12th Fiscal Period

Semi-Annual Report

From February 1, 2021 to July 31, 2021

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

Message to Our Unitholders

We would like to extend our respect and heartfelt appreciation to
the medical practitioners and other related people who are endeavoring to address the ongoing novel coronavirus (COVID-19)
pandemic.
On behalf of Samty Residential Investment Corporation (Samty
Residential), let me express our sincere gratitude to our unitholders for your loyal patronage.
Under the philosophy of revitalizing Japan’s economy startingwith its regional cities by providing residents with a safe, secure,and comfortable living environment, Samty Residential has invested in residential properties in a broad range of Japan’s regional cities to build a diversified portfolio.
It is true that, since the declaration of a state of emergency
was announced by the government last year, Samty Residential
had seen the occupancy rate of its assets decrease slightly. By
the busy season of this year, however, we have successfully improved the figure. Moreover, following the property replacement
we conducted in May 2021, we made a large-scale capital increase in August to acquire 24 properties totaling 25.5 billion yen(on an acquisition price basis), expanding the total acquisition
price of properties amounted to 143.8 billion yen.
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.
Masafumi Takahashi
Executive Director,
Samty Residential Investment Corporation
Representative Director,
Samty Asset Management Co., Ltd.

1

Sustainability Initiatives
Samty Asset Management Co., Ltd., the Asset Management Company of Samty Residential, established the "Sustainability Policy" and "Rules on Sustainability Promotion System" on January 26, 2021, based on the recognition thatmaking efforts to promote sustainability in consideration of the environment, society and governance will contribute tomaximization of the interests of customers over the medium to long term.
Consideration for
the environment

Collaboration
with stakeholders•	With the Representative Director as the Chief Executive
Officer on Sustainability, we oversee the developmentof systems, the proposal and implementation of various
policies and goals and various measures

Improvement of•	With the Head of Residential REIT Division as the Chiefwork environment
Operating Officer on Sustainability, we oversee theand education/
development of systems and implementation of various
training of officers Promotion measures related to the promotion of sustainability
and employees
system •	Establishing the sustainability promotion office, we will holdSustainability
policyregular meetings at least once every three months•	T he Chief Executive Officer will report to the Board of
Directors at least once every six months on the specificmeasures to achieve the policies and goals

Disclosure of
information

Governance•	In principle, we will continue to follow up on issues andpoints that have been raised regarding the goals by
incorporating them into the goals for the next fiscal period

Environment
Acquisition of Environmental Certification from External Evaluation Organization
List of properties that acquired DBJ Green Building Certification

Properties withexcellent environmental& social awareness

Properties withhigh environmental& social awareness

Properties withexcellent environmental& social awareness

Properties withhigh environmental& social awareness

A-62

A-31

A-11

C-23

B-05

S-FORT Osaka Doshin

S-FORT Tsurumai reale

S-FORT Nakajima Koen

S-RESIDENCE Motoyawata

S-RESIDENCE Esaka

Future Initiatives
Various initiatives are promoted for acquiring recognition of the GRESB Real Estate Assessment.
January 26, 2021

2022

Established the Sustainability Policy and Rules on Sustainability Promotion System

Aim to acquire recognition in 2022

Implemented in-house training for acquisition of recognition

2

SAMTY RESIDENTIAL

SocialInitiatives for Residents, Regions/Society

Initiatives for Investors/Information Disclosure• Installation of AED (automated external defibrillator)•	Proactive disclosure of information and IR
activities(Community)• Installation of delivery boxes• Introduction of free Internet access• Installation of ports for car sharing and bicycle sharing•	Introduction of disaster prevention facilities and displaying ofdisaster prevention posters

Samty Residential publishes articles featuring regional cities in its asset management
report (available only in Japanese) under its
philosophy of “revitalizing Japan’s economy
starting with its regional cities.”
An example of features on regional cities
in the asset management report (available only in Japanese) issued every
fiscal period to unitholders

Dissemination and Awareness-Building
Activities
AED (automated external defibrillator)

Samty Residential proactively holds briefing sessions and participates in various IR events with an aim to be more recognized andbetter understood. Going forward, Samty Residential will work tocommunicate with all investors in an appropriate manner while
taking into consideration the situation of the spread of COVID-19.

Initiatives for Employees of the AssetManagement Company• Capacity Development/Personnel Training

Car sharing

Bicycle sharing❘❘ Support for qualification acquisition and training❘❘ Regular health checkups❘❘ Promotion of work-life balance❘❘ Whistleblowing system named "Samty Asset Hotline"

GovernanceDecision-Making Procedures
Concerning Transactions with
Interested Parties, Etc.
The acquisition or sale of assets by Samty
Residential shall be managed through atransparent decision-making process.
Voluntary rules have been establishedon transactions with interested parties,
etc. with an aim to prevent harm to theinterests of Samty Residential caused byconducting transactions with such parties.

Proposal by 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

Management Fee System
The fees paid by Samty Residential to the Asset Management Company consist of Management Fee I, Management Fee II, Acquisition
Fee, Disposition Fee and Merger Fee.
Management Fee I Total assets at the end of the immediately preceding fiscal period x 0.45% (annual rate)
Management Fee II(Distributable amount at the end of the current fiscal period x 5.0%) x (total assets at the end of the immediately
preceding fiscal period - 50 billion yen) / total assets at the end of the immediately preceding fiscal period

Acquisition Fee

Acquisition price x 1.0%

Disposition Fee

Disposition price x 0.5%

Merger Fee

Appraisal value on the effective date of the merger of those succeeded or held by the newly established corporation in the merger or the corporation surviving said absorption-type merger x 1.0% (upper limit)

3

I. Asset Management Report

1. Overview of Asset Management(1) Changes in Operating Results and Other Management Data
8th fiscal period
9th fiscal period
10th fiscal period 11th fiscal period 12th fiscal period(From February 1,(From August 1, 2019
(From February 1,(From August 1, 2020
(From February 1,
2019 to July 31, 2019) to January 31, 2020) 2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021)

Fiscal period
Operating revenue(millions of yen)

3,677

3,777

3,900

4,357

4,176

Of which, real estate leasing businessrevenue(millions of yen)

3,249

3,665

3,786

4,003

4,067

Operating expenses(millions of yen)

1,858

1,908

2,123

2,186

2,317

Of which, expenses related to leasing
business(millions of yen)

1,446

1,477

1,633

1,661

1,777

Operating income(millions of yen)

1,818

1,869

1,776

2,171

1,859

Ordinary income(millions of yen)

1,645

1,499

1,449

2,008

1,516

Net income(millions of yen)

1,644

1,499

1,448

2,007

1,515

Total assets(millions of yen)

97,159116,327

115,827

125,498

124,926(%)[Period-on-period change]
Net assets(millions of yen)(%)

[Period-on-period change]

1.4

19.7

(0.4)

8.3

(0.5)

45,79055,74955,49260,532

59,918

0.2

21.7

(0.5)

9.1

(1.0)

Interest-bearing debt

(millions of yen)

50,15058,98558,98563,43563,435Unitholders’ capital, net (Note 4)(millions of yen)

44,14654,25054,04458,52458,402(units)504,100

592,600

592,600

639,300

639,300
93,724

Total number of investment units issued andoutstanding(yen)

90,835

94,076

93,642

94,686

Total distribution(millions of yen)

1,876

1,704

1,679

2,130

1,748

Distribution per unit

(yen)

3,723

2,877

2,834

3,333

2,735

Net assets per unit (base value)

Of which, distribution of earnings per unit

(yen)

3,261

2,530

2,443

3,141

2,371

Of which, distribution in excess of earnings
per unit

(yen)

462

347

391

192

364

Ratio of ordinary income to total assets (Note 5)

(%)

1.7

1.4

1.2

1.7

1.2

(Annualized)

(%)

3.4

2.8

2.5

3.3

2.4

Ratio of net income to equity (Note 5)

(%)

3.6

3.0

2.6

3.5

2.5

(Annualized)

(%)

7.2

5.9

5.2

6.9

5.1

Equity ratio at end of period (Note 5)

(%)

47.1

47.9

47.9

48.2

48.0

(0.6)

0.8

0.0

0.3

(0.2)

(%)

100.0

100.0

100.0

100.0

100.0

(days)

181

184

182

184

181

(properties)

96

117

118

132

132

[Period-on-period change]
Payout ratio (Note 5)[Other Reference Information]
Number of days of management
Number of investment properties at end of
periodDepreciation(millions of yen)

706

762

774

819

817

Capital expenditures(millions of yen)

98

123

77

209

206

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

2,508

2,950

2,926

3,161

3,107

FFO (Funds from Operation) (Note 5)(millions of yen)

1,922

2,149

2,107

2,473

2,224

FFO per unit (Note 5)

(yen)

3,814

3,627

3,555

3,869

3,479

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

(%)

51.6

50.7

50.9

50.5

50.8

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

4

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(2) 12th Fiscal Period Asset Management Reviewi) Brief History of Samty Residential
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 2021 (hereinafter, the “end of the 12th fiscal period”), Samty Residential owned realestate, etc. consisting of 132 properties in total (total acquisition price: 118,242 million yen), with the total number of investment units
issued and outstanding at 639,300 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 2021 (hereinafter, the “12th fiscal period”), the Japanese economy recorded a real GDP growth rate(first preliminary estimate) for the April-June 2021 period of 0.3% (seasonally adjusted, period-on-period comparison), or 1.3% whenannualized, with recovery of domestic demand leading the growth of real GDP. Private final consumption expenditure increased 0.8%
(seasonally adjusted, period-on-period comparison) on a real basis, achieving positive growth for the first time in two quarters. As
for the employment situation, the job opening-to-application ratio in June 2021 was 1.13 times.
Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of June 2021 stood at
88.9 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 remain highly willingto invest, which has kept transaction prices soaring.
In the rental housing market, supply of rental housing has been at low levels, while the number of households in the major regional cities in which Samty Residential mainly invests and manages assets has not decreased regardless of declarations of a stateof emergency announced under the impact of the COVID-19 pandemic. 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 record out-migrations since February 2021 except for March, while net-migration has continued to increase in
major regional cities.
During the 12th fiscal period, Samty Residential acquired three properties of real estate, etc. (total acquisition price: 1,787 million
yen) and disposed three properties of real estate, etc. (total disposition price: 2,087 million yen). Consequently, the assets owned by
Samty Residential as of the end of the 12th fiscal period totaled 132 properties with a total acquisition price of 118,242 million yen.
The investment ratio by geographical area was 73.2% for regional cities (48.2% for major regional cities and 25.0% for other regional cities) and 26.8% for the Greater Tokyo area, on an acquisition price basis.
Samty Residential conducts leasing activities in line with the characteristics and demand of respective regions and works to renovate common areas and rooms for lease in an effort to enhance such usability as comfort, convenience and safety. In conducting
large-scale construction work, Samty Residential endeavors to cooperate with the Samty Group (Note 1) to realize cost reduction.
Rent per unit after adjustment (Note 2) has remained strong, even under the environment of the COVID-19 pandemic, as Samty Residential has cooperated with property management companies and worked on setting rents and receiving key money by taking into
account the characteristics and demand of respective regions. The occupancy rate for the 12th fiscal period remained at roughly
the same level as in the last year, although impacted by the declarations of a state of emergency announced by the government.
The total rentable area at the end of the 12th fiscal period was 282,814.60 m2, with the occupancy rate standing at 95.7%.
Moreover, Samty Residential believes that making endeavors to promote sustainability in consideration of environmental, socialand governance (ESG) issues should contribute to maximizing the interests of customers over the medium to long term. Under thisbelief, “Sustainability Policy” and “Rules on Sustainability Promotion System” were established at the Asset Management Company
in order to promote preparation, including formation of internal systems, for acquiring recognition of the GRESB Real Estate Assessment.
(Note 1) The Samty Group refers to Samty Co., Ltd. (hereinafter, the “main sponsor”), the consolidated subsidiaries of the main sponsor (collectively referringto 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.
(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 area5

I. Asset Management Reportiii) Overview of Fund Procurement
In the 12th fiscal period, Samty Residential refinanced long-term borrowings of 2,000 million yen (Term Loan 1-D) maturing on June30, 2021, and long-term borrowings of 3,200 million yen (Term Loan 7-A) maturing on July 31, 2021, with long-term borrowings of
920 million yen (Term Loan 16-A) from Sumitomo Mitsui Banking Corporation and long-term borrowings of 4,280 million yen (TermLoan 16-B) from The Bank of Fukuoka, Ltd., The Bank of Yokohama, Ltd., The Kagawa Bank, Ltd., Shinsei Bank, Ltd., The Juhachi-Shinwa Bank, Limited and The Kumamoto Bank, Ltd., conducted on June 30, 2021.
As a result, the balance of interest-bearing debt totaled 63,435 million yen as of the end of the 12th fiscal period, with the ratio ofinterest-bearing debt to total assets (“LTV”) standing at 50.8%.
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 rating
A- (positive)iv) Overview of Performance and Distributions
As a result of the above, Samty Residential posted operating revenue of 4,176 million yen, operating income of 1,859 million yen,ordinary income of 1,516 million yen and net income of 1,515 million yen for the 12th fiscal period.
With regard to the distribution for the 12th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation, Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution per investment unit of less than 1 yen, in application of the special provision on taxation of investment corporations (Article 6715 of the Act on Special Measures Concerning Taxation). As a result, distribution per unit came to 2,371 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 12th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 232,705,200 yen, which is the amount almost equivalent to 28.5/100 of 817 million
yen in depreciation for the 12th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess ofearnings per unit came to 364 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net
income and depreciation combined) stood at 74.9%.
(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 endof each fiscal period as the appraisal date, or the survey value (period-end estimated value) stated in the price survey report for such; the same shallapply hereinafter) of real estate owned as of the end of the relevant calculation period (referring to Samty Residential’s calculation period for which
distributions of cash flows and distributions in excess of earnings are conducted by Samty Residential) exceeds the amount obtained by adding thetotal reserves for the 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 12th
fiscal period, the total amount of the continuous appraisal value was 129, 211, 000, 000 yen, while the total amount of the book value after adjustment
was 113, 581, 039, 909 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation period was 287, 631, 830 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 12th fiscal period (129, 211, 000, 000yen) exceeds the total amount of the book value after adjustment (113, 581, 039, 909 yen) and the total reserve for the planned construction cost of
repairs and replacements to be conducted in the 13th fiscal period ( 287, 631, 830 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 156 properties owned by Samty Residential as of the date of this document is
195 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 estate market 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).

6

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

Unitholders’ capital, net (Note 1)(millions of yen)
Increase
Balance(decrease)

Remarks

Date

Event

August 1, 2016

Capital increase through public offering

119,660

283,000

10,00025,888(Note 2)October 21, 2016

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

283,000(96)

25,792(Note 3)

April 21, 2017

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

283,000(143)

25,648(Note 4)

October 23, 2017

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

283,000(141)

25,506(Note 5)February 1, 2018

Capital increase through third-party allotment

173,600

456,600

15,10340,610(Note 6)

April 23, 2018

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

456,600(136)

40,473(Note 7)

August 27, 2018

Capital increase through public offering

47,500504,100

4,116

44,589(Note 8)October 22, 2018

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

504,100(213)

44,376(Note 9)April 22, 2019

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

504,100(229)

44,146(Note 10)

August 26, 2019

Capital increase through third-party allotment

88,500592,600

10,33654,483(Note 11)

October 21, 2019

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

592,600(232)

54,250(Note 12)April 22, 2020

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

592,600(205)

54,044(Note 13)

August 3, 2020

Capital increase through third-party allotment

46,700639,300

4,712

58,756(Note 14)

October 19, 2020

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

639,300(231)

58,524(Note 15)

April 21, 2021

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

639,300(122)

58,402(Note 16)

(Note 1) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders’ capital.
(Note 2) Samty Residential issued additional investment units through public offering at an issue price of 86, 686 yen (purchase price of 83, 574 yen) per unit
to fund the acquisition of new properties, etc.
(Note 3) Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2016, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 592 yen per unit as cash distribution for the 2nd fiscal period (ended July 2016). Payment of distribution commenced on October 21, 2016.
(Note 4) Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2017, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 507 yen per unit as cash distribution for the 3rd fiscal period (ended January 2017). Payment of distribution commenced on April 21, 2017.
(Note 5) 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 6) 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 7) 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 8) 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
to fund the acquisition of new properties, etc.
(Note 9) 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 10) 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 11) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 116, 800 yen per unit to fund the acquisition of new properties, etc.
(Note 12) 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 13) 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 14) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 100, 900 yen per unit to fund the acquisition of new properties, etc.
(Note 15) 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 16) 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.
7

I. Asset Management Report[Changes in Market Price of Investment Certificates]
The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, where Samty
Residential’s investment securities are listed, by fiscal period are as follows.
Fiscalperiod8th fiscal period(From February 1, 2019
to July 31, 2019)

9th fiscal period(From August 1, 2019
to January 31, 2020)

10th fiscal period(From February 1, 2020
to July 31, 2020)

11th fiscal period(From August 1, 2020
to January 31, 2021)

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

Highest120,800 yen

125,000 yen

114,300 yen

111,500 yen

133,500 yen

Lowest93,000 yen

110,900 yen

69,300 yen

92,200 yen

107,300 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 12th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution
per investment unit of less than 1 yen, 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 2,371 yen. In addition, as part ofits cash management, Samty Residential also decided to make a distribution in excess of earnings for the 12th fiscal period, as it
did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 232,705,200 yen, which is theamount almost equivalent to 28.5/100 of 817 million yen in depreciation for the 12th fiscal period, as refund of capital contribution tounitholders. As a result, distribution in excess of earnings per unit came to 364 yen.
8th fiscal period
9th fiscal period
10th fiscal period 11th fiscal period 12th fiscal period(From February 1,(From August 1, 2019
(From February 1,(From August 1, 2020
(From February 1,
2019 to July 31, 2019) to January 31, 2020) 2020 to July 31, 2020) to January 31, 2021) 2021 to July 31, 2021)

Fiscal period
Total unappropriated retained earnings(thousands of yen)

1,644,091

1,499,338

1,448,102

2,008,173

Retained earnings(thousands of yen)

221

60

381

131

298

Total cash distribution(thousands of yen)

1,876,764

1,704,910

1,679,428

2,130,786

1,748,485[Distribution per unit]

(yen)

3,723

2,877

2,834

3,333

2,735

1,643,870

1,499,278

1,447,721

2,008,041

1,515,780

(yen)

3,261

2,530

2,443

3,141

2,371

(thousands of yen)

232,894

205,632

231,706

122,745

232,705

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

1,516,078[Refund of capital contribution per unit]

(yen)

462

347

391

192

364

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

—

—

—

—

—

[Of the refund of capital contribution perunit, distribution per unit from reserve fortemporary difference adjustments]

(yen)

—

—

—

—

—

Of the total refund of capital contribution,
total distribution reducing unitholders’capital for tax purposes(thousands of yen)

232,894

205,632

231,706

122,745

232,705[Of the refund of capital contribution perunit, distribution reducing unitholders’capital for tax purposes]

(yen)

462

347

391

192

364

(Note) For the determination of making distribution in excess of earnings for the 12th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of
Performance and Distributions, ( 2) 12th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

8

SAMTY RESIDENTIAL(5) Future Asset Management Policy and Issues to Be Addressed
Outlook of Overall Asset Management
According to the Monthly Economic Report (August 2021) announced by the Cabinet Office on August 26, 2021, the Japanese
economy is continuing to pick up amid the ongoing severe situation under the impact of COVID-19, although weakness is increasing
in some areas. As for the outlook, the pickup trend is expected to continue as measures to prevent the spread of infection are taken
and vaccination is promoted, with various political measures proving effective and overseas economies improving. Full attention
should be paid, however, to the downside risks growing due to the spread of the infection. Fluctuations in the financial and capital
markets must also be fully checked out.
In the real estate transaction market, it is anticipated that transaction prices will remain in the high price zone as the low-interest-rate environment is extended. In the rental housing market, demand is expected to remain solid. However, the impact of
COVID-19 on these markets must be closely monitored.
Based on the outlook stated above, Samty Residential will aim to further enhance unitholder value through “investments in residential properties mainly located in major regional cities” and “utilization of the Samty Group,” and by taking advantage of the networks and know-how in the financial and capital markets possessed by Daiwa Securities Group Inc. (hereinafter, the “sub-sponsor”)(Note).
(Note) Daiwa Securities Group Inc. concluded a sponsor support agreement (hereinafter, the “sub-sponsor support agreement”) with Samty Residential andthe Asset Management Company as of January 15, 2018. The company is also a shareholder of the Asset Management Company.
Based on the sub-sponsor support agreement, the company provides various information, gives such support as formation of bridge funds, and cooperates with the Asset Management Company in securing staff.

(A) External Growth Strategy
Samty Residential will invest in accommodation facilities and other assets in wide-ranging regional cities throughout Japan with an
aim to secure stable earnings and steady growth of managed assets by managing such assets over the medium to long term.
As of the date of this document, Samty Residential is granted with preferential negotiation rights for the “S-RESIDENCE” seriesof condominiums 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 andthe sub-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 12th 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
for higher 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 thetrends of competing properties in the neighborhood. Moreover, Samty Residential will endeavor to maintain and increase rental income through reduction 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.

9

I. Asset Management Report(6) Significant Subsequent Events
Issuance of New Investment Units through Public Offering and Third-Party Allotment
At its Board of Directors’ meetings held on July 12, 2021, and July 19, 2021, 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 payment completed
on August 2, 2021, for the new investment units issued through public offering and on August 24, 2021, for those issued throughthird-party allotment. As a result, unitholders’ capital, net was 74,381,947,758 yen as of August 24, 2021, with the total number ofinvestment units issued and outstanding at 769,626 units.
(Issuance of new investment units through public offering)Number of new investment units issued: 57,868 units
Issue price (offer price): 124,675 yen per unit
Total issue price (total offer price): 7,214,692,900 yen
Paid-in amount (issue amount): 120,199 yen per unit
Total paid-in amount (total issue amount): 6,955,675,732 yen
Payment date
: August 2, 2021
(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: 70,339 units
Paid-in amount (issue amount): 124,675 yen per unit
Total paid-in amount (total issue amount): 8,769,514,825 yen
Payment date
: August 2, 2021
Allottees and number of investment units allotted : Daiwa Securities Group Inc. 52,634 units
		 Samty Co., Ltd.
17,705 units(Issuance of new investment units through third-party allotment with Daiwa Securities Co. Ltd. as the allottee)
Number of new investment units issued: 2,119 units
Paid-in amount (issue amount): 120,199 yen per unit
Total paid-in amount (total issue amount): 254,701,681 yen
Payment date
: August 24, 2021
Allottee: Daiwa Securities Co. Ltd.

10

SAMTY RESIDENTIAL(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 3, 2021.
Property
number

Property nameLocation

Acquisition
date

SellerAcquisition price(millions of yen)
(Note)

A-73

S-FORT Kego Tower

Chuo-ku, Fukuoka-shi

Samty Co., Ltd.

4,320

A-74

S-RESIDENCE Aoi II

Higashi-ku, Nagoya-shi

Samty Co., Ltd.

1,820

A-75

S-FORT Meiekiminami 5-Chome

Nakamura-ku, Nagoya-shi

Samty Co., Ltd.

684

A-76

S-FORT Hakozaki Higashi

Higashi-ku, Fukuoka-shi

Samty Co., Ltd.

680

A-77

S-RESIDENCE Meiekiminami

Nakamura-ku, Nagoya-shi

Samty Co., Ltd.

665

A-78

S-FORT Kanayama

Nakagawa-ku, Nagoya-shi

Samty Co., Ltd.

612

A-79

S-FORT Izumi Chuo

Izumi-ku, Sendai-shi

Samty Co., Ltd.

545

A-80

S-RESIDENCE Soen EAST

Chuo-ku, Sapporo-shi

Samty Co., Ltd.

477

A-81

S-FORT Yagoto

Tempaku-ku, Nagoya-shi

Samty Co., Ltd.

442

A-82

S-FORT Sapporo Kita 5-Jo

Chuo-ku, Sapporo-shi

Not disclosed

405

A-83

S-FORT Sapporo Motomachi

Higashi-ku, Sapporo-shi

Not disclosed

385

B-38

S-FORT Kokura

Kokurakita-ku, Kitakyushu-shi

Samty Co., Ltd.

B-39

S-FORT Niigata Ekimae

Chuo-ku, Niigata-shi

Samty Co., Ltd.

B-40

S-FORT Takasaki

Takasaki-shi, Gunma

Samty Co., Ltd.

1,098

B-41

S-FORT Yokkaichi arcam

Yokkaichi-shi, Mie

Samty Co., Ltd.

823

B-42

S-FORT Kagoshima Chuo

Kagoshima-shi, Kagoshima

Samty Co., Ltd.

787

B-43

S-FORT Heisei Keyakidori

Minami-ku, Kumamoto-shi

Not disclosed

755

B-44

S-FORT Yokkaichi zeal

Yokkaichi-shi, Mie

Samty Co., Ltd.

612

C-33

S-FORT Nakaitabashi

Itabashi-ku, Tokyo

Samty Co., Ltd.

3,365
1,248

1,400

August 3,
2021

1,395

C-34

S-FORT Kameido

Koto-ku, Tokyo

Samty Co., Ltd.

C-35

S-FORT Gyotoku

Ichikawa-shi, Chiba

Samty Co., Ltd.

919

C-36

S-FORT Funabashi Kaijin

Funabashi-shi, Chiba

Samty Co., Ltd.

898

C-37

S-FORT Funabashi Honcho

Funabashi-shi, Chiba

Samty Hotel Management Co., Ltd.

768

C-38

S-FORT Hachioji

Hachioji-shi, Tokyo

Samty Co., Ltd.

462

—

—

Total

—

25,565(Note) Acquisition price indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses(transaction brokerage fees, taxes and dues, etc.) required for acquisition of the relevant asset, rounded down to the nearest million yen.

ii) Borrowing of Funds
Samty Residential conducted the following borrowings on August 3, 2021, in order to fund the acquisition of specified assets.
LenderLoan amount(millions of yen)

Repayment date

Repayment method

Remarks

2,500

One-month JPY
TIBOR + 0.500%

July 31, 2025

Lump-sum repayment on
repayment dateUnsecured andunguaranteed

Term Loan Loan syndicate with Sumitomo Mitsui
17-B
Banking Corporation as arranger

5,300

0.719%(fixed interest rate)

January 29, 2027

Lump-sum repayment on
repayment dateUnsecured andunguaranteed

Term Loan Loan syndicate with Sumitomo Mitsui
17-C
Banking Corporation as arranger

3,700

0.725%(fixed interest rate)

July 30, 2027

Lump-sum repayment on
repayment dateUnsecured andunguaranteed

Term Loan
Mizuho Bank, Ltd.
17-D

2,000

One-month JPY
TIBOR + 0.700%

July 30, 2027

Lump-sum repayment on
repayment dateUnsecured andunguaranteed

13,500———Term Loan Loan syndicate with Sumitomo Mitsui
17-A
Banking Corporation as arranger

Total

Interest rate11

I. Asset Management Report

2. Overview of Samty Residential(1) Status of Unitholders’ Capital
8th fiscal period(as of July 31, 2019)

Fiscal period

9th fiscal period(as of January 31, 2020)

10th fiscal period(as of July 31, 2020)

11th fiscal period(as of January 31, 2021)

12th fiscal period(as of July 31, 2021)

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
and outstanding(units)504,100

592,600

592,600

639,300

639,300

Unitholders’ capital, net (Note)(millions ofyen)

44,14654,25054,04458,52458,402

Number of unitholders(persons)

15,707

13,752

14,485

14,883

14,053(Note) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders’ capital.

(2) Matters Concerning Investment Units
Major unitholders as of July 31, 2021 are as follows.
Name

Address

Number ofinvestment units owned(units)Percentage of total
number of investment units
issued and outstanding(%)

Daiwa Securities Group Inc.

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

245,806

38.44

Samty Co., Ltd.

4-3-24 Nishinakajima, Yodogawa-ku, Osaka-shi, Osaka

86,337

13.50

Custody Bank of Japan, Ltd.
(Trust Account)

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

29,042

4.54

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

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

26,372

4.12

Kinki Sangyo Credit Union

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

18,4002.87

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

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

12,616

1.97

Daiwa PI Partners Co. Ltd.

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

10,858

1.69

Nomura Securities Co., Ltd.

1-13-1 Nihonbashi, Chuo-ku, Tokyo

10,5201.64

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

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

7,846

1.22

Daido Shinyoukumiai

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

5,957

0.93

453,754

70.97(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 12th fiscal period are as follows.
Name

Executive Director

Masafumi Takahashi

Director and Head of REIT Division,
Samty Asset Management Co., Ltd.

— (Note 3)

Takahiro Fujiki

Representative, FUJIKI CPA OFFICE

1,530

Takeo Nakahara

Representative Partner, Lawyer, HOKUTO Law Office

1,530

Ernst & Young ShinNihon LLC—

13,000Supervisory Directors (Note 1)
Independent Auditor

Major concurrent assignments

Total remuneration foreach position during
the 12th fiscal period(thousands of yen) (Note 2)

Position(Note 1) Supervisory Directors may be directors of corporations other than those indicated above, but have no conflict of interest with Samty Residential atthose and the above positions.
(Note 2) Remuneration for the Supervisory Directors is the amounts paid to them in the 12th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 12th fiscal period.
(Note 3) The Executive Director does not receive any remuneration from Samty Residential.

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 refusalof reappointment 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.

12

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:
Scope of the insured

Overview of directors and officers liability insurance agreement

Executive Director andall Supervisory Officers of
Samty Residential

The directors and officers liability insurance agreement shall cover loss, such as compensation payment for damages anddispute costs, etc. (hereinafter, “compensation for damages, etc.”) to be borne by the insured when they receive a claim forcompensation of 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 the insured is not impaired.
As for the insurance premium, Samty Residential shall bear the entire amount.

(5) Asset Management Company, Asset Custodian and General Administrative AgentsThe asset management company, asset custodian and general administrative agents as of July 31, 2021, are as follows.
Entrustment category

Name

Asset management company

Samty Asset Management Co., Ltd.

Asset custodian

Mizuho Trust & Banking Co., Ltd.

Transfer agent

Mitsubishi UFJ Trust and Banking Corporation

General administrative agent for institutional operations

Mizuho Trust & Banking Co., Ltd.

General administrative agent for accounting operations and part of tax operations Reiwa Accounting Holdings Co., Ltd.
General administrative agent for part of tax operations

Reiwakaikeisha Tax Corporation

General administrative agent for investment corporation bonds

Shinsei Bank, Ltd. and Mizuho Bank, Ltd.

13

I. Asset Management Report

3. Status of Samty Residential’s Assets under Management(1) Samty Residential’s Asset Structure
The structure of Samty Residential’s assets as of July 31, 2021, is as follows.
11th fiscal period (as of January 31, 2021)
Percentage ofTotal value of
total assets
owned assets(%) (Note 3)(millions of yen) (Note 2)

12th fiscal period (as of July 31, 2021)
Total value of owned
Percentage ofassetstotal assets(millions of yen) (Note 2)(%) (Note 3)

Type of asset

Area
Major regional cities

11,5349.2

12,011

9.6

Real estate

Other regional cities

4,159

3.3

4,618

3.7

Greater Tokyo area

1,936

1.5

1,924

1.5

17,63014.0

18,554

14.9

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

Major regional cities

46,00236.7

45,535

36.4

Other regional cities

25,88620.6

25,453

20.4

Greater Tokyo area

30,83124.6

30,141

24.1

102,71981.8

101,130

81.0

Real estate in trust: total
Deposits and other assets

5,148

4.1

5,240

4.2

Total amount of assets

125,498

100.0

124,926100.0(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 forreal estate 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 because of 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, 2021.
Property nameBook value(millions of yen) (Note 1)

Rentable area(m2) (Note 2)

Leased area(m2) (Note 3)

Occupancy rate(%) (Note 4)

Ratio to total
real estate leasing
business revenue(%) (Note 5)

Main use

S-FORT Yokohama Aobadai

5,490

9,274.43

9,137.31

98.5

3.7

Apartment

S-RESIDENCE Shin Osaka Ekimae

2,437

4,534.98

4,391.24

96.8

2.1

Apartment

S-RESIDENCE Kobe Isogamidori

2,401

4,372.45

4,247.71

97.1

2.2

Apartment

S-RESIDENCE Esaka

2,290

3,739.30

3,624.38

96.9

1.9

Apartment

S-RESIDENCE Namba Briller

1,972

3,631.60

3,305.09

91.0

1.6

Apartment

S-FORT Funabashi Tsukada

1,924

5,640.60

5,640.60

100.0

1.4

Apartment

S-FORT Fukuoka Higashi

1,918

5,584.41

5,359.86

96.0

1.6

Apartment

S-RESIDENCE Midoribashi Ekimae

1,858

3,691.67

3,567.32

96.6

1.5

Apartment

S-FORT Kobe Kaguracho

1,841

4,900.32

4,754.52

97.0

1.8

Apartment

S-FORT Osaka Doshin

1,822

2,597.52

2,386.68

91.9

1.2

Apartment

23,95347,967.28

46,414.71

96.2

19.1

—

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 completion drawings. 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 basedon lease agreements concluded with them (the area stated in the lease agreements, although only including the area of residences and stores, etc. (orthe area 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.

14

SAMTY RESIDENTIAL(3) Details of Portfolio Assets(Real estate assets in the portfolio)
The overview of assets owned by Samty Residential as of July 31, 2021 is as follows.
Property
number

Property name

Period-end
Rentable area Book value estimated value2(m )(millions of yen) (millions of yen)

Location(residential address)

Type ofownership
Trust beneficiaryinterest

1,290.84

612

701(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

1,110

1,340

A-05

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

Trust beneficiaryinterest

2,566.72

967

1,120

A-06

S-FORT Takamiya

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

Trust beneficiaryinterest

2,105.13

739

895

A-07

S-FORT Tsutsujigaoka Koen

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

3,609.49

1,317

1,520

A-08

2-8-15 Motomachi, Naniwa-ku, Osaka-shi,
S-RESIDENCE Namba Briller
Osaka

Trust beneficiaryinterest

3,631.60

1,972

2,420

A-09

S-FORT Tsurumai marks

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

Trust beneficiaryinterest

2,772.00

1,004

1,410

A-10

S-FORT Rokuban-cho

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

Trust beneficiaryinterest

1,833.29

684

816

A-11

S-FORT Nakajima Koen

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

Trust beneficiaryinterest

5,292.65

1,599

1,730

A-12

S-FORT Hokudai Mae

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

Trust beneficiaryinterest

2,287.22

681

805

A-13

S-RESIDENCE Kobe
Isogamidori

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

Trust beneficiaryinterest

4,372.45

2,401

2,910

A-16

S-FORT Gakuenmae

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

Trust beneficiaryinterest

1,757.28

449

519

A-17

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

Trust beneficiaryinterest

4,534.98

2,437

2,900

A-19

S-FORT Aoi

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

Real estate(physical real estate)

1,842.68901

997

1,214.20

405

461

A-20

S-FORT Kurumamichi

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

Real estate(physical real estate)

A-21

S-FORT Kamiotai

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

Trust beneficiaryinterest

2,624.40

743

785

A-22

S-FORT Tsurumai arts

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

Real estate(physical real estate)

1,988.56704

839

1,460.64

566

679

A-23

S-FORT Tsurumai cube

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

Trust beneficiaryinterest

A-24

S-FORT Fukuoka Higashi

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

Trust beneficiaryinterest

5,584.41

1,918

2,050

A-25

S-RESIDENCE Kobe
Motomachi

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

Trust beneficiaryinterest

2,169.67

1,172

1,430

A-26

S-FORT Kobe Kaguracho

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

Trust beneficiaryinterest

4,900.32

1,841

2,240

A-27

S-FORT Nijo-jo mae

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

Trust beneficiaryinterest

1,735.95

795

916

A-28

S-FORT Chion-in mae

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

Trust beneficiaryinterest

1,049.01

495

543

A-30

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

Trust beneficiaryinterest

3,691.67

1,858

2,140

A-31

S-FORT Tsurumai reale

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

Trust beneficiaryinterest

3,597.72

1,582

1,860

A-32

S-FORT Osu Kannon

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

Trust beneficiaryinterest

2,514.12

1,180

1,390

A-33

S-FORT Kita-Sanno

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

Trust beneficiaryinterest

1,757.61

849

850

A-34

S-FORT Aratamabashi

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

Real estate(physical real estate)

1,699.11

464

465

A-35

S-FORT Toyohira Sanjyo

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

Trust beneficiaryinterest

2,868.75

797

796

A-36

S-FORT Kitamaruyama

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

Real estate(physical real estate)

1,613.38

440

448

A-37

S-FORT Hakata-Higashi I

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

Real estate(physical real estate)

1,034.20

400

422

A-38

S-FORT Hakata-Higashi II

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

Real estate(physical real estate)

1,034.20

399

421

A-39

S-FORT Kobe SannomiyaKita

2-2-13 Nunobikicho, Chuo-ku, Kobe-shi, Hyogo

Real estate(physical real estate)884.88

539

538

A-40

S-FORT Nakahirodori

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

Trust beneficiaryinterest

2,127.92

893

893

A-41

S-FORT Tsurumicho

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

Trust beneficiaryinterest

2,006.49

830

827
15

I. Asset Management Report

Property
number16

Property name

Period-end
Rentable area Book value estimated value2(m )(millions of yen) (millions of yen)

Location(residential address)

Type ofownership

2,072.84

917

1,050

(Note 1)

A-42

S-FORT Aoba Kamisugi

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

Trust beneficiaryinterest

A-43

S-RESIDENCE Shin Osaka
Ridente

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

Trust beneficiaryinterest

2,083.41

1,351

1,490

A-44

S-FORT Fukushima La Luna

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

Trust beneficiaryinterest

1,473.04

903

980

A-45

S-FORT Fukushima Libre

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

Real estate(physical real estate)

900.72

550

559

A-46

S-FORT Kamiyashiro

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

Real estate(physical real estate)

1,029.42

439

445

A-47

S-RESIDENCE Miyanomori

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

Trust beneficiaryinterest

1,954.81

670

686

A-48

S-FORT Higashi-Sapporo
Nordo

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

Real estate(physical real estate)

1,204.96

311

310

A-49

S-RESIDENCE Aoi

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

Trust beneficiaryinterest

2,393.73

1,500

1,660

Trust beneficiaryinterest

2,217.60

1,163

1,210

A-50

S-RESIDENCE Shiga Hondori 1-43 Shigahondori, Kita-ku, Nagoya-shi, Aichi

A-51

S-FORT Kobe Ogawadori

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

Real estate(physical real estate)

1,322.64

617

607

A-52

S-FORT Sakuragawa Minami

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

Trust beneficiaryinterest

2,458.43

1,094

1,150

Real estate(physical real estate)

1,044.72

556

599

A-53

S-FORT Fukushima EBIE

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

A-54

S-FORT Miyakojima Uchindai

1-11-7 Uchindaicho, Miyakojima-ku, Osaka-shi,
Real estateOsaka(physical real estate)789.74

474

473

A-55

S-FORT Miyakojima KERS

4-8-15 Nakanocho, Miyakojima-ku, Osaka-shi,
Real estateOsaka(physical real estate)

720.69

355

349

A-56

S-FORT Oimazato-Nishi

1-24-18 Oimazatonishi, Higashinari-ku, OsakaReal estateshi, Osaka(physical real estate)643.77

343

342

A-57

S-RESIDENCE Chikusa

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

Real estate(physical real estate)

1,003.97

575

592

A-58

S-FORT Sakurayama

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

Trust beneficiaryinterest

1,794.42

793

750

A-59

S-FORT Sapporo N15

5-1-31, Kita 15-jo Higashi, Higashi-ku, SapporoReal estateshi, Hokkaido(physical real estate)

2,229.91

554

549

A-60

S-FORT Nangodori

Minami 2-41, Nangodori 20-chome, Shiroishiku, Sapporo-shi, Hokkaido

Real estate(physical real estate)

1,191.66

310

311

A-61

S-FORT Meinohama

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

Real estate(physical real estate)

1,364.28

502

499

A-62

S-FORT Osaka Doshin

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

Trust beneficiaryinterest

2,597.52

1,822

1,830

1,684.48

746

722

A-63

S-FORT Higashi Betsuin

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

Trust beneficiaryinterest

A-64

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

Real estate(physical real estate)

1,590.84

489

460

A-65

S-FORT Jingu Minami

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

Real estate(physical real estate)982.68401

422

1,637.41

787

753

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

710

678

A-68

S-FORT Saikotori

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

Real estate(physical real estate)

1,463.48

413

397

A-69

S-FORT Fukuzumi

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

Real estate(physical real estate)

1,151.44

332

312

A-70

S-FORT Muromi

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

Trust beneficiaryinterest

1,848.00

685

696

A-71

S-FORT Atsuta Hanacho

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

Trust beneficiaryinterest

1,510.56

882

861

A-72

S-FORT Horitatori

Real estate
7-14-1 Horitatori, Mizuho-ku, Nagoya-shi, Aichi(physical real estate)

1,030.40

526

497

B-03

S-FORT Yokkaichi Motomachi 1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,691.28

467

594

B-04

S-FORT Suzuka

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

Trust beneficiaryinterest

2,286.69

558

659

3,739.30

2,290

2,640

B-05

S-RESIDENCE Esaka

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

Trust beneficiaryinterest

B-06

S-FORT Utsunomiya

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

Trust beneficiaryinterest

2,330.64

612

698

B-07

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

Real estate(physical real estate)

2,192.48

642

754

B-08

S-FORT Saga Honjo

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

Trust beneficiaryinterest

4,972.84

1,031

1,120

B-09

S-FORT Saga Idaimae

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

Trust beneficiaryinterest

1,507.35

360

425

SAMTY RESIDENTIAL
Property
number

Property nameLocation(residential address)

Type ofownership

Period-end
Rentable area Book value estimated value2(m )(millions of yen) (millions of yen)
(Note 1)

B-10

S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

B-11

S-FORT Nishinomiya
Uegahara

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

Trust beneficiaryinterest

1,546.28

795

863

6,503.80

1,821

2,010

2,887.26

1,435

1,570

B-12

S-FORT Mito Chuo

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

Trust beneficiaryinterest

B-13

S-FORT Tsu Shinmachi

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

Trust beneficiaryinterest

2,463.30

791

850

B-14

S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

Real estate(physical real estate)

1,874.88

615

642

3,588.84

1,018

1,070

B-15

S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

B-16

S-FORT Oita Ekimae

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

Trust beneficiaryinterest

2,662.36

908

906

B-17

S-FORT Oita Otemachi

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

Real estate(physical real estate)905.80

287

296

B-18

S-FORT Suizenji

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

Trust beneficiaryinterest

4,256.91

1,372

1,330

B-19

S-FORT Kumadaibyoin-mae

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

Trust beneficiaryinterest

3,458.07

1,121

1,140

B-20

S-FORT Kumamoto Senba

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

Trust beneficiaryinterest

3,224.24

1,008

1,000

1,267.30

781

853

B-21

S-FORT Esaka Tarumicho

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

Trust beneficiaryinterest

B-22

S-FORT Niigata Honcho

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

Trust beneficiaryinterest

2,604.25

1,000

984

B-23

S-FORT Motohama

33-28 Motohamacho, Naka-ku, Hamamatsushi, Shizuoka

Real estate(physical real estate)

1,010.60

254

246

B-24

S-FORT Kumamoto
Gofukumachi

2-36-6 Gofukumachi, Chuo-ku, Kumamoto-shi,
Real estate
Kumamoto(physical real estate)

2,290.68

615

599

B-25

S-FORT Esaka Salita

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

Real estate(physical real estate)755.40

433

424

B-26

S-FORT Esaka LIBERTS

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

Real estate(physical real estate)613.08

357

346

B-27

S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

3,250.36

680

679

2,895.36

790

754

B-28

S-FORT Saga Tenjin

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

Trust beneficiaryinterest

B-29

S-FORT Nagasaki Daigaku
Byoin-mae

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

Trust beneficiaryinterest

3,721.97

1,364

1,400

B-30

S-FORT Kumamoto Keitoku

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

Real estate(physical real estate)

1,582.77476

443

2,649.60

1,033

1,030

B-31

S-FORT Shizuoka Tennocho

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

Trust beneficiaryinterest

B-32

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

Trust beneficiaryinterest

5,813.49

1,524

1,500

B-33

S-FORT Esaka Koen

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

Trust beneficiaryinterest

1,869.20

1,292

1,290

3,067.08

767

752

B-34

S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

B-35

S-FORT Hotakubo

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

Trust beneficiaryinterest

3,040.33

624

587

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

451

412

Real estate(physical real estate)

2,398.34

484

488

Trust beneficiaryinterest

1,607.40

938

1,160

B-37

S-FORT Kasugai

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

C-01

S-FORT Maita Koen

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

C-02

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

Trust beneficiaryinterest

1,114.38

930

1,090

C-03

S-FORT Itabashi Shimura

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

Trust beneficiaryinterest

1,119.54

630

729

C-04

S-FORT Shiomi

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

Trust beneficiaryinterest

1,042.48

843

1,030

C-05

S-FORT Noborito

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

Trust beneficiaryinterest

1,022.10644

749

1,717.46

813

1,030

C-06

S-FORT Shonan Hiratsuka

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

Trust beneficiaryinterest

C-07

S-FORT Nishifunabashi

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

Trust beneficiaryinterest

1,397.64

708

808

C-08

S-FORT Maihama

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

Trust beneficiaryinterest

1,726.56

1,162

1,330

1,255.90820

871

1,492.09

838

949

C-09

S-FORT Ichikawa

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

Trust beneficiaryinterest

C-10

S-RESIDENCE Yokosuka
Chuo

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

Real estate(physical real estate)17

I. Asset Management Report

Property
numberLocation(residential address)

Property name

Type ofownership

Period-end
Rentable area Book value estimated value2(m )(millions of yen) (millions of yen)
(Note 1)

C-12

S-FORT Hoya

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

Trust beneficiaryinterest

C-13

S-FORT Tamagawagakuenmae

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

Trust beneficiaryinterest

978.75602

660

Real estate(physical real estate)

1,886.70

534

601

1,177.94

650

826

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

633

729

C-16

S-FORT Chigasaki

22-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

1,382.17

1,150

1,190

1,457.51

1,123

1,150

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

925

999

C-19

S-FORT Funabashi Tsukada

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

Trust beneficiaryinterest

5,640.60

1,924

1,940

Real estate(physical real estate)983.06

551

569

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

1,194

1,450

C-22

S-RESIDENCE Matsudo

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

1,180.53851

895

2,180.26

1,700

1,780

C-23

S-RESIDENCE Motoyawata

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

Trust beneficiaryinterest

C-24

S-FORT Kinshicho

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

Trust beneficiaryinterest

1,956.87

1,531

1,670

C-25

S-FORT Komazawa Daigaku

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

Trust beneficiaryinterest

536.60

539

545

C-26

S-FORT Yokohama Aobadai

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

Trust beneficiaryinterest

9,274.43

5,490

5,450

C-27

S-FORT Aoba Shiratoridai

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

Trust beneficiaryinterest

2,179.25

868

863

C-28

S-FORT Kawasaki
Shinmeicho

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

Trust beneficiaryinterest

994.63

623

640

C-29

S-FORT Motoyawata Mairie

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

Trust beneficiaryinterest

826.18691

689

1,201.50

840

828

1,367.88

668

687

C-30

S-FORT Funabashi roots

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

Trust beneficiaryinterest

C-31

S-FORT Tama-plaza

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

Trust beneficiaryinterest

C-32

S-FORT Odawara

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

Trust beneficiaryinterest

1,279.24

638

635

—

282,814.60

119,685

129,211

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, 2021, as the appraisal date, or the survey value stated in the price survey reports for such, based on the asset appraisal methods
and standards 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.

18

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

Property
number

Property name11th fiscal period
12th fiscal period(August 1, 2020 to January 31, 2021)(February 1, 2021 to July 31, 2021)
Occupancy Real estate leasing
Ratio toOccupancy Real estate leasing Ratio to total real
Total number
ratebusiness revenue total real estate Total number
ratebusiness revenue estate leasingof tenants[at end of [during the period] leasing business of tenants[at end of [during the period] business revenue[at end of[at end of
period](%)(millionsofyen)revenue(%)
period](%)(millions of yen)(%)
period](Note 1)
period](Note 1)(Note 2)
(Note 3)(Note 4)(Note 2)
(Note 3)(Note 4)

A-01

S-FORT Shin Osaka ravir

1

95.9

22

0.6

1

91.9

21

A-04

S-FORT Chikushi Dori

1

97.8

45

1.1

1

97.8

45

0.5
1.1

A-05

S-FORT Fukuoka Kencho Mae

1

99.0

37

0.9

1

97.1

37

0.9

A-06

S-FORT Takamiya

1

100.0

28

0.7

1

98.8

29

0.7

A-07

S-FORT Tsutsujigaoka Koen

1

95.1

51

1.3

1

94.3

52

1.3

A-08

S-RESIDENCE Namba Briller

1

96.8

67

1.7

1

91.0

65

1.6

A-09

S-FORT Tsurumai marks

1

95.2

38

1.0

1

100.0

39

1.0

A-10

S-FORT Rokuban-cho

1

91.0

24

0.6

1

94.7

24

0.6

A-11

S-FORT Nakajima Koen

1

92.3

57

1.4

1

88.5

59

1.5

A-12

S-FORT Hokudai Mae

1

88.8

24

0.6

1

100.0

26

0.6
2.2

A-13

S-RESIDENCE Kobe Isogamidori

1

97.6

89

2.2

1

97.1

87

A-15

S-FORT Katahira (Note 5)

—

—

54

1.4

—

—

—

—

A-16

S-FORT Gakuenmae

1

93.0

16

0.4

1

96.6

16

0.4

A-17

S-RESIDENCE Shin Osaka Ekimae

1

100.0

85

2.1

1

96.8

85

2.1

A-18

S-FORT Aoi 1-Chome (Note 6)

1

83.2

29

0.7

—

—

19

0.5

A-19

S-FORT Aoi

1

96.4

25

0.6

1

92.9

29

0.7

A-20

S-FORT Kurumamichi

1

95.0

15

0.4

1

90.0

14

0.4

A-21

S-FORT Kamiotai

1

92.5

25

0.6

1

97.5

28

0.7

A-22

S-FORT Tsurumai arts

1

96.4

24

0.6

1

92.9

24

0.6

A-23

S-FORT Tsurumai cube

1

94.5

20

0.5

1

100.0

21

0.5

A-24

S-FORT Fukuoka Higashi

1

99.3

75

1.9

1

96.0

65

1.6

A-25

S-RESIDENCE Kobe Motomachi

1

100.0

40

1.0

1

96.8

41

1.0

A-26

S-FORT Kobe Kaguracho

1

97.6

72

1.8

1

97.0

74

1.8

A-27

S-FORT Nijo-jo mae

1

100.0

23

0.6

1

100.0

23

0.6

A-28

S-FORT Chion-in mae

1

100.0

14

0.4

1

100.0

14

0.4

A-29

S-FORT Miyamachi (Note 5)

—

—

24

0.6

—

—

—

—

A-30

S-RESIDENCE Midoribashi Ekimae

1

98.6

62

1.6

1

96.6

62

1.5
1.2

A-31

S-FORT Tsurumai reale

1

92.5

47

1.2

1

91.1

49

A-32

S-FORT Osu Kannon

1

100.0

42

1.1

1

94.7

42

1.1

A-33

S-FORT Kita-Sanno

1

94.7

25

0.6

1

97.6

25

0.6

A-34

S-FORT Aratamabashi

1

100.0

16

0.4

1

93.1

15

0.4

A-35

S-FORT Toyohira Sanjyo

1

92.2

30

0.7

1

100.0

30

0.8

A-36

S-FORT Kitamaruyama

1

98.1

16

0.4

1

100.0

17

0.4

A-37

S-FORT Hakata-Higashi I

1

97.1

13

0.3

1

91.5

14

0.4

A-38

S-FORT Hakata-Higashi II

1

97.3

13

0.3

1

90.5

14

0.3

A-39

S-FORT Kobe Sannomiya-Kita

1

93.4

15

0.4

1

91.2

16

0.4

A-40

S-FORT Nakahirodori

1

100.0

30

0.8

1

97.4

30

0.7

A-41

S-FORT Tsurumicho

1

95.4

27

0.7

1

95.4

27

0.7

A-42

S-FORT Aoba Kamisugi

1

92.5

33

0.8

1

90.9

31

0.8

A-43

S-RESIDENCE Shin Osaka Ridente

1

97.8

40

1.0

1

93.5

40

1.0

A-44

S-FORT Fukushima La Luna

1

97.6

27

0.7

1

93.4

27

0.7

A-45

S-FORT Fukushima Libre

1

86.1

16

0.4

1

91.6

15

0.4

A-46

S-FORT Kamiyashiro

1

81.0

14

0.4

1

92.9

14

0.4

A-47

S-RESIDENCE Miyanomori

1

100.0

25

0.6

1

100.0

24

0.6

A-48

S-FORT Higashi-Sapporo Nordo

1

100.0

12

0.3

1

100.0

12

0.3

A-49

S-RESIDENCE Aoi

1

91.5

42

1.1

1

94.7

44

1.1

A-50

S-RESIDENCE Shiga Hondori

1

97.7

36

0.9

1

96.6

36

0.9

A-51

S-FORT Kobe Ogawadori

1

93.7

19

0.5

1

93.6

19

0.5

A-52

S-FORT Sakuragawa Minami

1

97.0

36

0.9

1

98.0

35

0.9

A-53

S-FORT Fukushima EBIE

1

86.0

16

0.4

1

88.9

15

0.4

A-54

S-FORT Miyakojima Uchindai

1

96.7

13

0.3

1

93.4

13

0.3

A-55

S-FORT Miyakojima KERS

1

95.8

10

0.3

1

100.0

10

0.3

A-56

S-FORT Oimazato-Nishi

1

96.5

10

0.3

1

93.1

10

0.3

A-57

S-RESIDENCE Chikusa

1

97.8

18

0.5

1

95.4

18

0.5

A-58

S-FORT Sakurayama

1

93.2

25

0.6

1

96.6

27

0.7

A-59

S-FORT Sapporo N15

1

95.2

20

0.5

1

95.2

21

0.5

19

I. Asset Management Report

Property
number20

Property name11th fiscal period
12th fiscal period(August 1, 2020 to January 31, 2021)(February 1, 2021 to July 31, 2021)
Occupancy Real estate leasing
Ratio toOccupancy Real estate leasing Ratio to total real
Total number
ratebusiness revenue total real estate Total number
ratebusiness revenue estate leasingof tenants[at end of [during the period] leasing business of tenants[at end of [during the period] business revenue
[at
end
of
[at end of
period](%)(millions of yen)revenue (%)
period](%)(millions of yen)(%)
period](Note 1)
period](Note 1)(Note 2)
(Note 3)(Note 4)(Note 2)
(Note 3)(Note 4)

A-60

S-FORT Nangodori

1

90.4

12

0.3

1

93.7

12

0.3

A-61

S-FORT Meinohama

1

88.5

16

0.4

1

94.5

17

0.4

A-62

S-FORT Osaka Doshin

1

94.4

43

1.1

1

91.9

47

1.2

A-63

S-FORT Higashi Betsuin

1

98.2

22

0.6

1

96.4

24

0.6

A-64

S-FORT Moriyama

1

94.5

18

0.5

1

98.2

18

0.5

A-65

S-FORT Jingu Minami

1

82.2

12

0.3

1

95.0

15

0.4

A-66

S-FORT Atsuta Rokuban

1

92.9

7

0.2

1

100.0

24

0.6

A-67

S-FORT Kitachikusa

1

97.5

7

0.2

1

95.0

21

0.5

A-68

S-FORT Saikotori

1

100.0

4

0.1

1

95.9

14

0.4

A-69

S-FORT Fukuzumi

1

96.4

4

0.1

1

100.0

12

0.3

A-70

S-FORT Muromi

1

100.0

7

0.2

1

100.0

25

0.6

A-71

S-FORT Atsuta Hanacho

—

—

—

—

1

89.2

7

0.2

A-72

S-FORT Horitatori

—

—

—

—

1

97.2

5

0.1

B-01

S-FORT Shizuoka Hondori (Note 6)

1

71.4

10

0.3

—

—

7

0.2

B-03

S-FORT Yokkaichi Motomachi

1

87.4

21

0.5

1

96.4

23

0.6

B-04

S-FORT Suzuka

1

90.3

26

0.7

1

100.0

27

0.7

B-05

S-RESIDENCE Esaka

1

97.8

77

1.9

1

96.9

77

1.9

B-06

S-FORT Utsunomiya

1

96.1

24

0.6

1

94.2

24

0.6

B-07

S-FORT Yokkaichi Nishi Shinchi

1

98.6

26

0.7

1

97.2

27

0.7

B-08

S-FORT Saga Honjo

1

100.0

37

0.9

1

100.0

36

0.9

B-09

S-FORT Saga Idaimae

1

100.0

12

0.3

1

100.0

12

0.3

B-10

S-FORT Nishinomiya

1

96.1

45

1.1

1

97.3

48

1.2

B-11

S-FORT Nishinomiya Uegahara

1

96.8

24

0.6

1

98.4

28

0.7

B-12

S-FORT Mito Chuo

1

94.7

62

1.6

1

97.6

67

1.7

B-13

S-FORT Tsu Shinmachi

1

89.9

28

0.7

1

100.0

31

0.8
0.6

B-14

S-FORT Mie Daigaku-mae

1

85.5

21

0.5

1

96.8

23

B-15

S-FORT Takasagomachi

1

86.1

41

1.0

1

91.4

41

1.0

B-16

S-FORT Oita Ekimae

1

100.0

31

0.8

1

100.0

31

0.8
0.3

B-17

S-FORT Oita Otemachi

1

100.0

10

0.3

1

100.0

10

B-18

S-FORT Suizenji

1

91.1

44

1.1

1

86.5

44

1.1

B-19

S-FORT Kumadaibyoin-mae

1

86.3

37

0.9

1

86.3

36

0.9

B-20

S-FORT Kumamoto Senba

1

85.9

35

0.9

1

84.4

33

0.8

B-21

S-FORT Esaka Tarumicho

1

87.8

23

0.6

1

95.8

25

0.6

B-22

S-FORT Niigata Honcho

1

98.8

35

0.9

1

94.2

36

0.9

B-23

S-FORT Motohama

1

91.2

10

0.3

1

88.2

11

0.3

B-24

S-FORT Kumamoto Gofukumachi

1

81.5

19

0.5

1

94.3

21

0.5

B-25

S-FORT Esaka Salita

1

76.7

12

0.3

1

96.8

14

0.4

B-26

S-FORT Esaka LIBERTS

1

95.6

11

0.3

1

86.9

10

0.3

B-27

S-FORT Otsukawa

1

94.6

27

0.7

1

92.8

27

0.7

B-28

S-FORT Saga Tenjin

1

97.9

31

0.8

1

90.9

31

0.8

B-29

S-FORT Nagasaki Daigaku Byoin-mae

1

97.0

52

1.3

1

96.8

53

1.3

B-30

S-FORT Kumamoto Keitoku

1

94.8

15

0.4

1

92.3

14

0.4
0.9

B-31

S-FORT Shizuoka Tennocho

1

93.0

36

0.9

1

90.7

35

B-32

S-FORT Konan Umekage I

1

100.0

60

1.5

1

100.0

63

1.6

B-33

S-FORT Esaka Koen

1

96.8

34

0.8

1

94.7

34

0.9

B-34

S-FORT Oita Kotobukimachi

1

92.2

28

0.7

1

97.4

31

0.8

B-35

S-FORT Hotakubo

1

73.0

21

0.5

1

96.9

24

0.6

B-36

S-FORT Kumamoto Kenritsu
Daigaku-mae

1

95.4

6

0.2

1

92.7

17

0.4

B-37

S-FORT Kasugai

—

—

—

—

1

97.3

5

0.1

C-01

S-FORT Maita Koen

1

97.5

33

0.8

1

97.2

33

0.8

C-02

S-FORT Nihombashi Hakozaki

1

88.9

27

0.7

1

92.3

26

0.7

C-03

S-FORT Itabashi Shimura

1

90.5

20

0.5

1

100.0

19

0.5

C-04

S-FORT Shiomi

1

88.5

26

0.7

1

90.4

27

0.7

C-05

S-FORT Noborito

1

89.9

21

0.5

1

95.1

20

0.5

C-06

S-FORT Shonan Hiratsuka

1

98.5

32

0.8

1

95.6

33

0.8

C-07

S-FORT Nishifunabashi

1

100.0

25

0.6

1

97.1

25

0.6

C-08

S-FORT Maihama

1

92.8

38

1.0

1

95.2

38

1.0

C-09

S-FORT Ichikawa

1

93.1

27

0.7

1

96.5

29

0.7

SAMTY RESIDENTIAL

Property
number

Property name11th fiscal period
12th fiscal period(August 1, 2020 to January 31, 2021)(February 1, 2021 to July 31, 2021)
Occupancy Real estate leasing
Ratio toOccupancy Real estate leasing Ratio to total real
Total number
ratebusiness revenue total real estate Total number
ratebusiness revenue estate leasingof tenants[at end of [during the period] leasing business of tenants[at end of [during the period] business revenue
[at
end
of
[at end of
period](%)(millions of yen)revenue (%)
period](%)(millions of yen)(%)
period](Note 1)
period](Note 1)(Note 2)
(Note 3)(Note 4)(Note 2)
(Note 3)(Note 4)

C-10

S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.7

1

100.0

29

0.7

C-11

S-FORT Sagamihara (Note 6)

1

90.6

19

0.5

—

—

13

0.3

C-12

S-FORT Hoya

1

100.0

19

0.5

1

100.0

19

0.5

C-13

S-FORT Tamagawagakuen-mae

1

100.0

18

0.5

1

97.8

20

0.5

C-14

S-FORT Tsurukawa

1

96.7

18

0.5

1

90.0

17

0.4

C-15

S-RESIDENCE Yokohama Tanmachi

1

100.0

18

0.5

1

100.0

18

0.5

C-16

S-FORT Chigasaki

1

95.5

32

0.8

1

100.0

34

0.8

C-17

S-FORT Kawaguchi Namiki

1

95.7

32

0.8

1

94.3

36

0.9

C-18

S-FORT Todakoen

1

98.4

29

0.7

1

100.0

30

0.7

C-19

S-FORT Funabashi Tsukada

1

100.0

56

1.4

1

100.0

57

1.4

C-20

S-FORT Kashiwa

1

100.0

17

0.4

1

97.4

18

0.4
0.9

C-21

S-FORT Fujimidai

1

96.9

38

1.0

1

97.0

38

C-22

S-RESIDENCE Matsudo

1

98.1

25

0.6

1

98.1

27

0.7

C-23
C-24
C-25
C-26
C-27
C-28
C-29
C-30
C-31
C-32

S-RESIDENCE Motoyawata
S-FORT Kinshicho
S-FORT Komazawa Daigaku
S-FORT Yokohama Aobadai
S-FORT Aoba Shiratoridai
S-FORT Kawasaki Shinmeicho
S-FORT Motoyawata Mairie
S-FORT Funabashi roots
S-FORT Tama-plaza
S-FORT Odawara
Total

1
1
1
1
1
1
1
1
1
1
132

100.0
88.3
92.5
97.2
100.0
100.0
92.5
93.2
97.2
89.9
94.9

49
42
13
152
27
19
17
23
19
21
4,003

1.2
1.1
0.3
3.8
0.7
0.5
0.4
0.6
0.5
0.5
100.0

1
1
1
1
1
1
1
1
1
1
132

100.0
87.7
100.0
98.5
100.0
100.0
92.4
96.6
100.0
93.9
95.7

48
41
13
151
27
18
19
24
22
23
4,067

1.2
1.0
0.3
3.7
0.7
0.5
0.5
0.6
0.5
0.6
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 thetrustee. 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 a master lease is adopted, end tenants who do not accept the adoption of a master lease will be under a direct lease relationship with Samty
Residential or the trustee. However, the number of said end tenants is not included in the total number of tenants.
(Note 2) “Occupancy rate [at end of period] ” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the firstdecimal place.
(Note 3) “Real estate leasing business revenue [during the period] includes other leasing business revenue on top of leasing business revenue.
(Note 4) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective
managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded to the first decimal place.
(Note 5) Samty Residential disposed the property on November 27, 2020. The disclosed real estate leasing business revenue for the 12th fiscal period indicates the figure for the period up to the day preceding the disposition.
(Note 6) Samty Residential disposed the property on May 31, 2021. The disclosed real estate leasing business revenue for the 12th fiscal period indicates thefigure for the period up to the day preceding the disposition.

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

I. Asset Management Report

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 13th fiscal period for theassets owned by Samty Residential as of July 31, 2021. Please note that the following planned construction cost includes portions
that are separately accounted under expenses.

Property namePlanned construction cost
(millions of yen)
Payment inamountTotal amount the 12th fiscal Total
already paid
periodLocation

PurposeSchedule period

S-FORT Chikushi Dori

Hakata-ku, Fukuoka-shi

Large-scale refurbishment

From October 2021
to January 2022

29

—

—

S-FORT Aoba Kamisugi

Aoba-ku, Sendai-shi

Large-scale refurbishment

From October 2021
to January 2022

59

—

—

Large-scale refurbishment

From October 2021
to January 2022

59

—

—

S-FORT Kumamoto Senba Chuo-ku, Kumamoto-shi(2) Capital Expenditures during the 12th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 12th fiscal period. Capital expenditures during the 12th fiscal period amounted to 206,242 thousand yen. Combined with repair expenses
of 198,163 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
404,405 thousand yen in total.
Property nameLocation

Purpose

PeriodS-FORT Suizenji

Chuo-ku, Kumamoto-shi

Large-scale refurbishment

From March 2021 to July 2021

S-FORT Fukuoka Kencho Mae

Hakata-ku, Fukuoka-shi

Large-scale refurbishment

From May 2021 to July 2021

Amount of capital
expenditures(thousands of yen)
38,50030,800

Other capital expenditures

136,942

Total

206,242(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
from the cash flows generated during the fiscal period, as shown below, in order to fund future large-scale repairs, etc. over the medium to long term.

22

Operation period

8th fiscal period(From February 1, 2019
to July 31, 2019)

9th fiscal period(From August 1, 2019
to January 31, 2020)

10th fiscal period(From February 1, 2020
to July 31, 2020)

11th fiscal period(From August 1, 2020
to January 31, 2021)

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

Balance of reserves at
beginning of period

101,037 thousand yen

64,564 thousand yen

64,057 thousand yen

89,995 thousand yen

161,656 thousand yen

Reserves during the period 102,044 thousand yen

118,806 thousand yen

118,892 thousand yen

318,346 thousand yen

222,590 thousand yen

Reversal of reserves
during the period

138,517 thousand yen

119,313 thousand yen

92,953 thousand yen

246,685 thousand yen

210,956 thousand yen

Amount carried forward to
the next period

64,564 thousand yen

64,057 thousand yen

89,995 thousand yen

161,656 thousand yen

173,290 thousand yen

SAMTY RESIDENTIAL

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

11th fiscal period(From August 1, 2020to January 31, 2021)

Asset management fees

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

321,498

327,092

Asset custody fees

5,595

6,031

Administrative service fees

46,674

41,951

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

13,00013,000135,185

148,306

525,012539,442

Other expenses
Total(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (11th fiscal period:
118, 280 thousand yen, 12th fiscal period: 17, 870 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (11th fiscal period: 19,175 thousand yen, 12th fiscal period: 10, 435 thousand yen) were paid.

(2) Status of Borrowings
The status of borrowings as of July 31, 2021, is as follows.
Category

LenderDrawdown
date

The Bank of Fukuoka, Ltd.
The Tokyo Star Bank, Limited
Sumitomo Mitsui Banking Corporation

1,000

—

500

—

400

—

Aozora Bank, Ltd.

100—

Sumitomo Mitsui Banking Corporation

520—

The Bank of Fukuoka, Ltd.

550—

The Kagawa Bank, Ltd.

500—

Shinsei Bank, Ltd.

500

—

300

—

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

Current portion of long-term borrowings

July 1,
2015

Balance atBalance at
beginning of period end of period(millions of yen)(millions of yen)February 1,
2018

240

—

The Ashikaga Bank, Ltd.

200—

The Kagoshima Bank, Ltd.

150—

The Kumamoto Bank, Ltd.

140—

San ju San Bank, Ltd.

100—

Sumitomo Mitsui Banking Corporation

810

810

The Bank of Fukuoka, Ltd.
Resona Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
Shinsei Bank, Ltd.
The Hyakugo Bank, Ltd.

February 1,
2018

540

540

1,000

1,000

660

660

500

500

500

500

The Minato Bank, Ltd.

500

500

The Kumamoto Bank, Ltd.

440

440

The Tochigi Bank, Ltd.

300

300

San ju San Bank, Ltd.

100

100

Sumitomo Mitsui Banking Corporation—

60

The Bank of Fukuoka, Ltd.

—

20

Aozora Bank, Ltd.

—

1,000

The Higo Bank, Ltd.

—

1,000

Fukoku Mutual Life Insurance Company—

800

The Kagawa Bank, Ltd.

—

500

—

500

—

500

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

The Hyakugo Bank, Ltd.

—500

The Oita Bank, Ltd.

—300

The Kagoshima Bank, Ltd.

—150

The Kumamoto Bank, Ltd.

—20

10,55010,700Subtotal of current portion of
long-term borrowings

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

0.982%

June 30,
2021

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2021

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2022

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2022

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 3)(Note 1)0.682%(Note 1)0.732%(Note 1)0.995%(Note 2)

(Note 4)(Note 4)(Note 5)(Note 4)23

I. Asset Management Report

Category

Lender

600

600

The Bank of Fukuoka, Ltd.

350

350

Aozora Bank, Ltd.

250

250

The Kagawa Bank, Ltd.

250

250

250

250

200

200

Shinsei Bank, Ltd.

150

150

The Chiba Bank, Ltd.

150

150

The Juhachi-Shinwa Bank, Ltd.

100

100

The Kumamoto Bank, Ltd.

50

50

150

150

Sumitomo Mitsui Banking Corporation

60—

The Bank of Fukuoka, Ltd.

20—

Aozora Bank, Ltd.

1,000

—

The Higo Bank, Ltd.

1,000

—

Fukoku Mutual Life Insurance Company

800—

The Kagawa Bank, Ltd.

500

—

500

—

500

—

The Hyakugo Bank, Ltd.

500—

The Oita Bank, Ltd.

300—

The Kagoshima Bank, Ltd.

150—

The Kumamoto Bank, Ltd.

20—

Sumitomo Mitsui Banking Corporation

100

100

Resona Bank, Ltd.

The Hiroshima Bank, Ltd.

Shinsei Bank, Ltd.
The Dai-ichi Life Insurance Company,
LimitedLong-term borrowings

Balance atBalance at
beginning of period end of period(millions of yen)(millions of yen)

Sumitomo Mitsui Banking Corporation

The Shizuoka Bank, Ltd.

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

January
31, 2018

January
31, 2018

February 1,
2018

February 1,
2018

100

100

500

500

500

500

Fukoku Mutual Life Insurance Company

300

300

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.

350

350

Aozora Bank, Ltd.

250

250

The Kagawa Bank, Ltd.

250

250

200

200

150

150

Resona Bank, Ltd.
Shinsei Bank, Ltd.

June 29,
2018

The Chiba Bank, Ltd.

150

150

The Juhachi-Shinwa Bank, Ltd.

100

100

The Kumamoto Bank, Ltd.

50

50

The Hiroshima Bank, Ltd.

150

150

250

250

The Bank of Fukuoka, Ltd.

500

500

Aozora Bank, Ltd.

500

500

460

460

400

400

The Shizuoka Bank, Ltd.

Mizuho Bank, Ltd.
Shinsei Bank, Ltd.

June 29,2018

August 28,
2018

Resona Bank, Ltd.

300

300

Shinsei Bank, Ltd.

600

600

350

350

250

250

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

August 28,
2018

Resona Bank, Ltd.

100

100

The Bank of Fukuoka, Ltd.

November26, 2018

350

350

290

290

200

200

March 29,
2019

1,250

1,250

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

24

Drawdown
date

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

0.882%

January 31,
2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2022

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 30,
2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 3)(Note 1)

1.099%(Note 2)0.995%(Note 2)

1.476%(Note 2)

0.782%(Note 1)

0.958%(Note 2)

0.782%(Note 1)1.318%(Note 2)

0.782%(Note 1)0.932%(Note 1)

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

SAMTY RESIDENTIAL
Category

LenderDrawdown
date

Sumitomo Mitsui Banking Corporation

1,300

1,300

The Bank of Fukuoka, Ltd.

1,300

1,300

500

500

500

500

400

400

Shinsei Bank, Ltd.

400

400

The Juhachi-Shinwa Bank, Ltd.

400

400

The Kumamoto Bank, Ltd.

200

200

The Bank of Saga Ltd.

500

500

Resona Bank, Ltd.

400

400

Aozora Bank, Ltd.

350

350

Shinsei Bank, Ltd.

350

350

The Bank of Fukuoka, Ltd.

300

300

300

300

300

300

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

San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation

June 28,2019

August 2,
2019

The Kagawa Bank, Ltd.

250

250

The Juhachi-Shinwa Bank, Ltd.

200

200

The Oita Bank, Ltd.

100

100

The Kumamoto Bank, Ltd.

100

100

Sumitomo Mitsui Banking Corporation

600

600

The Bank of Fukuoka, Ltd.

450

450

Aozora Bank, Ltd.

400

400

300

300

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

Long-term borrowings

Balance atBalance at
beginning of period end of period(millions of yen)(millions of yen)August 2,
2019

300

300

The Kumamoto Bank, Ltd.

200

200

Resona Bank, Ltd.

200

200

The Bank of Fukuoka, Ltd.

835

835

700

700

The Higo Bank, Ltd.
Kansai Mirai Bank, Limited

August 26,
2019

Aozora Bank, Ltd.
Shinsei Bank, Ltd.
Resona Bank, Ltd.

August 26,
2019

700

700

300

300

1,400

1,400

400

400

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

0.732%

July 31,2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2023

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 30,
2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

January 31,
2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2024

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 3)(Note 1)

0.632%(Note 1)1.087%(Note 2)0.572%(Note 2)

0.673%(Note 2)The Nishi-Nippon City Bank, Ltd.

August 26,
2019

2,500

2,500

0.783%

Mizuho Bank, Ltd.

August 26,
2019

2,500

2,500

0.864%The Nishi-Nippon City Bank, Ltd.

August 26,
2019

500

500

0.907%

900

900

725

725

Resona Bank, Ltd.
Shinsei Bank, Ltd.
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.
The Bank of Saga Ltd.
Shinsei Bank, Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.

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

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

(Note 2)

(Note 2)

(Note 2)0.750%(Note 2)0.863%(Note 2)0.532%(Note 1)

0.532%(Note 1)

0.711%(Note 2)The Nishi-Nippon City Bank, Ltd.

August 3,
2020

1,000

1,000

0.829%

Mizuho Bank, Ltd.

August 3,
2020

1,000

1,000

0.757%(Note 2)

(Note 1)

(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)25

I. Asset Management Report

LenderDrawdown
date

Sumitomo Mitsui Banking Corporation

June 30,2021

Long-term borrowings

Category

Balance atBalance at
beginning of period end of period(millions of yen)(millions of yen)—920

The Bank of Fukuoka, Ltd.

—

1,550

The Bank of Yokohama, Ltd.

—

1,250

—

600

—

500

The Juhachi-Shinwa Bank, Ltd.

—240

The Kumamoto Bank, Ltd.

—140

Subtotal of long-term borrowings

50,18550,035

Total

60,73560,735

The Kagawa Bank, Ltd.

June 30,
2021

Shinsei Bank, Ltd.

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

0.608%

January 31,
2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 6)

Unsecured
Unguaranteed(Note 3)(Note 2)0.614%(Note 2)

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

(3) Status of Investment Corporation Bonds
The status of investment corporation bonds as of July 31, 2021, is as follows.
Name
Second Series Unsecured Investment
Corporation Bonds (offering limited to qualified
institutional investors)
First Series Unsecured Investment Corporation
Bonds (with pari passu conditions among
specified investment corporation bonds)
Total

Issue date

Balance at
beginning of period(millions of yen)

Balance at
end of period(millions of yen)Interest rate Redemption
date

February 1,
2018

1,000

1,000

1.054%

December16, 2020

1,700

1,700

0.580%

—

2,700

2,700

—

Redemption
methodLump-sum
repayment on
redemption dateLump-sum
December
repayment on
16, 2025
redemption date——
January
31, 2023

Use offunds

Remarks(Note 1)

Unsecured
Unguaranteed(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
Not applicable(5) Status of Investment Unit Acquisition Rights
Not applicable

26

SAMTY RESIDENTIAL

6. Status of Purchase and Sale during the 12th Fiscal Period(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.
Type of asset
Real estate trust
beneficiary interest
Real estate(physical real estate)
Real estate(physical real estate)
Real estate trust
beneficiary interest
Real estate trust
beneficiary interest
Real estate trust
beneficiary interest

Acquisition
Acquisition price
Acquisition date(millions of yen)

Disposition
Disposition priceBook value(millions of yen)(millions of yen)
(Note 1)

Property
number

Property name

A-71

S-FORT Atsuta Hanacho

May 31, 2021

836

—

—

—

—

A-72

S-FORT Horitatori

May 31, 2021

487

—

—

—

—

B-37

S-FORT Kasugai

May 31, 2021

464

—

—

—

—

A-18

S-FORT Aoi 1-Chome——

May 31, 2021

1,150

1,095

43

B-01

S-FORT Shizuoka Hondori——

May 31, 2021

310

286

18

C-11

S-FORT Sagamihara——

May 31, 2021

627

574

47

—

2,087

1,956

109

(Note 1)

Total

1,787

Date of disposition

Gain or loss on sale(millions of yen)
(Note 2)

(Note 1) “Acquisition price” or “Disposition price” indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding various expenses (transaction brokerage fees, taxes and dues, etc.) required for acquisition or disposition of the relevant real estate properties,
rounded down to the nearest million yen.
(Note 2) “Gain or loss on sale” indicates the amount obtained by subtracting the book value and expenses related to the disposition from the disposition price.

(2) Status of Acquisition and Sale of Other Assets
Not applicable(3) Survey on Prices of Specified Assets, Etc.
i) Real estate, etc.
Acquisitionordisposition

Property
nameTransaction
dateType of asset

Acquisition priceAppraisal valueordisposition price (millions of yen)
(Note 2)
(millions of yen)Appraiser

Appraisal date

(Note 1)

May 31,
Real estate trust2021
beneficiary interest
May 31,
Real estate
Acquisition S-FORT Horitatori
2021(physical real estate)
May 31,
Real estate
S-FORT Kasugai
2021(physical real estate)
May 31,
Real estate trust
S-FORT Aoi 1-Chome2021
beneficiary interest
May 31,
Real estate trust
Disposition S-FORT Shizuoka Hondori
2021
beneficiary interest
May 31,
Real estate trust
S-FORT Sagamihara
2021
beneficiary interest
S-FORT Atsuta Hanacho

836

837

The Tanizawa Sōgō Appraisal Co., Ltd.

487

488

The Tanizawa Sōgō Appraisal Co., Ltd.

464

485

Japan Valuers Co., Ltd.

1,150

1,150

Daiwa Real Estate Appraisal Co., Ltd.

310

310

Japan Real Estate Institute

627

627

Japan Valuers Co., Ltd.

April 1,
2021
April 1,
2021
April 1,2021
January 31,
2021
January 31,
2021
January 31,
2021(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
of Real Estate Subject to Securitization.”ii) Investment Securities
Not applicableiii) Other
Not applicable27

I. Asset Management Report(4) Status of Transactions with Interested Parties, Etc.
i) Status of transactions with interested parties, etc. (Note 1)
Transaction amount, etc. (Note 2)

Category
Total amount

Purchase amount, etc.
1,787 million yen

Sale amount, etc.
2,087 million yen

1,787 million yen (100%)
1,787 million yen (100%)

2,087 million yen (100%)
2,087 million yen (100%)

Breakdown of transactions with interested parties, etc.
Samty Co., Ltd.
Totalii) Amount of paid fees, etc.
Category

Total amount of
paid fees, etc.
(A)

Property management fees

373,559 thousand yen

Breakdown of transaction with interested parties, etc.
Paid amountPaid party(B)
Samty Property Management Co., Ltd.
144,769 thousand yen

Percentage of total
amount (B/A)
(%)
38.8

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

203,731 thousand yen (repair work)(Note 1) “Interested parties, etc.” refer to the interested parties, etc., as defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations and in Article 26, Paragraph 1, Item 27 of the Regulations Concerning Investment Reports of Investment Trusts and Investment Corporations issued by The Investment Trusts Association, Japan, of the asset management company that has entered into an asset management agreement with Samty Residential.
(Note 2) “Transaction amount, etc.” indicates the transaction amount stated in the sales agreement, etc. Figures in parentheses indicate the percentage of total amount.

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

28

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 Distributions, Statements 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 12th fiscal period is as follows.
Date of Board of
Directors’ meeting
July 19, 2021

AgendaConclusion of an underwriting agreement concerning issuanceof 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
in this document.

29

II. Financial Section

Balance Sheet(Unit: thousands of yen)
11th fiscal period

12th fiscal period(as of January 31, 2021)(as of July 31, 2021)

AssetsCurrent assets
Cash and deposits

2,490,107

2,780,018

Cash and deposits in trust

1,932,211

1,872,773

Operating accounts receivable

21,473

11,228Prepaid expenses

149,370

156,253

Consumption taxes receivable

157,007—

1,912

43,805

4,752,081

4,864,079

8,685,599

9,125,702

Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation(557,709)(672,589)

Buildings, net

8,127,890

8,453,113

6,467

6,682

Structures
Accumulated depreciation

(660)

(959)

Structures, net

5,807

5,722

Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

9,312

9,312

(894)

(1,230)

8,417

8,082

28,59036,400

Accumulated depreciation(7,257)(10,466)

Tools, furniture and fixtures, net

21,33225,934

Land

9,466,655

10,061,976

Buildings in trust

53,432,074

52,952,836

Tools, furniture and fixtures

Accumulated depreciation(4,759,005)(5,283,335)

Buildings in trust, net

48,673,068

47,669,501

23,742

23,105Structures in trust
Accumulated depreciation(5,828)(6,845)Structures in trust, net

17,914

16,259Machinery and equipment in trust

604,492

585,635

Accumulated depreciation(108,404)(117,805)

Machinery and equipment in trust, net

496,088467,829

115,361

151,630

Tools, furniture and fixtures in trust
Accumulated depreciation(35,647)(46,920)

Tools, furniture and fixtures in trust, net

79,714

104,710Land in trust

53,453,128

52,872,589

Total property, plant and equipment

120,350,019

119,685,721

Software

3,119

2,662

Total intangible assets

3,119

2,662

Intangible assets

Investments and other assets
Deferred tax assets
Leasehold and guarantee deposits

7

17

11,464

11,588Long-term prepaid expenses

330,063

323,676

Total investments and other assets

341,535

335,282

120,694,674

120,023,666

Total non-current assets
Deferred assets
Investment unit issuance expenses

23,51815,283

Investment corporation bond issuance costs

27,98023,599Total deferred assets
Total assets

30

51,49938,883

125,498,254

124,926,629

SAMTY RESIDENTIAL(Unit: thousands of yen)
11th fiscal period

12th fiscal period(as of January 31, 2021)(as of July 31, 2021)

Liabilities
Current liabilities
Operating accounts payable
Current portion of long-term borrowings

290,752

271,247

10,550,000

10,700,000

Accounts payable - other90,33470,553

Accrued expenses

5,276

3,237

Distributions payable

12,573

14,525

Accrued consumption taxes—

81,725

Income taxes payable

751

965

593,774598,581

Advances received
Deposits received
Total current liabilities

14,477

14,654

11,557,941

11,755,492

Non-current liabilities
Investment corporation bonds

2,700,000

2,700,000

Long-term borrowings

50,185,000

50,035,000

Leasehold and guarantee deposits received

74,08978,890

Leasehold and guarantee deposits received in trust

448,249

439,113

Total non-current liabilities
Total liabilities

53,407,338

53,253,003

64,965,280

65,008,495

60,284,277

60,284,277

Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital(1,759,476)(1,882,222)

Unitholders’ capital, net

58,524,801

58,402,055

Unappropriated retained earnings (undisposed loss)

2,008,173

1,516,078

Total surplus

2,008,173

1,516,078

60,532,974

59,918,134

Surplus

Total unitholders’ equity
Total net assets (Note 11)60,532,974

59,918,134

Total liabilities and net assets

125,498,254

124,926,629

31

II. Financial Section

Statement of Income and Retained Earnings(Unit: thousands of yen)
11th fiscal period

12th fiscal period(From August 1, 2020 to January 31, 2021)(From February 1, 2021 to July 31, 2021)

Operating revenue
Leasing business revenue (Note 10)

3,690,298

3,703,995

Other leasing business revenue (Note 10)313,420

363,378

Gain on sale of real estate properties (Note 10)353,612

109,5094,357,330

4,176,883

1,661,244

1,777,790

321,498

327,092

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

5,595

6,031

Administrative service fees

46,674

41,951

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

13,00013,000

Other operating expenses

135,185

148,306

Total operating expenses

2,186,257

2,317,233

Operating income

2,171,073

1,859,650

Non-operating income
Interest income

613Interest on tax refund

—

173

1,516

896

Reversal of distributions payable
Consumption taxes refund
Other
Total non-operating income

188,744

—

57

631

190,324

1,714

Non-operating expenses
Interest expenses

252,366

246,423

Interest expenses on investment corporation bonds

6,453

10,242Financing fees

78,33774,329Amortization of investment unit issuance expenses

12,149

8,234

Amortization of investment corporation bond issuance costs

3,162

4,380

Other

369

848

352,838

344,459

Ordinary income

2,008,559

1,516,905

Income before income taxes

2,008,559

1,516,905

Income taxes - current

753

968

Income taxes - deferred

13

(10)

Total income taxes

767

958

2,007,791

1,515,947

Total non-operating expenses

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

32

381

131

2,008,173

1,516,078

SAMTY RESIDENTIAL

Statement of Changes in Unitholders’ Equity
11th fiscal period (From August 1, 2020 to January 31, 2021)(Unit: thousands of yen)
Unitholders’ equity

Balance at beginning of period

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

55,572,247(1,527,769)

54,044,477

Surplus
Unappropriatedretained earnings Total surplus(undisposed loss)
1,448,102

1,448,102

Total unitholders’ Total net assets
equity55,492,580

55,492,580

4,712,030

4,712,030

4,712,030(231,706)(231,706)(231,706)(1,447,721)(1,447,721)

Changes during the period
Issuance of new investment units

4,712,030

Distributions in excess of earnings(231,706)

Dividends of surplus
Net income(1,447,721)(1,447,721)

2,007,791

2,007,791

2,007,791

2,007,791

Total changes during the period

4,712,030(231,706)

4,480,323

560,070560,0705,040,393

5,040,393

Balance at end of period (Note 3)

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

58,524,801

2,008,173

2,008,173

60,532,974

60,532,974

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

Balance at beginning of period

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

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

58,524,801(122,745)(122,745)

Surplus
Unappropriatedretained earnings Total surplus(undisposed loss)

Total unitholders’ Total net assets
equity2,008,173

2,008,173

60,532,974

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

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

1,515,947

1,515,947

1,515,947

Total changes during the period

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

Balance at end of period (Note 3)

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

58,402,055

1,516,078

1,516,078

59,918,134

59,918,134

33

II. Financial Section

Statement of Cash Flows(Unit: thousands of yen)
11th fiscal period

12th fiscal period(From August 1, 2020 to January 31, 2021)(From February 1, 2021 to July 31, 2021)

2,008,559

1,516,905

819,887

818,438

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

(6)

(13)

Interest expenses

258,819

256,666

Amortization of investment unit issuance expenses

12,149

8,234

Amortization of investment corporation bond issuance costs

3,162

4,380

Decrease (increase) in operating accounts receivable(8,863)

10,244

Decrease (increase) in consumption taxes refund receivable(157,007)

157,007

Increase (decrease) in accrued consumption taxes(49,273)

81,725Decrease (increase) in prepaid expenses(3,533)(6,883)

104,436(101,378)(19,780)

Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other

24,755

Increase (decrease) in advances received

39,4604,807

Decrease (increase) in long-term prepaid expenses

2,870

6,387

3,292,161

1,956,876

Decrease in property, plant and equipment in trust due to sale
Other, net
SubtotalInterest received
Interest paid
Income taxes paid

14,419(40,819)

6,361,999

4,652,799

6

13(254,775)(258,705)(1,039)(754)

6,106,190

4,393,352

Purchase of property, plant and equipment(2,105,592)(1,051,972)

Purchase of property, plant and equipment in trust(10,536,158)(976,713)

(652)

(217)

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

Payments of leasehold and guarantee deposits
Proceeds from return of leasehold and guarantee deposits
Refund of leasehold and guarantee deposits received—

92(6,249)(8,317)

Proceeds from leasehold and guarantee deposits received

10,695

13,117

Refund of leasehold and guarantee deposits received in trust(53,446)(54,767)

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

78,80845,631(12,612,594)(2,033,146)

Cash flows from financing activities
Repayments of short-term borrowings(2,000,000)—

Proceeds from long-term borrowings

5,750,000

5,200,000

Repayments of long-term borrowings—(5,200,000)

Proceeds from issuance of investment corporation bonds

1,700,000—

Redemption of investment corporation bonds(1,000,000)—(17,943)—

4,712,030—

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

34(12,624)—

Distributions paid

(1,677,229)(2,129,732)

Net cash provided by (used in) financing activities

7,454,231(2,129,732)

Net increase (decrease) in cash and cash equivalents

947,827

230,473

Cash and cash equivalents at beginning of period

3,474,491

4,422,318

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

4,422,318

4,652,791

SAMTY RESIDENTIAL

Notes to Financial Statements
Note 1 – Organization
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 Asset Management Co., Ltd. serving as the organizer, and was listed on the real estate investment trust market of the Tokyo Stock Exchange, Inc.
(securities code: 3459) on June 30, 2015.
With rental housing as the main investment target, Samty Residential has managed its assets by conducting diversified investments inwide-ranging cities throughout Japan, centering on major regional cities (Note), aiming to enhance unitholder value over the medium to longterm.
(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, the Companies Act of Japan and related regulations, which are different in certain respects as to the application and disclosure requirements ofInternational 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 more familiar to readers outside Japan. Amounts less than one thousand yen have been rounded down. As a result, the totals
shown in the financial statements and notes thereto do not necessarily agree with the sum of the individual amounts. Samty Residential
does not prepare consolidated financial statements, as Samty Residential has no subsidiaries.
Samty Residential fiscal periods are for six months ending at the end of every January and July.

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

Total number of investment units authorized
Total number of investment units issued

11th fiscal period(From August 1, 2020 to January 31, 2021)
2,000,000
639,300

12th fiscal period(From February 1, 2021 to July 31, 2021)
2,000,000
639,30035

II. Financial Section

Note 4 – Summary of Significant Accounting Policies
1. D
 epreciation Method
for Non-Current
Assets(1) Property, Plant and Equipment (Including Assets in Trust)
Depreciation is calculated using the straight-line method. The useful lives of major categories of property, plant and equipment are as
follows:
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures

2 - 69 years
10 - 20 years
6 to 29 years
3 to 15 years(2) Intangible Assets
Intangible assets are amortized using the straight-line method.
(3) L ong-Term Prepaid Expenses
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.
(2) Investment Corporation Bond Issuance Costs
Investment corporation bond issuance costs are amortized using the straight-line method over the redemption period.

3. Standards for
Recording Revenues
and Expenses

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 thecorresponding 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 borne by Samty Residential upon acquisition of real estateor trust beneficiary interests in real estate as trust property are not expensed but capitalized as part of the acquisition cost of the realestate, etc.
The amount equivalent to property taxes, etc. capitalized in the acquisition cost of real estate, etc. were 18,426 thousand yen for the
11th fiscal period and 5,546 thousand yen for the 12th fiscal period.

4. Scope of Funds inStatement of Cash
Flows

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

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

Note 5 – Accounting Standards Not Yet Adopted
1.

Accounting Standard for Revenue Recognition, Etc.

••Accounting Standard for Revenue Recognition (ASBJ Statement No. 29 (revised on March 31, 2020)••Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30 (revised on March 26, 2021)••Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No. 19 (revised on March 31, 2020)(1) Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) jointly developed acomprehensive accounting standard for revenue recognition, and issued it as Revenue from Contracts with Customers (IFRS 15
issued by IASB and Topic 606 issued by FASB) in May 2014. The IFRS 15 is applicable for accounting periods beginning on or afterJanuary 1, 2018, and the Topic 606 is applicable for accounting periods beginning after December 15, 2017. In accordance with
this, the ASBJ has developed a comprehensive accounting standard for revenue recognition and issued it together with its implementation guidance.
In developing the accounting standard for revenue recognition, the ASBJ made it a basic policy to adopt the basic principles of
the IFRS 15 as a starting point. By doing so, the ASBJ established the accounting standard from the viewpoint of comparability,
which is a benefit for securing consistency with the IFRS 15, between financial statements based on the Japanese GAAP and those
based on other accounting standards. Alternative treatments are also to be added, to the extent that they do not harm the comparability, in cases where there are items to be considered in the actual practices conducted in Japan.

(2) Scheduled date of adoption
Samty Residential will adopt the accounting standard, etc. from the beginning of the fiscal period ending January 31, 2022.

(3) Impact of the application of the accounting standard, etc.
The amount of impact on the financial statements from adoption of the Accounting Standard for Revenue Recognition, etc. is currently being assessed.
36

SAMTY RESIDENTIAL
2.

Accounting Standard for Fair Value Measurement, Etc.

••Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30 issued by ASBJ on July 4, 2019)••Accounting Standard for Financial Instruments (ASBJ Statement No. 10 (revised on July 4, 2019)••Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No. 31 issued by ASBJ on June 17, 2021)••Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No. 19 (revised on March 31, 2020)(1) Overview
The IASB and the FASB have established detailed guidance for fair value measurement (IFRS 13 “Fair Value Measurement” underInternational Financial Reporting Standards and Topic 820 “Fair Value Measurement” of the Accounting Standards Codification under the U.S. accounting standards) containing almost the same content. In light of this, the ASBJ worked to secure consistency of
the Japanese accounting standards with the international accounting standards, mainly in terms of the guidance on and disclosureof the fair value of financial instruments, and announced the Accounting Standard for Fair Value Measurement, etc.
The basic policy of the ASBJ for the development of the Accounting Standard for Fair Value Measurement was to adopt all provisions of IFRS 13 as a rule by using a unified calculation method, from the viewpoint of improving the comparability between thefinancial statements of domestic and foreign companies. Moreover, in consideration of the practices conducted in Japan, the ASBJ
determined to establish other treatments for individual items, to the extent that they do not impair the comparability between the financial statements.

(2) Scheduled date of adoption
Samty Residential will adopt the accounting standards, etc. from the beginning of the fiscal period ending January 31, 2022.

(3) Impact of the application of the accounting standard, etc.
The amount of impact on the financial statements from adoption of the Accounting Standard for Fair Value Measurement, etc. iscurrently being assessed.

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

Cash and deposits
Cash and deposits in trust
Cash and cash equivalents

11th fiscal period(From August 1, 2020 to January 31, 2021)
2,490,107
1,932,211
4,422,318(Unit: thousands of yen)
12th fiscal period(From February 1, 2021 to July 31, 2021)
2,780,018
1,872,773
4,652,791

37

II. Financial Section

Note 7 – 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 ofmanaged 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 againstinterest-rate fluctuations and other risks associated with borrowings, etc. Samty Residential has not entered into any derivatives
transactions as of July 31, 2021.

(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
and interest rate fluctuation risks associated with the procurement of these funds, Samty Residential endeavors to manage andlimit them by 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 a certain level of creditworthiness and setting only short durations for these deposits.

(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.

Matters Concerning Fair Value, Etc. of Financial Instruments
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, 2021.
Please note that the following table does not include financial instruments for which determination of fair value is recognized to
be extremely difficult.
(Unit: thousands of yen)
(1) Cash and deposits(2) Cash and deposits in trust
Total of assets(1) Current portion of long-term borrowings(2) Investment corporation bonds(3) Long-term borrowings
Total of liabilities

Carrying valueon the Balance Sheet
2,490,107
1,932,211
4,422,318
10,550,000
2,700,000
50,185,000
63,435,000

Fair value

Difference

2,490,107
1,932,211
4,422,318
10,550,000
2,716,940
50,618,726
63,885,667————
16,940433,726
450,667

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of July 31, 2021.
Please note that the following table does not include financial instruments for which determination of fair value is recognized to
be extremely difficult.
(Unit: thousands of yen)
(1) Cash and deposits(2) Cash and deposits in trust
Total of assets(1) Current portion of long-term borrowings(2) Investment corporation bonds(3) Long-term borrowings
Total of liabilities

38

Carrying valueon the Balance Sheet
2,780,018
1,872,773
4,652,791
10,700,000
2,700,000
50,035,000
63,435,000

Fair value
2,780,018
1,872,773
4,652,791
10,741,671
3,071,210
50,047,456
63,860,338

Difference———
41,671
371,210
12,456425,338

SAMTY RESIDENTIAL(Note 1) Calculation method for fair value of financial instruments
Assets(1) Cash and deposits and ( 2) Cash and deposits in trust
As these financial instruments are settled within a short period of time, the fair value is approximately the same as the book value and is thus stated at that book value.
Liabilities(1) Current portion of long-term borrowings and ( 3) 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 book values. Accordingly, the book 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.
( 2) Investment corporation bonds
As investment corporation bonds are with fixed interest rates, their fair value is calculated by discounting the total amount of principal and interest
with the rate that takes into account the remaining period to maturity of the relevant bonds and credit risk.
(Note 2) Carrying value of financial instruments for which determination of fair value is considered to be extremely difficult(Unit: thousands of yen)
11th fiscal period(as of January 31, 2021)

12th fiscal period(as of July 31, 2021)

Leasehold and guarantee deposits (*)

11,464

11,588

Leasehold and guarantee deposits received (*)

74,08978,890

Leasehold and guarantee deposits received in trust (*)

448,249

439,113

Total

533,803529,592(*) Fair values of these financial instruments are not subject to disclosure, as they have no market value and their future cash flows are considered to
be extremely difficult to reasonably estimate given the fact that, despite a predetermined period for each lease agreement, the actual deposit period cannot be calculated due to possible cancellation, renewal or extension of the agreement.
(Note 3) Amount of redemption of monetary claims scheduled to be due after closing date
11th fiscal period (January 31, 2021)(Unit: thousands of yen)Due in 1 year or less
Cash and deposits

2,490,107

Cash and deposits in trust

1,932,211

Total

4,422,318

12th fiscal period (July 31, 2021)(Unit: thousands of yen)Due in 1 year or less
Cash and deposits

2,780,018

Cash and deposits in trust

1,872,773

Total

4,652,791(Note 4) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date
11th fiscal period (January 31, 2021)(Unit: thousands of yen)Due in1 year or lessCurrent portion of long-term borrowings
Investment corporation bonds
Long-term borrowings
Total

10,550,000——
10,550,000

Due after
Due after
Due after
Due after
1 year
2 years
3 years
4 years
through 2 years through 3 years through 4 years through 5 years————
1,000,000——
1,700,000
10,385,000
11,450,000
12,500,000
10,900,000
11,385,000
11,450,000
12,500,000
12,600,000

Due after
5 years——
4,950,000
4,950,000

12th fiscal period (July 31, 2021)(Unit: thousands of yen)Due in 1 year
or less
Current portion of long-term borrowings

Due after
Due after 2
Due after
Due after 4
1 yearyears
3 years
years
through 2 years through 3 years through 4 years through 5 years

Due after
5 years

10,700,000

—

—

—

—

Investment corporation bonds—

1,000,000——

1,700,000——

Long—term borrowings—

10,685,000

11,800,000

12,050,000

15,500,000

—

Total

10,700,000

11,685,000

11,800,000

12,050,000

17,200,000—

39II. Financial Section

Note 8 – Schedule of Real Estate Owned

Property, plant and equipment

Type of asset

Increaseduringthe period

Decreaseduringthe period(Unit: thousands of yen)
Accumulated depreciation
Net balance at Remarks
Or accumulated
Depreciation
end of period
amortization during the period

Balanceat endof period

Buildings

8,685,599

440,103—

9,125,702

672,589

114,880

8,453,113(Note 1)

Structures

6,467

214

—

6,682

959

299

5,722

(Note 1)

Machinery and equipment

9,312

—

—

9,312

1,230

335

8,082

—
(Note 1)Tools, furniture and fixtures
Land

28,5907,810—

36,40010,466

3,208

25,934

9,466,655

595,320—

10,061,976——

10,061,976(Note 1)

Buildings in trust

53,432,074

503,600

982,838

52,952,836

5,283,335

668,60747,669,501(Note 2)

Structures in trust

23,742357

995

23,105

6,845

1,100

16,259(Note 2)

Machinery and equipment in trust

604,492—

18,857585,635

117,805

15,758467,829(Note 2)Tools, furniture and fixtures in trust

115,361

42,003

5,734

151,630

46,92013,793

104,710(Note 2)53,453,128

521,149

1,101,688

52,872,589——

52,872,589(Note 2)

125,825,426

2,110,560

2,110,114

125,825,871

6,140,150

817,982

119,685,721

—

4,564

—

—

4,564

1,902

456

2,662

—

4,564

—

—

4,564

1,902

456

2,662

—

Land in trust
Total
Intangible
AssetsBalanceat beginningof period

Software
Total(Note 1) The increase is mainly due to the payment of real estate acquisition tax for 2 properties (accounted for as capital expenditures) and acquisition of 2 properties.
(Note 2) The increase is mainly due to the acquisition of a property, and the decrease is mainly due to the sale of 3 properties.

Note 9 – 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)
11th fiscal period(From August 1, 2020 to January 31, 2021)

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

Carrying value on the Balance Sheet
Balance at beginning of period
Amount of increase (decrease) during the period
Balance at end of period
Fair value at end of period

111,791,728

120,350,019

8,558,290(664,298)

120,350,019

119,685,721

127,561,000

129,211,000(Note 1) The carrying value on the Balance Sheet is the acquisition cost less accumulated depreciation.
(Note 2) Of the increase (decrease) during the period, the amount of increase in the 11th fiscal period is mainly attributable to the acquisition of 16 properties(12, 450, 649 thousand yen), and the amount of decrease is mainly attributable to the transfer of 2 properties ( 3, 290, 961 thousand yen) and depreciation( 819, 431 thousand yen). The amount of increase in the 12th fiscal period is mainly attributable to the acquisition of 3 properties (1, 895, 283 thousand yen),and the amount of decrease is mainly attributable to the transfer of 3 properties (1, 956, 876 thousand yen) and depreciation ( 817, 982 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 12th fiscal period for the investment and rental properties is as presented in the “Statement of Income and Retained Earnings.”

40

SAMTY RESIDENTIAL

Note 10 – Statements of Income and Retained Earnings*1. Breakdown of Revenues and Expenses Related to Real Estate Leasing Business11th fiscal period(From August 1, 2020 to January 31, 2021)(Unit: thousands of yen)
12th fiscal period(From February 1, 2021 to July 31, 2021)

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

3,414,051

Land rent revenue

3,428,135

137

Common service fees

276,10998
3,690,298

275,761

3,703,995

Other leasing business revenue
Parking fees

134,016

Utilities imbursement

20,010

Other revenues

159,392

Total real estate leasing business revenue

135,504
26,743
313,420

201,130

4,003,718

363,378
4,067,374

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

205,804

Utilities expenses
Taxes and public dues

212,880

49,711

53,638

235,603

260,494

Insurance expenses

8,363

8,342

Repair expenses

159,008

198,163
817,982

Depreciation

819,431

Trust fees

28,861

28,192Other expenses related to leasing business

154,461

198,095

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

1,661,244

1,777,790

2,342,474

2,289,584*2. Breakdown of Gain on Sale of Real Estate Properties(Unit: thousands of yen)

11th fiscal period (From August 1, 2020 to January 31, 2021)
S-FORT Katahira
Proceeds from sale of real estate properties

2,675,000

Cost of sale of real estate properties

2,210,367

Other expenses related to sale

123,927

Gain on sale of real estate properties

340,705

S-FORT Miyamachi
Proceeds from sale of real estate properties

1,160,000

Cost of sale of real estate properties

1,080,593

Other expenses related to sale

66,499Gain on sale of real estate properties

12,90612th fiscal period (From February 1, 2021 to July 31, 2021)
S-FORT Aoi 1-Chome
Proceeds from sale of real estate properties

1,150,000

Cost of sale of real estate properties

1,095,712

Other expenses related to sale

10,316

Gain on sale of real estate properties

43,970S-FORT Shizuoka Hondori
Proceeds from sale of real estate properties

310,000

Cost of sale of real estate properties

286,257

Other expenses related to sale

5,363

Gain on sale of real estate properties

18,37841

II. Financial Section(Unit: thousands of yen)
S-FORT Sagamihara
Proceeds from sale of real estate properties

627,000

Cost of sale of real estate properties

574,906

Other expenses related to sale

4,934

Gain on sale of real estate properties

47,159Note 11 – Balance Sheet*1. Minimum Net Assets Designated in Article 67- 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousands of yen)
11th fiscal period(as of January 31, 2021)

12th fiscal period(as of July 31, 2021)
50,00050,000Note 12 – Cash Distributions
Category
I. Unappropriated retained earnings
II. Addition of distributions in excess ofearnings
Deduction from unitholders’ capital
III. Distribution amount[Distribution amount per unit]
Of which, distribution of earnings[Of which, distribution of earnings perunit]
Of which, distribution in excess ofearnings[Of which, distribution in excess ofearnings per unit]

IV. Retained earnings brought forward
Method for calculating distribution amount11th fiscal period(From August 1, 2020 to January 31, 2021)
2,008,173,037(Unit: yen)
12th fiscal period(From February 1, 2021 to July 31, 2021)
1,516,078,898

122,745,600

232,705,200

2,130,786,900[3,333]
2,008,041,300[3,141]

1,748,485,500[2,735]
1,515,780,300[2,371]

122,745,600[192]

232,705,200[364]

131,737
With regard to the distribution for the 11th fiscal period,
pursuant to the distribution policy stipulated in its Articles
of Incorporation, Samty Residential decided to distributethe entire amount of unappropriated retained earnings,
excluding fractions of distribution per investment unit ofless 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 aresult, distribution per unit amounted to 3,141 yen.

298,598
With regard to the distribution for the 12th fiscal period,
pursuant to the distribution policy stipulated in its Articles
of Incorporation, Samty Residential decided to distributethe entire amount of unappropriated retained earnings,
excluding fractions of distribution per investment unit ofless 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 aresult, distribution per unit amounted to 2,371 yen.

In addition, as part of its cash management, Samty
Residential also decided to make a distribution in excessof earnings for the 11th fiscal period.

In addition, as part of its cash management, Samty
Residential also decided to make a distribution in excessof earnings for the 12th fiscal period.

Based on this decision, Samty Residential determined
to distribute 122,745,600 yen, which is the amount almost
equivalent to 15.0/100 of 819 million yen in depreciation
for the fiscal period, as refund of capital contribution tounitholders. As a result, distribution in excess of earnings
per unit amounted to 192 yen.

Based on this decision, Samty Residential determined to
distribute 232,705,200 yen, which is the amount almost
equivalent to 28.5/100 of 817 million yen in depreciation
for the fiscal period, as refund of capital contribution tounitholders. As a result, distribution in excess of earnings
per unit amounted to 364 yen.

The payout ratio (the ratio of total distribution, including
distribution in excess of earnings, to net income anddepreciation combined) stood at 75.4%.

The payout ratio (the ratio of total distribution, including
distribution in excess of earnings, to net income anddepreciation combined) stood at 74.9%.

(Note) For the determination of making distribution in excess of earnings for the 12th fiscal period, please refer to (Note 1) and (Note 2) for iv) Overview of Performance and Distributions, ( 2) 12th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

42

SAMTY RESIDENTIAL

Note 13 – Schedule of Borrowings(Unit: thousands of yen)
Balance at
beginning ofLenderperiodThe Bank of Fukuoka, Ltd.
1,000,000
The Tokyo Star Bank, Limited
500,000
Sumitomo Mitsui Banking Corporation
400,000
Aozora Bank, Ltd.
100,000
Sumitomo Mitsui Banking Corporation
520,000
The Bank of Fukuoka, Ltd.
550,000
The Kagawa Bank, Ltd.
500,000
Shinsei Bank, Ltd.
500,000
The Tochigi Bank, Ltd.
300,000
The Juhachi-Shinwa Bank, Ltd.
240,000
The Ashikaga Bank, Ltd.
200,000
The Kagoshima Bank, Ltd.
150,000
The Kumamoto Bank, Ltd.
140,000
San ju San Bank, Ltd.
100,000
Sumitomo Mitsui Banking Corporation
810,000
The Bank of Fukuoka, Ltd.
540,000
Resona Bank, Ltd.
1,000,000
The Juhachi-Shinwa Bank, Ltd.
660,000
Shinsei Bank, Ltd.
500,000
The Hyakugo Bank, Ltd.
500,000
The Minato Bank, Ltd.
500,000
The Kumamoto Bank, Ltd.
440,000
The Tochigi Bank, Ltd.
300,000
San ju San Bank, Ltd.
100,000
Sumitomo Mitsui Banking Corporation—
The Bank of Fukuoka, Ltd.
—
Aozora Bank, Ltd.
—The Higo Bank, Ltd.
—
Fukoku Mutual Life Insurance Company—
The Kagawa Bank, Ltd.
—
Shinsei Bank, Ltd.
—The Dai-ichi Life Insurance Company, Limited—
The Hyakugo Bank, Ltd.
—The Oita Bank, Ltd.
—The Kagoshima Bank, Ltd.
—The Kumamoto Bank, Ltd.
—
Subtotal of current portion of long-term borrowings 10,550,000

Increaseduringthe period
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
60,00020,0001,000,000
1,000,000
800,000
500,000
500,000
500,000
500,000
300,000
150,000
20,0005,350,000

Decreaseduringthe period
1,000,000
500,000
400,000
100,000
520,000
550,000
500,000
500,000
300,000
240,000
200,000
150,000
140,000
100,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,200,000

Average Repayment
Balance atrate
end of period interest
date(Note 3)

Balance at
beginning of
period600,000
350,000
250,000
250,000
250,000
200,000
150,000
150,000
100,000
50,000

Increaseduringthe period
—
—
—
—
—
—
—
—
—
—

Decreaseduringthe period
—
—
—
—
—
—
—
—
—
—

Average Repayment
Balance atrate
end of period interest
date(Note 3)150,000—

60,00020,0001,000,000
1,000,000
800,000
500,000
500,000
500,000
500,000
300,000
150,000
20,000

—
—
—
—
—
—
—
—
—
—
—
—

Current portion of long-term borrowings

Category

Category

Long-term borrowings

LenderSumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Kagawa Bank, Ltd.
The Shizuoka Bank, Ltd.
Resona Bank, Ltd.
Shinsei Bank, Ltd.
The Chiba Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.
The Hiroshima Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Higo Bank, Ltd.
Fukoku Mutual Life Insurance Company
The Kagawa Bank, Ltd.
Shinsei Bank, Ltd.
The Dai-ichi Life Insurance Company, Limited
The Hyakugo Bank, Ltd.
The Oita Bank, Ltd.
The Kagoshima Bank, Ltd.
The Kumamoto Bank, Ltd.

—
—
—
—
—
—
—
—
—
—
—
—
—
—
810,000
540,000
1,000,000
660,000
500,000
500,000
500,000
440,000
300,000
100,000
60,00020,0001,000,000
1,000,000
800,000
500,000
500,000
500,000
500,000
300,000
150,000
20,00010,700,000

0.982%(Note 1)0.682%(Note 1)0.732%(Note 1)0.995%(Note 2)600,000
350,000
250,000
250,000
250,000
200,000
150,000
150,000
100,000
50,0000.882%—

150,000

1.099%

60,00020,0001,000,000
1,000,000
800,000
500,000
500,000
500,000
500,000
300,000
150,000
20,000

—
—
—
—
—
—
—
—
—
—
—
—

0.995%(Note 1)

(Note 2)

(Note 2)

Use offunds

Remarks

June 30,2021(Note 6)

Unsecured
Unguaranteed

July 31,2021(Note 6)

Unsecured
Unguaranteed

January 31,
2022(Note 6)

Unsecured
Unguaranteed

July 31,2022(Note 6)

Unsecured
Unguaranteed

Use offunds

Remarks

January 31,
2023(Note 6)

Unsecured
Unguaranteed

January 31,
2023(Note 6)

Unsecured
Unguaranteed

July 31,2022(Note 6)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 5)(Note 4)(Note 4)(Note 4)(Note 4)43

II. Financial Section

Balance at
beginning of
period100,000
100,000
500,000
500,000
300,000
600,000
350,000
250,000
250,000
200,000
150,000
150,000
100,000
50,000

Increaseduringthe period
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Decreaseduringthe period
—
—
—
—
—
—
—
—
—
—
—
—
—
—

The Hiroshima Bank, Ltd.

150,000——

150,000

The Shizuoka Bank, Ltd.

250,000——

250,000

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

500,000
500,000
460,000
400,000
300,000
600,000
350,000
250,000
100,000
350,000
290,000
200,000

—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—
—

500,000
500,000
460,000
400,000
300,000
600,000
350,000
250,000
100,000
350,000
290,000
200,000

Mizuho Bank, Ltd.

1,250,000——

1,250,000

Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Kagawa Bank, Ltd.
Resona Bank, Ltd.
Shinsei Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.
The Bank of Saga Ltd.
Resona Bank, Ltd.
Aozora Bank, Ltd.
Shinsei Bank, Ltd.
The Bank of Fukuoka, Ltd.
San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Kagawa Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Oita Bank, Ltd.
The Kumamoto Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
Shinsei Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.
Resona Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Higo Bank, Ltd.
Kansai Mirai Bank, LimitedAozora Bank, Ltd.
Shinsei Bank, Ltd.

1,300,000
1,300,000
500,000
500,000
400,000
400,000
400,000
200,000
500,000
400,000
350,000
350,000
300,000
300,000
300,000
250,000
200,000
100,000
100,000
600,000
450,000
400,000
300,000
300,000
200,000
200,000
835,000
700,000
700,000
300,000
1,400,000

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

1,300,000
1,300,000
500,000
500,000
400,000
400,000
400,000
200,000
500,000
400,000
350,000
350,000
300,000
300,000
300,000
250,000
200,000
100,000
100,000
600,000
450,000
400,000
300,000
300,000
200,000
200,000
835,000
700,000
700,000
300,000
1,400,000

400,000——

400,000

The Nishi-Nippon City Bank, Ltd.

2,500,000——

2,500,000

0.783%

Mizuho Bank, Ltd.

2,500,000——

2,500,000

0.864%

500,000——

500,000

0.907%

Category
LenderLong-term borrowings

Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Higo Bank, Ltd.
Fukoku Mutual Life Insurance Company
Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Kagawa Bank, Ltd.
Resona Bank, Ltd.
Shinsei Bank, Ltd.
The Chiba Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.

Resona Bank, Ltd.

The Nishi-Nippon City Bank, Ltd.

44

Average Repayment
Balance atrate
end of period interest
date(Note 3)100,000
100,000
500,000
500,000
300,000
600,000
350,000
250,000
250,000
200,000
150,000
150,000
100,000
50,000Use offunds

Remarks

January 31,
2025(Note 6)

Unsecured
Unguaranteed

July 31,2023(Note 6)

Unsecured
Unguaranteed

July 31,2023(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

January 30,
2026(Note 6)

Unsecured
Unguaranteed

July 31,2024(Note 6)

Unsecured
Unguaranteed

July 31,2023(Note 6)

Unsecured
Unguaranteed

1.087%(Note 2)

July 31,2026(Note 6)

Unsecured
Unguaranteed

0.572%

January 31,
2023(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

January 31,
2025(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

Unsecured
Unguaranteed

1.476%(Note 2)

0.782%(Note 1)

0.958%(Note 2)

0.782%(Note 1)1.318%(Note 2)

0.782%(Note 1)0.932%(Note 1)0.732%(Note 1)

0.632%(Note 1)

(Note 2)

0.673%(Note 2)

(Note 2)

(Note 2)

(Note 2)

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

SAMTY RESIDENTIAL

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

Balance at
beginning of
period
900,000
725,000
500,000
375,000
1,075,000
900,000
775,000
725,000
625,000

Increaseduringthe period
—
—
—
—
—
—
—
—
—

Decreaseduringthe period
—
—
—
—
—
—
—
—
—

Kansai Mirai Bank, Limited

1,000,000——

1,000,000

San ju San Bank, Ltd.

500,000——

500,000

The Bank of Saga Ltd.

500,000——

500,000

Shinsei Bank, Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.

1,000,000
500,000
250,000

—
—
—

—
—
—

1,000,000
500,000
250,000

0.711%The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

0.829%

Mizuho Bank, Ltd.

1,000,000——

1,000,000

0.757%—

920,000—

920,000

0.608%——————
50,185,000
60,735,000

1,550,000
1,250,000
600,000
500,000
240,000
140,000
5,200,000
10,550,000

—
—
—
—
—
—
5,350,000
10,550,000

1,550,000
1,250,000
600,000
500,000
240,000
140,000
50,035,000
60,735,000

Category

Long-term borrowings

LenderSumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
The Bank of Yokohama, Ltd.
The Kagawa Bank, Ltd.
Shinsei Bank, Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.
Subtotal of long-term borrowings
Total

Average Repayment
Balance atrate
end of period interest
date(Note 3)900,000
725,000
500,000
375,000
1,075,000
900,000
775,000
725,000
625,000

0.750%(Note 2)0.863%(Note 2)0.532%(Note 1)

0.532%(Note 1)

(Note 2)

(Note 2)

(Note 1)

(Note 2)0.614%(Note 2)

Use offunds

Remarks

January 31,
2025(Note 6)

Unsecured
Unguaranteed

January 30,
2026(Note 6)

Unsecured
Unguaranteed

January 31,
2024(Note 6)

Unsecured
Unguaranteed

July 31,2024(Note 6)

Unsecured
Unguaranteed

July 31,2025(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

Unsecured
Unguaranteed

January 31,
2026(Note 6)

Unsecured
Unguaranteed

July 31,2026(Note 6)

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

Due after 2 years
through 3 years

Due after 3 years
through 4 years

Due after 4 years
through 5 years

10,685,000

11,800,000

12,050,000

15,500,000

Long-term borrowings

Due after
5 years—

Note 14 – Schedule of Investment Corporation Bonds(Unit: thousands of yen)
Name

Issue date

Balance at Decrease Balance at
beginning ofduringperiodthe period end of period

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

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

1,700,000—

1,700,000

0.58000%

Refinance
December 16,
of existing Unsecured2025
borrowings

2,700,000—

2,700,000

Total

Couponrate

Redemption
date

Use offunds

Property
Unsecuredacquisition

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

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—

1,000,000——

Due after
5 years
1,700,000

45

II. Financial Section

Note 15 – Tax Effect Accounting
1.

Breakdown of Primary Components of Deferred Tax Assets and Deferred Tax Liabilities(Unit: thousands of yen)
12th fiscal period(as of July 31, 2021)

11th fiscal period(as of January 31, 2021)
Deferred tax assets
Accrued business taxes not deductible from taxable income

7

Total deferred tax assets

7

17
17

Deferred tax assets, net

7

17

2.	Breakdown of Main Items Resulting in Differences between the Statutory Tax Rate and the Effective Tax
Rate after Applying Tax Effect Accounting(Unit: %)11th fiscal period(as of January 31, 2021)
Statutory tax rate

12th fiscal period(as of July 31, 2021)
31.46

31.46

(31.45)(31.44)(Adjustment)
Deductible distributions
Other

0.03

0.04

Effective tax rate after applying tax effect accounting

0.04

0.06

11th fiscal period(From August 1, 2020 to January 31, 2021)

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

Net assets per unit

94,686

93,724

Net income per unit

3,143

2,371

Note 16 – Per Unit Information(Unit: yen)

(Note 1) Net income per unit is calculated by dividing net income by the daily weighted average number of investment units for the fiscal period.
The amount of diluted net income per unit is not presented as there are no dilutive investment units.
(Note 2) Net income per unit was calculated based on the following data:

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

46

11th fiscal period(From August 1, 2020 to January 31, 2021)

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

2,007,791

1,515,947——

2,007,791

1,515,947

638,792

639,300

SAMTY RESIDENTIAL

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
11th fiscal period (From August 1, 2020 to January 31, 2021)(1) Information by Product and Service	Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
(2) Information by Regioni) Operating revenue		Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
ii) Property, plant and equipment
		Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japan exceeds 90% of
the amount of property, plant and equipment recorded on the Balance Sheet.
(3) Information by Major Customer

	Disclosure is omitted as Samty Residential’s operating revenue for a single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

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

47

II. Financial Section

Note 18 – Significant Subsequent Events
Issuance of New Investment Units through Public Offering and Third-Party Allotment
At its Board of Directors’ meetings held on July 12, 2021, and July 19, 2021, 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 2, 2021, for the new investment units issued through public offering and on August 24, 2021, for those issued through third-party
allotment. As a result, unitholders’ capital, net was 74,381,947,758 yen as of August 24, 2021, with the total number of investment units
issued and outstanding at 769,626 units.

(Issuance of new investment units through public offering)Number of new investment units issued: 57,868 units
Issue price (offer price): 124,675 yen per unit
Total issue price (total offer price): 7,214,692,900 yen
Paid-in amount (issue amount): 120,199 yen per unit
Total paid-in amount (total issue amount): 6,955,675,732 yen
Payment date
: August 2, 2021
(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: 70,339 units
Paid-in amount (issue amount): 124,675 yen per unit
Total paid-in amount (total issue amount): 8,769,514,825 yen
Payment date
: August 2, 2021
Allottees and number of investment units allotted : Daiwa Securities Group Inc. 52,634 units
		 Samty Co., Ltd.
17,705 units(Issuance of new investment units through third-party allotment with Daiwa Securities Co. Ltd. as the allottee)
Number of new investment units issued: 2,119 units
Paid-in amount (issue amount): 120,199 yen per unit
Total paid-in amount (total issue amount): 254,701,681 yen
Payment date
: August 24, 2021
Allottee: Daiwa Securities Co. Ltd.

48

SAMTY RESIDENTIAL

Independent Auditor's Report49II. Financial Section50

SAMTY RESIDENTIAL

51