September 14, 2022
For Immediate Release
Advance Residence Investment CorporationSecurities Code：3269
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Wataru Higuchi, Executive Director
Asset Management Company:
ITOCHU REIT Management Co., Ltd.
Junichi Shoji, Representative Director, President & CEO
Inquiries:
Isao Kudo, Executive Officer
TEL. +81-3-6821-5483 Mail. adr_ir@itc-rm.co.jp

Brief Summary of Kessan Tanshin (Financial Report)
Advance Residence Investment Corporation (ADR / Securities Code: 3269)
24th Fiscal Period (February 1, 2022 – July 31, 2022)

1. Summary of Key Financial Data
Operating Revenues
Operating Income
Ordinary Income
Net Income
Earnings per Unit (EPU)
Dividend per Unit (DPU)
FFO per Unit
ROE (semi-annual)

17,253 million yen
8,312 million yen
7,488 million yen
7,488 million yen
5,406 yen
5,786 yen
7,503 yen
6.6 %Total Assets
Net Assets
Net Assets per Unit
NAV per Unit
Net Asset Ratio
End-of-period LTV
Number of Properties
Average Occupancy

464,898 million yen
230,253 million yen
166,248 yen
330,325 yen
49.5 %
49.0 %
277
96.7 %

2. 24th Fiscal Period Highlights

EPU was 5,406 yen, decreased by 234 yen compared to the previous period due to increase in NOI due to property
acquisitions and higher occupancy rates, lower interest expenses, and the absence of gains on sales that were recorded in
the previous fiscal year DPU was 5,786 yen, including drawdown of reverse (242 yen per unit) and distribution from retained earnings (137 yen
per unit).
 The average occupancy rate during the period under review was 96.7% (+0.8 pt. year-on-year). The occupancy rate has
recovered to the level before the COVID-19.
 While conditions continued to ease for single types in Tokyo 23 wards, demand remained firm for family types, including
in central Tokyo, and new contract rents were raised to the same level as in previous years. As a result, the rent fluctuation
for replacement improved to +1.5% (+2.2pt. from the previous period).
 Acquired a total of 5 properties (total acquisition price: 6.5 billion yen), including 2 recently built sponsor-developed
properties and 3 properties from third parties.
 Borrowed a total of 18.4 billion yen (average interest expense 0.58%, average procurement period 8.6 years). As a result,the average interest expense as of the end of the current period was 0.59%, which was a reduction from 0.61% in theprevious period. In addition, the remaining years were extended from 5.0 years to 5.1 years, and we were able to further
strengthen our financial base.
3. Earnings Forecasts
25th Fiscal Period Forecast(August 1, 2022 to January 31, 2023)

26th Fiscal Period Forecast(February 1, 2023 to July 31, 2023)

Operating Revenues

17,728 million yenOperating Revenues

17,375 million yen

Operating Income

8,779 million yen

Operating Income

8,253 million yen

Ordinary Income

7,911 million yen

Ordinary Income

7,404 million yen

Net Income

7,910 million yen

Net Income

7,403 million yen

Earnings per Unit (EPU)

5,711 yen

Earnings per Unit (EPU)

5,345 yen

Dividend per Unit (DPU)

5,725 yen

Dividend per Unit (DPU)

5,725 yen

Outstanding No. of Issued Units

1.385 million units

Outstanding No. of Issued Units

1.385 million units

Number of Properties

275*

Number of Properties

275*

Average Occupancy

96.5 %

Average Occupancy

96.6 %* It is assumed that the transfer of one property will be completed in addition to the 276 properties held as of the date of this document.
The above forecasts employ figures that have been calculated based on number of assumptions. The actual net profit and the dividend may vary due to changes
in those assumptions or in other conditions. Therefore, these forecasts do not in no way guarantee the dividend amounts for the respective periods.
This document is an English-language summary of the Japanese financial report “Kessan Tanshin” disclosed in Japanese on September 14, 2022.