English Translation Originally Issued in the Japanese Language.

January 22, 2015

Hankyu REIT, Incorporated Financial Results for the 19th Fiscal Period
From June 1, 2014 to November 30, 2014
Hankyu REIT Inc. is listed on the Tokyo Stock Exchange (J-REIT) with the securities code number 8977. (Website:
http://www.hankyu-reit.jp/eng/)
Executive Director:
Yoshiaki Shiraki
Inquiries:

Hankyu REIT Asset Management, Inc.
Akihisa Nakano, General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Scheduled Filing Date of Securities Report:
February 24, 2015
Scheduled Commencement Date of Cash Distribution Payment: February 17, 2015
Supplement Material to Financial and Business Results:
Yes
Financial and Business Results Briefing:
Yes (for institutional investors and analysts)

1. Business Results for the Fiscal Period from June 1, 2014 to November 30, 2014
(1) Operating Results(in millions of yen, rounded down; except as noted)
Operating revenues

Operating income

Change (%)

Ordinary income

Change (%)

Change (%)

For the period ended
November 30, 2014

4,786

7.3

1,928

10.2

1,517

15.6

May 31, 2014

4,460(1.9)

1,750(3.5)

1,312

(4.0)

Net income

Ordinary
Ordinary
income/Net income Net income/income/per unit
EquityOperatingTotal assets
revenues

Change (%)

(yen)

(%)

(%)

(%)

For the period ended
November 30, 2014

1,515

15.6

2,542

2.2

1.1

31.7

May 31, 2014

1,311

(4.0)

2,492

2.0

1.0

29.4

(Percent figures show changes from previous period)
Note:Hankyu REIT Inc. implemented a 5-for-1 split of the Hankyu REIT investment units with November 30, 2014 as the record date andDecember 1, 2014 as the effective date. Accordingly, net income per unit has been calculated on the assumption that the split ofinvestment units was conducted at the beginning of the fiscal period ended May 31, 2014.

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English Translation Originally Issued in the Japanese Language.

(2) Distributions(in millions of yen, rounded down; except as noted)
Distribution
per unit

Totaldistributions(yen)

Distribution in
Total
excess of distributions inDistributions/
Payout ratio
excess ofNet assets
earnings
per unit
earnings
(yen)
(%)
(%)

For the period ended
November 30, 2014

12,685

1,515

0–

100.0

2.1

May 31, 2014

12,462

1,3110–100.0

2.0Notes:
1. “Distribution per unit” and “Total distributions” do not include distribution in excess of earnings per unit.
2. As Hankyu REIT Inc. issued additional investment units in the six months ended November 30, 2014, the payout ratio for theperiod was calculated by using the following formula:
Payout ratio = Total distributions / Net income × 100(3) Financial Position(in millions of yen, rounded down; except as noted)

Total assets

Net assets

Net assets/
Total assets

Net assets per unit(%)(yen)

As ofNovember 30, 2014

144,288

73,17550.7

122,468

May 31, 2014

131,083

65,62750.1

124,766

Note:
Hankyu REIT Inc. implemented a 5-for-1 split of its investment units with November 30, 2014 as the record date and December 1,
2014 as the effective date. Accordingly, net assets per unit have been calculated on the assumption that the split of investment
units was conducted at the beginning of the fiscal period ended May 31, 2014.

(4) Cash Flows(in millions of yen, rounded down; except as noted)

Cash and cash
Cash flows from
Cash flows from
Cash flows fromequivalents
at endoperating activities investing activities financing activitiesof period
For the period ended
November 30, 2014

2,610(11,200)

10.98710.985

May 31, 2014

1,795(570)(1,363)8,587

2. Forecasts for the Fiscal Period from December 1, 2014 to May 31, 2015
(in millions of yen, rounded down; except as noted)

Operatingrevenues

For the period ending
May 31, 2015

4,842

OperatingincomeOrdinary
incomeDistributions
Distribution in excess ofNet income
per unit earnings perunit

ChangeChangeChangeChange%%%%1.2

1,921 (0.4) 1,513 (0.3) 1,511 (0.3)(yen)(yen)2,5300(Percent figures show changes from previous period)
Notes:
1. “Distribution per unit” does not include distribution in excess of earnings per unit.
2. Projected net income per unit for the fiscal period ending May 31, 2015 is 2,529 yen.

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English Translation Originally Issued in the Japanese Language.
3. Others
1. Changes in accounting policies, changes in accounting estimates, and retrospective restatement(1) Changes in accounting policies due to revisions in accounting standards: None
(2) Changes in accounting policies other than in the above item (1): None(3) Changes in accounting estimates: None
(4) Retrospective restatement: None
2. Number of investment units issued and outstanding(1) The number of investment units issued and outstanding (including treasury investment units) as of theperiod-end:
As of November 30, 2014:

119,500 units

As of May 31, 2014:

105,200 units(2) The number of treasury investment units as of the period-end:
As of November 30, 2014:- units

As of May 31, 2014:- units

Disclaimer:* As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has
been completed for the financial statements.
* The forecasts for the fiscal period from December 1, 2014 to May 31, 2015 are based on certain assumptions currently available
to Hankyu REIT Inc. Actual operating revenues, operating income, ordinary income, net income, and distribution per unit may
differ substantially due to changes in conditions and the forecasts do not guarantee any cash distribution amounts.
* Hankyu REIT Inc. implemented a 5-for-1 split of the Hankyu REIT investment units with November 30, 2014 as the record dateand December 1, 2014 as the effective date.
“2. Forecasts for the Fiscal Period from December 1, 2014 to May 31, 2015”, the figures have been calculated based on thenumber of investment units being 597,500 units issued after the split of investment units.

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