Message from the Executive Director

Executive Director Japan Rental Housing Investments Inc. : Yutaka Higashino

Ikuo Shoda

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 Daiwa Real Estate Asset Management Co., Ltd. under the asset management agreement., Daiwa Real Estate Asset Management Co., Ltd. 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 in December 2015 and became a new sponsor of JRH. At the same time, Daiwa Real Estate Asset Management Co., Ltd. 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.

Ikuo Shoda
Japan Rental Housing Investments Inc.

Latest Financial Results

Distributions

Cash distributions per unit (yen)

1,964

25th fiscal period (ended September 2018)

Operating Revenues(million) 8,250
Operating Income(million) 3,733
Ordinary Income(million) 3,115
Net Income(million) 3,114
Total Assets(million) 227,305
Net Assets(million) 108,369
Net Assets per Unit(yen) 66,076
Equity Ratio, End of Period(%) 47.7
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