential
decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of
distribution per investment unit of less than 1 yen, inapplication of the special provision on taxation of
investment corporations (Article 67-15 of the Act on
Special Measures Concerning Taxation). As a result,distribution per unit amounted to 2,775 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 14th fiscal period.
Based on this decision, Samty Residential determined to distribute 189,327,996 yen, which is theamount almost equivalent to 19.2/100 of 985 million
yen in depreciation for the fiscal period, as refund of
capital contribution to unitholders. As a result, distribution in excess of earnings per unit amounted to
246 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 74.5%.

(Note) For the determination of making distribution in excess of earnings for the 14th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of Performanceand Distributions, (2) 14th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

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

740,000

Cost of sale of real estate properties

626,460

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

5,359
108,180

S-FORT Noborito
Proceeds from sale of real estate properties

760,000

Cost of sale of real estate properties

639,190

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

43

4,682
116,12644

II. Financial Section

SAMTY RESIDENTIAL

Note 12 – Schedule of Borrowings(Unit: thousands of yen)
(Unit: thousands of yen)

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

Sumitomo Mitsui Banking Corporation

60,000—60,000—

The Bank of Fukuoka, Ltd.

20,000—20,000—Aozora Bank, Ltd.

1,000,000—

1,000,000—

The Higo Bank, Ltd.

1,000,000—

1,000,000—

Fukoku Mutual Life Insurance Company

800,000—

800,000—

THE KAGAWA BANK, Ltd.

500,000—

500,000—

Shinsei Bank, Limited

500,000—

500,000—

Lender

The Dai-ichi Life Insurance Company,
Limited

500,000—

500,000—

THE HYAKUGO BANK, LTD.

500,000—

500,000—

The Oita Bank, Ltd.

300,000—

300,000—

The Kagoshima Bank, Ltd.

150,000—

150,000—(Note 2)

July 31,2022

Use offunds(Note 5)(Note 4)

Increase during
the period

Decrease during
the period

Remarks

Sumitomo Mitsui Banking Corporation

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

Sumitomo Mitsui Banking Corporation

600,000—

600,000—

The Bank of Fukuoka, Ltd.

350,000—

350,000—

Aozora Bank, Ltd.

250,000—

250,000—

Unsecured
Unguaranteed

LenderAverage
Balance at end ofinterest rate
period(Note 3)

THE KAGAWA BANK, Ltd.

250,000—

250,000—

Resona Bank, Limited

200,000—

200,000—

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 Kumamoto Bank, Ltd.

20,000—20,000—600,000——

600,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

THE SHIZUOKA BANK, LTD.

250,000—

250,000—

Aozora Bank, Ltd.

250,000——

250,000

The Bank of Fukuoka, Ltd.

500,000——

500,000

THE KAGAWA BANK, Ltd.

250,000——

250,000

Aozora Bank, Ltd.

500,000——

500,000

THE SHIZUOKA BANK, LTD.

250,000——

250,000

Mizuho Bank, Ltd.

460,000——

460,000

Resona Bank, Limited

200,000——

200,000

Shinsei Bank, Limited

400,000——

400,000

Shinsei Bank, Limited

150,000——

150,000

Resona Bank, Limited

300,000——

300,000

The Chiba Bank, Ltd.

150,000——

150,000

Shinsei Bank, Limited

600,000——

600,000

The Juhachi-Shinwa Bank, Ltd.

100,000——

100,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

The Kumamoto Bank, Ltd.

50,000——50,000Mizuho Bank, Ltd.

250,000——

250,000

The Hiroshima Bank, Ltd.

150,000——

150,000

Resona Bank, Limited

100,000——

100,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

Mizuho Bank, Ltd.

290,000——

290,000

Shinsei Bank, Limited

200,000——

200,000

Mizuho Bank, Ltd.

1,250,000——

1,250,000

Sumitomo Mitsui Banking Corporation

1,300,000——

1,300,000

The Bank of Fukuoka, Ltd.

1,300,000——

1,300,000

Aozora Bank, Ltd.

500,000——

500,000

THE KAGAWA BANK, Ltd.

500,000——

500,000

Resona Bank, Limited

400,000——

400,000

The Bank of Fukuoka, Ltd.

835,000——

835,000

The Higo Bank, Ltd.

700,000——

700,000

Kansai Mirai Bank, Limited

700,000——

700,000

Aozora Bank, Ltd.

0.880%(Note 1)

1.099%(Note 2)0.572%(Note 2)January 31,
2023(Note 5)(Note 4)January 31,
2023(Note 5)(Note 4)January 31,
2023(Note 5)(Note 4)

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed

300,000——

300,000

Sumitomo Mitsui Banking Corporation—

600,000—

600,000

The Bank of Fukuoka, Ltd.

—

350,000—

350,000

Aozora Bank, Ltd.

—

250,000—

250,000

THE KAGAWA BANK, Ltd.

—

250,000—

250,000

Resona Bank, Limited—

200,000—

200,000

Shinsei Bank, Limited—

150,000—

150,000

Shinsei Bank, Limited

400,000——

400,000

The Chiba Bank, Ltd.

—

150,000—

150,000

The Juhachi-Shinwa Bank, Ltd.

400,000——

400,000

The Juhachi-Shinwa Bank, Ltd.

—

100,000—

100,000

The Kumamoto Bank, Ltd.

200,000——

200,000

The Kumamoto Bank, Ltd.

—

50,000—50,000

The Bank of Saga Ltd.

500,000—

500,000—

The Hiroshima Bank, Ltd.

—

150,000—

150,000

Resona Bank, Limited

400,000—

400,000—

THE SHIZUOKA BANK, LTD.

—

250,000—

250,000

Aozora Bank, Ltd.

350,000—

350,000—

The Bank of Saga Ltd.

—

500,000—

500,000

Resona Bank, Limited—

400,000—

400,000

Aozora Bank, Ltd.

—

350,000—

350,000

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

10,385,000

5,650,000

5,350,000

10,685,000

0.780%(Note 1)

0.958%(Note 2)0.630%(Note 1)January 31,
2023(Note 5)(Note 4)January 31,
2023(Note 5)(Note 4)January 31,
2023(Note 4)(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Repayment
date

Use offunds

Remarks

January 31,
2025(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

July 31,2025(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 30,
2026(Note 5)

Unsecured
Unguaranteed

July 31,2024(Note 5)

Unsecured
Unguaranteed

July 31,2023(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2025(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 5)

Unsecured
Unguaranteed

100,000

Sumitomo Mitsui Banking Corporation

Subtotal of current portion of long-termborrowings

45

0.995%

Repayment
dateLong-term borrowings

Current portion of long-term borrowings

Category

Average
Balance at end ofinterest rate
period(Note 3)

Balance at
beginning of
periodCategory

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—

Sumitomo Mitsui Banking Corporation

600,000——

600,000

The Bank of Fukuoka, Ltd.

450,000——

450,000

Aozora Bank, Ltd.

400,000——

400,000

Shinsei Bank, 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

Shinsei Bank, Limited

1,400,000——

1,400,000

Resona Bank, Limited

400,000——

400,000

The Nishi-Nippon City Bank, Ltd.

2,500,000——

2,500,000

Mizuho Bank, Ltd.

2,500,000——

2,500,000

1.476%(Note 2)0.780%(Note 1)

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

0.673%(Note 2)

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

(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)46

II. Financial Section

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

The Nishi-Nippon City Bank, Ltd.

500,000——

500,000

Resona Bank, Limited

900,000——

900,000

Category

LenderUse offunds

Remarks

0.907%

July 31,2026(Note 5)

Unsecured
Unguaranteed

725,000——

725,000

500,000——

500,000

The Bank of Fukuoka, Ltd.

375,000——

375,000

1,075,000——

1,075,000

Aozora Bank, Ltd.

900,000——

900,000

The Bank of Fukuoka, Ltd.

775,000——

775,000

Mizuho Bank, Ltd.

725,000——

725,000

THE KAGAWA BANK, Ltd.

625,000——

625,000

Kansai Mirai Bank, Limited

1,000,000——

1,000,000

San ju San Bank, Ltd.

500,000——

500,000

The Bank of Saga Ltd.

500,000——

500,000

Shinsei Bank, Limited

1,000,000——

1,000,000

Aozora Bank, Ltd.

500,000——

500,000

Resona Bank, Limited

250,000——

250,000

1,000,000——

1,000,000

Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation

Long-term borrowings

Repayment
date

Shinsei Bank, Limited

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

920,000——

920,000

The Bank of Fukuoka, Ltd.

1,550,000——

1,550,000

The Bank of Yokohama, Ltd.

1,250,000——

1,250,000

THE KAGAWA BANK, Ltd.

600,000——

600,000

Shinsei Bank, Limited

500,000——

500,000

The Juhachi-Shinwa Bank, Ltd.

240,000——

240,000

The Kumamoto Bank, Ltd.

140,000——

140,000

JAPAN POST BANK Co., Ltd.

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

Kansai Mirai Bank, Limited

500,000——

500,000

Sumitomo Mitsui Banking Corporation

1,500,000——

1,500,000

Aozora Bank, Ltd.

1,500,000——

1,500,000

Shinsei Bank, Limited

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

Resona Bank, Limited

300,000——

300,000

Sumitomo Mitsui Banking Corporation

1,700,000——

1,700,000

The Higo Bank, Ltd.

1,500,000——

1,500,000

500,000——

500,000

The Kagoshima Bank, Ltd.
Mizuho Bank, Ltd.

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

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

Shinsei Bank, Limited—

500,000—

500,000

THE KAGAWA BANK, Ltd.

—

500,000—

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

Subtotal of long-term borrowings
Total(Note 1) These loans are with floating interest rates.

Average
Balance at end ofinterest rate
period(Note 3)

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation

47

SAMTY RESIDENTIAL(Note 2)0.750%(Note 2)

(Note 4)January 31,
2025(Note 5)(Note 4)(Note 2) These loans are with fixed interest rates.
(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.

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 part of accompanying expenses, and repaying
borrowings.
(Unit: thousands of yen)
Due after 1 year
through 2 years

0.863%(Note 2)0.530%(Note 1)0.530%(Note 1)

0.711%(Note 2)0.829%(Note 2)January 30,
2026(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

July 31,2024(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)0.755%

July 31,2026(Note 5)0.608%

January 31,
2026(Note 5)(Note 1)

(Note 2)

(Note 4)(Note 4)

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Long-term borrowings

11,800,000

0.614%(Note 2)

(Note 5)(Note 4)

Unsecured
Unguaranteed(Note 1)0.720%(Note 2)

July 31,2025(Note 5)

Unsecured
Unguaranteed

January 29,
2027(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)0.726%(Note 2)0.780%(Note 1)0.910%(Note 2)0.940%(Note 2)0.630%(Note 1)

(Note 5)(Note 4)

July 30,2027(Note 5)(Note 4)January 31,
2028(Note 5)(Note 4)

Unsecured
Unguaranteed

January 31,
2028(Note 5)

Unsecured
Unguaranteed

January 29,
2027(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)13,000,000

7,700,000

Name

Issue date

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

February 1,
2018

1,000,000—

1,000,000

1.05424%

January 31,
2023

Propertyacquisition

UnsecuredFirst Series Unsecured Investment
Corporation Bonds (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)

1,500,000—

1,500,000

0.85000%

December 8,
2031

Refinance ofexistingborrowings

Unsecured

4,200,000—

4,200,000

—

—

—

—

December 8,
2021

Decreaseduring theperiodBalance at
end of period

Coupon rate

Redemption
date

Use of funds

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

Investment corporation bonds

1,000,000

Due after 1 year
through 2 years

Due after 2 years
through 3 years—

Due after 3 years
through 4 years—

Due after 4 years
through 5 years

1,700,000—

Note 14 – Tax Effect Accounting
Breakdown of Primary Components of Deferred Tax Assets and Deferred Tax Liabilities

Unsecured
Unguaranteed
Unsecured
Unguaranteed

15,500,000

Due after 5 years(Unit: thousands of yen)

1.
July 30,2027

14,550,000

Due after 4 years
through 5 years

Balance at
beginning of
periodDue in 1 year or less
0.580%

Due after 3 years
through 4 years

Note 13 – Schedule of Investment Corporation Bonds

Total
July 31,2026

Due after 2 years
through 3 years(Unit: thousands of yen)
13th fiscal period

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

Deferred tax assets
Accrued business taxes not deductible from taxable income

817

Total deferred tax assets

8

17

8

17

Deferred tax assets, net

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

13th fiscal period

14th fiscal period(as of January 31, 2022)(as of July 31, 2022)
31.46

31.46

(31.45)(31.44)

0.03

0.03

0.04

0.04

(Adjustment)
0.993%(Note 2)January 31,
2028(Note 5)(Note 4)

Unsecured
Unguaranteed

62,350,000

5,850,000

5,650,000

62,550,000

—

—

—

—

72,735,000

11,500,000

11,000,000

73,235,000

—

—

—

—

Deductible distributions
Other
Effective tax rate after applying tax effect accounting

48

II. Financial Section

SAMTY RESIDENTIAL

Note15 – Per Unit Information(2) Information by Region(Unit: yen)
13th fiscal period

14th fiscal period(From August 1, 2021to January 31, 2022)(From February 1, 2022 to July 31, 2022)

Net assets per unit

98,72598,736

Net income per unit

2,383

2,775

(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.
(Note 2) Net income per unit was calculated based on the following data:
14th fiscal period(From February 1, 2022 to July 31, 2022)

Net income attributable to ordinary investment units(thousands of yen)
Average number of investment units during the period (units)ii) Property, plant and equipment(3) Information by Major Customer

13th fiscal period(From August 1, 2021to January 31, 2022)
Amounts not attributable to ordinary unitholders(thousands of yen)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.

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.

The amount of diluted net income per unit is not presented as there are no dilutive investment units.

Net income (thousands of yen)i) Operating revenue

1,832,301

2,135,885——

1,832,301

2,135,885

768,664

769,626

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.

14th fiscal period (From February 1, 2022 to July 31, 2022)(1) Information by Product and Service
Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.

Note 16 – Revenue Recognition(2) Information by Regioni) Operating revenue

1. Breakdown Information on Revenue from Contracts with Customers

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.

13th fiscal period (From August 1, 2021 to January 31, 2022)(Unit: thousands of yen)
Revenue from contracts with customers (Note)
Sale of real estate properties

Sales to external customers—

Utilities income—

28,25728,257

Other—

4,814,256

Total

28,257

4,842,514(Note)

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

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.

14th fiscal period (From February 1, 2022 to July 31, 2022)(Unit: thousands of yen)
Revenue from contracts with customers (Note)
Sale of real estate properties
Utilities income

Sales to external customers

2,887,000

376,999

31,476

31,476

Other—

4,999,906

Total

2,918,476

5,408,382(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 sale of real estate properties is recorded as gain or loss on sale of real estate properties in the Statement of Income and Retained Earnings, theamount obtained by deducting cost of sale of real estate properties and other expenses related to sale from proceeds from sale of real estate properties
is indicated for sales to external customers.

Note 17 – Segment Information
1.

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

2.

Related Information
13th fiscal period (From August 1, 2021 to January 31, 2022)(1) Information by Product and Service
Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.

49

Note 18 – Significant Subsequent Events(1) Issuance of New Investment Units through Public Offering and Third-Party Allotment
At its Board of Directors’ meetings held on July 15, 2022, and July 25, 2022, Samty Residential resolved to issue new investment
units through public offering and third-party allotment in order to fund the acquisition of specified assets. The payments were completed on August 1, 2022, and on August 30, 2022, for the new investment units issued through public offering and third-party
allotment, respectively. As a result, unitholders’ capital, net was 82,300,387,182 yen as of August 30, 2022, with the total numberof investment units issued and outstanding at 838,726 units.
(Issuance of new investment units through public offering)Number of new investment units issued:
Issue price (offer price):
Total issue price (total offer price):
Paid-in amount (issue amount):
Total paid-in amount (total issue amount):
Payment date:

30,466 units
124,293 yen per unit
3,786,710,538 yen
119,831 yen per unit
3,650,771,246 yen
August 1, 2022

(Issuance of new investment units through third-party allotment with Daiwa Securities Group Inc. and Samty Co., Ltd. as theallottees)
Number of new investment units issued:
37,111 units
Paid-in amount (issue amount):
124,293 yen per unit
Total paid-in amount (total issue amount):
4,612,637,523 yen
Payment date:August 1, 2022
Allottees and number of investment units allotted: Daiwa Securities Group Inc.27,770 units
Samty Co., Ltd.
9,341 units50II. Financial Section

SAMTY RESIDENTIAL(Issuance of new investment units through third-party allotment with Daiwa Securities Co. Ltd. as the allottee)
Number of new investment units issued:
Paid-in amount (issue amount):
Total paid-in amount (total issue amount):
Payment date:
Allottee:

Independent Auditor's Report

1,523 units
119,831 yen per unit
182,502,613 yen
August 30, 2022
Daiwa Securities Co. Ltd.

(2) Decision to Issue Investment Corporation Bonds
Samty Residential made a resolution to issue green bonds under the following terms and conditions based on the general resolution on Samty Residential bond issuance adopted at the Board of Directors’ meeting held on November 18, 2022.
Name 	Third Series Unsecured Investment Bonds of Samty Residential Investment
Corporation (with pari passu conditions among specified investment corporation
bonds) (“Green Bonds”)
Total amount of investment corporation bonds
1.4 billion yen
Paid-in amount
100 yen per par value of 100 yen
Interest rate
0.850% per annum
Collateral and guarantee 	No collateral or guarantee is applicable to and no assets are specificallyreserved as collateral for the Green Bonds
Method and date of redemption	The total amount of the Investment Corporation Bonds will be redeemed on
December 15, 2027.
Retirement by repurchase of the Investment Corporation Bonds can be madeany time starting the day after the payment date, unless specified otherwise by
Japan Securities Depository Center, Incorporated, the transfer agency.
Use of funds procured
Repayment of long-term debt

51

52

II. Financial Section

53

SAMTY RESIDENTIAL

54