March 11, 2020

Brief Summary of Kessan Tanshin (Financial Report)
Advance Residence Investment Corporation (ADR / Securities Code: 3269)
19th Fiscal Period (August 1, 2019 – January 31, 2020)

1.
Operating Revenues

17,175million yen

Total Assets

457,863million yen

Operating Income

8,964million yen

Net Assets

231,698million yen

Ordinary Income

7,945million yen

Net Assets per Unit

167,291yen

Net Income

7,945million yen

NAV per Unit

285,013yen

Earnings per Unit (EPU)

5,736yen

Net Asset Ratio

50.6%

Dividend per Unit (DPU)

5,620yen

End-of-period LTV47.9%

FFO per Unit

7,267yen

ROE (annualized)

6.7%

2. Summary of Key Financial Data19th Fiscal Period Highlights■ Carried out a sixth follow-on equity offering since the listing. As a result, total asset LTV is lowered to
47.9% (-2%pt) and borrowing capacity increased to 49.4 billion yen.

■ Even with the increased investment units, EPU for the fiscal period came to 5,736 yen (+166 yencompared to forecast), a record high, mostly due to rent rise and gains from property disposition.

■ ADR will distribute 5,620 yen per unit for the FP. A portion of the gain in sales of 105 yen and theperiodic drawdown of 242 yen is included in the dividend. It is a 116 yen increase from the previous FP.

■ The rent rose consecutively for the eleventh period. The tenant replacement and renewal rents rose 4.6%
and 1.1% respectively, and overall portfolio rent rose an average of 0.51%.

■ Of the nine properties that were decided to be acquired (total scheduled acquisition price 15.4 billionyen), a total of 5 properties (total acquisition price 9.4 billion yen) including two properties developedby sponsor ITOCHU Corporation (2.7 billion yen) and 3 properties (6.7 billion yen) in a bilateraltransaction with a third party were acquired. In the next FP, ADR plan to complete the rest of theacquisition (6.0billion yen) by April 20, 2020. The four properties are newly developed by the sponsor.
■ During the period, ADR procured a total of 9.1 billion yen (at an average interest rate of 0.27%, average
duration of 5.1 years, excluding short-term borrowings 8.5 years). As a result, the average interest rateof our interest bearing liabilities was lowered to 0.73%.

3. Earnings Forecasts
20th Fiscal Period Forecast(February 1, 2020 to July 31, 2020)

21th Fiscal Period Forecast(August 1, 2020 to January 31, 2021)

Operating Revenues

16,850million yen

Operating Revenues

16,815million yen

Operating Income

8,261million yen

Operating Income

8,297million yen

Ordinary Income

7,271million yen

Ordinary Income

7,313million yen

Net Income

7,271million yen

Net Income

7,312million yen

Earnings per Unit (EPU)

5,250yen

Earnings per Unit (EPU)

5,280yen

Dividend per Unit (DPU)

5,600yen

Dividend per Unit (DPU)

5,600yen

Outstanding No. of Issued Units

1.385million units

Outstanding No. of Issued Units

1.385million units

Number of Properties

273

Number of Properties

273

Average Period Occupancy

96.6%

Average Period Occupancy

96.5%• The above forecasts employ figures that have been calculated based on number of assumptions. The actual net profit and thedividend may vary due to changes in those assumptions or in other conditions. Therefore, these forecasts do not in no way guarantee
the dividend amounts for the respective periods.

Please contact below with any inquiries you may have on this report.
AD Investment Management Co., Ltd.
TEL: +81-3-3518-0480
FAX: +81-3-3518-0481
ir@adr-reit.com
This document is an English-language summary of the Japanese financial report “Kessan Tanshin” disclosed in Japanese on March 11, 2020.