English Translation Originally Issued in the Japanese Language.

July 14, 2017

Hankyu REIT, Incorporated Financial Results for the 24th Fiscal Period
From December 1, 2016 to May 31, 2017
Hankyu REIT Inc. is listed on the Tokyo Stock Exchange (J-REIT) with the securities code number 8977 (Website:
http://www.hankyu-reit.jp/eng/).
Executive Director:
Yoshiaki Shiraki
Inquiries:

Hankyu REIT Asset Management, Inc.
Hiroshi Yoshida, General Manager, IR and Public Relations Department
Email: hankyureit-ir@hankyu-rt.jp

Scheduled Filing Date of Securities Report:
August 30, 2017
Scheduled Commencement Date of Cash Distribution Payment: August 15, 2017
Supplement Material to Financial and Business Results:
Yes
Financial and Business Results Briefing:
Yes (for institutional investors and analysts)

1. Business Results for the Fiscal Period from December 1, 2016 to May 31, 2017
(1) Operating Results(millions of yen, rounded down; except as noted)
Operating revenues

Operating income

Change (%)

Ordinary income

Change (%)

Change (%)

For the period ended
May 31, 2017

4,740

0.4

1,979

0.1

1,625

3.5

November 30, 2016

4,721(14.6)

1,976(3.7)

1,570(5.3)

Net income

Change (%)

Ordinary
Ordinary
income/Net income Net income/income/per unit
EquityTotal assets Operating
revenues
(yen)

(%)

(%)

(%)

2,717
2,626

2.2
2.1

1.1
1.1

34.3
33.3

For the period ended
May 31, 2017
November 30, 2016

1,623
1,569

3.5
(5.4)

(Percent figures show changes from previous period)1

English Translation Originally Issued in the Japanese Language.

(2) Distributions(millions of yen, rounded down; except as noted)
Distribution
per unit

Totaldistributions(yen)

Distribution in
Total
excess of distributions inDistributions/
Payout ratio
excess ofNet assets
earnings
per unit
earnings
(yen)
(%)
(%)

For the period ended
May 31, 2017

2,717

1,623

0–

100.0

2.2

November 30, 2016

2,626

1,5690–

100.0

2.1

Note:
“Distribution per unit” and “Total distributions” do not include distribution in excess of earnings per unit.

(3) Financial Position(millions of yen, rounded down; except as noted)

Total assets

Net assets

Net assets/
Total assets

Net assets per unit

(%)

(yen)

49.6
49.5

122,649
122,558

For the period ended
May 31, 2017

147,834
147,958

November 30, 2016

73,28373,228(4) Cash Flows(millions of yen, rounded down; except as noted)

Cash and cash
Cash flows from
Cash flows from
Cash flows fromequivalents
at endoperating activities investing activities financing activitiesof period
For the period ended
May 31, 2017

2,419
2,279

November 30, 2016

(341)
(9,216)(1,570)2,318

13,835
13,327

2. Forecasts for the Fiscal Period from June 1, 2017 to November 30, 2017
and from December 1, 2017 to May 31, 2018
(millions of yen, rounded down; except as noted)

Operatingrevenues

For the period ending
4,873
November 30, 2017
For the period ending
4,956
May 31, 2018

Operatingincome

Ordinaryincome

Distributions
Distribution in excess ofNet incomeper unit earnings perunit

ChangeChangeChangeChange

(%)

(%)

(%)

(%)

2.8

2,052 3.7

1,674

3.0

1,673

1.7

2,104 2.5

1,734

3.6

1,732

(yen)

(yen)

3.0

2,80003.6

2,9000(Percent figures show changes from previous period)
Notes:
1. “Distribution per unit” does not include distribution in excess of earnings per unit.
2. Projected net income per unit for the fiscal period ending November 30, 2017 and May 31, 2018 are 2,800 yen and 2,900 yen,respectively.

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English Translation Originally Issued in the Japanese Language.
3. Others
1. Changes in accounting policies, changes in accounting estimates, and retrospective restatement(1) Changes in accounting policies due to revisions in accounting standards: None
(2) Changes in accounting policies other than in the above item (1): None
(3) Changes in accounting estimates: None
(4) Retrospective restatement: None
2. Number of investment units issued and outstanding(1) The number of investment units issued and outstanding (including treasury investment units) as of theperiod-end:
As of May 31, 2017:597,500 units

As of November 30, 2016:

597,500 units(2) The number of treasury investment units as of the period-end:
As of May 31, 2017:– units

As of November 30, 2016:– units

Disclaimer:* As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has
been completed for the financial statements.
* The forecasts for the fiscal period from June 1, 2017 to November 30, 2017 and from December 1, 2017 to May 31, 2018 arebased on certain assumptions currently available to Hankyu REIT Inc. Actual operating revenues, operating income, ordinary
income, net income, and distribution per unit may differ substantially due to changes in conditions and the forecasts do notguarantee any cash distribution amounts.

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