TRANSLATION
June 8, 2016
Real Estate Investment Trust Securities Issuer
Sekisui House SI Residential Investment Corporation
3-1-31 Minami-Aoyama, Minato-ku, Tokyo
Representative: Osamu Minami, Executive Director(Securities Code: 8973)
Asset Management Company
Sekisui House SI Asset Management, Ltd.
3-1-31 Minami-Aoyama, Minato-ku, Tokyo
Representative: Osamu Minami, President
Inquiries:
Yoshiya Sasaki, General Manager
IR & Financial Affairs Department
TEL: +81-3-5770-8973 (main)[Correction] Presentation Material for the 21st Fiscal Period
Sekisui House SI Residential Investment Corporation (the “Investment Corporation”) hereby announces that there wereerrors in part of Presentation Material for the 21st Fiscal Period announced on June 1, 2016, and the Investment
Corporation corrects such errors as described below. Furthermore, Corrected Presentation Material for the 21st Fiscal
Period has been uploaded on the Investment Corporation’s website.
Correction to the Presentation Material for the 21st Fiscal Period[Corrected Part (underlined)](1) Page 18 “Residential Properties Occupancy Status by Investment Area”“Change in Occupancy Ratios by Investment Area”
The Occupancy Ratio of Greater Tokyo/ Major Urban Areas as of End of Mar. 2016 (end of 21st FP) in the line graph
Before Correction: 96.5%
After Correction: 96.6%※ Please refer to the attachment-A.
(2) Page 20 “Residential Properties Leasing Status on Long-Term Vacancies”“Status of New Contracts by Length of Vacancy”i) Bottom left of the page, Second of the bullet points
Before Correction: As shown on the right, the number of units vacant at the end of period with a vacancy period of
100 days or more decreased from 91 to 41 units from the end of the 20th FP to the end of the 21stFP (of the above-mentioned 91 units, 82 were newly contracted during the 21st FP)
After Correction: As shown on the right, the number of units vacant at the end of period with a vacancy period of
100 days or more decreased from 91 to 40 units from the end of the 20th FP to the end of the21st FP (of the above-mentioned 91 units, 82 were newly contracted during the 21st FP)ii) Bottom right of the page, “Changes in Number of Units Vacant at Period-End by Length of Vacancy”
Length of vacancy 100 days or more as of FP ended Mar. 31, 2016 (21st FP)Before Correction: 41 units (Decrease of 50 units)
After Correction: 40 units (Decrease of 51 units)

This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.
1Number of vacant units as of FP ended Mar. 31, 2016 (21st FP)
Before Correction: 270 units (Decrease of 65 units)
After Correction: 269 units (Decrease of 66 units)※ Please refer to the attachment-B.
(3) Page 21 “Status of Selected Management Data on Residential Properties”“Trend in Unit Rent per Tsubo for Occupied Space”
Based on residential properties owned as of the end of the 20th FP
Period-end unit rent per tsubo as of End of FP ended March 2016 (end of 21st FP)
Before Correction: Greater Tokyo/ Major Urban Areas ¥12,838, Overall ¥10,519
After Correction: Greater Tokyo/ Major Urban Areas ¥12,839, Overall ¥10,520
Based on residential properties owned as of the end of the 21st FP
Period-end unit rent per tsubo as of End of FP ended March 2016 (end of 21st FP)
Before Correction: Greater Tokyo/ Major Urban Areas ¥12,834, Overall ¥10,535After Correction: Greater Tokyo/ Major Urban Areas ¥12,835, Overall ¥10,536※ Please refer to the attachment-C.
(4) Page 53 “List of Properties Owned at End of Period”
Residence-27 Esty Maison MINAMIAZABU Occupancy Ratio as of Mar. 31, 2016
Before Correction: 96.2%
After Correction: 98.1%※ Please refer to the attachment-D.

* Sekisui House SI Residential Investment Corporation website: http://www.shsi-reit.co.jp/eng/

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

[Attachment-A] Residential Properties Occupancy Status by Investment Area
Greater Tokyo / Major Urban Areas

Greater Tokyo / Other Urban Areas

Major Cities Nationwide

Continuing to maintain high occupancy in Tokyo’s 23wards as well as high occupancy of over 98% (periodaverage) in the Yokohama and Kawasaki areas

There was weakness in occupancy at the beginning of
the period but with gradual recovery and support by thehigh occupancy of newly acquired property

The period-end occupancy ratio was 97.7% as a result ofstrong performance with the contribution of highoccupancy in the Nagoya and Fukuoka areas

Average occupancy ratio during the FP:

Average occupancy ratio during the FP:

Average occupancy ratio during the FP:

96.2% (+0.4pt year-on-year)

94.6% (-1.5pt year-on-year)

96.6% (-0.2pt year-on-year)

Number of properties:

66 properties

Total leasable area:

172,475.36m2

Number of leasable units:

5,035 units

Area data

Area data

Number of properties:

6 properties

Total leasable area:

18,663.14m2

Number of leasable units:

420 units

Number of properties:

34 properties

Total leasable area:

162,597.04m2

Number of leasable units:

3,645 units

Area data

As a result of focusing on leasing for units that were vacant for a long period in addition to normal leasing, the average occupancy
ratio for the 21st FP increased 0.1 points year-on-year

Change in Occupancy Ratios by Investment Area

Greater Tokyo/Major Urban Areas
Major Cities Nationwide

Greater Tokyo / Other Urban Areas
Residences overall

100%
97.7%

97.5%

96.8%

97.7%
96.7%

96.6%
95.9%

96.3%

96.6%
96.6%
95%

96.4%
97.0%

96.7%

95.5%
94.6%

95.3%

94.1%

96.7%

96.0%

1

96.2%

90%

Average occupancy ratio： 95.7%during the 18th FP
85%
End of Mar. 2014(End of 17th FP)

End of June

Average occupancy ratio
during the 19th FP ： 96.2%

End of Sept. 2014(End of 18th FP)

End of Dec.

Average occupancy ratio
during the 20th FP ： 95.5%

End of Mar. 2015
(End of 19th FP)

End of June

Average occupancy ratio： 96.3%during the 21st FP

End of Sept. 2015
(End of 20th FP)

End of Dec.

End of Mar. 2016(End of 21st FP)

Note: “Change in occupancy ratios by investment area” above shows the month-end occupancy ratios with classification by investment area based on residential properties owned as of the end of each month and are rounded to the nearest fist decimal place.
Moreover, the “average occupancy ratios during the periods” are the average occupancy ratios as of the end of each month duri ng each period. Furthermore, “area data” shows figures for properties owned as of the end of the 21st FP (ended March 31, 2016).

18

[Attachment-B] Residential Properties Leasing Status on Long-Term Vacancies
Status of New Contracts by Length of Vacancy
FP ended September 30, 2015 (20th FP)

FP ended March 31, 2016 (21st FP)

Length of vacancy since cancellation date of previous tenant

Overall

Length of vacancy since cancellation date of previous tenant

OverallLess than 100 days

100 days or moreOf this, 200 days ormore

Less than 100 days

100 days or moreOf this, 200 days ormore

No. of new contract(Composition ratio)

816(100%)

637(78.1%)

179(21.9%)36(4.4%)887(100%)600(67.6%)

287(32.4%)78(8.8%)

Total increase
in rent(number of cases)¥1,744thousand(316)¥1,476thousand(270)¥268
thousand(46)¥91
thousand(3)¥1,576thousand(327)¥1,176thousand
(254)

¥400
thousand(73)¥54
thousand(14)

Total decrease
in rent(number of cases)-¥1,326
thousand
(228)

-¥719
thousand
(149)

-¥607
thousand
(79)

-¥241
thousand(23)-¥1,517thousand
(277)

-¥608
thousand
(133)

-¥909
thousand
(144)

-¥352
thousand(51)

Change in rent (net)¥417
thousand¥757
thousand-¥339
thousand-¥150
thousand¥59
thousand¥567
thousand-¥508
thousand-¥298
thousandRate of change in rent
against previous rent

0.4%

1.0%

-1.5%

-3.0%

0.1%

0.8%

-1.5%

-3.2%

 As a result of focusing on leasing for units that were vacant for along period, number of new contracts and the composition ratio
at units that have been vacant for 100 or more days since thecancellation date of the previous tenant significantly increased As shown on the right, the number of units vacant at the end ofperiod with a vacancy period of 100 days or more decreased from91 to 40 units from the end of the 20th FP to the end of the 21st FP(of the above-mentioned 91 units, 82 were newly contracted
during the 21st FP)
From a mid- to long-term perspective the progress ofleasing of units that were vacant for a long period has had apositive effect on the occupancy ratio and profitability

Changes in Number of Units Vacant at Period-End
by Length of Vacancy
Length of vacancy
100 days or more

Length of vacancy
Less than 100 days

91 units

82 of 91 units
newly contracted
during the 21st FP

244 units

Decrease of51 units
40 units

229 units

FP ended Sept. 30,2015(20th FP)

183-day
periodFP ended Mar. 31,
2016(21st FP)

Number ofvacant units

335 units

Decrease of66 units

269 units

Number of leasable units(pass-through type)

6,959 units

Increase of
149 units

7,108 units

Note: In the “length of vacancy since cancellation date of previous tenant” above, the figure for units that were vacant at the point of acquisition regarding properties acquired during each period are calculated with the date of acquisition as the first day ofvacancy. Moreover, “number of vacant units” and “number of leasable units” above do not include shops and offices within residential properties and units of residential properties that have master lease agreements with rent guarantee concluded
with master lease companies and that are leased to a single tenant for its calculation.

20

[Attachment-C] Status of Selected Management Data on Residential Properties
Trend in Unit Rent per Tsubo for Occupied Space
Based on residential properties owned
as of the end of the 21st FP

Based on residential properties owned as of the end of the 20th FP
End of FP
ended September 2015(end of 20th FP)

End of FP
ended March 2016(end of 21st FP)

End of FP ended March 2016(end of 21st FP)

Rate of change
in unit rent per tsubo

Period-end
occupancy ratio

Period-end unit
rent per tsubo

Period-end
occupancy ratio

Period-end unit
rent per tsubo(against end of 20th FP)

Period-end
occupancy ratio

Period-end unit
rent per tsubo

Greater Tokyo /Major Urban Areas

95.4%¥12,849

96.3%¥12,839

-0.1%

96.2%

¥12,835

Greater Tokyo /Other Urban Areas

95.9%¥7,641

96.1%¥7,653

0.2%

96.0%

¥7,832Major Cities
Nationwide

94.5%¥7,31496.0%¥7,312

-0.0%

96.0%

¥7,312Overall

95.1%¥10,532

96.2%¥10,520

-0.1%

96.1%

¥10,536* Above “Based on residential properties owned as of the end of the 20th FP” is calculated with the exclusion of Esty Maison IMAIKE disposed as of January 28, 2016 for its calculation. Moreover, the figures do not include the rent of shops and offices
within residential properties as well as the floor area and the rent of residential properties that have master lease agreements with rent guarantee concluded with master lease companies for its calculation.

Changes in Key Money Acquisition Rate
100%

Changes in Renewal Rate

The key money acquisition rate recovered to the50% level in the 21st FP

100%

Continuously secured 80% level for renewal rate

50%

60.8%

52.8%

54.7%

48.8%

56.6%

17th FP

18th FP

19th FP

20th FP

21st FP

83.2%

85.2%

85.8%

82.8%

87.4%

17th FP

18th FP

19th FP

20th FP

21st FP50%

0%

Note: The “key money acquisition rate” indicates ratio of cases in which the Investment Corporation was able to acquire key money among the number of new contracts in each period. Moreover, the “renewal rate” is the ratio of the number of residential units
at which contracts were renewed among the number of residential units with contracts maturing during each period. Both of these ratios are rounded to the nearest first decimal place.

21

[Attachment-D] List of Properties Owned at End of Period (1)Acquisition Price
Property No.

Property Name

Location

Site Area(m2)Total FloorArea(m2)

Price(Million yen)Occupancy Ratio (%)
Estimated
Value at
End ofAs of Sept. 30, As of Ｍａｒ. 31,Period2015
2016(Million yen)

Ratio(%)

Completion DateResidence- 1

Esty Maison GINZAGinza, Chuo-ku, Tokyo

636.36

7,836.57

5,290

2.7

6,090

97.6

95.2 February 7, 2005

Residence- 3

Esty Maison AZABUNAGASAKA

Roppongi, Minato-ku, Tokyo

677.452,317.87

1,730

0.9

1,690

98.0

91.4 January 16, 2004

Residence- 4

Esty Maison EBISU II

Higashi, Shibuya-ku, Tokyo

561.582,452.69

1,960

1.0

1,890

83.8

97.8 June 13, 2003

Residence- 5

Esty Maison EBISU

Hiroo, Shibuya-ku, Tokyo

169.00871.90700

0.4812

96.1

93.5 October 20, 2004

Residence- 6

Esty Maison KANDA

Kandata-cho, Chiyoda-ku, Tokyo

307.692,028.19

1,360

0.7

1,490

93.2

98.7 February 20, 2004

Residence- 8

Esty Maison KITASHINJUKU

Kita-shinjuku, Shinjuku-ku, Tokyo

504.412,204.07

1,290

0.7

1,500

98.1

97.4 August 6, 2004

Residence-10

Esty Maison ASAKUSAKOMAGATA

Komagata, Taito-ku, Tokyo

663.54

3,406.10

1,870

1.0

2,040

95.6

96.4 July 28, 2004

Residence-11

Esty Maison MACHIDA

Hara-machida, Machida-shi, Tokyo

587.484,033.59

1,3600.7

1,490

95.8

96.4 February 23, 2004

Residence-12

Esty Maison KAWASAKIOgawa-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa

683.694,656.10

2,130

1.1

2,350

94.0

99.3 July 15, 2004

Residence-14

Esty Maison SHINKAWASAKI

Furuichiba, Saiwai-ku, Kawasaki-shi, Kanagawa

1,992.09

3,737.47

1,018

0.5

1,210

100.0

100.0 March 5, 1999

Residence-15

Esty Maison YOKOHAMA

Tsuruya-cho, Kanagawa-ku, Yokohama-shi, Kanagawa

611.41

3,076.45

2,090

1.1

2,000

100.0

100.0 January 23, 2007

Residence-16

Esty Maison KAMEIDOKameido, Koto-ku, Tokyo

438.432,899.67

1,6500.9

1,490

89.6

95.9 November 30, 2005

Residence-17

Esty Maison MEGURO

Mita, Meguro-ku, Tokyo

578.01

1,283.92

8870.5

1,030

97.5

97.5 November 28, 2005

1,15091.4

96.9 January 10, 1998

Residence-18 Esty Maison YACHIYOMIDORIGAOKA

Midorigaoka, Yachiyo-shi, Chiba

1,289.14

5,420.53

1,3480.7

Residence-19

Esty Maison SUGAMO

Sugamo, Toshima-ku, Tokyo

965.702,785.83

1,5100.8

1,580

92.5

100.0 February 22, 2007

Residence-20

Esty Maison KYOBASHI

Higashinoda-cho, Miyakojima-ku, Osaka-shi, Osaka

799.685,995.82

2,774

1.4

2,830

93.9

96.1 March 2, 2006

Residence-21

Esty Maison MEGUROHONCHO

Megurohoncho, Meguro-ku, Tokyo

865.22

1,975.84

1,220

0.6

1,090

89.8

93.4 February 22, 2006

Residence-22

Esty Maison HAKURAKU

Rokkakubashi, Kanagawa-ku, Yokohama-shi, Kanagawa

457.54

1,593.68

844

0.4

879

92.9

98.3 February 2, 2006

Residence-23

Esty Maison MINAMIHORIE

Minamihorie, Nishi-ku, Osaka-shi, Osaka

475.06

1,994.141,055

0.5

1,020

95.4

100.0 February 19, 2007

Residence-24

Esty Maison GOTANDA (Note 5)

Nishi-gotanda, Shinagawa-ku, Tokyo

593.325,590.34

3,043

1.6

2,890

91.3

93.5 March 2, 2006

Residence-25

Esty Maison OISENDAIZAKA

Higashi-oi, Shinagawa-ku, Tokyo

558.393,440.73

2,440

1.3

2,590

99.2

98.7 August 10, 2006

Residence-26

Esty Maison SHINAGAWA SEASIDE

Higashi-Shinagawa, Shinagawa-ku, Tokyo

1,049.00

3,127.48

2,200

1.1

2,050

91.1

95.3 June 23, 2006

Residence-27

Esty Maison MINAMIAZABUMinamiazabu, Minato-ku, Tokyo

487.27

1,479.61

1,300

0.7

1,22098.1

98.1 August 23, 2006

Residence-28

Esty Maison JOTONoe, Joto-ku, Osaka-shi, Osaka

740.492,232.26

1,0750.6

957

93.6

97.0 August 31, 2006

Residence-29

Esty Maison TSUKAMOTO

Tsukamoto, Yodogawa-ku, Osaka-shi, Osaka

808.542,565.66

1,2500.6

1,050

95.8

97.9 August 10, 2006

Residence-30

Esty Maison KAWASAKI II

Ogawa-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa

601.383,193.14

1,9001.0

1,950

93.5

97.7 February 27, 2007

Residence-31

Esty Maison AZABUJUBAN

Azabujuban, Minato-ku, Tokyo

380.26

2,097.45

2,700

1.4

2,660

92.6

96.8 February 22, 2007

53