Message from the Executive Director

Executive Director Japan Rental Housing Investments Inc. : Yutaka Higashino

Masaki Yamane

Executive Director

Japan Rental Housing Investments Inc.

To Our Unitholders,

I would like to first express my sincere appreciation for your ongoing support to Japan Rental Housing Investments Inc. ("JRH").

JRH specialized in rental apartments was listed on the Tokyo Stock Exchange (Securities Code: 8986) in June 2006 and acquired Prospect REIT Investment Corporation in July 2010. JRH has a diversified portfolio in the greater Tokyo area and other major cities across Japan (Sapporo, Sendai, Nagoya, Osaka, Fukuoka and such).
JRH has entrusted its asset management to Mi-Casa Asset Management Inc. ("Mi-Casa") under the asset management agreement., Mi-Casa has realized improvement in dividend distributions through acquisitions of new properties and dispositions of existing properties, reinforcement of operations (such as achieving high occupancy rates) and various cost-reduction initiatives.

Daiwa Securities Group Inc. acquired additional 68.1% shares of Mi-Casa (total 98.1% after the acquisition) in December 2015 and became a new sponsor of JRH. At the same time, Mi-Casa executed a support agreement with Daiwa Securities Group Inc. to support a sustainable growth of JRH.

Going forward, JRH will remain focused on maximizing unitholders' benefits and I sincerely ask for your support to JRH.

Masaki Yamane
Executive Director
Japan Rental Housing Investments Inc.

Latest Financial Results

Distributions

Cash distributions per unit (yen)

1,901

22nd fiscal period (ended March 2017)

Operating Revenues(million) 8,318
Operating Income(million) 3,742
Ordinary Income(million) 3,025
Net Income(million) 3,024
Total Assets(million) 228,904
Net Assets(million) 107,962
Net Assets per Unit(yen) 65,828
Equity Ratio, End of Period(%) 47.2
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