May 30, 2019
For Immediate Release
Advance Residence Investment
CorporationSecurities Code：3269
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Kenji Kousaka, Executive Director
Asset Management Company:
AD Investment Management Co., Ltd.
Kenji Kousaka, President
Inquiries:
Hiroshi Kawakami, Managing Director, CFO
TEL. +81-3-3518-0480

Notification Concerning Changes of Executive Director andAsset Management Company President
Kenji Kousaka, Executive Director of Advance Residence Investment Corporation (ADR) will
resign on June 14, 2019. Due to this resignation, Substitute Executive Director Takeshi Takano willassume the position of Executive Director on the same date.
In addition, the President of AD Investment Management Co., Ltd. (ADIM), the asset
management company to which ADR entrusts the management of its assets will also change.
1. The Resigning Executive Director(resignation date: June 14, 2019)

Kenji Kousaka
2. The Executive Director to be Appointed(appointment date: June 14, 2019)

Takeshi Takano(Please refer to Attachment 1 for the appointee’s brief career summary)Takeshi Takano was appointed as a substitute executive director at the 4th General
Unitholders’ Meeting held on October 26, 2017, therefore meets the requirements as anexecutive director.
3. The Change of President at ADIM

(change date: June 14, 2019)

The Retiring President:Kenji Kousaka(Please refer to Attachment 2 for Kenji Kousaka’s Achievement during his tenure)
He is scheduled to be elected as a non-executive director at the general shareholders’meeting on June 14, 2019.
The Person to be appointed President: Takeshi Takano
In compliance with applicable laws, ordinances and regulations, required filings and otherprocedures will be performed in relation to this matter.
About Advance Residence Investment Corporation
Advance Residence Investment Corporation is the largest residential J-REIT, investing in over 260 rental apartments locatedmostly in central Tokyo and in other major cities throughout Japan (AUM over 400 billion yen). ADR can be expected have astable dividend in the long-term and can be considered as a defensive J-REIT, on back of the stable income from residential
assets and with the largest dividend reserve among J-REITs.
ADR’s website: https://www.adr-reit.com/en/[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

1Attachment 1:

Appointee’s Brief Career SummaryName(date of birth)

Title

Executive Director,
Advance Residence(June 19, 1963) Investment Corporation
TakeshiTakanoPresident andRepresentative Director,
AD Investment
Management Co., Ltd.

Note:

Brief Career Summary
June 2019

To be appointed to Executive Director ofADR and President of ADIM.

April 2019

Appointed to Senior Managing Director(currently serving)

April 2018

Appointed to Senior Managing Director,
General Manager of Investment and AssetManagement DivisionOctober 2017

Appointed to Substitute ExecutiveDirector(currently serving)

March 2010

Appointed Executive Director and Head ofInvestment & Asset Management
Department of ADIM.

February 2008

Appointed Representative DirectorJune 2004

Appointed Director of Pacific Investment
Advisors Corporation (Note)

May 2001

Joined Pacific Management Corporation

November 1996

Joined Yamato Glass Co., Ltd.

January 1985

Joined Musashi-Fuchu Aoiro Incorporated
Association

Pacific Investment Advisors Corporation changed its name to Pacific Residential Corporation on June 1, 2008
and merged with ADIM on March 1, 2010.

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Attachment 2Achievements of Kenji Kousaka during His Tenure as President
1. The market capitalization of ADR grew by 16 times
2. Became the first J-REIT company to decide on a merger between REITs
3. By the time of retirement he will have held the longest tenure as a president of a J-REIT asset
management company
Kenji Kousaka became Representative Director and President of ADIM and Executive Directorof the pre-merger Advance Residence Investment Corporation in April 2008.
By the time he retires on June 14, 2019, as president of ADIM, he will have served for 11 years
and two months, which will be the longest tenure of any J-REIT asset management company
presidents.
During his tenure, the company became the first J-REIT to decide on a merging with another JREIT. After the successfully merging with Nippon Residential Investment Corporation, he oversaw,
with an aim of realizing the merged REIT’s (ADR) management objective of having a stable
distribution on long-term basis, portfolio replacements as well as timely and aggressive acquisitionsof assets that were depressed in value due to the aftermath of the financial crisis.
All the while, he managed to improve ADR’s financial foundation. As a result, ADR has “AA”
credit ratings from rating agencies, one of the highest among residential J-REITs.
Moreover, under his watch, to meet the challenges of maintaining and improving the value of theADR’s portfolio, ADIM, became the only company among J-REIT asset management companies tobe registered as first class architect office.
These and other initiatives taken during his tenure contributed to the growth of the market
capitalization of ADR. It has grown just over five times after the merger and just over 16 times if
measured from the time of his appointment.
As a side note, an article on the online edition of Nikkei dated, April 22, 2019, titled “RetiringPresidents’ Report Card,” reported that the chart topping president’s company’s market cap grew by
20.1 times during his tenure, the second place grew his company’s market cap by 5.1 times.

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