June 15, 2018

Financial Report for the Fiscal Period Ended April 30, 2018
(For the Reporting Period from November 1, 2017 to April 30, 2018)
Name of REIT issuer:

Sekisui House Reit, Inc. (“SHR”)

Stock exchange listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange3309
http://sekisuihouse-reit.co.jp/en/
Junichi Inoue, Executive Director

Asset management company:
Representative:
Inquiries:

Sekisui House Asset Management, Ltd.
Junichi Inoue, President & Representative Director
Yoshiya Sasaki, Chief Manager, Investor Relations Department
TEL: +81-3-6447-4870

Scheduled date to file securities report:
Scheduled date to commence distribution payment:
Preparation of supplementary material on financial report:
Holding of financial report presentation meeting:

July 13, 2018
July 20, 2018
Yes
Yes (for institutional investors and analysts)(Amounts truncated to the nearest million yen)

1. Summary of financial results for the fiscal period ended April 30, 2018
(November 1, 2017 – April 30, 2018)(1) Operating results(Percentages show changes from the previous period)
Operating Revenue
Fiscal period endedApril 30, 2018
October 31, 2017

Millions of yen

Operating Income% Millions of yen

4,655
4,580

1.6
10.5

Net Income per Unit

2,994
2,987

0.2
10.5

2,622
2,626(0.2)
10.3

%

1,352
1,368

Net Income% Millions of yen

Ordinary Income toTotal Assets

Return on Equity

Yen

Fiscal period endedApril 30, 2018
October 31, 2017

Ordinary Income% Millions of yen

2,621
2,625%(0.2)
10.3

Ordinary Income toOperating Revenue%

2.3
2.4%

1.3
1.3

56.3
57.3

(Note1) Net income per unit is calculated by dividing net income by the day-weighted average number of investment units
outstanding during the period.
(Note2) SHR implemented a 2-for-1 split of the investment units on May 1,2018 as the effective date. Net Income per Unit
is calculated under assumption that the split implements on beginning of the 6th period.

(2) Distributions
Distributions
per Unit

TotalDistributions

Distributions in
TotalDistributions
Excess ofDistributions in
Payout Ratio to Net Assets(excluding(excludingEarnings
Excess ofDistributions inDistributions inper Unit
Earnings
Excess of Earnings) Excess of Earnings)
Fiscal period endedApril 30, 2018
October 31, 2017

Yen2,7052,710

Millions of yen

2,621
2,625

Yen

00

Millions of yen

00%

100.0
100.0%

2.3
2.3

This is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

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The payout ratio for the fiscal period ended October 31, 2017 is calculated by the following formula because thenumber of investment units changed during the period due to issuances of new investment units during the period.
Payout ratio = Total distributions (excluding distributions in excess of earnings) / Net income × 100(3) Financial position
Total Assets

Net Assets

Equity Ratio

Net Assets per Unit

Millions of yen

Millions of yen%

Yen
As ofApril 30, 2018
207,450
112,810
54.4
58,209October 31, 2017
207,142
112,815
54.5
58,212(Note) SHR implemented a 2-for-1 split of the investment units on May 1,2018 as the effective date. Net Income per Unit iscalculated under assumption that the split implements on beginning of the 6th period.

Net Cash
Provided by (Used in)Operating Activities

Net Cash
Provided by (Used in)Investing Activities

Net Cash
Provided by (Used in)
Financing Activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

4,000
2,836

(36)
(21,142)(2,625)14,803

9,613
8,274

(4) Cash flows

Fiscal period endedApril 30, 2018
October 31, 2017

Cash and Cash
Equivalents
at End of Period

2. Forecasts of performance for the fiscal period ending October 31, 2018 (May 1, 2018 – October 31,2018) and the fiscal period ending April 30, 2019 (November 1, 2018 – April 30, 2019)

OperatingRevenue(Percentages show changes from the previous period)
Distributions
per Unit Distributions
in Excess of(excluding
Ordinary Income Net IncomeEarnings
Distributions inExcess ofper Unit

OperatingIncomeEarnings)

Fiscal period ending
October 31, 2018
April 30, 2019

Millionsof yen12,136
12,078%

160.7
(0.5)

Millionsof yen

5,570
6,346%

86.0
13.9

Millionsof yen4,878
5,604%

86.0
14.9

Millionsof yen7,178
5,603%

173.8(21.9)

Yen

1,531
1,526

Yen

00(Reference) Forecasted net income per unit (Forecasted net income / Forecasted number of investment units at end of period)
For the fiscal period ending October 31, 2018:
1,908 yen
For the fiscal period ending April 30, 2019:
1,489 yen
(Note1) The distributions per unit and the forecasted net income per unit are calculated based on the total number ofinvestment units issued and outstanding as of the date of this document, 3,762,091, which was increased as a resultof the split of the SHR's investment units and the merger of the SHR and SHI.
(Note2) For the fiscal period ending October 31, 2018, the distributions per unit are different from the forecasted net income
per unit because it is premised that part of the gain on negative goodwill will be reserved as reserve for temporary
difference adjustment (the ‟RTA”).
(Note3) For the fiscal period ending April 30, 2019, the distributions per unit are different from the forecasted net income
per unit because it is premised that source of the distributions will include 139 million yen which is the amountobtained by reversing the RTA.

This is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

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* Other(1) Changes in accounting policies, changes in accounting estimates, and retrospective restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Noneb. Changes in accounting policies due to reasons other than a. above:Nonec. Changes in accounting estimates:
None
d. Retrospective restatement:
None(2) Number of investment units issued
a. Number of investment units issued at end of period (including treasury investment units)
As of April 30, 2018:
969,000 units
As of October 31, 2017:
969,000 units
b. Number of treasury investment units at end of period
As of April 30, 2018:– units
As of October 31, 2017:– units* Status of audit procedures
As of the time of disclosure of this financial report, audit procedures for the financial statements
pursuant to the Financial Instruments and Exchange Act of Japan are not yet completed.
* Remarks on appropriate use of forecasts of performance and other special notes
Forward-looking statements presented in this financial report, including forecasts of performance, arebased on information currently available to SHR and on certain assumptions it deems to be reasonable.
As such, actual operating and other results may differ materially from these forecasts as a consequenceof numerous factors. These forecasts do not guarantee the distribution amount.

This is an English translation of summarized financial report translated for informational purposes only. If there
is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

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