Hankyu Hanshin REIT : Financial Results for the 33rd Fiscal Period

English Translation Originally Issued in the Japanese Language.

January 21, 2022

Hankyu Hanshin REIT, Inc. Financial Results for the 33rd Fiscal Period From June 1, 2021 to November 30, 2021

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:	February 25, 2022
Scheduled Commencement Date of Cash Distribution Payment:	February 18, 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 June 1, 2021 to November 30, 2021

(1) Operating Results			(millions of yen, rounded down; except as noted)
		Operating revenues	Operating income	Ordinary income
			Change (%)		Change (%)		Change (%)
For the period ended
November 30, 2021	5,706	0.4	2,315	(4.3)	2,024	(3.3)
May 31, 2021	5,685	(4.5)	2,418	(3.6)	2,092	(2.6)
						Ordinary	Ordinary
		Net income	Net income Net income/	income/
		per unit	Equity	income/	Operating
				Total assets
							revenues
			Change (%)	(yen)	(%)	(%)	(%)
For the period ended
November 30, 2021	2,022	(3.3)	2,909	2.3	1.2	35.5
May 31, 2021	2,091	(2.6)	3,008	2.4	1.2	36.8

(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
November 30, 2021	2,909		2,022	-	-	100.0	2.3
May 31, 2021	3,008		2,091	-	-	100.0	2.4
(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
November 30, 2021	171,781			86,570	50.4			124,525
May 31, 2021	171,521			86,638	50.5			124,624
(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
November 30, 2021	4,275			(1,288)	(2,104)			11,160
May 31, 2021	2,839			(625)	(2,105)			10,278

2. Forecasts for the Fiscal Period from December 1, 2021 to May 31, 2022 and from June 1, 2022 to November 30, 2022

(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
May 31, 2022	5,680	(0.5)	2,343	1.2	2,031	0.4	2,029	0.4	2,920	-
November 30, 2022	5,680	(0.0)	2,375	1.4	2,045	0.7	2,043	0.7	2,940	-

(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 May 31, 2022 and November 30, 2022 are 2,920 yen and 2,940 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: Yes
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 November 30, 2021:	695,200 units
As of May 31, 2021:	695,200 units

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

As of November 30, 2021:	- units
As of May 31, 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 December 1, 2021 to May 31, 2022 and from June 1, 2022 to November 30, 2022 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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