Translation
November 15, 2017

Financial Report for the Fiscal Period ended September 30, 2017

Name of Real Estate Investment Trust Securities Issuer :Stock Exchange Listing :URL :Representative :Sekisui House Residential Investment Corporation

Asset Management Company :Representative :Inquiries :Sekisui House Asset Management, Ltd.
Osamu Minami, President
Koichi Iso, General Manager, Management Department
TEL: +81-3-5770-8973 (main)

Planned Date of Submission of the Securities Report :Planned Commencement Date of Distribution Payment :December 26, 2017 (Japanese only)
December 15, 2017

Preparation of Supplementary Material on Financial Report :Holding of Financial Report Presentation Meeting :Yes
Yes (for institutional investors and analysts)

Tokyo Stock Exchange (code number 8973)

http://www.shi-reit.co.jp/eng/
Osamu Minami, Executive Director(Note: Figures rounded down to nearest million yen)

1. Performance for the Fiscal Period ended September 30, 2017 (April 1, 2017 to September 30, 2017)(1) Operating Results*Percentages indicate changes over the previous fiscal period.
Operating Revenue

Fiscal period ended
September 30, 2017
Fiscal period ended
March 31, 2017

Operating IncomeOrdinary Income

Net Income

Million yen％*

Million yen％*

Million yen％*

Million yen％*

6,916(0.0)

3,001(1.9)

2,494(0.3)

2,493(0.3)

6,919

3.4

3,060

11.7

2,502

14.1

2,501

14.1

Net Income
per Unit
Fiscal period ended
September 30, 2017
Fiscal period ended
March 31, 2017

Return on Unitholders’Equity (ROE)

Ordinary Income toTotal Assets

Ordinary Income toOperating Revenue

Yen％％％

2,255

2.5

1.2

36.1

2,288

2.6

1.2

36.2

(2) Distributions
Distribution
per Unit(excluding
Distribution in
Excess ofEarnings)
Fiscal period ended
September 30, 2017

Total Distributions(excludingDistribution in
Excess ofEarnings)

Distribution in
Excess ofEarnings per Unit

TotalDistributions in
Excess ofEarnings

Yen

Million yen

Yen

Million yen％％

2,255

2,492

00

100.0

2.5

Distribution
Ratio toNet Assets

Payout Ratio

Fiscal period ended
2,234
2,469
0098.7
2.5
March 31, 2017
Note 1: Distribution per unit for the fiscal period ended March 31, 2017 is calculated based on the amount of unappropriated retained earnings less theamount of reserve for reduction entry of 31 million yen, divided by the number of investment units issued as of the end of the fiscal period.
Note 2: The payout ratio is rounded down to the first decimal place.
Note 3: The payout ratio for the fiscal period ended March 31, 2017 is calculated by the following formula as new investment units were issued:
Payout Ratio = Total Distributions (excluding Total Distributions in Excess of Earnings) ÷ Net Income × 100

1This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.

(3) Financial Position
Total Assets

Net Assets

Unitholders’ Equity Ratio

Net Assets per Unit

Million yen

Million yen%

Yen

210,009

101,34148.3

91,669210,166

101,31848.2

91,648

Fiscal period ended
September 30, 2017
Fiscal period ended
March 31, 2017(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at the End of
the Fiscal Period

Million yen

Million yen

Million yen

Million yen

4,127(452)(2,646)

9,918

5,150

(9,747)

4,477

8,889

Fiscal period endedSeptember 30, 2017
Fiscal period ended
March 31, 2017

2. Forecasts of Operating Results for the Fiscal Periods ending March 31, 2018 (October 1, 2017 to March 31,2018) and September 30, 2018 (April 1, 2018 to September 30, 2018)

Operating
Revenue

Million yen

Operating Income％*

Million yen％**Percentages indicate changes over the previous fiscal period.
Distributionper Unit
Distribution inNet(excluding
Excess ofIncome
Distribution inEarnings per Unit
Excess of Earnings)

Ordinary
IncomeMillion yen％*

Million yen％*

YenYenFiscal period ending
6,965
0.7
2,986(0.5)
2,467(1.1)
2,465(1.1)
2,2300March 31, 2018
Fiscal period ending
6,902(0.9)
2,950(1.2)
2,434(1.3)
2,432(1.3)
2,2000
September 30, 2018
Reference: Estimated net income per unit for the fiscal period ending March 31, 2018: 2,230 yen; and for the fiscal period ending September 30, 2018:
2,200 yen

Explanation concerning the Proper Use of the Forecasts of Operating Results and Other Issues to be Noted
Descriptions with regard to future issues including the forecasts of operating results are based on the current information
held by the Sekisui House Residential Investment Corporation and certain assumptions it deems reasonable. The actual
operating results may materially differ from the forecasts for various reasons. The forecasts are not intended to assure theamount of distributions to investors.

2This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.