March 16, 2023

For Immediate Release

Advance Residence Investment Corporation
Securities 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)
25th Fiscal Period (August 1, 2022 – January 31, 2023)

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)

17,868 million yen
8,950 million yen
8,074 million yen
8,074 million yen
5,829 yen
5,840 yen
7,596 yen
6.9 %Total Assets
Net Assets
Net Assets per Unit
NAV per Unit
Net Asset Ratio
End-of-period LTV
Number of Properties
Average Occupancy

469,629 million yen
231,357 million yen
161,204 yen
347,010 yen
49.3 %
49.3 %
277
96.6 %

2. 25th Fiscal Period Highlights
EPU was 5,829 yen, increased by 423 yen compared to the previous period due to increase in NOI due to acquisition ofproperties.
 DPU was 5,840 yen, including retained gain on sale generated in this period (369 yen per unit), drawdown of reverse (242yen per unit) and distribution from retained earnings (137 yen per unit).
 As a result of ITOCHU REIT Management Co., Ltd., the asset management company of ADR efforts to properlycollaborate with property management companies for management and operation, the average occupancy rate during theperiod under review was 96.6% (up 0.3 pt year-on-year).
 The previously implemented relaxation of leasing conditions for single-type units in the 23 wards of Tokyo was curbed,
and solid demand for family-type units, including those in central Tokyo, allowed ADR to raise new contract rents one
more level compared to the previous period. As a result, the rent fluctuation for replacement improved to +2.5% (+0.9pt.
from the previous period).
 Acquired a total of 2 properties (total acquisition price: 4.5 billion yen) from third parties. In the next fiscal period, 1
property (acquisition price: 1.9 billion yen) is acquired from a third party as of February 1, 2023.
 Borrowed a total of 15.9 billion yen (average interest expense 0.69%, average procurement period 6.8 years). As a result,the average interest expense as of the end of the current period was 0.59%, which was the same level as 0.59% in theprevious period. In addition, the remaining years changed from 5.1 years to 5.0 years.
3. Earnings Forecasts


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

27th Fiscal Period Forecast(August 1, 2023 to January 31, 2024)

Operating Revenues

17,644 million yen

Operating Revenues

17,572 million yen

Operating Income

7,879 million yen

Operating Income

7,876 million yen

Ordinary Income

6,994 million yen

Ordinary Income

6,973 million yen

Net Income

6,994 million yen

Net Income

6,972 million yen

Earnings per Unit (EPU)

5,049 yen

Earnings per Unit (EPU)

5,034 yen

Dividend per Unit (DPU)

5,770 yen

Dividend per Unit (DPU)

5,780 yen

Outstanding No. of Issued Units

1.385 million units

Outstanding No. of Issued Units1.385 million units

Number of Properties

278

Number of Properties

278

Average Occupancy

96.4 %

Average Occupancy

96.4 %

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 March 16, 2023.