<Provisional translation>
January 22, 2015

For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Yoshiaki Shiraki, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Yoshiaki Shiraki, President & Representative Director
Contact:
Akihisa Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Partial Change in Management Guidelines of Asset Management Company
Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies that the board of directors of Hankyu REIT AssetManagement, Inc., the asset management company that Hankyu REIT has selected to manage its assets,
has decided to raise the maximum investment share of the hotel-use portion as follows in the management
guidelines governing the management of Hankyu REIT’s assets. Details are described below.

1.

Overview of Change
The management guidelines state that the investment share of the hotel-use portion shall not exceed
10% in principle. The change is being made this time to raise this to 20%.

2.

Reasons for Change
Hankyu REIT added a hotel-use portion to the retail-use zone by changing the definition of theinvestment target on December 1, 2008. In addition, the maximum investment share of the hotel-use
portion was set at 10% in principle. Hankyu REIT currently holds four properties (Note 1) that areproperties with a hotel-use portion. All four properties have been performing well in terms of the revenue
metric RevPAR (Note 2), building up stable management performance.
With remarkable increase in business demand and tourism demand as well as the number of foreign
tourists visiting Japan (inbound tourists) in recent years, and backed by such factors as theimplementation of policies for the realization of a tourism nation by the Japanese government andeconomic growth of Asian regions, the demand for accommodation facilities is expected to continue togrow in the medium to long term.
In addition, the hotel-use portion accounts for 9.4% of Hankyu REIT’s entire portfolio as of the end of the19th fiscal period and thus becoming a state causing limitations in considering new acquisitions.
For the reasons stated above, the decision was made to raise the maximum investment share of thehotel-use portion to 20% in principle. Furthermore, the investment target shall, in principle, only befacilities that allow for the conclusion of a lease agreement containing a provision that enables Hankyu
REIT to avoid the management and operational risks of the hotel, and the tenants of the hotel-use portion
shall be prudently selected based on consideration of all-round creditworthiness, including operational
capacity and experience as a hotel operator, financial position and brand recognition.
(Note 1) The four properties are Kitano Hankyu Building (Hotel New Hankyu Annex), LAXA Osaka (HotelHanshin), Hotel Gracery Tamachi and Richmond Hotel Hamamatsu.
(Note 2) RevPAR, or revenue per available rooms, refers to the figure arrived at when guestroom
revenue is divided by the total number of guestrooms.

13.

Date of Change
January 22, 2015

4.

Future Outlook
There is no revision to the forecasts of the conditions surrounding the management of Hankyu REIT’s
assets for the fiscal period ending May 2015 (December 1, 2014 to May 31, 2015).

5.

OtherAn extraordinary report was submitted today to the Director-General of the Kanto Local Finance Bureau.

・Reference Material<Diagram of zone categorization by property use of entire assets under management before and after change>[Before Change][After Change]

Retail-use zone

Retail-use zone
The share of

The share of

the hotel-use portion

the hotel-use portion

with respect to the entire（H otel -us e porti on）（H otel -us e porti on）

assets under management

assets under management

shall not exceed 20%

shall not exceed 10%
in principle

Office-use zone

with respect to the entire

Office-use zone

otherin principle

otherFurthermore, in principle, the retail-use zone (including the hotel-use portion) investment amount as apercentage of the total investment amount of the entire portfolio shall be 50% or more (on an acquisition pricebasis) as of the end of each fiscal period for both [Before Change] and [After Change].
<Investment share by use zone as of end of 19th fiscal period>
Other
1.1%

Urban
retail facilities
16.8%

Office27.2%
Community-based
Hotel
9.4%

••

retail facilities
45.5%

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka
Securities Exchange, and Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction
trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.
Hankyu REIT website: http://www.hankyu-reit.jp/eng/2