Samty Residential Investment : Supplementary Document Related to the Timely Disclosure Announced Today

Supplementary Document Related to the Timely Disclosure Announced Today

July 12, 2021

Samty Residential Investment Corporation

(Securities Code: 3459)

Distribution per Unit

Projecting growth of distribution per unit excluding temporary factors (annual)(Note 1) and NAV per unit(Note 2) through continued external growth

Change in distribution per unit
			Distribution excluding temporary	Temporary factor (effect of		Temporary factor (gain on sale of	Temporary factor (refund of	Distribution in excess of
(yen per unit)			factors	property tax and city planning tax)	properties )		consumption tax)		earnings
		Forecast of above	Forecast of above		Forecast of above				Forecast of above
4,000	3,723
			3,333
3,000	462	2,877	2,834
295	295
				192	2,728				2,751
	848	347	391	553		2,673			2,642
	189	363		382		382		342
		193	30	164			69
		51
2,000	7		3		1
	(effect of property	(effect of property	(effect of property
	and city planning		and city planning		and city planning
	taxes)		taxes)		taxes)
1,000	2,111	2,290	2,247	2,263	2,200		2,291		2,300		2,300	+¥100
												（4.5%）
0		¥4,401	¥4,510			¥4,491	+¥109	¥4,600
excluding temporary
Distribution per unit
factors (annual)	Jul. 2019	Jan. 2020	Jul. 2020	Jan. 2021	Jul. 2021		（2.4%）	Jan. 2022		Jul. 2022
		Jan. 2022
	(8th FP)	(9th FP)	(10th FP)	(11th FP)	(12th FP)		(13th FP)		(13th FP)	(Note 5)	(14th FP)	(Note 5)
	(actual)	(actual)	(actual)	(actual)	(forecast) (Note 3)	(previous forecast) (Note 4)	(latest forecast)	(latest forecast)

Change in NAV per unit (Note 2)

Change in total-asset based LTV (Note 6)

(yen per unit)

105,000

52.0%

51.6%

100,000

105,612

51.0%

50.7%

50.9%

50.8%

102,825

103,564

50.5%

50.5%

102,118

102,630

98,106

50.0%

95,000

Jul. 31 2019

Jan. 31 2020

Jul. 31 2020

Jan. 31 2021

Jul. 31 2021

Jan. 31 2022

Jul. 31 2019

Jan. 31 2020

Jul. 31 2020

Jan. 31 2021

Jul. 31 2021

Jan. 31 2022

(end of 8th FP)

(end of 9th FP)

(end of 10th FP)

(end of 11th FP)

(end of 12th FP)

(end of 13th FP)

(end of 8th FP)

(end of 9th FP)

(end of 10th FP)

(end of 11th FP)

(end of 12th FP)

(end of 13th FP)

(projected)

(projected)

(projected)

(projected)

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Notes

Figures in the charts are rounded down to the nearest whole number, and ratios are rounded off to one decimal place.

(Note 1) "Distribution per unit excluding temporary factors (annual)" refers to the sum of (expected) distribution of two consecutive fiscal periods after deducting effect of property tax and city planning tax, gain on sale of properties, refund of consumption tax and distribution in excess of earnings for each fiscal period. The amounts for the fiscal period ending July 2021 (the 12th fiscal period) and beyond are estimates as of the date of this document. Samty Residential Investment Corporation does not guarantee that the same will be distributed.

(Note 2) "NAV per unit" refers to the net asset value per unit based on appraisal value obtained from the calculation formula given below, and is different from the net asset value per unit stated in the balance sheet. The "Capital Increase" stated hereunder refers to the capital increase through public offering and third party allotment which SSR announced today. For details, please refer to the press release issued today, "Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units through Public Offering and Third Party Allotment". Note that the total amount of issue in the public offering and the issue price in the third party allotment are estimates based on the closing price of the investment unit price of SRR on the Tokyo Stock Exchange as of July 2, 2021.

End of the fiscal period ended July 2019 (the 8th fiscal period) ~ end of the fiscal period ended January 2021 (the 11th fiscal period): [Unitholders' capital stated on the balance sheet + unrealized gain or loss (appraisal value - book value), as of the end of each fiscal period] / number of investment units issued and outstanding.

End of fiscal period ending July 2021 (the 12th fiscal period): [Projected unitholders' capital on the balance sheet + projected unrealized gain or loss (appraisal value - projected book value), as of the end of each fiscal period] / number of investment units issued and outstanding.

• Projected unitholders' capital is calculated by deducting total distribution in excess of earnings for the fiscal period ended January 2021 (the 11th fiscal period) from unitholders' capital as of the end of the fiscal period ended January 2021 (the 11th fiscal period). Please note that the value date of the appraisal value is January 31, 2021 for the 129 properties owned as of the end of the fiscal period ended January 2021 (the 11th fiscal period), and April 1, 2021 for assets acquired during the fiscal period ending July 2021 (the 12th fiscal period).

End of the fiscal period ending January 2022 (the 13th fiscal period): [Projected unitholders' capital on the balance sheet + projected unrealized gain or loss (appraisal value of assets acquired and to be acquired- projected book value of assets acquired and to be acquired), as of the end of each fiscal period] / number of investment units issued and outstanding after the Capital Increase.

• Projected unitholders' capital is calculated by adding total issue price of the Capital Increase to projected unitholders' capital as of the end of the fiscal period ending July 2021 (the 12th fiscal period) and deducting (projected) total distribution in excess of earnings for the fiscal period ending July 2021 (the 12th fiscal period). Please note that the value date of the appraisal value is January 31, 2021 for the 129 properties SRR owned as of the end of the fiscal period ended January 2021 (the 11th fiscal period), April 1, 2021 for assets acquired during the fiscal period ending July 2021(the 12th fiscal period), and May 1, 2021 for assets to be acquired during the fiscal period ending January 2022 (the 13th fiscal period).

(Note 3) For details on assumptions in the calculations, please refer to the press release dated May 21, 2021, "Notice Concerning Revisions to the Forecast of Management Status and Distribution per Unit for 12th Fiscal Period Ending July 2021".

(Note 4) For details on assumptions in the calculations, please refer to "(REIT) Summary of Financial Results for Fiscal Period Ended January 2021" released on March 12, 2021.

(Note 5) For details on assumptions in the calculations, please refer to the press release issued today, "Notice Concerning Revisions to the Forecast of Management Status and Distribution per Unit for 13th Fiscal Period Ending January 2022, and Forecast of Management Status and Distribution per Unit for 14th Fiscal Period Ending July 2022".

(Note 6) Projected figures for July 31, 2021 (end of the 12th fiscal period) and January 31, 2022 (end of the 13th fiscal period) are as of the date of this document, calculated on the basis of certain assumptions. For details on borrowings, please refer to the press release issued today, "Notice Concerning Debt Financing".

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Disclaimer

• This document is prepared for informational purposes only and does not constitute an offer, solicitation or recommendation to buy or sell any specific products. For purchase of SSR investment units, please contact respective securities companies. We ask investors to make final investment decisions on their own responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations, listing regulations of the Tokyo Stock Exchange and other relevant laws and regulations.
• Data, analysis, etc. contained in this document are based on actual results for a certain period in the past and do not guarantee management results or their fluctuations, etc. in the future. This document contains forward-looking statements on operating results, but such statements do not constitute a guarantee of future operating results. For real estate investment trusts, loss in the principal value of an investment may be incurred as a result of fluctuations in the value of real estate assets under management or their profitability.
• SSR does not guarantee accuracy or security of the information provided in this document. In addition, please note that the contents may be changed or discontinued without notice.
• Neither Samty Residential Investment Corporation nor Samty Asset Management Co., Ltd. shall have any responsibility for the outcome of investment actions, etc. taken on the basis of this document.
• Duplication, reproduction, etc. of information contained in this document without prior consent are prohibited.

This document does not constitute a disclosure document based on the Financial Instruments and Exchange Act. We ask investors to make final investment decisions on their own judgment.

Please address inquiries regarding this document to:

Samty Asset Management Co., Ltd.

(Financial instruments business operator

registration No. 2402 issued by the Director-General of the Kanto Finance Bureau (Kinsho))

(Member of The Investment Trusts Association, Japan)

TEL: [phone]

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