KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2019 (REIT)(May 1, 2019 to October 31, 2019)
December 13, 2019
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 30, 2020

Planned start of distribution payments: January 21, 2020

Preparing presentation material:

Yes･NoHold a financial brief meeting:Yes･No (for institutional investors and analysts)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED October 31, 2019 (May 1, 2019 to October 31, 2019)(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, 201915,027

(1.2)

6,828

(4.8)

5,845

(5.4)

5,844

(5.4)

April 30, 201915,212

(1.4)

7,172

0.3

6,179

1.2

6,178

1.2

Net Income per unit

Return on Unitholders’ Equity

Ordinary Income toOperating Revenues

Ordinary Income to Total Assets

For the six months ended

Yen

%

%

%

October 31, 201913,639

2.5

1.3

38.9

April 30, 201914,418

2.7

1.4

40.6

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

Total Distributions(Excluding Excess of
Earnings)

Distributions in
Excess of Earnings
per Unit

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

October 31, 201913,639

5,844

-

-

100.0

2.5

April 30, 201913,719

5,878

-

-

95.2

2.6

Total Distributions in
Excess of Earnings

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Note: Distributions per unit for the fiscal period ended April 30, 2019 are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (299 million yen) from unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distributions perunit and net income per unit is due to this calculation.

(3) Financial Position
Total Assets

Net Assets

Net Assets to Total Assets

Net Assets per Unit

For the six months ended

Millions of Yen

Millions of Yen%

Yen

October 31, 2019439,773

229,27652.1

535,054

April 30, 2019

436,753

229,440

52.5

535,437(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, 2019

7,897

(10,288)(2,879)23,612

April 30, 201913,286(904)(6,780)28,883This notice is an English-language translation of the original Japanese announcement on our website released on December 13, 2019. 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, 2020 (November 1, 2019 to April 30, 2020) andOctober 31, 2020 (May1, 2020 to October 31, 2020)(% 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, 2020

15,191

1.1

6,929

1.5

5,961

2.0

5,960

2.0

13,910-

October 31, 2020

15,506

2.1

7,003

1.1

6,021

1.0

6,020

1.0

14,050-For the six months ending%

Net Income(Millions of Yen)

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2020: 13,910 yen
Forecasted number of investment units issued and outstanding as of April 30, 2020: 428,510 units
Forecasted average number of investment units during the fiscal period ending April 30, 2020: 428,510 units
Estimated net income per unit for the fiscal period ending October 31, 2020: 14,050 yen
Forecasted number of investment units issued and outstanding as of October 31, 2020: 428,510 units
Forecasted average number of investment units during the fiscal period ending October 31, 2020: 428,510 units*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) Number of Investment Units Issued and Outstanding(a) Number of investment units issued and outstanding at period end (including treasury units)
As of October 31, 2019: 428,510 units
As of April 30, 2019: 428,510 units(b) Number of treasury investment units at period end
As of October 31, 2019: 0 units
As of April 30, 2019: 0 units
Note: Please refer to page 25, “Notes on Information per Unit” for the number of investment units as the base of the calculation of net income perunit.

* 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 Thirtieth Fiscal Period Ending April 30, 2020 and for the Thirty-first Fiscal Period Ending October 31, 2020” on page9, and the actual operating revenues, operating income, ordinary income, net income, distributions per unit and distributions in excess ofearnings per unit may differ from forecasts due to the change in the situation. Accordingly, the Investment Corporation does not guarantee
payment of the forecasted distributions.

This notice is an English-language translation of the original Japanese announcement on our website released on December 13, 2019. 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 ······························································································································· P 2(1) Operating Conditions ··············································································································· P 2(2) Risk Factors ·························································································································· P 8(3) Outlook ······························································································································· P 8
2. Financial Statements ································································································································ P 11
(1) Balance Sheets·······················································································································P 11(2) Statements of Income ·············································································································· P 13
(3) Statements of Unitholders’ Equity································································································ P 14
(4) Basis for Calculating Cash Distribution ························································································· P 15
(5) Statements of Cash Flows ········································································································· P 16
(6) Notes on Going Concern ·········································································································· P 17(7) Important Accounting Standards ································································································· P 17(8) Notes on Financial Statements···································································································· P 18(9) Changes in the Number of Investment Units Issued and Outstanding ······················································· P 26
3. Reference Information ····························································································································· P 26
(1) Information Concerning Price of Assets in the Property Portfolio, etc. ······················································ P 26
(2) Capital Expenditures ··············································································································· P 37
(3) Overview of Major Tenants ······································································································· P 38
(Reference Information) Earnings Performance for the Individual Properties ······················································ P 39
(Reference Information) Status of Borrowings ························································································· P 46

- 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
Trust Act”). 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 under review (October 31, 2019), 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 this end, the Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respondto the environment and market trends, and endeavors to ensure a timely response to opportunities.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended October 31, 2019), the Japanese economy saw the real GDP growth rate
for July to September 2019 (The Second Preliminary Estimates) increase 1.8% period on period at an annual rate due to the increaseof capital investment contributing to domestic demand.
The employment situation of companies and the income situation of households have continued to improve, and last-minute demand
before the consumption tax hike was also seen. Personal consumption is on an upward trend with the recovery of the consumption ofdurable goods which had slowed down. Capital investment is also on an upward trend against the backdrop of investments in things
such as labor-saving, improvement of operational efficiency and informatization, and domestic demand remains solid. On the other
hand, a sense of uncertainty regarding overseas economies caused by the prolonged U.S.-China trade friction as well as Brexit
continues to be seen. Accordingly, close attention to overseas trends going forward is required.
In terms of the office leasing market, as demand for relocations for expanded floor area and better location has continued to be strong
centering on the five central wards of Tokyo, both the occupancy rate and the rent level remained high. The average vacancy rate inTokyo’s five central wards at the end of October 2019 announced by Miki Shoji Co., Ltd. was 1.63%: down 0.57 percentage points
year on year and down 0.07 percentage points compared with the end of the previous fiscal period (April 30, 2019). In addition, theaverage rent in Tokyo’s five central wards (including newly-built office buildings) has also been increasing for 70 consecutive
months since January 2014, reaching a high level of 22,010 yen per tsubo for the first time since April 2009. Other major cities
across Japan also saw a trend of a decrease in average vacancy rate and an increase in rent levels.
In the office building transaction market, domestic investors such as listed J-REITs, private REITs and real estate companies, as well
as overseas investors have continued to show a strong appetite for property acquisitions. Due partially to the ongoing severe
competitive acquisition environment for prime properties, cap rates remain at continuously low levels and transaction prices remainhigh.
(b) Management Performance
As of the end of the previous fiscal period (April 30, 2019), the Investment Corporation owned 96 properties (with a total acquisition
price of 415,835 million yen) and equity interest in a Japanese silent partnership (tokumei kumiai) (“TK”) (initial investment amountof 1,107 million yen). During the fiscal period under review (fiscal period ended October 31, 2019), the Investment Corporationacquired one office building (Chofu Center Building: acquisition price of 8,700 million yen).
As a result, the number of properties owned as of October 31, 2019 (excluding the TK interest, same applies below.), amounts to 97(with a total acquisition price of 424,535 million yen). Looking at the portfolio distribution by property types, 99.3% was comprisedof office buildings and the remaining 0.7% comprised of other property on an acquisition price basis.
The occupancy rate as of the end of the fiscal period under review (October 31, 2019) was 99.5% and continuously maintained ahigh occupancy 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 underreview (October 31, 2019) (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 of swift and quality services in the operation and management of properties.
In terms of leasing, in light of the trends of the economy and real estate market, 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 withexisting tenants. Moreover, in order to maintain and raise the competitiveness of office buildings, repair of common areas, upgradingof air conditioning systems, renewal of elevators, etc. were implemented according to plan.
Consequently, as of the end of the fiscal period under review (October 31, 2019), the occupancy rate of office buildings in the Tokyo
Metropolitan Area owned by the Investment Corporation stood at 99.7%, while that for all owned office buildings stood at 99.5%,
maintaining high occupancy rates as at the end of the previous fiscal period (April 30, 2019).
Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for the Investment Corporation’s office buildings was 1,125 (Note 1) (Note 2) as of the end of the fiscal
period under review (October 31, 2019), diversifying tenant’s stratum further. Furthermore, floor area leased to the top 10 office endtenants as a proportion of total leased floor area of the entire portfolio was 10.7%. In addition, tenants of office buildings are invarious sectors. As a result, we believe the impact by a certain end-tenant vacating the property or sluggish performance in certain
sectors would have a relatively limited effect and will be able to maintain stable revenue.
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 1,126 as of the end of the fiscal period under review (October 31, 2019).

C. Capital Financing(a) Status of Borrowings and Investment Corporation Bonds
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, 2019), in addition to new borrowing of 3,000 million yen upon
property acquisition, the Investment Corporation undertook borrowings of 8,200 million yen for repayment of borrowings of the sameamount that matured during the fiscal period.
In addition, the Investment Corporation newly set a commitment line starting from June 3, 2019 (borrowing limit of 6,000 million yen)on May 31, 2019.
Accordingly, the balance of interest-bearing debt as of the end of the fiscal period under review (October 31, 2019) is 185,050 million
yen, comprised of 177,050 million yen in borrowings (2,200 million yen in short-term borrowings (Note 1) and 174,850 million yen in
long-term borrowings (Note 1)) and 8,000 million yen in investment corporation bonds.
Furthermore, as of the end of fiscal period under review (October 31, 2019), interest rates for 119,700 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 ininterest rates. In addition, the long-term debt ratio (Note 2) was 98.8% and the long-term fixed interest debt ratio (Note 3) was 97.7%.
As a result of these, the average remaining term of the Investment Corporation’s interest-bearing debt (Note 4) was 4.8 years, theaverage interest rate (Note 4) was 1.02% and the ratio of interest-bearing debt (Note 5) was 42.1% at the end of the fiscal period underreview (October 31, 2019).
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 thedrawdown 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 therepayment 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 nearest 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 byutilizing interest-rate swap agreements. Long-term fixed interest debt ratio is rounded to the nearest 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
upfront fees based on the balance of interest-bearing debt. Average remaining terms are rounded to the nearest first decimal place andaverage interest rates are rounded to the nearest 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
- 3 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Interest-bearing debt ratio is rounded to the nearest first decimal place.

The balances of borrowings according to financial institutions as of April 30, 2019 and October 31, 2019 are as follows:
End of Twenty-eighth
End of Twenty-ninth
Ratio as of the End
Fiscal Period
Fiscal Period
Lenderof Twenty-ninth Fiscal Period(as of April 30, 2019)(as of October 31, 2019)(%) (Note 6)(Millions of Yen)
(Millions of Yen)
Sumitomo Mitsui Banking Corporation
45,20046,20026.1
MUFG Bank, Ltd.
34,80034,80019.7
Development Bank of Japan Inc.
29,55029,55016.7
Sumitomo Mitsui Trust Bank, Limited
19,40019,90011.2
Mizuho Bank, Ltd.
11,70011,700
6.6
Resona Bank, Limited
10,750
11,250
6.4
Aozora Bank, Ltd.
11,35010,5506.0
Mizuho Trust & Banking Co., Ltd.
3,800
3,800
2.1
The Bank of Fukuoka, Ltd.
2,500
2,500
1.4
The Nishi-Nippon City Bank, Ltd.
1,700
1,700
1.0
The Hiroshima Bank, Ltd
1,000
1,000
0.6
The 77 Bank, Ltd
1,000
1,000
0.6
Sumitomo Life Insurance Company
－
1,000
0.6
The Higashi-Nippon Bank, Limited
800
800
0.5
The Norinchukin Bank
－
800
0.5
The Mie Bank, Ltd
500
500
0.3
Total
174,050
177,050100.0Note 6: Percentages as of the end of the fiscal period under review are rounded to the first decimal place.

(b) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (October 31, 2019) 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-(c) 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
for repairs and maintenance, working capital, etc.
Tenth Series Unsecured Investment Corporation Bonds of 2,000 million yen were issued based on the above shelf registration
statement on February 15, 2019.
D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 15,027
million yen, operating income of 6,828 million yen, ordinary income of 5,845 million yen and net income of 5,844 million yen for
the fiscal period under review (fiscal period ended October 31, 2019).
Concerning the cash distributions for the fiscal period under review, special taxation measures for investment corporations (Article
67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of the year 1957, including amendments thereafter; “theSpecial Taxation Measures Act”)) are applied based on the cash distribution policies stipulated in the Articles of Incorporation, andthe Investment Corporation has decided to distribute 5,844,447,890 yen, the maximum integral multiple amount of investment units
issued and outstanding of 428,510 units, up to the amount of unappropriated retained earnings for the fiscal period under review.
Therefore, the resulting distributions per unit is 13,639 yen.

- 4 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Outlook for next fiscal period
A. Investment Environment
The Japanese economy going forward is expected to see continuous improvement in employment and income as well as continuous
moderate growth due to strong domestic demand. On the other hand, careful attention should be paid to uncertainties concerning
overseas economies and politics including the slowdown of the global economy due to the prolonged U.S.-China trade friction as
well as Brexit. Even in Japan, it will be necessary to pay close attention to various events such as the impact of the consumption tax
hike, the trend of “quantitative and qualitative monetary easing involving control over long- and short-term interest rates” policy that
accompanies negative interest rates, and concerns over geopolitical risks.
Concerning the office leasing market, the average vacancy rate in Tokyo’s five central wards at the end of October 2019 announced
by Miki Shoji Co., Ltd. was 1.63%, and therefore the vacancy rate shows a downward trend and the demand remains steady. Alongwith the decline in the vacancy rate, the average rent in Tokyo’s five central wards has been on a rising trend.
In the office building transaction market, although some point out the overheated state, the generally intense acquisition market isforecasted to continue with investors such as listed J-REITs, private REITs, domestic real estate companies and foreign investors
bearing a strong appetite for acquisition, backed by the favorable financing environment owing to continuation of the Bank ofJapan’s monetary easing measures.
On the other hand, outstanding bank loans for the real estate industry continue to be on an upward trend, surpassing 100 trillion yen
at the end of September 2019, but careful attention will need to be paid to changes in bank policies on loans along with future trends
in interest rates. In the J-REIT market, the inflow of funds from overseas investors who recognize strong real estate market
conditions and stable interest rate levels has been confirmed, and the Tokyo Stock Exchange REIT Index surpassed 2,200 points in
October 2019 for the first time in about twelve years and three months (or since July 2007). However, attention should still be paid
to changes in supply and demand trends due to the increase in public offerings against the backdrop of a strong market environment.
B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting flexible and dynamic investment stance that seeks to respond toits 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 midsized office buildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep midsized office buildings in the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only inthose that have rare value as an alternative to office buildings, are located in busy commercial areas and offer a certain amount ofoffice 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 in the business.
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
Group and others on a conjoint basis. In addition, the Investment Corporation seeks to diversify acquisition methods (directacquisition, equity investment and co-acquisition with the Kenedix Group, mutual transaction with a view of asset reshuffle, etc.) tosecure tactful acquisition of properties such as investments in warehousing related TK, etc., in cooperation with the Kenedix Group
with consideration to the timing 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 thesale individually by considering the revenue, profitability, building age, area and property size, among other factors 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.

- 5 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(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 tenantsatisfaction. Accordingly, the Investment Corporation seeks to aim to maintain / increase cash flow by offering office environmentswith high tenant satisfaction. Based on the aim to become “the mid-sized office building of the 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
kit, automated external defibrillators (AEDs) and service delivery of public wireless LAN in consideration of business continuity
plans (BCP) and its corporate social responsibilities (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 officebuildings eight times 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 the building and facilities as well as on the soft aspects such as management and operation, consisting of multiple
items for evaluation and open-ended questions). The comprehensive satisfaction rating results for the Eighth CS survey conducted inAugust 2019 are as follows. The percentage of responses answering “Satisfied” and “Slightly Satisfied” remained high at almost thesame 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
1%
1%

Unknown
0%0%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.

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 to 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 thattenant turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities ina timely and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium- to long-term
through maintaining occupancy rate, while taking into account economic and real estate market trends.
Concerning the solicitation of new tenants, the Investment Corporation strives to shorten the period of vacancy and boost theoccupancy rate by implementing flexible and dynamic leasing activities through sharing information closely with leasing brokers,
holding of previews, marketing directly to corporations, utilizing guarantee companies and other measures while closely watchingmarket conditions and 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 andoperating costs by taking advantage of the portfolio size through cost reductions of building maintenance, reviews of building
maintenance companies, construction bidding and procurement of facilities and equipment, etc., via bulk orders.

- 6 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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 will respond asnecessary while considering legal regulations.
Develop a proactive response to environmental issues
The Investment Corporation has established the environmental policies, 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.
In addition, the Investment Corporation is designated as a specified corporation pursuant to the Act on Rationalizing Energy Use.
The Investment Corporation will research on energy saving and environmental friendliness of mid-sized office buildings, develop
medium- to long-term energy saving plans and reduction targets, and proactively institute measures in terms of both hardware(buildings and facilities) and soft services (operating and management services) in 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 ofincreasing 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 oncomparison 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(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aimof promptly providing a wide range of relevant information to investors, and make revisions to the information disclosure system
when needed. In specific terms, the Investment Corporation provides information through the Timely Disclosure Network System(TDnet), which is a system operated by the Tokyo Stock Exchange, as well as press releases and its website (URL: https://www.kdoreit.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 which
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 foropportunities 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 conflicts of interest arising between the investment corporations which consign the management business to the
Asset Management Company. As mentioned above, the Asset Management Company is taking appropriate measures for conflict ofinterest transactions.

- 7 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(f) Important Subsequent Events after the Closing Date
Not applicable(2) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on July 30, 2019, andthe disclosures are omitted.
(3) Outlook
Forecasts for the thirtieth fiscal period (November 1, 2019 to April 30, 2020) and for the thirty-first fiscal period (May 1, 2020 to
October 31, 2020) are presented as follows.
Thirtieth fiscal period (November 1, 2019 to April 30, 2020)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

15,191 million yen
6,929 million yen
5,961 million yen
5,960 million yen
13,910 yen- yen

Thirty-first fiscal period (May 1, 2020 to October 31, 2020)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

15,506 million yen
7,003 million yen
6,021 million yen
6,020 million yen
14,050 yen- yen

For preconditions and assumptions of the outlook, please refer to the following “Preconditions and Assumptions for the ThirtiethFiscal Period Ending April 30, 2020 and for the Thirty-first Fiscal Period Ending October 31, 2020.”
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 theforecasted distributions per unit.

- 8 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions for the Thirtieth Fiscal Period Ending April 30, 2020 and for the Thirty-first Fiscal Period Ending
October 31, 2020
Item
Preconditions and Assumptions⚫ The thirtieth fiscal period: November 1, 2019 to April 30, 2020 (182 days)
Calculation Period⚫ The thirty-first fiscal period: May 1, 2020 to October 31, 2020 (184 days)⚫ It is assumed that the Investment Corporation owns 97 properties that are composed of real estate and trust
beneficiary interests in real estate as of the date of this document. It is assumed that there will be no transfer
of assets in the property portfolio by the end of the thirty-first fiscal period.
Property Portfolio⚫ 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-first 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 13, 2019, and byconsidering variable factors, such as seasonal factors against the backdrop of historical performance, as wellas leasing conditions, such as the recent real estate market conditions, in addition to the difference in number
Operating Revenuesof operating days due to transfers in existing investment assets.
⚫ Dividends received of 54 million yen for the thirtieth fiscal period and 68 million yen for the thirty-firstfiscal 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.
⚫ Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
⚫ An amount of 1,435 million yen for the thirtieth fiscal period and 1,441 million yen for the thirty-first fiscal
period has been assumed for property and facility management fees (property management and building
maintenance fees, etc.).
⚫ An amount of 1,283 million yen for the thirtieth fiscal period and 1,316 million yen for the thirty-first fiscal
period has been assumed for taxes and public dues (property tax and city planning tax, etc.). In addition, theproperty tax and city planning tax, etc. of Chofu Center Building acquired on June 14, 2019, were 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, no amountwill be recorded as expenses for the thirtieth fiscal period. All such taxes will be recorded as expenses in andOperating Expenses
after the thirty-first fiscal period with the expected per-fiscal-period amount of 26 million yen.
⚫ An amount of 2,460 million yen for the thirtieth fiscal period and 2,502 million yen for the thirty-first fiscal
period has been assumed for depreciation expense.
⚫ An amount of 514 million yen for the thirtieth fiscal period and 452 million yen for the thirty-first 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,
maintenance and renovation expenses for the fiscal period may, however, differ significantly from estimatedamounts 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 952 million yen for the thirtieth fiscal period
Non-Operating Expenses
and 966 million yen for the thirty-first 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 13, 2019 is 177,050
million yen and 8,000 million yen, respectively.
Of the borrowings as of December 13, 2019, a total of 11,000 million yen in borrowings is due forrepayment during the thirtieth fiscal period and a total of 11,100 million yen during the thirty-first fiscal
period. However, it is assumed that all borrowings will be refinanced.
Of the investment corporation bonds as of December 13, 2019, it is assumed that there are no investment
corporation bonds maturing during the thirtieth and thirty-first fiscal periods.

- 9 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions

Item⚫
Investment Units Issued
and Outstanding⚫
⚫

The 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, 2019.
It is assumed that the number of investment units issued and outstanding will remain unchanged till the endof the thirty-first fiscal period.
Distributions per unit are calculated in accordance with the Cash Distribution Policies outlined in theInvestment Corporation’s Articles of Incorporation.
Actual distributions per unit may differ significantly from forecasted figures due to a variety of reasons
including transfers in investment assets, rental revenues impacted by tenant turnover or incidence of major
unforeseen renovation expense.

Distributions per Unit⚫

Distributions in Excessof Earnings per Unit⚫

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
and in real estate and other markets.

Other
⚫

- 10 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2. Financial Statements(1) Balance Sheets(Thousands of Yen)
Twenty-eighth Fiscal Period

Twenty-ninth Fiscal Period(As of April 30, 2019)(As of October 31, 2019)

AssetsCurrent assets
Cash and deposits

19,675,112

14,019,313

Cash and deposits in trust

10,959,133

11,366,312

Accounts receivable-trade298,778

361,207

Prepaid expenses

49,708109,777

Consumption taxes receivable
Other
Total current assets－

61,7896,788

13,22330,989,522

25,931,623

Noncurrent assets
Property, plant and equipment
Buildings

17,776,419

17,834,390

Accumulated depreciation(5,616,212)(5,917,165)

Buildings, net

12,160,207

11,917,224

Structures

32,61834,963

Accumulated depreciation(14,691)(15,551)

Structures, net

17,927

19,411

Machinery and equipment

424,662432,209

Accumulated depreciation(247,818)(260,033)

Machinery and equipment, net

176,843

172,176

Tools, furniture and fixtures

93,446

94,116

Accumulated depreciation(57,649)(61,148)

Tools, furniture and fixtures, net

35,79632,967

Land

27,520,902

27,520,902

Buildings in trust

121,511,168 *2

124,425,127

Accumulated depreciation(29,185,084)(31,204,886)

Buildings in trust, net

92,326,083

93,220,241

343,278359,676

Accumulated depreciation(157,234)(168,392)

Structures in trust, net

186,043

191,284

Machinery and equipment in trust

1,604,492

1,656,878

Accumulated depreciation(691,969)(743,824)

Machinery and equipment in trust, net

912,523

913,054

487,000

505,190

Accumulated depreciation(308,088)(326,879)

Tools, furniture and fixtures in trust, net

178,912

178,310

269,059,794

276,458,793

Structures in trust

Tools, furniture and fixtures in trust

Land in trust

1,511

－

402,576,545

410,624,366

Land leasehold

285,257

285,257

Land leasehold in trust

350,749

349,975

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

Other

2,424

1,796

638,431

637,029

1,130,524

1,131,953

10,00010,000

Lease and guarantee deposits in trust

122,889

122,889

Long-term prepaid expenses

1,178,564

1,232,222

19,487

8,768

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

Other- 11 -*2

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Thousands of Yen)
Twenty-eighth Fiscal Period

Twenty-ninth Fiscal Period(As of April 30, 2019)(As of October 31, 2019)

2,461,465

2,505,834

405,676,443

413,767,231

Investment corporation bond issuance costs

51,346

46,835Investment unit issuance expense

36,68427,513

Total deferred assets

88,031

74,348436,753,997

439,773,203

Accounts payable

1,575,141

1,119,767

Short-term loans payable

4,200,000

2,200,000

Current portion of long-term loans payable

Total investments and other assets
Total noncurrent assets
Deferred assets

Total assets

Liabilities
Current Liabilities

16,700,000

21,600,000

Accounts payable-other529,777475,642

Accrued expenses

78,66069,940

Income taxes payable

794

802

Accrued consumption taxes

475,104

132,354

Advances received

2,368,366

2,565,047

Deposits received

3,477

16,312

Other
Total current liabilities－

123

25,931,323

28,179,990

Noncurrent liabilities
Investment corporation bonds
Long-term loans payable

8,000,000

8,000,000

153,150,000

153,250,000

Tenant leasehold and security deposits

1,993,121

2,002,385

Tenant leasehold and security deposits in trust

18,035,523

18,741,871

203,786

322,853

Other
Total noncurrent liabilities

181,382,431

182,317,110

207,313,754

210,497,100

220,970,508

220,970,508

Reserve for reduction entry

2,475,385

2,775,335

Total voluntary reserve

Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve

2,475,385

2,775,335

Unappropriated retained earnings (undisposed loss)

6,178,677

5,844,500

Total surplus

8,654,063

8,619,835

229,624,572

229,590,343(184,329)(314,241)

Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments(184,329)

Total net assets

229,440,242

Total liabilities and net assets

436,753,997- 12 -(314,241)*1

229,276,102
439,773,203*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen)
Twenty-eighth Fiscal Period
November 1, 2018 toApril 30, 2019

Twenty-ninth Fiscal Period
May 1, 2019 to
October 31, 2019

Operating revenues
Rental revenues

12,794,187*1

12,976,033*1

Other rental revenues

1,801,706*1

1,983,471*1

Gain on sales of real estate, etc.

565,286*2

Dividends income

51,08868,38915,212,268

15,027,894

Total operating revenue－

Operating expenses
Property related expenses

6,880,478*1

7,092,170

Asset management fees

967,813899,348

Directors' compensation

8,400

8,400

Asset custody fees

23,116

23,102Administrative service fees

57,50857,264

Audit fees

11,80012,800

Other operating expenses

90,167

106,412

Total operating expenses

8,039,284

8,199,497

7,172,984

6,828,396

Interest income

67

68

Dividends and redemption-prescription

664

403

3

2

736

473

Interest expenses

808,013810,689

Interest expenses on investment corporation bonds

25,392

28,128Borrowing related expenses

124,518

127,833

3,564

4,511

Amortization of investment unit issuance expenses

9,171

9,171

Other

23,143

2,772

Total non-operating expenses

993,803

983,106

Ordinary income

6,179,916

5,845,764

Income before income taxes

6,179,916

5,845,764

1,238

1,264

Operating income
Non-operating income

Interest on refund
Total non-operating income
Non-operating expenses

Amortization of investment corporation bond issuance costs

Income taxes-current
Income taxes-deferred

0

(1)

1,238

1,263

Net income

6,178,677

5,844,500

Unappropriated retained earnings (undisposed loss)

6,178,677

5,844,500

Total income taxes- 13 -*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Twenty-eighth fiscal period (November 1, 2018 to April 30, 2019)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve
Reserve for
reduction entry

Balance at the beginning ofcurrent period

220,970,508

Unappropriatedretained earnings
Total voluntary(undisposed loss)
reserve

Total surplus

Total valuation
Total unitholders' Deferred gains or
and translation
equitylosses on hedges
adjustments

100,798

100,798

Total net assets

2,134,387

2,134,387

6,107,886

8,242,273

229,212,781

229,313,580

340,998

340,998(340,998)－－－

Distribution from surplus(5,766,887)(5,766,887)(5,766,887)(5,766,887)

Net income

6,178,677

6,178,677

6,178,677

6,178,677

Changes during the period
Provision of reserve for
reduction entry

Items other thanunitholders' equity, net
Total changes during theperiodBalance at the end of current
period(285,128)(285,128)(285,128)－

340,998

340,998

70,791

411,790411,790(285,128)(285,128)

126,662* 220,970,508

2,475,385

2,475,385

6,178,677

8,654,063

229,624,572(184,329)(184,329)

229,440,242

Twenty-ninth fiscal period (May 1, 2019, to October 31, 2019)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve
Reserve for
reduction entry

Balance at the beginning ofcurrent period

220,970,508

Unappropriatedretained earnings
Total voluntary(undisposed loss)
reserve

Total surplus

Total valuation
Total unitholders' Deferred gains or
and translation
equitylosses on hedges
adjustments(184,329)(184,329)

Total net assets

2,475,385

2,475,385

6,178,677

8,654,063

229,624,572

229,440,242

299,949

299,949(299,949)－－－

Distribution from surplus(5,878,728)(5,878,728)(5,878,728)(5,878,728)

Net income

5,844,500

5,844,500

5,844,500

5,844,500

Changes during the period
Provision of reserve for
reduction entry

Items other thanunitholders' equity, net
Total changes during theperiodBalance at the end of current
period(129,911)(129,911)(129,911)－

299,949

299,949(334,177)(34,228)(34,228)(129,911)(129,911)(164,139)* 220,970,508

2,775,335

2,775,335

5,844,500

8,619,835

229,590,343(314,241)(314,241)

229,276,102- 14 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(4) Basis for Calculating Cash Distribution(Unit: Yen)
Twenty-ninth Fiscal Period

Twenty-eighth Fiscal Period(November 1, 2018 to April 30, 2019)I.

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

6,178,677,968

5,844,500,609

5,878,728,690

5,844,447,890(13,719)(13,639)

299,949,278--

52,719In 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, and shall be up to the amount of its profits
as the ceiling. Following this policy, the Investment
Corporation has decided that, of the amountremaining after the provision of reserve for reduction
entry as stipulated in Article 66-2 of the Act on
Special Measures Concerning Taxation is deductedfrom unappropriated retained earnings, it shall
distribute the outstanding 5,878,728,690 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.

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, and shall be up to the amount of its profits
as the ceiling. Following this policy, the Investment
Corporation has decided to distribute 5,844,447,890
yen, the maximum integral multiple amount ofinvestment units issued and outstanding of 428,510
units, up to the amount of unappropriated retained
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.

(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(May 1, 2019 to October 31, 2019)- 15 -

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

Twenty-eighth Fiscal Period

Twenty-ninth Fiscal Period

November 1, 2018 to April 30, 2019

May 1, 2019 to October 31, 2019

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

6,179,916

5,845,764

Depreciation

2,370,002

2,420,535

Amortization of long-term prepaid expenses

124,268

120,778

Interest income

(67)

(68)

Interest expenses

833,406

838,818

9,171

9,171

Amortization of investment unit issuance expenses
Amortization of investment corporation bond issuance expenses

3,564

4,511

Decrease (increase) in accounts receivable-trade

61,483(62,429)-(61,789)

Decrease (increase) in prepaid expenses

61,827(60,068)

Increase (decrease) in accounts payable(159,947)

56,398

Increase (decrease) in accounts payable-other(246,833)(53,110)

Increase (decrease) in accrued consumption taxes

281,328(342,749)

4,255

196,680

Decrease (increase) in consumption taxes refund receivable

Increase (decrease) in advances received

1,186

19,5834,652,797-

Decrease (increase) in long-term prepaid expenses(46,458)(174,437)

Other(25,452)(12,220)

14,104,448

8,745,367

Increase (decrease) in deposits received
Changes in property, plant and equipment held in trust from sale

SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities

67

68(817,511)(847,538)

(805)

(805)

13,286,198

7,897,092

Net cash provided by (used in) investment activities
Purchase of property, plant and equipment(91,813)(59,029)

Purchase of property, plant and equipment in trust(958,884)(10,577,896)

(155)

-

(46,949)(20,533)

Purchase of intangible assets
Payments of tenant leasehold and security deposits

86,14536,145

Payments of tenant leasehold and security deposits in trust(560,271)(1,122,394)

Proceeds from tenant leasehold and security deposits in trust

676,423

1,477,344

Payments of restricted bank deposits in trust(8,705)(30,740)-

8,362(904,210)(10,288,741)

Proceeds from short-term loans payable

3,200,000-

Repayment of short-term loans payable(5,000,000)(2,000,000)

Proceeds from long-term loans payable

6,850,000

11,200,000

Repayment of long-term loans payable(8,050,000)(6,200,000)

Proceeds of investment corporation bond issuance

1,984,949-

Dividends paid

(5,765,583)(5,879,350)

Net cash provided by (used in) financing activities(6,780,634)(2,879,350)

Net increase (decrease) in cash and cash equivalents

5,601,354(5,270,999)

Cash and cash equivalents at the beginning of period

23,282,416

Cash and cash equivalents at the end of period

28,883,770

Proceeds from tenant leasehold and security deposits

Proceeds from restricted bank deposits in trust
Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities- 16 -

28,883,770*

23,612,771*

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 each property acquisition cost and not as rental expense. No amount was
included in acquisition cost in the previous fiscal period. The amount of property tax includedin acquisition cost amounted to 29,256 thousand yen for the fiscal period under review.

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.
- 17 -

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.

(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)
Twenty-eighth Fiscal Period(as of April 30, 2019)

Twenty-ninth Fiscal Period(as of October 31, 2019)50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Twenty-eighth Fiscal Period(as of April 30, 2019)
Buildings in trust

Twenty-ninth Fiscal Period(as of October 31, 2019)26,23026,230The Investment Corporation has concluded a commitment line agreement with bank of account, etc.

(Thousands of Yen)

3. Commitment line agreement
Twenty-eighth Fiscal Period(as of April 30, 2019)

Twenty-ninth Fiscal Period(as of October 31, 2019)

Maximum amount-

6,000,000

Drawn credit facility--

Balance-

6,000,000- 18 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Statements of Income)*1. Breakdown of real estate rental business profit and loss

(Thousands of Yen)

Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019

A. Rental and other operating revenues
Rental revenues
Leasing income

10,984,209

11,216,006

Common area charges

1,809,977

1,760,026

Subtotal

12,794,187

12,976,033

Parking space rental revenues

509,859

523,855

Utility charge reimbursement

1,030,420

1,190,161

Miscellaneous

261,426

269,454

Subtotal

1,801,706

1,983,471

14,595,893

14,959,504

Property management fees and facility management fees

1,382,522

1,392,326

Utilities

1,121,738

1,203,041

Taxes

1,224,581

1,280,309

Repairs and maintenance costs

403,049

409,464

Insurance

20,14919,469Other rental revenues

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

Trust fees

32,642

32,946

Others326,404

334,688

Depreciation

2,369,390

2,419,923

6,880,478

7,092,170

7,715,415

7,867,334

Total rental and other operating expenses
C. Rental operating profit (A – B)
*2. Gain and loss on sale of real estate, etc.
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019)(Thousands of Yen)
Frame Jinnan-zaka(51.0% of quasi co-ownership interest)
Revenue from sale of real estate, etc.

5,253,000

Cost of real estate, etc. sold

4,652,797

Other sales expenses

34,915Gain on sale of real estate, etc.

565,286

Twenty-ninth Fiscal Period (May 1, 2019, to October 31, 2019)
Not applicable(Notes on Statements of Changes in Unitholders’ Equity)* Total number of authorized investment units and total number of investment units issued and outstanding
Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019
Total number of authorized investment units
Total number of investment units issued andoutstanding- 19 -

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019

2,000,000 units

2,000,000 units

428,510 units

428,510 units

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(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)
Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019

Cash and deposits

19,675,112

14,019,313

Cash and deposits in trust

10,959,133

11,366,312

Restricted bank deposits held in trust (Note)(1,750,475)(1,772,854)

Cash and cash equivalents

28,883,770

23,612,771

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)
Twenty-eighth Fiscal Period(as of April 30, 2019)

Twenty-ninth Fiscal Period(as of October 31, 2019)

Unearned lease payments
Due within one year

2,210,585

2,797,748

Due after one year

6,719,211

9,191,310

Total

8,929,796

11,989,058(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 andthe issuance of investment corporation bonds and new investment units. The Investment Corporation makes use of derivative instruments primarily as arisk hedge against interest rate fluctuations and to lessen interest-rate payments. In addition, it is company policy to not conduct speculative derivativetransactions. 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 dateof a maximum of about nine years and five months following the closing date. Although a certain portion of said liabilities are subject to risk of interest
rate fluctuation, the Investment 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 the method of evaluation of hedge effectiveness, please refer to “5. Accounting for hedges in notes concerning Important AccountingStandards.”(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 in order 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.

- 20 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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 arational basis. Because the factors incorporated into the calculation of these prices are subject to change, differing assumptions are adopted which
may alter fair value. 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).
Twenty-eighth Fiscal Period (as of April 30, 2019)(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

19,675,112
10,959,133
30,634,246
4,200,000
16,700,000
8,000,000
153,150,000
182,050,000(184,329)

Fair Value

Difference

19,675,112
10,959,133
30,634,246
4,200,000
16,737,975
8,096,200
155,121,843
184,156,018(184,329)

Twenty-ninth Fiscal Period (as of October 31, 2019)37,97596,2001,971,843
2,106,018(Thousands of Yen)

Book Value

Fair Value

Difference(1) Cash and deposits
14,019,313
14,019,313(2) Cash and deposits in trust
11,366,312
11,366,312
Total
25,385,625
25,385,625(1) Short-term loans payable
2,200,000
2,200,000(2) Current portion of investment corporation bonds(3) Current portion of long-term loans payable
21,600,000
21,661,969
61,969(4) Investment corporation bonds
8,000,000
8,099,900
99,900(5) Long-term loans payable
153,250,000
156,160,213
2,910,213
Total
185,050,000
188,122,082
3,072,082
Derivative transaction(314,241)(314,241)* 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 prices.
- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(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
amount of principal and interest, which is handled together with applicable interest-rate swaps, by the rationally estimated interest rate in the case thatthe 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)
Twenty-eighth Fiscal Period(as of April 30, 2019)

Classification
Investment securities*

Twenty-ninth Fiscal Period(as of October 31, 2019)

1,130,524

1,131,953*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.
Note 3: Redemption schedule of monetary claims after the closing date
Twenty-eighth Fiscal Period (as of April 30, 2019)(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

19,675,112

-

-

-

-

-

Cash and deposits in trust

10,959,133

-

-

-

-

-

30,634,246

-

-

-

-

-

Total

Twenty-ninth Fiscal Period (as of October 31, 2019)(Thousands of Yen)

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

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

14,019,313

-

-

-

-

-

11,366,312

-

-

-

-

-

25,385,625

-

-

-

-

-

Note 4: Redemption schedule of investment corporation bonds and repayment schedule of loans after the closing date
Twenty-eighth Fiscal Period (as of April 30, 2019)(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

5,000,000

16,700,000

19,600,000

21,700,000

10,950,000

10,200,000

90,700,000

20,900,000

19,600,000

21,700,000

11,950,000

12,200,000

95,700,000

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

Twenty-ninth Fiscal Period (as of October 31, 2019)(Thousands of Yen)

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

More than 5 yrs.

-

Investment corporation bonds
Long-term loans payable

1-2 yrs.

4,200,000

2,200,000---

More than 5 yrs.
-

-

-

-

1,000,000-

4,000,000

3,000,000

21,600,000

21,300,000

18,050,000

11,300,000

11,700,000

90,900,000

23,800,000

21,300,000

19,050,000

11,300,000

15,700,000

93,900,000- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Derivative Transactions)
1. Items that do not apply hedge accounting
Twenty-eighth Fiscal Period (as of April 30, 2019) and Twenty-ninth Fiscal Period (as of October 31, 2019): Not applicable
2. Items that apply hedge accounting
Twenty-eighth Fiscal Period (as of April 30, 2019)
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 from28,250,000
28,250,000 (184,329)
counterparty financial
institutions.

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

88,750,000

74,050,000

Total

117,000,000

102,300,000 (184,329)*-* 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.
Twenty-ninth Fiscal Period (as of October 31, 2019)
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 from37,150,000
36,150,000 (314,241)
counterparty financial
institutions.

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

82,550,000

65,450,000

Total

119,700,000

101,600,000 (314,241)*-* 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
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019)(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
the statement 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, plantand equipment 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.

- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Twenty-ninth Fiscal Period (May 1, 2019, to October 31, 2019)(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
the statement 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, plantand equipment 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)
Twenty-eighth Fiscal Period(as of April 30, 2019)

Twenty-ninth Fiscal Period(as of October 31, 2019)

Deferred tax assets
Enterprise tax payable

30

32

Amortization of land leasehold in trust

4,117

4,344

Deferred gains or losses on hedges

64,376

101,608

68,524

105,985(68,493)(105,952)

30

32

Subtotal deferred tax assets
Valuation allowance
Total deferred tax assets

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Twenty-eighth Fiscal Period(as of April 30, 2019)

Twenty-ninth Fiscal Period(as of October 31, 2019)
31.51

31.51

Deductible cash distributions(29.97)(31.50)

Provision amount of reserve for reduction entry(1.53)-

Others0.01

0.01

Effective tax rate

0.02

0.02

Statutory tax rate
(Adjustments)(Notes on Related-party Transactions)
1. Parent Company, major corporate unitholders and other
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019) and Twenty-ninth Fiscal Period (May 1, 2019 to October 31, 2019): Not applicable
2. Affiliated companies and other
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019) and Twenty-ninth Fiscal Period (May 1, 2019 to October 31, 2019): Not applicable
3. Fellow subsidiary companies and other
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019) and Twenty-ninth Fiscal Period (May 1, 2019 to October 31, 2019): Not applicable
4. Directors, major individual unitholders and other
Twenty-eighth Fiscal Period (November 1, 2018 to April 30, 2019) and Twenty-ninth Fiscal Period (May 1, 2019 to October 31, 2019): Not applicable- 24 -

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)
Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019

Book value
Balance at the beginning of the period

409,004,701

403,212,700

Changes during the period(5,792,000)

8,047,031

Balance at the end of the period

403,212,700

411,259,731

474,257,000

496,331,000

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.
Note 3: Among changes in the amount of real estate for rental purposes that occurred during the previous fiscal period, principal
increase/decrease factors were the sale of trust beneficiary interest in real estate of 1 property totaling 4,652,797 thousand yen anddepreciation amounting to 2,369,390 thousand yen. For the fiscal period under review, principal increase/decrease factors were theacquisition of trust beneficiary interest in real estate of 1 property totaling 9,042,398 thousand yen and depreciation amounting to2,419,923 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)
Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019
Net Assets per unit

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019535,437 yen

535,054 yen

Net income per unit
14,418 yen
13,639 yen
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 perunit 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.
Twenty-eighth Fiscal Period
November 1, 2018 to April 30, 2019
Net income(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units(Thousands of Yen)
Average number of investment units
during the period (unit)

Twenty-ninth Fiscal Period
May 1, 2019 to October 31, 2019

6,178,677

5,844,500--

6,178,677

5,844,500

428,510428,510(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.

- 25 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(9) Changes in the Number of Investment Units Issued and Outstanding
Changes in the 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

Investment Units Issued andOutstanding (Units)
Increase
Balance(Decrease)

Particulars

November 27, 2014

Public offering

47,685

402,695

December 24, 2014
May 28, 2018

Third-party allotment

2,190

Public offering

22,500Unitholders’ Capital(Millions of Yen)
Increase
Balance(Decrease)

Remarks

28,269204,901(Note 1)

404,885

1,298

206,199(Note 2)

427,385

14,067220,267(Note 3)June 15, 2018
Third-party allotment
1,125
428,510703
220,970(Note 4)Note 1: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds forthe acquisition of new properties and a portion of funds for the repayment of borrowings. The offer price was 614,250 yen per unit with
an issue price of 592,830 yen per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units with an issue price of 592,830 yen per unit by wayof third-party allotment for the purpose of using as funds for the future acquisition of specified assets or a portion of funds for the
repayment of borrowings.
Note 3: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring a portionof funds 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 4: The Investment Corporation undertook an additional issue of new investment units with an issue price of 625,209 yen per unit by wayof third-party allotment with the aim of procuring a portion of funds for the acquisition of new properties.

3. Reference Information(1) Information Concerning Price of Assets in the Property Portfolio, etc.
① Component of Assets
Twenty-eighth Fiscal Period(as of April 30, 2019)
Asset ClassReal Estate

Type

Area

Office Buildings

Tokyo Metropolitan Area

Total Amount Held
(Millions of Yen)
(Note 1)
27,852Other 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
OthersTotal Amount Held
(Millions of Yen)
(Note 1)
6.4
27,690Ratio(%) (Note 2)

Ratio(%) (Note 2)
6.3

12,3442.8

12,257

2.8

40,196

9.2

39,947

9.1

40,196

9.2

39,947

9.1

299,502

68.6

307,893

70.0

60,54013.9

60,44413.7

360,04282.4

368,338

83.8

2,973

0.7

2,973

0.7

Tokyo Metropolitan Area

Total for Others
Total of Trust Beneficiary Interests in Real Estate

Twenty-ninth Fiscal Period(as of October 31, 2019)

2,973

0.7

2,973

0.7

363,01583.1

371,311

84.4

1,130

0.3

1,131

0.3

Investment Securities (Note 3)
Bank Deposits and Other Assets

32,4107.4

27,381

6.2

Total Assets

436,753100.0

439,773

100.0

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.
Twenty-eighth Fiscal Period(as of April 30, 2019)
AmountRatio(Millions of Yen)(%)

Twenty-ninth Fiscal Period(as of October 31, 2019)
AmountRatio(Millions of Yen)(%)

Total Liabilities

207,31347.5

210,497

47.9

Total Net Assets

229,44052.5

229,276

52.1

Total Assets

436,753100.0

439,773

100.0- 26 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Details of Investment Assets
A. Major components of investment securities
Details of investment assets held by the Investment Corporation as of October 31, 2019 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

－

－

1,131

－

1,131

0.3

－

－

－

1,131

－

1,131

0.3

－

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.

- 27 -

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 Twenty-ninth Fiscal Period

Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

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

5,743

6,830

7,090

3.8

6,720

3.6

4.0

B

1.3

A-3

Higashi-Kayabacho Yuraku Building

4,450

3,988

5,430

5,480

4.0

5,370

3.7

4.1

A

1.0

A-4

KDX Hatchobori Building

3,680

3,276

3,480

3,540

4.1

3,450

3.9

4.3

B

0.8

A-5

KDX Nakano-Sakaue Building

2,533

2,337

2,590

2,620

4.3

2,570

4.1

4.5

B

0.5

A-6

Harajuku F.F. Building

2,450

2,408

3,340

3,360

4.4

3,310

4.1

4.5

A

0.5

A-7

KDX Minami Aoyama Building

2,270

2,200

2,880

2,900

3.9

2,860

3.6

4.0

A

0.5

A-8

KDX Kanda Kitaguchi Building(Note 6)

1,950

1,753

1,740

1,800

4.1

1,720

3.9

4.3

B

0.4

A-13

KDX Kojimachi Building

5,950

5,512

5,340

5,380

3.5

5,300

3.2

3.6

A

1.4

A-14

KDX Funabashi Building

2,252

2,265

2,780

2,790

5.0

2,760

4.7

5.1

A

0.5

A-16

Toshin 24 Building

5,300

4,763

5,250

5,280

4.2

5,210

3.9

4.3

A

1.2

A-17

KDX Ebisu Building

4,640

4,386

6,050

6,070

3.8

6,020

3.4

3.9

A

1.0

A-19

KDX Hamamatsucho Building

3,460

3,040

3,580

3,690

3.7

3,530

3.5

3.9

B

0.8

A-20

KDX Kayabacho Building

2,780

2,662

2,980

2,990

4.2

2,970

3.8

4.3

A

0.6

A-21

KDX Shinbashi Building

3,728

3,710

5,180

5,220

3.5

5,140

3.2

3.6

A

0.8

A-22

KDX Shin-Yokohama Building

2,520

2,228

2,870

2,890

4.7

2,850

4.4

4.8

A

0.5

A-26

KDX Kiba Building

1,580

1,407

1,240

1,240

4.7

1,230

4.3

4.7

A

0.3

A-27

KDX Kajicho Building

2,350

2,229

2,380

2,440

4.1

2,360

3.9

4.3

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

2,970

4,190

4,290

4.2

4,150

4.0

4.4

B

0.6

A-30

KDX Nishi-Gotanda Building

4,200

3,726

3,830

3,900

4.1

3,760

3.9

4.3

A

0.9

A-31

KDX Monzen-Nakacho Building

1,400

1,278

1,170

1,220

4.6

1,150

4.4

4.8

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,910

5,550

5,590

4.0

5,510

3.7

4.1

A

1.4

A-33

KDX Okachimachi Building

2,000

2,018

2,130

2,180

4.1

2,110

3.9

4.3

B

0.4

A-34

KDX Hon-Atsugi Building

1,305

1,110

1,270

1,310

5.3

1,250

5.1

5.5

B

0.3

A-35

KDX Hachioji Building

1,155

1,189

1,210

1,220

5.0

1,210

4.8

5.2

B

0.2

A-37

KDX Ochanomizu Building

6,400

6,294

7,730

7,800

3.8

7,660

3.5

3.9

A

1.5

A-38

KDX Nishi-Shinjuku Building

1,500

1,496

1,580

1,590

4.2

1,560

3.9

4.3

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,353

2,760

2,770

3.8

2,740

3.5

3.9

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,430

8,260

8,410

3.7

8,200

3.5

3.9

B

1.7

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,420

3,180

3,180

4.6

3,180

4.1

4.7

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,213

2,060

2,070

4.3

2,040

4.0

4.4

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,069

1,690

1,700

4.2

1,680

3.8

4.4

A

0.4

A-56

KDX Jimbocho Building

2,760

2,833

2,480

2,490

4.1

2,470

3.7

4.2

A

0.6

A-59

KDX Iwamoto-cho Building

1,864

1,610

1,610

1,620

4.2

1,590

3.9

4.3

A

0.4

A-60

KDX Harumi Building

10,250

8,617

8,820

8,840

3.9

8,790

3.5

3.9

A

2.4

A-62

Koishikawa TG Building

3,080

2,958

3,240

3,270

4.1

3,210

3.8

4.2

A

0.7

A-63

KDX Gotanda Building

2,620

2,670

3,410

3,430

4.2

3,380

3.9

4.3

A

0.6

A-64

KDX Nihonbashi 216 Building

2,010

1,805

2,510

2,530

3.7

2,490

3.4

3.8

A

0.4

A-66

KDX Shinjuku Building

6,800

6,932

10,100

10,200

3.4

10,000

3.1

3.5

A

1.6

A-67

KDX Ginza 1chome Building

4,300

4,146

5,910

6,060

3.5

5,840

3.3

3.7

B

1.0

A-68

KDX Nihonbashi Honcho Building

4,000

3,919

4,950

5,080

3.9

4,900

3.7

4.1

B

0.9

A-71

KDX Iidabashi Building

4,670

4,498

5,760

5,920

3.9

5,690

3.7

4.1

B

1.1

A-72

KDX Higashi-Shinagawa Building

4,590

4,662

4,620

4,690

4.1

4,590

3.9

4.3

B

1.0

A-73

KDX Hakozaki Building

2,710

2,632

3,410

3,450

4.3

3,390

4.1

4.5

B

0.6

A-74

KDX Shin-Nihonbashi Building

2,300

1,992

3,140

3,200

3.7

3,110

3.5

3.9

B

0.5

A-78

KDX Tachikawa Ekimae Building

1,267

1,320

1,800

1,810

4.8

1,790

4.5

4.9

A

0.2

- 28 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

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

A-83

KDX Fuchu Building

6,120

5,775

8,630

8,760

4.6

8,580

4.4

4.8

B

1.4

A-84

KDX Kasuga Building

2,800

2,661

4,040

4,070

4.0

4,010

3.7

4.1

A

0.6

A-85

KDX Nakameguro Building

1,880

1,877

3,290

3,310

4.2

3,280

4.0

4.4

B

0.4

A-86

KDX Omiya Building

2,020

2,154

3,090

3,130

4.9

3,070

4.7

5.1

B

0.4

A-87

Itopia Nihonbashi SA Building

2,200

2,236

3,070

3,100

4.1

3,060

3.9

4.3

B

0.5

A-88

KDX Shinjuku 6-chome Building

1,900

1,865

3,180

3,230

4.1

3,160

3.9

4.3

B

0.4

A-89

KDX Takanawadai Building

5,250

5,528

6,670

6,730

4.0

6,610

3.7

4.1

A

1.2

A-90

KDX Ikebukuro Building

3,900

3,600

5,100

5,200

3.8

5,060

3.6

4.0

B

0.9

A-91

KDX Mita Building

3,180

3,125

3,900

3,920

3.9

3,870

3.6

4.0

A

0.7

A-92

KDX Akihabara Building

2,600

2,514

3,210

3,240

3.8

3,180

3.5

3.9

A

0.6

A-93

KDX Iidabashi Square

4,350

4,842

6,210

6,300

3.9

6,170

3.7

4.1

B

1.0

A-94

KDX Musashi-Kosugi Building

12,00010,93917,10017,2003.9

16,900

3.6

4.0

A

2.8

A-95

KDX Toyosu Grand Square

8,666

7,895

9,890

10,100

4.4

9,800

4.2

4.6

B

2.0

A-96

KDX Takadanobaba Building

3,650

3,611

4,460

4,490

4.2

4,440

3.9

4.4

B

0.8

A-99

KDX Ikebukuro West Building

1,934

2,042

2,330

2,370

4.1

2,310

3.9

4.3

B

0.4

A-101 KDX Yokohama Building

7,210

7,444

9,080

9,370

4.2

8,950

4.0

4.4

B

1.6

A-102 KDX Yokohama Nishiguchi Building

2,750

2,691

3,270

3,320

4.3

3,250

4.1

4.5

B

0.6

A-107 KDX Ginza East Building

3,600

3,630

3,890

3,910

3.9

3,860

3.6

4.0

A

0.8

A-108 Pentel Building

3,350

3,570

3,971

4,055

3.8

3,939

3.6

4.0

B

0.7

A-109 KDX Hamamatsucho Center Building

3,950

4,012

4,580

4,750

3.6

4,500

3.4

3.8

B

0.9

A-112 KDX Toranomon 1Chome Building

15,55015,72623,50023,8003.1

23,100

2.8

3.2

A

3.6

A-113 KDX Shin-Nihonbashi Ekimae
Building
A-114 KDX Nihonbashi Edo-dori Building

3,829

3,927

4,230

4,260

3.6

4,190

3.3

3.7

A

0.9

1,350

1,381

1,510

1,530

4.0

1,490

3.7

4.1

A

0.3

A-115 ARK Mori Building

4,169

4,183

4,790

4,960

3.5

4,720

3.3

3.7

B

0.9

A-116 KDX Nishi-Shinbashi Building

8,400

8,541

9,350

9,620

3.4

9,240

3.2

3.6

B

1.9

A-117 BR Gotanda

2,200

2,288

2,680

2,720

4.1

2,630

3.7

4.3

A

0.5

A-119 KDX Shibuya Nanpeidai Building

3,500

3,554

3,900

3,990

3.5

3,860

3.5

3.7

B

0.8

A-120 KDX Yoyogi Building

2,479

2,435

2,330

2,330

4.4

2,330

3.9

4.5

A

0.5

A-121 Ginza 4chome Tower

9,800

9,465

14,20014,3003.1

14,000

2.8

3.2

A

2.3

A-122 Mitsubishijuko Yokohama Building

14,72014,685

14,90015,2003.9

14,800

3.4

4.1

B

3.4

A-123 KDX Yokohama Kannai Building

9,500

9,708

10,40010,7004.0

10,300

3.8

4.2

B

2.2

A-124 KDX Hamamatsucho Place

20,70020,64023,80024,4003.3

23,500

3.1

3.5

B

4.8

A-125 Chofu Center Building

8,700

9,023

9,950

10,000

4.5

9,890

4.1

4.6

A

2.0

A-12

Portus Center Building

5,570

3,876

5,330

5,400

5.5

5,300

5.3

5.7

B

1.3

A-42

KDX Karasuma Building

5,400

5,089

5,640

5,770

4.7

5,590

4.5

4.9

B

1.2

A-44

KDX Sendai Building

2,100

1,903

1,980

1,980

5.2

1,980

5.2

5.4

B

0.4

A-53

KDX Hakata-Minami Building

4,900

4,424

4,910

4,950

5.6

4,860

5.3

5.7

A

1.1

A-54

KDX Kitahama Building

2,220

2,024

1,670

1,670

5.0

1,670

4.5

5.1

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,466

5,550

5,650

4.3

5,500

4.1

4.5

B

1.7

3,080

7.5

3,010

4.2

9.8

A-69

KDX Kobayashi-Doshomachi Building

2,870

1,965

3,050

A

0.6

A-70

KDX Sapporo Building

2,005

1,975

2,630

2,740

4.7

2,580

4.5

4.9

B

0.4

A-79

KDX Nagoya Ekimae Building

7,327

7,920

10,00010,100

3.9

9,930

3.6

4.0

A

1.7

A-82

KDX Higashi Umeda Building

2,770

2,361

3,830

3,890

4.2

3,800

4.0

4.4

B

0.6

A-97

KDX Utsunomiya Building

2,350

2,274

2,670

2,660

5.4

2,680

5.2

5.6

B

0.5

A-98

KDX Hiroshima Building

1,300

1,365

1,830

1,840

5.2

1,820

4.9

5.3

A

0.3

A-100 Senri Life Science Center Building

13,00012,58313,80013,9004.4

13,700

4.2

4.6

B

3.0

A-104 KDX Minami-Honmachi Building

2,200

2,001

3,060

3,070

4.2

3,040

3.9

4.3

A

0.5

A-106 KDX Sakura-dori Building

5,900

6,559

8,430

8,610

4.5

8,350

4.3

4.7

B

1.3

A-110 KDX Shin-Osaka Building

4,550

4,526

5,120

5,270

4.1

5,050

3.9

4.3

B

1.0

A-111 KDX Nagoya Nichigin-mae Building

3,500

3,443

4,290

4,320

4.0

4,260

3.7

4.1

A

0.8

A-118 KDX Sapporo Kitaguchi Building
Subtotal of Office Buildings (96 properties)

1,800

1,939

2,090

2,180

4.7

2,050

4.5

4.9

B

0.4

421,655

408,286

492,691

500,045-

488,029

-

-

-

99.3

- 29 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

No.

Property Name

OthersTokyo
Metropolitan
Area

D-2

Shinjuku 6chome Building (Land)

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

424,535

411,259496,331503,715-491,649

-

-

-

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,
the appraisers 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 firstdecimal place. The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices ofproperties corresponding to each subtotal and total column by the total acquisition price of the entire assets (97 properties).
Note 6: The Investment Corporation changed the property name for the following building. Same applies below.
No.
A-8

New Property NameKDX Kanda Kitaguchi Building

Former Property Name

Date of Change

Kanda Kihara Building

August 1, 2019(b) Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Office Buildings

96421,655

99.3

Others

1

2,880

0.6

97

424,535

100.0

Total
Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area

79

347,223

81.7

Other Regional Areas

18

77,31218.2

97424,535

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 - 2,50033

64,31215.1

2,500 - 5,000

38

134,52931.6

5,000 - 7,500

13

79,25718.6

7,500 - 10,000

7

60,21614.1

10,000 - 12,500

222,2505.2

12,500 - 15,000

2

27,720

6.5

15,000 - 17,500

1

15,5503.6

17,500 - 20,000

－

－

－

20,000 - 22,500

120,7004.8

97424,535

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%.

- 30 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

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

Offices, Retail Shops
Parking

3,592.38

Offices, Parking

3,804.86

A-19

KDX Hamamatsucho Building

504.26

A-20

KDX Kayabacho Building

617.17

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

A-21

KDX Shinbashi Building

536.11

3,960.22

A-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

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

626.06A-41

KDX Shinjuku 286 Building

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

2,821.21
7,720.08

Offices, Parking

2,017.63

421.70

Offices, Parking

3,432.04
11,425.31

A-46

Hiei Kudan-Kita Building

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

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

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

4,724.62

A-68

KDX Nihonbashi Honcho Building

583.40

Offices, Parking

5,110.45- 31 -

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

January 1984

4.48

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
SRC
B1F9

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

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

A-86

KDX Omiya Building

775.67A-87

Itopia Nihonbashi SA Building

1,193.91

A-88

KDX Shinjuku 6-chome Building

1,072.03

A-89

KDX Takanawadai Building

2,547.15

A-90

KDX Ikebukuro Building

472.94

A-91

KDX Mita Building

548.72

A-92

KDX Akihabara Building

374.88Retail Shops, Office2,979.14

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
3,477.86

OfficeOffices, Retail Shops
Parking
Offices, Retail Shops
Garage5,055.50
7,362.25
5,907.00
9,265.03
3,848.18
5,007.98

A-99

KDX Ikebukuro West Building

603.21

Offices, Retail Shops,
Parking

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

Offices, Bank,
Residence

18,880.89

A-108

Pentel Building

2,502.63

A-109

KDX Hamamatsucho Center Building

835.83

Offices, Garage

3,981.69
11,212.05

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-114

KDX Nihonbashi Edo-dori Building

252.89

Offices, Retail Shops

1,722.17

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

688.52Retail Shops, Offices,
Parking

6,787.33

A-121

Ginza 4chome Tower

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

Chofu Center Building

13,265.06

Offices, Parking

31,536.86
79,827.08

A-12

Portus Center Building

13,936.63

Offices, Retail Shops
Storage, Parking

A-42

KDX Karasuma Building

1,788.67

Offices

12,632.68

A-44

KDX Sendai Building

987.78

Offices

5,918.30

A-53

KDX Hakata-Minami Building

1,826.25

A-54

KDX Kitahama Building

751.92

A-58

KDX Nagoya Sakae Building

1,192.22

Offices, Retail Shops

9,594.00

A-69

KDX Kobayashi-Doshomachi Building(Note 7)

1,561.04

Offices, Garage
Retail Shops

10,723.83- 32 -

Offices, Retail Shops
Parking
Offices, Storage
Parking

13,238.16
4,652.96

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
SRC
F8
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
SRC・S
B2F25
SRC
B1F8
SRC
B1F10
SRC
B1F9
S
F10
S
F11
S・SRC
B1F12

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 1985

4.55

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

September 1993

6.70

October 1982

3.88

February 1984

2.71

June 1973

0.93

July 1994

6.32

April 2009

1.12

July 2009

10.99

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

OfficeBuildings

Other

Area

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

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

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

Avg. 23.9 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

Subtotal of Office Buildings (96 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area
Subtotal of Others Properties (1 property)
Total of 97 properties

-

-

-

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-

1,355.13

-

-

-

-

-

-

-

-

-

Avg. 23.9 yrs.

2.32

Other
Regional
Areas

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

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78 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
is reported 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 thenumber of 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, 2019, 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 2019.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed term land leasehold with a special agreement to transfer building.

- 33 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Total Leasable
Floor Area(m2)
(Note 1)

Total Leased
Floor Area(m2)
(Note 2)

No. ofNo. ofTenant Leasehold andLeasable
LeasedNo. of Occupancy Rental and Other
Rate
Operating Revenues
Security Deposits
Residential Residential Tenants(%)(Thousands of Yen)
(Thousands of Yen)
Units
Units
(Note 5)(Note 6)(Note 7)(Note 8)(Note 3)(Note 4)A-1

KDX Nihonbashi 313 Building

5,753.82

5,753.82

-

-

15

100.0

189,294

257,821

A-3

Higashi-Kayabacho Yuraku Building

4,379.66

4,379.66

-

-

7

100.0

142,120

220,607

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

4

100.0

112,240

114,000

A-5

KDX Nakano-Sakaue Building

4,289.49

4,213.20

18

17

23

98.2

88,324

108,210

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

102,861

141,464

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

84,58095,939

A-8

KDX Kanda Kitaguchi Building

1,948.02

1,948.02

-

-

10

100.0

53,29586,404

A-13

KDX Kojimachi Building

3,719.18

3,719.18

-

-

9

100.0

144,699

205,666

A-14

KDX Funabashi Building

3,846.03

3,846.03

-

-

21

100.0

110,432

144,024

A-16

Toshin 24 Building

6,616.68

6,616.68

-

-

19

100.0

166,202269,200

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

6

100.0

151,859

314,301

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

101,752

134,922

A-20

KDX Kayabacho Building

3,019.94

3,019.94

-

-

7

100.0

95,418

115,586

A-21

KDX Shinbashi Building

2,803.96

2,803.96

-

-

8

100.0

135,268

201,934

A-22

KDX Shin-Yokohama Building

4,771.87

4,534.18

-

-

22

95.0

95,590163,599

A-26

KDX Kiba Building

2,455.49

2,455.49

-

-

6

100.0

43,22562,737

A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

75,42890,924A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

143,429

127,453

A-30

KDX Nishi-Gotanda Building

3,883.04

3,883.04

-

-

12

100.0

118,329

149,537

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

45,931

48,517A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

167,485

233,458

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

67,624110,237

A-34

KDX Hon-Atsugi Building

2,747.65

1,939.58

-

-

13

70.6

37,33053,789A-35

KDX Hachioji Building

2,165.20

2,165.20

-

-

10

100.0

51,082

56,738A-37

KDX Ochanomizu Building

5,894.49

5,894.49

-

-

9

100.0

187,084

305,648

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

9

100.0

51,293

72,485A-41

KDX Shinjuku 286 Building

2,443.99

2,443.99

-

-

6

100.0

82,605102,120

A-46

Hiei Kudan-Kita Building

6,908.96

6,908.96

-

-

14

100.0

266,455

352,460

5,126.69

5,126.69

-

-

1

100.0

104,076

155,862

2,238.01

2,238.01

-

-

9

100.0

69,36094,923

-

-

6

100.0

55,78870,905

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

75,93099,675A-59

KDX Iwamoto-cho Building

1,529.79

1,529.79

3

3

9

100.0

46,90861,543

A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

231,828

355,925

A-62

Koishikawa TG Building

3,934.54

3,934.54

-

-

3

100.0

130,529

156,544

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

9

100.0

106,215

135,551

A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

65,104105,366

A-66

KDX Shinjuku Building

5,824.24

5,824.24

-

-

22

100.0

268,348366,383

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

149,784

193,218

A-68

KDX Nihonbashi Honcho Building

3,998.39

3,998.39

-

-

8

100.0

143,014226,566

A-71

KDX Iidabashi Building

4,429.25

4,429.25

-

-

5

100.0

167,613

221,655

A-72

KDX Higashi-Shinagawa Building

7,117.97

7,117.97

-

-

5

100.0

138,824

231,304

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

7

100.0

118,497

164,783

A-74

KDX Shin-Nihonbashi Building

2,658.79

2,658.79

-

-

8

100.0

91,550133,116

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

67,936

94,522A-83

KDX Fuchu Building

10,151.50

10,151.50

-

-

38

100.0

318,198

398,714A-84

KDX Kasuga Building

4,346.37

4,346.37

-

-

13

100.0

128,826

159,049

A-85

KDX Nakameguro Building

2,726.69

2,726.69

-

-

7

100.0

100,896

169,810A-86

KDX Omiya Building

3,810.81

3,810.81

1

1

17

100.0

118,512

191,969

A-87

Itopia Nihonbashi SA Building

3,106.42

3,106.42

8

8

14

100.0

101,973

123,981- 34 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

No.

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

Property Name

OthersTotal Leased
Floor Area(m2)
(Note 2)

No. ofNo. ofOccupancy Rental and Other
Tenant Leasehold andLeasable
LeasedNo. ofRate
Operating Revenues
Security Deposits
Residential Residential Tenants(%)(Thousands of Yen)
(Thousands of Yen)
Units
Units
(Note 5) (Note 6)(Note 7)(Note 8)(Note 3)(Note 4)A-88

KDX Shinjuku 6-chome Building

4,037.44

4,037.44

-

-

7

100.0

108,668

113,725

A-89

KDX Takanawadai Building

6,967.61

6,967.61

-

-

8

100.0

209,339

268,371

A-90

KDX Ikebukuro Building

3,110.71

3,110.71

-

-

8

100.0

126,366

206,522

A-91

KDX Mita Building

3,331.65

3,331.65

-

-

12

100.0

112,539

171,789

A-92

KDX Akihabara Building

2,289.27

2,289.27

-

-

6

100.0

85,17197,741A-93

KDX Iidabashi Square

4,571.92

4,571.92

-

-

7

100.0

185,777

294,411A-94

KDX Musashi-Kosugi Building

12,978.54

12,978.54

-

-

10

100.0

418,383

672,045

A-95

KDX Toyosu Grand Square

11,797.85

11,797.85

-

-

13

100.0

331,974

490,279

A-96

KDX Takadanobaba Building

4,595.41

4,595.41

-

-

11

100.0

132,812

166,258

A-99

KDX Ikebukuro West Building

2,532.71

2,532.71

-

-

8

100.0

71,606

63,584

A-101 KDX Yokohama Building

10,922.27

10,922.27

-

-

27

100.0

296,299373,681

A-102 KDX Yokohama Nishiguchi Building

4,981.87

4,981.87

-

-

14

100.0

123,183

163,971

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

123,032

146,620

A-108 Pentel Building

4,346.66

4,346.66

5

5

9

100.0

133,068

170,701

A-109 KDX Hamamatsucho Center Building

3,052.73

3,052.73

-

-

8

100.0

109,420

136,732

A-112 KDX Toranomon 1Chome Building

8,179.00

8,179.00

-

-

3

100.0

286,069

664,050

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,284.79

3,284.79

-

-

11

100.0

121,390

157,139

A-114 KDX Nihonbashi Edo-dori Building

1,505.28

1,505.28

-

-

8

100.0

41,707

47,124100.0

N/A(Note 10)

N/A
(Note 10)

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

100.0

230,682

311,659

A-117 BR Gotanda

3,504.75

3,504.75

-

-

6

100.0

109,352

116,754

A-119 KDX Shibuya Nanpeidai Building

2,205.33

2,205.33

-

-

1

100.0

93,377

176,681A-120 KDX Yoyogi Building

1,173.55

1,173.55

-

-

10

100.0

70,266

106,034

A-121 Ginza 4chome Tower

5,624.23

5,522.70

-

-

3

98.2

293,057

321,559

A-122 Mitsubishijuko Yokohama Building

13,495.34

13,495.34

-

-

22

100.0

433,709687,330

A-123 KDX Yokohama Kannai Building

10,075.62

10,075.62

-

-

6

100.0

278,782

233,023

A-124 KDX Hamamatsucho Place

9,325.18

9,325.18

-

-

14

100.0

527,606

992,246

A-125 Chofu Center Building

11,834.73

11,834.73

-

-

7

100.0

254,032

263,187

A-12

Portus Center Building

11,501.16

11,190.78

-

-

27

97.3

289,403344,652

A-42

KDX Karasuma Building

8,743.96

8,743.96

-

-

41

100.0

219,671

300,048

A-44

KDX Sendai Building

3,948.03

3,948.03

-

-

31

100.0

97,279178,614A-53

KDX Hakata-Minami Building

10,112.11

9,965.16

-

-

53

98.5

202,811279,288

A-54

KDX Kitahama Building

3,995.28

3,995.28

-

-

14

100.0

75,86996,569A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

16

100.0

192,816

227,962

A-69

KDX Kobayashi-Doshomachi
Building

7,072.25

7,072.25

-

-

9

100.0

185,307

235,374

A-70

KDX Sapporo Building

3,786.75

3,786.75

-

-

21

100.0

97,887

119,743

A-79

KDX Nagoya Ekimae Building

7,903.84

7,903.84

-

-

18

100.0

335,970

515,886

A-82

KDX Higashi Umeda Building

4,994.88

4,994.88

-

-

5

100.0

146,445

124,578

A-97

KDX Utsunomiya Building

5,278.51

5,278.51

-

-

24

100.0

127,328

139,066

A-98

KDX Hiroshima Building

3,994.10

3,856.41

-

-

21

96.6

74,644103,284

A-100 Senri Life Science Center Building

17,199.45

17,035.33

-

-

59

99.0

708,276

900,812

A-104 KDX Minami-Honmachi Building

5,285.97

5,080.88

-

-

17

96.1

108,280

152,043

A-106 KDX Sakura-dori Building

12,318.09

12,318.09

-

-

34

100.0

349,587

462,717

A-110 KDX Shin-Osaka Building

5,979.39

5,979.39

-

-

17

100.0

156,252

172,232

A-111 KDX Nagoya Nichigin-mae Building

4,363.96

4,363.96

-

-

15

100.0

121,721

172,333

A-118 KDX Sapporo Kitaguchi Building

3,319.16

3,319.16

-

-

12

100.0

74,901

81,981

478,973.05

476,785.24

35

34

1,192

99.5

14,890,823

20,687,026

1,355.13

1,355.13

-

-

1

100.0

68,68057,2301,355.13

1,355.13

-

-

1

100.0

68,68057,230

35

1,193
34
(Note 11)99.5

14,959,504

20,744,256

Subtotal of Office Buildings (96 properties)
Tokyo
Metropolitan
Area

Total Leasable
Floor Area(m2)
(Note 1)

D-2

Shinjuku 6Chome Building (Land)

Subtotal of Others Properties (1 property)
Total of 97 properties

480,328.18

478,140.37- 35 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Occupancy Rate over the Past Five Years
April 30, 2015
October 31, 2015
April 30, 2016
October 31, 2016
April 30, 2017
October 31, 2017
April 30, 2018
October 31, 2018
April 30, 2019
October 31, 2019

96.5%
94.9%
96.9%
96.9%
97.9%
99.1%
99.0%
99.1%
99.2%
99.5%

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
more than 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 indicatedfigure of 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 withend 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.
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
thousand yen.
Note 9: Since we have concluded a building lease agreement and a property management agreement with Mori Building Co., Ltd., a master lessee, thetotal 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.

- 36 -

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 thirtieth fiscal period (November 1, 2019
to April 30, 2020) are as follows. Planned capital expenditures may include portions classified into expenses for accounting purposes as a result.
Planned Amount of Capital Expenditures(Millions of Yen)
Property Name
PurposeSchedule
Paid in the(Location)
Total Amount
Total
Fiscal Period
Previously Paid
under Review
KDX Toranomon 1Chome Building Upgrade of exclusively owned
November 2019356
(Minato-ku, Tokyo)
area, etc.
to April 2020
Renewal of air-conditioning
Senri Life Science Center Building
As above249(Toyonaka, Osaka)system, etc.
KDX Ginza East Building
Renovation of external wall, etc.
As above
78(Chuo-ku, Tokyo)
KDX Sakura-dori Building
Renovation of mechanicalAs above
73(Nagoya, Aichi)
parking spaces, etc.
KDX Takanawadai Building
Renovation of external wall, etc.
As above
64(Minato-ku, Tokyo)
Renewal of air-conditioning
Koishikawa TG Building
As above
55(Bunkyo-ku, Tokyo)
system, etc.
KDX Mita Building
Renovation of elevator, etc.
As above
52(Minato-ku, Tokyo)
KDX Shin-Nihonbashi Ekimae
Building
Renovation of external wall, etc.
As above48(Chuo-ku, Tokyo)
KDX Higashi-Shinagawa Building
Renovation of elevator, etc.
As above48(Shinagawa-ku, Tokyo)
KDX Hon-Atsugi Building
Renovation of external wall, etc.
As above
44(Atsugi, Kanagawa)
KDX Sapporo Kitaguchi Building
Renovation of elevator, etc.
As above
36(Sapporo, Hokkaido)
Renovation of fireItopia Nihonbashi SA Building
As above
30(Chuo-ku, Tokyo)
extinguishing equipment, etc.
KDX Hakozaki Building
Renovation of smoke
As above
29(Chuo-ku, Tokyo)
ventilation equipment, etc.
KDX Nishi-Shinjuku Building
Renovation of elevator, etc.
As above
28(Shinjuku-ku, Tokyo)
KDX Omiya Building
Renewal of transformers, etc.
As above
25(Saitama, Saitama)
Renovation of fireKDX Shinjuku 6-chome Building
As above23(Shinjuku-ku, Tokyo)
extinguishing equipment, etc.
Note: The planned amounts of capital expenditures are rounded down to the nearest million yen.

- 37 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Capital Expenditures during the Fiscal Period under Review (Fiscal Period Ended October 31, 2019)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period ended October 31,2019), the Investment Corporation completed works across its entire portfolio totaling 1,426 million yen. The total construction cost amounted to
1,835 million yen including 409 million yen for repairs, maintenance and renovation expenses in the fiscal period under review.
Property Name
(Location)
KDX Toranomon 1Chome Building(Minato-ku, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
Senri Life Science Center Building(Toyonaka, Osaka)
KDX Sapporo Kitaguchi Building(Sapporo, Hokkaido)
KDX Ebisu Building(Shibuya-ku, Tokyo)
KDX Nakameguro Building(Meguro-ku, Tokyo)

Planned Amount of Capital Expenditure(Millions of Yen)

PurposeTerm

Upgrade of exclusively owned
area, etc.

May 2019
to October 2019341

Upgrade of common area, etc.

As above234

Renewal of air-conditioning
system, etc.

As above

141

Renovation of external wall, etc.

As above

59

Renovation of external wall, etc.

As above

54

Renovation of mechanicalparking spaces, etc.

As above

41

Other

553

Portfolio Total

1,426

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, 2019).

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, 2019)
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

Chofu Center 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

478,140.37

100.0

Note 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.

- 38 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2019

Property No.

A001

A003

A004

A005

A006

A007

A008

A013

A014

A016

A017

A019

A020

A021

Property NameKDX Nihonbashi
313 Building

HigashiKayabacho
Yuraku Building

KDX Hatchobori
Building

KDX NakanoSakaue Building

Harajuku F.F.
Building

KDX Minami
Aoyama Building

KDX Kanda
Kitaguchi
Building

KDX Kojimachi
Building

KDX Funabashi
Building

Toshin 24
Building

KDX Ebisu
Building

KDX
Hamamatsucho
Building

KDX Kayabacho
Building

KDX Shinbashi
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（㎡)May 1, 2006

May 1, 2006

May 1, 2006

May 1, 2006

5,940
1.4%
5,743
6,830
1.4%
15
5,753.82
5,753.82

4,450
1.0%
3,988
5,430
1.1%
7
4,379.66
4,379.66

3,680
0.9%
3,276
3,480
0.7%
4
3,323.14
3,323.14

2,533
0.6%
2,337
2,590
0.5%
23
4,289.49
4,213.20

2,450
0.6%
2,408
3,340
0.7%
2
3,071.15
3,071.15

2,270
0.5%
2,200
2,880
0.6%
8
1,815.19
1,815.19

1,950
0.5%
1,753
1,740
0.4%
10
1,948.02
1,948.02

5,950
1.4%
5,512
5,340
1.1%
9
3,719.18
3,719.18

2,252
0.5%
2,265
2,780
0.6%
21
3,846.03
3,846.03

5,300
1.2%
4,763
5,250
1.1%
19
6,616.68
6,616.68

4,640
1.1%
4,386
6,050
1.2%
6
3,072.34
3,072.34

3,460
0.8%
3,040
3,580
0.7%
9
2,724.35
2,724.35

2,780
0.7%
2,662
2,980
0.6%
7
3,019.94
3,019.94

3,728
0.9%
3,710
5,180
1.0%
8
2,803.96
2,803.96

100.0%
100.0%
100.0%
100.0%
100.0%
82.5%
94.6%
100.0%
100.0%
100.0%
184days
189,294
170,523
18,77055,997
14,97622,496
12,835
2,847
209
2,631
133,297
28,742
104,555
2,425
130,872
29.6%
44,9836,583
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
142,120
124,796
17,324
40,212
11,888
9,532
8,815
8,623
143
1,210
101,908
27,18174,726
7,035
94,87328.3%
19,0644,980
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.1%
184days
112,240
97,127
15,112
29,18810,857
9,026
7,000
1,596
127
579
83,052
21,73861,3132,208
80,84426.0%
18,052
3,985
3.6%

98.2%
100.0%
98.2%
100.0%
96.5%
98.3%
94.8%
91.7%
94.8%
96.5%
184days
88,32474,527
13,79733,091
9,017
7,943
7,578
6,254
159
2,138
55,232
18,15137,081
3,214
52,01737.5%
15,8872,929
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
102,861
97,174
5,687
24,142
6,596
8,616
3,608
3,181
96
2,042
78,71912,043
66,675
14,55964,15923.5%
17,231
3,705
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
84,58076,964
7,616
20,024
5,466
6,486
5,949
1,494
53
574
64,555
7,323
57,232
1,207
63,34823.7%
12,972
3,043
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.2%
184days
53,29548,3894,906
17,766
4,910
4,208
3,821
3,930
56
840
35,528
8,596
26,931
900
34,628
33.3%
8,416
1,812
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
144,699
126,810
17,88941,816
9,635
18,581
9,376
3,248
145
828
102,883
22,04380,840102,88328.9%
37,1625,052
3.5%

100.0%
100.0%
100.0%
100.0%
91.1%
100.0%
100.0%
100.0%
95.6%
99.8%
184days
110,432
97,32013,11230,356
13,281
7,396
7,444
1,466
159
607
80,076
22,62257,454
11,494
68,582
27.5%
14,7933,887
3.5%

100.0%
100.0%
94.1%
90.4%
94.1%
97.1%
100.0%
100.0%
100.0%
97.4%
184days
166,202141,631
24,571
43,423
14,194
13,30013,495
846
241
1,344
122,779
39,95682,823
4,875
117,904
26.1%
26,6005,897
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
83.4%
100.0%
100.0%
184days
151,859
135,302
16,55742,522
10,01012,046
8,858
739
128
10,738109,337
20,29689,04054,652
54,68428.0%
24,0935,330
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
101,752
92,4299,323
25,885
7,382
9,598
5,543
767
95
2,498
75,8679,444
66,422
2,677
73,18925.4%
19,1963,624
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
84.9%
184days
95,41886,448
8,970
29,784
7,588
6,769
7,273
7,011
99
1,041
65,63318,18947,444
1,810
63,82331.2%
13,5393,286
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
135,268
125,965
9,302
36,538
9,425
17,863
6,277
2,284
111
576
98,72910,554
88,175
3,958
94,77127.0%
35,727
4,775
3.5%

318,440
26,536

159,300
13,275

141,890
11,824

164,530
13,710204,340
17,02897,6708,139

79,020
6,585

161,000
13,416180,238
15,019309,328
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, 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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

- 39 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

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

July 3, 2006

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

Acquisition Date

May 1, 2006 June 20, 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（㎡)

A029

A030

A031

A032

※As of October 31, 2019

A033

A034

A035

A037

A038

A041

A046

KDX
Okachimachi
Building

KDX Hon-Atsugi
Building

KDX Hachioji
Building

KDX
Ochanomizu
Building

KDX NishiShinjuku Building

KDX Shinjuku
286 Building

Hiei Kudan-Kita
Building

April 2, 2007 April 2, 2007

June 1, 2007 February 1, 2008

2,520
0.6%
2,228
2,870
0.6%
22
4,771.87
4,534.18

1,580
0.4%
1,407
1,240
0.2%
6
2,455.49
2,455.49

2,350
0.6%
2,229
2,380
0.5%
10
2,564.79
2,564.79

2,950
0.7%
2,970
4,190
0.8%
6
5,859.92
5,859.92

4,200
1.0%
3,726
3,830
0.8%
12
3,883.04
3,883.04

1,400
0.3%
1,278
1,170
0.2%
7
2,008.74
2,008.74

6,090
1.4%
5,910
5,550
1.1%
9
5,997.36
5,997.36

2,000
0.5%
2,018
2,130
0.4%
2
1,792.54
1,792.54

1,305
0.3%
1,110
1,270
0.3%
13
2,747.65
1,939.58

1,155
0.3%
1,189
1,210
0.2%
10
2,165.20
2,165.20

6,400
1.5%
6,294
7,730
1.6%
9
5,894.49
5,894.49

1,500
0.4%
1,496
1,580
0.3%
9
1,593.59
1,593.59

2,300
0.5%
2,353
2,760
0.6%
6
2,443.99
2,443.99

7,600
1.8%
7,430
8,260
1.7%
14
6,908.96
6,908.96

95.0%
100.0%
100.0%
100.0%
100.0%
99.6%
89.1%
78.7%
83.3%
87.2%
184days
95,59081,146
14,44332,559
8,495
6,268
6,145
9,210
155
2,284
63,031
24,41038,621
9,067
53,96434.1%
12,5363,237
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.1%
88.1%
76.1%
76.1%
184days
43,22536,1407,085
21,162
4,528
4,711
4,813
6,481
71
556
22,062
12,061
10,000960
21,102
49.0%
9,422
1,332
3.1%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.5%
97.5%
184days
75,42867,001
8,427
21,311
6,793
5,559
4,953
3,117
80
806
54,117
13,15940,958107
54,01028.3%
11,1192,643
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
87.3%
87.3%
184days
143,429
126,012
17,41648,074
13,43013,97013,168
5,913
208
1,383
95,355
21,45573,89913,181
82,174
33.5%
27,9404,873
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
74.8%
47.4%
100.0%
100.0%
184days
118,329
98,781
19,54833,193
9,147
9,275
11,633
2,141
153
842
85,13529,34755,78885,13528.1%
18,5474,152
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
84.3%
100.0%
184days
45,931
36,6899,241
17,108
4,241
3,217
5,727
3,274
67
580
28,822
9,911
18,91028,822
37.2%
6,431
1,525
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
167,485
153,227
14,25841,962
14,137
11,933
12,262
294
179
3,154
125,523
32,22393,29922,773
102,750
25.1%
23,8575,979
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
67,62458,6139,010
17,027
5,668
2,877
4,415
2,406
51
1,607
50,597
8,487
42,109170
50,427
25.2%
5,749
2,412
3.6%

70.6%
80.5%
84.5%
84.5%
77.9%
100.0%
96.7%
96.7%
96.7%
94.3%
184days
37,33030,971
6,358
17,532
5,596
3,606
3,548
3,986
98
695
19,797
13,583
6,214
4,115
15,682
47.0%
7,212
1,165
3.1%

100.0%
100.0%
100.0%
100.0%
100.0%
90.1%
85.5%
85.5%
72.7%
72.7%
184days
51,082
41,791
9,291
17,937
4,852
4,117
4,330
3,958
74
604
33,145
11,88821,2573,331
29,814
35.1%
8,234
1,718
3.4%

100.0%
96.4%
100.0%
100.0%
100.0%
90.2%
100.0%
96.4%
96.4%
100.0%
184days
187,084
174,204
12,87952,247
11,33815,864
9,559
5,761
197
9,526
134,837
28,284
106,552
10,262
124,574
27.9%
31,7206,569
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
87.8%
100.0%
100.0%
100.0%
100.0%
184days
51,29345,708
5,585
13,514
4,729
4,463
3,512
686
58
64
37,7787,134
30,644
37,778
26.3%
8,926
1,817
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
82,60570,245
12,35928,112
7,163
8,348
6,472
5,396
111
619
54,492
12,10942,383
13,22741,26534.0%
16,6962,797
3.4%

100.0%
97.5%
99.8%
97.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
266,455
240,635
25,82094,472
31,72927,58820,568
5,151
267
9,166
171,983
18,401
153,581
10,195
161,787
35.5%
55,177
8,947
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
30,731

Occupancy rate
Lease Information

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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

- 40 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2019

Property No.

A048

A051

A055

A056

A059

A060

A062

A063

A064

A066

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

Acquisition Date

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

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（㎡)

A067

A068

KDX Ginza
KDX Nihonbashi
1chome Building Honcho Building

A071

A072

KDX Iidabashi
Building

KDX HigashiShinagawa
Building

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

3,760
0.9%
3,420
3,180
0.6%
1
5,126.69
5,126.69

2,310
0.5%
2,213
2,060
0.4%
9
2,238.01
2,238.01

2,110
0.5%
2,069
1,690
0.3%
6
1,912.25
1,912.25

2,760
0.7%
2,833
2,480
0.5%
6
2,323.44
2,323.44

1,864
0.4%
1,610
1,610
0.3%
9
1,529.79
1,529.79

10,250
2.4%
8,617
8,820
1.8%
11
9,294.00
9,294.00

3,080
0.7%
2,958
3,240
0.7%
3
3,934.54
3,934.54

2,620
0.6%
2,670
3,410
0.7%
9
3,157.04
3,157.04

2,010
0.5%
1,805
2,510
0.5%
8
1,615.20
1,615.20

6,800
1.6%
6,932
10,1002.0%
225,824.24
5,824.24

4,300
1.0%
4,146
5,910
1.2%
4
3,573.59
3,573.59

4,000
0.9%
3,919
4,950
1.0%
8
3,998.39
3,998.39

4,670
1.1%
4,498
5,760
1.2%
5
4,429.25
4,429.25

4,590
1.1%
4,662
4,620
0.9%
5
7,117.97
7,117.97

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
104,076
93,427
10,64836,206
13,056
7,364
9,121
5,337
183
1,143
67,86934,40433,465
3,675
64,19434.8%
14,7243,509
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.3%
184days
69,36057,386
11,974
18,346
7,203
5,806
4,343
181
103
709
51,014
13,66937,344
1,090
49,924
26.5%
11,6132,456
3.5%

100.0%
100.0%
100.0%
100.0%
83.1%
64.2%
100.0%
100.0%
100.0%
100.0%
184days
55,78848,012
7,776
16,904
6,222
4,728
4,777
753
72
349
38,884
8,619
30,264
1,228
37,655
30.3%
9,456
1,932
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
75,93067,8798,050
23,522
5,415
7,359
6,190
4,065
89
401
52,407
10,422
41,985871
51,53531.0%
14,7172,619
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
46,90843,833
3,075
12,119
3,690
3,087
2,164
2,801
47
329
34,78913,262
21,52634,789
25.8%
6,173
1,667
3.6%

100.0%
100.0%
90.7%
100.0%
100.0%
94.0%
93.2%
93.2%
100.0%
100.0%
184days
231,828
193,989
37,83893,29632,17918,921
29,54910,244369
2,031
138,532
78,97759,55424,018
114,51340.2%
37,8007,558
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
130,529
107,605
22,924
44,174
14,250
10,39013,927
4,415
148
1,042
86,355
15,93070,424
1,785
84,57033.8%
20,7644,426
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.5%
100.0%
184days
106,215
95,847
10,36731,874
8,530
9,104
7,656
3,709
113
2,759
74,34015,06859,272
2,310
72,03030.0%
18,2043,684
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
65,10458,731
6,373
15,096
5,075
4,807
3,126
1,189
52
845
50,007
11,39838,60950,007
23.2%
9,615
2,349
3.6%

100.0%
100.0%
98.3%
98.3%
96.4%
95.5%
100.0%
98.3%
100.0%
88.3%
184days
268,348
231,901
36,44676,751
23,21428,402
19,293
3,777
264
1,800
191,597
23,859167,737
35,152
156,44528.6%
56,8009,386
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
98.2%
98.2%
65.4%
100.0%
184days
149,784
141,850
7,934
36,1109,845
14,283
6,656
1,593
123
3,607
113,674
12,093
101,581
113,674
24.1%
28,5675,376
3.6%

100.0%
100.0%
88.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
143,014
134,435
8,578
36,866
9,215
16,579
6,828
2,840
122
1,280
106,148
11,49594,652
106,148
25.8%
33,1595,084
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
86.6%
184days
167,613148,303
19,31046,27010,825
10,82018,300
4,087
143
2,093
121,342
16,451
104,891
27,65993,68327.6%
21,6415,897
3.5%

100.0%
85.1%
100.0%
100.0%
100.0%
100.0%
100.0%
88.4%
51.0%
73.5%
184days
138,824
118,976
19,84760,352
14,002
16,27913,5475,310
221
10,99078,472
28,19050,282
10,81467,65843.5%
32,551
4,434
3.2%

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

389,50732,458103,230
8,602

172,940
14,411

204,780
17,065

216,520
18,043

Occupancy rate
Lease Information

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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

- 41 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A073

A074

A078

A083

A084

A085

A086

Property Name

KDX Hakozaki
Building

KDX ShinNihonbashi
Building

KDX Tachikawa
Ekimae Building

KDX Fuchu
Building

KDX Kasuga
Building

KDX
Nakameguro
Building

KDX Omiya
Building

Acquisition Date

July 22, 2011 July 22, 2011 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

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※As of October 31, 2019

A088

Itopia Nihonbashi KDX Shinjuku
SA Building
6-chome Building

A089

A090

A091

A092

A093

KDX
Takanawadai
Building

KDX Ikebukuro
Building

KDX Mita
Building

KDX Akihabara
Building

KDX Iidabashi
Square

2,710
0.6%
2,632
3,410
0.7%
7
3,992.60
3,992.60

2,300
0.5%
1,992
3,140
0.6%
8
2,658.79
2,658.79

1,267
0.3%
1,320
1,800
0.4%
5
1,612.13
1,612.13

6,120
1.4%
5,775
8,630
1.7%
38
10,151.50
10,151.50

2,800
0.7%
2,661
4,040
0.8%
13
4,346.37
4,346.37

1,880
0.4%
1,877
3,290
0.7%
7
2,726.69
2,726.69

2,020
0.5%
2,154
3,090
0.6%
17
3,810.81
3,810.81

2,200
0.5%
2,236
3,070
0.6%
14
3,106.42
3,106.42

1,900
0.4%
1,865
3,180
0.6%
7
4,037.44
4,037.44

5,250
1.2%
5,528
6,670
1.3%
8
6,967.61
6,967.61

3,900
0.9%
3,600
5,100
1.0%
8
3,110.71
3,110.71

3,180
0.7%
3,125
3,900
0.8%
12
3,331.65
3,331.65

2,600
0.6%
2,514
3,210
0.6%
6
2,289.27
2,289.27

4,350
1.0%
4,842
6,210
1.3%
7
4,571.92
4,571.92

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
118,497
106,885
11,611
36,955
7,871
12,529
9,718
5,015
163
1,656
81,541
24,62056,92181,541
31.2%
25,0594,082
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
91,55082,775
8,774
25,810
7,403
7,448
6,307
2,756
94
1,800
65,73922,26443,474
1,280
64,45928.2%
14,8973,209
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
67,93658,4599,477
22,315
5,328
8,123
4,040
3,834
71
916
45,621
5,174
40,447
7,226
38,39532.8%
16,2462,317
3.4%

100.0%
97.2%
98.2%
99.1%
99.1%
88.6%
85.2%
98.6%
99.1%
99.1%
184days
318,198
276,675
41,52399,57029,953
26,51730,800
5,067
484
6,746
218,628
44,273
174,354
6,902
211,725
31.3%
53,035
10,9553.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
128,826
115,605
13,22142,336
10,623
11,947
8,065
8,831
192
2,676
86,48919,53966,9507,868
78,621
32.9%
23,8864,394
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
85.5%
100.0%
100.0%
184days
100,896
90,806
10,09025,224
7,410
6,251
4,305
4,254
117
2,883
75,672
10,94264,73041,95733,71525.0%
12,5033,603
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.8%
184days
118,512104,542
13,97029,148
9,973
6,835
9,505
943
139
1,751
89,364
15,332
74,031
9,393
79,971
24.6%
13,6654,242
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
81.9%
97.0%
100.0%
100.0%
100.0%
184days
101,973
91,533
10,43926,676
10,414
7,306
6,704
1,357
141
751
75,296
11,71963,577
10,57264,72426.2%
14,612
3,617
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.2%
100.0%
184days108,668
90,286
18,38234,803
9,036
10,928
9,318
2,516
172
2,831
73,864
10,29663,568
12,21761,64732.0%
21,8573,725
3.4%

100.0%
100.0%
100.0%
94.0%
94.0%
94.0%
94.0%
94.0%
100.0%
100.0%
184days
209,339
183,622
25,71751,17915,865
19,664
13,298
1,246
239
864
158,160
18,592
139,567250
157,91024.4%
39,3297,500
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.3%
100.0%
100.0%
100.0%
184days
126,366
113,743
12,622
34,455
9,607
7,675
9,450
4,097
93
3,530
91,91027,31264,597
1,580
90,33027.3%
15,3504,454
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.6%
87.5%
95.6%
184days
112,539
94,31818,22033,5209,156
10,183
8,552
3,094
138
2,394
79,018
12,62866,39020,57358,44529.8%
20,3673,909
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
85,17179,648
5,522
16,803
5,713
3,826
5,329
969
80
885
68,367
11,43356,933
12,92555,442
19.7%
7,652
3,133
3.7%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.6%
47.7%
0.0%
100.0%
184days
185,777
171,929
13,84739,547
12,431
14,375
10,926881
177
755
146,229
26,881
119,347
146,22921.3%
28,7466,775
3.6%

169,820
14,151

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

Occupancy rate
Lease Information

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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

- 42 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A094

A095

A096

A099

A101

A102

A107

Property Name

KDX MusashiKosugi Building

KDX Toyosu
Grand Square

KDX
Takadanobaba
Building

KDX IkebukuroWest Building

KDX Yokohama
Building

KDX Yokohama
Nishiguchi
Building

KDX
Ginza East
Building

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（㎡)A108Pentel Building

A109※As of October 31, 2019

A112

A113

A114

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

A115

A116

ARK Mori
Building

KDX
Nishi-Shinbashi
Building

March 20, 2014 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 August 2, 2016 December 1, 2016 February 1, 2017
12,000
8,666
3,650
1,934
7,210
2,750
3,600
3,350
3,950
15,550
3,829
1,350
4,169
8,400
2.8%
2.0%
0.9%
0.5%
1.7%
0.6%
0.8%
0.8%
0.9%
3.7%
0.9%
0.3%
1.0%
2.0%
10,939
7,895
3,611
2,042
7,444
2,691
3,630
3,570
4,012
15,726
3,927
1,381
4,183
8,541
17,100
9,890
4,460
2,330
9,080
3,270
3,890
3,971
4,580
23,500
4,230
1,510
4,790
9,350
3.4%
2.0%
0.9%
0.5%
1.8%
0.7%
0.8%
0.8%
0.9%
4.7%
0.9%
0.3%
1.0%
1.9%
10
13
11
8
27
14
12
9
8
3
11
8
1
8
12,978.54
11,797.85
4,595.41
2,532.71
10,922.27
4,981.87
4,400.92
4,346.66
3,052.73
8,179.00
3,284.79
1,505.28
2,442.60
5,734.79
12,978.54
11,797.85
4,595.41
2,532.71
10,922.27
4,981.87
4,400.92
4,346.66
3,052.73
8,179.00
3,284.79
1,505.28
2,442.60
5,734.79

Occupancy rate
Lease Information

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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (thousands of yen)

Reference

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

Reference： Percentage of rental and other operating revenues

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
418,383
374,960
43,422
99,83035,41028,91025,013
2,583
459
7,451
318,553
102,308
216,244890
317,663
23.9%
57,82415,0393.6%

100.0%
100.0%
100.0%
98.0%
98.0%
95.9%
98.0%
100.0%
80.8%
87.0%
184days
331,974
274,984
56,99095,01521,01921,59536,872
4,166
421
10,939236,959
79,123
157,835
3,269
233,689
28.6%
43,0313,337
1.0%

100.0%
100.0%
100.0%
100.0%
92.0%
100.0%
93.1%
93.1%
100.0%
100.0%
184days
132,812
105,969
26,84340,4799,554
10,173
9,606
5,811
146
5,187
92,333
17,14175,191
4,136
88,19630.5%
20,3464,594
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
81.2%
184days
71,606
61,488
10,117
17,444
6,109
5,298
4,117
1,636
100
182
54,161
13,88640,275
4,149
50,012
24.4%
10,5942,566
3.6%

100.0%
100.0%
97.5%
100.0%
100.0%
97.5%
95.0%
98.5%
98.2%
100.0%
184days
296,299
252,845
43,45385,16528,954
19,401
23,279
3,739
393
9,399
211,133
49,462
161,670
19,213
191,91928.7%
38,803
10,3553.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
123,183
105,298
17,88443,33011,776
10,546
13,765
4,618
177
2,446
79,853
16,592
63,261
3,675
76,17835.2%
21,0924,143
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
184days
123,032
104,861
18,17033,335
10,056
11,036
9,501
1,589
176
975
89,696
16,19173,504
1,242
88,45427.1%
22,0734,341
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
94.9%
88.9%
100.0%
184days
133,068
128,780
4,288
35,416
18,393
13,521
1,030
209
2,262
97,651
15,397
82,253
12,59285,05926.6%
27,0414,708
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days109,420
99,8009,619
25,117
9,395
7,936
5,357
1,762
113
552
84,302
10,32973,973
1,942
82,36023.0%
15,8733,953
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
286,069
267,739
18,329145,373
26,274
51,181
14,523
19,562321
33,510140,695
49,742
90,953
341,610△200,914
50.8%
102,3638,709
3.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
67.2%
184days
121,390
110,386
11,00332,287
8,736
13,577
7,566
483
109
1,814
89,103
11,49777,606
4,917
84,185
26.6%
27,1544,295
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
65.8%
73.7%
184days
41,70739,539
2,168
9,958
3,069
3,539
2,636
250
41
420
31,7493,856
27,892
2,016
29,733
23.9%
7,078
1,499
3.6%

233,439
19,453

301,109
25,092

266,744
22,228116,860
9,738

770,840
64,236

237,824
19,818283,090
23,590363,949
30,329169,148
14,095

118,382
9,865

231,210
19,267

92,9607,746

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days（Note）（Note）

78,101
4,669
73,431
113
77,987（Note）
18,347（Note）

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
230,682
204,365
26,317
52,94816,155
17,921
12,688
5,252
236
695
177,733
16,778160,955
40,718137,01523.0%
35,842
8,335
3.6%

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.

- 43 -

137,750
11,479305,494
25,457

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

※As of October 31, 2019

Other Regional Areas

A117

A119

A120

A121

A122

A123

A124

A125

A012

A042

A044

A053

A054

A058

Property Name

BR Gotanda

KDX Shibuya
Nanpeidai
Building

KDX Yoyogi
Building

Ginza 4chome
Tower

Mitsubishijuko
Yokohama
Building

KDX Yokohama
Kannai Building

KDX
Hamamatsucho
Place

Chofu Center
Building

Portus Center
Building

KDX Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

Acquisition Date

April 5, 2017 August 10, 2017 September 30, 2005 August 19, 2013 December 7, 2017 January 31, 2018 July 2, 2018

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 September 21, 2005 June 1, 2007

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

2,200
0.5%
2,288
2,680
0.5%
6
3,504.75
3,504.75

3,500
0.8%
3,554
3,900
0.8%
1
2,205.33
2,205.33

2,479
0.6%
2,435
2,330
0.5%
10
1,173.55
1,173.55

9,800
2.3%
9,465
14,2002.9%
35,624.23
5,522.70

14,7203.5%
14,685
14,9003.0%
22
13,495.34
13,495.34

9,500
2.2%
9,708
10,4002.1%
6
10,075.62
10,075.62

20,7004.9%
20,64023,8004.8%
149,325.18
9,325.18

8,700
2.0%
9,023
9,950
2.0%
7
11,834.73
11,834.73

5,570
1.3%
3,876
5,330
1.1%
27
11,501.16
11,190.78

5,400
1.3%
5,089
5,640
1.1%
41
8,743.96
8,743.96

2,100
0.5%
1,903
1,980
0.4%
31
3,948.03
3,948.03

4,900
1.2%
4,424
4,910
1.0%
53
10,112.11
9,965.16

2,220
0.5%
2,024
1,670
0.3%
14
3,995.28
3,995.28

7,550
1.8%
6,466
5,550
1.1%
16
6,923.12
6,923.12

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days109,352
85,21024,142
41,54017,626
9,577
5,455
5,192
144
3,544
67,812
9,868
57,94367,81238.0%
19,1543,615
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
184days
93,37788,057
5,320
25,491
6,585
8,949
4,316
4,851
64
723
67,885
7,814
60,071
1,985
65,90027.3%
17,8993,291
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.7%
184days
70,26660,524
9,741
16,057
4,114
4,796
4,191
2,121
35
798
54,2089,589
44,61918,55635,652
22.9%
9,593
2,540
3.6%

98.2%
98.2%
98.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
293,057
253,633
39,42364,307
19,773
22,415
19,479
1,657
237
743
228,750
35,623
193,126
1,652
227,09721.9%
44,831
10,6493.6%

100.0%
100.0%
100.0%
100.0%
184days
433,709401,904
31,805
142,532
38,532
37,76154,478
9,249
754
1,756
291,177
40,740250,437
9,795
281,38132.9%
75,5222,840
0.7%

100.0%
100.0%
100.0%
92.8%
184days
278,782242,764
36,01882,327
26,921
26,593
20,942
5,713
413
1,744
196,454
56,967
139,487
196,454
29.5%
53,186
9,698
3.5%

100.0%
100.0%
100.0%
184days
527,606
487,50240,103
98,25737,652
28,29330,012
526
357
1,415
429,349
76,601
352,7482,050
427,299
18.6%
56,587
19,5293.7%

100.0%
140days
254,032
224,023
30,00961,92232,86925
26,816
522
394
1,294
192,110
20,976
171,134
2,040
190,070
24.4%
53,127
9,104
3.6%

97.3%
94.1%
100.0%
100.0%
100.0%
100.0%
96.7%
97.3%
95.9%
94.9%
184days
289,403236,81252,591
116,929
65,86921,306
21,793
5,967
1,101
890
172,473
52,851
119,6212,217
170,256
40.4%
42,6119,426
3.3%

100.0%
100.0%
100.0%
100.0%
96.7%
97.8%
100.0%
99.3%
99.2%
100.0%
184days
219,671
189,579
30,092
68,096
20,70024,006
19,737
1,174
352
2,124
151,575
34,138117,437
7,658
143,91731.0%
48,0147,576
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
184days
97,27982,71814,56030,224
11,409
7,092
9,488
543
161
1,527
67,054
20,321
46,73367,05431.1%
14,185
3,353
3.4%

98.5%
99.5%
95.1%
99.5%
99.5%
95.2%
97.6%
97.5%
88.7%
94.7%
184days
202,811
176,307
26,503
61,24815,501
11,062
23,655
7,195
335
3,498
141,562
38,788102,774
19,292
122,270
30.2%
22,1197,028
3.5%

100.0%
100.0%
100.0%
89.2%
89.2%
89.2%
89.3%
89.3%
92.8%
92.8%
184days
75,86961,932
13,93731,650
7,365
4,407
8,473
5,879
132
5,391
44,21914,01130,207366
43,853
41.7%
8,815
2,450
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.6%
100.0%
100.0%
100.0%
184days
192,816
168,157
24,65862,532
18,046
20,57816,098
6,601
255
953
130,283
73,10757,175
8,369
121,913
32.4%
41,1596,593
3.4%

180,148
15,01257,2094,767

47,5203,960

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

83,362
6,946

330,605
27,550856,430
71,369375,354
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, 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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

- 44 -

【Reference】

Earnings Performance for the Individual Properties for the 29th Fiscal Period (May 1, 2019 to October 31, 2019)：184days

Type

Office Buildings

Location

Other Regional Areas

Other

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（㎡)※As of October 31, 2019

A082

A097

A098

A100

KDX Higashi KDX Utsunomiya KDX Hiroshima Senri Life Science
Umeda Building
Building
Building
Center Building

A104

A106

A110

A111

A118

KDX MinamiHonmachi
Building

KDX
Sakura-dori
Building

KDX
Shin-Osaka
Building

KDX Nagoya
Nichigin-mae
Building

KDX Sapporo
Kitaguchi
Building

Tokyo
Metropolitan
Area
D002

Total of 97
Properties

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 April 18, 2014

2,870
0.7%
1,965
3,050
0.6%
9
7,072.25
7,072.25

2,005
0.5%
1,975
2,630
0.5%
21
3,786.75
3,786.75

7,327
1.7%
7,920
10,0002.0%
18
7,903.84
7,903.84

2,770
0.7%
2,361
3,830
0.8%
5
4,994.88
4,994.88

2,350
0.6%
2,274
2,670
0.5%
24
5,278.51
5,278.51

1,300
0.3%
1,365
1,830
0.4%
21
3,994.10
3,856.41

13,0003.1%
12,58313,8002.8%
59
17,199.45
17,035.33

2,200
0.5%
2,001
3,060
0.6%
17
5,285.97
5,080.88

5,900
1.4%
6,559
8,430
1.7%
34
12,318.09
12,318.09

4,550
1.1%
4,526
5,120
1.0%
17
5,979.39
5,979.39

3,500
0.8%
3,443
4,290
0.9%
15
4,363.96
4,363.96

1,800
0.4%
1,939
2,090
0.4%
12
3,319.16
3,319.16

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

424,535
100.0%
411,259496,331100.0%
1,193
480,328.18
478,140.37

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
185,307
165,505
19,802
100,336
15,253
11,313
14,7402,107
255
56,666
84,97053,65731,313
84,97054.1%
22,6265,515
3.0%

100.0%
100.0%
100.0%
97.8%
100.0%
92.9%
100.0%
100.0%
100.0%
100.0%
184days
97,88782,71815,16843,065
9,390
9,387
9,424
13,798144
920
54,822
19,92634,8959,306
45,51644.0%
18,7773,116
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
99.0%
184days
335,970
287,326
48,643116,932
31,51043,92334,560
5,350
360
1,228
219,037
47,436
171,600
4,685
214,352
34.8%
87,847
11,3263.4%

100.0%
100.0%
100.0%
100.0%
95.5%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
146,445
114,891
31,55445,841
9,935
12,557
20,387
1,253
187
1,518
100,604
35,43465,170373
100,23131.3%
25,1155,041
3.4%

100.0%
100.0%
89.0%
89.0%
100.0%
100.0%
100.0%
100.0%
100.0%
98.5%
184days
127,328
112,089
15,23937,38015,357
8,590
8,883
3,241
195
1,113
89,947
27,62362,324120
89,82729.4%
17,181
4,434
3.5%

96.6%
100.0%
100.0%
100.0%
100.0%
100.0%
90.5%
90.5%
82.3%
74.0%
184days
74,644
61,471
13,172
24,230
8,517
6,744
7,077
484
148
1,259
50,413
13,93936,474
11,11739,29632.5%
13,488
2,552
3.4%

99.0%
99.4%
99.8%
99.8%
99.8%
99.8%
83.3%
95.7%
97.3%
99.0%
184days
708,276
435,165
273,111351,160
84,38262,442
103,523
24,4501,240
75,120357,116
128,407
228,708
141,033
216,082
49.6%
124,884
20,274
2.9%

96.1%
93.7%
96.4%
98.8%
100.0%
93.5%
92.5%
100.0%
100.0%
98.8%
184days
108,280
86,42921,85145,872
10,491
13,052
13,992
7,170
186
979
62,40824,35738,0503,276
59,131
42.4%
26,1093,483
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
98.3%
99.1%
98.2%
94.6%
89.9%
184days
349,587
292,533
57,053
162,116
47,42538,781
31,18642,554508
1,660
187,470
46,068141,401
234,030△46,560
46.4%
77,57010,9603.1%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.6%
184days
156,252
138,837
17,41440,172
13,19912,746
11,789
821
206
1,409
116,080
22,68893,391
1,575
114,505
25.7%
25,4935,557
3.6%

100.0%
100.0%
100.0%
96.2%
100.0%
94.6%
92.2%
89.5%
184days
121,721
107,111
14,61031,122
9,418
9,517
8,575
731
138
2,740
90,59927,347
63,252
7,298
83,301
25.6%
19,0354,333
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
184days
74,90165,813
9,087
25,506
9,129
6,689
8,229
352
109
996
49,395
10,46038,93459,025△9,63034.1%
13,3782,536
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,68068,676
4
6,861
6,661
200
61,81961,81961,81910.0%
13,323
-

99.5%
99.2%
99.1%
99.0%
99.1%
97.9%
96.9%
96.9%
94.9%
96.5%
183days ※14,959,504
12,976,033
1,983,471
4,672,246
1,392,326
1,280,309
1,203,041
409,464
19,469367,635
10,287,257
2,419,923
7,867,334
1,426,067
8,861,190
31.2%
2,613,399
487,569
3.3%

170,520
14,210202,570
16,880527,61043,967

219,680
18,306331,989
27,665

185,070
15,422

1,688,032
140,669

142,937
11,911

744,272
62,022

274,671
22,889132,296
11,024

120,720
10,060-Occupancy rate
Lease Information

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
As of October 31, 2015
As of April 30, 2015
Operating periods

Profit and Loss Information for the 29th 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 2019 (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.

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 94.3 million yen until the end of August 2019 and
107.9 million yen from September 1, 2019 until the end of August 2024.

- 45 -

22,065,854
1,838,821*Total: Cost-weighted average management period (days)

(Reference) Status of Borrowings
Borrowings as of October 31, 2019 are as follows.
Classification

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

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

Drawndown Date

July 31, 2018
August 31, 2018
November 30, 2018
November 30, 2018
January 31, 2019
January 31, 2019
July 10, 2014
July 14, 2014
July 31, 2014
August 29, 2014
September 30, 2013
September 30, 2013
November 12, 2018
January 31, 2014
March 12, 2014
March 20, 2014
March 29, 2019
March 29, 2019
(Note 3)
July 31, 2014
(Note 3) August 30, 2013
August 30, 2019
(Note 3) September 22, 2014
(Note 3)
April 22, 2014
(Note 3)
July 31, 2014
November 12, 2013
November 12, 2013
November 29, 2013
November 29, 2013
January 10, 2014
January 31, 2014
March 12, 2014
March 20, 2014
March 20, 2014
March 20, 2014
July 10, 2014
July 10, 2014
July 31, 2014
September 1, 2014
September 1, 2014
September 3, 2014
September 3, 2014
September 30, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
January 30, 2015
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

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands ofYen)

1,000,000
1,000,000
1,000,000
200,000
500,000
500,000
4,200,000
500,000
1,000,000
1,000,000
1,000,000
1,800,000
900,000
500,000
3,700,000
1,800,000
3,000,000
1,000,000
500,000
2,700,000
1,500,000
2,700,000
2,900,000
300,000
26,800,000
2,000,000
500,000
1,000,000
900,000
1,300,000
2,300,000
1,800,000
4,000,000
3,000,000
2,000,000
2,000,000
500,000
2,200,000
800,000
500,000
1,000,000
950,000
1,000,000
3,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
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

1,000,000
200,000
500,000
500,000
2,200,000
500,000
3,700,000
1,800,000
3,000,000
1,000,000
500,000
2,700,000
1,500,000
1,000,000
2,700,000
2,900,000
300,000
21,600,000
2,000,000
500,000
1,000,000
900,000
1,300,000
2,300,000
1,800,000
4,000,000
3,000,000
2,000,000
2,000,000
500,000
2,200,000
800,000
500,000
1,000,000
950,000
1,000,000
3,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
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- 46 -

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Remarks

July 31, 2019
0.363
August 31, 2019
0.314
0.368 November 30, 2019
Full on maturity
0.318 November 30, 2019
January 31, 2020
0.318
January 31, 2020
0.318

(Note 2)

Unsecured/
Unguaranteed

0.640
0.682
0.616
0.650
1.059
1.059
0.318
0.932
0.916
0.912
0.368
0.318
0.736
1.420
0.268
0.798
0.954
0.756

July 10, 2019
July 31, 2019
July 31, 2019
July 31, 2019
September 30, 2019
September 30, 2019
November 30, 2019
January 31, 2020
March 12, 2020
Full on maturity
March 12, 2020
March 31, 2020
March 31, 2020
July 31, 2020
August 31, 2020
August 31, 2020
September 30, 2020
October 31, 2020
October 31, 2020

(Note 2)

Unsecured/
Unguaranteed

1.074
1.074
1.122
1.122
1.205
1.130
1.358
1.013
1.199
1.349
0.903
0.903
1.014
0.885
0.885
0.979
0.979
0.893
0.802
1.071
1.126
1.071
1.257
1.259
0.710
1.161
0.907
0.907
1.157
1.314
1.153
1.218
1.266
0.825
0.872
0.872
0.872
0.872
0.872
0.872
1.065
0.989
1.114
1.114
1.114
1.121
1.173
0.590
0.640
1.074
1.024
0.998
0.998
0.898
0.654
0.835
0.865
0.613
0.544
0.668

November 12, 2020
November 12, 2020
November 30, 2020
November 30, 2020
January 31, 2021
January 31, 2021
March 12, 2023
September 20, 2021
March 20, 2022
March 12, 2023
July 10, 2021
July 10, 2021
July 31, 2022
August 31, 2021
August 31, 2021
August 31, 2022
August 31, 2022
September 30, 2021
October 31, 2021
October 31, 2023
October 31, 2023
October 31, 2023
October 31, 2024
October 31, 2024
January 31, 2021
January 31, 2025
February 28, 2022
February 28, 2022
February 29, 2024
February 28, 2025
Full on maturity
February 28, 2025
February 28, 2025
March 31, 2025
April 30, 2022
August 31, 2022
August 31, 2022
August 31, 2022
August 31, 2022
August 31, 2022
August 31, 2022
September 30, 2024
October 31, 2024
October 30, 2025
October 30, 2025
October 30, 2025
October 30, 2025
November 30, 2025
January 31, 2022
January 31, 2022
January 29, 2026
January 29, 2026
February 18, 2026
February 18, 2026
March 31, 2026
April 30, 2024
April 30, 2026
April 30, 2026
July 31, 2026
July 31, 2026
October 31, 2024

(Note 2)

Unsecured/
UnguaranteedClassification
Long-Term Loans Payable
Note 1:

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

Sumitomo Mitsui Banking Corporation
October 31, 2016
2,500,000
2,500,000
0.876 October 31, 2026
MUFG Bank, Ltd.
October 31, 2016
1,000,000
1,000,000
0.760 October 31, 2026
Development Bank of Japan Inc.
October 31, 2016
4,000,000
4,000,000
0.734 October 31, 2026
Sumitomo Mitsui Trust Bank, Limited
October 31, 2016
1,500,000
1,500,000
0.826 October 31, 2026
Resona Bank, Limited.
December 12, 2016
500,000
500,000
0.982 November 30, 2026
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
January 31, 2027
500,000
500,000
0.860
MUFG Bank, Ltd.
January 31, 2017
January 31, 2027
700,000
700,000
0.853
The Bank of Fukuoka, Ltd.
March 28, 2017
March 31, 2027
500,000
500,000
0.850
Resona Bank, Limited.
June 30, 2017
June 30, 2027
1,500,000
1,500,000
0.849
Mizuho Bank, Ltd.
August 10, 2017
July 28, 2027
3,500,000
3,500,000
0.800
Sumitomo Mitsui Banking Corporation
August 31, 2017
August 31, 2023
1,000,000
1,000,000
0.544
Sumitomo Mitsui Banking Corporation
September 21, 2017
March 31, 2024
1,000,000
1,000,000
0.555
Sumitomo Mitsui Banking Corporation
September 21, 2017
1,500,000
1,500,000
0.680 September 30, 2025
Mizuho Bank, Ltd.
September 21, 2017
March 31, 2027
1,000,000
1,000,000
0.732
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
Unsecured/
Mizuho Trust & Banking Co., Ltd.
December 28, 2017
500,000
500,000
0.864 December 28, 2027
Full on maturity(Note 2)
UnguaranteedAozora Bank, Ltd.
March 12, 2018
March 31, 2028
1,500,000
1,500,000
0.914
Sumitomo Mitsui Banking Corporation
March 26, 2018
March 31, 2027
1,000,000
1,000,000
0.808
Resona Bank, Limited.
March 26, 2018
March 31, 2028
1,000,000
1,000,000
0.902
Resona Bank, Limited.
July 31, 2018
July 31, 2028
500,000
500,000
0.988
The Hiroshima Bank, Ltd.
August 20, 2018
August 31, 2025
500,000
500,000
0.696
Sumitomo Mitsui Banking Corporation
August 20, 2018
August 31, 2028
1,000,000
1,000,000
1.003
Aozora Bank, Ltd.
August 20, 2018
August 31, 2028
1,000,000
1,000,000
1.003
Mizuho Trust & Banking Co., Ltd.
August 20, 2018
August 31, 2028
500,000
500,000
1.003
The Bank of Fukuoka, Ltd.
August 20, 2018
August 31, 2028
500,000
500,000
0.966
The 77 Bank, Ltd.
August 31, 2018
August 31, 2025
500,000
500,000
0.700
The Higashi-Nippon Bank, Limited
August 31, 2018
August 31, 2025
300,000
300,000
0.723
The Nishi-Nippon City Bank, Ltd.
August 31, 2018
August 31, 2028
700,000
700,000
1.012
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
March 31, 2029
1,400,000
1,400,000
0.838
Sumitomo Mitsui Trust Bank, Limited
March 29, 2019
March 31, 2029
2,950,000
2,950,000
0.839
Sumitomo Mitsui Trust Bank, Limited
June 14, 2019
June 30, 2023
500,000
0.246
Resona Bank, Limited.
June 14, 2019
500,000
0.517 December 28, 2026
SUMITOMO LIFE INSURANCE COMPANY
June 14, 2019
April
30, 2027
1,000,000
0.605
Sumitomo Mitsui Banking Corporation
June 14, 2019
March 31, 2029
1,000,000
0.725
The Hiroshima Bank, Ltd.
July 10, 2019
July 31, 2023
500,000
0.230
Sumitomo Mitsui Banking Corporation
July 31, 2019
July 31, 2022
1,000,000
0.291
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
July 31, 2023
1,000,000
0.295
MUFG Bank, Ltd.
July 31, 2019
April 30, 2027
1,000,000
0.554
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
April 30, 2027
1,000,000
0.554
Aozora Bank, Ltd.
September 30, 2019
1,000,000
0.489 September 30, 2026
MUFG Bank, Ltd.
September 30, 2019
March 31, 2027
900,000
0.531
The Norinchukin Bank
September 30, 2019
March 31, 2027
800,000
0.425
Sub Total
143,050,000
153,250,000
Total
174,050,000
177,050,000
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.

Note 2:

Funds procured through borrowings are used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings, etc.

Note 3:

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.

- 47 -