Hankyu REIT, Inc.

	Total		HEP Five (Hankyu Five Building)
	Kitano Hankyu Building		Dew Hankyu Yamada (Yamada Nishi Hankyu Bldg.)
	Ueroku F Building

2nd	Dec	Jan	Feb	Mar	Apr	May
Total	99.5%	99.3%	98.8%	100.0%	100.0%	100.0%
HEP Five (Hankyu Five Building)	100.0%	99.0%	99.0%	100.0%	100.0%	100.0%
Kitano Hankyu Building	100.0%	99.7%	99.7%	100.0%	100.0%	100.0%
Dew Hankyu Yamada (Yamada Nishi Hankyu Bldg.)	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Ueroku F Building	91.1%	91.1%	83.9%	100.0%	100.0%	100.0%

1st	Jun	Jul	Aug	Sep	Oct	Nov
Total	99.8%	99.8%	99.7%	100.0%	100.0%	99.5%
HEP Five (Hankyu Five Building)	100.0%	100.0%	99.6%	100.0%	100.0%	100.0%
Kitano Hankyu Building	99.4%	99.4%	99.4%	100.0%	100.0%	100.0%
Dew Hankyu Yamada (Yamada Nishi Hankyu Bldg.)	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Ueroku F Building						91.1%

1st	Feb	Mar	Apr	May
Total	97.8%	98.0%	99.5%	99.8%
HEP Five (Hankyu Five Building)	98.9%	100.0%	100.0%	100.0%
Kitano Hankyu Building	95.5%	95.5%	98.9%	99.4%
Dew Hankyu Yamada (Yamada Nishi Hankyu Bldg.)	100.0%	100.0%	100.0%	100.0%
Ueroku F Building