17 Fiscal Period Semi-Annual ReportthFrom August 1, 2023 to January 31, 2024
Samty Residential Investment Corporation
1-8-3 Marunouchi Chiyoda-ku, Tokyo
https://www.samty-residential.com/en/
Securities Code: 3459

SAMTY RESIDENTIAL

Special Discussion

Exploring the“Attractiveness of

Masafumi Takahashi

Seiji Yoshizaki

Representative Director, Samty
Asset Management Co., Ltd.

Real Estate Economist

Executive Director, Samty
Residential Investment Corporation

Chief Director, HOUSING·REALESTATE INSTITUTE

Investing in Regional Cities”

Boosted by the New NISA,J-REITs Attracting Interest
Takahashi: Mr. Yoshizaki, thank you very much for thisopportunity to speak with you.
First, with the launch of the New NISA (Nippon
Individual Savings Account), I would like to ask you
about the current investment environment. You are
deeply knowledgeable about J-REITs, so I would like toknow your views on that aspect.
Yoshizaki: For many years, I have been an advisor forcompanies in the real estate sector while
also analyzing real estate and housing price market conditions as an
economist. I have been analyzing
J-REITs ever since the first
J-REIT was listed in 2001. I thinkthat J-REITs have entered a newphase starting in 2024. Samty
Residential Investment
Corporation (SRR) is a REIT with
distinctive characteristics evenamong residential REITs, so
how will it develop going
forward? It is attracting
interest from not only
people who already1

invest in J-REITs but also people involved in the realestate sector.
There are three specific reasons why interest is growing. The first is the investment background: many
people who had not previously invested are now getting
involved in investing due to the launch of the New NISA.
Many of these new investors likely prefer low-risk investments. In other words, there are many people who wantto obtain stable earnings, so the start of the New NISA
is a boost for J-REITs.
The second is the question of how interest rates willchange in the future. We do not know whether they willrise or remain flat, and I think there is interest in how
J-REITs will be impacted by interest rate movements.
Third, I believe there is also interest in how regional
properties will perform going forward. This is a key characteristic of SRR, since it is a REIT that includes many
regional residential properties in its portfolio.

Notable Points about
Residential REITs
Takahashi: Among the various sectors, could you tellme a little more about residential REITs in particular?
Yoshizaki: First of all, residential REITs, as many investors are aware, recovered quickly from the impact of thepandemic. More than anything, I think their high level ofstability is the most important characteristic.
Then there is the fact that housing is something thatis familiar to us. Because residential REITs entail investment in an environment that many people are alreadyaccustomed to, they are easy to understand, including
the terminology.

Seiji Yoshizaki (right)
Along with data analysis, market forecasting, corporate consulting, etc. in the real estate and residential fields, he gives over 30 talks a year for
leading media such as national newspapers. He
has authored multiple books on real estate investment and other topics.
Masafumi Takahashi (left)
After gaining extensive experience in acquiring,developing, and selling residential properties,
investing in real estate, etc. at Samty Co., Ltd. andSamty Asset Management, he was appointed
executive director of Samty Residential Investment
Corporation in 2018 and representative director of
Samty Asset Management in 2021.

with a Real Estate Economist
We would like to take this opportunity to express ourheartfelt sympathy to those affected by The 2024 Noto
Peninsula Earthquake, as well as their families andother concerned parties. We are also deeply grateful to
all those working to help the affected people and support recovery in the affected region.

PR OFIL E

The characteristics of residential REITs are therefore
that they are risk-resistant, stable, and easy tounderstand.

SRR’s Unique Characteristics
Takahashi: SRR belongs to the residential REIT sector,
and one of our key features is that we pursue diversified
investment in regional properties, without placing disproportionate weight on the greater Tokyo area. Going forward, we want to differentiate ourselves decidedly.
Yoshizaki: Precisely. I think there are three interesting
points in terms of SRR’s characteristics.
The first is the diversification that you just mentioned.
There are many greater Tokyo area-related REITs
focused on central Tokyo, and investors who hold units
in those REITs also hold units in SRR, whose portfolio
includes many regional properties, for the purpose ofdiversified investment. I think that is an effect of diversification in terms of investment target.
The second point is the effect of diversification inphysical real estate. Most investment in physical realestate is in the greater Tokyo area and other major
cities; people who invest in physical real estate inregions are fairly rare or prefer rather high-risk investments. Because investing in physical real estate mostly
comprises investment in properties in major urban
areas, I think SRR, which invests in regional properties,
is quite effective for area diversification.
The third point, which surprisingly is not very wellknown, is that while numerous data show that population concentration is increasing in the greater Tokyo
area, the phenomenon is not just occurring there—there

is also marked increase happening in major regional
cities. Fukuoka and Sapporo are often mentioned inmedia reports, but there are many others as well. For
instance, there are many people relocating from Oita to
Fukuoka or Tokyo, and yet scores of people are being
drawn to Oita from nearby cities and towns. This trend isvisible in various places, not just in Oita. Even thoughdepopulation may be progressing at the prefecturallevel, if you start to scrutinize cases, there are also
areas where the population is becoming more concentrated. SRR tends to invest in target locations where
future population growth is likely.
Takahashi: While we do not have properties in all prefectures, we do own many properties in major regional
cities other than Tokyo, Nagoya, and Osaka. Going forward, we feel it is likely that the population and rental
market will develop in leading regional cities.
Yoshizaki: In 2040, it is said that around 34% of the
population will live in the greater Tokyo area. However,
if you look at it closely, there are many regional cities
where the population will increase considerably, and the way I see it, SRR
owns quite a lot of properties inlocations which typify that trend. I
think that is the appeal of SRR.
Takahashi: Thank you. I believethat is what differentiates us fromother REITs. And the fact that there
are two sponsors supporting
SRR—Samty Co., Ltd. as adeveloper and Daiwa
Securities Group Inc. froma financial perspective—is also one of ourstrengths.

2Key Points for the Fiscal Period Ended January 31, 2024 (17th Fiscal Period)

SAMTY RESIDENTIAL

Financial Highlights and Distribution Information“Japan-Wide Portfolio”
Also a Key Concept

Takahashi: I agree. In fall 2023, we acquired a property
in Takamatsu, entering the Shikoku region for the firsttime. With “Japan-Wide Portfolio” as a key concept, we
intend to continue acquiring properties in areas whose
appeal has not yet been discovered.

Yoshizaki: Another attractive feature of residential
REITs is that properties are replaced. What are you
planning in that regard?
Takahashi: We have continued replacement and acquisition of properties for eleven consecutive fiscal periods
since the 7th fiscal period. In fall 2023, during the current fiscal period, we also replaced properties andrecorded a gain on sale. Under the current real estatemarket conditions, interest in profitable condominiums inparticular is increasing, so it is an environment in which
we can distribute gain on sale of properties to ourunitholders.
Yoshizaki: On the other hand, real estate prices arehigher when you acquire new properties. This presentsa challenge in urban centers, but for SRR, which taps
underutilized areas, I think it is the start of a positive
phase. What do you think about that?

Operating revenue

Operating income

Ordinary income

Net income

5,884 million yen

2,719 million yen

2,240 million yen

2,239 million yen

ResultForecast

Forecast

Jan. 2024 (17th FP)

Jul. 2024 (18th FP)

Jan. 2025 (19th FP)

Total distribution

2,841 yen

2,592 yen

2,621 yen

Profit distribution

2,670 yen

2,294 yen

2,321 yen

Distribution inexcess of earnings

171 yen

298 yen

300 yenPortfolio Composition
Total acquisition price

Future Growth Target

163,904 million yen

Yoshizaki: Your asset size has grown considerably
since listing. It has expanded around five-fold at a good
pace, surpassing 160 billion yen. Do you have a target
for the future?
Takahashi: We believe there is still a long way to go,
and we plan to grow further, with 200 billion yen as ournext target.

Ratio of Single/Compact

180
75.1%

88.1
87.5%

Ratio ofRegional
Citiesproperties

96.9 %

Major
regional cities
47.5％

Compact
41.0％

Single46.6％

88.2

5 years
to less than
10 years
26.1％● Asset replacement (November 2023): Enhanced portfolio quality and realized unrealized gains

146.3
118.4

11.8 years

External Growth

Aiming forcontinuous
growth110.0

Averagebuilding age

10 years
to less than
15 years
5.3％

Acquisition (4 properties)

108.9

Less than
5 years
18.7％● Expanded external growth opportunities by acquiring equity interest in silent partnership (100 million yen)

150

147.6

162.6

162.7

163.9

163.9

Disposition (2 properties)

Major regional cities

Other regional cities

Greater Tokyo area

2 properties

1 property

1 property(2,040 million yen)(459 million yen)2

properties(2,384 million yen)

(617 million yen)

118.2

90.8
Replacement

30.9
S-RESIDENCE Kamiiida West
(Kita-ku, Nagoya-shi)
Jan.
2016

(1st FP)
No. of properties

15 years toless than
20 years
44.9％(Note) The ratios shown are calculated based on
acquisition price.

Yoshizaki, Takahashi: Thank you very much.

200

0

20 years or more
5.0％

Ratio ofSingle/Compact%

Period-end occupancy rate
Other
regional cities
27.6％

Ratio by Building Age74.9 %

No. of properties

Yoshizaki: I see. I am looking forward to it.

(billion yen)

50

Family 12.5％

Greater Tokyo area
24.9％

Change in Asset Size

100

Ratio of Regional Cities

29

Jan.
2019

Jul.
2019

Jan.
2020

Jul.
2020

Jan.
2021

Jul.
2021

Jan.
2022

Jul.
2022

Jan.
2023

Jul.
2023

Jan.
2024

Jul.
2024

(7th FP) (8th FP) (9th FP) (10th FP) (11th FP) (12th FP) (13th FP) (14th FP) (15th FP) (16th FP) (17th FP) (18th FP) Forecast

92

96

117

118

132

132

159

159

178

178

180

180

Acquisition date

S-FORT Takamatsu Nakanocho(Takamatsu-shi, Kagawa)

November 30, 2023

3,116 million yen
Number of rentable units
219 units
Total acquisition price

S-FORT Aoi(Higashi-ku, Nagoya-shi)

S-FORT Tsurumi Chuo
(Tsurumi-ku, Yokohama-shi)

2.4 years
Total appraisal NOI
148 million yen
Average appraisal NOI yield
4.8 %Average building age (Note)

Date of disposition

November 28, 2023

Total acquisition price

1,995 million yen

Total disposition price
Average building age

2,384 million yen(Note)

13.4 years(Note) The average building age as of November 30, 2023 is indicated for the acquired properties and that as of November 28, 2023 for the disposed properties.

3

4

SAMTY RESIDENTIAL

Sustainability Initiatives
Environment

SocialEnvironmental Certifications from External Assessment Organizations

Initiatives for Residents, Regions/Society (Community)
New Initiatives

Number of properties

32 properties

Total floor space

133,203.17 m● Introduction of home delivery trunk room service● Introduction of subscriptions (meals) for residents

2

Proportion of properties withcertification(proportion of total floor space)

31.1%● Distribution of disaster prevention stockpiles

16 properties

15 properties

1 property● Introduction of delivery drop-off services

Rank S ★★★★★

Rank A ★★★★

S-FORT Osaka Doshin

S-RESIDENCE Namba Briller
S-RESIDENCE Kobe Isogamidori
S-RESIDENCE Kobe Motomachi
S-RESIDENCE Midoribashi Ekimae
S-RESIDENCE Minamimaruyama
S-FORT Chikushi DoriS-FORT Fukuoka Higashi
S-FORT Kego Tower
S-FORT Mito Chuo
S-FORT Oita Ekimae
S-FORT Nagasaki Daigaku Byoin-mae
S-FORT Nakaitabashi

for Real Estate

Ongoing Initiatives● Installation of delivery boxes

Newly Certified Properties in the 17th Fiscal Period

CASBEE
Certification

Disaster Prevention Initiatives● Installation of social contribution/disaster support-type
vending machines● Installation of AEDs

Disaster prevention stockpile
warehouse● Adoption of disaster prevention facilities, installation ofdisaster prevention stockpile warehouses

Disaster prevention stockpile
S-FORT Horitatori

S-RESIDENCE Esaka

Governance

Ensuring a Management System That Considers Unitholder Interests● Management with a transparent decision-making process● Introduction of accumulative investment system of investment units and investment unit ownership program

GRESB Real Estate Assessment
Samty Residential obtained “2 Star” in the 2023 GRESB (Global Real Estate Sustainability
Benchmark) Real Estate Assessment, which grants rating in five stages based on global ranking
of total scores. Samty Residential has also obtained a “Green Star” designation by achieving highperformance both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and “Performance Component” that assesses environmental performance and tenant engagement of properties owned.

Borrowing through Green Loans
We borrowed (refinanced) 5.8 billion yen in January 2024. Of which, 1.3 billion yen was procured through a green loan.

● Same-boat investment by Samty Co., Ltd. in order to match the interests of unitholders and sponsors
Trends of Samty Residential’s Investment Units Held by Samty Co., Ltd.
(Unit)

Units held (left axis)

Holding ratio (right axis)(%)

160,000

16.0

13.5

140,000

13.5

13.5

13.5

104,042

104,042

120,000

9.9

100,000

9.9
86,337

13.5

13.5

13.5

14.0

113,383

113,383

113,383

12.0
10.0

86,33780,00060,000

8.0

6.1
5.0

58,38658,3866.0

40,0004.025,20520,000
0

Jan.
2016

(1st FP)5

2.0

10,000Jul.
2019(8th FP)

Jan.
2020

(9th FP)

Jul.
2020

(10th FP)

Jan.
2021

(11th FP)

Jul.
2021

(12th FP)

Jan.
2022

(13th FP)

Jul.
2022

(14th FP)

Jan.
2023

(15th FP)

Jul.
2023

(16th FP)

Jan.
2024

0.0

(17th FP)

6

I. Asset Management Report

SAMTY RESIDENTIAL

1. Overview of Asset Management(2) 17th Fiscal Period Asset Management Review(1) Changes in Operating Results and Other Management Data
13th fiscal period

Fiscal period
Operating revenue
Of which, leasing business revenue
Operating expenses
Of which, expenses related to leasing
business
Operating income

14th fiscal periodi) Brief History of Samty Residential
15th fiscal period

16th fiscal period

17th fiscal period(From August 1, 2021
(From February 1,(From August 1, 2022
(From February 1,(From August 1, 2023
to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023) 2023 to July 31, 2023) to January 31, 2024)(millions of yen)

4,842

5,408

5,460

5,822

5,884

(millions of yen)

4,842

5,031

5,460

5,565

5,544

(millions of yen)

2,533

2,859

2,922

3,190

3,165

(millions of yen)

1,950

2,183

2,230

2,446

2,415

(millions of yen)

2,309

2,549

2,537

2,632

2,719
2,240

Ordinary income(millions of yen)

1,833

2,136

2,030

2,149

Net income(millions of yen)

1,832

2,135

2,029

2,148

2,239

Total assets(millions of yen)

154,849

155,528

171,482

171,452

171,974

(%)

24.0

0.4

10.3

(0.0)

0.3

(millions of yen)

75,98175,99084,141

83,98083,881

(%)

26.8

0.0

10.7

(0.2)

(0.1)

Interest-bearing debt

(millions of yen)

76,93577,43585,30085,15085,650Unitholders’ capital, net (Note 3)(millions of yen)

74,14973,854

82,111

81,831

81,642(units)769,626

769,626

838,726

838,726

838,726(yen)

98,72598,736

100,320

100,128

100,010(millions of yen)

2,127

2,325

2,309

2,338

2,382

[Period-on-period change]
Net assets[Period-on-period change]

Total number of investment units issued andoutstanding
Net assets per unit (base value)
Total distribution

Samty Residential Investment Corporation (hereinafter, “Samty Residential”) was established in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), with Samty Asset Management Co., Ltd. (hereinafter, the “the Asset Management Company”) serving as the organizer, and was registered with the Kanto Local Finance Bureau on
April 6, 2015 (registration number: Director of Kanto Local Finance Bureau No. 101). Subsequently, on June 30, 2015, Samty
Residential was listed on the real estate investment trust market of the Tokyo Stock Exchange, Inc. (securities code: 3459).
With rental housing (hereinafter referred to as “rental housing” or “residential properties”) as the main investment target, Samty
Residential has managed its assets by conducting diversified investments in wide-ranging cities throughout Japan centering on major
regional cities (Note), aiming to enhance unitholder value over the medium to long term.
As of the end of the fiscal period ended January 2024 (hereinafter, the “end of the 17th fiscal period”), Samty Residential owned
real estate, etc. consisting of 180 properties in total (total acquisition price: 163,904 million yen), with the total number of investment
units issued and outstanding at 838,726 units.
(Note) “Major regional cities” refers to the eight cities of Sapporo-shi, Sendai-shi, Nagoya-shi, Kyoto-shi, Osaka-chi, Kobe-shi, Hiroshima-shi, and Fukuoka-shi.

ii) Investment Environment and Management Performance
In the fiscal period ended January 2024 (hereinafter, the “17th fiscal period”), the Japanese economy recorded a real GDP growthrate (first preliminary estimate) for the October-December 2023 period of -0.1% (seasonally adjusted, period-on-period comparison),or -0.4% when annualized, resulting in negative growth for two consecutive quarters, while the private final consumption expenditure
growth rate was -0.2% in real terms (seasonally adjusted, period-on-period comparison), resulting in negative growth for three consecutive quarters. As for the employment situation, the job opening-to-application ratio in 2023 was 1.31 times on average, a year-onyear increase of 0.03 percentage points.

(yen)

2,764

3,021

2,753

2,788

2,841

Of which, distribution of earnings per unit

(yen)

2,381

2,775

2,420

2,562

2,670

Of which, distribution in excess of earnings
per unit

(yen)

383

246

333

226

171

Ratio of ordinary income to total assets (Note 4)

(%)

1.3

1.4

1.2

1.3

1.3

(%)

2.6

2.8

2.5

2.5

2.6

(%)

2.7

2.8

2.5

2.6

2.7

(%)

5.3

5.7

5.0

5.2

5.3

(%)

49.1

48.9

49.1

49,0

48.8

1.1

(0.2)

0.2

(0.1)

(0.2)

(%)

100.0

100.0

100.0

100.0

100.0

In the real estate transaction market, market participants show a considerable willingness to invest, although they have started toclosely monitor the trends in the financial market, and transaction prices remain stuck at a high level.

(days)

184

181

184

181

184

(properties)

159

159

178

178

180

In the rental housing market, supply of rental housing has been at low levels, while the number of households in the major regional
cities in which Samty Residential mainly invests and manages assets has remained on an upward trend.

Depreciation(millions of yen)

960

985

1,085

1,096

1,105

Capital expenditures(millions of yen)

222

300

373

534

481

Distribution per unit

(Annualized)
Ratio of net income to equity (Note 4)(Annualized)
Equity ratio at end of period (Note 4)[Period-on-period change]
Payout ratio (Note 4)[Other Reference Information]
Number of days of management
Number of investment properties at end of
periodNOI (Net Operating Income) from leasing (Note 4) (millions of yen)

3,852

3,832

4,315

4,215

4,235

(millions of yen)

2,792

2,744

3,115

2,987

3,004

FFO per unit (Note 4)

(yen)

3,628

3,565

3,714

3,561

3,582

Ratio of interest-bearing debt to total assets
at end of period (LTV)

(%)

49.7

49.8

49.7

49.7

49.8

FFO (Funds from Operation) (Note 4)(Note 1) The fiscal periods of Samty Residential Investment Corporation are the six months from February 1 through July 31 of each year and from August 1
through January 31 of the following year.
(Note 2) Unless otherwise stated, the figures less than the specified unit are rounded down and percentage figures are rounded off to the first decimal place.
(Note 3) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders’ capital.
(Note 4) The figures are calculated by using the following formulas.
Ratio of ordinary income to total assets

Ordinary income ÷ (total assets at beginning of period + total assets at end of period) ÷ 2 x 100

Ratio of net income to equity

Net income ÷ [(net assets at beginning of period + net assets at end of period) ÷ 2] × 100

Equity ratio at end of period

Net assets at end of period ÷ total assets at end of period × 100

Payout ratio

Total distribution (excluding distribution in excess of earnings) ÷ net income × 100

NOI (Net Operating Income) from leasing

Real estate leasing business revenue – expenses related to leasing business + depreciation

FFO (Funds from Operation)

Net income + depreciation - gain or loss on the sale of real estate or other properties

FFO (Funds from Operations) per unit

FFO ÷ total number of investment units issued and outstanding

Looking at the fund procurement environment, outstanding loans for the real estate industry as of the end of December 2023 stoodat 101.9 trillion yen, remaining at a high level, according to the quarterly Loans and Bills Discounted by Sector publicized by the Bankof Japan.

During the 17th fiscal period, Samty Residential invested 100 million yen on November 27, 2023, to acquire equity interest in silent
partnership that has beneficiary interest of real estate in trust as asset under management (9 properties) as well as the preferential
negotiation rights to acquire said assets under management. Samty Residential disposed of S-FORT Aoi and 1 other property (total
disposition price: 2,384 million yen) on November 28, 2023, and acquired S-RESIDENCE Kamiida West and 3 other properties (totalacquisition price: 3,116 million yen) on November 30, 2023. Consequently, the assets owned by Samty Residential as of the end of
the 17th fiscal period totaled 180 properties with a total acquisition price of 163,904 million yen. The investment ratio by geographicalarea was 74.9% for regional cities (47.9% for major regional cities and 27.0% for other regional cities) and 25.1% for the Greater
Tokyo area, on an acquisition price basis.
Samty Residential conducts leasing activities in line with the characteristics and demand of respective regions and works to renovate common areas and rooms for lease in an effort to enhance such usability as comfort, convenience and safety. In conducting
large-scale construction work, Samty Residential endeavors to cooperate with the Samty Group (Note 1) to realize cost reduction.
Rent per unit after adjustment(Note 2) has remained strong, as Samty Residential has cooperated with property managementcompanies and worked on setting rents and receiving key money by taking into account the characteristics and demand of respective
regions. The occupancy rate of the entire portfolio was kept at a high level during the 17th fiscal period, with the period-average occupancy rate standing at 96.6%. At the end of the 17th fiscal period, the total rentable area was 378,239.55 m2 and the occupancy rate
stood at 96.9%.
(Note 1) The Samty Group refers to Samty Co., Ltd. (hereinafter, the “main sponsor”), the consolidated subsidiaries of the main sponsor (collectively referring to
the consolidated subsidiaries stipulated in Article 2, Paragraph 4 of the Ordinance on Terminology, Forms, and Preparation Methods of Consolidated
Financial Statements (Ordinance of the Ministry of Finance No. 28 of 1976, as amended)), and special purpose companies (other than the consolidated
subsidiaries of the main sponsor) for which the main sponsor has funded on its own, but excludes Samty Residential. The same shall apply hereinafter.
Furthermore, the main sponsor concluded a sponsor support agreement with Samty Residential and the Asset Management Company as of March 27,
2015 (hereinafter, the “sponsor support agreement”).
(Note 2) Rent per unit after adjustment is calculated using the following formula, with the assumed contract period of 4 years. Rent per unit after adjustment =[monthly rent revenue + (revenues from key money revenue ÷ assumed contract period)] ÷ contracted area

78

I. Asset Management Report

SAMTY RESIDENTIAL

iii) Overview of Fund Procurement
In the 17th fiscal period, Samty Residential took out long-term borrowings (Term Loan 24) totaling 500 million yen from THE
SHIZUOKA BANK, LTD. and The Chiba Bank, Ltd. on November 30, 2023, in order to fund the acquisition of 4 new properties. In
addition, Samty Residential took out long-term borrowings (Term Loan 25-A) totaling 4,500 million yen from SBI Shinsei Bank,
Limited, Kansai Mirai Bank, Limited, The Bank of Fukuoka, Ltd., Mizuho Bank, Ltd., Aozora Bank, Ltd. and Resona Bank, Limited,
and long-term borrowings (Term Loan 25-B [Green Loan]) totaling 1,300 million yen from SBI Shinsei Bank, Limited and Resona
Bank, Limited, on January 31, 2024, amounting to 5,800 million yen in total, in order to fund the repayment of existing borrowings(Term Loans 9-A, 9-C, 13-B and 15-A) totaling 5,800 million yen.
As a result, the balance of interest-bearing debt totaled 85,650 million yen as of the end of the 17th fiscal period, with the ratio ofinterest-bearing debt to total assets (“LTV”) standing at 49.8%.
As of the date of this document, Samty Residential is granted the following credit rating.
Credit rating agency

Credit rating

Japan Credit Rating Agency, Ltd.
(JCR)

Long-term issuer ratingA (Stable)iv) Sustainability Initiatives
Samty Residential’s basic philosophy is to “revitalize Japan’s economy, starting with its regional cities, by investing in quality accommodation facilities in wide-ranging regional cities throughout Japan in a way tailored to the situation and characteristics of respective
areas.” Through such investment activities, Samty Residential works to secure stable earnings and endeavors to enhance unitholder
value. Based on this philosophy and under the belief that making endeavors in consideration of environmental, social, and governance (ESG) issues should contribute to maximizing the interests of customers over the medium to long term, we have establishedthe “Sustainability Policy” and are promoting specific initiatives by identifying ESG issues (materiality) that are of particular importance for Samty Residential and the Asset Management Company.
In terms of initiatives on the environment, we are promoting energy conservation and reduction of greenhouse gas (GHG) emissions by installing energy-saving equipment, including LED lighting, and utilizing renewable energy at owned properties, among othermeasures. In addition, we are promoting the acquisition of environmental certifications for owned properties. Of the properties owned
by Samty Residential as of the day of this document, a total of 31 properties have been certified under either DBJ Green Building
Certification, CASBEE Certification for Real Estate, or BELS (Building-Housing Energy-efficiency Labeling System) certification, andthe proportion of properties with certification stands at 30.2% of the entire portfolio (proportion of total floor space).

(Note 1) Samty Residential shall conduct distributions in excess of earnings as part of its cash management only when the total amount of “continuous appraisal
value” (referring to the appraisal value stated in the appraisal report obtained for real estate assets owned by Samty Residential, with the end of eachfiscal period as the appraisal date, or the survey value (period-end estimated value) stated in the price survey report for such; the same shall apply
hereinafter) of real estate owned as of the end of the relevant calculation period (referring to Samty Residential’s calculation period for which distributionsof cash flows and distributions in excess of earnings are conducted by Samty Residential) exceeds the amount obtained by adding the total reserves forthe planned construction cost (capital expenditures) of repairs and replacements to be conducted in the following calculation period and other planned
reserves to the total amount of “book value after adjustment” (referring to the value obtained by deducting the amount equivalent to accompanying
expenses upon acquiring the owned real estate from the book value of each real estate owned as of the end of the calculation period of Samty
Residential; the same shall apply hereinafter) of real estate owned as of the end of the relevant calculation period. At the end of the 17th fiscal period,
the total amount of the continuous appraisal value was 186,151,000,000 yen, while the total amount of the book value after adjustment was
156,763,868,458 yen and the total reserve for the planned construction cost of repairs and replacements to be conducted in the following calculation
period was 458,758,100 yen. Accordingly, the total amount of the continuous appraisal value at the end of the 17th fiscal period (186,151,000,000 yen)exceeds the total amount of the book value after adjustment (156,763,868,458 yen) and the total reserve for the planned construction cost of repairs andreplacements to be conducted in the 18th fiscal period (458,758,100 yen) combined.
(Note 2) The six-month average value of the sum total of the estimated amounts for emergency repair expenses, short-term repair expenses and long-term repair
expenses stated in the building condition survey reports for the 180 properties owned by Samty Residential as of the date of this document is 211 million
yen. Accordingly, Samty Residential has decided to conduct the abovementioned distribution in excess of earnings as part of cash management, determining that it is within the scope of healthy financial stability maintained after comprehensively considering the current external environment, real estatemarket conditions and its financial conditions (including, but not limited to, the LTV level and conflict with the financial covenants set for the liabilities of
Samty Residential).

(3) Status of Capital Increase, Etc.
The total number of investment units issued and outstanding and changes in unitholders’ capital over the last five years are as
follows.

Date

Event

April 22, 2019

Cash distribution in excess of earnings(refund of capital contribution)

August 26, 2019

Capital increase through third-party allotment

October 21, 2019

Total number of investment units
issued and outstanding(units)Unitholders' capital, net (Note 1)(millions of yen)

Increase(decrease)

Increase(decrease)

Balance

Remarks

Balance—504,100(229)

44,146(Note 2)88,500592,600

10,33654,483(Note 3)

Cash distribution in excess of earnings(refund of capital contribution)—

592,600(232)

54,250(Note 4)

April 22, 2020

Cash distribution in excess of earnings(refund of capital contribution)—

592,600(205)

54,044(Note 5)

August 3, 2020

Capital increase through third-party allotment

46,700639,300

4,712

58,756(Note 6)

October 19, 2020

Cash distribution in excess of earnings(refund of capital contribution)—

639,300(231)

58,524(Note 7)

April 21, 2021

Cash distribution in excess of earnings(refund of capital contribution)—

639,300(122)

58,402(Note 8)August 2, 2021

Capital increase through public offering andthird-party allotment

128,207

767,507

15,725

74,127(Note 9)August 24, 2021

Capital increase through third-party allotment

2,119

769,626

254

74,381(Note 10)October 18, 2021

Cash distribution in excess of earnings(refund of capital contribution)—

769,626(232)

74,149(Note 11)

April 22, 2022

Cash distribution in excess of earnings(refund of capital contribution)—

769,626(294)

73,854(Note 12)

August 1, 2022

Capital increase through public offering andthird-party allotment

67,577

837,203

8,263

82,117(Note 13)v) Overview of Performance and Distributions

August 30, 2022

Capital increase through third-party allotment

1,523

838,726

182

82,300(Note 14)

As a result of the above, Samty Residential posted operating revenue of 5,884 million yen, operating income of 2,719 million yen,ordinary income of 2,240 million yen and net income of 2,239 million yen for the 17th fiscal period.

October 18, 2022

Cash distribution in excess of earnings(refund of capital contribution)—

838,726(189)

82,111(Note 15)

April 21, 2023

Cash distribution in excess of earnings(refund of capital contribution)—

838,726(279)

81,831(Note 16)

October 18, 2023

Cash distribution in excess of earnings(refund of capital contribution)—

838,726(189)

81,642(Note 17)

As for our initiatives for society, we have installed or introduced delivery boxes, home-delivery trunk room services and various
sharing services, IoT equipment, etc., in order to enhance convenience for residents and provide them with a safe and secure residential space. We also contribute to our residents and the local communities through the installation of vending machines for social
contributions/disaster recovery support, setting AEDs (automated external defibrillators), adopting disaster prevention facilities, preparing and distributing emergency supplies, etc.
As part of our endeavors in governance, the Asset Management Company thoroughly conducts risk management and legal compliance by managing assets through a transparent decision-making process, including the establishment of voluntary rules on transactions with interested parties, etc. Moreover, the main sponsor has conducted same-boat investment from the perspective ofmatching the interests of Samty Residential’s unitholders and the sponsors.
Samty Residential has obtained “2 Star” in GRESB rating in the 2023 GRESB Real Estate Assessment, which grants rating in fivestages based on global ranking of total scores. Samty Residential has also obtained a “Green Star” designation by achieving highevaluation both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and“Performance Component” that assesses environmental performance and tenant engagement of properties owned.

With regard to the distribution for the 17th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution perinvestment unit of less than 1 yen, in application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation). As a result, distribution per unit came to 2,670 yen.

9

In addition, as part of its cash management, Samty Residential also decided to make a cash distribution in excess of earnings(hereinafter, “distribution in excess of earnings”) for the 17th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute 143,422,146 yen, which is the amount almost equivalent to 13.0/100 of 1,105 million
yen in depreciation for the 17th fiscal period, as refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 171 yen. The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net
income and depreciation combined) stood at 71.2%.

(Note 1)

Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders’ capital.

(Note 2)Samty Residential resolved at its Board of Directors’ meeting held on March 15, 2019, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 456 yen per unit as cash distribution for the 7th fiscal period(ended January 2019). Payment of distribution commenced on April 22, 2019.

(Note 3)Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 116,800 yen per unit to fund the acquisitionof new properties, etc.

10

I. Asset Management Report(Note 4)(Note 5)SAMTY RESIDENTIAL

Samty Residential resolved at its Board of Directors’ meeting held on September 13, 2019, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 462 yen per unit as cash distribution for the 8th fiscal
period (ended July 2019). Payment of distribution commenced on October 21, 2019.
Samty Residential resolved at its Board of Directors’ meeting held on March 13, 2020, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 347 yen per unit as cash distribution for the 9th fiscal period(ended January 2020). Payment of distribution commenced on April 22, 2020.

13th fiscal period

Fiscal period

1,832,599

2,136,006

2,030,240

2,149,006(thousands of yen)

120

293

523

190

136

(thousands of yen)

2,127,246

2,325,040

2,309,012

2,338,368

2,382,820(Note 7)

Samty Residential resolved at its Board of Directors’ Meeting held on September 15, 2020, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 391 yen per unit as cash distribution for the 10th fiscal
period (ended July 2020). Payment of distribution commenced on October 19, 2020.

Of which, total distribution of earnings(thousands of yen)[Distribution of earnings per unit]

Samty Residential issued additional investment units through public offering and third-party allotment at an issue price of 124,675 yen (purchase priceof 120,199 yen) per unit to fund the acquisition of new properties, etc.

(Note 10) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 120,199 yen per unit to fund the acquisitionof new properties, etc.
(Note 11) Samty Residential resolved at its Board of Directors’ meeting held on September 15, 2021, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 364 yen per unit as cash distribution for the 12th fiscal
period (ended July 2021). Payment of distribution commenced on October 18, 2021.
(Note 12) Samty Residential resolved at its Board of Directors’ meeting held on March 17, 2022, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 383 yen per unit as cash distribution for the 13th fiscal period(ended January 2022). Payment of distribution commenced on April 22, 2022.
(Note 13) Samty Residential issued additional investment units through public offering and third-party allotment at an issue price of 124,293 yen (purchase priceof 119,831 yen) per unit to fund the acquisition of new properties, etc.
(Note 14) Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 119,831 yen per unit to fund the acquisitionof new properties, etc.
(Note 15) Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2022, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 246 yen per unit as cash distribution for the 14th fiscal
period (ended July 2022). Payment of distribution commenced on October 18, 2022.
(Note 16) Samty Residential resolved at its Board of Directors’ meeting held on March 17, 2023, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 333 yen per unit as cash distribution for the 15th fiscal period(ended January 2023). Payment of distribution commenced on April 21, 2023.
(Note 17) Samty Residential resolved at its Board of Directors’ meeting held on September 14, 2023, to make a distribution in excess of earnings (refund of
capital contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 226 yen per unit as cash distribution for the 16th fiscal
period (ended July 2023). Payment of distribution commenced on October 18, 2023.

[Changes in Market Price of Investment Certificates]
The highest and lowest prices (closing price) in the real estate investment trust market of the Tokyo Stock Exchange, where Samty
Residential’s investment securities are listed, by fiscal period are as follows.
Fiscal period

13th fiscal period

14th fiscal period

15th fiscal period

16th fiscal period

17th fiscal period(From August 1, 2021 toJanuary 31, 2022)(From February 1, 2022 toJuly 31, 2022)(From August 1, 2022 toJanuary 31, 2023)(From February 1, 2023 toJuly 31, 2023)(From August 1, 2023 toJanuary 31, 2024)

Highest128,800 yen

141,500 yen

128,000 yen

121,600 yen

117,600 yen

Lowest

114,800 yen

113,600 yen

108,600 yen

107,700 yen

106,800 yen(Note) Samty Residential’s investment securities were listed on the real estate investment trust market of the Tokyo Stock Exchange on June 30, 2015.

(4) Performance of Distributions, Etc.
With regard to the distribution for the 17th fiscal period, pursuant to the distribution policy stipulated in its Articles of Incorporation,
Samty Residential decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of distribution perinvestment unit of less than 1 yen, in application of the special provision on taxation of investment corporations (Article 67-15 of the
Act on Special Measures Concerning Taxation). As a result, distribution per unit came to 2,670 yen.
In addition, as part of its cash management, Samty Residential also decided to make a distribution in excess of earnings for the
17th fiscal period, as it did for preceding fiscal periods. Based on this decision, Samty Residential determined to distribute
143,422,146 yen, which is the amount almost equivalent to 13.0/100 of 1,105 million yen in depreciation for the 17th fiscal period, as
refund of capital contribution to unitholders. As a result, distribution in excess of earnings per unit came to 171 yen.

17th fiscal period(thousands of yen)

Total cash distribution(Note 9)16th fiscal period

Retained earnings

Samty Residential issued additional investment units through third-party allotment with a paid-in amount of 100,900 yen per unit to fund the acquisitionof new properties, etc.

Samty Residential resolved at its Board of Directors’ meeting held on March 12, 2021, to make a distribution in excess of earnings (refund of capital
contribution to unitholders as distribution reducing unitholders’ capital for tax purposes) of 192 yen per unit as cash distribution for the 11th fiscal period(ended January 2021). Payment of distribution commenced on April 21, 2021.

15th fiscal period

Total unappropriated retained earnings(Note 6)(Note 8)14th fiscal period(From August 1, 2021
(From February 1,(From August 1, 2022
(From February 1,(From August 1, 2023
to January 31, 2022) 2022 to July 31, 2022) to January 31, 2023) 2023 to July 31, 2023) to January 31, 2024)[Distribution per unit]

Of which, total refund of capital
contribution(yen)2,239,534

2,764

3,021

2,753

2,788

2,841

1,832,479

2,135,712

2,029,716

2,148,816

2,239,398

(yen)

2,381

2,775

2,420

2,562

2,670

(thousands of yen)

294,766

189,327

279,295

189,552

143,422[Refund of capital contribution per unit]

(yen)

383

246

333

226

171

Of the total refund of capital contribution,
total distribution from reserve for temporary difference adjustments(thousands of yen)

—

—

—

—

—

(yen)

—

—

—

—

—

294,766

189,327

279,295

189,552

143,422

383

246

333

226

171

[Of the refund of capital contribution perunit, distribution per unit from reserve fortemporary difference adjustments]
Of the total refund of capital contribution,
total distribution reducing unitholders’capital for tax purposes(thousands of yen)

[Of the refund of capital contribution perunit, distribution reducing unitholders’capital for tax purposes](yen)(Note) For the determination of making distribution in excess of earnings for the 17th fiscal period, please refer to (Note 1) and (Note 2) for v) Overview of
Performance and Distributions, (2) 17th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

(5) Future Asset Management Policy and Issues to Be Addressed
Outlook of Overall Asset Management
According to the Monthly Economic Report (February 2024) announced by the Cabinet Office on February 21, 2024, the Japanese
economy is recovering at a moderate pace, although some parts have stalled recently. As for the outlook, the report continues, theeconomy is expected to continue recovering at a moderate pace with the improving employment and income situation, supported by
the effects of the policies. However, the slowing down of overseas economies, including the effects of global monetary tightening andconcerns about the prospect of the Chinese economy, poses a downside risk to the Japanese economy, it says. Moreover, full attention should be given to price increases, the situation in the Middle East and fluctuations in the financial and capital markets.
Furthermore, the report warns, full attention should be given to the impact of The 2024 Noto Peninsula Earthquake on the economy.
In the real estate transaction market, it is anticipated that transaction prices will remain in the high price zone, although the trends
in the financial market must be closely monitored. In the rental housing market, in contrast to the supply of rental housing kept at low
levels, demand is anticipated to remain solid, led by an increase in the number of households. At the same time, close attention
should be paid continuously to the impact on these markets of the fluctuations in the financial and capital markets associated with therising interest rates both in and outside Japan.
Based on the outlook stated above, Samty Residential will aim to further enhance unitholder value through “investments in residential properties mainly located in major regional cities” and “utilization of the Samty Group,” and by taking advantage of the networks
and know-how in the financial and capital markets possessed by Daiwa Securities Group Inc. (hereinafter, the “sub-sponsor”) (Note).
(Note) Daiwa Securities Group Inc. concluded a sponsor support agreement (hereinafter, the “sub-sponsor support agreement”) with Samty Residential and theAsset Management Company as of January 15, 2018. The company is also a shareholder of the Asset Management Company.
Based on the sub-sponsor support agreement, the company provides various information, gives such support as formation of bridge funds, and cooperates
with the Asset Management Company in securing staff.

(A) External Growth Strategy
Samty Residential will invest in accommodation facilities and other assets in wide-ranging regional cities throughout Japan with an
aim to secure stable earnings and steady growth of managed assets by managing such assets over the medium to long term.
As of the date of this document, Samty Residential is granted with preferential negotiation rights for the “S-RESIDENCE” series ofcondominiums that the main sponsor is developing and some properties it owns, based on the sponsor support agreement with themain sponsor. In addition, Samty Residential will work to flexibly acquire properties by taking advantage of the warehousing functionof the main sponsor and the proprietary networks of the Asset Management Company, in pursuit of expanding the asset size.

11

12

I. Asset Management Report

SAMTY RESIDENTIAL(B) Internal Growth Strategy
Samty Residential aims to maximize unitholder value over the medium to long term by securing stable rental revenue. For this goal,
Samty Residential will conduct efficient administration and operations by utilizing the sponsor support from the main sponsor and thesub-sponsor and cooperating with respective property management companies and the Asset Management Company in an endeavor
to maintain and enhance the occupancy rate and the rent levels.
Going forward, as it did in the 17th fiscal period, Samty Residential will work to expand rental revenue by maintaining and enhancing the asset value and property competitiveness through implementation of strategic measures for better usability and repairs forhigher property value, improving the occupancy rate through reinforcement of leasing activities, raising rent per unit after adjustment
through rent setting suited for the situation of respective properties and receipt of key money, and securing accompanying income
such as parking fees, based on the real estate market conditions including the operation status of each property and the trends ofcompeting properties in the neighborhood. Moreover, Samty Residential will endeavor to maintain and increase rental income throughreduction of such costs as administrative expenses by optimizing utilities expenses and contracts with building management companies for each property and enhancing efficiency of leasing activities, among other measures.

Looking ahead, Samty Residential will closely monitor the financial environment, such as interest rate trends and lending attitude offinancial institutions, and conduct fund procurement in consideration of the soundness of its financial standing and earnings stability,
as well as work to maintain and expand the stable fund procurement system by utilizing the sponsor support from the sub-sponsor.
With regard to borrowings, Samty Residential will conduct optimal fund procurement by working to diversify repayment dates while
paying attention to financing costs. As for issuance of new investment units, Samty Residential will investigate such in accordancewith fund requirements for property acquisitions, etc. and its financial situation, while setting the upper limit of LTV at 60% in an effort
to establish the optimal financial base.

(6) Significant Subsequent Events
Not applicable(Reference Information)

S-FORT Shizuoka Tennocho
Total

14th fiscal period

15th fiscal period

16th fiscal period

17th fiscal period(as of July 31, 2022)(as of January 31, 2023)(as of July 31, 2023)(as of January 31, 2024)

Total number of investment units authorized
Total number of investment units issued andoutstanding(units)2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

Unitholders’ capital, net (Note)

838,726(units)769,626

769,626

838,726

838,726(millions of yen)

74,14973,854

82,111

81,831

81,642(persons)

15,467

14,644

15,50615,191

15,546

Number of unitholders(Note) Unitholders’ capital, net indicates the amount of unitholders’ capital after subtracting deduction from unitholders’ capital.

(2) Matters Concerning Investment Units
Name

Number of investment
units owned(units)Address

Location
Aoi-ku, Shizuoka-shi

Buyer
Not disclosed (Note 2)——

Planneddisposition date

Daiwa Securities Group Inc.

1-9-1 Marunouchi, Chiyoda-ku, Tokyo

326,210

38.89

Samty Co., Ltd. (Note 1)

1-8-39 Nishimiyahara, Yodogawa-ku, Osaka-shi, Osaka

113,383

13.51

Custody Bank of Japan, Ltd. (Trust
Account)

1-8-12 Harumi, Chuo-ku, Tokyo

49,1005.85

The Master Trust Bank of Japan, Ltd.
(Trust Account)

2-11-3 Hamamatsucho, Minato-ku, Tokyo

45,074

5.37

The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)

2-2-2 Otemachi, Chiyoda-ku, Tokyo

18,938

2.25

Kinkisangyo Shinkumi Bank

2-1-3 Awajimachi, Chuo-ku, Osaka-shi, Osaka

18,4002.19

Daiwa PI Partners Co. Ltd.

1-9-1 Marunouchi, Chiyoda-ku, Tokyo

10,8581.29

JP MORGAN CHASE BANK 385771

25 Bank Street, Canary Wharf, London E14 5JP, United
Kingdom

10,6701.27

SSBTC CLIENT OMNIBUS ACCOUNTONE CONGRESS STREET, SUITE 1, BOSTON,MASSACHUSETTS

6,979

0.83

Daido Shinyoukumiai

1-4-3 Kitahorie, Nishi-ku, Osaka-shi, Osaka

6,044

0.72

605,656

72.21(Note 2) “Percentage of total number of investment units issued and outstanding” is rounded down to the second decimal place.

Planned disposition price(millions of yen) (Note 1)

June 28, 2024

1,140

—

1,140

(Note 1) Planned disposition price indicates the amount (transaction price of real estate property stated in the sales agreement, etc.) excluding various expenses(transaction brokerage fees, taxes and public dues, etc.) required for disposition of the relevant asset, rounded down to the nearest million yen.
(Note 2) Not disclosed as no consent for disclosure has been obtained from the buyer.

Percentage of total numberof investment units issued
and outstanding (%)(Note 1) Samty Co., Ltd. became a wholly-owned subsidiary of SAMTY HOLDINGS Co., Ltd. with the transfer of the company's stock on June 3, 2024.

Samty Residential plans to dispose of the real estate (real estate trust beneficiary interest) described below on June 28, 2024.

B-031

13th fiscal period(as of January 31, 2022)

Fiscal period

Total

Disposition of Assets

Property name(1) Status of Unitholders’ Capital

Major unitholders as of January 31, 2024 are as follows.

(C) Financial Strategy

Property
number

2. Overview of Samty Residential(3) Matters Related to Directorsi) The Executive Director, Supervisory Directors and Independent Auditor during the 17th fiscal period are as follows.
Position
Executive Director
Supervisory Directors (Note 1)
Independent Auditor

NameMajor concurrent assignments

Masafumi Takahashi

Representative Director, Samty Asset Management
Co., Ltd.

Takahiro Fujiki

Representative, FUJIKI CPA OFFICE

Takeo Nakahara

Representative Partner, Lawyer, HOKUTO Law Office

Ernst & Young ShinNihon LLC—

Total remuneration for each position
during the 17th fiscal period(thousands of yen) (Note 2)— (Note 3)
1,530
1,530
16,200 (Note 4)(Note 1) Supervisory Directors may be directors of corporations other than those indicated above, but have no conflict of interest with Samty Residential at any ofsuch positions.
(Note 2) Remuneration for the Supervisory Directors is the amounts paid to them in the 17th fiscal period, and remuneration for the Independent Auditor is theamount payable to it for audits pertaining to the 17th fiscal period.
(Note 3) The Executive Director does not receive any remuneration from Samty Residential.
(Note 4) The remuneration for the Independent Auditor includes fees regarding auditing of Samty Residential’s English financial statements (2,200 thousand yen).
There is no remuneration for services other than those set forth in Article 2, Paragraph 1 of the Certified Public Accountants Act. Furthermore, there is no
payment of remuneration to those who belong to the same network as the Independent Auditor.

ii) Dismissal or Refusal of Reappointment of Independent Auditor
Dismissal of the Independent Auditor shall be considered in accordance with the provisions of the Investment Trust Act, and refusal ofreappointment of an Independent Auditor shall be studied by Samty Residential’s Board of Directors following comprehensive consideration of audit quality, the amount of remuneration and other various conditions.

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I. Asset Management Report

SAMTY RESIDENTIAL

3. Status of Samty Residential’s Assets under Management(4) Matters concerning Directors and Officers Liability Insurance Agreement
Samty Residential has entered into a directors and officers liability insurance agreement as follows:
Scope of the insured

Overview of directors and officers liability insurance agreement

Executive Director and all
Supervisory Officersof Samty Residential

The directors and officers liability insurance agreement shall cover loss, such as compensation payment for damages and disputecosts, etc. (hereinafter, “compensation for damages, etc.”) to be borne by the insured when they receive a claim for compensationof damages caused by the actions they have taken as a director of Samty Residential.
However, the agreement shall not cover compensation for damages, etc. to be borne by the insured for their malpractice, criminal
acts, fraudulent conduct (including omissions) or for the actions they have taken with knowledge that it may violate laws and regulations. This shall serve as the measure to ensure that the appropriateness of the execution of duties by the officers, etc. who are theinsured is not impaired.
As for the insurance premium, Samty Residential shall bear the entire amount.

(1) Samty Residential’s Asset Structure
The structure of Samty Residential’s assets as of January 31, 2024, is as follows.

Type of asset

Real estate(5) Asset Management Company, Asset Custodian and General Administrative AgentsThe asset management company, asset custodian and general administrative agents as of January 31, 2024, are as follows.
Entrustment category

Name

Asset management company

Samty Asset Management Co., Ltd.

Asset custodian

Mizuho Trust & Banking Co., Ltd.

Transfer agent

Mitsubishi UFJ Trust and Banking Corporation

General administrative agent for institutional operations

Mizuho Trust & Banking Co., Ltd.

General administrative agent for accounting operations and part of tax operations

Reiwa Accounting Holdings Co., Ltd.

General administrative agent for part of tax operations

Reiwakaikeisha Tax Corporation

General administrative agent for investment corporation bonds

Mizuho Bank, Ltd.

Area

16th fiscal period
as of July 31, 2023
Total value of
owned assets(millions of yen) (Note 2)

17th fiscal period
as of January 31, 2024

Percentage of
total assets(%) (Note 3)

Total value of
owned assets(millions of yen) (Note 2)

Percentage of
total assets(%) (Note 3)

Major regional cities

15,9459.3

14,993

8.7

Other regional cities

5,701

3.3

5,729

3.3

Greater Tokyo area

3,655

2.1

3,644

2.1

25,30214.8

24,368

14.2

Real estate: total
Major regional cities

61,83736.1

63,763

37.1

Other regional cities

40,33823.5

39,556

23.0

Greater Tokyo area

37,15021.7

37,73921.9

139,32681.3

141,059

82.0

—

—

100

0.1

Deposits and other assets

6,823

4.0

6,446

3.7

Total amount of assets

171,452

100.0

171,974

100.0

Real estate in trust (Note 1)

Real estate in trust: total
Equity investment in silent partnership (Note 4)(Note 1) All properties of the “real estate in trust” above are owned in the form of trust beneficiary interest in real estate.
(Note 2) “Total value of owned assets” indicates the amount posted on the Balance Sheets as of the closing of accounts (the book value after depreciation for realestate and real estate in trust).
(Note 3) “Percentage of total assets” is rounded off to the first decimal place. Note that the sum of the percentage of total assets may not equal the total becauseof rounding off.
(Note 4) The “Equity investment in silent partnership” is equity interest in silent partnership with GK Iris 1 as the operator.

(2) Major Assets Owned by Samty Residential
The following is an overview of the major assets (top ten properties on a book value basis) owned by Samty Residential as ofJanuary 31, 2024.
Ratio to total realestate leasing
business revenue(%) (Note 5)

Book value(millions of yen) (Note 1)

Rentable area(m2) (Note 2)

Leased area(m2) (Note 3)

Occupancy rate(%) (Note 4)

S-FORT Yokohama Aobadai

5,422

9,274.43

9,085.36

98.0

2.8

Apartment

S-FORT Kego Tower

4,431

7,415.36

7,189.62

97.0

2.2

Apartment

S-FORT Nakaitabashi

3,428

3,946.25

3,840.25

97.3

1.5

Apartment

S-RESIDENCE Kyoto Takeda
Dormitory

2,346

3,233.80

3,233.80

100.0

1.1

Schooldormitory

S-RESIDENCE Shin Osaka Ekimae

2,343

4,534.98

4,534.98

100.0

1.6

Apartment

S-RESIDENCE Kobe Isogamidori

2,324

4,372.45

4,297.78

98.3

1.9

Apartment

S-RESIDENCE Esaka

2,221

3,739.30

3,670.27

98.2

1.6

Apartment

S-RESIDENCE Namba Briller

1,903

3,631.60

3,540.14

97.5

1.2

Apartment

S-RESIDENCE Aoi II

1,885

3,215.72

2,929.58

91.1

1.0

Apartment

S-FORT Funabashi Tsukada

1,879

5,640.60

5,640.60

100.0

1.0

Apartment

28,18849,004.49

47,962.38

97.9

15.9

—

Property name

Total

Main use(Note 1) “Book value” indicates the book value after depreciation of each property, rounded down to the nearest million yen. The same shall apply hereinafter.
(Note 2) “Rentable area” indicates the area stated in the lease agreement of respective managed assets or the area calculated based on the building completiondrawings. The same shall apply hereinafter.
(Note 3) For “Leased area,” when the master lease agreement is pass-through type, the figure indicates the area that is actually leased to end tenants based onlease agreements concluded with them (the area stated in the lease agreements, although only including the area of residences and stores, etc. (or thearea of the entire rooms for rent if all the rooms are leased in a lump-sum) and excluding the leased area of parking lots, etc.).
(Note 4) “Occupancy rate” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the first decimal place.
(Note 5) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded off to the first decimal place.

15

16

I. Asset Management Report

SAMTY RESIDENTIAL(3) Details of Portfolio Assets

Property
number(Real estate assets in the portfolio)
The overview of assets owned by Samty Residential as of January 31,2024 is as follows.
Property
number

Property name

Type of ownership

Type of ownership

10-2-7 Miyanomori-sanjo, Chuo-ku,
Sapporo-shi, Hokkaido

Trust beneficiaryinterest

1,954.81651

722

4-1-10 Kikusui-nanajo, Shiroishi-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,204.96

301

327

A-049 S-RESIDENCE Aoi

2-12-27 Aoi, Higashi-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

2,393.73

1,450

1,780

A-050 S-RESIDENCE Shiga Hondori

1-43 Shigahondori, Kita-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

2,217.60

1,123

1,320

A-051 S-FORT Kobe Ogawadori

2-1-8 Ogawadori, Hyogo-ku, Kobe-shi, Hyogo

Real estate(actual real estate)

1,322.64607

650

A-052 S-FORT Sakuragawa Minami

3-6-26 Shiokusa, Naniwa-ku, Osaka-shi, Osaka

Trust beneficiaryinterest

2,458.43

1,092

1,210

A-053 S-FORT Fukushima EBIE

8-14-2 Ebie, Fukushima-ku, Osaka-shi, Osaka

Real estate(actual real estate)

1,044.72

546

627

A-054 S-FORT Miyakojima Uchindai

1-11-7 Uchindaicho, Miyakojima-ku, Osaka-shi,
Osaka

Real estate(actual real estate)789.74460

486

Real estate(actual real estate)

720.69348

372

A-047 S-RESIDENCE Miyanomori
Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )(Note 1)

A-001 S-FORT Shin Osaka ravir

3-14-18 Nishinakajima, Yodogawa-ku,
Osaka-shi, Osaka

Trust beneficiaryinterest

1,290.84639

730

A-004 S-FORT Chikushi Dori4-4-10 Hakataeki Minami, Hakata-ku,
Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

3,706.56

1,099

1,440

A-048

S-FORT Higashi-Sapporo
Nordo(Note 1)

A-005 S-FORT Fukuoka Kencho Mae 4-2-8 Chiyo, Hakata-ku, Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

2,566.72

921

1,200

A-006 S-FORT Takamiya

3-8-18 Noma, Minami-ku, Fukuoka-shi, Fukuoka

Trust beneficiaryinterest

2,105.13

698

976

A-007 S-FORT Tsutsujigaoka Koen

1-3-66 Haranomachi, Miyagino-ku, Sendai-shi,
MiyagiTrust beneficiaryinterest

3,609.49

1,350

1,600

A-008 S-RESIDENCE Namba Briller

2-8-15 Motomachi, Naniwa-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

3,631.60

1,903

2,680

A-055 S-FORT Miyakojima KERS

3-32-33 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

4-8-15 Nakanocho, Miyakojima-ku, Osaka-shi,
Osaka

2,772.00

956

1,550

A-056 S-FORT Oimazato-Nishi

Real estate(actual real estate)643.77335

358

A-010 S-FORT Rokuban-cho

3-5-3 Rokuban, Atsuta-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

1-24-18 Oimazatonishi, Higashinari-ku,
Osaka-shi, Osaka

1,833.29

658

862

A-057 S-RESIDENCE Chikusa

Real estate(actual real estate)

1,003.97

554

659

Trust beneficiaryinterest

3-14-14 Uchiyama, Chikusa-ku, Nagoya-shi,
Aichi

A-011 S-FORT Nakajima Koen

1-13-139 Minami Hachijo Nishi, Chuo-ku,
Sapporo-shi, Hokkaido

5,292.65

1,539

1,790

A-058 S-FORT Sakurayama

2-6-1 Komabacho, Mizuho-ku, Nagoya-shi, Aichi

1,794.42776

758

A-012 S-FORT Hokudai Mae

5-2-38 Kita Juhachijo Nishi, Kita-ku, Sapporoshi, Hokkaido

Trust beneficiaryinterest

Trust beneficiaryinterest

2,287.22658

896

A-059 S-FORT Sapporo N15

553

569

4-2-16 Isogamidori, Chuo-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Real estate(actual real estate)

2,229.91

S-RESIDENCE Kobe
A-013
Isogamidori

5-1-31, Kita 15-jo Higashi, Higashi-ku,
Sapporo-shi, Hokkaido

4,372.45

2,324

3,290

A-060 S-FORT Nangodori

326

Trust beneficiaryinterest

Real estate(actual real estate)306

1-18-31 Higashi Nakajima, Higashi
Yodogawa-ku, Osaka-shi, Osaka

Minami 2-41, Nangodori 20-chome, Shiroishi-ku,
Sapporo-shi, Hokkaido

1,191.66

S-RESIDENCE Shin Osaka
A-017
Ekimae4,534.98

2,343

3,220

A-061 S-FORT Meinohama

Real estate(actual real estate)

1,364.28

488

543

3-33-20 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

3-4-26 Meinohama, Nishi-ku, Fukuoka-shi,
Fukuoka

1,988.56

682

912

A-062 S-FORT Osaka Doshin

2-1-28 Doshin, Kita-ku, Osaka-shi, Osaka

2,597.52

1,782

1,930

A-023 S-FORT Tsurumai cube

3-33-19 Chiyoda, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

Trust beneficiaryinterest

1,460.64

546

731

A-063 S-FORT Higashi Betsuin

2-10-18 Heiwa, Naka-ku, Nagoya-shi, Aichi

1,684.48

727

736

A-024 S-FORT Fukuoka Higashi

1-3-55 Enokida, Hakata-ku, Fukuoka-shi,
Fukuoka

Trust beneficiaryinterest

Trust beneficiaryinterest

5,584.41

1,861

2,230

A-064 S-FORT Moriyama24-4 Nijikkenya, Moriyama-ku, Nagoya-shi, Aichi

1,590.84480

498

1-2-15 Aioi-cho, Chuo-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Real estate(actual real estate)

2,169.67

1,123

1,510

A-065 S-FORT Jingu Minami

1-1-14 Tenma, Atsuta-ku, Nagoya-shi, Aichi

1,003.64396

459

5-3-25 Kagura-cho, Nagata-ku, Kobe-shi, Hyogo

Trust beneficiaryinterest

Real estate(actual real estate)

4,900.32

1,781

2,440

A-066 S-FORT Atsuta Rokuban

2-8-30 Rokuban, Atsuta-ku, Nagoya-shi, Aichi

1,637.41

757

814

A-027 S-FORT Nijo-jo mae

471 Taruya-cho, Nakagyo-ku, Kyoto-shi, Kyoto

Trust beneficiaryinterest

Trust beneficiaryinterest

1,735.95776

952

A-067 S-FORT Kitachikusa

685

750

A-028 S-FORT Chion-in mae

Trust beneficiaryinterest

Trust beneficiaryinterest

1,600.00

577-3 Inari-cho Minamigumi, Higashiyama-ku,
Kyoto-shi, Kyoto

1-1-11 Kitachikusa, Chikusa-ku, Nagoya-shi,
Aichi

1,049.01484

565

A-068 S-FORT Saikotori

1-2-24 Yonban, Atsuta-ku, Nagoya-shi, Aichi

409

400

2-13-3 Nakamoto, Higashinari-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

Real estate(actual real estate)

1,463.48

S-RESIDENCE Midoribashi
A-030
Ekimae3,691.67

1,796

2,360

A-069 S-FORT Fukuzumi

Real estate(actual real estate)

1,151.44322

322

2-9-3 Tsurumai, Showa-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

14-4-6 Tsukisamu Higashiichijo, Toyohira-ku,
Sapporo-shi, Hokkaido

3,597.72

1,529

2,090

A-070 S-FORT Muromi

Trust beneficiaryinterest

1,848.00

681

727

A-032 S-FORT Osu Kannon

2-10-12 Matsubara, Naka-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

6-6-17 Minamisho, Sawara-ku, Fukuoka-shi,
Fukuoka

2,514.12

1,144

1,450

A-071 S-FORT Atsuta Hanacho

2-3 Hanacho, Atsuta-ku, Nagoya-shi, Aichi

1,510.56

862

932

Trust beneficiaryinterest

Trust beneficiaryinterest

A-033 S-FORT Kita-Sanno

2-2-2 Nishihioki, Nakagawa-ku, Nagoya-shi,
Aichi

1,757.61

821

910

A-072 S-FORT Horitatori

7-14-1 Horitatori, Mizuho-ku, Nagoya-shi, Aichi

1,030.40

513

545

A-034 S-FORT Aratamabashi

16-21 Yobitsugimotomachi, Minami-ku,
Nagoya-shi, Aichi

Real estate(actual real estate)

Real estate(actual real estate)

1,699.11455

476

A-073 S-FORT Kego Tower

2-13-17 Kego, Chuo-ku, Fukuoka-shi, Fukuoka

7,415.36

4,431

4,570

A-035 S-FORT Toyohira Sanjyo

2-3-1 Toyohira Sanjyo, Toyohira-ku,
Sapporo-shi, Hokkaido

Trust beneficiaryinterest

Trust beneficiaryinterest

2,868.75763

871

A-074 S-RESIDENCE Aoi II

3-11-22 Aoi, Higashi-ku, Nagoya-shi, Aichi

3,215.72

1,885

2,030

A-036 S-FORT Kitamaruyama

20-2-20 Kita-4jo-Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(actual real estate)

Trust beneficiaryinterest

1,613.38

424

483

A-075

Trust beneficiaryinterest

1,450.31

707

747

A-039 S-FORT Kobe Sannomiya-Kita 2-2-13 Nunobikicho, Chuo-ku, Kobe-shi, Hyogo

Real estate(actual real estate)

5-6-20 Meiekiminami, Nakamura-ku,
Nagoya-shi, Aichi

884.88526

565

A-076 S-FORT Hakozaki Higashi

703

724

A-040 S-FORT Nakahirodori

Trust beneficiaryinterest

Trust beneficiaryinterest

2,360.60

2-20-1 Nakahiromachi, Nishi-ku, Hiroshima-shi,
Hiroshima

3-20-8 Matsushima, Higashi-ku, Fukuoka-shi,
Fukuoka

2,127.92934

928

A-077 S-RESIDENCE Meiekiminami

686

721

A-041 S-FORT Tsurumicho

Trust beneficiaryinterest

Trust beneficiaryinterest

1,072.06

7-10 Tsurumicho, Naka-ku, Hiroshima-shi,
Hiroshima

3-15-6 Meiekiminami, Nakamura-ku,
Nagoya-shi, Aichi

2,006.49806

854

A-078 S-FORT Kanayama

Trust beneficiaryinterest

1,380.28

631

636

A-042 S-FORT Aoba Kamisugi

1-16-28 Kamisugi, Aoba-ku, Sendai-shi, Miyagi

Trust beneficiaryinterest

1-5-20 Yaguma, Nakagawa-ku, Nagoya-shi,
Aichi

2,072.84

939

1,110

A-079 S-FORT Izumi Chuo

597

Trust beneficiaryinterest

Trust beneficiaryinterest

563

2-5-34 Nishimiyahara, Yodogawa-ku, Osaka-shi,
Osaka

45-2 Ishidome, Ichinazaka, Izumi-ku,
Sendai-shi, Miyagi

2,159.25

S-RESIDENCE Shin Osaka
A-043
Ridente2,083.41

1,313

1,650

A-080 S-RESIDENCE Soen EAST

507

525

A-044 S-FORT Fukushima La Luna

Trust beneficiaryinterest

Real estate(actual real estate)

1,500.45

3-11-15 Oyodominami, Kita-ku, Osaka-shi,
Osaka

11-3 Kita 7-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

1,473.04

881

1,040

A-081 S-FORT Yagoto

Real estate(actual real estate)

1,023.54463

459

3-24-44 Ebie, Fukushima-ku, Osaka-shi, Osaka

Real estate(actual real estate)

345 Yagotoyama, Tempaku-ku, Nagoya-shi,
Aichi

900.72

534

616

A-082 S-FORT Sapporo Kita 5-Jo

16-2-8 Kita 5-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(actual real estate)

1,643.20434

426

4-17-1 Kamiyashiro, Meito-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

1,029.42428

438

A-083 S-FORT Sapporo Motomachi

17-3-11 Kita 23-jo Higashi, Higashi-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,363.97

412

432

A-009 S-FORT Tsurumai marks

A-022 S-FORT Tsurumai arts

S-RESIDENCE Kobe
A-025
Motomachi
A-026 S-FORT Kobe Kaguracho

A-031 S-FORT Tsurumai reale

A-045 S-FORT Fukushima Libre
A-046 S-FORT Kamiyashiro

17

Location(residential address)

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Location(residential address)

Property name

S-FORT Meiekiminami
5-Chome18

I. Asset Management Report

Property
numberPeriod-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )Property
numberLocation(residential address)

Type of ownershipA-084 S-RESIDENCE Joshin II

2-16-2 Kaminagoya, Nishi-Ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

1,486.62817

899

B-025 S-FORT Esaka Salita

A-085 S-RESIDENCE Sengencho

1-5-6 Sengen, Nishi-Ku, Nagoya-shi, Aichi

Real estate(actual real estate)843.75469

527

B-026 S-FORT Esaka LIBERTS

A-086 S-FORT Taisho riviere

3-1-5 Sangenyanishi, Taisho-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

1,524.60

1,041

1,020

Property name(Note 1)

Property nameLocation(residential address)

Type of ownership

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )(Note 1)

3-20-26 Tarumicho, Suita-shi, Osaka

Real estate(actual real estate)755.40421

439

2-3-26 Esaka, Suita-shi, Osaka

Real estate(actual real estate)613.08351

362

B-027 S-FORT Otsukawa

12 Otsukawacho, Handa-shi, Aichi

Trust beneficiaryinterest

3,250.36

661

698

1-2-59 Tenjin, Saga-shi, Saga

Trust beneficiaryinterest

2,895.36

756

783

S-FORT Nagasaki Daigaku
Byoin-mae

4-5 Hamaguchi-machi, Nagasaki-shi, Nagasaki

Trust beneficiaryinterest

3,721.97

1,373

1,470

Real estate(actual real estate)

1,582.77457

453

2,649.60

1,085

1,060

A-087

S-RESIDENCE Kyoto Takeda
Dormitory

15-12 Takeda Nanasegawacho, Fushimi-ku,
Kyoto-shi, Kyoto

Trust beneficiaryinterest

3,233.80

2,346

2,290

B-028 S-FORT Saga Tenjin

A-088

S-RESIDENCE Maruyama
Omotesando

21-2-15 Kita 1-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Trust beneficiaryinterest

3,344.79

1,482

1,430

B-029

A-089 S-RESIDENCE Soen

19-35-10 Kita 8-jo Nishi, Chuo-ku, Sapporo-shi,
Hokkaido

Trust beneficiaryinterest

3,007.01

1,138

1,090

B-030 S-FORT Kumamoto Keitoku

33, 34 and 35 Toricho, Chuo-ku, Kumamoto-shi,
Kumamoto

A-090 S-FORT Sakuragawa

3-2-10 Saiwaicho, Naniwa-ku, Osaka-shi,
Osaka

Trust beneficiaryinterest

1,300.10764

757

B-031 S-FORT Shizuoka Tennocho

4-10 Tennocho, Aoi-ku, Shizuoka-shi, Shizuoka

A-091 S-FORT Bentencho

2-6-2 Ichioka, Minato-ku, Osaka-shi, Osaka

Trust beneficiaryinterest

1,231.50

628

610

B-032

S-RESIDENCE
A-092
Kindaibijutsukan-mae

18-1-10 Odorinishi, Chuo-ku, Sapporo-shi,
Hokkaido

Real estate(actual real estate)

1,531.93

635

586

B-033 S-FORT Esaka Koen

A-093 S-RESIDENCE Meieki

2-22-19 Nagono, Nishi-ku, Nagoya-shi, Aichi

Trust beneficiaryinterest

788.00544

549

A-094 S-FORT Joshin

2-2-3 Kaminagoya, Nishi-ku, Nagoya-shi, Aichi

Real estate(actual real estate)

1,104.80

546

A-095 S-FORT Sakuranomiya

3-11-14 Nakanocho, Miyakojima-ku, Osaka-shi,
Osaka

Real estate(actual real estate)795.64

A-096 S-RESIDENCE Horita

28-19 Naeshirocho, Mizuho-ku, Nagoya-shi,
Aichi

Real estate(actual real estate)885.96

S-FORT Konan Umekage I

4-1 Umekagecho, Konan-shi, Shiga

Trust beneficiaryinterest
Trust beneficiaryinterest

5,813.49

1,472

1,650

1-21-16 Esakacho, Suita-shi, Osaka

Trust beneficiaryinterest

1,869.20

1,280

1,320

B-034 S-FORT Oita Kotobukimachi

11-18 Kotobukimachi, Oita-shi, Oita

Trust beneficiaryinterest

3,067.08

735

791

529

B-035 S-FORT Hotakubo

2-11-10 Hotakubo, Chuo-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

3,040.33

601

607

540

547

S-FORT Kumamoto Kenritsu
B-036
Daigaku-mae

2-6-60 Tsukide, Higashi-ku, Kumamoto-shi,
Kumamoto

Real estate(actual real estate)

1,495.20

478

429

509

470

B-037 S-FORT Kasugai

7-2-7 Nyoisarucho, Kasugai-shi, Aichi

Real estate(actual real estate)

2,398.34

483

512

Trust beneficiaryinterest

5,006.68

1,436

1,450

(Note 2)5-1-1 Tsukisamuchuodori Toyohira-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,135.05355

344

B-038 S-FORT Kokura

1-10-30 Nakatsuguchi, Kokurakita-ku,
Kitakyushu-shi, Fukuoka

25-2-21 Minami 6-jo Nishi, Chuo-ku,
Sapporo-shi, Hokkaido

Real estate(actual real estate)

1,102.05441

433

B-039 S-FORT Niigata Ekimae

1-10-24 Yoneyama, Chuo-ku, Niigata-shi,
Niigata

Trust beneficiaryinterest

3,303.57

1,450

1,460

A-099 S-RESIDENCE Kamiiida West

1-29-1,Kamiiida Nishimachi, Kita-ku,
Nagoya-shi, Aichi

Trust beneficiaryinterest

2,126.96

1,187

1,140

B-040 S-FORT Takasaki

5-3 Torimachi, Takasaki-shi, Gunma

Trust beneficiaryinterest

3,775.68

1,145

1,130

A-100 S-RESIDENCE Nishimachi

11-1-1, Nishimachikita, Nishi-ku, Sapporo-shi,
Hokkaido

Trust beneficiaryinterest

2,699.52

1,014

960

B-041 S-FORT Yokkaichi arcam

2-2-4 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

2,604.42862

853

B-003 S-FORT Yokkaichi Motomachi

1-14, Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,691.28

440

639

B-042 S-FORT Kagoshima Chuo

10-3 Nishisengokucho, Kagoshima-shi,
Kagoshima

Trust beneficiaryinterest

2,260.21815

797

B-004 S-FORT Suzuka

361-7, Nishijo-cho, Suzuka-shi, Mie

Trust beneficiaryinterest

2,286.69

601

698

B-043 S-FORT Heisei Keyakidori

2-20-18 Hirata, Minami-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

3,699.42787

787

B-005 S-RESIDENCE Esaka

12-31 Hiroshiba-cho, Suita-shi, Osaka

Trust beneficiaryinterest

3,739.30

2,221

2,890

2-13 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,876.98

641

628

B-006 S-FORT Utsunomiya

4-2-23 Higashi Shukugo, Utsunomiya-shi,
Tochigi

Trust beneficiaryinterest

2,330.64

585

768

B-045

3-1-1 Minamiodori, Utsunomiya-shi, Tochigi

Trust beneficiaryinterest

3,258.30

1,366

1,370

17-6 Nishishinchi, Yokkaichi-shi, Mie

Real estate(actual real estate)

2,192.48680

810

B-046 S-FORT Ichinomiya Honmachi

4-4-14 Honmachi, Ichinomiya-shi, Aichi

Real estate(actual real estate)

1,224.96

581

619

B-008 S-FORT Saga Honjo

1167-3 Honjo Ipponmatsu, Honjo-cho, Saga-shi,
Saga

Trust beneficiaryinterest

4,972.84

983

1,180

1-14-20 Senrioka, Settsu-shi, Osaka

Trust beneficiaryinterest

1,898.25

1,062

1,200

B-009 S-FORT Saga Idaimae

4-3-4 Nabeshima, Saga-shi, Saga

Trust beneficiaryinterest

1,507.35

383

452

B-048

S-RESIDENCE Takaida
Central2-3-13 Nishizutsumi, Higashiosaka-shi, Osaka

Trust beneficiaryinterest

3,220.54

1,468

1,520

B-010 S-FORT Nishinomiya

5-31 Todacho, Nishinomiya-shi, Hyogo

Trust beneficiaryinterest

2,887.26

1,399

1,680

B-049

S-RESIDENCE Sakaishi
Ekimae1-4-32 Shinonome Higashi Machi, Kita-ku,
Sakai-shi, Osaka

Trust beneficiaryinterest

1,985.52

952

985

S-FORT Nishinomiya
B-011
Uegahara

2-43 Uegahara-rokubancho, Nishinomiya-shi,
Hyogo

Trust beneficiaryinterest

1,546.28

774

914

2-8-4 Sasaguchi, Chuo-ku, Niigata-shi, Niigata

Trust beneficiaryinterest

1,762.61

785

746

B-012 S-FORT Mito Chuo

1-2-10 Chuo, Mito-shi, Ibaraki

Trust beneficiaryinterest

6,503.80

1,838

2,350

1-17 Motomachi, Yokkaichi-shi, Mie

Trust beneficiaryinterest

1,497.48769

760

B-013 S-FORT Tsu Shinmachi

1-1-5 Shinmachi, Tsu-shi, Mie

Trust beneficiaryinterest

2,463.30

756

852

S-FORT Kagoshima Ekimae
B-052
Bayside12-4 Ogawacho, Kagoshima-shi, Kagoshima

Trust beneficiaryinterest

1,990.92711

719

B-014 S-FORT Mie Daigaku-mae

1-131 Edobashi, Tsu-shi, Mie

Real estate(actual real estate)

1,874.88

594

645

B-053

2-7-9 Sakae, Ichinomiya-shi, Aichi

Trust beneficiaryinterest

1,311.75

688

719

B-015 S-FORT Takasagomachi

1-30 Takasagomachi, Oita-shi, Oita

Trust beneficiaryinterest

3,588.84

992

1,120

5-15-28 Minamisuita, Suita-shi, Osaka

Real estate(actual real estate)868.84512493

B-016 S-FORT Oita Ekimae

3-1-4 Chuomachi, Oita-shi, Oita

Trust beneficiaryinterest

2,662.36

873

973

S-RESIDENCE Kachigawa
B-055
Ekimae6-68 etc. Kachigawa-cho, Kasugai-shi, Aichi

Trust beneficiaryinterest

2,761.34

1,248

1,200

B-017 S-FORT Oita Otemachi

1-4-9 Otemachi, Oita-shi, Oita

Real estate(actual real estate)905.80

274

317

B-056

S-FORT Takamatsu
Nakanocho

1-7, Nakanocho, Takamatsu-shi, Kagawa

Trust beneficiaryinterest

1,196.75

492

480

B-018 S-FORT Suizenji

3-34-10 Suizenji, Chuo-ku, Kumamoto-shi,
Kumamoto

Trust beneficiaryinterest

4,256.91

1,339

1,360

1-12-2 Miyamoto-cho, Minami-ku,
Yokohama-shi, Kanagawa

Trust beneficiaryinterest

1,607.40

916

1,260

B-021 S-FORT Esaka Tarumicho

3-5-13 Tarumicho, Suita-shi, Osaka

Trust beneficiaryinterest

1,267.30

753

888

C-002 S-FORT Nihombashi Hakozaki 1-11 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo

Trust beneficiaryinterest

1,114.38

986

1,190

B-022 S-FORT Niigata Honcho

7-1082 Honchodori, Chuo-ku, Niigata-shi,
Niigata

Trust beneficiaryinterest

2,604.25

960

1,050

C-004 S-FORT Shiomi

1-21-7 Shiomi, Koto-ku, Tokyo

Trust beneficiaryinterest

1,042.48

817

1,110

B-023 S-FORT Motohama

33-28 Motohamacho, Naka-ku, Hamamatsu-shi,
Shizuoka

Real estate(actual real estate)

1,010.60

242

259

C-006 S-FORT Shonan Hiratsuka

8-12 Daikan-cho, Hiratsuka-shi, Kanagawa

Trust beneficiaryinterest

1,717.46

781

1,110

S-FORT Kumamoto
B-024
Gofukumachi

2-36-6 Gofukumachi, Chuo-ku, Kumamoto-shi,
Kumamoto

Real estate(actual real estate)

3-2-25 Nishifuna, Funabashi-shi, Chiba

Trust beneficiaryinterest

1,397.64

688

892

A-097 S-FORT Tsukisamu
A-098

B-007

19

SAMTY RESIDENTIALS-RESIDENCE
Minamimaruyama

S-FORT Yokkaichi Nishi
Shinchi

2,290.68651

604

B-044 S-FORT Yokkaichi zeal
S-FORT Utsunomiya
Minamiodori

B-047 S-RESIDENCE Senrioka

B-050 S-FORT Niigata Sasaguchi
B-051

S-RESIDENCE Yokkaichi
Motomachi

S-RESIDENCE Ichinomiya
EkimaeB-054 S-FORT Esaka Fiore

C-001 S-FORT Maita Koen

C-007 S-FORT Nishifunabashi

20

I. Asset Management Report

Property
number

Property nameSAMTY RESIDENTIAL
Location(residential address)

Type of ownership

Period-end
Rentable area Book value estimated value
2(millions of yen) (millions of yen)(m )5-18-8 Fujimi, Urayasu-shi, Chiba

Trust beneficiaryinterest

1,726.56

1,130

1,430

C-009 S-FORT Ichikawa

1-21-8 Ichikawa, Ichikawa-shi, Chiba

Trust beneficiaryinterest

1,255.90

842

927

S-RESIDENCE Yokosuka
C-010
Chuo

1-5-15 Yonegahamadori, Yokosuka-shi,
Kanagawa

Real estate(actual real estate)

1,492.09

800

1,010

C-012 S-FORT Hoya

2-6-5 Higashicho, Nishi-Tokyo-shi, Tokyo

Trust beneficiaryinterest

1,177.94

630

929

2-16-28 Tamagawagakuen, Machida-shi, Tokyo

Trust beneficiaryinterest

978.75585

704

S-FORT
Tamagawagakuen-mae

Property
number

Property name17th fiscal period (August 1, 2023 to January 31, 2024)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period](Note 1)

(Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)(Note 4)A-001 S-FORT Shin Osaka ravir

1

93.9

21

0.4

1

91.9

21

0.4

A-004 S-FORT Chikushi Dori

1

98.9

45

0.8

1

98.9

45

0.8

A-005 S-FORT Fukuoka Kencho Mae

1

98.1

37

0.7

1

97.1

37

0.7

A-006 S-FORT Takamiya

1

97.6

30

0.6

1

97.6

30

0.5

A-007 S-FORT Tsutsujigaoka Koen

1

94.4

52

0.9

1

93.2

50

0.9

A-008 S-RESIDENCE Namba Briller

1

94.2

66

1.2

1

97.5

67

1.2

C-014 S-FORT Tsurukawa

2-19-4 Tsurukawa, Machida-shi, Tokyo

Real estate(actual real estate)

1,886.70

S-RESIDENCE Yokohama
C-015
Tanmachi2-14-10 Tanmachi, Kanagawa-ku,
Yokohama-shi, Kanagawa

Trust beneficiaryinterest

772.3822-8 Saiwaicho, Chigasaki-shi, Kanagawa

Trust beneficiaryinterest

1,382.17

1,117

1,290

C-017 S-FORT Kawaguchi Namiki

4-4-5 Namiki, Kawaguchi-shi, Saitama

Trust beneficiaryinterest

1,457.51

1,091

1,260

C-018 S-FORT Todakoen

2-11-13 Shimomae, Toda-shi, Saitama

Trust beneficiaryinterest

1,438.71

893

1,100

2-39-1 Kitahoncho, Funabashi-shi, Chiba

Trust beneficiaryinterest

5,640.60

C-020 S-FORT Kashiwa

3-4-17 Kashiwa, Kashiwa-shi, Chiba

Real estate(actual real estate)983.06536

602

C-021 S-FORT Fujimidai

4-16-13 Kamisaginomiya, Nakano-ku, Tokyo

Trust beneficiaryinterest

2,054.86

1,229

1,630

1

100.0

22

0.4

1

100.0

22

0.4

5-7 Honcho, Matsudo-shi, Chiba

Trust beneficiaryinterest

A-027 S-FORT Nijo-jo mae

C-022 S-RESIDENCE Matsudo

1,180.53826

991

A-028 S-FORT Chion-in mae

1

100.0

13

0.3

1

100.0

13

0.3

C-023 S-RESIDENCE Motoyawata

5-7-16 Minamiyawata, Ichikawa-shi, Chiba

Trust beneficiaryinterest

2,180.26

1,663

1,950

A-030 S-RESIDENCE Midoribashi Ekimae

1

98.7

63

1.1

1

99.3

63

1.1

A-031 S-FORT Tsurumai reale

1

100.0

53

1.0

1

98.3

53

1.0

C-024 S-FORT Kinshicho

4-1-2 Yokokawa, Sumida-ku, Tokyo

Trust beneficiaryinterest

1,956.87

1,527

1,740

C-025 S-FORT Komazawa Daigaku

4-40-3 Kamiuma, Setagaya-ku, Tokyo

Trust beneficiaryinterest

536.60533

589

C-026 S-FORT Yokohama Aobadai

2-34-1 Aobadai, Aoba-ku, Yokohama-shi,
Kanagawa

Trust beneficiaryinterest

9,274.43

5,422

5,870

C-027 S-FORT Aoba Shiratoridai

21-4 Shiratoridai, Aoba-ku, Yokohama-shi,
Kanagawa

Trust beneficiaryinterest

2,179.25

873

897

C-028 S-FORT Kawasaki Shinmeicho

2-29-8 Shinmeicho, Saiwai-ku, Kawasaki-shi,
Kanagawa

Trust beneficiaryinterest

994.63

611

685

C-029 S-FORT Motoyawata Mairie

1-16-9 Yawata, Ichikawa-shi, Chiba

Trust beneficiaryinterest

826.18682

744

C-030 S-FORT Funabashi roots

3-9-27 Honcho, Funabashi-shi, Chiba

Trust beneficiaryinterest

1,201.50

826

850

C-031 S-FORT Tama-plaza

2-24-8 Inukura, Miyamae-ku, Kawasaki-shi,
Kanagawa

Trust beneficiaryinterest

1,367.88

1-20-5 Sakaecho, Odawara-shi, Kanagawa

Trust beneficiaryinterest

1,279.24

72-6 Yayoicho, Itabashi-ku, Tokyo

Trust beneficiaryinterest

3,946.25

3,428

3,500

A-049 S-RESIDENCE Aoi

1

98.9

45

0.8

1

95.8

42

0.8

C-034 S-FORT Kameido

9-6-13 Kameido, Koto-ku, Tokyo

Trust beneficiaryinterest

2,577.48

1,295

1,340

A-050 S-RESIDENCE Shiga Hondori

1

94.3

36

0.7

1

96.6

35

0.6

C-035 S-FORT Gyotoku

3-15-17 Gyotoku Ekimae, Ichikawa-shi, Chiba

Trust beneficiaryinterest

1,283.80944

988

A-051 S-FORT Kobe Ogawadori

1

100.0

20

0.4

1

98.0

20

0.4

A-052 S-FORT Sakuragawa Minami

1

96.9

36

0.7

1

96.1

37

0.7

C-036 S-FORT Funabashi Kaijin

1-1441-1 Kaijinchominami, Funabashi-shi,
Chiba

Trust beneficiaryinterest

1,512.96925

977

A-053 S-FORT Fukushima EBIE

1

100.0

17

0.3

1

97.2

17

0.3

A-054 S-FORT Miyakojima Uchindai

1

96.7

13

0.2

1

96.2

13

0.3

C-037 S-FORT Funabashi Honcho

2-3-21 Honcho, Funabashi-shi, Chiba

Trust beneficiaryinterest

1,235.10789

824

A-055 S-FORT Miyakojima KERS

1

100.0

11

0.2

1

100.0

10

0.2

1

93.1

10

0.2

1

100.0

10

0.2

C-038 S-FORT Hachioji

2-3-10 Sennincho, Hachioji-shi, Tokyo

Real estate(actual real estate)

A-056 S-FORT Oimazato-Nishi

1,049.43484

495

6-24 Senju Tatsuta-cho, Adachi-ku, Tokyo

Trust beneficiaryinterest

1,432.67

1-17-35 Sakaecho, Odawara-shi, Kanagawa

Real estate(actual real estate)

1,003.20

4-22-20 Nishioi, Shinagawa-ku, Tokyo

Real estate(actual real estate)404.91

376

375

C-042 S-FORT Kamiikedai

4-2-13 Kamiikedai, Ota-ku, Tokyo

Real estate(actual real estate)386.02368

358

C-043 S-FORT Tsurumi Chuo

3-25-6, Tsurumichuo, Tsurumi-ku,
Yokohama-shi, Kanagawa

Trust beneficiaryinterest

672.04

669

632

378,239.55

165,427

186,151

C-016 S-FORT Chigasaki

C-019 S-FORT Funabashi Tsukada

C-032 S-FORT Odawara
C-033 S-FORT Nakaitabashi

C-039 S-RESIDENCE Kitasenju reiz
C-040 S-FORT Odawara Sakaecho
C-041 S-FORT Omori Sanno

Total

—

—

568
612

1,879

657
617

1,239
510

696
787

2,060

714
653

1,270
500

(Note 1) “Period-end estimated value” indicates the appraisal value stated in the appraisal reports prepared by the real estate appraisers of Japan Real Estate
Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sōgō Appraisal Co., Ltd., JLL Morii Valuation & Advisory K.K. and Japan Valuers Co., Ltd.,
with January 31, 2024, as the appraisal date, or the survey value stated in the price survey reports for such, based on the asset appraisal methods andstandards stipulated in the Articles of Incorporation of Samty Residential as well as the rules provided by The Investment Trusts Association, Japan.

21

16th fiscal period (February 1, 2023 to July 31, 2023)(Note 1)

C-008 S-FORT Maihama

C-013

The leasing performance of real estate, etc. owned by Samty Residential are as follows.

(Note 2) The property consists of S-FORT Konan Umekage I, S-FORT Konan Umekage II and S-FORT Umekagecho. The same shall apply hereinafter.

A-009 S-FORT Tsurumai marks

1

92.9

39

0.7

1

100.0

38

0.7

A-010 S-FORT Rokuban-cho

1

96.6

24

0.4

1

96.6

24

0.4

A-011 S-FORT Nakajima Koen

1

99.0

65

1.2

1

95.2

64

1.2

A-012 S-FORT Hokudai Mae

1

100.0

27

0.5

1

98.4

26

0.5

A-013 S-RESIDENCE Kobe Isogamidori

1

96.7

87

1.6

1

98.3

107

1.9

A-017 S-RESIDENCE Shin Osaka Ekimae

1

100.0

85

1.5

1

100.0

86

1.6

A-019 S-FORT Aoi (Note 5)

1

96.4

30

0.5

—

—

19

0.3

A-020 S-FORT Kurumamichi (Note 6)

—

—

5

0.1

—

—

—

—

A-022 S-FORT Tsurumai arts

1

100.0

25

0.4

1

100.0

25

0.5

A-023 S-FORT Tsurumai cube

1

100.0

20

0.4

1

94.4

21

0.4

A-024 S-FORT Fukuoka Higashi

1

97.4

66

1.2

1

94.9

66

1.2

A-025 S-RESIDENCE Kobe Motomachi

1

97.8

41

0.7

1

97.9

41

0.7

A-026 S-FORT Kobe Kaguracho

1

93.5

71

1.3

1

97.0

71

1.3

A-032 S-FORT Osu Kannon

1

99.1

42

0.8

1

96.4

42

0.8

A-033 S-FORT Kita-Sanno

1

94.2

26

0.5

1

90.9

25

0.5

A-034 S-FORT Aratamabashi

1

100.0

16

0.3

1

100.0

16

0.3

A-035 S-FORT Toyohira Sanjyo

1

96.0

31

0.6

1

97.1

31

0.6
0.3

A-036 S-FORT Kitamaruyama

1

94.2

16

0.3

1

98.1

16

A-037 S-FORT Hakata-Higashi I (Note 7)

—

—

12

0.2

—

—

—

—

A-038 S-FORT Hakata-Higashi II (Note 7)

—

—

11

0.2

—

—

—

—

A-039 S-FORT Kobe Sannomiya-Kita

1

97.7

17

0.3

1

97.7

16

0.3

A-040 S-FORT Nakahirodori

1

100.0

29

0.5

1

96.1

29

0.5

A-041 S-FORT Tsurumicho

1

92.3

25

0.5

1

90.7

25

0.5

A-042 S-FORT Aoba Kamisugi

1

94.0

34

0.6

1

98.4

33

0.6

A-043 S-RESIDENCE Shin Osaka Ridente

1

98.9

41

0.7

1

94.5

40

0.7

A-044 S-FORT Fukushima La Luna

1

100.0

28

0.5

1

100.0

27

0.5

A-045 S-FORT Fukushima Libre

1

100.0

17

0.3

1

100.0

18

0.3

A-046 S-FORT Kamiyashiro

1

85.7

14

0.3

1

95.2

14

0.3

A-047 S-RESIDENCE Miyanomori

1

100.0

24

0.4

1

95.4

24

0.4

A-048 S-FORT Higashi-Sapporo Nordo

1

100.0

13

0.2

1

100.0

13

0.2

A-057 S-RESIDENCE Chikusa

1

93.3

19

0.3

1

95.5

18

0.3

A-058 S-FORT Sakurayama

1

96.6

26

0.5

1

91.5

25

0.5

A-059 S-FORT Sapporo N15

1

93.4

20

0.4

1

90.5

20

0.4

A-060 S-FORT Nangodori

1

100.0

12

0.2

1

96.9

13

0.2

A-061 S-FORT Meinohama

1

89.8

18

0.3

1

96.4

17

0.3

A-062 S-FORT Osaka Doshin

1

97.2

48

0.9

1

97.2

48

0.9

A-063 S-FORT Higashi Betsuin

1

96.4

24

0.4

1

92.9

23

0.4

A-064 S-FORT Moriyama

1

96.2

18

0.3

1

94.4

17

0.3

A-065 S-FORT Jingu Minami

1

87.6

15

0.3

1

92.6

14

0.3

A-066 S-FORT Atsuta Rokuban

1

95.2

24

0.4

1

96.8

24

0.4

A-067 S-FORT Kitachikusa

1

95.0

22

0.4

1

97.5

21

0.4

A-068 S-FORT Saikotori

1

100.0

14

0.3

1

100.0

14

0.3

A-069 S-FORT Fukuzumi

1

100.0

12

0.2

1

100.0

12

0.2

A-070 S-FORT Muromi

1

100.0

25

0.5

1

100.0

24

0.4

22

I. Asset Management Report

SAMTY RESIDENTIAL
16th fiscal period (February 1, 2023 to July 31, 2023)

Property
number

Property name(Note 1)

16th fiscal period (February 1, 2023 to July 31, 2023)(Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)

Property
number

Property name(Note 4)

A-071 S-FORT Atsuta Hanacho

1

91.7

24

0.4

1

94.4

24

0.4

A-072 S-FORT Horitatori

1

88.5

16

0.3

1

97.2

15

0.3

A-073 S-FORT Kego Tower

1

97.7

125

2.3

1

97.0

121

2.2

A-074 S-RESIDENCE Aoi II

1

99.2

58

1.0

1

91.1

55

1.0

A-075 S-FORT Meiekiminami 5-Chome

1

84.5

20

0.4

1

95.1

20

0.4

A-076 S-FORT Hakozaki Higashi

1

98.6

26

0.5

1

97.2

25

0.5

A-077 S-RESIDENCE Meiekiminami

1

97.7

19

0.4

1

100.0

19

0.4

A-078 S-FORT Kanayama

1

100.0

20

0.4

1

90.7

19

0.4

A-079 S-FORT Izumi Chuo

1

100.0

24

0.4

1

100.0

24

0.4

A-080 S-RESIDENCE Soen EAST

1

100.0

18

0.3

1

100.0

17

0.3

A-081 S-FORT Yagoto

1

95.2

15

0.3

1

100.0

15

0.3

A-082 S-FORT Sapporo Kita 5-Jo

1

97.9

16

0.3

1

100.0

16

0.3

A-083 S-FORT Sapporo Motomachi

1

97.2

14

0.3

1

94.3

14

0.3

A-084 S-RESIDENCE Joshin II

1

98.3

27

0.5

1

100.0

27

0.5

A-085 S-RESIDENCE Sengencho

1

94.5

15

0.3

1

91.7

15

0.3

A-086 S-FORT Taisho riviere

1

100.0

27

0.5

1

98.4

28

0.5

A-087 S-RESIDENCE Kyoto Takeda Dormitory

1

100.0

62

1.1

1

100.0

62

1.1

A-088 S-RESIDENCE Maruyama Omotesando

1

100.0

45

0.8

1

98.0

46

0.8

A-089 S-RESIDENCE Soen

1

100.0

37

0.7

1

97.0

37

0.7

A-090 S-FORT Sakuragawa

1

97.3

22

0.4

1

93.2

22

0.4

A-091 S-FORT Bentencho

1

98.0

18

0.3

1

92.0

18

0.3

A-092 S-RESIDENCE Kindaibijutsukan-mae

1

95.0

19

0.4

1

90.1

18

0.3

A-093 S-RESIDENCE Meieki

1

93.8

14

0.3

1

100.0

15

0.3

A-094 S-FORT Joshin

1

100.0

16

0.3

1

89.9

15

0.3

A-095 S-FORT Sakuranomiya

1

100.0

14

0.3

1

100.0

14

0.3

A-096 S-RESIDENCE Horita

1

97.2

15

0.3

1

97.3

14

0.3

A-097 S-FORT Tsukisamu

1

100.0

12

0.2

1

94.1

12

0.2

A-098 S-RESIDENCE Minamimaruyama

1

100.0

6

0.1

1

100.0

13

0.2

A-099 S-RESIDENCE Kamiiida West

—

—

—

—

1

98.9

11

0.2

A-100 S-RESIDENCE Nishimachi

—

—

—

—

1

98.7

14

0.3

B-003 S-FORT Yokkaichi Motomachi

1

98.2

22

0.4

1

87.4

21

0.4

B-004 S-FORT Suzuka

1

97.3

27

0.5

1

93.8

27

0.5

B-005 S-RESIDENCE Esaka

1

94.4

75

1.4

1

98.2

90

1.6

B-006 S-FORT Utsunomiya

1

98.1

25

0.5

1

98.1

25

0.5

B-007 S-FORT Yokkaichi Nishi Shinchi

1

90.3

27

0.5

1

100.0

26

0.5

B-008 S-FORT Saga Honjo

1

100.0

36

0.7

1

100.0

36

0.7

B-009 S-FORT Saga Idaimae

1

100.0

13

0.2

1

100.0

13

0.2

B-010 S-FORT Nishinomiya

1

96.8

47

0.9

1

99.2

47

0.9

B-011 S-FORT Nishinomiya Uegahara

1

100.0

28

0.5

1

96.8

24

0.4

B-012 S-FORT Mito Chuo

1

100.0

65

1.2

1

94.9

64

1.2

B-013 S-FORT Tsu Shinmachi

1

94.2

30

0.5

1

89.9

28

0.5

B-014 S-FORT Mie Daigaku-mae

1

100.0

25

0.5

1

96.8

24

0.4

B-015 S-FORT Takasagomachi

1

92.4

43

0.8

1

96.7

43

0.8

B-016 S-FORT Oita Ekimae

1

100.0

30

0.6

1

100.0

30

0.6

B-017 S-FORT Oita Otemachi

1

100.0

10

0.2

1

100.0

10

0.2

B-018 S-FORT Suizenji

1

95.6

47

0.8

1

95.9

45

0.8

B-019 S-FORT Kumadaibyoin-mae (Note 5)

1

93.1

38

0.7

—

—

24

0.4

S-FORT Kumamoto Senba (Note 7)

B-020

23

17th fiscal period (August 1, 2023 to January 31, 2024)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period]

—

—

29

0.5

—

—

—

—

B-021 S-FORT Esaka Tarumicho

1

95.6

24

0.4

1

97.9

25

0.5

B-022 S-FORT Niigata Honcho

1

91.5

36

0.7

1

93.9

33

0.6

B-023 S-FORT Motohama

1

82.4

11

0.2

1

97.1

11

0.2

B-024 S-FORT Kumamoto Gofukumachi

1

84.9

20

0.4

1

100.0

20

0.4

B-025 S-FORT Esaka Salita

1

100.0

14

0.3

1

100.0

14

0.3

B-026 S-FORT Esaka LIBERTS

1

100.0

11

0.2

1

92.1

11

0.2

B-027 S-FORT Otsukawa

1

93.3

28

0.5

1

96.4

28

0.5

B-028 S-FORT Saga Tenjin

1

94.1

31

0.6

1

97.9

31

0.6

B-029 S-FORT Nagasaki Daigaku Byoin-mae

1

99.0

53

1.0

1

98.8

50

0.9

B-030 S-FORT Kumamoto Keitoku

1

94.8

15

0.3

1

100.0

15

0.3

B-031 S-FORT Shizuoka Tennocho

1

94.9

36

0.7

1

89.2

34

0.6

B-032 S-FORT Konan Umekage I

1

100.0

63

1.1

1

100.0

63

1.1

B-033 S-FORT Esaka Koen

1

100.0

35

0.6

1

100.0

35

0.6

B-034 S-FORT Oita Kotobukimachi

1

95.2

31

0.6

1

95.1

30

0.6

B-035 S-FORT Hotakubo

1

95.7

27

0.5

1

100.0

26

0.5

17th fiscal period (August 1, 2023 to January 31, 2024)

Total number Occupancy Real estate leasing Ratio to total Total number Occupancy Real estate leasing Ratio to totalratebusiness revenue
real estateof tenantsratebusiness revenue
real estateof tenants[at end of [during the period] leasing business [at end of[at end of [during the period] leasing business[at end of
period] (%)(millions of yen)revenue (%)
period]period] (%)(millions of yen)revenue (%)
period](Note 1)

(Note 2)

(Note 3)(Note 4)(Note 1)

(Note 2)

(Note 3)(Note 4)

S-FORT Kumamoto Kenritsu
B-036
Daigaku-mae

1

100.0

17

0.3

1

100.0

17

0.3

B-037 S-FORT Kasugai

1

97.2

18

0.3

1

91.9

18

0.3

B-038 S-FORT Kokura

1

90.9

52

0.9

1

93.6

51

0.9

B-039 S-FORT Niigata Ekimae

1

92.1

46

0.8

1

97.6

47

0.9

B-040 S-FORT Takasaki

1

89.8

44

0.8

1

91.4

42

0.8

B-041 S-FORT Yokkaichi arcam

1

97.6

32

0.6

1

100.0

32

0.6

B-042 S-FORT Kagoshima Chuo

1

96.6

29

0.5

1

83.9

27

0.5

B-043 S-FORT Heisei Keyakidori

1

96.6

33

0.6

1

95.6

33

0.6

B-044 S-FORT Yokkaichi zeal

1

100.0

23

0.4

1

97.6

22

0.4

B-045 S-FORT Utsunomiya Minamiodori

1

93.4

41

0.7

1

89.2

40

0.7

B-046 S-FORT Ichinomiya Honmachi

1

95.8

20

0.4

1

100.0

19

0.4

B-047 S-RESIDENCE Senrioka

1

100.0

33

0.6

1

96.1

33

0.6

B-048 S-RESIDENCE Takaida Central

1

100.0

56

1.0

1

97.8

56

1.0

B-049 S-RESIDENCE Sakaishi Ekimae

1

100.0

35

0.6

1

98.9

35

0.6

B-050 S-FORT Niigata Sasaguchi

1

100.0

26

0.5

1

96.6

26

0.5

B-051 S-RESIDENCE Yokkaichi Motomachi

1

98.3

26

0.5

1

96.7

25

0.5

B-052 S-FORT Kagoshima Ekimae Bayside

1

98.3

24

0.4

1

91.8

24

0.5

B-053 S-RESIDENCE Ichinomiya Ekimae

1

94.5

22

0.4

1

94.5

22

0.4

B-054 S-FORT Esaka Fiore

1

96.4

14

0.3

1

96.4

15

0.3

B-055 S-RESIDENCE Kachigawa Ekimae

1

74.3

4

0.1

1

100.0

39

0.7

B-056 S-FORT Takamatsu Nakanocho

—

—

—

—

1

92.3

7

0.1

C-001 S-FORT Maita Koen

1

98.7

33

0.6

1

100.0

33

0.6

C-002 S-FORT Nihombashi Hakozaki

1

96.6

28

0.5

1

100.0

29

0.5

C-004 S-FORT Shiomi

1

96.2

29

0.5

1

88.4

28

0.5

C-006 S-FORT Shonan Hiratsuka

1

100.0

31

0.6

1

96.9

32

0.6

C-007 S-FORT Nishifunabashi

1

92.0

27

0.5

1

96.8

26

0.5

C-008 S-FORT Maihama

1

96.4

39

0.7

1

95.2

37

0.7

C-009 S-FORT Ichikawa

1

100.0

27

0.5

1

100.0

26

0.5

C-010 S-RESIDENCE Yokosuka Chuo

1

100.0

29

0.5

1

100.0

29

0.5

C-012 S-FORT Hoya

1

100.0

19

0.4

1

100.0

19

0.4

C-013 S-FORT Tamagawagakuen-mae

1

100.0

19

0.4

1

95.6

19

0.3

C-014 S-FORT Tsurukawa

1

96.7

20

0.4

1

100.0

20

0.4

C-015 S-RESIDENCE Yokohama Tanmachi

1

100.0

18

0.3

1

100.0

18

0.3

C-016 S-FORT Chigasaki

1

83.8

31

0.6

1

98.2

30

0.5
0.6

C-017 S-FORT Kawaguchi Namiki

1

98.6

35

0.6

1

100.0

31

C-018 S-FORT Todakoen

1

98.4

30

0.5

1

96.7

30

0.6

C-019 S-FORT Funabashi Tsukada

1

100.0

57

1.0

1

100.0

57

1.0

C-020 S-FORT Kashiwa

1

100.0

18

0.3

1

89.9

17

0.3

C-021 S-FORT Fujimidai

1

98.2

37

0.7

1

95.6

38

0.7

C-022 S-RESIDENCE Matsudo

1

100.0

26

0.5

1

96.2

25

0.5

C-023 S-RESIDENCE Motoyawata

1

100.0

48

0.9

1

100.0

48

0.9

C-024 S-FORT Kinshicho

1

97.9

44

0.8

1

96.6

45

0.8

C-025 S-FORT Komazawa Daigaku

1

100.0

12

0.2

1

100.0

13

0.2

C-026 S-FORT Yokohama Aobadai

1

99.2

154

2.8

1

98.0

152

2.8

C-027 S-FORT Aoba Shiratoridai

1

97.5

28

0.5

1

100.0

28

0.5

C-028 S-FORT Kawasaki Shinmeicho

1

100.0

19

0.3

1

100.0

20

0.4

C-029 S-FORT Motoyawata Mairie

1

90.0

19

0.3

1

97.5

18

0.3

C-030 S-FORT Funabashi roots

1

96.6

24

0.4

1

100.0

25

0.5

C-031 S-FORT Tama-plaza

1

96.7

21

0.4

1

100.0

20

0.4

C-032 S-FORT Odawara

1

95.8

23

0.4

1

98.0

24

0.4

C-033 S-FORT Nakaitabashi

1

96.3

80

1.4

1

97.3

82

1.5

C-034 S-FORT Kameido

1

97.2

39

0.7

1

97.2

37

0.7

C-035 S-FORT Gyotoku

1

96.1

28

0.5

1

95.4

26

0.5

C-036 S-FORT Funabashi Kaijin

1

98.4

32

0.6

1

100.0

29

0.5

C-037 S-FORT Funabashi Honcho

1

96.0

24

0.4

1

100.0

23

0.4

C-038 S-FORT Hachioji

1

91.7

17

0.3

1

95.8

16

0.3

C-039 S-RESIDENCE Kitasenju reiz

1

100.0

31

0.6

1

98.2

33

0.6

C-040 S-FORT Odawara Sakaecho

1

95.0

18

0.3

1

100.0

18

0.3

C-041 S-FORT Omori Sanno

1

94.5

1

0.0

1

95.0

9

0.2

C-042 S-FORT Kamiikedai

1

67.7

1

0.0

1

100.0

7

0.1

C-043 S-FORT Tsurumi Chuo

—

—

—

—

1

100.0

5

0.1

178

96.7

5,565

100.0

180

96.9

5,544

100.0

Total

24

I. Asset Management Report

SAMTY RESIDENTIAL

Note 1) “Total number of tenants [at end of period]” indicates the total number of tenants under a direct lease relationship with Samty Residential or the trustee.
Therefore, in cases where the master lease company subleases each apartment room to end tenants based on a master lease agreement, the total
number of tenants is shown as “1,” and does not include the number of end tenants related to the said sublease. Even for managed assets where amaster lease is adopted, end tenants who do not accept the adoption of a master lease will be under a direct lease relationship with Samty Residential or
the trustee. However, the number of said end tenants is not included in the total number of tenants.
(Note 2) “Occupancy rate [at end of period]” indicates the ratio of the leased area to the rentable area of respective managed assets, rounded off to the firstdecimal place.
(Note 3) “Real estate leasing business revenue [during the period]” includes other leasing business revenue on top of leasing business revenue.
(Note 4) “Ratio to total real estate leasing business revenue” indicates the ratio obtained by dividing the real estate leasing business revenue of respective managed assets by the sum total of real estate leasing business revenue of all managed assets, rounded to the first decimal place.
(Note 5) Samty Residential disposed the properties on November 28, 2023. The disclosed real estate leasing business revenue for the 17th fiscal period indicatesthe figure for the period up to the day preceding the disposition.
(Note 6) Samty Residential disposed the property on March 31, 2023. The disclosed real estate leasing business revenue for the 16th fiscal period indicates thefigure for the period up to the day preceding the disposition.
(Notre 7) Samty Residential disposed the properties on June 28, 2023. The disclosed real estate leasing business revenue for the 16th fiscal period indicates thefigure for the period up to the day preceding the disposition.

4. Capital Expenditures for Owned Real Estate(1) Planned Capital Expenditures
The following are major items of capital expenditures for renovation work, etc. currently planned for the 18th fiscal period for theassets owned by Samty Residential as of January 31, 2024. Please note that the following planned construction cost includes portions that are separately accounted under expenses.
Property nameLocation

PurposeSchedule period

S-FORT Utsunomiya

Utsunomiya-shi, Tochigi

Large-scale refurbishment

S-FORT Oita Kotobukimachi

Oita-shi, Oita

Total amountPayment in the
17th fiscal period

Total amountalready paid

From March 2024
to July 2024

73

—

—

Large-scale refurbishment

From February
2024 to July 2024

54

—

—

40

—

—

86

—

—

(Securities and other assets in the portfolio)

S-FORT Odawara

Odawara-shi, Kanagawa

Large-scale refurbishment

From March 2024
to July 2024

The detailed amount of securities owned by Samty Residential is as follows.

S-FORT Nakaitabashi

Itabashi-ku, Tokyo

Large-scale refurbishment

From February
2024 to July 2024

Name

Type of asset

Equity interest in silent
partnership with GK Iris 1
as the operator (Note 1)

Equity interest in
silent partnershipBook value(thousands of yen)
Unit priceAmount—100,000

Assessed value(thousands of yen) (Note 2)
Unit price—Amount100,000

Loss (gain) on valuation

Remarks——(Note 1) Assets under management are real estate trust beneficiary interest in Attirant Itabashihoncho, CASA GRECO, SAMTY Residence Nishi-funabashi Libre,
SAMTY Residence Funabashi Kaijin, GRANDUKE Kodeki fiore, S-RESIDENCE Horita North, S-RESIDENCE Sanno, S-RESIDENCE Omotecho and
S-RESIDENCE Atsuta II.

Planned construction cost
(millions of yen)

(2) Capital Expenditures during the 17th Fiscal Period
The following table provides an overview of capital expenditures Samty Residential conducted for its owned assets in the 17th fiscal
period. Capital expenditures during the 17th fiscal period amounted to 481,335 thousand yen. Combined with repair expenses of
325,690 thousand yen that were classified as expenses for the fiscal period, Samty Residential conducted construction work of
807,026 thousand yen in total.

(Note 2) The assessed value is the book value.
Property name(4) Status of Other Assets
All real estate and trust beneficiary interests in real estate are listed on the aforementioned “(3) Details of Portfolio Assets.”(5) Status of Owned Assets by Country and Region

Location

PurposeAmount of capital
expenditures(thousands of yen)

PeriodS-FORT Nakahirodori

Nishi-ku, Hiroshima-shi

Large-scale refurbishment

From October 2023 to January 2024

64,900S-FORT Yokkaichi Nishi Shinchi

Yokkaichi-shi, Mie

Large-scale refurbishment

From October 2023 to January 2024

65,560S-FORT Nagasaki Daigaku Byoin-mae

Nagasaki-shi, Nagasaki

Large-scale refurbishment

From October 2023 to January 2024

55,000S-FORT Fujimidai

Nakano-ku, Tokyo

Large-scale refurbishment

From October 2023 to January 2024

55,700

Other capital expenditures

240,175

Total

481,335

Not applicable for countries and regions other than Japan(3) Reserves for Long-Term Repair and Maintenance Plans
Based on the long-term repairs and maintenance plans prepared for each property, Samty Residential sets aside repair reserves fromthe cash flows generated during the fiscal period, as shown below, in order to fund future large-scale repairs, etc. over the medium tolong term.
(Unit: thousands of yen)
13th fiscal period

14th fiscal period

15th fiscal period

16th fiscal period

17th fiscal period(From August 1, 2021
to January 31, 2022)(From February 1,
2022 to July 31, 2022)(From August 1, 2022
to January 31, 2023)(From February 1,
2023 to July 31, 2023)(From August 1, 2023
to January 31, 2024)

Balance of reserves at beginning of period

173,290

257,568

365,787

408,745

342,129

Reserves during the period

287,631379,301

383,834

493,070

416,512

Reversal of reserves during theperiod203,354

271,082

340,876

559,686

441,013

Amount carried forward to thenext period

257,568

365,787

408,745

342,129

317,628

Operation period

25

26

I. Asset Management Report

SAMTY RESIDENTIAL

5. Status of Expenses and Liabilities

Category(1) Details of Expenses Related to Asset Management
16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

Asset management fees

Mizuho Bank, Ltd.

August 28,
2018

Resona Bank, Limited
March 29,2019

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

600

600

350

350

250

250

100

100

1,250

1,250
600

461,586

471,196

Asset custody fees

8,092

8,091

Administrative service fees

49,59049,834

Sumitomo Mitsui Banking Corporation

600

Remuneration for directors (and other officers)

3,060

3,060

The Bank of Fukuoka, Ltd.

450

450

Audit fees

16,20016,200Aozora Bank, Ltd.

400

400

Other expenses

205,292

201,541

SBI Shinsei Bank, Limited

300

300

743,822749,923

Total

Mizuho Bank, Ltd.

The Juhachi-Shinwa Bank, Ltd.

(Note) Aside from the amounts of asset management fees stated above, fees for asset management related to the acquisition of properties (16th fiscal period:
22,920 thousand yen, 17th fiscal period: 31,160 thousand yen) were paid and included in the book value of real estate, etc., and fees for disposition
related to the sale of properties (16th fiscal period: 12,935 thousand yen, 17th fiscal period: 11,920 thousand yen) were paid.

(2) Status of Borrowings

300

300

200

200

Resona Bank, Limited

200

200

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

2,500

—

Mizuho Bank, Ltd.

August 26,
2019

2,500

2,500

The Nishi-Nippon City Bank, Ltd.

August 26,
2019

500

500

900

—

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)

The Bank of Fukuoka, Ltd.

500—

SBI Shinsei Bank, LimitedAozora Bank, Ltd.

500—

Sumitomo Mitsui Banking Corporation

LenderMizuho Bank, Ltd.

—

400

—

Resona Bank, Limited

300—

The Bank of Fukuoka, Ltd.

350

—

290

—

200

—

1,400

—

400

—

1,000

—

Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
SBI Shinsei Bank, Limited
Resona Bank, Limited
Kansai Mirai Bank, Limited
Current portion of long-term borrowings

August 28,
2018

460

SBI Shinsei Bank, Limited

November26, 2018
August 26,
2019
August 3,
2020

Sumitomo Mitsui Banking Corporation

1,300

1,300

The Bank of Fukuoka, Ltd.

1,300

1,300

500

500

Aozora Bank, Ltd.
THE KAGAWA BANK, Ltd.
Resona Bank, Limited

June 28,
2019

500
400

SBI Shinsei Bank, Limited

400

400

The Juhachi-Shinwa Bank, Ltd.

400

400

The Kumamoto Bank, Ltd.

200

200

500

500

San ju San Bank, Ltd.
The Bank of Saga Ltd.

August 3,
2020

Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Higo Bank, Ltd.

February 1,
2018

Fukoku Mutual Life Insurance Company
The Nishi-Nippon City Bank, Ltd.

August 26,
2019

Resona Bank, Limited
SBI Shinsei Bank, Limited
Sumitomo Mitsui Banking Corporation

June 30,
2020

500

500

—

100

—

100

—

500

—

500

—

300

—

2,500

—

900

—

725

—

500

—

375

Subtotal of current portion of long-termborrowings

11,80012,500Sumitomo Mitsui Banking Corporation

100

The Bank of Fukuoka, Ltd.

Long-term
borrowings

500
400

The Bank of Fukuoka, Ltd.
Aozora Bank, Ltd.
The Higo Bank, Ltd.
Fukoku Mutual Life Insurance Company

February 1,
2018(Note 3)0.757%(Note 1)

Repayment
date

Repayment
methodLump-sum
January 31,
repayment on
2024(Note 4)
repayment date

Use offunds(Note 5)

Remarks

Unsecured
Unguaranteed

0.757%(Note 1)0.673%(Note 2)0.507%(Note 1)0.707%(Note 1)0.507%(Note 1)1.476%(Note 2)

0.783%(Note 2)0.750%(Note 2)

(Note 5)Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 5)

100

—
—

500

—

300

—

The Bank of Fukuoka, Ltd.

Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date

(Note 5)

July 31,2024(Note 4)

July 31,2024(Note 4)Lump-sum
repayment on
repayment dateLump-sum
repayment on
repayment dateLump-sum
January 31,
repayment on
2025(Note 4)
repayment dateLump-sum
January 31,
repayment on
2025(Note 4)
repayment dateLump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 5)(Note 5)(Note 5)(Note 5)(Note 5)The Bank of Fukuoka, Ltd.

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Mizuho Bank, Ltd.

Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

—

500

—

375

—

1,075

1,075

900

900

775

775

725

725

THE KAGAWA BANK, Ltd.

625

625

1,000

1,000

500

500

250

250

Aozora Bank, Ltd.
Resona Bank, Limited

August 3,
2020

The Nishi-Nippon City Bank, Ltd.

August 3,
2020

1,000

1,000

Mizuho Bank, Ltd.

August 3,
2020

1,000

1,000

Sumitomo Mitsui Banking Corporation

June 30,
2021

920

920

The Bank of Fukuoka, Ltd.

1,550

1,550

The Bank of Yokohama, Ltd.

1,250

1,250

THE KAGAWA BANK, Ltd.
SBI Shinsei Bank, Limited

June 30,
2021

600

600

500

500

The Juhachi-Shinwa Bank, Ltd.

240

240

The Kumamoto Bank, Ltd.

140

140

1,000

1,000

1,000

1,000

500

500

Sumitomo Mitsui Banking Corporation

1,500

1,500

Aozora Bank, Ltd.

1,500

1,500

1,000

1,000

1,000

1,000

JAPAN POST BANK Co., Ltd.
The Nishi-Nippon City Bank, Ltd.
Kansai Mirai Bank, Limited

SBI Shinsei Bank, Limited
The Nishi-Nippon City Bank, Ltd.

August 3,
2021

August 3,
2021

Resona Bank, Limited

300

300

1,700

1,700

1,500

1,500

500

500

2,000

2,000

Sumitomo Mitsui Banking Corporation

810

810

Resona Bank, Limited

900

900

660

660

540

540

Sumitomo Mitsui Banking Corporation
The Higo Bank, Ltd.

Mizuho Bank, Ltd.

(Note 2)June 30,
2020

725

SBI Shinsei Bank, Limited

The Kagoshima Bank, Ltd.

1.476%

June 30,
2020

Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.

Lump-sum
January 31,
repayment on
2024(Note 4)
repayment date—

500

Resona Bank, Limited

Long-term borrowings

Category

Drawdown
date

Averageinterest rate

August 2,
2019

The Kumamoto Bank, Ltd.

The status of borrowings as of January 31, 2024, is as follows.

27

Drawdown
date

SBI Shinsei Bank, Limited
The Bank of Fukuoka, Ltd.

(Unit: thousands of yen)
Item

Lender

The Juhachi-Shinwa Bank, Ltd.
The Bank of Fukuoka, Ltd.

August 3,
2021
August 3,
2021

January 31,
2022

SBI Shinsei Bank, Limited

500

500

The Kumamoto Bank, Ltd.

440

440

Averageinterest rate
(Note 3)

1.318%(Note 2)0.907%(Note 1)1.087%(Note 2)

0.783%(Note 2)0.864%(Note 2)0.907%(Note 2)0.750%(Note 2)0.863%(Note 2)0.711%(Note 2)0.829%(Note 2)0.732%(Note 1)0.608%(Note 2)0.614%(Note 2)

0.557%(Note 1)0.720%(Note 2)0.726%(Note 2)0.757%(Note 1)0.910%(Note 2)

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2025(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 30,
repayment on
2026(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2026(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2026

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2025

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 29,
repayment on
2027(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 4)

July 31,2026(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)28

I. Asset Management Report

LenderAozora Bank, Ltd.
THE HYAKUGO BANK, LTD.
SBI Shinsei Bank, Limited
THE KAGAWA BANK, Ltd.

Drawdown
date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)February25, 2022

500

500

1,000

1,000

500

500

500

500

1,000

1,000

1,000

1,000

850

850

July 29,
2022

Aozora Bank, Ltd.
The Higo Bank, Ltd.
Daishi Hokuetsu Bank, Ltd.
The Dai-ichi Life Insurance Company,
LimitedJuly 29,2022

Sumitomo Mitsui Banking Corporation
SBI Shinsei Bank, LimitedAozora Bank, Ltd.

August 2,
2022

The Yamaguchi Bank, Ltd.
The Hiroshima Bank, Ltd.
Sumitomo Mitsui Banking Corporation

August 2,
2022

Sumitomo Mitsui Banking Corporation
SBI Shinsei Bank, LimitedAozora Bank, Ltd.
The Yamaguchi Bank, Ltd.

August 2,
2022

Resona Bank, Limited

Long-term borrowings

500

500

500

500

500

500

500

500

500

1,000

1,000

500

500

1,050

1,050

500

500

500

500

500

500

450

450

Mizuho Bank, Ltd.

August 2,
2022

500

500

Mizuho Bank, Ltd.

August 2,
2022

500

500

Mizuho Bank, Ltd.

August 2,
2022

The Bank of Fukuoka, Ltd.

500
1,050

500

The Higo Bank, Ltd.

700

700

700

700

Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
THE KAGAWA BANK, Ltd.

January 31,
2023

550

550

500

500

250

250

THE SHIZUOKA BANK, LTD.

250

250

Resona Bank, Limited

200

200

SBI Shinsei Bank, Limited

150

150

The Chiba Bank, Ltd.

150

150

Sumitomo Mitsui Banking Corporation

500

500

Aozora Bank, Ltd.

400

400

Resona Bank, Limited

400

400

The Bank of Fukuoka, Ltd.

350

350

SBI Shinsei Bank, Limited

300

300

THE KAGAWA BANK, Ltd.

300

300

300

300

The Juhachi-Shinwa Bank, Ltd.

200

200

San ju San Bank, Ltd.

200

200

July 31,2023

THE SHIZUOKA BANK, LTD.

150

150

The Kumamoto Bank, Ltd.

50

50

The Chiba Bank, Ltd.

50

50

Sumitomo Mitsui Banking Corporation

400

400

The Bank of Fukuoka, Ltd.

300

300

SBI Shinsei Bank, Limited

200

200

Aozora Bank, Ltd.

200

200

Resona Bank, Limited

200

200

THE KAGAWA BANK, Ltd.
The Bank of Saga Ltd.
The Juhachi-Shinwa Bank, Ltd.
The Kumamoto Bank, Ltd.

July 31,2023(Note 3)0.940%(Note 2)0.607%(Note 1)

0.993%(Note 2)

Repayment
date

Repayment
methodUse offunds

Remarks

Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 29,
repayment on
2027(Note 4)
repayment date

(Note 5)Lump-sum
January 31,
repayment on
2028(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed

200

200

200

200

100

100

100

100

San ju San Bank, Ltd.

100

100

THE SHIZUOKA BANK, LTD.

100

100

The Chiba Bank, Ltd.

100

100

THE OITA BANK, LTD.

100

100

Category

LenderTHE SHIZUOKA BANK, LTD.
The Chiba Bank, Ltd.

0.891%(Note 2)

1.034%(Note 2)

1.181%(Note 2)0.891%(Note 2)

1.034%(Note 2)

1.181%(Note 2)

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2028

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 30,2027

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

July 31,2028

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
repayment on
repayment date

(Note 5)(Note 4)(Note 4)

July 31,2029(Note 4)1.434%(Note 2)Lump-sum
January 31,
repayment on
2029(Note 4)
repayment date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)—

250

November
30,2023250

SBI Shinsei Bank, Limited

—

1,000

Kansai Mirai Bank, Limited

—

1,000

The Bank of Fukuoka, Ltd.
Mizuho Bank, Ltd.

January 31,
2024

—

850

—

750
500

Aozora Bank, Ltd.

—

Resona Bank, Limited—

400

SBI Shinsei Bank, Limited

—

1,000

—

300

Subtotal of long-term borrowings

68,75068,550Total

80,55081,050January 31,
2024

Averageinterest rate

Repayment
date

Repayment
methodUse offunds

Remarks

July 31,2028

Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2029(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed

Lump-sum
January 31,
repayment on
2030(Note 4)
repayment date

(Note 5)

Unsecured
Unguaranteed(Note 3)0.657%(Note 1)0.657%(Note 1)0.757%(Note 1)

(Note 4)(Note 1) These loans are with floating interest rates.

July 31,2029(Note 4)

Drawdown
date—

Resona Bank, Limited

Unsecured
Unguaranteed

1,050

Kansai Mirai Bank, Limited

The Bank of Saga Ltd.

29

500

Averageinterest rateLong-term borrowings

Category

SAMTY RESIDENTIAL(Note 5)

Unsecured
Unguaranteed(Note 2) These loans are with fixed interest rates.
(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.
(Note 4) If the repayment date is not a business day, the immediately following business day shall be the repayment date. If such a day is in the following month,the immediately preceding business day shall be the repayment date.
(Note 5) The funds are appropriated for part of acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses, andrepaying borrowings.

(3) Status of Investment Corporation Bonds
The status of investment corporation bonds as of January 31, 2024, is as follows.
Name

Issue date

Balance at
beginning of period(millions of yen)

Balance at endof period(millions of yen)Interest rate

Redemption
date

Redemption
methodUse offunds

Remarks

First Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)

December16, 2020

1,700

1,700

0.580%

December16, 2025

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

Second Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)

December
8, 2021

1,500

1,500

0.850%

December
8, 2031

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

Third Series Unsecured Investment Corporation
Bonds (with pari passu conditions among specified
investment corporation bonds)(Green Bonds)

December15, 2022

1,400

1,400

0.850%

December15, 2027

Lump-sum
repayment on
redemption date

(Note 2)

Unsecured
Unguaranteed

Total

—

4,600

4,600

—

—

—

—

—

(Note 1) The funds are used for acquiring real estate or trust beneficiary interests in real estate, including part of accompanying expenses.
(Note 2) The funds are used to partly repay existing borrowings.

(4) Status of Short-Term Investment Corporation Bonds
Not applicable
0.657%(Note 1)

July 31,2028(Note 4)Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed(5) Status of Investment Unit Acquisition Rights
Not applicable

0.657%(Note 1)

July 31,2028(Note 4)Lump-sum
repayment on
repayment date

(Note 5)

Unsecured
Unguaranteed30

I. Asset Management Report

SAMTY RESIDENTIAL

6. Status of Purchase and Sale during the 17th Fiscal Periodiii) Other(1)	Status of Acquisition and Sale of Real Estate, Asset-Backed Securities, Infrastructure Assets
and Infrastructure-Related Assets, Etc.

Not applicable

Acquisition
Property
numberType of asset

Real estate trust
beneficiary interest

A-099

Property nameAcquisition date

S-RESIDENCE Kamiiida
West(4) Status of Transactions with Interested Parties, Etc.

Disposition

Acquisition price(millions of yen)
(Note 1)

Date of disposition

Disposition price(millions of yen)
(Note 1)Gain or loss
Book value
on sale(millions of yen) (millions of yen)
(Note 2)

November 30,
2023

1,100

—

—

—

—

A-100 S-RESIDENCE Nishimachi

November 30,
2023

940

—

—

—

—

Real estate trust
beneficiary interest

S-FORT Takamatsu
B-056
Nakanocho

November 30,
2023

459

—

—

—

—

Real estate trust
beneficiary interest

C-043 S-FORT Tsurumi Chuo

November 30,
2023

617

—

—

—

—

Real estate(actual real estate)

A-019 S-FORT Aoi——

November 28,
2023

1,230

878

307

Real estate trust
beneficiary interest

B-019

—

—

November 28,
2023

1,154

1,079

32

Equity interest in
silent partnership—

Equity interest in silent
partnership with GK Iris 1 as
the operator

November 27,
2023

Total

Transaction amount, etc. (Note 2)

Category

Real estate trust
beneficiary interest

S-FORT
Kumadaibyoin-maei) Status of transactions with interested parties, etc. (Note 1)

100

—

—

—

—

3,216

—

2,384

1,957

340

Purchase amount, etc.

Sale amount, etc.

3,216 million yen

2,384 million yen

Samty Co., Ltd.

3,116 million yen (96.9%)

—

Total

3,116 million yen (96.9%)—

Total amount

Breakdown of transactions with interested parties, etc.

ii) Amount of paid fees, etc.
Category

Total amount of paid fees,
etc. (A)Property management fees
Brokerage fees

Breakdown of transaction with interested parties, etc.
Paid party

Paid amount (B)Percentage of total amount(B/A) (%)

441,146 thousand yen

Samty Property Management Co., Ltd.

229,166 thousand yen

51.9

71,547 thousand yen

Samty Co., Ltd.

35,773 thousand yen

50.0(Note 1) “Acquisition price” or “Disposition price” indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding
various expenses (transaction brokerage fees, taxes and dues, etc.) required for acquisition or disposition of the relevant real estate properties, rounded
down to the nearest million yen.

iii) Major payments to other interested parties, etc.

(Note 2) “Gain or loss on sale” indicates the amount obtained by deducting the book value and various expenses related to disposition from the disposition price.

Samty Property Management Co., Ltd.

(2) Status of Acquisition and Sale of Other Assets
Not applicable(Note 2) “Transaction amount, etc.” indicates the transaction amount stated in the sales agreement, etc. Figures in parentheses indicate the percentage of total
amount.

(3) Survey on Prices of Specified Assets, Etc.

(5)	Status of Transactions with the Asset Management Company regarding Concurrent Work
Conducted by the Asset Management Companyi) Real estate, etc.
Acquisition or
disposition

Property nameAcquisition priceor disposition Appraisal value(millions of yen)
price
(Note 2)
(millions of yen)Appraiser

Appraisal date

Transaction date

Type of asset

S-RESIDENCE
Kamiiida West

November30, 2023

Real estate trust
beneficiary interest

1,100

1,140

JLL Morii Valuation & Advisory K.K.

October 1,
2023

S-RESIDENCE
Nishimachi

November30, 2023

Real estate trust
beneficiary interest

940

960

Daiwa Real Estate Appraisal Co., Ltd.

October 1,
2023

S-FORT
Takamatsu Nakanocho

November30, 2023

Real estate trust
beneficiary interest

459

474

The Tanizawa Sōgō Appraisal Co., Ltd.

October 1,
2023

S-FORT Tsurumi Chuo

November30, 2023

Real estate trust
beneficiary interest

617

632

Japan Valuers Co., Ltd.

October 1,
2023

S-FORT Aoi

November28, 2023

Real estate(actual real estate)

1,230

1,110

Japan Valuers Co., Ltd.

July 31,
2023

S-FORT
Kumadaibyoin-mae

November28, 2023

Real estate trust
beneficiary interest

1,154

1,110

Japan Valuers Co., Ltd.

July 31,2023(Note 1)

Acquisition

Disposition

469,485 thousand yen (repair work)(Note 1) “Interested parties, etc.” refer to the interested parties, etc., as defined in Article 123 of the Order for Enforcement of the Act on Investment Trusts andInvestment Corporations and in Article 26, Paragraph 1, Item 27 of the Regulations Concerning Investment Reports of Investment Trusts and Investment
Corporations issued by The Investment Trusts Association, Japan, of the asset management company that has entered into an asset managementagreement with Samty Residential.

The Asset Management Company (Samty Asset Management Co., Ltd.) concurrently conducts the type II financial instruments business and land and building transaction business, but has no relevant transactions with Samty Residential. Moreover, the AssetManagement Company concurrently is not engaged in any of the type I financial instruments business or the real estate syndication
business, and has no relevant transactions with Samty Residential.

(Note 1) “Acquisition price or disposition price” indicates the amount (transaction price of real estate properties stated in the sales agreement, etc.) excluding
various expenses (transaction brokerage fees, taxes and dues, etc.) required for acquisition or disposition of the relevant real estate properties, rounded
down to the nearest million yen.
(Note 2) The appraisal in the table above was conducted by applying to the “Real Estate Appraisal Standards, Specific Thesis Chapter 3: Appraisal on Prices ofReal Estate Subject to Securitization.”ii) Investment securities
Acquisition or
disposition

Name

Acquisition date

Acquisition price or disposition price(millions of yen) (Note 1)

Surveyed price of specified assets(millions of yen) (Note 2)

Acquisition

Equity interest in silent partnership with GK Iris
1 as the operator

November 27,
2023

100

100

(Note 1)	“Acquisition price” indicates the amount (equity investment amount stated in the silent partnership agreement) excluding various expenses required for
acquisition of the relevant equity interest in silent partnership.
(Note 2) With regard to the survey on the price of the specified asset mentioned above, Samty Residential entrusted the survey to “HINATA AUDIT & CO,” andobtained the report on the results of executing procedures, which is agreed as a survey result based on the practical guideline for professional services
4460 “Practical Guidelines for Agreed-upon Procedures for Investigation of the Price of Specified Assets of Investment Trusts and Investment
Corporations” published by the Japanese Institute of Certified Public Accountants (JICPA).

31

32

I. Asset Management Report

SAMTY RESIDENTIAL

7. Status of Accounting(1) Status of Assets, Liabilities, Principal and Profits and Loss
Please refer to the Balance Sheet, Statement of Income and Retained Earnings, Statement of Changes in Unitholders’ Equity,
Statement of Cash Flows and Notes to Financial Statements.

(2) Changes in Calculation Methods for Depreciation
Not applicable(3) Changes in Valuation Method of Real Estate and Infrastructure Assets
Not applicable

8. Overview of Self-Managed Investment Trust Beneficiary Certificatesi) Acquisition
Not applicableii) Units Held
Not applicable

9. Disclosure on Corporation Owning Foreign Real Estate
Not applicable

10.Disclosure on Real Estate Owned by Corporation Owning Foreign Real Estate
Not applicable

11. Other(1) Noticesi) Unitholders’ Meeting
Not applicableii) Board of Directors of Samty Residential
Not applicable(2) Handling of Fractions of Monetary Amounts and Percentage Figures
Unless otherwise stated, monetary amounts are rounded down and percentage figures are rounded off to the nearest specified unit inthis document.

33

34

II. Financial Section

SAMTY RESIDENTIAL

Balance Sheet(Unit: thousands of yen)

(Unit: thousands of yen)
16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)

Assets16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)

Liabilities

Current assets

Current liabilities

Cash and deposits

3,617,126

3,308,339

Operating accounts payable

Cash and deposits in trust

2,455,340

2,452,686

Current portion of long-term borrowings

641,878

809,80911,800,000

12,500,000

110,527

121,734

Operating accounts receivable

24,14014,335

Accounts payable - otherPrepaid expenses

215,109

207,471

Accrued expenses

4,765

4,818

3,198

2,916

Distributions payable

15,964

15,3806,314,915

5,985,749

Consumption taxes payable

96,16137,372

Other
Total current assets
Non-current assets

Income taxes payable

Property, plant and equipment
Buildings

Advances received

712

859

841,502852,853

12,745,431

12,345,886

Deposits received

Accumulated depreciation(1,180,600)(1,264,409)

Total current liabilities

Buildings, net

11,564,830

11,081,476

8,267

8,267

Investment corporation bonds

4,600,000

4,600,000(2,162)(2,575)Long-term borrowings

68,750,000

68,550,000

6,104

5,691

Leasehold and guarantee deposits received

90,77986,35132,78832,788

Leasehold and guarantee deposits received in trust

502,077

498,646

73,942,857

73,734,997

87,471,448

88,093,003

84,710,081

84,710,081

Structures
Accumulated depreciation
Structures, net
Machinery and equipment

17,07815,176

13,528,590

14,358,005

Non-current liabilities

Accumulated depreciation(5,262)(6,332)

Machinery and equipment, net

27,52526,455Tools, furniture and fixtures

72,216

81,666

Accumulated depreciation(32,605)(42,877)

Tools, furniture and fixtures, net

39,61038,789Land

13,664,715

13,216,115

Deduction from unitholders’ capital(2,878,317)(3,067,869)

Buildings in trust

71,608,771

73,438,575

Unitholders’ capital, net

81,831,763

81,642,211

Unappropriated retained earnings (undisposed loss)

2,149,006

2,239,534

Total surplus

2,149,006

2,239,534

83,980,770

83,881,745

Accumulated depreciation(8,222,358)(8,958,962)

Buildings in trust, net

63,386,412

64,479,613

14,572

14,572(6,119)(6,795)Structures in trust
Accumulated depreciation

Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital

Surplus

Total unitholders’ equity

8,453

7,777

Total net assets (Note 11)*1 83,980,770*1 83,881,745

798,771799,823

Total liabilities and net assets

171,452,218

171,974,749

Accumulated depreciation(195,326)(212,593)

Machinery and equipment in trust, net

603,445587,229

Structures in trust, net
Machinery and equipment in trust

Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net

350,578

407,581(165,270)(213,317)

185,307194,264

Land in trust

75,142,697

75,790,460

Total property, plant and equipment

164,629,103

165,427,872

Intangible assets
Software836

380

Total intangible assets

836

380

Investment securities—

100,000

Deferred tax assets

5

12Leasehold and guarantee deposits

11,745

11,730Long-term prepaid expenses

426,158

394,088

Total investments and other assets

437,909505,831

165,067,849

165,934,084

Investment unit issuance expenses

29,331

18,744

Investment corporation bond issuance costs

40,122

36,171

Total deferred assets

69,45354,915

171,452,218

171,974,749

Investments and other assets

Total non-current assets
Deferred assets

Total assets

35

36

II. Financial Section

SAMTY RESIDENTIAL

Statement of Income and Retained Earnings

Statement of Changes in Unitholders’ Equity(Unit: thousands of yen)

16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)

Operating revenue
Leasing business revenue (Note 10)*1 5,077,503*1 5,096,899

Other leasing business revenue (Note 10)*1487,703*1

447,916

Gain on sale of real estate properties (Note 10)*2257,527*2

340,171

Total operating revenue

5,822,734

5,884,987*1 2,446,749*1 2,415,187

Operating expenses
Expenses related to leasing business (Note 10)
Asset management fees

461,586

471,196

Asset custody fees

8,092

8,091

Administrative service fees

49,59049,834

Remuneration for directors (and other officers)

3,060

3,060

Audit fees

16,20016,200

Other operating expenses

205,292

201,541

Total operating expenses

3,190,571

3,165,111

2,632,163

2,719,876

15

16

Operating income

Unitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total surplus

84,710,081(2,599,022)

82,111,059

2,030,240

2,030,240

84,141,299(279,295)(279,295)(279,295)(279,295)(2,029,716)(2,029,716)(2,029,716)(2,029,716)
2,148,483

Interest on tax refund

182

—

2,418

2,393

6

234

2,622

2,643

Interest expenses

338,798

343,819

Interest expenses on investment corporation bonds

17,323

17,286

Financing fees

112,122

101,913

Amortization of investment unit issuance expenses

12,478

10,587

Amortization of investment corporation bond issuance costs

4,506

4,765

Reversal of distributions payable
Other
Total non-operating income
Non-operating expenses

Other

342

3,946

485,573482,319

Ordinary income

2,149,212

2,240,200

Income before income taxes

2,149,212

2,240,200

Income taxes - current

716

864

Income taxes - deferred

13

(7)

Total income taxes

729

857

2,148,483

2,239,343

Total non-operating expenses

Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

37

523

190

2,149,006

2,239,534

Total net assets

84,141,299

Changes during the period
Distributions in excess of earnings
Dividends of surplus

2,148,483

2,148,483

2,148,483

Total changes during the period

Net income—(279,295)(279,295)

118,766

118,766(160,529)(160,529)

Balance at end of period (Note 3)*1 84,710,081(2,878,317)

81,831,763

2,149,006

2,149,006

83,980,770

83,980,770

17th fiscal period (From August 1, 2023 to January 31, 2024)(Unit: thousands of yen)

Non-operating income
Interest income

Total
unitholders’equityUnitholders’ equity

Balance at beginning of period

Surplus

Unitholders’capitalDeduction fromunitholders’capitalUnitholders’capital, net

Unappropriatedretained earnings(undisposed loss)

Total surplus

84,710,081(2,878,317)

81,831,763

2,149,006

2,149,006

83,980,770(189,552)(189,552)(189,552)(189,552)(2,148,816)(2,148,816)(2,148,816)(2,148,816)
2,239,343

Total
unitholders’equityTotal net assets

83,980,770

Changes during the period
Distributions in excess of earnings
Dividends of surplus

2,239,343

2,239,343

2,239,343

Total changes during the period

Net income—(189,552)(189,552)

90,527

90,527(99,025)(99,025)

Balance at end of period (Note 3)*1 84,710,081(3,067,869)

81,642,211

2,239,534

2,239,534

83,881,745

83,881,745

38

II. Financial Section

SAMTY RESIDENTIAL

Statement of Cash Flows

Notes to Financial Statements(Unit: thousands of yen)
16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

Cash flows from operating activities
Income before income taxes

2,149,212

2,240,200

Depreciation

1,097,006

1,106,007Interest income

(15)

(16)

Interest expenses

356,122361,106

Amortization of investment unit issuance expenses

12,478

10,587

Amortization of investment corporation bond issuance costs

4,506

4,765
9,804

Decrease (increase) in operating accounts receivable(7,200)Decrease (increase) in consumption taxes refund receivable

61,624—

Increase (decrease) in consumption taxes payable

96,161(58,789)

Decrease (increase) in prepaid expenses(9,049)

7,638

Increase (decrease) in operating accounts payable(90,794)

253,670

Increase (decrease) in accounts payable - other

1,465

11,207

Increase (decrease) in advances received

15,747

11,351

Decrease (increase) in long-term prepaid expenses

43,26432,069Decrease in property, plant and equipment due to sale

1,245,519

878,320

993,682

1,079,387

1,219

1,057

5,970,952

5,948,369

15

16(356,583)(361,054)

Decrease in property, plant and equipment in trust due to sale
Other, net
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

(988)

(716)

5,613,395

5,586,615

Cash flows from investing activities
Purchase of property, plant and equipment(1,278,557)(107,249)

Purchase of property, plant and equipment in trust(1,459,473)(3,841,615)

Payments of leasehold and guarantee deposits

(85)

(48)

Proceeds from return of leasehold and guarantee deposits

39

63(14,501)(9,116)

Refund of leasehold and guarantee deposits received
Proceeds from leasehold and guarantee deposits received

12,671

4,688

Refund of leasehold and guarantee deposits received in trust(57,868)(47,690)

Proceeds from leasehold and guarantee deposits received intrust

49,19444,259Purchase of investment securities
Net cash provided by (used in) investing activities

39

Samty Residential Investment Corporation (hereinafter referred to as “Samty Residential”) was established in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereinafter, the “Investment Trust Act”), with Samty
Asset Management Co., Ltd. serving as the organizer, and was listed on the real estate investment trust market of the Tokyo Stock
Exchange, Inc. (securities code: 3459) on June 30, 2015.
With rental housing as the main investment target, Samty Residential manages its assets by conducting diversified investments inwide-ranging cities throughout Japan, centering on major regional cities (Note), aiming to enhance unitholder value over the medium tolong term.
As of the end of the fiscal period ended January 2024 (hereinafter, the “end of the 17th fiscal period”), Samty Residential owned realestate, etc. consisting of 180 properties in total (total acquisition price: 163,904 million yen), with the total number of investment units
issued and outstanding at 838,726 units.
(Note) “Major regional cities” refers to the following eight cities: Sapporo, Sendai, Nagoya, Kyoto, Osaka, Kobe, Hiroshima, and Fukuoka.

Note 2 – Basis of Presentation
The financial statements of Samty Residential have been prepared in accordance with accounting principles generally accepted in Japan(“J-GAAP”), including provisions set forth in the Financial Instruments and Exchange Act of Japan, the Investment Trust Act, theCompanies Act of Japan and related regulations, which are different in certain respects as to the application and disclosure requirementsof International Financial Reporting Standards (“IFRS”). The accompanying financial statements are basically a translation of the financial
statements of Samty Residential, which were prepared in accordance with J-GAAP and were presented in the Securities Report of Samty
Residential filed with the Kanto Local Finance Bureau of the Ministry of Finance. In preparing the accompanying financial statements,
certain reclassifications have been made to the financial statements issued domestically in order to present them in a format which is morefamiliar to readers outside Japan. Amounts less than one thousand yen have been rounded down. As a result, the totals shown in thefinancial statements and notes thereto do not necessarily agree with the sum of the individual amounts. Samty Residential does not prepare consolidated financial statements, as Samty Residential has no subsidiaries.
Samty Residential fiscal periods are for six months ending at the end of every January and July.

—(100,000)(2,748,581)(4,056,710)

Note 3 – Statement of Changes in Unitholders’ Equity*1. Total Number of Authorized Investment Units and Total Number of Investment Units Issued

Cash flows from financing activities
Proceeds from long-term borrowings

5,500,000

6,300,000

Repayments of long-term borrowings(5,650,000)(5,800,000)

Distributions paid

(2,306,776)(2,341,345)

Net cash provided by (used in) financing activities(2,456,776)(1,841,345)

Net increase (decrease) in cash and cash equivalents

Note 1 – Organization

408,037(311,440)

Cash and cash equivalents at beginning of period

5,664,429

6,072,466

Cash and cash equivalents at end of period (Note 5)*1 6,072,466*1 5,761,026(Unit: units)
16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)
Total number of investment units authorized
Total number of investment units issued(From August 1, 2023 to January 31, 2024)

2,000,000

2,000,000

838,726

838,72640

II. Financial Section

Note 4 – Summary of Significant Accounting Policies
1.

SAMTY RESIDENTIAL(2) Accounting Treatment of Property Taxes, etc.
In connection with property taxes, city planning taxes and depreciated asset taxes, Samty Residential uses the method of charging
the corresponding amounts of assessed taxes to the current fiscal period as expenses related to leasing business.

Asset Valuation Standards and Methods
Securities

The amount equivalent to property taxes, etc. for the initial fiscal year to be paid by Samty Residential upon acquisition of realestate or trust beneficiary interests in real estate as trust property are not expensed but capitalized as part of the acquisition cost of
the real estate, etc.

Available-for-sale securities
Non-marketable securities, etc.

The amount equivalent to property taxes, etc. capitalized in the acquisition cost of real estate, etc. was 2,643 thousand yen for the
16th fiscal period and 598 thousand yen for the 17th fiscal period.

Stated at cost determined by the moving-average method.
Equity interest in silent partnership
Samty Residential adopts the method of factoring in the net amount of silent partnership income (loss) in proportion to its equity
interests.

2.

5.

Cash and cash equivalents in the Statement of Cash Flows consist of cash on hand and cash in trust; deposits and deposits in trustthat can be withdrawn at any time; and short-term investments with a maturity of 3 months or less from the date of acquisition, which
are readily convertible to cash and bear only an insignificant risk of value fluctuation.

Depreciation Method for Non-Current Assets(1) Property, Plant and Equipment (Including Assets in Trust)
Depreciation is calculated using the straight-line method. The useful lives of major categories of property, plant and equipment are as
follows:
Buildings
2 - 69 years
Structures
10 - 20 years
Machinery and equipment
6 - 29 years
Tools, furniture and fixtures
3 - 15 years

6.

Regarding trust beneficiary interests in real estate as trust property, all asset and liability accounts of the trust properties as well as
revenue and expense accounts generated by the trust properties are recorded in relevant accounts on the Balance Sheet andStatement of Income and Retained Earnings.
Furthermore, among trust properties recorded in relevant accounts, the following material accounts are separately stated on the
Balance Sheet.
i) Cash and deposits in trust

Intangible assets are amortized using the straight-line method.

ii) Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land in trust(3) Long-Term Prepaid Expensesiii) Leasehold and guarantee deposits received in trust

Long-term prepaid expenses are amortized using the straight-line method.

Accounting for Deferred Assets

Other Significant Items Fundamental to Preparing the Financial Statements(1) Accounting Policies on Trust Beneficiary Interests in Real Estate as Trust Property(2) Intangible Assets

3.

Scope of Funds in Statement of Cash Flows(2) Accounting for Consumption Taxes
Non-deductible consumption taxes related to the acquisition of assets, etc. are included in the acquisition cost of each asset.

(1) Investment Unit Issuance Expenses
Investment unit issuance expenses are amortized using the straight-line method over three years.
(2) Investment Corporation Bond Issuance Costs
Investment corporation bond issuance costs are amortized using the straight-line method over the redemption period.

4.

Standards for Recording Revenues and Expenses

Note 5 – Statement of Cash Flows*1.	Reconciliation of the Amounts of the Cash and Cash Equivalents at the End of the Period in theStatement of Cash Flows with the Amounts of the Corresponding Accounts on the Balance Sheet(Unit: thousands of yen)

(1) Standards for Revenue Recognition

17th fiscal period(From August 1, 2023 to January 31, 2024)

Cash and deposits

3,617,126

3,308,339

Cash and deposits in trust

2,455,340

2,452,686i) Sale of real estate properties

Cash and cash equivalents

6,072,466

5,761,026

 or sale of real estate properties, Samty Residential recognizes revenue when the purchaser, who is a customer, obtains control ofFthe relevant real estate properties as a result of Samty Residential satisfying its delivery obligations stipulated in the transaction
agreement for the real estate properties.
ii) Utilities income amty Residential recognizes utilities income in accordance with the supply of electricity and water, etc. to the lessee, who is aScustomer, based on the lease agreement for the real estate properties and details of agreements incidental to it. Of the utilities
income, in the case Samty Residential deems itself to be an agent, the net amount obtained by deducting the amount it pays toother parties from the amount it receives as charges for electricity and water, etc. supplied by said other parties is recognized asrevenue.

41

16th fiscal period(From February 1, 2023 to July 31, 2023)

The details of the main performance obligations concerning revenue generated from contracts between Samty Residential and its
customers and the ordinary time to satisfy said performance obligations (ordinary time to recognize revenue) are as follows.

Note 6 – Leases
Future minimum lease payments to be received under non-cancelable operating leases (lessee)(Unit: thousands of yen)
16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)

Due within 1 year

125,097

125,097

Due after 1 year

959,077

896,528

1,084,174

1,021,625

Total

42

II. Financial Section

SAMTY RESIDENTIAL

Note 7 – Financial Instruments
1.

(Unit: thousands of yen)
Carrying value on the Balance Sheet

Matters Concerning Status of Financial Instruments(1) Policy on Handling Financial Instruments
Samty Residential makes it a basic policy to conduct stable and sound financial operations in order to ensure stable growth of managed assets, their efficient management and stability of management. Based on this policy, Samty Residential conducts fund procurement through borrowings from financial institutions, issuance of investment corporation bonds and issuance of investment units, andother means, for acquisition of assets and repayment of borrowings, etc.

12,540,192

40,192(2) Investment corporation bonds

4,600,000

4,506,411(93,588)(3) Long-term borrowings

68,550,000

68,730,263

180,263

85,650,000

85,776,866

126,866

Total of liabilities(Note 1) Calculation method for fair value of financial instruments
Liabilities(1) Current portion of long-term borrowings and (3) Long-term borrowings

For those with floating interest rates, the interest rates should reflect market rates over the short term and their fair values are deemed to be approximately the same as the carrying values. Accordingly, the carrying values are presented as their fair values. For those with fixed interest rates, theirfair values are calculated by discounting the total amount of principal and interest with the rate assumed as being applicable when similar borrowings
are newly made for the period corresponding to the remaining period to their maturity.
(2) Investment corporation bonds
As investment corporation bonds are with fixed interest rates, their fair value is calculated by discounting the total amount of principal and interest
with the rate that takes into account the remaining period to maturity of the relevant bonds and credit risk.

(2) Description of Financial Instruments and Associated Risks, and Risk Management Structure(Note 2) Equity interest in silent partnership
For equity interest in silent partnership, Samty Residential has applied the treatment in Article 24-16 of the Implementation Guidance on AccountingStandard for Fair Value Measurement (ASBJ Guidance No. 31, June 17, 2021) and has not noted the matters prescribed in Article 4 (1) of the
Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No. 19, March 31, 2020).
The carrying value on the balance sheet of investments in associates, etc. to which this treatment is applied is as follows.
Carrying value on the Balance Sheet

Although borrowings with floating interest rates are exposed to the risk of rising interest rates, Samty Residential may employ
derivatives transactions (such as interest-rate swap transactions) as hedging instruments in order to avoid the risk of rising interest
rates and fix payment of interest expenses.
Samty Residential deposits its surplus funds to financial institutions. Such deposits are exposed to the credit risks, including bankruptcy, of the relevant financial institutions. Samty Residential mitigates the risks by limiting its deposits to financial institutions with acertain level of creditworthiness and setting only short durations for these deposits.

(Unit: thousands of yen)
16th fiscal period—

100,000

Total—

100,000

16th fiscal period (July 31, 2023)

(Unit: thousands of yen)Due in1 year or lessCurrent portion of long-term borrowings

Fair value

Difference

11,805,348

5,348(2) Investment corporation bonds

4,600,000

4,515,384(84,615)(3) Long-term borrowings
Total of liabilities

68,750,000

69,138,527

388,527

85,150,000

85,459,260

309,260

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of January 31, 2024.
Furthermore, information on cash and deposits, leasehold and guarantee deposits received, cash and deposits in trust and shortterm borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the
carrying value. Information on leasehold and guarantee deposits received and leasehold and guarantee deposits received in trust isalso omitted as the amounts are immaterial (Note 2).

Due after
4 years through5 years

Due after
5 years

—

—

—

—

—

—

1,700,000—

1,400,000

1,500,000

Long-term borrowings—

14,550,000

15,500,000

15,500,000

15,200,000

8,000,000

Total

11,800,000

14,550,000

17,200,000

15,500,000

16,600,000

9,500,000(Unit: thousands of yen)Due in1 year or less

11,800,000

Due after
3 years through4 years

17th fiscal period (January 31, 2024) 

The following table provides the carrying values of financial instruments on the Balance Sheet, their fair values and the differences
between them as of July 31, 2023.

Carrying value on the Balance Sheet

Due after
2 years through3 years—

Matters Concerning Fair Value, Etc. of Financial Instruments(1) Current portion of long-term borrowings

Due after
1 year through2 years

11,800,000

Investment corporation bonds

The fair value of financial instruments, aside from values based on market price, may include values based on reasonable calculations when there is no market price. Certain assumptions are used in calculating those values and there may be cases where thevalues will vary when different assumptions are used.

(Unit: thousands of yen)

(as of January 31, 2024)

Investment securities(Note 3) Amount of repayment or redemption of borrowings and investment corporation bonds scheduled to be due after closing date(3) Supplementary Explanation on Matters Concerning Fair Value of Financial Instruments

Furthermore, information on cash and deposits, leasehold and guarantee deposits received, cash and deposits in trust and shortterm borrowings is omitted as these are settled with cash and within a short period of time and thus the fair value approximates the
carrying value. Information on leasehold and guarantee deposits received and leasehold and guarantee deposits received in trust isalso omitted as the amounts are immaterial.

17th fiscal period(as of July 31, 2023)

Investment securities are investments in silent partnership and are exposed to the credit risk of the issuer, the risk of fluctuation in
the value of real estate and other assets and the risk of interest rate fluctuation.

2.

Difference

12,500,000

Samty Residential may enter into derivatives transactions, which shall be executed solely for the purpose of hedging against interest-rate fluctuations and other risks associated with borrowings, etc. Samty Residential has not entered into any derivatives transactions as of January 31, 2024.

The funds from borrowings are mainly used for acquiring investment assets and repaying borrowings, etc. With regard to liquidity andinterest rate fluctuation risks associated with the procurement of these funds, Samty Residential endeavors to manage and limit themby considering and implementing multifaceted funding methods including the utilization of surplus funds and raising funds from capital
markets through issuance of investment units, etc. while diversifying funding sources.

Fair value(1) Current portion of long-term borrowings

Current portion of long-term borrowings

Due after
1 year through2 years

Due after
2 years through3 years

Due after
3 years through4 years

Due after
4 years through5 years

Due after
5 years

12,500,000

—

—

—

—

—

—

1,700,000—

1,400,000—

1,500,000

Long-term borrowings—

14,320,000

16,530,000

15,900,000

17,000,000

4,800,000

Total

12,500,000

16,020,000

16,530,000

17,300,000

17,000,000

6,300,000

Investment corporation bonds

Note 8 – Supplementary Schedules
Schedule of Securities(1) Stocks
Not applicable.
(2) Securities other than stocks(Unit: thousands of yen)
Type

Name

Equity interestin silent
partnership

Equity interest in silent
partnership with GK Iris
1 as the operator (Note 2)

Total facevalue—Book value
100,000

Accruedinterest—

Prepaid accrued
interest

Assessedvalue (Note 1)

Loss (gain) on
valuation—

100,000—

Remarks—(Note 1) “Assessed value” is the book value.
(Note 2) Assets under management are real estate trust beneficiary interest in Attirant Itabashihoncho, CASA GRECO, SAMTY Residence Nishi-funabashi Libre,
SAMTY Residence Funabashi Kaijin, GRANDUKE Kodeki fiore, S-RESIDENCE Horita North, S-RESIDENCE Sanno, S-RESIDENCE Omotecho and
S-RESIDENCE Atsuta II.

43

44

II. Financial Section

SAMTY RESIDENTIAL

Note 10 – Statement of Income and Retained Earnings

Summary Table Included in Schedule of Real Estate Owned, Etc.
(Unit: thousands of yen)
Increaseduring theperiodDecreaseduring theperiodBalance at
end of periodOraccumulated
amortization

Depreciation
during theperiodBuildings

12,745,431

99,444498,989

12,345,886

1,264,409

Structures

8,267

—

—

8,267

2,575

Machinery and equipment

32,788——32,788Tools, furniture and fixtures

72,216

9,912

461

81,666

Land

13,664,715

2,512

451,112

13,216,115

Buildings in trust

71,608,771

2,613,622

783,818

Structures in trust

14,572——Type of asset

Property,plant andequipment

Intangible
Assets

Accumulated depreciation

Balance at
beginning of
period

*1. Breakdown of Revenues and Expenses Related to Real Estate Leasing BusinessNet balanceat end ofperiodRemarks

155,617

11,081,476(Note 1)

413

5,691

6,332

1,070

26,455—42,877

10,62838,789(Note 1)

Rent revenue——

13,216,115(Note 1)

Land rent revenue

73,438,575

8,958,962

865,370

64,479,613(Note 2)

Common service fees

14,572

6,795

675

7,777

—

—

(Unit: thousands of yen)
16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

A. Real estate leasing business revenue
Leasing business revenue
4,684,123
393,280

Machinery and equipment in trust

798,771

13,076

12,024

799,823

212,593

21,035587,229(Note 2)

Parking fees

180,514350,578

61,521

4,517

407,581

213,31750,739194,264(Note 2)

Utilities income

35,500Land in trust

75,142,697

1,063,036

415,273

75,790,460——

75,790,460(Note 2)Other revenues

271,688

Total

174,438,809

3,863,126

2,166,198

176,135,737

10,707,865

1,105,550

165,427,872

—

4,564

—

—

4,564

4,184

456

380

—

4,564

—

—

4,564

4,184

456

380

—

Total

(Note 1) The decrease is mainly due to the sale of 1 property.
(Note 2) The increase is mainly due to the acquisition of 4 properties, and the decrease is mainly due to the sale of 1 property.

Note 9 – Investment and Rental Properties
Samty Residential owns rental housing, etc. (including land) in major regional cities and other areas.

(Unit: thousands of yen)
16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

Carrying value on the Balance Sheet
Balance at beginning of period
Amount of increase (decrease) during the period
Fair value at end of period
Fair value at end of period

Total real estate leasing business revenue

164,959,475

164,629,103(330,372)

798,769

164,629,103

165,427,872

184,591,000

186,151,000(Note 1) The carrying value on the Balance Sheet is the acquisition cost less accumulated depreciation.
(Note 2) Of the increase (decrease) during the period, the amount of increase in the 16th fiscal period is mainly attributable to the acquisition of 4 properties (2,443,126
thousand yen), and the amount of decrease is mainly attributable to the sale of 4 properties (2,241,165 thousand yen) and depreciation (1,096,549 thousandyen). The amount of increase in the 17th fiscal period is mainly attributable to the acquisition of 4 properties (3,372,123 thousand yen), and the amount ofdecrease is mainly attributable to the sale of 2 properties (1,958,640 thousand yen) and depreciation (1,105,550 thousand yen).

397,210

5,096,899

180,820
33,624
487,703

233,471

5,565,207

447,916
5,544,816

B. Expenses related to real estate leasing business
Expenses related to leasing business
Property management fees

284,739

Utilities expenses

86,01074,329Taxes and public dues

373,609

366,076

278,185

Insurance expenses

11,236

11,528

Repair expenses

279,505

325,690
1,105,550

Depreciation

1,096,549

Trust fees

38,69938,902Other expenses related to leasing business

276,397

214,923

Total expenses related to real estate leasing business

The following table provides the carrying value on the Balance Sheet, amount of increase (decrease) during the period and fair value ofthese investment and rental properties.

148
5,077,503

Other leasing business revenue

Tools, furniture and fixtures in trust

Software4,699,540

99

C. Income from real estate leasing business (A-B)

2,446,749

2,415,187

3,118,457

3,129,628*2. Breakdown of Gain on Sale of Real Estate Properties
16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)
S-FORT Kurumamichi
Proceeds from sale of real estate properties

530,000

Cost of sale of real estate properties

402,577

Other expenses related to sale

17,370Gain on sale of real estate properties

110,051

S-FORT Hakata-Higashi I
Proceeds from sale of real estate properties

502,000

Cost of sale of real estate properties

425,888(Note 3) The fair value at end of period is the appraisal value or the survey value determined by outside appraisers.

Other expenses related to sale

16,722Gain on sale of real estate properties

59,388The income (loss) in the 17th fiscal period for the investment and rental properties is as presented in the “Note 10 – Statement of Income
and Retained Earnings.”

S-FORT Hakata-Higashi II
Proceeds from sale of real estate properties

500,000

Cost of sale of real estate properties

417,053

Other expenses related to sale

16,652Gain on sale of real estate properties

66,293

S-FORT Kumamoto Senba
Proceeds from sale of real estate properties

45

1,055,000

Cost of sale of real estate properties

993,682

Other expenses related to sale

39,523Gain on sale of real estate properties

21,79346

II. Financial Section

SAMTY RESIDENTIAL

Note 13 – Schedule of Borrowings

17th fiscal period (From August 1, 2023 to January 31, 2024)(Unit: thousands of yen)

(Unit: thousands of yen)

S-FORT Aoi
Proceeds from sale of real estate properties
Cost of sale of real estate properties

878,320
44,598Gain on sale of real estate properties

307,980

Increase during
the period

Decrease during
the period

The Bank of Fukuoka, Ltd.

500,000—

500,000

Aozora Bank, Ltd.

500,000—

500,000—

Mizuho Bank, Ltd.

460,000—

460,000—

Category

1,230,900

Other expenses related to saleLenderBalance at
beginning of
periodSBI Shinsei Bank, Limited

400,000—

400,000—

1,154,000

Resona Bank, Limited

300,000—

300,000—

Cost of sale of real estate properties

1,079,093

The Bank of Fukuoka, Ltd.

350,000—

350,000—

Mizuho Bank, Ltd.

290,000—

290,000—

SBI Shinsei Bank, Limited

200,000—

200,000—

SBI Shinsei Bank, Limited

1,400,000—

1,400,000—

Other expenses related to sale

42,716

Gain on sale of real estate properties

32,190Note 11 – Balance Sheet*1. Minimum Net Assets Designated in Article 67- 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousands of yen)
16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)

50,00050,000Note 12 – Cash Distributions

Current portion of long-term borrowings

Resona Bank, Limited(Unit: yen)
Category
Unappropriated retained earnings

16th fiscal period

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

2,149,006,787

2,239,534,536

II. Addition of distributions in excess of earnings
III. Distribution amount[Distribution amount per unit]
Of which, distribution of earnings

189,552,076

143,422,146

2, 338,368,088

2,382,820,566[2,788][2,841]2, 148,816,012

2,239,398,420[Of which, distribution of earnings per unit][2,562][2,670]Of which, distribution in excess of earnings

189,552,076

143,422,146

[226]

[171]

[Of which, distribution in excess of earnings per unit]
IV. Retained earnings brought forward
Method for calculating distribution amount

190,775

136,116

With regard to the distribution for the 16th fiscal
period, pursuant to the distribution policy stipulated
in its Articles of Incorporation, Samty Residential
decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of
distribution per investment unit of less than 1 yen, inapplication of the special provision on taxation of
investment corporations (Article 67-15 of the Act on
Special Measures Concerning Taxation). As a result,distribution per unit amounted to 2,562 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 16th fiscal period.
Based on this decision, Samty Residential determined to distribute 189,552,076 yen, which is theamount almost equivalent to 17.3/100 of 1,096
million yen in depreciation for the fiscal period, as
refund of capital contribution to unitholders. As aresult, distribution in excess of earnings per unit
amounted to 226 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 72.1%.

With regard to the distribution for the 17th fiscal
period, pursuant to the distribution policy stipulated
in its Articles of Incorporation, Samty Residential
decided to distribute the entire amount of unappropriated retained earnings, excluding fractions of
distribution per investment unit of less than 1 yen, inapplication of the special provision on taxation of
investment corporations (Article 67-15 of the Act on
Special Measures Concerning Taxation). As a result,distribution per unit amounted to 2,670 yen.
In addition, as part of its cash management, Samty
Residential also decided to make a distribution inexcess of earnings for the 17th fiscal period.
Based on this decision, Samty Residential determined to distribute 143,422,146 yen, which is theamount almost equivalent to 13.0/100 of 1,105
million yen in depreciation for the fiscal period, as
refund of capital contribution to unitholders. As aresult, distribution in excess of earnings per unit
amounted to 171 yen.
The payout ratio (the ratio of total distribution, including distribution in excess of earnings, to net income
and depreciation combined) stood at 71.2%.

(Note) For the determination of making distribution in excess of earnings for the 17th fiscal period, please refer to (Note 1) and (Note 2) for v) Overview of Performanceand Distributions, (2) 17th Fiscal Period Asset Management Review, 1. Overview of Asset Management.

400,000—

400,000—

Kansai Mirai Bank, Limited

1,000,000—

1,000,000—

Sumitomo Mitsui Banking Corporation

1,300,000——

1,300,000

The Bank of Fukuoka, Ltd.

1,300,000——

1,300,000

Aozora Bank, Ltd.

500,000——

500,000

THE KAGAWA BANK, Ltd.

500,000——

500,000

Resona Bank, Limited

400,000——

400,000

SBI Shinsei Bank, Limited

400,000——

400,000

The Juhachi-Shinwa Bank, Ltd.

400,000——

400,000

The Kumamoto Bank, Ltd.

200,000——

200,000

San ju San Bank, Ltd.

500,000——

500,000

The Bank of Saga Ltd.

500,000——

500,000

Sumitomo Mitsui Banking Corporation—

100,000—

100,000

The Bank of Fukuoka, Ltd.

—

100,000—

100,000

Aozora Bank, Ltd.

—

500,000—

500,000

The Higo Bank, Ltd.

—

500,000—

500,000

Fukoku Mutual Life Insurance Company—

300,000—

300,000

The Nishi-Nippon City Bank, Ltd.

—2,500,000—

2,500,000

Resona Bank, Limited—

900,000—

900,000

SBI Shinsei Bank, Limited—

725,000—

725,000

Sumitomo Mitsui Banking Corporation—

500,000—

500,000

The Bank of Fukuoka, Ltd.

—375,000—

375,000

11,800,000

6,500,000

5,800,000

12,500,000

Subtotal of current portion of long-termborrowings

Balance at
beginning of
periodIncrease during
the period

Decrease during
the period

Sumitomo Mitsui Banking Corporation

100,000—

100,000

The Bank of Fukuoka, Ltd.

100,000—

100,000—

Aozora Bank, Ltd.

500,000—

500,000—

Category

LenderRemarks

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

January 31,
2024(Note 5)

Unsecured
Unguaranteed

July 31,2024(Note 5)

Unsecured
Unguaranteed

July 31,2024(Note 5)

Unsecured
Unguaranteed

January 31,
2025(Note 5)

Unsecured
Unguaranteed

January 31,
2025(Note 5)

Unsecured
Unguaranteed(Note 2)January 31,
2025(Note 5)

Unsecured
Unguaranteed

—

—

—

—

0.757%(Note 1)0.757%(Note 1)0.673%(Note 2)0.507%(Note 1)0.707%(Note 1)0.507%(Note 1)1.476%(Note 2)

0.783%(Note 2)0.750%

Average
Balance at end ofinterest rate
period(Note 3)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)

The Higo Bank, Ltd.

500,000—

500,000—

300,000—

300,000—

SBI Shinsei Bank, Limited

600,000——

600,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

Mizuho Bank, Ltd.

250,000——

250,000

Resona Bank, Limited

100,000——

100,000

1,250,000——

1,250,000

Sumitomo Mitsui Banking Corporation

600,000——

600,000

The Bank of Fukuoka, Ltd.

450,000——

450,000

Aozora Bank, Ltd.

400,000——

400,000

SBI Shinsei Bank, Limited

300,000——

300,000

The Juhachi-Shinwa Bank, Ltd.

300,000——

300,000

The Kumamoto Bank, Ltd.

200,000——

200,000

Resona Bank, Limited

200,000——

200,000

2,500,000—

2,500,000—

Mizuho Bank, Ltd.

Repayment
date

Use offunds

Remarks

January 31,
2025(Note 5)

Unsecured
Unguaranteed

July 31,2025(Note 5)

Unsecured
Unguaranteed

January 30,
2026(Note 5)

Unsecured
Unguaranteed

July 31,2026(Note 5)

Unsecured
Unguaranteed

January 31,
2025(Note 5)

Unsecured
Unguaranteed—

Fukoku Mutual Life Insurance Company

The Nishi-Nippon City Bank, Ltd.

47

Use offunds(Unit: thousands of yen)

Long-term borrowings

Deduction from unitholders’ capital

Repayment
date—

Proceeds from sale of real estate properties

S-FORT Kumadaibyoin-mae

I.

Average
Balance at end ofinterest rate
period(Note 3)

1.476%(Note 2)

1.318%(Note 2)0.907%(Note 1)1.087%(Note 2)

0.783%(Note 2)

(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)48

II. Financial Section

LenderMizuho Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

Increase during
the period

Decrease during
the period

2,500,000——

2,500,000

500,000——

500,000—

Sumitomo Mitsui Banking Corporation

500,000—

500,000—

The Bank of Fukuoka, Ltd.

375,000—

375,000—

1,075,000——

1,075,000

Aozora Bank, Ltd.

900,000——

900,000

The Bank of Fukuoka, Ltd.

775,000——

775,000

Mizuho Bank, Ltd.

725,000——

725,000

THE KAGAWA BANK, Ltd.

625,000——

625,000

SBI Shinsei Bank, Limited

1,000,000——

1,000,000

Aozora Bank, Ltd.

500,000——

500,000

Resona Bank, Limited

250,000——

250,000

Sumitomo Mitsui Banking Corporation

920,000——

1,000,000
1,000,000
920,000

The Bank of Fukuoka, Ltd.

1,550,000——

1,550,000

The Bank of Yokohama, Ltd.

1,250,000——

1,250,000

THE KAGAWA BANK, Ltd.

600,000——

600,000

SBI Shinsei Bank, Limited

500,000——

500,000

The Juhachi-Shinwa Bank, Ltd.

240,000——

240,000

The Kumamoto Bank, Ltd.

140,000——

140,000

JAPAN POST BANK Co., Ltd.

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

500,000——

500,000

Sumitomo Mitsui Banking Corporation

1,500,000——

1,500,000

Aozora Bank, Ltd.

1,500,000——

1,500,000

SBI Shinsei Bank, Limited

1,000,000——

1,000,000

The Nishi-Nippon City Bank, Ltd.

1,000,000——

1,000,000

Kansai Mirai Bank, Limited

Resona Bank, Limited

300,000——

300,000

Sumitomo Mitsui Banking Corporation

1,700,000——

1,700,000

The Higo Bank, Ltd.

1,500,000——

1,500,000

500,000——

500,000

2,000,000——

2,000,000

The Kagoshima Bank, Ltd.
Mizuho Bank, Ltd.

—

Sumitomo Mitsui Banking Corporation

500,000——

500,000

Unsecured
Unguaranteed

Sumitomo Mitsui Banking Corporation

1,050,000(Note 5)725,000——

July 31,
2026

—

—

1,000,000(Note 5)725,000

1,000,000

The Hiroshima Bank, Ltd.

July 31,2025

SBI Shinsei Bank, Limited

Mizuho Bank, Ltd.

Unsecured
Unguaranteed

0.864%——

Decrease during
the period

Remarks

900,000—

Increase during
the period

Use offunds—

1,000,000

Balance at
beginning of
periodRepayment
date

900,000

The Nishi-Nippon City Bank, Ltd.

LenderAverage
Balance at end ofinterest rate
period(Note 3)

Resona Bank, Limited.

Sumitomo Mitsui Banking Corporation

Long-term borrowings

Balance at
beginning of
period(Note 2)0.907%(Note 2)0.750%(Note 2)0.863%(Note 2)0.711%(Note 2)0.829%(Note 2)0.732%(Note 1)0.608%(Note 2)0.614%(Note 2)

0.557%(Note 1)0.720%(Note 2)0.726%(Note 2)0.757%(Note 1)

(Note 4)(Note 4)January 31,
2025(Note 5)(Note 4)January 30,
2026(Note 5)(Note 4)

July 31,2025(Note 5)(Note 4)

July 31,2026(Note 5)(Note 4)

July 31,2026(Note 5)(Note 4)January 31,
2026(Note 5)(Note 4)

July 31,2026(Note 5)(Note 4)

July 31,2025(Note 5)(Note 4)January 29,
2027(Note 5)(Note 4)

July 30,2027(Note 5)(Note 4)

July 30,2027(Note 5)(Note 4)

Category

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed

1,000,000

1,050,000——

500,000——

500,000

Aozora Bank, Ltd.

500,000——

500,000

The Yamaguchi Bank, Ltd.

500,000——

500,000

Resona Bank, Limited

450,000——

450,000

Mizuho Bank, Ltd.

500,000——

500,000

Mizuho Bank, Ltd.

500,000——

500,000

Mizuho Bank, Ltd.

500,000——

500,000
1,050,000

1,050,000——

The Higo Bank, Ltd.

700,000——

700,000

Kansai Mirai Bank, Limited

700,000——

700,000

Aozora Bank, Ltd.

550,000——

550,000

Sumitomo Mitsui Banking Corporation

500,000——

500,000

THE KAGAWA BANK, Ltd.

250,000——

250,000

THE SHIZUOKA BANK, LTD.

250,000——

250,000

Resona Bank, Limited

200,000——

200,000

SBI Shinsei Bank, Limited

150,000——

150,000

The Chiba Bank, Ltd.

150,000——

150,000

Sumitomo Mitsui Banking Corporation

500,000——

500,000

Aozora Bank, Ltd.

400,000——

400,000

Resona Bank, Limited

400,000——

400,000

The Bank of Fukuoka, Ltd.

350,000——

350,000

SBI Shinsei Bank, Limited

300,000——

300,000

THE KAGAWA BANK, Ltd.

300,000——

300,000

The Bank of Saga Ltd.

300,000——

300,000

The Juhachi-Shinwa Bank, Ltd.

200,000——

200,000

San ju San Bank, Ltd.

200,000——

200,000

THE SHIZUOKA BANK, LTD.

150,000——

150,000

The Kumamoto Bank, Ltd.

50,000——50,000

The Chiba Bank, Ltd.

50,000——50,000Sumitomo Mitsui Banking Corporation

400,000——

400,000

The Bank of Fukuoka, Ltd.

300,000——

300,000

SBI Shinsei Bank, Limited

200,000——

200,000

Aozora Bank, Ltd.

200,000——

200,000

Resona Bank, Limited

200,000——

200,000

THE KAGAWA BANK, Ltd.

200,000——

200,000

The Bank of Saga Ltd.

200,000——

200,000

The Juhachi-Shinwa Bank, Ltd.

100,000——

100,000

The Kumamoto Bank, Ltd.

100,000——

100,000

San ju San Bank, Ltd.

100,000——

100,000

THE SHIZUOKA BANK, LTD.

100,000——

100,000

Sumitomo Mitsui Banking Corporation

810,000——

Resona Bank, Limited

900,000——

900,000

The Juhachi-Shinwa Bank, Ltd.

660,000——

660,000

The Bank of Fukuoka, Ltd.

540,000——

540,000

SBI Shinsei Bank, Limited

500,000——

500,000

The Chiba Bank, Ltd.

100,000——

100,000

The Kumamoto Bank, Ltd.

440,000——

440,000

THE OITA BANK, LTD..

100,000——

100,000—

250,000—

250,000

Aozora Bank, Ltd.

500,000—

810,000

Average
Balance at end ofinterest rate
period(Note 3)

SBI Shinsei Bank, Limited

The Bank of Fukuoka, Ltd.

Long-term borrowings

Category

SAMTY RESIDENTIAL—

500,000

THE HYAKUGO BANK, LTD.

1,000,000——

1,000,000

SBI Shinsei Bank, Limited

500,000——

500,000

THE KAGAWA BANK, Ltd.

500,000——

500,000

Aozora Bank, Ltd.

1,000,000——

1,000,000

The Higo Bank, Ltd.

1,000,000——

1,000,000

850,000——

850,000

Daishi Hokuetsu Bank, Ltd.
The Dai-ichi Life Insurance Company,
Limited

500,000——

500,000

Sumitomo Mitsui Banking Corporation

500,000——

500,000

SBI Shinsei Bank, Limited

500,000——

500,000

Aozora Bank, Ltd.

500,000——

500,000

The Yamaguchi Bank, Ltd.

500,000——

500,000

0.910%(Note 2)0.940%(Note 2)0.607%(Note 1)

0.993%(Note 2)0.891%(Note 2)January 31,
2028(Note 5)(Note 4)January 31,
2028(Note 5)January 29,
2027(Note 5)(Note 4)(Note 4)January 31,
2028(Note 5)(Note 4)

July 30,2027(Note 4)(Note 5)

Unsecured
Unguaranteed

Unsecured
Unguaranteed
Unsecured
Unguaranteed

Unsecured
Unguaranteed

Unsecured
Unguaranteed

THE SHIZUOKA BANK, LTD.
The Chiba Bank, Ltd.

—

250,000—

250,000

SBI Shinsei Bank, Limited—

1,000,000—

1,000,000

Kansai Mirai Bank, Limited—

1,000,000—

1,000,000

The Bank of Fukuoka, Ltd.

—

850,000—

850,000

Mizuho Bank, Ltd.

—

750,000—

750,000

Aozora Bank, Ltd.

—

500,000—

500,000

Resona Bank, Limited—

400,000—

400,000

SBI Shinsei Bank, Limited—

1,000,000—

1,000,000

Resona Bank, Limited—

300,000—

300,000

Subtotal of long-term borrowings
Total

1.034%(Note 2)

1.181%(Note 2)0.891%(Note 2)

1.034%(Note 2)

1.181%(Note 2)

1.434%(Note 2)0.657%(Note 1)0.657%(Note 1)0.657%(Note 1)0.657%(Note 1)0.757%(Note 1)

Repayment
date

Use offunds

Remarks

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2029(Note 5)

Unsecured
Unguaranteed

July 30,2027(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2029(Note 5)

Unsecured
Unguaranteed

January 31,
2029(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

July 31,2028(Note 5)

Unsecured
Unguaranteed

January 31,
2029(Note 5)

Unsecured
Unguaranteed

January 31,
2030(Note 5)

Unsecured
Unguaranteed(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)(Note 4)68,750,000

6,300,000

6,500,000

68,550,000

—

—

—

—

80,550,000

12,800,000

12,300,000

81,050,000

—

—

—

—

(Note 1) These loans are with floating interest rates.
(Note 2) These loans are with fixed interest rates.

49

50

II. Financial Section

SAMTY RESIDENTIAL

Note16 – Per Unit Information(Note 3) The interest rate is an average figure during the fiscal period and is rounded off to the third decimal place.
(Note 4) If the repayment date is not a business day, the immediately following business day shall be the repayment date. If such a day is in the following month, theimmediately preceding business day shall be the repayment date.

(Unit: yen)

(Note 5) The funds are appropriated for part of acquiring real estate or trust beneficiary interests in real estate, including accompanying expenses, and repaying
borrowings.

16th fiscal period(Unit: thousands of yen)
Due after 1 year
through 2 years
Long-term borrowings

Due after 2 years
through 3 years

14,320,000

Due after 3 years
through 4 years

16,530,000

Due after 4 years
through 5 years

15,900,000

Due after 5 years

17,000,000

4,800,000

17th fiscal period(From February 1, 2023 to July 31, 2023)(From August 1, 2023 to January 31, 2024)

Net assets per unit

100,128

100,010Net income per unit

2,561

2,669

(Note 1) Net income per unit is calculated by dividing net income by the daily weighted average number of investment units for the fiscal period.
The amount of diluted net income per unit is not presented as there are no dilutive investment units.
(Note 2) Net income per unit was calculated based on the following data:

Note 14 – Schedule of Investment Corporation Bonds
Balance at
beginning of
periodDecreaseduring theperiodBalance at
end of period

Coupon rate

Redemption
date

Use of funds

SecurityFirst Series Unsecured Investment
Corporation Bonds (with pari
December 16,
passu conditions among specified
2020
investment corporation bonds)

1,700,000—

1,700,000

0.58000%

December 16,
2025

Refinance ofexistingborrowings

Unsecured

Second Series Unsecured
Investment Corporation Bonds(with pari passu conditions among
specified investment corporation
bonds)

December 8,
2021

1,500,000—

1,500,000

0.85000%

December 8,
2031

Refinance ofexistingborrowings

Unsecured

Third Series Unsecured
Investment Bonds (with paripassu conditions among specified
investment corporation bonds)(Green Bonds)

December 15,
2022

Issue date

Total

Average number of investment units during the period (units)

1,400,000

0.85000%

December 15,
2027

Refinance ofexistingborrowings

Unsecured

4,600,000—

4,600,000

—

—

—

—

Investment corporation bonds—

1,700,000

Due after 3 years
through 4 years—

Attribute2,239,343

838,726

838,726

Name

Location

Capitalstock orinvestments
in capitalBusiness or
occupation

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

Relationship
Interlocking
directors

Businessrelationship—

Note 15 – Tax Effect Accounting
1.

2,148,483

16th fiscal period (From February 1, 2023 to July 31, 2023)

Due after 4 years
through 5 years

1,400,000—

Parent company and major corporate unitholders(Unit: thousands of yen)
Due after 2 years
through 3 years—(Unit: thousands of yen)

(Note) The total amount of redemption of investment corporation bonds for each year during the five years after the Balance Sheet date is as follow.

Due after 1 year
through 2 years

2,239,343

Note 17 – Transactions with Related Parties
1.

—

2,148,483

Amounts not attributable to ordinary unitholders(thousands of yen)
Net income attributable to ordinary investment units(thousands of yen)

1,400,000

Due in 1 year or less17th fiscal period(From August 1, 2023 to January 31, 2024)

Net income (thousands of yen)

(Unit: thousands of yen)Name

16th fiscal period(From February 1, 2023 to July 31, 2023)

Major unitholder

Samty Co.,Ltd.

Breakdown of Primary Components of Deferred Tax Assets and Deferred Tax Liabilities

1-8-39Nishimiyahara,
Yodogawa-ku,
Osaka-shi,
Osaka

20,657,000

Real estatebusiness

Ownership in
Samty
Residential
Direct13.51%

None

Lease andmanagementof real estate(Unit: thousands of yen)
16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)

Deferred tax assets
Accrued business taxes not deductible from taxable income

512Total deferred tax assets

5

12

5

12

Deferred tax assets, net

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodPurchase of realestate trust
beneficiaryinterest

1,168,000——

Purchase of realestate (actual
real estate)

1,124,000——

Brokerage fees
for sale of realestate trust
beneficiaryinterest

30,855——

Brokerage fees
for sale of realestate (actual
real estate)

15,960——(Note 1) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.
(Note 2) Consumption taxes are not included in the transaction amount.

17th fiscal period (From August 1, 2023 to January 31, 2024)

2.	Breakdown of Main Items Resulting in Differences between the Statutory Tax Rate and the Effective Tax
Rate after Applying Tax Effect Accounting(Unit: %)Statutory tax rate

16th fiscal period

17th fiscal period(as of July 31, 2023)(as of January 31, 2024)
31.46

31.46

(31.45)(31.45)

Other

0.03

0.03

Effective tax rate after applying tax effect accounting

0.03

0.04

(Unit: thousands of yen)

Attribute

Name(Adjustment)
Deductible distributions

Major unitholder

Samty Co.,Ltd.

Location

1-8-39Nishimiyahara,
Yodogawa-ku,
Osaka-shi,
Osaka

Capitalstock orinvestments
in capital

20,725,000

Business or
occupation

Real estatebusiness

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]

Ownership in
Samty
Residential
Direct13.51%

Relationship
Interlocking
directors

None

Businessrelationship

Lease andmanagementof real estate

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodPurchase of realestate trust
beneficiaryinterest

3,116,000——

Brokerage fees
for sale of realestate trust
beneficiaryinterest

35,773——(Note 1) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.
(Note 2) Consumption taxes are not included in the transaction amount.

51

52

II. Financial Section

2.

SAMTY RESIDENTIAL

Affiliated companies, etc.

4.

16th fiscal period (From February 1, 2023 to July 31, 2023)

16th fiscal period (From February 1, 2023 to July 31, 2023)

Not applicable

The transaction performed by Masafumi Takahashi in the role of representative of a third party (Samty Asset Management Co., Ltd.)is the transaction with Samty Asset Management Co., Ltd. as described above in 3. Sister companies.

17th fiscal period (From August 1, 2023 to January 31, 2024)

3.

Directors and major individual unitholders

Not applicable

17th fiscal period (From August 1, 2023 to January 31, 2024)

Sister companies

The transaction performed by Masafumi Takahashi in the role of representative of a third party (Samty Asset Management Co., Ltd.)is the transaction with Samty Asset Management Co., Ltd. as described above in 3. Sister companies.

16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)

Attribute

Name

Location

Company inwhich major
unitholder(corporation)holds a majorityof voting rights

1-8-39Samty
Nishimiyahara,
Property
Yodogawa-ku,
Management
Osaka-shi,Co., Ltd.
Osaka

Company inwhich major
unitholder(corporation)holds a majorityof voting rights

Samty AssetManagement
Co., Ltd.

1-8-3
Marunouchi,
Chiyoda-ku,
Tokyo

Capitalstock orinvestments
in capitalBusiness or
occupation

40,000Real estate
property
management

120,000

Asset
management for
Samty Residential

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]——

Relationship
Interlocking
directors

Businessrelationship

None

Lease andmanagementof real estateOne
concurrent
officer

Consignmentof assetmanagement

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodConsigned
managementfee

245,889

Operatingaccounts
payable39,666

Repair work

513,509

Operatingaccounts
payable395,277

Payment of
asset
management
fees

Accounts
payable- other

497,441(Note 1)

Note 18 – Revenue Recognition
1.

Breakdown Information on Revenue from Contracts with Customers
16th fiscal period (From February 1, 2023 to July 31, 2023)(Unit: thousands of yen)
Revenue from contracts with customers (Note 1)
Sale of real estate properties
Utilities income

101,843

35,50035,500Other—

5,529,706

Total

2,622,500

5,822,734(Note 2) As proceeds from sale of real estate properties is recorded as gain or loss on sale of real estate properties in the Statement of Income and Retained
Earnings, the amount obtained by deducting cost of sale of real estate properties and other expenses related to sale from proceeds from sale of realestate properties is indicated for sales to external customers.

17th fiscal period (From August 1, 2023 to January 31, 2024)(Note 2) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.

(Unit: thousands of yen)

(Note 3) Consumption taxes are not included in the transaction amount.

Revenue from contracts with customers (Note 1)

17th fiscal period (From August 1, 2023 to January 31, 2024)

Sale of real estate properties
Utilities income(Unit: thousands of yen)

Attribute

Name

Location

Company inwhich major
unitholder(corporation)holds a majorityof voting rights

1-8-39Samty
Nishimiyahara,
Property
Yodogawa-ku,
Management
Osaka-shi,Co., Ltd.
Osaka

Company inwhich major
unitholder(corporation)holds a majorityof voting rights

Samty AssetManagement
Co., Ltd.

1-8-3
Marunouchi,
Chiyoda-ku,
Tokyo

40,000120,000

Business or
occupation

Real estate
property
management

Asset
management for
Samty Residential

Ownership ofvoting rights[or ownershipof such in
Samty
Residential]——

Relationship
Interlocking
directors

None

One
concurrent
officerBusinessrelationship

Lease andmanagementof real estateConsignmentof assetmanagement

Description oftransaction

Transaction
amountAccount
title

Balance at
end ofperiodConsigned
managementfee

229,166

Operatingaccounts
payable46,324

Repair work469,485

Operatingaccounts
payable348,241

514,276

Accounts
payable- other

Payment of
asset
management
fees(Note 1)

2,384,900

Sales to external customers(Note 2) 340,171

33,62433,624Other—

5,511,192

Total

2,418,524

5,884,987(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) is excluded from “Revenue from contracts withcustomers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts with customers mainly represents
proceeds from sale of real estate properties and utilities income.
(Note 2) As proceeds from sale of real estate properties is recorded as gain or loss on sale of real estate properties in the Statement of Income and Retained
Earnings, the amount obtained by deducting cost of sale of real estate properties and other expenses related to sale from proceeds from sale of realestate properties is indicated for sales to external customers.

2.

Information for Understanding Revenue from Contracts with Customers
16th fiscal period (From February 1, 2023 to July 31, 2023)

113,418(Note 1) The amount of asset management fees includes fees for asset management related to the acquisition of properties (31,160 thousand yen) that were paid
and capitalized in the book value of the individual real estate properties, and fees for asset management related to the sale of properties (11,920 thousand yen).
(Note 2) Transaction terms and conditions between Samty Residential and related parties are determined in accordance with the Related Party Transaction
Regulations that stipulate various procedures.
(Note 3) Consumption taxes are not included in the transaction amount.

(Note 2) 257,527(Note 1) Rent revenue subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No.13) is excluded from “Revenue from contracts withcustomers” as such revenue is not subject to Accounting Standard for Revenue Recognition. Revenue from contracts with customers mainly represents
proceeds from sale of real estate properties and utilities income.

(Note 1) The amount of asset management fees includes fees for asset management related to the acquisition of properties (22,920 thousand yen) that were paid
and capitalized in the book value of the individual real estate properties, and fees for asset management related to the sale of properties (12,935 thousand yen).

Capitalstock orinvestments
in capital

2,587,000

Sales to external customers

The information is as described in the Summary of Significant Accounting Policies.

17th fiscal period (From August 1, 2023 to January 31, 2024)
The information is as described in the Summary of Significant Accounting Policies.

3.	Information for Understanding the Amount of Revenue in the Current and Following Fiscal Periods(Reference)
16th fiscal period (From February 1, 2023 to July 31, 2023)
Transaction value allocated to remaining performance obligations
As of July 31, 2023, the transaction value allocated to the remaining performance obligations related to the sale of real estate properties was 2,384,900 thousand yen for the real estate properties for which a sales agreement was concluded on June 21, 2023. Samty
Residential anticipates recognizing revenue for such remaining performance obligations upon the delivery of the real estate properties on November 28, 2023.

17th fiscal period (From August 1, 2023 to January 31, 2024)
Not applicable53

54

II. Financial Section

Note 19 – Segment Information
1.

SAMTY RESIDENTIAL

Independent Auditor's Report

Segment Information
Disclosure is omitted as Samty Residential has a single business segment of real estate leasing business.

2.

Related Information
16th fiscal period (From February 1, 2023 to July 31, 2023)(1) Information by Product and Service
Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
(2) Information by Regioni) Operating revenue
Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceeds 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
ii) Property, plant and equipment
Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japan exceeds 90% of theamount of property, plant and equipment recorded on the Balance Sheet.
(3) Information by Major Customer
Disclosure is omitted as Samty Residential’s operating revenue for any single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

17th fiscal period (From August 1, 2023 to January 31, 2024)(1) Information by Product and Service
Disclosure is omitted as Samty Residential’s operating revenue under single product/service category for outside customers
exceed 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
(2) Information by Regioni) Operating revenue
Disclosure is omitted as Samty Residential’s operating revenue for outside customers in Japan exceeds 90% of operating revenue recorded in the Statement of Income and Retained Earnings.
ii) Property, plant and equipment
Disclosure is omitted as the amount of Samty Residential’s property, plant and equipment located in Japan exceeds 90% of theamount of property, plant and equipment recorded on the Balance Sheet.
(3) Information by Major Customer
Disclosure is omitted as Samty Residential’s operating revenue for a single outside customer is less than 10% of operating revenue recorded in the Statement of Income and Retained Earnings.

Note 20 – Significant Subsequent Events
Not applicable55

56

II. Financial Section

57

SAMTY RESIDENTIAL

58