Unitholders’ Capital

As of June 15, 2023

Unitholders’ Capital	161,283,304,673 yen
Total Number of Authorized Investment Units	20,000,000 units
Total Number of Investment Units Issued and Outstanding	4,381,482 units

The table below shows the changes in unitholders’ capital and the total number of investment units issued and outstanding of SHR since its establishment.

Date	Event	Unitholders’ Capital (million yen)		Total Number of Investment Units Issued and Outstanding (units)
		Increase	Balance	Increase	Balance
Sep. 8, 2014	Private establishment(Note 1)	200	200	2,000	2,000
Dec. 2, 2014	Public offering (Note 2)	63,690	63,890	600,000	602,000
Dec. 24, 2014	Third-party allotment(Note 3)	3,184	67,074	30,000	632,000
May 19, 2015	Public offering (Note 4)	19,673	86,748	154,200	786,200
Jun. 12, 2015	Third-party allotment(Note 5)	995	87,743	7,800	794,000
May 24, 2016	Public offering (Note 6)	11,706	99,450	95,200	889,200
Jun. 21, 2016	Third-party allotment(Note 7)	590	100,040	4,800	894,000
May 24, 2017	Public offering (Note 8)	9,661	109,702	71,400	965,400
Jun. 12, 2017	Third-party allotment(Note 9)	487	110,189	3,600	969,000
May 1, 2018	Split and allotment of investment units associated with merger (Note 10)	-	110,189	2,793,091	3,762,091
Jun. 10, 2019	Public offering (Note 11)	37,162	147,351	501,500	4,263,591
Jul. 9, 2019	Third-party allotment(Note 12)	1,858	149,210	25,075	4,288,666
Nov. 1, 2021	Public offering(Note 13)	11,652	160,862	137,500	4,426,166
Nov. 29, 2021	Third-party allotment(Note 14)	420	161,283	4,967	4,431,133
Oct. 17, 2022	Cancellation(Note 15)	-	161,283	(49,651)	4,381,482

• New investment units were issued at an issue price of 100,000 yen per unit upon the establishment of SHR.
• New investment units were issued at an issue price of 110,000 yen per unit (issue amount of 106,150 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 106,150 yen by way of third-party allotment.
• New investment units were issued at an issue price of 131,917 yen per unit (issue amount of 127,587 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 127,587 yen by way of third-party allotment.
• New investment units were issued at an issue price of 127,140 yen per unit (issue amount of 122,967 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 122,967 yen by way of third-party allotment.
• New investment units were issued at an issue price of 139,912 yen per unit (issue amount of 135,320 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 135,320 yen by way of third-party allotment.
• As a consequence of the merger with SHI effective May 1, 2018, SHR implemented a two-for-one split of investment units of SHR (increase of 969,000 units) to secure an allotment of at least one unit for unitholders of SHI, allotting 1.65 units per investment unit of SHI (increase of 1,824,091 units).
• New investment units were issued at an issue price of 76,537 yen per unit (issue amount of 74,103 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 74,103 yen by way of third-party allotment.
• New investment units were issued at an issue price of 87,574 yen per unit (issue amount of 84,744 yen per unit) through a public offering.
• New investment units were issued at an issue amount of 84,744 yen by way of third-party allotment.
• From June 16, 2022 to September 7, 2022, SHR acquired its own investment units through market purchases via the Tokyo Stock Exchange based on a discretionary transaction contract with a securities company. As resolved at SHR's Board of Directors Meeting on September 30, 2022, all acquired investment units were canceled on October 17, 2022. In addition, funds related to the buyback of investment units were deducted from the capital surplus, thus there is no change in Unitholders’ Capital.