Translation
May 18, 2015

Sekisui House SI Residential Investment Corporation
Financial Report for the Fiscal Period ended March 31, 2015

Head Office:Stock Exchange Listing:
URL:
Inquiries:

Tokyo
Tokyo Stock Exchange (code number 8973)
http://www.shsi-reit.co.jp/
Makoto Asamoto
Sekisui House SI Asset Management, Ltd. (Asset Management Company)
General Manager, Administration+81-3-5770-8973

Name:
Title:
TEL:

Planned date of submissionof the Securities Report:
Planned commencement date ofdistribution payment:

June 19, 2015
June 15, 2015
(Note: Figures rounded down to nearest million yen)

1. Performance for the Fiscal Period ended March 31, 2015 (October 1, 2014 to March 31, 2015)(1) Operating Results*Percentages indicate changes over the previous fiscal period.
Operating Revenue

Operating Income

Ordinary Income

Net Income

Million yen％*

Million yen％*

Million yen％*

Million yen％*

Fiscal period ended
March 31, 2015

6,286

12.4

2,814

14.2

2,305

18.0

2,302

18.0

Fiscal period ended
September 30, 2014

5,591

12.9

2,463

9.9

1,952

10.5

1,950

10.5

Net Incomeper Unit

Return on Unitholders’Equity (ROE)

Ordinary Income toTotal Assets

Ordinary Income toOperating Revenue

Yen％％％

Fiscal period ended
March 31, 2015

2,289

2.7

1.236.7

Fiscal period ended
September 30, 2014

2,163

2.6

1.2

34.9

(2) Distributions
Distributionper Unit
Total Distributions(excluding(excluding Total
Distribution inDistribution in
Excess of Earnings Excess of Earnings)
per Unit)
Fiscal period ended
March 31, 2015

Distribution in
Excess ofEarnings per Unit

Total
Distributions in
Excess ofEarnings

Distribution
Ratio toNet Assets

Payout Ratio

YenMillion yen

Yen

Million yen％％

2,185

2,2240096.6

2.5

Fiscal period ended
2,131
1,9500099.9
2.4
September 30, 2014
Note 1: Distribution per Unit (excluding Distribution in Excess of Earnings per Unit) for the fiscal period ended March 31, 2015 is calculated based on
the amount of unappropriated retained earnings less the amount of reserve for reduction entry of 77 million yen, divided by the number ofinvestment units issued and outstanding as of the fiscal period ended March 31, 2015.
Note 2: The payout ratio is rounded down to the first decimal place.
Note 3: The payout ratio for the fiscal period ended March 31, 2015 and September 30, 2014 is calculated by the following formula as new investment
units were issued:
Payout Ratio = Total Distributions (excluding Total Distribution in Excess of Earnings) ÷ Net Income × 100

1This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.

(3) Financial Position
Total Assets

Unitholders’ Equity toTotal Assets

Net Assets

Net Assets per Unit

Million yen

Million yen%Yen

Fiscal period ended
March 31, 2015

194,035

91,22747.089,605

Fiscal period ended
September 30, 2014

176,89281,010

45.8

88,512(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at the End ofthe Fiscal Period

Million yen

Million yen

Million yen

Million yen

Fiscal period ended
March 31, 2015

4,772

△19,587

14,520

8,069

Fiscal period ended
September 30, 2014

3,173

△20,051

17,6268,365

2. Forecast of Operating Results for the Fiscal Period ending September 30, 2015 (April 1, 2015 to September 30,2015)*Percentages indicate changes over the previous fiscal period.

OperatingRevenue

Millionyen

Operating
Income％*MillionyenOrdinary
Income％*MillionyenNet
Income％*Millionyen％*

Distributionper Unit
(excluding
Distribution in
Excess of Earningsper Unit)

Distribution in
Excess ofEarnings per Unit

YenYenFiscal period ending
6,411
2.0
2,730
△3.0
2,194
△4.8
2,192
△4.8
2,1200
September 30, 2015
Reference: Estimated net income per unit for the fiscal period ending September 30, 2015: 2,153 yen
Note : It is assumed that 34 million yen (planned) is recorded as reserve for reduction entry out of the gain on sale of “Part of RINKU HAGURAZAKIPlaza” of 57 million yen (planned) to be recorded for the fiscal period ending September 30, 2015, to the extent permitted pursuant to the“Special Provisions for Taxation on Investment Corporations” stipulated in Article 67-15 of Act on Special Measures Concerning Taxation (ActNo. 26 of 1957, as amended) and “Special Provisions for Taxation in the case of advance acquisition of land and such in 2009 and 2010”
stipulated in Article 66-2 of Act on Special Measures Concerning Taxation. However, the actual amount to be internally reserved may change.

Explanation concerning the Proper Use of the Forecast of Operating Results and Other Issues to be Noted
Descriptions with regard to future issues including the forecast of operating results are based on the current information
held by the Sekisui House SI Residential Investment Corporation and certain assumptions it deems reasonable. The actual
operating results may materially differ from the forecast for various reasons. The forecast is not intended to assure theamount of distributions to investors.

2This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.