March 14, 2024

For Immediate Release

Real Estate Investment Trust Securities Issuer:
Advance Residence Investment Corporation(Securities Code：3269)
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Representative: Wataru Higuchi, Executive Director
Asset Management Company:
ITOCHU REIT Management Co., Ltd.
Representative: Junichi Shoji, Representative Director,President & CEO
Inquiries:
Isao Kudo, Executive Officer(TEL. +81-3-6821-5483)

Brief Summary of Kessan Tanshin (27th Financial Report)
Advance Residence Investment Corporation (ADR / Securities Code: 3269)
27th Fiscal Period (August 1, 2023 – January 31, 2024)

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)

18,689 million yen
8,925 million yen
8,029 million yen
8,029 million yen
5,603 yen
5,900 yen
7,405 yen
6.5 %Total Assets
Net Assets
Net Assets per Unit
NAV per Unit
Net Asset Ratio
End-of-period LTV
Number of Properties
Average Occupancy

480,599 million yen
246,110 million yen
165,844 yen
350,872 yen
51.2 %
47.3 %283
96.7 %

2. 27th Fiscal Period Highlights
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Compared to the previous FP, net income increased due to the contribution of newly acquired properties to earnings. On
the other hand, EPU decreased by 129 yen from the previous FP to 5,603 yen due to the impact of an increase in the numberof investment units as a result of a public offering, etc.
DPU was 5,900 yen, including a portion of the gain on sales generated this FP (611 yen per unit) retained, a reversal of thereserve for temporary difference adjustment (582 yen per unit), and a distribution from retained earnings (325 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 thisFP was 96.7%.
In addition, the supply-demand environment for rental apartments was favorable, backed by the normalization ofsocioeconomic activities after the relaxation of behavioral restrictions due to COVID-19 and the increase in the number ofexcess transfers in the Tokyo 23 ward, and ADR actively raised rents at the time of tenant replacement and renewal. As aresult, the replacement rent increase for the entire portfolio was +5.0% (+1.0 pt. FP-on-FP), and the renewal rent increase
was +1.2% (+0.4 pt. FP-on-FP), the highest level ever.
Of the units that underwent remodeling projects under review, 136 units for which new lease contracts were signed by
January 31, 2024, increased rent by an average of 20.7% compared to the previous rent, effectively contributing to internal
growth through the remodeling projects.
During this FP, ADR acquired 5 properties which was developed by the sponsor group (acquisition price: 8.6 billion yen)
and acquired 2 properties through a third party (acquisition price: 1.8 billion yen). These are the 12 properties (total planned
acquisition price: 24.7 billion yen) for which the decision to acquire properties was made after the end of the previous FP
and up to the date of this document. In the next FP ending July 31, 2024, we plan to acquire 5 properties developed by thesponsor group (planned acquisition price: 14.2 billion yen), which we have already decided to acquire, on April 18, 2024.
In addition, ADR sold RESIDIA Azabudai (51% quasi co-ownership interest) for a disposition price of 1.6 billion yen,resulting in a total gain on sales of 0.8 billion yen. In the next FP ending July 31, 2024, ADR plans to sell RESIDIA Kitashinagawa, which was decided to be sold in this FP, on April 1, 2024 at an planned sales price of 2.9 billion yen.
Borrowed a total of 7.3 billion yen (average interest rate 0.78%, average procurement period 5.3 years). As a result, theaverage interest rate as of the end of this FP was 0.57%, which was the same level as the previous FP. In addition, theremaining years changed from 4.8 years to 4.6 years.

3. Earnings Forecasts
28th Fiscal Period Forecast(February 1, 2024 to July 31, 2024)

29th Fiscal Period Forecast(August 1, 2024 to January 31, 2025)

Operating Revenues

18,685 million yen

Operating Revenues

18,297 million yen

Operating Income

8,608 million yen

Operating Income

8,179 million yen

Ordinary Income

7,695 million yen

Ordinary Income

7,203 million yen

Net Income

7,695 million yen

Net Income

7,202 million yen

Earnings per Unit (EPU)

5,370 yen

Earnings per Unit (EPU)

5,026 Yen

Dividend per Unit (DPU)

5,905 yen

Dividend per Unit (DPU)

5,910 Yen

Outstanding No. of Issued Units

1,433,000 units

Outstanding No. of Issued Units

1,433,000 units

Number of Properties

287

Number of Properties

287

Average Occupancy

96.3 %

Average Occupancy

96.2 %

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 14, 2024.