June 15, 2015

Financial Report for the Fiscal Period Ended April 30, 2015
(For the Reporting Period from September 8, 2014 to April 30, 2015)
Name of REIT issuer:

Sekisui House Reit, Inc. (“SHR”)

Stock exchange listing:
Securities code:
URL:
Representative:

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

Asset management company:
Representative:
Inquiries:

Sekisui House Investment Advisors, Ltd.
Junichi Inoue, President & Representative Director
Atsuhiro Kida, Director & General Manager, Management Division
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:

July 29, 2015
July 21, 2015
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

1. Summary of financial results for the fiscal period ended April 30, 2015 (First Fiscal Period)(September 8, 2014 – April 30, 2015)(1) Operating results
Operating Revenue
Fiscal period endedApril 30, 2015

Millions of yen2,108

Operating Income% Millions of yen% Millions of yen% Millions of yen%––––Net Income per Unit
Fiscal period endedApril 30, 2015

(Percentages show changes from the previous period)
Ordinary IncomeNet Income

1,580

Ordinary Income toTotal Assets

Return on Equity

Yen

1,014%

2,525

1.5

1,013

Ordinary Income toOperating Revenue
%

0.8%

48.1

(Note 1) Although the accounting period for SHR’s fiscal period ended April 30, 2015 includes 235 days from September 8,2014 to April 30, 2015, its actual asset management period covers only 149 days from December 3, 2014 to April30, 2015.
(Note 2) Net income per unit was 1,614 yen, if calculated based on the day-weighted average number of investment units
outstanding during the period assuming the beginning date of the fiscal period is December 3, 2014, the beginning
date of the actual asset management period (627,771 units).
(Note 3) Return on equity and ordinary income to total assets were each calculated based on the respective day-weighted
average amounts of equity and total assets during the period assuming the beginning date of the fiscal period isDecember 3, 2014, the beginning date of the actual asset management period. The amounts of equity and total assets
as of December 3, 2014, were each calculated by aggregating the figures as of the end of November 2014 withtransactions from December 1, 2014 to December 3, 2014.
(Note 4) The purpose of the percentages of operating revenue, operating income, ordinary income and net income is to showchanges from the previous period. However, no applicable figures are shown for the period ended April 30, 2015, as
this period was SHR’s first fiscal period.

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

-1-(2) Distributions
Total
Distributions

Distributions
per Unit

Distributions in
Total
Distributions
Excess ofDistributions in
Payout Ratio to Net Assets(excluding(excluding
Earnings per
Excess ofDistributions inDistributions in
Unit
Earnings
Excess of Earnings) Excess of Earnings)
Yen

Fiscal period endedApril 30, 2015(Note)

Millions of yen

1,603

Yen

1,013

Millions of yen

0%0100.0%1.5

The payout ratio was calculated by the following formula because the number of investment units changed during
the period due to issuances of new investment units during the period.
Payout ratio = Total distributions (excluding distributions in excess of earnings) / Net income × 100(3) Financial position
Total Assets

Net Assets

Equity Ratio

Net Assets per Unit

Millions of yen

Millions of yen

129,482

68,08752.6

107,733

Net Cash
Provided by (Used in)Operating Activities

Net Cash
Provided by (Used in)Investing Activities

Net Cash
Provided by (Used in)
Financing Activities

Cash and Cash
Equivalents
at End of PeriodMillions of yen

Millions of yen

Millions of yen

Millions of yen(1,059)(108,317)

121,954

12,577

As ofApril 30, 2015%Yen(4) Cash flows

Fiscal period endedApril 30, 2015

2. Forecasts of performance for the fiscal period ending October 31, 2015 (May 1, 2015 – October 31,2015) and the fiscal period ending April 30, 2016 (November 1, 2015 – April 30, 2016)

OperatingRevenue(Percentages show changes from the previous period)
Distributions
per Unit Distributions
in Excess of(excludingOrdinary Income Net Income
Distributions in Earnings perExcess ofUnit

OperatingIncomeEarnings)

Fiscal period ending
October 31, 2015
April 30, 2016

Millionsof yen

3,379
3,467%

60.3
2.6

Millionsof yen

2,269
2,264%

43.6(0.2)

Millionsof yen

1,923
1,938%

89.5
0.8

Millionsof yen

1,922
1,937%

89.7
0.8

Yen

2,420
2,440

Yen

00(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the fiscal period ending October 31, 2015:
2,420 yen
For the fiscal period ending April 30, 2016:
2,440 yenThis is an English translation of summarized financial report translated for informational purposes only. If there
is any 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 April 30, 2015:
632,000 units
b. Number of treasury investment units at end of period
As of April 30, 2015:– 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.
• At a meeting of the board of directors held on April 24, 2015, SHR passed a resolution to carry out
issuances of new investment units through public offering and by way of third-party allocation.
Payment was completed for the issuance of new investment units through public offering on May 19,
2015, and payment was completed for the issuance of new investment units by way of third-party
allocation on June 12, 2015.
The above “2. Forecasts of performance for the fiscal period ending October 31, 2015 (May 1, 2015 –October 31, 2015) and the fiscal period ending April 30, 2016 (November 1, 2015 – April 30, 2016)”
are based on the assumption of 794,000 units, comprising 632,000 units issued as of April 30, 2015
with the addition of the 154,200 units issued through public offering and the 7,800 units issued by wayof third-party allocation.

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

-3-