Sekisui House Reit : Notice Concerning Investment Units Buyback Program

June 15, 2022

Real Estate Investment Trust Securities Issuer

Sekisui House Reit,Inc.

TEL:+81-3-6447-4870 (main)

Notice Concerning Investment Units Buyback Program

(Buyback Based on the Provisions of Article 80-5

of the Act on Investment Trusts and Investment Corporations)

Sekisui House Reit, Inc. ("SHR") hereby announces that at the Board of Directors Meeting held today, the investment units buyback program ("the Buyback") based on the provisions of Article 80-2 of the Act on Investment Trusts and Investment Corporations, which is applied by replacing the terms and phrases pursuant to the provisions of Article 80-5, Paragraph 2 of the said Act, has been resolved as described below.Moreover, allof the acquired investment units are scheduled to be cancelled duringthe fiscal period endingOctober 31, 2022 (16th Fiscal Period).

1. Reason for the Buyback

SHR recognizes that the price of its investment units continues to remain below the NAV (Net Asset Value) per unit (Note 1), which is relatively low compared to its historical performance.

Under such circumstances, SHR has sought to improve the profitability of itsportfoliothrough the acquisition and disposition of assets (Note 2) asannounced separately today, and has been carefully consideringmeasuresto utilize the proceeds of the disposition and the cash on hand. After comprehensively considering the level of the investment unit price, cash on hand, financial condition, market environment, etc., SHR has determined that increasingthe NAV per unit through the acquisition and cancellation of its own investment units and improving the distribution per unit ("DPU") will contribute to improvingunitholder value, thus determined the Buyback.

In order to increase unitholder value, SHR willcontinue to improve the quality and profitabilityof its portfolioby acquiringand disposing assets, while closely monitoringthe market environment and promptly consideringthe

acquisition of own investment units.

(Note 1) NAV (Net Asset Value) per unit is calculated by subtracting the total amount of distributions from the net asset value on the balance sheet and dividing the amount reflecting unrealized gains and losses on assets held (the difference between the book value of real estate and the appraisal value) by the total number of investment units issued and outstanding. Moreover, the NAV per unit as of the end of the fiscal period ending April 30, 2022 (16th Fiscal Period) is 87,809yen.

(Note 2) For details, please refer to "Notice Concerning Acquisition and Disposition of Trust Beneficiary Interest in Domestic Real Estate (Acquisition of Prime Maison EGOTANOMORI and One Other Property and Disposition of The Ritz-Carlton, Kyoto)" announced separately today.

2. Details of the Matters Concerningthe Buyback

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

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SHR will terminate the transaction regarding the Buyback when either the total number of acquired investment units or the total acquisition price of the investment units reaches the maximums mentioned above, or when the acquisition period ends. With respect to the planned total acquisition price of the investment units, the amount has been determined by considering the cash on hand, the LTV level followingthe Buyback, and the time needed to cancel the acquired investment units duringthe fiscal period endingOctober 31, 2022 (16th Fiscal Period).

(Note) Depending on SHR's investment unit price level, liquidity, market trends, etc., the total number of investment units to be acquired and total amount of acquisition price may not reach the maximums mentioned above, or there may be no acquisition at all.

3. Methods of the Buyback

SHR plans to enter into a discretionary transaction contract with a securities company and entrust the purchase of the investment units to be acquired via the Tokyo Stock Exchange.

In addition, after the completion of the Buyback,SHR plans to cancel allacquired own investment units duringthe fiscal period endingOctober 31, 2022 (16th Fiscal Period) upon the resolution of the Board of Directors of SHR.

(Reference)

1. Number of Investment Units owned by SHR as of June 15, 2022

2. Expected Impact on Forecasted DPU from the Buyback and cancellation ("the Acquisition,etc.") of Investment Units (Estimate)

(Note 1) "DPU forecasts (without considering the Acquisition, etc.)" are calculated based on the certain conditions as of today. The actual DPU amount may differ in accordance with changes in situation; additionally, this notice does not guarantee the DPU amount stated above. For details, please refer to the "Financial Report for the Fiscal Period Ended April 30, 2022" announced separately today.

(Note 2) "Adjusted DPU forecasts (considering the Acquisition, etc.)" are calculated under the premise of the DPU forecasts (without considering the Acquisition, etc.) as mentioned in (Note 1) above and based on the closing price of SHR's investment units on May 31, 2022, which was 79,500 yen, along with the assumption that the total number of investment units acquired is 50,314 units and all acquired own investment units are cancelled during the fiscal period ending October 31, 2022 (16th Fiscal Period). The actual "Adjusted DPU forecasts (considering the Acquisition, etc.)" and "Impact on DPU forecasts from the Acquisition, etc." may differ dependingon the actual total number of investment units acquired and total acquisition price of the investment units, etc.

• Sekisui House Reit, Inc. website:https://sekisuihouse-reit.co.jp/en/

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail.

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