March 17, 2021

Brief Summary of Kessan Tanshin (Financial Report)
Advance Residence Investment Corporation (ADR / Securities Code: 3269)
21st Fiscal Period (August 1, 2020 – January 31, 2021)
1. Summary of Key Financial Data
Operating Revenues

17,014 million yen

Total Assets

458,579 million yen

Operating Income

8,513 million yen

Net Assets

230,966 million yen

Ordinary Income

7,549 million yen

Net Assets per Unit

166,763 yen

Net Income

7,548 million yen

NAV per Unit

297,227 yen

Earnings per Unit (EPU)

5,450 yen

Net Asset Ratio

50.4 %Dividend per Unit (DPU)

5,600 yen

End-of-period LTV

48.1 %FFO per Unit

7,260 yen

ROE (semi-annual)

6.5 %2. 21st Fiscal Period Highlights■ EPU increased by 165 yen compared to the previous FP to 5,450 yen. Although rental income and gain on sales were lower
than the previous FP, the lack of loss on sales have more than compensated the decrease.

■ The dividend will be 5,600 yen per unit for the FP which is an increase of 60 yen from the initial forecast.
■ The average occupancy rate was 95.9%, minus 0.8pt from the previous FP which was just minus 0.1% from the initial

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forecast. The weakness was concentrated in studio type units in city center due to the effect of the COVID-19 pandemic. Inorder to support the occupancy rate, rental terms were eased for those units effected. As a result, the average rent increase
rate for replacements decreased sharply from a record high of +5.5% in the previous FP to +1.2%. Also, the rent increase
rate for renewals decreased from +1.2% to +0.4%, respectively.
Rents went up 26.6% on average from the previous contract for the 9 units that underwent value enhancement works, thathad new lease contracts signed during this FP.
ADR acquired two properties, RESIDIA Nakano-Fujimidai and RESIDIA Shirokitakoen-Dori, for a total acquisition priceof 2.9 billion yen and replaced two low yield properties of RESIDIA Yoyoginomori and RESIDIA Kyodo, for a totalacquisition price of 1 billion yen and realized a gain on sales of about 290 million yen.
ADR borrowed a total of 14.9 billion yen (average interest payment rate 0.36%, average initial duration 8.7 years). As aresult, the average interest payment rate on the outstanding debts was 0.69% and the remaining duration was 4.81 years at
the end of the FP. The COVID19 pandemic continued to have no effect on the lending attitude of financial institutions toADR.
ADR recaptured the designation as “Asia/Residential Sector Leader” in the GRESB Real Estate Assessment for the secondtime.

3. Earnings Forecasts
22nd Fiscal Period Forecast(February 1, 2021 to July 31, 2021)

23rd Fiscal Period Forecast(August 1, 2021 to January 31, 2022)

Operating Revenues

16,907 million yen

Operating Revenues

16,853 million yen

Operating Income

8,168 million yen

Operating Income

8,153 million yen

Ordinary Income

7,230 million yen

Ordinary Income

7,244 million yen

Net Income

7,230 million yen

Net Income

7,244 million yen

Earnings per Unit (EPU)

5,220 yen

Earnings per Unit (EPU)

5,230 yen

Dividend per Unit (DPU)

5,600 yen

Dividend per Unit (DPU)

5,600 yen

Outstanding No. of Issued Units

1.385 million units

Outstanding No. of Issued Units

1.385 million units

Number of Properties

271

Number of Properties

271

Average Period Occupancy

96.4 %

Average Period Occupancy

96.6 %• 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 therespective periods.

Please contact below with any inquiries you may have on this report.
AD Investment Management Co., Ltd.
TEL: +81-3-3518-0480
ir@adr-reit.com
This document is an English-language summary of the Japanese financial report “Kessan Tanshin” disclosed in Japanese on March 17, 2021.