September 12, 2014

Financial Results for the Fiscal Period Ended July 31, 2014
Name: Comforia Residential REIT, Inc
Listed Stock Exchange: Tokyo Stock Exchange
Security Code: 3282
URL: http://comforia-reit.co.jp/english/
Representative: Hiroyuki Tohmata, Executive Director
Asset Management Company: TLC Comforia Investment Management INC.
Representative: Hiroyuki Tohmata, President & CEO
Inquires: Nobuhide Kashiwagi, Director, General Manager of Finance & Accounting department
TEL: +81-3-6415-6200
Scheduled Issue Date of Securities Report: October 29, 2014
Scheduled Commencement Date of Cash Distribution: October 17, 2014
Supplementary Presentation Material on Financial Results: Yes
Presentation Meeting of Financial Results: Yes (for institutional investors and analysts)(Figures less than one million yen are rounded down)

1. Results of Operating and Assets for the Fiscal Period Ended July 31, 2014 (February 1, 2014 - July 31, 2014)(1) Operating Results(Percentages show changes compared to the previous period)
Operating Revenues
Million yen%
Period Ended
Jul. 31, 2014
Period Ended
Jan. 31, 2014

Operating Income
Million yen%

Ordinary Income
Million yen%

Net Income
Million yen%

4,017( 50.3)

2,105( 47.4)

1,719( 51.7)

1,718( 51.8)

2,673( 3.4)

1,427( 1.9)

1,133( 3.7)

1,132( 3.7)

Return on Equity(ROE)

Net Income Per Unit

Return on Assets
(ROA)

Yen
Period Ended
Jul. 31, 2014
Period Ended
Jan. 31, 2014
Note:%%

Ordinary Income toOperating Income Ratio
%

4,291

3.7

1.7

42.8

4,203

3.2

1.4

42.4

Comforia Residential REIT, Inc (“CRR”) implemented a four-for-one split of investment units with the effective date of August 1,2014. “Net Income Per Unit” is calculated on the assumption that this split of investment units was implemented at the start of theperiod ended January 31, 2014.

(2) Cash Distributions
Cash
Distribution
Per Unit(excluding CashDistribution
in Excess ofNet Income)
Yen
Period Ended
Jul. 31, 2014
Period Ended
Jan. 31, 2014
Note:

Cash
Distribution
in Excess ofNet Income
Per Unit

Total CashDistributions
in Excess ofNet Income

Million yen

Yen

Million yen

17,074

1,718

00

99.9

3.1

16,813

1,132

00

100.0

3.2

Total CashDistributions

Payout Ratio%

Payout ratio for the period ended July 31, 2014 was calculated as follows :Payout ratio ＝ Total distributions ÷ Net income ×100 （Payout ratio is rounded down to the first decimal place）- 1 -Distribution
Ratio
to Net Asset%

(3) Financial Position
Total Assets
Million yen
Period Ended
Jul. 31, 2014
Period Ended
Jan. 31, 2014
Note:

Net Assets
Million yen

Capital Adequacy Ratio%

Net Assets Per Unit
Yen

125,866

58,62946.6

145,60980,35435,12743.7

130,368

CRR implemented a four-for-one split of investment units with the effective date of August 1, 2014. “Net Assets Per Unit” iscalculated on the assumption that this split of investment units was implemented at the start of the period ended January 31, 2014.

(4) Cash Flows
Cash Flows fromOperating Activities
Period Ended
Jul. 31, 2014
Period Ended
Jan. 31, 2014

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash andCash Equivalents
at End of Period
Million yen

Million yen

Million yen

Million yen

2,806ᇞ 42,580

42,580

6,701

1,652

ᇞ 3,681

1,748

3,895

2. Forecasts of Financial Results for the Fiscal Period Ending January 31, 2015 (August 1, 2014 - January 31, 2015)(Percentages show changes compared to the previous period)
CashDistribution
CashPer Unit
Distribution
OperatingOperatingOrdinary
Net Income(excluding Cashin Excess ofRevenues
IncomeIncomeDistribution
Net Income
in Excess ofPer UnitNet Income)Million yen (%) Million yen (%) Million yen (%) Million yen (%)
Yen
Yen
Period Ended
4,026 ( 0.2)
2,097 (ᇞ 0.3)
1,700 (ᇞ 1.1)
1,699 (ᇞ 1.1)
Jan. 31, 2015
(Reference) Forecast of net income per unit (fiscal period ending January 31, 2015) is 4,220 yen.

4,22003. Others(1) Changes in accounting policies, changes in accounting estimates, and retrospective restatementa. Changes in accounting policies due to reversions in accounting standard: Noneb. Changes not mentioned in a. above: Nonec. Changes in accounting estimates: None
d. Retrospective Restatement: None
(2) The number of investment units issued
a. The number of investment units issued at end of period (including treasury units)
Fiscal Period Ended July 31, 2014: 100,662 units
Fiscal Period Ended January 31, 2014: 67,361 units
b. The number of treasury units at end of period
Fiscal Period Ended July 31, 2014: 0 units
Fiscal Period Ended January 31, 2014: 0 units(Note) Net income per unit is calculated by dividing net income by the weighted average number of investment
unit.
*Status of audit proceduresThis material is outside the scope of audit procedures based on the Financial Instruments and Exchange Act Japan(Act No. 25 of 1948, including subsequent revisions, hereinafter referred to as the “Financial Instruments andExchange Act”). As of the time of disclosing this material, audit procedures for the financial statements based on theFinancial Instruments and Exchange Act are incomplete.
*Appropriate use of forecasts of financial results and other special items
1. Forward-looking statements in this material including forecasts of financial results are based on information- 2 -currently available to us and on certain assumptions we deem to be reasonable. Therefore, actual operating andother results may differ materially due to various factors. In addition, the forecasts do not guarantee the payment of
the amount.
2. CRR implemented a four-for-one split of investment units with the effective date of August 1, 2014. “2. Forecasts ofFinancial Results for the Fiscal Period Ending January 31, 2015 (August 1, 2014 - January 31, 2015)” is based on
the number of investment units issued and outstanding after the split of investment units(402,648 units).
This material is a translated excerpt from Brief Announcement on the Financial Result (“Kessan Tanshin”) in Japanese released
today, and is for reference purposes only. If any discrepancies arise between this material and the original Japanese version, the later
will prevail.

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