KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2020 (REIT)(May 1, 2020, to October 31, 2020)
December 14, 2020
Kenedix Office Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 8972.
URL:

https://www.kdo-reit.com/en/

Representative:

Jiro Takeda, Executive Director

Asset Management Company: Kenedix Real Estate Fund Management, Inc.
Representative:

Masahiko Tajima, President & CEO

Inquiries:

Hiroaki Momoi, Head of Planning Division, Office REIT Department
TEL +81-3-5157-6010

Planned submission of semiannual securities report: January 28, 2021

Planned start of distribution payments: January 20, 2021

Preparing presentation material:

Yes･NoHold a financial brief meeting:Yes･No (cancelled as preventive measure against the spread of COVID-19; IR presentation webcast is planned)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED October 31, 2020 (May 1, 2020, to October 31, 2020)(1) Business Results(Amounts are rounded down to the nearest one million yen.)(% indications are increase-decrease rate of period-over-period.)
Operating Revenues

Operating Income

Ordinary Income

Net Income

For the six months ended

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

October 31, 2020

16,714

9.4

8,334

16.7

7,311

18.4

7,310

18.4

April 30, 2020

15,272

1.6

7,140

4.6

6,177

5.7

6,175

5.7

Net Income per unit

Ordinary Income to Total
AssetsReturn on Unitholders’ Equity

Ordinary Income toOperating Revenues

For the six months ended

Yen

%

%

%

October 31, 2020

17,059

3.2

1.6

43.7

April 30, 2020

14,412

2.7

1.4

40.4

(2) Distribution
Distributions per Unit
(Excluding Excess of
Earnings)

Total Distributions(Excluding Excess of
Earnings)

Distributions in
Excess of Earnings
per Unit

Total Distributions in
Excess of Earnings

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

October 31, 2020

15,384

6,592

－

－

90.2

2.9

April 30, 2020

14,412

6,175

－

－

100.0

2.7

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Note: Distributions per unit for the fiscal period ended October 31, 2020, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (718 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. The main difference between distributions
per unit and net income per unit is due to this calculation.

(3) Financial Position
Total Assets

Net Assets

For the six months ended

Millions of Yen

October 31, 2020
April 30, 2020

Net Assets to Total Assets

Net Assets per Unit

Millions of Yen%

Yen

459,719

230,66550.2

538,295

447,707229,58951.3

535,786(4) Cash Flow Situations
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash Equivalents
at Period End

For the six months ended

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen

October 31, 2020

15,259(16,687)

3,517

26,433

April 30, 2020

9,237

(9,651)

1,145

24,344This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2020. However, no assurance orwarranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of
discrepancies between this translation and the Japanese original.

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2. FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING April 30, 2021 (November 1, 2020, to April 30, 2021) andOctober 31, 2021 (May 1, 2021, to October 31, 2021)(% indications are increase-decrease rate of period-over-period.)
Operating Revenues(Millions of Yen)

Operating Income(Millions of Yen)%

Ordinary Income(Millions of Yen)%Distributions per
Unit (Excluding
Excess of Earnings)

Distributions in
Excess of Earnings
per Unit

%

Yen

Yen

April 30, 2021

16,333

(2.3)

8,106

(2.7)

7,129

(2.5)

7,128

(2.5)

15,180－

October 31, 2021

15,394

(5.8)

6,959

(14.2)

6,000(15.8)

5,999(15.8)

14,000－For the six months ending%

Net Income(Millions of Yen)

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2021: 16,634 yen
Forecasted total number of investment units issued and outstanding as of April 30, 2021: 428,510 units
Forecasted average number of investment units during the fiscal period ending April 30, 2021: 428,510 units
Estimated net income per unit for the fiscal period ending October 31, 2021: 14,000 yen
Forecasted total number of investment units issued and outstanding as of October 31, 2021: 428,510 units
Forecasted average number of investment units during the fiscal period ending October 31, 2021: 428,510 units
Note: Distributions per unit for the fiscal period ending April 30, 2021, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (622 million yen) from net income by the total number of investment units issued and outstanding.

*OTHER(1) Changes in Accounting Policies・Changes in Accounting Estimate・Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: No(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: No(2) Total Number of Investment Units Issued and Outstanding(a) Total number of investment units issued and outstanding at period end (including treasury units)
As of October 31, 2020: 428,510 units
As of April 30, 2020: 428,510 units(b) Number of treasury investment units at period end
As of October 31, 2020: 0 units
As of April 30, 2020: 0 units
Note: Please refer to page 28, “Notes on Information per Unit” for the number of investment units as the base of the calculation of net income per unit.

* The financial report is not subject to audit by certified public accountants or audit corporations.
* Special Consideration
Readers are advised that the outlook on management conditions and other forward-looking statements contained herein are based on
information currently available to the Investment Corporation and certain assumptions that the Investment Corporation considers to bereasonable. Actual management conditions, etc. may differ materially from these forecasts due to various factors.
In addition, the forecast figures are calculated as of the date of this document under the assumptions indicated in “Preconditions andAssumptions for the Thirty-Second Fiscal Period Ending April 30, 2021, and for the Thirty-Third Fiscal Period Ending October 31, 2021” onpage 10, and the actual operating revenues, operating income, ordinary income, net income, distributions per unit and distributions in excessof earnings per unit may differ from forecasts due to the change in the situation. Accordingly, the Investment Corporation does not guarantee
payment of the forecast distributions.

This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2020. However, no assurance orwarranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of
discrepancies between this translation and the Japanese original.

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Index
1. Operating Conditions ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ P 2(1) Operating Conditions ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ P 2(2) Risk Factors ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ P 8(3) Outlook ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ P 9
2. Financial Statements ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 12(1) Balance Sheets ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 12(2) Statements of Income ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 14(3) Statements of Unitholders’ Equity ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 15(4) Basis for Calculating Cash Distribution ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 16(5) Statements of Cash Flows ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 17(6) Notes on Going Concern ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 18(7) Important Accounting Standards ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 18(8) Notes on Financial StatementsꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 21(9) Changes in the Total Number of Investment Units Issued and Outstanding ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 29
3. Reference Information ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 30(1) Information Concerning Price of Assets in the Property Portfolio, Etc. ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 30(2) Capital Expenditures ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 40(3) Overview of Major Tenants ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 41(Reference Information) Earnings Performance for the Individual Properties ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 42(Reference Information) Status of Borrowings ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏP 50- 1 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

1. Operating Conditions(1) Operating Conditions① Operating Conditions for the fiscal period under review
A. The Investment Corporation
Kenedix Office Investment Corporation (“the Investment Corporation”) was established on May 6, 2005, in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of the year 1951, including amendments thereafter) (“Investment TrustAct”). On July 21, 2005, the Investment Corporation was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange,
Inc. (“the Tokyo Stock Exchange”) with a total of 75,400 investment units issued and outstanding (Securities Code: 8972). Subsequently,
the Investment Corporation raised funds through eight public offerings and such. As a result, as of the end of the fiscal period underreview (October 31, 2020), the number of investment units issued and outstanding totaled 428,510 units.
The Investment Corporation entrusts Kenedix Real Estate Fund Management, Inc. (“the Asset Management Company”) with its asset
management and strives to maximize unitholder profits by securing stable earnings and sustainable growth of investment assets. To thisend, the Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respond to theenvironment and market trends, endeavors to ensure a timely response to opportunities, and form a portfolio.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended October 31, 2020), the Japanese economy saw rapid stagnation of economic
activities due to the spread of COVID-19 in the first and second quarters of 2020 and the declaration of a state of emergency by thegovernment associated with such. However, the real GDP growth rate for July to September 2020 (The Second Preliminary Estimates)
increased significantly by 22.9% period on period at an annual rate partially due to the resumption of domestic and overseas economic
activities and the rebound from the significant decline in the previous fiscal period.
Although COVID-19 continues to spread and subside, service consumption associated with the Go To Travel campaign increased
significantly. Corporate capital investment decreased overall as movements to postpone non-urgent new investments, etc. are also seen
while investments related to digitalization and energy saving are increasing.
In terms of the office leasing market, both the occupancy rate and the rent level remained high centering on the five central wards ofTokyo, but floor reduction and downsizing started to be seen with the spread of remote work amid the COVID-19 pandemic and review
of fixed costs due to concerns over the future outlook of companies. The average vacancy rate in Tokyo’s five central wards at the endof October 2020 announced by Miki Shoji Co., Ltd. was 3.93%: up 2.30 percentage points year on year and up 2.37 percentage points
compared with the end of the previous fiscal period (April 30, 2020). In addition, the average rent in Tokyo’s five central wards (including
newly built office buildings) continued to increase since January 2014, but turned to a decrease from July 2020 and was 22,434 yen pertsubo as of the end of October 2020. Other major cities across Japan also saw a rise in average vacancy rate but rent levels remained
generally flat.
In the office building transaction market, although the number of property transactions by domestic investors such as listed J-REITs andreal estate companies as well as overseas investors is decreasing due to the spread of COVID-19, there is still little information on salesof prime mid-sized office buildings, investors concentrate on limited sales projects and interest rates also remain stable at a low level.
Therefore, cap rates remain at continuously low levels and no significant change has been seen.
In addition, with the recent U.S.-China trade friction and spread of COVID-19 causing prolonged economic stagnation and other impacts,
the sense of uncertainty over overseas economies still remains, calling for close attention to be paid to overseas developments.
(b) Management Performance
As of the end of the previous fiscal period (April 30, 2020), the Investment Corporation owned 99 properties (with a total acquisition
price of 432,835 million yen) and equity interest in a Japanese silent partnership (tokumei kumiai) (“TK”) (initial investment amount of
1,107 million yen). During the fiscal period under review (fiscal period ended October 31, 2020), the Investment Corporation acquired
an office building (Shinbashi M-SQUARE Bright: acquisition price of 16,300 million yen) and sold two properties (KDX Nihonbashi
Honcho Building: acquisition price of 4,000 million yen, KDX Nihonbashi Edo-dori Building: acquisition price of 1,350 million yen)
(total sale price of 6,550 million yen).
As a result, the number of properties owned as of October 31, 2020 (excluding the TK interest, same applies below.), amounts to 98(with a total acquisition price of 443,785 million yen). Looking at the portfolio distribution by property type, 99.4% was composed of
office buildings and the remaining 0.6% composed of other property on an acquisition price basis.
The occupancy rate as of the end of the fiscal period under review (October 31, 2020) was 98.1% and continuously maintained a highoccupancy rate.
- 2 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Operation and Management of Existing Properties
The Investment Corporation entrusts property management services for its entire portfolio as of the end of the fiscal period under review(October 31, 2020) (excluding ARK Mori Building and Shinjuku 6chome Building (Land)) to Kenedix Property Management, Inc. By
doing so, the Investment Corporation has strived to unify policies, specifications, procedures, points of contact, etc. for the provision ofswift and quality services in the operation and management of properties.
In terms of leasing, despite the impact of COVID-19, the Investment Corporation proactively attracted new tenants with its close
relationships with brokers and absorbed demands to expand floor space by utilizing the close relationships with existing tenants.
Moreover, in order to maintain and raise the competitiveness of office buildings, switching to LED lighting in exclusively owned areas,
renovation of external walls, upgrading of air-conditioning systems, renewal of elevators, etc. are also implemented according to plan.
Although such efforts were made one after another, as of the end of the fiscal period under review (October 31, 2020), the occupancy
rate of office buildings in the Tokyo Metropolitan Area owned by the Investment Corporation stands at 98.0%, while that for all owned
office buildings stands at 98.1% as movements such as the temporary suspension of the consideration on office building relocations wereseen against the backdrop of the stagnation of economic activities due to the impact of COVID-19.
Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for the Investment Corporation’s office buildings is 1,115 (Note 1) (Note 2) as of the end of the fiscal period
under review (October 31, 2020), diversifying tenant’s stratum further. Furthermore, floor area leased to the top 10 office end-tenants as
a proportion of total leased floor area of the entire portfolio is 10.6%. In addition, tenants of office buildings are in various sectors. As aresult, we believe the impact of a certain end-tenant vacating the property or sluggish performance in certain sectors would have arelatively limited effect and stable revenue would be maintained.
Note 1: When a tenant is leasing more than one property, it is counted as one tenant and the number of tenants is indicated accordingly.
Note 2: The number of end-tenants for the entire portfolio is 1,116 as of the end of the fiscal period under review (October 31, 2020).

C. Capital Financing(a) Status of Investment Corporation Bonds
The Investment Corporation issued the Twelfth Series Unsecured Investment Corporation Bonds (Green Bonds) (total issue amount of
1,000 million yen; term of 10.0 years) on October 20, 2020, and used the proceeds as for repayment of borrowings of 1,000 million yen
procured for the purpose of acquiring KDX Musashi-Kosugi Building based on the thinking that the issuance enables more committed
efforts to further reinforce sustainability efforts and further contribution to development of the domestic green bond market by offering
opportunities to investors who take active stance towards ESG investment.
As a result, the balance of investment corporation bonds as of the end of the fiscal period under review (October 31, 2020) is 11,000
million yen.
(b) Status of Borrowings
The Investment Corporation will continue to strive to reduce refinancing risk by diversifying maturity dates for its interest-bearing debt.
During the fiscal period under review (fiscal period ended October 31, 2020), in addition to new borrowing of 9,700 million yen upon
property acquisition, the Investment Corporation undertook borrowings of 11,100 million yen for repayment of borrowings of the sameamount that matured during the fiscal period. Furthermore, the Investment Corporation raised 1,000 million yen through the issuance of
the Green Bonds as described in (a) Status of Investment Corporation Bonds, and made prepayment of borrowings of 1,000 million yen.
As a result, the balance of interest-bearing debt as of the end of the fiscal period under review (October 31, 2020) is 201,750 million yen,comprising 190,750 million yen in borrowings (12,500 million yen in short-term borrowings (Note 1) and 178,250 million yen in longterm borrowings (Note 1)) and 11,000 million yen in investment corporation bonds.
Furthermore, as of the end of fiscal period under review (October 31, 2020), interest rates for 121,400 million yen of long-termborrowings with floating interest rates have been practically fixed by utilizing interest rate swaps in order to hedge risk of rise in interest
rates. In addition, the long-term debt ratio (Note 2) is 93.8% and the long-term fixed interest debt ratio (Note 3) is 93.0%.
As a result of these, the average remaining term of the Investment Corporation’s interest-bearing debt (Note 4) was 4.5 years, the averageinterest rate (Note 4) was 0.94% and the ratio of interest-bearing debt (Note 5) was 43.9% at the end of the fiscal period under review(October 31, 2020).

- 3 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 1: Short-term borrowings refer to borrowings with a period of less than or equal to one year from the drawdown date to the repayment date.
However, the borrowings whose period until repayment date have surpassed one year because the repayment date one year from the drawdown
date is not a business day and for which the repayment date has been moved to the following business day are included in short-term borrowings.
Long-term borrowings refer to borrowings with a period of more than one year from the drawdown date to the repayment date. The same
applies below.
Note 2: Long-term debt ratio= (Balance of long-term borrowings + Balance of investment corporation bonds) / (Total borrowings + Balance ofinvestment corporation bonds) ×100
Long-term debt ratio is rounded to the first decimal place.
Note 3: Long-term fixed interest debt ratio = (Balance of long-term fixed interest rate borrowings + Balance of investment corporation bonds) / (Total
borrowings + Balance of investment corporation bonds) ×100
The balance of long-term fixed interest rate borrowings includes long-term borrowings with floating interest rates effectively fixed by utilizing
interest-rate swap agreements. Long-term fixed interest debt ratio is rounded to the first decimal place.
Note 4: Average remaining terms and average interest rates are the weighted average of the period-end remaining terms and interest rates including
annual upfront fees based on the balance of interest-bearing debt. Average remaining terms are rounded to the first decimal place and averageinterest rates are rounded to the second decimal place, respectively.
Note 5: Interest-bearing debt ratio = Balance of interest-bearing debt at the end of fiscal period / Total assets at the end of fiscal period ×100
Interest-bearing debt ratio is rounded to the first decimal place.

The balances of borrowings according to financial institutions as of April 30, 2020, and October 31, 2020, are as follows:
End of Thirty-FirstEnd of ThirtiethFiscal Period
Fiscal Period
Lender(as of October 31, 2020)(as of April 30, 2020)(Millions of Yen)
(Millions of Yen)
46,20048,200Sumitomo Mitsui Banking Corporation
34,80037,800MUFG Bank, Ltd.
29,55029,550Development Bank of Japan Inc.
19,90019,900Sumitomo Mitsui Trust Bank, Limited
15,90018,900Mizuho Bank, Ltd.
11,250
11,250Resona Bank, Limited
10,55010,550Aozora Bank, Ltd.
4,600
5,300
Mizuho Trust & Banking Co., Ltd.
2,500
2,500
The Bank of Fukuoka, Ltd.
1,700
1,700
The Nishi-Nippon City Bank, Ltd.
1,000
1,000
The Hiroshima Bank, Ltd
1,000
1,000
The 77 Bank, Ltd
1,000
1,000
Sumitomo Life Insurance Company
800
800
The Higashi-Nippon Bank, Limited
800
800
The Norinchukin Bank
500
500
The Mie Bank, Ltd
182,050
190,750
Total
Note 6: Percentages as of the end of the fiscal period under review are rounded to the first decimal place.

Ratio as of the Endof Thirty-First Fiscal Period(%) (Note 6)
25.3
19.8
15.5
10.4
9.9
5.9
5.5
2.8
1.3
0.9
0.5
0.5
0.5
0.4
0.4
0.3
100.0

(c) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (October 31, 2020) is as follows:
Credit Rating Agency
Details of the Ratings
Japan Credit Rating Agency, Ltd. (JCR)

Long-term Issuer Rating

AA- (Outlook: Stable)

Ratings on Bonds
Preliminary Rating of Shelf Registration

AA-(d) Status of Shelf Registration
The Investment Corporation filed a shelf registration statement for investment corporation bonds (excluding short-term investment
corporation bonds) on November 30, 2018. Details are as follows.
Planned Issue Amount
100,000 million yen
Planned Issuance Period
December 8, 2018, to December 7, 2020
Acquisition funds for specified assets described in Article 2-1 of Investment Trust Act,
repayment of borrowings, redemption of investment corporation bonds (including shortUse of Funds
term investment corporation bonds), refund of lease and guarantee deposits, funds to pay forrepairs and maintenance, working capital, etc.
The Tenth Series Investment Corporation Bonds of 2,000 million yen were issued on February 15, 2019, and the Twelfth Series Investment
Corporation Bonds of 1,000 million yen on October 20, 2020, based on the above shelf registration statement.
The Investment Corporation filed a shelf registration statement for investment corporation bonds (excluding short-term investment
corporation bonds) with the period from December 8, 2020, to December 7, 2022, as the planned issuance period on November 30, 2020.
- 4 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 16,714 million
yen, operating income of 8,334 million yen, ordinary income of 7,311 million yen and net income of 7,310 million yen for the fiscal
period under review (fiscal period ended October 31, 2020).
Concerning the cash distributions for the fiscal period under review, special taxation measures for investment corporations (Article 6715 of the Act on Special Measures Concerning Taxation (Act No. 26 of the year 1957, including amendments thereafter; “the Special
Taxation Measures Act”)) are applied based on the cash distribution policies stipulated in the Articles of Incorporation. In addition, theInvestment Corporation has decided to use a portion of its unappropriated retained earnings booked as a reserve for reduction entry underinternal reserve based on application of the “Special Provisions for Taxation in the Event of Advance Acquisition of Land, etc. in 2009
and 2010” (Article 66-2 of the Special Taxation Measures Act). Based on this policy, the entire amount after deducting 718 million yenthat applies within both Article 67-15 and Article 66-2 of the Special Taxation Measures Act as a provision of reserve for reduction entry
from unappropriated retained earnings was distributed. Therefore, the distributions per unit resulted in 15,384 yen.

② Outlook for next fiscal period
A. Investment Environment
The Japanese economy was temporarily stagnant due to the global spread of COVID-19, but a recovery trend contributed to significantly
by growth in domestic demand including personal consumption, exports and government consumption due to the resumption ofdomestic and overseas economic activities has been seen. It is believed that the recovery trend will continue with the realization of boththe prevention of the spread of infection and the resumption of social and economic activities, but it is necessary to continue to pay
careful attention to the trend on the situation of infection in and outside Japan. In addition, close attention should be paid to various
events even in Japan. These include fiscal stimulus and the “quantitative and qualitative monetary easing involving control over longand short-term interest rates” policy and other interest rate trends, in addition to concerns over geopolitical risks.
Concerning the office leasing market, the average vacancy rate in Tokyo’s five central wards at the end of October 2020 announced by
Miki Shoji Co., Ltd. was 3.93%, up 2.30 percentage points year on year, and there are concerns over the rise in vacancy rate and decline
in average rent going forward. However, it is believed that no rapid fluctuations will be seen given the recovery of social and economic
activities is expected and the fact that new supply in 2021 is also limited.
In the office building transaction market, although there are voices expressing the intent to assess the change in profitability caused by
the impact of COVID-19, the intense acquisition market is forecast to continue with no significant change in investors such as listed JREITs, private REITs, domestic real estate companies and foreign investors who have a strong appetite for acquisition backed by thefavorable financing environment owing to continuation of the Bank of Japan’s monetary easing measures. However, there is a risk thatchanges in the office leasing market, economic trends and financial trends amid the COVID-19 pandemic may impact the futuretransaction market trend, and close attention should be paid to such trend.
On the other hand, outstanding bank loans for the real estate industry remain at record-high levels and continue to be on an upward trend
as of the end of September 2020, calling for careful attention to be paid to changes in bank policies on loans along with future trends ininterest rates. In the J-REIT market, upward and downward price movements are believed to continue due to an uncertain market
environment wary of the re-spread of COVID-19, etc., while the inflow of funds from overseas investors who recognize stable interest
rate levels, etc. has been confirmed.
B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respond to its
environment and market trends, and endeavors to ensure a timely response to opportunities. Based on this policy, the Investment
Corporation creates a property investment strategy, management strategy for existing properties, and financial strategy as set forth below
and implements them in a flexible and dynamic manner.
(a) Investment Strategy for Property Acquisitions and Sales Policy
The Investment Corporation aims for further expansion of its asset size with the goal of “forming a firm portfolio focusing on mid-sized
office buildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep mid-sized
office buildings in the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only in those thathave rare value as an alternative to office buildings, are located in busy commercial areas and offer a certain amount of office space. In
addition, the Investment Corporation believes that maintaining an investment strategy which aims for a certain degree of regional
diversification will be a foundation for constructing a superior portfolio and differentiating the Investment Corporation from others inthe business.
- 5 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Moreover, when acquiring assets, the Investment Corporation will aim for the sound and stable growth of the portfolio by securingcontinuous opportunities for acquiring properties and flexible acquisition methods in utilizing the networks of the Asset Management
Company and the support line of the Kenedix Group (Note) centering on Kenedix, Inc., a parent company of the Asset Management
Company, through building multiple pipelines. Furthermore, based on the premise that the Investment Corporation can obtain
opportunities for property acquisitions in the future, the Investment Corporation may invest in TK interest, etc., with the Kenedix Groupand others on a conjoint basis. In addition, the Investment Corporation seeks to diversify acquisition methods (direct acquisition, equity
investment and co-acquisition with the Kenedix Group, mutual transaction with a view of asset reshuffle, etc.) to secure tactful acquisitionof properties such as investments in warehousing-related TK, etc., in cooperation with the Kenedix Group with consideration to thetiming of funding or the consistency of the investment principles.
In selling properties, the Investment Corporation will examine the sale of properties individually in considering the use of funds for asset
reshuffles through new property acquisition or fund-type investments. Moreover, the Investment Corporation will decide on the saleindividually by considering the revenue, profitability, building age, area property size, and other factors in the context of ESG initiatives
based on current and future market trends, and also in light of the significance of the property’s presence in the portfolio.
Note: Kenedix Group refers to the company group consisting of Kenedix, Inc. and its subsidiaries, related companies, etc. The same applies below.

(b) Management Strategy for Existing Properties
Taking into consideration economic and real estate market trends, the Investment Corporation adopts “a tenant-oriented approach which
will lead to revenue” for its leasing activities with aims of ensuring a timely and flexible response as well as optimizing tenant satisfaction.
Accordingly, the Investment Corporation seeks to aim to maintain/increase cash flow by offering office environments with high tenantsatisfaction. In addition, careful attention will be paid to the impact that the prolonged COVID-19 issue will have on the Japanese
economy and office building leasing market in formulating the management strategy.
Based on the aim to become “the mid-sized office building of choice,” the Asset Management Company undertakes asset management
activities as follows:・Take measures to maintain and raise competitiveness of properties
・Tailor leasing management according to the market environment
・Apply careful control of management and operating costs by taking advantage of portfolio size
・Ensure appropriate response to relevant laws and regulations
・Develop a proactive response to environmental issues
Take measures to maintain and raise competitiveness of properties
The Investment Corporation will implement operation and management in close contact with the actual properties and further enhance
the management level. Some specific examples of the operation and management are the installation of boxes of emergency kits,
automated external defibrillators (AEDs) and service delivery of public wireless LAN in consideration of business continuity plans(BCP) and corporate social responsibility (CSR).
Furthermore, tenants at properties are positioned as important “customers” and the perspective of customer satisfaction (CS) is applied
to the management of properties. The Investment Corporation has conducted CS surveys targeting the tenants of its office buildings eighttimes in cooperation with J.D. Power Japan, Inc., an internationally recognized company that engages in customer satisfaction evaluation(requesting those in charge of general affairs and employees of tenants to complete a questionnaire on the hard aspects such as thebuilding and facilities as well as on the soft aspects such as management and operation, consisting of multiple items for evaluation andopen-ended questions). The comprehensive satisfaction rating results for the Eighth CS survey conducted in August 2019 are as follows.
The percentage of responses answering “Satisfied” and “Slightly Satisfied” remained high at almost the same level as that of the Seventh
CS Survey conducted in August 2017.
<Comprehensive Satisfaction Rating> (Note 1) (Note 2)
Slightly
SatisfiedSatisfied
Eighth CS Survey
29%
47%
Seventh CS Survey
28%
48%

Neither18%
17%

Slightly
Dissatisfied
5%
5%Dissatisfied

Note 1: Target respondents for the survey are persons in charge of general affairs of each tenant and tenant employees.
Note 2: Ratios are rounded to the nearest unit.

- 6 -

1%
1%

Unknown
0%0%

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

By conducting such surveys continuously and meeting tenant needs, the Investment Corporation is aiming to improve customer
satisfaction while also maintaining and improving the competitiveness and asset value of its properties and further enhance profitability.
Tailor leasing management according to the market environment
The characteristics of mid-sized office buildings, which are the primary investment target of the Investment Corporation, are that tenant
turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities in a timely
and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium to long term by maintaining
occupancy rates, while taking into account economic and real estate market trends.
Concerning the solicitation of new tenants, the Investment Corporation will strive to shorten the period of vacancy and boost theoccupancy rate by implementing flexible and dynamic leasing activities by sharing information closely with leasing brokers, holding
property viewings, marketing directly to corporations, utilizing guarantee companies and other measures while closely watching market
conditions and the timing of changes going forward.
Apply careful control of management and operating costs by taking advantage of portfolio size
The Investment Corporation will carefully control the quality of property management and reduce building maintenance and operating
costs by taking advantage of the portfolio size through cost reductions in building maintenance, review of building maintenancecompanies, construction bidding and procurement of facilities and equipment, etc., via bulk orders.
Ensure appropriate response to relevant laws and regulations
The Investment Corporation will gather information on the Building Standards Act (Act No. 201 of the year 1950, including amendments
thereafter) and other relevant laws and regulations and any future revisions in a timely manner and respond as necessary whileconsidering legal regulations.
Develop a proactive response to environmental issues
The Investment Corporation has established policies on the environment and promotes environment-friendly investment management
operations by proactively participating in GRESB Real Estate Assessment and using certification and assessment systems of external
institutions such as DBJ Green Building Certification and Certification for CASBEE for Real Estate.
In addition, the Investment Corporation is designated as a specified corporation pursuant to the Act on Rationalizing Energy Use. The
Investment Corporation will research energy conservation and environmental friendliness of mid-sized office buildings, develop
medium- to long-term plans and reduction targets for energy conservation, and proactively institute measures in terms of both hardware(buildings and facilities) and soft services (operating and management services) with an aim to ensure the simultaneous pursuit of returnon investment and social benefits.
(c) Financial Strategy (Debt Financing)
The Investment Corporation continuously strives to improve the terms and conditions of existing borrowings, and aims for stablefinancial management by taking the following measures, etc.
・Reduce refinance risks by diversifying maturities of interest-bearing debts
・Have the procurement ratio of long-term fixed interest borrowings above a certain level・Control the interest-bearing debt ratio (Note) in a conservative manner (the Investment Corporation will aim to keep the interestbearing debt ratio to total assets (LTV) at less than 45% level as a rule. However, it will also remain open to the option of increasing
LTV to the upper 40% level in the event of debt financing conducted for the purpose of acquiring competitive properties or otherwise.)Moreover, the Investment Corporation will undertake stable fund procurement based on existing favorable relations with financial
institutions, especially major banks, aiming for more robust financial management. In addition, the Investment Corporation aspires to
pay attention to the share of each bank and consider as appropriate the introduction of transactions with new banks based on comparison
with the conditions with currently transacting banks.
Note: Interest-bearing debt ratio = Balance of interest-bearing debt at the end of fiscal period / Total assets at the end of fiscal period×100- 7 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aim ofpromptly providing a wide range of relevant information to investors, and revises the information disclosure system when needed. In
specific terms, the Investment Corporation provides information through the Timely Disclosure Network System (TDnet), which is asystem operated by the Tokyo Stock Exchange, as well as press releases and its website (URL: https://www.kdo-reit.com/en/).
(e) Measures for Conflict-of-Interest Transactions
With regard to management of assets of the Investment Corporation, when transactions with a related party or the Asset Management
Company take place, the Asset Management Company follows the Office REIT Department Related-Party Transaction Rules it has
stipulated.
Furthermore, since the Asset Management Company has been entrusted with asset management of several other investment corporations
besides the Investment Corporation, there is a possibility that those investment corporations will compete for opportunities for acquiring
investment assets. The Asset Management Company has, in order to set a department which prioritizes discussing acquired information
on sales of real estate, etc., established rules on priority rights of consideration based on the type, size, and such of properties, to determine
the order of discussion priority in advance at the Asset Management Company. Furthermore, it has established a Pipeline Meeting with
the Compliance Officer as a member in order to provide asset management services in accordance to said rules, for the purpose of
preventing arbitrary allocation of the information about the sale of real estate, etc., and preventing conflict of interest from arising between
the investment corporations which consign the management business to the Asset Management Company. As mentioned above, theAsset Management Company is taking appropriate measures for conflict-of-interest transactions.
(f) Important Subsequent Events after the Closing Date
Not applicable(Reference Information)a. Sale of Properties
The Investment Corporation sold the following trust beneficiary interest in real estate on November 2, 2020.
Date of Sale

Type ofSpecified Asset

November 2,
2020

Trust beneficiaryinterest in realestateProperty Name

Location

Buyer

MitsuiKDX Shin-Nihonbashi
Chuo-ku, Tokyo Fudosan Co.,
Building
Ltd.

Sale Price(Millions of Yen)
(Note 1)

Appraisal Value(Millions of Yen)
(Note 2)

3,200

3,140

Note 1: Transfer costs, settlement of property tax and city planning tax, and consumption tax, etc. are excluded from the figure.
Note 2: The price as of April 30, 2020, is indicated.
(2) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on July 30, 2020, and thedisclosures are omitted.

- 8 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Outlook
Forecasts for the thirty-second fiscal period (November 1, 2020, to April 30, 2021) and for the thirty-third fiscal period (May 1, 2021, toOctober 31, 2021) are presented as follows.
Thirty-second fiscal period (November 1, 2020 to April 30, 2021)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

16,333 million yen
8,106 million yen
7,129 million yen
7,128 million yen
15,180 yen- yen

Thirty-third fiscal period (May 1, 2021 to October 31, 2021)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

15,394 million yen
6,959 million yen
6,000 million yen
5,999 million yen
14,000 yen- yen

For preconditions and assumptions of the outlook, please refer to the following “Preconditions and Assumptions for the Thirty-Second
Fiscal Period Ending April 30, 2021, and for the Thirty-Third Fiscal Period Ending October 31, 2021.”
Note: Forecast figures above are calculated based on certain assumptions. Readers are advised that actual net income and distributions per unit may differ
significantly from forecasts due to a variety of reasons. Accordingly, the Investment Corporation does not guarantee payment of the forecast
distributions per unit.

- 9 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions for the Thirty-Second Fiscal Period Ending April 30, 2021, and for the Thirty-Third Fiscal Period Ending
October 31, 2021
Item
Preconditions and Assumptions
 The thirty-second fiscal period: November 1, 2020, to April 30, 2021 (181 days)
Calculation Period The thirty-third fiscal period: May 1, 2021, to October 31, 2021 (184 days)
 It is assumed that the Investment Corporation owns 97 properties excluding KDX Shin-Nihonbashi
Building sold on November 2, 2020, from the 98 properties which it owned as of the end of the fiscal period
under review (October 31, 2020).
 It is assumed that there will be no transfer of assets in the property portfolio by the end of the thirty-third
Property Portfolio
fiscal period other than above.
 The Investment Corporation also holds the TK equity other than above. It assumes the refund of the TK equity
will not occur by the end of the thirty-third fiscal period.
 The actual results may fluctuate due to changes in the property portfolio.
 Rental revenues are estimated based on valid leasing agreements as of December 14, 2020, and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as leasing
conditions, such as the recent real estate market conditions, in addition to the difference in number of operatingdays due to transfers in existing investment assets.
 Dividends received of 57 million yen for the thirty-second fiscal period and 73 million yen for the thirtyOperating Revenues
third fiscal period have been assumed with regard to the TK equity stated in the above “Property Portfolio.” Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
 It is estimated that gains on property sale of 1,128 million yen for the thirty-second fiscal period will berecorded from the sale of KDX Shin-Nihonbashi Building sold on November 2, 2020.
 In addition to the above, rental revenues are estimated by considering a certain degree of decrease due to theimpact of COVID-19.
 Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
 An amount of 1,452 million yen for the thirty-second fiscal period and 1,450 million yen for the thirty-third
fiscal period has been assumed for property and facility management fees (property management and building
maintenance fees, etc.).
 An amount of 1,304 million yen for the thirty-second fiscal period and 1,388 million yen for the thirty-third
fiscal period has been assumed for taxes and public dues (property tax and city planning tax, etc.). In addition,
the property tax and city planning tax, etc. of the properties acquired on or after January 1, 2020, are allocatedto the seller and buyer on a pro rata basis at the time of acquisition settlement, and the amount equivalent to
the portion allocated to the buyer is included in the acquisition cost of the property. Therefore, only a portion(6 million yen) will be recorded as expenses for the thirty-second fiscal period. All such taxes will be recorded
as expenses in and after the thirty-third fiscal period with the expected per-fiscal-period amount of 58 million
Operating Expenses
yen.
 An amount of 2,559 million yen for the thirty-second fiscal period and 2,596 million yen for the thirty-third
fiscal period has been assumed for depreciation expense.
 An amount of 407 million yen for the thirty-second fiscal period and 443 million yen for the thirty-third fiscal
period has been assumed for repairs, maintenance and renovation expenses.
Repairs, maintenance and renovation expenses are estimated based on the amounts budgeted by the AssetManagement Company for each property and considered essential for the period. Actual repairs, maintenanceand renovation expenses for the fiscal period may, however, differ significantly from estimated amounts due
to unforeseen circumstances or emergencies.
 In general, property tax and city planning tax are allocated to the seller and buyer on a pro rata basis at thetime of acquisition settlement. In the case of the Investment Corporation, an amount equivalent to the portion
allocated to the purchaser is included in the acquisition cost of the property.
 Interest payable (including financing related expenses, etc.) of 939 million yen for the thirty-second fiscal
Non-Operating Expenses
period and 950 million yen for the thirty-third fiscal period is assumed.
Extraordinary Profit/Loss Borrowings andInvestment Corporation
Bonds





Extraordinary profit/loss is not assumed.
The balance of the borrowings and the investment corporation bonds as of December 14, 2020, is 187,750
million yen and 11,000 million yen, respectively.
Of the borrowings as of December 14, 2020, a total of 13,600 million yen in borrowings is due for repayment
during the thirty-second fiscal period and a total of 12,800 million yen in borrowings is due for repayment
during the thirty-third fiscal period. However, it is assumed that all borrowings will be refinanced
Of the investment corporation bonds as of December 14, 2020, it is assumed that there are no investment
corporation bonds maturing during the thirty-second and thirty-third fiscal periods.
- 10 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions

Item
Total Number of
Investment Units Issued
and Outstanding






Distributions per UnitDistributions in Excessof Earnings per Unit

The total number of investment units issued and outstanding is assumed to be 428,510 units, which is the total
number of investment units issued and outstanding as of October 31, 2020.
It is assumed that the total number of investment units issued and outstanding will remain unchanged till theend of the thirty-third fiscal period.
Distributions per unit are calculated in accordance with the Cash Distribution Policies outlined in theInvestment Corporation’s Articles of Incorporation.
Distributions per unit are calculated based on the assumption that the amount remaining after deducting 622
million yen of provision of reserve for reduction entry from net income is distributed.
Actual distributions per unit may differ significantly from forecast figures due to a variety of reasons includingtransfers in investment assets, rental revenues impacted by tenant turnover or incidence of major unforeseenrenovation expense.



The Investment Corporation does not currently anticipate distributions in excess of earnings.

Forecasts are based on the assumption that any revisions to regulatory requirements, taxation, accounting
standards, public listing regulations or requirements of the Investment Trusts Association, Japan will not
impact forecast figures.
Forecasts are based on the assumption that there will be no major unforeseen changes to economic trends andin real estate and other markets.

Other


- 11 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2. Financial Statements(1) Balance Sheets(Thousands of Yen)
Thirtieth Fiscal Period

Thirty-First Fiscal Period(As of April 30, 2020)(As of October 31, 2020)

AssetsCurrent assets
Cash and deposits

14,699,777

16,128,897

Cash and deposits in trust

11,470,987

12,042,095

Accounts receivable-trade277,457

336,234

Prepaid expenses

74,600109,949

Other
Total current assets

12,394

13,766

26,535,218

28,630,942

17,951,815

17,975,653

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation(6,221,158)(6,526,749)

Buildings, net

11,730,656

11,448,903

Structures

43,56443,564

Accumulated depreciation(16,589)(17,805)

Structures, net

26,97425,759Machinery and equipment

432,209435,359

Accumulated depreciation(272,362)(284,721)

Machinery and equipment, net

159,847

150,638

Tools, furniture and fixtures

96,841

99,918

Accumulated depreciation(64,691)(68,421)

Tools, furniture and fixtures, net

32,15031,496

Land

27,520,902

27,520,902

Buildings in trust

126,874,865 *2

128,754,352

Accumulated depreciation(33,269,306)(35,161,391)

Buildings in trust, net

93,605,558

93,592,960

Structures in trust

362,902379,369

Accumulated depreciation(179,886)(191,656)

Structures in trust, net

183,016

187,712

Machinery and equipment in trust

1,741,678

1,876,485

Accumulated depreciation(796,661)(850,091)

Machinery and equipment in trust, net

945,017

1,026,394

Tools, furniture and fixtures in trust

528,530

561,026

Accumulated depreciation(346,706)(365,732)

Tools, furniture and fixtures in trust, net

181,824

195,294

283,648,781

293,726,525

－

6,150

418,034,728

427,912,737

Land leasehold

285,257

285,257

Land leasehold in trust

349,201

348,426

1,168

540

635,627

634,225

1,127,724

1,137,526

Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets

Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits

10,00010,000

Lease and guarantee deposits in trust

122,889

122,889

Long-term prepaid expenses

1,150,151

1,183,120

20,501

21,676

Other- 12 -*2

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Thousands of Yen)

Total investments and other assets
Total noncurrent assets

Thirtieth Fiscal Period

Thirty-First Fiscal Period(As of April 30, 2020)(As of October 31, 2020)

2,431,266

2,475,213

421,101,622

431,022,176

57,394

Deferred assets
Investment corporation bond issuance costs

51,840Investment unit issuance expense

18,342

9,171

Total deferred assets

70,182

66,565447,707,022

459,719,684

Accounts payable

829,804

1,496,596

Short-term loans payable

9,500,000

12,500,000

Current portion of long-term loans payable

Total assets

Liabilities
Current Liabilities

22,300,000

23,000,000

Accounts payable-other486,379

679,554

Accrued expenses

71,983

79,227

Income taxes payable

825

756

Accrued consumption taxes

378,113304,821

Advances received

2,821,477

2,678,412

Deposits received

7,225

3,799

36,395,810

40,743,168

Investment corporation bonds

10,000,000

11,000,000

Long-term loans payable

Total current liabilities
Noncurrent liabilities

150,250,000

155,250,000

Tenant leasehold and security deposits

2,005,687

2,007,851

Tenant leasehold and security deposits in trust

19,113,024

19,640,709

352,748

412,880

Total noncurrent liabilities

181,721,460

188,311,441

Total liabilities

218,117,270

229,054,609

220,970,508

220,970,508

Reserve for reduction entry

2,775,335

2,775,335

Total voluntary reserve

2,775,335

2,775,335

Unappropriated retained earnings (undisposed loss)

6,175,926

7,310,459

Total surplus

8,951,261

10,085,794

229,921,769

231,056,303

Deferred gains or losses on hedges(332,017)(391,228)

Total valuation and translation adjustments(332,017)(391,228)

Other

Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve

Total unitholders' equity
Valuation and translation adjustments

Total net assets

229,589,752

Total liabilities and net assets

447,707,022- 13 -*1

230,665,074
459,719,684*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen)
Thirtieth Fiscal Period
November 1, 2019, toApril 30, 2020

Thirty-First Fiscal Period
May 1, 2020, toOctober 31, 2020

Operating revenues
Rental revenues

13,429,120*1

13,757,065*1

Other rental revenues

1,785,979*1

1,826,092*1*2

Gain on sales of real estate, etc.
Dividends income
Total operating revenue－

1,057,790

57,60073,522

15,272,699

16,714,470

Operating expenses
Property related expenses

7,008,903*1

7,086,783

Asset management fees

929,882

1,110,211

Directors' compensation

8,400

8,400

Asset custody fees

23,19323,431

Administrative service fees

57,59558,207

Audit fees

12,80012,800

Other operating expenses

91,86080,234

Total operating expenses

8,132,635

8,380,067

7,140,064

8,334,402

Interest income

68

69

Dividends and redemption-prescription

353

309

Interest on refund

109

3

Total non-operating income

531

382

Interest expenses

792,200

805,749

Interest expenses on investment corporation bonds

29,03830,712

Borrowing related expenses

Operating income
Non-operating income

Non-operating expenses

125,667

128,471

Amortization of investment corporation bond issuance costs

4,963

5,551

Amortization of investment unit issuance expenses

9,171

9,171

Other

2,352

43,783

963,393

1,023,438

Ordinary income

6,177,202

7,311,346

Income before income taxes

6,177,202

7,311,346

1,332

1,115

Total non-operating expenses

Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 14 -

(4)

11

1,328

1,126

6,175,873

7,310,219

52

240

6,175,926

7,310,459*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Thirtieth Fiscal Period (November 1, 2019, to April 30, 2020)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(314,241)

229,276,102

Unappropriatedretained earnings(undisposed loss)

Total surplus

5,844,500

8,619,835

229,590,343

Distribution from surplus(5,844,447)(5,844,447)(5,844,447)(5,844,447)

Net income

6,175,873

6,175,873

6,175,873

6,175,873

Balance at the beginning ofcurrent period

220,970,508

Reserve for
reduction entry

Total voluntary
reserve

2,775,335

2,775,335(314,241)

Changes during the period

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
period(17,776)(17,776)(17,776)－－－

331,425

331,425

331,425(17,776)(17,776)

313,649* 220,970,508

2,775,335

2,775,335

6,175,926

8,951,261

229,921,769(332,017)(332,017)

229,589,752

Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(332,017)

229,589,752

Unappropriatedretained earnings(undisposed loss)

Total surplus

6,175,926

8,951,261

229,921,769

Distribution from surplus(6,175,686)(6,175,686)(6,175,686)(6,175,686)

Net income

7,310,219

7,310,219

7,310,219

7,310,219

Balance at the beginning ofcurrent period

220,970,508

Reserve for
reduction entry

Total voluntary
reserve

2,775,335

2,775,335(332,017)

Changes during the period

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
period(59,211)(59,211)(59,211)－－－

1,134,533

1,134,533

1,134,533(59,211)(59,211)

1,075,322* 220,970,508

2,775,335

2,775,335

7,310,459

10,085,794

231,056,303(391,228)(391,228)

230,665,074- 15 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(4) Basis for Calculating Cash Distribution(Unit: Yen)
Thirty-First Fiscal Period(May 1, 2020, to October 31, 2020)

Thirtieth Fiscal Period(November 1, 2019, to April 30, 2020)
I.
II.

Unappropriated retained earnings at theend of fiscal period under review
Total distribution amount

6,175,926,413

7,310,459,769

6,175,686,120

6,592,197,840(14,412)(15,384)-

718,261,929

240,293-

In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation, andshall be up to the amount of its profits as the ceiling.
Following this policy, the Investment Corporation has
decided to distribute 6,175,686,120 yen, themaximum integral multiple amount of the total
number of investment units issued and outstanding of
428,510 units, up to the amount of unappropriatedretained earnings for the fiscal period under review.
In addition, the Investment Corporation decided not to
distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation, andshall be up to the amount of its profits as the ceiling.
Following this policy, the Investment Corporation has
decided that, of the amount remaining after theprovision of reserve for reduction entry as stipulated in
Article 66-2 of the Act on Special Measures
Concerning Taxation is deducted from unappropriatedretained earnings, it shall distribute the outstanding
6,592,197,840 yen as profit distribution.
In addition, the Investment Corporation decided not to
distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

(Distributions per unit)
III. Voluntary reserve (provision)
Provision of reserve for reduction entry
IV. Retained earnings brought forward to
the next period
Method of calculating the distribution
amount- 16 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(5) Statements of Cash Flows(Thousands of Yen)

Thirtieth Fiscal Period

Thirty-First Fiscal Period

November 1, 2019, to April 30, 2020

May 1, 2020, to October 31, 2020

Net cash provided by (used in) operating activities
Income before income taxes

6,177,202

7,311,346

Depreciation

2,470,882

2,523,749

Amortization of long-term prepaid expenses

117,317

118,931

Interest income

(68)

(69)

Interest expenses

821,239

836,461

Amortization of investment unit issuance expenses

9,171

9,171

Amortization of investment corporation bond issuance expenses

4,963

5,551

Decrease (increase) in accounts receivable-trade

83,749(58,776)

Decrease (increase) in consumption taxes refund receivable

61,789-Decrease (increase) in prepaid expenses

35,176(35,348)

Increase (decrease) in accounts payable(194,273)

287,784

Increase (decrease) in accounts payable-other

10,954

189,242

Increase (decrease) in accrued consumption taxes

245,758(73,292)

Increase (decrease) in advances received

256,430(143,064)

Increase (decrease) in deposits received(9,087)(3,426)-

5,287,017(35,245)(151,900)

1,953(14,249)

10,057,914

16, 089,127

68

69(819,195)(829,217)

(812)

(835)

9,237,974

15, 259,143

Purchase of property, plant and equipment(143,355)(28,038)

Purchase of property, plant and equipment in trust(9,814,320)(17,408,155)

Payments of tenant leasehold and security deposits(28,690)(111,848)

Proceeds from tenant leasehold and security deposits

29,04099,089Payments of tenant leasehold and security deposits in trust(317,128)(623,681)

Proceeds from tenant leasehold and security deposits in trust

675,899

1,296,269

Payments of restricted bank deposits in trust(74,775)-

Proceeds from restricted bank deposits in trust

21,55189,059(9,651,778)(16,687,305)

Changes in property, plant and equipment held in trust from sale
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities

Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities
Proceeds from short-term loans payable

9,500,000

4,000,000

Repayment of short-term loans payable(2,200,000)(1,000,000)

Proceeds from long-term loans payable

8,200,000

16,800,000

Repayment of long-term loans payable(10,500,000)(11,100,000)

Proceeds of investment corporation bond issuance

1,990,031

992,122

Dividends paid

(5,844,312)(6,174,673)

Net cash provided by (used in) financing activities

1,145,719

3, 517,449

Net increase (decrease) in cash and cash equivalents

731,9142,089,287

Cash and cash equivalents at the beginning of period

23,612,771

24,344,686

Cash and cash equivalents at the end of period

24,344,686- 17 -*

26,433,973*

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(6) Notes on Going Concern
Not applicable(7) Important Accounting Standards
1. Evaluation standards and evaluation method of assets

Securities
Other securitiesThose with no fair value
Cost method through moving-average method
Concerning silent partnership (tokumei kumiai) (TK) interests, the method ofincorporating the amount of equity equivalent to the portion that corresponds to the net
gain or loss of TK is added.

2. Depreciation of fixed assets(1) Property, plant and equipment (includes trust assets)
The straight-line method is applied.
Useful lives of the assets ranging are as follows:
Buildings: 2 to 49 years
Structures: 2 to 45 years
Machinery and equipment: 3 to 17 years
Tools, furniture and fixtures: 3 to 20 years(2) Intangible assets (includes trust assets)
The straight-line method is applied.
Land leasehold: Fixed term land leasehold is amortized over a contractual period of 48
years and 9 months under the straight-line method.
(3) Long-term prepaid expenses
The straight-line method is applied.

3. Accounting policies for deferred assets(1) Investment unit issuance costs
Unit issuance costs are amortized over a period of 3 years.
(2) Investment corporation bond issuance costs
Bond issuance costs are amortized by applying the straight-line method for the entire
redemption period.

4. Accounting standards for revenues and expenses

Accounting method for property tax, etc.
Property-related taxes including property taxes and city planning taxes, etc. are imposed on
properties on a calendar-year basis. These taxes are generally charged to rental expenses forthe said fiscal period for the portion of such taxes corresponding to said period.
In connection with the acquisition of real estate or trust beneficiary interests in real estate
during the fiscal period under review, the Investment Corporation included its pro rata
property portion for the year in the acquisition cost of each property and not as rental
expenses. The amount of property tax, etc. included in acquisition costs amounted to 35,360
thousand yen for the thirtieth fiscal period and 38,663 thousand yen for the thirty-first fiscal
period.

5. Accounting for hedges(1) Hedge accounting method
The deferred hedge method is applied for interest-rate swap transactions. However, thespecial treatment is applied for the interest rate swaps that meet the requirements for special
treatment.
(2) Hedging instruments and risks hedged
Hedge instruments
The Investment Corporation enters into interest-rate swap transactions.
Risks hedged
Interest rates on debt.
(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its risk
management policies with the objective of hedging risks in accordance with its Articles ofIncorporation.
(4) Method of evaluating the effectiveness of hedging
During the period from the commencement of hedging to the point at which effectivenessis assessed, the Investment Corporation compares the cumulative total of market changes
in the targeted objects of hedging or cash flow changes with the cumulative total of market
changes in the hedging instruments or cash flow changes. The Investment Corporation
then makes a decision based on the changes and other factors of the two.
However, concerning the interest-rate swaps that meet the requirements for special
treatment, the evaluation of effectiveness is omitted.
- 18 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

6. The scope of cash and cash equivalents on statementsof cash flows

For the purpose of cash flow statements, cash and cash equivalents consist of cash on hand,deposits received that can be withdrawn on demand, and short-term investments withoriginal maturities of 3 months or less, that are readily convertible to known amounts of cash
and present insignificant risk of a change in value.

7. Other significant accounting policies utilized in the
preparation of financial statements(1) Accounting method for trust beneficiary interests in real estate and other assets
The assets and liabilities as well as revenues and expenses of financial assets held in theform of trust beneficiary interests in real estate and other assets are recorded in full in theInvestment Corporation’s balance sheets and statements of income.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s balance sheet are as follows:
1. Cash and deposits in trust
2. Buildings in trust, structures in trust, machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust and construction in progress in trust
3. Land leasehold in trust
4. Lease and guarantee deposits in trust
5. Tenant leasehold and security deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicableto the acquisition of assets are included in the cost of acquisition for each asset.

(Accounting Standards, Etc. Not Yet Applied)・“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 issued on March 31, 2020, by the ASBJ)
・“Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30 issued on March 31, 2020, by the ASBJ)(1) Overview
The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) jointly developed a comprehensive
accounting standard for revenue recognition, issuing “Revenue from Contracts with Customers” (IFRS 15 by the IASB and Topic 606 by the FASB) in
May 2014. IFRS 15 is effective for annual reporting periods beginning on or after January 1, 2018, and Topic 606 is effective for annual reporting periods
beginning after December 15, 2017. In light of such circumstances, the Accounting Standards Board of Japan (ASBJ) developed a comprehensive
accounting standard for revenue recognition and issued such together with an implementation guidance. The basic policies in developing the accounting
standard for revenue recognition of the ASBJ were to provide an accounting standard with the incorporation of the basic principles of IFRS 15 as a starting
point from the perspective of comparability of financial statements, one of the benefits of ensuring consistency with IFRS 15, and to add alternative
accounting treatments to the extent not impairing comparability if there are items where consideration should be given to such factors as the practices inJapan to date.
(2) Planned date of application
Application is planned from the beginning of the fiscal period ending October 31, 2021.
(3) Impact of application of the accounting standards, etc.
The amount of impact of the application of “Accounting Standard for Revenue Recognition,” etc. on the financial statements is currently under review.
・ “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30 issued on July 4, 2019, by the ASBJ)・ “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31 issued on July 4, 2019, by the ASBJ)
・“Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No. 19 issued on March 31, 2020, by the ASBJ)(1) Overview
The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) provide detailed guidance on fair value
measurement (IFRS 13 “Fair Value Measurement” by the IASB and Topic 820 “Fair Value Measurement” by the FASB). The Accounting Standards Boardof Japan (ASBJ) issued an accounting standard for fair value measurement and an implementation guidance on the accounting standard for fair value
measurement after a series of considerations over guidance and disclosure concerning the fair value of financial instruments in particular in order to enhancecomparability with the provisions of these international accounting standards.
(2) Planned date of application
Application is planned from the beginning of the fiscal period ending October 31, 2021.
(3) Impact of application of the accounting standards, etc.
The amount of impact of the application of “Accounting Standard for Fair Value Measurement,” etc. on the financial statements is currently under review.
・ “Accounting Standard for Disclosure of Accounting Estimates” (ASBJ Statement No. 31 issued on March 31, 2020, by the ASBJ)- 19 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(1) Overview
Paragraph 125 of International Accounting Standards (IAS) 1 “Presentation of Financial Statements” (“IAS 1”) issued in 2003 by the International
Accounting Standards Board (IASB) requires disclosure of the “sources of estimation uncertainty.” Receiving requests to consider requiring disclosure ofsuch as notes in also Japanese GAAP as the information would be highly useful to users of financial statements, the Accounting Standards Board of Japan(ASBJ) developed and issued an accounting standard for disclosure of accounting estimates (“the Accounting Standard”).
The basic policies in developing the Accounting Standard of the ASBJ were to not expand on the individual notes, but rather provide the principles(disclosure objectives) and then have the specific content of disclosure determined by entities in light of the disclosure objectives. The provisions ofParagraph 125 of IAS 1 were used as a reference in the development.
(2) Planned date of application
Application is planned from the end of the fiscal period ending April 30, 2021.
・ “Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections” (ASBJ Statement No. 24 issued on March 31, 2020,
by the ASBJ)(1) Overview
Recommended to consider enriching the notes for “accounting principles and procedures adopted when there are no clearly relevant accounting standards
or other provisions,” the Accounting Standards Board of Japan (ASBJ) made the required revisions and issued such as an accounting standard for accounting
policy disclosures, accounting changes and error corrections.
In enriching the notes for “accounting principles and procedures adopted when there are no clearly relevant accounting standards or other provisions,” theprovisions of one of the annotations to Japanese corporate accounting principles (Kigyo Kaikei Gensoku Chukai (Chu 1-2)) are to be followed in order to
not affect the practices to date for when there are clearly relevant accounting standards or other provisions.
(2) Planned date of application
Application is planned from the end of the fiscal period ending April 30, 2021.

- 20 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(8) Notes on Financial Statements(Notes on Balance Sheets)*1. Minimum unitholders’ equity pursuant to Article 67, paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of Yen)
Thirtieth Fiscal Period(as of April 30, 2020)

Thirty-First Fiscal Period(as of October 31, 2020)
50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Thirtieth Fiscal Period(as of April 30, 2020)
Buildings in trust

Thirty-First Fiscal Period(as of October 31, 2020)
26,23026,2303. Commitment line agreement
The Investment Corporation has concluded a commitment line agreement with bank of account, etc.
Thirtieth Fiscal Period(as of April 30, 2020)(Thousands of Yen)
Thirty-First Fiscal Period(as of October 31, 2020)

Maximum amount

6,000,000

6,000,000

Drawn credit facility--

6,000,000

6,000,000

Balance(Notes on Statements of Income)*1. Breakdown of real estate rental business profit and loss

(Thousands of Yen)

Thirtieth Fiscal Period
November 1, 2019, to April 30, 2020

Thirty-First Fiscal Period
May 1, 2020, to October 31, 2020

A. Rental and other operating revenues
Rental revenues
Leasing income

11,698,824

12,051,161

Common area charges

1,730,295

1,705,904

Subtotal

13,429,120

13,757,065

Parking space rental revenues

510,017507,703

Utility charge reimbursement

981,703

1,085,419

Miscellaneous

294,258

232,969

Other rental revenues

Subtotal

1,785,979

1,826,092

15,215,099

15,583,157

Property management fees and facility management fees

1,440,554

1,436,668

Utilities

1,020,457

1,039,948

Taxes

1,283,557

1,316,730

Repairs and maintenance costs

474,879

441,103

Insurance

18,656

19,286

Total rental and other operating revenues
B. Rental and other operating expenses
Property-related expenses

Trust fees

33,416

40,734

Others267,111

269,1732,470,270

2,523,136

7,008,903

7,086,783

8,206,196

8,496,374

Depreciation
Total rental and other operating expenses
C. Rental operating profit (A – B)

- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)*2. Gain and loss on sale of real estate, etc.

Thirtieth Fiscal Period (November 1, 2019, to April 30, 2020)
Not applicable
Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020)(Thousands of Yen)
(1) KDX Nihonbashi Honcho Building
Revenue from sale of real estate, etc.

5,000,000

Cost of real estate, etc. sold3,905,680

Other sales expenses

154,834

Gain on sale of real estate, etc.

939,484(2) KDX Nihonbashi Edo-dori Building
Revenue from sale of real estate, etc.

1,550,000

Cost of real estate, etc. sold

1,381,337

Other sales expenses

50,356

Gain on sale of real estate, etc.

118,305(Notes on Statements of Changes in Unitholders’ Equity)* Total number of authorized investment units and total number of investment units issued and outstanding
Thirtieth Fiscal Period
November 1, 2019, to April 30, 2020
Total number of authorized investment units
Total number of investment units issued andoutstanding

Thirty-First Fiscal Period
May 1, 2020, to October 31, 2020

2,000,000 units

2,000,000 units

428,510 units

428,510 units(Notes on Statements of Cash Flow)* Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(Thousands of Yen)
Thirtieth Fiscal Period
November 1, 2019, to April 30, 2020

Thirty-First Fiscal Period
May 1, 2020, to October 31, 2020

Cash and deposits

14,699,777

16,128,897

Cash and deposits in trust

11,470,987

12,042,095

Restricted bank deposits held in trust (Note)(1,826,078)(1,737,018)

Cash and cash equivalents

24,344,686

26,433,973

Note: Restricted bank deposits held in trust are retained for repayment of tenant leasehold and security deposits held in trust.
(Notes on Lease Transactions)Operating lease transactions(Lessor)(Thousands of Yen)
Thirtieth Fiscal Period(as of April 30, 2020)

Thirty-First Fiscal Period(as of October 31, 2020)

Unearned lease payments
2,673,596

Due within one year

3,168,087

Due after one year

8,393,119

8,183,583

Total

11,066,716

11,351,671- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Financial Instruments)
1. Items with Regard to the Current Status of Financial Instruments(1) Action Policy with Regard to Financial Instruments
The Investment Corporation procures essential funds for acquiring properties and undertaking the repayment of loans primarily through bank loans and theissuance of investment corporation bonds and new investment units. The Investment Corporation makes use of derivative instruments primarily as a riskhedge against interest rate fluctuations and to lessen interest payments. In addition, it is company policy to not conduct speculative derivative transactions.
Management of surplus funds is undertaken in a prudent manner that considers fully such factors as safety, liquidity, interest rate conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are TK interests, which are subject to credit risk of the issuer and risk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a redemption date of a
maximum of about ten years following the closing date. Although a certain portion of said liabilities are subject to risk of interest rate fluctuation, theInvestment Corporation utilizes derivative instruments in order to hedge against such risks.
Derivative instruments are interest rate swaps. The Investment Corporation hedges against risk of fluctuation in interest rates by fixing its interest payments
for funds procured on a floating-interest-rate basis. With regard to hedge accounting methods, hedging instruments and hedged items, hedge policy, and themethod of evaluation of hedge effectiveness, please refer to “5. Accounting for hedges in notes concerning Important Accounting Standards.”(3) Risk Management Structure with Regard to Financial Instruments
A. Management of Market Risk (Risk Associated with Fluctuations in Interest Rates and Others)
The Investment Corporation uses interest rate swap transactions to minimize risks associated with interest payment rate fluctuations on funds procured.
The Investment Corporation will periodically grasp the value of real estate, etc. and financial condition, etc. of the issuer with regard to investment
securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out payment due dates
and by using diversified fund procurement methods. Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
Included in the fair value of financial products are market prices, or, in the event market prices are not available, prices that are calculated on a rational
basis. Because the factors incorporated into the calculation of these prices are subject to change, differing assumptions are adopted which may alter fairvalue. Moreover, the contract amounts, etc. of derivative transactions in “2. Items with Regard to Fair Value of Financial Instruments” do not indicate
the market risk of derivative transactions.
2. Items with Regard to Fair Value of Financial Instruments
The book value per the balance sheet, fair values, as well as their difference are as follows. Furthermore, items whose fair values are recognized to be
extremely difficult to grasp are not included in the following table (Refer to Note 2).
Thirtieth Fiscal Period (as of April 30, 2020)(Thousands of Yen)
Book Value(1) Cash and deposits(2) Cash and deposits in trust
Total(1) Short-term loans payable(2) Current portion of investment corporation
bonds(3) Current portion of long-term loans payable(4) Investment corporation bonds(5) Long-term loans payable
Total
Derivative transaction

Fair Value

Difference

14,699,777
11,470,987
26,170,764
9,500,000

14,699,777
11,470,987
26,170,764
9,500,000

-

-

-

-

22,300,000
10,000,000
150,250,000
192,050,000(332,017)

22,345,163
10,033,200
152,628,904
194,507,267(332,017)

45,16333,2002,378,904
2,457,267-- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-First Fiscal Period (as of October 31, 2020)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Cash and deposits
16,128,897
16,128,897(2) Cash and deposits in trust
12,042,095
12,042,095
Total
28,170,992
28,170,992(1) Short-term loans payable
12,500,000
12,500,000(2) Current portion of investment corporation
bonds(3) Current portion of long-term loans payable
23,000,000
23,057,531
57,531(4) Investment corporation bonds
11,000,000
11,011,000
11,000(5) Long-term loans payable
155,250,000
156,906,399
1,656,399
Total
201,750,000
203,474,930
1,724,930
Derivative transaction(391,228)(391,228)* Net claims and liabilities arisen from derivative transactions are shown in the net amount and items that will be liabilities in net when totaled are
indicated using parenthesis.
Note 1: Items with regard to the calculation method of financial instrument fair value, investment securities and derivative transactions.
Assets(1) Cash and deposits, (2) Cash and deposits in trust
Because these are settled in the short term, the fair value can be considered as equivalent to the book value; therefore, the book value is used todetermine fair value.
Liabilities(1) Short-term loans payable
Because these are settled in the short term, the fair value can be considered as equivalent to the book value; therefore, the book value is used todetermine fair value.
(2) Current portion of investment corporation bonds and (4) investment corporation bonds
The fair value of investment corporation bonds is based on market price. The fair value of those for which no market price is available is based on thequoted price obtained from counterparty financial institutions, etc.
(3) Current portion of long-term loans payable and (5) long-term loans payable
The fair value of long-term borrowings is calculated based on the present value that discounts the total amount of principal and interest by using theestimated interest rate in the event that the Investment Corporation conducts new borrowings of the same type. Among long-term borrowings withfloating interest rates, the said borrowings, which are subject to special treatment of interest rate swaps, are calculated by discounting the total amountof principal and interest, which is handled together with applicable interest rate swaps, by the rationally estimated interest rate in the case that the same
type of borrowings are undertaken.
Derivative Transactions
Please refer to the following “Notes on Derivative Transactions.”
Note 2: Book value of financial instruments for which it is extremely difficult to determine the fair value(Thousands of Yen)
Classification

Thirtieth Fiscal Period(as of April 30, 2020)

Investment securities*

1,127,724

Thirty-First Fiscal Period(as of October 31, 2020)
1,137,526*Because no quoted market price for TK interests is available and it is extremely difficult to determine the fair value, the above TK interests are notincluded in the preceding table.

- 24 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 3: Redemption schedule of monetary claims after the closing date
Thirtieth Fiscal Period (as of April 30, 2020)(Thousands of Yen)

Due within 1 yr.
Cash and deposits
Cash and deposits in trust
Total

1-2 yrs.

14,699,777

2-3 yrs.
-

3-4 yrs.
-

4-5 yrs.

More than 5 yrs.

-

-

-

11,470,987

-

-

-

-

-

26,170,764

-

-

-

-

-

Thirty-First Fiscal Period (as of October 31, 2020)(Thousands of Yen)

Due within 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

16,128,897

Cash and deposits in trust

12,042,095

-

-

-

-

-

28,170,992

-

-

-

-

-

Total

-

-

-

-

-

Note 4: Redemption schedule of investment corporation bonds and repayment schedule of loans after the closing date
Thirtieth Fiscal Period (as of April 30, 2020)(Thousands of Yen)

Due within 1 yr.
Short-term loans payableTotal

2-3 yrs.

3-4 yrs.

4-5 yrs.

-

-

-

-

-

-

-

1,000,000

2,000,000

4,000,000

3,000,000

22,300,000

21,700,000

11,950,000

12,200,000

16,050,000

88,350,000

31,800,000

21,700,000

12,950,000

14,200,000

20,050,000

91,350,000

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

Thirty-First Fiscal Period (as of October 31, 2020)(Thousands of Yen)

Due within 1 yr.
Short-term loans payable
Investment corporation bonds
Long-term loans payable
Total

More than 5 yrs.

9,500,000

Investment corporation bonds
Long-term loans payable

1-2 yrs.

12,500,000

-

-

-

More than 5 yrs.
---

1,000,000-

4,000,000

2,000,000

4,000,000

23,000,000

18,050,000

11,300,000

11,700,000

21,350,000

92,850,000

35,500,000

19,050,000

11,300,000

15,700,000

23,350,000

96,850,000- 25 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Derivative Transactions)
1. Items that do not apply hedge accounting
Thirtieth Fiscal Period (as of April 30, 2020) and Thirty-First Fiscal Period (as of October 31, 2020): Not applicable
2. Items that apply hedge accounting
Thirtieth Fiscal Period (as of April 30, 2020)
Hedge accounting
methodPrinciple method

Type of derivative transactions

Main target ofrisk hedge

Interest rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from43,650,000
42,650,000 (332,017)
counterparty financial
institutions.

Special treatment of Interest rate swap transactions
Long-term loansinterest rate swaps
Fixed rate payable･Floating rate receivable payable

74,050,000

55,950,000

Total

117,700,000

98,600,000 (332,017)*-* Special treatment of interest-rate swaps is reported at the fair value of applicable long-term loans payable. This is because such swaps are handled together

with hedged long-term loans payable.
Thirty-First Fiscal Period (as of October 31, 2020)
Hedge accounting
Type of derivative transactions
methodPrinciple method

Main target ofrisk hedge

Interest rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from55,950,000
55,950,000 (391,228)
counterparty financial
institutions.

Special treatment of Interest rate swap transactions
Long-term loansinterest rate swaps
Fixed rate payable･Floating rate receivable payable

65,450,000

44,150,000

Total

121,400,000

100,100,000 (391,228)*-* Special treatment of interest rate swaps is reported at the fair value of applicable long-term loans payable. This is because such swaps are handled together

with hedged long-term loans payable.
(Notes on Segment and Related Information)
1. Segment Information
Disclosure is omitted because the Investment Corporation has been engaged in the real estate leasing business as a sole business and it has no reportablesegment subject to disclosure.
2. Related Information
Thirtieth Fiscal Period (November 1, 2019, to April 30, 2020)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenues on thestatement of income.
(2) Information about each geographic area
① Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on the statement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statement of income.

- 26 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenues on thestatement of income.
(2) Information about each geographic area
① Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on the statement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statement of income.
(Notes on Tax-effect Accounting)
1. Significant components of deferred tax assets and liabilities(Thousands of Yen)
Thirtieth Fiscal Period(as of April 30, 2020)

Thirty-First Fiscal Period(as of October 31, 2020)

Deferred tax assets
36

24

Amortization of land leasehold in trust

4,587

4,831

Deferred gains or losses on hedges

110,974

129,892

Enterprise tax payable

Subtotal deferred tax assets
Valuation allowance
Total deferred tax assets

115,598

134,748(115,562)(134,723)

36

24

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Thirtieth Fiscal Period(as of April 30, 2020)

Thirty-First Fiscal Period(as of October 31, 2020)
31.46

31.46

(31.45)(28.37)-(3.09)

Others0.01

0.01

Effective tax rate

0.02

0.02

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision amount of reserve for reduction entry(Notes on Related-party Transactions)
1. Parent Company, major corporate unitholders and otherThirtieth Fiscal Period (November 1, 2019, to April 30, 2020) and Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020): Not applicable
2. Affiliated companies and otherThirtieth Fiscal Period (November 1, 2019, to April 30, 2020) and Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020): Not applicable
3. Fellow subsidiary companies and otherThirtieth Fiscal Period (November 1, 2019, to April 30, 2020) and Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020): Not applicable
4. Directors, major individual unitholders and otherThirtieth Fiscal Period (November 1, 2019, to April 30, 2020) and Thirty-First Fiscal Period (May 1, 2020, to October 31, 2020): Not applicable- 27 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Real Estate for Rental Purposes)
The Investment Corporation owns real estate for rental purposes mainly in the Tokyo Metropolitan Area for the purpose of generating rental revenue.
The book value per balance sheet for the fiscal period under review, changes during the period and fair value concerning the above real estate for rental purposes
are as follows.
(Thousands of Yen)
Thirtieth Fiscal Period
November 1, 2019, to April 30, 2020

Thirty-First Fiscal Period
May 1, 2020, to October 31, 2020

Book value
Balance at the beginning of the period
Changes during the period

411,259,731

418,669,303

7,409,572

9,877,219

418,669,303
428,546,523
Balance at the end of the period
506,912,000
520,792,000
Fair value at the end of period
Note 1: Book value excludes accumulated depreciation from acquisition costs.
Note 2: Fair value at the end of the fiscal period is the appraisal value determined by outside appraisers. The fair value at the end of the fiscal
period under review for KDX Shin-Nihonbashi Building sold on November 2, 2020, is calculated based on the sale price (3,200,000
thousand yen) in the transaction agreement dated June 26, 2020.
Note 3: Among changes in the amount of real estate for rental purposes that occurred during the thirtieth fiscal period, principal increase/decrease
factors were the acquisition of trust beneficiary interest in real estate of 2 properties totaling 8,394,455 thousand yen and depreciation
amounting to 2,470,270 thousand yen. For the thirty-first fiscal period, principal increase/decrease factors were the acquisition of trust
beneficiary interest in real estate of 1 property totaling 16,430,044 thousand yen, sale of trust beneficiary interest in real estate of 2
properties totaling 5,287,017 thousand yen and depreciation amounting to 2,523,136 thousand yen.
Income and loss for real estate for rental purposes are listed in “Notes on the Statements of Income.”(Notes on Information per Unit)

Net Assets per unit

Thirtieth Fiscal Period
November 1, 2019, to April 30, 2020
535,786 yen

Thirty-First Fiscal Period
May 1, 2020, to October 31, 2020
538,295 yen

14,412 yen
17,059 yen
Net income per unit
Note 1: Net income per unit is calculated by dividing net income by the weighted average (based on number of days) number of units. Net income
per unit after adjusting for diluted investment units is not included because there were no dilutive investment units.
Note 2: The basis of calculation for the net income per unit is as follow.
Thirtieth Fiscal Period
Thirty-First Fiscal Period
November 1, 2019, to April 30, 2020
May 1, 2020, to October 31, 2020
Net income
6,175,873
7,310,219(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units
6,175,873
7,310,219(Thousands of Yen)
Average number of investment units
428,510428,510during the period (unit)(Notes on Important Subsequent Events)
Not applicable(Omission of Disclosure)
Disclosure of notes on the marketable securities, retirement payment, asset retirement obligations and gains and losses on equity-method, etc. is omitted since
the need for disclosure of such is considered low.

- 28 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(9) Changes in the Total Number of Investment Units Issued and Outstanding
Changes in the total number of investment units issued and outstanding and unitholders’ capital in the last 5 years from the fiscal period under review aresummarized in the following table.

Settlement Date

May 28, 2018

Particulars

Public offering

Total Number of Investment
Units Issued and Outstanding(Units)Increase
Balance(Decrease)
22,500427,385

Unitholders’ Capital(Millions of Yen)
Increase(Decrease)

Balance

14,067220,267

Remarks(Note 1)

June 15, 2018
Third-party allotment
1,125
428,510703
220,970(Note 2)
Note 1: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring a portion offunds for the acquisition of new properties. The offer price was 646,425 yen per unit with an issue price of 625,209 yen per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units with an issue price of 625,209 yen per unit by way ofthird-party allotment with the aim of procuring a portion of funds for the acquisition of new properties.

- 29 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Reference Information(1) Information Concerning Price of Assets in the Property Portfolio, Etc.
① Component of Assets
Thirtieth Fiscal Period(as of April 30, 2020)
Asset Class

Type

Area

Office Buildings

Real EstateTokyo Metropolitan Area

Total Amount Held
(Millions of Yen)
(Note 1)
27,616

Ratio(%)(Note 2)
6.2

Total Amount Held
(Millions of Yen)
(Note 1)
27,444

Ratio(%)(Note 2)
6.0

12,1392.7

12,018

2.6

39,755

8.9

39,462

8.6

Other Regional Areas

Total for Office Buildings
Total for Real Estate
Office Buildings
Trust BeneficiaryInterest in Real
EstateTokyo Metropolitan Area
Other Regional Areas

Total for Office Buildings
OthersThirty-First Fiscal Period(as of October 31, 2020)

Tokyo Metropolitan Area

39,755

8.9

39,462

8.6

310,73869.4

321,017

69.8

65,201

14.6

65,09214.2

375,94084.0

386,110

84.0

2,973

0.7

2,973

0.6

2,973

0.7

2,973

0.6

378,91384.6

389,083

84.6

Investment Securities (Note 3)

1,127

0.3

1,137

0.2

Bank Deposits and Other Assets

27,9096.2

30,035

6.5

Total Assets

447,707

100.0

459,719100.0

Total for Others
Total of Trust Beneficiary Interests in Real Estate

Note 1: “Total Amount Held” is the amount allocated in the balance sheets at the end of the fiscal period (figures are on a net book value basis after deducting
depreciation), and truncated at less than 1 million yen.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets, rounded to the first decimal place.
Note 3: Interests in a silent partnership operated by G.K. KRF 43 are indicated.
Thirtieth Fiscal Period(as of April 30, 2020)
Amount(Millions of Yen)
Total Liabilities

Thirty-First Fiscal Period(as of October 31, 2020)
AmountRatio(Millions of Yen)
(%)

Ratio
(%)

218,11748.7

229,054

49.8

Total Net Assets

229,58951.3

230,665

50.2

Total Assets

447,707

100.0

459,719100.0② Details of Investment Assets
A. Major components of investment securities
Details of investment assets held by the Investment Corporation as of October 31, 2020, are as follows.
Name

Area

Interests in a silent partnership
operated by G.K. KRF 43(Note 3)Total

Domestic
Area

Number of
Asset Class
Units
Interests
in a silent
partnershipBook Value(Millions of Yen)

Appraisal Value(Millions of Yen)
(Note 1)

Ratio (%)
(Note 2)

Appraisal
profit/loss

Unit Price

AmountUnit Price

Amount

－

－

1,137

－

1,137

0.2

－

－

－

1,137

－

1,137

0.2

－

Note 1: Book value is stated as the appraisal value.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets, rounded to the first decimal place.
Note 3: The asset under management is the trust beneficiary interest in real estate of Shinjuku Sanei Building.

- 30 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

B. Property List(a) Value of Investment Properties and the Investment Ratio(Unit: Millions of Yen)
Appraisal Value at the End of Thirtieth Fiscal Period

Type

Area

Tokyo
OfficeMetropolitan
Buildings
Area

No.

Property Name

Amount on
Acquisition
the Balance
Price
Sheet
(Note 3)(Note 1)
(Note 2)

Direct Capitalization
MethodOverall
Value Capitalization
Rate (%)

Discounted Cash Flow Method
Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

5,688

7,000

7,220

3.8

6,900

3.6

4.0

B

1.3

A-3

Higashi-Kayabacho Yuraku Building

4,450

3,955

5,310

5,360

4.0

5,250

3.7

4.1

A

1.0

A-4

KDX Hatchobori Building

3,680

3,291

3,480

3,540

4.1

3,460

3.9

4.3

B

0.8

A-5

KDX Nakano-Sakaue Building

2,533

2,309

2,430

2,460

4.3

2,410

4.1

4.5

B

0.5

A-6

Harajuku F.F. Building

2,450

2,392

3,450

3,470

4.4

3,420

4.1

4.5

A

0.5

A-7

KDX Minami Aoyama Building

2,270

2,194

2,840

2,860

3.8

2,810

3.5

3.9

A

0.5

A-8

KDX Kanda Kitaguchi Building

1,950

1,771

1,720

1,780

4.1

1,700

3.9

4.3

B

0.4

A-13

KDX Kojimachi Building

5,950

5,479

5,070

5,110

3.5

5,030

3.2

3.6

A

1.3

A-14

KDX Funabashi Building

2,252

2,225

2,750

2,760

5.0

2,730

4.7

5.1

A

0.5

A-16

Toshin 24 Building

5,300

4,713

5,360

5,380

4.2

5,330

3.9

4.3

A

1.1

A-17

KDX Ebisu Building

4,640

4,346

6,080

6,100

3.8

6,050

3.4

3.9

A

1.0

A-19

KDX Hamamatsucho Building

3,460

3,024

3,590

3,710

3.7

3,540

3.5

3.9

B

0.7

A-20

KDX Kayabacho Building

2,780

2,696

3,000

3,010

4.2

2,990

3.8

4.3

A

0.6

A-21

KDX Shinbashi Building

3,728

3,690

5,180

5,220

3.5

5,130

3.2

3.6

A

0.8

A-22

KDX Shin-Yokohama Building

2,520

2,190

2,870

2,890

4.7

2,850

4.4

4.8

A

0.5

A-26

KDX Kiba Building

1,580

1,388

1,240

1,240

4.7

1,230

4.3

4.7

A

0.3

A-27

KDX Kajicho Building

2,350

2,212

2,380

2,440

4.1

2,360

3.9

4.3

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

2,937

4,190

4,290

4.2

4,150

4.0

4.4

B

0.6

A-30

KDX Nishi-Gotanda Building

4,200

3,688

3,820

3,890

4.1

3,750

3.9

4.3

A

0.9

A-31

KDX Monzen-Nakacho Building

1,400

1,267

1,170

1,220

4.6

1,150

4.4

4.8

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,897

5,740

5,780

4.0

5,700

3.7

4.1

A

1.3

A-33

KDX Okachimachi Building

2,000

2,008

2,110

2,170

4.1

2,090

3.9

4.3

B

0.4

A-34

KDX Hon-Atsugi Building

1,305

1,130

1,190

1,220

5.3

1,180

5.1

5.5

B

0.2

A-35

KDX Hachioji Building

1,155

1,169

1,220

1,230

5.0

1,220

4.8

5.2

B

0.2

A-37

KDX Ochanomizu Building

6,400

6,243

7,960

8,030

3.8

7,890

3.5

3.9

A

1.4

A-38

KDX Nishi-Shinjuku Building

1,500

1,507

1,580

1,590

4.2

1,560

3.9

4.3

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,337

2,860

2,870

3.8

2,840

3.5

3.9

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,423

8,290

8,450

3.7

8,220

3.5

3.9

B

1.7

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,356

3,210

3,210

4.6

3,210

4.1

4.7

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,196

2,100

2,110

4.3

2,090

4.0

4.4

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,058

1,810

1,820

4.2

1,790

3.8

4.4

A

0.4

A-56

KDX Jimbocho Building

2,760

2,820

2,510

2,510

4.1

2,500

3.7

4.2

A

0.6

A-59

KDX Iwamoto-cho Building

1,864

1,585

1,620

1,630

4.2

1,610

3.9

4.3

A

0.4

A-60

KDX Harumi Building

10,250

8,474

8,840

8,840

3.9

8,840

3.5

3.9

A

2.3

A-62

Koishikawa TG Building

3,080

3,070

3,260

3,280

4.1

3,230

3.8

4.2

A

0.6

A-63

KDX Gotanda Building

2,620

2,652

3,410

3,430

4.2

3,380

3.9

4.3

A

0.5

A-64

KDX Nihonbashi 216 Building

2,010

1,785

2,620

2,650

3.7

2,590

3.4

3.8

A

0.4

A-66

KDX Shinjuku Building

6,800

6,885

10,100

10,200

3.4

10,000

3.1

3.5

A

1.5

A-67

KDX Ginza 1chome Building

4,300

4,133

5,720

5,870

3.5

5,650

3.3

3.7

B

0.9

A-71

KDX Iidabashi Building

4,670

4,482

5,730

5,920

3.9

5,650

3.7

4.1

B

1.0

A-72

KDX Higashi-Shinagawa Building

4,590

4,667

4,790

4,850

4.1

4,760

3.9

4.3

B

1.0

A-73

KDX Hakozaki Building

2,710

2,587

3,420

3,450

4.3

3,400

4.1

4.5

B

0.6

A-74

KDX Shin-Nihonbashi Building

2,300

1,972

3,140

3,200

3.7

3,110

3.5

3.9

B

0.5

A-78

KDX Tachikawa Ekimae Building

1,267

1,319

1,810

1,810

4.8

1,800

4.5

4.9

A

0.2

- 31 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Appraisal Value at the End of Thirtieth Fiscal Period
Amount on
Direct Capitalization
Acquisition
Ratio
Discounted Cash Flow Method
the BalanceAppraiser
Method
Price
(%)
Sheet
(Note 4)OverallTerminal(Note 3)(Note 1)
(Note 5)
Discount(Note 2)
Capitalization
Value Capitalization
Value
Rate (%)
Rate (%)
Rate (%)

A-83

KDX Fuchu Building

6,120

5,733

8,870

9,050

4.6

8,790

4.4

4.8

B

1.3

A-84

KDX Kasuga Building

2,800

2,625

4,060

4,090

4.0

4,030

3.7

4.1

A

0.6

A-85

KDX Nakameguro Building

1,880

1,854

3,300

3,330

4.2

3,280

4.0

4.4

B

0.4

A-86

KDX Omiya Building

2,020

2,139

3,100

3,130

4.9

3,090

4.7

5.1

B

0.4

A-87

Nihonbashi Horidomecho First

2,200

2,247

3,090

3,120

4.1

3,070

3.9

4.3

B

0.4

A-88

KDX Shinjuku 6-chome Building

1,900

1,883

3,340

3,420

4.1

3,300

3.9

4.3

B

0.4

A-89

KDX Takanawadai Building

5,250

5,575

6,670

6,720

4.0

6,610

3.7

4.1

A

1.1

A-90

KDX Ikebukuro Building

3,900

3,554

5,100

5,200

3.8

5,060

3.6

4.0

B

0.8

A-91

KDX Mita Building

3,180

3,148

3,930

3,960

3.9

3,890

3.6

4.0

A

0.7

A-92

KDX Akihabara Building

2,600

2,493

3,210

3,240

3.8

3,180

3.5

3.9

A

0.5

A-93

KDX Iidabashi Square

4,350

4,825

6,200

6,330

3.9

6,140

3.7

4.1

B

0.9

A-94

KDX Musashi-Kosugi Building

12,00010,74017,70017,8003.9

17,500

3.6

4.0

A

2.7

A-95

KDX Toyosu Grand Square

8,666

7,764

9,910

10,100

4.4

9,830

4.2

4.6

B

1.9

A-96

KDX Takadanobaba Building

3,650

3,579

4,470

4,520

4.2

4,450

3.9

4.4

B

0.8

A-99

KDX Ikebukuro West Building

1,934

2,020

2,400

2,440

4.1

2,380

3.9

4.3

B

0.4

A-101

KDX Yokohama Building

7,210

7,354

9,140

9,420

4.2

9,020

4.0

4.4

B

1.6

A-102

KDX Yokohama Nishiguchi Building

2,750

2,658

3,280

3,340

4.3

3,260

4.1

4.5

B

0.6

A-107

KDX Ginza East Building

3,600

3,678

3,890

3,910

3.9

3,870

3.6

4.0

A

0.8

A-108

Pentel Building

3,350

3,549

4,032

4,118

3.8

3,989

3.6

4.0

B

0.7

A-109

KDX Hamamatsucho Center Building

3,950

4,004

4,510

4,680

3.6

4,440

3.4

3.8

B

0.8

A-112

KDX Toranomon 1Chome Building

15,55015,96323,30023,5003.1

23,000

2.8

3.2

A

3.5

A-113

KDX Shin-Nihonbashi Ekimae Building

3,829

3,962

4,230

4,270

3.6

4,180

3.3

3.7

A

0.8

A-115

ARK Mori Building

4,169

4,180

4,820

4,960

3.5

4,760

3.3

3.7

B

0.9

A-116

KDX Nishi-Shinbashi Building

8,400

8,522

9,350

9,620

3.4

9,230

3.2

3.6

B

1.8

A-117

BR Gotanda

2,200

2,301

2,730

2,770

4.1

2,680

3.7

4.3

A

0.4

A-119

KDX Shibuya Nanpeidai Building

3,500

3,548

3,920

4,010

3.5

3,880

3.5

3.7

B

0.7

A-120

KDX Yoyogi Building

2,479

2,418

2,310

2,310

4.4

2,310

3.9

4.5

A

0.5

A-121

Ginza 4chome Tower

9,800

9,439

14,00014,1003.1

13,800

2.8

3.2

A

2.2

A-122

Mitsubishijuko Yokohama Building

14,72014,621

15,00015,3003.9

14,800

3.4

4.1

B

3.3

A-123

KDX Yokohama Kannai Building

9,500

9,603

10,40010,7004.0

10,200

3.8

4.2

B

2.1

A-124

KDX Hamamatsucho Place

20,70020,487

23,70024,4003.3

23,400

3.1

3.5

B

4.6

A-125

KDX Chofu Building (Note 6)

8,700

9,006

10,10010,100

4.5

10,000

4.1

4.6

A

1.9

A-127

KDX Kanda Ekimae Building (Note 6)

3,300

3,334

3,510

3,580

3.4

3,440

3.1

3.5

A

0.7

A-128

Shinbashi M-SQUARE Bright

16,30016,40720,80021,0002.9

20,500

2.6

3.0

A

3.6

A-12

Portus Center Building

5,570

3,895

5,030

5,120

5.5

4,990

5.3

5.7

B

1.2

A-42

KDX Karasuma Building

5,400

5,056

5,680

5,780

4.7

5,640

4.5

4.9

B

1.2

A-44

KDX Sendai Building

2,100

1,867

2,070

2,080

5.2

2,060

5.2

5.4

B

0.4

A-53

KDX Hakata-Minami Building

4,900

4,355

4,990

5,020

5.6

4,950

5.3

5.7

A

1.1

A-54

KDX Kitahama Building

2,220

1,996

1,670

1,670

5.0

1,670

4.5

5.1

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,324

5,580

5,650

4.3

5,550

4.1

4.5

B

1.7

A-69

KDX Kobayashi-Doshomachi Building

2,870

1,860

2,910

2,940

7.6

2,880

4.2

10.1

A

0.6

A-70

KDX Sapporo Building

2,005

1,980

2,540

2,620

4.7

2,500

4.5

4.9

B

0.4

A-79

KDX Nagoya Ekimae Building

7,327

7,859

10,10010,100

3.9

10,000

3.6

4.0

A

1.6

A-82

KDX Higashi Umeda Building

2,770

2,293

3,860

3,890

4.2

3,840

4.0

4.4

B

0.6

A-97

KDX Utsunomiya Building

2,350

2,262

2,670

2,660

5.4

2,670

5.2

5.6

B

0.5

A-98

KDX Hiroshima Building

1,300

1,338

1,860

1,860

5.2

1,850

4.9

5.3

A

0.2

A-100

Senri Life Science Center Building

13,00012,51813,70013,9004.4

13,600

4.2

4.6

B

2.9

A-104

KDX Minami-Honmachi Building

2,200

1,954

3,060

3,070

4.2

3,040

3.9

4.3

A

0.4

A-106

KDX Sakura-dori Building

5,900

6,528

8,470

8,660

4.5

8,390

4.3

4.7

B

1.3

A-110

KDX Shin-Osaka Building

4,550

4,489

5,400

5,590

4.1

5,320

3.9

4.3

B

1.0

A-111

KDX Nagoya Nichigin-mae Building

3,500

3,393

3,930

3,950

4.0

3,900

3.7

4.1

A

0.7

A-118

KDX Sapporo Kitaguchi Building

1,800

2,108

2,130

2,200

4.7

2,100

4.5

4.9

B

0.4

- 32 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

No.

OfficeBuildings

Other
Regional
Areas

A-126

OthersProperty Name

Tosabori Prime

Subtotal of Office Buildings (97 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area

Appraisal Value at the End of Thirtieth Fiscal Period
Amount on
Direct Capitalization
Acquisition
Ratio
Discounted Cash Flow Method
the BalanceAppraiser
Method
Price
(%)
Sheet
(Note 4)OverallTerminal(Note 3)(Note 1)
(Note 5)
Discount(Note 2)
Capitalization
Value Capitalization
Value
Rate (%)
Rate (%)
Rate (%)
5,000

5,025

5,100

5,180

4.1

5,020

3.8

4.2

A

1.1

440,905

425,573

517,092

524,548-

511,879

-

-

-

99.3

2,880

2,973

3,640

3,670

3.4

3,620

3.3

3.4

B

0.6

Subtotal of Others Properties (1 property)

2,880

2,973

3,640

3,670

-

3,620

-

-

-

0.6

Total of 98 properties

443,785

428,546

520,732

528,218-

515,499

-

-

-

100.0

Note 1: Acquisition prices are the purchase prices for trust beneficiary interests or properties acquired by the Investment Corporation (excluding acquisition
costs, property tax, city planning tax, consumption tax, etc., rounded down to the nearest million yen.).
Note 2: Figures of less than 1 million are rounded down from the amounts on the balance sheet.
Note 3: Appraisal values at the end of fiscal period are based on the asset valuation method and standards outlined in the Investment Corporation’s Articles
of Incorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are transcribed from valuation reports
prepared by Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
Note 4: Appraisals of the properties were entrusted to two appraisers: Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd. In the table, theappraisers are referred to as “A” for Japan Real Estate Institute and “B” for Daiwa Real Estate Appraisal Co., Ltd.
Note 5: Figures are the acquisition price of each asset as a percentage of the total acquisition prices for the portfolio rounded down to the nearest first decimal
place. The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices of properties
corresponding to each subtotal and total column by the total acquisition price of the entire assets (98 properties).
Note 6: The Investment Corporation changed the property name for the following building. Same applies below.
No.

New Property Name

Former Property Name

Date of Change

A-125

KDX Chofu Building

Chofu Center Building

August 1, 2020

A-127

KDX Kanda Ekimae Building

Not disclosed

August 1, 2020(b) Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Office Buildings

97

440,905

99.3

Others

1

2,880

0.6

98

443,785

100.0

Total
Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area

79

361,473

81.4

Other Regional Areas

19

82,31218.5

98443,785

100.0

Total
Property Distribution by Acquisition Price
Acquisition Price (Millions of Yen)

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Less than 1,000

-

-

-

1,000 - 2,500

32

62,96214.1

2,500 - 5,000

38

133,82930.1

5,000 - 7,500

1484,25718.9

7,500 - 10,000

7

60,21613.5

10,000 - 12,500

222,2505.0

12,500 - 15,000

2

27,720

6.2

15,000 - 17,500

2

31,8507.1

17,500 - 20,000

－

－

－

20,000 - 22,500

120,7004.6

98443,785

100.0

Total

Note: “Ratio” refers to the percentage of the acquisition price by each category to the acquisition price of the entire portfolio.
Figures are rounded down to the nearest first decimal place. Accordingly, the sum total of each item may be less than 100%.
- 33 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(c) Overview of Investment Real Estate Properties and Trust Real Estate
Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

Usage
(Note 2)

Total Floor Area(m2) (Note 3)

No.

Property Name

Site Area(m2) (Note 1)

A-1

KDX Nihonbashi 313 Building

1,047.72

Offices

8,613.09

A-3

Higashi-Kayabacho Yuraku Building

773.43

Offices

5,916.48

A-4

KDX Hatchobori Building

992.20

Offices

4,800.43

Offices, Retail Shops
Residence, Garage
Storage
Retail Shops, Offices
Parking
Offices, Retail Shops
Residence

A-5

KDX Nakano-Sakaue Building

1,235.16

6,399.42

A-6

Harajuku F.F. Building

708.35

A-7

KDX Minami Aoyama Building

369.47

A-8

KDX Kanda Kitaguchi Building

410.18

Offices

2,393.94

A-13

KDX Kojimachi Building

612.17

Offices, Retail Shops

5,323.81

A-14

KDX Funabashi Building

1,180.41

Offices, Retail Shops

5,970.12
8,483.17

3,812.44
1,926.98

A-16

Toshin 24 Building

1,287.16

Offices, Retail Shops
Parking

A-17

KDX Ebisu Building

724.22

Offices, Retail Shops

4,394.58
3,592.38
3,804.86

A-19

KDX Hamamatsucho Building

504.26

Offices, Retail Shops
Parking

A-20

KDX Kayabacho Building

617.17

Offices, Parking

A-21

KDX Shinbashi Building

536.11A-22

KDX Shin-Yokohama Building

705.00A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70
7,885.40

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

3,960.22
6,180.51

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87

A-31

KDX Monzen-Nakacho Building

580.99

Offices, Retail Shops

2,668.91

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03

A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

A-34

KDX Hon-Atsugi Building

724.62

Offices, Retail Shops

3,603.63

A-35

KDX Hachioji Building

460.62A-37

KDX Ochanomizu Building

1,515.28

A-38

KDX Nishi-Shinjuku Building

626.06

Offices, Parking

2,017.63

A-41

KDX Shinjuku 286 Building

421.70

Offices, Parking

3,432.04

A-46

Hiei Kudan-Kita Building

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

11,425.31

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

3,439.37

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

1,618.65

A-60

KDX Harumi Building

2,230.69

Offices, Retail Shops

12,694.32

A-62

Koishikawa TG Building

1,250.42

Offices, Clinic, Parking

5,862.02

A-63

KDX Gotanda Building

582.90

Offices, Garage

4,440.61

A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62
10,348.02
4,724.62

Offices, Parking
Retail Shops
Offices, Storage
Retail Shops, Parking
Mechanical Room

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

- 34 -

2,821.21
7,720.08

Type of Structure(Note 4)Completion Date
(Note 5)PML(%)
(Note 6)

SRC
B2F9
SRC
B1F9
SRC・RC
B1F8April 1974

7.32

January 1987

3.71

June 1993

3.74

SRC
B1F11

August 1992

3.72

November 1985

5.88

November 1988

6.34

May 1993

4.26

May 1994

2.34

April 1989

4.17

September 1984

6.05

January 1992

7.35

September 1999

4.86

October 1987

4.25

February 1992

4.44

September 1990

6.88

October 1992

4.70

March 1990

7.11

January 1990

6.03

November 1992

8.29

September 1986

3.83

July 1986

4.58

June 1988

4.00

May 1995

6.38

December 1985

7.53

August 1982

5.93

October 1992

10.39

August 1989

5.92

March 1988

4.33

February 1985

4.71

September 1988

3.71

July 1990

5.99

May 1994

5.14

March 2008

5.00

February 2008

7.12

November 1989

6.61

April 1988

8.30

October 2006

7.86

May 1993

2.01

November 1991

6.80

SRC
F11
SRC
B1F9
SRC・RC・S
B1F8
SRC
B2F9
SRC
B1F8
SRC
B1F8
SRC
B1F7
S
F9
SRC
F8
SRC・S
B1F8
S
B1F9
RC
F5
SRC
B1F8
SRC
B1F9
SRC
B1F8
SRC
F8
SRC
B1F9
S
F10
SRC
F8
SRC
F9
SRC
B1F7
RC
F5
SRC・RC
B1F9
SRC・S
B1F11
SRC
B1F9
SRC
F9
SRC
B1F8
SRC
B1F8
S
F9
S・SRC
B1F11
SRC
B1F8
SRC
B1F9
SRC
F9
S・RC
B4F11
SRC
F9

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48
3,712.25

A-74

KDX Shin-Nihonbashi Building

444.32

Offices, Retail Shops
Parking

A-78

KDX Tachikawa Ekimae Building

464.95

Offices

2,896.48

A-83

KDX Fuchu Building

2,400.00

Offices, Parking

16,647.00

Offices, Retail Shops
Parking

6,444.31

Offices

3,455.90

A-84

KDX Kasuga Building

1,319.24

A-85

KDX Nakameguro Building

730.26

A-86

KDX Omiya Building

775.67

A-87

Nihonbashi Horidomecho First

1,193.91

A-88

KDX Shinjuku 6-chome Building

1,072.03

A-89

KDX Takanawadai Building

2,547.15

Offices, Retail Shops
Parking, Residence
Offices, Residence
Parking
Offices, Retail Shops,
Parking

7,362.25

Offices

9,265.03

Offices, Retail Shops
Parking
Offices, Retail Shops
Garage5,055.50

5,907.00

A-90

KDX Ikebukuro Building

472.94

3,848.18

A-91

KDX Mita Building

548.72

A-92

KDX Akihabara Building

374.88Retail Shops, Offices

2,979.14

A-93

KDX Iidabashi Square

1,341.98

Offices, Parking

6,764.37

A-94

KDX Musashi-Kosugi Building

3,210.09

Offices, Retail Shops

16,094.14

A-95

KDX Toyosu Grand Square

20,403.07

Offices, Retail Shops

63,419.60

A-96

KDX Takadanobaba Building

1,511.58

Offices, Parking

6,576.07

A-99

KDX Ikebukuro West Building

603.21

Offices, Retail Shops,
Parking

3,477.86

A-101

KDX Yokohama Building

2,499.38

Offices, Parking

15,894.75

A-102

KDX Yokohama Nishiguchi Building

1,029.45

Offices

6,556.59

A-107

KDX Ginza East Building

1,216.99

Offices, Parking

6,413.60

A-108

Pentel Building

2,502.63

Offices, Bank,
Residence

18,880.89

A-109

KDX Hamamatsucho Center Building

835.83

Offices, Garage

3,981.69
11,212.05

5,007.98

A-112

KDX Toranomon 1Chome Building

1,564.12

Offices, Retail Shops
Parking

A-113

KDX Shin-Nihonbashi Ekimae Building

531.64

Offices, Parking

4,254.07

A-115

ARK Mori Building

39,602.42

Offices

177,486.95

A-116

KDX Nishi-Shinbashi Building

1,406.56

Offices, Garage

8,851.60

A-117

BR Gotanda

914.80

Offices, Parking

7,395.72

A-119

KDX Shibuya Nanpeidai Building

1,276.02

Offices

2,832.58

A-120

KDX Yoyogi Building

228.74Retail Shops, Offices

1,269.06

A-121

Ginza 4chome Tower

688.52Retail Shops, Offices,
Parking

6,787.33

A-122

Mitsubishijuko Yokohama Building

10,100.58

Offices, Retail Shops

109,472.69

A-123

KDX Yokohama Kannai Building

1,687.26

Offices, Parking

15,883.21

A-124

KDX Hamamatsucho Place

1,917.71

Offices

12,280.77

A-125

KDX Chofu Building

13,265.06

Offices, Parking

31,536.86

A-127

KDX Kanda Ekimae Building

Offices

2,543.00

435.14A-128

Shinbashi M-SQUARE Bright874.36

A-12

Portus Center Building

13,936.63

A-42

KDX Karasuma Building

1,788.67

A-44

KDX Sendai Building

987.78A-53

KDX Hakata-Minami Building

1,826.25

A-54

KDX Kitahama Building

751.92

A-58

KDX Nagoya Sakae Building

1,192.22- 35 -

Offices, Clinic,
Retail Shops
Offices, Retail Shops
Storage, Parking

7,327.63
79,827.08

Offices

12,632.68

Offices

5,918.30

Offices, Retail Shops
Parking
Offices, Storage
Parking
Offices, Retail Shops

13,238.16
4,652.96
9,594.00

Type of Structure(Note 4)
SRC
B1F8
S・RC
B1F5
SRC
B1F10
S
B1F10
S
B1F8
SRC・S
B1F14
SRC
B1F10
SRC
F7
①S・SRC B1F8
②S F3
SRC
B1F10
SRC・RC
B2F10
SRC
B1F9
S・RC
B1F10
S・SRC
B3F11
SRC
B1F9
SRC
B1F8
S
B1F11
S
F11
SRC・RC
B2F7
SRC
F10
SRC・S
B1F11
SRC
B1F9
SRC
B1F9
S・SRC
B3F14
SRC
F7
S・SRC
B1F11
SRC
B1F10
RC・SRC・S
B4F37
SRC
B1F11
SRC・S
B2F11
S
F4
SRC
F8
S
B1F13
S・SRC
B2F34
S・SRC・RC
B2F14
S
F10
SRC・RC
B1F7
S
F8
S・SRC
B1F11
SRC・S
B2F25
SRC
B1F8
SRC
B1F10
SRC
B1F9
S
F10
S
F11

Completion Date
(Note 5)PML(%)
(Note 6)

March 1990

4.49

January 1993

5.13

November 1993

4.42

November 2002

3.42

February 1990

2.19

March 1996

1.83

June 1992

7.43

October 1985

6.50

April 1993

4.40

July 1995

3.64

March 1990

6.11

October 1985

6.17

March 2009

3.78

March 1993

4.81

December 1973

4.47

January 1994

4.48

May 2013

8.11

April 2008

3.84

October 1988

6.06

July 1988

4.45

March 1994

8.44

October 1988

7.59

August 1991

5.95

November 1990

6.22

December 1985

4.21

October 2013

7.93

May 1992

7.05

March 1986

0.78

August 1992

5.99

September 1991

6.13

December 2003

7.64

August 1991

4.55

November 2008

5.23

February 1994

1.27

September 2007

3.28

February 2015

0.68

January 1995

6.58

February 1991

6.47

September 2018

3.49

September 1993

6.70

October 1982

3.88

February 1984

2.71

June 1973

0.93

July 1994

6.32

April 2009

1.12

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

OfficeBuildings

Other

Area

Other
Regional
Areas

No.

Property Name

Usage
(Note 2)Site Area(m2) (Note 1)

Total Floor Area(m2) (Note 3)

Type of Structure(Note 4)Completion Date
(Note 5)PML(%)
(Note 6)

July 2009

10.99

October 1989

0.41

April 1986

8.98

July 2009

6.11

February 1999

0.98

January 1990

6.98

June 1992

1.34

December 2009

5.31

August 1992

10.49

May 1992

10.28

September 2006

9.67

September 1992

0.39

October 1987

11.57

Avg. 24.1 yrs.

-

A-100

Senri Life Science Center Building

5,911.08

A-104

KDX Minami-Honmachi Building

882.96A-106

KDX Sakura-dori Building

2,420.43

A-110

KDX Shin-Osaka Building

1,016.54

A-111

KDX Nagoya Nichigin-mae Building

732.14

Offices

5,862.22

A-118

KDX Sapporo Kitaguchi Building

782.69

Offices

4,639.44

A-126

Tosabori Prime

993.68

Offices, Garage

8,307.73

-

-

-

S・SRC
B1F12
SRC
B1F9
S・SRC
B2F15
S・SRC
B1F10
S・SRC
B1F10
SRC
B1F10
SRC・S
B3F21
S・RC
B1F12
S
B1F18
SRC
B1F11
S
B1F10
SRC・RC
B1F9
SRC
B1F10
-

1,355.13

-

-

-

-

-

-

-

-

-

Avg. 24.1 yrs.

2.29

A-69

KDX Kobayashi-Doshomachi Building(Note 7)

1,561.04

Offices, Garage
Retail Shops

10,723.83

A-70

KDX Sapporo Building

819.44

Offices

5,503.90

A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78Subtotal of Office Buildings (97 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area
Subtotal of Others Properties (1 property)
Total of 98 properties

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking
Offices, Parking Tower
Offices, Retail Shops
Parking
Offices, Retail Shops
GarageOffices, Retail Shops
Lounge, Storage
Offices, Parking
Retail Shops

6,805.76
7,742.18
5,718.83
49,260.78
7,694.03
19,680.16
7,987.35

Note 1: Site area data is based on figures recorded in the land register (including relevant figures for land leasehold, if any). Data may not match with theactual current status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site
rights.
Note 2: Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of exclusively owned area isshown.
Note 3: Total floor area is based on figures recorded in the land register and does not include related structures. The total floor area for the entire building isreported for compartmentalized ownership.
Note 4: Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the numberof floors of the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating
to structure and the number of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
Note 5: Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data are calculated using theweighted average based on acquisition prices as of October 31, 2020, and are rounded down to the first decimal place.
Note 6: Probable Maximum Loss (PML) data is based on a survey provided by Sompo Risk Management Inc. as of October 2020.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed-term land leasehold with a special agreement to transfer building.

- 36 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(d) Details of the Tenants
Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

No. ofNo. ofTotal Leased Leasable
Rental and Other Tenant Leasehold andLeasedNo. of Occupancy
Floor Area
Rate
Operating Revenues Security Deposits
Residential
Residential
Tenants2(m )(%)(Thousands of Yen) (Thousands of Yen)
Units
Units
(Note 5) (Note(Note 2)
6)(Note 7)(Note 8)(Note 3) (Note 4)

Total Leasable
Floor Area(m2)
(Note 1)A-1

KDX Nihonbashi 313 Building

5,753.82

5,753.82

-

-

A-3

Higashi-Kayabacho Yuraku Building

4,379.66

4,379.66

-

-

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

A-5

KDX Nakano-Sakaue Building

4,289.49

4,136.91

18

16

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

15

100.0

197,173

262,635

7

100.0

143,912226,4424

100.0

113,881

113,700

22

96.4

91,610107,3452

100.0

102,580

141,464

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

79,837

95,939

A-8

KDX Kanda Kitaguchi Building

1,948.02

1,948.02

-

-

10

100.0

53,95088,460A-13

KDX Kojimachi Building

3,719.18

3,719.18

-

-

9

100.0

143,085

205,666

A-14

KDX Funabashi Building

3,846.03

3,846.03

-

-

21

100.0

110,800

145,017

A-16

Toshin 24 Building

6,616.68

6,616.68

-

-

20

100.0

179,181274,925

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

5

100.0

151,684

286,180

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

101,443

134,922

A-20

KDX Kayabacho Building

3,019.94

3,019.94

-

-

7

100.0

100,063

116,275

A-21

KDX Shinbashi Building

2,803.96

2,803.96

-

-

8

100.0

134,184

201,934

A-22

KDX Shin-Yokohama Building

4,768.94

4,748.01

-

-

22

99.6

93,807161,251

A-26

KDX Kiba Building

2,455.49

2,455.49

-

-

6

100.0

45,661

62,821A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

74,911

85,314A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

130,861

129,129

A-30

KDX Nishi-Gotanda Building

3,883.04

3,883.04

-

-

12

100.0

116,553

149,663

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

45,39048,517A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

150,095

251,312A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

67,806113,150

A-34

KDX Hon-Atsugi Building

2,755.71

2,136.13

-

-

12

77.5

35,01759,882A-35

KDX Hachioji Building

2,165.20

2,165.20

-

-

10

100.0

50,26056,738A-37

KDX Ochanomizu Building

5,894.49

5,894.49

-

-

10

100.0

214,288

322,036

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

9

100.0

50,862

77,410A-41

KDX Shinjuku 286 Building

2,443.99

2,443.99

-

-

6

100.0

82,939103,781

Hiei Kudan-Kita Building

6,908.96

6,908.96

-

-

14

100.0

271,777

379,138

5,126.69

5,126.69

-

-

1

100.0

103,683

155,8622,237.07

2,237.07

-

-

9

100.0

69,253

100,189

-

-

6

100.0

56,78774,724

A-46
A-48
A-51

KDX Kawasaki-Ekimae Hon-cho
Building
KDX Hamacho Nakanohashi
Building

A-55

Shin-toshin Maruzen Building

1,912.25

1,912.25

A-56

KDX Jimbocho Building

2,323.44

2,323.44

-

-

6

100.0

75,341

100,095

A-59

KDX Iwamoto-cho Building

1,529.79

1,529.79

3

3

9

100.0

43,295

67,200A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

238,149

371,229

A-62

Koishikawa TG Building

3,934.54

3,934.54

-

-

3

100.0

125,599

156,544

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

9

100.0

106,028

137,551

A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

60,768129,000

A-66

KDX Shinjuku Building

5,824.24

5,641.26

-

-

20

96.9

262,817351,956

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

147,589

193,218

A-68

KDX Nihonbashi Honcho Building

-

-

-

-

-

-

47,263-A-71

KDX Iidabashi Building

4,429.25

2,633.28

-

-

4

59.5

134,155

146,675

A-72

KDX Higashi-Shinagawa Building

7,117.97

7,117.97

-

-

5

100.0

157,031

257,104

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

7

100.0

117,155

153,346

A-74

KDX Shin-Nihonbashi Building

2,658.79

2,658.79

-

-

8

100.0

94,081

138,609

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

68,037

94,102A-83

KDX Fuchu Building

10,151.50

10,151.50

-

-

37

100.0

313,156

420,965

A-84

KDX Kasuga Building

4,347.11

4,347.11

-

-

12

100.0

130,034

158,959

A-85

KDX Nakameguro Building

2,726.69

2,330.86

-

-

6

85.5

108,780

148,554

A-86

KDX Omiya Building

3,810.81

3,810.81

1

1

17

100.0

118,339

194,925

A-87

Nihonbashi Horidomecho First

3,106.42

3,060.02

8

7

13

98.5

102,615

124,452- 37 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

A-88

KDX Shinjuku 6-chome Building

4,037.44

4,037.44

-

-

7

100.0

109,841

107,740

A-89

KDX Takanawadai Building

6,967.61

6,967.61

-

-

8

100.0

208,737

268,491

A-90

KDX Ikebukuro Building

3,110.71

3,110.71

-

-

7

100.0

138,266

220,287

A-91

KDX Mita Building

3,331.65

3,180.65

-

-

11

95.5

107,064

174,991

A-92

KDX Akihabara Building

2,289.27

2,289.27

-

-

6

100.0

84,94997,741A-93

KDX Iidabashi Square

4,571.92

3,642.04

-

-

6

79.7

166,922229,361

A-94

KDX Musashi-Kosugi Building

12,978.57

12,978.57

-

-

10

100.0

455,166

686,207

A-95

KDX Toyosu Grand Square

11,797.84

11,383.69

-

-

13

96.5

331,342475,628

A-96

KDX Takadanobaba Building

4,595.41

4,595.41

-

-

11

100.0

146,480

199,612A-99

KDX Ikebukuro West Building

2,532.71

2,532.71

-

-

8

100.0

72,812

72,644

10,922.27

10,443.55

-

-

26

95.6

297,371372,977

4,981.87

4,720.26

-

-

13

94.7

121,008

158,193

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

123,014148,526

A-108 Pentel Building

4,346.66

4,346.66

5

5

9

100.0

138,363

177,927

KDX Hamamatsucho Center
A-109
Building

3,052.73

3,052.73

-

-

8

100.0

109,696

137,790

A-112 KDX Toranomon 1Chome Building

8,179.00

8,179.00

-

-

3

100.0

526,980

663,750

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,284.79

2,925.55

-

-

10

89.1

118,011

141,760

-

-

-

-

-

-

13,597

-

100.0

N/A
(Note 10)

N/A
(Note 10)100.0

227,880

311,479

A-101 KDX Yokohama Building
A-102

Tokyo
Metropolitan
Area

KDX Yokohama Nishiguchi
Building

A-114 KDX Nihonbashi Edo-dori Building

OfficeBuildings

Other
Regional
Areas

No. ofNo. ofTotal Leased Leasable
Rental and Other Tenant Leasehold andLeasedNo. of Occupancy
Floor Area
Rate
Operating Revenues Security Deposits
Residential
Tenants
Residential
2
(m )
(%)
(Thousandsof Yen) (Thousands of Yen)
Units
(Note 5) (Note 6)
Units(Note 2)
(Note 7)(Note 8)(Note 3) (Note 4)

Total Leasable
Floor Area(m2)
(Note 1)

A-115 ARK Mori Building

2,442.60

2,442.60-

1- (Note 9)

A-116 KDX Nishi-Shinbashi Building

5,734.79

5,734.79--

8

A-117 BR Gotanda

3,504.75

3,056.45

-

-

5

87.2

103,513

98,576

A-119 KDX Shibuya Nanpeidai Building

2,205.33

2,205.33

-

-

1

100.0

97,718

176,681A-120 KDX Yoyogi Building

1,173.55

1,173.55

-

-

10

100.0

69,198106,034

A-121 Ginza 4chome Tower

5,624.23

5,522.70

-

-

3

98.2

281,494

321,559

A-122 Mitsubishijuko Yokohama Building

13,495.34

13,482.18

-

-

21

99.9

428,727

687,696

A-123 KDX Yokohama Kannai Building

10,070.69

10,070.69

-

-

7

100.0

290,136

339,045

A-124 KDX Hamamatsucho Place

9,325.18

8,639.80

-

-

13

92.7

520,464

922,248

A-125 KDX Chofu Building

11,834.73

11,834.73

-

-

7

100.0

335,627

269,289

A-127 KDX Kanda Ekimae Building

2,162.88

2,162.88

-

-

7

100.0

74,10760,656

A-128 Shinbashi M-SQUARE Bright

5,392.72

5,392.72

-

-

6

100.0

256,235

729,963

A-12

Portus Center Building

11,501.14

10,384.09

-

-

28

90.3

276,565

320,382

A-42

KDX Karasuma Building

8,743.95

8,601.49

-

-

40

98.4

221,581300,059

A-44

KDX Sendai Building

3,948.03

3,948.03

-

-

31

100.0

97,684

179,917A-53

KDX Hakata-Minami Building

10,112.11

10,012.81

-

-

53

99.0

206,153285,601

A-54

KDX Kitahama Building

3,995.28

3,995.28

-

-

13

100.0

74,20897,376

A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

16

100.0

181,191

262,642

A-69

KDX Kobayashi-Doshomachi
Building

7,072.25

7,072.25

-

-

9

100.0

209,530

235,674

A-70

KDX Sapporo Building

3,786.75

3,786.75

-

-

21

100.0

96,975

125,493

A-79

KDX Nagoya Ekimae Building

7,903.84

7,903.84

-

-

18

100.0

333,905

525,522A-82

KDX Higashi Umeda Building

4,994.88

4,994.88

-

-

4

100.0

152,758

140,703

A-97

KDX Utsunomiya Building

5,278.51

5,278.51

-

-

24

100.0

133,125

138,916

A-98

KDX Hiroshima Building

4,003.86

4,003.86

-

-

22

100.0

78,330105,758

A-100 Senri Life Science Center Building

17,190.71

17,190.71

-

-

62

100.0

613,090919,738

A-104 KDX Minami-Honmachi Building

5,280.02

5,280.02

-

-

17

100.0

116,052

160,138

A-106 KDX Sakura-dori Building

12,318.24

12,318.24

-

-

34

100.0

341,065

484,028

A-110 KDX Shin-Osaka Building

5,979.39

5,979.39

-

-

17

100.0

163,144

196,607

A-111 KDX Nagoya Nichigin-mae Building

4,363.96

4,363.96

-

-

15

100.0

123,646

173,149

A-118 KDX Sapporo Kitaguchi Building

3,319.16

3,319.16

-

-

15

100.0

76,486

101,943

A-126 Tosabori Prime
Subtotal of Office Buildings (97 properties)

5,635.39

5,016.09

-

-

8

89.0

142,944

189,044486,655.58

477,620.23

35

32

1,186

98.1

15,514,477

21,591,330- 38 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

OthersTokyo
Metropolitan
Area

D-2

Shinjuku 6Chome Building (Land)

Subtotal of Others Properties (1 property)

Total Leasable
Floor Area(m2)
(Note 1)

1,355.13

1,355.13--

1,355.13

1,355.13--

488,010.71

Total of 98 properties

No. ofNo. ofTotal Leased Leasable
Rental and Other Tenant Leasehold andLeasedNo. of Occupancy
Floor Area
Rate
Operating Revenues Security Deposits
Residential
Tenants
Residential
2
(m )
(%)
(Thousandsof Yen) (Thousands of Yen)
Units
(Note 5) (Note 6)
Units(Note 2)
(Note 7)(Note 8)(Note 3) (Note 4)

478,975.36

35

32

1

100.0

68,68057,2301

100.0

68,68057,23098.1

15,583,157

21,648,560

1,187(Note 11)

Occupancy Rate over the Past Five Years
April 30, 2016
October 31, 2016
April 30, 2017
October 31, 2017
April 30, 2018
October 31, 2018
April 30, 2019
October 31, 2019
April 30, 2020
October 31, 2020

96.9%
96.9%
97.9%
99.1%
99.0%
99.1%
99.2%
99.5%
99.5%
98.1%

Note 1: Total leasable floor area refers to the leasable floor area for a building (aggregate total of the leasable floor area of each building in the case of morethan one building), excluding land (including land for one-story parking) identified in lease agreements or construction completion plans, etc.
However, the indicated figure of rentable area for Pentel Building includes leasable area for land stated in the lease agreement. The indicated figureof leasable area for Shinjuku 6chome Building (Land) is leasable area stated in the land lease agreement.
Note 2: Total leased floor area refers to the area identified in lease agreements with end tenants or sub-lease agreements.
Note 3: The number of leasable residential units refers to the portion of the building used for residential purposes.
Note 4: The number of leased residential units refers to the number of residential units among leasable residential units for which lease agreements with end
tenants or sub-lease agreements are signed.
Note 5: The number of tenants refers to the actual number of end tenants for each property.
Note 6: Occupancy rate is calculated by dividing leased floor area by total leasable floor area. Figures are rounded to the nearest first decimal place. The
figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of total leased floor area by the subtotal (total) of
total leasable floor area of properties corresponding to each subtotal and total column.
Note 7: Rental and other operating revenues refer to the total amount of revenues generated during the fiscal period under review from real estate rental
operations including leasing revenues, common charges and parking revenues rounded down to the nearest thousand yen.
Note 8: Tenant leasehold and security deposits refer to the total of the balances of security deposits held (including net security deposits in the case of
discount) and guarantee deposits, both identified in lease agreements or sub-lease agreements, with the figure rounded down to the nearest thousandyen.
Note 9: Since we have concluded a building lease agreement and a property management agreement with Mori Building Co., Ltd., a master lessee, the total
number of tenants is indicated as 1.
Note 10: Figures are not disclosed because the company that is a master lessee and a property manager has not given consent.
Note 11: The number presented does not reflect the adjustment for end-tenants who are overlapping in multiple properties.

- 39 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Capital Expenditures① Planned Capital Expenditures
Major capital expenditure plans for renovation of properties held by the Investment Corporation for the thirty-second fiscal period (November 1,
2020, to April 30, 2021) are as follows. Planned capital expenditures may include portions classified into expenses for accounting purposes as aresult.
Property Name
(Location)

Planned Amount of Capital Expenditures(Millions of Yen)
Paid in the
Total Amount
Total
Fiscal Period
Previously Paid
under Review

PurposeSchedule

Upgrade of exclusively owned
area, etc.

November 2020
to April 2021

302

-

-

Renewal of air-conditioning
system, etc.

As above

105

-

-

Renovation of external wall, etc.

As above

103

-

-

Renewal of air-conditioning
system, etc.

As above90--

Upgrade of common area, etc.

As above73--

Renovation of fireextinguishing equipment, etc.

As above71--

Upgrade of exclusively owned
area, etc.

As above

63--

Renovation of external wall, etc.

As above

57--

Renewal of air-conditioning
system, etc.

As above

50--

Renovation of external wall, etc.

As above48--

Renewal of air-conditioning
system, etc.

As above48--

KDX Hakozaki Building(Chuo-ku, Tokyo)

Renovation of fireextinguishing equipment, etc.

As above35--

KDX Sendai Building(Sendai, Miyagi)

Renovation of mechanicalparking spaces, etc.

As above31--

KDX Kitahama Building(Osaka, Osaka)

Renovation of fireextinguishing equipment, etc.

As above28--

KDX Nishi-Shinjuku Building(Shinjuku-ku, Tokyo)

Renewal of transformers, etc.

As above

15--

KDX Iidabashi Building(Shinjuku-ku, Tokyo)
KDX Shinjuku 6-chome Building(Shinjuku-ku, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
KDX Hamamatsucho Building(Minato-ku, Tokyo)
KDX Yokohama Kannai Building(Yokohama, Kanagawa)
KDX Yokohama Building(Yokohama, Kanagawa)
KDX Takanawadai Building(Minato-ku, Tokyo)
KDX Shinjuku 286 Building(Shinjuku-ku, Tokyo)
Senri Life Science Center Building(Toyonaka, Osaka)
KDX Nakameguro Building(Meguro-ku, Tokyo)
KDX Kajicho Building(Chiyoda-ku, Tokyo)

Note: The planned amounts of capital expenditures are rounded down to the nearest million yen.

- 40 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Capital Expenditures during the Fiscal Period under Review (Fiscal Period Ended October 31, 2020)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period ended October 31,2020), the Investment Corporation completed works across its entire portfolio totaling 1,251 million yen. The total construction cost amounted to
1,692 million yen including 441 million yen for repairs, maintenance and renovation expenses in the fiscal period under review.
Property Name
(Location)

PurposeTerm

Planned Amount of Capital Expenditures(Millions of Yen)KDX Sapporo Kitaguchi Building(Sapporo, Hokkaido)

Renewal of air-conditioning
system, etc.

May 2020
to October 2020

166

Portus Center Building(Sakai, Osaka)
Koishikawa TG Building(Bunkyo-ku, Tokyo)
KDX Kayabacho Building(Chuo-ku, Tokyo)
KDX Hatchobori Building(Chuo-ku, Tokyo)
KDX Sapporo Building(Sapporo, Hokkaido)

Renewal of air-conditioning
system, etc.

As above

121

Renovation of external wall, etc.

As above

94

Renovation of external wall, etc.

As above

69

Renovation of external wall, etc.

As above

52

Renovation of mechanical parking
spaces, etc.

As above45

KDX Utsunomiya Building(Utsunomiya, Tochigi)
KDX Kanda Kitaguchi Building(Chiyoda-ku, Tokyo)
KDX Hon-Atsugi Building(Atsugi, Kanagawa)
BR Gotanda(Shinagawa-ku, Tokyo)

Renewal of air-conditioning
system, etc.

As above

43

Renovation of external wall, etc.

As above

35

Renovation of external wall, etc.

As above

35

Renovation of elevator, etc.

As above

33

Other

553

Portfolio Total

1,251

Note: The amounts of the capital expenditures are rounded down to the nearest million yen.

③ Reserved Amount for Long-Term Repairs, Maintenance and Renovation Plans
Not Applicable(3) Overview of Major Tenants① Information concerning major real estate properties
There were no major real estate properties with rental and other operating revenues exceeding 10% of total rental and other operating revenues for the
fiscal period under review (fiscal period ended October 31, 2020).

② Information concerning major tenants
A. Tenant which holds more than 10% of the total leased area: Not applicable
B. Reference: Major end tenants(As of October 31, 2020)
Name of End Tenant

Property Name

Leased Floor Percentage of Total Leased
Area (m2)
Floor Area (Note 1)

1

Mitsubishi Heavy Industries, Ltd. Mitsubishijuko Yokohama Building

11,267.43

2.4

2

WeWork Japan G.K.

KDX Toranomon 1Chome Building

6,347.27

1.3

3

N / A (Note 2)

KDX Kawasaki-Ekimae Hon-cho Building

5,126.69

1.1

4Japan Pension Service

KDX Chofu Building

4,710.40

1.0

5

JASTEC Co., Ltd.

KDX Takanawadai Building

4,312.83

0.9

Subtotal

31,764.62

6.6

Total Portfolio

478,975.36

100.0Note 1: Percentage of total leased floor area refers to the floor area leased to each end tenant as a proportion of total leased floor area. Figures arerounded to the nearest first decimal place.
Note 2: Not disclosed because the tenant has not given consent.

- 41 -

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A001

A003

A004

A005

A006

Property NameKDX Nihonbashi
313 Building

HigashiKayabacho
Yuraku Building

KDX Hatchobori
Building

KDX NakanoSakaue Building

Harajuku F.F.
Building

Acquisition Date

August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 November 1, 2005 March 1, 2006 May 1, 2006

Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A007

A008

A013

※As of October 31, 2020

KDX Minami
KDX Kanda
KDX Kojimachi
Aoyama Building Kitaguchi Building
Building

A014

A016

A017

A019

A020

A021

KDX Funabashi
Building

Toshin 24
Building

KDX Ebisu
Building

KDX
Hamamatsucho
Building

KDX Kayabacho
Building

KDX Shinbashi
Building

May 1, 2006

May 1, 2006

May 1, 2006

May 1, 2006

5,940
1.3%
5,688
7,000
1.3%
15
5,753.82
5,753.82

4,450
1.0%
3,955
5,310
1.0%
7
4,379.66
4,379.66

3,680
0.8%
3,291
3,480
0.7%
4
3,323.14
3,323.14

2,533
0.6%
2,309
2,430
0.5%
22
4,289.49
4,136.91

2,450
0.6%
2,392
3,450
0.7%
2
3,071.15
3,071.15

2,270
0.5%
2,194
2,840
0.5%
8
1,815.19
1,815.19

1,950
0.4%
1,771
1,720
0.3%
10
1,948.02
1,948.02

5,950
1.3%
5,479
5,070
1.0%
9
3,719.18
3,719.18

2,252
0.5%
2,225
2,750
0.5%
21
3,846.03
3,846.03

5,300
1.2%
4,713
5,360
1.0%
20
6,616.68
6,616.68

4,640
1.0%
4,346
6,080
1.2%
5
3,072.34
3,072.34

3,460
0.8%
3,024
3,590
0.7%
9
2,724.35
2,724.35

2,780
0.6%
2,696
3,000
0.6%
7
3,019.94
3,019.94

3,728
0.8%
3,690
5,180
1.0%
8
2,803.96
2,803.96

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
82.5%
94.6%
100.0%
184days
197,173
178,879
18,29453,56815,59722,53910,761
1,948
198
2,523
143,605
28,777
114,8271,500
142,105
27.2%
45,0786,954
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
143,912129,173
14,73931,302
11,203
9,532
6,410
3,045
143
967
112,60927,80584,804
5,544
107,065
21.8%
19,0645,235
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
113,881
98,884
14,99629,825
11,296
9,055
5,750
2,981
137
603
84,05522,56961,486
52,111
31,94426.2%
18,064
4,039
3.5%

96.4%
98.2%
98.2%
100.0%
98.2%
100.0%
96.5%
98.3%
94.8%
91.7%
184days
91,61077,581
14,02830,023
9,272
8,024
6,086
4,606
156
1,877
61,586
18,29843,287
5,961
55,62532.8%
16,0493,126
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
102,580
97,174
5,405
22,711
6,886
8,669
2,525
1,299
103
3,227
79,86812,39467,473
6,622
73,24622.1%
17,3393,723
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
79,83773,195
6,641
17,178
5,510
6,488
4,180
263
56
678
62,6597,251
55,4078,800
53,85921.5%
12,9772,908
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
53,95049,2494,700
15,101
5,118
4,212
2,891
2,119
53
707
38,848
8,976
29,87235,656
3,192
28.0%
8,421
1,893
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
143,085
126,810
16,27540,241
9,483
18,630
6,655
4,505
136
829
102,843
22,29480,5494,987
97,85628.1%
37,2615,018
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.1%
100.0%
100.0%
100.0%
184days
110,800
98,392
12,40732,972
13,225
7,490
6,105
5,643
149
358
77,827
23,03754,7903,055
74,77229.8%
14,9833,849
3.5%

100.0%
100.0%
100.0%
100.0%
94.1%
90.4%
94.1%
97.1%
100.0%
100.0%
184days
179,181
153,544
25,636
43,571
14,721
13,258
11,502
2,840
227
1,021
135,60940,16595,44324,134111,474
24.3%
26,5176,424
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
83.4%
184days
151,684
138,803
12,88030,182
10,553
12,075
5,705
738
121
988
121,501
21,003
100,497
1,722
119,779
19.9%
24,151
5,575
3.7%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
101,443
92,805
8,638
23,985
7,406
9,618
4,229
158
90
2,482
77,458
9,505
67,953
1,669
75,78823.6%
19,2373,651
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
100,063
87,007
13,05532,772
7,827
6,764
5,008
12,27094806
67,29019,23748,05369,019△1,72832.8%
13,5293,415
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
134,184
125,965
8,219
35,742
9,514
17,856
4,638
2,999
109
624
98,441
10,71987,722200
98,241
26.6%
35,7124,747
3.5%

261,822
21,818224,040
18,670154,215
12,851

237,800
19,816

198,014
16,501

111,323
9,276

100,741
8,395

274,634
22,886

243,220
20,268309,328
25,777232,159
19,346

163,222
13,601

198,294
16,524

117,213
9,767

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

Properties are shown in order of property number with respect to each type and location.

-42-

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area
A022

A026

A027

Property NameKDX ShinYokohama
Building

KDX Kiba
Building

KDX Kajicho
Building

KDX HigashiKDX NishiKDX MonzenKDX ShibaShinjuku Building Gotanda Building Nakacho Building Daimon Building

Acquisition Date

May 1, 2006

June 20, 2006

July 3, 2006

September 1, 2006 December 1, 2006 January 19, 2007 March 1, 2007

2,520
0.6%
2,190
2,870
0.6%
22
4,768.94
4,748.01

1,580
0.4%
1,388
1,240
0.2%
6
2,455.49
2,455.49

2,350
0.5%
2,212
2,380
0.5%
10
2,564.79
2,564.79

2,950
0.7%
2,937
4,190
0.8%
6
5,859.92
5,859.92

4,200
0.9%
3,688
3,820
0.7%
12
3,883.04
3,883.04

1,400
0.3%
1,267
1,170
0.2%
7
2,008.74
2,008.74

6,090
1.4%
5,897
5,740
1.1%
9
5,997.36
5,997.36

2,000
0.5%
2,008
2,110
0.4%
2
1,792.54
1,792.54

1,305
0.3%
1,130
1,190
0.2%
12
2,755.71
2,136.13

1,155
0.3%
1,169
1,220
0.2%
10
2,165.20
2,165.20

6,400
1.4%
6,243
7,960
1.5%
10
5,894.49
5,894.49

1,500
0.3%
1,507
1,580
0.3%
9
1,593.59
1,593.59

2,300
0.5%
2,337
2,860
0.5%
6
2,443.99
2,443.99

7,600
1.7%
7,423
8,290
1.6%
14
6,908.96
6,908.96

99.6%
99.6%
95.0%
100.0%
100.0%
100.0%
100.0%
99.6%
89.1%
78.7%
184days
93,807100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.1%
88.1%
184days
45,661100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
74,911100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
130,861

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
74.8%
47.4%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

77.5%
70.9%
70.6%
80.5%
84.5%
84.5%
77.9%
100.0%
96.7%
96.7%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.1%
85.5%
85.5%
184days100.0%
100.0%
100.0%
96.4%
100.0%
100.0%
100.0%
90.2%
100.0%
96.4%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
87.8%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
97.5%
99.8%
97.5%
100.0%
100.0%
100.0%
100.0%
184days

86,428
7,379
25,488
8,567
6,247
4,166
5,254
146
1,106
68,31824,89443,42468,31827.2%
12,494
3,308
3.5%

39,248
6,413
15,101
4,770
4,705
4,214
738
67
605
30,55912,14918,4093,685
26,873
33.1%
9,411
1,555
3.4%

67,527
7,384
17,851
6,795
5,555
3,367
1,336
75
720
57,06013,35443,705
7,245
49,81423.8%
11,111
2,693
3.6%

115,598
15,26352,541
12,816
14,032
9,578
14,205
195
1,713
78,32022,23456,086600
77,72040.2%
28,064
4,269
3.3%

116,553
99,24417,30829,230
9,453
9,270
7,821
2,086
143
456
87,32229,89457,428200
87,122
25.1%
18,5344,160
3.6%

45,39036,947
8,443
13,388
4,278
3,207
4,550
1,115
63
172
32,001
10,10821,893
4,798
27,203
29.5%
6,411
1,579
3.5%

150,095
140,772
9,323
41,951
13,652
12,066
6,275
3,950
168
5,839
108,144
34,20173,942
3,483
104,660
27.9%
24,1305,270
3.5%

67,806
58,613
9,193
14,909
5,591
2,873
3,266
1,303
48
1,824
52,896
8,621
44,2742,394
50,502
22.0%
5,743
2,463
3.6%

35,017
29,2485,769
19,516
5,462
3,683
2,788
6,193
91
1,296
15,501
14,2261,275
35,040△19,539
55.7%
7,365
1,031
2.9%

50,26041,791
8,469
14,444
5,066
4,114
3,582
898
69
712
35,816
11,85423,961
3,778
32,038
28.7%
8,228
1,756
3.5%

214,288203,286
11,00140,334
12,691
15,913
7,264
3,093
186
1,186
173,953
28,579145,374
1,480
172,473
18.8%
31,8267,923
3.7%

50,86245,708
5,153
13,414
4,892
4,458
2,732
385
55
890
37,4477,800
29,647
1,190
36,257
26.4%
8,916
1,802
3.5%

82,93971,076
11,86322,140
7,356
8,467
4,379
1,138
104
694
60,798
12,585
48,212
6,688
54,11026.7%
16,934
2,933
3.5%

271,777
246,984
24,79390,97132,01827,632
17,817
5,272
250
7,979
180,806
19,352
161,453
30,310150,49633.5%
55,2639,236
3.4%

111,671
9,305

127,183
10,598

133,761
11,146

93,342
7,778

129,945
10,828136,390
11,365

323,620
26,96890,133
7,511

65,934
5,494

85,771
7,147

355,880
29,65645,5303,794

94,622
7,885

368,772
30,731Price Information

Property No.

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A029

A030

A031

A032

※As of October 31, 2020

A033

A034

A035

KDX
Okachimachi
Building

KDX Hon-Atsugi
Building

KDX Hachioji
Building

A037

A038

KDX Ochanomizu
KDX NishiBuilding
Shinjuku Building

March 1, 2007 March 1, 2007 March 1, 2007 April 2, 2007

April 2, 2007

A041

A046

KDX Shinjuku
286 Building

Hiei Kudan-Kita
Building

June 1, 2007 February 1, 2008

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

-43-

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2020

Property No.

A048

A051

A055

A056

A059

A060

A062

A063

A064

A066

A067

A071

A072

A073

Property NameKDX KawasakiEkimae Hon-cho
Building

KDX Hamacho
Nakanohashi
Building

Shin-toshin
Maruzen Building

KDX Jimbocho
Building

KDX Iwamotocho Building

KDX Harumi
Building

Koishikawa TG
Building

KDX Gotanda
Building

KDX Nihonbashi
216 Building

KDX Shinjuku
Building

KDX Ginza
1chome Building

KDX Iidabashi
Building

KDX HigashiShinagawa
Building

KDX Hakozaki
Building

Acquisition Date

February 1, 2008 February 1, 2008 February 29, 2008 March 31, 2008 May 1, 2008

June 30, 2008 November 18, 2009 November 18, 2009 December 1, 2009 February 18, 2010 November 12, 2010 July 22, 2011

Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)July 22, 2011

July 22, 2011

3,760
0.8%
3,356
3,210
0.6%
1
5,126.69
5,126.69

2,310
0.5%
2,196
2,100
0.4%
9
2,237.07
2,237.07

2,110
0.5%
2,058
1,810
0.3%
6
1,912.25
1,912.25

2,760
0.6%
2,820
2,510
0.5%
6
2,323.44
2,323.44

1,864
0.4%
1,585
1,620
0.3%
9
1,529.79
1,529.79

10,250
2.3%
8,474
8,840
1.7%
11
9,294.00
9,294.00

3,080
0.7%
3,070
3,260
0.6%
3
3,934.54
3,934.54

2,620
0.6%
2,652
3,410
0.7%
9
3,157.04
3,157.04

2,010
0.5%
1,785
2,620
0.5%
8
1,615.20
1,615.20

6,800
1.5%
6,885
10,1001.9%
205,824.24
5,641.26

4,300
1.0%
4,133
5,720
1.1%
4
3,573.59
3,573.59

4,670
1.1%
4,482
5,730
1.1%
4
4,429.25
2,633.28

4,590
1.0%
4,667
4,790
0.9%
5
7,117.97
7,117.97

2,710
0.6%
2,587
3,420
0.7%
7
3,992.60
3,992.60

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
103,683

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
69,253100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
83.1%
64.2%
100.0%
100.0%
184days
56,787100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
75,341100.0%
90.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
43,295100.0%
100.0%
100.0%
100.0%
90.7%
100.0%
100.0%
94.0%
93.2%
93.2%
184days
238,149

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

96.9%
100.0%
100.0%
100.0%
98.3%
98.3%
96.4%
95.5%
100.0%
98.3%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
98.2%
98.2%
184days

59.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
85.1%
100.0%
100.0%
100.0%
100.0%
100.0%
88.4%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

93,427
10,25531,23013,089
7,324
7,878
1,524
171
1,242
72,452
34,70637,745
1,281
71,17130.1%
14,654
3,594
3.5%

57,89911,354
22,108
7,146
5,800
3,657
4,614
96
792
47,144
13,95933,184
1,968
45,17531.9%
11,601
2,375
3.4%

49,976
6,810
15,519
6,291
4,720
4,054
34
67
350
41,267
8,943
32,324
1,410
39,857
27.3%
9,440
2,001
3.5%

68,194
7,146
19,211
5,489
7,370
5,001
1,100
84
164
56,13010,61345,516
6,084
50,04525.5%
14,7392,683
3.6%

39,887
3,408
14,133
3,400
3,078
1,683
3,345
44
2,581
29,162
13,301
15,8601,230
27,932
32.6%
6,155
1,478
3.4%

204,153
33,996
101,055
32,01019,641
25,143
19,078345
4,835
137,093
79,60857,484
7,122
129,971
42.4%
39,283
7,658
3.2%

125,599
106,062
19,537
40,132
14,225
10,411
10,343
4,058
153
940
85,467
17,74467,722
94,632△9,16432.0%
20,8224,307
3.4%

106,028
98,002
8,026
25,806
8,743
9,078
4,977
1,317
119
1,570
80,221
15,35964,862
4,564
75,65724.3%
18,1573,801
3.6%

60,76855,1585,609
20,027
4,670
4,802
2,218
4,599
55
3,682
40,740
11,48629,25340,740
33.0%
9,604
2,071
3.4%

262,817234,685
28,132
86,224
23,13228,47912,651
19,618249
2,093
176,593
24,644
151,948
1,323
175,270
32.8%
56,953
8,967
3.4%

147,589
141,850
5,738
33,456
9,680
14,326
4,185
1,325
115
3,823
114,133
12,134
101,998
11,089103,04422.7%
28,6535,341
3.6%

134,155
104,737
29,41842,701
9,370
10,833
15,821
4,580
131
1,963
91,454
17,58073,874
180
91,27431.8%
21,627
4,604
3.4%

157,031
140,348
16,683
51,69014,771
16,323
8,512
5,185
208
6,689
105,341
30,13775,203
105,341
32.9%
32,647
5,354
3.4%

117,155
108,893
8,261
30,353
7,855
12,510
6,722
1,856
153
1,255
86,801
24,672
62,1291,858
84,94325.9%
25,0204,162
3.6%

109,804
9,150

132,997
11,08353,352
4,446

51,1294,260

45,665
3,805

242,493
20,207478,358
39,863

185,752
15,47979,8606,655

389,50732,458

180,934
15,077204,780
17,065

216,520
18,043

169,820
14,151

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

-44-

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A074

A078

A083

A084

A085

A086

Property NameKDX ShinNihonbashi
Building

KDX Tachikawa
Ekimae Building

KDX Fuchu
Building

KDX Kasuga
Building

KDX Nakameguro
Building

KDX Omiya
Building

Acquisition Date

July 22, 2011

Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A087

A088

Nihonbashi
KDX Shinjuku
Horidomecho First 6-chome Building※As of October 31, 2020

A089

A090

A091

A092

A093

A094

KDX
Takanawadai
Building

KDX Ikebukuro
Building

KDX Mita
Building

KDX Akihabara
Building

KDX Iidabashi
SquareKDX MusashiKosugi Building

December 26, 2011 September 21, 2012 September 21, 2012 September 21, 2012 March 26, 2013 August 19, 2013 September 13, 2013 November 19, 2013 November 18, 2013 November 18, 2013 November 19, 2013 January 10, 2014 March 20, 2014

2,300
0.5%
1,972
3,140
0.6%
8
2,658.79
2,658.79

1,267
0.3%
1,319
1,810
0.3%
5
1,612.13
1,612.13

6,120
1.4%
5,733
8,870
1.7%
37
10,151.50
10,151.50

2,800
0.6%
2,625
4,060
0.8%
12
4,347.11
4,347.11

1,880
0.4%
1,854
3,300
0.6%
6
2,726.69
2,330.86

2,020
0.5%
2,139
3,100
0.6%
17
3,810.81
3,810.81

2,200
0.5%
2,247
3,090
0.6%
13
3,106.42
3,060.02

1,900
0.4%
1,883
3,340
0.6%
7
4,037.44
4,037.44

5,250
1.2%
5,575
6,670
1.3%
8
6,967.61
6,967.61

3,900
0.9%
3,554
5,100
1.0%
7
3,110.71
3,110.71

3,180
0.7%
3,148
3,930
0.8%
11
3,331.65
3,180.65

2,600
0.6%
2,493
3,210
0.6%
6
2,289.27
2,289.27

4,350
1.0%
4,825
6,200
1.2%
6
4,571.92
3,642.04

12,0002.7%
10,74017,7003.4%
10
12,978.57
12,978.57

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
94,081100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,037100.0%
100.0%
100.0%
97.2%
98.2%
99.1%
99.1%
88.6%
85.2%
98.6%
184days
313,156

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
130,03485.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
85.5%
184days
108,780

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
118,33998.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
81.9%
97.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
94.0%
94.0%
94.0%
94.0%
94.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.3%
100.0%
184days

95.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.6%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

79.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.6%
47.7%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

86,247
7,833
21,474
7,285
7,450
4,603
897
88
1,148
72,607
9,396
63,210325
72,28222.8%
14,8883,401
3.6%

58,4599,578
19,706
5,654
8,199
3,166
1,453
68
1,165
48,331
5,438
42,892
4,191
44,13929.0%
16,3982,374
3.5%

279,968
33,188100,158
32,45826,47426,939
6,949
454
6,883
212,997
46,470166,527
18,608194,389
32.0%
52,946
10,737
3.4%

116,620
13,41333,013
10,946
11,939
7,352
1,075
180
1,519
97,021
19,667
77,353306
96,71525.4%
23,8794,633
3.6%

92,27016,51022,062
7,970
6,359
3,511
2,567
111
1,543
86,718
11,39475,32386,71820.3%
12,7183,989
3.7%

107,148
11,191
26,367
10,138
6,843
5,507
3,203
131
544
91,972
16,18375,789550
91,422
22.3%
13,6834,292
3.6%

102,615
91,776
10,83826,98010,434
7,353
6,368
1,627
133
1,063
75,634
13,04762,586
13,37762,25726.3%
14,6993,637
3.5%

109,841
93,456
16,38438,908
9,298
10,913
7,908
9,184
161
1,442
70,932
11,56459,36818,381
52,551
35.4%
21,826
3,689
3.4%

208,737
183,622
25,11552,527
15,81019,696
10,968
4,423
228
1,399
156,210
19,793
136,417
22,686
133,524
25.2%
39,3927,447
3.6%

138,266
125,362
12,903
31,238
10,158
7,664
7,576
1,824
89
3,924
107,027
27,497
79,5303,168
103,859
22.6%
15,3295,006
3.6%

107,064
90,81916,24542,235
8,709
10,274
6,844
9,481
137
6,787
64,82914,01650,8138,819
56,01039.4%
20,5493,508
3.3%

84,94979,6485,300
16,445
5,711
4,095
3,978
1,486
76
1,096
68,504
11,856
56,6473,004
65,500
19.4%
8,190
3,131
3.7%

166,922
156,233
10,68838,346
11,482
14,329
8,625
3,081
164
663
128,576
27,871
100,704
106
128,470
23.0%
28,6536,030
3.6%455,166
416,825
38,341
91,904
36,63829,746
20,595
2,660
459
1,803
363,261
102,493
260,768
3,092
360,169
20.2%
59,496
16,7023.7%

151,090
12,59099,6108,300

415,708
34,642

246,516
20,543

177,359
14,779226,566
18,880113,555
9,462

148,568
12,380297,223
24,768105,980
8,831

219,60918,300150,390
12,532

261,437
21,786

233,439
19,453

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

-45-

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A095

A096

A099

A101

A102

A107

Property NameKDX Toyosu
Grand Square

KDX
Takadanobaba
Building

KDX IkebukuroWest Building

KDX Yokohama
Building

KDX Yokohama
Nishiguchi
Building

KDX
Ginza East
Building

Acquisition Date

May 30, 2014 May 30, 2014 September 3, 2014 October 29, 2014 December 2, 2014 March 13, 2015 March 26, 2015 September 1, 2015 March 30, 2016 August 2, 2016 December 1, 2016 February 1, 2017 April 5, 2017 August 10, 2017

Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)A108Pentel Building

A109

A112

※As of October 31, 2020

A113

KDX
KDX
KDX Toranomon
Shin-Nihonbashi
Hamamatsucho
1chome Building
Ekimae Building
Center Building

A115

A116

ARK Mori
Building

KDX
Nishi-Shinbashi
Building

A117

A119

BR Gotanda

KDX Shibuya
Nanpeidai
Building

8,666
2.0%
7,764
9,910
1.9%
13
11,797.84
11,383.69

3,650
0.8%
3,579
4,470
0.9%
11
4,595.41
4,595.41

1,934
0.4%
2,020
2,400
0.5%
8
2,532.71
2,532.71

7,210
1.6%
7,354
9,140
1.8%
26
10,922.27
10,443.55

2,750
0.6%
2,658
3,280
0.6%
13
4,981.87
4,720.26

3,600
0.8%
3,678
3,890
0.7%
12
4,400.92
4,400.92

3,350
0.8%
3,549
4,032
0.8%
9
4,346.66
4,346.66

3,950
0.9%
4,004
4,510
0.9%
8
3,052.73
3,052.73

15,5503.5%
15,96323,3004.5%
38,179.00
8,179.00

3,829
0.9%
3,962
4,230
0.8%
10
3,284.79
2,925.55

4,169
0.9%
4,180
4,820
0.9%
1
2,442.60
2,442.60

8,400
1.9%
8,522
9,350
1.8%
8
5,734.79
5,734.79

2,200
0.5%
2,301
2,730
0.5%
5
3,504.75
3,056.45

3,500
0.8%
3,548
3,920
0.8%
1
2,205.33
2,205.33

96.5%
100.0%
100.0%
100.0%
100.0%
98.0%
98.0%
95.9%
98.0%
100.0%
184days
331,342100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
92.0%
100.0%
93.1%
93.1%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days95.6%
100.0%
100.0%
100.0%
97.5%
100.0%
100.0%
97.5%
95.0%
98.5%
184days

94.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
94.9%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days89.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
67.2%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days87.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

277,959
53,38387,74620,92921,54529,663
5,731
429
9,448
243,595
80,426
163,169
9,754
233,841
26.5%
42,9443,359
1.0%

146,480
119,678
26,802
39,197
9,979
10,179
8,620
5,803
143
4,470
107,283
17,22790,055
1,327
105,956
26.8%
20,3585,178
3.5%

72,812
63,482
9,330
22,944
6,046
5,284
3,271
6,577
99
1,664
49,86814,09035,777
3,706
46,161
31.5%
10,566
2,503
3.4%

297,371
257,089
40,281
77,96328,94319,365
19,348
8,264
356
1,685
219,40749,817
169,5907,819
211,58826.2%
38,728
10,546
3.5%

121,008
104,937
16,07038,111
11,794
10,575
11,826
1,571
162
2,180
82,897
16,611
66,286150
82,74731.5%
21,151
4,161
3.4%

123,014
105,889
17,12440,647
9,901
11,057
8,065
10,525173925
82,366
17,45764,909
11,146
71,21933.0%
22,1154,191
3.4%

138,363
133,885
4,478
37,00821,016
13,521
1,959
210
300
101,354
16,10585,2483,390
97,96426.7%
27,041
4,892
3.5%

109,696
101,6218,075
22,800
9,451
7,938
4,059
678
110
561
86,896
10,73876,15786,89620.8%
15,8774,012
3.7%

526,980
506,063
20,916
107,818
39,00051,264
14,906
1,545
305
796
419,162
62,075357,086660
418,50220.5%
102,528
19,3093.7%

118,011
108,682
9,328
31,8138,564
13,586
6,726
2,197
106
631
86,197
12,38473,812
14,02572,171
27.0%
27,1734,167
3.5%

227,880
204,365
23,51548,488
16,61918,143
11,715965
232
811
179,392
17,666
161,726
15,395
163,997
21.3%
35,9508,311
3.6%

103,51380,35723,15642,17016,505
9,571
3,885
8,222
141
3,844
61,343
10,164
51,17833,17828,16540.7%
19,1433,364
3.3%

97,71888,057
9,661
23,420
6,782
8,945
4,796
2,183
122
589
74,298
8,003
66,295
5,465
68,83324.0%
17,891
3,510
3.6%

301,109
25,092

266,744
22,228116,860
9,738

770,840
64,236

237,824
19,818283,090
23,590363,949
30,329197,760
16,480254,896
21,241

231,210
19,267

305,494
25,457

180,148
15,01257,2094,767

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues（Note）（Note）

76,7694,854
71,914
185
76,583（Note）
18,696（Note）

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

Note： Figures are not disclosed because the company that is the master lessee and the property manager has not given consent.

-46-

137,750
11,479【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2020

Other Regional Areas

Property No.

A120

A121

A122

A123

A124

A125

A127

A128

A012

A042

A044

A053

A054

A058

Property NameKDX Yoyogi
Building

Ginza 4chome
Tower

Mitsubishijuko
Yokohama
Building

KDX Yokohama
Kannai Building

KDX
Hamamatsucho
Place

Chofu Center
Building

KDX
Kanda Ekimae
Building

Shinbashi
M-SQUARE
BrightPortus Center
Building

KDX Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

September 30, 2005 August 19, 2013 December 7, 2017 January 31, 2018

July 2, 2018

Acquisition Date
Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)June 14, 2019 February 7, 2020 June 30, 2020 September 21, 2005 June 1, 2007

June 1, 2007 February 1, 2008 February 1, 2008 July 1, 2009

2,479
0.6%
2,418
2,310
0.4%
10
1,173.55
1,173.55

9,800
2.2%
9,439
14,0002.7%
35,624.23
5,522.70

14,7203.3%
14,621
15,0002.9%
2113,495.34
13,482.18

9,500
2.1%
9,603
10,4002.0%
7
10,070.69
10,070.69

20,700
4.7%
20,487
23,7004.6%
139,325.18
8,639.80

8,700
2.0%
9,006
10,1001.9%
7
11,834.73
11,834.73

3,300
0.7%
3,334
3,510
0.7%
7
2,162.88
2,162.88

16,3003.7%
16,40720,8004.0%
6
5,392.72
5,392.72

5,570
1.3%
3,895
5,030
1.0%
28
11,501.14
10,384.09

5,400
1.2%
5,056
5,680
1.1%
40
8,743.95
8,601.49

2,100
0.5%
1,867
2,070
0.4%
31
3,948.03
3,948.03

4,900
1.1%
4,355
4,990
1.0%
53
10,112.11
10,012.81

2,220
0.5%
1,996
1,670
0.3%
13
3,995.28
3,995.28

7,550
1.7%
6,324
5,580
1.1%
16
6,923.12
6,923.12

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
69,19860,524
8,673
15,632
4,079
4,810
3,839
1,938
65
899
53,565
9,888
43,677630
52,935
22.6%
9,621
2,505
3.6%

98.2%
98.2%
98.2%
98.2%
98.2%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
281,494
253,194
28,30063,294
19,43023,653
16,666
1,584
165
1,794
218,199
35,934
182,265
44,238173,960
22.5%
47,307
10,1973.6%

99.9%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
428,727
402,583
26,144
134,249
38,332
37,77747,478
8,247
743
1,669
294,478
41,869252,609
3,436
291,041
31.3%
75,5562,840
0.7%

100.0%
100.0%
100.0%
100.0%
100.0%
92.8%
184days
290,136
256,764
33,371
85,68327,30326,551
17,526
4,387
401
9,513
204,452
57,121
147,3317,521
196,930
29.5%
53,073
10,0933.5%

92.7%
100.0%
100.0%
100.0%
100.0%
184days
520,464
483,235
37,22899,80436,98628,102
26,327
1,639
358
6,390
420,660
76,644
344,016
420,660
19.2%
56,205
19,2063.7%

100.0%
100.0%
100.0%
184days
335,627
296,935
38,692
119,272
42,49026,47432,334
16,294472
1,207
216,354
25,816
190,538
33,295
183,059
35.5%
52,947
11,2643.4%

100.0%
100.0%
184days
74,10765,371
8,735
13,724
5,642
6,101
961
65
953
60,382
4,278
56,104
2,205
58,17718.5%
15,1932,744
3.7%

100.0%
124days
256,235
245,026
11,20828,22918,923
13
7,392
584
157
1,158
228,005
22,877205,127
228,005
11.0%
76,500
9,882
3.9%

90.3%
92.8%
97.3%
94.1%
100.0%
100.0%
100.0%
100.0%
96.7%
97.3%
184days
276,565
231,872
44,692
118,517
52,243
21,29818,58622,8281,202
2,358
158,047
55,948102,099
121,910
36,13742.9%
42,595
8,869
3.2%

98.4%
100.0%
100.0%
100.0%
100.0%
100.0%
96.7%
97.8%
100.0%
99.3%
184days
221,581
192,949
28,631
72,936
20,67424,921
17,774
3,280
329
5,955
148,644
34,712
113,931
26,842
121,801
32.9%
49,8437,555
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
97,68483,453
14,23029,661
11,438
7,097
8,791
802
151
1,379
68,022
19,93348,08968,022
30.4%
14,194
3,381
3.5%

99.0%
99.0%
98.5%
99.5%
95.1%
99.5%
99.5%
95.2%
97.6%
97.5%
184days
206,153
179,318
26,83556,391
15,736
11,41422,223
2,764
314
3,939
149,761
39,331
110,430
2,810
146,951
27.4%
22,8287,263
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
89.2%
89.2%
89.2%
89.3%
89.3%
184days
74,20861,932
12,27534,865
7,232
4,441
7,473
10,001
124
5,592
39,342
14,01625,325
168
39,174
47.0%
8,883
2,317
3.1%

100.0%
93.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.6%
100.0%
184days
181,191
159,833
21,35760,864
17,311
20,55014,251
3,276
237
5,237
120,326
73,177
47,1492,100
118,226
33.6%
41,1046,153
3.4%

57,675
4,806

197,767
16,480750,371
62,530124,369
10,364

83,362
6,946

330,605
27,550138,976
11,581

51,837
4,319

971,099
80,924375,354
31,279128,121
10,676

291,937
24,328

131,582
10,965

202,897
16,908

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

A058 KDX Nagoya Sakae Building: The land portion of KDX Nagoya Sakae Building was acquired on April 25, 2008.

-47-

【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

Office Buildings

Other

Location

Other Regional Areas

Tokyo
Metropolitan
Area

Property No.

A069

A070

A079

Property NameKDX KobayashiDoshomachi
Building

KDX Sapporo
Building

KDX Nagoya
Ekimae Building

Acquisition Date

December 1, 2010 March 25, 2011 December 26, 2011 March 28, 2012

Price Information

Acquisition price (millions of yen)
Percentage of total acquisition priceNet book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A082

A097

A098

A100

KDX Higashi KDX Utsunomiya KDX Hiroshima Senri Life Science
Umeda Building
Building
Building
Center Building※As of October 31, 2020

Total of 98
Properties

A104

A106

A110

A111

A118

A126

D002

KDX MinamiHonmachi
Building

KDX
Sakura-dori
Building

KDX
Shin-Osaka
Building

KDX Nagoya
Nichigin-mae
Building

KDX Sapporo
Kitaguchi
Building

Tosabori
Prime

Shinjuku 6chome
Building (Land)

May 30, 2014 September 1, 2014 October 15, 2014 December 2, 2014 January 9, 2015 September 1, 2015 March 15, 2016 July 20, 2017 January 31, 2020 April 18, 2014

2,870
0.6%
1,860
2,910
0.6%
9
7,072.25
7,072.25

2,005
0.5%
1,980
2,540
0.5%
21
3,786.75
3,786.75

7,327
1.7%
7,859
10,1001.9%
187,903.84
7,903.84

2,770
0.6%
2,293
3,860
0.7%
4
4,994.88
4,994.88

2,350
0.5%
2,262
2,670
0.5%
24
5,278.51
5,278.51

1,300
0.3%
1,338
1,860
0.4%
22
4,003.86
4,003.86

13,0002.9%
12,51813,7002.6%
6217,190.71
17,190.71

2,200
0.5%
1,954
3,060
0.6%
17
5,280.02
5,280.02

5,900
1.3%
6,528
8,470
1.6%
34
12,318.24
12,318.24

4,550
1.0%
4,489
5,400
1.0%
17
5,979.39
5,979.39

3,500
0.8%
3,393
3,930
0.8%
15
4,363.96
4,363.96

1,800
0.4%
2,108
2,130
0.4%
15
3,319.16
3,319.16

5,000
1.1%
5,025
5,100
1.0%
8
5,635.39
5,016.09

2,880
0.6%
2,973
3,640
0.7%
1
1,355.13
1,355.13

443,785
100.0%
428,546
520,732
100.0%
1,187
488,010.71
478,975.36

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
97.8%
100.0%
92.9%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
95.5%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
89.0%
89.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
96.6%
100.0%
100.0%
100.0%
100.0%
100.0%
90.5%
90.5%
184days100.0%
100.0%
99.0%
99.4%
99.8%
99.8%
99.8%
99.8%
83.3%
95.7%
184days100.0%
100.0%
96.1%
93.7%
96.4%
98.8%
100.0%
93.5%
92.5%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
98.3%
99.1%
98.2%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
96.2%
100.0%
94.6%
92.2%
89.5%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days89.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days

209,530
189,407
20,12399,960
16,25011,296
14,1622,449
239
55,562
109,570
53,70455,866
1,983
107,58747.7%
22,5926,512
3.1%

96,97582,423
14,552
32,675
9,534
9,743
8,903
1,052
135
3,305
64,30021,08043,21945,49718,802
33.7%
19,4893,291
3.4%

333,905
287,373
46,531
117,823
31,40747,06430,355
5,972
341
2,681
216,082
48,197
167,884
11,307204,775
35.3%
94,131
11,224
3.4%

152,758
119,890
32,867
48,868
10,265
12,52420,503
3,062
180
2,331
103,889
35,562
68,327
2,415
101,474
32.0%
25,0495,237
3.4%

133,125
114,114
19,01136,146
15,619
8,584
8,586
2,151
186
1,019
96,97928,521
68,45743,866
53,11227.2%
17,168
4,696
3.5%

78,33064,935
13,394
23,691
8,678
6,744
7,287
201
149
630
54,63914,15740,481560
54,07930.2%
13,4902,713
3.5%

613,090438,346
174,744
302,029
81,34062,463
94,31927,777
1,183
34,945
311,061
137,751
173,30944,772
266,28949.3%
124,920
18,2043.0%

116,052
93,65622,39540,943
10,804
13,056
13,712
2,342
170
857
75,10824,44950,6591,130
73,97835.3%
26,1183,901
3.4%

341,065
290,21250,853
141,22147,14939,212
27,17214,800493
12,394
199,843
48,725
151,117
19,656
180,18741.4%
78,432
11,0383.2%

163,144
145,732
17,411
46,19813,317
12,846
10,848
1,216
194
7,774
116,945
22,976
93,9697,510
109,435
28.3%
25,6935,716
3.5%

123,646
108,575
15,071
31,044
9,483
9,865
8,130
1,880
130
1,554
92,602
27,56465,037
2,957
89,64425.1%
19,7304,413
3.6%

76,48667,711
8,774
46,059
8,618
6,895
4,506
23,18876
2,774
30,426
14,27916,147
166,395△135,969
60.2%
13,7912,181
2.9%

142,944
103,594
39,34932,558
13,628
14,664
2,591
213
1,461
110,385
18,31992,066
609
109,776
22.8%
24,4205,169
3.6%

68,68068,676
4
6,856
6,656
200
61,824
61,824
61,82410.0%
13,313-

15,522,297
13,699,114
1,823,182
4,535,772
1,432,905
1,296,880
1,037,858
439,405
19,199309,522
10,986,524
2,517,947
8,468,577
1,251,259
9,735,265
29.2%
2,709,209
514,099
3.3%

300,615
25,051

212,367
17,697

527,61043,967

219,680
18,306331,989
27,665

185,070
15,422

1,688,032
140,669

142,937
11,911

744,272
62,022

358,124
29,843

305,71025,475

120,720
10,060225,568
18,797-23,280,129
1,940,010

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
Operating periods

Profit and Loss Information for the 31th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2020 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

98.1%
99.5%
99.5%
99.2%
99.1%
99.0%
99.1%
97.9%
96.9%
96.9%
182days ※Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)
Reference：Amount of yearly avg.

A069 KDX Kobayashi-Doshomachi Building: The rent for land to the land owner (Kobayashi Pharmaceutical Co., Ltd.) is stipulated according to specific terms
under the land lease agreement and the annual rent to be paid is 107.9 million yen until the end of August 2024.

-48-*Total: Cost-weighted average management period (days)【Reference】

Earnings Performance for the Individual Properties for the 31th Fiscal Period (May 1, 2020 to October 31, 2020)：184days

Type

OfficeBuildings

Location

Tokyo Metropolitan Area

Total 2
Properties
Sold

Property No.

A068

A114

Property NameKDX Nihonbashi
Honcho Building

KDX
Nihonbashi
Edo-dori Building

Acquisition Date

November 12, 2010 August 2, 2016

Total of 100
Properties

Price Information

Acquisition price (millions of yen)

4,000

1,350

5,350

Percentage of total acquisition price

74.8%

25.2%

100.0%

449,135-

Revenue from sale of the investment property (millions of yen)

5,000

1,550

6,550

-

Costs of the investment property (millions of yen)

3,905

1,381

5,287

-

Gain / Loss on sale of real estate (millions of yen)

939

118

1,057

-

Number of tenants

-

-

-

-

Leasable floor area (㎡)

-

-

-

-

Leased floor area （㎡)

-

-

-

-

Operating periods

100.0%
100.0%
100.0%
88.3%
100.0%
100.0%
100.0%
100.0%
100.0%
60days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
65.8%
73.7%
60days60days①Rental and other operating revenues (thousands of yen)

47,263

13,59760,86015,583,157

44,871

13,07957,95013,757,065
1,826,092

Occupancy rate
Lease Information

As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016

Profit and Loss Information for the 31th Fiscal Period

Rental revenues

180days *

2,392

517

2,909

22,164

5,709

27,8734,563,646

Property management fees

2,810

953

3,763

1,436,668

Taxes

16,3583,490

19,8491,316,730

Utilities

1,528

561

2,090

1,039,948

Repairs and maintenance costs

441,103

Other operating revenues②Property-related expenses (thousands of yen)

1,145

552

1,698

Insurance

64

22

86

19,286

Trust fees and other expenses

257

128

385

309,908③NOI （＝①-②） (thousands of yen)

25,0997,887

32,986

11,019,511④Depreciation (thousands of yen)

3,842

1,346

5,189

2,523,136⑤Rental operating income（＝③-④） (thousands of yen)

21,256

6,540

27,797

8,496,374---

1,251,259⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)

25,0997,887

32,986

9,768,251

Expense ratio （＝②／①）

46.9%

42.0%

45.8%

29.3%

-

-

-

-

Property management fee (Leasing management fees ) of ② (thousands of yen)

1,476

438

1,915

516,014

Reference： Percentage of rental and other operating revenues

3.1%

3.2%

3.1%

3.3%

-

-

-

-

-

-

-

Property tax for the year 2020 (thousands of yen)
ReferenceLong-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (thousands of yen)
Reference：Amount of yearly avg.

KDX Nihonbashi Honcho Building (A068) and KDX Nihonbashi Edo-dori Building (A114) were sold on June 30, 2020.

*Total: Cost-weighted average management period (days)-49-※As of October 31, 2020

(Reference) Status of Borrowings
Borrowings as of October 31, 2020 are as follows.
Classification

LenderShort-Term Loans Payable
Current Portion of Long-Term Loans Payable
Long-Term Loans Payable

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Resona Bank, Limited.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Bank, Ltd.
Sub Total
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation
Resona Bank, Limited.
MUFG Bank, Ltd.
Aozora Bank, Ltd.
MUFG Bank, Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
The Bank of Fukuoka, Ltd.
MUFG Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
MUFG Bank, Ltd.
Sub Total
Development Bank of Japan Inc.
Development Bank of Japan Inc.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Resona Bank, Limited.
Resona Bank, Limited.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, LimitedAozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.
Mizuho Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Nishi-Nippon City Bank, Ltd.
The 77 Bank, Ltd.
The Higashi-Nippon Bank, Limited
The Mie Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Resona Bank, Limited.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, LimitedAozora Bank, Ltd.
Resona Bank, Limited.
Development Bank of Japan Inc.
Development Bank of Japan Inc.
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Limited.

Drawndown Date

(Note 3)January 31, 2020
January 31, 2020
January 31, 2020
January 31, 2020
March 12, 2020
March 31, 2020
June 30, 2020
June 30, 2020
June 30, 2020
August 31, 2020

July 31, 2014
August 30, 2013
August 30, 2019
September 22, 2014
April 22, 2014
July 31, 2014
November 12, 2013
November 12, 2013
November 29, 2013
November 29, 2013
November 29, 2019
November 29, 2019
November 29, 2019
January 10, 2014
January 31, 2014
January 30, 2015
(Note 4)
July 10, 2014
(Note 4)
July 10, 2014
(Note 4) September 1, 2014
(Note 4) September 1, 2014
(Note 4) March 20, 2014
(Note 4) September 30, 2014
(Note 4) October 31, 2014
March 12, 2014
March 20, 2014
March 20, 2014
July 31, 2014
September 3, 2014
September 3, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
January 30, 2015
February 18, 2015
February 18, 2015
February 18, 2015
February 18, 2015
February 27, 2015
March 12, 2015
March 31, 2015
April 30, 2015
August 31, 2015
August 31, 2015
August 31, 2015
August 31, 2015
August 31, 2015
August 31, 2015
September 30, 2015
October 30, 2015
October 30, 2015
October 30, 2015
October 30, 2015
October 30, 2015
November 12, 2015
January 29, 2016
January 29, 2016
January 29, 2016
January 29, 2016
February 18, 2016
February 18, 2016
March 31, 2016
April 28, 2016
April 28, 2016
April 28, 2016
July 29, 2016
August 2, 2016
October 31, 2016
October 31, 2016
October 31, 2016
October 31, 2016
October 31, 2016
December 12, 2016

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands of
Yen)

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Remarks

500,000
500,000
4,200,000
800,000
3,000,000
500,000
9,500,000
2,700,000
1,500,000
1,000,000
2,700,000
2,900,000
300,000
2,000,000
500,000
1,000,000
900,000
1,000,000
500,000
200,000
1,300,000
2,300,000
1,500,000
2,000,000
500,000
800,000
500,000
4,000,000
1,000,000
3,000,000
34,100,000
1,800,000
3,000,000
2,000,000
2,200,000
1,000,000
950,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,250,000
350,000
1,700,000
1,250,000
2,100,000
1,000,000
2,500,000
2,300,000
500,000
500,000
500,000
500,000
500,000
500,000
2,000,000
1,000,000
1,500,000
2,000,000
2,500,000
2,500,000
1,000,000
2,500,000
500,000
2,000,000
1,800,000
1,000,000
500,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
1,000,000
1,000,000
2,500,000
1,000,000
4,000,000
1,500,000
500,000

500,000
500,000
4,200,000
800,000
2,000,000
500,000
1,000,000
1,000,000
1,000,000
1,000,000
12,500,000
2,000,000
500,000
1,000,000
900,000
1,000,000
500,000
200,000
1,300,000
2,300,000
1,500,000
2,000,000
500,000
800,000
500,000
4,000,000
1,000,000
3,000,000
23,000,000
1,800,000
3,000,000
2,000,000
2,200,000
1,000,000
950,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,250,000
350,000
1,700,000
1,250,000
2,100,000
1,000,000
2,500,000
2,300,000
500,000
500,000
500,000
500,000
500,000
500,000
2,000,000
1,000,000
1,500,000
2,000,000
2,500,000
2,500,000
1,000,000
2,500,000
500,000
2,000,000
1,800,000
1,000,000
500,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
1,000,000
1,000,000
2,500,000
1,000,000
4,000,000
1,500,000
500,000

0.319
0.319
0.259
0.259
0.359
0.309
0.359
0.309
0.309
0.315

January 31, 2021
January 31, 2021
January 31, 2021
January 31, 2021
February 28, 2021
March 31, 2021
June 30, 2021
June 30, 2021
June 30, 2021
August 31, 2021

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

0.736
1.420
0.268
0.798
0.954
0.756
1.074
1.074
1.122
1.122
0.359
0.309
0.319
1.205
1.130
0.710
0.903
0.903
0.885
0.885
1.013
0.893
0.802

July 31, 2020
August 31, 2020
August 31, 2020
September 30, 2020
October 31, 2020
October 31, 2020
November 12, 2020
November 12, 2020
November 30, 2020
November 30, 2020
November 30, 2020
November 30, 2020
November 30, 2020
January 31, 2021
January 31, 2021
January 31, 2021
July 10, 2021
July 10, 2021
August 31, 2021
August 31, 2021
September 20, 2021
September 30, 2021
October 31, 2021

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

1.358
March 12, 2023
1.199
March 20, 2022
1.349
March 12, 2023
1.014
July 31, 2022
0.979
August 31, 2022
0.979
August 31, 2022
1.071 October 31, 2023
1.126 October 31, 2023
1.071 October 31, 2023
1.257 October 31, 2024
1.259 October 31, 2024
1.161 January 31, 2025
0.907 February 28, 2022
0.907 February 28, 2022
1.157 February 29, 2024
1.314 February 28, 2025
1.153 February 28, 2025
1.218 February 28, 2025
1.266
March 31, 2025
0.825
April 30, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
1.065 September 30, 2024
0.989 October 31, 2024
1.114 October 30, 2025
1.114 October 30, 2025
1.114 October 30, 2025
1.121 October 30, 2025
1.173 November 30, 2025
0.590 January 31, 2022
0.640 January 31, 2022
1.074 January 29, 2026
1.024 January 29, 2026
0.998 February 18, 2026
0.998 February 18, 2026
0.898
March 31, 2026
0.654
April 30, 2024
0.835
April 30, 2026
0.865
April 30, 2026
0.613
July 31, 2026
0.544
July 31, 2026
0.668 October 31, 2024
0.876 October 31, 2026
0.760 October 31, 2026
0.734 October 31, 2026
0.826 October 31, 2026
0.982 November 30, 2026

Full onmaturity(Note 2)

Unsecured/
Unguaranteed-50-

Classification
Long-Term Loans Payable
Note 1:
Note 2:
Note 3:Note 4:

LenderDrawndown Date

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands of
Yen)

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Remarks

Development Bank of Japan Inc.
December 28, 2016
1,500,000
1,500,000
0.950 December 28, 2026
Sumitomo Mitsui Trust Bank, Limited
January 16, 2017
500,000
500,000
0.860 January 31, 2027
MUFG Bank, Ltd.
January 31, 2017
700,000
700,000
0.853 January 31, 2027
The Bank of Fukuoka, Ltd.
March 28, 2017
500,000
500,000
0.850
March 31, 2027
Resona Bank, Limited.
June 30, 2017
1,500,000
1,500,000
0.849
June 30, 2027
Mizuho Bank, Ltd.
August 10, 2017
3,500,000
3,500,000
0.800
July 28, 2027
Sumitomo Mitsui Banking Corporation
August 31, 2017
1,000,000
1,000,000
0.544
August 31, 2023
Sumitomo Mitsui Banking Corporation
September 21, 2017
1,000,000
1,000,000
0.555
March 31, 2024
Sumitomo Mitsui Banking Corporation
September 21, 2017
1,500,000
1,500,000
0.680 September 30, 2025
Mizuho Bank, Ltd.
September 21, 2017
1,000,000
1,000,000
0.732
March 31, 2027
Development Bank of Japan Inc.
September 21, 2017
1,000,000
1,000,000
0.873 September 21, 2027
Sumitomo Mitsui Banking Corporation
September 21, 2017
2,500,000
2,500,000
0.851 September 30, 2027
MUFG Bank, Ltd.
October 31, 2017
2,500,000
2,500,000
0.810 October 31, 2027
Development Bank of Japan Inc.
November 13, 2017
3,000,000
3,000,000
0.931 November 13, 2027
Sumitomo Mitsui Banking Corporation
December 7, 2017
1,400,000
1,400,000
0.899 November 30, 2027
MUFG Bank, Ltd.
December 7, 2017
1,200,000
1,200,000
0.820 November 30, 2027
Development Bank of Japan Inc.
December 7, 2017
1,000,000
1,000,000
0.969 November 30, 2027
Resona Bank, Limited.
December 7, 2017
1,000,000
1,000,000
0.939 November 30, 2027
Mizuho Trust & Banking Co., Ltd.
December 7, 2017
1,000,000
1,000,000
0.869 November 30, 2027
Sumitomo Mitsui Trust Bank, Limited
December 7, 2017
800,000
800,000
0.899 November 30, 2027
MUFG Bank, Ltd.
December 7, 2017
600,000
600,000
0.869 November 30, 2027
The Bank of Fukuoka, Ltd.
December 28, 2017
500,000
500,000
0.744 December 28, 2025
Development Bank of Japan Inc.
December 28, 2017
500,000
500,000
0.878 December 28, 2026
Mizuho Trust & Banking Co., Ltd.
December 28, 2017
500,000
500,000
0.864 December 28, 2027
Aozora Bank, Ltd.
March 12, 2018
1,500,000
1,500,000
0.914
March 31, 2028
Sumitomo Mitsui Banking Corporation
March 26, 2018
1,000,000
1,000,000
0.808
March 31, 2027
Resona Bank, Limited.
March 26, 2018
1,000,000
1,000,000
0.902
March 31, 2028
Resona Bank, Limited.
July 31, 2018
500,000
500,000
0.988
July 31, 2028
The Hiroshima Bank, Ltd.
August 20, 2018
500,000
500,000
0.696
August 31, 2025
Sumitomo Mitsui Banking Corporation
August 20, 2018
1,000,000
1,000,000
1.003
August 31, 2028
Aozora Bank, Ltd.
August 20, 2018
1,000,000
1,000,000
1.003
August 31, 2028
Mizuho Trust & Banking Co., Ltd.
August 20, 2018
500,000
500,000
1.003
August 31, 2028
The Bank of Fukuoka, Ltd.
August 20, 2018
500,000
500,000
0.966
August 31, 2028
The 77 Bank, Ltd.
August 31, 2018
500,000
500,000
0.700
August 31, 2025
Full on
Unsecured/
The Higashi-Nippon Bank, Limited
August 31, 2018
300,000
300,000
0.723
August 31, 2025
(Note 2)maturity
Unguaranteed
The Nishi-Nippon City Bank, Ltd.
August 31, 2018
700,000
700,000
1.012
August 31, 2028
Aozora Bank, Ltd.
October 31, 2018
1,500,000
1,500,000
1.013 October 31, 2028
MUFG Bank, Ltd.
October 31, 2018
1,000,000
1,000,000
0.910 October 31, 2028
Resona Bank, Limited.
October 31, 2018
500,000
500,000
1.013 October 31, 2028
Sumitomo Mitsui Banking Corporation
March 28, 2019
1,400,000
1,400,000
0.838
March 31, 2029
Sumitomo Mitsui Trust Bank, Limited
March 29, 2019
2,950,000
2,950,000
0.839
March 31, 2029
Sumitomo Mitsui Trust Bank, Limited
June 14, 2019
500,000
500,000
0.246
June 30, 2023
Resona Bank, Limited.
June 14, 2019
500,000
500,000
0.517 December 28, 2026
SUMITOMO LIFE INSURANCE COMPANY
June 14, 2019
1,000,000
1,000,000
0.605
April 30, 2027
Sumitomo Mitsui Banking Corporation
June 14, 2019
1,000,000
1,000,000
0.725
March 31, 2029
The Hiroshima Bank, Ltd.
July 10, 2019
500,000
500,000
0.230
July 31, 2023
Sumitomo Mitsui Banking Corporation
July 31, 2019
1,000,000
1,000,000
0.291
July 31, 2022
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
1,000,000
1,000,000
0.295
July 31, 2023
MUFG Bank, Ltd.
July 31, 2019
1,000,000
1,000,000
0.554
April 30, 2027
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
1,000,000
1,000,000
0.554
April 30, 2027
Aozora Bank, Ltd.
September 30, 2019
1,000,000
1,000,000
0.489 September 30, 2026
MUFG Bank, Ltd.
September 30, 2019
900,000
900,000
0.531
March 31, 2027
The Norinchukin Bank
September 30, 2019
800,000
800,000
0.425
March 31, 2027
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
700,000
700,000
0.406 January 31, 2025
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
1,500,000
1,500,000
0.526 January 31, 2027
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
1,500,000
1,500,000
0.675 January 31, 2029
Sumitomo Mitsui Banking Corporation
March 12, 2020
1,800,000
1,800,000
0.361 February 28, 2026
Sumitomo Mitsui Banking Corporation
March 31, 2020
1,000,000
1,000,000
0.642
March 31, 2028
2,000,000
0.646
June 30, 2028
Sumitomo Mitsui Banking Corporation
June 30, 2020
Mizuho Bank, Ltd.
June 30, 2020
2,000,000
0.646
June 30, 2028
Mizuho Trust & Banking Co., Ltd.
June 30, 2020
700,000
0.646
June 30, 2028
MUFG Bank, Ltd.
June 30, 2020
2,000,000
0.510
June 30, 2028
Sumitomo Mitsui Banking Corporation
July 31, 2020
2,700,000
0.636
July 31, 2028
1,500,000
0.705
August 31, 2030
Development Bank of Japan Inc.
August 31, 2020
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
1,000,000
0.396 September 30, 2025
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
1,000,000
0.511 September 30, 2027
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
700,000
0.738 September 30, 2030
1,400,000
0.542
April 30, 2027
Sumitomo Mitsui Banking Corporation
October 30, 2020
Sumitomo Mitsui Banking Corporation
October 30, 2020
1,500,000
0.803 October 31, 2030
Resona Bank, Limited.
October 30, 2020
300,000
0.803 October 31, 2030
Sub Total
138,450,000
155,250,000
Total
182,050,000
190,750,000
Average interest rates are the weighted average during the period and figures are rounded to the nearest third decimal place. Also, with regard to borrowings for which interest rate swap
transactions were implemented in order to hedge the interest rate volatility risk, the weighted average interest rates taking into consideration the effects of the interest rate swaps are indicated.
Funds procured through borrowings are used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings, etc.
Partial prepayment of 1,000,000 thousand yen was made on October 30, 2020.
Borrowings are listed in the current portion of long-term loans payable from the fiscal period under review, listed in long-term loans payable in the previous fiscal period.

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