September 8, 2014

Brief Summary of Kessan Tanshin
Advance Residence Investment Corporation (Securities Code: 3269)
Eighth Fiscal Period (February 1, 2014 – July 31, 2014) Performance

1. Summary of Key Financial Data
Operating revenues

14,668 million yen

Total assets

435,215 million yen

Operating income

7,504 million yen

Net assets

207,757 million yen

Ordinary income

5,880 million yen

Net assets per unit

159,813 yen

5,880 million yen

Net asset ratio

47.7 %

4,526 yen

End-of-period LTV

51.0 %Net income
Earnings per share

*DOE

2.9 %

FFO per share

6,413 yen

Dividend per unit

4,593 yen

* The earnings per share is calculated by dividing the net profit by the average number of outstanding issued units
during the fiscal period.

2. Eighth Fiscal Period Highlights■ Earnings per unit* (EPU) increased by 108 yen to 4,523 yen against the 4,415 yen of last fiscal period.
We were able to exceed 4,500 yen in EPU for the first time. The increase in EPU was achieved byfollowing through our disclosed policies and strategies in external growth, internal growth andfinancial strategy and with some help from a one-off income..

■ The dividend for the fiscal period is 4,593 yen, an increase of 93 yen compared to the initial forecast.
The dividend was increased by amount equal to the amount of which the EPU had beaten the initial
earnings guideline of 4,430 yen.

■ The 11 properties acquired during the period have a weighted average appraisal cap yield of 6.2% anda total deal value of 15.8 billion yen.

■ The average portfolio occupancy for the period finished unchanged at 96.4%.
■ The fund continued to strengthen its financial position by lowering LTV, reducing interest expense,lengthening and diversifying debt maturities, and increasing the ratio of fixed rate interest debts.
* The earnings per unit is calculated by dividing the net profit by the number of outstanding issued units at the end of
the fiscal period.

3. Earnings Forecasts
Ninth Fiscal Period Forecast

Tenth Fiscal Period Forecast(August 1, 2014 to January 31, 2015)(February 1, 2015 to July 31, 2015)

Operating revenues

14,545million yen

Operating revenues

14,646million yen

Operating income

7,380million yen

Operating income

7,358million yen

Ordinary income

5,811million yen

Ordinary income

5,812million yen

Net income

5,811million yen

Net income

5,811million yen

Earnings per share

4,470yen

Earnings per share

4,470yen

Dividend per unit

4,500yen

Dividend per unit

4,500yen

Outstanding no. of issued units

1.30million units

Outstanding no. of issued units

1.30million units

Number of properties

222

Number of properties

222

Average period occupancy

96.2%

Average period occupancy

96.2%

* The above forecasts employ figures that have been calculated based on number of assumptions. The actual net profit
and the dividend may vary due to changes in those assumptions or in other conditions. Therefore, these forecasts do
not in no way guarantee the dividend amounts for the respective periods.

This document is an English-language summary of the Japanese financial report “Kessan Tanshin” disclosed inJapanese on September 8, 2014. The direct translation of title of the original report is “Kessan Tanshin” for theFinancial Period Ending July 2014 (February 1, 2014 – July 31, 2014).
Please contact below with any inquiries you may have on this report.
AD Investment Management Co., Ltd.
TEL: +81-3-3518-0480 FAX: +81-3-3518-0481
ir@adr-reit.com