December 14, 2018

Financial Report for the Fiscal Period Ended October 31, 2018
(For the Reporting Period from May 1, 2018 to October 31, 2018)
Name of REIT issuer:

Sekisui House Reit, Inc. (“SHR”)

Stock exchange listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange3309
http://sekisuihouse-reit.co.jp/en/
Junichi Inoue, Executive Director

Asset management company:
Representative:
Inquiries:

Sekisui House Asset Management, Ltd.
Junichi Inoue, President & Representative Director
Yoshiya Sasaki, Chief Manager, Investor Relations Department
TEL: +81-3-6447-4870

Scheduled date to file securities report:
Scheduled date to commence distribution payment:
Preparation of supplementary material on financial report:
Holding of financial report presentation meeting:January 28, 2019
January 18, 2019
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

1. Summary of financial results for the fiscal period ended October 31, 2018
(May 1, 2018 – October 31, 2018)(1) Operating results(Percentages show changes from the previous period)
Operating Revenue
Fiscal period endedOctober 31, 2018
April 30, 2018

Millions of yen

Operating Income% Millions of yen

12,174
4,655

161.5
1.6

Net Income per Unit

5,793
2,994

93.5
0.2

5,109
2,622

94.8(0.2)

%

1,967
1,352

Net Income% Millions of yen

Ordinary Income toTotal Assets

Return on Equity

Yen

Fiscal period ended
October 31, 2018
April 30, 2018

Ordinary Income% Millions of yen

7,402
2,621%

182.4(0.2)

Ordinary Income toOperating Revenue
%

3.0
2.3%

1.1
1.3

42.0
56.3

(Note1) Each figure of Fiscal period ended April 30, 2018 shows the figures for SHR before the merger of SHR and Sekisui
House Residential Investment Corporation. The same applies hereinafter.
(Note2) Net income per unit is calculated by dividing net income by the day-weighted average number of investment units
outstanding during the period.
(Note3) SHR implemented a 2-for-1 split of the investment units on May 1,2018 as the effective date. Net Income per Unit iscalculated under assumption that the split implements on beginning of the Fiscal period ended April 30, 2018.

(2) Distributions
Distributions
per Unit

Total
Distributions

Distributions in
Total
Distributions
Excess ofDistributions in
Payout Ratio to Net Assets(excluding(excludingEarnings
Excess ofDistributions inDistributions inper Unit
Earnings
Excess of Earnings) Excess of Earnings)
Fiscal period ended
October 31, 2018
April 30, 2018

Yen

1,554
2,705

Millions of yen

5,846
2,621

Yen

00

Millions of yen

00%

79.0
100.0%

2.4
2.3

This is an English translation of summarized financial report translated for informational purposes only. If there isany discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-1-(Note) Total Distribution for the Fiscal period ended October 31, 2018 is not the same amount as Net Income because theamount that part of the gain on negative goodwill excluded from Net Income will be distributed.

(3) Financial position
Total Assets

Net Assets

Equity Ratio

Net Assets per Unit

Millions of yen

Millions of yen%

Yen
As ofOctober 31, 2018457,588245,663
53.7
65,299April 30, 2018
207,450
112,810
54.4
58,209(Note) SHR implemented a 2-for-1 split of the investment units on May 1,2018 as the effective date. Net Income per Unit iscalculated under assumption that the split implements on beginning of the Fiscal period ended April 30, 2018.

Net Cash
Provided by (Used in)Operating Activities

Net Cash
Provided by (Used in)Investing Activities

Net Cash
Provided by (Used in)
Financing Activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

25,821
4,000(27,064)
(36)

2,326
(2,625)22,0909,613(4) Cash flows

Fiscal period ended
October 31, 2018
April 30, 2018

Cash and Cash
Equivalents
at End of Period

2. Forecasts of performance for the fiscal period ending April 30, 2019 (November 1, 2018 – April 30,2019) and the fiscal period ending October 31, 2019 (May 1, 2019 – October 31, 2019)

OperatingRevenue(Percentages show changes from the previous period)
Distributions
per Unit Distributions
in Excess of(excluding
Ordinary Income Net IncomeEarnings
Distributions in
Excess ofper Unit

OperatingIncomeEarnings)

Fiscal period ending
April 30, 2019
October 31, 2019

Millionsof yen12,12012,050%

(0.4)
(0.6)

Millionsof yen6,353
6,267%

9.7(1.4)

Millionsof yen5,624
5,538%

10.1(1.5)

Millionsof yen5,624
5,537%(24.0)(1.5)

Yen

1,5371,532Yen00(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the Fiscal period ending April 30, 2019:
1,494 yen
For the Fiscal period ending October 31, 2019:
1,471 yen
(Note) For the Fiscal period ending April 30, 2019 and October 31, 2019, the distributions per unit are different from theforecasted net income per unit because it is premised that source of the distributions includes the drawdown amountfor reserve for temporary difference adjustment; 158 million yen for the Fiscal period ending April 30, 2019 and 225
million yen for October 31, 2019.

This is an English translation of summarized financial report translated for informational purposes only. If there isany discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-2-

* Other(1) Changes in accounting policies, changes in accounting estimates, and retrospective restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Noneb. Changes in accounting policies due to reasons other than a. above:Nonec. Changes in accounting estimates:
None
d. Retrospective restatement:
None(2) Number of investment units issued
a. Number of investment units issued at end of period (including treasury investment units)
As of October 31, 2018: 3,762,091 units
As of April 30, 2018:
969,000 units
b. Number of treasury investment units at end of period
As of October 31, 2018:– units
As of April 30, 2018:– units* Status of audit procedures
As of the time of disclosure of this financial report, audit procedures for the financial statements pursuant
to the Financial Instruments and Exchange Act of Japan are not yet completed.
* Remarks on appropriate use of forecasts of performance and other special notes
Forward-looking statements presented in this financial report, including forecasts of performance, arebased on information currently available to SHR and on certain assumptions it deems to be reasonable.
As such, actual operating and other results may differ materially from these forecasts as a consequenceof numerous factors. These forecasts do not guarantee the distribution amount.

This is an English translation of summarized financial report translated for informational purposes only. If there isany discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

-3-