March 12, 2015

Brief Summary of Kessan Tanshin
Advance Residence Investment Corporation (Securities Code: 3269)
Ninth Fiscal Period (August 1, 2014 – January 31, 2015) Performance

1. Summary of Key Financial Data
Operating revenues

15,633 million yen

Total assets

430,509 million yen

Operating income

8,158 million yen

Net assets

208,378 million yen

Ordinary income

6,591 million yen

Net assets per unit

160,290 yen

6,591 million yen

Net asset ratio

48.4 %

5,070 yen

End-of-period LTV

50.1 %Net income
Earnings per share

*ROE

3.2 %

FFO per share6,504 yen

Dividend per unit

5,130 yen

* The earnings per share is calculated by dividing the net profit by the average number of outstanding issued units
during the fiscal period.

2. Ninth Fiscal Period Highlights■ The dividend for the fiscal period is 5,130 yen, an increase of 630 yen compared to the initial forecast.

The dividend was increased because earning per unit* (EPU) had beaten the initial earnings guideline
substantially.

■ Aiming to increase the earning potential of the portfolio, the fund acquired 25 properties for 22,235
million yen for this period, and disposed 6 properties (25,917 million yen on historical acquisition price).
And the fund include 654 million yen of gain on sales.

■ The average portfolio occupancy for the period was 96.1%. The fiscal period saw rent increase of 0.5%
for the first time since the merger.

■ The fund continued to strengthen its financial position by lowering LTV, reducing interest expense,
lengthening and diversifying debt maturities, and increasing the ratio of fixed rate interest debts. Issuer
credit rating from JCR was upgraded from AA- to AA.

■ The fund is expected to sustain an EPU above 4,500 yen going forward. Therefore the new dividend
policy will be for the dividend to mirror the EPU for the fiscal period if the EPU is exceed 4,500 yen.
And use the dividend reserve to supplement the dividend when the EPU falls short of 4,500 yen.
* The earnings per unit is calculated by dividing the net profit by the number of outstanding issued units at the end of
the fiscal period.

3. Earnings Forecasts
Tenth Fiscal Period Forecast

Eleventh Fiscal Period Forecast(February 1, 2015 to July 31, 2015)(August 1, 2015 to January 31, 2016)

Operating revenues

14,928 million yen

Operating revenues

14,938 million yen

Operating income

7,470 million yen

Operating income

7,444 million yen

Ordinary income

5,902 million yen

Ordinary income

5,863 million yen

Net income

5,902 million yen

Net income

5,863 million yen

Earnings per share

4,540 yen

Earnings per share

4,510 yen

Dividend per unit

4,540 yen

Dividend per unit

4,510 yen

Outstanding no. of issued units

1.30 million units

Outstanding no. of issued units

1.30 million units

Number of properties

249

Number of properties

249

Average period occupancy

96.2 %

Average period occupancy

96.2 %

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

This document is an English-language summary of the Japanese financial report “Kessan Tanshin” disclosed inJapanese on March 12, 2015. The direct translation of title of the original report is “Kessan Tanshin” for theFinancial Period Ending January 2015 (August 1, 2014 – January 1, 2015).
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