March 12, 2014

Brief Summary of Kessan Tanshin
Advance Residence Investment Corporation (Securities Code: 3269)
Seventh Fiscal Period (August 1, 2013 – January 31, 2014) Performance

1. Summary of Key Financial Data
Operating revenues

13,794 million yen

Total assets

418,785 million yen

Operating income

7,136 million yen

Net assets

195,220 million yen

Ordinary income

5,475 million yen

Net assets per unit

157,436 yen

5,475 million yen

Net asset ratio

46.6 %

4,415 yen

End-of-period LTV

52.1 %Net income
Earnings per share

*DOE

2.9 %

FFO per share6,298 yen

Dividend per unit

4,615 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. Seventh Fiscal Period Highlights■ Earnings per unit* (EPU) increased by 148 yen to 4,415 against the 4,267 yen of last fiscal period. The
increase in epu was achieved by acquiring 6 properties totaling 7.9 billion yen.

■ The dividend for the fiscal period is 4,615 yen, an increase of 115 yen compared to the seventh fiscal
period forecast. The dividend was increased by amount equal to the amount at which the EPU had
beaten the initial earnings guideline of 4,300 yen.

■ The average portfolio occupancy for the period was 96.4%.
■ Launched a public offering of 12.3 billion yen with an intent to acquire 11 properties valued at 15.8
billion yen with an average NOI yield of 6.2% on January 9, 2014. The acquisitions of the 11
properties have concluded by February 6, 2014.
* The earnings per unit is calculated by dividing the net profit by the number of outstanding issued units at the end ofthe fiscal period.

3. Earnings Forecasts
Eighth Fiscal Period Forecast

Ninth Fiscal Period Forecast(February 1, 2014 to July 31, 2014)(August 1, 2014 to January 31, 2015)

Operating revenues

14,542million yen

Operating revenues

14,479million yen

Operating income

7,388million yen

Operating income

7,328million yen

Ordinary income

5,760million yen

Ordinary income

5,760million yen

Net income

5,759million yen

Net income

5,759million yen

Earnings per share

4,430yen

Earnings per share

4,430yen

Dividend per unit

4,500yen

Dividend per unit

4,500yen

Outstanding no. of issued units

1.30million units

Outstanding no. of issued units

1.30million units

Number of properties

221

Number of properties

221

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, 2014. The direct translation of title of the original report is “Kessan Tanshin” for theFinancial Period Ending January 2014 (August 1, 2013 – January 31, 2014).
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