Hankyu Hanshin REIT : Financial Results for the 34th Fiscal Period

English Translation Originally Issued in the Japanese Language.

July 19, 2022

Hankyu Hanshin REIT, Inc. Financial Results for the 34th Fiscal Period From December 1, 2021 to May 31, 2022

Hankyu Hanshin REIT, Inc. is listed on the Tokyo Stock Exchange (J-REIT) with the securities code number 8977 (Website: https://www.hankyuhanshinreit.co.jp/eng/).

Executive Director:	Yoshiaki Shiraki
Inquiries:	Hankyu Hanshin REIT Asset Management, Inc.
	Kiyotaka Okano, General Manager, Financial and IR Department
	Email: [e-mail]

Scheduled Filing Date of Securities Report:	August 25, 2022
Scheduled Commencement Date of Cash Distribution Payment:	August 16, 2022
Supplement Material to Financial and Business Results:	Yes

Financial and Business Results Briefing: Yes (for institutional investors and analysts)

1. Business Results for the Fiscal Period from December 1, 2021 to May 31, 2022

(1) Operating Results			(millions of yen, rounded down; except as noted)
		Operating revenues	Operating income	Ordinary income
			Change (%)		Change (%)		Change (%)
For the period ended
May 31, 2022	5,697	(0.2)	2,398	3.6	2,090	3.3
November 30, 2021	5,706	0.4	2,315	(4.3)	2,024	(3.3)
						Ordinary	Ordinary
		Net income	Net income Net income/	income/
		per unit	Equity	income/	Operating
				Total assets
							revenues
			Change (%)	(yen)	(%)	(%)	(%)
For the period ended
May 31, 2022	2,088	3.3	3,004	2.4	1.2	36.7
November 30, 2021	2,022	(3.3)	2,909	2.3	1.2	35.5

(Percent figures show the difference from previous period)

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English Translation Originally Issued in the Japanese Language.

(2) Distributions			(millions of yen, rounded down; except as noted)
			Distribution in	Total
	Distribution	Total	excess of	distributions in	Payout ratio	Distributions/
	per unit	distributions	earnings	excess of		Net assets
			per unit	earnings
	(yen)		(yen)		(%)	(%)
For the period ended
May 31, 2022	2,961	2,058	-	-	98.6	2.4
November 30, 2021	2,909	2,022	-	-	100.0	2.3

Note:

For the fiscal period ended May 31 2022, because a certain amount of unappropriated retained earnings was reserved (30 million yen as a reserve for reduction entry), there was a difference between cash distribution per unit and net income per unit.

(3) Financial Position	(millions of yen, rounded down; except as noted)
			Net assets/	Net assets per unit
	Total assets	Net assets	Total assets
			(%)	(yen)
As of
May 31, 2022	171,558	86,636	50.5	124,620
November 30, 2021	171,781	86,570	50.4	124,525
(4) Cash Flows		(millions of yen, rounded down; except as noted)
	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at end
	operating activities	investing activities	financing activities
				of period
For the period ended
May 31, 2022	10,357	(9,283)	(2,036)	10,198
November 30, 2021	4,275	(1,288)	(2,104)	11,160

2. Forecasts for the Fiscal Period from June 1, 2022 to November 30, 2022 and from December 1, 2022 to May 31, 2023

(millions of yen, rounded down; except as noted)

										Distributions
	Operating	Operating	Ordinary	Net income	Distribution in excess of
	revenues	income	income			per unit	earnings per
										unit
		Change		Change		Change		Change	(yen)	(yen)
		%		%		%		%
For the period ending
November 30, 2022	5,698	0.0	2,402	0.2	2,073	(0.8)	2,071	(0.8)	2,980	-
May 31, 2023	5,650	(0.8)	2,409	0.3	2,087	0.7	2,085	0.7	3,000	-

(Percent figures show the difference from previous period)

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English Translation Originally Issued in the Japanese Language.

Notes:

1. "Distribution per unit" does not include distribution in excess of earnings.
2. Projected net income per unit for the fiscal period ending November 30, 2022 and May 31, 2023 are 2,980 yen and 3,000 yen, respectively.

3. Others

1. Changes in accounting policies, changes in accounting estimates, and retrospective restatement

1. Changes in accounting policies due to revisions in accounting standards: None
2. Changes in accounting policies other than in the above item (1): None
3. Changes in accounting estimates: None
4. Retrospective restatement: None

1. Total number of investment units issued and outstanding

1. The total number of investment units issued and outstanding (including treasury investment units) as of the period-end:

As of May 31, 2022:	695,200 units
As of November 30, 2021:	695,200 units

(2) The number of treasury investment units as of the period-end:

As of May 31, 2022:	- units
As of November 30, 2021:	- units

Disclaimer:

• As of the publication of this Financial Report, no auditing procedure under the Financial Instruments and Exchange Law has been completed for the financial statements.
• The forecasts for the fiscal period from June 1, 2022 to November 30, 2022 and from December 1, 2022 to May 31, 2023 are based on certain assumptions currently available to Hankyu Hanshin REIT, Inc. Actual operating revenues, operating income, ordinary income, net income, distribution per unit (excluding Distributions in excess of earnings) and Distributions in excess of earnings per unit may differ substantially due to changes in conditions and the forecasts do not guarantee any cash distribution amounts.

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